Half-year Report

Source: RNS
RNS Number : 7787E
Downing Renewables & Infrastructure
19 September 2024
 

19 September 2024

Downing Renewables & Infrastructure Trust PLC

 

Interim Report and Accounts

 

https://www.doretrust.com/investor-relations

 

·      NAV as at 30 June 2024 of £207.6 million, 117.9 pence per ordinary share, an increase of 0.2 pence per ordinary share compared to the NAV as at 31 December 2023.

·      NAV total return1 of 4.0% for the 12 months to 30 June 2024 and 37.9% (9.6% annualised) since IPO.

·      Interim dividends per ordinary share of 2.80 pence paid during the period, a 7.7% increase from the corresponding period last year, and a further 1.45 pence per ordinary share declared (but not accrued) relating to the three months to June 2024 to be paid in September 2024.

·      The Company has continued its buyback programme, purchasing 4.2 million shares during the period at an average price of 80.4 pence creating further value and increasing NAV per share by 0.9pps. In line with the peer group, the shares traded at a discount during the period, however DORE continues to provide additional market liquidity to help mitigate discount volatility.

·     Strong focus on revenue and portfolio optimisation, utilising small capital amounts to invest in opportunities with large impact including:

·     Successfully extending the lease of the Gabrielsberget Syd Vind AB farm to 35 years has resulted in a £4.4 million uplift in its valuation.

·   Successful pre-qualification of DORE's first Swedish hydropower plant for participation in the Frequency Containment Reserve Markets with first revenues being earned in July 2024.

·   Achieving a positive capture price by using water storage with dispatchable hydropower assets of 7.6% for the 12 months to 30 June 2024.

·      The Portfolio generated 205 GWh of renewable energy during the period, avoiding 96,764 tonnes of CO2e2 and powering the equivalent of 151,760 UK homes' electricity demand.

Post period end:

·      Appointment of a new Non-Executive Director, Astrid Skarheim Onsum who brings extensive knowledge in the energy transition and renewable energy sectors across various geographies.

·      Signed an agreement to acquire three hydropower plants and their associated dams on the Norasjon river in SE3, Sweden that will take the hydropower portfolio to 37 plants.

 1This is an alternative performance measure, see the full Interim Report for further details.

2 Details on how these are calculated can be found in the full Interim Report.

 

 

Hugh Little, Chair, Downing Renewables & Infrastructure Trust plc, commented:  

 

"During the period under review, DORE has continued to prioritise delivering value within the underlying portfolio, with a series of capital expenditure initiatives in progress, all aimed at increasing long term returns for investors, and from which tangible benefits are already emerging. Further, we are confident that by careful selection of the many investment and capital expenditure opportunities identified by the Investment Manager, DORE will continue to progress its strategic priorities, whilst focussing on its principal objective, the optimisation of shareholder returns."

Tom Williams, Partner, Head of Energy and Infrastructure at Downing LLP, commented:

"We have focused on increasing productivity through active asset management and portfolio enhancement. Optimisation initiatives across hydropower and wind have progressed well, which have further diversified and strengthened DORE's revenue streams. Acquisitions completed during and after the period-end further underpin the Company's commitment to pursuing this highly diversified strategy. The outlook for DORE remains very encouraging as we progress a significant pipeline of investment opportunities and portfolio enhancements that we expect will deliver inflation-linked returns and robust operational cash flows."

Contact details:

Downing LLP - Investment Manager to the Company

 


Tom Williams

 

+44 (0)20 3954 9908

Singer Capital Markets - Joint Corporate Broker

+44 (0)20 7496 3000

 

Robert Peel, Alaina Wong, Jalini Kalaravy (Investment Banking)

Sam Greatrex, Alan Geeves, James Waterlow, William Gumpel (Sales)

 

 

 

Winterflood Securities Limited - Joint Corporate Broker

+44 (0)20 3100 0000

Neil Morgan (Corporate Finance)

Darren Willis, Andrew Marshall (Sales)

 

 


TB Cardew - Public relations advisor to the Company

+44 (0)20 7930 0777

Tania Wild

Henry Crane

 

+44 (0)7425 536 903

+44 (0)7918 207157

DORE@tbcardew.com

About DORE

 

DORE is a closed-end investment trust that aims to provide investors with an attractive and sustainable level of income, with an element of capital growth, by investing in a diversified portfolio of renewable energy and infrastructure assets in the UK, Ireland and Northern Europe. DORE has been awarded the London Stock Exchange's Green Economy Mark in recognition of its contribution to the global 'Green Economy' and also in 2022 DORE won 'Renewables Fund of the Year' at the Sustainable Investment Awards.

 

The Board classifies DORE as a sustainable fund with a core objective of accelerating the transition to net zero through its investments, compiling and operating a diversified portfolio of renewable energy and infrastructure assets to help facilitate the transition to a more sustainable future. The Company believes that this directly contributes to climate change mitigation.

 

DORE's strategy, which focuses on diversification by geography, technology, revenue and project stage, is designed to increase the stability of revenues and the consistency of income to shareholders. For further details please visit www.doretrust.com.

 

About Downing LLP

The Company is managed by Downing LLP, an established Investment Manager with over 30 years' experience and a considerable track record in the core renewables space. Downing is authorised and regulated by the FCA and, as at 30 June 2024, had over £2.0 billion of assets under management.

 

The Investment Manager has over 230 employees and partners. The team of over 49 investment and asset management specialists who focus exclusively on energy and infrastructure assets is supported by business operations, IT systems specialists, legal, HR and regulatory and compliance professionals.

 

The Investment Manager is responsible for the day-to-day management of the Company's investment portfolio in accordance with the Company's Investment Objective and policy, subject to the overall supervision of the DORE Board.

 

The Investment Manager has managed investments across various sectors in the UK and internationally and identified the Energy & Infrastructure sector as a core area of focus from as early as 2010. Since then, it has made over 190 investments in renewable energy infrastructure projects and currently oversees 640 MWp of electricity generating capacity, covering seven technologies across c.13,470 installations.

For further details please visit www.downing.co.uk

Key Metrics

 

As at or for the 6-month period ended 30 June 2024

As at or for the 6-month period ended 30 June 2023

Market capitalisation

£140m

£184m

Share price

79.4 pence

100.0 pence

Dividends with respect to the period3

£5.0m

£4.8m

Dividends with respect to the period per ordinary share

2.90 pence

2.69 pence

GAV3,4

£348m

£319m

NAV

£208m

£217m

NAV per share

117.9 pence

118.0 pence

NAV total return for the period4,5

2.6%

1.6%

Total Shareholder Return for the period3,6

-7.4%

- 10.5%

NAV total return since inception3,4,5

37.9%

30.5%

Total Shareholder Return since inception3,6

-9.3%

2.5%

Weighted average discount rate7

7.7%

7.7%

During the period, assets saved 96,764 tonnes of CO2e and powered the equivalent of 151,760 homes.

3 Dividends are not paid on shares held in treasury.

4 These are alternative performance measures, see the full Interim Report for further details.

5 A measure of total asset value including debt held in unconsolidated subsidiaries.

6 Total returns, including dividend reinvested.

7 This is the weighted average discount used in the valuation of underlying investments.


Chairman's Statement

On behalf of the Board, I am pleased to present the Interim report of the Company covering the period from 1 January 2024 to 30 June 2024 (the "Interim Report").

 

Revenue Optimisation

 

In an increasingly challenging time for capital availability, I am pleased to see that the Investment Manager has prioritised delivering value within the underlying portfolio, with a series of initiatives aimed at increasing returns to shareholders.

 

The period saw continued focus on revenue resilience, increasing the quality of earnings and diversifying revenues through operational and strategic improvements. The optimisation initiatives progressed during the period further underpin the Company's commitment to focusing on shareholder value.

 

 

To provide further stable revenues, the Company successfully translated the Icelandic Power Purchase Agreement ("PPA") from Icelandic Krona to Euro, reducing volatility and providing constant inflation linked, eight-year 100% pay-as-produce offtake payments from HS Orka, the third largest energy company in Iceland.

 

In June 2024, Downing Hydro AB ("DHAB") pre-qualified its first hydropower plant site, Gottne, for participation in the Frequency Containment Reserve ("FCR") markets in Sweden, which serve to stabilise the Swedish grid. Gottne hydropower plant has now successfully been earning FCR revenues since 5 July 2024. Work is continuing to enable additional hydropower plants to access the FRC markets. 

 

A contractual improvement for the grid infrastructure assets was completed in August 2024. Mersey Reactive Power Limited, a UK-based, fully operational 200 MVAr shunt reactor renegotiated its contract with the National Grid to provide additional reactive power. The project's annual revenue will increase up to c.30% for the remainder of the nine-year contract, the equivalent of £300,000 per annum.

 

Blasjon Nat AB ("Blasjon"), operates as the sole Electricity Distribution System Operator ("DSO") in its concession area. Consequently its tariffs to customers are regulated by the Ei, the Swedish regulator for all Swedish DSOs. Ei has reached a final regulatory conclusion for the DSOs for Regulatory Period 4 (2024-2027). The regulatory conclusion allows Blasjon (and its industry peers) to charge end users a 4.53% real Weighted Average Cost of Capital ("WACC") over the next four-year period. This can be compared to a real WACC of 3.6% for the previous regulatory period (restated from 2.3% by Ei following appeal by the industry). The higher real WACC is reflective of increases in cost of capital such as interest rates compared to the previous regulatory period.

 

In the period the Company, prompted by extensions of certain land leases, extended the economic life of the Gabrielsberget Syd Vind AB wind farm to 35-years (a five-year increase from the original 30-year assumption). The extended operating life has resulted in a £4.4 million uplift in the assets' valuation.

 

Post period end, the Company signed an agreement to acquire three Swedish hydropower plants and their associated storage reservoirs. Completion is subject to customary regulatory approvals. The combined expected annual average production is c. 7 GWh, with a potential to increase production by a further 0.5 GWh following the implementation of Downing Hydro's modernisation programme. The total investment for the acquisition of these assets is c. £5 million.

 

The Swedish energy market is divided into four pricing regions. This transaction offers an opportunity to extend the geographical catchment area of the current portfolio within the SE3 region. The portfolio has an attractive revenue profile, with a significant part of its production during the winter months and it benefits from storage capacity, creating the potential for further revenue optimisation.

 

The Company has also secured opportunities to construct battery storage projects on land owned by the hydropower facilities at projected returns in excess of similar investments held by the Company and in excess of equivalent projects in the UK. A grid connection agreement, facilitating a 20 MW Battery Energy Storage System ("BESS") installation focused on Frequency Containment Markets, has been signed with Ellevio for the Tvarforsen site.

 

Further details on the optimisation initiatives and acquisitions progressed during the period can be found in the Investment Manager's Report in the full Interim Report.

 

In the interests of capital efficiency and to enhance income returns, long-term capital growth and capital flexibility, the Company is permitted to maintain a conservative level of gearing. As at 30 June 2024, the total Portfolio's gearing (expressed as a loan to value ("LTV") ratio) was 40%8.

 

The Company has access to a £40m Revolving Credit Facility ("RCF") which can be drawn in either Euros or Sterling, of which £18.6 million is drawn in Euros. On 24 June 2024, the Company converted its total drawings under the RCF of £18.6 million into a EUR denominated loan of €22.0 million. This allows the Company to take advantage of lower interest rates in Europe and provides a natural hedge for Euro distributions from the Swedish and Icelandic wind and hydropower assets.

 

The Portfolio's gearing also includes two long term debt facilities at asset level, a £79.6 million facility which is fully drawn and a €68.5 million facility of which €49.4 million was drawn as at 30 June 2024. In total, the Sterling value of debt was £140.2 million as at 30 June 2024. The weighted average cost of debt across the long term borrowings is 1.8%, which is fixed until 2033.

 

8 These are alternative performance measures, see the full Interim Report.

 

During the period to 30 June 2024 the NAV per ordinary share increased from 117.7 pence at 31 December 2023 to 117.9 pence, an increase of 0.2% and representing a total return of 2.6% including dividends paid. The NAV total return from IPO to 30 June 2024 is 37.9%, when dividends paid of 15.33 pence per ordinary share are included.

 

The Company made a profit for the period to 30 June 2024 of £3.9 million, resulting in earnings per ordinary share of 2.2 pence.

 

The underlying portfolio generated a £14.3 million operating profit during the period. The 4,856 core renewable energy assets produced approximately 205 GWh of renewable electricity, enough to power 145,000 UK houses per year.

 

For the period, energy generation was slightly below expectations mainly due to natural resource constraints. The wind and solar portfolios suffered from significantly lower than expected wind speeds and low irradiation levels respectively, while the hydropower portfolio experienced a harsh winter resulting in icing considerations followed by abnormal levels of spring floods. However, strong power prices across the portfolio led to operating profit being in line with expectations at £14.3 million.

 

Capital Structure

In the six months to 30 June 2024, the Company has demonstrated strong resilience despite a challenging market. High interest rates to control inflation have created uncertainty among investors about when the tightening cycle would peak and the possibility of prolonged higher rates. Share price discounts to NAV across the real assets investment trust sector widened significantly. To address these conditions and protect shareholders' interests, the Board implemented the share buyback programme in March 2023. While share buybacks will not necessarily prevent the discount from widening, particularly in times of market weakness or volatility, the Board believes that buybacks enhance the NAV per share for existing shareholders, provide some additional market liquidity and help to mitigate discount volatility which can damage shareholder returns.

 

During the six months to 30 June 2024 the Company has bought back a total of 4,214,899 shares into treasury at a cost of £3.4 million, the total number of shares repurchased as at 30 June 2024 was 8,590,262. The buybacks added 0.9 pence per share to NAV during the period. Since the period end, a further 1,944,855 shares have been bought back into treasury at a cost of £1.5 million. As at 18 September 2024, the Company had 184,622,487 shares in issue (including 10,535,117 in treasury, which are available to be resold at a premium to NAV per ordinary share when the opportunity arises).

 

Alongside buybacks the Board has prioritised revenue optimisation initiatives. The Company has utilised small amounts of capital to invest in opportunities with large impact, increasing capital efficiency in particular in its hydropower portfolio, where we are now earning revenues from Swedish FCR markets.

 

The Board continues to pursue further opportunities to expand its investment in this strategy with the aim of increasing overall portfolio returns.

 

Despite the market challenges experienced across the investment trust sector over the past two years, the fundamental driving forces behind renewable energy investment are stronger than ever. In the UK, the new Labour Government has emphasised its commitment to the deployment and operational performance of renewable assets, while in the Nordics there is continued substantial growth of the renewable energy sector to achieve net zero obligations, enhancing our confidence in our strategy and outlook.

 

DORE is strategically positioned to play a key role in the energy transition. There are more opportunities to make compelling investments than any other time in the life of the Company. Through selective investments, we aim to progress the Company's strategic priorities and enhance shareholder returns.

 

Our diversified portfolio of hydropower, wind, solar, and grid infrastructure assets consistently performs well, delivering inflation-linked returns and generating robust operational cash flows. By maintaining a disciplined approach to capital allocation and pursuing revenue optimisation projects, DORE is well positioned to provide continued growth while placing its sustainability goals at the centre of its operational objectives.

 

I am also delighted to welcome our new Non-Executive Director, Astrid Skarheim Onsum, who was appointed to the board on 15 July 2024. Astrid's engineering background combined with a successful career working in energy markets and a more recent focus on renewable energy within the Nordic Region will expand the knowledge and experience of the Board.

 

Hugh W M Little

Chair

18 September 2024

Downing Renewables & Infrastructure Trust PLC

 

 

Portfolio Summary

At the period end, the Company owned 202.7 MWp of hydropower, wind and solar assets with an annual generation of around 424.2 GWh. The portfolio is diversified across 4,858 individual installations and across five different energy markets.

 

The Group currently has no exposure to any assets under construction.

 

Portfolio composition by valuation, as at 30 June 2024

 

Technology by GAV

Hydro

42%

Solar

42%

Wind

8%

Grid Services

6%

Cash

2%

 

 

Geographic Exposure by GAV

Sweden

52%

Great Britain

37%

Northern Ireland

8%

Cash

2%

Iceland

1%

 

 

Power Market Exposure by GAV

Great Britain

33%

Sweden SE2

26%

Sweden SE3

20%

Northern Ireland

8%

No Exposure

6%

Sweden SE4

4%

Cash

2%

Iceland

1%

 

 

 

Investment

Technology

Date Acquired

Location

Power Market/ Subsidy

Installed capacity (MW)

Expected annual generation (GWh)

Ugsi

Hydro

Feb-21

Alvadalen, Sweden

SE3/ n/a

1.8

10.0

Bathusstrommen

Hydro

Feb-21

Alvadalen, Sweden

SE3/ n/a

3.5

13.7

Asteby

Hydro

Feb-21

Torsby, Sweden

SE3/ n/a

0.7

2.8

Fensbol

Hydro

Feb-21

Torsby, Sweden

SE3/ n/a

3.0

14.0

Robjorke

Hydro

Feb-21

Torsby,

Sweden

SE3/ n/a

3.3

14.9

Vals

Hydro

Feb-21

Torsby, Sweden

SE3/ n/a

0.8

3.2

Torsby

Hydro

Feb-21

Torsby, Sweden

SE3/ n/a

3.1

13.2

Tvarforsen

Hydro

Feb-21

Torsby, Sweden

SE2/ n/a

9.5

36.9

Sutton Bridge

Solar

Mar-21

Somerset, England

UK / ROC

6.7

6.7

Andover Airfield

Solar

Mar-21

Hampshire, England

UK / ROC

4.3

4.2

Kingsland Barton

Solar

Mar-21

Devon, England

UK / ROC

6.0

5.9

Bourne Park

Solar

Mar-21

Dorset, England

UK / ROC

6.0

6.0

Laughton Levels

Solar

Mar-21

East Sussex, England

UK / ROC

8.3

8.8

Deeside

Solar

Mar-21

Flintshire, Wales

UK / FiT

3.8

3.4

Redbridge Farm

Solar

Mar-21

Dorset, England

UK / ROC

4.3

4.2

Iwood

Solar

Mar-21

Somerset, England

UK / ROC

9.6

9.3

New Rendy

Solar

Mar-21

Somerset, England

UK / ROC

4.8

4.7

Redcourt

Solar

Mar-21

Carmarthenshire, Wales

UK / ROC

3.2

3.2

Oakfield

Solar

Mar-21

Hampshire, England

UK / ROC

5.0

4.7

Kerriers

Solar

Mar-21

Cornwall, England

UK / ROC

10.0

9.7

RSPCA Llys Nini

Solar

Mar-21

Swansea, Wales

UK / ROC

0.9

0.8

Commercial portfolio

Solar

Mar-21

Various, England and Wales

UK / FiT

5.5

4.3

Commercial portfolio

Solar

Mar-21

Various, Northern Ireland

SEM / NIROC

0.7

0.5

Bombardier 

Solar

Mar-21

Belfast, N. Ireland

SEM /ROC

3.6

2.8

Residential portfolio

Solar

Mar-21

Various, N. Ireland

SEM / NIROC

13.1

10.1

Lemman

Hydro

Jan-22

Alvadalen, Sweden

SE3/ n/a

0.6

2.6

Ryssa Ovre

Hydro

Jan-22

Mora, Sweden

SE3/ n/a

0.7

2.6

Ryssa Nedre

Hydro

Jan-22

Mora, Sweden

SE3/ n/a

0.6

2.4

Rots Ovre

Hydro

Jan-22

Alvadalen, Sweden

SE3/ n/a

0.8

2.8

Rots Nedre

Hydro

Jan-22

Alvadalen, Sweden

SE3/ n/a

0.3

1.4

Gabrielsberget Syd Vind AB

Wind

Jan-22

Aspea, Sweden

SE2/ n/a

46.0

107.9

Vallhaga

Hydro

Jan-22

Edsbyn, Sweden

SE2/ n/a

2.6

12.8

Osterforsens Kraftstation

Hydro

Jan-22

Edsbyn, Sweden

SE2/ n/a

1.5

11.5

Bornforsen 1

Hydro

Jan-22

Edsbyn, Sweden

SE2/ n/a

0.7

2.9

Bornforsen 2

Hydro

Jan-22

Edsbyn, Sweden

SE2/ n/a

1.4

9.3

Fridafors Ovre

Hydro

May-22

Fridafors, Sweden

SE4/ n/a

2.3

10.0

Fridafors Nedre

Hydro

May-22

Fridafors, Sweden

SE4/ n/a

2.9

7.7

Hedvigsfors

Hydro

Oct-22

Sweden

SE2/ n/a

0.3

1.2

Gysinge

Hydro

Oct-22

Sweden

SE3/ n/a

0.3

2.5

Brattfallet

Hydro

Oct-22

Sweden

SE3/ n/a

0.5

3.7

Molnbacka

Hydro

Oct-22

Sweden

SE3/ n/a

1.8

3.8

Värån Övre

Hydro

Oct-22

Sweden

SE3/ n/a

0.2

1.2

Varan Nedre

Hydro

Oct-22

Sweden

SE3/ n/a

0.2

1.2

Kristinefors

Hydro

Oct-22

Sweden

SE3/ n/a

0.1

0.7

Hogforsen

Hydro

Feb-23

Sweden

SE2/ n/a

0.35

2.5

Bruket

Hydro

Dec-23

Sweden

SE2/ n/a

0.9

3.9

Nylandsan

Hydro

Dec-23

Sweden

SE2/ n/a

0.55

1.6

Kallsjon

Hydro

Dec-23

Sweden

SE2/ n/a

0.2

0.7

Tunsjon

Hydro

Dec-23

Sweden

SE2/ n/a

0.2

0.6

Lagmansholm

Hydro

Dec-23

Sweden

SE3/ n/a

0.5

2.4

Urdarfellvirkjun

Hydro

Dec-23

Iceland

IS/ n/a

1.1

8.3

TOTAL AS AT 30 JUNE 2024

 

202.7

424.2

 

Post period end acquisitions:

Investment

Technology

Date Signed

Location

Power Market / Subsidy

Installed capacity (MW)

Expected annual generation (GWh)

Gyttorp

Hydro

Aug-24

Sweden

SE3/ n/a

0.5

1.0

Hagby

Hydro

Aug-24

Sweden

SE3/ n/a

1.2

3.6

Hammarby

Hydro

Aug-24

Sweden

SE3/ n/a

2.1

2.1

 

 

 

 

Investment Manager's Report

The first half of 2024 has been challenging but productive with active asset management and portfolio enhancement being our key focus. The optimisation initiatives have progressed well and acquisitions completed during and after the period end, further underpin the Company's commitment to pursuing a highly diversified investment strategy. The optimisation projects provide new and improved long-term revenue streams, and the new acquisitions (post reporting period) provide additional geographical coverage within SE3, Sweden. 

 

 

Swedish FCR Markets

Acquisition of three hydropower plants in Sweden

Improved Contract and Revenue for Mersey Reactive Power

Blasjon

 

 

 

Gabrielsberget Value Drivers (£m)

Cost

19.8

Asset Performance/profit

1.2

Macroeconomic

1.3

Directly attributable - operational

5.5

Directly attributable - acquisition

2.2

Other

1.8

Total Value at 30 June 2024

31.8

Distributions

(2.7)

Valuation at 30 June 2024

29.1

 

 

 

 

 

 

Portfolio Performance

During the reporting period, the 4,858 operating assets produced approximately 205GWh of renewable electricity, enough to power over 151,760 UK homes annually. From a financial perspective, DORE's combined portfolio produced an operating profit of £14.3 million. This was in line with expectations, despite constraints in natural resources.

The hydropower portfolio benefitted from higher than seasonally average rainfall for the period and generated 110GWh of electricity. This was slightly below expectations as a result of some availability issues due to a particularly harsh winter causing icing disturbances in some of Sweden's rivers, followed by strong spring floods which carried debris and clogged a number of intake channels requiring downtime for clearance.  Operating profit was higher than projected at £3.8 million, driven by higher than expected power prices particularly in the SE2 and SE4 pricing regions.

The solar portfolio generated 49GWh, below expectations mainly due to a combination of poor irradiation levels and some unavoidable downtime for National Grid cable improvements at one site.  Operating profit was lower than projected at £9.3 million, driven by the lower than expected generation but alleviated somewhat due to high fixed prices under some of the portfolios' PPA terms.

The wind portfolio's technical availability was in line with projections and 45GWh of electricity was generated. This figure was 15.1% lower than expected, directly attributable due to windspeeds being significantly lower than average. In turn, operating profit was 18.7% lower than expected.

The grid infrastructure portfolio's operating profit was slightly above expectations for the period at £753,000, with the Mersey shunt reactor exceeding expectations as a result of strong availability enabling the asset to provide its service consistently to the National Grid.

Asset Generation vs Budget for six months to 30 June 2024

 

Actual Production (MWh)

Expected Production (MWh)

Hydro

110,051.20

113,317.09

Solar

49,187.60

55,877.37

Wind

45,637.55

53,734.00

Asset Operating Profit vs Budget for six months to 30 June 2024

 

Actual Operating Profit (£)

Expected Operating Profit (£)

Electrical Grid

707,372

729,431

Hydro

3,893,720

4,138,752

Solar

9,438,460

9,625,909

Wind

426,823

617,353

 

Portfolio and Asset Management

 

Downing has invested significantly in an in-house asset management team capable of providing a full scope service to a wide range of generation, grid and storage technologies. Established in 2019, the team totals 35 and includes expertise across power markets, engineering, data analytics, finance and commercial management.

 

Ancillary Services Projects

 

In response to opportunities identified in the ancillary market, the Asset Manager has been pursuing a number of ongoing ancillary service projects during the period. These services not only take advantage of additional revenue streams when registered assets are requested to power up/down, but also support the relevant local grid with supply and demand challenges.

 

The digitalisation of the hydropower portfolio has continued to progress, supporting optimisation of dispatching, including participation in the FCR markets. To successfully participate in the provision of FCR services, the hydropower portfolio must meet stringent technical demands and as a result the Asset Manager has been iteratively and comprehensively evaluating each site's suitability for FCR-N (for normal grid disturbances) and FCR-D (for significant grid disturbances) to establish refurbishment plans on a site-by-site basis.

 

Simultaneously, Downing has been assessing and pursuing opportunities to install BESS at some of the Company's hydropower sites. Installing BESS will enable Downing to participate in further frequency regulation markets such as Fast Frequency Reserve ("FFR"), which works similarly to FCR in that it actively assists on the management of grid imbalances. On Tvarforsen hydropower estate land, the Company have successfully secured the grid connection and building permit to operate a 20 MW BESS, able to provide three hours of continuous energy at 7 MW power output. Subject to finalisation of procurement and construction, the BESS could become operational during 2025.

 

There is a pipeline of further Behind-The-Meter BESS under development for the hydropower estate which would enable it to operate in the FCR market independent of hydropower production.

 

With a view to participating in the manual Frequency Restoration Reserve ("mFRR"), hardware enhancements have been made at Gabrielsberget wind farm during the period and we expect the site to be able to perform prequalification tests in late 2024.

 

Optimisation of portfolio service

 

The Asset Manager has continued to develop and implement performance and proprietary data optimisation and power pricing strategies, enhancing Downing's data driven approach to asset management and unveiling further efficiencies.

 

The Asset Manager has reconceptualised the hydropower O&M service framework, streamlining in-house management of O&M services to enable it to work closely with a more agile network of local technicians. This is a cost-effective model which we expect to help facilitate the Company's ambitions around ancillary markets and high-quality asset management in a growing portfolio.

 

The Asset Manager continues to progress several optimisation projects to replace and improve technical equipment within the UK ground-mounted solar portfolio, including enhancement of the dynamic spare parts stock which aims to reduce downtime and maintain asset performance given prolonged equipment lead times in the market. The spare transformer stock increased from 4 to 9 during the period, the strategically intercompatible nature of which means cover is now available for 41 of the total 43 transformers installed on the UK ground-mounted solar portfolio. Inverter and panel spare parts have also been purchased and are already being actively used across the portfolio to significantly reduce downtime.

 

The Asset Manager has also been active in pursuing a number of warranty claims against solar panel manufacturers. These claims are being carried out preventatively to address systematic defects before they cause any potential downtime. In order to collect the information required for the series of claims, the Asset Manager used a new high-resolution drone in combination with image recognition software to photograph and categorise panels. This data collection method has successfully allowed for the collection and sorting of high-resolution photographs of 80,488 panels across three sites at a significantly reduced cost. Feedback has been received from one of the three claims so far where warranty claims on 13,647 panels have been accepted and equipment is due to arrive in September 2024 for replacement. All disused panels will be returned to the manufacturer for recycling.

 

Health and Safety

 

The health and safety of contractors and the public is a fundamental and ongoing focus in asset management processes. Throughout the period, a range of workstreams were carried out by the Asset Manager in line with the Company's approach to Health and Safety management.

 

In order to ensure a consistent approach to health and safety management, the Asset Manager has continued to engage a third-party expert to provide health and safety support to assess systems in place and revise existing processes where applicable. To further reinforce a positive health and safety culture, the Asset Manager rolled out interactive health and safety training for Directors of the Company's portfolio of assets.

 

A rolling programme of health and safety audits continues across the portfolio. These audits are based on a two-tier approach, where risks and procedures are audited at the site level and also at the asset operator level. Downing has a process of continuous assessment and feedback of site and operator practices, ensuring effective management systems are in place and adhered to.

 

Finally, IT systems are used to thoroughly track all incidents. These systems not only act as tools for the enabling of performance measurement and trend analysis, but also ensure the effective communication, escalation, and management of incidents.

 

Financing and Capital Structure

 

The Company and its subsidiaries (the "Group") adopt a prudent approach to leverage, aiming at a total long-term structural debt not exceeding 50% of the prevailing Gross Asset Value. Its objective is that each asset will be financed appropriately for the nature of its underlying cashflows and their expected volatility. Long-term debt may be used where appropriate at the SPV level to facilitate acquisitions, refinancing, capital expenditure or construction of assets.

 

At 30 June 2024, including project level financing, the Group's gearing (expressed as a LTV ratio) was 40%. All third-party debt is held by the Company's subsidiaries.

 

In addition, the Company and/or its subsidiaries may also make use of short-term debt, such as revolving credit facilities, to assist with the funding of suitable investment opportunities as and when they become available.

 

Revolving Credit Facility

The Group has access to a loan agreement through its main subsidiary DORE Hold Co with Santander UK plc. The RCF is available until December 2025, with the possibility to be extended for a further year. The RCF has the additional benefit of being able to be drawn in both GBP and EUR and is priced at the Sterling Overnight Index Average ("SONIA") for the case of GBP funding or EURIBOR for EUR funding, in both cases combined with a margin set at 2.25% per annum. The Group will make use of the RCF mainly to fund the acquisition of additional assets.

 

On 24 June 2024, the Company converted drawings under the RCF of £18.6 million into a EUR denominated loan of €22.0 million. This allows the Company to take advantage of lower EURIBOR rates and provides a natural hedge for EUR distributions received from our Swedish and Icelandic portfolio.

 

Refinancing of Hydropower Assets

The Group acquired the first set of assets now aggregated under the ownership of DHAB, its holding company for the Swedish hydropower portfolio, on an unlevered basis in February 2021, shortly after the Company's IPO. Given the strong transaction pipeline and ongoing capital expenditure requirements, DHAB entered a seven-year bullet repayment EUR 43.5 million debt facility with SEB, a leading corporate bank in the Nordics.

 

In December 2023, the SEB facility was increased from EUR 43.5 million to EUR 68.5 million to fund future capital expenditure requirements and further acquisitions. The total all-in cost of the drawn debt for 2024 is c. 3.3%, benefitting from interest rate swaps until end of 2033.

 

As of 30 June 2024, DHAB has drawn down EUR 49.4 million under the facility, predominately as source of funding for the acquisition of hydropower plants in Sweden during 2023 but also to fund some of the capital expenditure in DHAB.

 

UK Solar Portfolio

Medium term amortising debt (September 2034 maturity) is in place for the United Kingdom solar portfolio and, as at 30 June 2024, comprised outstanding principal amounts of £69.7 million lent by Aviva and £10.0 million lent by institutional investors managed by Vantage Infrastructure.

 

The Aviva debt operates on the basis of fixed rates, with approximately 12% on a nominal fixed rate of 3.37% and the balance on a 0.5% interest rate, fixed in real terms. The debt service of this larger debt tranche is inflation-adjusted, with indexation tracking UK RPI. The Vantage Infrastructure managed facility has an all in fixed rate of 1.54%, operating on the basis of a similar inflation-adjusting mechanism.

 

A summary of the debt (excluding the RCF) across the portfolio can be found in the table below:

 


30 June 2024

31 December 2023


Hydro

Wind

Solar

Grid Infrastructure

Working capital

Total

Hydro

Wind

Solar

Grid Infrastructure

Working capital

Total

Equity value (£'m)

105.2

29.1

65.0

19.9

7.1

226.3

111.5

27.2

68.1

19.6

4.3

230.7

Debt (£'m)

41.9

0.0

79.6

0.0

0.0

121.5

42.8

 0.0

78.7

0.0

0.0

121.5

GAV (£'m)

147.1

29.1

144.6

19.9

7.1

347.8

154.3

27.2

146.8

19.6

4.3

352.2

 

 

Foreign Exchange

The Group's generating assets in Sweden earn revenues in EUR and incur some operational cost in SEK. Blasjon revenues and costs are in SEK. From 1 March 2024, Urdafellsvirkjun's revenue exposure has been in Euro. Assets in the UK operate entirely in Sterling.

 

The Group, together with its foreign exchange advisor, has developed and implemented its foreign exchange risk management policy. The policy targets hedging for the expected short to medium-term distributions (up to five years) from the portfolio of assets, that are not denominated in GBP on a "linear reducing basis", whereby a high proportion of expected distributions in year one are hedged and the proportion of expected distributions that are hedged reduces in a linear fashion over the following four years. This is a rolling programme and each year further hedges are expected to be put in place to maintain the profile.

 

In total, 36% of the Group's forecast EUR dividend receipts from SPVs out to June 2028 were hedged as at the reporting date.

 

Dividend Hedging

 

 

% hedged of forecast distributions

12 months

72%

24 months

43%

36 months

33%

48 months

9%

 

Power Markets and Exposure

 

Through its portfolio companies, the Group adopts a medium to long-term power price hedging policy for its generation assets, providing an extra degree of certainty over the cash flows for the hedged periods. The fixed price generation position for the portfolio as of 30 June 2024 can be seen in the full Interim Report, and shows the impact of the combination of the hedging policy with the subsidy and fixed income from power sales. The hedging positions are continuously reviewed to ensure an appropriate position is maintained and new hedges are taken out as appropriate.

 

Power prices in the first half of 2024 were relatively flat due to high levels of UK and European gas storage, reducing the uncertainty and subsequent volatility previously seen during the Russian invasion of Ukraine. In June prices rallied due to an increase in Asian LNG demand and increasing tensions in the Middle East.

 

The Company's exposure to power markets remained stable throughout the period.

 

United Kingdom  

Weather, gas storage levels and political tensions controlled the evolution of forward power prices in the UK in the first half of 2024. Cold weather created uncertainty early in the period which pushed prices up, but prices then came off due to increasing imports and strong renewable generation. The market observed a number of short price rallies in late Q1 and early Q2 due to tensions in the Middle East, combined with weak LNG supply. Late Q2 saw further rallies in prices due to intense Asian LNG demand and political instability due to several elections.

 

Nordics

The Nordic power market was dominated by weather during H1 2024. The start of 2024 saw colder weather than is seasonally normal, resulting in the highest demand seen in four years, uplifting forward power prices. Spot prices were relatively volatile during Q1, where weather was variable throughout the period. Strong winds and high precipitation, bringing prices down, were followed by dry, cold weather and a delayed spring flood bringing prices up. Q2 saw variability due to weather, but otherwise prices remained relatively flat.

 

The Board has declared the Company's interim dividend of 1.45 pence per share, equivalent to £2.6 million, in respect of the three months to 30 June 2024. Once paid, this will bring total dividends paid in respect of the first half of the financial year to 2.90 pence per share. This dividend is not reflected in the accounts to 30 June 2024.

In the Annual Report to December 2023, the Board stated that it would increase its dividend guidance to target 5.80 pence per share for the 12 months to December 2024, a 7.85% increase from 2023. The increased dividend is expected to be fully covered by income from the current portfolio.

The Board has chosen to designate part of each interim dividend as an interest distribution for UK tax purposes. Shareholders in receipt of such a dividend will be treated for UK tax purposes as though they have received a payment of interest in respect of the interest distribution element of this dividend. This will result in a reduction in the corporation tax payable by the Company.

Dividends paid during the financial year to 31 December 2024 are as follows:

For the Period

Dividend Paid

No. of Shares

Total Dividend (pence per share)

Interest Element (pence per share)

Dividend Element (pence per share)

 

Valuation of the portfolio

The Company's NAV decreased during the period from £212.1 million to £207.6 million as at 30 June 2024, largely as a result of share buy backs. On a pence per share basis, the NAV increased by 0.2 pence per share from 117.7 pence per share to 117.9 pence per share.

The table below shows the movement in NAV during the period, with each step explained further below.

DORE Valuation - H1 2024

Opening NAV 1-Jan-24

212.1

Performance

6.8

Power Curve

(4.2)

Inflation

0.5

FX

0.6

Other Model Updates

(1.4)

Asset Life

4.4

Dividend

(5.0)

Share Buybacks

(3.4)

Management Fee

(1.0)

Other Costs

(1.8)

Closing NAV 30-Jun-24

207.6

 

 

Performance

Represents the balance sheet variance at the portfolio company level representing higher cashflows than anticipated in the short term.

 

Power Curve

The Investment Manager uses long-term, forward-looking power price forecasts from third party consultants for the purposes of asset valuations and energy price hedging. In the UK an equal blend is taken from the most recent central case forecasts from two leading consultants, whilst in Sweden an equal blend is taken from the most recent central case forecasts from three leading consultants. This is then blended with actual pricing for forward market trades for the next four years in Sweden and the next three years in the UK enabling a more holistic view of the power market to be included in asset valuation. Where fixed price arrangements are in place, the valuation models will reflect such fixed price arrangements for the applicable time frame. The impact of the power pricing hedging strategy and adjustments for embedded benefit pricing are also included in this step.

 

Inflation

Inflation indexation was revised to reflect the latest actuals and a market consensus of quarterly inflation forecasts across the remainder 2024 and 2025, reverting to existing long-term assumptions thereafter.

 

A summary of annualised rates detailed below, noting that the UK reverts to 2.25% RPI in 2030, in line with the RPI reform announced by the UK government, whereas European CPI reverts to the central bank target rate.

 

Figures in brackets show the relevant assumption at December 2023

 


UK RPI

 

UK CPI

 

Sweden CPI

 

Eurozone CPI

 

 

Foreign Exchange

Cashflows from assets that are generated in a non-sterling currency are converted in each period they are earned using the actual hedges in place, with the residual amounts converted at the relevant exchange rate.

 

The relevant exchange rate is taken from a forward curve provided by the Company's foreign exchange advisors for between four and ten years, at which point the exchange rate is held constant due to the impracticalities of hedging currency further into the future.

 

Other Model Updates

Reflects changes to operational contracts (such as insurance), the cost of debt in the future, and other minor changes.

 

Discount Rates

Discount rates used for the purpose of the valuation process are representative of the Investment Manager's and the Board's assessment of the expected rate of return in the market for assets with similar characteristics and risk profile.

 

Discount rates in use across the portfolio range from 6.3% and 8.05%, with the weighted average value sitting at 7.7%. This has not moved since reported at 31 December 2023.

 

Dividends

Distributions paid by the Company in the period.

 

Share Buybacks

This is the cost of repurchasing shares in the market.

 

Management Fee

Fees charged to the Company by the Investment Manager.

 

Other Costs and Charges

Charges incurred by the Company, and its immediate subsidiary DORE Hold Co, in its normal operations. No transaction costs are included.

 

The NAV of the Company comprises the sum of the discounted value of future cash flows of the underlying investments in solar, wind, hydropower and the grid infrastructure assets (being the portfolio valuation), the cash balances of the Company and its holding Company and the other assets and liabilities of the Group.

 

The portfolio valuation is the largest component of the NAV and the key sensitivities to this valuation are considered to be discount rate and the principal assumptions used in respect of future revenues and costs.

 

A broad range of assumptions are used in the Company's valuation models. These assumptions are based on long-term forecasts and are generally not affected by short-term fluctuations in inputs, whether economic or technical.

 

The Investment Manager exercises its judgement and uses its experience in assessing the expected future cash flows from each investment.

 

The impact of changes in the key drivers of the valuation are set out below.

 

NAV Movement (PPS)

 

Negative directional change to assumption (pence per share)

Positive directional change to assumption (pence per share)

FX (+/- 10%)

(5.70)

7.82

Inflation (+/- 1%)

(8.30)

9.66

Power Prices (+/- 10%)

(11.24)

11.20

Generation (+/- 5%)

(9.68)

9.69

Discount Rate (+/- 1%)

13.09

(10.81)

 

Discount Rate

The weighted average discount rate of the portfolio at 30 June 2024 was 7.7% (December: 7.7%).

 

The Investment Manager considers a variance of +/- 1.0% to be a reasonable range of alternative assumptions for discount rates.

 

Generation

For the solar and wind assets, our underlying assumption set assumes the P50 level of electricity output based on reports by technical advisors. The P50 output is the estimated annual amount of electricity generation that has a 50% probability of being exceeded and a 50% probability of being underachieved.

 

For hydropower assets, the expected annual average production is applied to the valuation, a figure that has similar characteristics to the P50 assumption applied to solar and wind assets. Given the long operational record of the hydropower assets, the annual production forecast is derived from historic datasets also taking into consideration the effect of climate change in the future and validated by technical advisors.

 

The generation sensitivities use a variance of +/- 5% applied to the generation for each year of the asset life.

 

Price

The power price sensitivity assumes a 10% increase or decrease in power prices relative to the base case for each year of the asset life.

 

While power markets can experience volatility in excess of +/-10% on a short-term basis, the sensitivity is intended to provide insight into the effect on the NAV of persistently higher or lower power prices over the whole life of the portfolio, which is a more severe downside scenario.

 

Inflation

The Company's inflation assumptions are set out above. A long-term inflation sensitivity of plus and minus 1% is presented.

 

Foreign Exchange

The Company's foreign exchange policy is set out above. A sensitivity of +/- 10% is applied to any non-hedged cashflows derived from non-sterling assets for each year of the assumed asset life of each asset. The Company will also aim to ensure sufficient near-term distributions from any non-sterling investments are hedged.

 

 

Condensed Statement of Comprehensive Income

For the six-month period ended 30 June 2024 (unaudited)

 

 

For the six-month period ended 30 June 2024 (unaudited)

For the six-month period ended 30 June 2023 (unaudited)

 

 

 

Notes

Revenue

£'000s

Capital

£'000s

Total

£'000s

Revenue

£'000s

Capital

£'000s

Total

£'000s


 







Income

 







Return on investment

4

5,500

93

5,593

5,253

84

5,337

Total income

 

5,500

93

5,593

5,253

84

5,337

 

Expenses

 

 

 

 

 

 

 

Investment management fees

3

(996)

-

(996)

(1,003)

-

(1,003)

Directors' fees

 

(73)

-

(73)

(78)

-

(78)

Other expenses

5

(592)

-

(592)

(500)

-

(500)

Total expenses

 

(1,661)

-

(1,661)

(1,581)

-

(1,581)

 

 

 

 

 

 

 

 

Profit before taxation

 

3,839

93

3,932

3,672

84

3,756


 

 

 

 

 

 

 

Taxation                

6

-

-

-

-

-

-

Profit after taxation

 

3,839

93

3,932

3,672

84

3,756

Profit and total comprehensive income attributable to:

 



 

 

 

 

Equity holders of the Company

 

3,839

93

3,932

3,672

84

3,756


 

 

 

 

 

 

Earnings per share - Basic & diluted (pence)

7

2.17

0.05

2.22

2.85

0.05

2.90

 

The total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards (IFRS) as adopted. The supplementary revenue return and capital columns have been prepared in accordance with the Association of Investment Companies Statement of Recommended Practice (AIC SORP).

Condensed Statement of Financial Position

As at 30 June 2024 (unaudited)


 

Notes

As at 30 June 2024

(unaudited)

£'000s

As at 31 December 2023 (audited)

£'000

Non-current assets

 



Investments at fair value through profit and loss

8

208,425

212,030


 

208,425

212,030

Current assets

 



Trade and other receivables

9

351

337

Cash and cash equivalents

13

97

1,778


 

448

2,115

 

 



Total assets

 

208,873

214,145

 

 



Current liabilities

Trade and other payables

 

10

 

(1,247)

 

(2,083)

 

 

(1,247)

(2,083)

 

 



Total liabilities

 

(1,247)

(2,083)

 

 



 

 



Net assets

 

207,626

212,062


 



Capital and reserves

 



Called up share capital

11

1,846

1,846

Share Premium

 

65,910

65,910

Special distributable reserve

 

103,607

107,341

Revenue reserve

 

8,803

6,209

Treasury

 

(7,454)

(4,065)

Capital reserve

 

34,914

34,821

Shareholders' funds

 

207,626

212,062

 

 

 

 

 

Net asset value per ordinary share (pence)

12

117.94

            117.65

 

The unaudited financial statements of Downing Renewables infrastructure Trust PLC were approved by the Board of Directors and authorised for issue on 18 September 2024 and are signed on behalf of the Board by:

 

 

Hugh W M Little

Chair

 

Company registration number 12938740



 

Statement of Changes in Equity

 

Notes

Share Capital

Share Premium

Capital Reserve

Treasury

Account

Revenue Reserve

Special Distributable Reserve

Total

 

 

 

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

Balance at the start of the period

 

1,846

65,910

34,821

(4,065)

6,209

107,341

212,062

Shares bought back


-

-

-

(3,389)

-

-

(3,389)

Share issue costs


-

-

-

-

-

-

-

Dividends

16

-

-

-

-

(1,245)

(3,734)

(4,979)

Total comprehensive income for the period


-

-

93

-

3,839

-

3,932

Net assets attributable to shareholders at 30 June 2024


1,846

65,910

34,914

(7,454)

8,803

103,607

207,626

For the six-month period ended 30 June 2024 (unaudited)

 

 

 

Notes

Share Capital

Share Premium

Capital Reserve

Treasury

Account

Revenue Reserve

Special Distributable Reserve

Total

 

 

 

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

Balance at the start of the period

 

1,846

65,910

35,385

-

1,140

114,618

218,899

Shares bought back

 

-

-

-

(741)

-

-

(741)

Share issue costs

 

-

(150)

-

-

-

-

(150)

Dividends

16

-

-

-

-

(1,560)

(3,226)

(4,786)

Total comprehensive income for the period


-

-

84

-

3,672

-

3,756

Net assets attributable to shareholders at 30 June 2023


1,846

65,760

35,469

(741)

3,252

111,392

216,978

 

The Company's distributable reserves consist of the Special distributable reserve, Capital reserve attributable to unrealised gains and Revenue reserve. There have been no realised gains or losses at the reporting date.

 

 

 

Statement of Cash Flows

For the six-month period ended 30 June 2024 (unaudited)

 

 

Notes

For the six-month period ended 30 June 2024 (unaudited)

£000s

For the six-month period ended 30 June 2023 (unaudited)

£'000s

 


 

 

Cash flows from operating activities

 

 

 

Profit before taxation

 

3,932

3,757

 

 

 

 

Adjusted for:

 

 

 

Interest income

4

(5,003)

(4,757)

Unrealised gain on investments at fair value

4

(93)

(84)

Increase in receivables

 

(14)

(383)

Decrease in payables

 

(836)

(1,100)

Net cash outflows from operating activities

 

(2,015)

(2,567)


 

 

 

Cash flows from investing activities

 

 

 

Purchase of investments

8

-

(17,356)

Repayment of loan principle

8

3,927

-

Loan Interest Received

8

4,774

3,500

Net cash inflows/ (outflows) from investing activities

 

8,701

(13,856)


 

 

 

Cash flows from financing activities

 



Repurchase of shares into Treasury

11

(3,389)

(741)

Dividends

11

(4,979)

(4,786)

Share issue costs

16

-

(150)

Net cash outflows from financing activities

 

(8,368)

(5,677)


 



Decrease in cash and cash equivalents

 

(1,681)

(22,101)

Cash and cash equivalents at the start of the period

 

1,778

23,328

Cash and cash equivalents at the end of the period

13

97

1,227


 

 

 

 



 

National Storage Mechanism

A copy of the Interim Report will be submitted shortly to the National Storage Mechanism ("NSM") in accordance with DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules and will be available for inspection at the NSM, which is situated at:

https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

LEI Number: 2138004JHBJ7RHDYDR62

For further information, please contact: Link Company Matters Limited, +44 (0)7596 599436

           

Name of authorised official of issuer responsible for making notification: Link Company Matters Limited, Company Secretary

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR DBGDCDGBDGSI