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 April 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 documents, which are attached hereto and incorporated by reference herein:

Exhibit 99.1. Press Release: “Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2016,” dated March 31, 2017.

Exhibit 99.2 Press Release: “Ellomay Capital Announces the Filing of the Annual Report on Form 20-F for 2016,” dated March 31, 2017.

Exhibit 99.3. 2016 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: April 3, 2017

3

EX-99.1

Exhibit 99.1

Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2016

Tel-Aviv, Israel, March 31, 2017 – Ellomay Capital Ltd. (NYSE MKT; TASE: ELLO) (“Ellomay” or the “Company”),an emerging operator in the renewable energy and energy infrastructure sector, today reported its financial results for the year and fourth quarter ended December 31, 2016.

Financial Highlights

· Revenues were approximately $12.9 million (€11.6 million) for the year ended December 31, 2016, compared to approximately $13.8 million (€12.5 million) for the year ended December 31, 2015. The decrease in revenues is mainly a result of relatively lower electricity spot prices and radiation levels during the year ended December 31, 2016 compared to the year ended December 31, 2015, which was characterized by relatively high levels of radiation.

· Operating expenses were approximately $2.3 million (€2.1 million) for the year ended December 31, 2016, compared to approximately $2.9 million (€2.6 million) for the year ended December 31, 2015. The decrease in operating expenses is mainly attributable to the reduction of municipal taxes paid by the Company’s Italian subsidiaries as a result of legislation adopted in 2016. Depreciation expenses were approximately $4.9 million (€4.4 million) for both the year ended December 31, 2016 and the year ended December 31, 2015.

· General and administrative expenses were approximately $4.7 million for the year ended December 31, 2016, compared to approximately $3.7 million for the year ended December 31, 2015. The increase is mainly due to (i) expenses in connection with consulting services with respect to potential acquisitions and (ii) capital expenditures in the amount of $1.8 million in connection with the Manara Project, recorded in the general and administrative expenses.  These amounts were partially offset by a decrease in salaries and related compensation costs following the termination of employment of one of the Company’s senior employees in October 2015.

· Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately $1.5 million in the year ended December 31, 2016, compared to approximately $2.4 million in the year ended December 31, 2015. The decrease was mainly due to an update of the deferred taxes of Dorad resulting from the change in the applicable tax rates, the decrease in the electricity tariffs in February and September 2015, as well as the timing differences between the reduction in the tariffs and the decrease in the price of gas.

· Other income, net was approximately $0.1 million in the year ended December 31, 2016, compared to approximately $0.02 million in the year ended December 31, 2015. 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 years ended December 31, 2015 and 2016.

· Financing expenses, net was approximately $3.1 million for the year ended December 31, 2016, compared to financing income, net of approximately $0.6 million for the year ended December 31, 2015. The change in financing expenses was mainly due to income derived from the reevaluation of the Company’s EUR/USD forward transactions, the Company’s currency interest rate swap transactions and the Company’s interest rate swap transactions in the aggregate amount of approximately $3.5 million during the year ended December 31, 2015, compared to $0.7 million during the year ended December 31, 2016.

· Taxes on income were approximately $0.6 million in the year ended December 31, 2016, compared to tax benefit of approximately $1.9 million in the year ended December 31, 2015. The tax benefit for the year ended December 31, 2015 resulted mainly from deferred tax income included in connection with the application of a tax incentive claimable upon filing the relevant tax return by reducing the amount of taxable profit.

· Loss for the year was approximately $1.1 million in the year ended December 31, 2016, compared to net income of approximately $7.3 million for the year ended December 31, 2015.

· Total other comprehensive loss was approximately $1.8 million for the year ended December 31, 2016, compared to approximately $7.1 million in the year ended December 31, 2015. 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 10.4% for the year ended December 31, 2015, compared to approximately 3.4% for the year ended December 31, 2016.

· Total comprehensive loss was approximately $2.9 million in the year ended December 31, 2016, compared to income of approximately $0.2 million in the year ended December 31, 2015.

· EBITDA was approximately $7.5 million for the year ended December 31, 2016, compared to approximately $9.7 million for the year ended December 31, 2015.

· Net cash from operating activities was approximately $8.2 million for the year ended December 31, 2016, compared to $4.9 million for the year ended December 31, 2015. The increase in net cash from operating activities is mainly attributable to interest payment received on a loan to an equity accounted investee amounting to approximately $5 million.

· As of March 1, 2017, we held approximately $27.9 million in cash and cash equivalents, approximately $0.2 million in short-term restricted cash, approximately $1 million in marketable securities and approximately $1.9 million in long-term restricted cash.

Ran Fridrich, CEO and a board member of Ellomay commented: “2016 was characterized by intensive project development activities, including the Manara pumped storage project, waste-to-energy projects in the Netherlands and other projects in the photovoltaic field in Israel and Europe. I expect that we will start to see the fruits of these efforts in 2017. We also continued the operational improvements in our PV assets in Italy and Spain and creating a strong cash flow, which services all of our needs with excess cash flow of approximately $3 million. We raised capital under convenient terms and have the means required to implement the investment plan for the coming year.”

Information for the Company’s Debenture Holders

As of December 31, 2016, the Company’s Net Financial Debt (as such term is defined in the Deeds of Trust of the Company’s Debentures) was approximately $11.7 million (consisting of approximately $22.6 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately $35.5 million in connection with the Series A Debentures issuances (in January and September 2014), net of approximately $24.7 million of cash and cash equivalents and marketable securities and net of approximately $21.8 million of project finance and related hedging transactions of the Company’s subsidiaries). As the Company’s Series B Debentures were issued after December 31, 2016, the Net Financial Debt information provided herein does not include the obligations in connection with the Series B Debentures.

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. A reconciliation between results on an IFRS and non-IFRS basis is provided in the last table of this press release.

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;

· 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850 MW, representing about 6%-8% of Israel’s total current electricity consumption;

· 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay Pumped Storage (2014) Ltd., all of which are involved in a project to construct a 340 MW pumped storage hydro power plant in the Manara Cliff, Israel;

· 51% of Groen Gas Goor B.V., a project company developing an anaerobic digestion plant, with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands.

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. Ellomay believes 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, we believe 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: miria@ellomay.com

Ellomay Capital Ltd. and its Subsidiaries

Consolidated Statements of Financial Position

	December 31			December 31
	2016			2015
	US$ in thousands
Assets
Current assets:
Cash and cash equivalents		23,650			18,717
Marketable securities		1,023			6,499
Restricted cash		16			79
Trade and other receivables		9,952			8,218
		34,641			33,513
Non-current assets
Investment in equity accounted investee		30,788			33,970
Advances on account of investments		905			-
Financial assets		1,330			4,865
Fixed assets		77,066			78,975
Restricted cash and deposits		5,399			5,317
Deferred tax		2,614			2,840
Long term receivables		3,431			847
		121,533			126,814
Total assets		156,174			160,327
Liabilities and Equity
Current liabilities
Current maturities of long term loans		1,150			1,133
Debentures		4,989			4,878
Trade payables		1,684			869
Other payables		3,279			3,223
		11,102			10,103
Non-current liabilities
Finance lease obligations		4,228			4,724
Long-term loans		17,837			13,043
Debentures		30,548			35,074
Deferred tax		925			823
Other long-term liabilities		2,764			2,495
		56,302			56,159
Total liabilities		67,404			66,262
Equity
Share capital		26,597			26,597
Share premium		77,727			77,723
Treasury shares		(1,985	)		(1,972	)
Reserves		(17,024	)		(15,215	)
Retained earnings		4,191			7,200
Total equity attributed to shareholders of the Company		89,506			94,333
Non-Controlling Interest		(736	)		(268	)
Total equity		88,770			94,065
Total liabilities and equity		156,174			160,327

Ellomay Capital Ltd. and its Subsidiaries

Consolidated Interim Statements of Comprehensive Income (loss)

	For the year ended December 31 2016			For the three month ended December 31 2016			For the year ended December 31 2015			For the three month ended December 31 2015
	US$ in thousands (except per share data)
Revenues		12,872			2,298			13,817			2,204
Operating expenses		(2,305	)		(447	)		(2,854	)		(924	)
Depreciation expenses		(4,884	)		(1,230	)		(4,912	)		(1,218	)
Gross profit		5,683			621			6,051			62
General and administrative expenses		(4,679	)		(1,320	)		(3,745	)		(1,010	)
Share of profits (losses) of equity accounted investee		1,505			408			2,446			1,334
Other income, net		99			14			21			(39	)
Operating Profit		2,608			(277	)		4,773			347
Financing income		290			301			2,347			1,977
Financing income (expenses) in connection with derivatives, net		704			2,162			3,485			(1,011	)
Financing expenses		(4,050	)		(997	)		(5,240	)		(1,314	)
Financing income (expenses), net		(3,056	)		1,466			592			(348	)
Profit before taxes on income		(448	)		1,189			5,365			(1	)
Tax benefit (taxes on income)		(625	)		(57	)		1,933			(189	)
Profit (loss) for the year		(1,073	)		1,132			7,298			(190	)
Profit (Loss) attributable to:
Owners of the Company		(605	)		1,305			7,553			(119	)
Non-controlling interests		(468	)		(173	)		(255	)		(71	)
Profit for the period		(1,073	)		1,132			7,298			(190	)
Other comprehensive income (loss) items that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:
Foreign currency translation differences for foreign operations		(267	)		432			(141	)		78
Other comprehensive income items that will not be transferred to profit or loss:
Presentation currency translation adjustments		(1,542	)		(4,706	)		(6,947	)		(1,979	)
Total other comprehensive income (loss)		(1,809	)		(4,274	)		(7,088	)		1,901
Total comprehensive income (loss) for the year		(2,882	)		(3,142	)		210			(2,091	)
Earnings per share
Basic earnings per share		(0.06	)		0.12			0.7			(0.02	)
Diluted earnings per share		(0.06	)		0.12			0.7			(0.02	)

Ellomay Capital Ltd. and its Subsidiaries

Consolidated Statements of Changes in Equity

																				Non- controlling			Total
			Attributable to shareholders of the Company																	Interests			Equity
											Translation
	Share		Share		Retained earnings (accumulated			Treasury			reserve from foreign			Presentation Currency Translation
	capital		premium		deficit)			shares			Operations			Reserve			Total
	US$ in thousands
Balance as at
January 1, 2016		26,597		77,723		7,200			(1,972	)		814			(16,029	)		94,333			(268	)		94,065
Loss for the year		-		-		(605	)		-			-			-			(605	)		(468	)		(1,073	)
Other comprehensive loss for the year		-		-		-			-			(267	)		(1,542	)		(1,809	)		-			(1,809	)
Total comprehensive loss for the year		-		-		(605	)		-			(267	)		(1,542	)		(2,414	)		(468	)		(2,882	)
Transactions with owners of the Company,  recognized directly in equity:
Dividends to owners		-		-		(2,404	)		-			-			-			(2,404	)		-			(2,404	)
Own shares acquired		-		-		-			(13	)		-			-			(13	)		-			(13	)
Share-based payments		-		4		-			-			-			-			4			-			4
Balance as at
December 31, 2016		26,597		77,727		4,191			(1,985	)		547			(17,571	)		89,506			(736	)		88,770
Balance as at
September 30, 2016		26,597		77,724		2,886			(1,983	)		115			(12,865	)		92,474			(563	)		91,911
Net loss for the year		-		-		1,305			-			-			-			1,305			(173	)		1,132
Other comprehensive loss		-		-		-			-			432			(4,706	)		(4,274	)		-			(4,274	)
Total comprehensive income		-		-		1,305			-			432			(4,706	)		(2,969	)		(173	)		(3,142	)
Transactions with owners of the Company,  recognized directly in equity:
Own shares acquired		-		-		-			(2	)		-			-			(2	)		-			(2	)
Cost of share-based payments		-		3		-			-			-			-			3			-			3
Balance as at
December 31, 2016		26,597		77,727		4,191			(1,985	)		547			(17,571	)		89,506			(736	)		88,770

Ellomay Capital Ltd. and its Subsidiaries

Consolidated Statements of Changes in Equity (cont’d)

																				Non- controlling			Total
			Attributable to shareholders of the Company																	Interests			Equity
											Translation
	Share		Share		Retained earnings (accumulated			Treasury			reserve from foreign			Presentation Currency Translation
	capital		premium		deficit)			shares			Operations			Reserve			Total
	US$ in thousands
Balance as at January 1, 2015		26,180		76,932		(353	)		(522	)		955			(9,082	)		94,110			16			94,126
Net income for the year		-		-		7,553			-			-			-			7,553			(255	)		7,298
Acquisition of subsidiary		-		-		-			-			-			-			-			(29	)		(29	)
Other comprehensive loss		-		-		-			-			(141	)		(6,947	)		(7,088	)		-			(7,088	)
Total comprehensive loss for the year		-		-		7,553			-			(141	)		(6,947	)		465			(284	)		181
Transactions with owners of the Company,  recognized directly in equity:
Exercise of share options and warrants		417		784		-			-			-			-			1,201			-			1,201
Own shares acquired		-		-		-			(1,450	)		-			-			(1,450	)		-			(1,450	)
Share-based payments		-		7		-			-			-			-			7			-			7
Balance as at
December 31, 2015		26,597		77,723		7,200			(1,972	)		814			(16,029	)		94,333			(268	)		94,065
Balance as at September 30, 2015		26,597		77,795		(7,319	)		(1,086	)		(736	)		14,050			97,311			197			97,143
Net loss for the period		-		-		119			-			-			-			119			71			190
Other comprehensive income		-		-		-			-			(78	)		1,979			1,901			-			1,901
Total comprehensive income		-		-		119			-			(78	)		1,979			2,020			71			2,091
Transactions with owners of the Company,  recognized directly in equity:
Own shares acquired		-		-		-			886			-			-			886			-			886
Cost of share-based payments		-		72		-			-			-			-			72			-			72
Balance as at
December 31, 2015		26,597		77,723		7,200			(1,972	)		814			(16,029	)		94,333			(268	)		94,065

Ellomay Capital Ltd. and its Subsidiaries

Consolidated Statements of Cash Flows

	For the year ended December 31 2016			For the three month ended December 31 2016			For the year ended December 31 2015			For the three month ended December 31 2015
	US$ in thousands
Cash flows from operating activities
Profit (loss) for the period		(1,073	)		1,132			7,298			(190	)
Adjustments for:
Net Financing expenses (income)		3,056			(1,466	)		(592	)		348
Forward gain		-			-			-			(223	)
Depreciation		4,884			1,230			4,912			1,218
Share-based payment transactions		4			3			7			(72	)
Share of profits of equity accountedinvestees		(1,505	)		(408	)		(2,446	)		(1,334	)
Payment of interest on loan from an equity accounted investee		5,134			-			-			-
Change in trade receivables and other receivables		(1,798	)		(822	)		458			412
Change in other assets		(805	)		(268	)		(1,706	)		478
Change in accrued severance pay, net		(18	)		(18	)		(1	)		-
Change in trade payables		850			728			(252	)		(181	)
Change in other payables		1,955			1,889			2,311			1,058
Income tax expense (tax benefit)		625			57			(1,933	)		189
Income taxes paid		(54	)		(54	)		(241	)		(53	)
Interest received		251			75			222			113
Interest paid		(3,300	)		(1.379	)		(3,126	)		(1,438	)
		9,279			(433	)		(2,387	)		515
Net cash from operating activities		8,206			699			4,911			325

Ellomay Capital Ltd. and its Subsidiaries

Consolidated Statements of Cash Flows (cont'd)

	For the year ended December 31 2016			For the three month ended December 31 2016			For the year ended December 31 2015			For the three month ended December 31 2015
	US$ in thousands
Cash flows from investing activities:
Acquisition of fixed assets		(5,388	)		(4,254	)		-			-
Investment in of equity accounted investee		(803	)		-			(7,582	)		(39	)
Advances on account of investments		(905	)		-			-			-
Repayment of loan from an equity accounted investee		2,638			-			-			-
Proceeds from (investment in) deposits, net		-			-			3,980			-
Acquisition of marketable securities		(1,022	)		-			(2,869	)		(1,519	)
Proceeds from marketable securities		6,511			4,500			-			-
Payment/proceeds from settlement of derivatives, net		-			-			2,087			2,087
Decrease (increase) in restricted cash, net		(31	)		781			(101	)		605
Net cash used in investing activities		1,000			1,027			(4,485	)		1,134
Cash flows from financing activities:
Acquisition of non-controlling interests		-			-			(868	)		(868	)
Dividends paid		(2,404	)		-			-			-
Repayment of long-term loans and finance lease obligations		(1,169	)		(433	)		(1,020	)		(126	)
Repayment of Debentures		(5,210	)		(5,210	)		(5,134	)		(5,134	)
Proceeds from exercise of share options and warrants		-			-			1,201			-
Repurchase of own shares		(13	)		(2	)		(1,450	)		(886	)
Long term loans received		6,001			5,819			11,715			651
Proceeds from issuance of debentures, net		-			-			-			-
Net cash from financing activities		(2,795	)		174			4,444			(6,363	)
Effect of exchange rate fluctuations on cash and
cash equivalents		(1,478	)		(1,934	)		(1,911	)		(951	)
Increase (decrease) in cash and cash equivalents		4,933			(34	)		2,959			(5,855	)
Cash and cash equivalents at the beginning of period		18,717			23,684			15,758			24,572
Cash and cash equivalents at the end of the period		23,650			23,650			18,717			18,717

Ellomay Capital Ltd. and its Subsidiaries

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

	For the year ended December 31 2016			For the three months ended December 31 2016			For the year ended December 31 2015			For the three months ended December 31 2015
	US$ in thousands
Net income (loss) for the period		(1,073	)		1,132			7,298			(190	)
Financing expenses (income), net		3,056			(1,466	)		(592	)		348
Taxes on income (Tax benefit)		625			57			(1,933	)		189
Depreciation and amortization		4,884			1,230			4,912			1,218
EBITDA		7,492			953			9,685			1,565

EX-99.2

Exhibit 99.2

Ellomay Capital Announces the Filing of the Annual Report on Form 20-F for 2016

Tel-Aviv, Israel, March 31, 2017 – Ellomay Capital Ltd. (NYSE MKT; TASE: ELLO) (“Ellomay” or the “Company”),an emerging operator in the renewable energy and energy infrastructure sector, today announced the filing of its Annual Report on Form 20-F for the year ended December 31, 2016 with the Securities and Exchange Commission. A copy of the Annual Report on Form 20-F is available to be viewed and downloaded from the Investor Relations section of Ellomay’s website at http://www.ellomay.com. The Company will provide a hard copy of the Annual Report on Form 20-F, including the Company’s complete audited financial statements, free of charge to its shareholders upon request.

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;

· 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850 MW, representing about 6%-8% of Israel’s total current electricity consumption;

· 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay Pumped Storage (2014) Ltd., all of which are involved in a project to construct a 340 MW pumped storage hydro power plant in the Manara Cliff, Israel;

· 51% of Groen Gas Goor B.V., a project company developing an anaerobic digestion plant, with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands.

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. Ellomay believes 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, we believe 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: miria@ellomay.com

EX-99.3

Exhibit 99.3

 *  מצגת לשוקההון  Investor Presentation  April 2017 

 *  *  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 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.   Disclaimer 

 *  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 $86 million (as of October 31, 2016) and is controlled by Mr. Shlomo Nehama (Chairman), Mr. Ran Fridrich (CEO) and Mr. Hemi Raphael.  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.  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 during 2016 a 51% interest in Groen Gas Goor B.V., a project company developing an anaerobic digestion plant, with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands.  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.   Standard & Poors Maalot ilA- Rating of Debentures.  1  2  3  4  5  Company Overview  (NYSE MKT; TASE: ELLO) 

 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 $86 million (as of October 31, 2016) and is controlled by Mr. Shlomo Nehama (Chairman), Mr. Ran Fridrich (CEO) and Mr. Hemi Raphael.  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.  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 during 2016 a 51% interest in Groen Gas Goor B.V., a project company developing an anaerobic digestion plant, with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands.  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.   Standard & Poors Maalot ilA- Rating of Debentures.  1  2  3  4    5  Company Overview  (NYSE MKT; TASE: ELLO) 

 *  Dorad Energy Ltd. (“Dorad”)  PV  Kanir Partnership  Shlomo Nehama  31.4%2  31%3  9.4%~  100%  37.6%  Development Project – Pumped Storage  75%  Corporate Structure  The public and others  Shareholders agreement1  16 photovoltaic plants in Italy and Spain, with aggregate installed capacity of ~30.5 MWp, all connected to the national grid and producing aggregate annual revenues of ~12 million Euro.   During August 2016 the Israeli Minister of National Infrastructures, Energy and Water Resources executed a conditional license regulating the construction of a power plant in the Manara Cliff for the production of energy in a pumped storage technology with a capacity of 340 MW.   A private power plant in Ashkelon, Israel with capacity of ~ 850 MW, operating on bi-fuel combined cycle gas turbine (CCGT) running on natural gas. (the “Dorad Power Plant”). Representing approximately 6-8% of Israel's current electricity capacity.  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 33.3% of Ellomay’s shares.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 (directly and indirectly) of 1.1% and 4.3%, 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.  Waste-to-Energy  % 51  In 2016 the Company acquired 51% of the rights in a project company developing an anaerobic digestion plant, with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands.  

 *  Entrance to Italian PV Market (acquisitions 2010 - 2013)  Acquired indirect equity interest in Dorad Energy Ltd.  Listing in NYSE MKT  Public Series A 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 Power Plant’s Commercial Operations (850MW)  Acquisition of 3 PV plants in Spain  2016  Strategic agreement Waste to Energy projects in the NL; Receipt of conditional license for the Manara PSP  Dividend distribution in the aggregate amount of approximately $2.4 million  Milestones  2017  Public Series B Debenture Issuance (il A- ,Maalot S&P IL) 

 *  Installed Capacity  7.9 MWp  22.6 MWp  375 Nm3/h1  850 MW2  % Ownership  100%  100%  100%  ~ 9.4%  Book Value of investment2  ~ $20M4  ~ $72.5M4  ~ $5.3M4  ~ $32.1M5  License/Subsidy Term  2040-2041  ~ 2031  ~ 2029  20346  # Facilities  4  12  1  1  Spain (PV)  Italy (PV)  Israel (CCGT1)  Portfolio Summary  Biogas installation under construction.The Dorad Power Plant began commercial operation in May 2014.As of December 31, 2016.Cost of fixed assets.Investment in equity accounted investee – attributed to the investment in Dorad.A 20 year generation license and supply license.  Netherlands (Biogas) 

 *  Photovoltaic Operations: Italy and Spain 

 *  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).  http://www.solarpowereurope.org  The PV Market  (Source: 

 *  Project name  Installed Capacity (kWp)  Acquisition Year  Acquisition Cost per MWp (in millions)  Connection Date1  Technology  Region  FiT1 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  PV Plants in Italy   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, currently approximately 4 Eurocents/KWh.  

 *  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  Remuneration period – 30 years.   PV Plants in Spain 

 *  Dorad Power Plant, Ashkelon, Israel 

 *  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 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.  850  12  1.2B  2014 

 *    2016  2015  2014  Revenues  2,300  2,357  1,484  Gross profit from operating the power plant  294  382  233  Operating profit   275  357  213  Net income  51  103  80  EBITDA1  484  567  337  Finance expenses, net  (219)  (216)  (110)  Net increase (decrease) in cash and cash equivalents for the period, including effect of exchange rate fluctuations  29  (20)  68  Dorad Power PlantKey P&L and Statement of Cash Flows Figures (NIS millions)  (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:The solution in a nutshell 

 *  340 MW 2  Ellomay Pumped Storage (2014) Ltd.   Ellomay Capital Ltd. – 75% 1Sheva Mizrakot Ltd. – 25%  Capacity  Shareholders  Company  Pumped-Storage Project  Indirectly owned through the project company.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  Biomethane injection  Biogas plant  Electricity  Heat  Biomethane treatment  Organic matter  Fertilizers  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.  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 theDutch Biogas Market 

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

 *  Waste-to-Energy (Biogas) Projects  In 2016 the Company acquired 51% of the rights in a project company 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. The Company is currently in the process of due diligence of a project company developing an AD plant, with a capacity of approximately 475 Nm3/h, in the Netherlands. 

 *  Expected Projects 

 *  Potential acquisition of a Photovoltaic Plant in Israel   The company is currently in the process of due diligence and negotiations with respect to a proposed acquisition of 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, or the Israeli PV Plant. 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 Israeli Consumer Price Index (1) . (1) In the event that the Company executes an agreement to acquire the Israeli PV Plant, such acquisition, among other things, will be conditioned upon receipt of the approval of the Israeli Electricity Authority and the Minister and the amendment of the license 

 *  Financial Results 

 *     December 31, 2014  % Of BS  December 31, 2015  % Of BS  December 31, 2016  % Of BS  Cash and cash equivalent, Marketable securities, Short-term deposits  23,388  15%  25,216  16%  24,673  16%  Financial Debt*  55,288  35%  58,852  37%  58,752  38%  Financial Debt, net*  31,900  20%  33,636  21%  34,079  22%  Property, plant and equipment net (mainly in connection with PV Operations)  93,513  59%  78,975  49%  77,066  49%  Investment in Dorad (not including option to acquire additional shares and including current maturities)  27,237  17%  37,031  23%  32,088  21%  CAP*  149,414  94%  152,917  95%  147,522  94%  Total equity  94,126  59%  94,065  59%  88,770  57%  Total assets  159,087  100%  160,327  100%  156,174  100%  Key Balance Sheet Figures (USD thousands)   *See Appendix A for calculations 

 *  Key Financial Ratios    December 31, 2014  December 31, 2015  December 31, 2016  Financial Debt to CAP (A/D)  37%  38%  40%  Financial Debt, net to CAP (B/D)  21%  22%  23%  Financial Debt to Total equity (A/C)  59%  63%  66%  Financial Debt, net to Total equity (B/C)  34%  36%  38%  Strong Balance Sheet, Sufficient Liquidity, Low Leverage  See Appendix A for calculations 

 *  (USD millions)  Key Income and P&L Figures  See below for a reconciliation of net income (loss) to EBITDA 

 *  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.   Ellomay Capital - Reconciliation of Net income (loss) to EBITDA (in US Dollar thousands)     For the year ended  For the year ended  For the year ended     December 31, 2014  December 31, 2015  December 31, 2016  Net income (loss) for the period  6,646  7,298  (1,073)  Financing expenses (income), net  3,395  (592)  3,056  Taxes on income (tax benefit)  201  (1,933)  625  Depreciation  5,452  4,912  4,884   EBITDA  15,694  9,685  7,492   Dorad - Reconciliation of Net income to EBITDA (in NIS millions)     For the year ended  For the year ended  For the year ended     December 31, 2014  December 31, 2015  December 31, 2016  Net income for the period  80  103  51  Financing expenses, net  110  216  219  Taxes on income  23  38  5  Depreciation and amortization  124  210  209   EBITDA  337  567  484  Use of NON-IFRS Financial Measures 

 *  1  2  3  4  Summary  Diversified and growing base of cash flow generating assets.  The Company is characterized by low leverage and revenues based on regulatory tariffs.  Focus on small/medium commercial projects with limited capex and operational risks.   Seasoned management team, with extensive sector knowledge and access to attractive opportunities. 

 *  www.ellomay.com  Investor RelationsHadas FriedmanKM Investor relations Direct: +972 (0)3-5167620hadas@km-ir.co.ilwww.km-ir.co.il  CompanyKalia WeintraubChief Financial OfficerEllomay Capital LTD.9 Rothschild Blvd., Tel AvivDirect: +972-3-7971111Email: anatb@ellomay.com  Thank you! 

 *  Appendix A – Leverage Ratios     As of December 31,  As of December 31,  As of December 31,     2014  2015  2016  Current liabilities         Loans and borrowings  $ (677)   $ (1,133)   $ (1,150)  Debentures   $ (4,884)   $ (4,878)   $ (4,989)  Non-current liabilities           Finance lease obligations   $ (5,646)   $ (4,724)   $ (4,228)  Long-term loans   $ (4,039)   $ (13,043)   $ (17,837)  Debentures   $ (40,042)   $ (35,074)   $ (30,548)  Financial Debt (A)   $ (55,288)   $ (58,852)   $ (58,752)  Less:           Cash and cash equivalents   $ 15,758    $ 18,717    $ 23,650   Marketable Securities   $ 3,650    $ 6,499    $ 1,023   Short-term deposits  $ 3,980  -  -  Financial Debt, net (B)   $ (31,900)   $ (33,636)   $ (34,079)             Total equity (C)   $ (94,126)   $ (94,065)   $ (88,770)  Financial Debt (A)   $ (55,288)   $ (58,852)   $ (58,752)  CAP (D)   $ (149,414)   $ (152,917)   $ (147,522)             Financial Debt to CAP (A/D)  37%  38%  40%  Financial Debt, net to CAP (B/D)  21%  22%  23%  Financial Debt to Total equity (A/C)  59%  63%  66%  Financial Debt, net to Total equity (B/C)  34%  36%  38%  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.   Use of NON-IFRS Financial Measures  Calculation of Leverage Ratios (in US$ thousands)