TEL-AVIV, Israel, Aug. 24, 2016 /PRNewswire/ -- Ellomay
Capital Ltd. (NYSE MKT: ELLO; TASE: ELLO) ("Ellomay" or the
"Company"), an emerging operator in the renewable energy and
energy infrastructure sector, today reported the publication in
Israel of financial statements for
the three months ended June 30, 2016
of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently
indirectly holds approximately 9.4%.
On August 16, 2016, 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 Dori Energy and of Dorad for the
quarter ended June 30, 2016 were
prepared in accordance with International Financial Reporting
Standards. Ellomay will include its share of these results in its
financial results for this period, which are currently expected to
be published on or about September 18,
2016. 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 three months ended
June 30, 2016 - approximately
NIS 517 million (or approximately USD 134 million, based
on the exchange rate on June 30,
2016).
- Dorad's unaudited operating profit for the three months
ended June 30, 2016 - approximately
NIS 26 million (or approximately USD 7 million, based on
the exchange rate on June 30,
2016).
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, which
include the winter and intermediate months of January to 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, 2015 and
as of and for the six and three month periods ended
June 30, 2015 and 2016 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 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 MKT and with the Tel Aviv Stock Exchange under the
trading symbol "ELLO" and whose Series A Debentures are traded on
the Tel Aviv Stock Exchange. 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:
- Approximately 22.6MW of photovoltaic power plants in
Italy, approximately 5.6MW of
photovoltaic power plants in Spain
and 85% of approximately 2.3MW of photovoltaic power plant in
Spain; and
- Approximately 9.4% indirect interest in Dorad Energy Ltd.,
which owns and operates one of Israel's largest private power plant with
production capacity of approximately 850 MW, representing about
6%-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, 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.
|
Condensed Interim
Statement of Financial Position
|
|
|
|
June
30
|
June
30
|
December
31
|
|
|
2016
|
2015
|
2015
|
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
217,216
|
216,255
|
51,894
|
Trade
receivables
|
|
276,624
|
218,582
|
278,982
|
Other
receivables
|
|
18,391
|
8,778
|
31,994
|
Pledged
deposit
|
|
29,486
|
29,483
|
29,485
|
Financial
derivatives
|
|
-
|
-
|
646
|
Total current
assets
|
|
541,717
|
473,098
|
393,001
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Restricted
deposit
|
|
305,741
|
270,067
|
335,085
|
Prepaid
expenses
|
|
46,005
|
47,921
|
46,918
|
Fixed
assets
|
|
4,283,932
|
4,489,947
|
4,386,971
|
Intangible
assets
|
|
8,858
|
7,930
|
8,391
|
Total non-current
assets
|
|
4,644,536
|
4,815,865
|
4,777,365
|
|
|
|
|
|
Total
assets
|
|
5,186,253
|
5,288,963
|
5,170,366
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Current maturities of
loans from banks
|
|
174,352
|
169,186
|
170,722
|
Current maturities of
loans from related parties
|
|
350,000
|
130,000
|
130,000
|
Trade
payables
|
|
327,085
|
391,510
|
247,129
|
Other
payables
|
|
10,038
|
63,238
|
16,906
|
Financial
derivatives
|
|
430
|
3,364
|
-
|
Total current
liabilities
|
|
861,905
|
757,298
|
564,757
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Loans from
banks
|
|
3,221,059
|
3,397,036
|
3,316,740
|
Loans from related
parties
|
|
198,272
|
374,862
|
396,259
|
Provision for
dismantling and restoration
|
|
35,434
|
28,835
|
35,170
|
Deferred tax
liabilities
|
|
60,475
|
27,456
|
60,882
|
Liabilities for
employee benefits, net
|
|
160
|
114
|
160
|
Total non-current
liabilities
|
|
3,515,400
|
3,828,303
|
3,809,211
|
|
|
|
|
|
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
|
|
162,990
|
57,404
|
150,440
|
Total
equity
|
|
808,948
|
703,362
|
796,398
|
|
|
|
|
|
Total liabilities
and equity
|
|
5,186,253
|
5,288,963
|
5,170,366
|
Dorad Energy
Ltd.
|
|
|
|
|
|
|
Condensed Interim
Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months
ended
|
For the three
months ended
|
Year
ended
|
|
June
30
|
June
30
|
December
31
|
|
2016
|
2015
|
2016
|
2015
|
2015
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
|
|
|
|
|
|
Revenues
|
1,126,458
|
1,167,328
|
516,516
|
488,092
|
2,356,832
|
|
|
|
|
|
|
Operating costs of
the
|
|
|
|
|
|
Power
Plant
|
|
|
|
|
|
|
|
|
|
|
|
Energy
costs
|
284,809
|
296,178
|
157,990
|
138,857
|
613,689
|
Electricity purchase
and
|
|
|
|
|
|
infrastructure
services
|
543,635
|
568,586
|
239,280
|
233,900
|
1,000,947
|
Depreciation
and
|
|
|
|
|
|
amortization
|
105,330
|
105,204
|
53,991
|
52,794
|
209,953
|
Other operating
costs
|
65,190
|
66,825
|
34,279
|
30,055
|
149,808
|
|
|
|
|
|
|
Total operating
costs
|
|
|
|
|
|
of Power
Plant
|
998,964
|
1,036,793
|
485,540
|
455,606
|
1,974,397
|
|
|
|
|
|
|
Profit from
operating
|
|
|
|
|
|
the Power
Plant
|
127,494
|
130,535
|
30976
|
32,486
|
382,435
|
|
|
|
|
|
|
General
and
|
|
|
|
|
|
administrative
expenses
|
8,745
|
12,805
|
4,687
|
4,814
|
25,681
|
|
|
|
|
|
|
Operating
profit
|
118,749
|
117,730
|
26,289
|
27,672
|
356,754
|
|
|
|
|
|
|
Financing
income
|
2,198
|
4,013
|
1,986
|
(2,314)
|
476
|
Financing
expenses
|
(108,804)
|
(107,783)
|
(69,676)
|
(100,937)
|
(216,808)
|
|
|
|
|
|
|
Financing
expenses, net
|
(106,606)
|
(103,770)
|
(67,690)
|
(103,251)
|
(216,332)
|
|
|
|
|
|
|
Profit
(loss) before taxes on
|
|
|
|
|
|
income
|
12,143
|
13,960
|
(41,401)
|
(75,579)
|
140,422
|
|
|
|
|
|
|
Tax benefit (Taxes on
income)
|
407
|
(4,181)
|
10,350
|
(20,028)
|
(37,607)
|
|
|
|
|
|
|
Profit (loss) for
the period
|
12,550
|
9,779
|
(31,051)
|
(55,551)
|
102,815
|
Dorad Energy
Ltd.
|
Condensed Interim
Statements of Changes in 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,
2016
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
January 1, 2016
(Audited)
|
11
|
642,199
|
3,748
|
150,440
|
796,398
|
Profit for the
period
|
-
|
-
|
-
|
12,550
|
12,550
|
Balance as
at
|
|
|
|
|
|
June 30, 2016
(Unaudited)
|
11
|
642,199
|
3,748
|
162,990
|
808,948
|
|
|
|
|
|
|
For the six
months
|
|
|
|
|
|
ended June 30,
2015
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
January 1, 2015
(Audited)
|
11
|
642,199
|
3,748
|
47,625
|
693,583
|
Profit for the
period
|
-
|
-
|
-
|
9,779
|
9,779
|
Balance as
at
|
|
|
|
|
|
June 30, 2015
(Unaudited)
|
11
|
642,199
|
3,748
|
57,404
|
703,362
|
|
|
|
|
|
|
For the three
months
|
|
|
|
|
|
ended June 30,
2016
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
April 1, 2016
(Unaudited)
|
11
|
642,199
|
3,748
|
194,041
|
839,999
|
Loss for the
period
|
-
|
-
|
-
|
(31,051)
|
(31,051)
|
Balance as
at
|
|
|
|
|
|
June 30, 2016
(Unaudited)
|
11
|
642,199
|
3,748
|
162,990
|
808,948
|
|
|
|
|
|
|
For the three
months
|
|
|
|
|
|
ended June 30,
2015
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
11
|
642,199
|
3,748
|
112,955
|
758,913
|
April 1, 2015
(Unaudited)
|
|
|
|
|
|
Loss for the
period
|
-
|
-
|
-
|
(55,551)
|
(55,551)
|
Balance as
at
|
|
|
|
|
|
June 30, 2015
(Unaudited)
|
11
|
642,199
|
3,748
|
57,404
|
703,362
|
|
|
|
|
|
|
For the year
ended
|
|
|
|
|
|
December 31, 2015
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
January 1, 2015
(Audited)
|
11
|
642,199
|
3,748
|
47,625
|
693,583
|
Profit for the
year
|
-
|
-
|
-
|
102,815
|
102,815
|
Balance as
at
|
|
|
|
|
|
December 31, 2015
(Audited)
|
11
|
642,199
|
3,748
|
150,440
|
796,398
|
Dorad Energy
Ltd.
|
Condensed Interim
Statements of Cash Flows
|
|
|
For the six months
ended
|
For the three
months ended
|
Year
ended
|
|
June
30
|
June
30
|
December
31
|
|
2016
|
2015
|
2016
|
2015
|
2015
|
|
(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
|
12,550
|
9,779
|
(31,051)
|
(55,551)
|
102,815
|
Adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
and fuel
consumption
|
114,078
|
105,556
|
56,446
|
52,973
|
237,295
|
Taxes on
income
|
(407)
|
4,181
|
(10,350)
|
(20,028)
|
37,607
|
Financing expenses,
net
|
106,606
|
103,770
|
67,690
|
103,251
|
216,332
|
|
220,277
|
213,507
|
113,786
|
136,196
|
491,234
|
|
|
|
|
|
|
Change in trade
receivables
|
2,966
|
110,093
|
(22,457)
|
123,729
|
49,693
|
Change in other
receivables
|
13,604
|
2,340
|
7,392
|
10,382
|
(20,876)
|
Change in trade
payables
|
80,828
|
14,994
|
7,188
|
(184,612)
|
(129,385)
|
Change in other
payables
|
163
|
20,696
|
(2,744)
|
14,333
|
(6,842)
|
Change in employee
benefits, net
|
-
|
8
|
-
|
8
|
55
|
|
97,561
|
148,131
|
(10,621)
|
(36,160)
|
(107,355)
|
Net cash flows
provided
|
|
|
|
|
|
by operating
activities
|
330,388
|
371,417
|
72,114
|
44,485
|
486,694
|
|
|
|
|
|
|
Cash flows used
in
|
|
|
|
|
|
investing
activities
|
|
|
|
|
|
Proceeds from
(payment for)
|
|
|
|
|
|
settlement of
financial derivatives
|
(1,365)
|
10,024
|
(1,043)
|
2,718
|
9,609
|
Payment of pledged
deposit
|
-
|
38,679
|
-
|
-
|
38,679
|
Investment in
long-term
|
|
|
|
|
|
restricted
deposit
|
(40,391)
|
(70,000)
|
(40,391)
|
-
|
(135,000)
|
Release of restricted
deposit
|
70,000
|
-
|
70,000
|
-
|
-
|
Investment in prepaid
expenses
|
(90)
|
-
|
(90)
|
-
|
-
|
Investment in fixed
assets
|
(15,779)
|
(402,358)
|
(10,576)
|
(21,477)
|
(447,338)
|
Investment in
intangible assets
|
(1,755)
|
(328)
|
(273)
|
(100)
|
(1,767)
|
Interest
received
|
121
|
86
|
105
|
13
|
115
|
Net cash flows
provided by (used in)
|
|
|
|
|
|
investing
activities
|
10,741
|
(423,897)
|
17,732
|
(18,846)
|
(535,702)
|
|
|
|
|
|
|
Cash flows
from
|
|
|
|
|
|
financing
activities:
|
|
|
|
|
|
Receipt of
long-term
|
|
|
|
|
|
loans from related
parties
|
-
|
23,208
|
-
|
-
|
23,208
|
Receipt of
long-term
|
|
|
|
|
|
loans from
banks
|
-
|
318,100
|
-
|
-
|
318,100
|
Repayment of loans
from banks
|
(73,460)
|
(44,495)
|
(73,460)
|
(44,495)
|
(105,121)
|
Interest
paid
|
(102,679)
|
(99,815)
|
(102,077)
|
(99,746)
|
(206,032)
|
Net cash flows
provided by
|
|
|
|
|
|
(used in)
financing activities
|
(176,139)
|
196,998
|
(175,537)
|
(144,241)
|
30,155
|
|
|
|
|
|
|
Net increase
(decrease) in cash
|
|
|
|
|
|
and cash
equivalents for
|
|
|
|
|
|
the
period
|
164,990
|
144,518
|
(85,691)
|
(118,602)
|
(18,853)
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations
|
|
|
|
|
|
on cash and cash
equivalents
|
332
|
(41)
|
436
|
285
|
(1,031)
|
Cash and cash
equivalents at
|
|
|
|
|
|
beginning of
period
|
51,894
|
71,778
|
302,471
|
334,572
|
71,778
|
Cash and cash
equivalents at end
|
|
|
|
|
|
of
period
|
217,216
|
216,255
|
217,216
|
216,255
|
51,894
|
Contact:
Kalia Weintraub
CFO
Tel: +972-(3)-797-1111
Email: anatb@ellomay.com
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-for-the-three-months-ended-june-30-2016-300317673.html
SOURCE Ellomay Capital Ltd