HICL Infrastructure 2013 final results

DividendMax Ltd.

HICL Infrastructure 2013 final results

Second interim dividend of 3.60 pence per share declared, achieving target of 7.1 pence per share for the year, with good cash cover of 1.51 times.

Strong operational and cashflow performance from the Group's portfolio, benefiting from active management and accretive acquisitions made over the last two years.

Profit before tax of £153.8m (2013 restated: £93.1m).

Directors' valuation of the portfolio of £1,500.6m, up from £1,213.1m at 31 March 2013 and £1,437.6m at 30 September 2013, with the weighted average discount rate reducing from 8.4% to 8.2% over the year.

Net asset value per share (post distribution) of 123.1p, a 6.7p increase from 116.4p as at 31 March 2013 and up 3.5p from 119.6p as at 30 September 2013.

11.9% total return for the year (based on dividends and NAV) and 9.1% p.a. since IPO.

Net investment of £230.0m during the year, comprising 16 new investments, six incremental acquisitions and two disposals - funded from equity raised including £109.0m by way of tap issues.

Group revolving credit facility with four lenders renewed and extended to £150m.

Agreement with Investment Adviser on revised fees to benefit the Group and shareholders

Demand for UK infrastructure investments currently outstripping supply, impacting prices.

Pipeline of new investment opportunities being evaluated both in the UK and overseas, with success dependant on price competition.

Companies mentioned