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Home > Investments > Investment Trusts

By Bradley Gerrard | Published Aug 30, 2012

Bilfinger Berger sees strong first six months

Bilfinger Berger’s Global Infrastructure (BBGI) Sicav has seen a boost to its net asset value and announced an interim dividend after its first half year as a public company.

The trust saw its investment basis net asset value (NAV) rise 3.6 per cent to £215m as at June 30 from £207.6m on December 31 last year.

This meant the investment basis NAV per share was 101.4p as at June 30 - up from 97.9p on December 31.

The company was admitted to trading on the main market of the London Stock Exchange on December 21.

BBGI invests in infrastructure private finance initiative/public-private partnership (PFI/PPP) assets diversified by geography and sector across availability-based road projects and a range of social infrastructure projects in the UK, continental Europe, Canada and Australia.

David Richardson, chairman, said it had been a successful six months for the company, its “first half year as a public company” during which “substantial progress” had been made.

“In spite of global economic uncertainty and volatile equity markets, the company’s share price has performed well and has maintained a premium to NAV,” he said.

“A key benefit of the portfolio is the high quality cash flows that are derived from long-term government backed contracts. The resulting portfolio performance is largely uncorrelated to many of the wider economic factors which are causing market volatility in other sectors.”

Elsewhere in the results, the company said the profit generated for the six months to June 30 was £5.3m and cash receipts were in line with forecast with £14.4m of distributions received from the underlying investments in the period.

Furthermore, the company announced a 2012 interim dividend of 2.75p per share, in line with target, forecast for payment on October 19.

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