Australian power producer Tilt Renewables Ltd (NZE:TLT) posted a 55% year-on-year drop in EBITDAF in the six months ended September 30 but kept its guidance for the full 2020/21 fiscal year.
The company closed its first fiscal half with earnings before interest, tax, depreciation, amortisation and fair value movements (EBITDAF) of AUD 31.8 million (USD 23.2m/EUR 19.6m), down from AUD 71.4 million a year earlier. This decrease was caused by a 45.9% decline in revenues, which fell after the sale of the 270-MW Snowtown 2 wind farm in South Australia at end-2020 that aimed to free up capital for opportunities in Tilt's development pipeline. The delay of the commissioning of its 336-MW Dundonnell wind park in Victoria and negative currency exchange rate movements were also major contributors to the decrease.
Net profit in April-September came at AUD 26.8 million, up from AUD 11.9 million a year ago. The following table gives more details about the company’s performance in the six months.
|Amounts in AUD
||H1 FY 2020/21
||H1 FY 2019/20
|Power output (GWh)
No interim dividend will be paid for the reporting period.
The Aussie firm’s power plants generated 813 GWh of electricity, as compared to 1,062 GWh a year earlier. It noted that over 25% of the total output, or some 233 GWh, were produced during the commissioning of the 80-turbine Dundonnell wind park. The power plant is currently undergoing staged commissioning, which is expected to be completed in the first quarter of 2021. Tilt expects that it will be able to export electricity from 300 MW of the overall capacity by the end of this year. On November 9, it began feeding power from 226 MW.
Meanwhile, construction is ongoing at the 133-MW Waipipi wind park in New Zealand and the project is on track to be completed as planned in the first quarter of 2021.
For the full fiscal year ending March 31, 2021, Tilt confirmed its previous guidance for EBITDAF of between AUD 65 million and AUD 80 million. It pointed out that its financial results depend on the timing and full commissioning of the Dundonnell and Waipipi plants.
(AUD 1.0 = USD 0.729/EUR 0.615)
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