International Public Partnerships Limited (INPP) 2015年年度报告「LSE」.pdf

1、INTERNATIONAL PUBLIC PARTNERSHIPSAnnual Report and Financial Statements for the year ended 31 December 2015ContentsOverview01 Key Points02 Company Overview03 Key Portfolio Facts as at 31 December 2015 04 Top Ten Investments05 Chairmans LetterStrategic Report08 Investment Policy and Objectives10 Stra

2、tegy12 Operating Model 16 2015 Financial and Operating Review16 Key Performance Indicators18 Investor Returns 26 Active Asset Management27 Value-Focused Portfolio Development29 Efficient Financial Management30 Case Study:Thames Tideway Tunnel32 Outlook 36 Risk ReportCorporate Governance46 Board of D

3、irectors 48 Corporate Governance Report56 Audit and Risk Committee Report 59 Directors Report60 Directors Responsibilities StatementFinancial Statements61 Independent Auditors Report66 Consolidated Statement of Comprehensive Income67 Consolidated Statement of Changes in Equity68 Consolidated Balance

4、 Sheet69 Consolidated Cash Flow Statement70 Notes to the Financial SInternational Public Partnerships LimitedRegistered number:45241Cover image:Machinery being transported down the River Thames,London,to support the enabling works at Blackfriars Bridge for the Tideway project.Image courtesy of Tidew

5、ay.ContentsInternational Public Partnerships Annual Report and Financial Statements 2015 01Chairmans LetterOverviewStrategic ReportFinancial StatementsCorporate GovernanceNAV Per Share 130.2pps 2015 Full Year Distribution 6.45pps 2016 Full Year Distribution Target 6.65pps 2017 Full Year Distribution

6、 Target 6.82pps Profit Before Tax 79.9mto find out more please visit our Net Asset Value Net Asset Value(NAV)1 per share of 130.2 pence as at 31 December 2015(2014:127.0 pence)NAV of 1,290.2 million as at 31 December 2015,up 228.1 million(2014:1,062.1 million)Shareholder Returns 2015 fully covered c