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Results for the year to 31 March 2010

Assets performing strongly

Investment basis(1)

Consolidated IFRS basis(2)

 

Mar 2010

Mar 2009

Mar 2010

Mar 2009

Total return

£82.5m

£73.2m

£81.2m

£79.1m

Total return on shareholders' equity(3)

9.3%

8.8%

9.3%

9.5%

Total dividend per share

5.5p

5.3p

5.5p

5.3p

Diluted net asset value ("NAV") per share

116.3p

111.9p

116.7p

112.4p

Diluted NAV per share after deducting final dividend

113.0p

108.7p

113.4p

109.2p

Portfolio value

£648.1m

£536.7m

£926.5m

£862.4m

(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) For the consolidated IFRS basis, the total return in this measure 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 year was £94.1 million (2009: £88.9 million).
(3) For 2009 the total return was measured on average shareholders' equity, defined as the weighted average of (i) opening shareholders funds, less the final prior-year dividend paid and (ii) proceeds raised through the placing and open offer, less costs associated with the fundraising in July 2008.

Commentary

  • Delivering our yield objective, with a total dividend of 5.5p, or 5.0% of opening NAV
  • Attractive capital growth, with a total return of 9.3% on shareholders equity, underpinned by an asset return of 17.5%
  • Robust asset performance, with year-on-year EBITDA growth in underlying equity investments of 11.2%
  • Substantial liquidity to invest in improving market, with cash balances of £314 million at 31 March 2010 (or £287 million net of the proposed final dividend) to invest in a strong pipeline of opportunities

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

"We are increasingly confident about the market opportunity, and the assets in the portfolio are generating strong returns, supporting the delivery of the Company's objectives."

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

"The pipeline of investment opportunities is stronger than last year. With substantial liquidity to invest and premium market access through the Investment Adviser, the Company is optimally positioned to capitalise on improved market conditions."

- Ends-

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For further information, please contact:

Peter Sedgwick, Chairman, 3i Infrastructure plc

Tel:  01534 711 444

Stuart Howard, Interim CFO, Infrastructure, 3i Investments plc

Tel:  020 7975 3310

Silvia Santoro, investor enquiries

Tel:  020 7975 3258

Jennifer Letki, 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 visit 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.

The results of 3i Infrastructure plc for the year to 31 March 2010 have been drawn up in reliance upon applicable English and Jersey law and the liabilities of the Company in connection with that 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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