Greencoat UK Wind Regulatory News (UKW)

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27 July 2023

GREENCOAT UK WIND PLC

(the "Company")

Half year results to 30 June 2023, Net Asset Value and Dividend Announcement

Greencoat UK Wind PLC today announces the half year results for the period to 30 June 2023.

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.

The Company provides investors with the opportunity to participate directly in the ownership of UK wind farms, so increasing the resources and capital dedicated to the deployment of renewable energy and the reduction of greenhouse gas emissions.

Highlights

· The Group's investments generated 2,088GWh of renewable electricity.

· Net cash generation (Group and wind farm SPVs) was £204.0 million.

· Acquisition of Dalquhandy wind farm increased the portfolio to 46 operating wind farm investments and net generating capacity to 1,652MW as at 30 June 2023.

· Agreed to acquire a net 13.7 per cent stake in London Array offshore wind farm, with the transaction expected to complete on 31 July 2023.

· The Company declared total dividends of 4.38 pence per share with respect to the period.

· Aggregate Group Debt was £2,000 million as at 30 June 2023, equivalent to 34 per cent of GAV.

Commenting on today's results, Lucinda Riches, Chairman of Greencoat UK Wind, said:

"I am pleased to report another strong performance in the first half, extending our track record of attractive dividends and returns. Cash generation was strong and dividend cover for the period was 2.1x. Since IPO, the Company has increased its dividend in line with RPI every year with excess cash generation being reinvested to drive NAV growth above RPI, now delivering returns to investors of 10%.

"We continue to leverage our scale and financial strength to grow the portfolio with high quality investments including that of Dalquhandy in the period. Looking ahead to the remainder of the year, we already have a strong pipeline of additions to our portfolio through our investment in London Array and completing on our committed investments, South Kyle and Kype Muir Extension. These investments will add 355MW of net generating capacity increasing the portfolio to over 2GW.

"The outlook for the Group is extremely encouraging. We operate in a mature and growing asset class and with our market leading position and self funding business model, we are well placed to capitalise on NAV accretive investment opportunities and continue delivering superior returns to shareholders."

Net Asset Value

The Company announces that its unaudited Net Asset Value as at 30 June 2023 is £3,843.9 million (165.8 pence per share). The Company's June 2023 Factsheet is available on the Company's website, www.greencoat-ukwind.com.

Dividend Announcement

The Company also announces a quarterly dividend of 2.19 pence per share in respect of the period from 1 April 2023 to 30 June 2023.

Dividend Timetable

Ex-dividend date: 10 August 2023

Record date: 11 August 2023

Payment date: 25 August 2023

Key Metrics

As at 30 June 2023:

The Company's 2023 Half Year Report is available on the Company's website, www.greencoat-ukwind.com, and can also be inspected on the National Storage Mechanism website, https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Details of the conference call for analysts and investors:

There will be a conference call at 9.00am today for analysts and investors. Analysts and investors can register and watch the event at: https://www.netroadshow.com/events/login?show=ed784d86&confId=53665 .

Presentation materials will be posted on the Company's website, www.greencoat-ukwind.com, from 9.00am.

For further information, please contact:

Greencoat UK Wind PLC 020 7832 9400

Stephen Lilley

Laurence Fumagalli

Headland 020 3805 4822

Stephen Malthouse

Rob Walker

Charlie Twigg

ukwind@headlandconsultancy.com

All capitalised terms are defined in the list of defined terms below unless separately defined.

Chairman's Statement

I am pleased to present the Half Year Report of Greencoat UK Wind PLC for the six months ended 30 June 2023.

Performance

Portfolio generation for the period was 2,088GWh, 18 per cent below budget owing to low wind. Net cash generated by the Group and wind farm SPVs was £204.0 million and dividend cover for the period was 2.1x.

The portfolio provides renewable electricity for 1.8 million homes and avoided the emission of 0.8 million tonnes of CO2 in the period.

Dividends and Returns

The Company's aim is to provide investors with an attractive and sustainable dividend that increases in line with RPI while preserving capital on a real basis. In line with this aim, in every one of the last 10 years since listing, the Company increased its stated dividend target for 2023 by RPI to 8.76 pence. It has paid a quarterly dividend of 2.19 pence per share with respect to Q1 2023 and has declared a dividend of the same amount per share with respect to Q2 2023, giving a total of 4.38 pence per share for the period (compared to 3.86 pence per share for the first half of 2022).

NAV per share decreased in the period from 167.1 pence per share on 31 December 2022 to 165.8 pence per share on 30 June 2023, reflecting an increase in discount rates and lower short term power prices offset by higher short term inflation and valuation gains from recent and committed investments.

In line with the higher interest rate environment, the Company has continued to increase its discount rate and thus returns to investors. The forecast 10 per cent return to investors (net of all costs) includes reinvestment of excess cash generation (dividend cover) in addition to the dividend yield. Since listing, the Company has reinvested £806 million of excess cash generation (dividend cover) and paid £836 million of dividends (aggregate historical dividend cover being 2.0x).

Investment

During the period, the Group invested £51.5 million to acquire Dalquhandy wind farm from BayWa, increasing net generating capacity to 1,652MW. During the period, the Group also provided a further £4.5 million of construction finance to the Kype Muir Extension wind farm project (target commissioning in Q3 2023).

In Q3 2023, the Group will invest £444 million into London Array offshore wind farm and £320 million into South Kyle wind farm, which the Group are acquiring from Orsted and Vattenfall respectively. Along with Kype Muir Extension completion, 355MW of net generating capacity will be added to the portfolio.

Outlook

The Company is investing in a mature and growing market, and the Board believes that there should continue to be further opportunities for investments that are beneficial to shareholders. The Company will continue to maintain a strictly disciplined approach to acquisitions, only investing when it is considered to be in the interests of shareholders to do so. At the same time, we will also look at opportunistic disposals, given the current environment we are operating in.

The principal risk and uncertainties of the Group and its investee companies are unchanged from those detailed in the Company's Annual Report to 31 December 2022 and remain the most likely to affect the Group and its investee companies in the second half of the year. A summary of these may be found below.

The Board and Governance

At the AGM on 28 April 2023, Nick Winser assumed the role of Senior Independent Director. Shonaid Jemmett-Page also retired and I, on behalf of the whole Board, would like to thank her for the excellent job she has done chairing the Company. I am delighted to have taken over as Chairman, and look forward to working with the rest of the Board and the Investment Manager to deliver continued shareholder value.

On 1 May 2023 Jim Smith joined the Board and has extensive experience in the electricity industry, including in offshore wind asset management.

Lucinda Riches C.B.E.

Chairman

26 July 2023

Investment Manager's Report

Investment Portfolio

As at 30 June 2023, the Group owned investments in a diversified portfolio of 46 operating UK wind farms totalling 1,652MW, powering 1.8 million homes and avoiding the emission of 2.1 million tonnes of CO2 per annum. A further 355MW of investments are due to complete in Q3 2023, which will increase the portfolio to over 2GW.

Operating and Financial Performance

Portfolio generation in the period was 2,088GWh, 18 per cent below budget owing to low wind. Portfolio availability was above budget.

Net cash generated by the Group and wind farm SPVs was £204.0 million and dividend cover for the period was 2.1x.

(1) Alternative Performance Measure as defined below.

The following tables provide further detail in relation to net cash generation of £204.0 million:

(1) Condensed Consolidated Statement of Cash Flows.

(2) £4,350k facility arrangement fees plus £467k professional fees per note 12 to the financial statements less £208k movement in other finance costs payable per note 11 to the financial statements.

Investment and Gearing

On 6 June 2023, the Group acquired Dalquhandy wind farm from BayWa for consideration of £51.5 million.

During the period, the Group provided a further £4.5 million of construction finance to the Kype Muir Extension wind farm project (target commissioning Q3 2023). As at 30 June 2023, the Group's total investment in Kype Muir Extension (including accrued interest) was £44.9 million. The Group has entered into arrangements to acquire a 49.9 per cent stake in Kype Muir Extension, once fully commissioned, for a headline consideration of £51.4 million. The construction loan will be repaid in full upon acquisition.

On 24 July 2023, the Group announced that, together with other funds managed by the Investment Manager, it would acquire a 25 per cent stake in London Array offshore wind farm from Orsted. Other owners are RWE (30 per cent), CDPQ (25 per cent) and Masdar (20 per cent). The investment is scheduled to complete on 31 July 2023 and the Group's total investment in London Array is expected to be £444 million, comprising an equity investment of £394 million (13.7 per cent net stake) and £50 million loan investment.

On 31 August 2023, the Group will acquire South Kyle wind farm from Vattenfall for consideration of £320 million (commitment made in 2020). South Kyle was officially opened on 13 June by Laurence Fumagalli, on behalf of the Company and Anna Borg, Vattenfall CEO.

All of the above investments are materially accretive to NAV, with committed investments (South Kyle and Kype Muir Extension) valued at £132.5 million as at 30 June 2023, above the investment consideration.

On 29 June 2023, the Company utilised £640 million of new term loan commitments from new and existing lenders and on 30 June 2023, prepaid £150 million of term loans maturing in November and December 2023 and £200 million drawn under the RCF.

The Group is very well capitalised to complete on its near term investments. Cash balances (Group and wind farm SPVs) as at 30 June 2023 were £499 million with zero drawn under the £600 million RCF.

Gearing as at 30 June 2023 was 34 per cent of GAV, with a weighted cost of debt of 4.08 per cent across a spread of maturities (November 2024 to March 2036):

(1) Facility pays SONIA as variable rate

Given the leading market position of the Group and the Investment Manager, there is no shortage of investment opportunities, further fuelled by the challenging fundraising environment affecting all buyers (in both public and private markets). Thus the Investment Manager regularly reviews the portfolio for potential disposals, with a view to recycling capital into NAV accretive investments.

Net Asset Value

The following table sets out the movement in NAV from 31 December 2022 to 30 June 2023. The key components are discussed in detail below.

Reconciliation of Statutory Net Assets to Reported NAV

(1) Includes limited recourse debt at Hornsea 1, not included in the Condensed Consolidated Statement of Financial Position.

Power Price

Long term power price forecasts are provided by a leading market consultant, updated quarterly, and may be adjusted by the Investment Manager where more conservative assumptions are considered appropriate. Short term power price assumptions reflect the forward curve as at 3 July 2023.

A conservative 20 per cent discount (10 per cent for offshore) is applied to power price assumptions in all years to reflect that wind generation typically earns a lower price than the base load power price. This compares to the 4 per cent discount to the base load power price achieved by the portfolio in the period (£104.06/MWh average achieved price versus £108.40/MWh average N2EX index price).

In addition to the 20 per cent discount, a further discount is applied to reflect the terms of each PPA. The price of some PPAs is expressed as a percentage of a given price index, whereas other PPAs include a fixed £/MWh discount to the price index. Other PPAs pay a fixed £/MWh price for power.

The following table shows the assumed power price (post 20 per cent discount pre PPA discount) and also the price post a representative PPA discount (90 per cent x index price).

The portfolio benefits from a substantial fixed revenue base. Furthermore, most fixed revenues are index linked (RPI in the case of ROCs, CPI in the case of CFDs etc).

The fixed revenue base means that dividend cover is robust in the face of extreme downside power price sensitivities. A dividend that continues to increase with RPI is covered down to £10/MWh over the next 5 years.

All numbers illustrative. Power prices real 2022, pre PPA discounts.

The Group's strategy remains to maintain an appropriate balance between fixed and merchant revenue. To the extent that merchant revenues were to increase as a proportion of total revenues then new fixed price PPAs would be entered into. However, it is likely that an appropriate revenue balance would be maintained through the acquisition of new fixed revenue streams (for example, offshore wind CFD assets).

Inflation

The base case assumes the following values for December inflation each year:

If December 2023 RPI is 7 per cent this implies average RPI over 2023 of 10 per cent (13 per cent falling to 7 per cent over the course of the year). Similarly, 2024 RPI starting at 7 per cent and falling to 3.5 per cent by year end implies average RPI over 2024 of 5 per cent. Average RPI over 2025 is 3.5 per cent etc.

Average RPI over a year is important as this figure drives ROC prices. The ROC price is inflated annually from 1 April each year based on the previous year's average RPI. For example, based on the assumptions in the table above, we assume a 10 per cent increase in the ROC price from 1 April 2024.

CFD prices are also inflated annually from 1 April each year. However, in the case of CFDs, the price is inflated based on January CPI.

Given the explicit inflation linkage of a substantial proportion of portfolio revenue (ROCs, CFDs, certain PPAs) and the implicit inflation linkage inherent in power prices, there is a strong link between inflation and portfolio return.

Over the long term, 1 per cent higher inflation means 1 per cent higher IRR (all else being equal).

In the short term, a one off increase in inflation (for example, a 10 per cent increase in the ROC price) leads to a ratchet-like increase in portfolio cash flows that lock in for all future years.

Interest rates (and therefore discount rates) are correlated with inflation. It is important to appreciate the inflation linked nature of the portfolio cash flows and that changes in discount rates (associated with changes in interest rates) are broadly offset by changes in inflation.

Returns

Discount rates must increase to reflect the higher interest rate environment.

For the 30 June 2023 NAV, the discount rate was increased by a further 1 per cent. The levered portfolio IRR now stands at 11 per cent. This is now materially higher than at IPO over a decade ago.

Given that the Company's ongoing charges ratio is less than 1 per cent, the net return to investors (assuming investment at NAV) is thus 10 per cent.

The 10 per cent net return is also inflation linked, as described above.

A 10 per cent inflation linked return should be very attractive versus other investment opportunities. The Company's 10 year track record demonstrates relatively low volatility and the historical and projected dividend cover is robust. By investing in operating UK wind farms (higher returning than European or solar generation assets, and lower risk than batteries or development assets), the Company aims to continue to generate consistent superior risk adjusted returns.

A total return of 10 per cent and a dividend yield of 5 per cent would imply NAV growth of 5 per cent. The total return is more important than the dividend yield, which depends on the chosen dividend policy (the Company could have a different combination of dividend yield and NAV growth).

Excess cash generation (dividend cover) is reinvested to drive NAV growth. Therefore the size of dividend cover is important; it is not just a question of "covered or not covered". The business model is self funding and does not rely on further equity issuance.

Since IPO, aggregate historical dividend cover has been 1.9x and the Group has reinvested £786 million and has delivered NAV growth significantly in excess of RPI.

Outlook

There are currently approximately 29GW of operating UK wind farms (15GW onshore plus 14GW offshore). In monetary terms, the 29GW of operating UK wind farms amounts to approximately £100 billion. The Group's market share is approximately 6 per cent. As at 30 June 2023, the average age of the portfolio was 7 years (versus 5 years at IPO in March 2013).

Given the leading market position of the Group and the Investment Manager, there is no shortage of investment opportunities, further fuelled by the challenging fundraising environment affecting all buyers (in both public and private markets). The Group is very well capitalised and the business model is self funding.

The assumptions underpinning NAV are conservative. The portfolio is robust in the face of downside power price sensitivities and remains exposed to significant upside (power prices, inflation, asset life extension, asset optimisation, new revenue streams, interest rate cycle etc).

The levered portfolio IRR of 11 per cent and net return to investors of 10 per cent should be very attractive versus other investment opportunities. Directors and senior management of the Investment Manager invested £1,645,680 over the period.

In general, the outlook for the Group is extremely encouraging.

Statement of Directors' Responsibilities

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.

The Responsibility Statement has been approved by the Board.

Lucinda Riches C.B.E.

Chairman

26 July 2023

Condensed Consolidated Statement of Comprehensive Income (unaudited)

For the six months ended 30 June 2023

The accompanying notes form an integral part of the financial statements.

Condensed Consolidated Statement of Financial Position (unaudited)

As at 30 June 2023

Authorised for issue by the Board of Greencoat UK Wind PLC (registered number 08318092) on 26 July 2023 and signed on its behalf by:

Lucinda Riches C.B.E. Caoimhe Giblin

Chairman Director

The accompanying notes form an integral part of the financial statements.

Condensed Consolidated Statement of Changes in Equity (unaudited)

For the six months ended 30 June 2023

The total reserves distributable by way of a dividend as at 30 June 2023 were £768,751,535.

The total reserves distributable by way of a dividend as at 30 June 2022 were £540,760,772.

The accompanying notes form an integral part of the financial statements.

Condensed Consolidated Statement of Cash Flows (unaudited)

For the six months ended 30 June 2023

The accompanying notes form an integral part of the financial statements.

Notes to the Unaudited Condensed Consolidated Financial Statements

For the six months ended 30 June 2023

1. Significant accounting policies

The condensed consolidated financial statements included in this Half Year Report have been prepared in accordance with IAS 34 "Interim Financial Reporting". The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the preparation of the Group's consolidated annual financial statements for the year ended 31 December 2022 and are expected to continue to apply in the Group's consolidated financial statements for the year ended 31 December 2023.

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 UK adopted international accounting standards.

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 2022. The audited annual accounts for the year ended 31 December 2022 have been delivered to the Registrar of Companies. The audit report thereon was unmodified.

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).

As at 30 June 2023, the Group had net current assets of £362.7 million (31 December 2022: net current liabilities of £136.1 million) and cash balances of £367.4 million (31 December 2022: £19.8 million) which are sufficient to meet current obligations as they fall due.

The Directors have reviewed Group forecasts and projections which cover a period of at least 12 months from the date of approval of this report, taking into account foreseeable changes in investment and trading performance, which show that the Group has sufficient financial resources to continue in operation for at least the next 12 months from the date of approval of this report.

On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence until at least July 2024. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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, 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.

The Group's results do not vary significantly during reporting periods as a result of seasonal activity.

2. Investment management fees

Under the terms of the Investment Management Agreement, the Investment Manager is entitled to a combination of a Cash Fee and an Equity Element from the Company.

The Cash Fee and Equity Element are calculated quarterly in advance, as disclosed on page 74 of the Company's Annual Report for the year ended 31 December 2022.

Investment management fees paid or accrued in the period were as follows:

As at 30 June 2023, total amounts payable to the Investment Manager were £nil (31 December 2022: £1,364,170).

3. Investment Income

4. Operating expenses

The fees to the Company's Auditor for the period ended 30 June 2023 include £4,290 (30 June 2022: £4,173) 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.

5. Taxation

Taxable income during the period was offset by management expenses and the tax charge for the period ended 30 June 2023 is £nil (30 June 2022: £nil).

6. Earnings per share

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 significant impact on the basic earnings per share.

7. Dividends declared with respect to the period

As disclosed in note 18, on 26 July 2023, the Board approved a dividend of 2.19 pence per share with respect to the quarter ended 30 June 2023, bringing the total dividends declared with respect to the period to 4.38 pence per share. The record date for the dividend is 11 August 2023 and the payment date is 25 August 2023.

8. Investments at fair value through profit or loss

(1) Includes a true-up receivable at Glen Kyllachy of £158k.

Fair value measurements

As disclosed on pages 78 and 79 of the Company's Annual Report for the year ended 31 December 2022, IFRS 13 "Fair Value Measurement" requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities ranges from level 1 to level 3 and is determined on the basis of the lowest level input that is significant to the fair value measurement.

The fair value of the Group's investments is ultimately determined by the underlying net present 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 period.

Sensitivity analysis

The fair value of the Group's investments is £4,871,286,111 (31 December 2022: £4,959,311,361). The analysis below is provided to illustrate the sensitivity of the fair value of investments to an individual input, while all other variables remain constant. The Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood of change or that possible changes in value would be restricted to this range.

The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented.

9. Unconsolidated subsidiaries, associates and joint ventures

The following table shows subsidiaries of the Group acquired during the period. As the Company is regarded as an investment entity under IFRS, this subsidiary has not been consolidated in the preparation of the financial statements:

There are no other changes to the unconsolidated subsidiaries or the associates and joint ventures of the Group as disclosed on pages 80 and 81 of the Company's Annual Report for the year ended 31 December 2022.

Guarantees and counter-indemnities provided by the Group during the period on behalf of its investments are as follows:

There were no other material changes to guarantees and counter-indemnities provided by the Group, as disclosed on page 82 of the Company's Annual Report for the year ended 31 December 2022. The fair value of these guarantees and counter-indemnities provided by the Group are considered to be £nil (30 June 2022: £nil).

10. Receivables

11. Payables

12. Loans and borrowings

The loan balance as at 30 June 2023 has not been adjusted to reflect amortised cost, as the amounts are not materially different from the outstanding balances.

There are no changes to the terms of the Company's revolving credit facility as disclosed on page 84 of the Company's Annual Report for the year ended 31 December 2022. As at 30 June 2023, the balance of this facility was £nil (31 December 2022: £200 million), accrued interest was £nil (31 December 2022: £52,675) and the outstanding commitment fee payable was £466,575 (31 December 2022: £401,753).

The Company also has a £100 million letter of credit facility in place with Lloyds, of which £81.2 million was utilised as at 30 June 2023 (31 December 2022: £72.8 million). The fee for this facility is 1.25 per cent of utilised amounts and the fee payable, as at 30 June 2023 was £102,935 (31 December 2022: £324,221).

During the period, the Company entered into new term debt arrangements with ABN AMRO, ANZ, AXA, Barclays and Lloyds, totalling £640 million. Details of the new facilities are outlined in the table below.

On 30 June 2023, the Company repaid principal of £150 million relating to the NAB and CBA facilities with maturity dates in November 2023 and December 2023, respectively.

The Company's term debt facilities and associated interest rate swaps, with various maturity dates, are set out in the below table:

[1] Facility pays SONIA as variable rate

13. Contingencies and commitments

In April 2020, the Group announced that it had agreed to acquire South Kyle wind farm project for a headline consideration of £320 million. The investment is scheduled to complete on 31 August 2023.

In December 2020, the Group entered into an agreement to acquire 49.9 per cent of the Kype Muir Extension wind farm project for a headline consideration of £51.4 million, to be paid once the wind farm is fully operational (target Q3 2023). The Group also agreed to provide construction finance of up to £47 million, of which £44.9 million had been utilised as at 30 June 2023.

The committed investments of South Kyle and Kype Muir Extension were valued at £132.5 million above the investment consideration as at 30 June 2023.

14. Share capital - ordinary shares of £0.01

15. Net assets per share

16. Reconciliation of operating profit for the period to net cash from operating activities

17. Related party transactions

During the period, the Company increased its loan to Holdco by £400,000 (30 June 2022: £411,425) and Holdco settled amounts of £150,647,425 (30 June 2022: £163,866,761). The amount outstanding at the period end was £2,193,467,789 (31 December 2022: £2,343,715,214).

The below table shows dividends received in the period from the Group's investments.

(1) The Group's investment in Humber Gateway is held through Humber Holdco.

(2) The Group's investment in Hornsea 1 is held through Hornsea 1 Holdco.

(3) The Group's investment in Walney is held through Walney Holdco.

(4) The Group's investment in Stronelairg is held through Stronelairg Holdco.

(5) The Group's investment in Burbo Bank Extension is held through Hoylake.

(6) The Group's investments in Middlemoor and Lindhurst are held through ML Wind.

(7) The Group's investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco.

(8) The Group's investment in Dunmaglass is held through Dunmaglass Holdco. 

(9) The Group's investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands.

The table below shows the Group's shareholder loans with the wind farm investments.