Business
Quarterly NAV and Dividend Declaration
Quarterly NAV and Dividend Declaration.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n\n6 September 2023 \nGore Street Energy Storage Fund plc \n(the \"Company\" or \"GSF\") \nUnaudited NAV \nInternational portfolio outperforms GB assets. NAV continues an upward trajectory.\n \nGore Street Energy Storage Fund plc, the internationally diversified energy storage fund, is pleased to announce its unaudited Net Asset Value (\"NAV\") as at 30 June 2023. The unaudited NAV increased to 116.0 pence per Ordinary Share from 115.6 pence per Ordinary Share at 31 March 2023. Allowing for the 2.0 pence dividend paid during the period, the quarterly NAV total return was 2.1%. The continued steady NAV progression highlights the resilience of the Manager's international diversification strategy. The total NAV return, including dividends paid, amounting to 50.5% since the IPO in May 2018.\n \nFinancial Highlights:\n· NAV increased by 0.4% to £558.4m (£556.3m as of 31 March 2023), or 116.0 pence per share (115.6 pence per share as of 31 March 2023), with an annualised NAV Total Return of 8.7% for the June end quarter.\n\n\n\n\n\n\n£ millions\n\n\nPence per Ordinary Share\n\n\n\n\nNAV as at 31 March 2023\n\n\n556.3\n\n\n115.6\n\n\n\n\nFund and Subsid. Holding Companies Operating Expenses\n\n\n(2.7)\n\n\n(0.6)\n\n\n\n\nDividends\n\n\n(9.6)\n\n\n(2.0)\n\n\n\n\nCash Generation\n\n\n4.8\n\n\n1.0\n\n\n\n\nAsset depreciation and other DCF changes\n\n\n3.7\n\n\n0.8\n\n\n\n\nOpex Savings\n\n\n5.9\n\n\n1.2\n\n\n\n\nNAV as at 30 June 2023\n\n\n558.4\n\n\n116.0\n\n\n\n \n· The Company's Board of Directors has approved a dividend of 2.0 pence per share for the June-end quarter, in line with the Company's progressive dividend target.\n· Key long-term assumptions such as inflation, revenue and estimated build-out capex remain unchanged.\n· NAV assumptions updated during the period reflect opex savings from optimisation and internalisation of maintenance and asset management engagements.\n· The weighted average discount rate applied to the portfolio remains at 10.1%.\n \n \nOperational & Portfolio Update:\n· The operational fleet demonstrated strong performance, generating a weighted average revenue of £10.67/MW/hr during the J...