TEL AVIV, Israel, May 27, 2021 /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, 2021 of Dorad Energy Ltd. ("Dorad"), in which
Ellomay currently indirectly holds approximately 9.4% through its
indirect 50% ownership of U. Dori Energy Infrastructures Ltd.
("Dori Energy").
On May 26, 2021, Amos Luzon
Entrepreneurship and Energy Group Ltd. (f/k/a U. Dori Group Ltd.)
(the "Luzon Group"), an Israeli public company that
currently holds the remaining 50% of 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
March 31, 2021 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 17, 2021. 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, 2021 - approximately
NIS 513.8 million.
- Dorad's unaudited operating profit for the three months ended
March 31, 2021 - approximately
NIS 73 million.
On May 6, 2021, Dorad's Board of
Directors approved the distribution of a dividend in the amount of
NIS 100 million (approximately €25.2
million) and such dividend was distributed during May 2021. In connection with such dividend
distribution, Dori Energy received an amount of approximately
NIS 18.8 million (approximately €4.7
million) and repaid an amount of approximately NIS 9 million (approximately €2.3 million) loan
to the Company.
Dorad's financial statements for the quarter ended March 31, 2021 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 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 during 2020 and during and after the
first quarter of 2021, 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. Dorad's financial statements
further note that as of the date of the financial statements, such
reduction has not resulted in a material effect. 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 March 31, 2021, which
include the winter months of January and February and the
intermediate month of March, 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 first quarter results in
the future.
A translation of the financial results for Dorad as of and for
the year ended December 31, 2020 and
as of and for the three month periods ended March 31, 2020 and 2021 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 owns a photovoltaic plant with a peak
capacity of 300MW in the municipality of Talaván, Cáceres,
Spain;
- Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas
Gelderland B.V., project companies operating anaerobic digestion
plants in the Netherlands, with a
green gas production capacity of approximately 3 million, 3.8
million and 9.5 million (with a license to produce 7.5 million) Nm3
per year, respectively; and
- 83.333% of Ellomay Pumped Storage (2014) Ltd., which is
involved in a project to construct a 156 MW pumped storage hydro
power plant in the Manara Cliff, Israel.
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, 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: HilaI@ellomay.com
Dorad Energy Ltd.
Interim Condensed
Statement of Financial Position
|
|
|
|
|
March
31
|
March
31
|
December
31
|
|
|
2021
|
2020
|
2020
|
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
458,213
|
350,722
|
247,079
|
Trade receivables and
accrued income
|
|
228,347
|
240,563
|
297,719
|
Other
receivables
|
|
17,768
|
20,110
|
21,401
|
Financial
derivatives
|
|
5,773
|
1,603
|
-
|
Total current
assets
|
|
710,101
|
612,998
|
566,199
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Restricted
deposit
|
|
441,071
|
443,210
|
433,265
|
Prepaid
expenses
|
|
34,731
|
36,696
|
35,230
|
Fixed
assets
|
|
3,480,803
|
3,659,265
|
3,526,839
|
Intangible
assets
|
|
5,512
|
2,022
|
5,402
|
Right of use
assets
|
|
59,111
|
62,918
|
60,113
|
Total non-current
assets
|
|
4,021,228
|
4,204,111
|
4,060,849
|
|
|
|
|
|
Total
assets
|
|
4,731,329
|
4,817,109
|
4,627,048
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Current maturities of
loans from banks
|
|
277,399
|
268,394
|
242,098
|
Current maturities of
lease liabilities
|
|
4,532
|
3,005
|
4,535
|
Trade
payables
|
|
317,037
|
283,617
|
309,380
|
Other
payables
|
|
15,223
|
10,313
|
3,808
|
Financial
derivatives
|
|
-
|
-
|
2,993
|
Total current
liabilities
|
|
614,191
|
565,329
|
562,814
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Loans from
banks
|
|
2,563,799
|
2,790,335
|
2,561,302
|
Long-term lease
liabilities
|
|
51,025
|
55,543
|
50,858
|
Provision for
dismantling and restoration
|
|
50,000
|
46,526
|
50,000
|
Deferred tax
liabilities
|
|
211,879
|
190,499
|
200,298
|
Liabilities for
employee benefits, net
|
|
160
|
160
|
160
|
Total non-current
liabilities
|
|
2,876,863
|
3,083,063
|
2,862,618
|
|
|
|
|
|
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
|
|
594,317
|
522,759
|
555,658
|
Total
equity
|
|
1,240,275
|
1,168,717
|
1,201,616
|
|
|
|
|
|
Total liabilities
and equity
|
|
4,731,329
|
4,817,109
|
4,627,048
|
Dorad Energy Ltd.
Interim Condensed
Statement of Income
|
|
|
|
|
For the three
months ended
|
Year
ended
|
|
March
31
|
December
31
|
|
2021
|
2020
|
2020
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
|
|
|
|
Revenues
|
513,755
|
678,818
|
2,407,221
|
|
|
|
|
Operating costs of
the
|
|
|
|
Power
Plant
|
|
|
|
|
|
|
|
Energy
costs
|
76,567
|
145,871
|
522,110
|
Electricity purchase
and
|
|
|
|
infrastructure
services
|
282,988
|
334,178
|
1,185,225
|
Depreciation
and
|
|
|
|
amortization
|
50,932
|
53,433
|
237,575
|
Other operating
costs
|
30,316
|
38,194
|
155,368
|
|
|
|
|
Total operating
costs
|
|
|
|
of Power
Plant
|
440,803
|
571,676
|
2,100,278
|
|
|
|
|
Profit from
operating
|
|
|
|
the Power
Plant
|
72,952
|
107,142
|
306,943
|
|
|
|
|
General
and
|
|
|
|
administrative
expenses
Other
incomes
|
6,234
3,022
|
6,484
-
|
24,926
1,279
|
|
|
|
|
Operating
profit
|
69,740
|
100,658
|
283,296
|
|
|
|
|
Financing
income
|
18,812
|
9,669
|
3,056
|
Financing
expenses
|
38,311
|
24,101
|
157,428
|
|
|
|
|
Financing
expenses, net
|
19,499
|
14,432
|
154,372
|
|
|
|
|
Profit
before
|
|
|
|
taxes on
income
|
50,241
|
86,226
|
128,924
|
|
|
|
|
Taxes on
income
|
11,582
|
19,823
|
29,622
|
|
|
|
|
Profit for the
period
|
38,659
|
66,403
|
99,302
|
Dorad Energy Ltd.
Interim Condensed
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 three
months
|
|
|
|
|
|
ended March
31, 2021
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
January 1,
2021 (Unaudited)
|
11
|
642,199
|
3,748
|
555,658
|
1,201,616
|
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
38,659
|
38,659
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
March 31,
2021 (Unaudited)
|
11
|
642,199
|
3,748
|
594,317
|
1,240,275
|
|
|
|
|
|
|
For the three
months
|
|
|
|
|
|
ended March
31, 2020
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
January 1,
2020 (Unaudited)
|
11
|
642,199
|
3,748
|
576,356
|
1,222,314
|
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
66,403
|
66,403
|
Dividend to the
Company's shareholders
|
-
|
-
|
-
|
(120,000)
|
(120,000)
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
March 31,
2020 (Unaudited)
|
11
|
642,199
|
3,748
|
522,759
|
1,168,717
|
|
|
|
|
|
|
For the year
ended
|
|
|
|
|
|
December 31,
2020 (Audited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
January 1,
2020 (Audited)
|
11
|
642,199
|
3,748
|
576,356
|
1,222,314
|
|
|
|
|
|
|
Profit for the
year
|
-
|
-
|
-
|
99,302
|
99,302
|
Dividend to the
Company's shareholders
|
-
|
-
|
-
|
(120,000)
|
(120,000)
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
December 31, 2020
(Audited)
|
11
|
642,199
|
3,748
|
555,658
|
1,201,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dorad Energy Ltd.
Interim Condensed
Statement of Cash Flows
|
|
|
|
|
|
For the
three months ended
|
Year
ended
|
|
March
31
|
December
31
|
|
2021
|
2020
|
2020
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
|
|
|
|
Cash flows
from
|
|
|
|
operating
activities:
|
|
|
|
Profit for the
period
|
38,659
|
66,403
|
99,302
|
Adjustments:
|
|
|
|
Depreciation and
amortization
|
|
|
|
and fuel
consumption
|
51,305
|
54,653
|
241,288
|
Taxes on
income
|
11,582
|
19,823
|
29,622
|
Financing expenses,
net
|
19,499
|
14,432
|
154,372
|
|
82,386
|
88,908
|
425,282
|
|
|
|
|
Change in trade
receivables
|
69,372
|
52,196
|
(4,959)
|
Change in other
receivables
|
3,633
|
2,575
|
1,284
|
Change in trade
payables
|
7,010
|
(2,950)
|
16,627
|
Change in other
payables
|
11,414
|
(195)
|
(6,700)
|
|
91,429
|
51,626
|
6,252
|
Net cash flows
provided
|
|
|
|
by operating
activities
|
212,474
|
206,937
|
530,836
|
|
|
|
|
Cash flows used
in
|
|
|
|
investing
activities
|
|
|
|
Proceeds (payment)
for settlement of
|
|
|
|
financial
derivatives
|
749
|
727
|
(4,318)
|
Investment in
long-term
|
|
|
|
restricted
deposit
|
-
|
-
|
(6,000)
|
Investment in fixed
assets
|
(3,472)
|
(3,160)
|
(48,309)
|
Investment in
intangible assets
|
(461)
|
(69)
|
(4,738)
|
Interest
received
|
395
|
1,173
|
3,046
|
Net cash flows
used in
|
|
|
|
investing
activities
|
(2,789)
|
(1,329)
|
(60,319)
|
|
|
|
|
Cash flows
from
|
|
|
|
financing
activities:
|
|
|
|
Repayment of lease
liability principal
|
(147)
|
(147)
|
(4,523)
|
Repayment of loans
from banks
|
-
|
-
|
(195,359)
|
Dividends and
exchange rate paid
|
-
|
(123,739)
|
(123,739)
|
Interest
paid
|
(147)
|
(188)
|
(170,003)
|
Net cash flows
used in
|
|
|
|
financing
activities
|
(294)
|
(124,074)
|
(493,624)
|
|
|
|
|
Net increase
(decrease) in cash
|
|
|
|
and cash
equivalents for
|
|
|
|
the
period
|
209,391
|
81,534
|
(23,107)
|
|
|
|
|
Effect of exchange
rate fluctuations
|
|
|
|
on cash and
cash equivalents
|
1,743
|
3,167
|
4,165
|
Cash and cash
equivalents at
|
|
|
|
beginning of
period
|
247,079
|
266,021
|
266,021
|
Cash and cash
equivalents at end
|
|
|
|
of
period
|
458,213
|
350,722
|
247,079
|
View original
content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-publication-of-financial-statements-of-dorad-energy-ltd-for-the-three-months-ended-march-31-2021-301300663.html
SOURCE Ellomay Capital Ltd