Tel-Aviv, Israel, March 29, 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 and Israel, today reported the publication in Israel of financial statements for the year ended
December 31, 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 March 29, 2023, 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 annual report in Israel based on the requirements of the Israeli
Securities Law, 1968. Based on applicable regulatory requirements, the annual report of the Luzon Group
includes the financial statements of Dorad for the same period.
The financial statements of Dorad for the year ended December 31, 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 statements 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 revenues for the year ended December 31, 2022 – approximately NIS 2,369.2 million.
• Dorad’s operating profit for the year ended December 31, 2022 – approximately NIS 316.6 million.
Dorad’s financial statements for the year ended December 31, 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 continuously examines the options for dealing with material damage to its income
as a result of the spread of the virus.
The demand for electricity by Dorad’s customers is seasonal and is affected by, inter alia, the climate prevailing
in that season. During 2022, the months of the year were 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. Due to various reasons, including the effects of the increase
in the Israeli CPI, impacting interest payments by Dorad on its credit facility, changes to the TAOZ tariff
calculation, 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 full year results in the future.
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A translation of the financial results for Dorad as of December 31, 2022 and 2021 and as of and for the each
of the three years ended December 31, 2022, 2021 and 2020 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 (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 and Ellomay Solar Italy Ten SRL that are
developing photovoltaic projects with installed capacity of 15.06 MW, 87.2 MW and 18 respectively, in
the Lazio Region, Italy that have reached “ready to build” status.
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
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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