Net Asset Value and Dividend Declaration

RNS Number : 1460X

Jlen Environmental Assets Grp

30 April 2021

 

30 April 2021

JLEN ENVIRONMENTAL ASSETS GROUP LIMITED

("JLEN" or the "Company")

Net Asset Value, Portfolio Update and Dividend Declaration

Net Asset Value

JLEN, the listed environmental infrastructure fund, announces that its unaudited Net Asset Value as at 31 March 2021 is £504.2 million (92.2 pence per share), a decrease of 3.7 pence per share since the last published NAV as at 31 December 2020, predominantly due to the impact of increased UK Corporation Tax rates from 19% to 25% from April 2023 for the remainder of the life of the portfolio, reducing the NAV by 3.7 pence. Other factors impacting the NAV include a small downward revision to power prices forecast which was broadly offset by portfolio enhancements including asset upgrades and cost savings.

Portfolio update

During the financial year to 31 March 2021, the renewables portfolio of the Company has performed well. The anaerobic digestion portfolio has continued its trend of outperformance, achieving a 2% positive variance against target and the solar portfolio also exceeded its generation target by 2%. Production of the wind portfolio showed a marginal negative variance of 1% against budget, mostly due to low wind speeds over the winter period.

In aggregate, energy generation was 0.4% above budget for the financial year to 31 March 2021. This is excluding the Bio Collectors food waste processing plant which, as previously reported, has experienced a reduction in the volume of waste tonnages delivered due to the ongoing pandemic.

The waste and wastewater concession-based projects continue to deliver distributions in line with expectations and have performed well against contractual targets.

Over the course of the year, JLEN has continued to grow its portfolio acquiring six new assets.  This includes two assets which further diversify the Company's portfolio into grid scale batteries and low carbon refuelling for heavy goods vehicles.

Dividend

The Company also announces a quarterly interim dividend of 1.69 pence per share for the period from 1 January 2021 to 31 March 2021.

Together with the interim dividends paid during the financial year to date of 5.07 pence per share, the Company will have paid total dividends of 6.76 pence per share in respect of the year ended 31 March 2021, in line with the dividend target set out in the 2020 Annual Report.

The Company also announces an increase in the target dividend for the upcoming financial year to 6.80 pence per share for the financial year to 31 March 2022.

Dividend Timetable

Ex-dividend date	3 June 2021
Record date	4 June 2021
Payment date	25 June 2021

This announcement contains information that is inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.

For further information, please contact:

Foresight Group Chris Tanner Chris Holmes	[phone]
Winterflood Investment Trusts  Neil Langford Chris Mills	[phone]
SEC Newgate Elisabeth Cowell Megan Kovach	[phone]
Praxis Fund Services  Matt Falla Gemma Woods	[phone]

About JLEN

JLEN's investment policy is to invest in a diversified portfolio of Environmental Infrastructure. Environmental Infrastructure is defined by the Company as infrastructure assets, projects and asset-backed businesses that utilise natural or waste resources or support more environmentally friendly approaches to economic activity, support the transition to a low carbon economy or which mitigate the effects of climate change. Such investments will typically feature one or more of the following characteristics:

· long-term, predictable cash flows, which may be wholly or partially inflation-linked cash flows;

· long-term contracts or stable and well-proven regulatory and legal frameworks; or

· well-established technologies, and demonstrable operational performance.

JLEN's aim is to provide investors with a sustainable, progressive dividend per share, paid quarterly and to preserve the capital value of the portfolio over the long term on a real basis. The target dividend for the year to 31 March 2022 is 6.80 pence per share¹.  The dividend is payable quarterly.

Further details of the Company can be found on its website www.jlen.com

 LEI: 213800JWJN54TFBMBI68

^{( 1)} These are targets only and not profit forecasts.  There can be no assurance that these targets will be met or that the Company will make any distributions at all.

 

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