Greencoat UK Wind Plc · LSE:UKW
Greencoat UK Wind — H1 2017 Earnings Presentation
18 slides from Greencoat UK Wind's earnings presentation, July 2017
Slide 1: Half-year Results
Half-year Results July 2017
Slide 2: Results Summary: Continued Strong Performance
Results Summary: Continued Strong Performance ▪ Power generation of 626.6GWh; 2% above budget ▪ Net cash generation of £39.2m ▪ Dividends of £23.9m (3.245p per share) declared with respect of the period ▪ Two investments made taking generating capacity to 452MW ▪ GAV increased from £900.1m to £984.7
Slide 3: Simple, Transparent and Low Risk
Simple, Transparent and Low Risk 6-21 wind Generating capacity increased farms from 127 to 452MW since IPO Total reinvestment Equity 3.3TWh Total power produced(1) Debt £190.5m Total cash generated(1) £59.2m £131.3m Total dividends paid or declared “6p dividend, increasing with RPI inflation and rea
Slide 4: Operational and Financial Performance
Operational and Financial Performance
Slide 5: Portfolio Overview
Portfolio Overview Well-diversified portfolio generating sufficient electricity to power over 400,000 homes 5 Note: all assets shown by value as at 30 June 2017
Slide 6: Financial Performance
For the six months ended 30 June 2017 Group and wind farm SPV cash flows £m Net cash generation 39.2 Dividends paid (23.6) Acquisitions (86.8) Acquisition costs (0.2) Equity issuance — Equity issuance costs (0.2) Debt drawdown 75.0 Upfront finance costs _ Movement in cash (Group and wind farm SPVs)
Slide 7: Net Asset Value
Movement in Movement in Movement in Opening NAV Investment in cash (Group and other relevant ry ay wind farm SPVs) 9 assets/liabilities DCF valuation 31 Dec 2016 new assets L | | L cast owing to a rounding of £0.1m
Slide 8: Net Asset Value Since IPO
Net Asset Value Since IPO UKW NAV growth of 10.4% v RPI growth of 9.5% since IPO 8 Note: (1) adjusted for accrued dividends
Slide 9: Investment Performance
Investment Performance TSR since IPO of 52.1% Correlation to inflation attractive to investors 9
Slide 10: Acquisitions
Acquisitions
Slide 11: Secondary Market - Continued Opportunities to Grow
Secondary Market - Continued Opportunities to Grow Wind - a huge secondary market UKW - structured to acquire the best assets 16 onshore 14 offshore Estimated Installed Capacity (GW) 12 10 5.4 GW 2.8GW 2.2 GW 6.5 GW 8 6 4 Other Major 2 Big Six Utilities Independents Other 0 2010 2011 2012 2013 2014
Slide 12: Disciplined Approach to Acquisitions and Growth
Disciplined Approach to Acquisitions and Growth £350m+ of acquisition debt capacity no investments made in 15 months ▪ Langhope Rig (16MW) acquired from GE for £39.9m ▪ Bishopthorpe (16.4MW) acquired from BayWa for £47.8m 12 Notes: capital structure historical to date, illustrative in the future; ac
Slide 13: Summary
Summary
Slide 14: Summary: Continued Strong Performance
Summary: Continued Strong Performance ▪ Power generation of 626.6GWh; 2% above budget ▪ Net cash generation of £39.2m ▪ Dividends of £23.9m (3.245p per share) declared with respect of the period ▪ Two investments made taking generating capacity to 452MW ▪ GAV increased from £900.1m to £984.7m ▪ NAV
Slide 15: Appendix
Appendix
Slide 16: Diversified Asset Portfolio (1)
Diversified Asset Portfolio (1) Group Acquisition Total Commercial ROCs / Forecast Net Load Wind Farm Country Turbines PPA Ownership Net MW(1) MW Operations Date Date MWh Factor(2) Stake Bin Mountain N Ireland GE SSE 9.0 100% 9.0 Jul-07 Mar-13 1.0 31.7% Bishopthorpe England Senvion Axpo 16.4 100% 16
Slide 17: Diversified Asset Portfolio (2)
Diversified Asset Portfolio (2) Group Acquisition Total Commercial ROCs / Forecast Net Load Wind Farm Country Turbines PPA Ownership Net MW(1) MW Operations Date Date MWh Factor(2) Stake Little Cheyne England Nordex Innogy 59.8 41% 24.5 Mar-09 Mar-13 1.0 27.5% Court Maerdy Wales Siemens Statkraft 24
Slide 18: Disclaimer
Disclaimer Important Information This document has been prepared by Greencoat Capital LLP and Greencoat UK Wind PLC (“UKW”) solely for use at a presentation in connection with UKW’s half year results in respect of the period from 31 December 2016 to 30 June 2017 (the “Presentation”). For the purpose