Renewables Infrastructure Group Limited GBP Red.Shs · LSE:TRIG
Renewables Infrastructure Group Limited GBP Red.Shs — The Renewables Infrastructure Group — FY2013 Earnings Presentation
20 slides from Renewables Infrastructure Group Limited GBP Red.Shs's earnings presentation, Feb 26, 2014
Slide 1: The Renewables Infrastructure Group: Results for the period to 31 December 2013
THE RENEWABLES INFRASTRUCTURE GROUP Results for the period to 31 December 2013 26 February 2014 www.TRIG-Ltd.com
Slide 2: Introduction
INTRODUCTION The Renewables Infrastructure Group Limited (“TRIG”) ▲ TRIG is a renewable energy infrastructure investment company o A closed-ended, Guernsey registered platform o Market capitalisation of approx. £317m1 with premium listing on the London Stock Exchange since July 2013 ▲ Targeting an a
Slide 3: Contents
CONTENTS Section Pages Highlights / Business Update 4 to 7 Portfolio Composition and Operational Performance 8 to 11 Financial Review and Valuation 12 to 17 Summary 18 Corporate Calendar 19 This presentation and subsequent discussion may contain certain forward looking statements with respect to the
Slide 4: Highlights
HIGHLIGHTS For the period to 31 December 20131 Distributions Achieved 2.5p per share interim dividend target for period to 31 December 2013 (6.0p annualised) Target distribution of 3.0p per share for 6 months to 30 June 2014 Portfolio Diverse portfolio of 20 projects as at 31 December 2013 wit
Slide 5: Overview – Financial Performance
OVERVIEW – FINANCIAL PERFORMANCE Solid first period – distributions on target IPO (Period ended) 29 July 2013 31 December 20131 Total operating income £15.2m Net earnings £10.3m Earnings per share 3.4p Interim dividend per share (declared)2 2.5p Net assets £294.3m £314.9m NAV per share (before inter
Slide 6: Capital, Funding and Investment
CAPITAL, FUNDING AND INVESTMENT Strong transaction flow from RES and broader market Post IPO Investments July / August 2013: IPO raised £300m with oversubscription and deployment of 95% of the proceeds on 18 projects November 2013: two subsequent solar PV investments funded through remaining IPO
Slide 7: Management
MANAGEMENT Experienced Board and Managers Independent Board Investment Manager Operations Manager Helen Mahy (Chair) Strong, 15+ year track record in One of the world's leading renewable Jonathan infrastructure and real estate funds energy developers Bridel US$7 billion of equity under Priva
Slide 8: Portfolio Diversification
PORTFOLIO DIVERSIFICATION By Jurisdiction / Power Market1 2 By Technology / Weather System2 3 By Project Revenue Type (2014)2 Source: TRIG 1. Northern Ireland and the Republic of Ireland form a Single Electricity Market, distinct from that operating in Great Britain. 2. Segmentation by Jurisdiction
Slide 9: Portfolio Composition (31 December 2013)
PORTFOLIO COMPOSITION (31 DECEMBER 2013) 288MW capacity / 20 projects – most diversified London-listed renewables investment company Generating Turbine / Panel Capacity Commission Manufacturer and Market (MWs) Date1 Rating (MW) Onshore Wind (14 investments) Roos GB (Eng) 17.1 2013 Vestas (1.9) The G
Slide 10: Portfolio – Operational Performance
PORTFOLIO – OPERATIONAL PERFORMANCE Electricity production 5.3% ahead of projections Aug-Dec 2013 Electricity Production from Initial Portfolio Operational Output – Initial Portfolio Actual P50 Estimate Capacity GB Wind: high October + December Segment Production Production Delta (MW) GWh GWh NI
Slide 11: Operations Management
OPERATIONS MANAGEMENT Delivering better projects through proactive management Active involvement of operations team of >30 staff o overviewing project management – incl. engineering, project financials, forecasting, ESG1 Knowledge transfer of best practice from the global RES portfolio to TRIG’s
Slide 12: Summary Income Statement
SUMMARY INCOME STATEMENT Period ended £ million 31 December 2013 Total operating income1 15.2 Expenses and finance costs2 (1.7) Acquisition costs (3.2) Net earnings 10.3 Earnings per share 3.4p Ongoing Charges Percentage3 1.20 % 1. Total operating income includes £3.4m of investment income and £11.8
Slide 13: Summary Balance Sheet
SUMMARY BALANCE SHEET At IPO £ million 29 July 2013 31 December 2013 Investments at fair value 299.8 Working capital (1.1) Cash and cash equivalents 16.2 Net assets attributable to ordinary shares 294.3 314.9 NAV per share (before interim dividend declared1) 98.1p 101.5p NAV per share (after interim
Slide 14: Summary Cash Flow
SUMMARY CASH FLOW Period ended £ million 31 December 2013 Net cash at start of period Nil Cash from investments 13.2 Operating and finance costs outflow1 (0.3) Net cash inflow before acquisitions / financing 12.9 Dividends paid Nil Net cash inflow after dividends 12.9 Share capital raised net of cos
Slide 15: Portfolio Valuation Bridge
PORTFOLIO VALUATION BRIDGE Analysis of changes in the Directors’ portfolio valuation1 TRIG delivered a portfolio return of 12.5% on an annualised basis2 1. The directors’ valuation of the portfolio assumes that all outstanding deferred equity commitments have been made. 2. Based on portfolio retur
Slide 16: Valuation – Key Assumptions
VALUATION – KEY ASSUMPTIONS IPO – July 2013 31 December 2013 Discount Rate1 Weighted Average 10.0% 9.8% P50 – central case yield factor forecasts Energy Yield All Unchanged from third party energy yield adviser Based on price forecasts provided by a Based on updated third party forecasts (with Power
Slide 17: Valuation – Sensitivities
VALUATION – SENSITIVITIES Impact on NAV per share Base Case (mid-point of sensitivity) Discount rate (-/+ 0.5%) 9.8%1 Energy yield (P90 10 year / P10 10 year) P50 Central Estimate Blended projected Power price (-/+10%) power price curve2 UK: 2.75% Inflation rate (-/+ 0.5%) France & Ireland: 2% Excha
Slide 18: TRIG: A Differentiated Proposition
TRIG: A DIFFERENTIATED PROPOSITION ▲ On track for 2014 o Attractive long-term yield – 6p annualised, growing with inflation1 o NAV upside from reinvestment of surplus cash flows after dividends1 ▲ Experienced management o InfraRed + RES: market leaders in infrastructure fund management and in renewa
Slide 19: Corporate Calendar
CORPORATE CALENDAR Ex-dividend date 19 February 2014 Dividend record date 21 February 2014 Interim dividend payment for the period to 31 December 2013 31 March 2014 Annual General Meeting (Guernsey) 29 April 2014 Interim results for 6 months to 30 June 2014 August 2014 19
Slide 20: Important Information
IMPORTANT INFORMATION By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: This document is an advertisement and is not a prospectus. Any decision to purchase shares in The Renewables Infrastructure Compa
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