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Results for the six months to 30 September 2010

Building momentum

Investment basis(1)

Consolidated IFRS basis(2)

 

30 Sep 2010

30 Sep 2009

30 Sep 2010

30 Sep 2009

Total return

£31.1m

£16.3m

£31.4m

£15.2m

Total return on shareholders' equity

3.4%

1.8%

3.4%

1.7%

Interim dividend per share

2.86p

2.20p

2.86p

2.20p

Diluted net asset value ("NAV") per share

116.8p

110.8p

117.2p

111.2p

Diluted NAV per share after deducting interim dividend

113.9p

108.6p

114.3p

109.0p

Portfolio value

£651.1m

£573.5m

£927.2m

£847.0m

(1) The investment basis accounts for majority investments and subsidiaries formed specifically for investment purposes in the same way as minority investments and does not consolidate these entities as required by International Financial Reporting Standards ("IFRS").
(2) The total return under the consolidated IFRS basis is the total comprehensive income attributable to equity holders of the parent and does not include minority interests. The gross consolidated total return for the six-month period was £38.3 million (September 2009: £16.8 million).

Commentary

  • Steady increase in net asset value, with a total return of £31.1 million, or 3.4% on shareholders' equity
  • Strong portfolio income generation of £30.5 million, more than double the portfolio income generated in the six months to 30 September 2009
  • Stable underlying asset performance, with a 1.8% growth in EBITDA of underlying equity investments over the prior corresponding six-month period
  • Attractive pipeline of investment opportunities has begun to convert since the period end, with investments for up to £191 million announced since 30 September 2010

Peter Sedgwick, Chairman of 3i Infrastructure plc, said:

"The Company has made significant progress, which has resulted, since the period end, in the addition of two new assets to its portfolio. Our assets continue to perform well operationally and financially, generating strong income. The Board intends to build on this positive momentum, working with the Investment Adviser on the investment pipeline."

Cressida Hogg, Managing Partner, Infrastructure, 3i Investments plc, added:

"The Investment Adviser has built an exciting pipeline of investment opportunities in 2010, some of which have converted into investments since the period end. Against a backdrop of greater market activity, however, investment and pricing discipline will remain key."

 -Ends-

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For further information, please contact:

Peter Sedgwick, Chairman, 3i Infrastructure plc

Tel:  01534 711 444

Silvia Santoro, investor enquiries

Tel:  020 7975 3258

Isabel Unsworth, press enquiries

Tel:  020 7975 3190

Peter Hewer, Tulchan

Tel:  020 7353 4200

 

For further information regarding the announcement of results for 3i Infrastructure plc please see http://www.3i-infrastructure.com/. The analyst presentation will be made available on this website during the day.

Notes to editors

3i Infrastructure plc ("3i Infrastructure" or the "Company") is a Jersey-incorporated, closed-ended investment company that invests in infrastructure businesses and assets and is regulated under the provisions of the Collective Investment Funds (Jersey) Law 1988. The Company listed on the London Stock Exchange in March 2007, raising £703 million in an Initial Public Offering and a further £115 million in a subsequent Placing and Open Offer in July 2008. The Company is a constituent of the FTSE 250 index.

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, which is regulated in the UK by the Financial Services Authority, acts as Investment Adviser 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 report of 3i Infrastructure plc for the six months to 30 September 2010 has been drawn up in reliance upon applicable English and Jersey law and the liabilities of the Company in connection with this report shall be subject to the limitations and restrictions provided by such law. This report may contain certain statements about the future outlook for 3i Infrastructure plc. Although the Company believes its expectations are based on reasonable assumptions, any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.

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