TIDMHICL
RNS Number : 2052U
HICL Infrastructure PLC
22 November 2023
22 November 2023
HICL Infrastructure PLC
INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2023
This announcement contains Inside Information.
The Board of HICL Infrastructure PLC ("HICL", or the "Company")
announces Interim Results for the Company for the six months ended
30 September 2023. The Interim Report is available at the following
link: https://www.hicl.com/InterimReport2023
Highlights
For the six months ended 30 September 2023
-- HICL's portfolio performed in line with expectations during
the period, delivering an underlying return(1) of 8.2% (30
September 2022: 13.0%), ahead of the expected return of 7.2%
as at 31 March 2023, before macroeconomic adjustments to the
discount rate, inflation and interest rates.
-- A decrease of 5.5p in Net Asset Value to 159.4p (31 March
2023: 164.9p), reflecting the increase of the portfolio's
weighted average discount rate from 7.2% to 8.0%.
o The increase in the discount rate reflects increased
long-term government bond yields balanced by the Company's
own recent cross-sector and cross-geography transactions,
all sold at or above their respective valuation at 31
March 2023.
-- Transaction activity in the period totalled GBP532m, demonstrating
our active approach to asset rotation and portfolio enhancement:
o GBP208m of acquisitions across two investments: Altitude
Infra (fibre, France) and Hornsea II OFTO (electricity
transmission, UK).
o GBP324m of divestments, spanning a portfolio sale of
four UK PPP projects and half of HICL's investment in
the Hornsea II OFTO (UK); a partial disposal of the Northwest
Parkway toll road (US); the sale of Bradford BSF Schools
PPP, phases 1 and 2 (UK); and the sale of University
of Sheffield accommodation (UK). All divestments were
made at or above their respective valuation at 31 March
2023.
-- Disposal proceeds will be used to reduce floating rate debt
exposure, in line with the Company's disciplined capital allocation
approach. On completion of disposals, the RCF is expected
to be c.GBP115m drawn, bringing fund gearing down to be c.10%.
-- Contractual inflation linkage embedded in HICL's assets supported
an increase in cash generation, with dividend cash cover excluding
profits on disposals improving to 1.05x over the period (September
2022: 1.03x). Including profits on disposals cash cover is
1.35x (September 2022: 1.58x).
-- The Board reaffirms that HICL remains on track to deliver
its target dividend of 8.25p per share for the financial year
ending 31 March 2024(2) .
-- The Board reiterates its dividend guidance of 8.25p per share
for the year ending 31 March 2025(2) , reflecting an appropriate
balance between delivering short-term yield and enhancing
HICL's long-term earnings base, particularly as its PPP concessions
approach maturity.
-- The Board's priority remains disciplined capital management,
in particular, the reduction in short-term floating debt.
The bar for new investments remains very high, informed by
the cost of debt and the relative attractiveness of buying
back shares.
1. Performance of the portfolio relative to the opening weighted average discount rate
2. This is a target only and not a profit forecast. There can be
no assurance that this target will be met
Summary Financial Results
(On an Investment Basis)
for the six months to 30 September 2023 30 September
2022
Income(1) GBP10.9m GBP125.8m
Total Return(2) GBP(27.6)m GBP102.6m
(Loss) / Earnings per share ("EPS") (1.4p) 5.2p
Target dividend per share for
the year 8.25p 8.25p
1. Income was GBP(24.7)m on an IFRS Basis (2022: GBP104.5m)
2. Total Return was GBP(27.6)m on an IFRS Basis (2022: GBP102.6m)
Net Asset Value 30 September 2023 31 March 2023
NAV per share 159.4p 164.9p
Interim Dividend 2.06p 2.07p
NAV per share after deducting
interim dividend 157.3p 162.8p
Mike Bane, Chair of HICL, said:
"The Board and I are pleased with the active management of
HICL's portfolio and the solid operating result against a difficult
market backdrop. Continued progress on strategic asset rotation has
served to improve portfolio composition, while supporting the
Company's Net Asset Value. This transaction activity, which has
been across geographies, sectors and counterparties, gives the
Board a high level of confidence in HICL's NAV and reinforces the
belief that the Company's shares have been materially oversold by
public markets."
Edward Hunt, Head of Core Income Funds at InfraRed Capital
Partners, HICL's Investment Manager added:
"HICL continues to withstand the volatile macro environment,
with solid underlying asset performance and resilient asset
valuations as demonstrated by our asset disposals during the period
which have sold at a premium. The focus on strong balance sheet
management informs HICL's proactive capital allocation strategy,
with disposal proceeds used to materially reduce the RCF. The
Company's strong track-record of accretive asset rotation stands it
in good stead to self-fund its future investment activities, as
required, and continue to enhance HICL's investment proposition for
shareholders."
Chair's Statement
HICL's results for the first half of the year demonstrate
strategic asset rotation, improving portfolio composition and
validating the Company's Net Asset Value.
In a period dominated by significant structural shifts in the
macroeconomic environment, HICL's core infrastructure assets
continued to perform in line with expectations. The Company's
diversified portfolio benefits from predictable long-term cash
flows which are positively correlated to inflation and insulated in
large part from economic and financial market volatility. These
defensive attributes are a key attraction of the core
infrastructure asset class and underpin the durability of HICL's
long-term investment proposition.
Given market conditions, the Board and Investment Manager have
been particularly focused on the active management of HICL's
portfolio and balance sheet. During the period, over GBP320m of
asset sales have been announced at or above their respective
valuation at 31 March 2023. These sales improve portfolio
composition, validate the Company's Net Asset Value ("NAV") and, on
completion, reduce exposure to floating rate debt. This exposure
was also reduced in the period by completing a GBP150m private
placement and capping GBP200m of floating interest rate exposure on
the Revolving Credit Facility ("RCF").
Despite the solid operating performance of the portfolio and
transaction evidence for the intrinsic value of HICL's assets, the
higher interest rate environment has severely impacted the
Company's share price in the period, with HICL trading at a
significant discount to NAV. The Board believes that there is a
significant disconnect between the value ascribed to the Company's
portfolio by public markets, compared to the valuations
consistently demonstrated in private markets through the Company's
asset sales. This transaction activity, which has been across
geographies, sectors and counterparties, gives the Board a high
level of conviction in the reported NAV and reinforces the belief
that the Company's shares have been materially oversold by public
markets. Compared with fixed income products, HICL offers higher
nominal returns, with inflation protection and the potential for
capital growth and outperformance. The share price at 30 September
2023 implies a long-term expected return from the portfolio of 8.9%
p.a. net of costs(1) . The Board believes this represents
compelling risk-adjusted value.
Financial performance
The Company's NAV at 30 September 2023 was 159.4p (March 2023:
164.9p). The loss per share was (1.4)p (September 2022: earnings of
5.2p). Total Shareholder Return ("TSR")(2) on an annualised basis
was (1.7)% (September 2022: 6.7%) and the underlying Annualised
Return from the portfolio was 8.2%(3) (September 2022: 13.0%),
which exceeds the Company's weighted
average discount rate of 7.2% as at 31 March 2023.
The movement in the NAV per share from 164.9p at 31 March 2023
to 159.4p at 30 September 2023 was primarily driven by increases in
discount rates. The 80bps increase in the weighted average discount
rate to 8.0% reflects higher interest rates across HICL's key
geographies and was partially offset by higher inflation (both
forecast and actual) and by increases in deposit rates (see full
updated assumptions on page 13 of the full Interim Report linked
above).
A detailed explanation of the factors affecting the valuation is
set out in the Valuation of the Portfolio section starting on page
11 of the full Interim Report linked above.
Accretive investment activity
Strategic asset rotation has consistently been a key driver of
shareholder value for HICL, with 25 asset disposals amounting to
over GBP830m since IPO. These have contributed over 7.5p to NAV and
provide an important source of capital outside capital markets.
Over the last 18 months, HICL's portfolio has significantly
evolved with over GBP745m(4) of new high-quality core
infrastructure investments, funded in a large part through over
GBP430m(5) of disposals. This active management has improved
portfolio composition, increased diversification and delivered
shareholder value despite challenging equity market conditions.
More information on these transactions can be found in the
Investment Manager's Report, on page 6 of the full Interim Report
linked above.
Financing
On completion of disposals announced in the period, the
Company's GBP650m RCF is expected to be c.GBP115m drawn, down from
GBP494m at its peak in April 2023, with gearing reduced from 16% to
10%.
In addition to disposals, the Manager executed on several
initiatives to further reduce floating interest rate exposure in
the period. Further information is given on page 6 of the full
Interim Report linked above.
Dividend guidance
The Board is pleased to re-affirm that HICL remains on track to
deliver its target dividend of 8.25p per share for the financial
year ending 31 March 2024, which is expected to be cash covered.
The Board also reiterates its dividend guidance of 8.25p per share
for the year ending 31 March 2025.
The Board notes that the contractual inflation linkage embedded
across HICL's assets, is now beginning to flow through to uplifted
cash flows, having already been recognised in the NAV. This has
contributed to the increase seen in dividend cash cover to 1.05x
(March 2023: 1.03x) and the Board expects this upward trend to
continue.
Sustainability leadership
As part of the Board's commitment to continuous improvement, a
sustainability investor perception survey was commissioned during
the period to allow the Board to better evaluate HICL's performance
in this critical area. Many of HICL's investors provided input on
HICL's approach to sustainability strategy and disclosure. This
valuable feedback will feed directly into the 2024 Sustainability
Report, ensuring HICL's sustainability disclosures continue to
improve alongside increasing Net Zero data collection at the
portfolio level. I would like to personally thank those investors
who participated.
Outlook
Against a challenging backdrop of unpredictable macroeconomic
conditions, the Board remains highly focused on robust governance
procedures. This includes oversight of the Company's transactions,
capital allocation and processes, as well proactive engagement with
investors.
HICL's portfolio offers investors a highly defensive set of cash
flows and a resilient NAV which has been consistently validated
through third-party transactions. The Board believes that the
current disconnect in pricing between public and private markets
for high-quality core infrastructure assets represents a unique
opportunity for investors with a long-term mindset: a return of the
Company's share price to NAV would represent a 29% return before
dividends(6) .
In this environment the Board remains focused on appropriate
capital allocation. The bar for new acquisitions is suitably high,
informed by alternative uses of capital such as reducing the
Company's floating rate debt or buying back shares. Additionally,
market volatility has historically offered attractive investment
opportunities for those companies that have maintained optionality
through active balance sheet management. HICL's investors should
expect the focus on self-funded and accretive portfolio rotation to
continue, with live disposal activity at the time of publication.
In the longer term, the megatrends of decarbonisation and
digitalisation are largely unaffected by short-term market
volatility and continue to drive growth in the core infrastructure
sector. This provides a compelling strategic backdrop for the
Company to execute its long-term strategy.
Mike Bane , Chair
21 November 2023
1. Based on discount rate, less ongoing charges ratio, adjusted
to reflect the share price discount to the NAV using published
discount rate sensitivities
2. Based on interim dividends paid plus change in NAV per share
3. Calculated as portfolio return divided by the rebased
valuation, annualised. Excludes changes in macroeconomic
assumptions. More details provided in the APM section on page 20 of
the full Interim Report linked above
4. Acquisitions since March 2022 includes: B247 Road,
Fortysouth, Texas Nevada Transmission, Cross London Trains,
Altitude Infra, Hornsea II OFTO
5. Disposals since March 2022 includes: Queen Alexandra
Hospital, Northwest Parkway (partial), Bradford Schools Phase 1+2,
Oxford John Radcliffe Hospital, Romford Hospital, South Ayreshire
Schools, PSBP NE Schools, Hornsea II OFTO (partial) and Sheffield
Student Accommodation
6. Based on the share price of 124.0p as at 30 September 2023
Investment Manager's Report
HICL's high-quality portfolio delivered a solid performance
amidst volatile financial markets during the first half of the
year.
Operational performance was in line with expectations, with key
milestones achieved on some of the Company's largest assets.
Over the last six months, we have continued to execute the
Company's strategy, evolving the portfolio through targeted
acquisitions, balanced with selective asset sales. InfraRed's focus
on portfolio rotation enhanced portfolio composition, validated
asset valuations, and strengthened the Company's balance sheet.
HICL continues to offer investors a specialised investment
proposition by providing exposure to a diversified portfolio of
private core infrastructure assets, critical to the functioning of
society. This provides investors with exposure to predictable and
inflation-linked returns, and the potential for outperformance
through capital growth delivered through InfraRed's active
management approach. These factors set HICL apart from a wide range
of investment opportunities, including fixed income.
The Investment Manager firmly believes that the current share
price of HICL materially understates the demonstrated value of the
portfolio. HICL's prevailing share price offers a highly attractive
risk adjusted return and yield for investors.
Operational Highlights
Portfolio performance was solid over the first six months of the
year, delivering an annualised return of 8.2% (13.0% at 30
September 2022), ahead of the expected return of 7.2% for the
period (as at 31 March 2023) before the impact of changes to
reference discount rates or macroeconomic assumptions.
This outperformance was predominantly a result of the
portfolio's high correlation to inflation - further details can be
found in the Valuation section starting on page 11 of the full
Interim Report linked above.
Operational performance overview
HICL's diversified portfolio of high-quality core infrastructure
assets performed in line with the Investment Manager's expectations
in the period.
The Company's new modern economy assets (Fortysouth, Texas
Nevada Transmission ("TNT") and Altitude Infra), have been
successfully integrated into the portfolio and are performing well
operationally.
The continued recovery of international travel post-Covid
enabled High Speed 1 ("HS1") to resume shareholder distributions in
the period, a key milestone for the project. Shortly after the end
of the period, it was announced that a new international rail
operator, Evolyn, had agreed to purchase 12 high-speed trains to
launch a competitor service between London and Paris in 2025. The
possibility of this initiative was an upside identified at
acquisition and InfraRed will continue to work closely with the HS1
management team to support greater utilisation of the HS1
infrastructure.
In September 2023, Affinity Water submitted its business plan to
Ofwat for the upcoming periodic price review in 2024 ("PR24"). The
significant investment envisaged under the plan is expected to
result in the company's RCV growing by over 32% in real terms
between April 2025 and March 2030. The plan is fully funded and
HICL may consider funding a portion of the growth outlined in
Affinity's plan with equity during AMP 8, contingent on receiving a
fair final determination from Ofwat in December 2024, including the
resumption of equity distributions.
Further details of the operational performance of HICL's largest
assets and the PPP portfolio can be found on pages 8-10 of the full
Interim Report linked above.
Accretive investment activity
Optimising portfolio construction through active management and
asset rotation is a key driver of shareholder value, and this was
demonstrated in the period.
The combined acquisition and disposal activity over the first
half of the financial year contributed positively to HICL's key
portfolio metrics of yield, total return and weighted average asset
life.
During the period, HICL signed and completed two targeted
investments totalling GBP208m:
- Altitude Infra (France), the largest independent wholesale
fibre network in rural France (3% of the Directors' Valuation);
and
- Hornsea II OFTO (UK), the offshore transmission assets
associated with the world's largest installed windfarm (2% of the
Directors' Valuation).
Importantly, HICL added to its strong track record of disposals
in the period. The recent disposals take the total asset sales to
over GBP830m across 25 investments since IPO adding over 7.5p to
the Company's NAV. This is the most extensive track record of asset
rotation of any core infrastructure investment company.
Accretive disposals in the period, amounting to over GBP320m,
were made at or above their respective valuation at 31 March 2023,
as set out below:
- A portfolio sale comprising four UK PPP projects; Queens
(Romford) Hospital, Oxford John Radcliffe Hospital, Priority
Schools North East Batch and South Ayrshire Schools, in addition to
half of the Company's investment in the Hornsea II OFTO for
c.GBP200m;
- Northwest Parkway (US), a partial disposal for $86m
crystallising an 11.0% holding period IRR since the initial
investment in December 2016;
- Bradford BSF Phase 1 & 2 (UK), the combined sale of two
PPP schools for c.GBP37m at an 8% premium to the 31 March 2023
valuation; and
- University of Sheffield Accommodation (UK), the sale of a
concession with demand-based revenues for GBP18m.
InfraRed has a structured and objective methodology to identify
assets suitable for sale, which takes into consideration key
characteristics including inflation correlation, asset life and
yield to ensure an appropriate portfolio mix.
The assets were sold to various counterparties and spanned a
range of sectors, geographies and revenue types. They are a good
representation of HICL's total portfolio, and evidence the
resilience of valuations for high-quality core infrastructure.
Critically, given the wider macroeconomic environment, these
disposals have enabled HICL's strategic portfolio evolution over
the last 18 months to be significantly self-funded.
Financial highlights
The Company's NAV per share decreased by 5.5p over the period to
159.4p at 30 September 2023 (31 March 2023: 164.9p). This reflected
the increase of the portfolio's weighted average discount rate from
7.2% to 8.0% which was partially offset by higher actual and
forecast inflation, higher interest on cash deposits, and positive
underlying portfolio performance.
During the period, central bank base rates increased across all
the markets in which HICL operates, reducing the Company's implied
equity risk premium. Notwithstanding this, the Company carried out
nine asset sales, at or above their respective valuations as at 31
March 2023. The movement in the weighted average portfolio discount
rate of 80bps (100bps in the UK) balances these important external
data points. The adoption of higher inflation assumptions for the
portfolio valuation better aligns with long-term market
expectations and is consistent with the observed transaction
activity.
Further detail on the approach to valuation can be found in the
Valuation section of this report starting on page 11 of the full
Interim Report linked above.
The Board and InfraRed have been focused on maintaining a strong
balance sheet and have taken a proactive approach to ensure that
the Company is best placed to operate in a higher interest rate
environment:
- In May 2023, HICL completed a GBP150m Private Placement,
effectively converting existing short-term drawings to a longer
maturity (10- and 12-year tranches), reducing interest rate risk
and diversifying the Company's sources of funding;
- To protect against further rises in interest rates, in July
2023 the Company purchased an option to cap GBP200m of its SONIA
exposure to 6.5% for three years; and
- Proceeds from the nine disposals announced in the period have
been, and will continue to be used to pay down the Company's RCF,
which is forecast to be c.GBP115m drawn once the announced
transactions complete.
In combination, these initiatives reduced HICL's fund level
gearing to 10% and the cap ensures that the Company has limited
exposure to floating interest rates.
Further information on the Company's financial performance can
be found in the Financial Review section starting on page 17 of the
full Interim Report linked above.
Sustainability
The decarbonisation of existing infrastructure projects is a
goal shared by the private and public sector, and the scale of the
challenge will require a true partnership approach given the
contractual frameworks were developed long before net zero targets.
During the period, InfraRed's Asset Management and Sustainability
teams contributed heavily to the Infrastructure and Projects
Authority (IPA) Net Zero Working Group, feeding directly into the
publication of the Decarbonisation of Operational PFI Projects
handbook. A key pillar of this work has been the agreed
standardised approach to data collection to support the measurement
of greenhouse gas emissions from PFI projects, which will be
reflected in HICL's 2024 Sustainability Report.
Key risks update
HICL's risk appetite statement, approach to risk management and
governance structure are set out in the Risk and Risk Management
section of HICL's 2023 Annual Report, which can be accessed on the
Company's website at www.hicl.com.
The principal risks for the Company for the remaining six months
of its financial year are unchanged from those reported on in the
Annual Report 2023. Notable updates against these risks in the
period are summarised below.
Macroeconomic risk
The Investment Manager notes the challenging macroeconomic
environment which has negatively affected the Company's share
price, alongside the wider listed real asset market segment. Whilst
InfraRed believes the Company's shares have been oversold and that
it has consistently demonstrated the validity of its NAV through
deliberate disposals, a persistently high interest rate environment
may inhibit HICL's ability to issue new equity capital. The key
mitigant to closed public equity markets is active portfolio
rotation through further targeted asset sales to raise the capital
needed to fund new investments and repay debt facilities. This was
clearly demonstrated in the period and continues to be the
Company's near term focus.
There remains the possibility of further interest rate increases
across HICL's investment geographies, which would increase the cost
of floating rate debt at both asset and fund levels. HICL's
portfolio gearing is 67% (31 March 2023: 66%) however the vast
majority of asset level debt is fixed and termed for the duration
of each concession, removing floating rate risk. There are six
assets in the portfolio, predominantly assets with perpetual lives,
which have refinancing requirements exposing them to interest rate
risk. These assets have lower gearing than the portfolio average,
and refinancing timings are carefully managed. At the fund level,
the drawn balance of the Company's RCF is subject to floating rate
risk. This was mitigated in the period through the conversion of
GBP150m of short-term floating-rate borrowings into a fixed-rate
private placement, as well as the purchase of an option to cap
GBP200m of exposure, as detailed above.
Further detail on the portfolio's interest rate sensitivity can
be found in the Valuation section on page 15 of the full Interim
Report linked above.
Political and regulatory risk
The Investment Manager notes the key political elections
expected to occur in the next 12 months in the UK, USA and Europe.
Any change of national government brings the possibility of policy
change in relation to existing infrastructure projects, as well as
the future procurement of urgently needed new infrastructure.
Existing contractual frameworks provide a high level of
protection to investors from government intervention and the
political consensus across HICL's key jurisdictions on the need for
continued investment to maintain and replace ageing infrastructure
is a key mitigant against this risk. This accepted need for
infrastructure investment, and the role of private capital in
support, is expected to provide attractive opportunities for the
Company in due course.
HICL's approach to diversifying political and regulatory risk
across jurisdictions helps protect the portfolio from localised
risks. HICL's portfolio is now comprised of 63% of assets within
the UK (31 March 2023: 64%), with the balance of the portfolio
invested in Europe, North America and New Zealand.
In the UK, the Investment Manager notes heightened public
scrutiny of the water sector, with several companies subject to
investigations and negative media attention over claims of illegal
wastewater discharge practices. Affinity Water is a water only
company with no wastewater operations, distinguishing it from those
companies which may face specific action in this area. Affinity
Water was rated as an 'average' performer (in line with the highest
awarded grade) in Ofwat's recently published Water Company
Performance Report. InfraRed believes Affinity Water is well
positioned for PR24. Further information on Affinity's operating
performance is given on page 8 of the full Interim Report linked
above.
Market and outlook
The volatile macroeconomic environment continues to be the
primary driver of public market valuations across the real assets
sector, with this trend set to continue until markets establish
greater certainty over the rate cycle. However, resilient
valuations evidenced in the period continue to demonstrate a
disconnect between private and public market valuations for
attractive core infrastructure.
As long-term investors through multiple cycles, it is the
Investment Manager's experience that such an environment can
present attractive investment opportunities via special situations,
including with reduced competition. The bar for new investments is
high, set by the relative attractiveness of repurchasing shares,
the cost of the Company's debt facilities, and the desire to
further reduce the balance of HICL's RCF. InfraRed will continue to
evaluate investment opportunities on a case-by-case basis and with
a high degree of investment discipline. The Company's strong track
record of accretive asset rotation stands it in good stead to
self-fund its future investment activities, as required, and
continue to enhance HICL's investment
proposition for shareholders.
Directors' Statement of Responsibilities
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared
in accordance with International Accounting Standard 34 Interim
Financial Reporting ("IAS 34") as adopted by the United Kingdom;
and
-- the interim management report, comprising the Chair's Statement,
Investment Manager's Report and Financial Results, includes
a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules,
being an indication of important events that have occurred during
the first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules,
being related party transactions that have taken place in the first
six months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
On behalf of the Board
Mike Bane , Chair
21 November 2023
Publication of documentation
The above information is an extract of information from HICL's
Interim Report. The Interim Report has been submitted to the
National Storage Mechanism and will shortly be available for
inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism . It can
also be obtained from the Company Secretary or from the Investors
section of the Company's website, at www.HICL.com . A direct link
to the PDF of the Interim Report is also included here :
https://www.hicl.com/InterimReport2023
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