Greencoat UK Wind Plc · LSE:UKW
Greencoat UK Wind — H1 2013 Earnings Presentation
17 slides from Greencoat UK Wind's earnings presentation, August 2013
Slide 1: Greencoat UK Wind PLC Interim Results
Greencoat UK Wind PLC Interim Results August 2013
Slide 2: 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 interim results in respect of the period from 4 th December 2012 to 30th June 2013 (the “Presentation”). For the purpo
Slide 3: 1. Introduction
1. Introduction
Slide 4: Greencoat UK Wind - Summary
Greencoat UK Wind - Summary •Sustainable 6p target dividend Simple and transparent •Escalation target of RPI due to the stability of the support regime business •Reinvestment of dividend cover for real NAV growth model and •No project leverage investment •High EBITDA margin provides key downside sen
Slide 5: Interim Results Summary
Interim Results Summary • Operational and financial performance in line with management expectations • Cash generation of £10.8 million • Dividend of 1.5p (£3.9 million) declared; consistent with stated dividend policy • NAV per share of 100.9p • Growth of 3% from IPO NAV of 98p • Net assets per sha
Slide 6: Full Team and Board Now in Place
Full Team and Board Now in Place Investment Manager Stephen Lilley – Investment Manager Laurence Fumagalli – Investment Manager Jimmy Hansson – Operations Director – 20 years operational career managing and servicing turbines with Vattenfall and Vestas Peter McHale - Finance Director - 20 years expe
Slide 7: 2. Operational and Financial Performance
2. Operational and Financial Performance
Slide 8: Operational Performance
Operational Performance Overview of Assets Location of Assets Assets Geography Braes of Doune Braes of Doune Tappaghan Bin Mountain Carcant Scotland Northern Ireland Bin Mountain Carcant Little Cheyne Court Rhyl Flats England Wales Tappaghan Onshore / Offshore Asset Age Rhyl Flats Onshore Offshore 5
Slide 9: Financial Performance
Financial Performance Net assets of £263.0 million, as of 30th June 2013 Cash of £15.1 million, as of 30th June 2013 Cash generation of £10.8 million Profit before tax of £7.6 million Earnings per share of 2.94p Dividend of 1.5p (£3.9 million) 9
Slide 10: Movement in Net Asset Value
Movement in Net Asset Value Other Opening NAV Value of Cash Closing NAV relevant 27th March investments generation 30th June(2) assets(1) £254.8m -£3.3m +£10.8m +£0.0m £262.4m Shares in issue 260,000,100 260,137,322 NAV/share (p) 98.0 100.9 (1) Net movement of £20,207 in other relevant assets (2) Di
Slide 11: 3. Growth
GREENCOAT®” UK WIND %,
Slide 12: Investment Strategy
Investment Strategy • Utilities seeking long term, like-minded capital to own operating assets in order to recycle capital into their development programmes Opportunities • Utilities not generally writing long-term, fixed price power purchase to grow agreements due to rating constraints • UKW is an
Slide 13: Acquisition Update
Acquisition Update Estimated UK Installed Capacity (GW) • Estimated pool of £35 billion of UK onshore and 18 offshore assets available in the next few years 16 2010 – 2020 • Utilities will be the main source and will need Onshore + Estimated Installed Capacity (GW) Offshore Wind to recycle capital t
Slide 14: 4. Summary
4. Summary
Slide 15: Summary
Summary • Operational and financial performance in line with management expectations • Cash generation of £10.8 million • Dividend of 1.5p (£3.9 million) declared; consistent with stated dividend policy • NAV per share of 100.9p • Growth of 3% from IPO NAV of 98p • Net assets per share of 101.1p • T
Slide 16: Appendix A
Appendix A Additional Information
Slide 17: Seed Portfolio
Seed Portfolio Overview of Assets Location of Assets Fund Ownership Commercial Forecast Stake Operations Net Load ROCs/ Project Vendor Country Turbines PPA MW Holding Net MW Date Factor MWh Braes of Doune SSE Scotland Vestas Centrica 72 50% 36 Jun-07 26.00% 1 Braes of Doune Northern (1) Tappaghan SS