Exhibit 99.1


Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three Months
Ended June 30, 2019

Tel-Aviv, Israel, August 29, 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 June 30, 2019 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds approximately 9.4%.

On August 28, 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 June 30, 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 September 24, 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 June 30, 2019 - approximately NIS 591.5 million.
 

Dorad’s unaudited operating profit for the three months ended June 30, 2019 - approximately NIS 42.1 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 June 30, 2019, which include the intermediate months of April - June, 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 and six month periods ended June 30, 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.

In June 2019, Dorad made the final repayment of shareholders loans in the aggregate amount of NIS 19 million, of which Dori Energy received approximately NIS 3.6 million (approximately $1 million).



In August 2019, the Israeli Electricity Authority (the “Authority”) published a proposed resolution that is subject to a public hearing concerning an amendment to the standards governing deviations from consumption plans. These standards regulate the accounting mechanism in the event the actual consumer consumption is different than the consumption plan submitted by the electricity manufacturers (such as Dorad), and include a mechanism protecting the manufacturers from random deviations in actual consumption volumes. Based on the Authority’s publication, which includes a call for public comments (the hearing process), the Authority is proposing to revoke the current protections included in the aforementioned standards, claiming that the manufacturers are misusing the protections and regularly submit plans and forecasts that deviate from the actual expected consumption, and also seeks to impose financial sanctions on the manufacturers, which may be in material amounts upon the occurrence of certain deviation events. Based on the Luzon Group’s publication, Dorad is examining the Authority’s publication and the potential implications on Dorad and its financial results, while preparing to mitigate the implications of the proposed revisions and to change the proposed revisions by presenting its position and claims at the public hearing and by acting together with the Israeli  Private Electricity Manufacturers Forum.

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, including the outcome of the hearing process, 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


   
June 30
   
June 30
   
December 31
 
     
 2019
     
* 2018
     
* 2018
 
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Current assets
                       
Cash and cash equivalents
   
150,896
     
73,826
     
117,220
 
Trade receivables and accrued income
   
256,203
     
247,370
     
297,997
 
Other receivables
   
35,188
     
54,059
     
56,417
 
Financial derivatives
   
-
     
6,551
     
387
 
Total current assets
   
442,287
     
381,806
     
472,021
 
                         
Non-current assets
                       
Restricted deposit
   
426,215
     
420,717
     
431,096
 
Prepaid expenses
   
40,646
     
42,763
     
41,704
 
Fixed assets
   
3,774,594
     
3,974,402
     
3,869,800
 
Intangible assets
   
1,919
     
4,705
     
3,265
 
Right of use assets
   
57,955
     
-
     
-
 
Total non-current assets
   
4,301,329
     
4,442,587
     
4,345,865
 
                         
Total assets
   
4,743,616
     
4,824,393
     
4,817,886
 
                         
Current liabilities
                       
Current maturities of loans from banks
   
218,637
     
212,945
     
217,254
 
Current maturities of loans from related parties
   
-
     
110,000
     
17,805
 
Current maturities of lease liabilities
   
4,575
     
-
     
-
 
Trade payables
   
270,191
     
279,810
     
340,829
 
Other payables
   
13,748
     
4,915
     
5,966
 
Financial derivatives
   
845
     
-
     
-
 
Total current liabilities
   
507,996
     
607,670
     
581,854
 
                         
Non-current liabilities
                       
Loans from banks
   
2,941,515
     
3,103,655
     
3,016,582
 
Loans from related parties
   
-
     
12,047
     
-
 
Long-term lease liabilities
   
52,372
     
-
     
-
 
Provision for dismantling and restoration
   
35,798
     
40,179
     
35,497
 
Deferred tax liabilities
   
127,590
     
99,549
     
122,803
 
Liabilities for employee benefits, net
   
160
     
160
     
160
 
Total non-current liabilities
   
3,157,435
     
3,255,590
     
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
   
432,227
     
315,175
     
415,032
 
Total equity
   
1,078,185
     
961,133
     
1,060,990
 
                         
Total liabilities and equity
   
4,743,616
     
4,824,393
     
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 six months ended
   
For the three months ended
   
Year ended
 
   
June 30
   
June 30
   
December 31
 
   
2019
   
2018
   
2019
   
2018
   
2018
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
                                         
Revenues
   
1,304,613
     
1,259,285
     
591,535
     
574,434
     
2,628,607
 
                                         
Operating costs of the
                                       
 Power Plant
                                       
                                         
Energy costs
   
349,926
     
330,747
     
190,098
     
184,674
     
687,431
 
Electricity purchase and
                                       
 infrastructure services
   
605,156
     
592,030
     
262,271
     
265,403
     
1,194,948
 
Depreciation and
                                       
 amortization
   
105,368
     
107,404
     
56,068
     
55,235
     
217,795
 
Other operating costs
   
81,768
     
65,013
     
40,980
     
27,719
     
136,705
 
                                         
Total operating costs
                                       
 of Power Plant
   
1,142,218
     
1,095,194
     
549,417
     
533,031
     
2,236,879
 
                                         
Profit from operating
                                       
 the Power Plant
   
162,395
     
164,091
     
42,118
     
41,403
     
391,728
 
                                         
General and
                                       
 administrative expenses
   
9,727
     
10,529
     
4,756
     
5,251
     
20,740
 
                                         
Operating profit
   
152,668
     
153,562
     
37,362
     
36,152
     
370,988
 
                                         
Financing income
   
1,937
     
11,857
     
906
     
7,625
     
24,650
 
Financing expenses
   
132,623
     
120,880
     
94,483
     
80,721
     
227,988
 
                                         
Financing expenses, net
   
130,686
     
109,023
     
93,577
     
73,096
     
203,338
 
                                         
Profit (loss) before
                                       
 taxes on income
   
21,982
     
44,539
     
(56,215
)
   
(36,944
)
   
167,650
 
                                         
Tax benefit (Taxes on
                                       
  income)
   
(4,787
)
   
(10,251
)
   
13,025
     
8,496
     
(33,505
)
                                         
Profit (loss) for the period
   
17,195
     
34,288
     
(43,190
)
   
(28,448
)
   
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 six months
                             
 ended June 30, 2019
                             
 (Unaudited)
                             
                               
Balance as at
                             
 January 1, 2019 (Audited)
   
11
     
642,199
     
3,748
     
415,032
     
1,060,990
 
                                         
Profit for the period
   
-
     
-
     
-
     
17,195
     
17,195
 
                                         
Balance as at
                                       
 June 30, 2019 (Unaudited)
   
11
     
642,199
     
3,748
     
432,227
     
1,078,185
 
For the six months
                                       
 ended June 30, 2018
                                       
 (Unaudited)
                                       
                                         
Balance as at
                                       
 January 1, 2018 (Audited)
   
11
     
642,199
     
3,748
     
280,887
     
926,845
 
                                         
Profit for the period
   
-
     
-
     
-
     
34,288
     
34,288
 
                                         
Balance as at
                                       
 June 30, 2018 * (Unaudited)
   
11
     
642,199
     
3,748
     
315,175
     
961,133
 
For the three months
                                       
 ended June 30, 2019
                                       
 (Unaudited)
                                       
                                         
Balance as at
                                       
 April 1, 2019 (Unaudited)
   
11
     
642,199
     
3,748
     
475,417
     
1,121,375
 
                                         
Loss for the period
   
-
     
-
     
-
     
(43,190
)
   
(43,190
)
                                         
Balance as at
                                       
 June 30, 2019 (Unaudited)
   
11
     
642,199
     
3,748
     
432,227
     
1,078,185
 
                                         
For the three months
                                       
 ended June 30, 2018
                                       
 (Unaudited)
                                       
Balance as at
                                       
 April 1, 2018 (Unaudited)
   
11
     
642,199
     
3,748
     
343,623
     
989,581
 
                                         
Loss for the period
   
-
     
-
     
-
     
(28,448
)
   
(28,448
)
                                         
Balance as at
                                       
 June 30, 2018 (Unaudited)
   
11
     
642,199
     
3,748
     
315,175
     
961,133
 

* 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 (cont’d)



               
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 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 six months ended
   
For the three months ended
   
Year ended
 
   
June 30
   
June 30
   
December 31
 
   
2019
   
2018
   
2019
   
2018
   
2018
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Cash flows from
                             
 operating activities:
                             
Profit (loss) for the period
   
17,195
     
34,288
     
(43,190
)
   
(28,448
)
   
134,145
 
Adjustments:
                                       
Depreciation and amortization
                                       
 and fuel consumption
   
119,976
     
111,043
     
62,608
     
58,737
     
223,028
 
Taxes on income (tax  benefit)
   
4,787
     
10,251
     
(13,025
)
   
(8,496
)
   
33,505
 
Financing expenses, net
   
130,686
     
109,023
     
93,577
     
73,096
     
203,338
 
     
255,449
     
230,317
     
143,160
     
123,337
     
459,871
 
                                         
Change in trade receivables
   
41,793
     
83,026
     
(13,351
)
   
38,300
     
32,536
 
Change in other receivables
   
12,891
     
9,657
     
9,195
     
(3,080
)
   
6,119
 
Change in trade payables
   
(74,090
)
   
(149,819
)
   
(18,236
)
   
(31,034
)
   
(81,273
)
Change in other payables
   
7,782
     
(733
)
   
5,609
     
(12,272
)
   
304
 
     
(11,624
)
   
(57,869
)
   
(16,783
)
   
(8,086
)
   
(42,314
)
Net cash flows provided
                                       
 by operating activities
   
261,020
     
206,736
     
83,187
     
86,803
     
551,702
 
                                         
Cash flows used in
                                       
 investing activities
                                       
Proceeds (payment) for settlement of
                                       
 financial derivatives
   
(870
)
   
2,357
     
(477
)
   
2,284
     
9,957
 
Insurance proceeds in respect of
                                       
 damage to fixed asset
   
8,337
     
19,438
     
8,337
     
6,788
     
20,619
 
Investment in long-term
                                       
 restricted deposit
   
-
     
(7,158
)
   
-
     
(2,000
)
   
(12,158
)
Investment in fixed assets
   
(20,656
)
   
(61,050
)
   
(15,712
)
   
(30,100
)
   
(79,855
)
Investment in intangible assets
   
(19
)
   
(123
)
   
(19
)
   
(4
)
   
(222
)
Interest received
   
1,918
     
1,484
     
906
     
708
     
3,497
 
Net cash flows used in
                                       
investing activities
   
(11,290
)
   
(45,052
)
   
(6,965
)
   
(22,324
)
   
(58,162
)
                                         
Cash flows from
                                       
 financing activities:
                                       
Repayment of loans from
                                       
 related parties
   
(17,704
)
   
(62,802
)
   
(17,704
)
   
-
     
(160,326
)
Repayment of loans from banks
   
(101,430
)
   
(91,345
)
   
(101,430
)
   
(91,345
)
   
(181,970
)
Interest paid
   
(92,798
)
   
(119,447
)
   
(92,674
)
   
(101,436
)
   
(220,765
)
Repayment of lease liability principal
   
(4,244
)
   
-
     
(147
)
   
-
     
-
 
Net cash flows used in
                                       
 financing activities
   
(216,176
)
   
(273,594
)
   
(211,955
)
   
(192,781
)
   
(563,061
)
                                         
Net increase (decrease) in cash
                                       
 and cash equivalents for
                                       
 the period
   
33,554
     
(111,910
)
   
(135,733
)
   
(128,302
)
   
(69,521
)
                                         
Effect of exchange rate fluctuations
                                       
 on cash and cash equivalents
   
122
     
1,554
     
(168
)
   
1,299
     
2,559
 
Cash and cash equivalents at
                                       
 beginning of period
   
117,220
     
184,182
     
286,797
     
200,829
     
184,182
 
Cash and cash equivalents at end
                                       
 of period
   
150,896
     
73,826
     
150,896
     
73,826
     
117,220
 

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