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 2015.

Financial Highlights (as at 31 December 2015 unless otherwise stated)
  • Strong Net Asset Value ('NAV') growth of 21.5% to £1,290.2 million (31 December 2014: £1,062.1 million) with NAV per share increasing 2.5% to 130.2 pence (31 December 2014: 127.0 pence)1
  • Full year 2015 fully covered cash dividend declared, up c.2.5% to 6.45 pence per share (31 December 2014: 6.30 pence per share)2
  • Minimum target dividend for 2016 financial year of 6.65 pence per share and 2017 of 6.82 pence per share, an average increase of c.2.5%3 in each period
  • IFRS profit before tax of £79.9 million (31 December 2014: £71.2 million)
  • Significant degree of inflation linkage within the portfolio with a 0.76% projected annual increase in return for a 1% increase over anticipated portfolio inflation
  • Total Shareholder Return since listing in 2006 of 115.0%, compared to 49.2% on the FTSE All Share over that same period4
Portfolio Performance
  • Record £311.7 million of investment commitments made in a series of landmark infrastructure assets, including the pathfinding Thames Tideway Tunnel ('Tideway') and US Military Housing project
  • Oversubscribed equity capital raising of £198 million (before issue costs) from new and existing investors demonstrating continued confidence in the Investment Adviser to originate attractive pipeline
  • Majority ownership of investments for 72% of the overall portfolio
  • Underlying investments with external debt represent 84% of the investment portfolio
  • Post period end, £26.8m investment in its sixth UK offshore transmission project, Westermost Rough
Outlook
  • In spite of persistent volatility in the global equity markets, the Company remains well-placed to deliver steady, predictable returns to its investors over the long-term
  • Continued confidence in the Investment Adviser to originate and structure transactions so that shareholders can benefit from early stage investments in the primary market
  • Commitment to proactive asset management will serve the Company's best interests by enhancing value across the portfolio as multiple assets move through their relative construction phase
  1. See Annual Report and Financial Statements for the twelve months ended 31 December 2015 for further details on NAV methodology.
  2. The forecast date for payment of the half year dividend is June 2016.
  3. Future profit forecast and dividends cannot be guaranteed. Projections are based on the current individual asset financial models and may vary in the future.
  4. Source: Bloomberg. Share price plus dividends assumed to be reinvested.

Rupert Dorey, Chairman of International Public Partnerships Limited, commented:"I am pleased to announce that 2015 was a record year for the Company following the commitment of over £300 million in landmark UK and global infrastructure assets, helping to deliver a fully covered cash dividend increase of 2.5% for the ninth consecutive year."

"Entering the Company's tenth anniversary year, tailored primary market origination of long-term, low-risk and stable investment opportunities combined with unique exposure to the emerging North American PPP market continue to be among the factors that differentiate the Company in the sectors in which it invests. The Company invested in one of the UK's largest infrastructure projects, the £4.2 billion Tideway project, before making its first investment in the United States. I'm confident in the Company's future prospects given its continued robust performance and in the Investment Adviser's judgement and ability to strengthen the portfolio and its pipeline."

INPP will be holding an analyst and investor presentation and conference call at 09.30am on the day of announcement (24 March 2016).

Investors and analysts wishing to attend are asked to RSVP to Mitch Barltrop at FTI Consulting on +44 (0)20 3727 1039 / mitch.barltrop@fticonsulting.com. Investors and analysts wishing to join the conference call should dial +44(0)20 3427 1908 and use the confirmation code 2378324.

To view 2015 Financial Report and Accounts click here.

To view 2015 Annual 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

About International Public Partnerships:

International Public Partnerships Limited (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP) and private finance initiative (PFI) procurement methods.

Listed in 2006, INPP is a long-term investor in over 120 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport, renewable energy and waste water projects in the U.K., Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term government-backed yield and capital growth through investment across both construction and operational phases of typically 20-40 year concessions.

International Public Partnerships Ltd. issued this content on 24 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 March 2016 08:26:00 UTC

Original Document: http://www.internationalpublicpartnerships.com/media/press-releases/press-release-detail/2016/03/24/full-year-results-for-the-twelve-months-ended-31-december-2015