Foresight Environmental Infrastructure Limited GBP · LSE:FGEN
Foresight Environmental Infrastructure Limited GBP — John Laing Environmental Assets Group — H1 2016 Earnings Presentation
18 slides from Foresight Environmental Infrastructure Limited GBP's earnings presentation, Nov 19, 2015
Slide 1: Results for the six months to 30 September 2015
John Laing Environmental Assets Group Limited Results for the six months to 30 September 2015 19 November 2015
Slide 2: Overview of JLEN
2 Overview of JLEN Investment • Invest in environmental infrastructure projects that utilise natural or waste resources and profile have the benefit of long-term, predictable wholly or partially inflation linked cash flows • Invest in operational projects with well-established technologies with demo
Slide 3: Highlights
3 Highlights For the six months to 30 September 2015 • NAV per ordinary share of 101.2 pence • Market Capitalisation £239.5m : Portfolio value of £217.6m¹ • Two acquisitions totalling £20.4m, bringing the capacity of the renewable energy assets in the JLEN portfolio to 103.1MW • Raised gross proceed
Slide 4: Portfolio Overview at 30 September 2015
4 Portfolio Overview at 30 September 2015 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 – Five Oaks Solar 100% 4.8 MW under FIT regime Amber - Fryingd
Slide 5: Portfolio Analysis at 30 September 2015
5 Portfolio Analysis at 30 September 2015
Slide 6: Portfolio performance
6 Portfolio performance For the six months to 30 September 2015 • Good availability across all asset classes • Solar generation in line with expectations • Waste and wastewater volumes on or above budget - ELWA contract performance maintained, with full operations due to be resumed in February 2016
Slide 7: Balance sheet
7 Balance sheet Summary – Investment basis Balance sheet 30 September 2015 31 March 2015 (£m) (£m) Portfolio valuation 217.6 197.7 Cash 10.0 8.6 Net debtors/(creditors) (0.5) (0.7) Revolving credit facility (nil) (43.7) Net assets 227.1 161.9 Number of shares in 224,356,435 160,000,000 issue Net ass
Slide 8: Portfolio Valuation Movements
8 Portfolio Valuation Movements Period to 30 September 2015
Slide 9: Portfolio valuation – key assumptions
9 Portfolio valuation – key assumptions • Generation – assumes base case of “P50” level of power output for renewable assets • Electricity prices – for the next 2 years fixed prices or short term market forward prices, then central forecasts from established market consultant. Reflects removal of LE
Slide 10: Sensitivity Analysis
10 Sensitivity Analysis Impact on NAV At 30 September 2015 Discount rate (+/- 0.5%) £(8.8m) £8.9m Energy Yield (P90/P10) £(20.4m) £20.5m Electricity price (-/+ 10%) £(9.0m) £9.1m £(9.0m) £9.5m Inflation rate (-/+ 0.5%) -20p -15p -10p -5p p 5p 10p 15p 20p NAV per share
Slide 11: Cash Flow
11 Cash Flow Cash flow summary – six months to 30 September 2015 £m Cash at 31 March 2015 8.6 Net share issue proceeds 63.8 Acquisition of investment assets (20.5) Repayment of credit facility (43.7) Distributions from projects 9.1 Operating and other costs (2.0) Acquisition costs (0.5) Dividends pa
Slide 12: Funding
12 Funding • £50m revolving credit facility £43.7m drawn for acquisitions in March 2015, repaid from proceeds of equity raise in July 2015 Draw-down of £28.5m used post period end to fund further investments • Project-level gearing across portfolio 45.3% Renewable energy assets 23.1% PFI pro
Slide 13: Conclusion
13 Conclusion • Continue to deliver on promises at IPO • Overall performance demonstrates benefits of a diversified portfolio in managing operational risks • Successful £65m equity raise in July 2015 used to repay credit facility and fund future acquisitions • £50m revolving credit facility used pos
Slide 14: Q&A
Q&A JLEN
Slide 15: Appendices
15 JLEN Appendices
Slide 16: Fund Governance and Terms
16 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 • Advisers dedicated to the fund and highly experienced • Monitors and reviews
Slide 17: Investment Policy
17 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 18: Disclaimer
18 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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