Atrato Onsite Energy PLC Net Asset Value - 30 September 2023 (4851V)
04 Dicembre 2023 - 8:00AM
UK Regulatory
TIDMROOF
RNS Number : 4851V
Atrato Onsite Energy PLC
04 December 2023
4 December 2023
Atrato Onsite Energy plc
(the "Company")
Net Asset Value
Atrato Onsite Energy plc (LSE: ROOF), the investment company
focusing on clean energy generation, announces its unaudited net
asset value ("NAV") as at 30 September 2023.
Net Asset Value
The Company's NAV as at 30 September 2023 was GBP138.1 million
or 92.0 pence per share (30 September 2022: GBP139.1 million or
92.8 pence per share).
In line with the higher interest rate environment, the Company
valued its portfolio on a weighted average unlevered discount rate
of 7.4% (30 September 2022: 6.6%, 31 March 2023: 6.2%). As at 30
September 2023 the Company did not have any debt and hence applies
an unlevered discount rate to value its portfolio.
Summary of NAV key drivers:
GBPm Pence per
share
NAV as at 30 September 2022 139. 1 92.8
---------- ---------
Asset revaluation GBP15.0 10.0
---------- ---------
Operational movements GBP4.5 3.0
---------- ---------
Net cash generated minus fund costs GBP1.0 0.6
---------- ---------
Inflation GBP(1.1) (0.8)
---------- ---------
Power prices GBP(1.3) (0.9)
---------- ---------
Discount rate GBP(11.6) (7.7)
---------- ---------
Dividends paid GBP(7.5) (5.0)
---------- ---------
NAV as at 30 September 2023 138.1 92.0
---------- ---------
Asset revaluation: Includes the value increase associated with
projects progressing as they met specific key project milestones.
The latter was predominantly driven by progress on Skeeby solar
farm and Britvic's London Road project. This assume that all other
variables are held equal.
Operational movements: Includes adjustments to individual assets
for new contract pricing, the inclusion of REGOs in the valuation
on projects where the Company benefits from REGOs and an update to
the commercial operations date of installation projects where these
have changed.
Net cash generated minus fund costs: Represents the net cash
inflow of the Company's revenues less operating costs.
Inflation assumption: Reflects the impact of the updated
inflation curves. The Company uses market forecast curves for CPI
and RPI.
Power prices: Reflects the movement on the portfolio since
September 2022 due to updated power price curves. The Company has
one of the lowest sensitivities to power prices in the sector(1) .
Its high levels of contracted revenue limit its exposure to power
price volatility and hence a 10% reduction in power prices would
only have a 4.6% impact on the Company's NAV as at 30 September
2023.
Discount rate assumption: Represents the impact on the fair
value from changes to the discount rate due to movements in
interest rates, transactional prices observed in the sector and the
macro-economic environment.
Dividends paid: Dividends of GBP 7.5 million were paid during
the year in respect of the period to 30 June 2023. The Company has
a progressive dividend target from FY24 onwards and will announce
its new target dividend as part of its FY 2023 results.
Outlook
The Company has grown rapidly over the year to become the
leading commercial and industrial platform in the UK. All the
Company's remaining installation projects are expected to be
energised by the end of March 2024 at which point the portfolio
will be generating c.173GWh of clean energy, avoiding 37,000 tonnes
of CO(2) emissions per annum. This is equivalent to powering 64,000
homes with clean energy.
For further information, please contact:
Atrato Partners
Gurpreet Gujral
Christopher Fearon +44 (0)77 959 75560
Stifel Nicolaus Europe Limited
Mark Young
Rajpal Padam
Madison Kominski +44 (0)20 7710 7600
Kaso Legg Communications Limited atrato@kl-communications.com
Charles Gorman +44 (0)20 3995 6673
Charlotte Francis
Notes to Editors
Atrato Onsite Energy plc (LSE: ROOF) is an investment company
specialising in clean energy generation with 100% carbon
traceability. The Company focuses on UK solar, helping its clients
achieve net zero and reduce their energy bills.
The Company aims to provide investors with attractive capital
growth and long dated, index-linked income, targeting a 5% dividend
yield and a NAV total return of 8 - 10%(7) . Its shares were
admitted to trading on the premium segment of the Main Market of
the London Stock Exchange on 23 November 2021. Atrato Partners
Limited is the Company's Investment Adviser.
Further information is available on the Company's website
www.atratorenewables.com
The Company's LEI is 213800IE1PPREDIIZB62.
(1) Renewables investment trust sector
(2) Once portfolio is fully operational
(3) The target dividend set out above is a target only and not a
profit forecast. There can be no assurance that these targets will
be met
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NAVFXLLBXLLBFBF
(END) Dow Jones Newswires
December 04, 2023 02:00 ET (07:00 GMT)
Grafico Azioni Atrato Onsite Energy (LSE:ROOF)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Atrato Onsite Energy (LSE:ROOF)
Storico
Da Feb 2024 a Feb 2025
