Foresight Environmental Infrastructure Limited GBP · LSE:FGEN
Foresight Environmental Infrastructure Limited GBP — John Laing Environmental Assets Group — FY2017 Earnings Presentation
20 slides from Foresight Environmental Infrastructure Limited GBP's earnings presentation, Jun 15, 2017
Slide 1: Annual Results 2017
John Laing Environmental Assets Group Limited Annual Results 2017 15 June 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 increased to 100.1p (March 2016: 96.7p) • Portfolio value of £327.6m (March 2016: £264.5m) • 6.14p dividends declared Portfolio • Four acquisitions totalling £53.9m • 177.4MW capacity across all assets • 19 operational solar, onshore wind and waste and wastewater proce
Slide 4: Portfolio Overview as at 31 March 2017
4 Portfolio Overview as at 31 March 2017 Tay - 33%, PFI for Scottish Water D&G - 80%, PFI for Council ELWA - 80%, PFI for Waste Authority Carscreugh - 100%, 15.3MW ROC Hall Farm - 100%, 24.6MW ROC Bilsthorpe - 100%, 10.2MW ROC Castle Pill - 100%, 3.2MW ROC Ferndale - 100%, 6.4MW ROC Wear Point - 100
Slide 5: Acquisitions and pipeline
5 Acquisitions and pipeline Dungavel wind farm, South Lanarkshire Le Placis Vert wind farm, Brittany • June 2016 • July 2016 • £38.2m • €2.5m • 26MW • 4MW • 0.9 ROCs • 15 year FiT New Albion wind farm, Northamptonshire Plouguernével wind farm, Brittany • July 2016 • December 2016 • £11.8m • €2.1m •
Slide 6: Portfolio analysis at 31 March 2017
6 Portfolio analysis at 31 March 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 year to 31 March 2017 Solar Generation year to 31 March 2017 40000 7000 35000 6000 30000 5000 25000 4000 20000 15000 3000 10000 2000 5000 1000 0 0 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Actual Budget Actual Budget •
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 & Monksham solar due to technical issues and lightening
Slide 9: Balance sheet
9 Balance sheet Summary – Investment basis 31 March 2017 31 March 2016 (£m) (£m) Portfolio valuation 327.6 264.5 Cash 26.1 6.2 Net (creditors)/ debtors (1.2) 1.0 Revolving credit facility (12.5) (54.8) Net assets 340.0 216.9 Number of shares in issue 339,642,078 224,356,435 Net asset value per share
Slide 10: Portfolio valuation movements
10 Portfolio valuation movements Year ended 31 March 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 generation weighted average fixed p
Slide 12: NAV sensitivity analysis
12 NAV sensitivity analysis Impact on NAV At 31 March 2017 NAV per share
Slide 13: Group cash flow
13 Group cash flow Year ended 31 March 2017 £m Cash at 31 March 2016 6.2 Net share issue proceeds 113.7 Acquisition of investment assets (net) (53.3) Borrowings repaid under credit facility (42.3) Distributions from projects 25.4 Operating and other costs (6.4) Acquisition costs (1.0) Dividends paid
Slide 14: Funding
14 Funding Placing programme • December 2016: Prospectus for up to £150m ordinary shares published • February 2017: £55.6m raised through issue of 55m ordinary shares • June 2017: £40m proposed equity raise Revolving credit facility • July 2016: Facility increased from £65m to £75m • 31 March 2017:
Slide 15: Conclusion
15 Conclusion • Continue to deliver on promises at IPO in March 2014 • NAV increased to 100.1p (March 2016: 96.7p) • Successfully raised £115.6m in the year to 31 March 2017 • RCF increased to £75m and ongoing negotiations to renew the facility • Strong level of acquisition opportunities across brea
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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