Interim Management Statement

RNS Number : 6756F

Greencoat UK Wind PLC

28 April 2014

 



Greencoat UK Wind PLC (UKW)

Interim Management Statement (IMS)

28 April 2014

UKW Interim Management Statement

Greencoat UK Wind PLC ("UKW" or the "Company"), the leading renewable infrastructure fund announces its interim management statement for the period since 1 January 2014. The Company's March 2014 Factsheet is available on the Company's website, www.greencoat-ukwind.com.

Highlights

·     Favourable wind conditions produced generation significantly above budget (January to March 2014)

·     Dividend of 3p per share for the period 1 July 2013 to 31 December 2013 paid on 21 February 2014

·     Target dividend of 6.16p per share announced for 2014

·     Net Asset Value ("NAV") £353.0m as at 31 March 2014 or 102.8p per share, up from 99.9p (ex dividend) as at 31 December 2013

·     2m shares issued on 30 January 2014 at 102.5p to meet investor demand

·     £8m debt repayment on 19 March 2014 (debt outstanding £42m, 10.6% of Gross Asset Value ("GAV"))

·     First annual results (for period ending 31 December 2013) published on 24 March 2014

Tim Ingram, Chairman of Greencoat UK Wind PLC said:

"We are pleased to announce the continued good performance of our existing portfolio of ten wind farms.  We see a particularly strong pipeline of near term acquisition opportunities, which our independent model positions us well to consider and which should generate further value for shareholders."

Stephen Lilley, Partner of Greencoat Capital LLP said:

"As the leader in the sector, we are grateful for shareholder support to date and we look forward to continuing to deliver stable returns and to building the business as the year progresses."

Investment Performance and Dividends

31 March 2014 NAV was £353.0m or 102.8p per share, up from 99.9p per share (ex dividend) as at 31 December 2013.

The Company paid a dividend of 3p per share on 21 February 2014 in respect of the period from 1 July 2013 to 31 December 2013, bringing total dividends for 2013 to 4.5p (6p on an annual basis).

The target dividend for 2014 is 6.16p per share (6p for 2013 inflated by RPI) in line with the Company's long term dividend policy.

Gearing

UKW has the ability to raise debt at the fund level as stated in the Company's investment policy.  The limit on total short term acquisition financing plus long term debt is 40% of GAV at drawdown.  UKW repaid £8m of debt on 19 March 2014, utilising excess cashflow and the proceeds of January's issue of 2m shares.  Outstanding debt at 31 March 2014 was £42m (10.6% of GAV).

Outlook and Pipeline of Future Acquisitions

The UK wind farm market represents over £40bn of further investment opportunities in the short to medium term.  The Companybelieves its approach of maintaining no leverage at the asset level and its ability to act independently position it competitively in the market to acquire operational assets and makes it an attractive partner for utility vendors.

The Investment Manager is currently actively evaluating, performing due diligence on and negotiating a number of interesting opportunities.

For further information, please contact:

Greencoat UK Wind PLC                                              020 7832 9400

Stephen Lilley

Laurence Fumagalli

Tom Rayner

Tulchan                                                                                020 7353 4200

Stephen Malthouse

Christian Cowley

Notes to Editors:

Greencoat UK Wind PLC is the leading renewable infrastructure fund, solely and fully invested in ten operating UK wind farms with net generating capacity of 184MW.  The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (6p for 2013, 6.16p for 2014) while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow and the prudent use of portfolio leverage.

UKW is managed by an experienced team of senior executives from Greencoat Capital LLP, the cleantech and renewables focused investment management firm, and overseen by a strong and experienced independent board.

UKW is incorporated in England and Wales and is a UK Investment Trust.

For more information about UKW, please visit http://www.greencoat-ukwind.com

For more information about Greencoat Capital LLP, please visit http://www.greencoat-capital.com

 

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