Full Year Results to 31 December 2013
27 March 2014
FULL YEAR RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2013
~ Solid NAV growth and increased distribution underpin strong growth prospects ~
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 2013.
Financial Highlights (as at 31 December 2013 unless otherwise stated)
· Robust Net Asset Value ('NAV') growth of 8.6% to £935.4 million (£861.0 million as at 31 December 2012) with NAV per share of 123.0 pence (121.0 pence as at 31 December 2012)1
· Full year dividend up 2.5% to 6.15 pence per share2
· Minimum target dividend for 2014 of 6.30 pence per share and 2015 of 6.45 pence per share3
· Investments of £36.5 million made during the year and a further £17.0 million since 31 December 2013
· £46.5 million (before issue costs) of new equity capital raised in 2013
· IFRS profit before tax of £56.1 million (2012: £68.4 million)
· Total Shareholder Return since listing in 2006 of 78.6%, compared to 47.4% on the FTSE All Share over that same period
Positive Portfolio Performance
· Performance of underlying assets was very strong with the quality and resilience of portfolio further improved through new acquisitions
· Strong investor demand for similar infrastructure assets boosts NAV
· Continued benefits from self-generation of new opportunities
· Strength of market illustrated by sale (post period end) of minority interests in certain assets generating £18.8 million, 52% in excess of the acquisition prices paid in 2011
Promising Outlook
· Outlook driven by significant pipeline of off-market investment opportunities across sectors and geographies to further strengthen and diversify portfolio
· Strong deal-flow anticipated in 2014
· Vigorous support from investors and governments alike for private investment in infrastructure
· Company is confident of forecast future returns
Rupert Dorey, Chairman of International Public Partnerships Limited, commented: "I am delighted to announce another strong financial performance during the full year period, driven by underlying growth across the portfolio of 122 assets.
We have continued to deliver attractive returns for our shareholders and the ongoing government commitment to infrastructure investment in the UK and other jurisdictions is plain to see.
The Company's ability to support an increased dividend for the sixth successive year underlines the Investment Advisor's differentiated investment approach and the improving quality and resilience of the portfolio.
We view the outlook for the sector as promising and remain confident in the group's robust growth prospects."
INPP will be holding an analyst and investor presentation and conference call at 09.30am on the day. Investors and analysts wishing to attend are asked to RSVP to Mitch Barltrop at FTI Consulting on +44 (0)20 3077 0439/ mitch.barltrop@fticonsulting.com. Investors and analysts wishing to join the conference call should dial +44 (0)20 3427 1913 and use the confirmation code 7168707.
A copy of the results presentation can be downloaded from the Company's website:
www.internationalpublicpartnerships.com
1 See Annual Report and Financial Statementsfor the twelve months ended 30 December 2013 for further details on NAV methodology
2 The forecast date for payment of the full year dividend is 13 June 2014
3 Source: Bloomberg. Share price plus dividends assumed to be reinvested. Future profit forecast and dividends cannot be guaranteed. Projections are based on the current individual asset financial models and may vary in the future.
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Amber Infrastructure Erica Sibree
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+44 (0)20 7939 0558 |
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FTI Consulting Ed Berry/Jack Hickey |
+44 (0)20 7269 7297/7196
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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 122 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 approximately 70 dedicated staff who manage, advise on and originate projects for INPP.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.
http://www.rns-pdf.londonstockexchange.com/rns/3025D_-2014-3-26.pdf
This information is provided by RNS
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