REG - SDCL Energy Effcncy. - Interim Report and Accounts

SDCL Energy Efficiency Income TrustAnnouncement

04/12/2024 07:00

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RNS Number : 6795O  SDCL Energy Efficiency Income Tst  04 December 2024

04 December 2024

 
    SDCL Energy Efficiency Income Trust plc

("SEEIT" or the "Company")

Announcement of Interim Results for the six-month period ended 30 September
2024

SDCL Energy Efficiency Income Trust plc (LSE: SEIT) ("SEEIT" or the "Company")
today announces its financial results for the six-month period ended 30
September 2024.

There will be a virtual presentation for analysts and investors at 9.30am
today. To register, please follow this
link:https://sparklive.lseg.com/SDCLEnergyEfficiencyIncomeTrust/events/2e14cb51-1022-43bc-b494-b391cea53c9f/seeit-2024-interim-results-presentation
(https://sparklive.lseg.com/SDCLEnergyEfficiencyIncomeTrust/events/2e14cb51-1022-43bc-b494-b391cea53c9f/seeit-2024-interim-results-presentation)
.

The Company's full Interim Report and Financial Statements for the six-month
period ended 30 September 2024 can be found on the Company's website:
https://www.seeitplc.com/publications/interim-reportto-30-sep-2024/
(https://www.seeitplc.com/publications/interim-reportto-30-sep-2024/) . This
has also been submitted to the National Storage Mechanism and will be
available shortly at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

Highlights

·   Net Asset Value ("NAV") per share of 90.6p as at 30 September 2024
(31 March 2024: 90.5p; 30 September 2023: 90.6p)

 

·      Weighted Average Discount Rate of 9.4% levered, in line with
March 2024 and September 2023.

 

·      Investment cash inflow from the portfolio of £48 million on a
portfolio basis (September 2023: £47 million)

 

·    Aggregate dividends of 3.16p per share declared for the six months
ended 30 September 2024, in line with guidance (September 2023: 3.12p)

 

·      Dividend cash cover of 1.1x for the six months ended 30 September
2024 (September 2023: 1.1x)

 

·      Target dividend guidance remains 6.32p per share for the year to
March 2025, an increase of c.1%

 

·      Profit before tax of £35 million for the six months ended 30
September 2024, up from a loss of £89 million in the equivalent period last
year

 

·      Portfolio valuation of £1,102 million as at 30 September 2024,
(£1,117 million at 31 March 2024)

 

·      Investment of c.£98 million into organic investments and
existing commitments during the period (30 September 2023: £93m)

 

Tony Roper, Chair of SEEIT, said:

"We are pleased that both SEEIT's operational and financial performance for
the period were in line, or a little above budget and generated cash flows
that fully underpinned the Company's progressive dividend policy.

"We are strongly of the view that SEEIT's share price does not reflect the
value of its investments nor the cashflows derived from them. To this end, the
Board and Manager remain focused on addressing the share price discount by
supporting the marketability and liquidity of the Company's shares."

 

Jonathan Maxwell, CEO of SDCL, the Investment Manager said:

"Our large and diverse portfolio delivered stable overall operational
performance and cash inflows that covered our dividends. Our prudent approach
to investment, portfolio construction and management of the balance sheet
seeks to adapt to market conditions. As such, we are implementing our agreed
capital allocation policy and seeking to reduce the Company's short-term
borrowings.

"The investment trust market however remains depressed, causing a dislocation
in price compared to net asset value for the Company and its wider peer group.
We are working hard to address this for existing shareholders, while bringing
this extraordinary opportunity to the attention of new prospective investors.

"SEEIT's projects deliver energy that is cheaper, cleaner and more reliable,
giving them an enduring competitive advantage and value during and after their
contracted lives."

 

 For Further Information

 

 Sustainable Development Capital LLP  T: +44 (0) 20 7287 7700

 Jonathan Maxwell

 Purvi Sapre

 Eugene Kinghorn

 Ben Griffiths

 Tamsin Jordan

 Jefferies International Limited      T: +44 (0) 20 7029 8000

 Tom Yeadon

 Gaudi Le Roux

 Cardew Group                         T: +44 (0) 20 7930 0777

 Ed Orlebar                           M: +44 (0) 7738 724 630

 Henry Crane                          E: SEEIT@cardewgroup.com (mailto:SEEIT@cardewgroup.com)

 

LEI: 213800ZPSC7XUVD3NL94

 

About SEEIT

 

SDCL Energy Efficiency Income Trust plc is a constituent of the FTSE 250
index. It was the first UK listed company of its kind to invest exclusively in
the energy efficiency sector. Its projects are primarily located in North
America, the UK and Europe and include, inter alia, a portfolio of
cogeneration assets in Spain, a portfolio of commercial and industrial solar
and storage projects in the United States, a regulated gas distribution
network in Sweden, a portfolio of on-site energy recycling, cogeneration and
process efficiency projects, servicing the largest steel blast furnace in the
United States, EVN a leading UK independent EV charging infrastructure
development company and a district energy system providing essential and
efficient utility services on one of the largest business parks in the United
States.

 

The Company aims to deliver shareholders value through its investment in a
diversified portfolio of energy efficiency projects which are driven by the
opportunity to deliver lower cost, cleaner and more reliable energy solutions
to end users of energy.

 

The Company is targeting an attractive total return for shareholders with a
stable dividend income, capital preservation and the opportunity for capital
growth. The Company is targeting a dividend of 6.32p per share in respect of
the financial year to 31 March 2025.

Past performance cannot be relied on as a guide to future performance.

Further information can be found on the Company's website
at www.seeitplc.com (http://www.seeitplc.com/) .

Investment Manager

 

SEEIT's investment manager is Sustainable Development Capital LLP ("SDCL"), an
investment firm established in 2007, with a proven track record of investment
in energy efficiency and decentralised generation projects in the UK,
Continental Europe, North America and Asia.

SDCL is headquartered in London and also operates worldwide from offices in
New York, Dublin, Madrid, Hong Kong and Singapore. SDCL is authorised and
regulated in the UK by the Financial Conduct Authority.

Further information can be found on at www.sdclgroup.com
(http://www.sdclgroup.com/) .

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