• |
Revenues were approximately €44.7 million for the nine months ended September 30, 2022, compared to approximately €33.7 million for the nine months ended September 30, 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 €18.4 million for the nine months ended September 30, 2022, compared to approximately €11.7 million for the nine months ended September 30, 2021. The increase in operating expenses mainly results
from the introduction of the Spanish RDL 17/2021 that established the reduction, currently in effect until December 31, 2022, 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 war in 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 and amortization expenses were approximately €11.9 million for the nine months ended September 30, 2022, compared to approximately €11.1 million for the nine months ended September 30, 2021.
|
• |
Project development costs were approximately €2.7 million for the nine months ended September 30, 2022, compared to approximately €1.8 million for the nine months ended September 30, 2021. The increase in project development costs is
mainly due to development expenses in connection with photovoltaic projects in Italy.
|
• |
General and administrative expenses were approximately €5 million for the nine months ended September 30, 2022, compared to approximately €3.9 million for the nine months ended September 30, 2021. The increase is mostly due to increased
D&O liability insurance costs, increase in management fee paid pursuant to the new Management Services Agreement effective July 1, 2021, and an increase in salaries paid to employees.
|
• |
Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €0.6 million for the nine months ended September 30, 2022, compared to approximately €0.3 million for the nine months ended
September 30, 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 higher
electricity tariff, partially offset by an increase in operating expenses in connection with the increased production and higher tariff.
|
• |
Financing expenses, net was approximately €7.7 million for the nine months ended September 30, 2022, compared to approximately €10.4 million for the nine months ended September 30, 2021. The decrease in financing expenses, net, was
mainly attributable to expenses resulting from exchange rate differences amounting to approximately €1.1 million in nine months ended September 30, 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 €2.2 million for the nine months ended September 30, 2021, caused by the 1% devaluation of the euro against the NIS during the nine months ended
September 30, 2022, compared to the 5.3% devaluation of the euro against the NIS during the nine months ended September 30, 2021, and to expenses recorded in 2021 of approximately €0.8 million in connection with the early repayment of
the Company’s Series B Debentures.
|
• |
Taxes on income were approximately €2 million for the nine months ended September 30, 2022, compared to tax benefit of approximately €0.8 million for the nine months ended September 30, 2021. The increase is mainly due to the substantial
increase in electricity prices in Spain, resulting in higher taxable income of the Company’s Spanish subsidiaries.
|
• |
Loss was approximately €2.3 million for the nine months ended September 30, 2022, compared to a loss of approximately €5.8 million for the nine months ended September 30, 2021.
|
• |
Total other comprehensive loss was approximately €61.8 million for the nine months ended September 30, 2022, compared to approximately €8.9 million for the nine months ended September 30, 2021. The increase in total other comprehensive
loss mainly resulted 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 €64.1 million for the nine months ended September 30, 2022, compared to approximately €14.7 million for the nine months ended September 30, 2021.
|
• |
The Company’s current liabilities as of September 30, 2022, include a liability in the amount of approximately €44.3 million in connection with current maturities of the Talasol PPA resulting from the increase in the fair value of the
liability in connection with the Talasol PPA. As noted above, the increase in the fair value of the liability in connection with the Talasol PPA does not impact the Company’s cash flow as Talasol’s revenues from the sale of electricity are
expected to exceed its liability and payments to the Talasol PPA provider. Pursuant to the applicable accounting rules, the Company is required to recognize the fair value of expected future payments to the Talasol PPA provider as a
liability, but it does not recognize the expected revenues from the Talasol PV Plant as assets.
|
• |
EBITDA was approximately €19.2 million for the nine months ended September 30, 2022, compared to approximately €16.5 million for the nine months ended September 30, 2021. See the table on page 13 of this press release for a
reconciliation of these numbers to profit and loss.
|
• |
Net cash provided by operating activities was approximately €13.9 million for the nine months ended September 30, 2022, compared to approximately €13.8 million for the nine months ended September 30, 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, and for the nine months ended September 30, 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 recognizing 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 nine months ended September 30, 2021, and the year ended December 31, 2021.
|
- |
Development and Construction - the development of a backlog of projects in the PV field in Italy, Spain 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, a project of 250 dunams, is intended for 21 MW PV and 47 MW / hour batteries. We obtained an approval for connection to the grid. The project is in the process of receiving a building permit. Construction is
planned to commence in the third quarter of 2023.
|
2. |
The Qelahim project, a project of 145 dunams, intended for 15 MW PV and 33 MW / hour batteries. We obtained an approval for connection to the grid, and the project 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), an addition of 104 dunams, designed 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 first quarter of 2023.
|
4. |
The Talmei Yosef storage project in batteries, a 30 dunam project, intended for approximately 400 MW / hour. The project is designed for the regulation of the high voltage storage. Zoning of the project is approved.
|
5. |
The Sharsheret project, a project of 205 dunams, intended for 20 MW PV and 44 MW / hour batteries. The submission of the zoning request for the project is expected in the coming weeks.
|
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 (with a license to produce 7.5 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.
|
September 30,
|
December 31,
|
September 30,
|
||||||||||
2022
|
2021
|
2022
|
||||||||||
(Unaudited)
|
(Audited)
|
(Unaudited)
|
||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
48,487
|
41,229
|
47,704
|
|||||||||
Marketable securities
|
1,851
|
1,946
|
1,821
|
|||||||||
Short term deposits
|
-
|
28,410
|
-
|
|||||||||
Restricted cash
|
4,280
|
1,000
|
4,211
|
|||||||||
Receivable from concession project
|
1,907
|
1,784
|
1,876
|
|||||||||
Trade and other receivables
|
8,224
|
9,487
|
8,091
|
|||||||||
64,749
|
83,856
|
63,703
|
||||||||||
Non-current assets
|
||||||||||||
Investment in equity accounted investee
|
34,972
|
34,029
|
34,407
|
|||||||||
Advances on account of investments
|
1,554
|
1,554
|
1,529
|
|||||||||
Receivable from concession project
|
26,785
|
26,909
|
26,353
|
|||||||||
Fixed assets
|
366,825
|
340,897
|
360,903
|
|||||||||
Right-of-use asset
|
29,373
|
23,367
|
28,899
|
|||||||||
Intangible asset
|
4,670
|
4,762
|
4,595
|
|||||||||
Restricted cash and deposits
|
21,296
|
15,630
|
20,952
|
|||||||||
Deferred tax
|
35,397
|
12,952
|
34,826
|
|||||||||
Long term receivables
|
9,646
|
5,388
|
9,490
|
|||||||||
Derivatives
|
1,577
|
2,635
|
1,552
|
|||||||||
532,095
|
468,123
|
523,506
|
||||||||||
Total assets
|
596,844
|
551,979
|
587,209
|
|||||||||
Liabilities and Equity
|
||||||||||||
Current liabilities
|
||||||||||||
Current maturities of long-term bank loans
|
12,417
|
126,180
|
12,217
|
|||||||||
Current maturities of long-term loans
|
10,000
|
16,401
|
9,839
|
|||||||||
Current maturities of debentures
|
19,785
|
19,806
|
19,466
|
|||||||||
Trade payables
|
2,210
|
2,904
|
2,172
|
|||||||||
Other payables
|
18,322
|
20,806
|
18,026
|
|||||||||
Current maturities of derivatives
|
44,332
|
14,783
|
43,616
|
|||||||||
Current maturities of lease liabilities
|
743
|
4,329
|
731
|
|||||||||
107,809
|
205,209
|
106,067
|
||||||||||
Non-current liabilities
|
||||||||||||
Long-term lease liabilities
|
20,632
|
15,800
|
20,299
|
|||||||||
Long-term bank loans
|
219,658
|
39,093
|
216,112
|
|||||||||
Other long-term loans
|
21,697
|
37,221
|
21,347
|
|||||||||
Debentures
|
98,991
|
117,493
|
97,393
|
|||||||||
Deferred tax
|
6,653
|
9,044
|
6,546
|
|||||||||
Other long-term liabilities
|
2,802
|
3,905
|
2,757
|
|||||||||
Derivatives
|
64,577
|
10,107
|
63,534
|
|||||||||
435,010
|
232,663
|
427,988
|
||||||||||
Total liabilities
|
542,819
|
437,872
|
534,055
|
|||||||||
Equity
|
||||||||||||
Share capital
|
25,605
|
25,605
|
25,192
|
|||||||||
Share premium
|
85,973
|
85,883
|
84,585
|
|||||||||
Treasury shares
|
(1,736
|
)
|
(1,736
|
)
|
(1,708
|
)
|
||||||
Transaction reserve with non-controlling Interests
|
5,697
|
5,697
|
5,605
|
|||||||||
Reserves
|
(22,214
|
)
|
7,288
|
(21,855
|
)
|
|||||||
Accumulated deficit
|
(10,685
|
)
|
(6,899
|
)
|
(10,512
|
)
|
||||||
Total equity attributed to shareholders of the Company
|
82,640
|
115,838
|
81,307
|
|||||||||
Non-Controlling Interest
|
(28,615
|
)
|
(1,731
|
)
|
(28,153
|
)
|
||||||
Total equity
|
54,025
|
114,107
|
53,154
|
|||||||||
Total liabilities and equity
|
596,844
|
551,979
|
587,209
|
For the Three months
ended September 30,
|
For the Nine months
ended September 30, |
For the year ended December 31,
|
For the nine months ended September 30,
|
|||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
2022
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
Audited
|
Unaudited
|
|||||||||||||||||||||
€ in thousands
|
€ in thousands
|
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||||||||||||
Revenues
|
15,529
|
13,311
|
44,725
|
33,704
|
45,721
|
44,003
|
||||||||||||||||||
Operating expenses
|
(5,297
|
)
|
(4,145
|
)
|
(18,429
|
)
|
(11,717
|
)
|
(17,590
|
)
|
(18,131
|
)
|
||||||||||||
Depreciation and amortization expenses
|
(3,873
|
)
|
(4,002
|
)
|
(11,851
|
)
|
(11,078
|
)
|
(15,116
|
)
|
(11,660
|
)
|
||||||||||||
Gross profit
|
6,359
|
5,164
|
14,445
|
10,909
|
13,015
|
14,212
|
||||||||||||||||||
Project development costs
|
(1,126
|
)
|
(726
|
)
|
(2,680
|
)
|
(1,845
|
)
|
(2,508
|
)
|
(2,637
|
)
|
||||||||||||
General and administrative expenses
|
(1,669
|
)
|
(1,377
|
)
|
(4,966
|
)
|
(3,949
|
)
|
(5,661
|
)
|
(4,886
|
)
|
||||||||||||
Share of profits of equity accounted investee
|
1,158
|
1,056
|
556
|
284
|
117
|
547
|
||||||||||||||||||
Operating profit
|
4,722
|
4,117
|
7,355
|
5,399
|
4,963
|
7,236
|
||||||||||||||||||
Financing income
|
844
|
630
|
2,655
|
2,346
|
2,931
|
2,612
|
||||||||||||||||||
Financing income (expenses) in connection with derivatives and warrants, net
|
677
|
(294
|
)
|
1,015
|
(403
|
)
|
(841
|
)
|
999
|
|||||||||||||||
Financing expenses in connection with project finance
|
(1,957
|
)
|
(1,870
|
)
|
(5,846
|
)
|
(5,528
|
)
|
(17,800
|
)
|
(5,752
|
)
|
||||||||||||
Financing expenses in connection with debentures
|
(943
|
)
|
(36
|
)
|
(2,286
|
)
|
(2,800
|
)
|
(3,220
|
)
|
(2,249
|
)
|
||||||||||||
Financing expenses on loans granted by non-controlling interests
|
(331
|
)
|
(565
|
)
|
(1,223
|
)
|
(1,504
|
)
|
(2,055
|
)
|
(1,203
|
)
|
||||||||||||
Other financing expenses
|
(3,850
|
)
|
(2,165
|
)
|
(2,056
|
)
|
(2,549
|
)
|
(5,899
|
)
|
(2,023
|
)
|
||||||||||||
Financing expenses, net
|
(5,560
|
)
|
(4,300
|
)
|
(7,741
|
)
|
(10,438
|
)
|
(26,884
|
)
|
(7,616
|
)
|
||||||||||||
Loss before taxes on income
|
(838
|
)
|
(183
|
)
|
(386
|
)
|
(5,039
|
)
|
(21,921
|
)
|
(380
|
)
|
||||||||||||
Tax benefit (Taxes on income)
|
(863
|
)
|
(456
|
)
|
(1,950
|
)
|
(762
|
)
|
2,281
|
(1,919
|
)
|
|||||||||||||
Loss for the period
|
(1,701
|
)
|
(639
|
)
|
(2,336
|
)
|
(5,801
|
)
|
(19,640
|
)
|
(2,299
|
)
|
||||||||||||
Loss attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
(2,564
|
)
|
(1,487
|
)
|
(3,786
|
)
|
(6,739
|
)
|
(15,090
|
)
|
(3,726
|
)
|
||||||||||||
Non-controlling interests
|
863
|
848
|
1,450
|
938
|
(4,550
|
)
|
1,427
|
|||||||||||||||||
Loss for the period
|
(1,701
|
)
|
(639
|
)
|
(2,336
|
)
|
(5,801
|
)
|
(19,640
|
)
|
(2,299
|
)
|
||||||||||||
Other comprehensive loss item
|
||||||||||||||||||||||||
that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:
|
||||||||||||||||||||||||
Foreign currency translation differences for foreign operations
|
4,889
|
3,904
|
1,206
|
5,588
|
12,284
|
1,186
|
||||||||||||||||||
Effective portion of change in fair value of cash flow hedges
|
(31,879
|
)
|
(7,444
|
)
|
(63,821
|
)
|
(12,646
|
)
|
(13,429
|
)
|
(62,791
|
)
|
||||||||||||
Net change in fair value of cash flow hedges transferred to profit or loss
|
-
|
(647
|
)
|
821
|
(1,872
|
)
|
(3,353
|
)
|
808
|
|||||||||||||||
Total other comprehensive loss
|
(26,990
|
)
|
(4,187
|
)
|
(61,794
|
)
|
(8,930
|
)
|
(4,498
|
)
|
(60,797
|
)
|
||||||||||||
Total other comprehensive loss attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
(10,451
|
)
|
(372
|
)
|
(29,502
|
)
|
(2,136
|
)
|
3,124
|
(29,026
|
)
|
|||||||||||||
Non-controlling interests
|
(16,539
|
)
|
(3,815
|
)
|
(32,292
|
)
|
(6,794
|
)
|
(7,622
|
)
|
(31,771
|
)
|
||||||||||||
Total other comprehensive loss for the period
|
(26,990
|
)
|
(4,187
|
)
|
(61,794
|
)
|
(8,930
|
)
|
(4,498
|
)
|
(60,797
|
)
|
||||||||||||
Total comprehensive loss for the period
|
(28,691
|
)
|
(4,826
|
)
|
(64,130
|
)
|
(14,731
|
)
|
(24,138
|
)
|
(63,096
|
)
|
||||||||||||
Total comprehensive loss attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
(13,015
|
)
|
(1,859
|
)
|
(33,288
|
)
|
(8,875
|
)
|
(11,966
|
)
|
(32,752
|
)
|
||||||||||||
Non-controlling interests
|
(15,676
|
)
|
(2,967
|
)
|
(30,842
|
)
|
(5,856
|
)
|
(12,172
|
)
|
(30,344
|
)
|
||||||||||||
Total comprehensive loss for the period
|
(28,691
|
)
|
(4,826
|
)
|
(64,130
|
)
|
(14,731
|
)
|
(24,138
|
)
|
(63,096
|
)
|
||||||||||||
Basic net loss per share
|
(0.20
|
)
|
(0.27
|
)
|
(0.29
|
)
|
(0.55
|
)
|
(1.18
|
)
|
(0.30
|
)
|
||||||||||||
Diluted net loss per share
|
(0.20
|
)
|
(0.27
|
)
|
(0.29
|
)
|
(0.55
|
)
|
(1.18
|
)
|
(0.30
|
)
|
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 nine months ended
|
||||||||||||||||||||||||||||||||||||||||
September 30, 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
|
||||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(3,786
|
)
|
-
|
-
|
-
|
-
|
(3,786
|
)
|
1,450
|
(2,336
|
)
|
|||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
1,152
|
(30,654
|
)
|
-
|
(29,502
|
)
|
(32,292
|
)
|
(61,794
|
)
|
||||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(3,786
|
)
|
-
|
1,152
|
(30,654
|
)
|
-
|
(33,288
|
)
|
(30,842
|
)
|
(64,130
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of capital note to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,958
|
3,958
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
90
|
-
|
-
|
-
|
-
|
-
|
90
|
-
|
90
|
||||||||||||||||||||||||||||||
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
|
||||||||||||||||||||||||||
For the nine months ended
|
||||||||||||||||||||||||||||||||||||||||
September 30, 2021 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
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 period
|
-
|
-
|
(6,739
|
)
|
-
|
-
|
-
|
-
|
(6,739
|
)
|
938
|
(5,801
|
)
|
|||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
5,270
|
(7,406
|
)
|
-
|
(2,136
|
)
|
(6,794
|
)
|
(8,930
|
)
|
||||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(6,739
|
)
|
-
|
5,270
|
(7,406
|
)
|
-
|
(8,875
|
)
|
(5,856
|
)
|
(14,731
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of Capital note to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,682
|
8,682
|
||||||||||||||||||||||||||||||
Acquisition of shares in subsidiaries from non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(961
|
)
|
(961
|
)
|
961
|
-
|
||||||||||||||||||||||||||||
Warrants exercise
|
454
|
3,348
|
-
|
-
|
-
|
-
|
-
|
3,802
|
-
|
3,802
|
||||||||||||||||||||||||||||||
Options exercise
|
22
|
-
|
-
|
-
|
-
|
-
|
-
|
22
|
-
|
22
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
25
|
-
|
-
|
-
|
-
|
-
|
25
|
-
|
25
|
||||||||||||||||||||||||||||||
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
|
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, 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 loss for the year
|
-
|
-
|
-
|
-
|
11,542
|
(8,418
|
)
|
-
|
3,124
|
(7,622
|
)
|
(4,498
|
)
|
|||||||||||||||||||||||||||
Total comprehensive 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 capital note to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
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
|
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
|
|||||||||||||||||||||||||||||||||
Convenience translation into US$ (exchange rate as at September 30, 2022: euro 1 = US$ 0.984)
|
||||||||||||||||||||||||||||||||||||||||
For the nine month ended September 30, 2022 (unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2022
|
25,192
|
84,496
|
(6,786
|
)
|
(1,708
|
)
|
15,118
|
(7,947
|
)
|
5,605
|
113,970
|
(1,703
|
)
|
112,267
|
||||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(3,726
|
)
|
-
|
-
|
-
|
-
|
(3,726
|
)
|
1,427
|
(2,299
|
)
|
|||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
1,133
|
(30,159
|
)
|
-
|
(29,026
|
)
|
(31,771
|
)
|
(60,797
|
)
|
||||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(3,726
|
)
|
-
|
1,133
|
(30,159
|
)
|
-
|
(32,752
|
)
|
(30,344
|
)
|
(63,096
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of capital note to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,894
|
3,894
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
89
|
-
|
-
|
-
|
-
|
-
|
89
|
-
|
89
|
||||||||||||||||||||||||||||||
Balance as at September 30, 2022
|
25,192
|
84,585
|
(10,512
|
)
|
(1,708
|
)
|
16,251
|
(38,106
|
)
|
5,605
|
81,307
|
(28,153
|
)
|
53,154
|
For the three months
ended September 30,
|
For the nine months
ended September 30,
|
For the year ended December 31,
|
For the nine months ended September 30
|
|||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
2022
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
Audited
|
Unaudited
|
|||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||||||
Loss for the period
|
(1,701
|
)
|
(639
|
)
|
(2,336
|
)
|
(5,801
|
)
|
(19,640
|
)
|
(2,299
|
)
|
||||||||||||
Adjustments for:
|
||||||||||||||||||||||||
Financing expenses, net
|
5,560
|
4,300
|
7,741
|
10,438
|
26,884
|
7,616
|
||||||||||||||||||
Profit from settlement of derivatives contract
|
-
|
-
|
-
|
(407
|
)
|
(407
|
)
|
-
|
||||||||||||||||
Depreciation and amortization
|
3,873
|
4,002
|
11,851
|
11,078
|
15,116
|
11,660
|
||||||||||||||||||
Share-based payment transactions
|
30
|
12
|
90
|
25
|
63
|
89
|
||||||||||||||||||
Share of profits of equity accounted investees
|
(1,158
|
)
|
(1,056
|
)
|
(556
|
)
|
(284
|
)
|
(117
|
)
|
(547
|
)
|
||||||||||||
Payment of interest on loan by an equity accounted investee
|
-
|
-
|
-
|
859
|
859
|
-
|
||||||||||||||||||
Change in trade receivables and other receivables
|
2,862
|
(4,301
|
)
|
283
|
(6,425
|
)
|
(1,883
|
)
|
278
|
|||||||||||||||
Change in other assets
|
(163
|
)
|
582
|
(110
|
)
|
(200
|
)
|
(545
|
)
|
(108
|
)
|
|||||||||||||
Change in receivables from concessions project
|
77
|
556
|
(473
|
)
|
1,313
|
1,580
|
(465
|
)
|
||||||||||||||||
Change in trade payables
|
47
|
929
|
(754
|
)
|
(12
|
)
|
154
|
(742
|
)
|
|||||||||||||||
Change in other payables
|
(3,480
|
)
|
3,499
|
4,398
|
7,214
|
2,380
|
4,327
|
|||||||||||||||||
Taxes on income (tax benefit)
|
863
|
456
|
1,950
|
762
|
(2,281
|
)
|
1,919
|
|||||||||||||||||
Taxes on income paid
|
(1,144
|
)
|
-
|
(4,399
|
)
|
(15
|
)
|
(94
|
)
|
(4,328
|
)
|
|||||||||||||
Interest received
|
481
|
406
|
1,403
|
1,327
|
1,844
|
1,380
|
||||||||||||||||||
Interest paid
|
(260
|
)
|
(2,243
|
)
|
(5,184
|
)
|
(6,100
|
)
|
(7,801
|
)
|
(5,100
|
)
|
||||||||||||
Net cash provided by operating activities
|
5,887
|
6,503
|
13,904
|
13,772
|
16,112
|
13,680
|
||||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||||||
Acquisition of fixed assets
|
(16,793
|
)
|
(8,785
|
)
|
(39,067
|
)
|
(73,450
|
)
|
(83,682
|
)
|
(38,436
|
)
|
||||||||||||
VAT associated with the acquisition of fixed assets
|
-
|
2,310
|
-
|
2,310
|
-
|
-
|
||||||||||||||||||
Repayment of loan by an equity accounted investee
|
-
|
-
|
149
|
1,400
|
1,400
|
147
|
||||||||||||||||||
Loan to an equity accounted investee
|
(60
|
)
|
(52
|
)
|
(60
|
)
|
(296
|
)
|
(335
|
)
|
(59
|
)
|
||||||||||||
Advances on account of investments
|
-
|
-
|
-
|
(8
|
)
|
-
|
-
|
|||||||||||||||||
Settlement of derivatives contract
|
3,800
|
-
|
3,272
|
(252
|
)
|
(976
|
)
|
3,219
|
||||||||||||||||
Investment in restricted cash, net
|
(639
|
)
|
(19
|
)
|
(8,880
|
)
|
(204
|
)
|
(5,990
|
)
|
(8,737
|
)
|
||||||||||||
Proceeds (investment) in short term deposit
|
-
|
-
|
27,645
|
8,533
|
(18,599
|
)
|
27,199
|
|||||||||||||||||
Proceeds (investment) in marketable securities
|
-
|
-
|
-
|
1,785
|
(112
|
)
|
-
|
|||||||||||||||||
Net cash used in investing activities
|
(13,692
|
)
|
(6,546
|
)
|
(16,941
|
)
|
(60,182
|
)
|
(108,294
|
)
|
(16,667
|
)
|
||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||||||
Sale of shares in subsidiaries to non-controlling interests
|
-
|
-
|
-
|
1,400
|
1,400
|
-
|
||||||||||||||||||
Proceeds from options
|
-
|
-
|
-
|
22
|
49
|
-
|
||||||||||||||||||
Cost associated with long term loans
|
(1,033
|
)
|
(1,122
|
)
|
(9,991
|
)
|
(1,319
|
)
|
(2,796
|
)
|
(9,830
|
)
|
||||||||||||
Payment of principal of lease liabilities
|
(1,575
|
)
|
-
|
(5,548
|
)
|
-
|
(4,803
|
)
|
(5,458
|
)
|
||||||||||||||
Proceeds from long-term loans
|
-
|
39
|
196,162
|
32,515
|
32,947
|
192,995
|
||||||||||||||||||
Repayment of long-term loans
|
(5,348
|
)
|
(7,360
|
)
|
(148,443
|
)
|
(10,750
|
)
|
(18,905
|
)
|
(146,046
|
)
|
||||||||||||
Repayment of Debentures
|
-
|
-
|
(19,764
|
)
|
(30,730
|
)
|
(30,730
|
)
|
(19,445
|
)
|
||||||||||||||
Repayment of SWAP instrument associated with long term loans
|
-
|
-
|
(3,290
|
)
|
-
|
-
|
(3,237
|
)
|
||||||||||||||||
IFRS 16
|
-
|
(4,086
|
)
|
(4,086
|
)
|
|||||||||||||||||||
Proceeds from issue of convertible debentures
|
-
|
-
|
-
|
15,571
|
15,571
|
-
|
||||||||||||||||||
Proceeds from issuance of Debentures, net
|
-
|
-
|
-
|
25,465
|
57,717
|
-
|
||||||||||||||||||
Issuance / exercise of warrants
|
-
|
-
|
-
|
3,675
|
3,746
|
-
|
||||||||||||||||||
Net cash provided by (used in) financing activities
|
(7,956
|
)
|
(12,529
|
)
|
9,126
|
31,763
|
54,196
|
8,979
|
||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
4,297
|
3,366
|
1,169
|
5,855
|
12,370
|
1,149
|
||||||||||||||||||
Decrease in cash and cash equivalents
|
(11,464
|
)
|
(9,206
|
)
|
7,258
|
(8,792
|
)
|
(25,616
|
)
|
7,141
|
||||||||||||||
Cash and cash equivalents at the beginning of the period
|
59,951
|
67,259
|
41,229
|
66,845
|
66,845
|
40,563
|
||||||||||||||||||
Cash and cash equivalents at the end of the period
|
48,487
|
58,053
|
48,487
|
58,053
|
41,229
|
47,704
|
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
Ellomay
|
Bio
|
reportable
|
Total
|
|||||||||||||||||||||||||||||||||||||||||
Italy
|
Spain
|
Solar
|
Talasol
|
Israel1
|
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
|
||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2022
|
||||||||||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
-
|
2,668
|
2,852
|
29,484
|
3,634
|
8,839
|
47,522
|
-
|
94,999
|
(50,274
|
) |
44,725
|
||||||||||||||||||||||||||||||||
Operating expenses
|
-
|
(225
|
)
|
(908
|
)
|
(8,169
|
)
|
(326
|
)
|
(8,801
|
)
|
(36,239
|
)
|
-
|
(54,668
|
)
|
36,239
|
(18,429
|
)
|
|||||||||||||||||||||||||
Depreciation and amortization expenses
|
-
|
(678
|
)
|
(181
|
)
|
(8,528
|
)
|
(1,929
|
)
|
(2,062
|
)
|
(4,882
|
)
|
-
|
(18,260
|
)
|
6,409
|
(11,851
|
)
|
|||||||||||||||||||||||||
Gross profit (loss)
|
-
|
1,765
|
1,763
|
12,787
|
1,379
|
(2,024
|
)
|
6,401
|
-
|
22,071
|
(7,626
|
)
|
14,445
|
|||||||||||||||||||||||||||||||
Project development costs
|
(2,680
|
)
|
||||||||||||||||||||||||||||||||||||||||||
General and
|
||||||||||||||||||||||||||||||||||||||||||||
administrative expenses
|
(4,966
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Share of loss of equity
|
||||||||||||||||||||||||||||||||||||||||||||
accounted investee
|
556
|
|||||||||||||||||||||||||||||||||||||||||||
Operating profit
|
7,355
|
|||||||||||||||||||||||||||||||||||||||||||
Financing income
|
2,655
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with derivatives and warrants, net
|
1,015
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with project finance
|
(5,846
|
) |
||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with debentures
|
(2,286
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Financing expenses on loans granted by non-controlling interests
|
(1,223
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Other financing expenses
|
(2,056
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Financing expenses, net
|
(7,741
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Loss before taxes on Income
|
(386
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Segment assets as at September 30, 2022
|
18,838
|
15,592
|
24,779
|
266,829
|
38,320
|
30,644
|
119,588
|
127,550
|
642,140
|
(45,296
|
)
|
596,844
|
For the three months
ended September 30,
|
For the nine months
ended September 30,
|
For the year ended December 31,
|
For the nine months ended September 30,
|
|||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
2022
|
|||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||||||||||||||
Loss for the period
|
(1,701
|
)
|
(639
|
)
|
(2,336
|
)
|
(5,801
|
)
|
(19,640
|
)
|
(2,299
|
)
|
||||||||||||
Financing expenses, net
|
5,560
|
4,300
|
7,741
|
10,438
|
26,884
|
7,616
|
||||||||||||||||||
Taxes on income (Tax benefit)
|
863
|
456
|
1,950
|
762
|
(2,281
|
)
|
1,919
|
|||||||||||||||||
Depreciation and amortization expenses
|
3,873
|
4,002
|
11,851
|
11,078
|
15,116
|
11,660
|
||||||||||||||||||
EBITDA
|
8,595
|
8,119
|
19,206
|
16,477
|
20,079
|
18,896
|
For the four-quarter period ended September 30, 2022
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Loss for the period
|
(16,168
|
)
|
||
Financing expenses, net
|
24,187
|
|||
Taxes on income
|
(1,091
|
)
|
||
Depreciation and amortization expenses
|
15,879
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
2,122
|
|||
Share-based payments
|
128
|
|||
Adjusted EBITDA as defined the Series C Deed of Trust
|
25,057
|
For the four-quarter period ended September 30, 2022
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Loss for the period
|
(16,168
|
)
|
||
Financing expenses, net
|
24,187
|
|||
Taxes on income
|
(1,091
|
)
|
||
Depreciation and amortization expenses
|
15,879
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
2,122
|
|||
Share-based payments
|
128
|
|||
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters7
|
5,832
|
|||
Adjusted EBITDA as defined the Series D Deed of Trust
|
30,889
|