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Ellomay Capital Ltd.

Foreign Filer Report Nov 30, 2016

6770_rns_2016-11-30_714b8dcf-86ab-4423-8fe3-5756bf69dd0f.pdf

Foreign Filer Report

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2016 Commission File Number: 001-35284

Ellomay Capital Ltd.

(Translation of registrant's name into English)

9 Rothschild Blvd., Tel Aviv 6688112, Israel (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________

This Report on Form 6-K of Ellomay Capital Ltd. consists of the following document, which is attached hereto and incorporated by reference herein:

Exhibit 99.1. Press Release: "Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three Months Ended September 30, 2016," dated November 30, 2016.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Ellomay Capital Ltd.

By: /s/ Ran Fridrich

Ran Fridrich Chief Executive Officer and Director

Dated: November 30, 2016

Exhibit 99.1

Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three Months Ended September 30, 2016

Israeli Electricity Authority Schedules a Hearing concerning Additional Reduction of the Electricity Tariff

Tel-Aviv, Israel, November 30, 2016 – Ellomay Capital Ltd. (NYSE MKT; TASE: ELLO) ("Ellomay" or the "Company"), an emerging operator in the renewable energy and energy infrastructure sector, today reported the publication in Israel of financial statements for the three months ended September 30, 2016 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4%.

On November 30, 2016, Amos Luzon Entrepreneurship and Energy Group Ltd. (f/k/a U. Dori Group Ltd.) (the "Luzon Group"), an Israeli public company that currently holds 50% of U. Dori Energy Infrastructures Ltd. ("Dori Energy"), which, in turn, holds 18.75% of Dorad, published its quarterly report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the quarterly report of the Luzon Group includes the financial statements of Dorad for the same period.

The financial results of Dori Energy and of Dorad for the quarter ended September 30, 2016 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its share of these results in its financial results for this period. In an effort to provide Ellomay's shareholders with access to Dorad's financial results (which were published in Hebrew), Ellomay hereby provides a convenience translation of Dorad's financial results.

Dorad's financial statements include a reference to a hearing scheduled for December 2016 by the Israeli Public Utilities Authority – Electricity (the "Electricity Authority") concerning possible changes in tariffs, including possible reductions in the electricity production tariff. The Electricity production tariff is used by Dorad as the basis for the price charged for the electricity it provides and is the basis for changes in the price of natural gas purchased by Dorad and used by it for the production of energy. Subject to the outcome of this hearing, the Electricity Authority may reduce the electricity production tariff by 8%. As previously published, the natural gas price paid by Dorad to its natural gas supplier has already reached its minimum price in accordance with the gas supply agreement executed by Doard and will therefore not be further reduced following the potential reduction in the electricity production tariff. Dorad states in its financial statements that it believes the reduction of the electricity production tariff will have a material adverse impact on its cash flows, its profits and on its coverage ratios and that from the beginning of 2017 it may not be able to meet the coverage ratios determined by its lenders for distributions to its shareholders. However, Dorad emphasizes in the financial statements that it does not anticipate that it will fail to meet the required coverage ratios in a manner that will constitute a default under its agreements with its lenders.

Dorad Financial Highlights

  • · Dorad's unaudited revenues for the three months ended September 30, 2016 approximately NIS 613 million (or approximately USD 163 million, based on the exchange rate on September 30, 2016).
  • · Dorad's unaudited operating profit for the three months ended September 30, 2016 approximately NIS 114 million (or approximately USD 30 million, based on the exchange rate on September 30, 2016).

Based on the information provided by Dorad, the demand for electricity by Dorad's customers is seasonal and is affected by, inter alia, the climate prevailing in that season. The months of the year are split into three seasons as follows: the summer season – the months of July and August; the winter season - the months of December, January and February; and intermediate seasons – (spring and autumn), the months from March to June and from September to November. There is a higher hourly demand for electricity during the winter and summer seasons, and the average electricity consumption per hour is higher in these seasons than in the intermediate seasons and is even characterized by peak demands due to extreme climate conditions of heat or cold. In addition, Dorad's revenues are affected by the change in load and time tariffs - TAOZ (an electricity tariff that varies across seasons and across the day in accordance with demand hour clusters), as, on average, TAOZ tariffs are higher in the summer season than in the intermediate and winter seasons. Therefore, the results presented, which include the summer and intermediate months of July to September are not indicative of full year results.

A translation of the financial results for Dorad as of and for the year ended December 31, 2015 and as of and for the nine and three month periods ended September 30, 2015 and 2016 is included at the end of this press release. Ellomay does not undertake to separately report Dorad's financial results in a press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Amos Luzon Entrepreneurship and Energy Group Ltd., Dori Energy or Dorad with respect to the financial results included in this press release.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE MKT and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its business in the energy and infrastructure sectors worldwide. Ellomay (formerly Nur Macroprinters Ltd.) previously was a supplier of wide format and super-wide format digital printing systems and related products worldwide, and sold this business to Hewlett-Packard Company during 2008 for more than \$100 million.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:

  • · Approximately 22.6MW of photovoltaic power plants in Italy and approximately 7.9MW of photovoltaic power plants in Spain;
  • · 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 850 MW, representing about 6%-8% of Israel's total current electricity consumption; and
  • · 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay Pumped Storage (2014) Ltd., all of which are involved in a project to construct a 340 MW pumped storage hydro power plant in the Manara Cliff, Israel.

Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel's prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay's dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay's controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company's management. All statements, other than statements of historical facts, included in this press release regarding the Company's plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by our forward-looking statements, such as regulatory changes, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad and changes in the prices of natural gas. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: Kalia Weintraub CFO Tel: +972 (3) 797-1111 Email: [email protected]

September 30 September 30 December 31
2016 2015
(Unaudited)
2015
(Audited)
NIS thousands
(Unaudited)
NIS thousands NIS thousands
Current assets
Cash and cash equivalents 215,072 423,144 51,894
Trade receivables 227,405 319,863 278,982
Other receivables 17,615 19,312 31,994
Pledged deposit - 29,484 29,485
Financial derivatives - - 646
Total current assets 460,092 791,803 393,001
Non-current assets
Restricted deposit 408,043 270,074 335,085
Prepaid expenses 45,502 47,420 46,918
Fixed asset 4,231,913 4,427,658 4,386,971
Intangible assets 8,297 8,100 8,391
Total non-current assets 4,693,755 4,753,252 4,777,365
Total assets 5,153,847 5,545,055 5,170,366
Current liabilities
Current maturities of loans from banks 234,680 214,713 170,722
Current maturity of loans from related parties 70,000 130,000 130,000
Trade payables 267,688 555,979 247,129
Other payables 10,818 45,310 16,906
Financial derivatives 1,574 768 -
Total current liabilities 584,760 946,770 564,757
Non-current liabilities
Loans from banks 3,464,531 3,409,930 3,316,740
Loans from related parties 156,946 387,888 396,259
Provision for dismantling and restoration 35,567 29,001 35,170
Deferred tax liabilities, net 71,102 38,197 60,882
Liabilities for employee benefits, net 160 114 160
Total non-current liabilities 3,728,306 3,865,130 3,809,211
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 194,823 87,197 150,440
Total equity 840,781 733,155 796,398
Total liabilities and equity 5,153,847 5,545,055 5,170,366
For the nine months ended
September 30
For the three months ended
September 30
2016 2015 2016 2015 2015
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
Revenues 1,739,691 1,840,706 613,233 673,378 2,356,832
Operating costs of the Power
Plant
Energy costs
Electricity purchase and
419,033 482,598 134,223 186,420 613,689
infrastructure services 813,480 841,539 269,846 272,953 1,000,947
Depreciation and amortization 157,811 158,364 52,480 53,160 209,953
Other operating costs 102,815 112,980 37,626 46,155 149,808
Total cost of Power Plant 1,493,139 1,595,481 494,175 558,688 1,974,397
Profit from operating the
Power Plant
246,552 245,225 119,058 114,690 382,435
General and administrative
expenses 13,612 17,084 4,867 4,279 25,681
Operating profit 232,940 228,141 114,191 110,411 356,754
Financing income 1,429 3,415 (768) (598) 476
Financing expenses (179,766) (177,062) (70,963) (69,279) (216,808)
Financing expenses, net (178,337) (173,647) (71,731) (69,877) (216,332)
Profit before taxes
on income
54,603 54,494 42,460 40,534 140,422
Taxes on income (10,220) (14,922) (10,627) (10,741) (37,607)
Profit for the period 44,383 39,572 31,833 29,793 102,815

Dorad Energy Ltd.

Condensed Interim Statement of Changes in Equity

Share
capital
NIS thousands
Share
premium
NIS thousands
Capital reserve
for activities with
shareholders
NIS thousands
Retained
earnings (losses)
NIS thousands
Total Equity
NIS thousands
For the nine months ended
September 30, 2016 (Unaudited)
Balance as at
January 1, 2016 (Audited)
11 642,199 3,748 150,440 796,398
Profit for the period - - - 44,383 44,383
Balance as at September 30,
2016 (Unaudited)
11 642,199 3,748 194,823 840,781
For the nine months ended
September 30, 2015 (Unaudited)
Balance as at
January 1, 2015 (Audited)
11 642,199 3,748 47,625 693,583
Profit for the period - - - 39,572 39,572
Balance as at September 30,
2015 (Unaudited)
11 642,199 3,748 87,197 733,155
For the three months ended
September 30, 2016 (Unaudited)
Balance as at
July 1, 2016 (Unaudited)
11 642,199 3,748 162,990 808,948
Profit for the period - - - 31,833 31,833
Balance as at September 30,
2016 (Unaudited)
11 642,199 3,748 194,823 840,781
For the three months ended
September 30, 2015 (Unaudited)
Balance as at
July 1, 2015 (Unaudited)
11 642,199 3,748 57,404 703,362
Profit for the period - - - 29,793 29,793
Balance as at September 30,
2015 (Unaudited)
11 642,199 3,748 87,197 733,155

Condensed Interim Statement of Changes in Equity (cont')

For the year ended Share
capital
NIS thousands
Share
premium
NIS thousands
Capital reserve
for activities with
shareholders
NIS thousands
Retained
earnings (losses)
NIS thousands
Total Equity
NIS thousands
December 31, 2015 (Audited)
Balance as at
January 1, 2015 (Audited)
11 642,199 3,748 47,625 693,583
Profit for the year - - 102,815 102,815
Balance as at December 31,
2015 (Audited)
11 642,199 3,748 150,440 796,398

Condensed Interim Statements of Cash Flows

For the nine months ended
September 30
For the three months ended
September 30
2016 2015
(Unaudited)
NIS thousands
2016 2015 December 31
2015
(Audited)
(Unaudited) (Unaudited)
NIS thousands (Unaudited)
NIS thousands
NIS thousands NIS thousands
Cash flows from operating activities:
Profit for the period 44,383 39,572 31,833 29,793 102,815
Adjustments:
Depreciation and amortization
and fuel consumption 171,941 179,190 57,862 73,634 237,295
Taxes on income 10,220 14,922 10,627 10,741 37,607
Financing expenses, net 178,337 173,647 71,731 69,878 216,332
360,498 367,759 140,220 154,253 491,234
Change in trade receivables 52,185 8,811 49,219 (101,282) 49,693
Change in other receivables 14,379 (8,194) 776 (10,534) (20,876)
Change in trade payables 23,566 179,464 (57,262) 164,470 (129,385)
Change in other payable 1,714 4,892 1,553 (15,804) (6,842)
Change in employee benefits, net - 8 - - 55
91,844 184,981 (5,714) 36,850 (107,355)
Net cash flows provided by
operating activities 496,725 592,312 166,339 220,896 486,694
Net cash flows used in
investing activities
Proceeds from (payments for)
settlement of financial derivatives (2,670) 10,651 (1,305) 626 9,609
Payment of pledged deposit 29,486 38,679 29,486 - 38,679
Investment in long-term restricted
deposit (143,891) (70,000) (103,500) - (135,000)
Release of long-term restricted deposits 70,000 - - - -
Investment in long-term prepaid expenses (90) - - - -
Investment in fixed assets (21,221) (414,269) (5,442) (11,911) (447,338)
Investment in intangible assets (1,864) (987) (110) (659) (1,767)
Interest received 196 100 75 14 115
Net Cash flows used in
investing activities (70,054) (435,826) (80,796) (11,930) (535,702)
Cash flows from financing
activities:
Receipt of long-term loans
from related parties 16,689 23,208 16,689 - 23,208
Receipt of long-term loans from banks 242,772 318,100 242,772 - 318,100
Repayment of loans from related
parties (147,219) - (147,219) - -
Repayment of loans from banks (73,460) (44,495) - - (105,121)
Interest paid (302,676) (100,753) (199,997) (938) (206,032)
Net cash flows provided by
(used in) financing activities (263,894) 196,060 (87,755) (938) 30,155
Net increase (decrease) in cash
and cash equivalents for the period 162,777 352,546 (2,212) 208,028 (18,853)
Effect of exchange rate
fluctuations on cash and cash
equivalents 401 (1,180) 69 (1,139) (1,031)
Cash and cash equivalents at
beginning of period 51,894 71,778 217,215 216,255 71,778
Cash and cash equivalents at
end of period 215,072 423,144 215,072 423,144 51,894

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