REG - Aquila Energy Effcn. - Net Asset Value as at 30 June 2023

Aquila Energy Efficiency TrustAnnouncement

11/08/2023 07:00

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RNS Number : 9844I  Aquila Energy Efficiency Trust PLC  11 August 2023

11 August 2023

Aquila Energy Efficiency Trust PLC

 

(the "Company")

 

Net Asset Value as at 30 June 2023

 

The Company today announces its unaudited net asset value ("NAV") as at 30
June 2023, on a cum-income basis, was £93.54 million (£95.23 million as
at 31 December 2022) or 93.54 pence per ordinary share (95.23 pence as
at 31 December 2022).

 

The NAV as at 30 June 2023 was as follows:

 

 Summary                    £m
 Investments                65.67
 Cash and cash equivalents  28.69
 Other net current assets   (0.82)
 NAV                        93.54

Non GBP investments are valued in local currency and translated at
€1.1647:£1.  For cash in Euro accounts, converted at €1.1647:£1.

 

 

Investments:

 

 30 June 2023                                            Assets  £m     Commentary
 Variable rate return investments valued at fair value   12      11.62  Weighted average discount rate applied of 8.2% (range 7.2% to 9.2%). Long term
                                                                        power price forecasts provided by leading market consultants.  P50 level of
                                                                        output energy yield.
 Fixed rate return investments valued at amortised cost  25      54.05  Includes an allowance for Expected Credit Loss pursuant to IFRS 9 of £0.36

      million.

 Total                                                   37      65.67

 

All the investments remain unlevered. The number of investments reduced from
38 to 37 because the Company discontinued a c. £1.7 million commitment to
finance a Solar PV plant in Spain and battery projects that were to be
deployed at sites of the leading operator of wellness centres in Spain.

 

Cash and cash equivalents:

The cash and cash equivalents figure of £28.69 million noted above includes
£2.5 million of cash held as collateral for the Company's existing currency
hedges in line with its strategy.

 

As at 30 June 2023, the Company and its immediate investment holding entities
had contractual legal obligations for existing investments (the "Unfunded
Commitments") equivalent to approximately £23.3 million (translating Euro
obligations at €1.1647:£1 and which includes an allowance for external
transaction costs).

 

By 31 December 2023, the investment adviser expects the Company and its
immediate investment holding entities to have Unfunded Commitments no greater
than £1.6 million (translating Euro obligations at €1.1647:£1 and which
includes an allowance for external transaction costs), on the assumption the
capital is deployed in line with expectations.

 

By 31 March 2024, as a result of the expected run-off of certain investments,
in particular the Superbonus projects, the investment adviser expects the
Company and its immediate investment holding entities to have no less than
£24 million of cash (prior to any dividend or return of capital to
shareholders). It should be noted that the nature of the Company's investments
in Superbonus projects is such that it is difficult to be sure when the
investments will be realised although they will continue to be income
producing if actual redemption is later than forecast.

 

Following the Company's AGM held in June 2023, the Company's portfolio is
being managed consistently with the Continuation Managed Run-Off Resolution as
defined in the notice of AGM dated 30 April 2023, and as approved by
shareholders at the AGM.

 

 

For further information, please contact:

 Aquila Capital (Investment Adviser)  Via Buchanan

 Stifel Nicolaus Europe Limited (Sole Financial Adviser and Corporate Broker)  020 7710 7600

 Edward Gibson-Watt, Mark Young, Rajpal Padam, Madison Kominski

 Buchanan (Financial PR)                                                       020 7466 5000

 Charles Ryland, George Beale

 Apex Listed Companies Services (UK) Limited (Company Secretary)               020 3327 9720

 Sinead van Duuren

 

 

The Company's LEI is 213800AJ3TY3OJCQQC53

 

 

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