Monday 9th November 2020
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Tilt Renewables Limited released today its interim financial statements for the half year ended 30 September 2020 (“HY21”). Financial references in this release are in Australian Dollars unless noted.
Key highlights for HY21
• HY21 Total Group production was 813GWh, delivering operating revenue of A$56.0M.
• Earnings Before Interest, Tax, Depreciation, Amortisation and Fair Value Movement of Financial Instruments (“EBITDAF”) was A$31.8M.
• Net cash outflow from operating activities was A$1.9M for HY21 with conversion of EBITDAF to cash skewed to the second half of FY21 in line with the timing of Dundonnell commissioning, income tax instalments and settlement of LGC forward sales in February.
• In July 2020 TLT returned A$258M to shareholders via a share buyback scheme, using some of the proceeds from the sale of SWF2 last year.
• The TLT balance sheet remains very strong with A$296M in cash and short-term investments, and relatively low gearing of 35%.
Full year FY21 EBITDAF guidance range remains unchanged at A$65M to A$80M. Guidance assumes current construction and commissioning schedules, electricity prices forecasted and P50 production.
A review of the funding requirements for potential near term development options, combined with the residual (but reducing) uncertainty associated with construction projects has resulted in the Board determining to not pay an interim dividend.
See the links below for more details:
Source: Tilt Renewables Limited
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