The International Public Partnerships Company aims to manage its finances efficiently, to provide the financial flexibility to pursue new investment opportunities, whilst minimising levels of unutilised cash holdings. Efficient financial management is achieved through actively monitoring cash held and generated from operations, ensuring cash covered dividends and managed levels of corporate costs. This is supported by appropriate hedging strategies and prudent use of the Company's corporate debt facility ('CDF').
Other financial highlights include:
NAV per share of 147.1 pence per share (31 December 2019: 150.6 pence per share)
IFRS profit before tax of £60.8 million (31 December 2019: 137.8 million). The decrease in valuation for the period overall as a result of the uncertainty caused by Covid-19 contributed to the reduction in profit before tax compared to previous years
The Company's underlying revenues continue to be underpinned by strong inflation-linkage with a projected increase in return of 0.78% p.a. for a 1.00% p.a. increase in inflation (31 December 2019: 0.82% p.a.)
Despite wider equity market volatility, the Company's shares maintained a continued low correlation to the FTSE All Share Index of 0.38 over the five years to 31 December 2020 (31 December 2019: 0.19)
