TEL-AVIV, Israel, Nov. 26, 2014 /PRNewswire/ -- Ellomay
Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM) ("Ellomay" or the
"Company"), an emerging operator in the renewable energy and
energy infrastructure sector, today reported the publication in
Israel of financial statements of
Dorad Energy Ltd. ("Dorad"), in which Ellomay indirectly
holds 7.5%.
On November 25, 2014, U. Dori
Group Ltd. (the "Dori Group"), an Israeli public company
that holds 60% of U. Dori Energy Infrastructures Ltd. ("Dori
Energy"), 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 Dori Group includes the
financial statements of Dorad. Dorad's power plant commenced
operations during May 2014, and
therefore the results for the period present the first full
financial quarter of operations of the power plant.
The financial results of Dori Energy and of Dorad for the
quarter ended September 30, 2014 were
prepared in accordance with International Financial Reporting
Standards. Ellomay will include its share of these results in the
financial results of Ellomay for this period, which are currently
expected to be published on or about December 31, 2014. 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 the Dorad financial results.
Dorad Financial Highlights
- Dorad's unaudited revenues for the quarter ended September 30, 2014 - approximately NIS 693 million (or approximately USD 188 million, based on the exchange rate on
September 30, 2014).
- Dorad's unaudited operating profit for the quarter ended
September 30, 2014 - approximately
NIS 160 million (or approximately USD
43 million, based on the exchange rate on September 30, 2014).
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 September and from September
to November. There is a higher demand for electricity during the
winter and summer seasons, and the average electricity consumption
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, which include the
summer months of July and August, are not indicative of full year
results.
Ran Fridrich, CEO and a board member of Ellomay commented: "We
are very pleased with the results of operations of the Dorad power
plant in which we currently hold 7.5% with an option to increase
our holdings to approximately 9.4%. The Dorad power plant is unique
due to its ability to quickly adjust its capacity and operate based
on the current demand and because it assists the Israeli energy
market by backing up the Israeli electricity system, in addition to
the fact that it sells cheaper electricity to the Israeli Ministry
of Defense, the Israeli water company (Mekorot) and to the Israeli
industry in general."
A translation of the financial results for Dorad as of and for
the year ended December 31, 2013 and
as of and for the three and nine month periods ended September 30, 2014 is included at the end of this
press release. Ellomay does not undertake to separately
report Dorad's financial results in a separate press release in the
future. Neither Ellomay nor its independent public accountants have
reviewed or consulted with the Dori Group, 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 MKT, under the trading symbol "ELLO" and with the Tel
Aviv Stock Exchange under the trading symbol "ELOM." Since
2009, Ellomay Capital focuses its business in the energy and
infrastructure sectors worldwide. Ellomay (formerly Nur
Macroprinters Ltd.) previously was a supplier of wide format and
super-wide format digital printing systems and related products
worldwide, and sold this business to Hewlett-Packard Company during
2008 for more than $100 million.
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:
- Approx. 22.6MW of photovoltaic power plants in
Italy and approximately 5.6MW and
85% of 2.3MW of photovoltaic power plants in Spain;
- 7.5% indirect interest, with an option to increase its holdings
to 9.375%, in Dorad Energy Ltd. Israel's largest private power plant, with
production capacity of approximately 800 MW, representing about 8%
of Israel's total current
electricity consumption;
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. 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, 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. 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 Weintraub
CFO
Tel: +972 (3) 797-1111
Email: anatb@ellomay.com
Dorad Energy
Ltd.
|
Condensed Interim
Statement of Financial Position
|
|
|
|
September
30
|
|
September
30
|
|
December
31
|
|
|
2014
|
|
2013
|
|
2013
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
NIS
thousands
|
|
NIS
thousands
|
|
NIS
thousands
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
371,641
|
|
665
|
|
4,199
|
Accounts
receivable
|
|
247,663
|
|
-
|
|
-
|
Other accounts
receivables
|
|
20,496
|
|
23,566
|
|
36,529
|
Pledged
deposit
|
|
68,124
|
|
94,399
|
|
78,637
|
Firm
commitment
|
|
-
|
|
19,339
|
|
5,101
|
Financial
derivatives
|
|
4,179
|
|
-
|
|
-
|
Total current
assets
|
|
712,103
|
|
137,969
|
|
124,466
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Prepaid
expenses
|
|
49,426
|
|
50,166
|
|
50,165
|
Fixed
assets
|
|
4,471,253
|
|
3,706,889
|
|
3,939,647
|
Advances to
suppliers
|
|
-
|
|
109,519
|
|
56,978
|
Intangible
assets
|
|
8,677
|
|
6,325
|
|
7,657
|
Total non-current
assets
|
|
4,529,356
|
|
3,872,899
|
|
4,054,447
|
|
|
|
|
|
|
|
Total
assets
|
|
5,241,459
|
|
4,010,868
|
|
4,178,913
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Current maturities of
loans from banks
|
|
311,300
|
|
133,461
|
|
145,926
|
Trade payables and
other accounts payable
|
|
675,598
|
|
149,173
|
|
123,313
|
Financial
derivatives
|
|
-
|
|
25,613
|
|
7,894
|
Total current
liabilities
|
|
986,898
|
|
308,247
|
|
277,133
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Loans from
banks
|
|
3,063,207
|
|
2,745,783
|
|
2,918,579
|
Loans from related
parties and others
|
|
454,644
|
|
404,559
|
|
369,212
|
Provision for
dismantling and restoration
|
|
28,341
|
|
-
|
|
-
|
Deferred tax
liabilities
|
|
17,815
|
|
-
|
|
-
|
Liabilities for
employee benefits
|
|
62
|
|
79
|
|
57
|
Total non-current
liabilities
|
|
3,564,069
|
|
3,150,421
|
|
3,287,848
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Share
capital
|
|
11
|
|
10
|
|
11
|
Share
premium
|
|
642,199
|
|
573,633
|
|
642,199
|
Capital reserve from
activities with controlling shareholders
|
|
3,748
|
|
3,748
|
|
3,748
|
Retained
loss
|
|
44,536
|
|
(25,191)
|
|
(32,026)
|
Total
equity
|
|
690,494
|
|
552,200
|
|
613,932
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
5,241,459
|
|
4,010,868
|
|
4,178,913
|
Dorad Energy
Ltd.
|
Condensed Interim
Statement of Earnings
|
|
|
For the nine
months ended
|
|
For the three
months ended
|
|
Year
ended
|
|
September
30
|
|
September
30
|
|
December
31
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
NIS
thousands
|
|
NIS
thousands
|
|
NIS
thousands
|
|
NIS
thousands
|
|
NIS
thousands
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
901,178
|
|
-
|
|
692,705
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Operating costs of
the power
|
|
|
|
|
|
|
|
|
|
plant
|
|
|
|
|
|
|
|
|
|
Energy
costs
|
196,258
|
|
-
|
|
140,269
|
|
-
|
|
-
|
Electricity purchase
and
|
394,909
|
|
-
|
|
300,213
|
|
-
|
|
-
|
infrastructure
services
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
73,618
|
|
-
|
|
50,029
|
|
-
|
|
-
|
Other operating
costs
|
49,264
|
|
-
|
|
35,732
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total cost of power
plant
|
714,049
|
|
-
|
|
526,243
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Profit from
operating the
|
|
|
|
|
|
|
|
|
|
power
plant
|
187,129
|
|
-
|
|
166,462
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
General &
Administrative
|
|
|
|
|
|
|
|
|
|
expenses
|
(8,057)
|
|
-
|
|
6,334
|
|
-
|
|
-
|
Other
expenses
|
(5,771)
|
|
(5,000)
|
|
-
|
|
(3,750)
|
|
(7,813)
|
|
(13,828)
|
|
(5,000)
|
|
6,334
|
|
(3,750)
|
|
(7,813)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(loss) for
|
|
|
|
|
|
|
|
|
|
the
period
|
173,301
|
|
(5,000)
|
|
160,128
|
|
(3,750)
|
|
(7,813)
|
|
|
|
|
|
|
|
|
|
|
Financing
income
|
22,415
|
|
-
|
|
21,062
|
|
-
|
|
-
|
Financing
expenses
|
(101,338)
|
|
11,858
|
|
(68,799)
|
|
2,843
|
|
(15,880)
|
Financing
expenses, net
|
(78,924)
|
|
(11,858)
|
|
(47,737)
|
|
(2,843)
|
|
(15,880)
|
|
|
|
|
|
|
|
|
|
|
Profit
(loss)before taxes on income
|
94,377
|
|
(16,858)
|
|
(112,637)
|
|
(6,593)
|
|
(23,693)
|
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
17,815
|
|
-
|
|
(28,637)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for
the period
|
76,562
|
|
(16,858)
|
|
83,752
|
|
(6,593)
|
|
(23,693)
|
Dorad Energy
Ltd.
|
Condensed Interim
Statement of Changes in Shareholders' Equity
|
|
|
|
|
|
|
Capital
reserve
|
|
|
|
|
|
|
|
|
|
for
activities
|
|
|
|
|
|
Share
|
|
Share
|
|
with
controlling
|
|
Retained
|
|
|
|
capital
|
|
premium
|
|
shareholders
|
|
earnings
(losses)
|
|
Total
Equity
|
|
NIS
thousands
|
|
NIS
thousands
|
|
NIS
thousands
|
|
NIS
thousands
|
|
NIS
thousands
|
For the nine
months ended
|
|
|
|
|
|
|
|
|
|
September
30, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1,
2014 (Audited)
|
11
|
|
642,199
|
|
3,748
|
|
(32,026)
|
|
613,932
|
Profit for the
period
|
-
|
|
-
|
|
-
|
|
76,562
|
|
76,562
|
Balance as at
September 30,
|
|
|
|
|
|
|
|
|
|
2014
(Unaudited)
|
11
|
|
642,199
|
|
3,748
|
|
44,536
|
|
690,494
|
|
|
|
|
|
|
|
|
|
|
For the nine
months ended
|
|
|
|
|
|
|
|
|
|
September
30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1,
2013 (Audited)
|
6
|
|
373,731
|
|
3,748
|
|
(8,333)
|
|
369,152
|
Loss for the
period
|
-
|
|
-
|
|
-
|
|
(16,858)
|
|
(16,858)
|
Issuance of ordinary
shares
|
4
|
|
199,902
|
|
-
|
|
-
|
|
199,906
|
Balance as at
September 30,
|
|
|
|
|
|
|
|
|
|
2013
(Unaudited)
|
10
|
|
573,633
|
|
3,748
|
|
(25,191)
|
|
552,200
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
|
|
|
|
|
|
|
|
|
September
30, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
July 1, 2014
(Unaudited)
|
11
|
|
642,199
|
|
3,748
|
|
(39,216)
|
|
752
|
Profit for the
period
|
-
|
|
-
|
|
-
|
|
83,752
|
|
83,769
|
Balance as at
September 30,
|
|
|
|
|
|
|
|
|
|
2014
(Unaudited)
|
11
|
|
642,199
|
|
3,748
|
|
44,536
|
|
690,494
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
|
|
|
|
|
|
|
|
|
September
30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
July 1, 2013
(Unaudited)
|
8
|
|
503,137
|
|
3,748
|
|
(18,598)
|
|
488,295
|
Loss for the
period
|
-
|
|
-
|
|
-
|
|
(6,593)
|
|
(6,593)
|
Issuance of
shares
|
2
|
|
70,496
|
|
-
|
|
-
|
|
70,498
|
Balance as at
September 30,
|
|
|
|
|
|
|
|
|
|
2013
(Unaudited)
|
10
|
|
573,633
|
|
3,748
|
|
(25,191)
|
|
552,200
|
|
|
|
|
|
|
|
|
|
|
For the year
ended
|
|
|
|
|
|
|
|
|
|
December 31,
2013 (Audited)
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1, 2013
(Audited)
|
6
|
|
373,731
|
|
3,748
|
|
(8,333)
|
|
369,152
|
Loss for the
year
|
-
|
|
-
|
|
-
|
|
(23,693)
|
|
(23,693)
|
Issuance of ordinary
shares
|
5
|
|
268,468
|
|
-
|
|
-
|
|
268,473
|
Balance as at
December 31,
|
|
|
|
|
|
|
|
|
|
2013
(Audited)
|
11
|
|
642,199
|
|
3,748
|
|
(32,026)
|
|
613,932
|
Dorad Energy
Ltd.
|
Condensed Interim
Statement of Cash Flows
|
|
|
For the nine
months ended
|
|
For the three
months ended
|
|
Year
ended
|
|
September
30
|
|
September
30
|
|
December
31
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
(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
|
76,562
|
|
(16,858)
|
|
83,752
|
|
(6,593)
|
|
(23,693)
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
73,871
|
|
-
|
|
50,201
|
|
-
|
|
-
|
Taxes on
income
|
171,815
|
|
-
|
|
28,637
|
|
-
|
|
-
|
Compensation for
customers
|
5,771
|
|
5,000
|
|
-
|
|
3,750
|
|
7,813
|
Financing expenses,
net
|
78,924
|
|
11,858
|
|
47,737
|
|
2,843
|
|
15,880
|
|
176,381
|
|
16,858
|
|
126,576
|
|
6,593
|
|
23,693
|
|
|
|
|
|
|
|
|
|
|
Change in trade
receivables
|
(247,610)
|
|
-
|
|
(80,297)
|
|
-
|
|
-
|
Change in other
receivables
|
(20,265)
|
|
-
|
|
(51,380)
|
|
-
|
|
-
|
Change in trade
payables and
|
335,273
|
|
|
|
224,146
|
|
|
|
|
other accounts
payable
|
|
|
-
|
|
|
|
-
|
|
-
|
Change in
employee benefits, net
|
5
|
|
-
|
|
-
|
|
-
|
|
-
|
|
67,403
|
|
-
|
|
92,469
|
|
-
|
|
-
|
Net cash
flows used in
|
|
|
|
|
|
|
|
|
|
operating
activities
|
320,346
|
|
-
|
|
302,797
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net cash flows
used in
|
|
|
|
|
|
|
|
|
|
investing
activities
|
|
|
|
|
|
|
|
|
|
Payments of
settlement of
|
|
|
|
|
|
|
|
|
|
financial
derivatives
|
10,134
|
|
(57,440)
|
|
21,801
|
|
(15,807)
|
|
(83,496)
|
Repayment of pledged
deposit
|
44,627
|
|
72,554
|
|
14,345
|
|
29,527
|
|
89,263
|
Investment in pledged
deposit
|
(33,716)
|
|
-
|
|
-
|
|
-
|
|
-
|
Long-term prepaid
expenses
|
-
|
|
(11,690)
|
|
-
|
|
(11,690)
|
|
(11,690)
|
Investment in fixed
assets
|
(207,469)
|
|
(623,094)
|
|
(64,700)
|
|
(245,533)
|
|
(782,557)
|
Investment in
intangible assets
|
(1,705)
|
|
(2,686)
|
|
(189)
|
|
(487)
|
|
(4,018)
|
Interest
received
|
155
|
|
-
|
|
100
|
|
-
|
|
-
|
Net Cash flows
used in
|
|
|
|
|
|
|
|
|
|
investing
activities
|
(187,974)
|
|
(622,356)
|
|
(28,643)
|
|
(243,990)
|
|
(792,498)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing
|
|
|
|
|
|
|
|
|
|
activities:
|
|
|
|
|
|
|
|
|
|
Receipt of long-term
loans
|
|
|
|
|
|
|
|
|
|
from related
parties
|
60,491
|
|
84,953
|
|
8,606
|
|
33,593
|
|
110,806
|
Receipt of loans from
banks
|
174,764
|
|
529,059
|
|
57,547
|
|
199,848
|
|
676,882
|
Interest
paid
|
(922)
|
|
-
|
|
(500)
|
|
-
|
|
-
|
Net cash flows
provided by
|
|
|
|
|
|
|
|
|
|
financing
activities
|
234,334
|
|
614,012
|
|
62,654
|
|
233,441
|
|
787,688
|
Effect of exchange
rate
|
|
|
|
|
|
|
|
|
|
fluctuations
on cash and cash
|
|
|
|
|
|
|
|
|
|
equivalents
|
736
|
|
-
|
|
690
|
|
-
|
|
-
|
Net increase
(decrease) in
|
|
|
|
|
|
|
|
|
|
cash and
cash equivalents for
|
|
|
|
|
|
|
|
|
|
the
period
|
366,706
|
|
(8,344)
|
|
339,807
|
|
(10,549)
|
|
(4,810)
|
Cash and cash
equivalents at
|
|
|
|
|
|
|
|
|
|
beginning of
period
|
4,199
|
|
9,009
|
|
31,144
|
|
11,214
|
|
9,009
|
Cash and cash
equivalents at
|
|
|
|
|
|
|
|
|
|
end of
period
|
371,641
|
|
665
|
|
371,641
|
|
665
|
|
4,199
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ellomay-capital-reports-publication-of-financial-results-of-dorad-energy-ltd-300001540.html
SOURCE Ellomay Capital Ltd.