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02 April 2014

John Laing plc announces another year of strong results and growth

John Laing, the leading international infrastructure investor and asset manager, announces audited results for the year ended 31 December 2013.

KPIs and financial highlights    
KPIs   Restated5
  2013 2012
Assets under management 1 £1,544.6m £1,120.9m
Portfolio valuation2 £684.4m £574.7m
Cash yield from investments 3 £29.3m £26.7m
New investment committed £112.4m £146.1m
IFRS statutory accounts    
Profit before tax (PBT)4 £125.8m £80.9m
Net assets £526.9m £427.1m
Proceeds from investment realisation4 £110.5m £137.4m

 
Financial Highlights:

  • Strong growth in assets under management

  • Portfolio valuation increased to £684.4m (2012 restated: £574.7m)

  • Investment commitments of £112.4m on ten projects (2012: £146.1m on seven projects)

  • PBT increased to £125.8m (2012: £80.9m)

  • PBT of £104.6m excluding gain on sale of John Laing Integrated Services (JLIS)

  • £110.5m proceeds raised from sale of investments in five Private Public Partnership (PPP) projects

1. Assets under management comprise the sum of the Directors’ portfolio valuation (net of the market value of John Laing’s shareholding in John Laing Infrastructure Fund (JLIF)), JLIF’s market capitalisation and PPP assets held by John Laing Pension Fund (JLPF) as at 31 December.
2. Portfolio valuation represents the Directors’ valuation of the Group’s Primary and Secondary Investment portfolios.
3. Cash yield from investments comprises subordinated debt interest, dividends and capital redemptions received from project companies.
4. Proceeds from investment realisation in 2012 include £44.5 million from sales of JLIF shares.

Commenting on the 2013 results Phil Nolan, Chairman of John Laing, said: “The business has delivered a strong financial performance across the full range of its activities in Primary Investment, Secondary Investment and Asset Management.

“We successfully extended our business model several years ago from our original PPP market in the UK to other geographies and adjacent infrastructure sectors and established ourselves as a leading infrastructure investor and asset manager. In each of our principal markets of Europe, North America and Asia Pacific, we are encouraged by the continuing strong demand for new privately financed infrastructure – and the investment opportunities that result from this.

“In the year under review, the Board took the decision to sell John Laing Integrated Services (JLIS), the Group’s facilities management business. The sale of JLIS completed in October 2013 and we wish all its staff well under their new ownership.

“Since the year end, we have announced the retirement of our Chief Executive, Adrian Ewer, and the appointment of Olivier Brousse to succeed him. We are delighted to have attracted someone of Olivier’s calibre and the Board believes he brings with him the necessary drive and experience to ensure we are well placed for the future.”

 Activities

John Laing plc is a leading international infrastructure investor and asset manager with a portfolio of investments valued at £684.4 million as at 31 December 2013. By combining its skill in the management of development risk, project financing, asset management and operations with those of its chosen partners and the project supply chain, it has built an enviable reputation as a market leader in privately financed infrastructure. John Laing’s key target sectors include social infrastructure, transport and environmental, focusing on markets in the UK, Continental Europe, North America and the Asia Pacific region. John Laing was taken private in 2006 and is owned by Henderson Infrastructure Holdco Limited on behalf of two funds, Henderson PFI Secondary Fund L.P. and Henderson PFI Secondary Fund II L.P. which are managed by Henderson Equity Partners.

Primary Investment

John Laing’s primary investment activities involve sourcing, bidding for and winning greenfield infrastructure projects. Its primary investment portfolio includes traditional PPP projects, strategic partnership structures for healthcare schemes in the UK, as well as renewable energy. The company works with partners who are individually selected for each project and we bring our broad skills base to everything we do.

Secondary Investment

John Laing’s secondary investment activities involve holding operational PPP and renewable energy infrastructure projects, most of which were originally primary investments for John Laing. The division aims to deliver projected investment returns and consistent growth in the value of the secondary investment portfolio. Key to this is developing strong working relationships with partners.

Asset Management

John Laing provides investment management services to both the Group’s primary and secondary investment portfolios, to John Laing Infrastructure Fund’s (JLIF) investments, and to certain PPP assets held by the John Laing Pension Fund (JLPF). Services include shareholder representation through the provision of directors to the boards of project companies, and a central specialist function which identifies and implements value enhancements and carries out portfolio valuations. 

Strategy

John Laing aims to deliver predictable investment returns and consistent growth in the value of the primary and secondary investment portfolios it manages on behalf of its shareholders, as well as the secondary investments it manages on behalf of third party investors.

Please click here to view the 2013 Annual Report & Accounts.


Media Contact:

Camilla Cunningham,
Teneo

T: +44 20 7420 3186
E: JohnLaing@teneo.com