International Public Partnership Ld Full Year -15-
March 26 2015 - 3:01AM
UK Regulatory
The Company keeps a watching brief on opportunities in other
international markets but will only consider deals in other markets
where it is satisfied that the combination of sovereign credit and
rule of law makes such investment comparable with the Company's
existing investments.
Current Pipeline
Overall, the Company remains positive about its prospects, both
in terms of the performance of its existing investments and the
opportunity to add high quality investments to the portfolio during
2015.
Currently, the Investment Adviser has identified a significant
investment pipeline for the Company. In addition to these potential
investments the Company and its Investment Adviser have a larger
number of transactions, which are at an earlier stage of
development, under review.
Key areas of current activity within the Company and/or its
Investment Adviser (or associates) include:
> Continued activities in the area of UK offshore
transmission where the Company has recently closed its fifth
project, Lincs OFTO, and is actively bidding each new opportunity
as it comes to market
> Enhanced access to US P3 opportunities
> Other UK and European primary investment opportunities (for
instance in the healthcare and judicial sectors)
> Acquisition of additional investments in projects where the
Company already has an investment. Typically these will arise under
pre-emption and similar rights
> The growing range of opportunities in Ireland, Northern
Europe and Australia and New Zealand which conform to the existing
risk profile within the Company's portfolio
> Appropriately priced proposals from third parties seeking
to dispose of projects meeting the Company's investment criteria
which have synergies with the Company's existing portfolio
Current opportunities identified by the Investment Adviser are
outlined in the table [below]. It should be noted that given these
are predominantly new 'primary' market investments, it can take a
number of months for such opportunities to be awarded to a
preferred bidder and many more again to reach financial close.
Notwithstanding the opportunities listed below, it should be
noted that the Company's performance is not dependent upon making
additional investments in order to deliver its projected returns.
Further investment opportunities will be judged by their
anticipated contribution to overall portfolio returns.
Current Projects Location Estimated Investment Expected Concession Project Status
Opportunity Length
Priority School UK Up to GBP79m(1) 25 years Consortium including
Building Aggregator the Company named
Programme preferred bidder
===================== ============= ===================== ==================== ================================
Education UK c.GBP100m(1) c.25 years Investment in existing
Australia Up to c.GBP30m(1) c.25 years projects, some pre-emptive
positions
One of two shortlisted
===================== ============= ===================== ==================== ================================
Waste water UK c.GBP200m(1) Perpetual Consortium one of
two shortlisted
===================== ============= ===================== ==================== ================================
Judicial Ireland c.GBP20m(1) 25 years One of four shortlisted
Australia c.GBP15m(1) 25 years One of two shortlisted
===================== ============= ===================== ==================== ================================
HUB framework UK c.GBP35m(1) 25 years HUB framework for
various Scottish social
community projects.
Preferred bidder status
for both short and
longer-term projects
===================== ============= ===================== ==================== ================================
Transportation Australia c.GBP25m(1) 15 years Follow-on investment
Netherlands c.GBP15m(1) 25 years in existing asset
One of three shortlisted
for maritime transport
project
===================== ============= ===================== ==================== ================================
OFTOs - Westermost UK c.GBP100m(1) 20 years One of four shortlisted
Rough, Humber for third tender round
Gateway OFTOs with successful
consortium
============= ===================== ==================== ================================
Other/medium-term opportunities
Judicial Belgium, c. GBP190m(2) c. 25 years The Company has the
Germany, benefit of medium
Netherlands and long-term development
opportunities as well
as pre-emption opportunities
in respect of a number
of projects within
the existing portfolio
Healthcare New Zealand c. GBP30m(2)
Education Austria c. GBP60m(2)
Accommodation Germany, c. GBP230m(2)
Australia
===================== ============= ===================== ==================== ================================
The above represents potential opportunities currently under
review by the Investment Adviser (and its associates) including
current bids, preferred bidder opportunities and the estimated
value of opportunities to acquire additional investments including
under pre-emption/first refusal rights. There is no certainty these
will translate to actual investment opportunities for the Company.
The value referenced in relation to the pre-emption opportunities
represents the estimated potential investment value which reflects
the current estimate of the total likely acquisition value at that
time. In relation to the remaining medium term opportunities, the
figure represents the current estimated gross value of the relevant
project and therefore includes both debt and equity and is not
necessarily indicative of the eventual acquisition price for, or
the value of, any interest that may be acquired.
1 Represents current estimated total investment committed by the Company.
2 Represents the estimated current unaudited capital value of
the project and includes both debt and equity.
Rupert Dorey John Whittle
25 March 2015 25 March 2015
Chairman Director
The key risks affecting the Company and the investment portfolio
have not materially changed year to year, largely due to the highly
contractual and long-term nature of the investments with similar
risk profiles. Changes in the macro-economic environment and
broader global regulatory and tax environment can impact on fund
returns and are a permanent feature of the risk appraisal
process.
The Company's approach to risk management is set out within the
Corporate Governance Report.
The following table summarises the Board's views on the
principal risks and uncertainties for the Company and the relevance
of these risks to meeting the Company's objectives. This is not
intended to highlight all the potential risks to the business.
There may be other risks that are currently unknown or regarded as
less material which could turn out to be material. Any of these
could have the potential to impact the performance of the Company,
its assets, capital resources and reputation.
A description of broader risk factors relevant to investors is
disclosed in the latest Company prospectus available on the
Company's website www.internationalpublicpartnerships.com.
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