Foresight Environmental Infrastructure Limited GBP · LSE:FGEN
Foresight Environmental Infrastructure Limited GBP — John Laing Environmental Assets Group — H1 2015 Earnings Presentation
21 slides from Foresight Environmental Infrastructure Limited GBP's earnings presentation, Nov 20, 2014
Slide 1: Interim results for the period ended 30 September 2014
John Laing Environmental Assets Group Limited Interim results for the period ended 30 September 2014 20 November 2014
Slide 2: Disclaimer
2 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, n
Slide 3: Fund Characteristics
3 Fund Characteristics A diversified portfolio of operational environmental infrastructure projects Portfolio • Diversified portfolio of 7 wind, solar, waste and wastewater management projects in the UK with nine fully operational sites Size • 160 million shares with market cap of £168.8m (14 Novemb
Slide 4: Highlights
4 Highlights For the period ended 30 September 2014 • Successful Initial Public Offering (IPO) in March 2014 raised £160m (before expenses) • IPO proceeds fully invested in seven environmental infrastructure assets comprising nine operational sites • Net Asset Value (NAV) per share of 101.2 pence up
Slide 5: Portfolio Overview
5 Portfolio Overview Diversified portfolio of environmental infrastructure assets with operating track record and balanced between wind, solar energy and waste and wastewater management Name Type Stake Comments Amber Solar 100% 10 MW under FIT regime Bilsthorpe Wind 100% 10 MW under ROC regime Castl
Slide 6: Portfolio performance
6 Portfolio performance For the period ended 30 September 2014 • Financial performance of Portfolio generally in line with budget • Good asset availability across all asset classes • Wind speeds below expectations during summer and as a result generation 8.8% down over last 12 months • Solar and was
Slide 7: Balance sheet
7 Balance sheet Summary – Investment basis Balance sheet 30 September 2014 (£m) Portfolio valuation 154.8 Cash 7.4 Net debtors/creditors (0.3) Net Assets 161.9 Number of shares in issue 160,000,000 Net asset value per share 101.2p Net asset value per share at IPO 98.0p
Slide 8: Net Asset Value Movements
8 Net Asset Value Movements Period ended 30 September 2014 200£'m £7.1m £156.4m £5.9m 150 (£7.5m) 100 £148.9m £154.8m £161.9m 50 - Acquisition Values Distributions Rebased Valuation Valuation Growth Portfolio valuation Sept Cash and other net Net Asset Value 2014 assets
Slide 9: Sensitivity Analysis
9 Sensitivity Analysis Impact on NAV At 30 September 2014 Discount rate (+/- 0.5%) £(6.1m) £5.7m Energy Yield (P90/P10) £(13.4m) £12.7m Power price (-/+ 10%) £(5.1m) £4.5m £(6.4m) £6.0m Inflation rate (-/+ 0.5%) -20p -15p -10p -5p p 5p 10p 15p 20p NAV per share
Slide 10: Cash Flow
10 Cash Flow Cash flow summary – period ended 30 September 2014 £m Net issue proceeds from IPO 156.9 Acquisition of investment assets (156.4) Distributions from projects 7.5 Operating and other costs (0.6) Cash at 30 September 2014 7.4 Cash dividend cover Approx 1.4 times
Slide 11: Conclusion
11 Conclusion • Delivered on promises at IPO to be fully invested and to pay first interim dividend of 3.0 pence per share in December 2014 • Overall performance demonstrates benefit of diverse portfolio in managing operational risks • £50m revolving credit facility raised in October 2014 to assist
Slide 12: Q&A
Q&A JLEN
Slide 13: Appendices
13 JLEN Appendices dL
Slide 14: Investment Policy
14 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 15: Dumfries and Galloway Waste Management
15 Dumfries and Galloway Waste Management Key Facts Location Legal Name • Shanks Dumfries and Galloway Limited Current Ownership • JLEN: 80%, Shanks: 20% Type • Waste management Dumfries and Galloway Capacity(1) • 122,000 tonnes Concession • Until 2029 Counterparty • Dumfries and Galloway Council Op
Slide 16: East London Waste Authority
16 East London Waste Authority Key Facts Location Legal Name • ELWA Limited Current Ownership • JLEN: 80%, Shanks: 20% Type • Waste management Capacity(1) • 700,000 tonnes • Sites became operational in 2006 and Concession 2007 • PFI concession agreement runs until 2027 Counterparty • East London Was
Slide 17: Tay Waste Water Treatment
17 Tay Waste Water Treatment Key Facts Location Legal Name • Catchment Tay Limited • JLEN 33% Current Ownership • Barclays Infrastructure Funds (52%) and Tay Veolia Water UK (15%) Type • Wastewater treatment Capacity • c.72,000m3 / day(1) Concession • 30-year concession from 1999 to 2029 Counterpart
Slide 18: Amber Solar
18 Amber Solar Key Facts Location Legal Name • Amber Solar Parks Limited Current Ownership • JLEN 100% Capacity • 9.8MW • Feed in Tariff: 33.2p / kWh (from April Renewable Regime 2013) PPA • SmartestEnergy Ltd • Revenue generated from receipt of Feed- in Tariff, wholesale power sales, sale of Revenu
Slide 19: Bilsthorpe Wind
19 Bilsthorpe Wind Key Facts Location Legal Name • Bilsthorpe Wind Farm Limited Current Ownership • JLEN 100% Capacity • 10.2 MW Renewable Regime • 1.0 ROC Bilsthorpe PPA • Statkraft • Revenue generated from wholesale power sales, sale of ROCs, LECs and receipt of Revenue positive Embedded Benefits
Slide 20: Castle Pill & Ferndale Wind
20 Castle Pill & Ferndale Wind Key Facts Location • Wind Assets LLP Legal Name • Ferndale Wind Limited and Castle Pill Wind Limited Current Ownership • JLEN 100% Capacity • 9.6 MW Renewable Regime • 1.0 ROC Castle Pill & Ferndale PPA • Statkraft • Revenue generated from wholesale power sales, sale o
Slide 21: Hall Farm Wind
21 Hall Farm Wind Key Facts Location Legal Name • Hall Farm Wind Farm Limited Current Ownership • JLEN 100% Capacity • 24.6 MW Renewable Regime • 1.0 ROC PPA • Statkraft Hall Farm • Revenue generated from wholesale power sales, sale of ROCs, LECs and receipt of Revenue positive Embedded Benefits (if
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