TEL-AVIV, Israel, Aug. 31, 2025 (GLOBE NEWSWIRE) -- 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, Israel and USA, today reported the publication in Israel of financial statements as of and for the three and six months ended June 30, 2025 of Dorad Energy Ltd. ("Dorad"), in which Ellomay indirectly held, as of June 30, 2025, approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.) ("Ellomay Luzon Energy").
On August 31, 2025, 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, held 18.75% of Dorad as of June 30, 2025, 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 as of and for the three and six months ended June 30, 2025 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 to English of Dorad's financial results.
On July 22, 2025, Ellomay Luzon Energy acquired an additional 15% of Dorad's share capital as a result of its exercise of a right of first refusal granted to it under Dorad's articles of association and shareholders' agreement, and therefore the Company's current indirect share of Dorad is approximately 16.9%.
Dorad Financial Highlights
-- Dorad's revenues for the three months ended June 30, 2025 --
approximately NIS 566.8 million.
-- Dorad's operating profit for the three months ended June 30, 2025 --
approximately NIS 56.9 million.
Dorad's loss for the three months ended June 30, 2025 mainly results from an increase of approximately NIS 72.7 million in financing expenses compared to the three months ended June 30, 2024 due to NIS/USD exchange rate differences in connection with deposits denominated in USD. Certain of Dorad's expenses (natural gas acquisition and maintenance costs) are also denominated in USD.
Dorad notes in its financial statements that on June 13, 2025, the State of Israel launched operation "Rising Lion" against Iran, as part of the Iron Swords war, for the purpose of removing the nuclear and missile threat against Israel. As a result of this operation, and in view of the high risk to lives and property from the ballistic missile attacks and unmanned aerial vehicles that were launched against Israel by Iran in response, strict restrictions were imposed on the Israeli home front that included, inter alia, restrictions on gatherings and restrictions on movement. In addition, as a result of closing the Israeli airspace, hundreds of thousands of Israelis were delayed in returning to Israel. As part of the restrictions on gatherings and movement, the Israeli economy began operating in a state of emergency whereby only essential businesses were allowed to open and the schools and higher education system shifted to online learning, two instructions that resulted in substantial damage to the Israeli economy. On June 24, 2025, an agreement was reached regarding a ceasefire, after which the Israeli economy resumed operating in full capacity. Dorad's revenues in June 2025 decreased by approximately 22% compared to the same month in the previous year, including due to the military operation. As this is an event beyond Dorad's control, and factors such as the continuation or cessation of the fighting may affect Dorad's estimates, as of the date of approval of Dorad's financial statements (August 14, 2025), Dorad was unable to assess the extent of the impact of the war and the operation on its business activities and results in the medium and long term. Dorad continues to monitor developments on the matter on an ongoing basis and is examining the implications for its operations and the value of its assets.
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: summer -- June-September; winter -- December-February; and intermediate (spring and autumn) -- March-May and October-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, 2025, 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.
A convenience translation of the financial results for Dorad as of and for the year ended December 31, 2024 and as of and for each of the three and six month periods ended June 30, 2025 and 2024 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 focuses its business in the renewable energy and power sectors in Europe, the USA 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 operating solar power plants in Spain
(including a 300 MW solar plant in owned by Talasol, which is 51% owned
by the Company) and 51% of approximately 38 MW of operating solar power
plants in Italy;
-- 16.875% indirect interest in Dorad Energy Ltd., which owns and operates
one of Israel's largest private power plants with production capacity of
approximately 850MW;
-- 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;
-- 51% of solar projects in Italy with an aggregate capacity of 160 MW that
commenced construction processes;
-- Solar projects in Italy with an aggregate capacity of 134 MW that have
reached "ready to build" status; and
-- Solar projects in the Dallas Metropolitan area, Texas, USA with an
aggregate capacity of approximately 27 MW that are connected to the grid
and additional 22 MW that are awaiting connection to the grid.
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 outcome of legal proceedings in connection with the holdings in Dorad, 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: hilai@ellomay.com
Dorad Energy Ltd.
Interim Condensed Statements of Financial Position
--------------------------------------------------------------------------
June 30 June 30 December 31
2025 2024 2024
------------- ------------- -------------
(Unaudited) (Unaudited) (Audited)
------------- ------------- -------------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Current assets
Cash and cash equivalents 758,981 218,067 846,565
Trade receivables and accrued
income 293,670 316,374 185,625
Other receivables 35,695 50,867 32,400
Financial derivatives - 2,785 -
------------- ------------- -------------
Total current assets 1,088,346 588,093 1,064,590
------------- ------------- -------------
Non-current assets
Restricted deposit 524,205 526,392 531,569
Long- term Prepaid expenses 79,161 29,043 79,739
Fixed assets 2,659,760 3,017,054 2,697,592
Intangible assets 10,604 8,114 9,688
Right of use assets 52,963 54,403 54,199
------------- ------------- -------------
Total non-current assets 3,326,693 3,635,006 3,372,787
------------- ------------- -------------
Total assets 4,415,039 4,223,099 4,437,377
============= ============= =============
Current liabilities
Current maturities of loans
from banks 311,734 308,069 321,805
Current maturities of lease
liabilities 5,055 4,870 4,887
Current tax liabilities 14,016 - 14,016
Trade payables 278,617 236,691 168,637
Other payables 16,339 10,005 14,971
Financial derivatives 4,499 - -
------------- ------------- -------------
Total current liabilities 630,260 559,635 524,316
------------- ------------- -------------
Non-current liabilities
Loans from banks 1,627,853 1,874,385 1,750,457
Other Long-term liabilities 37,707 10,826 60,987
Long-term lease liabilities 48,042 49,023 46,809
Provision for dismantling and
restoration 37,408 36,002 38,102
Deferred tax liabilities 403,406 306,840 399,282
Liabilities for employee
benefits, net 160 160 160
------------- ------------- -------------
Total non-current liabilities 2,154,576 2,277,236 2,295,797
------------- ------------- -------------
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 984,245 740,270 971,306
------------- ------------- -------------
Total equity 1,630,203 1,386,228 1,617,264
------------- ------------- -------------
Total liabilities and equity 4,415,039 4,223,099 4,437,377
============= ============= =============
Dorad Energy Ltd.
Interim Condensed Statements of Profit or Loss
------------------------------------------------------------------------------
For the three months Year
For the six months ended ended ended
December
June 30 June 30 31
------------------------ ------------------------
2025 2024 2025 2024 2024
----------- ----------- ----------- ----------- ---------
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
----------- ----------- ----------- ----------- ---------
NIS NIS NIS NIS NIS
thousands thousands thousands thousands thousands
----------- ----------- ----------- ----------- ---------
Revenues 1,177,336 1,269,902 566,782 659,020 2,863,770
Operating costs
of the
Power Plant
Energy costs 180,520 290,785 75,300 159,701 574,572
Electricity
purchase and
infrastructure
services 654,719 567,671 329,404 304,480 1,372,618
Depreciation
and
amortization 102,848 115,719 51,430 60,205 106,266
Other operating
costs 88,956 82,766 45,481 40,297 190,027
----------- ----------- ----------- ----------- ---------
Total operating
costs
of Power Plant 1,027,043 1,056,941 501,615 564,683 2,243,483
----------- ----------- ----------- ----------- ---------
Profit from
operating
the Power Plant 150,293 212,961 65,167 94,337 620,287
General and
administrative
administrative
expenses 16,489 16,727 8,303 6,853 23,929
Other income - - - - 58
----------- ----------- ----------- ----------- ---------
Operating
profit 133,804 196,234 56,864 87,484 596,416
----------- ----------- ----------- ----------- ---------
Financing
income 32,145 31,884 3,693 19,005 184,939
Financing
expenses 148,886 103,082 116,143 66,686 193,825
----------- ----------- ----------- ----------- ---------
Financing
expenses, net 116,741 71,198 112,450 47,681 8,886
----------- ----------- ----------- ----------- ---------
Profit (Loss)
before
taxes on income 17,063 125,036 (55,586) 39,803 587,530
Tax on Income
(Tax Benefit) 4,124 28,745 (12,535) 9,149 135,203
----------- ----------- ----------- ----------- ---------
Net Profit
(Loss) for the
period 12,939 96,291 (43,051) 30,654 452,327
=========== =========== =========== =========== =========
Dorad Energy Ltd.
Interim Condensed Statements of Changes in Shareholders'
Equity
----------------------------------------------------------------------
Capital
reserve
---------
for
activities
Share Share with Retained
Total
capital premium shareholders earnings Equity
--------- --------- ------------ --------- ---------
NIS NIS NIS NIS NIS
thousands thousands thousands thousands thousands
--------- --------- ------------ --------- ---------
For the six
months
ended June
30, 2025
(Unaudited)
Balance as
at
January 1,
2025
(Audited) 11 642,199 3,748 971,306 1,617,264
Net profit
for the
period - - - 12,939 12,939
--------- --------- ------------ --------- ---------
Balance as
at
June 30,
2025
(Unaudited) 11 642,199 3,748 984,245 1,630,203
========= ========= ============ ========= =========
For the six
months
ended June
30, 2024
(Unaudited)
Balance as
at
January 1,
2024
(Audited) 11 642,199 3,748 643,979 1,289,937
Net profit
for the
period - - - 96,291 96,291
--------- --------- ------------ --------- ---------
Balance as
at
June 30,
2024
(Unaudited) 11 642,199 3,748 740,270 1,386,228
========= ========= ============ ========= =========
For the
three
months
ended June
30, 2025
(Unaudited)
Balance as
at
April 1,
2025
(Unaudited) 11 642,199 3,748 1,027,296 1,673,254
Loss for the
period - - - 43,051 43,051
--------- --------- ------------ --------- ---------
Balance as
at
June 30,
2025
(Unaudited) 11 642,199 3,748 984,245 1,630,203
========= ========= ============ ========= =========
For the
three
months
ended June
30, 2024
(Unaudited)
Balance as
at
April 1,
2024
(Unaudited) 11 642,199 3,748 709,616 1,355,574
Net profit
for the
period - - - 30,654 30,654
--------- --------- ------------ --------- ---------
Balance as
at
June 30,
2024
(Unaudited) 11 642,199 3,748 740,270 1,386,228
========= ========= ============ ========= =========
Dorad Energy Ltd.
Interim Condensed Statements of Changes in Shareholders'
Equity (cont'd)
----------------------------------------------------------------------
Capital
reserve
for
activities
Share Share with Retained
Total
capital premium shareholders earnings Equity
--------- --------- ------------ --------- ---------
NIS NIS NIS NIS NIS
thousands thousands thousands thousands thousands
--------- --------- ------------ --------- ---------
For the year
ended
December 31,
2024
(Audited)
Balance as
at
January 1,
2024
(Audited) 11 642,199 3,748 643,979 1,289,937
Dividend
distributed - - - (125,000) (125,000)
Net profit
for the
year - - - 452,327 452,327
--------- --------- ------------ --------- ---------
Balance as
at
December 31,
2024
(Audited) 11 642,199 3,748 971,306 1,617,264
========= ========= ============ ========= =========
Dorad Energy Ltd.
Interim Condensed Statements of Cash Flows
-----------------------------------------------------------------------------
For the three months Year
For the six months ended ended ended
December
June 30 June 30 31
------------------------ ------------------------
2025 2024 2025 2024 2024
----------- ----------- ----------- ----------- ---------
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
----------- ----------- ----------- ----------- ---------
NIS NIS NIS NIS NIS
thousands thousands thousands thousands thousands
----------- ----------- ----------- ----------- ---------
Net cash flows
from operating
activities:
Net Profit
(Loss) for
the period 12,939 96,291 (43,051) 30,654 452,327
Adjustments:
Depreciation
and
amortization
and fuel
consumption 110,284 122,342 57,248 62,964 121,664
Taxes on
income (Tax
Benefit) 4,124 28,745 (12,535) 9,149 135,203
Financing
expenses,
net 116,741 71,198 112,450 47,681 8,886
----------- ----------- ----------- ----------- ---------
231,149 222,285 157,163 119,794 265,753
----------- ----------- ----------- ----------- ---------
Change in
trade
receivables (108,045) (104,508) (45,858) (135,191) 26,241
Change in
other
receivables (3,296) (43,921) (8,767) (39,428) (20,951)
Change in
trade
payables 119,029 58,122 2,352 67,028 (10,361)
Change in
other
payables 1,677 (3,942) 1,783 (9,896) (3,481)
Change in
other
long-term
liabilities (20,686) (2,117) (21,001) (736) (3,661)
----------- ----------- ----------- ----------- ---------
(11,321) (96,366) (71,491) (118,223) (12,213)
----------- ----------- ----------- ----------- ---------
Net cash flows
from
operating
activities 232,767 222,210 42,621 32,225 705,867
----------- ----------- ----------- ----------- ---------
Cash flows
from
investing
activities:
Proceeds (used
in) for
settlement of
financial
derivatives,
net 502 (1,050) 213 346 1,548
Proceeds from
insurance for
damages to
fixed assets - 5,148 - 2,411 5,148
Proceeds from
arbitration - - - - 337,905
Decrease in
restricted
deposits - 17,500 - - 17,500
Investment in
fixed assets (70,297) (32,136) (36,048) (15,067) (44,132)
Investment in
intangible
assets (1,943) (1,469) (828) (1,057) (4,054)
Interest
received 29,678 19,578 14,831 10,020 42,221
----------- ----------- ----------- ----------- ---------
Net cash flows
from (used
in)
investing
activities (42,060) 7,571 (21,832) (3,347) 356,136
----------- ----------- ----------- ----------- ---------
Net cash flows
from financing
activities:
Repayment of
lease
liability (113) (218) (113) (119) (4,984)
Repayment of
loans from
banks (164,899) (141,966) (164,899) (141,966) (284,570)
Dividends paid - (17,500) - - (142,500)
Interest paid (53,656) (72,755) (53,466) (72,559) (129,957)
Proceeds from
arbitration - - - - 127,195
----------- ----------- ----------- ----------- ---------
Net cash flows
used in
financing
activities (218,668) (232,439) (218,478) (214,644) (434,816)
----------- ----------- ----------- ----------- ---------
Net increase
(decrease) in
cash
and cash
equivalents (27,961) (2,658) (197,689) (185,766) 627,187
----------- ----------- ----------- ----------- ---------
Effect of
exchange rate
fluctuations
on cash and
cash
equivalents (59,623) 1,479 (73,703) 4,237 132
Cash and cash
equivalents
at
beginning of
period 846,565 219,246 1,030,373 399,596 219,246
----------- ----------- ----------- ----------- ---------
Cash and cash
equivalents at
end
of period 758,981 218,067 758,981 218,067 846,565
=========== =========== =========== =========== =========
(a)
significant
non- cash
activity
--------------
Liability for
gas
agreements - - - - 56,208
(END) Dow Jones Newswires
August 31, 2025 12:00 ET (16:00 GMT)