Thank you very much. Thanks everybody for joining us today. Before we get started, there are a few important notices, just for you please to take some few moments to look at. While I talk you through who's on the call, if you could just have a look at these important notices. We have with us, Tom Moore, who's Head of Fund and Portfolio Reporting with us here at Downing, and also Henrik Dahlström, who is an Investment Director with us in the business. There are also a few important notes here. These are all numbered. There'll be footnotes on the slide, so you'll be able to refer back to these notes. Just a very quick reminder about Downing. We are very much a Specialist Investment Management business, with energy and infrastructure as one of the key focuses of the business. We have just under GBP 2 billion assets under management, and just under GBP 800 million of that is in energy and infrastructure. We have 50 people that focus solely on the space. Since 2010, we've made just north of 180 investments in the space. Today, what we really wanted to do was take you through how we think this strategy is working. Not only how the strategy is working to deliver results for our shareholders, but also how the strategy is working to create further opportunities which we think can optimize revenue and unlock opportunities for capital growth. During the course of 2022, we deployed around about GBP 73 million in a series of attractive opportunities in the hydropower, wind and solar space. We'll talk to you a little bit about that. We continue to avail ourselves of a very considerable pipeline. That pipeline, as we say here, in excess of GBP 4 billion across all sorts of different areas in the core renewables and other infrastructure space, and across a number of different target geographies, some of which we already have investments in and some of which will be new geographies that will allow us to further diversify. Revenue is an operating profit in the region of 14%-15% above budget last year. It was a really good year for the operations of the business, and we've got some real, really interesting opportunities to increase those revenues at really low cost entry points. We'll talk to you about that later too. Total returns for the year last year, nearly 20%. That's referable to our 6.5%-7.5% total return target and getting close to 30% now since inception. We've increased the target dividends, as I think we, you'll all be aware for 2023 to GBP 0.0538 per share, and we've got quite comfortable dividend cover for the year to come at 1.4 and also 1.6 times average over the 2024-2026 period. I mentioned a little bit about that opportunity for capital growth. We have had considerable capital growth this year within the fund. We had around about GBP 9 million of accretion through the acquisition strategy that we've pursued. Looking forward, we have considerable opportunities for further capital growth, including a second significant number of opportunities in that construction space where we feel now that the fund has reached a certain size and has a portfolio of very well operating assets, we can now think about more opportunities in that construction space. With that, I'll hand over to Tom Moore. He'll be able to take you through some of the performance for the year. Thank you, Tom. Good morning, everybody. Once again, we've reported in line with TCFD recommendations throughout the annual report. We've done that on a voluntary basis. The annual report goes into much more detail about our activity across the year, updates to our scenario analysis that aims to quantify the impact of climate change on our portfolio. We've also significantly enhanced our sustainability disclosures. As an Article 9 fund, we've reported under the SFDR regime for the first time, that's enabled us to significantly expand the KPIs that we use to track our performance, and the impact we're having over time. The outputs of those KPIs have mirrored the growth in the portfolio. We've doubled the generation capacity over the course of the year, and that has seen an almost threefold increase in the acres of land that we're now managing, enabling us to do even more to identify, protect and enhance the biodiversity across the site. There's much more detail about the projects we've undertaken across the year within the annual report. Moving on to the NAV for the year and since IPO, we've continued to see that quarter-on-quarter increase that we've managed to maintain since the IPO. Those increases have been underpinned by increasing power prices and the inflationary environment, but also significantly improved due to the now accretive acquisitions that we've made and the financial performance of the underlying portfolio that continues to outperform our expectations. We've seen a total NAV return since IPO of 29%. As Tom just mentioned, the GBP 0.05 dividend cover for the year, 1.26 times covered. That increased to GBP 0.0538 per share, being a 7.6% increase, forecast to be well covered over the coming 3-4 years and onwards from there on in. In terms of the NAV movement for the year, we've returned close to 20% over the year, and we set out the drivers of that increase in this chart here. We've presented this in the usual format, with the charts in the middle, with the columns in the middle of this chart within the square box representing the valuation changes of the underlying portfolio. What this shows is a story of rising NAV from the rising inflation that we've seen throughout the year, but almost netted off by the increase in discount rates that we've put through during the year as well. That weighted average discount rate has moved from 7.2%- 7.7% across the portfolio, and I'll come back to that in a little bit more detail shortly. Around half the remaining uplift comes from increasing power price forecasts, and the other half coming equally from those accretive acquisitions that we've mentioned and also the financial performance of the portfolio. The remaining movements there reflect changes in long-term FX forecasts net of our hedging protections. As at the year-end, 50% of our exposure to EUR assets was hedged. Other movements there, including changes to long-term capital expenditure and financing assumptions. We haven't moved our assumptions around asset life across the course of the year, so the solar portfolio, for example, is still at 25 years. The next three slides break down the same movement within each of our portfolios. They all show a very similar story, so I'll skip through these relatively quickly. That increase in the solar portfolio, 43%, and that's supported by the additional investment we've made in the portfolio during the year. That was made to repay the mezzanine debt that we inherited when we bought the assets. Even stripping that out, we've seen a 32% increase in a like-for-like valuation on that portfolio. Power prices, inflation, good performance, all supporting that return. In terms of the hydro portfolio, again, strong performance, positive impact from power curves and inflation. The large column in the middle there representing our continued investment in that portfolio and increasing the size of that portfolio, and GBP 26 million coming from that. GBP 7 million of that 26 relates to the accretive nature of the acquisitions, so that is the impact of buying small, relatively inefficient portfolios and assets and bringing that into a much more efficient, larger portfolio, and reflecting the benefit of doing so within that. Lastly, the wind portfolio, similar story again, good performance, that acquisition was made during the early on in the year, accretive to NAV once again, and continuing to benefit from inflation and power prices. A bit more detail on discount rates across the portfolio. That increase in risk-free rate, during the course of the year has led us to consider the discount rates we use, that has led us to increase our discount rates on our geared assets by 50 basis points. That has an impact of bringing our hydro portfolios from 7.5%- 8%. The discount rates on the solar portfolio moved from 7.3%- 7.85%. Also at the same time, reminder that we delevered that portfolio with the repayment of the mezzanine debt. Our wind asset, which is ungeared, moved from 6%- 6.3%. Even at those higher discount rates, the acquisitions we made during the year remain accretive, and we're quite comfortable with where we sit in terms of the peer group. Back to Tom to look at a bit of the portfolio. Thanks, Tom. Just a quick look at the deployment for the year. Just to set out here in a bit, in a timeline for you, it's been a fairly busy year. Those two hydro portfolios at the start of January 2022 and then actually ironically bookended again by hydro acquisitions just after the turn of the year and then followed by the acquisition of the wind portfolio and the deployment of a further GBP 10 million into the solar portfolio. That brings us to this as the current portfolio composition remaining with solar in the U.K. and Northern Ireland, some 28 hydropower plants now in Sweden and at the operational wind farm in Sweden as well. If you recall, the strategy of the vehicle is very much diversification, so diversification by technology, by power market, by geography. You can see from this slide that we are starting to achieve that through the portfolio. Particularly pleased with the technology mix that you have and we've shown that over there on the left-hand side, that mixture of generation by technology shows a really good distribution of the number of MWh. If we think about then some of the other metrics for us, so thinking about key drivers here of the fund, forecast power prices is obviously a key one. We have here the two forecasts for the U.K. and Sweden. You can see that broadly speaking, what's happened here is in the latest forecast that we're showing you here, movements from the end of year valuations to the quarter before, consistent with the previous quarter's reporting. We have here just a slight movement downwards in that medium-term outlook, which reflects, I think, people's views now that power prices are going to return to normal a little bit faster than we thought a quarter ago. You can see the same pattern really playing out largely in the, in the hydropower portfolio. Although there is a bit of a mix there of different outcomes. Overall, a slight downward movement in the power price projections there for Sweden as well. We set out here for you just to look at the next 3, 4 years, where we're just looking at the mixture of near-term fixed revenues versus versus variable revenues. You can see the breakdown there going from around 50% just over in 2023, down to about sort of 35%. That's a function of our hedging program as we layer on hedges year-on-year. 3-year look forward in the U.K. and 5 years in the Nordics. We also wanted just to share a bit of information with you on the regulatory backdrop and policy developments. You recall that we've issued guidance saying that we think that both in the U.K. and in Sweden, there'll be an immaterial impact on the fund, and we continue to give that guidance. We've put some further details here. We don't expect any material impact at all of the incoming legislation or if it's enacted in its current forms. I'll hand over to Tom just to take you through some of the sensitivity analysis here. Just wanted to put here, I think, just some of the key sensitivity analysis that we've given you in the past, consistent with, again, the quarters that we've outlined for you. Yeah. Thanks, Tom. I think these are consistent with inflation, sorry, sensitivity analysis that we've prepared before. The portfolio much more substantial now than it was 6 and 12 months ago, so any of the small differences that are there relate mainly to that portfolio growing and changing over time and bringing that diversification in that Tom mentioned. Next slide touches on our inflation assumptions across the course of the year. We obviously reflect historic inflation as at the time of the point of the valuation, but we have increased our 2023 inflation assumptions for the first time. We're at 6.4% in the U.K. for 2023, reverting to 3% thereafter. In Sweden, we're at 5.6% for 2023, reverting to 2% thereafter. These were valid and relevant as at the December valuation date. Recent announcements from Bank of England and OBR suggests that they might be on the conservative side, and we'll continue to review that as we go. I'll pass over to Henrik now to touch on some of the benefits of our hydropower portfolio. Thanks, Tom. Here we've got a timeline on the development of the hydro portfolio within DORE. As you can see, we made the initial acquisition. During that first year of 2021, we established a standalone operational structure, and we also implemented an appropriate capital structure for the business. During the course of last year, 2022, we made four acquisitions. That was followed by another two at the start of 2023. Now we've taken the portfolio from 108 GWh to just under 200 GWh. With a good operational setup and a good sized portfolio, I think we're now really at a really exciting point of being able to develop and optimize the existing portfolio further. This is partly from a production dispatch optimization perspective. Also, we can start looking at earning ancillary revenues such as from the frequency markets. We'll talk more about this later. There are four key reasons why we like our hydro assets and find them particularly attractive. Firstly, they allow us to have an acquisition strategy which creates incremental value. Secondly, we can implement capture price optimization by using our reservoirs. Thirdly, these are perpetual assets which are expected to be now accretive over time. Finally, having hydro assets allows us to better manage DORE's overall risk profile. When it comes to the first point here about value accretive acquisitions, having established that platform, that allows us to utilize economies of scale to make bolt-on acquisitions, which can be undertaken at relatively attractive valuations. Also, there are strategic portfolio benefits that come from certain acquisitions. In terms of the capture price optimization, well, this is simply to use the water in our reservoirs to control production and to produce the most when power prices are high. This is different to other technologies such as wind and solar, where you produce strictly according to the weather pattern of the day. The now growth aspect, that's based on the fact that hydro assets are on freehold land with perpetual water rights. These assets that we have, they may have been built as long as 100 years ago, and with appropriate CapEx investments, they should be around for another 100 years at least as well. Finally, having hydro in the portfolio, that improves our overall risk management. Intermittent technologies, they may be producing, well, when prices are low and not so much when they're high, and that means a certain risk exposure, for example, for your hedge positions. By mixing technologies and being able to control your production, you have an overall improved production profile. This can really help both with your average capture prices, but also in terms of managing your power price hedge positions. I mentioned earlier that many acquisitions have some strategic angles to them. One such example is the Bergfors acquisition in November last year. Here we bought seven hydropower plants. The smallest hydropower plant we acquired was called Kristinefors. You can see that on this map here. It's located upstream from existing assets that we own. In this river system, we already own 3 hydropower plants with 6.7 MW capacity, and we have 4 reservoirs. By spending a relatively modest amount to acquire a small 0.1 MW hydropower plant upstream, we are now in full control of 7 reservoirs, and this provides significant benefits to our water regulation and how we can control the production. Another illustration of a strategic benefit from the same acquisition is the hydropower plant in Malmbäcken. This is a 2-MW asset with ample storage facilities and has a highly flexible production. You can see in this chart here, top right, that we produce when the power prices are high. This is also a hydropower plant which is suitable for the frequency markets, which we'll talk about later. Finally, an illustration of a strategically attractive acquisition as well is the Gottne hydropower plant. Firstly, this hydropower plant is in a new geographical catchment area for us. As you can see in the bottom chart here, this hydropower plant is under-dimensioned to the river flows and effectively produces a peak capacity all year round. This provides a robustness to our overall portfolio production profile. It reduces the risk for any hedge positions we have. Again, this is also an asset which we aim to use in the frequency regulation markets. When many people think about frequency regulation markets, they think about batteries. However, hydro production, that can also be adjusted up and down relatively quickly and makes it suitable for the frequency markets. Certain of our sites can, with relatively modest investments, access some of these markets, and we find this really exciting because it opens up a whole new revenue stream for us, which we aim to access later this year. Another approach for capital growth is to co-locate batteries on our existing hydro sites. Many of our sites have significant land banks suitable for battery storage. By co-locating batteries on hydro sites, this is not just cost-efficient from a cost of land perspective, but it also allows us to utilize existing grid connections. This provides an a relatively low cost of entry for battery investments, either into the frequency markets or as traditional load shifting of production. We've already had some positive discussions for upgrading some of the existing grid connections, which would facilitate larger battery investments. With that, I hand back over to Tom. Thanks, Henrik. As usual, just wanted to give you a little bit of a look forward on pipeline. What you can see here is, as always, there are a lot of opportunities. We've got very many more opportunities than we have capital. There are opportunities in the hydro space as you would expect, both in Sweden to bolt on to the existing platform, but also actually some quite interesting opportunities in Norway and in Iceland. Adding that further diversification element to the hydro portfolio. We have opportunities in the solar and battery space. There's the opportunities that Henrik has talked to you about co-location in Sweden. There's also the obvious opportunities to co-locate in the U.K.. Also there are opportunities in the operational space, where we're looking at 2 portfolios actually in quite advanced stages now, to acquire portfolios of a existing operational legacy U.K. solar, with those high degrees of fixed revenues that we like to underpin the portfolio. Also we are in bilateral discussions with Downing's Renewable Energy Development business to access some of the pipeline they're going forward. That is quite a significant pipeline and could provide quite a significant amount of opportunities for the trust going forward. In the wind space, we have opportunities in Sweden and Finland. Particularly interested in the Finnish opportunity that it give the trust a new geography, and that is a blend of operational and construction assets. We have talked about this a few times, the trust has an ability to invest in other infrastructure. That is generally what we're looking for in that bucket is infrastructure which doesn't sell wholesale power as a principal source of revenue. It's a strong diversifier for us. We've got two different possible opportunities within that space in front of us at the moment, they're at quite advanced stages. One is the acquisition of a business which provides reactive power to the grid in the U.K.. It does so under a long-term fixed price inflation link contract, quite an attractive revenue stream for us as well here, there. The second opportunity is an opportunity we've been working on for some time, which is the acquisition of an Electricity Distribution business in Sweden. That is under the Regulated Asset Base model and essentially gets paid for making the wires available down which you transport electricity. We are reaching now the end of our part of the presentation. Just wanted to leave you with a couple of thoughts here. Again, we really feel that the strategy is working. We really feel that the diversification of the portfolio is coming through in the quality of earnings. We think also that diversification is leading to further opportunities that I hope we've been able to outline to you during the course of the presentation.
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