HICL Infrastructure 2016 interim results

DividendMax Ltd.

HICL Infrastructure 2016 interim results

Net asset value ("NAV") per share (as at 30 September 2015) of 139.1p; up 2.4p (1.8%) from the NAV per share of 136.7p at 31 March 2015.

Total shareholder return for the period of 9.0% (annualised), based on interim dividends declared plus uplift in NAV per share in the six month period.

Aggregate quarterly dividends declared for the first half of 3.72p per share (2014: 3.62p); on track to achieve the Company's aggregate dividend target of 7.45p per share for the full year1.

Target dividend guidance for the financial year to 31 March 2017 of 7.60p per share.

Value of the Group's investment portfolio up 8.1% in the six months, based on a 30 September 2015 valuation of £1,872.1m2 (31 March 2015: £1,732.2m2).

Weighted average discount rate reduced from 7.9% to 7.7% over the six month period, reflecting projects reaching construction completion and ongoing, strong demand for similar infrastructure investments.

Two new investments and two incremental stakes acquired during the period for £130.7m funded by £91.2m equity tap issue in July and drawings under the Group's revolving credit facility.

Current net funding requirement of approximately £30m - Board considering a tap issue in the near future.

Since the period end, the Group has increased its revolving credit facility from £150m to £200m on improved terms, including a reduction in the margin.

Companies mentioned