JLEN Environmental Assets
Company Notes
Interim Results to 30 September 2022
Highlights
JLEN Environmental Assets* NAV per share +8.7% to 125.4p and portfolio valuation +11.9% to £890.2m over the HY.
Adjusting for the UK Electricity Generator Levy, latest near-term power prices forecasts and actual inflation as at 18 November 2022, NAV per share +7.9% to 124.4p.
4 construction stage assets acquired over the period: 2 battery storage projects in Scotland; aquaculture project located in Norway (Rjukan); and co-located glasshouse project in the UK.
Power generation +17% YoY to 655GWh over the period. -3.8% vs. budget
+74% YoY increase in net cash generation to £37.8m (after operating and finance costs); +4.9% above budget supported by higher than forecasted power prices and inflation.
Dividends paid over the period were 1.64x covered by net cash generation.
Fund-level gearing of 25.5%; project-level gearing 21.5%; £98.6m undrawn on RCF and £10.5m balance sheet cash available.
*Denotes a corporate broking client of Winterflood Securities
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