중간 업데이트 설명
월 19 2024
SDCL 에너지 효율 인컴 트러스트 plc
("SEEIT" 또는 "회사")
중간 업데이트 설명
The Board of SEEIT announces an Interim Update Statement for the period from 1 October 2023 to 18 March 2024 (the "Period").
Jonathan Maxwell, CEO of the Investment Manager, SDCL, said: "Both the Board and the Investment Manager are pleased to see an improvement in SEEIT's share price over the last month which has been helped by our ongoing efforts to improve the liquidity and marketability of SEEIT's shares. SEEIT's diversified portfolio of energy efficiency investments has been performing in line with expectations, helping us to meet our investment objectives as we continue to seek to improve the capital value, as well as the cash flow, from our portfolio. As previously disclosed, we are progressing a number of disposal initiatives and we have now selected a preferred bidder for one of SEEIT's larger assets. We intend to use prospective proceeds to pay down the Company's shorter term revolving credit facility ("RCF") and to support organic investments that enhance our existing assets and that deliver value for SEEIT's shareholders."
포트폴리오 성과
Overall for the Period, the portfolio continued to perform in line with the guidance provided in the Interim Report for the period ended 30 September 2023 (the "Interim Report"), reflecting the quality and diversity of the underlying assets. Highlights include:
· The portfolio aggregate EBITDA has outperformed budget for the calendar year 2023[1];
· An exercise to refinance the debt at Primary Energy continues to progress well with the final outcome expected to enhance post debt service cash flow;
· The building of the CHP cogeneration plant at Red Rochester progresses in line with plan and once operational in 2025 will improve margins and cash flow generation;
· EBITDA at Oliva was significantly above budget in 2023, in line with previous projections, although production levels were below forecasts owing to intermittent strategic stoppages (to optimise profitability during short term periods of unfavourable market economics) and an unplanned turbine outage; and
· There have been some notable developments within SEEIT's investment allocation to developers, managers or operators of energy efficiency projects designed to support its organic pipeline. At the EV Network ("EVN"), SEEIT's investment in fast electric vehicle charging infrastructure for clients such as bp pulse, good progress is being made on both new project delivery and overall profitability. Rondo, supported by investment from SEEIT, Microsoft and others, has signed an up to 2GW agreement with the major European utility, EDP, to roll out its breakthrough heat battery technology and solution.
Investment and Disposals
As previously indicated, the Company has continued to make selective investments to fund committed construction activities and the growth of selected platforms in line with the Company's Capital Allocations Policy. During the Period SEEIT made investments totalling £52 million, all of which was organic investment into existing assets under development or construction predominantly in Red Rochester and Onyx where the Company anticipates strong double-digit internal rate of returns.
The Company's development platforms, the largest of which are Onyx (onsite solar) and EVN require further capital to enable the management platforms to be scaled up and value created in both the platform and the associated project pipeline. With a view to maximising the opportunity whilst conserving the portfolio's current prudent gearing levels, discussions with select prospective co-investment partners have been initiated.
The Company noted in its Interim Report, that a disposal programme was underway. The Investment Manager has selected a preferred bidder for one of the Company's larger investments and aims to select a partner for another in the coming months. We intend to update shareholders with material progress on disposals between now and the release of the annual results, expected in late June, where we will also provide further updates on the ongoing focus on capital allocation.
기어링
The RCF is expected to be circa £155 million drawn at 31 March 2024. This is expected to reduce in the near term as the proceeds from disposals are used to pay down the RCF.
The aggregate of borrowings by the Company's portfolio investments, excluding the RCF, is forecast to be around £325 million at 31 March 2024 (£334m at 30 September 2023). The balance reflects investment activity at Onyx and RED Rochester net of amortisation across the remaining facilities.
Financial performance and valuation
The Company is on track to deliver fully cash covered aggregate dividends of 6.24p per share for the financial year to 31 March 2024.
The Investment Manager notes that risk free rates have reduced in all relevant territories (between 30 and 60bps) since the September 2023 valuation date. These movements, taken in isolation, would suggest an increase in valuations as at 31 March 2024 (all other things being equal). As noted in the Interim Report, a discount rate reduction of 0.5% across the portfolio would increase NAV per share by 3.9 pence.
The Investment Manager is evaluating other comparable data and will take a prudent view in calculating the portfolio valuation, noting that it may be too early to reflect some or all of the benefit of the movements in risk free rates in the Company's net asset value as at 31 March 2024.
Actual inflation in the Period has been broadly in line with the September 2023 valuation projections and no significant changes to forecast assumptions are currently anticipated. The Company's exposure to inflation is mostly in the United States.
Outlook
The Company's portfolio appears well positioned to continue to deliver strong levels of cash flow as well as opportunities for growth. The Board and Investment Manager remain focused on protecting and improving the value of the portfolio, on careful capital allocation, on reducing its RCF through disposals and on maintaining a prudent approach to gearing in the medium term.
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지속 가능한 개발 자본 LLP 조나단 맥스웰 푸르비 사프레 유진 킹혼 벤 그리피스 톰 호바네시안
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제프리 인터내셔널 리미티드 톰 예돈 가우디 르 루
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결핵 카듀 에드 올레바 헨리 크레인 | T : + 44 (0) 20 7930 0777 남: +44 (0) 7738 724 630 E: [이메일 보호] |
SEEIT 소개
SDCL Energy Efficiency Income Trust plc는 FTSE 250 지수의 구성 요소입니다. 이는 에너지 효율 부문에만 독점적으로 투자한 최초의 영국 상장 기업이었습니다. 해당 프로젝트는 주로 북미, 영국 및 유럽에 위치하고 있으며 특히 스페인의 열병합 발전 자산 포트폴리오, 미국의 상업용 및 산업용 태양열 및 저장 프로젝트 포트폴리오, 스웨덴의 규제 가스 유통 네트워크 및 미국 최대 규모의 비즈니스 파크 중 하나에서 필수적이고 효율적인 유틸리티 서비스를 제공하는 지역 에너지 시스템입니다.
회사는 에너지 최종 사용자에게 보다 저렴하고 깨끗하며 신뢰할 수 있는 에너지 솔루션을 제공할 수 있는 기회로 추진되는 다양한 에너지 효율 프로젝트 포트폴리오에 대한 투자를 통해 주주 가치를 제공하는 것을 목표로 합니다.
The Company is targeting an attractive total return for shareholders of 7-8 per cent. per annum (net of fees and expenses and by reference to the initial issue price of £1.00 per Ordinary Share), with a stable dividend income, capital preservation and the opportunity for capital growth. The Company is targeting a dividend of 6.24p per share in respect of the financial year to 31 March 2024. SEEIT's last published NAV was 90.6p per share as at 30 September 2023.
과거 실적을 미래 실적의 지침으로 삼을 수는 없습니다.
더 자세한 정보는에서 찾을 수 있습니다 회사 웹사이트 www.seeitplc.com.
투자 관리자
SEEIT의 투자 관리자는 2007년에 설립된 투자 회사인 Sustainable Development Capital LLP("SDCL")이며, 영국, 유럽 대륙, 북미 및 아시아에서 에너지 효율 및 분산형 발전 프로젝트에 대한 투자 실적이 입증되었습니다.
SDCL은 런던에 본사를 두고 있으며 뉴욕, 더블린, 마드리드, 홍콩, 싱가포르에 지사를 두고 전 세계적으로 운영되고 있습니다. SDCL은 영국에서 Financial Conduct Authority에 의해 승인되고 규제됩니다.
자세한 내용은 에서 확인할 수 있습니다. www.sdclgroup.com.
[1] The majority of the Company's investments report on a calendar year basis.
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.