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Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three Months Ended September 30, 2016

Mittwoch, 30.11.2016 13:00 von

PR Newswire

TEL-AVIV, Israel, Nov. 30, 2016 /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 September 30, 2016 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4%.

On November 30, 2016, 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 Dori Energy and of Dorad for the quarter ended September 30, 2016 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its share of these results 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's financial statements include a reference to a hearing scheduled for December 2016 by the Israeli Public Utilities Authority – Electricity (the "Electricity Authority") concerning possible changes in tariffs, including possible reductions in the electricity production tariff. The Electricity production tariff is used by Dorad as the basis for the price charged for the electricity it provides and is the basis for changes in the price of natural gas purchased by Dorad and used by it for the production of energy. Subject to the outcome of this hearing, the Electricity Authority may reduce the electricity production tariff by 8%. As previously published, the natural gas price paid by Dorad to its natural gas supplier has already reached its minimum price in accordance with the gas supply agreement executed by Dorad and will therefore not be further reduced following the potential reduction in the electricity production tariff. Dorad states in its financial statements that it believes the reduction of the electricity production tariff will have a material adverse impact on its cash flows, its profits and on its coverage ratios and that from the beginning of 2017 it may not be able to meet the coverage ratios determined by its lenders for distributions to its shareholders. However, Dorad emphasizes in the financial statements that it does not anticipate that it will fail to meet the required coverage ratios in a manner that will constitute a default under its agreements with its lenders.

Dorad Financial Highlights

  • Dorad's unaudited revenues for the three months ended September 30, 2016 - approximately NIS 613 million (or approximately USD 163 million, based on the exchange rate on September 30, 2016).
  • Dorad's unaudited operating profit for the three months ended September 30, 2016 - approximately NIS 114 million (or approximately USD 30 million, based on the exchange rate on September 30, 2016).

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 summer and intermediate months of July to September are not indicative of full year results.

A translation of the financial results for Dorad as of and for the year ended December 31, 2015 and as of and for the nine and three month periods ended September 30, 2015 and 2016 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; and
  • 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.

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.

Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: anatb@ellomay.com

 

 

Dorad Energy Ltd.

Condensed Interim Statement of Financial Position as at








September 30

September 30

December 31



2016

2015

2015



(Unaudited)

(Unaudited)

(Audited)



NIS thousands

NIS thousands

NIS thousands

Current assets





Cash and cash equivalents


215,072

423,144

51,894

Trade receivables


227,405

319,863

278,982

Other receivables


17,615

19,312

31,994

Pledged deposit


-

29,484

29,485

Financial derivatives


-

-

646

Total current assets


460,092

791,803

393,001






Non-current assets





Restricted deposit


408,043

270,074

335,085

Prepaid expenses


45,502

47,420

46,918

Fixed asset


4,231,913

4,427,658

4,386,971

Intangible assets


8,297

8,100

8,391

Total non-current assets


4,693,755

4,753,252

4,777,365






Total assets


5,153,847

5,545,055

5,170,366






Current liabilities





Current maturities of loans from banks


234,680

214,713

170,722

Current maturity of loans from related parties


70,000

130,000

130,000

Trade payables


267,688

555,979

247,129

Other payables


10,818

45,310

16,906

Financial derivatives


1,574

768

-

Total current liabilities


584,760

946,770

564,757






Non-current liabilities





Loans from banks


3,464,531

3,409,930

3,316,740

Loans from related parties


156,946

387,888

396,259

Provision for dismantling and restoration


35,567

29,001

35,170

Deferred tax liabilities, net


71,102

38,197

60,882

Liabilities for employee benefits, net


160

114

160

Total non-current liabilities


3,728,306

3,865,130

3,809,211






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


194,823

87,197

150,440

Total equity


840,781

733,155

796,398






Total liabilities and equity


5,153,847

5,545,055

5,170,366

 

 

Dorad Energy Ltd.

Condensed Interim Income Statement






For the nine months ended

For the three months ended

Year ended


September 30

September 30

December 31


2016

2015

2016

2015

2015


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands







Revenues

1,739,691

1,840,706

613,233

673,378

2,356,832







Operating costs of the Power






 Plant






Energy costs

419,033

482,598

134,223

186,420

613,689

Electricity purchase and






 infrastructure services

813,480

841,539

269,846

272,953

1,000,947

Depreciation and amortization

157,811

158,364

52,480

53,160

209,953

Other operating costs

102,815

112,980

37,626

46,155

149,808







Total cost of Power Plant

1,493,139

1,595,481

494,175

558,688

1,974,397







Profit from operating the






 Power Plant

246,552

245,225

119,058

114,690

382,435







General and administrative






 expenses

13,612

17,084

4,867

4,279

25,681







Operating profit

232,940

228,141

114,191

110,411

356,754







Financing income

1,429

3,415

(768)

(598)

476

Financing expenses

(179,766)

(177,062)

(70,963)

(69,279)

(216,808)

Financing expenses, net

(178,337)

(173,647)

(71,731)

(69,877)

(216,332)







Profit before taxes






 on income

54,603

54,494

42,460

40,534

140,422







Taxes on income

(10,220)

(14,922)

(10,627)

(10,741)

(37,607)







Profit  for the period

44,383

39,572

31,833

29,793

102,815

 

 

Dorad Energy Ltd.

Condensed Interim Statement of Changes in Equity










Capital reserve




Share

Share

for activities with

Retained



capital

premium

shareholders

earnings (losses)

Total Equity


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands

For the nine months ended






 September 30, 2016 (Unaudited)







Balance as at






 January 1, 2016 (Audited)

11

642,199

3,748

150,440

796,398







Profit for the period

-

-

-

44,383

44,383







Balance as at September 30,






 2016 (Unaudited)

11

642,199

3,748

194,823

840,781







For the nine months ended






 September 30, 2015 (Unaudited)







Balance as at






 January 1, 2015 (Audited)

11

642,199

3,748

47,625

693,583







Profit for the period

-

-

-

39,572

39,572







Balance as at September 30,






 2015 (Unaudited)

11

642,199

3,748

87,197

733,155







For the three months ended






September 30, 2016 (Unaudited)












Balance as at






July 1, 2016 (Unaudited)

11

642,199

3,748

162,990

808,948







Profit for the period

-

-

-

31,833

31,833







Balance as at September 30,






2016 (Unaudited)

11

642,199

3,748

194,823

840,781







For the three months ended






September 30, 2015 (Unaudited)












Balance as at






July 1, 2015 (Unaudited)

11

642,199

3,748

57,404

703,362







Profit for the period

-

-

-

29,793

29,793







Balance as at September 30,






2015 (Unaudited)

11

642,199

3,748

87,197

733,155

 

 

Dorad Energy Ltd.

Condensed Interim Statement of Changes in Equity (cont')










Capital reserve




Share

Share

for activities with

Retained



capital

premium

shareholders

earnings (losses)

Total Equity


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands

For the year ended






 December 31, 2015 (Audited)












Balance as at






January 1, 2015 (Audited)

11

642,199

3,748

47,625

693,583







Profit for the year


-

-

102,815

102,815







Balance as at December 31,






 2015 (Audited)

11

642,199

3,748

150,440

796,398

 

Dorad Energy Ltd.

Condensed Interim Statements of Cash Flows






For the nine months ended

For the three months ended

Year ended


September 30

September 30

December 31


2016

2015

2016

2015

2015


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands

Cash flows from operating






 activities:






Profit for the period

44,383

39,572

31,833

29,793

102,815

Adjustments:






Depreciation and amortization






 and fuel consumption

171,941

179,190

57,862

73,634

237,295

Taxes on income

10,220

14,922

10,627

10,741

37,607

Financing expenses, net

178,337

173,647

71,731

69,878

216,332


360,498

367,759

140,220

154,253

491,234







 Change in trade receivables

52,185

8,811

49,219

(101,282)

49,693

 Change in other receivables

14,379

(8,194)

776

(10,534)

(20,876)

 Change in trade payables

23,566

179,464

(57,262)

164,470

(129,385)

 Change in other payable

1,714

4,892

1,553

(15,804)

(6,842)

 Change in employee benefits, net

-

8

-

-

55


91,844

184,981

(5,714)

36,850

(107,355)

 Net cash flows provided by






 operating activities

496,725

592,312

166,339

220,896

486,694

Net cash flows used in






 investing activities






Proceeds from (payments for)






 settlement of financial derivatives

(2,670)

10,651

(1,305)

626

9,609

Payment of pledged deposit

29,486

38,679

29,486

-

38,679

Investment in long-term restricted






 deposit

(143,891)

(70,000)

(103,500)

-

(135,000)

Release of long-term restricted deposits

70,000

-

-

-

-

Investment in long-term prepaid expenses

(90)

-

-

-

-

Investment in fixed assets

(21,221)

(414,269)

(5,442)

(11,911)

(447,338)

Investment in intangible assets

(1,864)

(987)

(110)

(659)

(1,767)

Interest received

196

100

75

14

115

Net Cash flows used in






 investing activities

(70,054)

(435,826)

(80,796)

(11,930)

(535,702)







Cash flows from financing






 activities:






Receipt of long-term loans






 from related parties

16,689

23,208

16,689

-

23,208

Receipt of long-term loans from banks

242,772

318,100

242,772

-

318,100

Repayment of loans from related






 parties

(147,219)

-

(147,219)

-

-

Repayment of loans from banks

(73,460)

(44,495)

-

-

(105,121)

Interest paid

(302,676)

(100,753)

(199,997)

(938)

(206,032)

Net cash flows provided by






 (used in) financing activities

(263,894)

196,060

(87,755)

(938)

30,155







Net increase (decrease) in cash






 and cash equivalents for the period

162,777

352,546

(2,212)

208,028

(18,853)







Effect of exchange rate






 fluctuations on cash and cash






 equivalents

401

(1,180)

69

(1,139)

(1,031)







Cash and cash equivalents at






 beginning of period

51,894

71,778

217,215

216,255

71,778







Cash and cash equivalents at






 end of period

215,072

423,144

215,072

423,144

51,894

 

 

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-september-30-2016-300370436.html

SOURCE Ellomay Capital Ltd