REG - Atrato Onsite Energy - Net Asset Value - 30 September 2023

Atrato Onsite EnergyAnnouncement

04/12/2023 07:00

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RNS Number : 4851V  Atrato Onsite Energy PLC  04 December 2023

4 December 2023

 

Atrato Onsite Energy plc
(the "Company")

 

Net Asset Value

 

Atrato Onsite Energy plc (LSE: ROOF), the investment company focusing on clean
energy generation, announces its unaudited net asset value ("NAV") as at 30
September 2023.

Net Asset Value

The Company's NAV as at 30 September 2023 was £138.1 million or 92.0 pence
per share (30 September 2022: £139.1 million or 92.8 pence per share).

In line with the higher interest rate environment, the Company valued its
portfolio on a weighted average unlevered discount rate of 7.4% (30 September
2022: 6.6%, 31 March 2023: 6.2%). As at 30 September 2023 the Company did not
have any debt and hence applies an unlevered discount rate to value its
portfolio.

 

Summary of NAV key drivers:

                                      £m        Pence per share
 NAV as at 30 September 2022          139.1     92.8
 Asset revaluation                    £15.0     10.0
 Operational movements                £4.5      3.0
 Net cash generated minus fund costs  £1.0      0.6
 Inflation                            £(1.1)    (0.8)
 Power prices                         £(1.3)    (0.9)
 Discount rate                        £(11.6)   (7.7)
 Dividends paid                       £(7.5)    (5.0)
 NAV as at 30 September 2023          138.1     92.0

 

Asset revaluation: Includes the value increase associated with projects
progressing as they met specific key project milestones. The latter was
predominantly driven by progress on Skeeby solar farm and Britvic's London
Road project. This assume that all other variables are held equal.

Operational movements: Includes adjustments to individual assets for new
contract pricing, the inclusion of REGOs in the valuation on projects where
the Company benefits from REGOs and an update to the commercial operations
date of installation projects where these have changed.

Net cash generated minus fund costs: Represents the net cash inflow of the
Company's revenues less operating costs.

Inflation assumption: Reflects the impact of the updated inflation curves. The
Company uses market forecast curves for CPI and RPI.

Power prices: Reflects the movement on the portfolio since September 2022 due
to updated power price curves. The Company has one of the lowest sensitivities
to power prices in the sector((1)). Its high levels of contracted revenue
limit its exposure to power price volatility and hence a 10% reduction in
power prices would only have a 4.6% impact on the Company's NAV as at 30
September 2023.

Discount rate assumption: Represents the impact on the fair value from changes
to the discount rate due to movements in interest rates, transactional prices
observed in the sector and the macro-economic environment.

Dividends paid: Dividends of £7.5 million were paid during the year in
respect of the period to 30 June 2023. The Company has a progressive dividend
target from FY24 onwards and will announce its new target dividend as part of
its FY 2023 results.

 

Outlook

The Company has grown rapidly over the year to become the leading commercial
and industrial platform in the UK.  All the Company's remaining installation
projects are expected to be energised by the end of March 2024 at which point
the portfolio will be generating c.173GWh of clean energy, avoiding 37,000
tonnes of CO(2) emissions per annum. This is equivalent to powering 64,000
homes with clean energy.

 

 

For further information, please contact:

 

 Atrato Partners                     +44 (0)77 959 75560

 Gurpreet Gujral                      

 Christopher Fearon                   

  
 Stifel Nicolaus Europe Limited      +44 (0)20 7710 7600

 Mark Young

 Rajpal Padam

 Madison Kominski

 Kaso Legg Communications Limited    atrato@kl-communications.com

 Charles Gorman                      +44 (0)20 3995 6673

 Charlotte Francis

  

 

Notes to Editors

Atrato Onsite Energy plc (LSE: ROOF) is an investment company specialising in
clean energy generation with 100% carbon traceability. The Company focuses on
UK solar, helping its clients achieve net zero and reduce their energy bills.

 

The Company aims to provide investors with attractive capital growth and long
dated, index-linked income, targeting a 5% dividend yield and a NAV total
return of 8 - 10%((7)). Its shares were admitted to trading on the premium
segment of the Main Market of the London Stock Exchange on 23 November 2021.
Atrato Partners Limited is the Company's Investment Adviser.

 

Further information is available on the Company's website
www.atratorenewables.com

 

The Company's LEI is 213800IE1PPREDIIZB62.

 

 

(1)      Renewables investment trust sector

(2)      Once portfolio is fully operational

(3)      The target dividend set out above is a target only and not a
profit forecast. There can be no assurance that these targets will be met

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