LEAF.L Share News (LEAF)

LONDON (Alliance News) - Leaf Clean Energy Company posted a sharp fall in its net asset value during the year ended June 30, after some of its portfolio companies underperformed.

The company, which invests in clean energy projects, principally in North America, said its net asset value per share fell by 37% year-on-year to 89.90 cents or 52.27 pence, from 142.66 cents or 93.80 pence in the year ended June 30, 2013.

"We believe that several companies in our portfolio are well positioned for eventual realisation at optimal valuations. Unfortunately, however, certain other investee operations in the portfolio have not performed to forecasts or expectations and we do not expect sales of these investments to result in material capital returns to Leaf's shareholders," the company said in a statement.

The company's stock was trading 6.9% lower Thursday morning at 37.00 pence.

Leaf Clean Energy said its booked a USD63.4 million loss on revaluation in the carrying value of its portfolio companies.

It reported a pretax loss of USD67.7 million, compared with a USD1.6 million profit the prior year.

"The fall in NAV and write off of certain investments are disappointing," the company said.

The company made USD13.5 million of additional investments in its existing portfolio companies during the year, and has invested an additional USD1.6 million since July 1.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

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