Jlen Environmental: Annual Financial Report
15/06/2023 07:00
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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 £814.6 million (31 March 2022: £762.9
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 £898.5 million (31 March
2022: £795.4 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 £170 million Revolving Credit
Facility ("RCF") and activated £30 million accordion facility
Key investment metrics
All amounts presented in £million (except as noted) Year ended Year ended
31 March 2023 31 March 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
(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
(https://www.investormeetcompany.com/jlen-environmental-assets-group-limited/register-investor)
For further information please contact:
Foresight Group +44(0)20 3667 8100
Chris Tanner
Ed Mountney
Wilna de Villiers institutionalir@foresightgroup.eu
Winterflood Securities Limited +44(0)20 3100 0000
Neil Langford
SEC Newgate +44 (0)20 3757 6882
Elisabeth Cowell Jlen@secnewgate.co.uk
Alice Cho
Harry Handyside
Sanne Fund Services (Guernsey) Limited +44 (0)20 3530 3600
Matt Falla
Gemma Berry
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
(http://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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