Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (December 2017)
31 slides from Ellomay Capital's investor presentation, Dec 19, 2017
Slide 1: Investor Presentation December 2017
Investor Presentation December 2017 * Investor Presentation December 2017
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, 2016, and other filings that we make from time to time with the SEC. Any p
Slide 3: Company Overview
* 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 $97.1 million (as of December 19, 2017) and the Company is controlled by M
Slide 4: Corporate Structure
* Dorad Energy Ltd. (“Dorad”) PV Kanir Partnership Shlomo Nehama 30.7%2 %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 connec
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 Do
Slide 6: Portfolio Summary
* Installed Capacity 9 MWp 7.9 MWp 22.6 MWp 850 Nm3/h1 850 MW2 % Ownership 100% 100% 100% 51% ~ 9.4% Book Value of investment3 *7 ~ $22.2M4 ~ $81.1M4 ~ $15.7M4 ~ $36.3M5 License/Subsidy Term 2040-2041 2040-2041 ~ 2031 ~ 2031 20346 # Facilities 1 4 12 2 1 Israel (PV) Italy (PV) Israel (CCGT) Portfoli
Slide 7: Photovoltaic Operations: Italy, Spain and Israel
* Photovoltaic Operations: Italy, Spain and Israel
Slide 8: Growth of clean and solar energy
* 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 vo
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
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
Slide 11: PV Plant in Israel
* PV Plant in Israel The company acquired the shares of an Israeli company that owns through a subsidiary 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 (approxim
Slide 12: Dorad Power Plant, Ashkelon, Israel
* Dorad Power Plant, Ashkelon, Israel
Slide 13: Dorad Power Plant overview
* The Dorad Power Plant is one of the largest private power plant 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 ho
Slide 14: Dorad Power Plant Key P&L and Cash Flow Figures
* Q3 2017 Q3 2016 2016 Revenues 1,927 1,740 2,300 Gross profit from operating the power plant 301 247 294 Operating profit 287 233 275 Net income 80 44 51 EBITDA1 438 390 484 Finance expenses, net (184) (178) (219) Net increase in cash and cash equivalents for the period, including effect of exchang
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 defin
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 203
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
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
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. T
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 o
Slide 22: Expected Projects
* Expected Projects
Slide 23: SPA to Acquire Spanish Company Promoting 300 MW PV Plant
* SPA to Acquire a Spanish Company Promoting a 300 MW PV Plant in Talaván, Spain The company has entered into a share purchase agreement (the “SPA”), pursuant to which it purchased and acquired the entire share capital of a Spanish company, Talasol Solar S.L. (“Talasol”), which is promoting the cons
Slide 24: Financial Results
* Financial Results
Slide 25: Key Balance Sheet Figures
* December 31, 2016 % Of BS September 30, 2016 % Of BS September 30, 2017 % Of BS Cash and cash equivalent, Marketable securities 24,673 16% 29,239 18% 53,702 25% Financial Debt* 58,752 38% 60,529 37% 106,654 50% Financial Debt, net* 34,079 22% 31,290 19% 52,952 25% Property, plant and equipment net
Slide 26: Key Financial Ratios
* Key Financial Ratios December 31, 2016 September 30, 2016 September 30, 2017 Financial Debt to CAP (A/D) 40% 40% 53% Financial Debt, net to CAP (B/D) 23% 21% 26% Financial Debt to Total equity (A/C) 66% 66% 113% Financial Debt, net to Total equity (B/C) 38% 34% 56% Strong Balance Sheet, Sufficient
Slide 27: Key Income and P&L Figures
* (USD millions) Key Income and P&L Figures See below for a reconciliation of net income (loss) to EBITDA
Slide 28: 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 bet
Slide 29: 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 know
Slide 30: 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: miri2@ellomay.com Thank you!
Slide 31: Appendix A – Leverage Ratios
* Appendix A – Leverage Ratios As of December 31, As of September 30, As of September 30, 2016 2016 2017 Current liabilities Loans and borrowings $ (1,150) $ (1,219) $ (1,323) Debentures $ (4,989) $ (5,414) $ (5,456) Non-current liabilities Finance lease obligations $ (4,228) $ (4,588) $ (4,446) Lon
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