Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three and Nine Months Ended September 30, 2018

 

 

Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three and Nine Months Ended September 30, 2018
Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three and Nine Months Ended September 30, 2018

TEL-AVIV, Israel, Dec. 3, 2018 /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 three and nine months ended September 30, 2018 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4%.

On November 29, 2018, Amos Luzon Entrepreneurship and Energy Group Ltd. (f/k/a U. Dori Group Ltd.) (the "Luzon Group"), an Israeli public company that currently holds 50% of U. Dori Energy Infrastructures Ltd. ("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 results of Dorad for the quarter ended September 30, 2018 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 December 27, 2018.  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, 2018 - approximately NIS 730.9 million.
  • Dorad's unaudited operating profit for the three months ended June 30, 2018 - approximately NIS 161.2 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. 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 September 30, 2018, which include the summer months of July and August and the intermediate month of September, are not indicative of full year results.

A translation of the financial results for Dorad as of and for the year ended December 31, 2017 and as of and for the three and nine month periods ended September 30, 2017 and 2018 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 22.6MW of photovoltaic power plants in Italy, 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 850 MW, representing about 6%-8% of Israel's total current electricity consumption;
  • 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay Pumped Storage (2014) Ltd., all of which are involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
  • 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies operating or developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.

Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel's prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay's dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay's controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.

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 our forward-looking statements, such as regulatory changes, 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. These and other risks and uncertainties associated with the Company's business 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.

 

 

Dorad Energy Ltd.








Interim Condensed Statements of Financial Position



















September 30


September 30


December 31



2018


2017


2017



(Unaudited)


(Unaudited)


(Audited)



NIS thousands


NIS thousands


NIS thousands

Current assets







Cash and cash equivalents


284,094


308,106


184,182

Trade receivables


254,045


296,623


330,397

Other receivables


38,579


82,018


83,289

Pledged deposit


3,508


-


-

Total current assets


580,226


686,747


597,868








Non-current assets







Restricted deposit


420,808


395,661


405,306

Prepaid expenses


42,233


44,350


43,821

Fixed assets


3,927,348


4,058,427


4,009,008

Intangible assets


3,961


6,683


6,097

Total non-current assets


4,394,350


4,505,121


4,464,232

Total assets


4,974,576


5,191,868


5,062,100








Current liabilities







Current maturities of loans from banks


255,941


252,000


203,819

Current maturities of loans from related parties


110,000


70,000


140,464

Trade payables


259,782


413,988


415,798

Other payables


19,046


4,628


5,649

Financial derivatives


-


3,372


1,191

Total current liabilities


644,769


743,988


766,921








Non-current liabilities







Loans from banks


3,108,089


3,274,223


3,187,873

Loans from related parties


15,258


120,404


54,764

Provision for dismantling and restoration


40,288


36,103


36,239

Deferred tax liabilities


123,774


89,473


89,298

Liabilities for employee benefits, net


160


160


160

Total non-current liabilities


3,287,569


3,520,363


3,368,334








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


396,280


281,559


280,887

Total equity


1,042,238


927,517


926,845

Total liabilities and equity


4,974,576


5,191,868


5,062,100

 

 

 





Dorad Energy Ltd.











Interim Condensed Statements of Profit and Loss































For the nine months ended


For the three months ended


Year ended


September 30


September 30


December 31


2018


2017


2018


2017


2017


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Audited)


NIS thousands


NIS thousands


NIS thousands


NIS thousands


NIS thousands











Revenues

1,990,177


1,927,460


730,891


716,171


2,523,263











Operating costs of the










 Power Plant




















Energy costs

517,660


480,876


186,913


189,081


616,221

Electricity purchase and










 infrastructure services

880,927


914,350


288,898


310,939


1,212,431

Depreciation and










 amortization

163,977


150,147


56,572


52,513


208,705

Other operating costs

102,333


81,275


37,321


23,360


122,345











Total operating costs










 of Power Plant

1,664,897


1,626,648


569,704


575,893


2,159,702











Profit from operating










 the Power Plant

325,280


300,812


161,187


140,278


363,561











General and










 administrative expenses

15,401


13,497


4,873


4,921


18,712











Operating profit

309,879


287,315


156,314


135,357


344,849











Financing income

16,540


2,427


4,684


617


3,195

Financing expenses

176,550


185,974


55,670


35,230


245,122











Financing expenses, net

160,010


183,547


50,986


34,613


241,927











Profit before










 taxes on income

149,869


103,768


105,328


100,744


102,922











  Taxes on income

34,476


23,855


24,223


23,168


23,681











Profit for the period

115,393


79,913


81,105


77,576


79,241

 

 

 

Dorad Energy Ltd.











Interim Condensed Statements of Changes in Shareholders' Equity



































Capital










reserve for






Share


Share


activities 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, 2018










 (Unaudited)




















Balance as at










January 1, 2018 (Audited)

11


642,199


3,748


280,887


926,845

Profit for the period

-


-


-


115,393


115,393











Balance as at










September 30, 2018 (Unaudited)

11


642,199


3,748


396,280


1,042,238











For the nine months










ended September 30, 2017










(Unaudited)




















Balance as at










January 1, 2017 (Audited)

11


642,199


3,748


201,646


847,604

Profit for the period

-


-


-


79,913


79,913











Balance as at










September 30, 2017 (Unaudited)

11


642,199


3,748


281,559


927,517











For the three months










 ended September 30, 2018










 (Unaudited)




















Balance as at










 July 1, 2018 (Unaudited)

11


642,199


3,748


315,175


961,133

Profit for the period

-


-


-


81,105


81,105











Balance as at










 September 30, 2018 (Unaudited)

11


642,199


3,748


396,280


1,042,238











For the three months










 ended September 30, 2017










 (Unaudited)




















Balance as at










 July 1, 2017 (Unaudited)

11


642,199


3,748


203,983


849,941

Profit for the period

-


-


-


77,576


77,576











Balance as at










 September 30, 2017 (Unaudited)

11


642,199


3,748


281,559


927,517











For the year ended










 December 31, 2017 (Audited)




















Balance as at










 January 1, 2017 (Audited)

11


642,199


3,748


201,646


847,604

Profit for the year

-


-


-


79,241


79,241











Balance as at










 December 31, 2017 (Audited)

11


642,199


3,748


280,887


926,845

 

 

 

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


2018


2017


2018


2017


2017


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Audited)


NIS thousands


NIS thousands


NIS thousands


NIS thousands


NIS thousands











Cash flows from










 operating activities:










Profit for the period

115,393


79,913


81,105


77,576


79,241

Adjustments:










Depreciation and amortization










 and fuel consumption

167,960


213,751


56,917


70,845


286,542

Taxes on income

34,476


23,855


24,223


23,168


23,681

Financing expenses, net

160,010


183,547


50,986


34,613


241,927


362,446


421,153


132,126


128,626


552,150











Change in trade receivables

76,488


(1,692)


(6,539)


(30,794)


(35,465)

Change in other receivables

23,955


(61,955)


14,299


(1,600)


(84,857)

Change in trade payables

(161,484)


107,940


(11,664)


71,234


123,045

Change in other payables

16,985


(1,078)


17,719


1,308


(2,669)


(44,056)


43,215


13,815


40,148


54

Net cash flows provided










 by operating activities

433,783


544,281


227,046


246,350


631,445











Cash flows used in










 investing activities










Proceeds (payment) for settlement of










 financial derivatives

4,997


(7,018)


2,640


(2,385)


(10,596)

Insurance proceeds in respect of damage to fixed asset

20,619


15,444


1,181


15,444


38,742

Investment in long-term










 restricted deposit

(7,158)


(21,000)


-


-


(34,000)

Release of long-term restricted










 deposit

-


25,790


-


-


25,790

Investment in fixed assets

(82,341)


(87,136)


(21,291)


(33,350)


(121,361)

Investment in intangible assets

(141)


(258)


(18)


-


(413)

Interest received

2,461


1,847


978


617


1,268

Net cash flows used in










investing activities

(61,563)


(72,331)


(16,510)


(19,674)


(100,570)











Cash flows used in










 financing activities:










Repayment of loans from










 related parties

(62,802)


(39,628)


-


-


(39,628)

Repayment of loans from banks

(91,345)


(85,112)


-


-


(161,668)

Interest paid

(119,803)


(121,093)


(356)


(228)


(227,530)

Net cash flows used in










 financing activities

(273,950)


(245,833)


(356)


(228)


(428,826)











Net increase in 










cash and cash equivalents for










 the period

98,270


226,117


210,180


226,448


102,049











Effect of exchange rate fluctuations










 on cash and cash equivalents

1,642


1,022


88


345


1,166

Cash and cash equivalents at










 beginning of period

184,182


80,967


73,826


81,313


80,967

Cash and cash equivalents at










 end of period

284,094


308,106


284,094


308,106


184,182

 

 

Contact:

Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: HilaI@ellomay.com

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SOURCE Ellomay Capital Ltd

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