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: HilaI@ellomay.com
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.