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Viridian Group Investments Limited Viridian Group Investments Limited Unaudited Interim Consolidated Financial Statements Second Quarter 2019 GROUP FINANCIAL HIGHLIGHTS Underlying Business Results1 Second Quarter 2019 • Group pro-forma Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for Second Quarter 2019 was £31.5m (2018 - £30.6m) • Group pro-forma operating profit for Second Quarter 2019 was £22.0m (2018 - £21.3m) First Half 2019 • Group pro-forma EBITDA for First Half 2019 was £59.8m (2018 - £59.8m) • Group pro-forma operating profit for First Half 2019 was £41.3m (2018 - £41.7m) IFRS Results Second Quarter 2019 • Revenue for Second Quarter 2019 was £418.9m (2018 - £342.4m) • Operating profit before exceptional items and certain remeasurements for Second Quarter 2019 was £18.8m (2018 - £27.1m) First Half 2019 • Revenue for First Half 2019 was £811.8m (2018 - £655.1m) • Operating profit before exceptional items and certain remeasurements for First Half 2019 was £39.7m (2018 - £56.0m) 1 Based on regulated entitlement and before exceptional items and certain remeasurements as outlined in note 2. Viridian Group Investments Limited Unaudited Interim Consolidated Financial Statements - Second Quarter 2019 2 MANAGEMENT REPORT The director of Viridian Group Investments Limited (VGIL) presents the condensed interim consolidated financial statements for VGIL for the 3 months ended 30 September 2018 (Second Quarter 2019) and the 6 Months ended 30 September 2018 (First Half 2019) including comparatives for the 3 months ended 30 September 2017 (Second Quarter 2018) and the 6 Months ended 30 September 2017 (First Half 2018). All references in this document to ‘Group’ denote Viridian Group Investments Limited and its subsidiary undertakings and to ‘Company’ denote Viridian Group Investments Limited, the parent company. Principal Activities There were no changes to the principal activities of the Group’s businesses during Second Quarter 2019. These comprise: • Energia Group – a vertically integrated energy business with activities covering supply, generation and renewable supported off-take contracts. Through Energia, its retail supply business, it is active in the competitive supply of electricity to business and residential customers in the Republic of Ireland (RoI), as well as business customers in Northern Ireland. Energia Retail also supplies natural gas to business and residential customers in the RoI. Energia Group also has a generation portfolio comprising of wholly-owned wind generation assets and its two conventional (Huntstown) combined-cycle gas turbine (CCGT) plants and a bioenergy plant under construction. Energia Group’s retail electricity supply business is supported by long-term off-take Power Purchase Agreement (PPA) contracts with third-party renewable generators and its own wind farm assets; • Power NI – supply of electricity primarily to residential customers in Northern Ireland; and • PPB – procurement of power under contract with the Ballylumford power station in Northern Ireland. New Accounting Standards The Group has adopted two new accounting standards, IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments which have resulted in the restatement of previous financial statements for the Second Quarter 2018, First Half 2018 and year ended 31 March 2018. The nature and effect of these changes are described in note 1 and detailed in note 22. Viridian Group Investments Limited Unaudited Interim Consolidated Financial Statements - Second Quarter 2019 3 Management Report Group pro-forma EBITDA and Operating Profit The Group’s pro-forma EBITDA1 (pre exceptional items and certain remeasurements) by business is shown below: Restated Restated Second Second Restated Year ended Quarter Quarter First Half First Half 31 March 2019 2018 2019 2018 2018 £m £m £m £m £m Energia Group (excluding renewable assets) 16.2 17.6 30.2 32.4 61.4 Energia renewable assets 5.2 4.3 10.5 8.8 27.6 Power NI 9.4 8.2 17.9 17.0 35.1 PPB 0.2 0.5 0.7 1.4 5.9 Other 0.5 - 0.5 0.2 0.8 31.5 30.6 59.8 59.8 130.8 The Group’s pro-forma Operating Profit1 (pre exceptional items and certain remeasurements) by business is shown below: Restated Restated Second Second Restated Year ended Quarter Quarter First Half First Half 31 March 2019 2018 2019 2018 2018 £m £m £m £m £m Energia Group (excluding renewable assets) 11.0 12.5 20.4 22.5 42.0 Energia renewable assets 1.2 0.7 2.5 1.7 12.9 Power NI 9.2 7.8 17.5 16.2 33.9 PPB 0.2 0.5 0.7 1.4 5.9 Other 0.4 (0.2) 0.2 (0.1) 0.2 22.0 21.3 41.3 41.7 94.9 Second Quarter 2019 Energia Group (excluding renewable assets) EBITDA (pre exceptional items and certain remeasurements) decreased to £16.2m (2018 - £17.6m) primarily reflecting lower non-residential earnings with higher energy costs (associated with higher gas prices) and lower unconstrained utilisation of both Huntstown plant, partly offset by higher contributions from renewable PPAs (primarily reflecting higher market prices (including ROC prices)) and higher availability of both Huntstown plant including lower maintenance costs in Huntstown 1 (due to higher outage costs in the prior year). Energia Group (excluding renewable assets) operating profit (pre exceptional items and certain remeasurements) decreased to £11.0m (2018 - £12.5m) primarily due to the reasons described above for EBITDA. Energia renewable assets EBITDA increased to £5.2m (2018 - £4.3m) and operating profit increased to £1.2m (2018 - £0.7m) reflecting commissioning of new wind farms and higher market prices. Power NI EBITDA increased to £9.4m (2018 - £8.2m) and operating profit increased to £9.2m (2018 - £7.8m) primarily reflecting higher contributions from small scale renewable PPAs and higher unregulated margins, partly offset by lower regulated margins and higher operating costs. PPB EBITDA and operating profit decreased to £0.2m (2018 - £0.5m) primarily reflecting higher operating costs. 1 As shown in note 2 to the accounts Viridian Group Investments Limited Unaudited Interim Consolidated Financial Statements - Second Quarter 2019 4 Management Report First Half 2019 Energia Group (excluding renewable assets) EBITDA (pre exceptional items and certain remeasurements) decreased to £30.2m (2018 - £32.4m) primarily reflecting lower non-residential earnings with higher energy costs (associated with higher gas prices) and lower availability and utilisation of Huntstown 1 (due to the outage in May 2018), partly offset by higher availability and utilisation of Huntstown 2 and higher contributions from renewable PPAs (primarily reflecting higher market prices (including ROC prices)). Energia Group (excluding renewable assets) operating profit (pre exceptional items and certain remeasurements) decreased to £20.4m (2018 - £22.5m) primarily due to the reasons described above for EBITDA. Energia renewable assets EBITDA increased to £10.5m (2018 - £8.8m) and operating profit increased to £2.5m (2018 - £1.7m) reflecting commissioning of new wind farms and higher market prices. Power NI EBITDA increased to £17.9m (2018 - £17.0m) and operating profit increased to £17.5m (2018 – £16.2m) primarily reflecting higher contributions from PPAs, partly offset by higher operating costs and lower regulated margins. PPB EBITDA and operating profit decreased to £0.7m (2018 - £1.4m) reflecting higher operating costs. Viridian Group Investments Limited Unaudited Interim Consolidated Financial Statements - Second Quarter 2019 5 Management Report Business Reviews Energia Group (excluding renewable assets) KPIs Second Second First First Year end Quarter Quarter Half Half 31 March 2019 2018 2019 2018 2018 Availability (%) - Huntstown 1 100.0 90.4 94.2 95.2 97.5 - Huntstown 2 100.0 92.7 99.8 85.9 92.9 Unconstrained utilisation (%) - Huntstown 1 23.0 43.5 22.1 41.9 21.3 - Huntstown 2 63.2 76.1 56.8 46.3 23.2 Incremental impact of constrained utilisation (%) - Huntstown 1 25.6 11.2 17.8 18.7 29.9 - Huntstown 2 (6.4) (17.1) 2.9 (9.1) 6.7 Customer sites (number) - Non-residential - electricity 54,100 55,100 54,100 55,100 55,800 - gas 4,000 4,500 4,000 4,500 4,300 58,100 59,600 58,100 59,600 60,100 - Residental - electricity 147,500 121,700 147,500 121,700 141,400 - gas 53,800 42,800 53,800 42,800 50,700 201,300 164,500 201,300 164,500 192,100 Energia electricity sales (TWh) 1.4 1.2 2.9 2.3 5.3 Energia gas sales (million therms) 12.0 12.5 27.7 27.2 78.3 Complaints to the CCNI and CRU (number) 1 - 1 1 4 Contracted renewable generation capacity in operation in Northern Ireland and the RoI (MW) - average during the period 998 980 998 981 984 - at end of period 998 978 998 978 998 Huntstown 1 availability for Second Quarter 2019 was 100.0% (2018 – 90.4%) and for First Half 2019 was 94.2% (2018 – 95.2%). A 10 day planned outage took place in May 2018 in relation to a minor inspection on the gas turbine. Huntstown 2 availability for Second Quarter 2019 was 100.0% (2018 – 92.7%). Availability for First Half 2019 was 99.8% (2018 – 85.9%). The prior year lower availability reflects a 22 day outage which commenced in June 2017. Huntstown 1 unconstrained utilisation for Second Quarter 2019 was 23.0% (2018 – 43.5%) and for First Half 2019 was 22.1% (2018 – 41.9%). The incremental impact of constrained utilisation for Huntstown 1 was 25.6% (2018 – 11.2%) and for First Half 2019 was 17.8% (2018 – 18.7%). Huntstown 2 unconstrained utilisation for Second Quarter 2019 was 63.2% (2018 – 76.1%) and for First Half 2019 was 56.8% (2018 – 46.3%).
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