REG - HICL Infrastructure - Interim Results 6 months ended 30th September 2023

HICL InfrastructureAnnouncement

22/11/2023 07:15

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RNS Number : 2052U  HICL Infrastructure PLC  22 November 2023

22 November 2023

HICL Infrastructure PLC

 

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

 

This announcement contains Inside Information.

 

The Board of HICL Infrastructure PLC ("HICL", or the "Company") announces
Interim Results for the Company for the six months ended 30 September 2023.
The Interim Report is available at the following link:
https://www.hicl.com/InterimReport2023
(https://www.hicl.com/InterimReport2023)

 

Highlights

For the six months ended 30 September 2023

 

 ·             HICL's portfolio performed in line with expectations during the period,
               delivering an underlying return(1) of 8.2% (30 September 2022: 13.0%), ahead
               of the expected return of 7.2% as at 31 March 2023, before macroeconomic
               adjustments to the discount rate, inflation and interest rates.
 ·             A decrease of 5.5p in Net Asset Value to 159.4p (31 March 2023: 164.9p),
               reflecting the increase of the portfolio's weighted average discount rate from
               7.2% to 8.0%.
               o                                         The increase in the discount rate reflects increased long-term government bond
                                                         yields balanced by the Company's own recent cross-sector and cross-geography
                                                         transactions, all sold at or above their respective valuation at 31 March
                                                         2023.
 ·             Transaction activity in the period totalled £532m, demonstrating our active
               approach to asset rotation and portfolio enhancement:
               o                                         £208m of acquisitions across two investments: Altitude Infra (fibre, France)
                                                         and Hornsea II OFTO (electricity transmission, UK).
               o                                         £324m of divestments, spanning a portfolio sale of four UK PPP projects and
                                                         half of HICL's investment in the Hornsea II OFTO (UK); a partial disposal of
                                                         the Northwest Parkway toll road (US); the sale of Bradford BSF Schools PPP,
                                                         phases 1 and 2 (UK); and the sale of University of Sheffield accommodation
                                                         (UK). All divestments were made at or above their respective valuation at 31
                                                         March 2023.
 ·             Disposal proceeds will be used to reduce floating rate debt exposure, in line
               with the Company's disciplined capital allocation approach. On completion of
               disposals, the RCF is expected to be c.£115m drawn, bringing fund gearing
               down to be c.10%.
 ·             Contractual inflation linkage embedded in HICL's assets supported an increase
               in cash generation, with dividend cash cover excluding profits on disposals
               improving to 1.05x over the period (September 2022: 1.03x). Including profits
               on disposals cash cover is 1.35x (September 2022: 1.58x).
 ·             The Board reaffirms that HICL remains on track to deliver its target dividend
               of 8.25p per share for the financial year ending 31 March 2024(2).
 ·             The Board reiterates its dividend guidance of 8.25p per share for the year
               ending 31 March 2025(2), reflecting an appropriate balance between delivering
               short-term yield and enhancing HICL's long-term earnings base, particularly as
               its PPP concessions approach maturity.
 ·             The Board's priority remains disciplined capital management, in particular,
               the reduction in short-term floating debt. The bar for new investments remains
               very high, informed by the cost of debt and the relative attractiveness of
               buying back shares.

 

1.     Performance of the portfolio relative to the opening weighted
average discount rate

2.     This is a target only and not a profit forecast. There can be no
assurance that this target will be met

 

 

Summary Financial Results

(On an Investment Basis)

 

 for the six months to                           30 September 2023  30 September 2022

 Income(1)                                       £10.9m             £125.8m
 Total Return(2)                                 £(27.6)m           £102.6m
 (Loss) / Earnings per share ("EPS")             (1.4p)             5.2p
 Target dividend per share for the year          8.25p              8.25p

 1.     Income was £(24.7)m on an IFRS Basis (2022: £104.5m)

 2.     Total Return was £(27.6)m on an IFRS Basis (2022: £102.6m)
 Net Asset Value                                 30 September 2023  31 March 2023
 NAV per share                                   159.4p             164.9p
 Interim Dividend                                2.06p              2.07p
 NAV per share after deducting interim dividend  157.3p             162.8p

 

 

Mike Bane, Chair of HICL, said:

"The Board and I are pleased with the active management of HICL's portfolio
and the solid operating result against a difficult market backdrop. Continued
progress on strategic asset rotation has served to improve portfolio
composition, while supporting the Company's Net Asset Value. This transaction
activity, which has been across geographies, sectors and counterparties, gives
the Board a high level of confidence in HICL's NAV and reinforces the belief
that the Company's shares have been materially oversold by public markets."

Edward Hunt, Head of Core Income Funds at InfraRed Capital Partners, HICL's
Investment Manager added:

"HICL continues to withstand the volatile macro environment, with solid
underlying asset performance and resilient asset valuations as demonstrated by
our asset disposals during the period which have sold at a premium. The focus
on strong balance sheet management informs HICL's proactive capital allocation
strategy, with disposal proceeds used to materially reduce the RCF. The
Company's strong track-record of accretive asset rotation stands it in good
stead to self-fund its future investment activities, as required, and continue
to enhance HICL's investment proposition for shareholders."

 

Chair's Statement

HICL's results for the first half of the year demonstrate strategic asset
rotation, improving portfolio composition and validating the Company's Net
Asset Value.

In a period dominated by significant structural shifts in the macroeconomic
environment, HICL's core infrastructure assets continued to perform in line
with expectations. The Company's diversified portfolio benefits from
predictable long-term cash flows which are positively correlated to inflation
and insulated in large part from economic and financial market volatility.
These defensive attributes are a key attraction of the core infrastructure
asset class and underpin the durability of HICL's long-term investment
proposition.

 

Given market conditions, the Board and Investment Manager have been
particularly focused on the active management of HICL's portfolio and balance
sheet. During the period, over £320m of asset sales have been announced at or
above their respective valuation at 31 March 2023. These sales improve
portfolio composition, validate the Company's Net Asset Value ("NAV") and, on
completion, reduce exposure to floating rate debt. This exposure was also
reduced in the period by completing a £150m private placement and capping
£200m of floating interest rate exposure on the Revolving Credit Facility
("RCF").

 

Despite the solid operating performance of the portfolio and transaction
evidence for the intrinsic value of HICL's assets, the higher interest rate
environment has severely impacted the Company's share price in the period,
with HICL trading at a significant discount to NAV. The Board believes that
there is a significant disconnect between the value ascribed to the Company's
portfolio by public markets, compared to the valuations consistently
demonstrated in private markets through the Company's asset sales. This
transaction activity, which has been across geographies, sectors and
counterparties, gives the Board a high level of conviction in the reported NAV
and reinforces the belief that the Company's shares have been materially
oversold by public markets. Compared with fixed income products, HICL offers
higher nominal returns, with inflation protection and the potential for
capital growth and outperformance. The share price at 30 September 2023
implies a long-term expected return from the portfolio of 8.9% p.a. net of
costs(1). The Board believes this represents compelling risk-adjusted value.

 

Financial performance

 

The Company's NAV at 30 September 2023 was 159.4p (March 2023: 164.9p). The
loss per share was (1.4)p (September 2022: earnings of 5.2p). Total
Shareholder Return ("TSR")(2) on an annualised basis was (1.7)% (September
2022: 6.7%) and the underlying Annualised Return from the portfolio was
8.2%(3) (September 2022: 13.0%), which exceeds the Company's weighted

average discount rate of 7.2% as at 31 March 2023.

 

The movement in the NAV per share from 164.9p at 31 March 2023 to 159.4p at 30
September 2023 was primarily driven by increases in discount rates. The 80bps
increase in the weighted average discount rate to 8.0% reflects higher
interest rates across HICL's key geographies and was partially offset by
higher inflation (both forecast and actual) and by increases in deposit rates
(see full updated assumptions on page 13 of the full Interim Report linked
above).

 

A detailed explanation of the factors affecting the valuation is set out in
the Valuation of the Portfolio section starting on page 11 of the full Interim
Report linked above.

 

Accretive investment activity

 

Strategic asset rotation has consistently been a key driver of shareholder
value for HICL, with 25 asset disposals amounting to over £830m since IPO.
These have contributed over 7.5p to NAV and provide an important source of
capital outside capital markets.

 

Over the last 18 months, HICL's portfolio has significantly evolved with over
£745m(4) of new high-quality core infrastructure investments, funded in a
large part through over £430m(5) of disposals. This active management has
improved portfolio composition, increased diversification and delivered
shareholder value despite challenging equity market conditions.

 

More information on these transactions can be found in the Investment
Manager's Report, on page 6 of the full Interim Report linked above.

 

Financing

 

On completion of disposals announced in the period, the Company's £650m RCF
is expected to be c.£115m drawn, down from £494m at its peak in April 2023,
with gearing reduced from 16% to 10%.

 

In addition to disposals, the Manager executed on several initiatives to
further reduce floating interest rate exposure in the period. Further
information is given on page 6 of the full Interim Report linked above.

 

Dividend guidance

 

The Board is pleased to re-affirm that HICL remains on track to deliver its
target dividend of 8.25p per share for the financial year ending 31 March
2024, which is expected to be cash covered. The Board also reiterates its
dividend guidance of 8.25p per share for the year ending 31 March 2025.

 

The Board notes that the contractual inflation linkage embedded across HICL's
assets, is now beginning to flow through to uplifted cash flows, having
already been recognised in the NAV. This has contributed to the increase seen
in dividend cash cover to 1.05x (March 2023: 1.03x) and the Board expects this
upward trend to continue.

 

Sustainability leadership

 

As part of the Board's commitment to continuous improvement, a sustainability
investor perception survey was commissioned during the period to allow the
Board to better evaluate HICL's performance in this critical area. Many of
HICL's investors provided input on HICL's approach to sustainability strategy
and disclosure. This valuable feedback will feed directly into the 2024
Sustainability Report, ensuring HICL's sustainability disclosures continue to
improve alongside increasing Net Zero data collection at the portfolio level.
I would like to personally thank those investors who participated.

 

Outlook

 

Against a challenging backdrop of unpredictable macroeconomic conditions, the
Board remains highly focused on robust governance procedures. This includes
oversight of the Company's transactions, capital allocation and processes, as
well proactive engagement with investors.

 

HICL's portfolio offers investors a highly defensive set of cash flows and a
resilient NAV which has been consistently validated through third-party
transactions. The Board believes that the current disconnect in pricing
between public and private markets for high-quality core infrastructure assets
represents a unique opportunity for investors with a long-term mindset: a
return of the Company's share price to NAV would represent a 29% return before
dividends(6).

 

In this environment the Board remains focused on appropriate capital
allocation. The bar for new acquisitions is suitably high, informed by
alternative uses of capital such as reducing the Company's floating rate debt
or buying back shares. Additionally, market volatility has historically
offered attractive investment opportunities for those companies that have
maintained optionality through active balance sheet management. HICL's
investors should expect the focus on self-funded and accretive portfolio
rotation to continue, with live disposal activity at the time of publication.
In the longer term, the megatrends of decarbonisation and digitalisation are
largely unaffected by short-term market volatility and continue to drive
growth in the core infrastructure sector. This provides a compelling strategic
backdrop for the Company to execute its long-term strategy.

 

Mike Bane, Chair

21 November 2023

 

 

1.     Based on discount rate, less ongoing charges ratio, adjusted to
reflect the share price discount to the NAV using published discount rate
sensitivities

2.     Based on interim dividends paid plus change in NAV per share

3.     Calculated as portfolio return divided by the rebased valuation,
annualised. Excludes changes in macroeconomic assumptions. More details
provided in the APM section on page 20 of the full Interim Report linked above

4.     Acquisitions since March 2022 includes: B247 Road, Fortysouth,
Texas Nevada Transmission, Cross London Trains, Altitude Infra, Hornsea II
OFTO

5.     Disposals since March 2022 includes: Queen Alexandra Hospital,
Northwest Parkway (partial), Bradford Schools Phase 1+2, Oxford John Radcliffe
Hospital, Romford Hospital, South Ayreshire Schools, PSBP NE Schools, Hornsea
II OFTO (partial) and Sheffield Student Accommodation

6.     Based on the share price of 124.0p as at 30 September 2023

 

 

Investment Manager's Report

HICL's high-quality portfolio delivered a solid performance amidst volatile
financial markets during the first half of the year.

 

Operational performance was in line with expectations, with key milestones
achieved on some of the Company's largest assets.

 

Over the last six months, we have continued to execute the Company's strategy,
evolving the portfolio through targeted acquisitions, balanced with selective
asset sales. InfraRed's focus on portfolio rotation enhanced portfolio
composition, validated asset valuations, and strengthened the Company's
balance sheet.

 

HICL continues to offer investors a specialised investment proposition by
providing exposure to a diversified portfolio of private core infrastructure
assets, critical to the functioning of society. This provides investors with
exposure to predictable and inflation-linked returns, and the potential for
outperformance through capital growth delivered through InfraRed's active
management approach. These factors set HICL apart from a wide range of
investment opportunities, including fixed income.

 

The Investment Manager firmly believes that the current share price of HICL
materially understates the demonstrated value of the portfolio. HICL's
prevailing share price offers a highly attractive risk adjusted return and
yield for investors.

 

Operational Highlights

 

Portfolio performance was solid over the first six months of the year,
delivering an annualised return of 8.2% (13.0% at 30 September 2022), ahead of
the expected return of 7.2% for the period (as at 31 March 2023) before the
impact of changes to reference discount rates or macroeconomic assumptions.

 

This outperformance was predominantly a result of the portfolio's high
correlation to inflation - further details can be found in the Valuation
section starting on page 11 of the full Interim Report linked above.

 

Operational performance overview

 

HICL's diversified portfolio of high-quality core infrastructure assets
performed in line with the Investment Manager's expectations in the period.

 

The Company's new modern economy assets (Fortysouth, Texas Nevada Transmission
("TNT") and Altitude Infra), have been successfully integrated into the
portfolio and are performing well operationally.

 

The continued recovery of international travel post-Covid enabled High Speed 1
("HS1") to resume shareholder distributions in the period, a key milestone for
the project. Shortly after the end of the period, it was announced that a new
international rail operator, Evolyn, had agreed to purchase 12 high-speed
trains to launch a competitor service between London and Paris in 2025. The
possibility of this initiative was an upside identified at acquisition and
InfraRed will continue to work closely with the HS1 management team to support
greater utilisation of the HS1 infrastructure.

 

In September 2023, Affinity Water submitted its business plan to Ofwat for the
upcoming periodic price review in 2024 ("PR24"). The significant investment
envisaged under the plan is expected to result in the company's RCV growing by
over 32% in real terms between April 2025 and March 2030. The plan is fully
funded and HICL may consider funding a portion of the growth outlined in
Affinity's plan with equity during AMP 8, contingent on receiving a fair final
determination from Ofwat in December 2024, including the resumption of equity
distributions.

 

Further details of the operational performance of HICL's largest assets and
the PPP portfolio can be found on pages 8-10 of the full Interim Report linked
above.

 

Accretive investment activity

 

Optimising portfolio construction through active management and asset rotation
is a key driver of shareholder value, and this was demonstrated in the period.

 

The combined acquisition and disposal activity over the first half of the
financial year contributed positively to HICL's key portfolio metrics of
yield, total return and weighted average asset life.

 

During the period, HICL signed and completed two targeted investments
totalling £208m:

- Altitude Infra (France), the largest independent wholesale fibre network in
rural France (3% of the Directors' Valuation); and

- Hornsea II OFTO (UK), the offshore transmission assets associated with the
world's largest installed windfarm (2% of the Directors' Valuation).

 

Importantly, HICL added to its strong track record of disposals in the period.
The recent disposals take the total asset sales to over £830m across 25
investments since IPO adding over 7.5p to the Company's NAV. This is the most
extensive track record of asset rotation of any core infrastructure investment
company.

 

Accretive disposals in the period, amounting to over £320m, were made at or
above their respective valuation at 31 March 2023, as set out below:

- A portfolio sale comprising four UK PPP projects; Queens (Romford) Hospital,
Oxford John Radcliffe Hospital, Priority Schools North East Batch and South
Ayrshire Schools, in addition to half of the Company's investment in the
Hornsea II OFTO for c.£200m;

- Northwest Parkway (US), a partial disposal for $86m crystallising an 11.0%
holding period IRR since the initial investment in December 2016;

- Bradford BSF Phase 1 & 2 (UK), the combined sale of two PPP schools for
c.£37m at an 8% premium to the 31 March 2023 valuation; and

- University of Sheffield Accommodation (UK), the sale of a concession with
demand-based revenues for £18m.

 

InfraRed has a structured and objective methodology to identify assets
suitable for sale, which takes into consideration key characteristics
including inflation correlation, asset life and yield to ensure an appropriate
portfolio mix.

 

The assets were sold to various counterparties and spanned a range of sectors,
geographies and revenue types. They are a good representation of HICL's total
portfolio, and evidence the resilience of valuations for high-quality core
infrastructure.

 

Critically, given the wider macroeconomic environment, these disposals have
enabled HICL's strategic portfolio evolution over the last 18 months to be
significantly self-funded.

 

Financial highlights

 

The Company's NAV per share decreased by 5.5p over the period to 159.4p at 30
September 2023 (31 March 2023: 164.9p). This reflected the increase of the
portfolio's weighted average discount rate from 7.2% to 8.0% which was
partially offset by higher actual and forecast inflation, higher interest on
cash deposits, and positive underlying portfolio performance.

 

During the period, central bank base rates increased across all the markets in
which HICL operates, reducing the Company's implied equity risk premium.
Notwithstanding this, the Company carried out nine asset sales, at or above
their respective valuations as at 31 March 2023. The movement in the weighted
average portfolio discount rate of 80bps (100bps in the UK) balances these
important external data points. The adoption of higher inflation assumptions
for the portfolio valuation better aligns with long-term market expectations
and is consistent with the observed transaction activity.

 

Further detail on the approach to valuation can be found in the Valuation
section of this report starting on page 11 of the full Interim Report linked
above.

 

The Board and InfraRed have been focused on maintaining a strong balance sheet
and have taken a proactive approach to ensure that the Company is best placed
to operate in a higher interest rate environment:

 

- In May 2023, HICL completed a £150m Private Placement, effectively
converting existing short-term drawings to a longer maturity (10- and 12-year
tranches), reducing interest rate risk and diversifying the Company's sources
of funding;

- To protect against further rises in interest rates, in July 2023 the Company
purchased an option to cap £200m of its SONIA exposure to 6.5% for three
years; and

- Proceeds from the nine disposals announced in the period have been, and will
continue to be used to pay down the Company's RCF, which is forecast to be
c.£115m drawn once the announced transactions complete.

 

In combination, these initiatives reduced HICL's fund level gearing to 10% and
the cap ensures that the Company has limited exposure to floating interest
rates.

 

Further information on the Company's financial performance can be found in the
Financial Review section starting on page 17 of the full Interim Report linked
above.

 

Sustainability

 

The decarbonisation of existing infrastructure projects is a goal shared by
the private and public sector, and the scale of the challenge will require a
true partnership approach given the contractual frameworks were developed long
before net zero targets. During the period, InfraRed's Asset Management and
Sustainability teams contributed heavily to the Infrastructure and Projects
Authority (IPA) Net Zero Working Group, feeding directly into the publication
of the Decarbonisation of Operational PFI Projects handbook. A key pillar of
this work has been the agreed standardised approach to data collection to
support the measurement of greenhouse gas emissions from PFI projects, which
will be reflected in HICL's 2024 Sustainability Report.

 

Key risks update

 

HICL's risk appetite statement, approach to risk management and governance
structure are set out in the Risk and Risk Management section of HICL's 2023
Annual Report, which can be accessed on the Company's website at www.hicl.com.

 

The principal risks for the Company for the remaining six months of its
financial year are unchanged from those reported on in the Annual Report 2023.
Notable updates against these risks in the period are summarised below.

 

Macroeconomic risk

 

The Investment Manager notes the challenging macroeconomic environment which
has negatively affected the Company's share price, alongside the wider listed
real asset market segment. Whilst InfraRed believes the Company's shares have
been oversold and that it has consistently demonstrated the validity of its
NAV through deliberate disposals, a persistently high interest rate
environment may inhibit HICL's ability to issue new equity capital. The key
mitigant to closed public equity markets is active portfolio rotation through
further targeted asset sales to raise the capital needed to fund new
investments and repay debt facilities. This was clearly demonstrated in the
period and continues to be the Company's near term focus.

 

There remains the possibility of further interest rate increases across HICL's
investment geographies, which would increase the cost of floating rate debt at
both asset and fund levels. HICL's portfolio gearing is 67% (31 March 2023:
66%) however the vast majority of asset level debt is fixed and termed for the
duration of each concession, removing floating rate risk. There are six assets
in the portfolio, predominantly assets with perpetual lives, which have
refinancing requirements exposing them to interest rate risk. These assets
have lower gearing than the portfolio average, and refinancing timings are
carefully managed. At the fund level, the drawn balance of the Company's RCF
is subject to floating rate risk. This was mitigated in the period through the
conversion of £150m of short-term floating-rate borrowings into a fixed-rate
private placement, as well as the purchase of an option to cap £200m of
exposure, as detailed above.

 

Further detail on the portfolio's interest rate sensitivity can be found in
the Valuation section on page 15 of the full Interim Report linked above.

 

Political and regulatory risk

 

The Investment Manager notes the key political elections expected to occur in
the next 12 months in the UK, USA and Europe. Any change of national
government brings the possibility of policy change in relation to existing
infrastructure projects, as well as the future procurement of urgently needed
new infrastructure.

 

Existing contractual frameworks provide a high level of protection to
investors from government intervention and the political consensus across
HICL's key jurisdictions on the need for continued investment to maintain and
replace ageing infrastructure is a key mitigant against this risk. This
accepted need for infrastructure investment, and the role of private capital
in support, is expected to provide attractive opportunities for the Company in
due course.

 

HICL's approach to diversifying political and regulatory risk across
jurisdictions helps protect the portfolio from localised risks. HICL's
portfolio is now comprised of 63% of assets within the UK (31 March 2023:
64%), with the balance of the portfolio invested in Europe, North America and
New Zealand.

 

In the UK, the Investment Manager notes heightened public scrutiny of the
water sector, with several companies subject to investigations and negative
media attention over claims of illegal wastewater discharge practices.
Affinity Water is a water only company with no wastewater operations,
distinguishing it from those companies which may face specific action in this
area. Affinity Water was rated as an 'average' performer (in line with the
highest awarded grade) in Ofwat's recently published Water Company Performance
Report. InfraRed believes Affinity Water is well positioned for PR24. Further
information on Affinity's operating performance is given on page 8 of the full
Interim Report linked above.

 

Market and outlook

 

The volatile macroeconomic environment continues to be the primary driver of
public market valuations across the real assets sector, with this trend set to
continue until markets establish greater certainty over the rate cycle.
However, resilient valuations evidenced in the period continue to demonstrate
a disconnect between private and public market valuations for attractive core
infrastructure.

 

As long-term investors through multiple cycles, it is the Investment Manager's
experience that such an environment can present attractive investment
opportunities via special situations, including with reduced competition. The
bar for new investments is high, set by the relative attractiveness of
repurchasing shares, the cost of the Company's debt facilities, and the desire
to further reduce the balance of HICL's RCF. InfraRed will continue to
evaluate investment opportunities on a case-by-case basis and with a high
degree of investment discipline. The Company's strong track record of
accretive asset rotation stands it in good stead to self-fund its future
investment activities, as required, and continue to enhance HICL's investment

proposition for shareholders.

Directors' Statement of Responsibilities

We confirm that to the best of our knowledge:

 

 ·             the condensed set of financial statements has been prepared in accordance with
               International Accounting Standard 34 Interim Financial Reporting ("IAS 34") as
               adopted by the United Kingdom; and
 ·             the interim management report, comprising the Chair's Statement, Investment
               Manager's Report and Financial Results, includes a fair review of the
               information required by:

 

a)   DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and

b)   DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.

 

On behalf of the Board

 

Mike Bane, Chair

21 November 2023

Publication of documentation

The above information is an extract of information from HICL's Interim Report.
The Interim Report has been submitted to the National Storage Mechanism and
will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdata.fca.org.uk%2F%23%2Fnsm%2Fnationalstoragemechanism&data=02%7C01%7Cphilippe.vuillaume%40partnersgroup.com%7C9921b2a94ca84f80abd008d83e0034f3%7C0bcc0075229d4973b0c30ef63eb9c51f%7C0%7C0%7C637327517903944751&sdata=7xdHtTc7SAh63in9nIZT0csRmMwIWJIIjmp6yNOLWDo%3D&reserved=0)
. It can also be obtained from the Company Secretary or from the Investors
section of the Company's website, at www.HICL.com (http://www.HICL.com) . A
direct link to the PDF of the Interim Report is also included here:
https://www.hicl.com/InterimReport2023
(https://www.hicl.com/InterimReport2023)

 

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