This report is the second stage of the project, with a larger sample PPP equity sales and profit data and annual returns. The database has four parts:
1. UK PPP equity sales 1998-2012.
2. UK sale of Secondary Market Funds 2003-2012 - Appendix 3.
3. Changes in UK equity ownership as a result of public sector buyout, termination or administration of contractors - Appendix 4.
4. Appendix 5 is separate Global database of PPP equity transactions in other EU countries, US, Canada, Latin America and Australia.
The research is based exclusively on PPP equity transactions reported by construction companies, banks and financial institutions, infrastructure funds and facilities management companies. Equity transactions usually occur after construction is completed and buildings are operational. It is vital that PPPs are examined on their actual performance and not on prospective returns in financial models drawn up in very different economic and financial circumstances. This research is an important addition to the PPP evidence base.
The PPP Equity Database has been compiled to track the sale of equity in PPP projects and the sale of secondary market infrastructure funds. Each transaction leads to a change in partial or full ownership of the SPC company.
The database was compiled from the following sources:
1. Stock Exchange Announcements/Regulatory News Service, Company Notices and Press Releases.
2. Company Interim and Annual Reports & Accounts.
3. UK Companies Houses filings (and in Jersey and Guernsey).
4. Infrastructure fund share prospectuses.
5. Construction and PPP company websites.
6. Partnerships UK Database (now at Local Partnerships).
7. HM Treasury PFI database.
8. Securities & Exchange Commission 8K filings for US stock exchange companies.
9. PPP, financial, construction and infrastructure journals.
It examined over 750 company annual reports and accounts.
PPP equity transactions and the establishment of new secondary market infrastructure funds have continued virtually unchanged during the global financial crisis. The growth of the PPP equity market is further evidence that the claims that the financial crisis was going to lead to the demise of the PPP programme were unfounded.
"During 2012 we also expect to be in a position to double the PPP disposal gains we achieved in 2011 through the sale of some mature assets. Our goal is to deliver £40m of gains in 2012." Balfour Beatty, Results for 2011, 8 March 012. |