John Laing Infrastructure has announced interim results covering the six months ended 30 June 2016. It reports an NAV per share of 113.8 pence, up 5.0% against that as at 31 December 2015. The share price rose from 116.7p to 128p. Including dividends of 3.41p (up 1%), this translates into a 12.6% total shareholder return in the period as compared to 4.3% for the FTSE All-Share.
Earnings per share for the six months to 30 June 2016 was 8.4 pence. The return generated from the Portfolio during the first half of the year was 3.95%, being 0.36% ahead of the level of growth that would be expected from the unwind of the discount rate (and adjusted for the timing of acquisitions/disposals in the period and distributions in the period).
The average remaining concession length across the Portfolio as at 30 June 2016 is 19.5 years, an increase of 1.0 year from the average remaining concession length of the Portfolio as at 31 December 2015 of 18.5 years, reflecting the impact of the new acquisitions. The weighted average discount rate (“WADR”) of the Portfolio at 30 June 2016 was 7.85%. The small increase in WADR from that as at 31 December 2015 (of 7.82%) is a consequence of a decrease in the discount rates used to value the projects comprising JLIF’s Portfolio as at 31 December 2015, offset by acquisitions made in the period at discount rates higher than the weighted average. The range of discount rates used in the valuation of the Portfolio as at 30 June 2016 was 7.11% to 10.00%.
JLIF : John Laing Infrastructure interims