Half year results, NAV and Dividend Announcement
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, NEW ZEALAND, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.
24 July 2024
GREENCOAT UK WIND PLC
(the "Company")
Half year results to 30 June 2024, Net Asset Value and Dividend Announcement
Greencoat UK Wind PLC today announces the half year results for the period to 30 June 2024.
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in UK wind farms. The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow.
The Company provides investors with the opportunity to participate directly in the ownership of UK wind farms, so increasing the resources and capital dedicated to the deployment of renewable energy and the reduction of greenhouse gas emissions.
Highlights
· The Group's investments generated 2,654GWh of renewable electricity.
· Net cash generation (Group and wind farm SPVs) was £165.4 million.
· The Company declared total dividends of 5 pence per share with respect to the period and paid an additional £29 million of dividends with respect to 2023.
· The Company bought back 32 million of its own shares at an average cost of 140 pence per share.
· Aggregate Group Debt was £2,329 million as at 30 June 2024, equivalent to 39 per cent of GAV.
Commenting on today's results, Lucinda Riches, Chairman of Greencoat UK Wind, said:
"We are pleased to have delivered a resilient performance, extending our sustained track record of growing our dividend at least in line with RPI since our listing in. Dividend cover was robust at 1.5x despite lower than usual wind and portfolio availability during the period and net cash generation remained strong at £165.4 million. We are also pleased to have returned an extra £82 million of capital to investors through share buybacks and additional dividends since October 2023.
"The outlook for the Group remains very encouraging. Portfolio returns have been adjusted over the past two years to reflect the macro environment, and are now set to deliver net returns to investors of 10% on NAV. We operate in a mature and growing asset class and, as the market for UK wind assets is expected to grow to threefold over the next decade, we are well placed to capitalise on our leading position, continuing to deliver superior returns and supporting the UK Government's net zero targets."
Net Asset Value
The Company announces that its unaudited Net Asset Value as at 30 June 2024 is £3,633.2 million (159.3 pence per share). The Company's June 2024 Factsheet is available on the Company's website, www.greencoat-ukwind.com.
Dividend Announcement
The Company also announces a quarterly dividend of 2.50 pence per share in respect of the period from 1 April 2024 to 30 June 2024.
Dividend Timetable
Ex-dividend date: 15 August 2024
Record date: 16 August 2024
Payment date: 30 August 2024
Key Metrics
As at 30 June 2024:
|
Market capitalisation |
£3,010.7 million |
|
Share price |
132 pence |
|
Dividends with respect to the period |
£114.1 million |
|
Dividends with respect to the period per share |
5 pence |
|
GAV |
£5,962.2 million |
|
NAV |
£3,633.2 million |
|
NAV per share |
159.3 pence |
The Company's 2024 Half Year Report is available on the Company's website, www.greencoat-ukwind.com, and can also be inspected on the National Storage Mechanism website, https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Details of the conference call for analysts and investors:
There will be a conference call at 9.00am today for analysts and investors. Analysts and investors can register and watch the event at: https://www.netroadshow.com/events/login?show=4404837d&confId=67966 .
Presentation materials will be posted on the Company's website, www.greencoat-ukwind.com, from 9.00am.
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9400
Stephen Lilley
Matt Ridley
Headland 020 3805 4822
Stephen Malthouse
Rob Walker
Charlie Twigg
ukwind@headlandconsultancy.com
All capitalised terms are defined in the list of defined terms below unless separately defined.
Chairman's Statement
I am pleased to present the Half Year Report of Greencoat UK Wind PLC for the six months ended 30 June 2024.
The Company is well established as the leader in the UK wind sector; a sector that is set to grow two to threefold over the next decade. Earlier this month we saw the election of a government that is committed to delivering a net zero electricity grid by 2030 and as the leading financial owner of operational UK wind farms, we are well positioned to be a part of this transformation.
Demand for green electrons continues to strengthen. The continuing decarbonisation of transport and heating through electrification, as well as green hydrogen production, will require a further 30TWh of green electrons per annum by 2030. This represents approximately one tenth of the UK's current annual electrical demand and approximately five times the Company's current annual electrical output.
The portfolio provides renewable electricity for 2.3 million homes and avoids emissions of 2.5 million tonnes of CO2.
Performance
Portfolio generation for the period was 2,654GWh, 15 per cent below budget owing to low wind and lower availability, principally from an export cable failure at Hornsea 1. Despite lower than budgeted output, net cash generated by the Group and wind farm SPVs was £165 million and underlying dividend cover for the period was 1.5x. In the period, the Company reinvested £44 million by buying back its own shares.
Dividends and Returns
The Company's aim remains to provide investors with an attractive and sustainable dividend that increases in line with RPI while preserving capital on a real basis. In each of the first 10 years since listing, the Company increased its dividend target by RPI and for 2024, the 11th year, the Company increased its target significantly above RPI to 10 pence per share. The Company paid an underlying 2.5 pence per share with respect to Q1 2024 and has declared a dividend of the same amount per share with respect to Q2 2024, giving a total of 5 pence per share for the period. The Company also paid an additional £29 million of dividends to shareholders in February, increasing the total dividend to 10 pence per share for 2023.
NAV per share decreased in the period from 164.1 pence per share on 31 December 2023 to 159.3 pence per share on 30 June 2024, reflecting lower net cash generation in the period, and a fall in forecast power prices.
In line with the current higher interest rate environment, the Company forecasts a 10 per cent return to investors on NAV (net of all costs). This includes reinvestment of excess cash generation (dividend cover) in addition to the dividend yield. Since listing, the Company has reinvested £935 million of excess cash generation and paid £1,074 million of dividends.
Capital Allocation and Outlook
As the Company continues to trade at a discount to NAV, we must consider how best to allocate capital. We are investing in a mature and growing market, and the Board believes that there should continue to be further opportunities for investments that are beneficial to shareholders in the medium and long term. We will continue to maintain a strictly disciplined approach to acquisitions, only investing when it is considered to be in the interests of shareholders to do so. The Board and the Investment Manager will continue to actively explore selective disposals given the current environment. Divestment proceeds would generally be expected to be used to repay the Company's revolving credit facility.
Although there is a significant need for capital in the sector, the Company expects not to make acquisitions if they are not as accretive to NAV as buying back shares in the market or repaying debt.
In the first half, the Company bought back a further £44 million of shares at an average cost of 140 pence per share and at an average discount to NAV of 14.2 per cent. As of 30 June, the Company has bought back a total of £53 million of shares under the £100 million programme announced in October 2023. After also taking into account the £29 million of additional 2023 dividends paid in February, the Company has returned £82 million to shareholders since October 2023 on top of the quarterly dividend which has increased at least in line with RPI inflation.
The principal risk and uncertainties of the Group and its investee companies are unchanged from those detailed in the Company's Annual Report to 31 December 2023 and remain the most likely to affect the Group and its investee companies in the second half of the year.
The Board and Governance
On 1 March 2024, Abigail Rotheroe joined the Board. Abigail has extensive experience in the investment and asset management industry, with a focus on ESG. Abigail's appointment broadens the experience of the Board, particularly as relates to ESG considerations.
At the Company's AGM on 24 April 2024, Martin McAdam retired from the Board and on behalf of the Board, I would like to thank him for his services as a non-executive Director of the Company since his appointment in 2015 and for his wisdom and insight.
Also, at the AGM on 24 April 2024, the Company held a Continuation Vote as a consequence of trading at an average discount to NAV of 10.5 per cent over the 12 month period ending 31 December 2023, with 11 per cent of shareholders voting in favour of a discontinuation, therefore, the resolution confirmed continuation. I thank shareholders for their continued support of the Company on behalf of the Board and the Investment Manager.
Lucinda Riches C.B.E.
Chairman
23 July 2024
Investment Manager's Report
Investment Portfolio
As at 30 June 2024, the Group owned investments in a diversified portfolio of 49 operating UK wind farms with net generating capacity totalling 2,007MW.
Asset Management
The Group operates a sizeable and diverse portfolio of 49 assets with net generating capacity in excess of 2GW. The Investment Manager has an experienced and specialist asset management team, which has expanded considerably as the portfolio has grown. The team focuses on the safe and optimal performance of the Group's assets, as well as ensuring the delivery of the Company's long term investment case. The team continues to move forward several key initiatives to optimise the performance of the Group's assets, creating long term value for shareholders. Initiatives include, for instance, lease extensions, turbine performance upgrades, and revenue and operating cost optimisation. Together these initiatives have, since 2016, added approximately £138 million to NAV.
Operating and financial performance
Portfolio generation in the period was 2,654GWh, 15 per cent below budget, with wind resource being 5 per cent below budget. Portfolio availability was also lower than expectations, principally because of an export cable outage at Hornsea 1. This has now been remedied and the asset returned to full production on 2 June 2024.
Net cash generated by the Group and wind farm SPVs was £165.4 million. Dividend cover for the period, adjusted for the additional £28.6 million of dividend paid in February 2024 with respect to 2023, was 1.5x, despite lower wind and availability. In the period, the Company reinvested £44 million buying back its own shares.
|
Group and wind farm SPV cash flows |
For the six months ended |
|
|
|
£'000 |
|
|
Net cash generation (1) |
165,425 |
|
|
Dividends paid |
(136,381) |
|
|
|
|
|
|
Acquisitions |
- |
|
|
Acquisition costs |
(251) |
|
|
|
|
|
|
Share buybacks |
(43,983) |
|
|
Share buyback costs |
(280) |
|
|
|
|
|
|
Net amounts drawn under debt facilities |
- |
|
|
Upfront finance costs |
- |
|
|
Movement in cash (Group and wind farm SPVs) |
(15,470) |
|
|
Opening cash balance (Group and wind farm SPVs)(2) |
221,217 |
|
|
Closing cash balance (Group and wind farm SPVs) (2) |
205,747 |
|
|
|
|
|
|
Net cash generation |
165,425 |
|
|
Dividends (3) |
107,780 |
|
|
Dividend cover |
1.5x |
(1) Alternative Performance Measure defined below.
(2) Includes security cash deposits recognised as a receivable in note 10 to the financial statements.
(3) Dividends adjusted by £28,601k for additional dividends paid to bring the 2023 dividend to 10 pence per share.
The following tables provide further detail in relation to net cash generation of £165.4 million:
|
Net Cash Generation - Breakdown (1) |
For the six months ended |
|
|
£'000 |
|
Revenue |
419,346 |
|
Operating expenses |
(102,248) |
|
Tax |
(30,219) |
|
SPV level debt interest |
(9,153) |
|
SPV level debt amortisation |
(40,514) |
|
Other |
(8,263) |
|
Wind farm cash flow |
228,949 |
|
|
|
|
Management fee |
(15,618) |
|
Operating expenses |
(1,669) |
|
Ongoing finance costs |
(48,082) |
|
Other |
2,461 |
|
Group cash flow |
(62,908) |
|
|
|
|
VAT (Group and wind farm SPVs) |
(616) |
|
|
|
|
Net cash generation |
165,425 |
(1) Alternative Performance Measure defined below.
|
Net Cash Generation - Reconciliation to Net Cash Flows from Operating Activities(1) |
For the six months ended |
|
|
£'000 |
|
Net cash flows from operating activities (2) |
203,842 |
|
Movement in cash balances of wind farm SPVs |
1,254 |
|
Repayment of shareholder loan investment (2) |
11,355 |
|
Finance costs (2) |
(48,082) |
|
Movement in security cash deposits (3) |
(2,944) |
|
Net cash generation |
165,425 |
(1) Alternative Performance Measure defined below.
(2) Consolidated Statement of Cash Flows.
(3) The movement in security cash deposits in note 10 to the financial statements.
Investment and Gearing
The Investment Manager believes that there should continue to be further opportunities for investments that are beneficial to shareholders in the medium and long term. The Company will maintain its disciplined approach to acquisitions, and, at present, expects only to invest in further assets when it is considered to be more accretive than buying back shares, or repaying debt.
The Company continues its £100 million buyback programme, having now repurchased 39 million shares as of 30 June 2024, at an average cost of 139 pence per share. The Company may also use excess cash generation to return capital to shareholders through further increased dividends, or for the repayment of debt.
The Company continues to explore selective disposals, with the aim of generating further capital to deploy to the advantage of its shareholders. In the near term, any disposal proceeds would be expected to repay the Company's revolving credit facility.
As at 30 June 2024, Aggregate Group Debt was £2,329 million, comprising £1,390 million of term debt at Company level, £400 million drawn under the Company's revolving credit facility plus £539 million being the Group's share of limited recourse debt in Hornsea 1. Cash balances (Group and wind farm SPVs) as at 30 June 2024 were £206 million (including £37.2 million of security cash deposits).
Gearing as at 30 June 2024 was 39 per cent of GAV, with a weighted cost of debt of 4.63 per cent across a range of maturities (October 2024 to March 2036):
|
Facility |
Maturity date |
Loan principal |
Loan margin |
Swap rate/ SONIA |
All-in rate |
|
|
|
£'000 |
% |
% |
% |
|
RCF |
29 Oct 2024 |
400,000 |
1.75 |
5.20 (1) |
6.95 |
|
NAB |
4 Nov 2024 |
50,000 |
1.15 |
1.06 |
2.21 |
|
CBA |
14 Nov 2024 |
50,000 |
1.35 |
0.81 |
2.16 |
|
CBA |
6 Mar 2025 |
50,000 |
1.55 |
1.53 |
3.08 |
|
CIBC |
3 Nov 2025 |
100,000 |
1.50 |
1.51 |
3.01 |
|
ANZ |
3 May 2026 |
75,000 |
1.45 |
5.92 |
7.37 |
|
NAB |
1 Nov 2026 |
75,000 |
1.50 |
1.60 |
3.10 |
|
NAB |
1 Nov 2026 |
25,000 |
1.50 |
0.84 |
2.34 |
|
CIBC |
14 Nov 2026 |
100,000 |
1.40 |
0.81 |
2.21 |
|
Lloyds |
9 May 2027 |
150,000 |
1.60 |
5.65 |
7.25 |
|
CBA |
4 Nov 2027 |
100,000 |
1.60 |
1.37 |
2.97 |
|
ABN AMRO |
2 May 2028 |
100,000 |
1.75 |
5.04 |
6.79 |
|
ANZ |
3 May 2028 |
75,000 |
1.75 |
5.38 |
7.13 |
|
Barclays |
3 May 2028 |
100,000 |
1.75 |
4.99 |
6.74 |
|
AXA |
31 Jan 2030 |
125,000 |
- |
- |
3.03 |
|
AXA |
31 Jan 2030 |
75,000 |
1.70 |
1.45 |
3.15 |
|
AXA |
28 Apr 2031 |
25,000 |
- |
- |
6.43 |
|
AXA |
28 Apr 2031 |
115,000 |
1.80 |
5.20 (1) |
7.00 |
|
Hornsea 1 |
31 Mar 2036 |
539,000 |
- |
- |
2.60 |
|
|
|
2,329,000 |
|
Weighted average |
4.63 |
(1) Facility pays SONIA as variable rate.
The Company's revolving credit facility matures in October 2024 and, in addition, there are term loan tranches nearing maturity. The refinancing process of both the revolving credit facility and selected term debt tranches is at an advanced stage and will conclude earlier than the first maturity date. The Investment Manager has found significant appetite to lend amongst its existing pool of lenders and expects the refinancing to maintain a sustainable debt structure ensuring both flexibility and the lowest cost form of refinancing for the Company.
Given the leading market position of the Group and the Investment Manager, there is no shortage of investment opportunities. The market for UK wind assets is expected to grow two to threefold over the next decade, and so the outlook for the Company remains strong.
Net Asset Value
The following table sets out the movement in NAV from 31 December 2023 to 30 June 2024. The key components are discussed in detail below.
|
|
£'000 |
Pence per share |
|
NAV as at 31 December 2023 |
3,793,997 |
164.1 |
|
Net cash generation |
165,425 |
7.3 |
|
Dividend |
(136,381) |
(6.0) |
|
Depreciation |
(22,661) |
(1.0) |
|
Power price |
(115,819) |
(5.1) |
|
Share buybacks |
(44,262) |
0.3 |
|
Other (1) |
(7,129) |
(0.3) |
|
NAV as at 30 June 2024 |
3,633,170 |
159.3 |
(1) Includes wind farm SPV budget updates
|
Reconciliation of Statutory Net Assets to Reported NAV |
As at |
As at |
|
|
|
£'000 |
£'000 |
|
|
Operating portfolio |
5,768,997 |
5,964,343 |
|
|
Cash (wind farm SPVs) |
160,547 |
159,293 |
|
|
Fair value of investments(1) |
5,929,544 |
6,123,636 |
|
|
Cash (Group) |
8,025 |
21,805 |
|
|
Other relevant assets |
24,601 |
23,556 |
|
|
GAV |
5,962,170 |
6,168,997 |
|
|
Aggregate Group Debt(1) |
(2,329,000) |
(2,375,000) |
|
|
NAV |
3,633,170 |
3,793,997 |
|
|
Reconciling items |
- |
- |
|
|
Statutory net assets |
3,633,170 |
3,793,997 |
|
|
|
|
|
|
|
Shares in issue |
2,280,856,721 |
2,312,131,799 |
|
|
NAV per share (pence) |
159.3 |
164.1 |
(1) Includes limited recourse debt at Hornsea 1, not included in the Condensed Consolidated Statement of Financial Position.
Health and Safety and the Environment
Health and safety is of key importance to both the Company and the Investment Manager.
The Investment Manager is an active member of SafetyOn, the UK's leading health and safety focused organisation for the onshore wind industry. The Investment Manager also has its own health and safety forum, chaired by Stephen Lilley, where best practice is discussed and key learnings from incidents across the industry are shared.
The Company has continued to contribute to local community funds and to invest in a range of local environmental and social projects. On a voluntary basis, the Company continues to fund a £250,000 programme to advance knowledge on blade recycling and repurposing, with over half of the funding being granted to date.
As at 30 June 2024, the portfolio powers 2.3 million homes and avoids the emission of 2.5 million tonnes of CO2 per annum.
Power Price
Long term power price forecasts are provided by a leading market consultant, updated quarterly, and may be adjusted by the Investment Manager where more conservative assumptions are considered appropriate. Short term power price assumptions reflect the forward curve as at 28 June 2024.
A discount of 10-20 per cent is applied to power price assumptions in all years to reflect the fact that wind generation typically captures a lower price than the base load power price. During the period, the portfolio captured an average price of £56.84/MWh versus an average N2EX index price of £63.77/MWh (11 per cent discount).
In addition to the above capture discount, a further discount is applied to reflect the terms of each PPA. The price of some PPAs is expressed as a percentage of a given price index, whereas other PPAs include a fixed £/MWh discount to the price index. Other PPAs pay a fixed £/MWh price for power. The table on page 13 of the Company's 2023 Annual Report sets out the terms of each PPA.
The following table shows the assumed power price (post capture discount, pre PPA discount) and also the price post a representative PPA discount (90 per cent x index price).
|
£/MWh (real 2023)
|
|
|
|
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
2030 |
|
Pre PPA discount |
|
|
|
70.84 |
66.26 |
64.35 |
61.36 |
66.32 |
66.88 |
65.84 |
|
Post representative PPA discount |
|
|
|
63.76 |
59.64 |
57.92 |
55.22 |
59.69 |
60.19 |
59.26 |
|
|
2031 |
2032 |
2033 |
2034 |
2035 |
2036 |
2037 |
2038 |
2039 |
2040 |
|
Pre PPA discount |
64.00 |
62.00 |
62.40 |
62.24 |
60.72 |
62.96 |
62.40 |
59.68 |
59.52 |
57.28 |
|
Post representative PPA discount |
57.60 |
55.80 |
56.16 |
56.02 |
54.65 |
56.66 |
56.16 |
53.71 |
53.57 |
51.55 |
|
|
2041 |
2042 |
2043 |
2044 |
2045 |
2046 |
2047 |
2048 |
2049 |
2050 |
|
Pre PPA discount |
55.44 |
54.32 |
54.88 |
54.32 |
54.72 |
53.84 |
53.92 |
53.12 |
54.40 |
52.40 |
|
Post representative PPA discount |
49.90 |
48.89 |
49.39 |
48.89 |
49.25 |
48.46 |
48.53 |
47.81 |
48.96 |
47.16 |
|
|
2051 |
2052 |
2053 |
2054 |
2055 |
2056 |
2057 |
2058 |
2059 |
2060 |
|
Pre PPA discount |
53.36 |
52.00 |
52.24 |
51.04 |
49.20 |
49.28 |
48.40 |
46.08 |
44.72 |
43.20 |
|
Post representative PPA discount |
48.02 |
46.80 |
47.02 |
45.94 |
44.28 |
44.35 |
43.56 |
41.47 |
40.25 |
38.88 |
The portfolio benefits from a substantial fixed revenue base. Furthermore, most fixed revenues are index linked (RPI in the case of ROCs, CPI in the case of CFDs).
The fixed revenue base means that dividend cover is robust in the face of extreme downside power price sensitivities:
|
|
2025 |
2026 |
2027 |
2028 |
2029 |
|
RPI increase (%) |
3.5 |
3.5 |
3.5 |
3.5 |
3.5 |
|
Dividend (pence / share) |
10.35 |
10.71 |
11.09 |
11.48 |
11.88 |
|
Dividend (£ 000) |
236,069 |
244,331 |
252,883 |
261,734 |
270,894 |
|
|
|
|
|
|
|
|
Dividend cover (x) |
|
|
|
|
|
|
Base case |
1.9 |
2.0 |
2.0 |
2.1 |
2.2 |
|
£50/MWh |
1.7 |
1.7 |
1.7 |
1.8 |
1.7 |
|
£40/MWh |
1.5 |
1.6 |
1.5 |
1.6 |
1.5 |
|
£30/MWh |
1.4 |
1.4 |
1.3 |
1.3 |
1.2 |
|
£20/MWh |
1.2 |
1.2 |
1.1 |
1.1 |
1.0 |
|
£10/MWh |
1.1 |
1.0 |
0.9 |
0.9 |
0.8 |
All numbers illustrative. Power prices real 2023, pre PPA discounts.
The Group's strategy remains to maintain an appropriate balance between fixed and merchant revenue. Over the life of the portfolio, the total DCF is forecast to maintain an equal blend of fixed and merchant cash flows. To the extent that merchant revenues were to increase as a proportion of total revenues, new fixed price PPAs would be entered into. An appropriate revenue balance could also be maintained through the acquisition of new fixed revenue streams (for example, onshore and offshore wind CFD assets).
Inflation
Base case assumptions in relation to inflation are:
• CPI: 2.5 per cent (all years)
• RPI: 4.3 per cent (2024), 3.5 per cent (2025-2030), 2.5 per cent (2031 onwards)
The ROC price is inflated annually from 1 April each year based on the previous year's average RPI. For example, on 1 April 2024, the ROC price has increased by 9.7 per cent (average RPI over 2023).
CFD prices are also inflated annually from 1 April each year. However, in the case of CFDs, the price is inflated based on January CPI. For example, on 1 April 2024, CFD prices have increased by 4.0 per cent (January 2024 CPI).
Given the explicit inflation linkage of a substantial proportion of portfolio revenue (ROCs, CFDs, certain PPAs) and the implicit inflation linkage inherent in power prices, there is a strong link between inflation and portfolio return.
Returns
Discount rates should reflect the interest rate environment.
For the 30 June 2024 NAV, the discount rate remained unchanged. The levered portfolio IRR remains at 11 per cent. This is materially higher than at IPO over a decade ago, having been revised upwards significantly in the past two years to reflect rising interest rates.
Given that the Company's ongoing charges ratio is less than 1 per cent, the net return to investors (assuming investment at NAV) is thus 10 per cent.
The 10 per cent net return at NAV is also inflation linked, as described above.
A 10 per cent inflation linked return should be very attractive versus other investment opportunities. The Company's 11 year track record demonstrates relatively low volatility and the historical and projected dividend cover is robust. By investing in operating UK wind farms (higher returning than European or solar generation assets, and lower risk than batteries or development assets), the Company aims to continue to generate consistent superior risk adjusted returns.
A total net return of 10 per cent and a dividend yield of 6 per cent would imply NAV growth of 4 per cent. The total return is more important than the dividend yield, which depends on the chosen dividend policy (the Company could have chosen a different combination of dividend yield and NAV growth).
Since IPO, aggregate historical dividend cover has been 1.9x and the Group has reinvested £935 million and has delivered NAV growth significantly in excess of RPI.
Outlook
There are currently approximately 30GW (£100 billion) of operating UK wind farms (15GW onshore plus 15GW offshore). The Company expects the UK wind market to grow two to threefold over the next decade. The Group's market share is approximately 7 per cent. As at 30 June 2024, the average age of the portfolio was 8 years (versus 5 years at IPO in March 2013).
As progress towards a net zero electricity grid continues, the decarbonisation of transport and home heating through electrification, and the production of green hydrogen, are emerging as significant sources of responsive demand for green electrons by 2030. Together these sources of demand alone are expected to require a further 30TWh per annum of electricity in the next five years. This is approximately one tenth of the UK's current annual electrical demand and approximately five times the Company's current annual electrical output.
Further sources of responsive demand are expected to materialise in the coming five years including, for example, an expansion of capacity to power data centre demand as the use of AI increases. The Investment Manager expects that these sources of demand will present further opportunities for the Company to enter long term power price agreements in due course.
The portfolio is robust in the face of downside production and power price sensitivities as well as remaining exposed to significant upside (power prices, asset life extension, asset optimisation, new revenue streams, interest rate cycle etc). The levered portfolio IRR of 11 per cent and net return to investors of 10 per cent on NAV should be very attractive versus other investment opportunities.
In general, the outlook for the Group is extremely encouraging.
Statement of Directors' Responsibilities
The Directors acknowledge responsibility for the interim results and approve this Half Year Report. The Directors confirm that to the best of their knowledge:
a) the condensed financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" and give a true and fair view of the assets, liabilities and financial position and the profit of the Group as required by DTR 4.2.4R;
b) the interim management report, included within the Chairman's Statement and Investment Manager's Report, includes a fair review of the information required by DTR 4.2.7R, being the significant events of the first half of the year and the principal risks and uncertainties for the remaining six months of the year; and
c) the condensed financial statements include a fair review of the related party transactions, as required by DTR 4.2.8R.
The Responsibility Statement has been approved by the Board.
Lucinda Riches C.B.E.
Chairman
23 July 2024
Condensed Consolidated Statement of Comprehensive Income (unaudited)
For the six months ended 30 June 2024
|
|
Note |
For the six months ended |
For the six months ended |
|
|
|
£'000 |
£'000 |
|
|
|
|
|
|
Investment income |
3 |
218,763 |
238,031 |
|
Unrealised movement in fair value of investments |
|
(136,737) |
(132,574) |
|
Other income |
|
3,929 |
864 |
|
Total income and unrealised movement |
|
85,955 |
106,321 |
|
|
|
|
|
|
Operating expenses |
4 |
(18,633) |
(18,751) |
|
Investment acquisition costs |
|
(196) |
(226) |
|
Operating profit |
|
67,126 |
87,344 |
|
|
|
|
|
|
Finance expense |
12 |
(48,036) |
(21,858) |
|
|
|
|
|
|
Profit for the year before tax |
|
19,090 |
65,486 |
|
Tax |
5 |
- |
- |
|
|
|
|
|
|
Profit for the year after tax |
|
19,090 |
65,486 |
|
|
|
|
|
|
Profit and total comprehensive income attributable to: |
|
|
|
|
Equity holders of the Company |
|
19,090 |
65,486 |
|
|
|
|
|
|
Earnings per share |
|
|
|
|
Basic and diluted earnings from continuing operations in the year (pence) |
6 |
0.83 |
2.82 |
The accompanying notes form an integral part of the financial statements.
Condensed Consolidated Statement of Financial Position (unaudited)
As at 30 June 2024
|
|
Note |
30 June 2024 |
31 December 2023 |
|
|
|
|
£'000 |
£'000 |
|
|
|
|
|
|
|
|
Non current assets |
|
|
|
|
|
Investments at fair value through profit or loss |
8 |
5,390,544 |
5,538,636 |
|
|
|
|
5,390,544 |
5,538,636 |
|
|
Current assets |
|
|
|
|
|
Receivables |
10 |
40,125 |
41,129 |
|
|
Cash at bank |
|
8,025 |
21,805 |
|
|
|
|
48,150 |
62,934 |
|
|
Current liabilities |
|
|
|
|
|
Loans and borrowings |
12 |
(550,000) |
(500,000) |
|
|
Payables |
11 |
(15,524) |
(17,573) |
|
|
Net current liabilities |
|
(517,374) |
(454,639) |
|
|
|
|
|
|
|
|
Non current liabilities |
|
|
|
|
|
Loans and borrowings |
12 |
(1,240,000) |
(1,290,000) |
|
|
Net assets |
|
3,633,170 |
3,793,997 |
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
Called up share capital |
14 |
23,074 |
23,121 |
|
|
Share premium account |
14 |
2,471,515 |
2,471,515 |
|
|
Capital redemption reserve |
14 |
113 |
66 |
|
|
Treasury shares |
14 |
(36,469) |
- |
|
|
Retained earnings |
|
1,174,937 |
1,299,295 |
|
|
Total shareholders' funds |
|
3,633,170 |
3,793,997 |
|
|
|
|
|
|
|
|
Net assets per share (pence) |
15 |
159.3 |
164.1 |
|
Authorised for issue by the Board of Greencoat UK Wind PLC (registered number 08318092) on 23 July 2024 and signed on its behalf by:
Lucinda Riches C.B.E. Caoimhe Giblin
Chairman Director
The accompanying notes form an integral part of the financial statements.
Condensed Consolidated Statement of Changes in Equity (unaudited)
For the six months ended 30 June 2024
|
For the six months ended |
Note |
Share capital |
Share premium |
Capital redemption reserve |
Treasury shares |
Retained earnings |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
Opening net assets attributable to shareholders (1 January 2024) |
|
23,121 |
2,471,515 |
66 |
- |
1,299,295 |
3,793,997 |
|
Share buybacks |
14 |
(47) |
- |
47 |
(37,594) |
(6,788) |
(44,382) |
|
Share buyback costs |
|
- |
- |
- |
- |
(279) |
(279) |
|
Shares issued to the Investment Manager |
14 |
- |
- |
- |
1,125 |
- |
1,125 |
|
Profit and total comprehensive income for the period |
|
- |
- |
- |
- |
19,090 |
19,090 |
|
Interim dividends paid in the period |
7
|
- |
- |
- |
- |
(136,381) |
(136,381) |
|
|
|
|
|
|
|
|
|
|
Closing net assets attributable to shareholders |
|
23,074 |
2,471,515 |
113 |
(36,469) |
1,174,937 |
3,633,170 |
The total reserves distributable by way of a dividend as at 30 June 2024 were £789,633,192.
|
For the year ended |
Share capital |
Share premium |
Retained earnings |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
|
Opening net assets attributable to shareholders (1 January 2023) |
23,181 |
2,470,396 |
1,379,651 |
3,873,228 |
|
Issue of share capital |
4 |
746 |
- |
750 |
|
Profit and total comprehensive income for the year |
|
- |
65,486 |
65,486 |
|
Interim dividends paid in the year |
- |
- |
(95,517) |
(95,517) |
|
|
|
|
|
|
|
Closing net assets attributable to shareholders |
23,185 |
2,471,142 |
1,349,620 |
3,843,947 |
The total reserves distributable by way of a dividend as at 30 June 2023 were £768,751,535.
The accompanying notes form an integral part of the financial statements.
Condensed Consolidated Statement of Cash Flows (unaudited)
For the six months ended 30 June 2024
|
|
|
|
|
|
|
Note |
For the six months ended |
For the six months ended |
|
|
|
£'000 |
£'000 |
|
|
|
|
|
|
Net cash flows from operating activities |
16 |
203,842 |
220,152 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Acquisition of investments |
|
- |
(55,936) |
|
Investment acquisition costs |
|
(251) |
(226) |
|
Repayment of shareholder loan investments |
|
11,355 |
11,388 |
|
Net cash flows from investing activities |
|
11,104 |
(44,774) |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Share buybacks |
|
(43,983) |
- |
|
Share buyback costs |
|
(280) |
- |
|
Amounts drawn down on loan facilities |
|
- |
640,000 |
|
Amounts repaid on loan facilities |
|
- |
(350,000) |
|
Net finance costs |
|
(48,082) |
(22,284) |
|
Dividends paid |
7 |
(136,381) |
(95,517) |
|
Net cash flows from financing activities |
|
(228,726) |
172,199 |
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents during the period |
|
(13,780) |
347,577 |
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
|
21,805 |
19,783 |
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
8,025 |
367,360 |
The accompanying notes form an integral part of the financial statements.
Notes to the Unaudited Condensed Consolidated Financial Statements
For the six months ended 30 June 2024
1. Material accounting policies
Basis of accounting
The condensed consolidated financial statements included in this Half Year Report have been prepared in accordance with IAS 34 "Interim Financial Reporting". The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the preparation of the Group's consolidated annual financial statements for the year ended 31 December 2023 and are expected to continue to apply in the Group's consolidated financial statements for the year ended 31 December 2024.
The Group's consolidated annual financial statements were prepared on the historic cost basis, as modified for the measurement of certain financial instruments at fair value through profit or loss, and in accordance with UK adopted international accounting standards.
These condensed financial statements do not include all information and disclosures required in the annual financial statements and should be read in conjunction with the Group's consolidated annual financial statements for the year ended 31 December 2023. The audited annual accounts for the year ended 31 December 2023 have been delivered to the Registrar of Companies. The audit report thereon was unmodified.
Review
This Half Year Report has not been audited or reviewed by the Company's Auditor in accordance with the International Standards on Auditing (ISAs) (UK) or International Standard on Review Engagements (ISREs).
Going concern
As at 30 June 2024, the Group had net current liabilities of £517.4 million (31 December 2023: £454.6 million), cash balances of £8.0 million (31 December 2023: £21.8 million) and security cash deposits of £37.2 million (31 December 2023: £40.1 million). The significant net current liabilities position of the Group at 30 June 2024 is due to both the Company's revolving credit facility and three of the Company's term debt tranches with NAB and CBA maturing within 12 months of the reporting date and therefore being classified as current liabilities. The Company is in advanced discussions with lenders and will refinance the revolving credit facility and near maturing term debt earlier than the first facility maturity date.
As the Company's shares traded at an average discount to NAV of 10.5 per cent over the 12 month period ending 31 December 2023, a Continuation Vote was held at the Company's AGM in April 2024 in line with its Articles of Association, with 11 per cent voting in favour of a discontinuation, therefore, the resolution confirmed continuation.
The Directors have reviewed Group forecasts and projections which cover a period of at least 12 months from the date of approval of this report, taking into account foreseeable changes in investment and trading performance, which show that the Group has sufficient financial resources to continue in operation for at least the next 12 months from the date of approval of this report.
On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence until at least July 2025. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board, as a whole. The key measure of performance used by the Board to assess the Group's performance and to allocate resources is the total return on the Group's net assets, as calculated under IFRS, and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained in the financial statements.
For management purposes, the Group is organised into one main operating segment, which invests in wind farm assets.
All of the Group's income is generated within the UK.
All of the Group's non-current assets are located in the UK.
Seasonal and cyclical variations
The Group's results do not vary significantly during reporting periods as a result of seasonal activity.
2. Investment management fees
Under the terms of the Investment Management Agreement, the Investment Manager is entitled to a combination of a Cash Fee and an Equity Element from the Company.
The Cash Fee and Equity Element are calculated quarterly in advance, as disclosed on pages 79 and 80 of the Company's Annual Report for the year ended 31 December 2023.
Investment management fees paid or accrued in the period were as follows:
|
|
For the six months ended |
For the six months ended |
|
|
£'000 |
£'000 |
|
|
|
|
|
Cash Fee |
15,323 |
15,777 |
|
Equity Element |
750 |
750 |
|
|
16,073 |
16,527 |
As at 30 June 2024, total amounts payable to the Investment Manager were £7,701,201 (31 December 2023: £8,090,319).
3. Investment Income
|
|
For the six months ended |
For the six months ended |
|
|
£'000 |
£'000 |
|
|
|
|
|
Dividends received (note 17) |
186,519 |
208,286 |
|
Interest on shareholder loan investment received |
32,244 |
29,745 |
|
|
218,763 |
238,031 |
4. Operating expenses
|
|
For the six months ended |
For the six months ended |
|
|
£'000 |
£'000 |
|
|
|
|
|
Management fees (note 2) |
16,073 |
16,527 |
|
Group and SPV administration fees |
653 |
608 |
|
Non-executive Directors' fees |
202 |
160 |
|
Other expenses |
1,575 |
1,328 |
|
Fees to the Company's Auditor: |
|
|
|
for audit of the statutory financial statements |
125 |
124 |
|
for other audit related services |
5 |
4 |
|
|
18,633 |
18,751 |
The fees to the Company's Auditor for the period ended 30 June 2024 include £5,100 (30 June 2023: £4,290) payable in relation to a limited review of the Half Year Report and estimated accruals proportioned across the year for the audit of the statutory financial statements.
5. Taxation
Taxable income during the period was offset by management expenses and the tax charge for the period ended 30 June 2024 is £nil (30 June 2023: £nil).
6. Earnings per share
|
|
For the six months ended |
For the six months ended |
|
|
|
|
|
Profit attributable to equity holders of the Company - £'000 |
19,090 |
65,486 |
|
Weighted average number of ordinary shares in issue |
2,308,212,941 |
2,318,296,118 |
|
Basic and diluted earnings from continuing operations in the period (pence) |
0.83 |
2.82 |
Dilution of the earnings per share as a result of the Equity Element of the investment management fee as disclosed in note 2 does not have a significant impact on the basic earnings per share.
7. Dividends declared with respect to the period
|
Interim dividends paid during the period ended 30 June 2024 |
Dividend per share |
Total dividend |
|
|
pence |
£'000 |
|
With respect to the quarter ended 31 December 2023 |
3.43 |
79,114 |
|
With respect to the quarter ended 31 March 2024 |
2.50 |
57,267 |
|
|
5.93 |
136,381 |
|
Interim dividends declared after 30 June 2024 and not accrued in the period |
Dividend per share |
Total dividend |
|
|
pence |
£'000 |
|
With respect to the quarter ended 30 June 2024 |
2.50 |
56,816 |
|
|
2.50 |
56,816 |
As disclosed in note 18, on 23 July 2024, the Board approved a dividend of 2.5 pence per share with respect to the quarter ended 30 June 2024, bringing the total dividends declared with respect to the period to 5.0 pence per share. The record date for the dividend is 16 August 2024 and the payment date is 30 August 2024.
8. Investments at fair value through profit or loss
|
|
30 June 2024 |
31 December 2023 |
|
|
£'000 |
£'000 |
|
|
|
|
|
Opening balance |
5,538,636 |
4,959,312 |
|
Additions |
- |
820,925 |
|
Repayment of shareholder loan investments (note 17) |
(11,355) |
(50,199) |
|
Unrealised movement in fair value of investments |
(136,737) |
(191,402) |
|
|
5,390,544 |
5,538,636 |
The investments made in underlying assets are carried at fair value through profit and loss. The investments are typically made through a combination of shareholder loans and equity into the SPVs which own the underlying asset. The nominal value of the shareholder loan investments as at 30 June 2024 was £1,482,786,408 (31 December 2023: £1,484,003,180).
Fair value measurements
As disclosed on pages 83 and 84 of the Company's Annual Report for the year ended 31 December 2023, IFRS 13 "Fair Value Measurement" requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities ranges from level 1 to level 3 and is determined on the basis of the lowest level input that is significant to the fair value measurement.
The fair value of the Group's investments is ultimately determined by the underlying net present values of the SPV investments. Due to their nature, they are always expected to be classified as level 3 as the investments are not traded and contain unobservable inputs. There have been no transfers between levels during the period.
Sensitivity analysis
The fair value of the Group's investments is £5,390,543,969 (31 December 2023: £5,538,635,628). The analysis below is provided to illustrate the sensitivity of the fair value of investments to an individual input, while all other variables remain constant. The Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood of change or that possible changes in value would be restricted to this range.
30 June 2024
|
Input |
Base case |
Change in input |
Change in fair value of investments |
Change in NAV per share |
|
|
|
|
£'000 |
pence |
|
|
|
|
|
|
|
Discount rate |
11 per cent levered portfolio IRR |
+ 0.5 per cent |
(160,272) |
(7.0) |
|
|
|
- 0.5 per cent |
169,213 |
7.4 |
|
|
|
|
|
|
|
Long term inflation rate |
RPI: 3.5 per cent to 2030, 2.5 per cent thereafter |
- 0.5 per cent |
(167,157) |
(7.3) |
|
|
+ 0.5 per cent |
175,553 |
7.7 |
|
|
|
|
|
|
|
|
Energy yield |
P50 |
10 year P90 |
(342,609) |
(15.0) |
|
|
|
10 year P10 |
342,547 |
15.0 |
|
|
|
|
|
|
|
Power price |
Forecast by leading consultant |
- 10 per cent |
(329,040) |
(14.4) |
|
|
+ 10 per cent |
327,739 |
14.4 |
|
|
|
|
|
|
|
|
Asset life |
30 years |
- 5 years |
(318,606) |
(14.0) |
|
|
|
+ 5 years |
209,928 |
9.2 |
|
|
|
|
|
|
31 December 2023
|
Input |
Base case |
Change in input |
Change in fair value of investments |
Change in NAV per share |
|
|
|
|
£'000 |
pence |
|
Discount rate |
11 per cent levered portfolio IRR |
+ 0.5 per cent |
(170,310) |
(7.4) |
|
|
|
- 0.5 per cent |
179,963 |
7.8 |
|
|
|
|
|
|
|
Long term inflation rate |
RPI: 3.5 per cent to 2030, 2.5 per cent thereafter |
- 0.5 per cent |
(162,604) |
(7.0) |
|
|
+ 0.5 per cent |
170,870 |
7.4 |
|
|
|
|
|
|
|
|
Energy yield |
P50 |
10 year P90 |
(352,901) |
(15.3) |
|
|
|
10 year P10 |
352,854 |
15.3 |
|
|
|
|
|
|
|
Power price |
Forecast by leading consultant |
- 10 per cent |
(335,334) |
(14.5) |
|
|
+ 10 per cent |
316,943 |
13.7 |
|
|
|
|
|
|
|
|
Asset life |
30 years |
- 5 years |
(313,935) |
(13.6) |
|
|
|
+ 5 years |
204,932 |
8.9 |
The portfolio is valued on an unlevered basis using a lower discount rate for fixed cash flows and a higher discount rate for merchant cash flows. This results in a blended unlevered portfolio IRR. The equivalent levered portfolio IRR is calculated assuming 35 per cent gearing and an all-in interest cost of 5 per cent.
The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented.
9. Unconsolidated subsidiaries, associates and joint ventures
The following table shows subsidiaries of the Group incorporated during the period. As the Company is regarded as an investment entity under IFRS, this subsidiary has not been consolidated in the preparation of the financial statements:
|
Subsidiary |
Place of business |
Ownership interest as at |
||
|
|
||||
|
Greencoat KME Holdco Limited |
England |
100% |
|
There were no other changes to the unconsolidated subsidiaries or the associates and joint ventures of the Group as disclosed on pages 85 and 86 of the Company's Annual Report for the year ended 31 December 2023.
There were no material changes to guarantees and counter-indemnities provided by the Group, as disclosed on page 87 of the Company's Annual Report for the year ended 31 December 2023. The fair value of these guarantees and counter-indemnities provided by the Group are considered to be £nil (30 June 2023: £nil).
10. Receivables
|
|
30 June 2024 |
31 December 2023 |
|
|
£'000 |
£'000 |
|
|
|
|
|
Security cash deposits |
37,175 |
40,119 |
|
VAT receivable |
1,323 |
676 |
|
Interest income receivable |
107 |
111 |
|
Prepayments |
284 |
151 |
|
Other receivables |
6 |
72 |
|
Amounts due from SPVs |
1,230 |
- |
|
|
40,125 |
41,129 |
11. Payables
|
|
30 June 2024 |
31 December 2023 |
|
|
£'000 |
£'000 |
|
|
|
|
|
Investment management fee payable |
7,701 |
8,090 |
|
Loan interest payable |
5,436 |
5,487 |
|
Commitment fee payable (note 12) |
224 |
235 |
|
Letter of credit fees payable (note 12) |
129 |
93 |
|
Amounts due to SPVs |
859 |
2,508 |
|
Acquisition costs payable |
- |
55 |
|
Other payables |
1,175 |
1,105 |
|
|
15,524 |
17,573 |
12. Loans and borrowings
|
|
30 June 2024 |
31 December 2023 |
|
|
£'000 |
£'000 |
|
|
|
|
|
Opening balance |
1,790,000 |
1,100,000 |
|
Revolving credit facility |
|
|
|
Drawdowns |
- |
400,000 |
|
Repayments |
- |
(200,000) |
|
Term debt facilities |
|
|
|
Drawdowns |
- |
640,000 |
|
Repayments |
- |
(150,000) |
|
Closing balance |
1,790,000 |
1,790,000 |
|
Reconciled as: |
|
|
|
Current liabilities |
550,000 |
500,000 |
|
Non current liabilities |
1,240,000 |
1,290,000 |
|
|
For the six months ended |
For the six months ended |
|
|
£'000 |
£'000 |
|
|
|
|
|
Loan interest |
46,767 |
15,046 |
|
Facility arrangement fees |
- |
4,350 |
|
Commitment fees |
669 |
1,390 |
|
Letter of credit fees |
506 |
471 |
|
Professional fees |
- |
467 |
|
Other facility fees |
94 |
134 |
|
Finance expense |
48,036 |
21,858 |
The loan balance as at 30 June 2024 has not been adjusted to reflect amortised cost, as the amounts are not materially different from the outstanding balances.
There are no changes to the terms of the Company's revolving credit facility as disclosed on page 89 of the Company's Annual Report for the year ended 31 December 2023. As at 30 June 2024, the balance of this facility was £400 million (31 December 2023: £400 million), accrued interest was £228,812 (31 December 2023: £228,404) and the outstanding commitment fee payable was £224,384 (31 December 2023: £235,068).
The Company has a £100 million letter of credit facility in place with Lloyds. The fee for this facility is 1.25 per cent and the fee payable, as at 30 June 2024 was £93,400 (31 December 2023: £93,400).
The Company also has a £30 million letter of credit facility in place with ANZ. The fee for this facility is 0.24 per cent and the fee payable, as at 30 June 2024 was £35,704 (31 December 2023: £nil).
The Company's term debt facilities and associated interest rate swaps, with various maturity dates, are set out in the below table:
|
Provider |
Maturity date |
Loan margin |
Swap rate / SONIA |
All-in rate |
Loan principal |
Accrued interest at 30 June 2024 |
|
|
|
% |
% |
% |
£'000 |
£'000 |
|
NAB |
4 Nov 2024 |
1.15 |
1.06 |
2.21 |
50,000 |
179 |
|
CBA |
14 Nov 2024 |
1.35 |
0.81 |
2.16 |
50,000 |
163 |
|
CBA |
6 Mar 2025 |
1.55 |
1.53 |
3.08 |
50,000 |
232 |
|
CIBC |
3 Nov 2025 |
1.50 |
1.51 |
3.01 |
100,000 |
454 |
|
ANZ |
3 May 2026 |
1.45 |
5.92 |
7.37 |
75,000 |
44 |
|
NAB |
1 Nov 2026 |
1.50 |
1.60 |
3.10 |
75,000 |
376 |
|
NAB |
1 Nov 2026 |
1.50 |
0.84 |
2.34 |
25,000 |
95 |
|
CIBC |
14 Nov 2026 |
1.40 |
0.81 |
2.21 |
100,000 |
334 |
|
Lloyds |
9 May 2027 |
1.60 |
5.65 |
7.25 |
150,000 |
89 |
|
CBA |
4 Nov 2027 |
1.60 |
1.37 |
2.97 |
100,000 |
447 |
|
ABN AMRO |
2 May 2028 |
1.75 |
5.04 |
6.79 |
100,000 |
56 |
|
ANZ |
3 May 2028 |
1.75 |
5.38 |
7.13 |
75,000 |
44 |
|
Barclays |
3 May 2028 |
1.75 |
4.99 |
6.74 |
100,000 |
55 |
|
AXA |
31 Jan 2030 |
- |
- |
3.03 |
125,000 |
1,577 |
|
AXA |
31 Jan 2030 |
1.70 |
1.45 |
3.15 |
75,000 |
982 |
|
AXA |
28 Apr 2031 |
- |
- |
6.43 |
25,000 |
13 |
|
AXA |
28 Apr 2031 |
1.80 |
5.20[1] |
7.00 |
115,000 |
67 |
|
|
|
|
|
|
1,390,000 |
5,207 |
[1] Facility pays SONIA as variable rate
13. Contingencies and commitments
There were no contingencies and commitments for the period ended 30 June 2024.
14. Share capital - ordinary shares of £0.01
|
Six months to 30 June 2024 |
|
|
|
|
|
|
|
|
Date |
Authorised, issued and fully paid |
Number of shares issued |
Share capital |
Share premium |
Capital redemption reserve |
Treasury shares |
Total |
|
|
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
1 January 2024 |
2,312,131,799 |
23,121 |
2,471,515 |
66 |
- |
2,494,702 |
|
|
Shares issued to the Investment Manager |
|
|
|
|
|
|
|
|
7 May 2024 |
True-up of 2023 and |
230,238 |
- |
- |
- |
375 |
375 |
|
7 May 2024 |
Q1 2024 Equity Element |
228,532 |
- |
- |
- |
375 |
375 |
|
7 May 2024 |
Q2 2024 Equity Element |
234,415 |
- |
- |
- |
375 |
375 |
|
|
|
693,185 |
- |
- |
- |
1,125 |
1,125 |
|
|
|
|
|
|
|
|
|
|
Share buybacks |
(31,968,263) |
(47) |
- |
47 |
(37,594) |
(37,594) |
|
|
|
|
|
|
|
|
|
|
|
30 June 2024 |
|
2,280,856,721 |
23,074 |
2,471,515 |
113 |
(36,469) |
2,458,233 |
15. Net assets per share
|
|
30 June 2024 |
31 December 2023 |
|
|
|
|
|
Net assets - £'000 |
3,633,170 |
3,793,997 |
|
Number of ordinary shares issued |
2,280,856,721 |
2,312,131,799 |
|
Total net assets - pence |
159.3 |
164.1 |
16. Reconciliation of operating profit for the period to net cash from operating activities
|
|
|
|
|
|
For the six months ended |
For the six months ended |
|
|
£'000 |
£'000 |
|
Operating profit for the period |
67,126 |
87,344 |
|
Adjustments for: |
|
|
|
Unrealised movement in fair value of investments |
136,737 |
132,574 |
|
Investment acquisition costs |
196 |
226 |
|
Decrease in receivables |
1,024 |
470 |
|
Decrease in payables |
(1,991) |
(1,212) |
|
Equity Element of Investment Manager's fee (note 2) |
750 |
750 |
|
Net cash flows from operating activities |
203,842 |
220,152 |
17. Related party transactions
During the period, the Company increased its loan to Holdco by £2,431,779 (30 June 2023: £400,000) and Holdco settled amounts of £244,683,789 (30 June 2023: £150,647,425). The amount outstanding at the period end was £2,453,851,467 (31 December 2023: £2,696,103,477).
The below table shows dividends received in the period from the Group's investments.
|
|
For the six months ended |
For the six months ended |
|
|
£'000 |
£'000 |
|
Humber Holdco (1) |
18,152 |
30,239 |
|
Clyde |
18,048 |
27,038 |
|
Hornsea 1 Holdco (2) |
- |
17,921 |
|
London Array (3) |
15,554 |
- |
|
Walney Holdco (4) |
14,084 |
11,383 |
|
Stronelairg Holdco (5) |
12,803 |
11,189 |
|
Stroupster |
7,877 |
1,862 |
|
South Kyle Wind |
7,850 |
- |
|
Braes of Doune |
6,600 |
6,735 |
|
SYND Holdco (6) |
5,201 |
6,969 |
|
North Hoyle |
5,120 |
7,547 |
|
Corriegarth |
4,564 |
2,484 |
|
Brockaghboy |
4,279 |
9,045 |
|
Hoylake (7) |
3,921 |
8,156 |
|
Fenlands (8) |
3,840 |
3,954 |
|
Rhyl Flats |
3,792 |
6,237 |
|
ML Wind (9) |
3,675 |
7,595 |
|
Andershaw |
3,574 |
3,482 |
|
Little Cheyne Court |
3,321 |
4,264 |
|
Cotton Farm |
3,231 |
966 |
|
Dunmaglass Holdco (10) |
3,194 |
5,688 |
|
Windy Rig |
2,961 |
3,244 |
|
Glen Kyllachy |
2,786 |
2,131 |
|
Kildrummy |
2,720 |
616 |
|
Bishopthorpe |
2,608 |
2,395 |
|
Douglas West |
2,547 |
3,040 |
|
Crighshane |
2,333 |
1,655 |
|
Maerdy |
2,254 |
2,789 |
|
Tom nan Clach |
2,230 |
- |
|
Slieve Divena |
2,148 |
2,727 |
|
Tappaghan |
2,125 |
2,966 |
|
Langhope Rig |
1,853 |
1,621 |
|
Earl's Hall Farm |
1,838 |
604 |
|
Twentyshilling |
1,709 |
2,734 |
|
Bicker Fen |
1,560 |
2,326 |
|
Slieve Divena 2 |
1,429 |
2,040 |
|
Screggagh |
1,379 |
1,930 |
|
Church Hill |
1,360 |
940 |
|
Carcant |
751 |
866 |
|
Bin Mountain |
642 |
908 |
|
Dalquhandy |
606 |
- |
|
|
186,519 |
208,286 |
(1) The Group's investment in Humber Gateway is held through Humber Holdco.
(2) The Group's investment in Hornsea 1 is held through Hornsea 1 Holdco.
(3) The Group's investment in London Array is held through London Array Holdco.
(4) The Group's investment in Walney is held through Walney Holdco.
(5) The Group's investment in Stronelairg is held through Stronelairg Holdco.
(6) The Group's investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco.
(7) The Group's investment in Burbo Bank Extension is held through Hoylake.
(8) The Group's investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands.
(9) The Group's investments in Middlemoor and Lindhurst are held through ML Wind.
(10) The Group's investment in Dunmaglass is held through Dunmaglass Holdco.
The table below shows the Group's shareholder loans with the wind farm investments.
|
|
Loans at 1 January 2024(1) |
Loan repayments in the period |
Loans at 30 June 2024 |
Accrued interest at 30 June 2024 |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Andershaw |
29,946 |
(790) |
29,156 |
148 |
29,304 |
|
Church Hill |
12,654 |
(226) |
12,428 |
81 |
12,509 |
|
Clyde |
71,503 |
- |
71,503 |
1,004 |
72,507 |
|
Corriegarth |
42,553 |
(1,043) |
41,510 |
82 |
41,592 |
|
Crighshane |
18,527 |
(344) |
18,183 |
33 |
18,216 |
|
Dalquhandy |
40,878 |
- |
40,878 |
67 |
40,945 |
|
Douglas West |
40,109 |
(1,309) |
38,800 |
64 |
38,864 |
|
Dunmaglass Holdco (2) |
56,864 |
- |
56,864 |
848 |
57,712 |
|
Glen Kyllachy |
46,630 |
- |
46,630 |
696 |
47,326 |
|
Hornsea 1 Holdco (3) |
101,331 |
- |
101,331 |
3,165 |
104,496 |
|
Hoylake (4) |
179,359 |
- |
179,359 |
- |
179,359 |
|
Kype Muir Extension |
30,159 |
- |
30,159 |
1,355 |
31,514 |
|
London Array (5) |
133,269 |
(5,580) |
127,689 |
1,419 |
129,108 |
|
Slieve Divena 2 |
20,672 |
(220) |
20,452 |
205 |
20,657 |
|
South Kyle |
206,791 |
- |
206,791 |
5,083 |
211,874 |
|
Stronelairg |
86,619 |
- |
86,619 |
1,292 |
87,911 |
|
Tom nan Clach |
65,824 |
(1,843) |
63,981 |
87 |
64,068 |
|
Twentyshilling |
32,190 |
- |
32,190 |
602 |
32,792 |
|
Walney Holdco (6) |
172,727 |
- |
172,727 |
1,727 |
174,454 |
|
Windy Rig |
36,772 |
- |
36,772 |
60 |
36,832 |
|
|
1,425,377 |
(11,355) |
1,414,022 |
18,018 |
1,432,040 |
(1) Excludes accrued interest at 31 December 2023 of £7,326,641.
(2) The Group's investment in Dunmaglass is held through Dunmaglass Holdco.
(3) The Group's investment in Hornsea 1 is held through Hornsea 1 Holdco.
(4) The Group's investment in Burbo Bank Extension is held through Hoylake.
(5) The Group's investment in London Array is held through London Array Holdco.
(6) The Group's investment in Walney is held through Walney Holdco.
18. Subsequent events
On 23 July 2024, the Board approved a dividend of 2.5 pence per share with respect to the quarter ended June 2024. The record date for the dividend is 16 August 2024 and the payment date is 30 August 2024.
Company Information
|
Directors (all non-executive) |
Registered Company Number |
|
Lucinda Riches C.B.E (Chairman) |
08318092 |
|
Caoimhe Giblin |
|
|
Nick Winser C.B.E. |
Registered Office |
|
Jim Smith |
5th Floor |
|
Abigail Rotheroe (1) |
20 Fenchurch Street London EC3M 3BY |
|
Martin McAdam (2)
|
|
|
Investment Manager |
|
|
Schroders Greencoat LLP |
|
|
4th Floor, The Peak |
Registered Auditor |
|
5 Wilton Road |
BDO LLP |
|
London |
55 Baker Street |
|
SW1V 1AN |
London |
|
|
W1U 7EU |
|
Administrator and Company Secretary |
|
|
Ocorian Administration (UK) Limited |
|
|
Unit 4, The Legacy Building |
Joint Broker |
|
Northern Ireland Science Park |
RBC Capital Markets |
|
Queen's Road |
100 Bishopsgate |
|
Belfast |
London |
|
BT3 9DT |
EC2N 4AA |
|
|
|
|
Depositary |
|
|
Ocorian Depositary (UK) Limited |
|
|
Unit 4, The Legacy Building |
Joint Broker |
|
Northern Ireland Science Park |
Jefferies International Limited |
|
Queen's Road |
100 Bishopsgate |
|
Belfast |
London |
|
BT3 9DT |
EC2N 4JL |
|
|
|
|
Registrar |
|
|
Computershare Limited |
|
|
The Pavilions |
|
|
Bridgewater Road |
|
|
Bristol |
|
|
BS99 6ZZ |
|
|
|
|
(1) Appointed to the Board with effect from 1 March 2024.
(2) Retired from the Board with effect from 24 April 2024.
Defined Terms
ABN AMRO means ABN AMRO Bank N.V.
Aggregate Group Debt means the Group's proportionate share of outstanding third party borrowings including its share of the limited recourse debt in Hornsea 1
AGM means Annual General Meeting of the Company
AI means Artificial Intelligence
Alternative Performance Measure means a financial measure other than those defined or specified in the applicable financial reporting framework
Andershaw means Andershaw Wind Power Limited
ANZ means Australia and New Zealand Banking Group Limited
AXA means funds managed by AXA Investment Managers UK Limited
Barclays means Barclays Bank PLC
BDO LLP means the Company's Auditor as at the reporting date
Bicker Fen means Bicker Fen Windfarm Limited
Bin Mountain means Bin Mountain Wind Farm (NI) Limited
Bishopthorpe means Bishopthorpe Wind Farm Limited
Board means the Directors of the Company
Braes of Doune means Braes of Doune Wind Farm (Scotland) Limited
Breeze Bidco means Breeze Bidco (TNC) Limited
Brockaghboy means Brockaghboy Windfarm Limited
Burbo Bank Extension means Hoylake Wind Limited, Greencoat Burbo Extension Holding (UK) Limited, Burbo Extension Holding Limited and Burbo Extension Limited
Carcant means Carcant Wind Farm (Scotland) Limited
Cash Fee means the cash fee that the Investment Manager is entitled to under the Investment Management Agreement
CBA means Commonwealth Bank of Australia
CFD means Contract For Difference
Church Hill means Church Hill Wind Farm Limited
CIBC means Canadian Imperial Bank of Commerce
Clyde means Clyde Wind Farm (Scotland) Limited
CO2 means carbon dioxide
Company means Greencoat UK Wind PLC
Corriegarth means Corriegarth Wind Energy Limited
Cotton Farm means Cotton Farm Wind Farm Limited
CPI means the Consumer Price Index
Crighshane means Crighshane Wind Farm Limited
Dalquhandy means Dalquhandy Wind Farm Limited
DCF means discounted cash flows
Deeping St. Nicholas means Deeping St. Nicholas wind farm
Depreciation means the unwinding of the discount rate assumptions
Douglas West means Douglas West Wind Farm Limited
Drone Hill means Drone Hill Wind Farm Limited
DTR means the Disclosure Guidance and Transparency Rules sourcebook issued by the Financial Conduct Authority
Dunmaglass means Dunmaglass Holdco and Dunmaglass Wind Farm
Dunmaglass Holdco means Greencoat Dunmaglass Holdco Limited
Dunmaglass Wind Farm means Dunmaglass Wind Farm Limited
Earl's Hall Farm means Earl's Hall Farm Wind Farm Limited
Equity Element means the ordinary shares issued to the Investment Manager under the Investment Management Agreement
ESG mean Environmental, Social and Governance
EU means the European Union
Fenlands means Fenland Windfarms Limited
GAV means Gross Asset Value
GB means Great Britain consisting of England, Scotland and Wales
Glass Moor means Glass Moor wind farm
Glen Kyllachy means Glen Kyllachy Wind Farm Limited
Group means Greencoat UK Wind PLC and Greencoat UK Wind Holdco Limited
Holdco means Greencoat UK Wind Holdco Limited
Hornsea 1 means Hornsea 1 Holdco and Hornsea 1 Limited
Hornsea 1 Holdco means Jupiter Investor TopCo Limited
Hoylake means Hoylake Wind Limited
Humber Gateway means Humber Holdco and Humber Wind Farm
Humber Holdco means Greencoat Humber Limited
Humber Wind Farm means RWE Renewables UK Humber Wind Limited
IAS means International Accounting Standard
IFRS means International Financial Reporting Standards
Investment Management Agreement means the agreement between the Company and the Investment Manager
Investment Manager means Schroders Greencoat LLP
IPO means Initial Public Offering
IRR means Internal Rate of Return
Kildrummy means Kildrummy Wind Farm Limited
Kype Muir Extension means Kype Muir Extension Wind Farm
KME Holdco means Greencoat KME Holdco Limited
Langhope Rig means Langhope Rig Wind Farm Limited
Levered portfolio IRR means the Internal Rate of Return with an assumed level of gearing
Lindhurst means Lindhurst Wind Farm
Little Cheyne Court means Little Cheyne Court Wind Farm Limited
London Array means London Array Holdco & London Array Limited
London Array Holdco means Greencoat London Array Holdco Limited
Lloyds means Lloyds Bank PLC and Lloyds Bank Corporate Markets PLC
Maerdy means Maerdy Wind Farm Limited
Middlemoor means Middlemoor Wind Farm
ML Wind means ML Wind LLP
NAB means National Australia Bank
Nanclach means Nanclach Limited
NAV means Net Asset Value
NAV per Share means the Net Asset Value per Ordinary Share
North Hoyle means North Hoyle Wind Farm Limited
North Rhins means North Rhins Wind Farm Limited
PPA means Power Purchase Agreement entered into by the Group's wind farms
RBC means the Royal Bank of Canada
RBS International means the Royal Bank of Scotland International Limited
RCF means revolving credit facility
Red House means Red House wind farm
Red Tile means Red Tile wind farm
Review Section means the front end review section of this report (including but not limited to the Chairman's Statement and the Investment Manager's Report)
Rhyl Flats means Rhyl Flats Wind Farm Limited
ROC means Renewable Obligation Certificate
RPI means the Retail Price Index
Santander means Santander Global Banking and Markets
Screggagh means Screggagh Wind Farm Limited
Sixpenny Wood means Sixpenny Wood Wind Farm Limited
Slieve Divena means Slieve Divena Wind Farm Limited
Slieve Divena 2 means Slieve Divena Wind Farm No. 2 Limited
SONIA means the Sterling Overnight Index Average
South Kyle means South Kyle Wind Farm Limited
SPVs means the Special Purpose Vehicles which hold the Group's investment portfolio of underlying wind farms
Stronelairg means Stronelairg Holdco and Stronelairg Wind Farm
Stronelairg Holdco means Greencoat Stronelairg Holdco Limited
Stronelairg Wind Farm means Stronelairg Wind Farm Limited
Stroupster means Stroupster Caithness Wind Farm Limited
SYND Holdco means SYND Holdco Limited
Tappaghan means Tappaghan Wind Farm (NI) Limited
Tom nan Clach means Breeze Bidco and Nanclach
TSR means Total Shareholder Return
Twentyshilling means Twentyshilling Limited
UK means the United Kingdom of Great Britain and Northern Ireland
Walney means Walney Holdco and Walney Wind Farm
Walney Holdco means Greencoat Walney Holdco Limited
Walney Wind Farm means Walney (UK) Offshore Windfarms Limited
Windy Rig means Windy Rig Wind Farm Limited
Yelvertoft means Yelvertoft Wind Farm Limited
Alternative Performance Measures
|
Performance Measure |
Definition |
As at 30 June 2024 |
As at 31 December 2023 |
|
Aggregate Group Debt |
The Group's proportionate share of outstanding third party borrowings of £1,790 million per note 12 to the financial statements plus limited recourse debt of £539 million at Hornsea 1, not included in the Consolidated Statement of Financial Position |
£2,329 million |
£2,375 million |
|
CO2 emissions avoided per annum |
The estimate of the portfolio's annual CO2 emissions avoided through the displacement of thermal generation, based on the portfolio's estimated generation as at the relevant reporting date |
2.5 million tonnes |
2.5 million tonnes |
|
GAV |
Gross Asset Value |
£5,962.2 million |
£6,169.0 million |
|
Homes powered per annum |
The estimate of the number of homes powered by electricity generated by the portfolio, based on the portfolio's estimated generation as at the relevant reporting date |
2.3 million homes |
2.3 million homes |
|
NAV |
Net Asset Value |
£3,633.2 million |
£3,794.0 million |
|
NAV per share
|
The Net Asset Value per ordinary share per note 16 to the financial statements |
159.3 pence |
164.1 pence |
|
|
|
|
|
|
Performance Measure |
Definition |
For the six months ended |
For the six months ended |
|
Net cash generation |
The operating cash flow of the Group and wind farm SPVs as broken down below |
£165.4 million |
£204.0 million |
|
Group and wind farm SPV cash flows |
For the six months ended |
|
|
For the six months ended |
||
|
|
£'000 |
£'000 |
|
Net cash generation |
165,425 |
204,020 |
|
Dividends paid |
(136,381) |
(95,517) |
|
|
|
|
|
Acquisitions |
- |
(55,936) |
|
Acquisition costs |
(251) |
(226) |
|
|
|
|
|
Share buybacks |
(43,983) |
- |
|
Share buyback costs |
(280) |
- |
|
|
|
|
|
Net amounts drawn under debt facilities |
- |
290,000 |
|
Upfront finance costs |
- |
(4,609) |
|
Movement in cash (Group and wind farm SPVs) |
(15,470) |
337,732 |
|
Opening cash balance (Group and wind farm SPVs) |
221,217 |
160,851 |
|
Closing cash balance (Group and wind farm SPVs) |
205,747 |
498,583 |
|
|
|
|
|
Net cash generation |
165,425 |
204,020 |
|
Dividends |
107,780 |
95,517 |
|
Dividend cover |
1.5x |
2.1x |
|
Net Cash Generation - Breakdown |
For the six months ended |
For the six months ended |
|
|
£'000 |
£'000 |
|
Revenue |
419,346 |
400,591 |
|
Operating expenses |
(102,248) |
(90,100) |
|
Tax |
(30,219) |
(36,670) |
|
SPV level debt interest |
(9,153) |
(9,148) |
|
SPV level debt amortisation |
(40,514) |
(26,595) |
|
Other |
(8,263) |
(197) |
|
Wind farm cash flow |
228,949 |
237,881 |
|
|
|
|
|
Management fee |
(15,618) |
(17,141) |
|
Operating expenses |
(1,669) |
(1,237) |
|
Ongoing finance costs |
(48,082) |
(17,675) |
|
Other |
2,461 |
1,623 |
|
Group cash flow |
(62,908) |
(34,430) |
|
|
|
|
|
VAT (Group and wind farm SPVs) |
(616) |
569 |
|
|
|
|
|
Net cash generation |
165,425 |
204,020 |
|
Net Cash Generation - Reconciliation to Net Cash Flows from Operating Activities |
For the six months ended |
For the six months ended |
|
|
£'000 |
£'000 |
|
Net cash flows from operating activities |
203,842 |
220,152 |
|
Movement in cash balances of wind farm SPVs |
1,254 |
(9,845) |
|
Repayment of shareholder loan investment |
11,355 |
11,388 |
|
Finance costs |
(48,082) |
(22,284) |
|
Movement in security cash deposits |
(2,944) |
- |
|
Upfront finance costs |
- |
4,609 |
|
Net cash generation |
165,425 |
204,020 |
Principal Risks and Uncertainties
The principal risks and uncertainties affecting the Group were identified in detail in the Company's Annual Report to 31 December 2023, summarised as follows:
• dependence on the Investment Manager;
• financing risk; and
• risk of investment returns becoming unattractive.
Also, the principal risks and uncertainties affecting the investee companies were identified in detail in the Company's Annual Report to 31 December 2023, summarised as follows:
• changes in Government policy on renewable energy;
• a decline in the market price of electricity;
• risk of low wind resource;
• lower than expected asset life; and
• health and safety and the environment.
The principal risks outlined above remain the most likely to affect the Group and its investee companies in the second half of the year.
Cautionary Statement
The Review Section of this report has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. These should not be relied on by any other party or for any other purpose.
The Review Section may include statements that are, or may be deemed to be, "forward looking statements". These forward looking statements can be identified by the use of forward looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology.
These forward looking statements include all matters that are not historical facts. They appear in a number of places throughout this document and include statements regarding the intentions, beliefs or current expectations of the Directors and the Investment Manager concerning, amongst other things, the investment objectives and Investment Policy, financing strategies, investment performance, results of operations, financial condition, liquidity, prospects, and distribution policy of the Company and the markets in which it invests.
By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward looking statements are not guarantees of future performance. The Company's actual investment performance, results of operations, financial condition, liquidity, distribution policy and the development of its financing strategies may differ materially from the impression created by the forward looking statements contained in this document.
Subject to their legal and regulatory obligations, the Directors and the Investment Manager expressly disclaim any obligations to update or revise any forward looking statement contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
In addition, the Review Section may include target figures for future financial periods. Any such figures are targets only and are not forecasts.
This Half Year Report has been prepared for the Company as a whole and therefore gives greater emphasis to those matters which are significant in respect of Greencoat UK Wind PLC and its subsidiary undertakings when viewed as a whole.
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