• |
Dorad’s unaudited revenues for the three months ended March 31, 2023 – approximately NIS 648.3 million.
|
• |
Dorad’s unaudited operating profit for the three months ended March 31, 2023 – approximately NIS 110 million.
|
• |
Approximately 35.9 MW 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 owns a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;
|
• |
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;
|
• |
Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL that are constructing photovoltaic plants with installed capacity of 14.8 MW and
4.95 MW, respectively, in the Lazio Region, Italy; and
|
• |
Ellomay Solar Italy four SRL, Ellomay Solar Italy five SRL and Ellomay Solar Italy Ten SRL that are developing photovoltaic projects with
installed capacity of 15.06 MW, 87.2 MW and 18 MW, respectively, in the Lazio Region, Italy that have reached “ready to build” status.
|
March 31
|
March 31
|
December 31
|
||||||||||
2023
|
2022
|
2022
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
323,883
|
301,969
|
151,481
|
|||||||||
Trade receivables and accrued income
|
184,689
|
178,186
|
238,581
|
|||||||||
Other receivables
|
19,224
|
28,742
|
32,809
|
|||||||||
Financial derivatives
|
3,902
|
4,359
|
-
|
|||||||||
Total current assets
|
531,698
|
513,256
|
422,871
|
|||||||||
Non-current assets
|
||||||||||||
Restricted deposit
|
526,199
|
485,311
|
514,543
|
|||||||||
Prepaid expenses
|
31,573
|
32,736
|
32,072
|
|||||||||
Fixed assets
|
3,212,580
|
3,338,965
|
3,253,196
|
|||||||||
Intangible assets
|
6,722
|
5,937
|
6,404
|
|||||||||
Right of use assets
|
57,109
|
58,052
|
57,486
|
|||||||||
Total non-current assets
|
3,834,183
|
3,921,001
|
3,863,701
|
|||||||||
Total assets
|
4,365,881
|
4,434,257
|
4,286,572
|
|||||||||
Current liabilities
|
||||||||||||
Current maturities of loans from banks
|
313,996
|
317,388
|
279,506
|
|||||||||
Current maturities of lease liabilities
|
4,645
|
4,479
|
4,645
|
|||||||||
Trade payables
|
172,081
|
232,173
|
228,468
|
|||||||||
Other payables
|
19,214
|
16,997
|
11,439
|
|||||||||
Total current liabilities
|
509,936
|
571,037
|
524,058
|
|||||||||
Non-current liabilities
|
||||||||||||
Loans from banks
|
2,235,981
|
2,384,595
|
2,211,895
|
|||||||||
Other long-term liabilities
|
15,926
|
21,238
|
17,529
|
|||||||||
Long-term lease liabilities
|
50,130
|
50,659
|
49,292
|
|||||||||
Provision for dismantling and restoration
|
50,000
|
50,000
|
50,000
|
|||||||||
Deferred tax liabilities
|
231,157
|
197,484
|
215,016
|
|||||||||
Liabilities for employee benefits, net
|
160
|
160
|
160
|
|||||||||
Total non-current liabilities
|
2,583,354
|
2,704,136
|
2,543,892
|
|||||||||
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
|
626,633
|
513,126
|
572,664
|
|||||||||
Total equity
|
1,272,591
|
1,159,084
|
1,218,622
|
|||||||||
Total liabilities and equity
|
4,365,881
|
4,434,257
|
4,286,572
|
For the three months ended
|
Year ended
|
|||||||||||
March 31
|
December 31
|
|||||||||||
2023
|
2022
|
2022
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Revenues
|
648,316
|
555,424
|
2,369,220
|
|||||||||
Operating costs of the
|
||||||||||||
Power Plant
|
||||||||||||
Energy costs
|
124,074
|
89,617
|
544,118
|
|||||||||
Electricity purchase and infrastructure services
|
317,162
|
280,026
|
1,088,127
|
|||||||||
Depreciation and amortization
|
56,345
|
68,123
|
239,115
|
|||||||||
Other operating costs
|
34,171
|
37,674
|
157,189
|
|||||||||
Total operating costs of Power Plant
|
531,752
|
475,440
|
2,028,549
|
|||||||||
Profit from operating the Power Plant
|
116,564
|
79,984
|
340,671
|
|||||||||
General and administrative expenses
|
6,594
|
5,722
|
24,066
|
|||||||||
Operating profit
|
109,970
|
74,262
|
316,605
|
|||||||||
Financing income
|
19,222
|
11,529
|
52,131
|
|||||||||
Financing expenses
|
59,082
|
65,241
|
271,116
|
|||||||||
Financing expenses, net
|
39,860
|
53,712
|
218,985
|
|||||||||
Profit before taxes on income
|
70,110
|
20,550
|
97,620
|
|||||||||
Taxes on income
|
16,141
|
4,808
|
22,340
|
|||||||||
Profit for the period
|
53,969
|
15,742
|
75,280
|
|
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, 2023
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2023 (Audited)
|
11
|
642,199
|
3,748
|
572,664
|
1,218,622
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
53,969
|
53,969
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
March 31, 2023 (Unaudited)
|
11
|
642,199
|
3,748
|
626,633
|
1,272,591
|
For the three months
|
||||||||||||||||||||
ended March 31, 2022
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2022 (Audited)
|
11
|
642,199
|
3,748
|
497,384
|
1,143,342
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
15,742
|
15,742
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
March 31, 2022 (Unaudited)
|
11
|
642,199
|
3,748
|
513,126
|
1,159,084
|
|||||||||||||||
For the year ended
|
||||||||||||||||||||
December 31, 2022 (Audited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2022 (Audited)
|
11
|
642,199
|
3,748
|
497,384
|
1,143,342
|
|||||||||||||||
Profit for the year
|
-
|
-
|
-
|
75,280
|
75,280
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
December 31, 2022 (Audited)
|
11
|
642,199
|
3,748
|
572,664
|
1,218,622
|
For the three months ended
|
Year ended
|
|||||||||||
March 31
|
December 31
|
|||||||||||
2023
|
2022
|
2022
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Profit for the period
|
53,969
|
15,742
|
75,280
|
|||||||||
Adjustments:
|
||||||||||||
Depreciation and amortization and fuel consumption
|
56,790
|
68,786
|
242,345
|
|||||||||
Taxes on income
|
16,141
|
4,808
|
22,340
|
|||||||||
Financing expenses, net
|
39,860
|
53,712
|
218,985
|
|||||||||
112,791
|
127,306
|
483,670
|
||||||||||
Change in trade receivables
|
53,892
|
70,386
|
9,991
|
|||||||||
Change in other receivables
|
13,585
|
11,548
|
7,480
|
|||||||||
Change in trade payables
|
(67,513
|
)
|
(96,831
|
)
|
(127,907
|
)
|
||||||
Change in other payables
|
7,775
|
9,897
|
4,339
|
|||||||||
Change in Other long-term liabilities
|
(1,603
|
)
|
5,404
|
1,695
|
||||||||
6,136
|
404
|
(104,402
|
)
|
|||||||||
Taxes on income paid
|
-
|
(21,795
|
)
|
(21,795
|
)
|
|||||||
Net cash flows provided by operating activities
|
172,896
|
121,657
|
432,753
|
|||||||||
Cash flows used in investing activities
|
||||||||||||
Proceeds for settlement of financial derivatives
|
1,172
|
422
|
13,652
|
|||||||||
Investment in fixed assets
|
(14,213
|
)
|
(27,513
|
)
|
(110,715
|
)
|
||||||
Investment in intangible assets
|
(817
|
)
|
(257
|
)
|
(1,810
|
)
|
||||||
Interest received
|
6,024
|
372
|
6,433
|
|||||||||
Net cash flows used in investing activities
|
(7,834
|
)
|
(26,976
|
)
|
(92,440
|
)
|
||||||
Cash flows from financing activities:
|
||||||||||||
Repayment of lease liability principal
|
(100
|
)
|
(151
|
)
|
(4,726
|
)
|
||||||
Repayment of loans from banks
|
-
|
-
|
(255,705
|
)
|
||||||||
Interest paid
|
(150
|
)
|
(168
|
)
|
(159,804
|
)
|
||||||
Net cash flows used in financing activities
|
(250
|
)
|
(319
|
)
|
(420,235
|
)
|
||||||
Net increase (decrease) in cash and cash equivalents
|
164,812
|
94,362
|
(79,922
|
)
|
||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
7,590
|
5,747
|
29,543
|
|||||||||
|
||||||||||||
Cash and cash equivalents at beginning of period
|
151,481
|
201,860
|
201,860
|
|||||||||
|
||||||||||||
Cash and cash equivalents at end of period
|
323,883
|
301,969
|
151,481
|