Sunflower Sustainable Investments Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016
August 10, 2016
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Sunflower Sustainable Investments Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported revenues of ILS 27,338,000 compared to ILS 33,747,000 a year ago. Operating income was ILS 8,212,000 compared to ILS 15,273,000 a year ago. Loss before taxes on income was ILS 7,452,000 compared to ILS 4,503,000 a year ago. Loss attributable to equity holders of the company was ILS 6,140,000 or ILS 0.19 per basic and diluted share compared to ILS 5,300,000 or ILS 0.16 per basic and diluted share a year ago. Net cash used in operating activities was ILS 2,324,000 compared to ILS 1,119,000 a year ago. Investments in renewable energy and licenses for production of electricity (includes advances payments) was ILS 241,000 against ILS 41,217,000 a year ago.
For the six months, the company reported revenues of ILS 57,251,000 compared to ILS 56,592,000 a year ago. Operating income was ILS 36,540,000 compared to ILS 20,806,000 a year ago. Income before taxes on income was ILS 16,459,000 compared to loss before taxes on income of ILS 31,708,000 a year ago. Income attributable to equity holders of the company was ILS 9,637,000 or ILS 0.29 per basic and diluted share compared to loss attributable to equity holders of the company of ILS 26,463,000 or ILS 0.8 per basic and diluted share a year ago. Net cash provided by operating activities was ILS 16,026,000 compared to net cash used in operating activities of ILS 4,530,000 a year ago. Investments in renewable energy and licenses for production of electricity (includes advances payments) was ILS 12,385,000 against ILS 85,988,000 a year ago.
Sunflower Sustainable Investments Ltd, formerly Gilatz Investment Company Ltd, is an Israel-based financial investment house. The Company operates mainly in the renewable energies market, in addition to holding several income-producing real properties. It has developed a business model, Sustainable Income Trust Fund (SIT), where it invests in solar energy projects that generate high and steady income. In 2008, the Company became active in development and acquisition of projects in the field of photovoltaic solar energy in Europe. In 2010, the Company also became active in photovoltaic solar energy in Israel. As of November 2010, the Company produces approximately 24 megawatts peak (MWp) from solar parks installed in Spain and Italy.