Investor Presentation • Jul 4, 2018
Investor Presentation
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Washington, D.C. 20549
For the month of July 2018 Commission File Number: 001-35284
(Translation of registrant's name into English)
9 Rothschild Blvd., Tel Aviv 6688112, Israel (Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐No ☒
If "Yes"is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________
This Report on Form 6-K of Ellomay Capital Ltd. consists of the following document, which is attached hereto and incorporated by reference herein:
Exhibit 99.1Investor Presentation June 2018.
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/ Kalia Weintraub Kalia Weintraub Chief Financial Officer
Dated: July 3, 2018

"estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by our forward-looking statements. These risks and uncertainties associated with our business are described in greater detail in the filings we make from time to time with SEC, including our Annual Report on Form 20-F. The forward-looking statements are made as of this date and we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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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 \$91.8 million (as of July 2, 2018) and the Company is controlled by Mr. Shlomo Nehama (Chairman), Mr. Ran Fridrich (CEO) and Mr. Hemi Raphael. 1
Ellomay owns 17 PV Plants in Italy, Spain and Israel with an aggregate nominal capacity of ~39.5 MWp, ~9.4% of the Dorad Power Plant producing ~ 850MW, 75% of a project to construct the Manara Pumped-Storage facility with capacity of 156 MW, 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies operating or developing anaerobic digestion plants in the Netherlands with a green gas production capacity of approximately 375 Nm3/h and 475 Nm3/h, respectively, and 100% of Talasol Solar S.L. promoting the construction of a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain Ellomay entered into a strategic agreement with a subsidiary of Ludan Engineering Ltd. in connection with Waste-to-Energy projects in the Netherlands. Since the execution of this Agreement, Ellomay acquired 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V.. The plant in Goor became operational in November 2017. Ellomay aims to exploit attractive yield to risk ratios worldwide. Standard & Poors Maalot ilBBB+/Stable Rating of 2
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Debentures.

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| Installed Capacity | Israel (PV) 9 MWp |
Spain (PV) 7.9 MWp |
Italy (PV) 22.6 MWp |
Netherlands (Biogas) 1 850 Nm3/h |
Israel (CCGT) MW2 850 |
|---|---|---|---|---|---|
| % Ownership | 100% | 100% | 100% | 51% | ~ 9.4% |
| Book Value of 3 investment |
M4 ~ €\$32.7 |
M5 ~ €19 |
M5 ~ €68.9 |
M5 ~ €16.8 |
M6 ~ €29.3 |
| License/Subsidy Term |
2033 | 2040-2041 | ~ 2031 | ~ 2031 | 7 2034 |
| # Facilities | 1 | 4 | 12 | 2 | 1 |
| 1) 2) 3) As of March 31, 2018. 4) 5) Cost of fixed assets. 6) Investment in equity accounted investee – 7) |
The Dorad Power Plant began commercial operation in May 2014. approximately NIS 48.6 million (approximately €11.8 million). A 20 year generation license and supply license. |
attributed to the investment in Dorad. | Biogas installations under construction of which one installation began commercial operation in November 2017 and the other is in advanced construction stage. Cost of intangible asset and receivable from concession project as of March 31, 2018. The acquisition of the PV plant in Israel was finalized in October 2017. The net purchase price was NIS 39 million (approximately €9.5 million) subject to certain adjustments, after which the aggregate consideration amounted to |
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• 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 volatility, dependency on import from a limited number of countries as well as environmental concerns. As a result of these and other challengers, governments expand their support of development of alternative energy sources, including solar energy, the fastest growing source of renewable energy. • According to information published online by SolarPower Europe, the new EPIA (European

Source : www.solarpowereurope.org
| PV Plants in Italy | |||||||
|---|---|---|---|---|---|---|---|
| Project name | Installed Capacity (kWp) |
Acquisition Year |
Acquisition Cost per MWp (in millions) |
Connection Date1 |
Technology | Region | 1 FiT 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 |
| Massaccesi | 749 | 2010 | €3.8 | 04/2011 | Trackers | Marche | 32.15 |
| Troia 8 | 996 | 2010 | €3.5 | 01/2011 | Fix | Puglia | 31.80 |
| Troia 9 | 996 | 2010 | €3.5 | 01/2011 | Fix | Puglia | 31.80 |
| Galatina | 999 | 2011 | €3.9 | 05/2011 | Fix | Puglia | 31.80 |
| Pedale | 2,994 | 2011 | €3.95 | 05/2011 | Trackers | Puglia | 26.59 |
| D'angella | 931 | 2011 | €3.25 | 06/2011 | Fix | Puglia | 26.77 |
| Acquafresca | 948 | 2011 | €3.25 | 06/2011 | Fix | Puglia | 26.77 |
| Soleco | 5,924 | 2013 | €2.0 | 08/2011 | Fix | Veneto | 21.89 |
| Tecnoenergy | 5,900 | 2013 | €2.0 | 08/2011 | Fix | Veneto | 21.89 |
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| 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 | ~ 600 |
| Rodríguez II | 2,690 | 2014 | €1.78 | 11/2011 | Fix | Murcia | ~ 980 |
| Fuente Librilla |
1,248 | 2014 | €1.68 | 06/2011 | Fix | Murcia | ~ 480 |
| Rinconada II | 2,275 | 2012 | €2.40 | 07/2010 | Fix | Cordoba | ~ 800 |
| 1) | Remuneration period – | 30 years. |

We acquired the shares of an Israeli company that indirectly owns 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 (approximately €9.5 million) subject to certain adjustments, after which the aggregate consideration amounted to approximately NIS 48.6 million (approximately €11.8 million).
The Israeli project company entered into a long-term (20 years) standard power purchase agreement with the Israel Electric Company (IEC), to which it provides all of the energy produced by the Israeli PV Plant. The electricity tariff paid by the IEC is guaranteed for a period of 20 years and is updated once a year based on changes to the Israeli Consumer Price Index. Expected annual payments from the IEC in connection with the PV Plant will be approximately NIS 16 million (approximately €3.9 million).






largest private power plants in Israel, with installed capacity of approximately 850 MW.
The Dorad Power Plant is one of the The plant is a CCGT bi-fuel plant and powered by natural gas. The of twelve natural gas turbines, and two steam turbines.
Ellomay indirectly holds The cost of the project was approximately €1.1 billion. The project has secured one of the largest project finance facilities in Israel of over €0.9 billion. The financing facility was led by Israel's largest banks and institutional investors.

Electricity is sold directly to endusers 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.

approximately 9.4% interest in Dorad.

| Dorad Power Plant | |||
|---|---|---|---|
| Key P&L and Statement of Cash Flows Figures (NIS millions) | |||
| Q1 2018 | Q1 2017 | 2017 | |
| Revenues | 685 | 675 | 2,523 |
| Gross profit from operating the power plant | 123 | 114 | 364 |
| Operating profit | 117 | 110 | 345 |
| Net income | 63 | 38 | 79 |
| EBITDA1 | 170 | 160 | 554 |
| Finance expenses, net | (36) | (60) | (242) |
(1) See below for a reconciliation of Net Income to EBITDA.
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15 Biogas: the combustible product of the anaerobic digestion of different biomass substrates including manure, agro-residues and organic waste.
Green gas: (bio-methane)
is defined as methane produced from biogas with properties close to natural gas that is injected into the natural gas grid.
demand for Green Gas Certificates is The Netherlands is far from reaching the target determined by the European Union of 14% renewable energy out of all energy sources (by the year 2020).
16 The Potential of the Dutch Biogas Market
Renewable energy accounts only for ~6% of NL energy sources


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 is constructed. The plant in Goor began commercial operations in November 2017.In April 2017, the Company acquired 51% of the outstanding shares of the project company, Groen Gas Oude-Tonge B.V., which is in the process of developing an anaerobic digestion plant, with a green gas production capacity of approximately 475 Nm3/h, in Oude Tonge, the Netherlands.




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Pumped storage is the most efficient method (known today) for storing electricity in large capacities.


1) Indirectly owned through the project company. 2) In August 2016, Ellomay PS received a conditional license for a pumped storage plant with a capacity of 340 MW, after the initial development stage, including receiving a feasibility survey from IEC, was finalized. On December 4, 2017, the Israeli Public Utilities Authority – Electricity announced the reduction of the conditional license from 340 MW to 156 MW. The financial closing of the Manara Project is subject to the availability of a quota for pumped storage plants and the general quota set forth by the Israeli Electricity Authority for pumped-storage projects in Israel is currently set at 800 MW, while conditional licenses issued are in excess of such quota.



| Key Balance Sheet Figures | (€ thousands) |
|||||
|---|---|---|---|---|---|---|
| December 31, 2017 |
% Of BS | March 31, 2017 |
% Of BS | March 31, 2018 |
% Of BS | |
| Cash and cash equivalent, marketable securities | 26,124 | 13% | 57,986 | 32% | 28,031 | 13% |
| Financial Debt* | 106,515 | 54% | 90,531 | 50% | 103,248 | 54% |
| Financial Debt, net* | ||||||
| Property, plant and equipment net (mainly in connection with PV | 80,391 | 41% | 32,545 | 18% | 75,217 | 41% |
| Operations) | 78,837 | 40% | 73,541 | 41% | 79,225 | 40% |
| Investment in Dorad | 30,821 | 16% | 32,581 | 18% | 29,316 | 16% |
| CAP* | 184,015 | 93% | 173,880 | 96% | 178,871 | 93% |
| Total equity | 77,500 | 39% | 83,349 | 46% | 75,623 | 39% |

| Key Financial Ratios | |||
|---|---|---|---|
| December 31, 2017 | March 31, 2017 | March 31, 2018 | |
| Financial Debt to CAP (A/D) | 58% | 52% | 58% |
| Financial Debt, net to CAP (B/D) | 44% | 19% | 42% |
| Financial Debt to Total equity (A/C) | 137% | 109% | 137% |
| Financial Debt, net to Total equity (B/C) | 104% | 39% | 99% |
See Appendix A for calculations



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 between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company's or Dorad's commitments, including capital expenditures, and restricted cash, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. The Company's and Dorad's EBITDA may not be indicative of the historic operating results nor is it meant to be predictive of potential future results.
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| EBITDA | ||||||||
|---|---|---|---|---|---|---|---|---|
| Ellomay Capital - | Reconciliation of Net income (loss) to EBITDA (in € | thousands) | ||||||
| For the year ended |
For the year ended |
For the year ended |
For the year ended |
For the year ended |
For the three months ended |
For the three months ended |
||
| December 31, | December 31, | December 31, | December 31, | December 31, | March 31, 2017 | March 31, 2018 | ||
| Net income (loss) | 2013 | 2014 | 2015 | 2016 | 2017 | |||
| for the period | 7,323 | 4,886 | 8,110 | (632) | (6,641) | (1,679) | (409) | |
| Financing expenses |
||||||||
| (income), net | 1,781 | 2,712 | (2,076) | 2,434 | 9,228 | 2,015 | 358 | |
| Taxes on income (tax benefit) |
||||||||
| Depreciation | 178 2,919 |
119 4,110 |
(1,739) 4,428 |
569 4,411 |
372 4,518 |
116 1,097 |
11 1,358 |
|
| EBITDA | 12,201 | 11,827 | 6,708 | 6,782 | 7,477 | 1,549 | 1,318 | |
| Dorad - |
Reconciliation of Net income to EBITDA (in NIS millions) | |||||||
| For the year ended | For the three months ended For the three months ended | |||||||
| December 31, 2017 | March 31, 2017 | March 31, 2018 | ||||||
| Net income for the period | 79 | 38 | 63 | |||||
| Financing expenses, net | 242 | 60 | 36 | |||||
| Taxes on income | 24 | 11 | 19 | |||||
| 209 | 52 | |||||||
| Depreciation and amortization | 51 |
| For the year ended | For the three months ended For the three months ended |
|---|---|

1 Diversified and growing base of cash flow generating assets.

3 The Company aims to exploit attractive yield to risk ratios worldwide.
2 The Company is characterized by relatively low leverage and revenues based on regulatory tariffs.
4 Seasoned management team, with extensive sector knowledge and access to attractive opportunities.



Chen Livne GK Investor relations Direct: +972 (0)3-6074717 Email: [email protected] www.gk-biz.com
Kalia Weintraub Chief Financial Officer Ellomay Capital LTD. 9 Rothschild Blvd., Tel Aviv Direct: +972-3-7971111 Email: [email protected]
www.ellomay.com

| Appendix A – | Leverage Ratios | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Use of NON-IFRS Financial Measures | thousands) Calculation of Leverage Ratios (in € |
||||||||
| The Company defines Financial Debt as loans and | As of December 31, | As of March 31, | As of March 31, | ||||||
| borrowings plus debentures (current liabilities) plus finance lease obligations plus long-term bank loans |
Current liabilities | 2017 | 2017 | 2018 | |||||
| plus debentures (non-current liabilities), Financial | Loans and borrowings | € (3,103) |
€ (1,105) |
€ (3,172) |
|||||
| Debt, Net as Financial Debt minus cash and cash | Debentures | € (4,644) |
€ (5,033) |
€ (4,460) |
|||||
| equivalent minus investments held for trading minus | Non-current liabilities | ||||||||
| short-term deposits and CAP as equity plus | Finance lease obligations | € (3,690) |
€ (3,938) |
€ (3,690) |
|||||
| Financial Debt. The Company presents these | Long-term loans | € (42,091) |
€ (18,970) |
€ (41,138) |
|||||
| measures in order to enhance the understanding of the Company's leverage ratios and borrowings. |
Debentures | € (52,987) |
€ (61,485) |
€ (50,873) |
|||||
| While the Company considers these measures to be | Financial Debt (A) | € (106,515) |
€ (90,531) |
€ (103,248) |
|||||
| an important measure of leverage, these measures | Less: | ||||||||
| should not be considered in isolation or as a | Cash and cash equivalents | € 23,962 |
€ 55,102 |
€ 25,969 |
|||||
| substitute for long-term borrowings or other balance | Marketable Securities | € 2,162 |
€ 2,884 |
€ 2,062 |
|||||
| sheet data prepared in accordance with IFRS as a | Short-term deposits | € - |
€ - |
€ - |
|||||
| measure of leverage. Not all companies calculate | Financial Debt, net (B) | € (80,391) |
€ (32,545) |
€ (75,217) |
|||||
| these measures in the same manner, and the | Total equity (C) | ||||||||
| € (77,500) |
€ (83,349) € (90,531) |
€ (75,623) € (103,248) |
|||||||
| measure as presented may not be comparable to similarly-titled measures presented by other |
Financial Debt (A) | € (106,515) |
|||||||
| companies. | CAP (D) | € (184,015) |
€ (173,880) |
€ (178,871) |
|||||
| Financial Debt to CAP (A/D) | 58% | 52% | 58% | ||||||
| Financial Debt, net to CAP (B/D) Financial Debt to Total equity (A/C) |
44% 137% |
19% 109% |
42% 137% |
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