TIDM3IN
RNS Number : 8490U
3i Infrastructure PLC
31 March 2023
31 March 2023
3i Infrastructure plc Pre-close update March 2023
Continuing to deliver strong growth
3i Infrastructure plc ('3iN' or the 'Company') is an investment
company whose purpose is to invest responsibly in infrastructure,
delivering long-term sustainable returns to shareholders and having
a positive impact on our portfolio companies and their
stakeholders.
This statement relates to the period from 1 October 2022 to 30
March 2023 (the 'Period').
Highlights
-- Portfolio performing strongly: In particular, we note strong
performance from TCR, Tampnet, Infinis, Valorem, Attero, ESVAGT and
Ionisos, each of which continues to benefit from the positive
underlying growth trends and contract wins announced in the Q3
trading update. The other portfolio companies are performing in
line with expectations, with the exception of DNS:NET, which
continues to face challenges with its network rollout.
We're confident that the portfolio will continue to generate
attractive further investment opportunities.
-- Income in line with expectations in the Period: Total income
and non-income cash of GBP104 million was received in the
Period.
-- FY23 dividend target: The Company is on track to deliver the
FY23 dividend target of 11.15 pence per share, up 6.7% from FY22,
which is fully covered by net income.
-- Capital raising: 3iN successfully raised net proceeds of
GBP100 million in February through an equity placing, providing the
Company with additional flexibility to fund attractive
discretionary growth opportunities in our portfolio, such as the
recent GBP28 million acquisition of Future Biogas, which, together
with its sister company Infinis, forms the UK's leading independent
producer of green gas.
-- Balance sheet: At 30 March 2023, the Company had available
liquidity of GBP405m, including a cash balance of GBP6 million, and
undrawn commitments of GBP399 million available under its GBP900
million Revolving Credit Facility ('RCF'). The RCF commitments run
to November 2025, with a further one year extension option
available under the terms of the facility.
-- No near-term refinancing exposure: There are no material
refinancing requirements in the portfolio until 2026. As at the
Period end date, c. 95% of the long-term debt facilities are either
hedged or fixed rate. We expect that only c.11% of portfolio
company debt will mature by March 2026.
-- Attero: Preparations for the potential divestment of Attero
are at an advanced stage. Attero is a high quality asset in the
circular economy and we are expecting strong interest from
potential purchasers.
Scott Moseley and Bernardo Sottomayor, Managing Partners and
Co-Heads of European Infrastructure, 3i Investments plc, Investment
Manager of the Company, commented: "As expected, we are continuing
to generate strong growth momentum across the portfolio. The
megatrends we have selected are long term by nature, and our
companies have proven their resilience throughout the economic
cycle, providing confidence that 3iN is structurally positioned to
continue to grow value for its shareholders. We are confident that
there is material latent value within the portfolio."
Ends
For information, please contact:
Thomas Fodor Shareholder enquiries +44 20 7975 3469
Elmley de la Cour Media enquiries +44 20 7975 3023
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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 invest responsibly
in infrastructure, delivering
long-term sustainable returns to shareholders and having a
positive impact on our portfolio companies and stakeholders.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc,
is authorised and regulated in the UK by the Financial Conduct
Authority and is the investment manager of 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 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 October
2022 to 30 March 2023 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 changes 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.
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