Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (June 2020)
28 slides from Ellomay Capital's investor presentation, Jun 23, 2020
Slide 1: Investors Presentation – June 2020
Integrated Developer Owner and Operator of Renewable Energy Projects Investors Presentation – June 2020
Slide 2: General 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, 2019, and other filings that we make from time to time with the SEC. Any p
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 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 suppl
Slide 5: Our Objectives
Growing our renewable energy and power generation activities – from development to operation – in Europe and Israel. Continuous growth Creating continuous cash flow from various assets in diverse renewable energy and energy storage applications. Constant cash flow Maintainingrelatively lowleverage r
Slide 6: Business Development Roadmap
Business Development Roadmap Acquired51% of Biogas Projects in Netherlands Manara Cliff - Conditional license for pumped storage Talasol, Spain - Signed a PPA for 80% of the expected output Sold 49% of Talasol 2016 2017 2018 2019 Acquired Talmei Yosef PV Plant Commercial operation of first Biogas Pr
Slide 7: Financial Forecast
Financial Forecast (in million of Euro) (1) The forecast assumes the expected commencement of operations mid year.The PV Plant located in Talmei Yosef, Israel is presented under the fixed asset model and not under the financial asset model as per IFRIC 12. Including the Company's share in Dorad. The
Slide 8: Development Projects – Growth
Development Projects – Growth Early Stage Development455 MW Under Advanced Development356 MW Under Construction300 MW Connected to the grid 106 MW Spain - Talasol 300 MW PV Spain - 28 MW PV Italy - aggregated 455 MW PV Italy - 172 MW PV PV - Spain & Israel; Biogas - Netherlands; Dorad Power Station
Slide 9: Diverse Green Energy Infrastructure
DiverseGreen 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 – Operating
Projects Summary (EUR Millions) Projects % Ownership License MW Expected Distribution in 2020 Expected Annual Revenues in 2020 Expected Annual Adjusted EBITDA in 2020 Expected Adjusted Annual FFO in 2020 Expected Debt as of December 31, 2020 Expected interest on bank loans payment in 2020 Expected C
Slide 11: Projects Summary – Construction and Development
Projects Summary (EUR Millions) Projects % Ownership License MW Expected Annual Income following commercial operation Expected Annual EBITDA following commercial operation Expected Annual FFO following commercial operation Debt Expected Annual interest payment on bank loans Expected Annual Cash Flow
Slide 12: Waste-to-Energy (Biogas) Projects
Waste-to-Energy(Biogas) Projects 2020 (E) 2021 (E) 2022 (E) Revenues 6,573,516 6,888,705 6,888,705 Cost of Sale -3,018,598 -3,069,772 -3,069,772 Gross Margin 3,554,918 3,818,933 3,818,933 Opex -1,267,816 -1,267,816 -1,267,816 Ebitda 2,287,102 2,551,117 2,551,117 Interest on bank loans -285,000 -285,
Slide 13: Spain – Talasol
Spain – Talasol * Business strategy and timeline: Acquired:2017 Expected Capacity:300 MW Plant type:1 PV plant Starting power production:Expected Q4/2020 Location:Talaván, Cáceres, Spain ExpectedCost:EUR 227M Expected Annual Revenue:EUR 23-25M June 2018:METKA –procurement and engineering agreement J
Slide 14: Talasol PV Plant
Talasol 300 MW PV Plant Connection lines within the project 14 Evacuation line construction construction reached ~ 85% completion
Slide 15: Framework Agreements for PV Projects in Italy
Framework Agreements for the Development of 655 MW PV Projects in Italy Expected Capacity:655 MW Expected power production:72 MW – 2021150 MW – 2022250 MW – 2023183 MW – 2024 Location:Italy ExpectedCost:295 MIL EUR Signed:2019 Plant type:Multi PV plants
Slide 16: Israel - Manara Cliff
Israel - Manara Cliff Expected Capacity:156 MW Location:Manara Cliff - Israel ExpectedCost:EUR 350M Acquired:Ellomay Capital Ltd. –75% Sheva Mizrakot Ltd. –25% Plant type:1 pumped storage plant * In October 2019 the Manara Project received land assessment from ILA requiring payment of a consent fee
Slide 17: Key Balance Sheet Figures
Key Balance Sheet Figures December 31, 2017 % Of BS December 31, 2018 % Of BS December 31, 2019 % Of BS March 31, 2020 % Of BS Cash and cash equivalent, marketable securities 26,124 13% 39,014 18% 53,197 17% 66,429 18% Financial Debt* 106,515 54% 117,435 56% 164,904 53% 179,179 48% Financial Debt, n
Slide 18: Key Financial Ratios
Key Financial Ratios Financial Debt to CAP * 58% 60% 61% 57% Financial Debt, net to CAP * 44% 40% 41% 36% See Appendix B for calculations Strong Balance Sheet, Sufficient Liquidity December 31 , 2017 December 31 , 2018 March 31, 2020 December 31, 2019
Slide 19: 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 termagreements reducedemand market risk Value based finan
Slide 20: Renewable Energy Market and Business Environment
Renewable energy is an ongoing, worldwide sustainable economy trend, with an ever growing production and consumption of green energy. Renewable Energy Market and Business Environment http://www.brinknews.com/eu-2020-renewable-energy-goals-on-track/ http://appsso.eurostat.ec.europa.eu/nui/show.do?dat
Slide 21: Israel - Renewable Energy Production Goals
Israel - Renewable Energy Production Goals https://www.gov.il/he/Departments/General/renewable_energyhttps://www.evm.co.il/israel/אנרגיות-מתחדשות-הפוטנציאל-הלא-ממומש-ש/ https://www.gov.il/he/Departments/news/re_171119 2.26%Actually produced Expected to be increased to 25-30% by 2030
Slide 22: The Photo-Voltaic Market Overview
The Photo-Voltaic effect enables conversion of light into electricity using semiconductors.IEA:PV expected todoubleuntil 2023 The Photo-Voltaic Market Overview https://www.iea.org/renewables2018/ ©OECD/IEA Bioenergy Solar Thermal Hydropower Geothermal Wind Marine Solar PV Renewable energy consumptio
Slide 23: Waste-to-Energy Market Overview
Waste-to-Energy Market Overview Biogas 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
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.365/24/7Energy storage enables power delivery all day and all year round. Pumped Hydro Storage Market Overview https://www.gminsights.co
Slide 25: Thank You
THANK YOUFor further Info:Ran Fridrich, CEO: ranf@ellomay.comKalia Weintraub, CFO: kaliaw@ellomay.com www.ellomay.com
Slide 26: Appendix A – Adjusted EBITDA and Adjusted FFO
Appendix A – Adjusted EBITDA and Adjusted FFO Adjusted 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 expenses to EBITDA. The C
Slide 27: Appendix B – Financial Debt and CAP Calculations
As of December 31, As of December 31, As of December 31, As of March 31, 2017 2018 2019 2020 Current liabilities Loans and borrowings € (3,103) € (5,864) € (4,138) € (3,980) Debentures € (4,644) € (8,758) € (26,773) € (4,592) Non-current liabilities Finance lease obligations € (3,690) € - € - € - Lo
Slide 28: Appendix C – Biogas EBITDA and Adjusted FFO
Appendix C – Biogas EBITDA and Adjusted FFO 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 expenses to EBITDA. The Company uses