Annual Results
February 2023
For Professional Investors Only
2022 Highlights
£560.1m / 3.2x
Strong cash generation and high dividend cover | Net cash generation / dividend cover | |||
Power generation 5% below budget | 4,362GWh | |||
Power generation | ||||
High power prices and capture | £203.79/MWh / 11% capture discount | |||
Average day ahead power price, N2EX | ||||
RPI linked dividend | £178.9m / 7.72p per share | |||
Dividends declared with respect to the period | ||||
£340m of reinvestment | 1,610MW | |||
Total generating capacity | ||||
Outstanding commitments (South Kyle and Kype Muir Extension) | 269MW | |||
Committed investment | ||||
NAV increased to 167.1p per share, an increase of 33.6p | £3,873.2m | |||
Net Asset Value | ||||
NAV has increased on a real basis since listing | 68.5% vs RPI of 44.9% | |||
NAV growth vs RPI inflation | ||||
Total debt of £1,780m(1) | with £600m RCF partially drawn (£200m) | 31% | ||
Gearing (percentage of GAV) | ||||
£3,523.5m
Market capitalisation | Market capitalisation |
Continued delivery of simple, low risk and proven strategy
Note: all numbers to or at 31 December 2022; (1) sum of fixed rate term debt (£900m), drawn RCF (£200m) and UKW's share of Hornsea 1 Holdco debt (£680m)
2
Simple Model
Equity | Total |
Debt | reinvestment |
£653m
6-45 wind | Generating capacity increased |
farms | from 127 to 1,610MW(1) since IPO |
18.8TWh | Total renewable electricity produced |
£1,438m | Total cash generated |
£785m Total dividends paid or declared
"Annual dividend increasing with RPI inflation and real NAV preservation''
Note: from IPO to 31 December 2022 | 3 |
Track Record of Consistent Delivery
Period | Production | Cash Generation | Dividend(1) | Dividend | Dividend | RPI | NAV Growth |
Cover(2) | growth | ||||||
2013(3) | 292GWh | £21.6m | £14.2m (4.50p) | 1.8x | - | 1.9% | 2.5% |
2014 | 565GWh | £32.4m | £24.8m (6.16p) | 1.6x | 1.9% | 1.6% | 2.5% |
2015 | 799GWh | £48.3m | £29.6m (6.26p) | 1.7x | 1.6% | 1.2% | 0.5% |
2016 | 978GWh | £49.0m | £38.8m (6.34p) | 1.4x | 1.2% | 2.5% | 4.0% |
2017 | 1,457GWh | £80.1m | £57.3m (6.49p) | 1.5x | 2.5% | 4.1% | 2.4% |
2018 | 2,003GWh | £117.3m | £74.8m (6.76p) | 1.6x | 4.1% | 2.7% | 10.8% |
2019 | 2,385GWh | £127.7m | £100.4m (6.94p) | 1.4x | 2.7% | 2.2% | -1.4% |
2020 | 2,952GWh | £145.2m | £118.7m (7.10p) | 1.3x | 2.2% | 1.2% | 0.6% |
2021 | 2,933GWh | £256.8m | £148.0m (7.18p) | 1.9x | 1.2% | 7.5% | 9.4% |
2022 | 4,362GWh | £560.1m | £178.9m (7.72p) | 3.2x | 7.5% | 13.4% | 25.4% |
RPI linked dividend, well covered by RPI linked cash flows
Notes: (1) dividends declared with respect to the period; (2) dividend cover as reported; (3) 27 March to 31 December 2013 | 4 |
Operational and Financial Performance
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Greencoat UK Wind plc published this content on 23 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2023 07:12:03 UTC.