On August 30, 2024, 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 June 30, 2024 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 June 30, 2024, approximately NIS 659 million.
Dorad's unaudited operating profit for the three months ended June 30, 2024, approximately NIS 87.5 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, October and 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 June 30, 2024, which include the intermediate months of April and May and the summer month of June, 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, the results included herein may not be indicative of second quarter results in the future or comparable to second quarter results in the past.
The financial statements of Dorad include a note concerning the war situation in Israel, which commenced on October 7, 2023, stating that Dorad estimated, based on the information it had as of August 15, 2024 (the date of approval of Dorad's financial statements as of June 30, 2024), that the current events and the security escalation in Israel have an impact on its results but that the impact on its short-term business results will be immaterial. Dorad further notes that as this event is not under the control of Dorad, and factors such as the continuation of the war and hostilities or their cessation may affect Dorad's assessments, as of the date of the financial statements, Dorad is unable to assess the extent of the impact of the war on its business activities and on its medium and long-term results. Dorad continues to regularly monitor the developments and is examining the effects on its operations and the value of its assets.
A translation of the financial results for Dorad as of and for the year ended December 31, 2023 and as of and for each of the three and six month periods ended June 30, 2024 and 2023 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.
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, Spain, the Netherlands and Texas, USA, including:
Approximately 335.9 MW of photovoltaic power plants in Spain (including a 300 MW photovoltaic plant in owned by Talasol, which is 51% owned by the Company) and approximately 9.95 MW of photovoltaic power plants in Italy;
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 850MW, representing about 6%-8% of Israel's total current electricity consumption;
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;
A photovoltaic plant with installed capacity of approximately 10 MW in the Lazio Region, Italy that is ready for connection to the grid;
Ellomay Solar Italy Ten SRL that is construction a photovoltaic plant (18 MW) in Italy;
Ellomay Solar Italy Four SRL (15.06 MW), Ellomay Solar Italy Five SRL (87.2 MW), Ellomay Solar Italy Seven SRL (54.77 MW), Ellomay Solar Italy Nine SRL (8 MW) and Ellomay Solar Italy Fifteen SRL (10 MW) that are developing photovoltaic projects in Italy that have reached "ready to build" status; and
Fairfield Solar Project, LLC (13.44 MW), Malakoff Solar I, LLC (6.96 MW) and Malakoff Solar II, LLC (6.96 MW), that are constructing photovoltaic plants and Mexia Solar I, LLC (5.6 MW), Mexia Solar II, LLC (5.6 MW), and Talco Solar, LLC (10.3 MW), that are developing photovoltaic projects that have reached "ready to build" status, all in the Dallas Metropolitan area, Texas.
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 changes in electricity prices and demand, continued war and hostilities and political and economic conditions generally in Israel, 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 interest rates, seasonality, failure to obtain financing for the expansion of Dorad and other risks applicable to projects under development and construction, 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:
Dorad Energy Ltd.
Interim Condensed Statements of Financial Position
June 30
June 30
December 31
2024
2023
2023
(Unaudited)
(Unaudited)
(Audited)
NIS thousands
NIS thousands
NIS thousands
Current assets
Cash and cash equivalents
218,067
176,779
219,246
Trade receivables and accrued income
316,374
242,670
211,866
Other receivables
50,867
14,181
12,095
Financial derivatives
2,785
4,431
-
Total current assets
588,093
438,061
443,207
Non-current assets
Restricted deposit
526,392
537,337
522,319
Prepaid expenses
29,043
31,074
30,053
Fixed assets
3,017,054
3,173,760
3,106,550
Intangible assets
8,114
7,765
7,653
Right of use assets
54,403
56,886
55,390
Total non-current assets
3,635,006
3,806,822
3,721,965
Total assets
4,223,099
4,244,883
4,165,172
Current liabilities
Current maturities of loans from banks
308,069
293,414
299,203
Current maturities of lease liabilities
4,870
4,749
4,787
Trade payables
236,691
172,233
166,089
Other payables
10,005
12,710
31,446
Total current liabilities
559,635
483,106
501,525
Non-current liabilities
Loans from banks
1,874,385
2,115,016
1,995,909
Other Long-term liabilities
10,826
14,975
12,943
Long-term lease liabilities
49,023
51,032
47,618
Provision for dismantling and restoration
36,002
50,000
38,985
Deferred tax liabilities
306,840
237,126
278,095
Liabilities for employee benefits, net
160
160
160
Total non-current liabilities
2,277,236
2,468,309
2,373,710
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
740,270
647,510
643,979
Total equity
1,386,228
1,293,468
1,289,937
Total liabilities and equity
4,223,099
4,244,883
4,165,172
Dorad Energy Ltd.
Interim Condensed Statements of Income
For the six months ended
For the three months ended
Year ended
June 30
June 30
December 31
2024
2023
2024
2023
2023
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Audited)
NIS thousands
NIS thousands
NIS thousands
NIS thousands
NIS thousands
Revenues
1,269,902
1,254,471
659,020
606,155
2,722,396
Operating costs of the
Power Plant
Energy costs
290,785
261,490
159,701
137,416
583,112
Electricity purchase and
infrastructure services
567,671
592,821
304,480
275,659
1,244,646
Depreciation and
amortization
115,719
118,864
60,205
62,518
242,104
Other operating costs
82,766
80,718
40,297
46,547
186,024
Total operating costs
