Slide 1: Integrated Developer, Owner and Operator of Renewable Energy Projects
Integrated Developer, Owner and Operator of Renewable Energy Projects Investors Presentation June 2022
Slide 2: General and Forward-Looking Statements
2 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, 2021, and other filings that we make from time to time with the SEC. Any
Slide 3: Investor Highlights
Investor Highlights Financial and technological expertise Active in various markets and locations From development to operation Trusted by financial institutes and banks Renewable energy as a long term, adaptable business Ongoing growth with conservative leverage ratios Public company traded in TASE
Slide 4: Our Vision
Our Vision 4 To be ahead of the curve in green energy generation and storage technologies. To be a profitable and sustainable business based on enhanced financing strategies and advanced technological expertise. To provide comprehensive solutions, from development to operation, enabling a stable sup
Slide 5: Our Objectives
Our Objectives Energy Revolution as a Long-Term, Profitable Business Continuous growth Growing our renewable energy and power generation activities – from development to operation – in Europe and Israel. Constant cash flow Creating continuous cash flow from various assets in diverse renewable energy
Slide 6: Business Development Roadmap
Business Development Roadmap Sold 49% of Talasol 2020 2021 Financial closing and start construction in Talasol Sold 22.6 MW Italian PV portfolio with profit of ~ 19Mil € Executed 2 Framework Agreements for the Development of 515 MW PV Projects in Italy Acquired remaining 49% of NL biogas projects Ta
Slide 7: Financial Forecast (in millions of Euro)
Adjusted Revenues ~56 ~69 ~79 ~102 Net Profit ~5 ~10 ~12 ~17 Adjusted EBITDA from projects ~39 ~49 ~58 ~77 Adjusted EBITDA ~34 ~44 ~53 ~72 Adjusted FFO from projects ~29 ~37 ~45 ~62 Adjusted FFO ~20 ~27 ~33 ~44 Financial Forecast(in millions of Euro) The PV Plant located in Talmei Yosef, Israel is p
Slide 8: Development Projects – Growth
Development Projects – Growth Early StageDevelopment 800 MW Under Advanced Development 468 MW Under / Ready for Construction 278 MW Connected to the grid 444 MW Italy+ Spain - aggregated 800 MW PV Israel - 40 MW PV + Storage Italy - 428 MW PV Manara Cliff, Pumped Storage - 156 MW Italy - 122 MW PV S
Slide 9: Diverse Green Energy Infrastructure
Diverse Green Energy Infrastructure Development, Construction, Operation Solar Energy | PV Waste to Energy | Bio Gas Clean Energy | Natural Gas Energy Storage | Pumped Storage 9
Slide 10: Projects Summary (EUR Millions)
Projects Summary(EUR Millions) Projects % Ownership License MW Expected Distribution in 2022 Expected Annual Revenues in 2022 Expected Annual Adjusted EBITDA in 2022 Expected Annual Adjusted FFO in 2022 Expected Debt as of December 31, 2022 Expected interest on bank loans in 2022 Expected Cash flow
Slide 11: Projects Summary (EUR Millions)
Projects Summary(EUR Millions) ** On an average basis for 100% holding. The Company’s share is ~ 83.34%. Based on the NIS/EUR exchange rate as of December 31, 2021 : NIS 3.5199/1 EUR The Company will be required to raise additional funds in order to fulfill its development plans. * On an average bas
Slide 12: G.G. Gelderland
12 G.G.GELDERLAND
Slide 13: Waste-to-Energy (Biogas) Projects
Waste-to-Energy(Biogas) Projects See Appendix C for reconciliation and disclosure regarding the use of non-IFRS financial measures EUR Millions 2022 (E) 2023 (E) 2024 (E) Revenues 13 14 15 Cost of Sale -8.3 -8.3 -8.1 Gross Margin 5 5.7 6.9 Opex -2.7 -2.7 -2.7 Ebitda 2 3 4.2 Interest on bank loans -0
Slide 14: Israel - Manara Cliff Pumped Storage Project
Israel - Manara CliffPumped storage project Location: Manara Cliff - Israel Ownership: Ellomay Capital Ltd.: 83.34 % AMPA Investments Ltd.: 16.66%* Plant type: 1 pumped hydro storage plant * Sheva Mizrakot Ltd. Holds 25% of the Manara project. 66.67% of Sheva Mizrakot is owned by Ampa Investments Lt
Slide 15: Spain – Talasol 300 MW PV Plant
Spain – Talasol Acquired: 2017 Capacity: 300 MW Plant type: 1 PV plant Starting power production: December 2020 Location: Talaván, Cáceres, Spain Final Cost: 227M EUR Expected Annual Revenue*: EUR 29-30M * On an average annual basis. Forecast is provided for 100% holding (the Company’s share is 51%)
Slide 16: Framework Agreements for Development of PV Projects in Italy
Framework Agreementsfor the Development of 1209 MW PV Projects in Italy Expected Capacity: 1,059 MW Expected power production: 35 MW – 2022 184 MW – 2023 242 MW – 2024 352 MW – 2025 246 MW – 2026 Location: Italy ExpectedCost: ~800 MIL EUR Signed: 2020 Plant type: Multi PV plants מחכה לתמונה איכותית
Slide 17: PV + Storage in Israel
PV + Storage in Israel Tender winning date July 14, 2020 Location Israel Total installed capacity (MWh) –DC* 40 Total installed capacity (MWh, Calc.) –AC* 20 % of electricity through battery 19.7% Expected annual power production (MW) 72,771 Expected construction cost NIS 160 M Tariff (Ag) 19.90 Lic
Slide 18: Key Balance Sheet Figures (EUR thousands)
Key Balance Sheet Figures(EUR thousands) December 31, 2020 % OfBS December 31, 2021 % OfBS Cash and cash equivalent, deposits and marketable securities 76,719 17% 71,585 13% Financial Debt* 280,893 61% 356,194 65% Financial Debt, net* 204,174 44% 284,609 52% Property, plant and equipment net(mainly
Slide 19: Key Financial Ratios
Key Financial Ratios December 31, 2020 December 31, 2021 Financial Debt to CAP * 69% 76% Financial Debt, net to CAP * 50% 61% Strong Balance Sheet, Sufficient Liquidity Strong Balance Sheet, Sufficient Liquidity * See Appendix B for calculations
Slide 20: Summary
Summary Renewable energy industry enjoys favorable business prognosis and supportive regulation Competitive pricing, no need for governmental subsidizing High segmental and geographic diversity. Revenue not dependent on a specific project Long term agreements reduce demand market risk Value based fi
Slide 21: Israel – Renewable Energy Production Goals
Israel –Renewable Energy Production Goals Expected to increase to 25-30% by 2030 2.26% Actually produced
Slide 22: The Photo-Voltaic Market Overview
The Photo-Voltaic effect enables conversion of light into electricity using semiconductors. IEA: PV expected to double until 2023 The Photo-Voltaic Market Overview https://www.iea.org/renewables2018/ ©OECD/IEA Bioenergy Solar Thermal Hydropower Geothermal Wind Marine Solar PV Renewable energy consum
Slide 23: Waste-to-Energy Market Overview
Waste-to-Energy Market OverviewBiogas is a renewable energy source, produced by fermentation of organic matter Expected CAGR 2018-2024 is 6%* Number of biogas plants per 1 Mio capita in European countries in 2017 * https://www.statista.com/statistics/480452/market-value-of-waste-to-energy-globally-p
Slide 24: Pumped Hydro Storage Market Overview
The Pumped Hydro Storage method stores energy in the form of gravitational potential energy of water, pumped from a lower elevation reservoir to a higher elevation. 365/24/7 Energy storage enables power delivery all day and all year round. Pumped Hydro StorageMarket Overview https://www.gminsights.c
Slide 25: Thank You
THANK YOU For further Info Ran Fridrich, CEO| ranf@ellomay.com Kalia Rubenbach, CFO | kaliaw@ellomay.com www.ellomay.com
Slide 26: Appendix A – Non-IFRS Reconciliation
2022 (E) 2023 (E) 2024 (E) 2025 (E) Revenues ~50 ~63 ~73 ~95 The Company’s share in Dorad's distributions of profits ~3 ~3 ~3 ~4 Adjustment to fixed asset model in connection with the PV Plant located in Talmei Yosef ~3 ~3 ~3 ~3 Non-IFRS Revenues ~56 ~69 ~79 ~102 Net income for the period, adjusted
Slide 27: Appendix B – Leverage Ratios
Appendix B – Leverage Ratios Use of NON-IFRS 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 Debt, Net as Financial Debt m
Slide 28: Appendix C – Biogas EBITDA and Adjusted FFO
Appendix C – Biogas EBITDA and Adjusted FFO Use of NON-IFRS Financial Measures EBITDA and Adjusted FFO are non-IFRS measures. EBITDA is defined as earnings before financial expenses, net, taxes, depreciation and amortization and FFO (funds from operations) is calculated by adding tax and financing e