3i Infrastructure PLC 3i Infrastructure plc - Q1 Performance update (2510K)

TIDM3IN

RNS Number : 2510K

3i Infrastructure PLC

06 July 2017

6 July 2017

3i Infrastructure plc - Performance update

3i Infrastructure plc ("3i Infrastructure" or "the Company") is a long-term investor in infrastructure businesses and assets. This statement relates to the period from 1 April 2017 to 30 June 2017 (the "period").

Highlights

-- The portfolio overall continues to perform in line with expectations. Portfolio income totalled GBP20.8 million in the period. Non-income cash of GBP17.7 million was also received.

-- 3i Infrastructure maintains an efficient balance sheet, with ongoing liquidity available through its Revolving Credit Facility ("RCF"). At 30 June 2017, the Company held GBP47.2 million in cash and the RCF was GBP151.1 million drawn including GBP31.1 million for letters of credit. The undrawn RCF balance was GBP348.9 million, including a GBP200 million temporary additional facility.

   --     The Company will pay the final dividend for FY17 of 3.775 pence per share on 10 July 2017. 

Richard Laing, Chairman of 3i Infrastructure, said: "The Board is pleased with the performance over the period, in particular with the strong level of income from the portfolio. We are on track to deliver our FY18 target dividend of 7.85 pence per share."

Phil White, Managing Partner and Head of Infrastructure, 3i Investments plc, Investment Adviser to the Company, added: "The team has been working actively on the Company's newer acquisitions, including reviewing potential follow on investments, and on seeking new investments in the Company's target markets of economic infrastructure and greenfield projects."

Portfolio income

Portfolio income (dividends, interest receivable and any fees received from portfolio assets) totalled GBP20.8 million in the period, against GBP13.1 million in the same period last year. Non-income cash received in the period reached GBP17.7 million, compared with GBP7.6 million in the same period last year. In total, portfolio income and non-income cash to support the dividend was GBP38.5 million, compared to GBP30.9 million received in the previous quarter to 31 March 2017.

Balance sheet

At 30 June 2017, the Company had GBP47.2 million of cash and had drawn GBP151.1 million on its RCF, including GBP31.1 million for letters of credit. In April 2017, the Company increased its RCF from GBP300 million to GBP500 million on a temporary basis to March 2018. The remaining undrawn RCF balance is GBP348.9 million.

Ends

For information please contact:

 
                  Chairman, 3i Infrastructure    [phone] 
 Richard Laing     plc                            410 
---------------  -----------------------------  ------------- 
                                                 [phone] 
 Thomas Fodor     Investor enquiries              3469 
---------------  -----------------------------  ------------- 
 Kathryn van                                     [phone] 
  der Kroft       Media enquiries                 3021 
---------------  -----------------------------  ------------- 
 

About 3i Infrastructure plc

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company, listed on the London Stock Exchange and regulated by the Jersey Financial Services Commission. The Company is a long-term investor in infrastructure businesses and assets. The Company's market focus is on economic infrastructure and greenfield projects in developed economies, principally in Europe, investing in operating businesses and projects which generate long-term yield and capital growth.

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Conduct Authority and acts as Investment Adviser to 3i Infrastructure plc.

This press release is not for distribution (directly or indirectly) in or to the United States, Canada, Australia or Japan and is not an offer of securities for sale in or into the United States, Canada, Australia or Japan. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or an exemption from registration under the Securities Act. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the issuer

or selling security holder and will contain detailed information about 3i Group plc, 3i Infrastructure plc, 3i India Infrastructure Fund and management, as applicable, as well as financial statements. No public offering in the United States is currently contemplated.

This statement aims to give an indication of material events and transactions that have taken place in the period from 1 April 2017 to 30 June 2017 and their impact on the financial position of 3i Infrastructure plc. These indications reflect the Board's current view. They are subject to a number of risks and uncertainties and could change. Factors which could cause or contribute to such differences include, but are not limited to, general economic and market conditions and specific factors affecting the financial prospects or performance of individual investments within the portfolio of 3i Infrastructure plc.

This information is provided by RNS

The company news service from the London Stock Exchange

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July 06, 2017 02:00 ET (06:00 GMT)