Greencoat UK Wind Plc · LSE:UKW
Greencoat UK Wind — H1 2016 Earnings Presentation
20 slides from Greencoat UK Wind's earnings presentation, July 2016
Slide 1: Half-year Results
Wi GRE ENCOAT — UK WIND ARS Half-year Results July 2016
Slide 2: Agenda
Agenda Introduction 3 Operational and Financial Performance 7 Regulation and Outlook 13 Growth 15 Summary 18 2
Slide 3: Introduction
GREENCOAT | UK WIND — Introduction
Slide 4: Simple, Transparent and Low Risk
Simple, Transparent and Low Risk Wind is the most mature renewable technology and the UK has an established regulatory framework High and high wind resource Quality UKW acquires assets with an operational track record to mitigate wind-to-energy conversion risk Assets with UKW has low gearing f
Slide 5: Results Summary: A Strong Performance
Results Summary: A Strong Performance Power generation of 451.4GWh; 3% below budget owing to low wind resource Net cash generation of £30.9m Dividends of £17.6m (3.17p per share) declared with respect to the period Two additional wind farm investments made taking generating capacity to 420MW
Slide 6: Simple Model
Simple Model 6-19 wind Generating capacity increased farms from 127 to 420MW since IPO Total reinvestment Equity 2,106GWh Total power produced(1) Debt £133.2m Total cash generated(1) £47.1m £86.1m Total dividends paid or declared Note: (1) From listing to 30 June 2016 6
Slide 7: Operational and Financial Performance
Operational and Financial Performance
Slide 8: Portfolio Overview
Portfolio Overview Well-diversified portfolio generating sufficient electricity to power 375,000 homes 8 Note: All assets shown by value as at 30 June 2016
Slide 9: Financial Performance
For the six months ended 30 June 2016 Group and wind farm SPV cash flows fm Net cash generation 30.9 Dividends paid (16.0) Acquisitions!” (214.4) Acquisition costs (2.5) Equity issuance 100.0 Equity issuance costs (1.7) Debt drawdown 110.0 Upfront finance costs (0.6) Movement in cash (Group and wind
Slide 10: Net Asset Value
Movement in westment in eee cash (Group and wind farm SPVs) other ri new asse 30 Jun 2016 valuations £529.8m £223.7m (£14.46), £5.7m (€5.2)m (€110.0)m £629.4m 800.0 700.0 660.0 500.0 fm 400.0 300.0 200.0 100.0 0.0 Including acquisition costs, excluding cash. 10
Slide 11: Investment Performance
Total Shareholder Return vs Market Peers (Bloomberg) Pence 135.00 130.00 125.00 120.00 115.00 116.00 105.00 1006.00 95.00 90.00 i Mar Jun 2014 2014 Greencoat UK Wind PLC ———Foresight Solar Fund Ltd Sep Dec Mar Jun 2014 2014 2015 2015 == Bluefield Solar Income Fund Ltd —— John Laing Environmental Ass
Slide 12: Listed UK Renewable Funds NAV Analysis
Listed UK Renewable Funds NAV Analysis 110.0 108.0 106.0 104.0 NAV/Share (p) (1) 102.0 100.0 98.0 96.0 94.0 92.0 90.0 Mar-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Dec-15 Mar-16 Jun-16 UKW BSIF TRIG FSFL JLEAG NESF “6p dividend, increasing with RPI inflation and
Slide 13: Regulation and Outlook
MAY, GREENCOAT — . = UK WIND 2S Regulation and Outlook
Slide 14: Regulation and Outlook
Regulation and Outlook Government commitment to International commitments (COP21) long term targets First international agreement relating to Climate Change Act 2008: emission post 2012 emissions (end of Kyoto period) reductions of 80% of 1990 levels by 2050 US and Chinese commitment Approva
Slide 15: Growth
GREENCOAT | UK WIND — Growth
Slide 16: 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 5.2 GW 2.3GW 1.2 GW 5.8 GW 8 6 4 Other Major 2 Big Six Utilities Independents Other 0 2010 2011 2012 2013 2014
Slide 17: Simple Capital Structure
Simple Capital Structure Asset Level No debt at asset level in existing portfolio nor intention to have any asset level debt going forward Revolving Credit Facility (“RCF”) used to acquire new assets Fund Level Significant value opportunity for the fund: execution advantage without the carry c
Slide 18: Summary
GREENCOAT | UK WIND — Summary
Slide 19: Summary: Another Strong Performance
Summary: Another Strong Performance Power generation of 451.4GWh; 3% below budget owing to low wind resource Net cash generation of £30.9m Dividends of £17.6m (3.17p per share) declared with respect to the period Two additional wind farm investments made taking generating capacity to 420MW
Slide 20: 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 results in respect of the half year to 30 June 2016 (the “Presentation”). For the purposes of this notice, the Present