TEL AVIV, Israel, Aug. 27, 2020 /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 and six months ended June 30,
2020 of Dorad Energy Ltd. ("Dorad"), in which Ellomay
currently indirectly holds approximately 9.4%.
On August 27, 2020, 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 statements of Dorad for the quarter ended
June 30, 2020 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 24, 2020. 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, 2020 - approximately
NIS 508.7 million.
- Dorad's unaudited operating profit for the year ended
June 30, 2020 - approximately
NIS 32.7 million.
Dorad's financial statements for the three and six month periods
ended June 30, 2020 note that
following the outbreak of the coronavirus (COVID-19) in
China in December 2019, and the spreading of the
coronavirus to many other countries in early 2020, there has been a
decline in the scope of economic activity in many regions of the
world, as well as in Israel. The
spreading of the coronavirus caused, among other things, a
disruption in the supply chain, a decrease in global transport
volume, traffic and employment restrictions declared by the Israeli
government and other governments around the world, as well as
declines in the value of financial assets and commodities in
markets in Israel and around the
world. Dorad notes that it is operating in accordance with the
guidelines of the Israeli Ministries of Energy and Health on
dealing with the coronavirus crisis, including preparations of the
operation and maintenance employees of the power plant and shift
work as required. Dorad's financial statements further note that in
light of the crisis, there is a certain decrease in the electricity
consumption of various customers, and there is also a certain
decrease in the demand of the Israel Electric Company, however the
period March-June is an interim period in which the electricity
consumption is not the highest in the year, and accordingly such
reduction has not resulted in a material effect at this time. Dorad
notes that it is continuously examining its potential methods of
action in the event of a material decline in its income as a result
of the spread of the coronavirus.
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, 2020, which
include the intermediate months of April - June, are not indicative
of full year results. In addition, due to various reasons,
including the effects of the spread of Covid-19 and the economic
impact of such spread and of actions taken by governments and
authorities, the results included herein may not be indicative of
second quarter results in the future.
A translation of the financial results for Dorad as of and for
the year ended December 31, 2019 and
as of and for the three and six month periods ended June 30, 2019 and 2020 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 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
860MW, representing about 6%-8% of Israel's total current electricity
consumption;
- 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;
- 100% 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;
- 75% of Ellomay Pumped Storage (2014) Ltd. (including 6.67% that
are held by a trustee in trust for us and other parties), which is
involved in a project to construct a 156 MW pumped storage hydro
power plant in the Manara Cliff, Israel.
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
the Company's forward-looking statements, including regulatory
changes, including the decisions of the Israeli Electricity
Authority, 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 and the impact of the coronavirus
pandemic on Dorad's operations and projects, including in
connection with reductions in the consumption of electricity by
Dorad's customers and the Israeli Electricity Company, delays in
supply of gas, steps taken by Israeli authorities, regulatory
changes, changes in the supply and prices of resources required for
the operation of the Dorad's facilities (and in the price of oil
and electricity, and technical and other disruptions in the
operation of Dorad), in addition to other risks and uncertainties
associated with the Company's business that 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: kaliaw@ellomay.com
|
|
|
|
Dorad Energy
Ltd.
|
Interim Condensed Statement of Financial
Position
|
|
|
|
|
|
|
|
June 30
|
June 30
|
December 31
|
|
|
2020
|
2019
|
2019
|
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
207,862
|
150,896
|
266,021
|
Trade receivables and
accrued income
|
|
211,393
|
256,203
|
292,759
|
Other
receivables
|
|
15,026
|
35,188
|
22,685
|
Total current assets
|
|
434,281
|
442,287
|
581,465
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
Restricted
deposit
|
|
445,911
|
426,215
|
438,032
|
Prepaid
expenses
|
|
36,228
|
40,646
|
37,225
|
Fixed
assets
|
|
3,614,286
|
3,774,594
|
3,698,716
|
Intangible
assets
|
|
3,427
|
1,919
|
2,247
|
Right of use
assets
|
|
61,855
|
57,955
|
64,161
|
Total non-current assets
|
|
4,161,707
|
4,301,329
|
4,240,381
|
|
|
|
|
|
Total assets
|
|
4,595,988
|
4,743,616
|
4,821,846
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Current maturities of
loans from banks
|
|
235,419
|
218,637
|
231,380
|
Current maturities of
lease liabilities
|
|
3,018
|
4,575
|
4,551
|
Trade
payables
|
|
236,487
|
270,191
|
288,127
|
Other
payables
|
|
2,663
|
13,748
|
10,509
|
Financial
derivatives
|
|
519
|
845
|
-
|
Total current liabilities
|
|
478,106
|
507,996
|
534,567
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Loans from
banks
|
|
2,667,153
|
2,941,515
|
2,803,975
|
Long-term lease
liabilities
|
|
55,651
|
52,372
|
54,052
|
Provision for
dismantling and restoration
|
|
50,012
|
35,798
|
36,102
|
Deferred tax
liabilities
|
|
187,209
|
127,590
|
170,676
|
Liabilities for
employee benefits, net
|
|
160
|
160
|
160
|
Total
non-current liabilities
|
|
2,960,185
|
3,157,435
|
3,064,965
|
|
|
|
|
|
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
|
|
511,739
|
432,227
|
576,356
|
Total
equity
|
|
1,157,697
|
1,078,185
|
1,222,314
|
|
|
|
|
|
Total liabilities and equity
|
|
4,595,988
|
4,743,616
|
4,821,846
|
Dorad Energy
Ltd.
|
Condensed Interim Statement of
Income
|
|
|
For the six months ended
|
For the three months ended
|
Year ended
|
|
June 30
|
June 30
|
December 31
|
|
2020
|
2019
|
2020
|
2019
|
2019
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
|
|
|
|
|
|
Revenues
|
1,187,560
|
1,304,613
|
508,742
|
591,535
|
2,700,766
|
|
|
|
|
|
|
Operating costs of
the
|
|
|
|
|
|
Power Plant
|
|
|
|
|
|
|
|
|
|
|
|
Energy
costs
|
274,434
|
349,926
|
128,563
|
190,098
|
708,662
|
Electricity purchase
and
|
|
|
|
|
|
infrastructure
services
|
590,254
|
605,156
|
256,076
|
262,271
|
1,208,223
|
Depreciation
and
|
|
|
|
|
|
amortization
|
107,056
|
105,368
|
53,623
|
56,068
|
214,248
|
Other operating
costs
|
75,942
|
81,768
|
37,748
|
40,980
|
151,116
|
|
|
|
|
|
|
Total operating costs
|
|
|
|
|
|
of Power Plant
|
1,047,686
|
1,142,218
|
476,010
|
549,417
|
2,282,249
|
|
|
|
|
|
|
Profit from operating
|
|
|
|
|
|
the Power Plant
|
139,874
|
162,395
|
32,732
|
42,118
|
418,517
|
|
|
|
|
|
|
General
and
|
|
|
|
|
|
administrative
expenses
|
13,421
|
9,727
|
6,937
|
4,756
|
20,676
|
|
|
|
|
|
|
Operating profit
|
126,453
|
152,668
|
25,795
|
37,362
|
397,841
|
|
|
|
|
|
|
Financing
income
|
1,844
|
1,937
|
671
|
906
|
4,237
|
Financing
expenses
|
56,381
|
132,623
|
40,776
|
94,483
|
192,881
|
|
|
|
|
|
|
Financing expenses,
net
|
54,537
|
130,686
|
40,105
|
93,577
|
188,644
|
|
|
|
|
|
|
Profit (loss) before
|
|
|
|
|
|
taxes on income
|
71,916
|
21,982
|
(14,310)
|
(56,215)
|
209,197
|
|
|
|
|
|
|
Tax benefit (taxes
on
|
|
|
|
|
|
income)
|
(16,533)
|
(4,787)
|
3,290
|
13,025
|
(47,873)
|
|
|
|
|
|
|
Profit (loss) for the
period
|
55,383
|
17,195
|
(11,020)
|
(43,190)
|
161,324
|
Dorad Energy
Ltd.
|
Condensed Interim Statement 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 six months
|
|
|
|
|
|
ended June 30, 2020
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
January 1, 2020 (Audited)
|
11
|
642,199
|
3,748
|
576,356
|
1,222,314
|
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
55,383
|
55,383
|
Dividend to the
Company's
|
|
|
|
|
|
shareholders
|
-
|
-
|
-
|
(120,000)
|
(120,000)
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
June 30, 2020 (Unaudited)
|
11
|
642,199
|
3,748
|
511,739
|
1,157,697
|
For the six months
|
|
|
|
|
|
ended June 30, 2019
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
January 1, 2019 (Audited)
|
11
|
642,199
|
3,748
|
415,032
|
1,060,990
|
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
17,195
|
17,195
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
June 30, 2019 (Unaudited)
|
11
|
642,199
|
3,748
|
432,227
|
1,078,185
|
For the three months
|
|
|
|
|
|
ended June 30, 2020
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
April 1, 2020 (Unaudited)
|
11
|
642,199
|
3,748
|
522,759
|
1,168,717
|
|
|
|
|
|
|
Loss for the
period
|
-
|
-
|
-
|
(11,020)
|
(11,020)
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
June 30, 2020 (Unaudited)
|
11
|
642,199
|
3,748
|
511,739
|
1,157,697
|
For the three months
|
|
|
|
|
|
ended June 30, 2019
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
April 1, 2019 (Unaudited)
|
11
|
642,199
|
3,748
|
475,417
|
1,121,375
|
|
|
|
|
|
|
Loss for the
period
|
-
|
-
|
-
|
(43,190)
|
(43,190)
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
June 30, 2019 (Unaudited)
|
11
|
642,199
|
3,748
|
432,227
|
1,078,185
|
Dorad Energy
Ltd.
|
Condensed Interim Statement of Changes in
Shareholders' Equity (cont'd)
|
|
|
|
|
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 year ended
|
|
|
|
|
|
December 31, 2019
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
January 1, 2019 (Audited)
|
11
|
642,199
|
3,748
|
415,032
|
1,060,990
|
|
|
|
|
|
|
Profit for the
year
|
-
|
-
|
-
|
161,324
|
161,324
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
December 31, 2019
(Audited)
|
11
|
642,199
|
3,748
|
576,356
|
1,222,314
|
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
|
|
2020
|
2019
|
2020
|
2019
|
2019
|
|
(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
|
55,383
|
17,195
|
(11,020)
|
(43,190)
|
161,324
|
Adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
and fuel
consumption
|
109,380
|
119,976
|
54,728
|
62,608
|
239,323
|
Taxes on income
(tax benefit)
|
16,533
|
4,787
|
(3,290)
|
(13,025)
|
47,873
|
Financing expenses,
net
|
54,537
|
130,686
|
40,105
|
93,577
|
188,644
|
|
180,450
|
255,449
|
91,543
|
143,160
|
475,840
|
|
|
|
|
|
|
Change in trade
receivables
|
81,366
|
41,793
|
29,170
|
(13,351)
|
5,238
|
Change in other
receivables
|
7,659
|
12,891
|
5,084
|
9,195
|
25,394
|
Change in trade
payables
|
(52,346)
|
(74,090)
|
(49,396)
|
(18,236)
|
(57,719)
|
Change in other
payables
|
(7,844)
|
7,782
|
(7,649)
|
5,609
|
4,543
|
|
28,835
|
(11,624)
|
(22,791)
|
(16,783)
|
(22,544)
|
Net cash flows provided
|
|
|
|
|
|
by operating activities
|
264,667
|
261,020
|
57,732
|
83,187
|
614,620
|
|
|
|
|
|
|
Cash flows used in
|
|
|
|
|
|
investing activities
|
|
|
|
|
|
Proceeds (payment)
for settlement of
|
|
|
|
|
|
financial
derivatives
|
121
|
(870)
|
(606)
|
(477)
|
(4,551)
|
Insurance proceeds in
respect of
|
|
|
|
|
|
damage to fixed
asset
|
-
|
8,337
|
-
|
8,337
|
8,336
|
Investment in
long-term
|
|
|
|
|
|
restricted
deposit
|
(6,000)
|
-
|
(6,000)
|
-
|
(14,000)
|
Investment in fixed
assets
|
(7,717)
|
(20,656)
|
(4,558)
|
(15,712)
|
(60,476)
|
Investment in
intangible assets
|
(1,810)
|
(19)
|
(1,741)
|
(19)
|
(939)
|
Interest
received
|
1,840
|
1,918
|
668
|
906
|
4,213
|
Net cash flows used in
|
|
|
|
|
|
investing activities
|
(13,565)
|
(11,290)
|
(12,237)
|
(6,965)
|
(67,417)
|
|
|
|
|
|
|
Cash flows from
|
|
|
|
|
|
financing activities:
|
|
|
|
|
|
Repayment of lease
liability principal
|
(293)
|
(4,244)
|
(146)
|
(147)
|
(8,513)
|
Repayment of loans
from
|
|
|
|
|
|
related
parties
|
-
|
(17,704)
|
-
|
(17,704)
|
(17,704)
|
Repayment of loans
from banks
|
(102,653)
|
(101,430)
|
(102,653)
|
(101,430)
|
(189,893)
|
Dividends and
exchange rate
|
|
|
|
|
|
paid (see note
4.d)
|
(123,739)
|
-
|
-
|
-
|
-
|
Interest
paid
|
(86,529)
|
(92,798)
|
(86,341)
|
(92,674)
|
(182,435)
|
Net cash flows used in
|
|
|
|
|
|
financing activities
|
(313,214)
|
(216,176)
|
(189,140)
|
(211,955)
|
(398,545)
|
|
|
|
|
|
|
Net increase (decrease) in cash
|
|
|
|
|
|
and cash equivalents for
|
|
|
|
|
|
the period
|
(62,111)
|
33,554
|
(143,645)
|
(135,733)
|
148,658
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations
|
|
|
|
|
|
on cash and
cash equivalents
|
3,952
|
122
|
785
|
(168)
|
143
|
Cash and cash equivalents at
|
|
|
|
|
|
beginning of period
|
266,021
|
117,220
|
350,722
|
286,797
|
117,220
|
Cash and cash equivalents at
end
|
|
|
|
|
|
of period
|
207,862
|
150,896
|
207,862
|
150,896
|
266,021
|
View original
content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-publication-of-financial-statements-of-dorad-energy-ltd-for-the-three-and-six-month-periods-ended-june-30-2020-301119941.html
SOURCE Ellomay Capital Ltd