JLEN: Annual Financial Report

11th June 2020 | ‘JLEN’

The Directors of JLEN Environmental Assets Group Limited (the “Company” or “JLEN”) are pleased to announce the Company’s results for the year ended 31 March 2020.

Financial highlights

  • Portfolio valuation as at 31 March 2020 of £537.1m (31 March 2019: £523.6m)
  • NAV per ordinary share of 97.5 pence as at 31 March 2020 (31 March 2019: 104.7 pence), reduction primarily driven by the effect of the long-term power price forecast on the portfolio value
  • Total dividends declared of 6.66 pence per ordinary share for the year to 31 March 2020 (2019: 6.51 pence per ordinary share), in line with the target set out in the 2019 Annual Report. Dividend cover of 1.1 times for the financial year
  • Target dividend for the year to 31 March 2021 of 6.76 pence per ordinary share
  • Share price total return for the period since IPO of 54.6% (7.5% annualised)

Portfolio highlights

  • Three acquisitions completed this year and €25m commitment to FEIP, a limited partnership investing in predominantly greenfield European energy infrastructure assets
  • First acquisitions in the hydro, battery and food waste sectors increasing the Company’s diversification
  • Diversified portfolio now 36% wind, 25% AD, 23% Solar, 15% waste and wastewater and 1% Hydro and battery by value
  • Overall portfolio performance slightly above expectations
  • Wind portfolio generation above budget due to particularly good wind resource in the last quarter
  • Solar assets slightly below budget for the year due to grid outages and repair works carried out under warranty
  • Anaerobic digestion assets continued to outperform during the year
  • Bio Collectors food waste project negatively impacted by Covid-19 pandemic as waste volumes fall. Other projects in the portfolio currently demonstrating resilience

Other highlights

  • JLEN will join the FTSE 250, effective 22 June 2020
  • Raised £57.2m of equity capital via oversubscribed placings during the year
  • Revolving credit facility of £170m, expiring in June 2022
  • Strong pipeline of assets for further growth
  • Appointment of Stephanie Coxon to the Board of Directors, effective 11 June 2020

Richard Morse, Chairman of JLEN, said:

“In an extraordinary year featuring falling power prices and the onset of the Covid-19 pandemic, JLEN has provided reliable income for investors while continuing to diversify its portfolio.”

Annual report

A copy of the annual report has been submitted to the National Storage Mechanism and will shortly be available at www.morningstar.co.uk/uk/NSM. The annual report will also be available on the Company’s website at www.jlen.com where further information on JLEN can be found.

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