Ellomay Capital Ltd. (ELLO), a key player in renewable energy and power projects spanning Europe, Israel, and the USA, has announced the release of financial statements for the quarter ending March 31, 2024, for Dorad Energy Ltd. (Dorad), a company in which Ellomay 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 May 31, 2024, Amos Luzon Entrepreneurship and Energy Group Ltd. (the Luzon Group), an Israeli public company holding the remaining 50% of Ellomay Luzon Energy, published its quarterly report in Israel, as per the Israeli Securities Law, 1968. The Luzon Group’s report includes Dorad’s financial statements for the same period.
Dorad’s financial statements for the quarter ended March 31, 2024, were prepared following International Financial Reporting Standards. Ellomay plans to incorporate its indirect share of these results in its financial reports for the same period. In a bid to ensure transparency for Ellomay’s shareholders, the company provides a translated version of Dorad’s financial results, originally published in Hebrew.
Financial Highlights for Dorad:
- Unaudited revenues for the quarter ending March 31, 2024: approximately NIS 610.9 million.
- Unaudited operating profit for the same period: approximately NIS 118.6 million.
Dorad notes that electricity demand is influenced by seasonal variations and climate conditions, impacting consumption and tariff rates. Given the seasonal nature of demand and tariff fluctuations, the results for the quarter ended March 31, 2024, may not accurately reflect annual performance.
Additionally, Dorad has addressed the ongoing war situation in Israel, which began on October 7, 2023, stating that while the current events have an impact on its results, the short-term business effects are expected to be immaterial. However, the company acknowledges the uncertainty regarding the long-term impact of the conflict on its operations and asset valuation.
A translated version of Dorad’s financial results for previous periods is provided for reference. Ellomay clarifies that it does not commit to separately reporting Dorad’s financial results in future press releases, and neither Ellomay nor its independent public accountants have reviewed the financial results included in this release in consultation with the Luzon Group, Ellomay Luzon Energy, or Dorad.
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