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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Greencoat Uk Wind Plc | LSE:UKW | London | Ordinary Share | GB00B8SC6K54 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.40 | 0.98% | 143.60 | 143.10 | 143.20 | 143.40 | 140.90 | 141.00 | 2,555,228 | 16:35:18 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 234.38M | 126.19M | 0.0548 | 26.09 | 3.3B |
TIDMUKW
RNS Number : 9749T
Greencoat UK Wind PLC
28 July 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, NEW ZEALAND, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.
28 July 2022
GREENCOAT UK WIND PLC
(the "Company")
Half year results to 30 June 2022, Net Asset Value and Dividend Announcement
Greencoat UK Wind PLC today announces the half year results for the period to 30 June 2022.
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in UK wind farms. The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow.
The Company provides investors with the opportunity to participate directly in the ownership of UK wind farms, so increasing the resources and capital dedicated to the deployment of renewable energy and the reduction of greenhouse gas emissions.
Highlights
-- The Group's investments generated 2,175GWh of renewable energy. -- Net cash generation (Group and wind farm SPVs) was GBP328.8 million.
-- Acquisition of Twentyshilling increased the portfolio to 44 operating wind farm investments and net generating capacity to 1,460MW as at 30 June 2022.
-- Agreement to acquire a net 12.5 per cent stake in Hornsea 1 offshore wind farm, with the transaction expected to complete in Q3 2022.
-- The Company declared total dividends of 3.86 pence per share with respect to the period. -- GBP900 million outstanding borrowings as at 30 June 2022, equivalent to 20 per cent of GAV.
Commenting on today's results, Shonaid Jemmett-Page, Chairman of Greencoat UK Wind, said :
"We are pleased to report another solid performance, with continued strong cash generation as we deliver against our simple, low risk strategy and build on our well-established track record.
"During the period we acquired Twentyshillling wind farm and were delighted to announce our investment in Hornsea 1, the world's largest offshore wind farm. Upon completion of this investment in Q3 2022, we will have grown our portfolio to 45 operating wind farms and increased our net generating capacity to over 1.6GW, which underlines the size and scale the Group has attained since listing in 2013.
"We continue to see an attractive pipeline of investments, both onshore and offshore, and remain well positioned to deliver more value-accretive acquisitions and extend our track record of strong shareholder returns."
Net Asset Value
The Company announces that its unaudited Net Asset Value as at 30 June 2022 is GBP3,559.7 million (153.6 pence per share). The Company's June 2022 Factsheet is available on the Company's website, www.greencoat-ukwind.com .
Dividend Announcement
The Company also announces a quarterly dividend of 1.930 pence per share in respect of the period from 1 April 2022 to 30 June 2022.
Dividend Timetable
Ex-dividend date: 11 August 2022 Record date: 12 August 2022 Payment date: 26 August 2022
Key Metrics
As at 30 June 2022:
Market capitalisation GBP3,566.8 million Share price 153.9 pence Dividends with respect to the period GBP89.5 million Dividends with respect to the period per share 3.86 pence GAV GBP4,459.7 million NAV GBP3,559.7 million NAV per share 153.6 pence
Details of the conference call for analysts and investors:
There will be a conference call at 9.00am today for analysts and investors. To register for the event please notify Headland, either by email to ukwind@headlandconsultancy.com or by telephone on +44 (0)20 3805 4822.
Presentation materials will be posted on the Company's website, www.greencoat-ukwind.com , from 9.00am.
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9400
Stephen Lilley
Laurence Fumagalli
Tom Rayner
Headland 020 3805 4822
Stephen Malthouse
Rob Walker
All capitalised terms are defined in the list of defined terms below unless separately defined.
Chairman's Statement
I am pleased to present the Half Year Report of Greencoat UK Wind PLC for the six months ended 30 June 2022.
Performance
Portfolio generation for the period was 2,175GWh, 1 per cent above budget. Net cash generated by the Group and wind farm SPVs was GBP328.8 million, above budget due to high power prices, primarily reflecting high gas prices, providing cover of 3.8x dividends paid during the period.
Dividends and Returns
The Company's aim is to provide investors with an attractive and sustainable dividend that increases in line with RPI inflation while preserving capital on a real basis. In line with its stated target of 7.72 pence per share for 2022, the Company has paid a quarterly dividend of 1.93 pence per share with respect to Q1 2022 and has declared a dividend of the same amount per share with respect to Q2 2022, giving a total of 3.86 pence per share for the period (compared to 3.59 pence per share for the first half of 2021). NAV per share increased in the period from 131.7 pence per share (ex-dividend) on 31 December 2021 to 151.7 pence per share (ex-dividend) on 30 June 2022, reflecting an increase in forward power prices over the period 2022-2025 and an increase in short term inflation.
Investment
During the period, the Group invested GBP50 million to acquire the Twentyshilling wind farm from Statkraft, increasing net generating capacity to 1,460MW. During the period, the Group also provided a further GBP18 million of construction finance to the Kype Muir Extension wind farm project (target commissioning in Q4 2022).
In Q3 2022, we expect to complete on our GBP400 million investment in the Hornsea 1 wind farm, through reinvestment of cash flow alongside a modest utilisation of our revolving credit facility, increasing generating capacity to 1,610MW.
Gearing
As at 30 June 2022, the Group had GBP900 million of debt outstanding, equating to 20 per cent of GAV (limit 40 per cent).
Debt outstanding comprised GBP900 million of fixed rate term debt at Company level. There was zero outstanding under the Company's GBP600 million revolving credit facility (the GBP250 million balance at the beginning of the period having been refinanced with GBP200 million AXA term debt and GBP50 million repaid from excess cash flow during the period).
Principal Risks and Uncertainties
The principal risks and uncertainties affecting the Group were identified in detail in the Company's Annual Report to 31 December 2021, summarised as follows:
-- dependence on the Investment Manager;
-- financing risk; and
-- risk of investment returns becoming unattractive.
Also, the principal risks and uncertainties affecting the investee companies were identified in detail in the Company's Annual Report to 31 December 2021, summarised as follows:
-- changes in government policy on renewable energy;
-- a decline in the market price of electricity;
-- risk of low wind resource;
-- lower than expected asset life; and
-- health and safety and the environment.
The principal risks outlined above remain the most likely to affect the Group and its investee companies in the second half of the year.
Outlook
The Company is investing in a mature and growing market, and the Board believes that there should continue to be further opportunities for investments that are beneficial to shareholders. The Company will continue to maintain a strictly disciplined approach to acquisitions, only investing when it is considered to be in the interests of shareholders to do so.
The Board and Governance
The Board was pleased that the Company could hold its AGM in person for the first time in 3 years in April 2022. At the AGM, Willy Rickett retired and Lucinda Riches assumed the role of Senior Independent Director. I would like to thank Willy once again for his wisdom and service to the Company since 2013.
The Company and its Investment Manager also renewed the Investment Management Agreement, reducing the management fee on NAV above GBP3 billion.
Shonaid Jemmett-Page
Chairman
27 July 2022
Investment Manager's Report
Investment Portfolio
Operating portfolio as at 30 June 2022:
Wind Farm Turbines Operator PPA Total Ownership Net MW Stake MW ---------------------- ---------- ----------- ------------- ------ ---------- -------- Andershaw Vestas Statkraft Statkraft 35.0 100% 35.0 Bicker Fen Senvion EDF EDF 26.7 80% 21.3 Bin Mountain GE SSE SSE 9.0 100% 9.0 Bishopthorpe Senvion BayWa Axpo 16.4 100% 16.4 Braes of Doune Vestas BayWa Erova 72.0 100% 72.0 Brockaghboy Nordex SSE SSE 47.5 100% 47.5 Burbo Bank Extension Vestas Orsted CFD 258.0 15.7% 40.4 Carcant Siemens BayWa Axpo 6.0 100% 6.0 Church Hill Enercon Energia Energia 18.4 100% 18.4 Clyde Siemens SSE SSE 522.4 28.2% 147.3 Corriegarth Enercon BayWa Centrica 69.5 100% 69.5
Cotton Farm Senvion BayWa Sainsbury's 16.4 100% 16.4 Crighshane Enercon Energia Energia 32.2 100% 32.2 Deeping St. Nicholas Senvion EDF EDF 16.4 80% 13.1 Natural Douglas West Vestas Power BT 45.0 100% 45.0 Drone Hill Nordex BayWa Statkraft 28.6 51.6% 14.8 Dunmaglass GE SSE SSE 94.0 35.5% 33.4 Earl's Hall Farm Senvion BayWa Sainsbury's 10.3 100% 10.3 Glass Moor Senvion EDF EDF 16.4 80% 13.1 Natural Glen Kyllachy Nordex Power Tesco 48.5 100% 48.5 Humber Gateway Vestas RWE RWE 219.0 37.8% 82.8 Kildrummy Enercon BayWa Sainsbury's 18.4 100% 18.4 Natural Langhope Rig GE Power Centrica 16.0 100% 16.0 Lindhurst Vestas RWE RWE 9.0 49% 4.4 Little Cheyne Court Nordex RWE RWE 59.8 41% 24.5 Maerdy Siemens BayWa Statkraft 24.0 100% 24.0 Middlemoor Vestas RWE RWE 54.0 49% 26.5 North Hoyle Vestas RWE Erova 60.0 100% 60.0 North Rhins Vestas BayWa E.ON 22.0 51.6% 11.4 Red House Senvion EDF EDF 12.3 80% 9.8 Red Tile Senvion EDF EDF 24.6 80% 19.7 Rhyl Flats Siemens RWE RWE 90.0 24.95% 22.5 Screggagh Nordex SSE Energia 20.0 100% 20.0 Sixpenny Wood Senvion BayWa Statkraft 20.5 51.6% 10.6 Slieve Divena Nordex SSE SSE 30.0 100% 30.0 Slieve Divena II Enercon SSE SSE 18.8 100% 18.8 Stronelairg Vestas SSE SSE 227.7 35.5% 80.9 Stroupster Enercon BayWa BT 29.9 100% 29.9 Tappaghan GE SSE SSE 28.5 100% 28.5 Natural Tom nan Clach Vestas Power CFD 40.0 75% 30.0 Twentyshilling Vestas Statkraft Statkraft 37.8 100% 37.8 Walney Siemens Orsted Total 367.2 25.1% 92.2 Windy Rig Vestas Statkraft Statkraft 43.2 100% 43.2 Yelvertoft Senvion BayWa Statkraft 16.4 51.6% 8.5 ---------------------- ---------- ----------- ------------- ------ ---------- -------- Total 1,459.8
Portfolio Performance
Portfolio generation for the six months ended 30 June 2022 was 2,175 GWh, 1 per cent above budget.
Notable issues affecting portfolio availability were:
-- several grid outages due to storms at Clyde, Kildrummy and other sites in January and February, with extended periods of downtime due to adverse weather conditions (no material damage);
-- a blade failure at Windy Rig in January;
-- long duration outages at Corriegarth due to generator issues and a shortage of skilled technicians;
-- various stops due to major component replacements at North Hoyle and Burbo Bank Extension; and
-- various pitch motor exchanges and generator issues at Dunmaglass.
In general, the portfolio performed well, in line with expectations.
Health, Safety and the Environment
Health and safety is of key importance to both the Company and the Investment Manager.
The Investment Manager is an active member of SafetyOn, the UK's leading health and safety focused organisation for the onshore wind industry. The Investment Manager also has its own health and safety forum, chaired by Stephen Lilley, where best practice is discussed and key learnings from incidents from across the industry are shared.
The Company has continued to give to local community funds and invest in a range of local environmental and social projects. In addition, we have been investigating ways to provide research funding to improve the sustainability of wind farms over the long term and are likely to start investing in a number of new initiatives shortly.
In the first half of 2022, the portfolio generated sufficient electricity to power 1.5 million homes and avoided CO(2) emission of approximately 0.9 million tonnes through the displacement of thermal generation.
Investment
On 24 June 2022, the Group acquired the 37.8MW Twentyshilling subsidy free wind farm from Statkraft for GBP49.6 million (commitment made in 2019).
During the period, the Group provided a further GBP18.2 million of construction finance to the Kype Muir Extension subsidy free wind farm project (target commissioning in Q4 2022). As at 30 June 2022, the Group's total investment in Kype Muir Extension (including accrued interest) was GBP29.3 million.
On 16 May 2022, the Group announced that it had agreed to acquire a net 12.5 per cent stake in Hornsea 1 offshore wind farm from Global Infrastructure Partners ("GIP") for a total cash consideration (including cash and working capital) of approximately GBP400 million. The acquisition is expected to complete in Q3 2022. Hornsea 1 benefits from a 15 year CFD at a price of GBP175.25/MWh (real 2022) and is currently 50 per cent owned by Orsted and 50 per cent owned by GIP, with GIP's 50 per cent stake part funded by GBP2.9 billion of limited recourse debt. The Group's pro rata share of this limited recourse debt is GBP0.7 billion, giving a total enterprise value of GBP1.1 billion for the Group's net 12.5 per cent stake.
Gearing
As at 30 June 2022, the Group had GBP 900 million of debt outstanding, equating to 20 per cent of GAV (limit 40 per cent).
Debt outstanding comprised GBP900 million of fixed rate term debt at Company level. There was zero outstanding under the Company's GBP600 million revolving credit facility (the GBP250 million balance at the beginning of the period having been refinanced with GBP200 million AXA term debt and GBP50 million repaid from excess cash flow during the period).
Financial Performance
Power prices during the period were well above budget, primarily reflecting high gas prices. The average N2EX Day Ahead auction price was GBP 176.05 /MWh (H1 2021: GBP 68.45/MWh ).
Net cash generated by the wind farm SPVs was GBP 328.8 million and dividend cover for the period was 3.8 x.
Cash balances (Group and wind farm SPVs) increased by GBP 119.1 million to GBP 236.2 million.
For the six months ended Group and wind farm SPV cash flows 30 June 2022 ------------------------------------------------- ------------------------- GBP'000 Net cash generation (1) 328,847 Dividends paid (86,326) Acquisitions (2) (70,386) Acquisition costs (1,953) Equity issuance - Equity issuance costs (42) Net repayment under debt facilities (50,000) Upfront finance costs (1,076) Movement in cash (Group and wind farm SPVs) 119,064 Opening cash balance (Group and wind farm SPVs) 117,099 ------------------------------------------------- ------------------------- Closing cash balance (Group and wind farm SPVs) 236,163 Net cash generation 328,847 Dividends 86,326 Dividend cover 3.8x ------------------------------------------------- -------------------------
(1) Alternative Performance Measure as defined below.
(2) Includes GBP2,579k deferred consideration in relation to Windy Rig.
The following 2 tables provide further detail in relation to net cash generation of GBP 328.8 million:
For the six months ended Net Cash Generation - Breakdown 30 June 2022 --------------------------------- ------------------------- GBP'000 Revenue 491,862 Operating expenses (96,679) Tax (40,127) Other (1,582) --------------------------------- ------------------------- Wind farm cash flow 353,474 Management fee (14,928) Operating expenses (1,000) Ongoing finance costs (10,545) Other 2,679
--------------------------------- ------------------------- Group cash flow (23,794) VAT (Group and wind farm SPVs) (833) Net cash generation 328,847 --------------------------------- ------------------------- For the six months Net Cash Generation - Reconciliation to Net ended Cash Flows from Operating Activities 30 June 2022 ---------------------------------------------- ------------------- GBP'000 Net cash flows from operating activities (1) 309,426 Movement in cash balances of wind farm SPVs (2) 24,694 Repayment of shareholder loan investment (1) 5,272 Finance costs (1) (11,621) Upfront finance costs (3) 1,076 Net cash generation 328,847 ---------------------------------------------- -------------------
(1) Consolidated Statement of Cash Flows.
(2) Note 8 to the financial statements.
(3) Note 12 to the financial statements.
Investment Performance
GBP'm -------- NAV at 31 December 2021 3,093.7 Investment 70.4 Movement in portfolio valuation 228.6 Movement in cash (Group and wind farm SPVs) 119.1 Movement in other relevant liabilities (2.1) Movement in Aggregate Group Debt 50.0 NAV at 30 June 2022 3,559.7 --------------------------------------------- --------
The increase in the portfolio valuation of GBP 228.6 million equates to approximately 10 pence per share, which can be further broken down as follows: +13 pence from an increase in forecast power prices, +6 pence from an increase in inflation assumptions, -3 pence from an increase in the discount rate used in the DCF valuation and -6 pence attributable to depreciation and other assumption changes.
Total dividends of GBP 86.3 million were paid in the period.
Reconciliation of Statutory Net Assets to Reported NAV
As at As at 30 June 2022 31 December 2021 GBP'000 GBP'000 ---------------------------- -------------- ------------------ Operating portfolio 4,199,950 3,919,545 Construction portfolio 29,311 10,702 Cash (wind farm SPVs) 136,992 112,298 ---------------------------- -------------- ------------------ Fair value of investments 4,366,253 4,042,545 Cash (Group) 99,171 4,801 Other relevant liabilities (5,738) (3,647) ---------------------------- -------------- ------------------ GAV 4,459,686 4,043,699 Aggregate Group Debt (900,000) (950,000) ---------------------------- -------------- ------------------ NAV 3,559,686 3,093,699 Reconciling items - - ---------------------------- -------------- ------------------ Statutory net assets 3,559,686 3,093,699 Shares in issue 2,317,603,896 2,317,097,822 NAV per share (pence) 153.6 133.5 ---------------------------- -------------- ------------------
NAV Sensitivities
NAV is equal to GAV less Aggregate Group Debt.
GAV is the sum of:
-- DCF valuations of the Group's investments;
-- cash (at Group and wind farm SPV level); and
-- other relevant assets and liabilities of the Group.
The DCF valuation of the Group's investments represents the largest component of GAV and the key sensitivities are considered to be the discount rate used in the DCF valuation and assumptions in relation to inflation, energy yield, power price and asset life.
The base case discount rate is a blend of a lower discount rate for fixed cash flows and a higher discount rate for merchant cash flows. The blended portfolio discount rate as at 31 December 2021 was 7.2 per cent. The blended portfolio discount rate as at 30 June 2022 has increased to 7.7 per cent, reflecting (i) a greater proportion of merchant cash flows and (ii) an increase in the underlying discount rate following an increase in relevant benchmark rate.
The DCF valuation is produced by discounting the individual wind farm cash flows on an unlevered basis. The equivalent levered discount rate would be approximately 2 per cent higher than the unlevered discount rate.
Base case long term inflation assumptions are 3.5 per cent to 2030 and 2.5 per cent thereafter for RPI and 2.5 per cent (all years) for CPI. Higher inflation assumptions are applied to 2022.
Base case energy yield assumptions are P 50 ( 50 per cent probability of exceedance) forecasts based on long term wind data and operational history. The P 90 ( 90 per cent probability of exceedance over a 10 year period) and P 10 ( 10 per cent probability of exceedance over a 10 year period) sensitivities reflect the future variability of wind and the uncertainty associated with the long term data source being representative of the long term mean.
Long term power price forecasts are provided by a leading market consultant, updated quarterly, and may be adjusted by the Investment Manager where more conservative assumptions are considered appropriate. Short term power price assumptions reflect the forward curve as at 4 July 2022 with an appropriate discount applied, reflecting high volatility and market uncertainty.
Over the life of the portfolio, fixed cashflows are forecast to contribute 50 per cent of the total DCF value (50 per cent merchant).
The power price sensitivity assumes a 10 per cent increase or decrease in power prices relative to this base case forecast for every year of the asset life.
The base case asset life is 30 years.
Outlook
There are currently over 27GW of operating UK wind farms (14GW onshore plus 13GW offshore). In monetary terms, the secondary market for operating UK wind farms is over GBP90 billion. The Group currently has a market share of approximately 5 per cent. As at 30 June 2022, the average age of the portfolio was 7 years (versus 5 years at listing in March 2013).
Driven by recent security of supply and cost concerns, as well as by net zero climate objectives, the UK is now targeting 50GW of offshore wind by 2030, supported by the CFD regime. New build onshore wind and solar are also expected to contribute, both on a subsidy free basis and supported by the CFD regime. Over 10GW of total capacity was awarded in CFD Allocation Round 4, announced on 7 July 2022.
It is anticipated that the Group will continue to invest in ROC, CFD and subsidy free wind farms. At all times, the Group will maintain a balanced portfolio, in line with the Company's Investment Objective.
Power prices during the period were well above budget, primarily reflecting high gas prices driven by the recovery in global demand, supply chain constraints and the war in Ukraine. The average N2EX Day Ahead auction price was GBP 176.05 /MWh (H1 2021: GBP 68.45/MWh ). Forward power prices over the period 2022-2025 remain high. High power prices drove strong cash generation in H1 2022 and the Group should continue to benefit from strong cash generation over the next few years through its balanced exposure to power prices.
Short term power prices have been modelled on an appropriately conservative basis, reflecting high volatility and market uncertainty. In the medium term, various market design options are being considered by BEIS with a view to accommodating a higher proportion of renewable generation and storage.
In general, the outlook for the Group is very encouraging, with proven operational and financial performance from the existing portfolio, combined with a healthy pipeline of attractive further investment opportunities.
Statement of Directors' Responsibilities
The Directors acknowledge responsibility for the interim results and approve this Half Year Report. The Directors confirm that to the best of their knowledge:
a) the condensed financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" and give a true and fair view of the assets, liabilities and financial position and the profit of the Group as required by DTR 4.2.4R;
b) the interim management report, included within the Chairman's Statement and Investment Manager's Report, includes a fair review of the information required by DTR 4.2.7R, being the significant events of the first half of the year and the principal risks and uncertainties for the remaining six months of the year; and
c) the condensed financial statements include a fair review of the related party transactions, as required by DTR 4.2.8R.
The Responsibility Statement has been approved by the Board.
Shonaid Jemmett-Page
Chairman
27 July 2022
Condensed Consolidated Statement of Comprehensive Income (unaudited)
For the six months ended 30 June 2022
For the six months ended For the six months ended Note 30 June 2022 30 June 2021 GBP'000 GBP'000 --------------------------------------------------------- ----- ------------------------- ------------------------- Return on investments 3 582,190 140,171 Other income 990 889 --------------------------------------------------------- ----- ------------------------- ------------------------- Total income and gains 583,180 141,060 Operating expenses 4 (16,509) (12,256) Investment acquisition costs (577) (339) --------------------------------------------------------- ----- ------------------------- ------------------------- Operating profit 566,094 128,465 Finance expense 12 (14,497) (11,792) --------------------------------------------------------- ----- ------------------------- ------------------------- Profit for the year before tax 551,597 116,673 Tax 5 - - --------------------------------------------------------- ----- ------------------------- ------------------------- Profit for the year after tax 551,597 116,673 Profit and total comprehensive income attributable to: Equity holders of the Company 551,597 116,673 Earnings per share --------------------------------------------------------- ----- ------------------------- ------------------------- Basic and diluted earnings from continuing operations in the period (pence) 6 23.80 6.03 --------------------------------------------------------- ----- ------------------------- -------------------------
The accompanying notes form an integral part of the financial statements.
Condensed Consolidated Statement of Financial Position (unaudited)
As at 30 June 2022
Note 30 June 2022 31 December 2021 GBP'000 GBP'000 -------------------------------------------------- ----- ------------- ----------------- Non current assets Investments at fair value through profit or loss 8 4,366,253 4,042,545 -------------------------------------------------- ----- ------------- ----------------- 4,366,253 4,042,545 Current assets Receivables 10 1,268 2,632 Cash and cash equivalents 99,171 4,801 -------------------------------------------------- ----- ------------- ----------------- 100,439 7,433 Current liabilities Payables 11 (7,006) (6,279) -------------------------------------------------- ----- ------------- ----------------- Net current assets 93,433 1,154 Non current liabilities Loans and borrowings 12 (900,000) (950,000) Net assets 3,559,686 3,093,699 -------------------------------------------------- ----- ------------- ----------------- Capital and reserves Called up share capital 14 23,177 23,171 Share premium account 14 2,469,650 2,468,940 Retained earnings 1,066,859 601,588 -------------------------------------------------- ----- ------------- ----------------- Total shareholders' funds 3,559,686 3,093,699 -------------------------------------------------- ----- ------------- ----------------- Net assets per share (pence) 15 153.6 133.5 -------------------------------------------------- ----- ------------- -----------------
Authorised for issue by the Board of Greencoat UK Wind PLC (registered number 08318092) on 27 July 2022 and signed on its behalf by:
Shonaid Jemmett-Page Caoimhe Giblin Chairman Director
The accompanying notes form an integral part of the financial statements.
Condensed Consolidated Statement of Changes in Equity (unaudited)
For the six months ended 30 June 2022
For the six months ended Share Share Retained 30 June 2022 Note capital premium earnings Total GBP'000 GBP'000 GBP'000 GBP'000 ----------------------------- ----- -------------------- ------------------ ------------------ ------------------ Opening net assets attributable to shareholders (1 January 2022) 23,171 2,468,940 601,588 3,093,699 Issue of share capital 14 6 744 - 750 Share issue costs 14 - (34) - (34) Profit and total comprehensive income for the period - - 551,597 551,597 Interim dividends paid in the period 7 - - (86,326) (86,326) Closing net assets attributable to shareholders 23,177 2,469,650 1,066,859 3,559,686 ----------------------------- ----- -------------------- ------------------ ------------------ ------------------
The total reserves distributable by way of a dividend as at 30 June 2022 were GBP540,760,772.
For the six months ended 30 June 2021 Share capital Share premium Retained earnings Total GBP'000 GBP'000 GBP'000 GBP'000 --------------------------------------------------- -------------- -------------- ------------------ ---------- Opening net assets attributable to shareholders (1 January 2021) 18,241 1,834,477 377,155 2,229,873 Issue of share capital 1,515 196,853 - 198,368 Share issue costs - (2,933) - (2,933) Profit and total comprehensive income for the period - - 116,673 116,673 Interim dividends paid in the period - - (67,846) (67,846) Closing net assets attributable to shareholders 19,756 2,028,397 425,982 2,474,135 ---------------------------------------------------- -------------- -------------- ------------------ ----------
The total reserves distributable by way of a dividend as at 30 June 2021 were GBP314,050,860.
The accompanying notes form an integral part of the financial statements.
Condensed Consolidated Statement of Cash Flows (unaudited)
For the six months ended 30 June 2022
For the six months ended For the six months ended Note 30 June 2022 30 June 2021 GBP'000 GBP'000 --------------------------------------------------------- ----- ------------------------- ------------------------- Net cash flows from operating activities 16 309,426 129,561 Cash flows from investing activities Acquisition of investments (70,386) (68,519) Investment acquisition costs (1,953) (4,848) Repayment of shareholder loan investments 8 5,272 5,699 --------------------------------------------------------- ----- ------------------------- -------------------------
Net cash flows from investing activities (67,067) (67,668) Cash flows from financing activities Issue of share capital 14 - 197,618 Payment of issue costs (42) (2,933) Amounts drawn down on loan facilities 12 200,000 - Amounts repaid on loan facilities 12 (250,000) (160,000) Finance costs (11,621) (11,283) Dividends paid 7 (86,326) (67,846) --------------------------------------------------------- ----- ------------------------- ------------------------- Net cash flows from financing activities (147,989) (44,444) Net increase in cash and cash equivalents during the period 94,370 17,449 Cash and cash equivalents at the beginning of the period 4,801 7,888 Cash and cash equivalents at the end of the period 99,171 25,337 --------------------------------------------------------- ----- ------------------------- -------------------------
The accompanying notes form an integral part of the financial statements.
Notes to the Unaudited Condensed Consolidated Financial Statements
For the six months ended 30 June 2022
1. Significant accounting policies
Basis of accounting
The condensed consolidated financial statements included in this Half Year Report have been prepared in accordance with IAS 34 "Interim Financial Reporting". The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the preparation of the Group's consolidated annual financial statements for the year ended 31 December 2021 and are expected to continue to apply in the Group's consolidated financial statements for the year ended 31 December 2022.
The Group's consolidated annual financial statements were prepared on the historic cost basis, as modified for the measurement of certain financial instruments at fair value through profit or loss, and in accordance with UK adopted international accounting standards.
These condensed financial statements do not include all information and disclosures required in the annual financial statements and should be read in conjunction with the Group's consolidated annual financial statements for the year ended 31 December 2021. The audited annual accounts for the year ended 31 December 2021 have been delivered to the Registrar of Companies. The audit report thereon was unmodified.
Review
This Half Year Report has not been audited or reviewed by the Company's Auditor in accordance with the International Standards on Auditing (ISAs) (UK) or International Standard on Review Engagements (ISREs).
Going concern
As at 30 June 2022, the Group had net current assets of GBP 93.4 million (31 December 2021: GBP1.2 million) and cash balances of GBP 99.2 million (31 December 2021: GBP4.8 million) which are sufficient to meet current obligations as they fall due.
The COVID-19 pandemic has had a negative impact on the global economy. The Directors and Investment Manager are actively monitoring this and its potential effect on the Group and its SPVs. In particular, they have considered the following specific key potential impacts:
-- Unavailability of key personnel at the Investment Manager or Administrator; -- Increased volatility in the fair value of investments; -- Disruptions to maintenance or repair at the investee company level; and -- Allowance for expected counterparty credit losses.
In considering the above key potential impacts of COVID-19 on the Group and SPV operations, the Directors have assessed these with reference to the mitigation measures in place and do not consider that the effects have created a material uncertainty over the assessment of the Group as a going concern.
The Directors have reviewed Group forecasts and projections which cover a period of at least 12 months from the date of approval of this report, taking into account foreseeable changes in investment and trading performance, which show that the Group has sufficient financial resources to continue in operation for at least the next 12 months from the date of approval of this report.
On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for at least up to July 2023. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board, as a whole. The key measure of performance used by the Board to assess the Group's performance and to allocate resources is the total return on the Group's net assets, as calculated under IFRS, and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained in the financial statements.
For management purposes, the Group is organised into one main operating segment, which invests in wind farm assets.
All of the Group's income is generated within the UK.
All of the Group's non-current assets are located in the UK.
Seasonal and cyclical variations
The Group's results do not vary significantly during reporting periods as a result of seasonal activity.
2. Investment management fees
Under the terms of the Investment Management Agreement, the Investment Manager is entitled to a combination of a Cash Fee and an Equity Element from the Company.
The Cash Fee and Equity Element are calculated quarterly in advance, as disclosed on page 74 of the Company's Annual Report for the year ended 31 December 2021. Following consultation with shareholders, the Board announced on 13 June 2022 certain amendments to the Investment Management Agreement. In particular, an additional tier was added to the cash fee structure, which will see a reduction in the fee charges in respect of NAV over GBP3,000 million to an amount equal to 0.7 per cent, paid in quarterly instalments and applied retrospectively.
Investment management fees paid or accrued in the period were as follows:
For the six months ended For the six months ended 30 June 2022 30 June 2021 GBP'000 GBP'000 ---------------- ------------------------- ------------------------- Cash Fee 13,718 10,038 Equity Element 750 750 ---------------- 14,468 10,788 ---------------- ------------------------- -------------------------
As at 30 June 2022, total amounts receivable from the Investment Manager were GBP138,215 (31 December 2021: payable GBP1,072,061).
3. Return on investments For the six months ended For the six months ended 30 June 2022 30 June 2021 GBP'000 GBP'000 ----------------------------------------------------------- ------------------------- ------------------------- Dividends received (note 17) 297,483 121,101 Unrealised movement in fair value of investments (note 8) 258,752 135 Interest on shareholder loan investment received 25,955 18,935 582,190 140,171 ----------------------------------------------------------- ------------------------- ------------------------- 4. Operating expenses For the six For the six months ended months ended 30 June 2022 30 June 2021 GBP'000 GBP'000 ---------------------------------------- -------------- -------------- Management fees (note 2) 14,468 10,788 Group and SPV administration fees 439 434 Non-executive Directors' fees 178 135 Other expenses 1,309 830 Fees to the Company's Auditor: for audit of the statutory financial statements 111 65 for other audit related services 4 4 ---------------------------------------- -------------- -------------- 16,509 12,256 ---------------------------------------- -------------- --------------
The fees to the Company's Auditor for the period ended 30 June 2022 include GBP 4,173 (30 June 2021: GBP3,838) payable in relation to a limited review of the Half Year Report and estimated accruals proportioned across the year for the audit of the statutory financial statements.
5. Taxation
Taxable income during the period was offset by management expenses and the tax charge for the period ended 30 June 2022 is GBP nil (30 June 2021: GBPnil). The Group has tax losses carried forward available to offset against current and future profits as at 30 June 2022 of GBP29,583,434 (30 June 2021: GBP 23,032,849 ).
6. Earnings per share For the six months ended For the six months ended 30 June 2022 30 June 2021 ---------------------------------------------------------------- ------------------------- ------------------------- Profit attributable to equity holders of the Company - GBP'000 551,597 116,673 Weighted average number of ordinary shares in issue 2,317,381,121 1,933,649,612 ---------------------------------------------------------------- ------------------------- ------------------------- Basic and diluted earnings from continuing operations in the period (pence) 23.80 6.03 ---------------------------------------------------------------- ------------------------- -------------------------
Dilution of the earnings per share as a result of the Equity Element of the investment management fee as disclosed in note 2 does not have a significant impact on the basic earnings per share.
7. Dividends declared with respect to the period Interim dividends paid during the period ended 30 June 2022 Dividend per share Total dividend pence GBP'000 ------------------------------------------------------------- ------------------- --------------- With respect to the quarter ended 31 December 2021 1.795 41,596 With respect to the quarter ended 31 March 2022 1.930 44,730 3.725 86,326 ------------------------------------------------------------- ------------------- --------------- Interim dividends declared after 30 Dividend June 2022 and not accrued in the period per share Total dividend pence GBP'000 ------------------------------------------ ----------- --------------- With respect to the quarter ended 30 June 2022 1.930 44,734 1.930 44,734 ------------------------------------------ ----------- ---------------
As disclosed in note 18, on 27 July 2022 , the Board approved a dividend of 1.930 pence per share with respect to the quarter ended 30 June 2022, bringing the total dividends declared with respect to the period to 3.86 pence per share. The record date for the dividend is 12 August 2022 and the payment date is 26 August 2022 .
8. Investments at fair value through profit or loss For the period ended 30 June 2022 Loans Equity interest Total GBP'000 GBP'000 GBP'000 ----------------------------------------------------------- -------- ---------------- ---------- Opening balance 924,748 3,117,797 4,042,545 Additions(1) 50,397 19,831 70,228 Repayment of shareholder loan investments (note 17) (5,272) - (5,272) Unrealised movement in fair value of investments (note 3) 1,018 257,734 258,752 ----------------------------------------------------------- -------- ---------------- ---------- 970,891 3,395,362 4,366,253 ----------------------------------------------------------- -------- ---------------- ----------
(1) Includes a true-up receivable at Glen Kyllachy of GBP158k (note 10).
For the period ended 30 June 2021 Loans Equity interest Total GBP'000 GBP'000 GBP'000 ----------------------------------------------------------- -------- ---------------- ---------- Opening balance 607,956 2,721,812 3,329,768 Additions 20,381 48,138 68,519 Repayment of shareholder loan investments (5,699) - (5,699) Unrealised movement in fair value of investments (note 3) (1,926) 2,061 135 ----------------------------------------------------------- -------- ---------------- ---------- 620,712 2,772,011 3,392,723 ----------------------------------------------------------- -------- ---------------- ----------
The unrealised movement in fair value of investments of the Group during the period was made up as follows:
For the six months ended For the six months ended 30 June 2022 30 June 2021 GBP'000 GBP'000 ----------------------------------------------------- ------------------------- ------------------------- Increase in portfolio valuation 228,628 14,882 Repayment of shareholder loan investments (note 17) 5,272 5,699 Movement in cash balances of SPVs 24,694 (16,191) True-up receivable at Glen Kyllachy (note 10) 158 - Increase in Douglas West cash balance - (4,255) 258,752 135 ----------------------------------------------------- ------------------------- -------------------------
Fair value measurements
As disclosed on pages 78 to 79 of the Company's Annual Report for the year ended 31 December 2021 , IFRS 13 "Fair Value Measurement" requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities ranges from level 1 to level 3 and is determined on the basis of the lowest level input that is significant to the fair value measurement.
The fair value of the Group's investments is ultimately determined by the underlying net present values of the SPV investments. Due to their nature, they are always expected to be classified as level 3 as the investments are not traded and contain unobservable inputs. There have been no transfers between levels during the six months ended 30 June 2022.
Sensitivity analysis
The fair value of the Group's investments is GBP4,366,253,152 (31 December 2021: GBP4,042,545,081). The analysis below is provided to illustrate the sensitivity of the fair value of investments to an individual input, while all other variables remain constant. The Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood of change or that possible changes in value would be restricted to this range.
Change in fair value Change in NAV per Input Base case Change in input of investments share ------------------------ ----------------------- ----------------- ----------------------- ----------------------- GBP'000 pence Discount rate 7.7 per cent + 0.5 per cent (114,365) (4.9) - 0.5 per cent 120,672 5.2 RPI: 3.5 per cent to 2030, 2.5 per cent Long term inflation thereafter rate CPI: 2.5 per cent - 0.5 per cent (113,686) (4.9) + 0.5 per cent 119,454 5.2 Energy yield P50 10 year P90 (247,971) (10.7) 10 year P10 247,939 10.7 Forecast by leading Power price consultant - 10 per cent (250,965) (10.8) + 10 per cent 250,479 10.8 Asset life 30 years - 5 years (162,556) (7.0) + 5 years 109,980 4.7
The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented.
9. Unconsolidated subsidiaries, associates and joint ventures
The following table shows subsidiaries of the Group acquired during the period. As the Company is regarded as an investment entity under IFRS, this subsidiary has not been consolidated in the preparation of the financial statements:
Ownership interest as at Investment Place of business 30 June 2022 ---------------- ------------------- ------------------------- Twentyshilling Scotland 100 %
There are no other changes to the unconsolidated subsidiaries or the associates and joint ventures of the Group as disclosed on pages 80 and 81 of the Company's Annual Report for the year ended 31 December 2021.
Security deposits and guarantees provided during the period by the Group on behalf of its investments are as follows:
Amount Provider of security Investment Beneficiary Nature Purpose GBP'000 ---------------------- ---------------- ------------- ----------- ----------------- -------------- The Company Twentyshilling Statkraft Guarantee Cabling, radar 12,944 The Company Twentyshilling Santander Bond Decommissioning 1,903 14,847 ----------------------------------------------------------------------------------- --------------
There are no other changes to guarantees and counter-indemnities provided by the Group, as disclosed on page 81 of the Company's Annual Report for the year ended 31 December 2021.
10. Receivables
30 June 2022 31 December 2021 GBP'000 GBP'000 ----------------------------------------------- ------------- ----------------- Amounts due from SPVs 2 1,798 VAT receivable 545 407 Prepayments 187 107 True-up receivable at Glen Kyllachy (note 8) 158 - Investment management fee receivable (note 2) 138 - Other receivables 238 320 1,268 2,632 ----------------------------------------------- ------------- -----------------
11. Payables
31 December 30 June 2022 2021 GBP'000 GBP'000 ----------------------------------- ------------- ------------ Loan interest payable (note 12) 5,324 2,788 Commitment fee payable (note 12) 695 344 Acquisition costs payable 160 1,595 Investment management fee payable - 1,072 Share issue costs payable - 10 Other payables 827 470 7,006 6,279 ----------------------------------- ------------- ------------
12. Loans and borrowings
31 December 30 June 2022 2021 GBP'000 GBP'000 --------------------------- ------------- ------------ Opening balance 950,000 1,100,000 Revolving credit facility Drawdowns - 110,000 Repayments (250,000) (260,000) Term debt facilities Drawdowns 200,000 - Closing balance 900,000 950,000 --------------------------- ------------- ------------ For the six months ended For the six months ended 30 June 2022 30 June 2021 GBP'000 GBP'000 --------------------- ------------------------- ------------------------- Loan interest 11,586 11,410 Commitment fees 1,748 312 Professional fees 1,076 - Other facility fees 87 70 --------------------- ------------------------- ------------------------- Finance expense 14,497 11,792 --------------------- ------------------------- -------------------------
The loan balance as at 30 June 2022 has not been adjusted to reflect amortised cost, as the amounts are not materially different from the outstanding balances.
In relation to non-current loans and borrowings, the Board is of the view that the current market interest rate is not significantly different to the respective instruments' contractual interest rates therefore the fair value of the non-current loans and borrowings at the end of the reporting periods is not significantly different from their carrying amounts.
There are no changes to the terms of the Company's revolving credit facility as disclosed on page 83 of the Company's Annual Report for the year ended 31 December 2021.
As at 30 June 2022, the balance of this facility was GBPnil (31 December 2021: GBP250 million), accrued interest was GBPnil (31 December 2021: GBP12,554) and the outstanding commitment fee payable was GBP694,521 (31 December 2021: GBP343,699).
On 31 January 2022, the Company utilised GBP200 million under its 8 year term debt facility with AXA.
The Company's term debt facilities and associated interest rate swaps, with various maturity dates, are set out in the below table:
Accrued interest Loan Swap fixed All-in Loan at 30 June Provider Maturity date margin rate rate principal 2022 % % % GBP'000 GBP'000 ---------- ----------------- -------- ----------- -------- ----------- ------------ NAB 1 November 2023 1.20 1.42800 2.62800 75,000 319 NAB 1 November 2023 1.20 0.77250 1.97250 25,000 80 CBA 7 December 2023 1.00 0.11300 1.11300 50,000 88 NAB 4 November 2024 1.15 1.06100 2.21100 50,000 179 14 November CBA 2024 1.35 0.80750 2.15750 50,000 171 CBA 6 March 2025 1.55 1.52650 3.07650 50,000 244 CIBC 3 November 2025 1.50 1.51030 3.01030 100,000 437 NAB 1 November 2026 1.50 1.59800 3.09800 75,000 376 NAB 1 November 2026 1.50 0.84250 2.34250 25,000 95 14 November CIBC 2026 1.40 0.81325 2.21325 100,000 321 CBA 4 November 2027 1.60 1.36800 2.96800 100,000 472 AXA 31 January 2030 3.03000 125,000 1,567 AXA 31 January 2030 1.70 1.44500 3.14500 75,000 975 900,000 5,324 ---------------------------- -------- ----------- -------- ----------- ------------
13. Contingencies and commitments
In April 2020, the Group announced that it had agreed to acquire the South Kyle wind farm project for a headline consideration of GBP320 million. The investment is scheduled to complete in Q1 2023 once the wind farm is fully operational.
In December 2020, the Group entered into an agreement to acquire 49.9 per cent of the Kype Muir Extension wind farm project for a headline consideration of GBP51.4 million, to be paid once the wind farm is fully operational (target Q4 2022). The Group also agreed to provide construction finance of up to GBP47 million, of which GBP 29.3 million had been utilised as at 30 June 2022.
In May 2022, the Group entered into an agreement to acquire a net 12.5 per cent stake in Hornsea 1 offshore wind farm for a total cash consideration of approximately GBP400 million. The acquisition is expected to complete in Q3 2022.
14. Share capital - ordinary shares of GBP0.01
Six months to 30 June 2022 Number Issued and fully of shares Share Share Date paid issued capital premium Total GBP'000 GBP'000 GBP'000 -------------- -------------------- -------------- --------- ---------- ---------- 1 January 2022 2,317,097,822 23,171 2,468,940 2,492,111 Shares issued to the Investment Manager True-up of 2021 and 4 February Q1 2022 Equity 2022 Element 254,855 3 372 375 Q2 2022 Equity 5 May 2022 Element 251,219 3 372 375 506,074 6 744 750 Other 1 January Less share issue 2022 costs - - (34) (34) 30 June 2022 2,317,603,896 23,177 2,469,650 2,492,827 ------------------------------------ -------------- --------- ---------- ----------
15. Net assets per share
31 December 30 June 2022 2021 ---------------------------------- -------------- -------------- Net assets - GBP'000 3,559,686 3,093,699 Number of ordinary shares issued 2,317,603,896 2,317,097,822 ---------------------------------- -------------- -------------- Total net assets - pence 153.6 133.5 ---------------------------------- -------------- --------------
16. Reconciliation of operating profit for the period to net cash from operating activities
For the six months ended For the six months ended 30 June 2022 30 June 2021 GBP'000 GBP'000 ----------------------------------------------------- ------------------------- ------------------------- Operating profit for the year 566,094 128,465 Adjustments for: Movement in fair value of investments (notes 3 & 8) (258,752) (135) Investment acquisition costs 577 339 Decrease in receivables 1,534 190 Decrease in payables (777) (48) Equity Element of Investment Manager's fee (note 2) 750 750 Net cash flows from operating activities 309,426 129,561 ----------------------------------------------------- ------------------------- -------------------------
17. Related party transactions
During the period, the Company increased its loan to Holdco by GBP 411,425 (30 June 2021: GBP48,400,000) and Holdco settled amounts of GBP 163,866,761 (30 June 2021: GBP103,273,112). The amount outstanding at the period end was GBP 2,267,310,484 (31 December 2021: GBP2,430,765,820).
The below table shows dividends received in the period from the Group's investments.
For the six For the six months ended months ended 30 June 2022 30 June 2021 GBP'000 GBP'000 ------------------------ -------------- -------------- Clyde 35,938 14,954 Humber Holdco (1) 29,722 15,760 Stronelairg Holdco (2) 24,640 4,379 Corriegarth 17,054 5,859 Braes of Doune 14,380 6,330 North Hoyle 14,186 2,788 SYND Holdco (3) 11,670 4,622 Fenlands (4) 11,300 4,436 ML Wind (5) 10,241 3,528 Brockaghboy 9,791 6,170 Walney 9,366 11,525 Dunmaglass Holdco (6) 9,362 3,072 Douglas West 8,644 - Rhyl Flats 8,184 4,266 Windy Rig 7,093 - Andershaw 6,913 - Tappaghan 5,933 2,361 Maerdy 5,427 2,708 Little Cheyne Court 5,412 2,296 Langhope Rig 4,924 1,713 Bishopthorpe 4,721 2,405 Slieve Divena 4,602 1,989 Bicker Fen 4,550 1,478 Crighshane 4,020 - Slieve Divena II 3,991 1,416 Screggagh 3,871 1,383 Church Hill 3,124 660 Hoylake (7) 2,961 - Nanclach 2,618 - Glen Kyllachy 2,500 - Kildrummy 2,221 2,248 Bin Mountain 2,202 984 Cotton Farm 1,913 2,376 Carcant 1,909 916 Earl's Hall Farm 1,100 1,806 Stroupster 1,000 6,673 297,483 121,101 ------------------------ -------------- --------------
(1) The Group's investment in Humber Gateway is held through Humber Holdco.
(2) The Group's investment in Stronelairg is held through Stronelairg Holdco.
(3) The Group's investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco.
(4) The Group's investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands.
(5) The Group's investments in Middlemoor and Lindhurst are held through ML Wind.
(6) The Group's investment in Dunmaglass is held through Dunmaglass Holdco.
(7) The Group's investment in Burbo Bank Extension is held through Hoylake.
The table below shows the Group's shareholder loans with the wind farm investments.
Loans Accrued at 1 Loans interest January Loans advanced Loan repayments at 30 June at 30 June Windfarm 2022(1) in the period in the year 2022 2022 Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------- --------- --------------- ---------------- ------------ ------------ -------- Andershaw 32,641 - - 32,641 488 33,129 Church Hill 14,702 - - 14,702 116 14,818 Clyde 71,503 - - 71,503 1,040 72,543 Corriegarth 42,553 - - 42,553 637 43,190 Crighshane 22,264 - (735) 21,529 170 21,699 Douglas West 43,648 - - 43,648 216 43,864 Dunmaglass 56,864 - - 56,864 851 57,715 Glen Kyllachy 51,470 - (2,694) 48,776 247 49,023 Hoylake 172,279 - - 172,279 - 172,279 Kype Muir Extension 10,606 18,455 (2) - 29,061 250 29,311 Slieve Divena II 22,182 - - 22,182 175 22,357 Stronelairg 86,619 - - 86,619 1,296 87,915 Tom nan Clach 80,654 - (1,843) 78,811 1,478 80,289 Twentyshilling - 32,190 - 32,190 37 32,227 Walney 172,727 - - 172,727 852 173,579 Windy Rig 36,772 - - 36,772 181 36,953 917,484 50,645 (5,272) 962,857 8,034 970,891 ---------------- --------- --------------- ---------------- ------------ ------------ --------
(1) Excludes accrued interest at 31 December 2021 of GBP7,264,193.
(2) Includes capitalised interest of GBP247,838.
18. Subsequent events
On 27 July 2022 , the Board approved a dividend of GBP44.7 million equivalent to 1.930 pence per share. The record date for the dividend is 12 August 2022 and the payment date is 26 August 2022 .
Company Information
Directors (all non-executive) Registered Company Number Shonaid Jemmett-Page (Chairman) 08318092 Martin McAdam Lucinda Riches C.B.E Registered Office Caoimhe Giblin 5(th) Floor 20 Fenchurch Street London Nicholas Winser EC3M 3BY William Rickett C.B. (1) Investment Manager Greencoat Capital LLP 4th Floor, The Peak Registered Auditor 5 Wilton Road BDO LLP London 55 Baker Street SW1V 1AN London W1U 7EU Administrator and Company Secretary Ocorian Administration (UK) Limited Unit 4, The Legacy Building Joint Broker Northern Ireland Science Park RBC Capital Markets Queen's Road Riverbank House Belfast 2 Swan Lake BT3 9DT London EC4R 3BF Depositary Ocorian Depositary (UK) Limited Unit 4, The Legacy Building Joint Broker Northern Ireland Science Park Jefferies International Limited Queen's Road 100 Bishopsgate Belfast London BT3 9DT EC2N 4JL Registrar Computershare Limited The Pavilions Bridgewater Road Bristol BS99 6ZZ
(1) Retired from the Board with effect from 28 April 2022.
Defined Terms
Aggregate Group Debt means the Group's proportionate share of outstanding third party borrowings
AGM means Annual General Meeting of the Company
Alternative Performance Measure means a financial measure other than those defined or specified in the applicable financial reporting framework
Andershaw means Andershaw Wind Power Limited
AXA means funds managed by AXA Investment Managers UK Limited
Balancing Mechanism means the system by which electricity demand and supply is balanced by National Grid in close to real time
BDO LLP means the Company's Auditor as at the reporting date
BEIS means Department for Business, Energy and Industrial Strategy
Bicker Fen means Bicker Fen Windfarm Limited
Bin Mountain means Bin Mountain Wind Farm (NI) Limited
Bishopthorpe means Bishopthorpe Wind Farm Limited
Board means the Directors of the Company
Braes of Doune means Braes of Doune Wind Farm (Scotland) Limited
Breeze Bidco means Breeze Bidco (TNC) Limited
Brockaghboy means Brockaghboy Windfarm Limited
Burbo Bank Extension means Hoylake Wind Limited, Greencoat Burbo Extension Holding (UK) Limited, Burbo Extension Holding Limited and Burbo Extension Limited
Carcant means Carcant Wind Farm (Scotland) Limited
Cash Fee means the cash fee that the Investment Manager is entitled to under the Investment Management Agreement
CBA means Commonwealth Bank of Australia
CFD means Contract For Difference
Church Hill means Church Hill Wind Farm Limited
CIBC means Canadian Imperial Bank of Commerce
Clyde means Clyde Wind Farm (Scotland) Limited
COD means Commercial Operation Date
Company means Greencoat UK Wind PLC
Corriegarth means Corriegarth Wind Energy Limited
Corriegarth Holdings means Corriegarth Wind Energy Holdings Limited
Cotton Farm means Cotton Farm Wind Farm Limited
COVID-19 means an infectious disease discovered in late 2019 and caused by the corona virus
CPI means the Consumer Price Index
Crighshane means Crighshane Wind Farm Limited
DCF means Discounted Cash Flow
Deeping St. Nicholas means Deeping St. Nicholas wind farm
Douglas West means Douglas West Wind Farm Limited
Drone Hill means Drone Hill Wind Farm Limited
DTR means the Disclosure Guidance and Transparency Rules sourcebook issued by the Financial Conduct Authority
Dunmaglass means Dunmaglass Holdco and Dunmaglass Wind Farm
Dunmaglass Holdco means Greencoat Dunmaglass Holdco Limited
Dunmaglass Wind Farm means Dunmaglass Wind Farm Limited
Earl's Hall Farm means Earl's Hall Farm Wind Farm Limited
Equity Element means the ordinary shares issued to the Investment Manager under the Investment Management Agreement
EU means the European Union
Fenlands means Fenland Windfarms Limited
GAV means Gross Asset Value
GB means Great Britain consisting of England, Scotland and Wales
Glass Moor means Glass Moor wind farm
Glen Kyllachy means Glen Kyllachy Wind Farm Limited
Group means Greencoat UK Wind PLC and Greencoat UK Wind Holdco Limited
Holdco means Greencoat UK Wind Holdco Limited
Hoylake means Hoylake Wind Limited
Hornsea 1 means Hornsea 1 Limited
Humber Gateway means Humber Holdco and Humber Wind Farm
Humber Holdco means Greencoat Humber Limited
Humber Wind Farm means RWE Renewables UK Humber Wind Limited
IAS means International Accounting Standard
IFRS means International Financial Reporting Standards
Investment Management Agreement means the agreement between the Company and the Investment Manager
Investment Manager means Greencoat Capital LLP
Kildrummy means Kildrummy Wind Farm Limited
Kype Muir Extension means Kype Muir Extension Wind Farm
Langhope Rig means Langhope Rig Wind Farm Limited
Lindhurst means Lindhurst Wind Farm
Little Cheyne Court means Little Cheyne Court Wind Farm Limited
Maerdy means Maerdy Wind Farm Limited
Middlemoor means Middlemoor Wind Farm
ML Wind means ML Wind LLP
NAB means National Australia Bank
Nanclach means Nanclach Limited
NAV means Net Asset Value
NAV per Share means the Net Asset Value per Ordinary Share
North Hoyle means North Hoyle Wind Farm Limited
North Rhins means North Rhins Wind Farm Limited
PPA means Power Purchase Agreement entered into by the Group's wind farms
RBC means the Royal Bank of Canada
RBS International means the Royal Bank of Scotland International Limited
Red House means Red House wind farm
Red Tile means Red Tile wind farm
Review Section means the front end review section of this report (including but not limited to the Chairman's Statement and the Investment Manager's Report)
Rhyl Flats means Rhyl Flats Wind Farm Limited
ROC means Renewable Obligation Certificate
RPI means the Retail Price Index
Santander means Santander Global Banking and Markets
Screggagh means Screggagh Wind Farm Limited
Sixpenny Wood means Sixpenny Wood Wind Farm Limited
Slieve Divena means Slieve Divena Wind Farm Limited
Slieve Divena II means Slieve Divena Wind Farm No. 2 Limited
SPVs means the Special Purpose Vehicles which hold the Group's investment portfolio of underlying wind farms
Stronelairg means Stronelairg Holdco and Stronelairg Wind Farm
Stronelairg Holdco means Greencoat Stronelairg Holdco Limited
Stronelairg Wind Farm means Stronelairg Wind Farm Limited
Stroupster means Stroupster Caithness Wind Farm Limited
SYND Holdco means SYND Holdco Limited
Tappaghan means Tappaghan Wind Farm (NI) Limited
Tom nan Clach means Breeze Bidco and Nanclach
TSR means Total Shareholder Return
Twentyshilling means Twentyshilling Limited
UK means the United Kingdom of Great Britain and Northern Ireland
Walney means Walney Holdco and Walney Wind Farm
Walney Holdco means Greencoat Walney Holdco Limited
Walney Wind Farm means Walney (UK) Offshore Windfarms Limited
Windy Rig means Windy Rig Wind Farm Limited
Yelvertoft means Yelvertoft Wind Farm Limited
Alternative Performance Measures
Performance Measure Definition NAV per share The Net Asset Value per ordinary share ---------------------------------------- Net cash generation The operating cash flow of the Group and wind farm SPVs ---------------------------------------- Total Shareholder Return The movement in share price, combined with dividends paid during the year, on the assumption that these dividends have been reinvested ----------------------------------------
Cautionary Statement
The Review Section of this report has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. These should not be relied on by any other party or for any other purpose.
The Review Section may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology.
These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this document and include statements regarding the intentions, beliefs or current expectations of the Directors and the Investment Manager concerning, amongst other things, the investment objectives and Investment Policy, financing strategies, investment performance, results of operations, financial condition, liquidity, prospects, and distribution policy of the Company and the markets in which it invests.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual investment performance, results of operations, financial condition, liquidity, distribution policy and the development of its financing strategies may differ materially from the impression created by the forward-looking statements contained in this document.
Subject to their legal and regulatory obligations, the Directors and the Investment Manager expressly disclaim any obligations to update or revise any forward-looking statement contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
In addition, the Review Section may include target figures for future financial periods. Any such figures are targets only and are not forecasts.
This Half Year Report has been prepared for the Company as a whole and therefore gives greater emphasis to those matters which are significant in respect of Greencoat UK Wind PLC and its subsidiary undertakings when viewed as a whole.
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