Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Year Ended December 31, 2024

Core Viewpoint - Ellomay Capital Ltd. reported its indirect share in Dorad Energy Ltd.'s financial results for the year ended December 31, 2024, highlighting the company's involvement in the renewable energy sector and its financial performance through its ownership in Ellomay Luzon Energy [1][3]. Financial Performance - Dorad's revenues for the year ended December 31, 2024, were approximately NIS 2,863.8 million, an increase from NIS 2,722.4 million in 2023 [8][13]. - The operating profit for Dorad in 2024 was approximately NIS 620.3 million, compared to NIS 466.5 million in 2023 [8][13]. - Dorad's net profit for the year was approximately NIS 452.3 million, significantly up from NIS 211.3 million in 2023 [13]. Seasonal Demand and Tariffs - The demand for electricity from Dorad's customers is seasonal, with higher consumption during winter and summer months due to extreme climate conditions [4]. - The average electricity consumption is higher in summer, influenced by time tariffs (TAOZ), which are generally higher during peak demand periods [4]. Impact of External Factors - Dorad's financial statements noted the impact of the ongoing war situation in Israel, stating that while the short-term business results would be immaterially affected, the long-term effects remain uncertain [5]. - The company received approximately $130 million in December 2024 from an arbitration ruling, which positively impacted its net profit for the year by approximately NIS 215.6 million after taxes [6]. Financial Position - As of December 31, 2024, Dorad's total assets were approximately NIS 4,437.4 million, an increase from NIS 4,165.2 million in 2023 [12]. - Total equity increased to approximately NIS 1,617.3 million in 2024 from NIS 1,289.9 million in 2023, reflecting strong retained earnings growth [12][15]. Cash Flow Analysis - Dorad reported net cash from operating activities of approximately NIS 705.9 million for 2024, up from NIS 613.8 million in 2023 [16]. - The company experienced a net increase in cash and cash equivalents to approximately NIS 846.6 million by the end of 2024, compared to NIS 219.2 million at the end of 2023 [16].