Tel-Aviv, Israel, August 30, 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 six months ended June 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 August 25, 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 June 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 quarter ended June 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
first half of 2021, in the electricity consumption of various customers, and there is also a certain decrease in the demand of the Israel Electric Company, however the period March-June is an
interim period in which the electricity consumption is not the highest in the year, 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 June 30, 2021, which
include the intermediate months of April – June, 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 second quarter results in the future.
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 six month periods ended June 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 Amos Luzon Entrepreneurship and Energy Group Ltd., Dori Energy or Dorad with respect to the financial results included in this press release.
• Dorad’s unaudited revenues for the three months ended June 30, 2021 – approximately NIS 449.3 million.
• Dorad’s unaudited operating profit for the three months ended June 30, 2021 – approximately NIS 19.7 million.
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 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 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 Weintraub
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com
• 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
June 30 June 30 December 31
2021 2020 2020
(Unaudited) (Unaudited) (Audited)
NIS thousands NIS thousands NIS thousands
Current assets
Cash and cash equivalents 140,074 207,862 247,079
Trade receivables and accrued income 207,036 211,393 297,719
Other receivables
Financial derivatives
17,251
1,869

15,026

21,401

Total current assets 366,230 434,281 566,199
Non-current assets
Restricted deposit 473,726 445,911 433,265
Prepaid expenses 34,233 36,228 35,230
Fixed assets 3,449,031 3,614,286 3,526,839
Intangible assets 5,734 3,427 5,402
Right of use assets 58,892 61,855 60,113
Total non-current assets 4,021,616 4,161,707 4,060,849
Total assets 4,387,846 4,595,988 4,627,048
Current liabilities
Current maturities of loans from banks 278,223 235,419 242,098
Current maturities of lease liabilities 4,583 3,018 4,535
Trade payables 268,702 236,487 309,380
Other payables 2,779 2,663 3,808
Financial derivatives – 519 2,993
Total current liabilities 554,287 478,106 562,814
Non-current liabilities
Loans from banks 2,443,652 2,667,153 2,561,302
Long-term lease liabilities 51,921 55,651 50,858
Provision for dismantling and restoration 50,000 50,012 50,000
Deferred tax liabilities 197,075 187,209 200,298
Liabilities for employee benefits, net 160 160 160
Total non-current liabilities 2,742,808 2,960,185 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 444,793 511,739 555,658
Total equity 1,090,751 1,157,697 1,201,616
Total liabilities and equity 4,387,846 4,595,988 4,627,048
Dorad Energy Ltd.
Condensed Interim Statement of Income
For the six months ended For the three months ended Year ended
June 30 June 30 December 31
2021 2020 2021 2020 2020
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
Revenues 963,101 1,187,560 449,346 508,742 2,407,221
Operating costs of the Power Plant
Energy costs 179,222 274,434 102,655 128,563 522,110
Electricity purchase and infrastructure services 511,118 590,254 228,130 256,076 1,185,225
Depreciation and amortization 112,715 107,056 61,782 53,623 237,575
Other operating costs 67,417 75,942 37,101 37,748 155,368
Total operating costs of Power Plant
870,472 1,047,686 429,668 476,010 2,100,278
Profit from operating the Power Plant 92,629 139,874 19,678 32,732 306,943
General and administrative expenses 12,355 13,421 6,121 6,937 24,926
Other incomes 5,932 – 2,910 – 1,279
Operating profit 86,206 126,453 16,467 25,795 283,296
Financing income 815 1,844 419 671 3,056
Financing expenses 101,109 56,381 81,215 40,776 157,428
Financing expenses, net 100,294 54,537 80,796 40,105 154,372
Profit (loss) before taxes on income (14,088) 71,916 (64,329) (14,310) 128,924
Tax benefit (taxes on income) 3,223 (16,533) 14,805 3,290 (29,622)
Profit (loss) for the period (10,865) 55,383 (49,524) (11,020) 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 six months ended June 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
shareholders – – – (100,000) (100,000)
Loss for the period – – – (10,865) (10,865)
Balance as at June 30, 2021 (Unaudited) 11 642,199 3,748 444,793 1,090,751
For the six months ended June 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 shareholders – – – (120,000) (120,000)
Profit for the period – – – 55,383 55,383
Balance as at June 30, 2020 (Unaudited) 11 642,199 3,748 511,739 1,157,697
For the three months ended June 30, 2021 (Unaudited)
Balance as at April 1, 2021 (Unaudited) 11 642,199 3,748 594,317 1,240,275
Dividend to the Company’s shareholders – – – (100,000) (100,000)
Loss for the period – – – (49,524) (49,524)
Balance as at June 30, 2021 (Unaudited) 11 642,199 3,748 444,793 1,090,751
For the three months ended June 30, 2020 (Unaudited)
Balance as at April 1, 2020 (Unaudited) 11 642,199 3,748 522,759 1,168,717
Loss for the period – – – (11,020) (11,020)
Balance as at June 30, 2020 (Unaudited) 11 642,199 3,748 511,739 1,157,697
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 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