Exhibit 99.1. |
Press Release: "Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three and Six Months Ended June 30, 2017," dated August 31, 2017.
|
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, 2017 - approximately NIS 536.6 million (or approximately USD 153.5 million, based on the exchange rate on June 30, 2017).
|
· |
Dorad's unaudited operating profit for the three months ended June 30, 2017 - approximately NIS 46.3 million (or approximately USD 13.3 million, based on the exchange rate on June 30, 2017).
|
· |
Approximately 22.6MW of photovoltaic power plants in Italy and approximately 7.9MW of photovoltaic power plants in Spain;
|
· |
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 850 MW, representing about 6%-8% of Israel's total current electricity consumption;
|
· |
75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay Pumped Storage (2014) Ltd., all of which are involved in a project to construct a 340 MW pumped storage hydro power plant in the Manara Cliff, Israel;
|
· |
51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.
|
June 30
|
June 30
|
December 31
|
||||||||||
2017
|
2016
|
2016
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Assets
|
||||||||||||
Cash and cash equivalents
|
81,313
|
217,216
|
80,967
|
|||||||||
Trade receivables
|
265,829
|
276,624
|
294,351
|
|||||||||
Other receivables
|
97,529
|
18,391
|
37,174
|
|||||||||
Pledged deposits
|
-
|
29,486
|
-
|
|||||||||
Total current assets
|
444,671
|
541,717
|
412,492
|
|||||||||
Restricted deposits
|
393,657
|
305,741
|
411,574
|
|||||||||
Prepaid expenses
|
44,880
|
46,005
|
45,938
|
|||||||||
Fixed assets
|
4,099,540
|
4,283,932
|
4,170,151
|
|||||||||
Intangible assets
|
7,420
|
8,858
|
8,551
|
|||||||||
Total non-current assets
|
4,545,497
|
4,644,536
|
4,636,214
|
|||||||||
Total assets
|
4,990,168
|
5,186,253
|
5,048,706
|
|||||||||
Liabilities
|
||||||||||||
Current maturities of loans from banks
|
203,415
|
174,352
|
197,389
|
|||||||||
Current maturities of loans from related parties
|
70,000
|
350,000
|
80,000
|
|||||||||
Trade payables
|
329,456
|
327,085
|
293,613
|
|||||||||
Other payables
|
22,822
|
10,038
|
9,152
|
|||||||||
Financial derivatives
|
7,298
|
430
|
-
|
|||||||||
Total current liabilities
|
632,991
|
861,905
|
580,154
|
|||||||||
Loans from banks
|
3,287,991
|
3,221,059
|
3,367,832
|
|||||||||
Loans from related parties
|
116,812
|
198,272
|
151,638
|
|||||||||
Provision for dismantling and restoration
|
35,968
|
35,434
|
35,700
|
|||||||||
Deferred tax liabilities, net
|
66,305
|
60,475
|
65,618
|
|||||||||
Liabilities for employee benefits, net
|
160
|
160
|
160
|
|||||||||
Total non-current liabilities
|
3,507,236
|
3,515,400
|
3,620,948
|
|||||||||
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
|
203,983
|
162,990
|
201,646
|
|||||||||
Total equity
|
849,941
|
808,948
|
847,604
|
|||||||||
Total liabilities and equity
|
4,990,168
|
5,186,253
|
5,048,706
|
For the six months ended
|
For the three months ended
|
Year ended
|
||||||||||||||||||
June 30
|
June 30
|
December 31
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
2016
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
Revenues
|
1,211,289
|
1,126,458
|
536,602
|
516,516
|
2,299,565
|
|||||||||||||||
Operating costs of the
|
||||||||||||||||||||
Power Plant
|
||||||||||||||||||||
Energy costs
|
291,795
|
284,809
|
145,767
|
157,990
|
550,401
|
|||||||||||||||
Electricity purchase and
|
||||||||||||||||||||
infrastructure services
|
603,411
|
543,635
|
273,001
|
239,280
|
1,104,826
|
|||||||||||||||
Depreciation and
|
||||||||||||||||||||
amortization
|
97,634
|
105,330
|
46,189
|
53,991
|
209,057
|
|||||||||||||||
Other operating costs
|
57,915
|
65,190
|
25,296
|
34,279
|
141,132
|
|||||||||||||||
Total operating costs
|
||||||||||||||||||||
of Power Plant
|
1,050,755
|
998,964
|
490,253
|
485,540
|
2,005,416
|
|||||||||||||||
Profit from operating
|
||||||||||||||||||||
the Power Plant
|
160,534
|
127,494
|
46,349
|
30,976
|
294,149
|
|||||||||||||||
General and
|
||||||||||||||||||||
administrative expenses
|
8,576
|
8,745
|
4,505
|
4,687
|
19,178
|
|||||||||||||||
Operating profit
|
151,958
|
118,749
|
41,844
|
26,289
|
274,971
|
|||||||||||||||
Financing income
|
1,810
|
2,198
|
1,312
|
1,986
|
7,025
|
|||||||||||||||
Financing expenses
|
(150,744
|
)
|
(108,804
|
)
|
(89,829
|
)
|
(69,676
|
)
|
(226,054
|
)
|
||||||||||
Financing expenses, net
|
(148,934
|
)
|
(106,606
|
)
|
(88,517
|
)
|
(67,690
|
)
|
(219,029
|
)
|
||||||||||
Profit (loss) before taxes
|
||||||||||||||||||||
on income
|
3,024
|
12,143
|
(46,673
|
)
|
(41,401
|
)
|
55,942
|
|||||||||||||
Tax benefit (Taxes on
|
||||||||||||||||||||
income)
|
(687
|
)
|
407
|
10,744
|
10,350
|
(4,736
|
)
|
|||||||||||||
Profit (loss) for the period
|
2,337
|
12,550
|
(35,929
|
)
|
(31,051
|
)
|
51,206
|
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, 2017
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2017 (Audited)
|
11
|
642,199
|
3,748
|
201,646
|
847,604
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
2,337
|
2,337
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
June 30, 2017 (Unaudited)
|
11
|
642,199
|
3,748
|
203,983
|
849,941
|
|||||||||||||||
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 three months
|
||||||||||||||||||||
ended June 30, 2017
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
April 1, 2017 (Unaudited)
|
11
|
642,199
|
3,748
|
239,912
|
885,870
|
|||||||||||||||
Loss for the period
|
-
|
-
|
-
|
(35,929
|
)
|
(35,929
|
)
|
|||||||||||||
Balance as at
|
||||||||||||||||||||
June 30, 2017 (Unaudited)
|
11
|
642,199
|
3,748
|
203,983
|
849,941
|
|||||||||||||||
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 year ended
|
||||||||||||||||||||
December 31, 2016 (Audited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2016 (Audited)
|
11
|
642,199
|
3,748
|
150,440
|
796,398
|
|||||||||||||||
Profit for the year
|
-
|
-
|
-
|
51,206
|
51,206
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
December 31, 2016 (Audited)
|
11
|
642,199
|
3,748
|
201,646
|
847,604
|
For the six months ended
|
For the three months ended
|
Year ended
|
||||||||||||||||||
June 30
|
June 30
|
December 31
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
2016
|
||||||||||||||||
(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
|
2,337
|
12,550
|
(35,929
|
)
|
(31,051
|
)
|
51,206
|
|||||||||||||
Adjustments:
|
||||||||||||||||||||
Depreciation and amortization
|
||||||||||||||||||||
and fuel consumption
|
142,906
|
114,078
|
72,816
|
56,446
|
238,484
|
|||||||||||||||
Taxes on income (tax benefit)
|
687
|
(407
|
)
|
(10,744
|
)
|
(10,350
|
)
|
4,736
|
||||||||||||
Financing expenses, net
|
148,934
|
106,606
|
88,517
|
67,690
|
219,029
|
|||||||||||||||
292,527
|
220,277
|
150,589
|
113,786
|
462,249
|
||||||||||||||||
Change in trade receivables
|
29,102
|
2,966
|
8,581
|
(22,457
|
)
|
(14,761
|
)
|
|||||||||||||
Change in other receivables
|
(60,355
|
)
|
13,604
|
(41,999
|
)
|
7,392
|
(5,179
|
)
|
||||||||||||
Change in trade payables
|
36,707
|
80,828
|
42,984
|
7,188
|
48,807
|
|||||||||||||||
Change in other payables
|
(2,387
|
)
|
163
|
(19,779
|
)
|
(2,744
|
)
|
677
|
||||||||||||
Change in employee benefits, net
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
3,067
|
97,561
|
(10,213
|
)
|
(10,621
|
)
|
29,544
|
||||||||||||||
Net cash flows provided
|
||||||||||||||||||||
by operating activities
|
297,931
|
330,388
|
104,447
|
72,114
|
542,999
|
|||||||||||||||
Cash flows from
|
||||||||||||||||||||
investing activities
|
||||||||||||||||||||
Payment for settlement of
|
||||||||||||||||||||
financial derivatives
|
(4,633
|
)
|
(1,365
|
)
|
(2,784
|
)
|
(1,043
|
)
|
(2,017
|
)
|
||||||||||
Release of pledged deposit
|
-
|
-
|
-
|
-
|
29,486
|
|||||||||||||||
Investment in long-term
|
||||||||||||||||||||
restricted deposits
|
(21,000
|
)
|
(40,391
|
)
|
-
|
(40,391
|
)
|
(143,891
|
)
|
|||||||||||
Release of long-term restricted
|
||||||||||||||||||||
deposits
|
25,790
|
70,000
|
12,572
|
70,000
|
70,000
|
|||||||||||||||
Long-term prepaid expenses
|
-
|
(90
|
)
|
-
|
(90
|
)
|
(1,056
|
)
|
||||||||||||
Investment in fixed assets
|
(53,786
|
)
|
(15,779
|
)
|
(21,804
|
)
|
(10,576
|
)
|
(25,415
|
)
|
||||||||||
Investment in intangible assets
|
(258
|
)
|
(1,755
|
)
|
(227
|
)
|
(273
|
)
|
(2,804
|
)
|
||||||||||
Interest received
|
1,230
|
121
|
732
|
105
|
624
|
|||||||||||||||
Net cash flows provided by (used
|
||||||||||||||||||||
in) investing activities
|
(52,657
|
)
|
10,741
|
(11,511
|
)
|
17,732
|
(75,073
|
)
|
||||||||||||
Cash flows from
|
||||||||||||||||||||
financing activities:
|
||||||||||||||||||||
Receipt of long-term
|
||||||||||||||||||||
loans from related parties
|
-
|
-
|
-
|
-
|
16,689
|
|||||||||||||||
Receipt of long-term
|
||||||||||||||||||||
loans from banks
|
-
|
-
|
-
|
-
|
242,772
|
|||||||||||||||
Repayment of long-term loans
|
||||||||||||||||||||
from related parties
|
(39,628
|
)
|
-
|
-
|
-
|
(147,219
|
)
|
|||||||||||||
Repayment of loans from banks
|
(85,112
|
)
|
(73,460
|
)
|
(85,112
|
)
|
(73,460
|
)
|
(143,896
|
)
|
||||||||||
Interest paid
|
(120,865
|
)
|
(102,679
|
)
|
(105,183
|
)
|
(102,077
|
)
|
(408,071
|
)
|
||||||||||
Net cash flows used in
|
||||||||||||||||||||
financing activities
|
(245,605
|
)
|
(176,139
|
)
|
(190,295
|
)
|
(175,537
|
)
|
(439,725
|
)
|
||||||||||
Net increase (decrease) in cash
|
||||||||||||||||||||
and cash equivalents
|
(331
|
)
|
164,990
|
(97,359
|
)
|
(85,691
|
)
|
28,201
|
||||||||||||
Effect of exchange rate fluctuations
|
||||||||||||||||||||
on cash and cash equivalents
|
677
|
332
|
523
|
436
|
872
|
|||||||||||||||
Cash and cash equivalents at
|
||||||||||||||||||||
beginning of period
|
80,967
|
51,894
|
178,149
|
302,471
|
51,894
|
|||||||||||||||
Cash and cash equivalents at end
|
||||||||||||||||||||
of period
|
81,313
|
217,216
|
81,313
|
217,216
|
80,967
|