Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. as of and for the Three Months Ended March 31, 2025

TEL-AVIV, Israel, May 30, 2025 (GLOBE NEWSWIRE) -- Ellomay Capital Ltd. (NYSE American; TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe, Israel and USA, today reported the publication in Israel of financial statements as of and for the three months ended March 31, 2025 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.) ("Ellomay Luzon Energy").

On May 29, 2025, Amos Luzon Entrepreneurship and Energy Group Ltd. (the "Luzon Group"), an Israeli public company that currently holds the remaining 50% of Ellomay Luzon 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 statements of Dorad as of and for the three months ended March 31, 2025 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its indirect share of these results (through its holdings in Ellomay Luzon Energy) in its financial results for this period. 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 to English of Dorad's financial results.

Dorad Financial Highlights

• Dorad's revenues for the three months ended March 31, 2025 – approximately NIS 610.6 million.
• Dorad's operating profit for the three months ended March 31, 2025 – approximately NIS 76.9 million.

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: summer – June-September; winter – December-February; and intermediate (spring and autumn) – March-May and October-November. There is a higher demand for electricity during the winter and summer seasons, and the average electricity consumption 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 for the quarter ended March 31, 2025, which include winter months of January and February and the intermediate month of March, are not indicative of full year results. In addition, due to various reasons, including the effects of the increase in the Israeli CPI impacting interest payments by Dorad on its credit facility, the results included herein may not be indicative of first quarter results in the future or comparable to first quarter results in the past.

A convenience translation of the financial results for Dorad as of and for the year ended December 31, 2024 and as of and for each of the three-month periods ended March 31, 2025 and 2024 is included at the end of this press release. Ellomay does not undertake to separately report Dorad's financial results in a press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Luzon Group, Ellomay Luzon 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 American and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

• Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
• 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 850MW, representing about 6%-8% of Israel's total current electricity consumption;
• Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
• 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
• Solar projects in Italy with an aggregate capacity of 294 MW that have reached "ready to build" status; and
• Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

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 the Company's forward-looking statements, including changes in electricity prices and demand, continued war and hostilities and political and economic conditions generally in Israel, regulatory changes, the decisions of the Israeli Electricity Authority, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad, competition, changes in the supply and prices of resources required for the operation of the Dorad's facilities and in the price of oil and electricity, changes in the Israeli CPI, changes in interest rates, seasonality, failure to obtain financing for the expansion of Dorad and other risks applicable to projects under development and construction, and other risks applicable to projects under development and construction, in addition to other risks and uncertainties associated with the Company's and Dorad's business that 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 Rubenbach (Weintraub)

CFO

Tel: +972 (3) 797-1111

Email: [email protected]  

Dorad Energy Ltd.
Interim Condensed Statements of Financial Position
	March 31		March 31		December 31
	2025		2024		2024
	(Unaudited)		(Unaudited)		(Audited)
	NIS thousands		NIS thousands		NIS thousands
Current assets
Cash and cash equivalents	1,030,373		399,596		846,565
Trade receivables and accrued income	247,812		181,182		185,625
Other receivables	26,929		13,850		32,400
Financial derivatives	803		-		-
Total current assets	1,305,917		594,628		1,064,590
Non-current assets
Restricted deposit	541,855		514,770		531,569
Long-term Prepaid expenses	79,666		29,548		79,739
Fixed assets	2,678,973		3,065,103		2,697,592
Intangible assets	10,215		7,573		9,688
Right of use assets	53,332		54,544		54,199
Total non-current assets	3,364,041		3,671,538		3,372,787
Total assets	4,669,958		4,266,166		4,437,377
Current liabilities
Current maturities of loans from banks	347,509		329,137		321,805
Current maturities of lease liabilities	4,991		4,787		4,887
Current tax liabilities	24,119		-		14,016
Trade payables	297,164		158,545		168,637
Other payables	14,865		19,897		14,971
Financial derivatives	-		1,125		-
Total current liabilities	688,648		513,491		524,316
Non-current liabilities
Loans from banks	1,756,777		2,001,668		1,750,457
Other long-term liabilities	60,872		11,562		60,987
Long-term lease liabilities	47,198		48,007		46,809
Provision for dismantling and restoration	37,212		38,013		38,102
Deferred tax liabilities	405,837		297,691		399,282
Liabilities for employee benefits, net	160		160		160
Total non-current liabilities	2,308,056		2,397,101		2,295,797
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	1,027,296		709,616		971,306
Total equity	1,673,254		1,355,574		1,617,264
Total liabilities and equity	4,669,958		4,266,166		4,437,377

Dorad Energy Ltd.
Interim Condensed Statements of Profit or Loss
		For the three months ended				Year ended
		March 31				December 31
		2025		2024		2024
		(Unaudited)		(Unaudited)		(Audited)
		NIS thousands		NIS thousands		NIS thousands
Revenues	610,554		610,882		2,863,770
Operating costs of the Power Plant
Energy costs	105,220		131,084		574,572
Electricity purchase and infrastructure services	325,315		263,191		1,372,618
Depreciation and amortization	51,418		55,514		106,266
Other operating costs		43,475		42,469		190,027
Total operating costs of Power Plant		525,428		492,258		2,243,483
Profit from operating the Power Plant	85,126		118,624		620,287
General and administrative expenses	8,186		9,874		23,929
Other income		-		-		58
Operating profit	76,940		108,750		596,416
Financing income	28,452		12,879		184,939
Financing expenses		32,743		36,396		193,825
Financing expenses, net		4,291		23,517		8,886
Profit before taxes on income	72,649		85,233		587,530
Taxes on income		16,659		19,596		135,203
Net profit for the period		55,990		65,637		452,327

Dorad Energy Ltd.
Interim Condensed Statements of Changes in Shareholders' Equity
								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 three months
ended March 31, 2025
(Unaudited)
Balance as at
January 1, 2025 (Audited)	11				642,199			3,748		971,306			1,617,264
Net profit for the period	-				-			-		55,990			55,990
Balance as at   March 31, 2025 (Unaudited)	11				642,199			3,748		1,027,296			1,673,254
For the three months
ended March 31, 2024
(Unaudited)
Balance as at
January 1, 2024 (Audited)	11				642,199			3,748		643,979		1,289,937
Net profit for the period	-				-			-		65,637		65,637
Balance as at
March 31, 2024 (Unaudited)	11				642,199			3,748		709,616		1,355,574
For the year ended
December 31, 2024 (Audited)
Balance as at
January 1, 2024 (Audited)	11				642,199			3,748		643,979		1,289,937
Dividend distributed	-				-			-		(125,000	)	(125,000		)
Net profit for the year	-				-			-		452,327		452,327
Balance as at
December 31, 2024 (Audited)	11				642,199			3,748		971,306		1,617,264

 

Dorad Energy Ltd.
Interim Condensed Statements of Cash Flows
		For the three months ended				Year ended
		March 31				December 31
		2025		2024		2024
		(Unaudited)		(Unaudited)		(Audited)
		NIS thousands		NIS thousands		NIS thousands
Cash flows from operating activities:
Net Profit for the period	55,990			65,637		452,327
Adjustments:
Depreciation and amortization
and fuel consumption	53,036			59,379		121,664
Taxes on income	16,659			19,596		135,203
Financing expenses, net	4,291			23,517		8,886
	73,986			102,492		265,753
Change in trade receivables	(62,187		)	30,684		26,241
Change in other receivables	5,471			(4,493	)	(20,951	)
Change in trade payables	116,677			(8,906	)	(10,361	)
Change in other payables	(106		)	5,954		(3,481	)
Change in other long-term liabilities	315			(1,381	)	(3,661	)
	60,170			21,858		(12,213	)
Net cash from operating activities	190,146			189,987		705,867
Cash flows from investing activities:
Proceeds (used in) for settlement of financial derivatives, net	289			(1,395	)	1,548
Decrease in long-term restricted deposits	-			17,500		17,500
Investment in fixed assets	(34,249		)	(17,069	)	(44,132	)
Proceeds from arbitration	-			-		337,905
Proceeds from insurance for damages to fixed assets	-			2,737		5,148
Investment in intangible assets	(1,115		)	(412	)	(4,054	)
Interest received	14,847			9,577		42,221
Net cash from )used in) investing activities	(20,228		)	10,918		356,136
Cash flows from financing activities:
Repayment of lease liability	-			(100	)	(4,984	)
Repayment of loans from banks	-			-		(284,570	)
Dividends paid	-			(17,500	)	(142,500	)
Interest paid	(190		)	(196	)	(129,957	)
Proceeds from arbitration	-			-		127,195
Net cash used in financing activities	(190		)	(17,796	)	(434,816	)
Net increase in cash and cash equivalents	169,728			183,109		627,187
Effect of exchange rate fluctuations
on cash and cash equivalents	14,080			(2,759	)	132
Cash and cash equivalents at
beginning of period	846,565			219,246		219,246
Cash and cash equivalents at end
of period	1,030,373			399,596		846,565
(a) Significant non-cash activity
Liability for gas agreements	432			-		56,208