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

  1. 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
  2. Based on new calculation methodology as described on p.10
  3. €0.9m carried interest revenue for Fund II related to a share of carried interest repurchased by Antin from an employee departing the firm
  4. €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
  5. 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)

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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