John Laing Infrastructure has reported a 1.4% fall in its NAV for the first half of 2015 to 107.8p which is almost entirely down to adverse exchange rate movements although they also mention below forecast inflation in the UK cost them about 0.4%. They paid a dividend of 3.375p (up 3.8% on the previous dividend) and the NAV total return was 1.7%.
They have secured a £180m multi-currency revolving credit facility on improved terms from the previous facility, provided by four lenders. They kept RBS and ING Bank NV and have added HSBC Bank plc and Commonwealth Bank of Australia to their banking group.
The total number of investments in the portfolio now stands at 57. They bought a 100% stake in the North Birmingham Mental Health project in the first half of the year, as well as a further 20% stake in the Kirklees Social Housing project. The total amount of capital invested in the first half of year was approximately £14.4m.
They turned down a number of projects on price grounds.
JLIF : fx movements hit John Laing Infrastructure