Ormat Technologies Inc. (ORA, Financial) filed Annual Report for the period ended 2011-12-31.
Ormat Tech Inc has a market cap of $905.9 million; its shares were traded at around $20.24 with a P/E ratio of 31.2 and P/S ratio of 2.1.
Operating income for the year ended December 31, 2011 was $64.0 million, compared to $23.6 million for the year ended December 31, 2010. This increase of $40.4 million in operating income was principally attributable to an increase in our gross margin due to the increase in revenues, as described above, and the absence of any write-off of unsuccessful exploration activities in the year ended December 31, 2011. Operating income attributable to our Electricity Segment for the year ended December 31, 2011 was $46.2 million, compared to $12.8 million for the year ended December 31, 2010. Operating income attributable to our Product Segment for the year ended December 31, 2011 was $18.9 million, compared to $10.8 million for the year ended December 31, 2010.
Operating income for the year ended December 31, 2010 was $23.6 million, compared to $66.6 million for the year ended December 31, 2009. Such decrease of $43.0 million in operating income was principally attributable to a decrease in the total gross margin due to the decrease in Product Segment revenues and the increase in Electricity Segment cost of revenues. Operating income attributable to our Electricity Segment for the year ended December 31, 2010 was $12.8 million, compared to $45.3 million for the year ended December 31, 2009, mainly due to the increase in electricity cost of revenues, as explained above. Operating income attributable to our Product Segment for the year ended December 31, 2010 was $10.8 million, compared to $21.3 million for the year ended December 31, 2009, mainly due to the decrease in product revenues, as explained above.
Net cash provided by operating activities for the year ended December 31, 2011 was $132.7 million, compared to $101.4 million for the year ended December 31, 2010. The net increase of $31.3 million resulted primarily from: (i) an increase of $9.7 million in depreciation and amortization, as described above; (ii) a gain on acquisition of controlling interest in the Mammoth complex of $36.9 million in the year ended December 31, 2010; (iii) a gain on sale of GDL of $6.3 million in the year ended December 31, 2010; (iv) an increase in deferred income tax provision, net of $38.1 million in the year ended December 31, 2011, compared to a decrease of $10.1 million in the year ended December 31, 2010; and (v) an increase in billing in excess of costs and estimated earnings on uncompleted contracts, net of $32.1 million in our Product Segment in the year ended December 31, 2011, compared to $8.7 million in the year ended December 31, 2010, as a result of timing in billing of our customers. Such increase was partially offset by: (i) a net loss to $42.7 million in the year ended December 31, 2011, compared to net income of $37.2 million in the year ended December 31, 2010, as described above, and (ii) an increase in accounts payable and accrued expenses of $5.5 million in the year ended December 31, 2011, compared to an increase of $9.7 million in the year ended December 31, 2010, as a result of timing of payments to our vendors.
Net cash provided by operating activities for the year ended December 31, 2010 was $101.4 million, compared to $110.8 million for the year ended December 31, 2009. The net decrease of $9.4 million resulted primarily from: (i) a decrease in net income to $37.2 million in the year ended December 31, 2010, from $68.6 million in the year ended December 31, 2009, mainly as a result of the decrease in operating income, as described above; (ii) a gain on acquisition of controlling interest of $36.9 million in the year ended December 31, 2010; (iii) a gain on sale of GDL of $6.4 million in the year ended December 31, 2010; and (iv) a net decrease in deferred income taxes of $10.1 million in the year ended December 31, 2010, compared to a net increase of $4.0 million in the year ended December 31, 2009. Such decrease was partially offset by: (i) an increase of $22.4 million in depreciation and amortization mainly due to the placement in service of our North Brawley power plant in January 2010, as described above; (ii) a gain from extinguishment of liability of $13.3 million in the year ended December 31, 2009; (iii) a net decrease in costs and estimated earnings in excess of billings on uncompleted contracts of $8.7 million in the year ended December 31, 2010, compared to a net increase of $20.0 million in the year ended December 31, 2009; and (iv) an increase in accounts payable and accrued expenses of $9.7 million in the year ended December 31, 2010, compared to a decrease of $2.1 million in the year ended December 31, 2009.
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Ormat Tech Inc has a market cap of $905.9 million; its shares were traded at around $20.24 with a P/E ratio of 31.2 and P/S ratio of 2.1.
Highlight of Business Operations:
Revenues attributable to our Electricity Segment for the year ended December 31, 2011 were $323.8 million, compared to $291.8 million for the year ended December 31, 2010, which represented an 11.0% increase in such revenues. This increase is due to: (i) an increase in the electricity rates in our Amatitlan and Puna power plants, which resulted in an increase in the average rate of our electricity portfolio from $78 per MWh in the year ended December 31, 2010 to $83 per MWh in the year ended December 31, 2011; and (ii) increased electricity generation of our power plants from 3,762,283 MWh in the year ended December 31, 2010 to 3,918,156 MWh in the year ended December 31, 2011, an increase of 4.1%. The most significant contributors to the increase in our electricity generation were: (i) an increase in the generation of the Puna power plant due to repair work that was completed in the second quarter of 2010; (ii) the consolidation of the Mammoth complex, effective August 2, 2010, with revenues of $19.0 million in the year ended December 31, 2011, compared to $7.6 million in the period from August 2, 2010 to December 31, 2010, which resulted from the acquisition of the remaining 50% interest in Mammoth Pacific in August 2010; and (iii) an increase in generation of our REG facilities due to the addition of one plant and a higher availability of the pipeline providing the heat to most of our REG power plants. Revenues derived from the North Brawley power plant were $15.3 million and $15.0 million, respectively, in the years ended December 31, 2011 and 2010.Operating income for the year ended December 31, 2011 was $64.0 million, compared to $23.6 million for the year ended December 31, 2010. This increase of $40.4 million in operating income was principally attributable to an increase in our gross margin due to the increase in revenues, as described above, and the absence of any write-off of unsuccessful exploration activities in the year ended December 31, 2011. Operating income attributable to our Electricity Segment for the year ended December 31, 2011 was $46.2 million, compared to $12.8 million for the year ended December 31, 2010. Operating income attributable to our Product Segment for the year ended December 31, 2011 was $18.9 million, compared to $10.8 million for the year ended December 31, 2010.
Operating income for the year ended December 31, 2010 was $23.6 million, compared to $66.6 million for the year ended December 31, 2009. Such decrease of $43.0 million in operating income was principally attributable to a decrease in the total gross margin due to the decrease in Product Segment revenues and the increase in Electricity Segment cost of revenues. Operating income attributable to our Electricity Segment for the year ended December 31, 2010 was $12.8 million, compared to $45.3 million for the year ended December 31, 2009, mainly due to the increase in electricity cost of revenues, as explained above. Operating income attributable to our Product Segment for the year ended December 31, 2010 was $10.8 million, compared to $21.3 million for the year ended December 31, 2009, mainly due to the decrease in product revenues, as explained above.
Net cash provided by operating activities for the year ended December 31, 2011 was $132.7 million, compared to $101.4 million for the year ended December 31, 2010. The net increase of $31.3 million resulted primarily from: (i) an increase of $9.7 million in depreciation and amortization, as described above; (ii) a gain on acquisition of controlling interest in the Mammoth complex of $36.9 million in the year ended December 31, 2010; (iii) a gain on sale of GDL of $6.3 million in the year ended December 31, 2010; (iv) an increase in deferred income tax provision, net of $38.1 million in the year ended December 31, 2011, compared to a decrease of $10.1 million in the year ended December 31, 2010; and (v) an increase in billing in excess of costs and estimated earnings on uncompleted contracts, net of $32.1 million in our Product Segment in the year ended December 31, 2011, compared to $8.7 million in the year ended December 31, 2010, as a result of timing in billing of our customers. Such increase was partially offset by: (i) a net loss to $42.7 million in the year ended December 31, 2011, compared to net income of $37.2 million in the year ended December 31, 2010, as described above, and (ii) an increase in accounts payable and accrued expenses of $5.5 million in the year ended December 31, 2011, compared to an increase of $9.7 million in the year ended December 31, 2010, as a result of timing of payments to our vendors.
Net cash provided by operating activities for the year ended December 31, 2010 was $101.4 million, compared to $110.8 million for the year ended December 31, 2009. The net decrease of $9.4 million resulted primarily from: (i) a decrease in net income to $37.2 million in the year ended December 31, 2010, from $68.6 million in the year ended December 31, 2009, mainly as a result of the decrease in operating income, as described above; (ii) a gain on acquisition of controlling interest of $36.9 million in the year ended December 31, 2010; (iii) a gain on sale of GDL of $6.4 million in the year ended December 31, 2010; and (iv) a net decrease in deferred income taxes of $10.1 million in the year ended December 31, 2010, compared to a net increase of $4.0 million in the year ended December 31, 2009. Such decrease was partially offset by: (i) an increase of $22.4 million in depreciation and amortization mainly due to the placement in service of our North Brawley power plant in January 2010, as described above; (ii) a gain from extinguishment of liability of $13.3 million in the year ended December 31, 2009; (iii) a net decrease in costs and estimated earnings in excess of billings on uncompleted contracts of $8.7 million in the year ended December 31, 2010, compared to a net increase of $20.0 million in the year ended December 31, 2009; and (iv) an increase in accounts payable and accrued expenses of $9.7 million in the year ended December 31, 2010, compared to a decrease of $2.1 million in the year ended December 31, 2009.
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