Premier Miton Global Renewables Trust Plc - Half-year Report
Premier Miton Global Renewables Trust Plc (the `Company')
Legal Entity Identifier: 2138004SR19RBRGX6T68
Premier Miton Global Renewables Trust PLC's half report and accounts for the six months to
It has also been submitted in full unedited text to the
PREMIER MITON GLOBAL RENEWABLES TRUST PLC
Half Year Report
for the six months to
INVESTMENT OBJECTIVES
The investment objectives of the Premier Miton Global Renewables Trust PLC are to achieve a high income from, and to realise long-term growth in the capital value of its portfolio. The Company seeks to achieve these objectives by investing principally in the equity and equity-related securities of companies operating primarily in the renewable energy sector, as well as other sustainable infrastructure investments.
______________________________________________________________________________ |GREEN ECONOMY -LONDON STOCK EXCHANGE | |______________________________________________________________________________| |InJanuary 2021 , the Company receivedLondon Stock Exchange's Green Economy | |Mark, a classification which is awarded to companies and funds that are | |driving the global green economy. To qualify for the Green Economy Mark, | |companies and funds must generate 50% or more of their total annual revenues | |from products and services that contribute to the global green economy. | |______________________________________________________________________________| |PRI -PRINCIPLES FOR RESPONSIBLE INVESTMENT | |______________________________________________________________________________| |The Fund Manager integrates Governance and Social responsibility into its | |investment process. Premier Miton is a signatory to the Principles for | |Responsible Investment, an organisation which encourages and supports its | |signatories to incorporate environmental, social, and governance factors into | |their investment and ownership decisions. | |______________________________________________________________________________| |FE FUNDINFO - CROWN FUND RATING - 4 STARS | |______________________________________________________________________________| |The Crown Fund Rating is a global quantitative rating that is based on a | |fund's historical performance relative to an appropriate benchmark. The rating| |relies on three key measurements - alpha, volatility and consistent | |performance, to dictate the one-to-five Crown score. The ratings are designed | |to help investors distinguish funds that have superior performance in terms of| |stock picking, consistency and risk control. | |______________________________________________________________________________|
COMPANY HIGHLIGHTS
for the six months to
_________________________________________________________________ |TOTAL RETURN PERFORMANCE | |_________________________________________________________________| | |Six months to|Year ended || |______________________________________|_____________|___________|| | |30 June |31 December|| |______________________________________|_____________|___________|| | |2024 |2023 || |______________________________________|_____________|___________|| |Total Assets Total Return[1] |(8.6%) |(7.5%) || |______________________________________|_____________|___________|| |S&P Global Clean Energy Index (GBP)[2]|(12.7%) |(20.1%) || |______________________________________|_____________|___________|| |Ongoing charges[3] |2.05% |1.81% || |______________________________________|_____________|___________||
__________________________________________________________________________ |ORDINARY SHARE RETURNS | |__________________________________________________________________________| | |Six months to|Year ended | | |_______________________________________|_____________|___________|________| | |30 June |31 December| | |_______________________________________|_____________|___________|________| | |2024 |2023 |% change| |_______________________________________|_____________|___________|________| |Net Asset Value per Ordinary Share (cum|120.28p |146.86p |(18.1%) | |income)[4] | | | | |_______________________________________|_____________|___________|________| |Mid-market price per Ordinary Share |105.00p |118.50p |(11.4%) | |_______________________________________|_____________|___________|________| |Discount to Net Asset Value |(12.7%) |(19.3%) | | |_______________________________________|_____________|___________|________| |Net Asset Value Total Return[5] |(18.1%) |(13.5%) | | |_______________________________________|_____________|___________|________| |Share Price Total Return[2] |(8.0%) |(19.2%) | | |_______________________________________|_____________|___________|________|
______________________________________________________________________________ |RETURNS AND DIVIDENDS | |______________________________________________________________________________| | |Six months to|Six months to| | |_________________________________________|_____________|_____________|________| | |30 June |30 June | | |_________________________________________|_____________|_____________|________| | |2024 |2023 |% change| |_________________________________________|_____________|_____________|________| |Revenue Return per Ordinary Share |4.46p |4.43p |0.7% | |_________________________________________|_____________|_____________|________| |Net Dividends declared per Ordinary Share|4.00p |3.70p |8.1% | |_________________________________________|_____________|_____________|________|
__________________________________________________________________________ |HISTORIC FULL YEAR DIVIDENDS | |__________________________________________________________________________| | |31 December|31 December| | |_________________________________________|___________|___________|________| |Dividends paid in respect of the year to:|2023 |2022 |% change| |_________________________________________|___________|___________|________| |Dividend |7.40p |7.00p |5.7% | |_________________________________________|___________|___________|________|
_____________________________________________________________________ |ZERO DIVIDEND PREFERENCE SHARE RETURNS | |_____________________________________________________________________| | |Six months to|Year ended | | |__________________________________|_____________|___________|________| | |30 June |31 December| | |__________________________________|_____________|___________|________| | |2024 |2023 |% change| |__________________________________|_____________|___________|________| |Net Asset Value per Zero Dividend |119.11p |116.24p |2.5% | |Preference Share(4) | | | | |__________________________________|_____________|___________|________| |Mid-market price per Zero Dividend|115.00p |110.00p |4.5% | |Preference Share(2) | | | | |__________________________________|_____________|___________|________| |Discount to Net Asset Value |(3.4%) |(5.4%) | | |__________________________________|_____________|___________|________|
_____________________________________________________________________________ |HURDLE RATES (PER ANNUM) | |_____________________________________________________________________________| | |As at |As at || |________________________________________________________|_______|___________|| | |30 June|31 December|| |________________________________________________________|_______|___________|| | |2024 |2023 || |________________________________________________________|_______|___________|| |Ordinary Shares | | || |________________________________________________________|_______|___________|| |Hurdle rate to return the 30 June 2024 share price of |(2.4%) |(3.9%) || |105.00p (December 2023: 118.50p) at 28 November 2025[6] | | || |________________________________________________________|_______|___________|| |Zero Dividend Preference Shares | | || |________________________________________________________|_______|___________|| |Hurdle rate to return the redemption share price for the|(41.1%)|(35.9%) || |2025 ZDPs of 127.6111p at 28 November 2025[7] | | || |________________________________________________________|_______|___________||
_________________________________________________________________________ |BALANCE SHEET | |_________________________________________________________________________| | |Six months to|Year ended | | |_____________________________________|_____________|___________|_________| | |30 June |31 December| | |_____________________________________|_____________|___________|_________| | |2024 |2023 |% change*| |_____________________________________|_____________|___________|_________| |Gross Assets less Current Liabilities| | | | |(excluding Zero Dividend Preference |£38.9m |£43.3m |(10.3%) | |Shares) | | | | |_____________________________________|_____________|___________|_________| |Zero Dividend Preference Shares |(£16.9m) |(£16.5m) |2.5% | |_____________________________________|_____________|___________|_________| |Equity Shareholders' Funds |£21.9m |£26.8m |(18.1%) | |_____________________________________|_____________|___________|_________| |Gearing on Ordinary Shares[8] |77.2% |61.7% | | |_____________________________________|_____________|___________|_________| |Zero Dividend Preference Share Cover |2.03x |2.26x | | |(non-cumulative)[9] | | | | |_____________________________________|_____________|___________|_________|
______________________________________________________________________________ |1 Source:Premier Fund Managers Ltd ("PFM Ltd "). Based on opening and closing | |total assets plus dividends marked "ex-dividend" within the period. | |______________________________________________________________________________| |2 Source: Bloomberg. | |______________________________________________________________________________| |3 Ongoing charges have been based on the Company's management fees and other | |operating expenses as a percentage of gross assets less current liabilities | |over the period (excluding ZDPs' accrued capital entitlement). | |______________________________________________________________________________| |4 Articles of Association basis. | |______________________________________________________________________________| |5 Source:PFM Ltd. Based on opening and closing NAVs plus dividends marked | |"ex-dividend". | |______________________________________________________________________________| |6 Source:PFM Ltd. The Ordinary Shares Hurdle Rate is the compound rate of | |growth of the total assets required each year to meet the Ordinary Share price| |at30 June 2024 . | |______________________________________________________________________________| |7 Source:PFM Ltd. The ZDP Shares Hurdle Rate is the compound rate that the | |total assets could decline each year until the predetermined redemption date, | |for ZDP shareholders still to receive the redemption entitlement. | |______________________________________________________________________________| |8 Source:PFM Ltd. Based on Zero Dividend Preference Shares divided by | |Ordinary Shareholders' Equity at end of each period. | |______________________________________________________________________________| |9Source PFM Ltd. Non-cumulative cover = Gross assets at period end divided by| |final repayment of ZDP Shares plus management fees charged to capital. | |______________________________________________________________________________| |* % change is calculated on actual figures, and may be different from that | |which could be obtained by using rounded figures shown within this section. | |______________________________________________________________________________|
CHAIR'S STATEMENT
for the six months to
Introduction
Coming into the year, it was widely expected that inflation would soon begin to moderate, allowing for central banks to ease monetary policy by reducing interest rates. However, in key western markets at least, inflation has proved to be "stickier" than expected, with expectations of material rate cuts being pushed back toward the end of 2024, and at a more gradual pace than originally anticipated.
Despite lacklustre share prices, the portfolio has continued to perform well operationally, as detailed in the Manager's report. Corporate activity within the sector is picking up slightly, indicating that some private buyers are willing to pay more for renewable energy assets than public markets, - a positive signal.
The first half of the year has, however, seen an uptick in political risk. Recent elections in
The
November will see a presidential election in
We believe the risks of an adverse US political environment to be lower than perhaps perceived by the market, not least since the majority of US government spending and tax incentives toward clean energy are directed at Republican leaning states. Furthermore, the days of direct subsidy are behind us, and renewable energy is exceptionally cost competitive in the US; renewable power being transacted between willing buyers and sellers at market prices, with little to no government interference. Demand for clean power from technology companies is high and growing strongly.
Performance
Renewable energy and clean technology again lagged wider equity markets, which were in positive territory in the first half of 2024. The US market recorded the strongest performance, with a mid-teens return in sterling, European and Asian markets generally seeing high single digit positive returns.
Given your Company's geared capital structure, movements in gross assets are amplified in the net assets. The net asset value ("NAV") total return was negative 18.1%.
Pleasingly, and despite the difficult environment, the discount at which your Company's shares trade compared to their NAV, fell from 19.3% at the end of 2023, to 12.7% at
Review of the six months
Undoubtedly, the main headwind facing the Trust is the interest rate environment. Markets perceive the earnings of renewable energy companies to be relatively fixed, or "bond-like", and as such, the sector has fallen as yields have increased.
However, this ignores the good underlying earnings momentum enjoyed by the sector, from a combination of outright growth coupled with attractive investment returns. Your Board shares shareholders' frustration at strong fundamental performance and attractive prospects being met with weak share prices.
Key commodity prices, such as gas and electricity, were relatively firm over the six months, with weakness in the first quarter followed by a recovery and stabilisation in the second. European gas and electricity prices remain at relatively high levels historically and sit in something of a "sweet-spot" for renewable energy, being high enough to provide good returns to renewable generators, while not being so high that economic activity is severely curtailed, with consequent political risk or windfall taxes.
We believe that the sector also provides opportunities outside of core renewable energy generation. Indeed, the portfolio's best performing holding over the period was offshore wind turbine installation vessel owner, Cadeler. The Manager believes there to be a shortage of vessels capable of installing the new generation of large offshore wind turbines. One of Cadeler's vessels is pictured on the cover of this report.
Earnings and Dividends
Income generation has remained healthy, with a modest increase in net revenue earnings to 4.46p per share over the first half of the year. In April the Board declared a first interim dividend of 2.00p per share, paid at the end of June, representing an increase of 8.1% on the prior quarterly dividend level of 1.85p per share. This brings the quarterly dividend more into line with net revenue earnings, following the strong earnings growth seen in the 2023 financial year.
The Board has now declared a second interim dividend of 2.00p per share, to be paid on
Outlook
The renewable and clean energy sector has experienced a sustained period of under-performance, as a result of which the Trust's portfolio trades at a valuation level which could objectively be said to not represent fundamental value. Investment companies held within the portfolio are trading at steep discounts to NAV, and renewable energy developers tend to be valued based on existing assets with little to no value given for projects in construction or development.
In contrast to share prices, the underlying investee companies within the portfolio are generally trading well, reporting higher earnings, and paying attractive dividends. Growth expectations for global renewable energy are being continually upgraded, and several holdings have commented that returns on investment, over and above their cost of capital, have increased. This is not a sector in distress.
I believe that investor patience will eventually be rewarded. In the meantime, the sector should remain a relatively reliable source of income, with the prospect of long-term income growth.
Gillian Nott OBE
Chair
INVESTMENT MANAGER'S REPORT
for the six months to
Market review
The first half of 2024 has proved to be another tough period for renewable energy investment, which was a surprise as the underlying trading environment was relatively benign.
The market has reassessed both the timing and pace of the current interest rate cycle, pushing back the date at which the major western central banks will begin to ease monetary policy. High levels of government spending, wage pressures, and residual liquidity from Covid stimulus programmes have combined to keep core inflation high, despite headline inflation easing somewhat as energy prices moderated.
The performance of renewable energy companies has been highly correlated to interest rate expectations, with fundamental company performance being relegated to a secondary factor. This has however, had positive implications for company valuations as earnings have continued to grow in many holdings even while share prices have fallen.
The operational environment has become increasingly positive as the half year progressed. Gas and electricity prices fell over the first few months of the year, before strengthening again over the second quarter. The market price of European carbon permits followed a similar pattern. Capital costs for new renewable energy projects have stabilised, although with continued downward pressure on solar costs due to over-capacity in the supply chain. Several holdings made positive comments about the availability of attractive returns on new investment.
An emerging positive trend is the outlook for power demand from data centres, and in particular from artificial intelligence. Within the portfolio, several companies have announced sales contracts with technology companies and data centre operators.
There were no material currency headwinds during the first half of the year, the value of the Pound holding relatively steady over the period. It declined marginally against the US Dollar, but gained against the Euro. The portfolio was unhedged against currency movements over the period.
Portfolio review
Most portfolio holdings lost value during the first half of the year, with some exceptions, despite often encouraging financial results and underlying business growth.
We have made only modest changes to the portfolio, both in terms of geographical allocation and by sub-sector. Investment activity was relatively low, with purchases of £3.5m and sales of £2.8m.
Two companies held at
Two new companies have been added into the portfolio. VH Global Sustainable Energy Opportunities is an investment company with a global portfolio including Brazilian hydro assets, Australian solar assets, and
As in prior years, we categorise core renewable generation companies into two groups. Firstly, the investment companies, often referred to as yield companies or "yieldcos", which usually acquire built, or construction-ready, assets paying out the majority of cash-flow to investors, and raising capital through new equity. Secondly, integrated development companies, which develop projects from first inception, retaining some assets and raising capital through a combination of retained earnings and project sales. Together, these form approximately 70% of the portfolio.
Yieldcos & Funds
Renewable energy investment companies performed relatively poorly in the first half of the year, with share prices showing a degree of correlation to bonds and movements in market interest rates/yields.
Of the larger
Despite recent poor performance, we believe the
In addition, some companies have sold assets to both "prove" the NAV and raise cash to repay short term floating rate borrowings. Where companies have sold assets, these have been transacted at a premium to NAV, with Octopus having done particularly well in this regard.
US listed investment companies recorded a more mixed performance. Atlantica Sustainable Infrastructure's share price increased by 2.1%, with its largest shareholder (at 42%) Algonquin Power & Utilities, in May agreeing to sell its stake into a takeover offer for the company from a private buyer. Clearway Energy's shares fell by 11.4% reflecting the difficult interest rate environment and heightened perceptions of political risk.
PORTFOLIO SECTOR ALLOCATION
_______________________________________________________________________ | |30 June 2024|31 December 2023| |_________________________________________|____________|________________| |Yieldcos & funds |38.6% |40.7% | |_________________________________________|____________|________________| |Renewable energy developers |30.9% |33.7% | |_________________________________________|____________|________________| |Renewable focussed utilities |8.6% |7.8% | |_________________________________________|____________|________________| |Energy storage |6.2% |5.9% | |_________________________________________|____________|________________| |Biomass generation and production |4.9% |5.1% | |_________________________________________|____________|________________| |Renewable technology and service |4.5% |2.0% | |_________________________________________|____________|________________| |Electricity networks |3.3% |2.8% | |_________________________________________|____________|________________| |Renewable financing and energy efficiency|2.8% |2.0% | |_________________________________________|____________|________________| |Waste to energy |0.2% |0.0% | |_________________________________________|____________|________________|
Source:
Renewable Energy Developers
The portfolio contains a larger number of investments in renewable development companies than yieldcos, although the average investment size is smaller. Renewable energy developers recorded a decidedly mixed market performance during the first half of the year.
Concentrating on the larger holdings, Norwegian listed Bonheur, the holding company for
RWE's share price performance over the period was very disappointing. The company reported excellent results for 2023, but indicated lower earnings were expected in 2024. This should not have been a shock to the market as recent results have been buoyed by "artificially" high gas and electricity prices, but RWE's shares declined by 22.4% over the first half of the year in response. However, better than expected results so far in 2024 indicate that the company's 2024 earnings guidance could be too conservative, so we would not be surprised to see upgrades in the second half of the year.
PORTFOLIO GEOGRAPHIC ALLOCATION
_____________________________________________ | |June 2024|December 2023| |_____________________|_________|_____________| |United Kingdom |32.3% |35.5% | |_____________________|_________|_____________| |Europe (excluding UK)|32.1% |33.8% | |_____________________|_________|_____________| |Global |19.2% |14.7% | |_____________________|_________|_____________| |North America |13.0% |11.5% | |_____________________|_________|_____________| |Latin America |3.5% |3.2% | |_____________________|_________|_____________| |China |0.0% |1.4% | |_____________________|_________|_____________|
Source:
Other sectors
Entering the 10 largest investments for the first time is offshore turbine installation vessel owner, Cadeler (included within the Renewable Technology and Service segment). Cadeler currently has four operational vessels, with a further seven to be delivered between 2024 and 2027. This will make it, by some distance, the largest player in the sector. It has continued to win contracts, utilising both existing and to be delivered vessels, at very encouraging rates, indicating the tightness of demand and supply. Cadeler's share price increased by 43.6% in the six months to June.
One result of the high level of renewable energy investment is an increased requirement for investment in utility networks. SSE's regulated utility business is a key beneficiary, and it is now one of the fastest growing utilities in
National Grid conducted a £7 billion rights issue over the period, to help fund its planned £60 billion of capital expenditure over 2025 to 2029. The Trust supported the issue and exercised its rights. Grid's share price fell by 10.1% over the first half of the year, largely due to the hopefully short-term impact of its share issue.
Biomass producer and generator, Drax Group, had a positive six months. The
Finally, the energy storage companies had a difficult period of trading, with lower power prices early in the year and a lack of market volatility combining to reduce the earnings capability of
Income
Net revenue earnings were relatively consistent with the first half of 2023. Lower dividends from energy storage companies (detailed above), and a higher weighting to non-dividend paying companies, were offset by net dividend increases across the rest of the portfolio.
Some dividend cuts were also seen in a small number of European generators that pay out a fixed percentage of earnings, given these companies had paid large dividends in 2023 in respect of their 2022 financial years, when earnings had been inflated by unusually high-power prices.
Outlook
We hope to see the beginning of long-awaited monetary easing in the second half of 2024. Given that higher rates have had a very negative impact on sector valuations, we believe it reasonable to hope that the opposite is also true.
Irrespective of interest rate driven market sentiment, the sector is continuing to invest and grow earnings. The current commodity price environment is relatively benign which may reduce the earnings volatility seen in some companies in recent years. A period where earnings growth is more reflective of underlying business growth, rather than commodity price movements, would be welcome.
We have recently seen a step-up in demand for renewably generated power from technology companies and data-centres. Long term technology trends such as the use of artificial intelligence, are likely to lead to higher electricity demand in future. It is also illustrative of the fact that large corporate power buyers are increasingly prioritising the purchase of renewably generated electricity over that generated from fossil fuels.
INVESTMENT PORTFOLIO
at
____________________________________________________________________________ | | | |Value |% of total |Ranking |Ranking | |Company |Activity |Country | |investments|June 2024|December| | | | |£000 | | |2023 | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |Greencoat UK |and |United |2,772 |7.2 |1 |1 | |Wind |Investment |Kingdom | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |NextEnergy |and |United |2,511 |6.6 |2 |2 | |Solar Fund |Investment |Kingdom | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |Clearway |and |North |2,507 |6.6 |3 |3 | |Energy `A' |Investment |America | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| |Octopus |Yieldcos | | | | | | |Renewable |and |Europe (ex.|2,013 |5.3 |4 |4 | |Infrastructure|Investment |UK) | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Europe (ex.| | | | | |Bonheur |energy |UK) |1,961 |5.1 |5 |9 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | |Biomass | | | | | | |Drax Group |generation |United |1,869 |4.9 |6 |6 | | |and |Kingdom | | | | | | |production | | | | | | |______________|___________|___________|______|___________|_________|________| |Grenergy |Renewable | | | | | | |Renovables |energy |Global |1,849 |4.8 |7 |5 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |United | | | | | |SSE |focussed |Kingdom |1,789 |4.7 |8 |10 | | |utilities | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Europe (ex.| | | | | |Cadeler |technology |UK) |1,678 |4.4 |9 |19 | | |and service| | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Europe (ex.| | | | | |RWE |energy |UK) |1,625 |4.2 |10 |8 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |Foresight |and |United |1,532 |4.0 |11 |11 | |Solar Fund |Investment |Kingdom | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| |Gore Street |Energy | | | | | | |Energy Storage|storage |Global |1,363 |3.6 |12 |12 | |Fund | | | | | | | |______________|___________|___________|______|___________|_________|________| |National Grid |Electricity|Global |1,254 |3.3 |13 |14 | | |networks | | | | | | |______________|___________|___________|______|___________|_________|________| |Northland |Renewable | | | | | | |Power |energy |Global |1,153 |3.0 |14 |15 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |Aquila |Yieldcos | | | | | | |European |and |Europe (ex.|1,072 |2.8 |15 |7 | |Renewables |Investment |UK) | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| |AES |Renewable |North | | | | | |Corporation |focussed |America |1,042 |2.7 |16 |16 | | |utilities | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Europe (ex.| | | | | |Enefit Green |energy |UK) |958 |2.5 |17 |20 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |Cloudberry |Renewable |Europe (ex.| | | | | |Clean Energy |energy |UK) |713 |1.9 |18 |21 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |Atlantica |Yieldcos | | | | | | |Sustainable |and |Global |695 |1.8 |19 |17 | |Infrastructure|Investment | | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |US Solar Fund |and |North |672 |1.8 |20 |29 | | |Investment |America | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |Greencoat |and |Europe (ex.|658 |1.7 |21 |18 | |Renewables |Investment |UK) | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| |Corp. Acciona |Renewable |Europe (ex.| | | | | |Energias |energy |UK) |652 |1.7 |22 |13 | |Renovables |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable | | | | | | |GCP |financing |United |601 |1.6 |23 |30 | |Infrastructure|and energy |Kingdom | | | | | | |efficiency | | | | | | |______________|___________|___________|______|___________|_________|________| |Harmony Energy|Energy |United |587 |1.5 |24 |23 | |Income Trust |storage |Kingdom | | | | | |______________|___________|___________|______|___________|_________|________| |Polaris |Renewable |Latin | | | | | |Renewable |energy |America |555 |1.5 |25 |27 | |Energy |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |MPC Energy |Renewable |Latin | | | | | |Solutions |energy |America |476 |1.2 |26 |32 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |SDCL Energy |Renewable | | | | | | |Efficiency |financing |Global |466 |1.2 |27 |33 | |Income Trust |and energy | | | | | | | |efficiency | | | | | | |______________|___________|___________|______|___________|_________|________| |Algonquin |Renewable |North | | | | | |Power and |focussed |America |463 |1.2 |28 |28 | |Utilities |utilities | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Europe (ex.| | | | | |7C Solarparken|energy |UK) |453 |1.2 |29 |25 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |Solaria |Renewable |Europe (ex.| | | | | |Energía y |energy |UK) |441 |1.2 |30 |22 | |Medio Ambiente|developers | | | | | | |______________|___________|___________|______|___________|_________|________| |Gresham House |Energy |United | | | | | |Energy Storage|storage |Kingdom |422 |1.1 |31 |26 | |Fund | | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Latin | | | | | |Serena Energia|energy |America |313 |0.8 |32 |34 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |VH Global |Yieldcos | | | | | | |Sustainable |and |Global |302 |0.8 |33 |- | |Energy |Investment | | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| |Atrato Onsite |Renewable |United | | | | | |Energy |energy |Kingdom |237 |0.6 |34 |36 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable | | | | | | |Boralex |energy |Global |232 |0.6 |35 |35 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |Innergex |Renewable |North | | | | | |Renewable |energy |America |176 |0.5 |36 |37 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |Clean Energy |Renewable |North |84 |0.2 |37 |- | |Fuels |fuels |America | | | | | |______________|___________|___________|______|___________|_________|________| |Fusion Fuel |Renewable |Europe (ex.| | | | | |Green (incl. |technology |UK) |52 |0.1 |38 |38 | |warrants) |and service| | | | | | |______________|___________|___________|______|___________|_________|________| | | | |38,198|99.9 | | | |______________|___________|___________|______|___________|_________|________| |PMGR |ZDP |United | | | | | |Securities |subsidiary |Kingdom |50 |0.1 | | | |2025 PLC | | | | | | | |______________|___________|___________|______|___________|_________|________| |TOTAL | | |38,248|100.0 | | | |INVESTMENTS | | | | | | | |______________|___________|___________|______|___________|_________|________|
INTERIM MANAGEMENT REPORT
Premier Miton Global Renewables Trust PLC is required to make the following disclosures in its Half Year Report:
PRINCIPAL RISKS AND UNCERTAINTIES
The Board believes that the principal risks and uncertainties faced by the Company continue to fall into the following categories:
_______________________________________ |· Structure of the Company and gearing | |_______________________________________| |· Repayment of ZDP Shares | |_______________________________________| |· Dividend levels | |_______________________________________| |· Currency risk | |_______________________________________| |· Liquidity risk | |_______________________________________| |· Market price risk | |_______________________________________| |· Discount volatility | |_______________________________________| |· Operational risk | |_______________________________________| |· Accounting, legal and regulatory risk| |_______________________________________| |· Political intervention | |_______________________________________| |· Industry regulation | |_______________________________________| |· Geopolitical risk | |_______________________________________| |· Climate risk | |_______________________________________|
Information on each of these, save for Repayment of ZDP Shares, is given in the Strategic Report in the Annual Report for the year ended
RELATED PARTY TRANSACTIONS
The Directors are recognised as a related party under the Listing Rules and during the six months to
GOING CONCERN
The Directors believe that having considered the Company's investment objectives (shown on page 1), the continuation vote at the AGM in 2025, risk management policies and procedures, nature of portfolio and income and expense projections, the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for a period of at least 12 months from the date these financial statements were approved. For these reasons, they consider that the use of the going concern basis is appropriate. The risks that the Directors considered most likely to adversely affect the Company's available resources over this period were a significant fall in the valuation or a reduction in the liquidity of the Company's investment portfolio.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors are responsible for preparing the Half Year Report, in accordance with applicable law and regulations. The Directors confirm that, to the best of their knowledge:
______________________________________________________________________________ |· The condensed set of Financial Statements within the Half Year Report has | |been prepared in accordance with International Accounting Standards in | |conformity with the requirements of the Companies Act 2006 and applicable law;| |and | |______________________________________________________________________________| |· The Interim Management Report includes a fair review of the information | |required by 4.2.7R (indication of important events during the first six months| |of the year) and 4.2.8R (disclosure of related party transactions and changes | |therein) of theFCA's Disclosure and Transparency Rules. | |______________________________________________________________________________|
For and on behalf of the Board.
Gillian Nott OBE
Chair
DIRECTORS AND ADVISERS
Directors
Gillian Nott OBE - Chair
Eastgate Court
Telephone: 01483 306 090
Authorised and regulated by the
Investment Manager
Eastgate Court
Telephone: 01483 306 090
Authorised and regulated by the
Secretary and Registered Office
Registrar
Telephone: 0371 664 0300*
Overseas: +44 (0) 371 664 0300*
E-mail: shareholderenquiries@linkgroup.co.uk
Depositary
Authorised by the
Custodian
Tax Advisor
(Tax services are delegated by
Auditor
Stockbroker
Cavendish
One
Telephone: 0207 220 0500
ORDINARY SHARES
SEDOL: 3353790GB
LSE: PMGR
Zero Dividend Preference Shares
SEDOL: BNG43G3GB
LSE: PMGZ
GLOBAL INTERMEDIARY IDENTIFICATION NUMBER
GIIN: W6S9MG.00000.LE.826
*Calls are charged at the standard geographic rate and will vary by provider. Calls outside the
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