UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2020
Commission File Number: 001-35284

Ellomay Capital Ltd.
(Translation of registrant’s name into English)

9 Rothschild Blvd., Tel Aviv 6688112, Israel
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F   ☒          Form 40-F   ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes   ☐          No   ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________


PARAGRAPHS 1-18 OF, AND THE IFRS FINANCIAL RESULTS INCLUDED IN, EXHIBIT 99.1 OF THIS FORM 6-K, ARE HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT’S REGISTRATION STATEMENTS ON FORM F-3 (NOS. 333-199696 AND 333-144171) AND FORM S-8 (NOS. 333-187533, 333-102288 AND 333-92491), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

This Report on Form 6-K of Ellomay Capital Ltd. Includes the following document, which is attached hereto and incorporated by reference herein:

Exhibit 99.1

2

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Ellomay Capital Ltd.
 
       

By:
/s/ Ran Fridrich
 
   
Ran Fridrich
 
   
Chief Executive Officer and Director
 
       
Dated: March 31, 2020

3


Exhibit 99.1


Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2019

Tel-Aviv, Israel, March 31, 2020 – Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported its unaudited financial results for the fourth quarter and year ended December 31, 2019.

Financial Highlights

The Company recorded revenues of approximately €19 million for the year ended December 31, 2019, up 5% from approximately €18.1 million for the year ended December 31, 2018. The revenue increase is mainly due to the commencement of operations of the Company’s waste-to-energy project in Oude Tonge, the Netherlands in June 2018 and relatively higher levels of radiation in Italy during 2019 compared to 2018.

Operating expenses were approximately €6.6 million for the year ended December 31, 2019, compared to approximately €6.3 million for the year ended December 31, 2018. The increase in operating expenses is mainly attributable to additional operating expenses from the commencement of operations at the Company’s waste-to-energy project in Oude Tonge, the Netherlands. Depreciation and amortization expenses were approximately €6.4 million for the year ended December 31, 2019, compared to approximately €5.8 million for the year ended December 31, 2018.
 
Project development costs were approximately €4.2 million for the year ended December 31, 2019, compared to approximately €2.9 million for the year ended December 31, 2018. The increase in project development costs is mainly attributable to consultancy expenses for the planned construction of a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.
 
General and administrative expenses were approximately €3.8 million for the year ended December 31, 2019, compared to approximately €3.6 million for the year ended December 31, 2018 due to a slight increase in labor and consultancy expenses.
 
Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €3.1 million in the year ended December 31, 2019, compared to approximately €2.5 million in the year ended December 31, 2018. The increase in the Company’s share of profit of equity accounted investee is mainly attributable to an increase in sales of electricity by Dorad and to lower financial expenses incurred by Dorad as a result of the CPI indexation of loans from banks and related parties.
 
Other expenses, net for the year ended December 31, 2019 were approximately €2.1 million, compared to other income, net of approximately €0.9 million in the year ended December 31, 2018. During 2019 the Company recorded expenses in the amount of approximately €2.1 million in connection with the announcement received from Gestore dei Servizi Elettrici (“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 of up to €2.1 million of indemnification in connection with the GSE Claim and the Company recorded this potential payment as other expenses.
 
On December 20, 2019, in connection with the sale of ten Italian indirect wholly-owned subsidiaries of the Company, which own twelve photovoltaic plants with an aggregate nominal capacity of approximately 22.6 MW, the Company recorded a capital gain in the amount of approximately €18.8 million. The agreed purchase price was €41 million for the cutoff date of December 31, 2018 and adjusted in connection with funds received by the Company from the Italian Subsidiaries during 2019 (approximately €2.3 million), resulting in a cash purchase price of approximately €38.7 million.
 

Financing expenses, net was approximately €8.2 million for the year ended December 31, 2019, compared to approximately €2.1 million for the year ended December 31, 2018. The increase in financing expenses was mainly due to: (i) expenses in connection with exchange rate differences amounting to approximately €2 million in the twelve months ended December 31, 2019, mainly in connection with the Company’s NIS denominated Debentures, the loan to an equity accounted investee and cash and cash equivalents, caused by the 9.6% devaluation of the euro against the NIS during this period, compared to income in connection with exchange rate differences amounting to approximately €0.7 million in the twelve months ended December 31, 2018 (ii) charges of approximately €2 million recorded in 2019 in connection with the early repayment of the entire outstanding principal of the Company’s Series A Debentures, and (iii) an increase of approximately €0.5 million in interest and swap expenses mainly as a result of the financing transaction entered in March 2019 by four Spanish indirect wholly-owned subsidiaries and as a result of expenses recorded in connection with the swap transaction entered by the Italian subsidiaries that were sold on December 20, 2019.
 
Tax benefit was approximately €0.3 million in the year ended December 31, 2019, compared to taxes on income of approximately €0.2 million in the year ended December 31, 2018. The change is due to deferred taxes arising from timing differences in depreciation expenses in connection with the Talasol Project.
 
Net profit was approximately €9.8 million in the year ended December 31, 2019, compared to net loss of approximately €0.6 million for the year ended December 31, 2018.
 
Net profit per share was approximately €1.09 in the year ended December 31, 2019, compared to approximately €0.1 for the year ended December 31, 2018.
 
Total other comprehensive income was approximately €1.3 million for the year ended December 31, 2019, compared to total other comprehensive loss of approximately €1.2 million in the year ended December 31, 2018. 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, as a result of fluctuations in the euro/NIS exchange rates.
 
Total comprehensive profit was approximately €10.3 million in the year ended December 31, 2019, compared to total comprehensive loss of approximately €0.5 million in the year ended December 31, 2018.
 
EBITDA was approximately €24.1 million for the year ended December 31, 2019 (including €18.8 million capital gain recorded in connection of the sale of Italian subsidiaries), compared to approximately €8.7 million for the year ended December 31, 2018.
 
Net cash from operating activities was approximately €3.7 million for the year ended December 31, 2019, compared to approximately €6.6 million for the year ended December 31, 2018.
 
As of March 1, 2020, the Company held approximately €59.4 million in cash and cash equivalents, approximately €2.2 million in marketable securities and approximately €10.1 million in restricted long-term cash.
 
On March 30, 2020, the Company's Board of Directors approved a plan to repurchase the Company's debentures in an aggregate amount of up to NIS 15 million for a six month period. The timing, volume and nature of repurchases will be at the sole discretion of management and will depend on market conditions, the price and availability of the Company's debentures, and other factors. No assurance can be given that any particular amount of debentures will be repurchased and the repurchase plan does not obligate the Company to acquire a specific amount of debentures in any period.
 
Ran Fridrich, CEO and a board member of Ellomay commented: “2019 was marked with substantial accomplishments for Ellomay Capital. The Talasol project reached financial closing and we added two equity partners to the project that acquired 49% of the holdings at a premium. In addition, as of the today, construction is progressing according to the business plan. We acquired the minority holdings in the Netherlands biogas projects and as of today the results of such projects are in line with the business plan objectives. Further improvements are planned for implementation in the near future and we expect that these improvements will improve the results beyond the basic business plan.

The Company sold its yielding PV assets portfolio in Italy, generating a capital gain from the sale of approximately €19 million.
We obtained long-term project financing for the PV yielding assets in Spain under good terms while generating value to such assets.
We completed an early repayment of our Series A debentures (in the amount approximately NIS 80 million).
In addition, the Company entered into agreements for the development of new PV projects in Italy and Spain of approximately 550 MW and as of today the development process is progressing as planned.

The year ended with a profit attributable to the Company's owners of approximately €12 million. Shareholders' equity attributed to Company owners increased by approximately €28 million. Such equity will enable the Company to enter the challenging period ahead in the best possible way. We are following the global events and the impact of COVID-19 on the economy and specifically on the Company’s operations. We cannot at this point assess whether and how the Company’s operations and assets will be impacted by the crisis.”


Use of NON-IFRS Financial Measures

EBITDA is a non-IFRS measure and is defined as earnings before 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 EBITDA to be an important measure of comparative operating performance, 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. 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 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 EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. A reconciliation between results on an IFRS and non-IFRS basis is provided in the last table of this press release.

About Ellomay Capital Ltd.
 
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.
 
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:
 

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 850MW, representing about 6%-8% of Israel’s total current electricity consumption;


51% of Talasol, which is involved in a project to construct a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;


100% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively;


75% of Ellomay Pumped Storage (2014) Ltd. (including 6.67% that are held by a trustee in trust for us and other parties), which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.

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. Ellomay believes 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, we believe 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 the Company’s forward-looking statements, including the impact of COVID-19 virus on the Company’s operations and projects, including in connection with steps taken by authorities in countries in which the Company operates, regulatory changes, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, changes in demand and technical and other disruptions in the operations or construction of the power plants owned by the Company in addition to other risks and uncertainties associated with the Company’s business that 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: hilai@ellomay.com


Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position

   
December 31,
 
   
2019
   
2018
   
2019
 
   
Unaudited
   
Audited
   
Unaudited
 
   
€ in thousands
   
Convenience Translation into US$ in thousands**
 
Assets
                 
Current assets:
                 
Cash and cash equivalents
   
44,509
     
36,882
     
49,946
 
Marketable securities
   
2,242
     
2,132
     
2,516
 
Short term deposits
   
6,446
     
-
     
7,233
 
Restricted cash
   
22,162
     
(*) 1,315

   
24,869
 
Receivable from concession project
   
1,463
     
1,292
     
1,642
 
Financial assets
   
1,418
     
1,282
     
1,591
 
Trade and other receivables
   
4,882
     
12,623
     
5,478
 
     
83,122
     
55,526
     
93,275
 
Non-current assets
                       
Investment in equity accounted investee
   
33,561
     
27,746
     
37,661
 
Advances on account of investments
   
883
     
798
     
991
 
Receivable from concession project
   
27,122
     
25,710
     
30,435
 
Fixed assets
   
126,607
     
87,220
     
142,074
 
Right-of-use asset
   
15,401
     
-
     
17,282
 
Intangible asset
   
5,042
     
4,882
     
5,658
 
Restricted cash and deposits
   
10,956
     
(*) 5,400

   
12,294
 
Deferred tax
   
2,285
     
2,423
     
2,564
 
Long term receivables
   
31
     
1,455
     
35
 
Derivatives
   
5,162
     
-
     
5,793
 
     
227,050
     
155,634
     
254,787
 
                         
Total assets
   
310,172
     
211,160
     
348,062
 
                         
Liabilities and Equity
                       
Current liabilities
                       
Current maturities of long term loans
   
4,138
     
5,864
     
4,644
 
Debentures
   
26,773
     
8,758
     
30,044
 
Trade payables
   
1,765
     
2,126
     
1,979
 
Other payables
   
5,010
     
3,103
     
5,622
 
     
37,686
     
19,851
     
42,289
 
Non-current liabilities
                       
Lease liability
   
15,402
     
-
     
17,284
 
Long-term loans
   
89,182
     
60,228
     
100,077
 
Debentures
   
44,811
     
42,585
     
50,285
 
Deferred tax
   
6,467
     
6,219
     
7,257
 
Other long-term liabilities
   
1,795
     
(*) 1,959

   
2,014
 
Derivatives
   
7,263
     
(*) 3,361

   
8,150
 
     
164,920
     
114,352
     
185,067
 
Total liabilities
   
202,606
     
134,203
     
227,356
 
Equity
                       
Share capital
   
21,998
     
19,980
     
24,685
 
Share premium
   
64,160
     
58,344
     
71,998
 
Treasury shares
   
(1,736
)
   
(1,736
)
   
(1,948
)
Transaction reserve with non-controlling Interests
   
6,106
     
-
     
6,852
 
Reserves
   
3,283
     
1,169
     
3,684
 
Retained earnings
   
12,818
     
758
     
14,384
 
Total equity attributed to shareholders of the Company
   
106,629
     
78,515
     
119,655
 
Non-Controlling Interest
   
937
     
(1,558
)
   
1,051
 
Total equity
   
107,566
     
76,957
     
120,706
 
Total liabilities and equity
   
310,172
     
211,160
     
348,062
 

* Reclassified (Reclassification of €3,338 thousand deposit from short-term to long-term restricted cash and deposits to reflect more appropriately the nature and the commitments such deposit is intended to secure)
** Convenience translation into US$ (exchange rate as at December 31, 2019: euro 1 = US$ 1.122)


Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position

                         
   
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,
 
   
2018
   
2019
   
2018
   
2019
   
2019
   
2019
 
   
Unaudited
   
Audited
   
Unaudited
   
Unaudited
 
   
in thousands
   
Convenience Translation into US$*
 
Revenues
   
4,246
     
3,553
     
18,117
     
18,988
     
3,987
     
21,308
 
Operating expenses
   
(1,769
)
   
(1,589
)
   
(6,342
)
   
(6,638
)
   
(1,783
)
   
(7,449
)
Depreciation and amortization
   
(1,452
)
   
(1,702
)
   
(5,816
)
   
(6,416
)
   
(1,910
)
   
(7,200
)
Gross profit
   
1,025
     
262
     
5,959
     
5,934
     
294
     
6,659
 
                                                 
Project development costs
   
(256
)
   
(742
)
   
(2,878
)
   
(4,213
)
   
(833
)
   
(4,728
)
General and administrative expenses
   
(838
)
   
(969
)
   
(3,600
)
   
(3,827
)
   
(1,087
)
   
(4,295
)
Share of profits of equity accounted investee
   
331
     
704
     
2,545
     
3,086
     
790
     
3,463
 
Other income (expenses), net
   
811
     
(2,100
)
   
884
     
(2,100
)
   
(2,357
)
   
(2,357
)
Capital gain
   
-
     
18,770
     
-
     
18,770
     
21,063
     
21,063
 
Operating profit
   
1,073
     
15,925
     
2,910
     
17,650
     
17,870
     
19,805
 
                                                 
Financing income
   
739
     
385
     
2,936
     
1,827
     
432
     
2,050
 
Financing income (expenses) in connection with derivatives, net
   
347
     
(98
)
   
494
     
897
     
(110
)
   
1,007
 
Financing expenses
   
(1,342
)
   
(3,828
)
   
(5,521
)
   
(10,877
)
   
(4,296
)
   
(12,206
)
Financing expenses, net
   
(256
)
   
(3,541
)
   
(2,091
)
   
(8,153
)
   
(3,974
)
   
(9,149
)
Profit before taxes on income
   
817
     
12,384
     
819
     
9,497
     
13,897
     
10,656
 
Tax benefit (Taxes on income)
   
(95
)
   
1,200
     
(215
)
   
287
     
1,347
     
322
 
Profit for the period
   
722
     
13,584
     
604
     
9,784
     
15,243
     
10,978
 
Profit (loss) attributable to:
                                               
Owners of the Company
   
673
     
13,683
     
1,057
     
12,060
     
15,355
     
13,533
 
Non-controlling interests
   
49
     
(99
)
   
(453
)
   
(2,276
)
   
(111
)
   
(2,555
)
Profit for the  period
   
722
     
13,584
     
604
     
9,784
     
15,243
     
10,978
 
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
   
(258
)
   
(7,008
)
   
(787
)
   
2,103
     
(7,864
)
   
2,360
 
Other comprehensive income items that will not be transferred to profit or loss:
                                               
Effective portion of change in fair value of cash flow hedges
   
(476
)
   
(5,901
)
   
(1,008
)
   
1,076
     
(6,622
)
   
1,207
 
Net change in fair value of cash flow hedges transferred to profit or loss
   
348
     
356
     
643
     
(1,922
)
   
399
     
(2,157
)
Total other comprehensive profit (loss)
   
(386
)
   
(12,553
)
   
(1,152
)
   
1,257
     
(14,087
)
   
1,410
 
Total comprehensive profit (loss) for the period
   
336
     
1,031
     
(548
)
   
11,041
     
1,157
     
12,388
 
                                                 
Basic net profit per share
   
0.06
     
1.19
     
0.10
     
1.09
     
1.36
     
1.24
 
Diluted net profit per share
   
0.06
     
1.19
     
0.10
     
1.09
     
1.36
     
1.24
 

* Convenience translation into US$ (exchange rate as at December 31, 2019: euro 1 = US$ 1.122)


Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Changes in Equity (in thousands)

                     
Non- controlling
   
Total
 
               
Attributable to shareholders of the Company
   
Interests
   
Equity
 
   
Share capital
   
Share premium
   
Retained earnings
   
Treasury shares
   
Translation reserve from
foreign operations
   
Hedging Reserve
   
Interests Transaction reserve with
non-controlling Interests
   
Total
             
   
€ in thousands
 
For the year ended
                                                           
December 31, 2019 (Unaudited):
                                                           
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
 


Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont’d)

               
Non- controlling
   
Total
 
         
Attributable to shareholders of the Company
   
Interests
   
Equity
 
   
Share capital
   
Share premium
   
Retained earnings
   
Treasury shares
   
Translation reserve from
foreign operations
   
Hedging Reserve
   
Total
             
   
€ in thousands
 
For the year ended
                                                     
December 31, 2018 (Audited):
                                                     
Balance as at
                                                     
January 1, 2018
   
19,980
     
58,339
     
(299
)
   
(1,736
)
   
2,219
     
138
     
78,641
     
(1,141
)
   
77,500
 
Profit (loss) for the year
   
-
     
-
     
1,057
     
-
     
-
     
-
     
1,057
     
(453
)
   
604
 
Other comprehensive loss for the year
   
-
     
-
     
-
     
-
     
(823
)
   
(365
)
   
(1,188
)
   
36
     
(1,152
)
Total comprehensive loss for the year
   
-
     
-
     
1,057
     
-
     
(823
)
   
(365
)
   
(131
)
   
(417
)
   
(548
)
Transactions with owners of the Company,  recognized directly in equity:
                                                                       
Share-based payments
   
-
     
5
     
-
     
-
     
-
     
-
     
5
     
-
     
5
 
Balance as at
                                                                       
 December 31, 2018
   
19,980
     
58,344
     
758
     
(1,736
)
   
1,396
     
(227
)
   
78,515
     
(1,558
)
   
76,957
 
                                                                         
For the three months
                                                                       
ended December 31, 2018 (Unaudited):
                                                                       
Balance as at
                                                                       
September 30, 2018
   
19,980
     
58,342
     
85
     
(1,736
)
   
1,679
     
(99
)
   
78,251
     
(1,632
)
   
76,619
 
Profit for the period
   
-
     
-
     
673
     
-
     
-
     
-
     
673
     
49
     
722
 
Other comprehensive loss for the period
   
-
     
-
     
-
     
-
     
(283
)
   
(128
)
   
(411
)
   
25
     
(386
)
Total comprehensive income for the period
   
-
     
-
     
673
     
-
     
(283
)
   
(128
)
   
262
     
74
     
336
 
Transactions with owners of the Company,  recognized directly in equity:
                                                                       
Share-based payments
   
-
     
2
     
-
     
-
     
-
     
-
     
2
     
-
     
2
 
Balance as at
                                                                       
December 31, 2018
   
19,980
     
58,344
     
758
     
(1,736
)
   
1,396
     
(227
)
   
78,515
     
(1,558
)
   
76,957
 


Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont’d)

               
Attributable to shareholders of the Company
   
Non- controlling Interests
   
Total Equity
 
   
Share capital
   
Share premium
   
Retained earnings
   
Treasury shares
   
Translation reserve from
foreign operations
   
Hedging Reserve
   
Interests Transaction reserve with
non-controlling Interests
   
Total
             
   
Convenience translation into US$ (exchange rate as at December 31, 2019: euro 1 = US$ 1.122)
 
For the year ended
                                                           
December 31, 2019 (Unaudited):
                                                           
Balance as at
                                                           
January 1, 2019
   
22,420
     
65,472
     
851
     
(1,948
)
   
1,567
     
(255
)
   
-
     
88,107
     
(1,748
)
   
86,359
 
Profit (loss) for the year
   
-
     
-
     
13,533
     
-
     
-
     
-
     
-
     
13,533
     
(2,555
)
   
10,978
 
Other comprehensive income for the year
   
-
     
-
     
-
     
-
     
3,322
     
(950
)
   
-
     
2,372
     
(962
)
   
1,410
 
Total comprehensive income for the year
   
-
     
-
     
13,533
     
-
     
3,322
     
(950
)
   
-
     
15,905
     
(3,517
)
   
12,388
 
Transactions with owners of the Company,  recognized directly in equity:
                                                                               
Sale of shares in subsidiaries to
                                                                               
non-controlling interests
   
-
     
-
     
-
     
-
     
-
     
-
     
6,104
     
6,104
     
6,031
     
12,135
 
Purchase of shares in subsidiaries from
                                                                               
non-controlling interests
   
-
     
-
     
-
     
-
     
-
     
-
     
748
     
748
     
285
     
1,033
 
Issuance of ordinary shares
   
2,256
     
6,505
     
-
     
-
     
-
     
-
     
-
     
8,761
     
-
     
8,761
 
Options exercise
   
9
     
12
     
-
     
-
     
-
     
-
     
-
     
21
     
-
     
21
 
Share-based payments
   
-
     
9
     
-
     
-
     
-
     
-
     
-
     
9
     
-
     
9
 
Balance as at
                                                                               
 December 31, 2019
   
24,685
     
71,998
     
14,384
     
(1,948
)
   
4,889
     
(1,205
)
   
6,852
     
119,655
     
1,051
     
120,706
 
                                                                                 
For the three months
                                                                               
ended December 31, 2019 (Unaudited):
                                                                               
Balance as at
                                                                               
September 30, 2019
   
24,685
     
71,992
     
(971
)
   
(1,948
)
   
5,721
     
5,017
     
6,852
     
111,348
     
8,195
     
119,543
 
Profit (loss) for the period
   
-
     
-
     
15,355
     
-
     
-
     
-
     
-
     
15,355
     
(111
)
   
15,244
 
Other comprehensive loss for the period
   
-
     
-
     
-
     
-
     
(832
)
   
(6,222
)
   
-
     
(7,054
)
   
(7,033
)
   
(14,087
)
Total comprehensive income for the period
   
-
     
-
     
15,355
     
-
     
(832
)
   
(6,222
)
   
-
     
8,301
     
(7,144
)
   
1,157
 
Transactions with owners of the Company,  recognized directly in equity:
                                                                               
Share-based payments
   
-
     
6
     
-
     
-
     
-
     
-
     
-
     
6
     
-
     
6
 
Balance as at
                                                                               
December 31, 2019
   
24,685
     
71,998
     
14,384
     
(1,948
)
   
4,889
     
(1,205
)
   
6,852
     
119,655
     
1,051
     
120,706
 


Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flow (in thousands)

   
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,
 
   
2018
   
2019
   
2018
   
2019
   
2019
   
2019
 
   
Unaudited
   
Audited
   
Unaudited
   
Unaudited
 
   
€ in thousands
   
Convenience Translation into US$*
 
Cash flows from operating activities
                                   
Profit for the period
   
722
     
13,584
     
604
     
9,784
     
15,243
     
10,978
 
Adjustments for:
                                               
Financing expenses, net
   
256
     
3,541
     
2,091
     
8,153
     
3,974
     
9,149
 
Capital gain
   
-
     
(18,770
)
   
-
     
(18,770
)
   
(21,063
)
   
(21,063
)
Depreciation and amortization
   
1,452
     
1,702
     
5,816
     
6,416
     
1,910
     
7,200
 
Share-based payment transactions
   
2
     
5
     
5
     
8
     
6
     
9
 
Share of profits of equity accounted investees
   
(331
)
   
(704
)
   
(2,545
)
   
(3,086
)
   
(790
)
   
(3,463
)
Payment of interest on loan from an equity accounted investee
   
1,860
     
-
     
3,036
     
370
     
-
     
415
 
Change in trade receivables and other receivables
   
183
     
1,305
     
(17
)
   
403
     
1,464
     
452
 
Change in other assets
   
257
     
(480
)
   
37
     
(1,950
)
   
(539
)
   
(2,188
)
Change in receivables from concessions project
   
355
     
200
     
1,431
     
1,329
     
224
     
1,491
 
Change in accrued severance pay, net
   
-
     
1
     
15
     
9
     
1
     
10
 
Change in trade payables
   
342
     
47
     
633
     
461
     
53
     
517
 
Change in other payables
   
(1,527
)
   
2,646
     
(1,565
)
   
5,336
     
2,969
     
5,988
 
Income tax expense (tax benefit)
   
95
     
(1,200
)
   
215
     
(287
)
   
(1,347
)
   
(322
)
Income taxes paid
   
(33
)
   
(81
)
   
(77
)
   
(100
)
   
(91
)
   
(112
)
Interest received
   
429
     
438
     
1,835
     
1,719
     
492
     
1,929
 
Interest paid
   
(2,121
)
   
(2,846
)
   
(4,924
)
   
(6,083
)
   
(3,194
)
   
(6,826
)
     
1,219
     
(14,196
)
   
5,986
     
(6,072
)
   
(15,931
)
   
(6,814
)
Net cash from (used in) operating activities
   
1,941
     
(612
)
   
6,590
     
3,712
     
(688
)
   
4,164
 
Cash flows from investing activities
                                               
Acquisition of fixed assets
   
(647
)
   
(30,970
)
   
(3,708
)
   
(86,805
)
   
(34,753
)
   
(97,409
)
Acquisition of subsidiary, net of cash acquired
   
(1,000
)
   
-
     
(1,000
)
   
(1,000
)
   
-
     
(1,122
)
Repayment of loan from an equity accounted investee
   
1,050
     
-
     
1,540
     
-