International Public Partnerships Limited (INPP) 2014年年度报告「LSE」.pdf

1、INTERNATIONAL PUBLIC PARTNERSHIPSAnnual Report and Financial Statements for the year ended 31 December 2014Contents1 Key Points2 Company Overview2 About the Company3 Key Portfolio Facts as at 31 December 2014 4 Top Ten Investments5 Chairmans Letter8 Strategic Report8 Investment Policy and Objectives

2、10 Strategy12 Operating Model16 Case Study:Investment Characteristics 17 2014 Financial and Operating Review17 Key Performance Indicators19 Investor Returns 27 Active Asset Management28 Value-focused Portfolio Development29 Efficient Financial Management30 Case Study:Investment Entity Active Asset M

3、anagement32 Outlook35 Principal Risks and Mitigation39 Corporate Governance Report49 Audit and Risk Committee Report52 Board of Directors 54 Directors Report55 Directors Responsibilities StatementFinancial Statements57 Independent Auditors Report59 Financial Statements63 NotesInternational Public Pa

4、rtnerships LimitedRegistered number:Cover image:Federal Ministry of Education and Research,Berlin,Germany.For more details refer to page 30.Key PointsStrategic ReportCompany OverviewCorporate GovernanceChairmans LetterFinancial StatementsINTERNATIONAL PUBLIC PARTNERSHIPS Annual Report and Financial

5、Statements 2014 016.30pps2014 Full Year Distribution6.45pps2015 Full Year Distribution Target6.65pps2016 Full Year Distribution Target127.0ppsNAV Per Share71.2mProfit Before TaxNet Asset Value Net Asset Value(NAV)1 per share of 127.0 pence as at 31December 2014(123.0 pence 31 December 2013)NAV of 1,

6、062.1 million as at 31 December 2014,up 126.7 million(935.4 million 31 December 2013)Shareholder Returns 2014 fully covered cash dividend2 of 6.30 pence per share3(6.15pence per share-31 December 2013)Two year forward looking fully covered minimum cash dividend target for the years ended 31 December