Foresight Environmental Infrastructure Limited GBP · LSE:FGEN
Foresight Environmental Infrastructure Limited GBP — JLEN Environmental Assets Group — H1 2022 Earnings Presentation
29 slides from Foresight Environmental Infrastructure Limited GBP's earnings presentation, Nov 25, 2021
Slide 1: Half-year Results Presentation
JLEN ENVIRONMENTAL ASSETS GROUP LIMITED Half-year Results Presentation November 25 2021
Slide 2: Contents
CONTENTS Page Contents 4 JLEN overview 5 Environmental, Social and Governance 6 Investment outlook 7 Investments in the period 11 Portfolio overview 12 Portfolio analysis 13 Portfolio performance 15 Portfolio valuation 19 Revenue analysis 21 Financial performance 23 Summary
Slide 3: £8.1bn assets under management, 300+ infrastructure projects
£8.1bn1 300+2 ESG assets under infrastructure sustainability-led management projects investments 2442 122 2.9GW2 renewable Staff globally Offices globally energy generation
Slide 4: Overview at September 2021
4 OVERVIEW AT 30 SEPTEMBER 2021 Investment, growth and diversification Environmental infrastructure investments 39 Technology subsectors 6 Total diversified capacity 371.5MW Demonstrated income growth for shareholders Dividend target for year to 31 March 2022? 6.80p Cash dividend cover for the half-
Slide 5: Environmental, Social & Governance
ENVIRONMENTAL, SOCIAL & GOVERNANCE ESG PERFORMANCE 6-MONTH OD TO 30 SEPTEMBER 2021 4» >560,000 [7] mh renewable eneray generated by the portfolio G Wastewater treated (litres) SUSTAINABLE DEVELOPMENT GOALS The United Nations Sustainable Development \_| Goals ("SDGs") are a set of 17 goals for sustai
Slide 6: Investment Outlook
6 INVESTMENT OUTLOOK All new car and van Nations to phase-down sales to be zero coal power and phase- emission globally by out inefficient fossil fuel 2040 and no later than subsidies 2035 in leading markets. More than 40 nations to align standards and coordinate investment to ramp up commercialisat
Slide 7: Investments in the Period
7 INVESTMENTS IN THE PERIOD SANDRIDGE BATTERY RAGE Construction stage 50MW battery storage project Project description Acquisition date May 2021 Location Wiltshire, England Ownership. 50% Accreditation nla ENERGIE TECNOLOGIE AMBIENTE EfW CRAMLINGTON BIOMASS 16.8MWe energy- from-waste power plant Pro
Slide 8: Energie Tecnologie Ambiente — Energy-from-Waste
8 ENERGIE TECHNOLOGIE AMBIENTE — ENERGY-FROM-WASTE ETA ENERGY-FROM- WASTE (“EfW") Acquisition date May 2021 Location Manfredonia, Italy Ownership 45% Project Operational 16.8MW description EfWw Commercial operations 2012 date Accreditation GSE payments Power Export 26% Gate Fees 50% GSE Incentives 2
Slide 9: Cramlington Biomass CHP
9 CRAMLINGTON BIOMASS CHP : JLEN oe TOMAS PROJECT INFORMATION BIOMASS SUSTAINABILITY Acquisition June 2021 date Location Northumberland Ownership 100% Operational Biomass Combined Heat and Project Power plant creating description up to 28MW of electrical power and 8MW of heat Commercial operations 2
Slide 10: Greenhouse and Vertical Farming types
• • • • • • • • • • • Greenhouse Vertical Farming – aeroponics Vertical Farming – hydroponics Vertical Farming - aquaponics
Slide 11: Portfolio Overview as at September 2021
1 PORTFOLIO OVERVIEW AS AT 30 SEPTEMBER 2021 BN Wind Bilsthorpe — 100%, 10.2MW, ROC Burton Wold — 100%, 14.4MW, ROC Carscreugh — 100%, 15.3MW, ROC Castle Pill — 100%, 3.2MW, ROC Dungavel — 100%, 26MW, ROC Ferndale — 100%, 6.4MW, ROC Hall Farm — 100%, 24.6MW, ROC Le Placis Vert — 100%, 4MW, FiT Llynf
Slide 12: Portfolio Analysis September 2021
12 PORTFOLIO ANALYSIS 30 SEPTEMBER 2021 Portfolio value split by sector Portfolio value split by remaining asset life (years) Portfolio split by revenue type 2% 2% 11% wind 29% MiAnaerobic digest 35, Wl up to 10 years Misolar 11 to 20 years : a Hi waste & bioener: Hi More than 20 years {nflation lin
Slide 13: Portfolio Performance
13 PORTFOLIO PERFORMANCE . , . 117 A) Wind portfolio actual generation (GWh) (HY 2020/21 - 173) Variation from budget! -32% AD portfolio actual generation (GWh) eee @ 2 & (HY 2020/21 - 230) Variation from budget +2% . . 56 @ Solar portfolio actual generation (GWh) (HY 2020/21 — 59) Variation from bu
Slide 14: Portfolio Performance
14 PORTFOLIO PERFORMANCE During the half-year, overall generation from the renewable energy portfolio was 564 GWh Bd WIND PORTFOLIO FEB SOLAR PORTFOLIO fF) AD PorTFOLIO Negative variance of 32.0% against budget, due to low wind resource Contributed to 21% of JLEN’s total generation for the period Th
Slide 15: Portfolio Valuation Movement
15 PORTFOLIO VALUATION MOVEMENT > JLEN Includes impact of: + Asset upgrade packages on solar and AD portfolios = £2.4m * Cost savings £1.0m + Asset level performance £1.8m Key valuation movements for the half-year to 30 September 2021 700.0 v 257 678.8 650.0 75.1 21.6 — x= (0.1) (26.7) 600.0 571.4 &
Slide 16: Portfolio Valuation Methodology
16 PORTFOLIO VALUATION METHODOLOGY SHORT TERM Approach of using market forwards or fixes where applicable remains unchanged — at 30 September 2021, 100% of the renewable energy portfolio’s power price exposure was subject to a fixed price or a floor MEDIUM TO LONG TERM Policy of using a blended curv
Slide 17: Portfolio Valuation — Key Assumptions
7 PORTFOLIO VALUATION — KEY ASSUMPTIONS ECONOMIC DISCOUNT RATES + Forecast UK RPI inflation rates assumed in the valuation at * Reductions in discount rates used for valuing UK solar assets 30 September 2021 are 3% until 2030, reducing to 2.25% f . from 2031 onwards (31 March 2021: 3% until 2030, re
Slide 18: Portfolio Value Enhancements
18 PORTFOLIO VALUE ENHANCEMENTS Glasshouse Location Consented glasshouse location AD Fac location Land adjacent to the Codford AD plant is consented for the construction of up toa 3 hectare glasshouse Multiple interested counterparties to occupy and construct the glasshouse Exploring possibility to
Slide 19: Portfolio Revenue Evolution
19 PORTFOLIO REVENUE EVOLUTION Subsidy 60% portfolio revenues over time Merchant power 23% Other merchant revenues 10% ° Table shows contribution of Long-term contracts 1% different revenue categories to Portfolio Value on an NPV basis * 67% of lifetime portfolio revenues on an NPV basis are either
Slide 20: Leverage Use at September 2021
20 LEVERAGE USE AT 30 SEPTEMBER 2021 JLEN ite refinancing risk on Interest rate risk hedged long-term project : " finance debt out on project finance Fow)level Saino All long-term debt fully including RCF drawn amortising within the balance subsidy life LEVERAGE AS TECHNOLOGY % PORTFOLIO = REVENUE S
Slide 21: Financial Performance — Summary
21 FINANCIAL PERFORMANCE — SUMMARY 30 SEPTEMBER 2021 31 MARCH 2021 Portfolio valuation £678.8m £5714m Cash £19.1m £13.5m Net Debtors £4.7m £1.3m Revolving credit facility (£111.1m) (£82.0m) Net assets £591.5m £504.2m Number of shares in issue 601.4m 546.7m Net asset value per share (pence per share)
Slide 22: Financial Performance — Group Cash Flow
22 FINANCIAL PERFORMANCE — GROUP CASH FLOW SIX MONTHS ENDED SIX MONTHS 30 SEPTEMBER aed 30 SEPTE Cash received from environmental infrastructure investments 26.7 244 Administrative expenses (0.6) (0.6) Directors’ fees and expenses (0.1) (0.1) Investment advisory fee (3.0) (2.7) Financing costs (net
Slide 23: Summary
23 SUMMARY * Good operational performance from agri AD, solar, hydro and the CNG portfolio - all exceeding their generation targets * The wind portfolio generation was impacted by poor wind resource although it performed well operationally * Three acquisitions completed during the half- year, giving
Slide 24: Thanks for listening
24 Q&A Thanks for listening
Slide 25: Appendices
25 owe es: tee ALY APPENDICES
Slide 26: NAV Sensitivity Analysis at September 2021
26 NAV SENSITIVITY ANALYSIS AT 30 SEPTEMBER 2021 Di: it rate Energy yield (P90/P10) Energy yield (P90/P10) Electricity (-/+10%) Feedstock (+/-10%) Inflation rate FX rates (+/-5%) (£1.4m) | £14m Op -8p -6p -4p -2p 2p 4p 6p 8p NAV per share
Slide 27: Fund Governance and Terms
FUND GOVERNANCE AND TERMS The Fund formance Fee Asset Origination Fee Investment Adviser Term Discount Control Continuation Vote JLEN Domiciled in Guernsey Independent Board of Directors Premium listing on the LSE (Chapter 15) Foresight Group LLP FCA authorised and regulated Monitors and reviews pro
Slide 28: Investment Policy
INVESTMENT POLICY The Company seeks to achieve its objectives by investing in a diversified portfolio of environmental infrastructure JLEN defines environmental infrastructure as infrastructure assets, projects and asset-backed businesses that utilise natural or waste resources or support more envir
Slide 29: Disclaimer
DISCLAIMER This document contains information provided solely as an update on the financial condition, results of operations and business of JLEN Environmental Assets Group Limited ("JLEN"). Nothing in this document or in any accompanying management discussion of this document constitutes, nor is it
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