3i Infrastructure PLC 3i Infrastructure plc - Pre-close update (1661S)
September 29 2017 - 2:01AM
UK Regulatory
TIDM3IN
RNS Number : 1661S
3i Infrastructure PLC
29 September 2017
29 September 2017
3i Infrastructure plc - Pre-close update
3i Infrastructure plc ("3i Infrastructure" or "the Company")
announces its performance update as it enters the close period for
the half-year ending 30 September 2017. The data in this statement
relates to the period from 1 April 2017 to 28 September 2017 (the
"period").
Highlights
-- The portfolio overall continues to perform in line with expectations.
-- Portfolio income remains strong, totalling GBP47.5 million in
the period. Non-income cash of GBP33.1 million was also received.
The Company remains on track to deliver its full year dividend
target of 7.85 pence per share. Both the interim and the final
dividends are expected to be fully covered.
-- 3i Infrastructure maintains an efficient balance sheet, with
ongoing liquidity available through its Revolving Credit Facility
("RCF"). At 28 September 2017, the Company held GBP40 million in
cash and the undrawn balance of its Revolving Credit Facility
("RCF") was GBP348.9 million. The RCF was GBP151.1 million drawn,
including GBP31.1 million for letters of credit. A repayment of
GBP30 million of the RCF cash drawings is expected before the end
of September.
Richard Laing, Chairman of 3i Infrastructure, said: "The Board
is pleased with the overall performance of the portfolio,
particularly the strong level of income. We remain on track to
deliver a full year 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 is focused on delivering the investment and growth plans for
every company in 3i Infrastructure's portfolio. Looking ahead, we
are reviewing several opportunities to deploy follow-on capital in
existing portfolio companies as well as potential new investments
in the Company's target markets."
Portfolio and returns
The Company's portfolio continues to perform in line with
expectations overall. Portfolio income (dividends, interest
receivable and any fees received from portfolio assets) totalled
GBP47.5 million in the period and non-income cash of GBP33.1
million was also received. In total, portfolio income and
non-income cash to support the dividend was GBP80.6 million,
compared to GBP55.7 million received in the previous six months to
31 March 2017, and GBP47.7 million received in the six months to 30
September 2016. The increase is in line with expectations, and
demonstrates the capacity of the newer investments, as well as the
more seasoned holdings, to deliver strong levels of cashflow.
As usual, an important element of the determination of the
Company's results for the half-year to 30 September 2017 will be
the valuation exercise carried out on the investment portfolio at
that date. 3i Infrastructure expects to announce its results for
the half-year to 30 September 2017 on 9 November 2017.
Balance sheet
The Company manages its balance sheet and liquidity position
actively, seeking to maintain adequate liquidity to pursue new
investment opportunities, while not diluting shareholder returns by
holding surplus cash balances. At 28 September 2017, the Company
had a cash balance of GBP40 million, and an undrawn balance under
its RCF of GBP348.9 million out of the GBP500 million available. A
repayment of GBP30 million of the RCF cash drawings is expected
before the end of September.
Ends
For information please contact:
Richard Laing
Chairman, 3i Infrastructure plc +44 1534 847 410
================================== =================
Thomas Fodor
Investor enquiries +44 20 7975 3469
================================== =================
Kathryn van der Kroft
Media enquiries +44 20 7975 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 28 September 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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