3i Infrastructure PLC 3i Infrastructure plc - Q1 Performance update (2510K)
July 06 2017 - 1:00AM
UK Regulatory
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 +44 1534 847
Richard Laing plc 410
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+44 20 7975
Thomas Fodor Investor enquiries 3469
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Kathryn van +44 20 7975
der Kroft Media enquiries 3021
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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
END
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