Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Q1 2015 Earnings Presentation
28 slides from Ellomay Capital's earnings presentation, Jun 22, 2015
Slide 1: Financial Results Summary: Q1 2015
Exhibit 99.3 NYSE MKT: ELLO; TASE: ELOM Financial Results Summary: Q1 2015 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, 2014, and other filings that we make from time to time with the
Slide 3: Q1 2015 vs Q1 2014 results notes
Q1 2015 Q1 2014 Q1 2015 Q1 2014 1) From PV Operations - The decrease is mainly due to the presentation of results in U.S. dollar and the devaluation of the Euro against the U.S. dollar during the quarter. Revenues denominated in Euro have increased by approximately 19% compared to the same quarter l
Slide 4: Q1 2015 Results Summary
Q1 2015 Results Summary Reported revenues were approximately $2.8 million for the three months ended March 31, 2015, down by approximately 3.4% compared to approximately $2.9 million for the three months ended March 31, 2014. Excluding unfavorable currency effects, revenues were up approximately 19%
Slide 5: Key Income and P&L Figures (USD millions)
Key Income and P&L Figures (USD millions) *See Appendix A 5
Slide 6: On going Revenues Growth (Euro millions)
On going Revenues Growth (Euro millions) During Q1 15 Revenues rose by 19% compared to Q1 2014 6
Slide 7: Key Balance Sheet Figures (USD 000`)
Key Balance Sheet Figures (USD 000`) December 31, % March 31, % March 31, % Of Of Of 2014 BS 2014 BS 2015 BS Cash and cash equivalent, Marketable securities, Short- 23,388 15% 27,038 17% 21,953 14% term deposits Financial Debt* 55,288 35% 52,415 33% 52,984 35% Financial Debt, net* 31,900 20% 25,377
Slide 8: Key Financial Ratios
Key Financial Ratios December 31, March 31, March 31, 2014 2014 2015 Financial Debt to CAP (A/D) 37% 35% 37% Financial Debt, net to CAP (B/D) 21% 17% 22% Financial Debt to Total equity (A/C) 59% 54% 59% Financial Debt, net to Total equity (B/C) 34% 26% 35% *See Appendix B Strong Balance Sheet, Suffi
Slide 9: 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 10: 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 11: Corporate Structure
Corporate Structure Shareholders agreement1 Kanir Partnership Shlomo Nehama The public and others 31.4%2 31.0%3 Dorad Power Plant Israel's largest private power plant, with 850MW 16 PV plants in Italy and Spain4, with an installed capacity aggregate installed capacity of approximately 30.5 MWp 1) Mr
Slide 12: Company History
Company History Entrance to Italian Commencement of Dorad’s PV Listing in Listing in Commercial Operations (acquisitions Market2010 - NYSE 2013) TASE (850MW) MKT 2010 2011 2012 2013 2014 2015 Acquired Entrance to Public Debenture Acquisition indirect equity Spanish PV Issuance of interest in Dorad M
Slide 13: Portfolio Summary
Portfolio Summary Spain Italy Israel (PV) (PV) (Gas Turbines2) Installed Capacity 7.9 MWp1 22.6 MWp 850 MW % Ownership 85%1-100% 100% ~ 9.2%3 Cost of Property, Plant and Equipment4 ~ $20.4M ~ $76.6M Total capital expenditure in connection with the investment in Dorad power plant5 ~ $27.4M6 License E
Slide 14: On going Steady Capacity Growth of PV Portfolio
On going Steady Capacity Growth of PV Portfolio 1) Including 100% of a 2.3 MWp PV Plant in Spain 85% owned 14
Slide 15: 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 16: 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 17: 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 18: Ellomay indirectly holds approximately 9.2% interest in the Dorad Power Plant
Ellomay indirectly holds approximately 9.2% interest in the Dorad Power Plant, and also holds an option to purchase an additional interest of approximately 0.2% As of today, the Dorad Power Plant is the largest private power plant in Israel, with installed capacity of approximately 850 MW. The plant
Slide 19: Electricity is sold directly to end-users and to the national distribution 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, was commercially operated and began producing electricity in full capacity in May 2014 19
Slide 20: 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 21: Market Data
Market Data NYSE MKT: ELLO; TASE: ELOM Share Price (March 31, 2015) $8.5 Market Cap (March 31, 2015) $91 M Shares Outstanding 10.7 M 21
Slide 22: 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 23: 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 24: 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 25: Appendix C - Key Income and P&L Figures (USD 000`)
Appendix C - Key Income and P&L Figures (USD 000`) Q1 2014 Q1 2015 Revenues 2.9 2.8 Gross profit 0.9 0.9 Operating profit -0.4 1.2 Adjusted EBITDA * 0.9 2.4 Net income (loss) for the period -1.9 3.8 *See Appendix A 25
Slide 26: 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 27: 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 28: Contact
Contact Company Investor Relations Kalia Weintraub Ishay Potruch Chief Financial Officer Ellomay Capital LTD. GK International IR & PR 9 Rothschild Blvd., Tel Aviv Direct: +972 (0)3-6070590 Direct: +972-3-7971111 Mobile: +972 (0)52-3332228 Fax: +972-3-7971122 ishay@gk-biz.com Email: kaliaw@ellom