Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (June 2020)
31 slides from Ellomay Capital's investor presentation, Jun 23, 2020
Slide 1: Form 6-K Report of Foreign Private Issuer
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of June 2020 Commission File Number: 001-35284 Ellomay Capital Ltd. (Translation of registrant’s
Slide 2: Explanatory Note and Forward-Looking Statements
Explanatory Note On June 23, 2020, Ellomay Capital Ltd. (the “Company”), published an investor presentation for June 2020 (the “Presentation”). The changes in projected results in the Presentation compared to the previous presentation published by the Company in January 2020 are mainly due to a shif
Slide 3: Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Ellomay Capital Ltd. By: /s/ Ran Fridrich Ran Fridrich Chief Executive Officer and Director Dated: June
Slide 4: Integrated Developer Owner and Operator of Renewable Energy Projects
Integrated Developer Owner and Operator of Renewable Energy Projects Investors Presentation – June 2020
Slide 5: Disclaimers
Disclaimers 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
Slide 6: Investor Highlights
Investor Highlights Public company traded in TASE & NYSE American for ~ NIS 900M From development Trusted by financial to operation institutes and banks Financial and technological Active in various markets expertise and locations Renewable energy as a long Ongoing growth with term, adaptable busine
Slide 7: Our Vision
Our Vision To be ahead of the curve in To be a profitable and green energy generation sustainable business based and storage technologies. on enhanced financing strategies and advanced technological expertise. To provide comprehensive To protect the environment solutions, from development and benefi
Slide 8: Energy Revolution as a Long-Term, Profitable Business: Our Objectives
Energy Revolution as a Long-Term, Profitable Business Our Objectives Continuous growth Constant cash flow Monetary Policy Growing our renewable energy Creating continuous cash flow Maintaining and power generation activities from various assets in diverse relatively low – from development to renewab
Slide 9: Business Development Roadmap
Business Development Roadmap 2016 2017 2018 2019 Acquired Manara Cliff - Talasol, Spain - Acquired remaining 49% 51% of Biogas Conditional license Signed a PPA for of NL Biogas Projects Projects in for pumped storage 80% of the Netherlands expected output Sold 49% of Talasol Acquired Talmei Financia
Slide 10: Financial Forecast (in million of Euro)
Financial80.0Forecast (in million of Euro) Expected addition Revenues of 250 MW PV (1) Net Profit 70.0 Expected addition of Adjusted EBITDA 60.0 150 MW PV (1) Expected addition of 50.0 100 MW PV (1) 40.0 30.0 20.0 10.0 0.0 2020 (E) 2021 (E) 2022 (E) 2023 (E) -10.0 Revenues 18.9 45-48 55-58 72-75 Net
Slide 11: Development Projects – Growth
Development Projects – Growth Early Stage Development Italy - aggregated 455 MW PV 455 MW Under Advanced Development Spain - 28 MW PV 356 MW Italy - 172 MW PV Israel - 156 MW Manara Cliff, Pumped Storage Under Construction 300 MW Spain - Talasol 300 MW PV Connected to the grid PV - Spain & Israel; 1
Slide 12: Diverse Green Energy Infrastructure
Diverse Green Energy Infrastructure Solar Energy | PV Waste to Energy | Bio Gas Development, Construction, Operation Clean Energy | Natural Gas Energy Storage | Pumped Storage 9
Slide 13: Projects Summary (EUR Millions)
Projects Summary (EUR Millions) Expected Expected Expected Expected Expected Expected Annual Adjusted interest on Expected % Annual Debt as of Projects License MW Distributio Adjusted Annual bank loans Cash flow Ownership Revenues December n in 2020 EBITDA in FFO in payment 2020 in 2020 31, 2020 202
Slide 14: Projects Summary (EUR Millions)
Projects Summary (EUR Millions) Expected Expected Expected Expected Expected Annual Income Annual EBITDA Annual FFO Annual Annual Cash % Projects License MW following following following Debt interest Flow following Ownership commercial commercial commercial payment on commercial operation operation
Slide 15: 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 16: Spain – Talasol
Spain – Talasol * Acquired: Plant type: Location: 2017 1 PV plant Talaván, Cáceres, Spain Expected Starting power Expected Expected Annual Capacity: production: Cost: Revenue: 300 MW Expected Q4/2020 EUR 227M EUR 23-25M Business strategy and timeline: June 2018: December 2018: April 2019: June 2020:
Slide 17: Talasol 300 MW PV Plant construction
Talasol 300 MW PV Plant Connection lines within the project construction reached ~ 85% completion Evacuation line construction 14
Slide 18: Framework Agreements for the Development of 655 MW PV Projects in Italy
Framework Agreements for the Development of 655 MW PV Projects in Italy Signed: Plant type: Location: 2019 Multi PV plants Italy Expected Expected power Expected Capacity: production: Cost: 655 MW 72 MW – 2021 295 MIL EUR 150 MW – 2022 250 MW – 2023 183 MW – 2024 15
Slide 19: Israel - Manara Cliff
Israel - Manara Cliff Acquired: Plant type: Location: Ellomay Capital Ltd. –75% 1 pumped Manara Cliff - Israel Sheva Mizrakot Ltd. –25% storage plant Expected Expected Capacity: Cost: 156 MW EUR 350M * In October 2019 the Manara Project received land assessment from ILA requiring payment of a consen
Slide 20: Key Balance Sheet Figures
Key Balance Sheet Figures (€ thousands) December December December March 31, 31, % Of BS % Of BS % Of BS % Of BS 31, 2018 31, 2019 2020 2017 Cash and cash equivalent, 26,124 13% 39,014 18% 53,197 17% 66,429 18% marketable securities Financial Debt* 106,515 54% 117,435 56% 164,904 53% 179,179 48% Fin
Slide 21: Key Financial Ratios
Key Financial Ratios December 31 , December 31 , December 31, March 31, 2017 2018 2019 2020 Financial Debt to CAP * 58% 60% 61% 57% Financial Debt, net to CAP * 44% 40% 41% 36% Strong Balance Sheet, Sufficient Liquidity See Appendix B for calculations 18
Slide 22: Summary
Summary Renewable energy industry Competitive pricing, High segmental and enjoys favorable business no need for governmental geographic diversity. Revenue prognosis and supportive subsidizing not dependent on a specific regulation project Long term Value based financing policy Continuous growth. agr
Slide 23: Renewable Energy Market and Business Environment
Renewable Energy Market Renewable Currently 17% and Business Environment 01 energy EU goal 02 in 28 member for 2020: 20% states[2] Renewable energy is an ongoing, of energy mix[1] worldwide sustainable economy trend, with an ever growing production and consumption of green energy. EU produces The EU
Slide 24: Israel - Renewable Energy Production Goals
Israel - Renewable Energy Production Goals Expected to be increased 18.00% to 25-30% by 2030 17% 16.00% 14.00% 13% 12.00% 10% 10.00% 8.00% 6.00% 5.00% 4.00% 2.00% 2.26% Actually produced 0.00% 2014 2020 2025 2030 https://www.gov.il/he/Departments/General/renewable_energy https://www.evm.co.il/israel
Slide 25: The Photo-Voltaic Market Overview
The Photo-Voltaic Market Overview The Photo-Voltaic Renewable energy consumption by technology, 2017-2023 effect enables conversion of light into electricity using semiconductors. IEA: PV expected to double until 2023 Bioenergy Hydropower Wind Solar PV Solar Thermal Geothermal Marine ©OECD/IEA https
Slide 26: 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 40.33 38.05 35.9 33.87 31.95 30.14 19.9 28.43 25.9 12 5.8 8.0 136.1 53 11.1 8.2 4.2 2
Slide 27: Pumped Hydro Storage Market Overview
Pumped Hydro Storage Market Overview The Pumped Hydro Storage method stores energy in the form of gravitational potential 2024: Cumulative installation energy of water, pumped from a lower is set to exceed 200 GW elevation reservoir to a higher elevation. 365/24/7 2017: Energy storage enables power
Slide 28: Thank You
THANK YOU For further Info: Ran Fridrich, CEO: ranf@ellomay.com Kalia Weintraub, CFO: kaliaw@ellomay.com www.ellomay.com
Slide 29: Appendix A – Adjusted EBITDA and Adjusted FFO
Appendix A – Adjusted EBITDA and Adjusted FFO Use of NON-IFRS Financial Measures Reconciliation of Net Income (loss) to Adjusted EBITDA & Adjusted FFO (in € millions) Adjusted EBITDA and Adjusted FFO are non-IFRS measures. EBITDA is defined as earnings before financial expenses, net, taxes, deprecia
Slide 30: Appendix B – Leverage Ratios
Appendix B – Leverage Ratios Use of NON-IFRS Financial Measures Calculation of Leverage Ratios (in € thousands) The Company defines Financial Debt as loans and As of December As of December As of December As of March borrowings plus debentures (current liabilities) plus 31, 31, 31, 31, finance lease
Slide 31: Appendix C – Biogas EBITDA and Adjusted FFO
Appendix C – Biogas EBITDA and Adjusted FFO Use of NON-IFRS Financial Measures Reconciliation of Biogas Net Income to EBITDA & Adjusted FFO (in € millions) EBITDA and Adjusted FFO are non-IFRS measures. EBITDA is defined as earnings before financial expenses, net, taxes, depreciation and amortizatio