Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Year Ended December 31, 2024

March 31, 2025 16:10 ET | Source: Ellomay Capital Ltd TEL-AVIV, Israel, March 31, 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 for the year ended December 31, 2024 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 March 31, 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 annual report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the annual report of the Luzon Group includes the financial statements of Dorad for the same period. The financial statements of Dorad for the year ended December 31, 2024 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 and financial statements 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 year ended December 31, 2024 – approximately NIS 2,863.8 million.Dorad’s operating profit for the year ended December 31, 2024 – approximately NIS 620.3 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. Since January 1, 2023, 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. 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 full year results in the future or comparable to full year results in the past. The financial statements of Dorad include a note concerning the war situation in Israel, which commenced on October 7, 2023, stating that Dorad estimated, based on the information it had as of February 27, 2025 (the date of approval of Dorad’s financial statements as of December 31, 2024), that the current events and the security escalation in Israel have an impact on its results but that the impact on its short-term business results will be immaterial. Dorad further notes that as this event is not under the control of Dorad, and factors such as the war and hostilities being resumed may affect Dorad’s assessments, and that as of the date of its financial statements, Dorad is unable to assess the extent of the impact of the war on its business activities and on its medium and long-term results. Dorad continues to regularly monitor the developments and is examining the effects on its operations and the value of its assets. In December 2024, Dorad received payment in an amount of approximately $130 million pursuant to an arbitration ruling in a derivative claim submitted by certain of its shareholders, which increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes). A convenience translation to English of the financial results for Dorad as of December 31, 2024 and 2023 and for each of the three years ended December 31, 2023 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;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: hilai@ellomay.com Dorad Energy Ltd. Statements of Financial Position December 31December 3120242023NIS thousandsNIS thousandsCurrent assets Cash and cash equivalents846,565219,246Trade receivables and accrued income185,625211,866Other receivables32,40012,095Total current assets1,064,590443,207 Restricted deposits531,569522,319Long- term Prepaid expenses79,73930,053Fixed assets2,697,5923,106,550Intangible assets9,6887,653Right of use assets54,19955,390Total non-current assets3,372,7873,721,965 Total assets4,437,3774,165,172 Current maturities of loans from banks321,805299,203Current maturities of lease liabilities4,8874,787Current tax liabilities14,016-Trade payables168,637166,089Other payables14,97131,446Total current liabilities524,316501,525 Loans from banks1,750,4571,995,909Other long-term liabilities60,98712,943Long-term lease liabilities46,80947,618Provision for restoration and decommissioning38,10238,985Deferred tax liabilities399,282278,095Liabilities for employee benefits, net160160Total non-current liabilities2,295,7972,373,710 Equity Share capital1111Share premium642,199642,199Capital reserve for activities with shareholders3,7483,748Retained earnings971,306643,979 Total equity1,617,2641,289,937 Total liabilities and equity4,437,3774,165,172 Dorad Energy Ltd. Statements of Profit or Loss 202420232022NIS thousandsNIS thousandsNIS thousandsRevenues2,863,7702,722,3962,369,220 Operating costs of the power plant Energy costs574,572583,112544,118Purchases of electricity and infrastructure services1,372,6181,244,6461,088,127Depreciation and amortization106,266242,104239,115Other operating costs190,027186,024157,189 Total operating costs of the power plant2,243,4832,255,8862,028,549 Profit from operating the power plant620,287466,510340,671 General and administrative expenses23,92927,66824,066Other income5839- Operating profit596,416438,881316,605 Financing income184,93945,28652,131Financing expenses193,825209,773271,116 Financing expenses, net8,886164,487218,985 Profit before taxes on income587,530274,39497,620 Taxes on income135,20363,07922,340 Net profit for the year452,327211,31575,280 Dorad Energy Ltd. Statements of Changes in Shareholders’ Equity Capital reserve for activities with SharecontrollingRetained Share capitalpremiumshareholdersearningsTotal NIS thousandsNIS thousandsNIS thousandsNIS thousandsNIS thousands For the year ended December 31, 2024 Balance as at January 1, 202411 642,199 3,748643,979 1,289,937 Dividend distributed---(125,000)(125,000)Net profit for the year---452,327 452,327 Balance as at December 31, 202411642,1993,748971,306 1,617,264 For the year ended December 31, 2023 Balance as at January 1, 202311642,1993,748572,664 1,218,622 Dividend distributed---(140,000)(140,000)Net profit for the year---211,315 211,315 Balance as at December 31, 202311642,1993,748643,979 1,289,937 For the year ended December 31, 2022 Balance as at January 1, 202211642,1993,748497,3841,143,342 Net profit for the year---75,28075,280 Balance as at December 31, 202211642,1993,748572,6641,218,622 Dorad Energy Ltd. Statements of Cash Flows 2024 2023 2022 NIS thousandsNIS thousandsNIS thousandsCash flows from operating activities: Profit for the year452,327 211,315 75,280 Adjustments: Depreciation, amortization, and diesel consumption121,664 245,566 242,345 Taxes on income135,203 63,079 22,340 Financing expenses, net8,886 164,487 218,985 265,753 473,132 483,670 Change in trade receivables and accrued income26,241 26,715 9,991 Change in other receivables(20,951)20,714 7,480 Change in trade payables(10,361)(115,976)(127,907)Change in other payables(3,481)2,507 4,339 Change in other long-term liabilities(3,661)(4,586)1,695 (12,213)(70,626)(104,402)Taxes on income paid- - (21,795) Net cash from operating activities705,867 613,821 432,753 Cash flows from investing activities: Proceeds from settlement of financial derivatives1,548 8,884 13,652 Decrease in long-term restricted deposits17,500 40,887 - Investment in fixed assets(44,132)(102,082)(110,715)Proceeds from arbitration337,905 - - Proceeds from insurance for damages to fixed assets5,148 - - Investment in intangible assets(4,054)(3,162)(1,810)Interest received42,221 33,501 6,433 Net cash from )used in( investing activities356,136 (21,972)(92,440) Cash flows from financing activities: Repayment of lease liability(4,984)(4,817)(4,726)Repayment of loans from banks(284,570)(253,382)(255,705)Dividends paid(142,500)(122,500)- Interest paid(129,957)(151,220)(159,804)Proceeds from arbitration127,195 - - Net cash used in financing activities(434,816)(531,919)(420,235) Net increase (decrease) in cash and cash equivalents627,187 59,930 (79,922) Effect of exchange rate fluctuations on cash and cash equivalents132 7,835 29,543 Cash and cash equivalents at beginning of year219,246 151,481 201,860 Cash and cash equivalents at end of year846,565 219,246 151,481 (a) Significant non-cash activity Liability for gas agreements56,208 - -

Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Year Ended December 31, 2024

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