TRIG posted its interim results today. On the face of it they were good
~~ NAV now 116 pence per share : an increase of 6.1 pence in the six months (but see below)
~~ Capacity increase by 36% in the period with £347 million invested
~~ Dividend cover 1.3
But I can't make the maths work the same way they do.
~~ No of Shares = "The NAV per share at 30 June 2019 is calculated on the basis of
1,447,171,075 ordinary shares in issue and to be issued at 30 June 2019, including scrip issues and Managers' shares". {front page virtually}
~~ NAV =
£1,663,800,000 {from balance Sheet}
~~ NAV per share : 1,447,171,075 divided by 1,663,800,000 =
1.15 (as near as dammit)
Now to changes in NAV in £Million
~ Changes in forecast power prices
minus £30.9
~~ Foreign exchange movement £6.8
~~ Movement in discount rates £29.1
~~ Asset life extension £37.4
~~ Balance of portfolio return £90.9
~~ Total £133.3Now dividing £133.3 million by 1,447,171,075 shares gives about
9.21 pence per share
But, but, but : they say this about "
Balance of Portfolio Return"
Balance of portfolio returns: This refers to the balance of valuation movements in the period (excluding (i) to (iv) above) and represents an uplift of £90.9m and a 6.1% increase in the rebased value of the portfolio. The balance of portfolio return mostly reflects the net present value of the cash flows brought forward by six months at the prevailing portfolio discount rate (7.6% per annum before acquisitions and period end reduction) and also reflects efficient portfolio management plus some additional valuation adjustments. These additional valuation adjustments include items such as reduced maintenance costs on renewal of contracts, improved power purchase agreement terms and the completion of a large debt refinance.
and they have used the 6.1% increase mentioned here to mean the six month increase in NAV
Is this is a completely new factor in working out NAV? Cos it has mostly passed me by if it has been used before. Baffling.