INFINIS ENERGY PLC
Revenue for the quarter ended 30 June 2015 was £42.1m compared with £42.6m for the quarter ended 30
June 2014. EBITDA for the quarter ended 30 June 2015 was £22.9m compared with £23.6m for the quarter ended 30 June 2014.
Quarter ended 30 June 2015 | Quarter ended 30 June 2014 | |
Revenue | £42.1m | £42.6m |
EDITDA | £22.9m | £23.6m |
The transition from NFFO to RO contracts continued in the period with the proportion of exported power sold under RO contracts increasing from 84% in the quarter ended 30 June 2014 to 93% in the quarter ended 30 June 2015.
Exported generation in the quarter was 435 GWh compared with 463 GWh in the same quarter last year. The reduction of 28GWh (6%) was due to a combination of the natural decline in landfill gas, drier weather conditions and DNO instructed outages at Bletchley and Wapseys Wood (two of our top ten sites by installed capacity), each resulting in eleven days of lost output. Adjusting for the one-off DNO outages, the output decline would have been 4.7%.
Reported average selling price increased by £4.43 / MWh (5%) from £89.08/MWh to £93.51/MWh.
Capital expenditure during the quarter was £3.3m (2015 Q1: £3.5m).
Cash and net debt / EBITDA
Cash at 31 March 2015 was £61.0m (2015 Q1: £46.3m).
Net debt / last 12 months' EBITDA was 2.8x (2015 Q1: 3.1x).
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A dividend of £5.6m was paid to our shareholder, Infinis Energy Holdings Limited ("IEHL"), on 19 May 2015.
Following the approval of the board of directors of Infinis plc, and after taking account of our working capital requirements and our available distributable reserves, we paid a further dividend of £17.1m on 21
July 2015 to IEHL. The dividend comprised £3.9m calculated under the consolidated net income test and
£13.2m calculated under the leverage test.
Additional distributions may be made subject to meeting the consolidated net income and/or leverage tests as described in the Offering Memorandum.
Note:
1. Revenue recognised in the period includes an accrual in respect of the recycled element of the ROC price which we expect to receive for eligible generation and is therefore included in the Reported Average Selling Price. The actual amount due is not normally known until six months after the end of the financial year and, to the extent that the payment is different from our estimates, will result in an increase or decrease in revenue recognised in the current period, which relates to a prior period, once the actual becomes known or a revised estimate of the expected amount is made.
An investor conference call will be held today, 13 August 2015, at 14:00hrs BST. Dial in details for the call are: +44 (0) 1452 555566 Conference ID: 78534606
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