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Full Year Results Presentation Year Ended 31 December 2017 Full Year Results Presentation Year Ended 31 December 2017 7 MARCH 2018 Disclaimer Summary Information This Presentation contains a summary of information about Windlab Limited ACN 104 461 958 (Windlab), its subsidiaries, and its activities which are current as at the date of this Presentation. No representation or warranty, express or implied, is provided in relation to the accuracy, reliability or completeness of any statements, estimates or opinions, conclusions or other information provided in this Presentation. Statements in this Presentation are made only as of the date of this Presentation unless otherwise stated and the information in this Presentation remains subject to change without notice. Subject to its obligations under applicable law, Windlab is not responsible for updating, nor undertakes to update, this Presentation. Not an Offer The information contained in this Presentation has been prepared solely for informational purposes. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in Windlab. Forward looking statements This Presentation may contain forward looking statements including statements regarding Windlab’s intent, belief or current expectations with respect to its businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Windlab has no obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances or the occurrence of unanticipated events. Disclaimer No representation or warranty is or will be made by any person (including Windlab and its related bodies corporate and affiliates and their officers, employees, associates, advisers and agents) in relation to the accuracy or completeness of all or part of this document, or any constituent or associated Presentation, information or material. WINDLAB LIMITED 2 About Windlab Australian based, ASX listed, international renewable energy 9 projects development company Completed1 1093 MW WindScapeTM provides distinct, technology based competitive advantage Total 50 projects development Operate across the whole wind farm development value chain pipeline >7,000 MW Track record of project success, strong growth and profitability Near term development 9 projects Growing portfolio of operating interests and asset management pipeline 914 MW revenues (permitted) Capacity under management 350 MW Brisbane Note 1: Includes projects which have reached financial close and are either under construction or operating. Global Offices WINDLAB LIMITED 3 What we do Apply science to develop, construct and operate better wind farms internationally WIND FARM PROJECT LIFECYCLE ~3 – 7 Years ~1 – 2 Years 25+ Years Costs: ~A$2 – 5Million/project ~A$2M/MW WIND FARM VALUE CREATION Development Returns Infrastructure Returns 5 to 10X IRRs 8% to 15% WINDLAB LIMITED 4 Highlights ▪ Kennedy Energy Park reached financial close in October and commenced construction in December. Kennedy Energy Park is expected to reach commercial operation late in 2018 ▪ Australia’s largest current wind energy project, Coopers Gap Wind Farm reached financial close in August 2017. Owned by AGL’s related PARF fund, Coopers Gap Wind Farm was identified and initially developed by Windlab and sold in 2010. The Projects Company received a $10.3 million final milestone success payment in August 2017 ▪ Kiata wind farm completed commission and performance testing and commenced operation in December 2017 ▪ Sale of royalty rights over certain projects in the Western Cape of South Africa to Engie ▪ Joint Venture established in Mozambique with Globeleq ▪ Lakeland Wind Farm received development approval in February 2018 ▪ Revenue totalled $23.3 million (increase of 36.3% on 2016) and in line with the prospectus forecasts ▪ Recurring revenues, comprising royalties, asset management fees, and share of profit from operating projects totalled $3.1 million (increase of 86% on 2016) comprising Windlab’s first full year of asset management fees at Kiata and Ararat Financials ▪ Invested $29 million in Kennedy Energy Park, funding Windlab’s 50% interest in constructing the project ▪ Careful control of costs contributing to a result $2.1 million ahead of prospectus forecasts on a statutory NPAT basis and strong cash flow from operating activities of $12.0 million ▪ $14 million cash in the bank (66% increase year on year), and a modest level of gearing with $4.8 million of debt (68% decrease year on year) ▪ Recurring revenues are expected to grow in 2018 with the inclusion of a full year of asset management fees from Kennedy Energy Park, and a full year of operating profit share from Kiata ▪ Lakeland was approved in early February 2018 for a capacity of around 100MW – continue to work on finalising Outlook development, targeting financial close in mid 2018 ▪ Big Kennedy is progressing through development, with environmental studies continuing, and a submission made to the Powerlink “Powering North Queensland Plan” study. Targeting Q4 2018 for submission of development approval WINDLAB LIMITED 5 Financial Snapshot Revenue Operating cash flow $23.4m 36% $12.0m 775% EBITDA Cash $15.5m 161% $14.2m 66% NPAT External debt $9.5m 188% $4.8m 68% Windlab has delivered strongly on its prospectus forecasts. The financial close of Kennedy Energy Park and Coopers Gap, and careful control of costs have contributed to EBITDA $2.1 million ahead of the statutory prospectus forecast. Recurring revenues1 continue to grow as a proportion of total revenue. Note 1: Recurring revenue comprises royalties, asset management fees, and share of profit from operating projects WINDLAB LIMITED 6 1. Key Projects in 2017 WINDLAB LIMITED 7 Developments ▪ Reached Financial Close in October 2017, with Windlab investing $29 million to retain a 50% equity interest in the project ▪ Mobilised and under construction with commercial operations expected Q4 2018. Demonstrating high penetration renewable generation, closely matching network demand ▪ Industry-first Wind-Solar-Battery hybrid ▪ Development site sold to AGL in 2010 and is now the largest wind farm in Australia ▪ Reached Financial Close August 2017. Windlab received a $10.3 million final milestone success payment. Windlab now has no ongoing interest in the project Coopers Gap Wind Farm ▪ Brings Windlab’s total assets developed to over 1GW ▪ Construction complete with first generation of electricity at the end of October 2017 ▪ Commissioning and testing complete December 2017 ▪ $277k share in equity accounted profit for the part year WINDLAB LIMITED 8 Developments ▪ ~60MW of capacity in Ohio, USA ▪ Option Agreement Exercised - US$4.25m option exercised by Allete Clean Energy; final documentation underway ▪ Financial close expected in late 2018/early 2019 ▪ In early February 2018 Lakeland Wind Farm was approved for up to 30 wind turbines and all necessary electrical infrastructure to connect the project to the national electricity network. It is expected to have a name plate capacity of around 100MW subject to final turbine type selection and site optimisation ▪ Offer to connect received. Currently in offtake and financing process ▪ Financial close targeted for mid 2018 ▪ ~100MW of Capacity in Tanzania ▪ Environmental studies complete Miombo Hewani Wind Farm ▪ Wind monitoring mast and sonic detection and ranging deployed ▪ Financing and offtake ongoing ▪ Established a Joint Venture with Globeleq to jointly develop a portfolio of sites in Mozambique Other key developments ▪ ~500MV of approved capacity in South Africa ▪ Secured various new sites in Australia with initial capacity estimated of 550MW WINDLAB LIMITED 9 Existing Asset Management Contracts 58.4MW Size 19.8MW 240MW 31.05MW (wind, solar storage) Location Victoria Victoria Victoria Queensland Nil - managed on Windlab equity 3.5% behalf of third party 25.0% 50.0% ownership owners 5 years, with a 5 year 20 years, CPI 10 years, CPI 20 years, CPI extension option, CPI Contract terms indexed. Commenced indexed. Commenced indexed. Commenced indexed. Commenced in 2016 in 2016 in 2017 in 2017 Note 1: Assumes assets are operating for a full year WINDLAB LIMITED 10 2. Financials WINDLAB LIMITED 11 2017 Statutory P&L v Prospectus Prospectus 2017 Variance Forecast Revenue & Equity Accounted Profit $ $ 1 In line with forecast Revenue 23,286 23,232 +54 Direct Costs (2,716) (3,201) -485 Gross margin 20,570 20,031 +539 Direct & G&A Costs Well controlled with no impact on development progress 2 Prospectus forecast was cautious Other income 930 600 +330 Includes one-off IPO charge of $0.68m Share of (loss)/profit from 299 275 +24 associates – operating projects General and admin expenses (6,275) (7,438) +1,163 Other Income includes government grants in Australia, Tanzania, 3 EBITDA 15,524 13,468 +2,056 slightly above forecast Depreciation and amortisation (149) (300) +151 Finance costs (958) (685) -273 Profit before income tax 14,417 12,483 +1,934 Finance costs Above forecast due to one off charges associated 4 with conversion of insider and pre-IPO convertible notes, as well as Income Tax (expense)/benefit (4,913) (5,128) +215 lower than forecast capitalisation rates Profit after Tax 9,504 7,355 +2,149 WINDLAB LIMITED 12 Revenue Growth 25000 20000 15000 10000 5000 0 2014 2015 2016 2017 Asset Management Fees Royalties Equity Accounted Share of Profit from Associates Development Revenue WINDLAB LIMITED 13 Operating EBITDA Operating EBITDA 18000 16000
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