TIDMINPP
RNS Number : 3025D
International Public Partnership Ld
27 March 2014
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 GBP935.4
million (GBP861.0 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 share(2)
-- Minimum target dividend for 2014 of 6.30 pence per share and 2015 of 6.45 pence per share(3)
-- Investments of GBP36.5 million made during the year and a
further GBP17.0 million since 31 December 2013
-- GBP46.5 million (before issue costs) of new equity capital raised in 2013
-- IFRS profit before tax of GBP56.1 million (2012: GBP68.4 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 GBP18.8 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.
Amber Infrastructure
Erica Sibree +44 (0)20 7939 0558
FTI Consulting
Ed Berry/Jack Hickey +44 (0)20 7269 7297/7196
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.
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/3025D_-2014-3-26.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LFFEVVFIRFIS
International Public Par... (LSE:INPP)
Historical Stock Chart
From Jul 2024 to Aug 2024
International Public Par... (LSE:INPP)
Historical Stock Chart
From Aug 2023 to Aug 2024
