Infinis Investor Relations

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Infinis Energy(INFI) Fundamentals

Infinis was established as an independent company in May 2006 prior to Terra Firma, the private equity group, selling the Waste Recycling Group Limited (WRG), its former parent company, in July 2006. Since then, our business has grown both organically and by strategic acquisitions.

Infinis Energy is the third largest renewable power
generator in the UK. It operates three technologies:
landfill gas (about 40% market share), onshore wind
and hydro.

Infinis Energy owns and operates 147 power plants
distributed across the UK and has a total installed
capacity of 621 MW. In the last financial year Infinis
Energy generated 2.5TWh of clean, reliable and
relatively affordable power, enough to meet the needs
of more than 1 million electricity users.

Interim management Statement

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"We are on track to deliver on our dividend commitments."

Deutsche Bank Hold 253.50 253.50 265.00 250.00 Reiterates

Liberum Capital Hold 253.50 253.50 - 272.00 Initiates/Starts

Inclusion in the FTSE Midcap 250 index

Infinis Energy plc, the UK's leading independent renewable power generator, is pleased to announce that the FTSE Group yesterday approved the inclusion of Infinis Energy plc as a constituent of the FTSE 250 index.

This change will be implemented at the close of business on Friday, 21 March 2014 and take effect from the start of trading on Monday, 24 March 2014.

On 20 November 2013, Infinis Energy plc was admitted to the premium listing segment of the Official List of the UK Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange.

- ENDS -

Deutsche Bank Buy 202.10 202.10 220.00 220.00 Upgrades

RBC Capital Markets Outperform 208.80 207.00 280.00 280.00 Reiterates

Preliminary full year results Thursday 19th June.

Nice rise before results tomorrow.

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2014

Financial and operating highlights

· Revenue increased by 7.3% to £242.5 million largely due to higher exported power from wind and increases in average selling price (ASP)
· EBITDA before operating exceptional items¹ increased by 18.3% to £148.4 million driven by strong revenue growth and cost control
· Balance sheet position strengthened with leverage significantly lower at 3.7 times from 4.4 times in 2013
· Final dividend proposed of 6.63 pence per share for the period from the date of Admission to the London Stock Exchange to the end of the financial year, and in line with our stated dividend policy under which we intend to declare a dividend of £55 million for the first full financial year ending 31 March 2015 and increasing from that point at least in line with inflation


Corporate highlights

· Initial public offering on the London Stock Exchange and inclusion in the FTSE 250 index
· The refinancing and consolidation of ten separate operational wind project finance facilities of £255 million into a single £296 million syndicated loan at a lower portfolio interest rate
· Growth plan on track to deliver 130 MW to 150 MW of new wind capacity by 2017

Outlook

· Operationally our landfill gas business has performed well and will benefit from eight NFFO terminations which will make a full or part year contribution in this financial year. In our wind business, wind speeds have trended below average in the first quarter;
· While mild weather and lower gas prices has led to softer wholesale power markets in the near-term, we believe that the longer term fundamentals for our industry remain strong, with anticipated tightening reserve margins supportive of power prices;
· Infinis remains well insulated from external factors with around 50% of expected revenues increasing by inflation each year. Furthermore we have already contracted approximately 60% of our expected power output at fixed prices for the current year;
· The strong cash generative nature of the Group provides management with confidence that our stated dividend policy will be delivered without compromising our growth plans.

more...

Deutsche Bank Hold 237.50 237.50 220.00 240.00 Downgrades

Beaufort Securities Buy 237.50 237.50 - - Reiterates

I'm in danger of breaking even here!

RBC Capital Markets Outperform 233.30 233.10 - 290.00 Reiterates

Interim Management Statement

Group operating and financial performance

We have delivered a solid operational performance for the Period, driven by our landfill gas ("LFG") business which has partially offset lower wind speeds experienced by our onshore wind business.

We are pleased with our LFG business which continues to perform well. LFG delivered strong output across the portfolio and satisfactory reliability levels. We exported 463 GWh in the three months to 30 June 2014 compared to 476 GWh during the corresponding period in the prior year, a decline of 2.7% which was slightly better than expectations. We have continued to make good progress on NFFO to RO conversions. The proportion of electricity exported under the RO regime for the three months to 30 June 2014 was 84% compared to 74% for the comparative period in 2013. The total average selling price ("ASP")(2) for the June quarter was £89.08/MWh, an increase of £4.24/MWh on the comparative period.

Our onshore wind business exported 104 GWh in the three months to 30 June 2014, all of it under the RO regime. This was approximately 50 GWh lower than the comparative period and was due to low wind speeds experienced across the UK throughout the Period. The availability of our wind farms was 96% for the Period. We noted at the time of our Preliminary Results in June that wholesale power prices had softened due to lower gas prices which was partly due to the mild winter. The wind ASP for the quarter to June 2014 of £88.06/MWh was £5.20/MWh lower than the comparative period of £93.26/MWh and was predominantly due to lower wholesale power prices.

Our hydro business is benefiting from the investments in capital expenditure made in the prior year. We exported 5.3 GWh in the three months to 30 June 2014, 1.7 GWh ahead of the comparative period.

The company will pay its first dividend as a listed company on 28 August 2014 and remains on track to deliver on its dividend commitments.

Onshore wind development activities

We continue to make good progress on the A'Chruach project (43MW) with key turbine procurement and PPA contracts and project finance facilities in the process of being finalised. Pre-construction preparation work for Galawhistle (55MW) continues to be in line with project development plans. Both projects are expected to be built under the RO regime and both projects will only begin construction once the outcome of the Scottish referendum, and its potential effect on energy policy, is known.

We continue to make steady progress on the development pipeline and remain well on track to achieve our target of delivering 130-150MW in the next three years.

Financial position

We continue to maintain a strong financial position. Cash and cash equivalents stood at £99 million as at 30 June 2014 and net debt at the same date was £527 million.

Contracted position

The Group continues to lock in power prices through forward contracts in the LFG business in line with our hedging strategy. As at 1 August 2014 approximately 13% of our total expected LFG Summer 14 output was contracted at fixed prices under the NFFO regime, 80% contracted at fixed prices under the RO regime and an additional 7% contracted under the RO regime with prices yet to fix. The average price achieved for the power only element of RO fixed price sales was £47.83/MWh for Summer 14. For Winter 14 approximately 8% of our expected LFG output was contracted at fixed prices under the NFFO regime, 67% contracted at fixed prices under the RO regime, 25% contracted under the RO regime with prices yet to fix. The average price achieved for the power only element of RO fixed price sales was £52.81/MWh for Winter 14. Summer 14 and Winter 14 correspond with our financial year ending March 31, 2015.

The onshore wind and hydro businesses continue to operate under long term PPAs with power prices set predominantly at fixed discounts on a day-ahead basis for onshore wind and fixed prices for hydro.

Outlook

We are confident of delivering a good LFG performance for the financial year supported by predictable generation and the continued migration of NFFO to RO contracts. Our onshore wind business has continued to be affected by lower wind speeds and softer day-ahead prices. Our efficient and young wind fleet continues to maintain high levels of availability and is well placed to benefit from recovering wind speeds when they occur.



An analyst conference call will be held today, Thursday 7thAugust at 08:00 (GMT).

Dial in details for the call are: +44 (0) 207 192 8000 Participant code 73465445

Response to Scottish Referendum Result

Infinis notes the result of yesterday's Scottish Referendum. This outcome preserves the status quo of an integrated UK energy market and the UK-wide applicability of the RO-legislative framework in support of continued investment in renewable energy. As previously announced in our Interim Management Statement of 7 August 2014, we continue to make good progress with both the A'Chruach and Galawhistle projects, with the former remaining on track to complete contract and project finance facilities in the coming weeks. A further announcement will be made in due course.

Infinis Energy plc is pleased to announce that the date of its Interim Results for the period ended 30 September 2014 has been brought forward from 28 November 2014 to 13 November 2014.

Progress on A'Chruach Wind Farm Construction


Infinis Energy plc (Infinis or the Group), the UK's leading independent generator of renewable power, is pleased to announce it has signed a six year £52 million project financing facility to fund the construction and operation of the A'Chruach Wind Farm in Scotland.

The facilities have been arranged with the Royal Bank of Scotland and National Australia Bank to fund the construction and operation of the A'Chruach Wind Farm which will have an installed capacity of 43MW. The wind farm is located in Argyle and Bute, Scotland and is expected to be operational by 31 March 2016 and be accredited under the Renewable Obligation scheme.

The company also confirms that it has entered into binding agreements with Senvion SE who will supply the turbines and provide ongoing turbine maintenance, RJ McLeod for the balance of plant work and AXPO Trading AG, the PPA offtaker.

Eric Machiels, Chief Executive of Infinis, said:

"We are delighted to announce today that we have closed the £52 million project financing facility and confirm that construction is moving ahead on A'Chruach. This is a key milestone as we continue to deliver on our growth aspirations that we committed to at the time of the IPO and will increase the scale of our operating wind portfolio."

Some large trades the last 2 days with no obvious effect on the price - can only assume there's been a bit of broker/fund swapping.

Barclays Capital Overweight 222.10 216.10 - 275.00 Initiates/Starts

Interim Results

Highlights
· Revenue of £105.3 million driven by a strong operational performance in our LFG business and an increase in the average selling price (ASP) across the Group, partially offsetting lower wind speeds;
· EBITDA before operating exceptional items¹ of £59.1 million, a fall of £4.8 million, principally driven by below average UK wind speeds;
· Strong balance sheet position with leverage at 3.8 times and cash balances of £77.2 million (as at 31 March 2014: 3.7 times and £81.1 million);
· Delivery of our growth plans with new funding facilities of £52 million in place for the construction of A'Chruach wind farm (43MW) and binding agreements signed to supply turbines, balance of plant services and a 15 year power purchase agreement;
· Work on site has commenced and A'Chruach is expected to be in operation by 31 March 2016;
· Procurement processes have commenced in support of the development and construction of Galawhistle wind farm (up to 55 MW);
· Interim dividend of 6.1p / share (equivalent to £18.3 million).

Outlook

· Whilst wind speeds trended below average for the six months to 30 September 2014 compared to the comparative period, we are starting to see more usual weather patterns occur in the United Kingdom;
· Our contracted position for Winter 14 protects our LFG business from power prices falling from current levels. We have continued to contract power prices forward into next financial year in line with our contracting strategy;
· We continue to believe that the medium term fundamentals for Infinis remain strong. The most recent instances of plant shutdowns in the UK only serve to highlight the risks of tightening reserve margins and the impact that may have in supporting power prices going forward;
· We expect to declare a dividend in respect of our full year results in accordance with our stated dividend policy of £55 million per annum increasing at least in line with inflation.

Barclays Capital Overweight 225.75 275.00 275.00 Reiterates

Deutsche Bank Hold 225.75 230.00 230.00 Reiterates

Ouch - ANNOUNCEMENT BY TERRA FIRMA INVESTMENTS