TEL-AVIV, Israel, Dec. 11,
2023 /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, Israel and the US, today reported the
publication in Israel of financial
statements for the three and nine months ended September 30, 2023 of Dorad Energy Ltd.
("Dorad"), in which Ellomay currently indirectly holds
approximately 9.4% through its indirect 50% ownership of Ellomay
Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy
Infrastructures Ltd.) ("Ellomay Luzon Energy").
On December 11, 2023, Amos Luzon
Entrepreneurship and Energy Group Ltd. (the "Luzon Group"),
an Israeli public company that currently holds the remaining 50% of
Ellomay Luzon 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, 2023 were prepared in
accordance with International Financial Reporting Standards.
Ellomay will include its indirect share of these results (through
its holdings in Ellomay Luzon 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, 2023 – approximately
NIS 930.8 million.
- Dorad's unaudited operating profit for the three months ended
September 30, 2023 – approximately
NIS 221.1 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. Since
January 1, 2023, the months of the
year are split into three seasons as follows: the summer season –
the months of June, July, August and September; the winter season -
the months of December, January and February; and intermediate
seasons – (spring and autumn), the months from March to May and
from October to November. There is a higher demand for electricity
during the winter and summer seasons, and the average electricity
consumption 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, 2023, which include the
summer months of July - September, are not indicative of full year
results. In addition, due to various reasons, including the effects
of the increase in the Israeli CPI impacting interest payments by
Dorad on its credit facility, and changes in the season and TAOZ
tariff calculations that became effective on January 1, 2023, the results included herein may
not be indicative of second quarter results in the future or
comparable to second quarter results in the past.
The financial statements of Dorad include a note concerning the
impact of the war in Israel, which
commenced on October 7, 2023, on
Dorad's operations. The note states that during the days of
fighting, thousands of rockets were launched towards the
State of Israel, and several of
them landed on the area of the Dorad power plant and caused damage
to property and equipment in an immaterial scope but did not impact
the ongoing operation of the power plant. The note further states
that the security situation resulted in a decrease in the scope of
economic and business activity in Israel and caused, among other things, a
disruption in the supply and production chain, a decrease in the
scope of national transportation, a shortage of personnel, a
decrease in the value of financial assets and an increase in the
exchange rate of foreign currencies relative to the NIS. Dorad
estimated, based on the information it had as of the date of
approval of the financial statements, that the current events and
the security escalation in Israel
are not expected to have a material impact on Dorad's business
results in the short term. Dorad further provides that as this
event is not under the control of Dorad, and factors such as the
continuation of the war and hostilities or their cessation may
affect Dorad's estimates, as of the date of the financial
statements, Dorad had no ability to estimate the extent of the
impact of the war on its business operations and its results in the
medium and long term. Dorad continues to regularly monitor the
developments and examines the implications on its activities and
the value of its assets.
A translation of the financial results for Dorad as of and for
the year ended December 31, 2022 and
as of and for each of the three and nine month periods ended
September 30, 2023 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, Ellomay Luzon 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, USA 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, Spain
and Texas, USA, 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 850MW, 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 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;
- Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL
that are constructing photovoltaic plants with installed capacity
of 14.8 MW and 4.95 MW, respectively, in the Lazio Region,
Italy;
- Ellomay Solar Italy Four SRL, Ellomay Solar Italy Five SRL,
Ellomay Solar Italy Seven SRL, Ellomay Solar Italy Nine SRL and
Ellomay Solar Italy Ten SRL that are developing photovoltaic
projects with installed capacity of 15.06 MW, 87.2 MW, 54.77 MW, 8
MW and 18 MW, respectively, in Italy that have reached "ready to build"
status; and
- Fairfield Solar Project, LLC, Malakoff Solar I, LLC,
Malakoff Solar II, LLC, that are developing photovoltaic projects
with installed capacity of 13 MW, 6.5 MW and 6.5 MW, respectively,
in the Dallas Metropolitan area,
Texas, and have reached "ready to
build" status.
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 changes in
electricity prices and demand, continued war and hostilities in
Israel, 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, competition, 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, changes in the
Israeli CPI, changes in interest rates, seasonality, failure to
obtain financing for the expansion of Dorad and other risks
applicable to projects under development and construction and
political and economic conditions in the countries in which the
Company operates, including Israel, Spain, Italy
and the United States, in addition
to other risks and uncertainties associated with the Company's and
Dorad'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
|
2023
|
2022
|
2022
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
363,054
|
253,979
|
151,481
|
Trade receivables and
accrued income
|
|
305,778
|
283,192
|
238,581
|
Other
receivables
|
|
15,992
|
10,864
|
32,809
|
Financial
derivatives
|
|
3,761
|
4,601
|
-
|
Total current
assets
|
|
688,585
|
552,636
|
422,871
|
|
|
|
|
|
|
|
|
|
|
Restricted
deposits
|
|
552,145
|
511,766
|
514,543
|
Prepaid
expenses
|
|
30,566
|
31,739
|
32,072
|
Fixed assets
|
|
3,132,064
|
3,286,569
|
3,253,196
|
Intangible
assets
|
|
7,716
|
5,815
|
6,404
|
Right of use
assets
|
|
56,330
|
57,954
|
57,486
|
Total non-current
assets
|
|
3,778,821
|
3,893,843
|
3,863,701
|
|
|
|
|
|
Total
assets
|
|
4,467,406
|
4,446,479
|
4,286,572
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current maturities of
loans from banks
|
|
326,668
|
303,290
|
279,506
|
Current maturities of
lease liabilities
|
|
4,783
|
4,609
|
4,645
|
Trade
payables
|
|
219,406
|
276,551
|
228,468
|
Other
payables
|
|
25,812
|
26,284
|
11,439
|
Total current
liabilities
|
|
576,669
|
610,734
|
524,058
|
|
|
|
|
|
|
|
|
|
|
Loans from
banks
|
|
2,131,403
|
2,321,553
|
2,211,895
|
Long-term lease
liabilities
|
|
51,691
|
52,795
|
49,292
|
Provision for
dismantling and restoration
|
|
50,000
|
50,000
|
50,000
|
Deferred tax
liabilities, net
|
|
279,203
|
205,978
|
215,016
|
Other long-term
liabilities
|
|
13,969
|
17,732
|
17,529
|
Liabilities for
employee benefits, net
|
|
160
|
160
|
160
|
Total non-current
liabilities
|
|
2,526,426
|
2,648,218
|
2,543,892
|
|
|
|
|
|
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
|
|
718,353
|
541,569
|
572,664
|
Total
equity
|
|
1,364,311
|
1,187,527
|
1,218,622
|
|
|
|
|
|
Total liabilities
and equity
|
|
4,467,406
|
4,446,479
|
4,286,572
|
Dorad Energy
Ltd.
|
Interim Condensed
Statement of Profit and Loss
|
|
|
For the nine months
ended
|
For the three months
ended
|
For the year
ended
|
|
September
30
|
September
30
|
December
31
|
|
2023
|
2022
|
2023
|
2022
|
2022
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
|
|
|
|
|
|
|
Revenues
|
2,185,309
|
1,787,128
|
930,838
|
766,199
|
2,369,220
|
|
|
|
|
|
|
Operating costs of
the
|
|
|
|
|
|
Power
Plant:
|
|
|
|
|
|
|
|
|
|
|
|
Energy costs
|
499,111
|
408,723
|
237,621
|
214,310
|
544,118
|
Electricity purchases
and infrastructure services
|
943,040
|
830,934
|
350,219
|
308,485
|
1,088,127
|
Depreciation
and
amortization
|
182,861
|
183,587
|
63,997
|
59,960
|
239,115
|
Other operating
costs
|
138,657
|
123,181
|
57,939
|
47,564
|
157,189
|
|
|
|
|
|
|
Total operating
costs
|
|
|
|
|
|
of Power
Plant
|
1,763,669
|
1,546,425
|
709,776
|
630,319
|
2,028,549
|
|
|
|
|
|
|
Profit from
operating
|
|
|
|
|
|
the Power
Plant
|
421,640
|
240,703
|
221,062
|
135,880
|
340,671
|
General and
|
|
|
|
|
|
administrative
expenses
|
20,726
|
17,018
|
6,633
|
6,124
|
24,066
|
|
|
|
|
|
|
Operating
profit
|
400,914
|
223,685
|
214,429
|
129,756
|
316,605
|
|
|
|
|
|
|
Financing
income
|
54,805
|
49,508
|
18,615
|
3,606
|
52,131
|
Financing
expenses
|
175,843
|
215,707
|
50,124
|
65,315
|
271,116
|
|
|
|
|
|
|
Financing expenses,
net
|
121,038
|
166,199
|
31,509
|
61,709
|
218,985
|
|
|
|
|
|
|
Profit
before
|
|
|
|
|
|
taxes on
income
|
279,876
|
57,486
|
182,920
|
68,047
|
97,620
|
|
|
|
|
|
|
Taxes on
income
|
64,187
|
13,301
|
42,077
|
15,642
|
22,340
|
|
|
|
|
|
|
Profit for the
period
|
215,689
|
44,185
|
140,843
|
52,405
|
75,280
|
|
|
|
|
|
|
|
|
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 nine
months
|
|
|
|
|
|
ended
September 30, 2023
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
11
|
642,199
|
3,748
|
572,664
|
1,218,622
|
January 1,
2023
(Audited)
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
215,689
|
215,689
|
Dividend
distributed
|
-
|
-
|
-
|
(70,000)
|
(70,000)
|
Balance as
at
|
|
|
|
|
|
September
30, 2023
(Unaudited)
|
11
|
642,199
|
3,748
|
718,353
|
1,364,311
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
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 three
months
|
|
|
|
|
|
|
ended
September 30, 2023
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
11
|
642,199
|
3,748
|
647,510
|
1,293,468
|
|
July 1, 2023
(Unaudited)
|
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
140,843
|
140,843
|
|
Dividend
distributed
|
-
|
-
|
-
|
(70,000)
|
(70,000)
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
September
30, 2023
(Unaudited)
|
11
|
642,199
|
3,748
|
718,353
|
1,364,311
|
|
|
|
|
|
|
|
|
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.
|
Interim Condensed
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,
2022 (Audited)
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
11
|
642,199
|
3,748
|
497,384
|
1,143,342
|
January 1,
2022 (Audited)
|
|
|
|
|
|
Profit for the
year
|
-
|
-
|
-
|
75,280
|
75,280
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
December 31,
2022 (Audited)
|
11
|
642,199
|
3,748
|
572,664
|
1,218,622
|
|
|
|
|
|
|
|
|
|
|
|
|
Dorad Energy
Ltd.
|
Interim Condensed
Statements of Cash Flows
|
|
|
For the nine months
ended
|
For the three months
ended
|
Year
ended
|
September
30
|
September
30
|
December
31
|
2023
|
2022
|
2023
|
2022
|
2022
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
Cash flows
from
|
|
|
|
|
|
operating
activities
|
|
|
|
|
|
Profit for the
period
|
215,689
|
44,185
|
140,843
|
52,405
|
75,280
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
and fuel
consumption
|
183,707
|
186,137
|
64,221
|
61,436
|
242,345
|
Taxes on
income
|
64,187
|
13,301
|
42,077
|
15,642
|
22,340
|
Financing expenses,
net
|
121,038
|
166,199
|
31,509
|
61,709
|
218,985
|
|
368,932
|
365,637
|
137,807
|
138,787
|
483,670
|
|
|
|
|
|
|
Change in trade
receivables
|
(67,197)
|
(34,620)
|
(63,108)
|
(91,436)
|
9,991
|
Change in other
receivables
|
16,817
|
29,426
|
(1,811)
|
13,068
|
7,480
|
Change in trade
payables
|
(48,393)
|
(77,976)
|
29,915
|
78,790
|
(127,907)
|
Change in other
payables
|
14,373
|
19,184
|
13,102
|
16,492
|
4,339
|
Change in other
long-term liabilities
|
(3,560)
|
1,898
|
(1,006)
|
(1,693)
|
1,695
|
|
(87,960)
|
(62,088)
|
(22,908)
|
15,221
|
(104,402)
|
|
|
|
|
|
|
Taxes on income
paid
|
-
|
(21,795)
|
-
|
-
|
(21,795)
|
|
|
|
|
|
|
Net cash flows
provided
|
|
|
|
|
|
by operating
activities
|
496,661
|
325,939
|
255,742
|
206,413
|
432,753
|
|
|
|
|
|
|
Cash flows provided
by
|
|
|
|
|
|
investing
activities
|
|
|
|
|
|
Proceeds for settlement
of
|
|
|
|
|
|
financial
derivatives
|
5,714
|
9,435
|
2,640
|
3,688
|
13,652
|
Investment in fixed
assets
|
(56,712)
|
(88,914)
|
(20,555)
|
(19,749)
|
(110,715)
|
Investment in
intangible assets
|
(2,744)
|
(822)
|
(427)
|
(180)
|
(1,810)
|
Interest
received
|
22,081
|
2,299
|
8,285
|
1,381
|
6,433
|
Net cash flows used
in
|
|
|
|
|
|
investing
activities
|
(31,661)
|
(78,002)
|
(10,057)
|
(14,860)
|
(92,440)
|
|
|
|
|
|
|
Cash flows provided
by
|
|
|
|
|
|
financing
activities
|
|
|
|
|
|
Repayment of lease
liability principal
|
(320)
|
(392)
|
(108)
|
(151)
|
(4,726)
|
Repayment of loans from
banks
|
(130,987)
|
(144,775)
|
-
|
-
|
(255,705)
|
Dividends
paid
|
(70,000)
|
-
|
(70,000)
|
-
|
-
|
Interest
paid
|
(77,099)
|
(82,262)
|
(114)
|
(133)
|
(159,804)
|
Net cash flows used
in
|
|
|
|
|
|
financing
activities
|
(278,406)
|
(227,429)
|
(70,222)
|
(284)
|
(420,235)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash
|
|
|
|
|
|
and cash
equivalents
|
186,594
|
20,508
|
175,463
|
191,269
|
(79,922)
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations
|
|
|
|
|
|
on cash and cash
equivalents
|
24,979
|
31,611
|
10,812
|
152
|
29,543
|
Cash and cash
equivalents at
|
|
|
|
|
|
beginning of
period
|
151,481
|
201,860
|
176,779
|
62,558
|
201,860
|
Cash and cash
equivalents at end
of
period
|
|
|
|
|
|
363,054
|
253,979
|
363,054
|
253,979
|
151,481
|
|
|
|
|
|
|
|
|
|
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-30-2023-302011591.html
SOURCE Ellomay Capital Ltd.