Infratil Full year results for the year ended 31 March 2020

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

29 May 2020

Full year results announcement for the year ended 31 March 2020

Increasing exposure to data infrastructure and renewable energy drives net growth in a year of
portfolio changes

During the year ended 31 March 2020 Infratil invested $2 billion which included the acquisition of
Vodafone New Zealand (‘Vodafone’) for $1,029 million. The remaining $962 million was invested in
Infratil’s existing businesses, including significant renewable energy projects developed by Tilt
Renewables and Longroad Energy, and the development of additional data centres by CDC Data
Centres. This increased exposure to our preferred sectors of renewable energy generation and data
infrastructure will drive future earnings growth.

The acquisition of Vodafone represented the largest corporate transaction in New Zealand for over a
decade when Infratil acquired a 49.9% stake alongside global infrastructure investor Brookfield Asset
Management. The acquisition is transformational for Infratil and significantly strengthens the cash
generative core of the portfolio while increasing Infratil's exposure to long-term data and connectivity
growth. The deal was well supported by shareholders, reflected by the strong backing of the
$400 million capital raise undertaken as part of the acquisition.

Alongside the Vodafone investment, the Infratil Group continued to undertake significant capital
investment while also exercising a high level of capital discipline:

• Tilt Renewables is progressing with construction of its Dundonnell (336MW) and Waipipi
(133MW) wind farms, having also concluded the sale of Snowtown 2 wind farm (‘Snowtown 2’).
The sale crystallised a profit of $512 million and in April 2020, Tilt Renewables announced a
capital return to shareholders of approximately A$260 million;

• Longroad Energy’s development initiatives gave rise to economic gains of which Infratil’s share
is between $46 million and $66 million (with the final amount to be determined when construction
of the projects is completed). Longroad currently has construction underway of 907MW of
renewable generation capacity;

• CDC Data Centres completed construction of 2 data centres (35MW in total) and construction
of a further data centre (25MW) is underway. CDC Data Centres has also announced the
development of two world class hyperscale data centres in Auckland, with 20MW of capacity
and forecast completion in calendar year 2022;

• Vodafone has commenced its initial roll-out of New Zealand’s first commercial 5G deployment
with 108 enabled cell-sites to provide 5G coverage in Queenstown, Christchurch, Wellington,
and Auckland; and,

• RetireAustralia has completed construction of 70 new care-units at its Glengara Village, while
construction is ongoing on 177 units at The Verge village adjacent to the Burleigh Golf Club in
Queensland.

While the year under review was dominated by investment, the divestments of five portfolio businesses,
ANU Student Accommodation, NZ Bus, Perth Energy, Snapper and Aspire Schools are also significant
in the context of Infratil’s goals and strategies. In addition to releasing capital, the asset sales reflect
the desire to simplify Infratil’s portfolio and recognise that those activities were unlikely to grow to a
material scale.

2

Solid operating result as capital was deployed and portfolio shifts were completed

Infratil’s net surplus for the year from continuing operations of $508.8 million, compared to $64.4 million
in the prior year. This current year result was driven by Tilt Renewables’ gain from its sale of Snowtown
2. The wind farm was developed and constructed by Tilt Renewables with full commissioning achieved
in 2014. Tilt Renewables then operated it successfully for 5 years. The sale of Snowtown 2 is consistent
with Tilt Renewables’ focus on delivering shareholder value from market opportunities and ensuring
capital is available to execute near-term, high-value opportunities from its development pipeline.

Underlying EBITDAF
1
(excluding incentive fees) from continuing operations was $605.9 million for the
year ended 31 March 2020, up from $533.8 million in the prior year. This included an eight-month
contribution from Vodafone of $154.9 million. Excluding the contribution from Vodafone, the main
changes were lower contributions from Trustpower and Longroad arising from low hydro generation in
New Zealand and the accounting treatment of Longroad’s project sales, a lower contribution from Tilt
Renewables due to the sale of Snowtown 2 part way through the year, and an increase in the
contribution from CDC Data Centres as new data centres came online.

Infratil has maintained its dividend, with a final dividend of 11.00 cps to be paid on 15 June 2020 to
shareholders of record as at 8 June 2020. This is in line with the dividend paid in respect to the prior
year. This will carry 2.5 cps of imputation credits. The dividend reinvestment plan will not be activated
for this dividend.

As part of the 31 March 2020 results announcement Infratil has advised that due to the continued
uncertainty from COVID-19, it is unable to provide Group FY2021 earnings and dividend guidance at
this stage.

There will be a briefing for institutional investors, analysts and media commencing today at 10.00am.

An audio webcast of the presentation will be available live at:

https://edge.media-server.com/mmc/p/92hipxhg


Further information is available on www.infratil.com


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



1
Underlying EBITDAF is an unaudited non-GAAP (‘Generally Accepted Accounting Principles’) measure. Underlying EBITDAF does not have
a standardised meaning and should not be viewed in isolation, nor considered a substitute for measures reported in accordance with NZ IFRS,
as it may not be comparable to similar financial information presented by other entities. A definition of Underlying EBITDAF and reconciliation
of Underlying EBITDAF to Net profit after tax is provided in the Infratil Annual Results Presentation 2020.

---

Results Announcement
For the year ended 31 March 2020
29 May 2020

InfratilFull year results presentation 2020
Disclaimer
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).
This presentation should be read in conjunction with the Company’s Annual Report for the year ended
31 March 2020, 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/.
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.
2

InfratilFull year results presentation 2020
Disclaimer
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 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.
Non-GAAP Financial Information
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 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
EBITDAF and EBITDA. The non-IFRS/GAAP financial information and financial measures do not have a
standardised meaning prescribed by the NZ IFRS, AAS or IFRS, should not be viewed in isolation and should not
be construed as an alternative to other financial measures determined in accordance with NZ IFRS, AAS or IFRS,
and therefore, may not be comparable to similarly titled measures presented by other entities. Although Infratil
believes the non-IFRS/GAAP financial information and financial measures provide useful information to users in
measuring the financial performance and condition of Infratil, you are cautioned not to place undue reliance on
any non-IFRS/GAAP financial information or financial measures included in this presentation.
Further information on how Infratil calculates Underlying EBITDAF can be found at Appendix I.
No part of this presentation may be reproduced or provided to any person or used for any other purpose.
3

InfratilFull year results presentation 2020
Full Year Overview
•Net surplus for the year from continuing operations
of $508.8 million, compared to $64.4 million in the
prior year
•13.5% growth in underlying EBITDAF reflected
changes in the portfolio and a growing contribution
from data and communications infrastructure;
‐Acquisition of 49.9% of Vodafone NewZealand
completed on 31 July 2019 for $1.03 billion
‐Divestments and tightening ofthe portfolio are
now substantially complete
•Capex investment of $920 million, including
$541 million in renewable energy and $227 million at
CDC Data Centres
•Strong capital position and liquidity across the Group
with multiple levers to manage near to medium term
capital commitments
•Partially imputed finaldividend of 11.00 cents per
share
4
Full Year
Overview
Increasing
exposure to our
preferred sectors
of data
infrastructure
and renewable
energy has
driven net
growth in a year
of portfolio
changes

InfratilFull year results presentation 2020
Financial
Highlights
Significant
capital
expenditure and
investment will
drive future
earnings growth
and increase
exposure to
high-conviction
sectors
5
31 March ($Millions)20202019Variance% Change
Net Surplus from Continuing Operations 508.864.4444.4690.1%
Net Parent Surplus241.2(19.5)260.71,336.9%
Underlying EBITDAF
1
(before Incentive fee)605.9533.872.113.5%
International Portfolio Incentive fee125.0102.622.421.8%
Capital Expenditure & Investment1,990.9679.01,311.9193.2%
Earnings per share (cps) (continuing activities)41.5(1.0)42.54,397.7%
Notes:
1.Underlying EBITDAF is an unaudited non-GAAP measure. Underlying EBITDAF does not have a standardised meaning and should not be viewed
in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS, as it may not be comparable tosimilar financial
information presented by other entities. A reconciliation of Underlying EBITDAF to Net profit after tax is provided in Appendix I

InfratilFull year results presentation 2020
Results
Summary
Solid operating
result as capital
was deployed
and portfolio
shifts were
completed
6
31 March ($Millions)20202019
Operating revenue1,368.71,442.2
Operating expenses(903.5)(895.2)
Operating earnings465.2547.0
International portfolio incentive fee(125.0)(102.6)
Depreciation & amortisation(147.5)(160.4)
Net interest(186.4)(148.5)
Tax expense(14.4)(72.0)
Realisations and revaluations516.90.9
Net Surplus (continuing) 508.864.4
Discontinuedoperations
1
(24.6)(12.0)
Net surplus484.252.4
Minority earnings(243.0)(71.9)
Net parent surplus241.2(19.5)
•Operating revenue reflects a reduced period of
contribution from Tilt’s Snowtown 2 wind farm,
and the impact of lower wholesale electricity
prices and lower generation volumes for
Trustpower
•The FY2020 annual incentive fee is payable in
three tranches of $41.7 million, with payment of
the second and third tranche subject to
portfolio level asset values being maintained
•The net reduction in depreciation and
amortisation primarily reflects Tilt’s sale of
Snowtown 2 and lower depreciation for
Trustpower
•Net interest increased as capital was deployed
to new investments and capex developments
were completed
•Realisations and revaluations uplift reflects the
realised gain on the sale of Tilt’s Snowtown 2
wind farm in December 2019
•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

InfratilFull year results presentation 2020
Underlying
EBITDAF
CDC Data Centres
and Vodafone are
driving
EBITDAFgrowth
and offsetting
declines from
energy
businesses and
impact of
portfolio
divestments
•Lower contribution from Trustpower, withlower
wholesale electricity prices and lower generation
volumes
•Reduction in Tilt Renewables’ contribution
largely resulting from the sale of the Snowtown 2
wind farm in December 2019
•Increased contribution from Wellington Airport
reflecting hotel and multi level carpark, slightly
offset by March COVID-19 impacts
•CDC Data Centresongoing year-on-year earnings
growth as new facilities come online
•Current period includes an 8-monthcontribution
from Vodafone followingcompletion of the
acquisition on 31 July 2019
•Longroad Energyincludes the gain on the sale of
Project Rio Bravo, however partial sales of the
El Campo, Prospero I and Little Bear projects have
not been recognised for accounting purposes
•Contributions from NZ Bus, Perth Energy, ANU
PBSA and Snapper reflect their respective
ownership periods before disposal
7
31 March ($Millions)20202019
Trustpower186.5222.2
Tilt Renewables123.7144.4
Wellington Airport103.2101.4
CDC Data Centres59.637.6
Vodafone154.9-
RetireAustralia8.99.2
Longroad Energy4.746.5
Corporate and other(35.6)(27.5)
Underlying EBITDAF (excl. fees)605.9533.8
International portfolio incentive fee(125.0)(102.6)
Underlying EBITDAF (continuing)480.9431.2
NZ Bus5.917.4
Perth Energy12.135.9
ANU PBSA0.512.8
Snapper(1.5)(4.1)
Total Underlying EBITDAF497.9493.2

InfratilFull year results presentation 2020
Capital
Expenditure &
Investment
Building a
balanced
portfolio
capable of
delivering
long-term
capital growth
•Tilt Renewables’ ongoing construction of the
Dundonnell Wind Farm (336MW)and
commencement of construction of the
Waipipi Wind Farm (133MW)
•Wellington Airport completed the final stage
of the $100 million domestic terminal
renovation
•CDC’s ongoing development including:
‐Eastern Creek 2, Sydney (10MW) –final
handover occurred December 2019;
‐Hume 4, Canberra (25MW) –final handover
occurred December 2019; and,
‐Commencement of construction of Eastern
Creek 3, Sydney (25MW)
•RetireAustralia includes completion of the
GlengaraCare Apartments and commencement
of construction of independent living units at
Wood Glen (The Rise) and Burleigh (The Verge)
•Other includes the construction of the Infratil
Infrastructure Property’s 154 room
Travelodge hotel and carpark in the Wynyard
Quarter –forecast to open in October 2020
8
Notes:
1.The amounts depicted are Infratil’s proportionate share of the investee company’s capital expenditure
2.Shares acquired under Infratil and Mercury Energy's full cash takeover offer for Tilt Renewables
31 March ($Millions)20202019
Trustpower34.327.7
Tilt Renewables506.4127.1
Wellington Airport80.672.1
CDC Data Centres
1
226.6140.6
RetireAustralia
1
28.031.8
NZ Bus2.745.9
Other41.228.2
Capital Expenditure919.8473.4
Vodafone1,029.9-
Longroad Energy31.887.2
Tilt Renewables
2
-109.3
Other9.49.1
Investment1,071.1205.6
Total Capex & Investment1,990.9679.0

InfratilFull year results presentation 2020
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
•CDC Data Centres, Tilt Renewables, RetireAustralia and Longroad Energy based on Independent Valuations
as at 31 March 2020
•Trustpower based on market price as at 28 May 2020 of $7.00
•Vodafone based on NZ$1,029 million acquisition price
•Wellington Airport based on a 15x multiple of FY2020 EBITDA less net debt as at 31 March 2020
•Other includes 31 March 2020book values for Australian Social Infrastructure Partners, Infratil Infrastructure
Property and ClearvisionVentures
9
31 March ($Millions)
CDC Data Centres1,355 -1,711
Trustpower1,118
Vodafone1,029
Tilt Renewables908 –1,030
Wellington Airport621 –689
RetireAustralia271 –352
Longroad Energy162
Other166
Total
5,632 –6,259

InfratilFull year results presentation 2020
International
Portfolio
Annual
Incentive fee
Fee reflects the
ongoing
significant
outperformance
of the material
international
assets
10
Notes:
1.Distributions from International Portfolio assets plus the hurdle rate of return calculated on a daily basis, compounding
2.Prior year is the fair market value as at 31 March 2019 plus the hurdle rate calculated on a daily basiscompounding, adjusted for any capital movements
3.IRR after incentive fees calculated as at 31 March
•The Management Agreement provides for the assessment of an International Portfolio annual incentive fee
for those assets which have been held more than three financial years. The fee assesses the performance of
the assets since the previous balance date
•The FY2020 annual 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 2020
•The FY2020 annual incentive fee is payable in three tranches of $41.7 million, with payment of the second
and third tranche subject to portfolio level asset values being maintained at the relevant date
31 March ($Millions)
AcquisitionValuationDistributions
1
Prior Year
2
Annual FeeIRR
3
CDC Data Centres
15/09/20161,515.6 16.7 1,004.8105.5
38.8%
Longroad Energy
26/10/2016162.4 34.2 166.26.1
54.7%
RetireAustralia31/12/2014308.2-398.1(18.0)
2.2%
Tilt Renewables
28/10/2016966.5 -805.232.2
19.5%
ASIP04/04/201433.10.537.4(0.8)
13.1%
2,985.8 51.4 2,411.7125.0

InfratilFull year results presentation 2020
Access to
Liquidity and
Credit
Duration
extended over
last 6 months
through new
retail bond
issues and
renewed bank
facilities
11
Notes:
1.Infratil and wholly-owned subsidiaries excludes Trustpower, Tilt Renewables, Wellington Airport, CDC Data Centres, RetireAustralia,
Longroad Energy, Galileo Green Energy and Vodafone.
Maturities to 31 March ($Millions)TotalFY21FY22FY23FY24FY25-31>FY31
Bonds1,303.8 -93.9 193.7 122.1 662.2 231.9
Wholly-owned bank facilities
1
748.0 85.0 115.0 350.0 148.0 50.0 -
Access to liquidity and credit
•The Infratil wholly-owned group ended the year with a strong liquidity position after a number of bank re-
financings were executed in the last quarter of FY2020
•Total bank facilities increased by $75 million to $748 million
•As at 31 March 2020 drawn bank debt was $480 million with $268 million of undrawn bank facilities
•Tilt Renewables’ capital returnis expected to be completed in July 2020(Infratil’s share ~$179 million)
•Infratil’s next bank maturity is $53 million in July 2020 and is not intended to be renewed
•Infratil’s next two bond maturities are:
•$93.9 million of IFT220 bonds which mature in June 2021
•$93.7 million of IFT190 bonds which mature in June 2022
•No material changes in the period since 31 March 2020

InfratilFull year results presentation 2020
Debt Capacity
& Facilities
Balanced pool of
funding sources
supports long-
term investment
programme
12
Notes:
1.Infratil and wholly-owned subsidiaries excludes Trustpower, Tilt Renewables, Wellington Airport, CDC Data Centres, RetireAustralia,
Longroad Energy, Galileo Green Energy and Vodafone.
•The market value of equity increased by
$247.1 million since 31 March 2019,
reflecting:
‐$400 million placement and rights issue
as part of the Vodafone acquisition
‐the change in the IFT share price from
$4.17 (March 2019) to $3.91 (March 2020)
•During the year ended 31 March 2020,
Infratil issued:
‐$156.3 million of the IFT280 bond series
(maturing December 2026)
‐$123.2 million of the IFTHC series (annual
rate re-set, maturing December 2029
‐$37.0 million of the IFT300 series
(maturing March 2026)
•2020 gearing reflects the share price at
31 March 2020. Based on the 28 May 2020
share price, gearing would be 35.8%
31 March ($Millions)20202019
Net bank debt
1
470.944.3
Infratil Infrastructure bonds1,071.9904.5
Infratil Perpetual bonds231.9231.9
Market value of equity2,579.32,332.2
Total capital4,354.03,512.9
Gearing (net debt/total capital)40.8%33.6%
Infratil undrawn bank facilities
1
268.0403.0
100% subsidiaries cash9.155.1
Funds available277.1458.1

InfratilFull year results presentation 2020
Notes:
1.Based on composition of existing Infratil portfolio
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 net debt/
total capital 30%
at6% p.a.
interest rate
1% of assets
Per annum
11–15%
Per annum
++
–
=
++–=
13

InfratilFull year results presentation 2020
-
1.00
2.00
3.00
4.00
5.00
6.00
20102011201220132014201520162017201820192020
Infratil Share Price
Total Shareholder Return
1
PeriodTSR
1 Year to 31 March (2.7%)
12 months to 28 May 15.6%
5 Year10.2%
10 Year16.0%
Inception –25 years16.9%
1
Total shareholder returns are to 31 March 2020 based on a closing share price of $3.91
Share Price
Performance
Outstanding
returns delivered
over the medium
and long-term
14
$3.91
$4.10
$4.82

InfratilFull year results presentation 2020
Distributions
FY2020 final
dividend
maintained at
FY2019 level
Final Ordinary Dividend
•A final dividend of 11.00 cps payable on
15 June 2020, partially imputed with 2.5
cps of imputation credits attached
•The FY2020 final dividend is on par with
the FY2019 final dividend
•The record date will be 8 June 2020
•The dividend reinvestment plan will not
be activated for this dividend
Dividend Outlook
•Consistent with its earnings guidance
position, Infratil will not be giving
dividend guidance for FY21 at this stage
15
0
2
4
6
8
10
12
14
16
18
20
20132014201520162017201820192020
Ordinary Dividend per Share Profile
InterimFinal

InfratilFull year results presentation 2020
Portfolio
Resilience and
Composition
Investment over
the last 24
months has
focused on
building scalable
platforms with
defensive
characteristics
and ongoing
demand growth
16
Tilt Renewables​
•336MW (A$560 million) Dundonnell Wind Farm under construction​
•133MW (NZ$377 million) Waipipi Wind Farm under construction
Longroad Energy​
•594MW of utility scale solar under construction (Texas​ & Minnesota)
•313MW of utility scale wind under construction (California & Texas)
Galileo Green Energy
•Newly established development vehicle based inEurope
•Pace of development will reflect COVID-19 realities
CDC Data Centres
•105MW of installed Data Centre capacity with a further ​25MW under construction
•Roadmap to over 230MW of Data Centre capacity
•Announced development of two hyperscale Data Centres in Auckland
Vodafone
•$3.4 billion acquisition of Vodafone New Zealand
•Launch of 5G network in December 2019 and business transformation programme
underway
•Infratil is well positioned in scalable high growth sectors with good jurisdictional diversification
•Investment over the last 24 months has been focused on Infratil’s Renewable Energy and
Data & Connectivity platforms:

Operating Businesses

InfratilFull year results presentation 2020
CDC
Data Centres
Significant
development
driven by
increasing
customer
demand for high
quality secure
data storage
Financial
•Current period reported EBITDAF A$117.5 million, up
A$45.4 million (+63.0%) from the comparativeperiod
•Current run-rate EBITDAF of A$135 million
•Strong performance with revenue growth from new data centres
and additional utilisation in existing data centres
•Increased reliance and demand for resilient digital infrastructure in
COVID-19 world
•FY2021 forecast reported EBITDAF of A$145-A$155 million
Growth and development
•Globally, the generation of electronic data and the need for its
storage continues to grow exponentially
•Announced the development of two world-class hyperscale data
centres in Auckland, with 20MW of capacity and forecast
completion in CY2022
•Development accelerating overall with FY2020 investment of
A$446.6 million including:
•Completion of Eastern Creek 2 (13MW) and Hume 4 (25MW)
•Construction on Eastern Creek 3 (28MW)
•Preparatory work for two Australian sites(50MW) and two
Auckland sites (20MW)
•Additional land acquisitions in Canberra completed during the
period
•Whole of portfolio weighted average lease expiry (WALE) of
8.6 years, and 15.9 years with options (2019: 9.0 years, and
16.7 years with options)
18

InfratilFull year results presentation 2020
Vodafone
New Zealand
First 8 months of
ownership
focused on
rebuilding
capability and
setting an
ambitious
strategy for the
business
19
Financial
•Annual EBITDA of $480.6 million at the operating company level
•Total revenue of $2,046.7 million was up 4.3% on the prior year
•Cost management has been excellent, but trading momentum
and customer experience still require improvement
•$67.0 million favourable purchase price adjustment expected to be
received in Q1 FY2021
•Capital expenditure of $283.2 million, including the launch of 5G
capability in Auckland, Wellington, Christchurch and Queenstown
Transformation programme
•Advanced programme of work underway to reset strategy and
address historic areas of underinvestment
•New capability should address future cost structures while
enhancing customer experience and product development
•Significant new hires have added further strength to the Executive
team, with new appointments including CFO, Human Resources
Director and Strategy Director
Outlook
•COVID-19 has significantly impacted pre-paid and roaming
revenue, and effects will continue while travel restrictions remain
in place
•Impact elsewhere has been relatively modest, although we
anticipate a delayed effect from the extended lockdown and
overall GDP impact on FY21 service revenues and cash collections
•Digitisation and simplification will enable a greater range of
strategic choices in the medium-term

InfratilFull year results presentation 2020
Longroad
Energy
Financial close
reached on
900MW of
utility-scale
generation
against a full
year goal of
800MW
20
Financial
•Associate earnings of NZ$4.7 million compared to NZ$46.5 million
in the comparative period, primarily driven by partial realisations
in the current period which precluded certain development gains
from being recognised in the statement of profit and loss
•During the current period Infratil received cash distributions of
NZ$29.0 million and capital returns of NZ$4.4 million
•To date Infratil has invested NZ$185.8 million, and received
distributions and capital returns of NZ$184.7 million
Development
•During the period Longroadclosed financing and commenced
construction of the
‐243MW El Campo Texas Wind project (US$335 million)
‐379MW Prospero Texas Solar project (US$416 million)
‐215MW Little Bear California Solar project (US$346 million)
‐70MW Minnesota Wind repowering project (US$77 million)
Operations
•Total operating portfolio of 715MW and managing construction of
a further 907MW
•Currently providing operating and maintenance services to
2,610MW including 1,472MW for third parties
Outlook
•It is reasonable to expect a slowdown in FY2021 and pipeline
development will in part depend on the rate of recovery in
corporates and utilities signing new Power Purchase Agreements,
as well as liquidity in the bank and tax equity markets.

InfratilFull year results presentation 2020
Longroad
Energy
Development
gains and project
outcomes have
exceeded
expectations,
however the
nature of retained
interests
precludes some
development
gains from being
recognised
21
ProjectCapacityStatus
Project Rio Bravo
Texas Wind
US$300 million
238MW•100% of the equitysold December 2018
•Development gain recognised on completion of
construction in June 2019
El Campo
Texas Wind
US$335 million
243MW•50% of the equity sold June 2019, remaining 50%
consolidated by LEH, thereforeno development gain
recognised for accounting
Prospero I
Texas Solar
US$416 million
379MW•50% of equity sold 1 April 2020, remaining 50%
consolidated by LEH, thereforeno development gain
recognised for accounting
Little Bear
California Solar
US$346 million
215MW•50% of equity sold 31 March 2020
•Remaining 50% consolidated by LEH, therefore no
development gain recognised for accounting
Minnesota Wind
(Wind repowering)
US$77 million
70MW•Binding agreement to sell 100% of the equity at Commercial
Operation Date (‘COD’), expected ~ late 2020 calendar year
•Development gain will be recognised for accounting
purposes at COD
Total Net Economic Development gains –FY2020
1
US$74 million to US$107 million
Infratil’s ShareUS$30 million to US$43 million
FY2020 Cash Dividends to InfratilUS$18.5 million
FY2020 Capital returns to InfratilUS$2.8 million
FY2020 Development Summary
1
Excludes the value of Longroad’s retained interest in projects that have been partially sold

InfratilFull year results presentation 2020
Trustpower
Geographically
diverse portfolio
of hydro
generation well
placed to
optimise
revenue under
periods of high
volatility
Financial
•EBITDAF of $186.5 million was $35.7 million (16.1%) below the
comparative period of $222.2 million
•Current period impacted by lower generation volumes resulting
from plant outages and materially lower North Island inflows
compared to the prior period
•Trustpowerhas refinanced all its debt due in 2020 and does not
expect to be returning to the bank or debt markets over the
next 12 months
Customers
•Total retail utility accounts 411,000, up 9,000 on the comparative
period, while customers with two or more products rose 8.4% to
over 116,000
•Total products and products per customer continue to grow,
with 84% of all customer acquisitions in the last quarter of
FY2020 taking 2 or more products
•Both electricity only and bundled retail will benefit if the current
very high churn levels drop to more long-term sustainable levels
•Focus on automation as a way of improving the customer
experience and reducing costs
Generation
•Generation revenue materially impacted by decline in Avoided
Transmission (ACoT) revenue, lower production volumes, and
fair value declines in carbon credits
•Average generation forecast to increase by 60GWh from FY2021
to FY2025
22

InfratilFull year results presentation 2020
Tilt
Renewables
Balanced focus
on delivery of
development
pipeline and
optimisation of
the existing
portfolio
Financial
•Tilt Renewables EBITDAF of A$117.5 million was A$17.3 million
(12.8%) behind FY2019 primarily driven by the sale of Snowtown 2
in December 2019, and the reduced contribution for a 3-month
period post sale
•Production for FY2020 was in line with the previous year when
normalised for the sale of Snowtown 2 and 1.3% below long-term
50th percentile expectations
Sale of Snowtown 2 Wind Farm
•Tilt completed the sale of the 270MW Snowtown 2 Wind Farm for
an enterprise value of A$1,073 million
•Snowtown 2 Wind Farm was developed, constructed and operated
successfully for 5 years by Tilt
•The accounting profit on the sale was A$486.0 million
(NZ$511.5 million) with net cash proceeds of A$470.7 million
•Tilt has announced that it intends to return approximately A$260
millionto shareholders via a pro rata share buy back in July 2020
Construction and development
•Construction underway on the 133MW Waipipi Wind Farm
•Along with the Dundonnell Wind Farm, Tilt now has 469MW under
construction, a total forecast investment of more than $900 million
•Dundonnell Wind Farm commenced generation during the month
of March 2020, with generation of 0.8GWh achieved during
commissioning of the first turbines
•448MW Rye Park project is expected to reach FID in 2021
23

InfratilFull year results presentation 2020
Wellington
Airport
Essential
infrastructure
for central
New Zealand
and will continue
to play an
important
role in the
recovery of the
local community
and economy
Financial
•EBITDAF of $103.2 million was $1.8 million above the
comparative period of $101.4 million
•COVID-19 travel restrictions came into effect in March
resulting in a 40% reduction in passengers for the month, and
a 99% reduction in the final week as national borders were
closed and all but essential domestic travel was restricted
•Domestic passengers -4.8% to 5.2 million and international
-1.0% to 920k
•Domestic traffic was flat following the withdrawal of Jetstar
from regional services
•Capex was $80.6 million, including the final stage of the $100
million domestic terminal upgrade
Outlook
•Capital investment for FY2021 has been reduced by 80% with
growth projects deferred until passenger growth resumes
•Terms agreed with the Airport’s shareholders and banks, and
terms with USPP noteholders expected to be agreed shortly,
to ensure funds are available until traffic and revenues return
to more viable levels.
•Under Level 2, the resumption of traffic is consistent with
forecasts. The mid-point forecast is for domestic traffic to be
at 60% of pre-COVID levels by March 2021 and for
international to be at 20%
24

InfratilFull year results presentation 2020
RetireAustralia
Flow through
economic impact
of COVID-19
creates medium
term outlook
uncertainty.
Longer-term
investment thesis
remains intact
Financial
•Underlying Profit
1
of A$17.0 million was flat year on year
•292 resale settlements vs 244 in FY2019. Total collect
A$40.1 million vs A$32.6 million
•Net fair value loss of A$102.0 million from the revaluation of
investment properties at 31 March 2020, primarily reflecting
potential COVID-19 impacts
•Portfolio occupancy during the financial year remained above
the industry average
Development and Outlook
•Protecting residents from COVID-19 remains RetireAustralia’s
top priority as the pandemic continues
•70 purpose-built care apartments at Glengara(NSW) were
opened in February 2020, however sales activities have been
impacted by COVID-19 lockdown restrictions
•Completion of new apartments at The Rise at Wood Glen on the
Central Coast is expected to take place in the first half of FY2021
•Stage one of The Verge, Burleigh a 77-unit development
co-located with Burleigh Golf Club, will welcome its first
residents in the first half of FY2022
•The flow through impact of COVID-19 may see a slowdown in
the Australian housing market, with a consequential impact on
RetireAustralia’s working capital requirements
•RetireAustralia lenders have waived certain covenants until
31 December 2020 and shareholders have also committed to a
capital contribution of up to A$10 million each if required
25
1.Underlying Profit is an unaudited non-GAAP measure and is defined at Appendix I.

InfratilFull year results presentation 2020
FY2021
Outlook
Continued
uncertainty over
the duration and
impact of
COVID-19 means
FY2021 Group
earnings and
dividend
guidance cannot
be provided at
this stage
FY2021 Outlook
•Given ongoing uncertainty over the duration
and impact of the COVID-19 pandemic
Infratil will not be providing FY2021 Group
earnings or dividend guidance at this stage.
•The following component guidance is
available:
‐Trustpower FY2021 EBITDAF guidance
expected to be in the range of
$190 million to $215 million
‐Tilt Renewables FY2021 EBITDAF guidance
expected to be in the range of
A$80 million to A$95 million
‐CDC Data Centres FY2021 EBITDAF
guidance expected to be in the range of
A$145 million to A$155 million
•Infratil will provide FY2021 Group guidance
when it has sufficient certainty
•Capital expenditure will continue to be
focused on the growing renewable
generation and data and connectivity
platforms
26

InfratilFull year results presentation 2020
Summary
A resilient and
balanced
portfolio with
significant
exposure to
higher growth
essential
services. Infratil
is well placed to
support the
economic
recovery in key
markets
•Infratil is well positioned in scalable high growth sectors, with diversified cashflows generating reliablenon-
correlated returns across several jurisdictions
‐The overweight position in renewable energy generation and data infrastructure should drive relative
outperformance during a sustainedslowdown in economic activity
‐Significant capital investment undertaken by CDC Data Centres, Tilt Renewables and Longroad Energy
during FY2020 will be income generating in FY2021
•Its strong capital position and flexibility across thegroup enables Infratil to comfortably support our
high-growth platforms and meet existing capital commitments
‐Rationing capital to support our businesses and sequence our highest-value developments
‐Default position is to prioritise capital to support existing platform opportunities
‐Working with lenders to support Wellington Airport and RetireAustralia as the most COVID-19 affected
businesses
‐Continuing to evaluate opportunities in key growth sectors and new geographies
•Infrastructure sector will be essential to the pace and shape of the global economic recovery
•Infratil is well placed to support the recovery in each key market of operation
27

For further
information:
www.infratil.com

InfratilFull year results presentation 2020
Appendix I
Reconciliation of
NPAT to
Underlying
EBITDAF
29
Underlying EBITDAF is an unaudited
non-GAAP (‘Generally Accepted Accounting
Principles’) measure of financial
performance, presented to provide
additional insight into management’s view
of the underlying business performance.
Specifically, in the context of operating
businesses, Underlying EBITDAF provides a
metric that can be used to report on the
operations of the business (as distinct from
investing and other valuation movements).
Market analysts also use Underlying
EBITDAF as an input into company
valuation and valuation metrics used to
assess relative value and performance of
companies across a sector.
31 March ($Millions)20202019
Net profit after tax (‘NPAT’)484.2
52.4
Less: share of RetireAustralia associate earnings53.7
23.9
Less: share of CDC Data Centres associate earnings(161.0)
(83.9)
Less: share of Vodafone associate earnings24.7
-
Plus: share of RetireAustralia Underlying Profit8.9
9.2
Plus: share of CDC Data Centres EBITDAF59.6
37.6
Plus: share of Vodafone EBITDAF154.9
-
Net loss/(gain) on foreign exchange and derivatives(6.2)
(0.3)
Net realisations, revaluations and impairments(510.7)
(0.6)
Discontinued operations24.6
12.0
Underlying earnings132.6
50.3
Depreciation & amortisation147.5
160.4
Net interest186.4
148.5
Tax14.4
72.0
Underlying EBITDAF (continuing operations)480.9
431.2
International Portfolio Incentive fee125.0
102.6
Underlying EBITDAF (excluding Incentive fees)
605.9533.8
Notes:
1.Reconciling adjustments for Longroad Energy and Galileo Green Energy are not required as their contribution to Underlying EBITDAF is the same
as their contribution to Net profit after tax.

InfratilFull year results presentation 2020
Appendix I
Reconciliation of
NPAT to
Underlying
EBITDAF
•Underlying EBITDAF is presented on a continuing operations basis and excludes any contributions
from discontinued operations.
•Underlying EBITDAF comprises:
•100% of the EBITDAF of the entities which are fully consolidated for Infratil’s Group Financial
Statements, that is Trustpower, Tilt Renewables and Wellington Airport;
•Infratil’s share of EBITDAF for CDC Data Centres (48%) and Vodafone (49.9%);
•Infratil’s 50% share of the Underlying Profit of RetireAustralia (see definition below); and
•Infratil’s 40% share of the surplus before tax of Longroad Energy and Galileo Green Energy.
•Infratil’s approach to calculating Underlying EBITDAF is consistent with the prior reporting period,
with the exception of CDC Data Centres which was previously included on the basis of Infratil’s
share of Net profit after tax. Management’s view is that this change provides additional insight into
the underlying business performance of CDC Data Centres following growth in this investment.
•EBITDAFis net earnings before interest, tax, depreciation, amortisation, foreign exchange and
financial derivative movements, revaluations, impairment, gains or losses on the sales of
investments.
•Underlying Profit is a non-GAAP performance measure used by RetireAustralia that removes 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. It is management’s view that Underlying Profit provides a more
predictable and consistent measure of performance year-on-year for RetireAustralia and is viewed
as a better reflection of the underlying performance.
30
Underlying EBITDAF is an unaudited
non-GAAP (‘Generally Accepted Accounting
Principles’) measure of financial
performance, presented to provide
additional insight into management’s view
of the underlying business performance.
Specifically, in the context of operating
businesses, Underlying EBITDAF provides a
metric that can be used to report on the
operations of the business (as distinct from
investing and other valuation movements).
Market analysts also use Underlying
EBITDAF as an input into company
valuation and valuation metrics used to
assess relative value and performance of
companies across a sector.

---

1
Consolidated Statement
of Comprehensive Income
Notes
2020
$Millions
2019
$Millions
Operating revenue10 1,281.31,333.2
Dividends0.6 2.6
Total revenue1,281.91,335.8
Share of earnings of associate companies6 86.8 106.4
Total income1,368.71,442.2
Depreciation14 136.4 145.1
Amortisation of intangibles11.1 15.3
Employee benefits99.1 90.8
Other operating expenses12 929.4907.0
Total operating expenditure1,176.01,158.2
Operating surplus before financing, derivatives, realisations and impairments192.7284.0
Net gain/(loss) on foreign exchange and derivatives6.20.3
Net realisations, revaluations and impairments11510.70.6
Interest income10.76.8
Interest expense197.1155.3
Net financing expense186.4148.5
Net surplus before taxation523.2136.4
Taxation expense13 14.472.0
Net surplus for the year from continuing operations508.864.4
Net surplus/(loss) from discontinued operations after tax9 (24.6)(12.0)
Net surplus for the year484.252.4
Net surplus/(loss) attributable to owners of the Company241.2(19.5)
Net surplus attributable to non-controlling interest243.071.9
Other comprehensive income, after tax
Items that will not be reclassified to profit and loss:
Net change in fair value of property, plant & equipment recognised in equity 63.3(283.6)
Share of associates other comprehensive income(21.3)(11.6)
Net change in fair value of equity investments at fair value through profit and loss(0.5)2.6
Ineffective portion of hedges taken to profit and loss- -
Fair value movements in relation to the executive share scheme5.1(0.1)
Income tax effect of the above items(22.8)69.8
Items that may subsequently be reclassified to profit and loss:
Differences arising on translation of foreign operations(17.8)(18.9)
Realisations on disposal of subsidiary, reclassified to profit and loss(22.5) -
Effective portion of changes in fair value of cash flow hedges(75.0)5.9
Income tax effect of the above items20.8(3.6)
Total other comprehensive income/(loss) after tax(70.7)(239.5)
Total comprehensive income/(loss) for the year413.5(187.1)
Total comprehensive income for the year attributable to owners of the Company207.9(164.3)
Total comprehensive income for the year attributable to non-controlling interests205.6(22.8)
Earnings per share
Basic and diluted (cents per share) from continuing operations4 41.5(1.0)
Basic and diluted (cents per share) 4 37.6(3.5)
The accompanying notes form part of these consolidated financial statements.
For the year ended 31 March 2020
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

2
Consolidated Statement
of Financial Position
Notes
2020
$Millions
2019
$Millions
Cash and cash equivalents22.1 730.3 414.3
Trade and other accounts receivable and prepayments22.1 174.8 226.1
Derivative financial instruments22.4 18.9 17.8
Income tax receivable-9. 3 1.2
Assets held for sale9 -521.8
Current assets933.31,181.2
Trade and other accounts receivable and prepayments22.1 18.7 22.8
Property, plant and equipment14 3,958.2 4,201.5
Investment properties15 266.7 86.5
Right of use assets16.1 161.2 -
Derivative financial instruments22.4 65.5 156.7
Intangible assets35.1 33.6
Goodwill 17 113.1 113.1
Investments in associates6 1,961.9 855.4
Other investments7 71.4 81.2
Non-current assets6,651.8 5,550.8
Total assets7,585.1 6,732.0
Accounts payable, accruals and other liabilities227.3 274.5
Interest bearing loans and borrowings
18 134.7 295.3
Lease liabilities16.2 21.8 -
Derivative financial instruments22.4 8.0 32.2
Income tax payable4.6 9.3
Infrastructure bonds19 - 148.9
Trustpower bonds20 - 114.0
Wellington International Airport bonds21 25.0 25.0
Liabilities directly associated with the assets held for sale9 - 146.2
Total current liabilities421.4 1,045.4
Interest bearing loans and borrowings18 835.0 696.8
Other liabilities86.5 25.9
Lease liabilities16.2 225.1 -
Deferred tax liability13.3 314.6 442.5
Derivative financial instruments22.4 121.3 85.3
Infrastructure bonds19 1,061.3 747.2
Perpetual Infratil Infrastructure bonds19 231.9 231.5
Trustpower bonds20 432.2 307.8
Wellington International Airport bonds and senior notes21 515.9 405.1
Non-current liabilities3,823.8 2,942.1
Attributable to owners of the Company2,132.2 1,646.0
Non-controlling interest in subsidiaries1,207.7 1,098.5
Total equity3,339.9 2,744.5
Total equity and liabilities7,585.1 6,732.0
Net tangible assets per share ($ per share)3.01 2.68
Approved on behalf of the Board on 28 May 2020

Alison Gerry Mark Tume
Director Director
The accompanying notes form part of these consolidated financial statements.
For the year ended 31 March 2020
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

3
Notes
2020
$Millions
2019
$Millions
Cash flows from operating activities
Cash was provided from:
Receipts from customers1,495.01,825.6
Distributions received from associates75.2 52.2
Other dividends0.6 1.8
Interest received10.8 7 .1
1,581.61,886.7
Cash was disbursed to:
Payments to suppliers and employees(1,253.3)(1,388.7)
Interest paid(177.5)(149.3)
Taxation paid(50.8)(71.8)
(1,481.6)(1,609.8)
Net cash inflow from operating activities24 100.0276.9
Cash flows from investing activities
Cash was provided from:
Proceeds from sale of associates169.7 -
Proceeds from sale of subsidiaries (net of cash sold)593.3 -
Proceeds from sale of property, plant and equipment19.4 12.9
Proceeds from sale of investments19.75.9
Return of security deposits14.4 -
816.518.8
Cash was disbursed to:
Purchase of investments(1,132.5)(69.9)
Lodgement of security deposits(5.5)(2.7)
Purchase of intangible assets(12.9)(8.3)
Interest capitalised on construction of fixed assets(4.4) -
Purchase of shares in subsidiaries(5.2)(109.3)
Purchase of investment properties(22.9) -
Purchase of property, plant and equipment(463.3)(258.2)
(1,646.7)(448.4)
Net cash inflow/(outflow) from investing activities(830.2)(429.6)
Cash flows from financing activities
Cash was provided from:
Proceeds from issue of shares396.8 -
Sale of shares in non-wholly owned subsidiary - 6.3
Proceeds from issue of shares to non-controlling interests - 92.6
Bank borrowings1,436.2346.7
Issue of bonds544.5346.2
2,377.5791.8
Cash was disbursed to:
Repayment of bank debt(824.4)(229.8)
Repayment of lease liabilities(12.1)-
Loan establishment costs(10.1)(10.8)
Repayment of bonds/Perpetual Infratil Infrastructure bonds buyback(288.2)(111.4)
Infrastructure bond issue expenses(6.0)(6.9)
Share buyback(3.7) -
Dividends paid to non-controlling shareholders in subsidiary companies(92.3)(117.7)
Dividends paid to owners of the Company3 (113.7)(95.1)
(1,350.5)(571.7)
Net cash inflow/(outflow) from financing activities1,027.0 220.1
Net increase/(decrease) in cash and cash equivalents296.867.4
Foreign exchange gains/(losses) on cash and cash equivalents(10.4)(4.0)
Cash and cash equivalents at beginning of the year414.3 380.5
Adjustment for cash classified as assets held for sale9 29.6 (29.6)
Cash and cash equivalents at end of the year730.3 414.3
Consolidated Statement
of Cash Flows
The accompanying notes form part of these consolidated financial statements.
For the year ended 31 March 2020
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

4
Consolidated Statement
of Changes in Equity
Capital
$Millions
Revaluation
reserve
$Millions
Foreign
currency
translation
reserve
$Millions
Other
reserves
$Millions
Retained
earnings
$Millions
To ta l
$Millions
Non-
controlling
$Millions
Total

equity
$Millions
Balance as at 1 April 2019361.8 685.0 (65.4)(50.4)715.0 1,646.0 1,098.5 2,744.5
Total comprehensive income for the year
Net surplus for the year- - - - 241.2241.2243.0484.2
Other comprehensive income, after tax
Differences arising on translation of foreign operations - - (22.7) - - (22.7)5.2 (17.5)
Transfers to profit and loss on disposal of subsidiaries - (21.5)16.3 0.4 - (4.8)(17.7)(22.5)
Net change in fair value of equity investments at FVOCI - - - (1.0) - (1.0) - (1.0)
Realisations on disposal of equity investments

at FVOCI - - - (2.5)2.5 - - -
Ineffective portion of hedges taken to profit and loss - - - - - - - -
Effective portion of changes in fair value of

cash flow hedges - - - (32.7) - (32.7)(21.3)(54.0)
Fair value movements in relation to the executive

share scheme - - - (0.9) - (0.9) - (0.9)
Fair value change of property, plant & equipment
recognised in equity - 22.9 - - 27.2 50.1 (3.6)46.5
Share of associates other comprehensive income - - - (21.3) - (21.3) - (21.3)
Total other comprehensive income - 1.4 (6.4)(58.0)29.7 (33.3)(37.4)(70.7)
Total comprehensive income for the year - 1.4 (6.4)(58.0)270.9 207.9 205.6 413.5
Contributions by and distributions to

non-controlling interest
Non-controlling interest arising on acquisition

of subsidiary - - - - - - - -
Issue of shares to non-controlling interests - - - - - - 1.7 1.7
Issue/(acquisition) of shares held by outside

equity interest - - - - - - (5.2)(5.2)
Total contributions by and distributions

to non-controlling interest - - - - - - (3.5)(3.5)
Disposal of Snowtown 2-(31.3)--30.2(1.1)(0.6)(1.7)
Contributions by and distributions to owners
Share issued390.9 - - - - 390.9 - 390.9
Share buyback(3.7) - - - - (3.7) - (3.7)
Shares issued under dividend reinvestment plan5.0 - - - - 5.0 - 5.0
Conversion of executive redeemable shares0.9 - - - - 0.9 - 0.9
Dividends to equity holders - - - - (113.7)(113.7)(92.3)(206.0)
Total contributions by and distributions to owners393.1 - - - (113.7)279.4(92.3)187.1
Balance at 31 March 2020754.9 655.1(71.8)(108.4)902.42,132.21,207.73,339.9
For the year ended 31 March 2020
The accompanying notes form part of these consolidated financial statements.
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

5
Consolidated Statement
of Changes in Equity
Capital
$Millions
Revaluation
reserve
$Millions
Foreign
currency
translation
reserve
$Millions
Other
reserves
$Millions
Retained
earnings
$Millions
To ta l
$Millions
Non-
controlling
$Millions
Total

equity
$Millions
Balance as at 1 April 2018361.8 798.2 (43.5)(1.2)819.2 1,934.5 1,199.4 3,133.9
Adjustment on initial application of IFRS 15

(net of tax) - - - - 10.6 10.6 10.2 20.8
Adjusted balance as at 1 April 2018361.8 798.2 (43.5)(1.2)829.8 1,945.1 1,209.6 3,154.7
Total comprehensive income for the year
Net surplus for the year - - - - (19.5)(19.5)71.9 52.4
Disposal of revalued assets - 0.2 - - (0.2) - - -
Other comprehensive income, after tax
Differences arising on translation of foreign operations - - (21.9) - - (21.9)0.2 (21.7)
Transfers to profit and loss on disposal of subsidiaries - - - - - - - -
Net change in fair value of equity investments

at FVOCI - - - 2.6 - 2.6 - 2.6
Realisations on disposal of equity investments

at FVOCI - - - - - - - -
Ineffective portion of hedges taken to profit and loss - - - - - - - -
Effective portion of changes in fair value of

cash flow hedges - - - (1.1) - (1.1)6.2 5.1
Fair value movements in relation to the executive
share scheme-- - 0.6 - 0.6 - 0.6
Fair value change of property, plant & equipment
recognised in equity - (113.4) - - - (113.4)(101.1)(214.5)
Share of associates other comprehensive income - - - (11.6) - (11.6) - (11.6)
Total other comprehensive income - (113.4)(21.9)(9.5) - (144.8)(94.7)(239.5)
Total comprehensive income for the year - (113.2)(21.9)(9.5)(19.7)(164.3)(22.8)(187.1)
Contributions by and distributions to

non-controlling interest
Non-controlling interest arising on acquisition
of subsidiary - - - - - - - -
Issue of shares to non-controlling interests - - - - - - 92.6 92.6
Issue/(acquisition) of shares held by outside

equity interest - - - (39.7) - (39.7)(63.2)(102.9)
Total contributions by and distributions to

non-controlling interest - - - (39.7) - (39.7)29.4 (10.3)
Contributions by and distributions to owners
Share buyback - - - - - - - -
Dividends to equity holders - - - - (95.1)(95.1)(117.7)(212.8)
Total contributions by and distributions to owners - - - - (95.1)(95.1)(117.7)(212.8)
Balance at 31 March 2019361.8 685.0 (65.4)(50.4)715.01,646.0 1,098.5 2,744.5
The accompanying notes form part of these consolidated financial statements.
For the year ended 31 March 2020
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Notes to the Financial
Statements
For the year ended 31 March 2020
1 Accounting policies
A Reporting entity
Infratil Limited ('the Company') is a company domiciled in New
Zealand and registered under the Companies Act 1993. The
Company is listed on the NZX Main Board ('NZX') and Australian
Securities Exchange ('ASX'), and is an FMC Reporting Entity in
terms of Part 7 of the Financial Markets Conduct Act 2013.
B Basis of preparation
The consolidated 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 consolidated financial statements
comprise the Company, its subsidiaries and associates ('the
Group'). The presentation currency used in the preparation of
these consolidated financial statements is New Zealand dollars,
which is also the Group's functional currency, and is presented in
$Millions unless otherwise stated. The principal accounting policies
adopted in the preparation of these consolidated 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 consolidated 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. The consolidated financial statements are
prepared on the basis of historical cost, except certain property,
plant and equipment which is valued in accordance with
accounting policy (D), investment property valued in accordance
with accounting policy (E), and financial derivatives valued in
accordance with accounting policy (K).
Accounting estimates and judgements
The preparation of consolidated 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 consolidated 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
consolidated financial statements are set out below.
Valuation of property, plant and equipment
The basis of valuation for the Group's property, plant and
equipment is fair value by independent valuers, or cost. The basis
of the valuations include assessment of the net present value of
the future earnings of the assets, the depreciated replacement
cost, and other market based information, in accordance with
asset valuation standards. The major inputs and assumptions that
are used in the valuations that require judgement include
projections of future revenues, sales volumes, operational and
capital expenditure profiles, capacity, life assumptions, terminal
values for each asset, the application of discount rates and
replacement values. The key inputs and assumptions are
reassessed at each balance date between valuations to ensure
there has been no significant change that may impact the
valuation.
With respect to assets held at cost, judgements must be made
about whether costs incurred relate to bringing an asset to its
working condition for its intended use, and therefore are
appropriate for capitalisation as part of the cost of the asset. The
determination of the appropriate life for a particular asset requires
judgements about, among other factors, the expected future
economic benefits of the asset and the likelihood of
obsolescence. Assessing whether an asset is impaired involves
estimating the future cash flows that the asset is expected to
generate. This will, in turn, involve a number of assumptions,
including rates of expected revenue growth or decline, expected
future margins, terminal values and the selection of an
appropriate discount rate for valuing future cash flows.
Valuation of investments including Associates
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 status or context of
markets, its own view of fair value, and its long term investment
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 investment performance, 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 markets. The assessment also requires
judgements about the expected future performance and cash
flows of the investment.
Derivatives
Certain derivatives are classified as financial assets or financial
liabilities at fair value through profit or loss. The key assumptions
and risk factors for these derivatives relate to energy price hedges
and their valuation. Energy price hedges are valued with reference
to financial models of future energy prices or market values for the
relevant derivative. Accounting judgements have been made in
determining hedge designation for the different types of
derivatives employed by the Group to hedge risk exposures. Other
derivatives including interest rate instruments and foreign
exchange contracts are valued based on market information and
prices.
Covid-19 pandemic
The spread of novel coronavirus ('Covid-19') was declared a

public health emergency by the World Health Organisation on
31 January 2020 and upgraded to a global pandemic on 11
March 2020. The rapid rise of the virus has seen an unprecedented
global response by governments, regulators and numerous
industry sectors. Authorities worldwide (including the New Zealand
Government and Australian Federal Government) quickly moved
to implement strict measures such as quarantines, curfews,
stay-at-home orders and the closure of borders during March
2020. The level of restrictions has resulted in a reduced ability for
many businesses to operate, significant volatility and instability in
the financial markets, quantitative easing and reductions in
official interest rates by central banks and the release of
significant government stimulus packages.
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The closure of the New Zealand border to international travellers
and ongoing restrictions on domestic travel are expected to have
material implications for Wellington International Airport’s (‘WIAL’)
revenues for an as yet unknown period of time. Subsequent to
balance date, WIAL has agreed terms with its banking group to
increase its total committed bank facilities by $70.0 million to
$170.0 million and for covenant waivers to be in place through

to 30 September 2021. WIAL is also seeking covenant waivers
from its USPP note holders, which are expected to follow the
bank waiver approvals. WIAL has also entered into a shareholder
support agreement with its shareholders to enable access to
up to $75.0 million of funding by way of non-participating
redeemable preference shares, if required. WIAL is a subsidiary
of the Group and its results are consolidated in the financial
statements.
Tilt Renewables and Trustpower are subsidiaries of the Group

and their results are also consolidated into these financial
statements. Although these entities are publicly listed, the Group's
carrying value of these investments is not directly impacted by
changes in the quoted price on the NZX and ASX for these entities.
Changes in share price were taken into account when
undertaking an assessment of the carrying value of these
investments and as part of the annual impairment testing of
the associated goodwill balances (Note 17).
The primary impacts of Covid-19 on the Group’s consolidated
balance sheet at 31 March 2020 are summarised below:
Investments (including associates)

Notes 6,7
The Group’s investments in Vodafone New Zealand, CDC Data
Centres, RetireAustralia, Longroad Energy and Galileo Green
Energy are accounted for using the equity method. Under the
equity method, the investment in the associate is carried at cost
plus the Group’s share of post-acquisition changes in the net
assets of the associate and any impairment losses.
In accordance with its accounting policies, Infratil has completed
an assessment of the carrying value of its investments at

31 March 2020. This annual assessment considers a variety of
factors as outlined in Note 1. As part of this assessment the Group
has considered the potential impact of the Covid-19 pandemic.
Direct impacts of Covid-19 on movements in the net assets
of RetireAustralia and Vodafone New Zealand are summarised
below.
The potential impact of Covid-19 was considered by
RetireAustralia as part of the estimation of the fair value of its
investment properties at year end. RetireAustralia made
adjustments to key assumptions such as the unit price growth
rates and discount rates to reflect increased risks and
uncertainties from the pandemic on RetireAustralia’s future
operations and cash flows. The Group has incorporated its share
of these changes in the carrying value of RetireAustralia in these
consolidated financial statements. Subsequent to year end,
RetireAustralia has obtained support from its lenders and
shareholders to assist with its future funding and liquidity
requirements as it continues operations.
Vodafone New Zealand has revised its expected credit loss
allowance for trade receivables due to the deteriorating
economic outlook in New Zealand as a result of Covid-19.
Based on the information available at 31 March 2020,

Covid-19 did not have a direct impact on the carrying value
of the Group’s other investments (including associates) at
31 March 2020.
Property, Plant and Equipment

Note 14
The Group has considered the impact of the Covid-19

pandemic on the valuation of its Property, Plant and Equipment
held at fair value.
Generation assets are held at fair value. Trustpower and

Tilt Renewables have undertaken independent revaluations of
Generation Assets at 31 March 2020 and the updated valuations
are reflected in the consolidated financial statements. Covid-19
has introduced extra uncertainty into the valuation of Generation
Assets. While the New Zealand forward electricity path is
observable for the first four years and this reflects the impact of
Covid-19 and the New Zealand Government response, any longer
term impact on the demand for electricity is uncertain and has
not been incorporated in the valuations. Weighted average cost
of capital is also uncertain as, since Covid-19 began impacting
New Zealand and Australia, there have been very few
transactions between willing buyers and willing sellers which
could be used to observe the required returns of investors.
Civil works assets are held at fair value. WIAL has undertaken an
independent revaluation of civil works assets at 31 March 2020
and the updated valuation is reflected in the consolidated
financial statements. There was no direct impact from Covid-19
on the fair value of civil works due to the specialised nature of
these assets.
Land and buildings assets are held at fair value. WIAL has
undertaken an assessment of whether the carrying amount for
land and buildings differed materially from fair value at

31 March 2020. With the exception of the vehicle business and
hotel business assets, Covid-19 was not considered to have had
a material impact on the fair value of WIAL’s land and building
assets based on information available at 31 March 2020.
Following this assessment, WIAL revised the carrying value of its
vehicle business and hotel business assets, based on a discounted
cash flow assessment of value-in-use incorporating the expected
Covid-19 impacts.
Due to the uncertainties resulting from the Covid-19 pandemic,
the fair value assessment for WIAL's building assets was
concluded on the basis of ‘material valuation uncertainty’ as
defined by the Royal Institution of Chartered Surveyors (‘RICS’).
Consequently, less certainty and a higher degree of caution
should be attached to this assessment as at 31 March 2020.
Investment Properties

Note 15
The Group has considered the impact of the Covid-19 pandemic
on the valuation of its Investment properties held at fair value.

The Group has undertaken an independent revaluation of its
Investment properties at 31 March 2020, in line with its accounting
policies, and the updated valuations are reflected in the
consolidated financial statements. Due to the uncertainties
resulting from the Covid-19 pandemic, these valuations were
concluded on the basis of ‘material valuation uncertainty’ as
defined by the Royal Institution of Chartered Surveyors (‘RICS’).
Consequently, less certainty and a higher degree of caution
should be attached to these valuations as at 31 March 2020.
Trade and other accounts receivable and prepayments

Note 22.1
Trustpower and Wellington International Airport increased their
expected credit loss allowance for trade receivables, in part due
to the deteriorating economic outlook in New Zealand as a result
of Covid-19.
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C Basis of preparing consolidated financial statements
Principles of consolidation
The consolidated financial statements are prepared by combining
the financial statements of all the entities that comprise the
consolidated entity. A list of significant subsidiaries and
associates is shown in Note 8. Consistent accounting policies

are employed in the preparation and presentation of the Group
consolidated financial statements.
D Property, plant and equipment
Property, plant and equipment ('PPE') is recorded at cost less
accumulated depreciation and accumulated impairment losses
(or fair value on acquisition), or at valuation, with valuations
undertaken on a systematic basis. No individual asset is included at
a valuation undertaken more than five years previously. PPE that is
revalued, is revalued to its fair value determined by an independent
valuer or by the Directors with reference to independent experts, in
accordance with NZ IAS 16 Property, Plant and Equipment. Where
the assets are of a specialised nature and do not have observable
market values in their existing use, depreciated replacement cost is
used as the basis of the valuation. Depreciated replacement cost
measures net current value as the most efficient, lowest cost which
would replace existing assets and offer the same amount of utility
in their present use. For non-specialised assets where there is no
observable market an income based approach is used.
Land, buildings, leasehold improvements and civil works are
measured at fair value or cost.
Renewable and Non-renewable generation assets are shown at
fair value, based on periodic valuations by independent external
valuers or by Directors with reference to independent experts, less
subsequent depreciation.
Depreciation is provided on a straight line basis and the major
depreciation periods (in years) are:
Buildings and civil works 0-120
Vehicles, plant and equipment3-40
Renewable generation 12-200
Non-renewable generation
assets
30-40
Metering equipment6-20
Landnot depreciated
Capital work in progressnot depreciated until asset in use
E Investment properties
Investment properties are property (either owned or leased) held
to earn rental income. Investment properties are measured at
fair value with any change therein recognised in profit or loss.
Property that is being constructed for future use as investment
property is measured at fair value and classified as investment
properties. Where a leased property is held to earn rental income,
the right of use asset is included within Investment properties.
F Receivables
Receivables are initially recognised at fair value and subsequently
measured at amortised cost, less any provision for expected
credit losses. The Group applies the simplified approach to
measuring expected credit losses using a lifetime expected loss
allowance for all trade receivables and contract assets. These
provisions take into account known commercial factors impacting
specific customer accounts, as well as the overall profile of the
debtor portfolio. In assessing the provision, factors such as past
collection history, the age of receivable balances, the level of
activity in customer accounts, as well as general macro-economic
trends, are also taken into account.
G Investments in associates
Associates are those entities in which the Group has significant
influence, but not control, over the financial and operating
policies. Investments in associates are accounted for using the
equity method. Under the equity method, the investment in
the associate is carried at cost plus the Group’s share of post-
acquisition changes in the net assets of the associate and any
impairment losses. The Group's share of the associates’ post-
acquisition profits or losses is recognised in profit or loss, and the
Group’s share of post-acquisition movements in reserves is
recognised in other comprehensive income.
H Goodwill and intangible assets
Goodwill
The carrying value of goodwill is subject to an annual impairment
test to ensure the carrying value does not exceed the recoverable
amount at balance date. For the purpose of impairment testing,
goodwill is allocated to the individual cash-generating units to
which it relates. Any impairment losses are recognised in the
statement of comprehensive income. In determining the
recoverable amount of goodwill, fair value is assessed, including
the use of valuation models to calculate the present value of
expected future cash flows of the cash-generating units, and
where available with reference to Listed prices.
Intangible customer base assets
Costs incurred in acquiring customers are recorded based on

the directly attributable costs of obtaining the customer contract
and are amortised on a straight line basis over the period of the
expected benefit. This period has been assessed as between
12 years and 20 years depending on the nature of the customer
and term of the contract. The carrying value is reviewed for any
indication of impairment on an annual basis and adjusted where
it is considered necessary.
Computer software
Acquired computer software licenses are capitalised on the basis
of the costs incurred to acquire and bring to use the specific
software. These costs are amortised over three years on a straight
line basis except for major pieces of billing system software which
are amortised over no more than seven years on a straight line
basis.
I Non-current assets and disposal groups held for sale
Non-current assets and disposal groups classified as held for sale
are measured at the lower of carrying amount or fair value less
costs to sell. Non-current assets and disposal groups are classified
as held for sale if their carrying amount will be recovered through
a sale transaction rather than through continuing use. This
condition is regarded as met only when the sale is highly probable
and the asset (or disposal group) is available for immediate sale in
its present condition and the sale of the asset (or disposal group)
is expected to be completed within one year from the date of
classification.
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J Taxation
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 will be available against which the asset can be
utilised, or there are deferred tax liabilities to offset it. Preparation
of the consolidated financial statements requires estimates of the
amount of tax that will ultimately be payable, the availability and
recognition of losses to be carried forward and the amount of
foreign tax credits that will be received.
K Derivative financial instruments
When appropriate, the Group enters into agreements to manage
its interest rate, foreign exchange, operating and investment risks.
In accordance with the Group's risk management policies, the
Group 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. The Group identifies
certain derivatives as hedges of highly probable forecast
transactions to the extent the hedge meets the hedge
designation tests.
Hedge accounting
The Group designates certain hedging instruments as either cash
flow hedges or hedges of net investments in equity. At the
inception of the hedge relationship the Group documents the
relationship between the hedging instrument and hedged item,
along with its risk management objectives and its strategy for
undertaking various hedge transactions. Furthermore, at the
inception of the hedge and on an on-going basis, the Group
documents whether the hedging instrument that is used in the
hedging relationship is highly effective in offsetting changes in

fair values or cash flows of the hedged item.
The effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges are
recognised in other comprehensive income and presented in
equity. The gain or loss relating to the ineffective portion is
recognised in profit or loss. The amounts presented in equity

are recognised in profit or loss in the periods when the hedged
item is recognised in profit or loss.
Hedge accounting is discontinued when the Group revokes the
hedging relationship, the hedging instrument expires or is sold,
terminated, or exercised, or no longer qualifies for hedge
accounting. Any cumulative gain or loss recognised in equity

at that time remains in equity and is recognised when the
forecast transaction is ultimately recognised in profit or loss.
When a forecast transaction is no longer expected to occur,
the cumulative gain or loss that was recognised in equity is
recognised in profit or loss.
Foreign currency differences arising on the retranslation of a
financial liability designated as a hedge of a net investment in a
foreign operation are recognised directly in equity, in the foreign
currency translation reserve, to the extent that the hedge is
effective. To the extent that the hedge is ineffective, such
differences are recognised in profit or loss. When the hedged net
investment is disposed of, the cumulative amount in equity is
transferred to profit or loss as an adjustment to the profit or loss
on disposal.
L Foreign currency transactions
Transactions in foreign currencies are translated to the respective
functional currencies of Group entities 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, except for differences arising on the translation of the
net investment in a foreign operation.
Foreign operations
The assets and liabilities of foreign operations including goodwill
and fair value adjustments arising on acquisition, are translated

to New Zealand dollars at exchange rates at the reporting date.
The income and expenses of foreign operations are translated to
New Zealand dollars at the average rate for the reporting period.
M Impairment of assets
At each reporting date, the Group reviews the carrying amounts of
its 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 Group estimates the recoverable amount of the
cash-generating unit to which the asset belongs. Goodwill,
intangible assets with indefinite useful lives and intangible assets
not yet available for use are tested for impairment annually and
whenever there is an indication that the asset may be impaired.
N Revenue recognition
Revenue is measured based on the consideration specified in a
contract with a customer. A description of the nature and timing
of the various performance obligations in the Group’s contracts
with customers and when revenue is recognised is outlined at
Note 10 (Revenue).
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Interest revenues are recognised as accrued, taking into account
the effective yield of the financial asset. Revenue from services is
recognised in the profit or loss over the period of service. Dividend
income is recognised when the right to receive the payment is
established.
O Borrowings
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 or loss over the period of the borrowing using the effective
interest rate. Bond and bank debt issue expenses, fees and other
costs incurred in arranging finance are capitalised and amortised
over the term of the relevant debt instrument or debt facility.
P Discontinued operations
Classification as a discontinued operation occurs on disposal, or
when the operation meets the criteria to be classified as a
non-current asset or disposal group held for sale (see note (I)), if
earlier. When an operation is classified as a discontinued
operation, the comparative statement of comprehensive income
is re-presented as if the operation had been discontinued from
the start of the comparative year.
Q Segment reporting
An operating segment is a component of the Group that engages
in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to
transactions with any of the Group's other components. All
operating segments' operating results are reviewed regularly by
the Group's Board of Directors to make decisions about resources
to be allocated to the segment and assess its performance, and
for which discrete financial information is available.
The Group is organised into five main business segments,
Trustpower, Tilt Renewables, Wellington International Airport,
Associate Companies and Other. Other comprises investment
activity not included in the specific categories.
R Changes in accounting policies
The Group has adopted NZ IFRS 16 Leases ('NZ IFRS 16') from
1 April 2019.
NZ IFRS 16 Leases
NZ IFRS 16 replaces NZ IAS 17 Leases and removes the
classification of leases as either operating leases or finance
leases and consequently for the lessee, all leases (other than short
term or low value leases) are recognised on the Consolidated
Statement of Financial Position. This has resulted in the Group
recognising right of use assets and related lease liabilities for
leases previously classified as operating leases on the statement
of financial position. As a result, payments for operating leases are
now recorded against the lease liability. The operating lease
expense previously included within Other operating expenses is
replaced by interest on the lease liability and depreciation on the
right of use assets. Lessor accounting remains materially
unchanged under the new standard.
The Group has adopted NZ IFRS 16 using the modified
retrospective approach and has not restated comparative
amounts for the period prior to first adoption. The Group has
utilised the practical expedients permitted by NZ IFRS 16 in
respect of short-term and low value leases where appropriate.
The Group has also elected not to reassess whether an existing
contract contains a lease at the date of initial application.
The lease liability was measured at the present value of the
minimum lease payments, discounted at the incremental
borrowing rate applicable to that lease (or portfolio of leases) at 1
April 2019. In line with the modified retrospective approach, the
associated right of use assets were measured at the amount
equal to the lease liability relating to that lease at 1 April 2019,
with no overall change in net assets. Where the lease pertains to
property held to earn rental income, the right of use asset is
classified as Investment Property and is measured at fair value.
Consolidated statement of financial position effect
31 March 2020
$Millions
1 April 2019
$Millions
Right of use assets161.2 79.1
Investment properties82.2 80.5
Lease liabilities(246.9)(159.6)
Change in net assets(3.5)-
When compared to the accounting policies applied in the prior
comparative period, the adoption of NZ IFRS 16 on the Group’s
Consolidated Statement of Comprehensive Income for the year
ended 31 March 2020 is summarised below.
Consolidated statement of comprehensive income effect
2020
$Millions
Other operating expenses(14.7)
Depreciation10.4
Interest expense10.8
Reconciliation of lease commitments to lease liabilities
2020
$Millions
Operating lease commitments disclosed
at 31 March 2019103.2
Operating lease commitments as

at 31 March 2019 not previously disclosed6.3
Effect of using incremental borrowing rate

at the date of initial application(21.0)
Extension and termination options reasonably

certain to be exercised80.0
Contracts reassessed as capital commitments(2.9)
Finance lease liabilities recognised at 31 March 201924.1
Future dated lease commitments(28.5)
Recognition exemption for:
- short-term leases(0.6)
- leases of low-value assets(0.3)
Effect of movements in exchange rates(0.7)
Lease liabilities at 1 April 2019159.6
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Operating lease commitments as at 31 March 2019

not previously disclosed
As part of Trustpower's adoption of NZ IFRS 16 certain operating
lease commitments were identified that were not disclosed as
part of Trustpower's 31 March 2019 financial statements. The

Group has evaluated the impact of this non-disclosure and has
determined that the impact is not material. This assessment is
due to the size and non-cash nature of this item being such that
it would not influence the economic decisions of users made on
the basis of the financial information previously issued.
Additionally this non-disclosure had no impact on the financial
position, performance or cash flows of the Group and impacted
the lease commitments note only.
S Adoption status of relevant new financial reporting
standards and interpretations
A number of new standards, amendments to standards and
interpretations have been issued but are not yet effective and
have not been applied in preparing these consolidated financial
statements. None of these are expected to have a material
impact on the consolidated financial statements.
2 Nature of business
The Group owns and operates infrastructure businesses and
investments in New Zealand, Australia, the United States and
Europe. The Company is a limited liability company incorporated
and domiciled in New Zealand. The address of its registered office
is 5 Market Lane, Wellington, New Zealand.
More information on the individual businesses is contained in

Note 5 (Operating segments) and Note 6 (Investments in
associates) including the relative contributions to total revenue
and expenses of the Group.
3 Infratil shares and dividends
Ordinary shares (fully paid)
20202019
Total authorised and issued shares
at the beginning of the year559,278,166 559,278,166
Movements during the year:
New shares issued99,992,228 -
New shares issued under dividend
reinvestment plan1,030,793 -
Treasury Stock reissued under
dividend reinvestment plan - -
Conversion of executive
redeemable shares265,267 -
Share buyback(887,617) -
Total authorised and issued
shares at the end of the year659,678,837 559,278,166
During the year the Company issued new shares to support the
acquisition of a 49.9% share of Vodafone New Zealand Limited,
raising net proceeds after issue costs of $396.8 million via an
institutional placement and an entitlement offer to existing
shareholders. All fully paid ordinary shares have equal voting
rights, have no par value and share equally in dividends and
equity. At 31 March 2020 the Group held 1,662,617 shares as
Treasury Stock (31 March 2019: 775,000).
Dividends paid on ordinary shares
2020
Cents per
share
2019
Cents per
share
2020
$Millions
2019
$Millions
Final dividend prior year11.00 10.75 72.5 60.1
Interim dividend

current year6.25 6.25 41.2 35.0
Dividends paid on
ordinary shares17.25 17.00 113.7 95.1
4 Earnings per share
2020
$Millions
2019

$Millions
Net surplus attributable to ordinary
shareholders 266.2(5.4)
Basic and diluted earnings per share (cps)
from continuing operations41.5(1.0)
Net surplus attributable to ordinary
shareholders241.3(19.5)
Basic and diluted earnings per share (cps)37.6(3.5)
Weighted average number of ordinary shares
Issued ordinary shares at 1 April 559.3 559.3
Effect of new shares issued81.5 -
Effect of new shares issued under dividend
reinvestment plan0.3 -
Effect of Treasury Stock reissued under
dividend reinvestment plan - -
Effect of conversion of executive

redeemable shares0.2 -
Effect of shares bought back - -
Weighted average number of ordinary
shares at end of year 641.3559.3
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

12
5 Operating segments
Reportable segments of the Group are analysed by significant businesses for reporting to the Infratil Chief Executive Officer.
The Group has seven reportable segments, as described below:
Trustpower and Tilt Renewables are renewable generation investments, Wellington International Airport is an airport investment,

NZ Bus is a transportation investment and Perth Energy is a non-renewable generation investment in Western Australia. Associates
comprises Infratil's investments that aren't consolidated for financial reporting purposes including CDC Data Centres, Vodafone
New Zealand, RetireAustralia, ANU Student Accommodation, Longroad Energy and Galileo Green Energy. Further information on
these investments is outlined in Note 6. The Group's investments in NZ Bus, Perth Energy, ANU Student Accommodation and Snapper
were classified as Held for Sale and treated as Discontinued Operations as at 31 March 2019. Further information on these investments
is outlined in Note 9. All other segments and corporate predominately includes the activities of the Parent Company. The Group has
no significant reliance on any one customer. Inter-segment revenue primarily comprises dividends from Trustpower, subvention income
from Wellington International Airport and intercompany transactions between Trustpower and Tilt Renewables.
Trustpower
New Zealand
$Millions
Tilt
Renewables
Australasia
$Millions
Wellington
International
Airport
New Zealand
$Millions
NZ Bus
New Zealand
$Millions
Perth
Energy
Australia
$Millions
Associates
$Millions
All other
segments
and
corporate
New Zealand
$Millions
Eliminations
and
discontinued
operations
$Millions
Total from
continuing
operations
$Millions
For the year ended
31 March 2020
Total revenue990.0179.2 146.4 76.1 114.2 - 135.1 (191.9)1,449.1
Share of earnings of associate
companies - - - - - 87.3 - (0.5)86.8
Inter-segment revenue - - - - - - (125.3)(41.9)(167.2)
Total income990.0179.2 146.4 76.1 114.2 87.3 9. 8 (234.3)1,368.7
Operating expenses (excluding
depreciation and amortisation)(803.5)(55.5)(43.2)(70.2)(102.1) - (170.5)216.5 (1,028.5)
Interest income0.6 7. 6 0.7 - 0.1 - 7. 3 (5.6)10.7
Interest expense(32.4)(49.0)(25.5)(3.9)(3.6) - (90.2)7. 5 (197.1)
Depreciation and amortisation(42.5)(76.3)(28.4)(7.1)(2.6) - (0.1)9. 5 (147.5)
Net gain/(loss) on foreign
exchange and derivatives16.2 (9.0)0.1 - - - (1.1) - 6.2
Net realisations, revaluations

and impairments8.9 511.5 (11.4)(68.6)(22.9) - 6 7. 7 25.5 510.7
Taxation expense(39.6)(4.9)34.5 1.7 (4.2) - (6.1)4.2 (14.4)
Net surplus/(loss) for the year97.7 503.6 73.2 (72.0)(21.1)87.3 (183.2)23.3 508.8
Net surplus/(loss) attributable

to owners of the company48.6 330.7 52.6 (72.0)(21.4)87.3 (183.2)23.6 266.2
Net surplus/(loss) attributable

to non-controlling interests4 9. 1 172.9 20.6 - 0.3 - - (0.3)242.6
Current assets150.8 730.5 35.0 - - - 1 7. 0 - 933.3
Non-current assets1,960.0 1,046.0 1,336.9 - - 1,961.9 3 4 7. 0 - 6,651.8
Current liabilities143.6 92.6 89.5 - - - 95.7 - 421.4
Non-current liabilities8 6 7. 1 469.0 641.6 - - - 1,846.1 - 3,823.8
Net assets1,100.1 1,214.9 640.8 - - 1,961.9 (1,577.8) - 3,339.9
Non-controlling interest
percentage 49.0% 34.4% 34.0% - 20.0% - - - -
Capital expenditure and
investments34.3506.480.62.70.21,134.541.0(3.0)1,796.7
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

13
Trustpower
New Zealand
$Millions
Tilt
Renewables
Australasia
$Millions
Wellington
International
Airport
New Zealand
$Millions
NZ Bus
New Zealand
$Millions
Perth
Energy
Australia
$Millions
Associates
$Millions
All other
segments
and
corporate
New Zealand
$Millions
Eliminations
and
discontinued
operations
$Millions
Total from
continuing
operations
$Millions
For the year ended
31 March 2019
Total revenue1,030.1 207.1 137.9 184.2 269.9 - 158.6 (461.3)1,526.5
Share of earnings of associate
companies - - - - - 119.2 - (12.8)106.4
Inter-segment revenue - - - - - - (147.8)(42.9)(190.7)
Total income1,030.1 207.1 137.9 184.2 269.9 119.2 10.8 (517.0)1,442.2
Operating expenses (excluding
depreciation and amortisation)(807.9)(62.7)(36.5)(166.8)(234.0) - (142.4)452.5 (997.8)
Interest income1.4 1.4 0.3 - 0.2 - 13.3 (9.8)6.8
Interest expense(29.6)(33.6)(19.7)(7.1)(7.6) - (73.3)15.6 (155.3)
Depreciation and amortisation(47.2)(89.5)(23.7)(21.1)(6.0) - (0.6)2 7. 7 (160.4)
Net gain/(loss) on foreign
exchange and derivatives(5.8)(2.1)1.2 - - - 7. 0 - 0.3
Net realisations, revaluations

and impairments(10.9) - 4.8 (29.2) - - 3.5 32.4 0.6
Taxation expense(37.5)(7.4)(0.2)4.2 (12.1) - (30.3)11.3 (72.0)
Net surplus/(loss) for the year92.6 13.2 64.1 (35.8)10.4 119.2 (212.0)12.7 64.4
Net surplus/(loss) attributable

to owners of the company46.0 7. 5 46.2 (35.8)8.3 119.2 (211.7)14.8 (5.5)
Net surplus/(loss) attributable

to non-controlling interests46.6 5.7 1 7. 9 - 2.1 - (0.3)(2.1)6 9.9
Current assets185.7 3 6 7. 9 43.9 200.0 211.3 108.2 64.2 - 1,181.2
Non-current assets2,028.9 1,233.1 1,216.5 - - 856.5 215.8 - 5,550.8
Current liabilities284.3 238.2 115.0 29.7 110.5 - 2 6 7. 7 - 1,045.4
Non-current liabilities681.2 677.6 541.9 - - - 1,041.4 - 2,942.1
Net assets1,249.1 685.2 603.5 170.3 100.8 964.7 (1,029.1) - 2,744.5
Non-controlling interest
percentage 49.0% 34.7% 34.0% - 20.0% - - - -
Capital expenditure and
investments2 7. 7 127.1 72.1 45.9 0.4 139.0 2 7. 8 (55.6)384.4
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

14
Entity wide disclosure – geographical
The Group operates in two principal areas, New Zealand and Australia, as well as having certain investments in the United States
and Europe. The Group's geographical segments are based on the location of both customers and assets.
New Zealand
$Millions
Australia
$Millions
United States
$Millions
Europe
$Millions
Eliminations and
discontinued
operations
$Millions
Total from
continuing
operations
$Millions
For the year ended 31 March 2020
Total revenue1,391.4249.6 - - (191.9)1,449.1
Share of earnings of associate companies(24.6)107.8 4.7 (0.6)(0.5)86.8
Inter-segment revenue(125.3) - - - (41.9)(167.2)
Total income1,241.5357.4 4.7 (0.6)(234.3)1,368.7
Operating expenses (excluding depreciation

and amortisation)(1,147.5)(97.5) - - 216.5 (1,028.5)
Interest income9. 1 7. 2 - - (5.6)10.7
Interest expense(170.0)(34.6) - - 7. 5 (197.1)
Depreciation and amortisation(100.2)(56.8) - - 9. 5 (147.5)
Net gain/(loss) on foreign exchange and derivatives15.7 (9.5) - - - 6.2
Net realisations, revaluations and impairments(3.4)488.6 - - 25.5 510.7
Taxation expense(11.2)(7.4) - - 4.2 (14.4)
Net surplus/(loss) for the year(166.0)647.4 4.7 (0.6)23.3 508.8
Current assets268.1 665.2 - - - 933.3
Non-current assets4,845.6 1,773.1 30.1 3.0 - 6,651.8
Current liabilities357.1 64.3 - - - 421.4
Non-current liabilities3,434.0 389.8 - - - 3,823.8
Net assets1,322.6 1,984.2 30.1 3.0 - 3,339.9
Capital expenditure and investments1,249.8 512.534.0 3.4 (3.0)1,796.7
For the year ended 31 March 2019
Total Revenue1,555.8 432.0 - - (461.3)1,526.5
Share of earnings of associate companies - 72.7 46.5 - (12.8)106.4
Inter-segment revenue(147.8) - - - (42.9)(190.7)
Total income1,408.0 504.7 46.5 - (517.0)1,442.2
Operating expenses (excluding depreciation

and amortisation)(1,214.4)(235.9) - - 452.5 (997.8)
Interest income15.1 1.5 - - (9.8)6.8
Interest expense(135.2)(35.7) - - 15.6 (155.3)
Depreciation and amortisation(116.0)(72.1) - - 2 7. 7 (160.4)
Net gain/(loss) on foreign exchange and derivatives0.8 (0.5) - - - 0.3
Net realisations, revaluations and impairments(31.8) - - - 32.4 0.6
Taxation expense(62.8)(20.5) - - 11.3 (72.0)
Net surplus/(loss) for the year(136.3)141.5 46.5 - 12.7 64.4
Current assets523.5 657.7 - - - 1,181.2
Non-current assets3,648.6 1,864.6 37.6 - - 5,550.8
Current liabilities718.7 326.7 - - - 1,045.4
Non-current liabilities2,396.5 545.6 - - - 2,942.1
Net assets1,056.9 1,650.0 37.6 - - 2,744.5
Capital expenditure and investments161.9 176.6 101.5 - (55.6)384.4
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

15
6 Investments in associates
Note
2020
$Millions
2019
$Millions
Investments in associates are as follows:
Vodafone New Zealand6.1974.0 -
CDC Data Centres6.2693.4 555.3
RetireAustralia6.3291.5 289.3
Longroad Energy 6.4 - 10.8
Galileo Green Energy3.0 -
Investments in associates1,961.9 855.4
Note
2020
$Millions
2019
$Millions
Equity accounted earnings of associates are as follows:
Vodafone New Zealand
6.1(24.7) -
CDC Data Centres6.2161.0 83.9
RetireAustralia6.3(53.7)(23.9)
Longroad Energy 6.44.7 46.4
Galileo Green Energy(0.5) -
Share of earnings of associate companies86.8 106.4
6.1 Vodafone New Zealand
On 31 July 2019, the Group acquired a 49.9% ownership interest in Vodafone New Zealand Limited via a holding company structure.
The Group and consortium partner Brookfield Asset Management Inc. ('Brookfield') each acquired 49.9% of the share capital of ICN JV
Investments Limited (‘Vodafone’), with the remaining shares being reserved for management of Vodafone. The Group has determined
that its investment in ICN JV Investments Limited is an investment in associate, based on the key terms of the shareholders' agreement,
governance structures and relative rights of the investors. Vodafone is a full-service telecommunications company in New Zealand
and the acquisition increases Infratil's exposure to long-term data and connectivity growth. Infratils current shareholding is 49.9%
(31 March 2019: N/A).
Movement in the carrying amount of the Group’s investment in Vodafone New Zealand:
2020
$Millions
Carrying value at 1 April
Acquisition of shares690.3
Capitalised transaction costs0.2
Shareholder loan339.4
Total capital contributions during the year1,029.9
Interest on shareholder loan9. 3
Share of associate’s surplus/(loss) before income tax(45.1)
Share of associate’s income tax (expense)11.1
Total share of associate’s earnings during the year(24.7)
Share of associate's other comprehensive income(6.2)
less: Distributions received(19.1)
less: Shareholder loan repayments including interest(5.9)
Carrying value of investment in associate974.0
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

16
The nature of the holding structure under which Infratil and Brookfield acquired Vodafone meant that ICN JV Investments Limited
ultimately acquired 100% of the shares in Vodafone New Zealand Limited. As a result, within the holding structure NZ IFRS 3: Business
Combinations was required to be applied on acquisition. NZ IFRS 3 requires that the identifiable assets and liabilities acquired as part
of the business combination are measured at fair value at the date of acquisition, with any gain recognised through the profit and loss
and any deficit recognised as goodwill. The major inputs and assumptions that are used in the valuations of material tangible assets
include replacement values, life assumptions and terminal values for each asset. Key assumptions used for measuring the fair value of
material intangible assets include projections of future revenues and margins associated with customer contracts, expected average
customer tenure and application of discount rates.
Vodafone Management has completed this process and the results of this exercise are reflected in the summary financial information
presented below and carrying value of the investment in associate.
Summary financial information:
2020
$Millions
Summary information for Vodafone is not adjusted for the percentage ownership held by the Group (unless stated)
Current assets598.7
Non-current assets3,811.7
Total assets4,410.4
Current liabilities580.9
Non-current liabilities2,565.0
Total liabilities3,145.9
Net assets (100%)1,264.5
Group's share of net assets631.0
Revenues1,382.6
Net surplus/(loss) after tax(68.1)
Total other comprehensive income2.2
2020
$Millions
Reconciliation of the carrying amount of the Group's investment in Vodafone:
Group's share of net assets631.0
add: Shareholder loan342.8
add: Capitalised transaction costs0.2
Total other comprehensive income974.0
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

17
6.2 CDC Data Centres
On 14 September 2016 the Group completed the acquisition of 48.13% of CDC Data Centres ('CDC'). CDC operates 80MW (2019:
67MW) of installed capacity across 3 accredited and connected Data Centre campuses in Canberra & Sydney. These facilities provide
highly secure outsourced co-location Data Centre services to Australian Government entities and third party service providers. Infratil’s
current shareholding is 48.22% (2019: 48.22%).
Movement in the carrying amount of the Group's investment in CDC Data Centres:
2020
$Millions
2019
$Millions
Carrying value at 1 April555.3453.2
Acquisition of shares - 31.7
Capitalised transaction costs - -
Shareholder loan8.1 11.0
Total capital contributions during the year8.1 42.7
Interest on shareholder loan14.2 14.5
Share of associate’s surplus/(loss) before income tax216.6 108.6
Share of associate’s income tax (expense)(69.8)(39.2)
Total share of associate’s earnings during the year161.0 83.9
Share of associate's other comprehensive income - -
less: Shareholder loan repayments including interest(16.1)(12.6)
Foreign exchange movements(14.9)(11.9)
Carrying value of investment in associate693.4 555.3
Summary financial information:
2020
A$Millions
2019
A$Millions
Summary information for is not adjusted for the percentage ownership held by the Group (unless stated)
Current assets87.2 35.0
Non-current assets2,703.3 1,799.4
Total assets2,790.5 1,834.4
Current liabilities73.3 20.5
Non-current liabilities1,654.1 1,039.9
Total liabilities1,727.4 1,060.4
Net assets (100%)1,063.1 774.0
Group's share of net assets512.6 373.2
Revenues173.6 115.5
Net surplus/(loss) after tax289.1 137.5
Total other comprehensive income- -
2020
$Millions
2019
$Millions
Reconciliation of the carrying amount of the Group's investment in CDC Data Centres:
Group's share of net assets in NZD526.3 389.8
add: Shareholder loan167.1 165.5
Carrying value of investment in associate693.4 555.3
CDC's functional currency is Australian Dollars (A$) and the summary financial information shown is presented in this currency. The NZD/AUD exchange
rates used to convert the summary financial information to the Group's functional currency ($NZD) were 0.9740 (Spot rate) and 0.9501 (Average rate) (2019:
Spot rate 0.9574, Average rate 0.9334).
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

18
6.3 RetireAustralia
On 31 December 2014, the Group acquired a 50% shareholding of RetireAustralia, with consortium partner the New Zealand
Superannuation Fund acquiring the other 50%. RetireAustralia operates 27 retirement villages across three states in Australia –
New South Wales, Queensland and South Australia. Infratil’s current shareholding is 50% (2019: 50%).
Movement in the carrying amount of the Group's investment in RetireAustralia:
2020
$Millions
2019
$Millions
Carrying value at 1 April289.3318.0
Acquisition of shares61.3 -
Total capital contributions during the year61.3 -
Share of associate’s surplus/(loss) before income tax(53.7)(23.9)
Share of associate’s income tax (expense) - -
Total share of associate’s earnings during the year(53.7)(23.9)
Share of associate's other comprehensive income - -
less: Shareholder loan repayments including interest - -
Foreign exchange movements(5.4)(4.8)
Carrying value of investment in associate291.5 289.3
Summary financial information:
2020
A$Millions
2019
A$Millions
Summary information for is not adjusted for the percentage ownership held by the Group (unless stated)
Current assets196.4 191.1
Non-current assets2,266.4 2,319.6
Total assets2,462.8 2,510.7
Current liabilities1,738.0 1,746.0
Non-current liabilities157.1 210.8
Total liabilities1,895.1 1,956.8
Net assets (100%)567.7 553.9
Group's share of net assets283.9 2 7 7. 0
Total other comprehensive income291.5 289.3
Revenues77.5 74.6
Net surplus/(loss) after tax(102.1)(44.5)
Total other comprehensive income - -
RetireAustralia's functional currency is Australian Dollars (A$) and the summary financial information shown is presented in this currency. The NZD/AUD
exchange rates used to convert the summary financial information to the Group's functional currency ($NZD) were 0.9740 (Spot rate) and 0.9501 (Average
rate) (2019: Spot rate 0.9574, Average rate 0.9334).
RetireAustralia’s net current asset deficiency has primarily arisen due to the requirement under Accounting Standards to classify
resident obligations as current liabilities as there is no unconditional contractual right to defer settlement for at least twelve months of
balance date (residents may give notice of their intention to vacate their unit with immediate effect). In contrast, the corresponding
assets are classified as non-current under Accounting Standards.
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

19
6.4 Longroad Energy
On 5 October 2016 the Group announced an initial (45%) investment in Longroad Energy Holdings, LLC ('Longroad Energy' or 'Longroad'),
a recently formed renewable energy development and operating vehicle headquartered in Boston, Massachusetts. Longroad's focus is
primarily in the development of utility-scale wind and solar generation throughout North America. The other establishment partners
were the New Zealand Superannuation Fund (40%) and the Longroad management team (10%). Infratil’s current shareholding is 40%
(2019: 40%). In December 2018 Longroad Energy distributed its membership interest in Montgomery Street Holdings, LLC ('MSH') to the
shareholders of Longroad Energy. The carrying value of MSH is included within the equity accounting for Longroad Energy presented
below.
Movement in the carrying amount of the Group’s investment in Longroad Energy:
2020
$Millions
2019
$Millions
Carrying value at 1 April10.810.1
Capital contributions31.8 19.8
Shareholder loan - 0.4
Mezzanine debt drawdowns - 67.0
Total capital contributions during the year31.8 87.2
Interest on shareholder loan - -
Interest on mezzanine debt - 4.6
Share of associate’s surplus/(loss) before income tax4.7 41.8
Share of associate’s income tax (expense) - -
Total share of associate’s earnings during the year4.7 46.4
Share of associate’s other comprehensive income(15.0)(12.0)
less: Distributions received
(29.0)(32.7)
less: Capital returned(4.4)(16.5)
less: Shareholder loan repayments including interest - (1.6)
less: Mezzanine debt repayments including interest - (71.6)
Foreign exchange movements1.1 1.5
Carrying value of investment in associate - 10.8
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

20
Summary financial information:
31 December
2019
US$Millions
31 December
2018
US$Millions
Summary information for is not adjusted for the percentage ownership held by the Group (unless stated)
Current assets153.0 282.2
Non-current assets1,247.3 572.7
Total assets1,400.3 854.9
Current liabilities270.0 290.1
Non-current liabilities1,059.8 533.8
Total liabilities1,329.8 823.9
Net assets (100%)70.5 31.0
Adjustment for movements between 31 December and 31 March(57.4)(11.6)
less: non-controlling interests at 31 March(29.2)(0.2)
Net assets attributable to owners of Longroad Energy as at 31 March(16.1)19.2
Group's share of net assets at 31 March(5.7)7. 3
Group's share of net assets at 31 March ($NZD)(9.6)10.8
Adjust carrying value to nil at 31 March ($NZD)9. 6 -
Carrying value of investment in associate ($NZD) - 10.8
Revenues94.3 93.4
Net surplus/(loss) after tax6.8 5 9. 5
Total other comprehensive income(10.2)1.1
Longroad's functional currency is United States Dollars ($US) and the summary financial information shown is presented in this currency. The NZD/USD
exchange rates used to convert the summary financial information to the Group's functional currency ($NZD) were 0.5997 (Spot rate) and 0.6474

(Average rate) (2019: Spot rate 0.6785, Average rate 0.6810).
The summary information provided is taken from the most recent audited annual financial statements of Longroad Energy Holdings,
LLC which have a balance date of 31 December and are reported as at that date. An adjustment to the carrying value of the
investment in Longroad Energy has been recorded as at 31 March 2020 as under NZ IAS 28 the carrying amount of the investment is not
permitted to reduce below zero.
Letter of credit facility
Longroad has obtained an uncommitted secured letter of credit facility of up to US$150 million from HSBC Bank. Letters of credit under
the Facility are on issue to beneficiaries to support the development and continued operations of Longroad. Infratil has provided
shareholder backing of the Longroad Letter of Credit facility, specifically, Infratil (and the New Zealand Superannuation Fund) have
collectively agreed to meet up to US$150 million of capital calls (i.e. subscribe for additional units) equal to Longroad’s reimbursement
obligation in the event that a Letter of Credit is called and Longroad cannot fund the call, taking into account immediately available
working capital. As at 31 March 2020, US$113.5 million (31 March 2019: US$115.3 million) in Letters of Credit are on issue under the
Longroad Letter of Credit facility.
DocuSign Envelope ID: 4CEC5110-91C4-4540-BC22-A4DEED94E4A2

21
7 Other investments
2020
$Millions
2019
$Millions
Australian Social Infrastructure Partners33.4 45.4
Clearvision Ventures30.1 26.8
Other7. 9 9. 0
Other investments71.4 81.2
Australian Social Infrastructure Partners
Australian Social Infrastructure Partners ('ASIP') holds a 9.95% share of the equity in the New Royal Adelaide Hospital public-private
partnership (‘PPP’). ASIP divested its 49.0% equity interest in the South East Queensland Schools PPP during the year, from which Infratil's
share of cash proceeds was A$12.9 million. In 2014, Infratil made a A$100 million commitment to pursue greenfield availability-based
PPP opportunities in Australia via ASIP. As at 31 March 2020, A$69.5 million of the commitment remains uncalled (31 March 2019:
A$69.5 million) however no further Capital Calls are forecast from ASIP.
Clearvision Ventures
In February 2016, the Group made a commitment of US$25 million to the California based Envision Ventures Fund 2. The strategic
objective is to help Infratil's businesses identify and engage with technology changes that will impact their activities. As at 31 March
2020 Infratil has made total contributions of US$21.0 million (31 March 2019: US$19.5 million), with the remaining US$4.0 million
commitment uncalled at that date. During the comparative period the name of the investing entity, Envision Ventures Fund 2 LP
was renamed Clearvision Ventures Ecosystem Fund LP.
8 Investment in subsidiaries and associates
The significant companies of the Infratil Group and their activities are shown below. The financial year end of all the significant
subsidiaries and associates is 31 March with exceptions noted.
2020
Holding
2019
HoldingPrincipal Activity
Subsidiaries
New Zealand
Infratil Finance Limited100%100%Finance
Infratil Infrastructure Property Limited100%100%Property
New Zealand Bus Limited-100%Public transport
Snapper Services Limited-100%Technology
Swift Transport Limited 100%100%Investment
Tilt Renewables Limited65.6%65.3%Electricity generation
Trustpower Limited51.0%51.0%Electricity generation and utility retailer
Wellington International Airport Limited66.0%66.0%Airport
Australia
Perth Energy Pty Limited-80.0%Electricity retailer
Western Energy Pty Limited-80.0%Electricity generation
Associates
New Zealand
Vodafone New Zealand Limited4 9.9 %-Telecommunications
Australia
CDC Group Holdings Pty Ltd48.2%48.2%Data Centre
Cullinan Holding Trust-50.0%Purpose Built Student Accommodation
RA (Holdings) 2014 Pty Limited50.0%50.0%Retirement Living
United States
Longroad Energy Holdings, LLC
(31 December year end)40.0%40.0%Renewable Energy Development
Europe
Galileo Green Energy, LLC40.0%-Renewable Energy Development
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9 Discontinued operations
Summary of results of discontinued operationsNote
2020
$Millions
2019
$Millions
ANU Student Accommodation9.1 66.6 12.7
NZ Bus9.2 (69.2)(30.8)
Perth Energy9.3 (19.4)14.2
Snapper Services9.4 (2.6)(8.1)
Net surplus from discontinued operations after tax(24.6)(12.0)
9.1 ANU Student Accommodation
On 21 May 2019 the Group announced a sale of its 50% interest in the Australian National University’s PBSA concession to funds
controlled by AMP Capital had completed. Infratil received cash proceeds of A$162.1 million, as well as shareholder loan interest and
distributions of A$4.8 million in the period from 1 April 2019 to completion. The investment was classified as held for sale at 31 March
2019 and is reported in the consolidated financial statements as a discontinued operation. Financial information relating to the
discontinued operation for the period to the date of disposal is set out below.
2020
$Millions
2019
$Millions
Carrying value at 1 April
108.2 96.1
Acquisition of shares - 4.1
Shareholder loan - 5.0
Total capital contributions during the year - 9. 1
Interest on shareholder loan (including accruals)0.5 3.8
Share of associate’s surplus/(loss) before income tax - 8.9
Share of associate’s income tax (expense) - -
Total share of associate’s earnings during the year0.5 12.7
less: Distributions received(3.5)(5.2)
less: Shareholder loan repayments including interest(57.6)(1.7)
less: Capital returned(49.4) -
Foreign exchange movements recognised in other comprehensive income1.8 (2.8)
Carrying value of investment in associate - 108.2
The net gain on the sale is calculated as follows:
Gross sale proceeds172.2 -
Carrying amount of assets and liabilities as at the date of sale104.1 -
Gain on sale before cost of disposal68.1 -
Cost of disposal(2.0)-
Net gain on sale66.1 -
Net surplus from discontinued operation after tax66.612.7
Basic and diluted earnings per share (cents per share)10.42.3
The profit from the discontinued operation is attributable entirely to the owners of the Company.
Cash flows from/(used in) discontinued operation
Net cash from operating activities4.0 6.9
Net cash from/(used in) investing activities169.7 (9.1)
Net cash from/(used in) financing activities - -
Net cash flows for the year173.7 (2.2)
There was no cumulative income recognised in other comprehensive income relating to ANU Student Accommodation at 31 March
2020 (31 March 2019: -$2.4 million).
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9.2 NZ Bus
On 2 September 2019 the Group announced that the sale of its NZ Bus business to funds controlled by Next Capital had been
completed. The final consideration after post-completion adjustments for working capital, capital expenditure, and an earnout
mechanism is yet to be finalised. Upfront cash proceeds of approximately $93 million have been received. The balance (after the
post-completion adjustments and earnout) will be paid in cash and a vendor loan once post completion activities are finalised.
Gross sale proceeds have been recognised based on upfront proceeds and an estimate of final proceeds based on the contractual
price floor. Contingent sales proceeds above the contractual price floor do not meet the requirements for recognition as at 31 March
2020. The investment was classified as held for sale at 31 March 2019 and is reported in the financial statements as a discontinued
operation. Financial information relating to the discontinued operation for the period to the date of disposal is set out below.
2020
$Millions
2019
$Millions
Results of discontinued operation
Revenue76.1 184.2
Operating expenses70.2 166.8
Results from operating activities5.9 17.4
Depreciation & amortisation of intangibles(7.1)(21.1)
Net realisations, revaluations, (impairments)0.2 (29.2)
Net financing expense - (0.2)
Net surplus/(loss) before tax(1.0)(33.1)
Taxation (expense)/credit0.6 2.3
Net surplus/(loss) after tax(0.4)(30.8)
The net loss on the sale is calculated as follows:
Gross sale proceeds98.5 -
Carrying amount of assets and liabilities as at the date of sale166.9 -
Loss on sale before cost of disposal(68.4) -
Cost of disposal(0.4) -
Net loss on sale(68.8) -
Net loss from discontinued operation after tax(69.2)(30.8)
Basic and diluted earnings per share (cents per share)(10.8)(5.5)
The loss from the discontinued operation is attributable entirely to the owners of the Company.
Cash flows from/(used in) discontinued operation
Net cash from/(used in) operating activities(0.1)2.6
Net cash from/(used in) investing activities92.9 2.8
Net cash from/(used in) financing activities - -
Net cash flows for the year92.8 5.4
There was no cumulative income recognised in other comprehensive income relating to NZ Bus at 31 March 2020 (31 March 2019: nil).
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9.3 Perth Energy
On 2 September 2019 Infratil announced that the sale of Perth Energy to AGL Energy Limited had been completed. Infratil received
cash proceeds of A$56.7 million for its 80% shareholding. Additional final sales proceeds may be received contingent on certain
outcomes but do not meet the requirements for recognition as at 31 March 2020. The investment was classified as held for sale at
31 March 2019 and is reported in the consolidated financial statements as a discontinued operation. Financial information relating to
the discontinued operation for the period to the date of disposal is set out below.
2020
$Millions
2019
$Millions
Results of discontinued operation
Revenue114.2 2 6 9.9
Operating expenses102.1 234.0
Results from operating activities12.1 35.9
Depreciation & amortisation of intangibles(2.6)(6.0)
Net realisations, revaluations, (impairments) - -
Net financing expense(1.1)(2.1)
Net surplus/(loss) before tax8.4 2 7. 8
Taxation (expense)/credit(4.9)(13.6)
Net surplus/(loss) after tax3.5 14.2
The net loss on the sale is calculated as follows:
Gross sale proceeds6 7. 4 -
Carrying amount of assets and liabilities as at the date of sale89.6 -
Loss on sale before cost of disposal(22.2) -
Cost of disposal(0.7) -
Net loss on sale(22.9) -
Net loss from discontinued operation after tax(19.4)14.2
Basic and diluted earnings per share (cents per share)(3.0)2.5
The loss from the discontinued operation is attributable entirely to the owners of the Company.
Cash flows from/(used in) discontinued operation
Net cash from/(used in) operating activities3.5 11.9
Net cash from/(used in) investing activities6 7. 2 (0.4)
Net cash from/(used in) financing activities(2.3)(4.5)
Net cash flows for the year68.4 7. 0
There was no cumulative income recognised in other comprehensive income relating to Perth Energy at 31 March 2020 (31 March 2019:
$5.1 million).
9.4 Snapper Services
On 31 May 2019, Infratil announced that it had completed the sale of Snapper Services to Allectus Capital for nominal consideration.
The investment was classified as held for sale at 31 March 2019 and is presented in the consolidated financial statements as a
discontinued operation.
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10 Revenue
2020
$Millions
2019
$Millions
Electricity940.2 1,026.2
Gas2 9.9 29.2
Telecommunications98.1 87.7
Aircraft movement and terminal charges80.8 81.5
Hotel and other trading activities3 9. 130.5
Revenue allocated to customer incentives2 7. 9 21.5
Other65.356.6
Total operating revenue1,281.31,333.2
Revenue Recognition Policies
The nature and timing of the various performance obligations in the Group’s contracts with customers and property leases and when
revenue is recognised is outlined below:
Description of performance obligationsTiming and satisfaction of performance obligations
Electricity and Gas - Sales to customers
Revenue received or receivable from the sale of electricity and
gas to mass market, commercial and industrial customers by
Trustpower.
Where Trustpower provides a bundle of services (such as
electricity and telecommunications) to a customer and a

discount is provided for one of those services, the discount is
allocated to each distinct performance obligation based on
the relative standalone selling price of those services.
Where a discount is offered for prompt payment, revenue is
initially recognised net of estimated discount based on
accumulated experience used to estimate the quantum of
discounts extended to customers.
Revenue is recognised at the point in time of supply and
customer consumption. Customer consumption of electricity
and gas is measured and billed by calendar month for half
hourly metered customers and in line with meter reading
schedules for non-half hourly metered customers. Accordingly,
revenues from electricity and gas sales include an estimated
accrual for units sold but not billed at the end of the reporting
period for non-half hourly metered customers.
Electricity - Generation
This category includes revenue from the sale of electricity
generated from Tilt Renewables' wind farms and Generation and
sale of Large-scale Generation Certificates ('LGC's') in Australia.
Generation revenue is recognised when control has transferred
to the customer. This takes place when the amount of revenue
can be reliably measured, upon satisfaction of contractually
binding performance obligations.
Telecommunications
This category comprises Trustpower’s revenue from the sale

of broadband, mobile and other telecommunications services.
Where Trustpower provides a bundle of services (such as
electricity and telecommunications) to a customer and a

discount is provided for one of those services, the discount is
allocated to each distinct performance obligation based on
the relative standalone selling price of those services.
Where a discount is offered for prompt payment, revenue is
initially recognised net of estimated discount based on
accumulated experience used to estimate the quantum of
discounts extended to customers.
Revenue is recognised at the point in time of supply and
customer consumption. Generally billed and paid on a monthly
billing cycle.
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26
Description of performance obligationsTiming and satisfaction of performance obligations
Aircraft movement and terminal charges
Aircraft movement and terminal charges consists of Wellington
International Airport's airfield income, passenger service charges
and terminal service charges.
Airfield income consists of landing charges and aircraft parking
charges.
Landing charges and aircraft parking charges are paid by

the airlines and recognised as revenue at the point in time the
airport facilities are used by the arriving or departing aircraft.
Passenger services charges and terminal service charges
relating to arriving, departing and transiting passengers are
paid by the airlines and recognised as revenue at the point in
time when the passenger travels or the airport facilities are
used.
Hotel and other trading activities
Hotel and other trading activities includes Wellington International
Airport's hotel and access to the airport’s car parking facilities.
Revenue from car parking is recognised at the point in time
where the utilisation of car parking facilities has been
completed. Revenue from the hotel is recognised at the point
in time the service is delivered.
Revenue allocated to customer incentives
Trustpower offers new customers goods, including appliances

and modems, as an incentive to enter into a contract for
electricity and telecommunications services. These incentives
are considered performance obligations in their own right and
a proportion of the revenue expected to be received over the
contract period is allocated to these physical goods
proportionately to their standalone selling price.
Revenue allocated to customer incentives is recognised upon
delivery of the goods and a capitalised customer acquisition
cost asset is recorded in the statement of financial position. As
the customer is invoiced for electricity and telecommunications
services over the life of the contract, a portion of this invoiced
revenue is allocated to the capitalised customer acquisition
cost asset, thereby reducing this asset to zero over the course
of the contract term.
Other revenue includes Wellington International Airport's retail concession fees and rental income. Retail concession fees are recognised
as revenue based upon passenger throughput or the turnover of the concessionaires and in accordance with the related agreements.
Rental income is recognised as revenue on a straight-line basis over the term of the leases on leases where the group is the lessor.
11 Net realisations, revaluations and impairments
2020
$Millions
2019
$Millions
Impairment of assets
(14.0)(10.9)
Gain on sale of metering business
16.4 -
Gain on sale of Snowtown 2
511.5 -
Investment property revaluation
(3.2)4.8
Other realisations, revaluations and impairments
(0.1)6.7
Net realisations, revaluations and impairments510.7 0.6
On 5 December 2019 Tilt Renewables entered into an agreement to sell the 270 MW Snowtown 2 wind farm to an entity wholly-owned
by funds managed by Palisade Investment Partners Limited and First State Super. Tilt Renewables recorded a net gain on sale of
A$486.0 million (NZ$511.5 million) as a result of the transaction.
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12 Other operating expenses
Note
2020
$Millions
2019
$Millions
Trading operations
Energy and wholesale costs2 0 7. 1234.6
Line, distribution and network costs280.7 284.5
Generation production & development costs45.5 46.5
Other energy business costs126.5 123.1
Telecommunications cost of sales63.3 54.4
Airport business costs2 7. 5 24.0
Bad debts written off3.6 2.0
Increase in provision for expected credit loss 22.1 3.2 0.4
Directors’ fees25 3.3 3.2
Administration and other corporate costs5.4 6.7
Management fee (to related party Morrison & Co Infrastructure Management)26 37.3 24.1
International Portfolio incentive fee28 125.0 102.6
Donations1.0 0.9
Total other operating expenses929.4907.0
Fees paid to auditors (including fees paid by associates)
2020
Fees paid to the
Group auditor
$000’s
2020

Audit fees paid
to other auditors

$000’s
2020
Total
$000’s
2019
Fees paid to the
Group auditor
$000’s
2019
Audit fees paid
to other auditors

$000’s
2019
Total
$000’s
Audit and review of financial statements299.3 800.5 1,099.9 317.4 882.9 1,200.3
Regulatory audit work32.0 - 32.0 32.0 - 32.0
Other assurance services114.5 - 114.5 - - -
Taxation services58.1 - 58.1 99.6 - 99.6
Other services122.1 - 122.1103.0 - 103.0
626.0800.5 1,426.6552.0 882.9 1,434.9
Fees paid to the Group auditor by
associates (recognised through share

of associate earnings)621.81,101.5 1,723.3472.5 - 472.5
Total fees paid to the Group auditor1,247.81,902.0 3,149.81,024.5 882.9 1,907.4
The audit fee includes the fees for both the annual audit of the financial statements and the review of the interim financial statements.
Regulatory audit work consists of the audit of regulatory disclosures. Other assurance services comprise of agreed upon procedures
and audit of compliance reports. Tax services relate to tax compliance work and tax advisory services provided to a subsidiary of the
group. Other services primarily relate to due diligence work undertaken.
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13 Taxation
13.1 Tax Reconciliation
2020
$Millions
2019
$Millions
Net surplus before taxation from continuing operations523.2 136.4
Taxation on the surplus for the year @ 28%146.5 38.2
Plus/(less) taxation adjustments:
Effect of tax rates in foreign jurisdictions9. 6 (0.1)
Net benefit of imputation credits - -
Timing differences not recognised(3.1)(1.0)
Tax losses not recognised/(utilised)6.230.1
Effect of equity accounted earnings of associates(2.1)0.6
Recognition of previously unrecognised deferred tax(20.8)(1.2)
(Over)/under provision in prior periods(6.1)0.9
Net investment realisations(148.8)(0.4)
Other permanent differences33.04.9
Taxation expense14.4 72.0
Current taxation 35.1 52.4
Deferred taxation (20.7)19.6
Tax on discontinued operations4.3 11.4
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13.2 Income tax recognised in other comprehensive income
2020
Before tax
$Millions
Tax (expense)
$Millions
Net of tax
$Millions
Differences arising on translation of foreign operations(17.8)0.3(17.5)
Realisations on disposal of subsidiary, reclassified to profit and loss(22.5) - (22.5)
Net change in fair value of available for sale financial assets(0.5)(0.5)(1.0)
Ineffective portion of hedges taken to profit and loss - - -
Effective portion of changes in fair value of cash flow hedges(75.0)21.0(54.0)
Fair value movements in relation to executive share scheme5.1 (6.0)(0.9)
Net change in fair value of property, plant & equipment recognised in equity 63.3(16.8)46.5
Share of associates other comprehensive income(21.3) - (21.3)
Balance at the end of the year(68.7)(2.0)(70.7)
2019
Before tax
$Millions
Tax (expense)
$Millions
Net of tax
$Millions
Differences arising on translation of foreign operations(18.9)(2.8)(21.7)
Realisations on disposal of subsidiary, reclassified to profit and loss - - -
Net change in fair value of available for sale financial assets2.6 - 2.6
Ineffective portion of hedges taken to profit and loss - - -
Effective portion of changes in fair value of cash flow hedges5.9 (0.8)5.1
Fair value movements in relation to executive share scheme(0.1)0.7 0.6
Net change in fair value of property, plant & equipment recognised in equity (283.6)69.1 (214.5)
Share of associates other comprehensive income(11.6) - (11.6)
Balance at the end of the year(305.7)66.2 (239.5)
13.3 Deferred tax
Deferred tax assets and liabilities are offset on the Statement of Financial Position where they relate to entities with a legally
enforceable right to offset tax.
2020
$Millions
2019
$Millions
Balance at the beginning of the year(442.5)(505.1)
Charge for the year20.7(19.6)
Charge relating to discontinued operations - (14.7)
Deferred tax recognised in equity(1.4)66.2
Disposal of Snowtown 2102.0-
Adjustment on initial application of IFRS 15 - (8.1)
Effect of movements in foreign exchange rates(0.6)1.7
Tax losses recognised7. 2 9.9
Transfers to liabilities classified as held for sale - 2 7. 2
Balance at the end of the year(314.6)(442.5)
The Infratil New Zealand Group is forecasting to derive taxable profits in future periods, sufficient to utilise the tax losses carried forward
and deductible temporary differences. As a result deferred tax assets and liabilities have been recognised where they arise, including
deferred tax on tax losses carried forward.
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13.4 Recognised deferred tax assets and liabilities
Assets
$Millions
Liabilities
$Millions
Net
$Millions
31 March 2020
Property, plant and equipment - (372.5)(372.5)
Investment property - (4.3)(4.3)
Derivative financial instruments46.7 - 46.7
Employee benefits5.4 - 5.4
Customer base assets - (2.4)(2.4)
Provisions1.3 - 1.3
Tax losses carried forward38.8 - 38.8
Other items(2.4)(25.2)(27.6)
To ta l89.8 (404.4)(314.6)
31 March 2019
Property, plant and equipment - (442.4)(442.4)
Investment property - (14.9)(14.9)
Derivative financial instruments8.2 (6.7)1.5
Employee benefits5.8 - 5.8
Customer base assets - (2.9)(2.9)
Provisions0.8 -0.8
Tax losses carried forward42.2 - 42.2
Other items-(32.6)(32.6)
To ta l57.0 (499.5)(442.5)
13.5 Changes in temporary differences affecting tax expense
Tax expenseOther comprehensive income
2020
$Millions
2019

$Millions
2020
$Millions
2019
$Millions
Property, plant and equipment24.29.9 45.0 69.1
Investment property10.6(1.5) - -
Derivative financial instruments(5.9)0.6 52.0 (0.8)
Employee benefits0.11.3 (0.5)0.7
Customer base assets0.40.9 - -
Provisions0.50.1 - -
Tax losses carried forward(10.6)(24.9) - -
Other items1.4(6.0)3.6 (2.8)
20.7(19.6)100.1 66.2
13.6 Imputation credits available to be used by Infratil Limited
2020
$Millions
2019
$Millions
Balance at the end of the year9.9 1.7
Imputation credits that will arise on the payment/(refund) of tax provided for
- -
Imputation credits that will arise on the (payment)/receipt of dividends accrued at year end - -
Imputation credits available for use9.9 1.7
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14 Property, plant and equipment
Land and
civil works
$Millions
Buildings
$Millions
Vehicles,
plant and
equipment
$Millions
Capital
work in
progress
$Millions
Metering
$Millions
Generation
plant
(renewable)
$Millions
Generation

plant (non-
renewable)
$Millions
To ta l
$Millions
2020
Cost or valuation
Balance at beginning of year585.6 551.7 132.4 169.2 6 7. 6 2,961.1 - 4,467.6
Additions0.4 - - 520.7 - - - 521.1
Capitalised interest and financing costs - - - - - - - -
Disposals - - (14.4) - (69.5)(623.7) - (707.6)
Impairment - (4.4) - (3.6) - (5.6) - (13.6)
Revaluation (12.1)14.7 - - - (5.1) - (2.5)
Transfers between categories24.4 12.6 18.3 (79.6)1.9 22.0 - (0.4)
Transfers to assets classified as held for sale - - - - - - - -
Transfer to right of use assets on transition

to NZ IFRS 16 - - - - - (23.8) - (23.8)
Transfers to intangible assets - - - (0.5) - - - (0.5)
Transfers from/(to) investment properties(16.4)(4.9) - (32.4) - - - (53.7)
Effect of movements in foreign exchange rates - - (0.3)(9.4) - (0.9) - (10.6)
Balance at end of year581.9 569.7 136.0 564.4 - 2,324.0 - 4,176.0
Accumulated depreciation
Balance at beginning of year22.8 13.7 86.5 - 67.0 76.1 - 266.1
Depreciation for the year8.0 14.3 14.1 - 0.8 84.5 - 121.7
Transfer to investment properties - (0.7) - - - - - (0.7)
Revaluation (30.8) - - - - (16.3) - (47.1)
Disposals - - (13.2) - (67.8)(39.8) - (120.8)
Transfers to assets classified as held for sale - - - - - - - -
Transfer to right of use assets on transition

to NZ IFRS 16 - - - - - (0.7) - (0.7)
Effect of movements in foreign exchange rates - - (0.1) - - (0.6) - (0.7)
Balance at end of year - 27.3 87.3 - - 103.2 - 217.8
Carrying value at 31 March 2020581.9542.448.7564.4 -2,220.8-3,958.2
Additions to capital work in progress primarily relate to the construction costs associated with the Dundonnell Wind Farm project in
Australia and the Waipipi Wind Farm project in New Zealand. Included within Impairment is a $4.4 million reduction in the Wellington
International Airport hotel, $5.6 million relating to the valuation of Trustpower’s generation assets, $2.3 million relating to a generation
project and $1.3 million relating to costs superseded as part of a runway and seawall strengthening works project.
Readers should pay attention to the sensitivity analysis included in this note which shows the impact on revalued assets should key
valuation inputs differ from that assumed by the valuer.
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32
Land and
civil works
$Millions
Buildings
$Millions
Vehicles,
plant and
equipment
$Millions
Capital
work in
progress
$Millions
Metering
$Millions
Generation
plant
(renewable)
$Millions
Generation

plant (non-
renewable)
$Millions
To ta l
$Millions
2019
Cost or valuation
Balance at beginning of year543.1 449.4 533.2 255.1 69.4 3,301.5 99.9 5,251.6
Additions - 0.1 43.6 207.2 - 48.2 0.3 299.4
Capitalised interest and financing costs - - - - - - - -
Disposals(5.3)(1.5)(27.7) - (0.7)(4.0)(0.3)(39.5)
Impairment - - (30.4)(1.6) - - - (32.0)
Revaluation 14.0 - - - - (460.9)4.8 (442.1)
Transfers between categories33.8 112.6 27.9 (284.0)(1.1)110.8 - -
Transfers to assets classified as held for sale - (8.9)(413.9)(6.0) - - (105.6)(534.4)
Transfers to intangible assets - - - - - - - -
Transfers from/(to) investment properties - - - - - - - -
Effect of movements in foreign exchange rates - - (0.3)(1.5) - (34.5)0.9 (35.4)
Balance at end of year
585.6 551.7 132.4169.2 67.6 2,961.1 -4,467.6
Accumulated depreciation
Balance at beginning of year15.3 2.9 329.5 - 63.4 117.6 - 528.7
Depreciation for the year7.5 12.4 35.3 - 4.3 105.2 5.3 170.0
Transfer to investment properties - - - - - - - -
Revaluation - - (0.1) - - (145.1)(5.3)(150.5)
Disposals - (0.3)(25.7) - (0.7)(1.3) - (28.0)
Transfers to assets classified as held for sale - (1.3)(252.4) - - - - (253.7)
Effect of movements in foreign exchange rates - - (0.1) - - (0.3) - (0.4)
Balance at end of year22.8 13.7 86.5 - 67.0 76.1 - 266.1
Carrying value at 31 March 2019562.8 538.0 45.9 169.2 0.6 2,885.0 -4,201.5
Trustpower generation property, plant and equipment
Trustpower's generation assets include land and buildings which are not separately identifiable from other generation assets.
Generation assets were independently revalued, using a discounted cash flow methodology, as at 31 March 2020, to their estimated
market value as assessed by Deloitte Corporate Finance.
The valuation of Trustpower’s generation assets is sensitive to the inputs used in the discounted cash flow valuation model. A sensitivity
analysis of key inputs is given in the table below. The valuation is based on a combination of values that are generally at the midpoint
of the range. The valuation impact is calculated as the movement in the fair value as a result of the change in the respective
assumptions and while keeping all other valuation inputs constant.
Generation RenewableLowHighValuation impact
New Zealand Assets
Forward electricity price pathDecreasing in real terms from
$100/MWh to $76/MWh by
2024. Thereafter held constant.
Decreasing in real terms from
$100/MWh to $86/MWh by
2024. Thereafter held constant.
-/+ $250.0m
Generation volume1,668 GWh2,205 GWh-/+ $370.0m
Avoided Cost of Transmission70% reduction in revenue from
2025
30% reduction in revenue from
2025
- $62.0m /

+ $18.0m
Operating costs$60.0 million p.a.$73.0 million p.a.-/+ $123.0m
Weighted average cost of capital6.50%7.50%+ $196.0m /

- $160.0m
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Tilt Renewables generation property, plant and equipment
The valuation of Tilt Renewables generation assets is sensitive to the inputs used in the discounted cash flow valuation model.
A sensitivity analysis around some key inputs is given in the table below. The valuation is based on a combination of values that are
generally at the midpoint of the range. The valuation impact is calculated as the movement in the fair value as a result of the change
in the assumption and keeping all other valuation inputs constant. In addition to the tests below, a separate sensitivity analysis has
been conducted to assess the impact of varying future cash flows for increases or decreases of up to 10% in market prices (including
New Zealand market prices beyond the fixed price period to March 2025). None of these tests resulted in an impairment of the fair
value of generation, property, plant and equipment.
Generation RenewableLowHighValuation impact
New Zealand Assets
Generation volume10% reduction in future
production
10% increase in future
production
-/+ $22.5m
Operating costs10% increase in future

operating expenditure
10% decrease in future
operating expenditure
-/+ $9.6m
Weighted average cost of capital 6.50% 7.5%- $5.4m /

+ $6.6m
Australian Assets
Forward electricity price path
(including renewable energy credits)
10% reduction in future

electricity pricing
10% increase in future
electricity pricing
-/+ A$33.8m
Generation volume10% reduction in future
production
10% increase in future production -/+ A$29.4m
Operating costs10% increase in future

operating expenditure
10% decrease in future
operating expenditure
-/+ $11.3m
Weighted average cost of capital6.13%7.13%- A$9.3m /

+ A$9.9m
Wellington International Airport property, plant and equipment
At 31 March 2020, the Group made an assessment of whether the carrying amounts of Wellington International Airport's ('WIAL')
property, plant and equipment differed materially from fair value. This assessment considered changes in significant inputs since the
last revaluation, movements in the capital goods price index and changes in valuations of investment property as an indicator of
property, plant and equipment.
Due to Covid-19, there is uncertainty around forecast domestic and international air travel and consequently uncertainty relating to
WIAL's forecast cash flows. WIAL has forecast a significant reduction in passenger numbers for the year ending 31 March 2021 and a
slow recovery back to pre-Covid-19 levels occurring in the year ended 31 March 2023. These passenger forecasts are based on the
information available to the Group at the time of preparing these financial statements and were arrived at with reference to various
data sources including airlines, the International Air Transport Association ('IATA') and travel and tourism bodies.
WIAL's estimates of passengers, recovery and growth rates remain uncertain and dependent on a number of factors with respect to
Covid-19 including timing of New Zealand moving into lower alert levels, any remaining restrictions on domestic travel, border controls
for international travel, public demand and behaviour with respect to travel and airline scheduling. Material changes in any of these
factors might have a material impact on the estimates of income and cashflows used in the valuations and fair value assessments at

31 March 2020. In addition, the longer-term effects of Covid-19 on WIAL’s business remain uncertain and the potential impacts of the
pandemic continue to evolve rapidly.
Due to the uncertainties resulting from the Covid-19 pandemic, the assessment of fair value of land and buildings by Savills (NZ) Limited
and the valuation of the hotel business assets by Jones Lang LaSalle have been reported by both valuers on the basis of "material
valuation uncertainty as defined by RICS (the Royal Institution of Chartered Surveyors)". Savills (NZ) Limited and Jones Lang LaSalle
both noted in their valuation reports that as a consequence of this material valuation uncertainty, "less certainty and a higher degree
of caution" should be attached to the work undertaken.
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The following tables summarise the significant valuation techniques and inputs used by valuers to arrive at the fair value for Wellington
International Airport’s property, plant and equipment.
Asset classification and description
Valuation
approachKey valuation assumptions
+/- 5%
Valuation impact
Land
Aeronautical land - used for airport activities and
specialised aeronautical assets.
Market Value
for Existing

Use ('MVEU')
Rate per hectare$1.86 million per
hectare
+/- $10.0m
Non-aeronautical land - used for non-aeronautical
purposes e.g. industrial, service, retail, residential
and land associated with the vehicle business.
Developer’s WACC rate10.4%
+/- $7.4m
Holding period6 years
+/- $11.1m
Valued at 31 March 2018 by Savills (NZ) Limited,
registered valuers, at $333.1 million.
Civil
Civil works includes sea protection and site
services, excluding such site services to the extent
that they would otherwise create duplication of
value.
Optimised
Depreciated
Replacement
Cost ('ODRC')
Average cost rates
including concrete,
asphalt, base course

and foundations
Concrete $887
Asphalt $989
Basecourse $127
Foundations $20
+/- $9.5m
Estimated remaining
useful life
Average remaining

useful life 30 years
+/- $9.5wm
Valued at 31 March 2020 by Opus International
Consultants Limited at $190.4 million.
Buildings
Specialised buildings used for identified airport
activities.
Optimised
Depreciated
Replacement
Cost ('ODRC')
Modern equivalent

asset rate (per
square metre)
$5,567
+/- $13.0m
Non-specialised buildings used for purposes other
than for identified airport activities, including
space allocated within the main terminal building
for retail activities, offices and storage.
$1,711
+/- $0.4m
Vehicle business assets associated with car
parking and taxi, shuttle and bus services
(excluding land and civil).
Discounted
Cash flows
('DCF') and
Capitalisation
Rate
Revenue growth
Cost growth
Discount rate
Capitalisation rate
3.00%
3.00%
12.00%
9.00%
+/- $0.8m
+/- $0.1m
+/- $6.6m
+/- $9.0m
All buildings (excluding hotel business assets) valued at 31 March 2018 by Savills (NZ) Limited, registered valuers, at $423.4 million.

The decrease in the carrying value of the vehicle business assets is primarily due to a forecast reduction in short term cashflows due
to fewer passengers and vehicle business customers.
Hotel business assetsDiscounted
Cash flows

('DCF') and
Capitalisation
Rate
Capitalisation rate6.50%
+/- $1.4m
Discount rate8.25%
+/- $0.7m
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Effect of level 3 fair value measurements on profit or loss and other comprehensive income
The following table summarises for property, plant and equipment measured at fair value, classified as level 3 in the fair value hierarchy,
the effect of the fair value movements on profit or loss and other comprehensive income for the year.
2020
Level 3 fair value movements
Recognised in
profit or loss
$Millions
Recognised

in OCI
$Millions
Total
$Millions
Generation Plant (renewable)(5.6)11.2 5.6
Generation Plant (non-renewable) - - -
Land and civil works - 18.7 18.7
Buildings(4.4)14.7 10.3
(10.0)44.6 34.6
2019
Level 3 fair value movements
Recognised in
profit or loss
$Millions
Recognised

in OCI
$Millions
Total
$Millions
Generation Plant (renewable)(10.6)(231.6)(242.2)
Generation Plant (non-renewable)
- 6.2 6.2
Land and civil works - 14.0 14.0
Buildings - - -
(10.6)(211.4)(222.0)
There were no transfers between property, plant and equipment assets classified as level 1 or level 2, and level 3 of the fair value
hierarchy during the year ended 31 March 2020 (2019: none).
Revalued assets at deemed cost
For each revalued class the carrying amount that would have been recognised had the assets been carried on a historical cost basis are
as follows:
2020
Cost
$Millions
Assets under
construction

$Millions
Accumulated
depreciation
$Millions
Net book value
$Millions
Generation Plant (renewable)678.9 - (107.4)571.5
Generation Plant (non-renewable) - - - -
Land and civil works285.5 24.4 (55.2)254.7
Buildings409.3 12.5 (101.4)320.4
1,373.7 36.9 (264.0)1,146.6
2019
Cost
$Millions
Assets under
construction

$Millions
Accumulated
depreciation
$Millions
Net book value
$Millions
Generation Plant (renewable)1,231.2 - (469.7)761.5
Generation Plant (non-renewable)123.6 - (47.9)75.7
Land and civil works252.4 33.8 (50.8)235.4
Buildings296.8 112.5 (92.2)317.1
1,904.0 146.3 (660.6)1,389.7
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15 Investment properties
2020
Owned
property
$Millions
Right of use
assets

$Millions
Total
$Millions
Balance at beginning of year86.5 - 86.5
Adoption of NZ IFRS 16 - 80.5 80.5
Additions25.2 1.7 26.9
Transfers from/(to) property, plant and equipment53.0 - 53.0
Investment properties revaluation net increase19.8 - 19.8
Balance at end of year184.5 82.2 266.7
2019
Owned
property
$Millions
Right of use
assets

$Millions
Total
$Millions
Balance at beginning of year81.9 - 81.9
Additions - - -
Transfers from/(to) property, plant and equipment - - -
Investment properties revaluation net increase4.6 - 4.6
Balance at end of year86.5 - 86.5
Where a lease pertains to property held to earn rental income, the right of use asset is included within Investment properties and is
measured at fair value. Rental income from investment properties of $10.8 million was recognised in profit or loss during the year

(2019: $10.6 million). Direct operating expenses arising from investment properties of $1.4 million were also recognised in profit or loss
during the year (2019: $0.9 million).
Wellington International Airport's investment property was valued at 31 March 2020 by Jones Lang LaSalle, registered valuers,

at $81.2 million (2019: $86.5 million).
Following the sale of NZ Bus, property leased by Infratil Infrastructure Property Limited ('IIPL') to NZ Bus was transferred at historic cost
from property, plant and equipment to investment properties and measured at fair value. IIPL's investment property was valued at

31 March 2020 by Jones Lang LaSalle, registered valuers, at $49.5 million (2019: held at historic cost as property, plant and equipment).
Also included in investment properties is $53.8 million of capital work in progress (2019: $11.0 million).
Due to the uncertainties resulting from the Covid-19 pandemic, all investment property valuations at 31 March 2020 were concluded

on the basis of 'material valuation uncertainty' as defined by the Royal Institution of Chartered Surveyors ('RICS'). Consequently, less
certainty and a higher degree of caution should be attached to these valuations at 31 March 2020.
16 Leases
16.1 Right of use assets
Right of use assets related to leased properties that do not meet the definition of investment properties are summarised below. Land
and buildings right of use assets include land held under ground leases and rental of a variety of office space. Generation right of use
assets comprise leases of transmission lines at the Salt Creek and Dundonnell Wind Farms by Tilt Renewables.
2020
Land and
Buildings
$Millions
Generation

Assets
$Millions
Plant and

equipment
$Millions
To ta l

$Millions
Cost
Balance at beginning of year - - - -
Adoption of NZ IFRS 1654.6 22.5 2.0 79.1
Additions - 94.0 10.2 104.2
Disposals(8.8) - - (8.8)
Remeasurements - - - -
Effect of movements in exchange rates(0.2)(2.7) - (2.9)
Balance at end of year45.6 113.8 12.2 171.6
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2020
Land and
Buildings
$Millions
Generation

Assets
$Millions
Plant and

equipment
$Millions
To ta l

$Millions
Accumulated depreciation
Balance at beginning of year - - - -
Depreciation for the year4.3 1.3 4.8 10.4
Effect of movements in exchange rates - - - -
Balance at end of year4.3 1.3 4.8 10.4
Carrying value at 31 March 202041.3 112.5 7.4 161.2
16.2 Lease liabilities
2020
$Millions
Maturity analysis - contractual undiscounted cash flows
Between 0 to 1 year
24.4
Between 1 to 2 years
31.7
Between 2 to 5 years
58.9
More than 5 years514.6
Total undiscounted lease liabilities629.6
2020
$Millions
Lease liabilities included in the statement of financial position
Split as follows:
Current
21.8
Non-current225.1
246.9
2020
$Millions
Amounts recognised in the consolidated statement of comprehensive income
Interest on lease liabilities
10.8
Variable lease payments not included in the measurement of lease liabilities
2.4
Expenses relating to short-term leases0.7
Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets0.3
The weighted average incremental borrowing cost applied to lease liabilities at 1 April 2019 was 4.93%. Total cash outflow for leases for
the year ended 31 March 2020 was $17.1 million.
16.3 Leases as a lessor
The Group has receivables from operating leases relating to the lease of premises. The following table sets out a maturity analysis of
lease payments, showing the undiscounted lease payments to be received after the reporting date.
2020
$Millions
2019
$Millions
Operating lease receivables as lessor
Between 0 to 1 year
30.6 19.3
Between 1 to 2 years
25.8 17.1
Between 2 to 5 years
40.8 32.3
More than 5 years60.0 5.5
Total undiscounted lease payments157.2 74.2
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17 Goodwill
2020
$Millions
2019
$Millions
The aggregate carrying amounts of goodwill allocated to each cash generating unit are as follows:
Trustpower79.4 79.4
Tilt Renewables33.7 33.7
113.1 113.1
There were no movements in the carrying amount of goodwill during the year (2019: $4.2 million was transferred to disposal group

assets classified as held for sale).
The carrying value of goodwill is subject to an annual impairment test to ensure the carrying value does not exceed the recoverable
amount at balance date. In determining whether there are any indicators of impairment the fair value of the Company's investments in
Trustpower and Tilt Renewables are assessed with reference to the market share price quoted on the NZX at each reporting date.
As at 31 March 2020 there were no indicators of impairment (31 March 2019: there were no indicators of impairment).
18 Loans and borrowings
This note provides information about the contractual terms of the Group's interest bearing loans and borrowings.
2020
$Millions
2019
$Millions
Current liabilities
Unsecured bank loans118.0 97.7
Secured bank facilities19.8 201.9
less: Loan establishment costs capitalised and amortised over term(3.1)(4.3)
134.7 295.3
Non-current liabilities
Unsecured bank loans460.7 200.2
Secured bank facilities384.0 505.3
less: Loan establishment costs capitalised and amortised over term(9.7)(8.7)
835.0 696.8
Facilities utilised at reporting date
Unsecured bank loans578.7 298.0
Unsecured guarantees - -
Secured bank loans403.8 707.0
Secured guarantees162.2 129.5
Facilities not utilised at reporting date
Unsecured bank loans514.5 664.4
Unsecured guarantees - -
Secured bank loans303.6 255.8
Secured guarantees57.6 85.7
Interest bearing loans and borrowings -
current134.7 295.3
Interest bearing loans and borrowings -
non-current835.0 696.8
Total interest bearing loans and borrowings969.7 992.1
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2020
$Millions
2019
$Millions
Maturity profile for bank facilities (excluding secured guarantees):
Between 0 to 1 year
220.0 379.9
Between 1 to 2 years
248.9 523.1
Between 2 to 5 years
1,118.4 741.9
Over 5 years213.3 280.3
Total bank facilities1,800.6 1,925.2
Financing arrangements
Infratil Finance Limited, a wholly owned subsidiary of the Company, has entered into bank facility arrangements with a negative pledge
agreement, which, with limited exceptions does not permit the Infratil Guaranteeing Group (‘IGG’) to grant any security over its assets.
The IGG comprises entities subject to a cross guarantee and comprises Infratil Limited, Infratil Finance Limited and certain other wholly
owned subsidiaries. The IGG does not incorporate the underlying assets of the Company’s non-wholly owned subsidiaries and
investments in associates. The IGG bank facilities also include restrictions over the sale or disposal of certain assets without bank
agreement. Liability under the cross guarantee is limited to the amount of debt drawn under the IGG facilities, plus any unpaid interest
and costs of recovery. At 31 March 2020 drawn debt and accrued interest under the IGG facilities was $355.3 million (31 March 2019:
$70.2 million) and undrawn IGG facilities totalled $268.0 million (2019: $278.0 million).
Infratil Energy New Zealand Limited (‘IENZ’), a wholly owned subsidiary of the Company, is not a member of the IGG and has granted

a security interest over assets with a carrying amount of $310.2 million (31 March 2019: $320.4 million) as part of its bank facility
arrangements. IENZ has total facilities of $125.0 million, of which $125.0 million was drawn as at 31 March 2020 (31 March 2019: nil).
The Group’s non-wholly owned subsidiaries also enter into bank facility arrangements. Amounts outstanding under these facilities are
included within loans and borrowings in the table above. Wellington International Airport and Trustpower facilities are both subject

to negative pledge arrangements, which with limited exceptions does not permit those entities to grant security over their respective
assets. Tilt Renewables borrows under syndicated bank debt facilities (both general and project specific) and has granted security over
its assets. All non-wholly owned subsidiary facilities are subject to restrictions over the sale or disposal of certain assets without bank
agreement. The various bank facilities across the Group require the relevant borrowing group to maintain certain levels of shareholder
funds and operate within defined performance and gearing ratios. Throughout the period the Group has complied with all debt
covenant requirements as imposed by the respective lenders.
Interest rates payable on bank loan facilities are floating rate determined by reference to prevailing money market rates at the time

of draw-down plus a margin. Interest rates paid during the year ranged from 1.45% to 4.10% (31 March 2019: 2.2% to 4.5%).
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19 Infrastructure bonds
2020
$Millions
2019
$Millions
Balance at the beginning of the year1,127.6 994.4
Issued during the year316.4 246.2
Exchanged during the year(29.3)(51.1)
Matured during the year(119.7)(60.4)
Purchased by Infratil during the year - -
Bond issue costs capitalised during the year(4.2)(3.6)
Bond issue costs amortised during the year2.4 2.1
Balance at the end of the year1,293.2 1,127.6
Current - 148.9
Non-current fixed coupon 939.7 747.2
Non-current variable coupon121.6 -
Non-current perpetual variable coupon231.9 231.5
Balance at the end of the year1,293.2 1,127.6
Repayment terms and interest rates:
IFT200 maturing in November 2019, 6.75% p.a. fixed coupon rate - 68.5
IFT090 maturing in February 2020, 8.50% p.a. fixed coupon rate - 80.5
IFT220 maturing in June 2021, 4.90% p.a. fixed coupon rate93.9 93.9
IFT190 maturing in June 2022, 6.85% p.a. fixed coupon rate93.7 93.7
IFT240 maturing in December 2022, 5.65% p.a. fixed coupon rate100.0 100.0
IFT210 maturing in September 2023, 5.25% p.a. fixed coupon rate122.1 122.1
IFT230 maturing in June 2024, 5.50% p.a. fixed coupon rate56.1 56.1
IFT260 maturing in December 2024, 4.75% p.a. fixed coupon rate100.0 100.0
IFT250 maturing in June 2025, 6.15% p.a. fixed coupon rate43.4 43.4
IFT300 maturing in March 2026, 3.35% p.a. fixed coupon rate3 7. 0 -
IFT280 maturing in December 2026, 3.35% p.a. fixed coupon rate156.3 -
IFT270 maturing in December 2028, 4.85% p.a. fixed coupon rate until 15 December 2023146.2 146.2
IFTHC maturing in December 2029, 3.50% p.a. variable coupon rate123.2 -
IFTHA Perpetual Infratil infrastructure bonds231.9 231.9
less: Bond issue costs capitalised and amortised over term(10.6)(8.7)
Balance at the end of the year1,293.2 1,127.6
Fixed coupon
The fixed coupon bonds the Company has on issue are at a face value of $1.00 per bond. Interest is payable quarterly on the bonds.
IFTHC bonds
The IFTHC bonds the Company has on issue are at a face value of $1.00 per bond. Interest is payable quarterly on the bonds. For the
period to 15 December 2020 the coupon is fixed at 3.50% per annum. Thereafter the rate will be reset annually at 2.50% per annum over
the then one year bank rate for quarterly payments
IF270 bonds
The interest rate of the IFT270 bonds is fixed for the first five years and then reset on 15 December 2023 for a further five years. The
interest rate for the IFT270 bonds for the period from (but excluding) 15 December 2023 until the maturity date will be the sum of the five
year swap rate on 15 December 2023 plus a margin of 2.50% per annum.
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Perpetual Infratil infrastructure bonds ('PIIBs')
The Company has 231,916,000 (31 March 2019: 231,916,000) PIIBs on issue at a face value of $1.00 per bond. Interest is payable
quarterly on the bonds. On 15 November 2019 the coupon was set at 2.67% per annum until the next reset date, being 15 November
2020 (2019: 3.55%). Thereafter the rate will be reset annually at 1.50% 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 (2019: nil) were repurchased by Infratil Limited during the year.
Throughout the year the Company complied with all debt covenant requirements as imposed by its bond supervisor.
At 31 March 2020 Infratil Infrastructure bonds (including PIIBs) had a fair value of $1,161.5 million (31 March 2019: $1,104.4 million).
20 Trustpower bonds
Unsecured subordinated bonds
2020
$Millions
2019
$Millions
Repayment terms and interest rates:
TPW160 maturing in September 2019, 6.75% p.a. fixed coupon rate - 114.2
less: Bond issue costs capitalised and amortised over term - (0.2)
Balance at the end of the year - 114.0
Current - 114.0
Non-current - -
Balance at the end of the year - 114.0
The unsecured unsubordinated bonds had a fair value of $115.7 million at 31 March 2019 and matured in September 2019.
Unsecured senior bonds
2020
$Millions
2019
$Millions
Repayment terms and interest rates:
TPW140 maturing in December 2021, 5.63% p.a. fixed coupon rate83.0 83.0
TPW150 maturing in December 2022, 4.01% p.a. fixed coupon rate127.7 127.7
TPW180 maturing in July 2026, 3.35% p.a. fixed coupon rate125.0 -
TPW170 maturing in February 2029, 3.97% p.a. fixed coupon rate until 22 February 2024100.0 100.0
less: Bond issue costs capitalised and amortised over term
(3.5)(2.9)
Balance at the end of the year432.2 307.8
Current - -
Non-current432.2 307.8
Balance at the end of the year432.2 307.8
Trustpower's senior bonds rank equally with their bank loans. Trustpower borrows under a negative pledge arrangement, which with
limited exceptions does not permit Trustpower to grant any security interest over its assets. The Trust Deed for these bonds requires
Trustpower to maintain certain levels of shareholders' funds and operate within defined performance and debt gearing ratios.

The arrangements under the Trust Deed may also create restrictions over the sale or disposal of certain assets unless the senior bonds
are repaid or renegotiated. Throughout the year Trustpower complied with all debt covenant requirements as imposed by their bond
supervisor.
At 31 March 2020 Trustpower's unsecured senior bonds had a fair value of $443.0 million (31 March 2019: $321.8 million).
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21 Wellington International Airport bonds and USPP notes
2020
$Millions
2019
$Millions
Repayment terms and interest rates:
WIA0619 Wholesale bonds maturing June 2019, repriced quarterly at BKBM plus 130bp - 25.0
WIA0620 Wholesale bonds maturing June 2020, 5.27% p.a. fixed coupon rate25.0 25.0
WIA020 Retail bonds maturing May 2021, 6.25% p.a. fixed coupon rate75.0 75.0
WIA030 Retail bonds maturing May 2023, 4.25% p.a. fixed coupon rate75.0 75.0
WIA040 Retail bonds maturing August 2024, 4.00% p.a. fixed coupon rate60.0 60.0
WIA050 Retail bonds maturing June 2025, 5.00% p.a. fixed coupon rate70.0 70.0
WIA060 Retail bonds maturing April 2030, 4.00% p.a. fixed coupon rate until 1 April 2025
103.0 -
USPP Notes – Series A68.1 52.0
USPP Notes – Series B68.1 52.0
less: Issue costs capitalised and amortised over term(3.3)(3.9)
Balance at the end of the year540.9 430.1
Current25.0 25.0
Non-current515.9 405.1
Balance at the end of the year540.9 430.1
The Trust Deed for the retail bonds requires Wellington International Airport ('WIAL') to operate within defined performance and debt
gearing ratios. The arrangements under the Trust Deed creates restrictions over the sale or disposal of certain assets. Throughout the
year WIAL complied with all debt covenant requirements as imposed by the retail bond supervisor.
On 27 July 2017 WIAL completed a United States Private Placement ('USPP') Note issuance, securing US$72 million of long term debt.

The USPP comprised two equal tranches, a US$36 million 10 year Note with a coupon of 3.47% and a US$36 million 12 year Note with
a coupon of 3.59%. In conjunction with the USPP issuance, WIAL entered into cross currency interest rate swaps to formally hedge the
exposure to foreign currency risk over the term of the notes.
At 31 March 2020 WIAL's bonds had a fair value of $415.7 million (2019: $353.8 million), and WIAL's USPP Notes had a fair value of

$122.3 million (2019: $102.2 million).
22 Financial instruments
The Group has exposure to the following risks due to its business activities and financial policies:
• Credit risk
• Liquidity risk
• Market risk
This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes

for measuring and managing risk, and the Group’s management of capital.
22.1 Credit risk
Credit risk is the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Group. The Group is
exposed to credit risk in the normal course of business including those arising from trade receivables with its customers, financial
derivatives and transactions (including cash balances) with financial institutions. The Group minimises its exposure to credit risk of trade
receivables through the adoption of counterparty credit limits and standard payment terms. Derivative counterparties and cash
transactions are limited to high-credit-quality financial institutions and organisations in the relevant industry. The Group’s exposure and
the credit ratings of significant counterparties are monitored, and the aggregate value of transactions concluded are spread amongst
approved counterparties. The carrying amounts of financial assets recognised in the Statement of Financial Position best represent the
Group’s maximum exposure to credit risk at the reporting date. Generally no security is held on these amounts.
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