International Public Partnerships Limited (INPP) 2013年年度报告「LSE」.pdf

1、INTERNATIONAL PUBLIC PARTNERSHIPSAnnual Report and Financial Statements for the year ended 31 December 2013Cover image:Main Street,Royal Childrens Hospital,Melbourne,Australia.For more details refer to page 26.International Public Partnerships LimitedRegistered number:45241C01 Highlights02 Company O

2、verview02 About the Company03 Key Portfolio Facts as at 31 December 2013 04 Top Ten Investments05 Chairmans Letter07 Strategic Report07 Investment Policy and Objectives09 Strategy11 Operating Model 15 Case Study:Investment Characteristics16 2013 Financial and Operating Review16 Key Performance Indic

3、ators18 Investor Returns 24 Active Asset Management26 Case Study:Investment Entity Active Asset Management27 Value-focused portfolio development27 Efficient financial management28 Principal Risks&Mitigation32 Outlook35 Corporate Governance Report44 Audit and Risk Committee Report46 Board of Director

4、s 48 Directors Report49 Directors Responsibilities Statement50 Independent Auditors Report52 Financial StatementsINTERNATIONAL PUBLIC PARTNERSHIPS Annual Report and Financial Statements 2013 01Corporate GovernanceFinancial StatementsHighlights Strategic ReportChairmans LetterCompany OverviewHighligh

5、ts2013 Full Year Distribution6.15pps2014 Minimum Distribution Target6.30pps2015 Minimum Distribution Target6.45ppsNAV Per Share123.0ppsProfit Before Tax56.1mNet Asset Value Net Asset Value(NAV)1 per share of 123.0 pence as at 31 December 2013(121.0 pence 31 December 2012)NAV of 935.4 million as at 3

6、1 December 2013,up 74.4 million(861.0 million 31 December 2012)46.5 million(before issue costs)of new equity capital raised from shareholdersShareholder Returns 2013 fully covered cash dividend2 of 6.15 pence per share3 New two year forward looking fully covered minimum cash dividend target for the