Tag: Group
Windlab
The Case for Windlab
. | 2017 | 2016 | 2015 |
Revenue | $ 24,515,379 | $ 18,101,100 | $ 10,012,006 |
Expenses | -$ 10,098,372 | -$ 13,023,113 | -$ 8,524,804 |
Profit before income tax | $ 14,417,007 | $ 5,077,987 | $ 1,487,202 |
Income tax | -$ 4,912,534 | -$ 1,779,491 | $ 14,687 |
Profit | $ 9,504,473 | $ 3,298,496 | $ 1,501,889 |
Equity at the start of the year | $ 13,404,230 | $ 9,207,680 | $ 7,699,065 |
ROE | 71% | 36% | 20% |
Average | 42% | ||
The company is able to achieve this sort of ROE as windfarm developments are sold once all approvals and agreements signed but before construction begins, meaning developing multi-million dollar projects does not require significant capital. For example, take the site of the Coonooer bridge wind farm, a 19.8 megawatt wind farm in North Western Victoria with a total development cost of $48.6 million. After identifying the site with Windscape, Windlab spent only $300,000 in acquiring the land, then spent $2.2 million or research and planning applications for a total investment of only $2.5 million. Windlab then sold 96.5% of the equity in the Coonoer Bridge to Eurus Energy for just over $4.7 million who then funded the construction of the site with help from grants from the state government. In total, Windlab walked away from this transaction with over $4.7 million in cash and a remaining 3.5% stake in the project, a return of over 111% on the initial investment.
Valuation
- 640 megawatts of approved potential capacity across multiple projects in South Africa. (While South African Renewable Energy projects have been on hiatus, it does seem the projects are about to get up and running again after a recent change of government
- 250 megawatt project in Northern Queensland that Windlab is intending to submit a development application for in 2019
- 230 megawatt project in Vedigre USA that Windlab no longer has control over, but is eligible for up to $4.6 million in success payments if the project reaches financial close.
Project | Value |
Lakeland | $ 10,200,000.00 |
East African projects | $ 42,300,000.00 |
Greenwich | $ 2,800,000.00 |
Other projects | $ 15,000,000.00 |
Total | $ 70,300,000.00 |
Book value | $ 9,690,000.00 |
three years of annual costs | $ 19,200,000.00 |
tax on projected profit | $ 12,423,000.00 |
Value after tax | $ 38,677,000.00 |
Area | Value |
Development Projects | $ 38,677,000.00 |
Operating wind farms | $ 52,770,000.00 |
Asset Management business | $ 8,500,000.00 |
Windscape software | $ 10,000,000.00 |
Cash | $ 14,622,414.00 |
Liabilities | -$ 10,755,130.00 |
Total | $ 113,814,284.00 |
Shares outstanding (diluted) | 73848070 |
Price | $ 1.54 |
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