Tilt Renewables — FY2019 Earnings Presentation
23 slides from Tilt Renewables's earnings presentation, May 9, 2019
Slide 1: Full Year Results for the 12 months ending 31 March 2019
Full Year Results for the 12 months ending 31 March 2019 9 May 2019
Slide 2: Business is focused on performing across the asset life cycle
Business is focused on performing across the asset life cycle Operational Shareholder Pipeline Performance Value Growth Enhancement • Safety performance to be • Salt Creek 54MW • Liverpool 1GW acquired improved delivered • Consented solar 660MW • Asset availability 96.5% • Dundonnell 336MW in • Tota
Slide 3: Full year results – FY2019 Balanced Scorecard
Full year results – FY2019 Balanced Scorecard Full year FY19 result Units FY2019 FY2018** Delta % Safety – rolling 12 month TRIFR per 1M hrs 24.6 14.2 ⚫ 73% Production (energy sent out) GWh 2,054 1,796 ⚫ 14% Revenue A$M 193.3 158.0 ⚫ 22% Generation costs A$M (37.8) (31.2) ⚫ (21%) Corp
Slide 4: Sustainable stakeholder value created in FY2019
Sustainable stakeholder value created in FY2019 Generating shareholder value… - 12 month price up NZ$0.45 (+23.7%) as of 7 May 2019 - Equity raise completed at a premium to renouncing investors - Share price currently NZ$0.60 ahead of offer price … and environmental and financial dividends - More th
Slide 5: Growth strategy execution update
Growth strategy execution update
Slide 6: Operational and Development Projects - Geographical View
Operational and Development Projects - Geographical View 636 MW operational across 322 turbines → 973 MW with Dundonnell across 402 turbines 06
Slide 7: Growth of high certainty earnings base via long term offtake contracting
Growth of high certainty earnings base via long term offtake contracting Revenue Contract Mix (incl. Dundonnell) • Dundonnell contracted at 87% - maintains room for Portfolio generation GWh per annum further merchant exposure in portfolio 4,000 Uncontracted Production Existing Contracts • Majority o
Slide 8: Dundonnell Wind Farm – Project update
Dundonnell Wind Farm – Project update Construction update • Civil works progressing as anticipated – public road sealed, access tracks progressing and two wind turbine foundations excavated • Onsite quarry exporting material, site compound delivered • Long-lead procurement complete, design workstrea
Slide 9: Waverley Wind Farm – Project update
Waverley Wind Farm – Project update Offtake and delivery contract negotiations progressing • Strategic offtake relationship with Genesis Energy to assist with their generation portfolio decarbonisation o Intention to negotiate long-term revenue offtake contract for Waverley Wind Farm (announced Octo
Slide 10: A strategy that positions TLT for growth as market transitions occur
A strategy that positions TLT for growth as market transitions occur Clear growth Australia New Zealand strategy aligned with low carbon energy Energy & Climate will be Federal transition election issues Market activity is increasing as supply tightens Price 2.9 COP21 reductions remain ✓ Developme
Slide 11: Portfolio optimisation is an ongoing and iterative process
Portfolio optimisation is an ongoing and iterative process Development pipeline Successful portfolio development Assets Capital requires flexibility and agility … Liverpool Rye Park Right projects Asset Capital management Waverley management Right - expansions - reinvestment markets - life extension
Slide 12: FY2019 Financial Results
FY2019 Financial Results • Health, Safety and Environment • Operating performance • Financial performance • Treasury • Capital management • Outlook for FY2020
Slide 13: Health, Safety, Environment and Community in FY2019
Health, Safety, Environment and Community in FY2019 Applying learnings to improved Health & Safety performance Safety performance –12 months to 31 March 2019 • FY2019’s health and safety performance is below expectations Measure 12 month performance TRIFR 1 24.6 per million work hours • Increased co
Slide 14: Operational performance overview
Operational performance overview Asset performance – 12 months ending 31 March 2019 Operating performance • Full-year production from the Australian assets was up 170GWh (or FY2019 FY2018 % % 14%) on the prior corresponding period. Approximately 80% of this vs prior vs long-term period expectation
Slide 15: Financial Performance - variance to prior period
Financial Performance - variance to prior period • FY2019 EBITDAF of $134.8 million was $31.1M or 30% up on the prior period, predominantly due to increased production and development cost capitalisation. These increases were partially offset by increased generation and admin costs. Group EBITDAF -
Slide 16: Financial Performance - Balance Sheet
Financial Performance - Balance Sheet Key movements during FY2019 Summary Balance Sheet – A$M 31-Mar-19 31-Mar-18 Cash and financial assets movement $(274M) equity Cash 95 46 ⚫ 49 • Net cashflow movement, largely driven by March 2019 equity raise ($260M) which is held as cash and financial assets
Slide 17: Treasury – robust debt serviceability ahead of mid year refinance activity
Treasury – robust debt serviceability ahead of mid year refinance activity Debt maturity profile (excludes ongoing amortisation) • Net debt increased $1.6M to $595M during 12 months to 31 March 2019 due to: – Bank debt increase of $51M in period as a result of $70M drawdown of Dundonnell constructio
Slide 18: Capital management - Cash position
Capital management - Cash position Cash flow waterfall (A$M) – 12 months to 31 March 2019 • Total cash position of $95M at 31 March 2019 plus 450 $225M of financial assets (investments) of 400 Dundonnell equity raise proceeds set aside for Net Interest (27.3) future capex 350 70.1 Principal (39.0) (
Slide 19: Operational outlook for FY2020
Operational outlook for FY2020 FY2020 earnings reflects portfolio before Dundonnell Area Relative to FY2019 • Full year 12 months of Salt Creek under Meridian PPA Production P50 assumed, Salt Creek full year • P50 portfolio production circa 2 TWh offset by some SA curtailment • Energy pricing refl
Slide 20: Notes on financial information
Notes on financial information Notes on currency conventions 1. All financial information in this publication is presented in Australian dollars unless otherwise specified. Notes on non-GAAP Measures 2. EBITDAF is a non GAAP financial measure but is commonly used within the energy and infrastructure
Slide 21: Disclaimer
Disclaimer This presentation is issued by Tilt Renewables Limited. While all reasonable care has been taken in the preparation of this presentation, Tilt Renewables Limited and its related entities, directors, officers and employees (collectively “Tilt Renewables”) do not accept, and expressly discl
Slide 22: Thank you
THANK YOU
Slide 23: APPENDIX - Tilt Renewables asset portfolio
APPENDIX - Tilt Renewables asset portfolio Installed FY2019 FY2019 Offtake Offtake Asset Phase Location Commissioned MW GWh Capacity Factor (Energy) (LGCs) Snowtown 1 Operational 101 SA 2008 349 39% Merchant Merchant + forward sales Snowtown 2 Operational 270 SA 2014 884 37% Origin (to 2030 plus opt