Corrected Media Release and Results Presentation

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


17 May 2018


Infratil Limited Results for the Year Ended 31 March 2018 Media Release correction

Infratil’s consolidated Underlying EBITDAF
1
was $552.4 million, up 6.3% from the $519.5 million
reported in 2017. Underlying EBITDAF
1
was above the guidance level as a result of associate
investment valuations. Net parent surplus was $60.5 million compared to $66.1 million in the prior
period.

While the higher Underlying EBITDAF
1
resulted in higher operating cash flow (up 21% to $295.8
million from $245.0 million), the net surplus was impacted by higher depreciation, tax and
minorities, partially offset by lower interest costs.

Infratil had a positive year of operating performance and capital allocation and is well placed to
provide good returns going forward. For the year ended 31 March 2018, Infratil invested $325.9
million through its businesses and platforms. These investments provide the source of future
income and value growth.

Each of last year’s new investments, Canberra Data Centres, Longroad Energy and ANU Student
Accommodation, performed above expectations. Wellington Airport and Trustpower delivered
record results. Additional capital was provided to RetireAustralia to enable a doubling of its rate of
development, and Tilt Renewables commenced construction of a wind farm in Victoria and
contracted the electricity output.

As at 31 March 2018, Infratil net debt was $780 million and represented 31% of capital. Infratil
has undrawn bank facilities of $269 million.

Infratil has declared a final ordinary dividend of 10.75 cps, fully imputed, payable on 18 June
2018 to shareholders recorded as owners by the registry as at 5 June 2018, bringing the full year
dividend to 16.75 cps. Infratil’s capital structure and confidence in outlook are positive for
continued growth in dividends per share, with potential for a higher dividend as Longroad
development gains are realised. Based on current portfolio composition, the imputation credit
forecast supports ~9 to 10 cps fully imputed annually.

Infratil has provided normalised Underlying EBITDAF
1
guidance of $500 – $540 million for the
2019 financial year, compared to $488 million normalised Underlying EBITDAF for the 2018
financial year.


Contact:
Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com



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 its associates’ underlying profits (Canberra
Data Centres, Longroad Energy, RetireAustralia and ANU Student Accommodation). Underlying profit for RetireAustralia removes the impact of
unrealised fair value movements on investment properties and impairment of property, plant and equipment. A reconciliation from Net Parent
Surplus to Underlying EBITDAF is provided in Infratil’s Annual Report 2018.

---

Infratil
2018 Full Year Result
17 May 2018

Full Year Overview
New platforms gathering momentum while core businesses deliver strong results
InfratilFull Year results presentation 20182
•Strong performances from Trustpower, Wellington Airport and Canberra
Data Centres sees Underlying EBITDAF of $552.4 million, up $32.9 million
(6.3%) on the prior year of $519.5 million
•Significant capital expenditure as the group positions itself for earnings
growth
•Proprietary platforms now in place and are a critical indicator of future
success
-New renewables and data infrastructure platforms firmly established
and delivering
-Eldercare platform development pipeline repositioned to include care
apartments and an integrated continuum of care offering
-Core platforms likely to generate in excess of $1 billion of capital
deployment opportunities over the next three years
•Net Asset Value poised for strong growth with accretive returns
•$533 million of cash and undrawn bank facilities remain on hand
•Final dividend of 10.75cps, up 7.5% on the prior year
•Total shareholder return for the year was 13.2%

Financial Highlights
6.3% growth in Underlying EBITDAF drives a strong full year result
InfratilFull Year results presentation 20183
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 (and Metlifecare in the prior year). Underlying profit is a common performance measure used by retirementcompanies 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. A reconciliation of
Underlying EBITDAF is provided in Appendix I
Full Year ended 31 March ($Millions)20182017Variance% Change
Underlying EBITDAF
1
552.4519.532.96.3%
Underlying EBITDAF (continuing operations)
1
525.8 488.0 37.8 6.5%
Net Parent Surplus
60.5 66.1 (5.7)(8.5%)
Net Operating Cash Flow
295.8 245.0 50.8 20.7%
Capital Expenditure
292.8 198.7 94.140.7%
Investment
30.6529.3(498.7)(94.2%)
Earnings per share (cps)
10.8 11.8 (1.0)(8.5%)

Results Summary
Higher NPAT but lower net parent surplus from slightly lower consolidated revenues
InfratilFull Year results presentation 20184
•Operating revenue decreased 3.2% largely as a result of contract losses in
NZ Bus and lower wind volumes for Tilt’s New Zealand and Australian
assets, offset by higher generation revenue in Trustpower
•Operating expenses decreased 7.6% predominately due to a 17.5%
($66.2 million) reduction at Perth Energy as it reduced the size of its
Retail book
•Increase in depreciation and amortisation reflects growth in asset base and
impact of prior year revaluations
•Net interest decreased $9.4 million (5.8%) as a result of non-recurring
termination costs in the prior year and lower rates achieved in refinancings,
partially offset by a decline in the Group’s average cash balance
•Increased tax expense largely as a result of the impact of a release of
deferred tax in the prior year
•Discontinued operations relate to Trustpower’s disposal of Green State
Power on 29 March 2018
Final ordinary dividend of 10.75 cps fully imputed payable on 18 June 2018 to shareholders
recorded as owners by the registry as at 5 June 2018 (last year final ordinary of 10.0 cps).
The DRP remains suspended for this dividend.
31 March ($Millions)20182017
Operating revenue
1,730.1 1,786.5
Operating expenses
(1,280.5)(1,374.7)
Depreciation & amortisation
(193.8)(183.7)
Net interest
(153.5)(162.9)
Tax expense
(52.2)(15.7)
Revaluations
20.3 (27.1)
Discontinued operations
15.4 18.0
Net profit after tax
139.2 130.4
Minority earnings
(78.7)(64.3)
Net parent surplus
60.5 66.1

Underlying EBITDAF
Strong Underlying EBITDAF from core portfolio as new platforms gain momentum
InfratilFull Year results presentation 20185
•Trustpowerdelivers strong result from both Generation and Retail
activities
•For Tilt Renewables Australian and particularly New Zealand wind
conditions were below long-term expectations and materially below
the prior year
•Increased passenger numbers and commercial revenue for Wellington
Airportresulted in continued strong performance
•NZ Bus reflects the loss of South Auckland services and reorganisation
and re-contracting expenses, partially offset by production efficiencies
•Canberra Data Centres reflects a full year contribution and valuation
uplift in its data centres
•Perth Energy Retail performance significantly improved in the second
half of the year, with support from its generation to hedge against high
balancing prices
•Industry headwinds for RetireAustralia, combined with lower unit price
increases and higher care-related expenditure, impact performance
•Longroad Energy loss reflects a full year of development expenditure
together with interest costs and depreciation from the acquisition of
operating assets during the year
Underlying EBITDAF ($Millions)20182017
Trustpower243.1203.0
Tilt Renewables112.3131.7
Wellington Airport95.490.5
NZ Bus33.443.7
Perth Energy(5.8)(14.1)
Canberra Data Centres56.110.6
Metlifecare-14.9
RetireAustralia18.331.4
ANU Student Accommodation14.47.0
Longroad Energy(13.8)(2.9)
Corporate and Other(27.6)(27.8)
Continuing operations525.8488.0
Discontinued operations26.631.5
Total552.4519.5

Group Capital Expenditure and Investment
Reinvestment opportunities continue to provide compelling investment returns
InfratilFull Year results presentation 20186
•Tilt Renewables construction of Salt Creek wind farm well
underway, with expected commercial operation date in July
2018
•Wellington Airport land transport hub, onsite Rydges Airport
Hotel and taxiway resurfacing result in significant capital
deployment
•NZ Bus fleet investment, including 14 double decker buses for
West Auckland and deposits on a further 63 double decker
buses
•RetireAustraliaspend represents 50% share of acquisition of
Sydney site and reflects shift in focus to urban villages and care
apartments
•Canberra Data Centres represents 48% share of spend on the
Fyshwick2 facility (a 21MW data centre)
•Longroad Energy capital provided to acquire wind and solar
operating assets and the funding of early stage development
activities
($Millions)
20182017
Trustpower27.926.7
Tilt Renewables90.56.3
Wellington Airport85.179.3
NZ Bus19.116.2
Canberra Data Centres22.0-
RetireAustralia35.937.8
Other14.832.4
Capital Expenditure295.3198.7
Canberra Data Centres-411.5
ANU Student Accommodation-84.8
LongroadEnergy30.633.2
Investment30.6529.5
Total325.9728.2

InfratilFull Year results presentation 20187
•Cash position of $263.9 million and wholly owned subsidiaries bank facilities drawn of $42.1 million as at 31 March 2018
•Senior debt facilities have maturities up to 4.5 years and 4 years (for bus finance export credit facility)
•$111.4 million of Infrastructure Bonds maturing in November 2018
•Infratil continues to target duration of its borrowings consistent with the profile of its assets and long-term ownership
Maturitiesin period to 31 March ($Millions)Total2019202020212022>4yrs>10 yrs
Bonds
1,001.5 111.4 149.0 -93.9 415.3 231.9
Infratilbank facilities
1
269.0 71.0 33.0 85.0 30.0 50.0 -
100% subsidiariesbank facilities
2
42.1 12.7 12.7 10.4 6.3 --
1
Infratil and wholly-owned subsidiaries exclude Trustpower, Tilt, WIAL, Perth Energy, CDC, RetireAustralia, ANU and Longroad
2
NZ Bus export credit guarantee fleet procurement facility
Debt Capacity & Facilities
Duration & debt capacity remains consistent with long-term ownership of assets

Funds Available for Investment
Confidence remains that deployment opportunities continue to outweigh available capital
InfratilFull Year results presentation 20188
31 March ($Millions)201320142015201620172018
Net bank debt (cash on hand)36472(228)(661)(92)(222)
Infratilinfrastructure bonds667754754724773770
Infratilperpetual bonds
235 235 235 233 232 232
Market value of equity1,3821,2691,7861,8441,6291,734
Total capital2,6582,3302,5472,1402,5422,514
Gearing (net debt/total capital)48% 46% 30% 14%36%31%
Gearing (net debtexcl. PiiBs/total capital)
39% 36% 21% 3% 27% 22%
Infratil undrawn bank facilities354624276276246269
100% subsidiaries cash5450309729147264
Proceeds from Metlifecare
(1)
----238-
Funds Available4086745851,005631533
1
Metlifecareholding sold on 11 April 2017

Distributions
Growth in dividend per share maintained and supported by operating cashflows
InfratilFull Year results presentation 20189
FINAL ORDINARY DIVIDEND
Final ordinary dividend of 10.75 cps, fully
imputed, payable on 18 June 2018 to
shareholders recorded as owners by the registry
as at 5 June 2018 (last year final ordinary of
10.0 cps)
The DRP remains suspended for this dividend
0
5
10
15
20
25
30
35
2012201320142015201620172018
Dividend per share profile FY 2012-2018
InterimFinalSpecial
Ordinary
DIVIDEND OUTLOOK
Capital structure and confidence in outlook are
positive for continued growth in dividends per
share, with potential for higher dividend as
Longroad development gains are realised
Imputation credit forecast supports ~9 to 10 cps
fully imputed annually

Book ValueComparable
Trustpower
794 1,139
Tilt Renewables
309 389
Wellington Airport
386 792
NZ Bus
155 181
Perth Energy
63 63
Canberra Data Centres
453 512
RetireAustralia
319 350
ANU PBSA
96 96
Longroad Energy
16 16
Other
9292
Total
2,683 3,630
Net wholly owned debt
(780)(780)
Corporate costs
(214)(214)
Net Equity Value
1,688 2,636
NAV per share
$4.71
Asset Values
Comparable valuation metrics highlight underlying value of the portfolio
InfratilFull Year results presentation 201810
1x NTA (comparable: MetlifecareNTA x 0.8 and SUM NTA x 2.1)
19x Multiple of current run rate EBITDA (comparable: NextDC19-23x)
Total Tangible Assets as at 31 March reflecting ongoing strategic review
16x Multiple of forecast FY19 EBITDA (comparable: Auckland Airport > 20x)
Market ($2.03) + 20% control premium
Market ($5.94) + 20% control premium
ASIP, Infratil Infrastructure Properties and Envision
Broker consensus

Trustpower
Substantial lift in earnings from both retail and generation
InfratilFull Year results presentation 201811
Financial
•EBITDAF from continuing operations of $243.1 million was $40.1 million (19.8%) above the
prior year. EBITDAF for total operations including Australia was $269.7 million
•Trustpower’s diverse and flexible fleet of generation assets, together with sound operating
decisions, allowed it to capitalise on above average prices and deliver a strong result
•Increased Retail EBITDAF of $60 million up $15 million (33%) from the prior year, indicating
that the investment in providing bundled offers is paying off
Customers
•Overall customer growth (3% increase in total utility accounts on prior year) was modest,
however bundled customer numbers increased, leading to improved margins
•Total accounts with two or more products up 11% to 100,000 accounts
Generation
•Generation revenue of $246.6 million was 15% up on the prior year
•New Zealand generation production of 2,235GWh, up 11% from the prior year due to
favourable hydrological conditions
•Sale of Australian operations for A$168 million, a substantial increase from the 2014
purchase price of A$72 million

Tilt Renewables
Results clouded by low wind volumes while sun shines on development pipeline
InfratilFull Year results presentation 201812
Financial
•EBITDAF of A$103.8 million was A$20.3 million (16.4%) below the prior year of A$124.1 million
•Revenue of A$158.0 million was A$15.5 million (9%) below the prior year, primarily due to
lower NZ production
•New Zealand production 15% belowlong-term expectations (worse than 1-in-10 wind year)
•Lower generation costs due to savings on production-linked maintenance and landholder
contracts,and increased maintenance capitalisation for component replacements
Construction and development
•Construction remains on schedule at Salt Creek Wind Farm (July 18 Completion Date)
•Dundonnell Wind Farm bid into the Victorian Renewable Energy Auction Scheme, potentially
enabling a 50% increase in Tilt Renewables’ asset base
•The development pipeline has been expanded to 3,500MW and several projects have
progressed toward execution, with planning approvals attained for:
-465MW of solar projects in Queensland and South Australia
-130MW Waverley Wind Farm in New Zealand’s North Island
-300MW Rye Park Wind Farm in New South Wales
•The pipeline has been broadened to include firming/storage technologies that assist flexibility
and value to the portfolio, with options including battery and pumped hydro energy storage
systems
Salt Creek Wind Farm, Victoria

InfratilFull Year results presentation 201813
LongroadEnergy
Expanded development of renewables in the U.S.
Longroad today
•Business model and strategy focussed on development, ownership of operating assets and a
scaled services business
•Secured Production Tax Credit qualified wind turbines which can be deployed into ~600MW of
new developments or the repowering of existing sites by the end of CY20
•Total operating portfolio now 684MW. Longroad Services now providing operating and
maintenance services to a further 1,236MW of third party owned operating assets
Development business on track
•First wave of projects (Phoebe 315MW solar and RioBravo 238MW wind) are close to reaching
financial close and provide material investment optionality
•Realised development gains may result in IFT special dividend or higher ordinary dividend
U.S. Market presents a mixture of headwinds and tailwinds
•U.S. decision to impose tariffs on imported solar cells and panels was anticipated -Longroad
secured 880MW of exempt panels from First Solar, insulating it from the immediate effect of the
tariff changes
•Continuing decline in the cost of wind and solar developments, while coal fired assets are being
retired and demand from corporates, municipalities and utilities for clean energy sources
increases
Milford Wind, Utah

InfratilFull Year results presentation 201814
Financial
•Delivering a contracted EBITDAF run rate of A$69 million as at 31 March
•Forecasting 20% year-on-year EBITDAF run rate growth in FY19 from a pipeline
of diverse opportunities with new and existing clients
Growth and Development
•Strategic relationship with Microsoft –opening up CDC’s addressable market
to include more National Critical Infrastructure sectors
•CDC now has 4 out of the 5 certified “protected” cloud providers as clients in
its ecosystem
•Whole of portfolio weighted average lease expiry (WALE) of 4.2 years, and
10.9 years with options, providing confidence in forward outlook
•FY19 forecast capital expenditure of A$100 million; completing Fyshwick 2 and
commencing construction of Hume 4
Valuation
•Listed comparablesand recent transactions suggest an enterprise value of
19-23x forecast EBITDAF, implying a value of ~A$540 million for Infratil’s
investment
Canberra Data Centres
EBITDAF run rate growth delivered while capacity additions and development continues
Hume 3, Canberra

InfratilFull Year results presentation 201815
Financial
•EBITDAF of $95.4 million, 5.4% growth on last year
•Over 6 million passengers with +3.0% or 180,000 increase on last year
•Retail and trading activities revenue +8.7% on prior year from increased passenger numbers,
introduction of new services including Uber, Valet partnership with Air NZ and retail growth
Growth & Development
•Ground transport hub nears completion whilst the onsite Rydges Airport Hotel development
and Taxiway resurfacing remain on track
•Well positioned for international traffic growth and with significant future capital spend
planned ($250 million over the next five years), revenue and EBITDAF growth expected to
continue
•Wellington City Council-Wellington Airport project to extend the runway progressing:
-December 2017 Supreme Court decision provided welcome clarification around how
Civil Aviation Authority (CAA) should apply Runway End Safety Area (RESA) rules
-Reapplication to the CAA on RESA length using Supreme Court’s guidance (CAA
decision expected Sept 2018)
-Environment Court resource consent on hold to allow time for CAA decision
Wellington Airport
Strong earnings growth while significant capital projects near completion

InfratilFull Year results presentation 201816
Financial
•Revenue down 4.0%, largely due to the end of South Auckland services
•Expenses up 0.6% reflecting the end of South Auckland services and a continued focus on
productivity, offset by one-off reorganisation costs
•FY18 EBITDA normalised for one-off reorganisation and re-contracting costs is $38.2 million
Contracting market and forecast update
•Geographically diversified revenues secured, with 20 Auckland units, 5 Wellington units,
2 Tauranga/BOP units and Wellington Airport Flyer (exempt service)
•Long-term contracts with average contract lives of 8.3 years for Auckland, 10.8 years for
Wellington and 9 years for Tauranga
•Well invested with relatively young fleet of approximately 710 contracted buses, and a network
of 13 depots (8 Auckland, 3 Wellington, 2 Tauranga)
•Strong organic growth expected, particularly in the Auckland market, and opportunities for
further industry consolidation
•Normalised EBITDA for FY19 (transition year of PTOM contracts) of $36-$38 million
Capital expenditure outlook
•Fleet investment of $65-70 million over the next 12 months in line with PTOM contractual
requirements, returning to ~$5-10 million per annum stay-in-business capex thereafter
NZ Bus
Long-term scale and stability secured for Auckland, Wellington and Tauranga

InfratilFull Year results presentation 201817
RetireAustralia
Industry headwinds sees lower rate of resales, long-term demographic tailwinds remain
Financial
•Underlying profit A$34.5 million, a decrease from A$59.1 million in FY17 with key drivers:
-Resales cashflow down from A$36.4 million to A$31.1 million, consistent with lower
resale volumes across the sector as a result of current industry headwinds
-Lower development margin in FY18 (A$8.3 million vs A$14.9 million) due to a lower
volume of new units sold (51 vs 105), partially offset by a higher average sale price
($621.6k vs $571.5k)
•Despite current industry headwinds, the rapidly ageing population, combined with new Federal
Government policy towards the delivery of care, create a significant market opportunity for
high quality retirement living, with a built-in continuum of care
•Average entry age of new residents has increased to 79.0 years (FY17: 77.9)
Development
•2 urban villages currently under construction
•260 new dwellings in the planning phase, bringing the total development pipeline to 1,100
Care
•Transitioning existing portfolio of more than 400 serviced apartments to care apartments
•Staged rollout of home care business model commenced, with home care accessible to more
than 1,500 residents

InfratilFull Year results presentation 201818
Financial
•FY18 EBITDAF loss A$5.3 million, A$8.0 million improvement on FY17
•FY19 forecast includes a positive contribution from both Retail and Generation
Retail
•Perth Energy’s Retail business has made significant progress in stemming losses
as unprofitable legacy customer contracts are replaced with new arrangements
based on prevailing wholesale prices
•Medium term wholesale supply arrangements currently being negotiated
•Perth Energy’s generation asset has been run effectively to hedge the Retail
portfolio against high balancing prices
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 which continues to play an
important role in supporting the deployment of intermittent renewables
Perth Energy
Back on course to play an important part in the Western Australia energy market
KwinanaSwift Power Plant, Perth

Core assets and new platforms combine to enable sustained earnings growth
InfratilFull Year results presentation 201819
Normalised 2018 Underlying EBITDAF 2018
$M
2018 Underlying EBITDAF
552
Normalisations:
Trustpoweraverage hydrology and pricing
(25)
Sale of Green State Power
(27)
Tilt Renewables average wind volumes
8
Canberra Data Centres revaluation
(25)
NZ Bus reorganisationcosts
5
Normalised 2018 Underlying EBITDAF
488
2018/2019 Outlook
2019 Guidance2018
Actual
$M
2019
Outlook
$M
Normalised Underlying EBITDAF
488500-540
Operatingcashflow
295210-250
Netinterest
153155-165
Depreciation& amortisation
194200-210
Capital expenditure
326415-455
2019 Guidance reflects
•Long run average weather conditions and house price inflation
•TrustpowerFY19 EBITDAF guidance of $205-$225 million
•Tilt FY19 EBITDAF guidance of A$120-A$127 million
•WIAL FY19 EBITDAF guidance of $100 million
•Completion of one Longroad project
•CDC 20% year-on-year EBITDAF run rate growth (excl. revaluation)
•Positive contribution from both Perth Energy Retail and Generation

Group Capital Expenditure and Investment
Reinvestment opportunities continue to provide compelling investment returns
InfratilFull Year results presentation 201820
2019 Guidance reflects
•Trustpower-generation capex in addition to its operational and
maintenance programme
•Tilt -completion of construction of the Salt Creek Wind Farm
but excludes the development of 360MW Dundonnell Wind
Farm
•Wellington Airport -completion of the land-transport hub and
onsite hotel and the internal optimisation of the main terminal
building
•NZ Bus capex -purchase of ~70 double decker buses and other
fleet costs
•CDC -growth capex (construction of new data centres),
expansion capex (PODs, chillers and generators) and
maintenance capex
•RetireAustralia-primarily relates to construction of new
dwellings
•Longroad capex represents Infratil’s capital contribution to a
single development project
($Millions)
20182019 Outlook
Trustpower2840-45
Tilt Renewables9125-30
Wellington Airport8590-95
NZ Bus1965-70
RetireAustralia3665-70
Canberra Data Centres2250-55
Longroad 3155-60
Other 1525-30
Total327415-455

FY19 plan -harvesting options and tightening the portfolio
Several catalysts for re-rating as options are exercised and pipeline converts into cash
InfratilFull Year results presentation 201821
Extract the value from our platforms:
•We are well progressed in the multi-year re-positioning of the Infratilportfolio
following several material divestments
•While at different levels of maturity, the renewables, data and retirement platforms
are all converting previously undervalued pipelines into strong development gains
•Expecting the first set of greenfield development outcomes from the Longroad
platform in the near term
•Valuation discounts likely to narrow as key platforms achieve independent scale
Tightening the portfolio and reducing complexity:
•Prioritisediscretionary capital for existing platforms
•Review long-term position of certain assets in the portfolio and close out several
options –e.g. NZ Bus strategic review and Australian PPP’s (ASIP)
•Core cash generating assets continue to perform an important role in the portfolio
•Ongoing performance management and capital management, including share
buybacks

For more information
www.Infratil.com
InfratilFull Year results presentation 201822

Results Summary
Appendix I –Reconciliation of NPAT to Underlying EBITDAF
InfratilFull Year results presentation 201823
•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’sshare of
RetireAustraliaand Metlifecareunderlying profits
•Underlying profit for RetireAustraliaand 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 Metlifecarewas sold on 7 April
2017 but has no impact on the current period result
31 March ($Millions)20182017
Net profit after tax139.2 130.4
less: share of MET & RA associate earnings(18.3)(46.3)
plus: share of MET & RA underlying earnings(4.5)82.5
Trustpowerdemerger costs-16.7
CDC transaction costs -5.6
Net loss/(gain) on foreign exchange and derivatives(7.4)(29.0)
Net realisations, revaluations and (impairments)(12.5)55.2
Discontinued operations11.0 14.5
Underlying earnings153.0 157.1
Depreciation and amortisation193.8 183.7
Net interest153.4 162.9
Tax52.2 15.7
Underlying EBITDAF552.4 519.4