Triple Point Energy Transition (TENT) H2 2024 earnings summary

Executive summary

• NAV per share declined 12.8% to 86.66p as at 31 March 2024, with a total negative NAV return of 7.3% year-over-year, mainly due to fair value revaluation of the Hydroelectric and CHP Portfolios.

• Shareholders approved an orderly wind-down in March 2024 after persistent trading at a deep discount to NAV and challenging market conditions.

• Over 52% of Gross Asset Value was realised through asset disposals, with proceeds used to repay and cancel the Group's RCF.

• Annual dividend of 5.50p per share was maintained, covered 1.04x by operating cashflow (excluding one-off wind-down costs).

• The company intends to make further dividend payments and an interim return of capital after remaining asset disposals.

Financial highlights

• NAV fell to £86.7m (from £99.4m), with portfolio valuation at £83.4m (down from £90.1m).

• Total loss for the year was £7.3m (prior year: £8.8m profit), driven by a £12.2m fair value decline in Hydroelectric and CHP assets.

• Cash balances at year-end were £7.8m, with the RCF fully repaid post year-end.

• Dividend yield was 8% on the share price at 31 March 2024.

• Ongoing charges ratio increased to 2.06% (from 1.94%), mainly due to lower NAV.

Outlook and guidance

• Focus is on completing the wind-down efficiently, maximising value from remaining assets, and returning capital to shareholders.

• Dividend payments will be reviewed quarterly, with an interim return of capital planned after the Hydroelectric Portfolio sale.

• The Board expects the company to remain viable until all assets are sold and liquidation is completed, with a three-year viability statement aligned to the final CHP deferred payment.