REG - Eneraqua Technolgs. - Preliminary Results
23/05/2023 07:00
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RNS Number : 2696A Eneraqua Technologies PLC 23 May 2023
The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.
23 May 2023
Eneraqua Technologies plc
("Eneraqua Technologies", the "Company" or the "Group")
Preliminary Results for the year ended 31 January 2023
Eneraqua Technologies plc, a provider of specialist energy and water
efficiency solutions, is pleased to announce its preliminary results for the
year ended 31 January 2023.
Highlights
FY to Jan FY to Jan change
2023 2022
Revenue £55.1m £36.2m 52%
EBITDA £11.7m £5.6m 112%
Adjusted EBITDA(1) £11.8m £6.7m 76%
Adjusted EBITDA margin 21.5% 18.6%
Adjusted PBT £10.1m £5.6m 79%
Adjusted diluted EPS 25.60p 24.91p 2.9%
Cash generated from operations (£3.4m) £3.0m n.a.
Cash conversion(2) (26%) 66%
ROCE 34.5% 26.6%
Dividend per share 1.2p 1.0p 20%
· Significant revenue and adjusted PBT growth of 52% and 79% respectively driven
by repeat customer orders, new client wins, geographic expansion and the
entering of new markets. This is despite impact of high inflation on client
budgets during year.
· Delivered 42% gross margin due to a change in the mix of projects, with
certain higher margin projects moving from FY24 into the latter part of FY23,
in addition to management initiatives to tighten control of direct costs and
the pass through of costs to customers.
· Group working capital profile changed during the year, as lead times for key
components increased significantly, requiring the Group to bulk purchase items
ahead of payment from clients. In addition, impact of inflation led clients to
make late changes to project plans leading to a heavy Q4 bias on project
delivery resulting in an increased level of trade receivables at the year end.
Both of these factors contributed to the Group ending the year with net debt
of £3.0m (FY22: net cash £4.1m), excluding IFRS 16 liabilities.
· Energy clients continue to seek a move to heat pump systems to reduce carbon
emissions and exposure to fossil fuel markets.
· Water emerging as an increasingly exciting opportunity with significant wins
in agritech and net water-neutrality demonstrating the multi-faceted abilities
of our Control Flow HL2024 products.
· Global production facility at Toledo, Spain progressing well and due for
completion in October 2023.
· Board recommending increase in dividend of 20% to 1.2p per share.
Current trading and outlook
· Record order book(3) of £130.4m of which 62% is currently anticipated to be
delivered in FY24.
· Unwind of working capital, with approximately 54% of accrued income at the
year-end has now been converted into cash.
· Increased investment in R&D to c£2.4m, reflecting the increased product
development and trials planned which are essential to ensure long-term growth,
in addition to planned expansion on the IP portfolio.
· Unexpected inflation spike in other building works areas during calendar 2022
affected client programmes. This saw some urgent smaller value, higher
margin projects move into FY23 with larger, lower margin projects moved to
FY24. As a result, we expect to see FY24 revenues significantly ahead of
previous management expectations with high-single digit PBT margins, before
reverting to a more balanced mix of projects and margins in FY25.
· Improved working capital as the investment in Q4 FY23 unwinds with cash
conversion expected to exceed 100% during FY24.
Acquisitions
· Acquired Mathewson Holdings in August 2022, which has complementary technical
capability and a market presence in the health and commercial sectors, which
is already creating new market opportunities.
· Post period end completed the acquisition of the Dutch business,
Installatiebedrijf Vriend B.V. ("Vriend"). This acquisition provides a
springboard to accelerate European growth strategy.
Commenting on the results, Eneraqua Technologies CEO, Mitesh Dhanak, said:
"FY23 was another year of solid progress for Eneraqua, as the Group
successfully executed against its growth strategy. Within the context of the
energy crisis and wider macro-economic uncertainty, Eneraqua, thanks to the
hard work of our team, has in many cases exceeded the Board's expectations and
continued to deliver cutting edge cleantech technologies and solutions to
customers, globally.
"This year saw substantial growth across the business, with new customer wins
and geographic expansion contributing to considerable growth in both revenue
and profit. The high inflation seen towards the end of 2022 impacted client
budgets and led them to re-prioritise and focus on heating systems that had,
or were about to break down. Importantly, no contracts were cancelled
underscoring the strength of our client relationships and the value of the
solutions we provide. The re-prioritisation of client budgets resulted in
some movement in project mix with some smaller, higher margin projects moved
into FY23 and larger, lower margin projects now expected to fall into the
current year, anticipated to result in revenues ahead of our expectations with
high-single digit PBT margins, before moving to a more balanced mix of
projects and PBT margin in FY25.
"The opportunities facing the Group remain substantial. We are in a strong
position with proven products and solutions and our geographic expansion plans
into continental Europe remain on course with growth in Water exceeding our
original expectations at IPO. As a result, we are confident in the future
prospects for the Group."
An overview of the results is available to watch here:
https://bit.ly/ETP_FY23_overview (https://bit.ly/ETP_FY23_overview)
Analyst Presentation
A presentation for analysts will be held today at 9:00am via webinar. Analysts
wishing to attend should contact eneraqua@almapr.co.uk.
Investor Presentation
A presentation to retail investors will be hosted at 11am this morning.
Investors are invited to sign up for the presentation via the PI World
platform using the following link: https://bit.ly/ETP_FY23_results_webinar
(https://bit.ly/ETP_FY23_results_webinar) . Questions can be submitted during
the presentation.
(1) Adjusted EBITDA is considered to be a Key Performance Indicator and
consistent with how the Group measures trading and cash generative
performance. Note this is an Alternative Performance Measure and is a
non-IFRS measure.
(2)Cash from operating activities/EBITDA
(3)Order Book defined as Contract + Secured. Contracted = project contact
issued and signed, with work started or ready to start. Secured = sum of a)
tender process successful, awaiting project contract, and b) Directors'
assumed win rate on Framework opportunities
For further information please contact:
Eneraqua Technologies plc Via Alma PR
Mitesh Dhanak, Chief Executive Officer
Iain Richardson, Chief Financial Officer
Liberum (Nomad and Joint Broker) Tel: 0203 100 2000
Edward Mansfield
Benjamin Cryer
Singer Capital Markets (Joint Broker) Tel: 020 7496 3000
Sandy Fraser
Justin McKeegan
Asha Chotai
Alma PR (Financial PR)
Justine James Tel: 020 3405 0205
Sam Modlin eneraqua@almapr.co.uk (mailto:eneraqua@almapr.co.uk)
Will Ellis Hancock
Notes to editors
Eneraqua Technologies (AIM:ETP) is a specialist in energy and water
efficiency. The Group has two divisions energy and water. Energy is the larger
division, with the Company focused on clients with end of life gas, oil or
electric heating and hot water systems. The Group provides turnkey retrofit
district or communal heating systems based either on high-efficiency gas or
ground/air source heat pump solutions that support Net Zero and
decarbonisation goals.
The water division is a growing service offering focused on water efficiency
upgrades for utilities and commercial clients including hotels and care
homes.
The activities in both divisions are underpinned by the Company's wholly-owned
intellectual property, the Control Flow HL2024 family of products which reduce
water wastage and improve the performance of heating and hot water systems.
The Company's main country of operation is the United Kingdom. The Company's
head office is based in London with additional offices in Leeds, Washington
(Sunderland), India, Spain and the Netherlands. The Company has 168 employees,
with the majority employed within the UK. Eneraqua Technologies has received
the London Stock Exchange's Green Economy Mark.
To find out more, please visit: www.eneraquatechnologies.com
(http://www.eneraquatechnologies.com)
Chairman's statement
At the time of our IPO in November 2021, we set out our strategy for growth.
Growth in scale and operating capability, geographic reach, technical
excellence, customer base, revenue and profit. Our strategy was predominantly
based on organic growth, complemented by targeted acquisitions to enter new
markets or secure key capabilities.
I am pleased to report that in the year ended 31 January 2023, our first full
financial year as an AIM quoted company, we have delivered on that growth
strategy notwithstanding the substantial inflation seen in the second half of
the year and the inevitable impact on the scheduling of our clients'
projects.
Revenues increased by 52% over the prior year, to £55.1m (FY22: £36.2m).
Adjusted profit before tax was up by 79% to £10.1m (FY22: £5.6m) and
adjusted EBITDA(1) was up 76% to £11.9m (FY22: £6.7m) and the Group's order
book has grown to £130.4m. This excellent performance was the result of
strong executive leadership and outstanding effort and execution across the
whole company. On behalf of the Board and shareholders I give every
colleague our thanks.
Developing the business
We were determined that in addition to delivering excellent growth in FY23, we
should continue building for the future, and with this in mind we have
invested heavily in both people and R&D to enhance our ability to deliver
for FY24 and beyond.
In the UK we won new clients for our energy and water products and services,
while also gaining repeat orders from existing customers. In Leeds, we
installed one of the first high temperature air source heat pump systems in a
UK residential setting. This testifies to the technical skills of our people
and underscores the demand for our technologies.
Our commercial energy work with new clients increased in the year, an example
being Oxford County Council, for which we are helping deliver an ambitious
decarbonisation project.
In Water, our products are now being recognised as a range of proven solutions
for water efficiency and related areas, including water and nitrate neutrality
and reducing utility bills.
In India, we continue to develop our offering, both commercially and
technically. The high-quality engineering skills of our team in Kolkata have
developed new water efficiency products for which patents have been applied.
These new products build on our core HL2024 technology and create another new
exciting growth opportunity in agritech.
Acquisitions
The addressable market in the UK and Europe continues to expand, supported by
regulatory growth drivers. In line with our strategy, we continue to review
opportunities with the objective of expanding our capabilities and reach
through acquisition.
In August 2022 we acquired Mathewson Holdings, which has a technical
capability that complements our own and a market presence in the health and
commercial sectors, which is creating new market opportunities for the
Group.
Post-period end, in April, we acquired Vriend, a business incorporated in the
Netherlands. This exciting acquisition, of a highly skilled and
well-established team, gives us a springboard for our Energy and Water
solutions in the Netherlands, with the correct local accreditations which will
enable us to access new tender opportunities and accelerate our growth
strategy in continental Europe.
Further afield, we successfully established our new global manufacturing site
in Spain, which will further support our drive into wider European markets by
allowing us to expand the range of products that we offer, while enhancing our
manufacturing capability and reducing production costs by some 12% per unit.
This included reviewing the assets transferred from HGP in Holland. Our
focus is on countries which have similar Net Zero and water stress issues as
the UK and allow us to replicate our approach. For Energy, we are looking at
countries in north-west Europe that are on a similar journey as the UK on heat
pump deployment. For Water, we are focussing initially on expanding our
offering in Europe and India but water stress is a global problem and the
longer term opportunity is therefore much greater.
The drive towards Net Zero energy continues with the imperative of increased
pace towards that goal becoming more obvious each year and creating
significant, long-lasting opportunities for the Company.
Growing strength
The funds raised at IPO gave us the financial resources to accelerate growth.
In what was a challenging year in terms of supply chain disruption, inflation
and changes to the regulatory environment, we had the ability to invest in our
own capabilities, ensuring we were able to support our customers and meet
their needs while simultaneously improving the capabilities and capacities of
our market leading solutions.
Being an AIM quoted company has given us other tangible benefits with existing
and potential clients reacting positively to the transparency and governance
required. In addition, we can use equity incentives throughout the business to
motivate our people and align their interests with those of shareholders.
The capital raised enabled the Group to grow its headcount with a particular
focus on sales and project management roles. The number of colleagues working
for the Group was 168 at the year-end, compared with 113 the previous year, an
increase of 48%. This places the Group in a strong position from which to
support its growth ambitions.
A key factor in enabling us to realise opportunities both last year and those
which lie ahead, is building and retaining a skilled and motivated workforce.
We operate in fields where there is strong competition for talent. We have
increased our Human Resources capabilities and focus on providing not only
good financial rewards for our staff, but an exciting and enjoyable place to
work where people can contribute all their talents in a diverse,
team-orientated environment.
Shareholder value and dividend
We operate in an attractive growth market in which we believe we are doing
good for society and the environment around us. These factors support our
drive to create value for shareholders.
In FY22, we announced our maiden dividend, of 1 penny per share, which was
paid in September 2022. We recognise the importance of income as a component
of shareholder returns. The Board is, therefore, establishing a progressive
dividend policy and recommending a dividend of 1.2 pence per share payable in
September 2023, representing a 20% increase on the previous year.
The current year and outlook
The current year has seen work commence on a number of new projects for
clients including the London Borough of Lambeth. As outlined above, the very
high inflation seen towards the end of calendar 2022 impacted our client
budgets and led them to re-prioritise, causing individual projects to move
between financial years. As a result of the shift of larger, lower margin
projects into the current year, the Group now expects revenues to be
significantly ahead of its earlier expectations, with high-single digit PBT
margins in FY24, before reverting to a more normal mix of projects and margin
in FY25. Importantly, however, no contracts were cancelled or are expected
to be cancelled, underscoring the strength of our client relationships and the
value of the solutions we provide.
In the current financial year, we expect to extend both our geographical reach
and our expansion into new growth sectors, through both organic development
and through further acquisitions.
This year we have delivered against the ambitious targets we set ourselves as
we laid out our path to growth. Looking ahead, we are confident of continuing
to deliver against our clear growth strategy and in being able to grasp
successfully the opportunities ahead of us, which in turn will deliver
increased value for our customers and shareholders.
Guy Stenhouse
Chairman
22 May 2023
CEO Statement
Strong performance across year
Our goal remains to be a leading clean energy and water specialist. The year
saw very encouraging progress as the Group successfully executed its growth
strategy and delivering cutting edge cleantech technologies and solutions to
our UK and international clients.
We saw substantial growth in revenue and adjusted PBT of 52% and 79%
respectively with repeat orders, new client wins, geographic expansion and the
entering of new markets. This growth underlines the strength of the
technologies and solutions we offer our clients. Our products are now
gaining acceptance as proven solutions to help clients meet their regulatory,
climate change and cost reduction goals.
These outcomes were also pleasing given the significant inflationary, supply
chain and labour market challenges during the year. Our success in managing
these reflects the resilience of our business model.
As a result of the inflationary pressures in late calendar 2022, client
budgets came under strain with some needing to reprioritise their project
schedules to focus on the most urgent projects where heating systems had or
were about to break down. This saw lower value, higher margin projects
prioritised into FY23 with larger, lower margin projects pushed beyond the
period end. The late changes affected overall cash conversion but this is
recovering post year-end. By showing our ability to manage and support our
clients, we were able to deepen our relationships as a trusted, agile
partner.
Our markets
There is an increasing need, globally, for the solutions we provide.
Governments and organisations are committed to reducing global carbon
emissions as quickly as possible. It is this long-term commitment to the
reduction of emissions that serves as our key growth driver as public and
private bodies seek ways to meet the carbon reduction targets that have been
set by international bodies.
COP27 saw the reaffirmation of the commitment, by nations from around the
world, to limit the global temperature increase to 1.5°c above pre-industrial
levels. To reach this target, greenhouse gas emissions need to be reduced by
45% compared to levels in 2010, by 2030. 1 (#_ftn1)
Outside of the broader environmental commitments there is a growing financial
imperative for carbon transition. The International Monetary Fund (IMF) 2
(#_ftn2) noted in September that UK households, as a result of the energy
crisis brought on by the events in Ukraine, were the worst hit in western
Europe. Both our Energy and Water solutions emerged in the period as
effective options to help lower energy costs, cut carbon emissions and reduce
water wastage.
Net Zero targets require the decarbonisation of heating, moving away from
using gas or oil. We are experts in the design and implementation of heating
systems which leverage our Control Flow HL2024 technology to deliver high
efficiency outcomes, often utilising heat pump systems.
Water stress remains a high profile, global issue and there are growing
regulatory factors designed to ensure improved efficiency of water collection
and usage. The effects are seen across the UK, Europe, India and North America
and include inhibiting development and impacting economic growth.
This year also saw the emergence of another key growth driver, the cost of
living crisis. Early in the year energy prices rose dramatically and the need
to reduce energy costs both for consumers and organisations became imperative.
Public and private organisations as well as consumers were forced to take
action to reduce costs.
Financial performance
In FY23 the Group delivered a robust financial performance, with Group
revenues up 52% to £55.1m (FY22: £36.2m) and adjusted profit before tax by
79% to £10.1m (FY22: £5.6m). Adjusted EBITDA was up 76% to £11.9m (FY22:
£6.7m).
Gross margin improved to 41.7% due to the change in the planned mix of
projects, with certain higher margin projects moving from FY24 into the latter
part of FY23. It is also a reflection of tight control of direct costs and
the pass through of costs to customers.
The order book remains strong at £130.4m with 62% due to occur in FY24. Our
revenues remain second-half weighted reflecting client procurement
processes. While wider market inflationary and cost pressures affected the
capital budgets of clients leading them to focus on priority projects, it is
important to note that no contracts have been cancelled, with delivery of
other planned projects moving out.
The business remains well funded with a closing cash balance of £3.2m (FY22:
£4.1m). Net debt at the year end was £4.7m (£3.0m excluding IFRS16 Lease
Liabilities) (FY22 net cash £4.1m excluding IFRS16 Lease Liabilities)
reflecting the investment in materials and working capital in Q4 combined with
the deferral in client contract start dates. An enhanced assurance process
introduced by the Government in November 2022 was initially under-resourced
caused backlogs in the approval process of completed projects increasing the
level of accrued income at the year end. The issue is now unwinding
following additional resourcing by the Government in the approval process.
Following the period end, 54% of accrued income has unwound and been
received as cash by the Company.
Our debt facilities and improved working capital in the first few months of
FY24 give us a good base from which to execute our investment roadmap,
continuing to build out and integrate our acquired businesses and support
growth, globally.
Operational and Strategic Progress
Significant progress was achieved during the year towards our goal of being a
recognised leader in the clean energy and water sectors. The performance of
our product solutions for both energy and water in particular gaining greater
recognition.
In the Energy sector we continued to see clients seeking a move to heat pump
systems to reduce carbon emissions and exposure to fossil fuel markets. In
late calendar 2022, an inflationary spike on other types of capital works such
as building cladding created pressure on our clients' cash budgets. Our
clients responded by changing their planned project programmes to reduce their
overall in-year cash spend. This saw a focus on the most urgent projects
where heating systems had or were about to break down with other projects
delayed into later years. This change resulted in lower value, higher margin
projects moved into FY23 and higher value, lower margin projects moved into
FY24. No contracts were cancelled in this process reflecting the need for
the work to be completed and the strength of our relationships. The impact
of this inflationary pressure has stabilised and we expect a return to a
normal mix of projects in FY25.
We continued to secure new projects and clients during the year and in H2 FY23
the Group announced the award of multiple, multi-year contracts with both new
and existing social housing and private sector clients to provide heat pump
solutions, with a total contract value of up to £36m, to be phased across the
next three years. These wins and the continued delivery of our energy
projects, despite the wider macroeconomic conditions, underpin our confidence
in our Energy offerings and the opportunities facing the Group.
Water saw substantial progress during the year. In India we secured and
delivered our first agritech contract for £0.9m to provide clean energy,
water efficient irrigation systems for the State of Uttarakhand. This is a
major new sector that we highlighted at the time of IPO. Our products are
also currently undergoing trials in Spain to confirm their performance on the
types of irrigation systems used in the EU.
In August, we completed a successful water neutrality pilot at Crawley. This
was based on the long-term water savings offered by our Control Flow products,
which allowed for the complete offset of demand from new build housing by
improving water efficiency in existing homes. This is an important solution
that could help unlock the c120,000 new build houses currently held in the
planning phase, in the UK due to concerns on water and nitrate neutrality.
The pilot in Crawley also showed that the products significantly improved
energy use and overall, reduced resident utility bills. Further trials are
underway to determine the value of Control Flow in helping address the risks
from fuel poverty. Separately we have an early-stage B2C offering in trial
to determine the potential to offer the Control Flow solution directly to all
householders.
The successes achieved in Energy were supported by our acquisition of
Mathewson, in August 2022, which improved our access to the healthcare and
commercial sectors. Since the Mathewson acquisition, we have seen an
increased pipeline of opportunities in this area further supporting our
confidence in this side of the business.
Post-period end we completed the acquisition of Vriend in the Netherlands.
This is a small, targeted acquisition that provides us with the credentials
and base to offer our apartment-block heat pump solutions to the Dutch
market. Our choice of Holland was based on experience of working in the
country and the similarity in approach on Net Zero. Holland has set a target
of reducing carbon emissions by 49% by 2030 with a strong emphasis on using
heat pump systems.
Our research and development work is also ongoing, with new patents applied
for in connection with our agritech products. We also refined the design of
some of our existing products to ease installation and improve performance.
This ongoing effort ensures that we maintain our performance lead on
competitors.
The global production facility is nearing completion at Toledo, Spain. Going
forward this will be responsible for the assembly and supply of the Control
Flow product range. Having a central facility, allows us better quality
control and also reduces production costs by 12% per unit.
ESG
ESG remains at the heart of our business ethos and runs through the core of
our strategy. Based on Scope 1 and 2 emissions, we are a Net Zero company.
As a company with a global presence our ESG approach is coordinated across the
Group and focuses on the issues affecting our business and stakeholders to
reinforce our commitment to responsible business practices.
We collaborate with our internal and external stakeholders to develop,
implement, and refine our sustainability strategy. We are very proud of our
London Stock Exchange Green Economy Mark, signposting that we, as a business,
derived 83% of our FY23 revenues from products and services that contribute to
environmental objectives such as climate change mitigation and adaptation,
waste and pollution reduction, and the circular economy.
Working with an independent ESG consultancy, we have developed our ESG
strategy, improving data collection to more accurately and consistently report
our progress and credentials.
In FY23 we completed the measurement and reporting of our Scope 1 and 2
emissions across our global operations in the UK, Spain, India, and The
Netherlands. Our total carbon emissions for the period were 714 tCO(2)e.
In FY23 the Group saved over 209,000 tCO(2)e through our Control Flow
technology and renewable heating solutions designed to deliver our clients net
carbon zero strategies. This is a significant saving and more than offsets the
level of carbon generated by the Group in its Scope 1 and 2 activities.
We understand the importance of strong governance as a foundation for
achieving our ESG objectives. We believe effective governance practices are
essential to maintaining the trust and confidence of our stakeholders,
including our customers, employees, shareholders, and the communities where we
operate.
Our governance framework is designed to promote ethical conduct,
accountability, and transparency across our operations.
People
Our employees are at the heart of our Company and are the reason for our
success. During the year we continued to invest in the development of
existing staff as well as recruiting people to meet the demand for our
products and services. Our recruitment and development process strongly
emphasises our corporate culture and we promote equal opportunities and
diversity to create an inclusive working environment. Our last staff survey
showed that 95% of our employees agree/strongly agree that Eneraqua is a great
place to work; a fact that underpins our low staff turnover of 7%, excluding
those who left during their probation period,
Outlook
Our products and services offer proven solutions to help clients meet their
climate change and water stress challenges. We continue to enter new
territories with the recent acquisition of Vriend, now enabling us to offer
our Energy and Water solutions in the Netherlands.
Our Water solutions, in particular, are attracting much international
interest: for example in India with multiple states expressing strong interest
in similar agritech projects to Uttarakhand. In Spain we are carrying out
trials of the agritech product and also the domestic water saving products,
opening up new markets.
Following the acquisition of Vriend, we plan to carry out trials to
demonstrate the net water and net nitrate neutrality benefits of Control
Flow. This builds on the experience of the net neutrality project in Crawley
in unlocking development.
In Energy, we continue to be UK-focused with a strong public sector client
emphasis. The recent contract wins show that our solutions and quality of
work are widely recognised. With the acquisition of Vriend, we will expand
our Energy offering into Holland as part of our wider strategy for northwest
Europe. Our choice of Holland was based on long experience with the country
and the fact that it is on a similar Net Zero journey as the UK.
Our R&D spend is expected to rise from £1.8m in FY23 to £2.4m in the
coming year, reflecting the increased product development and trials planned
which are essential to ensure our long-term growth. We also expect to expand
our intellectual property portfolio. We expect to maintain this level of
investment going forward in order both to meet the individual country
certification requirements and also widen our range of product offerings.
As previously stated, the working capital position at year end is unwinding as
expected with 54% of accrued income converting into cash post period end.
The order book for FY24 stands at £130.4m, of which we currently anticipate
62% to occur in the current year. As set out earlier, the unexpected inflation
spike did create pressure on Energy client budgets and resulted in them
re-phasing their project plans. The mix of Energy projects in FY24 are more
heavily weighted towards higher value and lower margins with revenues to be
ahead of our expectations with high-single digit PBT margins. Based on
client programmes, we expect to revert to a more normal mix of projects and
margins in FY25.
The opportunities facing the Group remain significant. We are in a strong
position with proven products and solutions and our geographic expansion plans
remain on course with growth in Water exceeding our original expectations at
IPO. As a result, we are confident in the future prospects for the Group.
Mitesh Dhanak
CEO
22 May 2023
CFO Statement
I am pleased to report on our first full financial year as an AIM quoted
company, for the year to 31 January 2023.
2023 was a year in which we achieved strong growth with a 52% increase in
revenue to £55.1m with the growth driven by strong operational and strategic
process with strong growth in new business for both Energy and Water.
Strategy
The Group's strategy continues to be focused on developing and delivering
profitable solutions and products which help our clients reduce their carbon
consumption and improve their water efficiency.
KPI's
The Group's financial Key Performance Indicators, which are aligned with its
growth strategy, are revenue growth, adjusted EBITDA, adjusted EBITDA margin,
adjusted Profit before Tax, R&D spend, cash conversion and ROCE. These
non-IFRS measures are consistent with how the Group measures trading and cash
generative performance and are reported to the Board. Of these KPIs, five
delivered well in the year to 31 January 2023.
Cash conversion was lower than anticipated due to a number of factors
including:
· Increased lead times for key components, requiring these items to be purchased
before projects started rather than during the life of a project.
· The enhanced assurance process introduced by the Government caused backlogs in
the approval process of completed projects. This backlog resulted in an
increase in accrued income at the year end, which is now unwinding.
· Inflationary price pressures across our supplier base, not all of which could
be passed on to our customers.
· Cost pressures on the capital budgets of certain clients, causing certain
projects to start later than anticipated, increasing the bias of Group project
delivery weighting to H2. As a result we saw an increase in trade receivables
at the year end.
2023 2022
Revenue £55.1m £36.2m
Revenue growth 52% 148%
EBITDA(1) £11.7m £5.6m
Adjusted EBITDA(2) £11.8m £6.7m
Adjusted EBITDA margin(3) 21.5% 18.6%
Adjusted PBT £10.1m £5.6m
R&D spend £1.8m £1.4m
Cash conversion(4) (26%) 66%
ROCE(5) 34.5% 26.6%
Revenue
Group revenues increased by 52% to £55.1m, (FY22: £36.2m). Excluding the
Mathewson acquisition, UK revenues grew by 50%
to £54.0m (2022: £35.9m). International revenues grew by 105%
from £0.26m in 2022.
Profits
The improvement in revenue supported strong growth in profits and
profitability. Adjusted EBITDA(2) increased 76% to £11.8m, (2022: £6.7m),
with the Group achieving Adjusted EBITDA margins(3) of 21.5%, up from 18.6% in
2022. Adjusted PBT for the year was £10.1m an increase of 79% from 2022.
Statutory operating profit increased to £10.3m (2022: £4.4m) and
statutory profit before tax was £9.9m (FY22: £4.1m).
Acquisitions
On 29 July 2022 the Group acquired Mathewson Holdings
Limited ("Mathewson"). The total consideration for the acquisition, including
deferred consideration, is £1.7m. The acquisition was the continuation of
our clear growth strategy in the UK, laid out at the time of our IPO, to
acquire bolt-on opportunities which provide access to new markets. For the
period following acquisition, Mathewson recorded revenues of £0.6m and
operating profit of £0.2m.
Following the successful completion of the HaGePe International B.V.
acquisition last year and the transfer of its assets, including stock, to
Cenergist Spain S.L., in November 2022 the Board reviewed the value of the
assets transferred and, in particular, the provision made against stock and
concluded that this provision was no longer required. The value of the
provision released in the year was £0.7m.
I am pleased to announce that post-year end, on 3 April 2023, the Group
acquired Vriend. The total consideration for the acquisition, is €521,928.
The acquisition is part of our European growth strategy and now gives the
Group delivery capabilities in the Netherlands. The Board considers that this
acquisition delivers value to shareholders by accelerating the growth
opportunity in continental Europe.
Adjusting Items
The total pre-tax adjusting items in the year were £0.1m. These
were £0.1m of charges for share-based payments (2022: £0.3m).
Earnings per share
Basic earnings were 25.50p (2022: 18.28p) and diluted earnings per share
were 25.25p (2022: 18.16p).
Dividends
For the financial year ended 31 January 2023, following a strong performance
the Board is delighted to recommend a final dividend for the year of 1.2p per
share, subject to shareholder approval. This is a 20% increase from 2022 and
establishes the Board's progressive dividend policy.
Headcount
The Group's full time equivalent (FTE) employees at 31 January 2023 were 168
(FY22: 113). This increase reflects the acceleration in recruitment, to
support the Group's growth strategy.
Share capital and share options
No share options were issued during the year under the Long Term Incentive
Plan with the total share options in issue at the yearend remaining at
332,673.
Intangible assets
Following the Group's admission on AIM, the Board carried out a review of the
Group's accounting estimates to ensure that they were appropriate given the
recent growth of the Company and the increased levels of compliance the Group
is now subject to. As a result of this review, it was concluded that the
previous useful economic life of 5-years assumed for patents was not
appropriate for intangible assets of this nature. The Board believe that a
useful economic life of 15 years was realistic, and the amortisation of these
assets has been adjusted accordingly. The adjustment resulted in a positive
impact to the profit & loss account of £0.4m.
Cash flow and net debt
Cash conversion declined significantly from last year with a cash outflow from
operations of £3.4m (FY22: £3.0m inflow). This was as a result of a
change in the working capital profile during the year. The lead times for key
components on a number of projects increased significantly, requiring the
Group to bulk purchase these items at the start of these projects, ahead of
receiving funding from clients, rather than during the project life, to ensure
project delivery timescales were met. In addition, a heavy Q4 bias on project
delivery has seen an increased level of trade and other receivables at the
year end (FY23: £29.2m, FY22: 12.4m), negatively impacting working capital.
The Board is pleased that, post period end, 54% of the accrued income balance
has been received by the Company as cash.
Total capital expenditure on property, plant and equipment amounted
to £0.9m (FY22: £2.7m). In addition, there was a further outflow
of £1.6m for the acquisition of Mathewson Holdings Limited.
The Group ended the year with net debt (excluding IFRS 16 liabilities)
of £3.0m compared with £4.1m of net cash at 31 January 2022.
Post-year end the Group has secured £2.5m of additional banking facilities
with HSBC UK Plc. The new facility will support the Group in its growth
strategy, both in terms of working capital requirements and acquisition
opportunities.
Outlook
The Group is in a strong position with a healthy balance sheet and order book
which stands at £130.4m of which we currently anticipate 62% to be delivered
in the current year. The accrued income at January is unwinding as expected,
with the majority of this having already converted into cash. We expect cash
conversion to exceed 100% during the year and return to a net cash position by
the year end.
(1)Operating profit prior to depreciation of property, plant and equipment,
depreciation of right-of-use assets and amortisation of intangible assets
(2)Operating profit prior to exceptional costs, depreciation of property,
plant and equipment, depreciation of right-of-use assets and amortisation of
intangible assets
(3)Adjusted EBITDA as a proportion of revenue
(4)Cash from operating activities/EBITDA
(5)Operating profit as a percentage of total assets less current liabilities
Iain Richardson
CFO
22 May 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 January 2023
2023 2022
£'000
Unaudited
£'000
Note
Continuing operations
Revenue 4 55,074 36,176
Cost of sales (31,995) (21,572)
Gross profit 23,079 14,604
Administrative expenses (12,774) (10,171)
Other operating income - -
Included within administrative expenses are:
- Exceptional costs - (1,178)
- Share based payment charge (117) -
- Depreciation of property, plant and equipment (655) (618)
- Depreciation of right-of-use assets (196) (113)
- Amortisation of intangible assets (573) (381)
Adjusted administrative expenses (11,233) (7,881)
Adjusted EBITDA 11,846 6,723
Operating profit 6 10,305 4,433
Interest receivable and similar income - -
Interest payable and other similar expenses (370) (366)
Profit before taxation 9,935 4,067
Income tax 7 (1,420) (8)
Profit for the year from continuing operations 8,515 4,059
Total profit for the year attributable to equity holders of the parent
Other comprehensive income - -
Total comprehensive profit for the year attributable to equity holders of the 8,515 4,059
parent
Basic earnings per share from continuing operations - pence 5 25.50 18.28
Diluted earnings per share from continuing operations - pence 5 25.25 18.16
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 January 2023
Note 2023 2022
£'000
Unaudited
£'000
Non-current assets
Intangible assets 8 8,703 7,218
Property, plant and equipment 3,441 3,095
Right-of-use assets 1,213 243
Deferred tax asset - -
Total non-current assets 13,357 10,556
Current assets
Inventory 2,557 1,186
Trade and other receivables 9 29,226 12,389
Cash and cash equivalents 3,224 4,070
Total current assets 35,007 17,645
TOTAL ASSETS 48,364 28,201
Equity attributable to owners of the parent
Called up share capital 332 344
Share premium account 10,113 10,113
Merger reserve (5,490) (5,490)
Other reserves 269 (294)
Retained earnings 19,791 11,769
Total equity 25,015 16,442
Current liabilities
Borrowings 10 1,469 -
Trade and other payables 15,154 11,426
Lease liabilities 543 82
Total current liabilities 17,166 11,508
Non-current liabilities
Borrowings 10 4,732 -
Lease liabilities 1,183 109
Deferred tax liability 268 142
Total non-current liabilities 6,183 251
Total liabilities 23,349 11,759
TOTAL EQUITY AND LIABILITIES 48,364 28,201
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 January 2023
Note 2023 2022
£'000
Unaudited
£'000
Cash flow from operating activities
Profit for the financial year 8,515 4,059
Adjustments for:
Amortisation of intangible assets 573 381
Depreciation of property, plant and equipment 655 618
Depreciation on right-of-use assets 196 113
Interest payable 313 330
Lease liability finance charge 57 36
Taxation charge 1,420 8
Corporation tax received 25 380
Foreign exchange (392) (38)
Share based payment charge 117 333
Changes in working capital:
Increase in inventory (1,371) (295)
Increase in trade and other receivables (16,837) (9,540)
Increase in trade and other payables 3,685 7,278
Net cash (outflow) / inflow from operating activities (3,044) 3,663
Cash flow from investing activities
Purchase of intangible assets (269) (549)
Purchase of property, plant and equipment (882) (2,722)
Sale of property, plant and equipment 3 -
Acquisition of businesses - net of cash acquired (1,620) (5,111)
Net cash outflow from investing activities (2,768) (8,382)
Cash flows from financing activities
Proceeds from borrowings 7,249 -
Repayment of borrowings (1,369) (4,972)
Net proceeds from issue of shares - 9,998
Reduction of share capital (12) -
Interest paid (313) (330)
Repayment of lease liabilities (261) (191)
Dividends paid (328) -
Net cash inflow from financing activities 4,966 4,505
Net decrease in cash and cash equivalents (846) (214)
Cash and cash equivalents at beginning of period 4,070 4,284
Cash and cash equivalents at the end of the period 11 3,224 4,070
CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
For the year ended 31 January 2023
Share Capital Share Premium Merger Reserve Other Reserves Retained Earnings Total Equity
£'000 £'000 £'000 £'000 £'000 £'000
At 1 February 2021 3 456 - 56 1,761 2,276
Profit for the year - - - - 4,059 4,059
Other comprehensive income - - - - - -
Total comprehensive income for the year attributable to equity holders of the - - - - 4,059 4,059
parent
Merger reserve (3) (456) (5,490) - 5,949 -
Issue of shares 344 11,996 - - - 12,340
Share issue costs - (1,883) - - - (1,883)
Other(1) - - - (350) - (350)
Total transaction with owners 341 9,657 (5,490) (350) 5,949 10,107
Balance at 31 January 2022 344 10,113 (5,490) (294) 11,769 16,442
At 1 February 2022 344 10,113 (5,490) (294) 11,769 16,442
Profit for the year - - - - 8,515 8,515
Total comprehensive income for the year attributable to equity holders of the - - - - 8,515 8,515
parent
Reduction in share capital (12) - - - - (12)
Dividends paid - - - - (328) (328)
Other(1) - - - 398 - 398
Total transaction with owners (12) - - 398 (328) 58
Balance at 31 January 2023 332 10,113 (5,490) 104 19,956 25,015
(1)Other reserves include share based payments, foreign exchange and other
items.
NOTES TO THE FINANCIAL INFORMATION
For the year ended 31 January 2023
1 GENERAL INFORMATION
Eneraqua Technologies plc ("the Company") was incorporated and registered in
England and Wales on 19 August 2021 as a private limited company, Eneraqua
Technologies Limited, with its registered office at 2 Windmill Street,
Fitzrovia, London, W1T 2HX. On 8 November 2021 the company was re-registered
as a public limited company. The Company's registered number is 13575021.
The Group's principal activities are the provision of turnkey solutions for
water efficiency and decarbonisation, the latter through district heating and
ground source heat pump systems for social housing, commercial clients, and
the residential sector. These activities are underpinned by our proprietary
water savings technology, Control Flow HL2024 , which improves the
efficiency of heating and water systems for customers across the UK and
Europe.
2 ACCOUNTING POLICIES
2.1 Basis of preparation
The preliminary results (unaudited) (referred to as the 'preliminary results')
have been prepared in accordance with International accounts standards in
conformity with the requirements of the Companies Act 2006 (UK-adopted IAS).
The financial statements have been prepared under the historical cost
convention as modified by financial assets at fair value through profit or
loss, and the recognition of net assets acquired under the reverse acquisition
at fair value.
The information for the year ended 31 January 2023 does not constitute
statutory accounts for the purposes of section 435 of the Companies Act 2006.
The audit of the statutory accounts for the year ended 31 January 2023 is not
yet complete. These accounts will be finalised on the basis of the information
presented by the Directors in these preliminary results and will be delivered
to the Registrar of Companies following the Company's annual general meeting.
Whilst the financial information included in this announcement has been
computed in accordance with the recognition and measurement requirements of
international accounting standards in conformity with the requirements of the
Companies Act 2006 and international financial reporting standards, this
announcement does not itself contain sufficient disclosures to comply with
IFRS.
The accounting policies included herein are aligned with those presented in
the Admission Document and are consistent with those in the prior year.
There have been no changes in estimates and critical judgements in the year,
with the exception of the useful economic life of patents, which was extended
from 5 years to 15 years straight line to better reflect the longer term
nature of the benefits of such patents. This has resulted in a like-for-like
reduction in amortisation by £0.4m.
3. SEGMENT REPORTING
The following information is given about the Group's reportable segments:
The Chief Operating Decision Maker is the Board of Directors. The Board
reviews the Group's internal reporting in order to assess performance of the
Group. Management has determined the operating segment based on the reports
reviewed by the Board.
The Board considers that during the year ended 31 January 2023 the Group
operated in the three business segments according to the geographical location
of its operations, those being:
- United Kingdom,
- Europe; and
- India.
2023 United Kingdom Europe India 2023
£'000 £'000 £'000 £'000
Revenue 54,546 77 451 55,074
Cost of sales(1) (32,525) 718 (188) (31,995)
Gross profit 22,021 795 263 23,079
Administrative expenses (11,249) (1,232) (293) (12,774)
Included within administrative expenses are:
- Share based payment charge - (117) - - - (117)
- Depreciation of property, plant and equipment (350) (288) (17) (655)
- Depreciation of right-of-use assets (196) - - (196)
- Amortisation of intangible assets (505) (68) - (573)
Adjusted administrative expenses (10,081) (876) (276) (11,233)
Adjusted EBITDA 11,940 (81) (13) 11,846
Operating profit/(loss) 10,772 (437) (30) 10,305
Interest payable and similar expenses (98) (271) (1) (370)
Profit/(Loss) before tax 10,674 (708) (31) 9,935
Taxation (1,378) (40) (2) (1,420)
Profit/(Loss) after tax 9,296 (748) (33) 8,515
Net Assets
Assets: 36,995 10,840 529 48,364
Liabilities (12,869) (9,955) (525) (23,349)
Net assets 24,126 885 4 25,015
2022 United Kingdom Europe India 2022
£'000 £'000 £'000 £'000
Revenue 35,918 216 42 36,176
Cost of sales (21,350) (187) (35) (21,572)
Gross profit 14,568 29 7 14,604
Administrative expenses (8,974) (1,079) (118) (10,171)
Included within administrative expenses are:
- Exceptional costs (1,178) - - (1,178)
- Depreciation of property, plant and equipment (132) (485) (1) (618)
- Depreciation of right-of-use assets (113) - - (113)
- Amortisation of intangible assets (339) (42) - (381)
Adjusted administrative expenses (7,212) (552) (117) (7,881)
Adjusted EBITDA 7,356 (523) (110) 6,723
Operating profit/(loss) 5,594 (1,050) (111) 4,433
Interest receivable and similar income - - - -
Interest payable and similar expenses (366) - - (366)
Profit/(Loss) before tax 5,228 (1,050) (111) 4,067
Taxation (7) (1) - (8)
Profit/(Loss) after tax 5,221 (1,051) (111) 4,059
Net Assets
Assets: 24,847 3,245 109 28,201
Liabilities (9,208) (2,538) (13) (11,759)
Net assets 15,639 707 96 16,442
(1)Europe cost of sales in 2023 includes £0.7m credit relating to release of
a stock provision.
4. REVENUE
2023 2022
£'000
£'000
United Kingdom 54,546 35,918
Europe 77 216
India 451 42
55,074 36,176
Within the sales revenue, there was one customer in the United Kingdom that
accounted for greater than 10% of total revenue of the Group contributing
£20,197,000 (2022: 2 customers - £24,049,000).
5. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is calculated by
dividing the profit or loss for the year by the weighted average number of
ordinary / diluted ordinary shares in issue during the period.
2023 2022
Profit for the year from continuing operations - £'000 8,515 4,059
Weighted number of ordinary shares in issue 33,388,788 22,204,677
Weighted number of fully diluted ordinary shares in issue 332,673 147,183
Basic earnings per share from continuing operations - pence 25.50 18.28
Diluted earnings per share from continuing operations - pence 25.25 18.16
Prior to the acquisition, the number of shares is based on Cenergist Limited.
From the date of acquisition, the number of shares is based on the Company.
6. OPERATING PROFIT
Operating profit from continued operations is stated after charging /
(crediting):
2023 2022
£'000
£'000
Depreciation of property, plant and equipment 655 618
Depreciation of right-of-use assets 196 113
Amortisation of fixed assets 573 381
Inventories recognised as an expense - 1
Share based payments 117 -
Exchange differences - (20)
7. TAXATION
2023 2022
£'000
£'000
The (charge) / credit for year is made up as follows:
Corporation tax
Corporation taxation on the results for the year (1,317) (99)
Adjustments in respect of previous periods - 233
(1,317) 134
Deferred tax
Origination and reversal of temporary differences (183) (336)
Changes to tax rates - -
Adjustments in respect of previous periods 80 194
(103) (142)
Taxation (charge) / credit on profits on ordinary activities (1,420) (8)
Factors affecting tax (charge) / credit for the year
The tax assessed for the year is lower than (2022: lower than) the standard
rate of corporation tax in the UK of 19% (2022: 19%). The differences are
explained below:
2023 2022
£'000
£'000
Profit on ordinary activities before tax 9,935 4,067
Tax on ordinary activities at the standard rate of corporation tax in the UK (1,888) (773)
of 19% (2022: 19%)
Effects of:
Expenses not deductible for tax purposes 164 (192)
Additional R&D tax relief 371 371
Adjustments to tax charges in respect to prior periods(1) 77 429
Losses carried forward not recognised (79) (175)
Effect of profits subject to tax in a previous period - 352
Tax rate changes (65) (20)
Taxation charge on profits on ordinary activities (1,420) (8)
There are total tax losses of £1,053,000 available for carry forward against
future tax liabilities in the UK and overseas (2022: £649,000). A deferred
tax asset has not been recognised on these losses to the extent that they are
expected to be utilised in future periods.
(1)Primarily relates to the effect of a prior year R&D tax claim.
8. INTANGIBLE ASSETS
Goodwill Development Costs Customer Relationships £'000 Patents Licences Total £'000
£'000
£'000
£'000
£'000
Cost
At 1 February 2021 - - - 370 377 747
Additions 4,369 1,647 671 - 370 7,057
Disposals - - - (36) - (36)
At 31 January 2022 4,369 1,647 671 334 747 7,768
Additions 1,184 444 161 269 - 2,058
Disposals - - - - - -
At 31 January 2023 5,553 2,091 832 603 747 9,826
Amortisation
At 1 February 2021 - - - - 169 169
Charge for the year - 190 - 41 150 381
At 31 January 2022 - 190 - 41 319 550
Charge for the year - 356 - 67 150 573
At 31 January 2023 - 546 - 108 469 1,123
Net book value
31 January 2022 4,369 1,457 671 293 428 7,218
31 January 2023 5,553 1,545 832 495 278 8,703
Amortisation of patents commence once they are granted.
Goodwill additions relates to goodwill generated through one acquisition in
the current year and two acquisitions during the prior year being:
- Acquisition of Mathewson Holdings Limited (July 2022) = £1.2m;
- Acquisition of HaGePe International B.V. (June 2021) = £4.0m; and
- Acquisition of Welltherm Drilling Limited (September 2021) = £0.3m
9. TRADE AND OTHER RECEIVABLES
Group 2023 2022
£'000
£'000
Trade receivables 3,492 5,606
Contract assets 459 -
Other debtors 2,352 472
Prepayments and accrued income 22,778 6,189
Tax recoverable 145 122
29,226 12,389
All trade receivables fall within their due date. Accordingly, no provisions
have been made.
10. BORROWINGS
2023 2022
£'000
£'000
Current 1,469 -
Non-current 4,732 -
6,201 -
Analysis of maturity of loans is given below:
2023 2022
£'000
£'000
Amounts falling due within one year
Other loans 1,469 -
Amounts falling due 1-2 years
Other loans 1,821 -
Amounts falling due 2-5 years
Other loans 2,911 -
6,201 -
Other loans relate to a £6,000,000 facility provided by HSBC to Cenergist
Limited and a €1,500,000 facility provided to Cenergist Spain SL by
Instituto De Finanzas De Castilla-La Mancha S.A.U. ("CLM") and are secured by
fixed and floating charges over the assets of the Company and by cross
guarantees from the Company's subsidiary undertakings.
Interest on the HSBC facility is at a rate of 3.45% over the Bank of England
Base Rate with the repayment period being 48 months from date of individual
tranche drawdown.
Interest on the CLM facility is at a rate of 3.50% with the repayment period
being 84 months from date of individual tranche drawdown.
11. RECONCILIATION OF MOVEMENT IN NET DEBT
2023 At 1 February 2022 Non-cash changes Cashflow At 31 January
2023
£'000 £'000 £'000 £'000
Cash at bank 4,070 - (846) 3,224
Borrowings - current - - (1,469) (1,469)
Borrowings - non-current - - (4,732) (4,732)
Lease liabilities - current & non-current (191) (1,274) (261) (1,726)
Net Debt 3,879 (1,274) (7,308) (4,703)
2022 At 1 February 2021 Non-cash changes Cashflow At 31 January
2022
£'000 £'000 £'000 £'000
Cash at bank 4,284 - (214) 4,070
Borrowings - current (4,081) - 4,081 -
Borrowings - non-current (891) - 891 -
Lease liabilities - current & non-current (211) (171) 191 (191)
Net Debt (899) (171) 4,949 3,879
12. EVENTS SUBSEQUENT TO PERIOD END
On 3 April 2023, Cenergist Spain acquired 100% share capital of
Installatiebedrijf Vriend B.V., a business incorporated in the Netherlands,
for total consideration of €0.5 million.
1 (#_ftnref1) UN Africa Renewal
(https://www.un.org/africarenewal/news/cop27-outcome-reflections-progress-made-opportunities-missed#:~:text=A%20key%20outcome%20was%20the,and%20food%20systems%20by%202030.)
: COP27 outcome: Reflections on the progress made, opportunities missed, Fazal
Issa
2 (#_ftnref2) IMF
(https://www.imf.org/en/Publications/WP/Issues/2022/07/28/Surging-Energy-Prices-in-Europe-in-the-Aftermath-of-the-War-How-to-Support-the-Vulnerable-521457)
: Surging Energy Prices in Europe in the Aftermath of the War: How to Support
the Vulnerable and Speed up the Transition Away from Fossil Fuels, Anil Ari et
al.
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