• |
Revenues were approximately €12 million1 for the three months ended March 31, 2023, compared to approximately €11.8 million for the three months ended March 31, 2022.The change in revenues is mainly due to: (i) an increase of
approximately €1.4 million in revenues from the Company’s biogas plants in the Netherlands, resulting mainly from increased production and an increase in the 2023 gas price, (ii) revenues of approximately €0.9 million from Ellomay Solar, a
28 MW photovoltaic facility in Spain (“Ellomay Solar”), which was not operational during the first quarter of 2022 and (iii) a decrease of approximately €1.9 million in the revenues of the Talasol PV
Plant, a 300 MW facility in Spain (the “Talasol PV Plant”), resulting from a decrease in electricity prices in Spain.
|
• |
Operating expenses were approximately €6.5 million for the three months ended March 31, 2023, compared to approximately €6 million for the three months ended March 31, 2022. The increase in operating expenses mainly resulted from higher
production in the Company’s biogas facilities in the Netherlands and higher raw material prices caused by the military conflict between Russia and Ukraine, and from the connection to the grid of Ellomay Solar during June 2022, upon which
the Company commenced recognition of expenses. The increase in operating expenses was partially offset by reduced payments under the Spanish RDL 17/2022, caused by a reduction in the electricity market price. RDL 17/2022 established the
reduction of returns on the electricity generating activity of Spanish production facilities that do not emit greenhouse gases accomplished through payments of a portion of the revenues by the production facilities to the Spanish
government. Depreciation expenses were approximately €4.1 million for the three months ended March 31, 2023, compared to approximately €4 million for the three months ended March 31, 2022.
|
• |
Project development costs were approximately €1.6 million for the three months ended March 31, 2023, compared to approximately €0.7 million for the three months ended March 31, 2022. The increase in project development costs is mainly
due to development expenses in connection with photovoltaic projects in the US.
|
• |
General and administrative expenses were approximately €1.5 million for each of the three months ended March 31, 2023 and
March 31, 2022.
|
• |
The Company’s share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €1.2 million for the three months ended March 31, 2023, compared to approximately €0.2 million for the three
months ended March 31, 2022. The increase in share of profits of equity accounted investee was mainly due to the increase in revenues of Dorad Energy Ltd. (“Dorad”) due to higher quantities produced
and a higher electricity tariff in Israel, partially offset by an increase in operating expenses in connection with the increased production and higher tariff.
|
• |
Financing Income, net was approximately €2 million for the three months ended March 31, 2023, compared to financing expenses, net of approximately €2.9 million for the three months ended March 31, 2022. This change was mainly
attributable to income resulting from exchange rate differences amounting to approximately €4.4 million in the period ended March 31, 2023 in connection with the Company’s NIS denominated debentures (after deduction of NIS cash and cash
equivalents), caused by the 4.8% devaluation of the New Israeli Shekel (“NIS”) against the euro during the three months ended March 31, 2023, while the 0.1% revaluation of the NIS against the euro during the three months ended March 31,
2022 had a non-material impact on the euro value of our NIS denominated debentures and cash and cash equivalents.
|
• |
Tax benefit was approximately €1.1 million for the three months ended March 31, 2023, compared to taxes on income of approximately €0.3 million for the three months ended March 31, 2022. This change was mainly due to the recognition of
deferred taxes due to carried forward losses in the Company’s Italian subsidiaries.
|
• |
Net profit was approximately €2.8 million for the three months ended March 31, 2023, compared to net loss of approximately €3.4 million for the three months ended March 31, 2022.
|
• |
Total other comprehensive profit was approximately €26.6 million for the three months ended March 31, 2023, compared to total other comprehensive loss of approximately €40.9 for the three months ended March 31, 2022. The increase in
total other comprehensive profit mainly resulted from changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the
output of the Talasol PV Plant, caused by the substantial reduction in the electricity prices in Spain.
|
• |
Total comprehensive profit was approximately €29.3 million for the three months ended March 31, 2023, compared to total comprehensive loss of approximately €44.2 million for the three months ended March 31, 2022.
|
• |
EBITDA was approximately €3.6 million for the three months ended March 31, 2023, compared to approximately €3.8 million for the three months ended March 31, 2022.
|
• |
Net cash from operating activities was approximately €1.4 million for the three months ended March 31, 2023, compared to approximately €8.1 million for the three months ended March 31, 2022.
|
- |
Construction of New Projects: PV projects in Italy and a pumped hydro storage project in the Manara Cliff in Israel.
|
- |
Initiating and Developing of New Projects: PV projects in Italy, Spain, USA and Israel.
|
- |
Management, Operation and Improvement of Generating Projects: PV projects in Israel and Spain and bio-gas projects in the Netherlands (bio-gas).
|
1. |
The Komemiyut Project: intended for 21 MW PV and 47 MW / hour batteries. The project has an approval for connection to the grid and is in the process of receiving a building permit. Commencement of
construction is planned for the third quarter of 2023.
|
2. |
The Qelahim Project: intended for 15 MW PV and 33 MW / hour batteries. The project has an approval for connection to the grid, and is in the final stages of the zoning approval.
|
3. |
The Talmei Yosef Project: an expansion of the existing project to 104 dunams, intended for 10 MW PV and 22 MW / hour batteries. The request for zoning approval has been filed and approval is
expected to be received in the third quarter of 2023.
|
4. |
The Talmei Yosef Storage Project in Batteries: there is a zoning approval for 30 dunam, intended for approximately 400 MW / hour. The project is designed for the regulation of the high voltage
storage.
|
5. |
The Sharsheret Project: intended for 20 MW PV and 44 MW / hour batteries. The zoning request was submitted.
|
6. |
In addition, the Company has approximately 250 dunams under advanced planning stages.
|
• |
Approximately 35.9 MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
|
• |
9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total
current electricity consumption;
|
• |
51% of Talasol, which owns a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;
|
• |
Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3
million, 3.8 million and 9.5 million (Nm3 per year, respectively;
|
• |
83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
|
• |
Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL that are constructing photovoltaic plants with installed capacity of 14.8 MW and 4.95 MW, respectively, in the Lazio Region, Italy; and
|
• |
Ellomay Solar Italy Four SRL, Ellomay Solar Italy Five SRL, Ellomay Solar Italy Seven SRL and Ellomay Solar Italy Ten SRL that are developing photovoltaic projects with installed capacity of 15.06 MW, 87.2 MW,
54.77 MW and 18 MW, respectively, in the Lazio Region, Italy that have reached “ready to build” status.
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
2023
|
2022
|
2023
|
||||||||||
Unaudited
|
Audited
|
Unaudited
|
||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
69,737
|
46,458
|
75,852
|
|||||||||
Marketable securities
|
-
|
2,836
|
-
|
|||||||||
Short term deposits
|
21,374
|
-
|
23,248
|
|||||||||
Restricted cash
|
810
|
900
|
881
|
|||||||||
Receivable from concession project
|
1,581
|
1,799
|
1,720
|
|||||||||
Trade and other receivables
|
15,757
|
12,682
|
17,139
|
|||||||||
109,259
|
64,675
|
118,840
|
||||||||||
Non-current assets
|
||||||||||||
Investment in equity accounted investee
|
29,701
|
30,029
|
32,305
|
|||||||||
Advances on account of investments
|
2,710
|
2,328
|
2,948
|
|||||||||
Receivable from concession project
|
23,843
|
24,795
|
25,934
|
|||||||||
Fixed assets
|
372,743
|
365,756
|
405,429
|
|||||||||
Right-of-use asset
|
32,106
|
30,020
|
34,921
|
|||||||||
Intangible asset
|
3,819
|
4,094
|
4,154
|
|||||||||
Restricted cash and deposits
|
19,132
|
20,192
|
20,810
|
|||||||||
Deferred tax
|
13,722
|
23,510
|
14,925
|
|||||||||
Long term receivables
|
9,559
|
9,270
|
10,397
|
|||||||||
Derivatives
|
1,331
|
1,488
|
1,448
|
|||||||||
508,666
|
511,482
|
553,271
|
||||||||||
Total assets
|
617,925
|
576,157
|
672,111
|
|||||||||
Liabilities and Equity
|
||||||||||||
Current liabilities
|
||||||||||||
Current maturities of long-term bank loans
|
12,524
|
12,815
|
13,622
|
|||||||||
Current maturities of long-term loans
|
10,000
|
10,000
|
10,877
|
|||||||||
Current maturities of debentures
|
18,209
|
18,714
|
19,806
|
|||||||||
Trade payables
|
3,790
|
4,504
|
4,123
|
|||||||||
Other payables
|
17,222
|
11,207
|
18,732
|
|||||||||
Current maturities of derivatives
|
14,479
|
33,183
|
15,749
|
|||||||||
Current maturities of lease liabilities
|
810
|
745
|
881
|
|||||||||
77,034
|
91,168
|
83,790
|
||||||||||
Non-current liabilities
|
||||||||||||
Long-term lease liabilities
|
24,497
|
22,005
|
26,645
|
|||||||||
Long-term loans
|
227,565
|
229,466
|
247,520
|
|||||||||
Other long-term bank loans
|
22,623
|
21,582
|
24,607
|
|||||||||
Debentures
|
142,528
|
91,714
|
155,026
|
|||||||||
Deferred tax
|
6,170
|
6,770
|
6,711
|
|||||||||
Other long-term liabilities
|
1,000
|
2,021
|
1,088
|
|||||||||
Derivatives
|
3,972
|
28,354
|
4,320
|
|||||||||
428,355
|
401,912
|
465,917
|
||||||||||
Total liabilities
|
505,389
|
493,080
|
549,707
|
|||||||||
Equity
|
||||||||||||
Share capital
|
25,613
|
25,613
|
27,859
|
|||||||||
Share premium
|
86,069
|
86,038
|
93,616
|
|||||||||
Treasury shares
|
(1,736
|
)
|
(1,736
|
)
|
(1,888
|
)
|
||||||
Transaction reserve with non-controlling Interests
|
5,697
|
5,697
|
6,197
|
|||||||||
Reserves
|
(1,617
|
)
|
(12,632
|
)
|
(1,759
|
)
|
||||||
Accumulated deficit
|
(3,645
|
)
|
(7,256
|
)
|
(3,965
|
)
|
||||||
Total equity attributed to shareholders of the Company
|
110,381
|
95,724
|
120,060
|
|||||||||
Non-controlling interest
|
2,155
|
(12,647
|
)
|
2,344
|
||||||||
Total equity
|
112,536
|
83,077
|
122,404
|
|||||||||
Total liabilities and equity
|
617,925
|
576,157
|
672,111
|
For the three months ended
March 31,
|
For the year ended December 31,
|
For the three months ended March 31,
|
||||||||||||||
2023
|
2022
|
2022
|
2023
|
|||||||||||||
Unaudited
|
Audited
|
Unaudited
|
||||||||||||||
€ in thousands (except per share data)
|
Convenience Translation into US$ in thousands*
|
|||||||||||||||
Revenues
|
12,028
|
11,761
|
53,360
|
13,083
|
||||||||||||
Operating expenses
|
(6,452
|
)
|
(5,971
|
)
|
(24,089
|
)
|
(7,018
|
)
|
||||||||
Depreciation and amortization expenses
|
(4,115
|
)
|
(4,014
|
)
|
(16,092
|
)
|
(4,476
|
)
|
||||||||
Gross profit
|
1,461
|
1,776
|
13,179
|
1,589
|
||||||||||||
Project development costs
|
(1,634
|
)
|
(711
|
)
|
(3,784
|
)
|
(1,777
|
)
|
||||||||
General and administrative expenses
|
(1,480
|
)
|
(1,477
|
)
|
(5,892
|
)
|
(1,610
|
)
|
||||||||
Share of profits of equity accounted investee
|
1,178
|
231
|
1,206
|
1,281
|
||||||||||||
Operating profit (loss)
|
(475
|
)
|
(181
|
)
|
4,709
|
(517
|
)
|
|||||||||
Financing income
|
5,403
|
809
|
9,565
|
5,877
|
||||||||||||
Financing income (expenses) in connection with derivatives and warrants, net
|
86
|
(34
|
)
|
605
|
94
|
|||||||||||
Financing expenses in connection with projects finance
|
(1,885
|
)
|
(1,365
|
)
|
(7,765
|
)
|
(2,050
|
)
|
||||||||
Financing expenses in connection with debentures
|
(828
|
)
|
(1,029
|
)
|
(2,130
|
)
|
(901
|
)
|
||||||||
Interest expenses on minority shareholder loan
|
(465
|
)
|
(543
|
)
|
(1,529
|
)
|
(506
|
)
|
||||||||
Other financing expenses
|
(288
|
)
|
(784
|
)
|
(1,212
|
)
|
(313
|
)
|
||||||||
Financing income (expenses), net
|
2,023
|
(2,946
|
)
|
(2,466
|
)
|
2,201
|
||||||||||
Profit (loss) before taxes on income
|
1,548
|
(3,127
|
)
|
2,243
|
1,684
|
|||||||||||
Tax benefit (taxes on income)
|
1,256
|
(279
|
)
|
(2,103
|
)
|
1,366
|
||||||||||
Profit (loss) for the period
|
2,804
|
(3,406
|
)
|
140
|
3,050
|
|||||||||||
Profit (loss) attributable to:
|
||||||||||||||||
Owners of the Company
|
3,611
|
(2,934
|
)
|
(357
|
)
|
3,928
|
||||||||||
Non-controlling interests
|
(807
|
)
|
(472
|
)
|
497
|
(878
|
)
|
|||||||||
Profit (loss) for the period
|
2,804
|
(3,406
|
)
|
140
|
3,050
|
|||||||||||
Other comprehensive income (loss) items That after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:
|
|
|||||||||||||||
Foreign currency translation differences for foreign operations
|
(5,550
|
)
|
(98
|
)
|
(7,829
|
)
|
(6,037
|
)
|
||||||||
Effective portion of change in fair value of cash flow hedges
|
32,174
|
(40,786
|
)
|
(28,283
|
)
|
34,995
|
||||||||||
Net change in fair value of cash flow hedges transferred to profit or loss
|
-
|
27
|
821
|
-
|
||||||||||||
Total other comprehensive income (loss)
|
26,624
|
(40,857
|
)
|
(35,291
|
)
|
28,958
|
||||||||||
Total other comprehensive income (loss) attributable to:
|
||||||||||||||||
Owners of the Company
|
11,015
|
(20,669
|
)
|
(19,920
|
)
|
11,981
|
||||||||||
Non-controlling interests
|
15,609
|
(20,188
|
)
|
(15,371
|
)
|
16,977
|
||||||||||
Total other comprehensive income (loss)
|
26,624
|
(40,857
|
)
|
(35,291
|
)
|
28,958
|
||||||||||
Total comprehensive income (loss) for the period
|
29,428
|
(44,263
|
)
|
(35,151
|
)
|
32,008
|
||||||||||
Total comprehensive income (loss) for the period attributable to:
|
||||||||||||||||
Owners of the Company
|
14,626
|
(23,603
|
)
|
(20,277
|
)
|
15,909
|
||||||||||
Non-controlling interests
|
14,802
|
(20,660
|
)
|
(14,874
|
)
|
16,099
|
||||||||||
Total comprehensive income (loss) for the period
|
29,428
|
(44,263
|
)
|
(35,151
|
)
|
32,008
|
||||||||||
Basic profit (loss) per share
|
0.27
|
(0.23
|
)
|
(0.03
|
)
|
0.29
|
||||||||||
Diluted profit (loss) per share
|
0.27
|
(0.23
|
)
|
(0.03
|
)
|
0.29
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Accumulated Deficit
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
For the three months ended
|
||||||||||||||||||||||||||||||||||||||||
March 31, 2023 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2023
|
25,613
|
86,038
|
(7,256
|
)
|
(1,736
|
)
|
7,970
|
(20,602
|
)
|
5,697
|
95,724
|
(12,647
|
)
|
83,077
|
||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
3,611
|
-
|
-
|
-
|
-
|
3,611
|
(807
|
)
|
2,804
|
|||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
-
|
-
|
-
|
-
|
(5,292
|
)
|
16,307
|
-
|
11,015
|
15,609
|
26,624
|
|||||||||||||||||||||||||||||
Total comprehensive income (loss) for the period
|
-
|
-
|
3,611
|
-
|
(5,292
|
)
|
16,307
|
-
|
14,626
|
14,802
|
29,428
|
|||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Share-based payments
|
-
|
31
|
-
|
-
|
-
|
-
|
-
|
31
|
-
|
31
|
||||||||||||||||||||||||||||||
Balance as at March 31, 2023
|
25,613
|
86,069
|
(3,645
|
)
|
(1,736
|
)
|
2,678
|
(4,295
|
)
|
5,697
|
110,381
|
2,155
|
112,536
|
|||||||||||||||||||||||||||
For the three months ended
|
||||||||||||||||||||||||||||||||||||||||
March 31, 2022 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2022
|
25,605
|
85,883
|
(7,217
|
)
|
(1,736
|
)
|
15,365
|
(8,077
|
)
|
5,697
|
115,520
|
(2,037
|
)
|
113,483
|
||||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(2,934
|
)
|
-
|
-
|
-
|
-
|
(2,934
|
)
|
(472
|
)
|
(3,406
|
)
|
||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(90
|
)
|
(20,579
|
)
|
-
|
(20,669
|
)
|
(20,188
|
)
|
(40,857
|
)
|
|||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(2,934
|
)
|
-
|
(90
|
)
|
(20,579
|
)
|
-
|
(23,603
|
)
|
(20,660
|
)
|
(44,263
|
)
|
||||||||||||||||||||||||
Balance as at March 31, 2022
|
25,605
|
85,883
|
(10,151
|
)
|
(1,736
|
)
|
15,275
|
(28,656
|
)
|
5,697
|
91,917
|
(22,697
|
)
|
69,220
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Accumulated deficit
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
For the year ended
|
||||||||||||||||||||||||||||||||||||||||
December 31, 2022 (Audited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
January 1, 2022
|
25,605
|
85,883
|
(6,899
|
)
|
(1,736
|
)
|
15,365
|
(8,077
|
)
|
5,697
|
115,838
|
(1,731
|
)
|
114,107
|
||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
(357
|
)
|
-
|
-
|
-
|
-
|
(357
|
)
|
497
|
140
|
||||||||||||||||||||||||||||
Other comprehensive loss for the year
|
-
|
-
|
-
|
-
|
(7,395
|
)
|
(12,525
|
)
|
-
|
(19,920
|
)
|
(15,371
|
)
|
(35,291
|
)
|
|||||||||||||||||||||||||
Total comprehensive loss for the year
|
-
|
-
|
(357
|
)
|
-
|
(7,395
|
)
|
(12,525
|
)
|
-
|
(20,277
|
)
|
(14,874
|
)
|
(35,151
|
)
|
||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,958
|
3,958
|
||||||||||||||||||||||||||||||
Options exercise
|
8
|
28
|
-
|
-
|
-
|
-
|
-
|
36
|
-
|
36
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
127
|
-
|
-
|
-
|
-
|
-
|
127
|
-
|
127
|
||||||||||||||||||||||||||||||
Balance as at December 31, 2022
|
25,613
|
86,038
|
(7,256
|
)
|
(1,736
|
)
|
7,970
|
(20,602
|
)
|
5,697
|
95,724
|
(12,647
|
)
|
83,077
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Accumulated deficit
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
Convenience translation into US$ (exchange rate as at March 31, 2023: euro 1 = US$ 1.088)
|
||||||||||||||||||||||||||||||||||||||||
For the three months ended
|
||||||||||||||||||||||||||||||||||||||||
March 31, 2023 (Unaudited):
|
27,859
|
93,582
|
(7,893
|
)
|
(1,888
|
)
|
8,669
|
(22,409
|
)
|
6,197
|
104,117
|
(13,755
|
)
|
90,362
|
||||||||||||||||||||||||||
Balance as at January 1, 2023
|
||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
3,928
|
-
|
-
|
-
|
-
|
3,928
|
(878
|
)
|
3,050
|
|||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
-
|
-
|
-
|
-
|
(5,756
|
)
|
17,737
|
-
|
11,981
|
16,977
|
28,958
|
|||||||||||||||||||||||||||||
Total comprehensive income (loss) for the period
|
-
|
-
|
3,928
|
-
|
(5,756
|
)
|
17,737
|
-
|
15,909
|
16,099
|
32,008
|
|||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Share-based payments
|
-
|
34
|
-
|
-
|
-
|
-
|
-
|
34
|
-
|
34
|
||||||||||||||||||||||||||||||
Balance as at March 31, 2023
|
27,859
|
93,616
|
(3,965
|
)
|
(1,888
|
)
|
2,913
|
(4,672
|
)
|
6,197
|
120,060
|
2,344
|
122,404
|
For the three months ended March 31,
|
For the year ended December 31,
|
For the three months ended March 31,
|
||||||||||||||
2023
|
2022
|
2022
|
2023
|
|||||||||||||
Unaudited
|
Audited
|
Unaudited
|
||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Profit (loss) for the period
|
2,804
|
(3,406
|
)
|
140
|
3,050
|
|||||||||||
Adjustments for:
|
||||||||||||||||
Financing expenses (income), net
|
(2,023
|
)
|
2,946
|
2,466
|
(2,201
|
)
|
||||||||||
Depreciation and amortization
|
4,115
|
4,014
|
16,092
|
4,476
|
||||||||||||
Share-based payment transactions
|
31
|
-
|
127
|
34
|
||||||||||||
Share of profits of equity accounted investees
|
(1,178
|
)
|
(231
|
)
|
(1,206
|
)
|
(1,281
|
)
|
||||||||
Change in trade receivables and other receivables
|
(1,759
|
)
|
(2,814
|
)
|
724
|
(1,913
|
)
|
|||||||||
Change in other assets
|
(120
|
)
|
1,841
|
(209
|
)
|
(131
|
)
|
|||||||||
Change in receivables from concessions project
|
257
|
252
|
(521
|
)
|
280
|
|||||||||||
Change in trade payables
|
(876
|
)
|
(75
|
)
|
1,697
|
(953
|
)
|
|||||||||
Change in other payables
|
1,803
|
5,274
|
3,807
|
1,961
|
||||||||||||
Taxes on income (Tax benefit)
|
(1,256
|
)
|
279
|
2,103
|
(1,366
|
)
|
||||||||||
Income taxes paid
|
-
|
-
|
(6,337
|
)
|
-
|
|||||||||||
Interest received
|
493
|
471
|
1,896
|
536
|
||||||||||||
Interest paid
|
(923
|
)
|
(404
|
)
|
(9,459
|
)
|
(1,004
|
)
|
||||||||
(1,436
|
)
|
11,553
|
11,180
|
(1,562
|
)
|
|||||||||||
Net cash from operating activities
|
1,368
|
8,147
|
11,320
|
1,488
|
||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Acquisition of fixed assets
|
(12,861
|
)
|
(15,527
|
)
|
(48,610
|
)
|
(13,989
|
)
|
||||||||
VAT associated with the acquisition of fixed assets
|
-
|
(2,225
|
)
|
-
|
-
|
|||||||||||
Repayment of loan from an equity accounted investee
|
-
|
-
|
149
|
-
|
||||||||||||
Loan to an equity accounted investee
|
(60
|
)
|
-
|
(128
|
)
|
(65
|
)
|
|||||||||
Advances on account of investments
|
(382
|
)
|
-
|
(774
|
)
|
(415
|
)
|
|||||||||
Proceeds from marketable securities
|
2,837
|
-
|
(1,062
|
)
|
3,086
|
|||||||||||
Proceeds from settlement of derivatives, net
|
-
|
(528
|
)
|
(528
|
)
|
-
|
||||||||||
Proceed (investment) in restricted cash, net
|
893
|
1,103
|
(4,873
|
)
|
971
|
|||||||||||
Investment in short term deposit
|
(21,945
|
)
|
-
|
27,645
|
(23,869
|
)
|
||||||||||
Net cash used in investing activities
|
(31,518
|
)
|
(17,177
|
)
|
(28,181
|
)
|
(34,281
|
)
|
||||||||
Cash flows from financing activities
|
||||||||||||||||
Proceeds from options
|
-
|
-
|
36
|
-
|
||||||||||||
Cost associated with long term loans
|
(315
|
)
|
(8,460
|
)
|
(9,988
|
)
|
(343
|
)
|
||||||||
Payment of principal of lease liabilities
|
(200
|
)
|
(3,795
|
)
|
(5,703
|
)
|
(218
|
)
|
||||||||
Proceeds from long-term loans
|
764
|
196,520
|
215,170
|
831
|
||||||||||||
Repayment of long-term loans
|
(686
|
)
|
(121,372
|
)
|
(153,751
|
)
|
(746
|
)
|
||||||||
Repayment of Debentures
|
-
|
-
|
(19,764
|
)
|
-
|
|||||||||||
Repayment of SWAP instrument associated with long term loans
|
-
|
(3,290
|
)
|
(3,290
|
)
|
-
|
||||||||||
Proceed from settlement of derivatives, net
|
-
|
-
|
3,800
|
-
|
||||||||||||
Proceeds from issue of debentures
|
55,808
|
-
|
-
|
60,702
|
||||||||||||
Net cash from financing activities
|
55,371
|
59,603
|
26,510
|
60,226
|
||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(1,942
|
)
|
(821
|
)
|
(4,420
|
)
|
(2,113
|
)
|
||||||||
Increase in cash and cash equivalents
|
23,279
|
49,752
|
5,229
|
25,320
|
||||||||||||
Cash and cash equivalents at the beginning of the period
|
46,458
|
41,229
|
41,229
|
50,532
|
||||||||||||
Cash and cash equivalents at the end of the period
|
69,737
|
90,981
|
46,458
|
75,852
|
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
Ellomay
|
Bio
|
reportable
|
Total
|
|||||||||||||||||||||||||||||||||||||||||
Italy
|
Spain
|
Solar
|
Talasol
|
Israel
|
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
|
||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2023
|
||||||||||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
-
|
732
|
889
|
5,581
|
295
|
4,531
|
16,011
|
-
|
28,039
|
(16,011
|
)
|
12,028
|
||||||||||||||||||||||||||||||||
Operating expenses
|
-
|
(173
|
)
|
(532
|
)
|
(1,820
|
)
|
(84
|
)
|
(3,843
|
)
|
(11,741
|
)
|
-
|
(18,193
|
)
|
11,741
|
(6,452
|
)
|
|||||||||||||||||||||||||
Depreciation expenses
|
-
|
(229
|
)
|
(233
|
)
|
(2,828
|
)
|
(120
|
)
|
(700
|
)
|
(1,392
|
)
|
-
|
(5,502
|
)
|
1,387
|
(4,115
|
)
|
|||||||||||||||||||||||||
Gross profit (loss)
|
-
|
330
|
124
|
933
|
91
|
(12
|
)
|
2,878
|
-
|
4,344
|
(2,883
|
)
|
1,461
|
|||||||||||||||||||||||||||||||
Adjusted Gross profit (loss)
|
-
|
330
|
124
|
933
|
242
|
2
|
(12
|
)
|
2,878
|
-
|
4,495
|
(3,034
|
)
|
1,461
|
||||||||||||||||||||||||||||||
Project development costs
|
(1,634
|
)
|
||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses
|
(1,480
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Share of loss of equity accounted investee
|
1,178
|
|||||||||||||||||||||||||||||||||||||||||||
Operating profit
|
(475
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Financing income
|
5,403
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection
|
||||||||||||||||||||||||||||||||||||||||||||
with derivatives and warrants, net
|
86
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses, net
|
(3,466
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Profit before taxes on Income
|
1,548
|
|||||||||||||||||||||||||||||||||||||||||||
Segment assets as at
|
||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023
|
32,294
|
14,137
|
19,490
|
236,859
|
33,496
|
32,416
|
104,097
|
137,410
|
610,199
|
7,726
|
617,925
|
For the three months ended
March 31,
|
For the year ended December 31,
|
For the three months ended March 31,
|
||||||||||||||
2023
|
2022
|
2022
|
2023
|
|||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||
Net profit (loss) for the period
|
2,804
|
(3,406
|
)
|
140
|
3,050
|
|||||||||||
Financing expenses (income), net
|
(2,023
|
)
|
2,946
|
2,466
|
(2,201
|
)
|
||||||||||
Taxes on income (tax benefit)
|
(1,256
|
)
|
279
|
2,103
|
(1,366
|
)
|
||||||||||
Depreciation and amortization
|
4,115
|
4,014
|
16,092
|
4,476
|
||||||||||||
EBITDA
|
3,640
|
3,833
|
20,801
|
3,959
|
For the four-quarter period ended March 31, 2023
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit for the period
|
6,350
|
|||
Financing income, net
|
(2,503
|
)
|
||
Taxes on income
|
568
|
|||
Depreciation
|
16,193
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,400
|
|||
Share-based payments
|
158
|
|||
Adjusted EBITDA as defined the Series C Deed of Trust
|
24,166
|
For the four quarter period ended March 31, 2023
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit for the period
|
6,350
|
|||
Financing income, net
|
(2,503
|
)
|
||
Taxes on income
|
568
|
|||
Depreciation and amortization expenses
|
16,193
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,400
|
|||
Share-based payments
|
158
|
|||
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters8
|
390
|
|||
Adjusted EBITDA as defined the Series D Deed of Trust
|
24,556
|
For the four-quarter period ended March 31, 2023
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit for the period
|
6,350
|
|||
Financing income, net
|
(2,503
|
)
|
||
Taxes on income
|
568
|
|||
Depreciation and amortization expenses
|
16,193
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,400
|
|||
Share-based payments
|
158
|
|||
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters10
|
390
|
|||
Adjusted EBITDA as defined the Series E Deed of Trust
|
24,556
|