Foresight Environmental Infrastructure Limited GBP · LSE:FGEN
Foresight Environmental Infrastructure Limited GBP — John Laing Environmental Assets Group — H1 2017 Earnings Presentation
20 slides from Foresight Environmental Infrastructure Limited GBP's earnings presentation, Nov 22, 2017
Slide 1: Half-year Results 2017
John Laing Environmental Assets Group Limited Half-year Results 2017 22 November 2017
Slide 2: Overview of JLEN
2 Overview of JLEN Diversified portfolio of environmental infrastructure projects – long-term, predictable, wholly or partially inflation linked cash flows Investment Investor Future Management profile returns growth • Invests in operational • Sustainable dividend, paid • Independent Board of five •
Slide 3: Highlights
3 Highlights Performance • NAV per share 99.0p, down primarily due to a decrease in forecast electricity prices during the period (March 2017: 100.1p) • Portfolio value of £375.9m (March 2017: £327.6m) • Dividend of 3.16p declared for the period Portfolio • Three acquisitions totalling £53.4m • 230.
Slide 4: Portfolio Overview as at 30 September 2017
4 Portfolio Overview as at 30 September 2017 D&G - 80%, PFI for Council ELWA - 80%, PFI for Waste Authority Tay - 33%, PFI for Scottish Water Vulcan – 100%, 5MW RHI, FiT Bilsthorpe - 100%, 10.2MW, ROC Burton Wold - 100%, 14.4MW, ROC Carscreugh - 100%, 15.3MW, ROC Castle Pill - 100%, 3.2MW, ROC Dunga
Slide 5: Acquisitions and pipeline
5 Acquisitions and pipeline Three acquisitions made in the period to 30 September 2017: Moel Moelogan 2 wind farm Moel Moelogan 1 wind farm • April 2017 • May 2017 • £22.65m • £3m • 11.7MW • 2.6MW • 1.0 ROC • NFFO CSGH Solar portfolio Vulcan Renewables • June 2017 • August 2017 • £12.2m • £15.3m • 3
Slide 6: Portfolio analysis at 30 September 2017
6 Portfolio analysis at 30 September 2017 ¹Based on project revenues from volumes/generation during the year and assumes project cash flow distributions reflect revenue spilt at each project.
Slide 7: Portfolio performance
7 Portfolio performance Wind Generation period to 30 September 2017 Solar Generation period to 30 September 2017 35000 12000 30000 10000 25000 8000 20000 6000 15000 4000 10000 5000 2000 0 0 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Actual Budget Actual Budge
Slide 8: Portfolio performance
8 Portfolio performance • Waste volumes in line with budget and wastewater volumes below budget following dry winter period • Total distributions from projects in line with budget • Good availability across all asset classes apart from Branden and Crug Mawr due to technical issues • Overall performa
Slide 9: Balance sheet
9 Balance sheet Summary – Investment basis 30 September 2017 31 March 2017 (£m) (£m) Portfolio valuation 375.9 327.6 Cash 14.4 26.1 Net debtors 0.2 (1.2) Revolving credit facility (15.8) (12.5) Net assets 374.7 340.0 Number of shares in issue 378,477,029 339,642,078 Net asset value per share 99.0p 1
Slide 10: Portfolio valuation movements
10 Portfolio valuation movements Year ended 30 September 2017
Slide 11: Portfolio valuation – key assumptions
11 Portfolio valuation – key assumptions • Generation – assumes base case of “P50” level of electricity output for renewable assets based on technical advisors analysis • Electricity prices for the next 2 years fixed prices or short term market forward prices: o market forward averages for next 2
Slide 12: NAV sensitivity analysis
12 NAV sensitivity analysis Impact on NAV At 30 September 2017
Slide 13: Group cash flow
13 Group cash flow Six months ended 30 September 2017 £m Cash at 31 March 2017 26.1 Net share issue proceeds 39.5 Acquisition of investment assets (net) (52.8) Drawdown under credit facility 3.3 Distributions from projects 15.4 Operating and other costs (4.5) Acquisition costs (1.4) Dividends paid (
Slide 14: Funding
14 Funding Placing programme • July 2017: £40m equity raise Revolving credit facility • June 2017: Facility increased from £75m to £130m • 30 September 2017: £15.8m drawn Project-level gearing: 41.9% (31 March 2016: 42.9%) • Renewable energy assets: 34.5% (31 March 2017: 32.7%) • PFI processing asse
Slide 15: Conclusion
15 Conclusion • Continue to deliver on promises at IPO in March 2014 • NAV per share 99.0p (March 2017: 100.0p), down primarily due to a decrease in forecast electricity prices during the period • Successfully raised £40m in the six months to 30 September 2017 • RCF increased to £130m (£15.8m drawn
Slide 16: Q&A
16 Q&A
Slide 17: Appendices
17 Appendices
Slide 18: Fund Governance and Terms
18 Fund Governance and Terms • Domiciled in Guernsey The Fund • Independent Board of Directors • Chapter 15, premium listing on LSE • John Laing Capital Management Limited Investment • FCA authorised and regulated Adviser • Monitors and reviews projects • 1.0% of Adjusted Portfolio Value(1) up to an
Slide 19: Investment Policy
19 Investment Policy JLEN’s investment policy is to invest in Environmental Infrastructure projects that have the benefit of long-term, predictable cash flows Sector • Environmental Infrastructure projects that utilise natural or waste resources or support more environmentally-friendly approaches to
Slide 20: Disclaimer
20 Disclaimer This document contains information provided solely as an update on the financial condition, results of operations and business of John Laing Environmental Assets Group Limited ("JLEN"). Nothing in this document or in any accompanying management discussion of this document constitutes,
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