Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Q1 2016 Earnings Presentation
29 slides from Ellomay Capital's earnings presentation, Jun 9, 2016
Slide 1: Financial Results Summary: Q1 2016
Financial Results Summary: Q1 2016
Slide 2: Disclaimer
Disclaimer 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 from time to time with the
Slide 3: Company Overview
* * Company Overview Ellomay operates in the energy and infrastructure growing sectors including renewable and clean energy 1 2 3 4 5 (NYSE MKT; TASE: ELLO) Ellomay aims to exploit attractive yield to risk ratios worldwide Ellomay focuses on small/mid-size scale commercial projects with limited cape
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 $21.6 M~3 $81.2M~3 $39.3M~4 License Expiration 2040-2041 2031~ 20345 # of Power Plants 4 12 1 The Dorad Power Plant began commercial operation
Slide 5: Growing Capacity of Ellomay's PV Portfolio
* * 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 Energy 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 Q1 2015 Q1 2016 Revenues 2,357 679 610 Gross profit from operating the power plant 382 98 97 Operating profit 357 90 92 EBITDA (1) 567 142 144 Finance expenses, net (216) (1) (39) Net income for the period 103 65 44 Net increase (decrease) in cash and cash equivalents for
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 Project”) 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 pro
Slide 17: Pumped-storage project: The solution in a nutshell
Pumped-storage project: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 hydro-electric storage
Slide 18: Financial Results Summary: Q1 2016
* * Financial Results Summary: Q1 2016
Slide 19: Q1 2016 Results Summary
* * Q1 2016 Results Summary (USD thousands) Q1 2016 Q1 2015 From PV Operations - On the one hand, there were a decrease in revenues mainly due to lower levels of radiation in the Veneto region in Italy (Northern Italy), where two of the Company’s photovoltaic plants, with an aggregate capacity of ap
Slide 20: Key Income and P&L Figures
* * Key Income and P&L Figures (USD millions) *See page 23 for a reconciliation of EBIDTA to Net Income (Loss).
Slide 21: Key Financial Ratios
* * Key Financial Ratios Strong Balance Sheet, Sufficient Liquidity, Low Leverage *See Appendix C December 31, 2015 March 31, 2015 March 31, 2016 Financial Debt to CAP (A/D) 38% 37% 40% Financial Debt, net to CAP (B/D) 22% 22% 23% Financial Debt to Total equity (A/C) 63% 59% 66% Financial Debt, net
Slide 22: Key Balance Sheet Figures
* * Key Balance Sheet Figures (USD thousands) *See Appendix C December 31, 2015 % Of BS March 31, 2015 % Of BS March 31, 2016 % Of BS Cash and cash equivalent, Marketable securities, Short-term deposits 25,216 16% 21,953 14% 24,922 15% Financial Debt* 58,852 37% 52,984 35% 61,080 37% Financial Debt,
Slide 23: Reconciliation of Net income (loss) to EBITDA
For the year ended For the three months ended For the three months ended December 31, 2015 March 31, 2015 March 31, 2016 Audited Unaudited Unaudited Net income (loss) for the period 7,298 3,796 (2,107) Financing expenses (income), net (592) (2,740) 2,682 Taxes on income (tax benefit) (1,933) 111 (53
Slide 24: 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 25: 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 26: 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 27: Appendix B – Spanish PV Market
* * Appendix B – Spanish PV Market 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 energies called the “Spe
Slide 28: Appendix C – Leverage Ratios
Appendix C – Leverage Ratios As of December 31, As of March 31, As of March 31, 2015 2015 2016 Audited Unaudited Unaudited Current liabilities Loans and borrowings $ (1,133) $ (505) $ (1,205) Debentures $ (4,878) $ (4,771) $ (5,073) Non-current liabilities Finance lease obligations $ (4,724) $ (4,91
Slide 29: Appendix D – Israeli Rating for Series A Debentures
Appendix D – Israeli Rating for Series A Debentures On January 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. In its rating report Maalot notes, among other t