Investor Relations

Press Releases

Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three Months Ended March 31, 2017

Download PDF

TEL-AVIV, Israel, May 30, 2017 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELLO) ("Ellomay" or the "Company"), an emerging operator in the renewable energy and energy infrastructure sector, today reported the publication in Israel of financial statements for the three months ended March 31, 2017 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4%.

On May 29, 2017, 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 March 31, 2017 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 June 22, 2017.  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 March 31, 2017 - approximately NIS 674.7 million (or approximately USD 185.8 million, based on the exchange rate on March 31, 2017).
  • Dorad's unaudited operating profit for the three months ended March 31, 2017 - approximately NIS 114.2 million (or approximately USD 31.4 million, based on the exchange rate on March 31, 2017).

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, which include the winter and intermediate months of January, February and March are not indicative of full year results.

A translation of the financial results for Dorad as of and for the year ended December 31, 2016 and as of and for the three month periods ended March 31, 2016 and 2017 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 MKT and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its business in the energy and infrastructure sectors worldwide. Ellomay (formerly Nur Macroprinters Ltd.) previously was a supplier of wide format and super-wide format digital printing systems and related products worldwide, and sold this business to Hewlett-Packard Company during 2008 for more than $100 million.

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 and approximately 7.9MW of photovoltaic power plants in Spain;
  • 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 340 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 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 Statement of Financial Position




March 31

March 31

December 31



2017

2016

2016



NIS thousands

NIS thousands

NIS thousands

Assets





Cash and cash equivalents


178,149

302,470

80,967

Trade receivables


273,830

253,559

294,351

Other receivables


55,530

25,784

37,174

Pledged deposit


-

29,485

-

Total current assets


507,509

611,298

412,492











Restricted deposit


410,733

334,525

411,574

Prepaid expenses


45,409

46,416

45,938

Fixed assets


4,133,262

4,335,607

4,170,151

Intangible assets


7,893

9,233

8,551

Total non-current assets


4,597,297

4,725,781

4,636,214






Total assets


5,104,806

5,337,079

5,048,706






Liabilities





Current maturities of loans from banks


246,032

215,188

197,389

Current maturities of loans from related parties


70,000

130,000

80,000

Trade payables


285,849

319,910

293,613

Other payables


26,538

19,737

9,152

Financial derivatives


4,250

4,798

-

Total current liabilities


632,669

689,633

580,154











Loans from banks


3,362,423

3,297,603

3,367,832

Loans from related parties


110,800

403,557

151,638

Provision for dismantling and restoration


35,834

35,301

35,700

Deferred tax liabilities, net


77,050

70,826

65,618

Liabilities for employee benefits, net


160

160

160

Total non-current liabilities


3,586,267

3,807,447

3,620,948






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


239,912

194,041

201,646

Total equity


885,870

839,999

847,604






Total liabilities and equity


5,104,806

5,337,079

5,048,706

 

 

Dorad Energy Ltd.

Interim Condensed Statements of Profit and Loss



For the three months ended

Year ended



March 31

December 31



2017

2016

2016



NIS thousands

NIS thousands

NIS thousands


Revenues

674,687

609,942

2,299,565





Operating costs of the Power Plant








Energy costs

146,028

126,819

550,401

Electricity purchase and infrastructure services

330,409

304,355

1,104,826

Depreciation and amortization

51,446

51,339

209,057

Other operating costs

32,618

30,911

141,132





Total operating costs of the Power Plant

560,501

513,424

2,005,416





Profit from operating the Power Plant

114,186

96,518

294,149





General and administrative expenses

4,071

4,058

19,178





Operating profit

110,115

92,460

274,971





Financing income

498

212

7,025

Financing expenses

60,915

39,127

226,054





Financing expenses, net

(60,417)

(38,915)

(219,029)





Profit before taxes on income

49,698

53,545

55,942





Taxes on income

11,432

9,944

4,736





Profit for the period

38,266

43,601

51,206

 

 

Dorad Energy Ltd.

Interim Condensed Statements 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 three months






 ended March 31, 2017 












Balance as at






 January 1, 2017

11

642,199

3,748

201,646

847,604







Profit for the period

-

-

-

38,266

38,266







Balance as at






March 31, 2017

11

642,199

3,748

239,912

885,870

For the three months






 ended March 31, 2016 












Balance as at






 January 1, 2016

11

642,199

3,748

150,440

796,398







Profit for the period

-

-

-

43,601

43,601







Balance as at






 March 31, 2016

11

642,199

3,748

194,041

839,999

For the year ended






 December 31, 2016












Balance as at






 January 1, 2016

11

642,199

3,748

150,440

796,398







Profit for the year

-

-

-

51,206

51,206







Balance as at






 December 31, 2016

11

642,199

3,748

201,646

847,604

 

 

Dorad Energy Ltd.

Interim Condensed Statements of Cash Flows



For the three months ended

Year ended


March 31

December 31


2017

2016

2016


NIS thousands

NIS thousands

NIS thousands

Cash flows from operating activities




Profit for the period

38,266

43,601

51,206





Adjustments:




Depreciation, amortization and fuel consumption

70,090

57,632

238,484

Taxes on income

11,432

9,944

4,736

Financing expenses, net

60,417

38,915

219,029


141,939

106,491

462,249





Change in trade receivables

20,521

25,423

(14,761)

Change in other receivables

(18,356)

6,211

(5,179)

Change in trade payables

(6,279)

73,640

48,807

Change in other payables

17,392

2,907

677

Change in employee benefits, net

-

-

-


13,278

108,181

29,544





Net cash flows provided by operating activities

193,483

258,273

542,999





Cash flows from investing activities




Payment for settlement of financial derivatives

(1,849)

(322)

(2,017)

Payment of pledged deposit

-

-

29,486

Investment in long-term restricted deposits

(21,000)

-

(143,891)

Release of long-term restricted deposits

13,218

-

70,000

Long-term prepaid expenses

-

-

(1,056)

Investment in fixed assets

(31,982)

(5,203)

(25,415)

Investment in intangible assets

(31)

(1,481)

(2,804)

Interest received

498

15

624





Net cash flows used in investing activities

(41,146)

(6,991)

(75,073)





Cash flows from financing activities




Receipt of long-term loans from related parties

-

-

16,689

Receipt of long-term loans from banks

-

-

242,772

Repayment of loans from related parties

(39,628)

-

(147,219)

Repayment of loan from banks

-

-

(143,896)

Interest paid

(15,682)

(602)

(408,071)





Net cash flows used in financing activities

(55,310)

(602)

(439,725)





Net increase in cash and cash equivalents for the period

97,027

250,680

28,201





Effect of exchange rate fluctuations on cash and cash




 equivalents

155

(104)

872





Cash and cash equivalents at beginning of period

80,967

51,894

51,894





Cash and cash equivalents at end of period

178,149

302,470

80,967

 

 

Contact:

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

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ellomay-capital-reports-publication-of-financial-results-of-dorad-energy-ltd-for-the-three-months-ended-march-31-2017-300465205.html

SOURCE Ellomay Capital Ltd