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Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Three Months Ended March 31, 2023

2023-05-31 16:10 ET - News Release

Israeli Government Approves Expansion of the Dorad Power Plant

TEL AVIV, Israel, May 31, 2023 /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 months ended March 31, 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 May 31, 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 March 31, 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 March 31, 2023 – approximately NIS 648.3 million.
  • Dorad's unaudited operating profit for the three months ended March 31, 2023 – approximately NIS 110 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 March 31, 2023, which include winter months of January and February and the intermediate month of March, 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 first quarter results in the future or comparable to first 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 month periods ended March 31, 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.

Expansion of Dorad Power Plant

On May 28, 2023, the Israeli Government approved the national infrastructures plan (TT"L 11/b) which governs, among other issues, the expansion of the power plant owned by Doard by approximately 650 MW in a combined cycle technology, resulting in aggregate capacity of approximately 1,500 MW. This plan also enables adding batteries with a capacity of approximately 80 MW. The Company expects that the expansion of the power plant will increase the revenues and income of Dorad. The terms of the approval have not been published yet and the approval may be subject to prerequisites and other conditions. The expansion has not yet been approved by Dorad and its approval and construction are subject to various conditions, including, among others, receipt of corporate and other approvals and permits, obtaining financing, receipt of licenses from the Israeli Electricity Authority, regulatory changes and market terms and condition, all of which are not within the control of the Company.

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 MW, 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, 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: hilai@ellomay.com

 

Dorad Energy Ltd

Statements of Financial Position









March 31

March 31

December 31

2023

2022

2022

(Unaudited)

(Unaudited)

(Audited)

NIS thousands

NIS thousands

NIS thousands

Current assets





Cash and cash equivalents


323,883

301,969

151,481

Trade receivables and accrued income


184,689

178,186

238,581

Other receivables


19,224

28,742

32,809

Financial derivatives


3,902

4,359

-

Total current assets


531,698

513,256

422,871






Non-current assets





Restricted deposit


526,199

485,311

514,543

Prepaid expenses


31,573

32,736

32,072

Fixed assets


3,212,580

3,338,965

3,253,196

Intangible assets


6,722

5,937

6,404

Right of use assets


57,109

58,052

57,486

Total non-current assets


3,834,183

3,921,001

3,863,701






Total assets


4,365,881

4,434,257

4,286,572






Current liabilities





Current maturities of loans from banks


313,996

317,388

279,506

Current maturities of lease liabilities


4,645

4,479

4,645

Trade payables


172,081

232,173

228,468

Other payables


19,214

16,997

11,439

Total current liabilities


509,936

571,037

524,058






Non-current liabilities





Loans from banks


2,235,981

2,384,595

2,211,895

Other long-term liabilities


15,926

21,238

17,529

Long-term lease liabilities


50,130

50,659

49,292

Provision for dismantling and restoration


50,000

50,000

50,000

Deferred tax liabilities


231,157

197,484

215,016

Liabilities for employee benefits, net


160

160

160

Total non-current liabilities


2,583,354

2,704,136

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


626,633

513,126

572,664

Total equity


1,272,591

1,159,084

1,218,622











Total liabilities and equity


4,365,881

4,434,257

4,286,572

 

 

 

 

Dorad Energy Ltd.

Interim Condensed Statement of Income






For the three months ended

Year ended

March 31

December 31

2023

2022

2022

(Unaudited)

(Unaudited)

(Audited)

NIS thousands

NIS thousands

NIS thousands

Revenues

648,316

555,424

2,369,220







Operating costs of the





 Power Plant










Energy costs

124,074

89,617

544,118


Electricity purchase and infrastructure services

317,162

280,026

1,088,127


Depreciation and amortization

56,345

68,123

239,115


Other operating costs

34,171

37,674

157,189







Total operating costs of Power Plant

531,752

475,440

2,028,549







Profit from operating the Power Plant

116,564

79,984

340,671







General and administrative expenses

6,594

5,722

24,066







Operating profit

109,970

74,262

316,605







Financing income

19,222

11,529

52,131


Financing expenses

59,082

65,241

271,116







Financing expenses, net

39,860

53,712

218,985







Profit before taxes on income

70,110

20,550

97,620







Taxes on income

16,141

4,808

22,340







Profit for the period

53,969

15,742

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 three months






 ended March 31, 2023






 (Unaudited)












Balance as at






 January 1, 2023 (Audited)

11

642,199

3,748

572,664

1,218,622







Profit for the period

-

-

-

53,969

53,969







Balance as at






 March 31, 2023 (Unaudited)

11

642,199

3,748

626,633

1,272,591











For the three months











 ended March 31, 2022











 (Unaudited)






















Balance as at











 January 1, 2022 (Audited)

11

642,199

3,748

497,384

1,143,342












Profit for the period

-

-

-

15,742

15,742












Balance as at











 March 31, 2022 (Unaudited)

11

642,199

3,748

513,126

1,159,084












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 three months ended

Year ended


March 31

December 31


2023

2022

2022


(Unaudited)

(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands






Cash flows from operating activities:




Profit for the period

53,969

15,742

75,280

Adjustments:




Depreciation and amortization




and fuel consumption

56,790

68,786

242,345

Taxes on income

16,141

4,808

22,340

Financing expenses, net

39,860

53,712

218,985


112,791

127,306

483,670





Change in trade receivables

53,892

70,386

9,991

Change in other receivables

13,585

11,548

7,480

Change in trade payables

(67,513)

(96,831)

(127,907)

Change in other payables

7,775

9,897

4,339

Change in Other long-term liabilities

(1,603)

5,404

1,695


6,136

404

(104,402)





Taxes on income paid

-

(21,795)

(21,795)





Net cash flows provided by operating activities

172,896

121,657

432,753









Cash flows used in investing activities




Proceeds for settlement of financial derivatives

1,172

422

13,652

Investment in fixed assets

(14,213)

(27,513)

(110,715)

Investment in intangible assets

(817)

(257)

(1,810)

Interest received

6,024

372

6,433





Net cash flows used in investing activities

(7,834)

(26,976)

(92,440)









Cash flows from financing activities:




Repayment of lease liability principal

(100)

(151)

(4,726)

Repayment of loans from banks

-

-

(255,705)

Interest paid

(150)

(168)

(159,804)





Net cash flows used in financing activities

(250)

(319)

(420,235)













Net increase (decrease) in cash and cash equivalents

164,812

94,362

(79,922)





Effect of exchange rate fluctuations




on cash and cash equivalents

7,590

5,747

29,543

Cash and cash equivalents at




beginning of period

151,481

201,860

201,860

Cash and cash equivalents at end




of period

323,883

301,969

151,481












 

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SOURCE Ellomay Capital Ltd.

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