Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Three and Nine Months Ended September 30, 2024

Core Viewpoint - Ellomay Capital Ltd. reported the financial results of Dorad Energy Ltd. for the three and nine months ended September 30, 2024, highlighting its indirect ownership and the impact of seasonal electricity demand on revenues [1][3][4]. Financial Performance - Dorad's unaudited revenues for the three months ended September 30, 2024, were approximately NIS 1,096 million, with an operating profit of approximately NIS 270 million [4][13]. - For the nine months ended September 30, 2024, Dorad reported revenues of NIS 2,366,358 thousand, compared to NIS 2,185,309 thousand for the same period in 2023, indicating a year-over-year increase [13]. - The operating profit for the nine months ended September 30, 2024, was NIS 458,018 thousand, up from NIS 400,914 thousand in the previous year [13]. Seasonal Demand Impact - The demand for electricity is seasonal, with higher consumption during winter and summer months, which affects Dorad's revenues and operating results [5][6]. - The results for the quarter ended September 30, 2024, are not indicative of full-year performance due to the seasonal nature of electricity consumption and varying tariffs [5]. Financial Position - As of September 30, 2024, Dorad's total assets were NIS 4,648,100 thousand, an increase from NIS 4,467,406 thousand a year earlier [12]. - Current assets increased to NIS 1,073,814 thousand from NIS 688,585 thousand in the previous year, driven by higher cash and trade receivables [12]. - Total equity as of September 30, 2024, was NIS 1,495,711 thousand, up from NIS 1,364,311 thousand a year prior [14]. War Impact Note - Dorad's financial statements include a note regarding the ongoing war situation in Israel, indicating that while there is an impact on results, it is expected to be immaterial in the short term [6]. Company Overview - Ellomay Capital Ltd. focuses on renewable energy and power generation projects in Europe, Israel, and the USA, with significant investments in photovoltaic power plants and other renewable energy projects [8]. - The company holds a 9.375% indirect interest in Dorad Energy Ltd., which operates one of Israel's largest private power plants with a production capacity of approximately 850 MW [8].