Antin Infrastructure Partners · EURONEXT:ANTIN
Antin Infrastructure Partners — Shareholder Meeting (June 2024)
38 slides from Antin Infrastructure Partners's shareholder meeting presentation, Jun 13, 2024
Slide 1: 2024 Annual Shareholders' Meeting
2024 ANNUAL SHAREHOLDERS’ MEETING 13 June 2024
Slide 2: Welcome
ANTIN INFRASTRUCTURE PARTNERS WELCOME
Slide 3: Agenda
AGENDA 1 Opening statement 2 Business update 3 Climate strategy 4 Financial performance 5 Governance & compensation 6 Statutory auditors’ reports 7 Q&A and debate 8 Resolutions presentation and vote 3
Slide 4: Business Update
INFRASTRUCTURE PARTNERS BUSINESS UPDATE
Slide 5: Key Highlights of 2023
KEY HIGHLIGHTS OF 2023 AUM exceeded Capital deployment All funds are Recruitment More than €420m of €31bn, incl. €20bn remains disciplined performing on or continues in line with cash to support Fee-Paying AUM above plan activity levels growth initiatives NextGen Fund I 4 new Resilient Underlying EB
Slide 6: Fundraising Progress and Disciplined Capital Deployment
FUNDRAISING PROGRESS AND DISCIPLINED CAPITAL DEPLOYMENT FUNDRAISING (in €bn) INVESTMENTS (in €bn) GROSS EXITS (in €bn) 8.2 2.7 2.0 2.2 1.8 0.0 2022 2023 2022 2023 2022 2023 Flagship Fund V Flagship Fund V Flagship Fund III Hesley Group €9bn +40% 90% (November 2023) at FY23 upsizing of target NextGen
Slide 7: Broadly Stable Gross Multiples in 2023
BROADLY STABLE GROSS MULTIPLES IN 2023 All funds are performing on plan or ahead of plan II FUND II – VINTAGE 2013 III FUND III – VINTAGE 2016 2.6x 2.6x 2.6x 2.6x 2.6x 1.8x 1.8x 1.8x 1.8x 1.9x ABOVE PLAN ABOVE PLAN ~92% ~38% Realised(1) Realised(1) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Mar-23 Jun-23 Se
Slide 8: A New Generation of Managing Partners as Part of a Leadership Evolution
A NEW GENERATION OF MANAGING PARTNERS AS PART OF A LEADERSHIP EVOLUTION CO-FOUNDERS NEW MANAGING PARTNERS Angelika Alain Rauscher Mark Crosbie Mélanie Biessy Stéphane Ifker Schöchlin Kevin Genieser CEO and Chairman Vice-Chairman of Chief Operating Global Sponsor for Global Sponsor for Head of the of
Slide 9: Climate Strategy
INFRASTRUCTURE PARTNERS CLIMATE STRATEGY
Slide 10: Sustainability at the Core of Our DNA
SUSTAINABILITY AT THE CORE OF OUR DNA Committed and pragmatic approach aimed at sustainable growth Investments to accelerate the Asset management approach fostering transition to a greener economy growth and employment €4.5bn €516m €12bn 1.7k invested in the energy invested in the rail of capex inve
Slide 11: Climate Change Strategy (1/5)
CLIMATE CHANGE STRATEGY (1/5) 1 Decarbonise operations in line with Paris Agreement’s goal ation Clim tig at i e ch ge m ec 2 hange a an Accelerate investment in companies enabling decarbonisation t da a m pt Cli atio n 3 Embed climate risks and opportunities into investment process 11
Slide 12: Climate Change Strategy (2/5) Decarbonise operations
CLIMATE CHANGE STRATEGY (2/5) 1 Decarbonise operations in line with Paris Agreement’s goal FY23 total carbon footprint Focus on firm-level emissions(1) 0.2% 5.86 ktCO2e Scopes 1 & 2 Electricity Heating and cooling Scope 3 3,341 Purchased goods & services Capital goods ktCO2e Business travel 99.8% Em
Slide 13: Climate Change Strategy (3/5) Decarbonise operations
CLIMATE CHANGE STRATEGY(3/5) 1 Decarbonise operations in line with Paris Agreement’s goal Firm-level target How to 2023 results -42% -36% Renewable electricity across all offices Office landlord engagement 0.42 0.27 0.24 ktCO2e ktCO2e ktCO2e scopes 1 & 2 emissions scope 1 & 2 between 2022 and 2030(1
Slide 14: Climate Change Strategy (4/5) Accelerate investment in decarbonisation
CLIMATE CHANGE STRATEGY(4/5) 2 Accelerate investment in companies enabling decarbonisation How to Energy transition as key area of focus for investment across all funds Decarbonisation-focused thematic investment strategies 2023 results Flagship & Mid Cap Funds NextGen Fund I 22% 12% 100% of capital
Slide 15: Climate Change Strategy (5/5) Embed climate risks and opportunities
CLIMATE CHANGE STRATEGY (5/5) 3 Embed climate risks and opportunities into investment process How to Pre-investment Post-investment Systematic climate risks and opportunities screening Continuous climate risks and opportunities review Material climate risks and opportunities assessment Climate adapt
Slide 16: Financial Performance
INFRASTRUCTURE PARTNERS FINANCIAL PERFORMANCE
Slide 17: Strong Growth Across All Key Metrics in 2023
STRONG GROWTH ACROSS ALL KEY METRICS IN 2023 FEE-PAYING AUM REVENUE UNDERLYING EBITDA UNDERLYING NET INCOME DIVIDENDS in €bn in €m in €m in €m in € per share More than >98% >60% >45% ~100% €20bn management margin margin payout fees Loyal and global Contracted 10-year Margin expansion Margin expansio
Slide 18: Growth in Operating Costs Mainly Driven by Increased Headcount and Inflation
GROWTH IN OPERATING COSTS MAINLY DRIVEN BY INCREASED HEADCOUNT AND INFLATION PERSONNEL EXPENSES(1) (€m) OTHER OPERATING EXPENSES(1) (€m) Professional services and others Travel and representation Headcount 174 193 Administration fees Rent and maintenance excluding the +19 in 2023 Placement fees Taxe
Slide 19: Material Increase in Profitability
MATERIAL INCREASE IN PROFITABILITY UNDERLYING EBITDA (€m) UNDERLYING NET INCOME (€m) Underlying EBITDA Underlying earnings per share margin after dilution (€) 55% 62% 0.44 0.73 +48.2% +60.6% 175.5 127.9 118.5 79.7 2022 2023 2022 2023 19
Slide 20: Distribution to Shareholders
DISTRIBUTION TO SHAREHOLDERS DISTRIBUTION (€ per share) FOR FINANCIAL YEAR 2023 €0.71 per share €0.71 per share for 2023 QUANTUM • €0.32 per share paid in Nov-2023 • €0.39 per share to be paid in Jun-2024 0.39 €127.2m DISTRIBUTION 0.32 • €57.3m paid in Nov-2023 0.28 • €69.9m to be paid in Jun-2024 P
Slide 21: Outlook
OUTLOOK GROWTH PROFITABILITY DISTRIBUTIONS ▪ Growth in Fee-Paying AUM above ▪ Underlying EBITDA in 2024 ▪ Majority of cash earnings to be that of the infrastructure market at or above prior year level distributed over a fund cycle ▪ Annual dividend to grow over time ▪ Close Flagship Fund V in 2024 a
Slide 22: Governance and Compensation
GOVERNANCE AND COMPENSATION
Slide 23: Shareholding Ensures Alignment of Interests
SHAREHOLDING 15% 31% Free Float Alain Rauscher 85% OF CAPITAL HELD BY ANTIN PARTNERS AND EMPLOYEES 29% Other Antin Partners and employee shareholders ENSURES ALIGNMENT 18% OF INTERESTS Mark Crosbie 7% Mélanie Biessy 23
Slide 24: Current Board Members
CURRENT BOARD MEMBERS Alain Rauscher Mark Crosbie Mélanie Biessy Chairman & CEO Vice-Chairman Director and COO Co-founder of Antin Co-founder of Antin With Antin since inception Russell Chambers Ramon de Oliveira Lynne Shamwana Dagmar Valcarcel Independent Director Independent Director Independent D
Slide 25: Board and Committees' Composition Evolution
BOARD AND COMMITTEES’ COMPOSITION EVOLUTION Subject to shareholders’ approval BOARD OF DIRECTORS 50% 50% 6 61YRS 5 Independent Women-Men Board Members Average age Nationalities Directors Executive Investment management Financial Listed and private of international sector companies equity companies e
Slide 26: FY23 Compensation
INFRASTRUCTURE PARTNERS FY23 COMPENSATION
Slide 27: FY23 Compensation - Independent Directors
FY23 COMPENSATION - INDEPENDENT DIRECTORS Lynne Shamwana Dagmar Valcarcel Russell Chambers Ramon de Oliveira Fixed amount €54,000 €54,000 €54,000 €54,000 Variable amount €66,000 €55,000 €66,000 €66,000 (Board) Variable amount €41,176 €23,529 €5,882 €17,647 (Committees) Chairmanship €20,000 €20,000 N
Slide 28: FY23 Compensation Structure - A. Rauscher & M. Crosbie (1/2)
FY23 COMPENSATION STRUCTURE - A. RAUSCHER & M. CROSBIE (1/2) • Alain Rauscher, Co-founder, Chairman and CEO EXECUTIVE • Mark Crosbie, Co-founder, Vice-Chairman and Deputy CEO OFFICERS - From 1 January 2023 until his resignation from his Deputy CEO position on 7 November 2023 A SIMPLE COMPENSATION ST
Slide 29: FY23 Compensation Structure - A. Rauscher & M. Crosbie (2/2)
FY23 COMPENSATION STRUCTURE - A. RAUSCHER & M. CROSBIE (2/2) 50% Fixed remuneration 70% Quantitative criteria 14% AUM increase of +10% 14% Earnings increase of +5% 14% Underlying EBITDA margin ≥ 60% Distributable income 14% Gross multiple on realised investments(1) 14% 50% Maximum annual 30% Qualita
Slide 30: FY23 Compensation - A. Rauscher & M. Crosbie
FY23 COMPENSATION - A. RAUSCHER & M. CROSBIE Annual Fixed AIP UK £382,659 Mark Crosbie Alain Rauscher Total From 01-Jan-23 to AIP UK £652,483 (€750,813(1)) FY23 €886,576(1) 07-Nov-23(2) AIP SAS €446,250 Annual Variable AIP UK £374,049 Mark Crosbie Alain Rauscher Total From 01-Jan-23 to AIP UK £637,8
Slide 31: Compensation on Behalf of 2024
COMPENSATION ON BEHALF OF 2024
Slide 32: FY24 Compensation Policy - Independent Directors
FY24 COMPENSATION POLICY - INDEPENDENT DIRECTORS Cap unchanged: €1,210,000 COMPENSATION FY23 COMPENSATION POLICY FY24 COMPENSATION POLICY COMPONENTS • Fixed amount: €54,000 per independent director Board • Fixed amount: unchanged attendance • Variable amount: €66,000 per independent director • Varia
Slide 33: FY24 Compensation Policy - CEO
FY24 COMPENSATION POLICY - CEO In line with FY23 compensation structure 50% Fixed remuneration 70% Quantitative criteria 17.5% In line with 2023, subject to the same 5% increase than the AUM increase of +10% average one rolled out to 17.5% employees Increase in EBITDA +5% MODIFIED Distributable inco
Slide 34: Statutory Auditors' Reports
STATUTORY AUDITORS’ REPORTS
Slide 35: Q&A
ANTIN INFRASTRUCTURE PARTNERS Q&A
Slide 36: Resolutions
INFRASTRUCTURE PARTNERS RESOLUTIONS
Slide 37: Presentation of the Resolutions Subject to Shareholders' Approval
PRESENTATION OF THE RESOLUTIONS SUBJECT TO SHAREHOLDERS’ APPROVAL • FY23 statutory and consolidated financial statements (resolutions 1 and 2) FINANCE • Allocation of profit; distribution to shareholders (resolution 3) • Absence of regulated agreements (resolution 4) • Re-appointment of the Board me
Slide 38: Antin Infrastructure Partners
ANTIN INFRASTRUCTURE PARTNERS
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