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Annual Report 2010 Contents ANNUAL REPORT 2010 CONTENTS 2 Financial and Operational Highlights 4 Chairman's Report 6 Managing Director's Report 10 Global Energy Market 14 Asset Summary 16 Australia 18 United States 20 Germany 22 Commitment to Sustainability 24 Infigen Boards 26 Infigen Management 28 Corporate Structure 29 Corporate Governance Statement 38 Directors' Report 54 Auditor's Independence Declaration 56 Financial Statements FRONT COVER IMAGE: 60 Notes to Financial Statements Infigen was the major sponsor 118 Directors' Declaration of Weereewa 2010 – A Festival of Lake George, a bi-annual event 119 Independent Auditor's Report held on the shores of Lake George in NSW to celebrate the unique 121 Additional Investor Information history and ecology of the region. 126 Glossary This year's theme, Winds of Change, was inspired by Infigen’s Capital wind farm, 129 Corporate Directory which is seen as a symbol of the change sweeping through the local region, and more broadly across the world, with respect to the growth of renewable energy. The cover image is an entry in the Weereewa Sculpture Prize, White Presence 2010, by Jas Hugonnet. Photo by Fred Harden. 1 OPERATIONAL AND FINANCIAL HIGHLIGHts REVENUE – AUSTRALIA (AUD’m) 1 OPERATIONAL PERFORMANCE 150 GENERATION 150 100 FROM contINUING 106.2 73.6 OPERATIONS 50 69.7 $296M 0 FY08 FY09 FY10 0 INCREASED to REVENUE – USA TOTAL REVENUE (GWh) (USD’m) 500 5,000 200 200 ACROSS 36 WIND 4.2 150 FARMS GLOBALLY 4,299 142.2 140.6 400 4,000 4,216 4,299 3,948 0 FY08 FY09 FY10 300 0 3,000 REVENUE – GERMANY (EUR’m) 200 2,000 20 GWh 20 18.8 14.9 100 1,000 8.9 0 FY08 FY09 FY10 0 FY08 FY09 FY10 0 0 1From continuing operations TotAL AUstRALIAN CAPACITY2 Debt & TAX EQUITY3 WOODLAWN CLASS A TAX EQUITY LAKE BONNEY 3 DEBT 550MW CAPITAL LAKE BONNEY 2 totAL CAPACITY IN ALINTA LAKE BONNEY 1 13.3% AUstRALIA ACRoss (MW) (AUD’m) REDUctIon 600 3500 6 WIND FARMS 600 3,500 IN totAL Debt 42.0 3000 500 3,000 500 39.0 140.7 2500 2,500 400 896 400 2000 784 2,000 300 159.0 159.0 300 1500 1,648 1,500 1,423 200 200 1000 1,000 89.1 89.1 89.1 100 100 500 500 80.5 80.5 80.5 0 FY08 FY09 FY10 0 FY09 FY10 0 0 2Includes Woodlawn which is under construction. Lake Bonney 1 3IFN equity ownership basis operational since FY05, Alinta operational since FY06 2 3 CHAIRMAN’S REPORT The economics of the Woodlawn wind Following an evaluation of final offers The business remains focused on During the year Infigen continued to focus farm are underpinned by a high quality received for the US wind energy business, delivering its FY11 development program on growing its market leading Australian wind resource, attractive turbine pricing the Board concluded that the retention of 160MW subject to favourable project and an efficient grid connection via the benefits to securityholders of the assets economics and the availability of business and improving the operational existing substation at Capital wind farm. materially exceeded the benefits of appropriate off-take arrangements. a sale at the prices offered. performance of its assets. When the project is completed Infigen I would like to thank the Managing will own and operate 87 turbines The Board also determined that our Director, Miles George, his senior (182.7MW) in the same location, German and French wind farm assets management team and all Infigen staff Dear Securityholders, providing scope for additional were non-core to the future of the for their contribution to the business operational efficiencies. business. These were also offered for during the year. On behalf of the Boards it is my pleasure Our full year 2010 distribution of sale during the year. The French business, During the year we also expanded I would also like to thank my fellow to present the 2010 Annual report. 2.0 cents per security was in line with comprising 52MW of operational wind our largest wind farm at Lake Bonney Directors for their support and guidance provided earlier in the year. farms, was sold for a total price of ¤71.3 During the year Infigen continued to in South Australia by a further 39MW efforts, particularly during the asset million. However as with the US business, focus on growing its market leading This year we reported a statutory net loss with the completion of Lake Bonney sales processes. the Board elected to retain the German Australian business and improving the of $73.5 million. This compares to a net Stage 3. The Lake Bonney wind farm business for similar value considerations. Finally, I would like to thank operational performance of its assets. profit of $192.9 million in the prior year now comprises 112 turbines (278.5MW), Securityholders for their continued that included a net gain on sale of the making it Australia’s largest. OUTLOOK In June this year, we welcomed support during the year. Spanish and Portuguese wind farm assets Infigen has a leading position in the further improvements to Australia’s We continued to maintain our strict of $264.3 million. We expect the business Australian renewable energy market Your Directors look forward to welcoming Renewable Energy Target legislation. discipline of allocating capital to the to report a statutory net profit within the with attractive development prospects, you to our Annual General Meeting to The improvements significantly enhance highest yielding opportunities available medium term. proven capabilities in project delivery be held at 11am on 18 November 2010 the prospects of achieving the national and conducted the second phase of and asset management, and an at the InterContinental Hotel, Sydney. interest objective of having 20 percent BUSINESS HIGHLIGHTS our buy-back program from 20 May 2010 experienced energy markets team. of Australia’s electricity sourced from In October Infigen commissioned its to 30 June 2010. During this time we Our business strategy is to focus on renewable energy by 2020. fifth Australian wind farm, the Capital purchased 42.1 million securities for wind farm near Bungendore in New optimising the performance of existing As Australia’s leading specialist a total consideration of $35.6 million. South Wales. With 67 turbines and assets whilst continuing to pursue and renewable energy business, Infigen is Yours sincerely a total installed capacity of 140.7MW, Finally, we successfully established develop attractive opportunities for well positioned to be a key provider of it is the largest wind farm to be built a quality energy markets capability growth in Australia. the mandated increase in utility scale in order to optimise energy sales and in New South Wales and is believed Significant improvements to Australia’s renewable energy capacity. off-take arrangements. This capability to be the largest generation project in mandatory Renewable Energy Target has already contributed to improving We have managed the financial position New South Wales commissioned since legislation were passed by Federal revenue for our Australian operations. and operations of Infigen prudently and the Snowy hydro scheme. Parliament in June. Infigen is optimistic Graham Kelly efficiently throughout the year. Approximately 80 percent of the ASSET SALE PROCESSES that the passage of these improvements Chairman Infigen finished the year with significant electricity generated from Capital wind During 2009 Infigen completed a market to the legislation will create strong cash balances of $227.3 million, which farm has been contracted to Sydney testing program for its US business and, demand for renewable energy and includes $174.1 million of cash held Water for its Sydney Desalination Plant, as a result of the findings, decided to facilitate sustained new investment outside the Global Debt Facility with the remainder sold into the national proceed to a sales process. opportunities in utility scale renewable energy projects. We expect to be borrower group. electricity market. However during the final stages of the a key provider of the mandated sales process, US gas and electricity Key features of the result included the Capital wind farm was the first to be increase in supply. generation of revenue from continuing connected to the transmission network prices fell to historic lows, US legislative operations of $295.6 million. Whilst in NSW, paving the way for future wind uncertainty increased, following the Infigen is continuing to investigate revenues were down 2.7 percent on farm developments in the state. failure of Copenhagen talks in December, alternative sources of capital to assist the prior year, excluding a $36.3 million and an El Nino weather pattern in funding the continued growth During the year we received approval negative effect of the appreciation of the negatively affected wind resource across of our Australian business. We are for our sixth wind farm in Australia, Australian dollar, revenue increased by the country. At the same time, because also exploring means to establish an the Woodlawn wind farm located 10.5 percent in constant currency terms. of the prolonged weakness in the US independent capital structure for our near Bungendore in New South Wales. economy, investors had alternative US business in the medium term. Corporate costs of $21.8 million were Woodlawn wind farm is close to Capital opportunities to acquire distressed Infigen has clear performance goals below guidance of $24.0 million and wind farm and will add 20 turbines assets at low prices. $4.8 million lower than the prior period. with a total capacity of 42MW. We expect for FY11. For Australia and the US, to complete the project in the second we have turbine availability targets half of 2011.
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