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
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