21 May
2024
Atrato Onsite Energy
plc
(the "Company")
UNAUDITED NET ASSET
VALUE
Atrato Onsite Energy plc (LSE: ROOF), the
investment company focusing on clean energy generation,
announces its unaudited Net Asset Value as at 31
March 2024.
Net
Asset Value
The Company's 31 March 2024 NAV was
£135.1 million or 90.0 pence per share (30 September 2023: £138.1
million or 92.0 pence per share).
The Company valued its portfolio on
a weighted average levered discount rate of 7.9% (30 September
2023: 7.4% unlevered).
Summary of NAV key drivers:
|
|
£m
|
Pence per share
|
|
NAV as at 30
September 2023
|
138.1
|
92.0
|
|
Operational cash flow
|
2.4
|
1.6
|
|
Time value
|
3.4
|
2.3
|
|
Dividends paid
|
(3.9)
|
(2.6)
|
|
Power prices
|
(1.9)
|
(1.3)
|
|
Inflation
|
(1.8)
|
(1.2)
|
|
Discount rate
|
(1.6)
|
(1.1)
|
|
Other
|
0.4
|
0.3
|
|
NAV as at 31
March 2024
|
135.1
|
90.0
|
Operational cash flow: Represents the net cash realised through operational activity
during the period of £2.4 million (1.6 pence per share).
Time value: A value uplift of
£3.4 million (2.3 pence per share), resulting from the roll forward
effect of cash flows since the prior valuation date.
Dividends paid: Dividends of
£3.9 million (2.6 pence per share) were paid in respect of the
quarterly period to 30 September 2023, declared in November 2023
and the quarterly period to 31 December 2023, declared in January
2024.
Power prices: Reflects the
movement of the portfolio value during the period due to movements
in the industry standard power price curves. The decrease in
forward power price curves during the period has reduced the
portfolio value by £1.9 million (1.3 pence per share).
The Company has the lowest
sensitivity to power price in the listed UK solar sector.
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 4.3% impact on the Company's NAV as
at 31 March 2024.
Inflation: Reflects the impact
of the movement in the inflation curves during the period. The
Company uses market forecast curves for UK CPI and RPI. The
decrease in inflation has reduced the portfolio value by £1.8
million (1.2 pence per share).
Discount rate: 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. The increase in the
weighted average discount rate from 7.4% to 7.9% has reduced the
portfolio valuation by £1.6 million (1.1 pence per share). One of
the main drivers of the increase in the weighted average discount
rate during the period was the introduction of leverage through the
NatWest RCF and the project finance relating to the ASG Portfolio,
totalling £75.7 million.
Other: Represents the impact of
other immaterial portfolio adjustments resulting in an increase of
£0.4 million (0.3 pence per share).
ENQUIRIES
|
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
|
|
Greenhouse
Communications
Jessie Wilson
|
atrato@greenhouse.agency
+44 (0) 7763 540 629
|
|
|
|
|
|
|
|
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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 an annualised dividend of 5.5 pence per share for FY2024
and an annual NAV total return of 8 - 10%(1). 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.