0001178913-15-003612.txt : 20151201 0001178913-15-003612.hdr.sgml : 20151201 20151201090211 ACCESSION NUMBER: 0001178913-15-003612 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151201 FILED AS OF DATE: 20151201 DATE AS OF CHANGE: 20151201 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: 151261305 BUSINESS ADDRESS: STREET 1: 9 ROTHSCHILD BLVD. CITY: TEL AVIV STATE: L3 ZIP: 6688112 BUSINESS PHONE: 011-972-3-797-1111 MAIL ADDRESS: STREET 1: 9 ROTHSCHILD BLVD. CITY: TEL AVIV STATE: L3 ZIP: 6688112 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 zk1517678.htm 6-K zk1517678.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 December 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 Three Months Ended September 30, 2015,” dated December 1, 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/ Ran Fridrich  
   
Ran Fridrich
 
   
Chief Executive Officer and Director
 
       
Dated: December 1, 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 Three Months
Ended September 30, 2015

Ellomay Capital Indirectly Holds Approximately 9.2% of Dorad Energy Ltd.

Tel-Aviv, Israel, December 1, 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 three months ended September 30, 2015 of Dorad Energy Ltd. (“Dorad”), in which Ellomay indirectly holds approximately 9.2%.

On November 30, 2015, U. Dori Group Ltd. (the “Dori Group”), an Israeli public company that holds 51% of U. Dori Energy Infrastructures Ltd. (“Dori Energy”), 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 Dori Group includes the financial statements of Dorad for the same period.

The financial results of Dori Energy and of Dorad for the quarter ended September 30, 2015 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its share of these results in its financial results for this period, which are currently expected to be published on or about December 23, 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
 
 
·
Dorad’s unaudited revenues for the quarter ended September 30, 2015 - approximately NIS 673 million (or approximately USD 172 million, based on the exchange rate on September 30, 2015).
 
 
·
Dorad’s unaudited operating profit for the quarter ended September 30, 2015 - approximately NIS 110 million (or approximately USD 28 million, based on the exchange rate on September 30, 2015).

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 part of the intermediate months (September), are not indicative of full year results.

A translation of the financial results for Dorad as of and for the three month periods ended September 30, 2015 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” and whose Series A Debentures are traded on the Tel Aviv Stock Exchange.  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 and approximately 7.9MW of photovoltaic power plants in Spain; and
 
 
·
Approximately 9.2% 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, seasonality of the PV business , technical and other disruptions in the operations of the power plant operated by Dorad and market conditions. 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.
 
Interim Condensed Statement of Financial Position

 
   
September 30
   
September 30
   
December 31
 
   
2015
   
2014
   
2014
 
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Current assets
                 
Cash and cash equivalents
    423,144       371,641       71,778  
Accounts receivable
    319,863       247,663       328,438  
Other accounts receivable
    19,312       20,496       11,118  
Pledged deposit
    29,484       68,124       68,148  
Financial derivatives
    -       4,179       11,090  
Total current assets
    791,803       712,103       490,572  
                         
Non-current assets
                       
Restricted deposit
    270,074       -       200,027  
Prepaid expenses
    47,420       49,426       48,925  
Fixed assets
    4,427,658       4,471,253       4,588,356  
Intangible assets
    8,100       8,677       8,577  
Total non-current assets
    4,753,252       4,529,356       4,845,885  
                         
Total assets
    5,545,055       5,241,459       5,336,457  
                         
Current liabilities
                       
Financial derivatives
    768       -       -  
Current maturities of loans from banks
    214,713       311,300       122,358  
Current maturity of loans from related parties
    130,000       -       -  
Trade payables
    555,979       675,598       376,515  
Other payables
    45,310       -       443,458  
Total current liabilities
    946,770       986,898       942,331  
                         
Non-current liabilities
                       
Loans from banks
    3,409,930       3,063,207       3,186,412  
Loans from related parties
    387,888       454,642       462,244  
Provision for dismantling and restoration
    29,001       28,341       28,507  
Deferred tax liabilities
    38,197       17,815       23,275  
Liabilities for employee benefits
    114       62       105  
Total non-current liabilities
    3,865,130       3,564,067       3,700,543  
                         
Equity
                       
Share capital
    11       11       11  
Share premium
    642,199       642,199       642,199  
Capital reserve from activities with controlling shareholders
    3,748       3,748       3,748  
Retained earnings
    87,197       44,536       47,625  
Total equity
    733,155       690,494       693,583  
                         
Total liabilities and equity
    5,545,055       5,241,459       5,336,457  

 
 

 
 
Dorad Energy Ltd.

Interim Condensed Statement of Earnings

 
   
For the nine months ended
   
For the three months ended
   
Year ended
 
   
September 30
   
September 30
   
December 31
 
   
2015
   
2014
   
2015
   
2014
   
2014
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
                               
Revenues
    1,840,706       901,178       673,378       692,705       1,484,176  
                                         
Operating costs of the power plant
                                       
Energy costs
    482,598       196,258       186,420       140,269       343,647  
Electricity purchase and
                                       
 infrastructure services
    841,539       394,909       272,953       300,213       690,827  
Depreciation and amortization
    158,364       73,618       53,160       50,029       124,339  
Other operating costs
    112,980       49,264       46,155       35,732       92,618  
                                         
Total cost of power plant
    1,595,481       714,049       558,688       526,243       1,251,431  
                                         
Profit from operating the power plant
    245,225       187,129       114,690       166,462       232,745  
                                         
General & Administrative expenses
    (17,084 )     (8,057 )     (4,279 )     (6,334 )     (14,022 )
Other expenses
    -       (5,771 )     -       -       (5,771 )
      (17,084 )     (13,828 )     (4,279 )     (6,334 )     (19,793 )
                                         
Operating profit for the period
    228,141       173,301       110,411       160,128       212,952  
                                         
Financing income
    3,415       22,414       (598 )     21,060       46,964  
Financing expenses
    (177,062 )     (101,338 )     (69,279 )     (68,799 )     (156,990 )
Financing expenses, net
    (173,647 )     (78,924 )     (69,877 )     (47,739 )     (110,026 )
                                         
Profit before taxes on income
    54,494       94,377       40,534       112,389       102,926  
                                         
Taxes on income
    (14,922 )     (17,815 )     (10,741 )     (28,637 )     (23,275 )
                                         
Profit for the period
    39,572       76,562       29,793       83,752       79,651  

 
 

 
 
Dorad Energy Ltd.

Interim Condensed Statement of Changes in Equity


               
Capital reserve
             
               
for activities
             
   
Share
   
Share
   
with controlling
   
Retained
       
   
capital
   
premium
   
shareholders
   
earnings (losses)
   
Total Equity
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
                               
For the nine months ended
  September 30, 2015 (Unaudited)
                             
Balance as at January 1, 2015
    11       642,199       3,748       47,625       693,583  
Profit for the period
    -       -       -       39,572       39,572  
Balance as at September 30, 2015
    11       642,199       3,748       87,197       733,155  
                                         
For the nine months ended
  September 30, 2014 (Unaudited)
                                       
Balance as at January 1, 2014
    11       642,199       3,748       (32,026 )     613,932  
Profit for the period
    -       -       -       76,562       76,562  
Balance as at September 30, 2014
    11       642,199       3,748       44,536       690,494  
                                         
For the three months ended 
  September 30, 2015 (Unaudited)
                                       
Balance as at July 1, 2015
    11       642,199       3,748       57,404       703,362  
Profit for the period
    -       -       -       29,793       29,793  
Balance as at September 30, 2015
    11       642,199       3,748       87,197       733,155  
                                         
For the three months ended
  September 30, 2014 (Unaudited)
                                 
Balance as at July 1, 2014
    11       642,199       3,748       (39,216 )     606,742  
Profit for the period
    -       -       -       83,752       83,752  
Balance as at September 30, 2014
    11       642,199       3,748       44,536       690,494  
                                         
For the year ended
  December 31, 2014 (Audited)
                                       
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  
 
 
 

 
 
Dorad Energy Ltd.

Interim Condensed Statements of Cash Flows

 
   
For the nine months ended
   
For the three months ended
   
Year ended
 
   
September 30
   
September 30
   
December 31
 
   
2015
   
2014
   
2015
   
2014
   
2014
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
                               
Cash flows from operating activities:
                             
Profit for the period
    39,572       76,562       29,793       83,752       79,651  
                                         
Adjustments:
                                       
Depreciation and amortization
    179,190       73,871       73,634       50,201       124,764  
Taxes on income
    14,922       17,815       10,741       28,637       23,275  
Compensation for customers
    -       5,771       -       -       -  
Financing expenses, net
    173,647       78,924       69,878       47,739       110,026  
      367,759       176,381       154,253       126,577       258,065  
                                         
Change in trade receivables
    8,811       (247,610 )     (101,282 )     (80,297 )     (328,438 )
Change in other receivables
    (8,194 )     (20,265 )     (10,534 )     (51,380 )     (10,886 )
Change in trade payables
    179,464       335,273       164,470       224,144       376,515  
Change in other accounts payable
    4,892       -       (15,804 )     -       (3,909 )
Change in employee benefits, net
    8       5       -       -       49  
      184,981       67,403       36,850       92,467       33,331  
                                         
Net cash flows used in operating activities
    592,312       320,346       220,896       302,796       371,047  
                                         
Net cash flows used in investing activities
                                       
Receipt of settlement
                                       
 of financial derivatives
    10,651       10,134       626       21,801       27,679  
Payment of pledged deposit
    38,679       44,627       -       14,345       44,627  
Investment in pledged deposit
    -       (33,716 )     -       -       (33,716 )
Investment in long-term restricted
                                       
 deposit
    (70,000 )     -       -       -       (200,000 )
Investment in fixed assets
    (414,269 )     (207,469 )     (11,911 )     (64,700 )     (267,824 )
Investment in intangible assets
    (987 )     (1,705 )     (659 )     (189 )     (2,086 )
Interest received
    100       155       14       100       275  
Net Cash flows used in
                                       
 investing activities
    (435,826 )     (187,974 )     (11,930 )     (28,643 )     (431,045 )
                                         
Cash flows from financing
                                       
 activities:
                                       
Receipt of long-term loans
                                       
 from related parties
    23,208       60,491       -       8,606       60,491  
Receipt of long-term loans from banks
    318,100       174,764       -       57,547       174,764  
Repayment of loans
    (44,495 )     -       -       -       (12,791 )
Interest paid
    (100,753 )     (922 )     (938 )     (500 )     (96,031 )
Net cash flows provided by
                                       
 financing activities
    196,060       234,333       (938 )     65,653       126,433  
Effect of exchange rate fluctuations on cash and cash
                                       
 equivalents
    (1,180 )     737       (1,196 )     691       1,144  
Net increase (decrease) in cash and cash equivalents for
                                       
 the period
    351,366       367,442       206,832       340,497       67,579  
Cash and cash equivalents at
                                       
 beginning of period
    71,778       4,199       216,312       31,144       4,199  
Cash and cash equivalents at
                                       
 end of period
    423,144       371,641       423,144       371,641       71,778  
 




 

 


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