Ellomay Capital Ltd.

Investor Presentation • Jun 29, 2017

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 June 2017 Commission File Number: 001-35284

Ellomay Capital Ltd.

(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 99.1.Q1 2017 Investor Presentation.

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: June 29, 2017

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, 2016, and other filings that we make from time to time with the SEC. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only based on such information as is contained in such public filings, after having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. In making this presentation available, we give no advice and make no recommendation to buy, sell or otherwise deal in our shares or in any other securities or investments whatsoever. We do not warrant that the information is either complete or accurate, nor will we bear any liability for any damage or losses that may result from any use of the information.
• • Neither this presentation nor any of the information contained herein constitute an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. No offering of securities shall be made in Israel except pursuant to an effective prospectus under the Israeli Securities Law, 1968 or an exemption from the prospectus requirementsundersuchlaw.
• • Historical facts and past operating results are not intended to mean that future performances or results for any period will necessarily match or exceed those of any prioryear.
• • This presentation and the information contained herein are the sole property of the company and cannot be published, circulated or otherwise used in any way without our express prior written consent.

InformationRelatingtoForward-LookingStatements:

• This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this presentation regarding our plans and the objectives of management are forward-looking statements. The use of certain words, including the words "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.

Company Overview

(NYSE MKT; TASE: ELLO)

1

Ellomay operates in the energy and infrastructure growing sectors including renewable and clean energy. The Company's shares are traded on the NYSE MKT and the Tel Aviv Stock Exchange with a market cap of approximately \$101 million (as of June 26, 2017) and the Company is controlled by Mr. Shlomo Nehama (Chairman), Mr. Ran Fridrich (CEO) and Mr. Hemi Raphael.

2 Ellomay owns 16 PV Plants with an aggregate nominal capacity of ~30.5 MWp in Italy and in Spain, 75% of a project to construct the Manara Pumped-Storage facility with capacity of 340MW and ~9.4% of the Dorad Power Plant, producing ~ 850MW.

3

Ellomay has recently entered into a strategic agreement with a subsidiary of Ludan Engineering Ltd. in connection with Waste-to-Energy projects in the Netherlands. Pursuant to such Agreement, Ellomay acquired 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., two project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively. .

Ellomay aims to exploit attractive yield to risk ratios worldwide.

Standard & Poors Maalot ilA- Rating of Debentures.

Corporate Structure

• 1) Mr. Shlomo Nehama owns the shares of Ellomay directly and indirectly. A shareholders agreement was signed between Kanir partnership and a company controlled by Shlomo Nehamathatholds33.3%ofEllomay'sshares.
  • 2) Kanir partnership is controlled by Mr. Ran Fridrich and Mr. Hemi Raphael. Kanir's holdings percentage set forth herein includes holdings by Ran Fridrich and Hemi Raphael (directlyandindirectly)of1.1%and4.3%,respectively.

4 3)

Includes direct and indirect beneficial holdings of approximately 3.8% by the Mor brothers, who are shareholders of one of Kanir's limited partners.

Milestones

Portfolio Summary

	i S ( ) P V p a n	l I ( ) t P V a y	h l d N ( ) t B i e e r a n s o g a s	l I ( ) C C G T s r a e
l l d C i I t t n s a e a p a c y	7. 9 M W p	2 2. 6 M W p	1 h 8 5 0 N 3 / m	2 8 5 0 M W
% O h i w n e r s p	0 0 % 1	0 0 % 1	% 5 1	9. 4 % ~
k lu f B V o o a e o 3 i t t nv e s m e n	4 \$ 2 0. 5 M ~	4 \$ 7 3. 7 M ~	4 \$ 6. 9 M ~	5 \$ 3 3 M ~
b d L i / S i c e n s e s u y T e r m	2 0 4 0- 2 0 4 1	2 0 3 1 ~	2 0 2 9 ~	6 2 0 3 4
i l i i # F t a c e s	4	2 1	2	1

1)Biogas installations under construction.

2)The Dorad Power Plant began commercial operation in May 2014.

3)As of March 31, 2017.

4) Cost of fixed assets as of March 31, 2017. Doesn't include cost of fixed assets in connection with the Oude-Tonge project acquired in April 2017.

5)Investment in equity accounted investee –attributed to the investment in Dorad.

6) A 20 year generation license and supply license.

Photovoltaic Operations: Italy and Spain

8

The PV Market

•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.

• • Many countries, including Spain and Italy, adopted plans that offered significant incentives targeted at reducing the burden of the cost of the photovoltaic systems in order to promote the use of solar energy and reduce the dependency on other forms of energy.
• • According to information published online by SolarPower Europe, the new EPIA (European Photovoltaic Industry Association), the solar power market has grown significantly in the past decade. In the first three quarters of 2016, 5.3 GW of photovoltaic systems were installed in Europe (compared to 6.5 GW during the same period in 2015).

Source : www.solarpowereurope.org

PV Plants in Italy

Pr j t n o ec am e	l le d Ins ta Ca i ty p ac ( ) k W p	is i io Ac t q u n Ye ar	Ac is i io t q u n Co M W t p s er p ( ) l l in i io m ns	Co io t nn ec n 1 Da te	Te hn log c o y	Re io g n	1 i F T h Eu / K W t ro ce n
l De B ian co	7 3 4	2 0 1 0	€ 2. 9	0 4 / 2 0 1 1	F ix	he M ar c	3 2. 1 5
Co in i ta t s n	7 3 4	2 0 1 0	€ 2. 9	0 4 / 2 0 1 1	F ix	he M ar c	3 2. 1 5
h è G iac c	7 3 0	2 0 1 0	€ 3. 8	0 4 / 2 0 1 1	ke Tr ac rs	he M ar c	3 2. 1 5
M i as sa cc es	7 4 9	2 0 1 0	€ 3. 8	0 4 / 2 0 1 1	ke Tr ac rs	he M ar c	3 2. 1 5
Tr ia 8 o	9 9 6	2 0 1 0	€ 3. 5	0 1 / 2 0 1 1	F ix	l Pu ia g	3 1. 8 0
Tr ia 9 o	9 9 6	2 0 1 0	€ 3. 5	0 1 / 2 0 1 1	F ix	Pu l ia g	3 1. 8 0
la Ga ina t	9 9 9	2 0 1 1	€ 3. 9	0 5 / 2 0 1 1	F ix	l Pu ia g	3 1. 8 0
Pe da le	2, 9 9 4	2 0 1 1	€ 3. 9 5	0 5 / 2 0 1 1	Tr ke ac rs	Pu l ia g	2 6. 5 9
'an l la D g e	9 3 1	2 0 1 1	€ 3. 2 5	0 6 2 0 / 1 1	ix F	l ia Pu g	2 6. 7 7
fre Ac q ua sc a	9 8 4	2 0 1 1	€ 3. 2 5	0 6 2 0 1 1 /	ix F	l ia Pu g	2 6. 7 7
So lec o	9 2 5, 4	2 0 3 1	€ 2. 0	0 8 2 0 / 1 1	ix F	Ve to ne	2 8 9 1.
Te cn oe ne rg y	9 0 0 5,	2 0 1 3	€ 2. 0	0 8 2 0 1 1 /	ix F	Ve to ne	2 1. 8 9

1) All plants are connected to the national grid and are entitled to a remuneration period of 20 years from connection to the grid. In addition to the FiT payments, the plants are entitled to sell the electricity inthe SPOT price (an average of approximately 5 Eurocents/KWhfor the first quarter of 2017).

PV Plants in Spain

Pr j t n o ec am e	l le d Ins ta Ca i ty p ac ( ) k W p	Ac is i io t q u n Ye ar	is i io Ac t q u n Co M W t p s er p ( ) l l in i io m ns	Co io t nn ec n Da 1 te	hn log Te c o y	Lo io t ca n	d a l Ex te p ec nn ua re ve nu es ( ) ho d € t us an
dr íg Ro I ue z	1, 6 7 5	2 0 1 4	€ 1. 5 5	2 0 1 1 / 1 1	ix F	ia M ur c	0 5 7 ~
dr Ro íg I I ue z	2, 6 9 0	2 0 1 4	€ 1. 7 8	1 1 / 2 0 1 1	F ix	M ia ur c	9 6 0 ~
Fu te en L i br i l la	2 8 1, 4	2 0 1 4	€ 8 1. 6	0 2 0 6 / 1 1	ix F	ia M ur c	0 4 7 ~
da R inc I I on a	2, 2 7 5	2 0 1 2	€ 2. 4 0	0 7 / 2 0 1 0	F ix	do ba Co r	7 9 0 ~

1) Remuneration period – 30 years.

The Dorad Power Plant is one of the largest private power plant in Israel, with installed capacity of approximately 850 MW.

12

The plant is a CCGT bi-fuel plant and powered by natural gas. The Dorad Power Plant is comprised of twelve natural gas turbines, and two steam turbines.

Ellomay indirectly holds approximately 9.4% interest in Dorad.

1.2B

The cost of the project was approximately US\$ 1.2 billion. The project has secured one of the largest project finance facilities in Israel of over US\$ 1 billion. The financing facility was led by Israel's largest banks and institutional investors.

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.

Dorad Power Plant

Key P&L and Statement of Cash Flows Figures (NIS millions)

	Q 1 2 0 1 7	Q 1 2 0 1 6	2 0 1 6
R e v e nu e s	6 7 5	6 1 0	2, 3 0 0
G f i f i h l t t t t r o s s p r o r o m o p e r a n g e p o w e r p a n	1 1 4	9 7	2 9 4
f O i i t t p e r a n g p r o	1 1 0	9 2	2 7 5
N i t e n c o m e	3 8	4 4	5 1
E B I T D A 1	1 6 0	1 4 4	4 8 4
F i t n a n c e e p e n s e s, n e x	( ) 6 0	( ) 3 9	( ) 2 1 9
h d h l f h N i i iv t t t e n c r e a s e n c a s a n c a s e q a e n s o r e u d, lu d f f f h i i i t t p e r o n c n g e e c o e c a n g e r a e x f lu i t t c u a o n s	9 7	2 5 1	2 8

(1) See below for a reconciliation of Net Income to EBITDA.

Pumped-Storage Development Project Manara Cliff, Israel

• • Hydro-electric storage system comprised of two water reservoirs (upper and lower), connected through an underground water pressure pipe. Energy is stored by pumping water from lower to upper reservoir and generated by releasing the water back.
• •Sustainable technology – working for over 100 years.

•

This technology is an important tool for managing and controlling the national grid and improving its operations. The plants operate using the available capacity and energy method around the world, allowing quick response time (90 sec) and used by the grid dispatcher for utilizing the operational advantages to balance immediate demand and supply related services.

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

Pumped-Storage Project

Company

Shareholders

Capacity

(2014) Ltd.

340 MW EllomayPumped Storage 2Ellomay Capital Ltd. – 75% 1 Sheva Mizrakot Ltd. – 25%

1)Indirectlyownedthroughtheprojectcompany.

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. In addition, the Editors Committee of the National Outline Plan #10 approved the increase of capacity to 340 MW. Recently, the regional planning committee gave its approval for deposit of the plan for public review. 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, of which a portion of 500 MW is currently still available.

Waste-to-Energy Projects

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.

The Potential of the Dutch Biogas Market

• • The Netherlands produces over 76 million tons of manure per year (source CBS, 2013).
• •Approximately 10% of the market has to be processed due to stringent regulatory requirements ("overmest").
• • Maximum biogas potential is expected to triple between 2020 to 2030 and market demand for Green Gas Certificates is expected to increase.

18

The Netherlands is far from reaching the target determined by the European Union of 20% renewable energy out of all energy sources (by the year 2020).

The Potential of the Dutch Biogas Market

Renewable energy accounts only for ~5% of NL energy sources

Strategic Collaboration with Ludan

• • Pursuant to the agreement with Ludan, subject to the fulfillment of certain conditions (including the financial closing of each project and receipt of a valid Sustainable Energy Production Incentive subsidy from the Dutch authorities and applicable licenses), the Company will acquire at least 51% of each project company and Ludan will own the remaining 49% (each project that meets the conditions is referred to as an "Approved Project").
• • The expected overall cost of the projects is approximately Euro 200 million (including project financing).
• • Each Approved Project is expected to receive a guaranteed payment (subsidy) from the Dutch authorities for the energy it generates for a period of approximately twelve years.

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 will be constructed. In April 2017 the Company acquired 51% of the outstanding shares of the project company, Groen Gas Oude-Tonge B.V. ("Oude Tonge"), 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.

Acquisition of a Photovoltaic Plant in Israel

The company has entered into an agreement to acquire the shares of an Israeli company that owns through a subsidiary a photovoltaic plant in Israel with a nominal capacity of ~9MWp, that was connected to the Israeli grid in November 2013. The Israeli project company entered into a long-term (20 years) standard power purchase agreement with the 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 IsraeliConsumerPriceIndex(1).

(1) The consummation of the acquisition is subject to several customary conditions precedent, including the approval of various regulatory authorities and the approval of the financing bank. We believe the agreement will be consummated during the third quarter of 2017 but there is no assurance as to whether and when the conditions precedent will be satisfied.

SPA to Acquire a Spanish Company Promoting a 300 MW PV Plant in Talaván, Spain

• • The company has entered into a share purchase agreement (the "SPA"), pursuant to which it purchased and acquired the entire share capital of a Spanish company, Talasol Solar S.L. ("Talasol"), which is promoting the construction of a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain.
• • Based on an initial study performed by the Company's technical advisors, the Project's CAPEX including development costs and interest is expected to be approximately Euro 225-255 million (approximately \$245 million - \$278 million), depending on the terms of the EPC agreement that will be executed in connection with the Project and other factors. The Project is expected to produce approximately 580 GWh per year, and based on the "base case" scenario of a prices projection study is expected to yield revenues of approximately Euro 25 million (approximately \$27.2 million) per year. The Company expects that the Project's operating and G&A expenses will amount to an aggregate of approximately Euro 6 million and, therefore, revenues net of such expenses are currently expected to be approximately Euro 19 million (approximately \$20.7 million) per year. Based on the Company's legal and technical advisors, the Project is expected to be construction ready within a period of 10-15 months. The Company expects that the capital required for the Project will be obtained from banks, suppliers, equity or debt financings and potential partners, however there can be no assurance that such financing will be obtained and there are currently no agreements, commitments or understandings with respect to any such financing.
• • The SPA provides that the purchase price for Talasol's shares is Euro 10 million (approximately \$10.9 million) and that this amount is to be deposited in escrow, otherwise the SPA will terminate automatically. The release of the amount from escrow is subject to customary conditions subsequent in these types of transactions, as described below.

Key Balance Sheet Figures (USD thousands)

	b D 3 1, 2 0 1 6 e c e m e r	f % O B S	h M 3 1, 2 0 1 6 a r c	f % O B S	h M 3 1, 2 0 1 7 a r c	f % O B S
h d h l k b l C iv M t, t a s a n c a s e q u a e n a r e a e h d i i S i t t- t t s e c u r e s, o r e r m e p o s s	2 4, 6 7 3	1 6 %	2 4, 9 2 2	1 5 %	6 1, 9 7 9	3 2 %
l b F i i D * t n a n c a e	8, 2 5 7 5	3 8 %	0 8 0 6 1,	3 % 7	9 8 6, 7 6	0 % 5
l b F i i D * t, t n a n c a e n e	3 4, 0 7 9	2 2 %	3 6, 1 5 8	2 2 %	3 4, 7 8 9	1 8 %
( l d ly P i i i t t t t r o p e r y, p a n a n e q u p m e n n e m a n n ) h i i P V O i t t t c o n n e c o n w p e r a o n s	7 7, 0 6 6	4 9 %	8 1, 3 1 7	4 9 %	7 8, 6 0 9	4 1 %
( i d i lu d i i I D t t t t t nv e s m e n n o r a n o n c n g o p o n o ) d d l h i i i t a c q r e a o n a s a r e s u	3 2, 0 8 8	2 1 %	3 9, 2 9 2	2 4 %	3 3, 0 1 6	1 7 %
C A P *	1 4 7, 5 2 2	9 4 %	1 5 3, 9 2 6	9 3 %	1 8 5, 7 5 8	9 6 %
l T i t t o a e q u y	8 8, 7 7 0	5 7 %	9 2, 8 4 6	5 6 %	8 8, 9 9 0	4 6 %
l T t t o a a s s e s	1 5 6, 1 7 4	1 0 0 %	1 6 5, 5 2 8	1 0 0 %	1 9 3, 5 0 4	1 0 0 %

*See Appendix A for calculations

Key Financial Ratios

	b D 3 1, 2 0 1 6 e c e m e r	h M 3 1, 2 0 1 6 a r c	h M 3 1, 2 0 1 7 a r c
( ) l b F i i D C A P A / D t t n a n c a e o	0 % 4	0 % 4	2 % 5
( ) l b F i i D C A P B / D t, t t n a n c a e n e o	2 3 %	2 3 %	1 9 %
( ) l b l F i i D T i A / C t t t t n a n c a e o o a e q u y	6 6 %	6 6 %	1 0 9 %
( ) l b l F i i D T i B / C t, t t t t n a n c a e n e o o a e q u y	3 8 %	3 9 %	3 9 %

Strong Balance Sheet, Sufficient Liquidity, Low Leverage

See Appendix A for calculations

See below for a reconciliation of net income (loss) to EBITDA

EBITDA

Use of NON-IFRS Financial Measures

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.

EllomayCapital -Reconciliation of Net income (loss) to EBITDA (in US Dollar thousands)

	For the ye ar end ed	For the ye ar end ed	For the ye ar end ed	For the ye ar end ed	For the ye ar end ed	For the ye ar end ed	For the th ree nth nde d mo s e	For the th ree nth nde d mo s e
	ber Dec 31 em , 201 1	ber Dec 31 em , 201 2	ber Dec 31 em , 201 3	ber Dec 31 em , 201 4	ber Dec 31 em , 201 5	ber Dec 31 em , 201 6	rch 31 , 20 Ma 16	rch 31 , 20 Ma 17
Net inc om e ( los s) for the
iod iod per per	( ) 972	( 33) 2,1	10, 087	6,6 46	7,2 98	( 73) 1,0	( 07) 2,1	( ) 1, 792
Fin ing anc exp ens es ( ( e), e), inc inc net net om om	1,2 38	3,7 73	2,4 54	3,3 95	( ) 592	3,0 56	2,6 82	2,1 28
Tax es on e (t inc om ax ben efit )	( 18) 1,0	( 11) 1,0	245	201	( 33) 1,9	625	( 53)	125
Dep iati rec on	1,7 77	2,7 17	4,0 21	5,4 52	4,9 12	4,8 84	1,2 21	1,1 69
EB EB ITD ITD A A	1,0 1 25	3,3 46	16, 807	15, 694	9,6 85	7,4 92	1,7 43	1,6 30

Dorad - Reconciliation of Net income to EBITDA (in NIS millions)

	For the nde d ye ar e	the th nth nde d For ree mo s e	the th nth nde d For ree mo s e
	ber Dec 31 , 20 16 em	rch Ma 31 , 20 16	rch Ma 31 , 20 17
e fo the riod Net inc r for om pe	51	44	38
Fin ing t anc ex pen ses , ne	219	39	60
inc Tax es on om e	5	10	11
iati and izat ion Dep ort rec on am	209	51	51
EB ITD A	484	144	160

Summary

Diversified and growing base of cash flow generating assets.

The Company aims to exploit attractive yield to risk ratios worldwide.

2

1

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.

Investor Relations

Ishay Potruch GK Investor relations Direct: +972 (0)3-6074717 Email: ishay@gk-biz.com www.gk-biz.com

Company

Kalia Weintraub Chief Financial Officer Ellomay Capital LTD. 9 Rothschild Blvd., Tel Aviv Direct: +972-3-7971111 Email: miri2@ellomay.com

www.ellomay.com

30

Appendix A – 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 minus cash and cash equivalent minus investments held for trading minus short-term deposits and CAP as equity plus Financial Debt. The Company presents these measures in order to enhance the understanding of the Company's leverage ratios and borrowings. While the Company considers these measures to be an important measure of leverage, these measures should not be considered in isolation or as a substitute for long-term borrowings or other balance sheet data prepared in accordance with IFRS as a measure of leverage. Not all companies calculate these measures in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies.

Calculation of Leverage Ratios (in US\$ thousands)

	of ber As De 31 cem ,	of h 3 As M 1, arc	of h 3 As M 1, arc
	20 16	20 16	20 17
Cu lia bil itie nt rre s
nd bo win Lo an s a rro gs	\$ ( ) 1, 1 5 0	\$ ( ) 1, 2 0 5	\$ ( ) 1, 1 8 1
be De ntu res	\$ ( ) 4, 9 8 9	\$ ( ) 5, 0 7 3	\$ ( ) 5, 3 8 0
No t li ab ilit ies n-c urr en
Fin lea ob lig ati an ce se on s	\$ ( ) 4, 2 2 8	\$ ( ) 4, 8 4 8	\$ ( ) 4, 2 1 0
lo Lo -te ng rm an s	\$ ( ) 1 7, 8 3 7	\$ ( ) 1 3, 6 2 5	\$ ( ) 2 0, 2 7 7
De be ntu res	\$ ( ) 3 0, 8 5 4	\$ ( ) 3 6, 3 2 9	\$ ( ) 6 2 0 5, 7
t ( A) Fin cia l D eb an	\$ ) ( 5 8, 7 5 2	\$ ( ) 6 1, 0 8 0	\$ ( ) 9 6, 7 6 8
Les s:
Ca sh d c h e iva len ts an as qu	\$ 2 3, 6 0 5	\$ 1 9, 2 6 4	\$ 8, 8 9 5 7
rke tab le S uri tie Ma ec s	\$ 1, 0 2 3	\$ 5, 4 9 6	\$ 3, 0 8 2
Sh de sit ort -te rm po s	\$ -	\$ -	\$ -
Fin cia l D eb ( B) t, n et an	\$ ) ( 3 4, 0 7 9	\$ ( ) 3 6, 1 5 8	\$ ( ) 3 4, 7 8 9
( C) tal uit To eq y	\$ ( ) 8 8, 7 7 0	\$ ( ) 9 2, 8 4 6	\$ ( ) 8 8, 9 9 0
Fin cia l D eb t ( A) an	\$ ( ) 5 8, 7 5 2	\$ ( ) 6 1, 0 8 0	\$ ( ) 9 6, 7 6 8
P ( D) CA	\$ ( ) 1 4 7, 5 2 2	\$ ( ) 1 5 3, 9 2 6	\$ ( ) 1 8 5, 7 5 8
l D eb P ( D) Fin cia CA A/ t to an	0 % 4	0 % 4	2 % 5
P ( ) Fin cia l D eb CA B/D t, n et to an	2 3 %	2 3 %	1 9 %
Fin cia l D eb tal uit ( C) To A/ t to an eq y	6 6 %	6 6 %	1 0 9 %
Fin cia l D eb tal uit ( ) To B/C t, n et to an eq y	3 8 %	3 9 %	3 9 %