Full year results for the twelve months ended 31 December 2014
Full year results for the twelve months ended 31 December 2014
~ Active portfolio management delivers robust growth and sustainable returns ~
International Public Partnerships Limited (INPP), the listed infrastructure investment company which invests internationally in public infrastructure projects, today announces full year results for the twelve months ended 31 December 2014.
Financial Highlights (as at 31 December 2014 unless otherwise stated)
- Net Asset Value (‘NAV’) growth of 3.3% to 127.0 pence per share (31 December 2013: 123.0 pence per share) (See Annual Report and Financial Statements for the twelve months ended 31 December 2014 for further details on NAV methodology)
- Full year 2014 fully covered cash dividend declared, up c.2.5% to 6.30 pence per share (31 December 2013: 6.15 pence per share) (The forecast date for payment of the half year dividend is 12 June 2015)
- Minimum target dividend for 2015 financial year of 6.45 pence per share and 2016 of 6.65 pence per share, an average increase of c.2.5%(Future profit forecast and dividends cannot be guaranteed. Projections are based on the current individual asset financial models and may vary in the future) or greater in each period
- IFRS profit before tax of £71.2 million (31 December 2013: £56.1 million)
- Total Shareholder Return since listing in 2006 of 98.5%, compared to 47.7% on the FTSE All Share over that same period (Source: Bloomberg. Share price plus dividends assumed to be reinvested)
Portfolio Performance
- Record £188.2 million of investments made during the full year while divestments in non-strategic assets totalled £22.3 million, which was in excess of the carrying value at the time of disposal
- Oversubscribed equity capital raising of £95.0 million (before issue costs) from new and existing investors underlining strong investor appetite and healthy pipeline
- Increased majority owned assets to 84.8% (31 December 2013: 79.4%)
- Post period end activity:
- Further c.£26.7 million investment committed through the Priority Schools Buildings Programme “aggregator” funding vehicle
- Strategic partnership agreed between Investment Adviser and Hunt Companies, Inc, providing an experienced and well-established partner with strong links to the public sector in the United States, one of the largest growth markets for infrastructure investment
Outlook
- Outlook for the global infrastructure market remains buoyant, with the rates at which comparable assets are traded providing further evidence for the value of the Company’s own portfolio
- Company well placed to avoid increasingly competitive secondary market acquisitions through its Investment Adviser’s ability to source off-market primary investments and continue to position INPP as an early stage investor
- Recent partnership with Hunt Group will enhance the Company’s pipeline of future investment opportunities in the United States over which INPP, by association, has a right of “first look”
Rupert Dorey, Chairman of International Public Partnerships Limited, commented: “I am pleased to announce another excellent set of results for the Company, in which it has demonstrated a continued ability to source and develop a strongly performing global portfolio of over 100 infrastructure assets, now with a value of over £1 billion.”
“We have maintained our commitment to deliver a sustainable dividend to our investors, generating Total Shareholder Returns of 98.5% since the Company’s listing in 2006.”
“Selective investment remains at the core of the Company’s approach, particularly as competition across the sector continues to increase. We are looking forward to assessing the investment opportunities in North America presented to us by the Investment Adviser, following its strategic partnership with the Hunt Group. The outlook for the sector across the markets in which we invest continues to be positive, and we remain confident in the group’s differentiated offer and its ability to grow the Company’s portfolio and deliver returns for shareholders.”
ENDS.
INPP will be holding an analyst and investor presentation and conference call at 09.30am on the day of announcement (26 March 2015).
Investors and analysts wishing to attend are asked to RSVP to Mitch Barltrop at FTI Consulting on +44 (0)20 3727 1039 / mitch.barltrop@fticonsulting.com. Investors and analysts wishing to join the conference call should dial +44 (0)20 3427 1904 and use the confirmation code 5978195.
To view 2014 Financial Report and Accounts click here.
To view 2014 Annual Result Presentation click here.
For further information:
Erica Sibree
Ed Berry / Mitch Barltrop
+44 (0)20 7939 0558
+44 (0) 20 3727 1046/1039
Amber Infrastructure
FTI Consulting
About International Public Partnerships:
International Public Partnerships (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP), private finance initiative (PFI), regulated asset and other similar procurement methods.
Listed in 2006, INPP is a long-term investor in 112 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport and utility and transmission projects in the U.K., Europe, Australia and Canada. INPP seeks to provide its shareholders with both a long-term yield and capital growth through investment across both construction and operational phases of 25-40 year concessions.
Amber Fund Management Limited is the Investment Advisor to INPP and consists of over 80 dedicated staff who manage, advise on and originate projects for INPP.