Tel-Aviv, Israel, August 24, 2023 – 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, Israel and the US, today reported the publication in Israel of financial statements for the
three and six months ended June 30, 2023 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently
indirectly holds approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy
Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.) (“Ellomay Luzon Energy”).
On August 24, 2023, Amos Luzon Entrepreneurship and Energy Group Ltd. (the “Luzon Group”), an Israeli
public company that currently holds the remaining 50% of Ellomay Luzon 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, 2023 were prepared in accordance with
International Financial Reporting Standards. Ellomay will include its indirect share of these results (through
its holdings in Ellomay Luzon 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 June 30, 2023 – approximately NIS 606.2
million.
• Dorad’s unaudited operating profit for the three months ended June 30, 2023 – approximately NIS 84
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. Since January 1, 2023, the months of the year
are split into three seasons as follows: the summer season – the months of June, July, August and September;
the winter season – the months of December, January and February; and intermediate seasons – (spring and
autumn), the months from March to May and from October to November. There is a higher demand for
electricity during the winter and summer seasons, and the average electricity consumption 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, 2023, which include intermediate
months of April and May and the summer month of June, are not indicative of full year results. In addition,
due to various reasons, including the effects of the increase in the Israeli CPI impacting interest payments by
Dorad on its credit facility, and changes in the season and TAOZ tariff calculations that became effective on
January 1, 2023, the results included herein may not be indicative of second quarter results in the future or
comparable to second quarter results in the past.
A translation of the financial results for Dorad as of and for the year ended December 31, 2022 and as of and
for each of the three and six month periods ended June 30, 2023 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, Ellomay Luzon 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, Israel and the US.
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 850MW, 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 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;
• Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL that are constructing photovoltaic
plants with installed capacity of 14.8 MW and 4.95 MW, respectively, in the Lazio Region, Italy; and
• Ellomay Solar Italy Four SRL, Ellomay Solar Italy Five SRL, Ellomay Solar Italy Seven SRL and
Ellomay Solar Italy Ten SRL that are developing photovoltaic projects with installed capacity of 15.06
MW, 87.2 MW, 54.77 MW and 18 MW, respectively, in the Lazio Region, Italy that have reached
“ready to build” status.
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, competition, 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, changes in the Israeli CPI, changes in inflation and interest rates, seasonality, failure to obtain
financing for the expansion of Dorad and other risks applicable to projects under development and
construction, in addition to other risks and uncertainties associated with the Company’s and Dorad’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]
Dorad Energy Ltd.
Statements of Financial Position
June 30 June 30 December 31
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
NIS thousands NIS thousands NIS thousands
Current assets
Cash and cash equivalents 176,779 62,558 151,481
Trade receivables and accrued income 242,670 191,756 238,581
Other receivables 14,181 23,932 32,809
Financial derivatives 4,431 8,023 –
Total current assets 438,061 286,269 422,871

Non-current assets
Restricted deposit 537,337 507,799 514,543
Prepaid expenses 31,074 32,237 32,072
Fixed assets 3,173,760 3,326,489 3,253,196
Intangible assets 7,765 5,960 6,404
Right of use assets 56,886 58,198 57,486
Total non-current assets 3,806,822 3,930,683 3,863,701

Total assets 4,244,883 4,216,952 4,286,572

Current liabilities
Current maturities of loans from banks 293,414 266,896 279,506
Current maturities of lease liabilities 4,749 4,558 4,645
Trade payables 172,233 195,602 228,468
Other payables 12,710 9,792 11,439
Total current liabilities 483,106 476,848 524,058
Non-current liabilities
Loans from banks 2,115,016 2,293,137 2,211,895
Other Long-term liabilities 14,975 19,425 17,529
Long-term lease liabilities 51,032 51,924 49,292
Provision for dismantling and restoration 50,000 50,000 50,000
Deferred tax liabilities 237,126 190,336 215,016
Liabilities for employee benefits, net 160 160 160
Total non-current liabilities 2,468,309 2,604,982 2,543,892

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 647,510 489,164 572,664
Total equity 1,293,468 1,135,122 1,218,622

Total liabilities and equity 4,244,883 4,216,952 4,286,572
Dorad Energy Ltd.
Interim Condensed Statement of Income
For the six months ended For the three months ended Year ended
June 30 June 30 December 31
2023 2022 2023 2022 2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
Revenues 1,254,471 1,020,929 606,155 465,505 2,369,220

Operating costs of the
Power Plant

Energy costs 261,490 194,413 137,416 104,796 544,118
Electricity purchase and
infrastructure services 592,821 522,449 275,659 242,423 1,088,127
Depreciation and
amortization 118,864 123,627 62,518 55,504 239,115
Other operating costs 80,718 75,617 46,547 37,943 157,189

Total operating costs
of Power Plant 1,053,893 916,106 522,140 440,666 2,028,549

Profit from operating
the Power Plant 200,578 104,823 84,015 24,839 340,671

General and
administrative expenses 14,093 10,893 7,499 5,171 24,066

Operating profit 186,485 93,930 76,516 19,668 316,605

Financing income 36,190 45,902 16,968 34,373 52,131
Financing expenses 125,719 150,392 66,638 85,151 271,116

Financing expenses, net 89,529 104,490 49,670 50,778 218,985

Profit (loss) before
taxes on income 96,956 (10,560) 26,846 (31,110) 97,620

Tax benefit (taxes on
Income) )22,110( 2,340 )5,969( 7,148 )22,340(

Profit (loss) for the period 74,846 (8,220) 20,877 (23,962) 75,280
Dorad Energy Ltd.
Interim Condensed 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, 2023
(Unaudited)
Balance as at
January 1, 2023 (Audited) 11 642,199 3,748 572,664 1,218,622
Profit for the period – – – 74,846 74,846
Balance as at
June 30, 2023 (Unaudited) 11 642,199 3,748 647,510 1,293,468
For the six months
ended June 30, 2022
(Unaudited)
Balance as at
January 1, 2022 (Audited) 11 642,199 3,748 497,384 1,143,342
Loss for the period – – – (8,220) (8,220)
Balance as at
June 30, 2022 (Unaudited) 11 642,199 3,748 489,164 1,135,122
For the three months
ended June 30, 2023
(Unaudited)
Balance as at
April 1, 2023 (Unaudited) 11 642,199 3,748 626,633 1,272,591
Profit for the period – – – 20,877 20,877
Balance as at
June 30, 2023 (Unaudited) 11 642,199 3,748 647,510 1,293,468
For the three months
ended June 30, 2022
(Unaudited)
Balance as at
April 1, 2022 (Unaudited) 11 642,199 3,748 513,126 1,159,084
Loss for the period – – – (23,962) (23,962)
Balance as at
June 30, 2022 (Unaudited) 11 642,199 3,748 489,164 1,135,122
Dorad Energy Ltd.
Interim Condensed 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, 2022 (Audited)
Balance as at
January 1, 2022 (Audited) 11 642,199 3,748 497,384 1,143,342
Profit for the year – – – 75,280 75,280
Balance as at
December 31, 2022 (Audited) 11 642,199 3,748 572,664 1,218,622
Dorad Energy Ltd.
Interim Condensed Statements of Cash Flows
For the six months ended For the three months ended Year ended
June 30 June 30 December 31
2023 2022 2023 2022 2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
Cash flows from
operating activities:
Profit (loss) for the period 74,846 (8,220) 20,877 (23,962) 75,280
Adjustments:
Depreciation and amortization
and fuel consumption 119,486 124,701 62,695 55,915 242,345
Taxes on income (tax benefit) 22,110 (2,340) 5,969 (7,148) 22,340
Financing expenses, net 89,529 104,490 49,670 50,778 218,985
231,125 226,851 118,334 99,545 483,670

Change in trade receivables (4,089( 56,816 )57,981(
(13,570) 9,991
Change in other receivables 18,628 16,358 5,043 4,810 7,480
Change in trade payables )78,308( (156,766) )10,795( (59,935) (127,907)
Change in other payables 1,271 2,692 (6,504) (7,207) 4,339
Change in other long-term liabilities (2,554) 3,591 (951) (1,813) 1,695
)65,052( (77,309) )71,188( (77,715) (104,402)

Taxes on income paid – (21,795) – – (21,795)

Net cash flows provided
by operating activities 240,919 119,527 68,023 (2,132) 432,753

Cash flows used in
investing activities
Proceeds for settlement of
financial derivatives 3,074 5,747 1,902 5,325 13,652
Investment in fixed assets (36,157) (69,165) (21,945) (41,652) (110,715)
Investment in intangible assets (2,317) (642) (1,500) (385) (1,810)
Interest received 13,796 917 7,772 545 6,433
Net cash flows used in
investing activities (21,604) (63,143) (13,771) (36,167) (92,440)

Cash flows from
financing activities:
Repayment of lease liability principal (212) (241) (113) (91) (4,726)
Repayment of loans from banks (130,987) (144,775) (130,987) (144,775) (255,705)
Interest paid (76,985) (82,129) (76,835) (81,961) (159,804)
Net cash flows used in
financing activities (208,184) (227,145) (207,935) (226,827) (420,235)

Net increase (decrease) in cash
and cash equivalents for
the period 11,131 (170,761) (153,683) (265,126) (79,922)

Effect of exchange rate fluctuations
on cash and cash equivalents 14,167 31,459 6,579 25,715 29,543
Cash and cash equivalents at
beginning of period 151,481 201,860 323,883 301,969 201,860
Cash and cash equivalents at end
of period 176,779 62,558 176,779 62,558 151,481