Ellomay Capital Ltd. and its Subsidiaries Condensed Consolidated Interim Financial Statements As at June 30, 2021 (Unaudited) |
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F-3 | |
F-4 - F-7 | |
F-8 | |
F-9 - F-25 |
June 30, | December 31, | June 30, | |||||||||||||
2021 | 2020 | 2021 | |||||||||||||
(Unaudited) | (Audited) | (Unaudited) | |||||||||||||
Convenience Translation | |||||||||||||||
Note | € in thousands | into US$ in thousands* | |||||||||||||
Assets | |||||||||||||||
Current assets | |||||||||||||||
Cash and cash equivalents | 67,259 | 66,845 | 79,943 | ||||||||||||
Marketable securities | 4 | - | 1,761 | - | |||||||||||
Short term deposits | 4 | - | 8,113 | - | |||||||||||
Restricted cash | 4 | 4,216 | - | 5,011 | |||||||||||
Receivable from concession project | 1,589 | 1,491 | 1,889 | ||||||||||||
Trade and other receivables | 5 | 9,761 | 9,825 | 11,602 | |||||||||||
82,825 | 88,035 | 98,445 | |||||||||||||
Non-current assets | |||||||||||||||
Investment in equity accounted investee | 6 | 30,126 | 32,234 | 35,807 | |||||||||||
Advances on account of investments | 2,445 | 2,423 | 2,906 | ||||||||||||
Receivable from concession project | 25,014 | 25,036 | 29,731 | ||||||||||||
Fixed assets | 8 | 312,983 | 264,095 | 372,008 | |||||||||||
Right-of-use asset | 22,944 | 17,209 | 27,271 | ||||||||||||
Intangible asset | 4,506 | 4,604 | 5,356 | ||||||||||||
Restricted cash and deposits | 4 | 6,023 | 9,931 | 7,159 | |||||||||||
Deferred tax | 5,785 | 3,605 | 6,876 | ||||||||||||
Long term receivables | 5 | 861 | 2,762 | 1,023 | |||||||||||
Derivatives | 7 | 2,276 | 10,238 | 2,705 | |||||||||||
412,963 | 372,137 | 490,842 | |||||||||||||
Total assets | 495,788 | 460,172 | 589,287 | ||||||||||||
Liabilities and Equity | |||||||||||||||
Current liabilities | |||||||||||||||
Current maturities of long term bank loans | 13,204 | 10,232 | 15,694 | ||||||||||||
Current maturities of long term loans | 3,549 | 4,021 | 4,218 | ||||||||||||
Debentures | 12,815 | 10,600 | 15,232 | ||||||||||||
Lease liability short term | 8,288 | ** 490 | 9,851 | ||||||||||||
Trade payables | 2,692 | 12,387 | 3,202 | ||||||||||||
Other payables | 11,461 | ** 7,422 | 13,617 | ||||||||||||
52,009 | 45,152 | 61,814 | |||||||||||||
Non-current liabilities | |||||||||||||||
Lease liability | 15,524 | 17,299 | 18,452 | ||||||||||||
Liabilities to banks | 149,789 | 134,520 | 178,038 | ||||||||||||
Other long-term loans | 51,871 | 49,396 | 61,653 | ||||||||||||
Debentures | 80,661 | 72,124 | 95,873 | ||||||||||||
Deferred tax | 8,124 | 7,806 | 9,656 | ||||||||||||
Other long-term liabilities | 4,512 | 513 | 5,363 | ||||||||||||
Derivatives | 7 | 6,297 | 8,336 | 7,485 | |||||||||||
316,778 | 289,994 | 376,520 | |||||||||||||
Total liabilities | 368,787 | 335,146 | 438,334 | ||||||||||||
Equity | |||||||||||||||
Share capital | 25,578 | 25,102 | 30,402 | ||||||||||||
Share premium | 85,762 | 82,401 | 101,936 | ||||||||||||
Treasury shares | (1,736 | ) | (1,736 | ) | (2,063 | ) | |||||||||
Transaction reserve with non-controlling Interests | 5,145 | 6,106 | 6,115 | ||||||||||||
Reserves | 2,400 | 4,164 | 2,853 | ||||||||||||
Retained earnings | 2,613 | 8,191 | 3,106 | ||||||||||||
Total equity attributed to shareholders of the Company | 119,762 | 124,228 | 142,349 | ||||||||||||
Non-Controlling Interest | 7,239 | 798 | 8,604 | ||||||||||||
Total equity | 127,001 | 125,026 | 150,953 | ||||||||||||
Total liabilities and equity | 495,788 | 460,172 | 589,287 |
**Reclassified
For the six months ended June 30, | For the year ended December 31, | For the six months ended June 30, | ||||||||||||||
2021 | 2020 | 2020 | 2021 | |||||||||||||
(Unaudited) | (Unaudited) | (Audited) | (Unaudited) | |||||||||||||
Convenience | ||||||||||||||||
Translation | ||||||||||||||||
€ in thousands (except per share amounts) | into US$* | |||||||||||||||
Revenues | 19,455 | 4,214 | 9,645 | 23,124 | ||||||||||||
Operating expenses | (7,506 | ) | (2,146 | ) | (4,951 | ) | (8,922 | ) | ||||||||
Depreciation and amortization expenses | (7,056 | ) | (1,447 | ) | (2,975 | ) | (8,387 | ) | ||||||||
Gross profit | 4,893 | 621 | 1,719 | 5,815 | ||||||||||||
Project development costs | (1,119 | ) | (2,338 | ) | (3,491 | ) | (1,330 | ) | ||||||||
General and administrative expenses | (2,572 | ) | (2,204 | ) | (4,512 | ) | (3,057 | ) | ||||||||
Share of profits (losses) of equity accounted investee | (772 | ) | 850 | 1,525 | (918 | ) | ||||||||||
Other income | — | — | 2,100 | — | ||||||||||||
Operating profit (loss) | 430 | (3,071 | ) | (2,659 | ) | 510 | ||||||||||
Financing income | 1,716 | 886 | 2,134 | 2,040 | ||||||||||||
Financing income (expenses) in connection with derivatives and warrants, net | (109 | ) | 1,099 | 1,094 | (130 | ) | ||||||||||
Financing expenses | (6,806 | ) | (3,095 | ) | (6,862 | ) | (8,090 | ) | ||||||||
Interest expenses on minority shareholder loan | (939 | ) | — | — | (1,116 | ) | ||||||||||
Financing expenses, net | (6,138 | ) | (1,110 | ) | (3,634 | ) | (7,296 | ) | ||||||||
Loss before taxes on income | (5,708 | ) | (4,181 | ) | (6,293 | ) | (6,786 | ) | ||||||||
Tax benefit (Taxes on income) | (93 | ) | (88 | ) | 125 | (111 | ) | |||||||||
Loss for the period | (5,801 | ) | (4,269 | ) | (6,168 | ) | (6,897 | ) | ||||||||
Loss attributable to: | ||||||||||||||||
Owners of the Company | (5,578 | ) | (3,472 | ) | (4,627 | ) | (6,630 | ) | ||||||||
Non-controlling interests | (223 | ) | (797 | ) | (1,541 | ) | (267 | ) | ||||||||
Loss for the period | (5,801 | ) | (4,269 | ) | (6,168 | ) | (6,897 | ) | ||||||||
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 | 1,684 | (86 | ) | (482 | ) | 2,002 | ||||||||||
Effective portion of change in fair value of cash flow hedges | (5,202 | ) | (9,289 | ) | 2,210 | (6,183 | ) | |||||||||
Net change in fair value of cash flow hedges transferred to profit or loss | (1,225 | ) | 190 | 555 | (1,456 | ) | ||||||||||
Total other comprehensive income (loss) | (4,743 | ) | (9,185 | ) | 2,283 | (5,637 | ) | |||||||||
Total other comprehensive income (loss) attributable to: | ||||||||||||||||
Owners of the Company | (1,764 | ) | (4,737 | ) | 881 | (2,096 | ) | |||||||||
Non-controlling interests | (2,979 | ) | (4,448 | ) | 1,402 | (3,541 | ) | |||||||||
Total other comprehensive income (loss) | (4,743 | ) | (9,185 | ) | 2,283 | (5,637 | ) | |||||||||
Total comprehensive loss for the period | (10,544 | ) | (13,454 | ) | (3,885 | ) | (12,534 | ) | ||||||||
Total comprehensive loss for the period attributable to: | ||||||||||||||||
Owners of the Company | (7,342 | ) | (8,209 | ) | (3,746 | ) | (8,726 | ) | ||||||||
Non-controlling interests | (3,202 | ) | (5,245 | ) | (139 | ) | (3,808 | ) | ||||||||
Total comprehensive loss for the period | (10,544 | ) | (13,454 | ) | (3,885 | ) | (12,534 | ) | ||||||||
Basic loss per share | (0.44 | ) | (0.29 | ) | (0.38 | ) | (0.52 | ) | ||||||||
Diluted loss per share | (0.44 | ) | (0.29 | ) | (0.38 | ) | (0.52 | ) |
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 six months ended June 30, 2021 (unaudited): | ||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2021 | 25,102 | 82,401 | 8,191 | (1,736 | ) | 3,823 | 341 | 6,106 | 124,228 | 798 | 125,026 | |||||||||||||||||||||||||||||
Loss for the period | - | - | (5,578 | ) | - | - | - | - | (5,578 | ) | (223 | ) | (5,801 | ) | ||||||||||||||||||||||||||
Other comprehensive loss for the period | - | - | - | - | 1,636 | (3,400 | ) | - | (1,764 | ) | (2,979 | ) | (4,743 | ) | ||||||||||||||||||||||||||
Total comprehensive loss for the period | - | - | (5,578 | ) | - | 1,636 | (3,400 | ) | - | (7,342 | ) | (3,202 | ) | (10,544 | ) | |||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity: | ||||||||||||||||||||||||||||||||||||||||
Issuance of Capital note to non-controlling interest | - | - | - | - | - | - | - | - | 8,682 | 8,682 | ||||||||||||||||||||||||||||||
Acquisition of shares in subsidiaries from non-controlling interests | - | - | - | - | - | - | (961 | ) | (961 | ) | 961 | - | ||||||||||||||||||||||||||||
Warrants exercise | 454 | 3,348 | - | - | - | - | - | 3,802 | - | 3,802 | ||||||||||||||||||||||||||||||
Options exercise | 22 | - | - | - | - | - | - | 22 | - | 22 | ||||||||||||||||||||||||||||||
Share-based payments | - | 13 | - | - | - | - | - | 13 | - | 13 | ||||||||||||||||||||||||||||||
Balance as at June 30, 2021 | 25,578 | 85,762 | 2,613 | (1,736 | ) | 5,459 | (3,059 | ) | 5,145 | 119,762 | 7,239 | 127,001 |
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 six months ended June 30, 2020 (unaudited): | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Loss for the period | - | - | (3,472 | ) | - | - | - | - | (3,472 | ) | (797 | ) | (4,269 | ) | ||||||||||||||||||||||||||
Other comprehensive loss for the period | - | - | - | - | (98 | ) | (4,639 | ) | - | (4,737 | ) | (4,448 | ) | (9,185 | ) | |||||||||||||||||||||||||
Total comprehensive loss for the period | - | - | (3,472 | ) | - | (98 | ) | (4,639 | ) | - | (8,209 | ) | (5,245 | ) | (13,454 | ) | ||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity: | ||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 1,935 | 11,253 | - | - | - | - | - | 13,188 | - | 13,188 | ||||||||||||||||||||||||||||||
Share-based payments | - | 20 | - | - | - | - | - | 20 | - | 20 | ||||||||||||||||||||||||||||||
Balance as at June 30, 2020 | 23,933 | 75,433 | 9,346 | (1,736 | ) | 4,258 | (5,712 | ) | 6,106 | 111,628 | (4,308 | ) | 107,320 |
Non- | ||||||||||||||||||||||||||||||||||||||||
controlling | Total | |||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company | Interests | Equity | ||||||||||||||||||||||||||||||||||||||
Share | Share | Retained | Treasury | Translation Reserve from foreign | Hedging | Transaction reserve with non-controlling | ||||||||||||||||||||||||||||||||||
capital | premium | earnings | shares | operations | Reserve | 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 loss for 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 |
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 | |||||||||||||||||||||||||||||||||
Convenience translation into US$* | ||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2021 (unaudited): | ||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2021 | 29,836 | 97,942 | 9,736 | (2,063 | ) | 4,544 | 405 | 7,257 | 147,657 | 951 | 148,608 | |||||||||||||||||||||||||||||
Loss for the period | - | - | (6,630 | ) | - | - | - | - | (6,630 | ) | (267 | ) | (6,897 | ) | ||||||||||||||||||||||||||
Other comprehensive loss for the period | - | - | - | - | 1,945 | (4,041 | ) | - | (2,096 | ) | (3,541 | ) | (5,637 | ) | ||||||||||||||||||||||||||
Total comprehensive loss for the period | - | - | (6,630 | ) | - | 1,945 | (4,041 | ) | - | (8,726 | ) | (3,808 | ) | (12,534 | ) | |||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity: | ||||||||||||||||||||||||||||||||||||||||
Issuance of Capital note to non-controlling interest | - | - | - | - | - | - | - | - | 10,319 | 10,319 | ||||||||||||||||||||||||||||||
Buy of shares in subsidiaries from non-controlling interests | - | - | - | - | - | - | (1,142 | ) | (1,142 | ) | 1,142 | - | ||||||||||||||||||||||||||||
Warrants exercise | 540 | 3,979 | - | - | - | - | - | 4,519 | - | 4,519 | ||||||||||||||||||||||||||||||
Options exercise | 26 | - | - | - | - | - | - | 26 | - | 26 | ||||||||||||||||||||||||||||||
Share-based payments | - | 15 | - | - | - | - | - | 15 | - | 15 | ||||||||||||||||||||||||||||||
Balance as at June 30, 2021 | 30,402 | 101,936 | 3,106 | (2,063 | ) | 6,489 | (3,636 | ) | 6,115 | 142,349 | 8,604 | 150,953 |
Condensed Consolidated Unaudited Interim Statements of Cash Flows
For the six months ended June 30, | For the year ended December 31, | For the six months endedJune 30, | ||||||||||||||
2021 | 2020 | 2020 | 2021 | |||||||||||||
(Unaudited) | (Unaudited) | (Audited) | (Unaudited) | |||||||||||||
Convenience | ||||||||||||||||
Translation | ||||||||||||||||
€ in thousands | into US$* | |||||||||||||||
Cash flows from operating activities | ||||||||||||||||
Loss for the period | (5,801 | ) | (4,269 | ) | (6,168 | ) | (6,897 | ) | ||||||||
Adjustments for: | ||||||||||||||||
Financing expenses, net | 6,138 | 1,110 | 3,634 | 7,296 | ||||||||||||
Profit from settlement of derivatives contract | (407 | ) | - | - | (484 | ) | ||||||||||
Depreciation and amortization | 7,056 | 1,447 | 2,975 | 8,387 | ||||||||||||
Share-based payment transactions | 13 | 20 | 50 | 15 | ||||||||||||
Share of losses (profits) of equity accounted investees | 772 | (850 | ) | (1,525 | ) | 918 | ||||||||||
Payment of interest on loan by an equity accounted investee | 859 | 582 | 582 | 1,021 | ||||||||||||
Change in trade receivables and other receivables | (2,124 | ) | 127 | (3,868 | ) | (2,525 | ) | |||||||||
Change in other assets | (782 | ) | (234 | ) | 179 | (929 | ) | |||||||||
Change in receivables from concessions project | 757 | 704 | 1,426 | 900 | ||||||||||||
Change in trade payables | (941 | ) | (35 | ) | 190 | (1,118 | ) | |||||||||
Change in other payables | 3,715 | 368 | (1,226 | ) | 4,416 | |||||||||||
Income tax expense (tax benefit) | 93 | 88 | (125 | ) | 111 | |||||||||||
Income taxes paid | (15 | ) | - | (119 | ) | (18 | ) | |||||||||
Interest received | 921 | 869 | 2,075 | 1,095 | ||||||||||||
Interest paid | (3,857 | ) | (1,853 | ) | (3,906 | ) | (4,584 | ) | ||||||||
Net cash provided by (used in) operating activities | 6,397 | (1,926 | ) | (5,826 | ) | 7,604 | ||||||||||
Cash flows from investing activities | ||||||||||||||||
Acquisition of fixed assets | (63,793 | ) | (81,280 | ) | (128,420 | ) | (75,824 | ) | ||||||||
Acquisition of subsidiary, net of cash acquired | - | - | (7,464 | ) | - | |||||||||||
Repayment of loan by an equity accounted investee | 1,400 | 1,923 | 1,978 | 1,664 | ||||||||||||
Loan to an equity accounted investee | (244 | ) | - | (181 | ) | (290 | ) | |||||||||
Advances on account of investments | (8 | ) | - | (1,554 | ) | (10 | ) | |||||||||
Settlement of derivatives contract | (252 | ) | - | - | (300 | ) | ||||||||||
Proceeds (investment) in restricted cash, net | (185 | ) | 22,580 | 23,092 | (220 | ) | ||||||||||
Proceeds (investment) in short term deposit | 8,533 | - | (1,323 | ) | 10,142 | |||||||||||
Proceeds from marketable securities | 1,785 | - | 1,800 | 2,122 | ||||||||||||
Acquisition of marketable securities | - | - | (1,481 | ) | - | |||||||||||
Compensation as per agreement with Erez Electricity Ltd. | - | 1,418 | 1,418 | - | ||||||||||||
Net cash used in investing activities | (52,764 | ) | (55,359 | ) | (112,135 | ) | (62,716 | ) | ||||||||
Cash flows from financing activities | ||||||||||||||||
Sale of shares in subsidiaries to non-controlling interests | 1,400 | - | - | 1,664 | ||||||||||||
Proceeds from options | 22 | - | 20 | 26 | ||||||||||||
Cost associated with long term loans | (197 | ) | - | (734 | ) | (234 | ) | |||||||||
Proceeds from long term loans | 32,476 | 80,584 | 111,357 | 38,601 | ||||||||||||
Repayment of long-term loans | (3,390 | ) | (2,804 | ) | (3,959 | ) | (4,029 | ) | ||||||||
Repayment of Debentures | (30,730 | ) | (26,923 | ) | (26,923 | ) | (36,525 | ) | ||||||||
Issuance of ordinary shares | - | 13,188 | 21,275 | - | ||||||||||||
Proceeds from issue of convertible debentures | 15,571 | - | - | 18,508 | ||||||||||||
Proceeds from issuance of Debentures, net | 25,465 | - | 38,057 | 30,267 | ||||||||||||
Issuance / exercise of warrants | 3,675 | 320 | 2,544 | 4,368 | ||||||||||||
Net cash from financing activities | 44,292 | 64,365 | 141,637 | 52,646 | ||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | 2,489 | (357 | ) | (1,340 | ) | 2,958 | ||||||||||
Increase in cash and cash equivalents | 414 | 6,723 | 22,336 | 492 | ||||||||||||
Cash and cash equivalents at the beginning of the period | 66,845 | 44,509 | 44,509 | 79,451 | ||||||||||||
Cash and cash equivalents at the end of the period | 67,259 | 51,232 | 66,845 | 79,943 |
Notes to the Condensed Consolidated Unaudited Interim Financial Statements
Note 1 – General (cont’d)
Material events in the reporting period
a. | 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 thousand (approximately €25,442 thousand). The gross proceeds from the offering were NIS 102,400 thousand and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 101,500 thousand (approximately €25,622 thousand). |
b. | On February 23, 2021, the Company issued our new Series D Convertible Debentures in a public offering in Israel in the aggregate principal amount of NIS 62,000 thousand (approximately €15,627). 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 €42.6 based on the Euro /NIS exchange rate as of June 30, 2021), subject to adjustments upon customary terms. The Series D Debentures are not rated. The gross proceeds from the offering were approximately NIS 62,600 thousand and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 61,800 thousand (approximately €15,577 thousand). |
c. | On February 28, 2021, the Company announced that it will fully repay the Series B Debentures and on March 18, 2021, the Series B Debentures were repaid in full. Pursuant to the terms of the deed of trust governing the Series B Debentures, the early repayment amount consisted of a principal payment in the amount of approximately NIS 86,300 thousand (approximately €21,500 thousand), accrued interest in the amount of approximately NIS 700 thousand (approximately €160 thousand) and a prepayment charge of approximately NIS 3,400 thousand (approximately €860 thousand), amounting to an aggregate repayment amount of approximately NIS 90,400 thousand (approximately €22,500 thousand). |
- | When certain modifications are made in the terms of financial assets or financial liabilities as a result of the reform, the entity shall update the effective interest rate of the financial instrument instead of recognizing a gain or loss. |
- | Certain modifications in lease terms that are a result of the reform shall be accounted for as an update to lease payments that depend on an index or rate. |
- | Certain modifications in terms of the hedging instrument or hedged item that are a result of the reform shall not lead to the discontinuance of hedge accounting. |
Note 2 - Basis of Preparation and Significant Accounting Policies (cont’d)
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
€ in thousands | ||||||||
Unaudited | Audited | |||||||
Marketable securities (1) | - | 1,761 | ||||||
Short-term restricted cash (2) | 4,216 | - | ||||||
Short-term deposits (3) | - | 8,113 | ||||||
Long-term restricted non-interest bearing bank deposits (2) | 617 | 2,138 | ||||||
Restricted cash, long-term bank deposits (2) | 5,406 | 7,793 | ||||||
Long-term restricted cash and deposits | 6,023 | 9,931 |
1. | The Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 4.435% and a maturity date of December 30, 2020 and in 5.8% WACHOVIA Fixed Interest Float. The Company sold all of its Marketable securities in 2021. |
2. | Bank deposits used to secure obligations under loan agreements. | |
3. | Bank deposits with annual interest rate as of December 31, 2020 of 0.27%. |
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
€ in thousands | ||||||||
Unaudited | Audited | |||||||
Current Assets: | ||||||||
Trade and other receivables: | ||||||||
Government authorities | 1,723 | 3,232 | ||||||
Income receivable | 3,707 | 3,420 | ||||||
Interest receivable | 47 | 36 | ||||||
Current tax | 47 | 32 | ||||||
Trade receivable | 2,167 | 382 | ||||||
Inventory | 322 | 306 | ||||||
Derivatives | 42 | 78 | ||||||
Prepaid expenses and other | 1,706 | 2,339 | ||||||
9,761 | 9,825 | |||||||
Non-current Assets: Long term receivables | ||||||||
Prepaid expenses associated with long term loans (1) | 829 | 2,731 | ||||||
Annual rent deposits | 30 | 30 | ||||||
Other | 2 | 1 | ||||||
861 | 2,762 |
(1) | Prepaid commission expenses paid in connection with the Talasol Project’s project finance obtained from financing entities as at December 31, 2020 and Prepaid commission expenses paid in connection with the Manara Pumped Storage project finance obtained from financing entities as at June 30, 2021. |
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. (formerly - Dori Group Ltd.) (the “Luzon Group”), and Dori Energy, with respect to an investment in Dori Energy. Dori Energy holds 18.75% of the share capital of Dorad, which owns an approximate 860 MW bi-fuel operated power plant in the vicinity of Ashkelon, Israel (the “Dorad Power Plant”). Dorad holds production and supply licenses, both expiring in May 2034 and commenced commercial operation in May 2014.
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, 2021 total performance guarantees provided by Dorad amounted to approximately NIS 170,000 thousand (approximately €43,873 thousand). The Company's indirect share of guarantees that Dorad provided through its shareholders is approximately NIS 16,000 thousand (approximately €4,129 thousand).
B. Manara Pumped Storage Project (“Manara PSP”) –
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 €305 million based on the Euro/NIS exchange rate as of June 30, 2021), 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. Accordingly, the Company imputed the difference between the consideration and the minority interest to the Transaction reserve with non-controlling Interests in the amount of €961 thousand.
During the first six months ended June 30, 2021, the Company and the minority owners of the Manara PSP provided loans in the aggregate amount of NIS 220,209 thousand (approximately €56,830 thousand). In order to comply with the conditions to the financial closing of the Manara PSP Project Finance, a portion of the total outstanding loans in an aggregate amount of approximately NIS 153,741 thousand (approximately €39,293 thousand) was converted to capital notes, out of which, an amount of €8,682 thousand belong to the minority. The issued capital notes do not bear interest, linkage differences or exchange rate differences for any foreign currency. The repayment of the capital notes is subordinated to any other obligation of the Manara PSP and is takes precedent only to the distribution of the surplus assets of the Manara PSP upon liquidation. Also, the repayment of the capital notes is at the sole discretion of the Manara PSP and therefore they have been presented as part of the total equity.
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
€ in thousands | ||||||||
Unaudited | Audited | |||||||
Derivatives presented under current assets | ||||||||
Currency swap | 42 | 12 | ||||||
Forward contracts | - | 66 | ||||||
42 | 78 | |||||||
Derivatives presented under non-current assets | ||||||||
Financial power swap | 1,592 | 10,238 | ||||||
Currency swap | 684 | - | ||||||
2,276 | 10,238 | |||||||
Derivatives presented under current liabilities | ||||||||
Swap contracts | (1,336 | ) | (1,378 | ) | ||||
Financial power swap | (1,195 | ) | - | |||||
(2,531 | ) | (1,378 | ) | |||||
Derivatives presented under non-current liabilities | ||||||||
Currency swap | - | (144 | ) | |||||
Swap contracts | (6,297 | ) | (8,192 | ) | ||||
(6,297 | ) | (8,336 | ) |
(2) Financial instruments measured at fair value for disclosure purposes only
June 30, 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 | 93,476 | 95,992 | - | - | |||||||||||||||
Loans from banks and others (including current maturities) | 218,413 | - | 220,045 | - | Discounting future cash flows by the market interest rate on the date of measurement. | Discount rate of Euribor+ 1.76%- 2.75% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.9%-3.55% and 4.65% Linkage to Consumer price index in Israel. | |||||||||||||
311,889 | 95,992 | 220,045 | - |
December 31, 2020 | |||||||||||||||||||
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 | 82,724 | 84,814 | - | - | |||||||||||||||
Loans from banks and others (including current maturities) | 198,169 | - | 209,005 | - | Discounting future cash flows by the market interest rate on the date of measurement. | Discount rate of Euribor+ 1.76%- 2.75% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.9%-3.55% and 4.65% Linkage to Consumer price index in Israel | |||||||||||||
280,893 | 84,814 | 209,005 | - |
— | 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, 2021 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Valuation techniques for | |||||||||||||
€ in thousands | determining fair value | ||||||||||||||||
Swap contracts | - | (7,633 | ) | - | (7,633 | ) | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. | ||||||||||
Currency swap | - | 726 | - | 726 | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. | ||||||||||||
Dori Energy loan | - | - | 7,408 | 7,408 | The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. | ||||||||||||
Financial power swap | - | - | 397 | 397 | Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. |
December 31, 2020 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Valuation techniques for | |||||||||||||
€ in thousands | determining fair value | ||||||||||||||||
Marketable securities | - | 1,761 | - | 1,761 | Market price | ||||||||||||
Forward contracts | - | 66 | - | 66 | Fair value measured on the basis of discounting the difference between the forward price in the contract and the current forward price for the residual period until redemption using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. | ||||||||||||
Swap contracts | - | (9,570 | ) | - | (9,570 | ) | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. | ||||||||||
Currency swap | - | (132 | ) | - | (132 | ) | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. | ||||||||||
Dori Energy loan | - | - | 8,745 | 8,745 | The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. | ||||||||||||
Financial power swap | - | - | 10,238 | 10,238 | Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. |
Note 7 - Financial Instruments (cont’d)
(4) Level 3 financial instruments carried at fair value
Financial assets | ||||
Dori Energy loan | ||||
€ in thousands | ||||
Balance as at December 31, 2020 | 8,745 | |||
Repayment of loan to an equity accounted investee | (2,259 | ) | ||
Loan to an equity accounted investee | 244 | |||
Total income recognized in profit or loss | 125 | |||
Interest | 450 | |||
Foreign Currency translation adjustments | 103 | |||
Balance as at June 30, 2021 | 7,408 |
Financial assets | ||||
Financial power | ||||
swap | ||||
€ in thousands | ||||
Balance as at December 31, 2020 | 10,238 | |||
Total loss is recognized in other comprehensive income | (9,841 | ) | ||
Balance as at June 30, 2021 | 397 |
Office | ||||||||||||||||||||||||
Photovoltaic | Pumped | Biogas | furniture and | Leasehold | ||||||||||||||||||||
Plants | storage | installations | equipment | Improvements | Total | |||||||||||||||||||
€ in thousands | ||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||
Balance as at January 1, 2020 | 102,784 | - | 19,588 | 147 | 52 | 122,571 | ||||||||||||||||||
Additions | 120,842 | 16,607 | 558 | 38 | - | 138,045 | ||||||||||||||||||
New companies | - | - | 17,233 | - | - | 17,233 | ||||||||||||||||||
Disposals | - | - | - | - | (52 | ) | (52 | ) | ||||||||||||||||
Effect of changes in exchange rates | - | - | - | (5 | ) | - | (5 | ) | ||||||||||||||||
Balance as at December 31, 2020 | 223,626 | 16,607 | 37,379 | 180 | - | 277,792 | ||||||||||||||||||
Balance as at January 1, 2021 | 223,626 | 16,607 | 37,379 | 180 | - | 277,792 | ||||||||||||||||||
Additions | 17,896 | 36,864 | 620 | 2 | - | 55,382 | ||||||||||||||||||
Balance as at June 30, 2021 | 241,522 | 53,471 | 37,999 | 182 | - | 333,174 | ||||||||||||||||||
�� | ||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||
Balance as at January 1, 2020 | 5,456 | - | 2,545 | 129 | 52 | 8,182 | ||||||||||||||||||
Depreciation for the year | 830 | - | 1,457 | 12 | - | 2,299 | ||||||||||||||||||
New companies | - | - | 3,272 | - | - | 3,272 | ||||||||||||||||||
Disposals | - | - | - | - | (52 | ) | (52 | ) | ||||||||||||||||
Effect of changes in exchange rates | - | - | - | (4 | ) | - | (4 | ) | ||||||||||||||||
Balance as at December 31, 2020 | 6,286 | - | 7,274 | 137 | - | 13,697 | ||||||||||||||||||
Balance as at January 1, 2021 | 6,286 | - | 7,274 | 137 | - | 13,697 | ||||||||||||||||||
Depreciation for the period | 5,028 | - | 1,459 | 7 | - | 6,494 | ||||||||||||||||||
Balance as at June 30, 2021 | 11,314 | - | 8,733 | 144 | - | 20,191 | ||||||||||||||||||
Carrying amounts | ||||||||||||||||||||||||
As at December 31, 2020 | 217,340 | 16,607 | 30,105 | 43 | - | 264,095 | ||||||||||||||||||
As at June 30, 2021 | 230,208 | 53,471 | 29,266 | 38 | - | 312,983 |
PV | Total | |||||||||||||||||||||||||||||||||||||||||||
Ellomay | reportable | Total | ||||||||||||||||||||||||||||||||||||||||||
Italy | Spain | Solar | Talasol | Israel | Bio Gas | Dorad | Manara | segments | Reconciliations | consolidated | ||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
€ in thousands | ||||||||||||||||||||||||||||||||||||||||||||
Revenues | - | 1,534 | - | 11,202 | 2,130 | 6,129 | 22,940 | - | 43,935 | (24,480 | ) | 19,455 | ||||||||||||||||||||||||||||||||
Operating expenses | - | (423 | ) | - | (1,988 | ) | (170 | ) | (4,925 | ) | (18,049 | ) | - | (25,555 | ) | 18,049 | (7,506 | ) | ||||||||||||||||||||||||||
Depreciation expenses | - | (451 | ) | - | (4,816 | ) | (1,151 | ) | (1,552 | ) | (2,685 | ) | - | (10,655 | ) | 3,599 | (7,056 | ) | ||||||||||||||||||||||||||
Gross profit (loss) | - | 660 | - | 4,398 | 809 | (348 | ) | 2,206 | - | 7,725 | (2,832 | ) | 4,893 | |||||||||||||||||||||||||||||||
Project development costs | (1,119 | ) | ||||||||||||||||||||||||||||||||||||||||||
General and | ||||||||||||||||||||||||||||||||||||||||||||
administrative expenses | (2,572 | ) | ||||||||||||||||||||||||||||||||||||||||||
Share of profits of equity | ||||||||||||||||||||||||||||||||||||||||||||
accounted investee | (772 | ) | ||||||||||||||||||||||||||||||||||||||||||
Operating profit | 430 | |||||||||||||||||||||||||||||||||||||||||||
Financing income | 1,716 | |||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection | ||||||||||||||||||||||||||||||||||||||||||||
with derivatives and warrants, net | (109 | ) | ||||||||||||||||||||||||||||||||||||||||||
Financing expenses, net | (6,806 | ) | ||||||||||||||||||||||||||||||||||||||||||
Interest expenses on minority shareholder loan | (939 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loss before taxes | ||||||||||||||||||||||||||||||||||||||||||||
on Income | (5,708 | ) | ||||||||||||||||||||||||||||||||||||||||||
Segment assets as at | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | 833 | 15,130 | 5,589 | 242,224 | 35,548 | 34,903 | 106,164 | 90,300 | 530,691 | (34,904 | ) | 495,787 |
PV | Total | |||||||||||||||||||||||||||||||||||||||
reportable | Total | |||||||||||||||||||||||||||||||||||||||
Italy | Spain | Israel | Talasol | Bio Gas | Dorad | Manara | segments | Reconciliations | consolidated | |||||||||||||||||||||||||||||||
For the six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||
€ in thousands | ||||||||||||||||||||||||||||||||||||||||
Revenues | - | 1,241 | 2,060 | - | 2,437 | 28,836 | - | 34,574 | (30,360 | ) | 4,214 | |||||||||||||||||||||||||||||
Operating expenses | - | (227 | ) | (154 | ) | - | (1,765 | ) | (22,841 | ) | - | (24,987 | ) | 22,841 | (2,146 | ) | ||||||||||||||||||||||||
Depreciation expenses | - | (453 | ) | (1,174 | ) | (28 | ) | (726 | ) | (2,600 | ) | - | (4,981 | ) | 3,534 | (1,447 | ) | |||||||||||||||||||||||
Gross profit (loss) | - | 561 | 732 | (28 | ) | (54 | ) | 3,395 | - | 4,606 | (3,985 | ) | 621 | |||||||||||||||||||||||||||
Project development costs | (2,338 | ) | ||||||||||||||||||||||||||||||||||||||
General and | ||||||||||||||||||||||||||||||||||||||||
administrative expenses | (2,204 | ) | ||||||||||||||||||||||||||||||||||||||
Share of profits of equity | ||||||||||||||||||||||||||||||||||||||||
accounted investee | 850 | |||||||||||||||||||||||||||||||||||||||
Other income, net | - | |||||||||||||||||||||||||||||||||||||||
Operating loss | (3,071 | ) | ||||||||||||||||||||||||||||||||||||||
Financing income | 886 | |||||||||||||||||||||||||||||||||||||||
Financing income in connection | ||||||||||||||||||||||||||||||||||||||||
with derivatives and warrants, net | 1,099 | |||||||||||||||||||||||||||||||||||||||
Financing expenses, net | (3,095 | ) | ||||||||||||||||||||||||||||||||||||||
Loss before taxes | ||||||||||||||||||||||||||||||||||||||||
on Income | (4,181 | ) | ||||||||||||||||||||||||||||||||||||||
Segment assets as at | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | 518 | 15,841 | 37,096 | 190,768 | 18,395 | 110,970 | 2,318 | 375,906 | (14,280 | ) | 361,626 |
PV | Total | |||||||||||||||||||||||||||||||||||||||
reportable | Total | |||||||||||||||||||||||||||||||||||||||
Italy | Spain | Israel | Talasol | Biogas | Dorad | Manara | segments | Reconciliations | consolidated |
| ||||||||||||||||||||||||||||||
For the year ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
€ in thousands | ||||||||||||||||||||||||||||||||||||||||
Revenues | - | 2,577 | 4,089 | - | 6,002 | 57,495 | - | 70,163 | (60,518 | ) | 9,645 | |||||||||||||||||||||||||||||
Operating expenses | - | (463 | ) | (379 | ) | - | (4,109 | ) | (44,489 | ) | - | (49,440 | ) | 44,489 | (4,951 | ) | ||||||||||||||||||||||||
Depreciation and amortization expenses | - | (905 | ) | (2,310 | ) | - | (1,457 | ) | (5,674 | ) | - | (10,346 | ) | 7,371 | (2,975 | ) | ||||||||||||||||||||||||
Gross profit (loss) | - | 1,209 | 1,400 | - | 436 | 7,332 | - | 10,377 | (8,658 | ) | 1,719 | |||||||||||||||||||||||||||||
Project development costs | (3,491 | ) | ||||||||||||||||||||||||||||||||||||||
General and | ||||||||||||||||||||||||||||||||||||||||
administrative expenses | (4,512 | ) | ||||||||||||||||||||||||||||||||||||||
Share of profits (loss) of | ||||||||||||||||||||||||||||||||||||||||
equity accounted investee | 1,525 | |||||||||||||||||||||||||||||||||||||||
Other income, net | 2,100 | |||||||||||||||||||||||||||||||||||||||
Capital gain (loss) | - | |||||||||||||||||||||||||||||||||||||||
Operating profit (loss) | (2,659 | ) | ||||||||||||||||||||||||||||||||||||||
Financing income | 2,134 | |||||||||||||||||||||||||||||||||||||||
Financing income | �� | |||||||||||||||||||||||||||||||||||||||
(expenses) in connection | ||||||||||||||||||||||||||||||||||||||||
with derivatives, net | 1,094 | |||||||||||||||||||||||||||||||||||||||
Financing expenses, net | (6,862 | ) | ||||||||||||||||||||||||||||||||||||||
Profit (loss) before taxes | ||||||||||||||||||||||||||||||||||||||||
on Income | (6,293 | ) | ||||||||||||||||||||||||||||||||||||||
Segment assets as at | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 503 | 17,574 | 36,521 | 232,955 | 36,253 | 109,983 | 21,925 | 455,714 | 4,458 | 460,172 |
Note 10 - Leases
1. | Material lease agreements entered into during the period The Company leases land in Israel from private lessors for a period of approximately 25 years, on which is constructing the Manara PSP. A right-of-use asset in the amount of €10,629 thousand has been recognized in the statement of financial positon in April 2021 in respect of leases of land. A lease liability in the amount of €10,629 thousand has been recognized in the statement of financial positon in April 2021 in respect of such leases of land, out of which an amount of €7,616 thousand has been recognized in short term liabilities, as it is expected to be paid at the first withdrawal of the Manara PSP project finance, which closed on February 11, 2021. |
2. | Right-of-use assets |
Gelderland | Manara | Spain | Ellomay Solar | Talasol | Talmei Yosef | Total | ||||||||||||||||||||||
€ in thousands | ||||||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||
Balance as at January 1, 2021 | 355 | - | 1,235 | 1,789 | 12,686 | 1,672 | 17,737 | |||||||||||||||||||||
Additions | - | 10,666 | - | - | - | - | 10,666 | |||||||||||||||||||||
Disposals | - | - | - | - | (4,526 | ) | (17 | ) | (4,543 | ) | ||||||||||||||||||
Effect of changes in exchange rates | - | 100 | - | - | - | 25 | 125 | |||||||||||||||||||||
Balance as at June 30, 2021 | 355 | 10,766 | 1,235 | 1,789 | 8,160 | 1,680 | 23,985 | |||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||||
Balance as at January 1, 2021 | - | - | 150 | - | 169 | 209 | 528 | |||||||||||||||||||||
Depreciation for the period | 93 | 106 | 37 | 22 | 202 | 53 | 513 | |||||||||||||||||||||
Additions | - | - | - | - | - | - | - | |||||||||||||||||||||
Disposals | - | - | - | - | - | - | - | |||||||||||||||||||||
Balance as at June 30, 2021 | 93 | 106 | 187 | 22 | 371 | 262 | 1,041 | |||||||||||||||||||||
Carrying amounts | ||||||||||||||||||||||||||||
As at December 31, 2020 | 355 | - | 1,085 | 1,789 | 12,517 | 1,463 | 17,209 | |||||||||||||||||||||
As at June 30, 2021 | 262 | 10,660 | 1,048 | 1,767 | 7,789 | 1,418 | 22,944 |
3. | Lease liability |
June 30, 2021 | ||||
€ in thousands | ||||
Less than one year | 8,288 | |||
One to five years | 2,584 | |||
More than five years | 12,940 | |||
Total | 23,812 | |||
Current maturities of lease liability | 8,288 | |||
Long-term lease liability | 15,524 |