Antin Infrastructure Partners Reports Robust 2021 Financial Results
24 March 2022 - 5:00PM
Business Wire
Regulatory News:
Alain Rauscher and Mark Crosbie, co-founders of Antin
Infrastructure Partners (Paris:ANTIN), declared:
"2021 was a milestone year for Antin, notably marked by our
successful IPO in September. We continued to deliver outstanding
returns to our fund investors while investment and exit activity
was fully on track. We executed on our growth strategy with the
launch of the Mid Cap and NextGen strategies, and we invested in
our platform and talent to position the firm for the next growth
phase. Our 2021 financial results were very robust, demonstrating
continued top-line growth, best-in-class EBITDA margins and
significant dividend distributions to our shareholders. We are
confident that 2022 will be another exciting and strong year."
2021 highlights
- Fee-paying AUM up +14.4%, driven by €2.5bn fundraising across
Mid Cap and NextGen
- Revenue excluding catch-up fees up +17.8%
- Strong investment performance with capital deployment and exit
activity on track
- Underlying EBITDA margin of 60%
- Strong balance sheet following successful IPO with €393m in
cash to support our growth
- Proposed dividend of €0.11 per share; full year dividend payout
ratio of ~90%(1)
- Medium-term guidance remains unchanged
Strong AUM growth supported by fundraising and investment
performance
- AUM increased to €22.7bn, up +23.8%(2) in 2021, driven by
fundraising and investment performance
- Fee-paying AUM increased to €13.8bn, up +14.4% in 2021
- Fundraising stood at €2.5bn across Mid Cap Fund I and NextGen
Fund I
- Strong investment performance with all Antin funds performing
either on or ahead of plan
Investment and exit activity are on track
- Total investments of €1.7bn (€3.3bn including co-investments),
including Origis Energy (Flagship Fund IV), ERR European Rail Rent
partnership (Mid Cap Fund I) and Pulsant (Mid Cap Fund I)
- Flagship Fund IV ~60% invested and Mid Cap Fund I ~16% invested
as of 31 December 2021. Including investment announced post closing
of reporting period, Mid Cap Fund I is ~26% invested
- Gross exits of €1.3bn (€1.6bn including co-investments),
including Amedes (Flagship Fund II) and Almaviva (Flagship Fund
III)
Robust top-line growth with ~95% of revenue from management
fees
- Total revenue increased by +0.5% from €179.6m to €180.6m;
increase of +17.8% excluding 2020 management fee catch-up effects
related to final closing of Flagship Fund IV
- Management fees decreased by (2.7)% from €175.5m to €170.8m;
increase of +14.5% excluding 2020 management fee catch-up effects
related to final closing of Flagship Fund IV
- Carried interest and investment income increased substantially
from €2.4m to €7.2m, primarily due to the revaluation of Fund III-B
investments held on balance sheet, as well as carried interest
related to Flagship Fund II(3) and a gain realised on the transfer
of carried interest related to Fund III-B(4)
Strong profitability with underlying EBITDA margin of
60%
- Underlying EBITDA decreased by (17.9)% from €132.0m to €108.4m,
notably due to the management fee catch-up of €26.4m recorded in
2020 and an increase in operating expenses recorded in 2021.
Excluding the 2020 management fee catch-up, underlying EBITDA grew
by +2.6%
- Total operating expenses increased by +51.6% from €47.7m to
€72.3m. Personnel expenses increased by +45.5%, primarily due to
the hiring of 53 employees related to the launch of the Mid Cap and
NextGen investment strategies and in anticipation of the continued
scale-up of our Flagship Fund Series. Other operating expenses
increased by +68.0% mainly due to professional services fees
related to the execution of our growth plan
- As a result of those effects, our underlying EBITDA margin
decreased from 73% to 60%, consistent with the guidance provided at
the time of the IPO
- Underlying net income decreased by (19.7)% from €92.7m to
€74.4m
Strong balance sheet
- €393m in cash and cash equivalents to support growth plans
- No financial debt following repayment of outstanding credit
facilities in 2021
Dividend payout ratio of ~90%
- Antin’s Board of Directors proposes a dividend of €0.11 per
share for the remainder of 2021. Total dividend of €0.39 per share
for 2021, including €0.28 per share already paid prior to the
IPO
- Dividend payout ratio of ~90% for full-year 2021 based on
underlying net income(5)
Further advances on our ESG priorities
- Strengthening of ESG governance framework and processes
- Carbon reduction roadmap for all portfolio companies
- Formalised diversity, equity, and inclusion policy
Medium-term guidance confirmed
- Long-term growth above the infrastructure market, with Flagship
Fund V target commitments of ~€10-11bn
- Long-term EBITDA margins >70%
- Majority of underlying profits to be distributed with the
absolute quantum of dividends expected to grow over time
Implementation of a liquidity contract
- Liquidity contract with BNP Paribas Exane starting on 25 March
2022, for a period of one year and tacitly renewable
- Objective to improve the trading of Antin’s shares on the
regulated market of Euronext Paris
- Compliant with the Code of Conduct (Charte de Déontologie)
issued by the French Financial Markets Association (Association
Française des Marchés Financiers), recognised by the AMF (Autorité
des Marchés Financiers)
- Initial €2m allocated to the liquidity account
- Agreement can be terminated at any time and without prior
notice by Antin, and at any time by BNP Paribas Exane subject to
one month’s notice
Situation in Russia/Ukraine
- No direct and indirect exposure to Russia/Ukraine
- No physical locations, no meaningful economic relations
- No Russian or Ukrainian fund investors
- Partners will donate more than €2m to the United Nations High
Commissioner for Refugees (UNHCR)
Post-closing events
- Exit of Roadchef (Flagship Fund II), the UK’s largest motorway
service area operator announced on 3 March 2022. Flagship Fund II
~90% realised as of 24 March 2022 following exit of Roadchef
- Investment in Lake State Railway (Mid Cap Fund I), a leading
regional freight railroad in the US completed on 8 March 2022. Mid
Cap Fund I ~26% invested
Today’s webcast presentation
- Antin’s management will hold a webcast presentation today at
11:00am CET
- To register for the webcast, please click on the following
link:
https://channel.royalcast.com/landingpage/antin-ip/20220324_1/
Notes
- Proposed dividend of €19.2m and €48.1m paid in 2021 (total of
€67.3m); calculated as a % of underlying net income of €74.4m; to
be approved on 24 May 2022 at Annual Shareholders’ Meeting
- Based on new calculation methodology as described on p.10
- €0.9m carried interest revenue for Fund II related to a share
of carried interest repurchased by Antin from an employee departing
the firm
- €0.6m carried interest revenue related to a gain on a share of
carried interest in Fund III-B that was sold by Antin to its
employees
- Proposed dividend of €19.2m and €48.1m paid in 2021 (total of
€67.3m); calculated as a % of underlying net income of €74.4m; to
be approved on 24 May 2022 at Annual Shareholders’ Meeting
About Antin Infrastructure Partners
Antin Infrastructure Partners is a leading private equity firm
focused on infrastructure. With €22.7bn in Assets under Management,
Antin targets majority stakes in the energy and environment,
telecom, transport and social infrastructure sectors. With a
presence in Paris, London, New York, Singapore and Luxembourg,
Antin employs over 160 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)
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Shareholder Relations
Ludmilla Binet, Head of Shareholder Relations Email:
shareholderrelations@antin-ip.com
Media Contacts Antin
Infrastructure Partners 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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