TIDM3IN
RNS Number : 4581S
3i Infrastructure PLC
09 July 2020
9 July 2020
3i Infrastructure plc - Performance update
Resilient portfolio delivers income in line with expectations;
liquidity position remains strong
3i Infrastructure plc ("3i Infrastructure" or the "Company") is
an investment company whose purpose is to deliver a long-term
sustainable return to shareholders from investing in
infrastructure. The Company announces its performance update for
the period from 1 April 2020 to 30 June 2020 (the "period").
Highlights
-- Portfolio continues to be resilient: The portfolio overall is
performing as expected at March 2020 and our businesses remain well
funded.
-- Good portfolio income in the period: Total income and
non-income cash was GBP24 million in the period, in line with
expectations.
-- Strong available liquidity: The Company's cash balance as at
30 June 2020 was GBP420 million and the revolving credit facility
of GBP300 million was wholly undrawn. The Company has a further
GBP202 million in receivables due unconditionally in two equal
instalments in December 2020 and December 2021, following the
disposal in 2019 of Wireless Infrastructure Group ("WIG").
-- Final FY20 dividend payment and FY21 target: Payment of the
final dividend for FY20 of 4.6 pence per share will be made on 13
July 2020. The Company is on track to deliver a FY21 dividend
target of 9.80 pence per share.
-- Bolt-on acquisition: On 18 June 2020, Infinis completed the
acquisition of the development rights for a 6MW solar PV project at
the Ling Hall landfill from REG Holdings Limited. The acquisition
was funded by Infinis's internal resources.
Phil White, Managing Partner and Head of Infrastructure, 3i
Investments plc, Investment
Manager to the Company, said: "During the period, we have
strengthened our portfolio with a bolt-on acquisition for Infinis.
The portfolio continues to prove its resilience in these market
conditions, and has again delivered a good level of income. We have
strong liquidity and are continuing to see a good flow of potential
investment opportunities across our target markets, though we will
remain patient and selective."
Portfolio update
The portfolio overall performed in line with expectations during
the period, with minor variations from our March 2020 valuation
assumptions in individual assets. The Investment Manager is working
closely with the portfolio companies' management teams as we
continue to address the challenges of the Covid-19 pandemic.
Following the refinancing activity undertaken in recent years
across the portfolio, our businesses are well funded and the
Company has significant liquidity to support its investments should
that be needed. We remain cautious about the speed of the recovery
in the market and conscious of further Covid-19 related risks.
On 18 June 2020, Infinis completed the acquisition of the
development rights for a 6MW solar PV project at the Ling Hall
landfill from REG Holdings Limited. The development has already
received planning consent and relies on the utilisation of spare
grid capacity at the site already held by Infinis through its
existing generating activities from captured landfill methane. The
acquisition supports Infinis's broader programme of solar
developments across its existing sites.
Portfolio returns
The portfolio overall is delivering a good level of income.
Total income and non-income cash was GBP24 million in the period,
comprising income of GBP22 million and non-income cash of GBP2
million. This compares with GBP22 million of income and GBP6
million of non-income cash received in the same period last
year.
Balance sheet
At 30 June 2020, the Company's cash balance was GBP420 million,
with the full revolving credit facility of GBP300 million undrawn
and available to fund potential new investment opportunities and to
support portfolio companies if needed.
There was a further GBP202 million of deferred proceeds owing
from the sale of WIG, including accrued interest, at 30 June 2020,
half of which is due to be paid in December 2020 with the remainder
in December 2021.
The cash balance includes GBP41 million which will fund the
Company's final dividend payment to shareholders on 13 July
2020.
Ends
For information please contact:
Chairman, 3i Infrastructure
Richard Laing plc +44 1534 847 410
Thomas Fodor Shareholder enquiries +44 20 7975 3469
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Kathryn van der
Kroft Media enquiries +44 20 7975 3021
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About 3i Infrastructure plc
3i Infrastructure plc is a Jersey-incorporated, closed-ended
investment company, an approved UK Investment Trust, listed on the
London Stock Exchange and regulated by the Jersey Financial
Services Commission. The Company's purpose is to deliver a
long-term sustainable return to shareholders from investing in
infrastructure.
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 Manager 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 2020
to 30 June 2020 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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