Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (March 2015)
26 slides from Ellomay Capital's investor presentation, Mar 18, 2015
Slide 1: NYSE MKT: ELLO; TASE: ELOM
Exhibit 99.3 NYSE MKT: ELLO; TASE: ELOM 1
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, 2013, 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 sectors, including renewable and clean energy, and aims to exploit attractive yield to risk ratios Current management/controlling shareholders took control of a public shell with approximately $80M of cash and began investing/operati
Slide 4: Asset Summary
Asset Summary Italy 12 PV Plants, totaling installed capacity of approximately 22.6 MWp, currently estimated annual revenues of approximately EUR 9.5 million. Spain 4 PV Plants, totaling installed capacity of approximately 7.9 MWp, of which approximately 5.6 MWp are wholly owned and approximately 2.
Slide 5: Corporate Structure
Corporate Structure Shareholders agreement1 Kanir Partnership Shlomo Nehama The public 31.4%2 Dorad Power Plant Israel's largest private power plant, with 850MW 16 PV plants in Italy and Spain3, with an installed capacity aggregate installed capacity of approximately 30.5 MWp 1) Mr. Shlomo Nehama ow
Slide 6: Company History
Company History Entrance to Italian Commencement of Dorad’s PV Listing in Listing in Commercial Operations (acquisitions Market2010 - NYSE 2013) TASE (860MW) MKT 2010 2011 2012 2013 2014 2015 Acquired equity Entrance to Public Debenture Acquisition interest in Dorad Spanish PV Issuance of Energy Ltd
Slide 7: Portfolio Summary
Portfolio Summary Spain Italy Israel (PV) (PV) (Gas Turbines2) Installed Capacity 7.9 MWp1 22.6 MWp 860 MW % Ownership 85%1-100% 100% 7.5%3 Cost of Property, Plant and Equipment4 ~ $23.1 M ~ $86.6 M Total capital expenditure in connection with the investment in Dorad power plant5 ~ $27.5M6 License E
Slide 8: Notes on 2014 and 2013 results
2014 2013 2014 2013 1) From PV Operations - These increases resulted from the operations of our Spanish PV plants acquired on July 1, 2014 and the Italian PV plants acquired on June 26, 2013, all of which were not included in our results prior to their acquisition, slightly offset by relatively low
Slide 9: Key Income and P&L Figures (USD millions)
Key Income and P&L Figures (USD millions) *See Appendix A 9
Slide 10: Key Balance Sheet Figures (USD 000`)
Key Balance Sheet Figures (USD 000`) December 31, % December 31, % Of Of 2013 BS 2014 BS Cash and cash equivalent, Investments held for 12,391 8% 24,352 15% trading, Short-term deposits Financial Debt* 37,318 25% 55,288 35% Financial Debt, net* 27,580 17% 30,963 19% Property, plant and equipment net
Slide 11: Key Financial Ratios
Key Financial Ratios December 31, December 31, 2013 2014 Financial Debt to CAP (A/D) 27% 37% Financial Debt, net to CAP (B/D) 18% 21% Financial Debt to Total equity (A/C) 37% 59% Financial Debt, net to Total equity (B/C) 25% 33% *See Appendix B Strong Balance Sheet, Sufficient Liquidity, Low Leverag
Slide 12: On going Steady Capacity Growth of PV Portfolio
On going Steady Capacity Growth of PV Portfolio 1) Including 85% holdings in a 2.3 MWp PV Plant in Spain 12
Slide 13: Italian PV Market
Italian PV Market The Italian government adopted the most common incentive scheme in Europe - the Feed In Tariff (FiT). 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 o
Slide 14: PV Plants in Italy
PV Plants in Italy Installed Acquisition Acquisition Connection FIT* Project name Capacity Cost per Technology Region Year Date1 Eurocent/KWh (kWp) MWp (in millions) 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 Trac
Slide 15: PV Plants in Spain
PV Plants in Spain Acquisition Expected Installed Acquisition Cost per Connection annual Project name Capacity Technology Location Year MWp Date1 revenues (kWp) (in millions) (€ 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 Fue
Slide 16: Ellomay indirectly holds a 7.5% interest in the Dorad Power Plant
Ellomay indirectly holds a 7.5% interest in the Dorad Power Plant, and also holds an option to purchase an additional interest of up to approximately 1.9% As of today, the Dorad Power Plant is the largest private power plant in Israel, with installed capacity of approximately 850 MW. The plant is bi
Slide 17: Electricity sold directly to end-users and national network
Electricity is sold directly to end-users and to the national distribution network at competitive rates The power plant, which was declared a national infrastructure project by the Israeli Prime Minister, is operational and connected to the grid The power plant was commercially operated and began pr
Slide 18: Management Team
Management Team Shlomo Nehama, Chairman of the Board - Former Chairman of the Board of Bank Hapoalim, the leading bank in Israel, between 1998 and 2007. During his years at the bank, Bank Hapoalim grew its profits and return on capital, while increasing its balance sheet by over 50% and became Israe
Slide 19: Market Data
Market Data NYSE MKT: ELLO; TASE: ELOM Share Price (December 31, 2014) $9.7 Market Cap (December 31, 2014) $103.7 M Shares Outstanding 10.7 M 19
Slide 20: Investment Summary
Investment Summary 1 Diversified base of cash flow generating assets Strong balance sheet and track record of securing non- 2 dilutive financing Focus on small/mid size scale commercial projects 3 with limited capex and operational risks Seasoned management team with 4 extensive sector knowledge and
Slide 21: Appendix A - Adjusted EBIDTA
Appendix A - Adjusted EBIDTA • Use of NON-IFRS Financial Measures Adjusted EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, gain on bargain purchase, financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to en
Slide 22: Appendix B - Leverage Ratios
Appendix B - Leverage Ratios • Use of NON-IFRS Financial Measures The Company defines Financial Debt as loans and borrowings plus debentures (current liabilities) plus finance lease obligations plus long-term bank loans plus debentures (non-current liabilities), Financial Debt, Net as Financial Debt
Slide 23: Appendix C - Key Income and P&L Figures (USD 000`)
Appendix C - Key Income and P&L Figures (USD 000`) 2013 2014 Revenues 12,982 15,782 Gross profit 6,580 7,243 Operating profit 12,786 10,242 Net income (loss) for the year attributable to 10,068 6,658 the shareholders of the company Adjusted EBITDA * 6,570 11,669 *See Appendix A 23
Slide 24: Appendix D - Israeli Rating for Series A Debentures
Appendix D - Israeli Rating for Series A Debentures • On March 18, 2015, 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
Slide 25: Appendix D - Israeli Rating for Series A Debentures (cont.)
Appendix D - Israeli Rating for Series A Debentures (cont.) In its rating report Maalot notes, among other things, as follows (cont.): “…The stable outlook reflects our assessment that cash flows from held projects, coupled with the liquidity cushion, will be resilient, in the short term, to possibl
Slide 26: Contact
Contact Company Investor Relations Kalia Weintraub Matthew Selinger Chief Financial Officer Senior Vice President Ellomay Capital LTD. MZ Group - MZ North America 9 Rothschild Blvd., Tel Aviv Direct: 949-298-4319 Direct: +972-3-7971111 Mobile: 415-572-8152 Fax: +972-3-7971122 mselinger@mzgroup.us Em