Tilt Renewables — FY2021 Earnings Presentation
25 slides from Tilt Renewables's earnings presentation, May 2021
Slide 1: FY2021 Full Year Results
TILT Waipipi Wind Farm Completed 5 March 2021 RENEWABLES FY2021 FULL YEAR RESULTS
Slide 2: TLT Vision & Values
FY21 FINAL RESULTS TLT VISION & VALUES VISION To drive the transition to renewables through everything we do WE ARE PEOPLE POWERED WE GET IT DONE WE LEAD We are powered through people and We do what we say we will because we We call the future as we see it. We’re we make a difference together. belie
Slide 3: The TLT Formula for Ongoing Success
FY21 FINAL RESULTS THE TLT FORMULA FOR ONGOING SUCCESS TLT Platform Characteristics TLT Vision & Values TLT Competitive Advantages Size 500 MW Operating TO DRIVE THE TRANSITION TO 336 MW Final Commissioning RENEWABLES THROUGH Partner of Portfolio 9 operational assets across EVERYTHING WE DO choice f
Slide 4: Highlights Over Past Months
FY21 FINAL RESULTS HIGHLIGHTS OVER PAST 12 MONTHS SALE ANNOUNCEMENT EMISSIONS-FREE ENERGY PRODUCED 133MW OPERATING MW 500 NZ$ 8.10 1,840GWh WAIPIPI COMPLETE COMMISSIONING MW 336 Current per share offer under the SIA representing a 107% premium to the TLT share price prior to Infratil’s strategic Wit
Slide 5: Balanced Scorecard
FY21 FINAL RESULTS BALANCED SCORECARD FY21 results FY21 FY20 Change % Key context items • Revenue and EBITDAF lower than FY20, Safety – Total Recordable Injury largely driven by the roll-off of Snowtown 2 per 1M hrs 5.9 10.7 (45%) Frequency Rate (TRIFR) (divested of in December 2019) and softer prod
Slide 6: TLT Continues to Deliver Value to Shareholders
FY21 FINAL RESULTS TLT CONTINUES TO DELIVER VALUE TO SHAREHOLDERS “A shareholder who invested in TLT upon demerger in 2016, who Over the past 12 months, the TLT platform has gone from strength to participated in the entitlement offer in 2019 and capital return in 2020 strength and now has a market c
Slide 7: Infratil Strategic Review & Sale of TLT Platform
FY21 FINAL RESULTS INFRATIL STRATEGIC REVIEW & SALE OF TLT PLATFORM Following Infratil’s strategic review of its investment, TLT’s board has entered into a Scheme Implementation Agreement with Powering Australian Renewables (PowAR) and Mercury NZ Limited (Mercury). Under the proposed SIA, TLT shareh
Slide 8: Delivering on TLT's Strategy
FY21 FINAL RESULTS DELIVERING ON TLT’S STRATEGY AUSTRALIA NEW ZEALAND Dundonnell Wind Farm Waipipi Wind Farm ✓ Completion achieved March 2021 WTG installation & energisation ✓ WTG installation & energisation ✓ ✓ ✓ 3 Offtake Agreements commenced Civil and Transmission Construction Commencement of Off
Slide 9: Project Delivery Update
PROJECT DELIVERY UPDATE Waipipi Wind Farm Final turbine rotor lift 12th February 2021 Tilt Renewables FY21 Final Results 9
Slide 10: Dundonnell Wind Farm Project Update
FY21 FINAL RESULTS DUNDONNELL WIND FARM PROJECT UPDATE Dundonnell Wind Farm (DDWF) Construction & Commissioning • All 80 WTGs installed and individually commissioned 633GWh • No LTIs recorded during project FY21 DUNDONNELL • Despite commissioning delays experienced, DDWF is COMMISSIONING currently a
Slide 11: Waipipi Wind Farm Project Update
FY21 FINAL RESULTS WAIPIPI WIND FARM PROJECT UPDATE Waipipi Wind Farm (WWF) Construction • On time and on budget delivery • Wind farm completion was achieved 5 March 2021, largely in line with expected delivery program 107GWh GWh contributed • Multi-contract strategy successfully implemented with ti
Slide 12: Operational and Financial Results
FY21 OPERATIONAL AND FINANCIAL RESULTS Dundonnell Wind Farm Tilt Renewables FY21 Final Results 12
Slide 13: Health and Safety
FY21 FINAL RESULTS HEALTH AND SAFETY Health and Safety - Powered by our People COVID-19 Safe Approach • TLT provides a working environment that encourages our people • All Melbourne based staff worked from home for the majority of to always “Think Safety”. With the care and respect of our 2020 in li
Slide 14: Health & Safety – TLT approach
FY21 FINAL RESULTS HEALTH AND SAFETY Health & Safety – TLT approach • TLT has refreshed its approach to Health & Safety risk management to improve future performance across the growing platform • TLT collaborated with industry leaders to develop a Maturity Model that is “fit-for-purpose” • Focus is
Slide 15: Operational Performance
FY21 FINAL RESULTS OPERATIONAL PERFORMANCE Operating performance robust, positioned for growth Production and revenue – 12 months to 31 March 2021 • Year on year comparisons skewed by SWF2 exit & FY21 FY20 YoY FY21 FY20 YoY Revenue Revenue Revenue % Production Production Production DDWF/WWF startup
Slide 16: EBITDAF Comparison to Prior Year
FY21 FINAL RESULTS EBITDAF COMPARISON TO PRIOR YEAR Group EBITDAF A$M Uplift from 107GWh Uplift from 633GWh production since of FY21 Dundonnell November 2020. Lower Australia revenue production. Fully operational driven softer production, soft Commissioning March 2021 Snowtown 1 merchant pricing ong
Slide 17: 3-Year Performance
FY21 FINAL RESULTS 3-YEAR PERFORMANCE Revenue A$M TLT ex DDWF & WWF & SWF2 Basic earnings per share (A$ cents per share) Snowtown 2 Dundonnell & Waipipi 120 250 193 100 200 170 80 150 128 60 101.75 100 40 50 20 2.59 16.70 0 0 FY19 FY20 FY21 FY19 FY20 FY21 EBITDAF A$M TLT ex DDWF & WWF & SWF2 Net Ass
Slide 18: Treasury – Gearing Remains Low, Positioned for Rye Park Financing
FY21 FINAL RESULTS TREASURY– GEARING REMAINS LOW, POSITIONED FOR RYE PARK FINANCING Gearing levels provide headroom for future growth • Group Debt increased by A$228M across FY21 primarily comprising 60% DDWF / WWF construction facility drawdowns totally ~A$246M partially Uplift due to $258M offset
Slide 19: Capital Management – Strong Liquidity to Fund Rye Park Equity
FY21 FINAL RESULTS CAPITAL MANAGEMENT– STRONG LIQUIDITY TO FUND RYE PARK EQUITY • Period end cash and investments (financial assets) position of A$313M Cashflow Operational Capital Mgmt Growth • Liquid investments (>A$150M) and cash movement (>A$150M) available for Rye Park project equity (A$M) 46 (
Slide 20: Outlook for FY22
TLT PLATFORM CONTINUES TO RAMP UP OUTLOOK FOR FY22 Driver Australian business New Zealand business Production ▲ DDWF production expected to reach full ▲ WWF fully operational for the entirety of FY22 production by Q4 2021 Energy ◄► Highly contracted Dundonnell and Salt Creek ◄► Pricing broadly in li
Slide 21: Questions & Answers
QUESTIONS & ANSWERS Dundonnell Wind Farm 21
Slide 22: Financial Statements
FY21 FINAL RESULTS FINANCIAL STATEMENTS All figures in A$ millions Summarised Income Statement FY21 FY20 Summary Balance Sheet 31-Mar-21 31-Mar-20 Electricity revenue 127.4 168.8 (24%) Cash 155.3 228.8 (73.5) Other operating revenue 0.9 1.5 (39%) Financial assets 158.4 450.0 (291.6) Operating re
Slide 23: Notes on Financial Information
FY21 FINAL RESULTS 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
Slide 24: Tilt Renewables Asset Portfolio
FY21 FINAL RESULTS TILT RENEWABLES ASSET PORTFOLIO Asset Phase Installed Location Commissioned FY21 FY21 Capacity FY21 Offake Offtake MW GWh Factor Availability (Energy) (LGCs) Snowtown 1 Operational 101 SA 2008 308.9 35% 96.0% Merchant + near-term Merchant + forward sales hedges Salt Creek Operatio
Slide 25: Disclaimer
FY21 FINAL RESULTS 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 n