04/01/2021 | Press release | Distributed by Public on 04/01/2021 04:12
• |
Revenues were approximately €9.6 million for the year ended December 31, 2020, compared to approximately €19 million for the year ended December 31, 2019. The decrease is mainly due to the sale of the Company's Italian PV portfolio (the 'Italian PV Portfolio') in December 2019. 2020 revenues were also impacted by the decrease in demand and prices of the European electricity markets due to the Covid-19 pandemic, partially offset by an increase in revenues in one of the Company's biogas plants in the Netherlands resulting from increased operational efficiency.
|
• |
Operating expenses were approximately €5 million for the year ended December 31, 2020, compared to approximately €6.6 million for the year ended December 31, 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 biogas plants in the Netherlands and to insurance reimbursement in connection with the storm damages in one of the Company's biogas plants in the Netherlands that reduced operating expenses. Depreciation expenses were approximately €3 million for the year ended December 31, 2020, compared to approximately €6.4 million for the year ended December 31, 2019.
|
• |
Project development costs were approximately €3.5 million for the year ended December 31, 2020, compared to approximately €4.2 million for the year ended December 31, 2019. The decrease in project development costs is mainly due to a decrease in consultancy expenses for the Company's development project of a 156 MW pumped storage project in the Manara Cliff in Israel (the 'Manara PSP'), partially offset by consultancy expenses in connection with the development of new photovoltaic projects in Italy.
|
• |
General and administrative expenses were approximately €4.5 million for the year ended December 31, 2020, compared to approximately €3.8 million for the year ended December 31, 2019. The increase in general and administrative expenses resulted mainly from a higher cost of the Company's D&O liability insurance.
|
• |
Company's share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €1.5 million for the year ended December 31, 2020, compared to approximately €3.1 million for the year ended December 31, 2019. The decrease in the share of profit of equity accounted investee is mainly attributable to the decrease in the revenues of Dorad Energy Ltd. ('Dorad') mainly due to a decrease in tariff and in the electricity sold to Dorad's customers for the year ended December 31, 2020, partially offset by lower financing expenses incurred by Dorad as a result of the CPI indexation of loans from banks.
|
• |
Other income, net, was approximately €2.1 million in the year ended December 31, 2020, compared to other expenses, net, of approximately €2.1 million in the year ended December 31, 2019. During 2019, the Company recorded expenses in the amount of approximately €2.1 million in connection with the announcement received from GSE, Italy's energy regulation agency, by one of the Company's Italian subsidiaries, claiming alleged non-compliance of the installed modules with the required certifications under the applicable regulation and raising the need to examine incentive eligibility implications (the 'GSE Claim'). On December 20, 2019, the Company sold its holdings in this subsidiary. The Sale and Purchase Agreement governing the sale of the subsidiary provided for up to €2.1 million of indemnification in connection with the GSE Claim and the Company recorded this potential payment as other expenses. In 2020, with the cooperation of the acquirer of the Italian subsidiaries, an appeal was submitted to GSE. Following the positive outcomes of such appeal, the provision for the potential indemnification was cancelled.
|
• |
Capital gain was 0 in the year ended December 31, 2020, compared to approximately €18.8 million in the year ended December 31, 2019. The capital gain in the year ended December 31, 2019 was recorded in connection with the sale of the Italian PV Portfolio on December 20, 2019.
|
• |
Financing expenses, net was approximately €3.6 million for the year ended December 31, 2020, compared to approximately €8.2 million for the year ended December 31, 2019. The decrease in financing expenses, net, was mainly attributable to lower interest expenses due to the early repayment of the Company's Series A Debentures and the sale of the Italian PV Portfolio, including all related project finance.
|
• |
Tax benefit was approximately €0.1 million in the year ended December 31, 2020, compared to tax benefit of approximately €0.3 million in the year ended December 31, 2019.
|
• |
Net loss was approximately €6.2 million in the year ended December 31, 2020, compared to net profit of approximately €9.8 million for the year ended December 31, 2019.
|
• |
Total other comprehensive income was approximately €2.3 million for the year ended December 31, 2020, compared to total other comprehensive income of approximately €1.3 million in the year ended December 31, 2019. The change was mainly due to changes in fair value of cash flow hedges and from foreign currency translation differences on New Israeli Shekel denominated operations, due to fluctuations in the euro/NIS exchange rates.
|
• |
Total comprehensive loss was approximately €3.9 million in the year ended December 31, 2020, compared to total comprehensive profit of approximately €11 million in the year ended December 31, 2019.
|
• |
EBITDA was approximately €0.3 million for the year ended December 31, 2020, compared to approximately €24.1 million (including €18.8 million capital gain recorded in connection of the sale of the Italian PV Portfolio) for the year ended December 31, 2019.
|
• |
Net cash used in operating activities was approximately €5.8 million for the year ended December 31, 2020, compared to approximately €3.7 million provided from operating activities for the year ended December 31, 2019.
|
• |
The Talasol PV Plant reached mechanical completion in September 2020 and was connected to the electricity grid and electricity production commenced at the end of December 2020. PAC was achieved on January 27, 2021.
|
• |
On February 23, 2021, the Company issued additional Series C Debentures in a public offering in Israel in an aggregate principal amount of NIS 100.939 million (approximately €25.6 million based on the euro/NIS exchange rate as of December 31, 2020). The gross proceeds from the offering were NIS 102.4 million and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 101.5 million (approximately €25.7 million based on the euro/NIS exchange rate as of December 31, 2020).
|
• |
On February 23, 2021, the Company issued a new Series D Convertible Debentures in a public offering in Israel in the aggregate principal amount of NIS 62 million (approximately €15.7 million based on the euro/NIS exchange rate as of December 31, 2020). The principal amount of the Series D Debentures is repayable in one installment on December 31, 2026. The Series D Debentures bear a fixed interest at the rate of 1.2% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 commencing June 30, 2021 through December 31, 2026 (inclusive). The Series D Debentures are convertible into the Company's ordinary shares, NIS 10.00 par value per share, at a conversion price of NIS 165 (approximately €41.8 based on the euro/NIS exchange rate as of December 31, 2020), subject to adjustments upon customary terms. The Series D Debentures are not rated. The gross proceeds from the offering were approximately NIS 62.6 million and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 61.8 million (approximately €15.7 million based on the euro/NIS exchange rate as of December 31, 2020).
|
• |
As of March 1, 2021, the Company held approximately €125 million in cash and cash equivalents, approximately €1.76 million in marketable securities and approximately €10 million in restricted long-term cash.
|
• |
On March 18, 2021, the Company's Series B Debentures were repaid in full. Pursuant to the terms of the deed of trust governing the Series B Debentures, the early repayment consisted of a principal payment in the amount of approximately NIS 86.3 million (approximately €21.5 million), accrued interest in the amount of approximately NIS 0.7 million (approximately €0.16 million) and a prepayment charge of approximately NIS 3.4 million (approximately €0.86 million), amounting to an aggregate repayment amount of approximately NIS 90.4 million (approximately €22.5 million).
|
• |
On February 11, 2021, the Manara PSP Project Finance reached financial closing. The Manara PSP Project Finance will be provided by a consortium of Israeli banks and institutional investors, arranged and led by Mizrahi-Tefahot Bank Ltd. The Manara PSP Project Finance is in the aggregate amount of NIS 1.18 billion (approximately €300 million based on the euro/NIS exchange rate as of December 31, 2020), and includes: (i) a Senior Secured Tranche at a fixed rate of interest for each drawdown, with base interest rate equal to the yield to maturity of Israeli treasury bonds with like duration of the loan drawdown, plus a spread of 3.25% per-annum during the Construction Period of the Project and a spread of 2.40% per-annum from the Actual Completion Date of the Project which proceeds the Commercial Operation Date of the Project. The Senior Secured Tranche is linked to the Israeli Consumer Price Index and is to be repaid over a period of 19.5 years from the commercial operation date; and (ii) a Subordinated Secured B Tranche at a floating rate of interest, with the base interest being the Bank of Israel rate, plus a spread of 4.35% per-annum during the Construction Period and a spread of 3.90% per-annum from the Actual Completion Date. The stated maturity of the Tranche B loan is one year less than the maturity of the Senior Secured Loan with a cash sweep mechanism that shortens its maturity to approximately 12 years from the Commercial Operation Date under the Base Case Financial Model.
|
• |
In connection with the Manara PSP Project Finance that occurred on February 2021, and based on the A.R.Z. Settlement Agreement, A.R.Z. was required to provide its indirect share of equity investment and financing to the Manara PSP. Due to the failure to provide the required funds, Ellomay Water Plants Holdings (2014) Ltd., the Company's wholly-owned subsidiary that holds 75% of Ellomay PS, seized E.R.Z.'s holdings in Sheva Mizrakot (33%) and, as a result, the Company's indirect holdings in the Manara PSP increased from 75% to 83.333% in January 2021.
|
|
• |
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 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.
|
December 31,
|
||||||||||||
2020
|
2019
|
2020
|
||||||||||
Audited
|
Audited
|
Audited
|
||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
66,845
|
44,509
|
82,004
|
|||||||||
Marketable securities
|
1,761
|
2,242
|
2,160
|
|||||||||
Short term deposits
|
8,113
|
6,446
|
9,953
|
|||||||||
Restricted cash
|
-
|
22,162
|
-
|
|||||||||
Receivable from concession project
|
1,491
|
1,463
|
1,829
|
|||||||||
Financial assets
|
-
|
1,418
|
-
|
|||||||||
Trade and other receivables
|
9,825
|
4,882
|
12,053
|
|||||||||
88,035
|
83,122
|
107,999
|
||||||||||
Non-current assets
|
||||||||||||
Investment in equity accounted investee
|
32,234
|
33,561
|
39,544
|
|||||||||
Advances on account of investments
|
2,423
|
883
|
2,972
|
|||||||||
Receivable from concession project
|
25,036
|
27,122
|
30,714
|
|||||||||
Fixed assets
|
264,095
|
114,389
|
323,987
|
|||||||||
Right-of-use asset
|
17,209
|
15,401
|
21,112
|
|||||||||
Intangible asset
|
4,604
|
5,042
|
5,648
|
|||||||||
Restricted cash and deposits
|
9,931
|
10,956
|
12,183
|
|||||||||
Deferred tax
|
3,605
|
2,285
|
4,423
|
|||||||||
Long term receivables
|
2,762
|
12,249
|
3,388
|
|||||||||
Derivatives
|
10,238
|
5,162
|
12,560
|
|||||||||
372,137
|
227,050
|
456,531
|
||||||||||
Total assets
|
460,172
|
310,172
|
564,530
|
|||||||||
Liabilities and Equity
|
||||||||||||
Current liabilities
|
||||||||||||
Current maturities of long term bank loans
|
10,232
|
4,138
|
12,552
|
|||||||||
Current maturities of long term loans
|
4,021
|
-
|
4,933
|
|||||||||
Debentures
|
10,600
|
26,773
|
13,004
|
|||||||||
Trade payables
|
12,387
|
1,765
|
15,197
|
|||||||||
Other payables
|
7,912
|
5,010
|
9,706
|
|||||||||
45,152
|
37,686
|
55,392
|
||||||||||
Non-current liabilities
|
||||||||||||
Lease liability
|
17,299
|
15,402
|
21,222
|
|||||||||
Long-term loans
|
134,520
|
40,805
|
165,027
|
|||||||||
Other long-term bank loans
|
49,396
|
48,377
|
60,598
|
|||||||||
Debentures
|
72,124
|
44,811
|
88,480
|
|||||||||
Deferred tax
|
7,806
|
6,467
|
9,576
|
|||||||||
Other long-term liabilities
|
513
|
1,795
|
629
|
|||||||||
Derivatives
|
8,336
|
7,263
|
10,226
|
|||||||||
289,994
|
164,920
|
355,758
|
||||||||||
Total liabilities
|
335,146
|
202,606
|
411,150
|
|||||||||
Equity
|
||||||||||||
Share capital
|
25,102
|
21,998
|
30,795
|
|||||||||
Share premium
|
82,401
|
64,160
|
101,088
|
|||||||||
Treasury shares
|
(1,736
|
)
|
(1,736
|
)
|
(2,130
|
)
|
||||||
Transaction reserve with non-controlling Interests
|
6,106
|
6,106
|
7,491
|
|||||||||
Reserves
|
4,164
|
3,283
|
5,108
|
|||||||||
Retained earnings
|
8,191
|
12,818
|
10,049
|
|||||||||
Total equity attributed to shareholders of the Company
|
124,228
|
106,629
|
152,401
|
|||||||||
Non-Controlling Interest
|
798
|
937
|
979
|
|||||||||
Total equity
|
125,026
|
107,566
|
153,380
|
|||||||||
Total liabilities and equity
|
460,172
|
310,172
|
564,530
|
For the three months
ended December 31,
|
For the year
ended December 31,
|
For the three months ended December 31,
|
For the year ended December 31,
|
|||||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2020
|
2020
|
|||||||||||||||||||
Unaudited
|
Audited
|
Unaudited
|
Audited
|
|||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Revenues
|
2,801
|
3,553
|
9,645
|
18,988
|
3,436
|
11,832
|
||||||||||||||||||
Operating expenses
|
(1,541
|
)
|
(1,589
|
)
|
(4,951
|
)
|
(6,638
|
)
|
(1,890
|
)
|
(6,074
|
)
|
||||||||||||
Depreciation and amortization expenses
|
(731
|
)
|
(1,702
|
)
|
(2,975
|
)
|
(6,416
|
)
|
(897
|
)
|
(3,650
|
)
|
||||||||||||
Gross profit
|
529
|
262
|
1,719
|
5,934
|
649
|
2,108
|
||||||||||||||||||
Project development costs
|
(479
|
)
|
(742
|
)
|
(3,491
|
)
|
(4,213
|
)
|
(588
|
)
|
(4,283
|
)
|
||||||||||||
General and administrative expenses
|
(1,186
|
)
|
(969
|
)
|
(4,512
|
)
|
(3,827
|
)
|
(1,455
|
)
|
(5,535
|
)
|
||||||||||||
Share of profits of equity accounted investee
|
(380
|
)
|
704
|
1,525
|
3,086
|
(466
|
)
|
1,871
|
||||||||||||||||
Other income (expenses), net
|
2,100
|
(2,100
|
)
|
2,100
|
(2,100
|
)
|
2,576
|
2,576
|
||||||||||||||||
Capital gain
|
-
|
18,770
|
-
|
18,770
|
-
|
-
|
||||||||||||||||||
Operating profit (loss)
|
584
|
15,925
|
(2,659
|
)
|
17,650
|
716
|
(3,263
|
)
|
||||||||||||||||
Financing income
|
802
|
385
|
2,134
|
1,827
|
984
|
2,618
|
||||||||||||||||||
Financing income (expenses) in connection with derivatives, net
|
(438
|
)
|
(98
|
)
|
1,094
|
897
|
(537
|
)
|
1,342
|
|||||||||||||||
Financing expenses
|
(1,708
|
)
|
(3,828
|
)
|
(6,862
|
)
|
(10,877
|
)
|
(2,095
|
)
|
(8,418
|
)
|
||||||||||||
Financing expenses, net
|
(1,344
|
)
|
(3,541
|
)
|
(3,634
|
)
|
(8,153
|
)
|
(1,648
|
)
|
(4,458
|
)
|
||||||||||||
Profit before taxes on income
|
(760
|
)
|
12,384
|
(6,293
|
)
|
9,497
|
(932
|
)
|
(7,721
|
)
|
||||||||||||||
Tax benefit (Taxes on income)
|
285
|
1,200
|
125
|
287
|
350
|
153
|
||||||||||||||||||
Profit (loss) for the period
|
(475
|
)
|
13,584
|
(6,168
|
)
|
9,784
|
(582
|
)
|
(7,568
|
)
|
||||||||||||||
Profit (loss) attributable to:
|
-
|
|||||||||||||||||||||||
Owners of the Company
|
(216
|
)
|
13,683
|
(4,627
|
)
|
12,060
|
(265
|
)
|
(5,676
|
)
|
||||||||||||||
Non-controlling interests
|
(259
|
)
|
(99
|
)
|
(1,541
|
)
|
(2,276
|
)
|
(318
|
)
|
(1,892
|
)
|
||||||||||||
Profit (loss) for the period
|
(475
|
)
|
13,584
|
(6,168
|
)
|
9,784
|
(583
|
)
|
(7,568
|
)
|
||||||||||||||
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
|
801
|
(696
|
)
|
(482
|
)
|
2,103
|
983
|
(591
|
)
|
|||||||||||||||
Effective portion of change in fair value of cash flow hedges
|
(1,443
|
)
|
(12,213
|
)
|
2,210
|
1,076
|
(1,770
|
)
|
2,711
|
|||||||||||||||
Net change in fair value of cash flow hedges transferred to
profit or loss
|
(163
|
)
|
356
|
555
|
(1,922
|
)
|
(200
|
)
|
681
|
|||||||||||||||
Total other comprehensive profit (loss)
|
(805
|
)
|
(12,553
|
)
|
2,283
|
1,257
|
(987
|
)
|
2,801
|
|||||||||||||||
Total other comprehensive income (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
87
|
(6,286
|
)
|
881
|
2,114
|
107
|
1,081
|
|||||||||||||||||
Non-controlling interests
|
(892
|
)
|
(6,267
|
)
|
1,402
|
(857
|
)
|
(1,094
|
)
|
1,720
|
||||||||||||||
Total other comprehensive income (loss)
|
(805
|
)
|
(12,553
|
)
|
2,283
|
1,257
|
(987
|
)
|
2,801
|
|||||||||||||||
Total comprehensive income (loss) for the year
|
(1,280
|
)
|
1,031
|
(3,885
|
)
|
11,041
|
(1,570
|
)
|
(4,767
|
)
|
||||||||||||||
Total comprehensiveincome (loss) for the year attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
(129
|
)
|
7,397
|
(3,746
|
)
|
14,174
|
(158
|
)
|
(4,595
|
)
|
||||||||||||||
Non-controlling interests
|
(1,151
|
)
|
(6,366
|
)
|
(139
|
)
|
(3,133
|
)
|
(1,412
|
)
|
(172
|
)
|
||||||||||||
Total comprehensiveincome (loss) for the year
|
(1,280
|
)
|
1,031
|
(3,885
|
)
|
11,041
|
(1,570
|
)
|
(4,767
|
)
|
||||||||||||||
Basic earnings (loss) per share
|
(0.01
|
)
|
1.19
|
(0.38
|
)
|
1.09
|
(0.01
|
)
|
(0.47
|
)
|
||||||||||||||
Diluted earnings (loss) per share
|
(0.01
|
)
|
1.19
|
(0.38
|
)
|
1.09
|
(0.01
|
)
|
(0.47
|
)
|
Non- controlling
Interests
|
Total
Equity
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
||||||||||||||||||||||||||||||||||||||||
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 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 lossfor 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
|
|||||||||||||||||||||||||||||
For the three months
|
||||||||||||||||||||||||||||||||||||||||
ended December 31, 2020 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
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
|
|||||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
(216
|
)
|
-
|
-
|
-
|
-
|
(216
|
)
|
(259
|
)
|
(475
|
)
|
||||||||||||||||||||||||||
Other comprehensive loss for the year
|
-
|
-
|
-
|
-
|
860
|
(773
|
)
|
-
|
87
|
(892
|
)
|
(805
|
)
|
|||||||||||||||||||||||||||
Total comprehensive lossfor the year
|
-
|
-
|
(216
|
)
|
-
|
860
|
(773
|
)
|
-
|
(129
|
)
|
(1,151
|
)
|
(1,280
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Options exercise
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
22
|
-
|
-
|
-
|
-
|
-
|
22
|
-
|
22
|
||||||||||||||||||||||||||||||
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
Interests
|
Total
Equity
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
||||||||||||||||||||||||||||||||||||||||
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 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 income for the year
|
-
|
-
|
-
|
-
|
2,960
|
(846
|
)
|
-
|
2,114
|
(857
|
)
|
1,257
|
||||||||||||||||||||||||||||
Total comprehensive income 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
|
||||||||||||||||||||||||||||
For the three months
|
||||||||||||||||||||||||||||||||||||||||
ended December 31, 2019 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
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
|
||||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
13,683
|
-
|
-
|
-
|
-
|
13,683
|
(99
|
)
|
13,584
|
|||||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(741
|
)
|
(5,545
|
)
|
-
|
(6,286
|
)
|
(6,267
|
)
|
(12,553
|
)
|
|||||||||||||||||||||||||
Total comprehensive income for the period
|
-
|
-
|
13,683
|
-
|
(741
|
)
|
(5,545
|
)
|
-
|
7,397
|
(6,366
|
)
|
1,031
|
|||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Share-based payments
|
-
|
5
|
-
|
-
|
-
|
-
|
-
|
5
|
-
|
5
|
||||||||||||||||||||||||||||||
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
Interests
|
Total
Equity
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
||||||||||||||||||||||||||||||||||||||||
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 December 31, 2020: euro 1 = US$ 1.227)
|
||||||||||||||||||||||||||||||||||||||||
For the year ended
|
||||||||||||||||||||||||||||||||||||||||
December 31, 2020 (Audited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2020
|
26,987
|
78,711
|
15,725
|
(2,130
|
)
|
5,343
|
(1,316
|
)
|
7,491
|
130,811
|
1,151
|
131,962
|
||||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
(5,676
|
)
|
-
|
-
|
-
|
-
|
(5,676
|
)
|
(1,892
|
)
|
(7,568
|
)
|
||||||||||||||||||||||||||
Other comprehensive loss for the year
|
-
|
-
|
-
|
-
|
(654
|
)
|
1,735
|
-
|
1,081
|
1,720
|
2,801
|
|||||||||||||||||||||||||||||
Total comprehensive lossfor the year
|
-
|
-
|
(5,676
|
)
|
-
|
(654
|
)
|
1,735
|
-
|
(4,595
|
)
|
(172
|
)
|
(4,767
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
3,783
|
22,316
|
-
|
-
|
-
|
-
|
-
|
26,099
|
-
|
26,099
|
||||||||||||||||||||||||||||||
Options exercise
|
25
|
-
|
-
|
-
|
-
|
-
|
-
|
25
|
-
|
25
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
61
|
-
|
-
|
-
|
-
|
-
|
61
|
-
|
61
|
||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
December 31, 2020
|
30,795
|
101,088
|
10,049
|
(2,130
|
)
|
4,689
|
419
|
7,491
|
152,401
|
979
|
153,380
|
|||||||||||||||||||||||||||||
For the three months
|
||||||||||||||||||||||||||||||||||||||||
ended December 31, 2020 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at September 30, 2020
|
30,795
|
101,061
|
10,314
|
(2,130
|
)
|
3,634
|
1,367
|
7,491
|
152,532
|
2,391
|
154,923
|
|||||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
(265
|
)
|
-
|
-
|
-
|
-
|
(265
|
)
|
(318
|
)
|
(583
|
)
|
||||||||||||||||||||||||||
Other comprehensive loss for the year
|
-
|
-
|
-
|
-
|
1,055
|
(948
|
)
|
-
|
107
|
(1,094
|
)
|
(987
|
)
|
|||||||||||||||||||||||||||
Total comprehensive lossfor the year
|
-
|
-
|
(265
|
)
|
-
|
1,055
|
(948
|
)
|
-
|
(158
|
)
|
(1,412
|
)
|
(1,570
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Options exercise
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
27
|
-
|
-
|
-
|
-
|
-
|
27
|
-
|
27
|
||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
December 31, 2020
|
30,795
|
101,088
|
10,049
|
(2,130
|
)
|
4,689
|
419
|
7,491
|
152,401
|
979
|
153,380
|
For the three months ended December 31,
|
For the year ended December 31,
|
For the three months ended December 31,
|
For the year ended December 31,
|
|||||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2020
|
2020
|
|||||||||||||||||||
Unaudited
|
Audited
|
Unaudited
|
Audited
|
|||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||||||
Profit for the period
|
(475
|
)
|
13,584
|
(6,168
|
)
|
9,784
|
(582
|
)
|
(7,568
|
)
|
||||||||||||||
Adjustments for:
|
||||||||||||||||||||||||
Financing expenses, net
|
1,344
|
3,541
|
3,634
|
8,153
|
1,648
|
4,458
|
||||||||||||||||||
Capital gain
|
-
|
(18,770
|
)
|
-
|
(18,770
|
)
|
-
|
-
|
||||||||||||||||
Depreciation and amortization
|
731
|
1,702
|
2,975
|
6,416
|
897
|
3,650
|
||||||||||||||||||
Share-based payment transactions
|
22
|
5
|
50
|
8
|
27
|
61
|
||||||||||||||||||
Share of profits of equity accounted investees
|
380
|
(704
|
)
|
(1,525
|
)
|
(3,086
|
)
|
466
|
(1,871
|
)
|
||||||||||||||
Payment of interest on loan from an equity accounted investee
|
-
|
-
|
582
|
370
|
-
|
714
|
||||||||||||||||||
Change in trade receivables and other receivables
|
(3,137
|
)
|
1,305
|
(3,868
|
)
|
403
|
(3,848
|
)
|
(4,745
|
)
|
||||||||||||||
Change in other assets
|
(205
|
)
|
(480
|
)
|
179
|
(1,950
|
)
|
(251
|
)
|
220
|
||||||||||||||
Change in receivables from concessions project
|
203
|
200
|
1,426
|
1,329
|
249
|
1,749
|
||||||||||||||||||
Change in accrued severance pay, net
|
-
|
1
|
-
|
9
|
-
|
-
|
||||||||||||||||||
Change in trade payables
|
529
|
47
|
190
|
461
|
649
|
233
|
||||||||||||||||||
Change in other payables
|
(2,063
|
)
|
2,646
|
(1,226
|
)
|
5,336
|
(2,531
|
)
|
(1,504
|
)
|
||||||||||||||
Income tax expense (tax benefit)
|
(285
|
)
|
(1,200
|
)
|
(125
|
)
|
(287
|
)
|
(350
|
)
|
(153
|
)
|
||||||||||||
Income taxes paid
|
(31
|
)
|
(81
|
)
|
(119
|
)
|
(100
|
)
|
(38
|
)
|
(146
|
)
|
||||||||||||
Interest received
|
761
|
438
|
2,075
|
1,719
|
934
|
2,546
|
||||||||||||||||||
Interest paid
|
(1,325
|
)
|
(2,846
|
)
|
(3,906
|
)
|
(6,083
|
)
|
(1,625
|
)
|
(4,792
|
)
|
||||||||||||
(3,076
|
)
|
(14,196
|
)
|
342
|
(6,072
|
)
|
(3,773
|
)
|
420
|
|||||||||||||||
Net cash from (used in) operating activities
|
(3,551
|
)
|
(612
|
)
|
(5,826
|
)
|
3,712
|
(4,355
|
)
|
(7,148
|
)
|
|||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||||||
Acquisition of fixed assets
|
(24,742
|
)
|
(18,752
|
)
|
(128,420
|
)
|
(74,587
|
)
|
(30,353
|
)
|
(157,543
|
)
|
||||||||||||
Acquisition of subsidiary, net of cash acquire
|
(7,464
|
)
|
-
|
(7,464
|
)
|
(1,000
|
)
|
(9,157
|
)
|
(9,157
|
)
|
|||||||||||||
Compensation as per agreement with Erez Electricity Ltd.
|
-
|
-
|
1,418
|
-
|
-
|
1,740
|
||||||||||||||||||
Repayment of loan from an equity accounted investee
|
55
|
-
|
1,978
|
-
|
67
|
2,427
|
||||||||||||||||||
Loan to an equity accounted investee
|
(181
|
)
|
-
|
(181
|
)
|
-
|
(222
|
)
|
(222
|
)
|
||||||||||||||
Proceeds from sale of investments
|
-
|
34,586
|
-
|
34,586
|
-
|
-
|
||||||||||||||||||
Advances on account of investments
|
-
|
-
|
(1,554
|
)
|
-
|
-
|
(1,906
|
)
|
||||||||||||||||
Proceeds from marketable securities
|
436
|
-
|
1,800
|
-
|
535
|
2,208
|
||||||||||||||||||
Acquisition of marketable securities
|
(1,481
|
)
|
-
|
(1,481
|
)
|
-
|
(1,817
|
)
|
(1,817
|
)
|
||||||||||||||
Proceeds from settlement of derivatives, net
|
-
|
-
|
-
|
532
|
-
|
-
|
||||||||||||||||||
Proceed (investment) in restricted cash, net
|
742
|
(22,140
|
)
|
23,092
|
(26,003
|
)
|
910
|
28,329
|
||||||||||||||||
Investment in short term deposit
|
84
|
-
|
(1,323
|
)
|
(6,302
|
)
|
103
|
(1,623
|
)
|
|||||||||||||||
Repayment (grant) Loan to others
|
-
|
-
|
-
|
3,912
|
-
|
-
|
||||||||||||||||||
Net cash used in investing activities
|
(32,551
|
)
|
(6,306
|
)
|
(112,135
|
)
|
(68,862
|
)
|
(39,934
|
)
|
(137,564
|
)
|
||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||||||
Issuance of warrants
|
2,224
|
-
|
2,544
|
-
|
2,728
|
3,121
|
||||||||||||||||||
Repayment of long-term loans and finance lease obligations
|
(1,193
|
)
|
212
|
(3,959
|
)
|
(5,844
|
)
|
(1,464
|
)
|
(4,857
|
)
|
|||||||||||||
Repayment of Debentures
|
-
|
(5,304
|
)
|
(26,923
|
)
|
(9,836
|
)
|
-
|
(33,029
|
)
|
||||||||||||||
Cost associated with long term loans
|
(734
|
)
|
(12,218
|
)
|
(734
|
)
|
(12,218
|
)
|
(900
|
)
|
(900
|
)
|
||||||||||||
Proceeds from options
|
-
|
-
|
20
|
19
|
-
|
25
|
||||||||||||||||||
Sale of shares in subsidiaries to non-controlling interests
|
-
|
-
|
-
|
13,936
|
-
|
-
|
||||||||||||||||||
Acquisition of shares in subsidiaries from non-controlling interests
|
-
|
-
|
-
|
(2,961
|
)
|
-
|
-
|
|||||||||||||||||
Issuance of ordinary shares
|
-
|
-
|
21,275
|
7,807
|
-
|
26,100
|
||||||||||||||||||
Proceeds from long term loans, net
|
9,520
|
212
|
111,357
|
59,298
|
11,679
|
136,611
|
||||||||||||||||||
Proceeds from issuance of Debentures, net
|
38,057
|
-
|
38,057
|
22,317
|
46,688
|
46,688
|
||||||||||||||||||
Net cash from (used in) financing activities
|
47,874
|
(18,744
|
)
|
141,637
|
72,518
|
58,731
|
173,759
|
|||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
1,084
|
(637
|
)
|
(1,340
|
)
|
259
|
1,330
|
(1,646
|
)
|
|||||||||||||||
Increase (decrease) in cash and cash equivalents
|
12,856
|
(26,299
|
)
|
22,336
|
7,627
|
15,771
|
27,401
|
|||||||||||||||||
Cash and cash equivalents at the beginning of the period
|
53,989
|
70,808
|
44,509
|
36,882
|
66,233
|
54,603
|
||||||||||||||||||
Cash and cash equivalents at the end of the period
|
66,845
|
44,509
|
66,845
|
44,509
|
82,004
|
82,004
|
For the three months
ended December 31,
|
For the year
ended December 31,
|
For the three months ended December 31,
|
For the year ended December 31,
|
|||||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2020
|
2020
|
|||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Net profit (loss) for the period
|
(475
|
)
|
13,584
|
(6,168
|
)
|
9,784
|
(583
|
)
|
(7,568
|
)
|
||||||||||||||
Financing expenses, net
|
1,344
|
3,541
|
3,634
|
8,153
|
1,648
|
4,458
|
||||||||||||||||||
Taxes on income (tax benefit)
|
(285
|
)
|
(1,200
|
)
|
(125
|
)
|
(287
|
)
|
(350
|
)
|
(153
|
)
|
||||||||||||
Depreciation and amortization
|
731
|
1,702
|
2,975
|
6,416
|
897
|
3,650
|
||||||||||||||||||
EBITDA
|
1,315
|
17,627
|
316
|
24,066
|
1,612
|
387
|
For the four quarter period ended December 31, 2020
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit (loss) for the period
|
(6,168
|
)
|
||
Financing expenses, net
|
3,634
|
|||
Taxes on income
|
(125
|
)
|
||
Depreciation
|
2,975
|
|||
Adjustment to revenues of the Talmei Yosef project due to calculation based on the fixed asset model
|
3,023
|
|||
Share-based payments
|
50
|
|
||
Adjusted EBITDA as defined the Series C Deed of Trust
|
3,389
|
For the four quarter period ended December 31, 2020
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit (loss) for the period
|
(6,168
|
)
|
||
Financing expenses, net
|
3,634
|
|||
Taxes on income
|
(125
|
)
|
||
Depreciation
|
2,975
|
|||
Adjustment to revenues of the Talmei Yosef project due to calculation based on the fixed asset model
|
3,023
|
|||
Share-based payments
|
50
|
|
||
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters*
|
384
|
|||
Adjusted EBITDA as defined the Series D Deed of Trust
|
3,773
|