Title: INPP Fact Sheet URL Source: https://is.gd/NGFrqc Published Time: Wed, 15 Jan 2025 16:52:00 GMT Markdown Content: NAV 2 # £2.8 bn ## NAV PER SHARE 2 # 149.5 p ## PORTFOLIO INFLATON -LINKAGE 3 # 0.7 % ## AIC ONGOING CHARGES ## PERCENTAGE # 1.17 % ## DIVIDEND GROWTH 4 # 3.0 % ## SHARE PRICE 5 # 127.4 p Key Characteristics: ▪ Geographically diversified investments across Europe, Australasia and North America in a variety of sectors ▪ Operational performance and income from underlying investments is predominantly founded on asset availability or regulated assets, not demand usage or other non -controllable variables ▪ Long -term contractual arrangements with current average remaining investment life of c.38 years ▪ A significant degree of inflation linkage to investment returns — 0.7% projected increase in return for a 1% increase over anticipated average inflation across the portfolio ▪ A high degree of management and control of underlying investments to support sustained performance ▪ Pro -active, well -resourced and focused approach to asset and financial management engaging directly with its key stakeholders ▪ Strong ESG credentials and an Article 8 Financial Product, as categorised under Sustainable Finance Disclosures Regulation (‘SFDR’) and aligned with the UN -backed Principles for Responsible Investment (‘PRI’), SDGs and Task Force on Climate -related Financial Disclosures (‘TCFD’) ▪ The Investment Adviser, Amber Fund Management Limited (‘Amber’), has a successful track record of originating and developing investment opportunities in new sectors with low risks relative to returns Impact of the current macroeconomic environment The Board continues to believe the share price at which the Company is currently trading relative to the NAV materially undervalues the Company. While the Company’s shares continue to trade at a discount to NAV, the Board will continue to optimise the portfolio, reallocate capital and implement other measures to deliver value to shareholders. As long as the Company’s share price discount to NAV persists, the Board’s capital allocation strategy will be guided by three principles: (i) Prudent use of the Company’s CDF; (ii) Maintain a targeted programme of divestments to both demonstrate underlying value and reallocate capital; and (iii) Allocate divestment proceeds towards both, (i) increasing the share buyback programme, and (ii) subject to the economics being more attractive over the medium to long -term relative to a share buyback, making new, accretive investments 1 Our purpose is to invest responsibly in social and public infrastructure that delivers long -term benefits for all stakeholders. We aim to provide our investors with stable, long -term, inflation -linked returns, based on growing dividends and the potential for capital appreciation. We expect to achieve this by investing in a diversified portfolio of infrastructure assets and businesses which, through our active management, meets societal and environmental needs both now and into the future. > 1. As at 30 June 2024. > 2. The methodology used to determine NAV is defined in the Half -year ly Financial Report. > 3. Calculated by running a ‘plus 1.0%’ inflation sensitivity for each investment and solving each investment’s discount rate to ret urn the original valuation. The inflation -linked return is the > increase in the weighted average discount rate. Please see the Half -yearly Financial Report for further information. > 4. Acknowledging the recent higher levels of inflation, the Company increased its 2023 dividend, representing a 5% increase comp are d to the full -year 2022 dividend and its 2024 target, > representing a 3% increase from the full -year 2023 dividend. Further information regarding the 2024 dividend and future dividend targets can be found in the Chair’s Letter of the Half -yearly > Financial Report. Please note that future profit projection and dividends cannot be guaranteed. Projections are based on current estimates and may vary in future. > 5. Bloomberg closing share price as at 30 June 2024. IMAGE > Moray East OFTO, UK International Public Partnerships (‘INPP’ or the ‘Company’) is a responsible, long -term investor in over 140 infrastructure projects and businesses with a market capitalisation of £2.4 billion 1. The portfolio consists of energy transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia, New Zealand and North America. INPP seeks to provide its shareholders with both a long -term yield and capital growth. 6. Information provided In the charts is based on 30 June 2024 portfolio investment fair value. 7. The majority of projects and businesses benefit from availability -based or regulated revenues. ‘Other’ includes Family Housing for Service Personnel (4%), Health (4%), Digital (2%) and Courts (2%) among other assets. 8. Risk Capital includes both investment and business level equity and subordinated shareholder debt. 9. Early -Stage Investor – investments developed or originated by the Investment Adviser or predecessor team in primary or early phase investments. 10. Later Stage Investor – investments acquired from a third - party investor in the secondary market. # LOW RISK AND DIVERSIFIED PORTFOLIO 6 DIVIDENDS HISTORY AND TARGETS Investments are diversified by developed geographies Weighted average portfolio life of c.38 years 11 Early -stage investment gives first mover advantage and maximises capital growth opportunities Preference to hold majority stakes Investments across the capital structure MODE OF ACQUISITION/ INVESTMENT STATUS INVESTMENT OWNERSHIP INVESTMENT TYPE 144 investments in infrastructure projects and businesses across a variety of sectors 7 SECTOR BREAKDOWN GEOGRAPHIC SPLIT INVESTMENT LIFE 2024 Target Dividend 12 2025 Target Dividend 12 Dividend Yield 14 Cash Dividend Coverage 15 8.37 pence per share 8.58 pence per share 6.6 % 1.1 x 2 Transport 19% Education 16% Gas Distribution 16% Waste Water 14% Other 15 % Energy Transmission 20% Belgium 8% Australia 7% US 4% Germany 4% Canada 1% Ireland <1% UK 72% Denmark <1% Senior Debt 1% Risk Capital 8 99% 20 -30 years 25% >30 years 36% <20 years 39 % 50 -100% 6% <50% 48% 100% 46% Construction 14 % Early -Stage Investor 9 66% Later Stage Investor 10 34% Operational 86 % # SHARE PRICE PERFORMANCE AND TSR The Company’s investments are generally expected to continue to deliver predictable distributions to the Company, owing to the principally contracted or regulated nature of the underlying cash flows . As the Company has a large degree of visibility over the forecast cash flows of its current investments as at 30 June 2024 , the chart below sets out the Company’s forecast investment receipts from its current portfolio before fund -level costs and the line is an illustration of how the NAV of the Company may evolve over time based on the current portfolio remaining static and nothing else changing . # PROJECTED INVESTMENT RECEIPTS # AND NAV 17 TSR since IPO 16 Annualised TSR since IPO 16 Share Price 5 Share Price Discount to Nav 5 197.2% 6.4% 127.4p 14.8% Since listing in 2006, the Company has outperformed the FTSE All - Share index by 34.5% and provided Total Shareholder Return (‘TSR’) (share price growth plus reinvested distributions) of 197.2%, or an annualised TSR to 30 June 2024 of 6.4% 16 . 15. Cash dividend payments to investors are paid from net operating cash flow before capital activity as detailed in the Investor Returns section of the Half -yearly Financial Report. 16. Since inception in November 2006. Source: Bloomberg. Share price appreciation plus dividends assumed to be reinvested. 17. This chart is not intended to provide any future profit forecast. Cash flows and NAV shown are projections based on the current individual asset financial models and may vary in future. Only investments committed as at 30 June 2024 are included. 11. Includes non -concession entities which have potentially a perpetual life but assumed to have finite lives for this illustration. 12. Future profit projection and dividends cannot be guaranteed. Projections are based on current estimates and may vary in future. 13. The second and final dividend in respect of 2024 is anticipated to be announced in March 2025 and paid in June 2025. This will be the final dividend paid on a six - monthly basis. See the Interim Report for information. 14. 12 -month forward dividend yield, based on closing share price at 30 June 2024 and 12 month forward forecast dividends on a cash basis. New Zealand 3% The Board previously announced an increased 2024 dividend target of 8.37 pence per share 12 reflecting growth of 3.0% compared to the 2023 dividend. The Board has declared an interim dividend of 4.18 pence per share in respect of the six months to 30 June 2024 and this is expected to be paid on 19 December 2024. Beyond 2024, the Board is forecasting to continue its long -term projected annual dividend growth rate of 2.5% such that the 2025 dividend target is 8.58 pence per share 12 . From 2025, the Company intends to increase the frequency of its dividend payments, from semi -annually to quarterly 13 .4% 16% 14% 20% 19% 23% 4% # RESPONSIBLE # INVESTMENT ## In support of its purpose, the Company is ## committed to responsible investment that is ## beneficial to its shareholders, communities, ## society and wider stakeholders. The Company believes that the financial performance of its investments is linked to environmental and social success and, as such, the Company considers issues that have the potential to impact the performance of its investments, both now and in the future . ▪ The Company is categorised as an ‘Article 8’ financial product ▪ The Company’s Investment Adviser, Amber is a signatory of the UN -backed PRI ▪ The Company supports the 2030 Agenda for Sustainable Development adopted by the UN Member States in 2015 . Alignment with the SDGs is a key part of the Company’s approach to ESG integration ▪ The Company has taken steps to strengthen the alignment of its investment activity with the objectives of the Paris Agreement and is a supporter of the recommendations of the TCFD # RELATIONSHIP WITH THE # INVESTMENT ADVISER ## INPP, through its Investment Adviser, Amber ## Infrastructure Group (‘Amber’), takes an active ## investor role to deliver best value for its ## shareholders. Amber employs over 180 staff, ## across investment origination, financial and ## asset management. This operating model contrasts with that of other market participants, who often use investment advisers with smaller teams, and outsource asset management activities . Amber also identifies, develops and originates investment opportunities that meet INPP’s risk/return profile, and puts these forward for initial consideration and, where appropriate, investment approval . Under the terms of the Investment Advisory Agreement with Amber, INPP has the first right of refusal over qualifying infrastructure investments identified by Amber and for the US, by Amber’s long -term investor, US Group, Hunt Companies LLC (‘Hunt’) . INPP’s access to these opportunities broadens the base for new investments . In May 2024 , Amber announced a strategic transaction with Boyd Watterson 18 creating a leading global alternatives investment platform with $35 bn combined assets under management . The transaction reached formal completion at the end of August 2024 . Certain market opportunities can take years to gestate ; Amber researches and tracks particular investment opportunities from conception, through to development and consultation stages, long in advance of an investment formally coming to market . This ‘developer’ approach gives INPP significant early -mover advantages . STRONG AND SUSTAINABLE STEWARDSHIP OF PORTFOLIO INVESTMENT PORTFOLIO BOARD AND COMMITTEES FINANCIAL AND ACTIVE ASSET MANAGEMENT REPRESENTATION AT ASSET BOARD LEVEL FUND LEVEL REPORTING AND BOARD SUPPORT The chart above shows the alignment of the Company’s portfolio with the core SDGs described below, by Investments at Fair Value (presented clockwise from the top) 3 > 3 Good Health and Well Being 4% > 4Quality Education 16% > 6 Clean Water & Sanitation 14% > 7 Affordable & Clean Energy 20 % > 9 Industry, Innovation and Infrastructure 19 % > 11 Sustainable Cities & Communities 24 % > 17 Peace, Justice & Strong Institutions 4% > 18. https://www.amberinfrastructure.com/news -and -insights/press -releases/boyd -watterson -amber -jointly -announce -strategic -transaction /. The information in this document has been prepared at the direction of International Public Partnerships Limited (“ INPP ”) solely for use at an information presentation about INPP . This document does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities, it does not constitute marketing or promotional material, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever . The information contained in this document is not comprehensive and may be partial, incomplete or on its own be at risk of being taken out of context . This document is not intended in any way to be a substitute for a review of the annual and semi -annual reports and accounts of INPP and should not be relied on as such . The information in the section dealing with Pipeline is indicative only of the range of opportunities that may be available to INPP in the future in the event that certain projects are awarded to INPP or its Investment Advisor, Amber Fund Management Limited (the “Investment Advisor ” or “AFML ”) or its associated companies, AFML disposes of those investments and INPP acquires those interests from AFML . This document explicitly does not consider risk associated with INPP and is not intended or to be taken as a comprehensive overview of the activities of INPP . No warranty or guarantee is given by the Company, AFML nor any of INPP’s advisors or representatives, nor may any reliance be placed on any returns or other performance indicators or targets which may be used in this document . There is no compensation or guarantee scheme in place that applies to the Company, nor any protection from future market performance . If you invest in the Company, you should be prepared to assume the risk that you could lose some or all of your investment . This document does not constitute a recommendation nor personal advice regarding the securities of INPP . Please consult your financial or professional advisers . This document has not been approved by the UK Financial Conduct Authority, the Guernsey Financial Services Commission or other relevant regulatory body . This document has not been approved by a person authorised under the Financial Services & Markets Act 2000 (" FSMA ") for the purposes of section 21 FSMA . The contents of this document is not a financial promotion, nor does it constitute an invitation or inducement to engage in investment activity . If and to the extent that this document or any of its contents are deemed to be a financial promotion, INPP is relying on the exemption provided by Article 69 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 /1529 in respect of section 21 FSMA . AFML will not be responsible to a third party for providing the protections afforded to clients of the Investment Advisor and will not be advising a third party on investing in INPP . Other than in the UK, this document and the information contained is not intended for retail investors . No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, projections or opinions contained herein . Neither INPP, its investment adviser, AFML, not any of its associates, nor any of INPP’s advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document . Without prejudice to the foregoing no responsibility is taken for any errors or omissions in this document . The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially without notice from time to time . This document does not constitute a recommendation regarding the securities of INPP . The information communicated in this document contains certain statements, graphs and projections (“ Statements ”) that are or may be forward looking . These pieces of information typically contain words such as “expects” and “anticipates” and words of similar import . Where the Statements are graphical such words are implied in that information through the shape and size of graphed information relating to future years . By their nature forward looking Statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future . These circumstances may or may not transpire and accordingly no reliance or expectation should be formed based on these Statements . This document and the information contained herein, are not for publication or distribution, directly or indirectly, to persons in the United States (within the meaning of Regulation S under the US Securities Act of 1933 , as amended (the “Securities Act ”) or to entities in Canada, Australia or Japan . The ordinary shares of INPP have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except to certain persons in offshore jurisdictions in reliance on Regulation S. Neither this document nor any copy may be taken or transmitted into or distributed in the EU, Canada, Australia, Japan or any other jurisdiction which prohibits the same except in compliance with applicable securities laws . Any failure to comply with this restriction may constitute a violation of the United States or other national securities laws . DISCLAIMER ## COMPANY CONTACTS CHAIR Mike Gerrard ## ADVISERS INVESTMENT ADVISER Amber Fund Management Limited 3 More London Riverside London, SE1 2AQ ADMINISTRATOR AND COMPANY SECRETARY Ocorian Administration (Guernsey) Limited PO Box 286, Floor 2, Trafalgar Court Les Banques, Guernsey, Channel Islands, GY1 4LY REGISTERED OFFICE FTI Consulting 200 Aldersgate Aldersgate Street London, EC1A 4HD INDEPENDENT AUDITOR PricewaterhouseCoopers CI LLP PO Box 321, Royal Bank Place 1 Glategny Esplanade St Peter Port, Guernsey, Channel Islands, GY1 4ND DIRECTORS Giles Adu 19 Julia Bond Stephanie Coxon Sally -Ann David John Le Poidevin Meriel Lenfestey Giles Frost # COMPANY INFORMATION LISTING ## LONDON STOCK EXCHANGE INDEX INCLUSION ## FTSE ALL -SHARE, FTSE 250 ELIGIBILITY ## ELIGIBLE FOR ISA/PEPS ## AND SIPP TRANSFERS SECURITIES ON ISSUE ## 1,900 MILLION DIVIDEND PAYMENTS ## HALF -YEARLY FINANCIAL YEAR -END ## 31 DECEMBER ISIN NUMBER ## GB00B188SR50 SED0L ## B188SR5 TICKER ## INPP .L REGISTERED OFFICE PO Box 286 Floor 2, Trafalgar Court Les Banques Guernsey, Channel Islands GY1 4LY CORPORATE BROKERS Deutsche Numis 31 Gresham Street London, EC2V 7QA CORPORATE BANKER Royal Bank of Scotland International 1 Glategny Esplanade St Peter Port Guernsey, Channel Islands GY1 4BQ LEGAL ADVISER Carey Olsen PO Box 98, Carey House Les Banques Guernsey, Channel Islands GY1 4BZ 4 IMAGE Heata Community Campus, Christchurch, New Zealand