TIDMINPP
RNS Number : 0672B
International Public Partnership Ld
28 March 2013
28 March 2013
FULL YEAR Results for the TWELVE months ended 31 DECEMBER
2012
Strong NAV growth driven by portfolio performance and new
investments
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 2012.
Financial Highlights (as at 31 December 2012, unless otherwise
stated)
-- NAV per share increase of 3.5% to 121.0p (2011: 116.9p) with
NAV growth of 37.9% to GBP861.0 million (2011: GBP624.3
million)
-- Full year dividend increase (for fifth consecutive year) of
2.6% to 6.0p per share (2011: 5.85p)
-- Robust total shareholder return for 2012 of 9.1% (2011:
9.2%)
-- IFRS profit before tax of GBP26.8 million (2011: GBP13.2
million)
-- GBP200 million of new equity raised in June 2012 (exceeding
the initial target of GBP180 million)
Portfolio Performance
-- Continued strong performance of underlying assets, generating
GBP53.6 million of cash (2011: GBP44.0 million)
-- GBP146.6 million of new investments made during the period
(2011: GBP122.0 million) including GBP115.1 million acquisition of
Ormonde offshore transmission project and GBP30.9 million in
additional Building Schools for the Future investments
-- Construction completion reached on the Company's second
largest asset by value, Northern Diabolo Project in Belgium, on
budget and on time
Post Period-end Activity
-- Further GBP40 million raised in January 2013 to support the
Company's pipeline of attractive investment opportunities
-- Construction completion of Liverpool Central Library and
Archive project
Outlook
-- Continued buoyant outlook for the infrastructure market, with
successful capital raisings by the Company and across the industry
underpinning growing demand from existing and new investors
-- 'PF2' reform further endorses PPP/PFI as an important
procurement model in the UK and retrospective impact on the
existing UK portfolio is limited. The initiatives are broadly
positive and could lead to investment in more early stage projects
for the Company
-- INPP is expected to consolidate its leading position in the
UK offshore transmission sector in 2013 and it is well positioned
to take advantage of a strong pipeline of infrastructure investment
opportunities across all its geographies
Keith Dorrian, Chairman of International Public Partnerships
Limited, commented: "Another strong set of full year results for
INPP has been underpinned by continued performance of the
underlying portfolio and a high level of investment.
"At a time when the number of new UK PFI investment
opportunities is limited and competition is increasing, INPP's
access to a diverse investment pipeline, both geographically and by
sector, is critical and a key differentiator.
"We enter 2013 with renewed optimism, supported by continuing
government commitment in the UK and across our key jurisdictions
for infrastructure investment. I'm delighted our shareholders
continue to benefit from the Company's steady, long-term return
profile and the Board's proposed distribution increase for a fifth
consecutive year underlines its confidence in the Company's future
prospects."
INPP will be holding an analyst presentation 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 conference call facility
will be available by dialling +44(0)20 3140 8286 and using the
confirmation code 6372548.
A copy of the results presentation can be downloaded from the
Company's website:
www.internationalpublicpartnerships.com
http://www.rns-pdf.londonstockexchange.com/rns/0672B_-2013-3-27.pdf
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), 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 80 dedicated staff who manage, advise
on and originate projects for INPP.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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