UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2014
Commission File Number: 001-35284

Ellomay Capital Ltd.
(Translation of registrant’s name into English)

9 Rothschild Blvd., Tel Aviv 6688112, Israel
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x                                Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o   No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________
 
 
 

 

This Report on Form 6-K of Ellomay Capital Ltd. consists of the following document, which is attached hereto and incorporated by reference herein:
 
99.1
Press Release: “Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd.; Ellomay Capital Indirectly Holds 7.5% of Dorad Energy Ltd.,” dated November 26, 2014.

 
2

 

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
Ellomay Capital Ltd.
 
       
 
By:
/s/ Ran Fridrich  
   
Ran Fridrich
Chief Executive Officer and Director
 
Dated: November 28, 2014

3








Exhibit 99.1

 
Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd.

Ellomay Capital Indirectly Holds 7.5% of Dorad Energy Ltd.

Tel-Aviv, Israel, November 26, 2014 – 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, whichare 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
 infrastructure services
    394,909       -       300,213       -       -  
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  



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