September 3, 2018 - 11:00 AM EDT
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Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three Months Ended June 30, 2018

TEL AVIV, Israel, Sept. 3, 2018 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported the publication in Israel of financial statements for the three months ended June 30, 2018 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4%.

On August 31, 2018, Amos Luzon Entrepreneurship and Energy Group Ltd. (f/k/a U. Dori Group Ltd.) (the "Luzon Group"), an Israeli public company that currently holds 50% of U. Dori Energy Infrastructures Ltd. ("Dori Energy"), which, in turn, holds 18.75% of Dorad, published its quarterly report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the quarterly report of the Luzon Group includes the financial statements of Dorad for the same period.

The financial results of Dorad for the quarter ended June 30, 2018 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its indirect share of these results (through its holdings in Dori Energy) in its financial results for this period, which are currently expected to be published on or about September 25, 2018.  In an effort to provide Ellomay's shareholders with access to Dorad's financial results (which were published in Hebrew), Ellomay hereby provides a convenience translation of Dorad's financial results.

Dorad Financial Highlights

  • Dorad's unaudited revenues for the three months ended June 30, 2018 - approximately NIS 574.4 million.
  • Dorad's unaudited operating profit for the three months ended June 30, 2018 - approximately NIS 41.4 million.

Based on the information provided by Dorad, the demand for electricity by Dorad's customers is seasonal and is affected by, inter alia, the climate prevailing in that season. The months of the year are split into three seasons as follows: the summer season – the months of July and August; the winter season - the months of December, January and February; and intermediate seasons – (spring and autumn), the months from March to June and from September to November. There is a higher hourly demand for electricity during the winter and summer seasons, and the average electricity consumption per hour is higher in these seasons than in the intermediate seasons and is even characterized by peak demands due to extreme climate conditions of heat or cold. In addition, Dorad's revenues are affected by the change in load and time tariffs - TAOZ (an electricity tariff that varies across seasons and across the day in accordance with demand hour clusters), as, on average, TAOZ tariffs are higher in the summer season than in the intermediate and winter seasons. Therefore, the results presented for the quarter ended June 30, 2018, which include the intermediate months of April - June, are not indicative of full year results.

A translation of the financial results for Dorad as of and for the year ended December 31, 2017 and as of and for the three and six month periods ended June 30, 2017 and 2018 is included at the end of this press release. Ellomay does not undertake to separately report Dorad's financial results in a press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Amos Luzon Entrepreneurship and Energy Group Ltd., Dori Energy or Dorad with respect to the financial results included in this press release.

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 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 and Spain, including:

  • Approximately 22.6MW of photovoltaic power plants in Italy, approximately 7.9MW 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 850 MW, representing about 6%-8% of Israel's total current electricity consumption;
  • 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay Pumped Storage (2014) Ltd., all of which are involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
  • 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies operating or developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.

Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel's prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay's dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay's controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.

For more information about Ellomay, visit http://www.ellomay.com.

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 "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 our forward-looking statements, such as regulatory changes, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad and changes in the prices of natural gas. 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.

 

 

Dorad Energy Ltd.

Interim Condensed Statements of Financial Position




June 30

June 30

December 31



2018

2017

2017



(Unaudited)

(Unaudited)

(Audited)



NIS thousands

NIS thousands

NIS thousands

Current assets





Cash and cash equivalents


73,826

81,313

184,182

Trade receivables


247,370

265,829

330,397

Other receivables


54,059

97,529

83,289

Pledged deposit


6,551

-

-

Total current assets


381,806

444,671

597,868






Non-current assets





Restricted deposit


420,717

393,657

405,306

Prepaid expenses


42,763

44,880

43,821

Fixed assets


3,974,402

4,099,540

4,009,008

Intangible assets


4,705

7,420

6,097

Total non-current assets


4,442,587

4,545,497

4,464,232






Total assets


4,824,393

4,990,168

5,062,100






Current liabilities





Current maturities of loans from banks


212,945

203,415

203,819

Current maturities of loans from related parties


110,000

70,000

140,464

Trade payables


279,810

329,456

415,798

Other payables


4,915

22,822

5,649

Financial derivatives


-

7,298

1,191

Total current liabilities


607,670

632,991

766,921






Non-current liabilities





Loans from banks


3,103,655

3,287,991

3,187,873

Loans from related parties


12,047

116,812

54,764

Provision for dismantling and restoration


40,179

35,968

36,239

Deferred tax liabilities


99,549

66,305

89,298

Liabilities for employee benefits, net


160

160

160

Total non-current liabilities


3,255,590

3,507,236

3,368,334






Equity





Share capital


11

11

11

Share premium


642,199

642,199

642,199

Capital reserve from activities with shareholders


3,748

3,748

3,748

Retained earnings


315,175

203,983

280,887

Total equity


961,133

849,941

926,845






Total liabilities and equity


4,824,393

4,990,168

5,062,100

 

 

Dorad Energy Ltd.

Interim Condensed Statements of Profit and Loss



For the six months ended

For the three months ended

Year ended


June 30

June 30

December 31


2018

2017

2018

2017

2017


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands

Revenues

1,259,285

1,211,289

574,434

536,602

2,523,263







Operating costs of the






 Power Plant












Energy costs

330,747

291,795

184,674

145,767

616,221

Electricity purchase and






 infrastructure services

592,030

603,411

265,403

273,001

1,212,431

Depreciation and






 amortization

107,404

97,634

55,235

46,189

208,705

Other operating costs

65,013

57,915

27,719

25,296

122,345







Total operating costs






 of Power Plant

1,095,194

1,050,755

533,031

490,253

2,159,702







Profit from operating






 the Power Plant

164,091

160,534

41,403

46,349

363,561







General and






 administrative expenses

10,529

8,576

5,251

4,505

18,712







Operating profit

153,562

151,958

36,152

41,844

344,849







Financing income

11,857

1,810

7,625

1,312

3,195

Financing expenses

120,880

150,744

80,721

89,829

245,122







Financing expenses, net

109,023

148,934

73,096

88,517

241,927







Profit (loss) before






 taxes on income

44,539

3,024

(36,944)

(46,673)

102,922







Tax benefit (Taxes on






  income)

(10,251)

(687)

8,496

10,744

(23,681)







Profit (loss) for the period

34,288

2,337

(28,448)

(35,929)

79,241

 

 

Dorad Energy Ltd.

Interim Condensed Statements of Changes in Shareholders' Equity





Capital






reserve for




Share

Share

activities with

Retained



capital

premium

shareholders

earnings

Total Equity


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands

For the six months






 ended June 30, 2018






 (Unaudited)












Balance as at






 January 1, 2018 (Audited)

11

642,199

3,748

280,887

926,845







Profit for the period

-

-

-

34,288

34,288







Balance as at






 June 30, 2018 (Unaudited)

11

642,199

3,748

315,175

961,133

For the six months






 ended June 30, 2017






 (Unaudited)












Balance as at






 January 1, 2017 (Audited)

11

642,199

3,748

201,646

847,604







Profit for the period

-

-

-

2,337

2,337







Balance as at






 June 30, 2017 (Unaudited)

11

642,199

3,748

203,983

849,941

For the three months






 ended June 30, 2018






 (Unaudited)












Balance as at






 April 1, 2018 (Unaudited)

11

642,199

3,748

343,623

989,581







Loss for the period

-

-

-

(28,448)

(28,448)







Balance as at






 June 30, 2018 (Unaudited)

11

642,199

3,748

315,175

961,133







For the three months






 ended June 30, 2017






 (Unaudited)












Balance as at






 April 1, 2017 (Unaudited)

11

642,199

3,748

239,912

885,870







Loss for the period

-

-

-

(35,929)

(35,929)







Balance as at






 June 30, 2017 (Unaudited)

11

642,199

3,748

203,983

849,941







For the year ended






 December 31, 2017 (Audited)












Balance as at






 January 1, 2017 (Audited)

11

642,199

3,748

201,646

847,604







Profit for the year

-

-

-

79,241

79,241







Balance as at






 December 31, 2017 (Audited)

11

642,199

3,748

280,887

926,845

 

 

Dorad Energy Ltd.

Interim Condensed Statements of Cash Flows



For the six months ended

For the three months ended

Year ended


June 30

June 30

December 31


2018

2017

2018

2017

2017


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands

Cash flows from






 operating activities:






Profit (loss) for the period

34,288

2,337

(28,448)

(35,929)

79,241

Adjustments:






Depreciation and amortization






 and fuel consumption

111,043

142,906

58,737

72,816

286,542

Taxes on income (tax  benefit)

10,251

687

(8,496)

(10,744)

23,681

Financing expenses, net

109,023

148,934

73,096

88,517

241,927


230,317

292,527

123,337

150,589

552,150







Change in trade receivables

83,026

29,102

38,300

8,581

(35,465)

Change in other receivables

9,657

(60,355)

(3,080)

(41,999)

(84,857)

Change in trade payables

(149,819)

36,707

(31,034)

42,984

123,045

Change in other payables

(733)

(2,387)

(12,272)

(19,779)

(2,669)


(57,869)

3,067

(8,086)

(10,213)

54

Net cash flows provided






 by operating activities

206,736

297,931

86,803

104,447

631,445







Cash flows used in






 investing activities






Proceeds (payment) for settlement of






 financial derivatives

2,357

(4,633)

2,284

(2,784)

(10,596)

Insurance proceeds in respect of damage to fixed asset

19,438

-

6,788

-

38,742

Investment in long-term






 restricted deposit

(7,158)

(21,000)

(2,000)

-

(34,000)

Release of long-term restricted






 deposit

-

25,790

-

12,572

25,790

Investment in fixed assets

(61,050)

(53,786)

(30,100)

(21,804)

(121,361)

Investment in intangible assets

(123)

(258)

(4)

(227)

(413)

Interest received

1,484

1,230

708

732

1,268

Net cash flows used in






investing activities

(45,052)

(52,657)

(22,324)

(11,511)

(100,570)







Cash flows from






 financing activities:






Repayment of loans from






 related parties

(62,802)

(39,628)

-

-

(39,628)

Repayment of loans from banks

(91,345)

(85,112)

(91,345)

(85,112)

(161,668)

Interest paid

(119,447)

(120,865)

(101,436)

(105,183)

(227,530)

Net cash flows used in






 financing activities

(273,594)

(245,605)

(192,781)

(190,295)

(428,826)







Net increase (decrease) in cash






 and cash equivalents for






 the period

(111,910)

(331)

(128,302)

(97,359)

102,049







Effect of exchange rate fluctuations






 on cash and cash equivalents

1,554

677

1,299

523

1,166

Cash and cash equivalents at






 beginning of period

184,182

80,967

200,829

178,149

80,967

Cash and cash equivalents at end






 of period

73,826

81,313

73,826

81,313

184,182

 

Contact:
Kalia Weintraub
CFO
Tel: +972-(3)-797-1111
Email: [email protected]

Cision View original content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-publication-of-financial-results-of-dorad-energy-ltd-for-the-three-months-ended-june-30-2018-300705870.html

SOURCE Ellomay Capital Ltd.


Source: PR Newswire (September 3, 2018 - 11:00 AM EDT)

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