RM Infrastructure Income : 2022, Interim Report 6 months to June

RM Infrastructure Income PLC

Half-yearly report

for the six months ended 30 June 2022

Responsible investing

Through active stakeholder engagement combined with the integration of environmental, social and corporate governance considerations throughout the investment process.

RM Infrastructure Income PLC

Half-yearly Report 2022

Contents

Half-yearly review	Page
About us	1
Portfolio at a glance	2
Chair's statement	4
Investment Manager's report	6
Interim Management report	9
Statement of Directors' responsibility for the Half-yearly Report	10
Financial statements
Condensed unaudited statement of comprehensive income	12
Condensed unaudited statement of financial position	13
Condensed unaudited statement of changes in equity	14
Condensed unaudited statement of cash flows	15
Notes to the financial statements	16
Other information
Alternative Performance Measures ("APMs")	23
Glossary	24
Directors, Investment Manager and Advisers	26

rm-funds.co.uk

Half-yearly review >

Financial statements Other information

About us

Portfolio at a glance Chair's statement Investment Manager's report Interim Management report

Statement of Directors' Responsibility for the Half-yearly Report

RM Infrastructure Income PLC

Half-yearly Report 2022

About us

How we invest

RM Infrastructure Income plc (the "Company") aims to generate attractive and regular dividends through investment in secured debt instruments of UK Small and Medium sized Enterprises ('SMEs'), and mid-market corporates and/or individuals including any loan, promissory notes, lease, bond, or preference share (such debt instruments, as further described in the prospectus, being 'Loans') sourced or originated by RM Capital Markets Limited (the "Investment Manager") with a degree of inflation protection through index-linked returns where appropriate.

Where we invest

Having had a general sectoral lending approach since inception, the Company narrowed the sector focus since 2021 to investments within the social and environmental infrastructure sectors.

Our ethos

The Company aims to make a difference with the deployment of its capital and as such has adopted an impact framework allowing the measurement and reporting of impact from investments made. In addition to this the firm seeks to target investments directly linked to achieving outcomes linked to six Sustainable Development Goals ("SDGs").

Key sectors

Social infrastructure

Environmental infrastructure

Healthcare

Childcare &

Accommodation

Clean Energy

Waste

Energy

Education

& Renewables

Management

Efficiency &

Carbon Reduction

Impact outcomes:

• Improving supply of quality, affordable housing and accommodation
• Improving quality and availability of childcare and education services
• Improving quality and accessibility of health and social care services

Impact outcomes:

• Improving availability of sustainable energy solutions
• Improving recycling, waste and sustainable water use solutions
• Improving sustainability of buildings and transport

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RM Infrastructure Income PLC

Half-yearly Report 2022

Portfolio at a glance

Financial information

		As at		As at
		30 June 2022		30 June 2021
Gross asset value (£'000)		£128,630		£124,769
Net Asset Value ("NAV") (£'000)		£110,389		£112,348
NAV per Ordinary Share (pence)		93.68p		95.25p
Ordinary Share price (pence)		90.75p		90.00p
Ordinary Share price discount to NAV1		(3.1%)		(5.5%)
Dividend (pence) paid in respect of the Period		3.250p		3.250p

Performance summary

		% change2,4		% change3,4
Total return - Ordinary Share NAV and dividends1		+2.7%		+5.0%
Total return - Ordinary Share price and dividends1		-1.1%		+7.3%

1. These are Alternative Performance Measures ("APMs").
2. Total returns for the period to 30 June 2022, including dividend reinvestment.
3. Total returns for the period to 30 June 2021, including dividend reinvestment.. 4.Source: The Company's Factsheet.

Alternative Performance Measures ("APMs")

The financial information and performance summary data highlighted in the footnote to the above tables represent are considered to represent the APMs of the Company. Definitions of these APMs together with how these measures have been calculated can be found on page 23.

Company highlights (as at 30 June 2022)

3.250p		27%ofGAV		£128.6m
Dividend pence per share	CBILS* and RLS** loans		Gross assets
+2.7%		35		1.91years
NAV Total return	Number of loans		Average life of investments

*Coronavirus Business Interruption Loan Scheme ** Recovery Loan Scheme

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Half-yearly review >

Financial statements Other information

About us

Portfolio at a glance Chair's statement Investment Manager's report Interim Management report

Statement of Directors' Responsibility for the Half-yearly Report

RM Infrastructure Income PLC

Half-yearly Report 2022

Portfolio Summary (as at 30 June 2022)

Largest 10 loans by drawn amounts across the entire portfolio

	Investment type		Valuation†		Percentage of
Business activity	(Private/Public/Bond)		£'000		gross asset (%)
Care home	Private Loans		11,830		9.2
Asset finance	Private Loans		10,163		7.9
Automotive parts manufacturing	Private Loans		8,899		6.9
Hotel	Private Loans		8,474		6.6
Gym franchise	Private Loans		7,906		6.1
Healthcare	Bond		6,891		5.4
Hotel	Private Loans		6,468		5.0
Care home	Private Loans		4,985		3.9
Hotel	Private Loans		4,982		3.9
Student Accommodation	Private Loans		4,981		3.9
Ten largest holdings			75,579		58.8
Other private loan investments			47,288		36.8
Wholly owned asset			3,593		2.8
Total holdings			126,460		98.4
Other net current assets			2,170		1.6
Gross assets*			128,630		100.0

• The Company's gross assets comprise the net asset values of the Company's Ordinary Shares and the Bank loan, with the calculation can be found on page 23.
  † Valuation conducted by external Valuation Agent.

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