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Infigen Energy – Fy14 Annual Financial Report

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Infigen Energy – Fy14 Annual Financial Report 29 September 2014 INFIGEN ENERGY – FY14 ANNUAL FINANCIAL REPORT Infigen Energy (ASX: IFN) advises that the attached Annual Financial Report for the Infigen Energy Group for the year ended 30 June 2014, which includes the Annual Financial Report for Infigen Energy Trust, was despatched to securityholders today. The report is also available on Infigen’s website: www.infigenenergy.com ENDS For further information please contact: Richard Farrell, Investor Relations Manager Tel +61 2 8031 9900 About Infigen Energy Infigen Energy is a specialist renewable energy business. We have interests in 24 wind farms across Australia and the United States. With a total installed capacity in excess of 1,600MW (on an equity interest basis), we currently generate enough renewable energy per year to power over half a million households. As a fully integrated renewable energy business, we develop, build, own and operate energy generation assets and directly manage the sale of the electricity that we produce to a range of customers in the wholesale market. Infigen Energy trades on the Australian Securities Exchange under the code IFN. For further information please visit our website: www.infigenenergy.com INFIGEN ENERGY INFIGEN | ANNUAL REPORT 2014 INFIGEN ENERGY ANNUAL REPORT 2014 A LEADING SPECIALIST RENEWABLE ENERGY BUSINESS CONTENTS 02 Business Highlights 51 Directors’ Report 04 About Us 56 Remuneration Report 06 Chairman’s Report 68 Auditor’s Independence Declaration 08 Managing Director’s Report 69 Financial Statements 12 Management Discussion and Analysis 75 Notes to Financial Statements 33 Safety and Sustainability 137 Directors’ Declaration 38 Infigen Board 138 Independent Auditor’s Report 40 Infigen Management 140 Additional Investor Information 42 Corporate Governance Statement 143 Glossary 43 Corporate Structure 145 Corporate Directory All references to $ is a reference to Australian dollars and all years refer to financial year ended 30 June unless specifically marked otherwise. INFIGEN ENERGY ANNUAL REPORT 2014 | 1 BUSINESS HIGHLIGHTS We successfully implemented cost savings initiatives and generated $93.5 million in cash to repay liabilities PRODUCTION REVENUE EBITDA INCREASED BY INCREASED BY INCREASED BY 1% 6% 7% to 4,670 GWh to $303 million to $170 million GLOBAL FACILITY PROFIT ON SALE ACQUISITION BORROWINGS OF US SOLAR OF US CLASS A REDUCED BY DEVELOPMENTS INTERESTS $35.3M $4.4M US$95M 2 | INFIGEN ENERGY ANNUAL REPORT 2014 INCREASE IN REVENUE 303 286 $17M 267 ($ million) FY12 FY13 FY14 INCREASE IN EBITDA 170 158 $12M 141 ($ million) FY12 FY13 FY14 INCREASE IN NET 96 OPERATING CASH FLOW 84 $12M 62 ($ million) FY12 FY13 FY14 BUSINESS HIGHLIGHTS | 3 ABOUT US DEVELOPER OWNER OPERATOR Infigen Energy has an extensive Infigen Energy owns interests Infigen Energy manages predictive and geographically diverse in 24 operating wind farms and and preventive maintenance pipeline of prospective renewable one solar farm (1,646 megawatts programs, supply chain, maintenance energy projects at various stages equity interest) across Australia management systems, inventory of development. and the US. In Australia, Infigen optimisation, and the development and capabilities of our workforce to Site identification and landowner has six operational wind farms negotiations. with a total operating capacity of maintain and improve operating 556.6 megawatts, where it holds cost competitiveness. Wind and solar radiance 100% equity interests and the monitoring, project feasibility and Safety risk management – actively Capital East solar farm. In the US, pursuing zero harm. investment evaluation. Infigen operates 18 wind farms Community consultation, with a total operating capacity Optimising generation productivity cultural heritage, environmental of 1,556.7 megawatts, where its through 24 x 7 Operations Control Centre. assessment and project planning. equity interest (Class B interest) Design, supplier negotiations comprises 1,089.4 megawatts of Bidding and dispatching into and connection. operating capacity. electricity market. Whole of life asset and investment Site mobilisation and foundations. Sustaining plant availability through management. reliability centred maintenance. Electrical works, wind turbine Managing sale of electricity and and solar panel installation Managing operating risks environmental products. and commissioning. and costs. Risk management and Exploring opportunities to refurbish revenue assurance. or re-power. Arranging and maintaining debt finance. Ongoing stakeholder engagement. Assessing acquisition and divestment opportunities. 4 | INFIGEN ENERGY ANNUAL REPORT 2014 Community engagement principles Our aim is to sustain the quality of life and wellbeing of individuals and communities touched by our activities through: Keeping an open dialogue Fostering local relationships Raising awareness about with our communities Infigen aims to foster lasting renewable energy Our aim is to build strong relationships relationships with non profit Infigen promotes renewable energy through transparent communication organisations by supporting local using factual and scientific data, and with communities during all aspects community initiatives, however advocates for regulation that delivers of development, construction and Infigen does not normally sponsor increased policy predictability for the operations, whilst respecting the any partisan political activities or renewable energy industry. Infigen is a diverse cultures, views and needs religious groups. member of the American Wind Energy of these communities. Infigen has Association and Australia’s Clean established efficient, non-threatening, Seeking to source locally Energy Council. fair and accessible mechanisms for Infigen will seek to source materials dealing with any concerns raised by and services from locally based Community Engagement Register the community. These are set out in suppliers to support the local Infigen has developed a Community the conditions of planning approval economy, enhance community Engagement Register to monitor and for operating assets and in the engagement, and to reduce track financial and other support that comprehensive consultation process its impact on the environment Infigen provides to local communities. for development projects. from transportation. ABOUT US | 5 CHAIRMAN’S REPORT Dear Securityholders, On behalf of the Infigen Boards it is my pleasure to present your 2014 annual report. I’m pleased to report that despite the significant and unwelcome regulatory uncertainty in Australia your company achieved a 14% increase in net operating cash flow during the 2014 financial year. This was driven by revenue growth, cost control, our investment in US Class A interests, the profitable sale of two development assets in the US and good cash conversion. We remain focussed on further improving our financial performance for the benefit of securityholders. But our capacity to do so will be severely inhibited without an equitable resolution to current regulatory uncertainty in Australia. Board and Management In addition, Infigen refinanced its Woodlawn wind farm debt Your Board remains predominantly independent, with three facility, reduced Woodlawn related borrowings by $1.9 million and independent non-executive Directors (including me as the repaid $4.0 million of borrowings under the Union Bank facility Chairman), your Managing Director Miles George, and used to fund Infigen’s acquisition of certain US Class A interests. Philip Green, a non-executive nominee Director from our Nonetheless, the company may still face an unduly high level of largest securityholder. debt for several more years yet. Your Board members and committee compositions have Infigen reported a net profit before significant items expense remained unchanged for the year. In November 2013 Philip Green of $7.9 million. This was a $29.5 million improvement compared was re-elected as a Director by securityholders at the Annual with a $21.6 million net loss before significant items in the prior General Meeting following his retirement by rotation. year. Infigen’s statutory net loss of $8.9 million was a $71.1 million We continue to engage with advisors that assess and report improvement compared with $80 million in the prior year, which on our governance practices on behalf of securityholders. included a $58.4 million non-cash impairment expense in relation While we might not entirely agree on certain matters, they to the US Cash Generating Unit. acknowledge that we continue to implement and maintain good During the year we increased our development activities in the governance practices. US by originating and advancing solar development projects. The Your executive management team also remained largely US development pipeline now accounts for over 780 MW of late, unchanged during the year. However, during the year we mid and early stage projects in six states. We sold two US solar restructured the organisation. We reduced the number of development assets that we had developed to a construction- executives for the purpose of strict control of cost whilst ready status for a net gain on sale of $4.4 million. These projects simultaneously acquiring technical skills and resources to improve were part of a multi-stage development opportunity that we have operational performance. The position of Executive General cultivated in California. There is strong demand for projects like Manager of Australian Operations was made redundant. This these in the US as a result of a supportive
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