6-K

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 September 2015

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   x                                Form 40-F   o

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   o                      No   x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________

THE IFRS FINANCIAL RESULTS INCLUDED IN EXHIBIT 99.1 OF THIS FORM 6-K ARE HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT’S REGISTRATION STATEMENTS ON FORM F-3 (NOS. 333-199696 AND 333-144171) AND FORM S-8 (NOS. 333-187533, 333-102288 AND 333-92491), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

This Report on Form 6-K of Ellomay Capital Ltd. consists of the following documents, which are attached hereto and incorporated by reference herein:

Exhibit 99.1. Press Release: “Ellomay Capital Reports Results for the Three and Six Months Ended June 30, 2015; Will Host Six Months Earnings call on Thursday, September 10, at 10:00am ET,” dated September 10, 2015.

Exhibit 99.2. H1 2015 Investor Presentation.

2

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: September 10, 2015

3

EX-99.1

Exhibit 99.1

Ellomay Capital Reports Results for the Three and Six Months Ended June 30, 2015

Will Host Six Months Earnings call on Thursday, September 10, at 10:00am ET

Tel-Aviv, Israel, September 10, 2015 – Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM) (“Ellomay” or the “Company”) an emerging operator in the renewable energy and energy infrastructure sector, today reported its unaudited financial results for the three and six month periods ended June 30, 2015.

Financial Highlights

· Revenues were approximately $7.2 million for the six months ended June 30, 2015, compared to approximately $7.5 million for the six months ended June 30, 2014. Excluding unfavorable currency effects, revenues were up approximately 18% to €6.5 million from €5.5 million in the corresponding period last year. The change in revenues is mainly a result of an increase in revenues due to the acquisition of three photovoltaic plants in Murcia, Spain (the “Murcia PV Plants”), on July 1, 2014. The decrease in the amount of reported revenues is due to the presentation of results in U.S. dollar and the devaluation of the Euro against the U.S. dollar during the period.

· Operating expenses were approximately $1.4 million (€1.2 million) for the six months ended June 30, 2015, compared to approximately $1.5 million (€1.1 million) for the six months ended June 30, 2014. Depreciation expenses were approximately $2.5 million (€2.2 million) for the six months ended June 30, 2015, compared to approximately $2.6 million (€1.9 million) for the six months ended June 30, 2014. These changes resulted from an increase in expenses due to addition of the Murcia PV Plants’ operations acquired on July 1, 2014, offset by the devaluation of the Euro against the U.S. dollar.

· Impairment charges were $0 for the six months ended June 30, 2015, compared to approximately $0.6 million for the six months ended June 30, 2014. Due to regulatory changes in Italy, principally Law 116/2014 providing for a decrease in the FiT guaranteed to existing photovoltaic plants, we examined the recoverability of our photovoltaic plants in Italy. As the book value as at June 30, 2014 of some of the photovoltaic plants exceeded their recoverable amount, we recognized in those cases impairment charges. During the fourth quarter of 2014, we reexamined the impairment charges recorded and determined to reverse the impairment charges due to changes in market conditions.

· General and administrative expenses were approximately $1.7 million for the six months ended June 30, 2015, compared to approximately $2.3 million for the six months ended June 30, 2014. The decrease in general and administrative expenses mainly resulted from inclusion of bonuses paid to employees and expenses in connection with a pre-bid agreement executed with respect to a joint offer to acquire participating interests in two explorations and drilling licenses off-shore Israel in the general and administrative expenses for the six months ended June 30, 2014.

· Company’s share of income of investee accounted for at equity, after elimination of intercompany transactions, was approximately $0.2 million for the six months ended June 30, 2015, compared to losses of approximately $0.2 million in the six months ended June 30, 2014. This increase is due to the commencement of the commercial operations of the power plant operated by Dorad Energy Ltd. (“Dorad”) in May 2014.

On August 8, 2015, the Israeli Public Utilities Authority – Electricity published a decision decreasing the electricity rates and establishing the rate in respect of “system management service charges.” Such new rates are not reflected in the financial results for the period. Dorad informed the Company that it is studying the implications of the decision and is considering its next steps in the matter.

· Other income was approximately $0.1 million for the six months ended June 30, 2015, compared to approximately $1.8 million for the six months ended June 30, 2014. Other income was primarily attributable to compensation to be received in connection with a pumped storage project in the Gilboa, Israel initially recognized in 2014. The revaluation of such financial asset is recognized as other income for the six months ended June 30, 2015.

· Financing income, net was approximately $1.3 million for the six months ended June 30, 2015, compared to financing expenses, net of approximately $2.5 million for the six months ended June 30, 2014. The change in financing income was mainly due to the reevaluation of our EUR/USD forward transactions, currency interest rate swap transactions and interest rate swap transactions in the aggregate amount of approximately $5.3 million, partially offset by expenses resulting from exchange rate differences in the amount of approximately $2.5 million, approximately $0.3 million interest on loans and interest rate swap transactions and approximately $1.2 million interest and other costs in connection with our Series A Debentures.

· Taxes on income were approximately $0.7 million for the six months ended June 30, 2015, compared to approximately $0.1 million for the six months ended June 30, 2014. This increase in taxes on income compared to the corresponding period in 2014 resulted mainly from deferred tax income included for the six months ended June 30, 2014 in connection with impairment charges and the reevaluation of interest rate swap transactions.

· Net income was approximately $2.6 million for the six months ended June 30, 2015, compared to a net loss of approximately $0.5 million for the six months ended June 30, 2014.

· Total other comprehensive loss was approximately $4.8 million for the six months ended June 30, 2015, compared to approximately $1.1 million for the six months ended June 30, 2014. The change was mainly due to presentation currency translation adjustments as a result of fluctuations in the Euro/USD exchange rates. Such loss is a result of the devaluation in the Euro against the U.S. Dollar of approximately 7.8%.

· Total comprehensive loss was approximately $2.2 million for the six months ended June 30, 2015, compared to approximately $1.6 million for the six months ended June 30, 2014.

· EBITDA was approximately $2 million and approximately $4.4 million for the three and six months ended June 30, 2015, respectively.

· Net cash provided by operating activities was approximately $1.1 million and $1.7 million for the three and six months ended June 30, 2015, respectively.

On June 29, 2015, the Company entered into a loan agreement with UBI Banca S.c.p.a., in connection with the financing of one of its PV Plants, pursuant to which the Company shall receive financing amounting to approximately Euro 10.7 million bearing an interest at the Euribor 6 month rate plus a range of 2.85% per annum. The interest on the loan and the principal are to be repaid semi-annually. The final maturity date of this loan is December 31, 2029. Draw down of the loan has not yet occurred.

In July 2015, the Company indirectly acquired an additional 15% interest in Ellomay Spain S.L., which owns a photovoltaic plant in Spain with an installed capacity of approximately 2.3 MWp, for approximately EUR 0.8 million (approximately $0.9 million), increasing its indirect ownership in Ellomay Spain S.L. from 85% to 100%.

During the period July 1, 2015-September 1, 2015, the Company repurchased 58,338 of its ordinary shares for an aggregate consideration of approximately $0.5 million according to a share buyback program that was authorized the Company's Board of Directors.

As of September 1, 2015, the Company held approximately $11.9 million in cash and cash equivalents, approximately $0.2 million in short-term restricted cash, approximately $5 in marketable securities and approximately $4 million in long-term restricted cash.

The Company’s management will host a conference call on Thursday, September 10th at 10:00am ET to discuss the six month results for the period ending June 30, 2015.  To access the call participants can dial 1-888-668-9141 (US), 03-9180609 (Israel) or +972-3-9180609 (international).  A replay of the call will be available after September 11, 2015 and until October 11, 2015 on the Company's website: http://www.ellomay.com. The call will also be simultaneously webcast and can be accessed with the following link: http://www.veidan-stream.com/?con=Ellomay_Capital_Q2_2015_Results.

Ran Fridrich, CEO and a board member of Ellomay commented: “Excluding unfavorable currency effects, revenues were up approximately 18% in the first half of 2015 compared to the first half of 2014. The Company improved its operational parameters and managed to maintain its gross margin, despite the cuts in subsidies in Italy. The general and administrative expenses decreased despite an increase in expenses associated with the development of the pumped storage project in the Manara Cliff, Israel. Dorad’s results for the second quarter were in line with expectations. An increased inflation rate during the second quarter (approximately 1.1%) resulted in a significant increase in Dorad’s financial expenses (non-cash flow expenses) and significantly reduced Dorad’s income for the six months ended June 30, 2015.”

Information for the Company’s Series A Debenture Holders

As of June 30, 2015, the Company’s Net Financial Debt (as such term is defined in the Series A Debentures Deed of Trust) was approximately $30 million (consisting of approximately $8.5 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately $46.5 million in connection with the Series A Debentures issuances (in January and June 2014), net of approximately $16.7 million of cash and cash equivalents, short term deposits and marketable securities and net of approximately $8.3 million of project finance and related hedging transactions of the Company’s subsidiaries).

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 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 commitments, including capital expenditures, and restricted cash and, 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 EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE MKT, under the trading symbol “ELLO” and with the Tel Aviv Stock Exchange under the trading symbol “ELOM.”  Since 2009, Ellomay Capital focuses its business in the energy and infrastructure sectors worldwide. Ellomay (formerly Nur Macroprinters Ltd.) previously was a supplier of wide format and super-wide format digital printing systems and related products worldwide, and sold this business to Hewlett-Packard Company during 2008 for more than $100 million.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:

· Approximately 22.6MW of photovoltaic power plants in Italy and approximately 7.9MW of photovoltaic power plants in Spain; and

· Approximately 9.2% indirect interest, with an option to increase its holdings to 9.375%, in Dorad Energy Ltd., which owns and operates Israel’s largest private power plant with production capacity of approximately 850 MW, representing about 6%-8% of Israel’s total current electricity consumption.

Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel’s prominent businessmen and the former Chairman of Israel’s leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay’s dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. The expertise of Ellomay’s controlling shareholders and management enables the company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions 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.  The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s 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 including changes in regulation, seasonality of the PV business and market conditions. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Kalia Weintraub

CFO

Tel: +972 (3) 797-1111

Email: anatb@ellomay.com

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Financial Position (Unaudited)

	June 30,			December 31,
	2015			2014
	US$ in thousands
Assets
Current assets
Cash and cash equivalents		11,691			15,758
Marketable securities		5,038			3,650
Short-term deposits		-			3,980
Restricted cash		262			283
Trade receivables		102			214
Other receivables and prepaid expenses		7,027			5,929
		24,120			29,814
Non-current assets
Investment in equity accounted investee		35,922			27,237
Financial assets		5,972			1,912
Property, plant and equipment, net		83,711			93,513
Restricted cash and deposits		5,620			5,134
Other assets		1,274			1,477
		132,499			129,273
Total assets		156,619			159,087
Liabilities and Equity
Current liabilities
Loans and borrowings		1,462			677
Debentures		5,044			4,884
Accounts payable		1,097			1,229
Accrued expenses and other payables		3,672			4,134
		11,275			10,924
Non-current liabilities
Finance lease obligations		5,032			5,646
Long-term loans		3,602			4,039
Debentures		41,486			40,042
Other long-term liabilities		3,193			4,310
		53,313			54,037
Total liabilities		64,588			64,961
Equity
Share capital		26,240			26,180
Share premium		76,940			76,932
Treasury shares		(522	)		(522	)
Reserves		(12,887	)		(8,127	)
Retained earnings (Accumulated deficit)		2,363			(353	)
Total equity attributed to shareholders of the Company		92,134			94,110
Non-Controlling Interest		(103	)		16
Total equity		92,031			94,126
Total liabilities and equity		156,619			159,087

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Comprehensive Income (loss) (Unaudited)

	For the Three			For the Six			For the Six
	Months ended			Months ended			Months ended
	June 30,			June 30,			June 30,
	2015			2015			2014
	US$ thousands (except per share amounts)
Revenues		4,436			7,228			7,531
Operating expenses		690			1,362			1,529
Depreciation expenses		1,215			2,456			2,615
Impairment charges		-			-			574
Gross profit		2,531			3,410			2,813
General and administrative expenses		716			1,706			2,348
Company’s share of gain (losses) of investee accounted for at equity		(1,001	)		217			(230	)
Other income (expenses), net		(3	)		57			1,843
Operating Profit		811			1,978			2,078
Financing income		104			122			736
Financing income (expenses) in connection with derivatives reevaluation, net		(229	)		5,306			(343	)
Financing expenses		(1,288	)		(4,101	)		(2,915	)
Financing income (expenses), net		(1,413	)		1,327			(2,522	)
Profit (loss) before taxes on income		(602	)		3,305			(444	)
Taxes on income		597			708			78
Net income (loss) for the period		(1,199	)		2,597			(522	)
Income (Loss) attributable to:
Shareholders of the Company		(1,134	)		2,716			(516	)
Non-controlling interests		(65	)		(119	)		(6	)
Net income (loss) for the period		(1,199	)		2,597			(522	)
Other comprehensive income (loss)
Items that are or may be reclassified to profit or loss:
Foreign currency translation adjustments		961			699			(303	)
Items that would not be reclassified to profit or loss:
Presentation currency translation adjustments		2,456			(5,459	)		(769	)
Total other comprehensive income (loss)		3,417			(4,760	)		(1,072	)
Total comprehensive income (loss)		2,218			(2,163	)		(1,594	)
Basic net earnings (loss) per share		(0.11	)		0.26			(0.05	)
Diluted net earnings (loss) per share		(0.11	)		0.25			(0.05	)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (Unaudited)

			Attributable to owners of the Company																	Non- controlling interests			Total Equity
												Translation
						Retained						reserve		Presentation
						earnings						from		currency
	Share		Share			(Accumulated			Treasury			foreign		translation
	capital		premium			Deficit)			shares			operations		reserve			Total
			US$ in thousands
For the six months ended
June 30, 2015
Balance as at
January 1, 2015		26,180		76,932			(353	)		(522	)		955		(9,082	)		94,110			16			94,126
Income for the period		-		-			2,716			-			-		-			2,716			(119	)		2,597
Other comprehensive loss		-		-			-			-			699		(5,459	)		(4,760	)		-			(4,760	)
Total comprehensive loss		-		-			2,716			-			699		(5,459	)		(2,044	)		(119	)		(2,163	)
Cost of share-based payments		-		24			-			-			-		-			24			-			24
Warrants and options exercise		60		(16	)		-			-			-		-			-			-			44
Balance as at
June 30, 2015		26,240		76,940			2,363			(522	)		1,654		(14,541	)		92,134			(103	)		92,031

			Attributable to owners of the Company																	Non-controlling interests			Total Equity
											Translation
											reserve			Presentation
											from			currency
	Share		Share		Accumulated			Treasury			foreign			translation
	capital		premium		deficit			shares			operations			reserve			Total
			US$ in thousands
For the six months ended
June 30, 2014
Balance as at
January 1, 2014		26,180		76,932		(7,011	)		(522	)		4,154			-			99,733			28			99,761
Loss for the period		-		-		(516	)		-			-						(516	)		(6	)		(522	)
Other comprehensive loss		-		-		-			-			(303	)		(769	)		(1,072	)		-			(1,072	)
Total comprehensive loss		-		-		(516	)		-			(303	)		(769	)		(1,588	)		(6	)		(1,594	)
Balance as at
June 30, 2014		26,180		76,932		(7,527	)		(522	)		3,851			(769	)		98,145			22			98,167

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flows (Unaudited)

	For the Three Months ended June 30, 2015			For the Six Months ended June 30, 2015			For the Six Months ended June 30, 2014
	US$ in thousands
Cash flows from operating activities
Income (loss) for the period		(1,199	)		2,597			(522	)
Adjustments for:
Financing (income) expenses, net		1,413			(1,327	)		2,522
Impairment charges								574
Depreciation		1,215			2,456			2,615
Share-based payment		24			24			-
Company’s share of losses (income) of investees accounted for at equity		1,001			(217	)		230
Decrease (increase) in trade receivables		85			95			(74	)
Increase in other receivables and prepaid expenses		(1,026	)		(2,306	)		(2,259	)
Increase in other assets		(2,986	)		(4,370	)		(1,478	)
Decrease in accrued severance  pay, net		2						(27	)
(Decrease) increase  in trade payables		78			(49	)		177
Increase in accrued expenses and other payables		3,046			5,536			541
Tax expenses		597			708			78
Tax (paid) received		(29	)		(95	)		181
Interest received		90			93			58
Interest paid		(1,192	)		(1,449	)		(2,525	)
Net cash provided by operating activities		1,119			1,696			91
Cash flows from investing activities
Purchase of property and equipment		-			-			(92	)
Advance payment on account of investment		-			-			(408	)
Investment in equity accounted investees		(7,456	)		(7,456	)		(4,058	)
Proceeds from (investment in)  restricted cash		-			(550	)		5,321
Investment in Marketable Securities		-			(1,350	)		-
Proceeds from deposits		650			3,980			5,153
Net cash provided by (used in) investing activities		(6,806	)		(5,376	)		5,916

Cash flows from financing activities
Repayment of loans	(222	)	(424	)	(25,506	)
Short-term loans, net	910		910		-
Proceeds from options and warrants exercised	44		44		-
Proceeds from loans and Debentures, net	-		-		55,791
Net cash provided by financing activities	732		530		30,285
Exchange differences on balance of cash and cash equivalents	333		(917	)	(637	)
Increase (decrease) in cash and cash equivalents	(4,622	)	(4,067	)	35,655
Cash and cash equivalents at the beginning of the period	16,313		15,758		7,238
Cash and cash equivalents at the end of the period	11,691		11,691		42,893

Ellomay Capital Ltd. and its Subsidiaries

Reconciliation of Net income to EBITDA (in US$ thousands) (Unaudited)

	For the Three Months ended June 30,			For the Six Months ended June 30,			For the Six Months ended June 30,
	2015			2015			2014
Net income (loss) for the period		(1,199	)		2,597			(522	)
Financing expenses (income), net		1,413			(1,327	)		2,522
Taxes on income		597			708			78
Depreciation		1,215			2,456			2,615
EBITDA		2,026			4,434			4,693

EX-99.2

Exhibit 99.2

1

1

NYSE MKT: ELLO; TASE: ELOM

Financial Results Summary: H1 2015

2

2

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 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 requirements under such law.

  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 prior year.

  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.

Information Relating to Forward-Looking Statements:

  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.

3

3

H1 2015

H1 2014

H1 2015

H1 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 first half of 2015. Revenues denominated in Euro have increased by approximately 18% compared to the same half last year. The increase is
mainly a result of the operations of our Spanish PV plants acquired on July 1, 2014.

2)Represent results associated with the Dorad Power Plant that successfully commenced commercial operation in May 2014.

3)The decrease in G&A expenses is mainly due to inclusion for the six months ended June 30, 2014of bonuses and expenses in connection with a pre-bid
agreement executed with respect to a joint offer to acquire participating interests in two explorations and drilling licenses off-shore Israel.

4)The change in financing income was mainly due to the reevaluation of our EUR/USD forward transactions and currency interest rate swap transactions,
partially offset by expenses resulting from exchange rate differences.

4

4

H1 2015 Results Summary

Reported revenues were approximately $7.2 million for the six months ended June 30, 2015, down by approximately
4%, compared to approximately $7.5 million for the six months ended June 30, 2014.

Excluding unfavorable currency effects, revenues were up approximately 18% to approximately €6.5 million
from approximately €5.5million in the same period last year.

The increase in revenues is mainly a result of the acquisition of three photovoltaic plants in Murcia, Spain (the
“Murcia PV Plants”) on July 1, 2014.

Dorad’s contribution to the Company’s operating profit, after elimination of intercompany transactions, was
approximately $0.2 million for the six months ended June 30, 2015, compared to losses of approximately $0.2 million
for the six months ended June 30, 2014. In May 2014 the power plant owned by Dorad Energy Ltd. (“Dorad”)
commenced commercial operations. An increased inflation rate during the second quarter of 2015 (approximately
1.1%) resulted in a significant increase in Dorad’s financial expenses and significantly reduced the income of Dorad
for the six months ended June 30, 2015.

EBITDA decreased by approximately 6% with approximately $4.4 million for the six months ended June 30, 2015,
compared to approximately $4.7 million for the six months ended June 30 , 2014.

Net income was approximately $2.6 million for the six months ended June 30, 2015, compared to a net loss of
approximately $0.5 million for the six months ended June 30, 2014.

5

5

Key Income and P&L Figures (USD millions)

*See Appendix A

6

6

On going Revenues Growth (EUR millions)

H1 2015 Revenues were up by approximately 18% compared to H1 2014

7

7

Key Balance Sheet Figures (USD 000`)

	December 31, 2014	% Of BS	June 30, 2014	% Of BS	June 30, 2015	% Of BS
Cash and cash equivalent, Marketable securities, Short- term deposits	23,388	15%	42,893	24%	16,729	11%
Financial Debt*	55,288	35%	68,270	39%	56,626	36%
Financial Debt, net*	31,900	20%	25,377	14%	39,897	25%
Property, plant and equipment net (mainly in connection withPV Operations)	93,513	59%	89,638	51%	83,711	53%
Investment in Dorad (not including option to acquire additional shares)	27,237	17%	29,135	17%	35,922	23%
CAP*	149,414	94%	166,437	94%	148,657	95%
Total equity	94,126	59%	98,167	56%	92,031	59%
Total assets	159,087	100%	176,464	100%	156,619	100%

*See Appendix B

8

8

Key Financial Ratios

Strong Balance Sheet, Sufficient Liquidity, Low Leverage

*See Appendix B

	December 31, 2014	June 30, 2014	June 30, 2015
Financial Debt to CAP (A/D)	37%	41%	38%
Financial Debt, net to CAP (B/D)	21%	15%	27%
Financial Debt to Total equity (A/C)	59%	70%	62%
Financial Debt, net to Total equity (B/C)	34%	26%	43%

9

9

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 acquisitions/operations in the energy and
infrastructure sectors in 2010

In January 2014, the Company raised approximately $33 million (net proceeds) by issuing 10-
year, 4.6% debentures in Israel (“Series A Debentures”) to add to the capital base for
investments

In June 2014, the Company raised an additional approximate $23 million (net proceeds)
through the sale of additional Series A Debentures

In March 2015, the Company adopted a dividend distribution policy with the intention of
distributing up to 33% of its annual distributable profits, by way of cash dividends and/or
share repurchases

10

10

Asset Summary

Italy

12 PV Plants, totalinginstalled capacity of approximately 22.6 MWp. Currently estimated
annual revenues of approximately EUR 9.5 million.

Spain

4 PV Plants, totalinginstalled capacity of approximately7.9 MWp.Currently estimated
annual revenues of approximately EUR 2.8 million.

Israel

Approximately 9.2% indirect interest in Dorad Energy Ltd.,which holds and operates a 850
MW bi-fuel/natural gas power plant (the “Dorad Power Plant”), representing approximately
6-8% of Israel’s power capacity. Ellomay holds an option to increase its indirect holdings in
Dorad to approximately 9.4%.

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11

Dorad Power Plant

The public and others

Shlomo Nehama

Kanir Partnership

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 Nehama that holds 33.2%of Ellomay’s shares

2)Kanir partnership is controlled by Mr. Ran Fridrich andMr. Hemi Raphael. Kanir’s holdings percentage set forth herein includes holdings by Ran
Fridrich and Hemi Raphael (directly and indirectly) of 1.1% and 4.3%, respectively.

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

Israel's largest private power plant, with 850MW
installed capacity

Corporate Structure

16 PV plants in Italy and Spain, with an aggregate
installed capacity of approximately 30.5 MWp

31.4%2

Shareholders agreement1

12

12

Company History

Entrance to Italian PV
Market

(acquisitions 2010 - 2013)

Acquired indirectequity interest in
Dorad Energy
Ltd.

Listing in NYSE
MKT

Public Debenture
Issuance

(il A- ,Maalot S&P IL)

2010

2011

2012

2013

2014

2015

Listing in TASE

Entrance to
Spanish PV
Market

Commencement of Dorad’s
Commercial Operations

(850MW)

Acquisition of
3 PV plants in
Spain

13

13

Portfolio Summary

	Spain (PV)	Italy (PV)	Israel (Gas Turbines1)
Installed Capacity	7.9 MWp	22.6 MWp	850 MW
% Ownership	100%	100%	~ 9.2%2
Cost of Property, Plant and Equipment3	~ 21.3M	~ 79.8M
Total capital expenditure in connection with the investment in Dorad power plant4			~ $35.6M5
License Expiration	2040-2041	~ 2031	20346
# of Power Plants	4	12	1

1)The Dorad Power Plant, a bi-fuel power plant powered by natural gas. Began commercial operation in May 2014

2)Ellomay indirectly holds approximately 9.2% interest in the Dorad Power Plant, and also holdsan option to
purchase an additional interest of approximately 0.2%

3)as of June 30, 2015

4)as of June 30, 2015

5)Ellomay’s portion of the aggregate investment in the Dorad Power Plant as of June 30, 2015

6)A20 yeargeneration license and supply license.

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14

On going Steady Capacity Growth of PV Portfolio

15

15

Italian PV Market

The FiT rate depends on:

•Connection date;

•Size of the plant; and

•Location

The FiT is guaranteed for 20 years, starting at the
connection date.*

Italy has high levels of radiance in European terms (1,200-
1,600 kWh/kWp).

The most attractive regions are central and southern Italy,
where the radiance is the highest and the regional
regulation is less stringent.

*Please see further details below concerning a change in FiT commencing January 1,
2015

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16

PV Plants in Italy

Project name	Installed Capacity (kWp)	Acquisition Year	Acquisition Cost per MWp (in millions)	Connection Date1	Technology	Region	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

*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 in the SPOT price, approximately 5 Eurocents/KWh. Pursuant to Italian legislation
adopted in August 2014, a decrease of approximately 8% in the FiT guaranteed to the plants was implemented commencing on January 1, 2015.
The listed FIT tariffs represent the tariffs after the decrease

17

17

PV Plants in Spain

1)Remuneration period - 30 years

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	~ 570
Rodríguez II	2,690	2014	1.78€	11/2011	Fix	Murcia	~ 960
Fuente Librilla	1,248	2014	1.68€	06/2011	Fix	Murcia	~ 470
Rinconada II	2,275	2012	2.40€	07/2010	Fix	Cordoba	~ 790

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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 is bi-fuel and powered by natural gas

The cost of the project is 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

The Dorad Power Plant is located in the vicinity of Ashkelon, Israel

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19

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

*     On August 8, 2015, the Israeli Public Utilities Authority - Electricity published a decision decreasing the electricity rates and
establishing the rate in respect of “system management service charges.” Such new rates are not reflected in the financial
results for the period. Dorad informed the Company that it is studying the implications of the decision and is considering its
next steps in the matter.

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20

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 Israel's leading bank while expanding to
additional markets around the world. Mr. Nehama is a Management and Engineering graduate of the Technion - Institute of Technology in Haifa, Israel, and received an
honorary doctorate for his contribution to the strengthening of the Israeli economy.

Ran Fridrich, Director and CEO- Mr. Fridrich co-founded the Oristan group in 2004 and has management responsibilities for the Crystal Funds program of CDO
Equity Funds . Mr. Fridrich launched a proprietary investment advisory business that focuses on CDO investments, fixed-income securities and credit default swap
transactions. He was also the general manager of two packaging and collating companies based in Israel. Mr. Fridrich is a graduate of the Senior Executive Program
Faculty Management at Tel Aviv University.

Hemi Raphael, Director - Mr. Raphael is an entrepreneur and a businessman involved in various real estate and financial investments. Mr. Raphael also serves as a
director of Cargal Ltd. and of Dorad Energy Ltd. From 1984 to 1994, Mr. Raphael was an active lawyer and later partner at the law firm of Goldberg Raphael & Co. Mr.
Raphael holds an LLB degree from the School of Law at the Hebrew University of Jerusalem and he is a member of the Israeli and the California Bar Associations.

Kalia Weintraub, CFO- Ms. Weintraub directly monitors, coordinates, interprets and administers all functional activities and policies related to treasury and finance,
budgeting, insurance, financial analysis and accounting. Prior to her appointment as Ellomay CFO, Ms. Weintraub served as our corporate controller from January 2007.
Prior to joining Ellomay, Ms. Weintraub worked as a certified public accountant in the High-Tech practice division of the Israeli accounting firm of Kost Forer Gabbay &
Kasierer, an affiliate of the international public accounting firm Ernst & Young, from 2005 through 2007. Earlier, she worked at the audit division of the Israeli accounting
firm of Brightman Almagor Zohar, an affiliate of the international public accounting firm Deloitte, from 2003 to 2004. Ms. Weintraub holds a B.A. in Economics and
Accounting and an M.B.A. from the Tel Aviv University and is licensed as a CPA in Israel.

Yaniv Friedman, Head of Business Development and Strategy & Deputy CEO - Mr. Friedman has 15 years of business development, M&A and corporate
strategy experience, primarily in the energy and infrastructure sector. Prior to joining Ellomay Mr. Friedman was the EVP of Strategy & Business Development at Delek
Drilling and Avner Oil & Gas (part of the Delek Group), one of the largest energy companies in Israel, where he led complex transaction and projects and was also the
Managing Director of Delek's Block 12 project in Cyprus. Mr. Friedman has vast international experience having worked in companies in the energy and infrastructure
sector outside of Israel where he was responsible for M&A,  project management, business development, corporate and project financing and corporate strategy. Mr.
Friedman also worked at a leading global law firm in NY as well as in Gornitzky & Co. in Israel, clerked at the Israeli Supreme Court and holds a law degree from Tel Aviv
University.

Ori Rosenzweig, Chief Investments Officer -Mr. Ori Rosenzweig has served as our Chief Investment Officer since November 2014. Prior to joining Ellomay, Mr.
Rosenzweig was the head of Cash Management at Bank Leumi Le-Israel B.M. (TASE: LUMI), one of Israel’s largest banks, from 2013 through 2014, the VP Finance at AFI
Investments, one of Israel largest real-estate developer, with global operations in the USA, Russia, CEE and Israel (TASE: AFIL) from 2009 through 2013 and a senior
manager at GSE financial consulting from 2002 through 2008. Mr. Rosenzweig holds a MBA degree from the Tel Aviv University and a BA degree in business and
international relations from the Hebrew University.

Lilach Danewitz, Business Development Manager- Ms. Danewitz serves as business development manager of Ellomay and specializes in the renewable energy
field. From 2007-2012 Ms. Danewitz has been a commercial lawyer at S. Horowitz & Co., one of Israel’s foremost law firms, where she specialized in mergers and
acquisitions, venture capital and commercial transactions (in particular, high-tech and start-up companies). Ms. Danewitz received her LL.B. in law and B.A. in Business
Administration from the Interdisciplinary Center, Herzeliya, and was admitted to the Israeli Bar on 2008.

21

21

Market Data

NYSE MKT: ELLO; TASE: ELOM
Share Price (June 30, 2015)	$8.29
Market Cap (June 30, 2015)	$89 M
Shares Outstanding (June 30, 2015)	10.7 M

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22

InvestmentSummary

Diversified base of cash flow generating assets

Strong balance sheet and track record of securing non-
dilutive financing

Seasoned management team with
extensive sector knowledge and access
to attractive opportunities

1

2

3

4

The Company’s Board of Directors adopted a
dividend distribution policy pursuant to which
the Company intends to distribute up to 33% of
its annual distributable profits each year, by
way of cash dividends and/or share repurchases

5

23

23

Appendix A -EBIDTA

•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 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 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 EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of

potential future results.

•Reconciliation of Net income (loss) to EBITDA (in US$ thousands)

	As of June 30,	As of June 30,
	2014	2015
	Unaudited	Unaudited
Net income (loss) for the period	(522)	2,597
Financing expenses (income), net	2,522	(1,327)
Taxes on income	78	708
Depreciation	2,615	2,456
EBITDA	4,693	4,434

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24

Appendix B - Leverage Ratios

	As of June 30,	As of June 30,
	2014	2015
	Unaudited	Unaudited
Current liabilities
Loans and borrowings	$(623)	$(1,462)
Debentures	$(5,511)	$(5,044)
Non-current liabilities
Finance lease obligations	$(6,550)	$(5,032)
Long-term bank loans	$(4,629)	$(3,602)
Debentures	$(50,957)	$(41,486)
Financial Debt (A)	$(68,270)	$(56,626)
Less:
Cash and cash equivalents	$42,893	$11,691
Marketable Securities	-	$5,038
Short-term deposits	-	-
Financial Debt, net (B)	$25,377	$39,897
Total equity (C)	$(98,167)	$(92,031)
Financial Debt (A)	$(68,270)	$(56,626)
CAP (D)	$(166,437)	$(148,657)
Financial Debt to CAP (A/D)	41%	38%
Financial Debt, net to CAP (B/D)	15%	27%
Financial Debt to Total equity (A/C)	70%	62%
Financial Debt, net to Total equity (B/C)	26%	43%

•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. See the calculation of these financial measures presented below.

•Calculation of Leverage Ratios (in US$ thousands)

25

25

Appendix C -
Key Income and P&L Figures (USD millions)

	H1 2014	H1 2015
Revenues	7.5	7.2
Gross profit	2.8	3.4
Operating profit	2	2
EBITDA *	4.6	4.4
Net income (loss) for the period	(0.5)	2.6

*See Appendix A

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26

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 things, as follows:

“Ellomay’s rating is underpinned by the relatively low degree of leverage at the project level and hence at the holding company’s

level; by few limitations on the distribution of excess cash from projects in the portfolio; and by an ‘adequate’ liquidity profile,

according to our definition, that is characterized by a flat debt amortization schedule.

On the other hand, Ellomay’s rating is restricted by a high concentration of held assets, given that the majority of income-producing

projects (about 51% of cash flows) are located in Italy, and due to the reliance most revenues from held projects on tariffs set by

regulators in countries with unstable regulatory environments.

The stable outlook reflects our assessment that the cash from the owned projects, together with the liquidity cushion, will be resilient

in the short term to potential changes in regulation in Italy and Spain, and to the uncertainty regarding the time and magnitude

of receipts from Dorad. We further believe that management will ensure debt coverage ratios commensurate with the current 

rating, by implementing its investment plan.

…We believe that the stability of cash flows from the projects and our ability to forecast them is ‘moderate’, according to our criteria.

Our assessments are based largely on the quality of cash flows at the independent project level on the one hand, and on the

relatively low level of investment diversification on the other. According to our base-case scenario, in the period 2015-2019,

about 51% of Ellomay’s cash flows will derive from projects in Italy, about 29% from Dorad, and about 20% from projects in

Spain. According to our forecast, about 71% of company cash flows will derive from PV plants, and the rest from power stations

powered by natural gas (Dorad).

…In accordance with our criteria, the level of liquidity of the company is `adequate`. We estimate the ratio between the sources of

cash flow to its uses to be greater than 1.4x in the period 2015-2016.

…In our base-case operating scenario, we considered investments known at the point of forecast and whose chance of execution is

relatively high. Nonetheless, Ellomay may carry out additional investments in 2015-2016, whose effect on the financial ratios

and liquidity profile will be assessed as they occur”.

27

27

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 possible regulatory changes in Italy and Spain, and to some uncertainty regarding the timing and scale of returns
from the Dorad investment, and that the company’s management will maintain debt coverage ratios in line with the current rating,
by means of implementing its investment plan.

Downside Scenario

A deterioration in the company’s liquidity profile, resulting from a change in policy regarding its cash cushion or from aggressive
investments, is likely to precipitate a negative rating action. Also, an additional decline in expected cash flows from projects, including
returns from the Dorad investment, could lead to a negative rating action through a worsening of financial ratios.

Upside Scenario

A positive rating action would result if expected returns from Dorad materialize in line with the company’s expectations, while
maintaining the cash cushion, and provided the company continues to stand by its investment policy in and to repay its debt. In this
case, we expect an improvement in Ellomay’s financial profile that would lend itself to a positive rating action”.

28

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Contact

Company

Investor Relations

Ishay Potruch

GK International IR & PR

Direct:+972 (0)3-6070590

Mobile: +972 ‎(0)52-3332228‏

ishay@gk-biz.com

www.gkpr.com

www.ellomay.com

Kalia WeintraubChief Financial Officer
Ellomay Capital LTD.
9 Rothschild Blvd., Tel Aviv
Direct: +972-3-7971111
Fax: +972-3-7971122
Email: kaliaw@ellomay.com