TIDMJLEN
RNS Number : 7730C
JLEN Environmental Assets Group Ltd
15 June 2023
15 June 2023
JLEN Environmental Assets Group Limited
JLEN reports results for the year ended 31 March 2023
JLEN Environmental Assets Group Limited ("JLEN" or the
"Company"), the listed environmental infrastructure fund, is
pleased to announce the Company's results for the year ended 31
March 2023.
Highlights
Resilient growth and NAV performance
-- Net Asset Value up 7% to GBP814.6 million (31 March 2022: GBP762.9 million)
-- NAV per ordinary share up 7% to 123.1 pence (31 March 2022:
115.3 pence), primarily due to an upward revision to electricity
and gas price forecasts and the continuing effect of elevated
inflation on the Company's inflation-linked contracts
NAV per share
NAV at 31 March 2022 115.3p
Dividends paid in the period -7.1p
Power prices (net of Electricity
Generation Levy) 8.7p
Inflation 10.2p
Discount rate changes -5.9p
Other movements (including actual
performance) 1.9p
NAV at 31 March 2023 123.1p
Portfolio growth and diversification
-- Portfolio valuation increased by 13% to GBP898.5 million (31 March 2022: GBP795.4 million)
-- Five acquisitions completed, portfolio comprises 42 assets
split across seven technology sectors
-- Portfolio delivered returns in line with operational and
financial performance targets, with distributions at or above
budget
Dividends and balance sheet
-- Total dividends declared of 7.14 pence per ordinary share for
the year to 31 March 2023 and targeting a dividend of 7.57 pence
per ordinary share for the year to 31 March 2024, a 6% uplift over
the prior year
-- Dividend cover of 1.51 times, on a paid basis for the
financial year, highest dividend cover ratio since IPO
-- Share price total return since IPO of 99.0% (7.9% annualised)
-- One-year extension to existing GBP170 million Revolving
Credit Facility ("RCF") and activated GBP30 million accordion
facility
Key investment metrics
All amounts presented in GBPmillion Year ended Year ended
(except as noted) 31 March 31 March
2023 2022
---------------------------------------- -------------- --------------
Net assets(1) 814.6 762.9
Portfolio value(2) 898.5 795.4
Operating income and gains on fair
value of investments 108.4 192.9
Net Asset Value per share(3) 123.1p 115.3p
Distributions, repayments and fees
from portfolio 83.6 56.5
Profit before tax 98.3 185.0
Gross asset value(3) 1,119.8 1,023.4
Share price(3) 119.6p 112.8p
(1) Also referred to as "NAV".
(2) Classified as investments at fair value through profit or
loss on the statement of financial position.
(3) Net Asset Value per share, share price and gross asset value
are alternative performance measures ("APMs").
Ed Warner, Chair of JLEN, said:
"The case for investment in sustainable infrastructure has never
been stronger as we focus on delivering on
decarbonisation targets and creating energy security. I am very
pleased to report that JLEN has delivered a reassuringly resilient
performance over the past 12 months, achieving growth in Net Asset
Value per share and meeting its dividend target in spite of a
backdrop of economic turmoil and regulatory and political
challenges. We continue to outperform the FTSE All-Share Index and
since inception, we have delivered a total share price return of
99.0%, in line with our focus on providing a sustainable financial
return to our investors.
"Investment activity in the year has focused on construction and
development stage assets in the battery storage, controlled
environment and green hydrogen sectors. The higher returns offered
by opportunities at this stage are attractive and given the
contribution that these technologies will make towards a more
sustainable future, we are pleased to provide our investors with
access to these important asset classes.
"Looking ahead, in line with JLEN's progressive dividend policy,
the Board has decided to set a dividend target of 7.57 pence per
share for the year to 31 March 2024. This represents an increase of
6% on the year just ended and is expected to be well covered by
cash flows from the Company's underlying assets."
Annual report
A copy of the annual report has been submitted to the National
Storage Mechanism and will shortly be available at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The annual
report will also be available on the Company's website at
http://www.jlen.com where further information on JLEN can be
found.
Details of the conference call for analysts and investors
A webinar and in-person event for the annual results will be
held at 10:00 a.m. (UK time) today,15 June 2023, hosted by Chris
Tanner, Chris Holmes and Ed Mountney, Investment Managers to JLEN.
To register for the webinar, please contact SEC Newgate by email at
JLEN@secnewgate.co.uk.
Retail Investor Webinar
Chris Tanner, Chris Holmes and Ed Mountney will also deliver a
live presentation for retail investors via the Investor Meet
Company platform on Wednesday 21 June 2023 at 11:00 am (GMT).
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via the Investor
Meet Company dashboard up until 9.00 a.m. the day before the
meeting or at any time during the live presentation.
Although the Company may not be in a position to answer every
question it receives, it will address the most prominent within the
confines of information already disclosed to the market. Responses
to the Q&A from the live presentation will be published at the
earliest opportunity on the Investor Meet Company platform.
Investor feedback can also be submitted directly to management
post-event to ensure the Company can understand the views of all
interested parties.
Investors can sign up to Investor Meet Company for free and add
to meet JLEN Environmental Assets via:
https://www.investormeetcompany.com/jlen-environmental-assets-group-limited/register-investor
For further information please contact:
Foresight Group
Chris Tann er
Ed Mountney +44(0)20 3667 8100
Wilna de Villiers institutionalir@foresightgroup.eu
Winterflood Securities Limited
Neil Langford +44(0)20 3100 0000
SEC Newgate +44 (0)20 3757 6882
Elisabeth Cowell Jlen@secnewgate.co.uk
Alice Cho
Harry Handyside
Sanne Fund Services (Guernsey)
Limited
Matt Falla
Gemma Berry +44 (0)20 3530 3600
About JLEN
JLEN's investment policy is to invest in a diversified portfolio
of Environmental Infrastructure. Environmental Infrastructure is
defined by the Company as infrastructure assets, projects and
asset-backed businesses that utilise natural or waste resources or
support more environmentally friendly approaches to economic
activity, support the transition to a low carbon economy or which
mitigate the effects of climate change. Such investments will
typically feature one or more of the following characteristics:
-- long-term, predictable cash flows, which may be wholly or
partially inflation-linked cash flows;
-- long-term contracts or stable and well-proven regulatory and
legal frameworks; or
-- well-established technologies, and demonstrable operational
performance
JLEN's aim is to provide investors with a sustainable,
progressive dividend per share, paid quarterly and to preserve the
capital value of the portfolio over the long term on a real basis.
The target dividend for the year to 31 March 2024 is 7.57 pence per
share(1) . The dividend is payable quarterly.
JLEN is an Article 9 fund under the EU Sustainable Finance
Disclosure Regulation and has a transparent and award winning
approach to ESG.
Further details of the Company can be found on its website
www.jlen.com
LEI: 213800JWJN54TFBMBI68
(1) These are targets only and not profit forecasts. There can
be no assurance that these targets will be met or that the Company
will make any distributions at all.
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