• |
Revenues were approximately €53.41 million for the year ended December 31, 2022, compared to approximately €45.7 million for the year ended December 31, 2021. This increase mainly results from the substantial increase in
electricity prices in Spain and the connection to the grid of Ellomay Solar, a 28 MW photovoltaic facility in Spain (“Ellomay Solar”) during June 2022, upon which the Company commenced recognition
of revenues.
|
•
|
Operating expenses were approximately €24.1 million for the year ended December 31, 2022, compared to approximately €17.6 million for the year ended December 31, 2021. The increase in
operating expenses mainly results from the implementation of the Spanish RDL 17/2021, commencing September 16, 2021 and currently in effect until December 31, 2023, that 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. The increase in operating
expenses also resulted from the Company’s biogas operations in the Netherlands that were impacted by the military conflict between Russia and Ukraine causing shortages in certain raw materials and an increase in delivery prices, and
from the connection to the grid of Ellomay Solar during June 2022, upon which the Company commenced recognition of expenses. Depreciation expenses were approximately €16.1 million for the year ended December 31, 2022, compared to
approximately €15.1 million for the year ended December 31, 2021. The increase in depreciation and amortization expenses is mainly attributable to the commencement of recognition of results of Ellomay Solar upon connection to the
Spanish grid in June 2022.
|
•
|
Project development costs were approximately €3.8 million for the year ended December 31, 2022, compared to approximately €2.5 million for the year ended December 31, 2021. The
increase in project development costs is mainly due to development expenses in connection with photovoltaic projects in Italy and Israel.
|
• |
General and administrative expenses were approximately €5.9 million for the year ended December 31, 2022, compared to approximately €5.7 million for the year ended December 31, 2021. The increase is mostly due to an increase in the
management fee paid pursuant to the new Management Services Agreement effective July 1, 2021, and an increase in salaries paid to employees.
|
•
|
The Company’s share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €1.2 million for the year ended December 31, 2022,
compared to approximately €0.12 million for the year ended December 31, 2021. 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, partially offset by an increase in operating expenses in connection with the increased production and higher tariff.
|
•
|
Financing expenses, net were approximately €2.5 million for the year ended December 31, 2022, compared to approximately €26.9 million for the year ended December 31, 2021. The
decrease in financing expenses, net, was mainly attributable to income resulting from exchange rate differences amounting to approximately €6 million in the year ended December 31, 2022, mainly in connection with the New Israeli
Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures, compared to expenses in the amount of approximately €5.4 million for the year ended December 31, 2021,
caused by (i) the 6.6% devaluation of the NIS against the euro during the year ended December 31, 2022, compared to the 10.8% revaluation of the NIS against the euro during the year ended December 31, 2021, and (ii) expenses recorded
in 2021 of approximately €0.8 million in connection with the early repayment of the Company’s Series B Debentures. In addition, during the year ended December 31, 2021, we recorded financing expenses in the amount of approximately
€12.2 million in connection with the amortization of the outstanding balance of expenses that were capitalized to the previous financing of Talasol Solar S.L.U (“Talasol”), our majority owned
subsidiary (51%) that owns a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain (“Talasol PV Plant”) in connection with a refinancing of its debt
and approximately €3.3 million recorded in connection with the termination of an interest rate swap contract.
|
•
|
Taxes on income were approximately €2.1 million in the year ended December 31, 2022, compared to a tax benefit of approximately €2.3 million in the year ended December 31, 2021. The
tax increase is mainly due to the substantial increase in electricity prices in Spain, resulting in higher taxable income of the Company’s Spanish subsidiaries.
|
•
|
Net profit was approximately €0.1 million in the year ended December 31, 2022, compared to net loss of approximately €19.6 million for the year ended December 31, 2021.
|
•
|
Total other comprehensive loss was approximately €35.3 million for the year ended December 31, 2022, compared to total other comprehensive loss of approximately €4.5 million in the
year ended December 31, 2021. The increase in total other comprehensive loss mainly resulted from foreign currency translation differences on NIS denominated operations, as a result of fluctuations in the euro/NIS exchange rates and
from changes in fair value of cash flow hedges, including a material increase 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 (the “Talasol PPA”).
The Talasol PPA experienced a high volatility due to the substantial increase in electricity prices in Europe since the commencement of the military conflict
between Russia and Ukraine. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated
deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows. As the Company controls Talasol, the total impact of the changes in fair value of the Talasol
PPA (including the minority share) is consolidated into the Company’s financial statements and total equity. Alongside the increase in fair value of the liability in connection with the Talasol PPA, the increase in the electricity
prices had, and is expected to continue to have for as long as the prices remain relatively high, a positive impact on Talasol’s revenues from the sale of the capacity that is not subject to the Talasol PPA, resulting in an expected
increase in Talasol’s net income and cash flows.
|
•
|
Total comprehensive loss was approximately €35.2 million in the year ended December 31, 2022, compared to total comprehensive loss of approximately €24.1 million in the year ended
December 31, 2021.
|
•
|
EBITDA was approximately €20.8 million for the year ended December 31, 2022, compared to approximately €20.1 million for the year ended December 31, 2021.
|
•
|
Net cash from operating activities was approximately €11.3 million for the year ended December 31, 2022, compared to net cash from operating activities of approximately €16.1
million for the year ended December 31, 2021.
|
•
|
As required under an amendment to IAS 16, “Property, Plant and Equipment” (the “IAS 16 Amendment”), the Company retrospectively applied the
IAS 16 Amendment and revised the financial results as of and for the year ended December 31, 2021. The IAS 16 Amendment required the Company to recognize the results of the Talasol PV Plant commencing connection to the grid
(December 2020) instead of recognizing results commencing achievement of PAC (Preliminary Acceptance Certificate), which occurred on January 27, 2021. The revisions mainly included an increase in the balance of fixed assets against
a corresponding increase in retained earnings and deferred tax as of December 31, 2021, and an increase in revenues and expenses, with a corresponding decrease in tax benefit and in the net loss for the year ended December 31, 2021.
|
-
|
Development and Construction - the development of a backlog of projects in the PV field in Italy, Spain, USA and Israel, the construction of a pumped hydro storage project in the Manara
Cliff in Israel and the construction of PV in Italy; and
|
-
|
Operations and Improvements - the Company manages, operates and improves its generating projects in Israel, Spain and the Netherlands (bio-gas).
|
1.
|
The Komemiyut project, intended for 21 MW PV and 47 MW / hour batteries. The project obtained an approval for connection to the grid and is in the process of receiving a building
permit. Construction is planned to commence in the third quarter of 2023.
|
2.
|
The Qelahim project, intended for 15 MW PV and 33 MW / hour batteries. The project obtained 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 (as of today 9 MW PV) 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 second quarter of 2023.
|
4.
|
The Talmei Yosef storage project in batteries, which obtained 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 for was submitted.
|
6.
|
Additional 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 860MW, 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 and Ellomay Solar Italy Ten SRL that are developing photovoltaic projects with installed capacity of 15.06 MW, 87.2 MW and 18 MW respectively, in the Lazio Region, Italy
that have reached “ready to build” status.
|
Condensed Consolidated Statements of Financial Position
|
December 31,
|
||||||||||||
2022
|
2021
|
2022
|
||||||||||
Unaudited
|
Audited
|
Unaudited
|
||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
46,458
|
41,229
|
49,547
|
|||||||||
Marketable securities
|
2,836
|
1,946
|
3,025
|
|||||||||
Short term deposits
|
-
|
28,410
|
-
|
|||||||||
Restricted cash
|
900
|
1,000
|
960
|
|||||||||
Receivable from concession project
|
1,799
|
1,784
|
1,919
|
|||||||||
Trade and other receivables
|
12,682
|
9,487
|
13,525
|
|||||||||
64,675
|
83,856
|
68,976
|
||||||||||
Non-current assets
|
||||||||||||
Investment in equity accounted investee
|
30,029
|
34,029
|
32,026
|
|||||||||
Advances on account of investments
|
2,328
|
1,554
|
2,483
|
|||||||||
Receivable from concession project
|
24,795
|
26,909
|
26,444
|
|||||||||
Fixed assets
|
365,756
|
**340,897
|
390,077
|
|||||||||
Right-of-use asset
|
30,020
|
23,367
|
32,016
|
|||||||||
Intangible asset
|
4,094
|
4,762
|
4,366
|
|||||||||
Restricted cash and deposits
|
20,192
|
15,630
|
21,535
|
|||||||||
Deferred tax
|
23,510
|
12,952
|
25,073
|
|||||||||
Long term receivables
|
9,270
|
5,388
|
9,886
|
|||||||||
Derivatives
|
1,488
|
2,635
|
1,587
|
|||||||||
511,482
|
468,123
|
545,493
|
||||||||||
Total assets
|
576,157
|
551,979
|
614,469
|
|||||||||
Liabilities and Equity
|
||||||||||||
Current liabilities
|
||||||||||||
Current maturities of long term bank loans
|
12,815
|
126,180
|
13,667
|
|||||||||
Current maturities of long term loans
|
10,000
|
16,401
|
10,665
|
|||||||||
Current maturities of debentures
|
18,714
|
19,806
|
19,958
|
|||||||||
Trade payables
|
4,504
|
2,904
|
4,803
|
|||||||||
Other payables
|
11,207
|
20,806
|
11,952
|
|||||||||
Current maturities of derivatives
|
33,183
|
14,783
|
35,390
|
|||||||||
Current maturities of lease liabilities
|
745
|
4,329
|
795
|
|||||||||
91,168
|
205,209
|
97,230
|
||||||||||
Non-current liabilities
|
||||||||||||
Long-term lease liabilities
|
22,005
|
15,800
|
23,468
|
|||||||||
Long-term loans
|
229,466
|
39,093
|
244,725
|
|||||||||
Other long-term bank loans
|
21,582
|
37,221
|
23,017
|
|||||||||
Debentures
|
91,714
|
117,493
|
97,813
|
|||||||||
Deferred tax
|
6,770
|
**9,044 |
7,220
|
|||||||||
Other long-term liabilities
|
2,021
|
3,905
|
2,155
|
|||||||||
Derivatives
|
28,354
|
10,107
|
30,239
|
|||||||||
401,912
|
232,663
|
428,637
|
||||||||||
Total liabilities
|
493,080
|
437,872
|
525,867
|
|||||||||
Equity
|
||||||||||||
Share capital
|
25,633
|
25,605
|
27,337
|
|||||||||
Share premium
|
86,018
|
85,883
|
91,738
|
|||||||||
Treasury shares
|
(1,736
|
)
|
(1,736
|
)
|
(1,851
|
)
|
||||||
Transaction reserve with non-controlling Interests
|
5,697
|
5,697
|
6,076
|
|||||||||
Reserves
|
(12,632
|
)
|
7,288
|
(13,472
|
)
|
|||||||
Retained earnings (accumulated deficit)
|
(7,256
|
)
|
**(6,899 | ) |
(7,738
|
)
|
||||||
Total equity attributed to shareholders of the Company
|
95,724
|
115,838
|
102,090
|
|||||||||
Non-Controlling Interest
|
(12,647
|
)
|
**(1,731 | ) |
(13,488
|
)
|
||||||
Total equity
|
83,077
|
114,107
|
88,602
|
|||||||||
Total liabilities and equity
|
576,157
|
551,979
|
614,469
|
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss)
|
For the three months ended December 31,
|
For the year
ended December 31,
|
For the three months ended December 31,
|
For the year ended December 31,
|
|||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2022
|
2022
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
Audited
|
Unaudited
|
Unaudited
|
||||||||||||||||||||
€ in thousands (except per share data)
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Revenues
|
8,635
|
**12,017
|
53,360
|
**45,721
|
9,209
|
56,908
|
||||||||||||||||||
Operating expenses
|
(5,660
|
)
|
**(5,873
|
)
|
(24,089
|
)
|
**(17,590
|
)
|
(6,036
|
)
|
(25,691
|
)
|
||||||||||||
Depreciation and amortization expenses
|
(4,241
|
)
|
**(4,038
|
)
|
(16,092
|
)
|
**(15,116
|
)
|
(4,523
|
)
|
(17,162
|
)
|
||||||||||||
Gross profit (loss)
|
(1,266
|
)
|
2,106
|
13,179
|
13,015
|
(1,350
|
)
|
14,055
|
||||||||||||||||
Project development costs
|
(1,104
|
)
|
(663
|
)
|
(3,784
|
)
|
(2,508
|
)
|
(1,177
|
)
|
(4,036
|
)
|
||||||||||||
General and administrative expenses
|
(926
|
)
|
(1,712
|
)
|
(5,892
|
)
|
(5,661
|
)
|
(988
|
)
|
(6,284
|
)
|
||||||||||||
Share of profits of equity accounted investee
|
650
|
(167
|
)
|
1,206
|
117
|
693
|
1,286
|
|||||||||||||||||
Operating profit (loss)
|
(2,646
|
)
|
(436
|
)
|
4,709
|
4,963
|
(2,822
|
)
|
5,021
|
|||||||||||||||
Financing income
|
8,933
|
585
|
9,565
|
2,931
|
9,527
|
10,201
|
||||||||||||||||||
Financing income (expenses) in connection with derivatives and warrants, net
|
(410
|
)
|
(438
|
)
|
605
|
(841
|
)
|
(437
|
)
|
645
|
||||||||||||||
Financing expenses in connection with projects finance
|
(1,919
|
)
|
(12,276
|
)
|
(7,765
|
)
|
(17,800
|
)
|
(2,047
|
)
|
(8,281
|
)
|
||||||||||||
Financing expenses in connection with debentures
|
(799
|
)
|
(420
|
)
|
(2,130
|
)
|
(3,220
|
)
|
(852
|
)
|
(2,272
|
)
|
||||||||||||
Interest expenses on minority shareholder loan
|
(306
|
)
|
(551
|
)
|
(1,529
|
)
|
(2,055
|
)
|
(326
|
)
|
(1,631
|
)
|
||||||||||||
Other financing expenses
|
(224
|
)
|
(3,346
|
)
|
(1,212
|
)
|
(5,899
|
)
|
(239
|
)
|
(1,293
|
)
|
||||||||||||
Financing income (expenses), net
|
5,275
|
(16,446
|
)
|
(2,466
|
)
|
(26,884
|
)
|
5,626
|
(2,631
|
)
|
||||||||||||||
Profit (loss) before taxes on income
|
2,629
|
(16,882
|
)
|
2,243
|
(21,921
|
)
|
2,804
|
2,390
|
||||||||||||||||
Tax benefit (taxes on income)
|
(153
|
)
|
**3,043
|
(2,103
|
)
|
**2,281
|
(163
|
)
|
(2,243
|
)
|
||||||||||||||
Profit (loss) for the period
|
2,476
|
(13,839
|
)
|
140
|
(19,640
|
)
|
2,641
|
147
|
||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
3,429
|
**(8,351
|
)
|
(357
|
)
|
**(15,090
|
)
|
3,657
|
(381
|
)
|
||||||||||||||
Non-controlling interests
|
(953
|
)
|
**(5,488
|
)
|
497
|
**(4,550
|
)
|
(1,016
|
)
|
528
|
||||||||||||||
Profit (loss) for the period
|
2,476
|
(13,839
|
)
|
140
|
(19,640
|
)
|
2,641
|
147
|
||||||||||||||||
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
|
(9,035
|
)
|
6,696
|
(7,829
|
)
|
12,284
|
(9,635
|
)
|
(8,350
|
)
|
||||||||||||||
Effective portion of change in fair value of cash flow hedges
|
35,538
|
(783
|
)
|
(28,283
|
)
|
(13,429
|
)
|
37,902
|
(30,163
|
)
|
||||||||||||||
Net change in fair value of cash flow hedges
transferred to profit or loss
|
-
|
(1,481
|
)
|
821
|
(3,353
|
)
|
-
|
876
|
||||||||||||||||
Total other comprehensive income (loss)
|
26,503
|
4,432
|
(35,291
|
)
|
(4,498
|
)
|
28,267
|
(37,637
|
)
|
|||||||||||||||
Total other comprehensive income (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
9,582
|
5,260
|
(19,920
|
)
|
3,124
|
10,220
|
(21,244
|
)
|
||||||||||||||||
Non-controlling interests
|
16,921
|
(828
|
)
|
(15,371
|
)
|
(7,622
|
)
|
18,047
|
(16,393
|
)
|
||||||||||||||
Total other comprehensive income (loss)
|
26,503
|
4,432
|
(35,291
|
)
|
(4,498
|
)
|
28,267
|
(37,637
|
)
|
|||||||||||||||
Total comprehensive income (loss) for the year
|
28,979
|
(9,407
|
)
|
(35,151
|
)
|
(24,138
|
)
|
30,908
|
(37,490
|
)
|
||||||||||||||
Total comprehensive income (loss) for the year attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
13,011
|
(3,091
|
)
|
(20,277
|
)
|
(11,966
|
)
|
13,877
|
(21,625
|
)
|
||||||||||||||
Non-controlling interests
|
15,968
|
(6,316
|
)
|
(14,874
|
)
|
(12,172
|
)
|
17,031
|
(15,865
|
)
|
||||||||||||||
Total comprehensive income (loss) for the year
|
28,979
|
(9,407
|
)
|
(35,151
|
)
|
(24,138
|
)
|
30,908
|
(37,490
|
)
|
||||||||||||||
Basic profit (loss) per share
|
0.27
|
**(0.62
|
)
|
(0.03
|
)
|
**(1.18
|
)
|
0.29
|
(0.03
|
)
|
||||||||||||||
Diluted profit (loss) per share
|
0.27
|
**(0.62
|
)
|
(0.03
|
)
|
**(1.18
|
)
|
0.29
|
(0.03
|
)
|
Condensed Consolidated Interim Statements of Changes in Equity
|
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 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
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 Capital note to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,958
|
3,958
|
||||||||||||||||||||||||||||||
Options exercise
|
28
|
8
|
-
|
-
|
-
|
-
|
-
|
36
|
-
|
36
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
127
|
-
|
-
|
-
|
-
|
-
|
127
|
-
|
127
|
||||||||||||||||||||||||||||||
Balance as at December 31, 2022
|
25,633
|
86,018
|
(7,256
|
)
|
(1,736
|
)
|
7,970
|
(20,602
|
)
|
5,697
|
95,724
|
(12,647
|
)
|
83,077
|
||||||||||||||||||||||||||
For the three months
|
||||||||||||||||||||||||||||||||||||||||
ended December 31, 2022 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at September 30, 2022
|
25,605
|
85,973
|
(10,685
|
)
|
(1,736
|
)
|
16,517
|
(38,731
|
)
|
5,697
|
82,640
|
(28,615
|
)
|
54,025
|
||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
3,429
|
-
|
-
|
-
|
-
|
3,429
|
(953
|
)
|
2,476
|
|||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year
|
-
|
-
|
-
|
-
|
(8,547
|
)
|
18,129
|
-
|
9,582
|
16,921
|
26,503
|
|||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year
|
-
|
-
|
3,429
|
-
|
(8,547
|
)
|
18,129
|
-
|
13,011
|
15,968
|
28,979
|
|||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Options exercise
|
28
|
8
|
-
|
-
|
-
|
-
|
-
|
36
|
-
|
36
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
37
|
-
|
-
|
-
|
-
|
-
|
37
|
-
|
37
|
||||||||||||||||||||||||||||||
Balance as at December 31, 2022
|
25,633
|
86,018
|
(7,256
|
)
|
(1,736
|
)
|
7,970
|
(20,602
|
)
|
5,697
|
95,724
|
(12,647
|
)
|
83,077
|
Condensed Consolidated Interim Statements of Changes in Equity (cont’d)
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Retained earnings
|
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, 2021 (Audited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
January 1, 2021
|
25,102
|
82,401
|
8,191
|
(1,736
|
)
|
3,823
|
341
|
6,106
|
124,228
|
798
|
125,026
|
|||||||||||||||||||||||||||||
Loss for the year
|
-
|
-
|
*(15,090
|
)
|
-
|
-
|
-
|
-
|
(15,090
|
)
|
(4,550
|
)
|
(19,640
|
)
|
||||||||||||||||||||||||||
Other comprehensive income (loss) for the year
|
-
|
-
|
-
|
-
|
11,542
|
(8,418
|
)
|
-
|
3,124
|
(7,622
|
)
|
(4,498
|
)
|
|||||||||||||||||||||||||||
Total comprehensive income (loss) for the year
|
-
|
-
|
(15,090
|
)
|
-
|
11,542
|
(8,418
|
)
|
-
|
(11,966
|
)
|
(12,172
|
)
|
(24,138
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,682
|
8,682
|
||||||||||||||||||||||||||||||
Acquisition of shares in subsidiaries from non-controlling interests
|
(409
|
)
|
(409
|
)
|
961
|
552
|
||||||||||||||||||||||||||||||||||
Warrants exercise
|
454
|
3,419
|
3,873
|
-
|
3,873
|
|||||||||||||||||||||||||||||||||||
Options exercise
|
49
|
-
|
-
|
-
|
-
|
-
|
-
|
49
|
-
|
49
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
63
|
-
|
-
|
-
|
-
|
-
|
63
|
-
|
63
|
||||||||||||||||||||||||||||||
Balance as at December 31, 2021
|
25,605
|
85,883
|
(6,899
|
)
|
(1,736
|
)
|
15,365
|
(8,077
|
)
|
5,697
|
115,838
|
(1,731
|
)
|
114,107
|
||||||||||||||||||||||||||
For the three months
|
||||||||||||||||||||||||||||||||||||||||
ended December 31, 2021 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
September 30, 2021
|
25,578
|
85,774
|
1,452
|
(1,736
|
)
|
9,093
|
(7,065
|
)
|
5,145
|
118,241
|
4,585
|
122,826
|
||||||||||||||||||||||||||||
Loss for the year
|
-
|
-
|
* (8,351
|
)
|
-
|
-
|
-
|
-
|
(8,351
|
)
|
(5,488
|
)
|
(13,839
|
)
|
||||||||||||||||||||||||||
Other comprehensive income (loss) for the year
|
-
|
-
|
-
|
-
|
6,272
|
(1,012
|
)
|
-
|
5,260
|
(828
|
)
|
4,432
|
||||||||||||||||||||||||||||
Total comprehensive income (loss) for the period
|
-
|
-
|
(8,351
|
)
|
-
|
6,272
|
(1,012
|
)
|
-
|
(3,091
|
)
|
(6,316
|
)
|
(9,407
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Acquisition of shares in subsidiaries from non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
552
|
552
|
-
|
552
|
||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
-
|
71
|
-
|
-
|
-
|
-
|
-
|
71
|
-
|
71
|
||||||||||||||||||||||||||||||
Options exercise
|
27
|
-
|
-
|
-
|
-
|
-
|
-
|
27
|
-
|
27
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
38
|
-
|
-
|
-
|
-
|
-
|
38
|
-
|
38
|
||||||||||||||||||||||||||||||
Balance as at December 31, 2021
|
25,605
|
85,883
|
(6,899
|
)
|
(1,736
|
)
|
15,365
|
(8,077
|
)
|
5,697
|
115,838
|
(1,731
|
)
|
114,107
|
Condensed Consolidated Interim Statements of Changes in Equity (cont’d)
|
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 December 31, 2021: euro 1 = US$ 1.066)
|
||||||||||||||||||||||||||||||||||||||||
For the year ended
|
||||||||||||||||||||||||||||||||||||||||
December 31, 2022 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2022
|
27,307
|
91,594
|
(7,357
|
)
|
(1,851
|
)
|
16,386
|
(8,614
|
)
|
6,076
|
123,541
|
(1,844
|
)
|
121,697
|
||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
(381
|
)
|
-
|
-
|
-
|
-
|
(381
|
)
|
528
|
147
|
||||||||||||||||||||||||||||
Other comprehensive loss for the year
|
-
|
-
|
-
|
-
|
(7,887
|
)
|
(13,357
|
)
|
-
|
(21,244
|
)
|
(16,393
|
)
|
(37,637
|
)
|
|||||||||||||||||||||||||
Total comprehensive loss for the year
|
-
|
-
|
(381
|
)
|
-
|
(7,887
|
)
|
(13,357
|
)
|
-
|
(21,625
|
)
|
(15,865
|
)
|
(37,490
|
)
|
||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of Capital note to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,221
|
4,221
|
||||||||||||||||||||||||||||||
Options exercise
|
30
|
9
|
-
|
-
|
-
|
-
|
-
|
39
|
-
|
39
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
135
|
-
|
-
|
-
|
-
|
-
|
135
|
-
|
135
|
||||||||||||||||||||||||||||||
Balance as at December 31, 2022
|
27,337
|
91,738
|
(7,738
|
)
|
(1,851
|
)
|
8,499
|
(21,971
|
)
|
6,076
|
102,090
|
(13,488
|
)
|
88,602
|
||||||||||||||||||||||||||
For the three months
|
||||||||||||||||||||||||||||||||||||||||
ended December 31, 2022 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at September 30, 2022
|
27,307
|
91,690
|
(11,395
|
)
|
(1,851
|
)
|
17,614
|
(41,306
|
)
|
6,076
|
88,135
|
(30,519
|
)
|
57,616
|
||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
3,657
|
-
|
-
|
-
|
-
|
3,657
|
(1,016
|
)
|
2,641
|
|||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year
|
-
|
-
|
-
|
-
|
(9,115
|
)
|
19,335
|
-
|
10,220
|
18,047
|
28,267
|
|||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year
|
-
|
-
|
3,657
|
-
|
(9,115
|
)
|
19,335
|
-
|
13,877
|
17,031
|
30,908
|
|||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Options exercise
|
30
|
9
|
-
|
-
|
-
|
-
|
-
|
39
|
-
|
39
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
39
|
-
|
-
|
-
|
-
|
-
|
39
|
-
|
39
|
||||||||||||||||||||||||||||||
Balance as at December 31, 2022
|
27,337
|
91,738
|
(7,738
|
)
|
(1,851
|
)
|
8,499
|
(21,971
|
)
|
6,076
|
102,090
|
(13,488
|
)
|
88,602
|
Condensed Consolidated Interim Statements of Cash Flow
|
For the three months ended December 31,
|
For the year ended December 31,
|
For the three months ended December 31,
|
For the year ended December 31,
|
|||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2022
|
2022
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
Audited
|
Unaudited
|
Unaudited
|
||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||||||
Profit for the period
|
2,476
|
**(13,839
|
)
|
140
|
**(19,640
|
)
|
2,641
|
147
|
||||||||||||||||
Adjustments for:
|
||||||||||||||||||||||||
Financing expenses, net
|
(5,275
|
)
|
16,446
|
2,466
|
26,884
|
(5,626
|
)
|
2,631
|
||||||||||||||||
Profit from settlement of derivatives contract
|
-
|
-
|
-
|
(407
|
)
|
-
|
-
|
|||||||||||||||||
Depreciation and amortization
|
4,241
|
**4,038
|
16,092
|
**15,116
|
4,523
|
17,162
|
||||||||||||||||||
Share-based payment transactions
|
37
|
38
|
127
|
63
|
39
|
135
|
||||||||||||||||||
Share of profits of equity accounted investees
|
(650
|
)
|
167
|
(1,206
|
)
|
(117
|
)
|
(693
|
)
|
(1,286
|
)
|
|||||||||||||
Payment of interest on loan from an equity accounted investee
|
-
|
-
|
-
|
859
|
-
|
-
|
||||||||||||||||||
Change in trade receivables and other receivables
|
441
|
4,542
|
724
|
(1,883
|
)
|
470
|
772
|
|||||||||||||||||
Change in other assets
|
(99
|
)
|
(345
|
)
|
(209
|
)
|
(545
|
)
|
(106
|
)
|
(223
|
)
|
||||||||||||
Change in receivables from concessions project
|
(48
|
)
|
267
|
(521
|
)
|
1,580
|
(51
|
)
|
(556
|
)
|
||||||||||||||
Change in trade payables
|
2,451
|
166
|
1,697
|
154
|
2,614
|
1,810
|
||||||||||||||||||
Change in other payables
|
(591
|
)
|
(4,834
|
)
|
3,807
|
2,380
|
(630
|
)
|
4,060
|
|||||||||||||||
Tax benefit
|
153
|
**(3,043
|
)
|
2,103
|
**(2,281
|
)
|
163
|
2,243
|
||||||||||||||||
Income taxes paid
|
(1,938
|
)
|
(79
|
)
|
(6,337
|
)
|
(94
|
)
|
(2,067
|
)
|
(6,758
|
)
|
||||||||||||
Interest received
|
493
|
517
|
1,896
|
1,844
|
526
|
2,022
|
||||||||||||||||||
Interest paid
|
(4,275
|
)
|
(1,701
|
)
|
(9,459
|
)
|
(7,801
|
)
|
(4,559
|
)
|
(10,088
|
)
|
||||||||||||
(5,060
|
)
|
16,179
|
11,180
|
35,752
|
(5,397
|
)
|
11,924
|
|||||||||||||||||
Net cash from (used in) operating activities
|
(2,584
|
)
|
2,340
|
11,320
|
16,112
|
(2,756
|
)
|
12,071
|
||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||||||
Acquisition of fixed assets
|
(9,543
|
)
|
(7,435
|
)
|
(48,610
|
)
|
(80,885
|
)
|
(10,178
|
)
|
(51,842
|
)
|
||||||||||||
VAT associated with the acquisition of fixed assets
|
-
|
(2,310
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Repayment of loan from an equity accounted investee
|
-
|
-
|
149
|
1,400
|
-
|
159
|
||||||||||||||||||
Loan to an equity accounted investee
|
(68
|
)
|
(39
|
)
|
(128
|
)
|
(335
|
)
|
(73
|
)
|
(137
|
)
|
||||||||||||
Advances on account of investments
|
(774
|
)
|
8
|
(774
|
)
|
-
|
(825
|
)
|
(825
|
)
|
||||||||||||||
Proceeds from marketable securities
|
(1,062
|
)
|
(1,897
|
)
|
(1,062
|
)
|
(112
|
)
|
(1,133
|
)
|
(1,133
|
)
|
||||||||||||
Proceeds from settlement of derivatives, net
|
-
|
(724
|
)
|
3,272
|
(976
|
)
|
-
|
3,490
|
||||||||||||||||
Proceed (investment) in restricted cash, net
|
4,007
|
(5,786
|
)
|
(4,873
|
)
|
(5,990
|
)
|
4,273
|
(5,197
|
)
|
||||||||||||||
Investment in short term deposit
|
-
|
(27,132
|
)
|
27,645
|
(18,599
|
)
|
-
|
29,483
|
||||||||||||||||
Net cash used in investing activities
|
(7,440
|
)
|
(45,315
|
)
|
(24,381
|
)
|
(105,497
|
)
|
(7,936
|
)
|
(26,002
|
)
|
||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||||||
Sale of shares in subsidiaries to non-controlling interests
|
-
|
32,130
|
-
|
1,400
|
-
|
-
|
||||||||||||||||||
Proceeds from options
|
36
|
10,799
|
36
|
49
|
38
|
38
|
||||||||||||||||||
Cost associated with long term loans
|
3
|
(35,311
|
)
|
(9,988
|
)
|
(2,796
|
)
|
3
|
(10,652
|
)
|
||||||||||||||
Payment of principal of lease liabilities
|
18,853
|
(8,478
|
)
|
(5,703
|
)
|
(4,803
|
)
|
20,107
|
(6,082
|
)
|
||||||||||||||
Proceeds from long-term loans
|
-
|
37,033
|
215,170
|
32,947
|
-
|
229,478
|
||||||||||||||||||
Repayment of long-term loans
|
(5,308
|
)
|
(18,927
|
)
|
(153,751
|
)
|
(18,905
|
)
|
(5,661
|
)
|
(163,975
|
)
|
||||||||||||
Repayment of Debentures
|
-
|
(29,411
|
)
|
(19,764
|
)
|
(30,730
|
)
|
-
|
(21,078
|
)
|
||||||||||||||
Repayment of SWAP instrument associated with long term loans
|
-
|
-
|
(3,290
|
)
|
-
|
-
|
(3,509
|
)
|
||||||||||||||||
Proceeds from issue of convertible debentures
|
-
|
-
|
-
|
15,571
|
-
|
-
|
||||||||||||||||||
Proceeds from issuance of Debentures, net
|
-
|
32,252
|
-
|
57,717
|
-
|
-
|
||||||||||||||||||
Issuance / exercise of warrants
|
-
|
2,346
|
-
|
3,746
|
-
|
-
|
||||||||||||||||||
Net cash from financing activities
|
13,584
|
22,433
|
22,710
|
54,196
|
14,487
|
24,220
|
||||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(5,589
|
)
|
3,718
|
(4,420
|
)
|
9,573
|
(5,959
|
)
|
(4,713
|
)
|
||||||||||||||
Increase (decrease) in cash and cash equivalents
|
(2,029
|
)
|
(16,824
|
)
|
5,229
|
(25,616
|
)
|
(2,164
|
)
|
5,576
|
||||||||||||||
Cash and cash equivalents at the beginning of the period
|
48,487
|
58,053
|
41,229
|
66,845
|
51,711
|
43,971
|
||||||||||||||||||
Cash and cash equivalents at the end of the period
|
46,458
|
41,229
|
46,458
|
41,229
|
49,547
|
49,547
|
Operating Segments
|
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
Ellomay
|
Bio
|
reportable
|
Total
|
|||||||||||||||||||||||||||||||||||||||||
Italy
|
Spain
|
Solar
|
Talasol
|
Israel
|
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
|
||||||||||||||||||||||||||||||||||
For the year ended December 31, 2022
|
||||||||||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
-
|
3,264
|
3,597
|
32,740
|
1,119
|
12,640
|
62,813
|
-
|
116,173
|
(62,813
|
)
|
53,360
|
||||||||||||||||||||||||||||||||
Operating expenses
|
-
|
(322
|
)
|
(1,399
|
)
|
(8,764
|
)
|
(418
|
)
|
(13,186
|
)
|
(47,442
|
)
|
-
|
(71,531
|
)
|
47,442
|
(24,089
|
)
|
|||||||||||||||||||||||||
Depreciation expenses
|
-
|
(908
|
)
|
(427
|
)
|
(11,400
|
)
|
(512
|
)
|
(2,824
|
)
|
(6,339
|
)
|
-
|
(22,410
|
)
|
6,318
|
(16,092
|
)
|
|||||||||||||||||||||||||
Gross profit (loss)
|
-
|
2,034
|
1,771
|
12,576
|
189
|
(3,370
|
)
|
9,032
|
-
|
22,232
|
(9,053
|
)
|
13,179
|
|||||||||||||||||||||||||||||||
Adjusted Gross profit
(loss)
|
-
|
2,034
|
1,771
|
12,576
|
1,565
|
2
|
(3,370
|
)
|
9,032
|
-
|
23,608
|
(10,429
|
)
|
13,179
|
||||||||||||||||||||||||||||||
Project development costs
|
(3,784
|
)
|
||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses
|
(5,892
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Share of loss of equity accounted investee
|
1,206
|
|||||||||||||||||||||||||||||||||||||||||||
Operating profit
|
4,709
|
|||||||||||||||||||||||||||||||||||||||||||
Financing income
|
9,565
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with derivatives and warrants, net
|
605
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses, net
|
(12,636
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Profit before taxes on Income
|
2,243
|
|||||||||||||||||||||||||||||||||||||||||||
Segment assets as at
|
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022
|
22,608
|
14,577
|
20,090
|
244,584
|
34,750
|
32,002
|
107,079
|
137,432
|
613,122
|
(36,965
|
)
|
576,157
|
Reconciliation of Profit (Loss) to EBITDA
|
For the three months ended December 31,
|
For the year ended December 31,
|
For the three months ended December 31,
|
For the year ended December 31,
|
|||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2022
|
2022
|
|||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Net (profit) loss for the period
|
2,476
|
**(13,839
|
)
|
140
|
**(19,640
|
)
|
2,641
|
147
|
||||||||||||||||
Financing expenses, net
|
(5,275
|
)
|
16,446
|
2,466
|
26,884
|
(5,626
|
)
|
2,631
|
||||||||||||||||
Tax benefit
|
153
|
**(3,043
|
)
|
2,103
|
**(2,281
|
)
|
163
|
2,243
|
||||||||||||||||
Depreciation and amortization
|
4,241
|
**4,038
|
16,092
|
**15,116
|
4,523
|
17,162
|
||||||||||||||||||
EBITDA
|
1,595
|
3,602
|
20,801
|
20,079
|
1,701
|
22,183
|
Information for the Company’s Debenture Holders
|
For the four-quarter period ended December 31, 2022
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit for the period
|
140
|
|||
Financing expenses, net
|
2,466
|
|||
Taxes on income
|
2,103
|
|||
Depreciation
|
16,092
|
|||
Share-based payments
|
127
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,427
|
|||
Adjusted EBITDA as defined the Series C Deed of Trust
|
24,355
|
For the four quarter period ended December 31, 2022
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit for the period
|
140
|
|||
Financing expenses, net
|
2,466
|
|||
Taxes on income
|
2,103
|
|||
Depreciation and amortization expenses
|
16,092
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,427
|
|||
Share-based payments
|
127
|
|||
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters8
|
2,328
|
|||
Adjusted EBITDA as defined the Series D Deed of Trust
|
26,683
|
For the four-quarter period ended December 31, 2022
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit for the period
|
140
|
|||
Financing expenses, net
|
2,466
|
|||
Taxes on income
|
2,103
|
|||
Depreciation and amortization expenses
|
16,092
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,427
|
|||
Share-based payments
|
127
|
|||
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters10
|
2,328
|
|||
Adjusted EBITDA as defined the Series E Deed of Trust
|
26,683
|