Infratil Half Year Results to 30 September 2017

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 Fax +64-4-473 2388 www.infratil.com


Infratil Half Year Results to 30 September 2017
10 November 2017

The first half of FY2018 was good for Infratil. The Company is well resourced and well positioned to
progress many growth initiatives and to continue to deliver value and earning gains for Infratil’s
shareholders.
Net parent surplus from continuing operations for the period was $33.4 million compared with $28.9 million
for the same period last year.
Consolidated underlying EBITDAF from continuing operations
1
was $291.3 million (+$45.3 million from the
same period last year).
• The 18% uplift was largely due to positive generation and market circumstances for Trustpower
• Canberra Data Centres achieved a notable milestone and progressed a material growth initiative
• Wellington Airport saw solid traffic growth and continues to upgrade its facilities
• Longroad progress in its establishment phase is materially exceeding expectations
As previously announced Infratil has lifted its full year EBITDAF guidance to $485-525 million from the
$460-500 million range originally indicated.
Net debt of Infratil and wholly owned subsidiaries as at 30 September 2017 was $705.6 million, down from
$913.3 million as at 31 March 2017. Net debt was reduced by $237.9 million during the period following
receipt of proceeds following the sale of Metlifecare.
• Over the period $143.4 million in Infrastructure Bonds was raised, replacing $66.3 million of
maturing bonds and largely pre-funding Infratil’s November maturity ($81.1 million)
• Over $670 million of cash and undrawn bank facilities remain available
$139.5 million of capital was invested over the period. Investment initiatives included the commencement of
Tilt Renewables’ 54MW Salt Creek wind farm, ongoing investment by Wellington Airport in the transport
hub and on-site hotel, and investment in wind and solar generation via Longroad Energy.
The investments now underway reflect long lead times of planning, consenting and negotiating satisfactory
terms for the relevant construction and utilisation agreements.
The interim dividend for FY2018 is to be 6.00 cents per share, fully imputed, payable on 15 December 2017
to shareholders of record as at 28 November 2017.
• This is the seventh year in a row in which Infratil has increased the dividend. Last year the interim
dividend was 5.75 cps. In the 2016 calendar year total dividends paid amounted to 14.75 cps. In the
2017 calendar year 16.00 cps will have been paid, including this interim dividend
• The dividend reinvestment plan continues to be on hold

Marko Bogoievski
Chief Executive Officer

Further information is available on www.infratil.com, or by contacting Tim Brown on +64 4 473 3663

1
Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show management’s view of the underlying
business performance. Underlying EBITDAF represents consolidated net earnings before interest, tax, depreciation, amortisation,
financial derivative movements, revaluations, gains or losses on the sales of investments, and includes Infratil’s share of
RetireAustralia’s underlying profits. Underlying profit for RetireAustralia removes the impact of unrealised fair value movements on
investment properties, impairment of property, plant and equipment, excludes one-off gains and deferred taxation, and includes
realised resale gains and realised development margins.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 Fax +64-4-473 2388 www.infratil.com


NZX Appendix 1 Disclosures

Results for announcement to the market

Reporting Entity Infratil Limited
Reporting Period Six months to 30 September 2017
Previous Reporting Period Six months to 30 September 2016

Results
Six months to
30 September 2017 ($Millions)
Percentage change
Revenues from ordinary
activities
935.7 -3.7%
Profit (loss) from ordinary
activities after tax
attributable to security holders
33.4 +15.6%
Net profit (loss) attributable to
security holders
33.4 +15.6%

Amount per security
(cents per share)
Imputed amount per security
(cents per share)
Interim Dividend 6.00 2.33
Record date 28 November 2017
Payment date 15 December 2017

30 September 2017
($ per share)
30 September 2017
($ per share)
Net tangible assets per share 3.15 3.00


Financial information and commentary
The Appendix 1 disclosures should be read in conjunction with the Infratil Group Unaudited Interim
Financial Statements for the six months ended 30 September 2017 and Infratil’s most recent Annual
Report. More detailed commentary on the operations of the Group over the period has been provided in the
form of the Infratil Interim Results Presentation and Infratil Interim Report which have been released
alongside the Interim Financial Statements.

---

Infratil
Interim Results Announcement
10 November 2017

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
•Underlying EBITDAF of $291.3 million, up $45.3 million (+18.4%) from the
comparative prior half year of $246.0 million
•Operating cash flow of $130.8 million, up $19.9 million (+17.9%) from the comparative
half year
•Result reflects strong operating performance and solid progress in new platforms:
•Trustpower delivered a very strong result, with EBITDAF of $159.1 million,
$40.2 million (34%) up from comparative half year
•Wellington International Airport performing well while also investing in transport
hub, terminal expansion and hotel facilities
•Canberra Data Centres secured a significant contract with Microsoft and has
committed to developing a further data centre
•RetireAustralia benefitted from higher new sales/resales values and is showing
expanding development opportunities
•Longroad Energy well established with operational assets and a ‘services’ line of
business to complement its development activity
•Over $670 million of cash and undrawn bank facilities available
•Fully imputed interim dividend of 6.00cps, up 4.4% on the prior year interim dividend
•FY18 Underlying EBITDAF guidance range remains unchanged at $485-$525 million
Half Year Overview
2
Strong operating performance and progress in new platforms

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
3
Half Year ended30 September ($Millions)20172016Variance% Change
Underlying EBITDAF
1
291.3246.045.318.4%
Net Parent Surplus 33.428.94.515.6%
Net Operating Cash Flow130.8110.919.917.9%
Capital Expenditure117.5103.514.013.5%
Investment22.0496.3(474.3)(95.6%)
Earnings per share (cps)6.05.10.917.6%
1
Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show management’s view of the underlying business performance. A
reconciliation from net parent surplus to underlying EBITDAF is provided as an appendix to this presentation.
Financial Highlights
18.4% growth in Underlying EBITDAF drives a strong half-year result

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
4
Results Summary
Higher NPAT and net parent surplus from slightly lower consolidated revenues
30 September ($Millions)20172016
Operating revenue
935.7 971.2
Operating expenses
(648.6)(717.9)
Depreciation & amortisation
(96.7)(88.5)
Net interest
(79.9)(79.6)
Tax expense
(35.4)(22.4)
Revaluations
10.2 0.1
Net profit after tax
85.3 62.9
Minority earnings
(51.9)(34.0)
Net parent surplus
33.4 28.9
•Operating revenue reduced by 3.7%, reflecting
declines within NZ Bus and Perth Energy following
contract losses and changing retail mix respectively
•Operating expenses reduced by 9.7% due to a strong
performance by Trustpower’s New Zealand
generation assets leading to less electricity being
purchased from third parties and Perth Energy
reducing overall contracted volume to focus primarily
on higher margin segments of the market
•Increase in depreciation and amortisation reflects
growth in asset base
•Net interest has remained steady with net cash at the
corporate level having decreased following
investments at the end of the prior period. This is
offset by maturing bonds across the Group being
replaced with coupon rates up to 285 basis points
lower

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
30 September ($Millions)20172016
Trustpower
1
159.1
118.9
Tilt Renewables
1
52.8
65.9
Wellington Airport
47.3
43.7
NZ Bus
17.9
25.0
Perth Energy
(6.2)
(9.7)
CDC
18.9
0.6
Longroad
(5.9)
-
Metlifecare
-
7.4
RetireAustralia
2
14.7
7.1
ANU Student Accommodation
5.9
1.5
Other
(13.2)
(14.4)
Underlying EBITDAF291.3246.0
•Trustpower’s higher average wholesale prices, favourable
hydrology and an uplift in retail EBITDAF delivered a material
increase in operating result
•Unfavourablewind conditions in both Australia and
NZ resulted in a reduction in Tilt Renewables’ earnings
•WIALincreasing passenger numbers and commercial
revenue driving continued earnings growth
•NZ Busreflects the lossof South Auckland services and
costs incurred in transitioning to the new operating model
•Perth Energy improved performance of retailbusinessbut
market conditions in Western Australia remain challenging
•RetireAustraliaunderlying profit of A$27 million (100%) up
A$13 million from the prior period reflecting strong unit prices
•CDCresult reflects a full period contribution and change to
the accounting treatment of Data Centre assets (A$9.7
million)
5
Underlying EBITDAF
Trustpower and Canberra Data Centres contribution drives half-year result
1
Trustpower and Tilt 2016 comparatives relate to the respective performance of the two entities pre-demerger.
2
Underlying EBITDAF for RetireAustralia includes Infratil’s share of its underlying profits. Underlying profit is a common performance measure used by retirement companies
and removes the impact of unrealised fair value movements on investment properties, impairment of property, plant and equipment,one-off gains and deferred taxation, and
includes realised resale gains and realised development margins.

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
•Trustpower capex reflects its operational and
maintenance programme
•Tilt capex includes the commencement of construction
of the Salt Creek wind farm
•Wellington Airport ongoing land-transport hub,
commencement of the onsite hotel and the south
terminal extension
•NZ Bus purchased a further 14 double decker buses
for operation in Auckland. Period of low investment as
new contracts are negotiated prior to investment
commitment
•RetireAustraliaspend includes 50% share of new
units built during the period. RetireAustralia has
delivered 36 new villas in the first half of 2018
•An additional $22 million of capital was called by
Longroadduring the period to fund the acquisition of a
270MWh portfolio of operational distributed generation
solar PV projects and two operating wind farms totalling
80MWh
Group Capital Expenditure and Investment
6
Continuing to capture value in existing assets and platforms
30 September ($Millions)20172016
Trustpower
15.9
20.2
Tilt Renewables
21.1
6.0
Wellington Airport
40.3
44.0
NZ Bus
11.4
12.3
RetireAustralia
20.6
16.6
CDC
5.3
-
Other
2.9
4.4
Capital Expenditure
117.5
103.5
CDC
-
411.5
ANU Student Accommodation
-
84.8
Longroad
22.0
-
Investment
22.0
496.3
Total139.5599.8

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
•Trustpowermovement in listed market share price
($5.49 vs $4.60)
•TiltRenewablesmovement in listed market share
price ($2.06 vs $2.14)
•Wellington Airportbook value implies an
EV/EBITDA multiple of 8.4x, compared to Auckland
Airport >20x
•NZ Busreflects the movement in capital expenditure
less asset depreciation
•CDC,RetireAustralia, ANUand Longroadreflect
the acquisition cost plus share of trading result
adjusted for AUD and USD movements
•Perth Energyis Infratil’s share of net assets
•Other investments include ASIP, Snapperand
Infratil Infrastructure Property
7
Asset Values
Conservative asset values relative to current infrastructure market
30 September ($Millions)20172016
Trustpower877.0734.8
Tilt Renewables 329.1341.8
Wellington Airport397.5414.5
NZ Bus179.0191.2
Perth Energy61.873.4
CDC435.2426.3
Metlifecare-237.9
RetireAustralia287.1278.2
ANU92.691.2
Longroad Energy 48.333.2
Other86.984.8
Total2,794.52,907.5

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
Maturities in period to 31 March($Millions)
201820192020>4 yrs>10 yrs
Bonds81.1111.4149.0509.2231.9
Infratil bank facilities
1
57.071.033.085.0-
100% subsidiaries’ bank facilities
2
6.312.712.716.7-
•Cash position of $425 million and wholly owned subsidiaries’ bank facilities drawn of $48 million
•Senior debt facilities have maturities up to 3 years and 4.5 years (for bus finance export credit facility)
•$143 million in Infrastructure Bonds was raised in June, replacing $66 million of maturing bonds and largely pre-funding
the November maturity ($81.1 million)
•Infratil gearing 28.8% (net debt / net debt + equity capitalisation)
•Infratil continues to target duration of its borrowings consistent with the profile of its assets and long-term ownership
8
1
Infratil and wholly-owned subsidiaries exclude Trustpower, Tilt, WIAL, Perth Energy, CDC, Longroad Energy, RetireAustralia and ANU
2
NZ Bus export credit guarantee fleet procurement facility
Debt Position
Current gearing headroom provides opportunity for further investment

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
30 September ($Millions)201520162017
Net bank debt (cash on hand)(682)(194)(425)
Infratil bonds (incl. PiiBs)9891,0071,083
Market value of equity1,719 1,8221,747
Total capital2,0262,6352,405
Gearing (net debt/ total capital)15% 31%29%
Infratil undrawn bank facilities276246246
100% subsidiaries cash755255425
Funds Available1,031501671
9
Funds Available for Investment
Significant capacity remains to support further investment
•Over $670 million of cash and undrawn bank facilities available

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
Newer platforms supported by core and poised for strong investment cycle
10
Core Cash Generation
Catalysts for Growth
Portfolio Composition and Outlook

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
EBITDAF for 1H18 was $159.1 million, $48.9 million (44%) above 1H17
•Trustpower’s diverse and flexible fleet of generation assets, together with
sound operating decisions, has allowed for above average prices and a strong
result
•Increased Retail EBITDAF of $29.6 million up $15.4 million from comparative
period, indicating that the investment in customers is starting to pay off
Customers
Customer growth was modest as retail acquisition campaigning was put on hold
during the period while the company realised high wholesale electricity prices
•Total accounts up 1% since 31 March 2017 to 390,000 accounts (up 3% since
September 2016)
•Total accounts with two or more utilities up 4% since 31 March 2017 to 94,000
accounts (up 12% since September 2016)
Generation
•New Zealand generation production of 1,325GWh was 266GWh above the
prior period due to favourable hydrological conditions
•The weighted average wholesale price received for New Zealand generation
was $91/MWh up from $58/MWh in 1H17
Trustpower
Positive hydrological conditions drive substantial lift in earnings
11

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
EBITDAF for 1H FY18 was A$49.3 million, A$12.0 million below 1H FY17
Generation
•Unfavourable wind conditions in the June quarter saw Australian production end 6%
below expectations despite a strong second quarter
•New Zealand wind production was 15% below long-term expectations
•All assets had lower production than the comparative half year, which benefited
from above average wind conditions
•Lower generation production costs as a result of production-linked maintenance and
landowner costs and higher level of capitalised asset replacements
•Market volatility continues in South Australia with higher levels of ancillary service
costs and the impact of curtailment (20GWh since 1 July 2017)
Construction and development
•Construction remains on schedule at Salt Creek Wind Farm (54MW in southwest
VIC) to achieve commercial operations by July 2018
•Development activity is focused on preparingDundonnell Wind Farm (~300MW in
southwest VIC) for investment decision in mid CY18
•Secured approvals for two Queensland solar projects (combined 350MW potential)
Tilt Renewables
Below average wind offset by good progress within the development pipeline
12

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
Longroad investment
13
Significant progress in the development of renewables in the U.S.
Development business on track
•Final approval for ~488MW of development projects scheduled for consideration prior to
31 March 2018
•Substantial progress on a further ~600MW of near term solar projects expected to reach
financial close during 2018/19
•Further 6.7GW pipeline of greenfield utility-scale wind and solar development options
•Construction, financing and equipment markets remain active
Acquisition of accretive operational assets with further optionality
•Acquired 378MW of operating wind and distributed solar generation plants with further MW
under agreement and expected to close in 2017/2018
•Strong services cashflowwith options to refinance, repower and/or extend revenue contracts
Establishment of Longroad Energy Services and 24hr Network Operations Centre
•Currently 1200MW of owned and 3
rd
party assets under management with ~50 employees in
the NOC, field technicians and operations/asset management
Continued political headwinds at the Federal level
•Proposed solar panel importation tariff and policies which favourcoal
•Individual U.S. States modifying local renewable schemes to continue decarbonisationpush
and fill leadership gap left by the Federal administration

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
Current EBITDAF is forecast to improve to a A$70 million
run rate by 31 March 2018
•Announcement of partnership with Microsoft is leading to
incremental new customer interest in the CDC facilities
-Strong endorsement of CDC’s offering and a significant
enhancement of the ecosystem
-Increases CDC’s utilisation of existing facilities from 56% to
74%
•The delivery of CDC’s contract with Microsoft to host hyper-scale
cloud services from CDC’s two Canberra based data centre
campuses is progressing well (footprint is being progressively
handed over in October and November)
•In September CDC started construction works on the new 21MW
Fyshwick 2 data centre which will take total capacity to 59MW, up
from 30MW at the time of acquisition
•The sector continues to be boosted by a range of positive
developments, with data centres squarely in the sighs of infra
investors and increasing valuations of comparative companies in
the period since the CDC acquisition
Investment thesis continues to gain momentum
14
Canberra Data Centres

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
15
EBITDAF for 1H FY18 was $47.3 million, $3.6 million (8.2%) above 1H FY17
Passengers
•Total passengers over 3.0 million, +3.1% or 90,000 increase on prior period
•International passenger growth +4.4% from the prior period with one year anniversary
of the Singapore Airlines service
•Commercial revenues +8.8% up on last year driven by passenger growth and strong
vehicle and retail performance
Capital Expenditure
•$40 million capital investment for the period:
-Transport hub construction progressing with the elevated concourse opened in
August 2017 (expected completion mid 2018)
-Hotel construction on the 134 room, 4.5 star hotel is well underway (expected
completion late 2018)
-Main terminal optimisation works commenced –a multi-phased project to improve
layout and customer offerings and experience
•Runway extension –NZ Airports Association and Wellington Airport appealed to
Supreme Court in September. Decision is pending and Environment Court application
remains on hold
•Revenue and EBITDAF are expected to increase as a result of capital expenditure and
investment in route development
Half year earnings growth as aero and commercial activities perform well
Wellington International Airport

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
EBITDAF loss for 1H FY18 was A$5.8 million,
A$3.3 million improvement from 1H FY17
Retail
•Perth Energy’s retail business has made significant progress
to stem losses as customer contracts are renewed, and new
business is secured, based on prevailing wholesale prices
•With customer contracts typically having a two year term,
previous loss making contracts continued to impact
performance for FY18
•New sales are focused on higher margin segments of the
market
Generation
•Generation continues to provide valuable peaking capacity to
the market and will benefit from the announced removal of
excess capacity
•One of the few fast-start turbines in Western Australia
expected to play an increasingly important role in supporting
deployment of intermittent renewables
Retail portfolio undergoing renewal and recontracting
16
Perth Energy

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
Transitioning to the new operating model and new contract structures
EBITDAF for 1H FY18 was $17.8 million, $7.1 million behind
1H FY17
Operating Performance
•Variance to prior year due to cessation of South Auckland services from
October 2016 and costs incurred as the business transitions to the new
operating model (PTOM)
Contracting market update (PTOM)
•All contracts with Auckland Transport have now been confirmed, either
through negotiation or tender, with NZ Bus securing 20 “unit” contracts
with revenue of ~$1 billion over the average contract term of nine years
•Negotiations continue with Greater Wellington Regional Council for
5 directly appointed units
•Capitalexpenditure commitments for new fleet to meet contracts will be
progressively delivered over the next 12 months.
•Continuing to monitor and assess electric vehicle technologies with key
partners
•Smaller regions, including Bay of Plenty and Canterbury are likely to go to
tender in the near future
17
NZ Bus

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
Underlying profit for 1H FY18 was A$27 million, A$14 million above 1H FY17
Operating Performance
•Underlying profit increase driven by unit price rises
•Soft H1 resales substantially offset by higher average collect
•Lower than average enquiry rates indicate that current lower resales rate is likely to
continue into H2
•Embedded value up 10% on FY17 to A$146,000 per unit due to strong price growth
•39 new sales realised development margin of A$7 million (28% margin)
•31 newly completed units on hand as at 30 September
Development pipeline
•Development pipeline has expanded to ~1,000 units including ~335 Care Apartments (CA)
•Premium Central Coast sites -construction underway on 69 Independent Living Units (ILU)
development at Wood Glen, with 195 CAs in various planning stages
•Greenfield projects -final development agreement received for Lutwyche (183 ILU / 35 CA);
Development Approval processes well advanced for further 351 ILUs and 66 CAs
•New site acquired in Lane Cove, Sydney expected to yield at least 85 apartments
Care strategy progressing well
•Surveys support strong demand from residents for additional services
•Opportunity to provide those services in a way that is value enhancing for RetireAustralia
Momentum growing as growth platform rolls out
18
RetireAustralia

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
19
0
5
10
15
20
25
30
35
201320142015201620172018
Dividend Per Share Profile FY 2013-2018
InterimFinalSpecial
ForecastOrdinary
Distributions
Growth in dividend per share maintained
•Fully imputed interim ordinary dividend of 6.00 cps
up 4.4% on the comparative of 5.75 cps
•Payable on 15 December 2017 to shareholders
recorded as owners by the registry as at
28 November 2017
•Forecast dividend range for the FY18 final dividend
is 10.5-11.0 cps
•Earnings growth in the forecast period is largely from
foreign group activities and will not generate
imputation credits. Absent any change in portfolio
composition it is forecast that dividends will move
towards partial imputation from FY19

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
20
Near term catalysts should force re-rating of development pipelines in key sectors
•The total shareholder return for the year
to date (6 November) is 15.3%
•Arange of near to mid-term catalysts are
evident within the portfolio which, if
executed, will drive earnings and capital
growth. These include:
•Completionof Salt Creek
•Final Investment Decision on
Dundonnell
•RetireAustralia’stargeted
development of 300+ new units per
annum by FY21
•Near term development opportunities
and adjacent business at Longroad
•CDC customer and facilities growth
•Significantfinancial capacity for
further investment
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
2008200920102011201220132014201520162017
Infratil Share Price
Infratil Share Price

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
21
Outlook ($Millions)FY2017
Actual
FY2018
Outlook
Underlying EBITDAF
519.5485-525
OperatingCashflow
245.0210-250
NetInterest
165.7155-165
Depreciation& Amortisation
186.5180-190
Capital Expenditure & Investment
168.1350-400
2018 guidance is based on management’s current expectations and assumptions about the trading
performance of Infratil’s investments and is subject to risks and uncertainties, is dependent on
prevailing market conditions continuing throughout the outlook period and assumes no major changes
in the composition of the Infratil investment portfolio. Trading performance and market conditions can
and will change, which may materially affect the guidance set out above.
Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show
management’s view of the underlying business performance. Underlying EBITDAF represents
consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative
movements, revaluations, gains or losses on the sales of investments, and includes Infratil’s share of
RetireAustralia’s underlying profits. Underlying profit for RetireAustralia removes the impact of
unrealised fair value movements on investment properties, impairment of property, plant and
equipment, excludes one-off gains and deferred taxation, and includes realised resale gains and
realised development margins.
•Initial guidance issued in May 2017 indicated
Underlying EBITDAF of $460-$500 million
•Underlying EBITDAF guidance was revised upwards
in October to $485-$525 million and performance is
currently tracking towards the middle of that range
•Guidance reflects current trajectory and changes in
the portfolio including:
-first half performance of TPW and Tilt Renewables
and a return to long run average wind and
hydrology for the balance of the year
-a full period of contribution from CDC and ANU
-continued growth from Wellington Airport
-return to long run house price inflation for
RetireAustralia for the balance of the year
-stabilisedretail operating conditions for Perth
Energy
•Capital structure and confidence in outlook are
positive for continued growth in dividends per share
Underlying EBITDAF guidance range reaffirmed at $485-$525 million
2017/18 Outlook

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
22
Core assets and new proprietary platforms combining to enable sustained NAV
growth
•Multiple near-term catalysts across new and established platforms
•Repositioning of the portfolio during the last five years starting to reap real benefits
Equity exposed to favourable long-term trends and supportive policy positions
•Focus on growth infrastructure addressing “ideas that matter”
•Favourable operating leverage in newer renewables, retirement and data
platforms
•Strong policy support for lowering healthcare and energy costs, and positioning
early around supporting data as a future essential service
Diversification benefits operating across multiple jurisdictions and sectors
•Effective risk management feature given the uncertain macro backdrop
•Regulatory and macroeconomic diversification with inflation protection
Partnerships with sophisticated regional investors with equivalent patience and
commitment
•Co-investment position is difficult to replicate in Australasian markets
•Effective expansion of scale and scope of Infratil’s business through association
with key sovereign wealth funds and other long-term capital
Preconditions in place for sustained NAV growth
Summary

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
23
www.infratil.com
For more information

INFRATILINTERIM RESULTS PRESENTATION –SEPTEMBER 2017
24
Results Summary
Appendix I –Reconciliation of NPAT to Underlying EBITDAF
30 September ($Millions)20172016
Net profit after tax
85.3 62.9
less: share of MET & RA investment property revaluations
(6.9)(35.1)
plus: share of MET & RA realised resale gains
2.9 7.9
plus: share of MET & RA developmentmargin
3.7 3.5
plus: share of MET & RA deferred taxexpense and non-recurring items
4.5 2.1
Trustpowerdemerger costs
-8.7
CDC transaction costs
-5.6
Net loss/(gain) on foreign exchange and derivatives
(1.4) 0.4
Net realisations, revaluations and (impairments)
(8.8)(0.5)
Underlying Earnings
79.3 55.5
Depreciation & amortisation
96.7 88.5
Net interest
79.9 79.6
Tax
35.4 22.4
Underlying EBITDAF
291.3 246.0
•Underlying EBITDAF is a non-GAAP measure of
financial performance, presented to show
management’s view of the underlying business
performance
•Underlying EBITDAF represents consolidated net
earnings before interest, tax, depreciation,
amortisation, financial derivative movements,
revaluations, gains or losses on the sales of
investments, and includes Infratil’s share of
RetireAustralia and Metlifecare underlying profits
•Underlying profit for RetireAustralia and Metlifecare
removes the impact of unrealised fair value
movements on investment properties, impairment of
property, plant and equipment, excludes one-off gains
and deferred taxation, and includes realised resale
gains and realised development margins
•Underlying profit provides a better benchmark to
measure business performance
•The Group’s investment in Metlifecare was sold on
7 April 2017 but has no impact on the current period
result

---

Notes
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
$Millions $Millions $Millions
Unaudited Unaudited Audited
Operating revenue905.6940.71,823.8
Dividends0.71.41.9
Total revenue906.3942.11,825.7
Share of earnings of associate companies529.429.188.1
Total income935.7971.21,913.8
Depreciation87.280.5169.6
Amortisation of intangibles9.58.016.9
Employee benefits103.9104.5206.3
Other operating expenses7544.7613.41,174.1
Total operating expenditure745.3806.41,566.9
190.4164.8346.9
Net gain/(loss) on foreign exchange and derivatives1.4(0.4)29.0
Net realisations, revaluations and (impairments)8.80.5(55.2)
Interest income6.39.416.5
Interest expense86.289.0182.2
Net financing expense79.979.6165.7
Net surplus before taxation120.785.3155.0
Taxation expense835.422.424.6
Net surplus for the period85.362.9130.4
Net surplus attributable to owners of the Company33.428.966.1
Net surplus attributable to non-controlling interest51.934.064.3
Other comprehensive income, after tax
Items that will not be reclassified to profit and loss
Net change in fair value of property, plant & equipment recognised in equity
-(17.6)150.6
Share of associates other comprehensive income-0.1(0.2)
Fair value movements in relation to the executive share scheme---
Income tax effect of the above items
-0.1(39.5)
Items that may subsequently be reclassified to profit and loss
Differences arising on translation of foreign operations(10.2)(28.8)(0.5)
Realisations on disposal of subsidiary, reclassified to profit and loss---
Net change in fair value of available for sale financial assets6.90.10.2
Ineffective portion of hedges taken to profit and loss-0.30.1
Effective portion of changes in fair value of cash flow hedges(0.4)0.6(2.4)
Income tax effect of the above items
0.3(9.0)0.9
Total other comprehensive income after tax(3.4)(54.2)109.2
Total comprehensive income for the period81.98.7239.6
Total comprehensive income for the period attributable to owners of the Company29.8(9.7)123.0
Total comprehensive income for the period attributable to non-controlling interests52.118.4116.6
Earnings per share
Basic and diluted (cents per share)
6.05.111.8
The accompanying notes form part of these financial statements
Infratil Limited
Consolidated Statement of Comprehensive Income
For the 6 months ended 30 September 2017
Operating surplus before financing, derivatives, realisations and impairments
Page 1 of 24

Notes
30 September
2017
30 September
2016
31 March
2017
$Millions $Millions$Millions
Unaudited UnauditedAudited
Cash and cash equivalents586.8319.1268.8
Trade and other accounts receivable and prepayments242.3230.2220.0
Derivative financial instruments2.83.04.6
Inventories3.54.92.7
Income tax receivable1.31.20.8
Land, buildings and investment properties held for sale10.0-8.6
Investments held for sale--237.9
Current assets846.7558.4743.4
Trade and other accounts receivable and prepayments15.62.415.7
Property, plant and equipment4,878.74,759.04,900.5
Investment properties74.170.572.9
Derivative financial instruments5.34.68.3
Intangible assets52.260.755.6
Goodwill 117.4117.4117.4
Investments in associates5863.51,002.2831.1
Other investments659.838.851.8
Non-current assets6,066.66,055.66,053.3
Total assets6,913.36,614.06,796.7
Accounts payable, accruals and other liabilities218.6226.8214.2
Interest bearing loans and borrowings
9
58.1260.5134.5
Derivative financial instruments9.29.19.5
Income tax payable14.35.825.3
Infrastructure bonds
10
81.166.1147.2
Trustpower bonds52.065.052.0
Wellington International Airport bonds--90.0
Total current liabilities433.3633.3672.7
Interest bearing loans and borrowings
9
1,023.2782.4885.4
Other liabilities6.38.68.1
Deferred tax liability537.2535.9536.7
Derivative financial instruments48.473.253.2
Infrastructure bonds
10
762.4700.2620.3
Perpetual Infratil Infrastructure bonds
10
231.0232.5230.8
Trustpower bonds321.8318.2321.2
Wellington International Airport bonds and senior notes426.7347.9327.4
Non-current liabilities3,357.02,998.92,983.1
Attributable to owners of the Company1,932.11,864.41,958.3
Non-controlling interest in subsidiaries1,190.91,117.41,182.6
Total equity3,123.02,981.83,140.9
Total equity and liabilities6,913.36,614.06,796.7
Net tangible assets per share ($ per share)
3.15 3.00 3.19
Approved on behalf of the Board on 9 November 2017
Director Director
The accompanying notes form part of these financial statements.
Consolidated Statement of Financial Position
Infratil Limited
As at 30 September 2017
Page 2 of 24

Notes
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
$Millions $Millions $Millions
Cash flows from operating activities
Unaudited Unaudited Audited
Cash was provided from:
Receipts from customers868.6895.51,848.1
Distributions received from associates11.42.86.1
Other dividends0.60.30.7
Interest received6.39.416.5
886.9908.01,871.4
Cash was disbursed to:
Payments to suppliers and employees(628.8)(683.4)(1,405.8)
Interest paid(82.3)(84.9)(172.9)
Taxation paid(45.0)(28.8)(47.7)
(756.1)(797.1)(1,626.4)
Net cash inflow from operating activities13130.8110.9245.0
Cash flows from investing activities
Cash was provided from:
Proceeds from sale of associates---
Proceeds from sale of subsidiaries (net of cash sold)-0.40.4
Proceeds from sale of property, plant and equipment10.08.48.2
Proceeds from sale of investments237.9--
Return of security deposits0.79.63.5
248.618.412.1
Cash was disbursed to:
Purchase of investments(23.6)(498.8)(546.1)
Lodgement of security deposits(0.2)(5.7)(13.3)
Purchase of intangible assets(5.3)(4.6)(7.1)
Interest capitalised on construction of fixed assets---
Capitalisation of customer acquisition costs---
Purchase of property, plant and equipment(81.1)(79.8)(119.8)
(110.2)(588.9)(686.3)
Net cash inflow / (outflow) from investing activities138.4(570.5)(674.2)
Cash flows from financing activities
Cash was provided from:
Proceeds from issue of shares--0.5
Proceeds from issue of shares to Non-controlling Interests---
Bank borrowings227.3118.7304.7
Issue of bonds243.2285.0455.0
470.5403.7760.2
Cash was disbursed to:
Repayment of bank debt(163.8)(135.4)(381.2)
Loan establishment costs(0.1)(1.7)(9.4)
Repayment of bonds/Perpetual Infratil Infrastructure bonds buyback(156.3)(160.0)(269.0)
Infrastructure bond issue expenses(2.9)(3.7)(7.3)
Share buyback--(7.0)
Share buyback of non-wholly owned subsidiary(0.2)(0.7)(0.7)
Dividends paid to non-controlling shareholders in subsidiary companies(43.6)(45.6)(78.6)
Dividends paid to owners of the Company(56.0)(50.6)(82.9)
(422.9)(397.7)(836.1)
Net cash inflow / (outflow) from financing activities
47.66.0(75.9)
Net increase/ (decrease) in cash and cash equivalents316.8(453.6)(505.1)
Foreign exchange gains / (losses) on cash and cash equivalents1.2(2.8)(1.6)
Cash and cash equivalents at beginning of the period268.8775.5775.5
Adjustment for cash acquired with new subsidiary---
Cash and cash equivalents at end of the period586.8319.1268.8
The accompanying notes form part of these financial statements.
Consolidated Statement of Cash Flows
For the 6 months ended 30 September 2017
Infratil Limited
Page 3 of 24

CapitalRevaluation
reserve
Foreign
currency
translation
reserve
Other reservesRetained
earnings
TotalNon-
controlling
Total equity
$Millions$Millions$Millions$Millions$Millions$Millions$Millions$Millions
Balance as at 1 April 2017
364.2810.1(0.2)(4.9)789.11,958.31,182.63,140.9
Total comprehensive income for the period
Net surplus for the period
----33.433.451.985.3
Other comprehensive income, after tax
Differences arising on translation of foreign operations--(10.4)--(10.4)0.2(10.2)
Realisations on disposal of subsidiary, reclassified to profit and loss--------
Net change in fair value of available for sale financial assets---6.9-6.9-6.9
Ineffective portion of hedges taken to profit and loss--------
Effective portion of changes in fair value of cash flow hedges---(0.1)-(0.1)-(0.1)
Fair value movements in relation to the executive share scheme--------
Net change in fair value of property, plant & equipment recognised in equity
--------
Share of associates other comprehensive income--------
Total other comprehensive income--(10.4)6.8-(3.6)0.2(3.4)
Total comprehensive income for the period--(10.4)6.833.429.852.181.9
Contributions by and distributions to non-controlling interest
Non-controlling interest arising on acquisition of subsidiary--------
Issue/(acquisition) of shares held by outside equity interest------(0.2)(0.2)
Total contributions by and distributions to non-controlling interest------(0.2)(0.2)
Contributions by and distributions to owners
Share buyback--------
Treasury Stock reissued under dividend reinvestment plan--------
Conversion of executive redeemable shares--------
Dividends to equity holders----(56.0)(56.0)(43.6)(99.6)
Total contributions by and distributions to owners----(56.0)(56.0)(43.6)(99.6)
Balance as at 30 September 2017364.2810.1(10.6)1.9766.51,932.11,190.93,123.0
The accompanying notes form part of these financial statements.
Consolidated Statement of Changes in Equity
For the 6 months ended 30 September 2017
Attributable to equity holders of the Company - Unaudited
Infratil Limited
Page 4 of 24

CapitalRevaluation
reserve
Foreign
currency
translation
reserve
Other reservesRetained
earnings
TotalNon-
controlling
Total equity
$Millions$Millions$Millions$Millions$Millions$Millions$Millions$Millions
Balance as at 1 April 2016
370.7749.82.8(4.7)806.11,924.71,145.33,070.0
Total comprehensive income for the period
Net surplus for the period
----28.928.934.062.9
Other comprehensive income, after tax
Differences arising on translation of foreign operations--(30.6)--(30.6)(6.9)(37.5)
Realisations on disposal of subsidiary, reclassified to profit and loss--------
Net change in fair value of available for sale financial assets---0.1-0.1-0.1
Ineffective portion of hedges taken to profit and loss--------
Effective portion of changes in fair value of cash flow hedges---1.0-1.0(0.4)0.6
Fair value movements in relation to the executive share scheme--------
Net change in fair value of property, plant & equipment recognised in equity
-(9.2)---(9.2)(8.3)(17.5)
Share of associates other comprehensive income----0.10.1-0.1
Total other comprehensive income-(9.2)(30.6)1.10.1(38.6)(15.6)(54.2)
Total comprehensive income for the period-(9.2)(30.6)1.129.0(9.7)18.48.7
Contributions by and distributions to non-controlling interest
Non-controlling interest arising on acquisition of subsidiary------(1.3)(1.3)
Issue/(acquisition) of shares held by outside equity interest------(0.7)(0.7)
Total contributions by and distributions to non-controlling interest------(2.0)(2.0)
Contributions by and distributions to owners
Share buyback--------
Treasury Stock reissued under dividend reinvestment plan--------
Conversion of executive redeemable shares--------
Dividends to equity holders----(50.6)(50.6)(44.3)(94.9)
Total contributions by and distributions to owners----(50.6)(50.6)(44.3)(94.9)
Balance as at 30 September 2016370.7740.6(27.8)(3.6)784.51,864.41,117.42,981.8
The accompanying notes form part of these financial statements.
Infratil Limited
Consolidated Statement of Changes in Equity
For the 6 months ended 30 September 2016
Attributable to equity holders of the Company - Unaudited
Page 5 of 24

CapitalRevaluation
reserve
Foreign
currency
translation
reserve
Other reservesRetained
earnings
TotalNon-
controlling
Total equity
$Millions$Millions$Millions$Millions$Millions$Millions$Millions$Millions
Balance as at 1 April 2016
370.7749.82.8(4.7)806.11,924.71,145.33,070.0
Total comprehensive income for the year
Net surplus for the year
----66.166.164.3130.4
Other comprehensive income, after tax
Differences arising on translation of foreign operations--(3.0)--(3.0)3.20.2
Realisations on disposal of subsidiary, reclassified to profit and loss--------
Net change in fair value of available for sale financial assets---0.2-0.2-0.2
Ineffective portion of hedges taken to profit and loss---0.1-0.1-0.1
Effective portion of changes in fair value of cash flow hedges---(0.5)-(0.5)(1.7)(2.2)
Fair value movements in relation to the executive share scheme--------
Net change in fair value of property, plant & equipment recognised in equity
-60.3---60.350.8111.1
Share of associates other comprehensive income----(0.2)(0.2)-(0.2)
Total other comprehensive income-60.3(3.0)(0.2)(0.2)56.952.3109.2
Total comprehensive income for the period-60.3(3.0)(0.2)65.9123.0116.6239.6
Contributions by and distributions to non-controlling interest
Non-controlling interest arising on acquisition of subsidiary--------
Issue/(acquisition) of shares held by outside equity interest------(0.7)(0.7)
Total contributions by and distributions to non-controlling interest------(0.7)(0.7)
Contributions by and distributions to owners
Share buyback(7.1)----(7.1)-(7.1)
Treasury Stock reissued under dividend reinvestment plan--------
Conversion of executive redeemable shares0.6----0.6-0.6
Dividends to equity holders----(82.9)(82.9)(78.6)(161.5)
Total contributions by and distributions to owners(6.5)---(82.9)(89.4)(78.6)(168.0)
Balance at 31 March 2017364.2810.1(0.2)(4.9)789.11,958.31,182.63,140.9
The accompanying notes form part of these financial statements.
Infratil Limited
Consolidated Statement of Changes in Equity
For the year ended 31 March 2017
Attributable to equity holders of the Company - Audited
Page 6 of 24

(1) Accounting policies
(2) Nature of business
(3) Infratil shares and dividends
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
Ordinary shares (fully paid)
Unaudited Unaudited Audited
Total issued capital at the beginning of the period
560,053,166562,325,645562,325,645
Movements in issued and fully paid ordinary shares during the period:
Share buyback--(2,510,000)
Treasury Stock reissued under dividend reinvestment plan---
Conversion of executive redeemable shares--237,521
Total issued capital at the end of the period 560,053,166 562,325,645 560,053,166
Dividends paid on ordinary shares
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
cps cps cps $Millions $Millions $Millions
Unaudited Unaudited Audited Unaudited Unaudited Audited
Final dividend prior year
10.009.009.0056.050.650.6
Interim dividend paid current year
--5.75--32.3
Dividends paid on ordinary shares
10.00
9.0014.75
56.0
50.682.9
These unaudited condensed consolidated half year financial statements ('half year statements') of Infratil Limited together with its subsidiaries and associates ('the
Group') have been prepared in accordance with NZ IAS 34 Interim Financial Reporting and comply with IAS 34 Interim Financial Reporting. These half year
statements have been prepared in accordance with the accounting policies stated in the published financial statements for the year ended 31 March 2017 and
should be read in conjunction with the previous annual report. No changes have been made from the accounting policies used in the most recent annual report
which can be obtained from Infratil's registered office or www.infratil.com. The presentation currency used in the preparation of these financial statements is New
Zealand dollars, which is also the Parent's functional currency. Comparative figures have been restated where appropriate to ensure consistency with the current
period.
All fully paid ordinary shares have equal voting rights and share equally in dividends and equity. At 30 September 2017 the Group held no Treasury Stock (30
September 2016: 4,500,000, 31 March 2017: nil). 7,010,000 shares held as Treasury stock were cancelled on 29 March 2017.
Notes to the Financial Statements
For the 6 months ended 30 September 2017
Basis of preparation
The following new standards, amendments to standards and interpretations are issued but not yet effective and have not been applied in preparation of these
consolidated financial statements.
NZ IFRS 9 Financial Instruments, published in July 2014, replaces the existing guidance in NZ IAS 39 Financial Instruments: Recognition and Measurement. NZ IFRS 9
includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss model for calculating impairment on financial
assets, and new general hedge accounting requirements. It also carries forward the guidance on recognition and derecognition of financial instruments from NZ IAS
39. NZ IFRS 9 is effective for annual reporting periods beginning on or after 1 January 2018, with early adoption permitted. The Group has commenced a project to
review the impact of NZ IFRS 9 and will indicate the likely qualitative impact, if any, in its 31 March 2018 Annual Report.
NZ IFRS 15 Revenue from Contracts with Customers, establishes a comprehensive framework for determining whether, how much and when revenue is recognised.
It replaces existing revenue recognition guidance, including NZ IAS 18 Revenue, NZ IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programmes. NZ
IFRS 15 is effective for annual reporting periods beginning on or after 1 January 2018, with early adoption permitted. The Group has commenced a project to review
the impact of NZ IFRS 15 and will indicate the likely quantitative impact, if any, in its 31 March 2018 Annual Report.
NZ IFRS 16 Leases, removes the classification of leases as either operating leases or finance leases – for the lessee – effectively treating all leases as finance leases.
Lessor accounting remains similar to current practice – i.e. lessors continue to classify leases as finance and operating. The standard is effective for annual reporting
periods beginning on or after 1 January 2019. The Group has commenced a project to review the impact of NZ IFRS 16 and will indicate the likely qualitative impact,
if any, in its 31 March 2018 Annual Report.
Reporting Entity
Infratil Limited ('the Company') is a company domiciled in New Zealand and registered under the Companies Act 1993. The Company is listed on the NZX Main Board
('NZX') and Australian Securities Exchange ('ASX'), and is an FMC Reporting Entity in terms of Part 7 of the Financial Markets Conduct Act 2013.
Adoption status of relevant new financial reporting standards and interpretations
The Group owns and operates infrastructure and utility businesses and investments in New Zealand, Australia and the United States. The Company is a limited
liability company incorporated and domiciled in New Zealand. The address of its registered office is 5 Market Lane, Wellington, New Zealand.
Page 7 of 24

(4) Operating segments
For the period ended 30 September 2017 Trustpower
Tilt
Renewables
Wellington
Airport NZ Bus Perth Energy Associates
All other
segments and
corporate
Eliminations &
discontinued
operations
Total from
Continuing
Operations
Australasia Australasia New Zealand New Zealand AustraliaNew Zealand
$Millions $Millions $Millions $Millions $Millions $Millions $Millions $Millions
$Millions
UnauditedUnauditedUnauditedUnauditedUnauditedUnauditedUnaudited Unaudited
Unaudited
Segment revenue520.181.063.8111.3147.4-75.1(1.6)997.1
Share of earnings of associate companies-----29.4--29.4
Inter-segment revenue------(72.1)(18.7)(90.8)
Segment revenue - external
520.181.063.8111.3147.429.43.0(20.3)935.7
Operating expenses (excluding Depreciation and amortisation)
(361.0)(28.2)(16.5)(93.4)(153.6)
-
(14.5)18.7
(648.5)
Interest income
0.50.70.6-0.2
-
7.4(3.1)6.3
Interest expense
(18.6)(16.8)(10.1)(2.9)(3.5)
-
(39.0)4.7(86.2)
Depreciation and amortisation
(24.0)(41.7)(11.5)(16.1)(3.2)
-
(0.2)-(96.7)
Net gain/(loss) on foreign exchange and derivatives
(2.5)0.9---
-
3.0-1.4
Net realisations, revaluations and (impairments)
--3.9(2.1)-
-
6.9-8.7
Taxation expense
(32.2)1.4(7.5)1.0(1.3)
-
3.2
-
(35.4)
Segment profit/(loss)
82.3(2.7)22.7(2.2)(14.0)29.4(30.2)-85.3
Investments in associates
-----863.5--863.5
Total non-current assets (excluding derivatives and deferred tax)
2,429.21,330.81,032.9191.8122.1863.591.0-6,061.3
Total assets
2,582.41,479.71,075.4207.9169.9863.5534.7-6,913.5
Total liabilities
1,059.0923.8589.546.092.6-1,079.6-3,790.5
Capital expenditure and investments
15.921.140.311.40.522.02.3-113.5
Trustpower and Tilt Renewables are renewable generation investments, Wellington International Airport is our Wellington airport investment, NZ Bus is our transportation investment and Perth Energy is our non renewable generation investment
in Western Australia. Associates comprises Infratil's investments that aren't consolidated for financial reporting purposes including Canberra Data Centres, RetireAustralia, ANU Student Accommodation and Longroad Energy. Further information
on these investments is outlined in Note 5. All other segments and corporate includes predominately the activities of the Parent Company level. The group has no significant reliance on any one customer.
Reportable segments of the Group are analysed by significant businesses. The Group has seven reportable segments, as described below:
Notes to the Financial Statements
For the 6 months ended 30 September 2017
Page 8 of 24

For the period ended 30 September 2016 Trustpower
Tilt
Renewables
Wellington
Airport NZ Bus Perth Energy Associates
All other
segments and
corporate
Eliminations &
discontinued
operations
Total from
Continuing
Operations
Australasia Australasia New Zealand New Zealand AustraliaNew Zealand
$Millions $Millions $Millions $Millions $Millions $Millions $Millions $Millions
$Millions
UnauditedUnauditedUnauditedUnauditedUnauditedUnauditedUnaudited Unaudited
Unaudited
Segment revenue501.695.058.4120.1187.9-83.1-1,046.1
Share of earnings of associate companies-----29.1--29.1
Inter-segment revenue------(77.5)(26.5)(104.0)
Segment revenue - external
501.695.058.4120.1187.929.15.6(26.5)971.2
Operating expenses (excluding Depreciation and amortisation)
(390.9)(29.8)(14.4)(95.1)(197.6)-(16.5)26.5
(717.8)
Interest income
0.10.10.2-0.2-10.5(1.7)9.4
Interest expense
(18.3)(17.1)(12.3)(1.3)(2.3)-(39.4)1.7(89.0)
Depreciation and amortisation
(22.6)(36.9)(10.0)(15.9)(2.8)-(0.3)-(88.5)
Net gain/(loss) on foreign exchange and derivatives
(3.3)(2.2)4.5-0.1-0.5-(0.4)
Net realisations, revaluations and (impairments)
--(0.3)---0.8-0.5
Taxation expense
(21.1)2.2(7.3)(1.5)4.4-0.9-(22.4)
Segment profit/(loss)
45.876.418.66.3(10.1)29.1(37.9)-62.9
Investments in associates
-----1,002.2--1,002.2
Total non-current assets (excluding derivatives and deferred tax)
2,308.21,357.7977.0218.9109.61,002.277.4-6,051.0
Total assets
2,493.71,362.6996.9240.1180.41,002.2338.1-6,614.0
Total liabilities
1,086.7815.2520.445.4109.9-1,054.6-3,632.2
Capital expenditure and investments
20.26.044.012.30.4513.74.0-600.6
For the 6 months ended 30 September 2017
Notes to the Financial Statements
Page 9 of 24

For the year ended 31 March 2017 Trustpower
Tilt
Renewables
Wellington
Airport NZ Bus Perth Energy Associates
All other
segments and
corporate
Eliminations &
discontinued
operations
Total from
Continuing
Operations
Australasia Australasia New Zealand New Zealand AustraliaNew Zealand
$Millions $Millions $Millions $Millions $Millions $Millions $Millions $Millions
$Millions
AuditedAuditedAuditedAuditedAuditedAudited Audited
Audited
Segment revenue939.9185.2119.6227.8364.6-120.4-1,957.5
Share of earnings of associate companies-----88.1--88.1
Inter-segment revenue
------(86.4)(45.4)(131.8)
Segment revenue - external
939.9185.2119.6227.8364.6
88.1
34.0(45.4)1,913.8
Operating expenses (excluding Depreciation and amortisation)
(722.1)(53.5)(29.0)(184.1)(378.7)
-
(58.4)45.4
(1,380.4)
Interest income
3.90.30.80.10.3
-
15.9(4.8)16.5
Interest expense
(44.5)(34.1)(22.3)(7.4)(5.4)
-
(73.3)4.8(182.2)
Depreciation and amortisation
(47.5)(78.6)(21.7)(32.3)(5.6)
-
(0.8)-(186.5)
Net gain/(loss) on foreign exchange and derivatives
4.78.28.3-0.1
-
7.7-29.0
Net realisations, revaluations and (impairments)
(3.5)-0.1(0.2)-
(54.5)
2.9-(55.2)
Taxation expense
(36.9)(10.1)(1.0)(1.2)7.4
-
17.2-(24.6)
Segment profit/(loss)
94.017.454.82.7(17.3)
33.6
(54.8)-130.4
Investments in associates (including those held for sale)
-----
1,069.0
--1,069.0
Total non-current assets (excluding derivatives and deferred tax)
2,441.51,358.11,000.2205.9125.2
831.1
83.0-6,045.0
Total assets
2,576.91,414.41,085.6225.1180.9
1,069.0
244.8-6,796.7
Total liabilities
1,078.5846.2572.953.189.1
-
1,016.0-3,655.8
Capital expenditure and investments
23.16.079.316.20.9
561.0
7.5-694.0
For the 6 months ended 30 September 2017
Notes to the Financial Statements
Page 10 of 24

Entity wide disclosure - geographical
New Zealand AustraliaUnited States
Eliminations &
discontinued
operations
Total from
Continuing
Operations
For the period ended 30 September 2017 $Millions
$Millions$Millions
$Millions $Millions
UnauditedUnauditedUnaudited
Unaudited Unaudited
Segment revenue
781.5
217.2-(1.6)997.1
Share of earnings of associate companies
-
35.3(5.9)-29.4
Inter-segment revenue
(72.1)
--(18.7)(90.8)
Segment revenue - external
709.4
252.5(5.9)(20.3)935.7
Operating expenses (excluding Depreciation and amortisation)
(515.1)
(152.1)-18.7(648.5)
Interest income
8.4
1.0-(3.1)6.3
Interest expense
(72.4)
(18.5)-4.7(86.2)
Depreciation and amortisation
(62.1)
(34.6)--(96.7)
Net gain/(loss) on foreign exchange and derivatives
(0.2)
1.6--1.4
Net realisations, revaluations and (impairments)
8.7
---8.7
Taxation expense
(33.3)
(2.1)--(35.4)
Segment profit/(loss)
43.4
47.8(5.9)-85.3
Investments in associates
0.3
814.948.3-863.5
Total non-current assets (excluding derivatives and deferred tax)
3,876.1
2,127.657.6-6,061.3
Total assets
4,543.2
2,312.757.6-6,913.5
Total liabilities
3,069.8
720.7--3,790.5
Capital expenditure and investments
70.9
20.622.0-
113.5
New Zealand AustraliaUnited States
Eliminations &
discontinued
operations
Total from
Continuing
Operations
For the period ended 30 September 2016 $Millions
$Millions$Millions
$Millions $Millions
UnauditedUnauditedUnaudited
Unaudited Unaudited
Segment revenue
780.5
265.6--1,046.1
Share of earnings of associate companies
20.4
8.7--29.1
Inter-segment revenue
(77.5)
--(26.5)(104.0)
Segment revenue - external
723.4
274.3-(26.5)971.2
Operating expenses (excluding Depreciation and amortisation)
(517.3)
(227.0)-26.5(717.8)
Interest income
10.8
0.3-(1.7)9.4
Interest expense
(71.4)
(19.3)-1.7(89.0)
Depreciation and amortisation
(57.6)
(30.9)--(88.5)
Net gain/(loss) on foreign exchange and derivatives
1.7
(2.1)--(0.4)
Net realisations, revaluations and (impairments)
0.5
---0.5
Taxation expense
(23.9)
1.5--(22.4)
Segment profit/(loss)
66.1
(3.2)--62.9
Investments in associates
262.8
739.4--1,002.2
Total non-current assets (excluding derivatives and deferred tax)
4,084.9
1,966.1--6,051.0
Total assets
4,518.5
2,095.5--6,614.0
Total liabilities
2,830.8
801.4--3,632.2
Capital expenditure and investments
82.2
518.4--
600.6
Notes to the Financial Statements
For the 6 months ended 30 September 2017
The Group operates in two principal areas, New Zealand and Australia, as well as having certain investments in the United States. The Group's geographical
segments are based on the location of both customers and assets.
Page 11 of 24

New Zealand AustraliaUnited States
Eliminations &
discontinued
operations
Total from
Continuing
Operations
For the year ended 31 March 2017 $Millions
$Millions$Millions
$Millions $Millions
AuditedAuditedAudited
Audited Audited
Segment revenue1,417.4540.1--1,957.5
Share of earnings of associate companies53.237.8(2.9)-88.1
Inter-segment revenue
(86.4)--(45.4)(131.8)
Segment revenue - external1,384.2577.9(2.9)(45.4)1,913.8
Operating expenses (excluding Depreciation and amortisation)(1,025.1)(400.7)-45.4(1,380.4)
Interest income20.60.7-(4.8)16.5
Interest expense(148.1)(38.9)-4.8(182.2)
Depreciation and amortisation(123.4)(63.1)--(186.5)
Net gain/(loss) on foreign exchange and derivatives21.87.2--29.0
Net realisations, revaluations and (impairments)(55.2)---(55.2)
Taxation expense(13.9)(10.7)--(24.6)
Segment profit/(loss)79.553.8(2.9)-130.4
Investments in associates (including those held for sale)240.1795.733.2-1,069.0
Total non-current assets (excluding derivatives and deferred tax) 3,848.32,153.842.9-6,045.0
Total assets4,496.92,256.942.9-6,796.7
Total liabilities2,780.0875.8--3,655.8
Capital expenditure and investments128.0529.836.2-694.0
(5) Investments in associates
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
Note
$Millions $Millions $Millions
Unaudited Unaudited Audited
Investments in associates are as follows:
Canberra Data Centres5.1435.2
401.4
426.3
RetireAustralia5.2287.1
255.3
278.2
Metlifecare-
260.7
-
ANU Student Accommodation5.392.6
82.6
91.2
Longroad Energy
48.3
-
33.2
Mana Coach Holdings0.3
2.2
2.2
Investments in associates
863.5 1,002.2 831.1
Equity accounted earnings of associates are as follows:
Canberra Data Centres5.118.9(5.0)5.0
RetireAustralia5.210.515.829.3
Metlifecare-20.453.2
ANU Student Accommodation5.36.0(2.1)3.5
Longroad Energy
(6.0)-(2.9)
Mana Coach Holdings---
Share of earnings of associate companies
29.4 29.1 88.1
Metlifecare
For the 6 months ended 30 September 2017
Notes to the Financial Statements
On 7 April 2017 Infratil advised the NZX that it had entered into a block trade agreement for the off-market sale of its 19.9% stake (42.4 million shares) in
Metlifecare at a price of $5.61 per share. Settlement occurred on 11 April 2017. As at 31 March 2017 the Group’s investment in Metlifecare was reclassified from
investments in associates to investments held for sale and had been revalued to fair value less costs to sell which was the equivalent of $5.61 a share. As at 30
September 2016 the fair value of the Group's investment in MET was $265.1 million based on the quoted market price of MET shares on the NZX at that date of
$6.25.
Page 12 of 24

(5.1) Canberra Data Centres

6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
Movement in the carrying amount of investment in Canberra Data Centres:
$Millions $Millions $Millions
Unaudited Unaudited Audited
Carrying value at 1 April426.3--
Acquisition of shares-248.0248.0
Capitalised transaction costs-15.115.1
Shareholder loan-148.4148.4
Total cost of investment426.3411.5411.5
Interest on shareholder loan (including accruals)7.00.77.5
Share of associate’s surplus/(loss) before income tax10.7(5.6)(3.7)
Share of associate’s income tax (expense)1.2(0.1)1.2
Total share of associate’s earnings in the period18.9(5.0)5.0
Share of associate's other comprehensive income---
less: distributions received
(7.3)--
Foreign exchange movements recognised in other comprehensive income(2.7)(5.1)9.8
Carrying value of investment in associate435.2401.4426.3
Summary financial information
30 September
2017
30 September
2016
31 March
2017
A$Millions A$Millions A$Millions
Unaudited Unaudited Audited
Current assets40.728.545.4
Non-current assets1,145.81,009.61,101.9
Total Assets1,186.51,038.11,147.3
Current liabilities25.615.528.6
Non-current liabilities
641.4600.3622.2
Total liabilities
667.0615.8650.8
Revenues30.22.641.2
Net profit/(loss) after tax
2.9(4.2)(4.9)
Notes to the Financial Statements
For the 6 months ended 30 September 2017
On 14 September 2016 the Group completed the acquisition of 48% of Canberra Data Centres ('CDC'), with consortium partner the Commonwealth Superannuation
Corporation acquiring 48% and CDC Executives 4%. CDC operates two carrier-neutral co-location data centre precincts in Canberra. Infratil’s initial A$385.7 million
(NZ$396.4 million) equity investment is made by way of an A$144.4 million (NZ$148.4 million) shareholder loan and A$241.3 million (NZ$248.0 million) of equity.
The Group equity accounts for its investment in CDC. The Group's share of associate’s earnings in the prior periods included Infratil's share of transaction costs that
were incurred at the holding structure level.
CDC's functional currency is Australian Dollars (A$) and the summary financial information shown is presented in this currency.
Summary information for CDC is not adjusted for the percentage ownership held by the Group
Page 13 of 24

(5.2) RetireAustralia

6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
Movement in the carrying amount of investment in RetireAustralia:
$Millions $Millions $Millions
Unaudited Unaudited Audited
Carrying value at 1 April278.2252.9252.9
Acquisition of shares-17.429.5
Total cost of investment278.2270.3282.4
Share of associate’s surplus/(loss) before income tax15.015.838.8
Share of associate’s income tax (expense)(4.5)-(9.5)
Total share of associate’s earnings in the period10.515.829.3
Share of associate's other comprehensive income---
less: distributions received
-(18.3)(31.1)
Foreign exchange movements recognised in other comprehensive income(1.6)(12.5)(2.4)
Carrying value of investment in associate287.1255.3278.2
Summary financial information
30 September
2017
30 September
2016
31 March
2017
A$Millions A$Millions A$Millions
Unaudited Unaudited Audited
Current assets178.2139.1177.9
Non-current assets2,337.62,084.22,226.0
Total Assets2,515.82,223.32,403.9
Current liabilities1,719.71,511.11,639.0
Non-current liabilities
269.7241.4258.3
Total liabilities
1,989.41,752.51,897.3
Revenues47.135.091.8
Net profit/(loss) after tax
19.629.955.2
Notes to the Financial Statements
For the 6 months ended 30 September 2017
On 31 December 2014, the Group acquired a 50% shareholding of RetireAustralia, with consortium partner the NZ Super Fund acquiring the other 50%.
RetireAustralia operates 28 retirement villages across three states in Australia – New South Wales, Queensland and South Australia. The total equity consideration
was A$407.8 million with Infratil and the NZ Super Fund each providing total cash equity of A$203.9 million (NZ$213.0 million). The total cost of the acquisition
included transaction costs of A$15.9 million (primarily landholder duty). The Group equity accounts for its investment in RetireAustralia.
RetireAustralia's functional currency is Australian Dollars (A$) and the summary financial information shown is presented in this currency.
Summary information for RetireAustralia is not adjusted for the percentage ownership held by the Group
Page 14 of 24

(5.3) ANU Student Accommodation
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
Movement in the carrying amount of investment in ANU Student Accommodation:
$Millions $Millions $Millions
Unaudited Unaudited Audited
Carrying value at 1 April91.2--
Acquisition of shares-37.337.3
Shareholder loan-47.547.5
Total cost of investment91.284.884.8
Interest on shareholder loan (including accruals)1.80.62.3
Share of associate’s surplus/(loss) before income tax4.2(2.7)1.2
Share of associate’s income tax (expense)---
Total share of associate’s earnings in the period6.0(2.1)3.5
Share of associate's other comprehensive income---
less: distributions received
(4.1)--
Foreign exchange movements recognised in other comprehensive income(0.5)(0.1)2.9
Carrying value of investment in associate92.682.691.2
Summary financial information
30 September
2017
30 September
2016
31 March
2017
A$Millions A$Millions A$Millions
Unaudited Unaudited Audited
Current assets10.624.319.0
Non-current assets534.3499.6524.3
Total Assets544.9523.9543.3
Current liabilities1.01.37.3
Non-current liabilities
469.3456.9463.0
Total liabilities
470.3458.2470.3
Revenues22.15.631.8
Net profit/(loss) after tax
7.8(5.0)2.3
(6) Other investments
30 September
2017
30 September
2016
31 March
2017
$Millions $Millions $Millions
Unaudited Unaudited Audited
Australian Social Infrastructure Partners41.632.234.0
Envision Ventures9.36.69.7
Other8.9-8.1
Total other investments59.838.851.8
Australian Social Infrastructure Partners
Envision Ventures
On 4 August 2016 the Group completed the acquisition of 50% of the concession for the net rental revenue from nine on-campus Purpose Built Student
Accommodation (‘ANU Student Accommodation’) residences at the Australian National University, with consortium partner the Commonwealth Superannuation
Corporation acquiring the other 50%. Infratil’s A$80.4 million (NZ$84.8 million) equity investment is made by way of an A$45.0 million (NZ$47.5 million) shareholder
loan and A$35.4 million (NZ$37.3 million) of equity. The Group's share of associate’s earnings in the prior periods included Infratil's share of transaction costs that
were incurred at the holding structure level.
Notes to the Financial Statements
For the 6 months ended 30 September 2017
Infratil has made a commitment of A$100 million to pursue greenfield availability based public-private partnership ('PPP') opportunities in Australia via Australian
Social Infrastructure Partners ('ASIP'). ASIP has currently invested in 9.95% and 49.0% respectively of the equity in the New Royal Adelaide Hospital PPP and the
South East Queensland Schools PPP. As at 30 September 2017 Infratil has made total contributions of A$30.2 million (30 September 2016: A$28.9 million; 31 March
2017: A$29.3 million), with the remaining A$69.8 million commitment uncalled at that date.
Summary information for ANU Student Accommodation is not adjusted for the percentage ownership held by the
Group
The Investment Entity's functional currency is Australian Dollars (A$) and the summary financial information shown is presented in this currency.
In February 2016 Infratil made a commitment of US$25 million to the California based Envision Ventures Fund 2. The strategic objective is to help Infratil's
businesses identify and engage with technology changes that will impact their activities. As at 30 September 2017 Infratil has made total contributions of US$6.8
million (30 September 2016: US$4.8 million, 31 March 2017: US$5.3 million), with the remaining US$18.2 million commitment uncalled at that date.
Page 15 of 24

(7) Other operating expenses
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
Note
$Millions $Millions $Millions
Unaudited Unaudited Audited
Fees paid to the Group auditor
7.1
0.40.30.9
Audit fees paid to other auditors0.10.20.7
Bad debts written off0.91.01.6
Increase in provision for doubtful debts 0.20.90.1
Directors’ fees1.01.12.8
Administration and other corporate costs2.93.57.1
Donations-0.50.5
Management fee (to related party Morrison & Co Infrastructure Management)
14
10.711.221.4
Trading operations
Energy and wholesale costs189.3214.8433.3
Line, distribution and network costs201.4219.8413.0
Generation production & development costs26.329.368.3
Other energy business costs39.163.992.1
Telecommunications cost of sales26.323.747.9
Transportation business costs35.234.066.1
Airport business costs10.99.218.3
Total other operating expenses544.7613.41,174.1
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
$000's $000's $000's
Unaudited Unaudited Audited
(7.1) Fees paid to the Group auditor
Audit and review of financial statements234.4212.8440.3
Regulatory audit work18.416.033.0
Other assurance services-7.214.2
Taxation services173.3105.5417.7
Other services8.3--
Total fees paid to the Group auditor434.4341.5905.2
(8) Taxation
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
$Millions $Millions $Millions
Unaudited Unaudited Audited
Net surplus before taxation120.785.3155.0
Taxation on the surplus for the period @ 28%33.823.943.4
Plus/(less) taxation adjustments:
Effect of tax rates in foreign jurisdictions(0.2)(0.1)0.6
Net benefit of imputation credits-(0.3)(0.3)
Timing differences not recognised--(20.4)
Tax losses not recognised/(utilised)0.7-(2.9)
Effect of equity accounted earnings of associates(4.6)(1.3)1.5
(Over)/Under provision in prior periods(0.1)-1.5
Net investment (realisations)/impairment-(0.2)0.4
Other permanent differences5.80.40.8
Taxation expense35.422.424.6
Current taxation 41.930.777.7
Deferred taxation (6.5)(8.3)(53.1)
The audit fee includes the fees for both the annual audit of the financial statements and the review of the interim financial statements. Regulatory audit work
consists of the audit of regulatory disclosures. Other assurance services comprise of agreed upon procedures, audit of compliance reports and verification in
relation to gas trading licence. Tax services relate to tax compliance work, tax advisory services provided to a subsidiary of the group, and advisory services relating
to the Trustpower demerger.
For the 6 months ended 30 September 2017
Notes to the Financial Statements
Page 16 of 24

(9) Loans and borrowings
This note provides information about the contractual terms of the Group's interest bearing loans and borrowings.
30 September
2017
30 September
2016
31 March
2017
$Millions $Millions $Millions
Current liabilities
Unaudited Unaudited Audited
Unsecured bank loans12.7258.592.7
Secured bank facilities46.24.444.5
less: Capitalised loan establishment costs(0.8)(2.4)(2.7)
58.1260.5134.5
Non-current liabilities
Unsecured bank loans311.0741.1257.9
Secured bank facilities713.743.8634.4
less: Capitalised loan establishment costs(1.5)(2.5)(6.9)
1,023.2782.4885.4
Facilities utilised at reporting date
Unsecured bank loans323.7999.6350.6
Unsecured guarantees-0.4-
Secured bank loans759.948.2678.9
Secured guarantees26.626.626.8
Facilities not utilised at reporting date
Unsecured bank loans528.7937.2463.5
Unsecured guarantees---
Secured bank loans42.525.4152.2
Secured guarantees98.60.30.3
Interest bearing loans and borrowings - current58.1260.5134.5
Interest bearing loans and borrowings - non-current1,023.2782.4885.4
Total interest bearing loans and borrowings1,081.31,042.91,019.9
Financing arrangements
During the period the A$41.6 million secured bank facility of Perth Energy has been refinanced with an expiry date of 21 May 2020. This facility and certain other
indebtedness between the Perth Energy Holdings Group and financiers has been guaranteed by Infratil Finance Limited.
Interest rates are determined by reference to prevailing money market rates at the time of draw-down plus a margin. Interest rates paid during the period ranged
from 2.2% to 4.2% (30 September 2016: 1.9% to 5.0%, 31 March 2017: 1.9% to 5.0%).
For the 6 months ended 30 September 2017
The Group's debt includes bank facilities with negative pledge arrangements, which, with limited exceptions, do not permit the borrower to grant any security over
its assets. The bank facilities require the borrower to maintain certain levels of shareholder funds and operate within defined performance and gearing ratios. The
banking arrangements also include restrictions over the sale or disposal of certain assets without bank agreement. Throughout the year the Group has complied
with all debt covenant requirements as imposed by lenders.
Notes to the Financial Statements
On 7 September 2016, Tilt Renewables signed financing documents in order to enable the funding of the demerger from Trustpower. These financing documents
included a new syndicated bank debt facility along with the continuation of the EKF Facilities which were historically used to fund a number of the Tilt Renewables
operating wind farms. These facilities were drawn down at implementation of the demerger on 31 October 2016 for the purpose of refinancing Trustpower debt and
are now classified as secured bank facilities.
Page 17 of 24

(10) Infrastructure bonds
30 September
2017
30 September
2016
31 March
2017
$Millions $Millions $Millions
Unaudited Unaudited Audited
Balance at the beginning of the period998.3949.8949.8
Issued during the period143.4150.0150.0
Exchanged during the year(32.7)(49.5)(49.5)
Matured during the period(33.6)(50.5)(50.5)
Purchased by Infratil during the period--(1.5)
Bond issue costs capitalised during the period(2.0)(2.2)(2.2)
Bond issue costs amortised during the period1.11.22.2
Balance at the end of the period1,074.5998.8998.3
Current81.166.1147.2
Non-current fixed coupon 762.4700.2620.3
Non-current perpetual variable coupon231.0232.5230.8
Balance at the end of the year1,074.5998.8998.3
Repayment terms and interest rates:
IFT160 Maturing in June 2017, 8.50% per annum fixed coupon rate-66.366.3
IFT170 Maturing in November 2017, 8.0% per annum fixed coupon rate81.181.181.1
IFT180 Maturing in November 2018, 6.85% per annum fixed coupon rate111.4111.4111.4
IFT200 Maturing in November 2019, 6.75% per annum fixed coupon rate68.568.5
68.5
IFT090 Maturing in February 2020, 8.50% per annum fixed coupon rate80.580.580.5
IFT220 Maturing in June 2021, 4.90% per annum93.993.993.9
IFT190 Maturing in June 2022, 6.85% per annum fixed coupon rate93.793.793.7
IFT240 Maturing in December 2022, 5.65% per annum fixed coupon rate100.0--
IFT210 Maturing in September 2023, 5.25% per annum fixed coupon rate122.1122.1122.1
IFT230 Maturing in June 2024, 5.50% per annum fixed coupon rate56.156.156.1
IFT250 Maturing in June 2025, 6.15% per annum fixed coupon rate43.4--
IFTHA Perpetual Infratil infrastructure bonds231.9233.4
231.9
less: Bond issue costs capitalised and amortised over term
(8.2)(8.2)
(7.2)
Balance at the end of the period1,074.5998.8998.3
Fixed coupon
Perpetual Infratil infrastructure bonds ('PIIBs')
Throughout the period the Company complied with all debt covenant requirements as imposed by the bond trustee.
The fixed coupon bonds the Company has on issue are at a face value of $1.00 per bond. Interest is payable quarterly on the bonds. 25 days prior to the maturity
date of the IFT090 series, Infratil can elect to redeem those infrastructure bonds at their $1.00 face value payable in cash, or convert all the infrastructure bonds in
the relevant series by issuing the number of shares equivalent to 98% of the face value of the bonds multiplied by the market price of the shares. The market price
is the average price weighted by volume of all trades of ordinary shares over the 10 business days up to the fifth business day before the maturity date.
The Company has 231,916,000 (30 September 2016: 233,405,600, 31 March 2017: 231,916,000) PIIBs on issue at a face value of $1.00 per bond. Interest is payable
quarterly on the bonds. For the period to 15 November 2017 the coupon is fixed at 3.63% per annum (September 2016: 4.26%, March 2017: 3.63%). Thereafter the
rate will be reset annually at 1.5% per annum over the then one year bank rate for quarterly payments, unless Infratil's gearing ratio exceeds certain thresholds, in
which case the margin increases. These infrastructure bonds have no fixed maturity date. No PIIBs (September 2016: nil, March 2017: 1,489,000) were repurchased
by Infratil Limited during the period.
At 30 September 2017 the Infrastructure bonds (including PIIBs) had a fair value of $1,031.4 million (30 September 2016: $968.9 million, 31 March 2017: $943.8
million).
Notes to the Financial Statements
For the 6 months ended 30 September 2017
Page 18 of 24

(11) Financial instruments
(11.1) Fair Values
(11.2) Estimation of fair values
Valuation InputSource
Interest rate forward price curvePublished market swap rates
Foreign exchange forward prices
Electricity forward price curve
Discount rate for valuing interest rate derivatives
Discount rate for valuing forward foreign exchange contracts
Discount rate for valuing electricity price derivatives
(11.3) Fair value hierarchy
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
The following tables present the Group's financial assets and liabilities that are measured at fair value.
30 September 2017
Level 1
Level 2
Level 3 Total
$Millions $Millions $Millions $Millions
Assets per the statement of financial position
UnauditedUnaudited
Unaudited Unaudited
Derivative financial instruments - energy
-
- 3.13.1
Derivative financial instruments - foreign exchange
-
- --
Derivative financial instruments - interest rate
-
5.0 -5.0
Total
-
5.0 3.18.1
Liabilities per the statement of financial position
Derivative financial instruments - energy
-
- 17.017.0
Derivative financial instruments - foreign exchange
-
0.2 -0.2
Derivative financial instruments - interest rate

40.4 -40.4
Total
-
40.6 17.057.6
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived
from prices) (level 2)
The carrying amount of financial assets and financial liabilities recorded in the financial statements is their fair value, with the exception of bond debt and senior
notes held at amortised cost which have a fair value at 30 September 2017 of $1,857.7 million (30 September 2016: $1,742.5 million, 31 March 2017: $1,756.7
million) compared to a carrying value of $1,875.0 million (30 September 2016: $1,729.9 million, 31 March 2017: $1,788.9 million).
Published market interest rates as applicable to the remaining life of the
instrument.
Published market rates as applicable to the remaining life of the instrument.
Published spot foreign exchange rates
Market quoted prices where available and management's best estimate based on
its view of the long run marginal cost of new generation where no market quoted
prices are available.
The fair values of financial assets and financial liabilities are determined as follows:
• The fair value of financial assets and liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted
market prices.
• The fair value of other financial assets and liabilities are calculated using market-quoted rates based on discounted cash flow analysis.
• The fair value of derivative financial instruments are calculated using quoted prices. Where such prices are not available, use is made of discounted cash flow
analysis using the applicable yield curve or available forward price data for the duration of the instruments.
Where the fair value of a derivative is calculated as the present value of the estimated future cash flows of the instrument, the two key types of variables used by
the valuation techniques are:
• forward price curve (for the relevant underlying interest rates, foreign exchange rates or commodity prices); and
• discount rates.
Assumed counterparty cost of funds ranging from 3.3% to 3.5% (30 September
2016: 3.2% to 3.5%, 31 March 2017: 3.1% to 3.5%)
The selection of variables requires significant judgement and therefore there is a range of reasonably possible assumptions in respect of these variables that could
be used in estimating the fair value of these derivatives. Maximum use is made of observable market data when selecting variables and developing assumptions for
the valuation techniques.
Notes to the Financial Statements
For the 6 months ended 30 September 2017
Page 19 of 24

30 September 2016
Level 1
Level 2
Level 3 Total
$Millions $Millions $Millions $Millions
Assets per the statement of financial position
UnauditedUnaudited
Unaudited Unaudited
Derivative financial instruments - energy
-
0.2 7.07.2
Derivative financial instruments - foreign exchange
-
- --
Derivative financial instruments - interest rate
-
0.4 -0.4
Total
-
0.6 7.07.6
Liabilities per the statement of financial position
Derivative financial instruments - energy
-
- 14.014.0
Derivative financial instruments - foreign exchange
-
- --
Derivative financial instruments - interest rate
-
68.3 -68.3
Total
-
68.3 14.082.3
31 March 2017
Level 1
Level 2
Level 3 Total
$Millions $Millions $Millions $Millions
Assets per the statement of financial position
AuditedAudited
Audited Audited
Derivative financial instruments - energy
-
- 5.95.9
Derivative financial instruments - foreign exchange
-
0.2 -0.2
Derivative financial instruments - interest rate
-
6.8 -6.8
Total
-
7.0 5.912.9
Liabilities per the statement of financial position
Derivative financial instruments - energy
-
- 16.716.7
Derivative financial instruments - foreign exchange
-
- --
Derivative financial instruments - interest rate
-
46.0 -46.0
Total
-
46.0 16.762.7
(11.4) Energy derivatives
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
$Millions $Millions $Millions
Unaudited Unaudited Audited
Profit and loss
10% increase in energy forward prices
(0.8)1.81.0
10% decrease in energy forward prices
0.8(1.8)(1.0)
Other comprehensive income
10% increase in energy forward prices
7.67.35.1
10% decrease in energy forward prices
(7.6)(7.3)(5.1)
The Group meets its energy sales demand by purchasing energy on spot markets, physical deliveries and financial derivative contracts. This exposes the Group to
fluctuations in the spot and forward price of energy. The Group has entered into a number of energy hedge contracts to reduce the energy price risk from price
fluctuations. These hedge contracts establish the price at which future specified quantities of energy are purchased and settled. Any resulting differential to be paid
or received is recognised as a component of energy costs through the term of the contract.
Energy price sensitivity analysis
Notes to the Financial Statements
For the 6 months ended 30 September 2017
There were no transfers between derivative financial instrument assets or liabilities classified as level 1 or level 2, and level 3 of the fair value hierarchy during the
period ended 30 September 2017 (30 September 2016: none, 31 March 2017: none).
The following table shows the impact on post-tax profit and equity of an increase/decrease in the relevant forward electricity prices with all other variables held
constant:
Page 20 of 24

6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
$Millions $Millions $Millions
Assets per the statement of financial positionUnauditedUnauditedAudited
Opening balance5.9 6.4 6.4
Foreign exchange movement on opening balance
---
Acquired as part of business combination---
Gains and (losses) recognised in profit or loss(3.1)0.1(0.2)
Gains and (losses) recognised in other comprehensive income0.30.5(0.3)
Closing balance
3.17.05.9
1.11.11.4
Liabilities per the statement of financial position
Opening balance16.711.911.9
Foreign exchange movement on opening balance---
Acquired as part of business combination---
(Gains) and losses recognised in profit or loss(1.1)1.00.2
(Gains) and losses recognised in other comprehensive income
1.51.14.6
Sold as part of the disposal of a subsidiary
---
Closing balance
17.014.016.7
(0.2)0.56.5
Settlements during the period0.3(7.3)(13.2)
(12) Capital commitments
Capital commitments
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
$Millions $Millions $Millions
Unaudited Unaudited Audited
Committed but not contracted for 94.9--
Contracted but not provided for116.242.642.5
211.142.642.5
The capital commitments include Tilt Renewable's 54MW Salt Creek wind farm development, the hotel development and multi level car park works at Wellington
International Airport and the purchase of buses by NZ Bus. See note 6 for Infratil's commitments to ASIP and Envision.
Notes to the Financial Statements
For the 6 months ended 30 September 2017
Total gains/(losses) for the period included in profit or loss for liabilities held at the end of the reporting period
The Group's Energy derivatives are classified within level 3 of the fair value hierarchy because the assumed location factors which are used to adjust the forward
price path are unobservable. The following table reconciles the movements in level 3 Energy derivatives.
Total gains/(losses) for the period included in profit or loss for assets held at the end of the reporting period
Page 21 of 24

(13) Reconciliation of net surplus with cash flow from operating activities
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
$Millions $Millions $Millions
Unaudited Unaudited Audited
Net surplus for the period85.362.9130.4
(Add) / Less items classified as investing activity:
(Gain) / Loss on investment realisations and impairments1.9(0.5)56.0
Add items not involving cash flows:
Movement in financial derivatives taken to the profit or loss(1.4)0.4(28.7)
(6.6)(8.3)(53.1)
Changes in fair value of investment properties
(10.7)-(0.8)
(18.1)(27.4)(83.3)
Depreciation87.280.5169.6
Movement in provision for bad debts1.21.81.6
Amortisation of intangibles9.58.016.9
Other2.44.111.1
Movements in working capital:
Change in receivables(16.1)(20.9)(5.0)
Change in inventories(0.8)(1.9)0.4
Change in trade payables(20.9)82.47.2
Change in accruals and other liabilities20.9(72.5)(6.7)
Change in current and deferred taxation(3.0)2.329.4
Net cash flow from operating activities130.8110.9245.0
(14) Related parties
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year
ended
31 March
2017
$Millions $Millions $Millions
Unaudited Unaudited Audited
Management fees
10.7
11.221.4
Incentive fees on realisations of international assets
-
--
Executive secondment and consulting
-
0.50.1
Directors fees
1.0
0.61.7
Financial management, accounting, treasury, compliance and administrative services0.7
0.81.3
Investment banking services
1.1
0.41.3
Total management and other fees
13.5
13.525.8
Equity accounted earnings of associate net of distributions received
Morrison & Co Infrastructure Management Limited ('MCIM') is the management company for the Company and receives management fees in accordance with the
applicable management agreement. MCIM is owned by H.R.L. Morrison & Co Group Limited Partnership ('MCO'). Mr Bogoievski is a director of Infratil and is a
director and Chief Executive Officer of MCO. Entities associated with Mr Bogoievski also have beneficial interests in MCO.
Certain Infratil Directors have relevant interests in a number of companies with which Infratil has transactions in the normal course of business. A number of key
management personnel are also Directors of Group subsidiary companies and associates.
Notes to the Financial Statements
For the 6 months ended 30 September 2017
Management and other fees paid by the Group (including associates) to MCIM, MCO or its related parties during the year were:
On 8 May 2017 the Company obtained a standing waiver from NZSX Listing Rule 9.2.1. The effect of the waiver is to waive the requirement for Infratil to obtain an
Ordinary Resolution from shareholders to enter into a Material Transaction with a Related Party to the extent required to allow Infratil to enter into transactions
with co-investors that have also engaged an entity related to H.R.L. Morrison & Co Group LP for investment management or advisory services. The waiver is
provided on the conditions specified in paragraph 2 of the waiver decision, which is available on Infratil's website: www.infratil.com/for-investors/announcements.
As yet, no transaction has been entered into in reliance on this waiver.
Decrease in deferred tax liability excluding transfers to reserves
At 30 September 2017 amounts owing to MCIM of $2.2 million (excluding GST) are included in trade creditors (30 September 2016: $2.6 million, 31 March 2017: $2.3
million).
Page 22 of 24

(15) Contingent liabilities and legal matters
(16) Events after balance date
Dividend
On 9 November 2017, the Directors approved a fully imputed interim dividend of 6.00 cents per share to holders of fully paid ordinary shares to be paid on 15
December 2017.
Notes to the Financial Statements
For the 6 months ended 30 September 2017
The Company and certain wholly owned subsidiaries are guarantors of the bank debt facilities of Infratil Finance Limited under a Deed of Negative Pledge,
Guarantee and Subordination and the Company is a guarantor to certain obligations of subsidiary companies.
The Perth Energy group has issued bank guarantees of A$24.5 million to satisfy the prudential requirements from suppliers and the Australian Energy Market
Operator.
The Company has a contingent liability under the international fund management agreement with Morrison & Co International Limited in the event that the Group
sells its international assets, or valuation of the assets exceeds the performance thresholds set out in the international fund management agreement.
During 2007 the European Commission opened formal investigations into alleged state aid in relation to Lübeck airport (owned and operated by Flughafen Lübeck
GmbH, one of the Group’s subsidiaries at that time). Lübeck is one of several airports in Germany in relation to which the European Commission opened formal
state aid investigations. One of the matters being investigated with regard to Lübeck airport related to Infratil Airports Europe Limited ('IAEL'), specifically the price
IAEL paid when it purchased 90% of Flughafen Lübeck GmbH. In February 2012, the investigation was formally extended to include the put option arrangements
(including the 2009 exercise of a put option by Infratil, by which it sold its interest in Lübeck airport back to the City of Lübeck) and the postponement of the put
option period. Since that time, Infratil and others (including Flughafen Lübeck GmbH, the Hanseatic City of Lübeck, and the government of the Federal Republic of
Germany) have worked to refute the allegations of state aid.
On 7 February 2017, the European Commission released a decision that there was no state aid in respect of any of the Lübeck airport transactions involving Infratil.
The decision becomes final and non-appealable if no interested party challenges it before the General Court of the European Union. The deadline for challenging
the Commission decision expires approximately 2.5 months after the later of the decision being served or published in the Official Journal of the EU. The decision
has not yet been published in the Official Journal, meaning the deadline for challenges cannot yet be determined. However, we consider it highly unlikely that any
third party with standing will challenge the matters involving Infratil.
To the extent any appeal is brought, Infratil maintains its position that the purchase of Flughafen Lübeck GmbH, including the put option arrangements, was the
result of an open, unconditional and transparent tender process in 2005, and that the put option arrangements, cannot, by their very nature and the circumstances
they were agreed on, involve state aid. Infratil continues to be confident that it will be able to demonstrate this, if necessary, to the General Court of the EU.
If IAEL was found to have received state aid, it would be required to refund the state aid received, together with computed interest. As the directors cannot predict
with any degree of certainty the outcome of the above matter, it is not possible to assess accurately the quantum of any financial cost to the Group.
Page 23 of 24

Directors
Mark Tume (Chairman)
Marko Bogoievski
Alison Gerry
Paul Gough
Humphry Rolleston
Peter Springford
Company Secretary
Nick Lough
Registered Office - New ZealandRegistered Office - Australia
5 Market LaneC/- H.R.L. Morrison & Co Private Markets
PO Box 320 Level 37
WellingtonGovernor Phillip Tower
Telephone: +64 4 473 36631 Farrer Place
Internet address: www.infratil.comSydney
NSW, 2000
Telephone: +64 4 473 3663
Manager
Morrison & Co Infrastructure Management
5 Market Lane
PO Box 1395
Wellington
Telephone: +64 4 473 2399
Facsimile: +64 4 473 2388
Internet address: www.hrlmorrison.com
Share Registrar - New ZealandShare Registrar - Australia
Link Market ServicesLink Market Services
Level 7, Zurich HouseLevel 12
21 Queen Street680 George Street
PO Box 91976Sydney
AucklandNSW 2000
Telephone: +64 9 375 5998Telephone: +61 2 8280 7100
E-mail: enquiries@linkmarketservices.co.nzE-mail: registrars@linkmarketservices.com.au
Internet address: www.linkmarketservices.co.nzInternet address: www.linkmarketservices.com.au
Auditor
KPMG
Maritime Tower
10 Customhouse Quay
PO Box 996
Wellington
Bankers
ANZ Bank New Zealand LimitedThe Hong Kong and Shanghai Banking Corporation Limited
Level 14Level 25
215-229 Lambton QuayHSBC Tower
Wellington195 Lambton Quay
Wellington
Bank of New Zealand
Level 4Westpac New Zealand Limited
80 Queen StreetWestpac On Takutai Square
Auckland16 Takutai Square
Auckland
Commonwealth Bank of Australia
Level 2
ASB North Wharf
12 Jellicoe Street
Auckland
Directory
Page 24 of 24

© 2017 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG
International”), a Swiss entity.

Independent Review
Report
To the shareholders of Infratil Limited
Report on the condensed consolidated half year financial statements
Conclusion
Based on our review, nothing has come to our attention
that causes us to believe that the condensed consolidated
half year financial statements of Infratil Limited (the
company) and its subsidiaries (the group) on pages 1 to
23 do not:
i. present fairly in all material respects the
group’s financial position as at 30 September
2017 and its financial performance and cash
flows for the 6 month period ended on that
date; and
ii. comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
condensed consolidated half year financial statements
which comprise:
— the consolidated statement of financial position as at
30 September 2017;
— the consolidated statements of comprehensive
income, changes in equity and cash flows for the 6
month period then ended; and
— notes, including a summary of significant accounting
policies and other explanatory information.
Basis for conclusion
A review of condensed consolidated half year financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance engagement. The
auditor performs procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures.
As the auditor of Infratil Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit
of the annual financial statements.
Our firm has also provided other services to the group in relation to taxation, regulatory disclosures and other assurance
engagements. Subject to certain restrictions, partners and employees of our firm may also deal with the group on normal
terms within the ordinary course of trading activities of the business of the group. These matters have not impaired our
independence as reviewer of the group. The firm has no other relationship with, or interest in, the group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we might state to
the shareholders those matters we are required to state to them in the Independent Review Report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
shareholders as a body for our review work, this report, or any of the opinions we have formed.

Responsibilities of the Directors for the condensed consolidated half year financial
statements
The Directors, on behalf of the group, are responsible for:
— the preparation and fair presentation of the condensed consolidated half year financial statements in accordance with
NZ IAS 34 Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of condensed consolidated half year financial
statements that are fairly presented and free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless they either intend to liquidate or to cease operations,
or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the condensed consolidated half year
financial statements
Our responsibility is to express a conclusion on the condensed consolidated half year financial statements based on our
review. We conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether anything
has come to our attention that causes us to believe that the condensed consolidated half year financial statements are not
prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand). Accordingly we do not express an audit opinion on these condensed
consolidated half year financial statements.
This description forms part of our Independent Review Report.

KPMG
Wellington
9 November 2017

---

6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
UnauditedUnaudited
Audited
Notes$000$000
$000
Dividends received from subsidiary companies - - 60,000
Subvention Income 10,000 - -
Operating Revenue 13,200 18,702 23,267
Total revenue 23,200 18,702 83,267
Directors' fees 365 331 664
Other operating expenses 13,300 14,283 28,228
Total operating expenditure 4 13,665 14,614 28,892
Operating profit before derivatives, realisations and impairments 9,535 4,088 54,375
Net (loss)/gain on foreign exchange & financial derivatives 1,787 798 6,102
Net investment realisations and (impairments) - 7 568
Results from operating activities 11,322 4,893 61,045
Financial income 20,553 30,084 56,940
Financial expenses(35,372)(35,245)(69,650)
Net financing expense(14,819)(5,161)(12,710)
Surplus/(loss) before taxation(3,497)(268) 48,335
Taxation (expense)/credit 6 3,589(86)(2,139)
Net surplus/(loss) for the period 92(354) 46,196
Other comprehensive income after tax
Fair value movements in relation to executive share scheme - - 43
Other comprehensive income for the period net of income tax - - 43
Total comprehensive income for the period 92(354) 46,239
The accompanying notes form part of these financial statements.
Infratil Limited
Statement of Comprehensive Income
For the 6 months ended 30 September 2017

Page 1 of 10

6 months ended 30 September 2017
CapitalOther reservesRetained
earnings
Total
$000
$000
$000$000
Balance as at 1 April 2017356,96257643,459400,997
Total comprehensive income for the period
Net surplus / (loss) for the period--9292
Other comprehensive income after tax
Fair value movements in relation to executive share scheme
----
Total other comprehensive income----
Total comprehensive income for the period--9292
Contributions by and distributions to owners
Conversion of executive redeemable shares----
Dividends to equity holders 3--(56,005)(56,005)
Total contributions by and distributions to owners--(56,005)(56,005)
356,962576(12,454)345,083
Balance at 30 September 2017
356,962576(12,454)345,083
Balance as at 1 April 2016363,43353380,160444,126
Total comprehensive income for the period
Net surplus / (loss) for the period--(354)(354)
Other comprehensive income after tax
Fair value movements in relation to executive share scheme
----
Total other comprehensive income----
Total comprehensive income for the period--(354)(354)
Contributions by and distributions to owners
Conversion of executive redeemable shares----
Dividends to equity holders 3--(50,608)(50,608)
Total contributions by and distributions to owners--(50,608)(50,608)
Balance at 30 September 2016
363,43353329,198393,164
Balance as at 1 April 2016363,43353380,160444,126
Total comprehensive income for the year
Net surplus / (loss) for the year--46,19646,196
Other comprehensive income after tax
Fair value movements in relation to executive share scheme
-43-43
Total other comprehensive income-43-43
Total comprehensive income for the year-4346,19646,239
Contributions by and distributions to owners
Share buyback(7,023)--(7,023)
Conversion of executive redeemable shares552--552
Dividends to equity holders 3--(82,897)(82,897)
Total contributions by and distributions to owners(6,471)-(82,897)(89,368)
Balance at 31 March 2017
356,96257643,459400,997
The accompanying notes form part of these financial statements.
For the year ended 31 March 2017
Audited
Statement of Changes in Equity
For the 6 months ended 30 September 2017
Unaudited
Statement of Changes in Equity
For the period ended 30 September 2016
Unaudited
Statement of Changes in Equity

Page 2 of 10

6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
NotesUnauditedUnaudited
Audited
$000$000
$000
Cash and cash equivalents---
Prepayments and sundry receivables1,099932764
Income tax receivable-521-
Advances to subsidiary companies 12986,842971,117974,409
Current assets987,941972,570975,173
Deferred tax24,45418,60618,503
Investments 12585,529585,529585,529
Non current assets609,983604,135604,032
Total assets1,597,9241,576,7051,579,205
Bond interest payable6,5896,6536,329
Accounts payable2,8232,0072,665
Accrual and other liabilities163171339
Infrastructure Bonds 781,06566,146147,177
Loans from group companies 12153,897153,897153,897
Total current liabilities244,537228,874310,407
Infrastructure Bonds 7762,458700,217620,359
Perpetual Infratil Infrastructure bonds 7230,960232,473230,769
Derivative financial instruments 814,88621,97716,673
Non current liabilities1,008,304954,667867,801
Attributable to shareholders of the Company345,083393,164400,997
Total equity345,083393,164400,997
Total equity and liabilities1,597,9241,576,7051,579,205
Approved on behalf of the Board on 9 November 2017
DirectorDirector
The accompanying notes form part of these financial statements.
As at 30 September 2017
Statement of Financial Position

Page 3 of 10

6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
NotesUnauditedUnaudited
Audited
$000$000
$000
Cash flows from operating activities
Cash was provided from:
Dividends received from subsidiary companies--60,000
Subvention receipt10,000--
Interest received20,55330,08456,940
Operating revenue receipts13,01118,70323,289
43,56448,787140,229
Cash was dispersed to:
Interest paid(35,112)(33,786)(67,826)
Payments to suppliers(12,718)(15,840)(29,015)
Taxation (paid) / refunded(2,356)(2,268)(3,532)
(50,186)(51,894)(100,373)
Net cash flows from operating activities 9(6,622)(3,107)39,856
Cash flows from investing activities
Cash was provided from:
Net movement in subsidiary company loan-253,887250,638
-253,887250,638
Cash was dispersed to:
Acquisition of shares in subsidiary-(247,994)(248,000)
Net movement in subsidiary company loan(12,433)--
(12,433)(247,994)(248,000)
Net cash flows from investing activities(12,433)5,8932,638
Cash flows from financing activities
Cash was provided from:
Proceeds from issue of shares-5548
Issue of bonds143,413150,000150,000
143,413150,005150,548
Cash was dispersed to:
Repayment of bonds(66,285)(100,000)(100,927)
Infrastructure bond issue expenses(2,068)(2,183)(2,195)
Repurchase of shares--(7,023)
Dividends paid 3(56,005)(50,608)(82,897)
(124,358)(152,791)(193,042)
Net cash flows from financing activities19,055(2,786)(42,494)
Net cash movement ---
Cash balances at beginning of period---
Cash balances at period end---
The accompanying notes form part of these financial statements.
Note some cash flows above are directed through an intercompany account. The cashflow statement above has been prepared on the assumption that these transactions are equivalent to
cash in order to present the total cashflows of the entity.
Statement of Cash Flows
For the 6 months ended 30 September 2017

Page 4 of 10

Reporting Entity
Basis of preparation
Basis of preparation

(3) Infratil shares and dividends
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
UnauditedUnaudited
Audited
Total issued capital at the beginning of the period560,053,166562,325,645562,325,645
Movements in issued and fully paid ordinary shares during the period:
Share buyback (held as treasury stock)--(2,510,000)
Treasury Stock reissued under dividend reinvestment plan---
Conversion of executive redeemable shares--237,521
Total issued capital at the end of the period560,053,166562,325,645560,053,166
Dividends paid on ordinary shares
Dividends declared and paid by the Company for the period were as follows:
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
Unaudited Unaudited
Audited
Unaudited Unaudited
Audited
cpscps
cps
$000$000
$000
Final dividend prior year10.00 9.00 9.00 56,005 50,608 50,608
Interim dividend paid
--
5.75 --32,289
10.00 9.00 14.75 56,005 50,608 82,897
The following new standards, amendments to standards and interpretations are issued but not yet effective and have not been applied in preparation of these
financial statements.
NZ IFRS 9 Financial Instruments, published in July 2014, replaces the existing guidance in NZ IAS 39 Financial Instruments: Recognition and Measurement. NZ IFRS 9
includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss model for calculating impairment on financial
assets, and new general hedge accounting requirements. It also carries forward the guidance on recognition and derecognition of financial instruments from NZ IAS
39. NZ IFRS 9 is effective for annual reporting periods beginning on or after 1 January 2018, with early adoption permitted. The Group has commenced a project to
review the impact of NZ IFRS 9 and will indicate the likely qualitative impact, if any, in its 31 March 2018 financial statements.
NZ IFRS 15 Revenue from Contracts with Customers, establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It
replaces existing revenue recognition guidance, including NZ IAS 18 Revenue, NZ IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programmes. NZ IFRS
15 is effective for annual reporting periods beginning on or after 1 January 2018, with early adoption permitted. The likely impact of this standard has not yet been
fully assessed, however it is not expected to have a material impact on the Company's financial statements.
NZ IFRS 16 Leases, removes the classification of leases as either operating leases or finance leases – for the lessee – effectively treating all leases as finance leases.
Lessor accounting remains similar to current practice – i.e. lessors continue to classify leases as finance and operating. The standard is effective for annual reporting
periods beginning on or after 1 January 2019. The likely impact of this standard has not yet been fully assessed, however it is not expected to have a material impact
on the Company's financial statements.
Infratil Limited ('the Company') is a company domiciled in New Zealand and registered under the Companies Act 1993. The Company is listed on the NZX Main Board
('NZX') and Australian Securities Exchange ('ASX'), and is an FMC Reporting Entity in terms of Part 7 of the Financial Markets Conduct Act 2013.
Notes to the Financial Statements
For the 6 months ended 30 September 2017
(1) Accounting policies
These unaudited condensed half year financial statements ('half year statements') of Infratil Limited have been prepared in accordance with NZ IAS 34 Interim
Financial Reporting and comply with IAS 34 Interim Financial Reporting. The half year statements have been prepared in accordance with the accounting policies
stated in the published financial statements for the year ended 31 March 2017 and should be read in conjunction with the previous annual report. No changes have
been made from the accounting policies used in the most recent annual report which can be obtained from Infratil's registered office or www.infratil.com. The
presentation currency used in the preparation of these financial statements is New Zealand dollars, which is also the Group's functional currency. Comparative figures
have been restated where appropriate to ensure consistency with the current period.
(2) Nature of business
The Company is the ultimate parent company of the Infratil Group, owning infrastructure & utility businesses and investments in New Zealand, Australia and the
United States. The Company is a limited liability company incorporated and domiciled in New Zealand. The address of its registered office is 5 Market Lane,
Wellington, New Zealand.
All fully paid ordinary shares have equal voting rights and share equally in dividends and equity. At 30 September 2017 the Company held no shares as Treasury Stock
(30 September 2016: 4,500,000, 31 March 2017: nil). 7,010,000 shares held as Treasury Stock were cancelled on 29 March 2017.

Page 5 of 10

Notes to the Financial Statements
For the 6 months ended 30 September 2017
(4) Other operating expenses
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
UnauditedUnaudited
Audited
$000$000
$000
Fees paid to the Company auditor102 95 175
Directors’ fees365 331 664
Administration and other corporate costs2,865 3,439 7,563
Management fee (to related party Morrison & Co Infrastructure Management)1210,333 10,749 20,490
Total other operating expenses13,665 14,614 28,892
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
UnauditedUnaudited
Audited
Fees paid to the Company auditor$000$000
$000
Audit and review of financial statements 102 95 175
Taxation services - - -
Total fees paid to the Company auditor 102 95 175
(6) Taxation
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
UnauditedUnaudited
Audited
$000$000
$000
(Loss)/surplus before taxation(3,497)(268)48,335
Taxation on the (loss)/surplus for the period @ 28% tax rate(979)(75)13,534
Plus/(less) taxation adjustments:
Impairment of investments/realisations---
Exempt dividends-(16,800)
Subvention payment---
Loss offset to/(from) group company(2,800)--
Timing differences not recognised190-16
(Under)/over provision in prior periods--4,755
Other permanent differences-161634

Taxation expense/(credit)(3,589)862,139
Current taxation --4,053
Deferred taxation (3,589)86(1,914)
(3,589)862,139
There was no income tax recognised in other comprehensive income during the period (30 September 2016: nil, 31 March 2017: nil)
The audit fee includes the fees for both the annual audit of the financial statements and the review of the interim financial statements.
(5) Net investment realisations and (impairments)
At 30 September 2017 the Company reviewed the carrying amounts of loans to Infratil Group companies to determine whether there is any indication that those
assets have suffered an impairment loss. The recoverable amount of the asset was estimated by reference to the counterparties' net asset position and ability to
repay loans out of operating cash flows in order to determine the extent of any impairment loss. As a result the Company did not impair any loans to Infratil Group
companies in 2017 (September 2016: nil, March 2017: nil).

Page 6 of 10

Notes to the Financial Statements
For the 6 months ended 30 September 2017
(7) Infrastructure Bonds
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
UnauditedUnaudited
Audited
$000$000
$000
Balance at the beginning of the period998,305949,771949,771
Issued during the period143,413150,000150,000
Exchanged during the period(32,739)(49,517)(49,517)
Matured during the period(33,546)(50,483)(50,483)
Purchased by Infratil during the period--(1,489)
Bond issue costs capitalised during the period(2,068)(2,182)(2,195)
Bond issue costs amortised during the period1,1181,2472,218
Balance at the end of the period1,074,483998,836998,305
Current81,06566,146147,177
Non current fixed coupon 762,458700,217620,359
Non current perpetual variable coupon230,960232,473230,769
Balance at the end of the period1,074,483998,836998,305
Repayment terms and interest rates:
IFT160 Maturing in June 2017, 8.50% per annum fixed coupon rate-66,28566,285
IFT170 Maturing in November 2017, 8.0% per annum fixed coupon rate81,11281,11281,112
IFT180 Maturing in November 2018, 6.85% per annum fixed coupon rate111,418111,418111,418
IFT200 Maturing in November 2019, 6.75% per annum fixed coupon rate68,50068,50068,500
IFT090 Maturing in February 2020, 8.50% per annum fixed coupon rate80,49880,49880,498
IFT220 Maturing in June 2021, 4.90% per annum93,88393,88393,883
IFT190 Maturing in June 2022, 6.85% per annum fixed coupon rate93,69693,69693,696
IFT240 Maturing in December 2022, 5.65% per annum fixed coupon rate100,000--
IFT210 Maturing in September 2023, 5.25% per annum fixed coupon rate122,104122,104122,104
IFT230 Maturing in June 2024, 5.50% per annum fixed coupon rate56,11756,11756,117
IFT250 Maturing in June 2025, 6.15% per annum fixed coupon rate43,413--
IFTHAPerpetual Infratil infrastructure bonds231,917233,406231,917
less: Bond issue costs capitalised and amortised over term(8,173)(8,183)(7,225)
Balance at the end of the period1,074,483998,836998,305
At 30 September 2017 the Infrastructure bonds (including PIIBs) had a fair value of $1,031.4 million (30 September 2016: $968.9 million, 31 March 2017: $943.8
million).
Fixed coupon
The fixed coupon bonds the Company has on issue are at a face value of $1.00 per bond. Interest is payable quarterly on the bonds. 25 days prior to the maturity date
of the IFT090 series, Infratil can elect to redeem those infrastructure bonds at their $1.00 face value payable in cash, or convert all the infrastructure bonds in the
relevant series by issuing the number of shares equivalent to 98% of the face value of the bonds multiplied by the market price of the shares. The market price is the
average price weighted by volume of all trades of ordinary shares over the 10 business days up to the fifth business day before the maturity date.
Perpetual Infratil infrastructure bonds ('PIIBs')
The Company has 231,916,600 (30 September 2016: 233,405,600, 31 March 2017: 231,916,600) PIIBs on issue at a face value of $1.00 per bond. Interest is payable
quarterly on the bonds. For the period to 15 November 2017 the coupon is fixed at 3.63% per annum (September 2016: 4.26%, March 2017: 3.63%). Thereafter the
rate will be reset annually at 1.5% per annum over the then one year bank rate for quarterly payments, unless Infratil's gearing ratio exceeds certain thresholds, in
which case the margin increases. These infrastructure bonds have no fixed maturity date. No PIIBs (September 2016: nil, March 2017: 1,489,000) were repurchased by
Infratil Limited during the period.
Throughout the year the Company complied with all debt covenant requirements as imposed by the bond trustee.

Page 7 of 10

Notes to the Financial Statements
For the 6 months ended 30 September 2017
(8) Financial instruments
(9) Reconciliation of net surplus with cash flow from operating activities
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
UnauditedUnaudited
Audited
$000$000$000
Net surplus92(354)46,196
Less items classified as investing activity
Loss/(profit) on investment realisations and impairments-(7)(568)
Add items not involving cash flows
(1,787)(798)(6,092)
1,1201,2462,217
Movements in working capital
Change in receivables(335)(144)22
Change in trade payables159(2,402)190
Change in accruals and other liabilities791,379(706)
Change in taxation and deferred tax(5,951)(2,027)(1,403)
Net cash inflow from operating activities(6,622)(3,107)39,856
(10) Commitments
There are no outstanding commitments (30 September 2016: nil, 31 March 2017: nil).
(11) Contingent liabilities
The Company has interest rate swap derivatives that are classified as Level 2 and have a fair value liability of $14.9 million at 30 September 2017 (30 September 2016:
$22.0 million, 31 March 2017:$16.7m).
Fair value hierarchy
The analyses of financial instruments carried at fair value, by valuation method is below. The different levels have been defined as follows:
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
Movement in financial derivatives taken to the profit or loss
Other
The Company has a contingent liability under the international fund management agreement with Morrison & Co International Limited in the event that the Group
sells its international assets, or valuation of the assets exceeds the performance thresholds set out in the management agreement.
The Company has agreed to guarantee certain obligations of Infratil Trustee Limited, a related party, that is the Trustee to the Infratil Staff Share Scheme. The amount
of the guarantee is limited to the loans provided to the employees.
The Company and certain wholly owned subsidiaries are guarantors of the bank debt facilities of Infratil Finance Limited under a Deed of Negative Pledge, Guarantee
and Subordination and the Company is a guarantor to certain obligations of subsidiary companies. During the period a A$41.6 million secured bank facility of a non-
wholly owned subsidiary has been refinanced with an expiry date of 21 May 2020. This facility, and certain other indebtedness with the financier, has been
guaranteed by Infratil Finance Limited and the Company.
Interest rates
Interest rate risk is the risk of interest rate volatility negatively affecting the Company's interest expense cash flow and earnings. The Company mitigates this risk by
issuing borrowings at fixed interest rates or entering into Interest Rate Swaps to convert floating rate exposures to fixed rate exposure. Borrowings issued at fixed
rates expose the Company to fair value interest rate risk which is managed by the interest rate profile and hedging.
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived
from prices) (level 2)

Page 8 of 10

Notes to the Financial Statements
For the 6 months ended 30 September 2017
(12) Related parties
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
Related PartyUnauditedUnaudited
Audited
UnauditedUnaudited
Audited
$000$000$000$000$000$000
Advances
Infratil Finance
20,48330,00056,852986,276970,593973,844
Aotea Energy Holdings Limited
---(153,897)(153,897)(153,897)
Investments in
Infratil Investments Limited
87,66587,66587,665
Infratil 1998 Limited
12,00012,00012,000
Infratil Finance Limited
153,897153,897153,897
Infratil No. 1 Limited
78,02378,02378,023
Infratil PPP Limited
5,9425,9425,942
Infratil No. 5 Limited
248,001248,002248,001
SubsidiariesHoldingHoldingHoldingPrincipal
activity
Country of
incorporation
6 months
ended
30 September
2017
6 months
ended
30 September
2016
Year Ended
31 March
2017
New Zealand
Infratil Finance Limited100%
100%
100%FinanceNew Zealand
Swift Transport Limited 100%
100%
100%InvestmentNew Zealand
Infratil Ventures Limited100%
100%
100%InvestmentNew Zealand
Infratil Infrastructure Property Limited100%
100%
100%InvestmentNew Zealand
NZ Airports Limited100%
100%
100%InvestmentNew Zealand
Infratil Energy Limited100%
100%
100%InvestmentNew Zealand
Infratil Investments Limited100%
100%
100%InvestmentNew Zealand
Infratil 1998 Limited100%
100%
100%InvestmentNew Zealand
Infratil Gas Limited100%
100%
100%InvestmentNew Zealand
Infratil RV Limited100%
100%
100%InvestmentNew Zealand
Infratil No 1 Limited100%
100%
100%InvestmentNew Zealand
Infratil Outdoor Media Limited100%
100%
100%InvestmentNew Zealand
Infratil No 5 Limited100%
100%
100%InvestmentNew Zealand
Infratil Australia Limited100%
100%
100%InvestmentNew Zealand
Infratil PPP Limited100%
100%
100%InvestmentNew Zealand
Infratil Ventures II Limited100%
100%
100%InvestmentNew Zealand
Infratil 2016 Limited100%
100%
100%InvestmentNew Zealand
Infratil Renewables Limited100%
100%
100%InvestmentNew Zealand
(13) Segment analysis
(14) Events after balance date
Dividend
Interest income/(expense)
Intercompany (loan)/advance/investment at
carrying value
The Company has the following significant loans and investments to/(from)/in its subsidiaries:
Certain Infratil Directors have relevant interests in a number of companies with which Infratil has transactions in the normal course of business. A number of key
management personnel are also Directors of Group subsidiary companies and associates.
Morrison & Co Infrastructure Management Limited ('MCIM') is the management company for the Company and receives management fees in accordance with the
applicable management agreement.
MCIM is owned by H.R.L. Morrison & Co Group Limited Partnership ('MCO'). Mr Bogoievski is a director of Infratil and is also a director and Chief Executive Officer of
MCO. Entities associated with Mr Bogoievski also have beneficial interests in MCO.
During the year, the Company operated in predominantly one business segment, that of investments.
Geographical segments
The Company operated in one geographical area, that of New Zealand. Certain subsidiaries of the Company invest in Australia and the United States.
On 9 November 2017, the Directors approved a fully imputed interim dividend of 6.00 cents per share to holders of fully paid ordinary shares to be paid on 15
December 2017.
The significant investments of the Company and their activities are summarised below:

Page 9 of 10

Notes to the Financial Statements
For the 6 months ended 30 September 2017
Directors
Mark Tume (Chairman)
Marko Bogoievski
Alison Gerry
Paul Gough
Humphry Rolleston
Peter Springford
Company Secretary
Nick Lough
Registered Office - New ZealandRegistered Office - Australia
5 Market LaneC/- H.R.L. Morrison & Co Private Markets
PO Box 320 Level 37
WellingtonGovernor Phillip Tower
Telephone: +64 4 473 36631 Farrer Place
Internet address: www.infratil.comSydney
NSW, 2000
Telephone: +64 4 473 3663
Manager
Morrison & Co Infrastructure Management
5 Market Lane
PO Box 1395
Wellington
Telephone: +64 4 473 2399
Facsimile: +64 4 473 2388
Internet address: www.hrlmorrison.com
Share Registrar - New ZealandShare Registrar - Australia
Link Market ServicesLink Market Services
Level 7, Zurich HouseLevel 12
21 Queen Street680 George Street
PO Box 91976Sydney
AucklandNSW 2000
Telephone: +64 9 375 5998Telephone: +61 2 8280 7100
E-mail: enquiries@linkmarketservices.co.nzE-mail: registrars@linkmarketservices.com.au
Internet address: www.linkmarketservices.co.nzInternet address: www.linkmarketservices.com.au
Auditor
KPMG
Maritime Tower
10 Customhouse Quay
PO Box 996
Wellington
Bankers
Bank of New Zealand
Level 4
80 Queen Street
Auckland
Directory

Page 10 of 10

© 2017 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG
International”), a Swiss entity.

Independent Review
Report
To the shareholders of Infratil Limited
Report on the condensed half year financial statements
Conclusion
Based on our review, nothing has come to our attention
that causes us to believe that the condensed half year
financial statements on pages 1 to 9 do not:
i. present fairly in all material respects the
company’s financial position as at 30
September 2017 and its financial performance
and cash flows for the 6 month period ended on
that date; and
ii. comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
condensed half year financial statements which
comprise:
— the statement of financial position as at 30
September 2017;
— the statements of comprehensive income, changes
in equity and cash flows for the 6 month period then
ended; and
— notes, including a summary of significant accounting
policies and other explanatory information.
Basis for conclusion
A review of condensed half year financial statements in accordance with NZ SRE 2410 Review of Financial Statements
Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance engagement. The auditor performs
procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures.
As the auditor of Infratil Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit
of the annual financial statements.
Other than in our capacity as auditor we have no relationship with, or interests in, Infratil Limited.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we might state to
the shareholders those matters we are required to state to them in the Independent Review Report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
shareholders as a body for our review work, this report, or any of the opinions we have formed.
Responsibilities of the Directors for the condensed half year financial statements
The Directors, on behalf of the company, are responsible for:
— the preparation and fair presentation of the condensed half year financial statements in accordance with NZ IAS 34
Interim Financial Reporting;

— implementing necessary internal control to enable the preparation of condensed half year financial statements that
are fairly presented and free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless they either intend to liquidate or to cease operations,
or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the condensed half year financial
statements
Our responsibility is to express a conclusion on the condensed half year financial statements based on our review. We
conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether anything has come to
our attention that causes us to believe that the condensed half year financial statements are not prepared, in all material
respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand). Accordingly we do not express an audit opinion on these condensed half
year financial statements.
This description forms part of our Independent Review Report.



KPMG
Wellington
9 November 2017

---

Auditor's Independence Declaration under Section
307C of the Corporations Act 2001 to the directors
of Infratil Limited

I declare that, to the best of my knowledge and belief, in relation to the review
for the period ended 30 September 2017 there have been:

o No contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the review; and

o No contraventions of any applicable code of professional conduct in relation to
the review.

KPMG





Ross Buckley
Partner
Wellington, New
Zealand
9 November 2017












© 2017 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International
Cooperative (“KPMG International”), a Swiss entity.

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
X
whether:
Interim
X
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
EMAIL: announce@nzx.com
Notice of event affecting securities
Infratil Limited
Phillippa HarfordDirectors Resolution
64 4 473366364 4 473238810112017
Ordinary sharesNZIFTE 0003S3 / ASX IFT
In dollars and cents
Retained earnings
$0.0600
Enter N/A if not
applicable
$$0.004167$0.023333
$
NZ Dollars$0.010588
Date Payable
Friday, 15 December 2017$33,603,190
Tuesday, 28 November 2017Friday, 15 December 2017

---

1
Interim Report 2017
Infratil Interim Report
September 2017

21
InfratilInterim Report 2017
REPORT OF THE CHAIRMAN
AND CHIEF EXECUTIVE
Since 31 March 2017 Infratil has experienced generally satisfactory operating, market and
financial conditions. Pleasingly, so too have our shareholders.
As always, we judge our performance on two overarching criteria: how we operated over the period, and how we feel Infratil’s long-term value
prospects have changed. As will be apparent from the language, operations can be measured quite directly, while ‘value prospects’ entails
looking at a wider range of factors.
VARIABLE30 SEPTEMBER 2017COMMENT
Period net surplus
$33.4m
$4.5 million (16%) increase on last year
Underlying EBITDAF
1
$291.3m
$45.3 million (18%) uplift
Investment
$139.5m
Across internal development projects
Divestment
$246.5m
Sale of Metlifecare
Net Debt
$705.6m
$377.0 million was on deposit. Net debt
comprised 29% of Infratil’s capital
Declared dividend
6 cents
Making 16 cents for calendar 2017.
8% uplift on 2016
1. Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show management’s view of the underlying business performance. Underlying EBITDAF
represents consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, non-operating gains or losses on the sales of
investments, and includes Infratil’s share of RetireAustralia’s underlying profits. Underlying profit for RetireAustralia removes the impact of unrealised fair value movements on
investment properties, impairment of property, plant and equipment and excludes one-off gains and deferred taxation and adds back resale gains and realised development margins.
The good EBITDAF and satisfactory net
surplus for the period reflected the benefits
of diversification as well as some good
individual performances.
Trustpower experienced exceptionally
positive hydrology (it rained a lot in its
catchments) which more than offset Tilt
Renewable’s low generation (the weather
was calm around its wind farms). Wellington
Airport saw good passenger growth and each
of Canberra Data Centres, RetireAustralia
and ANU delivered satisfactory results.
Longroad contributed a $5.9 million cost,
which was in line with budget as its business
gets underway.
Less positively, Perth Energy continues to
make losses as it restructures its retail
portfolio, and NZ Bus’s contribution fell as
the loss of contracts took effect.
Discussion of the individual business

unit performances are provided later in
this report.
The operating circumstances of our
businesses are diverse. Each is impacted by
particular environmental, demand,
regulatory, technology, and competitive
factors. While this adds diversification
benefits, performance assessment requires
more precise analysis.
Infratil’s value prospects experienced
satisfactory developments over the period.
Warranting specific mention are Canberra
Data Centres, given its positive customer
and investment announcements, Trustpower
which saw a material mark up in its share
market value, and Longroad Energy which
has successfully established itself in the U.S.
renewables market.
Since 31 March 2017 Infratil shareholders
have received a 10 cents per share fully
imputed final FY2017 dividend and seen the
share price rise from the then level of $2.91.
Infratil owns infrastructure businesses that provide essential
facilities and services to individuals and communities.
To provide good risk-adjusted returns for its shareholders and
solid security for its bondholders, Infratil seeks to ensure that:
• Its businesses are efficient and provide good services to
their customers and communities.
• The businesses are in sectors with growing demand which
will give rise to opportunities to invest to meet that demand
and to lift returns.
• Financial and other sources of risk are accurately
monitored and well managed.
These goals are pursued through Infratil’s existing businesses
and by periodic divestment/investment.

23
InfratilInterim Report 2017
Mark Tume
Chairman
Marko Bogoievski
Chief Executive
Net operating cash flow for the period was
$130.8 million, up from $110.9 million for
the same period last year.
The net surplus was up $4.5 million to

$33.4 million. Higher earnings were partially
offset by higher tax, depreciation and
minorities.
In June 2017 $66.3 million of 8.5% per
annum Infrastructure Bonds matured.

A further $81.1 million of 8% per annum
Bonds are to be repaid in November. To
refinance these maturities, Infratil issued
$100.0 million of 5.65% per annum
Infrastructure Bonds maturing December
2022 and $43.4 million of 6.15% per annum
bonds maturing June 2025.
As at 30 September 2017 Infratil had net
bank deposits of $377.0 million.
The interim dividend for FY2018 is to be

6 cents per share payable on 15 December
2017 to shareholders of record as at

28 November 2017.
This is the seventh year in a row in which
Infratil has increased the dividend. Last year
the interim was 5.75 cps. In the 2016
calendar year total dividends paid amounted
to 14.75 cps. In 2017 16.00 cps will have been
paid, including this interim dividend.
The dividend is fully imputed. The dividend
reinvestment plan continues to be on hold.
Although dividends are only declared after a
financial period, and reflect a wide range of
variables, Infratil does review possible
future pay-out profiles on a ‘three year
ahead’ basis to ensure it can anticipate and
signal any likely material changes. While
actual dividends will ultimately depend on
performance and portfolio composition,
recent forecasts suggest continued increases
in absolute dividends per share. However,
given the proportion of future earnings

likely to be sourced ex-New Zealand, the
forecasts also indicate that providing full
imputation beyond the March 2018 financial
year will be problematic.
MARKETS, REGULATION, CHANGE
Infratil’s businesses have experienced a
number of unhelpful regulatory interactions
since 31 March 2017.
NZ Bus and its people have been impacted

by low-cost choices by regional transport
authorities when they have awarded contracts
to operate public transport bus services.
Winning tenders appear to have been based
on the operators paying lower wages.
Wellington Airport’s application for the
consents required to enable a lengthening of
its runway was on hold pending a court
decision as to how the Civil Aviation
Authority should interpret the regulations
which guide its decisions.
Regulation of Australia’s energy markets
continues to be in turmoil. On a number of
occasions some of Tilt Renewables’
operational wind farms were switched off
because South Australian grid rules required
the use of gas/coal fired plant.
President Trump announced a policy to
subsidise nuclear and coal fired generation.
At times it’s difficult to retain confidence in
law makers and regulators.
New Zealand of course has seen a change of
law makers after nine years. The Labour
Party led Government has something of a
clean sheet on many policy areas. But in
areas relevant to Infratil, their most clearly
enunciated goals are to up the rate of
infrastructure investment. However, it’s less
clear whether the Government intends going
it alone or working with private partners.
PROSPECTS
The first half of FY2018 was good for
Infratil.
The capital markets were supportive with
long term bond funding.
Canberra Data Centres achieved a notable
milestone and progressed a material growth
initiative.
Trustpower had an outstanding period of
climatic and market circumstances.
Wellington Airport saw solid traffic growth
and continues to upgrade its facilities.
Longroad’s progress, in its establishment
phase, more than met expectations.
Tilt Renewables started construction

of a new wind farm and progressed the
development of several others.
We are well resourced and well positioned

to progress our many growth initiatives and
to continue to deliver value and earning
gains for Infratil’s shareholders.
INVESTMENT ACTIVITY
While our businesses face highly diverse operating circumstances, there are some common features impacting investment activities.
Wellington Airport$40.3 millionTransport hub and hotel
Longroad Energy *$22.0 millionWind and solar generation in the USA
Tilt Renewables$21.1 millionSalt Creek Wind Farm in Victoria Australia
RetireAustralia *$20.6 millionLand acquisition and accommodation construction
Trustpower$15.9 millionMaintaining capability
NZ Bus$11.4 millionDouble decker buses
CDC *$5.3 millionEquipment to increase data centre utilisation
Other$2.9 million
Total capital invested$139.5 million
* the values reflect Infratil’s share of the capital invested. The total investment by these three companies was roughly twice these amounts.
At each of Wellington Airport, Tilt
Renewables, RetireAustralia, Trustpower,
NZ Bus and CDC the investments now
underway reflect long lead times of planning,
consenting and negotiating satisfactory
terms for the relevant construction and
utilisation agreements.
Each project is expected to give rise to a
development margin, to compensate for that
work and the associated risks. After all, not
all development projects give rise to
profitable investments.
Canberra Data Centres’ capital outlay in the
six months was mainly on equipment for its
existing four centres, but it has also
announced the start of the construction of a
fifth centre. This is an important step for CDC
and vindicates Infratil’s investment last year.
CDC operates in one of the world’s fastest
growing sectors and it’s good to see tangible
signs of CDC’s participation in that growth.
Longroad is in a somewhat different space.

It has only existed a year yet has acquired an
impressive portfolio of existing generation,
development projects and has also formed a
division to undertake day-to-day
management and operation of wind and
solar generation facilities, for Longroad’s
own plant and on contract for others.
It’s fair to say that Longroad has exceeded
expectations. The scale of the US market
and its liquidity and efficiency is a notch
above what we have experienced in Australia
or New Zealand.
The three shareholders, Infratil and the

NZ Superannuation Fund with 45% each
and management with 10%, committed
US$100 million to development projects.
While that figure is now being approached, it
is expected to be sufficient to continue
current development activity at a reasonable
pace. Additional options to invest in
operational assets and adjacent
opportunities will be evaluated on a
case-by-case basis.
THE CHALLENGE
One challenge Infratil and its businesses all
face comes from the world-wide phenomena
of ultra-low interest rates. Since the 2008
Global Financial Crisis central banks have
forced interest rates down to such an extent
that a recent Bank of England (BoE) paper
noted that ‘the global risk-free rate in July
2016 reached its lowest nominal level ever’;
that is since 1273, almost seven and a half
centuries ago.
Cheap debt may seem like a boon (except for
savers) but it creates distortions and risks.
Outside Australasia there is a great deal of
debate about whether very low interest rates
are now part of the problem rather than the
solution.
The problems for Infratil are:
• Investors have flocked to buy ‘near bond’
investments. Companies offering a good
dividend have seen their share prices rise.
Assets which offer solid rents have
similarly risen in price. This has priced
Infratil out of some brownfield
opportunities.
• Gradually investors of this type have taken
an interest in more complex and difficult
assets. For instance, buying power stations
with some energy price and volume risk.
This has pushed up the price of these
assets and pushed down their returns,
again squeezing Infratil out.
• The uncertainty about when it ends?

The BoE has calculated that global
risk-free rates have been falling since

1981 and that the subsequent 36 year
period is the longest ‘bull run’ since
interest rates fell in Venice between 1441
and 1481. The BoE paper also noted that
every bull run has an end.
Because Infratil seeks higher returns and we
are sceptical about ‘lower for longer’, Infratil
has adopted a circumspect and cautious
approach to investment.
If it turns out that rates do rise, especially

if that rise turns out to be sharp, then our
conservatism will be rewarded. Of course,

if rates don’t rise there will have been an
opportunity cost to Infratil’s approach; there
is some solace as ongoing low rates will raise
the value of our existing holdings.
FINANCIAL
Infratil recorded an Underlying EBITDAF
of $291.3 million over the six months.
The 18% uplift (+$45.3 million) on the same
period last year was largely due to positive
generation and market circumstances for
Trustpower. In some weather conditions
Trustpower’s hydro power stations get rain
when the more significant South Island
hydro lakes don’t. When this happens
Trustpower can increase its generation and
benefit from market prices increased by
national electricity supply constraints. This
occurred over the 2017 winter.
Thanks to the good first half, Infratil

has lifted its full year EBITDAF
guidance to $485-525 million from the
$460-500 million range originally indicated.
NZ RISK-FREE RATES SINCE 1960GLOBAL RISK-FREE RATES SINCE 1273
Source: RBNZSource: BoE
20
16
12
8
4
0
% per annum
New Zealand 10 year Government Bond Yield
2017201120051999199319871981197519691963
20
16
12
8
4
0
201712731372143515471616167217281784184018961952
% per annum

45
InfratilInterim Report 2017
On the following two pages we have set out five
graphs showing how Infratil’s assets, earnings,
funding, capital outlays, cash flows and
dividends have evolved over the last decade.
The data points for the 2018 year are either the position as at
30 September 2017 or midpoint estimates for the full year to
31 March 2018. All other data points are the years to 31 March
or as at the relevant 31 March.
Most of the changes over the decade reflect Infratil’s strategic
objectives and the resulting decisions relating to capital allocation
and funding.
Over the period, Infratil’s investments amounted to $4,230 million
and asset sales of $2,070 million.
Infratil has sought to invest in businesses with growing demand which
were likely to need additional capital investment to meet that demand,
and which offered the prospect of a good return on that capital.
Divestments have at times been ‘cut our losses’ (not all investments
are good ones), but mostly they reflected selling companies with
limited growth prospects.
One outcome of the activity has been increased operating cash flows
and dividends. A lesson of the GFC was that while shareholders seek
capital gains, dividends are also welcome.
It is obvious, but there is some trade-off between cash earnings,
dividends and capital growth. Investing totally for cash returns and
dividends leaves little room for growth, and vice versa. Infratil has
sought to balance the goals of achieving growth and the cash flow to
raise dividends.
A strategy illustrated by the funding graph is the conservative capital
structure Infratil has adopted over recent years. Dated debt has

fallen from providing 49% of Infratil’s funding to 19%. (A further 9%
of Infratil’s funding is provided by perpetual debt.)
One graph which could mislead shows consolidated EBITDAF. The
causes and consequences of the seemingly flat EBITDAF are quite
complex and are explained below.
FINANCIAL TRENDS
INFRATIL ASSETS
0
500
1,000
1,500
2,000
2,500
3,000
$Millions
0
10
20
30
40
50
60
70
80
90
100
%
0
5
10
15
0
100
200
300
400
500
600
Dividend
cents per share
$Millions
$Millions
0
2018
Infratil's Assets
2018
Infratil's Capital Structure
2018
Operating cash flows and dividends
EBITDAF
2018
$Millions
Capital Investments
0
200
400
600
800
2009 2010 2011 2012 2013 2014 20172016 2015
2009 2010 2011 2012 2013 2014 201720162015
2009 2010 2011 2012 2013 2014 2017201620182015
2009 2010 2011 2012 2013 2014 2017 2016 2015
200920102011201220132014201720162015

Equity (market value)

Perpetual bonds

Net bank debt and dated bonds

Other

NZ Bus

Wellington Airport

Trustpower

Tilt Renewables

Dividend (rhs)

Interest, tax, working capital

Operating cash flow

ANU

Other

Retire Australia

NZ Bus

CDC

Wellington Airport

Trustpower

Tilt Renewables

Social

Other

Data

Energy

Transport
100
200
300
400
500
600
INFRATIL FUNDING
0
500
1,000
1,500
2,000
2,500
3,000
$Millions
0
10
20
30
40
50
60
70
80
90
100
%
0
5
10
15
0
100
200
300
400
500
600
Dividend
cents per share
$Millions
$Millions
0
2018
Infratil's Assets
2018
Infratil's Capital Structure
2018
Operating cash flows and dividends
EBITDAF
2018
$Millions
Capital Investments
0
200
400
600
800
2009 2010 2011 2012 2013 2014 20172016 2015
2009 2010 2011 2012 2013 2014 201720162015
2009 2010 2011 2012 2013 2014 2017201620182015
2009 2010 2011 2012 2013 2014 2017 2016 2015
200920102011201220132014201720162015

Equity (market value)

Perpetual bonds

Net bank debt and dated bonds

Other

NZ Bus

Wellington Airport

Trustpower

Tilt Renewables

Dividend (rhs)

Interest, tax, working capital

Operating cash flow

ANU

Other

Retire Australia

NZ Bus

CDC

Wellington Airport

Trustpower

Tilt Renewables

Social

Other

Data

Energy

Transport
100
200
300
400
500
600
UNDERLYING EBITDAF
0
500
1,000
1,500
2,000
2,500
3,000
$Millions
0
10
20
30
40
50
60
70
80
90
100
%
0
5
10
15
0
100
200
300
400
500
600
Dividend
cents per share
$Millions
$Millions
0
2018
Infratil's Assets
2018
Infratil's Capital Structure
2018
Operating cash flows and dividends
EBITDAF
2018
$Millions
Capital Investments
0
200
400
600
800
2009 2010 2011 2012 2013 2014 20172016 2015
2009 2010 2011 2012 2013 2014 201720162015
2009 2010 2011 2012 2013 2014 2017201620182015
2009 2010 2011 2012 2013 2014 2017 2016 2015
200920102011201220132014201720162015

Equity (market value)

Perpetual bonds

Net bank debt and dated bonds

Other

NZ Bus

Wellington Airport

Trustpower

Tilt Renewables

Dividend (rhs)

Interest, tax, working capital

Operating cash flow

ANU

Other

Retire Australia

NZ Bus

CDC

Wellington Airport

Trustpower

Tilt Renewables

Social

Other

Data

Energy

Transport
100
200
300
400
500
600
The graph shows the value of Infratil’s investments. Listed
investments (Trustpower and Tilt Renewables) are included at

their market values. All other assets are at their book values,
excluding deferred tax liabilities where capital gains taxes are not
expected to arise.
After growing strongly 2009-2012, EBITDAF has subsequently been
flat (+/- about $20 million). Several factors are behind this.
• One relates to the accounting treatment of business where Infratil
owns over 50% of the shares as opposed to those where Infratil
owns 50% or less. The former are consolidated meaning that
Infratil accounts for all of the businesses’ earnings before interest,
tax, depreciation, etc. With the latter group, Infratil accounts for
only its share of the businesses’ earnings after interest, tax,
depreciation, etc.
CAPITAL INVESTMENT
0
500
1,000
1,500
2,000
2,500
3,000
$Millions
0
10
20
30
40
50
60
70
80
90
100
%
0
5
10
15
0
100
200
300
400
500
600
Dividend
cents per share
$Millions
$Millions
0
2018
Infratil's Assets
2018
Infratil's Capital Structure
2018
Operating cash flows and dividends
EBITDAF
2018
$Millions
Capital Investments
0
200
400
600
800
2009 2010 2011 2012 2013 2014 20172016 2015
2009 2010 2011 2012 2013 2014 201720162015
2009 2010 2011 2012 2013 2014 2017201620182015
2009 2010 2011 2012 2013 2014 2017 2016 2015
200920102011201220132014201720162015

Equity (market value)

Perpetual bonds

Net bank debt and dated bonds

Other

NZ Bus

Wellington Airport

Trustpower

Tilt Renewables

Dividend (rhs)

Interest, tax, working capital

Operating cash flow

ANU

Other

Retire Australia

NZ Bus

CDC

Wellington Airport

Trustpower

Tilt Renewables

Social

Other

Data

Energy

Transport
100
200
300
400
500
600
OPERATING CASH FLOW & DIVIDEND
0
500
1,000
1,500
2,000
2,500
3,000
$Millions
0
10
20
30
40
50
60
70
80
90
100
%
0
5
10
15
0
100
200
300
400
500
600
Dividend
cents per share
$Millions
$Millions
0
2018
Infratil's Assets
2018
Infratil's Capital Structure
2018
Operating cash flows and dividends
EBITDAF
2018
$Millions
Capital Investments
0
200
400
600
800
2009 2010 2011 2012 2013 2014 20172016 2015
2009 2010 2011 2012 2013 2014 201720162015
2009 2010 2011 2012 2013 2014 2017201620182015
2009 2010 2011 2012 2013 2014 2017 2016 2015
200920102011201220132014201720162015

Equity (market value)

Perpetual bonds

Net bank debt and dated bonds

Other

NZ Bus

Wellington Airport

Trustpower

Tilt Renewables

Dividend (rhs)

Interest, tax, working capital

Operating cash flow

ANU

Other

Retire Australia

NZ Bus

CDC

Wellington Airport

Trustpower

Tilt Renewables

Social

Other

Data

Energy

Transport
100
200
300
400
500
600
In 2012 12% of Infratil’s assets were not consolidated ( because
Infratil owned 50% or less of the relevant companies). In 2018

that percentage had risen to 33% and those companies will only
contribute about 10% of Infratil’s earnings.
• Another factor is that Infratil’s key new investments; CDC,
Longroad and RetireAustralia; are at early stages of their
profitability life-cycle.
• A further factor has been Infratil’s conservative use of debt (this

is explained below) and tendency in recent years to have large
cash deposits. On average each $200 million invested adds about
$35 million to EBITDAF, whereas the same funds on deposit

adds nothing (interest income is not included in EBITDAF).
• Not all of the story is positive or based on reporting technicalities.
The earnings of two of Infratil’s businesses have fallen materially
since 2012. That year, the combined EBITDAF of NZ Bus and
Perth Energy was $62 million and this year about $23 million

is projected.
Over the last decade, Infratil’s use of dated debt (mostly bonds,

but sometimes including net bank borrowing) has fallen; from
49% of Infratil’s total funding as at 31 March 2009 to 19% as at
30 September 2017 (perpetual debt also contributed about 9% of
the total funding on both dates). Two factors have largely driven this
change. One is management’s concern about the potential for
unpredictable adverse changes to global credit markets to cause an
increase in the cost of debt and its reduced availability. A second
factor is the difficulty management has experienced finding good
investments at good prices. Other investors who have been willing to
invest at low yields have driven the prices of many assets out of reach.
However, today Infratil’s financial capacity to invest is also being
husbanded in expectation that Tilt Renewables, Longroad,
Wellington Airport, CDC, RetireAustralia or another of Infratil’s
businesses will soon progress investments that will require capital.
The decade’s $4,230 million of capital investment has been allocated
43% to energy, 19% to transport, 13% to social infrastructure, 10% to
data and 15% to other sectors.
25% has involved buying businesses and 75% has been allocated
within those businesses to build power stations, accommodation,
airport terminals, etc.
Operating cash flow comprises underlying EBITDAF less payments
of interest and tax, and working capital movements.
Since 2013 net operating cash flows have been relatively flat (give

or take the impact of working capital), largely due to the factors that
have restrained earnings, as noted earlier.
However, the operating cash flows have also been solid and sufficient
to contribute to Infratil’s rising dividend.