Infratil Guidance Update FY2019

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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.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663, www.infratil.com
28 September 2018


Infratil Guidance Update FY2019

Infratil advises that its Underlying EBITDAF
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guidance for the year to 31 March 2019 has now been revised
from $500 to $540 million to $540 to $580 million.

FY2019 Guidance Guidance as at 24
th
August
2018 ($ Million)
Guidance as at 28
th

September 2018 ($ Million)
Underlying EBITDAF
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500 – 540 540 – 580
Operating cashflow 210 – 250 245 – 285
Net interest 155 – 165 155 – 165
Depreciation and
amortisation
200 – 210 200 – 210
Capital expenditure 415 – 455 415 – 455

The revision to the FY2019 guidance follows confirmation of the forecast contribution from Longroad
Energy Holdings (LEH). As announced by Infratil on 20 July 2018, LEH sold its 250MWac Phoebe solar
generation project in Winkler county Texas to Canadian investor Innergex Renewable Energy. Since that
date, Infratil has been working with LEH to finalise the net development gains and accounting profit from
the project sale, while also updating LEH’s forecast net surplus after tax for the remainder of the financial
year. These items together have favourably impacted our forecast contribution from LEH to the
consolidated result by $34 million.
In setting its revised Underlying EBITDAF
1
guidance, Infratil notes the following key assumptions which
remain unchanged:
• Wellington International Airport FY19 EBITDAF
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guidance of $100 million
• Canberra Data Centres 20% year-on-year EBITDAF
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run rate growth (excluding revaluations)
• Long run average weather conditions and house price inflation for the remainder of the financial
year
• Capital expenditure guidance does not include capital required for the current takeover offer for Tilt
Renewables or Infratil’s expected contribution to the Tilt Renewables Dundonnell wind project.

Any enquiries should be directed to:
Phillippa Harford, Chief Financial Officer, Infratil Limited, Phillippa.harford@infratil.com