Ellomay Capital Announces Filing of its Annual Report on Form 20-F for 2011
TEL-AVIV, Israel, April 5, 2012 /PRNewswire/ –
Ellomay Capital Ltd. (NYSE Amex: ELLO) (“Ellomay” or the “Company”), today announced
the filing of its Annual Report on Form 20-F for the year ended December 31, 2011 with the
Securities and Exchange Commission (“SEC”). A copy of the Annual Report on Form 20-F is
available to be viewed and downloaded from the Investor Relations section of Ellomay’s
website at http://www.ellomay.com. The Company will provide a hard copy of the Annual
Report on Form 20-F, including the Company’s complete audited financial statements, free
of charge to its shareholders upon request.
As part of Ellomay’s energy and infrastructure focused business strategy Ellomay has
enlarged its portfolio of renewable and clean energy investments since the beginning of
2011. Ellomay’s current business structure is as detailed below:
Renewable Energy: 100% ownership of 10 photovoltaic (“PV”) plants located in central
and southern Italy annually producing ~11 MW electricity and an 85% ownership in a PV
plant in Spain purchased in March 2012 from Conergy Espana, S.L.U, with a total nominal
output of 1.89 MW, and a peak power output of 2.275 MWp.
Clean Energy: indirect holdings of 7.5% of the equity of Dorad Energy Ltd., a private
Israeli company that is constructing the Dorad combined cycle power plant based on natural
gas, with a production capacity of approximately 800 MW. The Dorad power plant is
currently under construction and is expected to commence operations in September-October
2013. The Dorad power plant will be a bi-fuel plant, using natural gas as the main fuel,
and diesel oil in the event of an emergency.
Oil and Gas Explorations: holdings of 20% of the participating interests in the
Yitzchak oil and gas exploration and drilling license in the Mediterranean sea. The
Yitzchak license covers a total area of approximately 127.7 square kilometers (or 31,555
acres) and is in relatively shallow water with depths between 60 and 250 meters.
Ellomay’s current plan of operation is to operate in the Italian and Spanish PV field
and to manage its investments in the Israeli market and, with respect to the remaining
funds Ellomay holds, to identify and evaluate additional suitable business opportunities
in the energy and infrastructure fields, including in the renewable energy field, through
the direct or indirect investment in energy manufacturing plants, the acquisition of all
or part of an existing business, pursuing business combinations or otherwise.
2011 Financial Highlights:
- 2011 annual revenues were approximately $6.1 million compared to $0 for 2010. The revenues for the six months ended June 30, 2011 were approximately $1.6 million. As most of Ellomay's PV plants began operating during 2011, revenues from Ellomay's PV plants for the six months ended December 31, 2011 increased to approximately $4.5 million. Ellomay expects the revenues from its PV plants to increase during 2012 due to the acquisition of the PV plant in Spain in March 2012. - General and administrative expenses were approximately $3.1 million for the year 2011, compared to approximately $3.2 million for 2010. - In 2011, the total comprehensive loss was approximately $4.7 million compared to income of approximately $5.4 million in 2010. The net loss for the year 2011 was primarily due to other comprehensive loss from foreign currency translation differences in connection with Ellomay's foreign operations. The net income for the year ended December 31, 2010 was primarily due to the release of funds during from an escrow account in connection with the sale of Ellomay's prior business to Hewlett-Packard Company. - As of December 31, 2011, Ellomay held approximately $28.9 million in cash and cash equivalents, approximately $16.4 million in restricted cash and approximately $10 million in short term deposits.
For more information, please see the Company’s filings with the SEC at
http://www.sec.gov, including the annual report on Form 20-F for the year ended
December 31, 2011.
“We have met all of our working plan goals for the year 2011 as we have significantly
enlarged our clean and renewable energy operations and investments portfolio and began
generating revenues from the sale of electricity produced by our photovoltaic plants,
while maintaining a stable and reasonable level of expenses,” said Ran Fridrich, CEO and
member of the Board of Ellomay.
Fridrich added that “Ellomay has finished 2011 operationally balanced due to the
revenues from Ellomay’s PV activities and holdings in energy projects that are expected to
generate revenues also in the upcoming years. We intend to continue identifying investment
opportunities in the clean energy and renewable energy markets globally in order to
continue producing value to our shareholders.”
About Ellomay Capital
Ellomay Capital is an Israeli public company whose shares are listed on the NYSE Amex
stock exchange, which focuses its business in the energy and infrastructure sectors
worldwide and is chaired by Mr. Shlomo Nehama, former Chairman of Bank Hapoalim.
Ellomay Capital’s assets include ten photovoltaic plants in Italy with an aggregated
capacity of approximately 10.8 MW, 85% ownership of a photovoltaic plant in Spain with a
capacity of approximately 2.275 MWp, 7.5% indirect holdings in Dorad, Israel’s largest
private power plant, which is currently under construction and is expected to produce
approximately 800MW, representing about 8% of Israel’s current electricity consumption and
20% of the participating interests in the Yitzchak oil and gas exploration and drilling
license in the Mediterranean sea.
Information Relating to Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks
and uncertainties. All statements, other than statements of historical facts, included in
this press release regarding our plans and objectives of management are forward-looking
statements. The use of certain words, including the words “plan,” “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. We may not actually achieve the plans, intentions or expectations disclosed
in our forward-looking statements and you should not place undue reliance on our
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, including regulatory changes in Italy and Spain, technical and other
interferences with the operation of our PV plants and delays in the construction of the
Dorad power plant. These and other risks and uncertainties associated with our business
are described in greater detail in the filings we make from time to time with Securities
and Exchange Commission, including our 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@example.com
SOURCE Ellomay Capital Ltd