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Tilt Renewables Full Year Results March 2017

11 May 2017

Tilt Renewables Limited and its subsidiaries (“Tilt Renewables” or “Group”) released today its financial statements for the year ended 31 March 2017 (“FY17”) together with key highlights and operating metrics for the year. All numbers referred to in this release are in AUD millions.

The financial results for FY17 include a combined 7 months of operations under Trustpower stewardship and 5 months (31 October 2016 to 31 March 2017) under the stewardship of Tilt Renewables. The prior year comparative financials reflect the performance of Tilt Renewables’ portfolio of operating assets in Australia and New Zealand under a full 12 months of Trustpower stewardship.
In the short period since the demerger we have been focused on establishing Tilt Renewables as a stand-alone business, recruiting a strong and experienced team and positioning the company for future growth. We are looking to leverage off the long held values of Trustpower but with an increased focus on executing available development opportunities. We believe that holding a large and diverse portfolio of greenfield development options is the best way to provide sufficient flexibility to execute a range of value accretive projects as market dynamics permit.

Key highlights for FY17 Highlights for the year ending 31 March 2017 included:

  • Demerger from Trustpower successfully completed 31 October 2016
  • Tilt Renewables is now a stand-alone dual listed company on the NZX and ASX with generation and development assets across Australia and New Zealand   and a corporate office established in Melbourne
  • Experienced board, management and broader team assembled with collective 250+ years of renewables track record drawn from leading players in the sector
  • Earnings Before Interest, Tax, Depreciation, Amortisation and Fair Value Movements of Financial Instruments (“EBITDAF”) of $124 million achieved
  • The development pipeline has been expanded with the acquisition and signing of landholder options for 350 MW of early stage solar projects in central Queensland
  • 54 MW Salt Creek Wind Farm project in Victoria is well advanced and targeted to achieve Final Investment Decision by 30 June 2017
  • Net cash from operating activities of $122 million delivered in the financial year
Trustpower Wellington Airport Infratil Property NZ Bus Snapper Australian Social Infrastructure Partners Canberra Data Centres RetireAustralia Perth Energy Tilt Renewables