Exhibit 99.1


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

Tel-Aviv, Israel, November 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 and nine months ended September 30, 2019 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds approximately 9.4%.

On November 27, 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 September 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 December 31, 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 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.

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, 2019, 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, 2018 and as of and for the three and nine month periods ended September 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.



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;

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.

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


   
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
 

* 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 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
 

* 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 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
 

* 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 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
 

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