Annual Report and Accounts 2022
Ecofin Global Utilities
and Infrastructure Trust plc
Annual Report and Accounts 2022
01AnnualReport and Accounts 2022
The Company Governance Financials Company Information
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 
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
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





“Portfolio companies derive the majority

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



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



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



Ecofin Global Utilities and Infrastructure Trust plc (EGL)
Designed for Growth and Resilience



 
 
 
Portfolio characteristics

North America
43.6
Continental Europe
39.1
UK
10.8
Other OECD
3.9
Emerging markets
2.6





AnnualReport and Accounts 2022
Ordinary Share NAV (total return) Ordinary Share Price (total return)

09/2017
09/2018
09/2019
NAV and share price
from admission to 30 September 2022
80
140
200
260
09/2022
09/2020
09/2021
09/2016

 
 
 
 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
Contents
03AnnualReport and Accounts 2022
The Company Governance Financials Company Information
Financial Highlights
as at 30 September 2022

As at or year to
30 September 2022


 233,052 


208.14p 
 218.00p 


4.7% 
 6.42p 
 7.20p 


3.3% 


11.0% 


1.35% 
 
 
 
 



1 year
%
3 years
5 years






12.5    


14.0    


 12.7    
 15.5    
 -2.4    
 -4.1    
 5.2    

 


 
 





 

 

 


AnnualReport and Accounts 2022
Chairman’s Statement









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05AnnualReport and Accounts 2022
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
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AnnualReport and Accounts 2022
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


Investment Manager’s Report
continued
AnnualReport and Accounts 2022
The Company Governance Financials Company Information
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CO



grid



EGL portfolio 9.5% 28% -22% 514

  20%  695







ESG Evaluation
AnnualReport and Accounts 2022
Ten Largest Holdings
as at 30 September 2022 (% of investments)
NextEra Energy

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
3.8%

AnnualReport and Accounts 2022
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




2.9%

EDF







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



2.9%

Endesa











2.8%

Constellation
Energy



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
2.8%

AnnualReport and Accounts 202210
Alliant Energy
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2.8%
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Engie

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





2.7%

Ten Largest Holdings
as at 30 September 2022 (% of investments)
continued
11AnnualReport and Accounts 2022
The Company Governance Financials Company Information
By country or region
By sector
By market capitalisation
30 September 2022 
Market value
£’000
% of
investments




 101,015 39.1  
 112,621 43.6  
 27,871 10.8  
 10,136 3.9  
 251,643 97.4  
 6,692 2.6  
Total 258,335 100.0  
30 September 2022 
Market value
£’000
% of
investments




 87,313 33.8 81,020 36.7
 71,084 27.5 63,855 28.9
 65,375 25.3 44,824 20.3
 34,563 13.4 31,217 14.1
Total 258,335 100.0 220,916 100.0
30 September 2022 
Market value
£’000
% of
investments




 207,819 80.4  
 11,650 4.5  
 34,543 13.4  
 4,322 1.7  
Total 258,335 100.0  
Portfolio Analysis
as at 30 September 2022

AnnualReport and Accounts 2022
 




   
   
SSE   
RWE   
Enel   
   
Endesa   
   
   
   
Ten largest investments 94,329 36.5
   
   
   
   
   
   
   
   
   
   
Twenty largest investments 158,002 61.2
   
   
   
   
   
   
   
   
   
   
Thirty largest investments 210,156 81.4
   
   
   
   
   
   
   
   
   
   
   
   
   
Total number of investments: 43 258,335 100.0

Portfolio Holdings
as at 30 September 2022
13AnnualReport and Accounts 2022
The Company Governance Financials Company Information
Directors


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
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AnnualReport and Accounts 2022
Strategic Report
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
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

   Dividend
 2021  
 2022  
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 2022  


AnnualReport and Accounts 2022
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
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



As at or year ended
30 September 2022




1
12.5% 

1
14.0% 

 4.7% 

 (1.1)% 
 6.42p 
 7.20p 
 3.3% 

2
89.2% 
 1.35% 
 
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
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
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AnnualReport and Accounts 2022
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
AnnualReport and Accounts 2022
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
























Dividends






















The Company Governance Financials Company Information
AnnualReport and Accounts 2022
Directors’ Report

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

AnnualReport and Accounts 2022
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
Directors’ Report
continued
The Company Governance Financials Company Information
AnnualReport and Accounts 2022
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

AnnualReport and Accounts 2022
Directors’ Report
continued

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
 

and
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
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AnnualReport and Accounts 2022
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 AnnualReport and Accounts 2022
Corporate Governance Statement
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
30 AnnualReport and Accounts 2022
Directors’ Remuneration Report


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


Year ended
30 September 2022
Year ended

 £35,250 

 £29,750 
 £26,250 
 

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
 
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
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31AnnualReport and Accounts 2022




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



Year ended
30 September 2022
Year ended


Fees
£
Taxable

1
£
Total
£
Fees


1

 26,250 – 26,250  
 29,750 – 29,750  

 26,250 – 26,250  

 35,250 – 35,250  
 








Director name
Year to
30 September
2022
Year to
30 September
2021
Year to
30 September
2020
 2.9%  
 3.5%  

1
2.9%  
 3.7%  
 










80
140
200
260
320
Ordinary Share NAV (total return)
Ordinary Share Price (total return)
MSCI World Utilities Index (total return in £)
S&P Global Infrastructure Index (total return in £)
09/2022
09/2021
09/2019
09/2018
09/2017
09/2020
09/2016







Year ended
30 September 2022
(£’000)
Year ended


 114 125

 7,393 
 9,835 
 18,485 
 AnnualReport and Accounts 2022
Directors’ Remuneration Report
continued






Ordinary shares
 30 September 2022 
 30,000 
 25,821 
 11,799 
 91,739 













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33AnnualReport and Accounts 2022
Report of the Audit Committee
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

 AnnualReport and Accounts 2022

 
Accuracy and integrity of the Financial Statements. 




Incorrect holdings in or valuation of the investment portfolio,
including incorrect application of exchange rate movements
or failure to assess share liquidity appropriately.






Incomplete or inaccurate recognition of revenues




Review of internal control system and risks. 


















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
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
Report of the Audit Committee
continued
The Company Governance Financials Company Information
35AnnualReport and Accounts 2022
Management Report and
Directors’ Responsibilities Statement
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
 AnnualReport and Accounts 2022
Independent Auditor’s Report
to the members of Ecofin Global Utilities and Infrastructure Trust plc
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





 
Valuation and
ownership of
investments
Note 1 and note 9










 

 

 

 











Revenue Recognition
Note 1 and note 2

















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 AnnualReport and Accounts 2022
Independent Auditor’s Report
to the members of Ecofin Global Utilities and Infrastructure Trust plc
continued
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


Other Code
provisions
 

 


 


 






Strategic Report
and Directors’
Report


 




 









Directors’
remuneration




Matters on which
we are required to
report by exception




 



or
 




 


 












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 AnnualReport and Accounts 2022
Independent Auditor’s Report
to the members of Ecofin Global Utilities and Infrastructure Trust plc
continued
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













The Company Governance Financials Company Information
AnnualReport and Accounts 2022
Year ended 30 September 2022 

Revenue
£’000
Capital
£’000
Total
£’000







 9 – 16,129 16,129  
 – (3,076) (3,076)  
 2 9,835 – 9,835   
  (1,089) (1,089) (2,178)   
 4 (885) – (885)  
Net return before finance costs
and taxation 7,861 11,964 19,825   
 5 (118) (118) (236)   
Net return before taxation 7,743 11,846 19,589   
 7 (1,104) – (1,104)  
Net return after taxation 6,639 11,846 18,485   
Return per ordinary share (pence) 8 6.42 11.46 17.88   







Statement of Comprehensive Income
 AnnualReport and Accounts 2022

As at
30 September 2022
£’000



Non-current assets
 9 258,334 
Current assets
 10 1,409 
 – 
1,409 
Creditors: amounts falling due within one year
 (25,613) 
 11 (1,078) 
(26,691) 
Net current liabilities (25,282) 
Net assets 233,052 
Share capital and reserves
 12 1,119 
  40,801 
 116,976 
 14 74,156 
 –
Total shareholders' funds 233,052 
Net asset value per ordinary share (pence) 15 208.14 





Statement of Financial Position
The Company Governance Financials Company Information
AnnualReport and Accounts 2022
Statement of Changes in Equity

For the year ended 30 September 2022
Share
capital
£’000
Share
premium
account
£’000
Special
reserve
1
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Total
£’000
 1,007 15,500 117,730 62,310 – 196,547
 – – – 11,846 6,639 18,485
  112 25,301 – – – 25,413
 6 – – (754) – (6,639) (7, 393)
Balance at 30 September 2022 1,119 40,801 116,976 74,156 – 233,052


Share


Share




reserve



reserve


reserve



 950    
   
  57  
 6   
     
 


 AnnualReport and Accounts 2022
Statement of Cash Flows

Year ended
30 September 2022
£’000
Year ended


Net return before finance costs and taxation 19,825 
 228 85
 (786) 
 (37) 
 (9,798) 
 3,076 
 9,462 
 37 21
 (236) 
 (16,129) 
 1 2
Net cash flow from operating activities 5,643 
Investing activities
 (76,989) 
 56,277 
Net cash used in investing activities (20,712) 
Financing activities
 (10,260) 
 6 (7,393) 
 25,413 
Net cash from financing activities 7,760 
(Decrease)/increase in cash (7,309) 
Analysis of changes in cash during the year
 11,251
 (3,942) 246
 (7,309) 
Closing balance – 

The Company Governance Financials Company Information
AnnualReport and Accounts 2022









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

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
Notes to the Financial Statements
For the year ended 30 September 2022
 AnnualReport and Accounts 2022
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
Notes to the Financial Statements
For the year ended 30 September 2022
continued
The Company Governance Financials Company Information
AnnualReport and Accounts 2022

Year ended
30 September 2022
£’000
Year ended


Income from investments (revenue account)
 1,254 
 7,966 
 578 227
9,798 
Other income (revenue account)
 37 21
Total income 9,835 



Year ended 30 September 2022 
Revenue
£’000
Capital
£’000
Total
£’000






 1,089 1,089 2,178   






Year ended
30 September 2022
£’000
Year ended


 268 262
 118 125

 41 
 38 25
 8 6
 101 84
 109 26
 7
 29 27
 139 166
 27 18
885 780






 AnnualReport and Accounts 2022
Notes to the Financial Statements
For the year ended 30 September 2022
continued

Year ended 30 September 2022 
Revenue
£’000
Capital
£’000
Total
£’000






 118 118 236 42 42 84

Year ended
30 September 2022
£’000
Year ended


 – 
 – 
 – 
 – 
 1,666
 1,874
 1,893
 1,960
7,393 





Year ended
30 September 2022
£’000
Year ended


 5,727 
 2,082 
7,809 


The Company Governance Financials Company Information
AnnualReport and Accounts 2022


Year ended 30 September 2022 Year ended 30 September 2021
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
 1,489 – 1,489  
 (385) – (385)  
Total tax charge for the period 1,104 – 1,104 794 794



Year ended 30 September 2022 
Revenue
£’000
Capital
£’000
Total
£’000







 7,743 11,846 19,589   


 1,471 2,251 3,722   

 (259) – (259)   
 (1,431) – (1,431)  
 (10) – (10)  
 1 – 1
 228 229 457 184 186 
 – (2,480) (2,480)  
 1,489 – 1,489  
 (385) – (385)  
 1,104 – 1,104 794 794









Year ended 30 September 2022 
£’000 p 

 6,639 6.42  
 11,846 11.46  
 18,485 17.88  
 103,375,349 



50 AnnualReport and Accounts 2022
Notes to the Financial Statements
For the year ended 30 September 2022
continued

Year ended
30 September 2022
£’000
Year ended



 184,640 
 36,276 
 220,916 
Analysis of transactions made during the year
 77,567 
 (56,277) 
 16,129 
Closing fair value 258,335 
 218,985 
 39,349 
Closing fair value 258,334 







Year ended
30 September 2022
£’000
Year ended


 138 152
Sales 25 59
163 211




Year ended
30 September 2022
£’000
Year ended


 1,409 
1,409 

Year ended
30 September 2022
£’000
Year ended



 562 491
Sundry Creditors 516 
1,078 850
The Company Governance Financials Company Information
51AnnualReport and Accounts 2022

As at 30 September 2022 
Shares £’000 Shares 
Issued and fully paid
 100,738,423 1,007  950
 11,230,000 112  57
 111,968,423 1,119  




Year ended
30 September 2022
£’000
Year ended


 15,500 
 25,301 
 40,801 

As at
30 September 2022
£’000



 62,310 
 3,073 
 13,056 
 – 
 (3,076) 
 (1,089) 
 (118) 
 74,156 


As at
30 September 2022


 233,052 
 111,968,423 
 208.14 





 
 
 


 AnnualReport and Accounts 2022
Notes to the Financial Statements
For the year ended 30 September 2022
continued






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




As at 30 September 2022
Investments
£’000
Net
monetary
assets/(liabilities)
£’000
Total
currency
exposure
£’000
 10,136 (842) 9,294
 4,620 (498) 4,122
Euro 101,015 (8,956) 92,059
 6,692 (601) 6,091
 27,871 (3,667) 24,204
 – – –
 108,000 (10,718) 97,282
 258,334 (25,282) 233,052
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   
Euro   
   
 14 14
   
 15 15
   
   

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
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53AnnualReport and Accounts 2022
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

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








 AnnualReport and Accounts 2022
Notes to the Financial Statements
For the year ended 30 September 2022
continued



As at 30 September 2022 
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Financial assets at fair value
through profit or loss
  258,334 – – 258,334
Net fair value 258,334 – – 258,334
 
Level 1



Level 3





    
   





As at
30 September 2021
£'000
Currency
differences
£'000
Cash flows
£'000
As at
30 September 2022
£'000
 11,251 (3,942) (7,309) –
 (35,873) – 10,260 (25,613)
(24,622) (3,942) 2,951 (25,613)











 246  
  869  
   





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55AnnualReport and Accounts 2022
Notice of Annual General Meeting
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 AnnualReport and Accounts 2022
Notice of Annual General Meeting
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 
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AnnualReport and Accounts 2022
Notes to the Notice of Annual General Meeting
 









 
  and




 

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
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 
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 


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
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 AnnualReport and Accounts 2022
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


 





 AnnualReport and Accounts 2022
Administrator


AIC

AIC Code



AIC SORP


AIFMD/AIFM/AIF







Alternative Performance Measures (APMs)



Benchmark













Closed-end collective investment vehicle





Company
Glossary
Custodian




Depositary






Discount/Premium






Distributable reserves










Dividend dates






EBITDA











The Company Governance Financials Company Information
AnnualReport and Accounts 2022
ESG


Financial Conduct Authority or ‘FCA’

FRC
Gearing




Investment Manager and Alternative Investment Fund
Manager (“AIFM”)



Market capitalisation

Net asset value (NAV)



Non-executive director




Ongoing charges







Portfolio Manager


Special dividends





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
Total return
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UK Code of Corporate Governance (UK Code)
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

 AnnualReport and Accounts 2022
Alternative Performance Measures
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
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
 194.99p 
  7.20p 

 208.14p 
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return 12.5% 

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
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
 198.00p 
  7.20p 

 219.00p 
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total return 14.0% 
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
Ongoing charges
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
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
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













 
 
 
 
 



Ordinary shares
 
 
 
 
 




























 

