Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (January 2021)
32 slides from Ellomay Capital's investor presentation, January 2021
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 January 2021 Commission File Number: 001-35284 Ellomay Capital Ltd. (Translation of registran
Slide 2: Explanatory Note and Forward-Looking Statements
Explanatory Note On January 5, 2021, Ellomay Capital Ltd. (the “Company”), published an investor presentation for January 2021 (the “Presentation”). The changes in projected results in the Presentation compared to the previous presentation published by the Company in September 2020 are mainly due to
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: Janu
Slide 4: Integrated Developer, Owner and Operator of Renewable Energy Projects
Integrated Developer, Owner and Operator of Renewable Energy Projects Investors Presentation – January 2021
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 1,400M 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 busi
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: Our Objectives
Our Objectives Energy Revolution as a Long-Term, Profitable Business 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 2017 2018 2019 2020 Manara Cliff - Conditional Talasol, Spain - Acquired remaining 49% TALASOL connection to license for pumped Signed a PPA for 80% of NL Biogas Projects the grid December 2020 storage of the expected output Sold 49% of Talasol Won 20 MW PV + storage in
Slide 10: Financial Forecast (in million of Euro)
Financial Forecast (in million of Euro) Revenues 90.0 Expected addition of Net Profit 270 MW PV (1) Adjusted EBITDA Expected addition of 70.0 180 MW PV (1) Adjusted FFO Expected addition of 118 MW PV (1) 50.0 30.0 10.0 -10.0 2020 (E) 2021 (E) 2022 (E) 2023 (E) 2024 (E) Revenues 17 51-56 62-68 80-88
Slide 11: Development Projects – Growth
Development Projects – Growth Early Stage Development Italy - aggregated 900 MW PV 900 MW * Italy – 415 MW PV Under Advanced Development Israel - 20 MW PV + Storage. 591 MW 156 MW Manara Cliff, Pumped Storage Ready for construction Spain - 28 MW PV 28 MW PV - Spain & Israel; Connected to the grid Bi
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 2021 EBITDA in FFO in payment in 2021 in 2021 31, 2021
Slide 14: Projects Summary (EUR Millions) – Under Development
Projects Summary (EUR Millions) % Projects License MWp/ MWp/h Ownership Ready for construction Expected production Spain PV 100% 28 MW start: 2021 Under development Israel – PV + Expected production 100% 20 MW Storage start: 2023 Expected production Italy PV 100% 415 MW start: 2021-2023 Expected pro
Slide 15: Waste-to-Energy (Biogas) Projects
Waste-to-Energy (Biogas) Projects EUR Millions 2021 (E) 2022 (E) 2023 (E) Revenues 13 15 15 Cost of Sale -6.4 -6.8 -6.8 Gross Margin 6.6 8.2 8.5 Opex -2.6 -3.1 -3 Ebitda 4 5.1 5.3 Interest on bank loans -0.5 -0.4 -0.4 Taxes on income - -0.9 -0.9 Adjusted FFO 3.5 3.8 4 See Appendix C for reconciliati
Slide 16: Spain – Talasol
Spain – Talasol * Acquired: Plant type: Location: 2017 1 PV plant Talaván, Cáceres, Spain Capacity: Starting power Expected Expected Annual 300 MW production: Cost: Revenue: Q4/2020 EUR 227M EUR 23-25M Business strategy and timeline: June 2018: June 2018: July 2018: December 2018: April 2019: Decemb
Slide 17: Talasol 300 MW PV Plant Grid Connection
Talasol 300 MW PV Plant Connection lines within the project Grid Connection December 2020 Evacuation line construction 14
Slide 18: Framework Agreements for Development of 1,315 MW PV Projects in Italy
Framework Agreements for the Development of 1,315 MW PV Projects in Italy Signed: Plant type: Location: 2020 Multi PV plants Italy Expected Expected power Expected Capacity: production: Cost: 1,315 MW 90 MW – 2021 625 MIL EUR 180 MW – 2022 450 MW – 2023 595 MW – 2024 15
Slide 19: PV + Storage in Israel
PV + Storage in Israel Panels and batteries cumulative expenses drop * Tender winning date July 14, 2020 2020 2022 2024 2026 2028 2030 Location Israel 0.00% -9.83% Total installed capacity (MWh) –DC* 40 -10.00% Total installed capacity (MWh, Calc.) –AC* 20 -20.00% -16.40% -30.00% % of electricity th
Slide 20: Israel - Manara Cliff
Israel - Manara Cliff Acquired: Plant type: Location: Ellomay Capital Ltd. –75% 1 pumped hydro Manara Cliff - Israel Sheva Mizrakot Ltd. –25% storage plant Expected Expected Capacity: Cost: 156 MW EUR 390M During December 2020, the Manara Project paid a consent fee of approximately NIS 60 million (i
Slide 21: Key Balance Sheet Figures
Key Balance Sheet Figures (EUR thousands) September December 31, December 31, December 31, % Of BS % Of BS % Of BS % Of BS 30, 2020 2017 2018 2019 Unaudited Unaudited Cash and cash equivalent, deposits 26,124 13% 39,014 18% 53,197 17% 62,726 16% and marketable securities Financial Debt* 106,515 54%
Slide 22: Key Financial Ratios
Key Financial Ratios December 31 , December 31 , December 31, September 30, 2017 2018 2019 2020 Unaudited Financial Debt to CAP * 58% 60% 61% 64% Financial Debt, net to CAP * 44% 40% 41% 47% Strong Balance Sheet, Sufficient Liquidity * See Appendix B for calculations 19
Slide 23: 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 24: 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 25: Israel - Renewable Energy Production Goals
Israel - Renewable Energy Production Goals Expected to increased to 35.00% 25-30% by 2030 30% 30.00% 25.00% 20% 20.00% 15.00% 10% 10.00% 5.00% 5.00% 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//ש-ממומש-
Slide 26: 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 27: 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 28: 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 29: Thank You
THANK YOU For further Info: Ran Fridrich, CEO: ranf@ellomay.com Kalia Weintraub, CFO: kaliaw@ellomay.com www.ellomay.com
Slide 30: 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 31: 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 September borrowings plus debentures (current liabilities) plus 31, 31, 31, 30, finance l
Slide 32: 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
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