| Exhibit 99.1 |
| Exhibit 99.2 |
| Exhibit Number |
Document Description
|
| EX-101.INS |
Inline XBRL Instance Document - the instance document does not appear inthe Interactive Data File because its XBRL tags are embedded within theInline XBRL document
|
| EX-101.SCH |
Inline XBRL Taxonomy Extension Schema Document
|
| EX-101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
| EX-101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
| EX-101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document
|
| EX-101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
| 104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained inExhibit 101)
|
|
|
Ellomay Capital Ltd.
By: /s/ Ran Fridrich
Ran Fridrich
Chief Executive Officer and Director
|
Ellomay Capital Ltd. and its Subsidiaries Condensed Consolidated Interim Financial Statements As at June 30, 2022 (Unaudited) |
Contents
Page | |
F-2 | |
F-3 | |
F-4 - F-7 | |
F-8 | |
F-9 |
F - 1
|
June 30,
|
December 31,
|
June 30,
|
|||||||||||||
|
2022
|
2021
|
2022
|
|||||||||||||
|
(Unaudited)
|
(Audited)
|
(Unaudited)
|
|||||||||||||
|
Convenience Translation
|
|||||||||||||||
|
Note
|
€ in thousands
|
into US$in thousands**
|
|||||||||||||
|
Assets
|
|||||||||||||||
|
Current assets
|
|||||||||||||||
|
Cash and cash equivalents
|
|
|
|
||||||||||||
|
Marketable securities
|
4
|
|
|
|
|||||||||||
|
Short term deposits
|
4
|
|
|
|
|||||||||||
|
Restricted cash
|
4
|
|
|
|
|||||||||||
|
Receivable from concession project
|
|
|
|
||||||||||||
|
Trade and other receivables
|
5
|
|
|
|
|||||||||||
|
|
|
|
|||||||||||||
|
Non-current assets
|
|||||||||||||||
|
Investment in equity accounted investee
|
6
|
|
|
|
|||||||||||
|
Advances on account of investments
|
|
|
|
||||||||||||
|
Receivable from concession project
|
|
|
|
||||||||||||
|
Fixed assets
|
8
|
|
*
|
|
|||||||||||
|
Right-of-use asset
|
|
|
|
||||||||||||
|
Intangible asset
|
|
|
|
||||||||||||
|
Restricted cash and deposits
|
4
|
|
|
|
|||||||||||
|
Deferred tax
|
|
|
|
||||||||||||
|
Long term receivables
|
5
|
|
|
|
|||||||||||
|
Derivatives
|
7
|
|
|
|
|||||||||||
|
|
|
|
|||||||||||||
|
Total assets
|
|
|
|
||||||||||||
|
Liabilities and Equity
|
|||||||||||||||
|
Current liabilities
|
|||||||||||||||
|
Current maturities of long-term bank loans
|
|
|
|
||||||||||||
|
Current maturities of other long-term loans
|
|
|
|
||||||||||||
|
Current maturities of debentures
|
|
|
|
||||||||||||
|
Trade payables
|
|
|
|
||||||||||||
|
Other payables
|
|
|
|
||||||||||||
|
Current maturities of derivatives
|
|
|
|
||||||||||||
|
Current maturities of lease liabilities
|
|
|
|
||||||||||||
|
|
|
|
|||||||||||||
|
Non-current liabilities
|
|||||||||||||||
|
Long-term lease liabilities
|
|
|
|
||||||||||||
|
Long-term bank loans
|
|
|
|
||||||||||||
|
Other long-term loans
|
|
|
|
||||||||||||
|
Debentures
|
|
|
|
||||||||||||
|
Deferred tax
|
|
*
|
|
||||||||||||
|
Other long-term liabilities
|
|
|
|
||||||||||||
|
Derivatives
|
7
|
|
|
|
|||||||||||
|
|
|
|
|||||||||||||
|
Total liabilities
|
|
|
|
||||||||||||
|
Equity
|
|||||||||||||||
|
Share capital
|
|
|
|
||||||||||||
|
Share premium
|
|
|
|
||||||||||||
|
Treasury shares
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
|
Transaction reserve with non-controlling Interests
|
|
|
|
||||||||||||
|
Reserves
|
(
|
)
|
|
(
|
)
|
||||||||||
|
Accumulated deficit
|
(
|
)
|
*(
|
)
|
(
|
)
|
|||||||||
|
Total equity attributed to shareholders of the Company
|
|
|
|
||||||||||||
|
Non-Controlling Interest
|
(
|
)
|
*(
|
)
|
(
|
)
|
|||||||||
|
Total equity
|
|
|
|
||||||||||||
|
Total liabilities and equity
|
|
|
|
||||||||||||
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
Ellomay Capital Ltd. and its Subsidiaries
|
For the six
months ended
June 30,
|
For the year
ended
December
|
For the six
months ended
|
||||||||||||||
|
2022
|
2021
|
31, 2021
|
June 30, 2022
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Unaudited)
|
|||||||||||||
|
Convenience
|
||||||||||||||||
|
Translation
|
||||||||||||||||
|
€ in thousands (except per share amounts)
|
into US$**
|
|||||||||||||||
|
Revenues
|
|
*
|
*
|
|
||||||||||||
|
Operating expenses
|
(
|
)
|
*(
|
)
|
*(
|
)
|
(
|
)
|
||||||||
|
Depreciation and amortization expenses
|
(
|
)
|
*(
|
)
|
*(
|
)
|
(
|
)
|
||||||||
|
Gross profit
|
|
|
|
|
||||||||||||
|
Project development costs
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
General and administrative expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Share of profits (losses) of equity accounted investee
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||
|
Operating profit
|
|
|
|
|
||||||||||||
|
Financing income
|
|
|
|
|
||||||||||||
|
Financing income (expenses) in connection with derivatives and warrants, net
|
|
(
|
)
|
(
|
)
|
|
||||||||||
|
Financing expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Financing expenses, net
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Profit (loss) before taxes on income
|
|
(
|
)
|
(
|
)
|
|
||||||||||
|
Tax benefit (Taxes on income)
|
(
|
)
|
*(
|
)
|
*
|
(
|
)
|
|||||||||
|
Loss for the period
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Profit (loss) attributable to: |
||||||||||||||||
|
Owners of the Company
|
(
|
)
|
*(
|
)
|
*(
|
)
|
(
|
)
|
||||||||
|
Non-controlling interests
|
|
*
|
*(
|
)
|
|
|||||||||||
|
Loss for the period
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Other comprehensive 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
|
(
|
)
|
|
|
(
|
)
|
||||||||||
|
Effective portion of change in fair value of cash flow hedges
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Net change in fair value of cash flow hedges transferred to profit
|
||||||||||||||||
|
or loss
|
|
(
|
)
|
(
|
)
|
|
||||||||||
|
Total other comprehensive loss
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Total other comprehensive loss attributable to:
|
||||||||||||||||
|
Owners of the Company
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||
|
Non-controlling interests
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Total other comprehensive loss
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Total comprehensive loss for the period
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Total comprehensive loss for the period attributable to:
|
||||||||||||||||
|
Owners of the Company
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Non-controlling interests
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Total comprehensive loss for the period
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Basic net loss per share
|
(
|
)
|
*(
|
)
|
*(
|
)
|
(
|
)
|
||||||||
|
Diluted net loss per share
|
(
|
)
|
*(
|
)
|
*(
|
)
|
(
|
)
|
||||||||
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
|
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
|
Share capital
|
Share premium
|
Accumulated deficit
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
|
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
|
For the six months ended June 30, 2022 (unaudited):
|
||||||||||||||||||||||||||||||||||||||||
|
Balance as at January 1, 2022
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||
|
Profit (loss) for the period
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||||
|
Other comprehensive loss for the period
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
|
Total comprehensive loss for the period
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||
|
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
|
Issuance of Capital note to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Share-based payments
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Balance as at June 30, 2022
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
|
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
|
Share capital
|
Share premium
|
Retained earnings (Accumulated deficit)
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
|
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
|
For the six months ended June 30, 2021 (unaudited):
|
||||||||||||||||||||||||||||||||||||||||
|
Balance as at January 1, 2021
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Profit (loss) for the period
|
|
|
*(
|
)
|
|
|
|
|
(
|
)
|
*
|
(
|
)
|
|||||||||||||||||||||||||||
|
Other comprehensive income (loss) for the period
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||||
|
Total comprehensive income (loss) for the period
|
|
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
|
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
|
Issuance of Capital note to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Acquisition of shares in subsidiaries from non-controlling interests
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
||||||||||||||||||||||||||||
|
Warrants exercise
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Options exercise
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Share-based payments
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Balance as at June 30, 2021
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
||||||||||||||||||||||||||||
|
Non-
|
||||||||||||||||||||||||||||||||||||||||
|
controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
|
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
|
Retained
earnings
(Accumulated
|
Translation
Reserve from
foreign
|
Transaction
reserve with
non-controlling
|
||||||||||||||||||||||||||||||||||||||
|
Share
|
Share
|
Treasury
|
Hedging
|
|||||||||||||||||||||||||||||||||||||
|
capital
|
premium
|
deficit)
|
shares
|
operations
|
Reserve
|
Interests
|
Total
|
|||||||||||||||||||||||||||||||||
|
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
|
For the year ended December 31, 2021 (audited):
|
||||||||||||||||||||||||||||||||||||||||
|
Balance as at January 1, 2021
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Profit (loss) for the year
|
|
|
*(
|
)
|
|
|
|
|
(
|
)
|
*(
|
)
|
(
|
)
|
||||||||||||||||||||||||||
|
Other comprehensive income (loss) for the year
|
|
|
|
|
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||||
|
Total comprehensive income (loss) for the year
|
|
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
|
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
|
Issuance of Capital note to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Acquisition of shares in subsidiaries from non-controlling interests
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
||||||||||||||||||||||||||||
|
Warrants exercise
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Options exercise
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Share-based payments
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Balance as at December 31, 2021
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
|
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
|
Share capital
|
Share premium
|
Accumulated deficit
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
|
Convenience translation into US$*
|
||||||||||||||||||||||||||||||||||||||||
|
For the six months ended June 30, 2022 (unaudited):
|
||||||||||||||||||||||||||||||||||||||||
|
Balance as at January 1, 2022
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||
|
Profit (loss) for the period
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||||
|
Other comprehensive loss for the period
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
|
Total comprehensive loss for the period
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||
|
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
|
Issuance of Capital note to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Share-based payments
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Balance as at June 30, 2022
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
|
For the six
months ended
June 30,
|
For the year |
For the six
months
ended
|
||||||||||||||
|
2022
|
2021
|
31, 2021
|
June 30, 2022
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Unaudited)
|
|||||||||||||
|
Convenience
|
||||||||||||||||
|
Translation
|
||||||||||||||||
|
€ in thousands
|
into US$*
|
|||||||||||||||
|
Cash flows from operating activities
|
||||||||||||||||
|
Loss for the period
|
(
|
)
|
*(
|
)
|
*(
|
)
|
(
|
)
|
||||||||
|
Adjustments for:
|
||||||||||||||||
|
Financing expenses, net
|
|
|
|
|
||||||||||||
|
Profit from settlement of derivatives contract
|
|
(
|
)
|
(
|
)
|
|
||||||||||
|
Depreciation and amortization
|
|
*
|
*
|
|
||||||||||||
|
Share-based payment transactions
|
|
|
|
|
||||||||||||
|
Share of losses (profits) of equity accounted investees
|
|
|
(
|
)
|
|
|||||||||||
|
Payment of interest on loan by an equity accounted investee
|
|
|
|
|
||||||||||||
|
Change in trade receivables and other receivables
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Change in other assets
|
|
(
|
)
|
(
|
)
|
|
||||||||||
|
Change in receivables from concessions project
|
(
|
)
|
|
|
(
|
)
|
||||||||||
|
Change in trade payables
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||
|
Change in other payables
|
|
|
|
|
||||||||||||
|
Income tax expense (tax benefit)
|
|
*
|
*(
|
)
|
|
|||||||||||
|
Income taxes paid
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Interest received
|
|
|
|
|
||||||||||||
|
Interest paid
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Net cash provided by operating activities
|
|
|
|
|
||||||||||||
|
Cash flows from investing activities
|
||||||||||||||||
|
Acquisition of fixed assets
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Repayment of loan by an equity accounted investee
|
|
|
|
|
||||||||||||
|
Loan to an equity accounted investee
|
|
(
|
)
|
(
|
)
|
|
||||||||||
|
Advances on account of investments
|
|
(
|
)
|
|
|
|||||||||||
|
Settlement of derivatives contract
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Investment in restricted cash, net
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Proceeds from (investment in) short term deposit
|
|
|
(
|
)
|
|
|||||||||||
|
Proceeds from (investment in) marketable securities
|
|
|
(
|
)
|
|
|||||||||||
|
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Cash flows from financing activities
|
||||||||||||||||
|
Sale of shares in subsidiaries to non-controlling interests
|
|
|
|
|
||||||||||||
|
Proceeds from options
|
|
|
|
|
||||||||||||
|
Cost associated with long term loans
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Payment of principal of lease liabilities
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||
|
Proceeds from long term loans
|
|
|
|
|
||||||||||||
|
Repayment of long-term loans
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Repayment of Debentures
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Repayment of SWAP instrument associated with long term loans
|
(
|
)
|
|
|
(
|
)
|
||||||||||
|
Proceeds from issue of convertible debentures
|
|
|
|
|
||||||||||||
|
Proceeds from issuance of Debentures, net
|
|
|
|
|
||||||||||||
|
Issuance / exercise of warrants
|
|
|
|
|
||||||||||||
|
Net cash provided by financing activities
|
|
|
|
|
||||||||||||
|
Effect of exchange rate fluctuations on cash and cash equivalents
|
(
|
)
|
|
|
(
|
)
|
||||||||||
|
Increase (decrease) in cash and cash equivalents
|
|
|
(
|
)
|
|
|||||||||||
|
Cash and cash equivalents at the beginning of the period
|
|
|
|
|
||||||||||||
|
Cash and cash equivalents at the end of the period
|
|
|
|
|
||||||||||||
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
Note 1 - General
The ordinary shares of the Company are listed on the NYSE American and on the Tel Aviv Stock Exchange under the trading symbol “ELLO”. The address of the Company’s registered office is 18 Rothschild Blvd., Tel Aviv, Israel.
Effects of the spreading of the coronavirus and of the military conflict between Russia and Ukraine
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
Note 1 - General (cont’d)
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
|
|
December 31, 2021
|
|||||||||||
|
|
€ in thousands
|
|||||||||||
|
|
As previously
reported
|
Application effect
IAS16- Amendment
|
As reported in these
financial statements
|
|||||||||
|
|
Audited
|
Unaudited
|
Unaudited
|
|||||||||
|
|
||||||||||||
|
Fixed assets
|
|
|
|
|||||||||
|
Deferred tax
|
|
|
|
|||||||||
|
Accumulated deficit
|
(
|
) |
|
(
|
) | |||||||
|
Non-Controlling Interest
|
(
|
) |
|
(
|
) | |||||||
|
|
||||||||||||
|
Revenues
|
|
|
|
|||||||||
|
Operating expenses
|
(
|
) |
(
|
)
|
(
|
) | ||||||
|
Depreciation and amortization expenses
|
(
|
) |
(
|
)
|
(
|
) | ||||||
|
Tax benefit (Taxes on income)
|
|
(
|
)
|
|
||||||||
|
Profit (loss) attributable to: |
||||||||||||
|
Owners of the Company
|
(
|
) |
|
(
|
) | |||||||
|
Non-controlling interests
|
(
|
) |
|
(
|
) | |||||||
|
Basic loss per share |
( |
) |
|
( |
) | |||||||
|
Diluted loss per share |
( |
) |
|
( |
) | |||||||
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
|
June 30, 2021
|
||||||||||||
|
€ in thousands
|
||||||||||||
|
As previously
reported
|
Application effect
IAS16- Amendment
|
As reported in these
financial statements
|
||||||||||
|
Unaudited
|
||||||||||||
|
Fixed assets
|
|
|
|
|||||||||
|
Deferred tax
|
|
|
|
|||||||||
|
Accumulated deficit
|
|
|
|
|||||||||
|
Non-Controlling Interest
|
|
|
|
|||||||||
|
Revenues
|
|
|
|
|||||||||
|
Operating expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
|
Depreciation and amortization expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
|
Tax benefit (Taxes on income)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
|
Profit (loss) attributable to: |
||||||||||||
|
Owners of the Company
|
(
|
)
|
|
(
|
)
|
|||||||
|
Non-controlling interests
|
(
|
)
|
|
|
||||||||
|
Basic loss per share
|
(
|
)
|
|
|
(
|
)
|
||||||
|
Diluted loss per share
|
(
|
)
|
|
|
(
|
)
|
||||||
| - |
Incremental costs; and
|
| - |
An allocation of other costs that relate directly to fulfilling a contract (such as depreciation expenses for fixed assets used in fulfilling that contract and other contracts).
|
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
|
June 30,
|
December 31,
|
|||||||
|
2022
|
2021
|
|||||||
|
€ in thousands
|
||||||||
|
Unaudited
|
Audited
|
|||||||
|
Marketable securities (1)
|
|
|
||||||
|
Short-term restricted cash (2)
|
|
|
||||||
|
Short-term deposits
|
|
|
||||||
|
Long-term restricted non-interest-bearing bank deposits (2)
|
|
|
||||||
| 1. |
|
| 2. |
|
|
June 30,
|
December 31,
|
|||||||
|
2022
|
2021
|
|||||||
|
€ in thousands
|
||||||||
|
Unaudited
|
Audited
|
|||||||
|
Current Assets:
|
||||||||
|
Trade and other receivables:
|
||||||||
|
Government authorities
|
|
|
||||||
|
Income receivable
|
|
|
||||||
|
Interest receivable
|
|
|
||||||
|
Current tax
|
|
|
||||||
|
Trade receivable
|
|
|
||||||
|
Inventory
|
|
|
||||||
|
Derivatives (Note 7)
|
|
|
||||||
|
Prepaid expenses and other
|
|
|
||||||
|
|
|
|||||||
|
Non-current Assets:
|
||||||||
|
Long term receivables
|
||||||||
|
Loans to others
|
|
|
||||||
|
Annual rent deposits
|
|
|
||||||
|
Prepaid expenses associated with long term loans (1)
|
|
|
||||||
|
Other
|
|
|
||||||
|
|
|
|||||||
| (1) |
|
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
Note 6 - Investee Companies and Other Investments
Information about investee companies and other investments
A. U. Dori Energy Infrastructures Ltd. (“Dori Energy”)-
The Company, through its wholly owned subsidiary, Ellomay Clean Energy Ltd. (“Ellomay Energy”), entered into an Investment Agreement (the “Dori Investment Agreement”) with Amos Luzon Entrepreneurship and Energy Group Ltd. (the “Luzon Group”), and Dori Energy, with respect to an investment in Dori Energy. Dori Energy holds
Dorad provided guarantees in favor of the Israeli Electricity Authority, the Israel Electric Corporation and Israel Natural Gas Lines Ltd. These guarantees were provided through Dorad’s shareholders at their proportionate holdings, as required by the financing agreements executed by Dorad. As of June 30, 2022, total performance guarantees provided by Dorad amounted to approximately NIS
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
Note 6 - Investee Companies and Other Investments (cont’d)
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
Note 6 - Investee Companies and Other Investments (cont’d)
B. Manara Pumped Storage Project (cont’d) –
Prior to the first withdrawal, the company requested a waiver in connection with the financial covenants required for the first withdrawal, so that instead of maintaining a projected ratio of minimum debt service cover (PROJECTED ADSCR) and LLCR as defined in the Finance Agreement of 1.35:1.00 for the Senior Secured Tranche, the projected ratio would be 1.34:1.00. In addition, considering the Subordinated Secured B Tranche, the company requested that instead of maintaining a projected minimum debt service coverage ratio and LLCR as defined under the Finance Agreement of 1.23:1.00, the ratio would be 1.24:1.00. The Lenders agreed to the request.
As part of the Manara PSP Project Finance, as of June 30, 2022, Ellomay PS paid upfront, agency and commitment fees in the accumulated amount of approximately NIS
C. Ellomay Solar 28MW Photovoltaic Plant in Spain –
In June 2022, the photovoltaic plant constructed by Ellomay Solar S.L., a wholly-owned subsidiary of the Company (“Ellomay Solar”), in the municipality of Talaván, Cáceres, Spain, with a peak capacity of 28MW, was connected to the electricity grid and electricity production commenced. The Ellomay Solar PV Plant achieved PAC (Provisional Acceptance Certificate) in July 2022.
D. Development of PV Projects in Italy
In connection with the Framework Agreement executed in December 2019 and further detailed in Note 6.C to the annual financial statements, development of photovoltaic greenfield projects in Italy is progressing as planned. As of the reporting date, the first two photovoltaic plants with an aggregate capacity of approximately 20 MW entered into engineering, procurement & construction agreements (the “EPC Agreements”) with METKA EGN Italy S.r.l., a 100% indirect subsidiary of MYTILINEOS S.A., under the Renewables & Storage Development Business Unit. The EPC Agreements provide a fixed and lump-sum aggregate amount of approximately €
In addition to the aforementioned PV Plants currently under construction, projects with an aggregate capacity of 100 MW reached RTB (“ready to build”) status, projects with an aggregate capacity of 70 MW received applicable licenses and are expected to reach RTB status within approximately 4 months when their appeal period ends, and projects with an aggregate capacity of 250 MW are under advances development stages.
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
Note 6 - Investee Companies and Other Investments (cont’d)
| A. |
a term loan in the amount of €
|
| B. |
a term loan in the amount of €
|
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
|
June 30,
|
December 31,
|
|||||||
|
2022
|
2021
|
|||||||
|
€ in thousands
|
||||||||
|
Unaudited
|
Audited
|
|||||||
|
Derivatives presented under current assets
|
||||||||
|
Currency swap
|
|
|
||||||
|
|
|
|||||||
|
Derivatives presented under non-current assets
|
||||||||
|
Swap contracts |
|
|
||||||
|
Currency swap
|
|
|
||||||
|
|
|
|||||||
|
Derivatives presented under current liabilities
|
||||||||
|
Swap contracts
|
(
|
)
|
(
|
)
|
||||
|
Financial power swap
|
(
|
)
|
(
|
) |
||||
|
(
|
)
|
(
|
)
|
|||||
|
Derivatives presented under non-current liabilities
|
||||||||
|
Financial power swap |
(
|
) |
(
|
)
|
||||
|
Swap contracts
|
|
|
(
|
)
|
||||
|
(
|
)
|
(
|
)
|
|||||
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
(2) Financial instruments measured at fair value for disclosure purposes only
|
June 30, 2022
|
|||||||||||||||||||
|
Fair value
|
|||||||||||||||||||
|
Carrying
|
Valuation techniques for
|
Inputs used to
|
|||||||||||||||||
|
amount
|
Level 1
|
Level 2
|
Level 3
|
determining fair value
|
determine fair value
|
||||||||||||||
|
€ in thousands
|
|||||||||||||||||||
|
Non-current liabilities:
|
|||||||||||||||||||
|
Debentures
|
|
|
|
|
|||||||||||||||
|
Loans from banks and others (including current maturities)
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
||||||||||||||||
|
December 31, 2021
|
|||||||||||||||||||
|
Fair value
|
|||||||||||||||||||
|
Carrying
|
Valuation techniques for
|
Inputs used to
|
|||||||||||||||||
|
amount
|
Level 1
|
Level 2
|
Level 3
|
determining fair value
|
determine fair value
|
||||||||||||||
|
€ in thousands
|
|||||||||||||||||||
|
Non-current liabilities:
|
|||||||||||||||||||
|
Debentures
|
|
|
|
|
|||||||||||||||
|
Loans from banks and others (including current maturities)
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
||||||||||||||||
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
|
Level 1: quoted prices (unadjusted) in active markets for identical instruments.
|
|
Level 2: inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.
|
|
Level 3: inputs that are not based on observable market data (unobservable inputs).
|
|
June 30, 2022
|
|||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Valuation techniques for
|
|||||||||||||
|
€ in thousands
|
determining fair value
|
||||||||||||||||
|
Marketable securities |
|
|
|
||||||||||||||
|
Swap contracts
|
|
|
|
|
|
|
|
||||||||||
|
Currency swap
|
|
|
|
|
|
||||||||||||
|
Dori Energy loan
|
|
|
|
|
|
||||||||||||
|
Financial power swap
|
|
|
(
|
) |
(
|
) |
|
||||||||||
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
|
December 31, 2021
|
|||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Valuation techniques for
|
|||||||||||||
|
€ in thousands
|
determining fair value
|
||||||||||||||||
|
Marketable securities
|
|
|
|
|
|
||||||||||||
|
Swap contracts
|
|
(
|
)
|
|
(
|
)
|
|
||||||||||
|
Currency swap
|
|
|
|
|
|
|
|
||||||||||
|
Dori Energy loan
|
|
|
|
|
|
||||||||||||
|
Financial power swap
|
|
|
(
|
) |
(
|
) |
|
||||||||||
|
Financial assets
|
||||
|
Dori Energy loan
|
||||
|
€ in thousands
|
||||
|
Balance as at December 31, 2021
|
|
|||
|
Repayment of loan to an equity accounted investee
|
(
|
)
|
||
|
Loan to an equity accounted investee
|
|
|||
|
Total income recognized in profit or loss
|
|
|||
|
Interest
|
|
|||
|
Foreign Currency translation adjustments
|
(
|
) | ||
|
Balance as at June 30, 2022
|
|
|||
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
Note 7 - Financial Instruments (cont’d)
|
Financial assets
|
||||
|
Financial
power swap
|
||||
|
€ in thousands
|
||||
|
Balance as at December 31, 2021
|
(
|
) | ||
|
Total loss recognized in other comprehensive income (loss)
|
(
|
)
|
||
|
Balance as at June 30, 2022
|
(
|
) | ||
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
|
Office
|
||||||||||||||||||||
|
Photovoltaic
|
Pumped
|
Biogas
|
furniture and
|
|||||||||||||||||
|
Plants
|
storage
|
installations
|
equipment
|
Total
|
||||||||||||||||
|
€ in thousands
|
||||||||||||||||||||
|
Cost
|
||||||||||||||||||||
|
Balance as at January 1, 2022
|
|
|
|
|
|
|||||||||||||||
|
Additions
|
|
|
|
|
|
|||||||||||||||
|
Effect of changes in exchange rates
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
|
Balance as at June 30, 2022
|
|
|
|
|
|
|||||||||||||||
|
Balance as at January 1, 2021
|
|
|
|
|
|
|||||||||||||||
|
Additions
|
|
|
|
|
|
|||||||||||||||
|
Effect of changes in exchange rates
|
|
|
|
|
|
|||||||||||||||
|
Balance as at December 31, 2021
|
|
|
|
|
|
|||||||||||||||
|
Depreciation
|
||||||||||||||||||||
|
Balance as at January 1, 2022
|
|
|
|
|
|
|||||||||||||||
|
Depreciation for the period
|
|
|
|
|
|
|||||||||||||||
|
Effect of changes in exchange rates
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
|
Balance as at June 30, 2022
|
|
|
|
|
|
|||||||||||||||
|
Balance as at January 1, 2021
|
|
|
|
|
|
|||||||||||||||
|
Depreciation for the year
|
|
|
|
|
|
|||||||||||||||
|
Effect of changes in exchange rates
|
|
|
|
|
|
|||||||||||||||
|
Balance as at December 31, 2021
|
|
|
|
|
|
|||||||||||||||
|
Carrying amounts
|
||||||||||||||||||||
|
As at June 30, 2022
|
|
|
|
|
|
|||||||||||||||
|
As at December 31, 2021
|
|
|
|
|
|
|||||||||||||||
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
|
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
|
Ellomay
|
Bio
|
reportable
|
Total
|
|||||||||||||||||||||||||||||||||||||||||
|
Italy
|
Spain
|
Solar
|
Talasol
|
Israel1
|
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
|
||||||||||||||||||||||||||||||||||
|
For the six months ended June 30, 2022
|
||||||||||||||||||||||||||||||||||||||||||||
|
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||
|
Revenues
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||
|
Operating expenses
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
|
Depreciation expenses
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||
|
Gross profit (loss)
|
|
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||||||||||
|
Project development costs
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
General and administrative expenses
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Share of profits of equity
|
||||||||||||||||||||||||||||||||||||||||||||
|
accounted investee
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Operating profit
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Financing income
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Financing expenses in connection
|
||||||||||||||||||||||||||||||||||||||||||||
|
with derivatives and warrants, net
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Financing expenses
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Income before taxes on Income
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Segment assets as at
|
||||||||||||||||||||||||||||||||||||||||||||
|
June 30, 2022
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
|
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
|
Ellomay
|
Bio
|
reportable
|
Total
|
|||||||||||||||||||||||||||||||||||||||||
|
Italy
|
Spain
|
Solar
|
Talasol
|
Israel1
|
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
|
||||||||||||||||||||||||||||||||||
|
For the six months ended June 30, 2021
|
||||||||||||||||||||||||||||||||||||||||||||
|
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||
|
Revenues
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||
|
Operating expenses
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||
|
Depreciation expenses
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||
|
Gross profit (loss)
|
|
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||||||||||
|
Project development costs
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
General and
|
||||||||||||||||||||||||||||||||||||||||||||
|
administrative expenses
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Share of profits of equity
|
||||||||||||||||||||||||||||||||||||||||||||
|
accounted investee
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Operating profit
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Financing income
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Financing expenses in connection
|
||||||||||||||||||||||||||||||||||||||||||||
|
with derivatives and warrants, net
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Financing expenses
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Loss before taxes
|
||||||||||||||||||||||||||||||||||||||||||||
|
on Income
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Segment assets as at
|
||||||||||||||||||||||||||||||||||||||||||||
|
June 30, 2021
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
|
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
|
Ellomay
|
Bio
|
reportable
|
Total
|
|||||||||||||||||||||||||||||||||||||||||
|
Italy
|
Spain
|
Solar
|
Talasol
|
Israel1
|
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
|
||||||||||||||||||||||||||||||||||
|
For the year ended December 31, 2021
|
||||||||||||||||||||||||||||||||||||||||||||
|
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||
|
Revenues
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||
|
Operating expenses
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||
|
Depreciation expenses
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||
|
Gross profit (loss)
|
|
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||||||||||
|
Project development costs
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
General and
|
||||||||||||||||||||||||||||||||||||||||||||
|
administrative expenses
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Share of loss of equity
|
||||||||||||||||||||||||||||||||||||||||||||
|
accounted investee
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Operating profit
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Financing income
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
Financing expenses in connection
|
||||||||||||||||||||||||||||||||||||||||||||
|
with derivatives and warrants, net
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Financing expenses, net
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Loss before taxes
|
||||||||||||||||||||||||||||||||||||||||||||
|
on Income
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
|
Segment assets as at
|
||||||||||||||||||||||||||||||||||||||||||||
|
December 31, 2021
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
|
Italy
|
Spain
|
Talasol
|
Israel
|
Bio Gas
|
Manara
|
Total
|
||||||||||||||||||||||
|
€ in thousands
|
||||||||||||||||||||||||||||
|
Cost
|
||||||||||||||||||||||||||||
|
Balance as at January 1, 2022
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Additions
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Depreciation for the period
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||
|
Disposals
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||||||||||||||||
|
Effect of changes in exchange rates
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||
|
Balance as at June 30, 2022
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
June 30, 2022
|
||||
|
€ in thousands
|
||||
|
Less than one year
|
|
|||
|
One to five years
|
|
|||
|
More than five years
|
|
|||
|
Total
|
|
|||
|
Current maturities of lease liability
|
|
|||
|
Long-term lease liability
|
|
|||
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
Note 11 - Subsequent events
In order to manage the currency risk resulting from the Series C Debentures, which are denominated in NIS, the Company executed currency swap transactions in March 2021. The Company exchanged Series C Debentures NIS denominated notional principal in the aggregate amount of NIS
On August 17, 2022, the company closed the currency swap transaction at a mark to market price of approximately EUR
F - 28
|
Name
|
Installed/ production Capacity1
|
Location
|
Type of Plant
|
Connection to Grid
|
Fixed Tariff
|
Revenue in the six months ended June 30, 2021 (in thousands)2
|
Revenue in the six months ended June 30, 2022 (in thousands)2
|
|
“Rinconada II”
|
2,275 kWp
|
Municipality of Córdoba, Andalusia, Spain
|
PV – Fixed panels
|
July 2010
|
N/A
|
€423
|
€601
|
|
“Rodríguez I”
|
1,675 kWp
|
Province of Murcia, Spain
|
PV – Fixed panels
|
November 2011
|
N/A
|
€314
|
€442
|
|
“Rodríguez II”
|
2,691 kWp
|
Province of Murcia, Spain
|
PV – Fixed panels
|
November 2011
|
N/A
|
€539
|
€716
|
|
“Fuente Librilla”
|
1,248 kWp
|
Province of Murcia, Spain
|
PV – Fixed panels
|
June 2011
|
N/A
|
€258
|
€322
|
|
“Talmei Yosef”
|
9,400 kWp
|
Talmei Yosef, Israel
|
PV – Fixed panels
|
November 2013
|
1.01853 (NIS/kWh)
|
€5904
|
€5564
|
|
“Talasol”
|
300,000 kWp
|
Talaván, Cáceres, Spain
|
PV – Fixed panels
|
December 2020
|
N/A
|
€12,1405
|
€20,402
|
|
“Ellomay Solar”
|
28,000 kWp
|
Talaván, Cáceres, Spain
|
PV – Fixed panels
|
June 2022
|
N/A
|
-
|
€3276
|
|
“Groen Gas Goor”
|
3 million Nm3 per year
|
Goor, the Netherlands
|
Biogas
|
November 2017
|
N/A
|
€1,727
|
€1,354
|
|
“Goren Gas Oude-Tonge”
|
3.8 million Nm3 per year
|
Oude-Tonge, the Netherlands
|
Biogas
|
June 2018
|
N/A
|
€1,552
|
€1,417
|
|
“Groen Gas Gelderland”
|
7.5 million Nm3 per year7
|
Gelderland, the Netherlands
|
Biogas
|
April 2017
|
N/A
|
€2,850
|
€3,059
|
|
Six months ended June 30,
|
June 30, 2022 vs. June 30, 2021 Change
|
|||||||||||||||
|
(Euro in thousands)
|
2022
|
2021
|
€ |
|
%
|
|||||||||||
|
Spanish PV segment
|
2,081
|
1,534
|
547
|
36
|
%
|
|||||||||||
|
Ellomay Solar PV segment
|
327
|
-
|
327
|
100
|
%
|
|||||||||||
|
Talasol PV Segment
|
20,402
|
12,140
|
8,262
|
68
|
%
|
|||||||||||
|
Israeli PV segment
|
2,246
|
2,130
|
116
|
5
|
%
|
|||||||||||
|
Netherlands biogas segment
|
5,830
|
6,129
|
(299
|
)
|
(5
|
)%
|
||||||||||
|
Dorad segment
|
26,756
|
22,940
|
3,816
|
17
|
%
|
|||||||||||
|
Six months ended June 30,
|
June 30, 2022 vs. June 30, 2021 Change
|
|||||||||||||||
|
(Euro in thousands)
|
2022
|
2021
|
€ |
|
%
|
|||||||||||
|
Spanish PV segment
|
100
|
423
|
(323
|
)
|
(76
|
)%
|
||||||||||
|
Ellomay Solar PV segment
|
191
|
-
|
191
|
100
|
%
|
|||||||||||
|
Talasol PV Segment
|
7,088
|
2,054
|
5,034
|
245
|
%
|
|||||||||||
|
Israeli PV segment
|
214
|
170
|
44
|
25
|
%
|
|||||||||||
|
Netherlands biogas segment
|
5,538
|
4,925
|
613
|
12
|
%
|
|||||||||||
|
Dorad segment
|
20,769
|
18,049
|
2,720
|
15
|
%
|
|||||||||||
| • |
income resulting from exchange rate differences amounting to approximately €2.6 million in the six months ended June 30, 2022, mainly in connection with the NIS cash and cash equivalents and the Company’s NIS denominated debentures caused
by the 3.3% appreciation of the euro against the NIS during the six months ended June 30, 2022, compared to expenses in the amount of approximately €0.2 million for the six months ended June 30, 2021, caused by the 0.8% devaluation of the
euro against the NIS during the six months ended June 30, 2021;
|
| • |
income resulting from indexation to the increases in the Israeli consumer price index (CPI); and
|
| • |
expenses recorded in 2021 amounting to approximately €0.8 million in connection with the early repayment of the Company’s Series B Debentures.
|
|
Year ended December 31,
|
Six months ended June 30,
|
|||||||||||||||
|
2021
|
2020
|
2022
|
2021
|
|||||||||||||
|
Appreciation (Devaluation) of the euro against the NIS
|
(10.8
|
)%
|
1.7
|
%
|
3.3
|
%
|
(1.8
|
)%
|
||||||||
|
Six months ended June 30,
|
||||||||
|
2022
|
2021
|
|||||||
|
(euro in thousands)
|
||||||||
|
Net cash provided by operating activities
|
8,017
|
7,269
|
||||||
|
Net cash used in investing activities
|
(3,249
|
)
|
(53,636
|
)
|
||||
|
Net cash provided by financing activities
|
17,082
|
44,292
|
||||||
|
Exchange differences on balances of cash and cash equivalents
|
(3,128
|
)
|
2,489
|
|||||
|
Increase in cash and cash equivalents
|
18,722
|
414
|
||||||
|
Cash and cash equivalents at beginning of period
|
41,229
|
66,845
|
||||||
|
Cash and cash equivalents at end of period
|
59,951
|
67,259
|
||||||