Full year results announcement for the year ended 31 March

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
17 May 2019

Full year results announcement for the year ended 31 March 2019


Strong underlying performance enabled significant capital to be invested in high performing
renewable energy and data platforms

Underlying EBITDAF
1
before incentive fees was $580.1 million for the year ended 31 March 2019, up
from $482.0 in the prior year. Infratil’s Underlying EBITDAF was $539.5 million, down from the
$546.4 million reported in 2018.

The reduction in Underlying EBITDAF reflects the $102.6 million initial incentive fee payable in relation
to Infratil’s investments in Canberra Data Centres (‘CDC’), Longroad Energy, Tilt Renewables, and the
Australian National University’s Purpose-Built Student Accommodation concession (‘ANU PBSA’). The
fee assesses the performance of these assets since their respective dates of acquisition and reflects
the outperformance of each asset over that period.

During the year, $679.0 million was reinvested into Infratil’s existing businesses, including
$236.4 million into Tilt Renewables, $140.6 million into CDC, $87.2 million into Longroad Energy and
$72.1 million of capital expenditure at Wellington International Airport. The investment has supported
the following significant projects underway within these businesses:

• Tilt Renewables’ construction of the 336MW Dundonnell wind farm;
• CDC’s acquisition of the Eastern Creek Data Centre facility in Sydney, which has development
potential of up to 120MW;
• Longroad’s construction of the Project Phoebe (315MW) solar project and the Project Rio Bravo
(238MW) wind project; and,
• Wellington Airport’s Rydges Hotel and multi-level car park which are completed and open for
business.

This investment now underway will underpin Infratil’s future earnings and long-term capital growth.
Significant progress has also been made tightening the portfolio during the year. Infratil has signed
conditional sales agreements for its interests in NZ Bus, ANU
2
and Snapper, and is in negotiations with
prospective buyers of its interest in Perth Energy with conclusion of the strategic review expected in
FY2020.

Infratil’s share price rose from $3.10 on 31 March 2018, to $4.17 on 31 March 2019. Dividends of 17.00
cents per share were paid during the year. Had the cash dividends been reinvested in Infratil shares at
the time they were paid they would have provided a return of 5.5% per annum on the 31 March 2018
share price. Added together, the dividend and share price movement resulted in shareholders receiving
a return of 41.3% in the year to 31 March 2019.

Infratil has announced a final dividend of 11 cents per share, plus 2 cents per share of imputation credits,
delivering a total ordinary dividend to shareholders of 17.25 cents per share for the 2019 financial year.
The final dividend will be paid on 27 June 2019.

1
Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show management’s view of the underlying business
performance. Underlying EBITDAF represents consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative
movements, revaluations, gains or losses on the sales of investments, and includes Infratil’s share of RetireAustralia’s underlying profits.
Underlying profit 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 Infratil’s 2019 Annual Report
2
On 14 May Infratil announced that the sale of its ANU PBSA investment is unconditional and that it expects to receive cash proceeds of
approximately A$162 million on 20 May 2019

2

On 14 May Infratil made a significant announcement post balance date regarding the conditional
acquisition of Vodafone NZ alongside Brookfield Asset Management. The acquisition of New Zealand's
leading mobile telecommunications company
3
is transformational for Infratil and significantly
strengthens the cash generative core of the portfolio. Vodafone NZ increases Infratil's exposure to long-
term data and connectivity growth and complements the acquisition of Canberra Data Centres.
Following the recently announced divestments, the Infratil portfolio will now hold substantial positions
across renewable energy, data, retirement and aged care, and airports.

Infratil has provided Underlying EBITDAF guidance range from continuing operations of
$635 - $675 million for the year ending 31 March 2020. This includes a 7-month contribution from
Vodafone NZ.

Further information about the full year results presentation will be discussed on a conference call at
10.00am today.

Conference code: Infratil
NZ Toll Free: 0800 122 360
Australia Toll Free: 1800 760 146
International Toll Free +64 99 507 043


Further information is available on www.infratil.com

Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com


3
By mobile subscriber market share. New Zealand Commerce Commission Annual Telecommunications Monitoring Report –
18 December 2018

---

Results Announcement
For the year ended 31 March 2019
17 May 2019

Disclaimer
InfratilFull year results presentation 20192
Disclaimer
This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (Company).
To the maximum extent permitted by law, the Company, its affiliates and each of their respective affiliates, related
bodies corporate, directors, officers, partners, employees and agents will not be liable (whether in tort (including
negligence) or otherwise) to you or any other person in relation to this presentation.
Information
This presentation contains summary information about the Company and its activities which is current as at the
date of this presentation. The information in this presentation is of a general nature and does not purport to be
complete nor does it contain all the information which a prospective investor may require in evaluating a possible
investment in the Company or that would be required in a product disclosure statement under the Financial
Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth). The historical information in this
presentation is, or is based upon, information that has been released to NZX Limited (NZX) and ASX Limited. This
presentation should be read in conjunction with the Company’s Annual Report, market releases and other periodic
and continuous disclosure announcements, which are available at www.nzx.com, www.asx.com.au or
infratil.com/for-investors/.
United States of America
This presentation is not an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. In
particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in
the United States or any other jurisdiction in which such an offer would be illegal. The potential equity capital
raising and any securities mentioned in this presentation, have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the U.S. Securities Act) or the securities laws of any state or other jurisdiction of
the United States.
Not financial product advice
This presentation is for information purposes only and is not financial, legal, tax, investment or other advice or a
recommendation to acquire the Company’s securities, and has been prepared without taking into account the
objectives, financial situation or needs of prospective investors.
Past Performance
Any past performance information given in this presentation is given for illustrative purposes only and should not
be relied upon as (and is not) an indication of future performance. No representations or warranties are made as to
the accuracy or completeness of such information.

Disclaimer
InfratilFull year results presentation 20193
Future Performance
This presentation may contain certain “forward-looking statements” about the Company and the environment in
which the Company operates, such as indications of, and guidance on, future earnings, financial position and
performance. Forward-looking statements often include words such as “may”, “anticipate”, “expect”, “intend”,
“plan”, “believe”, “continue” or similar words in connection with discussions of future operating or financial
performance. Forward-looking information is inherently uncertain and subject to contingencies outside of the
Company’s control, and the Company gives no representation, warranty or assurance that actual outcomes or
performance will not materially differ from the forward-looking statements.
Financial data
This presentation may contain pro forma historical financial information. Any pro forma historical financial
information provided in this presentation is for illustrative purposes only and should not be relied upon as, and is
not represented as, being indicative of Infratil’sfuture financial condition. In addition, any pro forma historical
financial information included in this presentation does not purport to be in compliance with Article 11 of
Regulation S-X of the rules and regulations of the U.S. Securities and Exchange Commission.
This presentation contains certain financial information and measures that are “non-GAAP financial information”
under the FMA Guidance Note on disclosing non-GAAP financial information, "non‐IFRS financial information"
under Regulatory Guide 230: ‘Disclosing non‐IFRS financial information’ published by the Australian Securities and
Investments Commission (ASIC) and "non‐GAAP financial measures" within the meaning of Regulation G under the
U.S. Securities Exchange Act of 1934, as amended, and are not recognised under New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International
Financial Reporting Standards (IFRS). The non-IFRS/GAAP financial information and financial measures include
Underlying EBITDA, Underlying EBITDAF, and Net Debt. The non-IFRS/GAAP financial information and financial
measures do not have a standardised meaning prescribed by the NZ IFRS, AAS or IFRS, and therefore, may not be
comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative
to other financial measures determined in accordance with IFRS, AAS or IFRS. Although Infratilbelieves the non-
IFRS/GAAP financial information and financial measures provide useful information to users in measuring the
financial performance and conditions of Infratil, you are cautioned not to place undue reliance on any non-
IFRS/GAAP financial information or financial measures included in this presentation.
Currency
All currency amounts in this presentation are in NZ dollars unless stated otherwise.
No part of this presentation may be reproduced or provided to any person or used for any other purpose.

Full Year
Overview
Strong
underlying
performance
enabled
significant
capital to be
invested in high
performing
renewable
energy and data
platforms
Full Year Overview
•Strong Underlying EBITDAF from core operating
businesses
•Significant progress in divestments and
tightening ofthe portfolio
•$679 million invested during the period,
including over $320 million in renewables and
over $140 million in Canberra Data Centres
•Significant announcement post-balance
dateregarding the acquisition of Vodafone
NewZealand alongside Brookfield
AssetManagement
•Partially imputed final dividend of 11.00 cps, up
2.3% on the prior year
•Total shareholder return of 41.3% for the year
to 31 March 2019
InfratilFull year results presentation 20194

Financial
Highlights
21% growth
inunderlying
EBITDA before
International
Portfolio
incentive fees
InfratilFull year results presentation 20195
Full Yearended 31 March ($Millions)20192018Variance% Change
Underlying EBITDAF
1
539.5546.4(6.9)(1.3%)
Underlying EBITDAF (before Incentive fee)581.1482.099.120.6%
International Portfolio Initial Incentive fee102.6-102.6100.0%
Net Parent Surplus(19.5)71.4(90.9)(127%)
Operating Cash Flow276.9295.8(18.9)(6.4%)
Capital Expenditure & Investment679.0325.9353.1108.4%
Earnings per share (cps)(3.5)12.7(16.2)(127%)
Notes:
1.Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show management’s view of the underlying business
performance. Underlying EBITDAF represents consolidated net earnings before interest, tax, depreciation, amortisation, financialderivative
movements, revaluations, gains or losses on the sales of investments, and includes Infratil’s share of RetireAustralia’s underlying profits.
Underlying profit is a common performance measure used by retirement companies and removes the impact of unrealised fair value movements
on investment properties, impairment of property, plant and equipment, one-off gains and deferred taxation, and includes realised resale gains
and realised development margins. A reconciliation of Underlying EBITDAF is provided in Appendix I

Results
Summary
Strong uplift in
Groupoperating
earnings
InfratilFull year results presentation 20196
31 March ($Millions)20192018
Operating revenue1,442.21,233.9
Operating expenses(891.6)(774.7)
Operating earnings550.6459.2
Int’l Portfolio incentive fee(102.6)-
Depreciation & amortisation(160.4)(151.5)
Net interest(148.5)(150.5)
Tax expense(72.0)(52.7)
Revaluations0.948.7
Discontinuedoperations
1
(12.0)7.3
Net profit after tax52.4160.5
Minority earnings(71.9)(89.1)
Net parent surplus(19.5)71.4
•Operating revenue increased with
continued strength in the core businesses
and realised development gain from
LongroadEnergy
•International Portfolio incentive fees
accrued as at 31 March 2019 relate to
Infratil’sinvestments in Canberra Data
Centres, Tilt Renewables, Longroad
Energy and ANU Purpose Built Student
Accommodation (ANU PBSA)
•Increase in depreciation and amortisation
reflects growth in asset base, including
the commissioning of the Salt Creek wind
farm
•Increase in tax expense primarily relating
to LongroadEnergy
•Discontinued operations include ANU
PBSA, NZ Bus, Perth Energy and Snapper
Notes:
1.Discontinued operations represent businesses that have been divested, or businesses which will be recovered principally through a sale transaction rather
than through continuing use

International
Portfolio
Initial
Incentive fee
Fee reflects the
performance of
international
assetsacquired
in the 2017
financial year
InfratilFull year results presentation 20197
31 March ($Millions)
AcquisitionValuationDistributions
1
Cost
2
Initial FeeIRR
3
ANU PBSA31/08/2016174.8 20.0 (127.0)13.6
29.9%
Canberra Data Centres15/09/2016889.2 32.5 (595.1)65.3
30.7%
Longroad Energy26/10/2016122.7 55.8 (72.7)21.2
63.7%
Tilt Renewables28/10/2016713.4 19.5 (720.2)2.5
13.1%
1,900.1 127.8 (1,515.0)102.6
Notes:
1.Distributions from International Portfolio assets plus the hurdle rate of return calculated on a daily basis, compounding
2.Cost value (including capital returns) of the International Portfolio assets plus the hurdle rate of return calculated on a daily basis, compounding
3.IRR after Initial Incentive fees calculated as at 31 March, other than ANU PBSA which has been calculated based on a forecast settlement date of
20 May 2019
•The Management Agreement provides for the assessment of an initial incentive fee in the third
financial year after acquisition of an international asset. The fee assesses the performance of the
assets since its respective date of acquisition
•The initial incentive fee has been finalised and approved by the Infratil Board as part of the approval
of the financial statements for the year ended 31 March 2019
•On 14 May Infratil announced that the sale of its ANU PBSA investment is unconditional and that it
expects to receive cash proceeds of approximately A$162 million on 20 May 2019, having already
received distributions of A$4.8 million since 31 March 2019

Underlying
EBITDAF
Capital
investment
drives
EBITDAFgrowth
in Tilt,Canberra
DataCentres and
Longroad Energy
•Trustpowerabove expectation, however short of
last year’s ‘once in a decade’ hydrologycombining
high generation volumes and prices
•Tilt Renewablesincludes the first contribution
from Salt Creek and wind conditions in line with
long-term expectations
•Increased passenger numbers and commercial
revenue at Wellington Airport
•Canberra Data Centresyear-on-year earnings
growth and valuation uplift in data centre assets
•Continued challenges on resales and development
margins for RetireAustralia
•Longroad Energyprimarily reflects the gain on
the sale of Project Phoebe, a solar development in
Texas, USA
•NZ Bus performance impacted by a number of
operating challenges
•Strong result from Perth Energy reflecting the
repositioning of its Retail business over the last 2
years
InfratilFull year results presentation 20198
31 March ($Millions)20192018
Trustpower222.2243.1
Tilt Renewables144.4112.3
Wellington Airport101.495.4
Canberra Data Centres83.956.1
RetireAustralia9.218.3
Longroad Energy46.5(19.7)
Corporate and other(27.5)(23.5)
Underlying EBITDAF (excl. fees)
1
581.1482.0
Int’l Portfolio incentive fee(102.6)-
Underlying EBITDAF (continuing)477.5482.0
NZ Bus17.433.4
Perth Energy35.9(5.8)
ANU PBSA12.814.4
Other(4.1)22.5
Underlying EBITDAF539.5546.4
Notes:
1.International Portfolio Initial Incentive fee

Capital
Expenditure &
Investment
Building a
balanced
portfolio
capable of
delivering long-
termcapital
growth
•Tilt Renewables completedtheSalt Creek wind
farm (54MW) in July 2018 and is well underway
with construction of the Dundonnellwind farm
(336MW)
•Wellington Airport RydgesHotel and multi-level
car park completed and open for business
•Canberra Data Centres
‐Completion of the Fyshwick2(21MW) data
centre facility
‐Commencement of construction on
Hume 4 (23MW)
‐Acquisition of the Eastern Creek facility in
Sydney, with development potential of up to
120MW
•RetireAustraliaprogressing Lutwyche Fancutts,
Burleighand Tarragindidevelopments
•NZ Bus acquired 71 double decker buseswhich
are now in service
•Longroad construction of Project Phoebe
(315MW) solar project and Project Rio Bravo
(238MW) wind project
InfratilFull year results presentation 20199
31 March ($Millions)20192018
Trustpower27.727.9
Tilt Renewables127.190.5
Wellington Airport72.185.1
Canberra Data Centres
1
140.622.0
RetireAustralia
1
31.835.9
NZ Bus45.919.1
Other28.114.8
Capital Expenditure473.4295.3
Tilt Renewables
2
109.3-
ANU PBSA9.1-
Longroad Energy87.230.6
Investment205.630.6
Capital Expenditure & Investment679.0325.9
Notes:
1.Infratil’s proportionate share of associate’s capital expenditure
2.Shares acquired under Infratil and Mercury Energy's full cash takeover offer for Tilt Renewables Limited

Distributions
FY20 dividend
expected to be
maintained at the
current level on a
cents per share
basis
Final Ordinary Dividend
•A final ordinary dividend of 11.00 cps
payable on 27 June 2019
•The record date will be 21 June 2019
•Partially imputed with 2 cps of imputation
credits attached
•Combined with the FY19 interim dividend,
total dividends for FY2019 of 17.25cps
•The dividend reinvestment plan will not
apply to this dividend
Dividend Outlook
•Infratil expects its FY2020 dividend to be
maintained at the current level on a cents
per share basis (17.25 cps)
InfratilFull year results presentation 201910
0
2
4
6
8
10
12
14
16
18
20
2013201420152016201720182019
Ordinary dividend per share profile
InterimFinal

Debt Capacity
& Facilities
Duration
extended and
capacity
preserved to
supportfurther
investment
•Net debt position of $44.3 million and wholly owned subsidiaries’ bank facilities drawn of
$99.4 million as at 31 March 2019
•Senior debt facilities have maturities up to 5 years
•$68.5 million and $80.5 million of Infrastructure Bonds maturing in November 2019 and
February 2020 respectively
•Committed acquisition debt facility of NZ$800 million, of which approximately NZ$400 million is
expected to be drawn as part of the acquisition of Vodafone NZ
InfratilFull year results presentation 201911
Maturities to 31 March ($Millions)
Infratil and wholly-owned subsidiaries
Total2020202120222023>4 yrs>10yrs
Bonds1,136.4149.0-93.9193.7467.9231.9
Infratil bank facilities
1
473.033.0210.0115.0100.015.0-
100% subsidiaries’ bank facilities
2
29.429.4-----
Committed acquisition debt facility800.0-600.0-100.0100.0-
Notes:
1.Infratil and wholly-owned subsidiaries exclude Trustpower, Tilt, WIAL, Perth Energy, CDC, RetireAustralia, ANU PBSA and Longroad
2.NZ Bus export credit guarantee fleet procurement facility. This facility was fully repaid in May 2019

Notes:
1.Based on composition of existing Infratilportfolio
Portfolio
Target Returns
Ten-year 11-15%
total shareholder
return target
maintained.
Portfolio
composition and
active
management
approach have
been designed
to deliver
targetedreturns
Leverage
Assumption
Expected
Returns
1
Infratil
Portfolio
Management
Costs
Return to
Shareholders
Core
Lower Risk
Core Plus /
Growth
Development
Higher Risk
8–10%
Per annum
10–15%
Per annum
15–25%
Per annum
Average Debt
Funding 30%
at6% p.a.
interest rate
1% of assets
Per annum
11–15%
Per annum
++
–
=
InfratilFull year results presentation 2019
++–=
12

Asset Values
The value of
Infratil’s
subsidiaries and
associates is
recorded in
Infratil’s
financial
statements in
accordance with
NZ IFRS. This
slide presents an
alternative
method for
valuing those
assets
•Trustpowerbased on market price as at 16 May 2019
•Vodafone NZ based on NZ$1,029 million acquisition
price
•Canberra Data Centres, Tilt Renewablesand Longroad
Energy based on Independent Valuations as at
31 March 2019
•Wellington Airport based on a 16x multiple of forecast
FY2020 EBITDA less net debt as at 31 March 2019
•RetireAustraliabased on 1x multiple of net tangible
assets as at 31 March 2019
•Proceeds of A$162 million from the sale of ANU PBSA
expected on 20 May 2019, A$4.8 million of distributions
received since 31 March 2019
•Other includes 31 March 2019book values for Australian
Social Infrastructure Partners, Infratil Infrastructure
Property and ClearvisionVentures
•NZ Bus and Perth Energy based on book values as at
31 March 2019, reflecting that the assets are under
strategic review
•Net wholly owned debt includes Infratil’s net bank debt
of NZ$45 million, and infrastructure bonds of
NZ$1,136 million, both as at 31 March 2019
•International Portfolio incentive feesaccrued as at
31 March 2019 (refer slide 7)
•Corporate costsare calculated as 5 times FY2020
management fees and corporate costs
InfratilFull year results presentation 20191313
($Millions)Asset Value
Trustpower
1,110
Canberra Data Centres
841 –942
Wellington Airport
770 –850
Tilt Renewables
650 –785
RetireAustralia
265 –325
Longroad Energy
123
Other
110
ANU PBSA
169
1
NZ Bus
167
1
Perth Energy
90
1
Total4,295 –4,671
Net wholly owned debt(1,181)
Int’l Portfolio incentive fee(103)
Corporate costs(185)
Net Equity Value2,826 –3,202
Notes:
1.Assets under strategic review

-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
20092010201120122013201420152016201720182019
Infratil Share
Price
Performance
Infratil has
delivered
outstanding
returns over the
short, medium
and long-term
Infratil Share Price
Total Shareholder Return
1
PeriodTSR
1 Year45.5%
5 Year20.1%
10 Year15.7%
Inception –25 years17.5%
InfratilFull year results presentation 201914
Notes:
1.Total Shareholder Return based on a 16 May 2019 closing share price of $4.45

Operating Businesses

Trustpower
Solid operating
result following
outstanding
performance in
the prior year
Financial
•EBITDAF from continuing operations of $222 million was
$21 million (9%) below the prioryear
•Generation volume was 11% lower than the very high
volume achieved in 2018 but still 4% above long-term
average
•Increased Retail EBITDAF of $64 million, up $4 million (8%)
from prior year, indicatinginvestment in providing bundled
offers is delivering sustainable results
Customers
•Overall customer growth was modest (1% increase in total
utility accounts on prior year),however bundled customer
numbers increased, leading to improved margins (5%
increaseon prior year)
•Total accounts with two or more products up 7% to 107,000
accounts
•The operational focus has been on enhancing the
telecommunications network.Trustpowernow has a carrier
grade network that is well positionedto meet future
customer demands
Generation
•New Zealand generation production of 1,994GWh was
down 11% from the exceptionalresult recorded the prior
year but still above the long run average of 1,917GWh
•The operational focus has been on strengthening reliability
and availability of keygeneration plant in anticipation of a
more volatile future wholesale market
Infratil Full year results presentation 201916

Tilt
Renewables
Uplift in
EBITDAF
performance
following
completion of
Salt Creek
InfratilFull year results presentation 201917
Financial
•EBITDAF of A$134.8 million was A$31.0 million (30%) above
the prior year of A$103.8 million
•Revenue of A$193.3 million was A$35.3 million (22%) above
the prior year, primarily due to the contribution of Salt
Creek production (134GWh) and a rebound of New Zealand
production
•Australia and New Zealand production broadly in line with
long-term expectations
•Development and employee cost for Dundonnell Wind
Farm capitalised upon financial close
Construction and development
•Salt Creek Wind Farm (54MW in Victoria) commissioned in
July 2018, on time and on budget
•Dundonnell Wind Farm (336MW in Victoria) construction
commenced after securing long-term revenue offtakes
from Victorian Government and Snowy Hydro (covering
87% output)
•The development pipeline has been expanded by 1GW,
with Waverley Wind Farm (~130MW in South Taranaki) is
progressing well, having secured a long-term Genesis
Energy offtake

Canberra Data
Centres
EBITDA growth
delivered while
capacity
additions and
development
continues
Financial
•FY2019 EBITDA of A$72.3 million was A$16.5 million (30%)
above the prioryear
•FY2020 forecast EBITDA of A$110 million from a pipeline of
diverse opportunities with new and existing clients
Growth and development
•Major contract wins with Government and Hyperscale cloud
customers
•New Data Hosting Strategy by the Australian Government
improves CDC’s market position
•Whole of portfolio weighted average lease expiry (WALE) of
9 years (FY2018: 4.2 years), and 16.7 years with options
(FY2018: 10.9 years), providing confidence in forward outlook
•FY2020 forecast capital expenditure of A$374 million;
completing Hume 4 (23MW) and Eastern Creek 2 (13MW),
construction of Eastern Creek 3 (25MW), and partial fit-out of
Fyshwick 2, Eastern Creek 2 and Hume 4
Valuation
•Independent valuation of Infratil’s48.2% share of CDC as at
31 March 2019 between NZ$841million-NZ$942 million
•Implied multiple of 16x to 18x on a 1-year forward run-rate
EBITDA basis
InfratilFull year results presentation 201918

Longroad
Energy
Expanded
development of
renewables in
the US
InfratilFull year results presentation 201919
Financial
•FY2019 Associate earnings of NZ$46.5 million, compared to a
loss of NZ$19.7 million in the prior year
•To date Infratil has invested NZ$154.3 million, and received
distributions and capital returns of NZ$151.7 million
•Independent valuation of Infratil’sinvestment as at
31 March 2019 of NZ$123 million
Longroadtoday
•Total operating portfolio of 685MW, managing construction
of 553MW
•LongroadServices providing operating and maintenance
services to 1,476MW including 791MW from third party
owned operating assets
Development business on track
•First wave of projects (Phoebe 315MW solar and Rio Bravo
238MW wind) have reached financial close
Outlook
•Second wave of projects includes up to 800MW of new
development deals (Prospero Solar, El Campo Wind and
Foxhound Solar)
•Current development pipeline of ~8GW

Wellington
Airport
Strong earnings
growth and
completion of
significant
infrastructure
projects
Financial
•EBITDAF of $101.4 million, 6.2% growth on last year
•Over 6.4 million passengers, a 4.4% (or 269,000) increase on last
year, with the highest annual domestic growth in the last
decade
•Continuing to deliver a great visitor experience with excellent
global connectivity for the Wellington region. Passenger
surveys are indicating the highest-ever levels of approval
•Concluded a five-year, $300 million investment programme,
including the delivery of two major infrastructure projects;
✓RydgesWellington Airport hotel opened in February 2019
✓Multi-level car park and transport hub opened in October 2018
Outlook
•Repricing of aeronautical facilities and services is now expected
to start in late FY2020 once the airport has greater clarity on
capital investment associated with its 2040 master plan and
increasing aviation security requirements
•WIAL has agreed with its substantial airline customers to extend
current aeronautical pricing in the interim
•Wellington Airport consent application to extend the runway
was withdrawn from the Environment Court, with
re-application currently planned for 2020
InfratilFull year results presentation 201920

NZ Bus
Long-term scale
and stability
secured for
Auckland,
Wellington and
Tauranga
Financial
•Revenue down 15.8%, largely due to reduced scale in
Wellington
•Expenses down 10.0% reflecting the reduced scale in
Wellington, one-off transition costs to the new operating
model and implementation of the new Tauranga contract
•FY2019 EBITDA of $17.4 million impacted by a number of
one-off transition costs
Contracting market and forecast update
•Geographically diversified revenues in place, with 20 Auckland
units, 5 Wellington units, 2 Tauranga/BOP units and
Wellington Airport Flyer (exempt service). Average contract
tenure ~9 years
•Transition to new contracts in Auckland, Wellington and
Tauranga now complete
•71 double deckers($45 million) have been delivered and are
all in service across Auckland and Wellington
•Organic growth expected within current markets. Recent
operating challenges due to transition to new contracts and
below established staff levels
Capital expenditure outlook
•Currently working with GWRC on the procurement of new
fleet, with EV/diesel options under consideration
InfratilFull year results presentation 201921

RetireAustralia
Strong
long-term
investment
thematic with
near term choices
around pace of
development
Financial
•Underlying profit A$17.1 million, a decrease from
A$33.7 million in FY2018
•Lower accrued deferred management fees due to a 1.2% unit
price decrease
•Lower development margin due to a lower volume of new
units available to be sold (15 sales vs 51 sales)
•Despite industry headwinds, the sector dynamics combined
with the Federal Government focus on ageing in the home,
demonstrates that the significant market opportunity for high
quality retirement living, with a built-in continuum of care,
remains
Development
•2 urban villages currently under construction, including 70
purpose built care apartments due for completion in
September 2019
•First greenfield development expected to commence
construction in Calendar Year 2020
•Total development pipeline of 822 units
Care
•Home care rollout commenced in South Australia and Central
Coast of NSW, providing both privately and government
funded services
•Care model to be rolled out at new development providing
high levels of care to residents
InfratilFull year results presentation 201922

Perth Energy
Strong
turnaround in
performance
following
repositioning of
the business
ahead of
strategic review
Financial
•EBITDAF of A$33.5 million, a A$38.8 million improvement on
the prior year
•A$20.1 million of cost savings arising from truing up Perth
Energy’s shortfall positions for Calendar Year 2017 to the first
quarter of 2019 with lower priced future Large-scale
Generation Certificates
Retail
•Re-negotiation of medium term wholesale supply
arrangements completed and effective from
1 September 2018
•Generation asset has been used effectively to hedge the
Retail portfolio against high balancing prices
Generation
•Generation plant provides valuable peaking capacity to the
Western Australian energy 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
InfratilFull year results presentation 201923

Strategic
Review
Update
Portfolio
divestments
andtightening is
well advanced
InfratilFull year results presentation 201924
ANU PBSA
•Infratil has received all counterparty consents for the sale of its 50% interest in the Australian National
University’s Purpose Built Student Accommodation concession to funds controlled by AMP Capital
•Completion of the transaction is expected to occur on 20 May 2019 and Infratil expects to receive cash
proceeds of approximately A$162 million. Distributions of A$4.8 million have been received since
931 March 2019
NZ Bus
•Infratil has agreed the sale of NZ Bus with Next Capital, subject to regulatory approvals and the
approval of NZ Bus’key contract counterparties. OIO approval and Council change of control consents
remain outstanding
•On completion of the transaction Infratil expects to receive proceeds of approximately
$160-$170 million, after adjustments for working capital, capital expenditure, and an earnout
mechanism
•At 31 March 2019 Infratil has impaired the carrying value of the asset by $27.2 million to reflect
estimated proceeds
Snapper
•Infratil has agreed the sale of its interest in Snapper subject to counterparty consents
Perth Energy
•Perth Energy is now well positioned, but the investment is no longer a fit with Infratil’sstrategic
investment parameters
•Infratil is in negotiation with prospective buyers of its interest in Perth Energy with conclusion of the
strategic review expected in FY2020

FY2020
Outlook
The Vodafone NZ
acquisition will
enhance near-
term guidance
depending on
final completion
date
InfratilFull year results presentation 201925
Infratil FY2020 earnings guidance
1
and dividends
Guidance
1
($Millions)2020
2
Underlying EBITDAF635-675
Netinterest165-175
Depreciation& amortisation160-170
Capital expenditure700-800
•FY2020 Underlying EBITDAF guidance range
from continuing operations set at
$635-$675 million
•Key assumptions include:
▪Trustpower EBITDAF guidance of
$205-$225 million
▪Tilt EBITDAF guidance of A$122-$129 million
▪Infratil’s share of CDC’s reported EBITDA -
A$52 million
▪Longroad contribution assumes 3
development project gains together with the
Rio Bravo development gain
▪No Incentive Fees are forecast
▪Vodafone NZ full year FY2020 Underlying
EBITDA is forecast to be between
NZ$460-$490 million
▪Included in Infratil’s FY2020 guidance is a
7 month contribution from Vodafone NZ,
based on a 49.9% share of Underlying
EBITDA from 1 September 2019
•Infratil expects its FY2020 dividend to be
maintained at the current level on a dividend per
share basis
•Underlying EBITDAF guidance is presented on a
continuing operations basis and therefore excludes
any contributions from NZ Bus, ANU, Perth Energy
and Snapper
•Capital expenditure excludes the acquisition of
Vodafone NZ, and includes a proportionate share
of capital expenditure spent by other associates
Notes:
1.2020 guidance is based on Infratilmanagement’s current expectations and assumptions about the trading performance of Infratil’scontinuing
operations 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 Infratilinvestment portfolio. Trading performance and market conditions can and will
change, which may materially affect the guidance set out above
2.Postacquisition of Vodafone NZ
3.Discontinued operations represent businesses that have been divested, or businesses which will be recovered principally through a sale
transaction rather than through continuing use

Portfolio reset
largely
complete and
set to deliver
Newlyfocused
portfolio with
significantly
enhanced
pipeline
supported by
strengthened
core cash
generation
InfratilFull year results presentation 201926
Demonstrated Performance
•Standout performances from Tilt, Longroad, and Canberra Data
Centresfollowing commitment to platforms and delivery of
significant new facilities
•Core cash generating operating businesses deliver forecasted
earnings
•45.5% 12 month total shareholder return through 16 May 2019
Focused Portfolio
•Portfolio divestment programme nearing completion
•Allocation of available capital towards high-conviction
renewable energy and data platforms expected to continue
Positive Outlook
•Renewable energy platforms continue to strengthen with
material MW upgrades to Tilt and Longroadutility-scale wind
andsolar pipelines
•Canberra Data Centre expansion capability significantly
enhanced with new Sydney campus
•Material uplift in EBITDAF outlook assuming completion of
Vodafone NZ transaction in August 2019
•Portfolio reset largely complete and set to deliver long-
termtargeted returns

27
For further
information:
www.infratil.com

Appendix I
Reconciliation of
NPAT to
Underlying
EBITDAF
•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
•In Management’s view underlying profit provides a better benchmark to measure business performance in the
aged care sector
InfratilFull year results presentation 201928
31 March $Millions20192018
Net profit after tax52.4
160.5
Less: share of RetireAustralia associate earnings23.9
4.5
Plus: share of RetireAustralia underlying earnings9.2
18.3
Net loss/(gain) on foreign exchange and derivatives(0.1)
(34.8)
Net realisations, revaluations and (impairments)31.9
(12.5)
Discontinued operations41.3
55.7
Underlying earnings158.6
191.7
Depreciation & amortisation160.4
151.5
Net interest148.5
150.5
Tax72.0
52.7
Underlying EBITDAF539.5
546.4

---

Notes20192018
$000$000
Dividends received from subsidiary companies186,14580,000
Subvention income-10,327
Operating revenue30,26527,840
Total revenue216,410118,167
Directors' fees822740
Other operating expenses29,57827,029
Total operating expenditure 430,40027,769
Operating surplus before financing, derivatives, realisations and impairments186,01090,398
Net gain/(loss) on foreign exchange and derivatives4,4214,349
Net realisations, revaluations and (impairments)--
Financial income62,49738,502
Financial expenses(66,721)(68,574)
Net financing expense(4,224)(30,072)
Net surplus before taxation186,207 64,675
Taxation expense6(5,155)(5,610)
Net surplus for the year 181,052 59,065
Other comprehensive income, after tax
Fair value movements in relation to executive share scheme573(237)
Total other comprehensive income after tax573(237)
Total comprehensive income for the year181,62558,828
The accompanying notes form part of these financial statements.
Statement of Comprehensive Income
For the year ended 31 March 2019
Infratil Limited
1

NotesCapitalOther reserves
Retained
earnings
Total
$000$000$000$000
Balance as at 1 April 2018354,55233912,916367,807
Total comprehensive income for the year
Net surplus for the year--181,052181,052
Other comprehensive income after tax
-573-573
Total other comprehensive income
-573-573
Total comprehensive income for the year
-573181,052181,625
Contributions by and distributions to owners
Share buyback
----
----
Conversion of executive redeemable shares
----
Dividends to equity holders
3--(95,077)(95,077)
Total contributions by and distributions to owners
--(95,077)(95,077)
Balance at 31 March 2019
354,55291298,891454,355
Balance as at 1 April 2017356,96257643,459400,997
Total comprehensive income for the year
Net surplus for the year--59,06559,065
Other comprehensive income after tax
-(237)-(237)
Total other comprehensive income
-(237)-(237)
Total comprehensive income for the year
-(237)59,06558,828
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
354,55233912,916367,807
The accompanying notes form part of these financial statements.
Statement of Changes in Equity
For the year ended 31 March 2019
Statement of Changes in Equity
For the year ended 31 March 2018
Treasury Stock reissued under dividend reinvestment plan
Infratil Limited
Fair value movements in relation to executive share scheme
Treasury Stock reissued under dividend reinvestment plan
Fair value movements in relation to executive share scheme
2

Notes20192018
$000$000
Cash and cash equivalents--
Prepayments and sundry receivables2,0651,097
Income tax receivable--
Advances to subsidiary companies 141,151,916936,013
Current assets1,153,981937,110
Deferred tax 614,20316,608
Investments 14585,529585,529
Non-current assets599,732602,137
Total assets1,753,7131,539,247
Bond interest payable5,5075,637
Accounts payable4,0692,879
Accrual and other liabilities4292,255
Infrastructure bonds 7148,857111,202
Derivative financial instruments 81,7291,607
Loans from group companies 14153,897153,897
Total current liabilities314,488277,477
Infrastructure bonds 7747,169652,094
Perpetual Infratil Infrastructure bonds 7231,534231,152
Derivative financial instruments 86,16710,717
Non-current liabilities984,870893,963
Attributable to shareholders of the Company454,355367,807
Total equity454,355367,807
Total equity and liabilities1,753,7131,539,247
Approved on behalf of the Board on ϭςDĂLJ 2019
Director Director
The accompanying notes form part of these financial statements.
Statement of Financial Position
Infratil Limited
As at 31 March 2019
3

Notes20192018
$000$000
Cash flows from operating activities
Cash was provided from:
Dividends received from subsidiary companies186,14580,000
Subvention income-10,327
Interest received62,49738,502
GST refund received--
Operating revenue receipts29,29727,508
277,939156,337
Cash was dispersed to:
Interest paid(64,703)(67,069)
Payments to suppliers(31,043)(27,280)
Taxation (paid) / refunded(2,750)(3,715)
(98,496)(98,064)
Net cash flows from operating activities
10179,44358,273
Cash flows from investing activities
Cash was provided from:
Net movement in subsidiary company loan-38,164
-38,164
Cash was dispersed to:
Acquisition of shares in subsidiary--
Cash outflow for group company loan(215,330)-
(215,330)-
Net cash flows from investing activities
(215,330)38,164
Cash flows from financing activities
Cash was provided from:
Proceeds from issue of shares--
Issue of bonds246,249143,413
246,249143,413
Cash was dispersed to:
Repayment of bonds(111,418)(147,396)
Infrastructure bond issue expenses(3,867)(2,068)
Repurchase of shares-(778)
Dividends paid
3(95,077)(89,608)
(210,362)(239,850)
Net cash flows from financing activities
35,887(96,437)
Net cash movement --
Cash balances at beginning of year--
Cash balances at year end--
The accompanying notes form part of these financial statements.
Infratil Limited
Statement of Cash Flows
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.
For the year ended 31 March 2019
4

(1) Accounting policies
(A) Reporting Entity
(B) Basis of preparation
Accounting estimates and judgements
Valuation of investments
Accounting for income taxes
(C) Taxation
(D) Derivative financial instruments
Notes to the Financial Statements
For the year ended 31 March 2019
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 and ASX,
and is an issuer in terms of the Financial Markets Conduct Act 2013.
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (‘NZ GAAP’) and comply with New Zealand
equivalents to International Financial Reporting Standards ('NZ IFRS') and other applicable financial reporting standards as appropriate for profit-oriented
entities. The presentation currency used in the preparation of these financial statements is New Zealand dollars, which is also the Company's functional currency,
and is presented in $ thousands unless otherwise stated. The principal accounting policies adopted in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the periods presented, unless otherwise stated. Comparative figures have been restated where
appropriate to ensure consistency with the current period.
The financial statements comprise statements of the following: comprehensive income; financial position; changes in equity; cash flows; significant accounting
policies; and the notes to those statements are contained on pages 5 to 16 of this report. The financial statements are prepared on the basis of historical cost,
except financial derivatives valued in accordance with accounting policy (D).
The preparation of financial statements in conformity with NZ IFRS requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Future outcomes
could differ from those estimates. The principal areas of judgement in preparing these financial statements are set out below.
Infratil completes an assessment of the carrying value of investments at least annually and considers objective evidence for impairment on each investment taking
into account observable data on the investment, the fair value, the status or context of capital markets, its own view of investment value, and its long term
intentions. Infratil notes the following matters which are specifically considered in terms of objective evidence of impairment of its investments, and whether
there is a significant or prolonged decline from cost, which should be recorded as an impairment, and taken to profit and loss: any known loss events that have
occurred since the initial recognition date of the investments, including its long term investment horizon, specific initiatives which reflect the strategic or
influential nature of its existing investment position and internal valuations; and the state of financial markets. The assessment also requires judgements about
the expected future performance and cash flows of the investment.
Preparation of the financial statements requires management to make estimates as to, amongst other things, the amount of tax that will ultimately be payable,
the availability of losses to be carried forward and the amount of foreign tax credits that it will receive. Actual results may differ from these estimates as a result
of reassessment by management and/or taxation authorities.
Income tax comprises both current and deferred tax. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the balance date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of the differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the carrying amounts used for taxation purposes.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits or
deferred tax liabilities will be available within the Company against which the asset can be utilised.
When appropriate, the Company enters into agreements to manage its interest rate, foreign exchange, operating and investment risks. In accordance with the
Company's risk management policies, the Company does not hold or issue derivative financial instruments for speculative purposes. However, certain derivatives
do not qualify for hedge accounting and are required to be accounted for at fair value through profit or loss. Derivative financial instruments are recognised
initially at fair value at the date they are entered into. Subsequent to initial recognition, derivative financial instruments are stated at fair value at each balance
sheet date. The resulting gain or loss is recognised in the profit or loss immediately unless the derivative is designated effective as a hedging instrument, in which
event, recognition of any resultant gain or loss depends on the nature of the hedging relationship.
5

Notes to the Financial Statements
For the year ended 31 March 2019
(E) Impairment of assets
(F) Borrowings
(G) Foreign currency transactions
(H) Changes in accounting policies
(I) Adoption status of relevant new financial reporting standards and interpretations
(2) Nature of business
At each reporting date, the Company reviews the carrying amounts of its tangible and intangible assets, to determine whether there is any indication that those
assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount
of the cash-generating unit to which the asset belongs.
Borrowings are recorded initially at fair value, net of transaction costs. Subsequent to initial recognition, borrowings are measured at amortised cost with any
difference between the initial recognised amount and the redemption value being recognised in profit and loss over the period of the borrowing using the
effective interest rate. Fees and other costs incurred in arranging debt finance are capitalised and amortised over the term of the relevant debt facility.
Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the dates of the transactions. Monetary assets
and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign
currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for interest
and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and
liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair
value was determined. Foreign currency differences arising on translation are recognised in profit or loss.
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.
The Company has adopted NZ IFRS 9 Financial Instruments and NZ IFRS 15 Revenue from Contracts with Customers from 1 April 2018.
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 financial statements.
NZ IFRS 15 Revenue from Contracts with Customers, establishes a comprehensive framework for determining whether, how much and when revenue is
recognised. It replaces existing revenue recognition guidance, including NZ IAS 18 Revenue, NZ IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty
Programmes. The adoption of this accounting standard has not had a material impact on the 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's preliminary assessment of adopting NZ IFRS 16 is that it will not have a material impact on
the financial statements.
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.
6

Notes to the Financial Statements
For the year ended 31 March 2019
(3) Infratil shares and dividends
Ordinary shares (fully paid)
20192018
Total issued capital at the beginning of the year
559,278,166560,053,166
Movements in issued and fully paid ordinary shares during the year:
Share buyback
-(775,000)
Total issued capital at the end of the year
559,278,166559,278,166
Dividends paid on ordinary shares
2019201820192018
cents per sharecents per share
$000$000
Final dividend prior year (paid 14 June 2018)
10.75 10.00 60,122 56,005
Interim dividend current year (paid 18 December 2018)
6.25 6.00 34,955 33,603
Dividends paid on ordinary shares
17.00 16.00 95,077 89,608
Executive redeemable shares
20192018
$000
$000
Balance at the beginning of the year 433,000990,500
Shares issued
-
-
Shares converted to ordinary shares
-
-
Shares cancelled
-
(557,500)
Balance at end of year 433,000433,000
(4) Other operating expenses
20192018
$000
$000
Fees paid to the Company auditor204 365
Directors’ fees822 740
Administration and other corporate costs5,423 5,411
Management fee (to related party Morrison & Co Infrastructure Management)1423,951 21,253
Total other operating expenses30,400 27,769
20192018
Fees paid to the Company auditor
$000
$000
Audit and review of financial statements 204 158
Other assurance services - -
Taxation services - -
Other services - 207
Total fees paid to the Company auditor 204 365
All fully paid ordinary shares have equal voting rights and share equally in dividends and equity. At 31 March 2019 the Group held 775,000 shares as Treasury
Stock.
The audit fee includes the fees for both the annual audit of the Group and Company financial statements and the review of the interim financial statements. Other
services relate to due diligence work.
7

Notes to the Financial Statements
For the year ended 31 March 2019
(5) Net realisations and (impairments)
(6) Taxation
20192018
$000$000
Surplus before taxation186,20764,675
Taxation on the surplus for the period @ 28%52,13818,109
Plus/(less) taxation adjustments:
Exempt dividends(52,121)(22,400)
Losses offset within Group10,1408,202
Subvention payment-(2,892)
Timing differences not recognised--
Over provision in prior years1904,434
Other permanent differences(5,192)157

Taxation expense5,1555,610
Current taxation 2,7503,715
Deferred taxation 2,4051,895
5,1555,610
There was no income tax recognised in other comprehensive income during the period (2018: nil)
Recognised deferred tax assets and liabilities
20192018
$000$000
Derivatives2,2113,451
Tax losses carried forward12,06713,307
Deferred tax assets14,27816,758
20192018
$000$000
Other items(75)(150)
Deferred tax liabilities(75)(150)
Property, plant and equipment20192018
Investment property$000$000
Derivatives
2,2113,451
Tax losses carried forward12,06713,307
Other items(75)(150)
Net deferred tax assets/(liabilities)14,20316,608
Changes in temporary differences affecting tax expense
2019201820192018
$000$000$000$000
Derivatives(1,240)(1,217)--
Tax losses carried forward(1,240)(793)--
Other items75115--
(2,405)(1,895)--
At 31 March 2019 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 2019 (2018: nil).
Assets
Tax Expense
Liabilities
Net Assets/(Liabilities)
Other Comprehensive Income
8

Notes to the Financial Statements
For the year ended 31 March 2019
(7) Infrastructure Bonds
20192018
$000$000
Balance at the beginning of the year994,448998,305
Issued during the year246,249143,413
Exchanged during the year(51,050)(32,739)
Matured during the year(60,367)(114,657)
Purchased by Infratil during the year--
Bond issue costs capitalised during the year(3,867)(2,069)
Bond issue costs amortised during the year2,1472,195
Balance at the end of the year1,127,560994,448
Current148,857111,202
Non-current fixed coupon 747,169652,094
Non-current perpetual variable coupon231,534231,152
Balance at the end of the year1,127,560994,448
Repayment terms and interest rates:
IFT180 Maturing in November 2018, 6.85% p.a. fixed coupon rate-111,418
IFT200 Maturing in November 2019, 6.75% p.a. fixed coupon rate68,50068,500
IFT090 Maturing in February 2020, 8.50% p.a. fixed coupon rate80,49880,498
IFT220 Maturing in June 2021, 4.90% p.a. fixed coupon rate93,88393,883
IFT190 Maturing in June 2022, 6.85% p.a. fixed coupon rate93,69693,696
IFT240 Maturing in December 2022, 5.65% p.a. fixed coupon rate100,000100,000
IFT210 Maturing in September 2023, 5.25% p.a. fixed coupon rate122,104122,104
IFT230 Maturing in June 2024, 5.50% p.a. fixed coupon rate56,11756,117
IFT250 Maturing in June 2025, 6.15% p.a fixed coupon rate43,41343,413
IFT260 Maturing in December 2024, 4.75% p.a. fixed coupon rate100,000-
IFT270 Maturing in December 2028, 4.85% p.a. fixed coupon rate146,249-
IFTHA Perpetual Infratil infrastructure bonds231,917231,917
less: Bond issue costs capitalised and amortised over term(8,817)(7,098)
Balance at the end of the year1,127,560994,448
Fixed coupon
Perpetual Infratil infrastructure bonds ('PIIBs')
At 31 March 2019 the Infratil Infrastructure bonds (including PIIBs) had a fair value of $1,104.4 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 231,916,600 (31 March 2018: 231,916,600) PIIBs on issue at a face value of $1.00 per bond. Interest is payable quarterly on the bonds. For the
period to 15 November 2019 the coupon was fixed at 3.55% per annum (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 (2018: nil) were repurchased by Infratil Limited during the period.
Throughout the period the Company complied with all debt covenant requirements as imposed by the bond trustee.
9

Notes to the Financial Statements
For the year ended 31 March 2019
(8) Financial instruments
The Company has exposure to the following risks due to its business activities and financial policies:
• Credit risk
• Liquidity risk
• Market risk (interest rates and foreign exchange)
2019
Accounts
payable, accruals
and other
liabilities
Infrastructure
bonds
Perpetual Infratil
Infrastructure
bonds
Derivative
financial
instruments
Total
$000$000$000$000$000
Balance sheet
163,902896,026231,5347,8961,299,358
Contractual cash flows
163,9021,122,247311,8467,8961,605,890
6 months or less
163,90226,0724,1172,568196,659
6 to 12 months
-172,4814,1171,539178,136
1 to 2 years
-40,6788,2332,38651,298
2 to 5 years
-496,60624,6991,403522,708
5 years +
-386,410270,680-657,090
2018
Balance sheet
164,668763,296231,15212,3241,171,440
Contractual cash flows
164,668936,511290,42813,6221,405,229
6 months or less
164,66823,9674,0594,124196,818
6 to 12 months
-132,5224,0593,547140,128
1 to 2 years
-186,7108,1173,321198,148
2 to 5 years
-359,11424,3512,630386,095
5 years +
-234,198249,842-484,040
The tables below analyses the financial liabilities into relevant maturity groupings based on the earliest possible contractual maturity date at the year end date.
The amounts in the tables below are contractual undiscounted cash flows, which include interest through to maturity. Perpetual Infratil Infrastructure Bond cash
flows have been determined by reference to the longest dated Infratil Bond, maturing in the year 2028.
The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Board also has a function
of reviewing management practices in relation to identification and management of significant business risk areas and regulatory compliance. The Company has
developed a comprehensive, enterprise wide risk management framework. Management and Board participate in the identification, assessment and monitoring
of new and existing risks. Particular attention is given to strategic risks that could affect the Company.
Credit risk
Liquidity risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Company. The Company is exposed to
credit risk in the normal course of business including those arising from financial derivatives and transactions (including cash balances) with financial institutions.
The Company has adopted a policy of only dealing with credit-worthy counterparties, as a means of mitigating the risk of financial loss from defaults. Derivative
counterparties and cash transactions are limited to high-credit-quality financial institutions and other organisations in the relevant industry. The Company’s
exposure and the credit ratings of counterparties are monitored. The carrying amounts of financial assets recognised in the Statement of Financial Position best
represent the Company’s maximum exposure to credit risk at the reporting date. No security is held on these amounts.
Liquidity risk is the risk that assets held by the Company cannot readily be converted to cash to meet the Company's contracted cash flow obligations. Liquidity risk
is monitored by continuously forecasting cash flows and matching the maturity profiles of financial assets and liabilities. The Company's approach to managing
liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due and make value investments, under both normal
and stress conditions, without incurring unacceptable losses or risking damage to the Company's reputation.
10

Notes to the Financial Statements
For the year ended 31 March 2019
Interest rates
20192018
$000$000
At balance date the face value of interest rate contracts outstanding were:
Interest rate swaps in place at year end
95,000145,000
Fair value of interest rate swaps
(7,896)(12,324)
The termination dates for the interest rate swaps are as follows:
Between 0 to 1 year
50,00050,000
Between 1 to 2 years
45,00050,000
Between 2 to 5 years
-45,000
Over 5 years
--
Interest rate sensitivity analysis
20192018
$000$000
Profit or loss
100 bp increase248939
100 bp decrease(210)(1,023)
There would be no material effect on equity.
Foreign currency
Fair values
20192018
$000$000
Assets
Derivative financial instruments - foreign exchange--
--
--
Split as follows:
Current --
Non-current --
--
Liabilities
Derivative financial instruments - foreign exchange--
Derivative financial instruments - interest rate7,89612,324
7,89612,324
Split as follows:
Current 1,7291,607
Non-current 6,16710,717
7,89612,324
Derivative financial instruments - interest rate
The carrying amount of financial assets and financial liabilities recorded in the financial statements is their fair value, with the exception of bond debt held at
amortised cost which have a fair value at 31 March 2019 of $1,104.4 million (2018: $989.6 million) compared to a carrying value of $1,127.6 million (2018: $994.4
million).
At 31 March 2019, if the New Zealand dollar had weakened/strengthened by 10 percent against foreign currencies, with all other variables held consistent, post-
tax profit would not have been materially different. There would have been no material impact on balance sheet components.
Foreign exchange sensitivity analysis
The following table shows the impact on post-tax profit and equity of a movement in bank interest rates of 100 basis points higher/lower with all other variables
held constant.
The Company has exposure to currency risk on the value of its assets and liabilities denominated in foreign currencies, future investment obligations and future
income. Foreign currency obligations and income are recognised as soon as the flow of funds is likely to occur. Decisions on buying forward cover for likely foreign
currency investments is subject to the Company’s expectation of the fair value of the relevant exchange rate.
Market risk
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.
11

Notes to the Financial Statements
For the year ended 31 March 2019
Estimation of fair values
Valuation InputSource
Interest rate forward price curvePublished market swap rates
Discount rate for valuing interest rate derivatives
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).
Capital management
The key factors in determining the Company's optimal capital structure are:
• 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 analysis of financial instruments carried at fair value, by valuation method is below. The different levels have been defined as follows:
• Capital needs over the forecast period
The fair values and net fair values of financial assets and financial liabilities are determined as follows:
• The fair value of financial assets and liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted
market prices.
• The fair value of other financial assets and liabilities are calculated using market-quoted rates based on discounted cash flow analysis.
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
• Available sources of capital and relative cost
• Nature of its activities
• Quality and dependability of earnings/cash flows
• 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 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.
All financial instruments measured at fair value in the statement of financial position are valued either directly (that is, using external available inputs) or indirectly
(that is, derived from externally available inputs) and are classified as level 2 under NZ IFRS 7.
The Company has interest rate swap derivatives that are classified as Level 2 and have a fair value liability of $7.9 million at 31 March 2019 (2018: $12.3 million).
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
year ended 31 March 2019 (2018: none).
• discount rates.
Published market interest rates as applicable to the remaining life of
the instrument.
There were no changes to the Company's approach to capital management during the year.
The Company seeks to ensure that no more than 25% of its debt is maturing in any one year period, and to spread the maturities of its facilities. The Company
manages its interest rate profile so as to minimise net value volatility. This means having interest costs fixed for extended terms. At times when long rates appear
to be unsustainably high, the profile may be shortened, and when rates are low the profile may be lengthened.
The Company's capital includes share capital, reserves, and retained earnings. From time to time the Company purchases its own shares on the market with the
timing of these purchases dependent on market prices, an assessment of value for shareholders and an available window to trade on the NZX. Primarily the
shares are intended to be held as treasury stock and may be reissued under the Dividend Reinvestment Plan or cancelled. During the year no shares were bought
back by the the Company (2018: 775,000).
12

Notes to the Financial Statements
For the year ended 31 March 2019
(9) Investment in subsidiaries and associates
The significant investments of the Company and their activities are summarised below:
SubsidiariesHoldingHolding
20192018
New Zealand
Infratil 1998 Limited100%100%InvestmentNew Zealand
Infratil 2016 Limited100%100%InvestmentNew Zealand
Infratil 2018 Limited100%-InvestmentNew Zealand
Infratil Energy Limited100%100%InvestmentNew Zealand
Infratil Finance Limited100%100%FinanceNew Zealand
Infratil Gas Limited100%100%InvestmentNew Zealand
Infratil Infrastructure Property Limited100%100%InvestmentNew Zealand
Infratil Investments Limited100%100%InvestmentNew Zealand
Infratil No 1 Limited100%100%InvestmentNew Zealand
Infratil No 5 Limited100%100%InvestmentNew Zealand
Infratil Outdoor Media Limited100%100%InvestmentNew Zealand
Infratil PPP Limited100%100%InvestmentNew Zealand
Infratil Renewables Limited100%100%InvestmentNew Zealand
Infratil RV Limited100%100%InvestmentNew Zealand
Infratil Ventures II Limited100%100%InvestmentNew Zealand
Infratil Ventures Limited100%100%InvestmentNew Zealand
NZ Airports Limited100%100%InvestmentNew Zealand
Swift Transport Limited 100%100%InvestmentNew Zealand
Infratil Australia Limited100%100%InvestmentNew Zealand
The financial year-end of all the significant subsidiaries is 31 March.
(10) Reconciliation of net surplus with cash flow from operating activities
20192018
$000$000
Net surplus for the year 181,05259,065
Less items classified as investing activity:
Loss/(profit) on investment realisations and impairments--
Add items not involving cash flows:
(4,427)(4,349)
-(1,636)
--
Amortisation of deferred bond issue costs2,1472,195
Movements in working capital
Change in receivables(968)(332)
Change in trade payables1,190215
Change in accruals and other liabilities(1,956)1,220
Change in deferred tax2,4051,895
Net cash inflow from operating activities179,44358,273
Movement in financial derivatives taken to the profit or loss
Unsettled share buybacks
Capitalisation of intercompany interest and charges
Principal activity
Country of
incorporation
13

Notes to the Financial Statements
For the year ended 31 March 2019
(11) Share Scheme
Infratil Staff Share Purchase Scheme
Infratil Executive Redeemable Share Scheme
(12) Commitments
There are no outstanding commitments (2018: nil).
(13) Contingent liabilities
The Company has a contingent liability under the international fund management agreement with Morrison & Co International Limited in the event that the
Group sells its international assets, or valuation of the assets exceeds the performance thresholds set out in the international fund management agreement.
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.
From time to time selected key eligible executives and senior managers of Infratil and certain of its subsidiaries are invited to participate in the Infratil Executive
Redeemable Share Scheme ('Executive Scheme') to acquire Executive Redeemable Shares (‘Executive Shares’). The Executive Shares have certain rights and
conditions and cannot be traded and do not convert to ordinary shares until those conditions have been met. The Executive Shares confer no rights to receive
dividends or other distributions or to vote. Executive Shares may be issued which will convert to ordinary shares after three years (other than in defined
circumstances) provided that the issue price has been fully paid and vesting conditions have been met. The vesting conditions include share performance hurdles
with minimum future share price targets which need to be achieved over the specified period. The number of shares that “vest” (or LTI bonus paid) is based on
the share price performance over the relevant period of the Infratil ordinary shares. If the executive is still employed by the Group at the end of the specified
period, provided the share performance hurdles are met the executive receives a long term incentive bonus ('LTI') which must be used to repay the outstanding
issue price of the Executive Shares and the Executive Shares are then converted to fully paid ordinary shares of Infratil.
No new Infratil Executive Redeemable Shares were granted during the current or prior year. On 17 June 2016, 528,000 Infratil Executive Redeemable Shares were
granted at a price of $3.3107, the volume weighted average market price over the 20 business days immediately preceding the date on which the shares were
issued to each executive. One cent per Executive Share was paid up in cash by the executive with the balance of the issue price payable when the executive
becomes eligible to receive the long term incentive bonus. The Determination Date for the 2016 Scheme is 17 June 2019.
In 2008 Infratil commenced a staff share purchase scheme ('the Staff Share Scheme'). Under the Staff Share Scheme participating employees have a beneficial title
to the ordinary shares, which are held by a trustee company. Staff are provided a loan in respect of the shares which is repayable over a period of three years.
Upon repayment of the loan and three years’ service by the participating employee, the ordinary shares will transfer from the trustee company to the
participating employee, and the shares become unrestricted. Other than in exceptional circumstances, the length of the retention period before the shares vest is
three years during which time the ordinary shares cannot be sold or disposed of.
During the year 47,770 shares were transferred to employees under the scheme (2018: 42,091 shares).
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.
14

Notes to the Financial Statements
For the year ended 31 March 2019
(14) Related parties
Related Party2019201820192018
$000$000$000$000
Advances
Infratil Finance
62,48938,4281,151,010935,680
Aotea Energy Holdings Limited
--(153,897)(153,897)
Investments in
Infratil Investments Limited
87,66587,665
Infratil 1998 Limited
12,00012,000
Infratil Finance Limited
153,897153,897
Infratil No. 1 Limited
78,02378,023
Infratil PPP Limited
5,9425,942
Infratil No. 5 Limited
248,001248,001
.
Management and other fees paid by the Company to MCIM, MCO or its related parties during the year were:
20192018
$000$000
Management fees23,95121,253
Directors fees104110
Financial management, accounting, treasury, compliance and administrative services1,2581,250
Investment banking services1,2251,160
Total management and other fees26,53823,773
At 31 March 2019 amounts owing to MCIM of $3,150k (excluding GST) are included in trade creditors (2018: $2,160k).
Interest income/(expense)
Intercompany
Certain Infratil Directors have relevant interests in a number of companies with which Infratil has transactions in the normal course of business. A number of key
management personnel are also Directors of Group subsidiary companies and associates.
Morrison & Co Infrastructure Management Limited ('MCIM') is the management company for the Company and receives management fees in accordance with the
applicable management agreement. MCIM is owned by H.R.L. Morrison & Co Group Limited Partnership ('MCO'). Mr M 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.
Note 9 identifies significant entities in which the Company has an interest. All of these are related parties of the Company. The Company has the following
significant loans and investments to/from/in its subsidiaries:
15

Notes to the Financial Statements
For the year ended 31 March 2019
(15) Management fee to Morrison & Co Infrastructure Management Limited ('MCIM')
The management fee to MCIM comprises a number of different components:
(16) Segment analysis
During the year, the Company operated in predominantly one business segment, that of investments.
Geographical segments
(17) Events after balance date
Acquisition of Vodafone New Zealand
Dividend
There have been no other significant events subsequent to balance date.
A New Zealand base management fee is paid on the "New Zealand Company Value" at the rates of 1.125% per annum on New Zealand Company value up to $50
million. 1.0% per annum on the New Zealand Company Value between $50 million and $150 million, and 0.80% per annum on the New Zealand Company Value
above $150 million. The New Zealand Company Value is:
• the Company's market capitalisation as defined in the management agreement (i.e. the aggregated market value of the Company's listed securities, being
ordinary shares, partly paid shares, infrastructure bonds and warrants):
• plus the Company and its wholly owned subsidiaries' net debt (excluding listed debt securities and the book value of the debt in any non-Australasian
investments):
• minus the cost price of any non-Australasian investments: and
• plus/minus an adjustment for foreign exchange gains or losses related to non-New Zealand investments.
An international fund management fee is paid at the rate of 1.50% per annum on:
• the cost price of any non-Australasian investments: plus
• the book value of the debt in any wholly owned non-Australasian investments.
An international fund incentive fee is payable at the rate of 20% of gains on the international (including Australian) assets in excess of 12% per annum post tax.
The Company operated in one geographical area, that of New Zealand. Certain subsidiaries of the Company invest in Australia and the United States.
On 16 May 2019, the Directors approved a partially imputed final dividend of 11.0 cents per share to holders of fully paid ordinary shares to be paid on 27 June
2019.
On 14 May 2019, Infratil announced the 49.9% acquisition of Vodafone New Zealand Limited ('Vodafone NZ'). A consortium comprising Infratil and Brookfield
Asset Management Inc. ('Brookfield') have executed a conditional agreement to acquire Vodafone NZ from Vodafone Group Plc for an enterprise value of $3.4
billion. The $3.4 billion purchase price is to be funded via a $1,029 million equity contribution from each of Infratil and Brookfield, with the balance funded from
Vodafone NZ level debt and a portion of equity reserved for the Vodafone NZ executive team.
Infratil's equity contribution is expected to be funded via a fully underwritten equity raising of up to NZ$400 million, with the remainder to be funded through a
combination of NZ$400 million of debt from a committed acquisition debt facility and the use of existing debt facility headroom.
Completion is conditional on Overseas Investment Office approvals and Commerce Commission clearance. Infratil anticipates that these conditions will be satisfied
by August, and completion will occur by 31 August 2019.
16

Notes to the Financial Statements
For the year ended 31 March 2019
Directors
Mark Tume (Chairman)
Marko Bogoievski
Alison Gerry
Kirsty Mactaggart
Humphry Rolleston
Peter Springford
Paul Gough
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
Maritime Tower
10 Customhouse Quay
PO Box 996
Wellington
Directory
17

© 2019 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 Auditor’s Report
To the shareholders of Infratil Limited
Report on the financial statements
Opinion
In our opinion, the accompanying financial
statements of Infratil Limited (the company) on
pages 1 to 16:
i. present fairly in all material respects the
company’s financial position as at 31 March 2019
and its financial performance and cash flows for
the year ended on that date; and
ii. comply with New Zealand Equivalents to
International Financial Reporting Standards.
We have audited the accompanying financial
statements which comprise:
— the statement of financial position as at 31
March 2019;
— the statements of comprehensive income,
changes in equity and cash flows for the year
then ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the company in accordance with Professional and Ethical Standard 1 (Revised) Code of
Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board and the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code),
and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the auditor’s responsibilities for the audit of the
financial statements section of our report.
Our firm has also provided other services to the company in relation to other assurance engagements and due
diligence services. These matters have not impaired our independence as auditor of the company. The firm has
no other relationship with, or interest in, the company.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements in the current period. We have determined that there are no key audit matters to
communicate in our report.
Use of this independent auditor’s report
This independent auditor’s report is made solely to the shareholders as a body. Our audit work has been
undertaken so that we might state to the shareholders those matters we are required to state to them in the

2

independent auditor’s 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 audit work, this independent
auditor’s report, or any of the opinions we have formed.
Responsibilities of the Directors for the financial statements
The Directors, on behalf of the company, are responsible for:
— the preparation and fair presentation of the financial statements in accordance with generally accepted
accounting practice in New Zealand (being New Zealand Equivalents to International Financial Reporting
Standards);
— implementing necessary internal control to enable the preparation of a set of financial statements that is 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 audit of the financial statements
Our objective is:
— to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error; and
— to issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs NZ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
A further description of our responsibilities for the audit of these financial statements is located at the External
Reporting Board (XRB) website at:
http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-2/
This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor's report is Ross Buckley.
For and on behalf of



KPMG
Wellington
16 May 2019

---

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:
InterimYear
X
SpecialDRP 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:
Friday, 21 June 2019Thursday, 27 June 2019
NZ Dollars$0.009076
Date Payable
Thursday, 27 June 2019$72,520,598
$$0.022900$0.020000
$
Ordinary sharesNZIFTE 0003S3 / ASX IFT
In dollars and cents
Retained earnings
$0.1100
Enter N/A if not
applicable
Subject to the finalisation of number of shares on
issue on the record date (pending executive
share scheme vesting on 17 June 2019)
EMAIL: announce@nzx.com
Notice of event affecting securities
Infratil Limited
Phillippa HarfordDirectors Resolution
64 4 473366364 4 473238816052019

---

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

Infratil Limited
Results for announcement to the market

Reporting Period 12 months to 31 March 2019
Previous Reporting
Period
12 months to 31 March 2018

Amount (000s) Percentage change
Revenue from ordinary
activities
NZ$1,442,200 16.9%
Profit (loss) from
ordinary activities after
tax attributable to
security holder
(NZ$19,500) (127%)
Net profit (loss)
attributable to security
holders
(NZ$19,500) (127%)

Interim/Final Dividend Amount per security Imputed amount per
security
Final 11.0 cps 2.0 cps

Record Date 21 June 2019
Dividend Payment Date 27 June 2019

Comments: This announcement should be read in conjunction
with the attached Infratil Annual Report 2019, the
financial statements for the year ended 31 March
2019 contained in that Annual Report, Infratil 2019
Full Year Results Presentation, Infratil Limited
Parent Audited Financial Statements 2019 and
media release.


31 March 2019 31 March 2018
Net tangible assets per
security
NZ$ 2.68 NZ$ 3.17

Audit This report is based on financial statements which
have been audited. Infratil’s auditors have issued
an unqualified audit opinion, and a copy of the
audit report is included in the attached Annual
Report.

---

25 years of
sucessfully
balancing
growth and
resilience.
What’s next?
25 years of
successfully
balancing
growth and
resilience.
What’s next?
Infratil
Annual Report
2019

Infratil’s first quarter of a
century delivered exceptional
returns for shareholders.
The rewards came from finding
opportunities to invest in infrastructure
businesses experiencing demand
growing faster than the economy as

a whole, where the businesses could
sensibly and productively invest to meet
the needs of their communities, and
where there was financial resilience.
Delivering returns over the long-term
requires survival over the long-term.

For that reason Infratil maintains diverse
exposures; recognising that the future

is uncertain and the pursuit of returns
should always be balanced by the
management of risk.
Diversity also creates options as

the next windfall might come from
a surprising place.
The last ten years have been kind

to investors. The NZX50 returned
14.3% per annum. The ASX200 10.4%
per annum. Infratil 16.7% per annum.
Over the full twenty five years to

31 March 2019 Infratil’s shareholder
returns were a compound 17.5%

per annum, through capital growth
and a reliable growing dividend.
To achieve this, Infratil’s investment
approach has evolved since 1994

to entail:
• Finding infrastructure opportunities
where demand is growing and invest
where there is the prospect of fair
returns that compensate for risks and
endeavour, and sufficient scale to
warrant intensive management.
• Growing capacity and services to
meet customer and community
needs.
• Ensuring funding and investment
diversity so that changes in
circumstances can be withstood

and opportunities taken.
• Building long-term partnerships
with co-investors that have aligned
interests and values.
The infrastructure investment market is
competitive and has changed over the
last decade as ultra-low interest rates
have obliged institutional investors to
shift part of their capital from bonds

into “bond-like” investments. This has
impacted the returns available on

some low-risk infrastructure assets.
As described in this Report, this has
enabled Infratil to create value by
developing and building infrastructure
assets which can be de-risked to
provide investments for institutional
investors.
Kevin O’Connor
Chair
1994–2003

Lloyd Morrison
CEO
1994–2011
David Newman
Chair
2003–2013
Marko Bogoievski
CEO
2011–Present
Mark Tume
Chair
2013– Present

01
Balancing growth
and resilience:
Infratil’s allocation
of its capital
Balancing opportunities and risk means
maintaining a core of robust cash-
generating assets.
They may be proprietary and part of an existing business,
such as Tilt’s wind farms which have income contracted
several years into the future. Or they may be the bulk of

a company’s activities, such as at Trustpower and
Wellington Airport. From that base Infratil is able to invest
in opportunities which offer the prospect of greater
rewards albeit with greater measurable risk.
Growth/Resilience
Core
Core+
Growth
Sectors
Renewable energy
Data
Transport
Social/other
Locations
New Zealand
Australia
USA

2

Investors have ample
opportunities to buy shares in
energy companies, airports,
social and data infrastructure;
why invest through Infratil?
“The two most powerful warriors are
patience and time.” Tolstoy. For most
investors; buying, holding and reaping
the benefits of low transaction costs
and compound returns is a winning
formula. But Infratil can claim additional
advantages. Its extensive research
capability has made the company

good at assessing growth opportunities.
Its track record and scale means that

it gets to see a lot of opportunities and
it can commit considerable capital.

It is recognised as a good partner by
the individuals and communities its
businesses service, and by co-investors.
Infratil’s returns have been driven by
investing in areas of strong demand
growth. While the economy as a whole
is expanding at about 2% per annum
some segments are growing much more
rapidly; air travel, retirement living,
renewable energy, electronic data and
its transmission. Each offers growth and
returns above the average, for the
foreseeable future.
The current investment environment is
dominated by ultra-low interest rates.
This has created an opportunity to
develop infrastructure assets which suit
the needs of institutional investors
seeking bond-like returns. As illustrated
by Infratil’s experience with Australian
student accommodation and US
renewable generation, a development
approach to infrastructure can deliver
significant gains and is another way in
which Infratil can add value for its
shareholders.
Infratil’s value add.
Its reason for existing
Contents
Strategy. Governance.
People. Community 03
FY2019 Financial summary.

Group structure 10
Reports of the Chief Executive

and the Chair 12
25 year anniversary.

10 years in graphs 20
Financial summary for

shareholders & bondholders 24
Infratil’s businesses 32
Financial statements

& statutory information 59
03

Left to Right:
Peter Springford, Director.

Independent. Appointed 2016.
Last elected 2017
I have been the leader of a major
industrial company based in

New Zealand and Australia and of
industrial businesses in Asia, as well as
the chair or director of companies

which operate in New Zealand and in
international markets.
People are important; their safety;

the need to act with integrity in
offshore markets just as we would in
New Zealand; and that top operational
performance and strong customer
relationships are key to long-term
returns for shareholders.
Governance
& Direction
Infratil’s shareholders elect
directors for three year terms

to represent them and to look
after their interests.
Directors:
• Maintain a dialogue with
shareholders.
• Proactively participate in the
formulation and evolution of the
Company’s strategy.
• Monitor strategy implementation,
financial performance, risks and

legal compliance.
• Ensure effective articulation to
external stakeholders of strategy,
goals, risks and performance.
• Maintain awareness of relevant
societal and market developments.
• Offer diversity of perspective and
knowledge relevant to the Company.
Infratil has seven directors of whom

six are independent of management.
They have been on the board for
between two months and 13 years.
Infratil’s directors are responsible for
monitoring the performance of Infratil’s
manager H.R.L. Morrison & Co (“Morrison
& Co”). Morrison & Co is a specialist
manager of infrastructure investments
and performs this role for Infratil under
an investment management agreement.
Infratil benefits from having a
management team with great breadth
and depth of skills, however the board
must be vigilant about potential
conflicts of interest and satisfied that
the cost is reasonable relative to
alternatives.
As recorded in last year’s Annual Report,
from time to time the board
commissions external reviews of the
04
management contract to ensure that
the arrangement is fair to Infratil
shareholders. The board is always open
to dialogue with shareholders about
Infratil’s management and other
matters. However, there can be as many
different opinions as shareholders and
more complex issues need time and
expertise for proper consideration.
We would like to note the roles of the
investment team at the ACC and the

NZ Shareholders Association as
advocates of good governance who
have constructively engaged with the
board and management. Their positive
suggestions have been appreciated
and have resulted in the board making
changes to the way it governs the
Company.
Further commentary on the role of the
board, the credentials of directors and
their remuneration are set out on pages
113–120 of this annual report.
Paul Gough, Director. Independent.
Appointed 2012. Last elected 2018
As a Kiwi who works in London I’m very
aware of how global events impact in
New Zealand and Australia.
In London I manage investments in
similar fields to Infratil’s, but often with
more development risk.
Achieving the best outcome requires

the best from people. The focus on
performance and people is consistent
with what I see at Infratil.
Alison Gerry, Director, Chair of the

Audit & Risk Committee. Independent.
Appointed 2014. Due for re-election

in 2019
My experience in finance and risk
management helps me appreciate
Infratil’s strategic opportunities and
threats; from financial markets,
technology, regulation and the natural
environment.
Executing strategy is in part about
allocating capital and in part about
developing a culture which reflects

the value we place on our own people,
our customers, and our communities.
Mark Tume, Chairman. Independent.
Appointed 2007. Last elected 2018
My obligation is to maintain ties with
Infratil’s diverse range of stakeholders
and to ensure that the board is
delivering on its responsibilities.
My experience in finance and on the
boards of infrastructure companies
(Transpower, Kiwi Rail, NZ Refining) has
given me an appreciation of the sectors
in which Infratil operates and the
operational, regulatory and financial
risks it faces.

05
Marko Bogoievski, Director.

Chief Executive. Appointed 2009.
Last elected 2017
As CEO of Morrison & Co I have the
responsibility of ensuring our team is
focused and active on the Infratil
mandate.
Our job is to identify proprietary
opportunities and to deliver strong
long-term returns for an acceptable
level of risk. Our sectors are attractive
and competitive – we are fortunate to
have significant experience supporting
our investment and asset management
programmes.
Kirsty Mactaggart, Director.
Independent. Appointed in 2019

and due for election in 2019
I have 25 years of financial market
experience across multiple countries
and sectors including those in which
Infratil is invested. My transactional
experience as a banker; and
governance focus as an investor will be
applied to Morrison & Co as manager of
Infratil’s portfolio of assets. My objective
will be to ensure the manager delivers
transparency and performance to all
Infratil stakeholders.
Humphry Rolleston, Director.
Independent. Appointed 2006.

Retiring in 2019
Since my appointment as an Infratil
director I have applied my hands-on
business experience to my
responsibilities. In that time Infratil has
changed quite materially and I hope

I’ve contributed positively to that.
The period included extraordinary
developments in the investment and
financial markets which have produced
risks and opportunities. I congratulate
the board and management for working
together to avoid the former and benefit
from the latter.

Management
Infratil’s management comprises
people employed by Infratil’s
manager, H.R.L. Morrison & Co
(Morrison & Co), and those
employed by Infratil’s subsidiaries
and investee companies.
Morrison & Co is an investment
manager with a specialist focus on
the infrastructure sector. In addition
to managing Infratil it also manages
investments on behalf of superannuation
funds; including the New Zealand
Superannuation Fund and the
Commonwealth Superannuation
Corporation who have both made
investments in partnership with Infratil.
Infratil benefits from its management
having the expertise of a larger and

more expert group of individuals than
a company of Infratil’s scale could
normally hope to retain and from the
manager’s contacts and relationships.
Left to Right:
Marko Bogoievski, Chief Executive.
Director of Infratil. Chair of

Longroad Energy.
Phillippa Harford, Chief Financial
Officer. Director of Perth Energy

and Snapper.
Kevin Baker, Chair of NZ Bus

and director of Canberra Data Centres,
Trustpower and Infratil Infrastructure
Property.
Greg Boorer, CEO Canberra

Data Centres.
Jason Boyes, Chief Operating Officer.

Director of Wellington Airport and
NZ Bus.
Ralph Brayham, Technology. Director

of Snapper.
Tim Brown, Capital markets,

and economic regulation.
Chair of Wellington Airport.
Fiona Cameron, Group Treasurer.
Deion Campbell, CEO Tilt Renewables.
Kellee Clark, Head of Legal.
Compliance, transaction structuring

and execution.
Peter Coman, Property and social
infrastructure. Director of Infratil
Infrastructure Property and
RetireAustralia.
Harry Cominos, Investment strategy.
Roger Crawford, Australian energy
sector activities. Chairman of

Perth Energy.
Steven Fitzgerald, Asset Management.
Mark Flesher, Capital markets and
investor relations.
Paul Gaynor, CEO Longroad Energy.
Bruce Harker, Energy team. Chair of

Tilt Renewables.
Vince Hawksworth, CEO Trustpower.
Andrew Lamb, Development

Director Infratil Infrastructure Property.
Nick Lough, Company Secretary

and Legal. Compliance, transaction
structuring and execution.
Will McIndoe, Energy team.
Mark Mudie, Social infrastructure.
Paul Newfield, Chief Investment

Officer. Strategy, sector analysis and
transaction execution. Director

of Tilt Renewables.
Paul Ridley-Smith, Chair of Trustpower.
Matthew Ross, Infratil Financial
Controller and Risk Manager.
Steve Sanderson, CEO Wellington
Airport.
William Smales, Private Markets
investment activity. Director of
RetireAustralia and Canberra

Data Centres.
Vimal Vallabh, Energy team. Director

of Tilt Renewables and Longroad Energy.
06

07

8
For both the airport and
the airlines, the customers
are the people seeking
to visit and travel from
the Wellington region.

9
A business is not
an end in itself.
A business is not an end in itself.
It represents a coming together
of people and resources with
the intention of delivering
benefits to all stakeholders.
Each of Infratil’s businesses provides
services that are critical to its
community and customers. In addition
to these responsibilities, each business
has obligations to its own people and to
the physical environment.
As an investment holding company
Infratil seeks to establish standards for
its operational businesses and work is
underway to find ways to clearly and
usefully report on these non-financial
activities to Infratil’s shareholders and
other interested parties. Although, as
the New Zealand Government shows
with its intention to report on
government’s impact on the four
capitals (natural, physical/financial,
social and human), early attempts can
be confusing. The recent book
“Factfulness” by Hans Rosling provides

a wake-up call as to how misinformed
most people are about the world
around them, notwithstanding the vast
amount of information now accessible.
For the most part Infratil leaves
marketing and sponsorship to

its operational businesses.
The New Zealand Youth Choir and
the New Zealand Secondary Students
Choir are exceptions to the rule.
Infratil is now in its tenth year as
their principal sponsor.
One way Infratil benefits from links with
the Choirs is from what our people learn
from an organisation with similar values
but with a very different mission and
raison d’etre.
What stands out with the Choirs is

their ambition. All the people involved
strive for excellence as well as to create

music which is a unique expression of
New Zealand.
The Choirs’ membership is the face of

a diverse New Zealand and they touch
and connect communities; culturally,
geographically and socially. The young
members are offered a life changing
experience in exchange for commitment
and discipline. Values that accompany
past singers into their professional and
personal lives; excellence, confidence,
discipline and teamwork serve the
singers well on their journeys to become
opera stars, music teachers, lawyers,
engineers or TV presenters.
New Zealand participation in choirs is
reputedly amongst the highest in the
world. While this reflects the diverse
musical cultures of New Zealanders it
also reflects a core of well-trained
singers, teachers, composers and
directors. A legacy largely created by
the Youth and Secondary Students
Choirs and their artistic staff.
This is a rewarding investment for Infratil;
generating social and cultural benefits
and inspiring our people.
Left: Wellington Airport CEO Steve Sanderson,
Air New Zealand Wellington Airport Manager
Tessa Auelua
The New Zealand Youth Choir

10
FY 2019 FY 2018
Net surplus($19.5m)$71.4m
Underlying EBITDAF
1, 2
$477.5m$482.0m
Net operating cash flow$ 276.9m$295.8m
Capital expenditure$679.0m$325.9m
Net debt
3
$1,180.7m$779.7m
Dividends declared
17.25cps16.75cps
1. Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show management’s view of business performance. Underlying
EBITDAF is the consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and non-
operating gains or losses on the sales of investments of Infratil’s subsidiaries plus Infratil’s share of the underlying after tax profits of its associates
(Canberra Data Centres, Longroad Energy, and ANU student accommodation). For RetireAustralia, Infratil’s Underlying EBITDAF accounts for the
underlying profit as this is a common performance measure used by retirement companies to remove the impact of unrealised fair value movements on
investment properties, impairment of property, plant and equipment, one-off gains and deferred taxation, while adding back realised resale gains and
realised development margins.
2. Excludes Discontinued Operations which are NZ Bus, Snapper, ANU student accommodation, and Perth Energy. Each of which is subject to a sales process.
3. 100% group.
The $90.9 million reduction in net surplus
reflects the $102.6 million management
performance fee accrual. The fee is
reflected in Infratil’s earnings, while the
corresponding performance (for which
the fee is being paid) is captured in

the value of Infratil’s assets (and the
share price).
Infratil’s EBITDAF was reduced by

the performance fee. Retained
businesses increased their contribution
by $102.1 million while businesses held

for disposal increased their contribution
by an aggregate $24.2 million.
Infratil invested $42.7 million more into
Canberra Data Centres, $288.2 million
into Tilt Renewables and $87.2 million
into Longroad Energy and they, along
with Infratil’s other businesses, undertook
a total of $473.4 million of investment
into facilities and services.
Net debt of the 100% group at the end

of the period amounted to 33.6% of
Infratil’s capitalisation, up from 31.0%.
Financial
Highlights
10
The reported results summarised
below were impacted by the one-offs
of Infratil’s performance fee and
disposals. But for those, Infratil would
have delivered an increased parent

surplus and EBITDAF.
The key events of the year were the
$679.0 million of capital invested to

drive future returns, the combined
$132.1 million earnings increase
delivered by Longroad Energy,

Tilt Renewables, Canberra Data
Centres and Wellington Airport,

and the marked increase in the value
of Infratil’s investments which was
reflected in the returns Infratil delivered

for its shareholders.

11
Corporate
Structure
Equity
Shareholders
Debt
BondholdersBoard
Control/GovernanceManagement
H.R.L. Morrison & Co
Cash/DebtBanks
Infratil
Financing
Subsidiaries
Sales Pending
Envision Fund
Longroad Energy
51% Infratil
27% Tauranga Energy
Consumer Trust
Perth Energy
ASIP
Infratil Infrastructure
Property
66% Infratil
34% Wellington
City Council
48% Infratil
48% Commonwealth
Superannuation
Corporation
50% Infratil
50% New Zealand
Superannuation Fund
40% Infratil
40% New Zealand
Superannuation Fund
20% Monogement
65% Infratil
20% Mercury Energy
15% Public
Snapper
11

12
Chief Executive
Report
Infratil has provided its shareholders
with a 20.0% per annum compound
return over the five years to

31 March 2019 (the NZX50 index
returned 13.9% per annum and

the ASX200 7.0% per annum).
I’ve chosen to highlight five years rather than
one (+41.3% per annum) because last year’s
sharemarket recognition reflects work which
has been underway over a longer period.

13
Over the last five years Infratil has
realised $1,795 million from its
divestment from Lumo, Z Energy and
Metlifecare. Over the same period,
Infratil has invested a similar sum and
established interests in RetireAustralia,
Canberra Data Centres, Longroad
Energy and Tilt Renewables.
A range of factors were behind the
changes in the portfolio, but the
overarching theme was to position
Infratil in businesses facing strong and
growing demand where meeting that
demand should present opportunities

to make ongoing investment into
facilities and services. Another factor

is scale and complexity.
We believe that to warrant intensive
management, an investment needs to
have scale potential. Also, having many
smaller holdings creates complexity
which we have found impedes value
recognition by the market. We prefer
that Infratil doesn’t put its eggs in too
few baskets, for reasons of diversity and
optionality, but it is apparent that too
much complexity results in shareholders
being penalised with a discount in the
share price.
Infratil’s divestments and investments
are also influenced by the financial
market in which we now operate.

The defining feature of which is
extraordinarily low interest rates. The

2% per annum yield on the government
debt of New Zealand, Australia and
Singapore is a generous offering to
savers relative to the negative rates
provided by Japanese, German or

Swiss bonds. This has caused long-term
saving institutions to seek out “bond-
like” investments. Buying a low risk
income stream in the form of student
accommodation fees or contracted
wind farm revenue to earn 6-8%

per annum is perceived to be better
than government bonds that yield

2% per annum.
In the last year we sold some lower risk
assets to investors seeking bond-like
returns; utility scale solar and wind
electricity generation in Texas and the
right to the income from student
accommodation in Canberra. Going
forward at least a part of how we
expect to generate returns seems likely
to involve building assets which can be
de-risked to either generate value

gains internally or via transactions
with long-term savings institutions.
How long will this situation pertain?

As others have noted, five years ago
few forecast where we are now, and
nothing about today makes forecasts
more likely to be more accurate. But
while the market may change, we are
confident about the benefits of
combining operational expertise and
financial capability and discipline as

this is part of Infratil’s DNA.
Risk, Uncertainty
& Paying The Bills
Infratil’s record of achievement for its
shareholders over the last twenty five
years has been based on defining

and sticking to a business plan, good
delivery, and taking opportunities.

It has also been based on resilience
and financial flexibility.
We characterise Infratil’s assets as
Core, Core-plus, and Growth. Roughly
three quarters of the assets are Core

or Core+. They provide a solid reliable
income stream which enables Infratil

to meet its financial obligations and to
provide its shareholders with a healthy
and rising dividend.
From time to time we are asked

whether we would consider selling core
assets such as our stakes in Trustpower

or Tilt’s contracted wind farms but even
if we were to receive excellent value,
such sales would change the risk

profile of Infratil and make it harder
to pursue growth investments and
their higher returns.
That doesn’t mean that we only hold
Trustpower or Tilt’s wind farms for the
income they provide. Our aim is to
generate value growth for Infratil’s
shareholders and over the long-term
60-65% of returns have come from share
price appreciation, so while the dividend
is important we are looking for our

core cash-generative assets to also
have a GDP+ profile to their outlook.
FY2019 Milestones
The last financial year was broadly
consistent with our expectations,

but there were positive surprises.
Canberra Data Centres telescoped
several years of growth and acquired

a major footprint in Sydney. CDC has
shifted up many gears and is benefitting
from extraordinary growth in cloud,
technology, and outsourcing trends.
Longroad Energy was active in
developing utility scale wind and solar
power generation in the United States.
Two assets were sold during the year
and significant gains were made with
the development pipeline and the
services business. As at 31 March 2019
Infratil’s net investment in Longroad
amounted to less than $2.7 million and

the independent value of Infratil’s
shareholding was $122.7 million.
Tilt Renewables de-risked a sufficient
part of the electricity price

risk of the 336MW Victorian Dundonnell
wind farm to enable construction to
start on this A$560 million project.

When Dundonnell is operational it will
lift Tilt’s total capacity by 67% to 972MW.
Tilt’s development pipeline of over
3,000MW is why Infratil launched a
take-over for the company which
resulted in Infratil’s shareholding rising
from 51% to 65%.
Divestments were another area of
activity as Infratil contracted to sell

its interests in ANU student
accommodation, NZ Bus, and Snapper,
and is advanced in price discovery at
Perth Energy and with some of the
Australian social infrastructure assets.

As much as $400 million will be received
in FY2020 if these transactions progress.
Trustpower delivered strongly for Infratil
returning 29% for its shareholders over
the year and providing Infratil with cash
income of $94.3 million. Wellington
Airport had a solid year proving Infratil
with cash income of $40.5 million as it
completed its $300 million five year
capital investment programme.
RetireAustralia is nearing the end of the
growth-pause which resulted from the
decision to prioritise the provision of
integrated care facilities for its residents.
Financial
Over FY2019 $679.0 million was invested
and continuing activities generated
consolidated EBITDAF of $477.5 million.
With these earnings we are seeing

an increasing contribution from the
Growth businesses.
EBITDAF
ContributionFY2019FY2018
CDC, Longroad,

Tilt, RetireAustralia
$284.0m$167.0m
Proportion of
Infratil’s
consolidated
earnings
1
42%29%
1. Before management costs.
The parent company net outcome was
a loss of $19.5 million. The $90.9 million
turnaround from FY2018’s $71.4 million
surplus was due to a $102.6 million

14
Chief Executive Report
management performance fee. The fee
is recorded against income while the
corresponding investment value gains
are reflected in the value of assets.

The net impact was a significant rise in
the value of Infratil’s assets which was
reflected in the share price.
Along with good outcomes with its
businesses, Infratil also had a good
period with its capital management.
$111.4 million of 6.85% per annum bonds
matured in November 2018 and Infratil
issued 4.75% per annum 2025 bonds

and 4.85% per annum 2028 bonds,
raising $100.0 million and $146.3 million
respectively. Investor support for the
bond offers is appreciated and
indicative of the regard in which Infratil
is held in the debt capital markets.
Shareholders
Over the year to 31 March 2019 the
Infratil share price rose from $3.10 to
$4.17 and dividends of 17cps cash and
5.68cps imputation credits were paid.
The final dividend for FY2019 of 11.0cps
will be paid on 27 June 2019. It will carry
2.0cps imputation credits.
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 the
second part of this objective has been
realised resulting in a steady lift to the
dividend.
However, the increasing share of

Infratil’s earnings coming from outside
of New Zealand has constrained the
availability of imputation credits.
Following consultation with shareholders
we decided that Infratil should continue
to pay a dividend which reflects free
cash flow, even if not imputed to 28%.
This situation is expected to be
alleviated by Infratil undertaking further
investment in New Zealand.
Infratil’s forecasts indicate
that the cash dividends for
FY2020 are likely to be
consistent with those paid in
respect of FY2019 and that
imputation credits are likely
to be in the range of 3-4cps.
Actual dividends will continue to reflect
Infratil’s cash earnings and financial
position as well as the preferences of
shareholders.
Management Costs
Infratil’s management is provided on
a contractual basis by Morrison & Co.
For providing management and
administration services Infratil

makes three types of payments to
Morrison & Co. Two reflect terms in the
contract while the third is for services
which the board decides to source

from Morrison & Co because it has
determined they will provide better
value or efficiency relative to using

a third party.
The two contracted payment
obligations are a base fee and a
performance fee. The base fee is
approximately 0.8% of the market value
of Infratil’s equity and wholly-owned
group net debt. For the year this was
$24.9 million. The performance fee is
offered on Infratil’s non-New Zealand
assets if they provide a return that is in
excess of an agreed benchmark. For the
period this was $102.6 million. The
performance fee is explained in the
Board Chair Report.
Markets, Regulation, Change
Over the year Infratil actively
participated in several policy debates:
• The most material as regards

to eventual impact relates to
New Zealand’s CO
2
emissions.
Given the widespread support for
reducing CO
2
emissions it may be
perplexing that policies are so slow

to appear. This reflects the need for
the policies to be effective, efficient
and durable. For example, closing
New Zealand’s aluminium smelter
would reduce New Zealand’s CO
2

emissions significantly. But it would
increase global emissions (the

New Zealand smelter uses hydro
electricity, elsewhere most use energy
from coal or gas) and impose huge
economic and social costs on

New Zealand which could cause
policy U-turns.
Infratil supports a gradual increase

in emission costs augmented by
government assistance with the

take up of electric vehicles and
electrification of industry, and the
provision of better public transport
(so people have choice) and social
welfare for vulnerable people who
cannot avoid the higher costs.
• Government initiatives to improve
urban water, transport and housing
infrastructure are recognition that
many regions in New Zealand have
fallen well behind acceptable
standards.
The shortcomings reflect complex
and difficult to remedy problems and
unfortunately the policy focus is often
on government imposed solutions as
opposed to market remedies. It is
ironic that New Zealand has only two

15
privately controlled international
airports and a massive regulatory
apparatus to ensure they are safe,
efficient and fair in their pricing. But
sans any private water businesses
there is much lighter regulation on
that sector.
• We submitted in opposition to
changes to the Commerce Act

that granted more power to the
Commerce Commission. Whether

the Commission makes good use
of the powers was not the issue,
it was whether Parliament should
delegate yet more power to
unelected officials who have only

a tenuous accountability to
elected representatives.
• We applauded the aspirations
behind the Provincial Growth Fund
(PGF.) It makes good sense for
government to seek to generate
economic stimulation in regions which
are struggling. In our view it has the
potential to be more beneficial than
investing the enormous sums required
by Auckland commuter rail to
accommodate that city’s population
growth. But whether the folksy
approach to distributing PGF funds
results in the desired outcomes
remains to be seen. It is to be hoped
that transparency and accountability
are enforced.
• Infratil has also submitted on the
Reserve Bank’s plan to increase the
proportion of trading bank funding
provided by their shareholders as
equity. As noted in our submission,

the trading banks are extremely
important and our concern is that

the Reserve Bank’s steps to improve
their resilience could impose
significant costs on everyone else.
Infratil Guidance
FY2020 including
Vodafone NZ
FY2020 excluding
Vodafone NZFY2019
Underlying EBITDAF$635m-$675m$510m-$540m$477.5m
Net interest$165m-$175m$150m-160m$148.5m
Capital expenditure$1,730m-$1,830m$700m-$800m$679.0m
These are of course not the only law

and policy areas where Infratil and
its subsidiaries are active, but it is
a reminder of the many regulatory
currents running below the surface
which can have profound consequences
over time.
FY2020
As recorded in this report, we expect
to see a number of divestments occur
in FY2020, and as summarised on pages
32 and 33 we are also anticipating

a major investment with the purchase
of almost half of Vodafone New Zealand
(Vodafone NZ). We believe this
investment is a good fit with Infratil’s
strategy and shareholder return goals.

It is a sector where we have expertise,
there is robust demand growth, and
there are potential benefits from
localising ownership and direction.
The Vodafone NZ investment is
scheduled to occur in August, and

is subject to regulatory approval of
the Overseas Investment Office and
the Commerce Commission, but we
have assumed that it, and the
divestments progress, and have
accounted for this in the following
guidance for the FY2020 year.

We have also shown the guidance
if the Vodafone NZ transaction does
not occur.
We anticipate that over the medium
term the Vodafone NZ transaction will
support our goal of lifting shareholder
returns and improve the availability of
imputation credits. We do not expect
any impact on the per-share FY2020
dividends.
Prospects
While I have noted how difficult it is
today to be confident about forecasts,
Infratil’s prospects of being able to
continue to deliver in both the near

and long-term are positive.
Infratil’s capital is
positioned to benefit from
decarbonisation, and the
growth of retirement living,
data and air travel.
Each of these sectors has a long way
yet to run and is benefitting from strong
demand and societal support from
individuals and governments.
This does not mean a certain translation
into economic gains for Infratil, but with
strong support from the capital markets,
excellent people, and the respect of
capable partners, we are as well placed
as we have ever been to maintain our
long-term track record.
Marko Bogoievski

Chief Executive

16
Report of the
Board Chair
Directors are appointed
by shareholders to represent
their interests.
That means maintaining a dialogue with
shareholders to understand what those
interests are and then ensuring that
those interests are recognised in the
way the Company is managed and the
information it provides. The role includes
making sure that management are
undertaking their tasks effectively and
at fair cost.
While directors’ responsibilities overlap
with those of management they are
distinct and the Annual Report provides
separate Chief Executive and Chair
reports.

17
Measuring management
Following requests from shareholders
the board decided to publish a return
target which reflects Infratil’s existing
businesses and the expected return

the Company should provide for
shareholders after taking into account
Infratil’s use and cost of debt and
administration and management costs.
This gave us a target of
11%-15% per annum over

the period to September
2028 (ten years).
The ten year period was chosen
because it aligns with Infratil’s planning
horizons, approximates how long most
shareholders hold their Infratil shares,
and because over that period financial
market fluctuations should have less
impact.
As a reference, over the last decade
Infratil’s total shareholder return was

a compound 16.7% per annum.
We undertook this exercise in
September 2018 at which point the
return target was built up as depicted

in the table copied at the bottom of
the page.
It is intended that this provides
shareholders with better understanding
of Infratil’s risk appetite and return
expectations, and that it assists
shareholders in holding the board
accountable for financial performance.
Reporting on the target,
performance relative to the
target, and on management
Nothing has happened
since September 2018 to
cause the board to consider
that the ten year shareholder
return target doesn’t remain
credible.
In the short period since we set the
target (six months), Infratil’s businesses
have provided positive surprises, most
notably from Canberra Data Centres
and Longroad. All the other business
and investment activities roughly fell
within expectations.
Shareholder returns were above the
long-term target range, but six months
is a very short period over which to
judge performance.
Over time we intend to provide

a brief commentary on:
• The long-term return target.
• Performance relative to the

return target.
• The board’s assessment of
management’s contribution relative
to the benchmark target.
We remain open to shareholder views
around any of this. Our goal is to
improve the accountability of Infratil’s
governance and management and the
Company’s transparency.
Management remuneration
(NB. Details are set out on page 121 of
this Annual Report.)
Infratil’s management remuneration
comprises base and performance
components.
The base is calculated as approximately
0.8% of the market value of Infratil’s
equity and the value of the net debt of
Infratil and its wholly owned subsidiaries.
Last year this amounted to $24.9 million
indicating that the average value of
equity and debt was approximately

$3.1 billion. The comparable figures for
FY2018 were $22.1 million and $2.7 billion
respectively. This remuneration formula
was agreed between Infratil and its
Manager in 1994.
In 2002 Infratil made changes to its
management contract which expanded
management’s remit to include
international assets and introduced

the potential for performance payments
on those assets. Management can
receive performance pay if returns on
certain offshore investments are above
12% per annum.
Including FY2019, Infratil has made four
such payments over the seventeen
years the arrangement has existed;
indicating the challenge of beating

a 12% per annum benchmark. Prior to
FY2019, $64.1 million was paid to reflect
value created by Infratil’s Australian
energy investments (Lumo, Infratil Energy
Australia, Perth Energy) with $0.3 million
related to a venture investment.
This year’s performance fee of

$102.6 million applies to four
investments, one of which is being sold.
The table on page 18 shows Infratil’s net
investment amounts, the 31 March 2019
values, the rate of return, and the
performance fee components. The fee
reflects performance over the period
since those investments were made

in FY2017.
Subsequent sections of the Annual
Report provide details of the valuations
relevant to the incentive fee.
The board continues to monitor and
review the effectiveness and fairness

of management’s remuneration terms.
As noted in last year’s annual report,

that year the independent directors
commissioned an external review of

the Management Agreement which
considered all fees, including the
performance fee arrangements.

The review concluded that the fee
structure, taken as a whole, is fair to
Infratil shareholders.
We appreciate hearing the views of
shareholders and make every effort

to respond. Given the complexity of
management contracts such as Infratil’s,
we have particularly appreciated the
thoughtful and considered input from
the ACC investment team and the

New Zealand Shareholders Association.
Infratil PortfolioExpected ReturnsLeverage AssumptionManagement Cost
Return to
Shareholders
Core

Lower risk
+
8–10%

Per annum
+
Average debt
funding of 30%

at 6% per annum
interest rate
-
1% of assets

Per annum
=
11%-15%

Per annum
Core Plus
10–15%

Per annum
Growth

Higher risk
15–25%

Per annum

18
Board & governance
evolution and change
Recent years has seen increasing
shareholder interest in business ethics,
values and quality of governance; the
directors’ credentials, responsibilities,
and appointment process.
Since inception Infratil has benefitted
from a stable and high calibre cadre of
directors. This year we are experiencing
one retirement and two appointments.
Humphry Rolleston is retiring after

13 years of service and will be missed.
Humphry brought great hands-on
managerial and investment experience
to his directorship, he constantly
challenged management in a way that
was strenuous but cordial, and he has
worked very hard for the Company over
the time he has been on the board.

We thank him and wish him well.
Infratil has appointed Kirsty Mactaggart
to its board and has announced that
Catherine Savage will also be joining
later in the year. We are very fortunate
as they both bring a passion for the
Company and a wealth of investment
management experience.
A quarter of a century
& FY2020
As illustrated on pages 20-21 of this
Report, over the last 25 years Infratil

has performed for its shareholders by
owning companies which have delivered
for their customers, communities and
shareholders.
I believe Infratil is well positioned to
maintain this record, and we now
expect Vodafone NZ to be an exciting
part of that. Telecommunications is
critical infrastructure and our experience
with the 2010 acquisition of Shell’s

Report of the Board Chair
$ Millions
Net

InvestmentValuationReturn
3
Fee
Canberra

Data Centres$455.1$889.230.7% p.a.$65.3
Longroad Energy $2.6
1
$122.763.7% p.a.$21.2
Tilt Renewables$608.7
2
$713.42.5% p.a.$2.5
ANU Student
Accommodation$93.9$174.829.9% p.a.$13.6
1. The net of what Infratil has advanced to Longroad and received back from Longroad.
2. Tilt was demerged from Trustpower in October 2016 and at that time the market value of Infratil’s
then 51% stake was assessed to be $326.8 million. A further $281.9 million has subsequently been
invested by Infratil.
3. Internal rate of return after initial incentive fees.
Performance fee apportionment
New Zealand fuel distribution activities
(now Z Energy) has shown how local
ownership can deliver significant
enhancements.
The Board welcomes contact from
shareholders. This doesn’t always

mean we will agree, but the more
views we hear, the more balanced
our understanding
Mark Tume
Chair

19

20
The Last Twenty Five Years
1994–2019
1994199519961997199819992000200120022003200420052006
20
TRUSTPOWER
PORT OF TAURANGA
WELLINGTON AIRPORT
GLASGOW PRESTWICK AIRPORT
NZ BUS
ENERGY DEVELOPMENTS
LUMO ENERGY
In March 1994 Infratil was
listed on the New Zealand
Stock Exchange having raised
$25 million to invest in the
shares of the energy and
transport businesses then being
sold by local government.
Infratil’s first investment was a 14% stake
in the then vertically integrated
(generation-distribution-retailing)
Trustpower (it had previously been
owned by an electric power board).
The also newly listed Trustpower sought
a long-term shareholder with expertise
and capital. Gradually over time as
others sold their shares Infratil increased
its holding to 51%. Along the way Infratil
made major contributions to
Trustpower’s evolution and critical
strategic decisions. In particular, the
sale from distribution (the lines activities)
and use of the proceeds to buy more
generation; and the expansion into

wind farm development in Australia,
which was later separated out into

Tilt Renewables.
Infratil’s relationship with Trustpower

is illustrative of Infratil’s approach.
Initially Infratil was invited onto the
register by the Company to provide
expansion capital, expertise, and to
balance community shareholders.
Gradually other shareholders sold

and Infratil increased its stake and
influence. It has been a very successful

long-term, patient, investment for
Infratil and one which has added
great value to Trustpower.
Along with the patient, influential
investment approach illustrated by
Trustpower, Infratil’s other hallmark

is a relentless prioritisation of
shareholder value.
The graph of the 25 year
accumulation index shows
that $1,000 invested in the
original float would have
accumulated to $55,795 by

31 March 2019. By way of
comparison over the same
period the NZX50 would have
generated a $6,326 nest egg.
Even Berkshire Hathaway only grew
US$1,000 to US$18,705 over the

25 years to 31 December 2018 (and the
US$ depreciated against the NZ$ over
that period).
The graph also shows Infratil’s main
investments over the 25 years, which
indicates an average of about one
major new transaction every couple of
years. Returns have been generated by
selecting good businesses which absorb
capital to deliver compound growth and
returns. Wellington Airport is the ideal
case study of the model. In 1998 Infratil’s
66% shareholding was valued at

$96 million, EBITDAF was $14 million and
3.5 million passengers used the Airport.
Over the subsequent twenty years

$648 million has been invested by
the Airport in its facilities, passenger
numbers have risen to 6.4 million per

year and earnings to $101 million.

21
2007200820092010201120122013201420152016201720182019
21
TRUSTPOWER
WELLINGTON AIRPORT
GLASGOW PRESTWICK AIRPORT
NZ BUS
ENERGY DEVELOPMENTS
AUCKLAND AIRPORT
SNAPPER
LUMO ENERGY
Z ENERGY
METLIFECARE
RETIRE AUSTRALIA
ANU STUDENT
ACCOMMODATION
TILT RENEWABLES
CANBERRA DATA
CENTRES
LONGROAD ENERGY

22
Financial Trends
Infratil Assets
The goal of asset allocation is to achieve a
balance between core and growth assets; ones
that provide robust income and those that

will generate value growth. This objective is
reflected in the evolving portfolio of businesses.
However, “core” can mean both Wellington
Airport and a fully contracted CDC data centre
or a Tilt wind farm. And of the $4,397 million
invested over the decade, $2,057 million was
undertaken by Trustpower, Tilt, Wellington

Airport and NZ Bus, reflecting that even the
core businesses undertake growth investment.
A further $1,092 million was internally invested by
other businesses and $1,248 million was allocated
to acquisitions. Funding for the investment was
largely provided by divestments and operating
cash flows.
Capital Investment
Infratil’s total capital investment over
the decade amounted to $4,397 million
(divestments were $2,147 million).
Infrastructure is intrinsically capital intensive.

It is only by deploying capital that it is possible
to generate compound growth.
The five graphs show the evolution of Infratil’s
assets, capital investment, funding, earnings
and cashflow/dividends over the last decade;
with a brief explanation of what happened

and why.
Infratil's Assets
0
10
20
30
40
50
60
70
80
90
100
%
Infratil's Capital Structure
0
5
10
15
0
100
200
300
400
500
600
700
2018
2018
Dividend, cents per share$Millions
$Millions
EBITDAF, Free Cash Flows, Dividends
Sources of Consolidated EBITDAF
0

Wellington Airport

Other

NZ Bus

Tilt Renewables

Trustpower
2018
$Millions

Data

Other

Social

Transport

Energy
2019 2010 2011 2012 2013 2014 201720162015
100
200
300
400
500
600
2018

Perpetual bonds

Equity (market value)

Net bank debt and dated bonds

Operating cash flow

Interest, tax, working capital

Dividend (rhs)
2019 2010 2011 2012 2013 2014 20172016 2015
2019 2010 2011 2012 2013 2014 2017 2016 2015
200
400
600
0
800
2019 2010 2011 2012 2013 2014 2017 2016 2015
0
500
1,000
1,500
2,000
2,500
3,500
3,000
2018
$Millions

Sold

Retire Australia

NZ Bus

Wellington Airport

Trustpower

Longroad Energy

Tilt Renewables

Other
2019 2010 2011 2012 2013 2014 20172016 2015

CDC
Infratil's Assets
0
10
20
30
40
50
60
70
80
90
100
%
Infratil's Capital Structure
0
5
10
15
0
100
200
300
400
500
600
700
2018
2018
Dividend, cents per share$Millions
$Millions
EBITDAF, Free Cash Flows, Dividends
Sources of Consolidated EBITDAF
0

Wellington Airport

Other

NZ Bus

Tilt Renewables

Trustpower
2018
$Millions

Data

Other

Social

Transport

Energy
2019 2010 2011 2012 2013 2014 201720162015
100
200
300
400
500
600
2018

Perpetual bonds

Equity (market value)

Net bank debt and dated bonds

Operating cash flow

Interest, tax, working capital

Dividend (rhs)
2019 2010 2011 2012 2013 2014 20172016 2015
2019 2010 2011 2012 2013 2014 2017 2016 2015
200
400
600
0
800
2019 2010 2011 2012 2013 2014 2017 2016 2015
0
500
1,000
1,500
2,000
2,500
3,500
3,000
2018
$Millions

Sold

Retire Australia

NZ Bus

Wellington Airport

Trustpower

Longroad Energy

Tilt Renewables

Other
2019 2010 2011 2012 2013 2014 20172016 2015

CDC
* on page 24 the valuations used in the graph are explained.