Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Year Ended December 31, 2024
TEL-AVIV, Israel, March 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 for the year ended December 31, 2024 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 March 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, holds 18.75% of Dorad, published its annual report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the annual report of the Luzon Group includes the financial statements of Dorad for the same period.
The financial statements of Dorad for the year ended December 31, 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 and financial statements 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 year ended December 31, 2024 -- approximately
NIS 2,863.8 million.
-- Dorad's operating profit for the year ended December 31, 2024 --
approximately NIS 620.3 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: 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. 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 full year results in the future or comparable to full year 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 February 27, 2025 (the date of approval of Dorad's financial statements as of December 31, 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 war and hostilities being resumed may affect Dorad's assessments, and that as of the date of its 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.
In December 2024, Dorad received payment in an amount of approximately $130 million pursuant to an arbitration ruling in a derivative claim submitted by certain of its shareholders, which increased Dorad's net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes).
A convenience translation to English of the financial results for Dorad as of December 31, 2024 and 2023 and for each of the three years ended December 31, 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 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;
-- 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.
Statements of Financial Position
December 31 December 31
2024 2023
------------- -------------
NIS thousands NIS thousands
------------- -------------
Current assets
Cash and cash equivalents 846,565 219,246
Trade receivables and accrued income 185,625 211,866
Other receivables 32,400 12,095
------------- -------------
Total current assets 1,064,590 443,207
------------- -------------
Restricted deposits 531,569 522,319
Long- term Prepaid expenses 79,739 30,053
Fixed assets 2,697,592 3,106,550
Intangible assets 9,688 7,653
Right of use assets 54,199 55,390
------------- -------------
Total non-current assets 3,372,787 3,721,965
------------- -------------
Total assets 4,437,377 4,165,172
============= =============
Current maturities of loans from banks 321,805 299,203
Current maturities of lease liabilities 4,887 4,787
Current tax liabilities 14,016 -
Trade payables 168,637 166,089
Other payables 14,971 31,446
------------- -------------
Total current liabilities 524,316 501,525
------------- -------------
Loans from banks 1,750,457 1,995,909
Other long-term liabilities 60,987 12,943
Long-term lease liabilities 46,809 47,618
Provision for restoration and decommissioning 38,102 38,985
Deferred tax liabilities 399,282 278,095
Liabilities for employee benefits, net 160 160
------------- -------------
Total non-current liabilities 2,295,797 2,373,710
------------- -------------
Equity
Share capital 11 11
Share premium 642,199 642,199
Capital reserve for activities with shareholders 3,748 3,748
Retained earnings 971,306 643,979
------------- -------------
Total equity 1,617,264 1,289,937
------------- -------------
Total liabilities and equity 4,437,377 4,165,172
============= =============
Dorad Energy Ltd.
Statements of Profit or Loss
2024 2023 2022
------------- ------------- -------------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Revenues 2,863,770 2,722,396 2,369,220
Operating costs of the power
plant
Energy costs 574,572 583,112 544,118
Purchases of electricity and
infrastructure services 1,372,618 1,244,646 1,088,127
Depreciation and amortization 106,266 242,104 239,115
Other operating costs 190,027 186,024 157,189
------------- ------------- -------------
Total operating costs of the
power plant 2,243,483 2,255,886 2,028,549
------------- ------------- -------------
Profit from operating the power
plant 620,287 466,510 340,671
General and administrative
expenses 23,929 27,668 24,066
Other income 58 39 -
------------- ------------- -------------
Operating profit 596,416 438,881 316,605
Financing income 184,939 45,286 52,131
Financing expenses 193,825 209,773 271,116
------------- ------------- -------------
Financing expenses, net 8,886 164,487 218,985
Profit before taxes on income 587,530 274,394 97,620
Taxes on income 135,203 63,079 22,340
------------- ------------- -------------
Net profit for the year 452,327 211,315 75,280
============= ============= =============
Dorad Energy Ltd.
Statements of Changes in Shareholders' Equity
Capital
reserve for
activities with
Share controlling Retained
Share capital premium shareholders earnings Total
------------- ------------- --------------- ------------- -------------
NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
For the year ended December
31, 2024
Balance as at January 1, 2024 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 11 642,199 3,748 971,306 1,617,264
======== ====== ======== =========
For the year ended December 31,
2023
Balance as at January 1, 2023 11 642,199 3,748 572,664 1,218,622
Dividend distributed - - - (140,000) (140,000)
Net profit for the year - - - 211,315 211,315
------- ----- -------- ---------
Balance as at December 31, 2023 11 642,199 3,748 643,979 1,289,937
======= ===== ======== =========
For the year ended December 31, 2022
Balance as at January 1, 2022 11 642,199 3,748 497,384 1,143,342
Net profit for the year - - - 75,280 75,280
------- ----- ------- ---------
Balance as at December 31, 2022 11 642,199 3,748 572,664 1,218,622
======= ===== ======= =========
Dorad Energy Ltd.
Statements of Cash Flows
2024 2023 2022
------------ ------------ ------------
NIS thousands NIS thousands NIS thousands
------------- ------------- ---------------
Cash flows from operating
activities:
Profit for the year 452,327 211,315 75,280
Adjustments:
Depreciation, amortization,
and diesel consumption 121,664 245,566 242,345
Taxes on income 135,203 63,079 22,340
Financing expenses, net 8,886 164,487 218,985
------------ ------------ ------------
265,753 473,132 483,670
------------ ------------ ------------
Change in trade receivables
and accrued income 26,241 26,715 9,991
Change in other receivables (20,951) 20,714 7,480
Change in trade payables (10,361) (115,976) (127,907)
Change in other payables (3,481) 2,507 4,339
Change in other long-term
liabilities (3,661) (4,586) 1,695
------------ ------------ ------------
(12,213) (70,626) (104,402)
------------ ------------ ------------
Taxes on income paid - - (21,795)
Net cash from operating
activities 705,867 613,821 432,753
------------ ------------ ------------
Cash flows from investing
activities:
Proceeds from settlement of
financial derivatives 1,548 8,884 13,652
Decrease in long-term
restricted deposits 17,500 40,887 -
Investment in fixed assets (44,132) (102,082) (110,715)
Proceeds from arbitration 337,905 - -
Proceeds from insurance for
damages to fixed assets 5,148 - -
Investment in intangible
assets (4,054) (3,162) (1,810)
Interest received 42,221 33,501 6,433
------------ ------------ ------------
Net cash from )used in(
investing activities 356,136 (21,972) (92,440)
------------ ------------ ------------
Cash flows from financing
activities:
Repayment of lease
liability (4,984) (4,817) (4,726)
Repayment of loans from
banks (284,570) (253,382) (255,705)
Dividends paid (142,500) (122,500) -
Interest paid (129,957) (151,220) (159,804)
Proceeds from arbitration 127,195 - -
------------ ------------ ------------
Net cash used in financing
activities (434,816) (531,919) (420,235)
------------ ------------ ------------
Net increase (decrease) in
cash and cash equivalents 627,187 59,930 (79,922)
------------ ------------ ------------
Effect of exchange rate
fluctuations on cash and
cash equivalents 132 7,835 29,543
Cash and cash equivalents
at beginning of year 219,246 151,481 201,860
------------ ------------ ------------
Cash and cash equivalents
at end of year 846,565 219,246 151,481
============ ============ ============
(a) Significant non-cash
activity
---------------------------
Liability for gas
agreements 56,208 - -
------------ ------------ ----------
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