Infigen Announces Second Quarter FY14 Production and Revenue

Infigen Energy (ASX: IFN) today announced its production and revenue for the three months ended 31 December 2013 (Q2 FY14).

Infigen will release its FY14 interim financial results (H1 FY14) on 26 February 2014. Accordingly, the following H1 FY14 production and revenue results remain subject to audit review. Production and revenue results are on an economic interest basis.

HIGHLIGHTS

Q2 FY14

Group production was 1,233 GWh, up 1% on the prior corresponding period (pcp)

  • United States production was 818 GWh, down 2% on the pcp
  • Australian production was 415 GWh, up 8% on the pcp

Group revenue was A$77.9 million, up 10% on the pcp

  • United States revenue was US$36.2 million, in line with the pcp
  • Australian revenue was A$38.9 million, up 8% on the pcp

H1 FY14

Group production was 2,242 GWh, up 4% on the pcp

  • United States production was 1,336 GWh, down 1% on the pcp
  • Australian production was 906 GWh, up 12% on the pcp

Group revenue was A$149.3 million, up 11% on the pcp

  • United States revenue was US$59.4 million, down 1% on the pcp
  • Australian revenue was A$84.9 million, up 11% on the pcp

Commentary on H1 FY14 production and revenue outcomes will be provided with the FY14 interim results.

PRODUCTION

Production for Q2 FY14 of 1,233 GWh was 1% or 18 GWh higher than the three months ended 31 December 2012 (prior corresponding period).

In the United States, production of 818 GWh for Q2 FY14 was 2% or 14 GWh lower than the pcp reflecting lower wind at sites across the southern states partially offset by improved wind conditions at sites in the central and northern states.

In Australia, production of 415 GWh for Q2 FY14 was 8% or 31 GWh higher than the pcp with higher production at all sites primarily due to better wind conditions. The pcp included 27 GWh of compensated production related to an Australian Energy Market Operator scheduling error.

 

REVENUE

Revenue for Q2 FY14 of A$77.9 million was 10% or A$7.1 million higher than the pcp reflecting higher revenue from the Australian wind farms and favourable FX movements.

In the United States, revenue of US$36.2 million for Q2 FY14 was in line with the pcp.  Improved production at the Cedar Creek wind farm was offset by lower production from wind farms in New Mexico and a lower realised price at the Crescent Ridge wind farm, which now operates as a merchant facility due to the expiration of its power purchase agreement.

In Australia, revenue of A$38.9 million for Q2 FY14 was 8% or A$2.9 million higher than the pcp primarily reflecting higher production partially offset by lower Large-scale Generation Certificate prices.

Further details are attached in the Appendix in the ASX release.

 

ENDS
For further information please contact:
Richard Farrell, Investor Relations Manager
Tel +61 2 8031 9900

 

14 01 31 Infigen Announces Second Quarter FY14 Production and Revenue

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