John Laing Environmental Assets Grp Net Asset Value and Dividend (0835S)
07 März 2019 - 8:02AM
UK Regulatory
TIDMJLEN
RNS Number : 0835S
John Laing Environmental Assets Grp
07 March 2019
7 March 2019
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Net Asset Value and Dividend
JLEN, the listed environmental infrastructure fund, announces
its unaudited Net Asset Value ("NAV") as at 31 December 2018 and
interim dividend for the quarter ended on that date.
NAV
The Company's unaudited NAV as at 31 December 2018 was GBP510.8
million or 102.8 pence per share, compared to GBP395.7 million or
100.4 pence per share as at 30 September 2018.The portfolio
valuation at 31 December 2018 was GBP519.2 million.
Dividend
The Company announces a quarterly interim dividend of 1.6275
pence per share for the period from 1 October 2018 to 31 December
2018, in line with the dividend target set out in the 2018 Annual
Report. The dividend timetable can be found below.
Portfolio update
Generation for the quarter was in line with budget at 205.1GWh.
Generation from solar assets was on budget. Generation from the
wind assets was slightly below budget, offset by above budget
generation from the anaerobic digestion ("AD") assets.
Assumptions regarding electricity price forecasts were updated
from those used at 30th September 2017, adding 0.6p to the NAV.
Increased price expectations in the medium term have been partially
offset by decreases at the longer-dated end of the curve. For
reference, the rate of real growth on a constant basis is 0.2% (30
September 2018: 0.4%).
Discount rates have been updated in respect of the wind and AD
portfolios, to reflect JLEN's market experience. The weighted
average discount rate is 8.0% (30 September 2018: 8.2%), adding
2.1p to the NAV. The discount rate range remains unchanged at
6.5%-9.8%)
JLEN is undergoing a review of the life extension potential of
its wind and solar assets and expects to include life extensions
for those projects where extended land rights have been negotiated
unless there are technical or other grounds for considering that
the project is unlikely to be able to operate profitably beyond the
current standard 25 year life assumption. The results of this
review will be included in the Annual Report for 2018/19, where it
is expected to exceed the previous sensitivity provided of 1.2p
uplift for life extensions on 25% of the wind and solar portfolios.
JLEN will also provide an update on the potential impact of
refinancing activity that is taking place across a number of wind
and solar projects and the assumed impact on wind and solar
projects' embedded benefit revenues from the Ofgem 'Targeted
Charging Review' that is currently under consultation.
Dividend Timetable
Ex-dividend date 14 March 2019
Record date 15 March 2019
Payment date 29 March 2019
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
For further details contact:
John Laing Capital Management Limited 020 7901 3559
Chris Tanner
Chris Holmes
Winterflood Investment Trusts 020 3100 0000
Neil Langford
Chris Mills
Praxis Fund Services Limited 01481 737600
Matt Falla
Gemma Woods
About JLEN
JLEN's investment policy is to invest in environmental
infrastructure projects that have the benefit of long-term,
predictable, wholly or partially inflation-linked cash flows
supported by long-term contracts or stable regulatory
frameworks.
Environmental Infrastructure is defined by the Company as
infrastructure projects that utilise natural or waste resources or
support more environmentally-friendly approaches to economic
activity. This could involve the generation of renewable energy
(including solar, wind, hydropower and biomass technologies), the
supply and treatment of water, the treatment and processing of
waste, and projects that promote energy efficiency.
Further details of the Company can be found on its website
www.jlen.com
LEI: 213800JWJN54TFBMBI68
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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