REG - SSE Plc - NOTIFICATION OF CLOSED PERIOD

SSEAnnouncement

29/03/2022 07:00

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RNS Number : 3095G  SSE PLC  29 March 2022

SSE plc

notification of closed period

29 march 2022

 

·      2021/22 adjusted earnings per share expected to be in the range
of 92p to 97p

·      Published Net Zero Transition Plan detailing actions to achieve
SSE's net zero ambition

·      Received £1,286m proceeds on completion of disposal of
investment in Scotia Gas Networks

 

SSE plc is due to publish its financial results for the year ending 31 March
2022 on 25 May 2022.

Financial outlook

Since SSE's Q3 Trading Statement, weather conditions have meant that the
shortfall in output from renewable sources has decreased from 19% below plan
for the nine months to 31 December 2021, to around 12% below plan as at 22
March. At the same time, the good performance from flexible thermal and hydro
plant has continued in volatile market conditions, demonstrating its value to
the energy system.

In light of this, SSE is updating the market that it expects full-year 2021/22
adjusted earnings per share to be in a range of between 92 and 97 pence
compared to previous guidance of at least 90 pence. SSE still intends to
recommend a full-year dividend of 81p per share plus RPI for 2021/22 and
continues to target an RPI linked dividend in 2022/23, followed by a rebase to
60p in 2023/24 and at least 5% increases in 2024/25 and 2025/26.

SSE also remains on track to report full-year 2021/22 capex in excess of £2bn
as it continues to execute its strategic £12.5bn Net Zero Acceleration
Programme, launched in November, at pace. With completion of the disposal of
its investment in Scotia Gas Networks (SGN) on 22 March for cash proceeds of
£1.3bn, adjusted net debt is expected to be below £9bn at 31 March 2022.

SSE's Net Zero Transition Plan

SSE has today published its Net Zero Transition Plan, following on from strong
shareholder support for SSE's proposal at its 2021 Annual General Meeting
(AGM). The Plan provides SSE's stakeholders with clarity around actions SSE
intends to take to achieve a net zero ambition for its scope 1 and scope 2
emissions by 2040 (subject to security of supply requirements) and for the
remaining scope 3 emissions, by 2050. Future progress against this Net Zero
Transition Plan will be reported annually and summarised in a report which
will be put to shareholders at SSE's AGM each year.

Market Volatility

In response to the devastating humanitarian cost of the Russian invasion of
Ukraine, SSE has donated £1m to the Disasters Emergency Committee. SSE does
not have any energy supply contracts with Russian counterparties, and we are
ceasing trading activities with these entities.

The war has had significant consequences for energy markets and policy,
contributing to historically high and volatile prices. However, SSE has so far
been served well by its prudent hedging approach and has successfully managed
any increasing credit and collateral requirements. The impact of a prolonged
or escalated conflict on SSE's businesses is difficult to predict. In any
event, SSE benefits from the breadth of its businesses across the energy value
chain which balances risk in periods of volatility and its £12.5bn net zero
aligned investment programme is helping to reduce system reliance on imported
gas.

 

Finance Director Gregor Alexander said:

 

"SSE's integrated and balanced business model has performed well in turbulent
market conditions, with expected financial performance now broadly aligning
with our internal projections at the beginning of the year. At the same time,
we have made further progress with the SGN disposal and we have a number of
attractive options to support accelerated electrification of the economy.

"Our significant investment programme will make a huge contribution towards
both net zero and energy security whilst publication of our Net Zero
Transition Plan gives stakeholders more detail on how we will decarbonise our
businesses."

SSE's Full-year Results presentation and Q&A session, to be held on 25 May
2022, will be conducted virtually.

 

 Enquiries
 Investors  SSE Investor Relations  ir@sse.com (mailto:ir@sse.com)        Sally Fairbairn, Michael Livingston  +44 (0)345 0760 530
 Media      SSE Media               media@sse.com (mailto:media@sse.com)  Sam Peacock,                         +44 (0)345 0760 530

                                                                          Glenn Barber
            MHP Communications                                            Oliver Hughes                        +44 (0)7885 224 532
                                                                          Simon Hockridge                      +44 (0)7709 496 125

 

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