for personal use only - asxasx.com.au/asxpdf/20130816/pdf/42hq8mpgpd9144.pdf · 8/16/2013 · –...

2013 Full Year Results

16 August 2013

Energy Developments Limited

Greg Pritchard Managing Director

Gerard Dover Chief Financial Officer

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Important Notice

Forward Looking StatementsStatements contained in this presentation, particularly those regarding possible or assumed future performance, estimated earnings of Energy Developments Limited ABN 84 053 410 263 (“EDL” or the “company”), potential growth of the company, industry growth or other trend projections are or may be forward looking statements. Such statements relate to future events and expectations and therefore involve unknown risks and uncertainties. Actual results may differ materially from those expressed or implied by theseforward looking statements.

No offer of securitiesNothing in this presentation should be construed as an offer to sell or a solicitation of an offer to buy or sell EDL shares in any jurisdiction.

Reliance on third party informationCertain of the views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by EDL.

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Agenda

• Highlights

• Group Financial Results

• Business Performance

• Priorities and Outlook

Presenters:

Greg Pritchard Managing Director

Gerard Dover Chief Financial Officer

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– FY14 full-year EBITDA guidance of A$175m to A$185m

– 218MW of existing contracts recontracted– Corporate and development costs reduced by 33%

– Installed operational capacity up 31MW to 742MW– 13MW German Creek waste coal mine gas (WCMG) expansion successfully commissioned– 17MW Hill 50 and 60 remote energy power projects successfully commissioned

– 58MW of projects currently in development and progressing on-time, on budget

– Revenue of $403.3m, up 25% on FY12 – EBITDA1 of $177.0m, up 31% on FY12– NPAT of $55.0m, up $45.7m on FY12– Net operating cash flow of $131.2m, up 86% on FY12– FY13 final dividend of 11cps; 34% franked

FY13 Highlights

EDL’s power infrastructure business continues to deliver profitable growth

Positioned for continued earnings growth

Profitable Growth

Growth

Operating Business Improvements

Outlook

Note:1. Earnings before interest, tax, depreciation, amortisation, impairment and specific items

– LTIFR continues to improve; down 9% to 1.94 at June 2013Safety

– Total debt facilities $738m, $507m utilised; Cash on hand $42m– $193m of available cash and credit facilities at June 2013 with further $75 million Clean

Energy Finance Corporation facility approved in July 2013

Funding Capacity

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EDL Highlights

– Leading provider of Clean Energy from landfill gas (LFG) and waste coal mine gas (WCMG)– Australia’s leading specialist provider of Remote Energy < 100MW– Low cost, established technologies and carbon abatement solutions

Long term contracts with high quality counterparties

Proven and scalable operating business led by highly experienced management team

Market leader in Clean and Remote Energy generation

– 25+ year track record of safe and reliable operations – Extensive experience in developing bespoke power station solutions for customers – In-house technical and O&M capability supported by remote condition monitoring – Highly experienced management team

– Incumbent WCMG operator in Australia’s highest quality coking coal regions, where demand growth continues

– Remote Energy demand over next 5-10 years estimated at ~1.5GW– Significant brownfield expansions of remote mining operations in Australia– Increasing land fill access rights in fragmented US market– Active programs in place to deliver ongoing cost optimisation

Further opportunities for growth and operational improvements

High operating margins and stable, strong cash flow generation4

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– Stable revenues from long dated contracts– High EBITDA margins– Increasing free cash flow with multiple opportunities for reinvestment

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– Asset remaining lives average ~20 years– Major customers include BHPB; Anglo American; Glencore Xstrata; AngloGold Ashanti;

Barrick Mining Corp; Newmont; Horizon Power; Power and Water Corporation– >70% of total revenue in FY14 and FY15 is sold under contract– Superior track record in contract renewal

EDL owns and operates a diversified 800MW global portfolio of Clean and Remote Energy power generation projects

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Performance Overview

12 months ended 30 June FY13 FY12 Change

Revenue ($m) 403.3 322.6 +25%

EBITDA before specific items1 ($m) 177.0 135.2 +31%

Profit after tax ($m) 55.0 9.3 +491%

EPS (cents per share) 33.1 5.6 +491%

Return on Equity (%)2 18.9 10.7 +77%

Capex and investment ($m) 82.8 162.5 (49%)

Stay-in-business capex ($m) 24.0 19.1 +26%

Total capital expenditure 106.8 181.6 (41%)

Net operating cash flow ($m) 131.2 70.5 +86%

Net debt/EBITDA (x) 2.4 3.2 0.8

Gearing (%) (net debt to net debt plus equity) 57 62 (5)

Safety (LTIFR) 1.9 2.1 (9%)

Installed capacity (MW) 742 711 +4%

Generation (GWh) 3,497 3,153 +11%

Superior financial and operating performance

1 FY12 EBITDA excludes business acquisition, integration, disposal and strategy costs of $7.2 million2 Net profit after Tax/Average Equity. FY12 Net Profit after Tax is before specific items of $19.2m

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Recent Performance History

Installed capacity (MW) Revenue (A$m)

Total generation (GWh) Operating EBITDA (A$m)

CAGR = 5.9%

CAGR = 10.5%

CAGR = 6.5%

CAGR = 5.5%

Proven track record of delivering growth and strong cash generation

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Safety and People

EDL’s Health, Safety and Environment track record is its social license to operate and key to continued success

Total lost time injury frequency rate

Employee numbers

Excellent industry-leading safety performance

LTIFR improved 9% to 1.94

78 of 80 sites 12 months LTI free to June 2013

Net employee numbers reduced in FY13 Improved MW/FTE from 1.74 in FY12 to

1.84 in FY13 Strategies in place to attract and retain key

talent

Num

ber o

f Em

ploy

ees

Freq

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hour

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Safety

People

Environment Two minor reportable incidents

467

Moving toward Zero Harm globally7

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Capital Investment

COD Project MW Comments

Jul-12 Hill 50 and 60 17 Expansion of remote power projects

Dec-12 German Creek expansion

13 Expansion of WCMG power project

106MW of additional generation has been commissioned or is in development - fully funded

FY13 Acquisition and Expansion CapexCapex ($m)

Committed expansion projects

COD Project MW Comments

Aug-13 US greenfield 5 Leveraging existing landfill operator relationship

Jan-14 McArthur River 53 Expansion and extension at existing remote power project

McArthur River 53MW expansions on track for completion as planned and within budget

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Growth platform

High quality customers

Proven track record

Growth – Australian Clean Energy

German Creek (45MW) – 13MW expansion commissioned Dec 12

Asset Locations

EDL Clean Energy

Leader in Clean Energy

1

2

– Proven track record in industry– > 25 years’ operating experience– Focus on electricity generation from

LFG and WCMG

– Long term contracts for gas supply– BHP, Anglo

3

– 13MW at German Creek commissioned Dec 12

– Increased installed capacity in the strategically important Bowen Basin region to 90MW

– Moranbah North gas supply extended to 2038

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– Market leader in LFG and WCMG power generation

– 276MW installed

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High quality customers

Growth – Australian Remote Energy

17MW expansion at the Hill 50 and 60 power project in Western Australia commissioned in July 2012

Hill 60

EDL RE AssetKEY:

Proven track record

Growth platform

Leader in Remote Energy

1

2

– Proven track record in industry– > 30 years’ operating experience– Focus on fuel efficient customer

solutions

– Long term offtake contracts– BHPB; Glencore Xstrata; AngloGold

Ashanti; Barrick Mining Corp; Newmont; Horizon Power; Power and Water Corporation

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– Platform for further expansions in the key Western Australian market

– Total market demand over next 5-10 years ~1.5GW

– 53MW McArthur River Project in construction

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– Leading specialist provider of remote power < 100MW in Australia

– 297MW installed

Asset Locations

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Agenda

• Highlights




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Income Statement

Income Statement ($m) FY13 FY12 Change %

Revenue 403.3 322.6 +25%

Operating EBITDA 192.3 158.1 +22%

Corporate and Development (15.3) (22.9) (33%)

EBITDA before specific items 177.0 135.2 +31%

Depreciation and amortisation (69.4) (59.6) +16%

EBIT 107.6 75.6 +42%

Net financing costs (41.7) (38.0) +10%

Profit before tax and specific items 65.9 37.6 +75%

Specific items - (26.2) -

Profit before tax 65.9 11.4 +478%

Tax expense (10.9) (2.1) +419%

Net profit after tax 55.0 9.3 +491%

Group results

Diversified growth + improved quality of earnings

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Revenue and EBITDA

Group revenue ($m)

1

Group EBITDA ($m)

US 21

AU 246

Europe 56

US 25

AU 323

Europe 55

AU 21.7UK (0.1)US (0.5)

AU 5.9UK (0.5) US 0.1

AU (4.9)UK (1.0)US 2.2

US 4

AU 99

Europe 32

US 10

AU 137

Europe 30

AU 21.7UK (0.1)US (0.5)

AU 22.1US 4.3

Total 323

Total 135

Total 403

Total 177

AUS 8.3US 3.4

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Cash Flow

Cash flows ($m) FY13 FY12 Change %

EBITDA 177.0 135.2 +31%

Business strategy, acquisition, disposal and integration costs - (7.3) -

Change in working capital and non-cash items (8.5) (17.5) (51%)

Cash from operations 168.5 110.4 +53%

Net finance costs (36.4) (36.5) -

Tax paid (0.9) (3.4) (74%)

Net operating cash flow 131.2 70.5 +86%

Stay-in-business capex (24.0) (19.1) +26%

Net operating cashflow after stay-in-business capex 107.2 51.4 +109%

86% increase in net operating cash flow

Commentary

Working capital improvements delivered Stay-in-business capex contained despite

significant increase in installed MWs in recent periods

Change in working capital and non cash items ($m)

FY13 FY12

Greece JV (2.4) (3.2)

Change in Green credits on hand (21.7) (7.8)

Change in Working Capital 15.6 (6.5)

(8.5) (17.5)

Highly stable, long term and diversified cash flow generation

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FY13 Sources $m

Net operating cash flow 131.2

Other net proceeds 6.4

Cash on hand at 30 June 2012 42.8

FX on Cash 0.4

Total Sources 180.8

Sources and Uses

FY13 Uses $m

Growth capex 69.1

Stay-in-business capex 24.0

Net decrease in borrowings 26.6

Share buy-back 17.4

Other 1.4

Uses 138.5

Cash on hand at 30 June 2013 42.3

Total Uses 180.8

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Balance Sheet

($m) 2013 2012

Cash 42.3 42.8

Receivables, Inventory, Green Credits and Prepayments

103.8 77.3

Property, Plant and Equipment

698.5 643.7

Goodwill and Intangibles 50.3 52.6

Deferred tax and other assets

40.6 40.8

Total assets 935.5 857.2

Payables and provisions 86.9 52.6

Borrowings 468.0 480.6

Interest rate swap liabilities 26.5 32.8

Deferred revenue 25.0 18.2

Deferred tax liabilities 12.0 6.4

Total liabilities 618.4 590.6

NET ASSETS 317.1 266.6

FY13 FY12

Net Debt ($m) 425.7 437.8

Net Debt / EBITDA1 2.4x 3.2x

EBITDA1 / Interest 4.2x 3.6x

Return on Equity (%)1 18.9 10.7

Gearing (%) (net debt to net debt plus equity)

57% 62%

Average Interest Rate 7.0% 7.5%

Balance sheet at 30 June Debt ratios

FY13 FY12

Debtor Days 44 52

Creditor Days 69 50

Inventory ($m) 13.5 15.4

Working capital

Note:1. FY12: Before specific items

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2013 2012

USD 0.913 1.016

GBP 0.600 0.651

Euro 0.702 0.808

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Funding Strength

Debt maturity profile - facility size

Funding capacity

Multi-Option Syndicated

Facility (including revolver)

WKPP Project Finance

CAT Finance

ECA Facility

CEFC Facility

Committed A$434m A$136m US$50m €22m $75m

Drawn A$341m A$121m US$16m €15m -

Available A$93m A$15m US$34m €7m $75m

– New financing facilities provide headroom to fund near term growth

– EDL continues to assess alternate sources of funding

Outlook

– Funding certainty with $738m of debt facilities in place– No significant refinancing until June 2016

– Debt to increase in short term with further growth capital, however, gearing to remain confortable and within target headroom

– New $75m facility from the Clean Energy Finance Corporation, providing finance for renewables or low emission projects

– New €22.0m Export Credit Agency, McArthur River power station expansion specific, finance facility agreed in October 2012

– Increased the Caterpillar Financial Australia facilities to $US50m from $US20m

– Significant headroom with all debt covenants– Net leverage ratio < 3.75x1

– Net interest coverage ratio > 2.50x1

– Total gearing2 < 65%1

Note:1. Multi Option Syndicated Facility covenant only (i.e. excludes WKPP Project Finance debt)2. Calculated as total debt to total assets

Current funding facilities

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Agenda

• Highlights




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Australia – Clean Energy

Australia—Clean Energy

Market leader in LFG power generation and WCMG power projects

Commentary

Price increase of $26.9m includes net contribution from ACCUs, WCMG LGCs

One-off prior period ACCUs contribution of $7.6m Costs increased due to gas purchases and increased

generation German Creek WCMG expansion (13MW) commissioned

December 2012 Increased margins from recontracted offtake agreements Net carbon contribution due to low emissions generation

Operating EBITDA ($m)($m) FY13 FY12 Change %

Operating capacity (MW)

276 262 +5%

Revenue 145.0 92.3 +57%

Black 97.3 71.4 +36%

Green 47.7 20.9 +128%

Operating costs (59.3) (33.4) +78%

Cost of sales (12.7) (6.1) +108%

Carbon cost (15.2) - -

O&M (31.4) (27.3) +15%


Long term gas supply contracts with high quality counterparties

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Commentary

Successful contract renegotiations and increased demand has resulted in a $3.3m increase in volumes

Revenue includes $8.1m carbon tax cost as a full pass-through to counterparties

Contributions from new assets of $4.5m includes enGen ($23m for full 12 months) and Hill 50 / 60

enGen business delivering EBITDA in line with acquisition case

Cost increases due to increased generation including fuel costs (full pass-through)

Australia – Remote Energy

Australia—Remote Energy1,2

Market leader in <100MW remote energy in Australia, providing essential infrastructure to remote mines, towns and communities, beyond the reach of the electricity grid

Note:1. Includes WKPP2. FY12 includes enGen contribution for 10 months (acquired 31 August 2011)

Operating EBITDA ($m)($m) FY13 FY12 Change %


297 280 +6%

Revenue 177.9 153.6 +16%

Black 177.9 153.6 +16%

Operating costs (110.6) (90.6) +22%

Cost of sales (53.4) (48.6) +10%

Carbon cost (10.8) - -

O&M (46.4) (42.0) +10%


Long term capacity based contracts with high quality counterparties

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Operating EBITDA (A$m)

Europe—Clean Energy

Europe

EDL's European operations comprise ten LFG sites, mainly located close to London and the Greece JV

Commentary

EBITDA reduction of $2.1m includes one-off maintenance costs and realisation of FY12 ROC Recycle Benefit finalised in October 2012

Greece reduction of $0.8m is mainly due to a special tax levied by the Greece government

(A$m) FY13 FY12 Change %


80 80 -

UK Revenue 52.9 53.1 -

Black 32.8 31.6 +4%

Green 20.1 21.5 (6%)

UK Operating costs

(25.6) (24.4) +5%

Cost of sales (11.0) (9.9) +11%

O&M (14.6) (14.5) +1%

UK Operating EBITDA

27.3 28.7 (5%)

Share of profits from JV

2.4 3.2 (25%)

Europe Operating EBITDA

29.8 31.9 (7%)

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FY13 FY12

GBP 0.656 0.652

Euro 0.813 0.773

Average Exchange Rate

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Operating EBITDA (A$m)

United States—Clean Energy

US

Commentary

$3.4m from new asset generation at Taylor, Carbon and Lorain (28 MW) in FY12

Further greenfield investment of 5MW expected to commence operation in August 2013

Landfill operating licences have been extended in current year at certain key sites where EDL has gas rights and operates power stations

Cost savings flow from a rationalisation program implemented during FY12 and FY13

Recent expansions in key US states with supportive renewable energy policies

(A$m) FY13 FY12 Change %


89 89 -

Revenue 25.1 20.4 +23%

Black 22.1 16.5 +34%

Green 3.0 3.9 (23%)

Operating costs (15.5) (16.1) (4%)

Cost of sales (2.1) (2.2) (4%)

O&M (13.4) (13.9) (4%)


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FY13 FY12

USD 0.981 0.965

Average Exchange Rate

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Agenda

• Highlights




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Guidance – Key assumptions FY14 Guidance

Australian ACCU certificate price ($) 22.60

Australian LGC certificate price ($) 32.00

AUD:USD Exchange Rate 0.91

AUD:GBP Exchange Rate 0.61

Outlook

($m) 1HFY13 Actual

2HFY13 Actual

FY13 Actual 1H FY14 Guidance

2HFY 13 Guidance

FY14 Guidance

EBITDA

Australia1 592 70 1292 65-67 73-76 138-143

Europe 14 16 30 14-15 15-17 29-32

US 4 6 10 3-4 5-6 8-10

Total EBITDA 772 92 1692 82-86 93-99 175-185Note:1. Australia includes Clean Energy, Remote Energy and Corporate Costs2. Excludes one-off ACCUs ($7.6m)

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Buy Back and Dividend

Buy Back

• At 30 June 2013 the Company had bought 5,311,352 shares• Total cost to date of approximately $18.7 million • Current limit on this program increased to $30 million

Recommencement of Dividends

The Company is recommencing the payment of dividends, reflecting the sustainable earnings platform of the Company and the Board’s ongoing confidence in the Company’s future

FY13 Final Dividend• Final 34% franked dividend of 11 cents per share• Paid on 20 September 2013; Record Date 28 August 2013• DRP does not apply• First dividend since 2010

FY14 Dividend• Board’s current intention to pay regular franked dividends increasing on a progressive basis in the future• Extent to which a 2014 dividend will be split into separate interim and final payments, or aggregated and

paid as a final dividend, will largely depend on the availability of franking credits

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Continued growth

Contract extensions

Development projects commissioned on time and budget

Drive operational improvements across the business

Continue accessing diversified funding sources

FY14 Strategic Focus

– McArthur River (53MW: commissioning by Jan-14)– US greenfield (5MW by Sep-13)

– Continue superior track record of contract renewals– Australian Clean Energy focused on extending access to long-

dated gas reserves

– Continue towards Zero Harm– Increase capacity factors in Clean Energy– Active programs in place to deliver ongoing cost optimisation– Procurement and working capital efficiencies

– Extend/ expand capacity with key customers– Bowen Basin WCMG assets – Existing/ prospective resources customers/ power off-takers– Further brownfield and greenfield expansions

– Selective acquisitions to expand incumbency in core areas– Maintain technology options; Vent Air Methane/ other renewables

– Access broad corporate and project level funding sources– Retain strong cash flow for reinvestment in profitable growth– Enable bidding for new projects on a “fully funded basis”

EDL has five key areas of strategic focus for FY14

1

5

4

2

3

Status

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Appendix A

Company Overview and Glossary

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EDL Company Overview

$177m$935m

3.5m MWh

CA

RB

ON

A

BAT

ED/A

VOID

ED:

EBIT

DA

TOTA

L A

SSET

S:PO

WER

PR

OD

UC

ED:

Historical and Committed MWs

1988 Formation

of EDL

1993 Listed on

the ASX

1997 Appin/Tower

first WCMG generation project

1997 International

expansion –US and UK operations commence

2006 First

WCMG generation project with Anglo

2011 Acquire

enGen from Wesfarmers 20

12 53MW MRM expansion project announced

2013 Celebrating

25 years of Clean Energy

History

MW

Cap

acity

0

100

200

300

400

500

600

700

800

900

FY13 Key Highlights

11.4m tCO2-e

INST

ALL

ED

CA

PAC

ITY: 742MW

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EDL Business Overview

Notes: 1. Includes 27MW which are operated and maintained only2. 50% owned JV

A global portfolio of Clean Energy assets and a leading Remote Energy business in Australia

Australia—Clean Energy(Commenced Operations: 1992)

Installed capacity: 276MW Installed capacity: 80MW

US—Clean Energy(Commenced Operations: 1997)

Installed capacity: 89MW

Site MW

Mucking 21

Rainham 17

Pitsea 15

Greece2 12

Other 15

Total 80

Site MW

Lorain County 27

Carbon Limestone 25

Covel 10

Tessman 8

Taylor 8

Other 11

Total 89

Site MW

Appin/Tower 97

Moranbah North 45

German Creek 45

Lucas Heights I&II 23

Clayton / Springvale 16

Other 50

Total 276

Australia—Remote Energy(Commenced Operations: 1988)

Installed capacity: 297MW1

Site MW

WKPP 70

Cannington 40

Pine Creek 35

Sunrise Dam 28

McArthur River 24

Hill 50 & 60 17

Other 83

Total 297

Europe —Clean Energy(Commenced Operations: 1997)

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H1 vs H2 Performance

Income Statement ($m) H1 FY13 H2 FY13 FY13

Revenue 196.0 207.3 403.3

Operating EBITDA 92.6 99.7 192.3

Corporate and Development (7.8) (7.5) (15.3)

EBITDA before specific items 84.8 92.2 177.0

Depreciation and amortisation (33.9) (35.5) (69.4)

EBIT 50.9 56.7 107.6

Net financing costs (21.4) (20.3) (41.7)

Profit before tax 29.5 36.4 65.9

Tax expense (7.3) (3.6) (10.9)

Net profit after tax 22.2 32.8 55.0

Cash flows ($m) H1 FY13 H2 FY13 FY13

EBITDA 84.8 92.2 177.0

Change in working capital and non-cash items (9.0) 0.5 (8.5)

Cash from operations 75.8 92.7 168.5

Net finance costs (19.0) (17.4) (36.4)

Tax refund/(paid) 0.5 (1.4) (0.9)

Net operating cash flow 57.3 73.9 131.2

Stay-in-business capex (12.9) (11.1) (24.0)

Net operating cashflow after stay-in-business capex 44.4 62.8 107.230

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Glossary

Term Definition

ACCU Australian Carbon Credit Units (AU)

AMP Ohio American Municipal Power - Ohio

Black Revenues Revenues from the sale of electricity

CAGR Compound Annual Growth Rate

CE Clean Energy

CEF Clean Energy Future (AU)

CFI Carbon Farming Initiative (AU)

CNG Compressed Natural Gas

EDL Energy Developments Limited

enGen Energy Generation Pty Ltd

GGAS Greenhouse Gas Reduction Scheme (AU)

Green Revenues Revenues from the sale of regulatory credits

LFG Landfill Gas

LGC Large Scale Generation Certificate

LTI Lost Time Injury

LTIFR Lost Time Injury Frequency Rate

MRM McArthur River Mine

MW Megawatt

Term Definition

MWh Megawatt Hour

NEM National Electricity Market (AU)

NGAC New South Wales Greenhouse Gas Abatement Certificate

O&M Operations and Maintenance

PPA Power Purchase Agreements

RE Remote Energy

REC Renewable Energy Certificate (US)

RET Renewable Energy Target (AU)

ROC Renewable Obligation Certificates (UK)

RPS Renewable Portfolio Standard (US)

TRIFR Total Recordable Injury Frequency Rate

TSA Tolling Services Agreement

UK United Kingdom

US United States

VAM Vent Air Methane

WCMG Waste Coal Mine Gas

WKPP West Kimberley Power Project (AU)

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for personal use only - asxasx.com.au/asxpdf/20130816/pdf/42hq8mpgpd9144.pdf · 8/16/2013 · –...

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