jefferies 6th global clean technology...
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BURDETTE
GEOTHERMAL POWER PLANT
NEVADA, USA
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F56
OT
ec
Q2/
08-
Sp
0806
08
Jefferies 6th Global Clean Technology Conference
London, 22October, 2008
1
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Disclaimer
Sta
tem
ents
in this
pre
senta
tion a
s w
ell
as o
ral sta
tem
ents
made b
y the o
ffic
ers
or
directo
rs o
f O
rmat Technolo
gie
s, In
c., its
advis
ors
, affili
ate
s o
r subsid
iaries o
ften
will c
onta
in “fo
rward
-lookin
g s
tate
ments
.”W
henever you read o
r hear a s
tate
ment
that is
not sim
ply
a s
tate
ment of his
torical fa
ct (s
uch a
s w
hen w
e d
escribe w
hat w
e
“belie
ve”, “expect”
or “a
nticip
ate
”w
ill o
ccur, a
nd o
ther sim
ilar sta
tem
ents
), y
ou
must re
mem
ber th
at our expecta
tions m
ay n
ot be c
orr
ect, e
ven though w
e b
elie
ve
they a
re reasonable
. Y
ou s
hould
read a
nd lis
ten to these s
tate
ments
com
ple
tely
and w
ith the u
nders
tandin
g that actu
al fu
ture
results m
ay b
e m
ate
rially
diffe
rent
from
what w
e e
xpect, a
s a
result o
f certain
ris
ks a
nd u
ncertain
ties. F
or a c
om
ple
te
dis
cussio
n o
f th
e ris
ks a
nd u
ncertain
ties rela
ting to the forw
ard
-lookin
g s
tate
ments
in
this
pre
senta
tion, ple
ase s
ee “R
isk F
acto
rs”as d
escribed in o
ur Form
10-K
re
port file
d w
ith the S
ecurities a
nd E
xchange C
om
mis
sio
n o
n M
arc
h 5
, 2008.
We w
ill n
ot update
these forw
ard
-lookin
g s
tate
ments
, even though o
ur situation w
ill
change in the futu
re.
2
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�A leader in the Geotherm
al and Recovered Energy Power
Business
�Pure-Play, Clean Energy Growth Company
�Owns 410 M
W
�Fully Contracted Generation
�Base Load
�Competitive Pricing
�Visible Cash Flow
�Vertically-Integrated
�Designs, Constructs, Owns and Operates
�Technology Leadership
Ormat Value Proposition
At a Glance
Main Shareholder:
Ormat Industries, Ltd.-56%
NYSE: “ORA”
Market Cap. ~$1.09 B*
LTM Revenues: ~$300 M
Float: 19.9 M shares
*As Of Oct 10, 2008
3
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Environmentally Sound Power Solutions
Recovered Energy Generation
Solution for Energy Saving and Efficiency
Unmanned Autonomic Operation
Cost effective
Environmentally friendly
Legislative support
Technology
Geothermal Energy
Deliver clean, reliable and sustainable electricity
Desert Peak 2, NV
Desert Peak 2, NV
OREG 1, ND and SD
OREG 1, ND and SD
4
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Business Overview
73% of 2007 Revenues
27% of 2007 Revenues
Geothermal generation
�388 MW in operation
�148 MW under construction and enhancements
�134-238 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
Power
Power
Generation
Generation
Products
Products
5
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Global Presence
Meeting the Needs of Customers in 71 Countries
Geothermal Power plants
Recovered Energy Generation (REG)
Remote Power Units
North and South
Dakota, 22 MW
California, 164 MW
Nicaragua, 30 MW
Guatemala, 44 MW
Nevada, 107 MW
Hawaii, 30 MW
Kenya 13 MW
6
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9,500
148,000
Total installed
capacity 2007
Total potential
in the next 20
years
Global Geothermal Installed Capacity & Potential (MW)
Potential Capacity (Source: Bertani, R. “W
hat is Geotherm
al Potential”,
IGA and Glitnir Energy Research, ”United States -Geotherm
al Energy Market Report”Sep. 2007)
Potential Geotherm
al resources
Installed Capacity (Source:Update on W
orld Geotherm
al Development (GEA 2007) and IGA (2005)
Potential Capacity Using enhanced geotherm
al systems (*source:The future of geotherm
al energy, M
IT(2006))
42,000
3,291
9,000
530
5,800
392
38,000
1,390
30,000
2,850
100,000*
10,000
923 14,000
138
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State Requirements for
Renewable Energy as a % of Total
Supportive Legislation
Source: www.pewclim
ate.org
,www.cpuc.ca.gov , www.dsireusa.org5%12%
20%20%20%
14% 13%
9%
11%
6%
0%
5%
10%
15%
20%
25%
2005
2006
2007
201020152020
Nevada
Hawaii
California
16% 13%
�25States and DC recognize geothermal
electric as eligible for RPS
�Colorado ,Connecticut ,Hawaii Nevada,
New Jersey, Illinois and Pennsylvania
recognize REGas eligible for RPS
�In Minnesota, South Dakota and M
ontana
REGqualifies for tax incentives programs
U.S.-Renewable Portfolio Standard
Adopted by 33 U.S. States and DC as a
mandatory law or as a goal
8
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Strong Regulatory Support
USA
USA
�PTC or ITC
�Renewable Portfolio Standard
�Accelerated Depreciation
�GHG law
Supportive legislation
Source: Renewables 2005 Global S
tatus Report, Washington, DC: Worldwatch Institute and Orm
at
Worldwide
Worldwide *
�Kyoto Protocol
�Feed in Tariffs
�RPS (typically 5-30%)
�Tax Incentives and Credits
9
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Geothermal & Recovered Energy -
Green, Dependable and Cost Effective
Capacity /
Availability Factor
Source: Competitive costs of California central station electricity generation technologies, California Energy Commission
December 2007, and Orm
at.
0.00
5.00
10.00
15.00
20.00
25.00
30.00
Solar
Therm
al
Wind
Hydro-Small
Scale
IGCC (Coal)
CC (Gas)
REG
Biomass
Advanced
Nuclear
Geotherm
al
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Cost cent/kW/h
Environmental Impact
Pollu
ting
Environm
enta
lly
frie
ndly
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Planning Our Growth
�Development and construction of new projects
•Development of new geotherm
al 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
11
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Platform for Organic Growth –Power Segment
111
73
242
400*
511
584
386
323
302
2003
2004
2005
2006
2007
2008E
2009E
2010E
2007A-2009E CAGR:21%
Existing Ownership Capacity
Under Development, Enhancements, Upgrades, and Construction
*Including Galena 3 project, which completed construction in 2007 and declared commercial operation in February 2008.
In September 2007, Orm
at transferred the Leyte project (39 MW)to PNOC
�184 MW expected increase between 2008 and 2009
�46% increase over 2007
12
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Per
mit
tin
g
Typical Geothermal Project Development Process
Eq
uip
men
t M
anu
fact
uri
ng
Co
mm
erci
al
Op
erat
ion
Sig
nin
g P
PA
3 Y
ears
2 Y
ears
Sta
rt u
pC
on
stru
ctio
nF
ield
Dev
elo
pm
ent
Exp
lora
tio
n
Act
ivit
ies
Lo
cati
ng
Po
ten
tial
Sit
es
Pre
par
ing
Dev
elo
pm
ent
Inve
nto
ry
Pre
par
ing
Dev
elo
pm
ent
Inve
nto
ryE
xplo
rati
on
Act
ivit
yE
xplo
rati
on
Act
ivit
yP
PA
sP
PA
sF
inan
ceF
inan
ce
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 millionin
2007 and plan to invest $61
million in 2008-2009
During 2007 signed power
purchase agreements for
up to 256 MW
Secured $260 million unused
corporate lines of credit*
As of June 30, 2008, Orm
at
had access to $137.8 million in
cash and cash equivalents
* As of October 2008
13
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Competitive Landscape
Operation
Operation
No Competition
No Competition
Vertically Integrated
Financial Support from
Existing Portfolio
Upside from Products
Segment
Proven Track Record
Geotherm
al Growth
Development
Development
Leases
Leases
PPAPPA
Equipment
Supply
Equipment
Supply
High Enthalpy
High Enthalpy
Low Enthalpy
Low Enthalpy
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Financial Highlights
�Solid Revenue Visibility
�Strong Liquidity Position
�Profitable Operations
�Growth
15
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n ononon1Adjusted revenues includes ORMAT’s share of revenue from unconsolidated affiliates. See Appendix Table A -1
108
126
47
28
$155
$154
H1 2007
H1 2008
60
64
29
18
$89
$83
Q2 2007
Q2 2008
78
173
196
214
233
42
60
61
74
80
259
70-80
$313
$288
$257
$233
$120
$329-$339
2003
2004
2005
2006
2007
Adjusted
Revenues
Guidance
for 2008
Profitable Growth –Adjusted Revenues¹
Products
Electricity
2003-2007 CAGR: 27%
*In m
illions of USD
*In m
illions of USD
7%
Annual
Annual
Three Months
Three Months
Six Months
Six Months
0.6%
16
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Profitable Growth –Adjusted EPS¹
¹See Appendix Table A -2
$0.67
$0.72
$0.81
$0.70
$0.99
2003
2004
2005
2006
2007
Annual
Annual
Three Months
Three Months
$0.28
$0.22
Q2 2007
Q2 2008
Six Months
Six Months
$0.52
$0.07
H1 2007
H1 2008
17
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$29.2
$30.6
Q2 2007
Q2 2008
Adjusted EBITDA¹Growth
$42
$110
$120
$107
$114
2003
2004
2005
2006
2007
CAGR: 26%
¹See Appendix Table A -3
Annual
Annual
Three Months
Three Months
4.6 %
Six Months
Six Months
$56.7
$43.9
H1 2007
H1 2008
29 %
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Balance Sheet
288
288
277
277
Long
Long-- term debt, net of current portion
term debt, net of current portion
977
977
1140
1140
Property, plant and equipment, net and
Property, plant and equipment, net and
construction in process
construction in process
$81
$103
Accounts payable and other current
liabilities
13
-Marketable securities
$ 1,531
821
587
123
62
75
10
163
32
28
June. 30,
2008
$ 1,275
618
592
65
55
76
26
147
32
34
Dec. 31,
2007
$1,531
60
608
263
92
33
$138
June. 30,
2008
$1,275
62
598
169
80
29
$47
Dec. 31,
2007
Cash and Cash equivalent
Total liabilities & stockholders’equity
Total stockholders’equity
Total liabilities
Minority interest
Other LT liabilities
Deferred lease income
Notes payable to parent
Total current liabilities
Due to parent
Current portion of loan term-debt
Current liabilities:
Liabilities and Stockholder’s Equity
Total assets
Intangible assets and deferred costs,
net
Other assets
Long Term Restricted Cash and Cash
equivalent and marketable securities
Total current assets
Other current assets
Restricted cash, cash equivalents &
marketable securities
Current assets:
Assets
(in m
illio
ns o
f U
SD
)(in m
illio
ns o
f U
SD
)
19
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Conclusion
�Pure-Play Vertically-Integrated Track Record
�Geotherm
al/REG –
Environmentally Friendly
Clean Energy with Legislative Support
�Financial Stability / Profitable Track Record
�Strong Revenue Growth
�Multidisciplinary Technological Leadership
�Clim
ate Change Conscience Environment
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AMATITLAN GEOTHERMAL POWER PLANT ,GUETAMALA
Thank You
For further information:
www.ormat.com / [email protected]
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Binary Geotherm
al Power Plant
REG Power Plant
Same Technology / Different Applications
Back
22
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Appendix
Table A-1:
Reconciliation of Adjusted Revenues(in thousands of USD)
2002
2003
2004
2005
2006
2007
Q2 2007
Q2 2008
H1 2007
H1 2008
According to f/s
Electricity Segment
65,491
77,752
158,831
177,369
195,483
215,969
55,360
61,774
99,018
121,293
Profucts Segment
20,138
41,688
60,399
60,623
73,454
79,950
28,692
18,447
46,781
28,315
85,629
119,440
219,230
237,992
268,937
295,919
84,052
80,221
145,799
149,608
Mammoth 50%
0334
7,908
7,891
7,670
8,561
1,929
2,369
3,897
4,747
OLCL 80%
00
6,574
10,507
10,972
9,015
2,833
05,566
0
Adjusted Revenues
85,629
119,774
233,711
256,390
287,579
313,495
88,814
82,590
155,261
154,355
Electricity Segment Adj.
78,086
173,312
195,767
214,125
233,545
60,122
64,143
108,480
126,040
Mammoth 100%
0668
15,815
15,782
15,339
17,121
3,858
4,737
7,793
9,493
until March 31, 2004 - it was consolidated
OLCL 100%
00
8,217
13,134
13,715
11,269
3,541
06,957
0
23
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Appendix
Table A-2:
ReconciliationofAdjusted EPS (in USD)
2002
2003
2004
2005
2006
2007
According to f/s
0.37
0.67
0.72
0.48
0.99
0.70
Orcal Refinancing
0.00
0.00
0.00
0.33
0.00
0.00
Adjusted EPS
0.37
0.67
0.72
0.81
0.99
0.70
24
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depe
nd
depe
nd o
n ononon
Appendix
We c
alc
ula
te E
BIT
DA a
s n
et in
com
e b
efo
re inte
rest, taxes, depre
cia
tion a
nd a
mortiz
ation. W
e
calc
ula
te a
dju
ste
d E
BIT
DA to inclu
de o
pera
ting incom
e, depre
cia
tion a
nd a
mortiz
ation o
f our
equity investm
ents
in the M
am
moth
and L
eyte
Pro
jects
. E
BIT
DA a
nd a
dju
ste
d E
BIT
DA a
re n
ot
measure
ments
of financia
l perform
ance u
nder accounting p
rincip
les g
enera
lly a
ccepte
d in the
United S
tate
s o
f Am
erica a
nd s
hould
not be c
onsid
ere
d a
s a
n a
ltern
ative to c
ash flo
w fro
m
opera
ting a
ctivitie
s o
r as a
measure
of liq
uid
ity o
r an a
ltern
ative to n
et earn
ings a
s indic
ato
rs o
f
our opera
ting p
erform
ance o
r any o
ther m
easure
s o
f perform
ance d
erived in a
ccord
ance w
ith
accounting p
rincip
les g
enera
lly a
ccepte
d in the U
nited S
tate
s o
fAm
erica. E
BIT
DA a
nd
adju
ste
d E
BIT
DA a
re p
resente
d b
ecause w
e b
elie
ve they a
re fre
quently u
sed b
y s
ecurities
analy
sts
, in
vesto
rs a
nd o
ther in
tere
ste
d p
artie
s in the e
valu
ation o
f a C
om
pany’s
ability
to
serv
ice a
nd/o
r in
cur debt. H
ow
ever, o
ther com
panie
s in o
ur in
dustry m
ay c
alc
ula
te E
BIT
DA
and a
dju
ste
d E
BIT
DA d
iffe
rently than w
e d
o. The follo
win
g table
reconcile
s n
et in
com
e to
EBIT
DA a
nd a
dju
ste
d E
BIT
DA, fo
r th
e thre
e a
nd s
ix-m
onth
periods e
nded J
une 3
0, 2008 a
nd
2007 a
nd for tw
elv
e-m
onth
periods e
nded D
ecem
ber 31, 2007, 2006, 2005 a
nd 2
004
Table A-3:
Reconciliation of Adjusted EBITDA(in thousands of USD)
25
GRE
EN E
NERG
Y yo
u ca
n G
REEN
ENE
RGY
you
can
GRE
EN E
NERG
Y yo
u ca
n G
REEN
ENE
RGY
you
can
depe
nd
depe
nd
depe
nd
depe
nd o
n ononon
Table A-3: Reconciliation of Adjusted EBITDA(in thousands of USD) -continued
Appendix
Year Ended Decmber 31,
2003
2,004
2,005
2,006
2,007
Q2 2007
Q2 2008
H1 2007
H1 2008
(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 non-operating income
of 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)
10
449
(37)
1,050
327
1,193
Depreciation and amortization
2,506
6,609
4,690
6,403
1,822
1,992
2,613
-34,684
EBITDA
519
108
34,025
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
1,181
408
2,412
947
attributable to our equity in Mammoth-Pacific
02,897
6,478
2,848
918
5,752
1,837
and Ormat Leyte
Adjusted EBITDA
011,698
9,922
11,625
9,881
42,109
$
$109,630
$114,334
119,795
$
$107,195
30,628
$
29,208
$
43,987
$
56,716
$
(in thousands)
(in thousands)