Tel-Aviv, Israel, November 24, 2021 – 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, 2021 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 23, 2021, 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, 2021 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 financial statements for the three and nine months ended September 30, 2021 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 throughout this period
and up to the reporting date it operated in compliance with, and according to, 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 in light of the crisis, there is a
certain decrease, which moderated during the period of the financial statements, in the electricity consumption of various customers, and there is also a certain decrease in the demand of the
Israel Electric Company, and accordingly such reduction has not resulted in a material adverse effect at this time. Dorad notes that it is monitoring the re-spread of the virus and continuously
examines its potential options for handling the impact 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, 2021, 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.

• Dorad’s unaudited revenues for the three months ended September 30, 2021 – approximately NIS 642.4 million.
• Dorad’s unaudited operating profit for the three months ended September 30, 2021 – approximately NIS 130 million.
A translation of the financial results for Dorad as of and for the year ended December 31, 2020 and as of and for the three and nine month periods ended September 30, 2020 and 2021 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:
For more information about Ellomay, visit https://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
Electricity 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: [email protected]

• 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 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; and
• 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.
Dorad Energy Ltd
Interim Condensed Statement of Financial Position
September 30 September 30 December 31
2021 2020 2020
(Unaudited) (Unaudited) (Audited)
NIS thousands NIS thousands NIS thousands
Current assets
Cash and cash equivalents 328,707 418,733 247,079
Trade receivables and accrued income 277,663 218,858 297,719
Other receivables
Financial derivatives
9,175
1,354

8,448

21,401

Total current assets 616,899 646,039 566,199
Non-current assets
Restricted deposit 472,111 446,966 433,265
Prepaid expenses 33,734 35,729 35,230
Fixed assets 3,403,321 3,557,177 3,526,839
Intangible assets 5,907 5,528 5,402
Right of use assets 58,383 60,985 60,113
Total non-current assets 3,973,456 4,106,385 4,060,849
Total assets 4,590,355 4,752,424 4,627,048
Current liabilities
Current maturities of loans from banks 311,173 272,762 242,098
Current maturities of lease liabilities 4,614 3,039 4,535
Trade payables 300,591 262,785 309,380
Other payables 32,514 25,297 3,808
Financial derivatives – 515 2,993
Total current liabilities 648,892 564,398 562,814
Non-current liabilities
Loans from banks 2,467,410 2,669,511 2,561,302
Long-term lease liabilities 52,563 55,929 50,858
Provision for dismantling and restoration 50,000 50,058 50,000
Deferred tax liabilities 212,463 202,706 200,298
Others Long-term liabilities 16,517 – –
Liabilities for employee benefits, net 160 160 160
Total non-current liabilities 2,799,113 2,978,364 2,862,618
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 496,392 563,704 555,658
Total equity 1,142,350 1,209,662 1,201,616
Total liabilities and equity 4,590,355 4,752,424 4,627,048
Dorad Energy Ltd.
Condensed Interim Statement of Income
For the nine months ended For the three months ended Year ended
September 30 September 30 December 31
2021 2020 2021 2020 2020
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
Revenues 1,605,482 1,884,621 642,381 697,061 2,407,221
Operating costs of the
Power Plant
Energy costs 328,866 417,892 149,644 143,458 522,110
Electricity purchase and
infrastructure services 779,493 922,584 268,375 332,330 1,185,225
Depreciation and
amortization 169,151 179,889 56,436 72,833 237,575
Other operating costs 105,328 111,671 37,911 35,729 155,368
Total operating costs
of Power Plant 1,382,838 1,632,036 512,366 584,350 2,100,278
Profit from operating
the Power Plant 222,644 252,585 130,015 112,711 306,943
General and
administrative expenses 17,715 19,011 5,359 5,590 24,926
Other incomes 8,809 – 2,877 – 1,279
Operating profit 213,738 233,574 127,533 107,121 283,296
Financing income 1,215 2,479 400 635 3,056
Financing expenses 162,054 96,675 60,946 40,294 157,428
Financing expenses, net 160,839 94,196 60,546 39,659 154,372
Profit before
taxes on income 52,899 139,378 66,987 67,462 128,924
Taxes on income 12,165 32,030 15,388 15,497 29,622
Profit for the period 40,734 107,348 51,599 51,965 99,302
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, 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 nine months
ended September 30, 2020
(Unaudited)
Balance as at
January 1, 2020 (Audited) 11 642,199 3,748 576,356 1,222,314
Dividend to the Company’s – – – (120,000) (120,000)
Shareholders
Profit for the period – – – 107,348 107,348
Balance as at
September 30, 2020 (Unaudited) 11 642,199 3,748 563,704 1,209,662
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
Dorad Energy Ltd.
Condensed Interim Statement of Changes in Shareholders’ Equity (cont’d)
Capital reserve
Share for activities
Share premium with Retained
capital NIS thousands shareholders earnings Total Equity
NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
For the three months
ended September 30, 2020
(Unaudited)
Balance as at
July 1, 2020 (Unaudited) 11 642,199 3,748 511,739 1,157,697
Profit for the period – – – 51,965 51,965
Balance as at
September 30, 2020 (Unaudited) 11 642,199 3,748 563,704 1,209,662
For the year ended
December 31, 2020 (Audited)
Balance as at
January 1, 2020 (Audited) 11 642,199 3,748 576,356 1,222,314
Dividend to the Company’s shareholders – – – (120,000) (120,000)
Profit for the year – – – 99,302 99,302
Balance as at
December 31, 2020 (Audited) 11 642,199 3,748 555,658 1,201,616
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
2021 2020 2021 2020 2020
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
Cash flows from
operating activities:
Profit for the period 40,734 107,348 51,599 51,965 99,302
Adjustments:
Depreciation and amortization
and fuel consumption 171,174 182,508 56,726 73,127 241,288
Taxes on income 12,165 32,030 15,388 15,497 29,622
Financing expenses, net 160,839 94,196 60,546 39,659 154,372
344,178 308,734 132,660 128,283 425,282
Change in trade receivables 20,056 73,901 (70,626) (7,465) (4,959)
Change in other receivables 12,226 14,234 8,076 6,576 1,284
Change in trade payables (9,825) (26,120) 33,298 26,227 16,627
Change in other long-term liabilities 16,517 – 16,517 – –
Change in other payables 28,706 14,791 29,735 22,629 (6,700)
67,680 76,806 17,000 47,967 6,252
Net cash flows provided
by operating activities 452,592 492,888 201,259 228,215 530,836
Cash flows used in
investing activities
Proceeds (payment) for settlement of
financial derivatives 987 (696) (477) (817) (4,318)
Investment in long-term
restricted deposit (37,000) (6,000) – – (6,000)
Investment in fixed assets (42,277) (21,853) (9,225) (14,135) (48,309)
Investment in intangible assets (1,536) (4,367) (507) (2,557) (4,738)
Interest received 1,225 2,473 399 633 3,046
Net cash flows used in
investing activities (78,601) (30,443) (9,810) (16,876) (60,319)
Cash flows from
financing activities:
Repayment of lease liability principal (443) (441) (147) (147) (4,523)
Repayment of loans from banks (109,156) (102,653) – – (195,359)
Dividends and exchange rate
paid (see note 4.d) (100,000) (123,739) – – (123,739)
Interest paid (82,544) (86,680) (645) (151) (170,003)
Net cash flows used in
financing activities (292,143) (313,513) (792) (298) (493,624)
Net increase in cash
and cash equivalents for
the period 81,848 148,932 190,657 211,041 (23,107)
Effect of exchange rate fluctuations
on cash and cash equivalents (220) 3,780 (2,017) (170) 4,165
Cash and cash equivalents at
beginning of period 247,079 266,021 140,067 207,862 266,021
Cash and cash equivalents at end
of period 328,707 418,733 328,707