TIDM3IN
RNS Number : 9452A
3i Infrastructure PLC
30 March 2017
30 March 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
year ending 31 March 2017. The data in this statement relates to
the period from 1 October 2016 to 29 March 2017 (the "period").
Highlights
-- Following a first half of the year in which the Company
invested GBP287 million, two new transactions were announced in the
second half of the year:
- The acquisition of 100% of Infinis plc and its subsidiaries
("Infinis"), investing GBP185 million.
- A commitment to invest EUR6.5 million in the A27/A1 primary
Public Private Partnership ("PPP") project in the Netherlands.
-- The portfolio continues to perform in line with expectations.
The Investment Adviser remains focused on actively managing the
portfolio to maximise value.
-- Portfolio income totalled GBP38.8 million in the period.
Further income of approximately GBP11.2 million is expected by 31
March 2017. In addition, non-income cash of GBP5.7 million was
received in the period. This compares to portfolio income of
GBP35.2 million and GBP12.5 million of non-income cash received in
the six-month period ending 30 September 2016.
-- The Company's cash balance was GBP22.3 million at 29 March
2017 and the undrawn balance of its Revolving Credit Facility
("RCF") was GBP159 million.
-- The Company has invested all of the proceeds from the equity
issue in 2016 and continues to maintain an efficient balance
sheet.
Richard Laing, Chairman of 3i Infrastructure, said: "The Company
has maintained good momentum in the second half of the year. The
Company's portfolio continues to deliver income in line with
expectations and we remain on track to deliver a full year dividend
of 7.55 pence per share."
Phil White, Managing Partner and Head of Infrastructure, 3i
Investments plc, Investment Adviser to the Company, added: "We are
very pleased with the two transactions announced in the last six
months. Infinis's return profile is complementary to the other
investments made this year with a strong cash yield to support the
Company's dividend. The commitment to the A27/A1 PPP project builds
on our strength in the Netherlands and is the sixth joint project
in partnership with Heijmans. All of the equity issue proceeds from
last summer have now been deployed. We are pursuing a range of
potential new investments for the Company."
Investment activity
The Company announced two new investments in the period,
effectively deploying the remaining proceeds from its equity
raise.
On 5 October 2016, a consortium comprising 3i Infrastructure,
Heijmans Capital and Fluor Infrastructure reached financial close
for the A27/A1 primary PPP road project between Utrecht North,
Eemnes junction and the Bunschoten-Spakenburg interchange. 3i
Infrastructure has committed to invest EUR6.5 million.
On 8 December 2016, 3i Infrastructure completed the acquisition
of 100% of Infinis, investing GBP185 million. Infinis is the
leading generator of electricity from landfill gas in the UK. At 30
June 2016, Infinis had 121 operating sites and seven outsourced
sites dispersed across the UK and had installed generation capacity
of over 300MW.
Portfolio and returns
The Company's portfolio continues to perform in line with
expectations. Portfolio income (dividends, interest receivable and
any fees received from portfolio assets) totalled GBP38.8 million
in the period and non-income cash of GBP5.7 million was also
received, both of which support the Company's dividend. Further
income of approximately GBP11.2 million is expected by 31 March
2017. The total increase in portfolio income of GBP14.8 million
against the period to 30 September 2016 is in line with
expectations, with a full period of income from investments made in
the first half of FY17 and a contribution from the investment made
in Infinis.
ESVAGT, a leading provider of offshore safety and support at
sea, continued to experience weaker trading conditions in the oil
and gas sector but has seen a moderate improvement in the first
quarter of 2017. It continues to see a good pipeline of new
opportunities in the offshore wind sector.
As usual, an important element of the determination of the
Company's results for the year to 31 March 2017 will be the
valuation exercise carried out on the investment portfolio at that
date. 3i Infrastructure expects to announce its results for the
year to 31 March 2017 on 11 May 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 29 March 2017, the Company had a
cash balance of GBP22.3 million, and an undrawn balance under its
RCF of GBP159 million out of the GBP300 million available. A
repayment of GBP10 million of the RCF cash drawings is expected
before the end of the financial year. The facility has a GBP200
million accordion feature which the Company could seek to exercise
if required.
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 October
2016 to 29 March 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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