Manawa Energy : Half Year Results Presentation FY23

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Interim Results FY23

November 2022

David Prentice - Chief Executive

Phil Wiltshire - GM Corporate Services

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Highlights

$73.4

million

EBITDAF: Total for group

$70.0 $3.4

millionmillion

EBITDAF from continuing operations	EBITDAF from discontinued
operations

976	7.5c	580
GWh		GWh
interim ordinary dividend to	of electricity sold to
of electricity generated	be paid per share
commercial & industrial

customers

$390.8	~800MW
million
of development pipeline options
Net profit after tax

Successful mass	Successful bond
issue and bank
market retail sale
refinancing
completed in
completed in
April
September

Overview
		Inflow variance to long-run average / Wholesale prices
	60					250
	40					200
	20					150	$/MWh
GWh
0
-20					100
	-40					50
	-60					0
	Apr	May	Jun	Jul	Aug	Sep
		Inflows variance (LHS)		Average Prices (RHS)

			Generation volumes vs long-run average
		10
run		0
long
average	-10
variance to
-20
-30
GWh		-40
		-50
		Apr	May	Jun	Jul	Aug	Sep
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A game of three halves

• April & May saw inflows materially below average and significantly elevated wholesale prices.
• June & July saw elevated inflows and low prices.
• August & September saw inflows slightly below average and materially soft pricing.

Financial Results

• The Mercury hedge had lower initial pricing, and lower trading risk, than the previous internal transfer hedge. This pricing variance is predominantly in 1H.

• Energy revenue was impacted by lower generation volumes and lower wholesale prices.

• 'New development opex' relates to investment in our wind and solar pipeline.

• The FY-22 H1 result includes ~$6.1m of favourable carbon revaluation revenue (FY-23 1H $0.6m).

• 'Other' predominately relates to the accounting allocation of corporate costs. FY-22 H1 continuing EBITDAF contained only the Corporate costs recharged to the 'Generation' segment.

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