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Leaf Clean Energy Posts Decline On Net Asset Value Per Share

Tue, 31st Mar 2015 12:43

LONDON (Alliance News) - Leaf Clean Energy Company Tuesday posted a decline in net asset value per share for 2014, mostly as a result of a loss on the revaluation of portfolio companies.

Leaf Energy is an investment company focused on clean energy projects in North America.

Net asset value per share fell 8.9% in the half year from end-June to 52.57 pence at the end of 2014 the company said.

Leaf Energy posted a pretax loss of USD10.2 million, widened significantly from a pretax loss of USD1.7 million a year before, as a result of a USD8.9 million loss on investments.

Leaf Energy said during the second half of its financial year it continued to transition towards realising the value of its investment. It is currently under contract to sell or have sold three of its portfolio companies.

It made USD2.7 million of additional investments in its existing portfolio companies during the year but is not contemplating any further material investments in its operating companies.

"In the coming months the Leaf Management team will continue its focus on maximizing portfolio value and achieving expedient realisations of the assets to enable future distributions to the shareholders," the company said in a statement.

Shares in Leaf Clean Energy are untraded Tuesday. It last closed at 27.50 pence.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews