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International Public Partnerships (INPP) Company - Infrastructure

Closed-end funds and OEICs
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International Public Partnerships (INPP) Company - Infrastructure


Postby richfool » October 10th, 2020, 2:43 pm

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.

Fifth bullet point down ... mber-2020/

International Public Partnerships updates on Covid-19 impact on Tideway project: ... y-project/

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Re: International Public Partnerships (INPP) Company - Infrastructure


Postby richfool » November 20th, 2020, 11:17 am

20 November 2020
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.


· 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


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. ... 00049397F/

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