Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (April 2017)
30 slides from Ellomay Capital's investor presentation, Apr 3, 2017
Slide 1: Investor Presentation April 2017
* מצגת לשוקההון Investor Presentation April 2017
Slide 2: General disclaimer and forward-looking statements
* * General: The information contained in this presentation is subject to, and must be read in conjunction with, all other publically available information, including our Annual Report on Form 20-F for the year ended December 31, 2016, and other filings that we make from time to time with the SEC. A
Slide 3: Company Overview (NYSE MKT; TASE: ELLO)
Ellomay operates in the energy and infrastructure growing sectors including renewable and clean energy. The Company’s shares are traded on the NYSE MKT and the Tel Aviv Stock Exchange with a market cap of approximately $86 million (as of October 31, 2016) and is controlled by Mr. Shlomo Nehama (Chai
Slide 4: Corporate Structure
* Dorad Energy Ltd. (“Dorad”) PV Kanir Partnership Shlomo Nehama 31.4%2 31%3 9.4%~ 100% 37.6% Development Project – Pumped Storage 75% Corporate Structure The public and others Shareholders agreement1 16 photovoltaic plants in Italy and Spain, with aggregate installed capacity of ~30.5 MWp, all conn
Slide 5: Milestones
* Entrance to Italian PV Market (acquisitions 2010 - 2013) Acquired indirect equity interest in Dorad Energy Ltd. Listing in NYSE MKT Public Series A Debenture Issuance (il A- ,Maalot S&P IL) 2010 2011 2012 2013 2014 2015 Listing in TASE Entrance to Spanish PV Market Commencement of Dorad Power Plan
Slide 6: Portfolio Summary
* Installed Capacity 7.9 MWp 22.6 MWp 375 Nm3/h1 850 MW2 % Ownership 100% 100% 100% ~ 9.4% Book Value of investment2 ~ $20M4 ~ $72.5M4 ~ $5.3M4 ~ $32.1M5 License/Subsidy Term 2040-2041 ~ 2031 ~ 2029 20346 # Facilities 4 12 1 1 Spain (PV) Italy (PV) Israel (CCGT1) Portfolio Summary Biogas installatio
Slide 7: Photovoltaic Operations: Italy and Spain
* Photovoltaic Operations: Italy and Spain
Slide 8: Growth of clean and solar energy production
* Production of clean energy represents a growing portion of energy production. Today, the majority of the energy supply in the world is still produced using fossil fuels, such as coal, oil and natural gas. The use of these traditional energy sources raises a number of challenges, including price vo
Slide 9: PV Plants in Italy
* Project name Installed Capacity (kWp) Acquisition Year Acquisition Cost per MWp (in millions) Connection Date1 Technology Region FiT1 Eurocent/KWh Del Bianco 734 2010 €2.9 04/2011 Fix Marche 32.15 Costantini 734 2010 €2.9 04/2011 Fix Marche 32.15 Giacchè 730 2010 €3.8 04/2011 Trackers Marche 32.15
Slide 10: PV Plants in Spain
* Project name Installed Capacity(kWp) Acquisition Year Acquisition Cost per MWp (in millions) Connection Date1 Technology Location Expected annual revenues (€ thousand) Rodríguez I 1,675 2014 €1.55 11/2011 Fix Murcia ~ 570 Rodríguez II 2,690 2014 €1.78 11/2011 Fix Murcia ~ 960 Fuente Librilla 1,248
Slide 11: Dorad Power Plant, Ashkelon, Israel
* Dorad Power Plant, Ashkelon, Israel
Slide 12: The Dorad Power Plant
* The Dorad Power Plant is one of the largest private power plant in Israel, with installed capacity of approximately 850 MW. The plant is a CCGT bi-fuel plant and powered by natural gas. The Dorad Power Plant is comprised of twelve natural gas turbines, and two steam turbines. Ellomay indirectly ho
Slide 13: Dorad Power Plant Key P&L and Cash Flow Figures
* 2016 2015 2014 Revenues 2,300 2,357 1,484 Gross profit from operating the power plant 294 382 233 Operating profit 275 357 213 Net income 51 103 80 EBITDA1 484 567 337 Finance expenses, net (219) (216) (110) Net increase (decrease) in cash and cash equivalents for the period, including effect of e
Slide 14: Pumped-Storage Development Project Manara Cliff, Israel
* Pumped-Storage Development Project Manara Cliff, Israel
Slide 15: Pumped-storage project: the solution in a nutshell
* Hydro-electric storage system comprised of two water reservoirs (upper and lower), connected through an underground water pressure pipe. Energy is stored by pumping water from lower to upper reservoir and generated by releasing the water back. Sustainable technology – working for over 100 years. T
Slide 16: Manara Pumped-Storage Project
* 340 MW 2 Ellomay Pumped Storage (2014) Ltd. Ellomay Capital Ltd. – 75% 1Sheva Mizrakot Ltd. – 25% Capacity Shareholders Company Pumped-Storage Project Indirectly owned through the project company.In August 2016, Ellomay PS received a conditional license for a pumped storage plant with a capacity o
Slide 17: Waste-to-Energy Projects
* Waste-to-Energy Projects Biomethane injection Biogas plant Electricity Heat Biomethane treatment Organic matter Fertilizers Biogas: the combustible product of the anaerobic digestion of different biomass substrates including manure, agro-residues and organic waste. Green gas:(bio-methane) is defin
Slide 18: The Potential of the Dutch Biogas Market
* The Potential of the Dutch Biogas Market The Netherlands produces over 76 million tons of manure per year (source CBS, 2013).Approximately 10% of the market has to be processed due to stringent regulatory requirements (“overmest”). Maximum biogas potential is expected to triple between 2020 to 203
Slide 19: Strategic Collaboration with Ludan
* Strategic Collaboration with Ludan Pursuant to the agreement with Ludan, subject to the fulfillment of certain conditions (including the financial closing of each project and receipt of a valid Sustainable Energy Production Incentive subsidy from the Dutch authorities and applicable licenses), the
Slide 20: Waste-to-Energy (Biogas) Projects
* Waste-to-Energy (Biogas) Projects In 2016 the Company acquired 51% of the rights in a project company developing an anaerobic digestion (AD) plant, with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands, and the land on which the plant will be constructed. The Co
Slide 21: Expected Projects
* Expected Projects
Slide 22: Potential acquisition of a Photovoltaic Plant in Israel
* Potential acquisition of a Photovoltaic Plant in Israel The company is currently in the process of due diligence and negotiations with respect to a proposed acquisition of the shares of an Israeli company that owns through a subsidiary a photovoltaic plant in Israel with a nominal capacity of ~9MW
Slide 23: Financial Results
* Financial Results
Slide 24: Key Balance Sheet Figures
* December 31, 2014 % Of BS December 31, 2015 % Of BS December 31, 2016 % Of BS Cash and cash equivalent, Marketable securities, Short-term deposits 23,388 15% 25,216 16% 24,673 16% Financial Debt* 55,288 35% 58,852 37% 58,752 38% Financial Debt, net* 31,900 20% 33,636 21% 34,079 22% Property, plant
Slide 25: Key Financial Ratios
* Key Financial Ratios December 31, 2014 December 31, 2015 December 31, 2016 Financial Debt to CAP (A/D) 37% 38% 40% Financial Debt, net to CAP (B/D) 21% 22% 23% Financial Debt to Total equity (A/C) 59% 63% 66% Financial Debt, net to Total equity (B/C) 34% 36% 38% Strong Balance Sheet, Sufficient Li
Slide 26: Key Income and P&L Figures
* (USD millions) Key Income and P&L Figures See below for a reconciliation of net income (loss) to EBITDA
Slide 27: EBITDA
* EBITDA EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s and Dorad’s historical financial performance and to enable comparability bet
Slide 28: Summary
* 1 2 3 4 Summary Diversified and growing base of cash flow generating assets. The Company is characterized by low leverage and revenues based on regulatory tariffs. Focus on small/medium commercial projects with limited capex and operational risks. Seasoned management team, with extensive sector kn
Slide 29: Thank you! Investor Relations contacts
* www.ellomay.com Investor RelationsHadas FriedmanKM Investor relations Direct: +972 (0)3-5167620hadas@km-ir.co.ilwww.km-ir.co.il CompanyKalia WeintraubChief Financial OfficerEllomay Capital LTD.9 Rothschild Blvd., Tel AvivDirect: +972-3-7971111Email: anatb@ellomay.com Thank you!
Slide 30: Appendix A – Leverage Ratios
* Appendix A – Leverage Ratios As of December 31, As of December 31, As of December 31, 2014 2015 2016 Current liabilities Loans and borrowings $ (677) $ (1,133) $ (1,150) Debentures $ (4,884) $ (4,878) $ (4,989) Non-current liabilities Finance lease obligations $ (5,646) $ (4,724) $ (4,228) Long-te