Antin Infrastructure Partners · EURONEXT:ANTIN
Antin Infrastructure Partners — FY2022 Earnings Presentation
33 slides from Antin Infrastructure Partners's earnings presentation, Mar 23, 2023
Slide 1: Full-Year 2022 Results
FULL-YEAR 2022 RESULTS Webcast 23 March 2023 1
Slide 2: Agenda
AGENDA 1 2 3 BUSINESS UPDATE FINANCIAL PERFORMANCE Q&A ▪ Key highlights of 2022 ▪ 2022 financial results ▪ Activity update ▪ Outlook 2
Slide 3: Business Update
INFRASTRUCTURE PARTNERS Seeing potential | delivering value
Slide 4: Key Highlights of 2022
KEY HIGHLIGHTS OF 2022 AUM reached Highest amount of Investment Growth investments Strong financial >€30bn with annual capital raised and performance in team and performance and growth of ~35% largest number of remained strong, platform continued outlook investments in a with all funds on or in line
Slide 5: Strong AUM Growth Powered by Investment Performance and Differentiated Positioning
STRONG AUM GROWTH POWERED BY INVESTMENT PERFORMANCE AND DIFFERENTIATED POSITIONING AUM and FPAUM (in €bn) FPAUM AUM 1 Fast growing market +34.9% infrastructure private equity projected to grow at a CAGR of 16.6% in 2021-2026 (1) 30.6 Scaled investment platform 22.7 2 #1 pure-play infrastructure priv
Slide 6: Record Level of Fundraising and Number of Investments
RECORD LEVEL OF FUNDRAISING AND NUMBER OF INVESTMENTS Strong business activity despite challenging market environment FUNDRAISING (in €bn) INVESTMENTS (1) (in €bn) GROSS EXITS (in €bn) 8.2 2.7 2.5 1.7 2.2 1.3 2021 2022 2021 2022 2021 2022 FLAGSHIP MID CAP NEXTGEN FLAGSHIP Flagship ~75% of target siz
Slide 7: Largest Amount of Capital Raised in a Single Year
LARGEST AMOUNT OF CAPITAL RAISED IN A SINGLE YEAR More than double the prior record FUNDRAISING PER YEAR (in €bn) SEIZING OPPORTUNITIES New fund investors Existing fund investors FLAGSHIP FUND V NEXTGEN FUND I 8.2 €7.4bn raised in 2022 €0.7bn raised in 2022 2.6 ~75% of target size ~80% of target siz
Slide 8: Significant Expansion of Our Fund Investor Base
SIGNIFICANT EXPANSION OF OUR FUND INVESTOR BASE As of 31 December 2022 ! INCREASING NUMBER OF GLOBALISATION OF FUND CAPITALISING ON FUND INVESTORS INVESTOR BASE EXISTING RELATIONSHIPS # of fund investors €bn of capital raised €bn of capital raised % of fund investors (year-end) in the Americas in As
Slide 9: Gross Multiples of All Funds Improved in 2022
GROSS MULTIPLES OF ALL FUNDS IMPROVED IN 2022 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 1.8x 1.9x 1.8x 2.5x 1.7x ABOVE PLAN ABOVE PLAN 1.6x ~91% ~23% Realised (1) Realised (1) Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Dec-21
Slide 10: Built-in Resilience of Fund Performance
BUILT-IN RESILIENCE OF FUND PERFORMANCE More than 90% of portfolio companies increased revenue and EBITDA in 2022 DIVERSIFIED PORTFOLIO (1) RESILIENT PORTFOLIO COMPANIES BY SECTOR FINANCIAL PERFORMANCE (2) OUTLOOK RESILIENCE FACTORS (3) Energy and 16% Environment Portfolio companies with Digital GRO
Slide 11: Build-out of the Team and Operating Platform
BUILD-OUT OF THE TEAM AND OPERATING PLATFORM PLATFORM TEAM (# OF EMPLOYEES) Investment professionals Investor relations Support functions • All key functions strengthened Fund administration TEAM • Geographic expansion continued • +10 employees in New York +22.5% • +3 employees in Singapore excl. fu
Slide 12: 2022 Sustainability Highlights
2022 SUSTAINABILITY HIGHLIGHTS Sustainability fully integral to our operations, as a company and as an investor CORPORATE ETHICS AND RESPONSIBLE PRIORITIES CLIMATE CHANGE HUMAN CAPITAL CITIZENSHIP GOVERNANCE INVESTMENT • Measured corporate and • Provided DEI training to all • Established two new • M
Slide 13: Financial Performance
INFRASTRUCTURE PARTNERS FINANCIAL PERFORMANCE Seeing potential | delivering value
Slide 14: Strong Revenue Growth Driven by Record Fundraising
STRONG REVENUE GROWTH DRIVEN BY RECORD FUNDRAISING >95% of revenue from long-term contracted management fees AUM AND FPAUM (€bn) REVENUE (€m) FPAUM Management fees AUM Carried interest and investment income 43% of FPAUM with Administrative fees and other revenue net ~10 year tenure remaining Effecti
Slide 15: Strong Revenue Growth from Continued Scale-up of Flagship and Expansion of Investment Strategies
STRONG REVENUE GROWTH FROM CONTINUED SCALE-UP OF FLAGSHIP AND EXPANSION OF INVESTMENT STRATEGIES (in €m) +18.6% Flagship Fund V +42.9 Fund III-B +0.1 Flagship Fund IV (19.7) Flagship Fund II (6.4) Flagship Fund III (1.6) 15.0 0.2 214.2 8.1 15.4 (5.1) 180.6 Carried interest (0.8) Investment (4.3) inc
Slide 16: Increase in Cost Base Consistent with Growth of Business Activity
INCREASE IN COST BASE CONSISTENT WITH GROWTH OF BUSINESS ACTIVITY PERSONNEL EXPENSES (1) (€m) OTHER OPERATING EXPENSES AND TAXES (1) (€m) Professional services and others Placement fees (Flagship and NextGen) +27.7% Travel and representation Compared with Rent and maintenance +22.5% headcount growth
Slide 17: Underlying EBITDA ~9% Higher
UNDERLYING EBITDA ~9% HIGHER 2022 is a transition year that only partly reflects increased earnings capacity UNDERLYING EBITDA (€m) UNDERLYING NET INCOME (€m) Underlying Underlying earnings per share before EBITDA margin dilution (€) 60% 55% 0.46 0.46 +9.3% +7.0% 118.5 108.4 79.7 74.4 2021 2022 2021
Slide 18: Strong Balance Sheet Providing Flexibility
STRONG BALANCE SHEET PROVIDING FLEXIBILITY As of 31 December 2022 STRONG BALANCE SHEET (€m) BALANCE SHEET USAGE Investments in funds and carry vehicles 596.8 596.8 Non-current 63.1 Current liabilities assets 128.4 60.2 Non-current €106.6m €19.7m liabilities Undrawn commitments Undrawn commitments Ot
Slide 19: Most of Cash Earnings Distributed to Shareholders
MOST OF CASH EARNINGS DISTRIBUTED TO SHAREHOLDERS Distributions since the IPO DISTRIBUTIONS (€ per share) ON BEHALF OF FISCAL YEAR 2022 €0.42 per share €0.42 per share QUANTUM on behalf of 2022 • €0.14 per share paid in Nov-2022 • €0.28 per share to be paid in Jun-2023 0.28 €73.3 million DISTRIBUTIO
Slide 20: Outlook
OUTLOOK GROWTH PROFITABILITY DISTRIBUTIONS ▪ Long-term growth in FPAUM ▪ Significantly increase the ▪ Majority of cash profits to be above that of infrastructure underlying EBITDA in 2023 distributed with the absolute market compared with 2022 quantum of annual dividends to grow over time and paid i
Slide 21: A Decade of Growth Powered by Performance
A DECADE OF GROWTH POWERED BY PERFORMANCE Exceptional long-term growth 31 15 2.7x 23% FLAGSHIP REALISED REALISED EXITS GROSS MULTIPLE (1) INVESTMENTS GROSS IRR (1) FEE-PAYING AUM (in €bn) REVENUE (in €m) UNDERLYING EBITDA (in €m) 10-year CAGR 10-year CAGR 10-year CAGR +33.0% +29.2% +38.2% 19.1 214.2
Slide 22: Q&A
ANTIN INFRASTRUCTURE PARTNERS Q&A HSIN, W/Z Gy 4 Seeing potential | delivering value
Slide 23: Appendix
INFRASTRUCTURE PARTNERS APPENDIX Seeing potential | delivering value
Slide 24: Strong Growth in AUM and FPAUM in 2022
STRONG GROWTH IN AUM AND FPAUM IN 2022 +34.9% 8.3 1.9 (2.4) 30.6 - 22.7 AUM DEVELOPMENT (€BN) Amedes, Almaviva, Incl. ~€7.4bn for Flagship Fund V Roadchef and ~€1.0bn for NextGen Fund I 31-Dec-2021 Gross inflows Step-downs Exits Revaluations 31-Dec-2022 +38.4% 8.9 (2.9) (0.8) 19.1 - FPAUM 13.8 DEVEL
Slide 25: Income Statement on an Underlying Basis
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) UNDERLYING EBITD
Slide 26: Income Statement: From Underlying to IFRS
INCOME STATEMENT: 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)
Slide 27: Balance Sheet
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 equivalen
Slide 28: Cash Flow Statement
CASH FLOW STATEMENT (€m) 2022 2021 INFLOW / (OUTFLOW) RELATED TO OPERATING ACTIVITIES 103.9 72.0 Of which (increase) / decrease in working capital requirement (6.0) (16.8) INFLOW / (OUTFLOW) RELATED TO INVESTING ACTIVITIES (23.9) (12.7) Of which purchase of property and equipment (15.4) (5.2) Of whi
Slide 29: Key Stats by Fund (1/2)
KEY STATS BY FUND (1/2) As of 31 December 2022 (€bn) Fee-paying Committed Fund Vintage AUM % committed % realised Gross multiple Expectation AUM capital Flagship Fund II 2013 0.6 0.3 1.8 87% 91% 2.6x Above plan Fund III (1) 2016 6.5 2.7 3.6 89% 23% 1.8x Above plan Fund IV 2019 11.0 4.3 6.5 83% - 1.4
Slide 30: Key Stats by Fund (2/2)
KEY STATS BY FUND (2/2) As of 31 December 2022 (€bn) COST OF INVESTMENTS VALUE OF INVESTMENTS Fee-paying Committed Fund Vintage Total Realised Remaining Total Realised Remaining AUM capital Flagship Fund II 2013 0.3 1.8 1.6 1.3 0.3 4.2 3.8 0.4 Fund III (1) 2016 2.7 3.6 2.9 0.2 2.7 5.8 1.1 4.7 Fund I
Slide 31: Disclaimer
DISCLAIMER IMPORTANT NOTICE This document has been prepared by Antin Infrastructure Partners S.A (“Antin IP”) solely for use for communications with its shareholders. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, comple
Slide 32: Definitions
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 both the assets managed by Antin from
Slide 33: For Further Information
FOR FURTHER INFORMATION 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 SHAREHOLDER investment strategies, Antin targets investments in th
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