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3i Infrastructure’s new entry brings home results

Published: 18:13 30 Sep 2019 AEST

3i Infrastructure PLC - 3i’s new entry brings home results
Interim results are expected to be in line with targets

3i Infrastructure PLC (LON:3IN) was pleasantly surprised by the performance of its second-newest acquisition, while a proposed new tax looms over an investment in Dutch waste management.

Energy infrastructure provider Joulz, acquired in May for £197mln (€220mln), performed ahead of expectations, while Netherlands-based waste management company Attero is facing uncertainty due to a proposed tax to be discussed in the Dutch parliament by the end of the year.

READ: 3I Infrastructure snaps up French cold sterilisation group for €220mln

Oystercatcher, the holding company through which 3i owns shares in worldwide storage partners Oiltanking, is experiencing softer demand for capacity for a longer time than forecast.

3i Infrastructure said it is on track to meet targets, having recorded a total portfolio income and non-income cash of £57mln between April and September, compared to £46mln in the same period last year.

The cash balance was £17mln as of last Friday, with the balance on the three-year revolving credit facility at £108mln after the investment in Ionisos, a French cold sterilisation facility owner acquired for £186mln.

Shares went up 0.55% to 293.60p in early trading on Monday.

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