TIDMGRP
RNS Number : 1797B
Greencoat Renewables PLC
19 September 2018
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THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY
SECURITIES IN THE COMPANY.
Greencoat Renewables PLC
Interim Results to 30 June 2018
Dublin, 19 September 2018|Greencoat Renewables PLC ("Greencoat
Renewables" or the "Company"), the renewable infrastructure
company, invested in euro-dominated assets, is pleased to announce
its Interim Results for the six month period ended 30 June
2018.
Highlights
-- The Group's investments generated 195.3GWh of electricity.
-- Net cash generation (Group and wind farm SPVs) was EUR13.4 million.
-- Acquisitions of Lisdowney, Tullynamoyle II and Dromadda More
wind farms increased the portfolio to 5 wind farm investments, net
generating capacity to 194MW and GAV to EUR459.7 million as at 30
June 2018.
-- The Company declared total dividends of 3 cent per share with respect to the period.
-- EUR198 million outstanding borrowings as at 30 June 2018, equivalent to 43 per cent. of GAV.
-- Issuance of a further 110 million shares raising gross
proceeds of EUR111 million in July 2018 (subsequent to the
reporting period).
-- Entering into an agreement to acquire a portfolio of 4 wind
farms from Coilte subsequent to the reporting period will increase
the portfolio to 9 wind farm investments and net generating
capacity to 299MW.
Commenting on today's results, Ronan Murphy, Non-Executive
Chairman of Greencoat Renewables, said:
"I am delighted with the Company's achievements to date and very
pleased to announce dividends for the period of 3.0 cent per share.
The outlook for the Company is positive, we have a high quality
operating portfolio and a capital structure aligned for growth in
an attractive secondary market for wind assets."
Key Metrics
As at 30 June 2018:
Market Capitalisation EUR291.6 million
Share price 108.0 cent
Dividends with respect to the period EUR8.1 million
Dividends with respect to the period 3.0 cent
per share
GAV EUR459.7 million
NAV EUR261.4 million
NAV per share 96.8 cent
Details of the conference call for analysts and investors:
A conference call for analysts and investors will be held at
8.30 am BST today, 19 September 2018. To register for the call
please contact FTI Consulting, either by email
Greencoat@fticonsulting.com or by telephone on +353 1 765 0800.
Presentation materials will be posted on the Company's website,
www.greencoat-renewables.com from 7.00 am.
For further information, please contact:
Greencoat Renewables PLC +44 20 7832 9400
Bertrand Gautier
Paul O'Donnell
Tom Rayner
Davy (Nomad and ESM Adviser) +353 1 6796363
Fergal Meegan
Ronan Veale
Barry Murphy
FTI Consulting (Media Enquiries) +353 1 765 0886
Jonathan Neilan
Melanie Farrell
At a Glance
Summary
Greencoat Renewables PLC is a sector-focused listed renewable
infrastructure company, investing in renewable electricity
generation assets, with the initial focus on wind assets in
Ireland. The Company's aim is to provide investors with an annual
dividend that increases progressively whilst growing the capital
value of its investment portfolio in the long term through
reinvestment of excess cash flow and the prudent use of portfolio
leverage.
Highlights
-- The Group's investments generated 195.3GWh of electricity.
-- Net cash generation (Group and wind farm SPVs) was EUR13.4 million.
-- Acquisitions of Lisdowney, Tullynamoyle II and Dromadda More
wind farms increased the portfolio to 5 wind farm investments, net
generating capacity to 194MW and GAV to EUR459.7 million as at 30
June 2018.
-- The Company declared total dividends of 3 cent per share with respect to the period.
-- EUR198 million of outstanding borrowings as at 30 June 2018,
equivalent to 43 per cent. of GAV.
-- Issuance of a further 110 million shares raising gross
proceeds of EUR111 million in July 2018 (subsequent to the
reporting period).
-- Entering into an agreement to acquire a portfolio of 4 wind
farms from Coilte subsequent to the period will increase the
portfolio to 9 wind farm investments and net generating capacity to
299MW.
Key Metrics
As at
30 June 2018
------------------------------------------------ -----------------
Market capitalisation EUR291.6 million
Share price 108.0 cent
Dividends with respect to the period EUR8.1 million
Dividends with respect to the period per share 3.0 cent
GAV EUR459.7 million
NAV EUR261.4 million
NAV per share 96.8 cent
------------------------------------------------ -----------------
Chairman's Statement
I am pleased to present the Interim Report of Greencoat
Renewables PLC for the six months ended 30 June 2018. I am
delighted by the support we received from both existing and new
shareholders that supported the Company in the recent follow-on
share placing that raised EUR111 million of gross proceeds.
Performance
Portfolio generation for the period was 9 per cent. below budget
at 195.3GWh, primarily due to persistently low wind speeds in both
May and June. Operating expenditure was in line with expectations
with no material unplanned outages or issues affecting any of the
assets.
Due to the contracted payments under the REFIT regime, the Group
has no exposure to wholesale power price fluctuations and net cash
generated by the Group and wind farm SPVs was EUR13.4 million,
providing strong dividend cover of 1.7x with respect to the
period.
Business Strategy
The Company's strategy remains unchanged. It aims to provide
attractive risk adjusted returns to shareholders through an annual
dividend of 6c per share that increases progressively while growing
the capital value of its investment portfolio.
The Company is targeting an IRR of 7 to 8 per cent. (net of
expenses and fees) on the issue price of the ordinary shares to be
achieved over the longer term via active management of the
investment portfolio, reinvestment of excess cash flows and the
prudent use of leverage.
The Company intends to hold assets in its investment portfolio
for the long term.
Dividend
In line with its stated initial target, the Company paid a
dividend of 2.61c per share in Q1 2018, corresponding to annualised
6.0c per share dividend with respect to the period from IPO to 31
December 2017.
The Company also announced a target dividend of 6.0c for 2018 to
be paid in quarterly instalments of which the Q1 instalment was
paid in May and the Q2 instalment paid in August.
NAV per share increased slightly in the period from 96.6 cent
per share at 31 December 2017 to 96.8c per share on 30 June
2018.
Acquisitions and Equity Raising
During the period, the Group invested EUR131m million in 3
acquisitions, increasing net generating capacity to 194MW. In
February, the Group acquired the 9.2MW Lisdowney wind farm in Co.
Kilkenny and in April, it acquired the 11.5MW Tullynamoyle II wind
farm in Co. Leitrim. In May, the Group completed the acquisition of
the 36.5MW Dromadda More wind farm in Co. Kerry.
Subsequent to the period, the Group announced on 11 September
2018 that it had agreed to acquire the majority of Coilte's
shareholdings in its portfolio of 4 operating wind generation
assets for EUR136.1 million. The 105.1MW portfolio comes with long
term project finance and the Group will acquire 50 per cent. of
Raheenleagh, Cloosh Valley and Castlepook wind farms and 25 per
cent. of Sliabh Bawn wind farm. The portfolio was co-developed with
SSE, ESB and Bord Na Mona, who will remain as joint venture
partners and the Group will benefit from the Investment Manager's
long track record of partnerships with SSE and ESB. The acquisition
is expected to complete in November and will be funded by the
Group's revolving credit facility. We are delighted with this
investment into one of Ireland's premier infrastructure portfolios,
and look forward to working alongside some of the country's most
experienced and trusted utilities.
We are pleased to have the capability and relationships to
acquire from such a wide range of vendors. This underpins our
ability to acquire and consolidate assets in the secondary wind
market, and find value across a range of opportunities, both large
and small.
In August, the Company issued 110 million new shares in line
with its continuing growth strategy, raising gross proceeds of
EUR111 million in an oversubscribed and NAV-accretive share
placing. This was the first tranche of the Company's programme to
issue 250 million new shares. The Board is pleased with the
appetite for this placing, and with the ongoing support from our
shareholders.
Gearing
In December 2017, the Group put in place a three year EUR250
million revolving credit facility with a syndicate of five domestic
and international banks, effectively allowing the Group to act as a
cash buyer for new investments.
At the start of the period, Group borrowings amounted to EUR71.2
million (21 per cent. of GAV). Following the acquisitions during
the period, the Group had EUR198.2 million of debt outstanding at
30 June 2018, equating to 43 per cent. of GAV.
The Group's policy is to keep overall Group level borrowings at
a prudent level (limited to 60 per cent. of GAV) in order to reduce
risk, while ensuring that the Group is always at least fully
invested thus using shareholders' capital efficiently. Over the
medium term we would expect average gearing to be c.40 per
cent..
Principal Risks and Uncertainties
As detailed in the Company's Annual Report for the period to 31
December 2017, the principal risks and uncertainties affecting the
Group are unchanged:
-- dependence on the Investment Manager;
-- regulatory risk;
-- financing risk; and
-- risk of investment returns becoming unattractive
Also, as detailed in the Company's Annual Report for the period
to 31 December 2017, the principal risks and uncertainties
affecting the investee companies are as follows:
-- changes in government policy on renewable energy;
-- a decline in the market price of electricity post REFIT;
-- risk of low wind resource;
-- lower than expected life-span of the wind turbines;
-- risk of market structure change; and
-- health and safety and the environment.
Further information in relation to these principal risks and
uncertainties, which are unchanged from 31 December 2017 and remain
the most likely to affect the Group in the second half of the year,
may be found on pages 18 - 20 of the Company's Annual Report for
the period ended 31 December 2017.
Outlook
The Irish wind market remains a very attractive jurisdiction
with a stable and supportive regulatory regime. Wind remains the
dominant renewable technology and the Group is in a good position
to benefit as electricity production from wind becomes an
increasingly important part of Ireland's generation mix.
Ireland has an EU obligation to ensure that 16 per cent. of
primary energy use is derived from renewable sources by 2020, with
a significant majority of capacity expected from onshore wind.
Irish wind farms benefit from a 15 year inflation-linked floor
price under the REFIT regime, while allowing wind farms to capture
prices above the floor. Since 1995, Ireland has provided owners of
operating wind farms with a supportive regulatory framework.
We are very pleased with the announcement of the new Renewable
Electricity Support Scheme ("RESS") with the shift to a competitive
auction structure. The expected CFD structure of RESS, as well as
regular auctions planned until 2026, should ensure Ireland remains
a very attractive jurisdiction for further investment.
The Board is supportive of value-accretive growth through
further wind farm investments, and such acquisitions will be in the
shareholders' interest:
-- providing additional economies of scale at Group level;
-- increasing market power with service providers and asset sellers; and
-- increasing liquidity in our shares.
The Board remains confident in the Company's outlook for the
future, and in the disciplined approach of the Investment Manager
regarding possible future acquisitions and the continued careful
management of the existing portfolio.
Rónán Murphy
Chairman
18 September 2018
Investment Manager's Report
Information about Investment Manager
The Investment Manager is responsible for the day-to-day
management of the Company's investment portfolio in accordance with
the Company's investment objective and policy, subject to the
overall supervision of the Board.
The Investment Manager is an experienced manager of renewable
infrastructure assets and is authorised and regulated by the
Financial Conduct Authority.
Investment Portfolio
The Group's investment portfolio as at 30 June 2018 consisted of
SPVs which hold the following underlying operating wind farms:
Wind Farm Turbines Operator PPA Total MW Ownership Stake Net MW
----------------- ---------- ----------- ---------------- --------- ---------------- -------
Dromadda More Vestas EnergyPro Supplier Lite 36.3 100% 36.3
Killhills Enercon SSE Brookfield 36.8 100% 36.8
Knockacummer Nordex SSE Brookfield 100.0 100% 100.0
Lisdowney Enercon EnergyPro Naturgy 9.2 100% 9.2
Tullynamoyle II Enercon Cabragh Bord Gáis 11.5 100% 11.5
----------------- ---------- ----------- ---------------- --------- ---------------- -------
Total 193.8
------------------------------------------------------------ --------- ---------------- -------
Portfolio Performance
Portfolio generation for the six months ended 30 June 2018 was
195.3GWh, 9 per cent. below budget due to low wind resource in May
and June 2018.
In August, the construction works associated with the
transmission connection upgrade at Knockacummer were successfully
completed. The site will continue to operate on the distribution
connection until October, when ESB Networks are scheduled to
formally sign off commissioning and complete the switch over from
distribution to transmission connection.
Health and safety
There were no major incidents in the period ended 30 June
2018.
Acquisitions
On 16 February 2018, the Group invested EUR22.0 million
(including acquisition costs, excluding acquired cash, and
including acquired working capital) to acquire 100 per cent. of
Lisdowney wind farm in Co. Kilkenny. Lisdowney is a 9.2MW wind farm
with 4 Enercon E82 turbines and is eligible for support under REFIT
2 until the end of 2031.
On 3 April 2018, the Group invested EUR19.7 million (including
acquisition costs, excluding acquired cash, and including acquired
working capital) to acquire 100 per cent. of Tullynamoyle II wind
farm. Tullynamoyle II is a 11.5MW wind farm in Co. Leitrim
consisting of 5 Enercon E70 turbines and is eligible for support
under REFIT 2 until the end of 2032.
On 1 May 2018, the Group completed the acquisition of the 36.3MW
Dromadda More wind farm in Co. Kerry for EUR88.9m (including
acquisition costs, excluding acquired cash, and including acquired
working capital). Dromadda More has 11 Vestas V112 turbines and
benefits from 15 years of REFIT 2 support.
On 11 September 2018, the Group announced an agreement to
acquire the majority of Coilte's shareholdings in its portfolio of
4 operating wind generation assets for EUR136.1 million. The
105.1MW portfolio comes with long term project finance and the
Group will acquire 50 per cent. of Raheenleagh, Cloosh Valley and
Castlepook wind farms and 25 per cent. of Sliabh Bawn wind farm.
The portfolio was co-developed with SSE, ESB and Bord Na Mona, who
each remain joint venture partners in their respective wind farms
and the Group will benefit from the Investment Manager's long track
record of partnerships with SSE and ESB. All assets in the
portfolio are of significant quality with high load factors,
experienced utility operators, and managed under a suite of
long-term contracts. The assets also benefit from at least 13 years
of fixed-floor power prices under REFIT 2.
All high-quality investments in 2018 to date represent an
increasing level of expansion and diversification of the portfolio.
The Investment Manager continues to build its presence in the
market for Irish wind farm investment and has established an
attractive short and medium term pipeline.
Financial Performance
Dividend cover for the six months ended 30 June 2018 was 1.7x,
in line with expectations.
Cash balances (Group and wind farm SPVs) increased by EUR11.8m
to EUR35.0m over the period.
For the six months ended
30 June 2018
Group and wind farm SPV cash flows EUR'000
------------------------------------------------- -------------------------
Net cash generation 13,394
Dividends paid (11,097)
Project Capex & PSO Cashflow (1) 5,778
Acquisitions (2) (121,670)
Acquisition costs (982)
Equity issuance -
Equity issuance costs (121)
Net drawdown under debt facilities 127,061
Upfront finance costs (547)
Movement in cash (Group and wind farm SPVs) 11,816
Opening cash balance (Group and wind farm SPVs) 23,202
------------------------------------------------- -------------------------
Ending cash balance (Group and wind farm SPVs) 35,018
Net cash generation 13,394
Dividends (3) 8,100
Dividend cover 1.7x
------------------------------------------------- -------------------------
(1) These cashflows reflect residual capital expenditure from
acquired SPVs (covered by the vendor of the SPVs) and REFIT working
capital movements with the PSO relating to the wind farm SPVs.
(2) Excludes acquired cash.
(3) February 2018 dividend has been adjusted for dividend cover
calculation as it relates to a period longer than 3 months.
A dividend of EUR7.0 million (2.61 cent per share) was paid in
March 2018 with respect to the period from IPO to 31 December 2017
and a dividend of EUR4.05m (1.5 cent per share) was paid in May
2018 with respect to the quarter ended 31 March 2018.
A further dividend of EUR4.05m (1.5 cent per share) was paid in
August 2018 with respect to the quarter ended 30 June 2018.
The share price at 30 June 2018 was 108.0 cent, representing a
11.6 per cent. premium to NAV.
Reconciliation of Reported NAV to Statutory Net Assets
As at 30 June As at 31 December
2018 2017
EUR'000 EUR'000
------------------------------------- -------------- ------------------
DCF Valuation 432,857 306,095
Shareholder loan interest
receivable 1,613 1,855
Other relevant (liabilities)/assets
(wind farm SPVs) (7,436) 437
Cash (wind farm SPVs) 29,800 8,409
------------------------------------- -------------- ------------------
Fair value of investments 456,834 316,796
Cash (Group) 5,218 14,794
Other relevant (liabilities)/assets
(Group) (2,379) 428
------------------------------------- -------------- ------------------
GAV 459,673 332,018
Aggregate Group Debt (198,230) (71,169)
------------------------------------- -------------- ------------------
NAV 261,443 260,849
Reconciling items (1) 1,237 1,237
------------------------------------- -------------- ------------------
Statutory net assets 262,680 262,086
Shares in issue 270,000,000 270,000,000
NAV per share (cent) 96.8 96.6
------------------------------------- -------------- ------------------
(1) The reconciling item reflects a deferred tax asset in
Holdco.
Gearing
As at 30 June 2018, the Group had EUR198.2 million of debt
outstanding, equating to 43.1 per cent. of GAV. This debt related
to the amounts drawn under the Group's revolving credit
facility.
In August 2018, the Group made a EUR109.4m repayment of its
revolving credit facility utilising net proceeds from its
oversubscribed share placing leaving EUR88.8m drawn under the
facility (19.3 per cent. of GAV).
Following the acquisition of the portfolio from Coilte, Group
gearing is expected to be c.50 per cent., which includes project
finance debt in the portfolio to be acquired from Coilte
Outlook
The Group has successfully executed against its business plan
and is well positioned to deliver future growth. Evidence from the
past six months has only increased our confidence in the outlook
for Ireland's secondary operating wind asset market. The build out
of REFIT 2 has continued strongly, with the total market of
operating wind farms in Ireland expected to reach in excess of EUR8
billion by 2020. Furthermore, the supply of operating Irish wind
farms coming to market is increasing with over 500MW of
transactions in the last 15 months and the Group has a significant
pipeline of opportunities.
The Irish wind market remains a very attractive jurisdiction
with both a stable and supportive regulatory regime.
Ireland has an EU obligation to ensure that 16 per cent. of
primary energy use is derived from renewable sources, expected to
be largely from onshore wind, by 2020. Since 1995, Ireland has
provided owners of operating wind farms with a supportive
regulatory framework. Irish wind farms benefit from a 15 year
inflation-linked floor price under the REFIT regime, while allowing
wind farms to capture prices above the floor.
The announcement of the new Renewable Electricity Support Scheme
("RESS"), though not unexpected, adds further certainty to our
long-term pipeline. RESS will replace the REFIT scheme, marking a
shift away from guaranteed fixed prices to competitive bidding. The
planned announcement by the Government will see up to 13,500GWh of
additional renewable capacity auctioned by 2026, representing c.
4GW of onshore wind (if all 13,500GWh would convert to onshore wind
capacity). It also opens the market to new technologies such as
offshore wind and solar PV that previously weren't eligible for
government subsidies. The new support mechanism will be structured
as a two-way feed-in premium CFD.
In general, the outlook for the Group is very positive, with
encouraging operational and financial performance from the existing
portfolio combined with a healthy pipeline of attractive further
investment opportunities.
Condensed Consolidated Statement of Comprehensive Income
(unaudited)
For the six months ended 30 June 2018
For the six months ended For the period
30 June 2018 to 30 September 2017
Notes EUR'000 EUR'000
------------------------------ ----------- ------------------------------ ---------------------------
Return on investments 3 17,005 13,289
Other income 185 200
------------------------------ ----------- ------------------------------ ---------------------------
Total income and gains 17,190 13,489
Operating expenses 4 (1,827) (1,219)
Investment acquisition
costs (1,553) (2,465)
Operating profit 13,810 9,805
Finance expense 12 (2,112) (13,679)
Profit/(loss) for period
before taxation 11,698 (3,874)
Taxation 5 - (36)
Profit/(loss) for period
after taxation 11,698 (3,910)
------------------------------ ----------- ------------------------------ ---------------------------
Earnings per share
------------------------------ ----------- ------------------------------ ---------------------------
Basic and diluted
earnings from
continuing operations
in the period (cent) 6 4.33 (4.91)
The accompanying notes form an integral part of the condensed
consolidated interim financial statements.
Condensed Consolidated Statement of Financial Position
(unaudited)
As at 30 June 2018
30 June
Notes 2018 31 December 2017
EUR'000 EUR'000
-------------------------------------------------- ------ ---------- -----------------
Non-current assets
Investments at fair value through profit or loss 8 456,834 316,796
-------------------------------------------------- ------ ---------- -----------------
456,834 316,796
Current assets
Receivables 10 2,444 2,977
Cash and cash equivalents 5,218 14,794
-------------------------------------------------- ------ ---------- -----------------
7,662 17,771
Current Liabilities
Payables 11 (3,586) (1,312)
-------------------------------------------------- ------ ---------- -----------------
Net current assets 4,076 16,459
Non-current liabilities
Loans and borrowings 12 (198,230) (71,169)
Net assets 262,680 262,086
-------------------------------------------------- ------ ---------- -----------------
Capital and reserves
Called up share capital 14 2,700 2,700
Share premium account 14 11,951 11,958
Other distributable reserves 238,903 250,000
Retained earnings 9,126 (2,572)
-------------------------------------------------- ------ ---------- -----------------
Total shareholders' funds 262,680 262,086
-------------------------------------------------- ------ ---------- -----------------
Net asset per share (cent) 15 97.3 97.1
-------------------------------------------------- ------ ---------- -----------------
Authorised for issue by the Board on 18 September 2018 and
signed on its behalf by:
Rónán Murphy Kevin McNamara
Chairman Director
The accompanying notes form an integral part of the condensed
consolidated interim financial statements.
Condensed Consolidated Statement of Changes in Equity
(unaudited)
For the six months ended 30 June 2018
Other
Distributable
For the six months Note Share capital Share premium Reserves Retained earnings Total
ended 30 June 2018 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
------------------------------- ----- -------------- -------------- --------------- ------------------ ---------
Opening net assets
attributable to shareholders
(1 January 2018) 2,700 11,958 250,000 (2,572) 262,086
Share issue costs 14 - (7) - - (7)
Profit and total comprehensive
income for the period - - - 11,698 11,698
Interim dividends paid in the
period 7 - - (11,097) - (11,097)
Closing net assets
attributable to shareholders 2,700 11,951 238,903 9,126 262,680
------------------------------- ----- -------------- -------------- --------------- ------------------ ---------
Cash flow hedge
For the period Note Share capital Share premium reserve Retained earnings Total
to 30 September 2017 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
------------------------------- -------------- -------------- ----------------------- ------------------ --------
Opening net assets
attributable to -
shareholders - - - -
Issue of share capital 2,700 267,300 - - 270,000
Share issue costs - (5,133) - - (5,133)
Loss for the period - - - (3,910) (3,910)
Other comprehensive income,
net of tax - - 1,920 - 1,920
------------------------------- -------------- -------------- ----------------------- ------------------ --------
Closing net assets
attributable to shareholders 2,700 262,167 1,920 (3,910) 262,877
------------------------------- -------------- -------------- ----------------------- ------------------ --------
The total reserves distributable by way of a dividend as at 30
June 2018 were EUR226,774,898.
The accompanying notes form an integral part of the condensed
consolidated interim financial statements
Condensed Consolidated Statement of Cash Flows (unaudited)
For the six months ended 30 June 2018
For the six months ended For the period to
Note 30 June 2018 30 September 2017
EUR'000 EUR'000
--------------------------------------------------------------- ----- ------------------------- -------------------
Net cash flows from operating activities 16 4,423 5,026
Cash flows from investing activities
Acquisition of investments (131,486) (147,401)
Investment acquisition costs (982) (2,465)
Repayment of shareholder loan investments 8 4,120 4,076
--------------------------------------------------------------- ----- ------------------------- -------------------
Net cash flows from investing activities (128,348) (145,790)
Cash flows from financing activities
Issue of share capital - 270,000
Amounts drawn down on loan instruments 12 127,061 152,000
Amounts repaid on loan instruments - (152,000)
Payment of share issue costs (121) (4,823)
Repayment of project finance loan - (96,326)
Dividends paid 7 (11,097) -
Finance costs (1,494) (10,290)
--------------------------------------------------------------- ----- ------------------------- -------------------
Net cash flows from financing activities 114,349 158,561
Net (decrease)/increase in cash and cash equivalents during
the period (9,576) 17,797
Cash and cash equivalents at beginning of period 14,794 -
Cash and cash equivalents at the end of the period 5,218 17,797
--------------------------------------------------------------- ----- ------------------------- -------------------
The accompanying notes form an integral part of the condensed
consolidated interim financial statements.
Notes to the Unaudited Condensed Consolidated Financial
Statements
1. Significant accounting policies
Basis of accounting
The condensed consolidated nancial statements included in this
Interim Report have been prepared in accordance with IAS 34
"Interim Financial Reporting". With the exception of IFRS 9
"Financial instruments" as disclosed below, the same accounting
policies, presentation and methods of computation are followed in
these condensed consolidated nancial statements as were applied in
the preparation of the Group's consolidated annual nancial
statements for the period ended 31 December 2017 and is expected to
continue to apply in the Group's consolidated nancial statements
for the year ended 31 December 2018.
IFRS 9 was issued to replace IAS 39 "Financial Instruments:
Recognition and Measurement" and became effective for accounting
periods beginning on or after 1 January 2018 and has been first
adopted in these financial statements. The Group's financial
instruments predominantly comprise equity investments held at fair
value and financial liabilities held at amortised cost. The
accounting treatment for these financial instruments is consistent
under both IAS 39 and IFRS 9; therefore the introduction of IFRS 9
has had no impact on the reported results and financial position of
the Group.
IFRS 15 'Revenue from Contracts with Customers' was published in
May 2016 and specifies how and when to recognise revenue as well as
requiring entities to provide users of financial statements with
more informative, relevant disclosures. The standard provides a
single, principles based five-step model to be applied to all
contracts with customers. IFRS 15 is effective for annual reporting
periods beginning on or after 1 January 2018. Material revenue
streams have been reviewed and it is not anticipated that there
will be a material impact on timing of recognition or gross up for
principal/agent considerations. There will be no material impact on
the Group's financial statements.
The interim nancial statements have been prepared in accordance
with IFRS to the extent that they have been adopted by the EU and
with those parts of the Companies Act 2014 (including amendments by
the Companies (Accounting) Act 2017) applicable to companies under
IFRS. The nancial statements have been prepared on the historical
cost basis, as modi ed for the measurement of certain nancial
instruments at fair value through pro t or loss.
These nancial statements are presented in Euro ("EUR") which is
the currency of the primary economic environment in which the Group
operates and are rounded to the nearest thousand, unless otherwise
stated.
These condensed nancial statements do not include all
information and disclosures required in the annual nancial
statements and should be read in conjunction with the Group's
consolidated annual nancial statements as of 31 December 2017. The
audited annual accounts for the year ended 31 December 2017 have
been delivered to the Companies Registration Office. The audit
report thereon was unmodi ed.
As this is the first interim report following the signing of the
Group's first annual financial statements, the following
comparatives have been used for the primary statements and their
associated notes:
Primary Statement Comparative Period used
--------------------------------------------------------- ---------------------------------------------
Condensed Consolidated Statement of Comprehensive Income Period from 15 February to 30 September 2017
Condensed Consolidated Statement of Financial Position As at 31 December 2017
Condensed Consolidated Statement of Changes in Equity Period from 15 February to 30 September 2017
Condensed Consolidated Statement of Cash Flow Period from 15 February to 30 September 2017
--------------------------------------------------------- ---------------------------------------------
Review
The interim financial statements have not been audited or
reviewed by the Company's Auditor in accordance with the
International Standards on Auditing (ISAs) (Ireland) or
International Standard on Review Engagements (ISREs).
Going concern
After making enquiries, the Directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis of
accounting in preparing the interim nancial 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 of Directors, 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 consolidated 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 Ireland. All of the Group's
non-current assets are located in Ireland.
Seasonal and cyclical variations
The Group's results do not vary signi cantly 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 management fee from the
Company, which is calculated quarterly in arrears.
Investment management fees paid or accrued in the period were as
follows:
For the period to
For the six months ended 30 June 2018 30 September 2017
EUR'000 EUR'000
--------------------------- -------------------------------------- -------------------
Investment management fee 1,296 667
--------------------------- -------------------------------------- -------------------
Total 1,296 667
--------------------------- -------------------------------------- -------------------
As at 30 June 2018, total amounts payable to the Investment
Manager were EUR650,948 (31 December 2017: EUR659,478).
3. Return on investments
For the six months ended For the period to
30 June 2018 30 September 2017
EUR'000 EUR'000
----------------------------------------------------------- ------------------------- -------------------
Interest on shareholder loan investments received 3,452 5,455
Unrealised movement in fair value of investments (note 8) 13,553 7,834
----------------------------------------------------------- ------------------------- -------------------
17,005 13,289
----------------------------------------------------------- ------------------------- -------------------
4. Operating expenses
For the six months ended For the period to
30 June 2018 30 September 2017
EUR'000 EUR'000
--------------------------------------------------- -------------------------- -------------------
Investment management fee (note 2) 1,296 667
Other expenses 318 433
Non-executive Directors' fees 100 63
Group administration fees 84 30
Fees to the Company's Auditor:
for audit of the statutory financial statements 25 22
for other audit related services 4 4
--------------------------------------------------- -------------------------- -------------------
1,827 1,219
--------------------------------------------------- -------------------------- -------------------
The fees to the Company's auditor includes EUR4,000 (2017:
EUR4,000) payable in relation to a limited review of these interim
financial statements, and estimated accruals apportioned across the
year for the audit of the statutory financial statements.
4. Taxation
Taxable income during the period was offset by management
expenses and the tax charge for the period ended 30 June 2018 is
EURnil (31 December 2017: EURnil). The Group has tax losses carried
forward available to offset against current and future profits as
at 30 June 2018 of EUR108,219.
5. Earnings per share
For the period to
For the six months ended 30 June 2018 30 September 2017
--------------------------------------------------------- -------------------------------------- -------------------
Profit/(loss) attributable to equity holders of the
Company - EUR'000 11,698 (3,910)
Weighted average number of ordinary shares in issue 270,000,000 79,691,631
--------------------------------------------------------- -------------------------------------- -------------------
Basic and diluted earnings from continuing operations in
the period (cent) 4.33 (4.91)
--------------------------------------------------------- -------------------------------------- -------------------
6. Dividends declared with respect to the period
Dividend Total
Interim dividends paid during the period per share dividend
ended 30 June 2018 cent EUR'000
-------------------------------------------- ----------- ----------------------
With respect to the period from IPO to 31
December 2017 2.61 7,047
With respect to the quarter ended 31 March
2018 1.50 4,050
-------------------------------------------- ----------- ----------------------
4.11 11,097
-------------------------------------------- ----------- ----------------------
Interim dividends declared after 30 June Dividend Total
2018 and per share dividend
not accrued in the period cent EUR'000
-------------------------------------------- ----------- ----------------------
With respect to the quarter ended 30 June
2018 1.50 4,050
--------------------------------------------
1.50 4,050
-------------------------------------------- ----------- ----------------------
As disclosed in note 18, on 6 July 2018, the Board approved a
dividend of EUR1.5 cent. per share in relation to the quarter ended
30 June 2018, bringing total dividends declared with respect to the
period to 3.0 cent per share. The record date for the dividend was
20 July 2018 and the payment date was 31 August 2018.
7. Investments at fair value through profit or loss
For the six months ended 30 June 2018 Loans Equity interest Total
EUR'000 EUR'000 EUR'000
----------------------------------------------------------- -------- ---------------- --------
Opening balance 171,651 145,145 316,796
Additions 103,341 27,264 130,605
Repayment of shareholder loan investments (4,120) - (4,120)
Unrealised movement in fair value of investments (note 3) (241) 13,794 13,553
----------------------------------------------------------- -------- ---------------- --------
270,631 186,203 456,834
----------------------------------------------------------- -------- ---------------- --------
For the period ended 30 September 2017 Loans Equity interest Total
EUR'000 EUR'000 EUR'000
----------------------------------------------------------- ---------- ---------------- --------
Opening balance - - -
Additions 292,099 26,043 318,142
Adjustment on consolidation (117,272) 111,100 (6,172)
Repayment of shareholder loan investments (4,076) - (4,076)
Unrealised movement in fair value of investments (note 3) - 7,834 7,834
----------------------------------------------------------- ---------- ---------------- --------
170,751 144,977 315,728
----------------------------------------------------------- ---------- ---------------- --------
The adjustment on consolidation above reflects an adjustment to
pre-acquisition value of the seed portfolio when Holdco was
consolidated into the Group.
The unrealised movement in fair value of investments of the
Group during the period was made up as follows:
For the six For the period
months ended to
30 June 2018 30 September 2017
EUR'000 EUR'000
------------------------------- -------------- -------------------
Decrease in DCF valuation of
investments (3,296) (1,089)
Repayment of shareholder loan
investments (note 17) 4,120 4,076
Movement in cash balances of
SPVs 11,176 4,847
Acquisition costs 1,553 -
------------------------------- -------------- -------------------
13,553 7,834
------------------------------- -------------- -------------------
Fair value measurements
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 fair 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 six
months ended 30 June 2018. All other financial instruments are
classified as level 2.
Sensitivity analysis
The fair value of the Group's investments is EUR 456,833,999.
The analysis below is provided in order 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.
Change in fair value of
Input Base case Change in input investments Change in NAV per share
---------------- --------------------------- ------------------ ------------------------- ------------------------
EUR'000 Cent
Discount rate 6 - 7 per cent. + 0.25 per cent. (9,274) (3.4)
- 0.25 per cent. 9,599 3.6
Energy yield P50 10 year P90 (23,902) (8.9)
10 year P10 23,811 (8.8)
Forecast by leading
Power price consultant - 10 per cent. (19,327) (7.2)
+ 10 per cent. 19,292 7.1
Inflation rate 2 per cent. - 0.25 per cent. (7,585) (2.8)
+ 0.25 per cent. 7,830 2.9
--------------------------------------------------------------- ------------------------- ------------------------
The sensitivities above are assumed to be independent of each
other. Combined sensitivities are not presented.
The base case asset life assumption is 25 years. An asset life
sensitivity is not presented owing to the difficulty in quantifying
various associated valuation drivers, including: ability to extend
the lease term; ability to extend planning permission; commercial
terms attaching to any lease extension; operating and maintenance
costs associated with longer life; decommissioning costs; and scrap
value. Notwithstanding the difficulty in quantification, the
Investment Manager considers asset life extension to be of
significant potential upside to the Group.
8. Unconsolidated Subsidiaries
The following table shows subsidiaries of the Group. As the
Company is regarded as an investment entity under IFRS, these
subsidiaries have not been consolidated in the preparation of the
financial statements:
Ownership Interest as at
Investment Place of Business Registered Office 30 June 2018
----------------- ------------------- --------------------------------------------------- -------------------------
Dromadda More Ireland Riverside One, Sir John Rogerson's Quay, Dublin 2 100%
Killhills Ireland Riverside One, Sir John Rogerson's Quay, Dublin 2 100%
Knockacummer Ireland Riverside One, Sir John Rogerson's Quay, Dublin 2 100%
Lisdowney Ireland Riverside One, Sir John Rogerson's Quay, Dublin 2 100%
Tullynamoyle II Ireland Riverside One, Sir John Rogerson's Quay, Dublin 2 100%
----------------- ------------------- --------------------------------------------------- -------------------------
Security deposits and guarantees provided during the period by
the Group on behalf of its investments are as follows:
Provider of security Investment Beneficiary Nature Purpose Amount
EUR'000
------------- -------------- --------- ----------- --------
The Company Killhills AIB Cash Planning 100
100
----------------------- ------------- -------------- --------- ---------- --------
9. Receivables
30 June
2018 31 December 2017
EUR'000 EUR'000
-------------------- -------- -----------------
Deferred tax asset 1,237 1,237
VAT receivable 821 547
Sundry receivables 310 -
Prepayments 46 60
Accrued income 30 1,133
2,444 2,977
-------------------- -------- -----------------
10. Payables
30 June
2018 31 December 2017
EUR'000 EUR'000
----------------------------------- -------- -----------------
Deferred consideration payable 1,029 -
Loan interest payable 688 80
Investment management fee payable 651 659
Other payables 623 421
Acquisition costs payable 581 -
Commitment fee payable 14 34
Other finance costs payable - 5
Share issue costs payable - 113
3,586 1,312
----------------------------------- -------- -----------------
11. Loans and Borrowings
30 June 2018 31 December 2017
EUR'000 EUR'000
------------------------------------------------ ------------- -----------------
Opening balance 71,169 -
Loans acquired at acquisition - 170,741
Project finance facility
Repayment - (165,939)
Movement in fair value of swap - (4,802)
Fixed rate and profit participating loan notes
Drawdown - 152,000
Repayment - (152,000)
Revolving credit facility
Drawdowns 127,061 71,169
------------------------------------------------
Closing balance 198,230 71,169
------------------------------------------------ ------------- -----------------
For the period to
For the six months ended 30 June 2018 30 September 2017
EUR'000 EUR'000
----------------------------------- -------------------------------------- -------------------
Loan interest 1,130 -
Other facility fees 544 1,762
Commitment fees 438 -
Facility fee amortisation - 4,011
Fixed rate loan note interest - 3,353
Swap break costs - 2,029
Project finance facility Interest - 1,660
Swap interest - 729
Credit facility interest - 135
----------------------------------- -------------------------------------- -------------------
Finance expense 2,112 13,679
----------------------------------- -------------------------------------- -------------------
The loan balance as at 30 June 2018 has not been adjusted to
reflect amortised cost, as the amount is not materially different
from the outstanding balances.
There are no changes to the terms of the revolving credit
facility as disclosed on page 54 of the Company's Annual Report for
the period ended 31 December 2017.
As at 30 June 2018, accrued interest on the revolving credit
facility was EUR688,127 (31 December 2017: EUR38,607) and the
outstanding commitment fee payable was EUR13,590 (31 December 2017:
EUR33,953).
12. Contingencies
At the time of acquisition, wind farms which had less than 12
months' operational data may have had a wind energy true-up
applied, whereby the purchase price may have been adjusted (up or
down) so that it is based on a 2 year operational record, once the
operational data has become available.
The true-up for the Dromadda More acquisition remains
outstanding and the maximum adjustment to the purchase price is
EUR2,600,000.
13. Share capital - ordinary shares of EUR1
Date Issued and fully paid Number of shares issued Share capital Share premium Total
EUR'000 EUR'000 EUR'000
------------------------------------------------- ------------------------ -------------- -------------- --------
1 January 2018 Opening balance 270,000,000 2,700 11,958 14,658
2017 IPO share issue
Period to 30 June 2018 costs - - (7) (7)
30 June 2018 270,000,000 2,700 11,951 14,651
-------------------------------------------------- ------------------------ -------------- -------------- --------
Date Issued and fully paid Number of shares issued Share capital Share premium Total
EUR'000 EUR'000 EUR'000
--------------------------------------------- ------------------------ -------------- -------------- ----------
15 February 2017 Initial share capital 2 - - -
29 May 2017 Further issue of shares 24,998 25 - 25
25 July 2017 Redeemed at IPO (25,000) (25) - (25)
25 July 2017 Issued and paid 270,000,000 2,700 267,300 270,000
25 July 2017 Less share issue costs - - (5,342) (5,342)
10 November 2017 Capital reduction - - (250,000) (250,000)
------------------- ------------------------- ------------------------ -------------- -------------- ----------
31 December 2017 270,000,000 2,700 11,958 14,658
---------------------------------------------- ------------------------ -------------- -------------- ----------
Shareholders are entitled to all dividends paid by the Company
and, on winding up, provided the Company has satisfied all of its
liabilities, the shareholders are entitled to all of the residual
assets of the Company.
14. Net assets per share
30 June 2018 31 December 2017
---------------------------------- ------------- -----------------
Net assets - EUR'000 262,680 262,086
Number of ordinary shares issued 270,000,000 270,000,000
---------------------------------- ------------- -----------------
Total net assets - cent 97.3 97.1
---------------------------------- ------------- -----------------
15. Reconciliation of operating profit for the period to net
cash from operating activities
For the six months ended For the period to
30 June 2018 30 September 2017
EUR'000 EUR'000
------------------------------------------------ -------------------------- -------------------
Operating profit for the period 13,810 9,805
Adjustments for:
Movement in fair value of investments (note 3) (13,553) (7,834)
Investment acquisition costs 1,553 2,465
Decrease in receivables 533 1,189
Increase/(decrease) in payables 2,080 (599)
Net cash flows from operating activities 4,423 5,026
-------------------------- -------------------
16. Related party transactions
In 2017, the Company advanced EUR123,320,730 to Holdco in the
form of an interest free loan. The amount outstanding at the period
end was EUR123,320,730 (31 December 2017: EUR123,320,730).
As part of the acquisition of the seed portfolio in 2017, the
Company has advanced loans to Knockacummer and Killhills to replace
loans from former shareholders. The balance of the loans receivable
at 30 June are EUR78,045,564 (31 December 2017: EUR78,045,564) from
Knockacummer and EUR12,212,078 (31 December 2017: EUR12,463,011)
from Killhills.
Holdco has provided loans to Knockacummer and Killhills, which
accrues interest at a rate of 7.5 per cent. per annum. During the
period, Holdco received loan capital repayments of EUR1,552,717 and
EUR2,567,693 respectively (30 September 2017: EUR2,647,272 and
EUR1,428,515 respectively) and loan interest payments of
EUR2,425,238 and EUR916,782 (30 September 2017: EUR2,595,759 and
EUR1,004,574 respectively) in relation to these shareholder loans.
The balances of the loans receivable, including accrued interest,
from Knockacummer and Killhills at 30 June 2018 were EUR56,884,879
and EUR19,556,417 (31 December 2017: EUR57,809,154 and
EUR21,862,441) respectively.
On 16 February 2018, Holdco advanced a loan to Lisdowney of
EUR14,276,291 to replace loans from former shareholders. The loan
accrues interest at 3 per cent. per annum. The balance on the loan
receivable, including accrued interest, at 30 June 2018 is
EUR14,434,699.
On 3 April 2018, Holdco advanced a loan to Tullynamoyle II of
EUR17,613,696 to replace loans from former shareholders. The loan
accrues interest at 3 per cent. per annum. The balance on the loan
receivable, including accrued interest, at 30 June 2018 is
EUR17,742,538.
On 1 May 2018, Holdco advanced loans to Glanaruddery and
Kostroma Holdings of EUR71,451,485 in aggregate in relation to the
Dromadda More acquisition to replace loans from former
shareholders. These loans accrue interest at 2.5 per cent. per
annum. The aggregate balance on the loans receivable, including
accrued interest, at 30 June 2018 is EUR71,754,909.
17. Subsequent events
On 6 July 2018, the Board approved a dividend of EUR4.05 million
equivalent to 1.5 cent per share. The record date for the dividend
was 20 July 2018 and the payment date was 31 August 2018.
On 9 July 2018, the Company announced a 12 month Share Issuance
Programme of up to 250 million new shares. On 2 August 2018, the
Company successfully allotted 110 million new shares in the first
tranche of the programme raising gross equity proceeds of EUR111
million. The Group used these proceeds to make a repayment under
the revolving credit facility.
On 11 September 2018, the Group announced an agreement to
acquire the majority of Coilte's shareholdings in its portfolio of
operating 4 wind generation assets. The portfolio has a net
capacity of 105.1MW, is expected to be funded by drawing down from
the Group's revolving credit facility and to complete in November
2018.
18. Board approval
The Group's Interim Report and Financial Statements were
approved by the Board of Directors on 18 September 2018.
Company Information
Directors Registered Company Number
Rónán Murphy * 598470
Emer Gilvarry *
Kevin McNamara *
Registered Office
Riverside One
Investment Manager Sir John Rogerson's Quay
Greencoat Capital LLP Dublin 2
3rd Floor, Burdett House
15-16 Buckingham Street
London WC2N 6DU Registered Auditor
BDO
Beaux Lane House
Company Secretary Mercer Street Lower
Andrea Finegan Dublin 2
3(rd) Floor, Burdett House
15-16 Buckingham Street
London Legal Advisers
WC2N 6DU McCann Fitzgerald
Riverside One
Sir John Rogerson's Quay
Administrator Dublin 2
Northern Trust International Fund
Administration Services (Ireland) Limited
Georges Court ESM Adviser, Nomad and Broker
56-62 Townsend Street Davy Corporate Finance
Dublin 2 Davy House
49 Dawson Street
Dublin 2
Depositary
Northern Trust International Fiduciary
Services (Ireland) Limited Account Banks
Georges Court Allied Irish Banks, plc.
56-62 Townsend Street 40/41 Westmoreland Street
Dublin 2 Dublin 2
Northern Trust International Fiduciary
Registrar Services (Ireland) Limited
Computershare Investor Services Georges Court
(Ireland) Limited 56-62 Townsend Street
Heron House, Corrig Road Dublin 2
Sandyford Industrial Estate
Dublin 18
* - Non executive directors.
Defined Terms
Admission Document mean the Admission Document of the Company
published on 25 July 2017
AIB means Allied Irish Bank plc
BDO means the Company's Auditor as at the reporting date
Board means the Directors of the Company
CFD means Contracts for Difference
Company means Greencoat Renewables PLC
DCF means Discounted Cash Flow
Dromadda More means Glanaruddery, Glanaruddery Supply and
Kostroma Holdings
DTR means the Disclosure Guidance and Transparency Rules
sourcebook issued by the Financial Conduct Authority
ESM means Enterprise Security Market
EU means the European Union
GAV means Gross Asset Value as defined in the Admission
Document
Glanaruddery means Glanaruddery Windfarms Limited
Glanaruddery Supply means Glanaruddery Energy Supply Limited
Group means Greencoat Renewables PLC, GR Wind Farms 1 Limited
and GR Wind Farms 2 Limited
Holdco means GR Wind Farms 1 Limited
IAS means International Accounting Standard
IFRS means International Financial Reporting Standards
IPO means Initial Public Offering
IRR means Internal Rate of Return
Investment Management Agreement means the agreement between the
Company and the Investment Manager
Investment Manager means Greencoat Capital LLP
Killhills means Killhills Wind Farm Limited
Knockacummer means Knockacummer Wind Farm Limited
Kostroma Holdings means Kostroma Holdings Limited
Lisdowney means Lisdowney Wind Farm Limited
NAV means Net Asset Value as defined in the Admission
Document
NAV per Share means the Net Asset Value per Ordinary Share
NOMAD means a company that has been approved as a nominated
advisor for the Alternative Investment Market (AIM), by the Irish
Stock Exchange and London Stock Exchange.
PPA means Power Purchase Agreement entered into by the Group's
wind farms
PSO means Public Support Obligation
REFIT means Renewable Energy Feed-In Tariff
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)
SPVs means the Special Purpose Vehicles which hold the Group's
investment portfolio of underlying operating wind farms
Tullynamoyle II means Tullynamoyle Wind Farm II Limited
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.
This document 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", "plans", "projects",
"will", "explore" or "should" or, in each case, their negative or
other variations or comparable terminology or by discussions of
strategy, plans, objectives, goals, future events or
intentions.
These forward-looking statements include all matters that are
not historical facts. They appear in a number of places throughout
this document and include, but are not limited to, statements
regarding the intentions, beliefs or current expectations of the
Company, the Directors and/or 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 future 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, or described in or
suggested by, the forward-looking statements contained in this
document.
In addition, even if actual investment performance, results of
operations, financial condition, liquidity, distribution policy and
the development of its financing strategies, are consistent with
the forward looking statements contained in this document, those
results or developments may not be indicative of results or
developments in subsequent periods. A number of factors could cause
results and developments of the Company to differ materially from
those expressed or implied by the forward looking statements
including, without limitation, general economic and business
conditions, global renewable energy market conditions, industry
trends, competition, changes in law or regulation, changes in
taxation regimes, the availability and cost of capital, currency
fluctuations, changes in its business strategy, political and
economic uncertainty. The forward-looking statements herein speak
only at the date of this document.
As a result, you are cautioned not to place any reliance on such
forward-looking statements and neither the Company nor any other
person accepts responsibility for the accuracy of such
statements.
Subject to their legal and regulatory obligations, the Company,
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, this document may include target figures for future
financial periods. Any such figures are targets only and are not
forecasts. Nothing in this document should be construed as a profit
forecast or a profit estimate.
This Half Year report has been prepared for the Company and its
subsidiaries as a whole and therefore gives greater emphasis to
those matters which are significant in respect of Greencoat
Renewables PLC and its subsidiary undertakings when viewed as a
whole.
The information in this document does not constitute an offer to
sell or an invitation to buy shares in Greencoat Renewables PLC or
an invitation or inducement to engage in any other investment
activities.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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