Jefferies 6th Global Clean Technology Conference
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1 Jefferies 6th Global Clean Technology Conference London, 22 October, 2008 BURDETTE GEOTHERMAL POWER PLANT NEVADA, USA GREEN ENERGY you can F56 OTec Q2/08- Sp
2 Disclaimer Statements in this presentation as well as oral statements made by the officers or directors of Ormat Technologies, Inc., its advisors, affiliates or subsidiaries often will contain forward-looking statements. Whenever you read or hear a statement that is not simply a statement of historical fact (such as when we describe what we believe, expect or anticipate will occur, and other similar statements), you must remember that our expectations may not be correct, even though we believe they are reasonable. You should read and listen to these statements completely and with the understanding that actual future results may be materially different from what we expect, as a result of certain risks and uncertainties. For a complete discussion of the risks and uncertainties relating to the forward-looking statements in this presentation, please see Risk Factors as described in our Form 10-K report filed with the Securities and Exchange Commission on March 5, We will not update these forward-looking statements, even though our situation will change in the future. 1
3 Ormat Value Proposition A leader in the Geothermal and Recovered Energy Power Business Pure-Play, Clean Energy Growth Company Owns 410 MW Fully Contracted Generation Base Load Competitive Pricing Visible Cash Flow At a Glance Main Shareholder: Ormat Industries, Ltd.- 56% NYSE: ORA Market Cap. ~$1.09 B* Vertically-Integrated Designs, Constructs, Owns and Operates Technology Leadership LTM Revenues: ~$300 M Float: 19.9 M shares *As Of Oct 10,
4 Environmentally Sound Power Solutions Geothermal Energy Deliver clean, reliable and sustainable electricity Desert Peak 2, NV Recovered Energy Generation Solution for Energy Saving and Efficiency Unmanned Autonomic Operation OREG 1, ND and SD Cost effective Environmentally friendly Legislative support Technology 3
5 Business Overview Power Generation Products 73% of 2007 Revenues 27% of 2007 Revenues Geothermal generation 388 MW in operation 148 MW under construction and enhancements MW under development Recovered energy generation 22 MW in operation 31 MW under construction and development. Long-term contracts Designs, manufactures and sells units for electricity generation Owns over 75 U.S. patents and leading technology Built approximately 1000 MW of power plants and over 2,600 remote power units Installed in 71 countries on 6 continents 4
6 Global Presence Meeting the Needs of Customers in 71 Countries North and South Dakota, 22 MW California, 164 MW Nevada, 107 MW Hawaii, 30 MW Nicaragua, 30 MW Guatemala, 44 MW Geothermal Power plants Recovered Energy Generation (REG) Remote Power Units Kenya 13 MW 5
7 Global Geothermal Installed Capacity & Potential (MW) 148, ,800 3,291 42,000 2,850 30, ,000* ,000 9, , ,000 Total installed capacity 2007 Total potential in the next 20 years 1,390 38,000 Potential Geothermal resources Installed Capacity (Source:Update on World Geothermal Development (GEA 2007) and IGA (2005) Potential Capacity (Source: Bertani, R. What is Geothermal Potential, IGA and Glitnir Energy Research, United States -Geothermal Energy Market Report Sep. 2007) Potential Capacity Using enhanced geothermal systems (*source: The future of geothermal energy, MIT(2006)) 6
8 Supportive Legislation U.S.- Renewable Portfolio Standard State Requirements for Renewable Energy as a % of Total Adopted by 33 U.S. States and DC as a mandatory law or as a goal 25 States and DC recognize geothermal electric as eligible for RPS Colorado,Connecticut,Hawaii Nevada, New Jersey, Illinois and Pennsylvania recognize REG as eligible for RPS 25% 20% 15% 10% 12% 11% 14% 13% 16% 9% 13% 20%20%20% In Minnesota, South Dakota and Montana REG qualifies for tax incentives programs 5% 6% 5% 0% Source: Nevada Hawaii California
9 Supportive legislation Strong Regulatory Support USA Worldwide * PTC or ITC Kyoto Protocol Renewable Portfolio Standard Feed in Tariffs Accelerated Depreciation RPS (typically 5-30%) GHG law Tax Incentives and Credits Source: Renewables 2005 Global Status Report, Washington, DC: Worldwatch Institute and Ormat 8
10 Geothermal & Recovered Energy - Green, Dependable and Cost Effective Cost cent/kw/h Environmental Impact Capacity / Availability Factor 100% Polluting Environmentally friendly 90% 80% % 60% % 40% % % 10% 0.00 Solar Thermal Wind Hydro-Small Scale IGCC (Coal) CC (Gas) REG Biomass Advanced Nuclear Geothermal 0% Source: Competitive costs of California central station electricity generation technologies, California Energy Commission December 2007, and Ormat. GREEN ENERGY you can 9
11 Planning Our Growth Development and construction of new projects Development of new geothermal resources and expansion of exploration activity Enhancement of existing operations Acquisition of new assets for development Operating assets Development assets Investment in research and development 10
12 Platform for Organic Growth Power Segment 184 MW expected increase between 2008 and % increase over A-2009E CAGR:21% * E 2009E 2010E Existing Ownership Capacity Under Development, Enhancements, Upgrades, and Construction *Including Galena 3 project, which completed construction in 2007 and declared commercial operation in February In September 2007, Ormat transferred the Leyte project (39 MW) to PNOC 11
13 Typical Geothermal Project Development Process Permitting Signing PPA Equipment Manufacturing Locating Potential Sites Exploration Activities Field Development Construction Start up Commercial Operation 3 Years 2 Years Preparing Preparing Development Development Inventory Inventory Exploration Exploration Activity Activity PPAs PPAs Finance Finance During 2007 secured lease agreements for 7 new sites Development inventory covers a total of ~100,000 acres Established new drilling company Acquired 2 drilling rigs Carry out parallel exploration drilling activity in 10 sites Invested app.$17 million in 2007 and plan to invest $61 million in During 2007 signed power purchase agreements for up to 256 MW Secured $260 million unused corporate lines of credit* As of June 30, 2008, Ormat had access to $137.8 million in cash and cash equivalents * As of October
14 Competitive Landscape Development Equipment Supply Leases High High Enthalpy PPA PPA Low Low Enthalpy Vertically Integrated Financial Support from Existing Portfolio Proven Track Record Geothermal Growth Upside from Products Segment Operation No No Competition 13
15 Financial Highlights Solid Revenue Visibility Strong Liquidity Position Profitable Operations Growth 14
16 Profitable Growth Adjusted Revenues¹ Annual Three Months $89 $ Q Q $ $ $ $ $ $329-$ Adjusted Revenues Guidance for 2008 $155 $ H H Adjusted revenues includes ORMAT s share of revenue from unconsolidated affiliates. See Appendix Table A -1 Electricity Products 15 7% CAGR: 27% *In millions of USD Six Months 0.6%
17 Profitable Growth Adjusted EPS¹ Annual Three Months $0.22 $0.28 Q Q $0.99 $0.67 $0.72 $0.81 $0.70 Six Months $0.52 $ H H ¹ See Appendix Table A
18 Adjusted EBITDA¹ Growth Annual Three Months $30.6 $29.2 $120 $114 $110 $107 Q Q $ ¹ See Appendix Table A % CAGR: 26% Six Months 29 % $56.7 $43.9 H H1 2008
19 Balance Sheet (in millions of USD) Assets June. 30, 2008 Dec. 31, 2007 Current assets: Cash and Cash equivalent $138 $47 Marketable securities - 13 Restricted cash, cash equivalents & marketable securities Other current assets Total current assets Long Term Restricted Cash and Cash equivalent and marketable securities 8 8 Other assets Property, plant and equipment, net and construction in process Intangible assets and deferred costs, net Total assets $1,531 $1,275 Liabilities and Stockholder s Equity Current liabilities: Accounts payable and other current liabilities Current portion of loan term-debt Due to parent Total current liabilities Long-term debt, net of current portion Notes payable to parent Deferred lease income Other LT liabilities Total liabilities Minority interest Total stockholders equity Total liabilities & stockholders equity June. 30, 2008 $ $ 1,531 Dec. 31, 2007 $ $ 1,275 18
20 Conclusion Pure-Play Vertically-Integrated Track Record Geothermal/REG Environmentally Friendly Clean Energy with Legislative Support Financial Stability / Profitable Track Record Strong Revenue Growth Multidisciplinary Technological Leadership Climate Change Conscience Environment 19
21 Thank You For further information: / IR@ormat.com AMATITLAN GEOTHERMAL POWER PLANT,GUETAMALA GREEN ENERGY you can 20
22 Same Technology / Different Applications Binary Geothermal Power Plant REG Power Plant Back 21
23 Appendix Table A-1: Reconciliation of Adjusted Revenues (in thousands of USD) Q Q H H According to f/s Electricity Segment 65,491 77, , , , ,969 55,360 61,774 99, ,293 Profucts Segment 20,138 41,688 60,399 60,623 73,454 79,950 28,692 18,447 46,781 28,315 85, , , , , ,919 84,052 80, , ,608 Mammoth 50% ,908 7,891 7,670 8,561 1,929 2,369 3,897 4,747 OLCL 80% 0 0 6,574 10,507 10,972 9,015 2, ,566 0 Adjusted Revenues 85, , , , , ,495 88,814 82, , ,355 Electricity Segment Adj. 78, , , , ,545 60,122 64, , ,040 Mammoth 100% ,815 15,782 15,339 17,121 3,858 4,737 7,793 9,493 until March 31, it was consolidated OLCL 100% 0 0 8,217 13,134 13,715 11,269 3, ,
24 Appendix Table A-2: Reconciliation of Adjusted EPS (in USD) According to f/s Orcal Refinancing Adjusted EPS
25 Appendix Table A-3: Reconciliation of Adjusted EBITDA (in thousands of USD) We calculate EBITDA as net income before interest, taxes, depreciation and amortization. We calculate adjusted EBITDA to include operating income, depreciation and amortization of our equity investments in the Mammoth and Leyte Projects. EBITDA and adjusted EBITDA are not measurements of financial performance under accounting principles generally accepted in the United States of America and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with accounting principles generally accepted in the United States of America. EBITDA and adjusted EBITDA are presented because we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of a Company s ability to service and/or incur debt. However, other companies in our industry may calculate EBITDA and adjusted EBITDA differently than we do. The following table reconciles net income to EBITDA and adjusted EBITDA, for the three and six-month periods ended June 30, 2008 and 2007 and for twelve-month periods ended December 31, 2007, 2006, 2005 and
26 Appendix Table A-3: Reconciliation of Adjusted EBITDA (in thousands of USD) - continued Year Ended Decmber 31, ,004 2,005 2,006 2,007 Q Q H H (in thousands) (in thousands) (in thousands) Net income (loss) Adjusted for: $ 15,659 $ 17,791 $ 15,177 $ 34,447 $ 27,376 $ 8,547 $ 12,161 $ 2,706 $ 22,225 Equity in income of investees Interest expenses, net (including amortization (559) (3,567) (6,894) (4,146) (4,742) (1,181) (408) (2,412) (947) 813 (3,882) (305) (2,950) (305) (5,155) Other nonof deferred financing costs) 5,449 1,815 11,816 4,700 Income tax provision 7,829 41,615 51,009 24,401 22,438 Minority interest in earnings of subsidiaries (464) (112) (73) (37) 1, ,193 Depreciation and amortization 2,506 6,609 4,690 6,403 1,822 1,992 2, ,684 EBITDA ,025 41,822 49,111 12,134 13,601 23,694 27,232 Equity in income of Mamoth-Pacific and Ormat Leyte 16,619 $ 32,591 $ 97,934 $ 103,750 $ 92,572 26,599 27,882 35,823 53,932 Depreciation, amortization, interest and income taxes 42,109 95,035 4,420 4,742 1, , attributable to our equity in Mammoth-Pacific 0 2,897 6,478 2, ,752 1,837 and Ormat Leyte Adjusted EBITDA 0 11,698 9,922 11,625 9,881 $ 42,109 $109,630 $114,334 $ 119,795 $107,195 $ 30,628 $ 29,208 $ 43,987 $ 56,716 25
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