Ellomay Capital Reports First Quarter 2014 Results PR Newswire TEL-AVIV, Israel, June 30, 2014 TEL-AVIV, Israel, June 30, 2014 /PRNewswire/ --Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM) ("Ellomay" or the "Company") an emerging operator in the renewable energy and energy infrastructure sector, today reported its unaudited financial results for the three month period ended March 31, 2014. Financial Highlights oRevenues were approximately $2.9 million for the three months ended March 31, 2014, and represent seasonal revenues for the winter months of January through March, with significantly lower photovoltaic energy production. oGeneral and administrative expenses were approximately $1.2 million for the three months ended March 31, 2014, including nonrecurring expenses in the amount of approximately $0.4 million, such as payment of bonuses to employees. oAdjusted EBITDA was approximately $0.8 million for the three months ended March 31, 2014. oFinancial expenses, net were approximately $1.4 million for the three months ended March 31, 2014, including interest accrued on the Company's Series A Debentures issued in January 2014. oShare of losses of equity accounted investees was approximately $0.3 million for the three months ended March 31, 2014, primarily due to expenses in connection with the delay in the commencement of operations of the power plant operated by Dorad Energy Ltd., a Company investee ("Dorad"). oTotal comprehensive loss was approximately $1.8 million in the three months ended March 31, 2014. oNet cash used in operating activities was approximately $0.4 million for the three months ended March 31, 2014, reflecting the collection of revenues for the winter months of November 2013 – January 2014. oDuring the three months ended March 31, 2014, the Company extended an additional aggregate amount of approximately $3.9 million to Dori Energy Ltd. in connection with Dorad's funding requirements from Dori Energy pursuant to the agreement between Dorad and its shareholders. oIn May 2014 Ellomay PV Two S.r.l., a wholly-owned Italian subsidiary of the Company, provided a notice to Unicredit S.p.A of its intention to voluntary repay its loan amounting to approximately EUR 4.8 million (approximately $6.6 million) as of March 31, 2014. The notice of early repayment was provided as this loan was under terms less beneficial to the Company compared to alternative financing resources. oAs of June 15, 2014, the Company held approximately $22.7 million in cash and cash equivalents and approximately $6.3 million in restricted cash. oOn June 22, 2014, the Company completed the issuance of NIS 80,341,000 Series A Debentures to Israeli classified investors in a private placement, in consideration for gross proceeds of approximately NIS 81.1 million (approximately $23.5 million), reflecting a price of NIS 1.01 per NIS 1 principal amount. The gross proceeds include an amount of approximately NIS 1.7 million (approximately US$0.5) that represents the first interest payment due on these additional Series A Debentures on June 30, 2014. Ran Fridrich, CEO and a board member of Ellomay commented: "Ellomay is providing its quarterly results for the first time. The results are in line with the Company's expectations and present a standard winter quarter. Ellomay continues to seek attractive investment opportunities. In May 2014 we were able to execute a binding letter of intent for an additional approximate 5.6 MWp transaction in the Spanish market. We believe such efforts will enable Ellomay to continue and maximize shareholder value." Information for the Company's Series A Debenture Holders As of March 31, 2014 (prior to the June 2014 expansion of the Series A Debentures), the Company's Net Financial Debt (as such term is defined in the Series A Debentures Deed of Trust) was approximately $9.2 million (consisting of approximately $22.8 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately $32.9 million in connection with January 2014 Series A Debentures issuance, net of approximately $27 million of cash and cash equivalents and net of approximately $19.5 million of project finance and related hedging transactions of the Company's subsidiaries). Use of NON-IFRS Financial Measures Adjusted EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, gain on bargain purchase, financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company's historical financial performance and to enable comparability between periods. While the Company considers Adjusted EBITDA to be an important measure of comparative operating performance, Adjusted EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. Adjusted EBITDA does not take into account the Company's commitments, including capital expenditures, and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate Adjusted EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. The Company's Adjusted EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. The Company uses the term "Adjusted EBITDA" to highlight the fact that for the year ended December 31, 2013 the Company deducted the gain on bargain purchase from the net income. The Adjusted EBITDA is otherwise fully comparable to EBITDA information which has been previously provided for prior periods. See the reconciliation between the net income (loss) and the Adjusted EBITDA presented at the end of this Press Release. About Ellomay Capital Ltd. Ellomay is an Israeli based company whose shares are registered with the NYSE MKT, under the trading symbol "ELLO" and with the Tel Aviv Stock Exchange under the trading symbol "ELOM." Since 2009, Ellomay Capital focuses its business in the energy and infrastructure sectors worldwide. Ellomay (formerly Nur Macroprinters Ltd.) previously was a supplier of wide format and super-wide format digital printing systems and related products worldwide, and sold this business to Hewlett-Packard Company during 2008 for more than $100 million. To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including: oApprox.22.6MW of photovoltaic power plants in Italy and 85% of 2.3MW of photovoltaic power plant in Spain; o7.5% indirect interest, with an option to increase its holdings to 9.375%, in Dorad Energy Ltd. Israel's largest private power plant, with production capacity of approximately 800 MW, representing about 8% of Israel's total current electricity consumption; Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel's prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay's dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide.The expertise of Ellomay's controlling shareholders and management enables the company to access the capital markets, as well as assemble global institutional investors and other potential partners.As a result, Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources. For more information about Ellomay, visit http://www.ellomay.com. Information Relating to Forward-Looking Statements This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company's management. All statements, other than statements of historical facts, included in this press release regarding the Company's plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by our forward-looking statements including changes in regulation, seasonality of the PV business and market conditions. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Contact: Kalia Weintraub CFO Tel: +972 (3) 797-1111 Email: firstname.lastname@example.org Condensed Consolidated Statements of Financial Position as at March 31, December 31, 2014 2013 (Unaudited) (Audited) US$ in thousands Assets Current assets Cash and cash equivalents 27,038 9,738 Short-term deposits - 2,653 Restricted cash 1,852 5,653 Trade receivables 184 134 Other receivables and prepaid expenses 5,185 4,357 34,259 22,535 Non-current assets Investments in equity accounted investees 28,074 24,601 Financial asset 455 389 Property, plant and equipment 92,520 93,671 Restricted cash 4,320 4,315 Other assets 1,637 1,419 127,006 124,395 Total assets 161,265 146,930 Liabilities and Equity Current liabilities Loans and borrowings 1,825 19,454 Current maturities of debentures 3,327 - Trade payable 1,924 2,154 Accrued expenses and other payables 5,915 5,311 12,991 26,919 Non-current liabilities Finance lease obligations 6,724 6,814 Long-term bank loans 10,941 11,050 Other long-term liabilities 3,041 2,386 Debentures 29,598 - 50,304 20,250 Total liabilities 63,295 47,169 Equity Share capital 26,180 26,180 Share premium 76,932 76,932 Treasury shares (522) (522) Reserves 4,264 4,154 Accumulated deficit (8,918) (7,011) Total equity attributed to shareholders of the 97,936 99,733 Company Non-Controlling Interest 34 28 Total equity 97,970 99,761 Total liabilities and equity 161,265 146,930 Condensed Consolidated Interim Statements of Comprehensive Income (loss) For the three For the Months ended Year ended March 31, December 31, 2014 2013 (Unaudited) (Audited) US$ thousands (except per share amounts) Revenues 2,894 12,982 Operating expenses 647 2,381 Depreciation expenses 1,303 4,021 Gross profit 944 6,580 General and administrative expenses 1,172 3,449 Gain on bargain purchase - 10,237 Operating (loss) profit (228) 13,368 Financing income 158 204 Financial income (expenses) in connection (673) 1,501 with derivatives, net Financing expenses (921) (4,201) Financing income (expenses), net (1,436) (2,496) Company's share of losses of investees accounted for at equity (281) (540) Profit (loss) before taxes on income (1,945) 10,332 Tax benefit (taxes on income) 44 (245) Net income (loss) for the period (1,901) 10,087 Income (loss) attributable to: Shareholders of the Company (1,907) 10,068 Non-controlling interests 6 19 Net income (loss) for the period (1,901) 10,087 Other comprehensive income : Foreign currency translation adjustments 110 6,038 Total other comprehensive income 110 6,038 Total comprehensive income (loss) for the (1,791) 16,125 period Income (Loss) per share Basic Income (Loss) per share (0.18) 0.94 Diluted Income (Loss) per share (0.18) 0.94 Condensed Consolidated Interim Statements of Changes in Equity Attributable to shareholders of the Company Non- Total controlling interests Equity Translation reserve from Share Share Accumulated Treasury Foreign capital premium deficit shares Operations Total US$ in thousands Balance as at January 1, 26,180 76,410 (17,079) (522) (1,884) 83,105 9 83,114 2013 Profit for - - 10,068 - - 10,068 19 10,087 the year Other comprehensive income - - - - 6,038 6,038 * 6,038 Total comprehensive - - 10,068 - 6,038 16,106 19 16,125 income Transactions with owners of the Company, recognized directly in equity: Cost of share-based payments - 522 - - - 522 - 522 Balance as at December 31, 26,180 76,932 (7,011) (522) 4,154 99,733 28 99,761 2013 Attributable to owners of the Company Non- Total controlling interests Equity Translation reserve from Share Share Accumulated Treasury Foreign capital premium deficit shares Operations Total US$ in thousands For the three months ended March 31, 2014 (unaudited) Balance as at January 1, 26,180 76,932 (7,011) (522) 4,154 99,733 28 99,761 2014 Loss for the - - (1,907) - - (1,907) 6 (1,901) Period Other comprehensive - - - - 110 110 - 110 income Total comprehensive - - (1,907) - 110 (1,797) 6 (1,791) income(loss) Balance as at March 31, 26,180 76,932 (8,918) (522) 4,264 97,936 34 97,970 2014 Condensed Consolidated Interim Statements of Cash Flows For the three For the year ended Months ended December 31, 2013 March 31, 2014 (Unaudited) (Audited) US$ in thousands Cash flows from operating activities Net income (loss) (1,901) 10,087 Adjustments for: Financing expenses, net 1,436 2,496 Gain on bargain purchase - (10,237) Depreciation 1,303 4,021 Cost of share-based payment - 522 Company's share of losses of investee 281 540 accounted for at equity Decrease (increase) in trade receivables (49) 218 Decrease (increase) in other receivables and (962) 1,783 prepaid expenses Decrease in other assets 1 12 Increase (decrease) in accrued severance (28) 22 pay, net Increase (decrease) in accounts payable (155) 376 Increase (decrease) in other payables and 233 (1,450) accrued expenses Taxes on income (Tax benefit) (159) 245 Taxes on income paid - (458) Interest received 16 137 Interest paid (409) (1,925) 1,508 (3,698) Net cash provided by (used in) operating (393) 6,389 activities Condensed Consolidated Interim Statements of Cash Flows (cont'd) For the three For the year ended Months ended December 31, 2013 March 31, 2014 (Unaudited) (Audited) US$ in thousands Cash flows from investing activities: Purchase of property and equipment (92) (9,152) Acquisition of subsidiary, net of cash - (30,742) acquired Investment in equity accounted investees (3,861) (4,372) Proceeds from deposits, net 2,652 137 Settlement of forward contract - (169) Deposit from restricted cash, net 3,801 1,519 Net cash provided by (used in) investing 2,500 (42,779) activities Cash flows from financing activities: Repayment of long-term loans and financial (17,835) (7,818) lease obligation Proceeds from debentures and loans, net 32,762 17,692 Net cash provided by financing activities 14,927 9,874 Exchange differences on balances of cash and cash equivalents 266 462 Increase (decrease) in cash and cash 17,300 (26,054) equivalents Cash and cash equivalents at the beginning 9,738 33,292 of period Cash and cash equivalents at the end of 27,038 7,238 the period Reconciliation of Net income (loss) to Adjusted EBITDA (in US$ thousands) For the three For the year ended Months December 31, ended March 31, 2014 2013 Unaudited Unaudited Net income (loss) for the period (1,907) 10,068 Financing expenses (income), 1,436 2,496 net Gain on bargain purchase - (10,237) Taxes on income (benefit) (44) 245 Depreciation 1,303 4,021 Adjusted EBITDA 788 6,593 SOURCE Ellomay Capital Ltd. Website: http://www.ellomay.com
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Ellomay Capital Reports First Quarter 2014 Results
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