Greencoat UK Wind Plc · LSE:UKW
Greencoat UK Wind — H1 2014 Earnings Presentation
14 slides from Greencoat UK Wind's earnings presentation, July 2014
Slide 1: Interim Results July 2014
Interim Results July 2014
Slide 2: Greencoat UK Wind
Greencoat UK Wind Operating UK wind farms only Stable and Wind is the most mature and largest scale renewable technology Sizeable Market UK has established, stable regulatory framework and high wind resource Large asset pool mostly owned by utilities – Greencoat is “utility friendly” Strong
Slide 3: Interim results summary
Interim results summary Strong operating and financial performance with overall performance in line with expectations Investments generated 250.7 GWh of electricity, in line with budget Net cash generation of £20.1m Interim dividend of £10.2m (3p per share) paid for H2 2013 Interim dividen
Slide 4: UKW portfolio – 226.4MW
UKW portfolio – 226.4MW Onshore / Offshore(1) Geography(1) Kildrummy Braes of Doune Bin Mountain Carcant Middlemoor Tappaghan Rhyl Flats Lindhurst Asset Age(1) Assets(1) Cotton Farm Maerdy Earl’s Hall Farm Little Cheyne Court New acquisitions in H1 2014 High quality, well-balanced portfolio of asset
Slide 5: Financial performance
For the six months ended 30 June 2014 Group and wind farm SPV cash flows £m Net cash generation (after fees, costs and expenses) “”) 20.1 Dividend (paid February 2014 for 6 months to 31 December 2013) (10.2) Investment in Kildrummy 2 (44.1) Debt drawn down 42.0 Net reinvestment (2.1) Investment in M
Slide 6: Net Asset Value
Movement in Movement in Movement in fair value of i lipetl » other relevant Aggregate assets assets/liabilities Group Debt Opening NAV Investment in 31 Dec 2013 new assets Closing NAV 30 Jun 2014
Slide 7: Investment performance
TSR vs market peers Pence 115.00 110.00 105.00 100.00 95.00 90.00 85.00 T T T T T T T T T T T T T T T Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2014 2014 2014 2014 2014 2014 Greencoat UK Bluefield Solar The Renewables Wind PLC I
Slide 8: Sensitivity analysis
Sensitivity analysis Impact on NAV Discount rate (+/- 0.5%) -£16.1m £17.1m Energy yield (10 year P90/P10) -£31.3m £31.3m Power price (-/+ 10%) -£27.1m £27.1m Inflation rate (-/+ 0.5%) -£16.3m £17.2m -20p -15p -10p -5p 0p 5p 10p 15p 20p pence per share 8
Slide 9: Delivering on IPO promises
Delivering on IPO promises Leading renewable infrastructure company 226.4MW Listed and raised £343m in 2013 184.0MW 12 wind farm investments made 153.1MW GAV of £498.4m GEN. CAPACITY 126.5MW Market capitalisation of £365.0m £351.1m £363.4m £353.0m Traded at premium since listing £262.4m
Slide 10: Appendices
GREENCOAT UK WINE Appendices
Slide 11: Asset overview
Asset overview Group Ownership Net Commercial ROCs / Forecast Net Wind Farm Country Turbines PPA Total MW Stake MW(1) Operations Date MWh Load Factor(2) Braes of Doune Scotland Vestas Centrica 72.0 50% 36.0 Jun-07 1.0 26.0% Tappaghan Northern Ireland GE SSE 28.5 100% 28.5 Jan-05(3) 1.0 30.6% Bin Mou
Slide 12: Investment Policy
Investment Policy Focus on financial investments in UK operating onshore and offshore wind farms Fund to invest in operating wind farms, both onshore and offshore Onshore and Offshore Offshore investments are limited at 40% of GAV and are subject to a strategic utility retaining an equity stake
Slide 13: Gearing
Gearing GAV (£m) 800 600 Short / Medium 400 Term Debt Equity Long Term Debt No debt at asset level in existing portfolio nor intention to have any asset level debt going forward Asset Level Ideal buyer from, and partner for, utilities Acquisition debt facility used to acquire new assets Sign
Slide 14: Disclaimer
Disclaimer Important Information This document has been prepared by Greencoat Capital LLP (“Greencoat Capital”). Greencoat Capital is the exclusive investment manager to Greencoat UK Wind PLC (“UKW”). This presentation is confidential to the addressee(s) and it may not be copied or passed on, in who