• |
Dorad’s unaudited revenues for the three months ended September 30, 2019 - approximately NIS 765.4 million.
|
• |
Dorad’s unaudited operating profit for the three months ended September 30, 2019 - approximately NIS 166.2 million.
|
• |
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;
|
• |
100% 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.
|
September 30
|
September 30
|
December 31
|
||||||||||
2019
|
* 2018
|
* 2018
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
393,646
|
284,094
|
117,220
|
|||||||||
Trade receivables and accrued income
|
253,309
|
254,045
|
297,997
|
|||||||||
Other receivables
|
8,734
|
38,579
|
56,417
|
|||||||||
Financial derivatives
|
-
|
3,508
|
387
|
|||||||||
Total current assets
|
655,689
|
580,226
|
472,021
|
|||||||||
Non-current assets
|
||||||||||||
Restricted deposit
|
424,078
|
420,808
|
431,096
|
|||||||||
Prepaid expenses
|
40,116
|
42,233
|
41,704
|
|||||||||
Fixed assets
|
3,721,981
|
3,927,348
|
3,869,800
|
|||||||||
Intangible assets
|
2,214
|
3,961
|
3,265
|
|||||||||
Right of use assets
|
57,224
|
-
|
-
|
|||||||||
Total non-current assets
|
4,245,613
|
4,394,350
|
4,345,865
|
|||||||||
Total assets
|
4,901,302
|
4,974,576
|
4,817,886
|
|||||||||
Current liabilities
|
||||||||||||
Current maturities of loans from banks
|
267,032
|
255,941
|
217,254
|
|||||||||
Current maturities of loans from related parties
|
-
|
110,000
|
17,805
|
|||||||||
Current maturities of lease liabilities
|
4,546
|
-
|
-
|
|||||||||
Trade payables
|
268,305
|
259,782
|
340,829
|
|||||||||
Other payables
|
15,846
|
19,046
|
5,966
|
|||||||||
Financial derivatives
|
2,339
|
-
|
-
|
|||||||||
Total current liabilities
|
558,068
|
644,769
|
581,854
|
|||||||||
Non-current liabilities
|
||||||||||||
Loans from banks
|
2,911,651
|
3,108,089
|
3,016,582
|
|||||||||
Loans from related parties
|
-
|
15,258
|
-
|
|||||||||
Long-term lease liabilities
|
52,385
|
-
|
-
|
|||||||||
Provision for dismantling and restoration
|
35,950
|
40,288
|
35,497
|
|||||||||
Deferred tax liabilities
|
159,165
|
123,774
|
122,803
|
|||||||||
Liabilities for employee benefits, net
|
160
|
160
|
160
|
|||||||||
Total non-current liabilities
|
3,159,311
|
3,287,569
|
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
|
537,965
|
396,280
|
415,032
|
|||||||||
Total equity
|
1,183,923
|
1,042,238
|
1,060,990
|
|||||||||
Total liabilities and equity
|
4,901,302
|
4,974,576
|
4,817,886
|
For the nine months ended
|
For the three months ended
|
Year ended
|
||||||||||||||||||
September 30
|
September 30
|
December 31
|
||||||||||||||||||
2019
|
* 2018
|
2019
|
* 2018
|
* 2018
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
Revenues
|
2,069,997
|
1,990,177
|
765,384
|
730,891
|
2,628,607
|
|||||||||||||||
Operating costs of the
|
||||||||||||||||||||
Power Plant
|
||||||||||||||||||||
Energy costs
|
564,179
|
517,660
|
214,253
|
186,913
|
687,431
|
|||||||||||||||
Electricity purchase and
|
||||||||||||||||||||
infrastructure services
|
896,575
|
880,927
|
291,419
|
288,898
|
1,194,948
|
|||||||||||||||
Depreciation and
|
||||||||||||||||||||
amortization
|
161,028
|
163,977
|
55,660
|
56,572
|
217,795
|
|||||||||||||||
Other operating costs
|
119,556
|
102,333
|
37,788
|
37,321
|
136,705
|
|||||||||||||||
Total operating costs
|
||||||||||||||||||||
of Power Plant
|
1,741,338
|
1,664,897
|
599,120
|
569,704
|
2,236,879
|
|||||||||||||||
Profit from operating
|
||||||||||||||||||||
the Power Plant
|
328,659
|
325,280
|
166,264
|
161,187
|
391,728
|
|||||||||||||||
General and
|
||||||||||||||||||||
administrative expenses
|
14,832
|
15,401
|
5,105
|
4,873
|
20,740
|
|||||||||||||||
Operating profit
|
313,827
|
309,879
|
161,159
|
156,314
|
370,988
|
|||||||||||||||
Financing income
|
3,162
|
16,540
|
1,225
|
4,684
|
24,650
|
|||||||||||||||
Financing expenses
|
157,694
|
176,550
|
25,072
|
55,670
|
227,988
|
|||||||||||||||
Financing expenses, net
|
154,532
|
160,010
|
23,847
|
50,986
|
203,338
|
|||||||||||||||
Profit before
|
||||||||||||||||||||
taxes on income
|
159,295
|
149,869
|
137,312
|
105,328
|
167,650
|
|||||||||||||||
Taxes on income
|
36,362
|
34,476
|
31,574
|
24,223
|
33,505
|
|||||||||||||||
Profit for the period
|
122,933
|
115,393
|
105,738
|
81,105
|
134,145
|
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 nine months
|
||||||||||||||||||||
ended September 30, 2019
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2019 (Audited)
|
11
|
642,199
|
3,748
|
415,032
|
1,060,990
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
122,933
|
122,933
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
September 30, 2019 (Unaudited)
|
11
|
642,199
|
3,748
|
537,965
|
1,183,923
|
|||||||||||||||
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 three months
|
||||||||||||||||||||
ended September 30, 2019
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
July 1, 2019 (Unaudited)
|
11
|
642,199
|
3,748
|
432,227
|
1,078,185
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
105,738
|
105,738
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
September 30, 2019 (Unaudited)
|
11
|
642,199
|
3,748
|
537,965
|
1,183,923
|
|||||||||||||||
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
|
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
|
For the nine months ended
|
For the three months ended
|
Year ended
|
||||||||||||||||||
September 30
|
September 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 for the period
|
122,933
|
115,393
|
105,738
|
81,105
|
134,145
|
|||||||||||||||
Adjustments:
|
||||||||||||||||||||
Depreciation and amortization
|
||||||||||||||||||||
and fuel consumption
|
185,403
|
167,960
|
65,427
|
56,917
|
223,028
|
|||||||||||||||
Taxes on income
|
36,362
|
34,476
|
31,574
|
24,223
|
33,505
|
|||||||||||||||
Financing expenses, net
|
154,532
|
160,010
|
23,847
|
50,986
|
203,338
|
|||||||||||||||
376,297
|
362,446
|
120,848
|
132,126
|
459,871
|
||||||||||||||||
Change in trade receivables
|
44,688
|
76,488
|
2,894
|
(6,539
|
)
|
32,536
|
||||||||||||||
Change in other receivables
|
39,345
|
23,955
|
26,454
|
14,299
|
6,119
|
|||||||||||||||
Change in trade payables
|
(76,871
|
)
|
(161,484
|
)
|
(2,782
|
)
|
(11,664
|
)
|
(81,273
|
)
|
||||||||||
Change in other payables
|
9,884
|
16,985
|
2,100
|
17,719
|
304
|
|||||||||||||||
17,046
|
(44,056
|
)
|
28,666
|
13,815
|
(42,314
|
)
|
||||||||||||||
Net cash flows provided
|
||||||||||||||||||||
by operating activities
|
516,276
|
433,783
|
255,252
|
227,046
|
551,702
|
|||||||||||||||
Cash flows used in
|
||||||||||||||||||||
investing activities
|
||||||||||||||||||||
Proceeds (payment) for settlement of
|
||||||||||||||||||||
financial derivatives
|
(2,567
|
)
|
4,997
|
(1,697
|
)
|
2,640
|
9,957
|
|||||||||||||
Insurance proceeds in respect of
|
||||||||||||||||||||
damage to fixed asset
|
8,336
|
20,619
|
-
|
1,181
|
20,619
|
|||||||||||||||
Investment in long-term
|
||||||||||||||||||||
restricted deposit
|
-
|
(7,158
|
)
|
-
|
-
|
(12,158
|
)
|
|||||||||||||
Investment in fixed assets
|
(31,789
|
)
|
(82,341
|
)
|
(11,133
|
)
|
(21,291
|
)
|
(79,855
|
)
|
||||||||||
Investment in intangible assets
|
(615
|
)
|
(141
|
)
|
(596
|
)
|
(18
|
)
|
(222
|
)
|
||||||||||
Interest received
|
3,140
|
2,461
|
1,222
|
978
|
3,497
|
|||||||||||||||
Net cash flows used in
|
||||||||||||||||||||
investing activities
|
(23,495
|
)
|
(61,563
|
)
|
(12,204
|
)
|
(16,510
|
)
|
(58,162
|
)
|
||||||||||
Cash flows from
|
||||||||||||||||||||
financing activities:
|
||||||||||||||||||||
Repayment of loans from
|
||||||||||||||||||||
related parties
|
(17,704
|
)
|
(62,802
|
)
|
-
|
-
|
(160,326
|
)
|
||||||||||||
Repayment of loans from banks
|
(101,430
|
)
|
(91,345
|
)
|
-
|
-
|
(181,970
|
)
|
||||||||||||
Interest paid
|
(92,970
|
)
|
(119,803
|
)
|
(172
|
)
|
(356
|
)
|
(220,765
|
)
|
||||||||||
Repayment of lease liability principal
|
(4,399
|
)
|
-
|
(154
|
)
|
-
|
-
|
|||||||||||||
Net cash flows used in
|
||||||||||||||||||||
financing activities
|
(216,503
|
)
|
(273,950
|
)
|
(326
|
)
|
(356
|
)
|
(563,061
|
)
|
||||||||||
Net increase (decrease) in cash
|
||||||||||||||||||||
and cash equivalents for
|
||||||||||||||||||||
the period
|
276,278
|
98,270
|
242,722
|
210,180
|
(69,521
|
)
|
||||||||||||||
Effect of exchange rate fluctuations
|
||||||||||||||||||||
on cash and cash equivalents
|
148
|
1,642
|
28
|
88
|
2,559
|
|||||||||||||||
Cash and cash equivalents at
|
||||||||||||||||||||
beginning of period
|
117,220
|
184,182
|
150,896
|
73,826
|
184,182
|
|||||||||||||||
Cash and cash equivalents at end
|
||||||||||||||||||||
of period
|
393,646
|
284,094
|
393,646
|
284,094
|
117,220
|