Aquila Energy Efficiency Trust PLC Net Asset Value as at 30 June 2023 (9844I)

TIDMAEET

RNS Number : 9844I

Aquila Energy Efficiency Trust PLC

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 GBP93.54 million (GBP95.23 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                       GBPm 
 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 EUR1.1647 :GBP1. For cash in Euro accounts, converted at EUR1.1647 :GBP1.

Investments :

 
 30 June 2023           Assets   GBPm    Commentary 
                                         Weighted average discount rate 
                                          applied of 8.2% (range 7.2% 
 Variable rate                            to 9.2%). Long term power price 
  return investments                      forecasts provided by leading 
  valued at fair                          market consultants. P50 level 
  value                   12     11.62    of output energy yield. 
                       -------  ------  ----------------------------------- 
 Fixed rate return                       Includes an allowance for Expected 
  investments valued                      Credit Loss pursuant to IFRS 
  at amortised cost       25     54.05    9 of GBP0.36 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. GBP1.7 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 GBP28.69 million noted above includes GBP 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 GBP23.3 million (translating Euro obligations at EUR1.1647:GBP1 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 GBP1.6 million (translating Euro obligations at EUR1.1647:GBP1 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 GBP24 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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August 11, 2023 02:00 ET (06:00 GMT)

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