TEL-AVIV, Israel, May 30, 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 months ended March 31, 2025 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.) ("Ellomay Luzon Energy").
On May 29, 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, 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 as of and for the three months ended March 31, 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.
Dorad Financial Highlights
-- Dorad's revenues for the three months ended March 31, 2025 --
approximately NIS 610.6 million.
-- Dorad's operating profit for the three months ended March 31, 2025 --
approximately NIS 76.9 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. 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 March 31, 2025, which include 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 increase in the Israeli CPI impacting interest payments by Dorad on its credit facility, the results included herein may not be indicative of first quarter results in the future or comparable to first 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-month periods ended March 31, 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, 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 approximately 38 MW of operating solar 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;
-- Solar projects in Italy with an aggregate capacity of 294 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 placed in service and
in process of connection to the grid and additional 22 MW are under
construction.
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: hilai@ellomay.com
Dorad Energy Ltd.
Interim Condensed Statements of Financial Position
--------------------------------------------------------------------------
March 31 March 31 December 31
2025 2024 2024
------------- ------------- -------------
(Unaudited) (Unaudited) (Audited)
------------- ------------- -------------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Current assets
Cash and cash equivalents 1,030,373 399,596 846,565
Trade receivables and accrued
income 247,812 181,182 185,625
Other receivables 26,929 13,850 32,400
Financial derivatives 803 - -
------------- ------------- -------------
Total current assets 1,305,917 594,628 1,064,590
------------- ------------- -------------
Non-current assets
Restricted deposit 541,855 514,770 531,569
Long-term Prepaid expenses 79,666 29,548 79,739
Fixed assets 2,678,973 3,065,103 2,697,592
Intangible assets 10,215 7,573 9,688
Right of use assets 53,332 54,544 54,199
------------- ------------- -------------
Total non-current assets 3,364,041 3,671,538 3,372,787
------------- ------------- -------------
Total assets 4,669,958 4,266,166 4,437,377
============= ============= =============
Current liabilities
Current maturities of loans
from banks 347,509 329,137 321,805
Current maturities of lease
liabilities 4,991 4,787 4,887
Current tax liabilities 24,119 - 14,016
Trade payables 297,164 158,545 168,637
Other payables 14,865 19,897 14,971
Financial derivatives - 1,125 -
------------- ------------- -------------
Total current liabilities 688,648 513,491 524,316
------------- ------------- -------------
Non-current liabilities
Loans from banks 1,756,777 2,001,668 1,750,457
Other long-term liabilities 60,872 11,562 60,987
Long-term lease liabilities 47,198 48,007 46,809
Provision for dismantling and
restoration 37,212 38,013 38,102
Deferred tax liabilities 405,837 297,691 399,282
Liabilities for employee
benefits, net 160 160 160
------------- ------------- -------------
Total non-current liabilities 2,308,056 2,397,101 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 1,027,296 709,616 971,306
------------- ------------- -------------
Total equity 1,673,254 1,355,574 1,617,264
------------- ------------- -------------
Total liabilities and equity 4,669,958 4,266,166 4,437,377
============= ============= =============
Dorad Energy Ltd.
Interim Condensed Statements of Profit or Loss
------------------------------------------------------------------------
For the three months ended Year ended
March 31 December 31
----------------------------
2025 2024 2024
------------- ------------- -------------
(Unaudited) (Unaudited) (Audited)
------------- ------------- -------------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Revenues 610,554 610,882 2,863,770
Operating costs of the
Power Plant
Energy costs 105,220 131,084 574,572
Electricity purchase and
infrastructure services 325,315 263,191 1,372,618
Depreciation and
amortization 51,418 55,514 106,266
Other operating costs 43,475 42,469 190,027
------------- ------------- -------------
Total operating costs of
Power Plant 525,428 492,258 2,243,483
------------- ------------- -------------
Profit from operating the
Power Plant 85,126 118,624 620,287
General and administrative
expenses 8,186 9,874 23,929
Other income - - 58
------------- ------------- -------------
Operating profit 76,940 108,750 596,416
Financing income 28,452 12,879 184,939
Financing expenses 32,743 36,396 193,825
------------- ------------- -------------
Financing expenses, net 4,291 23,517 8,886
------------- ------------- -------------
Profit before taxes on
income 72,649 85,233 587,530
Taxes on income 16,659 19,596 135,203
------------- ------------- -------------
Net profit for the period 55,990 65,637 452,327
============= ============= =============
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 NIS NIS NIS NIS
thousands thousands thousands thousands thousands
--------- --------- ------------ --------- ------------
For the three
months
ended March
31, 2025
(Unaudited)
Balance as at
January 1,
2025
(Audited) 11 642,199 3,748 971,306 1,617,264
Net profit
for the
period - - - 55,990 55,990
--------- --------- ------------ --------- ---------
Balance as at
March 31,
2025
(Unaudited) 11 642,199 3,748 1,027,296 1,673,254
========= ========= ============ ========= =========
For the three
months
ended March
31, 2024
(Unaudited)
Balance as at
January 1,
2024
(Audited) 11 642,199 3,748 643,979 1,289,937
Net profit
for the
period - - - 65,637 65,637
--------- --------- ------------ --------- ---------
Balance as at
March 31,
2024
(Unaudited) 11 642,199 3,748 709,616 1,355,574
========= ========= ============ ========= =========
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 ended Year ended
March 31 December 31
-----------------------------
2025 2024 2024
------------- ------------- -------------
(Unaudited) (Unaudited) (Audited)
------------- ------------- -------------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Cash flows from
operating activities:
Net Profit for the
period 55,990 65,637 452,327
Adjustments:
Depreciation and
amortization
and fuel consumption 53,036 59,379 121,664
Taxes on income 16,659 19,596 135,203
Financing expenses,
net 4,291 23,517 8,886
------------- ------------- -------------
73,986 102,492 265,753
------------- ------------- -------------
Change in trade
receivables (62,187) 30,684 26,241
Change in other
receivables 5,471 (4,493) (20,951)
Change in trade
payables 116,677 (8,906) (10,361)
Change in other
payables (106) 5,954 (3,481)
Change in other
long-term
liabilities 315 (1,381) (3,661)
------------- ------------- -------------
60,170 21,858 (12,213)
------------- ------------- -------------
Net cash from
operating activities 190,146 189,987 705,867
------------- ------------- -------------
Cash flows from
investing activities:
Proceeds (used in) for
settlement of
financial
derivatives, net 289 (1,395) 1,548
Decrease in long-term
restricted deposits - 17,500 17,500
Investment in fixed
assets (34,249) (17,069) (44,132)
Proceeds from
arbitration - - 337,905
Proceeds from
insurance for damages
to fixed assets - 2,737 5,148
Investment in
intangible assets (1,115) (412) (4,054)
Interest received 14,847 9,577 42,221
------------- ------------- -------------
Net cash from )used
in) investing
activities (20,228) 10,918 356,136
------------- ------------- -------------
Cash flows from
financing activities:
Repayment of lease
liability - (100) (4,984)
Repayment of loans
from banks - - (284,570)
Dividends paid - (17,500) (142,500)
Interest paid (190) (196) (129,957)
Proceeds from
arbitration - - 127,195
------------- ------------- -------------
Net cash used in
financing activities (190) (17,796) (434,816)
------------- ------------- -------------
Net increase in cash
and cash equivalents 169,728 183,109 627,187
------------- ------------- -------------
Effect of exchange
rate fluctuations
on cash and cash
equivalents 14,080 (2,759) 132
Cash and cash
equivalents at
beginning of period 846,565 219,246 219,246
------------- ------------- -------------
Cash and cash
equivalents at end
of period 1,030,373 399,596 846,565
============= ============= =============
(a) Significant
non-cash activity
----------------------
Liability for gas
agreements 432 - 56,208
(END) Dow Jones Newswires
May 30, 2025 06:45 ET (10:45 GMT)
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