TEL AVIV, Israel, May 30, 2019 /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, 2019 of Dorad Energy Ltd. ("Dorad"), in which
Ellomay currently indirectly holds approximately 9.4%.
On May 29, 2019, 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
March 31, 2019 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 26, 2019. 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, 2019 - approximately
NIS 713.1 million.
- Dorad's unaudited operating profit for the three
months ended March 31,
2019 - approximately NIS 115.3 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,
2019, which include the winter months of January and
February and the intermediate month of 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, 2018 and
as of and for the three month periods ended March 31, 2018 and 2019 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.
On April 8, 2019, Zorlu Enerji
Elektrik Uretim A.S. ("Zorlu"), which owns 25% of Dorad,
filed an opening motion with the District Court in Tel Aviv against Dorad and the directors
serving on Dorad's board on behalf of Dori Energy and Eilat
Ashkelon Infrastructure Services Ltd. ("EAIS"), which holds
37.5% of Dorad. In the opening motion, Zorlu asks the court to
instruct Dorad to convene a shareholders meeting and to include a
discussion and a vote on the planning and construction of an
additional power plant adjacent to the existing power plant (the
"Dorad 2 Project") on the agenda of this meeting. Zorlu
claims that while the articles of association of Dorad provides
that the planning and construction of an additional power plant
requires a unanimous consent of the Dorad shareholders, and while
Zorlu and Edelcom Ltd. ("Edelcom"), which holds 18.75% of
Dorad, are opposed to this project, including due to the current
disagreements among Dorad's shareholders, Dorad continued taking
actions to advance the project, which include spending substantial
amounts our of Dorad's funds. Zorlu further claims that the
representatives of Dori Energy and EAIS on the Dorad board have
acted to prevent the convening of a shareholders meeting as
requested by Zorlu. On April 16,
2019, Edelcom submitted a request to join the opening motion
as an additional respondent as Edelcom claims that it is another
shareholder in Dorad that opposes the advancement of the project at
this stage. In addition, Edelcom joined Dori Energy and EAIS as
additional respondents to its request, claiming that these entities
are required to be part of the proceeding in order to reach a
complete and efficient resolution. Dori Energy is required to
submit its response to Edelcom's request by June 1, 2019. To the Company's knowledge, the
Dorad 2 Project is currently under internal examination by Dorad
and there can be no assurance as to if, when and under what terms
it will be advanced or promoted by Dorad.
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
850MW, 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 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;
- 51% of Talasol, which is involved in a project to
construct a photovoltaic plant with a peak capacity of 300MW in the
municipality of Talaván, Cáceres, Spain.
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.
Contact:
Kalia
Weintraub
CFO
Tel: +972 (3) 797-1111
Email: HilaI@ellomay.com
Dorad Energy Ltd.
Interim Condensed Statements of Income
|
|
Mar-31
|
|
Mar-31
|
|
Dec-31
|
|
|
2019
|
|
*2018
|
|
*2018
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
NIS
thousands
|
|
NIS
thousands
|
|
NIS
thousands
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
286,798
|
|
200,829
|
|
117,220
|
Trade
receivables
|
|
242,852
|
|
285,670
|
|
297,997
|
Other
receivables
|
|
52,719
|
|
57,904
|
|
56,417
|
Financial
derivatives
|
|
-
|
|
2,189
|
|
387
|
Total current
assets
|
|
582,369
|
|
546,592
|
|
472,021
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Restricted
deposit
|
|
427,671
|
|
412,752
|
|
431,096
|
Prepaid
expenses
|
|
41,175
|
|
43,292
|
|
41,704
|
Fixed
assets
|
|
3,819,496
|
|
3,999,905
|
|
3,869,800
|
Intangible
assets
|
|
2,463
|
|
5,465
|
|
3,265
|
Right of use
assets
|
|
54,063
|
|
-
|
|
-
|
Total non-current
assets
|
|
4,344,868
|
|
4,461,414
|
|
4,345,865
|
|
|
|
|
|
|
|
Total
assets
|
|
4,927,237
|
|
5,008,006
|
|
4,817,886
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Current maturities of
loans from banks
|
|
257,502
|
|
249,287
|
|
217,254
|
Current maturities of
loans from related parties
|
|
18,175
|
|
110,000
|
|
17,805
|
Current maturities of
lease liabilities
|
|
4,294
|
|
-
|
|
-
|
Trade
payables
|
|
286,459
|
|
305,504
|
|
340,829
|
Other
payables
|
|
8,141
|
|
17,187
|
|
5,966
|
Financial
derivatives
|
|
111
|
|
-
|
|
-
|
Total current
liabilities
|
|
574,682
|
|
681,978
|
|
581,854
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Loans from
banks
|
|
3,007,784
|
|
3,180,408
|
|
3,016,582
|
Loans from related
parties
|
|
-
|
|
7,764
|
|
-
|
Long-term lease
liabilities
|
|
46,974
|
|
-
|
|
-
|
Provision for
dismantling and restoration
|
|
35,647
|
|
40,070
|
|
35,497
|
Deferred tax
liabilities
|
|
140,615
|
|
108,045
|
|
122,803
|
Liabilities for
employee benefits, net
|
|
160
|
|
160
|
|
160
|
Total non-current
liabilities
|
|
3,231,180
|
|
3,336,447
|
|
3,175,042
|
|
|
|
|
|
|
|
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
|
|
475,417
|
|
343,623
|
|
415,032
|
Total
equity
|
|
1,121,375
|
|
989,581
|
|
1,060,990
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
4,927,237
|
|
5,008,006
|
|
4,817,886
|
* Effective as of January 1, 2019,
Dorad applied IFRS 16, Leases. According to the transition method,
comparative figures were not restated.
Dorad Energy Ltd.
Interim Condensed Statements of Income
|
For the three
months ended
|
|
Year
ended
|
|
Mar-31
|
|
Dec-31
|
|
2019
|
|
*2018
|
|
*2018
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
NIS
thousands
|
|
NIS
thousands
|
|
NIS
thousands
|
|
|
|
|
|
|
Revenues
|
713,078
|
|
684,852
|
|
2,628,607
|
Operating costs of
the Power Plant
|
|
|
|
|
|
Energy
costs
|
159,826
|
|
146,073
|
|
687,431
|
Electricity purchase
and infrastructure services
|
342,885
|
|
326,627
|
|
1,194,948
|
Depreciation and
amortization
|
49,300
|
|
52,169
|
|
217,795
|
Other operating
costs
|
40,789
|
|
37,294
|
|
136,705
|
Total operating
cost of Power Plant
|
592,800
|
|
562,163
|
|
2,236,879
|
|
|
|
|
|
|
Profit from
operating the Power Plant
|
120,278
|
|
122,689
|
|
391,728
|
General and
administrative expenses
|
4,972
|
|
5,278
|
|
20,740
|
|
|
|
|
|
|
Operating
profit
|
115,306
|
|
117,411
|
|
370,988
|
Financing
income
|
1,031
|
|
4,231
|
|
24,650
|
Financing
expenses
|
38,139
|
|
40,159
|
|
227,988
|
Financing
expenses, net
|
37,108
|
|
35,928
|
|
203,338
|
Profit before
taxes on income
|
78,198
|
|
81,483
|
|
167,650
|
Taxes on
income
|
17,813
|
|
18,747
|
|
33,505
|
Profit for the
period
|
60,385
|
|
62,736
|
|
134,145
|
* Effective as of January 1, 2019,
Dorad applied IFRS 16, Leases. According to the transition method,
comparative figures were not restated.
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,
2019
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1, 2019
(Audited)
|
11
|
|
642,199
|
|
3,748
|
|
415,032
|
|
1,060,990
|
Profit for the
period
|
-
|
|
-
|
|
-
|
|
60,385
|
|
60,385
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
11
|
|
642,199
|
|
3,748
|
|
475,417
|
|
1,121,375
|
|
|
|
|
|
|
|
|
|
|
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 year
ended
|
|
|
|
|
|
|
|
|
|
December 31,
2018
|
|
|
|
|
|
|
|
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1, 2018
(Audited)
|
11
|
|
642,199
|
|
3,748
|
|
280,887
|
|
926,845
|
Profit for the
year
|
|
|
|
|
|
|
134,145
|
|
134,145
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
December 31, 2018
*
|
|
|
|
|
|
|
|
|
|
(Audited)
|
11
|
|
642,199
|
|
3,748
|
|
415,032
|
|
1,060,990
|
* Effective as of January 1,
2019, Dorad applied IFRS 16, Leases. According to the
transition method, comparative figures were not restated.
Dorad Energy Ltd.
Interim Condensed Statements of Cash Flows
|
For the three
months ended
|
|
Year
ended
|
|
Mar-31
|
|
Dec-31
|
|
2019
|
|
*2018
|
|
*2018
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
NIS
thousands
|
|
NIS
thousands
|
|
NIS
thousands
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
Profit for the
period
|
60,385
|
|
62,736
|
|
134,145
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Depreciation and
amortization and fuel consumption
|
57,368
|
|
52,306
|
|
223,028
|
Taxes on
income
|
17,813
|
|
18,747
|
|
33,505
|
Financing expenses,
net
|
37,108
|
|
35,928
|
|
203,338
|
|
112,289
|
|
106,981
|
|
459,871
|
|
|
|
|
|
|
Change in trade
receivables
|
55,145
|
|
44,727
|
|
32,536
|
Change in other
receivables
|
3,698
|
|
12,736
|
|
6,119
|
Change in trade
payables
|
(55,854)
|
|
(118,786)
|
|
(81,273)
|
Change in other
payables
|
2,175
|
|
11,538
|
|
304
|
|
5,164
|
|
(49,785)
|
|
(42,314)
|
|
|
|
|
|
|
Net cash flows
provided by operating activities
|
177,838
|
|
119,932
|
|
551,702
|
|
|
|
|
|
|
Cash flows used in
investing activities
|
|
|
|
|
|
Proceeds from
(payment for) settlement of financial derivatives
|
(393)
|
|
74
|
|
9,957
|
Insurance proceeds in
respect of damage to fixed asset
|
-
|
|
12,650
|
|
20,619
|
Investment in
long-term restricted deposits
|
-
|
|
(5,158)
|
|
(12,158)
|
Investment in fixed
assets
|
(4,946)
|
|
(30,951)
|
|
(79,855)
|
Investment in
intangible assets
|
-
|
|
(119)
|
|
(222)
|
Interest
received
|
1,012
|
|
777
|
|
3,497
|
Net cash flows
used in investing activities
|
(4,327)
|
|
(22,727)
|
|
(58,162)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Repayment of loans
from related parties
|
-
|
|
(62,802)
|
|
(160,326)
|
Repayment of loans
from banks
|
-
|
|
-
|
|
(181,970)
|
Interest
paid
|
(124)
|
|
(18,011)
|
|
(220,765)
|
Repayment of lease
liability principal
|
(4,098)
|
|
-
|
|
-
|
Net cash flows
used in financing activities
|
(4,222)
|
|
(80,813)
|
|
(563,061)
|
Net increase in
cash and cash equivalents
|
|
|
|
|
|
for the
period
|
169,289
|
|
16,392
|
|
(69,521)
|
Effect of exchange
rate fluctuations on cash and cash
|
|
|
|
|
|
equivalents
|
289
|
|
255
|
|
2,559
|
Cash and cash
equivalents at beginning of period
|
117,220
|
|
184,182
|
|
184,182
|
Cash and cash
equivalents at end of period
|
286,798
|
|
200,829
|
|
117,220
|
* Effective as of January 1, 2019,
Dorad applied IFRS 16, Leases. According to the transition method,
comparative figures were not restated.
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-31-2019-300859156.html
SOURCE Ellomay Capital Ltd