International Public Partnerships Operational Update (1198H)
March 23 2020 - 2:00AM
UK Regulatory
TIDMINPP
RNS Number : 1198H
International Public Partnerships
23 March 2020
23 March 2020
Operational update
International Public Partnerships Limited (' INPP', the
'Company'), the FTSE 250 listed infrastructure investment company,
makes the following statement in light of the Covid-19
pandemic:
Summary:
-- The Company confirms that the operational performance of its assets continues as expected;
-- Covid-19 has to date had no impact on the Company's cashflow from its investments; and
-- The Company's balance sheet remains robust with a GBP400
million revolving debt facility (maturing in July 2021) of which
only c.GBP9.5 million is cash drawn or otherwise committed. The
Company also has c.GBP70 million of cash available in addition to
the cash held within the underlying investments.
Whilst the full consequences of the pandemic and its effects
cannot yet be known, the Company believes that its business model
and diversified portfolio continues to offer a significant degree
of protection to shareholders and is reassured by the operational
performance of its assets to date.
Operations:
The Company's Investment Adviser, Amber Infrastructure Group
('Amber') and its asset management team are fully resourced and are
actively managing portfolio performance. During this time of
uncertainty the team has been working to continue to provide
clients with the support they need whilst ensuring the health and
safety of staff.
This work has focussed on continuity of service delivery,
availability of facilities and assurance of cashflows (receipts and
payments). Bespoke Covid-19 risk management tools have been created
to assist the asset management team implement the necessary
interventions to support clients and protect value as the situation
unfolds. Where the Company or its asset management team do not have
direct management control of the underlying assets (typically where
the Company has a minority shareholding) similar work has been
requested of the relevant management teams. This review is being
carried out by asset type across each jurisdiction both from an
operational and contractual documentation perspective.
Schools make up a significant part of the Company's portfolio.
We note the closure of schools in the UK and Germany (and likely
closures in Australia), and have engaged positively with our public
sector partners over this. We currently expect that the Company
will be in a no worse position as a result of these closures.
The Company notes that there are a range of contingent risks
stemming from Covid-19. These include, but may not be limited to,
staff shortages and supply chain breakdowns. The Company will
continue to monitor and where possible take action to avoid or
mitigate any such impacts on its portfolio. The Company notes that
the overwhelming majority of its revenues come from
availability-based payments or regulated cashflows that generally
provide a range of protections against adverse scenarios. The
Company believes that those assets which are dependent for their
revenues on availability are currently fully available.
As noted above, the Company's balance sheet is well positioned.
In addition, debt at the level of the Company's underlying assets
is bespoke to each asset but is non-recourse to the Company and
typically either fixed-rate debt which fully amortises over the
asset life without refinancing risk, or where refinancings are
required, there are regulatory or other mechanisms designed to
compensate for changes in the market cost of debt.
Enquiries:
Erica Sibree/Amy Joslin
Amber Fund Management Limited +44 (0)20 7939 0558/0587
Hugh Jonathan
Numis Securities +44 (0)20 7260 1263
Ed Berry/Mitch Barltrop
FTI Consulting +44 (0) 20 3727 1046/1039
About International Public Partnerships ('INPP'):
INPP is a listed infrastructure investment company that invests
in global public infrastructure projects and businesses, which
meets societal and environmental needs, both now, and into the
future.
INPP is a responsible, long-term investor in 130 infrastructure
projects and businesses. The portfolio consists of utility and
transmission, transport, education, health, justice and digital
infrastructure projects and businesses, in the UK, Europe,
Australia and North America. INPP seeks to provide its shareholders
with both a long-term yield and capital growth.
Amber Infrastructure Group is the Investment Adviser to INPP and
consists of approximately 125 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
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contact rns@lseg.com or visit www.rns.com.
END
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