REG - Atrato Onsite Energy - Unaudited Net Asset Value

Atrato Onsite EnergyAnnouncement

21/05/2024 07:00

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RNS Number : 2500P  Atrato Onsite Energy PLC  21 May 2024

21 May 2024

 

Atrato Onsite Energy plc
(the "Company")

 

UNAUDITED NET ASSET VALUE

 

Atrato Onsite Energy plc (LSE: ROOF), the investment company focusing on clean
energy generation, announces its unaudited Net Asset Value as at 31 March
2024.

 

Net Asset Value

The Company's 31 March 2024 NAV was £135.1 million or 90.0 pence per share
(30 September 2023: £138.1 million or 92.0 pence per share).

The Company valued its portfolio on a weighted average levered discount rate
of 7.9% (30 September 2023: 7.4% unlevered).

 

Summary of NAV key drivers:

                              £m     Pence per share
 NAV as at 30 September 2023  138.1  92.0
 Operational cash flow        2.4    1.6
 Time value                   3.4    2.3
 Dividends paid               (3.9)  (2.6)
 Power prices                 (1.9)  (1.3)
 Inflation                    (1.8)  (1.2)
 Discount rate                (1.6)  (1.1)
 Other                        0.4    0.3
 NAV as at 31 March 2024      135.1  90.0

 

Operational cash flow: Represents the net cash realised through operational
activity during the period of £2.4 million (1.6 pence per share).

Time value: A value uplift of £3.4 million (2.3 pence per share), resulting
from the roll forward effect of cash flows since the prior valuation date.

Dividends paid: Dividends of £3.9 million (2.6 pence per share) were paid in
respect of the quarterly period to 30 September 2023, declared in November
2023 and the quarterly period to 31 December 2023, declared in January 2024.

Power prices: Reflects the movement of the portfolio value during the period
due to movements in the industry standard power price curves. The decrease in
forward power price curves during the period has reduced the portfolio value
by £1.9 million (1.3 pence per share).

The Company has the lowest sensitivity to power price in the listed UK solar
sector. 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
4.3% impact on the Company's NAV as at 31 March 2024.

Inflation: Reflects the impact of the movement in the inflation curves during
the period. The Company uses market forecast curves for UK CPI and RPI. The
decrease in inflation has reduced the portfolio value by £1.8 million (1.2
pence per share).

Discount rate: 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. The increase in the
weighted average discount rate from 7.4% to 7.9% has reduced the portfolio
valuation by £1.6 million (1.1 pence per share). One of the main drivers of
the increase in the weighted average discount rate during the period was the
introduction of leverage through the NatWest RCF and the project finance
relating to the ASG Portfolio, totalling £75.7 million.

Other: Represents the impact of other immaterial portfolio adjustments
resulting in an increase of £0.4 million (0.3 pence per share).

 

 

ENQUIRIES

 

 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

 Greenhouse Communications       atrato@greenhouse.agency

 Jessie Wilson                   +44 (0) 7763 540 629

 

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 an annualised dividend of 5.5 pence per
share for FY2024 and an annual NAV total return of 8 - 10%((1)). 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.

 

 

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