HICL announces interim results for the 6 months ended 30 September 2012
The Directors of HICL Infrastructure Company Limited have announced the results for the 6 months ended 30 September 2012.
For the six months ended 30 September 2012 (on an Investment basis unless noted otherwise)
[In order to provide shareholders with further information regarding the Group’s net asset value, coupled with greater transparency in the Company’s capacity for investment and ability to make distributions, as in previous periods, the results have been restated in proforma tables with all investments accounted for on an Investment basis].
Graham Picken, Chairman of the Board, said:
“I am pleased to report good progress by the Company in the period to 30 September 2012. Following the conversion of the C shares issued in March 2012, we repaid all of the Group’s outstanding debt and we remained ungeared at the period end. We invested the balance of C Share proceeds in acquiring new projects as well as additional stakes in projects where the Group is already a significant shareholder.
"The period has seen continued emphasis on asset management as we work pro-actively with clients and suppliers to drive efficiency savings and to fulfil any new requirements or variations cost effectively and on time.
As expected opportunities in the U.K. secondary market have remained good despite the delays in the finalisation of the new UK infrastructure procurement model. We have further capitalised on market activity since the period end with three new acquisitions and an incremental stake totalling £37.6m. We have also exchanged on a new acquisition for £30.6m, and have made the Group’s first disposal for £5.3m, resulting in a net current funding requirement of £61.5m.
"With a healthy pipeline in both the U.K. and overseas, together with a number of opportunities at an advanced stage, the Company is now in a position to issue new shares by way of tap issuance. This will enable us to respond to the strong investor interest in the Company.
"The Board has declared an interim dividend of 3.425p and remains committed to the target distribution of 7.0p per share for the year ending 31 March 2013. The opportunity to grow this dividend further will be reviewed annually in light of both the relevant macro-economic conditions and the portfolio’s operational performance, changes to which of course have the potential to impact our forecasts for distributable cash flow.”