3i Infrastructure has published interim results covering the six month period that ended on 30 September 2015. It generated a total return on net assets of 6.5% over the period (adjusting for the payment of a special dividend at the end of July). The interim dividend is 3.625p – in line with their objective of paying 7.25p for this financial year. This fed through into a return to shareholders of 7.0% for the period which they point out is well ahead of the 0.6% return on the FTSE250.
The biggest positive contribution to returns came from their investment in Elenia (Finnish electricity distribution business), which benefited from changes to its regulatory environment. On the downside, the investment in the India Fund was hit by a weak Rupee – they are selling down the underlying investments in this fund, realising Ind-Barath Utkal during the period.
They invested £187m in three new investments during the period. Cash balances at the period end were £51m and they also had a £284m revolving credit facility available.
3IN : 3i Infrastructure’s Finnish electricity business boosts returns