• |
Dorad’s revenues for the year ended December 31, 2020 - approximately NIS 2,407 million.
|
• |
Dorad’s operating profit for the year ended December 31, 2020 - approximately NIS 283 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;
|
• |
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.
|
December 31
|
December 31
|
|||||||
2020
|
2019
|
|||||||
NIS thousands
|
NIS thousands
|
|||||||
Current assets
|
||||||||
Cash and cash equivalents
|
247,079
|
266,021
|
||||||
Trade receivables
|
297,719
|
292,759
|
||||||
Other receivables
|
21,401
|
22,685
|
||||||
Total current assets
|
566,199
|
581,465
|
||||||
Non-current assets
|
||||||||
Restricted deposit
|
433,265
|
438,032
|
||||||
Prepaid expenses
|
35,230
|
37,225
|
||||||
Fixed assets
|
3,526,839
|
3,698,716
|
||||||
Intangible assets
|
5,402
|
2,247
|
||||||
Right of use assets
|
60,113
|
64,161
|
||||||
Total non-current assets
|
4,060,849
|
4,240,381
|
||||||
Total assets
|
4,627,048
|
4,821,846
|
||||||
Current liabilities
|
||||||||
Current maturities of loans from banks
|
242,098
|
231,380
|
||||||
Current maturities of lease liabilities
|
4,535
|
4,551
|
||||||
Trade payables
|
309,380
|
288,127
|
||||||
Other payables
|
3,808
|
10,509
|
||||||
Financial derivatives
|
2,993
|
-
|
||||||
Total current liabilities
|
562,814
|
534,567
|
||||||
Non-current liabilities
|
||||||||
Loans from banks
|
2,561,302
|
2,803,975
|
||||||
Long-term lease liabilities
|
50,858
|
54,052
|
||||||
Provision for dismantling and restoration
|
50,000
|
36,102
|
||||||
Deferred tax liabilities, net
|
200,298
|
170,676
|
||||||
Liabilities for employee benefits, net
|
160
|
160
|
||||||
Total non-current liabilities
|
2,862,618
|
3,064,965
|
||||||
Equity
|
||||||||
Share capital
|
11
|
11
|
||||||
Share premium
|
642,199
|
642,199
|
||||||
Capital reserve for activities with controlling shareholders
|
3,748
|
3,748
|
||||||
Retained earnings
|
555,658
|
576,356
|
||||||
Total equity
|
1,201,616
|
1,222,314
|
||||||
Total liabilities and equity
|
4,627,048
|
4,821,846
|
2020
|
2019
|
2018
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Revenues
|
2,407,221
|
2,700,766
|
2,628,607
|
|||||||||
Operating costs of the power plant
|
||||||||||||
Energy costs
|
522,110
|
708,662
|
687,431
|
|||||||||
Electricity purchase and infrastructure services
|
1,185,225
|
1,208,223
|
1,194,948
|
|||||||||
Depreciation and amortization
|
237,575
|
214,248
|
217,795
|
|||||||||
Other operating costs
|
155,368
|
151,116
|
136,705
|
|||||||||
Total cost of power plant
|
2,100,278
|
2,282,249
|
2,236,879
|
|||||||||
Profit from operating the power plant
|
306,943
|
418,517
|
391,728
|
|||||||||
General and administrative expenses
|
24,926
|
20,676
|
20,740
|
|||||||||
Other incomes
|
1,279
|
-
|
-
|
|||||||||
Operating profit
|
283,296
|
397,841
|
370,988
|
|||||||||
Financing income
|
3,056
|
4,237
|
24,650
|
|||||||||
Financing expenses
|
157,428
|
192,881
|
227,988
|
|||||||||
Financing expenses, net
|
154,372
|
188,644
|
203,338
|
|||||||||
Profit before taxes on income
|
128,924
|
209,197
|
167,650
|
|||||||||
Taxes on income
|
29,622
|
47,873
|
33,505
|
|||||||||
Profit for the year
|
99,302
|
161,324
|
134,145
|
Share capital
|
Share
premium
|
Capital
reserve for
activities with
controlling
shareholders
|
Retained
earnings
|
Total equity
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
For the year ended December 31, 2020
|
||||||||||||||||||||
Balance as at January 1, 2020
|
11
|
642,199
|
3,748
|
576,356
|
1,222,314
|
|||||||||||||||
Dividend to the Company’s shareholders
|
-
|
-
|
-
|
(120,000
|
)
|
(120,000
|
)
|
|||||||||||||
Profit for the year
|
-
|
-
|
-
|
99,302
|
99,302
|
|||||||||||||||
Balance as at December 31, 2020
|
11
|
642,199
|
3,748
|
555,658
|
1,201,616
|
|||||||||||||||
For the year ended December 31, 2019
|
||||||||||||||||||||
Balance as at January 1, 2019
|
11
|
642,199
|
3,748
|
415,032
|
1,060,990
|
|||||||||||||||
Profit for the year
|
-
|
-
|
-
|
161,324
|
161,324
|
|||||||||||||||
Balance as at December 31, 2019
|
11
|
642,199
|
3,748
|
576,356
|
1,222,314
|
|||||||||||||||
For the year ended December 31, 2018
|
||||||||||||||||||||
Balance as at January 1, 2018
|
11
|
642,199
|
3,748
|
280,887
|
926,845
|
|||||||||||||||
Profit for the year
|
-
|
-
|
-
|
134,145
|
134,145
|
|||||||||||||||
Balance as at December 31, 2018
|
11
|
642,199
|
3,748
|
415,032
|
1,060,990
|
2020
|
2019
|
2018
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Profit for the year
|
99,302
|
161,324
|
134,145
|
|||||||||
Adjustments:
|
||||||||||||
Depreciation, amortization and fuel consumption
|
241,288
|
239,323
|
223,028
|
|||||||||
Taxes on income
|
29,622
|
47,873
|
33,505
|
|||||||||
Financing expenses, net
|
154,372
|
188,644
|
203,338
|
|||||||||
425,282
|
475,840
|
459,871
|
||||||||||
Change in trade receivables
|
(4,959
|
)
|
5,238
|
32,536
|
||||||||
Change in other receivables
|
1,284
|
25,394
|
6,119
|
|||||||||
Change in trade payables
|
16,627
|
(57,719
|
)
|
(81,273
|
)
|
|||||||
Change in other payables
|
(6,700
|
)
|
4,543
|
304
|
||||||||
6,252
|
(22,544
|
)
|
(42,314
|
)
|
||||||||
Net cash provided by operating activities
|
530,836
|
614,620
|
551,702
|
|||||||||
Cash flows from investing activities:
|
||||||||||||
Proceeds from (payment for) settlement of financial derivatives
|
(4,318
|
)
|
(4,551
|
)
|
9,957
|
|||||||
Insurance proceeds in respect of damage to fixed asset
|
-
|
8,336
|
20,619
|
|||||||||
Investment in long-term restricted deposits
|
(6,000
|
)
|
(14,000
|
)
|
(12,158
|
)
|
||||||
Investment in fixed assets
|
(48,309
|
)
|
(60,476
|
)
|
(79,855
|
)
|
||||||
Investment in intangible assets
|
(4,738
|
)
|
(939
|
)
|
(222
|
)
|
||||||
Interest received
|
3,046
|
4,213
|
3,497
|
|||||||||
Net cash used in investing activities
|
(60,319
|
)
|
(67,417
|
)
|
(58,162
|
)
|
||||||
Cash flows from financing activities:
|
||||||||||||
Repayment of lease liability principal
|
(4,523
|
)
|
(8,513
|
)
|
-
|
|||||||
Repayment of loans from related parties
|
-
|
(17,704
|
)
|
(160,326
|
)
|
|||||||
Repayment of loans from banks
|
(195,359
|
)
|
(189,893
|
)
|
(181,970
|
)
|
||||||
Dividends and exchange rate paid
|
(123,739
|
)
|
-
|
-
|
||||||||
Interest paid
|
(170,003
|
)
|
(182,435
|
)
|
(220,765
|
)
|
||||||
Net cash used in financing activities
|
(493,624
|
)
|
(398,545
|
)
|
(563,061
|
)
|
||||||
Net increase (decrease) in cash and cash equivalents
|
(23,107
|
)
|
148,658
|
(69,521
|
)
|
|||||||
Effect of exchange rate fluctuations on cash and
|
||||||||||||
cash equivalents
|
4,165
|
143
|
2,559
|
|||||||||
Cash and cash equivalents at beginning of year
|
266,021
|
117,220
|
184,182
|
|||||||||
Cash and cash equivalents at end of year
|
247,079
|
266,021
|
117,220
|