© 2022. ALL RIGHTS RESERVED
COMPANY REGISTRATION NO: 56708
Annual
Report and
Financial
Statements
FOR THE YEAR ENDED
30 JUNE 2022
ANNUAL REPORT AND FINANCIAL STATEMENTS
Table of Contents
02 General Information
03 Highlights
05 Corporate Summary
06 Chair's Statement
09 Analysis of the Company's Operational
Investment Portfolio
10 Strategic Report
20 Report of the Investment Adviser
38 Environmental, Social and Governance Report
57 Task Force for Climate-related Financial Disclosures (TCFD)
64 Report of the Directors
67 Board of Directors
68
69
70
75
79
84
85
86
87
88
101
104
Directors' Statement of Responsibilities
Responsibility Statement of the Directors in Respect of the Annual Report
Corporate Governance Report
Report of the Audit Commitee
Independent Auditor's Report
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements for the year ended 30 June 2022
Glossary of Defined Terms
Alternative Performance Measures
01
General Information
Board of Directors (all non-executive)
Registered Office
PO Box 286,
Floor 2, Trafalgar Court,
Les Banques,
St Peter Port,
Guernsey, GY1 4LY
JOHN RENNOCKS | JOHN SCOTT | ELIZABETH BURNE |
(Chair) | (Senior Independent | (appointed 7 October 2021) |
Director) |
PAUL LE PAGE | MERIEL LENFESTEY LAURENCE MCNAIRN |
(Chair of Audit | (retired 17 February 2022) |
Committee) |
Investment Adviser
Bluefield Partners LLP
6 New Street Square
London, EC4A 3BF
JAMES ARMSTRONG | GIOVANNI TERRANOVA | NEIL WOOD |
Managing Partner | Managing Partner | Partner |
ANNUAL REPORT AND FINANCIAL STATEMENTS
Administrator, Company Secretary & Designated Manager
Ocorian Administration (Guernsey) Limited
Floor 2, Trafalgar Court, Les Banques,
St Peter Port, Guernsey, GY1 4LY
Independent Auditor
KPMG Channel Islands Limited
Glategny Court, Glategny Esplanade
St Peter Port, Guernsey, GY1 1WR
Registrar
Link Market Services (Guernsey) Limited
Mont Crevelt House
Bulwer Avenue, St Sampson
Guernsey, GY2 4LH
Receiving Agent & UK Transfer Agent
Link Asset Services Limited
The Registry
34 Beckenham Road
Beckenham, Kent, BR3 4TU
Sponsor, Broker & Financial Adviser
Numis Securities Limited
45 Gresham Street
London, EC2V 7BF
Legal Advisers to the Company (as to English law)
Norton Rose Fulbright LLP
3 More London Riverside
London, SE1 2AQ
Legal Advisers to the Company (as to Guernsey law)
Carey Olsen
PO Box 98, Carey House
Les Banques, St Peter Port
Guernsey, GY1 4BZ
Principal Bankers
NatWest International plc
35 High Street, St Peter Port
Guernsey, GY1 4BE
02
Highlights
As at 30 June 2022 / 30 June 2021
Net Asset Value (NAV) | NAV per Share | ||
£858.4m £471.4m | 140.39p 115.83p | ||
Dividend Target per Share | Actual Dividend Declared | ||
8.16pps 8.00pps | 8.20pps 8.00pps | ||
Underlying | Underlying Earnings | Underlying Earnings per | |
Earnings1 | per share1 | share 1 | |
(pre amortisation of debt) | (pre amortisation of debt) | (post amortisation of debt) | |
£66.8m £48.6m | 12.04p 11.34p | 9.54p 9.16p |
Total Shareholder | Total Return3 | Total return to |
Return2 | 28.16% 5.83% | Shareholders since IPO |
14.55% (3.79)% | 92.45% 74.79% |
57% of revenues are indexed linked over life of the subsidies
- Underlying earnings is an alternative performance measure employed by the Company to provide insight to the Shareholders by linking the underlying financial performance of the operational projects to the dividends declared and paid by the Company. Further detail is provided on page 30.
- Total Shareholder Return is based on share price movement and dividends paid in the year. It is defined in the Alternative Performance Measure appendix.
- Total Return is based on the NAV movement and dividends paid in the year. It is defined in the Alternative Performance Measure appendix.
ANNUAL REPORT AND FINANCIAL STATEMENTS
Environmental, Social
and Governance (ESG)
ESG KPIs
- Over 624,000,000 kWh of renewable energy generated
- Over 120,000 tonnes of CO2e savings achieved
- Equivalent of 215,000 homes powered with renewable energy
- Over £154,000 paid to community benefit schemes
ESG Highlights
- Developed a robust ESG strategy, including an ESG vision, commitments & KPIs
- Published the Company's first TCFD disclosure
- Aligning with Article 8 of the Sustainable Finance Disclosure Regulation (SFDR)
Forward Focus
Further investment into the Company's solar and battery development pipeline has increased it to a combined total of C.900MW
In July 2021, the Company completed its maiden wind investment, acquiring 109 small scale UK onshore wind turbines with the potential for future re-powering with larger turbines for an initial consideration of £63m.
03
ANNUAL REPORT AND FINANCIAL STATEMENTS
Results Summary
For the year ended | For the year ended | |
30 June 2022 | 30 June 2021 | |
Total operating income | £176,141,970 | £25,921,639 |
Total comprehensive income before tax | £174,572,832 | £24,517,576 |
Total underlying earnings (pre amortization of debt)1 | £66,750,110 | £48,663,667 |
Earnings per share (per page 46) | 34.91p | 6.25p |
Underlying EPS available for distribution2 | 11.92p | 11.09p |
Total declared dividends per share for year | 8.20p | 8.00p |
Earnings per share carried forward (See Page 46) | 3.39p | 2.67p |
NAV per share | 140.39p | 115.83p |
Share price at 30 June | 131.00p | 121.40p |
Total return3 | 28.16% | 5.83% |
Total Shareholder Return4 | 14.55% | (3.79)% |
Total Shareholder Return since inception5 | 92.45% | 74.79% |
Dividends per share paid since inception | 61.45p | 53.39p |
1. Underlying earnings is an alternative performance measure employed by the Company to provide insight to the Shareholders by linking the underlying financial performance of the operational projects to the dividends declared and paid by the Company. Further detail is provided on page 30.
2. Underlying EPS is calculated using underlying earnings available for distribution divided by the average number of shares.
3. Total return is based on NAV per share movement and dividends paid in the year.
4. Total Shareholder Return is based on share price movement and dividends paid in the year.
5. Total Shareholder Return since inception is based on share price movement and dividends paid since the IPO.
04
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Bluefield Solar Income Fund Limited published this content on 01 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2022 07:03:02 UTC.