TIDM3IN
RNS Number : 5400E
3i Infrastructure PLC
08 July 2021
8 July 2021
3i Infrastructure plc - Q1 Performance update
Strong diverse portfolio delivers good level of income
underpinned by
a solid liquidity position
3i Infrastructure plc ("3i Infrastructure" 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 its portfolio
companies and stakeholders. This statement relates to the period
from 1 April 2021 to 30 June 2021 (the "period").
Highlights
-- Portfolio performing well: Overall our portfolio performed as
expected at March 2021, continuing to show resilience despite the
ongoing effects of the pandemic. Our businesses remain
well-funded.
-- New i nvestment: On 1 April 2021, 3i Infrastructure announced
the acquisition of a 60% stake in DNS:NET for c.EUR182 million
alongside Founder and CEO Alexander Lucke, who has reinvested to
retain a 40% stake. The transaction completed on 10 June 2021.
-- Good income in the period: Total income and non-income cash
was GBP22 million in the period, in line with our expectations.
-- Final FY21 dividend payment and FY22 target: Payment of the
final dividend for FY21 of 4.9 pence per share is due to be made on
12 July 2021. The Company is on track to deliver a FY22 dividend
target of 10.45 pence per share, up 6.6% from FY21.
-- Solid liquidity: At 30 June 2021, the Company's cash balance was GBP287 million.
Phil White, Managing Partner and Head of Infrastructure, 3i
Investments plc, Investment Manager of the Company, commented :
"During the period, we invested in leading independent
telecommunications provider DNS:NET, our first sizeable investment
in Germany, which further diversifies our portfolio. The portfolio
continues to show resilience, despite the current market
conditions, and to provide a solid level of income. We have a good
pipeline of potential investment opportunities across our target
markets and have liquidity to invest, though we continue to be
patient and selective in what are still very competitive market
dynamics."
Portfolio update
The portfolio overall performed in line with expectations during
the period.
On 1 April 2021, the Company agreed to invest c.EUR182m to
acquire a 60% stake in DNS:NET and to provide additional funding
for the future growth of the business. DNS:NET is a leading
independent telecommunications provider in Germany. The transaction
completed on 10 June 2021.
On 29 April 2021, Joulz completed the acquisition of rooftop
solar developer Zonel Energy ("Zonel"), a leading provider of solar
rooftop solutions to businesses across the Netherlands, furthering
Joulz's ambition to become the leading provider of integrated
energy transition solutions in the Netherlands. No new funding was
required from 3i Infrastructure for this transaction.
Further to the announcement in March 2021 that the facilities of
Steril Milano, a subsidiary of Ionisos, had been closed, Steril
Milano decided to place itself into voluntary liquidation during
the period. This was fully provided for in the March 2021 valuation
of Ionisos. Steril Milano represented c.3% of Ionisos's 2020
EBITDA. The remainder of Ionisos's operations continue to perform
well.
The Company's existing commitment to invest a further GBP11.6
million into ESVAGT was injected on 17 May 2021 to fund further
growth in the offshore wind segment. ESVAGT has accepted the second
of three new Service Operation Vessels for MHI Vestas during the
period.
Portfolio returns
The portfolio overall is delivering a good level of income.
Total income and non-income cash was GBP22 million in the period.
This compares with GBP24 million of income and non-income cash
received in the same period last year.
Balance sheet
At 30 June 2021, the Company's cash balance was GBP287 million,
after the investment of GBP157 million in DNS:NET. The full
revolving credit facility of GBP300 million remains undrawn and is
available to fund potential new investment opportunities and to
invest in portfolio companies.
GBP107 million of deferred proceeds (including accrued interest)
from the sale of WIG in 2019 is due in December 2021.
The cash balance includes GBP44 million which will fund the
Company's final dividend payment to shareholders on 12 July 2021 if
approved at the AGM.
Ends
For information, please contact:
Richard Laing Chair, 3i Infrastructure plc +44 37 1664 0445
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 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 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 2021
to 30 June 2021 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.
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