Ormat Technologies (ORA) FY2020 results: revenue $705 million, down 5.5% on the year
Ormat Technologies, Inc. (ORA) reported revenue of $705 million for fiscal 2020, the year ended 31 December 2020, down 5.5% on the year before. Net income was $85 million, down 3.0%, and diluted earnings per share $1.65. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$705 million
-5.5% on the year
FY2013FY2020
Operating margin
30.3%
26.0% a year earlier
FY2013FY2020
Net income
$85 million
-3.0% on the year
FY2013FY2020
Diluted EPS
$1.65
-4.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
705
746
719
-5.5%
Cost of revenue
429
477
449
-10.0%
Gross profit
276
269
270
+2.6%
Gross margin
39.2%
36.1%
37.6%
Research and development
5.4
4.6
4.2
+16.1%
Operating income
214
194
185
+10.4%
Operating margin
30.3%
26.0%
25.7%
Interest expense
78.0
80.4
70.9
-3.0%
Pre-tax income
169
137
137
+22.9%
Income tax
67.0
45.6
34.7
+46.9%
Effective tax rate
39.7%
33.2%
25.3%
Net income
85.5
88.1
98.0
-3.0%
Net margin
12.1%
11.8%
13.6%
Diluted EPS
$1.65
$1.72
$1.92
-4.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
265
236
146
+12.1%
Capital expenditure
321
280
259
+14.6%
Free cash flow
-55.7
-43.5
-113
Free cash flow margin
-7.9%
-5.8%
-15.7%
Cash from investing
-386
-255
-342
Cash from financing
503
-5.8
251
Depreciation and amortisation
157
149
132
+5.3%
Share-based compensation
9.8
9.4
10.2
+5.0%
Buybacks
0.0
n/a
n/a
Dividends paid
22.5
22.4
26.8
+0.4%
Dividend per share
$0.44
$0.44
$0.53
0.0%
Diluted shares, weighted
52m
51m
51m
+1.4%
Shares outstanding at period end
56m
51m
51m
+9.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,806
1,392
1,320
+29.7%
Non-controlling interest
135
123
125
+10.1%
Redeemable equity
9.8
9.2
8.6
+6.3%
Deposits
n/a
n/a
12.0
Debt
1,474
1,238
1,268
+19.1%
Operating lease liabilities
12.9
14.0
0.0
-7.9%
Finance lease liabilities
9.1
11.2
0.0
-18.8%
Other liabilities
442
463
388
-4.6%
Total liabilities and equity
3,889
3,250
3,121
+19.6%
Fixed assets
2,099
1,971
1,960
+6.5%
Goodwill
24.6
20.1
19.9
+22.0%
Intangible assets
194
186
200
+4.4%
Securities held for sale or to maturity
0.0
n/a
n/a
Cash and equivalents
448
71.2
98.8
+529.8%
Receivables
149
155
138
-3.5%
Inventory
35.3
34.9
45.0
+1.1%
Other assets
938
812
661
+15.5%
Total assets
3,889
3,250
3,121
+19.6%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.