PR Newswire
TEL AVIV, Israel, March 29, 2018
TEL AVIV, Israel, March 29, 2018 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported its unaudited financial results for the three and twelve month periods ended December 31, 2017.
Change in Presentation Currency
Effective December 31, 2017, the Company changed its presentation currency from the United States dollar to the euro. The Company ceased using the U.S. dollar as its presentation currency to assist investors to evaluate its financial results as the Company's functional currency is the euro and a substantial portion of its assets, revenues and liabilities is denominated in euro. Furthermore, the change is expected to reduce the impact of the volatility of the euro/USD exchange rate on the Company's operating results. The consolidated financial results for all prior years presented have been translated into euro.
Due to the change in presentation currency and the cancellation of the translation adjustments reserve, the Company's equity as of December 31, 2017 reflects a one-time decrease in the aggregate amount of approximately €6.8 million. This decrease is comprised of amounts that would have been included in the translation adjustments reserve prior to the change in presentation currency as follows: (i) finance expenses in the amount of approximately €3.2 million recorded in connection with euro/ US$ forward contracts previously executed by the Company in order to reduce the effect of the euro/ US$ exchange rate fluctuations on its results, a significant portion of which were closed following the change in presentation currency, and (ii) foreign currency euro/ US$ translation adjustments in the amount of approximately €3.6 million recorded in connection with the Company's cash reserves and marketable securities, that were held in US$ and majority of which were converted into euro following the change of presentation currency.
Financial Highlights
For more information concerning the Company's cash flow projections see the Company's Immediate Report on Form 6-K furnished to the Securities and Exchange Commission on November 1, 2017.
Ran Fridrich, CEO and a board member of Ellomay commented: "Ellomay continues improving the performance of its portfolio of operating projects, presenting a 17% increase in revenues, a 25% increase in operating profit compared to 2016 and a strong cash flow from operations. 2017 was characterized by intensive project development activities, including the Talasol project in Spain, the bio-gas projects in the Netherlands, the successful acquisition of the Talmei Yosef photovoltaic project in Israel and the continuing development of the Manara pumped storage project in its new 156 MW configuration." Mr. Fridrich continued: "The Company decided to change its presentation currency from the US$ to euro as the majority of the Company's projects are in Europe and the remainder is in Israel, this change will assist in simplifying the understanding of the Company's financial situation."
Information for the Company's Series A and Series B Debenture Holders
As of December 31, 2017, the Company's Net Financial Debt (as such term is defined in the Deeds of Trust of the Company's Debentures) was approximately €39.8 million (consisting of approximately €53.3 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately €57.6 million in connection with the Series A Debentures issuances (in January and September 2014) and the Series B Debentures issuance (in March 2017), net of approximately €26.1 million of cash and cash equivalents and marketable securities and net of approximately €45 million of project finance and related hedging transactions of the Company's subsidiaries).
Use of NON-IFRS Financial Measures
EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company's historical financial performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company's commitments, including capital expenditures, and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. The Company's EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results.A reconciliation between results on an IFRS and non-IFRS basis is provided in the last table of this press release.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:
Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel's prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay's dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay's controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.
For more information about Ellomay, visit http://www.ellomay.com.
Information Relating to Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company's management. All statements, other than statements of historical facts, included in this press release regarding the Company's plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company's forward-looking statements, including weather conditions, regulatory changes, changes in the supply and prices of resources required for the operation of our facilities (such as waste and natural gas), changes in demand and technical and other disruptions in the operations or construction of the power plants owned by us. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Ellomay Capital Ltd. and its Subsidiaries | |||||
Condensed Consolidated Statements of Financial Position | |||||
| |||||
| | December 31, | |||
| *2015 | *2016 | 2017 | 2017 | |
| | € in thousands | Convenience | ||
Assets | | | | | |
Current assets: | | | | | |
Cash and cash equivalents | 17,194 | 22,486 | 23,962 | 28,700 | |
Marketable securities | 5,971 | 972 | 2,162 | 2,590 | |
Restricted cash and marketable securities | 73 | 15 | 3,265 | 3,911 | |
Receivable from concession project | - | - | 1,286 | 1,540 | |
Financial assets | - | - | 1,249 | 1,496 | |
Trade and other receivables | 7,552 | 9,487 | 10,645 | 12,750 | |
| 30,790 | 32,960 | 42,569 | 50,987 | |
Non-current assets | | | | | |
Investment in equity accounted investee | 31,216 | 29,273 | 27,655 | 33,124 | |
Advances on account of investments | - | 812 | 8,825 | 10,570 | |
Financial assets | 4,470 | 1,265 | - | - | |
Receivable from concession project | - | - | 27,725 | 33,208 | |
Fixed assets | 72,564 | 73,274 | 78,837 | 94,427 | |
Intangible asset | - | - | 5,505 | 6,594 | |
Restricted cash and deposits | 4,886 Werbung Mehr Nachrichten zur Ellomay Capital Aktie kostenlos abonnieren
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