• |
Revenues were approximately €32.8 million for the nine months ended September 30, 2021, compared to approximately €6.8 million for the nine months ended September 30, 2020. The revenue increase is mainly attributable to the achievement of
PAC (preliminary acceptance certificate) of the photovoltaic plant held by Talasol Solar S.L. (the “Talasol PV Plant" and “Talasol”, respectively) on January 27,
2021, upon which the Company commenced recognition of revenues. The increase is also attributable to the Groen Gas Gelderland B.V. biogas facility (the “Gelderland Biogas Plant”) acquisition, in
December 2020 and to improved operational efficiency at the Company’s biogas plants in the Netherlands.
|
• |
Operating expenses were approximately €11.7 million for the nine months ended September 30, 2021, compared to approximately €3.4 million for the nine months ended September 30, 2020. This increase is mainly attributable to the achievement
of PAC of the Talasol PV Plant on January 27, 2021 and the Gelderland Biogas Plant acquisition in December 2020. Depreciation expenses were approximately €11 million for the nine months ended September 30, 2021, compared to approximately €2.2
million for the nine months ended September 30, 2020.
|
• |
Project development costs were approximately €1.8 million for the nine months ended September 30, 2021, compared to approximately €3 million for the nine months ended September 30, 2020. This decrease is mainly due to capitalization of
expenses in connection with the project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel (the “Manara PSP”).
|
• |
General and administrative expenses were approximately €3.9 million for the nine months ended September 30, 2021, compared to approximately €3.3 million for the nine months ended September 30, 2020. The increase is mostly due to increased
D&O liability insurance costs and to Talasol's expenses following the achievement of PAC of the Talasol PV Plant on January 27, 2021.
|
• |
The Company’s share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €0.3 million for the nine months ended September 30, 2021, compared to approximately €1.9 million for the nine
months ended September 30, 2020. This decrease is mainly attributable to the decrease in revenues of Dorad Energy Ltd. (“Dorad”) and higher financing expenses incurred by Dorad for the period as a
result of the CPI indexation of loans from banks.
|
• |
Financing expenses, net were approximately €10.4 million for the nine months ended September 30, 2021, compared to approximately €2.3 million for the nine months ended September 30, 2020. The increase in financing expenses, net, was mainly
due to:
|
a) |
financing expenses in connection with the Talasol PV Plant previously capitalized to fixed assets that are recognized in profit and loss starting from PAC, consisting of (i) approximately €1.5 million of interest on bank loans, (ii)
approximately €0.9 million of swap related payments, (iii) approximately €1.4 million of expenses in connection with Talasol’s project finance, and (iv) approximately €1.5 million of interest accrued on shareholder loans granted by the
minority shareholders of Talasol;
|
b) |
approximately €0.8 million of expenses for the early repayment of the Company’s Series B Debentures; and
|
c) |
expenses recorded in connection with the reevaluation of the Company’s derivative transactions and of a loan provided to U. Dori Energy Infrastructures Ltd. in the aggregate amount of approximately €0.4 million during the nine months ended
September 30, 2021, compared to an aggregate income of approximately €1.5 million during the nine months ended September 30, 2020.
|
• |
Taxes on income were approximately €0.6 million for the nine months ended September 30, 2021 compared to approximately €0.2 million for the nine months ended September 30, 2020. The increase in taxes on income mainly results from the
achievement of PAC of the Talasol PV Plant on January 27, 2021.
|
• |
Net loss was approximately €6.4 million for the nine months ended September 30, 2021, compared to approximately €5.7 million for the nine months ended September 30, 2020.
|
• |
Total other comprehensive loss was approximately €8.9 million for the nine months ended September 30, 2021, compared to a profit of approximately €3.1 million for the nine months ended September 30, 2020. The change was mainly due to
changes in fair value of cash flow hedges and from foreign currency translation differences on NIS denominated operations, as a result of fluctuations in the euro/NIS exchange rates.
|
• |
Total comprehensive loss was approximately €15.4 million for the nine months ended September 30, 2021, compared to approximately €2.6 million for the nine months ended September 30, 2020.
|
• |
EBITDA was approximately €15.6 million for the nine months ended September 30, 2021, compared to a negative EBITDA of approximately €(1) million for the nine months ended September 30, 2020.
|
• |
Net cash from operating activities was approximately €12.9 million for the nine months ended September 30, 2021, compared to net cash used in operating activities of approximately €2.3 million for the nine months ended September 30, 2020.
The increase in net cash from operating activities is mainly attributable to the achievement of PAC of the Talasol PV Plant on January 27, 2021, upon which the Company commenced recognition of revenues and expenses.
|
• |
As of December 1, 2021, the Company held approximately €59.2 million in cash and cash equivalents, €28 million in short term deposits and approximately €6.5 million in restricted short-term and long-term cash.
|
• |
In December 2021, Talasol entered into a Facilities Agreement with European institutional lenders (the “Facilities Agreement”). The Facilities Agreement provides for the provision of a term loan
facility in two tranches: (i) a term loan in the amount of €155 million for 22.5 years, and (ii) a term loan in the amount of €20 million for 21 years (together, the “New Financing”). The aggregate New
Financing amount (€175 million), will be used by Talasol to repay the current outstanding project finance debt of Talasol in the amount of €121 million (the “Current Financing”). The weighted average
life of the New Financing is approximately 11.5 years, compared to an original weighted average life of 5.5 years of the Current Financing. The New Financing bears a fixed annual interest rate at a weighted average of approximately 3%,
compared to a variable interest rate that was fixed at an average of approximately 3% by an interest rate swap contract in the Current Financing. Out of the New Financing amount, €6.9 million will be deposited in Talasol’s account as a debt
service fund and €10 million will be deposited in Talasol’s bank account as security for a letter of credit to the PPA provider (the “PPA Security Fund”). The PPA Security Fund will be reduced by €1
million every year, up to a minimum amount of €3.5 million, which will be released at the expiration of the PPA. The financial closing of the New Financing is expected to occur in the coming weeks.
|
• |
In October 2021, the Company issued NIS 120 million par value of its unsecured non-convertible Series C Debentures (the “Additional Series C Debentures”) to Israeli classified investors in a private
placement (the “Private Placement”) for an aggregate gross consideration of approximately NIS 121.6 million, reflecting a price of NIS 1.0135 per NIS 1 principal amount. Following completion of the
private placement, the aggregate outstanding par value of the Company’s Series C Debentures is approximately NIS 414.6 million. The Additional Series C Debentures have identical terms to the existing Series C Debentures of the Company.
|
• |
A 28 MW photovoltaic project in Spain - The construction is in advanced stages and connection to the electricity grid is expected in February 2022; and
|
• |
A 156 MW pumped storage project in the Menara cliff, Israel - the works are progressing as planned, the construction of the access tunnel is in progress and the construction of the reservoirs and the low pressure tunnel will begin in the
upcoming weeks, all in accordance with the planned schedules.
|
• |
Approximately 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9MW 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 installed 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,
|
||||||||||
2021
|
2020
|
2021
|
||||||||||
(Unaudited)
|
(Audited)
|
(Unaudited)
|
||||||||||
Convenience Translation
|
||||||||||||
€ in thousands
|
into US$ in thousands*
|
|||||||||||
Assets
|
||||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
58,053
|
66,845
|
67,168
|
|||||||||
Marketable securities
|
-
|
1,761
|
-
|
|||||||||
Short term deposits
|
-
|
8,113
|
-
|
|||||||||
Restricted cash
|
4,216
|
-
|
4,878
|
|||||||||
Receivable from concession project
|
1,674
|
1,491
|
1,937
|
|||||||||
Trade and other receivables
|
11,146
|
9,825
|
12,896
|
|||||||||
75,089
|
88,035
|
86,879
|
||||||||||
Non-current assets
|
||||||||||||
Investment in equity accounted investee
|
32,267
|
32,234
|
37,333
|
|||||||||
Advances on account of investments
|
1,561
|
2,423
|
1,806
|
|||||||||
Receivable from concession project
|
25,560
|
25,036
|
29,573
|
|||||||||
Fixed assets
|
325,564
|
264,095
|
376,682
|
|||||||||
Right-of-use asset
|
23,152
|
17,209
|
26,787
|
|||||||||
Intangible asset
|
4,580
|
4,604
|
5,299
|
|||||||||
Restricted cash and deposits
|
6,247
|
9,931
|
7,228
|
|||||||||
Deferred tax
|
8,264
|
3,605
|
9,562
|
|||||||||
Long term receivables
|
1,155
|
2,762
|
1,336
|
|||||||||
Derivatives
|
1,557
|
10,238
|
1,801
|
|||||||||
429,907
|
372,137
|
497,407
|
||||||||||
Total assets
|
504,996
|
460,172
|
584,286
|
|||||||||
Liabilities and Equity
|
||||||||||||
Current liabilities
|
||||||||||||
Current maturities of long term bank loans
|
12,447
|
10,232
|
14,401
|
|||||||||
Current maturities of long term loans
|
3,549
|
4,021
|
4,106
|
|||||||||
Debentures
|
13,296
|
10,600
|
15,384
|
|||||||||
Trade payables
|
3,939
|
12,387
|
4,557
|
|||||||||
Other payables
|
14,799
|
**6,044
|
|
17,123
|
||||||||
Derivatives short term
|
5,983
|
**1,378
|
|
6,922
|
||||||||
Lease liability short term
|
4,874
|
**490
|
|
5,639
|
||||||||
58,887
|
45,152
|
68,132
|
||||||||||
Non-current liabilities
|
||||||||||||
Lease liability
|
15,602
|
17,299
|
18,052
|
|||||||||
Liabilities to banks
|
144,506
|
134,520
|
167,196
|
|||||||||
Other long term loans
|
52,702
|
49,396
|
60,977
|
|||||||||
Debentures
|
83,787
|
72,124
|
96,943
|
|||||||||
Deferred tax
|
8,375
|
7,806
|
9,690
|
|||||||||
Other long term liabilities
|
6,178
|
513
|
7,148
|
|||||||||
Derivatives
|
12,764
|
8,336
|
14,768
|
|||||||||
323,914
|
289,994
|
374,774
|
||||||||||
Total liabilities
|
382,801
|
335,146
|
442,906
|
|||||||||
Equity
|
||||||||||||
Share capital
|
25,578
|
25,102
|
29,594
|
|||||||||
Share premium
|
85,774
|
82,401
|
99,242
|
|||||||||
Treasury shares
|
(1,736
|
)
|
(1,736
|
)
|
(2,009
|
)
|
||||||
Transaction reserve with non-controlling Interests
|
5,145
|
6,106
|
5,953
|
|||||||||
Reserves
|
2,028
|
4,164
|
2,346
|
|||||||||
Retained earnings
|
1,130
|
8,191
|
1,307
|
|||||||||
Total equity attributed to shareholders of the Company
|
117,919
|
124,228
|
136,433
|
|||||||||
Non-Controlling Interest
|
4,276
|
798
|
4,947
|
|||||||||
Total equity
|
122,195
|
125,026
|
141,380
|
|||||||||
Total liabilities and equity
|
504,996
|
460,172
|
584,286
|
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,
|
|||||||||||||||||||||
2021
|
2020
|
2021
|
2020
|
2020
|
2021
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
Audited
|
Unaudited
|
|||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Revenues
|
13,311
|
2,630
|
32,766
|
6,844
|
9,645
|
37,911
|
||||||||||||||||||
Operating expenses
|
(4,144
|
)
|
(1,264
|
)
|
(11,650
|
)
|
(3,410
|
)
|
(4,951
|
)
|
(13,479
|
)
|
||||||||||||
Depreciation and amortization expenses
|
(3,992
|
)
|
(797
|
)
|
(11,048
|
)
|
(2,244
|
)
|
(2,975
|
)
|
(12,783
|
)
|
||||||||||||
Gross profit
|
5,175
|
569
|
10,068
|
1,190
|
1,719
|
11,649
|
||||||||||||||||||
Project development costs
|
(726
|
)
|
(674
|
)
|
(1,845
|
)
|
(3,012
|
)
|
(3,491
|
)
|
(2,135
|
)
|
||||||||||||
General and administrative expenses
|
(1,377
|
)
|
(1,122
|
)
|
(3,949
|
)
|
(3,326
|
)
|
(4,512
|
)
|
(4,569
|
)
|
||||||||||||
Share of profits of equity accounted investee
|
1,056
|
1,055
|
284
|
1,905
|
1,525
|
329
|
||||||||||||||||||
Other income
|
-
|
-
|
-
|
-
|
2,100
|
-
|
||||||||||||||||||
Operating profit (loss)
|
4,128
|
(172
|
)
|
4,558
|
(3,243
|
)
|
(2,659
|
)
|
5,274
|
|||||||||||||||
Financing income
|
630
|
550
|
2,346
|
1,340
|
2,134
|
2,714
|
||||||||||||||||||
Financing income (expenses) in connection with derivatives and warrants, net
|
(462
|
)
|
433
|
(403
|
)
|
1,532
|
1,094
|
(466
|
)
|
|||||||||||||||
Financing expenses in connection with projects finance
|
(1,870
|
)
|
(524
|
)
|
(5,528
|
)
|
(1,368
|
)
|
(1,863
|
)
|
(6,396
|
)
|
||||||||||||
Financing expenses in connection with debentures
|
(532
|
)
|
(438
|
)
|
(2,800
|
)
|
(1,390
|
)
|
(2,155
|
)
|
(3,240
|
)
|
||||||||||||
Interest expenses on minority shareholder loan
|
(565
|
)
|
-
|
(1,504
|
)
|
-
|
-
|
(1,740
|
)
|
|||||||||||||||
Other financing expenses
|
(2,165
|
)
|
(1,202
|
)
|
(2,549
|
)
|
(2,404
|
)
|
(2,844
|
)
|
(2,949
|
)
|
||||||||||||
Financing expenses, net
|
(4,964
|
)
|
(1,181
|
)
|
(10,438
|
)
|
(2,290
|
)
|
(3,634
|
)
|
(12,077
|
)
|
||||||||||||
Loss before taxes on income
|
(836
|
)
|
(1,353
|
)
|
(5,880
|
)
|
(5,533
|
)
|
(6,293
|
)
|
(6,803
|
)
|
||||||||||||
Tax benefit (Taxes on income)
|
(459
|
)
|
(72
|
)
|
(552
|
)
|
(160
|
)
|
125
|
(639
|
)
|
|||||||||||||
Loss for the period
|
(1,295
|
)
|
(1,425
|
)
|
(6,432
|
)
|
(5,693
|
)
|
(6,168
|
)
|
(7,442
|
)
|
||||||||||||
Loss attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
(2,147
|
)
|
(940
|
)
|
(7,061
|
)
|
(4,411
|
)
|
(4,627
|
)
|
(8,170
|
)
|
||||||||||||
Non-controlling interests
|
852
|
(485
|
)
|
629
|
(1,282
|
)
|
(1,541
|
)
|
728
|
|||||||||||||||
Loss for the period
|
(1,295
|
)
|
(1,425
|
)
|
(6,432
|
)
|
(5,693
|
)
|
(6,168
|
)
|
(7,442
|
)
|
||||||||||||
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
|
3,904
|
(1,197
|
)
|
5,588
|
(1,283
|
)
|
(482
|
)
|
6,465
|
|||||||||||||||
Effective portion of change in fair value of cash flow hedges
|
(7,444
|
)
|
12,942
|
(12,646
|
)
|
3,653
|
2,210
|
(14,632
|
)
|
|||||||||||||||
Net change in fair value of cash flow hedges
transferred to profit or loss
|
(647
|
)
|
528
|
(1,872
|
)
|
718
|
555
|
(2,166
|
)
|
|||||||||||||||
Total other comprehensive income (loss)
|
(4,187
|
)
|
12,273
|
(8,930
|
)
|
3,088
|
2,283
|
(10,333
|
)
|
|||||||||||||||
Total other comprehensive income (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
(372
|
)
|
5,531
|
(2,136
|
)
|
794
|
881
|
(2,472
|
)
|
|||||||||||||||
Non-controlling interests
|
(3,815
|
)
|
6,742
|
(6,794
|
)
|
2,294
|
1,402
|
(7,861
|
)
|
|||||||||||||||
Total other comprehensive income (loss)
|
(4,187
|
)
|
12,273
|
(8,930
|
)
|
3,088
|
2,283
|
(10,333
|
)
|
|||||||||||||||
Total comprehensive income (loss) for the period
|
(5,482
|
)
|
10,848
|
(15,362
|
)
|
(2,605
|
)
|
(3,885
|
)
|
(17,775
|
)
|
|||||||||||||
Total comprehensive income (loss) for the period attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
(2,519
|
)
|
4,591
|
(9,197
|
)
|
(3,617
|
)
|
(3,746
|
)
|
(10,642
|
)
|
|||||||||||||
Non-controlling interests
|
(2,963
|
)
|
6,257
|
(6,165
|
)
|
1,012
|
(139
|
)
|
(7,133
|
)
|
||||||||||||||
Total comprehensive income (loss) for the period
|
(5,482
|
)
|
10,848
|
(15,362
|
)
|
(2,605
|
)
|
(3,885
|
)
|
(17,775
|
)
|
|||||||||||||
Basic net loss per share
|
(0.17
|
)
|
(0.07
|
)
|
(0.55
|
)
|
(0.36
|
)
|
(0.38
|
)
|
(0.64
|
)
|
||||||||||||
Diluted net loss per share
|
(0.17
|
)
|
(0.07
|
)
|
(0.55
|
)
|
(0.36
|
)
|
(0.38
|
)
|
(0.64
|
)
|
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 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
|
-
|
-
|
(7,061
|
)
|
-
|
-
|
-
|
-
|
(7,061
|
)
|
629
|
(6,432
|
)
|
|||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
5,270
|
(7,406
|
)
|
-
|
(2,136
|
)
|
(6,794
|
)
|
(8,930
|
)
|
||||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(7,061
|
)
|
-
|
5,270
|
(7,406
|
)
|
-
|
(9,197
|
)
|
(6,165
|
)
|
(15,362
|
)
|
|||||||||||||||||||||||||
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
|
1,130
|
(1,736
|
)
|
9,093
|
(7,065
|
)
|
5,145
|
117,919
|
4,276
|
122,195
|
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 three months ended September 30, 2021 (unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at July 1, 2021
|
25,578
|
85,762
|
*3,277
|
(1,736
|
)
|
5,459
|
(3,059
|
) |
5,145
|
120,426
|
7,239
|
127,665
|
||||||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(2,147
|
)
|
-
|
-
|
-
|
-
|
(2,147
|
)
|
852
|
(1,295
|
)
|
|||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
3,634
|
(4,006
|
)
|
-
|
(372
|
)
|
(3,815
|
)
|
(4,187
|
)
|
||||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(2,147
|
)
|
-
|
3,634
|
(4,006
|
)
|
-
|
(2,519
|
)
|
(2,963
|
)
|
(5,482
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Share-based payments
|
-
|
12
|
-
|
-
|
-
|
-
|
-
|
12
|
-
|
12
|
||||||||||||||||||||||||||||||
Balance as at September 30, 2021
|
25,578
|
85,774
|
1,130
|
(1,736
|
)
|
9,093
|
(7,065
|
)
|
5,145
|
117,919
|
4,276
|
122,195
|
Non-
|
||||||||||||||||||||||||||||||||||||||||
controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Retained
earnings
(accumulated
deficit)
|
Translation
reserve from
foreign
operations
|
Transaction
reserve with
non-controlling
Interests
|
||||||||||||||||||||||||||||||||||||||
Share
Capital
|
Share
Premium
|
Treasury
shares
|
Hedging
Reserve
|
|||||||||||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2020:
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2020
|
21,998
|
64,160
|
12,818
|
(1,736
|
)
|
4,356
|
(1,073
|
)
|
6,106
|
106,629
|
937
|
107,566
|
||||||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(4,411
|
)
|
-
|
-
|
-
|
-
|
(4,411
|
)
|
(1,282
|
)
|
(5,693
|
)
|
||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(1,393
|
)
|
2,187
|
-
|
794
|
2,294
|
3,088
|
|||||||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(4,411
|
)
|
-
|
(1,393
|
)
|
2,187
|
-
|
(3,617
|
)
|
1,012
|
(2,605
|
)
|
||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Options exercise
|
20
|
-
|
-
|
-
|
-
|
-
|
-
|
20
|
-
|
20
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
28
|
-
|
-
|
-
|
-
|
-
|
28
|
-
|
28
|
||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
3,084
|
18,191
|
-
|
-
|
-
|
-
|
-
|
21,275
|
-
|
21,275
|
||||||||||||||||||||||||||||||
Balance as at September 30, 2020
|
25,102
|
82,379
|
8,407
|
(1,736
|
)
|
2,963
|
1,114
|
6,106
|
124,335
|
1,949
|
126,284
|
Non-
|
||||||||||||||||||||||||||||||||||||||||
controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Translation
Reserve from
foreign
operations
|
Transaction
reserve with
non-controlling
Interests
|
|||||||||||||||||||||||||||||||||||||||
Share
capital
|
Share
premium
|
Retained
earnings
|
Treasury
shares
|
Hedging
Reserve
|
||||||||||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2020 (audited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2020
|
21,998
|
64,160
|
12,818
|
(1,736
|
)
|
4,356
|
(1,073
|
)
|
6,106
|
106,629
|
937
|
107,566
|
||||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
(4,627
|
)
|
-
|
-
|
-
|
-
|
(4,627
|
)
|
(1,541
|
)
|
(6,168
|
)
|
||||||||||||||||||||||||||
Other comprehensive loss for the year
|
-
|
-
|
-
|
-
|
(533
|
)
|
1,414
|
-
|
881
|
1,402
|
2,283
|
|||||||||||||||||||||||||||||
Total comprehensive loss for the year
|
-
|
-
|
(4,627
|
)
|
-
|
(533
|
)
|
1,414
|
-
|
(3,746
|
)
|
(139
|
)
|
(3,885
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
3,084
|
18,191
|
-
|
-
|
-
|
-
|
-
|
21,275
|
-
|
21,275
|
||||||||||||||||||||||||||||||
Options exercise
|
20
|
-
|
-
|
-
|
-
|
-
|
-
|
20
|
-
|
20
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
50
|
-
|
-
|
-
|
-
|
-
|
50
|
-
|
50
|
||||||||||||||||||||||||||||||
Balance as at
December 31, 2020 |
25,102
|
82,401
|
8,191
|
(1,736
|
)
|
3,823
|
341
|
6,106
|
124,228
|
798
|
125,026
|
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$*
|
||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2021 (unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2021
|
29,044
|
95,339
|
9,477
|
(2,009
|
)
|
4,423
|
395
|
7,065
|
143,734
|
923
|
144,657
|
|||||||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(8,170
|
)
|
-
|
-
|
-
|
-
|
(8,170
|
)
|
728
|
(7,442
|
)
|
|||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
6,097
|
(8,569
|
)
|
-
|
(2,472
|
)
|
(7,861
|
)
|
(10,333
|
)
|
||||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(8,170
|
)
|
-
|
6,097
|
(8,569
|
)
|
-
|
(10,642
|
)
|
(7,133
|
)
|
(17,775
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of Capital note to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
10,045
|
10,045
|
||||||||||||||||||||||||||||||
Buy of shares in subsidiaries from non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,112
|
)
|
(1,112
|
)
|
1,112
|
-
|
||||||||||||||||||||||||||||
Warrants exercise
|
525
|
3,874
|
-
|
-
|
-
|
-
|
-
|
4399
|
-
|
4,399
|
||||||||||||||||||||||||||||||
Options exercise
|
25
|
-
|
-
|
-
|
-
|
-
|
-
|
25
|
-
|
25
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
29
|
-
|
-
|
-
|
-
|
-
|
29
|
-
|
29
|
||||||||||||||||||||||||||||||
Balance as at September 30, 2021
|
29,594
|
99,242
|
1,307
|
(2,009
|
)
|
10,520
|
(8,174
|
)
|
5,953
|
136,433
|
4,947
|
141,380
|
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,
|
|||||||||||||||||||||
2021
|
2020
|
2021
|
2020
|
2020
|
2021
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
Audited
|
Unaudited
|
|||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||||||
Loss for the period
|
(1,295
|
)
|
(1,425
|
)
|
(6,432
|
)
|
(5,693
|
)
|
(6,168
|
)
|
(7,442
|
)
|
||||||||||||
Adjustments for:
|
||||||||||||||||||||||||
Financing expenses, net
|
4,964
|
1,181
|
10,438
|
2,290
|
3,634
|
12,077
|
||||||||||||||||||
Depreciation and amortization
|
3,992
|
797
|
11,048
|
2,244
|
2,975
|
12,783
|
||||||||||||||||||
Share-based payment transactions
|
12
|
8
|
25
|
28
|
50
|
29
|
||||||||||||||||||
Share of profits of equity accounted investee
|
(1,056
|
)
|
(1,055
|
)
|
(284
|
)
|
(1,905
|
)
|
(1,525
|
)
|
(329
|
)
|
||||||||||||
Payment of interest on loan from an equity accounted investee
|
-
|
-
|
859
|
582
|
582
|
994
|
||||||||||||||||||
Change in trade receivables and other receivables
|
(4,301
|
)
|
(858
|
)
|
(6,425
|
)
|
(731
|
)
|
(3,868
|
)
|
(7,434
|
)
|
||||||||||||
Change in other assets
|
582
|
618
|
(200
|
)
|
384
|
179
|
(231
|
)
|
||||||||||||||||
Change in receivables from concessions project
|
556
|
519
|
1,313
|
1,223
|
1,426
|
1,519
|
||||||||||||||||||
Change in trade payables
|
928
|
(304
|
)
|
(13
|
)
|
(339
|
)
|
190
|
(15
|
)
|
||||||||||||||
Change in other payables
|
3,499
|
469
|
6,807
|
837
|
(1,226
|
)
|
7,876
|
|||||||||||||||||
Income tax expense (tax benefit)
|
459
|
72
|
552
|
160
|
(125
|
)
|
639
|
|||||||||||||||||
Income taxes paid
|
-
|
(88
|
)
|
(15
|
)
|
(88
|
)
|
(119
|
)
|
(17
|
)
|
|||||||||||||
Interest received
|
406
|
445
|
1,327
|
1,314
|
2,075
|
1,535
|
||||||||||||||||||
Interest paid
|
(2,243
|
)
|
(728
|
)
|
(6,100
|
)
|
(2,581
|
)
|
(3,906
|
)
|
(7,058
|
)
|
||||||||||||
Net cash from (used in) operating activities
|
6,503
|
(349
|
)
|
12,900
|
(2,275
|
)
|
(5,826
|
)
|
14,926
|
|||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||||||
Acquisition of fixed assets
|
(8,785
|
)
|
(22,398
|
)
|
(72,578
|
)
|
(103,678
|
)
|
(128,420
|
)
|
(83,974
|
)
|
||||||||||||
Acquisition of subsidiary, net of cash acquired
|
-
|
-
|
-
|
-
|
(7,464
|
)
|
-
|
|||||||||||||||||
VAT associated with the acquisition of fixed assets
|
2,310
|
-
|
2,310
|
-
|
-
|
2,673
|
||||||||||||||||||
Repayment of loan by an equity accounted investee
|
-
|
-
|
1,400
|
1,923
|
1,978
|
1,620
|
||||||||||||||||||
Loan to an equity accounted investee
|
(52
|
)
|
-
|
(296
|
)
|
-
|
(181
|
)
|
(342
|
)
|
||||||||||||||
Advances on account of investments
|
-
|
(1,554
|
)
|
(8
|
)
|
(1,554
|
)
|
(1,554
|
)
|
(9
|
)
|
|||||||||||||
Settlement of derivatives contract
|
-
|
-
|
(252
|
)
|
-
|
-
|
(292
|
)
|
||||||||||||||||
Proceeds (investment) in restricted cash, net
|
(19
|
)
|
(230
|
)
|
(204
|
)
|
22,350
|
23,092
|
(236
|
)
|
||||||||||||||
Proceeds (investment) in short term deposit
|
-
|
(1,407
|
)
|
8,533
|
(1,407
|
)
|
(1,323
|
)
|
9,873
|
|||||||||||||||
Proceeds from marketable securities
|
-
|
1,364
|
1,785
|
1,364
|
1,800
|
2,065
|
||||||||||||||||||
Acquisition of marketable securities
|
-
|
-
|
-
|
-
|
(1,481
|
)
|
-
|
|||||||||||||||||
Compensation as per agreement with Erez Electricity Ltd
|
-
|
-
|
-
|
1,418
|
1,418
|
-
|
||||||||||||||||||
Net cash used in investing activities
|
(6,546
|
)
|
(24,225
|
)
|
(59,310
|
)
|
(79,584
|
)
|
(112,135
|
)
|
(68,622
|
)
|
||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||||||
Sale of shares in subsidiaries to non-controlling interests
|
-
|
-
|
1,400
|
-
|
1,620
|
|||||||||||||||||||
Proceeds from options
|
-
|
20
|
22
|
20
|
20
|
25
|
||||||||||||||||||
Cost associated with long term loans
|
(1,122
|
)
|
-
|
(1,319
|
)
|
-
|
(734
|
)
|
(1,526
|
)
|
||||||||||||||
Proceeds from long term loans
|
39
|
21,291
|
32,515
|
101,837
|
111,357
|
37,620
|
||||||||||||||||||
Repayment of long-term loans
|
(7,360
|
)
|
-
|
(10,750
|
)
|
(2,766
|
)
|
(3,959
|
)
|
(12,438
|
)
|
|||||||||||||
Repayment of Debentures
|
-
|
-
|
(30,730
|
)
|
(26,923
|
)
|
(26,923
|
)
|
(35,555
|
)
|
||||||||||||||
Issuance / exercise of warrants
|
-
|
3,675
|
320
|
2,544
|
4,252
|
|||||||||||||||||||
Issuance of ordinary shares
|
-
|
8,087
|
-
|
21,275
|
21,275
|
-
|
||||||||||||||||||
Repayment of Lease liability
|
(4,086
|
)
|
-
|
(4,086
|
)
|
-
|
-
|
(4,728
|
)
|
|||||||||||||||
Proceeds from issue of convertible debentures
|
-
|
-
|
15,571
|
-
|
-
|
18,016
|
||||||||||||||||||
Proceeds from issuance of Debentures, net
|
-
|
-
|
25,465
|
-
|
38,057
|
29,463
|
||||||||||||||||||
Net cash from (used in) financing activities
|
(12,529
|
)
|
29,398
|
31,763
|
93,763
|
141,637
|
36,749
|
|||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
3,366
|
(2,067
|
)
|
5,855
|
(2,424
|
)
|
(1,340
|
)
|
6,774
|
|||||||||||||||
Increase (decrease) in cash and cash equivalents
|
(9,206
|
)
|
2,757
|
(8,792
|
)
|
9,480
|
22,336
|
(10,173
|
)
|
|||||||||||||||
Cash and cash equivalents at the beginning of the period
|
67,259
|
51,232
|
66,845
|
44,509
|
44,509
|
77,341
|
||||||||||||||||||
Cash and cash equivalents at the end of the period
|
58,053
|
53,989
|
58,053
|
53,989
|
66,845
|
67,168
|
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
Italy
|
Spain
|
Ellomay Solar1
|
Talasol
|
Israel2
|
Bio
Gas
|
Dorad
|
Manara
PSP
|
reportable
segments
|
Reconciliations
|
Consolidated
|
||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2021
|
||||||||||||||||||||||||||||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
-
|
2,194
|
-
|
320,330
|
|
3,339
|
9,417
|
38,625
|
-
|
73,905
|
(41,139
|
)
|
32,766
|
|||||||||||||||||||||||||||||||
Operating expenses
|
-
|
(738
|
)
|
-
|
(3,004
|
)
|
(272
|
)
|
(7,636
|
)
|
(29,199
|
)
|
-
|
(40,849
|
)
|
29,199
|
(11,650
|
)
|
||||||||||||||||||||||||||
Depreciation expenses
|
-
|
(678
|
)
|
-
|
(7,673
|
)
|
(1,745
|
)
|
(2,337
|
)
|
(4,070
|
)
|
-
|
(16,503
|
)
|
5,455
|
(11,048
|
)
|
||||||||||||||||||||||||||
Gross profit (loss)
|
-
|
778
|
-
|
9,653
|
1,322
|
(556
|
)
|
5,356
|
-
|
16,553
|
(6,485
|
)
|
10,068
|
|||||||||||||||||||||||||||||||
Project development costs
|
(1,845
|
)
|
||||||||||||||||||||||||||||||||||||||||||
General and
|
||||||||||||||||||||||||||||||||||||||||||||
administrative
expenses
|
(3,949
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Share of loss of equity
|
||||||||||||||||||||||||||||||||||||||||||||
accounted investee
|
284
|
|||||||||||||||||||||||||||||||||||||||||||
Operating profit
|
4,558
|
|||||||||||||||||||||||||||||||||||||||||||
Financing income
|
2,346
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses in
connectionand with
derivatives and
warrants, net
|
(403
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Financing expenses, net
|
(12,381
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Loss before taxes
|
||||||||||||||||||||||||||||||||||||||||||||
on Income
|
(5,880
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Segment assets as at
|
||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021
|
1,091
|
14,795
|
7,849
|
241,161
|
37,355
|
34,616
|
115,187
|
97,487
|
549,541
|
(44,544
|
)
|
504,997
|
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,
|
|||||||||||||||||||||
2021
|
2020
|
2021
|
2020
|
2020
|
2021
|
|||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Loss for the period
|
(1,295
|
)
|
(1,425
|
)
|
(6,432
|
)
|
(5,693
|
)
|
(6,168
|
)
|
(7,442
|
)
|
||||||||||||
Financing expenses, net
|
4,964
|
1,181
|
10,438
|
2,290
|
3,634
|
12,077
|
||||||||||||||||||
Taxes on income
|
459
|
72
|
552
|
160
|
(125
|
)
|
639
|
|||||||||||||||||
Depreciation
|
3,992
|
797
|
11,048
|
2,244
|
2,975
|
12,783
|
||||||||||||||||||
EBITDA
|
8,120
|
625
|
15,606
|
(999
|
)
|
316
|
18,057
|
For the nine months ended September 30, 2021
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Loss for the period
|
(6,432
|
)
|
||
Financing expenses, net
|
10,438
|
|||
Taxes on income
|
552
|
|||
Depreciation
|
11,048
|
|||
Adjustment to the Share of loss of equity accounted investee to include the Company's share in distributions
|
1,975
|
|||
Adjustment to the revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
2,514
|
|||
Adjustment to include the financial revenues of the Talasol for the period prior to achievement of PAC that
were not recognized in the profit and loss statement based on accounting rules
|
895
|
|||
Adjusted EBITDA
|
20,990
|
|||
Taxes on income
|
(552
|
)
|
||
Interest and SWAP expenses on bank loans and debentures
|
(6,409
|
)
|
||
Adjusted FFO
|
14,029
|
For the four quarter period ended September 30, 2021
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Loss for the period
|
(6,907
|
)
|
||
Financing expenses, net
|
11,782
|
|||
Taxes on income
|
267
|
|||
Depreciation
|
11,779
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,112
|
|||
Share-based payments
|
47
|
|||
Adjusted EBITDA as defined the Series C Deed of Trust
|
20,080
|
For the four quarter period ended September 30, 2021
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Loss for the period
|
(6,907
|
)
|
||
Financing expenses, net
|
11,782
|
|||
Taxes on income
|
267
|
|||
Depreciation
|
11,779
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,112
|
|||
Share-based payments
|
47
|
|||
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters9
|
6,899
|
|||
Adjusted EBITDA as defined the Series D Deed of Trust
|
26,979
|