Infratil Half Year Results to 30 September 2018

Half Year Results12 November 2018IFTUtilities

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Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
13 November 2018
Infratil Half Year Results to 30 September 2018

Material progress from new platforms and sustained performance at the core
Net parent surplus from continuing operations for the period was $58.5 million compared with $39.7
million for the same period last year (+47.4%).
Consolidated underlying EBITDAF from continuing operations
1
was $338.8 million (+$54.5 million from
the same period last year).
The growth businesses which have been added over recent years, Canberra Data Centres, Longroad
Energy, Tilt Renewables and RetireAustralia, jointly contributed $158.8 million to EBITDAF, up from
$80.5 million for the same period last year.
Infratil has lifted its FY2019 EBITDAF guidance to $580 - $620 million, up from $525.8 million last year.
Net debt of Infratil and wholly owned subsidiaries as at 30 September 2018 was $916.4 million, up from
$779.7 million as at 31 March 2018.
• $111.4 million of 6.85% p.a. Infrastructure Bonds mature on 15 November 2018 which Infratil has
pre-funded through the issue of a total of $246.1 million of 4.75% p.a. and 4.85% p.a. coupon bonds
that mature in 2025 and 2028 respectively.
• On 30 September 2018 Infratil had $319 million of undrawn bank facilities.
Over the period, $302 million was invested: $188 million into Infratil’s energy businesses, $58 million
into transport, $21 million as Infratil’s share of Canberra Data Centre’s investment into its new data
centre, and $35 million through Infratil’s social infrastructure businesses and other investments. The
investment now occurring will underpin Infratil’s future earnings and value growth.
The interim dividend for FY2019 is 6.25 cps plus 1.5 cps of imputation credits. In calendar year 2018,
total cash dividends will amount to 17 cps with 5.68 cps of imputation credits. Infratil’s forecast of its
operating cash flows indicate a likelihood of continuing cash dividend increases, albeit imputation credits
will be constrained by the rising share of income coming from businesses in Australia and the USA.
Infratil’s earlier stage businesses are providing good earnings contributions and investment
opportunities. The core mature businesses (Trustpower and Wellington Airport) continue to provide
high-quality cash earnings. Work is underway at several of the other businesses to determine their long-
term role in the Infratil portfolio. Overall, Infratil is well resourced and well positioned to progress its
growth initiatives and to continue to deliver value and earning gains for its shareholders.

Marko Bogoievski
Chief Executive

Further information is available on www.infratil.com, or contact Phillippa Harford on 04 473 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 for Infratil’s subsidiaries represents consolidated net earnings before
interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and non-operating gains or losses on
the sales of investments. Underlying EBITDAF for Infratil’s associates (Canberra Data Centres, Longroad Energy, and ANU
Student Accommodation) includes Infratil’s share of its associates’ net profit after tax, other than for RetireAustralia where
underlying profit is used when presenting the Group’s Underlying EBITDAF. 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

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

NZX Appendix 1 Disclosures

Results for announcement to the market

Reporting Entity Infratil Limited
Reporting Period Six months to 30 September 2018
Previous Reporting Period Six months to 30 September 2017

Results
Six months to
30 September 2018 ($Millions)
Percentage change
Revenues from ordinary activities 982.0 +6.0%
Profit (loss) from ordinary
activities after tax
attributable to security holders
58.5 +42.0%
Net profit (loss) attributable to
security holders
58.5 +47.4%

Amount per security
(cents per share)
Imputed amount per security
(cents per share)
Interim Dividend 6.25 1.50
Record date 27 November 2018
Payment date 14 December 2018

30 September 2018
($ per share)
30 September 2017
($ per share)
Net tangible assets per share 3.03 3.15

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 2018 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
13 November 2018

Half Year Overview
Material progress from new platforms and sustained performance at the core
Infratil Interim results presentation 20192
•Underlying EBITDAF of $338.8 million, up $54.5 million (+19.2%) from the comparative
half year of $284.3 million
•
Operating cash flow of $142.7 million, up $11.9 million (+9.1%) from the comparative half
year
•Material progress in new platforms and sustained operating performance from core
assets:
•Trustpower’s performance reflects a solid retail business and sound management of
the generation portfolio
•Strong market growth and quality infrastructure sustain high levels of demand for
Canberra Data Centres
•Significant contribution from Longroad affirms development of a U.S. renewables
platform
•Key milestones achieved by Tilt Renewables to convert development pipeline into
tangible projects with material revenue flows
•Partially imputed interim dividend of 6.25cps, up 4.2% on the prior year interim dividend
•FY19 Underlying EBITDAF guidance range increased to $580-$620 million (up from $540-
$580 million)

Financial Highlights
Underlying EBITDAF growth continues its momentum
Infratil Interim results presentation 20193
1
Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show management’s view of the underlying business performance. Underlying EBITDAF for Infratil’s subsidiaries
represents consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and non-operating gains or losses on the sales of investments.
Underlying EBITDAF for Infratil’s associates (Canberra Data Centres, Longroad Energy, and ANU Student Accommodation) includesInfratil’s share of its associates’ net profit after tax, other than for
RetireAustralia where underlying profit is used when presenting the Group’s Underlying EBITDAF. Underlying profit is a commonperformance 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. A reconciliation of Underlying EBITDAF is provided in Appendix I
Half Year ended 30 September ($Millions)20182017Variance% Change
Underlying EBITDAF (continuing operations)
1
338.8284.3 54.5 19.2%
Net Parent Surplus
58.5 39.7 18.847.4%
Net Operating Cash Flow
142.7 130.8 11.9 9.1%
Capital Expenditure
166.4 139.0 27.419.7%
Investment
135.222.0113.2514.5%
Earnings per share (cps)
10.5 7.1 3.447.6%
Dividend per share (cps)
6.256.000.254.2%

Results Summary
Strong operating result with positive contributions from core and growth businesses
Infratil Interim results presentation 20194
•Operating revenue increased with continued strength in the
core businesses and strong development gains from
Longroad
•Increase in depreciation and amortisationreflects growth in
asset base
•Decrease in net interest costs primarily reflects the
reduction in net bank debt following the sale of Green State
Power by Trustpower
•Discontinued operations in the prior period relate to
Trustpower’sdisposal of Green State Power on 29 March
2018
Half Year ended 30 September
($Millions)
20182017
Operating revenue
982.0 926.3
Operating expenses
(658.5)(646.2)
Depreciation & amortisation
(99.7)(93.4)
Net interest
(73.3)(78.9)
Tax expense
(55.3)(39.5)
Revaluations
10.9 26.5
Discontinued operations
-2.9
Net profit after tax
106.1 97.7
Minority earnings
(47.6)(58.0)
Net parent surplus
58.5 39.7

Underlying EBITDAF
Growth businesses have delivered strong gains in the half year
Infratil Interim results presentation 20195
•Trustpowerresult is above expectation; however short of last year’s
exceptional combination of high generation volumes and wholesale
prices
•Tiltcontribution benefitted from above long-term average wind
conditions across its entire portfolio as well as the commissioning of its
Salt Creek windfarm
•Continued strong growth in passenger numbers at Wellington Airport
•NZ Bus reflects the rescaling of the business in the new contract
environment and one-off reorganisation and re-contracting costs
•Perth Energy retail performance strengthened through improved
contracting positions and A$16.1 million gain from reversal of Large-
Scale Generation Certificate costs(A$12.3 million relating to prior
periods)
•Canberra Data Centres delivers year-on-year earnings growth and a
$18.2 million valuation uplift as further customer contracts are secured
(the prior period included a +A$9.7 million depreciation adjustment)
•Industry wide headwinds continue to impact RetireAustralia’sresults
•Longroad primarily reflects the gain on the sale of the 250MWac
Phoebe solar generation project in Winkler county Texas
Half Year ended 30 September
($Millions)
20182017
Trustpower
129.7 152.1
Tilt Renewables
72.5 52.8
Wellington Airport
49.6 47.3
NZ Bus13.2 17.9
Perth Energy25.2 (6.2)
Canberra Data Centres30.2 18.9
RetireAustralia5.0 14.7
ANU Student Accommodation5.5 5.9
Longroad Energy51.1 (5.9)
Corporate
1
and Other
(43.2)(13.2)
Continuing operations
338.8 284.3
1
CorporateCosts include a $29.4 million accrual for performance fees payable to the Manager under the International
Portfolio mandate. Theperformance fee has been accrued in relation to the Group’s investments in ANU, Canberra
Data Centres, Longroad Energy and Tilt Renewables. The fee is based on 20% of the collective net after-tax returns to
Infratil above 12% p.a. in the period from acquisition until 31 March 2019. The final calculation will be based on
independent valuations which will be undertaken as at 31 March 2019

Group Capital Expenditure and Investment
Substantial investment across the portfolio forecast to continue
Infratil Interim results presentation 20196
•Tilt Renewables completion of Salt Creek windfarm alongside
progression of Dundonnell windfarm (‘DDWF’) to financial close
•Wellington Airport multi-level transport hub completed and the
RydgesHotel also nearing completion
•NZ Bus fleet investment, including deposits on 54 double decker
buses for Auckland and 17 for Wellington
•Canberra Data Centres represents 48% share of spend on the
Fyshwick 2 facility (a 21MW data centre)
•Longroad Energy US$45 million investment for the construction of
the 238MW Rio Bravo wind project in Texas
•ANU Student Accommodation additional A$8.1million investment
to acquire the concession for additional Union Court student
accommodation
Half Year ended 30 September
($Millions)
20182017
Trustpower
11.4 15.9
Tilt Renewables
50.6 21.1
Wellington Airport
44.8 40.3
NZ Bus12.7 11.4
Canberra Data Centres20.7 5.3
RetireAustralia15.9 20.6
Other10.3 2.3
Capital Expenditure166.4 117.0
Tilt Renewables55.0 -
ANU Student Accommodation
9.1 -
Longroad Energy
71.1 22.0
Investment
1
135.2 22.0
Total301.7 139.0
Tilt equity interests acquired as at 30 September under the takeover offer
1
Investment in subsidiaries and associates t
1

Tilt Renewables
Infratiland Mercury full takeover offer
Infratil interim results presentation 20197
•On 2 September 2018,Infratiland Mercury jointly made a full takeover offer for Tilt Renewables.
At that date Infratiland Mercury already held or controlled 51.04% and 19.99% of the Tilt shares
respectively
•As at 9 November the Infratil/Mercury had received acceptances relating to 41,176,233 shares
taking the Infratil/Mercury’s ownership in Tilt as at that date to 84.19% (Infratilshare 64.20%)
•Infratil considers the offer price of NZ$2.30 to be fair and attractive compensation to
shareholders for the value of the existing operational assets and the future potential of Tilt’s
development pipeline. The price of NZ$2.30 for this offer is final and will not be increased
•All shareholders should be prepared to participate in the large upcoming equity raise or risk not
being fully compensated for any dilution in their shareholding
•Infratil considers that Tilt shareholders should not expect their shares to trade on the NZX in the
valuation range asserted by their independent directors in the near future. Should the offer not
reach the 90% compulsory acquisition threshold, Infratil also considers there is a significant risk
that the Tilt share price will trade below the offer price
•The offer has been extended to Tuesday 13 November 2018 at 11.59pm (unless further extended
in accordance with the Takeovers Code)
•In accordance with the relevant accounting standards, Infratil is required to recognise a $155.4
million liability for the full value of the balance of shares outstanding under the Takeover Offer,
which reduces equity by the same amount. The liability will cease to exist once the Takeover Offer
closes.

Infratil Interim results presentation 20198
•Cash position of $120.9 million and wholly owned subsidiaries’ bank facilities drawn of $35.7 million as at 30 September 2018
•Senior debt facilities extended with maturities up to 4 years
•Infratil’s IFT180 maturity ($111.4 million) has been pre-funded with the issue of two bonds maturing in 2024 (IFT260) and 2028 (IFT270)
•Infratil has accepted $100.0 million into the IFT260 series and $146.1 million into the IFT270 series, including IFT180 exchanges
Maturitiesin period to 31 March
1
($Millions)
Total20192020202120222023>5yrs10 yrs
Bonds
1,001.5111.4 149.0 -93.9 193.7 221.6 231.9
Infratilbank facilities
2
319.0 71.0 33.0 85.080.0 50.0 --
100% subsidiariesbank facilities
3
35.7 6.4 12.7 10.3 6.3 ---
1
Bond maturities include the issue of the IFT260 and IFT270 bonds
2
Infratil and wholly-owned subsidiaries exclude Trustpower, Tilt, WIAL, Perth Energy, CDC, RetireAustralia, ANU and Longroad
3
NZ Bus export credit guarantee fleet procurement facility
Debt Capacity & Facilities
Duration consistent with long-term ownership of assets

Moderate Gearing and Funds Available for Investment
Careful deployment of capital has maintained a significant balance for investment
Infratil Interim results presentation 20199
30 September ($Millions)20182017
Net bank debt (cash on hand)(85)(425)
Infratil Infrastructure bonds770851
Infratil Perpetual bonds
232 232
Market value of equity1,9941,747
Total capital2,9112,405
Gearing (net debt/total capital)31%29%
Infratil undrawn bank facilities319246
100% subsidiaries cash121425
Tilt acceptances between 1 October to 9 November(42)-
Funds Available398671
•Net bank debt as at 30 September 2018 was $85.2 million
•Since 30 September Infratil has:
•Accepted $246.1 million across two series of
Infrastructure bonds. The proceeds will in part be used
to repay the maturing IFT180 bond ($111.4 million) on
15 November
•Extended Senior debt facilities by $125 million
•Tilt Renewables expect to undertake an equity raising in early
2019 to fund the construction of the DDWF. Based on Infratil’s
current ownership levels, this would require investment from
Infratil of ~A$166 million
•Investment opportunities across the portfolio continue to
exceed current available capital

Distributions
Maintaining a sensible DPS and distribution strategy through investment cycles
Infratil Interim results presentation 201910
INTERIM DIVIDEND
•Interim dividend of 6.25 cps, with 1.5 cps of
imputation credits, payable on 14 December
2018 to shareholders recorded as owners by
the registry as at 27 November 2018
0
2
4
6
8
10
12
14
16
18
20
20122013201420152016201720182019
Ordinary dividend per share profile FY 2012-2019
InterimFinalForecast
TWO-YEAR DISTRIBUTION OUTLOOK
•Capital structure and confidence in outlook are
positive for continued growth in distributions
•Imputation credit forecast ~3.5 to 4.5cps
annually
•Potential for higher distribution (dividends or
buybacks) as Longroad development gains are
realised

Infratil Share Price and Shareholder Returns
Recognition of underlying investment performance reflected in the share price
Infratil Interim results presentation 201911
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
20082009201020112012201320142015201620172018
Infratil Share Price “IFT.NZX”
•Total shareholder return for the year to date (9 November) is
17.0%
•Range of near to mid-term catalysts are evident within the
portfolio which will drive earnings and capital growth,
including:
-Near term development opportunities and adjacent
activity at Longroad
-Significant customer and facilities growth at Canberra
Data Centres
-Tilt Renewables has approved DDWF to proceed to
financial close and is also progressing Waverley Wind
Farm towards an investment decision
-Potential sale of certain portfolio assets will reinforce
significant financial capacity for further investment

Infratil’s Absolute Return Target
A targeted nominal shareholder return of 11-15% per annum for the period to March 2028
Infratil Interim results presentation 201912
11% -15%
Per annum
Return to
Shareholders
Management
Cost
1% of assets
Per annum
Leverage
Assumption
Average Debt
Funding 30%at
6%p.a. interest
rate
Infratil
Portfolio
Core
Lower Risk
Core plus
Growth
More speculative
Expected
Returns
9 –12%
Per annum
11 –16%
Per annum
15 –25%
Per annum
11% -15%
Per annum
•The return target reflects observed market returns for risk categories consistent with Infratil’s mandated sectors, weighted to reflect
Infratil’s portfolio balance
•The return target is adjusted to take account of asset and portfolio leverage, and management cost assumptions
•It is anticipated that macro financial market conditions will tend to “even-out” and not play a material part in determining a rolling
ten-year return to Infratil’s shareholders

Book ValueComparable
Trustpower
816 1,091
Tilt Renewables
296 420
Wellington Airport
385 758
NZ Bus
170 170
Perth Energy
76 76
Canberra Data Centres
488 594
RetireAustralia
317 317
ANU PBSA
107 107
Longroad Energy
84 160
Other
9292
Total
2,811 3,785
Net wholly owned debt
(916)(916)
Corporate costs
(210)(210)
Net Equity Value
1,685 2,659
NAV per share
$4.75
Asset Values
Comparable valuation metrics highlight underlying value of the portfolio
Infratil Interim results presentation 201913
1x NTA (comparable: MetlifecareNTA x 0.8 and SUM NTA x 2.1)
20x Multiple of current run rate EBITDA (comparable: NextDC~30x)
Included at book value reflecting assets under Strategic Review
16x Multiple of forecast FY19 EBITDA (comparable: Auckland Airport > 20x)
$2.30: Tilt Takeover Offer Price
Market ($6.21) + 10% control premium
ASIP, Infratil Infrastructure Properties and Envision
Broker consensus
684 MW operating portfolio, development pipeline and Rio Bravo Investment

Trustpower
Focus on efficiency, automation and digital solutions is delivering results
Infratil Interim results presentation 201914
Financial
•EBITDAF of $129.6 million ahead of expectations, however down 15% on the exceptional prior year.
•The result reflects a solid retail business and sound management of Trustpower’s 27 generation
schemes across New Zealand
Customers
•Total utility accounts reached 399,000, up 2,000 from 31 March 2018, with telco customer numbers
reaching 91,000, up 11,000 or 14 per cent on the same time last year.
•80% of new customers are now purchasing more than one product from Trustpower
•Netflix has rated Trustpower the best performing network 10 months in a row
•47% of customer contacts are now serviced without human intervention, while staffed channels are
focussed on positively impacting churn through delivering high quality service
Generation & Market
•Generation volumes were up 70 GWh (6%) on long run averages, but 12 per cent below the strong
hydrological inflows from HY2018
•Changes in short term hydrology and thermal fuel availability are having a more direct impact on
wholesale pricing
•A credible case is now being made for significant increases in long term demand, however there
remains considerable uncertainty as to how this demand will be met
Trustpower’s new app gained second place in the
international Microsoft Global Partners awards for its
customer focused technology development

Tilt Renewables
Milestones achieved to convert development pipeline into material revenue flows
Infratil Interim results presentation 201915
Financial
•EBITDAF of A$66.9 million, up 36% on a relatively weak comparative period
•Strong financial performance was driven by wind conditions above long-term expectations across
the New Zealand and Australian portfolio, and the first contribution from Salt Creek
Construction and development
•A$560 million Dundonnell Wind Farm approved to proceed to financial close. Construction
planned to start in early 2019 to achieve full commercial operations by September 2020
•Support Agreement with Victorian State Government for approximately 37% of the output of
DDWF, as well as a 15-year offtake contract for a further 50% of the DDWF capacity
•Strategic relationship with Genesis Energy to progress the Waverley Wind Farm towards
investment decision in 1H CY19
Regulatory outlook
•The policy outlook for investment in Australian renewables remains uncertain given the political
climate including the future of the National Energy Guarantee
•The upcoming Australian Federal election in 2019 will be a key sign post regarding the proposed
response to climate change
•The detail and impact of New Zealand Government policy on climate change also remains
uncertain, however it is likely to increase decarbonisationefforts across the economy.

Infratil interim results presentation 201916
LongroadEnergy
Significant project realisation affirms the pursuit of the U.S. renewables platform
Longroad today
•Total operating portfolio of 684MW, managing construction of 488MW and a current development
pipeline of ~8GW
•Longroad Services providing operating and maintenance services to 1,236 MW including 552 MW
from third party owned operating assets
•Operating portfolio and services revenue now covering development spend
Value of greenfield development being realised
•Reached financial close on both the 250MWac Phoebe solar PV project and 238MW Rio Bravo wind
project in Texas, with Phoebe expected to be the largest operating solar farm in Texas
•Phoebe was sold at financial close while competitive long term options for Rio Bravo are also under
review. Both projects have secured long term revenue contracts
•Demand for quality contracted development projects remains highly competitive
Economics, corporates & states driving demand in spite of current Federal positioning
•Federal policy is pushing for support of coal and nuclear generation but wind and solar projects
continue to be cost competitive
•A number of states are pushing 50%+ renewables targets, with California striving for 100% by 2045
•Corporates and financial institutions continue to provide alternate revenue options and a strong
long-term outlook
Milford Wind, Utah

Infratil interim results presentation 201917
Financial
•On track for over 30% year-on-year growth in revenue and run rate EBITDAF, against 20%
growth rate originally forecast
•Current run rate EBITDAF of A$71 million, with contracted revenue secured for delivery in the
next 12 months leading to annualised EBITDAF of A$110-120 million by 2020 from
government, cloud and national critical infrastructure clients
•A$50 million revaluation of data centre assets to reflect new contracts entered during the
period. NZ$18.2 million after tax is included in the EBITDAF contribution to Infratil
Growth and Development
•Fyshwick 2 development is on track to open in late 2018 with more than 50% of available
space already contracted to existing or new clients
•Construction of Hume 4 development is underway and CDC has contracted ~5MW of
capacity in advance; underwriting the project’s investment case
•Whole of portfolio weighted average lease expiry (WALE) has extended to 4.6 years, and 13.1
years with options, providing confidence in forward outlook
Valuation
•Listed comparablesand recent transactions suggest an enterprise value of >30x EBITDA. At
20x the implied value of Infratil’s investment is ~A$550 million
Canberra Data Centres
Strong market tail winds and quality infrastructure have sustained high levels of demand
Fyshwick 2 development, Canberra

Infratil Interim results presentation 201918
Financial
•EBITDAF of $49.6 million, 4.8% growth on last year
•Over 3.1 million passengers in the 6 months, +4.7% or a 140,000 increase on last year
•Domestic passenger growth of 4.8% was driven by high demand across the domestic network,
while International passenger growth of 4.3% was largely from the Singapore service
Growth & Development
•Significant progress on developing new routes
•Airbus’ A350 aircraft was certified for operations at the Airport during the period and it is
envisaged that airlines will take advantage of this capability
•$47.5 million spent on developments including completion of the multi-level transport hub
and near completion of the RydgesHotel, which is due to open January 2019 and is already
experiencing high demand for key Wellington events
•Environment Court hearing for the runway extension consent application remains on hold
while the CAA reviews Wellington Airport’s safety area length requirements
•Airport management continue to make good progress achieving carbon-neutral operations
Wellington Airport
Passenger growth reflects increased demand across the network

Infratil Interim results presentation 201919
Financial
•HY18 EBITDA normalised for one-off reorganisation, re-contracting costs and lag of higher fuel costs
was $16.3 million
•Revenue down 10.9%, largely due to reduced scale in Wellington and other contract changes
•Expenses down 8.0% reflecting the reduced scale in Wellington, offset by one-off reorganisation
costs including redundancies paid to Wellington staff
Contracting market and forecast update
•Geographically diversified revenues secured through 20 Auckland units, 5 Wellington units, 2
Tauranga units and the Wellington Airport Flyer (exempt service), with an average tenure ~9 years
•Transition to new contracts in Auckland and Wellington now complete
•Transition plans are well underway for the remaining Tauranga contracts (December 18).
•Strong organic growth expected, with additional fleet contracted in Wellington to meet increased
demand, and also expected in Auckland to meet 2019 demand growth
•71 double deckers ($45m) have been ordered for the Auckland and Wellington contracts, which will
arrive in late 2018/early 2019
•Further fleet investment of $25-30 million over the next 12 months (excluding double deckers), to
meet PTOM contractual requirements, returning to ~$5-10 million per annum stay-in-business capex
•Strategicreview of the NZ Bus business continues and is expected to be completed in FY2019
NZ Bus
Long-term scale and stability secured for Auckland, Wellington and Tauranga

Infratil Interim results presentation 201920
RetireAustralia
Industry wide headwinds continue to impact results, sector thesis remains in-tact
Financial
•Underlying profit of A$9.1 million, down from A$27.3 million in the prior year (FY18: A$33.7
million)
•Lower development margin in HY19 with a lower volume of new units sold (9 vs 39), principally
from the timing of new unit deliveries
•Lower accrued DMF in HY19 (A$6.7 million vs A$17.9 million) driven by average unit price
increases of 4.5% in HY18 compared with a decrease of 1.2% in HY19 reflecting industry
headwinds and real estate market softening
Development
•70 Care Apartments at Glengaraunder construction –forecast completion September 2019
•Greenfield developments at Lutwyche (161 units) and Burleigh (177 units) development approval
received, construction to commence first half CY19
•HomeCarerollout continues through FY19 to the balance of the portfolio in NSW and South
Australia
Investment Thesis
•Fundamental view on the retirement sector remains unchanged as we navigate industry and
executional challenges

Infratil Interim results presentation 201921
Financial
•HY19 EBITDAF A$23.3 million, A$29.1 million improvement on HY18
•FY19 forecasting a continuing positive contribution from both Retail and Generation
Retail
•A$16.1 million cost savings from trueing up Perth Energy’s Large-Scale Generation Certificates
shortfall positions with lower priced Certificates, comprising A$3.8 million for FY19 and A$12.3
million for prior periods
•Retail business continues to improve with the majority of its current retail revenue contracts
based on prevailing wholesale prices
•Re-negotiation of medium term wholesale electricity supply arrangements completed and
effective from 1 September 2018
•Kwinana has been run effectively to hedge the retail portfolio against high balancing prices
Generation
•Kwinana continues to provide valuable peaking capacity to the market
•One of the few fast-start turbines in Western Australia which continues to play an important role
in supporting the deployment of intermittent renewables
Strategic Review
•Infratil has announced a strategic review of its investment in Perth Energy, which it expects to
conclude in the first half of CY19
Perth Energy
Playing an important part in the Western Australia energy market
Kwinana Power Plant, Perth

Infratil Interim results presentation 201922
Performance
•The portfolio of 4,184 beds is fully occupied for the 2018 academic year, with an additional 450
beds currently under construction and scheduled to open in Q1 2019
•Infratil contributed $9.1 million during the period to acquire 50% of the concession for the
additional 450 apartments which are being built by the University as a part of its Union Court
project.
•Existing unmet demand and significant growth in interstate and international students supports
the development of additional residences in the near term
Strategic Review
•The ANU portfolio is the standout portfolio in the on-campus Purpose Built Student
Accommodation (PBSA) sector in Australia, in terms of both scale and quality
•Infratil expected that the PBSA sector would provide a broader platform opportunity, with ANU as
its cornerstone investment, but those investment opportunities have not eventuated
•Infratil will engage with market participants over the coming months to consider proposals for its
investment, with a view to maximising value for all stakeholders
•It is expected that this process will be concluded within six months
Australia National University Student Accommodation
Evolving sector with attractive yield and development profile
Union Court development, ANU

2018/2019 Outlook
Underlying EBITDAF guidance range revised to to $580-$620 million
23
•Underlying EBITDAF guidance was revised upwards in
September to $540-$580 million following confirmation of the
forecast contribution from Longroad Energy’s Project Phoebe
•Updated guidance of $580-$620 million reflects current
trajectory and changes in the portfolio including:
•Trustpower FY19 EBITDAF guidance of $215-235 million
•Tilt FY19 EBITDAF guidance of A$134-138 million
•WIAL FY19 EBITDAF guidance of $100 million
•Canberra Data Centres 30% year-on-year EBITDAF run rate
growth and the year-to-date valuation uplift of NZ$18.2
million
•Long run average weather conditions and house price
inflation for the remainder of the financial year
•Capital expenditure and investment guidance includes $95
million relating to shares acquired under the Takeover Offer
for Tilt (as at 9 November), but excludes Infratil’s forecast
equity contribution to the Dundonnell Wind Farm project
Infratil Interim results presentation 2019
Outlook to 31 March ($Millions)
FY2018
Actual
FY2019
Outlook
Underlying EBITDAF
1
525.8 580-620
Operating Cashflow
295.8245-285
Net Interest
153.5155-165
Depreciation & Amortisation
193.8200-210
Capital Expenditure & Investment
325.9560-600
2019 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.
1
Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show management’s
view of the underlying business performance. Underlying EBITDAF for Infratil’s subsidiaries represents
consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative movements,
revaluations, and non-operating gains or losses on the sales of investments. Underlying EBITDAF for
Infratil’s associates (Canberra Data Centres, Longroad Energy, and ANU Student Accommodation)
includes Infratil’s share of its associates’ net profit after tax, other than for RetireAustralia where
underlying profit is used when presenting the Group’s Underlying EBITDAF. 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. A
reconciliation of Underlying EBITDAF is provided in Appendix I

Core assets and new platforms combine to sustain growth
Focused on converting the development pipelines and optimising the portfolio
Infratil Interim results presentation 201924
Prior platform development now delivering sustained growth and realised development gains
•We are focussed on establishing large-scale independent platforms targeting four sources of
growing demand: decarbonisation, aging populations, global mobility, and growth in data and
connectivity
•While at different levels of maturity, the various platforms are all converting previously undervalued
pipeline and investment expenditure into strong development and valuation gains:
-multiple near-term catalysts within connectivity (CDC) and US renewable (Longroad) platforms
-fundamental outlook for aged-care sector remains positive notwithstanding near-term
challenges and executional focus
Tightening the Infratil portfolio and reducing complexity
•Core cash generating assets continue to perform an important role in the portfolio
•Focus on priority platforms while maintaining diversification by geography, sector and risk profile
•Strategic reviews of NZ Bus, Perth Energy and ANU currently underway to assess their long-term
position in the portfolio:
-performance improvement and strengthening within NZ Bus and Perth Energy retail business is
providing confidence around strategic review options and outcomes
•Ongoing performance management and capital management, including share buybacks and
distributions

For more information
www.Infratil.com
Infratil Interim results presentation 201925

Results Summary
Appendix I –Reconciliation of NPAT to Underlying EBITDAF
Infratil Interim results presentation 201926
•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 profit
•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
•Underlying profit provides a better benchmark to
measure business performance for Retirement
companies
30 September ($Millions)20182017
Net profit after tax106.197.9
less: share of MET & RA associate earnings(11.3)(6.9)
plus: share of MET & RA underlying earnings3.611.0
Trustpowerdemerger costs-16.7
CDC transaction costs -5.6
Net loss/(gain) on foreign exchange and derivatives(12.0)(17.4)
Net realisations, revaluations and (impairments)1.1(8.8)
Discontinued operations-3.8
Underlying earnings110.5 79.5
Depreciation and amortisation99.7 93.4
Net interest73.3 78.9
Tax55.3 39.5
Underlying EBITDAF338.8 291.3

---

Notes
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
$Millions $Millions $Millions
Unaudited Unaudited* Audited*
Operating revenue904.1896.21,730.1
Dividends1.30.71.2
Total revenue905.4896.91,731.3
Share of earnings of associate companies776.629.452.2
Total income982.0926.31,783.5
Depreciation91.383.9173.5
Amortisation of intangibles8.49.517.0
Employee benefits104.3103.3213.8
Other operating expenses9554.2542.91,066.7
Total operating expenditure758.2739.61,471.0
223.8186.7312.5
Net gain/(loss) on foreign exchange and derivatives12.017.734.9
Net realisations, revaluations and (impairments)(1.1)8.812.5
Interest income3.86.111.6
Interest expense77.185.0165.1
Net financing expense73.378.9153.5
Net surplus before taxation161.4134.3206.4
Taxation expense1055.339.561.3
Net surplus for the period from continuing operations106.194.8145.1
Net surplus from discontinued operations after tax-2.915.4
Net surplus for the period106.197.7160.5
Net surplus attributable to owners of the Company58.539.771.4
Net surplus attributable to non-controlling interest47.658.089.1
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
(152.5)(11.2)36.8
Share of associates other comprehensive income
(12.3)-(3.6)
Fair value movements in relation to the executive share scheme
--(0.2)
Income tax effect of the above items
45.3-20.6
Items that may subsequently be reclassified to profit and loss:
Differences arising on translation of foreign operations
43.6(10.2)(40.6)
Realisations on disposal of subsidiary, reclassified to profit and loss
---
Net change in fair value of equity investments at FVOCI
(1.2)6.93.6
Ineffective portion of hedges taken to profit and loss
---
Effective portion of changes in fair value of cash flow hedges
7.6(0.4)3.2
Income tax effect of the above items
(1.4)0.3(1.5)
Total other comprehensive income after tax(70.9)(14.6)18.3
Total comprehensive income for the period35.283.1178.8
Total comprehensive income for the period attributable to owners of the Company30.029.867.7
Total comprehensive income for the period attributable to non-controlling interests5.252.1108.7
Earnings per share
Basic and diluted (cents per share)
10.57.112.7
* Certain amounts have been restated to reflect adjustments relating to note 2
The accompanying notes form part of these financial statements
Infratil Limited
Consolidated Statement of Comprehensive Income
For the 6 months ended 30 September 2018
Operating surplus before financing, derivatives, realisations and impairments
1 of 27

Notes
30 September
2018
30 September
2017
31 March
2018
$Millions $Millions$Millions
Unaudited Unaudited*Audited*
Cash and cash equivalents219.3586.8380.5
Trade and other accounts receivable and prepayments251.0242.3228.3
Derivative financial instruments5.12.82.9
Inventories5.93.54.2
Income tax receivable0.51.32.1
Land, buildings and investment properties held for sale-10.0-
Investments held for sale---
Current assets481.8846.7618.0
Trade and other accounts receivable and prepayments64.315.62.5
Property, plant and equipment4,614.84,800.14,722.9
Investment properties82.874.181.9
Derivative financial instruments119.7107.3107.2
Intangible assets38.352.243.4
Goodwill 117.4117.4117.4
Investments in associates7996.9863.5884.6
Other investments867.759.861.9
Non-current assets6,101.96,090.06,021.8
Total assets6,583.76,936.76,639.8
Accounts payable, accruals and other liabilities229.5218.5231.3
Liability in respect of Tilt Renewables takeover offer
15
155.4--
Interest bearing loans and borrowings
11
124.558.173.1
Derivative financial instruments18.529.427.6
Income tax payable19.914.323.6
Infrastructure bonds
12
111.481.1111.2
Trustpower bonds113.852.0-
Wellington International Airport bonds25.0--
Total current liabilities798.0453.4466.8
Interest bearing loans and borrowings
11
844.81,023.2855.6
Other liabilities39.26.35.3
Deferred tax liability492.5537.8511.0
Derivative financial instruments36.949.939.0
Infrastructure bonds
12
652.8762.4652.0
Perpetual Infratil Infrastructure bonds
12
231.3231.0231.2
Trustpower bonds209.0321.8322.3
Wellington International Airport bonds and senior notes402.8426.7421.6
Non-current liabilities2,909.33,359.13,038.0
Attributable to owners of the Company1,852.61,932.71,935.6
Non-controlling interest in subsidiaries1,023.81,191.51,199.4
Total equity2,876.43,124.23,135.0
Total equity and liabilities6,583.76,936.76,639.8
Net tangible assets per share ($ per share)
3.03 3.15 3.17
Approved on behalf of the Board on 12 November 2018
Director Director
* Certain amounts have been restated to reflect adjustments relating to note 2
The accompanying notes form part of these financial statements.
Consolidated Statement of Financial Position
Infratil Limited
As at 30 September 2018
2 of 27

Notes
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
$Millions $Millions $Millions
Cash flows from operating activities
Unaudited Unaudited Audited
Cash was provided from:
Receipts from customers
953.5868.61,764.4
Distributions received from associates
43.811.438.6
Other dividends
1.30.61.1
Interest received
3.86.311.6
1,002.4886.91,815.7
Cash was disbursed to:
Payments to suppliers and employees
(743.3)(628.8)(1,283.3)
Interest paid
(73.0)(82.3)(158.7)
Taxation paid
(43.4)(45.0)(77.9)
(859.7)(756.1)(1,519.9)
Net cash inflow from operating activities
14142.7130.8295.8
Cash flows from investing activities
Cash was provided from:
Proceeds from sale of associates
--176.7
Proceeds from sale of subsidiaries (net of cash sold)
--10.4
Proceeds from sale of property, plant and equipment
5.810.07.5
Proceeds from sale of investments
5.9237.9237.9
Return of security deposits
-0.713.2
11.7248.6445.7
Cash was disbursed to:
Purchase of investments
(76.2)(23.6)(76.7)
Lodgement of security deposits
(4.5)(0.2)(3.5)
Purchase of intangible assets
(3.6)(5.3)(10.0)
Interest capitalised on construction of fixed assets
---
Purchase of shares in subsidiaries
(55.0)--
Purchase of property, plant and equipment
(96.3)(81.1)(233.6)
(235.6)(110.2)(323.8)
Net cash inflow / (outflow) from investing activities
(223.9)138.4121.9
Cash flows from financing activities
Cash was provided from:
Proceeds from issue of shares
---
Proceeds from issue of shares to non-controlling Interests
---
Bank borrowings
198.4227.3240.7
Issue of bonds
-243.2243.2
198.4470.5483.9
Cash was disbursed to:
Repayment of bank debt
(174.3)(163.8)(318.7)
Loan establishment costs
(1.2)(0.1)(2.2)
Repayment of bonds/Perpetual Infratil Infrastructure bonds buyback
-(156.3)(289.4)
Infrastructure bond issue expenses
(0.1)(2.9)(3.0)
Share buyback
--(0.8)
Share buyback of non-wholly owned subsidiary
6.3(0.2)(19.4)
Dividends paid to non-controlling shareholders in subsidiary companies
(50.4)(43.6)(73.6)
Dividends paid to owners of the Company
(60.1)(56.0)(89.6)
(279.8)(422.9)(796.7)
Net cash inflow / (outflow) from financing activities
(81.4)47.6(312.8)
Net increase/ (decrease) in cash and cash equivalents
(162.6)316.8104.9
Foreign exchange gains / (losses) on cash and cash equivalents
1.41.26.8
Cash and cash equivalents at beginning of the period
380.5268.8268.8
Adjustment for cash acquired with new subsidiary
---
Cash and cash equivalents at end of the period
219.3586.8380.5
The accompanying notes form part of these financial statements.
Consolidated Statement of Cash Flows
For the 6 months ended 30 September 2018
Infratil Limited
3 of 27

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 2018
361.8798.2(42.4)(0.5)818.51,935.61,199.43,135.0
Adjustment on initial application of IFRS 15 (net of tax)----10.610.610.220.8
Adjusted balance as at 1 April 2018361.8798.2(42.4)(0.5)829.11,946.21,209.63,155.8
Total comprehensive income for the period
Net surplus for the period
----58.558.547.6106.1
Other comprehensive income, after tax
Differences arising on translation of foreign operations--45.1--45.1(0.8)44.3
Realisations on disposal of subsidiary, reclassified to profit and loss--------
Net change in fair value of equity investments at FVOCI---(1.2)-(1.2)-(1.2)
Ineffective portion of hedges taken to profit and loss--------
Effective portion of changes in fair value of cash flow hedges---2.5-2.53.05.5
Fair value movements in relation to the executive share scheme--------
Fair value change of property, plant & equipment recognised in equity -(62.6)---(62.6)(44.6)(107.2)
Share of associates other comprehensive income----(12.3)(12.3)-(12.3)
Total other comprehensive income-(62.6)45.11.3(12.3)(28.5)(42.4)(70.9)
Total comprehensive income for the period-(62.6)45.11.346.230.05.235.2
Contributions by and distributions to non-controlling interest
Issue/(acquisition) of shares held by outside equity interest---(63.5)-(63.5)(140.6)(204.1)
Total contributions by and distributions to non-controlling interest---(63.5)-(63.5)(140.6)(204.1)
Contributions by and distributions to owners
Share buyback--------
Dividends to equity holders----(60.1)(60.1)(50.4)(110.5)
Total contributions by and distributions to owners----(60.1)(60.1)(50.4)(110.5)
Balance as at 30 September 2018361.8735.62.7(62.7)815.21,852.61,023.82,876.4
The accompanying notes form part of these financial statements.
Consolidated Statement of Changes in Equity
For the 6 months ended 30 September 2018
Attributable to equity holders of the Company - Unaudited
Infratil Limited
4 of 27

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
Power purchase arrangements restatement
2
-(23.0)--23.0---
Adjusted balance as at 1 April 2018364.2787.1(0.2)(4.9)812.11,958.31,182.63,140.9
Total comprehensive income for the period
Net surplus for the period
----39.739.758.097.7
Other comprehensive income, after tax
Differences arising on translation of foreign operations-(0.1)(10.3)--(10.4)0.1(10.3)
Realisations on disposal of subsidiary, reclassified to profit and loss--------
Net change in fair value of equity investments at FVOCI---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--------
Fair value change of property, plant & equipment recognised in equity -(5.7)---(5.7)(5.4)(11.1)
Share of associates other comprehensive income--------
Total other comprehensive income-(5.8)(10.3)6.8-(9.3)(5.3)(14.6)
Total comprehensive income for the period-(5.8)(10.3)6.839.730.452.783.1
Contributions by and distributions to non-controlling interest
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--------
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 2017364.2781.3(10.5)1.9795.81,932.71,191.53,124.2
* Certain amounts have been restated to reflect adjustments relating to note 2
The accompanying notes form part of these financial statements.
Infratil Limited
Consolidated Statement of Changes in Equity
For the 6 months ended 30 September 2017
Attributable to equity holders of the Company - Unaudited*
5 of 27

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
Power purchase arrangements restatement
2
-(23.0)--23.0---
Adjusted balance as at 1 April 2017364.2787.1(0.2)(4.9)812.11,958.31,182.63,140.9
Total comprehensive income for the year
Net surplus for the year
----71.471.489.1160.5
Other comprehensive income, after tax
Differences arising on translation of foreign operations-(0.8)(42.2)--(43.0)0.4(42.6)
Realisations on disposal of subsidiary, reclassified to profit and loss--------
Net change in fair value of equity investments at FVOCI---3.6-3.6-3.6
Ineffective portion of hedges taken to profit and loss--------
Effective portion of changes in fair value of cash flow hedges---1.0-1.01.12.1
Fair value movements in relation to the executive share scheme---(0.2)-(0.2)-(0.2)
Fair value change of property, plant & equipment recognised in equity -11.9--27.839.719.258.9
Share of associates other comprehensive income----(3.6)(3.6)-(3.6)
Total other comprehensive income-11.1(42.2)4.424.2(2.5)20.718.2
Total comprehensive income for the year-11.1(42.2)4.495.668.9109.8178.7
Contributions by and distributions to non-controlling interest
Issue/(acquisition) of shares held by outside equity interest----0.40.4(19.4)(19.0)
Total contributions by and distributions to non-controlling interest----0.40.4(19.4)(19.0)
Contributions by and distributions to owners
Share buyback(2.4)----(2.4)-(2.4)
Dividends to equity holders----(89.6)(89.6)(73.6)(163.2)
Total contributions by and distributions to owners(2.4)---(89.6)(92.0)(73.6)(165.6)
Balance at 31 March 2018361.8798.2(42.4)(0.5)818.51,935.61,199.43,135.0
* Certain amounts have been restated to reflect adjustments relating to note 2
The accompanying notes form part of these financial statements.
Infratil Limited
For the year ended 31 March 2018
Consolidated Statement of Changes in Equity
Attributable to equity holders of the Company - Audited*
6 of 27

(1) Accounting policies
Reporting Entity
Basis of preparation
Changes in accounting policies
(i) NZ IFRS 9 Financial Instruments
(ii) NZ IFRS 15 Revenue from Contracts with Customers
Consolidated statement of financial position effect
As reported at
31 March 2018 Adjustments
Amounts with
adoption of NZ
IFRS 15
Retained Earnings784.610.6795.2
Non-controlling interest1,198.310.21,208.5
Trade and other accounts receivable and prepayments228.328.9257.2
Deferred tax liability510.08.1518.1
Adoption status of relevant new financial reporting standards and interpretations
For the 6 months ended 30 September 2018
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 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 impact of the standard has the effect of taking the current leases that the Group is committed to and
recognising leased assets and liabilities in the balance sheet. As disclosed in Note 20 of the 2019 Annual Report, the Group had commitments of $125.9 million
classified as operating leases relating to the lease of premises and the hire of plant and equipment.
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 Financial Instruments: Recognition and Measurement, which NZ IFRS 9 replaces. The adoption of this accounting standard has not had
a material impact on the interim financial statements.
The Group has adopted NZ IFRS 9 Financial Instruments and NZ IFRS 15 Revenue from Contracts with Customers from 1 April 2018.
NZ IFRS 15 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.
The Group has adopted IFRS 15 using the cumulative effect method (without practical expedients), with the effect of initially applying this standard recognised at
the date of initial application (1 April 2018). Accordingly, the information presented for the comparative periods has not been restated – i.e. it is presented, as
previously reported, under NZ IAS 18, NZ IAS 11 and related interpretations.
The effect of adopting this standard is a change to Trustpower's accounting policy relating to the treatment of incremental costs directly incurred acquiring new
customers and retaining existing customers. Trustpower's previous policy was to expense these costs immediately in the period in which they occurred. The new
policy will see costs capitalised and amortised over the term of the contract (which averages approximately two years).
The following table summarises the impact of adopting NZ IFRS 15 on the Group’s interim statement of financial position as at 1 April 2018. There was no material
impact on the interim statement of comprehensive income and the interim statement of cash flows for the six month period ended 30 September 2018.
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.
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 2018 and
should be read in conjunction with the previous annual report. Except as described below, 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.
Notes to the Financial Statements
7 of 27

(2) Power purchase arrangements adjustment
Impact on equity (increase/(decrease)) $Millions $Millions $Millions $Millions $Millions $Millions
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
As reported Adjustment
Restated
balanceAs reported Adjustment
Restated
balance
Derivative assets - non-current5.3102.0
107.3
3.0104.2
107.2
Property, plant and equipment4,878.7(78.6)
4,800.1
4,808.9(86.0)
4,722.9
Total assets6,913.323.4
6,936.7
6,621.618.2
6,639.8
Derivative liabilities - current9.220.2
29.4
12.714.9
27.6
Derivative liabilities - non-current48.41.5
49.9
39.0-
39.0
Deferred tax liabilities537.20.6
537.8
510.01.0
511.0
Total liabilities3,790.322.2
3,812.5
3,488.915.9
3,504.8
Revaluation reserve810.1(28.8)
781.3
830.9(32.7)
798.2
Retained earnings766.529.3
795.8
784.633.9
818.5
Non-controlling interest1,190.90.6
1,191.5
1,198.31.1
1,199.4
Net impact on equity3,123.01.2
3,124.2
3,132.72.3
3,135.0
Impact on income statement (increase/(decrease)) $Millions $Millions $Millions $Millions $Millions $Millions
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
As reported Adjustment Restated As reported Adjustment Restated
Depreciation85.6(1.7)
83.9
176.8(3.3)
173.5
Net gain/(loss) on foreign exchange and derivatives1.716.0
17.7
7.827.1
34.9
Income tax expense34.25.3
39.5
52.29.1
61.3
Impact on opening balances (increase/(decrease)) $Millions $Millions $Millions
Unaudited Unaudited Unaudited
As reported Adjustment
Restated
balance
Derivative assets - non-current8.395.9
104.2
Property, plant and equipment4,900.5(64.5)
4,836.0
Total assets6,796.731.5
6,828.2
Derivative liabilities - current9.527.4
36.9
Derivative liabilities - non-current53.24.0
57.2
Deferred tax liabilities536.7-
536.7
Total liabilities3,655.831.5
3,687.3
Revaluation reserve810.1(23.0)
787.1
Retained earnings789.123.0
812.1
Non-controlling interest1,182.6-
1,182.6
Net impact on equity3,140.9-
3,140.9
31 March 2017
Notes to the Financial Statements
For the 6 months ended 30 September 2018
Australian Power Purchase Arrangements ('PPAs') are entered into with third parties (electricity retailers) by Tilt Renewables ('Tilt') in order to ensure it can
continue to sell electricity at predetermined prices. Historically, Tilt had determined that PPA agreements were operating leases and recognised the fixed price
income as it was generated. Tilt had historically concluded that all PPAs were supply contracts for the delivery of electricity as the contracts required physical
delivery of the products and the view that the Australian Electricity Market Operator ('AEMO') was a market clearing house that is used to settle such
arrangements.
Whilst the accounting standards that outline the measurement and presentation requirements to be applied to PPAs have not changed with the implementation
of NZ IFRS 9, there has been a review of the accounting treatment for these contracts since the year ended 31 March 2018. The Australian electricity PPA's require
net settlement due to the structure of the electricity market, and it has been concluded that the net payment made to, or received from the third party should be
accounted for as a derivative financial instrument. As a result, Tilt has determined the fair value of these arrangements and recognised a derivative asset or
liability at each reporting date. This change in accounting treatment has been reflected in both the current and comparative periods. This change is not applicable
to the Group's New Zealand PPAs as these are not net settled and the energy market is structured differently.
Tilt has also identified that the relationship between the PPAs and the entity’s exposure to fluctuating energy prices meets the criteria as a qualifying hedge
relationship. On a prospective basis, the Group will apply hedge accounting to the PPAs, entered into with third parties.
The Group has restated each of the effected financial statement line items for the prior year, as detailed below.
30 September 201731 March 2018
30 September 201731 March 2018
The change did not have an impact on OCI for the period or the Group’s operating, investing and financing cash flows.
As the Group has not historically hedge accounted for the Australian PPAs, the initial recognition of the derivative value as at 31 March 2017 is required to be
amortised through profit and loss over the life of the PPA. Any movements in the PPA derivative value after 1 April 2018 will be assessed for effectiveness and the
effective portion taken through Other Comprehensive Income to the cash flow hedge reserve removing the ongoing volatility within the profit and loss.
8 of 27

(3) Nature of business
(4) Infratil shares and dividends
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
Ordinary shares (fully paid)
Unaudited Unaudited Audited
Total issued capital at the beginning of the period559,278,166560,053,166560,053,166
Movements in issued and fully paid ordinary shares during the period:
Share buyback--(775,000)
Total issued capital at the end of the period 559,278,166 560,053,166 559,278,166
Dividends paid on ordinary shares
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
cps cps cps $Millions $Millions $Millions
Unaudited
Unaudited Audited
Unaudited
Unaudited Audited
Final dividend prior year
10.7510.0010.0060.156.056.0
Interim dividend paid current year
--6.00--33.6
Dividends paid on ordinary shares 10.75 10.0016.00 60.1 56.089.6
Notes to the Financial Statements
For the 6 months ended 30 September 2018
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.
More information on the individual businesses is contained in note 5 (Operating segments) and note 7 (Investments in associates) including the relative
contributions to total revenue and expenses of the Group.
The Group's business is not highly seasonal, but individual businesses are subject to seasonality due to differences in demand for certain of their services. The
seasonality does not result in material differences in the interim and full year reporting.
All fully paid ordinary shares have equal voting rights and share equally in dividends and equity. At 30 September 2018 the Group held 775,000 shares as Treasury
Stock (30 September 2017: nil, 31 March 2018: 775,000).
9 of 27

(5) Operating segments
For the period ended 30 September 2018 Trustpower
Tilt
Renewables
Wellington
International
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 revenue512.2104.767.599.2138.8-78.2(1.6)999.0
Share of earnings of associate companies-----76.6--76.6
Inter-segment revenue------(72.9)(20.7)(93.6)
Segment revenue - external
512.2104.767.599.2138.876.65.3(22.3)982.0
Operating expenses (excluding Depreciation and amortisation)
(382.6)(32.2)(17.9)(86.0)(113.6)
-
(46.9)20.7
(658.5)
Interest income
1.00.50.2-0.1
-
5.9(3.9)3.8
Interest expense
(14.4)(16.7)(8.9)(3.0)(3.7)
-
(35.9)5.5(77.1)
Depreciation and amortisation
(24.9)(47.8)(10.9)(12.8)(3.0)
-
(0.3)-(99.7)
Net gain/(loss) on foreign exchange and derivatives
(1.0)7.30.4--
-
5.4(0.1)12.0
Net realisations, revaluations and (impairments)
(0.3)-0.9(1.7)-
-
--(1.1)
Taxation expense
(25.2)(6.6)(8.8)0.7(8.3)
-
(7.0)
(0.1)
(55.3)
Segment profit/(loss)
64.89.222.5(3.6)10.376.6(73.5)(0.2)106.1
Investments in associates
-----996.9--996.9
Total non-current assets (excluding derivatives and deferred tax)
2,268.51,119.51,180.9178.9141.0996.896.6-5,982.2
Total assets
2,429.41,320.61,209.2198.4206.5997.0222.6-6,583.7
Total liabilities
873.0871.2656.228.8111.3-1,166.8-3,707.3
Capital expenditure and investments
11.450.644.812.70.380.210.0-210.0
Trustpower and Tilt Renewables are renewable generation investments, Wellington International Airport is an airport investment, NZ Bus is a transportation investment and Perth Energy is a 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. 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 2018
10 of 27

For the period ended 30 September 2017* Trustpower
Tilt
Renewables
Wellington
International
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(11.0)987.7
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(29.7)926.3
Operating expenses (excluding Depreciation and amortisation)
(361.0)(28.2)(16.5)(93.4)(153.6)-(14.6)21.1
(646.2)
Interest income
0.50.70.6-0.2-7.4(3.3)6.1
Interest expense
(18.6)(16.8)(10.1)(2.9)(3.5)-(39.0)5.9(85.0)
Depreciation and amortisation
(24.0)(40.0)(11.5)(16.1)(3.2)-(0.2)1.6(93.4)
Net gain/(loss) on foreign exchange and derivatives
(2.5)16.9----3.00.317.7
Net realisations, revaluations and (impairments)
--3.9(2.1)--7.0-8.8
Taxation expense
(32.2)(3.9)(7.5)1.0(1.3)-3.21.2(39.5)
Segment profit/(loss)
82.39.722.7(2.2)(14.0)29.4(30.2)(2.9)94.8
Investments in associates
-----863.5--863.5
Total non-current assets (excluding derivatives and deferred tax)
2,429.21,252.21,032.9191.8122.1863.591.0-5,982.7
Total assets
2,582.41,502.91,075.4207.9169.9863.5534.7-6,936.7
Total liabilities
1,059.0945.8589.546.092.6-1,079.6-3,812.5
Capital expenditure and investments
15.921.140.311.40.522.02.3-113.5
* Certain amounts have been restated to reflect adjustments relating to note 2
For the 6 months ended 30 September 2018
Notes to the Financial Statements
11 of 27

For the year ended 31 March 2018* Trustpower
Tilt
Renewables
Wellington
International
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
AuditedAuditedAuditedAuditedAuditedAuditedAudited Audited
Audited
Segment revenue979.4171.0128.6218.7306.7-112.9(36.0)1,881.3
Share of earnings of associate companies-----52.2--52.2
Inter-segment revenue------(104.7)(45.3)(150.0)
Segment revenue - external
979.4171.0128.6218.7306.7
52.2
8.2(81.3)1,783.5
Operating expenses (excluding Depreciation and amortisation)
(709.6)(58.7)(33.2)(185.3)(312.5)
-
(32.3)51.1
(1,280.5)
Interest income
1.61.20.90.10.3
-
14.1(6.6)11.6
Interest expense
(35.8)(33.0)(19.3)(5.7)(7.5)
-
(75.7)11.9(165.1)
Depreciation and amortisation
(46.7)(83.6)(23.6)(32.9)(5.7)
-
(0.4)2.4(190.5)
Net gain/(loss) on foreign exchange and derivatives
(3.1)28.41.9--
-
7.30.434.9
Net realisations, revaluations and (impairments)
(5.1)-11.5(1.2)-
-
7.3-12.5
Taxation expense
(51.4)(7.1)(4.2)3.1(3.1)
-
(5.1)6.5(61.3)
Segment profit/(loss)
129.318.262.6(3.2)(21.8)
52.2
(76.6)(15.6)145.1
Investments in associates (including those held for sale)
-----
884.6
--884.6
Total non-current assets (excluding derivatives and deferred tax)
2,255.21,244.81,146.1182.2107.7
884.6
94.0-5,914.6
Total assets
2,401.21,436.41,187.0196.2157.9
884.6
376.5-6,639.8
Total liabilities
887.1894.8601.741.680.8
-
998.8-3,504.8
Capital expenditure and investments
27.990.585.119.11.1
85.4
9.7-318.8
* Certain amounts have been restated to reflect adjustments relating to note 2
Notes to the Financial Statements
For the 6 months ended 30 September 2018
12 of 27

Entity wide disclosure - geographical
New Zealand AustraliaUnited States
Eliminations &
discontinued
operations
Total from
Continuing
Operations
For the period ended 30 September 2018
$Millions $Millions$Millions $Millions $Millions
UnauditedUnauditedUnaudited Unaudited Unaudited
Segment revenue
783.2
217.4-(1.6)
999.0
Share of earnings of associate companies
-
25.451.2-
76.6
Inter-segment revenue
(72.9)
--(20.7)
(93.6)
Segment revenue - external
710.3
242.851.2(22.3)
982.0
Operating expenses (excluding Depreciation and amortisation)
(564.2)
(115.0)-20.7
(658.5)
Interest income
7.2
0.5-(3.9)
3.8
Interest expense
(64.5)
(18.1)-5.5
(77.1)
Depreciation and amortisation
(60.8)
(38.9)--
(99.7)
Net gain/(loss) on foreign exchange and derivatives
4.2
7.9-(0.1)
12.0
Net realisations, revaluations and (impairments)
(1.1)
---
(1.1)
Taxation expense
(40.8)
(14.4)-(0.1)
(55.3)
Segment profit/(loss)
(9.7)
64.851.2(0.2)
106.1
Investments in associates
0.3
912.184.5-
996.9
Total non-current assets (excluding derivatives and deferred tax)
3,930.6
1,949.0102.6-
5,982.2
Total assets
4,281.9
2,199.2102.6-
6,583.7
Total liabilities
2,896.5
810.8--
3,707.3
Capital expenditure and investments
80.1
58.871.1-
210.0
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-(11.0)
987.7
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)(29.7)
926.3
Operating expenses (excluding Depreciation and amortisation)
(515.2)
(152.1)-21.1
(646.2)
Interest income
8.4
1.0-(3.3)
6.1
Interest expense
(72.4)
(18.5)-5.9
(85.0)
Depreciation and amortisation
(62.1)
(34.6)-3.3
(93.4)
Net gain/(loss) on foreign exchange and derivatives
(0.2)
1.6-16.3
17.7
Net realisations, revaluations and (impairments)
8.8
---
8.8
Taxation expense
(33.3)
(2.1)-(4.1)
(39.5)
Segment profit/(loss)
43.4
47.8(5.9)9.5
94.8
Investments in associates
0.3
814.948.3-
863.5
Total non-current assets (excluding derivatives and deferred tax)
3,876.1
2,049.057.6-
5,982.7
Total assets
4,543.2
2,335.957.6-
6,936.7
Total liabilities
3,069.8
742.7--
3,812.5
Capital expenditure and investments
70.9
20.622.0-
113.5
* Certain amounts have been restated to reflect adjustments relating to note 2
Notes to the Financial Statements
For the 6 months ended 30 September 2018
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.
13 of 27

New Zealand AustraliaUnited States
Eliminations &
discontinued
operations
Total from
Continuing
Operations
For the year ended 31 March 2018* $Millions $Millions$Millions $Millions $Millions
AuditedAuditedAudited Audited Audited
Segment revenue
1,446.3471.0-(36.0)1,881.3
Share of earnings of associate companies
-66.0(13.8)-52.2
Inter-segment revenue
(104.7)--(45.3)(150.0)
Segment revenue - external
1,341.6537.0(13.8)(81.3)1,783.5
Operating expenses (excluding Depreciation and amortisation)
(1,015.6)(316.0)-51.1(1,280.5)
Interest income
16.51.7-(6.6)11.6
Interest expense
(139.2)(37.8)-11.9(165.1)
Depreciation and amortisation
(125.6)(67.3)-2.4(190.5)
Net gain/(loss) on foreign exchange and derivatives
5.129.4-0.434.9
Net realisations, revaluations and (impairments)
12.20.3--12.5
Taxation expense
(47.9)(19.9)-6.5(61.3)
Segment profit/(loss)
47.1127.4(13.8)(15.6)145.1
Investments in associates (including those held for sale)
0.3868.316.0-884.6
Total non-current assets (excluding derivatives and deferred tax)
3,721.22,165.028.4-5,914.6
Total assets
4,267.82,343.628.4-6,639.8
Total liabilities
2,654.5850.3--3,504.8
Capital expenditure and investments
143.8144.430.6-318.8
(6) Discontinued operations
(7) Investments in associates
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
Note
$Millions $Millions $Millions
Unaudited Unaudited Audited
Investments in associates are as follows:
Canberra Data Centres7.1487.8
435.2
453.2
RetireAustralia7.2317.0
287.1
319.0
ANU Student Accommodation7.3107.3
92.6
96.1
Longroad Energy
7.484.5
48.3
16.0
Mana Coach Holdings0.3
0.3
0.3
Investments in associates
996.9 863.5 884.6
Equity accounted earnings of associates are as follows:
Canberra Data Centres7.130.218.956.1
RetireAustralia7.2(10.3)10.5(4.5)
ANU Student Accommodation7.35.56.014.4
Longroad Energy
7.451.2(6.0)(13.8)
Share of earnings of associate companies
76.6 29.4 52.2
* Certain amounts have been restated to reflect adjustments relating to note 2
Notes to the Financial Statements
For the 6 months ended 30 September 2018
On 21 December 2017, Trustpower announced its intention to sell the shares in its only Australian subsidiary, GSP Energy Pty Ltd. The associated assets and
liabilities were consequently reclassified as held for sale. Upon classification as held for sale, the assets were revalued to the sale price. The revaluation gain of
$19.4 million, less deferred tax of $5.8 million was taken to the revaluation reserve. Once disposed, the revaluation reserve was transferred directly to retained
earnings. The sale was completed on 29 March 2018 and is reported in the comparative periods as a discontinued operation.
14 of 27

(7.1) Canberra Data Centres

6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
Movement in the carrying amount of the Group's investment in Canberra Data Centres: $Millions $Millions $Millions
Unaudited
Unaudited Audited
Carrying value at 1 April453.2426.3426.3
Acquisition of shares--0.9
Capitalised transaction costs---
Shareholder loan---
Total capital contributions during the period--0.9
Interest on shareholder loan (including accruals)7.17.014.0
Share of associate’s surplus/(loss) before income tax29.410.752.7
Share of associate’s income tax (expense)(6.3)1.2(10.6)
Total share of associate’s earnings in the period30.218.956.1
Share of associate's other comprehensive income---
less: shareholder loan repayments including interest(6.3)(7.3)(17.8)
Foreign exchange movements recognised in other comprehensive income10.7(2.7)(12.3)
Carrying value of investment in associate487.8435.2453.2
Summary financial information
30 September
2018
30 September
2017
31 March
2018
A$Millions A$Millions A$Millions
Unaudited Unaudited Audited
Current assets50.340.739.0
Non-current assets1,367.31,145.81,248.0
Total assets
1,417.61,186.51,287.0
Current liabilities30.225.621.2
Non-current liabilities
766.2641.4688.4
Total liabilities
796.4667.0709.6
Revenues42.530.288.9
Net profit/(loss) after tax
47.42.960.6
Summary information for CDC is not adjusted for the percentage ownership held by the Group:
Notes to the Financial Statements
For the 6 months ended 30 September 2018
On 14 September 2016 the Group completed the acquisition of 48.13% of Canberra Data Centres ('CDC'), with consortium partner the Commonwealth
Superannuation Corporation acquiring 48.13% and CDC Executives 3.74%. CDC operates 39MW of installed capacity across 2 accredited and connected Data
Centre campuses in Canberra, providing highly secure outsourced co-location Data Centre services to Australian Government entities and third party service
providers. Infratil’s initial A$385.7 million (NZ$396.4 million) equity investment was made by way of an A$144.4 million (NZ$148.4 million) shareholder loan and
A$241.3 million (NZ$248.0 million) of equity.
CDC's functional currency is Australian Dollars (A$) and the summary financial information shown is presented in this currency.
15 of 27

(7.2) RetireAustralia

6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
Movement in the carrying amount of the Group's investment in RetireAustralia: $Millions $Millions $Millions
Unaudited
Unaudited Audited
Carrying value at 1 April319.0278.2278.2
Acquisition of shares--53.9
Total capital contributions during the period--53.9
Share of associate’s surplus/(loss) before income tax(10.3)15.05.2
Share of associate’s income tax (expense)-(4.5)(9.7)
Total share of associate’s earnings in the period(10.3)10.5(4.5)
Share of associate's other comprehensive income---
less: distributions received---
Foreign exchange movements recognised in other comprehensive income8.3(1.6)(8.6)
Carrying value of investment in associate317.0287.1319.0
Summary financial information
30 September
2018
30 September
2017
31 March
2018
A$Millions A$Millions A$Millions
Unaudited Unaudited Audited
Current assets
184.4
178.2180.8
Non-current assets
2,306.0
2,337.62,310.6
Total assets
2,490.4
2,515.82,491.4
Current liabilities
1,730.3
1,719.71,727.9
Non-current liabilities
180.7
269.7164.9
Total liabilities
1,911.0
1,989.41,892.8
Revenues35.347.182.0
Net profit/(loss) after tax
(19.0)19.6(8.3)
Notes to the Financial Statements
For the 6 months ended 30 September 2018
On 31 December 2014, the Group acquired a 50% shareholding of RetireAustralia, with consortium partner the New Zealand Superannuation Fund acquiring the
other 50%. RetireAustralia operates 27 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$213.0 million).
RetireAustralia's functional currency is Australian Dollars (A$) 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:
16 of 27

(7.3) ANU Student Accommodation

6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
Movement in the carrying amount of the Group's investment in ANU Student Accommodation: $Millions $Millions $Millions
Unaudited
Unaudited Audited
Carrying value at 1 April96.191.291.2
Acquisition of shares4.1--
Shareholder loan5.0--
Total capital contributions during the period9.1--
Interest on shareholder loan (including accruals)1.81.83.5
Share of associate’s surplus/(loss) before income tax3.74.210.9
Share of associate’s income tax (expense)---
Total share of associate’s earnings in the period5.56.014.4
less: distributions received(4.6)-(4.3)
less: shareholder loan repayments including interest(1.0)(4.1)(2.5)
Foreign exchange movements recognised in other comprehensive income2.2(0.5)(2.7)
Carrying value of investment in associate107.392.696.1
Summary financial information
30 September
2018
30 September
2017
31 March
2018
A$Millions A$Millions A$Millions
Unaudited Unaudited Audited
Current assets24.710.637.6
Non-current assets575.0534.3517.8
Total assets
599.7544.9555.4
Current liabilities1.91.011.5
Non-current liabilities
507.1469.3458.7
Total liabilities
509.0470.3470.2
Revenues22.222.151.1
Net profit/(loss) after tax
6.87.820.2
For the 6 months ended 30 September 2018
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 residences at the Australian National University(‘ANU Student Accommodation’), with consortium partner the Commonwealth Superannuation
Corporation acquiring the other 50%. Infratil’s A$80.4 million (NZ$84.8 million) equity investment was made by way of an A$45.0 million (NZ$47.5 million)
shareholder loan and A$35.4 million (NZ$37.3 million) of equity.
Notes to the Financial Statements
Summary information for ANU Student Accommodation is not adjusted for the percentage ownership held by the
Group:
The Investment Entity's functional currency is Australian Dollars (A$) and the summary financial information shown is presented in this currency.
17 of 27

(7.4) Longroad Energy
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
Movement in the carrying amount of the Group's investment in Longroad Energy: $Millions $Millions $Millions
Unaudited
Unaudited Audited
Carrying value at 1 April16.033.233.2
Capital contributions3.719.827.5
Shareholder loan0.42.23.1
Mezzanine debt drawdowns67.0-
Total capital contributions during the period71.122.030.6
Interest on shareholder loan (including accruals)-0.10.3
Interest on mezzanine debt (including accruals)3.0--
Share of associate’s surplus/(loss) before income tax54.7(6.1)(20.0)
Share of associate’s income tax (expense)(6.5)-5.9
Total share of associate’s earnings in the period51.2(6.0)(13.8)
Share of associate's other comprehensive income(12.3)-(3.6)
less: distributions received(32.0)-(13.7)
less: capital returned(13.4)-(11.7)
less: shareholder loan repayments including interest(1.6)-(3.5)
Foreign exchange movements recognised in other comprehensive income5.5(0.9)(1.5)
Carrying value of investment in associate84.548.316.0
Summary financial information
31 December
2017
31 December
2016
$Millions $Millions
Audited Audited
Current assets91.47.7
Non-current assets549.045.2
Total assets640.452.9
Current liabilities35.00.6
Non-current liabilities
531.7-
Total liabilities
566.70.6
Revenues18.1-
Net profit after tax
(22.6)(1.7)
Longroad has obtained an uncommitted secured letter of credit facility of up to US$150 million from HSBC Bank. Letters of credit under the Facility have been
issued to beneficiaries to support the development and continued operations of Longroad. Infratil has provided shareholder backing of the Longroad Letter of
Credit facility, specifically, Infratil (and the New Zealand Superannuation Fund) have collectively agreed to meet up to US$150m of capital calls (i.e. subscribe for
additional units) equal to Longroad’s reimbursement obligation in the event that a Letter of Credit is called and Longroad cannot fund the call, taking into account
immediately available working capital. As at 30 September 2018, a total of US$47.6 million in Letters of Credit were on issue under the Longroad Letter of Credit
facility.
Summary information for Longroad Energy is not adjusted for the percentage ownership held by the Group:
On 5 October 2016 Infratil announced an initial (45%) investment in Longroad Energy Holdings, LLC ('Longroad Energy'), a recently formed renewable energy
development and operating vehicle headquartered in Boston, Massachusetts. Longroad's focus is primarily in the development of utility-scale wind and solar
generation throughout North America. The other establishment partners were the New Zealand Superannuation Fund (45%) and the Longroad management team
(10%). On the 24th of August 2018 Longroad management exercised their option to increase their shareholding from 10% to 20%, meaning Infratil's shareholding
has reduced to 40% (from 45%) as at that date.
Letter of credit facility
For the 6 months ended 30 September 2018
Notes to the Financial Statements
The summary information provided is taken from the most recent audited annual financial statements of Longroad Energy Holdings, LLC which have a balance
date of 31 December and are reported as at that date. Longroad's functional currency is United States Dollars (US$) and the summary financial information shown
is presented in this currency.
18 of 27

(8) Other investments
30 September
2018
30 September
2017
31 March
2018
$Millions $Millions $Millions
Unaudited Unaudited Audited
Australian Social Infrastructure Partners40.841.640.7
Clearvision Ventures (previously named Envision Ventures)
18.19.312.4
Other8.88.98.8
Other investments67.759.861.9
Australian Social Infrastructure Partners
Clearvision Ventures (previously named Envision Ventures)
(9) Other operating expenses
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
Note
$Millions $Millions $Millions
Unaudited Unaudited Audited
Trading operations
Energy and wholesale costs159.5189.3387.3
Line, distribution and network costs186.6201.4372.6
Generation production & development costs24.324.646.1
Other energy business costs66.438.975.9
Telecommunications cost of sales24.826.354.9
Transportation business costs32.235.268.9
Airport business costs12.010.921.9
Bad debts written off1.20.92.9
Increase in provision for doubtful debts 0.30.20.9
Onerous lease expense--1.4
Directors’ fees1.51.03.4
Administration and other corporate costs3.53.47.7
Management fee (to related party Morrison & Co Infrastructure Management)
16
11.810.722.1
International Portfolio incentive fee
16
29.4--
Donations0.7-0.7
Total other operating expenses554.2542.91,066.7
Notes to the Financial Statements
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 2018 Infratil has made total contributions of US$13.0
million (30 September 2017: US$6.8 million, 31 March 2018: US$9.8 million), with the remaining US$12.0 million commitment uncalled at that date. During the
period the name of the investing entity, Envision Ventures Fund 2 LP was renamed Clearvision Ventures Ecosystem Fund LP.
For the 6 months ended 30 September 2018
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 2018 Infratil has made total contributions of A$30.5 million (30 September 2017: A$30.2 million; 31
March 2018: A$30.2 million), with the remaining A$69.5 million commitment uncalled at that date.
19 of 27

(10) Taxation
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
$Millions $Millions $Millions
Unaudited Unaudited* Audited*
Net surplus before taxation from continuing operations161.4134.3206.4
Taxation on the surplus for the period @ 28%45.237.657.8
Plus/(less) taxation adjustments:
Effect of tax rates in foreign jurisdictions0.7(0.2)(0.5)
Net benefit of imputation credits---
Timing differences not recognised--1.2
Tax losses not recognised/(utilised)1.10.70.3
Effect of equity accounted earnings of associates(19.9)(4.6)(6.7)
(Over)/Under provision in prior periods2.1(0.1)(2.4)
Net investment realisations0.4-2.1
Other permanent differences25.76.19.5
Taxation expense55.339.561.3
Current taxation 40.845.565.3
Deferred taxation 14.5(6.0)(3.9)
Tax on discontinued operations-1.26.6
(11) Loans and borrowings
This note provides information about the contractual terms of the Group's interest bearing loans and borrowings.
30 September
2018
30 September
2017
31 March
2018
$Millions $Millions $Millions
Current liabilities
Unaudited Unaudited Audited
Unsecured bank loans78.012.729.9
Secured bank facilities47.446.244.0
less: Loan establishment costs capitalised and amortised over term(0.9)(0.8)(0.8)
124.558.173.1
Non-current liabilities
Unsecured bank loans178.0311.0179.4
Secured bank facilities668.0713.7682.2
less: Loan establishment costs capitalised and amortised over term
(1.2)(1.5)(6.0)
844.81,023.2855.6
Facilities utilised at reporting date
Unsecured bank loans256.0323.7209.3
Unsecured guarantees---
Secured bank loans715.4759.9726.2
Secured guarantees113.526.632.3
Facilities not utilised at reporting date
Unsecured bank loans599.0528.7566.8
Unsecured guarantees---
Secured bank loans20.242.548.3
Secured guarantees6.098.60.3
Interest bearing loans and borrowings - current124.558.173.1
Interest bearing loans and borrowings - non-current844.81,023.2855.6
Total interest bearing loans and borrowings969.31,081.3928.7
Financing arrangements
* Certain amounts have been restated to reflect adjustments relating to note 2
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 4.5% (30 September 2017: 2.2% to 4.2%, 31 March 2018: 2.4% to 5.7%).
Notes to the Financial Statements
For the 6 months ended 30 September 2018
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.
20 of 27

(12) Infrastructure bonds
30 September
2018
30 September
2017
31 March
2018
$Millions $Millions $Millions
Unaudited Unaudited Audited
Balance at the beginning of the period994.4998.3998.3
Issued during the period-143.4143.4
Exchanged during the period-(32.7)(32.7)
Matured during the period-(33.6)(114.7)
Bond issue costs capitalised during the period-(2.0)(2.1)
Bond issue costs amortised during the period1.11.12.2
Balance at the end of the period995.51,074.5994.4
Current111.481.1111.2
Non-current fixed coupon 652.8762.4652.0
Non-current perpetual variable coupon231.3231.0231.2
Balance at the end of the period995.51,074.5994.4
Repayment terms and interest rates:
IFT170 maturing in November 2017, 8.00% p.a. fixed coupon rate-81.1
-
IFT180 maturing in November 2018, 6.85% p.a. fixed coupon rate111.4111.4
111.4
IFT200 maturing in November 2019, 6.75% p.a. fixed coupon rate68.568.5
68.5
IFT090 maturing in February 2020, 8.50% p.a. fixed coupon rate80.580.5
80.5
IFT220 maturing in June 2021, 4.90% p.a. fixed coupon rate93.993.9
93.9
IFT190 maturing in June 2022, 6.85% p.a. fixed coupon rate93.793.7
93.7
IFT240 maturing in December 2022, 5.65% p.a. fixed coupon rate100.0100.0
100.0
IFT210 maturing in September 2023, 5.25% p.a. fixed coupon rate122.1122.1
122.1
IFT230 maturing in June 2024, 5.50% p.a. fixed coupon rate56.156.1
56.1
IFT250 maturing in June 2025, 6.15% p.a. fixed coupon rate43.443.4
43.4
IFTHA Perpetual Infratil infrastructure bonds231.9231.9
231.9
less: Bond issue costs capitalised and amortised over term(6.0)(8.2)
(7.1)
Balance at the end of the period995.51,074.5994.4
Fixed coupon
Perpetual Infratil infrastructure bonds ('PIIBs')
The Company has 231,916,000 (30 September 2017: 231,916,000, 31 March 2018: 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 2018 the coupon is fixed at 3.50% per annum (September 2017: 3.63%, March 2018: 3.50%). 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 2017: nil, March 2018: nil) were
repurchased by Infratil Limited during the period.
At 30 September 2018 the Infrastructure bonds (including PIIBs) had a fair value of $973.9 million (30 September 2017: $1,031.4 million, 31 March 2018: $989.6
million).
Notes to the Financial Statements
For the 6 months ended 30 September 2018
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 convert all of the bonds in that series to equity by issuing the number of shares calculated by dividing the $1.00 face
value by 98% of the market price of an Infratil share. 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.
Throughout the period the Company complied with all debt covenant requirements as imposed by the bond trustee.
21 of 27

(13) Financial instruments
(13.1) Fair Values
(13.2) 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
(13.3) 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 2018
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
-
1.0 122.7123.7
Derivative financial instruments - cross currency interest rate swaps
-
0.1 -0.1
Derivative financial instruments - foreign exchange
-
- --
Derivative financial instruments - interest rate
-
1.0 -1.0
Total
-
2.1 122.7124.8
Liabilities per the statement of financial position
Derivative financial instruments - energy
-
2.7 19.922.6
Derivative financial instruments - cross currency interest rate swaps
-
- --
Derivative financial instruments - foreign exchange
-
- --
Derivative financial instruments - interest rate
0.1
32.7 -32.8
Total
0.1
35.4 19.955.4
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.
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.
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:
Assumed counterparty cost of funds ranging from 3.3% to 3.5% (30 September
2017: 3.3% to 3.5%, 31 March 2018: 3.1% to 3.5%)
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.
Published market interest rates as applicable to the remaining life of the
instrument.
For the 6 months ended 30 September 2018
Notes to the Financial Statements
• 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 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.
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 2018 of $1,762.3 million (30 September 2017: $1,857.7 million, 31 March 2018: $1,764.8
million) compared to a carrying value of $1,736.7 million (30 September 2017: $1,875.0 million, 31 March 2018: $1,738.3 million).
• The fair value of other financial assets and liabilities are calculated using market-quoted rates based on discounted cash flow analysis.
22 of 27

30 September 2017
Level 1 Level 2 Level 3 Total
$Millions $Millions $Millions $Millions
Assets per the statement of financial position
Unaudited*Unaudited* Unaudited* Unaudited*
Derivative financial instruments - energy
-
- 105.1105.1
Derivative financial instruments - cross currency interest rate swaps
-
- --
Derivative financial instruments - foreign exchange
-
- --
Derivative financial instruments - interest rate
-
5.0 -5.0
Total
-
5.0 105.1110.1
Liabilities per the statement of financial position
Derivative financial instruments - energy
-
- 38.738.7
Derivative financial instruments - cross currency interest rate swaps
-
1.0 -1.0
Derivative financial instruments - foreign exchange
-
0.2 -0.2
Derivative financial instruments - interest rate
-
39.4 -39.4
Total
-
40.6 38.779.3
31 March 2018
Level 1 Level 2 Level 3 Total
$Millions $Millions $Millions $Millions
Assets per the statement of financial position
Audited*Audited* Audited* Audited*
Derivative financial instruments - energy
-
- 107.5107.5
Derivative financial instruments - cross currency interest rate swaps
-
- --
Derivative financial instruments - foreign exchange
-
- --
Derivative financial instruments - interest rate
-
2.6 -2.6
Total
-
2.6 107.5110.1
Liabilities per the statement of financial position
Derivative financial instruments - energy
-
- 27.327.3
Derivative financial instruments - cross currency interest rate swaps
-
6.2 -6.2
Derivative financial instruments - foreign exchange
-
- --
Derivative financial instruments - interest rate
-
33.1 -33.1
Total
-
39.3 27.366.6
(13.4) Energy derivatives
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
$Millions $Millions $Millions
Unaudited Unaudited* Audited*
Profit and loss
10% increase in energy forward prices
(0.3)(0.8)(0.8)
10% decrease in energy forward prices
0.30.80.8
Other comprehensive income
10% increase in energy forward prices
(33.9)(34.1)(35.8)
10% decrease in energy forward prices
33.934.135.8
* Certain amounts have been restated to reflect adjustments relating to note 2
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:
Notes to the Financial Statements
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 2018 (30 September 2017: none, 31 March 2018: none).
For the 6 months ended 30 September 2018
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
23 of 27

6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
$Millions $Millions $Millions
Assets per the statement of financial position
UnauditedUnaudited*Audited*
Opening balance
107.5 101.8 101.8
Foreign exchange movement on opening balance
2.8(0.6)(2.7)
Acquired as part of business combination
---
Gains and (losses) recognised in profit or loss
(4.4)3.68.1
Gains and (losses) recognised in other comprehensive income
16.80.30.3
Closing balance
122.7105.1107.5
8.51.110.2
Liabilities per the statement of financial position
Opening balance
27.348.248.2
Foreign exchange movement on opening balance
4.1--
Acquired as part of business combination
---
(Gains) and losses recognised in profit or loss
(8.0)(10.9)(17.7)
(Gains) and losses recognised in other comprehensive income
(3.6)1.5(3.1)
Sold as part of the disposal of a subsidiary
---
Closing balance
19.938.727.3
0.6(0.2)(15.2)
Settlements during the period
2.80.34.4
(14) Reconciliation of net surplus with cash flow from operating activities
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
$Millions $Millions $Millions
Unaudited Unaudited* Audited*
Net surplus for the period106.197.7160.5
(Add) / Less items classified as investing activity:
(Gain) / Loss on investment realisations and impairments2.01.95.3
Add items not involving cash flows:
Movement in financial derivatives taken to the profit or loss(12.0)(17.7)(26.5)
14.5(6.6)(4.9)
Changes in fair value of investment properties(0.9)(10.7)(18.0)
(32.7)(18.1)(13.7)
Depreciation91.383.9173.5
Movement in provision for bad debts1.51.23.7
Amortisation of intangibles8.49.517.0
Other4.69.09.7
Movements in working capital:
Change in receivables(50.8)(16.1)(25.8)
Change in inventories(1.6)(0.8)(1.5)
Change in trade payables44.0(20.9)21.9
Change in accruals and other liabilities(29.2)20.97.7
Change in current and deferred taxation(2.5)(2.4)(13.1)
Net cash flow from operating activities142.7130.8295.8
* Certain amounts have been restated to reflect adjustments relating to note 2
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 or (losses) for the period included in profit or loss for assets held at the end of the reporting period
Equity accounted earnings of associate net of distributions received
Decrease in deferred tax liability excluding transfers to reserves
Notes to the Financial Statements
For the 6 months ended 30 September 2018
Total gains or (losses) for the period included in profit or loss for liabilities held at the end of the reporting period
24 of 27

(15) Capital commitments
30 September
2018
30 September
2017
31 March
2018
$Millions $Millions $Millions
Unaudited Unaudited Audited
Committed but not contracted for 48.594.935.1
Contracted but not provided for139.3116.279.3
Capital Commitments187.8
211.1114.4
Tilt Renewables Full Takeover Offer
Dundonnell Wind Farm
(16) Related parties
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
$Millions $Millions $Millions
Unaudited Unaudited* Audited*
Management fees11.8
10.722.1
International Portfolio incentive fee1729.4
--
Executive secondment and consulting0.1
--
Directors fees1.0
1.02.1
Financial management, accounting, treasury, compliance and administrative services0.7
0.71.4
Investment banking services0.5
1.11.2
Total management and other fees43.5
13.526.8
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.
On 15 August 2018, Infratil and Mercury NZ Limited (‘Mercury’)(‘TLT JV’) announced their intention to make a full takeover offer of Tilt Renewables Limited (‘Tilt
Renewables’). The Full Cash Takeover Offer made under the Takeovers Code was to acquire all the ordinary shares in Tilt Renewables at $2.30 per share. Infratil
and Mercury already respectively held or controlled 51.04% and 19.99% of the Tilt Renewables shares. TECT Holdings Limited (‘TECT’), the third largest
shareholder in Tilt Renewables which held 6.81%, granted Mercury an option over the remainder of its shares in May 2018. Following the offer becoming fully
unconditional Mercury agreed to exercise the option to acquire those shares in a manner which complied with the takeovers code, with Infratil ultimately
becoming the holder of those shares.
As at 30 September 2018 the TLT JV had received acceptances relating to 23,080,582 shares including 21,315,536 shares previously held by TECT, taking the TLT
JV’s ownership in Tilt Renewables as at that date to 78.40% (Infratil share 58.41%). The offer closing date has been extended until Tuesday 13 November 2018 in
accordance with the Takeovers Code. If Infratil and Mercury reach the 90% compulsory acquisition threshold in the Takeovers Code, the TLT JV will compulsorily
acquire any outstanding shares and apply for the delisting of Tilt Renewables from the NZX Main Board and the ASX. If the TLT JV is successful in the full takeover
offer this will result in the acquisition of an additional 67,586,727 shares at a total cost of $155.4 million.
In accordance with NZ IAS 32: Financial Instruments Presentation, Infratil is required to recognise a $155.4 million liability for the full value of the remaining shares
under the Takeover Offer . When an entity enters into a forward purchase agreement with the non-controlling shareholders in an existing subsidiary for their
equity interests in that subsidiary, and the offer provides for settlement in cash, then the standard requires the entity to recognise a liability for the full value of
that offer. As Infratil has an unconditional obligation to deliver cash if the non-controlling shareholders accept the offer, a liability has been recognised. The
impact of recognising the $155.4 million liability as at 30 September 2018 is to reduce the Non-controlling interest in subsidiaries by $109.5 million and to reduce
Other reserves by $45.9 million. The liability will cease to exist once the Takeover Offer closes.
On 11 September 2018 Tilt Renewables announced that it had been successful in obtaining a Support Agreement from Victorian Government in relation to
Dundonnell Wind Farm. The Support Agreement is in relation to approximately 37% of the output from the fully permitted Dundonnell Wind Farm ('Dundonnell').
Tilt Renewables has secured a fully committed debt package which, following completion of standard conditions, will be available to fund approximately A$280
million of Dundonnell’s construction costs. The balance of funding is expected to be provided via a pro rata entitlement offer of new shares by Tilt Renewables.
Infratil has provided a conditional commitment to subscribe for its entitlement in the equity raising.
At 30 September 2018 amounts owing to MCIM of $2.5 million (excluding GST) are included in trade creditors (30 September 2017: $2.2 million, 31 March 2018:
$2.5 million).
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.
The capital commitments include the hotel development and multi level car park works at Wellington International Airport, the hotel development at the Halsey
Street depot and the purchase of buses by NZ Bus. See note 8 for Infratil's commitments to ASIP and Envision and note 7.4 for commentary on Longroad's Letter of
Credit facility.
Management and other fees paid by the Group (including associates) to MCIM, MCO or its related parties
during the year were:
Notes to the Financial Statements
For the 6 months ended 30 September 2018
25 of 27

(16) Related parties (continued)
(17) International Portfolio incentive fee
(18) Contingent liabilities and legal matters
(19) Events after balance date
Infratil Infrastructure Bond Offer
Tilt Renewables Full Takeover Offer
Dundonnell Wind Farm
Dividend
On 30 October 2018, the Tilt Renewables Board approved proceeding to financial close for the Dundonnell Wind Farm project. Tilt has accepted an offer from the
Victorian Government to enter into a Support Agreement in relation to approximately 37% of the output from the Dundonnell Wind Farm. In addition, Tilt has also
executed a 15 year power purchase agreement for a further 50% of the output from Dundonnell Wind Farm.
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.
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$30.4 million to satisfy the prudential requirements from suppliers and the Australian Energy Market
Operator.
Perth Energy's A$41.6 million secured bank facility and certain other indebtedness between the Perth Energy Holdings Group and financiers has been guaranteed
by Infratil Finance Limited.
On 1 October 2018, Infratil announced the offer of two Series of unsecured unsubordinated Infrastructure Bonds. Infratil has accepted $100.0 million into the
IFT260 series maturing in December 2025 and $146.1 million into the IFT270 series maturing in December 2028.
On 12 November 2018, the Directors approved a partially imputed interim dividend of 6.25 cents per share to holders of fully paid ordinary shares to be paid on
14 December 2018.
International Investments are eligible for International Portfolio incentive fees (‘Incentive fees’) under the Management Agreement between MCIM and
Infratil. There are three components to the Incentive Fee calculation, which are calculated every 31 March:
• Initial Incentive Fees;
• Annual Incentive Fees; and,
• Realised Incentive Fees.
All investments that are acquired in any one financial year are grouped together for the purposes of the Initial Incentive Fee, and an Initial Incentive Fee is payable
at 20% of the outperformance of these assets against a benchmark of 12% p.a. after tax, compounding. The investments in ANU Purpose Built Student
Accommodation, Canberra Data Centres and Longroad Energy, and the demerger of Tilt Renewables (from Trustpower) all occurred in the 2017 financial year and
will therefore be eligible for the International Portfolio Initial Incentive fee assessment as at 31 March 2019.
As at 30 September, it is probable that Infratil will have an International Portfolio Initial Incentive fee (for the year to 31 March 2019) due to Morrison & Co based
on the performance of the above portfolio of assets, and as a result an amount of $29.4 million has been accrued as at 30 September. Incentive fee calculations as
at 31 March are based on independent valuations as at that date. No Annual Incentive fees are currently accrued.
As at 9 November 2018 the TLT JV had received acceptances relating to 41,176,223 shares taking the TLT JV’s ownership in Tilt Renewables as at that date to
84.19% (Infratil share 64.20%). The offer closing date has been extended until Tuesday 13 November 2018 in accordance with the Takeovers Code.
Notes to the Financial Statements
For the 6 months ended 30 September 2018
26 of 27

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 11, Deloitte HouseLevel 12
80 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
10 Customhouse Quay
PO Box 996
Wellington
Directory
27 of 27

© 2018 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 on pages 1 to 26 do not:
i. present fairly in all material respects the Group’s
financial position as at 30 September 2018 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 2018;
— 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, due diligence
services 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.

© 2018 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.
2

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 auditor’s report.

KPMG
Wellington
12 November 2018

---

6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
$000 $000 $000
Notes
Unaudited Unaudited Audited
Dividends received from subsidiary companies-- 80,000
Subvention income- 10,000 10,327
Operating revenue 14,650 13,200 27,840
Total revenue 14,650 23,200 118,167
Directors' fees419 365 740
Other operating expenses14,353 13,300 27,029
Total operating expenditure 414,772 13,665 27,769
Operating surplus before financing, derivatives, realisations and impairments(122) 9,535 90,398
Net gain/(loss) on foreign exchange and derivatives 2,461 1,787 4,349
Net realisations, revaluations and (impairments)---
Results from operating activities 2,339 11,322 94,746
Interest income24,593 20,553 38,502
Interest expense(32,315)(35,372)(68,574)
Net financing expense(7,722)(14,819)(30,072)
Net surplus/(loss) before taxation(5,383)(3,497) 64,675
Taxation expense 6 1,568 3,589(5,610)
Net surplus/(loss) for the period (3,815) 92 59,065
Other comprehensive income, after tax
Fair value movements in relation to executive share scheme--(237)
Total other comprehensive income after tax--(237)
Total comprehensive income for the period (3,815) 92 58,828
The accompanying notes form part of these financial statements.
Infratil Limited
Statement of Comprehensive Income
For the 6 months ended 30 September 2018

Page 1 of 10

CapitalOther reservesRetained
earnings
Total
$000 $000 $000 $000
For the 6 months ended 30 September 2018
Notes
Unaudited Unaudited Audited Unaudited
Balance as at 1 April 2018354,55233912,916367,807
Total comprehensive income for the period
Net surplus / (loss) for the period--(3,815)(3,815)
Total comprehensive income for the period
--(3,815)
(3,815)
Contributions by and distributions to owners
Dividends to equity holders
3--(60,122)
(60,122)
Total contributions by and distributions to owners--(60,122)
(60,122)
354,552339(51,021)
303,870
Balance at 30 September 2018
354,552339(51,021)
303,870
CapitalOther reservesRetained
earnings
Total
$000 $000 $000 $000
For the 6 months ended 30 September 2017
Notes
Unaudited Unaudited Audited Unaudited
Balance as at 1 April 2017356,96257643,459400,997
Total comprehensive income for the period
Net surplus / (loss) for the period--9292
Total comprehensive income for the period
--92
92
Contributions by and distributions to owners
Dividends to equity holders
3--(56,005)
(56,005)
Total contributions by and distributions to owners--(56,005)
(56,005)
Balance at 30 September 2017
356,962576(12,454)
345,083
CapitalOther reservesRetained
earnings
Total
$000 $000 $000 $000
For the year ended 31 March 2018
Notes
Unaudited Unaudited Audited Unaudited
Balance as at 1 April 2017356,96257643,459400,997
Total comprehensive income for the year
Net surplus / (loss) for the year--59,06559,065
Other comprehensive income after tax
Fair value movements in relation to executive share scheme
-(237)-
(237)
Total other comprehensive income
-(237)-
(237)
Total comprehensive income for the year
-(237)59,065
58,828
Contributions by and distributions to owners
Share buyback
(2,410)--(2,410)
Conversion of executive redeemable shares
----
Dividends to equity holders
3--(89,608)
(89,608)
Total contributions by and distributions to owners(2,410)-(89,608)
(92,018)
Balance at 31 March 2018
354,55233912,916
367,807
The accompanying notes form part of these financial statements.
Infratil Limited
Statement of Changes in Equity

Page 2 of 10

Notes
30 September
2018
30 September
2017
31 March
2018
$000 $000 $000
Unaudited UnauditedAudited
Cash and cash equivalents---
Prepayments and sundry receivables1,9161,0991,097
Derivative financial instruments 8554--
Advances to subsidiary companies 12863,640986,842936,013
Current assets866,110987,941937,110
Deferred tax20,58424,45416,608
Investments 12585,529585,529585,529
Non-current assets606,113609,983602,137
Total assets1,472,2231,597,9241,539,247
Bond interest payable5,7136,5895,637
Accounts payable2,6712,8232,879
Accrual and other liabilities1851632,255
Infrastructure bonds 7111,36481,065111,202
Derivative financial instruments 8--1,607
Loans from group companies 12153,897153,897153,897
Total current liabilities273,830244,537277,477
Infrastructure bonds 7652,771762,458652,094
Perpetual Infratil Infrastructure bonds 7231,343230,960231,152
Derivative financial instruments 810,41014,88610,717
Non-current liabilities894,5241,008,304893,963
Attributable to shareholders of the Company303,870345,083367,807
Total equity303,870345,083367,807
Total equity and liabilities1,472,2231,597,9241,539,247

Approved on behalf of the Board on 12 November 2018
Director Director
The accompanying notes form part of these financial statements.
Infratil Limited
Statement of Financial Position
As at 30 September 2018

Page 3 of 10

6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
Notes
$000 $000 $000
Unaudited Unaudited Audited
Cash flows from operating activities
Cash was provided from:
Dividends received from subsidiary companies--80,000
Subvention receipt-10,00010,327
Interest received24,59320,55338,502
Operating revenue receipts14,91013,01127,508
39,50343,564156,337
Cash was dispersed to:
Interest paid(32,239)(35,112)(67,069)
Payments to suppliers(16,710)(12,718)(27,280)
Taxation paid(2,801)(2,356)(3,715)
(51,750)(50,186)(98,064)
Net cash flows from operating activities
9(12,247)(6,622)58,273
Cash flows from investing activities
Cash was provided from:
Net movement in subsidiary company loan72,373-38,164
72,373-38,164
Cash was dispersed to:
Acquisition of shares in subsidiary---
Net movement in subsidiary company loan-(12,433)-
-(12,433)-
Net cash flows from investing activities
72,373(12,433)38,164
Cash flows from financing activities
Cash was provided from:
Proceeds from issue of shares---
Issue of bonds-143,413143,413
-143,413143,413
Cash was dispersed to:
Repayment of bonds-(66,285)(147,396)
Infrastructure bond issue expenses(4)(2,068)(2,068)
Repurchase of shares--(778)
Dividends paid
3(60,122)(56,005)(89,608)
(60,126)(124,358)(239,850)
Net cash flows from financing activities
(60,126)19,055(96,437)
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.
Infratil Limited
Statement of Cash Flows
For the 6 months ended 30 September 2018

Page 4 of 10

Reporting entity
Basis of preparation
Changes in accounting policies
(i) NZ IFRS 9 Financial Instruments
(ii) NZ IFRS 15 Revenue from Contracts with Customers
Adoption status of relevant new financial reporting standards and interpretations
(3) Infratil shares and dividends
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
UnauditedUnauditedAudited
Total issued capital at the beginning of the period559,278,166560,053,166560,053,166
Movements in issued and fully paid ordinary shares during the period:
Share buyback (held as treasury stock)--(775,000)
Total issued capital at the end of the period
559,278,166560,053,166559,278,166
Dividends paid on ordinary shares
Dividends declared and paid by the Company for the period
were as follows:
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
Unaudited Unaudited
Audited
Unaudited Unaudited
Audited
cpscpscps
$000
$000$000
Final dividend prior year10.75 10.00 10.00 60,122 56,005 56,005
Interim dividend paid
--
6.00 --33,603
10.75 10.00 16.00 60,122 56,005 89,608
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 2018 and should be read in conjunction with the previous annual report. Other than those
noted below, 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.
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 Financial Instruments: Recognition and Measurement, which NZ IFRS 9 replaces. The adoption of this accounting standard has not had a material
impact on the interim financial statements.
NZ IFRS 15 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.
The adoption of this accounting standard has not had a material impact on the interim 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 2018
(1) Accounting policies
The Company has adopted NZ IFRS 9 Financial Instruments and NZ IFRS 15 Revenue from Contracts with Customers from 1 April 2018.
The following new standards, amendments to standards and interpretations are issued but not yet effective and have not been applied in preparation of these
interim 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 Company is not party to any material lease contracts and therefore the adoption of this accounting standard will
not have a material impact on the financial statements.
(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 2018 the Company held 775,000 shares as
Treasury Stock (30 September 2017: nil, 31 March 2018: 775,000).

Page 5 of 10

Notes to the Financial Statements
For the 6 months ended 30 September 2018
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
UnauditedUnaudited
Audited
$000$000
$000
Directors’ fees419 365 740
Administration and other corporate costs2,956 2,967 5,776
Management fee (to related party Morrison & Co Infrastructure Management)1211,397 10,333 21,253
Total other operating expenses14,772 13,665 27,769
(6) Taxation
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
UnauditedUnaudited
Audited
$000$000
$000
(Loss)/surplus before taxation(5,383)(3,497)64,675
Taxation on the (loss)/surplus for the period @ 28% tax rate(1,507)(979)18,109
Plus/(less) taxation adjustments:
Exempt dividends--(22,400)
Tax losses not recognised/(utilised)145--
Subvention payment--8,202
Loss offset to/(from) group company-(2,800)(2,892)
Timing differences not recognised-190-
(Under)/over provision in prior periods--4,434
Other permanent differences(206)-157
Taxation expense/(credit)(1,568)(3,589)5,610
Current taxation --3,715
Deferred taxation (1,568)(3,589)1,895
There was no income tax recognised in other comprehensive income during the period (30 September 2017: nil, 31 March 2018: nil)
(5) Net investment realisations and (impairments)
At 30 September 2018 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 the period (30 September 2017: nil, 31 March 2018: nil).
(4) Other operating expenses

Page 6 of 10

Notes to the Financial Statements
For the 6 months ended 30 September 2018
(7) Infrastructure Bonds
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
UnauditedUnauditedAudited
$000$000$000
Balance at the beginning of the period994,448998,305998,305
Issued during the period-143,413143,413
Exchanged during the period-(32,739)(32,739)
Matured during the period-(33,546)(114,657)
Bond issue costs capitalised during the period-(2,068)(2,069)
Bond issue costs amortised during the period1,0291,1182,195
Balance at the end of the period995,4771,074,483994,448
Current111,36481,065111,202
Non-current fixed coupon 652,771762,458652,094
Non-current perpetual variable coupon231,343230,960231,152
Balance at the end of the period995,4771,074,483994,448
Repayment terms and interest rates:
IFT170 maturing in November 2017, 8.00% p.a. fixed coupon rate-81,112-
IFT180 maturing in November 2018, 6.85% p.a. fixed coupon rate111,418111,418111,418
IFT200 maturing in November 2019, 6.75% p.a. fixed coupon rate68,50068,50068,500
IFT090 maturing in February 2020, 8.50% p.a. fixed coupon rate80,49880,49880,498
IFT220 maturing in June 2021, 4.90% p.a. fixed coupon rate93,88393,88393,883
IFT190 maturing in June 2022, 6.85% p.a. fixed coupon rate93,69693,69693,696
IFT240 maturing in December 2022, 5.65% p.a. fixed coupon rate100,000100,000100,000
IFT210 maturing in September 2023, 5.25% p.a. fixed coupon rate122,104122,104122,104
IFT230 maturing in June 2024, 5.50% p.a. fixed coupon rate56,11756,11756,117
IFT250 maturing in June 2025, 6.15% p.a. fixed coupon rate43,41343,41343,413
IFTHA Perpetual Infratil infrastructure bonds231,917231,917231,917
less: Bond issue costs capitalised and amortised over term(6,069)(8,173)(7,098)
Balance at the end of the period995,4771,074,483994,448
Fixed coupon
Perpetual Infratil infrastructure bonds ('PIIBs')
Throughout the period the Company complied with all debt covenant requirements as imposed by the bond trustee.
At 30 September 2018 the Infrastructure bonds (including PIIBs) had a fair value of $973.9 million (30 September 2017: $1,031.4 million, 31 March 2018: $989.6
million).
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 convert all of the bonds in that series to equity by issuing the number of shares calculated by dividing the $1.00 face
value by 98% of the market price of an Infratil share. 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 2017: 231,916,000, 31 March 2018: 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 2018 the coupon is fixed at 3.50% per annum (September 2017: 3.63%, March 2018: 3.50%). 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 2017: nil, March 2018: nil) were repurchased by
Infratil Limited during the period.

Page 7 of 10

Notes to the Financial Statements
For the 6 months ended 30 September 2018
(8) Financial instruments
Interest rates
Fair value hierarchy
(9) Reconciliation of net surplus with cash flow from operating activities
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
UnauditedUnaudited
Audited
$000$000$000
Net surplus(3,815)9259,065
Add items not involving cash flows
(2,468)(1,787)(4,349)
1,0361,120(1,636)
Amortisation of deferred bond issue costs--2,195
Movements in working capital
Change in receivables(819)(335)(332)
Change in trade payables(209)159215
Change in accruals and other liabilities(1,995)791,220
Change in taxation and deferred tax(3,976)(5,951)1,895
Net cash inflow / (outflow) from operating activities(12,247)(6,622)58,273
(10) Commitments
There are no outstanding commitments (30 September 2017: nil, 31 March 2018: nil).
(11) Contingent liabilities
Movement in financial derivatives taken to the profit or loss
Other
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.
• 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 analyses of financial instruments carried at fair value, by valuation method is below. The different levels have been defined as follows:
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.
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
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)
The Company has interest rate swap derivatives that are classified as Level 2 and have a fair value liability of $9.9 million at 30 September 2018 (30 September 2017:
$14.9 million, 31 March 2018: $12.3 million).

Page 8 of 10

Notes to the Financial Statements
For the 6 months ended 30 September 2018
(12) Related parties
The Company has the following significant loans and investments to/(from)/in its subsidiaries:
6 months
ended
30 September
2018
6 months
ended
30 September
2017
Year
ended
31 March
2018
30 September
2018
30 September
2017
31 March
2018
Related party
UnauditedUnaudited
Audited
UnauditedUnaudited
Audited
$000$000$000$000$000$000
Advances
Infratil Finance
24,58920,48338,428863,307986,277935,680
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
248,001248,001248,001
(13) Events after balance date
Infratil Infrastructure Bond Offer
Dividend
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.
Interest income/(expense)
Intercompany (loan)/advance/investment at
carrying value
On 12 November 2018, the Directors approved a partially imputed interim dividend of 6.25 cents per share to holders of fully paid ordinary shares to be paid on 14
December 2018.
On 1 October 2018, Infratil announced the offer of two Series of unsecured unsubordinated Infrastructure Bonds. The offer is for up to $125 million of Infrastructure
Bonds across both Series (with the option to accept up to $125 million of oversubscriptions in aggregate at Infratil's discretion). The offer comprises a General Offer
to all investors in New Zealand and an Exchange Offer under which holders of the IFT180 bonds that mature on 15 November 2018 have the opportunity (subject to
availability) to exchange some or all of their maturing bonds for Infrastructure Bonds of the new Series. As of 31 October $246.1m of subscriptions have been
accepted.
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.
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.

Page 9 of 10

Notes to the Financial Statements
For the 6 months ended 30 September 2018
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 11, Deloitte HouseLevel 12
80 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
10 Customhouse Quay
PO Box 996
Wellington
Directory

Page 10 of 10

© 2018 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
2018 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 2018;
— 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, the company.
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:

© 2018 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.
2

— 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 auditor’s report.

KPMG
Wellington
12 November 2018

---

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 473238813112018
Ordinary sharesNZIFTE 0003S3 / ASX IFT
In dollars and cents
Retained earnings
$0.0625
Enter N/A if not
applicable
$$0.010575$0.015000
$
NZ Dollars$0.006807
Date Payable
Friday, 14 December 2018$34,954,885
Tuesday, 27 November 2018Friday, 14 December 2018

---

1
INTERIM REPORT 2018
September 2018

2
INFRATIL
Infratil owns infrastructure businesses that
provide essential services to economies,
communities, and individuals. Shareholders
receive good risk-adjusted returns if the
businesses deliver high-quality service, are
efficient, and risks are well managed.
Infrastructure involves the basic structures and
facilities needed for the operation of a modern
society. What constitutes infrastructure evolves,
however Infratil has maintained a consistent
approach to delivering its return objectives by
investing:
•
Where demographic or societal factors are
driving long-term demand,
•
Where Infratil has expertise and influence,
•
Where Infratil has a competitive advantage as
an operator and capital provider, and
•
Where market structures and regulation
support further investment in capacity and
capability.
Infratil invests in a portfolio of businesses.

Some are mature and strongly cash generative
(eg. Trustpower, Wellington Airport), some

are earlier stage (eg. Longroad Energy). The
portfolio reduces risk through diversification,
creates stability of cash flows, and enables

Infratil to take a long-term approach to
early-stage developments.
A consistent feature of infrastructure is its
reliance on capital. Energy, airports, data
connectivity, and retirement living all require
assets; buildings, structures, equipment,

and land.
Reflecting this, Infratil and its businesses have
invested $4,128 million over the last decade.

1
INTERIM REPORT 2018
HIGHLIGHTS
Infratil and its businesses are benefiting from satisfactory operating, market, and financial
conditions. Pleasingly, this was reflected in shareholder gains over the period.
A highlight of the period was the capital and growth expenditure which will become the foundation
of Infratil’s returns into the future.
Infratil’s full year earnings guidance for FY2019 is now in the range of $580 - $620 million.
VARIABLE30 SEPTEMBER 2018COMMENT
Net surplus$58.5m
$18.8 million increase on last year. (+47%)
2
Underlying EBITDAF
1
$338.8m
$54.5 million uplift. (+19%)
2
Operating cash flow$142.7m
$11.9 million uplift. (+9%)
Capital expenditure$301.6m
$162.6 million uplift. (+117%)
Net debt$916.4m
$85.2 million was on deposit. Net debt
comprised 32% of Infratil’s capital
3
Dividends declared6.25 cents
Making 17 cents for the 2018 calendar year. (+6%)
1. Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show management’s view of the underlying business performance. Underlying EBITDAF for Infratil’s subsidiaries
represents consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and non-operating gains or losses on the sales of investments.
Underlying EBITDAF for Infratil’s associates (Canberra Data Centres, Longroad Energy, and ANU Student Accommodation) includes Infratil’s share of its associates’ net profit after tax, other than for
RetireAustralia where underlying profit is used when presenting the Group’s Underlying EBITDAF. 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.
2. Continuing operations
3. 100% group

2
INFRATIL
REPORT OF THE
CHIEF EXECUTIVE
The last five years have been
dominated by the
repositioning of Infratil’s
capital into sectors we believe
offer long-term growth and
which will reward investment.
We are focussed on establishing large-scale
platforms targeting four sources of growing
demand: decarbonisation, aging populations,
travel, and connectivity. While the platforms are
at various stages of development, Infratil is well
positioned to meet these sources of demand in
ways that benefit our shareholders.
The last half year is a vindication of our
strategy and how we have positioned:
• Trustpower is seeing electricity demand rising
and firming wholesale prices. Although it is
unlikely that Trustpower will be undertaking
material increases in its generation capacity in
the short-term, it is continuing to improve its
provision of retail utility services.
• Having just commissioned its first new wind
farm, Tilt Renewables has committed to a
second in Australia and is developing other
prospects in New Zealand and Australia.
• Longroad Energy has commissioned two
major utility-scale generation projects in
Texas.
• RetireAustralia is progressing development
and construction of over 600 new care and
accommodation units.
• Wellington Airport will soon conclude the
$300 million upgrade of its facilities which has
been underway since 2015. It is anticipated
that the construction plan for the next five
years will be larger than the current one.
• Canberra Data Centres is working to finish
construction of a $160 million 21MW data
centre and is well advanced with plans to then
build a 50MW facility.
Putting capital to work is only half the story
as strong execution is required to deliver the
earnings and value benefits. On that front
too, the latest period was positive:
• Trustpower’s earnings and outlook are
improving as the gap between New Zealand’s
electricity demand and supply tightens, and
Government policies now being formulated to
shift energy demand away from fossil fuels
will result in a substantial increase in
electricity demand and hence the need for
investment into generation.
• Tilt’s increased earnings for the latest period
reflected improved wind conditions and the
commissioning of additional generation
capacity.
• Longroad’s development activities have
delivered significant returns from the sale of
its Phoebe solar generation project in Texas.
• Wellington Airport continues its solid
performance which has seen annual earnings
increase by $15 million and passenger
throughput by approximately 880,000 people
since it started its current five year investment
programme.
• Canberra Data Centres is on track to double its
earnings run rate next year from the level
when Infratil made its acquisition in 2016.
Alongside the progress occurring at Infratil’s core
businesses, work is also underway at several of
Infratil’s other subsidiaries and investments to
decide on their future.
NZ Bus is now contracted to provide public
transport services in Auckland, Tauranga and
Wellington. This will provide a stable earnings
base and we are reviewing whether the returns
and growth prospects justify retention.
Perth Energy is a long-term option on
deregulation of the Western Australian energy
market. In 2016 it got into financial difficulties
with its retailing activities, but following some
truly exceptional management efforts has now
been restored to profitable operations and we are
reviewing whether to continue to hold the option
or if the capital would be better deployed
elsewhere.
Infratil is also undertaking a review of its
investment in the Canberra student
accommodation concession granted by the
Australian National University.
More detailed commentary on the individual
business units is provided later in this report.
INVESTMENT ACTIVITY
As outlined above and covered in more detail
later, the last six months have been a successful
period for putting capital to work. Over the
period, investment of $301.6 million covered:
Energy$188.1 million
Transport$57.5 million
Data$20.7 million
Social/Other$35.3 million
The part of these outlays which captured the
most attention was the $55.0 million invested in
increasing Infratil’s ownership of Tilt Renewables
as a part of its takeover offer launched in
conjunction with Mercury Energy. Some history
and explanation:

3
INTERIM REPORT 2018
• Tilt Renewables was listed in October 2016
following its demerger from Trustpower. 51%
of the shares were owned by Infratil, 26% by
the Tauranga Electricity Energy Trust (TECT),
and 23% by other investors.
• In May 2018 Mercury Energy purchased a
19.9% shareholding from TECT at $2.30 a
share and received an option to buy the
balance of TECT’s shareholding at the same
price.
• In August 2018, Infratil and Mercury
announced a joint-venture offer to acquire the
remaining shares in Tilt at $2.30 a share with
the intention that Mercury would remain at
19.9% and all additional shares would be
purchased by Infratil, including the remaining
TECT shareholding.
• As at the date of this Interim Report (12
November 2018) the takeover offer is still
open and the joint-venture has lifted its
interest to slightly over 84%. Progress has
been slower than hoped, which is likely to be
due to Tilt’s independent directors
recommending that shareholders not accept
the offer.
Disputes about value are often complex, but on
this occasion the issues can be simplified:
Tilt is involved in two activities. On the one hand
it is developing new generation. On the other, it
owns generation which exposes it to income
uncertainty from fluctuating electricity prices (all
the electricity it generates is sold into wholesale
markets or on contract to other electricity
companies). Even with exceptional management,
Tilt faces material income and valuation
uncertainty.
The Tilt independent directors arrived at a high
valuation by using a discount rate range of
5.8%-6.4%pa. for Tilt’s Australian operations and
6.1%-6.8%pa. for those in New Zealand.
At Infratil we consider these discount rates to be
too low relative to the risks inherent in Tilt’s
operations. While we consider that Tilt is an
excellent company with exciting opportunities
and considerable expertise and capability, we
also believe that a shareholder in Tilt needs the
prospect of a return higher than what is implied
by the discount range of 5.8%-6.8%pa.
FINANCIAL
In aggregate, over the half year $301.6 million
was invested and operations generated
consolidated EBITDAF of $338.8 million and

a net parent surplus of $58.5 million. The
outcomes were above budget, which is

reflected in an increase to Infratil’s full year
earnings guidance to an expected range of

$580 - $620 million.
Infratil’s earnings are well diversified; being
spread over four sectors, three jurisdictions, and
a mixture of mature and early-stage businesses.
The emerging benefits of the latter were
apparent in the period under review. Canberra
Data Centres, Longroad Energy, Tilt Renewables
and RetireAustralia; Infratil’s growth businesses,
jointly contributed $158.8 million to
consolidated EBITDAF, up from $80.5 million for
the same period last year. Part of the current
period earnings are from Longroad’s
development projects which will fluctuate, but
the uplift is illustrative of why Infratil has
positioned its capital in this way.
Of Infratil’s businesses they are also absorbing
the most capital which will underpin future
returns.
Along with good outcomes with its businesses,
Infratil also had a good period with its capital
management. With $111 million of 6.85%pa.
bonds maturing in November 2018, Infratil
undertook an issue of 4.75%pa. 2025 bonds and
4.85%pa. 2028 bonds, which raised $100m and
$146 million respectively.
Investor support for the long-term, fairly priced,
bond offers is appreciated and indicative of the
regard in which Infratil is held in the debt capital
markets.
SHAREHOLDERS
Over the period the Infratil share price rose from
$3.10 to $3.57 and a fully-imputed dividend of
10.75cps was paid.
Since 31 March 2009 (ie. for the almost ten year
period which has elapsed since the Global
Financial Crisis), an Infratil shareholder who had
reinvested dividends at the then share price
would have seen a compound return of 15.4%pa.
(NZX50 14.3%pa.). The return was approximately
62% share price appreciation and 38% dividend.
Infratil’s goal is to deliver total returns to its
shareholders by investing in businesses which
grow in value and provide good cash earnings as
they mature. Over the last decade, this has
allowed Infratil to steadily lift its dividend.
However, with an increasing share of Infratil’s
earnings coming from outside of New Zealand
there are now constraints on the availability of
imputation credits. Consequently, we have
reviewed our policy. In particular looking at
whether Infratil should continue to base its
dividend on its free cash flow or should limit pay
outs to the amount which can be fully imputed.
Our decision was:
• Infratil should continue to pay a dividend
which reflects its free cash flow, even if not
fully imputed. However, this may be
augmented by use of on-market buy backs if
that produces a better net result for
shareholders.
• The interim dividend will be 6.25 cents per
share (cps) to be paid on 14 December 2018
to shareholders of record as at 27 November
2018. This will carry 1.5 cps of imputation
credits.
The 6.25 cps dividend will bring to 17 cps the
total cash dividend paid since 31 March 2018,
along with 5.68 cps of imputation credits,
which means that in total, dividends will have
been imputed to 25% (the maximum level is
28%). Shareholders with a tax-rate below 25%
will be indifferent to the lower rate of

4
INFRATIL
imputation (except for gaps between the
timing of tax deductions and refunds), but
shareholders on a higher tax rate will incur
additional net tax.
• Looking forward, Infratil’s forecasts indicate
continued growth in cash dividends should be
possible. Although for the next two years
imputation credits are likely to be held within
the range of 3.5 - 4.5 cps. Decisions about
dividends will continue to reflect Infratil’s
actual cash earnings and financial position.
The respective merits for all shareholders of
dividends and share buy backs will be actively
considered.
As noted above, Infratil’s objective is to provide
shareholders with a rising total return. Cash
dividends are part of the return, but the priority is
to make good investments that result in
consistent growth in capital values.
MANAGEMENT COSTS
Infratil’s parent company management is
provided on a contractual basis by H.R.L. Morrison
& Co. So rather than many employment contracts
with each employee, Infratil has just one.
Morrison & Co receives three types of payment
by Infratil. It receives a base fee which is
approximately 0.8% of the market value of
Infratil’s equity and parent company net debt. For
the six month period this was $11.8 million. It
receives payments for certain agreed activities
where the Board has determined that there is
better value for money in having Morrison & Co
provide the service rather than a third party. For
the period this was $2.3 million.
Finally, Morrison & Co can receive performance
payments when Infratil’s non-New Zealand assets
have provided a return that is in excess of agreed
benchmarks. For the period this was an accrual of
$29.4 million. These performance-related fees
are explained in the Board Chair Report.
MARKETS, REGULATION, CHANGE
Infratil is actively participating in the policy
debate about how to reduce New Zealand’s CO
2

emissions. Three potentially very important
workstreams are unfolding simultaneously:
• The Zero Carbon Act (ZCA) to set out the
overarching goals and structures.
• A Climate Change Commission (CCC) is to be
established as the institution which will
oversee the implementation of the emission
reduction goals and policies as determined by
parliament.
• The Emission Trading Scheme (ETS) is to be
improved to ensure that a well-functioning
market results in fair, robust, prices for
emission rights.
Although some emissions in New Zealand

now incur a cost and there are other initiatives
to encourage emission reduction, once the
work summarised above has been finalised,
efforts to shift producers, consumers and
householders away from using oil, coal and gas
will intensify.
In 2018 the average full-year cost per person of
the emissions they cause is likely to be less than
$100; perhaps $50 per car for land transport,
$1.50 per domestic airfare, $20 of a household’s
electricity cost. In future the cost will rise, as will
the benefits of shifting production and
consumption to reduce emissions.
Infratil’s submissions on the policies is that it will
be crucial that the ZCA, CCC and ETS create a
stable regulatory environment which encourages
investment and behavioural changes which will
result in lower emissions.
Each political party in parliament seems to have a
unique position on climate change which will
make the creation of stable policy and regulation
difficult. There are plenty of ways to defer action
or to indulge in high profile - high cost - low
impact “virtue signalling” gestures. New Zealand
has an opportunity to establish a world-leading
model to effectively reduce emissions at least
cost. Within a year we are likely to have a pretty
good idea about whether the opportunity has
been taken.
PROSPECTS
The first half of FY2019 was good for Infratil, and
the future; immediate and long-term; appears
positive.
The capital markets were supportive with long
term bond funding and Infratil’s shares provided
a good return.
Infratil’s earlier stage businesses; Canberra Data
Centres, Longroad Energy, Tilt Renewables and
RetireAustralia; are proving their worth, both
from their earnings contributions and with the
investment opportunities they are creating.
Infratil’s core earnings businesses; Trustpower
and Wellington Airport; continue to perform and
provide high-quality reliable cash earnings.
Work is underway at several of Infratil’s other
businesses to determine their long-term role in
the Infratil portfolio.
Overall, 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.
MARKO BOGOIEVSKI
Chief Executive

5
INTERIM REPORT 2018

6
INFRATIL
REPORT OF THE
BOARD CHAIR
Over recent years Infratil’s
Annual and Interim Reports
have combined the reports of
the Chief Executive and the
Board Chair.
We have determined that there will be benefits
for shareholders in providing separate
commentaries. A critical role of the Board is to
represent shareholders (who elect the directors)
in monitoring and managing management. And
it improves transparency and clarity if there is a
separate report on that topic.
THE ROLE OF THE BOARD: MANAGEMENT
OVERSIGHT
The Board has an obligation to ensure that
management are creating value for shareholders
and that their cost is fair.
The latter test is relatively simple. The cost of
Infratil’s management can be compared against
the management costs of comparable companies
and if Infratil’s costs are relatively low, it is
reasonable to make inferences about fairness. In
the long-term management rewards should also
be aligned with outcomes for shareholders.
Determining whether management are creating
value is more difficult. That requires
measurement of performance as well as cost. We
like to do this by looking at long-term returns to
shareholders; both absolute returns and returns
relative to benchmarks over various periods.
As part of assessing the performance of the
manager and reporting on this to shareholders,

a more explicit forward-looking absolute return
benchmark has been established. There are
several expected benefits from doing this:
• It will provide transparency to shareholders
about the Company’s goals and risk appetite.
• It provides further means for shareholders to
hold the Board to account for value creation.
• Having a transparent measurable goal means
that execution and performance can be more
effectively monitored.
INFRATIL’S RETURN GOAL
Since its inception, Infratil has consistently been
managed, and all investments have been made,
to deliver an absolute return.
For the purpose of determining a return
benchmark which we would report to
shareholders, we decided that the benchmark
should be consistent with that approach. Based
on this:
• We looked at the businesses and investments
that Infratil owns and estimated the returns an
investor would expect to receive from those
businesses in the current market.
• The returns were adjusted to take into account
Infratil’s target leverage and likely
management costs.
• This gave a total after-tax return to
shareholders of 11-15%pa. over the next ten
years.
This process is likely to give rise to some
questions:
1. Why choose a ten year period?
• Infratil makes investments for the long-term.
• The long period should take out the effect of
shorter-term market fluctuations or noise.
• It should smooth divergences between the
returns on Infratil’s assets and its shares.
• A large percentage of Infratil’s shareholders
hold their shares for the long-term.
2. What if Infratil’s shareholders consider
11-15%pa. insufficient?
• The figures have been discussed with a
number of finance and investment experts
and feedback has been positive. Individual
shareholders may consider the indicated
range insufficient and the relative weight of
share buying and selling will signal the net
disappointment/support.
3. How will performance be monitored?
• Each year (starting for FY2019) a report by the
Board will be included in the Annual Report
comparing and explaining actual returns
against the 11-15%pa. benchmark.
4. Will this change Infratil?
• We expect the explicit targets to improve
transparency and accountability. We do not
envisage changes to Infratil’s approach to
either investing or funding.
5. Should shareholders expect Infratil to
deliver 11-15%pa. over the decade?
• Yes. The current outlook for the Infratil
portfolio and expected market conditions
support the 11-15%pa target.
• It is expected that reporting actual returns
against the benchmark will improve the
ability of shareholders to draw their own
conclusions about manager performance and
the risks and returns likely from owning
Infratil shares.
6. What if financial markets are disrupted by
major events?
• The expectation is that over a period such as
ten years, even major financial market events
will “play out”. For instance, one factor which
is relevant to the value of infrastructure is the
interest rate on long-dated bonds. If they rise
markedly asset values are likely to fall.

7
INTERIM REPORT 2018
However, a reasonable proportion of Infratil’s
earnings are protected against rises in the
Consumer Price Index, so if the interest rate
rises have occurred to offset rising prices, then
it is reasonable to assume that Infratil’s
income will also rise over time, which should
be reflected in the value of its assets.
• In general, financial markets disruptions
should not be an excuse for material
under-performance over a decade.
REPORTING
In this interim report we have outlined our
planned approach, rather than provide a fully
worked example of the anticipated reporting,
that will start with the Annual Report.
For the record, between 31 March 2009 and

30 September 2018 an Infratil shareholder
who reinvested dividends would have seen a
compound return of 15.4%pa.
Over the one year to 30 September 2018,
shareholder returns were over 20% and while
Infratil’s positive operational outcomes have
probably been the primary driver, financial
market conditions have also have been a factor.
As noted above, it is anticipated that markets
should not play a material part in determining
the ten year return to Infratil’s shareholders.
Rather, shareholder returns will reflect the
earnings and value increases generated by
Infratil’s businesses, adjusted to take into account
leverage and management costs.
MANAGEMENT INCENTIVES
As noted on page 4 of this report, Infratil can pay
performance fees to its management if certain
return benchmarks are achieved on non-New
Zealand investments.
The rationale for incentives only being available
on non-NZ investments is that when Infratil first
considered investing offshore (initially all
investment was domestic) it was recognised by
the Board that the cost of undertaking and
managing investments outside of New Zealand
were likely to be higher.
As at 30 September 2018, a performance fee of
$29.4 million was accrued.
• The $29.4 million is an estimate of what
Infratil will be required to pay its manager

as at 31 March 2019. No payment will occur
until independent valuations are finalised as
at 31 March 2019.
• Infratil’s performance fee comprises three
separate parts. One reflects returns on Infratil’s
entire portfolio of offshore investments which
have been held for more than three years.
One part reflects returns crystallised when an
asset is sold.
The third part is an “Initial Fee” which is
payable on the third balance date after an
investment is first made. After this Initial Fee
has been paid, the relevant assets join the rest
of the portfolio that has been held for a longer
period.
• As at 31 March 2019, management will be
eligible for an Initial Fee on the following
assets, because they all entered the portfolio
in mid 2016:
ANU Student Accommodation
Canberra Data Centres
Longroad Energy
Tilt Renewables
• The performance fee is 20% of the net after
tax returns to Infratil over 12%pa. The fee is
calculated on the returns of the whole
portfolio, not item by item, and accounts for
all of Infratil’s cash flows relevant to the
investment (acquisition cost, loans, interest,
dividends, fees, tax, and so on). It also takes
into account each asset’s fair value.
The 30 September 2018 accrual is provisional
and an independent valuation of each asset
will be undertaken to determine the actual

31 March 2019 fee.
• Infratil’s 30 September 2018 book value
of the four investments is $1,107.4 million
whereas the estimated fair value is

$1,327.0 million. The average after tax return
Infratil has made on these investments is
approximately 18%pa. This return would drop
to approximately 16.8%pa. after deducting
the management performance fee.
SUMMARY
Infratil’s directors have been appointed by
shareholders to represent their interests and,
amongst other things, to ensure management
perform and deliver value for money.
To this end the Board has established a ten year
absolute return benchmark return of 11-15%pa.
Shareholders will be able to compare their
returns against this benchmark. We hope this
improves transparency and accountability of the
Board as well as management.
As at 31 March 2019 management may receive a
performance fee on Infratil’s investment into
ANU Student Accommodation, Canberra Data
Centres, Longroad Energy, and Tilt Renewables. If
the return on the funds Infratil invested in these
investments is over 12%a. after tax, management
will be paid 20% of the out-performance. Based
on an estimate of the fair market value for these
investments being $1,327.0 million, the fee
would be $29.4 million.
The Board welcomes feedback on these matters,
in particular with regards to the information to be
included in the Annual Report on the
benchmarking exercise.

MARK TUME
Chairman

8
INFRATIL
FINANCIAL
TRENDS
On these two pages are graphs of Infratil’s assets, capital investment, funding,
earnings, cash flow, and dividends over the decade; along with brief
explanations. For the 2019 Financial Year the figures are either as at

30 September 2018 or a mid-point estimate of the full year outcome.
$Millions
2018

Infratil's Assets
0
10
20
30
40
50
60
70
80
90
100
%
Infratil's Funding
5
10
15
0
100
200
300
400
500
600
700
Dividend, cents per share
$Millions
$Millions
Operating Cash Flows and Dividends
Underlying EBITDAF
Capital Investment
0

Wellington Airport

Other

NZ Bus

Tilt Renewables

Trustpower
2019

2019

Data

Other

Social
Transport

Energy
201920182010 2011 2012 2013 2014 201720162015
0
200
400
600
0
800
2010 2011 2012 2013 2014 2017

2016

2015
100
200
300
400
500
600
2019

Perpetual bonds

Equity (market value)

Net bank debt and dated bonds

Operating cash flow

Interest, tax, working capital

Dividend (rhs)
20182010 2011 2012 2013 2014 20172016 2015
2018

2010 2011 2012 2013 2014 2017

2016

2015
500
1,000
1,500
2,000
2,500
2019
$Millions

ANU

Longroad Energy

Sold

Retire Australia

CDC

Trustpower

Tilt Renewables

Other

NZ Bus

Wellington Airport
3,000
3,500
20182010 2011 2012 2013 2014 20172016 2015
0
$Millions
2018

Infratil's Assets
0
10
20
30
40
50
60
70
80
90
100
%
Infratil's Funding
5
10
15
0
100
200
300
400
500
600
700
Dividend, cents per share
$Millions
$Millions
Operating Cash Flows and Dividends
Underlying EBITDAF
Capital Investment
0

Wellington Airport

Other

NZ Bus

Tilt Renewables

Trustpower
2019

2019

Data

Other

Social
Transport

Energy
201920182010 2011 2012 2013 2014 201720162015
0
200
400
600
0
800
2010 2011 2012 2013 2014 2017

2016

2015
100
200
300
400
500
600
2019

Perpetual bonds

Equity (market value)

Net bank debt and dated bonds

Operating cash flow

Interest, tax, working capital

Dividend (rhs)
20182010 2011 2012 2013 2014 20172016 2015
2018

2010 2011 2012 2013 2014 2017

2016

2015
500
1,000
1,500
2,000
2,500
2019
$Millions

ANU

Longroad Energy

Sold

Retire Australia

CDC

Trustpower

Tilt Renewables

Other

NZ Bus

Wellington Airport
3,000
3,500
20182010 2011 2012 2013 2014 20172016 2015
0
Over the decade $4,128 million was
invested and $2,150 million released
by divestment. These two factors along
with revaluations, write offs and
depreciation have resulted in the
changes.
Infrastructure is capital intensive and it
is only by deploying capital that it is
possible to generate compound growth
and returns. Investment includes capital
deployed by Infrail’s business into
operational assets and Infratil’s
acquisition of shares in those business.
INFRATIL ASSETS
CAPITAL INVESTMENT

9
INTERIM REPORT 2018
OPERATING CASH FLOWS & DIVIDENDS
Operating cash flows are EBITDAF

less interest, tax and changes in
working capital.
The robust cash earnings have
supported the increasing dividends.
UNDERLYING EBITDAF
INFRATIL FUNDING
$Millions
2018

Infratil's Assets
0
10
20
30
40
50
60
70
80
90
100
%
Infratil's Funding
5
10
15
0
100
200
300
400
500
600
700
Dividend, cents per share
$Millions
$Millions
Operating Cash Flows and Dividends
Underlying EBITDAF
Capital Investment
0

Wellington Airport

Other

NZ Bus

Tilt Renewables

Trustpower
2019

2019

Data

Other

Social
Transport

Energy
201920182010 2011 2012 2013 2014 201720162015
0
200
400
600
0
800
2010 2011 2012 2013 2014 2017

2016

2015
100
200
300
400
500
600
2019

Perpetual bonds

Equity (market value)

Net bank debt and dated bonds

Operating cash flow

Interest, tax, working capital

Dividend (rhs)
20182010 2011 2012 2013 2014 20172016 2015
2018

2010 2011 2012 2013 2014 2017

2016

2015
500
1,000
1,500
2,000
2,500
2019
$Millions

ANU

Longroad Energy

Sold

Retire Australia

CDC

Trustpower

Tilt Renewables

Other

NZ Bus

Wellington Airport
3,000
3,500
20182010 2011 2012 2013 2014 20172016 2015
0
$Millions
2018

Infratil's Assets
0
10
20
30
40
50
60
70
80
90
100
%
Infratil's Funding
5
10
15
0
100
200
300
400
500
600
700
Dividend, cents per share
$Millions
$Millions
Operating Cash Flows and Dividends
Underlying EBITDAF
Capital Investment
0

Wellington Airport

Other

NZ Bus

Tilt Renewables

Trustpower
2019

2019

Data

Other

Social
Transport

Energy
201920182010 2011 2012 2013 2014 201720162015
0
200
400
600
0
800
2010 2011 2012 2013 2014 2017

2016

2015
100
200
300
400
500
600
2019

Perpetual bonds

Equity (market value)

Net bank debt and dated bonds

Operating cash flow

Interest, tax, working capital

Dividend (rhs)
20182010 2011 2012 2013 2014 20172016 2015
2018

2010 2011 2012 2013 2014 2017

2016

2015
500
1,000
1,500
2,000
2,500
2019
$Millions

ANU

Longroad Energy

Sold

Retire Australia

CDC

Trustpower

Tilt Renewables

Other

NZ Bus

Wellington Airport
3,000
3,500
20182010 2011 2012 2013 2014 20172016 2015
0
$Millions
2018

Infratil's Assets
0
10
20
30
40
50
60
70
80
90
100
%
Infratil's Funding
5
10
15
0
100
200
300
400
500
600
700
Dividend, cents per share
$Millions
$Millions
Operating Cash Flows and Dividends
Underlying EBITDAF
Capital Investment
0

Wellington Airport

Other

NZ Bus

Tilt Renewables

Trustpower
2019

2019

Data

Other

Social
Transport

Energy
201920182010 2011 2012 2013 2014 201720162015
0
200
400
600
0
800
2010 2011 2012 2013 2014 2017

2016

2015
100
200
300
400
500
600
2019

Perpetual bonds

Equity (market value)

Net bank debt and dated bonds

Operating cash flow

Interest, tax, working capital

Dividend (rhs)
20182010 2011 2012 2013 2014 20172016 2015
2018

2010 2011 2012 2013 2014 2017

2016

2015
500
1,000
1,500
2,000
2,500
2019
$Millions

ANU

Longroad Energy

Sold

Retire Australia

CDC

Trustpower

Tilt Renewables

Other

NZ Bus

Wellington Airport
3,000
3,500
20182010 2011 2012 2013 2014 20172016 2015
0
Consolidated earnings have tracked the
changing profile of Infratil. The
trajectory now emerging reflects the
deployment of the capital raised from
the sale of Z Energy and Lumo.
Changes to Infratil’s capital structure
(the relative use of debt and equity
funding) has occurred as businesses
have been sold and funds have only
gradually been redeployed. The use of
debt is bounded by Infratil’s policies of
preserving credit metrics that are
broadly consistent with an Investment
Grade credit rating (Infratil is not credit
rated) and maintaining availability of
funds for investment opportunities.

10
INFRATIL
FINANCIAL
PERFORMANCE
& POSITION
Infratil provides audited financial statements annually for years to
31 March. The six month interim accounts to 30 September are reviewed
by Infratil’s auditors but not audited.
A summary of the interim accounts is provided in this report. The full
financial statements are available by contacting Infratil or on its website.
CONSOLIDATED RESULTS
SIX MONTHS ENDED 30 SEPTEMBER
$MILLIONS
20182017
1
Operating revenue$982.0$926.3
Operating expenses($658.5)($646.2)
Depreciation & amortisation($99.7)($93.4)
Net interest($73.3)($78.9)
Tax expense($55.3)($39.5)
Revaluations$10.9$26.5
Discontinued operations-$2.9
Net profit after tax$106.1$97.7
Minority earnings($47.6)($58.0)
Net parent surplus$58.5$39.7
For 2018 the average exchange rates were NZ$/A$0.9222 and NZ$/US$0.6861 (0.9319 and
0.7179 in 2017).
1. Certain amounts have been restated to reflect adjustments made by Tilt Renewables in

relation to the treatment of their power purchase agreements as set out in Note 2 of the
interim financial statements.
The $43.4 million uplift in net operating earnings was partially offset by a
$22.1 million increase in depreciation, amortisation, and tax. Other items
balanced out between the periods. The discontinued operations were
Trustpower’s Australian hydro generation assets that were sold last year.
UNDERLYING EBITDAF
SIX MONTHS ENDED 30 SEPTEMBER
$MILLIONS
20182017
Trustpower$129.6$152.1
Tilt Renewables$72.5$52.8
Perth Energy$25.2($6.2)
Longroad Energy$51.1($5.9)
Wellington Airport$49.6$47.3
NZ Bus$13.2$17.9
Canberra Data Centres$30.2$18.9
RetireAustralia$5.0$14.7
ANU Student Accommodation $5.5$5.9
Parent/Other($43.1)($13.2)
Total$338.8$284.3
Discontinued operations-$7.0
Trustpower’s earnings last year were due to a period of extraordinary
hydrology and wholesale market electricity prices. This year both hydrology
and prices were closer to normal. Conversely, Tilt’s result last year reflected
an unusual period of calm weather. This year generation was more
consistent with long-term wind forecasts.
Perth Energy’s dramatic improvement was due to improved management
of its retail operations and a much lower cost for renewable energy
certificates which delivered a one-off benefit. CDC’s higher earnings
reflected demand growth and past investment in greater capacity.
Longroad’s $57.0 million increase was largely due to recognition of project
development gains.
Parent costs were inflated by the accrual of a management performance fee
of $29.4 million which is discussed in the report of the Board Chair.

11
INTERIM REPORT 2018
BREAKDOWN OF THE CONSOLIDATED RESULTS: SIX MONTHS ENDED 30 SEPTEMBER 2018
$MILLIONSINFRATIL’S
SHARE
UNDERLYING
EBITDAF
D&AINTERESTTAXREVALUATIONS
ADJUSTMENTS
MINORITIESINFRATIL’S
SHARE OF
EARNINGS
Trustpower51%$129.6($24.9)($13.4)($25.2)($1.3)($32.3)$32.5
Tilt Renewables58%$72.5($47.8)($16.2)($6.6)$7.3($4.3)$4.9
Perth Energy80%$25.2($3.0)($3.6)($8.3)-($2.1)$8.2
Longroad Energy40%$51.1-----$51.1
Wellington Airport66%$49.6($10.9)($8.7)($8.8)$1.3($9.2)$13.3
NZ Bus100%$13.2($12.8)($3.0)$0.7($1.7)-($3.6)
CDC48%$30.2-----$30.2
RetireAustralia50%$5.0---($15.3)-($10.3)
ANU Student Accomodation50%$5.5-----$5.5
Parent/Other($43.1)($0.3)($28.4)($7.1)$5.3$0.3($73.3)
Total$338.8($99.7)($73.3)($55.3)($4.4)($47.6)$58.5
BREAKDOWN OF THE CONSOLIDATED RESULTS: SIX MONTHS ENDED 30 SEPTEMBER 2017
1

$MILLIONSINFRATIL’S
SHARE
UNDERLYING
EBITDAF
D&AINTERESTTAXREVALUATIONS
ADJUSTMENTS
MINORITIESINFRATIL’S
SHARE OF
EARNINGS
Trustpower51%$152.1($22.4)($17.1)($31.0)($2.2)($39.5)$39.9
Tilt Renewables51%$52.8($40.0)($16.1)($3.9)$16.9($4.8)$4.9
Perth Energy80%($6.2)($3.2)($3.3)($1.3)-$2.8($11.2)
Longroad Energy45%($5.9)-----($5.9)
Wellington Airport66%$47.3($11.5)($9.5)($7.5)$3.9($12.2)$10.5
NZ Bus100%$17.9($16.1)($2.9)$1.0($2.1)-($2.2)
CDC48%$18.9-----$18.9
RetireAustralia50%$14.7---($4.2)-$10.5
ANU Student Accomodation50%$5.9-----$5.9
Parent/Other($13.2)($0.2)($30.0)$3.2$10.0($2.9)($33.1)
Total$284.3($93.4)($78.9)($39.5)$22.3($56.6)$38.2
Discontinued operations51%$7.0($1.6)($1.0)($1.2)($0.3)($1.4)$1.5
$291.3($95.0)($79.9)($40.7)$22.0($58.0)$39.7
1. Certain amounts have been restated to reflect adjustments made by Tilt Renewables in relation to the treatment of their power purchase agreements as set out in Note 2 of the interim
financial statements.

12
INFRATIL
INFRATIL’S ASSETS
$MILLIONS30 SEPTEMBER 201831 MARCH 2018
Trustpower$995.2$893.0
Tilt Renewables *$427.8$285.9
Perth Energy$76.2$61.7
Longroad Energy *$84.5$16.0
Wellington Airport$449.1$471.9
NZ Bus$180.0$167.1
Canberra Data Centres *$487.8$453.2
RetireAustralia$317.0$319.0
ANU Student Accommodation*$107.3$96.1
Other$88.9$90.0
Total$3,213.7$2,854.0
For 30 September exchange rates of NZ$/A$ 0.9169 and NZ$/US$ 0.6616 were used
(0.9409 and 0.7203 for 31 March).
The values of Trustpower and Tilt Renewables reflect their NZX share prices
on the relevant dates. Over the period Infratil invested $55.0 million
increasing its ownership of Tilt from 51% to 58%.
The other values are book values excluding deferred tax when capital gains
tax is not anticipated. It should be noted that these are not the same as fair
market values. For instance Wellington Airport’s book value represents
approximately 11x that company’s EBITDAF and a fair market value would
almost certainly be higher.
The management performance fee accrued in these results is based on the
four asterisked investments having a fair market value of $1,327.0 million
which is $219.6 million more than the 30 September 2018 $1,107.4
million book value.
Infratil’s ownership of Longroad has reduced to 40% from 45% previously as
a result of an issue of new shares to management.
CAPITAL OF INFRATIL AND 100% SUBSIDIARIES
$MILLIONS30 SEPTEMBER 201831 MARCH 2018
Net bank debt/(deposits)($85.2)($221.8)
Dated Infrastructure Bonds$769.6$769.6
Perpetual bonds$231.9$231.9
Equity at market value$1,996.6$1,733.8
Total Capital$2,913.0$2,513.5
Dated debt / Capital23.5%21.8%
Total debt/Capital31.5%31.0%
As at 30 September 2018 Infratil and 100% subsidiaries had

$120.9 million on deposit and $354.7 million of bank facilities
drawn to $35.7 million.
In November 2018 $111.4 million of 6.85%pa. Infrastructure Bonds

were due to mature. To refinance this and to provide additional funds
$246.1 million of bonds were issued subsequent to 30 September. They
mature in six and ten years and have an average coupon of 4.81%pa.
Over the six months Infratil’s share price rose from $3.10 to $3.57 at

30 September 2018. The number of shares on issue did not change.
Infratil has guaranteed $78.5 million of bank facilities for Perth Energy
($76.5 million as at 31 March 2018), which as at 30 September 2018 were
drawn to $41.1 million ($42.4 million 31 March 2018).
Infratil guaranteed letters of credit issued by Longroad Energy which

as at 30 September 2018 amounted to $71.9 million (31 March 2018
$67.3 million).
CONSOLIDATED OPERATING CASH FLOW
SIX MONTHS ENDED 30 SEPTEMBER
$MILLIONS
20182017
Underlying EBITDAF$338.8$291.3
Net interest($69.2)($76.0)
Tax paid($43.4)($45.0)
Working capital($83.5)($39.5)
Operating cash flow$142.7$130.8
The substantial increase in working capital reflects a A$27 million refund
due to Perth Energy for past penalty-rate payments to meet large-scale
generation certificate (LGC) obligations which have now been reversed.
It also includes the gap between Infratil’s equity accounted earnings from
associates and the actual cash received.

13
INTERIM REPORT 2018

14
INFRATIL
TRUSTPOWER
After a number of years when
exceptional events or unusual
market conditions dominated
reporting, Trustpower’s latest
half year could feel uneventful,
even if solid.
Following the demerger of Tilt Renewables, the
sale of Green State power and the integration of
King Country Energy, the focus at Trustpower is
now on optimising the provision of retail utility
services; expanding the customer base,
improving the quality of services and reducing
costs. Described by Trustpower as “all the little
things”.
One “little things” development worth noting to
illustrate Trustpower’s pragmatic approach was
the announced replacement of its approximately
140,000 residential electricity meters with a
“smart” version.
Trustpower is the last of the major retailers to
make the switch. It held off because earlier
models produced insufficient benefits to offset
the cost. Smart meters allow remote monitoring
and they record time-of-use consumption. They
have the potential to lower retailer costs and they
give customers access to time-of-use pricing. In
Trustpower’s opinion its only now that these
benefits have outweighed the cost of the meter
and its installation.
Infratil has previously reported how Australian
regulators required the installation of smart
meters that resulted in a substantial cost to
consumers and often few benefits. The lack of
such heavy-handed regulation in New Zealand
has been vindicated.
At a more material level, the continuing growth
in telecommunication customers is positioning
Trustpower as a material participant in this sector
with a differentiated product and not just a
re-seller of services sourced from other
companies.
The electricity industry received a clean report
from the Ministerial Inquiry draft report. There

is no evidence that either the retailing or
generation parts of the New Zealand industry are
anything but efficient and highly competitive.
Recent complaints by some new-entrant retailers
about volatility of wholesale electricity prices
appear to be symptomatic of poor business
models or taking too much risk.
Electricity demand continues to increase after
stagnating for the decade since 2004. This
upswing in demand is likely to accelerate as a
swath of policy measures are introduced to
reduce New Zealand’s CO
2
emissions. As always
with government interventions, they will be a
curate’s egg and at least some of the political
rhetoric is concerning.
YEAR ENDED 31 MARCH
SIX MONTHS ENDED 30 SEPTEMBER
30 SEPTEMBER
2018
30 SEPTEMBER

2017
31 MARCH

2018
Retail electricity sales1,067 GWh1,090 GWh1,784 GWh
Generation1,166 GWh1,325 GWh2,235 GWh
Av. market electricity price8.3c/kwh8.9c/kwh8.8c/kwh
Electricity accounts270,000273,000273,000
Gas accounts38,00037,00037,000
Telecommunication accounts91,00080,00087,000
Customers with multiple services102,00094,000100,000
EBITDAF$129.6m$159.1m$243.1m
Investment spend $11.4m$15.9m$27.9m
Infratil’s holding value
1
$995.2m$877.0m$893.0m
1. NZX market value at period end.

15
INTERIM REPORT 2018

16
INFRATIL
Tilt’s EBITDAF was up 36% on
the same period last year.
Generation from existing assets
was up 17% (144 GWh) and the
newly commissioned Salt Creek
contributed 57 GWh in its first
few months of operation.

31 GWh (4%) of Australian
generation was however lost
due to transmission system
constraints.
Alongside the good operating period, Tilt
significantly progressed several development
projects.
Salt Creek: Victoria (54 MW. 172 GWh projected
average annual generation. Budgeted cost
A$105 million. All electricity sold on contract to
Meridian Energy Australia until 2030).
Construction of Salt Creek started September
2017 and concluded (on time and under budget)
in July 2018 and it is now performing well.
Dundonnell: Victoria (336 MW. 1,230 GWh
projected average annual generation. Projected
cost A$560 million. 37% of output covered by a
support agreement with the Victorian State
Government and 50% of output sold on contract.
Both contracts will support revenues to 2035).
Tilt expects construction to start in early 2019
and to finish before the end of 2020. Funding is
to be met; A$260 million through a pro-rata
equity issue with the rest to be debt or from free
cash flow. Infratil has indicated its support for
Tilt’s equity issue.
Waverley: Taranaki (100-130 MW. ~400-500
GWh of annual generation).
Terms have been agreed with Genesis Energy for
the long-term offtake of output and a decision to
progress construction could be made before the
end of FY2019. All environmental approvals are
in place.
Progress was also made at Rye Park (NSW 300
MW) and Waddi (WA 105 MW) wind farms, the
Snowtown battery (SA 20 MW), and the
Highbury pumped hydro (SA 300 MW). In
addition, Tilt now has more than 750 MW of
planning-approved solar projects in Australia.
Wholesale energy prices in the eastern/south
Australian states have remained firm care of high
gas prices, but regrettably, as was inevitable, the
price of Large-scale Generation Certificates (LGCs)
has fallen significantly and probably permanently.
LGCs are required by retailers and some
consumers to indicate that a part of the electricity
they sold or used came from renewable sources.
As a generator of renewable electricity, Tilt is
granted LGCs which it sells into this demand.
The fall in the price of LGCs is due to a growing
supply of renewable generation and less
favourable Federal Government policies. There is
little immediate impact on Tilt’s earnings as the
prices for the LGCs sold this year and next have
been hedged, but future revenues will be lower,
in particular from Snowtown 1 when it becomes
“merchant” from 2019, and at Salt Creek where
LGCs are not included in the power offtake
agreement. Reflecting this, Tilt has revalued its
generation assets and the lower projected
earnings has seen the value of its Australian
generation fall by A$128.5 million to A$801.0
million. This reverses a previous value uplift.
Another reminder of the challenging Australian
regulatory market came from having 31 GWh of
generation curtailed in South Australia because
of the system stability constraint put in place by
the market operator.
YEAR ENDED 31 MARCH
SIX MONTHS ENDED 30 SEPTEMBER
ALL AUSTRALIAN $ (UNLESS NOTED)
30 SEPTEMBER
2018
30 SEPTEMBER
2017
31 MARCH

2018
NZ generation358 GWh278 GWh571 GWh
Av. NZ electricity price7.3c/kwh7.4c/kwh6.9c/kwh
NZ revenueNZ$26.1NZ$20.6mNZ$39.2m
Australian generation712 GWh591 GWh1,225 GWh
Av. Aust electricity price (A$)10.2c/kwh9.5c/kwh9.9c/kwh
Australian revenue$72.5$56.3m$121.7m
EBITDAF$66.9m$49.3m$103.8m
Investment spend $46.7m$19.7m$83.6 m
Net debt $591.2m$555.0m$593.1m
Infratil’s holding value
1
NZ$427.8mNZ$329.1mNZ$285.9m
1. NZX market value at period end. In the 6 months to 30 September 2018 Infratil invested $55 million increasing its
shareholding from 51% to 58%.
TILT
RENEWABLES

17
INTERIM REPORT 2018

18
INFRATIL
LONGROAD
ENERGY
Two years after establishment,
Longroad’s energy services
business has become cash flow
positive, its development
activities have resulted in
construction starting on two
major generation facilities, one
of which has already been sold
for a profit, and the pipeline of
future opportunities continues
to expand.
During the period, Longroad management
exercised rights to buy shares in the company to
take their ownership to 20%, from 10%. There are
now no outstanding equity options.
• From its Portland Maine operations centre,
Longroad technicians monitor and manage
425 solar and six wind generation facilities
spread from New England to Hawaii. 684 MW
of the capacity is owned by Longroad and

552 MW is managed for other owners. The
services team monitor and manage each site
24/7, dealing with grid operators and
responding to performance issues in real
time, either remotely or in coordination with
site personnel. They also undertake analysis

of each facility to ensure optimal performance
and coordinate maintenance.
• Construction commenced on Longroad’s
US$397 million 250 MWac Phoebe solar
photovoltaics generation project in Winkler
County, Texas, with completion expected in
the second half of 2019. Project revenues
have been secured with 89% of the 738 GWh
of projected annual generation covered by a
long-term contract with Shell Energy.
Longroad’s interest in this project has already
been entirely sold to Innergex Renewable
Energy which is building a portfolio of such
investments. This enabled Longroad to
crystallise the project’s value and to free up its
capital for further development opportunities.
• Construction also started on the US$300
million 238 MW Rio Bravo wind farm in Starr
County, Texas. US$200 million of the funding
has been committed from 3rd party lenders
with the balance to be drawn from
shareholders. Generation revenues have been
secured with 80% of the projected 800 GWh
per year of output covered by a long-term
contract with Citigroup Energy. Rio Bravo is
due to be completed in mid 2019, with a
decision on retention or sale expected before
then. The investment environment for quality
contracted renewable generation assets is
highly competitive.
• The Longroad team are continuing to progress
the development pipeline of solar-PV and
wind generation projects, which is now
approximately 8,000 MW. A number of
immediate opportunities are being pursued
to capitalise on the investment made in Tax
Credit qualified wind turbines and solar
panels which are exempt from the Federal
solar import tariffs.
As at 30 September 2018 Infratil had provided
$62.0 million to Longroad net of distributions,
which has a book value of $84.5 million.
31 MARCH PERIOD FIGURES ARE YE 31 DECEMBER 2017
30 SEPTEMBER PERIOD FIGURES 9 MONTHS
NZ$ MILLION UNLESS NOTED
30 SEPTEMBER
2018
31 MARCH

2018
Infratil aggregate investment amount$137.9m$66.8m
Infratil capital received back$75.9m$28.9m
Infratil share of accounting gains/(losses)$22.5m($21.9m)
Infratil book value$84.5m$16.0m
Period EBITDAF
1
US$35.6m(US$5.6m)
Period net surplus before tax
1
US$74.3m(US$22.6m)
Period operating cash flow
1
US$12.9m(US$5.3m)
Owned generation684 MW684 MW
Managed generation1,236 MW1,236 MW
Employees81 people74 people
1. Longroad has a 31 December financial year. US$ figures are for the year ended 31 December 2017 and for the nine months
ended 30 September 2018.

19
INTERIM REPORT 2018

20
INFRATIL
PERTH ENERGY
After three disappointing
years, Perth Energy has
restored its profitability, for
which diligent management
deserve considerable credit.
The result benefited from a A$16.1 million gain
from Perth Energy’s management of a part of its
2017 and 2018 obligations to surrender
Large-scale Generation Certificates (LGCs), which
are created by renewable generators. As an
energy retailer, Perth Energy is obliged to
surrender LGCs for a proportion of the electricity
it supplies to customers. To meet this obligation
for electricity sold in 2017 and early 2018, Perth
Energy chose to pay the regulator the shortfall
charge of A$65/MWh as opposed to surrendering
LGCs which at that time had a market value of
circa A$87/MWh.
The market value of LGCs has now fallen to

A$25/MWh as new renewable supply has come
on-line and Perth Energy has been able to secure
options to buy LGCs at about that price to cover
the 2017 and 2018 obligations previously met
via the shortfall charge. In 2021 and 2022 Perth
Energy, will surrender the LGCs purchased on
market and will receive a cash refund of
approximately A$27 million for the shortfall
payments. The net gain of these transactions has
been recognised in the half year results as a
reduction in energy costs. This approach to
surrendering LGCs is in accordance with the
Renewable Energy Act which expressly
contemplated the lumpy nature of renewable
investments and consequent LGC price volatility.
This was however only part of the reason for the
improved result. Generation activities continue

to do well and retailing is experiencing the
benefit of having restructured its hedge contracts
on the one hand and, on the other, from
focussing on more profitable customer
segments. Greater integration of the generation
and retailing activities is also continuing to
provide benefits in the form of a lower energy
cost for the retail book.
With profitability restored this is an opportune
time to review Infrail’s ten year involvement in
Perth Energy. The original expectation was that
the Western Australian market was going to
liberalise and would be attractive for investors
with access to expertise. However, progress on
market reforms were slower than originally
anticipated, although they are continuing. This
may make it a good time to recommit, or it may
be best to pass the opportunity to other market
participants.
YEAR ENDED 31 MARCH
SIX MONTHS ENDED 30 SEPTEMBER
ALL AUSTRALIAN $ (UNLESS NOTED)
30 SEPTEMBER
2018
30 SEPTEMBER
2017
31 MARCH

2018
Generation revenue$13.8m$12.5m$29.8m
Retail revenue$110.3m$122.3m$245.8m
Other revenue$4.6m$2.6m$13.8m
Operating and energy costs($105.4m)($143.2m)($294.8m)
EBITDAF$23.3m($5.8m)($5.3m)
Infratil’s holding valueNZ$76.2mNZ$61.9mNZ$61.7m

21
INTERIM REPORT 2018

22
INFRATIL
WELLINGTON
AIRPORT
Wellington Airport experienced
a solid operating period.
Relative to last year;
international passengers

were up 4.3%, domestic
travellers were up 4.8%,

and EBITDAF was up 4.8%.
In the second half of the year the $300 million
development programme that commenced in
2015 will be concluded. Over the same period,
plans for the next five years will be progressed.
Airport management are making strides towards
carbon-neutral operations. Waste and energy
consumption are declining and trees are being
planted under the Trees That Count scheme.
International passenger growth was mainly from
the Singapore service which commenced in 2016
and is continuing to build. Utilisation was
boosted by the airline changing the inter-link to
Melbourne from Canberra.
During winter Airbus trialled their new A350
aircraft at Wellington to ascertain its safe
operating guidelines. This was arranged by the
Airport in the hope that once the aircraft is
certified, airlines will use it in Wellington as it
enters their fleets. It is indicative of the Airport’s
proactive approach to accommodating and
simulating growth.
Timely investment in facilities lowers airlines’
operating costs and provides a pleasant and
convenient experience for passengers.
Stimulating growth takes the form of route
marketing, support agreements with airlines,
initiatives to get aircraft certification, and projects
such as that underway to extend the runway to
allow direct air links between central New
Zealand and Asia and North America.
However, at present the Airport is facing an array
of regulatory headwinds. Progressing the
consents required for the runway extension
remains parked pending a decision by the
aviation safety agency. Government is to impose
a new levy on some people who visit New
Zealand. Aviation security and boarder charges
are all increasing.
With consultation about to start with airlines
about their needs and the Airport’s plans for the
period to 2023, management are working
through the consequences of the Commerce
Commission’s recent reports on the five year
plans of Auckland and Christchurch Airports.
A different challenge was finally surmounted
with the opening of the Airport’s multi-level car
park and transport hub. The high cost of this
facility (over $70,000 per car park) reflects
Wellington’s constrained and small site and
tectonic environment.
YEAR ENDED 31 MARCH
SIX MONTHS ENDED 30 SEPTEMBER
30 SEPTEMBER
2018
30 SEPTEMBER
2017
31 MARCH
2018
Passengers Domestic2,716,2642,592,6155,249,358
Passengers International448,316429,823895,605
Aeronautical income$40.6m$37.6m $76.2m
Passenger services income$20.5m$20.1m$40.3m
Property/other$6.3m$6.1m $12.2m
Operating costs ($17.8m)($16.5m)($33.3m)
EBITDAF$49.6m$47.3m$95.4m
Investment spend $44.8m$40.3m$85.1m
Infratil’s holding value
1
$449.1m$397.5m $471.9m
1. Infratil’s share of net assets excluding deferred tax at period end.

23
INTERIM REPORT 2018

24
INFRATIL
NZ BUS
NZ Bus delivered an EBITDAF of
$13.2 million, which included
$3.1 million of one off costs
from reorganisation and re-
contracting, and the effect of a
lag between higher fuel costs
and indexed contract income.
Compared to the prior period, the results
were affected by lower advertising revenues
which reflects the new contract terms, reduced
charter revenue as the business focussed

on public transport services, the withdrawal
from the Hutt Valley, and a reduced Go
Wellington business.
After the current year, earnings are expected to
grow. Tauranga will be operating and revenue
growth is also anticipated from contract
indexation and variations.
Contacted income covers indexed costs (such as
this year’s increased diesel price) and largely
insulates operators against fluctuations in
patronage. There are only a small number of
exceptions to this regime, such as Wellington’s
Airport Flyer.
The Auckland and Wellington service networks
have now been fully implemented with both
central Auckland and Wellington contracts
commencing in July 2018 and northern
Auckland contracts in October. Tauranga is to

go live in December 2018.
One key requirement with the new contracts is
punctuality. Missed or late services incur
penalties. However, by working with transport
agencies persistent discrepancies and traffic
congestion caused by road-works can be
accommodated by amending timetables.
NZ Bus is continuing its trial of battery-electric
buses with its converted trolley prototype having
now completed over 15,000 in-service kilometres
of operation in Wellington over the last 6
months. Further roll-out of this innovative
product is under discussion with Greater
Wellington Regional Council.
The business is nearing the end of the strategic
review started earlier in the year.
YEAR ENDED 31 MARCH
SIX MONTHS ENDED 30 SEPTEMBER
30 SEPTEMBER
2018
30 SEPTEMBER
2017
31 MARCH
2018
Passengers North17,585,31017,727,12834,248,220
Passengers South5,949,13210,934,49720,961,696
Bus distance (million kilometres)18.4m18.2m40.0m
Bus numbers9181,0271,001
Passenger income$34.4m$58.0m$109.6m
Contract income$63.7m$50.8m$103.8m
EBITDAF$13.2m$17.9m$33.4m
Investment spend $12.7m$11.4m$19.1m
Infratil’s holding value$180.0m$179.0m$167.1m

25
INTERIM REPORT 2018

26
INFRATIL
CANBERRA
DATA CENTRES
By 30 September 2018,
CDC’s EBITDAF run rate
was A$71 million up from
A$69 million as at 31 March
2018. Projections are for

FY19 growth in revenues to
exceed budget and for an end
of year EBITDAF run rate of

over A$83 million.
Demand from CDC’s core customer group
of government agencies continues to grow,
as does utilisation associated with cloud
computing service providers. The latter offer
software tools and services which require
considerable data storage and processing
capability; both in their own right and for

their customers.
Construction of the A$150 million 21MW
Fyshwick 2 data centre is on time and on budget

with occupation by clients to start before the
end of the year.
Although construction is not yet finished,
utilisation of Fyshwick 2 is already sufficiently
contracted to justify CDC starting site preparation
work for the 50MW Hume 4 centre at CDC’s other
Canberra campus. This would represent a very
substantial increase in CDC’s capacity and would
be one of the largest data centres in Australia.
Work is progressing to ascertain demand, costs,
and to secure funding. A decision to commence
construction could be made before the end of
this financial year.
Management are committed to CDC’s core
remaining at its two Canberra campuses, but
work is also underway to ascertain the merits

of a data centre in another region.
For the Australian data centre sector as a whole,
there is both strong growth in demand and
revenue, and considerable investment occurring
in capacity. In this context, CDC’s objective is to
continue to meet the needs of its core customer
base with a suite of services and capabilities
tailored to government, cloud, and nationally
critical infrastructure.
As illustrated by the high level of pre-contracted
utilisation of Fyshwick 2, it is practicable to
ensure that supply and demand remain in step.
YEAR ENDED 31 MARCH
SIX MONTHS ENDED 30 SEPTEMBER
ALL AUSTRALIAN $ (UNLESS NOTED)
30 SEPTEMBER
2018
30 SEPTEMBER
2017
31 MARCH

2018
Capacity39MW39MW39MW
Space utilization91%74%78%
EBITDAF$31.7m$22.7m$55.8m
Investment spend$43.0m$11.0m$45.8m
Net debt$364.6m$328.6m$330.5m
Infratil earningsNZ$30.2mNZ$18.9mNZ$56.1m
Infratil’s holding valueNZ$487.8mNZ$435.2mNZ$453.2m

27
INTERIM REPORT 2018

28
INFRATIL
RETIRE
AUSTRALIA
YEAR ENDED 31 MARCH
SIX MONTHS ENDED 30 SEPTEMBER
ALL AUSTRALIAN $ (UNLESS NOTED)
30 SEPTEMBER
2018
30 SEPTEMBER
2017
31 MARCH

2018
Residents4,9534,9854,968
Serviced apartments465465 465
Independent living units3,5203,483 3,509
Unit resales128131238
Resale gain per unit$133,504$136,000$131,513
New unit sales93951
New unit average value$778,778$631,400$621,588
Occupancy receivable /unit
1
$107,770$99,920$104,306
Embedded resale gain/unit
1
$41,874$44,100$43,112
Underlying profit$9.1m$27.3m$33.7m
Net profit after tax($19.0m)$19.5m($8.3m)
Capex$29.3m$38.4m$66.4m
Net external debt$173.4m$230.2m$153.3m
Infratil’s holding valueNZ$317.0mNZ$287.1mNZ$319.0m
1. The values are estimates of point in time value. What RetireAustralia would receive in cash for deferred occupancy fees and
capital gains if all residents left and the occupancy rights were resold on that particular date. The resale values were estimated by
independent valuers based on market and actual transactions.
RetireAustralia is making good
progress developing new
apartments and care facilities.
As previously indicated,
FY2019 is to be a year of almost
no capacity increase, followed
by receipt of over 600 units
over the following three years.
This forecast remains intact.
RetireAustralia is also on track to be able to
offer care services to all its residents in NSW
and South Australian villages in 2019; with
Queensland to be brought on line as new

villages are completed in 2020.
Underlying profit was A$9.1 million down from
A$27.3 million last year. This reflected fewer

sales of new units (A$5.7 million lower
contribution) and a lower rate of increase

in unrealised deferred management fees
(A$6.7 million from A$17.9 million). Reported
profit was a negative A$19.0 million as against
last year’s positive A$19.5 million, due to
revaluation of units of -1.2% after last year’s
+4.3%. The adjustment from reported to
underlying profit is:
A$ MILLIONSSEPTEMBER
2018
SEPTEMBER

2017
Reported profit($19.0m)$19.5m
Back out

revaluations$21.5m($12.7m)
Add development
margins$1.1m$6.8m
Add resale gains$5.6m$5.3m
Add Deferred tax-$8.4m
Underlying profit$9.1m$27.3m
Earnings for this year are being adversely
impacted by the downturn of the Australian
residential property market and by adverse
media coverage of the retirement living and
aged care sectors’ which was a contributing

factor behind the Federal Government
announcing a Royal Commission into Australian
aged care quality, services and cost.
In the long term this will be helpful for the sector,
or at least for the good operators, but in the

short term such inquiries tend to cast a cloud
until they report, which may mean restricted
demand for retirement village accommodation
through 2019.
Although the inquiry is only into aged care, the
public does not discriminate between retirement
villages and residential aged care.
Only a small percentage of RetireAustralia’s
residents receive government funded home

care services provided by third-parties or
RetireAustralia’s home care team. RetireAustralia
actively participates in industry and regulatory
forums seeking to improve the experience of the
200,000 people who live in Australian

retirement villages.
The other market headwind is coming from a
weak residential property market particularly

in Sydney and Melbourne. RetireAustralia is
monitoring the list prices of the units it has

for sale to ensure they are consistent with the
local market.
RetireAustralia’s consented village

developments are:
• Burleigh Golf Club. New village. Brisbane.
177 units
• Fancutts Tennis Centre, Lutwyche. New village.
Brisbane. 216 units
• Tarragindi Bowls Club. New village. Brisbane.
94 units
• Wood Glen. NSW. Existing village. Central
Coast. 69 units
• Glengara. Existing village. Central Coast.
70 units
• Forresters Beach. Existing village. Central
Coast. 75 units

29
INTERIM REPORT 2018

30
INFRATIL
OTHER
INVESTMENTS
AUSTRALIAN NATIONAL UNIVERSITY
STUDENT ACCOMMODATION
The portfolio of 4,184 apartments and rooms are
fully occupied for the 2018 academic year, with
significant demand unmet. To increase capacity,
Infratil contributed $9.1 million to acquire 50%
of the concession for an additional 450
apartments which are being built by the
University as a part of its Union Court project.
The project also includes retail, recreational and
office space, which will add to the vibrancy of the
campus and improve the amenity and surrounds
for the students living there. The new apartments
are expected to be completed in time for the
2019 academic year.
For the six months, ANU Student Accommodation
provided Infratil with $5.5 million of income.

As at 30 September 2018 the holding had a
book value of $107.3 million inclusive of the
$9.1 million payment towards the capacity
increase.
The investment is providing exactly the type of
solid cash income and incremental growth
opportunities originally contemplated. However,
Infratil is now reviewing the investment as it
seems likely that opportunities to scale up via
other universities will be limited.
SNAPPER
Snapper is now providing fare collection services
directly to Greater Wellington Regional Council
and all Metlink buses now accept Snapper. This is
a significant development, requiring new
equipment, new fares (peak/off-peak, tertiary,
and a transfer discount across the network), new
tools for reporting and analysing data, and
services that monitor performance. These
improvements have been seamless, a great
achievement given the well-documented issues
with the new network.
At the same time, Snapper has also released a
beta version of its account-based ticketing
service, RideBank, which allows transport
authorities to offer a complete digital experience
for public transport users. This is similar to the
transition banks went through when they moved
from branches to mobile banking. RideBank lets
a customer set up an account which their public
transport fares are billed against meaning no
need to reload a card, and the ability to fix trips
so the correct amount is always paid. It allows
integration of public transport with other forms
of transport such as ride-sharing (e.g. Uber),
car-sharing (e.g. Mevo) and bike-sharing (e.g,
Onzo) meaning that Transport Authorities can
provide a fully integrated transport experience
- reducing congestion and emissions.
Infratil is seeking a new home for Snapper with a
preference for an owner who can leverage
Snapper’s capability. Snapper has demonstrated
that it can deliver locally and internationally and
the ideal new owner would have global exposure
to the public transport market to enable further
growth.
INFRATIL INFRASTRUCTURE PROPERTY
In September, construction started on the first
stage of IIP’s planned development of its

1.7 hectare site in Auckland’s Wynyard Quarter.
The first building is a $66 million seven story

154 room Travelodge Hotel which also contains
office space, 385 car parks and ground floor
retail. The hotel will be open well before the
2021 America’s Cup regatta.
NZ Bus continues to lease the balance of the site
for its central city depot.
The reduced size of NZ Bus means that some
sites currently used for depots can either be sold
or developed for higher value uses. The highest
profile opportunity is the Kilbirnie depot in
Wellington. This 2.4 hectare property is located in
a residential area with good access to shops,
restaurants, schools and recreational facilities. It
is zoned to allow medium density apartments,
which would be an ideal development at a time
when Wellington’s lack of residential properties
is causing considerable angst.
ENVISION VENTURES FUND

(now rebranded as Clearvision Ventures Funds)
During the period, Infratil provided Clearvision
with an additional US$3.3 million. Infratil has
committed up to US$25 million of which
US$13.0 million has now been advanced.
Infratil’s book value of the investment was

$18.1 million as at 30 September 2018. The
other two partners in Clearvision, Schneider
Electric and Envision China, have committed a
combined US$125 million.
The additional funds enabled Clearvision to
invest in Boston based Climacell which provides
hyper accurate weather forecasts. It was
established by individuals from the Harvard
Business School and the MIT Sloan School of
Management, some of whom were military jet
pilots who had experienced the challenge of
flying in unknown weather. Climacell builds
forecasts by collating sensor data from a wide
range of sources; cars which transmit location
specific information about air temperature, wind
and windscreen-wiper status, wireless
communication devices where the strength of
signal indicates ambient moisture, etc. Climacell
can forecast down to a few metres and a few
minutes, which is useful for airports, taxis,
airlines, venues and hedge funds.
Another of Clearvision’s companies used by
hedge funds (and others) is Orbital Insights
which uses AI to interpret information from
publicly available satellite images to forecast
retail sales (counting cars in Walmart parking
lots), to forecast Tesla’s growth by counting
vehicles arriving and departing from its
production facilities, as well as to assist with
recovery after storms.
The portfolio is tracking to expectations with
ChargePoint continuing to be the top performer.
Around the world it now has over 60,000 electric
vehicle charging stations. Autogrid is also best in
class as a supplier of advanced electricity grid
applications and management.
AUSTRALIAN SOCIAL INFRASTRUCTURE
PARTNERS (ASIP)
The A$1.85 billion Royal Adelaide Hospital has
now been open and operating at full capacity for
12 months. During that time approximately
85,000 inpatients and 400,000 outpatients have
received treatment.
The teething issues associated with commencing
service delivery in such a complex environment
have been largely resolved. Resolution of legacy
construction issues between the State and the
hospital’s builder is also pending with an
arbitration decision on claims expected in
coming months.
ASIP’s Queensland Schools continue to operate
in accordance with contractual requirements. A
refinancing of the debt associated with these
assets has recently been concluded and the
facilities now match the remaining 21 years of
the concession.

31
INTERIM REPORT 2018
CLIMATE CHANGE
CLIMATE CHANGE, REGIONAL
DEVELOPMENT, INFRASTRUCTURE
PLANNING & PROCUREMENT:
GOVERNMENT POLICY
Infratil management are actively participating

in three areas of interesting government policy
development which have the aim of:
• Reducing New Zealand’s greenhouse gas
emissions
• Stimulating investment into New Zealand’s
regions to lift their prosperity and provision

of jobs
• Improving central government’s capacity to
anticipate infrastructure needs and to see the
needs met
CLIMATE CHANGE
Quite possibly the most material long-term
outcome of the current Government will be the
regulations and institutions it creates to limit
national emissions of CO
2
. Broadly there are two
approaches which can be followed. One involves
placing a cost on emissions, to encourage
individuals and businesses to change their
behaviour to reduce the cost they incur and
hence emissions. The other involves direct
government interventions which penalise or ban
emissions and subsidise or oblige non-emitting
behaviour.
Infratil has expressed its unequivocal support for
the former approach; policies which place a cost
on emissions and let individuals and businesses
make their own decisions.
Bans and subsidies have been shown in almost
all instances to carry a high cost for each tonne of
CO
2
avoided.
However, there are two key areas where
government will have to take steps beyond just
creating a cost on carbon emissions.
• Leakage. Ensuring that steps taken in
New Zealand don’t push activities to other
countries where the activity will continue with
even greater emissions. For instance, if the
Tiwai Point aluminium smelter closed,

New Zealand CO
2
emissions would fall by
approximately 1.2 million tonnes a year
(although longer term this saving would
probably be closer to only 700,000 tonnes as
other uses for the electricity used at the
smelter emerge). But if production shifted to a
country with coal and gas fired electricity
generation smelting the same amount of
alumina could result in 4.2 million tonnes a
year of emissions.
Local virtuousness would have cost 3,000
people their jobs and increased global annual
CO
2
emissions by 3.5 million tonnes.
• Alternatives. If the price of CO
2
emissions
were $100/tonne it would add about
30 cents/litre to the price of petrol. Tough on
the person who can only use a car to get to
work. Alternatives will need to be available

to provide choices and to enable people to
change their behaviour.
The key point made in Infratil’s submissions on
the Zero Carbon Bill and the Emission Trading
Scheme is that if the new rules, regulations and
institutions are sensible and stable, investors
such as Infratil will provide capital for renewable
Wellington Airport personnel planting native trees on Miramar Peninsula with Te Molu Kairangi and Trees that Count.

32
INFRATIL
electricity and the infrastructure required to
smooth the path to New Zealand’s low-carbon
future. At least some of the proposals now under
consideration will not lead to this outcome.
Copies of Infratil’s submissions are available on
the Ministry for the Environment website or by
contacting Infratil.
Infratil also produced an Update newsletter on
the topic of investing in renewable generation
which sets out a simple formula for reducing
energy emissions at the least cost. In essence, the
less that Government meddles with electricity
generation the more available will be capital to
expand capacity and the lower will be the price of
electricity. A low electricity price will make for an
easier transition away from oil, gas, and coal for
motorists, producers and householders.
Any direct intervention by government will create
distortions and will result in higher electricity
prices, less reliability, or large subsidies at a time
when government resources will be needed
elsewhere to smooth the transition to a low
carbon economy. https://infratil.com/assets/
Uploads/20180928-Infratil-Update-Newsletter-
Sept-2018.pdf
PROVINCIAL GROWTH FUND
One of the largest costs faced by New Zealand
relates to building transport, social, municipal
and energy infrastructure to accommodate
Auckland’s population growth. Since Infratil was
established in 1994 the Auckland population has
risen by approximately 600,000 people, almost
50% of the national population increase over that
period. People are attracted to Auckland because
of jobs.
Other than by restricting immigration and where
people can live or work, the only alternative is to
stimulate economic activity in the provinces. And
given the scale of the Auckland infrastructure
cost, the programme to boost the amount of
work elsewhere needs to be substantial.
The PGF is an innovative and brave initiative to
encourage and expand investment in the West
Coast, Waikato, Te Tau Ihu, Taranaki, Tairawhiti,
Southland, Otago, Northland, Manawatu-
Whanganui, Hawke’s Bay, Chatham Islands,

and Bay of Plenty. It is clearly more risky for
government to allocate capital to job-creation

in these areas than it is to keep spending on
Auckland infrastructure. But if it works it

will be a much better allocation of national
resources.
Infratil has indicated to the Minister in charge of
the PGF, Hon Shane Jones, and his team a
willingness to co-invest with the fund and a
number of ideas have been put forward.
INFRASTRUCTURE FORECASTING AND
IMPLEMENTING
Government is consulting over the establishment
of a new agency which would be tasked with
developing forecasts of infrastructure needs and
with helping to meet those needs.
Infratil’s submission supported the intension and
made two main suggestions:
• The forecast of infrastructure needs should
avoid proscribing solutions. If needs are
known, an open-minded approach to how
they should be met could well result in
proposals that were innovative and better
than the obvious.
Urban mobility is one example. It is generally
recognised that alternatives to private cars

are required and there has probably never
been as many options. Trams, ride-share
vehicles, bikes/scooters/cars which are
available to anyone to use and leave as suits,
electric bikes/scooters, and possibly even
autonomous vehicles. An approach to meet
increasing demand for mobility which was
entirely open-minded could well result in
something much better than tried-and-tested.
Not surprisingly, Infratil considers the current
model of entirely government designed,
funded and owned provision of infrastructure
to have fundamental shortcomings.
• The agency should have a high level of
capability, which means well paid and
incentivised staff, and good governance.

Not a radical seeming suggestion, but actually
it probably is.
Copies of Infratil’s submission is available on

The Treasury website or by contacting Infratil.
One point which became clear during
preparation of Infratil’s submissions on the
Climate Change and Infrastructure policies, was
how helpful the officials were in the Ministry for
the Environment and The Treasury. Any questions
were promptly and thoroughly addressed and
individuals were very accessible.

33
INTERIM REPORT 2018
Directors
M Tume (Chairman)
M Bogoievski
A Gerry
P Gough
P M Springford
H J D Rolleston
Company Secretary
N Lough
Registered Office - New Zealand
5 Market Lane
PO Box 320
Wellington
Telephone: +64 4 473 3663
Internet address: www.infratil.com
Registered Office - Australia
C/- H.R.L. Morrison & Co Private Markets
Level 37, Governor Phillip Tower
1 Farrer Place
Sydney NSW 2000
Telephone: +61 2 8098 7500
Manager
Morrison & Co Infrastructure Management
Limited
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 Zealand
Link Market Services
Level 11, Deloitte House
80 Queen Street
PO Box 91976
Auckland
Telephone: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
Internet address: www.linkmarketservices.co.nz
Share Registrar - Australia
Link Market Services
Level 12
680 George Street
Sydney NSW 2000
Telephone: +61 2 8280 7100
Email: registrars@linkmarketservices.com.au
Internet address:

www.linkmarketservices.com.au
Auditor
KPMG
10 Customhouse Quay
PO Box 996
Wellington
Calendar
Final Dividend Paid

18 June 2018
Annual Meeting

24 August 2018
Infratil Update Publication

September 2018
Half Year End

30 September 2018
Interim Report Release

13 November 2018
Interim Dividend Paid

14 December 2018
Financial year end

31 March 2019
Updates/Information
Infratil produces an Annual Report and Interim
Report each year. It also produces other Update
newsletters on matters of relevance to the
Company. Most recently Infratil produced an
Update in September 2018 on investing in
Electricity Generation.
In addition, Infratil produces occasional reports
on the operations of its subsidiaries. These are
available at www.infratil.com.
All Infratil’s reports and releases are on its
website, which also contains profiles of Infratil’s
businesses and links.
DIRECTORY

34
INFRATIL

Strategic Review of ANU student accommodation concession Extension of Tilt Renewables Offer Period

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