TIDMIRSH
Greencoat Renewables PLC Interim Results
ISE ESM: GRP LSE AIM: GRP
Dublin & London, 23 November 2017 | Greencoat Renewables
PLC, the sector focussed renewable infrastructure company, invested
in operating Irish wind farms that listed on the Irish and London
Stock Exchanges in July 2017, announces results for the period from
15 February to 30 September 2017.
Financial Highlights
-- Capital raising of 270 million ordinary shares in an oversubscribed
Initial Public Offering and listing on the Irish and London
Stock
Exchanges;
-- Portfolio net operating cashflow of EUR8.9m for the period;
-- Net asset value at 30 September of EUR261.6 million or 96.9 cent per
share; and,
-- Maiden dividend of 2.61c per share expected to be paid in March 2018
with respect to the period from IPO to 31 December 2017, in line
with
the Company's stated initial target dividend of 6c per
share.
Portfolio Highlights
-- Acquisition of high quality seed portfolio of two wind farms with a
capacity of 136.7 MW;
-- Portfolio generated 107.7GWh of electricity, 3% above budget for the
period from acquisition to 30September 2017; and,
-- Planned outage at Knockacummer wind farm completed on schedule
Rónán Murphy, Non-Executive Chairman, of Greencoat Renewables
PLC, commented:
"Greencoat Renewables successfully launched on the Irish and
London Stock Exchanges in July of 2017 raising EUR270 million. We
are very grateful to our shareholders and other stakeholders who
have supported this process, and are pleased to report our first
set of results.
Our assets have performed well over these first seven months,
generating slightly more power than budgeted, due to a slightly
higher than average wind resource.
We continue to make good progress against the operational goals
we set out at our IPO, and expect to pay a dividend of 2.61c per
share in March next year in line with our stated initial
target.
We believe that the macroeconomic environment looks increasingly
favourable for renewables in Ireland, and we are optimistic about
opportunities in Ireland's secondary wind market.
Bertrand Gautier, Partner of Greencoat Capital, the Investment
Manager, commented:
"We are pleased with the performance of our investment portfolio
which generated 107.7GWh of electricity, 3% above budget for the
period from acquisition to 30 September 2017.
Given its strong wind resource, and stable and supportive
regulatory regime, Ireland is a very attractive market in which to
generate renewable energy from wind. We are confident in the supply
of operating Irish wind farms coming to market. We believe that our
disciplined investment model, along with the capital raised in our
IPO, positions us competitively in the market to acquire
operational assets and in turn, create value for our
shareholders."
Ends
For further details contact:
Greencoat Capital LLP
(InvestmentManager)
Bertrand Gautier +44 20 7832 9400
Paul O'Donnell
Tom Rayner
FTI Consulting (Investor
Relations &Media)
Jonathan Neilan greencoat@fticonsulting.com
Melanie Farrell +353 1 765 0886
Davy Corporate Finance +353 1 679 6363
(NOMAD and ESMAdviser)
Fergal Meegan
Barry Murphy
Chairman's Statement
On 25 July this year, Greencoat Renewables successfully raised
EUR270 million and listed on the Dublin and London Stock Exchanges.
I am delighted by the support we received from our new shareholders
and look forward to delivering them stable returns over the coming
years.
I am pleased to be publishing our first set of accounts - the
Interim Report for 2017. Because the Company was formed on 15
February 2017, these interim financial statements cover the period
from 15 February 2017 to 30 September 2017.
PERFORMANCE
The Portfolio has performed in line with management expectations
in terms of energy production, operational expenditure and overall
cash flow generation with no material unplanned outages or issues
affecting any of the assets. As a result, over the period to 30
September 2017, the Portfolio generated operating cash flow of
EUR8.9 million.
BUSINESS STRATEGY
The Company's strategy remains unchanged. It aims to provide
attractive risk adjusted returns to shareholders through an annual
dividend of 6.0c per share that increases progressively while
growing the capital value of its investment portfolio.
The Company is targeting an IRR of 7 to 8 per cent. (net of
expenses and fees) on the issue price of the ordinary shares to be
achieved over the longer term via active management of the
investment portfolio, reinvestment of excess cash flows and the
prudent use of leverage.
The Company intends to hold assets in its investment Portfolio
for the long term.
Ireland has an EU obligation to ensure that 16 per cent. of
primary energy use is derived from renewable sources, expected to
be largely from onshore wind, by 2020. Since 1995, Ireland has
provided owners of operating wind farms with a supportive
regulatory framework. Irish wind farms benefit from a 15 year
inflation linked floor price under the REFIT regime, while allowing
wind farms to capture prices above the floor.
DIVID
In line with the Company's stated initial target, the Company
expects to pay a dividend of 2.61c per share corresponding to an
annualised 6.0c per share for the period from IPO to 31 December
2017. As a result of the recent capital reduction approved by the
High Court of Ireland and creation of distributable reserves, the
Company expects to announce and pay this dividend in March 2018
following the publication of the Company's annual report and
audited financial statements to 31 December 2017.
NAV per share decreased in the period from 98.0c pence per share
at IPO to 96.9c per share on 30 September 2017, driven by a decline
in power price forecasts beyond the REFIT period.
GEARING
As at 30 September 2017, the Group had EUR70.8 million of debt
outstanding, equating to 21 per cent. of GAV, which is towards the
lower end of the Group's target range. This debt is in the form of
a project finance facility and associated interest rate swap.
The Group's policy is to have no gearing at the individual asset
level, and to keep overall Group level borrowings at a prudent
level (the maximum is 60 per cent. of GAV) in order to reduce risk,
while ensuring that the Group is always at least fully invested
thus using shareholders' capital efficiently. Over the medium term
we would expect gearing to be c. 40 per cent.
ACQUISITIONS
During the period, the Company made two acquisitions. In March,
the Company acquired it's 136.7MW seed portfolio in a single
transaction from Brookfield consisting of the 100.0MW Knockacummer
wind farm and the 36.7MW Killhills wind farm.
PRINCIPAL RISKS AND UNCERTAINTIES
As detailed in the Admission Document, the principal risks and
uncertainties affecting the Group are unchanged:
-- dependence on the Investment Manager; and
-- financing risk.
Also, as detailed in the Company's Admission Document, the
principal risks and uncertainties affecting the investee companies
are as follows:
-- changes in government policy on renewable energy;
-- risk in relation to the operation of electricity market;
-- a decline in the market price of electricity post REFIT;
-- risk of low wind resource;
-- lower than expected life-span of the wind turbines; and
-- health and safety and the environment.
OUTLOOK
Evidence from the past six months has only increased our
confidence in the outlook for Ireland's secondary wind market. The
build out of REFIT 2 has continued strongly and the announcement of
REFIT 4, though not unexpected, adds further certainty to our
long-term pipeline.
The Irish wind market remains a very attractive jurisdiction
with both a stable and supportive regulatory regime. Wind remains
the dominant renewable technology and the Group is in a good
position to benefit as electricity production from wind becomes an
increasingly important part of Ireland's generation mix.
The total market of operating wind farms in the Ireland is
expected to reach EUR8 billion by 2020. The supply of operating
Irish wind farms coming to market is increasing and the Group has a
significant pipeline of opportunities.
The Board is supportive of value-accretive growth through
further wind farm investments, and such acquisitions will be in the
shareholders' interest:
-- providing additional economies of scale at Group level;
-- increasing market power with service providers and asset sellers; and
-- increasing liquidity in our shares.
The Board remains confident in the Company's outlook for the
future, and in the disciplined approach of the Investment Manager
to possible future acquisitions and the continued careful
management of the existing Portfolio.
Rónán MurphyChairman
22 November 2017
Investment Manager's Report
INFORMATION ABOUT INVESTMENT MANAGER
The Investment Manager is responsible for the day-to-day
management of the Company's investment Portfolio in accordance with
the Company's investment objective and policy, subject to the
overall supervision of the Board.
The Investment Manager is an experienced manager of renewable
infrastructure assets and is authorised and regulated by the
Financial Conduct Authority.
INVESTMENT PORTFOLIO
The Group's investment Portfolio as at 30 September 2017
consisted of SPVs which hold the following underlying operating
wind farms:
Killhills Enercon Brookfield Brookfield 36.7
Knockacummer Nordex Brookfield Brookfield 100.0
Total 136.7
Investment Portfolio continued
The Portfolio breakdown by value as at 30 September 2017 is as
follows:
PORTFOLIO PERFORMANCE
Portfolio generation for the period from acquisition of the seed
portfolio on 9 March 2017 to 30 September 2017 was 107.7GWh, 3 per
cent. above budget. Other than those disclosed in the Admission
Document, there are no material issues impacting the performance of
the assets.
KNOCKACUMMER GRID CONNECTION UPGRADE
The pre-planned outage relating to the Glenlara substation was
completed with Knockacummer re-energised on 27 October 2017. This
was 4 days behind schedule due to some interruption from Hurricane
Ophelia. The planned work involved a full upgrade to the local
substations to which Knockacummer wind farm is connected. During
the outage, the wind farm underwent an accelerated maintenance and
upgrade programme. The remaining work on the transmission
connection is expected to be completed in H1 2018 (with short
associated outage to reconnect) at which point the wind farm will
switch from distribution connection to transmission connection.
HEALTH AND SAFETY
There were no major incidents in the period ended 30 September
2017.
ACQUISITIONS
On 9 March 2017, the Company invested EUR318m to acquire 100 per
cent. of the seed portfolio consisting of Knockacummer and
Killhills wind farm from Brookfield. Initial funding for this
transaction was provided by AIB and ISIF by way of fixed rate and
profit participating loan instruments.
Knockacummer is a 100MW wind farm in County Cork consisting of
40 2.5MW Nordex N90 turbines. Knockacummer is eligible for support
under REFIT 1 until the end of 2027.
Killhills is a 36.7 MW wind farm in County Tipperary consisting
of 13 2.3MW Enercon E82 turbines. Killhills is eligible for support
under REFIT 2 until the end of 2030.
INVESTMENT PERFORMANCE
Since listing, the Company's share price has increased from the
issue price of 100c reaching a high of 108.5c. As at 30 September
2017, the share price was 106.5c.
The NAV at listing on 25 July 2017 was EUR264.6 million equating
to 98.0c per share. The NAV at 30 September 2017 had decreased to
EUR261.6 million or 96.9c per share owing to a decline in long term
power price forecasts.
RECONCILIATION OF REPORTED NAV TO STATUTORY NET ASSETS
DCF Valuation 309,026 311,436
Shareholder loan interest receivable 1,855 1,855
Cash (wind farm SPVs) 4,847 4,557
Fair value of investments 315,728 317,848
Cash (Group) 17,797 114,935
Other relevant assets/(liabilities) (1,097) (4,810)
GAV 332,428 427,973
Aggregate Group Debt (70,788) (163,391)
NAV 261,640 264,582
Reconciling items * 1,237 0
Statutory net assets 262,877 264,582
Shares in issue 270,000,000 270,000,000
NAV per share (cent) 96.9 98.0
* The reconciling item reflects a deferred tax asset in Holdco.
GEARING
As at 30 September 2017, the Group had EUR70.8 million of debt
outstanding, equating to 21 per cent. of GAV. The outstanding debt
comprised the project finance facility principal of EUR69.6 million
and EUR1.2 million fair value of the associated interest rate
swap.
As planned, the Group used EUR90 million of the IPO proceeds to
repay the project finance principal in August 2017. In addition to
this, EUR6.3 million of facility repayments were made during period
generated by the Portfolio's cashflows.
OUTLOOK
The outlook is positive for the Company, the secondary wind
asset market, and for the wider Irish renewables industry.
SECONDARY WIND FARM MARKET
We see a strong and growing pipeline of opportunities in the
secondary wind asset market in Ireland, with a range of high
quality assets which the Company is well-placed to acquire. We
continue to see the benefit of our long relationships and
experience in Ireland, and our expertise in the renewable
infrastructure market.
IRISH RENEWABLES MARKET
Since IPO, the Irish Government has announced the consultancy
process around a new REFIT programme for wind, which will run post
2019. This REFIT should provide further long-term depth to the
secondary market, underpinned by the continued strong build out we
have seen under REFIT 2.
While the structure and level of the new REFIT is not directly
relevant to the value of the Company's Portfolio or to the value of
any short to medium term pipeline, it shows the continued
governmental support for the renewable energy sector, not least for
reasons of security of supply.
Condensed Consolidated Statement of Comprehensive Income
(unaudited)
For the period ended 30 September 2017
Note
Return on investments 3 13,289
Other income 200
Total income and gains 13,489
Operating expenses 4 (1,219)
Investment acquisition costs (2,465)
Operating profit 9,805
Finance expense 11 (13,679)
Loss for the period before taxation (3,874)
Taxation 5 (36)
Loss for period after taxation (3,910)
Earnings per share
Basic and diluted earnings from continuing 6 (4.91)
operations in the period(cent)
Condensed Consolidated Statement of Financial Position
(unaudited)
As at 30 September 2017
Note
Non-current assets
Investments at fair value 7 315,728
through profit or loss
315,728
Current assets
Receivables 9 1,836
Cash and cash equivalents 17,797
19,633
Current Liabilities
Payables 10 (1,696)
Net current assets 17,937
Non-current liabilities
Loans and borrowings 11 (70,788)
Net assets 262,877
Capital and reserves
Called up share capital 13 2,700
Share premium account 13 262,167
Cash flow hedge reserve 11 1,920
Retained earnings (3,910)
Total shareholders' funds 262,877
Net asset per share (cent) 14 97.4
Authorised for issue by the Board on 22 November
2017 and signed on its behalf by:
Rónán MurphyChairman Kevin McNamaraDirector
Condensed Consolidated Statement of Changes in Equity
(unaudited)
For the period ended 30 September 2017
Note
Opening - - - - -
netassetsattributabletoshareholders
Issue of sharecapital 13 2,700 267,300 - - 270,000
Share issuecosts 13 - (5,133) - - (5,133)
Loss for theperiod - - - (3,910) (3,910)
Othercomprehensiveincome, 11 - - 1,920 - 1,920
netof tax
Closing 2,700 262,167 1,920 (3,910) 262,877
netassetsattributabletoshareholders
Condensed Consolidated Statement of Cash Flows (unaudited)
For the period ended 30 September 2017
Note
Net cash flows from operating activities 15 5,026
Cash flows from investing activities
Acquisition of investments (147,401)
Investment acquisition costs (2,465)
Repayment of shareholder loan investments 7 4,076
Net cash flows from investing activities (145,790)
Cash flows from financing activities
Issue of share capital 13 270,000
Amounts drawn down on loan instruments 11 152,000
Amounts repaid on loan instruments 11 (152,000)
Payment of share issue costs (4,823)
Repayment of project finance loan 11 (96,326)
Finance costs (10,290)
Net cash flows from financing activities 158,561
Net increase in cash and cash equivalents 17,797
during the period
Cash and cash equivalents at beginning of period -
Cash and cash equivalents at the end of the period 17,797
Notes to the Unaudited Condensed Consolidated Financial
Statements
For the period ended 30 September 2017
1.SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The interim ?nancial statements have been prepared in accordance
with IFRS to the extent that they have been adopted by the EU and
with those parts of the Companies Act 2014 applicable to companies
under IFRS.
These ?nancial statements are presented in Euro ("EUR") which is
the currency of the primary economic environment in which the Group
operates and are rounded to the nearest thousand, unless otherwise
stated.
The ?nancial statements have been prepared on the historical
cost basis, as modified for the measurement of certain ?nancial
instruments at fair value through pro?t or loss. The ?nancial
statements have been prepared on the going concern basis. The
principal accounting policies are set out below.
REVIEW
The interim financial statements have not been audited or
reviewed by the Company's Auditor in accordance with the
International Standards on Auditing (ISAs) (Ireland) or
International Standard on Review Engagements (ISREs).
NEW AND AMED STANDARDS AND INTERPRETATIONS NOT APPLIED
There were no new standards or interpretations effective for the
?rst time for periods beginning on or after 15 February 2017 that
had a signi?cant effect on the Group's ?nancial statements.
Furthermore, none of the amendments to standards that are effective
from that date had a signi?cant effect on the ?nancial
statements.
At the date of authorisation of these ?nancial statements, IFRS
9 "Financial instruments" and IFRS 15 "Revenue from contracts with
customers" were issued but will not become effective until
accounting periods beginning on or after 1 January 2018 and IFRS 16
"Leases" was issued but will not become effective until accounting
periods beginning on or after 1 January 2019. These accounting
standards have not been applied in these ?nancial statements. Other
accounting standards have been published and will be mandatory for
the Group's accounting periods beginning on or after 1 January 2017
or later periods. The impact of these standards is currently being
assessed by management in relation to their materiality effect to
the reported results and ?nancial position of the Company.
ACCOUNTING FOR SUBSIDIARIES
The Directors have concluded that the Group has all the elements
of control as prescribed by IFRS 10 "Consolidated Financial
Statements" in relation to all its subsidiaries and that the
Company satis?es the criteria to be regarded as an investment
entity as de?ned in IFRS 10, IFRS 12 "Disclosure of Interests in
Other Entities" and IAS 27 "Consolidated and Separate Financial
Statements".
Subsidiaries are therefore measured at fair value through pro?t
or loss, in accordance with IFRS 13 "Fair Value Measurement" and
IAS 39 "Financial Instruments: Recognition and Measurement". In the
Parent Company ?nancial statements, investments in subsidiaries are
measured at fair value through pro?t or loss in accordance with IAS
39, as permitted by IAS 27. The ?nancial support provided by the
Group to its unconsolidated subsidiaries is disclosed in note
8.
Notwithstanding this, IFRS 10 requires subsidiaries that provide
services that relate to the investment entity's investment
activities to be consolidated. Accordingly, the annual financial
statements include the consolidated financial statements of the
Company and the HoldCo. In respect of these entities, intra-Group
balances and any unrealised gains arising from intra-Group
transactions are eliminated in preparing the consolidated financial
statements. Unrealised losses are eliminated unless the costs
cannot be recovered. The financial statements of subsidiaries that
are included in the consolidated financial statements are included
from the date that control commences until the dates that control
ceases.
CONSOLIDATION
Subsidiaries are all entities (including structured entities)
over which the Company has control. The Company controls an entity
when the Company has power over the entity, is exposed to, or has
rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over
the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Company. They are derecognised
from the date that control ceases.
The Company applies the acquisition method to account for
business combinations. The consideration transferred for the
acquisition of a subsidiary (for accounting purposes) is the fair
value of the assets transferred, the liabilities incurred to the
former owners of the acquiree and the equity interests issued by
the Company. The consideration transferred includes the fair value
of any asset or liability resulting from a contingent consideration
arrangement. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition date.
The Company recognises any non-controlling interest in the acquiree
on an acquisition-by-acquisition basis, either at fair value or at
the non-controlling interest's proportionate share of the
recognised amounts of acquiree's identifiable net assets.
1.SIGNIFICANT ACCOUNTING POLICIES CONTINUED
CONSOLIDATION CONTINUED
The following table outlines the consolidated entities.
GR Wind Farm 1 Limited 9 March 2017 Ireland Ireland
Based on control, the results of the Group are consolidated into the Consolidated Financial Statements.
Acquisition-related costs are expensed as incurred.
Inter-company transactions, notes, balances and unrealised gains
on transactions between group companies are eliminated on
consolidation. Unrealised losses are also eliminated. When
necessary, amounts reported by subsidiaries have been adjusted to
conform to the Company's accounting policies. During the year no
such adjustments have been made given all subsidiaries have uniform
accounting policies.
FINANCIAL INSTRUMENTS
Financial assets and ?nancial liabilities are recognised in the
Group's Statement of Financial Position when the Group becomes a
party to the contractual provisions of the instrument. Financial
assets and ?nancial liabilities are only offset and the net amount
reported in the Condensed consolidated statement of ?nancial
position when there is a currently enforceable legal right to
offset the recognised amounts and the Group intends to settle on a
net basis or realise the asset and liability simultaneously.
At 30 September 2017, the carrying amounts of cash and cash
equivalents, receivables, payables and borrowings re?ected in the
?nancial statements are reasonable estimates of fair value in view
of the nature of these instruments or the relatively short period
of time between the original instruments and their expected
realisation. The fair value of advances and other balances with
related parties which are short-term or repayable on demand is
equivalent to their carrying amount.
FINANCIAL ASSETS
The classi?cation of ?nancial assets at initial recognition
depends on the purpose for which the ?nancial asset was acquired
and its characteristics.
All ?nancial assets are initially recognised at fair value. All
purchases of ?nancial assets are recorded at the date on which the
Company became party to the contractual requirements of the
?nancial asset.
The Group's and Company's ?nancial assets comprise of
investments held at fair value through pro?t or loss and loans and
receivables.
LOANS AND RECEIVABLES
These assets are non-derivative ?nancial assets with ?xed or
determinable payments that are not quoted in an active market. They
principally comprise cash and trade and other receivables and they
are initially recognised at fair value and subsequently carried at
amortised cost using the effective interest rate method, less
provision for impairment. Transaction costs are recognised in the
Condensed consolidated Statement of Comprehensive Income as
incurred. Only receivables are classified as loans and
receivables.
The Group and Company assesses whether there is any objective
evidence that ?nancial assets are impaired at the end of each
reporting period. If any such evidence exists, the amount of the
impairment loss is measured as the difference between the asset's
carrying amount and the present value of estimated future cash
?ows, discounted at the original effective interest rate. The
amount of the impairment is recognised in Condensed Consolidated
Statement of Comprehensive Income.
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
Investments are designated upon initial recognition as held at
fair value through pro?t or loss. Movements in fair value are
recognised in the Condensed Consolidated Statement of Comprehensive
Income during the reporting period. As shareholder loan investments
form part of a managed portfolio of assets whose performance is
evaluated on a fair value basis, loan investments are designated at
fair value in line with equity investments.
1.SIGNIFICANT ACCOUNTING POLICIES CONTINUED
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS CONTINUED
The Company's loan and equity investments in Holdco are held at
fair value through pro?t or loss. Gains or losses resulting from
the movement in fair value are recognised in the Company's
Condensed consolidated Statement of Comprehensive Income at each
valuation point.
Investments are initially recognised at cost, being the fair
value of consideration given. Transaction costs are recognised in
the Condensed Consolidated Statement of Comprehensive Income as
incurred.
Fair value is de?ned as the amount for which an asset could be
exchanged between knowledgeable willing parties in an arm's length
transaction. Fair value is calculated on an unlevered, discounted
cash ?ow basis in accordance with IFRS 13 and IAS 39. Gains or
losses resulting from the revaluation of investments are recognised
in the Condensed Consolidated Statement of Comprehensive
Income.
DE-RECOGNITION OF FINANCIAL ASSETS
A ?nancial asset (in whole or in part) is derecognised
either:
-- when the Group has transferred substantially all the risks and rewards
of ownership; or
-- when it has neither transferred nor retained substantially all the
risks and rewards and when it no longer has control over the
assets or
a portion of the asset; or
-- when the contractual right to receive cash ?ow has expired.
FINANCIAL LIABILITIES
Financial liabilities are classi?ed according to the substance
of the contractual agreements entered into.
All ?nancial liabilities are initially recognised at fair value
net of transaction costs incurred. All ?nancial liabilities are
recorded on the date on which the Group becomes party to the
contractual requirements of the ?nancial liability.
All loans and borrowings are initially recognised at cost, being
fair value of the consideration received, less issue costs where
applicable. After initial recognition, all interest-bearing loans
and borrowings are subsequently measured at amortised cost using
the effective interest rate method. Loan balances as at the period
end have not been discounted to re?ect amortised cost, as the
amounts are not materially different from the outstanding
balances.
The Group's other ?nancial liabilities measured at amortised
cost include trade and other payables and other short term monetary
liabilities which are initially recognised at amortised cost and
subsequently measured at amortised cost using the effective
interest rate method.
A ?nancial liability (in whole or in part) is derecognised when
the Group has extinguished its contractual obligations, it expires
or is cancelled. Any gain or loss on de-recognition is taken to the
Condensed Consolidated Statement of Comprehensive Income.
DERIVATIVE FINANCIAL INSTRUMENTS
Holdco uses derivative financial instruments to hedge its
exposure to interest rate risk arising from financing activities.
The principal derivatives used are interest rate swaps. All such
derivatives are initially recognised at fair value and are
re-measured to fair value at the reporting date. The majority of
derivative financial instruments are designated as being held for
hedging purposes. The designation of the hedge relationship is
established at the inception of the contract and procedures are
applied to ensure the derivative is highly effective in achieving
its objective and that the effectiveness of the hedge can be
reliably measured. The treatment of gains and losses on
re-measurement is dependent on the classification of the hedge and
whether the hedge relationship is designated as either a "fair
value" or "cash flow hedge".
FAIR VALUE HEDGES
These instruments hedge the exposure to changes in the fair
value of an asset or liability recorded in the Condensed
Consolidated Statement of Financial Position, or a firm commitment
to purchase or sell an asset. Changes in the fair value of the
hedged item attributable to the hedged (risk) component of that
item are recorded in profit or loss and are offset by corresponding
variations in the fair value of the hedging instrument. Only the
ineffective portion of the hedge has an impact on profit or
loss.
Hedge accounting is applied in compliance with IAS 39 Financial
Instruments: Recognition and Measurement and concerns interest rate
derivatives used to hedge long-term indebtedness.
1.SIGNIFICANT ACCOUNTING POLICIES CONTINUED
CASH FLOW HEDGES
Where a derivative financial instrument is designated as a hedge
of the variability in cash flows of a recognised liability, the
effective part of any gain or loss on the derivative financial
instrument is recognised directly in other comprehensive income.
The ineffective part of any gain or loss is recognised in the
income statement immediately. When a hedging instrument or hedge
relationship is terminated but the hedged transactions is still
expected to occur, the cumulative gain or loss at the point remains
in other comprehensive income and is recognised in accordance with
the above policy when the transaction occurs. If the hedged
transaction is no longer probable, the cumulative unrealised gain
or loss recognised in other comprehensive income is recognised in
profit or loss immediately.
FINANCE EXPENSES
Borrowing costs are recognised in the Condensed consolidated
Statement of Comprehensive Income in the period to which they
relate on an accruals basis using the effective interest rate
method.
SHARE CAPITAL
Financial instruments issued by the Company are treated as
equity if the holder has only a residual interest in the assets of
the Company after the deduction of all liabilities. The Company's
ordinary shares are classi?ed as equity instruments.
Share issue costs of the Company directly attributable to the
issue and listing of shares are charged to the share premium
account. Share issue costs of the Company directly attributable to
the issue and listing of shares are charged to the share premium
account.
Share issue costs include those incurred in connection with the
placing and admission which include fees payable under a placing
agreement, legal costs and any other applicable expenses.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash balances, deposits held
on call with banks and other short-term highly liquid deposits with
original maturities of three months or less, that are readily
convertible to a known amount of cash and are subject to an
insigni?cant risk of changes in value.
FOREIGN CURRENCIES
Transactions in foreign currencies are translated at the foreign
exchange rate ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies at the
reporting date are translated at the foreign exchange rate ruling
at that date. Foreign exchange differences arising on translation
are recognised in the Condensed consolidated Statement of
Comprehensive Income.
INCOME RECOGNITION
Interest income on shareholder loan investments is recognised
when the Group's entitlement to receive payment is established.
Other income is accounted for on an accruals basis.
Gains or losses resulting from the movement in fair value of the
Group's and Company's investments held at fair value through pro?t
and loss are recognised in the Condensed consolidated Statement of
Comprehensive Income at each valuation point.
EXPENSES
Expenses are accounted for on an accruals basis.
TAXATION
Under the current system of taxation in Ireland, the Company is
liable to taxation on its operations in Ireland.
Current tax is the expected tax payable on the taxable income
for the period, using tax rates that have been enacted or
substantively enacted at the date of the Condensed consolidated
Statement of Financial Position.
Deferred tax is the tax expected to be payable or recoverable on
temporary differences between the carrying amounts of assets and
liabilities in the ?nancial statements and the corresponding tax
bases used in the computation of taxable pro?t. Deferred tax
liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent
that it is probable that taxable pro?ts will be available against
which deductible temporary differences can be utilised.
1.SIGNIFICANT ACCOUNTING POLICIES CONTINUED
TAXATION CONTINUED
Deferred tax assets and liabilities are not recognised if the
temporary differences arise from goodwill or from the initial
recognition of other assets and liabilities in a transaction that
affects neither the tax pro?t nor the accounting pro?t. Deferred
tax liabilities are recognised for taxable temporary differences
arising on investments, except where the Company is able to control
the timing of the reversal of the difference and it is probable
that the temporary difference will not reverse in the foreseeable
future. Deferred tax is calculated at the tax rates that are
expected to apply in the period when the liability is settled or
the asset is realised. Deferred tax is charged or credited to the
Condensed consolidated Statement of Comprehensive Income except
when it relates to items charged or credited directly to equity, in
which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a
legally enforceable right to set off tax assets against tax
liabilities and when they relate to income taxes levied by the same
taxation authority and the Company intends to settle its current
tax assets and liabilities on a net basis. Deferred tax assets and
liabilities are not discounted.
SEGMENTAL REPORTING
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Board of Directors, as a
whole. The key measure of performance used by the Board to assess
the Group's performance and to allocate resources is the total
return on the Group's net assets, as calculated under IFRS, and
therefore no reconciliation is required between the measure of
profit or loss used by the Board and that contained in the
financial statements.
For management purposes, the Group is organised into one main
operating segment, which invests in wind farm assets.
All of the Group's income is generated within the Ireland.
All of the Group's non-current assets are located in
Ireland.
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the ?nancial statements requires the
application of estimates and assumptions which may affect the
results reported in the ?nancial statements. Estimates, by their
nature, are based on judgement and available information.
One area of judgement relates to the Company's classi?cation as
an investment entity as de?ned in IFRS 10, IFRS 12 and IAS 27. IFRS
10 requires that a Company has to ful?l three criteria to be an
investment entity:
-- obtains funds from one or more investors for the purpose of providing
those investor(s) with investment management services;
-- commits to its investor(s) that its business purpose is to invest
funds solely for returns from capital appreciation, investment
income,
or both; and
-- measures and evaluates the performance of substantially all of its
investments on a fair value basis.
IFRS 10 also determines that an investment entity would have the
following typical characteristics:
-- it has more than one investment;
-- it has more than one investor;
-- it has investors that are not related parties; and
-- it has ownership interest in the form of equity or similar interests.
An entity that does not display all of the above characteristics
could, nevertheless, meet the de?nition of an investment
entity.
The Directors have concluded that the Company meets the
de?nition of an investment entity.
The key assumptions that have a signi?cant impact on the
carrying value of investments that are valued by reference to the
discounted value of future cash ?ows are the useful life of the
assets, the discount factors, the level of wind resource, the rate
of in?ation, the price at which the power and associated bene?ts
can be sold and the amount of electricity the assets are expected
to produce. A sensitivity analysis of these assumptions is included
in note 7.
1.SIGNIFICANT ACCOUNTING POLICIES CONTINUED
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
CONTINUED
Useful lives are based on the Investment Manager's estimates of
the period over which the assets will generate revenue which are
periodically reviewed for continued appropriateness. The standard
assumption used for the useful life of a wind farm is 25 years. The
actual useful life may be a shorter or longer period depending on
the actual operating conditions experienced by the asset.
The discount factors are subjective and therefore it is feasible
that a reasonable alternative assumption may be used resulting in a
different value. The discount factors applied to the cash ?ows are
reviewed annually by the Investment Manager to ensure they are at
the appropriate level. The Investment Manager will take into
consideration market transactions, where of similar nature, when
considering changes to the discount factors used.
The revenues and expenditure of the investee companies are
frequently partly or wholly subject to indexation and an assumption
are made that in?ation will increase at a long term rate.
The price at which the output from the generating assets is sold
is a factor of both wholesale electricity prices and the revenue
received from the Government support regime. Future power prices
are estimated using external third party forecasts which take the
form of specialist consultancy reports. The future power price
assumptions are reviewed as and when these forecasts are updated.
There is an inherent uncertainty in future wholesale electricity
price projection.
Speci?cally commissioned external reports are used to estimate
the expected electrical output from the wind farm assets taking
into account the expected average wind speed at each location and
generation data from historical operation. The actual electrical
output may differ considerably from that estimated in such a report
mainly due to the variability of actual wind to that modelled in
any one period. Assumptions around electrical output will be
reviewed only if there is good reason to suggest there has been a
material change in this expectation.
GOING CONCERN
After making enquiries, the Directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis of
accounting in preparing the interim financial statements.
2.INVESTMENT MANAGEMENT FEES
Under the terms of the Investment Management Agreement, the
Investment Manager is entitled to a management fee from the
Company, which is calculated quarterly in arrears in accordance
with the Investment Management Agreement.
Investment management fees paid or accrued in the period were as
follows:
Total amounts payable to the Investment Manager 667
Total 667
As at 30 September 2017, total amounts payable to the Investment
Manager were EUR666,892. Total amounts paid to the Investment
Manager for the period ended 30 September 2017 were EURnil.
3.RETURN ON INVESTMENTS
Interest on shareholder loan investment received 5,455
Unrealised movement in fair value of investments (note 7) 7,834
13,289
4.OPERATING EXPENSES
Management fees (note 2) 667
Non-executive Directors' fees 63
Group administration fees 30
Other expenses 433
Fees to the Company's Auditor:
for audit of the statutory financial statements 22
for other audit related services 4
1,219
The fees to the Company's auditor includes EUR4,000 payable in
relation to a limited review of these interim financial statements,
and estimated accruals proportioned across the year for the audit
of the statutory financial statements.
5.TAXATION
Taxation 36
A deferred tax asset has been recognised in respect of
derivatives and tax losses carried forward in Holdco. As required
by IAS 12 Income Taxes, deferred tax assets are only recognised to
the extent that it is probable that taxable profit will be
available against which the deductible temporary difference can be
utilised. Deferred tax asset recognition is regularly reassessed.
The taxation charge in the Condensed Consolidated Statement of
Comprehensive Income relates to the movement of the deferred tax
asset in relation to the swap on the project finance facility.
6.EARNINGS PER SHARE
Loss attributable to equity holders of the Company - EUR'000 (3,910)
Weighted average number of ordinary shares in issue 79,691,631
Basic and diluted earnings from continuing (4.91)
operations in the period (cent)
The weighted average number of ordinary shares arises from in
relation to the period before the IPO, when 2 ordinary shares were
allotted and the period after the IPO, when 270,000,000 ordinary
shares were in issue.
7.INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
Opening balance - - -
Additions 292,099 26,043 318,142
Adjustment on consolidation (117,272) 111,100 (6,172)
Repayment of shareholder loan investments (4,076) - (4,076)
Unrealised movement in fair value - 7,834 7,834
of investments (note 3)
170,751 144,977 315,728
The adjustment on consolidation above reflects an adjustment to
pre-acquisition value of the Portfolio when Holdco was consolidated
into the Group.
The unrealised movement in fair value of investments of the
Group during the period was made up as follows:
Decrease in DCF valuation of investments (1,089)
Repayment of shareholder loan investments (note 16) 4,076
Movement in cash balances of SPVs 4,847
7,834
FAIR VALUE MEASUREMENTS
IFRS 13 "Fair Value Measurement" requires disclosure of fair
value measurement by level. The level of fair value hierarchy
within the financial assets or financial liabilities ranges from
level 1 to level 3 and is determined on the basis of the lowest
level input that is significant to the fair value measurement.
The fair value of the Group's investments is ultimately
determined by the underlying fair values of the SPV investments.
Due to their nature, they are always expected to be classified as
level 3 as the investments are not traded and contain unobservable
inputs. There have been no transfers between levels during the
period ended 30 September 2017. All other financial instruments are
classified as level 2.
7.INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS CONTINUED
SENSITIVITY ANALYSIS
The fair value of the Group's investments is EUR315,727,767. The
analysis below is provided in order to illustrate the sensitivity
of the fair value of investments to an individual input, while all
other variables remain constant. The Board considers these changes
in inputs to be within reasonable expected ranges. This is not
intended to imply the likelihood of change or that possible changes
in value would be restricted to this range.
Discount rate 6 - 7 per cent. + 0.5 per cent. (12,912) (4.8)
- 0.5 per cent. 13,835 5.1
Energy yield P50 10 year P90 (28,943) (10.7)
10 year P10 28,733 10.6
Power price Forecast by leadingconsultant - 10 per cent. (14,518) (5.4)
+ 10 per cent. 14,475 5.4
Inflation rate 2 per cent. - 0.5 per cent. (11,462) (4.2)
+ 0.5 per cent. 12,216 4.5
The sensitivities above are assumed to be independent of each
other. Combined sensitivities are not presented.
The base case asset life assumption is 25 years. An asset life
sensitivity is not presented owing to the difficulty in quantifying
various associated valuation drivers, including: ability to extend
the lease term; ability to extend planning permission; commercial
terms attaching to any lease extension; operating and maintenance
costs associated with longer life; decommissioning costs; and scrap
value. Notwithstanding the difficulty in quantification, the
Investment Manager considers asset life extension to be of
significant potential upside to the Group.
8.UNCONSOLIDATED SUBSIDIARIES
The following table shows subsidiaries of the Group. As the
Company is regarded as an investment entity under IFRS, these
subsidiaries have not been consolidated in the preparation of the
financial statements:
Knockacummer Wind Farm Limited Ireland 100%
Killhills Wind Farm Limited Ireland 100%
Security deposits and guarantees provided during the period by
the Group on behalf of its investments are as follows:
The Company Killhills AIB Cash Planning 100
100
9.RECEIVABLES
Deferred tax asset 1,237
VAT receivable 511
Prepayments 88
1,836
10.PAYABLES
Investment management fee payable 667
Other payables 568
Equity costs payable 310
Loan interest payable 80
Other finance costs payable 71
1,696
11.LOANS AND BORROWINGS
Opening Balance - - -
Loans acquired at acquisition 165,939 4,802 170,741
Project Finance Facility
Repayments (96,326) - (96,326)
Movement in fair value of swap - (3,627) (3,627)
Fixed rate and profit participating
loan notes
Drawdown 152,000 - 152,000
Repayment (152,000) - (152,000)
Closing Balance 69,613 1,175 70,788
11.LOANS AND BORROWINGS CONTINUED
INTEREST PAYABLE AND OTHER CHARGES
Facility fee amortisation 4,011
Fixed rate loan note interest 3,353
Swap break costs 2,029
Other finance costs 1,716
Project finance facility Interest 1,660
Swap interest 729
Credit facility interest 135
Other facility fees 46
13,679
The Company acquired Holdco and the wind farm SPVs on 9 March
2017 with a pre-existing project finance facility and associated
interest rate swap in place. The facility is with DNB, BNP Paribas,
Santander and Société Générale and has a margin of 2 per cent. per
annum.
The acquired principal of the loan was EUR165,939,141 and the
fair value of the associated interest rate swap was
EUR4,802,134.
During the period, EUR6,326,809 of the outstanding facility was
repaid from the Portfolio's cash flows, as part of the facility's
mandatory repayment profile. In August 2017, the Group made a
EUR90,000,000 voluntary repayment using residual proceeds from the
IPO.
At 30 September 2017, the outstanding balance on the project
finance facility was EUR69,613,332 and the fair value of the swap
was EUR1,175,142.
The facility fee amortisation expense relates to the accelerated
amortisation of the arrangement fee incurred when the initial
project finance debt was put in place.
On 9 March 2017, the Company issued ?xed rate and pro?t
participating loan notes to AIB and the ISIF. The value of the ?xed
rate and pro?t participating loan notes issued to each noteholder
was EUR58,150,486 and EUR17,849,514 respectively. The ?xed rate
loan note interest was 7.5 per cent. per annum, and the pro?t
participating loan notes bore entitlement for each noteholder to
receive a share of the pro?ts of the Company. On 26 July 2017, all
fixed rate and profit participating loan notes were redeemed in
full. For the period ended 30 September 2017, EUR3,352,642 was paid
in relation to fixed rate loan note interest.
As mentioned above, the project finance facility has an
associated interest rate swap, the fair value of which, was
EUR1,175,142 on 30 September 2017. Consistent with the historic
accounting policies of Holdco, this swap is designated as a cash
flow hedge in accordance with IAS 39. Consequently, the movement of
EUR1,920,386 relating to the fair value of the swap, including any
deferred tax impact thereon, is recognised as other comprehensive
income through the Condensed Consolidated Statement of Changes in
Equity.
12.CONTINGENCIES
For the period ended 30 September 2017, there were no
contingencies in place for the Group.
13.SHARE CAPITAL - ORDINARY SHARES OF EUR1
15 February 2017 Initial share 2 - - -
capital
29 May 2017 Further issue 24,998 25 - 25
25 July 2017 Redeemed at IPO (25,000) (25) - (25)
25 July 2017 Issued and paid 270,000,000 2,700 267,300 270,000
25 July 2017 Less share issue - - (5,133) (5,133)
costs
30 September 2017 270,000,000 2,700 262,167 264,867
As at 30 September 2017, the Company's issued share capital
comprises 270,000,000 ordinary shares. The Company has one class of
ordinary shares with no right to fixed income.
14.NET ASSETS PER SHARE
Net assets - EUR'000 262,877
Number of ordinary shares issued 270,000,000
Total net assets - cent 97.4
Notes to the Unaudited Condensed Consolidated Financial
Statements continued
15.RECONCILIATION OF OPERATING PROFIT FOR THE PERIOD TO NET CASH
FROM OPERATING ACTIVITIES
Operating profit for the period 9,805
Adjustments for:
Movement in fair value of investments (note 3) (7,834)
Investment acquisition costs 2,465
Increase in receivables 1,189
Increase in payables (599)
Net cash flows from operating activities 5,026
16.RELATED PARTY TRANSACTIONS
On 9 March 2017, as part of the acquisition of the seed
portfolio, the Company advanced an interest-free loan to Holdco of
EUR31,100,000. On the 4 August 2017, the Company increased this
loan by EUR92,220,730 for the purpose of making the project finance
principal repayment and costs associated with the reduction of the
swap.
On 9 March 2017, as part of the acquisition of the seed
portfolio, the Company advanced loans to Knockacummer and Killhills
to replace loans from former shareholders. The loans advanced were
EUR78,045,564 to Knockacummer and EUR12,212,078 to Killhills. The
loans accrue at a rate of 7.5 per cent. per annum. The balance of
the loan receivable, including accrued interest, at 30 September
2017 was EUR79,649,240 with Knockacummer and EUR12,463,011 with
Killhills.
On 9 March 2017, as part of the acquisition of the seed
portfolio, Holdco joined the Group with pre-existing shareholder
loans in place. During the period, the Group received loan interest
repayments of EUR4,610,148 and capital repayments of EUR4,075,787
from the Portfolio. The balance of the loan receivable at 30
September 2017 was EUR57,809,154 with Knockacummer and
EUR21,862,441 with Killhills.
Holdco has a Management and Operating Agreement with
Knockacummer and Killhills in relation to the management, operation
and maintenance of the SPVs. Holdco receives a variable fee of EUR1
per MWh generated from both SPVs, which is subsequently paid to
Brookfield.
17.SUBSEQUENT EVENTS
On 10 November 2017, the Company received the approval of the
High Court of Ireland for a reduction of the Company's share
capital by cancelling EUR250 million standing to the credit of the
Company's share premium account. The reserve resulting from the
cancelled share premium shall be available for distribution in
accordance with section 117 of the Companies Act 2014.
18.BOARD APPROVAL
The Group interim report and financial statements were approved
by the Board of Directors on 22 November 2017.
Defined Terms
Admission Document means the Admission Document of the
Company published on 25 July 2017
AIB means Allied Irish Bank plc
BDO means the Company's Auditor
as at the reporting date
BNP Paribas means BNP Paribas Fortis N.V / S.A
Board means the Directors of the Company
Brookfield means Brookfield Asset Management,
Brookfield Renewables
Partners L.P,and/or BRI
Green Energy Limited
Company means Greencoat Renewables PLC
DCF means Discounted Cash Flow
DNB means DNB Bank ASA
ESM means Enterprise Security Market
EU means the European Union
GAV means Gross Asset Value as defined
in the Admission Document
Group means Greencoat Renewables PLC
and GR Wind Farms 1 Limited
Holdco means GR Wind Farms 1 Limited
IAS means International Accounting Standard
IFRS means International Financial
Reporting Standards
IPO means Initial Public Offering
IRR means internal rate of return
ISIF means Ireland Strategic Investment
Fund (controlled and
managed by theNational Treasury
Management Agency)
Investment Management Agreement means the agreement between the Company
and the Investment Manager
Investment Manager means Greencoat Capital LLP
Killhills means Killhills Wind Farm Limited
Knockacummer means Knockacummer Wind Farm Limited
NAV means Net Asset Value as defined
in the Admission Document
NAV per Share means the Net Asset Value
per Ordinary Share
NOMAD means a company that has been approved as
a nominated advisor for theAlternative
Investment Market (AIM),
by the Irish Stock
Exchange andLondon Stock Exchange
Portfolio means Killhills and Knockacummer
PPA means Power Purchase Agreement entered
into by the Group's wind farms
REFIT means Renewable Energy Feed-In Tariff
Review Section means the front end review
section of this
report (including but not limitedto
the Chairman's Statement and the
Investment Manager's Report)
Santander means Abbey National Treasury
Services Plc (trading
as Santander GlobalCorporate Banking)
Société Générale means Société Générale, London Branch
SPVs means the Special Purpose Vehicles
which hold the Group's
investmentportfolio of underlying
operating wind farms
Forwards Looking Statements and other Important Information
This document may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates",
"anticipates", "expects", "intends", "may", "plans", "projects",
"will", "explore" or "should" or, in each case, their negative or
other variations or comparable terminology or by discussions of
strategy, plans, objectives, goals, future events or
intentions.
These forward-looking statements include all matters that are
not historical facts. They may appear in a number of places
throughout this document and may include, but are not limited to,
statements regarding the intentions, beliefs or current
expectations of the Company, the Directors and/or the Investment
Manager concerning, amongst other things, the investment objectives
and investment policy, financing strategies, investment
performance, results of operations, financial condition, liquidity,
prospects, and distribution policy of the Company and the markets
in which it invests.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to future events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance. The Company's actual investment performance, results
of operations, financial condition, liquidity, distribution policy
and the development of its financing strategies may differ
materially from the impression created by, or described in or
suggested by, the forward-looking statements contained in this
document.
In addition, even if actual investment performance, results of
operations, financial condition, liquidity, distribution policy and
the development of its financing strategies, are consistent with
any forward looking statements contained in this document, those
results or developments may not be indicative of results or
developments in subsequent periods. A number of factors could cause
results and developments of the Company to differ materially from
those expressed or implied by the forward looking statements
including, without limitation, general economic and business
conditions, global renewable energy market conditions, industry
trends, competition, changes in law or regulation, changes in
taxation regimes, the availability and cost of capital, currency
fluctuations, changes in its business strategy, political and
economic uncertainty. Any forward-looking statements herein speak
only at the date of this document.
As a result, you are cautioned not to place any reliance on any
such forward-looking statements and neither the Company nor any
other person accepts responsibility for the accuracy of such
statements.
Subject to their legal and regulatory obligations, the Company,
the Directors and the Investment Manager expressly disclaim any
obligations to update or revise any forward- looking statement
contained herein to reflect any change in expectations with regard
thereto or any change in events, conditions or circumstances on
which any statement is based.
In addition, this document may include target figures for future
financial periods. Any such figures are targets only and are not
forecasts. Nothing in this document should be construed as a profit
forecast or a profit estimate.
LEI: 635400TVSIFFQOB8RB671.2. Half yearly financial reports and
audit reports/limited reviews
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