Infratil Limited · NZX:IFT
Infratil — Tilt Renewables — H1 FY2020 Earnings Presentation
19 slides from Infratil's earnings presentation, November 2019
Slide 1: Tilt Renewables Interim Results
TILT RENEWABLES INTERIM RESULTS 6 MONTHS TO 30 SEPTEMBER 2019
Slide 2: Half Year Results – 1H FY20 Balanced Scorecard
HALF YEAR RESULTS – 1H FY20 BALANCED SCORECARD A STRONG YEAR FOR THE COMPANY Half year FY20 result Units 1H FY20 1H FY19 ∆ Operating results reflect growing portfolio Safety – 12-month TRIFR per 1M hrs 11.7 8.2 +43% • Rolling safety statistics are still recovering from disappointing Production (en
Slide 3: Operational and Development Project Update
OPERATIONAL AND DEVELOPMENT PROJECT UPDATE 636 MW, 322 TURBINES OPERATIONAL 469 MW, 111 TURBINES UNDER CONSTRUCTION Omamari Potential capacity: 70 MW (wind) Chewko Potential capacity: 80 MW (solar) North Creek Potential capacity: Waipipi 330 MW (wind) Under Construction 2019: Dysart 133 MW (wind) Po
Slide 4: Strategy: Balanced Focus on Delivery and Optimisation
STRATEGY BALANCED FOCUS ON DELIVERY AND OPTIMISATION OF THE EXISTING PORTFOLIO Delivery | Late Stage | Early to Mid Stage 469MW 1GW+ 2.4GW+ Portfolio Growth Price 2.9 “Our strategy is to have a range of late-stage, shovel Delivery Focus ready projects in both Australia and New Zealand and be r
Slide 5: Project Delivery Update
PROJECT DELIVERY UPDATE THE DUNDONNELL WIND THE WAIPIPI WIND FARM FARM REPRESENTS A REPRESENTS A NZ$277M FURTHER A$260 MILLION PROJECT WITHOUT THE OF SHAREHOLDER EQUITY NEED FOR FURTHER AT WORK SHAREHOLDER EQUITY Tilt Renewables 1H FY20 Interim Results 5
Slide 6: Dundonnell Wind Farm Project Update
DUNDONNELL WIND FARM PROJECT UPDATE Wind Farm Works • No recordable injuries in 265,000 hours work • 32 foundations poured, further 7 excavated • 27km of internal roads completed, 9km of underground cable installed • Tower, hub deliveries started 28 October 2019 Connection / Transmission Works • 74
Slide 7: Waipipi Wind Farm Project Update
WAIPIPI WIND FARM PROJECT UPDATE Wind Farm Works • Financial Close achieved and Notice To Proceed issued on 6 September 2019 • No lost time injuries in 5,000 hours work • Health and safety systems established • Civil construction enabling works completed • Council permission to start construction no
Slide 8: Snowtown Wind Farm Strategic Review and Refinancing
SNOWTOWN 2 WIND FARM STRATEGIC REVIEW AND REFINANCING Snowtown 2 Wind Farm Strategic Review • Strategic review announced June 2019, process is ongoing • Operationally Snowtown 2 is a high performing asset supported by long term PPA and OMA • Portfolio debt structure has been optimised to allow poten
Slide 9: 1H FY20 Financial Results
1H FY20 FINANCIAL RESULTS ,) SY ese Tee uP x } yy * WS ~ Ba)
Slide 10: Health & Safety
HEALTH & SAFETY SIX MONTHS TO 30 SEPTEMBER 2019 Applying learnings to improved health & safety performance • 1H FY20 HSE lagging indicators improving vs TRIFR of 24.6 at 31 March 2019, but still more work to do • Increased reporting of leading indicators (more observations across more areas) • Civil
Slide 11: Community Engagement
COMMUNITY ENGAGEMENT SIX MONTHS TO 30 SEPTEMBER 2019 Significant increase in our community engagement footprint • Benefit sharing programs for Dundonnell being implemented, including: • Installation of domestic solar and battery solutions as part of the Dundonnell Mini-Grid; • Celebration of Safe Ho
Slide 12: Operational Performance Overview
OPERATIONAL PERFORMANCE OVERVIEW SIX MONTHS TO 30 SEPTEMBER 2019 Operating performance % % Production 1H FY20 1H FY19 vs prior vs long-term • Half-year production from the Australian assets was up 22GWh (or 3%) on the prior corresponding (GWh) period expectation period. Salt Creek Wind Farm was th
Slide 13: Financial Performance: EBITDAF Bridge
FINANCIAL PERFORMANCE EBITDAF BRIDGE Earnings Before Interest, Tax, Depreciation, Amortisation, Fair Value Movements of Financial Instruments (A$M) 9.0 (2.3) 1• Australian revenue uplift driven by full 6 1 month contribution from Salt Creek Wind Farm and higher spot electricity and LGC (1.4) 1.2 (3.
Slide 14: Financial Performance: Balance Sheet
FINANCIAL PERFORMANCE BALANCE SHEET Cash and financial assets movement $(34.9M) Summary of 30-Sep-19 31-Mar-19 equity • Net cashflow movement, largely driven by the construction milestone payments for balance sheet (A$M) the Dundonnell and Waipipi projects during 1H FY20 Cash 26.1 94.9 (68.8) • Fi
Slide 15: Financial Performance: Balance Sheet
FINANCIAL PERFORMANCE BALANCE SHEET Bank loans movement $25.4M • Net decrease in borrowing reflect scheduled principal repayments during the period. The outstanding bank debt as at 30 September 2019 was A$654M • Dundonnell construction debt of $228M remains undrawn as at 30 September 2019 and will b
Slide 16: Financial Performance: Treasury
FINANCIAL PERFORMANCE TREASURY • Net debt increased by $43.4M to $615.3 M during the six months to 30 A$M Debt maturity profile before Snowtown 2 refinancing September 2019 due to: 700 • Bank debt decrease of $25.4M as a result of amortisation (principal repayment) and 600 favourable FX movements of
Slide 17: FY19 Dividends and FY20 Earnings Guidance
FY19 DIVIDENDS AND FY20 EARNINGS GUIDANCE STRONG CASHFLOW TO SUPPORT GROWTH 1H FY20 cashflow FY20 earnings guidance • Strong cash flow generated from operating asset portfolio driven by Area 1H FY20 actual 2H FY20 guidance growing revenue, but partially offset by timing of LGC receipts (weighted to
Slide 18: Governance: Board of Directors
GOVERNANCE BOARD OF DIRECTORS “Tilt Renewables has a diverse and experienced Board with 3 independent directors” Directors Audit and Risk Health, Safety, People, New Zealand Committee Environment and Remuneration and Business Committee Community Nominations Committee Committee Bruce Harker Chair Cha
Slide 19: Questions
QUESTIONS Tilt Renewables 1H FY20 Interim Results 19