(AOF) – Antin Infrastructure Partners has unveiled an adjusted net profit up 7% to 79.7 million euros and an adjusted Ebitda up 9.3% to 118.5 million euros, showing a margin 55%, down 470 basis points. At the same time, turnover increased by 18.6% to 214.20 million euros, supported by a 22.5% increase in management fees. The private equity firm proposes the distribution of an annual dividend of 0.42 euro per share, ie a distribution rate of 92%.
Assets under management amounted to 30.6 billion euros, up 34.9%. Outstandings generating commissions (fee paying AUM) rose by 38.4% to 19.1 billion euros.
The company raised €8.2 billion, the largest amount raised by Antin Infrastructure Partners in a single year. Its Flagship Fund V has secured commitments of 7.4 billion euros.
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Key points
– Private infrastructure finance company for energy, transport and telecommunications and social services, created in 2007;
– Assets under management of €22.7 billion distributed between the United States (21%), Spain-Portugal (24%), the Netherlands (19%), the United Kingdom (16%), the France (14%) and the rest of Europe;
– Infrastructure investment business model, via specialized funds open to investors, and agility via the operational platform;
– Capital held at 84.82% by the shareholder-partners, Alain Rauscher being Chairman and Chief Executive Officer of the 7-member Board of Directors and Mark Crosbie Vice-Chairman of the Board;
– Strengthened balance sheet during the capital increase in autumn 2021, debt-free with €392 million in cash at the end of June 2022.
Challenges
– Investment strategy: acquisition of majority stakes in companies offering an essential service via 6 funds: 4 Flagship (investments of 200 to 700 M€ in less than 20 companies) and diversification with 1 Midcap fund (8 to 12 investments between 50 and €300m, €2.2bn in total) and 1 NextGen fund (companies offering solutions that have not reached the stage of large-scale adoption, with €1.2bn committed);
– Innovation strategy focused on improving the proprietary operational platform;
– Environmental strategy to support the energy transition towards carbon neutrality:
– systematic consideration of climate risks, which are crucial for infrastructures,
– implementation of strategies aimed at carbon neutrality for portfolio companies,
– integration of ESG criteria into the credit facilities of funds and portfolio companies;
– Benefits from the opening of the office in Singapore intended to broaden the investor base;
– After the launch of the 5th Flagship fund (€10 to 11 billion in commitments expected by the end of 2023), towards a 2nd Midcap fund in 2023.
Challenges
– Return on investment of recent equity investments: Elephant Energy, TAW Charging, Power Dot, HOFI and OpticalTel;
– Strong exposure to rising interest rates;
– Net decline in stock market valuation since September after the publication of lower half-year results;
– Distribution at the rate of 90%, paid with installments -€0.14 in mid-November.