ELLOMAY CAPITAL LTD. TEL-AVIV, Israel, May 30, 2017 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELLO) ("Ellomay" or the "Company"), an emerging operator in the renewable energy and energy infrastructure sector, today reported the publication in Israel of financial statements for the three months ended March 31, 2017 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4%.
On May 29, 2017, Amos Luzon Entrepreneurship and Energy Group Ltd. (f/k/a U. Dori Group Ltd.) (the "Luzon Group"), an Israeli public company that currently holds 50% of U. Dori Energy Infrastructures Ltd. ("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 results of Dorad for the quarter ended March 31, 2017 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, which are currently expected to be published on or about June 22, 2017. 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, 2017 -
approximately NIS 674.7 million (or approximately USD 185.8 million,
based on the exchange rate on March 31, 2017).
-- Dorad's unaudited operating profit for the three months ended March 31,
2017 - approximately NIS 114.2 million (or approximately USD 31.4
million, based on the exchange rate on March 31, 2017).
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, which include the winter and intermediate months of January, February and March are not indicative of full year results.
A translation of the financial results for Dorad as of and for the year ended December 31, 2016 and as of and for the three month periods ended March 31, 2016 and 2017 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.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE MKT and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its business in the energy and infrastructure sectors worldwide. Ellomay (formerly Nur Macroprinters Ltd.) previously was a supplier of wide format and super-wide format digital printing systems and related products worldwide, and sold this business to Hewlett-Packard Company during 2008 for more than $100 million.
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 22.6MW of photovoltaic power plants in Italy and
approximately 7.9MW of photovoltaic power plants in Spain;
-- 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 850 MW, representing about 6%-8% of Israel's total current
electricity consumption;
-- 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay
Pumped Storage (2014) Ltd., all of which are involved in a project to
construct a 340 MW pumped storage hydro power plant in the Manara Cliff,
Israel;
-- 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project
companies developing anaerobic digestion plants with a green gas
production capacity of approximately 375 Nm3/h, in Goor, the Netherlands
and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.
Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel's prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay's dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay's controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.
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 our forward-looking statements, such as regulatory changes, 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. These and other risks and uncertainties associated with the Company's business 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.
Dorad Energy Ltd.
Interim Condensed Statement of Financial Position
-------------------------------------------------
March 31 March 31 December 31
2017 2016 2016
---- ---- ----
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Assets
Cash and
cash
equivalents 178,149 302,470 80,967
Trade
receivables 273,830 253,559 294,351
Other
receivables 55,530 25,784 37,174
Pledged
deposit - 29,485 -
--- ------ ---
Total
current
assets 507,509 611,298 412,492
------- ------- -------
Restricted
deposit 410,733 334,525 411,574
Prepaid
expenses 45,409 46,416 45,938
Fixed
assets 4,133,262 4,335,607 4,170,151
Intangible
assets 7,893 9,233 8,551
----- ----- -----
Total
non-
current
assets 4,597,297 4,725,781 4,636,214
--------- --------- ---------
Total
assets 5,104,806 5,337,079 5,048,706
========= ========= =========
Liabilities
Current
maturities
of loans
from
banks 246,032 215,188 197,389
Current
maturities
of loans
from
related
parties 70,000 130,000 80,000
Trade
payables 285,849 319,910 293,613
Other
payables 26,538 19,737 9,152
Financial
derivatives 4,250 4,798 -
----- ----- ---
Total
current
liabilities 632,669 689,633 580,154
------- ------- -------
Loans
from
banks 3,362,423 3,297,603 3,367,832
Loans
from
related
parties 110,800 403,557 151,638
Provision
for
dismantling
and
restoration 35,834 35,301 35,700
Deferred
tax
liabilities,
net 77,050 70,826 65,618
Liabilities
for
employee
benefits,
net 160 160 160
--- --- ---
Total
non-
current
liabilities 3,586,267 3,807,447 3,620,948
--------- --------- ---------
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 239,912 194,041 201,646
------- ------- -------
Total
equity 885,870 839,999 847,604
------- ------- -------
Total
liabilities
and
equity 5,104,806 5,337,079 5,048,706
========= ========= =========
Dorad Energy Ltd.
Interim Condensed Statements of Profit and Loss
-----------------------------------------------
For the three months ended Year ended
March 31 December 31
--------
2017 2016 2016
---- ---- ----
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Revenues 674,687 609,942 2,299,565
Operating costs of the Power Plant
Energy costs 146,028 126,819 550,401
Electricity
purchase
and
infrastructure
services 330,409 304,355 1,104,826
Depreciation
and
amortization 51,446 51,339 209,057
Other
operating
costs 32,618 30,911 141,132
------ ------ -------
Total
operating
costs of
the Power
Plant 560,501 513,424 2,005,416
------- ------- ---------
Profit from
operating
the Power
Plant 114,186 96,518 294,149
General and
administrative
expenses 4,071 4,058 19,178
----- ----- ------
Operating
profit 110,115 92,460 274,971
Financing
income 498 212 7,025
Financing
expenses 60,915 39,127 226,054
------ ------ -------
Financing
expenses,
net (60,417) (38,915) (219,029)
------- ------- --------
Profit
before
taxes on
income 49,698 53,545 55,942
Taxes on
income 11,432 9,944 4,736
------ ----- -----
Profit for
the period 38,266 43,601 51,206
====== ====== ======
Dorad Energy Ltd.
Interim Condensed Statements 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, 2017
Balance as at
January 1, 2017 11 642,199 3,748 201,646 847,604
Profit for the period - - - 38,266 38,266
--- --- --- ------ ------
Balance as at
March 31, 2017 11 642,199 3,748 239,912 885,870
=== ======= ===== ======= =======
For the three months
ended March 31, 2016
Balance as at
January 1, 2016 11 642,199 3,748 150,440 796,398
Profit for the period - - - 43,601 43,601
--- --- --- ------ ------
Balance as at
March 31, 2016 11 642,199 3,748 194,041 839,999
=== ======= ===== ======= =======
For the year ended
December 31, 2016
Balance as at
January 1, 2016 11 642,199 3,748 150,440 796,398
Profit for the year - - - 51,206 51,206
--- --- --- ------ ------
Balance as at
December 31, 2016 11 642,199 3,748 201,646 847,604
=== ======= ===== ======= =======
Dorad Energy Ltd.
Interim Condensed Statements of Cash Flows
------------------------------------------
For the three months ended Year ended
March 31 December 31
--------
2017 2016 2016
---- ---- ----
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Cash flows from operating activities
Profit
for
the
period 38,266 43,601 51,206
Adjustments:
Depreciation,
amortization
and
fuel
consumption 70,090 57,632 238,484
Taxes
on
income 11,432 9,944 4,736
Financing
expenses,
net 60,417 38,915 219,029
------ ------ -------
141,939 106,491 462,249
------- ------- -------
Change
in
trade
receivables 20,521 25,423 (14,761)
Change
in
other
receivables (18,356) 6,211 (5,179)
Change
in
trade
payables (6,279) 73,640 48,807
Change
in
other
payables 17,392 2,907 677
Change
in
employee
benefits,
net - - -
--- --- ---
13,278 108,181 29,544
------ ------- ------
Net
cash
flows
provided
by
operating
activities 193,483 258,273 542,999
------- ------- -------
Cash flows from investing activities
Payment
for
settlement
of
financial
derivatives (1,849) (322) (2,017)
Payment
of
pledged
deposit - - 29,486
Investment
in
long-
term
restricted
deposits (21,000) - (143,891)
Release
of
long-
term
restricted
deposits 13,218 - 70,000
Long-
term
prepaid
expenses - - (1,056)
Investment
in
fixed
assets (31,982) (5,203) (25,415)
Investment
in
intangible
assets (31) (1,481) (2,804)
Interest
received 498 15 624
--- --- ---
Net
cash
flows
used
in
investing
activities (41,146) (6,991) (75,073)
------- ------ -------
Cash flows from financing activities
Receipt
of
long-
term
loans
from
related
parties - - 16,689
Receipt
of
long-
term
loans
from
banks - - 242,772
Repayment
of
loans
from
related
parties (39,628) - (147,219)
Repayment
of
loan
from
banks - - (143,896)
Interest
paid (15,682) (602) (408,071)
------- ---- --------
Net
cash
flows
used
in
financing
activities (55,310) (602) (439,725)
------- ---- --------
Net
increase
in
cash
and
cash
equivalents
for
the
period 97,027 250,680 28,201
------ ------- ------
Effect of exchange rate fluctuations
on cash and cash
equivalents 155 (104) 872
Cash
and
cash
equivalents
at
beginning
of
period 80,967 51,894 51,894
------ ------ ------
Cash
and
cash
equivalents
at
end
of
period 178,149 302,470 80,967
======= ======= ======
Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: miria@ellomay.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ellomay-capital-reports-publication-of-financial-results-of-dorad-energy-ltd-for-the-three-months-ended-march-31-2017-300465205.html
SOURCE Ellomay Capital Ltd
