0001178913-15-001084.txt : 20150330 0001178913-15-001084.hdr.sgml : 20150330 20150330095048 ACCESSION NUMBER: 0001178913-15-001084 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150330 FILED AS OF DATE: 20150330 DATE AS OF CHANGE: 20150330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ellomay Capital Ltd. CENTRAL INDEX KEY: 0000946394 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35284 FILM NUMBER: 15732712 BUSINESS ADDRESS: STREET 1: 9 ROTHSCHILD BLVD. CITY: TEL AVIV STATE: L3 ZIP: 66881 BUSINESS PHONE: 011-972-3-797-1111 MAIL ADDRESS: STREET 1: 9 ROTHSCHILD BLVD. CITY: TEL AVIV STATE: L3 ZIP: 66881 FORMER COMPANY: FORMER CONFORMED NAME: NUR MACROPRINTERS LTD DATE OF NAME CHANGE: 19980331 FORMER COMPANY: FORMER CONFORMED NAME: NUR ADVANCED TECHNOLOGIES LTD DATE OF NAME CHANGE: 19950607 6-K 1 zk1516533.htm 6-K zk1516533.htm



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2015
Commission File Number: 001-35284

Ellomay Capital Ltd.
(Translation of registrant’s name into English)

9 Rothschild Blvd., Tel Aviv 6688112, Israel
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x    Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o    No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________
 
 
 

 
 
This Report on Form 6-K of Ellomay Capital Ltd. consists of the following document, which is attached hereto and incorporated by reference herein:

Exhibit 99.1.
Press Release: “Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. For the Year Ended December 31, 2014; Ellomay Capital Indirectly Holds 7.5% of Dorad Energy Ltd.,” dated March 26, 2015.

 
2

 
 
Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Ellomay Capital Ltd.
 
       
  By:
/s/ Kalia Weintraub
 
   
Kalia Weintraub
 
   
Chief Financial Officer
 

Dated: March 30, 2015
 
3




EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1 exhibit_99-1.htm


Exhibit 99.1
 
 

Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. For the Year Ended December 31, 2014

Ellomay Capital Indirectly Holds 7.5% of Dorad Energy Ltd.

Tel-Aviv, Israel, March 26, 2015 – Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM) (“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 year ended December 31, 2014 of Dorad Energy Ltd. (“Dorad”), in which Ellomay indirectly holds 7.5%.

On March 23, 2015, U. Dori Group Ltd. (the “Dori Group”), an Israeli public company that holds 60% of U. Dori Energy Infrastructures Ltd. (“Dori Energy”), 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 Dori Group includes the financial statements of Dorad for the same period. Dorad’s power plant commenced operations during May 2014, and therefore the results for the year ended December 31, 2014 do not present the operations of the power plant for a full year.
 
The financial results of Dori Energy and of Dorad for the year ended December 31, 2014 were prepared in accordance with International Financial Reporting Standards. Ellomay has included its share of these results in its financial results for this period, which were published on March 18, 2015. 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 the Dorad financial results.

Dorad Financial Highlights (reflecting plant operation May-December, 2014)
 
 
·
Dorad’s revenues for the year ended December 31, 2014 - approximately NIS 1,484 million (or approximately USD 382 million, based on the exchange rate on December 31, 2014).
 
 
·
Dorad’s operating profit for the year ended December 31, 2014 - approximately NIS 233 million (or approximately USD 60 million, based on the exchange rate on December 31, 2014).

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 months of July and August and the winter months of December, are not indicative of full year results.
 
Ran Fridrich, CEO and a board member of Ellomay commented: “We are very pleased with the results of operations of the Dorad power plant in which we currently hold 7.5% with an option to increase our holdings to approximately 9.4%. The results presented reflect three months of the “high” seasons, and the intermediate season, which is characterized by relatively lower electricity tariffs.”

A translation of the financial results for Dorad as of December 31, 2013 and 2014 and for the years ended December 31, 2012, 2013 and 2014 is included at the end of this press release. Ellomay does not undertake to separately report Dorad’s financial results in a separate press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Dori Group, 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, under the trading symbol “ELLO” and with the Tel Aviv Stock Exchange under the trading symbol “ELOM.”  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, approximately 5.6MW of photovoltaic power plants in Spain and 85% of approximately 2.3MW of photovoltaic power plant in Spain; and
 
 
·
7.5% indirect interest, with an option to increase its holdings to 9.375%, in Dorad Energy Ltd., which owns and operates Israel’s largest private power plant with production capacity of approximately 850 MW, representing about 6%-8% of Israel’s total current electricity consumption.
 
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. 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.
Statements of Financial Position


   
December 31
   
December 31
 
   
2014
   
2013
 
   
NIS thousands
   
NIS thousands
 
Current assets
           
Cash and cash equivalents
    71,778       4,199  
Trade receivables
    328,438       -  
Other receivables
    11,118       36,529  
Pledged deposit
    68,148       78,637  
Financial derivatives
    11,090       -  
Firm commitment
    -       5,101  
Total current assets
    490,572       124,466  
                 
Non-current assets
               
Pledged deposit
    200,027       -  
Prepaid expenses
    48,925       50,165  
Fixed assets
    4,588,356       3,939,647  
Advances to suppliers
    -       56,978  
Intangible assets
    8,577       7,657  
Total non-current assets
    4,845,885       4,054,447  
                 
Total assets
    5,336,457       4,178,913  
                 
Current liabilities
               
Current maturities of long term loans from banks
    122,358       145,926  
Trade payables
    376,515       -  
Other payables
    443,458       123,313  
Financial derivatives
    -       7,894  
Total current liabilities
    942,331       277,133  
                 
Non-current liabilities
               
Loans from banks
    3,186,412       2,918,579  
Long-term loans from related parties and others
    462,244       369,212  
Provision for dismantling and restoration
    28,507       -  
Deferred tax liabilities
    23,275       -  
Liabilities for employee benefits, net
    105       57  
Total non-current liabilities
    3,700,543       3,287,848  
                 
Equity
               
Share capital
    11       11  
Share premium
    642,199       642,199  
Capital reserve for activities with controlling shareholders
    3,748       3,748  
Retained earnings (losses)
    47,625       (32,026 )
                 
Total equity
    693,583       613,932  
                 
Total liabilities and equity
    5,336,457       4,178,913  
 
 
 

 

 
Dorad Energy Ltd.
Statements of Profit or Loss for the Year Ended December 31

 
   
2014
   
2013
   
2012
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Revenues
    1,484,176       -       -  
                         
Operating costs of the power plant
                       
Energy costs
    343,647       -       -  
Electricity purchase and infrastructure services
    690,827       -       -  
Depreciation and amortization
    124,339       -       -  
Other operating costs
    92,618       -       -  
                         
Total cost of power plant
    1,251,431       -       -  
                         
Profit from operating the power plant
    232,745       -       -  
                         
General and administrative expenses
    14,022       -       -  
Other expenses
    5,771       7,813       10,590  
                         
      19,793       7,813       10,590  
                         
Operating profit (loss)
    212,952       (7,813 )     (10,590 )
                         
Financing income
    46,964       -       -  
Financing expenses
    (156,990 )     (15,880 )     (143 )
                         
Financing expenses, net
    (110,026 )     (15,880 )     (143 )
                         
Profit (loss) before taxes on income
    102,926       (23,693 )     (10,733 )
                         
Taxes on income
    (23,275     -       -  
                         
Profit (loss) for the period
    79,651       (23,693 )     (10,733 )

 
 

 
 
Dorad Energy Ltd.
Statements of Changes in Equity

 
                               
               
Capital
             
               
reserve for
   
Retained
       
               
activities with
   
earnings
       
         
Share
   
controlling
   
(accumulated
       
   
Share capital
   
premium
   
shareholders
   
loss)
   
Total equity
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
For the year ended
                             
December 31, 2014
                             
                               
Balance as at January 1, 2014
    11       642,199       3,748       (32,026 )     613,932  
                                         
Profit for the year
    -       -       -       79,651       79,651  
                                         
Balance as at December 31, 2014
    11       642,199       3,748       47,625       693,583  
                                         
For the year ended
                                       
 December 31, 2013
                                       
                                         
Balance as at January 1, 2013
    6       373,731       3,748       (8,333 )     369,152  
                                         
Loss for the year
    -       -       -       (23,693 )     (23,693 )
Issuance of shares
    5       268,468       -       -       268,473  
                                         
Balance as at December 31, 2013
    11       642,199       3,748       (32,026 )     613,932  
                                         
For the year ended
                                       
 December 31, 2012
                                       
                                         
Balance as at January 1, 2012
    3       196,041       3,748       2,400       202,192  
                                         
Loss for the year
    -       -       -       (10,733 )     (10,733 )
Issuance of shares
    3       177,690       -       -       177,693  
                                         
Balance as at December 31, 2012
    6       373,731       3,748       (8,333 )     369,152  
 
 
 

 

 
Dorad Energy Ltd.
Statements of Cash Flows for the Year Ended December 31


   
2014
   
2013
   
2012
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Cash flows from operating activities:
             
 
 
Profit (loss) for the year
    79,651       (23,693 )     (10,733 )
Adjustments:
                       
Depreciation and amortization
    124,764       -       -  
Taxes on income
    23,275       -       -  
Impairment loss on advance to supplier
    -       -       10,232  
Loss on write-off of fixed assets
    -       -       358  
Compensation for customers
    -       7,813       -  
Financing expenses, net
    110,026       15,880       143  
      285,065       23,693       10,733  
                         
Change in trade receivables
    (328,438 )     -       -  
Change in other receivables
    (10,886 )     -       -  
Change in trade payables
    376,515       -       -  
Change in other payables
    (3,909 )                
Change in employee benefits, net
    49       -       -  
      33,331       -       -  
                         
Net cash provided by operating activities
    371,047       -       -  
                         
Cash flows from investing activities:
                       
Proceeds from (payment for) settlement of financial derivatives
    27,679       (83,496 )     47,643  
Payment of pledged deposits
    44,627       89,263       130,107  
Investment in long-term pledged deposit
    (200,000 )     -       -  
Investment in pledged deposit
    (33,716 )     -       -  
Long-term prepaid expenses
    -       (11,690 )     (33,216 )
Investment in fixed assets
    (267,824 )     (782,557 )     (1,508,939 )
Investment in intangible assets
    (2,086 )     (4,018 )     (3,639 )
Interest received
    275       -       -  
                         
Net cash used in investing activities
    (431,045 )     (792,498 )     (1,368,044 )
                         
Cash flows from financing activities:
                       
Receipt of long-term loans from related parties
    60,491       110,806       166,201  
Receipt of long-term loans from banks
    174,764       676,882       1,206,722  
Repayment of loans
    (12,791 )     -       -  
Interest paid
    (96,031 )     -       -  
                         
Net cash provided by financing activities
    126,433       787,688       1,372,923  
                         
Net increase (decrease) in cash and cash equivalents
    66,435       (4,810 )     4,879  
                         
Effect of exchange rate fluctuations on cash and
                       
 cash equivalents
    1,144       -       -  
Cash and cash equivalents at beginning of year
    4,199       9,009       4,130  
                         
Cash and cash equivalents at end of year
    71,778       4,199       9,009  



 
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