Exhibit 99.1



Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three Months
Ended March 31, 2019

Tel-Aviv, Israel, May 30, 2019 – 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 months ended March 31, 2019 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds approximately 9.4%.

On May 29, 2019, 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, 2019 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 26, 2019.  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, 2019 - approximately NIS 713.1 million.
 
·
Dorad’s unaudited operating profit for the three months ended March 31, 2019 - approximately NIS 115.3 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 March 31, 2019, which include the winter months of January and February and the intermediate month of 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, 2018 and as of and for the three month periods ended March 31, 2018 and 2019 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.
 


On April 8, 2019, Zorlu Enerji Elektrik Uretim A.S. (“Zorlu”), which owns 25% of Dorad, filed an opening motion with the District Court in Tel Aviv against Dorad and the directors serving on Dorad’s board on behalf of Dori Energy and Eilat Ashkelon Infrastructure Services Ltd. (“EAIS”), which holds 37.5% of Dorad. In the opening motion, Zorlu asks the court to instruct Dorad to convene a shareholders meeting and to include a discussion and a vote on the planning and construction of an additional power plant adjacent to the existing power plant (the “Dorad 2 Project”) on the agenda of this meeting. Zorlu claims that while the articles of association of Dorad provides that the planning and construction of an additional power plant requires a unanimous consent of the Dorad shareholders, and while Zorlu and Edelcom Ltd. (“Edelcom”), which holds 18.75% of Dorad, are opposed to this project, including due to the current disagreements among Dorad’s shareholders, Dorad continued taking actions to advance the project, which include spending substantial amounts our of Dorad’s funds. Zorlu further claims that the representatives of Dori Energy and EAIS on the Dorad board have acted to prevent the convening of a shareholders meeting as requested by Zorlu. On April 16, 2019, Edelcom submitted a request to join the opening motion as an additional respondent as Edelcom claims that it is another shareholder in Dorad that opposes the advancement of the project at this stage. In addition, Edelcom joined Dori Energy and EAIS as additional respondents to its request, claiming that these entities are required to be part of the proceeding in order to reach a complete and efficient resolution. Dori Energy is required to submit its response to Edelcom’s request by June 1, 2019. To the Company’s knowledge, the Dorad 2 Project is currently under internal examination by Dorad and there can be no assurance as to if, when and under what terms it will be advanced or promoted by Dorad.

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 850MW, 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 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;
·
51% of Talasol, which is involved in a project to construct a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain.

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


Dorad Energy Ltd.
Interim Condensed Statements of Financial Position

 
   
March 31
   
March 31
   
December 31
 
   
2019
     
*2018
     
*2018
 
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Current assets
                     
Cash and cash equivalents
   
286,798
     
200,829
     
117,220
 
Trade receivables
   
242,852
     
285,670
     
297,997
 
Other receivables
   
52,719
     
57,904
     
56,417
 
Financial derivatives
   
-
     
2,189
     
387
 
Total current assets
   
582,369
     
546,592
     
472,021
 
                         
Non-current assets
                       
Restricted deposit
   
427,671
     
412,752
     
431,096
 
Prepaid expenses
   
41,175
     
43,292
     
41,704
 
Fixed assets
   
3,819,496
     
3,999,905
     
3,869,800
 
Intangible assets
   
2,463
     
5,465
     
3,265
 
Right of use assets
   
54,063
     
-
     
-
 
Total non-current assets
   
4,344,868
     
4,461,414
     
4,345,865
 
                         
Total assets
   
4,927,237
     
5,008,006
     
4,817,886
 
                         
Current liabilities
                       
Current maturities of loans from banks
   
257,502
     
249,287
     
217,254
 
Current maturities of loans from related parties
   
18,175
     
110,000
     
17,805
 
Current maturities of lease liabilities
   
4,294
     
-
     
-
 
Trade payables
   
286,459
     
305,504
     
340,829
 
Other payables
   
8,141
     
17,187
     
5,966
 
Financial derivatives
   
111
     
-
     
-
 
Total current liabilities
   
574,682
     
681,978
     
581,854
 
                         
Non-current liabilities
                       
Loans from banks
   
3,007,784
     
3,180,408
     
3,016,582
 
Loans from related parties
   
-
     
7,764
     
-
 
Long-term lease liabilities
   
46,974
     
-
     
-
 
Provision for dismantling and restoration
   
35,647
     
40,070
     
35,497
 
Deferred tax liabilities
   
140,615
     
108,045
     
122,803
 
Liabilities for employee benefits, net
   
160
     
160
     
160
 
Total non-current liabilities
   
3,231,180
     
3,336,447
     
3,175,042
 
                         
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
   
475,417
     
343,623
     
415,032
 
Total equity
   
1,121,375
     
989,581
     
1,060,990
 
                         
Total liabilities and equity
   
4,927,237
     
5,008,006
     
4,817,886
 
 
* Effective as of January 1, 2019, Dorad applied IFRS 16, Leases. According to the transition method, comparative figures were not restated.
 



Dorad Energy Ltd.
Interim Condensed Statements of Income

 
   
For the three months ended
   
Year ended
 
   
March 31
   
December 31
 
   
2019
     
*2018
     
*2018
 
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Revenues
   
713,078
     
684,852
     
2,628,607
 
                         
Operating costs of the Power Plant
                       
                         
Energy costs
   
159,826
     
146,073
     
687,431
 
Electricity purchase and infrastructure services
   
342,885
     
326,627
     
1,194,948
 
Depreciation and amortization
   
49,300
     
52,169
     
217,795
 
Other operating costs
   
40,789
     
37,294
     
136,705
 
                         
Total operating cost of Power Plant
   
592,800
     
562,163
     
2,236,879
 
                         
Profit from operating the Power Plant
   
120,278
     
122,689
     
391,728
 
                         
General and administrative expenses
   
4,972
     
5,278
     
20,740
 
                         
Operating profit
   
115,306
     
117,411
     
370,988
 
                         
Financing income
   
1,031
     
4,231
     
24,650
 
Financing expenses
   
38,139
     
40,159
     
227,988
 
                         
Financing expenses, net
   
37,108
     
35,928
     
203,338
 
                         
Profit before taxes on income
   
78,198
     
81,483
     
167,650
 
                         
Taxes on income
   
17,813
     
18,747
     
33,505
 
                         
Profit for the period
   
60,385
     
62,736
     
134,145
 
 
* Effective as of January 1, 2019, Dorad applied IFRS 16, Leases . According to the transition method, comparative figures were not restated.
 

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, 2019
                             
 (Unaudited)
                             
                               
Balance as at
                             
 January 1, 2019 (Audited)
   
11
     
642,199
     
3,748
     
415,032
     
1,060,990
 
                                         
Profit for the period
   
-
     
-
     
-
     
60,385
     
60,385
 
                                         
Balance as at
                                       
 March 31, 2019
                                       
 (Unaudited)
   
11
     
642,199
     
3,748
     
475,417
     
1,121,375
 
For the three months
                                       
 ended March 31, 2018
                                       
 (Unaudited)
                                       
                                         
Balance as at
                                       
 January 1, 2018 (Audited)
   
11
     
642,199
     
3,748
     
280,887
     
926,845
 
                                         
Profit for the period
   
-
     
-
     
-
     
62,736
     
62,736
 
                                         
Balance as at
                                       
 March 31, 2018 *
                                       
 (Unaudited)
   
11
     
642,199
     
3,748
     
343,623
     
989,581
 
For the year ended
                                       
 December 31, 2018
                                       
(Audited)
                                       
                                         
Balance as at
                                       
 January 1, 2018 (Audited)
   
11
     
642,199
     
3,748
     
280,887
     
926,845
 
                                         
Profit for the year
                           
134,145
     
134,145
 
                                         
Balance as at
                                       
 December 31, 2018 *
                                       
(Audited)
   
11
     
642,199
     
3,748
     
415,032
     
1,060,990
 
 
* Effective as of January 1, 2019, Dorad applied IFRS 16, Leases. According to the transition method, comparative figures were not restated.
 

Dorad Energy Ltd.
Interim Condensed Statements of Cash Flows

 
   
For the three months ended
   
Year ended
 
   
March 31
   
December 31
 
   
2019
     
*2018
     
*2018
 
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Cash flows from operating activities:
                     
Profit for the period
   
60,385
     
62,736
     
134,145
 
                         
Adjustments:
                       
Depreciation and amortization and fuel consumption
   
57,368
     
52,306
     
223,028
 
Taxes on income
   
17,813
     
18,747
     
33,505
 
Financing expenses, net
   
37,108
     
35,928
     
203,338
 
     
112,289
     
106,981
     
459,871
 
                         
Change in trade receivables
   
55,145
     
44,727
     
32,536
 
Change in other receivables
   
3,698
     
12,736
     
6,119
 
Change in trade payables
   
(55,854
)
   
(118,786
)
   
(81,273
)
Change in other payables
   
2,175
     
11,538
     
304
 
     
5,164
     
(49,785
)
   
(42,314
)
                         
Net cash flows provided by operating activities
   
177,838
     
119,932
     
551,702
 
                         
Cash flows used in investing activities
                       
Proceeds from (payment for) settlement of financial derivatives
   
(393
)
   
74
     
9,957
 
Insurance proceeds in respect of damage to fixed asset
   
-
     
12,650
     
20,619
 
Investment in long-term restricted deposits
   
-
     
(5,158
)
   
(12,158
)
Investment in fixed assets
   
(4,946
)
   
(30,951
)
   
(79,855
)
Investment in intangible assets
   
-
     
(119
)
   
(222
)
Interest received
   
1,012
     
777
     
3,497
 
                         
Net cash flows used in investing activities
   
(4,327
)
   
(22,727
)
   
(58,162
)
                         
Cash flows from financing activities:
                       
Repayment of loans from related parties
   
-
     
(62,802
)
   
(160,326
)
Repayment of loans from banks
   
-
     
-
     
(181,970
)
Interest paid
   
(124
)
   
(18,011
)
   
(220,765
)
Repayment of lease liability principal
   
(4,098
)
   
-
     
-
 
                         
Net cash flows used in financing activities
   
(4,222
)
   
(80,813
)
   
(563,061
)
                         
Net increase in cash and cash equivalents
                       
 for the period
   
169,289
     
16,392
     
(69,521
)
                         
Effect of exchange rate fluctuations on cash and cash
                       
 equivalents
   
289
     
255
     
2,559
 
                         
Cash and cash equivalents at beginning of period
   
117,220
     
184,182
     
184,182
 
                         
Cash and cash equivalents at end of period
   
286,798
     
200,829
     
117,220
 

* Effective as of January 1, 2019, Dorad applied IFRS 16, Leases. According to the transition method, comparative figures were not restated.