Highlights
• Actual growth of 4.95% to £805.2 million on a rebased Portfolio Value of £767.2 million
• Strong cash flows continue from the diversified Portfolio of 52 projects
• Total Shareholder Return (including dividends paid) of 3.99% in the period
• Portfolio Value increased by 1.2% or £9.4 million since 31 December 2013 to £805.2 million at 30 June 2014
(including acquisitions)
• Paid an increased dividend of 3.25 pence per share in May relating to the six month period to 31 December 2013
• Declared a dividend of 3.25 pence per share, payable in October
• Widened investment powers in February 2014 which was strongly supported by shareholders
• Profit before tax for the six month period of £27.3 million (30 June 2013 - £22.1 million)
Operational Highlights
Portfolio Value growth has been supported by a number of value enhancements and improvements to cash flow forecasts across our projects, and so JLIF has achieved strong performance on behalf of its investors during the first half of the year. A selection of the most notable achievements for the Company for the period are:
• Net Asset Value as at 30 June 2014 of £820.7 million, up 0.3%, or 0.8% excluding unrealised exchange
rate movements
• NAV per share of 107.0 pence, up 0.2%, or 0.8% excluding unrealised exchange rate movements
• Completed acquisition of additional 15% stakes in the Barnet and Enfield street lighting projects, taking JLIF's
total shareholdings to 100%
• Completed acquisition of additional 16.67% stake in the Miles Platting Social Housing project, taking JLIF's stake
to 50%
Commenting on today's results, Paul Lester, Chairman of JLIF, said:
"JLIF has performed well in the first half of 2014. As we continue to develop our existing portfolio, I am pleased to report that the existing projects are performing strongly and we have been able to deliver several value enhancements in the period. We also continue to develop our pipeline of potential acquisitions, while maintaining a disciplined approach to further investment, as our priority remains on ensuring long term sustainable returns. We are optimistic about new opportunities coming to market in the short to medium term, as we take further steps to build our overseas presence in Continental Europe, Australia and the United States of America."
