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27 Jun 2022

JLEN Environmental Assets

Company Notes

Annual Results to 31 March 2022

FY21/22 Highlights

+34% YoY growth in portfolio generation to 1,314GWh of electricity, 6% below budget.

+16% growth in generating capacity to 360MW.

£118m equity capital raise; £79.2m of investment into three assets, and £13.3m of follow-on investments.

First divestment of two French wind farms at a 25% uplift to the carrying value.

+17% increase in cash flow from operations to £46.2m (FY21: £39.5m).

Adjusted earnings per share +2.9% to 7.0p (FY21: 6.8p).

+33% net asset YoY growth to £762.9m.

+25% NAV per share total return to 115.3p.

6.80p total dividends declared for FY21/22. 1.1x cash covered.

FY22/23 dividend target of 7.33p (+5% YoY growth).

+7.4% annualised total shareholder return since IPO (net IRR target of 7.5% to 8.5%).

1.19% ongoing charge ratio (FY20/21: 1.24%).