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 monetary results for this period, which are presently expected to be published on or about September 18, 2016. In an effort to offer Ellomays shareholders with access to Dorads monetary outcomes (which were released in Hebrew), Ellomay thus offers a convenience translation of the Dorad financial outcomes.
Dorad Financial Highlights
- Dorads unaudited incomes for thethree months ended June 30, 2016-around NIS517 million (or roughly USD134 million, based upon the exchange rate on June 30, 2016).
- Dorads unaudited operating profit for thethree months ended June 30, 2016 – roughly NIS26 million (or approximately USD7 million, based upon the exchange rate on June 30, 2016).
Based upon the details offered by Dorad, the demand for electrical energy by Dorads customers is seasonal and is affected by, inter alia, the climate prevailing because season. The months of the year are split into three seasons as follows: the summertime 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 need for electricity throughout the winter season and summertime seasons, and the average electrical power consumption per hour is greater in these seasons than in the intermediate seasons and is even defined by peak demands due to severe environment conditions of heat or cold. In addition, Dorads profits are impacted by the modification in load and time tariffs – TAOZ (an electrical energy tariff that differs across seasons and throughout the day in accordance with need hour clusters), as, generally, TAOZ tariffs are greater in the summer season than in the intermediate and winter seasonwinter. For that reason, the outcomes presented, which consist ofthat include the winter and intermediate months of January to June are not indicative of full year outcomes.
A translation of the monetary results for Dorad since and for the year ended December 31, 2015 and as of and for the six andthree month durations ended June 30, 2015 and 2016 is consisted of at the end of this press release. Ellomay does not carry out to independently report Dorads financial outcomeslead to a different news release in the future. Neither Ellomay nor its independent public accounting professionals have actually reviewed or sought advice fromsought advice from the Amos Luzon Entrepreneurship and Energy Group Ltd., Dori Energy or Dorad with regard 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 market under the trading symbol ELLO and whose Series A Debentures are traded on the Tel Aviv Stock market. Since 2009, Ellomay Capital focuses its business in the energy and infrastructure sectors worldwide. Ellomay (formerly Nur Macroprinters Ltd.) formerly was a provider of large format and super-wide format digital printing systems and related products worldwide, and offered this company to Hewlett-Packard Company throughout 2008 for more than $100 million.
To this day, Ellomay has assessed numerous opportunities and invested substantial funds in the sustainable, clean energy and natural resources industries in Israel, Italy and Spain, including:
- Around 22.6 MW of photovoltaic power plants in Italy, approximately5.6 MW of photovoltaic power plants in Spain and 85% of roughly 2.3 MW of photovoltaic power plant in Spain; and
- Roughly 9.4% indirect interest in Dorad Energy Ltd., which owns and operates among Israels largest personal power plant with production capability of approximately 850 MW, representing about 6%-8% of Israels overall existing electrical power usage.
Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich.Mr.
Nehama is one of Israels prominent business people and the previous Chairman of Israels leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have huge experience in financial and industrial companies. These managing investors, along with Ellomays committed professional management, accumulated extensive experience in acknowledging suitable company chances worldwide.The know-how of Ellomays controlling investors and management allows the company to access the capital markets, in addition to assemble global institutional investors and other potential partners.As a result, we thinkour team believe Ellomay can thinking about considerable and complicated deals, beyond its instant financial resources.
For more infoTo learn more about Ellomay, visit http://www.ellomay.com.
Info Relating to Forward-Looking Statements
This press release includes positive statements that involve significant dangers and uncertainties, consisting of declarations that are based on the present expectations and assumptions of the Companys management. All statements, besides declarations of historic truths, included in this news release relating to the Companys strategies and objectives, expectations and presumptions of management are positive declarations. The use of certain words, consisting of the words estimate, job, intend, expect, think and comparable expressions are intended to identify forward-looking declarations within the meaning of the Personal Securities Litigation Reform Act of 1995. The Company may not actually accomplish the plans, objectives or expectations disclosed in the forward-looking statements and you ought to not place undue reliance on the Companys forward-looking declarations. Numerous essential factors could cause actual results or events to differ materially from those that might be expressed or implied by our forward-looking declarations, 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 rates of natural gas. These and other risks and uncertainties related to the Companys company are described in greater detail in the filings the Business makes from time to time with Securities and Exchange Commission, including its Annual Report on Type 20-F. The positive declarations are made as of this date and the Business does not carry out any obligation to upgrade any forward-looking declarations, whether as an outcome of new details, future events or otherwise.