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Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Year Ended December 31, 2020

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TEL-AVIV, Israel, March 25, 2021 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American; 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 year ended December 31, 2020 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 March 24, 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 annual report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the annual report of the Luzon Group includes the financial statements of Dorad for the same period.

The financial statements of Dorad for the year ended December 31, 2020 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 March 31, 2021 and will include the financial statements of Dorad in its annual report on Form 20-F for the year ended December 31, 2020. 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 revenues for the year ended December 31, 2020 - approximately NIS 2,407 million.

  • Dorad's operating profit for the year ended December 31, 2020 - approximately NIS 283 million.

Dorad's financial statements for the year ended December 31, 2020 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 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 and such reduction has not resulted in a material effect at this time. 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. 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 full year results in the future.

A translation of the financial results for Dorad as of December 31, 2019 and 2020 and as of and for the years ended December 31, 2018, 2019 and 2020 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;

  • 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.

Statements of Financial Position



December 31

December 31



2020

2019



NIS thousands

NIS thousands

Current assets




Cash and cash equivalents


247,079

266,021

Trade receivables


297,719

292,759

Other receivables


21,401

22,685

Total current assets


566,199

581,465





Non-current assets




Restricted deposit


433,265

438,032

Prepaid expenses


35,230

37,225

Fixed assets


3,526,839

3,698,716

Intangible assets


5,402

2,247

Right of use assets


60,113

64,161

Total non-current assets


4,060,849

4,240,381





Total assets


4,627,048

4,821,846





Current liabilities




Current maturities of loans from banks


242,098

231,380

Current maturities of lease liabilities


4,535

4,551

Trade payables


309,380

288,127

Other payables


3,808

10,509

Financial derivatives


2,993

-

Total current liabilities


562,814

534,567





Non-current liabilities




Loans from banks


2,561,302

2,803,975

Long-term lease liabilities


50,858

54,052

Provision for dismantling and restoration


50,000

36,102

Deferred tax liabilities, net


200,298

170,676

Liabilities for employee benefits, net


160

160

Total non-current liabilities


2,862,618

3,064,965





Equity




Share capital


11

11

Share premium


642,199

642,199

Capital reserve for activities with controlling shareholders


3,748

3,748

Retained earnings


555,658

576,356





Total equity


1,201,616

1,221,314





Total liabilities and equity


4,627,048

4,821,846

Dorad Energy Ltd.

Statements of Profit or Loss








2020

2019

2018



NIS thousands

NIS thousands

NIS thousands






Revenues


2,407,221

2,700,766

2,628,607






Operating costs of the power plant





Energy costs


522,110

708,662

687,431

Electricity purchase and infrastructure services


1,185,225

1,208,223

1,194,948

Depreciation and amortization


237,575

214,248

217,795

Other operating costs


155,368

151,116

136,705






Total cost of power plant


2,100,278

2,282,249

2,236,879






Profit from operating the power plant


306,943

418,517

391,728






General and administrative expenses


24,926

20,676

20,740

Other incomes


1,279

-

-






Operating profit


283,296

397,841

370,988






Financing income


3,056

4,237

24,650

Financing expenses


157,428

192,881

227,988






Financing expenses, net


154,372

188,644

203,338






Profit before taxes on income


128,924

209,197

167,650






Taxes on income


29,622

47,873

33,505






Profit for the year


99,302

161,324

134,145

Dorad Energy Ltd.

Statements of Changes in Equity










Capital






reserve for






activities with





Share

controlling

Retained



Share capital

premium

shareholders

earnings

Total equity


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands

For the year ended December 31, 2020












Balance as at January 1, 2020

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

11

642,199

3,748

555,658

1,201,616



















For the year ended December 31, 2019












Balance as at January 1, 2019

11

642,199

3,748

415,032

1,060,990







Profit for the year

-

-

-

161,324

161,324







Balance as at December 31, 2019

11

642,199

3,748

576,356

1,222,314



















For the year ended December 31, 2018












Balance as at January 1, 2018

11

642,199

3,748

280,887

926,845







Profit for the year

-

-

-

134,145

134,145







Balance as at December 31, 2018

11

642,199

3,748

415,032

1,060,990

Dorad Energy Ltd.

Statements of Cash Flows





2020

2019

2018


NIS thousands

NIS thousands

NIS thousands

Cash flows from operating activities:




Profit for the year

99,302

161,324

134,145

Adjustments:




Depreciation, amortization and fuel consumption

241,288

239,323

223,028

Taxes on income

29,622

47,873

33,505

Financing expenses, net

154,372

188,644

203,338


425,282

475,840

459,871





Change in trade receivables

(4,959)

5,238

32,536

Change in other receivables

1,284

25,394

6,119

Change in trade payables

16,627

(57,719)

(81,273)

Change in other payables

(6,700)

4,543

304


6,252

(22,544)

(42,314)





Net cash provided by operating activities

530,836

614,620

551,702





Cash flows from investing activities:




Proceeds from (payment for) settlement of financial derivatives

(4,318)

(4,551)

9,957

Insurance proceeds in respect of damage to fixed asset

-

8,336

20,619

Investment in long-term restricted deposits

(6,000)

(14,000)

(12,158)

Investment in fixed assets

(48,309)

(60,476)

(79,855)

Investment in intangible assets

(4,738)

(939)

(222)

Interest received

3,046

4,213

3,497





Net cash used in investing activities

(60,319)

(67,417)

(58,162)





Cash flows from financing activities:




Repayment of lease liability principal

(4,523)

(8,513)

-

Repayment of loans from related parties

-

(17,704)

(160,326)

Repayment of loans from banks

(195,359)

(189,893)

(181,970)

Dividends and exchange rate paid

(123,739)

-

-

Interest paid

(170,003)

(182,435)

(220,765)





Net cash used in financing activities

(493,624)

(398,545)

(563,061)





Net increase (decrease) in cash and cash equivalents

(23,107)

148,658

(69,521)





Effect of exchange rate fluctuations on cash and




cash equivalents

4,165

143

2,559

Cash and cash equivalents at beginning of year

266,021

117,220

184,182









Cash and cash equivalents at end of year

247,079

266,021

117,220

Cision
Cision

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SOURCE Ellomay Capital Ltd