Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2023
Tel-Aviv, Israel, March 31, 2024 – 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, Israel and the USA,today
reported its unaudited financial results for the fourth quarter and year ended December 31,
2023.
Financial Highlights
• Total assets as of December 31, 2023 amounted to approximately €611.7 million,
compared to total assets as of December 31, 2022 of approximately €576.2 million.
• Revenues1 for the three months ended December 31, 2023 and 2022 were
approximately €8.4 million. Revenues for the year ended December 31, 2023, were
approximately €48.8 million, compared to approximately €52.2 million for the year
ended December 31, 2022.
• Loss for the three months ended December 31, 2023 was approximately €9.8 million,
compared to a profit of approximately €2.5 million for the three months ended
December 31, 2022. Profit for the year ended December 31, 2023, was
approximately €0.6 million, compared with approximately €0.1 million for the year
ended December 31, 2022.
• EBITDA loss for the three months ended December 31, 2023 was approximately
€2.5 million, compared to EBITDA of approximately €1.7 million for the three
months ended December 31, 2022. EBITDA for the year ended December 31, 2023
was approximately €18.8 million, compared to approximately €20.8 million for the
year ended December 31, 2022. See below under “Use of Non-IFRS Financial
Measures” for additional disclosure concerning EBITDA.
• On December 31, 2023, the Company executed an agreement to sell its holdings in
the 9 MW PV plant located in Talmei Yosef, Israel in consideration for NIS 44.75
million (approximately €11.2 million), with an additional potential payment of up to
NIS 4 million in the event the Talmei Yosef PV Plant produces more than 18 million
Kwh during 2024. In connection with the expected sale, the Company presents the
results of this PV plant as discontinued operations and the results for the year and
for the three months ended December 31, 2022 are adjusted accordingly. See below
for additional information.
1 The revenues presented in the Company’s financial results included in this press release are based
on IFRS and do not take into account the adjustments included in the Company’s investor presentation.2
Financial Overview for the Year Ended December 31, 2023
• Revenues were approximately €48.8 million for the year ended December 31, 2023,
compared to approximately €52.2 million for the year ended December 31, 2022. The
decrease in revenues mainly results from the decrease in electricity prices in Spain and
from a curtailment of the electricity supply from the Company’s facilities in Spain to the
grid during June 2023 due to maintenance and upgrade work on the main transmission
line between Spain and Portugal, which caused a decrease in revenues of approximately
€1 million. The Company subsequently implemented a solution aimed at minimizing the
impact of future similar curtailments due to maintenance and upgrades to the national
grid. The decrease in revenues was partially offset by an increase in revenues from the
Company’s biogas plants in the Netherlands, resulting mainly from increased production
and an increase in the 2023 gas price, and from the connection to the grid of Ellomay
Solar (a 28 MW photovoltaic plant in Spain) during June 2022, upon which the Company
commenced recognition of revenues.
• Operating expenses were approximately €22.9 million for the year ended December 31,
2023, compared to approximately €23.7 million for the year ended December 31, 2022.
The decrease in operating expenses mainly results from a decrease in payments under
the Spanish RDL 17/2022, caused by a reduction in the electricity market price. RDL
17/2022 established the reduction of returns on the electricity generating activity of
Spanish production facilities that do not emit greenhouse gases, accomplished through
payments of a portion of the revenues by the production facilities to the Spanish
government. As a result of the decrease in the electricity market price in Spain during
the year ended December 31, 2023, the payments under RDL 17/2022 were lower
compared to last year. This decrease in operating expenses was partially offset by
increased operating expenses in connection with the Company’s biogas operations in the
Netherlands caused by higher production and the use of higher quality raw materials,
and from the connection to the grid of Ellomay Solar during June 2022, upon which the
Company commenced recognition of expenses. Depreciation and amortization expenses
were approximately €16 million for the year ended December 31, 2023, compared to
approximately € 6
. 15 million for the year ended December 31, 2022. The increase in
depreciation and amortization expenses is mainly attributable to the commencement of
recognition of results of Ellomay Solar upon connection to the Spanish grid in June 2022.
• Project development costs were approximately €4.5 million for the year ended December
31, 2023, compared to approximately €3.8 million for the year ended December 31,
2022. The increase in project development costs is mainly due to development expenses
in connection with photovoltaic projects in the USA, Italy, and Israel.
• General and administrative expenses were approximately €5.3 million for the year ended
December 31, 2023, compared to approximately €5.9 million for the year ended
December 31, 2022. The decrease in general and administrative expenses is mostly due
to a decrease in D&O liability insurance costs and to bonuses paid to employees in 2022.
• The Company’s share of profits of equity accounted investee, after elimination of
intercompany transactions, was approximately €4.3 million for the year ended December
31, 2023, compared to approximately €1.2 million for the year ended December 31,
2022. The increase in share of profits of equity accounted investee was mainly due to the
increase in revenues of Dorad Energy Ltd. (“Dorad”) due to higher quantities produced
and a higher electricity tariff, partially offset by an increase in operating expenses in
connection with the increased production and higher tariff.3
• Financing expenses, net, were approximately €3.6 million for the year ended December
31, 2023, compared to approximately €3.5 million for the year ended December 31,
2022. The increase in financing expenses, net, was mainly attributable to higher interest
expenses in connection with the Company’s loans (net of any related SWAP payments)
and debentures amounting to an aggregate amount of approximately €11.6 million in the
year ended December 31, 2023, compared to approximately €9.2 million for the year
ended December 31, 2022. The increase in interest expenses mainly resulted from the
issuance of the Company’s Series E debentures in February 2023 and from higher
interest rates applied to variable interest rate bearing loans. This increase was partially
offset by higher interest income due to increased interest rates amounting to
approximately €2 million in the year ended December 31, 2023, compared to an amount
of approximately €0.3 million for the year ended December 31, 2022, and to higher
income resulting from exchange rate differences, of approximately €6.7 million in the
year ended December 31, 2023, mainly in connection with the New Israeli Shekel
(“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures,
compared to approximately €6 million for the year ended December 31, 2022, caused by
the 9 6. % devaluation of the NIS against the euro during the year ended December 31,
2023, compared to a 6.6% appreciation of the NIS against the euro during the year ended
December 31, 2022 .
• Tax benefit was approximately €1.4 million in the year ended December 31, 2023,
compared to taxes on income of approximately €1.7 million in the year ended December
31, 2022. The change in tax is mainly due to the substantial decrease in electricity prices
in Spain, resulting in lower taxable income of the Company’s Spanish subsidiaries.
• Loss from discontinued operations (net of tax) was approximately €1.8 million in the
year ended December 31, 2023, compared to a profit from discontinued operations of
approximately €0.7 million in the year ended December 31, 2022.
On December 31, 2023, the Company executed an agreement to sell its holdings in the
9 MW PV plant located in Talmei Yosef, Israel (the “Agreement” and the “Talmei
Yosef PV Plant,” respectively). The Agreement provides for the sale of the Company’s
holdings in the Talmei Yosef PV Plant to Greenlight Fund Limited Partnership and Doral
Group Renewable Energy Resources Ltd., in equal parts, in consideration for NIS 44.75
million (approximately €11.2 million), with an additional potential payment of up to NIS
4 million in the event the Talmei Yosef PV Plant produces more than 18 million Kwh
during 2024. The Agreement further provides for a cutoff date of June 30, 2023, and at
closing the parties will determine whether an adjustment to the purchase price is required
reflect the Company’s entitlement to revenues (net of expenses) up to such date, taking
into account the results and the cash held by the project company. The Company does
not expect a material adjustment to the purchase price.
In connection with the expected sale of the Talmei Yosef PV Plant, the Company
presents the results of the Talmei Yosef PV Plant as discontinued operations and the
results for the year and for the three months ended December 31, 2022 are adjusted
accordingly. The Talmei Yosef PV Plant is presented in the Company’s financial results
as a financial asset, in accordance with IFRIC 12 under IFRS, and since its acquisition
of the plant, the Company recognized relatively high profits through its ownership.
Accordingly, although the consideration expected to be received for the Talmei Yosef
PV Plant reflects a market value that is higher than the price invested by the Company
in its acquisition, due to the accounting treatment under IFRIC 12, the Company
recognized a net loss of approximately €1.8 million in connection with the expected sale.4
The Agreement includes customary representations and indemnification undertakings in
connection with breaches of representations, which, other than with respect to customary
exceptions, are subject to a cap of NIS 9 million and limited to a period of 18 months
from the closing date . The consummation of the sale is subject to various customary
conditions to closing, including receipt of regulatory approvals and the consent of the
financing entity of the Talmei Yosef PV Plant. All conditions to closing are required to
be fulfilled within an initial period of 90 days from execution of the Talmei Yosef Sale
Agreement, which can be extended to up to 150 days under certain circumstances. The
Talmei Yosef PV Plant is located in southern Israel. One of the conditions to closing is
the end of the “war” status in southern Israel for a pre-determined period (based on the
official definitions published by the Israeli Authorities) and that the Talmei Yosef PV
Plant is physically accessible. Based on the circumstances as of the date hereof, this
condition is currently fulfilled but there can be no assurance that it will continue to be
fulfilled on the expected closing date. The closing of the sale is currently expected during
the second quarter of 2024. The Talmei Yosef Sale Agreement further provides that in
the event that due to the current war and hostilities in Israel the facility will be damaged
or its output will decrease, the buyers will have the right not to consummate the
acquisition of the plant. The consummation of the transactions contemplated by the
Agreement is subject to the fulfilment of the conditions to closing as of the date of the
closing. These conditions to closing are mostly not within the Company’s control or the
buyers’ control. There can be no assurance as to whether or when the conditions to
closing will be satisfied and as to the impact of the war and hostilities in Israel on the
ability to consummate the sale and on the final purchase price.
• Net profit was approximately €0.6 million in the year ended December 31, 2023,
compared to approximately €0.1 million in the year ended December 31, 2022.
• Total other comprehensive income was approximately €41.3 million for the year ended
December 31, 2023, compared to total other comprehensive loss of approximately €35.3
million in the year ended December 31, 2022. The change in total other comprehensive
loss mainly results from changes in fair value of cash flow hedges, including a material
increase in the fair value of the liability resulting from the financial power swap that
covers approximately 80% of the output of the Talasol PV Plant (the “Talasol PPA”).
The Talasol PPA experienced a high volatility due to the substantial change in electricity
prices in Europe. In accordance with hedge accounting standards, the changes in the
Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a
hedging reserve and not through the accumulated deficit/retained earnings. The changes
do not impact the Company’s consolidated net profit/loss or the Company’s consolidated
cash flows.
• Total comprehensive income was approximately €41.9 million in the year ended
December 31, 2023, compared to total comprehensive loss of approximately €35.2
million in the year ended December 31, 2022.
• EBITDA was approximately €18.8 million for the year ended December 31, 2023,
compared to approximately €20.8 million for the year ended December 31, 2022.
• Net cash from operating activities was approximately €9.7 million for the year ended
December 31, 2023, compared to approximately €11.3 million for the year ended
December 31, 2022.5
CEO Review Fourth Quarter and Full Year 2023
2023 was characterized by a decline in the electricity prices in Europe compared to the
prices in 2022. The decrease is mainly evident in Spain, whereas in Italy the prices
remained relatively stable. Despite the significant decrease in electricity prices in Spain,
the revenues for 2023 did not decrease in the same rate and were approximately €48.8
million, compared to revenues of approximately €52.2 million in 2022. The main reason
that the significant decrease in electricity prices in Spain has a relatively small impact
on the Company’s revenues is that the majority of the electricity the Company sells in
Spain is under a long-term PPA. Net profit for 2023 was approximately €0.6 million,
compared to approximately €0.1 million for 2022. The EBITDA for 2023 was
approximately €18.8 million, compared to EBITDA of approximately €20.8 million in
2022. The decrease in the EBIDTA for 2023 was mainly due to a loss from discontinued
operations in the amount of approximately €1.8 million that was recorded in connection
with the expected sale of the Talmei Yosef facility. Although the consideration expected
to be received for the Talmei Yosef project reflects a market value that is higher than
the price invested by the Company in its acquisition, because the Talmei Yosef facility
is treated as financial asset under IFRIC 12, the Company recorded a loss in connection
with the expected sale.
The Dorad power station presented an increase in revenues and net income during
2023, and the net income of Dorad for 2023 was approximately €53 million.
The development and construction activities of solar projects in the USA are advancing
rapidly and the construction of the first two projects, with an aggregate capacity of
approximately 27.5 MW, commenced in early 2024. Two additional projects with an
aggregate capacity of approximately 22 MW are expected to commence construction in
May 2024 and additional projects scheduled for construction in 2025 are under
development.
In Italy, the construction of a solar project with a capacity of 18 MW (ELLO 10)
commenced, in addition to solar projects with a capacity of approximately 20 MW who
have finished construction. Of the 20 MW that have finished construction, 5 MW were
connected to the grid during the first quarter of 2024 and an additional 15 MW are
expected to connect to the grid shortly. Therefore, the additional income from sales of
electricity in Italy will only be reflected in 2024.
At the end of 2023 an agreement for the sale of the Talmei Yosef PV project was
executed, the cutoff date for the transaction was set at June 30, 2023. The Company
maintained the rights to a portion of the land in Talmei Yosef, which will be used to
construct projects under development (the Talmei Yosef Project and the Talmei Yosef
Storage Project in Batteries noted below) that are currently not recorded as fixed assets
in the Company’s financial statements. Due to the expected sale, the financial results of
the Talmei Yosef PV plant are presented as discontinued operations in the Company’s
financial results for 2023.6
The Company’s operations concentrate on three main fields:
– Construction of New Projects: solar projects in the USA, solar projects in Italy, and a
pumped hydro storage project in the Manara Cliff in Israel.
– Initiating and Developing of New Projects: solar projects in Italy, Spain, USA and
Israel.
– Management, Operation and Improvement of Generating Projects: in Israel (solar),
Spain (solar) and the Netherlands (bio-gas).
Activity in Spain:
During 2023, the Talasol solar project (300 MW, Company’s share is 51%) produced
revenues from the sale of electricity and green certificates of approximately €25 million,
slightly below the expected revenues due to a maintenance event in the main distribution line
that caused a loss of revenues of approximately €1 million. As a result of the event a system
was installed that significantly limits the possibility that such an event will recur in the future.
Talasol is a party to a financial hedge of its electricity capture price (PPA). Approximately
80% of its production (75% based on P-50) are sold under this agreement for a fixed price.
The remaining electricity produced by Talasol is sold directly to the grid, at spot prices.
During 2023, the Ellomay Solar project (28 MW) produced revenues from the sale of
electricity and green certificates of approximately €4 million.
Activity in Italy:
The Company has approximately 505 solar MW projects under advanced development
stages, of which licenses have been obtained for approximately 203 MW. Projects with an
aggregate capacity of approximately 20 MW have finished construction, of which 5 MW
was connected during the first quarter of 2024 and an additional 15 MW will be connected
within a few weeks. The construction works of ELLO 10 (18 MW) commenced and the
completion of the construction is expected in the third quarter of 2024.
Activity in Israel:
The Manara Pumped Storage Project (Company’s share is 83.34%): The Manara Cliff
pumped storage project, with a capacity of 156 MW, is in advanced construction stages. The
Iron Swords War, which commenced on October 7, 2023, stopped the construction work on
the project. The project has protection from the state for damages and losses due to the war
within the framework of the tariff regulation (covenants that support financing). The project
was expected to reach commercial operation during the first half of 2027 and the continuation
of the Iron Swords war will case a delay in the date of operations. The Israeli Electricity
Authority currently approved a postponement of eight months of the dates for the project.
The Company and its partner in the project, Ampa, invested the equity required for
the project (other than linkage differences), and the remainder of the funding is from a
consortium of lenders led by Mizrahi Bank, at a scope of approximately NIS 1.18 billion.7
Development of Solar licenses combined with storage:
1. The Komemiyut Project: intended for 21 solar MW and 50 MW / hour batteries. The
sale of electricity will be conducted through a private supplier. Commencement of
construction is planned for the third quarter of 2024.
2. The Qelahim Project: intended for 21 solar MW and 50 MW / hour batteries. The sale
of electricity will be conducted through a private supplier. Commencement of
construction is planned for the fourth quarter of 2024.
With respect to projects 1 and 2, the Company waived the rights it won in the tender process
no. 1 for battery storage and elected to transition to the regulation that enables direct sale to
end customers.
3. The Talmei Yosef Project: intended for 10 solar MW and 22 MW / hour batteries. The
request for zoning approval was approved in the fourth quarter of 2023.
4. The Talmei Yosef Storage Project in Batteries: there is a zoning approval for
approximately 400 MW / hour. The project is designed for the regulation of high voltage
storage.
5. The Company also has approximately 46 solar MW under preliminary planning stages.
Dorad Power Station (Company’s share is approximately 9.4%): the gas flow from the
Karish reservoir that began in November 2022 reduced the gas costs of Dorad. Dorad
benefited from the increase in the TAOZ and the production component compared to the
same period last year. In addition, the Israeli Electricity Authority’s resolution in connection
with the changes of the hourly tariffs, which entered into force in January 2023, means an
extension of the “summer” period (a month was added to the “summer” season in which the
tariffs are higher), the elimination of the “GEVA” (average consumption) hours and the
change in the “PISGA” (peak) hours in the intermediate seasons to the afternoon and
evening. As a result, Dorad provides availability to the system manager for the “SHEFEL”
(low) period, which is longer and the demand of the system manager is higher. As a result of
the continuous operations of the power plant, the maintenance expenses decreased and the
hours of operation increased, increasing production and the revenues and profit. Moreover,
the Israeli government decided to increase the power station by an additional 650 MW and
the National Infrastructure Committee approved the TTL/11/B plan – expansion of the Dorad
power station.
In June 2023, an arbitration award was given that, among other issues, obligated Zorlu and
Edeltech to refund approximately $130 million to Dorad and to pay the derivative plaintiffs
NIS 20 million as reimbursement of legal expenses. Appeals on the arbitration award were
submitted by both parties and the appeal process was agreed in advance and is expected to
end in the second quarter of 2024.
Activity in the Netherlands:
In connection with the military conflict in Ukraine and the stoppage of Russian gas supply
to Europe, there are substantial changes in the field of biogas in the Netherlands and Europe.
Europe in general and the Netherlands specifically have set ambitious goals for increasing
gas production from waste. Various incentives are being considered, the main one is8
increasing the price of the green certificates. The price of these certificates has increased
from approximately 13–15 euro cents per cubic meter to around 45 euro cents per cubic
meter. The prices of green certificates continue to rise and the expectation is that the price
will reach approximately 60 euro cents per cubic meter in 2024.
The Company estimates that with the increasing importance of the biogas field, this field
entered into a new era. In the Netherlands, new legislation was adopted that obliges the gas
suppliers to incorporate green gas in a scope of up to 20% of the amount supplied by them,
valid commencing January 1, 2025. This legislation and the growing demand for green
certificates derived from the biogas industry, is expected to add and significantly improve
the results of the biogas segment of the Company.
Activity in Texas, USA:
During the first quarter of 2024, the construction of the initial two projects, with an aggregate
installed capacity of approximately 27.5 MW DC commenced, expected completion date is
in September 2024. Two additional projects with an aggregate installed capacity of
approximately 22 MW DC are expected to commence construction in May 2024. The
estimated capital cost for the first two projects is approximately $30-$32 million, of which
the Company’s share is expected to be approximately $19-$21 million. The estimated capital
cost for the two additional projects is approximately $24-$26 million, of which the
Company’s share is expected to be $15-$17 million. The remaining capital costs are expected
to be covered by tax equity partners. The Company is developing additional projects
scheduled for construction in 2025.
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 operating 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 measure presented by other companies. The
Company’s EBITDA may not be indicative of the Company’s historic operating results; nor
is it meant to be predictive of potential future results. The Company uses this measure
internally as performance measure and believes that when this measure is combined with
IFRS measure it add useful information concerning the Company’s operating performance.
A reconciliation between results on an IFRS and non-IFRS basis is provided on page 19 of
this press release.9
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,
the USA 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, Spain, the
Netherlands and Texas, USA, including:
• Approximately 35.9 MW 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;
• 51% of Talasol, which owns a photovoltaic plant with a peak capacity of 300MW in
the municipality of Talaván, Cáceres, Spain;
• Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland
B.V., project companies operating anaerobic digestion plants in the Netherlands,
with a green gas production capacity of approximately 3 million, 3.8 million and 9.5
million Nm3 per year, respectively;
• 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to
construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
• Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL that are constructing
photovoltaic plants with installed capacity of 14.8 MW and 4.95 MW, respectively,
in the Lazio Region, Italy;
• Ellomay Solar Italy Four SRL, Ellomay Solar Italy Five SRL, Ellomay Solar Italy
Seven SRL, Ellomay Solar Italy Nine SRL and Ellomay Solar Italy Ten SRL that
are developing photovoltaic projects with installed capacity of 15.06 MW, 87.2 MW,
54.77 MW, 8 MW and 18 MW, respectively, in Italy that have reached “ready to
build” status; and
• Fairfield Solar Project, LLC, Malakoff Solar I, LLC, Malakoff Solar II, LLC, Mexia
Solar I, LLC, Mexia Solar II, LLC, and Talco Solar, LLC, that are developing
photovoltaic projects with installed capacity of 13.44 MW, 6.96 MW, 6.96 MW, 5.2
MW, 5.2 MW and 9.7 MW respectively, in the Dallas Metropolitan area, Texas, and
have reached “ready to build” status.
For more information about Ellomay, visit https://ellomay.com.10
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 “will,” “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 changes in electricity prices and demand, regulatory changes, the impact of the war
and hostilities in Israel and Gaza, increases in interest rates and inflation, 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, the impact of the continued military conflict
between Russia and Ukraine, technical and other disruptions in the operations or construction
of the power plants owned by the Company and general market, political and economic
conditions in the countries in which the Company operates, including Israel, Spain, Italy and
the United States. 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 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 Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: [email protected]
