Ellomay Capital Ltd (ELLO) 2015 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ellomay Capital conference call. (Operator Instructions). As a reminder, this conference is being recorded. If you have any objections to the recording, you may disconnect. With us online today are Mr. Ran Fridrich, Ellomay's CEO and Ms. Kalia Weintraub, Ellomay's CFO.

女士們、先生們，感謝您的耐心等待。歡迎參加Ellomay Capital的電話會議。 （操作說明）。請注意，本次會議正在錄音。如果您對錄音有任何異議，可以隨時斷開連接。今天在線上參加會議的有Ellomay的執行長Ran Fridrich先生和財務長Kalia Weintraub女士。

Before I turn the call over to Mr. Fridrich, I would like to remind everyone that certain statements that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Law of 1968. The words estimate, project, intend, expect, believe and similar expressions are intended to identify forward-looking statements and these involve and are subject to risks and uncertainties that could cause actual results to differ materially from those that may be expressed or implied by our forward-looking statements, including changes in regulation, seasonality of the PV business and market conditions. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with the Securities and Exchange Commission, including its Annual Report on Form 20-F. Mr. Fridrich, would you like to begin?

在將電話轉給弗里德里希先生之前，我想提醒各位，某些非歷史事實的陳述屬於1995年《私人證券訴訟改革法案》和1968年《證券法》所界定的前瞻性陳述。諸如「估計」、「預測」、「打算」、「預期」、「相信」等詞語以及類似表達旨在識別前瞻性陳述，這些陳述涉及風險和不確定性，並受其影響，可能導致實際結果與前瞻性陳述中明示或暗示的結果存在重大差異，包括監管變化、光伏業務的季節性以及市場狀況。這些以及與公司業務相關的其他風險和不確定性在公司不時向美國證券交易委員會提交的文件中均有更詳細的描述，包括公司20-F表格年度報告。弗里德里希先生，您開始發言好嗎？

Yes, thank you. Thank you, operator and welcome, everyone. I will now give an overview of the business and of the Company and later on, Kalia, our CFO, will give a financial overview of the business and we will be welcoming any questions after that.

是的，謝謝。謝謝接線員，歡迎各位。接下來我將概述一下公司業務，稍後我們的財務長卡莉亞將對公司的財務狀況進行概述，之後我們歡迎大家提問。

Okay. So the PV segment performed according to expectations in this quarter and semi-annual. We managed to reduce operational costs. The numbers present the full portfolio performance, including the 5.6 megawatt of PV plants acquired in Spain during 2014.

好的。光電業務在本季和上半年均符合預期。我們成功降低了營運成本。這些數據反映了整個投資組合的業績，包括2014年在西班牙收購的5.6兆瓦光電站。

Regarding our investment in Dorad power station, the operational results for the second quarter were better than expected. On the other end, an unusual jump in the Israeli CPI, which was around 1.1% jump, had a negative impact on the financial expenses of Dorad. This is a non-cash expense and Dorad is ILS3.6 billion CPI-linked debt. That's why the impact was actually a large one.

關於我們對多拉德電站的投資，第二季的營運表現優於預期。另一方面，以色列消費者物價指數（CPI）出現約1.1%的異常上漲，對多拉德電廠的財務支出產生了負面影響。這是一項非現金支出，而多拉德電站的債務與CPI掛鉤，金額高達36億以色列新謝克爾。因此，此次上漲的影響相當顯著。

During the second quarter, Dorad had revenues of approximately ILS488 million, or approximately $129 million. This is all based on the exchange rate of June 30, 2015. Dorad's second-quarter operating profit was approximately ILS28 million, which is around $7 million. As you all know, the power plant was connected to the grid in May 2014, so we cannot provide a comparison number to last year.

第二季度，Dorad 的營收約為 4.88 億以色列新謝克爾，約 1.29 億美元。以上數據皆基於 2015 年 6 月 30 日的匯率。 Dorad 第二季的營業利潤約為 2,800 萬以色列新謝克爾，約 700 萬美元。眾所周知，該電廠於 2014 年 5 月併網發電，因此我們無法提供與去年同期的數據進行比較。

Regarding the development stage of the pump storage project that we are developing in Manara Cliff, Israel, we are working to receive the license of this 340 megawatt project and we hope to achieve it in the coming future. Ellomay is looking for additional investments in the infrastructure and the energy production in Israel and abroad. Our current team is capable of managing up to 2 times the current size of the business. I will turn over the call now to Ms. Kalia Weintraub, our CFO. Kalia.

關於我們在以色列馬納拉懸崖開發的抽水蓄能項目，我們正在努力獲得這個340兆瓦項目的許可證，並希望在不久的將來能夠實現。 Ellomay正在以色列和海外尋求對基礎設施和能源生產領域的額外投資。我們目前的團隊有能力管理規模擴大兩倍的業務。現在我將把電話交給我們的財務長卡莉婭·溫特勞布女士。卡莉婭。

Yes, thank you, Rani. I will go through the numbers. First six months revenues were approximately $7.2 million compared to approximately $7.5 million in the corresponding period last year. Our revenues were actually up by approximately 18% from EUR5.5 million to EUR6.5 million. This increase is mainly a result of the acquisition of three photovoltaic plants in Murcia, Spain on July 1, 2014. The decrease in the amount of reported revenues is due to the presentation of resulting US dollars and the devaluation of the euro against the US dollar during the period. Operating expenses were approximately $1.4 million, equivalent to EUR1.2 million for the first six months of 2015 compared to approximately $1.5 million representing EUR1.5 million in the corresponding --

是的，謝謝你，拉尼。我會逐條介紹數據。上半年營收約720萬美元，去年同期約750萬美元。我們的收入實際上增長了約18%，從550萬歐元增加到650萬歐元。這項成長主要歸功於2014年7月1日在西班牙穆爾西亞收購的三座光電站。報告收入金額的減少是由於以美元計價以及歐元在此期間對美元貶值所致。 2015年上半年的營運支出約140萬美元，相當於120萬歐元，去年同期約150萬美元，相當於150萬歐元。

EUR1.1 million.

110萬歐元。

-- EUR1.1 million, yes, in the corresponding period last year. The euro amount of our operating expenses increased due to the acquisition of the Murcia PV plant. This increase was offset by the devaluation of the euro against the US dollar. The income we are reporting in connection with our indirect holdings in Dorad was approximately $0.2 million for the six months ended June 30, 2015 compared to losses of approximately $0.2 million in the corresponding period last year and this is of course due to the commencement of the commercial operations of the power plant operated by Dorad only in May 2014.

是的，與去年同期相比，營運費用為110萬歐元。由於收購了穆爾西亞光電站，我們的營運費用歐元金額增加。但歐元兌美元貶值抵銷了這一成長。截至2015年6月30日的六個月，我們報告的與間接持有Dorad股份相關的收入約為20萬美元，而去年同期則虧損約20萬美元。這當然是因為Dorad營運的電站直到2014年5月才開始商業營運。

Financing income net was approximately $1.3 million for the first six months of 2015 compared to financing expenses net of approximately $2.5 million in the corresponding period last year. This change has mainly resulted from the revaluation of our US dollar/euro forward transactions and swap transactions in the aggregate amount of approximately $5.3 million, which was partially offset mainly by expenses resulting from exchange rate differences in the amount of approximately $2.5 million and approximately $1.2 million interest and other costs in connection with our Series A debentures.

2015年上半年，融資收入淨額約130萬美元，去年同期融資支出淨額約250萬美元。這項變更主要源自於我們對美元兌歐元遠期交易和互換交易的重估，總額約為530萬美元。部分被匯率差異產生的費用（約250萬美元）以及與A系列債券相關的利息和其他成本（約120萬美元）所抵銷。

Net income was approximately $2.6 million for the first six months of 2015 compared to a net loss of approximately $0.5 million for the first six months of 2014. I will now pass over the call to the operator for questions-and-answer session.

2015年上半年淨收入約260萬美元，而2014年上半年淨虧損約50萬美元。現在我將把電話轉給接線員進行問答環節。

(Operator Instructions). There are no further questions at this time. Before I ask Mr. Fridrich to go ahead with his closing statement, I would like to remind participants that a replay of this call will be available according to the details in the press release regarding the call. Mr. Fridrich, would you like to make a concluding statement?

（操作員指示）目前沒有其他問題。在請弗里德里希先生作總結發言之前，我想提醒各位與會者，本次電話會議的錄音回放將根據新聞稿中的說明提供。弗里德里希先生，您想作總結發言嗎？

Yes, thank you, everybody, and happy New Year. I don't know if all of you know, but it's the New Year of the Jewish calendar. So happy New Year to everybody and thank you for participating.

是的，謝謝大家，新年快樂！我不知道你們是否都知道，今天是猶太曆新年。所以，祝大家新年快樂，感謝大家的參與。

Thank you. This concludes the Ellomay Capital second-quarter 2015 results conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。 Ellomay Capital 2015年第二季業績電話會議到此結束。感謝您的參與。您可以斷開連線了。