REG - Pantheon Infrastrct. - Net Asset Value(s)

Pantheon InfrastructureAnnouncement

21/06/2023 07:00

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RNS Number : 3626D  Pantheon Infrastructure PLC  21 June 2023

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This Announcement has been determined to contain inside information.

 

PANTHEON INFRASTRUCTURE PLC

Net Asset Value

Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global
infrastructure fund, announces that its Net Asset Value ("NAV") as at 31 March
2023 was 99.2 pence per share.

Commentary

•     The Company's NAV total return in the quarter was 1.31%, with the
NAV increasing by 0.3 pence per share in the quarter, after the payment of the
1.0 pence semi-annual interim dividend.

•     Underlying fair value movements on the investment portfolio
contributed 1.8 pence per share during the period. Performance was driven by
unrealized movements across eight of the Company's investments, which were
largely in line with underwritten expectations. Three of the Company's eleven
investments funded by the quarter end date (representing c.25% of NAV)
continue to be valued at cost, in line with the underlying sponsor's valuation
policy, given the recency of the investment.

•     There was a slight depreciation of both EUR and USD vs. GBP, which
resulted in a negative FX valuation movement on the investment portfolio,
equivalent to a decrease in NAV of 1.3 pence per share. This was partially
offset by positive movements in the Company's NAV FX hedging instruments,
contributing an increase in the NAV of 0.9 pence per share.

•     Other contributions to the movement in NAV included: deposit
interest income receipts (0.2 pence per share) and operating costs (-0.4 pence
per share).

•     As at 31 March 2023, the Company had an investment portfolio
valued at £386.1 million, net working capital of £94.0 million and a
derivative mark-to-market liability of £4.1 million. The Company had undrawn
commitments of £14.8 million and its Revolving Credit Facility (£62.5
million as at 31 March 2023) was undrawn at the end of the quarter, and was
expanded to £115 million post the period end.

 

NAV Bridge Q1 2023

 Opening NAV per share at 31 December 2022       98.9p
 Valuation gains / (losses)                      1.8p
 FX movement                                     (1.3)p
 FX hedge                                        0.9p
 Investment income / yield                       0.2p
 Expenses (inc. operating and capital expenses)  (0.4)p
 Dividend paid                                   (1.0)p
 Closing NAV per share at 31 March 2023          99.2p

 

Investment Portfolio as at 31 March 2023

 #   Status    Portfolio Company           Sponsor        Announced  Sector                                            Region         Total commitment  (£m)1
 1   Invested  Primafrio                   Apollo         Mar-22     Transport & Logistics                             Europe         40
 2   Invested  CyrusOne                    KKR            Mar-22     Digital - Data Centre                             North America  26
 3   Invested  Vertical Bridge             DigitalBridge  Apr-22     Digital - Towers                                  North America  26
 4   Invested  Delta Fiber                 Stonepeak      Apr-22     Digital - Fibre                                   Europe         24
 5   Invested  Cartier Energy              Vauban         May-22     Power & Utilities - District Heating              North America  35
 6   Invested  Calpine                     ECP            Jun-22     Power & Utilities - Electricity Generation        North America  47
 7   Invested  Vantage                     DigitalBridge  Jul-22     Digital - Data Centre                             North America  27
 8   Invested  Fudura                      DIF            Jul-22     Renewables & Energy Efficiency                    Europe         45
 9   Invested  NGGT                        Macquarie      Mar-22     Power & Utilities - Gas utility and metering      UK             41
 10  Invested  National Broadband Ireland  Asterion       Nov-22     Digital - Fibre                                   Europe         47
 11  Invested  GD Towers                   DigitalBridge  Jan-23     Digital - Towers                                  Europe         42
                                                                                                                       Total          401

 

(1) Investment refers to the investment NAV plus unfunded commitments as at 31
March 2023, adjusted for FX at that date as necessary.  Rounding accounts for
the difference between individual amounts and the total stated.

Company diversification at 31 March 2023(1)

Geography

 North America  33%
 Europe         39%
 UK             9%
 Net cash       19%

 

Sector

 Digital Infrastructure             38%
 Power & Utilities                  26%
 Renewable & Energy Efficiency      9%
 Transport & Logistics              8%
 Net cash                           19%

 

Market Segment(2)

 Contracted  64%
 Regulated   9%
 GDP Linked  8%
 Net cash    19%

 

Sponsor

 Digital Bridge                19%
 ECP                           10%
 Asterion Industrial Partners  9%
 Macquarie                     9%
 DIF                           9%
 Apollo                        8%
 Vauban                        7%
 KKR                           5%
 Stonepeak                     5%
 Net cash                      19%

 

(1) Refers to investment fair values, or amounts committed as of 31 March
2023. Charts are based on % of gross asset value (portfolio value + net cash).
Net cash is comprised of cash, hedge and debtor balances.

(2) This classification represents where the majority of each portfolio
company cash flow is contracted in nature vs. regulated or GDP linked.

 

For further information, contact:

 Pantheon Ventures (UK) LLP          +44 (0) 20 3356 1800

 Investment Manager                  pint@pantheon.com (mailto:pint@pantheon.com)

 Richard Sem, Partner

 Alex Denny, Managing Director

 Ben Perkins, Principal

 Harriet Alexander, Vice President

 Investec Bank plc                   +44 (0) 20 7597 4000

 Corporate Broker

 Tom Skinner (Corporate Broking)

 Lucy Lewis (Corporate Finance)

 TB Cardew                           +44 (0) 20 7930 0777

 Public relations advisor            pint@tbcardew.com (mailto:pint@tbcardew.com)

 Ed Orlebar                          +44 (0)7738 724 630

 Tania Wild                          +44 (0)7425 536 903

 Henry Crane                         +44 (0)7918 207157

 LEI 213800CKJXQX64XMRK69

Notes to editors

Pantheon Infrastructure PLC (PINT)

Pantheon Infrastructure PLC is a closed-ended investment company and an
approved UK Investment Trust, listed on the Premium Segment of the London
Stock Exchange's Main Market. Its Ordinary Shares trade under the ticker
'PINT'. The independent Board of Directors of PINT have appointed Pantheon,
one of the leading private markets investment managers globally, as investment
manager. PINT aims to provide exposure to a global, diversified portfolio of
high-quality infrastructure assets through building a portfolio of direct
co-investments in infrastructure assets with strong defensive characteristics,
typically benefitting from contracted cash flows, inflation protection and
conservative leverage profiles.

Further details can be found at www.pantheoninfrastructure.com
(http://www.pantheoninfrastructure.com)

LEI 213800CKJXQX64XMRK69

Pantheon

Pantheon is a leading global private equity, infrastructure & real assets,
private debt and real estate investor with 40 years' experience sourcing and
executing private market investment opportunities on behalf of clients.
Pantheon has US$92.8 billion in assets under management and advice (as at 31
December 2022) and employs over 460 staff, including more than 140 investment
professionals, across offices in London, San Francisco, New York, Chicago,
Hong Kong, Seoul, Bogotá, Tokyo, Dublin, Berlin and a presence in Tel Aviv.

Further details can be found at www.pantheon.com (http://www.pantheon.com)

 

ENDS

 

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