Greencoat UK Wind Half Year Report FINAL
Greencoat UK Wind Half Year Report FINAL
Greencoat UK Wind Half Year Report FINAL
UK WIND
Contents
Summary 01
Chairman’s Statement 02
Company Information 26
Defined Terms 27
Cautionary Statement 29
All capitalised terms are defined in the list of defined terms on pages 27 to 28 unless separately defined.
G R E E N C O AT
UK WIND
Summary
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in UK wind farms.
The Company’s aim is to provide investors with an annual dividend that increases in line with RPI inflation while
preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of
excess cash flow and the prudent use of gearing.
Highlights
• The Group’s investments generated 951GWh of electricity.
• Net cash generation (Group and wind farm SPVs) was £67.4 million.
• Acquisition of Brockaghboy and an additional interest in Clyde increased the portfolio to 30 wind farm
investments, net generating capacity to 785MW and GAV to £1,684.9 million as at 30 June 2018.
• Issuance of further shares raising £118.8 million in May 2018.
• The Company declared total dividends of 3.38 pence per share with respect to the period.
• £395 million outstanding borrowings as at 30 June 2018, equivalent to 23 per cent. of GAV.
Key Metrics
30 June 2018
01
Greencoat UK Wind PLC Half Year Report for the six months ended 30 June 2018
Chairman’s Statement
I am pleased to present the Half Year Report of we would expect gearing to be between 20 and 30 per
Greencoat UK Wind PLC for the six months ended cent. of GAV.
30 June 2018.
Principal Risks and Uncertainties
Performance As detailed in the Company’s Annual Report to
Despite a strong first quarter, portfolio generation for 31 December 2017, the principal risks and
the period was 6 per cent. below budget at 951GWh, uncertainties affecting the Group are as follows:
mainly due to lower wind speeds in May and June. • dependence on the Investment Manager;
Wholesale electricity prices have been higher than
• financing risk; and
budget, and net cash generated by the Group and
wind farm SPVs was on budget at £67.4 million, • risk of investment returns becoming unattractive.
providing strong cover of 2.0x dividends paid during
Also, as detailed in the Company’s Annual Report to
the period.
31 December 2017, the principal risks and uncertainties
Dividends and Returns affecting the investee companies are as follows:
The Company’s aim is to provide investors with an • changes in government policy on renewable energy;
attractive and sustainable dividend that increases in • a decline in the market price of electricity;
line with RPI inflation while preserving capital on a real
basis. In line with our stated target of 6.76 pence per • risk of low wind resource;
share for 2018, the Company has paid a quarterly • lower than expected life span of the wind turbines;
dividend of 1.69 pence per share with respect to Q1 and
2018 and has declared a dividend of the same amount • health and safety and the environment.
per share with respect to Q2 2018, giving a total of
3.38 pence per share for the period (compared to Further information in relation to these principal risks
3.245 pence per share for the first half of 2017). NAV and uncertainties, which are unchanged from
per share increased in the period from 109.6 pence per 31 December 2017 and remain the most likely to affect
share (ex-dividend) on 31 December 2017 to the Group in the second half of the year, may be found
112.4 pence per share (ex-dividend) on 30 June 2018. on pages 5 to 7 of the Company’s Annual Report for
the year ended 31 December 2017.
Acquisitions and Equity Issuance
During the period, the Group invested £277 million in Outlook
2 acquisitions, increasing net generating capacity to Electricity generation from wind is the most widely
785MW. In March, the Group acquired the 47.5MW deployed renewable energy technology available in
Brockaghboy wind farm in Northern Ireland and in the UK and has matured from being a somewhat
May, it exercised its option to increase its shareholding unusual form of generation into becoming one of the
in the Clyde wind farms to 28.2 per cent.. key providers of electricity: on average, over 15 per
cent. of the UK’s electricity demand is now being
In order to support the continuing growth of the supplied by wind energy and by 2020, over 30 per
Company, in May we issued 102 million new shares at cent. of the UK’s electricity demand should be met
117 pence per share, raising gross proceeds of from renewable sources (of which wind is the
£119 million in an oversubscribed and NAV accretive dominant component).
share placing.
The Company is therefore investing in a mature and
Gearing growing market, and the Board believes that there
At the start of the period, Group borrowings should continue to be further opportunities for
amounted to £265 million (19 per cent. of GAV). investments that are beneficial to shareholders.
Following the acquisitions and equity issuance in the Nonetheless, the Company will continue to maintain a
period, as at 30 June 2018, Group borrowings strictly disciplined approach to acquisitions, only
amounted to £395 million (23 per cent. of GAV), of investing when it is considered to be in the interests of
which £150 million was fixed rate term debt. shareholders to do so.
02
G R E E N C O AT
UK WIND
Investment Portfolio
Portfolio as at 30 June 2018:
Ownership
Wind Farm Turbines Operator PPA Total MW Stake Net MW
03
Greencoat UK Wind PLC Half Year Report for the six months ended 30 June 2018
28
8
14
6 11
7 15 19
5
2 21
27
29
25
26
24 20 3
16
1
10 22
13
30 23
9
12
18
17
04
G R E E N C O AT
UK WIND
Onshore/Offshore Geography
Scotland (50%)
Onshore (93%)
Northern Ireland (19%)
England (21%)
Offshore (7%) Wales (10%)
Assets
Portfolio Performance
Portfolio generation for the six months ended 30 June 2018 was 951GWh, 6 per cent. below budget owing to
low wind resource in Q2 (Q1 generation was above budget).
Overall portfolio availability was in line with budget. Notable issues were:
• lower than budgeted availability at Maerdy due to blade repairs as a result of a Siemens worldwide serial
defect affecting 3 out of 8 turbines;
• lower than budgeted availability at Kildrummy due to blade heating issues and icing over the winter period
which have now been successfully remedied; and
• lower than budgeted availability at Cotton Farm due to background noise monitoring which was completed
in June.
During the period, various turbine operation and maintenance contracts and operational management
agreements were renewed or replaced at lower than budgeted cost.
05
Greencoat UK Wind PLC Half Year Report for the six months ended 30 June 2018
Acquisitions
On 7 March 2018, the Group invested £163.9 million (including acquisition costs, excluding acquired cash) to
acquire 100 per cent. of the 47.5MW Brockaghboy wind farm from ERG.
On 30 May 2018, the Group exercised its option to invest £113.1 million (including acquisition costs, excluding
acquired cash) to acquire a further 8.4 per cent. of the 522.4MW Clyde wind farms from SSE, bringing the Group’s
total holding to 28.2 per cent..
In addition, on 2 February 2018, the Group paid £0.4 million to EDF as a post completion working capital
adjustment in relation to the acquisition of Bicker Fen, Deeping St. Nicholas, Glass Moor, Red House and Red Tile
wind farms in October 2017.
Financial Performance
Power prices during the period were above budget. The average N2EX Day Ahead auction price was
£52.65/MWh.
Below budget portfolio generation and above budget power prices contributed to cash generation in line with
budget.
Dividend cover for the six months ended 30 June 2018 was 2.0x, in line with expectations.
Cash balances (Group and wind farm SPVs) increased by £2.4 million to £44.1 million over the period.
For the six months
ended 30 June 2018
Group and wind farm SPV cash flows £’000
06
G R E E N C O AT
UK WIND
Revenue 109,736
Operating expenses (26,635)
Tax (1,890)
Other (3,934)
Wind farm cashflow 77,277
Management fee (5,947)
Operating expenses (799)
Ongoing finance costs (5,441)
Other 1,029
Group cashflow (11,158)
VAT (Group and wind farm SPVs) 1,292
Net cash generation 67,411
07
Greencoat UK Wind PLC Half Year Report for the six months ended 30 June 2018
Investment Performance
Movement in Movement in Movement in Movement in
Opening NAV Investment in Closing NAV
DCF cash (Group and other relevant Aggregate
31 Dec 2017 new assets 30 Jun 2018
valuation wind farm SPVs) assets/liabilities Group Debt
1,400
1,200
1,000
£m
800
600
400
200
(1)
Numbers do not cast owing to a rounding of £0.1 million.
A dividend of £16.7 million (1.6225 pence per share) was paid in February 2018 with respect to the quarter ended
31 December 2017 and a dividend of £17.4 million (1.69 pence per share) was paid in May 2018 with respect to
the quarter ended 31 March 2018.
A dividend of £19.1 million (1.69 pence per share) will be paid on 24 August 2018 with respect to the quarter
ended 30 June 2018.
pence per share
08
G R E E N C O AT
UK WIND
NAV vs RPI
114
112
110
108
Pence
106
104
102
100
98
96
Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun
2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018
The share price as at 30 June 2018 was 125.2 pence, representing a 9.8 per cent. premium to NAV.
170
160
150
140
Pence
130
120
110
100
90
Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun
2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018
09
Greencoat UK Wind PLC Half Year Report for the six months ended 30 June 2018
Gearing
As at 30 June 2018, the Group had £395 million of debt outstanding, equating to 23 per cent. of GAV.
Debt outstanding comprised term debt of £150 million (together with associated interest rate swaps) plus
£245 million drawn under the Group’s revolving credit facility.
Outlook
There are currently 20GW of operating UK wind farms (13GW onshore plus 7GW offshore). Installed capacity is
set to grow to 14GW onshore plus 12GW offshore by 2021. In monetary terms, the secondary market for
operating UK wind farms is approximately £50 billion, increasing to £75 billion by 2021. The Group currently has
a market share of approximately 3 per cent.. The average age of the portfolio is 5 years (the same as at listing in
March 2013).
The key value driver affecting operating UK wind farms is the wholesale power price. In general, independent
forecasters expect the UK wholesale power price to rise in real terms, driven by higher gas and carbon prices. The
long term power price forecast is updated each quarter and reflected in the reported NAV.
The Company does not expect any material change to its business as a result of the UK exiting the European
Union. Being solely UK focused and deliberately low risk, all of the Group’s assets and liabilities are within the UK
and sterling denominated. In addition, the regulatory regime under which the assets operate is robust,
longstanding and rooted in UK legislation.
In general, the outlook for the Group is very encouraging, with proven operational and financial performance
from the existing portfolio combined with a healthy pipeline of attractive further investment opportunities.
10
G R E E N C O AT
UK WIND
The Directors acknowledge responsibility for the interim results and approve this Half Year Report. The Directors
confirm that to the best of their knowledge:
a) the condensed financial statements have been prepared in accordance with IAS 34 “Interim Financial
Reporting” and give a true and fair view of the assets, liabilities and financial position and the profit of the
Group as required by DTR 4.2.4R;
b) the interim management report, included within the Chairman’s Statement and Investment Manager’s Report,
includes a fair review of the information required by DTR 4.2.7R, being the significant events of the first half
of the year and the principal risks and uncertainties for the remaining six months of the year; and
c) the condensed financial statements include a fair review of the related party transactions, as required by
DTR 4.2.8R.
Tim Ingram
Chairman
26 July 2018
11
Greencoat UK Wind PLC Half Year Report
The accompanying notes on pages 16 to 25 form an integral part of the financial statements.
12
G R E E N C O AT
UK WIND
Current assets
Receivables 10 496 1,482
Cash and cash equivalents 2,979 5,922
3,475 7,404
Current liabilities
Payables 11 (1,753) (4,088)
Net current assets 1,722 3,316
Authorised for issue by the Board on 26 July 2018 and signed on its behalf by:
The accompanying notes on pages 16 to 25 form an integral part of the financial statements.
13
Greencoat UK Wind PLC Half Year Report
Other
Share Share distributable Retained
For the six months ended capital premium reserves earnings Total
30 June 2018 Note £’000 £’000 £’000 £’000 £’000
The total reserves distributable by way of a dividend as at 30 June 2018 were £277,949,908.
Other
Share Share distributable Retained
For the six months ended capital premium reserves earnings Total
30 June 2017 £’000 £’000 £’000 £’000 £’000
The total reserves distributable by way of a dividend as at 30 June 2017 were £264,061,571.
The accompanying notes on pages 16 to 25 form an integral part of the financial statements.
14
G R E E N C O AT
UK WIND
Net decrease in cash and cash equivalents during the period (2,943) (3,059)
Cash and cash equivalents at the beginning of the period 5,922 5,860
Cash and cash equivalents at the end of the period 2,979 2,801
The accompanying notes on pages 16 to 25 form an integral part of the financial statements.
15
Greencoat UK Wind PLC Half Year Report
IFRS 9 was issued to replace IAS 39 “Financial Instruments: Recognition and Measurement” and became effective
for accounting periods beginning on or after 1 January 2018 and has been first adopted in these financial
statements. The Group’s financial instruments predominantly comprise equity investments held at fair value and
financial liabilities held at amortised cost. The accounting treatment for these financial instruments is consistent
under both IAS 39 and IFRS 9, therefore the introduction of IFRS 9 has had no impact on the reported results and
financial position of the Group.
The Group’s consolidated annual financial statements were prepared on the historic cost basis, as modified for
the measurement of certain financial instruments at fair value through profit or loss, and in accordance with IFRS
to the extent that they have been adopted by the EU and with those parts of the Companies Act 2006 applicable
to companies under IFRS.
These condensed financial statements do not include all information and disclosures required in the annual
financial statements and should be read in conjunction with the Group’s consolidated annual financial statements
for the year ended 31 December 2017. The audited annual accounts for the year ended 31 December 2017 have
been delivered to the Registrar of Companies. The audit report thereon was unmodified.
Review
This Half Year Report has not been audited or reviewed by the Company’s Auditor in accordance with the
International Standards on Auditing (ISAs) (UK) or International Standard on Review Engagements (ISREs).
Going concern
After making enquiries, the Directors have a reasonable expectation that the Company and the Group have
adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue
to adopt the going concern basis of accounting in preparing the interim financial statements.
Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources and
assessing performance of the operating segments, has been identified as the Board of Directors, as a whole. The
key measure of performance used by the Board to assess the Group’s performance and to allocate resources is
the total return on the Group’s net assets, as calculated under IFRS, and therefore no reconciliation is required
between the measure of profit or loss used by the Board and that contained in the financial statements. For
management purposes, the Group is organised into one main operating segment, which invests in wind farm
assets. All of the Group’s income is generated within the UK. All of the Group’s non current assets are located in
the UK.
16
G R E E N C O AT
UK WIND
The Cash Fee and Equity Element are calculated quarterly in advance, as disclosed on page 55 of the Company’s
Annual Report for the year ended 31 December 2017.
As at 30 June 2018, total amounts payable to the Investment Manager were £nil (31 December 2017: £605,632).
3. Return on investments
For the For the
six months ended six months ended
30 June 2018 30 June 2017
£’000 £’000
4. Operating expenses
For the For the
six months ended six months ended
30 June 2018 30 June 2017
£’000 £’000
The fees to the Company’s Auditor includes £3,700 (30 June 2017: £3,700) payable in relation to a limited review
of the Half Year Report and estimated accruals proportioned across the year for the audit of the statutory financial
statements.
17
Greencoat UK Wind PLC Half Year Report
5. Taxation
Taxable income during the period was offset by management expenses and the tax charge for the period ended
30 June 2018 is £nil (30 June 2017: £nil). The Group has tax losses carried forward available to offset against
current and future profits as at 30 June 2018 of £12,059,423 (30 June 2017: £7,654,199).
During the period, £1,169,209 (30 June 2017: £1,073,321) was received as compensation for corporation tax
losses surrendered by way of consortium relief from investee companies. This comprised £1,010,693 recognised
as a receivable as at 31 December 2017 and £158,516 (30 June 2017: £176,000) recognised as a tax credit in
the period.
Dilution of the earnings per share as a result of the Equity Element of the investment management fee as disclosed
in note 2 does not have a material impact on the basic earnings per share.
As disclosed in note 18, on 26 July 2018, the Board approved a dividend of 1.69 pence per share in relation to
the quarter ended 30 June 2018, bringing the total dividends declared with respect to the period to 3.38 pence
per share. The record date for the dividend is 10 August 2018 and the payment date is 24 August 2018.
18
G R E E N C O AT
UK WIND
The unrealised movement in fair value of investments of the Group during the period was made up as follows:
For the For the
six months ended six months ended
30 June 2018 30 June 2017
£’000 £’000
The fair value of the Group’s investments is ultimately determined by the underlying fair values of the SPV
investments. Due to their nature, they are always expected to be classified as level 3 as the investments are not
traded and contain unobservable inputs. There have been no transfers between levels during the six months
ended 30 June 2018.
19
Greencoat UK Wind PLC Half Year Report
Discount rate 7.7 per cent. + 0.5 per cent. (56,319) (5.0)
– 0.5 per cent. 59,700 5.3
Energy yield P50 10 year P90 (100,785) (8.9)
10 year P10 100,632 8.9
Power price Forecast by – 10 per cent. (110,608) (9.8)
leading consultant + 10 per cent. 110,441 9.8
Long term inflation rate 3.0 per cent. – 0.5 per cent. (66,938) (5.9)
+ 0.5 per cent. 70,826 6.3
The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented.
The base case asset life assumption is 25 years. An asset life sensitivity is not presented owing to the difficulty in
quantifying various associated valuation drivers, including: ability to extend the lease term; ability to extend
planning permission; commercial terms attaching to any lease extension; operating and maintenance costs
associated with longer life; decommissioning costs; and scrap value. Notwithstanding the difficulty in
quantification, the Investment Manager considers asset life extension to be a significant potential upside to the
Group. Asset life is also highlighted as a principal risk and uncertainty on page 7 of the Company’s Annual Report
for the year ended 31 December 2017.
20
G R E E N C O AT
UK WIND
The following table shows associates and joint ventures of the Group which have been recognised at fair value
as permitted by IAS 28 “Investments in Associates and Joint Ventures”:
Ownership Interest
Investment Place of Business as at 30 June 2018
As disclosed in note 17, during the period, Holdco advanced a loan to Clyde of £44,929,350 (30 June 2017: £nil).
The loan accrues interest at a rate of 5.8 per cent. per annum.
Security deposits and guarantees provided by the Group on behalf of its investments are disclosed on page 61
of the Company’s Annual Report for the year ended 31 December 2017. There were no changes to these security
deposits and guarantees in the period.
21
Greencoat UK Wind PLC Half Year Report
10. Receivables
30 June 2018 31 December 2017
£’000 £’000
11. Payables
30 June 2018 31 December 2017
£’000 £’000
The loan balances as at 30 June 2018 have not been revalued to reflect amortised cost, as the amounts are not
materially different from the outstanding balances.
There are no changes to the terms of the revolving credit facility as disclosed on page 63 of the Company’s
Annual Report for the year ended 31 December 2017.
As at 30 June 2018, accrued interest on the revolving credit facility was £30,216 (31 December 2017: £613,688)
and the outstanding commitment fee payable was £51,199 (31 December 2017: £146,651).
22
G R E E N C O AT
UK WIND
As at 30 June 2018, accrued interest on the term debt facility and associated swap was £827,344 (31 December
2017: £579,615).
13. Contingencies
At the time of acquisition, wind farms which had less than 12 months’ operational data may have had a wind
energy true-up applied, whereby the purchase price for these wind farms may be adjusted (up or down) so that
it is based on a 2 year operational record, once the operational data has become available.
The following 2 wind energy true-ups remain outstanding and the maximum adjustment under each are as follows:
Clyde Extension £4,747,094; and Corriegarth £9,069,293.
23
Greencoat UK Wind PLC Half Year Report
16. Reconciliation of operating profit for the period to net cash from operating activities
For the For the
six months ended six months ended
30 June 2018 30 June 2017
£’000 £’000
During the period, Holdco increased its shareholder loan to Clyde by £44,929,350 (30 June 2017: £nil). The loan
accrues interest at a rate of 5.8 per cent. per annum. The Group received loan capital repayments of £8,408,607
(30 June 2017: £8,403,600) and loan interest repayments of £3,229,921 (30 June 2017: £1,533,723) during the
period from Clyde and the balance as at 30 June 2018 was £151,159,926 (31 December 2017: £112,906,047).
During the period, £198,000 (30 June 2017: £176,000) was received from Little Cheyne Court, £873,835 (30 June
2017: £897,321) was received from Braes of Doune and £97,374 (30 June 2017: £nil) was received from SYND
Holdco as compensation for corporation tax losses surrendered via consortium relief through the Group.
24
G R E E N C O AT
UK WIND
(1)
The Group’s investment in Corriegarth is held through Corriegarth Holdings.
(2)
The Group’s investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands.
(3)
The Group’s investments in Middlemoor and Lindhurst are held through ML Wind.
(4)
The Group’s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco.
25
Greencoat UK Wind PLC Half Year Report
Company Information
26
G R E E N C O AT
UK WIND
Defined Terms
Aggregate Group Debt means the Group’s EU means the European Union
proportionate share of outstanding third party
borrowings Fenlands means Fenland Windfarms Limited
BDO LLP means the Company’s Auditor as at the GAV means Gross Asset Value
reporting date
Glass Moor means Glass Moor wind farm
Bicker Fen means Bicker Fen Windfarm Limited
Group means Greencoat UK Wind PLC and Greencoat
Bin Mountain means Bin Mountain Wind Farm (NI) UK Wind Holdco Limited
Limited
Holdco means Greencoat UK Wind Holdco Limited
Bishopthorpe means Bishopthorpe Wind Farm
IAS means International Accounting Standard
Limited
IFRS means International Financial Reporting
Board means the Directors of the Company
Standards
Braes of Doune means Braes of Doune Wind Farm
Investment Management Agreement means the
(Scotland) Limited
agreement between the Company and the Investment
Brockaghboy means Brockaghboy Windfarm Limited Manager
Carcant means Carcant Wind Farm (Scotland) Limited Investment Manager means Greencoat Capital LLP
Cash Fee means the cash fee that the Investment Kildrummy means Kildrummy Wind Farm Limited
Manager is entitled to under the Investment
Langhope Rig means Langhope Rig Wind Farm
Management Agreement
Limited
CBA means Commonwealth Bank of Australia
Lindhurst means Lindhurst Wind Farm
Clyde means Clyde Wind Farm (Scotland) Limited
Little Cheyne Court means Little Cheyne Court Wind
Clyde Extension means the Clyde extension wind farm Farm Limited
developed by SSE adjacent to the original Clyde wind
Maerdy means Maerdy Wind Farm Limited
farm
Middlemoor means Middlemoor Wind Farm
Company means Greencoat UK Wind PLC
ML Wind means ML Wind LLP
Corriegarth means Corriegarth Wind Energy Limited
NAV means Net Asset Value
Corriegarth Holdings means Corriegarth Wind Energy
Holdings Limited NAV per Share means the Net Asset Value per
Ordinary Share
Cotton Farm means Cotton Farm Wind Farm Limited
North Hoyle means North Hoyle Wind Farm Limited
DCF means Discounted Cash Flow
North Rhins means North Rhins Wind Farm Limited
Deeping St. Nicholas means Deeping St. Nicholas
wind farm PPA means Power Purchase Agreement entered into
by the Group’s wind farms
Drone Hill means Drone Hill Wind Farm Limited
RBC means the Royal Bank of Canada
DTR means the Disclosure Guidance and Transparency
Rules sourcebook issued by the Financial Conduct Red House means Red House wind farm
Authority
Red Tile means Red Tile wind farm
Earl’s Hall Farm means Earl’s Hall Farm Wind Farm
Limited Review Section means the front end review section of
this report (including but not limited to the Chairman’s
Equity Element means the ordinary shares issued to Statement and the Investment Manager’s Report)
the Investment Manager under the Investment
Management Agreement
27
Greencoat UK Wind PLC Half Year Report
28
G R E E N C O AT
UK WIND
Cautionary Statement
The Review Section of this report has been prepared solely to provide additional information to shareholders
to assess the Company’s strategies and the potential for those strategies to succeed. These should not be
relied on by any other party or for any other purpose.
The Review Section may include statements that are, or may be deemed to be, “forward-looking statements”.
These forward-looking statements can be identified by the use of forward-looking terminology, including the
terms “believes”, “estimates”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case,
their negative or other variations or comparable terminology.
These forward-looking statements include all matters that are not historical facts. They appear in a number of
places throughout this document and include statements regarding the intentions, beliefs or current
expectations of the Directors and the Investment Manager concerning, amongst other things, the investment
objectives and investment policy, financing strategies, investment performance, results of operations, financial
condition, liquidity, prospects, and distribution policy of the Company and the markets in which it invests.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future. Forward-looking statements are not
guarantees of future performance. The Company’s actual investment performance, results of operations,
financial condition, liquidity, distribution policy and the development of its financing strategies may differ
materially from the impression created by the forward-looking statements contained in this document.
Subject to their legal and regulatory obligations, the Directors and the Investment Manager expressly disclaim
any obligations to update or revise any forward-looking statement contained herein to reflect any change in
expectations with regard thereto or any change in events, conditions or circumstances on which any statement
is based.
In addition, the Review Section may include target figures for future financial periods. Any such figures are
targets only and are not forecasts.
This Half Year Report has been prepared for the Company as a whole and therefore gives greater emphasis
to those matters which are significant in respect of Greencoat UK Wind PLC and its subsidiary undertakings
when viewed as a whole.
29
Greencoat UK Wind PLC Half Year Report for the six months ended 30 June 2018
30