TEL-AVIV, Israel, Nov. 30,
2022 /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 nine months ended September
30, 2022 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 November 29, 2022, 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
September 30, 2022 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. 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
September 30, 2022 - approximately
NIS 766.2 million.
- Dorad's unaudited operating profit for the three months ended
September 30, 2022 - approximately
NIS 135.9 million.
Dorad's financial statements for the quarter ended September 30, 2022 note that Energean Israel
Ltd., with whom Dorad executed a natural gas acquisition agreement
in October 2017, commenced flowing
natural gas to Dorad at the beginning of November 2022.
Dorad's financial statements for the quarter ended September 30, 2022 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, 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
epidemic, including preparations of the operation and maintenance
employees of the power plant and shift work as required. Dorad's
financial statements further note that it monitors the re-spreading
of the virus and continuously examines the options for dealing with
damage to its income.
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 September 30, 2022,
which include the summer months of July and August and the
intermediate month of September, 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 third quarter results in
the future.
A translation of the financial results for Dorad as of and for
the year ended December 31, 2021 and
as of and for the three and nine month periods ended September 30, 2021 and 2022 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 Luzon Group, 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 35.9 MW 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;
- 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 Electric 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 Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com
Dorad Energy
Ltd.
|
Interim Condensed Statement of Financial
Position
|
|
|
|
|
|
|
|
September 30
|
September 30
|
December 31
|
|
|
* 2022
|
2021
|
2021
|
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
|
|
|
|
|
Current assets
|
|
|
|
|
Cash and cash
equivalents
|
|
253,979
|
328,707
|
201,860
|
Trade receivables and
accrued income
|
|
283,192
|
277,663
|
248,844
|
Other
receivables
|
|
10,864
|
9,175
|
40,289
|
Financial
derivatives
|
|
4,601
|
1,354
|
-
|
Total current assets
|
|
552,636
|
616,899
|
490,993
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
Restricted
deposit
|
|
511,766
|
472,111
|
480,476
|
Prepaid
expenses
|
|
31,739
|
33,734
|
33,235
|
Fixed assets
|
|
3,286,569
|
3,403,321
|
3,378,466
|
Intangible
assets
|
|
5,815
|
5,907
|
6,038
|
Right of use
assets
|
|
57,954
|
58,383
|
57,530
|
Total non-current assets
|
|
3,893,843
|
3,973,456
|
3,955,745
|
|
|
|
|
|
Total assets
|
|
4,446,479
|
4,590,355
|
4,446,738
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
Current maturities of
loans from banks
|
|
303,290
|
311,173
|
280,753
|
Current maturities of
lease liabilities
|
|
4,609
|
4,614
|
4,622
|
Trade
payables
|
|
276,551
|
300,591
|
324,532
|
Current tax
liabilities
|
|
-
|
-
|
21,795
|
Other
payables
|
|
26,284
|
32,514
|
7,100
|
Financial
derivatives
|
|
-
|
-
|
268
|
Total current liabilities
|
|
610,734
|
648,892
|
639,070
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Loans from
banks
|
|
2,321,553
|
2,467,410
|
2,356,785
|
Long-term lease
liabilities
|
|
52,795
|
52,563
|
48,871
|
Provision for
dismantling and restoration
|
|
50,000
|
50,000
|
50,000
|
Deferred tax
liabilities
|
|
205,978
|
212,463
|
192,676
|
Others Long-term
liabilities
|
|
17,732
|
16,517
|
15,834
|
Liabilities for
employee benefits, net
|
|
160
|
160
|
160
|
Total non-current liabilities
|
|
2,648,218
|
2,799,113
|
2,664,326
|
|
|
|
|
|
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
|
|
541,569
|
496,392
|
497,384
|
Total equity
|
|
1,187,527
|
1,142,350
|
1,143,342
|
|
|
|
|
|
Total liabilities and equity
|
|
4,446,479
|
4,590,355
|
4,446,738
|
Dorad Energy
Ltd.
|
Condensed Interim Statement of
Earnings
|
|
|
|
|
|
|
|
For the nine months ended
|
For the three months ended
|
Year ended
|
|
September 30
|
September 30
|
December 31
|
|
2022
|
2021
|
2022
|
2021
|
2021
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
|
|
|
|
|
|
Revenues
|
1,787,128
|
1,605,482
|
766,199
|
642,381
|
2,103,911
|
|
|
|
|
|
|
Operating costs of the
|
|
|
|
|
|
Power Plant
|
|
|
|
|
|
|
|
|
|
|
|
Energy costs
|
408,723
|
328,866
|
214,310
|
149,644
|
428,051
|
Electricity purchase
and
|
|
|
|
|
|
infrastructure
services
|
830,934
|
779,493
|
308,485
|
268,375
|
1,053,997
|
Depreciation
and
|
|
|
|
|
|
amortization
|
183,587
|
169,151
|
59,960
|
56,436
|
225,715
|
Other operating
costs
|
123,181
|
105,328
|
47,564
|
37,911
|
114,360
|
|
|
|
|
|
|
Total operating costs
|
|
|
|
|
|
of Power Plant
|
1,546,425
|
1,382,838
|
630,319
|
512,366
|
1,822,123
|
|
|
|
|
|
|
Profit from operating
|
|
|
|
|
|
the Power Plant
|
240,703
|
222,644
|
135,880
|
130,015
|
281,788
|
|
|
|
|
|
|
General and
|
|
|
|
|
|
administrative
expenses
|
17,018
|
17,715
|
6,124
|
5,359
|
24,502
|
Other
incomes
|
-
|
8,809
|
-
|
2,877
|
11,603
|
|
|
|
|
|
|
Operating profit
|
223,685
|
213,738
|
129,756
|
127,533
|
268,889
|
|
|
|
|
|
|
Financing
income
|
49,508
|
1,215
|
3,606
|
400
|
4,694
|
Financing
expenses
|
215,707
|
162,054
|
65,315
|
60,946
|
219,013
|
|
|
|
|
|
|
Financing expenses, net
|
166,199
|
160,839
|
61,709
|
60,546
|
214,319
|
|
|
|
|
|
|
Profit before
|
|
|
|
|
|
taxes on income
|
57,486
|
52,899
|
68,047
|
66,987
|
54,570
|
|
|
|
|
|
|
Taxes on
income
|
13,301
|
12,165
|
15,642
|
15,388
|
12,844
|
|
|
|
|
|
|
Profit for the period
|
44,185
|
40,734
|
52,405
|
51,599
|
41,726
|
|
|
|
|
|
|
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 nine months
|
|
|
|
|
|
ended September 30, 2022
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
January 1, 2022 (Audited)
|
11
|
642,199
|
3,748
|
497,384
|
1,143,342
|
|
|
|
|
|
|
Dividend to the
Company's
|
|
|
|
|
|
Shareholders
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
44,185
|
44,185
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
September 30, 2022
(Unaudited)
|
11
|
642,199
|
3,748
|
541,569
|
1,187,527
|
|
|
|
|
|
|
For the nine months
|
|
|
|
|
|
ended September 30, 2021
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
January 1, 2021 (Audited)
|
11
|
642,199
|
3,748
|
555,658
|
1,201,616
|
|
|
|
|
|
|
Dividend to the
Company's
|
-
|
-
|
-
|
(100,000)
|
(100,000)
|
Shareholders
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
40,734
|
40,734
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
September 30, 2021
(Unaudited)
|
11
|
642,199
|
3,748
|
496,392
|
1,142,350
|
|
|
|
|
|
|
For the three months
|
|
|
|
|
|
ended September 30, 2022
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
July 1, 2022 (Unaudited)
|
11
|
642,199
|
3,748
|
489,164
|
1,135,122
|
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
52,405
|
52,405
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
September 30, 2022
(Unaudited)
|
11
|
642,199
|
3,748
|
541,569
|
1,187,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 three months
|
|
|
|
|
|
ended September 30, 2021
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
July 1, 2021 (Unaudited)
|
11
|
642,199
|
3,748
|
444,793
|
1,090,751
|
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
51,599
|
51,599
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
September 30, 2021
(Unaudited)
|
11
|
642,199
|
3,748
|
496,392
|
1,142,350
|
|
|
|
|
|
|
For the year ended
|
|
|
|
|
|
December 31, 2021
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
11
|
642,199
|
3,748
|
555,658
|
1,201,616
|
January 1, 2021 (Audited)
|
|
|
|
|
|
Dividend to the
Company's
|
|
|
|
|
|
shareholders
|
-
|
-
|
-
|
(100,000)
|
(100,000)
|
Profit for the
year
|
-
|
-
|
-
|
41,726
|
41,726
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
December 31, 2021
(Audited)
|
11
|
642,199
|
3,748
|
497,384
|
1,143,342
|
Dorad Energy
Ltd.
|
Condensed Interim Statements of Cash
Flows
|
|
|
|
|
|
|
|
For the nine months ended
|
For the three months ended
|
Year ended
|
|
September 30
|
September 30
|
December 31
|
|
2022
|
2021
|
2022
|
2021
|
2021
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
|
|
|
|
|
|
Cash flows from
|
|
|
|
|
|
operating activities:
|
|
|
|
|
|
Profit for the
period
|
44,185
|
40,734
|
52,405
|
51,599
|
41,726
|
Adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
and fuel
consumption
|
186,137
|
171,174
|
61,436
|
56,726
|
228,099
|
Taxes on
income
|
13,301
|
12,165
|
15,642
|
15,388
|
12,844
|
Financing expenses,
net
|
166,199
|
160,839
|
61,709
|
60,546
|
214,319
|
|
365,637
|
344,178
|
138,787
|
132,660
|
455,262
|
|
|
|
|
|
|
Change in trade
receivables
|
(34,620)
|
20,056
|
(91,436)
|
(70,626)
|
48,875
|
Change in other
receivables
|
29,426
|
12,226
|
13,068
|
8,076
|
(18,888)
|
Change in trade
payables
|
(77,976)
|
(9,825)
|
78,790
|
33,298
|
22,926
|
Change in other
long-term liabilities
|
19,184
|
16,517
|
16,492
|
16,517
|
3,292
|
Change in other
payables
|
1,898
|
28,706
|
(1,693)
|
29,735
|
15,834
|
|
(62,088)
|
67,680
|
15,221
|
17,000
|
72,039
|
|
|
|
|
|
|
Taxes on income
paid
|
(21,795)
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
Net cash flows provided
|
|
|
|
|
|
by operating activities
|
325,939
|
452,592
|
206,413
|
201,259
|
569,027
|
|
|
|
|
|
|
Cash flows used in
|
|
|
|
|
|
investing activities
|
|
|
|
|
|
Proceeds (payment) for
settlement of
|
|
|
|
|
|
financial
derivatives
|
9,435
|
987
|
3,688
|
(477)
|
392
|
Investment in
long-term
|
|
|
|
|
|
restricted
deposit
|
-
|
(37,000)
|
-
|
-
|
(53,175)
|
Investment in fixed
assets
|
(88,914)
|
(42,277)
|
(19,749)
|
(9,225)
|
(72,530)
|
Investment in
intangible assets
|
(822)
|
(1,536)
|
(180)
|
(507)
|
(2,020)
|
Interest
received
|
2,299
|
1,225
|
1,381
|
399
|
1,584
|
Net cash flows used in
|
|
|
|
|
|
investing activities
|
(78,002)
|
(78,601)
|
(14,860)
|
(9,810)
|
(125,749)
|
|
|
|
|
|
|
Cash flows from
|
|
|
|
|
|
financing activities:
|
|
|
|
|
|
Repayment of lease
liability principal
|
(392)
|
(443)
|
(151)
|
(147)
|
(4,624)
|
Repayment of loans from
banks
|
(144,775)
|
(109,156)
|
-
|
-
|
(210,449)
|
Dividends and exchange
rate
|
|
|
|
|
|
paid (see note
4.d)
|
-
|
(100,000)
|
-
|
-
|
(100,000)
|
Interest
paid
|
(82,262)
|
(82,544)
|
(133)
|
(645)
|
(162,781)
|
Net cash flows used in
|
|
|
|
|
|
financing activities
|
(227,429)
|
(292,143)
|
(284)
|
(792)
|
(477,854)
|
|
|
|
|
|
|
Net increase in cash
|
|
|
|
|
|
and cash equivalents for
|
|
|
|
|
|
the period
|
20,508
|
81,849
|
191,269
|
190,657
|
(34,576)
|
|
|
|
|
|
|
Effect of exchange rate
fluctuations
|
|
|
|
|
|
on cash and cash
equivalents
|
31,611
|
(220)
|
152
|
(2,017)
|
(10,643)
|
Cash and cash equivalents at
|
|
|
|
|
|
beginning of period
|
201,860
|
247,079
|
62,558
|
140,067
|
247,079
|
Cash and cash equivalents at
end
|
|
|
|
|
|
of period
|
253,979
|
328,707
|
253,979
|
328,707
|
201,860
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/ellomay-capital-reports-publication-of-financial-statements-of-dorad-energy-ltd-for-the-three-and-nine-month-periods-ended-september-30-2022-301690483.html
SOURCE Ellomay Capital Ltd