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Ellomay Capital Releases Dorad Energy Ltd’s Q1 2024 Financial Statements

Ellomay Capital Ltd. (ELLO), a key player in renewable energy and power projects across Europe, Israel, and the USA, has released the Q1 2024 financial statements for Dorad Energy Ltd. (Dorad). Ellomay indirectly holds about 9.4% of Dorad through its 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.).

On May 31, 2024, the Luzon Group, an Israeli public company holding the remaining 50% of Ellomay Luzon Energy, published its quarterly report, including Dorad’s financial statements, as required by the Israeli Securities Law, 1968.

Dorad’s Q1 2024 financials, prepared according to International Financial Reporting Standards, will be incorporated into Ellomay’s own financial reports for the same period. To ensure transparency, Ellomay provides a translated version of Dorad’s results, originally published in Hebrew.

Financial Highlights for Dorad:

  • Unaudited revenues for Q1 2024: approximately NIS 610.9 million.

  • Unaudited operating profit for Q1 2024: approximately NIS 118.6 million.

Dorad noted that electricity demand is influenced by seasonal variations and climate conditions, impacting consumption and tariff rates. Therefore, Q1 2024 results may not accurately reflect annual performance.

Regarding the ongoing conflict in Israel, which began on October 7, 2023, Dorad stated that the short-term business impact is expected to be immaterial, though the long-term effects on operations and asset valuation remain uncertain.

A translated version of Dorad’s previous financial results is provided for reference. Ellomay 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 in this release in consultation with the Luzon Group, Ellomay Luzon Energy, or Dorad.


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