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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, 2022

Cision

TEL-AVIV, Israel, Aug. 25, 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 six months ended June 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 August 24, 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 June 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 June 30, 2022 - approximately NIS 465.5 million.

  • Dorad's unaudited operating profit for the three months ended June 30, 2022 - approximately NIS 24.8 million.

Dorad's financial statements for the quarter ended June 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 crisis, including preparations of the operation and maintenance employees of the power plant and shift work as required. Dorad's financial statements further note it monitors the re-spreading of the virus and continuously examines the options for action in the event of a material decline in its income as a result of the spread of the coronavirus.

Dorad's financial statements for the quarter ended June 30, 2022 further note that on July 28, 2022, the Israeli Electricity Authority published a decision titled "Annual Electricity Rate Update 2022," which, among other things, provided for an increase in the average production component of approximately 24.3% compared to 2021, applicable from August 1, 2022, that will remain in effect through the end of 2022.

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, 2022, 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, 2021 and as of and for the three and six month periods ended June 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 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 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; 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 Rubenbach (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



2022


2021


2021



(Unaudited)


(Unaudited)


(Audited)



NIS thousands


NIS thousands


NIS thousands

Current assets







Cash and cash equivalents


62,558


140,074


201,860

Trade receivables and accrued income


191,756


207,036


248,844

Other receivables


23,932


17,251


40,289

Financial derivatives


8,023


1,869


-

Total current assets


286,269


366,230


490,993








Non-current assets







Restricted deposit


507,799


473,726


480,476

Prepaid expenses


32,237


34,233


33,235

Fixed assets


3,326,489


3,449,031


3,378,466

Intangible assets


5,960


5,734


6,038

Right of use assets


58,198


58,892


57,530

Total non-current assets


3,930,683


4,021,616


3,955,745








Total assets


4,216,952


4,387,846


4,446,738








Current liabilities







Current maturities of loans from banks


266,896


278,223


280,753

Current maturities of lease liabilities


4,558


4,583


4,622

Trade payables


195,602


268,702


324,532

Current tax liabilities


-


-


21,795

Other payables


9,792


2,779


7,100

Financial derivatives


-


-


268

Total current liabilities


476,848


554,287


639,070








Non-current liabilities







Loans from banks


2,293,137


2,443,652


2,356,785

Other Long-term liabilities


19,425


-


15,834

Long-term lease liabilities


51,924


51,921


48,871

Provision for dismantling and restoration


50,000


50,000


50,000

Deferred tax liabilities


190,336


197,075


192,676

Liabilities for employee benefits, net


160


160


160

Total non-current liabilities


2,604,982


2,742,808


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


489,164


444,793


497,384

Total equity


1,135,122


1,090,751


1,143,342








Total liabilities and equity


4,216,952


4,387,846


4,446,738

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



2022


2021


2022


2021


2021



(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Audited)



NIS thousands


NIS thousands


NIS thousands


NIS thousands


NIS thousands












Revenues


1,020,929


963,101


465,505


449,346


2,103,911












Operating costs of the











Power Plant






















Energy costs


194,413


179,222


104,796


102,655


428,051

Electricity purchase and











infrastructure services


522,449


511,118


242,423


228,130


1,053,997

Depreciation and











amortization


123,627


112,715


55,504


61,782


225,715

Other operating costs


75,617


67,417


37,943


37,101


114,360












Total operating costs











of Power Plant


916,106


870,472


440,666


429,668


1,822,123












Profit from operating











the Power Plant


104,823


92,629


24,839


19,678


281,788












General and











administrative expenses


10,893


12,355


5,171


6,121


24,502

Other incomes


-


5,932


-


2,910


11,603












Operating profit


93,930


86,206


19,668


16,467


268,889












Financing income


45,902


815


34,373


419


4,694

Financing expenses


150,392


101,109


85,151


81,215


219,013












Financing expenses, net


104,490


100,294


50,778


80,796


214,319












Profit (loss) before











taxes on income


(10,560)


(14,088)


(31,110)


(64,329)


54,570












taxes on











income


2,340


3,223


7,148


14,805


12,844












Profit (loss) for the
period


(8,220)


(10,865)


(23,962)


(49,524)


41,726

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, 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











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 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


-


-


-


(100,00)


(100,000)

Loss for the period


-


-


-


...