Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Q2 2016 Earnings Presentation
32 slides from Ellomay Capital's earnings presentation, Sep 19, 2016
Slide 1: Financial Results Summary: Q2 2016
Financial Results Summary: Q2 2016 Exhibit 99.4
Slide 2: Disclaimer
Disclaimer ellomay CAPITAL LIMITED 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, 2015, and other filings that we make f
Slide 3: Company Overview
* * Company Overview Ellomay operates in the energy and infrastructure growing sectors including renewable and clean energy. 1 2 (NYSE MKT; TASE: ELLO) Ellomay has recently entered into a strategic agreement in connection with Waste-to-Energy projects in the Netherlands. Ellomay focuses on small/mid
Slide 4: Portfolio Summary
* * Portfolio Summary Spain (PV) Italy (PV) Israel (CCGT1) Installed Capacity 7.9 MWp 22.6 MWp 850 MW1 % Ownership 100% 100% 9.4%~ Book Value of investment2 ~ $21.2 M3 ~ $76.7M3 ~ $38.7M4 License Expiration 2040-2041 2031~ 20345 # of Power Plants 4 12 1 The Dorad Power Plant began commercial operati
Slide 5: Growing Capacity of Ellomay's PV Portfolio (MWp)
* * Growing Capacity of Ellomay’s PV Portfolio (MWp) Steady Capacity Growth of PV Portfolio
Slide 6: Corporate Structure
* * The public and others Shlomo Nehama Kanir Partnership Mr. Shlomo Nehama owns the shares of Ellomay directly and indirectly. A shareholders agreement was signed between Kanir partnership and a company controlled by Shlomo Nehama that holds 33.3% of Ellomay’s shares.Kanir partnership is controlled
Slide 7: Dorad and PV Operations Holdings Overview
* * Dorad Energy Ltd. (“Dorad”) PV Operations Holds and operates a 850 MW CCGT(1) power plant (the “Dorad Power Plant”) Holdings Overview ~ 9.4% 16 PV plants ~30.5 MWp. installed capacity 100% Operation and Yielding Portfolio Ellomay Pumped Storage (2014) Ltd. pumped hydroPre-construction phase(2) 7
Slide 8: Company History
* * Company History Entrance to Italian PV Market (acquisitions 2010 - 2013) Acquired indirect equity interest in Dorad Energy Ltd. Listing in NYSE MKT Public Debenture Issuance (il A- ,Maalot S&P IL)(1)(2) 2010 2011 2012 2013 2014 2015 Listing in TASE Entrance to Spanish PV Market Commencement of D
Slide 9: PV Operations: Italy & Spain
* * PV Operations: Italy & Spain
Slide 10: PV Plants in Italy
* * PV Plants in Italy Project name Installed Capacity (kWp) Acquisition Year Acquisition Cost per MWp (in millions) Connection Date1 Technology Region FiT(1) 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€ 04/201
Slide 11: PV Plants in Spain
* * PV Plants in Spain Remuneration period – 30 years 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
Slide 12: Dorad Power Plant, Ashkelon, Israel
* * Dorad Power Plant, Ashkelon, Israel
Slide 13: Dorad Power Plant overview
* * One of the largest private power plant in Israel, with installed capacity of approximately 850 MWEllomay indirectly holds approximately 9.4% interest in Dorad.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
Slide 14: Dorad Power Plant Key P&L and Cash Flow Figures
* * Dorad Power Plant 2015 Q2 2015 Q2 2016 Revenues 2,357 1,167 1,126 Gross profit from operating the power plant 382 131 127 Operating profit 357 118 119 Net income 103 10 13 EBITDA (1) 567 225 223 Finance expenses, net (216) (104) (107) Net increase (decrease) in cash and cash equivalents for the
Slide 15: Pumped-Storage Development Project, Manara Cliff, Israel
* * Pumped-Storage Development ProjectManara Cliff, Israel
Slide 16: Pumped-storage project: Manara Cliff, Israel
* * Pumped-storage project:Manara Cliff, Israel (“Manara PSP”) Pumped Storage Power Station The development project Ellomay Pumped Storage (2014) Ltd. Project company Ellomay Capital Ltd. – 75% (1)Sheva Mizrakot Ltd. – 25% Shareholders 340 MW (2) Station capacity Indirectly owned through the project
Slide 17: Pumped-storage project: The solution in a nutshell
Pumped-storage project: ellomay The solution in a nutshell “— * Sustainable technology — working for over 100 years. * Pumped storage plant is a power plant capable of storing energy by raising and releasing water allowing quick response time (90 sec) for the use of the grid dispatcher. * Using a hy
Slide 18: Waste-to-Energy Projects Netherlands: Introduction to Biogas
* Waste-to- Energy Projects Netherlands Introduction to Biogas/ Green Gas Biogas is the combustible product of the anaerobic digestion of different biomass substrates including manure, agro-residues and organic waste.Green gas (bio-methane) is defined as methane produced from biogas with properties
Slide 19: Strategic agreement with Ludan Energy Overseas
* Ellomay entered into a strategic agreement with Ludan Energy Overseas B.V. ("Ludan") (a wholly-owned subsidiary of Ludan Engineering Co. Ltd. (TASE: LUDN) in connection with Waste-to-Energy (specifically Gasification and Bio-Gas (anaerobic digestion)) projects in the Netherlands. Ludan's affiliate
Slide 20: 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 2030
Slide 21: Financial Results Summary: Q2 2016
* * Financial Results Summary: Q2 2016
Slide 22: Q2 2016 Results Summary
* * Q2 2016 Results Summary (USD thousands) Q2 2016 Q2 2015 From PV Operations – A decrease in revenues mainly attributable to lower radiation levels during the six months ended June 30, 2016, compared to the six month period ended June 30, 2015, was partially offset by a decrease in operating expen
Slide 23: Key Income and P&L Figures
* * Key Income and P&L Figures (USD millions) *See page 26 for a reconciliation of EBIDTA to Net Income (Loss).
Slide 24: Key Financial Ratios
* * Key Financial Ratios Strong Balance Sheet, Sufficient Liquidity, Low Leverage See Appendix C for calculations December 31, 2015 June 30, 2015 June 30, 2016 Financial Debt to CAP (A/D) 38% 38% 39% Financial Debt, net to CAP (B/D) 22% 27% 25% Financial Debt to Total equity (A/C) 63% 62% 65% Financ
Slide 25: Key Balance Sheet Figures
* * Key Balance Sheet Figures (USD thousands) *See Appendix C for calculations December 31, 2015 % Of BS June 30, 2015 % Of BS June 30, 2016 % Of BS Cash and cash equivalent, Marketable securities, Short-term deposits 25,216 16% 16,729 11% 22,230 14% Financial Debt* 58,852 37% 56,626 36% 59,414 37%
Slide 26: EBITDA
EBITDA ellomay CAPITAL LIMITED + Use of NON-IFRS Financial Measures 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 hist
Slide 27: Investment Summary
* * Investment Summary Diversified base of cash flow generating assets. Strong balance sheet and track record of securing non-dilutive financing. Seasoned management team with extensive sector knowledge and access to attractive opportunities. 1 2 3 4 On March 23, 2016, the Company declared an annual
Slide 28: Contact
* * Contact Company Investor RelationsHadas FriedmanKM Investor relations Direct: +972 (0)3-5167620hadas@km-ir.co.ilwww.km-ir.co.il www.ellomay.com Kalia WeintraubChief Financial OfficerEllomay Capital LTD.9 Rothschild Blvd., Tel AvivDirect: +972-3-7971111Email: anatb@ellomay.com
Slide 29: Appendix A – Italian PV Market
* * The Italian government adopted the Feed in Tariff (FiT) incentive scheme. The energy authority in Italy (GSE) pays a long-term nominal rate per every kilo-watt hour that is produced by a PV plant on top of the price of electricity the PV plant receives on electricity that is transferred to the g
Slide 30: Appendix B – Spanish PV Market
Appendix B — Spanish PV Market ellomay CAPITAL LIMITED The legal and regulatory framework applicable to the production of electricity from renewable energy sources in Spain was modified during the second half of 2013, establishing the basis of the new remuneration scheme applicable to renewable ener
Slide 31: Appendix C – Leverage Ratios
Appendix C — Leverage Ratios ellomay CAPITAL LIMITED + Use of NON-! RS Financial Measures The Company defines Financial Debt as loans and borrowings plus debentures (current liabilities) plus finance lease obligations. plus long-term bank loans plus debentures (non-current liabilities), Financial De
Slide 32: Appendix D – Israeli Rating for Series A Debentures
Appendix D — ellomay Israeli Rating for Series A Debentures + OnJanuary 28, 2016, Standard & Poors Maalot Ltd. (“Maalot”) confirmed the rating of ilA-assigned to the Series A Debentures traded on the Tel Aviv Stock Exchange and reaffirmed the “Stable” outlook. * __ Inits rating report Maalot notes,