Exhibit 99.1 |
|
Ellomay Capital Ltd.
By: /s/
Ran Fridrich
Ran Fridrich
Chief Executive Officer and Director
|
•
|
Dorad’s unaudited revenues for the three months ended September 30, 2020 - approximately NIS 697.1 million.
|
•
|
Dorad’s unaudited operating profit for the three months ended September 30, 2020 - approximately NIS 112.7 million.
|
•
|
Approximately 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in
Israel;
|
•
|
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 860MW, representing about 6%-8% of Israel’s total current electricity consumption;
|
•
|
51% of Talasol, which is involved in a project to construct a photovoltaic plant with a peak capacity of 300MW in the
municipality of Talaván, Cáceres, Spain;
|
•
|
100% 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;
|
•
|
75% of Ellomay Pumped Storage (2014) Ltd. (including 6.67% that are held by a trustee in trust for us and other
parties), which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.
|
September 30
|
September 30
|
December 31
|
||||||||||
2020
|
2019
|
2019
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
418,733
|
393,646
|
266,021
|
|||||||||
Trade receivables and accrued income
|
218,858
|
253,309
|
292,759
|
|||||||||
Other receivables
|
8,448
|
8,734
|
22,685
|
|||||||||
Total current assets
|
646,039
|
655,689
|
581,465
|
|||||||||
Non-current assets
|
||||||||||||
Restricted deposit
|
446,966
|
424,078
|
438,032
|
|||||||||
Prepaid expenses
|
35,729
|
40,116
|
37,225
|
|||||||||
Fixed assets
|
3,557,177
|
3,721,981
|
3,698,716
|
|||||||||
Intangible assets
|
5,528
|
2,214
|
2,247
|
|||||||||
Right of use assets
|
60,985
|
57,224
|
64,161
|
|||||||||
Total non-current assets
|
4,106,385
|
4,245,613
|
4,240,381
|
|||||||||
Total assets
|
4,752,424
|
4,901,302
|
4,821,846
|
|||||||||
Current liabilities
|
||||||||||||
Current maturities of loans from banks
|
272,762
|
267,032
|
231,380
|
|||||||||
Current maturities of lease liabilities
|
3,039
|
4,546
|
4,551
|
|||||||||
Trade payables
|
262,785
|
268,305
|
288,127
|
|||||||||
Other payables
|
25,297
|
15,846
|
10,509
|
|||||||||
Financial derivatives
|
515
|
2,339
|
-
|
|||||||||
Total current liabilities
|
564,398
|
558,068
|
534,567
|
|||||||||
Non-current liabilities
|
||||||||||||
Loans from banks
|
2,669,511
|
2,911,651
|
2,803,975
|
|||||||||
Long-term lease liabilities
|
55,929
|
52,385
|
54,052
|
|||||||||
Provision for dismantling and restoration
|
50,058
|
35,950
|
36,102
|
|||||||||
Deferred tax liabilities
|
202,706
|
159,165
|
170,676
|
|||||||||
Liabilities for employee benefits, net
|
160
|
160
|
160
|
|||||||||
Total non-current liabilities
|
2,978,364
|
3,159,311
|
3,064,965
|
|||||||||
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
|
563,704
|
537,965
|
576,356
|
|||||||||
Total equity
|
1,209,662
|
1,183,923
|
1,222,314
|
|||||||||
Total liabilities and equity
|
4,752,424
|
4,901,302
|
4,821,846
|
For the nine months ended
|
For the three months ended
|
Year ended
|
||||||||||||||||||
September 30
|
September 30
|
December 31
|
||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2019
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
Revenues
|
1,884,621
|
2,069,997
|
697,061
|
765,384
|
2,700,766
|
|||||||||||||||
Operating costs of the
|
||||||||||||||||||||
Power Plant
|
||||||||||||||||||||
Energy costs
|
417,892
|
564,179
|
143,458
|
214,253
|
708,662
|
|||||||||||||||
Electricity purchase and
|
||||||||||||||||||||
infrastructure services
|
922,584
|
896,575
|
332,330
|
291,419
|
1,208,223
|
|||||||||||||||
Depreciation and
|
||||||||||||||||||||
amortization
|
179,889
|
161,028
|
72,833
|
55,660
|
214,248
|
|||||||||||||||
Other operating costs
|
111,671
|
119,556
|
35,729
|
37,788
|
151,116
|
|||||||||||||||
Total operating costs
|
||||||||||||||||||||
of Power Plant
|
1,632,036
|
1,741,338
|
584,350
|
599,120
|
2,282,249
|
|||||||||||||||
Profit from operating
|
||||||||||||||||||||
the Power Plant
|
252,585
|
328,659
|
112,711
|
166,264
|
418,517
|
|||||||||||||||
General and
|
||||||||||||||||||||
administrative expenses
|
19,011
|
14,832
|
5,590
|
5,105
|
20,676
|
|||||||||||||||
Operating profit
|
233,574
|
313,827
|
107,121
|
161,159
|
397,841
|
|||||||||||||||
Financing income
|
2,479
|
3,162
|
635
|
1,225
|
4,237
|
|||||||||||||||
Financing expenses
|
96,675
|
157,694
|
40,294
|
25,072
|
192,881
|
|||||||||||||||
Financing expenses, net
|
94,196
|
154,532
|
39,659
|
23,847
|
188,644
|
|||||||||||||||
Profit before
|
||||||||||||||||||||
taxes on income
|
139,378
|
159,295
|
67,462
|
137,312
|
209,197
|
|||||||||||||||
Taxes on income
|
32,030
|
36,362
|
15,497
|
31,574
|
47,873
|
|||||||||||||||
Profit for the period
|
107,348
|
122,933
|
51,965
|
105,738
|
161,324
|
Capital reserve
|
||||||||||||||||||||
for activities
|
||||||||||||||||||||
Share
|
Share
|
with
|
Retained
|
|||||||||||||||||
capital
|
premium
|
shareholders
|
earnings
|
Total Equity
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
For the nine months
|
||||||||||||||||||||
ended September 30, 2020
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2020 (Audited)
|
11
|
642,199
|
3,748
|
576,356
|
1,222,314
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
107,348
|
107,348
|
|||||||||||||||
Dividend to the Company’s
|
||||||||||||||||||||
shareholders
|
-
|
-
|
-
|
(120,000
|
)
|
(120,000
|
)
|
|||||||||||||
Balance as at
|
||||||||||||||||||||
September 30, 2020 (Unaudited)
|
11
|
642,199
|
3,748
|
563,704
|
1,209,662
|
|||||||||||||||
For the nine months
|
||||||||||||||||||||
ended September 30, 2019
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2019 (Audited)
|
11
|
642,199
|
3,748
|
415,032
|
1,060,990
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
122,933
|
122,933
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
September 30, 2019 (Unaudited)
|
11
|
642,199
|
3,748
|
537,965
|
1,183,923
|
|||||||||||||||
For the three months
|
||||||||||||||||||||
ended September 30, 2020
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
July 1, 2020 (Unaudited)
|
11
|
642,199
|
3,748
|
511,739
|
1,157,697
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
51,965
|
51,965
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
September 30, 2020 (Unaudited)
|
11
|
642,199
|
3,748
|
563,704
|
1,209,662
|
|||||||||||||||
For the three months
|
||||||||||||||||||||
ended September 30, 2019
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
July 1, 2019 (Unaudited)
|
11
|
642,199
|
3,748
|
432,227
|
1,078,185
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
105,738
|
105,738
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
September 30, 2019 (Unaudited)
|
11
|
642,199
|
3,748
|
537,965
|
1,183,923
|
Capital reserve
|
||||||||||||||||||||
for activities
|
||||||||||||||||||||
Share
|
Share
|
with
|
Retained
|
|||||||||||||||||
capital
|
premium
|
shareholders
|
earnings
|
Total Equity
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
For the year ended
|
||||||||||||||||||||
December 31, 2019 (Audited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2019 (Audited)
|
11
|
642,199
|
3,748
|
415,032
|
1,060,990
|
|||||||||||||||
Profit for the year
|
-
|
-
|
-
|
161,324
|
161,324
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
December 31, 2019 (Audited)
|
11
|
642,199
|
3,748
|
576,356
|
1,222,314
|
For the nine months ended
|
For the three months ended
|
Year ended
|
||||||||||||||||||
September 30
|
September 30
|
December 31
|
||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2019
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
Cash flows from
|
||||||||||||||||||||
operating activities:
|
||||||||||||||||||||
Profit for the period
|
107,348
|
122,933
|
51,965
|
105,738
|
161,324
|
|||||||||||||||
Adjustments:
|
||||||||||||||||||||
Depreciation and amortization
|
||||||||||||||||||||
and fuel consumption
|
182,508
|
185,403
|
73,127
|
65,427
|
239,323
|
|||||||||||||||
Taxes on income
|
32,030
|
36,362
|
15,497
|
31,574
|
47,873
|
|||||||||||||||
Financing expenses, net
|
94,196
|
154,532
|
39,659
|
23,847
|
188,644
|
|||||||||||||||
308,734
|
376,297
|
128,283
|
120,848
|
475,840
|
||||||||||||||||
Change in trade receivables
|
73,901
|
44,688
|
(7,465
|
)
|
2,894
|
5,238
|
||||||||||||||
Change in other receivables
|
14,234
|
39,345
|
6,576
|
26,454
|
25,394
|
|||||||||||||||
Change in trade payables
|
(26,120
|
)
|
(76,871
|
)
|
26,227
|
(2,782
|
)
|
(57,719
|
)
|
|||||||||||
Change in other payables
|
14,791
|
9,884
|
22,629
|
2,100
|
4,543
|
|||||||||||||||
76,806
|
17,046
|
47,967
|
28,666
|
(22,544
|
)
|
|||||||||||||||
Net cash flows provided
|
||||||||||||||||||||
by operating activities
|
492,888
|
516,276
|
228,215
|
255,252
|
614,620
|
|||||||||||||||
Cash flows used in
|
||||||||||||||||||||
investing activities
|
||||||||||||||||||||
Proceeds (payment) for settlement of
|
||||||||||||||||||||
financial derivatives
|
(696
|
)
|
(2,567
|
)
|
(817
|
)
|
(1,697
|
)
|
(4,551
|
)
|
||||||||||
Insurance proceeds in respect of
|
||||||||||||||||||||
damage to fixed asset
|
-
|
8,336
|
-
|
-
|
8,336
|
|||||||||||||||
Investment in long-term
|
||||||||||||||||||||
restricted deposit
|
(6,000
|
)
|
-
|
-
|
-
|
(14,000
|
)
|
|||||||||||||
Investment in fixed assets
|
(21,853
|
)
|
(31,789
|
)
|
(14,135
|
)
|
(11,133
|
)
|
(60,476
|
)
|
||||||||||
Investment in intangible assets
|
(4,367
|
)
|
(615
|
)
|
(2,557
|
)
|
(596
|
)
|
(939
|
)
|
||||||||||
Interest received
|
2,473
|
3,140
|
633
|
1,222
|
4,213
|
|||||||||||||||
Net cash flows used in
|
||||||||||||||||||||
investing activities
|
(30,443
|
)
|
(23,495
|
)
|
(16,876
|
)
|
(12,204
|
)
|
(67,417
|
)
|
||||||||||
Cash flows from
|
||||||||||||||||||||
financing activities:
|
||||||||||||||||||||
Repayment of lease liability principal
|
(441
|
)
|
(4,399
|
)
|
(147
|
)
|
(154
|
)
|
(8,513
|
)
|
||||||||||
Repayment of loans from
|
||||||||||||||||||||
related parties
|
-
|
(17,704
|
)
|
-
|
-
|
(17,704
|
)
|
|||||||||||||
Repayment of loans from banks
|
(102,653
|
)
|
(101,430
|
)
|
-
|
-
|
(189,893
|
)
|
||||||||||||
Dividends and exchange rate
|
||||||||||||||||||||
paid
|
(123,739
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Interest paid
|
(86,680
|
)
|
(92,970
|
)
|
(151
|
)
|
(172
|
)
|
(182,435
|
)
|
||||||||||
Net cash flows used in
|
||||||||||||||||||||
financing activities
|
(313,513
|
)
|
(216,503
|
)
|
(298
|
)
|
(326
|
)
|
(398,545
|
)
|
||||||||||
Net increase in cash
|
||||||||||||||||||||
and cash equivalents for
|
||||||||||||||||||||
the period
|
148,932
|
276,278
|
211,041
|
242,722
|
148,658
|
|||||||||||||||
Effect of exchange rate fluctuations
|
||||||||||||||||||||
on cash and cash equivalents
|
3,780
|
148
|
(170
|
)
|
28
|
143
|
||||||||||||||
Cash and cash equivalents at
|
||||||||||||||||||||
beginning of period
|
266,021
|
117,220
|
207,862
|
150,896
|
117,220
|
|||||||||||||||
Cash and cash equivalents at end
|
||||||||||||||||||||
of period
|
418,733
|
393,646
|
418,733
|
393,646
|
266,021
|
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