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In its interim results, International Public Partnerships (INPP) warns that, in addition to the problems with the Tideway tunnel (that we flagged recently), INPP has also seen a dramatic reduction is passenger numbers on its Diabolo rail link in Belgium.
International Public Partnerships Limited ('INPP', the 'Company'), the FTSE 250 listed investment company which invests in global public infrastructure projects and businesses, has today issued the following portfolio update for the period 1 July 2020 to 19 November 2020.
OPERATIONAL HIGHLIGHTS
· The Company reaffirms that its investment portfolio has continued to perform well, with no material changes to its operational or financial performance since it announced its Interim Results on 10 September 2020
· During the period, the Company made further investments of c.£9.2 million across the education and digital infrastructure sectors
· The Company's portfolio of 130 investments in public and social infrastructure projects and businesses continue to deliver essential services to all its stakeholders, maintaining high levels of asset availability
· The Company continues to maintain confidence in the portfolio's resilience and notes that Covid-19 has resulted in a limited impact on the portfolio and the Company to date
· Nevertheless, the Company continues to monitor certain specific risk areas, particularly relating to Tideway and the Diabolo Rail Link ('Diabolo'), as highlighted at the time of its Interim Results
· The Company has delivered a Total Shareholder Return1 since IPO in November 2006 to 19 November 2020 of 231.7% or 8.9% on an annualised basis
· A first half-year 2020 dividend of 3.68 pence per share was declared on 10 September 2020 and was paid on 13 November 2020
FINANCIAL HIGHLIGHTS
On 10 September 2020, the Company announced its results for the six months to 30 June 2020 reporting:
· A 0.9% decrease in Net Asset Value ('NAV') per share to 149.2 pence (31 Dec 2019: 150.6 pence)
· The portfolio maintains a high level of inflation-linkage such that a 1.00% increase in inflation leads to a 0.78% increase in return4
· On 10 September 2020, the 2020 first half-year distribution of 3.68 pence per share was declared. This distribution was made in respect of the period 1 January 2020 to 30 June 2020 and represents a c.2.5% increase on the distribution paid in the previous corresponding period
· The Scrip Dividend Alternative Circular applicable to that dividend was available to investors and the associated scrip allotment or dividend payment was paid on 13 November 2020
· A target dividend for the 2020 and 2021 financial years has been set at 7.36 and 7.55 pence per share, respectively, in line with the current target annual increase of c.2.5%5. Whilst we currently have good forward-visibility of the cash flows projected to be generated by the Company's investments, we continue to monitor the portfolio for the impact of Covid-19 related risks including those noted above
The Company also notes that it has a £400 million corporate debt facility (available until July 2021) and as at 19 November 2020, c.£29 million of the facility was drawn, leaving c.£371 million undrawn to support nearer term investment commitments of c.£100 million.
Distribution period: 1 July 2020 - 31 December 2020
Distribution amount per share: 3.68 pence
Ex-dividend date: 8 April 2021
Dividend record date: 9 April 2021
Circulation of Scrip Election Forms and Circular: 23 April 2021
Last date to elect/revoke elections: 14 May 2021
Payment date/Allotment of scrip: 4 June 2021
2020 and 2021 Full Year Distributions
The Board of Directors reaffirms that it has established a target for 2021 of 7.55 pence per share and today announces a 2022 target distribution of 7.74 pence per share, providing additional guidance to investors as to the Company's future intentions and the overall continued performance of its portfolio. The targeted payments would represent a c.2.5% increase on the preceding distributions and would continue to be in line with the growth target indicated at the time of INPP's IPO in 2006. Whilst we currently have good forward-visibility of cash flows generated by the Company's investments given their predictability, we continue to monitor the current Covid-19 related uncertainty.
International Public Partnerships Limited ('INPP' or 'the Company'), the listed infrastructure investment company, notes that Ofgem, as anticipated, published a notice under Section 8A of the Electricity Act 1989 on 9 June 2021 relating to the Beatrice Offshore Transmission project ('OFTO')[1]. This is a key step towards reaching financial close on the investment that the Company expects to make in the project. As previously reported, the Company expects to invest c.£ 50 million into the project upon financial close, anticipated to be in July 2021.
The project will be the Company's eighth OFTO investment and relates to the transmission cable connection to the offshore wind farm located in the Outer Moray Firth, approximately 13.5km off the Caithness coastline in Scotland. The wind farm consists of 84 x 7MW wind turbine generators with an installed capacity of 588MW connected to two offshore substation platforms ('OSP') located within the boundaries of the Beatrice wind farm. It is Scotland's largest operational offshore wind farm.
2021 Second Half-Year Dividend
The Board of International Public Partnerships Limited ('INPP', 'the Company'), the FTSE 250 listed infrastructure investment company, declares a distribution covering the period:
Distribution period: 1 July 2021 - 31 December 2021
Distribution amount per share: 3.77 pence
Ex-dividend date: 7 April 2022
Dividend record date: 8 April 2022
Circulation of Scrip Election Forms and Circular: 26 April 2022
Last date to elect/revoke elections: 13 May 2022
Payment date/Allotment of scrip: 7 June 2022
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