Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (January 2022)
29 slides from Ellomay Capital's investor presentation, Jan 19, 2022
Slide 1: Integrated Developer, Owner and Operator of Renewable Energy Projects
Integrated Developer, Owner and Operator of Renewable Energy Projects Investors Presentation – January 2022
Slide 2: General disclaimer 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, 2020, and other filings that we make from time to time with the SEC. Any pe
Slide 3: Investor Highlights
Investor Highlights Financial and technological expertiseRenewable energy as a long term, adaptable business 3 Trusted by financial institutes and banks From development to operation Active in various markets and locations Ongoing growth with conservative leverage ratios Public company traded in TAS
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
Continuous growthGrowing our renewable energy and power generation activities– from development tooperation – in Europe and Israel. Constant cash flowCreating continuous cash flow from various assets in diverse renewable energy and energy storage applications. Monetary PolicyMaintaining conservative
Slide 6: Business Development Roadmap
Business Development Roadmap Talasol, Spain – Signed a PPA for 80% of the expected output 6 Sold 49% of Talasol 2019 2020 Talasol entered into financing agreements with Deutsche Bank and EIB Commercial operation of second biogas project in the Netherlands Financial closing and start construction in
Slide 7: Financial Forecast (in million of Euro)
Financial Forecast (in million of Euro) 7 Revenues 51-54 60-62 73-75 85-88 95-98 Adjusted EBITDA from projects 33-34 41-42 52-53 62-63 73-74 Adjusted EBITDA 28-29 36-37 47-48 57-58 68-69 Adjusted FFO from projects 23-24 31-32 41-42 51-52 61-62 Adjusted FFO 15-16 23-24 32-33 40-41 50-51 Net Profit (l
Slide 8: Development Projects – Growth
Development Projects – Growth 8 Early Stage Development 850 MW Under Advanced Development 479 MW Italy+ Spain - aggregated 850 MW PV Israel - 40 MW PV + Storage Under / Ready for Construction 204 MW Connected to the grid 416 MW Dorad Power Station Manara Cliff, Pumped Storage - 156 MW Italy - 439 MW
Slide 9: Diverse Green Energy Infrastructure
Diverse Green Energy Infrastructure Development, Construction, Operation Solar Energy | PV 9 Waste to Energy | Bio Gas Clean Energy | Natural Gas Energy Storage | Pumped Storage
Slide 10: Projects Summary (EUR Millions)
10 Projects Summary (EUR Millions) Projects %Ownership License MW Expected Distribution in 2021 Expected Annual Revenues in 2021 Expected Annual Adjusted EBITDA in 2021 Expected Annual Adjusted FFO in 2021 Expected Debt as of December 31, 2021 Expected interest on bank loans in 2021 Expected Cash fl
Slide 11: Projects Summary (EUR Millions) – Under Construction and Development
Projects Summary (EUR Millions) %Ownership License MWp/ MWp/h Expected Annual Revenues Under / Reay for Construction Spain -PV 11 100% Expected production start: 2022 28 MW Israel – Manara Cliff 83.34% Expected production start: 2026 156 MW Under Development Israel - PV + Storage 100% Expected produ
Slide 12: G.G. Gelderland
12 G.G.GELDERLAND Acquired December 2020 Production License : 7.5 MIL M3 gas Per/year
Slide 13: Waste-to-Energy (Biogas) Projects
Waste-to-Energy (Biogas) Projects 13 EUR Millions 2021 (E) 2022 (E) 2023 (E) Revenues 14 15 Cost of Sale Gross Margin Opex -2.7 -2.7 Ebitda Interest on bank loans Taxes on income - - - Adjusted FFO 2.8 3.8 See Appendix C for reconciliation and disclosure regarding the use of non-IFRS financial measu
Slide 14: Israel - Manara Cliff Pumped Storage Project
Israel - Manara Cliff- Pumped storage projectTotal storage capacity ~ 1900 MWh Expected Capacity: 156 MW Location:Manara Cliff - Israel Expected Cost:EUR 476M ~ Ownership:Ellomay Capital Ltd. - 83.34 % AMPA Investments Ltd. - 16.66% * Plant type:1 pumped hydro storage plant Notice To Proceed (NTP):A
Slide 15: Talasol PV Plant Panoramic View
15 Talasol 300 MW PV Plant Panoramic view
Slide 16: Spain – Talasol
Spain – Talasol Business strategy and timeline: Acquired:2017 Capacity:300 MW Plant type:1 PV plant Starting power production: December 2020 Location:Talaván, Cáceres, Spain Final Cost: 227M EUR Expected Annual Revenue:EUR 25M June 2018: METKA –procurement and engineering agreement June 2018:PPA agr
Slide 17: Framework Agreements for Development of PV Projects in Italy
Framework Agreements for the Development of 1209, MW PV Projects in Italy Expected Capacity: Expected power production*: Expected Cost: 1,209 MW 122 MW – 2022 ~ 800M EUR 222 MW - 2023 115 MW - 2024 352 MW - 2025 398 MW - 2026 Location:Italy Signed:2020 Plant type:Multi PV plants 17
Slide 18: PV + Storage in Israel
Tender winning date July 14, 2020 Location Israel Total installed capacity (MWh) –DC* 40 Total installed capacity (MWh, Calc.) –AC* 20 % of electricity through battery 19.7% Expected annual power production (MW) 72,771 Expected construction cost NIS 160 M Tariff (Ag) 19.90 License operation period (
Slide 19: Key Balance Sheet Figures
Key Balance Sheet Figures 19 December 31,2017 % Of BS December 31,2018 % Of BS December 31,2019 % Of BS December 31,2020 % Of BS Cash and cash equivalent, deposits and marketable securities 26,124 13% 39,014 18% 53,197 17% 76,719 17% Financial Debt* 106,515 54% 117,435 56% 164,904 53% 280,893 61% Fi
Slide 20: Key Financial Ratios
Key Financial Ratios December 31 ,2017 December 31 ,2018 December 31,2019 December 31,2020 Financial Debt to CAP * 58% 60% 61% 69% Financial Debt, net to CAP * 44% 40% 41% 50% * See Appendix B for calculations Strong Balance Sheet, Sufficient Liquidity 20
Slide 21: Summary
Summary Renewable energy industry enjoys favorable business prognosis and supportive regulation Competitive pricing, no need for governmentalsubsidizing High segmental and geographic diversity. Revenue not dependent on a specific project Long term agreements reduce demand market risk Value based fin
Slide 22: Israel - Renewable Energy Production Goals
22 Israel - Renewable Energy Production Goals 5.00% 10% 20% 30% 35.00%30.00%25.00%20.00%15.00%10.00%5.00%0.00% 2025 2030 2.26%Actually produced Expected to increase to 25-30% by 2030 2020 2014
Slide 23: 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 23 Hydropower Geothermal Wind Marine Solar PV Renewable energy consum
Slide 24: 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 28.43 30.14 31.95 33.87 35.9 38.05 40.33 2017 2018 2019 2020 2021 2022 2023 136.1 24
Slide 25: 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.c
Slide 26: Thank You
THANK YOU For further Info:Ran Fridrich, CEO: ranf@ellomay.comKalia Rubenbach, CFO: kaliaw@ellomay.comwww.ellomay.com
Slide 27: Appendix A – Adjusted EBITDA and Adjusted FFO
Appendix A – Adjusted EBITDA and Adjusted FFO 27 Use of NON-IFRS Financial MeasuresAdjusted 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 an
Slide 28: Appendix B – Financial Debt and CAP calculations
As of December31, As of December31, As of December31, As of December31, 2017 2018 2019 2020 Current liabilities Current maturities of long term bank loans € (3,103) € (5,864) € (4,138) € (10,232) Current maturities of long term loans € - € - € - € (4,021) Debentures € (4,644) € (8,758) € (26,773) €
Slide 29: Appendix C – Biogas EBITDA and Adjusted FFO
Appendix C – Biogas EBITDA and Adjusted FFO 29 Use of NON-IFRS Financial MeasuresEBITDA 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
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