Manawa Energy Limited Analysis

Overview

Manawa Energy has been listed on the NZX since 1994 (formerly under NZX: TPW).

Manawa Energy is one of Aotearoa New Zealand’s largest renewable electricity generators. Our goal is to develop renewable generation to support our country’s ambitions for a thriving, low-emissions and climate-resilient future.

Manawa Energy also operates a commercial and industrial electricity business with approximately 680 customers at more than 14,000 electricity connections nationally, currently supplying approximately 1,250GWh per annum.

(Figures quoted are accurate as at May 2022)

Performance

The following information was extracted from Manawa Energy Limited's full year results, released on 20 May 2024:

FY24: Solid result driven by strong asset management, and focus on strategy and value creation

FY24 Financial Results Summary

Highlights

• Net profit after tax of $24m, down from $444m last year: FY23 included the one-off gain on the sale of the mass market retail business, and a non-cash $63m favourable movement in the fair value of financial instruments. FY24 includes a non-cash $46m unfavourable movement in fair value of financial instruments;
• EBITDAF from continuing operations of $145m (up 6%) driven by solid energy margins and operational efficiencies from transition to an independent power producer model;
• Underlying earnings of $66m flat as higher EBITDAF was offset by the impact of discontinued operations, higher interest costs, and prior year tax adjustments;
• Generation production volume of 1,901GWh (down 1%);
• Significant investment in strategic asset refurbishment and enhancement programme continues on track, expected to realise an increase in annual production above current long-term baseline from FY27;
• High quality development pipeline of more than 1,200MW of secured solar and wind development options;
• Green bonds now comprise more than 80% of the company?s debt; and
• Fully imputed final dividend of 11 cents per share (to be paid on 14 June 2024), lifting the full year ordinary dividend to 19 cents per share.

Independent power producer and renewable electricity developer Manawa Energy (`Manawa?) reported a solid full year financial result for the 12 months to 31 March 2024, with EBITDAF from continuing operations up 6 per cent on the previous year, and underlying earnings in line with FY23.