Last checked at 
23 Jan 2018 07:00
23 January 2018
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Net Asset Value and Dividend announcement
NAV
JLEN, the listed environmental infrastructure fund, announces its unaudited Net Asset Value ("NAV") as at 31 December 2017 and interim dividend for the quarter ended on that date.
The Company's unaudited NAV as at 31 December 2017 was £372.9 million or 98.5 pence per share, compared to £374.7 million or 99.0 pence per share as at 30 September 2017.The portfolio valuation at 31 December 2017 was £420.7 million, following the acquisition of the Llynfi Afan Wind Farm for £43.0m in the quarter.
Dividend
The Company also announces a quarterly interim dividend of 1.5775 pence per share for the period from 1 October 2017 to 31 December 2017, in line with the dividend target set out in the 2017 Annual Report. The dividend timetable can be found below.
Portfolio update
Assumptions regarding electricity price forecasts were unchanged from those used at 30th September 2017. The renewable energy portfolio's exposure to short term electricity prices is substantially fixed, with 81% of generation fixed for the current winter season and 66% for summer 2018.
Generation for the wind and solar assets has been marginally below budget for the quarter. Given the good performance in the wind portfolio for the first half of the year, electricity generation for the renewable energy portfolio year-to-date is in line with budget. Performance at the Vulcan, Tay and ELWA environmental processing assets has also been in line with expectations.
At the D&G waste project, discussions with the Operator and the Council have continued to try to agree the way in which the impact of Zero Waste Scotland legislation should be absorbed by the project parties. Although there has been no concrete change in circumstances since the Half-year Report, and we continue to invest significant time and resources in finding a solution, there is currently no sign of a negotiated settlement, which increases the likelihood that a dispute procedure will be needed to resolve the matters in question. Given this position, the directors consider a further provision against the value of the project is appropriate. As at 31 December 2017, D&G represents less than 0.5% of portfolio value.
Dividend Timetable
Ex-dividend date 1 February 2018
Record date 2 February 2018
Payment date 22 February 2018
This announcement contains information that is inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.
For further details contact:
John Laing Capital Management Limited 020 7901 3559
Chris Tanner
Chris Holmes
Winterflood Investment Trusts 020 3100 0000
Neil Langford
Chris Mills
About JLEN
JLEN's investment policy is to invest in environmental infrastructure projects that have the benefit of long-term, predictable, wholly or partially inflation-linked cash flows supported by long-term contracts or stable regulatory frameworks.
Environmental Infrastructure is defined by the Company as infrastructure projects that utilise natural or waste resources or support more environmentally-friendly approaches to economic activity. This could involve the generation of renewable energy (including solar, wind, hydropower and biomass technologies), the supply and treatment of water, the treatment and processing of waste, and projects that promote energy efficiency.
JLEN aims to provide investors with an annual dividend that is sustainable and increases in line with inflation. The target dividend for the year to 31 March 2018 is 6.31 pence per share being the initial target of 6.0 pence per share adjusted for inflation.
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.