TIDMINPP
RNS Number : 6329B
International Public Partnership Ld
19 April 2012
19 April 2012
2011 ANNUAL Results
- Substantial NAV growth and record year for investment activity
-
International Public Partnerships Limited (INPP), the listed
infrastructure investment company, which invests internationally in
public infrastructure projects today announces annual results for
2011.
Highlights (as at 31 December 2011, unless otherwise stated)
-- Net Asset Value (NAV) per share increased from 113.1p (at 31
December 2010) to 116.9p
-- 9.2% shareholder total return for 12 months ended 31 December
2011 (FTSE AllShare - minus 3.2 %)
-- 54% shareholder total return from IPO in November 2006 to 31
December 2011
-- GBP122.0 million of new capital invested across 22
infrastructure investments
-- Fifth consecutive year of dividend growth, with full year
dividend of 5.85p per share
-- The Company became a major investor in the UK offshore
transmission sector
-- Strong investment pipeline, as the Company looks to
capitalise on an evolving sector and its strong existing public
sector relationships in all target geographies
-- Positive outlook for infrastructure investment with the
Company well positioned with its strong geographic
diversification
-- Increased 2012 full year target distribution of 6 pence per
share (up 2.6% from 2011)
Financial Performance
-- NAV growth of 15.2%, to GBP624.3 million, (GBP541.9 million
as at 31 December 2010) and NAV per share of 116.9p (113.1p as at
31 December 2010)
-- Profit before tax of GBP13.2 million for the year ended 31
December 2011 (2010 restated: GBP16.5 million) and profit after tax
of GBP16.1 million (2010 restated: GBP15.1 million)
-- Second half distribution of 2.925 pence per share bringing
the full year dividend to a total of 5.85p per share
-- Successful completion of tap issue of GBP54.4 million in
September 2011
Portfolio Performance
-- Portfolio continued to perform in line with expectations,
with 26% of the portfolio under construction and 45% of assets
situated outside of the UK market
-- 2011 was the busiest year for acquisitions for the Company
since inception, with GBP122.0 million of investments. The
acquisitions, which are all performing in line with or ahead of
targets, include:
- UK Government's interest in the Building Schools for the
Future programme, bringing stakes of between 10-20% in 49 local
partnerships involving over 100 schools - subsequent add on
investments totalled GBP0.7 million
- The Company became a major investor in the UK offshore
transmission sector through 100% investments in the Robin Rigg,
Gunfleet Sands, and Barrow projects
- 26.6% interest in Gold Coast Rapid Transit, a A$1 billion
light rail project linking University Hospital and Broadbeach in
Queensland, Australia
-- Significant construction landmarks achieved on two of the
Company's largest assets - Phase 1 of the Royal Children's Hospital
in Melbourne and Orange Hospital in Australia both completed during
the period
Infrastructure Market
-- There continues to be strong high level support for private
sector involvement in the provision of public infrastructure by the
UK Government and across the jurisdictions where INPP is active
-- This positive trend continues to further increase investor
appetite, particularly from pensions fund investors, for
infrastructure as an asset class
-- The industry needs to be more transparent in demonstrating
the value for money and benefits that private sector investment in
infrastructure brings, and showing more sensitivity to public
sector and taxpayer concerns
Outlook
-- Overall, the Board remains positive about the prospects for
the Company in 2012
-- Renewed confidence in the flow of primary and secondary
infrastructure opportunities in the Company's core markets and
beyond, leveraging strong public sector relationships to develop
further opportunities to acquire investments in existing
infrastructure projects
-- A number of investment opportunities have progressed to an
advanced stage and combined with the additional strong investment
pipeline, the Board is actively considering a capital raising to
support these opportunities. Further details to be provided in due
course.
Keith Dorrian, Chairman of International Public Partnerships
Limited, commented:
"The Company and our shareholders continue to benefit from the
opportunities arising from the renewed commitment shown by
governments to infrastructure investment across our
geographies.
There is a heightened awareness of the pivotal role private
capital plays in these long-term public sector programmes,
resulting in a surge in interest from an increasingly wide investor
base, attracted by the risk reward profile of the Company and asset
class.
Taking advantage of the positive investment environment through
our healthy pipeline of attractive investment opportunities is
critical to the ongoing success of the Company and as such, we are
actively considering our options with respect to raising more
equity capital.
We look forward to 2012 with confidence."
INPP will be holding a results briefing at 9:30am today at FTI
Consulting - 330 High Holborn, London WC2A 1PB. For those investors
and analysts who cannot attend in person, a conference call
facility will also be available. The dial-in number for the call is
+44 (0)20 3364 5381, and the confirmation code is 3416635.
A copy of the results presentation can be downloaded from the
Company's website:
www.internationalpublicpartnerships.com
Enquiries:
Amber Infrastructure
Erica Sibree +44 (0)20 7939 0558
Numis Securities
Hugh Jonathan/Nick Westlake +44 (0)20 7260 1263/1345
FTI Consulting
Ed Berry/Harry Stein +44 (0)20 7269 7297/7141
Notes to Editors:
About International Public Partnerships (INPP):
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) and other
similar procurement methods.
Listed in 2006, INPP is a long-term investor in 117 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport and renewable energy
projects in the U.K., Europe, Australia and Canada. INPP seeks to
provide its shareholders with both a long-term government-backed
yield and capital growth through investment across both
construction and operational phases of 25-40 year concessions.
Amber Infrastructure Group (Amber) is the Investment Advisor to
INPP and consists of more than 60 dedicated infrastructure
specialists which originate and source a strong pipeline of
projects for INPP.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/6329B_-2012-4-18.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
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