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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.42 | 3.82% | 11.42 | 11.40 | 11.44 | 11.44 | 11.06 | 11.08 | 17,363 | 15:41:26 |
Regulatory News:
Antin (Paris:ANTIN):
(€m, unless otherwise indicated)
2023
2022
% change
AUM, in €bn
31.1
30.6
+1.7%
Fee-Paying AUM, in €bn
20.2
19.1
+5.8%
Revenue
282.9
214.2
+32.1%
Underlying EBITDA
175.5
118.5
+48.2%
Underlying EBITDA margin
62%
55%
+7pp
Underlying net income
127.9
79.7
+60.6%
Underlying EPS (after dilution, in €)
0.73
0.44
+65.7%
2023 HIGHLIGHTS
ALAIN RAUSCHER, chairman and CEO, declared:
“Antin delivered strong financial results in 2023, with significant growth across all financial metrics, including considerably higher EBITDA and net income. This is entirely driven by increased management fees that are long-term contracted, while the potential for future performance fee revenues remains substantial.
In a challenging market for fundraising, we already secured 90% of Fund V's target, raising significant commitments from existing investors and record commitments from new investors. We also closed NextGen Fund I at its target. Meanwhile, our portfolio companies continued to deliver growth and robust margin improvements, resulting in resilient fund valuations.
Most important, we believe the medium-term prospects for infrastructure and for Antin are better than ever, with supportive megatrends such as the energy transition and the digitalisation of infrastructure providing substantial growth opportunities.”
ACTIVITY UPDATE
FUNDRAISING
INVESTMENT ACTIVITY
EXIT ACTIVITY
FUND PERFORMANCE
INCOME STATEMENT ANALYSIS
REVENUE
EBITDA
NET INCOME
BALANCE SHEET AND COMMITMENTS
DISTRIBUTION TO SHAREHOLDERS
GOVERNANCE
POST-CLOSING EVENT
OUTLOOK
WEBCAST PRESENTATION
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT ON AN UNDERLYING BASIS
(€m)
2023
2022
Management fees
278.4
209.2
Carried interest and investment income
(1.2)
2.1
Administrative fees and other revenue net
5.7
2.8
TOTAL REVENUE
282.9
214.2
Personnel expenses
(74.2)
(64.5)
Other operating expenses & tax
(33.2)
(31.2)
TOTAL OPERATING EXPENSES
(107.4)
(95.7)
UNDERLYING EBITDA
175.5
118.5
% margin
62%
55%
Depreciation and amortisation
(16.1)
(13.4)
UNDERLYING EBIT
159.4
105.1
Net financial income and expenses
10.6
(1.6)
UNDERLYING PROFIT BEFORE INCOME TAX
170.0
103.5
Income tax
(42.1)
(23.8)
% income tax
25%
23%
UNDERLYING NET INCOME
127.9
79.7
% margin
45%
37%
Underlying earnings per share (€)
- before dilution
0.73
0.46
- after dilution
0.73
0.44
Weighted average number of shares
- before dilution
175,571,129
174,531,363
- after dilution
176,316,749
181,978,992
INCOME STATEMENT: RECONCILIATION FROM UNDERLYING TO IFRS
(€m, 2023)
Underlying basis
Non-recurring
items
IFRS basis
Management fees
278.4
-
278.4
Carried interest and investment income
(1.2)
-
(1.2)
Administrative fees and other revenue net
5.7
-
5.7
TOTAL REVENUE
282.9
-
282.9
Personnel expenses
(74.2)
(60.8)
(135.0)
Other operating expenses & tax
(33.2)
(0.2)
(33.4)
TOTAL OPERATING EXPENSES
(107.4)
(61.1)
(168.4)
EBITDA
175.5
(61.1)
114.4
Depreciation and amortisation
(16.1)
-
(16.1)
EBIT
159.4
(61.1)
98.3
Net financial income and expenses
10.6
(3.6)
7.0
PROFIT BEFORE INCOME TAX
170.0
(64.7)
105.3
Income tax
(42.1)
11.5
(30.5)
NET INCOME
127.9
(53.1)
74.8
In 2023, Antin recognised €60.8m in personnel expenses related to the Free Share Plan, of which €57.2m related to compensation expenses and €3.7m to social charges. Antin also recognised financial expenses of €3.6m related to the financing of the hedge transaction associated with the Free Share Plan and a €11.5m reduction of its income tax liability.
BALANCE SHEET
(€m)
31-Dec-2023
31-Dec-2022
Property, equipment and intangible assets
20.6
19.0
Right-of-use assets
49.8
50.6
Financial assets
53.4
41.6
Deferred tax assets and other non-current assets
17.1
17.2
TOTAL NON-CURRENT ASSETS
140.9
128.4
Cash and cash equivalents
423.9
422.0
Accrued income
14.4
8.7
Other current assets
38.4
37.7
TOTAL CURRENT ASSETS
476.7
468.4
TOTAL ASSETS
617.7
596.8
TOTAL EQUITY
497.5
473.5
Borrowings and financial liabilities
-
-
Lease liabilities
50.1
51.9
Other non-current liabilities
4.1
8.3
TOTAL NON-CURRENT LIABILITIES
54.1
60.2
Borrowings and financial liabilities
-
-
Lease liabilities
7.4
6.0
Income tax liabilities
14.6
1.8
Other current liabilities
44.0
55.3
TOTAL CURRENT LIABILITIES
66.0
63.1
TOTAL EQUITY AND LIABILITIES
617.7
596.8
CASH FLOW STATEMENT
(€m)
2023
2022
NET CASH INFLOW / (OUTFLOW) RELATED TO OPERATING ACTIVITIES
125.8
103.9
Of which (increase) / decrease in working capital requirement
(43.3)
(6.0)
NET CASH INFLOW / (OUTFLOW) RELATED TO INVESTING ACTIVITIES
(17.8)
(23.9)
Of which investment in financial assets
(18.7)
(8.7)
Of which purchase of property and equipment
(5.2)
(15.4)
Of which proceeds related to financial assets
7.4
-
Of which net change in other financial assets
(1.3)
0.2
NET CASH INFLOW / (OUTFLOW) RELATED TO FINANCING ACTIVITIES
(105.6)
(50.7)
Of which dividends paid
(106.1)
(43.6)
Of which payment of lease liabilities
(6.0)
(3.4)
Of which disposal / (repurchase) of treasury shares
(4.3)
(1.2)
Of which net financial interest received and paid
10.7
(2.4)
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS
2.3
29.3
Cash and cash equivalents, beginning of period
422.0
392.6
Translation differences on cash and cash equivalents
(0.4)
0.1
CASH AND CASH EQUIVALENTS, END OF PERIOD
423.9
422.0
APPENDIX
DEVELOPMENT OF AUM AND FEE-PAYING AUM OVER THE LAST TWELVE MONTHS
(€bn)
AUM
Fee-Paying AUM
Beginning of period, 31 December 2022
30.6
19.1
Gross inflows
2.4
2.1
Step-downs
-
-
Realisations (2)
(1.6)
(1.0)
Revaluations
(0.3)
-
End of period, 31 December 2023
31.1
20.2
Change in %
+1.7%
+5.8%
ACTIVITY REPORT
(€bn)
Dec-2023 last twelve months
Dec-2022 last twelve months
AUM
31.1
30.6
Fee-Paying AUM
20.2
19.1
Fundraising
1.8
8.2
Fundraising incl. co-investments
2.4
8.2
Investments
2.0
2.7
Investments incl. co-investments
2.1
3.5
Gross exits
-
2.2
Gross exits incl. co-investments
-
2.4
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%
92%
2.6x
Above plan
Fund III (2)
2016
5.6
2.0
3.6
89%
38%
1.8x
Above plan
Fund IV
2019
10.9
4.6
6.5
87%
-
1.3x
On plan
Fund III-B
2020
1.5
0.8
1.2
88%
26%
1.6x
On plan
Fund V (3)
2022
8.9
9.0
9.0
26%
-
1.1x
On plan
Mid Cap
Fund I
2021
2.2
2.2
2.2
47%
-
1.2x
On plan
NextGen
Fund I
2021
1.4
1.2
1.2
48%
-
1.0x
On plan
(€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
4.1
3.8
0.3
Fund III (3)
2016
2.0
3.6
2.9
0.7
2.3
5.9
2.0
3.9
Fund IV
2019
4.6
6.5
4.6
-
4.6
6.2
-
6.2
Fund III-B
2020
0.8
1.2
1.1
0.3
0.8
1.8
0.5
1.3
Fund V (4)
2022
9.0
9.0
0.8
-
0.8
1.0
-
1.0
Mid Cap
Fund I
2021
2.2
2.2
0.9
-
0.9
1.1
-
1.1
NextGen
Fund I
2021
1.2
1.2
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, Seoul and Luxembourg, Antin employs over 220 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 2024 Activity Update
30 April 2024
2024 Annual Shareholders’ Meeting
13 June 2024
Half-Year 2024 Results
11 September 2024
3Q 2024 Activity Update
30 October 2024
(1)
Excluding catch-up fees and management fees for Fund III-B
(2)
Gross exits for AUM and exits at cost for Fee-Paying AUM
(3)
% realised and Value of investments include the partial sale of portfolio companies from Flagship Fund III to Fund III-B
(4)
Fundraising ongoing. % invested calculated based on the Fund’s target commitments of €10bn
View source version on businesswire.com: https://www.businesswire.com/news/home/20240306210403/en/
SHAREHOLDER RELATIONS Ludmilla Binet Head of Shareholder Relations
Email: shareholders@antin-ip.com
MEDIA Nicolle Graugnard Communication Director
Email: media@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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