Good morning, all. Welcome to our full year 2022 results presentation. As we've just been talking about with a couple of you, it's really wonderful to be able to share these results with you in person, which is actually the first time in over three years that we've been able to do that. We're also recording these results, it's being live-streamed as well, welcome to people online as well. For those of you who I haven't met before, I'm Tim Mortlock, the CEO at SMS. I'm joined today by Gail Blain, our CFO, and by Dilip Kejriwal, our Head of Investor Relations as well. I will begin the presentation today with a summary of the company's strategy and the key developments during 2022, and then provide an overview of our operations. This will then be followed by Gail providing an update on our financials before I conclude with the summary. We'll then be happy to answer any questions that you may have at the end as well. As I'm sure you are all very well aware, 2022 was characterized at the sort of macro level by high wholesale energy prices, energy market volatility, and geopolitical turmoil. More than ever before, energy security, affordability, and sustainability are front-page news. These are also critical challenges that are facing all of society. For that reason, I am very proud that all of the assets and the services that we provide and deliver serve to directly address those issues and to enable the transition to a low carbon, flexible, secure, and very importantly at this time, low cost energy system. Over the last year, we had two key priorities: delivering on our smart meter order pipeline and proving the returns on grid-scale batteries. We've delivered on both of those key priorities, whilst again demonstrating the strong financial performance of our business model, underpinned by our index-linked recurring revenue groups and cash flows from metering and data assets, as well as the strong performance of our initial grid-scale battery storage projects. From a financial perspective, our long-term index-linked recurring revenues were up 13.1% to GBP 97.1 million compared to 2021. At the end of February now stand at GBP 98.5 million. As a reminder, those metering and data contracts are linked to RPI each year, providing protection against the inflation environment and will be adjusted again this year on the 1st of April. The financial performance of the business was also extremely strong, with EBITDA up 21% to GBP 63.8 million, and profit before tax up 34% to GBP 24.5 million. As a reminder, our full year 2022 financial guidance was upgraded both last July and during the recent trading update in January, and I think those are financial results that we're extremely proud of. Today we are also marginally upgrading our pre-exceptional EBITDA expectations for 2023, predominantly driven by the impact of higher inflation on our meter rental contracts and improved return expectations on grid-scale battery assets. We expect underlying PBT to be in line with previous expectations due to higher interest rates on financing costs. Gail Blain will provide further details on that later in this presentation. We closed the year with net debt of GBP 31.2 million at the end of the year, and that, coupled with our GBP 355 million undrawn revolving credit facility, provides strong liquidity to finance the delivery of our meter and battery pipelines. Our existing portfolio of assets supports an attractive dividend policy of a proposed GBP 0.3025 per share in 2022, with this still expected to grow at 10% per annum until 2024. That de-dividend demonstrates the sustainable growth delivered by our strategy and is comfortably covered by the long-term index-linked cash flows from the existing unencumbered metering and data asset and cash flows from our grid-scale battery assets. On the operational side, through 2022, our run rate for smart meter installation has increased, averaging around 45,000 m/mo In the second half of the year, compared to 30,000 m/mo during the second half of 2021, a substantial increase that we're very pleased with. Overall, we installed around 480,000 m in the year, compared to the 450,000 m expectation. That means we remain on track to install around 600,000 m this year. Now, net of those installs, our contracted meter order pipeline at the end of the year stood at 2.17 million m. We continue to see additional opportunities to grow this further. Our first 50 MW grid-scale battery site commenced trading in January 2022, two further sites went live in December, resulting in 140 MW operational by the end of the year. Again, something we're very pleased with. The financial performance of these sites has been significantly ahead of the board's initial expectations, generating an annualized EBITDA of around GBP 123,000 /MW. Now, our grid-scale battery pipeline currently stands at 860 MW. We've just increased that by a further 100 MW since the trading update at the end of January. Of which, as I said, 140 MW is operational and 470 MW fully secured, of which 150 MW is under construction and will be live by the end of this year. The remaining 250 MW is under exclusivity. We also continue to make progress in building the commercial models and the pilots for our other Carbon Reduction or, as you know, what we call CaRe products and services. Now these CaRe assets, such as electric vehicle charging infrastructure, and behind the meter assets, are closely aligned to both our core engineering and energy skills and to our technology platforms. We see substantial growth opportunity in these very large and growing markets. Last year, to further accelerate our capabilities in both electric vehicle charging infrastructure and energy data management, we made two strategic investments in Clenergy EV and the n3rgy data platform during the first half of the year. In terms of those Index-Linked cash flows from metering and data assets, since the business was listed in 2011, we've seen consistent growth in that ILAR, which is our key financial metric, which has grown at a 29% compounded annual growth rate. That's after the disposal of a minority of our industrial and commercial meters back in 2020. We've maintained that strong momentum during 2022, as I said, with ILAR growing to GBP 97.1 million, GBP 98.5 million at the end of February. Our existing contracted smart meter order pipeline will grow our ILAR by approximately 50%, excluding the impact of RPI. We continue, as I said, to see additional growth opportunities in the metering space to grow that pipeline and our ILAR even further. Again, as a reminder, the cash flows generated from metering assets are long-term, highly secured, with strong protection against inflation, clearly. The assets also have strong warranty protection, with us having the replacement rights where we are the appointed meter operator or meter asset manager at the end of the asset life as well. Alongside that financial strong growth in our ILARR, we've obviously also seen significant growth in our grid-scale battery assets over the last year. We've made considerable progress in developing that portfolio accordingly. As I said, we have operational sites at the year-end of 140 MW, which based on our guidance, we're expected to generate an annualized EBITDAR of between GBP 8 million and GBP 9 million. That is based on our conservative long-term EBITDAR guidance of between GBP 57,000 and GBP 65,000 /MW per annum. As we continue to deliver our future existing pipeline, we will clearly therefore further grow this EBITDAR contribution. We've set ourselves a target of having at least 1.5 GW operational by 2030, which on delivery would therefore grow our annualized EBITDAR from grid scale batteries by more than 10 x. When you consider both the existing pipelines in meters and grid scale batteries and the growth opportunities that that represents, but also the further growth opportunity beyond those, then we clearly see significant growth potential in this critical national infrastructure asset class, as well as in our historic core business of metering. Our EBITDAR guidance, sorry, for grid scale batteries are based on prudent assumptions regarding the provision of balancing services only. As has been very evident in 2022, from the GBP 123,000 / MW result, there is significant room for upside from the provision of additional services. Our batteries also have strong warranty protection, with throughput warranty provision for the manufacturers and the core electrical infrastructure, is expected to have a life of more than 40 years. As I said, we also continue to make further progress in developing our CaRe products and services, all underpinned and supported by our in-house technology platforms. Firstly, our investment in Clenergy EV last year provides us access to a charge point operator or CPO platform. Clenergy EV is already used by around 2,700 public EV chargers across the U.K. with significant additional future pipeline. That CPO platform, coupled with our existing electrical infrastructure and asset management capabilities, enables us to deliver a fully end-to-end integrated platform for public EV charging infrastructure. Providing a similar end-to-end solution, just as we do already for meters and just as we do for grid scale batteries. Now we estimate a requirement for around 500,000 public EV charge points by 2030, and we are focused on building a pipeline of activity in this space for both rapid and fast charging, focusing initially on the on-street, fleet, and destination charging hub market segments, and building on partnerships we already have with business energy customers. We also continue to make good progress in developing our behind the meter assets propositions, which include solar and storage, domestic EV charge points, and air source heat pumps, and also in energy services. Now in order to decarbonize both domestic and commercial properties in the U.K., and to address the cost of energy, these assets are expected to form a substantial part of the energy transition. In fact, they have to form a substantial part of the energy transition. Delivering and funding these assets, operated by our Metis technology platform on behalf of social housing companies, commercial landlords, domestic consumers, represents a significant long-term market opportunity. Again, each of these CaRe products are closely aligned to our existing engineering and energy skills and to our technology platforms. We are not, if you like, just going around picking random verticals. These are things that are very closely aligned to our existing skill sets. We see substantial further growth opportunity in these large and growing markets. Now, clearly, ESG is integral to everything that we do as a business, and our business purpose and mission is intrinsically linked with tackling one of the greatest challenges of our time in carbon reduction. We are proud to be applying that same sustainable approach to our own operations. A couple of updates on how we are making tangible progress in our ESG objectives. We are very pleased, first and foremost, that all of our key health and safety measures have shown continual improvement over the last year, and we also continue to share this best practice across the industry. We introduced our net zero 2030 carbon emissions target last year, and we've made encouraging progress towards it. Indeed, our 2022 handprint, so the, if you like, the amount of carbon offset by our assets and services was 15 x our own carbon footprint over last year. We are planning to, and we've commenced, to gradually transition our vehicle fleet to fully electric, process will be complete by 2030 at the latest. We are also, more than ever before, committed to supporting our staff and fostering diversity, and have received several awards and accreditations for that over the last year. I was particularly pleased in October to launch with the Right Honourable Justine Greening, our leveling up impact report, setting out our commitment to the well-being of all our staff and delivering fairness, particularly in terms of the way we recruit and manage our staff. We're also committed to the highest standards of corporate governance, and we've been pleased that that is continued to be reflected in us having the highest scoring range by MSCI for corporate governance as well. In the next section, I will provide a brief update on our operations. This is a slide I'm sure you all sort of recognize, same format as previously, that provides a breakdown of those index-linked annualized recurring revenues from our metering data assets under management by category, with ILAR being GBP 97.1 million at the end of December, and as I said, GBP 98.5 million at the end of February. During 2022, we added 480,000 domestic smart meters and increased our smart portfolio to 2.1 million m, generating GBP 61.1 million of ILAR. As I mentioned earlier, our smart meter pipeline will add nearly GBP 50 million to this ILAR figure, excluding the impact of RPI, including the impact of RPI this 1st of April. Our data assets ILAR grew at 15.5% to GBP 16 million, whilst I&C grew 14% to GBP 5.3 million, significant growth across the board. The traditional domestic meters and the third-party ILAR, which is largely made up of traditional meters, as anticipated, will continue to come down over the next few years as traditional meters are replaced with smart. We have, however, aligned our ILAR reporting of third-party assets with the revenue reporting in our asset management section, to exclude pass-through third-party vendor. As I said, one of the key priorities last year was to deliver on our smart meter pipeline, and we continued to grow our delivery capacity and increase the number of smart meters installed to an average of more than 45,000 m/mo in the second half of the year, compared to 30,000 m/mo during the same period in the prior year. I can tell you that that's quite a significant achievement, and follows a lot of hard work within the business and, as I said, growth in our engineering capacity to support it. Now, our market share in the domestic smart meter installations has also improved significantly to 14% as a result of these increased installations. We are now installing 14% of all smart meters in the U.K. The engineering capacity has been built, as I said, to reflect that, particularly in the first half of last year, and we'll continue to incrementally now build that engineering capacity to deliver the expected 600,000 m this year. We also have very good visibility of meter hardware for 2023 and beyond, with a resilient and diverse supply chain in place and the meter inventory in our UK warehouses to support these continued run rates. We do not see meter availability causing any issues in terms of our delivery of meters over the coming period. As I mentioned earlier, we currently have a meter order pipeline of 2.17 million m, and we continue to see significant market opportunities in this space. Significant industry progress was also made in the involvement and adoption of SMETS1 meters to the Data Communications Company, or DCC, over the last year. At the end of last year, around 10 million SMETS1 meters had been enrolled onto that platform, or around 65% of all SMETS1 meters. Our portfolio of SMETS1 meters is ahead of that, with around 80% of those now enrolled and adopted onto the DCC platform, and we expect that process to continue through to the end of 2023. In terms of our grid-scale battery portfolio, as I said, we've continued to make considerable progress in further developing that portfolio of grid-scale battery assets, with the total portfolio now sitting at 860 MW, an increase of 100 MW since the trading update at the end of January. Of that total 860 MW, as I said, 140 MW on the right-hand side there is now operational and performing well ahead of our expectations, and we discuss the performance of the batteries on the next slide. Of the remainder, 470 MW is fully secured and shovel-ready, of which 150 MW is currently in construction and is expected to be operational by the end of this year, with the balance ready to enter construction over the coming months ahead. We've been pleased to demonstrate that continued progress, not only in the overall portfolio, but also in the way that we've brought sites through initially into exclusivity and then from exclusivity into being fully secured, from fully secured through into construction, and to being operational. That is a process I would expect to continue to see us do over the coming time as we seek to continue to bring sites through from exclusivity into being fully secured and to increase the size of the overall portfolio. As we do that, I would also expect to see us to bring some 2 MWh per megawatt sites through, whereas the current portfolio is largely made up of 1 MWh sites as well. In terms of the need for this asset class, I'm sure we all are quite aware. When, when I first started talking to investors and analysts, you know, a couple of years ago now about grid-scale batteries, I think it was, it was a relatively new asset class, and people were sort of looking at me and it took a bit of explaining. I think the need for this critical asset class is now extremely clear. Over the last decade, the world has significantly accelerated its focus on net zero goals, largely based on rapidly increasing clean energy investment and reducing fossil fuel use. The current sort of geopolitical environment has only further emphasized the importance of self-reliance in energy, and also provided an even greater snapshot into the future energy system, where there are greater challenges to balance supply and demand, reflected in increasing volatility in power price spreads. This is where grid-scale battery storage fulfills a significant and fundamental national infrastructure requirement, with these assets providing network resilience by balancing the ever-increasing intermittent renewable generation with increasing peak demand. The bottom left chart here shows our expectations on the evolution of peak base load spreads over the next few decades. As can be seen, those spreads are well understood and predictable, and it is these spreads that our prudent underlying balancing services and financial projections are based on. The growing importance of this asset class is reflected in National Grid recently increasing their 2030 forecast requirement for energy storage by 7.2 GW to 18.7 GW, of which 14.1 GW is expected to come from battery storage. To put that into context, there's currently only around 4.5 GW of energy storage on the grid, of which just over 2 GW comes from battery storage. We're talking about going from just over 2 GW battery storage right now to over 14 GW by 2030. There's a very significant market requirement for this. Clearly we've seen other capital and other people come into this market, and that's to be expected, and that's a good thing because of the size of the requirement ahead of us. In terms of the revenues and the performance of these sites, revenues from grid-scale battery assets in simple terms come from two services, balancing services and frequency services. Balancing services are essentially charging the battery when prices are cheap and discharging them when prices are peak and expensive and benefiting from the resultant spread between the two. It's important to note again that our medium to long term projections of GBP 57,000-65,000 EBITDA /MW are based on these spreads, which have been in existence for decades and which will remain and grow as more and more intermittent renewables are added to the grid. Frequency services are the services provided to National Grid to protect the grid against load fluctuations and blackouts, essentially to keep the frequency of the grid within statutory limits, which is increasingly difficult with as more and more again generations added to the grid. What we've seen last year and this year and is that those frequency services provide significant upside opportunity. That has been the primary driver in us generating GBP 123,000 /MW EBITDA last year, significantly ahead of our guidance. We will continue to provide these services where it is value accretive to do so. We are also very pleased recently with another year's strong pricing in the UK's Capacity Auction, which underpins the importance of this asset class, some of which provides both one-year and 15-year contracted revenues, as part of the revenue stack for these batteries as well. I will now hand over to Gail, to provide you with an update on the group's financials. Thank you. Good morning. Just before I start, I'd like to echo what Tim has said. It's great to be here in person. I'm delighted to be presenting the full year results for the first time as CFO. During 2022, we've continued to make good progress in executing our strategy. Throughout the period, we have further improved the meter installation run rate with, alongside the inflation adjustment on our existing meter and data portfolio, continuing to drive our Index-Linked Annualised Recurring Revenue, which is now up 13%. We're also pleased with the strong performance of our first 50 MW grid-scale battery site. The business has grown all its key financial metrics of IRR, revenue, pre-exceptional EBITDA and PBT. Pre-exceptional EBITDA and underlying PBT have both grown 21% and 34% respectively. Our cash position at the year-end was GBP 32.8 million. When coupled with our undrawn facility of GBP 355 million, this posite provides us a strong liquidity position for the rollout of our asset pipelines. Given the strong financial performance of 2022, we even increased our pre-exceptional EBITDA 2022 guidance and our underlying PBT at the time of our January trading update. For 2023, we now expect pre-exceptional EBITDA to be marginally ahead of our initial expectations and underlying PBT to remain in line despite the higher impact of interest rates. Now turning to the full year P&L. The 25% year-on-year increase in revenue to GBP 135.5 million has been predominantly driven by the increase in meter portfolio and trading over our first year battery site. Looking through the divisional lens, asset management revenues were up 12% to GBP 92.8 million on the prior year, which has been largely driven by the increase in meter installations and upward RPI adjustment made in April 2022. The depreciation adjusted gross margin of asset management division stood at 92%, which is in line with last year. Asset installation revenues improved by 38%. This is due to increased volume in our transactional meter works. The gross margin of 23% included costs in the first half of the year to support the continued growth of our engineering workforce to allow for increase in meter installation run rate. Costs associated with this investment in our workforce, such as recruitment and training, led to one-off costs that suppressed the margin in H1. As anticipated, the margin recovered in the second half of 2022. Energy management revenues, which now include the grid-scale battery revenues, have more than tripled during the year. Revenue includes GBP 7.2 million from our grid-scale battery sites, and the remainder comes from our energy management services, which were up 38% on prior year. This was driven by key customer projects in the hospitality sector, picking up momentum due to the continued recovery from COVID and their return of focus to energy efficiency. The depreciation-adjusted gross margin in this division improved to 57%. This has predominantly been driven by the high margin grid-scale battery assets. The GBP 6.6 million exceptional items largely relate to losses on traditional SMETS1 meter portfolio, which continue to be classified as exceptional as these removals relate to the temporary industry transition. Turning to our cash flow. During the full year of 2022, SMS generated GBP 63.8 million from operating activities, which is in line with our pre-exceptional EBITDA. From these cash flows, we invested approximately GBP 170 million in meter and grid-scale assets. CapEx in the meter and data assets stood GBP 105 million, while our grid-scale battery CapEx, consisting of costs to develop the sites, investments to acquire sites, and also battery purchases, amounted to circa GBP 65 million. We made two strategic investments in EV charging and energy data at GBP 3.5 million. We paid a dividend of GBP 37.6 million, which was paid out, the group drew down GBP 65 million from its facility. As I highlighted earlier, our cash position of GBP 32.8 million at the year-end, excluding restricted cash, coupled with our undrawn facility of GBP 355 million, provides us with a strong liquidity position. I'll now hand you back over to Tim to provide a summary of the business. Thank you, Gail. I should have said that, as a product of, as CEO is, of, some hopefully very good succession planning within the business, I'm really delighted that Gail's stepped up here, as she obviously has been with the business for over seven years, I think. Thanks to Gail for that. As I said at the outset, energy security, affordability and sustainability are at the forefront of the U.K. and the global agenda. SMS is responding to those challenges by delivering the CaRe assets and solutions which directly address them, which enable the transition to a low carbon, flexible, secure and, critically at this time, a low-cost energy system. Now, our strong results last year once again demonstrate, in my view, the resilience of our business model, which is underpinned by our index-linked recurring cash flows from meter and data assets, and reflects the very strong performance of our first grid-scale battery storage project. We were really pleased to see continued acceleration in our meter installation run rates with a strong contracted meter order pipeline. Leveraging our end-to-end platform, we have successfully built and begun to deliver a strong pipeline of grid-scale battery storage projects within a short period of time, and we are very pleased with the strong performance for the first few sites. As we've already said, we see significant additional opportunities from this large and growing market opportunity. It's that same end-to-end platform that we seek to take into new asset classes as well. The deployment of our existing pipeline of meters and grid-scale batteries alone will enable us to more than double our EBITDA over the next few years, with significant additional growth opportunities within other CaRe products and services, as well as within those core products. Our strong balance sheet provides liquidity to deliver the existing pipeline and also positions the group for further growth. Our existing portfolio of assets supports an attractive dividend policy, which we expect to grow at 10% per annum until at least next year. Finally, the outlook for the business remains robust. We upgraded our pre-exceptional EBITDA and underlying PBT expectations for 2022 during the recent trading statement, and today we are marginally upgrading our pre-exceptional EBITDA expectations for the coming year, with underlying PBT remaining in line. I am exceptionally proud of what we delivered in 2022, and we are focused on continuing to deliver operationally and financially on what we have said we are going to do, and maximizing the significant growth opportunities ahead. I hope this presentation provides you with a good overview of the progress we've made during 2022 and the group's exciting future projects. It's been great to see you in person. Thank you to everybody online. As you can tell, I hope that we're very proud and pleased with the progress that we made during 2022, and I think that gives us a terrific platform, you know, for delivery again over the coming years. Thanks again for your time.
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