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
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| Stifel Nicolaus Europe Limited Mark Young Rajpal Padam Madison Kominski
| +44 (0)20 7710 7600
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| 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.
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