Tilt releases FY2019 Annual Report; Total revenue up by $35.32 mn to $193.27 mn

Tilt Renewables Limited (ASX: TLT) owns and manages several assets for renewable energy generation in New Zealand and Australia. The company aims to rebalance electricity generation towards clean and renewable sources. Some of the company’s assets are Tararua Wind Farm in Manawatu, Snowtown Wind Farm in South Australia, Blayney Wind Farm in New South Wales etc.

Financial Performance:

On 9th May 2019, the company announced its full-year FY19 result for the year ended on 31 March 2019. It posted total revenue of $193.27 million, which is up by $35.32 million compared to the previously reported revenue of $157.95 in FY18. The revenue from the electricity business generated 192.87 million, and the remaining $402,000 revenue was generated from other operating sources.

After adjusting the operating expenses of $58.48 million, the EBITDAF came out at $134.79 million which is higher by $31.02 million from the previously reported number of $103.77. The company uses EBITDAF as the benchmark as its performance measure.

The operating profit stood at $49.24 million, up by $3.68 million from $52.97 million, reported in FY18. The profit after tax was reported at $12.17 million, down by $4.76 million from the profit after tax of $16.93 million reported in FY18. The decrease in the net profit also decreased the basic earnings per share (EPS) from 5.41 cents per share in FY18 to 2.59 cps in FY19.

On the Balance sheet front, the total assets increased from $1.35 billion in FY18 to 1.53 billion in FY19. Cash at the bank increased from $45.91 million to $94.94 million and financial assets in the balance rose from nil to 225.4 million in the same period. On the liabilities side, the company reported total liabilities of $876.79 million, which increased by $35.42 million, from the FY18 reported liabilities of $841.37 million. The company has reduced its long-term borrowings from $602.26 million to $497.94 million, but the short-term borrowings have gone up from $36.78 million to $191.75 million in the same period.

According to the cash flow statement, the company generated net cash of $112.3 million in FY19, up by $26.43 million from FY18 inflow of $85.93 million. The total receipts from customers stood at $230.63 million. It had a net cash outflow of $89.58 million from investing activities, out of which $90.84 million was used towards Purchase of fixed assets. The previously reported net cash outflow of investing activities stood at $82.5 million in FY18. A total of $26.53 million of net cash was received from financing activities, after adjusting for $10.64 million of dividend paid.

FY2020 Outlook:

In FY2020 guidance, the company is expecting EBITDAF $122 million to $129 million, which was provided earlier, and the management reaffirms this range. This considers no material benefits to be generated from any contribution from the Dundonnell Wind Farm until FY2021.

Employee share scheme and issue:

According to the company’s development business incentive restricted share scheme, a total of 585,849 fully paid ordinary shares is to be issued on 9th May 2019. The issue represents 0.125% of the total class of securities issued and has a total nominal value of A$1,301,584.82.

In accordance with employee tax-free threshold share schemes, in New Zealand and Australia, a total of 15,750 fully paid ordinary shares is to be issued on 9th May 2019. The issue represents 0.003% of the total class of securities issued and has a total nominal value of A$34,991.89.

Stock Performance:

The market capitalisation of the company is A$1.08 billion. The 52-week high and low of the stock is A$2.34 and A$1.61 respectively. The traded stock touched an intraday high of A$2.34 and last traded flat at A$2.3 (as on 9th May 2019). In the last one-year period, the stock has delivered a return of 42.9%, and the YTD return stands at 16.32%.


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