Investor Presentation • Nov 10, 2016
Investor Presentation
Open in ViewerOpens in native device viewer
Washington, D.C. 20549
For the month of November 2016 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 99.1. November 2016 Investor Presentation.
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: November 10, 2016

• 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.

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 \$87 million (as of October 31, 2016) and is controlled by Mr. Shlomo Nehama (Chairman), Mr. Ran Fridrich (CEO) and Mr. Hemi Raphael.
2
1
Ellomay owns 16 PV Plants with an aggregate nominal capacity of ~30.5 MWp in Italy and in Spain, 75% of the 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 and is reviewing similar projects in the United States.

Ellomay focuses on small/mid-size scale commercial projects with limited capex and operational risks. Ellomay aims to exploit attractive yield to risk ratios worldwide.
5
Standard & Poors Maalot ilA- Rating of Debentures.


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.

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

5
| S i ( ) P V p a n |
l I ( ) t P V a y |
l I ( 1 ) C C G T s r a e |
|
|---|---|---|---|
| l l d I C i t t n s a e a p a c y |
9 7. M W p |
2 2. 6 M W p |
1 8 0 5 M W |
| h % O i w n e r s p |
1 0 0 % |
1 0 0 % |
9. 4 % ~ |
| k lu f B V o o a e o 2 i t t nv e s m e n |
3 \$ 2 2 1. M ~ |
3 \$ 7 6. 7 M ~ |
4 \$ 3 8. 7 M ~ |
| L i Ex i i t c e n s e p r a o n |
2 0 4 0- 2 0 4 1 |
2 0 3 1~ |
5 2 0 3 4 |
| f l # P P t o o w e r a n s |
4 | 1 2 |
1 |
1)The Dorad Power Plant began commercial operation in May 2014.
2)as of June 30, 2016.
3)Cost of fixed assets.
4)Investment in equity accounted investee –attributed to the investment in Dorad.
5) A 20 year generation license and supply license.






•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.

http://www.solarpowereurope.org/index.php?eID=tx_nawsecuredl&u=0&g=0&t=1478600219&hash=c4fb4fd7f700bc25a00 bc536e319b0b9116a2413&file=fileadmin/user_upload/images/Media/030316_A_positive_year_for_solar.pdf)
| Pr j t n o ec am e |
Ins l le d ta Ca i ty p ac ( ) k W p |
Ac is i io 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 |
hn log Te c o y |
Re io g n |
1 F i T Eu / K W h 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 |
M he 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 |
Tr ke ac rs |
M he ar c |
3 2. 1 5 |
| ia 8 Tr o |
9 9 6 |
2 0 0 1 |
€ 3. 5 |
0 2 0 1 / 1 1 |
ix F |
l ia Pu g |
3 8 0 1. |
| ia 9 Tr o |
9 9 6 |
2 0 1 0 |
€ 3. 5 |
0 1 2 0 1 1 / |
ix F |
l ia Pu g |
3 1. 8 0 |
| Ga la ina t |
9 9 9 |
2 0 1 1 |
€ 3. 9 |
0 2 0 5 / 1 1 |
ix F |
l ia Pu g |
3 8 0 1. |
| da le Pe |
2, 9 9 4 |
2 0 1 1 |
€ 3. 9 5 |
0 5 / 2 0 1 1 |
ke Tr ac rs |
l Pu 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 |
F ix |
l Pu ia g |
2 6. 7 7 |
| fre Ac q ua sc a |
9 4 8 |
2 0 1 1 |
€ 3. 2 5 |
0 6 / 2 0 1 1 |
F ix |
l Pu ia g |
2 6. 7 7 |
| lec So o |
5, 9 2 4 |
2 0 1 3 |
€ 2. 0 |
0 8 / 2 0 1 1 |
F ix |
Ve to ne |
2 1. 8 9 |
| Te cn oe ne rg y |
5, 9 0 0 |
2 0 1 3 |
€ 2. 0 |
0 8 / 2 0 1 1 |
F ix |
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, currently approximately 4 Eurocents/KWh.
| Pr j t n o ec am e |
Ins l le d ta Ca i ty p ac ( ) k W p |
Ac is i io t q u n Ye ar |
Ac is i io t q u n Co t p s er M W p ( ) l l in i io m ns |
Co io t nn ec n 1 Da te |
hn log Te c o y |
Lo io t ca n |
d Ex te p ec l an nu a 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 íg Ro 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 ~ |
| i br i l la Fu L te en |
1, 2 8 4 |
2 0 1 4 |
€ 6 8 1. |
0 2 0 1 1 6 / |
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.

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.
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 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.

Key P&L and Statement of Cash Flows Figures (NIS millions)
| 2 0 1 5 |
Q 2 2 0 1 5 |
Q 2 2 0 1 6 |
|
|---|---|---|---|
| R e v e nu e s |
2, 3 5 7 |
1, 1 6 7 |
1, 1 2 6 |
| f f h l G i i 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 |
3 8 2 |
1 3 1 |
1 2 7 |
| f O i i t t p e r a n g p r o |
3 5 7 |
1 1 8 |
1 1 9 |
| N i t e n c o m e |
1 0 3 |
1 0 |
1 3 |
| E B I T D A 1 |
5 6 7 |
2 2 5 |
2 2 3 |
| i F t n a n c e e x p e n s e s, n e |
( ) 2 1 6 |
( ) 1 0 4 |
( ) 1 0 7 |
| ( ) d h d h N i i t e n c r e a s e e c r e a s e n c a s a n c a s l f h d, lu d f f f iv i i i t t t e q u a e n s o r e p e r o n c n g e e c o h f lu i t t t e x c a n g e r a e c u a o n s |
( ) 2 0 |
1 4 5 |
1 6 5 |
(1) See below for a reconciliation of Net Income to EBITDA.




•
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.


Capacity
(2014) Ltd.
340 MW EllomayPumped Storage 2Ellomay Capital Ltd. – 75% 1 Sheva Mizrakot Ltd. – 25%
1)Indirectlyownedthroughtheprojectcompany.
2) During 2015 the company finalized the initial development stage of the Manara PSP and on August 28, 2015, after the Manara PSP received a feasibility study from the Israel Electric Company, the company submitted a request to the IPUA for an updated conditional license with a capacity of 340 MW. The IPUA in its meeting held on July 26, 2016 decided to grant a conditional license to Ellomay Pumped Storage (2014) Ltd. for its 340MW planned Pumped Storage Power Station. The conditional license is effective starting August 28, 2016 following its execution by the Israeli Minister of National Infrastructures, Energy and Water Resources for a period of 72 months. The current regulated quota for Pumped Storage facilities is 800MW, and is in the process of being increased to above 1000MW.




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 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
19


(Source: http://www.rd.usda.gov/files/Biogas-Roadmap-Progress-Report-v12.pdf)
The Company is in due diligence process with respect to two projects with aggregate capacity of ~8.4 MW*
* There is no assurance at this stage that the due diligence process will be completed at all or to the satisfaction of the Company or with respect to the execution of definitive agreements in connection with an investment in these projects.
21


| b 3 1, 2 0 1 D 5 e c e m e r |
f % O S B |
3 0, 2 0 1 J 5 u n e |
f % O S B |
3 0, 2 0 1 J 6 u n e |
f % O S B |
|
|---|---|---|---|---|---|---|
| C h d h iv l k b l 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 r e s, o r e r m e p o s s u |
2 5, 2 1 6 |
1 6 % |
1 6, 7 2 9 |
1 1 % |
2 2, 2 3 0 |
1 4 % |
| F i i l D b * t n a n c a e |
8, 8 2 5 5 |
3 % 7 |
6, 6 2 6 5 |
3 6 % |
9, 5 4 1 4 |
3 % 7 |
| l b F i i D * t, t n a n c a e n e |
3 3, 6 3 6 |
2 1 % |
3 9, 8 9 7 |
2 5 % |
3 7, 1 8 4 |
2 3 % |
| ( 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 8, 9 7 5 |
4 9 % |
8 3, 7 1 1 |
5 3 % |
7 8, 3 2 1 |
4 9 % |
| ( d lu d I i D i i i 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 u r e a o n a s a r e s |
3 7, 0 3 1 |
2 3 % |
3 5, 9 2 2 |
2 3 % |
3 3, 4 1 2 |
2 1 % |
| C A P * |
1 5 2, 9 1 7 |
9 5 % |
1 4 8, 6 5 7 |
9 5 % |
1 5 1, 1 4 8 |
9 5 % |
| l T i t t o a e q u y |
9 4, 0 6 5 |
5 9 % |
9 2, 0 3 1 |
5 9 % |
9 1, 7 3 4 |
5 7 % |
| l T t t o a a s s e s |
1 6 0, 3 2 7 |
1 0 0 % |
1 5 6, 6 1 9 |
1 0 0 % |
1 5 9, 6 8 7 |
1 0 0 % |
*See Appendix A for calculations

| b 3 2 0 D 1, 1 5 e c e m e r |
3 0, 2 0 J 1 5 u n e |
3 0, 2 0 J 1 6 u n e |
|
|---|---|---|---|
| ( ) l b F i i D C A P A / D t t n a n c a e o |
3 8 % |
3 8 % |
3 9 % |
| ( ) l b F i i D C A P B / D t, t t n a n c a e n e o |
2 2 % |
2 7 % |
2 5 % |
| ( ) 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 3 % |
6 2 % |
6 5 % |
| ( ) 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 6 % |
4 3 % |
4 1 % |
See Appendix A for calculations

(USD millions)

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

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.
| Fo r th nd ed e y ea r e |
r th ths de d Fo ix m e s on en |
r th ths de d Fo ix m e s on en |
|
|---|---|---|---|
| ber De 31 20 15 cem , |
Ju 30 20 15 ne , |
Ju 30 20 16 ne , |
|
| dit ed Un au |
|||
| ( los s) for th od Ne t in eri co me e p |
7, 2 9 8 |
2, 5 9 7 |
( ) 1, 6 7 1 |
| ( e), Fin cin inc t an g e xp en ses om ne |
( ) 5 9 2 |
( ) 1, 3 2 7 |
2, 7 5 5 |
| n i ( be fit) Ta tax xe s o nco me ne |
( ) 1, 9 3 3 |
5 9 8 |
3 0 9 |
| cia tio De pre n |
4, 9 1 2 |
2, 4 5 6 |
2, 5 1 8 |
| EB ITD A |
9, 6 8 5 |
4, 3 2 4 |
3, 9 1 1 |
| Fo r th nd ed e y ea r e |
r th ix m ths de d Fo e s on en |
r th ix m ths de d Fo e s on en |
|
|---|---|---|---|
| De ber 31 20 15 cem , |
Ju 30 20 15 ne , |
Ju 30 20 16 ne , |
|
| Un dit ed au |
|||
| t in fo r th eri od Ne co me e p |
1 0 3 |
1 3 |
1 0 |
| Fin cin t an g e xp en ses , ne |
2 1 6 |
1 0 7 |
1 0 4 |
| n i Ta xe s o nco me |
3 8 |
0 | 4 |
| cia tio nd iza tio De ort pre n a am n |
2 1 0 |
1 0 5 |
1 0 5 |
| EB ITD A |
5 6 7 |
2 2 5 |
2 2 3 |


Diversified and growing base of cash flow generating assets.

4
Focus on small/medium commercial projects with limited capex and operational risks.
2
1
The Company is characterized by low leverage and revenues based on regulatory tariffs.
Seasoned management team, with extensive sector knowledge and access to attractive opportunities.



Hadas Friedman KM Investor relations Direct: +972 (0)3-5167620 [email protected] www.km-ir.co.il
Kalia Weintraub Chief Financial Officer Ellomay Capital LTD. 9 Rothschild Blvd., Tel Aviv Direct: +972-3-7971111 Email: [email protected]
www.ellomay.com

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. See the calculation of these financial measures presented below.
Calculation of Leverage Ratios (in US\$ thousands)
| of ber 31 As De cem , |
of As Ju 30 ne , |
of As Ju 30 ne , |
|
|---|---|---|---|
| 20 15 |
20 15 |
20 16 |
|
| Au dit ed |
dit ed Un au |
dit ed Un au |
|
| lia bil itie Cu nt rre s |
|||
| Lo nd bo win an s a rro gs |
( ) 1, 1 3 3 |
( ) 1, 4 6 2 |
( ) 1, 2 0 8 |
| be De ntu res |
( ) 4, 8 7 8 |
( ) 0 5, 4 4 |
( ) 9 3 4, 7 |
| t li ab ilit No ies n-c urr en |
|||
| Fin lea ob lig ati an ce se on s |
( ) 2 4, 7 4 |
( ) 5, 0 3 2 |
( ) 4, 6 5 8 |
| lo Lo -te ng rm an s |
( ) 1 3, 0 4 3 |
( ) 3, 6 0 2 |
( ) 1 2, 9 4 6 |
| De be ntu res |
( ) 3 5, 0 7 4 |
( ) 4 1, 4 8 6 |
( ) 3 5, 6 2 9 |
| Fin cia l D eb t ( A) an |
( ) 5 8, 8 5 2 |
( ) 5 6, 6 2 6 |
( ) 5 9, 4 1 4 |
| Les s: |
|||
| sh d c h e iva len Ca ts an as qu |
1 8, 7 1 7 |
9 1 1, 6 1 |
1 6, 7 1 5 |
| Ma rke tab le S uri tie ec s |
6, 4 9 9 |
5, 0 3 8 |
5, 5 1 5 |
| ( B) Fin cia l D eb t, n et an |
( ) 3 3, 3 6 6 |
( ) 3 9, 8 9 7 |
( ) 3 8 7, 1 4 |
| ( C) tal uit To eq y |
( ) 9 0 6 4, 5 |
( ) 9 2, 0 3 1 |
( ) 9 1, 7 3 4 |
| Fin cia l D eb t ( A) an |
( ) 5 8, 8 5 2 |
( ) 5 6, 6 2 6 |
( ) 5 9, 4 1 4 |
| P ( D) CA |
( ) 1 5 2, 9 1 7 |
( ) 1 4 8, 6 5 7 |
( ) 1 5 1, 1 4 8 |
| P ( D) Fin cia l D eb CA A/ t to an |
3 8 % |
3 8 % |
3 9 % |
| l D eb P ( ) Fin cia CA B/D t, n et to an |
2 2 % |
2 7 % |
2 5 % |
| ( C) Fin cia l D eb tal uit t to To A/ an eq y |
6 3 % |
6 2 % |
6 5 % |
| l D eb tal ( ) Fin cia To uit B/C t, n et to an eq y |
3 6 % |
4 3 % |
4 1 % |

Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.