WEB NEWS Acquisition Activity
Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM) ("Ellomay" or the "Company") an emerging operator in the renewable energy and energy infrastructure sector, today announced the execution of definitive agreements for the purchase of 3 photovoltaic (solar) plants with approximately 5.6MWp (with nominal output of approximately 5.2MWn) in the aggregate (the "PV Plants"). The PV Plants are ground mounted fixed technology plants and are located in Murcia, Spain. The PV Plants are already constructed and operating and were connected to the Spanish national grid in 2011. The Company previously announced its entry into a binding Letter of Intent in this regard in May 2014.
The PV Plants will be acquired from a Spanish company (the "Seller") whose German parent company has entered into insolvency proceedings. The PV Plants and all associated assets and rights will be purchased by Ellomay for an aggregate purchase price of Euro 9.5 million (approximately US$13 million), subject to certain purchase price adjustments.
The closing of the transactions is subject to customary closing conditions and is expected to occur by the end of the third quarter of 2014. Upon closing of the acquisitions, Ellomay will more than triple the current production capacity of Ellomay's existing photovoltaic sites in Spain to approximately 7.9MWp. The PV Plants join the Company's thirteen existing photovoltaic sites in Italy and Spain, increasing their aggregate capacity to more than 30MWp. The Company expects that the annual revenue from the PV Plants will be approximately Euro 2 million (approximately US$ 2.7 million), and together with the Company's entire PV portfolio the annual revenue for 2014 will be approximately Euro 13.2 million (approximately US$18 million).
Ran Fridrich, CEO of Ellomay noted that "The PV Plants will be acquired at an attractive price and will contribute to the enhancement and diversification of the Company's PV portfolio. Ellomay will continue to seek attractive opportunities in the energy sector and leverage its excellent capabilities to identify and execute such transactions."
Resolution of Legal Issues
TEL-AVIV, Israel May 12, 2014 /PRNewswire / --
Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM), ("Ellomay " or the "Company ") announced today that it was informed by Dorad Energy Ltd. ("Dorad ") that the Israeli Minister of National Infrastructures, Energy and Water Resources (the "Minister ") approved the twenty-year generation license and the one-year supply license (together, the "Licenses ") for the approximately 800 MW power plant in Southern Israel Dorad Power Plant "). Ellomay indirectly holds 7.5% of Dorad's outstanding share capital with an option to increase its holdings to approximately 9.375%.
This announcement follows Ellomay's previous announcement concerning the urgent petition filed by Dorad with the Israeli High Court of Justice against, among others, the Israeli Public Utility Authority - Electricity, the legal advisor to the Israeli government and the Minister, concerning the delay in the provision of the Licenses to the Dorad Power Plant (the "Petition "). At the hearing held in connection with the Petition on May 11, 2014 , the parties to the Petition reached a settlement, which the High Court of Justice approved, that, among other things, included the agreement of the parties that the Minister will approve the Licenses and that Dorad will be made a party to any petition or claim filed in the future by any of the parties that may affect Dorad.
Ellomay was further informed by Dorad that the Dorad Power Plant is currently expected to commence commercial operations next week.
Comments & Business Outlook
FORM 20-F For the fiscal year ended December 31, 2013
For Year ended December 31,
Revenues
$ 12,982 $ 8,890 $ 6,114 $ - $ -
Operating expenses
2,381 1,954 1,391 - -
Depreciation expenses
4,021 2,717 1,777 - -
Gross profit
6,580 4,219 2,946 - -
General and administrative expenses
3,449 3,110 3,102 3,211 1,931
Gain on bargain purchase
10,237 - - - -
- 394 - - -
Operating Profit (Loss)
13,368 715 (156 ) (3,211 ) (1,931 )
Financing income
204 696 1,971 1,076 1,366
Financing income (expenses) in connection with derivatives, net
1,501 (2,157 ) (2,601 ) 404 -
Financing expenses
(4,201 ) (2,166 ) (608 ) (80 ) (9 )
Financing income (expenses), net
(2,496 ) (3,627 ) (1,238 ) 1,400 1,357
Company’s share of losses of investee accounted for at equity
(540 ) (232 ) (596 ) (66 ) -
Loss before taxes on income
10,332 (3,144 ) (1,990 ) (1,877 ) (574 )
Tax benefit (taxes on income)
(245 ) 1,011 1,018 44 (69 )
Profit (loss) from continuing operations
10,087 (2,133 ) (972 ) (1,833 ) (643 )
Income (loss) from discontinued operations, net
- - 7,035 (376 )
Net income (loss) for the year
10,087 (2,133 ) (972 ) 5,202 (1,019 )
Income (Loss) attributable to:
Shareholders of the Company
10,068 (2,110 ) (972 ) 5,202 (1,019 )
Non-controlling interests
19 (23 ) - - -
Net income (loss) for the year
10,087 (2,133 ) (972 ) 5,202 (1,019 )
Other comprehensive income (loss):
Foreign currency translation adjustments
6,038 1,620 (3,698 ) 194 -
Total other comprehensive income (loss)
6,038 1,620 (3,698 ) 194 -
Total comprehensive income (loss)
16,125 $ 513 $ (4,670 ) $ 5,396 $ (1,019 )
Basic net earnings (loss) per share:
Loss from continuing operations
$ 0.94 $ (0.2 ) $ (0.09 ) $ (0.2 ) $ (0.1 )
Earnings (loss) from discontinued operations
- - 0.9 *) -
Net earnings (loss)
$ 0.94 $ (0.2 ) $ (0.09 ) $ 0.7 $ (0.1 )
Diluted net earnings (loss) per share:
Loss from continuing operations
$ 0.94 $ (0.2 ) $ (0.09 ) $ (0.2 ) $ (0.1 )
Earnings (loss) from discontinued operations
- - - 0.8 *) -
Net earnings (loss)
$ 0.94 $ (0.2 ) $ (0.09 ) $ 0.6 $ (0.1 )
Weighted average number of shares used for computing basic earnings (loss) per share
10,692,371 10,709,294 10,775,458 7,911,551 7,378,643
Weighted average number of shares used for computing diluted earnings (loss) per share
10,752,808 10,709,294 10,775,458 8,904,250 7,378,643
__________________________
*) Less than $0.01
Deal Flow
TEL-AVIV, Israel, January 13, 2014 /PRNewswire / --
Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM) ("Ellomay" or the "Company"), announced today that further to its announcement on December 31, 2013 of the publication of a final prospectus (the "Prospectus") for the offering (the "Offering") of Series A Nonconvertible Debentures, with a fixed annual interest rate of 4.6% (the "Debentures") and its announcement on January 9, 2014 of the results of the classified bidding, the public tender (the "Tender") for the Debentures was held on January 12, 2014.
At the Tender, the Company accepted orders for 120,000 units of the Debentures (each in the principal amount of NIS 1,000, the "Unit") for an aggregate principal amount of Debentures of NIS 120 million (approximately $33.4 million) at a price per Unit of NIS 973. The Company expects to receive gross offering proceeds of approximately NIS 116.8 million (approximately $34.3 million), or approximately NIS 114.8 million (approximately $32.8 million), net of offering expenses.
The public offering described in this press release was made in Israel, to residents of Israel only, and not to U.S. persons. The Debentures will not be registered under the U.S. Securities Act of 1933, as amended, and will not be offered or sold in the United States without registration or applicable exemption from the registration requirements according to the U.S. Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Debentures.
