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ELLOMAY CAPITAL LTD.

(ELLO)
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Ellomay Capital : Reports Publication of Financial Statements of Dorad Energy Ltd. for the Three Months Ended March 31, 2021 (Form 6-K)

05/27/2021 | 09:07am EDT
Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Three
Months Ended March 31, 2021

Tel-Aviv, Israel, May 27, 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 months ended March 31, 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 May 26, 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 March 31, 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, which are currently expected to be published on or about June 17, 2021. 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, 2021 - approximately NIS 513.8 million.

Dorad's unaudited operating profit for the three months ended March 31, 2021 - approximately NIS 73 million.

On May 6, 2021, Dorad's Board of Directors approved the distribution of a dividend in the amount of NIS 100 million (approximately €25.2 million) and such dividend was distributed during May 2021. In connection with such dividend distribution, Dori Energy received an amount of approximately NIS 18.8 million (approximately €4.7 million) and repaid an amount of approximately NIS 9 million (approximately €2.3 million) loan to the Company.

Dorad's financial statements for the quarter ended March 31, 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 during 2020 and during and after the first quarter of 2021, 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 crisis, 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 in the electricity consumption of various customers, and there is also a certain decrease in the demand of the Israel Electric Company. Dorad's financial statements further note that as of the date of the financial statements, such reduction has not resulted in a material effect. Dorad notes that it is continuously examining its potential methods of action in the event of a material decline in its income as a result of the spread of the coronavirus.


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 March 31, 2021, which include the 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 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 first 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 month periods ended March 31, 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.

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 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.
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



Dorad Energy Ltd.
Interim Condensed Statement of Financial Position

March 31
March 31
December 31
* 2021
2020
2020
(Unaudited)
(Unaudited)
(Audited)
NIS thousands
NIS thousands
NIS thousands
Current assets
Cash and cash equivalents
458,213
350,722
247,079
Trade receivables and accrued income
228,347
240,563
297,719
Other receivables
17,768
20,110
21,401
Financial derivatives
5,773
1,603
-
Total current assets
710,101
612,998
566,199
Non-current assets
Restricted deposit
441,071
443,210
433,265
Prepaid expenses
34,731
36,696
35,230
Fixed assets
3,480,803
3,659,265
3,526,839
Intangible assets
5,512
2,022
5,402
Right of use assets
59,111
62,918
60,113
Total non-current assets
4,021,228
4,204,111
4,060,849
Total assets
4,731,329
4,817,109
4,627,048
Current liabilities
Current maturities of loans from banks
277,399
268,394
242,098
Current maturities of lease liabilities
4,532
3,005
4,535
Trade payables
317,037
283,617
309,380
Other payables
15,223
10,313
3,808
Financial derivatives
-
-
2,993
Total current liabilities
614,191
565,329
562,814
Non-current liabilities
Loans from banks
2,563,799
2,790,335
2,561,302
Long-term lease liabilities
51,025
55,543
50,858
Provision for dismantling and restoration
50,000
46,526
50,000
Deferred tax liabilities
211,879
190,499
200,298
Liabilities for employee benefits, net
160
160
160
Total non-current liabilities
2,876,863
3,083,063
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
594,317
522,759
555,658
Total equity
1,240,275
1,168,717
1,201,616
Total liabilities and equity
4,731,329
4,817,109
4,627,048


Dorad Energy Ltd.
Interim Condensed Statement of Income

For the three months ended
Year ended
March 31
December 31
2021
2020
2020
(Unaudited)
(Unaudited)
(Audited)
NIS thousands
NIS thousands
NIS thousands
Revenues
513,755
678,818
2,407,221
Operating costs of the
Power Plant
Energy costs
76,567
145,871
522,110
Electricity purchase and
infrastructure services
282,988
334,178
1,185,225
Depreciation and
amortization
50,932
53,433
237,575
Other operating costs
30,316
38,194
155,368
Total operating costs
of Power Plant
440,803
571,676
2,100,278
Profit from operating
the Power Plant
72,952
107,142
306,943
General and administrative expenses
6,234
6,484
24,926
Other incomes
3,022
-
1,279
Operating profit
69,740
100,658
283,296
Financing income
18,812
9,669
3,056
Financing expenses
38,311
24,101
157,428
Financing expenses, net
19,499
14,432
154,372
Profit before
taxes on income
50,241
86,226
128,924
Taxes on income
11,582
19,823
29,622
Profit for the period
38,659
66,403
99,302



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, 2021
(Unaudited)
Balance as at
January 1, 2021 (Unaudited)
11
642,199
3,748
555,658
1,201,616
Profit for the period
-
-
-
38,659
38,659
Balance as at
March 31, 2021 (Unaudited)
11
642,199
3,748
594,317
1,240,275
For the three months
ended March 31, 2020
(Unaudited)
Balance as at
January 1, 2020 (Unaudited)
11
642,199
3,748
576,356
1,222,314
Profit for the period
-
-
-
66,403
66,403
Dividend to the Company's shareholders
-
-
-
(120,000
)
(120,000
)
Balance as at
March 31, 2020 (Unaudited)
11
642,199
3,748
522,759
1,168,717
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
Profit for the year
-
-
-
99,302

99,302

Dividend to the Company's shareholders
-
-
-
(120,000
)
(120,000
)
Balance as at
December 31, 2020 (Audited)
11
642,199
3,748
555,658
1,201,616


Dorad Energy Ltd.
Interim Condensed Statement of Cash Flows

For the three months ended
Year ended
March 31
December 31
2021
2020
2020
(Unaudited)
(Unaudited)
(Audited)
NIS thousands
NIS thousands
NIS thousands
Cash flows from
operating activities:
Profit for the period
38,659
66,403
99,302
Adjustments:
Depreciation and amortization
and fuel consumption
51,305
54,653
241,288
Taxes on income
11,582
19,823
29,622
Financing expenses, net
19,499
14,432
154,372
82,386
88,908
425,282
Change in trade receivables
69,372
52,196
(4,959
)
Change in other receivables
3,633
2,575
1,284
Change in trade payables
7,010
(2,950
)
16,627
Change in other payables
11,414
(195
)
(6,700
)
91,429
51,626
6,252
Net cash flows provided
by operating activities
212,474
206,937
530,836
Cash flows used in
investing activities
Proceeds (payment) for settlement of
financial derivatives
749
727
(4,318
)
Investment in long-term
restricted deposit
-
-
(6,000
)
Investment in fixed assets
(3,472
)
(3,160
)
(48,309
)
Investment in intangible assets
(461
)
(69
)
(4,738
)
Interest received
395
1,173
3,046
Net cash flows used in
investing activities
(2,789
)
(1,329
)
(60,319
)
Cash flows from
financing activities:
Repayment of lease liability principal
(147
)
(147
)
(4,523
)
Repayment of loans from banks
-
-
(195,359
)
Dividends and exchange rate paid
-
(123,739
)
(123,739
)
Interest paid
(147
)
(188
)
(170,003
)
Net cash flows used in
financing activities
(294
)
(124,074
)
(493,624
)
Net increase (decrease) in cash
and cash equivalents for
the period
209,391
81,534
(23,107
)
Effect of exchange rate fluctuations
on cash and cash equivalents
1,743
3,167
4,165
Cash and cash equivalents at
beginning of period
247,079
266,021
266,021
Cash and cash equivalents at end
of period
458,213
350,722
247,079



Disclaimer

Ellomay Capital Ltd. published this content on 27 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2021 13:06:00 UTC.


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Sales 2020 9,65 M 11,5 M 11,5 M
Net income 2020 -4,63 M -5,49 M -5,49 M
Net Debt 2020 232 M 275 M 275 M
P/E ratio 2020 -88,5x
Yield 2020 -
Capitalization 300 M 357 M 357 M
EV / Sales 2019 17,1x
EV / Sales 2020 60,1x
Nbr of Employees 18
Free-Float 40,5%
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Ran Fridrich Chief Executive Officer & Director
Kalia Weintraub Rubenbach Chief Financial Officer
Shlomo Nehama Chairman
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