NZ WINDFARMS LIMITED PRELIMINARY ANNOUNCEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

Transcription

1 PRELIMINARY ANNOUNCEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

2 INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2017 Contents RESULTS FOR ANNOUNCMENT TO THE MARKET... 2 GROUP INTERIM STATEMENT OF COMPREHENSIVE INCOME... 3 GROUP INTERIM BALANCE SHEET... 4 GROUP INTERIM STATEMENT OF CHANGES IN EQUITY... 5 GROUP INTERIM STATEMENT OF CASH FLOWS... 6 STATEMENT OF ACCOUNTING POLICIES... 7 POWERED BY NATURE 1

3 RESULTS FOR ANNOUNCEMENT TO THE MARKET NZ WINDFARMS LIMITED Results for announcement to the Market Reporting Period Six months to 31 December 2017 Previous Reporting Period Six months to 31 December ($000s) 2016 ($000s) Percentage change Revenue from ordinary activities 4,168 2, % Profit (loss) from ordinary activates 1,961 (240) 917.0% after tax attributable to security holder Net profit (loss) after tax attributable to security holders 13 (1,302) 10,115.4% Electricity revenue 4,168 2, % Electricity generated (MWh) 52,382 66, % Turbine availability (%) 98.0% 95.3% 2.8% Final Dividend Amount per security Imputed amount per security Nil It is not proposed to pay a Not Applicable dividend at this time. Comments: POWERED BY NATURE 2

4 INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 6 months ended 6 months ended Year ended 31/12/ /12/ /06/2017 $000 $000 $000 (unaudited) (unaudited) (audited) Income Electricity sales 4,168 2,869 5,981 Derivative income (75) Other income Total income (excluding interest income) 4,192 2,869 6,078 Administration expenses Audit fees Directors' fees Employment expenses 756 1,012 1,888 Insurance Lease and rental expenses Legal and consulting expenses Te Rere Hau wind farm operational expenses ,758 Other operating expenses Total operating expenses 2,229 3,109 5,798 Profit before interest, impairment, amortisation, depreciation, and tax 1,963 (240) 280 Interest income Interest expense (440) (474) (944) Profit before impairment, amortisation, depreciation, and tax 1,592 (559) (368) Impairment of Te Rere Hau wind farm - - (3,781) Depreciation 1,152 1,003 2,016 Loss on disposal of property, plant and equipment Amortisation Change in fair value of financial instruments Loss on derecognition of finance lease Profit before tax 18 (1,808) 910 Income tax expense (benefit) 5 (506) 261 Profit after tax for the period 13 (1,302) 649 Basic and diluted earnings/(loss) per share $ $ ( ) $ Profit (Loss) after tax for the period is equal to the total comprehensive income (loss) for the period attributable to equity holders of the parent. POWERED BY NATURE 3

5 INTERIM CONSOLIDATED BALANCE SHEET 6 months ended 6 months ended Year ended 31/12/ /12/ /06/2017 $000 $000 $000 (unaudited) (unaudited) (audited) Assets Current assets Cash and cash equivalents 1,524 1,143 1,291 Term Deposit - 8,000 6,500 Trade and other receivables 1, ,005 Inventories 972 1,331 1,244 Total current assets 3,659 11,028 10,040 Non-current assets Property, plant and equipment 45,733 34,817 38,117 Intangible assets 3,399 3,611 3,535 Convertible notes Deferred and provision for tax 19,184 19,956 19,188 Total non-current assets 68,327 58,395 60,851 Total assets 71,986 69,423 70,891 Liabilities Current liabilities Trade and other payables 702 1, Current portion of finance lease Current portion of BNZ term loan Derivative liability Total current liabilities 1,875 1,548 1,841 Non-current liabilities Finance lease - 8,634 8,372 BNZ Term Loan 11, Total non-current liabilities 11,354 8,634 8,372 Equity Share capital 107, , ,005 Retained (loss)/earnings (48,248) (47,764) (45,813) Total Equity 58,757 59,241 61,192 Total equity and liabilities 71,986 69,423 71,405 Net tangible assets per share $ 0.13 $ 0.12 $ 0.13 Signed for and on behalf of the Board as at 28 February 2018 Rodger Kerr-Newell Chairman Stuart Bauld Deputy Chairman POWERED BY NATURE 4

6 INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 6 months ended 6 months ended Year ended 31/12/ /12/ /06/2017 Notes $000 $000 $000 (unaudited) (unaudited) (audited) Equity at beginning of period 61,192 60,543 60,543 Profit (Loss) after tax for the period 13 (1,302) ,205 59,241 61,192 Dividend Paid 2, Equity at end of period 58,757 59,241 61,192 Represented by: Share capital 107, , ,005 Retained earnings (loss) (48,248) (47,764) (45,813) Total equity 58,757 59,241 61,192 POWERED BY NATURE 5

7 INTERIM CONSOLIDATED CASH FLOW STATEMENT 6 months ended 6 months ended Year ended 31/12/ /12/ /06/2017 Notes $000 $000 $000 (unaudited) (unaudited) (audited) Operating activities Cash was received from: Trading revenue 3,999 2,936 5,738 Derivatives (75) - - Interest received Other income ,223 3,181 6,073 Cash was applied to: Interest paid Payments to suppliers and employees 2,105 3,353 5,953 2,623 3,828 6,898 Net cash inflow/(outflow) from operating activities 1,600 (647) (825) Investing activities Cash was provided from: Withdrawal of Term Deposit 6,500-1,500 Sale of property, plant & equipment ,500-1,511 Cash was applied to: Investment in Term Deposit Purchase of property, plant and equipment 8, ,530 8, ,530 Net cash (outflow) from investing activities (2,292) (585) (19) Financing activities Cash was provided from: BNZ Term Loan 12, , Cash was applied to: Finance lease 8, Dividend Paid 2, , Net cash (outflow) from financing activities 925 (231) (471) Net (decrease) in cash and cash equivalents 233 (1,463) (1,315) Cash and cash equivalents, beginning of period 1,291 2,606 2,606 Cash and cash equivalents, end of period 1,524 1,143 1,291 Cash and cash equivalents Bank account and on call deposits 1,524 1,143 1,291 Cash and cash equivalents, end of period 1,524 1,143 1,291 POWERED BY NATURE 6

8 STATEMENT OF ACCOUNTING POLICIES FOR THE SIX MONTHS ENDED 31 DECEMBER 2017 REPORTING ENTITY AND STATUTORY BASE NZ Windfarms Limited (the Company) is a profit oriented company in the business of operating wind power generation assets for the purpose of generating and selling electricity. The Company operates solely within New Zealand. NZ Windfarms Limited is a company registered under the Companies Act 1993 of New Zealand and listed on the New Zealand Stock Exchange (NZSX). The condensed consolidated interim financial statements of NZ Windfarms Limited as at 31 December 2017 comprise the Company and its 100% owned subsidiaries NZWL TRH Limited and TRH Services Limited. Consolidated interim financial statements are presented in accordance with the Financial Reporting Act BASIS OF PREPARATION These condensed consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP), NZ IAS 34 and IAS 34 Interim Financial Reporting as applicable to a for-profit entity. The Company is an FMC Reporting Entity for the purposes of the Financial Reporting Act The December 2016 financial statements of the Group have been prepared in accordance with the Financial Reporting Act 2013 and Financial Markets Conduct Act 2013 and prepared in accordance with and comply with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable financial reporting standards as appropriate for profit oriented entities. The Group financial statements comply with International Financial Reporting Standards (IFRS) and have been prepared on a going concern basis. The financial statements are expressed in New Zealand dollars which is the Group s functional currency. SEASONALITY The electicity produced by the windfarm varies with seasonal wind conditions. While production volatility remains, at a revenue level this is offset by the use of derivative financial instruments. MEASUREMENT BASE The measurement base adopted in the preparation of these financial statements is historical cost, except for certain financial instruments that are measured at fair value. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of the condensed group interim financial statements are unchanged from the audited 30 June 2017 financial statements. The condensed group interim financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these condensed consolidated group interim financial statements are to be read in conjunction with the 30 June 2017 financial statements. The group s assessment of new or revised accounting standards was reported in the 30 June 2017 financial statements. POWERED BY NATURE 7