Australian company Tilt Renewables has recorded underlying net profit after tax of A$14m (€9m) during its financial year 2019 annual results ending 31 March, up from A$9m in 2018.
Earnings before interest, tax depreciation, amortisation, fair value movements of financial instruments (EBITDAF) rose 30% to A$134.8m, from A$103.8m in 2018.
The increase in underlying net profit was largely driven by the improved EBITDAF result, according to Tilt, plus non-cash movements relating to higher depreciation on the developer’s portfolio and “derivative fair value loss due on interest rate hedges”, due to the low interest rate environment.
Revenues rose by 22% to reach A$193.3m compared with A$158m in 2018.
Tilt attributed the improved revenue and earnings from improved production and higher captured prices across the year, including the benefit of short-term pricing in the Australian electricity markets and contracted prices achieved from ‘large-scale generation certificate’ production.
The 336MW Dundonnell wind farm investment decision resulted in the capitalisation of the related direct development and employee costs incurred for the project.
Development costs on projects that have not reached final investment decision are expensed into EBITDAF, according to Tilt.
Production from Tilt’s portfolio of 322 turbines was 2054 gigawatt-hours, in line with long-term expectations, and up 14% on the prior year due to a return to near average wind conditions across Australia and New Zealand.
The contribution from the newly commissioned Salt Creek asset was 134GWh during financial year 2019. Asset reliability levels were satisfactory with 96.5% availability achieved across the portfolio.