TIDMINPP
RNS Number : 6922M
International Public Partnership Ld
29 August 2013
29 August 2013
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
Strong cashflows support increased distribution
International Public Partnerships Limited (INPP), the listed
infrastructure investment company, which invests internationally in
public infrastructure projects, today announces interim results for
the six months ended 30 June 2013.
Financial Highlights (as at 30 June 2013, unless otherwise
stated)
-- Net Asset Value ('NAV') per share of 121.5 pence (121.0 pence
as at 31 December 2012)(1)
-- NAV growth of 7% (GBP60.3 million) to GBP921.3 million
(GBP861.0 million as at 31 December 2012)
-- GBP8.5 million of additional investments made in existing
assets during the period
-- GBP46.5 million (before issue costs) of new equity capital
raised from shareholders
-- IFRS profit before tax of GBP7.2 million (H1 2012: GBP19.4
million)
-- Half year 2013 dividend up 2.5% to 3.075 pence per share,
with full year target dividend of 6.15 pence per share (up 2.5%) as
at 31 December 2012)(2)
-- Total Shareholder Return since listing in 2006 of 75.8%
compared to 32.3% on the FTSE All Share over that same
period(3)
Portfolio Performance
-- Continued performance of underlying projects, generating
GBP30.6 million of gross cash flow (H1 2012: GBP22.2 million)
-- GBP8.5 million of additional investment made: further 25%
stake in Alberta Schools project and GBP1 million in existing
Building Schools for the Future PFI project
-- Construction completion reached on the Liverpool Central
Library and Archive project. 8% of INPP's portfolio under
construction (as at 30 June 2013)
_____________________ (1) See Half-yearly Financial Report for
the six months ended 30 June 2013 for further details on NAV
methodology
(2) Forecast date for payment October 2013
(3) Bloomberg -- share price appreciation plus income
Incentive Fee and Investment Advisory Agreement
-- As announced separately today, following a review and
consultation period, the Board has reached an agreement with the
Investment Advisor on a number of key changes to the Investment
Advisory Agreement, including:
- Removal of the Incentive Fee from 1 July 2013
- A further reduction in the Base Fee for operational assets
- Duration of the Agreement extended by seven years
- Strengthened termination provisions to ensure the Company has
more flexibility to remove the Investment Advisor in the event of
poor performance
- Changes are subject to shareholder approval and an
Extraordinary General Meeting has been called for Monday 23
September 2013
Outlook
-- Continued support from investors and governments alike for
private investment in infrastructure
-- Investment Advisor's prudent and risk mitigated approach to
acquisitions provides protection against secondary market pricing
pressure
-- INPP less impacted by slower than expected delivery of new
government projects, given the ability of Investment Advisor to
originate attractive investment opportunities without relying on
third party developers and advisors
-- The Company continues to have a healthy pipeline of
investment opportunities including preferred positions currently
under review by the Investment Advisor
Keith Dorrian, Chairman of International Public Partnerships
Limited, commented: "Once again, INPP has announced a healthy
financial performance during the first half, providing investors
with stability in a fluctuating market. The Company's portfolio of
122 assets continues to perform well, supporting an increased
dividend for the sixth successive year.
INPP's geographic reach and disciplined approach to
acquisitions, combined with the Investment Manager's origination
capabilities, positions the Company well as pricing pressure in the
UK secondary market continues.
The renewed government commitment to infrastructure investment
in the UK and other jurisdictions will further enhance the
Company's attractive pipeline. We view the outlook for the sector
as positive and remain confident in the group's growth
prospects."
INPP will be holding an analyst and investor conference call at
12.00pm via a conference call facility. Investors and analysts
wishing to join the conference call should dial +44(0)20 3427 0503
and use the confirmation code 8322619.
A copy of the results presentation can be downloaded from the
Company's website:
www.internationalpublicpartnerships.com
Amber Infrastructure
Erica Sibree +44 (0)20 7939 0558
FTI Consulting
Ed Berry +44 (0)20 7269 7297
Harry Stein +44 (0)20 7269 7141
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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