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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Antin Infrastructure Partners | EU:ANTIN | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.08 | 11.90 | 12.20 | 0.00 | 01:00:00 |
Regulatory News:
Antin Infrastructure Partners (Paris:ANTIN):
(€m, unless otherwise indicated)2022
2021
% change
AUM, in €bn
30.6
22.7
+34.9%
Fee-Paying AUM, in €bn
19.1
13.8
+38.4%
Revenue
214.2
180.6
+18.6%
Underlying EBITDA
118.5
108.4
+9.3%
Underlying EBITDA margin
55%
60%
(470)bp
Underlying net income
79.7
74.4
+7.0%
Underlying EPS (before dilution, in €)
0.46
0.46
(0.7)%
FY 2022 HIGHLIGHTS
ALAIN RAUSCHER and MARK CROSBIE, co-founders of Antin, declared:
“2022 was another outstanding year for Antin marked by strong growth in AUM and significant accomplishments in all areas of our business. All our funds demonstrated impressive resilience and performed either on plan or ahead of plan. We delivered record breaking activity levels including the largest amount of capital raised and most investments announced in a single year. All of this was achieved in an uncertain global macroeconomic environment. Looking ahead, we are confident in our ability to deliver excellent results to our fund investors and shareholders and we are excited about the prospects for infrastructure investment in the years that lie ahead.”
ACTIVITY UPDATE(1)
FUNDRAISING
INVESTMENT ACTIVITY
EXIT ACTIVITY
FUND PERFORMANCE
INCOME STATEMENT ANALYSIS
REVENUE
EBITDA
NET INCOME
BALANCE SHEET AND COMMITMENTS
DISTRIBUTION TO SHAREHOLDERS
ESG
SUSTAINABILITY-LINKED FINANCING
POST-CLOSING EVENTS
OUTLOOK
TODAY’S WEBCAST PRESENTATION
Antin’s Board of Directors, which met on 22 March 2023, approved the audited financial statements for the 2022 fiscal year. The Statutory Auditors are in the process of issuing a report with an unqualified opinion, which will be issued in the 2022 Universal Registration Document.
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT ON AN UNDERLYING BASIS
(€m)
2022
2021
Management fees
209.2
170.8
Carried interest and investment income
2.1
7.2
Administrative fees and other revenue net
2.8
2.6
TOTAL REVENUE
214.2
180.6
Personnel expenses
(64.5)
(50.5)
Other operating expenses & tax
(31.2)
(21.8)
TOTAL OPERATING EXPENSES
(95.7)
(72.3)
UNDERLYING EBITDA
118.5
108.4
% margin
55%
60%
Depreciation and amortisation
(13.4)
(8.8)
UNDERLYING EBIT
105.1
99.5
Net financial income and expenses
(1.6)
(2.9)
UNDERLYING PROFIT BEFORE INCOME TAX
103.5
96.7
Income tax
(23.8)
(22.2)
% income tax
23%
23%
UNDERLYING NET INCOME
79.7
74.4
% margin
37%
41%
Underlying earnings per share (€)
- before dilution
0.46
0.46
- after dilution
0.44
0.45
Weighted average number of shares
- before dilution
174,531,363
161,904,704
- after dilution
181,978,992
163,869,137
INCOME STATEMENT: RECONCILIATION FROM UNDERLYING TO IFRS
(€m, 2022)
Underlying basis
Non-recurring
items
IFRS basis
Management fees
209.2
-
209.2
Carried interest and investment income
2.1
-
2.1
Administrative fees and other revenue net
2.8
-
2.8
TOTAL REVENUE
214.2
-
214.2
Personnel expenses
(64.5)
(97.5)
(161.9)
Other operating expenses & tax
(31.2)
(0.1)
(31.3)
TOTAL OPERATING EXPENSES
(95.7)
(97.5)
(193.2)
EBITDA
118.5
(97.5)
20.9
Depreciation and amortisation
(13.4)
-
(13.4)
EBIT
105.1
(97.5)
7.5
Net financial income and expenses
(1.6)
(0.5)
(2.0)
PROFIT BEFORE INCOME TAX
103.5
(98.0)
5.5
Income tax
(23.8)
1.5
(22.3)
NET INCOME
79.7
(96.5)
16.8
In 2022, Antin recognised €97.5m in personnel expenses related to the Free Share Plan, of which €91.2m relates to the accrual of compensation expenses and €6.3m to the accrual of social charges, based on a price €20.30 per share as of 31 December 2022. Antin also recognised interest expenses of €0.5m related to the financing of a hedge transaction associated to the Free Share Plan.
BALANCE SHEET
(€m)
31-Dec-2022
31-Dec-2021
Property, equipment and intangible assets
19.0
5.8
Right-of-use assets
50.6
31.0
Financial assets
41.6
34.8
Deferred tax assets and other non-current assets
17.2
25.2
TOTAL NON-CURRENT ASSETS
128.4
96.9
Other current assets
46.4
29.3
Cash and cash equivalents
422.0
392.6
TOTAL CURRENT ASSETS
468.4
421.9
TOTAL ASSETS
596.8
518.8
TOTAL EQUITY
473.5
447.7
Borrowings and financial liabilities
-
-
Derivative financial liabilities
5.8
-
Lease liabilities
51.9
31.4
Employee benefit liabilities
0.5
0.6
Deferred tax liabilities
2.0
5.9
TOTAL NON-CURRENT LIABILITIES
60.2
37.8
Borrowings and financial liabilities
-
-
Lease liabilities
6.0
3.3
Other current liabilities
57.1
29.9
TOTAL CURRENT LIABILITIES
63.1
33.2
TOTAL EQUITY AND LIABILITIES
596.8
518.8
CASH FLOW STATEMENT
(€m)
2022
2021
NET CASH INFLOW / (OUTFLOW) RELATED TO OPERATING ACTIVITIES
103.9
72.0
Of which (increase) / decrease in working capital requirement
(6.0)
(16.8)
NET CASH INFLOW / (OUTFLOW) RELATED TO INVESTING ACTIVITIES
(23.9)
(12.7)
Of which purchase of property and equipment
(15.4)
(5.2)
Of which investment in financial investments
(8.7)
(3.3)
NET CASH INFLOW / (OUTFLOW) RELATED TO FINANCING ACTIVITIES
(50.7)
319.1
Of which dividends paid
(43.6)
(54.8)
Of which lease liabilities
(3.4)
(1.5)
Of which disposal / (repurchase) of treasury shares
(1.2)
-
Of which repayment of borrowings
-
(27.3)
Of which share capital increase / (reduction)
-
404.9
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS
29.3
378.4
Cash and cash equivalents, beginning of period
392.6
14.0
Translation differences on cash and cash equivalents
0.1
0.1
CASH AND CASH EQUIVALENTS, END OF PERIOD
422.0
392.6
APPENDIX
DEVELOPMENT OF AUM AND FEE-PAYING AUM OVER THE LAST TWELVE MONTHS
(€bn)
AUM
Fee-Paying AUM
Beginning of period, 31 December 2021
22.7
13.8
Gross inflows
8.3
8.9
Step-downs
-
(2.9)
Realisations (6)
(2.4)
(0.8)
Revaluations
1.9
-
End of period, 31 December 2022
30.6
19.1
Change in %
+34.9%
+38.4%
ACTIVITY REPORT
(€bn)
Dec-2022
last twelve months
Dec-2021
last twelve months
AUM
30.6
22.7
Fee-Paying AUM
19.1
13.8
Fundraising
8.2
2.5
Fundraising incl. co-investments
8.2
3.8
Investments
2.7
1.7
Investments incl. co-investments
3.5
3.3
Gross exits
2.2
1.3
Gross exits incl. co-investments
2.4
1.6
KEY STATS BY FUND
Fund
Vintage
AUM
€bn
FPAUM
€bn
Committed
Capital
€bn
%
Committed
%
Realised
Gross
Multiple
Expectation
Flagship
Fund II
2013
0.6
0.3
1.8
87%
91%
2.6x
Above plan
Fund III (7)
2016
6.5
2.7
3.6
89%
23%
1.8x
Above plan
Fund IV
2019
11.0
4.3
6.5
83%
-
1.4x
On plan
Fund III-B
2020
1.9
1.1
1.2
88%
-
1.6x
On plan
Fund V (8)
2022
7.4
7.4
7.4
9%
-
-
-
Mid Cap
Fund I
2021
2.2
2.2
2.2
41%
-
1.2x
On plan
NextGen
Fund I (8)
2021
1.0
1.0
1.0
22%
-
-
-
(€bn)
COST OF INVESTMENTS
VALUE OF INVESTMENTS
Fund
Vintage
FPAUM
Committed
Capital
Total
Realised
Remaining
Total
Realised
Remaining
Flagship
Fund II
2013
0.3
1.8
1.6
1.3
0.3
4.2
3.8
0.4
Fund III (7)
2016
2.7
3.6
2.9
0.2
2.7
5.8
1.1
4.7
Fund IV
2019
4.3
6.5
4.4
-
4.4
6.0
-
6.0
Fund III-B
2020
1.1
1.2
1.1
-
1.1
1.7
-
1.7
Fund V (8)
2022
7.4
7.4
0.8
-
0.8
0.9
-
0.9
Mid Cap
Fund I
2021
2.2
2.2
0.7
-
0.7
0.8
-
0.8
NextGen
Fund I (8)
2021
1.0
1.0
0.2
-
0.2
0.2
-
0.2
DEFINITIONS
Antin: Umbrella term for Antin Infrastructure Partners S.A.
Antin Funds: Investment vehicles managed by Antin Infrastructure Partners SAS or Antin Infrastructure Partners UK
Assets Under Management (AUM): Operational performance measure representing the assets managed by Antin from which it is entitled to receive management fees, undrawn commitments, the assets from co-investment vehicles which do not generate management fees or carried interest, and the net value appreciation on current investments
Carried Interest: A form of investment income that Antin and other carried interest investors are contractually entitled to receive directly or indirectly from the Antin Funds, which is inherently variable and fully dependent on the performance of the relevant Antin Fund(s) and its/their underlying investments
% Committed: Measures the share of a fund’s total commitments that has been deployed. Calculated as the sum of (i) closed and/or signed investments (ii) any earn-outs and/or purchase price adjustments, (iii) funds approved by the Investment Committee for add-on transactions, (iv) less any expected syndication, as a % of a fund’s committed capital at a given time
Committed Capital: The total amounts that fund investors agree to make available to a fund during a specified time period
Fee-Paying Assets Under Management (FPAUM): The portion of AUM from which Antin is entitled to receive management fees across all of the Antin Funds at a given time
Gross Exits: Value amount of realisation of investments through a sale or write-off of an investment made by an Antin Fund. Refers to signed realisations in a given period
Gross Inflow: New commitments through fundraising activities or increased investment in funds charging fees after the investment period
Gross Multiple: Calculated by dividing (i) the sum of (a) the total cash distributed to the Antin Fund from the portfolio company and (b) the total residual value (excluding provision for carried interest) of the Fund’s investments by (ii) the capital invested by the Fund (including fees and expenses but excluding carried interest). Total residual value of an investment is defined as the fair market value together with any proceeds from the investment that have not yet been realised. Gross Multiple is used to evaluate the return on an Antin Fund in relation to the initial amount invested.
Investments: Signed investments by an Antin fund
Realisations: Cost amount of realisation of investments through a sale or write-off of an investment made by an Antin Fund. Refers to signed realisations in a given period
% Realised: Measures the share of a fund’s total value creation that has been realised. Calculated as realised value over the sum of realised value and remaining value at a given time
Realised Value / (Realised Cost): Value (cost) of an investment, or parts of an investment, that at the time has been realised
Remaining Value / (Remaining Costs): Value (cost) of an investment, or parts of an investment, currently owned by Antin funds (including investments for which an exit has been announced but not yet completed)
Step-Downs: Normally resulting from the end of the investment period in an existing fund, or when a subsequent fund begins to invest
Underlying EBITDA: Earnings before interest, taxes, depreciation, and amortisation, excluding any non-recurring effects
Underlying Profit: Net profit excluding post-tax non-recurring effects
ABOUT ANTIN INFRASTRUCTURE PARTNERS
Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €30bn in Assets under Management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, digital, transport and social infrastructure sectors. With offices in Paris, London, New York, Singapore and Luxembourg, Antin employs over 200 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to portfolio companies and investors. Majority owned by its partners, Antin is listed on compartment A of the regulated market of Euronext Paris (Ticker: ANTIN – ISIN: FR0014005AL0)
https://shareholders.antin-ip.com/
FINANCIAL CALENDAR
1Q 2023 Activity Update
26 April 2023
2023 Annual Shareholders’ Meeting
6 June 2023
Half-Year 2023 Results
4 August 2023
3Q 2022 Activity Update
8 November 2023
______________________________ (1) Excluding OpticalTel as Antin terminated the transaction on 8 March 2023 (2) Based on cumulative revenue and EBITDA for all portfolio companies held by Flagship and Mid Cap for at least 6 months on a constant currency basis. Excludes IDEX and Vicinity for which the pass-through of energy cost has led to substantially higher revenues (3) Excluding NextGen (4) Excluding catch-up fees and management fees for Fund III-B (5) Related to a share of carried interest in Flagship Fund II repurchased from a former employee (6) Gross exits for AUM and exits at cost for FPAUM (7) % realised and Value of investments include the partial sale of portfolio companies from Flagship Fund III to Fund III-B (8) Fundraising ongoing. % invested calculated based on the fund’s target commitments. Flagship Fund V target commitments of €10bn, hard cap of €12bn. NextGen Fund I target commitments of €1.2bn, hard cap of €1.5bn
View source version on businesswire.com: https://www.businesswire.com/news/home/20230322005666/en/
SHAREHOLDER RELATIONS
Ludmilla Binet Head of Shareholder Relations Email: ludmilla.binet@antin-ip.com
MEDIA
Nicolle Graugnard Communication Director Email: nicolle.graugnard@antin-ip.com
BRUNSWICK
Email: antinip@brunswickgroup.com
Tristan Roquet Montegon +33 (0) 6 37 00 52 57
Gabriel Jabès +33 (0) 6 40 87 08 14
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