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Infigen Energy 2012 Annual Report and Agm Notice of Meeting

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Infigen Energy 2012 Annual Report and Agm Notice of Meeting 12 October 2012 INFIGEN ENERGY 2012 ANNUAL REPORT AND AGM NOTICE OF MEETING Infigen Energy (ASX: IFN) advises that the attached 2012 Annual Report and the Notice of Meeting relating to the Annual General Meetings of Infigen Energy to be held on Thursday, 15 November 2012, are being despatched to securityholders today. The 2012 Annual Report and AGM Notice of Meeting are also available at 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 in Australia, 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 OUR GENERATION, YOUR FUTURE Annual Report 2012 INFIGEN ENERGY ANNUAL REPORT 2012 OUR GENERATION CONTINUES TO CONTRIBUTE TO THE TRANSITION TO LOW CARBON EMISSION ELECTRICITY, for yoUR FUTURE AND FUTURE GENERATIONS MIKE HUTCHINSON Chairman 1 INFIGEN ENERGY We strive to be recognised as the leading provider of renewable energy. We want to make a positive difference. Our focus is on customer needs. We pursue our objectives relentlessly. We are guided by our values and a commitment to sustainability. ConTENTS 2 Highlights 32 Corporate Governance Statement 4 Renewable Energy Business 42 Directors’ Report 6 Chairman’s Report 58 Auditor’s Independence Declaration 8 Managing Director’s Report 59 Financial Statements 12 United States 64 Notes to Financial Statements 16 Australia 115 Directors’ Declaration 21 Development Pipeline 116 Independent Auditor’s Report 22 Sustainability 118 Additional Investor Information 28 Infigen Management 120 Glossary 30 Infigen Board 121 Corporate Directory 2 INFIGEN ENERGY ANNUAL REPORT 2012 HIGHLIGHTS We have delivered strong net operating cash flow growth this year and achieved debt amortisation guidance through our ongoing focus on cash management and conversion ■ Operating capacity increased by 3% to 1,643 MW ■ Revenue steady at $266.6 million ■ EBITDA decreased by 4% to $140.5 million ■ Group debt decreased by $185.6 million or 15% to $1,078 million 62.1 49.6 INCREASE IN NET 25% OPERATING CASH FLoW NET OPERATING CASH FLOW ($ MILLION) FY11 FY12 1,252 1,069 15% REDUCTION IN DEBT DEBT ($ MILLION) FY11 FY12 HIGHLIGHTS 3 150 144 117 126 TOTAL $267m REVENUE FY11 FY12 FY11 FY12 AUSTRALIA ($M) USA (US$M) 4 INFIGEN ENERGY ANNUAL REPORT 2012 RENEWABLE Energy BUSINESS Developer ■ Site identification & landowner negotiations ■ Wind monitoring, project feasibility & investment evaluation ■ Community consultation, cultural heritage, environmental assessment & project planning ■ Design, supplier negotiations & connection ■ Site mobilisation & foundations ■ Electrical works, wind turbine installation & commissioning Owner ■ Whole of life asset & investment management ■ Managing sale of electricity & environmental products ■ Risk management & revenue assurance ■ Sustaining pipeline for growth & investment ■ Ongoing stakeholder engagement ■ Assessing acquisition & divestment opportunities Operator ■ Safety risk management – actively pursuing zero harm ■ Optimising generation productivity through 24 x 7 Operations Control Centre ■ Bidding & dispatching into electricity market ■ Sustaining plant availability through reliability centred maintenance ■ Managing operating risks & costs ■ Exploring opportunities to refurbish or re‑power HIGHLIGHTS 5 “Working as a Site Lead at Infigen has given me a great sense of accomplishment that I haven’t found anywhere else. Plus, my office has the best view around!” KYLE REX Site Lead, GSG and Mendota wind farms 6 INFIGEN ENERGY ANNUAL REPORT 2012 CHAIRMAN’s REPORT Our generation continues to contribute to the transition to low carbon emission electricity, for your future and future generations Dear Securityholders, Our Global Facility debt amortisation guidance On behalf of the Boards it is my pleasure to of $250 million across the 2011 and 2012 financial present your 2012 annual report. years was achieved, with Infigen’s semi‑annual repayment in the second half of the year taking I am pleased to be able to report that your total Global Facility debt repayment to $252 million. company delivered a strong net operating cash This debt reduction resulted in net debt of the flow outcome during the 2012 financial year, up Global Facility Borrower Group being $997 million 25% despite less favourable wind conditions at the end of the financial year. As the Global than the prior year. Our generation continues to Facility remains in cash sweep, our focus will be on contribute to the transition to low carbon emission sustaining surplus operating cash flow to maximise electricity, for your future and future generations. debt repayment. Board and Management Changes Revenue of $267 million was in line with the prior year. In both the US and Australia this was within During the year Ross Rolfe AO was appointed as the guidance range provided. Operating earnings an independent non‑executive director. Ross has before interest, tax, depreciation and amortisation broad and extensive experience in the Australian decreased 6% to $157 million as the business energy and infrastructure sectors in executive incurred expected higher post‑warranty operating management, government and strategic roles. costs. Active management saw these increases Doug Clemson, an independent non‑executive contained within the post‑warranty guidance range director since 2005, retired in November 2011 at in the US, and below the post‑warranty guidance the Annual General Meeting. We thank Doug for range in Australia. his service and wish him well. Fiona Harris was appointed to the chair of the Board Audit, Risk and Compliance Committee, to succeed Mr Clemson. Your Board remains strongly independent, with three independent non‑executive directors (including me as the Chairman). The other members are your managing director, Miles George, and Philip Green, a UK‑based non‑ $62m executive director nominated by our largest NET OPERATING long term substantial securityholder. CASH FLOW – UP 25% The executive management team has remained unchanged. Mr Stefan Wright, who had performed Effective management of post‑warranty operating the role of acting General Counsel for Infigen costs is important to generating stable earnings. for the last two years, took up the position on a Infigen executed post‑warranty service and permanent basis. Catherine Gunning, who had maintenance agreements with Mitsubishi in the US previously held the role of General Counsel, and Vestas in Australia. These agreements cover has returned on a part‑time basis following 39% and 66% of the operating assets in the US and maternity leave. Australia respectively, and will enable Infigen to Business Performance forecast costs with a higher degree of certainty in the medium term. Infigen’s steady operational performance this year was underpinned by effective cash management The statutory net loss of $55.9 million was in a year of less favourable wind conditions. This disappointing. However, this included significant resulted in the reported net operating cash flow non‑cash items of approximately $34 million. outcome. We also delivered production, revenue During the year we completed the 48.3 MW and debt amortisation in line with our guidance Woodlawn wind farm, located near our 140.7 MW and slightly ahead of market expectations. Capital wind farm, outside Bungendore in New CHAIRMAN'S REPORT 7 We remain confident that we will sustain this compliance throughout the remaining life of the debt facility. We have limited capital available for growth and will take a cautious approach to any capital expenditure. When investment conditions improve, we consider that our development pipeline will be attractive and that we will be able to invest in the best of our opportunities to achieve modest growth. We have commenced the development of our 200 kW solar PV array and energy storage demonstration facility outside Bungendore in New South Wales. This facility will be the first of its kind in Australia, and the first solar farm to be registered in the National Electricity Market. Infigen will use it to trial construction techniques, storage technology, and the combined dispatch of the electricity from the array and the energy storage system, to enhance economic return. The South Wales. The wind farm was completed on lessons learnt from this demonstration plant will time and on budget, with no lost time injuries. In be applied to the design of future utility‑scale PV its first partial financial year of operation, the wind plants and the integration of future large‑scale farm contributed 118 GWh to production and energy storage into the National Electricity Market. $7.9 million to revenue. The prudent advancement We welcome the introduction of a price on carbon of the development pipeline, including committed in Australia as a complementary measure to the community engagement and support, continued, Large‑scale Renewable Energy
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