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 March 2020
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


2


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: March 30, 2020

3




Exhibit 99.1


Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Year Ended
December 31, 2019

Tel-Aviv, Israel, March 30, 2020 – Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported the publication in Israel of financial statements for the year ended December 31, 2019 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds approximately 9.4%.

On March 26, 2020, 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 annual report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the annual report of the Luzon Group includes the financial statements of Dorad for the same period.

The financial statements of Dorad for the year ended December 31, 2019 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 March 31, 2020 and will include the financial statements of Dorad in its annual report on Form 20-F for the year ended December 31, 2019.  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 revenues for the year ended December 31, 2019 - approximately NIS 2,700,766,000.
 

Dorad’s operating profit for the year ended December 31, 2019 - approximately NIS 397,841,000.

Dorad informed the Company that in connection with the recent outbreak of the coronavirus (COVID-19) and the actions taken by governments and authorities to prevent the spread of the virus, Dorad is acting in accordance with the instructions of the Israeli Electricity and Health authorities and that due to the COVID-19 crisis there is a certain decrease in the electricity consumption of Dorad’s customers and of the Israeli Electric Company. Dorad is examining the methods for managing in the event of a decrease in its revenues as a result. Dorad’s financial statements note in connection with a natural gas supply agreement executed between Dorad and Energian Ltd. during 2017 that on February 5, 2020, Dorad was informed by Energian Ltd. that due to the COVID-19 spread in China, the Chinese government issued restrictions on travel and transportation including to an area where portions of its gas production facilities are manufactured and therefore there a delay is expected in the supply of gas to Dorad. Dorad notes that in the event of delays, it may purchase natural gas from its current supplier at a higher price than the price set in the agreement with Energian.

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. Due to various reasons, including the effects of the spread of COVID-19 and the economic impact of such spread and of actions taken by governments and authorities, the results included herein may not be indicative of full year results in the future.

A translation of the financial results for Dorad as of and for the years ended December 31, 2018 and 2019 and as of and for the years ended December 31, 2017, 2018 and 2019 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 renewable energy and power sectors in Europe and Israel.
 

 
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 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;

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 850MW, representing about 6%-8% of Israel’s total current electricity consumption;

51% of Talasol, which is involved in a project to construct a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;

100% 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;

75% of Ellomay Pumped Storage (2014) Ltd. (including 6.67% that are held by a trustee in trust for us and other parties), which is involved in a project to construct a 156 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 the Company’s forward-looking statements, including regulatory changes, including the outcome of the hearing process, 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 and the impact of COVID-19 virus on Dorad’s operations and projects, including in connection with reductions in the consumption of electricity by Dorad’s customers and the Israeli Electricity Company, delays in supply of gas, steps taken by Israeli authorities, regulatory changes, changes in the supply and prices of resources required for the operation of the Dorad’s facilities (and in the price of oil and electricity, and technical and other disruptions in the operation of Dorad. 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: HilaI@ellomay.com



Dorad Energy Ltd.
Statements of Financial Position

   
December 31
   
December 31
 
   
2019
   
2018
 
   
NIS thousands
   
NIS thousands
 
Current assets
           
Cash and cash equivalents
   
266,021
     
117,220
 
Trade and Income receivable
   
292,759
     
297,997
 
Other receivables
   
22,685
     
56,417
 
Financial derivatives
   
-
     
387
 
Total current assets
   
581,465
     
472,021
 
                 
Non-current assets
               
Restricted deposit
   
438,032
     
431,096
 
Prepaid expenses
   
37,225
     
41,704
 
Fixed assets
   
3,698,716
     
3,869,800
 
Intangible assets
   
2,247
     
3,265
 
Right of use assets
   
64,161
     
-
 
Total non-current assets
   
4,240,381
     
4,345,865
 
                 
Total assets
   
4,821,846
     
4,817,886
 
                 
Current liabilities
               
Current maturities of loans from banks
   
231,380
     
*224,444
 
Current maturity of loans from related parties
   
-
     
17,805
 
Current maturities of lease liabilities
   
4,551
     
-
 
Trade payables
   
288,127
     
340,829
 
Other payables
   
10,509
     
5,966
 
Total current liabilities
   
534,567
     
589,044
 
                 
Non-current liabilities
               
Loans from banks
   
2,803,975
     
*3,009,392
 
Long-term lease liabilities
   
54,052
     
-
 
Provision for dismantling and restoration
   
36,102
     
35,497
 
Deferred tax liabilities, net
   
170,676
     
122,803
 
Liabilities for employee benefits, net
   
160
     
160
 
Total non-current liabilities
   
3,064,965
     
3,167,852
 
                 
Equity
               
Share capital
   
11
     
11
 
Share premium
   
642,199
     
642,199
 
Capital reserve for activities with controlling shareholders
   
3,748
     
3,748
 
Retained earnings
   
576,356
     
415,032
 
                 
Total equity
   
1,222,314
     
1,060,990
 
                 
Total liabilities and equity
   
4,821,846
     
4,817,886
 

* reclassified



Dorad Energy Ltd.
Statements of Profit or Loss

   
Year ended December 31,
 
   
2019
   
2018
   
2017
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Revenues
   
2,700,766
     
2,628,607
     
2,523,263
 
                         
Operating costs of the power plant
                       
Energy costs
   
708,662
     
687,431
     
616,221
 
Electricity purchase and infrastructure services
   
1,208,223
     
1,194,948
     
1,212,431
 
Depreciation and amortization
   
214,248
     
217,795
     
208,705
 
Other operating costs
   
151,116
     
136,705
     
122,345
 
                         
Total cost of power plant
   
2,282,249
     
2,236,879
     
2,159,702
 
                         
Profit from operating the power plant
   
418,517
     
391,728
     
363,561
 
                         
General and administrative expenses
   
20,676
     
20,740
     
18,712
 
                         
Operating profit
   
397,841
     
370,988
     
344,849
 
                         
Financing income
   
4,237
     
24,650
     
3,195
 
Financing expenses
   
192,881
     
227,988
     
245,122
 
Financing expenses, net
   
188,644
     
203,338
     
241,927
 
                         
Profit before taxes on income
   
209,197
     
167,650
     
102,922
 
                         
Taxes on income
   
47,873
     
33,505
     
23,681
 
                         
Profit for the year
   
161,324
     
134,145
     
79,241
 



Dorad Energy Ltd.
Statements of Changes in Equity

             
Capital
             
             
reserve for
             
             
activities with
             
       
Share
   
controlling
   
Retained
       
 
Share capital
   
premium
   
shareholders
   
earnings
   
Total equity
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
For the year ended December 31, 2019
                             
                               
Balance as at January 1, 2019
   
11
     
642,199
     
3,748
     
415,032
     
1,060,990
 
                                         
Profit for the year
   
-
     
-
     
-
     
161,324
     
161,324
 
                                         
Balance as at December 31, 2019
   
11
     
642,199
     
3,748
     
576,356
     
1,222,314
 
                                         
For the year ended December 31, 2018
                                       
                                         
Balance as at January 1, 2018
   
11
     
642,199
     
3,748
     
280,887
     
926,845
 
                                         
Profit for the year
   
-
     
-
     
-
     
134,145
     
134,145
 
                                         
Balance as at December 31, 2018
   
11
     
642,199
     
3,748
     
415,032
     
1,060,990
 
                                         
For the year ended December 31, 2017
                                       
                                         
Balance as at January 1, 2017
   
11
     
642,199
     
3,748
     
201,646
     
847,604
 
                                         
Profit for the year
   
-
     
-
     
-
     
79,241
     
79,241
 
                                         
Balance as at December 31, 2017
   
11
     
642,199
     
3,748
     
280,887
     
926,845
 



Dorad Energy Ltd.
Statements of Cash Flows

   
Year ended December 31,
 
   
2019
   
2018
   
2017
 
   
NIS thousands
   
NIS thousands
   
NIS thousands
 
Cash flows from operating activities:
                 
Profit for the year
   
161,324
     
134,145
     
79,241
 
Adjustments:
                       
Depreciation, amortization and fuel consumption
   
239,323
     
223,028
     
286,542
 
Taxes on income
   
47,873
     
33,505
     
23,681
 
Financing expenses, net
   
188,644
     
203,338
     
241,927
 
     
475,840
     
459,871
     
552,150
 
                         
Change in trade receivables
   
5,238
     
32,536
     
(35,465
)
Change in other receivables
   
25,394
     
6,119
     
(84,857
)
Change in trade payables
   
(57,719
)
   
(81,273
)
   
123,045
 
Change in other payables
   
4,543
     
304
     
(2,669
)
     
(22,544
)
   
(42,314
)
   
54
 
                         
Net cash provided by operating activities
   
614,620
     
551,702
     
631,445
 
                         
Cash flows from investing activities:
                       
Proceeds from (payment for) settlement of financial derivatives
   
(4,551
)
   
9,957
     
(10,596
)
Insurance proceeds in respect of damage to fixed asset
   
8,336
     
20,619
     
38,742
 
Investment in long-term restricted deposits
   
(14,000
)
   
(12,158
)
   
(34,000
)
Release of long-term restricted deposit
   
-
     
-
     
25,790
 
Investment in fixed assets
   
(60,476
)
   
(79,855
)
   
(121,361
)
Investment in intangible assets
   
(939
)
   
(222
)
   
(413
)
Interest received
   
4,213
     
3,497
     
1,268
 
                         
Net cash used in investing activities
   
(67,417
)
   
(58,162
)
   
(100,570
)
                         
Cash flows from financing activities:
                       
Repayment of lease liability principal
   
(8,513
)
   
-
     
-
 
Repayment of loans from related parties
   
(17,704
)
   
(160,326
)
   
(39,628
)
Repayment of loans from banks
   
(189,893
)
   
(181,970
)
   
(161,668
)
Interest paid
   
(182,435
)
   
(220,765
)
   
(227,530
)
                         
Net cash used in financing activities
   
(398,545
)
   
(563,061
)
   
(428,826
)
                         
Net increase (decrease) in cash and cash equivalents
   
148,658
     
(69,521
)
   
102,049
 
                         
Effect of exchange rate fluctuations on cash and cash equivalents
   
143
     
2,559
     
1,166
 
Cash and cash equivalents at beginning of year
   
117,220
     
184,182
     
80,967
 
                         
Cash and cash equivalents at end of year
   
266,021
     
117,220
     
184,182