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Infigen Energy Annual Report 2017

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Infigen Energy Annual Report 2017 INFIGEN ENERGY ANNUAL REPORT 2017 Infigen Energy Level 17, 56 Pitt Street Sydney NSW 2000 Australia +61 2 8031 9900 www.infigenenergy.com CONTENTS About 3 Infigen Energy 3 2017 Highlights 5 Chairman and Managing Director’s Report 7 Management 10 Corporate Structure 12 Directors’ Report 13 Directors 13 Operating and Financial Review 18 Remuneration Report 33 Other Disclosures 48 Auditor’s Independence Declaration 50 Financial Report 51 Directors’ Declaration 117 Auditor’s Report 118 Governance 125 Additional Information 129 Investor Information 129 Glossary 134 Corporate Directory 135 2 INFIGEN ENERGY 2017 ANNUAL REPORT ABOUT INFIGEN ENERGY Infigen Energy (Infigen) is an active participant in the Australian energy market. It is a developer, owner and operator of generation assets delivering energy solutions to Australian businesses and large retailers. Infigen has 557 MW of installed generation capacity across New South Wales, South Australia and Western Australia with a further 113 MW under construction in New South Wales. It sells the electricity and Large-scale Generation Certificates through a combination of medium and long-term contracts and through the spot market. Infigen is looking to diversify and expand its customer base and will grow its generation portfolio in response to strong price and investment signals. In the short term it is targeting expansion in New South Wales and entry into the Victorian and Queensland regions of the National Electricity Market. “Infigen is transitioning to a business that seeks to deliver a range of products and solutions to different customers and balance risk, price and tenor. Delivery of this strategy will be supported by a portfolio of supply options that includes existing and new generation, long-term offtake agreements with third parties, and acquiring physical and financial firming products. Risk adjustment in Infigen’s portfolio will occur over time and in response to the changing requirements of customers.” 3 ABOUT DIRECTORS’ REPORT FINANCIAL REPORT GOVERNANCE ADDITIONAL INFORMATION Infigen Energy 2017 Highlights Chairman and Managing Director’s Report Management New South Wales Capital wind farm, 140.7 MW Woodlawn wind farm, 48.3 MW Wind development projects, ~230 MW Solar development projects, ~60 MW Queensland Wind development project, 70 MW (Infigen has a 50% equity interest) Solar development projects, 165 MW1 Victoria Wind development project, ~55 MW Northern Territory 1 Solar development projects, ~22 MW Western Australia Alinta wind farm, 89.1 MW Wind development projects, ~350 MW (Infigen has a 32% equity interest) Solar development projects, ~45 MW (Infigen has a 32% equity interest) South Australia Lake Bonney 1 wind farm, 80.5 MW Lake Bonney 2 wind farm, 159.0 MW Lake Bonney 3 wind farm, 39 MW Wind development projects, ~450 MW Operating asset Development project Development approval granted unless otherwise indicated. 1 Development approval in progress. 4 INFIGEN ENERGY 2017 ANNUAL REPORT 2017 HIGHLIGHTS PRODUCTION REVENUE INCREASED 1% INCREASED TO 1,487 14% TO GIGAWATT $196.7 MILLION HOURS NET OPERATING UNDERLYING CASH FLOW EBITDA INCREASED 73% INCREASED TO $98.7 MILLION 16% TO $139.3 MILLION REPAID $88.5 NET PROFIT MILLION OF AFTER TAX BORROWINGS INCREASED $27.8 MILLION TO $32.3 MILLION 5 ABOUT DIRECTORS’ REPORT FINANCIAL REPORT GOVERNANCE ADDITIONAL INFORMATION Infigen Energy 2017 Highlights Chairman and Managing Director’s Report Management REVISED BUSINESS STEPS UNDERPINNING STRATEGY AND STRATEGY IMPLEMENTATION PLAN IMPLEMENTATION DEVELOPED INCLUDING MULTI-CHANNEL ROUTE DETERMINING THE CAPITAL TO MARKET STRUCTURE THAT BEST SUPPORTS THAT BUSINESS NEW REGIONS AND STRATEGY EXPANSION CAPITAL STRUCTURE FINANCIAL CLOSE OF SUCCESSFUL $151 MILLION 113 MW BODANGORA WIND EQUITY CAPITAL RAISING FARM PROJECT WELL SUPPORTED BY INFIGEN’S INSTITUTIONAL INSTALLED GENERATION WILL INCREASE BY 20% AND RETAIL SECURITY HOLDERS EXPECTED ANNUAL PRODUCTION WILL INCREASE BY 24% OPERATIONS AND ENHANCED MANAGEMENT MAINTENANCE COST CAPABILITY AND CAPACITY STABILITY AND TO DELIVER ON THE GUARANTEED MINIMUM BUSINESS STRATEGY AND TURBINE AVAILABILITY - PRESERVE AND CREATE LONG-TERM SERVICE AND SECURITY HOLDER VALUE MAINTENANCE AGREEMENTS ACROSS THE CURRENT FLEET OF OPERATING ASSETS 6 INFIGEN ENERGY 2017 ANNUAL REPORT CHAIRMAN AND MANAGING DIRECTOR’S REPORT Dear Security holder, We are pleased to present the full year results for Operational Performance in FY17 Infigen for the 2017 financial year (FY17). In FY17 Infigen’s earnings increased significantly over prior years. Several factors have helped drive Safety continues to be our first priority. We are higher prices for both energy and Large-scale currently especially focussed on both the safety of Generation Certificates (“LGCs”) including: our people on our operating assets as well as the construction risks of the Bodangora wind farm project. We will continue to strive to improve our the reduced supply of energy as a result of the safety systems and culture in pursuit of our goal of end-of-life closure of 2,120 MW of outdated coal- zero harm. During the year we had one lost time fired generation, without sufficient mitigating injury during a tower rescue simulation, and that investment in new generation, produced a resulted in both a lost time injury frequency rate and supply/demand imbalance, total recordable injury frequency rate of 4.7 for the high gas prices limited the commercial capacity year. of gas generators to respond, and the 2013-2015 uncertainty around energy policy FY17 has been a year of substantial change within generally, and the RET in particular, created an the Australian energy market generally and for expected shortfall of LGCs. Infigen's business specifically. We have responded to the challenges and opportunities that accompany This set of conditions has driven historically high the transformation to a lower emissions future. merchant prices for both energy and LGCs and Infigen has benefitted to date through its The implications of this transformation were not fully uncontracted output. anticipated by governments, regulators, or industry participants. A range of unforeseen challenges The resultant strong financial result in FY17 includes: emerged in FY17 for the key industry stakeholders. They include: Underlying EBITDA of $139.3 million, up $19.1 million; the highest level from the customers facing upward pressure on prices due Australian fleet since its inception, to under investment in new generation to NPAT of $32.3 million, up $27.8 million, compensate for thermal plant retirements and to meet the Renewable Energy Target (“RET”), Net Operating Cash Flow of $98.7 million, up $41.8 million, and investors and lenders have had to address risks a reduction in our debt of $88.5 million leaving a associated with deploying capital where future net debt position of $402.1 million at the end of cash flows are vulnerable to political policy FY17. uncertainty over a multi-decade life span, governments have had to respond to community During the year Infigen finalised incentive-based expectations that energy will be reliable and fleet-wide service agreements with Vestas to cover affordable as well as being concerned to ensure our six operating wind farms. As a result we have that the cost of doing business is internationally continuing certainty over long term turbine operations competitive. At the same time the community is and maintenance costs and balance of plant costs. increasingly mindful of the risks that carbon pollution presents to future generations, and Business Strategy regulators have had to respond to the The changing energy market has led us to adjust our challenges in integrating newer energy business strategy to respond prudently and technologies into a system that was not opportunistically to the new challenges. prepared for the scale of their deployment. Infigen is responding to changing market dynamics. These factors have influenced Infigen's financial Central to the revised strategy is a recognition that performance in FY17 as well as the design of our long-term “run of plant” off-take contracts to retailers business strategy for the future. no longer preserve or create value of themselves. 7 ABOUT DIRECTORS’ REPORT FINANCIAL REPORT GOVERNANCE ADDITIONAL INFORMATION Infigen Energy 2017 Highlights Chairman and Managing Director’s Report Management At the same time there has been an emerging These developments shed light on several key readiness of larger scale customers to meet their challenges in the national transition towards a low energy needs and LGC obligations under medium emissions future. In particular: tenor contracts directly with generators. This is an important new channel to market for Infigen. It the clear need to better plan for the retirement of provides us with an opportunity to reduce the future the ageing fleet of coal-fired generators, volatility in the long-term cash flows that would be gas prices will need to reduce if gas generation expected from uncontracted output and on terms that is to play a future significant role in energy share value directly between ourselves and our supply, customers. the system will need to change to harness the full potential of intermittent generation with Sustainable value can thus be secured through the appropriate stability, and production and supply of energy to end-customers. Infigen is now positioning itself to service the capital markets require policy stability to ensure commercial/industrial market as well as other
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