TEL
AVIV, Israel, Aug. 24,
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 six months ended June 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 August 24, 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
June 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
June 30, 2023 – approximately
NIS 606.2 million.
- Dorad's unaudited operating profit for the three months ended
June 30, 2023 – approximately
NIS 84 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
June 30, 2023, which include
intermediate months of April and May and the summer month of June,
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.
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 six month periods ended
June 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, Israel and the US.
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 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; and
- Ellomay Solar Italy Four SRL, Ellomay Solar Italy Five SRL,
Ellomay Solar Italy Seven 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 and 18 MW, respectively, in the Lazio
Region, Italy that 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 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 inflation and
interest rates, seasonality, failure to obtain financing for the
expansion of Dorad and other risks applicable to projects under
development and construction, 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.
|
Statements of
Financial Position
|
|
|
|
|
|
June
30
|
June
30
|
December
31
|
2023
|
2022
|
2022
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
176,779
|
62,558
|
151,481
|
Trade receivables and
accrued income
|
|
242,670
|
191,756
|
238,581
|
Other
receivables
|
|
14,181
|
23,932
|
32,809
|
Financial
derivatives
|
|
4,431
|
8,023
|
-
|
Total current
assets
|
|
438,061
|
286,269
|
422,871
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Restricted
deposit
|
|
537,337
|
507,799
|
514,543
|
Prepaid
expenses
|
|
31,074
|
32,237
|
32,072
|
Fixed
assets
|
|
3,173,760
|
3,326,489
|
3,253,196
|
Intangible
assets
|
|
7,765
|
5,960
|
6,404
|
Right of use
assets
|
|
56,886
|
58,198
|
57,486
|
Total non-current
assets
|
|
3,806,822
|
3,930,683
|
3,863,701
|
|
|
|
|
|
Total
assets
|
|
4,244,883
|
4,216,952
|
4,286,572
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Current maturities of
loans from banks
|
|
293,414
|
266,896
|
279,506
|
Current maturities of
lease liabilities
|
|
4,749
|
4,558
|
4,645
|
Trade
payables
|
|
172,233
|
195,602
|
228,468
|
Other
payables
|
|
12,710
|
9,792
|
11,439
|
Total current
liabilities
|
|
483,106
|
476,848
|
524,058
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Loans from
banks
|
|
2,115,016
|
2,293,137
|
2,211,895
|
Other Long-term
liabilities
|
|
14,975
|
19,425
|
17,529
|
Long-term lease
liabilities
|
|
51,032
|
51,924
|
49,292
|
Provision for
dismantling and restoration
|
|
50,000
|
50,000
|
50,000
|
Deferred tax
liabilities
|
|
237,126
|
190,336
|
215,016
|
Liabilities for
employee benefits, net
|
|
160
|
160
|
160
|
Total non-current
liabilities
|
|
2,468,309
|
2,604,982
|
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
|
|
647,510
|
489,164
|
572,664
|
Total
equity
|
|
1,293,468
|
1,135,122
|
1,218,622
|
|
|
|
|
|
Total liabilities
and equity
|
|
4,244,883
|
4,216,952
|
4,286,572
|
|
|
|
|
|
|
Dorad Energy
Ltd.
|
Interim Condensed
Statement of Income
|
|
For the six months
ended
|
For the three months
ended
|
Year
ended
|
June
30
|
June
30
|
December
31
|
2023
|
2022
|
2023
|
2022
|
2022
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
Revenues
|
1,254,471
|
1,020,929
|
606,155
|
465,505
|
2,369,220
|
|
|
|
|
|
|
Operating costs of
the
|
|
|
|
|
|
Power
Plant
|
|
|
|
|
|
|
|
|
|
|
|
Energy
costs
|
261,490
|
194,413
|
137,416
|
104,796
|
544,118
|
Electricity purchase
and
|
|
|
|
|
|
infrastructure
services
|
592,821
|
522,449
|
275,659
|
242,423
|
1,088,127
|
Depreciation
and
|
|
|
|
|
|
amortization
|
118,864
|
123,627
|
62,518
|
55,504
|
239,115
|
Other operating
costs
|
80,718
|
75,617
|
46,547
|
37,943
|
157,189
|
|
|
|
|
|
|
Total operating
costs
|
|
|
|
|
|
of Power
Plant
|
1,053,893
|
916,106
|
522,140
|
440,666
|
2,028,549
|
|
|
|
|
|
|
Profit from
operating
|
|
|
|
|
|
the Power
Plant
|
200,578
|
104,823
|
84,015
|
24,839
|
340,671
|
|
|
|
|
|
|
General
and
|
|
|
|
|
|
administrative
expenses
|
14,093
|
10,893
|
7,499
|
5,171
|
24,066
|
|
|
|
|
|
|
Operating
profit
|
186,485
|
93,930
|
76,516
|
19,668
|
316,605
|
|
|
|
|
|
|
Financing
income
|
36,190
|
45,902
|
16,968
|
34,373
|
52,131
|
Financing
expenses
|
125,719
|
150,392
|
66,638
|
85,151
|
271,116
|
|
|
|
|
|
|
Financing
expenses, net
|
89,529
|
104,490
|
49,670
|
50,778
|
218,985
|
|
|
|
|
|
|
Profit (loss)
before
|
|
|
|
|
|
taxes on
income
|
96,956
|
(10,560)
|
26,846
|
(31,110)
|
97,620
|
|
|
|
|
|
|
Tax benefit (taxes
on
|
|
|
|
|
|
Income)
|
(22,110)
|
2,340
|
(5,969)
|
7,148
|
(22,340)
|
|
|
|
|
|
|
Profit (loss) for
the period
|
74,846
|
(8,220)
|
20,877
|
(23,962)
|
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 six months
|
|
|
|
|
|
|
|
ended June 30, 2023
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
January 1, 2023 (Audited)
|
|
|
11
|
642,199
|
3,748
|
572,664
|
1,218,622
|
|
|
|
|
|
|
|
|
Profit for the
period
|
|
|
-
|
-
|
-
|
74,846
|
74,846
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
June 30, 2023 (Unaudited)
|
|
|
11
|
642,199
|
3,748
|
647,510
|
1,293,468
|
|
|
|
|
|
|
|
|
For the six months
|
|
|
|
|
|
|
|
ended June 30, 2022
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
January 1, 2022 (Audited)
|
|
|
11
|
642,199
|
3,748
|
497,384
|
1,143,342
|
|
|
|
|
|
|
|
|
Loss for the
period
|
|
|
-
|
-
|
-
|
(8,220)
|
(8,220)
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
June 30, 2022 (Unaudited)
|
|
|
11
|
642,199
|
3,748
|
489,164
|
1,135,122
|
|
|
|
|
|
|
|
|
For the three months
|
|
|
|
|
|
|
|
ended June 30, 2023
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
April 1, 2023 (Unaudited)
|
|
|
11
|
642,199
|
3,748
|
626,633
|
1,272,591
|
|
|
|
|
|
|
|
|
Profit for the
period
|
|
|
-
|
-
|
-
|
20,877
|
20,877
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
June 30, 2023 (Unaudited)
|
|
|
11
|
642,199
|
3,748
|
647,510
|
1,293,468
|
|
|
|
|
|
|
|
|
For the three months
|
|
|
|
|
|
|
|
ended June 30, 2022
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
April 1, 2022 (Unaudited)
|
|
|
11
|
642,199
|
3,748
|
513,126
|
1,159,084
|
|
|
|
|
|
|
|
|
Loss for the
period
|
|
|
-
|
-
|
-
|
(23,962)
|
(23,962)
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
June 30, 2022 (Unaudited)
|
|
|
11
|
642,199
|
3,748
|
489,164
|
1,135,122
|
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
|
|
|
|
|
|
January 1, 2022 (Audited)
|
11
|
642,199
|
3,748
|
497,384
|
1,143,342
|
|
|
|
|
|
|
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 six months ended
|
For the three months ended
|
Year ended
|
|
June 30
|
June 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 (loss) for the
period
|
74,846
|
(8,220)
|
20,877
|
(23,962)
|
75,280
|
Adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
and fuel
consumption
|
119,486
|
124,701
|
62,695
|
55,915
|
242,345
|
Taxes on income (tax
benefit)
|
22,110
|
(2,340)
|
5,969
|
(7,148)
|
22,340
|
Financing expenses,
net
|
89,529
|
104,490
|
49,670
|
50,778
|
218,985
|
|
231,125
|
226,851
|
118,334
|
99,545
|
483,670
|
|
|
|
|
|
|
Change in trade
receivables
|
(4,089)
|
56,816
|
(57,981)
|
(13,570)
|
9,991
|
Change in other
receivables
|
18,628
|
16,358
|
5,043
|
4,810
|
7,480
|
Change in trade
payables
|
(78,308)
|
(156,766)
|
(10,795)
|
(59,935)
|
(127,907)
|
Change in other
payables
|
1,271
|
2,692
|
(6,504)
|
(7,207)
|
4,339
|
Change in other
long-term liabilities
|
(2,554)
|
3,591
|
(951)
|
(1,813)
|
1,695
|
|
(65,052)
|
(77,309)
|
(71,188)
|
(77,715)
|
(104,402)
|
|
|
|
|
|
|
Taxes on income
paid
|
-
|
(21,795)
|
-
|
-
|
(21,795)
|
|
|
|
|
|
|
Net cash flows provided
|
|
|
|
|
|
by operating activities
|
240,919
|
119,527
|
68,023
|
(2,132)
|
432,753
|
|
|
|
|
|
|
Cash flows used in
|
|
|
|
|
|
investing activities
|
|
|
|
|
|
Proceeds for
settlement of
|
|
|
|
|
|
financial
derivatives
|
3,074
|
5,747
|
1,902
|
5,325
|
13,652
|
Investment in fixed
assets
|
(36,157)
|
(69,165)
|
(21,945)
|
(41,652)
|
(110,715)
|
Investment in
intangible assets
|
(2,317)
|
(642)
|
(1,500)
|
(385)
|
(1,810)
|
Interest
received
|
13,796
|
917
|
7,772
|
545
|
6,433
|
Net cash flows used in
|
|
|
|
|
|
investing activities
|
(21,604)
|
(63,143)
|
(13,771)
|
(36,167)
|
(92,440)
|
|
|
|
|
|
|
Cash flows from
|
|
|
|
|
|
financing activities:
|
|
|
|
|
|
Repayment of lease
liability principal
|
(212)
|
(241)
|
(113)
|
(91)
|
(4,726)
|
Repayment of loans
from banks
|
(130,987)
|
(144,775)
|
(130,987)
|
(144,775)
|
(255,705)
|
Interest
paid
|
(76,985)
|
(82,129)
|
(76,835)
|
(81,961)
|
(159,804)
|
Net cash flows used in
|
|
|
|
|
|
financing activities
|
(208,184)
|
(227,145)
|
(207,935)
|
(226,827)
|
(420,235)
|
|
|
|
|
|
|
Net increase (decrease) in cash
|
|
|
|
|
|
and cash equivalents for
|
|
|
|
|
|
the period
|
11,131
|
(170,761)
|
(153,683)
|
(265,126)
|
(79,922)
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations
|
|
|
|
|
|
on cash and cash
equivalents
|
14,167
|
31,459
|
6,579
|
25,715
|
29,543
|
Cash and cash equivalents at
|
|
|
|
|
|
beginning of period
|
151,481
|
201,860
|
323,883
|
301,969
|
201,860
|
Cash and cash equivalents at
end
|
|
|
|
|
|
of period
|
176,779
|
62,558
|
176,779
|
62,558
|
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-six-month-periods-ended-june-30-2023-301909648.html
SOURCE Ellomay Capital Ltd.