• |
Revenues were approximately €29.2 million for the six months ended June 30, 2022, compared to approximately €20.4 million for the six months ended June 30, 2021. This increase mainly results from the substantial increase in electricity
prices in Spain.
|
• |
Operating expenses were approximately €13.1 million for the six months ended June 30, 2022, compared to approximately €7.6 million for the six months ended June 30, 2021. Depreciation expenses were approximately €8 million for the six
months ended June 30, 2022, compared to approximately €7.1 million for the six months ended June 30, 2021. The increase in operating expenses mainly results from the introduction of the Spanish RDL 17/2021 that established the reduction,
until June 30, 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. The
increase in depreciation and amortization expenses is mainly attributable to the recognition of results of the Talasol PV Plant for the entire first half of 2022, compared to a partial recognition (commencing upon the achievement of PAC of
the Talasol PV Plant on January 27, 2021) in 2021.
|
• |
Project development costs were approximately €1.6 million for the six months ended June 30, 2022, compared to approximately €1.1 million for the six months ended June 30, 2021. The increase in project development costs is mainly due to
the advancing development of photovoltaic projects in Italy.
|
• |
General and administrative expenses were approximately €3.3 million for the six months ended June 30, 2022, compared to approximately €2.6 million for the six months ended June 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 losses of equity accounted investee, after elimination of intercompany transactions, was approximately €0.6 million for the six months ended June 30, 2022, compared to approximately €0.8 million for the six months ended June 30,
2021.
|
• |
Financing expenses, net was approximately €2.2 million for the six months ended June 30, 2022, compared to approximately €6.1 million for the six months ended June 30, 2021. The decrease in financing expenses, net, was mainly
attributable to income resulting from exchange rate differences amounting to approximately €2.6 million in six months ended June 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 €0.2 million for the six months ended June 30, 2021, caused by the 3.3% appreciation of the euro against the NIS during the six months ended June 30, 2022,
compared to the 0.8% devaluation of the euro against the NIS during the six months ended June 30, 2021, income resulting from indexation to the increasing Israeli consumer price index (CPI) and expenses recorded in 2021 amounting to
approximately €0.8 million in connection with the early repayment of the Company’s Series B Debentures.
|
• |
Taxes on income were approximately €1.1 million for the six months ended June 30, 2022, compared to approximately €0.3 million for the six months ended June 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 for the six months ended June 30, 2022 was approximately €0.6 million, compared to a loss of approximately €5.2 million for the six months ended June 30, 2021.
|
• |
Total other comprehensive loss was approximately €34.8 million for the six months ended June 30, 2022, compared to approximately €4.7 million for the six months ended June 30, 2021. The increase in total other comprehensive loss mainly
resulted from changes in fair value of cash flow hedges, including a material reduction in the fair value of the financial power swap (the “Talasol PPA”) that
covers approximately 80% of the output of the Talasol PV Plant. 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 decrease in fair value of the Talasol PPA, the increase in the electricity prices is expected to have 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 €35.4 million for the six months ended June 30, 2022, compared to approximately €9.9 million for the six months ended
June 30, 2021.
|
• |
The Company’s current liabilities as of June 30, 2022 include a liability in the amount of approximately €39 million in connection with current maturities of the Talasol PPA resulting from the decrease in the fair value of the Talasol
PPA. The decrease in the fair value of 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 €10.6 million for the six months ended June 30, 2022, compared to approximately €8.4 million for the six months ended June 30, 2021. See the table on page 12 of this press release for a reconciliation of these
numbers to profit and loss.
|
• |
Net cash provided by operating activities was approximately €8 million for the six months ended June 30, 2022, compared to approximately €7.3 million for the six months ended June 30, 2021. The net cash provided by operating activities
for the six months ended June 30, 2022, included a nonrecurring advance payment of income tax as per a tax assessment agreement (timing differences of payable income tax) to the Israeli Tax Authority in connection with the Talmei Yosef PV
Plant in the amount of approximately €3.2 million.
|
• |
As required under an amendment to IAS 16, “Property, Plant and Equipment” (the “Amendment”), the Company retrospectively applied the Amendment and revised the financial results as of and for the
year ended December 31, 2021, and for the six months ended June 30, 2021. The 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 six months ended June 30, 2021 and the year ended December 31, 2021.
|
• |
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.
|
June 30,
|
December 31,
|
June 30,
|
||||||||||
2022
|
2021
|
2022
|
||||||||||
(Unaudited)
|
(Audited)
|
(Unaudited)
|
||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
59,951
|
41,229
|
62,287
|
|||||||||
Marketable securities
|
1,761
|
1,946
|
1,830
|
|||||||||
Short term deposits
|
-
|
28,410
|
-
|
|||||||||
Restricted cash
|
4,280
|
1,000
|
4,447
|
|||||||||
Receivable from concession project
|
1,786
|
1,784
|
1,856
|
|||||||||
Trade and other receivables
|
10,744
|
9,487
|
11,163
|
|||||||||
78,522
|
83,856
|
81,583
|
||||||||||
Non-current assets
|
||||||||||||
Investment in equity accounted investee
|
32,410
|
34,029
|
33,673
|
|||||||||
Advances on account of investments
|
1,554
|
1,554
|
1,615
|
|||||||||
Receivable from concession project
|
25,991
|
26,909
|
27,004
|
|||||||||
Fixed assets
|
352,680
|
340,897
|
366,424
|
|||||||||
Right-of-use asset
|
23,360
|
23,367
|
24,270
|
|||||||||
Intangible asset
|
4,418
|
4,762
|
4,590
|
|||||||||
Restricted cash and deposits
|
20,379
|
15,630
|
21,174
|
|||||||||
Deferred tax
|
23,723
|
12,952
|
24,648
|
|||||||||
Long term receivables
|
8,581
|
5,388
|
8,915
|
|||||||||
Derivatives
|
2,718
|
2,635
|
2,824
|
|||||||||
495,814
|
468,123
|
515,137
|
||||||||||
Total assets
|
574,336
|
551,979
|
596,720
|
|||||||||
Liabilities and Equity
|
||||||||||||
Current liabilities
|
||||||||||||
Current maturities of long-term bank loans
|
12,306
|
126,180
|
12,786
|
|||||||||
Current maturities of long-term loans
|
10,000
|
16,401
|
10,390
|
|||||||||
Current maturities of debentures
|
19,785
|
19,806
|
20,556
|
|||||||||
Trade payables
|
2,059
|
2,904
|
2,138
|
|||||||||
Other payables
|
20,120
|
20,806
|
20,904
|
|||||||||
Current maturities of derivatives
|
38,996
|
14,783
|
40,516
|
|||||||||
Current maturities of lease liabilities
|
675
|
4,329
|
701
|
|||||||||
103,941
|
205,209
|
107,991
|
||||||||||
Non-current liabilities
|
||||||||||||
Long-term lease liabilities
|
16,206
|
15,800
|
16,838
|
|||||||||
Long-term loans
|
217,845
|
39,093
|
226,335
|
|||||||||
Other long-term bank loans
|
25,754
|
37,221
|
26,758
|
|||||||||
Debentures
|
93,973
|
117,493
|
97,635
|
|||||||||
Deferred tax
|
6,409
|
9,044
|
6,659
|
|||||||||
Other long-term liabilities
|
3,324
|
3,905
|
3,454
|
|||||||||
Derivatives
|
24,198
|
10,107
|
25,141
|
|||||||||
387,709
|
232,663
|
402,820
|
||||||||||
Total liabilities
|
491,650
|
437,872
|
510,811
|
|||||||||
Equity
|
||||||||||||
Share capital
|
25,605
|
25,605
|
26,603
|
|||||||||
Share premium
|
85,943
|
85,883
|
89,292
|
|||||||||
Treasury shares
|
(1,736
|
)
|
(1,736
|
)
|
(1,804
|
)
|
||||||
Transaction reserve with non-controlling Interests
|
5,697
|
5,697
|
5,919
|
|||||||||
Reserves
|
(11,763
|
)
|
7,288
|
(12,221
|
)
|
|||||||
Accumulated deficit
|
(8,121
|
)
|
(6,899
|
)
|
(8,437
|
)
|
||||||
Total equity attributed to shareholders of the Company
|
95,625
|
115,838
|
99,352
|
|||||||||
Non-Controlling Interest
|
(12,939
|
)
|
(1,731
|
)
|
(13,443
|
)
|
||||||
Total equity
|
82,686
|
114,107
|
85,909
|
|||||||||
Total liabilities and equity
|
574,336
|
551,979
|
596,720
|
For the Three months
ended June 30,
|
For the Six months
ended June 30,
|
For the year ended December 31,
|
For the six months ended June 30,
|
|||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
2022
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
Audited
|
Unaudited
|
|||||||||||||||||||||
€ in thousands
|
€ in thousands
|
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||||||||||||
Revenues
|
17,435
|
13,193
|
29,196
|
20,393
|
45,721
|
30,334
|
||||||||||||||||||
Operating expenses
|
(7,161
|
)
|
(4,355
|
)
|
(13,132
|
)
|
(7,572
|
)
|
(17,590
|
)
|
(13,644
|
)
|
||||||||||||
Depreciation and amortization expenses
|
(3,964
|
)
|
(4,025
|
)
|
(7,978
|
)
|
(7,076
|
)
|
(15,116
|
)
|
(8,289
|
)
|
||||||||||||
Gross profit
|
6,310
|
4,813
|
8,086
|
5,745
|
13,015
|
8,401
|
||||||||||||||||||
Project development costs
|
(843
|
)
|
(614
|
)
|
(1,554
|
)
|
(1,119
|
)
|
(2,508
|
)
|
(1,615
|
)
|
||||||||||||
General and administrative expenses
|
(1,820
|
)
|
(1,309
|
)
|
(3,297
|
)
|
(2,572
|
)
|
(5,661
|
)
|
(3,425
|
)
|
||||||||||||
Share of profits of equity accounted investee
|
(833
|
)
|
(1,389
|
)
|
(602
|
)
|
(772
|
)
|
117
|
(625
|
)
|
|||||||||||||
Operating profit
|
2,814
|
1,501
|
2,633
|
1,282
|
4,963
|
2,736
|
||||||||||||||||||
Financing income
|
3,630
|
850
|
4,439
|
1,716
|
2,931
|
4,612
|
||||||||||||||||||
Financing income (expenses) in connection with derivatives and warrants, net
|
372
|
15
|
338
|
(109
|
)
|
(841
|
)
|
351
|
||||||||||||||||
Financing expenses in connection with projects finance
|
(2,524
|
)
|
(2,193
|
)
|
(3,889
|
)
|
(3,658
|
)
|
(17,800
|
)
|
(4,041
|
)
|
||||||||||||
Financing expenses in connection with debentures
|
(314
|
)
|
(788
|
)
|
(1,343
|
)
|
(2,764
|
)
|
(3,220
|
)
|
(1,395
|
)
|
||||||||||||
Interest expenses on minority shareholder loan
|
(349
|
)
|
(557
|
)
|
(892
|
)
|
(939
|
)
|
(2,055
|
)
|
(927
|
)
|
||||||||||||
Other financing expenses
|
(50
|
)
|
(699
|
)
|
(834
|
)
|
(384
|
)
|
(5,899
|
)
|
(867
|
)
|
||||||||||||
Financing income (expenses), net
|
765
|
(3,372
|
)
|
(2,181
|
)
|
(6,138
|
)
|
(26,884
|
)
|
(2,267
|
)
|
|||||||||||||
Profit (loss) before taxes on income
|
3,579
|
(1,871
|
)
|
452
|
(4,856
|
)
|
(21,921
|
)
|
469
|
|||||||||||||||
Tax benefit (Taxes on income)
|
(808
|
)
|
(625
|
)
|
(1,087
|
)
|
(306
|
)
|
2,281
|
(1,129
|
)
|
|||||||||||||
Profit (loss) for the period
|
2,771
|
(2,496
|
)
|
(635
|
)
|
(5,162
|
)
|
(19,640
|
)
|
(660
|
)
|
|||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
1,712
|
(3,183
|
)
|
(1,222
|
)
|
(5,252
|
)
|
(15,090
|
)
|
(1,270
|
)
|
|||||||||||||
Non-controlling interests
|
1,059
|
687
|
587
|
90
|
(4,550
|
)
|
610
|
|||||||||||||||||
Profit (loss) for the period
|
2,771
|
(2,496
|
)
|
(635
|
)
|
(5,162
|
)
|
(19,640
|
)
|
(660
|
)
|
|||||||||||||
Other comprehensive income (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
|
(3,585
|
)
|
1,122
|
(3,683
|
)
|
1,684
|
12,284
|
(3,826
|
)
|
|||||||||||||||
Effective portion of change in fair value of cash flow hedges
|
8,844
|
(3,273
|
)
|
(31,942
|
)
|
(5,202
|
)
|
(13,429
|
)
|
(33,186
|
)
|
|||||||||||||
Net change in fair value of cash flow hedges transferred to profit or loss
|
794
|
(221
|
)
|
821
|
(1,225
|
)
|
(3,353
|
)
|
853
|
|||||||||||||||
Total other comprehensive income (loss)
|
6,053
|
(2,372
|
)
|
(34,804
|
)
|
(4,743
|
)
|
(4,498
|
)
|
(36,159
|
)
|
|||||||||||||
Total other comprehensive income (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
1,618
|
(652
|
)
|
(19,051
|
)
|
(1,764
|
)
|
3,124
|
(19,793
|
)
|
||||||||||||||
Non-controlling interests
|
4,435
|
(1,720
|
)
|
(15,753
|
)
|
(2,979
|
)
|
(7,622
|
)
|
(16,366
|
)
|
|||||||||||||
Total other comprehensive income (loss) for the period
|
6,053
|
(2,372
|
)
|
(34,804
|
)
|
(4,743
|
)
|
(4,498
|
)
|
(36,159
|
)
|
|||||||||||||
Total comprehensive income (loss) for the period
|
8,824
|
(4,868
|
)
|
(35,439
|
)
|
(9,905
|
)
|
(24,138
|
)
|
(36,819
|
)
|
|||||||||||||
Total comprehensive income (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
3,330
|
(3,835
|
)
|
(20,273
|
)
|
(7,016
|
)
|
(11,966
|
)
|
(21,063
|
)
|
|||||||||||||
Non-controlling interests
|
5,494
|
(1,033
|
)
|
(15,166
|
)
|
(2,889
|
)
|
(12,172
|
)
|
(15,756
|
)
|
|||||||||||||
Total comprehensive income (loss) for the period
|
8,824
|
(4,868
|
)
|
(35,439
|
)
|
(9,905
|
)
|
(24,138
|
)
|
(36,819
|
)
|
|||||||||||||
Basic net earnings (loss) per share
|
0.13
|
(0.25
|
)
|
(0.10
|
)
|
(0.41
|
)
|
(1.18
|
)
|
(0.10
|
)
|
|||||||||||||
Diluted net earnings (loss) per share
|
0.13
|
(0.25
|
)
|
(0.10
|
)
|
(0.41
|
)
|
(1.18
|
)
|
(0.10
|
)
|
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 six months ended
|
||||||||||||||||||||||||||||||||||||||||
June 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
|
||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
(1,222
|
)
|
-
|
-
|
-
|
-
|
(1,222
|
)
|
587
|
(635
|
)
|
|||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(3,466
|
)
|
(15,585
|
)
|
-
|
(19,051
|
)
|
(15,753
|
)
|
(34,804
|
)
|
|||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(1,222
|
)
|
-
|
(3,466
|
)
|
(15,585
|
)
|
-
|
(20,273
|
)
|
(15,166
|
)
|
(35,439
|
)
|
||||||||||||||||||||||||
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
|
-
|
60
|
-
|
-
|
-
|
-
|
-
|
60
|
-
|
60
|
||||||||||||||||||||||||||||||
Balance as at June 30, 2022
|
25,605
|
85,943
|
(8,121
|
)
|
(1,736
|
)
|
11,899
|
(23,662
|
)
|
5,697
|
95,625
|
(12,939
|
)
|
82,686
|
||||||||||||||||||||||||||
For the six months ended
|
||||||||||||||||||||||||||||||||||||||||
June 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
|
|||||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
(5,252
|
)
|
-
|
-
|
-
|
-
|
(5,252
|
)
|
90
|
(5,162
|
)
|
|||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
-
|
-
|
-
|
-
|
1,636
|
(3,400
|
)
|
-
|
(1,764
|
)
|
(2,979
|
)
|
(4,743
|
)
|
||||||||||||||||||||||||||
Total comprehensive income (loss) for the period
|
-
|
-
|
(5,252
|
)
|
-
|
1,636
|
(3,400
|
)
|
-
|
(7,016
|
)
|
(2,889
|
)
|
(9,905
|
)
|
|||||||||||||||||||||||||
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
|
-
|
13
|
-
|
-
|
-
|
-
|
-
|
13
|
-
|
13
|
||||||||||||||||||||||||||||||
Balance as at June 30, 2021
|
25,578
|
85,762
|
2,939
|
(1,736
|
)
|
5,459
|
(3,059
|
)
|
5,145
|
120,088
|
7,552
|
127,640
|
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
|
|||||||||||||||||||||||||||||
Profit (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 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 June 30, 2022: euro 1 = US$ 1.039)
|
||||||||||||||||||||||||||||||||||||||||
For the six month ended June 30, 2022 (unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2022
|
26,603
|
89,230
|
(7,167
|
)
|
(1,804
|
)
|
15,964
|
(8,392
|
)
|
5,919
|
120,353
|
(1,799
|
)
|
118,554
|
||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
(1,270
|
)
|
-
|
-
|
-
|
-
|
(1,270
|
)
|
610
|
(660
|
)
|
|||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(3,601
|
)
|
(16,192
|
)
|
-
|
(19,793
|
)
|
(16,366
|
)
|
(36,159
|
)
|
|||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(1,270
|
)
|
-
|
(3,601
|
)
|
(16,192
|
)
|
-
|
(21,063
|
)
|
(15,756
|
)
|
(36,819
|
)
|
||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of Capital note to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,112
|
4,112
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
62
|
-
|
-
|
-
|
-
|
-
|
62
|
-
|
62
|
||||||||||||||||||||||||||||||
Balance as at June 30, 2022
|
26,603
|
89,292
|
(8,437
|
)
|
(1,804
|
)
|
12,363
|
(24,584
|
)
|
5,919
|
99,352
|
(13,443
|
)
|
85,909
|
For the three months
ended June 30,
|
For the six months
ended June 30,
|
For the year ended December 31,
|
For the six months ended June 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
|
2,771
|
(2,496
|
)
|
(635
|
)
|
(5,162
|
)
|
(19,640
|
)
|
(660
|
)
|
|||||||||||||
Adjustments for:
|
||||||||||||||||||||||||
Financing expenses, net
|
(765
|
)
|
3,372
|
2,181
|
6,138
|
26,884
|
2,267
|
|||||||||||||||||
Profit from settlement of derivatives contract
|
-
|
-
|
-
|
(407
|
)
|
(407
|
)
|
-
|
||||||||||||||||
Depreciation and amortization
|
3,964
|
4,025
|
7,978
|
7,076
|
15,116
|
8,289
|
||||||||||||||||||
Share-based payment transactions
|
60
|
6
|
60
|
13
|
63
|
62
|
||||||||||||||||||
Share of losses (profits) of equity accounted investees
|
833
|
1,389
|
602
|
772
|
(117
|
)
|
625
|
|||||||||||||||||
Payment of interest on loan by an equity accounted investee
|
-
|
859
|
-
|
859
|
859
|
-
|
||||||||||||||||||
Change in trade receivables and other receivables
|
235
|
(942
|
)
|
(2,579
|
)
|
(2,124
|
)
|
(1,883
|
)
|
(2,680
|
)
|
|||||||||||||
Change in other assets
|
(1,788
|
)
|
(812
|
)
|
53
|
(782
|
)
|
(545
|
)
|
55
|
||||||||||||||
Change in receivables from concessions project
|
(802
|
)
|
536
|
(550
|
)
|
757
|
1,580
|
(571
|
)
|
|||||||||||||||
Change in trade payables
|
(726
|
)
|
(559
|
)
|
(801
|
)
|
(941
|
)
|
154
|
(832
|
)
|
|||||||||||||
Change in other payables
|
2,604
|
2,119
|
7,878
|
3,715
|
2,380
|
8,185
|
||||||||||||||||||
Income tax expense (tax benefit)
|
808
|
625
|
1,087
|
306
|
(2,281
|
)
|
1,129
|
|||||||||||||||||
Income taxes paid
|
(3,255
|
)
|
(15
|
)
|
(3,255
|
)
|
(15
|
)
|
(94
|
)
|
(3,382
|
)
|
||||||||||||
Interest received
|
451
|
494
|
922
|
921
|
1,844
|
958
|
||||||||||||||||||
Interest paid
|
(4,520
|
)
|
(2,651
|
)
|
(4,924
|
)
|
(3,857
|
)
|
(7,801
|
)
|
(5,116
|
)
|
||||||||||||
Net cash provided by (used in) operating activities
|
(130
|
)
|
5,950
|
8,017
|
7,269
|
16,112
|
8,329
|
|||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||||||
Acquisition of fixed assets
|
(6,747
|
)
|
(39,012
|
)
|
(22,274
|
)
|
(64,665
|
)
|
(83,682
|
)
|
(23,142
|
)
|
||||||||||||
VAT associated with the acquisition
|
2,225
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Repayment of loan by an equity accounted investee
|
149
|
1,400
|
149
|
1,400
|
1,400
|
155
|
||||||||||||||||||
Loan to an equity accounted investee
|
-
|
(131
|
)
|
-
|
(244
|
)
|
(335
|
)
|
-
|
|||||||||||||||
Advances on account of investments
|
-
|
(8
|
)
|
-
|
(8
|
)
|
-
|
-
|
||||||||||||||||
Settlement of derivatives contract
|
-
|
-
|
(528
|
)
|
(252
|
)
|
(976
|
)
|
(549
|
)
|
||||||||||||||
Proceeds (investment) in restricted cash, net
|
(9,344
|
)
|
(639
|
)
|
(8,241
|
)
|
(185
|
)
|
(5,990
|
)
|
(8,562
|
)
|
||||||||||||
Proceeds (investment) in short term deposit
|
27,645
|
-
|
27,645
|
8,533
|
(18,599
|
)
|
28,722
|
|||||||||||||||||
Proceeds from marketable securities
|
-
|
-
|
-
|
1,785
|
(112
|
)
|
-
|
|||||||||||||||||
Net cash provided by (used in) investing activities
|
13,928
|
(38,390
|
)
|
(3,249
|
)
|
(53,636
|
)
|
(108,294
|
)
|
(3,376
|
)
|
|||||||||||||
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
|
(498
|
)
|
-
|
(8,958
|
)
|
(197
|
)
|
(2,796
|
)
|
(9,307
|
)
|
|||||||||||||
Payment of principal of lease liabilities
|
(205
|
)
|
-
|
(4,000
|
)
|
-
|
(4,803
|
)
|
(4,156
|
)
|
||||||||||||||
Proceeds from long term loans
|
(331
|
)
|
5,415
|
196,189
|
32,476
|
32,947
|
203,835
|
|||||||||||||||||
Repayment of long-term loans
|
(21,723
|
)
|
(2,933
|
)
|
(143,095
|
)
|
(3,390
|
)
|
(18,905
|
)
|
(148,672
|
)
|
||||||||||||
Repayment of Debentures
|
(19,764
|
)
|
(8,853
|
)
|
(19,764
|
)
|
(30,730
|
)
|
(30,730
|
)
|
(20,534
|
)
|
||||||||||||
Repayment of SWAP instrument associated with long term loans
|
-
|
-
|
(3,290
|
)
|
-
|
-
|
(3,418
|
)
|
||||||||||||||||
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
|
(42,521
|
)
|
(6,371
|
)
|
17,082
|
44,292
|
54,196
|
17,748
|
||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(2,307
|
)
|
1,050
|
(3,128
|
)
|
2,489
|
12,370
|
(3,250
|
)
|
|||||||||||||||
Increase (decrease) in cash and cash equivalents
|
(31,030
|
)
|
(37,761
|
)
|
18,722
|
414
|
(25,616
|
)
|
19,451
|
|||||||||||||||
Cash and cash equivalents at the beginning of the period
|
90,981
|
105,020
|
41,229
|
66,845
|
66,845
|
42,836
|
||||||||||||||||||
Cash and cash equivalents at the end of the period
|
59,951
|
67,259
|
59,951
|
67,259
|
41,229
|
62,287
|
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
Ellomay
|
Bio
|
reportable
|
Total
|
|||||||||||||||||||||||||||||||||||||||||
Italy
|
Spain
|
Solar1
|
Talasol
|
Israel2
|
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
|
||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2022
|
||||||||||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
-
|
2,081
|
327
|
20,402
|
2,246
|
5,830
|
26,756
|
-
|
57,642
|
(28,446
|
)
|
29,196
|
||||||||||||||||||||||||||||||||
Operating expenses
|
-
|
(100
|
)
|
(191
|
)
|
(7,088
|
)
|
(214
|
)
|
(5,539
|
)
|
(20,769
|
)
|
-
|
(33,901
|
)
|
20,769
|
(13,132
|
)
|
|||||||||||||||||||||||||
Depreciation expenses
|
-
|
(452
|
)
|
-
|
(5,655
|
)
|
(1,268
|
)
|
(1,607
|
)
|
(3,240
|
)
|
-
|
(12,222
|
)
|
4,244
|
(7,978
|
)
|
||||||||||||||||||||||||||
Gross profit (loss)
|
-
|
1,529
|
136
|
7,659
|
764
|
(1,316
|
)
|
2,747
|
-
|
11,519
|
(3,433
|
)
|
8,086
|
|||||||||||||||||||||||||||||||
Project development costs
|
(1,554
|
)
|
||||||||||||||||||||||||||||||||||||||||||
General and
|
||||||||||||||||||||||||||||||||||||||||||||
administrative expenses
|
(3,297
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Share of loss of equity
|
||||||||||||||||||||||||||||||||||||||||||||
accounted investee
|
(602
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Operating profit
|
2,633
|
|||||||||||||||||||||||||||||||||||||||||||
Financing income
|
4,439
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with derivatives and warrants, net
|
338
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with projects finance
|
(3,889
|
) |
||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with debentures
|
(1,343
|
) |
||||||||||||||||||||||||||||||||||||||||||
Interest expenses on minority shareholder loan
|
(892
|
) |
||||||||||||||||||||||||||||||||||||||||||
Other financing expenses
|
(834
|
) |
||||||||||||||||||||||||||||||||||||||||||
Financing expenses, net
|
(2,181
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Income before taxes on Income
|
452
|
|||||||||||||||||||||||||||||||||||||||||||
Segment assets as at June 30, 2022
|
7,273
|
15,376
|
21,684
|
267,090
|
36,404
|
31,661
|
108,718
|
120,906
|
609,112
|
(34,776
|
)
|
574,336
|
For the three months
ended June 30,
|
For the six months
ended June 30,
|
For the year ended December 31,
|
For the six months ended June 30,
|
|||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
2022
|
|||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||||||||||||||
Net profit (loss) for the period
|
2,771
|
(2,496
|
)
|
(635
|
)
|
(5,162
|
)
|
(19,640
|
)
|
(660
|
)
|
|||||||||||||
Financing (income) expenses, net
|
(765
|
)
|
3,372
|
2,181
|
6,138
|
26,884
|
2,267
|
|||||||||||||||||
Taxes on income (Tax benefit)
|
808
|
625
|
1,087
|
306
|
(2,281
|
)
|
1,129
|
|||||||||||||||||
Depreciation
|
3,964
|
4,025
|
7,978
|
7,076
|
15,116
|
8,289
|
||||||||||||||||||
EBITDA
|
6,778
|
5,526
|
10,611
|
8,358
|
20,079
|
11,025
|
For the four-quarter period ended June 30, 2022
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Loss for the period
|
(15,098
|
)
|
||
Financing expenses, net
|
22,927
|
|||
Taxes on income
|
(1,495
|
)
|
||
Depreciation
|
15,998
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,389
|
|||
Share-based payments
|
110
|
|||
Adjusted EBITDA as defined the Series C Deed of Trust
|
25,831
|
For the four-quarter period ended June 30, 2022
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Loss for the period
|
(15,098
|
)
|
||
Financing expenses, net
|
22,927
|
|||
Taxes on income
|
(1,495
|
)
|
||
Depreciation
|
15,998
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,389
|
|||
Share-based payments
|
110
|
|||
Adjusted EBITDA as defined the Series D Deed of Trust
|
25,831
|