Final Results

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 £861.0 million (2011: £624.3 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 £26.8 million (2011: £13.2 million)

· £200 million of new equity raised in June 2012 (exceeding the initial target of £180 million)

Portfolio Performance

· Continued strong performance of underlying assets, generating £53.6 million of cash (2011: £44.0 million)

· £146.6 million of new investments made during the period (2011: £122.0 million) including £115.1 million acquisition of Ormonde offshore transmission project and £30.9 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 £40 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 [phone] 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	[phone]
Numis Securities Hugh Jonathan/Nick Westlake	[phone]/1345
FTI Consulting Ed Berry/Harry Stein	[phone]/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.

 

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