HICL Infrastructure on track to deliver dividends for the next three years
Source - SMW
HICL Infrastructure Company reported the majority of its portfolio continued to perform in line with expectations and said it remains on track to deliver dividends for the next three years.
HICL said it aims to deliver aggregate dividends of 7.85p per share this financial year, and reaffirmed the 8.05p dividend guidance for the next financial year ending 31 March 2019, and the additional guidance of 8.25p for the financial year ending 31 March 2020.
HICL reported a further five projects are technically in default under their loan agreements as a result of Carillion liquidation. The company further reported a provision of £9.4m in respect of counterparty exposure, while reiterating that the estimated impact, as a result of Carillion's liquidation, at approximately £50m of net asset value.
The company reported cash generation from the portfolio, excluding the 15 projects affected by the Carillion plc liquidation, has been in line with expectations. While demand-based assets which are correlated to local GDP represented circa 16% of portfolio value, below the 20% self-imposed limit.
'Within the demand-based assets, toll road traffic and revenue have continued to perform ahead of expectations.'
The Group said its regulated asset investment, Affinity Water, continued to perform broadly in line with expectations.
At 9:15am: (LON:HICL) HICL Infrastructure Co Ltd share price was -1.5p at 145.7p