New Zealand Windfarms (NZX: NWF) is in news today; here’s why

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New Zealand Windfarms (NZX: NWF) is in news today; here’s why

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 New Zealand Windfarms (NZX: NWF) is in news today; here’s why
  • Highlights
  • NZ Windfarms holds its annual shareholder meeting today.
  • The company has also informed the shareholders of its key business highlights.

New Zealand Windfarms (NZX: NWF), NZ’s renewable energy company, held its annual shareholder meeting today (29 September 2022).

In a statement to its shareholders, the company stated that all of its generation was 100% renewable and that it was well positioned to support the transition to a low-emissions economy.

The company reported that its 92 turbines, with a capacity of 46 MW, made up 50% of its asset base. It also has 324 hectares of wind farms.

Key Financials

  • Net electricity revenue was up to NZ$10.7 million from NZ$9.7 million last year.
  • The net electricity price, according to the update, was NZ$107 per MWh, up from NZ$87.80 MWh in FY21.
  • EBITDAF was NZ$6.4 million and NPAT was NZ$5.2 million.
  • Operating cash flows also increased from NZ$4.9 million in FY21 to NZ$5.9 million.

Dividend payout

The shareholders were informed that the company had paid a final unimputed dividend of 0.25 cps on 22 September 2022. This brings the total dividend to 0.83 cps for FY22. Historically, the FY22 dividend has been the lowest since 2018, the company informed. In 2018, it had paid a gross dividend of 0.85 cps, in 2019, it was 1.05 cps. The company increased the gross dividend to 1.80 cps in 2020, but it went down to 1 cps in 2021.

Repowering project update

Further, the company informed that it had been able to receive a fast-track resource consent referral for its Te Rere hau repowering project. NWF is in the process of finalising its consent application and submitting it to the regulatory authority later this year. The company said its major achievement in the year was its successful referral application to the Ministry for the Environment. The purpose of the application was to utilise the fast-track consenting agreement to seek consent for a potential repowering of the Te Rere Hau wind farm.

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Governance changes

Furthermore, the company also announced certain governance changes like John Southworth’s retirement from the board, and Craig Stobo’s appointment as independent chairman from 1 February 2022. Further, it said that Philip Cory-Wright’s has been appointed as an independent director from April 2022, and Mark Evans’ resigns as a director today.

Forward guidance for FY23

NZ Windfarms anticipates EBITDAF to be in the range of NZ$5.0 million to NZ$6.5 million. According to the company, the revision is based on higher confidence in the P75 annual production level of 108 GWh and an estimated blended electricity price of NZ$98 per MWh.

On Thursday, 29 September 2022, the stock was trading up 1.18% at NZ$0.171 at the time of writing.

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