3i Infrastructure 2015 interim results

DividendMax Ltd.

3i Infrastructure 2015 interim results

Performance highlights

Good progression in net asset value

A total return of £80.7 million for the half year, or 6.5% of opening Net Asset Value ("NAV")1. This is a good result in the context of the Company's return target of 8% to 10% per annum, to be achieved over the medium term

The European portfolio continued to perform well both financially and operationally. The portfolio value increase in the period was driven mainly by the positive impact of regulatory developments on the value of the Company's holding in Elenia. This more than offset the weak performance of the India Fund during the period

Total return on opening NAV

NAV per share2

Healthy level of investment

Three new investments, for a total consideration of £187 million, were completed during the period. These investments were in the European mid-market economic infrastructure and low-risk energy sectors

Invested in the period

Portfolio income in line with expectations

The portfolio generated income3 in the period of £27.1 million, in line with expectations. Portfolio income is expected to increase in the second half, as income is earned from new investments made during the first half

Portfolio income

Efficient balance sheet

The Company is well funded for new investment, with total liquidity of £335 million, including cash balances of £51 million and an undrawn revolving credit facility ("RCF") balance of £284 million

Cash balances

Undrawn RCF balance

Interim dividend in line with full year target

Interim dividend of 3.625 pence per share or £28.8 million in aggregate. On track to deliver the full year target distribution of 7.25 pence per share and to continue to grow this progressively beyond FY2016

Interim dividend per share

Companies mentioned