Exhibit 99.1. | Press Release: “Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three Months Ended June 30, 2016,” dated August 24, 2016. |
|
Ellomay Capital Ltd.
By: /s/ Ran Fridrich
Ran Fridrich
Chief Executive Officer and Director
|
· | Dorad’s unaudited revenues for the three months ended June 30, 2016 - approximately NIS 517 million (or approximately USD 134 million, based on the exchange rate on June 30, 2016). |
· | Dorad’s unaudited operating profit for the three months ended June 30, 2016 - approximately NIS 26 million (or approximately USD 7 million, based on the exchange rate on June 30, 2016). |
· | 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 |
· | Approximately 9.4% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plant with production capacity of approximately 850 MW, representing about 6%-8% of Israel’s total current electricity consumption. |
June 30
|
June 30
|
December 31
|
||||||||||
2016
|
2015
|
2015
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
217,216
|
216,255
|
51,894
|
|||||||||
Trade receivables
|
276,624
|
218,582
|
278,982
|
|||||||||
Other receivables
|
18,391
|
8,778
|
31,994
|
|||||||||
Pledged deposit
|
29,486
|
29,483
|
29,485
|
|||||||||
Financial derivatives
|
-
|
-
|
646
|
|||||||||
Total current assets
|
541,717
|
473,098
|
393,001
|
|||||||||
Non-current assets
|
||||||||||||
Restricted deposit
|
305,741
|
270,067
|
335,085
|
|||||||||
Prepaid expenses
|
46,005
|
47,921
|
46,918
|
|||||||||
Fixed assets
|
4,283,932
|
4,489,947
|
4,386,971
|
|||||||||
Intangible assets
|
8,858
|
7,930
|
8,391
|
|||||||||
Total non-current assets
|
4,644,536
|
4,815,865
|
4,777,365
|
|||||||||
Total assets
|
5,186,253
|
5,288,963
|
5,170,366
|
|||||||||
Current liabilities
|
||||||||||||
Current maturities of loans from banks
|
174,352
|
169,186
|
170,722
|
|||||||||
Current maturities of loans from related parties
|
350,000
|
130,000
|
130,000
|
|||||||||
Trade payables
|
327,085
|
391,510
|
247,129
|
|||||||||
Other payables
|
10,038
|
63,238
|
16,906
|
|||||||||
Financial derivatives
|
430
|
3,364
|
-
|
|||||||||
Total current liabilities
|
861,905
|
757,298
|
564,757
|
|||||||||
Non-current liabilities
|
||||||||||||
Loans from banks
|
3,221,059
|
3,397,036
|
3,316,740
|
|||||||||
Loans from related parties
|
198,272
|
374,862
|
396,259
|
|||||||||
Provision for dismantling and restoration
|
35,434
|
28,835
|
35,170
|
|||||||||
Deferred tax liabilities
|
60,475
|
27,456
|
60,882
|
|||||||||
Liabilities for employee benefits, net
|
160
|
114
|
160
|
|||||||||
Total non-current liabilities
|
3,515,400
|
3,828,303
|
3,809,211
|
|||||||||
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
|
162,990
|
57,404
|
150,440
|
|||||||||
Total equity
|
808,948
|
703,362
|
796,398
|
|||||||||
Total liabilities and equity
|
5,186,253
|
5,288,963
|
5,170,366
|
For the six months ended
|
For the three months ended
|
Year ended
|
||||||||||||||||||
June 30
|
June 30
|
December 31
|
||||||||||||||||||
2016
|
2015
|
2016
|
2015
|
2015
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
Revenues
|
1,126,458
|
1,167,328
|
516,516
|
488,092
|
2,356,832
|
|||||||||||||||
Operating costs of the
|
||||||||||||||||||||
Power Plant
|
||||||||||||||||||||
Energy costs
|
284,809
|
296,178
|
157,990
|
138,857
|
613,689
|
|||||||||||||||
Electricity purchase and
|
||||||||||||||||||||
infrastructure services
|
543,635
|
568,586
|
239,280
|
233,900
|
1,000,947
|
|||||||||||||||
Depreciation and
|
||||||||||||||||||||
amortization
|
105,330
|
105,204
|
53,991
|
52,794
|
209,953
|
|||||||||||||||
Other operating costs
|
65,190
|
66,825
|
34,279
|
30,055
|
149,808
|
|||||||||||||||
Total operating costs
|
||||||||||||||||||||
of Power Plant
|
998,964
|
1,036,793
|
485,540
|
455,606
|
1,974,397
|
|||||||||||||||
Profit from operating
|
||||||||||||||||||||
the Power Plant
|
127,494
|
130,535
|
30976,
|
32,486
|
382,435
|
|||||||||||||||
General and
|
||||||||||||||||||||
administrative expenses
|
8,745
|
12,805
|
4,687
|
4,814
|
25,681
|
|||||||||||||||
Operating profit
|
118,749
|
117,730
|
26,289
|
27,672
|
356,754
|
|||||||||||||||
Financing income
|
2,198
|
4,013
|
1,986
|
(2,314
|
)
|
476
|
||||||||||||||
Financing expenses
|
(108,804
|
)
|
(107,783
|
)
|
(69,676
|
) |
(100,937
|
)
|
(216,808
|
)
|
||||||||||
Financing expenses, net
|
(106,606
|
)
|
(103,770
|
)
|
(67,690
|
)
|
(103,251
|
)
|
(216,332
|
)
|
||||||||||
Profit (loss) before
|
||||||||||||||||||||
taxes on income
|
12,143
|
13,960
|
(41,401
|
) |
(75,579
|
)
|
140,422
|
|||||||||||||
Tax benefit (Taxes on income)
|
407
|
(4,181
|
)
|
10,350
|
(20,028
|
)
|
(37,607
|
)
|
||||||||||||
Profit (loss) for the period
|
12,550
|
9,779
|
(31,051
|
)
|
(55,551
|
)
|
102,815
|
Capital
|
||||||||||||||||||||
reserve for
|
||||||||||||||||||||
Share
|
Share
|
activities with
|
Retained
|
|||||||||||||||||
capital
|
premium
|
shareholders
|
earnings
|
Total Equity
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
For the six months
|
||||||||||||||||||||
ended June 30, 2016
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2016 (Audited)
|
11
|
642,199
|
3,748
|
150,440
|
796,398
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
12,550
|
12,550
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
June 30, 2016 (Unaudited)
|
11
|
642,199
|
3,748
|
162,990
|
808,948
|
|||||||||||||||
For the six months
|
||||||||||||||||||||
ended June 30, 2015
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2015 (Audited)
|
11
|
642,199
|
3,748
|
47,625
|
693,583
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
9,779
|
9,779
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
June 30, 2015 (Unaudited)
|
11
|
642,199
|
3,748
|
57,404
|
703,362
|
|||||||||||||||
For the three months
|
||||||||||||||||||||
ended June 30, 2016
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
April 1, 2016 (Unaudited)
|
11
|
642,199
|
3,748
|
194,041
|
839,999
|
|||||||||||||||
Loss for the period
|
-
|
-
|
-
|
(31,051
|
)
|
(31,051
|
)
|
|||||||||||||
Balance as at
|
||||||||||||||||||||
June 30, 2016 (Unaudited)
|
11
|
642,199
|
3,748
|
162,990
|
808,948
|
|||||||||||||||
For the three months
|
||||||||||||||||||||
ended June 30, 2015
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
April 1, 2015 (Unaudited)
|
11
|
642,199
|
3,748
|
112,955
|
758,913
|
|||||||||||||||
Loss for the period
|
-
|
-
|
-
|
(55,551
|
)
|
(55,551
|
)
|
|||||||||||||
Balance as at
|
||||||||||||||||||||
June 30, 2015 (Unaudited)
|
11
|
642,199
|
3,748
|
57,404
|
703,362
|
|||||||||||||||
For the year ended
|
||||||||||||||||||||
December 31, 2015 (Audited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2015 (Audited)
|
11
|
642,199
|
3,748
|
47,625
|
693,583
|
|||||||||||||||
Profit for the year
|
-
|
-
|
-
|
102,815
|
102,815
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
December 31, 2015 (Audited)
|
11
|
642,199
|
3,748
|
150,440
|
796,398
|
For the six months ended
|
For the three months ended
|
Year ended
|
||||||||||||||||||
June 30
|
June 30
|
December 31
|
||||||||||||||||||
2016
|
2015
|
2016
|
2015
|
2015
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
Cash flows from
|
||||||||||||||||||||
operating activities:
|
||||||||||||||||||||
Profit (loss) for the period
|
12,550
|
9,779
|
(31,051
|
)
|
(55,551
|
)
|
102,815
|
|||||||||||||
Adjustments:
|
||||||||||||||||||||
Depreciation and amortization
|
||||||||||||||||||||
and fuel consumption
|
114,078
|
105,556
|
56,446
|
52,973
|
237,295
|
|||||||||||||||
Taxes on income
|
(407
|
)
|
4,181
|
(10,350
|
)
|
(20,028
|
)
|
37,607
|
||||||||||||
Financing expenses, net
|
106,606
|
103,770
|
67,690
|
103,251
|
216,332
|
|||||||||||||||
220,277
|
213,507
|
113,786
|
136,196
|
491,234
|
||||||||||||||||
Change in trade receivables
|
2,966
|
110,093
|
(22,457
|
)
|
123,729
|
49,693
|
||||||||||||||
Change in other receivables
|
13,604
|
2,340
|
7,392
|
10,382
|
(20,876
|
)
|
||||||||||||||
Change in trade payables
|
80,828
|
14,994
|
7,188
|
(184,612
|
)
|
(129,385
|
)
|
|||||||||||||
Change in other payables
|
163
|
20,696
|
(2,744
|
)
|
14,333
|
(6,842
|
)
|
|||||||||||||
Change in employee benefits, net
|
-
|
8
|
-
|
8
|
55
|
|||||||||||||||
97,561
|
148,131
|
(10,621
|
)
|
(36,160
|
)
|
(107,355
|
)
|
|||||||||||||
Net cash flows provided
|
||||||||||||||||||||
by operating activities
|
330,388
|
371,417
|
72,114
|
44,485
|
486,694
|
|||||||||||||||
Cash flows used in
|
||||||||||||||||||||
investing activities
|
||||||||||||||||||||
Proceeds from (payment for)
|
||||||||||||||||||||
settlement of financial derivatives
|
(1,365
|
)
|
10,024
|
(1,043
|
)
|
2,718
|
9,609
|
|||||||||||||
Payment of pledged deposit
|
-
|
38,679
|
-
|
-
|
38,679
|
|||||||||||||||
Investment in long-term
|
||||||||||||||||||||
restricted deposit
|
(40,391
|
)
|
(70,000
|
)
|
(40,391
|
)
|
-
|
(135,000
|
)
|
|||||||||||
Release of restricted deposit
|
70,000
|
-
|
70,000
|
-
|
-
|
|||||||||||||||
Investment in prepaid expenses
|
(90
|
)
|
-
|
(90
|
)
|
-
|
-
|
|||||||||||||
Investment in fixed assets
|
(15,779
|
)
|
(402,358
|
)
|
(10,576
|
)
|
(21,477
|
)
|
(447,338
|
)
|
||||||||||
Investment in intangible assets
|
(1,755
|
)
|
(328
|
)
|
(273
|
)
|
(100
|
)
|
(1,767
|
)
|
||||||||||
Interest received
|
121
|
86
|
105
|
13
|
115
|
|||||||||||||||
Net cash flows provided by (used in) investing activities
|
||||||||||||||||||||
10,741
|
(423,897
|
)
|
17,732
|
(18,846
|
)
|
(535,702
|
)
|
|||||||||||||
Cash flows from
|
||||||||||||||||||||
financing activities:
|
||||||||||||||||||||
Receipt of long-term
|
||||||||||||||||||||
loans from related parties
|
-
|
23,208
|
-
|
-
|
23,208
|
|||||||||||||||
Receipt of long-term
|
||||||||||||||||||||
loans from banks
|
-
|
318,100
|
-
|
-
|
318,100
|
|||||||||||||||
Repayment of loans from banks
|
(73,460
|
)
|
(44,495
|
)
|
(73,460
|
)
|
(44,495
|
)
|
(105,121
|
)
|
||||||||||
Interest paid
|
(102,679
|
)
|
(99,815
|
)
|
(102,077
|
)
|
(99,746
|
)
|
(206,032
|
)
|
||||||||||
Net cash flows provided by
|
||||||||||||||||||||
(used in) financing activities
|
(176,139
|
)
|
196,998
|
(175,537
|
)
|
(144,241
|
)
|
30,155
|
||||||||||||
Net increase (decrease) in cash
|
||||||||||||||||||||
and cash equivalents for
|
||||||||||||||||||||
the period
|
164,990
|
144,518
|
(85,691
|
)
|
(118,602
|
)
|
(18,853
|
)
|
||||||||||||
Effect of exchange rate fluctuations
|
||||||||||||||||||||
on cash and cash equivalents
|
332
|
(41
|
)
|
436
|
285
|
(1,031
|
)
|
|||||||||||||
Cash and cash equivalents at
|
||||||||||||||||||||
beginning of period
|
51,894
|
71,778
|
302,471
|
334,572
|
71,778
|
|||||||||||||||
Cash and cash equivalents at end
|
||||||||||||||||||||
of period
|
217,216
|
216,255
|
217,216
|
216,255
|
51,894
|
./B<=1A!;2]*
M0K&QZ,W8_G29S8FTHJGU9Z3IUFFGZ;;6D:A4AC" #V%6J**9T)65@HHHH&%%
M%% %2:\EBE*+93R ?Q+C!_6J,NKZ@LA5-%N64=#N7G]:V:* .9FU_7$E*Q>&
M[AU]?,7_ !JK/XF\11D;?"\QSZR#^E=A10!PTOB[Q,D18>%GR/5^*J_\)QXH
M_P"A7_\ 'S_A7H=% 'F!_^10L?H_\ Z&: ,SQWJ>IZ?-IW]FRE3N9Y
M%_O*HR16]-K44?ADZNK KY'F+[MCI^=9GB)%E\4:#&XRCM*K#U&VN^_M.4O*DPP#_"",@?K6EXPO;BPT%I[60Q
MR>=&NX>A8 U5\+!5UC7U48470 'MMIWCO_D66_Z[Q?\ H0H Z.(EH4)ZE037
M'^)K+4=+TVXU"#6KC(88C*C R:Z^#_CWC_W1_*L#QQ_R*UQ_O)_.@"UHVF75
MMLN9]4GN0\8/ENH !(J+Q=