Form 6-K Ellomay Capital Ltd. For: Jun 30
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2022
Commission File Number: 001-35284
Ellomay Capital Ltd.
(Translation of registrant’s name into English)
18 Rothschild Blvd., Tel Aviv 6688121, 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- ________
On June 30, 2022, Ellomay Capital Ltd. (the “Company”), published an investor presentation for June 2022 (the “Presentation”). The Presentation includes updates to the Company’s projected results, mainly due to the update of construction schedules in accordance with current forecasts that have changed due to long delivery times of major components and increased EPC prices.
This Report on Form 6-K of Ellomay Capital Ltd. consists of the following document, which is attached hereto and incorporated by reference herein:
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
Chief Executive Officer and Director
Dated: June 30, 2022
Integrated Developer, Owner and Operator of Renewable Energy Projects Investors Presentation June 2022
2 General: The information contained in this presentation is subject to, and must be read in conjunction with, all other publically available information, including our Annual Report on Form 20-F for the year ended December 31, 2021, and other filings that we make from time to time with the SEC. Any person at any time acquiring securities must do so only on the basis of such person’s own judgment as to the merits or the suitability of the securities for its purpose and only based on such information as is contained in such public filings, after having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. In making this presentation available, we give no advice and make no recommendation to buy, sell or otherwise deal in our shares or in any other securities or investments whatsoever. We do not warrant that the information is either complete or accurate, nor will we bear any liability for any damage or losses that may result from any use of the information. Neither this presentation nor any of the information contained herein constitute an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. No offering of securities shall be made in Israel except pursuant to an effective prospectus under the Israeli Securities Law, 1968 or an exemption from the prospectus requirements under such law. Historical facts and past operating results are not intended to mean that future performances or results for any period will necessarily match or exceed those of any prior year. This presentation and the information contained herein are the sole property of the Company and cannot be published, circulated or otherwise used in any way without our express prior written consent. Information Relating to Forward-Looking Statements: This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this presentation regarding our plans, the objectives of management and projections of results are forward-looking statements. Such forward looking statements include projected financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects, income, expenses and other aspects of the business of the Company are based on current expectations that are subject to risks and uncertainties, and are based on the current government tariff and/or commercial agreements relating to each project and on the current or expected licenses and permits of each project. In addition, the details, including projections, concerning projects that are under development or early stage development that are included in the presentation are based on the current internal assessments of the Company’s management and there is no certainty or assurance as to the ability of the Company to advance or complete these projects as the advancement of such projects requires, among other things, approvals, land rights, permits and financing (both equity and project financing). The use of certain words, including the words “estimate,” “project,” “intend,” “expect”, ”plan”, “believe,” “will” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by our forward-looking statements, including changes in the climate, inability to obtain financing required for the development and construction of projects, inability to obtain permits, timely or at all, delays in the commencement of operations of the projects under development, including the impact of continued war between Russia and Ukraine, including its impact on electricity prices, availability of raw materials, components and equipment, and disruptions in supply changes, the impact of the Covid-19 pandemic on the Company’s operations and projects, including in connection with steps taken by authorities in countries in which the Company operates, changes in the market price of electricity and in demand, regulatory changes, including extension of current or approval of new rules and regulations increasing the operating expenses of manufacturers of renewable energy in Spain, increases in interest rates, limited scope of projects identified for future development, our inability to reach the milestones required under the conditional license of the Manara project, delays in the development and construction of other projects under development, fluctuations in exchange rates changes in the market prices of electricity and in demand, 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, and technical and other disruptions in the operations or construction of the power plants owned by the Company. These and other risks and uncertainties associated with our business are described in greater detail in the filings we make from time to time with SEC, including our Annual Report on Form 20-F. The forward-looking statements are made as of this date and we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Disclaimers
Investor Highlights Financial and technological expertise Active in various markets and locations From development to operation Trusted by financial institutes and banks Renewable energy as a long term, adaptable business Ongoing growth with conservative leverage ratios Public company traded in TASE & NYSE American for 1,017M NIS as of June 28, 2022
Our Vision 4 To be ahead of the curve in green energy generation and storage technologies. To be a profitable and sustainable business based on enhanced financing strategies and advanced technological expertise. To provide comprehensive solutions, from development to operation, enabling a stable supply of renewable energy from varied sources. To protect the environment and benefit society by providing clean and cheap energy from renewable sources.
Our Objectives Energy Revolution as a Long-Term, Profitable Business Continuous growth Growing our renewable energy and power generation activities – from development to operation – in Europe and Israel. Constant cash flow Creating continuous cash flow from various assets in diverse renewable energy and energy storage applications. Monetary Policy Maintaining conservative leverage ratios and monetary strength.
Business Development Roadmap Sold 49% of Talasol 2020 2021 Financial closing and start construction in Talasol Sold 22.6 MW Italian PV portfolio with profit of ~ 19Mil € Executed 2 Framework Agreements for the Development of 515 MW PV Projects in Italy Acquired remaining 49% of NL biogas projects Talasol connection to the grid (December 2020) Won 20 MW PV + storage in a quota tender process published by the Israeli Electricity Authority Project includes: 40 MWH DC power 80 MWH battery storage Acquired Gelderland biogas project in the Netherlands, with a permit to produce ~ 7.5 million Nm3 per year and actual production capacity of ~ 9.5 million Nm3 per year 2019 2022 Manara PSP, Notice to proceed to the EPC contractor (April 2021) 28 MW PV project, Spain 90 % of constriction completed 35 MW PV in Italy ready for construction 87 MW project in Italy receive AU 437 MW PV in Italy in advanced development stage Ellomay Solar 28 MW in Spain connected to greed 20 MW PV plants in Italy under construction Talasol refinance at approximately 3% fixed interest rate with a term of 23 years. Approximately 75% leverage 102 MW PV in Italy received permits and they are in ready to build status
Adjusted Revenues ~56 ~69 ~79 ~102 Net Profit ~5 ~10 ~12 ~17 Adjusted EBITDA from projects ~39 ~49 ~58 ~77 Adjusted EBITDA ~34 ~44 ~53 ~72 Adjusted FFO from projects ~29 ~37 ~45 ~62 Adjusted FFO ~20 ~27 ~33 ~44 Financial Forecast(in millions of Euro) The PV Plant located in Talmei Yosef, Israel is presented under the fixed asset model and not under the financial asset model as per IFRIC 12. Including the Company's share in Dorad. The Company’s share in Dorad is presented based on expected distributions of profits and not on the basis of equity gain using the equity method. The Talasol PV plant’s expected revenues, Adjusted EBITDA and Adjusted FFO include minority holdings. Adjusted FFO is presented after projects and corporate financing and tax expenses. See appendix A for reconciliation and disclosure regarding the use of non-IFRS financial measures The update to the previously published projected financial forecast is mainly due to the update of construction schedules in accordance with current forecasts that have changed due to long delivery times of major components and increased EPC prices. Expected construction 352 MW PV (1) Expected construction 242 MW PV Expected construction 184 MW PV Expected construction 35 MW PV (1) Of total expected 352 MW, 129 MW under advanced development
Development Projects – Growth Early StageDevelopment 800 MW Under Advanced Development 468 MW Under / Ready for Construction 278 MW Connected to the grid 444 MW Italy+ Spain - aggregated 800 MW PV Israel - 40 MW PV + Storage Italy - 428 MW PV Manara Cliff, Pumped Storage - 156 MW Italy - 122 MW PV Spain – 335.9 MW PV Israel - 9 MW PV Biogas - Netherlands Dorad Power Station
Diverse Green Energy Infrastructure Development, Construction, Operation Solar Energy | PV Waste to Energy | Bio Gas Clean Energy | Natural Gas Energy Storage | Pumped Storage 9
Projects Summary(EUR Millions) Projects % Ownership License MW Expected Distribution in 2022 Expected Annual Revenues in 2022 Expected Annual Adjusted EBITDA in 2022 Expected Annual Adjusted FFO in 2022 Expected Debt as of December 31, 2022 Expected interest on bank loans in 2022 Expected Cash flow in 2022 Connected to the grid and operating Spain – Talasol PV (1) 51% 300 MW 29-30 26 17 165 4.4 9-10 Spain – 4 PV 100% 2041 7.9 MW 2.9 2.0 1.5 13.4 0.4 0.5 Spain – Ellomay Solar 100% 28MW 3 2.8 2.5 - - 2.5 Israel – Talmei Yosef PV (2) 100% 2033 9 MW 4.2 3.6 2.4 16 0.9 0.5 The Netherlands- Biogas 100% 2031 19 MW base load 13 2 1.6 10 04 - Israel – Dorad (based on 2021 reports) (3) ~9.4% 2034 860 MW(the company’s share is ~ 80 MW) 3 52 12 - - - 3 Total Installed 444 MW (1) For 100% holding. The Company’s share is 51% (2) The PV Plant located in Talmei Yosef, Israel is presented under the fixed asset model and not under the financial asset model as per IFRIC 12 (3) The figures represent the Company’s share See Appendix A for reconciliation and disclosure regarding the use of non-IFRS financial measures .
Projects Summary(EUR Millions) ** On an average basis for 100% holding. The Company’s share is ~ 83.34%. Based on the NIS/EUR exchange rate as of December 31, 2021 : NIS 3.5199/1 EUR The Company will be required to raise additional funds in order to fulfill its development plans. * On an average basis for the first five years of operations. Full equity. Projects % Ownership License MWp/ MWp/h Expected Annual Revenues Expected Annual EBITDA Expected Annual FFO Expected Cost Under / Reay for Construction Israel – Manara Cliff 83.34 % Expected production start: 2026 156 MW 74 (**) 33 (**) 23 (**) 476 Italy - PV 100% Expected production start: 2023-2024 122 MW 9.1 (*) 7.9 (*) 6.7 (*) 116 Total Under / Ready for Construction 278 MW Under Development Israel - PV + Storage 100% Expected production start: 2023 40 MWp Italy - PV 100% Expected production start: 2023-2024 428 MWp Early stage development Italy + Spain - PV 100% 800 MWp Total Under Development 1268 MW
Waste-to-Energy(Biogas) Projects See Appendix C for reconciliation and disclosure regarding the use of non-IFRS financial measures EUR Millions 2022 (E) 2023 (E) 2024 (E) Revenues 13 14 15 Cost of Sale -8.3 -8.3 -8.1 Gross Margin 5 5.7 6.9 Opex -2.7 -2.7 -2.7 Ebitda 2 3 4.2 Interest on bank loans -0.4 -0.3 -0.3 Taxes on income - - - Adjusted FFO 1.6 2.7 3.9
Israel - Manara CliffPumped storage project Location: Manara Cliff - Israel Ownership: Ellomay Capital Ltd.: 83.34 % AMPA Investments Ltd.: 16.66%* Plant type: 1 pumped hydro storage plant * Sheva Mizrakot Ltd. Holds 25% of the Manara project. 66.67% of Sheva Mizrakot is owned by Ampa Investments Ltd.(representing 16.66% of the Manara project) and the remaining 33.33% are indirectly owned by the Company (representing 8.34%). ** On an average basis for 100% holding. The Company’s share is ~ 83.34%. Based on the NIS/EUR exchange rate as of December 31, 2021 : NIS 3.5199/1 EUR Total storage capacity ~ 1900 MWh Expected Capacity: 156 MW Expected Cost: EUR 476M ~ Notice To Proceed (NTP): April 2021 Expected Revenues **: 74M EUR ~ Expected EBITDA**: 33M EUR ~
Spain – Talasol Acquired: 2017 Capacity: 300 MW Plant type: 1 PV plant Starting power production: December 2020 Location: Talaván, Cáceres, Spain Final Cost: 227M EUR Expected Annual Revenue*: EUR 29-30M * On an average annual basis. Forecast is provided for 100% holding (the Company’s share is 51%) Talasol 300 MW PV Plant
Framework Agreementsfor the Development of 1209 MW PV Projects in Italy Expected Capacity: 1,059 MW Expected power production: 35 MW – 2022 184 MW – 2023 242 MW – 2024 352 MW – 2025 246 MW – 2026 Location: Italy ExpectedCost: ~800 MIL EUR Signed: 2020 Plant type: Multi PV plants מחכה לתמונה איכותית
PV + Storage in Israel Tender winning date July 14, 2020 Location Israel Total installed capacity (MWh) –DC* 40 Total installed capacity (MWh, Calc.) –AC* 20 % of electricity through battery 19.7% Expected annual power production (MW) 72,771 Expected construction cost NIS 160 M Tariff (Ag) 19.90 License operation period (years) 23 * This capacity may include more then one project * Source: https://www.nrel.gov/research/publications.html
Key Balance Sheet Figures(EUR thousands) December 31, 2020 % OfBS December 31, 2021 % OfBS Cash and cash equivalent, deposits and marketable securities 76,719 17% 71,585 13% Financial Debt* 280,893 61% 356,194 65% Financial Debt, net* 204,174 44% 284,609 52% Property, plant and equipment net(mainly in connection with PV Operations) 264,095 57% 340,065 62% Investment in Dorad 32,234 7% 34,029 6% CAP* 405,919 88% 469,677 85% Total equity 125,026 27% 113,483 21% Total assets 460,172 100% 551,147 100% * See Appendix B for calculations
Key Financial Ratios December 31, 2020 December 31, 2021 Financial Debt to CAP * 69% 76% Financial Debt, net to CAP * 50% 61% Strong Balance Sheet, Sufficient Liquidity Strong Balance Sheet, Sufficient Liquidity * See Appendix B for calculations
Summary Renewable energy industry enjoys favorable business prognosis and supportive regulation Competitive pricing, no need for governmental subsidizing High segmental and geographic diversity. Revenue not dependent on a specific project Long term agreements reduce demand market risk Value based financing policy with conservative leverage, high capital and investment ratios Continuous growth. Sustainable, proven business experience 21
Israel –Renewable Energy Production Goals Expected to increase to 25-30% by 2030 2.26% Actually produced
The Photo-Voltaic effect enables conversion of light into electricity using semiconductors. IEA: PV expected to double until 2023 The Photo-Voltaic Market Overview https://www.iea.org/renewables2018/ ©OECD/IEA Bioenergy Solar Thermal Hydropower Geothermal Wind Marine Solar PV Renewable energy consumption by technology 2017-2023
Waste-to-Energy Market OverviewBiogas is a renewable energy source, produced by fermentation of organic matter Expected CAGR 2018-2024 is 6%* Number of biogas plants per 1 Mio capita in European countries in 2017 * https://www.statista.com/statistics/480452/market-value-of-waste-to-energy-globally-projection/ http://european-biogas.eu/2019/02/01/eba-annual-report-2019/ 136.1 53 5.8 25.9 19.9 11.1 4.2 8.0 8.2 12
The Pumped Hydro Storage method stores energy in the form of gravitational potential energy of water, pumped from a lower elevation reservoir to a higher elevation. 365/24/7 Energy storage enables power delivery all day and all year round. Pumped Hydro StorageMarket Overview https://www.gminsights.com/industry-analysis/pumped-hydro-storage-market 2017: worth over USD 300 Billion 2024: Cumulative installation is set to exceed 200 GW
2022 (E) 2023 (E) 2024 (E) 2025 (E) Revenues ~50 ~63 ~73 ~95 The Company’s share in Dorad's distributions of profits ~3 ~3 ~3 ~4 Adjustment to fixed asset model in connection with the PV Plant located in Talmei Yosef ~3 ~3 ~3 ~3 Non-IFRS Revenues ~56 ~69 ~79 ~102 Net income for the period, adjusted as set forth in the notes below ~5 ~10 ~12 ~17 Financing expenses ~13 ~13 ~15 ~21 Taxes on income (tax benefit) ~2 ~4 ~5 ~5 Depreciation ~14 ~17 ~21 ~29 Adjusted EBITDA ~34 ~44 ~53 ~72 Interest on bank loans, debentures and others ~(12) ~(13) ~(15) ְְ~(21) Taxes on income paid in cash ~(2) ~(4) ~(5) ~(7) Adjusted FFO ~20 ~27 ~33 ~44 Adjusted EBITDA ~34 ~44 ~53 ~72 G&A corporate and project development costs ~5 ~5 ~5 ~5 Adjusted EBITDA from projects ~39 ~49 ~58 ~77 Adjusted FFO ~20 ~27 ~33 ~44 G&A corporate and project development costs ~5 ~5 ~5 ~5 Interest on debentures ~4 ~5 ~7 ~13 Adjusted FFO from projects ~29 ~37 ~45 ~62 Appendix A – Adjusted EBITDA and Adjusted FFO Use of NON-IFRS Financial Measures Non-IFRS Revenues, Adjusted EBITDA and Adjusted FFO are non-IFRS measures. EBITDA is defined as earnings before financial expenses, net, taxes, depreciation and amortization and FFO (funds from operations) is calculated by adding tax and financing expenses to EBITDA. The Company uses the terms “Non-IFRS Revenues,” “Adjusted EBITDA” and “Adjusted FFO” to highlight the fact that in the calculation of these non-IFRS financial measures the Company presents the revenues from the Talmei Yosef PV plant under the fixed asset model and not under IFRIC 12, presents its share in Dorad based on distributions of profit and not on the basis of equity gain using the equity method and includes the financial results of Talasol for the period prior to achievement of PAC that were not recognized in the profit and loss statement based on accounting rules. The Company presents these measures in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers these non-IFRS measures to be important measures of comparative operating performance, these non-IFRS measures 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. These non-IFRS measures do not take into account our commitments, including capital expenditures and restricted cash and, accordingly, are not necessarily indicative of amounts that may be available for discretionary uses. In addition, Adjusted FFO does not represent and is not an alternative to cash flow from operations as defined by IFRS and is not an indication of cash available to fund all cash flow needs, including the ability to make distributions. Not all companies calculate Non-IFRS Revenues, Adjusted EBITDA or Adjusted FFO in the same manner, and the measures as presented may not be comparable to similarly-titled measures presented by other companies. The Company uses these measures internally as performance measures and believes that when these measures are combined with IFRS measures they add useful information concerning the Company’s operating performance. We cannot, without unreasonable effort, forecast the financial results of Dorad, which are included in our financial results as an equity accounted investee, as Dorad’s results are based on items that cannot be predicted, including demand, indexation effects and natural gas costs. In addition, items included in our projected net profit (loss) and in the projected reconciliation, are impacted by items that are difficult to predict in advance and are not within our control, including, but not limited to, foreign exchange rate fluctuations, equity compensation costs, impairment and (gain) loss on sale of businesses. Therefore, the items included in the reconciliation are included based on our current estimates and information known to us. A reconciliation between measures on an IFRS and non-IFRS basis is provided in this slide. Reconciliation of Net Income to Adjusted EBITDA & Adjusted FFO (in € millions) The PV Plant located in Talmei Yosef, Israel is presented under the fixed asset model and not under the financial asset model as per IFRIC 12. The company’s share in Dorad is presented based on distributions of profits and not on the basis of equity gain using the equity method. The expected revenues, Adjusted EBITDA and FFO of the Talasol PV plant include minority holdings. Adjusted FFO is presented after projects and corporate financing and tax expenses.
Appendix B – Leverage Ratios Use of NON-IFRS Financial Measures The Company defines Financial Debt as loans and borrowings plus debentures (current liabilities) plus finance lease obligations plus long-term bank loans plus debentures (non-current liabilities), Financial Debt, Net as Financial Debt minus cash and cash equivalent minus investments held for trading minus short-term deposits and CAP as equity plus Financial Debt. The Company presents these measures in order to enhance the understanding of the Company’s leverage ratios and borrowings. While the Company considers these measures to be an important measure of leverage, these measures should not be considered in isolation or as a substitute for long-term borrowings or other balance sheet data prepared in accordance with IFRS as a measure of leverage. Not all companies calculate these measures in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. . Calculation of Leverage Ratios (in € thousands) As of Dec 31 As of Dec 31 2020 2021 Current liabilities Current maturities of long term bank loans € (10,232) € (126,180) Current maturities of long term loans € (4,021) € (16,401) Debentures € (10,600) € (19,806) Non-current liabilities Long-term bank loans € (134,520) € (39,093) Other long-term loans € (49,396) € (37,221) Debentures € (72,124) € (117,493) Financial Debt (A) € (280,893) € (356,194) Less: Cash and cash equivalents € (66,845) € (41,229) Marketable Securities € (1,761) € (1,946) Short term deposits € (8,113) € (28,410) Financial Debt, net (B) € (204,174) € (284,609) Total equity (C) € (125,026) € (113,483) Financial Debt (A) € (280,893) € (356,194) CAP (D) € (405,919) € (469,677) Financial Debt to CAP (A/D) 69% 76% Financial Debt, net to CAP (B/D) 50% 61%
Appendix C – Biogas EBITDA and Adjusted FFO Use of NON-IFRS Financial Measures EBITDA and Adjusted FFO are non-IFRS measures. EBITDA is defined as earnings before financial expenses, net, taxes, depreciation and amortization and FFO (funds from operations) is calculated by adding tax and financing expenses to EBITDA. The Company uses the term “Adjusted FFO” to highlight the fact that the financing expenses presented in the calculation of Adjusted FFO exclude interest on inter-company loans. The Company presents these measures in order to enhance the understanding of the Company’s bio gas operations and to enable comparability between periods. While the Company considers these non- IFRS measures to be important measures of comparative operating performance, these non-IFRS measures 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. These non-IFRS measures do not take into account our commitments, including capital expenditures and restricted cash and, accordingly, are not necessarily indicative of amounts that may be available for discretionary uses. In addition, Adjusted FFO does not represent and is not an alternative to cash flow from operations as defined by IFRS and is not an indication of cash available to fund all cash flow needs, including the ability to make distributions. Not all companies calculate EBITDA or Adjusted FFO in the same manner, and the measures as presented may not be comparable to similarly-titled measures presented by other companies. The Company uses these measures internally as performance measures and believes that when these measures are combined with IFRS measures they add useful information concerning the Company’s operating performance. A reconciliation between measures on an IFRS and non-IFRS basis is provided in this slide. Reconciliation of Biogas Net Income to EBITDA & Adjusted FFO (in € millions) 2022 (E) 2023 (E) 2024 (E) Net Income (loss) for the period (1.1) 0.2 1.4 Financing Expenses, net 0.6 0.3 0.3 Taxes on Income - - - Depreciation 2.5 2.5 2.5 Ebitda 2 3 4.2 Interest on bank loans -0.4 -0.3 -0.3 Taxes on Income - - - Adjusted FFO 1.8 2.7 3.9
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