Net Asset Value as at 30 June 2023

Aquila Energy Efficiency Trust PLC

11 August 2023

 

11 August 2023

Aquila Energy Efficiency Trust PLC

(the "Company")

Net Asset Value as at 30 June 2023

The Company today announces its unaudited net asset value ("NAV") as at 30 June 2023, on a cum-income basis, was £93.54 million (£95.23 million as at 31 December 2022) or 93.54 pence per ordinary share (95.23 pence as at 31 December 2022). 

The NAV as at 30 June 2023 was as follows:

Summary	£m
Investments	65.67
Cash and cash equivalents	28.69
Other net current assets	(0.82)
NAV	93.54

Non GBP investments are valued in local currency and translated at €1.1647:£1.  For cash in Euro accounts, converted at €1.1647:£1. 

Investments:

30 June 2023	Assets	£m	Commentary
Variable rate return investments valued at fair value	12	11.62	Weighted average discount rate applied of 8.2% (range 7.2% to 9.2%). Long term power price forecasts provided by leading market consultants.  P50 level of output energy yield.
Fixed rate return investments valued at amortised cost	25	54.05	Includes an allowance for Expected Credit Loss pursuant to IFRS 9 of £0.36 million.
Total	37	65.67

All the investments remain unlevered. The number of investments reduced from 38 to 37 because the Company discontinued a c. £1.7 million commitment to finance a Solar PV plant in Spain and battery projects that were to be deployed at sites of the leading operator of wellness centres in Spain. 

Cash and cash equivalents:

The cash and cash equivalents figure of £28.69 million noted above includes £2.5 million of cash held as collateral for the Company's existing currency hedges in line with its strategy. 

As at 30 June 2023, the Company and its immediate investment holding entities had contractual legal obligations for existing investments (the "Unfunded Commitments") equivalent to approximately £23.3 million (translating Euro obligations at €1.1647:£1 and which includes an allowance for external transaction costs).  

By 31 December 2023, the investment adviser expects the Company and its immediate investment holding entities to have Unfunded Commitments no greater than £1.6 million (translating Euro obligations at €1.1647:£1 and which includes an allowance for external transaction costs), on the assumption the capital is deployed in line with expectations. 

By 31 March 2024, as a result of the expected run-off of certain investments, in particular the Superbonus projects, the investment adviser expects the Company and its immediate investment holding entities to have no less than £24 million of cash (prior to any dividend or return of capital to shareholders). It should be noted that the nature of the Company's investments in Superbonus projects is such that it is difficult to be sure when the investments will be realised although they will continue to be income producing if actual redemption is later than forecast.

Following the Company's AGM held in June 2023, the Company's portfolio is being managed consistently with the Continuation Managed Run-Off Resolution as defined in the notice of AGM dated 30 April 2023, and as approved by shareholders at the AGM. 

For further information, please contact:

Aquila Capital (Investment Adviser)  Via Buchanan
Stifel Nicolaus Europe Limited (Sole Financial Adviser and Corporate Broker) Edward Gibson-Watt, Mark Young, Rajpal Padam, Madison Kominski	020 7710 7600
Buchanan (Financial PR) Charles Ryland, George Beale	020 7466 5000
Apex Listed Companies Services (UK) Limited (Company Secretary) Sinead van Duuren	020 3327 9720

The Company's LEI is 213800AJ3TY3OJCQQC53

 

END