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
- AUM at more than €30bn, up +34.9%. Fee-paying AUM at €19.1bn,
up +38.4%
- Fundraising amounted to €8.2bn, the largest amount raised by
Antin in a single year
- Flagship Fund V commitments at €7.4bn and NextGen Fund I at
€1.0bn
- Eight investments announced across all three investment
strategies, the largest number of investments Antin announced in a
single year
- All funds continued to perform on plan or ahead of plan with
increasing Gross Multiples year-on-year
- Build-out of the team and operating platform continued in line
with activity
- Strong revenue growth of +18.6% with management fee revenue
growing +22.5%
- Underlying EBITDA growth of +9.3% with significant improvement
in profitability in 2H 2022
- Proposed full-year distribution of €0.42 per share,
representing a payout ratio of 92%
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
- Fundraising amounted to €8.2bn in 2022, the highest amount
raised in a single year and more than double Antin’s prior
record (€3.9bn raised in 2019)
- Flagship Fund V commitments amounted to €7.4bn at the
end of 2022. This follows the completion of the fund’s first close
with more than €5bn in commitments at the end of 3Q 2022
- Fundraising for NextGen Fund I made continued progress
in 2022 with total commitments of €1.0bn at year-end compared with
€0.3bn at the end of 2021
- €5.6bn was raised from existing fund investors supported
by strong re-up trends. €2.6bn was raised from new fund investors,
driven by Antin’s continued internationalization of the fund
investor base. Substantial increase in commitments in North America
and Asia, where Antin has built-up on-the-ground investor relations
teams. Total number of investors increased by +26% year-on-year
from 213 to 268 at the end of 2022
INVESTMENT ACTIVITY
- Investments totalled €2.7bn (€3.5bn including co-investment) in
2022 with eight investments announced across Flagship, Mid
Cap and NextGen. That represents the largest number of investments
announced in a single year since inception of the firm
- Two investments announced for Flagship strategy on 2
August 2022. Wildstone marked the last portfolio investment of
Flagship Fund IV. Flagship Fund V entered the investment period
with its inaugural investment in Blue Elephant Energy. At the end
of 2022, Flagship Fund IV was ~83% committed and Flagship Fund V
~9% committed based on the fund’s target size of €10bn
- Three investments announced for Mid Cap Fund I including
Lake State Railway and Empire Access in North America, as well as
HOFI in Europe. Mid Cap Fund I was ~41% committed at the end of
2022
- Three investments announced for NextGen Fund I in 2022
with an inaugural investment in SNRG, followed by investments in
Power Dot and RAW Charging. All three investments demonstrate
Antin’s commitment to support the energy transition. NextGen Fund I
was ~22% committed at the end of 2022 based on the fund’s target
size of €1.2bn
EXIT ACTIVITY
- Gross Exits announced in 2022 amounted to €2.2bn (€2.4bn
including co-investment) with two exits: Roadchef (Flagship Fund
II) and lyntia Networks (Flagship Fund III and Fund III-B)
- Flagship Fund II was ~91% realised at the end of 2022 with one
portfolio company remaining in the fund. Flagship Fund III was ~23%
realised
FUND PERFORMANCE
- Continued strong investment performance in 2022 with all
funds performing on plan or above plan despite the challenging
macroeconomic environment. Gross multiples improved for all funds
in 2022 compared to 2021. Portfolio companies(2) demonstrated
continued strong financial performance with year-on-year growth in
revenue and EBITDA of +27% and +23% respectively
- Portfolio companies(3) are well positioned to navigate
inflation and increasing interest rates with ~90% of companies
demonstrating strong inflation protection and ~90% of debt
financing expiring in 2025 and the years beyond
INCOME STATEMENT ANALYSIS
REVENUE
- Revenue increased by +18.6% from €180.6m to €214.2m,
driven by higher management fees resulting from higher Fee-Paying
AUM. Long-term contracted and recurring management fees continued
to contribute more than 95% to total revenue
- Management fees increased by +22.5% from €170.8m to
€209.2m. The effective management fees rate(4) stood at 1.35% in
2022 compared with 1.38% in 2021. Management fees benefited from
the scale-up of the Flagship investment strategy and the launch of
Mid Cap and NextGen strategies which contributed revenue on a
twelve-month basis for the first-time
- Management fees from Flagship Funds grew by +€15.4m. An
increase of €42.9m from the activation of Flagship Fund V on 2
August 2022, partially offset by €(19.7)m from the step-down of
Flagship Fund IV. Management fees from Flagship Funds II and III
declined due to the realisation of investments
- Management fees generated from the recently launched Mid
Cap and NextGen investment strategies increased by
+€23.0m. Mid Cap Fund I contributed twelve months of revenue in
2022 versus nine months in 2021. NextGen Fund I contributed twelve
months of revenue in 2022 on higher capital raised versus one month
in 2021. NextGen management fees also include catch-up fees of
€0.9m in 2022
- Carried interest and investment income
contributions decreased from €7.2m in 2021 to €2.1m in 2022
- Carried interest(5) revenue amounted to €0.7m in 2022,
compared to €1.5m in 2021
- Investment income amounted to €1.5m in 2022, compared to
€5.8m in 2021. The decrease is mainly due to a slower value
appreciation of portfolio company investments in 2022, reflecting
the more challenging macroeconomic environment, higher interest
rates and performance outlook for portfolio companies. In addition,
there are ordinary J‑curve effects related to Flagship Fund V and
NextGen Fund I, which are early in the fund’s life cycle, meaning
management fees are due and costs accrue while the acquired
portfolio companies are not subject to revaluation yet
EBITDA
- Underlying EBITDA reached €118.5m in 2022, up +9.3%
compared with 2021. The increase in EBITDA is a result of higher
revenue related to the upsizing of the Flagship strategy, the
launch of the Mid Cap and NextGen investment strategies, partially
offset by increases in operating expenses related to the continued
build-out of the team and operating platform
- Personnel expenses increased by +27.7%, primarily driven
by the hiring of employees
- The number of employees excluding fund administration,
grew by +22.5%, from 142 at the end of 2021 to 174 at the end of
2022. The number of employees increased in all key functions
including investments, investor relations and operations. The
investment team (+11) continued to be strengthened in London, Paris
and New York. The hiring of employees in operations (+19) was
linked to the growth of the Group and to some extent the IPO and
build-out of certain central functions. Antin continued to grow the
team in New York (+10) to support the Group's growth plans for the
North American market. Antin also hired 3 employees in Singapore,
an office launched in December 2021 with the objective of
strengthening relationships with key Fund Investors in Asia
- The remaining increase in personnel expenses is mainly driven
by wage increases related to inflation and internal promotions
- Other operating expenses and taxes increased by +43.6%,
from €21.8m in 2021 to €31.2m in 2022
- The largest share of the increase is due to the return of
business travel and higher placement fees than in 2021. Travel
expenses amounted to €3.9m in 2022, compared to €0.9m in 2021,
mainly due to the return of business travel following the removal
of travel restrictions related to the Covid-19 pandemic. Antin
recorded placement fees of €2.7m in 2022, related to
Flagship Fund V and NextGen Fund I, compared to €0.5m in 2021.
Placement fees are periodic in nature and occur in connection with
fundraising events. In addition, Antin recognised temporary
office rent expenses of €0.7m due to the refurbishment of the
office premises in New York
- Excluding periodic expenses (placement fees and
temporary rent), other operating expenses and taxes increased by
+31.3%. Excluding periodic expenses and the effects of business
travel, the increase stood at +18.5%, in-line with the growth in
revenue
- The appreciation of the US dollar against the Euro added ~€1.8m
of additional costs to the 2022 results on a Euro basis, as ~25% of
Antin’s cost base is denominated in USD while AUM and revenues are
based in EUR
- Reported EBITDA stood at €20.9m in 2022 compared with
€60.1m in 2021. The difference between underlying and reported
EBITDA is the recognition of non-recurring expenses relating
entirely to the free share plan implemented at the time of the IPO
and hedge transactions associated to the plan. Vesting of the free
share plan is expected in 2023
NET INCOME
- Underlying net income amounted to €79.7m in 2022, up
+7.0%. The increase is primarily driven by higher EBITDA as
outlined above, as well as lower net financial expenses offset by
higher depreciation & amortisation expenses
- Depreciation & amortisation increased from €8.8m in
2021 to €13.4m in 2022, up +51.6% driven by higher amortisation
linked to the recognition of a new right-of-use-asset related to
lease agreements and depreciation of associated refurbishment
expenses. Antin entered into a new lease agreement in January 2022
for office premises in New York and expanded its office premises in
Paris in September 2022
- Net financial expenses decreased from €2.9m in 2021 to
€1.6m in 2022, down (44.5)%. This is primarily due to the
reallocation of cash balances to short-term deposit accounts with
positive interest rates in 2H 2022
- Income tax increased from €22.2m in 2021 to €23.8m in
2022, an increase of +7.1% in line with the increase in taxable
income. The effective tax rate is stable at 23.0%
- Underlying EPS before dilution was stable at
€0.46 per share in 2022 compared with 2021. The increase in net
income was offset by the higher weighted average number of shares
outstanding, driven by the shares issued in the context of the IPO
in September 2021
- Reported net income amounted to €(16.8)m in 2022
compared to €32.4m in 2021
BALANCE SHEET AND COMMITMENTS
- The balance sheet remained strong, with €422.0m in cash
and cash equivalents to support growth plans, and no borrowings or
financial liabilities
- Antin’s commitments in relation to its investments in
the Antin Funds and in Carry Vehicles totalled €159.1m at the end
of 2022, compared to €56.2m at the end of 2021. The increase in
these commitments was due primarily to investments in Flagship Fund
V and NextGen Fund I, as these funds were mostly raised in 2022.
€27.6m is held on balance sheet as part of the financial assets and
recognised at a fair value of €36.0m, another amount of €6.9m is
held on balance sheet as part of accrued income. The remainder of
€126.3m is uncalled capital that constitutes an off-balance sheet
commitment. It includes €106.6m related to investments in Antin
funds and €19.7m related to its investments in Carry Vehicles
- This strong balance sheet provides flexibility to continue to
invest in growth initiatives, such as geographic expansion,
strategy expansion and opportunistic M&A
DISTRIBUTION TO SHAREHOLDERS
- At the Shareholders’ Meeting on 6 June 2023, a distribution
of €0.42 per share will be proposed to shareholders for the
fiscal year 2022. The total estimated payout would amount to
€73.3m, representing a payout ratio of 92% of the underlying net
income. The proposed €0.42 distribution for 2022 consists of the
following:
- A cash dividend of ~€0.33 per share paid out of distributable
income
- A distribution of ~€0.09 per share paid out of share
premium
- Consistent with Antin’s distribution policy, the proposed
distribution will be paid in two instalments. An interim
distribution of €0.14 per share was paid on 15 November 2022. The
remaining amount of €0.28 per share will be paid on 12 June 2023,
with the ex-dividend date set for 8 June 2023
ESG
- Sustainability is a fully integral part of Antin’s operations,
both as a company and as an investor. Significant progress has been
made on key ESG initiatives in 2022 and strong scores were awarded
from external rating agencies
- Antin received a very strong A2 sustainability rating by
Moody’s ESG Solutions, placing amongst the top
highest-performing quartile of all companies assessed. Rating
further underscores Antin’s integration of ESG factors in its
governance and strategy, as well as in its risk management and
operations
- Antin rated as “low risk” by Sustainalytics, a leading
independent Environmental, Social and Governance (ESG) research,
ratings and analytics firm, in first‑ever rating of the Group. This
places Antin in the top ~1% of all companies rated in the “Asset
Management and Custody Services” sector by Sustainalytics
SUSTAINABILITY-LINKED FINANCING
- 2 ESG-linked credit facilities secured in 2022, for a total of
5 across the portfolio and funds
- Eurofiber, a portfolio company of Flagship Fund IV, won the
2022 Global Capital award for “sustainability-linked loans” for
their refinancing. The loan includes ESG linked KPIs with a margin
ratchet depending on performance. Notably these ratchets also apply
to the interest rate hedging as well as the loan, an extremely
novel feature
POST-CLOSING EVENTS
- Acquisition of PearlX. Antin announced on 17 February
2023 the investment in PearlX, an owner and operator of fully
integrated smart grid infrastructure systems in the US. PearlX
marks the first investment in North America for Antin's NextGen
platform and is positioned to play a key role in US decarbonisation
initiatives
- Termination of OpticalTel merger agreement. Antin
terminated the OpticalTel transaction (Mid Cap Fund I) on 8 March
2023 due to certain closing conditions precedent not satisfied
under the terms of the merger agreement, resulting in an ongoing
dispute with the seller
OUTLOOK
- Growth. Long-term growth in Fee-Paying AUM above that of
infrastructure market. Reach hard cap for Flagship Fund V in late
2023 or early 2024. Reach target size for NextGen Fund I in
2023
- EBITDA. Significantly increase the underlying EBITDA in
2023 compared with 2022. Underlying EBITDA expected to reach
€200-240m in 2023 based on Flagship Fund V commitments of €10-12bn
As a reminder, any commitments raised in 2024 instead of 2023 would
be subject to catch-up fees, leading to management fees and EBITDA
being recognised later, but not forgone While the previous
objective of growing underlying EBITDA margins to more than 70% in
the medium-term was attainable based on stable market conditions,
Antin is revising its guidance due to a slower fundraising
environment and cost inflation. Antin will henceforth provide a
guidance on underlying EBITDA, which is consistent with its
objective to maximise absolute growth in EBITDA
- Distribution to shareholders. Majority of cash profits
to be distributed with the absolute quantum of annual dividends
expected to grow over time. Distributions paid in two instalments
per year, one in autumn and the second shortly after the Annual
Shareholders' Meeting
TODAY’S WEBCAST PRESENTATION
- Antin’s management will hold a webcast presentation to present
the full-year 2022 earnings today at 11:00am CET (10:00am London
time)
- Please visit Antin’s shareholder website
https://shareholders.antin-ip.com/ to listen to the webcast or
click here. A replay will also be available after the event.
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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