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Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Three and Six Month Periods Ended June 30, 2021

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TEL AVIV, Israel, Aug. 30, 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 and six months ended June 30, 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 August 25, 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 June 30, 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. 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, 2021 - approximately NIS 449.3 million.

  • Dorad's unaudited operating profit for the three months ended June 30, 2021 - approximately NIS 19.7 million.

Dorad's financial statements for the quarter ended June 30, 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, as well as declines in the value of financial assets and commodities in markets in Israel and around the world. Dorad notes that throughout this period and up to the reporting date it operated in compliance with, and according to, 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 in light of the crisis, there is a certain decrease, which moderated during the first half of 2021, 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 adverse effect at this time. Dorad notes that it is monitoring the re-spread of the virus and continuously examines its potential options for handling the impact 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 June 30, 2021, 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, 2020 and as of and for the three and six month periods ended June 30, 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




June 30

June 30

December 31



2021

2020

2020



(Unaudited)

(Unaudited)

(Audited)



NIS thousands

NIS thousands

NIS thousands

Current assets





Cash and cash equivalents


140,074

207,862

247,079

Trade receivables and accrued income


207,036

211,393

297,719

Other receivables

Financial derivatives


17,251

1,869

15,026

-

21,401

-

Total current assets


366,230

434,281

566,199






Non-current assets





Restricted deposit


473,726

445,911

433,265

Prepaid expenses


34,233

36,228

35,230

Fixed assets


3,449,031

3,614,286

3,526,839

Intangible assets


5,734

3,427

5,402

Right of use assets


58,892

61,855

60,113

Total non-current assets


4,021,616

4,161,707

4,060,849






Total assets


4,387,846

4,595,988

4,627,048






Current liabilities





Current maturities of loans from banks


278,223

235,419

242,098

Current maturities of lease liabilities


4,583

3,018

4,535

Trade payables


268,702

236,487

309,380

Other payables


2,779

2,663

3,808

Financial derivatives


-

519

2,993

Total current liabilities


554,287

478,106

562,814






Non-current liabilities





Loans from banks


2,443,652

2,667,153

2,561,302

Long-term lease liabilities


51,921

55,651

50,858

Provision for dismantling and restoration


50,000

50,012

50,000

Deferred tax liabilities


197,075

187,209

200,298

Liabilities for employee benefits, net


160

160

160

Total non-current liabilities


2,742,808

2,960,185

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


444,793

511,739

555,658

Total equity


1,090,751

1,157,697

1,201,616






Total liabilities and equity


4,387,846

4,595,988

4,627,048

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


2021

2020

2021

2020

2020


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands

Revenues

963,101

1,187,560

449,346

508,742

2,407,221







Operating costs of the






Power Plant












Energy costs

179,222

274,434

102,655

128,563

522,110

Electricity purchase and






infrastructure services

511,118

590,254

228,130

256,076

1,185,225

Depreciation and






amortization

112,715

107,056

61,782

53,623

237,575

Other operating costs

67,417

75,942

37,101

37,748

155,368







Total operating costs






of Power Plant

870,472

1,047,686

429,668

476,010

2,100,278







Profit from operating






the Power Plant

92,629

139,874

19,678

32,732

306,943







General and






administrative expenses

12,355

13,421

6,121

6,937

24,926

Other incomes

5,932

-

2,910

-

1,279







Operating profit

86,206

126,453

16,467

25,795

283,296







Financing income

815

1,844

419

671

3,056

Financing expenses

101,109

56,381

81,215

40,776

157,428







Financing expenses, net

100,294

54,537

80,796

40,105

154,372







Profit (loss) before






taxes on income

(14,088)

71,916

(64,329)

(14,310)

128,924







Tax benefit (taxes on






income)

3,223

(16,533)

14,805

3,290

(29,622)







Profit (loss) for the period

(10,865)

55,383

(49,524)

(11,020)

99,302

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, 2021






(Unaudited)












Balance as at






January 1, 2021 (Audited)

11

642,199

3,748

555,658

1,201,616







Dividend to the Company's






shareholders

-

-

-

(100,000)

(100,000)

Loss for the period

-

-

-

(10,865)

(10,865)







Balance as at






June 30, 2021 (Unaudited)

11

642,199

3,748

444,793

1,090,751







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







Dividend to the Company's






shareholders

-

-

-

(120,000)

(120,000)

Profit for the period

-

-

-

55,383

55,383







Balance as at






June 30, 2020 (Unaudited)

11

642,199

3,748

511,739

1,157,697







For the three months






ended June 30, 2021






(Unaudited)












Balance as at






April 1, 2021 (Unaudited)

11

642,199

3,748

594,317

1,240,275

Dividend to the Company's






shareholders

-

-

-

(100,000)

(100,000)

Loss for the period

-

-

-

(49,524)

(49,524)







Balance as at






June 30, 2021 (Unaudited)

11

642,199

3,748

444,793

1,090,751













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


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, 2020 (Audited)












Balance as at






January 1, 2020 (Audited)

11

642,199

3,748

576,356

1,222,314







Dividend to the Company's






shareholders

-

-

-

(120,000)

(120,000)

Profit for the year

-

-

-

99,302

99,302







Balance as at






December 31, 2020 (Audited)

11

642,199

3,748

555,658

1,201,616







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


2021

2020

2021

2020

2020


(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

(10,865)

55,383

(49,524)

(11,020)

99,302

Adjustments:






Depreciation and amortization






and fuel consumption

114,448

109,380

63,143

54,728

241,288

Taxes on income (tax benefit)

(3,223)

16,533

(14,805)

(3,290)

29,622

Financing expenses, net

100,294

54,537

80,796

40,105

154,372


211,519

180,450

129,134

91,543

425,282







Change in trade receivables

90,683

81,366

21,311

29,170

(4,959)

Change in other receivables

4,150

7,659

517

5,084

1,284

Change in trade payables

(43,123)

(52,346)

(50,133)

(49,396)

16,627

Change in other payables

(1,029)

(7,844)

(12,444)

(7,649)

(6,700)


50,681

28,835

(40,749)

(22,791)

6,252

Net cash flows provided






by operating activities

251,335

264,668

38,861

57,732

530,836







Cash flows used in






investing activities






Proceeds (payment) for settlement of






financial derivatives

1,464

121

715

(606)

(4,318)

Investment in long-term






restricted deposit

(37,000)

(6,000)

(37,000)

(6,000)

(6,000)

Investment in fixed assets

(33,052)

(7,717)

(29,580)

(4,558)

(48,309)

Investment in intangible assets

(1,030)

(1,810)

(569)

(1,741)

(4,738)

Interest received

825

1,840

430

668

3,046

Net cash flows used in






investing activities

(68,793)

(13,566)

(66,004)

(12,237)

(60,319)







Cash flows from






financing activities:






Repayment of lease liability principal

(296)

(293)

(149)

(146)

(4,523)

Repayment of loans from banks

(109,156)

(102,653)

(109,156)

(102,653)

(195,359)

Dividends and exchange rate






paid

(100,000)

(123,739)

(100,000)

-

(123,739)

Interest paid

(81,899)

(86,529)

(81,752)

(86,341)

(170,003)

Net cash flows used in






financing activities

(291,351)

(313,214)

(291,057)

(189,140)

(493,624)







Net decrease in cash






and cash equivalents for






the period

(108,809)

(62,111)

(318,200)

(143,645)

(23,107)







Effect of exchange rate fluctuations






on cash and cash equivalents

1,804

3,952

61

785

4,165

Cash and cash equivalents at






beginning of period

247,079

266,021

458,213

350,722

266,021

Cash and cash equivalents at end






of period

140,074

207,862

140,074

207,862

247,079

Cision
Cision

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SOURCE Ellomay Capital Ltd