Israeli Energy Companies Report Losses

Tel Aviv, Israel, February 25, 2016 (Newswire.com) - Affected by two major electricity rate reductions, Rapac (TASE: RPAC) and other energy companies in Israel, performed a re-evaluation of its total assets networth, Calcalist reports today.

Ellomay capital ltd. (Nasdaq: ELLO) the one private energy company with unchanged networth

Calcalist, Israel's leading financial daily, reports today that local energy companies, among them specifically noted Rapac, have had to perform a significant reduction (close to 30% in most cases) in their assets' worth caused as a direct result of two major reduction of electricity rates initiated by the Israeli electricity authority, the entity responsible for energy price rates in Israel.

According to Golan Hazani, Calcalist's financial specialist, Rapac has performed a significant reduction in power plants' real worth an estimated 28% of its networth consequently of the rates reduction, translated roughly into 39 million nis, out of a total worth of 140 million nis.

The reporter mentions one energy company that appeared to have no change in its quarterly reports is Ellomay Capital (Nasdaq: ELLO). According to Calcalist, Dorad – a private power plant, constitutes 70% of Ellomay's total assets (while its hodings in Dorad are 9.3%). Calcalist reports, one mentioning of the subject in the second quarter report which stated that the company was "studying the matter" of revenues that may be influenced by the rate reduction.  For the third quarter earnings, Ellomay, owned by Shlomo Nehama and Ran Friedrich, reported a total networth that remained unchanged.