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Annual Report and Financial Statements 2016–17

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Annual Report and Financial Statements 2016–17 UK Green Investment Bank Limited Annual Report and Financial Statements 2016 –17 About this report This report outlines our performance for the financial year ending 31 March 2017. In August 2017, UK Green Investment Bank Limited changed ownership from the UK Government to Macquarie Group Limited (Macquarie). As such, while this report covers a reporting period where GIB was in public ownership, it is published under private ownership. Where appropriate, references have been made to material events that happened between 31 March 2017 (when the reporting period ended) and the date of publication in September 2017. Unless explicitly stated otherwise, all commentary in this report applies to the financial year 2016 –17. To aid understanding, a summary of the various entities referred to in the report is provided below. In July 2017, UK Green Investment Bank plc ceased to be a public limited company and became a private limited company, UK Green Investment Bank Limited. This entity will be referred to as UK Green Investment Bank Limited or GIB throughout this report. UK Green Investment Bank Limited remains the holding company for other entities including Green Investment Group Limited. UK Green Investment Bank Limited and its subsidiaries intend to trade principally under the name Green Investment Group Limited in the future. This entity will be referred to as Green Investment Group or GIG throughout this report. The entity established as UK Green Investment Bank Financial Services Limited has been renamed as Green Investment Group Management Limited. This entity will be referred to as Green Investment Group Management Limited or GIGML throughout this report. The report is divided into four sections: strategic report, corporate governance, green impact statements, and financial statements. Within each section, you will find cross-references to further information elsewhere in the report or online. Find out more You can learn more about us online. This and previous annual reports are available to view or download on our website. greeninvestmentgroup.com Other than Macquarie Bank Limited (MBL), any other Macquarie Group entity noted herein is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity’s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise. UK Green Investment Bank Limited Annual Report and Financial Statements 2016 –17 3 Contents Overview Green impact statements 05 Who we are 65 Reduction of greenhouse gas emissions 06 Performance highlights in 2016 –17 66 Generation of renewable energy 67 Energy demand reduction Strategic report 68 Recycling of materials 11 Review by the Head of the Green 69 Avoidance of waste to landfill Investment Group 70 Notes to the green impact statements 13 Review by Daniel Wong and 72 Independent assurance report Mark Dooley 16 The sale of GIB Financial statements 18 Green Purposes Company 77 Independent auditors report to the Trustees’ letter members of UK Green Investment 19 Our strategy Bank Limited (formerly known as UK 21 Case study: Offshore Wind Fund Green Investment Bank plc) 24 Performance 79 Consolidated income statement 24 - Overview 80 Consolidated statement of 25 - Investment performance comprehensive income 29 - Green performance 81 Consolidated statement 31 - Financial performance of financial position 33 Principal risks 83 Company statement 35 Green finance innovation of financial position 36 Our responsibilities 85 Statement of cash flows 38 Our team 87 Statement of changes in equity 88 Notes to the financial statements Corporate governance 43 Overview Appendices 45 Directors’ report 134 Summary of transactions 47 Report on Directors’ remuneration 139 Glossary 62 Directors’ statement of responsibilities © UK Green Investment Bank Limited copyright 2017 The text of this document may be reproduced free of charge in any format or medium provided that it is reproduced accurately and not in a misleading context. The material must be acknowledged as UK Green Investment Bank Limited copyright and the document title specified. Where third-party material has been identified, permission from the respective copyright holder must be sought. Any enquiries related to this publication should be sent to us at [email protected] This publication is available at www.greeninvestmentgroup.com 4 UK Green Investment Bank Limited Annual Report and Financial Statements 2016 –17 Overview Who we are UK Green Investment Bank Limited (GIB) is proud to have helped finance 100 green projects with a total value of more than £12bn by 31 March 2017. What we do Our people We invest our shareholder’s money in At 31 March 2017 GIB employed 121 Find out more green infrastructure projects. In addition people, based in Edinburgh and London. 16 The sale of GIB to our core business, our subsidiary, Green 29 Green performance Investment Group Management Limited Our shareholders 35 Green finance innovation (GIGML), formerly UK Green Investment GIB was established in late 2012 by 38 Our team Bank Financial Services Limited, manages the UK Government, which provided the private capital in UK offshore wind projects business with its initial investment capital. invested by the UK Offshore Wind Fund In June 2015 the UK Government (the Offshore Wind Fund). We also work announced its intention to move GIB into with the UK Government to invest in the private sector by selling a majority of green infrastructure projects in developing its shares. In March 2016, the transaction countries through UK Climate Investments was launched and in April 2017 it was LLP (UKCI), established in May 2015. announced that Macquarie Group Limited (Macquarie) would acquire 100% of the Green investments share capital of GIB. The sale of GIB We have only invested in projects that completed in August 2017. deliver a positive green impact as measured against our five green purposes. We have reported on our green impact with market- leading rigour and transparency. We have been a leading voice in the development of a worldwide standardised green reporting methodology. UK Green Investment Bank Limited Annual Report and Financial Statements 2016 –17 5 Overview Performance highlights in 2016 –17 Investment highlights Financial highlights £839m £24.0m Capital committed Profit before tax 2016 –17 £839m 2016 –17 £24.0m 2015 –16 £770m 2015 –16 £9.9m 2014 –15 £723m 2014 –15 £0.1m 2013 –14 £617m 2013 –14 (£5.7m) £1.4bn 10% Total transaction value Projected portfolio return 2016 –17 £1.4bn 2016 –17 10% 2015 –16 £3.7bn 2015 –16 10% 2014 –15 £2.5bn 2014 –15 9% 2013 –14 £2.3bn 2013 –14 8% 24 £96.8m Projects financed Income 2016 –17 24 2016 –17 £96.8m 2015 –16 30 2015 –16 £58.8m 2014 –15 22 2014 –15 £28.2m 2013 –14 17 2013 –14 £15.4m 6 UK Green Investment Bank Limited Annual Report and Financial Statements 2016 –17 Overview Performance highlights in 2016 –17 Green highlights 21.5TWh Renewable energy produced* 2016 –17 21.5 TWh 2015 –16 20.3 TWh 2014 –15 16.3 TWh 2013 –14 12.8 TWh Enough to power 5.2m homes Performance against our own Key Performance 8.0m t CO2e Greenhouse gas (GHG) emissions avoided* Indicators (KPIs) 2016 –17 8.0m t CO e 2 We set ourselves four targets for the year. 2015 –16 7.1m t CO2e** Our performance against each is set out in full in this report. 2014 –15 4.2m t CO2e 2013 –14 3.5m t CO2e Our Green Investment target for the reporting period was to commit £761m Equivalent to taking 3.4m cars off the road of new capital to green infrastructure projects. We exceeded this target by committing to invest £839m. We exceeded our income target for the tonnes year and achieved our targets in managing 3.2m operating costs and attracting private Landfill avoided* capital into GIB. 2016 –17 3.2m tonnes 2015 –16 2.3m tonnes 2014 –15 2.1m tonnes 2013 –14 1.3m tonnes Equivalent to waste of 3.3m households Find out more 24 Performance overview * Average annual projected. 25 Investment performance ** We have updated our greenhouse gas calculation methodology, and 29 Green performance rebased our previous year’s forecasts to show the extent of this change. Please refer to the notes to green impact statements on page 70 for details. 31 Financial performance UK Green Investment Bank Limited Annual Report and Financial Statements 2016 –17 7 Craigellachie CHP plant, Speyside, Scotland 8 UK Green Investment Bank Limited Annual Report and Financial Statements 2016 –17 Strategic report UK Green Investment Bank Limited Annual Report and Financial Statements 2016 –17 9 Craigellachie CHP plant in Speyside, Scotland, generates low-carbon electricity and heat using locally-sourced forestry residue. 10 UK Green Investment Bank Limited Annual Report and Financial Statements 2016 –17 Strategic report Review by the Head of the Green Investment Group 2016 –17 was a successful year for GIB. We performed well against each of our KPIs: making new green investments; increasing our income; controlling our costs; and attracting private capital into GIB. We committed to provide funding to 24 Our income grew to £96.8m (£58.8m in As I write this, in August 2017, GIB has projects across all of our sectors. In waste 2015 – 16) with operating expenses also now changed ownership and is part of and bioenergy we invested in established growing to £61m (£38.1m) reflecting the Macquarie Group. This will bring many technologies on a large scale and a small consolidation of offshore wind asset costs benefits to the business, not least the scale. In energy efficiency we provided and depreciation, with other operating support to expand our business into new funding to low energy lighting projects expenses remaining broadly stable.
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