•
|
Revenues were approximately €6.8 million for the nine months ended September 30, 2020, compared to approximately €15.4 million for the nine months ended September 30, 2019. The decrease in
revenues is mainly due to the sale of ten Italian indirectly wholly-owned subsidiaries of the Company, which held twelve photovoltaic plants in Italy with an aggregate installed capacity of approximately 22.6 MWp (the “Italian PV Portfolio”), consummated during December 2019. A small portion of the decrease in revenues for the nine months ended September 30, 2020 resulted from the decrease in demand and prices of the
European electricity markets due to the Covid-19 crisis, partially offset by increase in revenues in one of the Company’s biogas facilities in the Netherlands resulting from increased operational efficiency.
|
•
|
Operating expenses were approximately €3.4 million for the nine months ended September 30, 2020, compared to approximately €5 million for the nine months ended September 30, 2019. The
decrease in operating expenses is mainly attributable to the sale of the Italian PV Portfolio, to increased operational efficiency of the Company’s Waste-to-Energy projects in the Netherlands and to insurance reimbursement in connection
with the storm damages in one of our biogas facilities in the Netherlands that reduced operating expenses. Depreciation expenses were approximately €2.2 million for the nine months ended September 30, 2020, compared to approximately €4.7
million for the nine months ended September 30, 2019. The decrease reflects the sale of the Italian PV Portfolio.
|
•
|
Project development costs were approximately €3 million for the nine months ended September 30, 2020, compared to approximately €3.5 million for the nine months ended September 30, 2019.
The decrease in project development costs is mainly due to a decrease in consultancy expenses in connection with the project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel, partially offset by consultancy
expenses in connection with the development of photovoltaic projects in Italy.
|
•
|
General and administrative expenses were approximately €3.3 million for the nine months ended September 30, 2020, compared to approximately €2.9 million for the nine months ended September
30, 2019. The increase is mostly due to D&O liability insurance costs.
|
•
|
Company’s share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €1.9 million for the nine months ended September 30, 2020,
compared to approximately €2.4 million in the nine months ended September 30, 2019. The decrease in the Company’s share of profit of equity accounted investee is mainly attributable to lower revenues of Dorad Energy Ltd. (“Dorad”) as a result of a decrease in the TAOZ tariffs and a decrease in the production tariff, partially offset by lower financing expenses incurred by Dorad. for the period as a result of the CPI
indexation of loans from banks.
|
•
|
Financing expenses, net was approximately €2.3 million for the nine months ended September 30, 2020, compared to approximately €4.6 million for the nine months ended September 30, 2019. The decrease in
financing expenses, net, was mainly due to income recorded in connection with the reevaluation of the Company’s derivative transactions and revaluation of a loan provided to U. Dori Energy Infrastructures Ltd.in the aggregate amount
of approximately €1.5 million during the nine months ended September 30, 2020, compared to approximately €1 million during the nine months ended September 30, 2019, and a decrease in financing expenses of approximately €1.7 million
resulting from the early repayment of the Company’s Series A Debentures and the sale of the Italian PV Portfolio, including all related project finance.
|
•
|
Taxes on income was approximately €0.2 million for the nine months ended September 30, 2020, compared to taxes on income of approximately €0.9 million for the nine months ended September
30, 2019. The decrease in tax expenses is mainly attributable to the sale of the Italian PV Portfolio and deferred tax income related to the operations of the project company constructing a photovoltaic plant with a peak capacity of 300MW
in Spain, in which the Company holds 51%.
|
•
|
Net loss was approximately €5.7 million for the nine months ended September 30, 2020, compared to approximately €3.8 million for the nine months ended September 30, 2019.
|
•
|
Total other comprehensive loss was approximately €3.1 million for the nine months ended September 30, 2020, compared to a profit of approximately €13.8 million for the nine months ended
September 30, 2019. 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 €2.6 million for the nine months ended September 30, 2020, compared to income of approximately €10 million for the nine months ended September 30,
2019.
|
•
|
EBITDA loss was approximately €(1) million for the nine months ended September 30, 2020, compared to EBITDA of approximately €6.4 million for the nine months ended September 30, 2019.
|
•
|
Net cash used in operating activities was approximately €2.2 million for the nine months ended September 30, 2020, compared to net cash provided from operating activities of approximately
€4.3 million for the nine months ended September 30, 2019. The decrease in net cash from operating activities is mainly attributable to the sale of the Italian PV Portfolio.
|
•
|
On July 20, 2020, the Company issued 450,000 ordinary shares to several Israeli qualified investors in a private placement undertaken in accordance with Regulation S of the Securities Act
of 1933, as amended. The price per share was set at NIS 70.5 (approximately €18.9). The gross proceeds to the Company in connection with the private placement amounted to approximately NIS 31.7 million (approximately €8.2 million).
|
•
|
On October 26, 2020, the Company completed a public offering in Israel of Series C Debenture and a of a new series of options, tradable on the Tel Aviv Stock Exchange, to purchase the
Company’s ordinary shares at an exercise price per share of NIS 150 (the “Series 1 Options”). The Company issued an aggregate principal amount of NIS 154 million (approximately €38.3 million based on
the exchange rate as of September 30, 2020) of its Series C Debentures and 385,000 Series 1 Options. The gross proceeds from the offering amounted to approximately NIS 164.2 million (approximately €40.8 million based on the exchange rate as
of September 30, 2020).
|
•
|
On December 1, 2020 the Company acquired all issued and outstanding shares of Groen Gas Gelderland B.V. (“GG Gelderland”) through its wholly-owned
subsidiary, Ellomay Luxembourg Holdings S.à.r.l. (“Ellomay Luxembourg”) The Company paid €1.568 million for the shares and the repayment of shareholder loans. An additional shareholder loan of
approximately €5.9 million was granted to GG Gelderland by Ellomay Luxembourg on December 1, 2020. The previous owners are entitled to receive an additional amount from the Dutch Government for subsidy payments. This amount is estimated at
€0.493 million, but will be determined and paid before June 2021. The Company has no liability to compensate the previous owners if the Dutch government pays less than the estimated amount. GG Gelderland owns an operating anaerobic
digestion plant in Gelderland, the Netherlands, with a permit that enables it to produce approximately 7.5 million Nm3 per year. The actual production capacity of the plant is approximately 9.5 million Nm3 per year.
|
•
|
As of December 1, 2020, the Company held approximately €92.7 million in cash and cash equivalents, approximately €2.2 million in marketable securities and approximately €9.8 million in
restricted short-term and long-term cash and marketable securities.
|
•
|
As noted above, the revenues for the nine months ended September 30, 2020 were impacted by the decrease in demand and market prices of electricity in Spain resulting from the Covid-19
pandemic. Although the Company’s operations have not thus far been materially adversely affected by the pandemic, the Company’s operations, including, but not limited to, its results of operations, ability to raise capital and ability to
develop new projects, may in the future be adversely affected by the implications of the spread of Covid-19 in Israel, Europe and worldwide. These potential affects could last until a vaccine or successful treatment plan are developed and
implemented worldwide.
|
•
|
Approximately 7.9MW 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 is involved in a project to construct 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;
|
•
|
75% of Ellomay Pumped Storage (2014) Ltd. (including 6.67% that are held by a trustee in trust for us and other parties), 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,
|
||||||||||
2020
|
2019
|
2020
|
||||||||||
Unaudited
|
Audited
|
Unaudited
|
||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||
Assets
|
||||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
53,989
|
44,509
|
63,164
|
|||||||||
Marketable securities
|
788
|
2,242
|
922
|
|||||||||
Short term deposits
|
7,949
|
6,446
|
9,300
|
|||||||||
Restricted cash
|
-
|
22,162
|
-
|
|||||||||
Receivable from concession project
|
1,460
|
1,463
|
1,708
|
|||||||||
Financial assets
|
-
|
1,418
|
-
|
|||||||||
Trade and other receivables
|
5,770
|
4,882
|
6,751
|
|||||||||
69,956
|
83,122
|
81,845
|
||||||||||
Non-current assets
|
||||||||||||
Investment in equity accounted investee
|
32,172
|
33,561
|
37,640
|
|||||||||
Advances on account of investments
|
2,405
|
883
|
2,814
|
|||||||||
Receivable from concession project
|
24,735
|
27,122
|
28,939
|
|||||||||
Fixed assets
|
216,342
|
114,389
|
253,109
|
|||||||||
Right-of-use asset
|
16,892
|
15,401
|
19,763
|
|||||||||
Intangible asset
|
4,597
|
5,042
|
5,378
|
|||||||||
Restricted cash and deposits
|
10,561
|
10,956
|
12,356
|
|||||||||
Deferred tax
|
1,313
|
2,285
|
1,536
|
|||||||||
Long term receivables
|
3,338
|
12,249
|
3,905
|
|||||||||
Derivatives
|
12,451
|
5,162
|
14,567
|
|||||||||
324,806
|
227,050
|
380,007
|
||||||||||
Total assets
|
394,762
|
310,172
|
461,852
|
|||||||||
Liabilities and Equity
|
||||||||||||
Current liabilities
|
||||||||||||
Current maturities of long term bank loans**
|
10,396
|
4,138
|
12,163
|
|||||||||
Current maturities of long term loans**
|
4,866
|
-
|
5,693
|
|||||||||
Debentures
|
6,668
|
26,773
|
7,801
|
|||||||||
Trade payables
|
1,426
|
1,765
|
1,669
|
|||||||||
Other payables
|
6,065
|
5,010
|
7,096
|
|||||||||
29,421
|
37,686
|
34,422
|
||||||||||
Non-current liabilities
|
||||||||||||
Lease liability
|
17,169
|
15,402
|
20,087
|
|||||||||
Liabilities to banks **
|
124,011
|
**40,805
|
|
145,087
|
||||||||
Other long-term loans **
|
44,921
|
**48,377
|
|
52,555
|
||||||||
Debentures
|
36,460
|
44,811
|
42,656
|
|||||||||
Deferred tax
|
6,737
|
6,467
|
7,882
|
|||||||||
Other long-term liabilities
|
1,236
|
1,795
|
1,446
|
|||||||||
Derivatives
|
8,523
|
7,263
|
9,971
|
|||||||||
239,057
|
164,920
|
279,684
|
||||||||||
Total liabilities
|
268,478
|
202,606
|
314,106
|
|||||||||
Equity
|
||||||||||||
Share capital
|
25,102
|
21,998
|
29,368
|
|||||||||
Share premium
|
82,379
|
64,160
|
96,379
|
|||||||||
Treasury shares
|
(1,736
|
)
|
(1,736
|
)
|
(2,031
|
)
|
||||||
Transaction reserve with non-controlling Interests
|
6,106
|
6,106
|
7,144
|
|||||||||
Reserves
|
4,077
|
3,283
|
4,770
|
|||||||||
Retained earnings
|
8,407
|
12,818
|
9,836
|
|||||||||
Total equity attributed to shareholders of the Company
|
124,335
|
106,629
|
145,466
|
|||||||||
Non-Controlling Interest
|
1,949
|
937
|
2,280
|
|||||||||
Total equity
|
126,284
|
107,566
|
147,746
|
|||||||||
Total liabilities and equity
|
394,762
|
310,172
|
461,852
|
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,
|
|||||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2019
|
2020
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
Audited
|
Unaudited
|
|||||||||||||||||||||
€ in thousands
|
€ in thousands
|
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||
Revenues
|
2,630
|
5,132
|
6,844
|
15,435
|
18,988
|
8,007
|
||||||||||||||||||
Operating expenses
|
(1,264
|
)
|
(1,594
|
)
|
(3,410
|
)
|
(5,049
|
)
|
(6,638
|
)
|
(3,990
|
)
|
||||||||||||
Depreciation and amortization expenses
|
(797
|
)
|
(1,671
|
)
|
(2,244
|
)
|
(4,714
|
)
|
(6,416
|
)
|
(2,625
|
)
|
||||||||||||
Gross profit
|
569
|
1,867
|
1,190
|
5,672
|
5,934
|
1,392
|
||||||||||||||||||
Project development costs
|
(674
|
)
|
(757
|
)
|
(3,012
|
)
|
(3,471
|
)
|
(4,213
|
)
|
(3,524
|
)
|
||||||||||||
General and administrative expenses
|
(1,122
|
)
|
(979
|
)
|
(3,326
|
)
|
(2,858
|
)
|
(3,827
|
)
|
(3,891
|
)
|
||||||||||||
Share of profits of equity accounted investee
|
1,055
|
2,351
|
1,905
|
2,382
|
3,086
|
2,229
|
||||||||||||||||||
Other income (expenses), net
|
-
|
-
|
-
|
-
|
(2,100
|
)
|
-
|
|||||||||||||||||
Capital gain
|
-
|
-
|
-
|
-
|
18,770
|
-
|
||||||||||||||||||
Operating profit (loss)
|
(172
|
)
|
2,482
|
(3,243
|
)
|
1,725
|
17,650
|
(3,794
|
)
|
|||||||||||||||
Financing income
|
550
|
572
|
1,340
|
1,442
|
1,827
|
1,568
|
||||||||||||||||||
Financing income in connection with derivatives and warrants, net
|
433
|
535
|
1,532
|
995
|
897
|
1,792
|
||||||||||||||||||
Financing expenses
|
(2,164
|
)
|
(2,592
|
)
|
(5,162
|
)
|
(7,049
|
)
|
(10,877
|
)
|
(6,039
|
)
|
||||||||||||
Financing expenses, net
|
(1,181
|
)
|
(1,485
|
)
|
(2,290
|
)
|
(4,612
|
)
|
(8,153
|
)
|
(2,679
|
)
|
||||||||||||
Profit (loss) before taxes on income
|
(1,353
|
)
|
997
|
(5,533
|
)
|
(2,887
|
)
|
9,497
|
(6,473
|
)
|
||||||||||||||
Tax benefit (Taxes on income)
|
(72
|
)
|
(399
|
)
|
(160
|
)
|
(913
|
)
|
287
|
(187
|
)
|
|||||||||||||
Profit (loss) for the period
|
(1,425
|
)
|
598
|
(5,693
|
)
|
(3,800
|
)
|
9,784
|
(6,660
|
)
|
||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
(940
|
)
|
1,128
|
(4,411
|
)
|
(1,623
|
)
|
12,060
|
(5,160
|
)
|
||||||||||||||
Non-controlling interests
|
(485
|
)
|
(530
|
)
|
(1,282
|
)
|
(2,177
|
)
|
(2,276
|
)
|
(1,500
|
)
|
||||||||||||
Profit (loss) for the period
|
(1,425
|
)
|
598
|
(5,693
|
)
|
(3,800
|
)
|
9,784
|
(6,660
|
)
|
||||||||||||||
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
|
(1,197
|
)
|
2,091
|
(1,283
|
)
|
3,464
|
2,768
|
(1,501
|
)
|
|||||||||||||||
Effective portion of change in fair value of cash flow hedges
|
12,942
|
13,383
|
3,653
|
12,624
|
411
|
4,274
|
||||||||||||||||||
Net change in fair value of cash flow hedges transferred to profit or loss
|
528
|
(1,174
|
)
|
718
|
(2,278
|
)
|
(1,922
|
)
|
840
|
|||||||||||||||
Total other comprehensive income (loss)
|
12,273
|
14,300
|
3,088
|
13,810
|
1,257
|
3,613
|
||||||||||||||||||
Total other comprehensive income (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
5,531
|
8,413
|
794
|
8,400
|
2,114
|
929
|
||||||||||||||||||
Non-controlling interests
|
6,742
|
5,887
|
2,294
|
5,410
|
(857
|
)
|
2,684
|
|||||||||||||||||
Total other comprehensive income (loss)
|
12,273
|
14,300
|
3,088
|
13,810
|
1,257
|
3,613
|
||||||||||||||||||
Total comprehensive income (loss) for the period
|
10,848
|
14,898
|
(2,605
|
)
|
10,010
|
11,041
|
(3,047
|
)
|
||||||||||||||||
Total comprehensive income (loss) for the period attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
4,591
|
9,541
|
(3,617
|
)
|
6,777
|
14,174
|
(4,231
|
)
|
||||||||||||||||
Non-controlling interests
|
6,257
|
5,357
|
1,012
|
3,233
|
(3,133
|
)
|
1,184
|
|||||||||||||||||
Total comprehensive income (loss) for the period
|
10,848
|
14,898
|
(2,605
|
)
|
10,010
|
11,041
|
(3,047
|
)
|
||||||||||||||||
Basic net earnings (loss) per share
|
(0.07
|
)
|
0.10
|
(0.36
|
)
|
(0.14
|
)
|
1.09
|
(0.39
|
)
|
||||||||||||||
Diluted net earnings (loss) per share
|
(0.07
|
)
|
0.10
|
(0.36
|
)
|
(0.14
|
)
|
1.09
|
(0.39
|
)
|
Non-
|
||||||||||||||||||||||||||||||||||||||||
controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Retained
earnings
(accumulated
deficit)
|
Translation
reserve from
foreign
operations
|
Transaction
|
||||||||||||||||||||||||||||||||||||||
reserve with
|
||||||||||||||||||||||||||||||||||||||||
Share
|
Share
|
Treasury
|
Hedging
|
non-controlling
|
||||||||||||||||||||||||||||||||||||
Capital
|
Premium
|
shares
|
Reserve
|
Interests
|
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
|
||||||||||||||||||||||||||||||||||||||
Retained
earnings
(accumulated
deficit)
|
Translation
reserve from
foreign
operations
|
Transaction
|
||||||||||||||||||||||||||||||||||||||
reserve with
|
||||||||||||||||||||||||||||||||||||||||
Share
|
Share
|
Treasury
|
Hedging
|
non-controlling
|
||||||||||||||||||||||||||||||||||||
capital
|
Premium
|
shares
|
Reserve
|
Interests
|
Total
|
|||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
For the nine month ended September 30, 2019 (unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2019
|
19,980
|
58,344
|
758
|
(1,736
|
)
|
1,396
|
(227
|
)
|
-
|
78,515
|
(1,558
|
)
|
76,957
|
|||||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(1,623
|
)
|
-
|
-
|
-
|
-
|
(1,623
|
)
|
(2,177
|
)
|
(3,800
|
)
|
||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
3,701
|
4,699
|
-
|
8,400
|
5,410
|
13,810
|
||||||||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(1,623
|
)
|
-
|
3,701
|
4,699
|
-
|
6,777
|
3,233
|
10,010
|
|||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Sale of shares in subsidiaries to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
5,439
|
5,439
|
5,374
|
10,813
|
||||||||||||||||||||||||||||||
Buy of shares in subsidiaries from non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
667
|
667
|
254
|
921
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
3
|
-
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
2,010
|
5,797
|
-
|
-
|
-
|
-
|
-
|
7,807
|
-
|
7,807
|
||||||||||||||||||||||||||||||
Options exercise
|
8
|
11
|
-
|
-
|
-
|
-
|
-
|
19
|
-
|
19
|
||||||||||||||||||||||||||||||
Balance as at September 30, 2019
|
21,998
|
64,155
|
(865
|
)
|
(1,736
|
)
|
5,097
|
4,472
|
6,106
|
99,227
|
7,303
|
106,530
|
Non-
|
||||||||||||||||||||||||||||||||||||||||
controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Translation
Reserve from
foreign
operations
|
Transaction
|
|||||||||||||||||||||||||||||||||||||||
Share
|
Share
|
Retained
|
Treasury
|
Hedging
|
reserve with
non-controlling
|
|||||||||||||||||||||||||||||||||||
capital
|
premium
|
earnings
|
shares
|
Reserve
|
Interests
|
Total
|
||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2019 (audited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2019
|
19,980
|
58,344
|
758
|
(1,736
|
)
|
1,396
|
(227
|
)
|
-
|
78,515
|
(1,558
|
)
|
76,957
|
|||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
12,060
|
-
|
-
|
-
|
-
|
12,060
|
(2,276
|
)
|
9,784
|
|||||||||||||||||||||||||||||
Other comprehensive loss for the year
|
-
|
-
|
-
|
-
|
2,960
|
(846
|
)
|
-
|
2,114
|
(857
|
)
|
1,257
|
||||||||||||||||||||||||||||
Total comprehensive loss for the year
|
-
|
-
|
12,060
|
-
|
2,960
|
(846
|
)
|
-
|
14,174
|
(3,133
|
)
|
11,041
|
||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Sale of shares in subsidiaries to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
5,439
|
5,439
|
5,374
|
10,813
|
||||||||||||||||||||||||||||||
Purchase of shares in subsidiaries from non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
667
|
667
|
254
|
921
|
||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
2,010
|
5,797
|
-
|
-
|
-
|
-
|
-
|
7,807
|
-
|
7,807
|
||||||||||||||||||||||||||||||
Options exercise
|
8
|
11
|
-
|
-
|
-
|
-
|
-
|
19
|
-
|
19
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
8
|
-
|
-
|
-
|
-
|
-
|
8
|
-
|
8
|
||||||||||||||||||||||||||||||
Balance as at December 31, 2019
|
21,998
|
64,160
|
12,818
|
(1,736
|
)
|
4,356
|
(1,073
|
)
|
6,106
|
106,629
|
937
|
107,566
|
Non-
|
||||||||||||||||||||||||||||||||||||||||
controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Retained
earnings
(accumulated
deficit)
|
Translation
reserve from
Foreign
operations
|
Transaction
|
||||||||||||||||||||||||||||||||||||||
reserve with
|
||||||||||||||||||||||||||||||||||||||||
Share
|
Share
|
Treasury
|
Hedging
|
non-controlling
|
||||||||||||||||||||||||||||||||||||
Capital
|
Premium
|
Shares
|
Reserve
|
Interests
|
Total
|
|||||||||||||||||||||||||||||||||||
US$ in thousands*
|
||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2020:
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2020
|
25,736
|
75,065
|
14,996
|
(2,031
|
)
|
5,096
|
(1,255
|
)
|
7,144
|
124,751
|
1,096
|
125,847
|
||||||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(5,160
|
)
|
-
|
-
|
-
|
-
|
(5,160
|
)
|
(1,500
|
)
|
(6,660
|
)
|
||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(1,630
|
)
|
2,559
|
-
|
929
|
2,684
|
3,613
|
|||||||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(5,160
|
)
|
-
|
(1,630
|
)
|
2,559
|
-
|
(4,231
|
)
|
1,184
|
(3,047
|
)
|
||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Options exercise
|
23
|
-
|
-
|
-
|
-
|
-
|
-
|
23
|
-
|
23
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
33
|
-
|
-
|
-
|
-
|
-
|
33
|
-
|
33
|
||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
3,609
|
21,281
|
-
|
-
|
-
|
-
|
-
|
24,890
|
-
|
24,890
|
||||||||||||||||||||||||||||||
Balance as at September 30, 2020
|
29,368
|
96,379
|
9,836
|
(2,031
|
)
|
3,466
|
1,304
|
7,144
|
145,466
|
2,280
|
147,746
|
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
|
|||||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2019
|
2020
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
Audited
|
Unaudited
|
|||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||||||
Profit (loss) for the period
|
(1,425
|
)
|
598
|
(5,693
|
)
|
(3,800
|
)
|
9,784
|
(6,660
|
)
|
||||||||||||||
Adjustments for:
|
||||||||||||||||||||||||
Financing expenses, net
|
1,181
|
1,485
|
2,290
|
4,612
|
8,153
|
2,679
|
||||||||||||||||||
Capital gain
|
-
|
-
|
-
|
-
|
(18,770
|
)
|
-
|
|||||||||||||||||
Depreciation and amortization
|
797
|
1,671
|
2,244
|
4,714
|
6,416
|
2,625
|
||||||||||||||||||
Share-based payment transactions
|
8
|
-
|
28
|
3
|
8
|
33
|
||||||||||||||||||
Share of profits of equity accounted investees
|
(1,055
|
)
|
(2,351
|
)
|
(1,905
|
)
|
(2,382
|
)
|
(3,086
|
)
|
(2,229
|
)
|
||||||||||||
Payment of interest on loan from an equity accounted investee
|
-
|
-
|
582
|
370
|
370
|
681
|
||||||||||||||||||
Change in trade receivables and other receivables
|
(858
|
)
|
842
|
(731
|
)
|
(902
|
)
|
403
|
(855
|
)
|
||||||||||||||
Change in other assets
|
618
|
(762
|
)
|
384
|
(1,470
|
)
|
(1,950
|
)
|
449
|
|||||||||||||||
Change in receivables from concessions project
|
519
|
483
|
1,223
|
1,129
|
1,329
|
1,431
|
||||||||||||||||||
Change in accrued severance pay, net
|
-
|
-
|
-
|
8
|
9
|
-
|
||||||||||||||||||
Change in trade payables
|
(304
|
)
|
(651
|
)
|
(339
|
)
|
414
|
461
|
(397
|
)
|
||||||||||||||
Change in other payables
|
469
|
1,636
|
837
|
2,690
|
5,336
|
979
|
||||||||||||||||||
Income tax expense (tax benefit)
|
72
|
399
|
160
|
913
|
(287
|
)
|
187
|
|||||||||||||||||
Income taxes paid
|
(88
|
)
|
(19
|
)
|
(88
|
)
|
(19
|
)
|
(100
|
)
|
(103
|
)
|
||||||||||||
Interest received
|
445
|
446
|
1,314
|
1,281
|
1,719
|
1,537
|
||||||||||||||||||
Interest paid
|
(728
|
)
|
(582
|
)
|
(2,581
|
)
|
(3,237
|
)
|
(6,083
|
)
|
(3,020
|
)
|
||||||||||||
Net cash from (used in) operating activities
|
(349
|
)
|
3,195
|
(2,275
|
)
|
4,324
|
3,712
|
(2,663
|
)
|
|||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||||||
Acquisition of fixed assets
|
(22,398
|
)
|
(11,316
|
)
|
(103,678
|
)
|
(55,835
|
)
|
(74,587
|
)
|
(121,298
|
)
|
||||||||||||
Acquisition of subsidiary, net of cash acquired
|
-
|
-
|
-
|
(1,000
|
)
|
(1,000
|
)
|
-
|
||||||||||||||||
Proceeds from sale of investments
|
-
|
-
|
-
|
-
|
34,586
|
-
|
||||||||||||||||||
Compensation as per agreement with Erez Electricity Ltd.
|
-
|
-
|
1,418
|
-
|
-
|
1,659
|
||||||||||||||||||
Advances on account of investments in process
|
(1,554
|
)
|
-
|
(1,554
|
)
|
-
|
-
|
(1,818
|
)
|
|||||||||||||||
Repayment of loan by an equity accounted investee
|
-
|
-
|
1,923
|
-
|
-
|
2,250
|
||||||||||||||||||
Proceeds from settlement of derivatives, net
|
-
|
-
|
-
|
532
|
532
|
-
|
||||||||||||||||||
Proceeds (investment) in restricted cash, net
|
(230
|
)
|
1,356
|
22,350
|
(3,863
|
)
|
(26,003
|
)
|
26,148
|
|||||||||||||||
Investment in short term deposit
|
(1,407
|
)
|
(6,302
|
)
|
(1,407
|
)
|
(6,302
|
)
|
(6,302
|
)
|
(1,646
|
)
|
||||||||||||
Proceeds in Marketable Securities
|
1,364
|
-
|
1,364
|
-
|
-
|
1,596
|
||||||||||||||||||
Repayment of loan to others
|
-
|
412
|
-
|
3,912
|
3,912
|
-
|
||||||||||||||||||
Net cash used in investing activities
|
(24,225
|
)
|
(15,850
|
)
|
(79,584
|
)
|
(62,556
|
)
|
(68,862
|
)
|
(93,109
|
)
|
||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||||||
Issue of warrants
|
-
|
-
|
320
|
-
|
-
|
374
|
||||||||||||||||||
Sale of shares in subsidiaries to non-controlling interests
|
-
|
(126
|
)
|
-
|
13,936
|
13,936
|
-
|
|||||||||||||||||
Acquisition of shares in subsidiaries from non-controlling interests
|
-
|
(2,961
|
)
|
-
|
(2,961
|
)
|
(2,961
|
)
|
-
|
|||||||||||||||
Proceeds from options
|
20
|
-
|
20
|
19
|
19
|
23
|
||||||||||||||||||
Cost associated with long term loans
|
-
|
-
|
-
|
-
|
(12,218
|
)
|
-
|
|||||||||||||||||
Proceeds from long term loans
|
21,253
|
192
|
101,837
|
59,086
|
59,298
|
119,144
|
||||||||||||||||||
Repayment of long-term loans
|
38
|
(252
|
)
|
(2,766
|
)
|
(4,410
|
)
|
(5,844
|
)
|
(3,236
|
)
|
|||||||||||||
Repayment of Debentures
|
-
|
-
|
(26,923
|
)
|
(4,532
|
)
|
(9,836
|
)
|
(31,499
|
)
|
||||||||||||||
Issuance of ordinary shares
|
8,087
|
7,807
|
21,275
|
7,807
|
7,807
|
24,891
|
||||||||||||||||||
Proceeds from issuance of Debentures, net
|
-
|
22,317
|
-
|
22,317
|
22,317
|
-
|
||||||||||||||||||
Net cash from financing activities
|
29,398
|
26,977
|
93,763
|
91,262
|
72,518
|
109,697
|
||||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(2,067
|
)
|
951
|
(2,424
|
)
|
896
|
259
|
(2,834
|
)
|
|||||||||||||||
Increase in cash and cash equivalents
|
2,757
|
15,273
|
9,480
|
33,926
|
7,627
|
11,091
|
||||||||||||||||||
Cash and cash equivalents at the beginning of the period
|
51,232
|
55,535
|
44,509
|
36,882
|
36,882
|
52,073
|
||||||||||||||||||
Cash and cash equivalents at the end of the period
|
53,989
|
70,808
|
53,989
|
70,808
|
44,509
|
63,164
|
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,
|
|||||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2019
|
2020
|
|||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Profit (loss) for the period
|
(1,425
|
)
|
598
|
(5,693
|
)
|
(3,800
|
)
|
9,784
|
(6,660
|
)
|
||||||||||||||
Financing expenses, net
|
1,181
|
1,485
|
2,290
|
4,612
|
8,153
|
2,679
|
||||||||||||||||||
Taxes on income
|
72
|
399
|
160
|
913
|
(287
|
)
|
187
|
|||||||||||||||||
Depreciation
|
797
|
1,671
|
2,244
|
4,714
|
6,416
|
2,625
|
||||||||||||||||||
EBITDA
|
625
|
4,153
|
(999
|
)
|
6,439
|
24,066
|
(1,169
|
)
|
September 30,
|
||||
2020
|
||||
Unaudited
|
||||
Pro Forma
€ in thousands
|
||||
Assets
|
||||
Current assets
|
||||
Cash and cash equivalents
|
53,989
|
|||
Marketable securities
|
788
|
|||
Short term deposits
|
7,949
|
|||
Restricted cash and marketable securities
|
481
|
|||
Receivable from concession project
|
1,460
|
|||
Financial assets
|
-
|
|||
Trade and other receivables
|
5,770
|
|||
70,437
|
||||
Non-current assets
|
||||
Investment in equity accounted investee
|
32,172
|
|||
Advances on account of investments
|
2,405
|
|||
Receivable from concession project
|
24,735
|
|||
Fixed assets
|
216,342
|
|||
Right-of-use asset
|
-
|
|||
Intangible asset
|
4,597
|
|||
Restricted cash and deposits
|
10,080
|
|||
Deferred tax
|
1,313
|
|||
Long term receivables
|
3,338
|
|||
Derivatives
|
12,451
|
|||
307,433
|
||||
Total assets
|
377,870
|
|||
Liabilities and Equity
|
||||
Current liabilities
|
||||
Current maturities of long term bank loans
|
10,396
|
|||
Current maturities of long term loans
|
4,866
|
|||
Debentures short term
|
6,668
|
|||
Trade payables
|
1,426
|
|||
Other payables
|
5,826
|
|||
29,182
|
||||
Non-current liabilities
|
||||
Lease liability
|
-
|
|||
Liabilities to banks
|
124,011
|
|||
Long-term loans
|
44,921
|
|||
Debentures long term
|
36,460
|
|||
Deferred tax
|
6,846
|
|||
Other long-term liabilities
|
1,236
|
|||
Derivatives
|
8,523
|
|||
221,997
|
||||
Total liabilities
|
251,179
|
|||
Equity
|
||||
Share capital
|
25,102
|
|||
Share premium
|
82,379
|
|||
Treasury shares
|
(1,736
|
)
|
||
Transaction reserve with non-controlling Interests
|
6,106
|
|||
Reserves
|
4,077
|
|||
Accumulated deficit
|
8,814
|
|||
Total equity attributed to shareholders of the Company
|
124,742
|
|||
Non-Controlling Interest
|
1,949
|
|||
Total equity
|
126,691
|
|||
Total liabilities and equity
|
377,870
|
For the four quarter period ended September 30, 2020
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit for the period
|
7,891
|
|||
Financing expenses, net
|
5,831
|
|||
Taxes on income
|
(1,040
|
)
|
||
Depreciation
|
3,946
|
|||
Adjustment to revenues of the Talmei Yosef project due to calculation based on the fixed asset model
|
2,981
|
|||
Share-based payments
|
33
|
|||
Adjusted EBITDA as defined the Series C Deed of Trust
|
19,642
|