TIDM3IN
RNS Number : 1125F
3i Infrastructure PLC
06 July 2023
6 July 2023
3i Infrastructure plc - Performance update Q1 2024
Continued growth and strong performance across the Portfolio
3i Infrastructure plc ('3iN' 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 influence on our portfolio companies and their
stakeholders.
This statement relates to the period from 1 April 2023 to 30
June 2023 (the 'Period').
Scott Moseley and Bernardo Sottomayor, Managing Partners and
Co-Heads of European Infrastructure, 3i Investments plc, Investment
Manager of the Company, commented:
"Our carefully constructed and highly differentiated portfolio
continues to deliver strong trading momentum and growth, providing
a catalyst for reinvestment in our businesses. We expect this
strong performance to continue to drive growth in real terms. We
note that there is no material refinancing risk in 3iN's portfolio,
and that it benefits from inflation linkage and is aligned with
long-term megatrends. We believe that the portfolio is well
positioned to outperform 3iN's target return."
Highlights
-- Portfolio continues to perform strongly, displaying continued
earnings momentum, inflation linkage and generating attractive
further growth opportunities:
- ESVAGT has signed a ten year contract with Ørsted to deliver
an additional new Service Operation Vessel in support of the
Hornsea 3 wind park. Once operational, this will be one of the
largest vessels in ESVAGT's fleet, replicating the innovative
e-methanol hybrid solution featured in the design of its sister
vessel, also contracted with Ørsted. The new contract further
evidences ESVAGT's position as market leader in the fast-growing
offshore wind vessel support market and increases the offshore wind
proportion of ESVAGT's contracted revenues to c.80% on a pro forma
basis;
- TCR continues to experience faster growth than expected in our
base case. In June, it signed a nine-year large rental contract
with a global customer across multiple jurisdictions in Europe,
Australia and the US that will alone generate an additional c.10%
growth to TCR's run-rate EBITDA. This new contract is part of a
broader framework agreement with the same customer that is likely
to generate further revenue growth and is illustrative of the very
strong demand TCR is experiencing from a wide range of clients for
its rental solutions ;
- On 14 April, Tampnet acquired dasNetz AG, a leading provider
of offshore wind telecommunications connectivity in the German
sector of the North Sea; this acquisition represents an important
step in broadening Tampnet's network coverage and further
establishing and deepening its presence in the fast-growing
offshore wind segment;
- Future Biogas is making good progress on its development
pipeline. It is in the final stages of negotiation with a large
corporate offtaker of the gas produced by the first plant to be
developed under our ownership. Works are expected to start in the
second half of 2023;
- On 15 June, 3iN made a further investment into DNS:NET of
EUR24 million to fund the continued growth of its fibre network.
Ralph Steffens has been appointed co-CEO, strengthening the
existing management team. Ralph has a 25-year track record in
telecommunications, including experience rolling out fibre
networks;
- On 22 June, Ionisos completed the acquisition of an additional
sterilisation facility in Daniken, Switzerland, for a consideration
of CHF25.2 million. This acquisition expands Ionisos's geographical
footprint into the important Swiss market as well as adding
capacity to its existing e-beam portfolio, a technology
experiencing fast-growing customer demand. The acquisition was
funded by Ionisos's existing resources and a EUR5 million equity
investment from 3iN.
-- Attero: the exit process is progressing in line with our
forecast timetable, with signing expected in Q2 FY24.
-- Income in line with expectations in the Period: Total income
and non-income cash in the Period was GBP55 million, up 53% from
the same period last year.
-- Final FY23 dividend payment and FY24 target: Payment of the
final dividend for FY23 of 5.575 pence per share is due to be made
on 10 July 2023. The Company is on track to deliver the FY24
dividend target of 11.90 pence per share, up 6.7% from FY23, which
is expected to be fully covered by net income.
-- No material near-term refinancing risk in the portfolio: As
disclosed in the full year 2023 results, there are no material
refinancing requirements in the portfolio until 2026. As at the
Period end date, c.95% of portfolio company debt is either hedged
or fixed rate and we expect that 90% of portfolio company debt will
mature beyond the next three years.
Sustainability
On 5 April 2023, the Investment Manager wrote to the Science
Based Targets initiative ("SBTi") to indicate its commitment to set
near-term science-based targets for 3i Group plc ('3i'). The
Investment Manager is now working to formulate its targets, with
the intention to submit them to SBTi for validation in FY24. Its
science-based targets will cover 3i's direct Scope 1 and 2
emissions, as well as the Scope 3 emissions associated with the 3iN
portfolio and will be formulated in line with the guidance
published by SBTi for the private equity sector.
Balance Sheet
At 30 June 2023, the Company had available liquidity of GBP345
million, including a cash balance of GBP60 million, and undrawn
commitments of GBP285 million available under its GBP900 million
Revolving Credit Facility ('RCF'). The RCF commitments run to
November 2025, with a further one year extension option available
under the terms of the facility which we expect to exercise in due
course. Subject to approval at the AGM on 6 July 2023, this cash
balance will be reduced by the payment of the final dividend of
GBP51 million on 10 July 2023.
Ends
For information, please contact:
Thomas Fodor Shareholder 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, 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 influence on our portfolio companies and their
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 is the investment manager of 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 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 2023
to 30 June 2023 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 changes
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTSSUFWIEDSEEW
(END) Dow Jones Newswires
July 06, 2023 02:00 ET (06:00 GMT)
3i Infrastructure (LSE:3IN)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
3i Infrastructure (LSE:3IN)
Gráfica de Acción Histórica
De May 2023 a May 2024