Exhibit 99.1

Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd. for the Three and Six
Months Ended June 30, 2017
 
Tel-Aviv, Israel, August 31, 2017 – Ellomay Capital Ltd. (NYSE American; 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 and six months ended June 30, 2017 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4%.

On August 31, 2017, 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 Dorad for the quarter ended June 30, 2017 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its indirect share of these results (through its holdings in Dori Energy) in its financial results for this period, which are currently expected to be published on or about September 17, 2017.  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 Financial Highlights
 
·
Dorad's unaudited revenues for the three months ended June 30, 2017 - approximately NIS 536.6 million (or approximately USD 153.5 million, based on the exchange rate on June 30, 2017).
 
·
Dorad's unaudited operating profit for the three months ended June 30, 2017 - approximately NIS 46.3 million (or approximately USD 13.3 million, based on the exchange rate on June 30, 2017).

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 for the quarter ended June 30, 2017, which include the intermediate months of April, May and June, are not indicative of full year results.

A translation of the financial results for Dorad as of and for the year ended December 31, 2016 and as of and for the three and six month periods ended June 30, 2016 and 2017 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 American 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;
 
·
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;
 
·
51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.

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: miria@ellomay.com 
 

 
Dorad Energy Ltd.
 
Interim Condensed Statements of Financial Position
 
   
June 30
   
June 30
   
December 31
 
   
2017
   
2016
   
2016
 
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Assets
           
Cash and cash equivalents
   
81,313
     
217,216
     
80,967
 
Trade receivables
   
265,829
     
276,624
     
294,351
 
Other receivables
   
97,529
     
18,391
     
37,174
 
Pledged deposits
   
-
     
29,486
     
-
 
Total current assets
   
444,671
     
541,717
     
412,492
 
                         
Restricted deposits
   
393,657
     
305,741
     
411,574
 
Prepaid expenses
   
44,880
     
46,005
     
45,938
 
Fixed assets
   
4,099,540
     
4,283,932
     
4,170,151
 
Intangible assets
   
7,420
     
8,858
     
8,551
 
Total non-current assets
   
4,545,497
     
4,644,536
     
4,636,214
 
                         
Total assets
   
4,990,168
     
5,186,253
     
5,048,706
 
                         
Liabilities
                       
Current maturities of loans from banks
   
203,415
     
174,352
     
197,389
 
Current maturities of loans from related parties
   
70,000
     
350,000
     
80,000
 
Trade payables
   
329,456
     
327,085
     
293,613
 
Other payables
   
22,822
     
10,038
     
9,152
 
Financial derivatives
   
7,298
     
430
     
-
 
Total current liabilities
   
632,991
     
861,905
     
580,154
 
                         
Loans from banks
   
3,287,991
     
3,221,059
     
3,367,832
 
Loans from related parties
   
116,812
     
198,272
     
151,638
 
Provision for dismantling and restoration
   
35,968
     
35,434
     
35,700
 
Deferred tax liabilities, net
   
66,305
     
60,475
     
65,618
 
Liabilities for employee benefits, net
   
160
     
160
     
160
 
Total non-current liabilities
   
3,507,236
     
3,515,400
     
3,620,948
 
                         
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
   
203,983
     
162,990
     
201,646
 
Total equity
   
849,941
     
808,948
     
847,604
 
                         
Total liabilities and equity
   
4,990,168
     
5,186,253
     
5,048,706
 



Dorad Energy Ltd.
 
Interim Condensed Statements of Profit and Loss
 
   
For the six months ended
   
For the three months ended
   
Year ended
 
   
June 30
   
June 30
   
December 31
 
   
2017
   
2016
   
2017
   
2016
   
2016
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Revenues
   
1,211,289
     
1,126,458
     
536,602
     
516,516
     
2,299,565
 
                                         
Operating costs of the
                                       
 Power Plant
                                       
                                         
Energy costs
   
291,795
     
284,809
     
145,767
     
157,990
     
550,401
 
Electricity purchase and
                                       
 infrastructure services
   
603,411
     
543,635
     
273,001
     
239,280
     
1,104,826
 
Depreciation and
                                       
 amortization
   
97,634
     
105,330
     
46,189
     
53,991
     
209,057
 
Other operating costs
   
57,915
     
65,190
     
25,296
     
34,279
     
141,132
 
                                         
Total operating costs
                                       
 of Power Plant
   
1,050,755
     
998,964
     
490,253
     
485,540
     
2,005,416
 
                                         
Profit from operating
                                       
 the Power Plant
   
160,534
     
127,494
     
46,349
     
30,976
     
294,149
 
                                         
General and
                                       
 administrative expenses
   
8,576
     
8,745
     
4,505
     
4,687
     
19,178
 
                                         
Operating profit
   
151,958
     
118,749
     
41,844
     
26,289
     
274,971
 
                                         
Financing income
   
1,810
     
2,198
     
1,312
     
1,986
     
7,025
 
Financing expenses
   
(150,744
)
   
(108,804
)
   
(89,829
)
   
(69,676
)
   
(226,054
)
                                         
Financing expenses, net
   
(148,934
)
   
(106,606
)
   
(88,517
)
   
(67,690
)
   
(219,029
)
                                         
Profit (loss) before taxes
                                       
on income
   
3,024
     
12,143
     
(46,673
)
   
(41,401
)
   
55,942
 
                                         
Tax benefit (Taxes on
                                       
 income)
   
(687
)
   
407
     
10,744
     
10,350
     
(4,736
)
                                         
Profit (loss) for the period
   
2,337
     
12,550
     
(35,929
)
   
(31,051
)
   
51,206
 
 

Dorad Energy Ltd.
 
Interim Condensed Statements of Changes in Shareholders' Equity
 
               
Capital
             
               
reserve for
             
   
Share
   
Share
   
activities with
   
Retained
       
   
capital
   
premium
   
shareholders
   
earnings
   
Total Equity
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
For the six months
                             
 ended June 30, 2017
                             
 (Unaudited)
                             
                               
Balance as at
                             
 January 1, 2017 (Audited)
   
11
     
642,199
     
3,748
     
201,646
     
847,604
 
                                         
Profit for the period
   
-
     
-
     
-
     
2,337
     
2,337
 
                                         
Balance as at
                                       
 June 30, 2017 (Unaudited)
   
11
     
642,199
     
3,748
     
203,983
     
849,941
 
                                         
For the six months
                                       
 ended June 30, 2016
                                       
 (Unaudited)
                                       
                                         
Balance as at
                                       
 January 1, 2016 (Audited)
   
11
     
642,199
     
3,748
     
150,440
     
796,398
 
                                         
Profit for the period
   
-
     
-
     
-
     
12,550
     
12,550
 
                                         
Balance as at
                                       
 June 30, 2016 (Unaudited)
   
11
     
642,199
     
3,748
     
162,990
     
808,948
 
                                         
For the three months
                                       
 ended June 30, 2017
                                       
 (Unaudited)
                                       
                                         
Balance as at
                                       
 April 1, 2017 (Unaudited)
   
11
     
642,199
     
3,748
     
239,912
     
885,870
 
                                         
Loss for the period
   
-
     
-
     
-
     
(35,929
)
   
(35,929
)
                                         
Balance as at
                                       
 June 30, 2017 (Unaudited)
   
11
     
642,199
     
3,748
     
203,983
     
849,941
 
                                         
For the three months
                                       
 ended June 30, 2016
                                       
 (Unaudited)
                                       
                                         
Balance as at
                                       
 April 1, 2016 (Unaudited)
   
11
     
642,199
     
3,748
     
194,041
     
839,999
 
                                         
Loss for the period
   
-
     
-
     
-
     
(31,051
)
   
(31,051
)
                                         
Balance as at
                                       
 June 30, 2016 (Unaudited)
   
11
     
642,199
     
3,748
     
162,990
     
808,948
 
                                         
For the year ended
                                       
 December 31, 2016 (Audited)
                                       
                                         
Balance as at
                                       
 January 1, 2016 (Audited)
   
11
     
642,199
     
3,748
     
150,440
     
796,398
 
                                         
Profit for the year
   
-
     
-
     
-
     
51,206
     
51,206
 
                                         
Balance as at
                                       
 December 31, 2016 (Audited)
   
11
     
642,199
     
3,748
     
201,646
     
847,604
 
 

 
Dorad Energy Ltd.
 
Interim Condensed Statements of Cash Flows
 
   
For the six months ended
   
For the three months ended
   
Year ended
 
   
June 30
   
June 30
   
December 31
 
   
2017
   
2016
   
2017
   
2016
   
2016
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Audited)
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Cash flows from
                             
 operating activities:
                             
Profit (loss) for the period
   
2,337
     
12,550
     
(35,929
)
   
(31,051
)
   
51,206
 
Adjustments:
                                       
Depreciation and amortization
                                       
 and fuel consumption
   
142,906
     
114,078
     
72,816
     
56,446
     
238,484
 
Taxes on income (tax  benefit)
   
687
     
(407
)
   
(10,744
)
   
(10,350
)
   
4,736
 
Financing expenses, net
   
148,934
     
106,606
     
88,517
     
67,690
     
219,029
 
     
292,527
     
220,277
     
150,589
     
113,786
     
462,249
 
                                         
Change in trade receivables
   
29,102
     
2,966
     
8,581
     
(22,457
)
   
(14,761
)
Change in other receivables
   
(60,355
)
   
13,604
     
(41,999
)
   
7,392
     
(5,179
)
Change in trade payables
   
36,707
     
80,828
     
42,984
     
7,188
     
48,807
 
Change in other payables
   
(2,387
)
   
163
     
(19,779
)
   
(2,744
)
   
677
 
Change in employee benefits, net
   
-
     
-
     
-
     
-
     
-
 
     
3,067
     
97,561
     
(10,213
)
   
(10,621
)
   
29,544
 
Net cash flows provided
                                       
 by operating activities
   
297,931
     
330,388
     
104,447
     
72,114
     
542,999
 
                                         
Cash flows from
                                       
 investing activities
                                       
Payment for settlement of
                                       
 financial derivatives
   
(4,633
)
   
(1,365
)
   
(2,784
)
   
(1,043
)
   
(2,017
)
Release of pledged deposit
   
-
     
-
     
-
     
-
     
29,486
 
Investment in long-term
                                       
 restricted deposits
   
(21,000
)
   
(40,391
)
   
-
     
(40,391
)
   
(143,891
)
Release of long-term restricted
                                       
 deposits
   
25,790
     
70,000
     
12,572
     
70,000
     
70,000
 
Long-term prepaid expenses
   
-
     
(90
)
   
-
     
(90
)
   
(1,056
)
Investment in fixed assets
   
(53,786
)
   
(15,779
)
   
(21,804
)
   
(10,576
)
   
(25,415
)
Investment in intangible assets
   
(258
)
   
(1,755
)
   
(227
)
   
(273
)
   
(2,804
)
Interest received
   
1,230
     
121
     
732
     
105
     
624
 
Net cash flows provided by (used
                                       
 in) investing activities
   
(52,657
)
   
10,741
     
(11,511
)
   
17,732
     
(75,073
)
                                         
Cash flows from
                                       
 financing activities:
                                       
Receipt of long-term
                                       
 loans from related parties
   
-
     
-
     
-
     
-
     
16,689
 
Receipt of long-term
                                       
 loans from banks
   
-
     
-
     
-
     
-
     
242,772
 
Repayment of long-term loans
                                       
 from related parties
   
(39,628
)
   
-
     
-
     
-
     
(147,219
)
Repayment of loans from banks
   
(85,112
)
   
(73,460
)
   
(85,112
)
   
(73,460
)
   
(143,896
)
Interest paid
   
(120,865
)
   
(102,679
)
   
(105,183
)
   
(102,077
)
   
(408,071
)
Net cash flows used in
                                       
 financing activities
   
(245,605
)
   
(176,139
)
   
(190,295
)
   
(175,537
)
   
(439,725
)
                                         
Net increase (decrease) in cash
                                       
 and cash equivalents
   
(331
)
   
164,990
     
(97,359
)
   
(85,691
)
   
28,201
 
                                         
Effect of exchange rate fluctuations
                                       
 on cash and cash equivalents
   
677
     
332
     
523
     
436
     
872
 
Cash and cash equivalents at
                                       
 beginning of period
   
80,967
     
51,894
     
178,149
     
302,471
     
51,894
 
Cash and cash equivalents at end
                                       
 of period
   
81,313
     
217,216
     
81,313
     
217,216
     
80,967