• |
Dorad’s unaudited revenues for the three months ended March 31, 2022 - approximately NIS 555.4 million.
|
• |
Dorad’s unaudited operating profit for the three months ended March 31, 2022 - approximately NIS 80 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 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 (with a license to produce 7.5 million) Nm3 per year, respectively; and
|
• |
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.
|
March 31
|
March 31
|
December 31
|
||||||||||
2022
|
2021
|
2021
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
301,969
|
458,213
|
201,860
|
|||||||||
Trade receivables and accrued income
|
178,186
|
228,347
|
248,844
|
|||||||||
Other receivables
|
28,742
|
17,768
|
40,289
|
|||||||||
Financial derivatives
|
4,359
|
5,773
|
-
|
|||||||||
Total current assets
|
513,256
|
710,101
|
490,993
|
|||||||||
Non-current assets
|
||||||||||||
Restricted deposit
|
485,311
|
441,071
|
480,476
|
|||||||||
Prepaid expenses
|
32,736
|
34,731
|
33,235
|
|||||||||
Fixed assets
|
3,338,965
|
3,480,803
|
3,378,466
|
|||||||||
Intangible assets
|
5,937
|
5,512
|
6,038
|
|||||||||
Right of use assets
|
58,052
|
59,111
|
57,530
|
|||||||||
Total non-current assets
|
3,921,001
|
4,021,228
|
3,955,745
|
|||||||||
Total assets
|
4,434,257
|
4,731,329
|
4,446,738
|
|||||||||
Current liabilities
|
||||||||||||
Current maturities of loans from banks
|
317,388
|
277,399
|
280,753
|
|||||||||
Current maturities of lease liabilities
|
4,479
|
4,532
|
4,622
|
|||||||||
Trade payables
|
232,173
|
317,037
|
324,532
|
|||||||||
Current tax liabilities
|
-
|
-
|
21,795
|
|||||||||
Other payables
|
16,997
|
15,223
|
7,100
|
|||||||||
Financial derivatives
|
-
|
-
|
268
|
|||||||||
Total current liabilities
|
571,037
|
614,191
|
639,070
|
|||||||||
Non-current liabilities
|
||||||||||||
Loans from banks
|
2,384,595
|
2,563,799
|
2,356,785
|
|||||||||
Other Long-term liabilities
|
21,238
|
-
|
15,834
|
|||||||||
Long-term lease liabilities
|
50,659
|
51,025
|
48,871
|
|||||||||
Provision for dismantling and restoration
|
50,000
|
50,000
|
50,000
|
|||||||||
Deferred tax liabilities
|
197,484
|
211,879
|
192,676
|
|||||||||
Liabilities for employee benefits, net
|
160
|
160
|
160
|
|||||||||
Total non-current liabilities
|
2,704,136
|
2,876,863
|
2,664,326
|
|||||||||
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
|
513,126
|
594,317
|
497,384
|
|||||||||
Total equity
|
1,159,084
|
1,240,275
|
1,143,342
|
|||||||||
Total liabilities and equity
|
4,434,257
|
4,731,329
|
4,446,738
|
For the three months ended
|
Year ended
|
|||||||||||
March 31
|
December 31
|
|||||||||||
2022
|
2021
|
2021
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Revenues
|
555,424
|
513,755
|
2,103,911
|
|||||||||
Operating costs of the
|
||||||||||||
Power Plant
|
||||||||||||
Energy costs
|
89,617
|
76,567
|
428,051
|
|||||||||
Electricity purchase and
|
||||||||||||
infrastructure services
|
280,026
|
282,988
|
1,053,997
|
|||||||||
Depreciation and
|
||||||||||||
amortization
|
68,123
|
50,932
|
225,715
|
|||||||||
Other operating costs
|
37,674
|
30,316
|
114,360
|
|||||||||
Total operating costs
|
||||||||||||
of Power Plant
|
475,440
|
440,803
|
1,822,123
|
|||||||||
Profit from operating
|
||||||||||||
the Power Plant
|
79,984
|
72,952
|
281,788
|
|||||||||
General and
|
||||||||||||
administrative expenses
|
5,722
|
6,234
|
24,502
|
|||||||||
Other incomes
|
-
|
3,022
|
11,603
|
|||||||||
Operating profit
|
74,262
|
69,740
|
268,889
|
|||||||||
Financing income
|
11,529
|
18,812
|
4,694
|
|||||||||
Financing expenses
|
65,241
|
38,311
|
219,013
|
|||||||||
Financing expenses, net
|
53,712
|
19,499
|
214,319
|
|||||||||
Profit before
|
||||||||||||
taxes on income
|
20,550
|
50,241
|
54,570
|
|||||||||
Taxes on income
|
4,808
|
11,582
|
12,844
|
|||||||||
Profit for the period
|
15,742
|
38,659
|
41,726
|
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, 2022
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2022 (Unaudited)
|
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 three months
|
||||||||||||||||||||
ended March 31, 2021
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2021 (Unaudited)
|
11
|
642,199
|
3,748
|
555,658
|
1,201,616
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
38,659
|
38,659
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
March 31, 2021 (Unaudited)
|
11
|
642,199
|
3,748
|
594,317
|
1,240,275
|
For the year ended
|
||||||||||||||||||||
December 31, 2021 (Audited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2021 (Audited)
|
11
|
642,199
|
3,748
|
555,658
|
1,201,616
|
|||||||||||||||
Dividend to the Company’s
|
||||||||||||||||||||
shareholders
|
-
|
-
|
-
|
(100,000
|
)
|
(100,000
|
)
|
|||||||||||||
Profit for the period
|
-
|
-
|
-
|
41,726
|
41,726
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
December 31, 2021 (Audited)
|
11
|
642,199
|
3,748
|
497,384
|
1,143,342
|
For the three months ended
|
Year ended
|
|||||||||||
March 31
|
December 31
|
|||||||||||
2022
|
2021
|
2021 | ||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Profit for the period
|
15,742
|
38,659
|
41,726
|
|||||||||
Adjustments:
|
||||||||||||
Depreciation and amortization
|
||||||||||||
and fuel consumption
|
68,786
|
51,305
|
228,099
|
|||||||||
Taxes on income
|
4,808
|
11,582
|
12,844
|
|||||||||
Financing expenses, net
|
53,712
|
19,499
|
214,319
|
|||||||||
127,306
|
82,386
|
455,262
|
||||||||||
Change in trade receivables
|
70,386
|
69,372
|
48,875
|
|||||||||
Change in other receivables
|
11,548
|
3,633
|
(18,888
|
)
|
||||||||
Change in trade payables
|
(96,831
|
)
|
7,010
|
22,926
|
||||||||
Change in other payables
|
9,897
|
11,414
|
3,292
|
|||||||||
Change in Other long-term liabilities
|
5,404
|
-
|
15,834
|
|||||||||
404
|
91,429
|
72,039
|
||||||||||
Taxes on income paid
|
(21,795
|
)
|
-
|
-
|
||||||||
Net cash flows provided
|
||||||||||||
by operating activities
|
121,657
|
212,474
|
569,027
|
|||||||||
Cash flows used in
|
||||||||||||
investing activities
|
||||||||||||
Proceeds for settlement of
|
||||||||||||
financial derivatives
|
422
|
749
|
392
|
|||||||||
Investment in long-term
|
||||||||||||
restricted deposit
|
-
|
-
|
(53,175
|
)
|
||||||||
Investment in fixed assets
|
(27,513
|
)
|
(3,472
|
)
|
(72,530
|
)
|
||||||
Investment in intangible assets
|
(257
|
)
|
(461
|
)
|
(2,020
|
)
|
||||||
Interest received
|
372
|
395
|
1,584
|
|||||||||
Net cash flows used in
|
||||||||||||
investing activities
|
(26,976
|
)
|
(2,789
|
)
|
(125,749
|
)
|
||||||
Cash flows from
|
||||||||||||
financing activities:
|
||||||||||||
Repayment of lease liability principal
|
(151
|
)
|
(147
|
)
|
(4,624
|
)
|
||||||
Repayment of loans from banks
|
-
|
-
|
(210,449
|
)
|
||||||||
Dividends and exchange rate paid
|
-
|
-
|
(100,000
|
)
|
||||||||
Interest paid
|
(168
|
)
|
(147
|
)
|
(162,781
|
)
|
||||||
Net cash flows used in
|
||||||||||||
financing activities
|
(319
|
)
|
(294
|
)
|
(477,854
|
)
|
||||||
Net increase (decrease) in cash
|
||||||||||||
and cash equivalents for
|
||||||||||||
the period
|
94,362
|
209,391
|
(34,576
|
)
|
||||||||
Effect of exchange rate fluctuations
|
||||||||||||
on cash and cash equivalents
|
5,747
|
1,743
|
(10,643
|
)
|
||||||||
Cash and cash equivalents at
|
||||||||||||
beginning of period
|
201,860
|
247,079
|
247,079
|
|||||||||
Cash and cash equivalents at end
|
||||||||||||
of period
|
301,969
|
458,213
|
201,860
|