Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (April 2018)
33 slides from Ellomay Capital's investor presentation, Apr 17, 2018
Slide 1: Investor Presentation April 2018
Investor Presentation April 2018
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, 2017, and other filings that we make from time to time with the SEC. Any p
Slide 3: Company Overview (NYSE American; 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 American and the Tel Aviv Stock Exchange with a market cap of approximately $94.7 million (as of March 28, 2018) and the Company is controlled by Mr. Sh
Slide 4: Corporate Structure
Dorad Energy Ltd. (“Dorad”) PV Kanir Partnership Shlomo Nehama 30.7%2 31.7%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 American Public Series A Debenture Issuance (il BBB+/Stable, Maalot S&P IL) 2010 2011 2012 2013 2014 2015 Listing in TASE Entrance to Spanish PV Market Commencement of Dora
Slide 6: Portfolio Summary
850 MW2 850 Nm3/h1 22.6 MWp 7.9 MWp 9 MWp Installed Capacity ~ 9.4% 51% 100% 100% 100% % Ownership ~ €30.8M6 ~ €15.2M5 ~ €68.9M5 ~ €19M5 ~ €$34.5M4 Book Value of investment3 20347 ~ 2031 ~ 2031 2040-2041 2033 License/Subsidy Term 1 2 12 4 1 # Facilities Israel (PV) Italy (PV) Israel (CCGT) Portfolio
Slide 7: Photovoltaic Operations: Italy, Spain and Israel
Photovoltaic Operations: Italy, Spain and Israel
Slide 8: Production of clean energy represents a growing portion of 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 vola
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 M
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 2
Slide 11: PV Plant in Israel
PV Plant in Israel The company acquired the shares of an Israeli company that owns through subsidiaries a photovoltaic plant in Israel with fixed technology and a nominal capacity of ~9MWp, that was connected to the Israeli grid in November 2013. The net purchase price was NIS 39 million (approximat
Slide 12: Dorad Power Plant, Ashkelon, Israel
Dorad Power Plant, Ashkelon, Israel
Slide 13: The Dorad Power Plant
The Dorad Power Plant is one of the largest private power plants 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 hol
Slide 14: Dorad Power Plant Key P&L and Cash Flow Figures
2017 2016 Revenues 2,523 2,300 Gross profit from operating the power plant 364 294 Operating profit 345 275 Net income 79 51 EBITDA1 554 484 Finance expenses, net (242) (219) Net increase in cash and cash equivalents for the period, including effect of exchange rate fluctuations 103 29 Dorad Power P
Slide 15: 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 defined
Slide 16: 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 17: 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 C
Slide 18: Waste-to-Energy (Biogas) Projects
Waste-to-Energy (Biogas) Projects In 2016 the Company acquired 51% of the rights in a project company, in Groen Gas Goor B.V 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 b
Slide 19: Pumped-Storage Development Project Manara Cliff, Israel
Pumped-Storage Development Project Manara Cliff, Israel
Slide 20: 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. Thi
Slide 21: Pumped-Storage Project
156 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 of
Slide 22: Expected Projects
Expected Projects = ellomay.
Slide 23: SPA to Acquire a Spanish Company Promoting a PV Plant in Talaván, Spain
SPA to Acquire a Spanish Company Promoting a 300 MW PV Plant in Talaván, Spain The company entered into a share purchase agreement (the “SPA”), pursuant to which it acquired 100% of the share capital of a Spanish company, Talasol Solar S.L. (“Talasol”), which is promoting the construction of a photo
Slide 24: Forecasted Cash Flow from projects 2018
Forecasted Cash Flow from projects 2018
Slide 25: Estimated 2018 CF projection from projects
Estimated 2018 CF projection from projects (€ in millions) * The CF presented in the table is presented on a per project basis and does not include corporate expenses and Series A and Series B debentures related expenses.
Slide 26: Financial Results
Financial Results
Slide 27: Key Balance Sheet Figures
December 31, 2016 % Of BS December 31, 2017 % Of BS Cash and cash equivalent, Marketable securities 23,458 16% 26,124 13% Financial Debt* 55,865 38% 106,515 54% Financial Debt, net* 32,407 22% 80,391 41% Property, plant and equipment net (mainly in connection with PV Operations) 73,274 49% 78,837 40
Slide 28: Key Financial Ratios
Key Financial Ratios December 31, 2016 December 31, 2017 Financial Debt to CAP (A/D) 40% 58% Financial Debt, net to CAP (B/D) 23% 44% Financial Debt to Total equity (A/C) 66% 137% Financial Debt, net to Total equity (B/C) 38% 104% Strong Balance Sheet, Sufficient Liquidity See Appendix A for calcula
Slide 29: Key Income and P&L Figures
(€ millions) Key Income and P&L Figures See below for a reconciliation of net income (loss) to EBITDA
Slide 30: 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 betwe
Slide 31: Summary
1 2 3 4 Summary Diversified and growing base of cash flow generating assets. The Company is characterized by relatively low leverage and revenues based on regulatory tariffs. The Company aims to exploit attractive yield to risk ratios worldwide. Seasoned management team, with extensive sector knowle
Slide 32: Thank you! Investor Relations contacts
www.ellomay.com Investor RelationsChen LivneGK Investor relations Direct: +972 (0)3-6074717Email: chen@gk-biz.com www.gk-biz.com CompanyKalia WeintraubChief Financial OfficerEllomay Capital LTD.9 Rothschild Blvd., Tel AvivDirect: +972-3-7971111Email: kaliaw@ellomay.com Thank you!
Slide 33: Appendix A – Leverage Ratios
Appendix A – Leverage Ratios As of December 31, As of December 31, 2016 2017 Current liabilities Loans and borrowings € (1,094) € (3,103) Debentures € (4,744) € (4,644) Non-current liabilities Finance lease obligations € (4,020) € (3,690) Long-term loans € (16,961) € (42,091) Debentures € (29,046) €