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Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Three and Nine Month Periods Ended September 30, 2022

TEL-AVIV, Israel, Nov. 30, 2022 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (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, 2022 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4% through its indirect 50% ownership of U. Dori Energy Infrastructures Ltd. ("Dori Energy").

On November 29, 2022, Amos Luzon Entrepreneurship and Energy Group Ltd. (f/k/a U. Dori Group Ltd.) (the "Luzon Group"), an Israeli public company that currently holds the remaining 50% of 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 statements of Dorad for the quarter ended September 30, 2022 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. 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, 2022 - approximately NIS 766.2 million.
  • Dorad's unaudited operating profit for the three months ended September 30, 2022 - approximately NIS 135.9 million.

Dorad's financial statements for the quarter ended September 30, 2022 note that Energean Israel Ltd., with whom Dorad executed a natural gas acquisition agreement in October 2017, commenced flowing natural gas to Dorad at the beginning of November 2022.

Dorad's financial statements for the quarter ended September 30, 2022 note that following the outbreak of the coronavirus (COVID-19) in China in December 2019, and the spreading of the coronavirus to many other countries in early 2020, there has been a decline in economic activity in many regions of the world, as well as in Israel. The spreading of the coronavirus caused, among other things, a disruption in the supply chain, a decrease in global transport volume, traffic and employment restrictions declared by the Israeli government and other governments around the world, as well as declines in the value of financial assets and commodities in markets in Israel and around the world. Dorad notes that it is operating in accordance with the guidelines of the Israeli Ministries of Energy and Health on dealing with the coronavirus epidemic, including preparations of the operation and maintenance employees of the power plant and shift work as required. Dorad's financial statements further note that it monitors the re-spreading of the virus and continuously examines the options for dealing with damage to its income.

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, 2022, which include the summer months of July and August and the intermediate month of September, are not indicative of full year results. In addition, due to various reasons, including the effects of the spread of Covid-19 and the economic impact of such spread and of actions taken by governments and authorities, the results included herein may not be indicative of third quarter results in the future.

A translation of the financial results for Dorad as of and for the year ended December 31, 2021 and as of and for the three and nine month periods ended September 30, 2021 and 2022 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 Luzon Group, 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 35.9 MW 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 860MW, representing about 6%-8% of Israel's total current electricity consumption;
  • 51% of Talasol, which owns a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;
  • Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million (with a license to produce 7.5 million) Nm3 per year, respectively;
  • 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.

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 the Company's forward-looking statements, including regulatory changes, the decisions of the Israeli Electricity Authority, 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 and the impact of the coronavirus pandemic on Dorad's operations and projects, including in connection with reductions in the consumption of electricity by Dorad's customers and the Israeli Electric Company, delays in supply of gas, steps taken by Israeli authorities, regulatory changes, changes in the supply and prices of resources required for the operation of the Dorad's facilities (and in the price of oil and electricity, and technical and other disruptions in the operation of Dorad), in addition to other risks and uncertainties associated with the Company's business that 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 Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

Dorad Energy Ltd.

Interim Condensed Statement of Financial Position








September 30

September 30

December 31



* 2022

2021

2021



(Unaudited)

(Unaudited)

(Audited)



NIS thousands

NIS thousands

NIS thousands






Current assets





Cash and cash equivalents


253,979

328,707

201,860

Trade receivables and accrued income


283,192

277,663

248,844

Other receivables


10,864

9,175

40,289

Financial derivatives


4,601

1,354

-

Total current assets


552,636

616,899

490,993






Non-current assets





Restricted deposit


511,766

472,111

480,476

Prepaid expenses


31,739

33,734

33,235

Fixed assets


3,286,569

3,403,321

3,378,466

Intangible assets


5,815

5,907

6,038

Right of use assets


57,954

58,383

57,530

Total non-current assets


3,893,843

3,973,456

3,955,745






Total assets


4,446,479

4,590,355

4,446,738






Current liabilities





Current maturities of loans from banks


303,290

311,173

280,753

Current maturities of lease liabilities


4,609

4,614

4,622

Trade payables


276,551

300,591

324,532

Current tax liabilities


-

-

21,795

Other payables


26,284

32,514

7,100

Financial derivatives


-

-

268

Total current liabilities


610,734

648,892

639,070






Non-current liabilities





Loans from banks


2,321,553

2,467,410

2,356,785

Long-term lease liabilities


52,795

52,563

48,871

Provision for dismantling and restoration


50,000

50,000

50,000

Deferred tax liabilities


205,978

212,463

192,676

Others Long-term liabilities


17,732

16,517

15,834

Liabilities for employee benefits, net


160

160

160

Total non-current liabilities


2,648,218

2,799,113

2,664,326






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


541,569

496,392

497,384

Total equity


1,187,527

1,142,350

1,143,342






Total liabilities and equity


4,446,479

4,590,355

4,446,738

Dorad Energy Ltd.

Condensed Interim Statement of Earnings








For the nine months ended

For the three months ended

Year ended


September 30

September 30

December 31


2022

2021

2022

2021

2021


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands







Revenues

1,787,128

1,605,482

766,199

642,381

2,103,911







Operating costs of the






Power Plant












Energy costs

408,723

328,866

214,310

149,644

428,051

Electricity purchase and






infrastructure services

830,934

779,493

308,485

268,375

1,053,997

Depreciation and






amortization

183,587

169,151

59,960

56,436

225,715

Other operating costs

123,181

105,328

47,564

37,911

114,360







Total operating costs






of Power Plant

1,546,425

1,382,838

630,319

512,366

1,822,123







Profit from operating






the Power Plant

240,703

222,644

135,880

130,015

281,788







General and






administrative expenses

17,018

17,715

6,124

5,359

24,502

Other incomes

-

8,809

-

2,877

11,603







Operating profit

223,685

213,738

129,756

127,533

268,889







Financing income

49,508

1,215

3,606

400

4,694

Financing expenses

215,707

162,054

65,315

60,946

219,013







Financing expenses, net

166,199

160,839

61,709

60,546

214,319







Profit before






taxes on income

57,486

52,899

68,047

66,987

54,570







Taxes on income

13,301

12,165

15,642

15,388

12,844







Profit for the period

44,185

40,734

52,405

51,599

41,726







Dorad Energy Ltd.

Condensed Interim Statement 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, 2022






(Unaudited)












Balance as at






January 1, 2022 (Audited)

11

642,199

3,748

497,384

1,143,342







Dividend to the Company's






Shareholders






Profit for the period

-

-

-

44,185

44,185







Balance as at






September 30, 2022 (Unaudited)

11

642,199

3,748

541,569

1,187,527







For the nine months






ended September 30, 2021






(Unaudited)












Balance as at






January 1, 2021 (Audited)

11

642,199

3,748

555,658

1,201,616







Dividend to the Company's

-

-

-

(100,000)

(100,000)

Shareholders






Profit for the period

-

-

-

40,734

40,734







Balance as at






September 30, 2021 (Unaudited)

11

642,199

3,748

496,392

1,142,350







For the three months






ended September 30, 2022






(Unaudited)












Balance as at






July 1, 2022 (Unaudited)

11

642,199

3,748

489,164

1,135,122







Profit for the period

-

-

-

52,405

52,405







Balance as at






September 30, 2022 (Unaudited)

11

642,199

3,748

541,569

1,187,527





































Dorad Energy Ltd.

Condensed Interim Statement 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 three months






ended September 30, 2021






(Unaudited)












Balance as at






July 1, 2021 (Unaudited)

11

642,199

3,748

444,793

1,090,751







Profit for the period

-

-

-

51,599

51,599







Balance as at






September 30, 2021 (Unaudited)

11

642,199

3,748

496,392

1,142,350







For the year ended






December 31, 2021 (Audited)












Balance as at

11

642,199

3,748

555,658

1,201,616

January 1, 2021 (Audited)






Dividend to the Company's






shareholders

-

-

-

(100,000)

(100,000)

Profit for the year

-

-

-

41,726

41,726







Balance as at






December 31, 2021 (Audited)

11

642,199

3,748

497,384

1,143,342

Dorad Energy Ltd.

Condensed Interim Statements of Cash Flows








For the nine months ended

For the three months ended

Year ended


September 30

September 30

December 31


2022

2021

2022

2021

2021


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands







Cash flows from






operating activities:






Profit for the period

44,185

40,734

52,405

51,599

41,726

Adjustments:






Depreciation and amortization






and fuel consumption

186,137

171,174

61,436

56,726

228,099

Taxes on income

13,301

12,165

15,642

15,388

12,844

Financing expenses, net

166,199

160,839

61,709

60,546

214,319


365,637

344,178

138,787

132,660

455,262







Change in trade receivables

(34,620)

20,056

(91,436)

(70,626)

48,875

Change in other receivables

29,426

12,226

13,068

8,076

(18,888)

Change in trade payables

(77,976)

(9,825)

78,790

33,298

22,926

Change in other long-term liabilities

19,184

16,517

16,492

16,517

3,292

Change in other payables

1,898

28,706

(1,693)

29,735

15,834


(62,088)

67,680

15,221

17,000

72,039







Taxes on income paid

(21,795)

-

-

-

-







Net cash flows provided






by operating activities

325,939

452,592

206,413

201,259

569,027







Cash flows used in






investing activities






Proceeds (payment) for settlement of






financial derivatives

9,435

987

3,688

(477)

392

Investment in long-term






restricted deposit

-

(37,000)

-

-

(53,175)

Investment in fixed assets

(88,914)

(42,277)

(19,749)

(9,225)

(72,530)

Investment in intangible assets

(822)

(1,536)

(180)

(507)

(2,020)

Interest received

2,299

1,225

1,381

399

1,584

Net cash flows used in






investing activities

(78,002)

(78,601)

(14,860)

(9,810)

(125,749)







Cash flows from






financing activities:






Repayment of lease liability principal

(392)

(443)

(151)

(147)

(4,624)

Repayment of loans from banks

(144,775)

(109,156)

-

-

(210,449)

Dividends and exchange rate






paid (see note 4.d)

-

(100,000)

-

-

(100,000)

Interest paid

(82,262)

(82,544)

(133)

(645)

(162,781)

Net cash flows used in






financing activities

(227,429)

(292,143)

(284)

(792)

(477,854)







Net increase in cash






and cash equivalents for






the period

20,508

81,849

191,269

190,657

(34,576)







Effect of exchange rate fluctuations






on cash and cash equivalents

31,611

(220)

152

(2,017)

(10,643)

Cash and cash equivalents at






beginning of period

201,860

247,079

62,558

140,067

247,079

Cash and cash equivalents at end






of period

253,979

328,707

253,979

328,707

201,860













Cision View original content:https://www.prnewswire.com/news-releases/ellomay-capital-reports-publication-of-financial-statements-of-dorad-energy-ltd-for-the-three-and-nine-month-periods-ended-september-30-2022-301690483.html

SOURCE Ellomay Capital Ltd

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