JLEN: NAV & Dividend Update
JLEN, the listed environmental infrastructure fund, announces that its unaudited Net Asset Value (“NAV”) at 30 June 2023 is £801.4 million (121.1 pence per share), a decrease of 2.0 pence per share since 31 March 2023 after paying the quarterly dividend of 1.8 pence per share.
Key valuation movements include price fixes secured above previous valuation assumptions (+0.4p) and an uplift from recognition of actual quarterly inflation data in excess of valuation assumptions (+2.4p). The uplift was offset by downward revisions to near term seasonal forwards and forecasts provided by independent third-party consultants net of the Electricity Generator Levy (-1.0p) and discount rate increases averaging 50 bps across the operating portfolio (-3.3p) bringing the overall Weighted Average Discount Rate to 8.9%.
Summary of changes in NAV:
NAV per share
NAV at 31 March 2023 123.1p
Dividends paid in the period -1.8p
Power prices (loss from downward
revision from forecasts offset by
price fixes secured above valuation
Discount rate changes -3.3p
Other movements (including
actual performance) 1.3p
NAV at 30 June 2023 121.1p
At 30 June 2023 project level gearing is 18% and overall gearing is 28%, with the Company’s Revolving Credit Facility (“RCF”) £116.7m drawn from a total facility size of £200m. The Company continues to maintain sufficient headroom in its RCF to finance its hard commitments relating to construction assets held within the portfolio.
The Company also announces a quarterly interim dividend of 1.89 pence per share for the quarter ended 30 June 2023, in line with the dividend target of 7.57p per share for the year to 31 March 2024, as set out in the 2023 Annual Report.
Ex-dividend date: 31 August 2023
Record date: 1 September 2023
Payment date: 22 September 2023
Below is an interview with Foresight Group, the manager behind the Trust who talk us through the highlights from JLEN’s Annual Report, an outlook and why the case for investment in sustainable infrastructure has never been stronger.