Public Partnerships : Half Year Results for the six months ended 30 June 2015

International Public Partnerships Limited ('INPP'), the listed infrastructure investment company which invests internationally in public infrastructure projects, today announces half year results for the six months ended 30 June 2015.

• Continued Net Asset Value ('NAV') growth of 1.5% to £1,077.7 million (31 December 2014: £1,062.1 million) with NAV per share increasing 1.3% to 128.6 pence (31 December 2014: 127.0 pence - see Annual Report and Financial Statements for the twelve months ended 31 December 2014 for further details on NAV methodology.)
• Half year 2015 fully covered cash dividend of 3.225 pence per share declared (30 June 2014: 3.15 pence per share - the expected date for payment of the half year dividend is 12 October 2015)
• Minimum target dividend for 2015 financial year of 6.45 pence per share and 2016 of 6.65 pence per share, an average annual increase of c.2.5% (future profit projections and dividends cannot be guaranteed. Projections are based on the current individual asset financial models and may vary in the future)
• IFRS profit before tax of £38.4 million (30 June 2014: £35.9 million)
• Total Shareholder Return since listing in 2006 of 104.4%, compared to 52.2% on the FTSE All Share over that same period (Source: Bloomberg. Share price plus dividends assumed to be reinvested)
• Successful renegotiation of the Company's corporate debt facility from £175 million to £300 million with substantially reduced margins and fees charged

Rupert Dorey, Chairman of International Public Partnerships Limited, commented'I am pleased to announce an excellent set of results for the Company which delivers another period of earnings growth for our shareholders.'

'The upward trend in secondary market pricing continues to demonstrate the value of assets currently held in the Company's portfolio, which now numbers 118 across a variety of sectors. With the support of the Investment Adviser, we have grown our leading position in the offshore transmission sector over the period.

'The Company's ability to position itself as an early stage investor and gain accretive returns from low-risk, government-backed construction assets has also been further demonstrated by our licence to own and finance the Thames Tideway Tunnel, as a leading member of the Bazalgette Consortium. Forming part of one of the largest UK infrastructure projects is an important milestone for the Company and is a clear sign of the confidence in our prospects to grow the Company's portfolio and continue to deliver risk adjusted returns for our shareholders.'

• Total of £42.7 million of additional investments made during the half year, including £40.8 million across the Company's existing portfolio of education assets
• Portfolio return of £63.4 million represents a 6.1% increase in the value of investments (equivalent to a 12.6% increase on an annualised compounded basis), driven by revaluation of a number of holdings to reflect current market pricing
• Over £2.9 million of additional works commissioned by public sector clients at the existing project level demonstrating ability and commitment to deliver additional capital value from the portfolio
• Period activity underlined by significant UK pipeline investments including being named preferred bidder on the Westermost Rough OFTO, the Company's sixth investment in the sector
• A further £219.9 million committed since 30 June 2015, including:
• • Further c.£9.9 million investment committed through the Priority Schools Buildings Programme 'aggregator' funding vehicle
  • Up to £210 million investment in the Thames Tideway Tunnel project

• Outlook for the global infrastructure sector remains dominated by very strong levels of demand for the types of assets in which the Company already invests, demonstrated particularly by the recent revaluation of Angel Trains
• Strategic focus remains on sourcing off-market primary investment through the Investment Adviser, with self-originated assets currently comprising 89% of the Company's portfolio (as at 30 June 2015)
• Recently-awarded preferred bids will serve to significantly augment the robustness of the Company's index-linked cashflows

INPP will be holding an analyst and investor conference call at 09.30am on the day of announcement (27 August 2015). Please note that there will be no presentation in person.

Investors and analysts wishing to join the conference call should dial +44 (0)20 3427 1900 and use the confirmation code 2170958.

To view 2015 Interim Report click here.

To view 2015 Interim Result Presentation click here.

Amber Infrastructure
Erica Sibree
+44 (0)20 7939 0558

FTI Consulting
Ed Berry
+44 (0)20 3727 1046
+44 (0)7703 330 199

Mitch Barltrop
+44 (0)20 3727 1039
+44 (0)7807 296 032

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 118 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport, 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 typically 25-40 year concessions.

Amber Fund Management Limited is the Investment Advisor to INPP and consists of over 80 dedicated staff who manage, advise on and originate projects for INPP.