May 30, 2018 - 4:30 PM EDT
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Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three Months Ended March 31, 2018

TEL-AVIV, Israel, May 30, 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 March 31, 2018 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4%.

On May 16, 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 certain information in Israel based on the requirements of the Israeli Securities Law, 1968, which included the financial statements of Dorad for the three months ended March 31, 2018.

The financial results of Dorad for the quarter ended March 31, 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 June 21, 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 March 31, 2018 - approximately NIS 684.9 million.
  • Dorad's unaudited operating profit for the three months ended March 31, 2018 - approximately NIS 117.4 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 March 31, 2018, which include the winter and intermediate months of January, February and March, 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 month periods ended March 31, 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 








Mar-31

Mar-31

Dec-31



2018

2017

2017



(Unaudited)

(Unaudited)

(Audited)



NIS thousands

NIS thousands

NIS thousands






Current assets





Cash and cash equivalents


200,829

178,149

184,182

Trade receivables


285,670

273,830

330,397

Other receivables


57,904

55,530

83,289

Financial derivatives


2,189

-

-

Total current assets


546,592

507,509

597,868






Non-current assets





Restricted deposit


412,752

410,733

405,306

Prepaid expenses


43,292

45,409

43,821

Fixed assets


3,999,905

4,133,262

4,009,008

Intangible assets


5,465

7,893

6,097

Total non-current assets


4,461,414

4,597,297

4,464,232






Total assets


5,008,006

5,104,806

5,062,100






Current liabilities





Current maturities of loans from banks 


249,287

246,032

203,819

Current maturities of loans from related parties


110,000

70,000

140,464

Trade payables


305,504

285,849

415,798

Other payables


17,187

26,538

5,649

Financial derivatives


-

4,250

1,191

Total current liabilities


681,978

632,669

766,921






Non-current liabilities





Loans from banks


3,180,408

3,362,423

3,187,873

Loans from related parties


7,764

110,800

54,764

Provision for dismantling and restoration


40,070

35,834

36,239

Deferred tax liabilities


108,045

77,050

89,298

Liabilities for employee benefits, net


160

160

160

Total non-current liabilities


3,336,447

3,586,267

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


343,623

239,912

280,887

Total equity


989,581

885,870

926,845






Total liabilities and equity


5,008,006

5,104,806

5,062,100

 

 

Dorad Energy Ltd.

Interim Condensed Statements of Profit and Loss









For the three months ended

Year ended



March 31

December 31



2018

2017

2017



(Unaudited)

(Unaudited)

(Audited)



NIS thousands

NIS thousands

NIS thousands






Revenues


684,852

674,687

2,523,263






Operating costs of the Power Plant










Energy costs


146,073

146,028

616,221

Electricity purchase and infrastructure services


326,627

330,409

1,212,431

Depreciation and amortization


52,169

51,446

208,705

Other operating costs


37,294

32,618

122,345






Total operating cost of Power Plant


562,163

560,501

2,159,702






Profit from operating the Power Plant


122,689

114,186

363,561






General and administrative expenses


5,278

4,071

18,712






Operating profit


117,411

110,115

344,849






Financing income


4,231

498

3,195

Financing expenses


40,159

60,915

245,122






Financing expenses, net


35,928

60,417

241,927






Profit before taxes on income


81,483

49,698

102,922






Taxes on income


18,747

11,432

23,681






Profit for the period


62,736

38,266

79,241

 

 

 

Dorad Energy Ltd.

Interim Condensed Statements of Changes in Shareholders' Equity
















Capital reserve






for activities




Share

Share

with

Retained



capital

premium

shareholders

earnings

Total Equity


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands







For the three months 






 ended March 31, 2018






 (Unaudited)












Balance as at






 January 1, 2018 (Audited)

11

642,199

3,748

280,887

926,845







Profit for the period

-

-

-

62,736

62,736







Balance as at






 March 31, 2018






 (Unaudited)

11

642,199

3,748

343,623

989,581







For the three months 






 ended March 31, 2017






 (Unaudited)












Balance as at






 January 1, 2017 (Audited)

11

642,199

3,748

201,646

847,604







Profit for the period

-

-

-

38,266

38,266







Balance as at






 March 31, 2017






 (Unaudited)

11

642,199

3,748

239,912

885,870







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 three months ended

Year ended


Mar-31

Dec-31


2018

2017

2017


(Unaudited)

(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands





Cash flows from operating activities:




Profit for the period

62,736

38,266

79,241





Adjustments:




Depreciation and amortization and fuel consumption

52,306

70,090

286,542

Taxes on income

18,747

11,432

23,681

Financing expenses, net

35,928

60,417

241,927


106,981

141,939

552,150





Change in trade receivables

44,727

20,521

(35,465)

Change in other receivables

12,736

(18,356)

(84,857)

Change in trade payables

(118,786)

(6,279)

123,045

Change in other payables

11,538

17,392

(2,669)


(49,785)

13,278

54





Net cash flows provided by operating activities

119,932

193,483

631,445





Cash flows used in investing activities




Proceeds from (payment for) settlement of financial derivatives

74

(1,849)

(10,596)

Insurance proceeds in respect of damage to fixed asset

12,650

-

38,742

Investment in long-term restricted deposits

(5,158)

(21,000)

(34,000)

Release of long-term restricted deposit

-

13,218

25,790

Investment in fixed assets

(30,951)

(31,982)

(121,361)

Investment in intangible assets

(119)

(31)

(413)

Interest received

777

498

1,268





Net cash flows used in investing activities

(22,727)

(41,146)

(100,570)





Cash flows from financing activities:




Repayment of loans from related parties

(62,802)

(39,628)

(39,628)

Repayment of loans from banks

-

-

(161,668)

Interest paid

(18,011)

(15,682)

(227,530)





Net cash flows used in financing activities

(80,813)

(55,310)

(428,826)





Net increase in cash and cash equivalents




 for the period

16,392

97,027

102,049





Effect of exchange rate fluctuations on cash and cash 




 equivalents

255

155

1,166





Cash and cash equivalents at beginning of period

184,182

80,967

80,967





Cash and cash equivalents at end of period 

200,829

178,149

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-march-31-2018-300656854.html

SOURCE Ellomay Capital Ltd.


Source: PR Newswire (May 30, 2018 - 4:30 PM EDT)

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