0001178913-16-006328.txt : 20160824 0001178913-16-006328.hdr.sgml : 20160824 20160824163035 ACCESSION NUMBER: 0001178913-16-006328 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160824 FILED AS OF DATE: 20160824 DATE AS OF CHANGE: 20160824 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: 161849590 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 zk1618928.htm 6-K

 
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 August 2016
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 ☒          Form 40-F ☐

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 ☐          No ☒

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 June 30, 2016,” dated August 24, 2016.

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: August 24, 2016
 
3

 
EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1

 
Exhibit 99.1
 
 
 
Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three Months
Ended June 30, 2016
 
Ellomay Capital Currently Indirectly Holds Approximately 9.4% of Dorad Energy Ltd.
 
Tel-Aviv, Israel, August 24, 2016 – Ellomay Capital Ltd. (NYSE MKT; TASE: ELLO) (“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 June 30, 2016 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds approximately 9.4%.

On August 16, 2016, Amos Luzon Entrepreneurship and Energy Group Ltd. (f/k/a U. Dori Group Ltd.) (the “Luzon Group”), an Israeli public company that currently holds 50% of U. Dori Energy Infrastructures Ltd. (“Dori 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 results of Dori Energy and of Dorad for the quarter ended June 30, 2016 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 September 18, 2016. 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 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).

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 winter and intermediate months of January to June are not indicative of full year results.

A translation of the financial results for Dorad as of and for the year ended December 31, 2015 and as of and for the six and three month periods ended June 30, 2015 and 2016 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 Amos Luzon Entrepreneurship and Energy Group Ltd., 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 and with the Tel Aviv Stock Exchange under the trading symbol “ELLO” 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, 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.
 
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.
 
Condensed Interim Statement of Financial Position
 
   
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
 

 

 
Dorad Energy Ltd.

Condensed Interim Income Statement

   
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
 



 
Dorad Energy Ltd.
 
Condensed Interim Statements of Changes in Equity
 
               
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
 

 

Dorad Energy Ltd.
 
Condensed Interim Statements of Cash Flows
 
   
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
 




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