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Results for the year to 31 March 2011

Renewed investment momentum

Investment basis(1)

Consolidated IFRS basis(2)

 

Mar 2011

Mar 2010

Mar 2011

Mar 2010

Total return

£85.5m

£82.5m

£86.8m

£81.2m

Total return on shareholders' equity

9.2%

9.3%

9.3%

9.3%

Total dividend per share

5.72p

5.50p

5.72p

5.50p

Diluted net asset value ("NAV") per share

120.3p

116.3p

120.9p

116.7p

Diluted NAV per share after deducting final
dividend of 2.86p

117.4p

113.0p

117.9p

113.4p

Portfolio value

£821.7m

£648.1m

1,093.3m

£926.5m

Cash balances

£174.6m

£313.7m

176.3m

£314.0

(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 comprehensive income for the year was £99.5 million (2010: £94.1 million).

Commentary

  • Steady NAV progression: total return of £85.5 million, or 9.2% on shareholders' equity
  • Strong portfolio income generation: £69.3 million, more than double the portfolio income generated last year, covering the dividend objective for the year
  • Renewed momentum in investment activity: £187.5 million invested, and four new assets added to the portfolio in the year
  • Stable underlying asset performance: 1.4% growth in EBITDA of underlying equity investments over the prior year
  • Solid investment track record: 19.0% annualised asset IRR since inception

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

"The investment in Eversholt and the further investments in India strengthen the Company's existing portfolio, which has continued to perform well throughout the year, generating strong income. The Board looks forward to building on this positive momentum, and is working with the Investment Adviser to develop the pipeline for the next financial year."

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

"The infrastructure market continues to be relatively rich in opportunities, with the role of financial investors well established. The Investment Adviser's comprehensive market access, focused investment strategy and solid operational understanding of the asset class will be key to achieving the Company's return objectives in the years to come."

 -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

 

Notes to editors

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.

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company that invests in infrastructure businesses and assets and is regulated by the Jersey Financial Services Commission. The Company is building a diversified portfolio of infrastructure investments across the globe, with a focus on Europe and India. As of 31 March 2011, 3i Infrastructure had a portfolio of 17 assets valued at £822 million, and net assets of £996 million. 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, and is a constituent of the FTSE 250 index.

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Services Authority and 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 2011 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 Directors believe their 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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