Amended Annual Report and 2020 Results Presentation

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


5 June 2020


Amended Annual Report and Results Presentation for the year ended 31 March 2020

Infratil has provided an updated copy of its 2020 Annual Report and Results Presentation to correct the
following:

Amend the Total Shareholder Returns on pages 15, 16 and 26 of the Annual Report to ensure
consistency with prior periods, whereby the returns are shown on a post-tax basis. This
reflects the partial imputation of dividends in FY2020.

Amend the Total Shareholder Returns on page 14 of the Results Presentation to be consistent
with the change noted above.

Correct the value of investment undertaken within Infratil’s businesses on page 10 of the
Annual Report. Previously this amount also included investment made directly by Infratil into
component businesses.

Correct the 2020 average lease term for CDC Data Centres on page 49 of the Annual Report
from 8.8 years to 8.6 years.

Other minor amendments to correct spelling, grammar, typos and for general clarity and
consistency.


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

---

1
Finding a path
Infratil
Annual Report
2020

Calendar
Final dividend paid
15 June 2020
Annual meeting

20 August 2020
Half year end

30 September 2020
Half year results released

12 November 2020
Financial year end

31 March 2021
Updates/Information
Infratil produces an Annual Report and
Interim Report each year. In addition,
Infratil produces occasional reports on the
operations of its subsidiaries. These are
available at www.infratil.com.
All Infratil’s reports and releases are on the
website, which also contains profiles of
Infratil’s businesses and links.
Contents
Strategy. Governance.
Management. Environment 03
Financial highlights.

Corporate structure 10
Reports of the Chief Executive

and the Chair 12
Financial trends 20
Financial summary for

shareholders & bondholders 22
Infratil’s businesses 30
Financial statements

& statutory information 60

01
Shareholders in any company
want transparency around the
risk and return features of the
business they have invested in.
As an infrastructure investment
company, Infratil seeks to provide this
clarity by describing and reporting on

its investment strategy, its approach
to risk management, and the key
metrics of its businesses. In addition,

two years ago we set out the returns
which are expected to be provided to
shareholders over the following decade.
The COVID-19 crisis is a significant test
of whether the strategy has been well
formulated and executed.
As set out in prior years’ annual reports,
Infratil’s investment approach entails
(amongst other things):
• Owning infrastructure businesses
benefitting from demand growth that
have good prospects of providing fair
returns by investing to meet that
demand.
• Ensuring funding and investment
diversity so that changes within the
portfolio of businesses can be
withstood and opportunities taken.
The test posed by COVID-19 is being
met. While some of Infratil’s businesses
have suffered harm and value loss,
others have thrived or coped well,

and Infratil’s solid funding and cash
flows are allowing both a return to
shareholders and the continued
execution of growth plans.
Next year holds many uncertainties.

The COVID-19 crisis seems likely to
become synonymous with disease,
digitalisation and debt. Each is likely to
have profound consequences, not least
because of the enormous increase in
government engagement in personal
and business activities through the
collection of information, the
reprioritisation of health services, and
the many forms of public economic
assistance. How these engagements
evolve as the crisis recedes will influence
peoples’ behaviour and the nature of
the economic recovery.
Infratil must find a path through these
uncertainties. Keeping people safe.
Assisting its businesses that are
struggling. Pursuing opportunities while
ensuring that our shareholders and
bond holders remain well informed and
supportive.
Finding a path

202
Waipori Hydro Power Station

03
Strategy and
execution
Infratil’s track record reflects a disciplined
approach to capital allocation and liability
management.
• Investment is in businesses where Infratil has the expertise
to manage risks and opportunities, and which are
consistent with the shareholder mandate.
• Because Infratil’s businesses provide critical services to
communities and users, they must be well managed to
meet user needs with the highest standards of probity.
• Investment and funding must be resilient and reflect the
reality of the capital markets’ fluctuating risk appetite and
supply and demand for assets and capital.
• Infratil’s businesses should be able to take advantage of
fundamental trends: energy decarbonisation, the
transportation and storage of data, an aging population,
and expanding middle classes.
Over the last five years the key sources of returns have been
from utility-scale renewable energy projects, the increasing
demand for data storage and the underlying digital
infrastructure, and ultra-low interest rates.
In the future, while the trends will continue, who will benefit
and how is less clear:
• Transportation and storage of data: Since the 2007
introduction of the iPhone, the capacity of mobile networks
has expanded 25,000 times. It is estimated that over the
last two years more manmade data was created and
stored than in the previous ten thousand years.
• Decarbonisation: Atmospheric carbon dioxide has risen

15% since Infratil’s establishment in 1994 because of
approximately 36 billion tonnes a year of human
attributable emissions. Over the same period the cost

of solar and wind generated electricity has fallen up to
95% (on a per unit of energy basis).
• Aging: Since 1994, New Zealand’s over 65 population

has grown 90% to over 700,000 people (the under 65
population is up 38%) and life expectancy has risen 4.8
years to 81.6 years. Australia’s over 65 population has risen
112% to 4.2 million people (the under 65 population rose
35%) with life expectancy up 5.6 years to 83.5 years.
• Growing middle classes: Since 2010, the per capita real
GDP of both China and India more than doubled, and their
combined populations rose by 300 million people.
• Interest rates: The New Zealand five-year government
bond yield was 6.8% per annum the day Infratil listed in
1994, and 0.7% per annum 26 years later.
Business Sectors
Capital Structure
Renewable Energy
Connectivity & Data
Airport
Retirement
Other
Equity
Perpetual debt
Bonds
Bank funding

Governance
& Direction
04
Infratil’s shareholders elect
directors for three year terms to
represent them and to look after
their interests.
To this end, the board is open to
dialogue with shareholders, whether at
the annual meeting or informally.
Director responsibilities include:
• Maintaining an ongoing dialogue
with shareholders.
• Proactively participating in the
formulation and evolution of the
Company’s strategy.
• Ensuring effective articulation to
external stakeholders of strategy,
goals, risks and performance.
• Monitoring strategy implementation,
financial performance, risks and legal
compliance.
• Maintaining awareness of relevant
societal and market developments.
• Providing diversity of perspective and
knowledge relevant to the Company.
• Monitoring the performance of
Infratil’s manager H.R.L. Morrison & Co
(“Morrison & Co”). Morrison & Co is a
specialist manager of infrastructure
investments and performs this role for
Infratil under an investment
management agreement. Infratil
benefits from having a management
team with great breadth and depth
of skills, however the board must be
vigilant about potential conflicts of
interest and satisfied that the cost is
reasonable relative to alternatives.
Further commentary on the role of the
board, the credentials of directors and
their remuneration are set out on pages
119-125 of this report.
Mark Tume, independent chair
appointed 2007, last elected 2018.
Member of the Nomination &
Remuneration and Management
Engagement, and (ex officio) Audit

& Risk committees.
I maintain ties with Infratil’s many
stakeholders and ensure that the board
is delivering on its responsibilities. My
experience in finance and on the boards
of Transpower, Kiwi Rail, Guardians of

NZ Superannuation Fund, and Ngai Tahu
Holdings gives me an appreciation of
the issues faced by Infratil and its
businesses and an appreciation of the
concept of social licence.
Marko Bogoievski, director and chief
executive. Appointed 2009. Last elected
2017 and due for re-election in 2020.
As CEO of Morrison & Co I have the
responsibility of ensuring our team is
focused and active on the Infratil
mandate. Our job is to identify
proprietary opportunities and to deliver
strong long-term returns for an
acceptable level of risk. We are
fortunate to have significant experience
supporting our investment and asset
management programmes.
Alison Gerry, independent director
appointed 2014, last elected 2019.
Chair of the Audit & Risk committee, and
member of the Nomination &
Remuneration, and Management
Engagement committees.
My experience in finance and risk
management helps me appreciate
Infratil’s strategic opportunities and
threats from financial markets,
technology, regulation and the natural
environment. Executing strategy is
about allocating capital and about
developing a culture which reflects the
value we place on people, customers,
and communities.
Paul Gough, independent director
appointed 2012, last elected 2018.
Member of the Nomination &
Remuneration, and Management
Engagement committees.
As a Kiwi who works in London I’m very
aware of how global events impact in
New Zealand and Australia. In London

I manage investments in similar fields
to Infratil’s, but often with more
development risk. Achieving the best
outcome requires the best from people.
The focus on performance and people

is consistent with what I see at Infratil.
Kirsty Mactaggart, independent director
appointed and elected in 2019. Member
of the Audit & Risk and Management
Engagement committees.
I have 25 years of financial market
experience across multiple countries
and sectors. My transactional
experience as a banker; and
governance focus as an investor will be
applied to Morrison & Co to ensure the
manager delivers transparency and
performance to all Infratil stakeholders.
Catherine Savage, independent
director appointed and elected in 2019.
Member of the Audit & Risk and
Management Engagement committees.
I have 30 years of involvement in

New Zealand and global funds
management and capital markets.
Being part of a company that maintains
the highest standard of corporate
governance and transparency to deliver
long term value to its stakeholders is
extremely important to me. Infratil and its
manager, Morrison & Co, are positioned
to deliver long-term value add from
investing in strategic opportunities and
focusing on people and culture.
Peter Springford, independent director
appointed 2016. Last elected 2017 and
due for re-election in 2020. Member of
the Management Engagement
committee.
I have led a major industrial company
based in New Zealand and Australia
and businesses in Asia, and been chair
or director of companies operating
internationally. The immediate future

will be challenging, however good
opportunities arise in difficult times.

A strong balance sheet and access to
resources, both people and financial,
positions Infratil well.

Marko Bogoievski
Paul Gough
Catherine Savage
Alison Gerry
Kirsty Mactaggart
Peter Springford
directors
05
Mark Tume

Management
06
Infratil’s management comprises
people employed by Infratil’s
manager, H.R.L. Morrison & Co
(Morrison & Co), and those
employed by Infratil’s subsidiaries
and investee companies.
As a specialist infrastructure investment
manager, Morrison & Co also manages
investments on behalf of other
superannuation funds; including the

New Zealand Superannuation Fund,
the Commonwealth Superannuation
Corporation and the Australian Future
Fund, each of which has investments in
partnership with Infratil.
Infratil benefits from its management
having the expertise of a larger and more
expert group of individuals than a
company of Infratil’s scale could normally
hope to retain and from the manager’s
contacts and relationships.
This year all director and management
pictures were taken by people sharing

a bubble with the relevant individual.
They were directed remotely by Infratil’s
regular photographer, John Crawford.
Marko Bogoievski, Chief Executive.
Director of Infratil. Chair Vodafone NZ.
Phillippa Harford, Chief Financial
Officer. Director RetireAustralia.
Kevin Baker, Director CDC Data
Centres, Trustpower and Infratil
Infrastructure Property.
Greg Boorer, CEO CDC Data Centres.
Jason Boyes, Head of European
operations. Chair Longroad Energy

and Galileo Green Energy. Director
Wellington Airport.
Ralph Brayham, Technology.
Tim Brown, Capital markets,

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

and execution.
Peter Coman, Head of Real Estate

and Social Infrastructure. Chair
Infratil Infrastructure Property and
RetireAustralia.
Harry Cominos, Investment strategy.
Roger Crawford, Australian energy
sector activities.
Steven Fitzgerald, Asset Management.
Mark Flesher, Capital markets and
investor relations.
Paul Gaynor, CEO Longroad Energy.
Vincent Gerritsen, Private Markets
Europe, Director Galileo Green Energy.
Dr Bruce Harker, Energy team. Chair

Tilt Renewables.
Andrew Lamb, Development

Director Infratil Infrastructure Property.
Nick Lough, Company Secretary

and Legal. Compliance, transaction
structuring and execution.
Will McIndoe, Energy team.
Mark Mudie, Social infrastructure.
Paul Newfield, Chief Investment Officer.
Head of Australia and NZ for Morrison &
Co. Strategy, sector analysis and
transaction execution. Director Tilt
Renewables.
Jason Paris, CEO Vodafone NZ.
Dr David Prentice, CEO Trustpower.
Paul Ridley-Smith, Chair Trustpower.
Dr Brett Robinson, CEO RetireAustralia.
Matthew Ross, Infratil Financial
Controller and Risk Manager.
Steve Sanderson, CEO Wellington
Airport.
William Smales, Private Markets
investment activity. Director

Vodafone NZ, CDC Data Centres
and Longroad Energy.
Vimal Vallabh, Energy team. Director

Tilt Renewables, Longroad Energy and
Galileo Green Energy.

7
management
Marko Bogoievski
Phillippa Harford
Ralph Brayham
Steven Fitzgerald
David Prentice
Kellee Clark
Will McIndoe
Vincent Gerritsen
Steve Sanderson
Jason Boyes
Roger Crawford
Jason Paris
Deion Campbell
Nick Lough
Paul Gaynor
Matthew Ross
Kevin Baker
Tim Brown
Paul Ridley-Smith
Peter Coman
Mark Mudie
Bruce Harker
William Smales
Greg Boorer
Fiona Cameron
Mark Flesher
Brett Robinson
Harry Cominos
Paul Newfield
Andrew Lamb
Vimal Vallabh
07

808

09
Environment
and Society
Infratil is committed to reducing
its environmental footprint and
to being a positive social
influence. Proactively investing
in activities such as renewable
generation, and encouraging

its businesses to recognise
and pursue environmental and
social goals.
This is not altruism; renewable electricity
generation has definitely been a better
investment than its thermal equivalent.
Investment strategy is based on a wide
view of what is right, but it is easier
when that lines-up with financial goals.
An illustration is emission pricing. If
emissions are $50/tonne the maths of
investing in renewable power are easier
than when the price is $20/tonne.
Infratil made submissions on
government’s New Zealand Emission
Trading Scheme review in the hope it will
come to provide reliable and fair prices.
A “fair” price being one that reflects the
cost of reducing emissions over time.
However, the latest iteration of the ETS

is unlikely to provide this price for many
years, increasing the likelihood of
subsidies and restrictions and inefficient
distortions.
The COVID-19 crisis resulted in a drop in
emissions as industrial processes and
transport was curtailed. The crisis also
reignited debate about the priority of
longer term non-financial goals. Is the
cost of reducing emissions now
affordable? Or is the health crisis a
wake-up call relevant to climate
changes?
The COVID-19 crisis illustrates that it’s
both healthier and cheaper to take
precautions. As at mid-May, the
infection rate in New Zealand was 239
people per million and the fatality rate
of 4.4 per million was 1.8% of those who
had tested positive. Setting those figures
to 100, gives the comparisons set out in
the table above:
There are lessons from the stark
differences in outcomes. The value of
Infection RateFatality RateFatality/Infection
Taiwan8786
Australia1168977
New Zealand100100100
United States1,9316,369330
United Kingdom1,53211,940779
good leadership following good advice,
and of social cohesion and trust; people
being willing to make sacrifices on
behalf of others because they were
confident of reciprocity and that society
would help pay the bill. And there is the
specific lesson about preparation.
Climate change was “my generation’s
nuclear-free moment”. Unlike COVID-19
where a fast response, pragmatism and
social unity has enabled a coherent
response, heading off climate change is
all about preparation; being like Taiwan
rather than the countries with 200 times
as many COVID-19 deaths.
Environment and Social
Commitments
All Infratil businesses must understand
and comply with regulations about how
they treat the environment and people;
be they staff, customers or passers-by.
• Trustpower and Wellington Airport, for
instance, monitor, report and comply
with numerous environmental
standards relating respectively to
their hydro power stations and airport
operations.
• Businesses must comply with
employment laws and all proactively
monitor and manage staff
composition, remuneration, and
training to ensure fair and equal
treatment.
• Health and safety regulation makes
companies legally responsible for the
wellbeing of staff, customers,
contractors and others.
A broad range of stakeholders want to
know about a company’s use of resources,
waste, emissions and sustainability.
Taking this a step further, are “modern
slavery” restrictions ensuring functions
are not being outsourced to jurisdictions
where contractors can mistreat staff.
Diversity has taken on whole new areas
of meaning.
At Infratil we seek to anticipate what our
communities, customers, staff, capital
providers, and regulators will want to
know about our businesses’ environment
and how we will need to change. With
greenhouse gas emissions, this means
measurement and developing
management plans. There is
widespread adoption of simple goals
such as “30% reduction by 2030”, but
until costs are better understood, such
goals are mainly aspirational and
possibly misleading.
We hope our businesses can produce
plans that show current and target
emissions and costed steps of how
reductions will be achieved. In addition,
businesses need to make sure they
understand the impact on their activities
and facilities if the climate changes. At
an extreme level, higher sea levels and
violent weather will have profound
effects on buildings and structures on
the coast and on insurance.
Infratil is also looking at ways to provide
useful reports on environmental and
social topics. To that end, Infratil is
progressing use of GRESB Infrastructure
Assessment to provide systematic
reporting, objective scoring, and peer
benchmarking of its businesses. GRESB
was established by fund managers to
provide reliable data on environmental
and social performance of their
investments and now covers $7.5 trillion
of assets.
COVID-19 infection/fatality index: NZ =100

10
Financial
Highlights
10
FY 2020 FY 2019
Net surplus$241.2m($19.5m)
Underlying EBITDAF
1, 2
$480.9m
$431.2m
Capital expenditure$
1,990.9m$679.0m
Net debt
3
$1,774.7m$1,180.7m
Dividends declared
17.25cps 17.25cps
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.
2. Continuing operations excludes NZ Bus, Perth Energy, Snapper and ANU Student Accommodation. All of which have been sold.
3. Infratil parent and 100% subsidiaries.
Key events of the year were the
NZ$512 million gain achieved by
Tilt Renewables from the sale of
its Snowtown 2 wind farm for
A$1,073 million, and the $1,991 million
of investment undertaken across
the group.
Investment included Infratil’s

$1,030 million acquisition of 49.9% of
Vodafone NZ and $920 million of
investment undertaken within Infratil’s
businesses.
Tilt Renewables, Wellington Airport and
CDC Data Centres reported improved
results. Longroad’s excellent
performance was masked by the
accounting treatment of partial sale of
projects. Results from Trustpower and
RetireAustralia were down on the prior
year. The result also includes an 8 month
contribution from Vodafone NZ

following completion of the acquisition
on 31 July 2019.

11
Corporate
Structure
ShareholdersBondholdersBoard
manage
appoint
oversight
H.R.L. Morrison & Co
Banks
100% Subsidiaries
EnergyAirportConnectivityDataSocial/Other
66% Infratil
34% Wellington
City Council
Clearvision Fund
ASIP
Infratil Infrastructure
Property
50% Infratil
50% New Zealand
Superannuation Fund
49.9% Infratil
49.9% Brookfield
Asset Management
48% Infratil
24% Commonwealth
Superannuation
Corporation
24% Future Fund
51% Infratil
27% Tauranga Energy
Consumer Trust
40% Infratil
40% New Zealand
Superannuation Fund
20% Monogement
66% Infratil
20% Mercury Energy
40% Infratil
11

12
Chief Executive
Report
While everyone has been impacted
with the pandemic related events and
disruptions of the last few months,
Infratil has come through a unique and
difficult test in good shape.
That is not to say that we haven’t seen
some value destruction, but we have
also seen value creation. Importantly for
our shareholders and bond holders, our
capital management and approach to
managing risk have proved resilient, and
we will be paying the final dividend we
had signalled at the beginning of the
last year.
Fortunately we have a
company with a diversity of
exposures and robust
funding and those factors
served us well.
Like most businesses and families, our
initial response to the pandemic was
focused on looking after our people and
preserving the value of our assets. Now,
as we emerge from restrictions, the
priorities are to get back to normal as
quickly as practicable while being
mindful of the sort of opportunities and
risks that arise during periods of
disruption.
The pandemic
Our initial steps were to relocate our
people to safe working locations and

to take the steps required to ensure
the safe operation of our businesses
many of which provide crucial services.
We then quickly instigated additional
reporting so that we knew where
difficulties were being encountered

and what assistance was required,
whether in the form of expertise,
guidance, or funding.
Our most impacted business was
Wellington Airport which went from over
500,000 passengers in February to less
than 5,000 in April. We were able to
support management as it took difficult
decisions which saw forecast FY2021
expenditure reduced by 65%, including a
significant number of redundancies. We
also worked with our co-shareholder
Wellington City Council to provide an
equity underwrite which the Airport can
draw on in the future. With those
foundations in place Airport
management was able to agree terms
with its lenders to ensure it has sufficient
funds to get through until the aviation
market recovers.
All of our businesses have had to
change some aspect of their
operations, but only Wellington Airport
and RetireAustralia were truly in the
frontline of the pandemic.
RetireAustralia’s response was directed
at keeping its almost 5,000 residents
and 440 staff safe and the success of
their actions ensured that to date none
of their residents have been infected
with COVID-19.
FY2020 Earnings &
Reported Profits
The parent net surplus of
$241.2 million was dominated by Tilt’s
gains from the sale of its Snowtown 2
wind farm. A large part of Infratil’s
activities involve building large-scale
projects; wind farms, airport terminals,
data centres, retirement facilities, etc.
Usually they will be retained to
contribute to future operating earnings,
but in some cases they will be sold
which effectively crystallises future
earnings.
$605.9 million Underlying EBITDAF
(before incentive fee) included an
8-month contribution from Vodafone NZ
following completion of the acquisition
on 31 July 2019, as well as increased
earnings from CDC Data Centres.
Offsetting this was lower contributions
from Tilt Renewables (largely due to the
sale of the Snowtown 2 wind farm),
Trustpower (lower generation volumes
and wholesale prices) and Longroad
Energy (partial sales of projects not
recognised for accounting purposes).
This year’s result included a

$125 million performance incentive
fee related to Infratil’s portfolio of
international assets. This is explained

in the Chair’s Report, but it should be
noted that the terms of Infratil’s
management contract have enabled
the Company to expand outside of

New Zealand and have generated
significant returns for shareholders.
FY2020 Developments
Infratil is unusual in that it can transform
itself quite markedly over time, which
has happened over the last five years.
Approximately half of Infratil assets
today were not owned in 2015, including
its interests in North American and
European renewable electricity
generation, retirement living, data
storage and telecommunications.
The almost $4 billion of investment
required to effect these changes has
been directed by clearly defined and
articulated investment and portfolio
criteria, as illustrated by last year’s
$1,030 million purchase of 49.9% of
Vodafone NZ.
This gives Infratil a strong New Zealand
business which will lift returns to
shareholders in the medium term as it
streamlines operations and benefits
from rising demand for data
transmission and the expanded
capacity of the 5th generation mobile
network technology.
Our investment in renewable electricity
generation is another example of
following a well-marked pathway. In
New Zealand, Australia and the USA our
businesses are currently building
1,614MW of solar and wind generation

13

14
Chief Executive Report
at a total cost of approximately
$3.3 billion. In FY2020, alongside
co-investors we established Galileo
Green Energy with the aim of expanding
our sector involvement to Europe.
Galileo has all of Infratil’s investment
hallmarks. It was established to take
advantage of a dynamic regional
sector, with the benefit of high-calibre
expertise, and financial flexibility.

Infratil is a 40% shareholder with
NZ Superannuation Fund, the
Commonwealth Superannuation
Corporation, and Morrison & Co Growth
Infrastructure Fund each holding 20%.
The large investment commitment to
renewable generation reflects
burgeoning demand, the ability of
relatively small companies to execute
top-grade developments (not the case
with large-scale thermal or nuclear
generation), and demand from investors
wanting to own completed projects.
While the Infratil group is building

$3.3 billion of generation capacity,
it has on-sold a similar value to
investment funds and other investors
seeking assets with “bond-like” returns

in this era of ultra-low interest rates.
Data storage was our other area of
major investment and growth in FY2020.
Infratil’s stake in CDC Data Centres had
a 31 March 2020 mid-point fair
valuation of $1,515.6 million, a 70%
increase on the $889.2 million value of

a year prior. The $626 million increase
reflects CDC’s rapid expansion of
capacity, including to New Zealand,

and the de-risking of the business via
execution of long-term leases and
contracts to build new capacity.
The CDC valuation reflects 105MW of
operational capacity and 173MW of
expansion plans. To date, most of the
gains from CDC have come from
revaluations rather than distributions as
its operating earnings (up 150% since
Infratil’s acquisition just over three years
ago) are being reinvested back into the
business. Notwithstanding the current
levels of construction and expansion, we
are on the verge of seeing a rise in cash
returns to shareholders from this asset.
Last year there was a shareholding
change at CDC with the Commonwealth
Superannuation Corporation selling half
of its shareholding (24% of CDC) to the
Australian Future Fund. Having 100%

of CDC’s ownership in Australian and
New Zealand hands is important

given increasing sensitivity about
data security and sovereignty and
we welcome the Future Fund to the
share register.
Funding
Along with a clearly laid out investment
strategy, Infratil also has a well-defined
and relatively conservative approach to
its funding. This conservatism is the
driver behind Infratil’s ongoing issuance
of long dated bonds (notwithstanding
higher coupons than those required for
shorter term bonds or bank funding) and
last year’s $400 million equity raise.
This approach is also a major factor in

how we encourage our businesses to
structure their activities and their
funding. Transactions such as Tilt
Renewables’ sale of its Snowtown 2 wind
farm show high capital discipline.
The Infratil 100% group has $268 million
of undrawn bank lines and anticipates
receiving over $275 million of cash
income and capital returns over the

next six months. This includes Infratil’s
share of Tilt’s A$260 million capital
return, dividends and distributions

from Trustpower and Wellington Airport
which amount to $65 million, and a
distribution from Vodafone NZ of
approximately $35 million.
FY2021
The COVID-19 crisis has created an
extraordinary level of uncertainty for
everyone and Infratil is not immune.
Until ways are available to control and
limit the health risks associated with
COVID-19 there will be movement
restrictions. It seems unlikely that
eradication will be straightforward.
Once the disease is controlled, the
economic recovery will be tough. It may
take several years for “post-COVID” to
resemble “pre-COVID”. There will be a
huge array of government measures
which will have to be wound back, and
there will be a significant increase in
public debt to service.
It isn’t all negative. Many
companies, such as
Vodafone NZ, are seeing
accelerated take up for their
services. Customer
engagement is more efficient
via the internet and with the
lockdown the use of data
services has taken a jump
forward, just as there has
been a substantial rise in
remote working, learning
and living.
One relevant example of uncertainty
relates to the provision of retirement
accommodation and aged care. The
pandemic has highlighted the risks
associated with concentrations of
vulnerable people, but those who live in
safe communities experience greater
physical and pastoral care than those
living in more isolated situations. It is
difficult at this stage to anticipate what
lessons will be taken and how future
demand for these services will change.
Notwithstanding some of these new
uncertainties, FY2021 has every

15
prospect of being positive for Infratil and
we expect the following:
C D C ’s extraordinary growth and
expansion plans and construction will
continue, and earnings will rise.
Vodafone NZ will invest in customer
service and improved efficiency while
facing ever expanding demand for
mobile and broadband capacity.
Trustpower will keep the lights on while
electricity demand remains flat until
carbon-reduction initiatives get more
traction.
Tilt, Longroad and Galileo are all
expected to continue to identify
opportunities and to execute plans to
build renewable generation. Outside of
New Zealand, governments are likely to
continue to incentivise this area of
development, for both economic and
environmental reasons.
RetireAustralia has a high level of
uncertainty around demand for its
facilities, what happens to residential
valuations and whether access to
government funding for aged care

is improved.
Wellington Airport is seeing an uptick in
domestic activity following the removal
of restrictions on domestic air travel. In
May there have been days when almost
as many people used the Airport as
occurred in all of April. But while there is
a good case for a solid recovery,
forecasts are not based on any similar
past experience.
Shareholders
• Last year the Infratil share price fell
6%, which improved to negative 2%
after distributions are taken into
account. Over five years average
returns were 9.6% per annum.
Infratil comfortably outperformed the
NZX over 1 and 5 years. Subsequent
to 31 March 2020 the share price has
improved 20%.
• Infratil paid 6.25 cps interim dividend
in December 2019, and will pay

11.0 cps final dividend on 15 June
2020, imputed to 2.5 cps. Both cash
dividends were the same as the prior
year.
• Dividends reflect the Company’s
results over the period and its
financial situation and prospects.
For the last ten years Infratil has
delivered on its goal of gradually

and sustainably raising its dividend. The
flat outcome for FY2020 was signalled
last year as being a likely outcome of
Infratil’s high level of recent investment
activity and the lower initial level of cash
earnings new investments inevitably
provide.
At this point in time Infratil does not
believe it is prudent to provide guidance
for FY2021 due to the nature and extent
of the uncertainties.
The themes of last year’s annual report
were Resilience & Growth. We have
received a real test over the last few
months, and our focus on resilience and
growth has enabled Infratil to grow
earnings and returns over an extremely
challenging period.
Marko Bogoievski

Chief Executive

16
Directors are appointed by
shareholders to represent their interests
to ensure the Company is creating
value, investing wisely and providing
returns which shareholders would
expect to receive on the risks they

are taking. As canvassed in previous
reports, it is not a simple thing to

fairly judge.
To help shareholders, two years ago we
took the step of indicating the total
shareholder returns we expected Infratil
to provide over the ten years to the end
of 2028, which was between 11% per
annum and 15% per annum. In effect we
put a line in the sand, and also posed
the question to our shareholders “given
what you know about Infratil, in
particular its risks, is that a satisfactory
goal?” If we have an agreed
benchmark, it becomes easier to assess
if the company is delivering.
Things have changed over the last

two years, both to the economic
environment and to Infratil’s portfolio

of businesses, not least being the
investment in Vodafone NZ and the
expansion of CDC Data Centres.
Notwithstanding, the 11-15% per annum
range remains valid; it should be
recognised that uncertainties around
returns are greater now than they were
two years ago. Incidentally over the ten
years to 31 March 2020 Infratil’s
compound after tax return to
shareholders was 14.2% per annum.
Of particular focus are the macro
themes which drive Infratil’s investment
positioning. Infratil seeks to own
infrastructure businesses benefitting
from demand growth that have good
prospects of providing fair returns by
investing to meet that demand.
The themes include decarbonisation of
energy, digitalisation (data storage and
communication), population aging, and
transportation. Post COVID-19, will each
Report of the
Board Chair
sector continue to experience growth,
and will that growth translate into
opportunities to make good
investments?
The early empirical evidence is that
data storage and communication will
experience strong growth and will
present good investment opportunities.
Renewable electricity, aged care and air
travel will be impacted, but it is too soon
to say whether the impacts will
encourage or discourage investment.
Another factor the board focusses on is
capital structure. Last year Infratil raised
additional equity to improve financial
resilience and fund the acquisition of
Vodafone NZ. Given events, it is good to
be able to report that Infratil has the
funds for operational and investment
needs, and to meet capital obligations,
including paying a dividend.
What is less clear is how investment
opportunities will evolve and what that
could mean for funding. Some of our
companies are postponing investment
(notably Wellington Airport) while others
(notably CDC Data Centres) are likely to
accelerate their rate of construction.
Given uncertainties the board will be
conservative in its approach to Infratil’s
capital structure.
Another crucial role of the
board is making sure that
management is delivering
value for money. This
encompasses monitoring
costs and comparing them
to the benefits provided as
well as looking at the overall
terms under which the
Manager is employed.
Given a track record of shareholder
returns, the ongoing reviews the board
undertakes, and our hands-on
experiences, we remain confident that
management is performing and being
fairly remunerated. This has been given
some prominence by the large incentive
payments Morrison & Co has earned
over the last two years as a result of
outperforming return hurdles.
Shareholders have indicated they are
comfortable sharing some of the value
created by management, as long as

the sharing is equitable. This obviously
has direct application to the FY2020
$125 million management incentive. How
this was calculated and moderated is
set out below:
• Each year, Infratil’s international*
investments which have been owned
for more than three years are valued
for the board by specialist
independent valuers. The values are
intended to identify the proceeds
Infratil would receive were it to sell
the relevant investments, net of all
transaction costs and taxes.
• If that valuation shows that the
portfolio of investments has delivered
a return (in NZ$) of over 12% per
annum then management receives an
incentive payment equivalent to 20%
of the value above the 12% return. So,
to illustrate, were the return to Infratil
17% per annum then management
would receive 1% leaving Infratil with
a net 16% per annum.
• As a protection against the possibility
of the portfolio of investments
subsequently falling in value,
payment of the incentive is spread
over three years. If the value of the
portfolio at either of the subsequent
two balance dates is lower than the
current valuation, that year’s
payment is cancelled.
• This means that the FY2020 incentive
fee payment will be $41.7 million.
Payment of the second and third
tranches is subject to the conditions
noted above. Also, the board has the
* There is no incentive fee calculated on New Zealand investments.

17

18
right to make the payment in shares
rather than cash.
• This year the valuation covered

five international investments. The
31 March 2020 valuations are shown
in the above table. The $879.7 million
of gains were the total of $51.3 million
of cash receipts and $828.4 million of
valuation changes.
The pandemic
The COVID-19 crisis had a huge impact
on individuals, families and businesses,
with people willing to accept restrictions
and costs which few of us ever thought
we would encounter in countries like
New Zealand and Australia. They have
done so because of high trust in our
national leadership and recognition

that costs, restrictions, and benefits
are shared.
With the worst of the pandemic possibly
behind us, everyone is asking “what
next?”. For some businesses it’s positive
with digitalisation improving workplace
efficiency and giving staff greater
flexibility and work options. For others
it’s negative or uncertain as they wait for
traffic and demand to resume.
Report of the Board Chair
$ MillionsFair ValueAnnual Gain
CDC Data Centres$1,515.6$634.4
Tilt Renewables$966.5$247.1
Longroad Energy $162.4$44.9
RetireAustralia$308.2($48.2)
ASIP Fund$33.1$1.4
$2,985.8$879.7
New Share & Bond Holders
Last year Infratil raised $400 million of
new share capital and $316 million from
issuing bonds.
We are grateful for the trust shown in
Infratil by these investors. While it is
unlikely that events subsequent to

the investments being made were
anticipated, all our share and bond
holders can be assured that Infratil is

in good shape and well positioned to
deliver over the long-term.
Mark Tume
Chair

1919

20
Financial Trends
Infratil Assets
The goal of Infratil’s asset allocation is to
achieve a balance between core and growth
assets; ones that provide robust income and
those that will generate value growth. This
objective is reflected in the evolving portfolio

of businesses.
“Core” can mean a whole company, such as
Trustpower, or a part of a company such as a
fully contracted CDC data centre or a Tilt wind
farm with the output sold by long term contract.
Of the $6,178 million invested over the decade,
$2,334 million was undertaken by Trustpower,
Tilt and Wellington Airport, showing that core
businesses undertake growth investment. A
further $1,525 million was invested by other
businesses and $2,319 million was allocated to
acquisitions.
Capital Investment
As noted above, Infratil’s capital investment
amounted to $6,178 million over the decade.
This was split $3,859 million by businesses

Infratil owns as they invested in their activities,
and $2,319 million by Infratil acquiring ownership
interests in businesses or providing them with
capital.
The four graphs show the evolution of Infratil’s
assets, capital investment, funding and earnings
over the last decade; with a brief explanation of
what happened and why.
Infratil's Assets
0
0
20
30
40
50
60
70
80
90
00
%
Infratil's Capital Structure
0
5
0
5
20
0
00
200
300
400
500
600
700
Dividend, cents per share$Millions
$Millions
EBITDAF, Free Cash Flows, Dividends
Sources of Consolidated EBITDAF
0

Wellington Airport

OtherTilt Renewables

Trustpower
$Millions

Data

Other

SocialTransportTelecommunications

Energy
00
200
300
400
500
600
Perpetual bondsEquity (market value)Net bank debt and dated bonds
Operating cash flow
Interest, tax, working capital
Dividend (rhs)
200
400
600
0
800
,000
,200
,400
,600
,800
2,000
0
500
1,000
1,500
2,000
2,500
3,500
3,000
$Millions

Sold

Retire Australia

Wellington Airport

Trustpower

Vodafone NZ

Other
2020
4,500
4,000
20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5

CDC

Tilt Renewables

Infratil's Assets
0
0
20
30
40
50
60
70
80
90
00
%
Infratil's Capital Structure
0
5
0
5
20
0
00
200
300
400
500
600
700
Dividend, cents per share$Millions
$Millions
EBITDAF, Free Cash Flows, Dividends
Sources of Consolidated EBITDAF
0

Wellington Airport

OtherTilt Renewables

Trustpower
$Millions

Data

Other

Social
TransportTelecommunications

Energy
00
200
300
400
500
600
Perpetual bondsEquity (market value)Net bank debt and dated bonds
Operating cash flow
Interest, tax, working capital
Dividend (rhs)
200
400
600
0
800
,000
,200
,400
,600
,800
2,000
0
500
1,000
1,500
2,000
2,500
3,500
3,000
$Millions

Sold

Retire Australia

Wellington Airport

Trustpower

Vodafone NZ

Other
2020
4,500
4,000
20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5

CDC

Tilt Renewables

* on page 25 the valuations used in the graph are explained.

21
Underlying EBITDAF
1

Over the decade the combined earnings
of the core businesses Trustpower/Tilt/
Wellington Airport have risen 20% and the
contribution of the rest 165% (excluding
management costs).
Underlying EBITDAF
1
was relatively flat over
the decade, in part because a number of
mature higher earnings companies were

sold and proceeds reinvested into businesses
that were at an earlier stage of their
commercial lives.
Over the decade the weighting of Infratil’s
portfolio has also shifted from largely majority
controlling stakes (included on a 100% basis)
to include a number of non-controlling stakes
(included on a proportional basis). Refer to the
Underlying EBITDAF table on page 22 for
further detail on the composition of
Underlying EBITDAF.
Infratil Funding
Changes to the capital structure of Infratil
and its 100% subsidiaries (the relative use

of debt and equity funding) occurs as
businesses are sold and acquired and when
Infratil advances capital to and receives
funds from its businesses.
The use of debt is bounded by Infratil’s policy
of maintaining credit metrics that are broadly
consistent with an Investment Grade credit
rating (Infratil is not credit rated) and with
maintaining availability of funds for investment
opportunities.
Infratil's Assets
0
0
20
30
40
50
60
70
80
90
00
%
Infratil's Capital Structure
0
5
0
5
20
0
00
200
300
400
500
600
700
Dividend, cents per share$Millions
$Millions
EBITDAF, Free Cash Flows, Dividends
Sources of Consolidated EBITDAF
0

Wellington Airport

Other
Tilt Renewables

Trustpower
$Millions

Data

Other

SocialTransportTelecommunications

Energy
00
200
300
400
500
600
Perpetual bondsEquity (market value)Net bank debt and dated bonds
Operating cash flow
Interest, tax, working capital
Dividend (rhs)
200
400
600
0
800
,000
,200
,400
,600
,800
2,000
0
500
1,000
1,500
2,000
2,500
3,500
3,000
$Millions

Sold

Retire Australia

Wellington Airport

Trustpower

Vodafone NZ

Other
2020
4,500
4,000
20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5

CDC

Tilt Renewables

Infratil's Assets
0
0
20
30
40
50
60
70
80
90
00
%
Infratil's Capital Structure
0
5
0
5
20
0
00
200
300
400
500
600
700
Dividend, cents per share$Millions
$Millions
EBITDAF, Free Cash Flows, Dividends
Sources of Consolidated EBITDAF
0

Wellington Airport

OtherTilt Renewables

Trustpower
$Millions

Data

Other

SocialTransportTelecommunications

Energy
00
200
300
400
500
600
Perpetual bonds
Equity (market value)Net bank debt and dated bonds
Operating cash flow
Interest, tax, working capital
Dividend (rhs)
200
400
600
0
800
,000
,200
,400
,600
,800
2,000
0
500
1,000
1,500
2,000
2,500
3,500
3,000
$Millions

Sold

Retire Australia

Wellington Airport

Trustpower

Vodafone NZ

Other
2020
4,500
4,000
20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5
2020 20‰820‰9 20‰‰ 20‰2 20‰3 20‰4 20‰720‰6 20‰5

CDC

Tilt Renewables

1. Underlying EBITDAF and EBITDAF are unaudited non-GAAP measures and are defined in
the Infratil Annual Results Presentation 2020. For 2019 and 2020 the graphed amounts
are before disposals.

22
Infratil’s Financial
Performance & Position
Consolidated Results
Infratil consolidates companies of which
it owns over 50%, including Trustpower,
Tilt Renewables and Wellington Airport.
With associate companies, only Infratil’s
share of their net surplus/loss is included
in operating revenue.
The decline in operating revenue in
FY2020 reflects lower revenues at Tilt
(following the sale of Snowtown 2) and
Trustpower (lower wholesale electricity
prices and generation volumes).
Realisation gains included

$511.5 million from Tilt’s sale of its
Snowtown 2 wind farm.
For FY2020 the average NZ$/A$ exchange rate was 0.9501 and the NZ$/US$ was 0.6474 (0.9334 and
0.6810 in FY2019).
Year Ended 31 March ($Millions)20202019
Operating revenue$1,368.7$1,442.2
Operating expenses($1,028.5)($997.8)
Depreciation & amortisation($147.5)($160.4)
Net interest($186.4)($148.5)
Tax expense($14.4)($72.0)
Revaluations

& realisations$516.9$0.9
Discontinued operations($24.6)($12.0)
Net profit after tax$484.2$52.4
Minority earnings($243.0)($71.9)
Net parent surplus$241.2($19.5)
Year Ended 31 March ($Millions)20202019
Trustpower$186.5$222.2
Tilt Renewables$123.7$144.4
Wellington Airport$103.2$101.4
CDC Data Centres$59.6$37.6
Vodafone NZ$154.9-
RetireAustralia$8.9$9.2
Longroad Energy$4.7$46.5
Corporate and Other($35.6)($27.5)
Underlying EBITDAF
1
excluding Incentive fees$605.9$533.8
International Portfolio Incentive fees($125.0)($102.6)
Underlying EBITDAF
1
from continuing operations$480.9$431.2
Discontinued operations$ 1 7. 0$62.0
Total Underlying EBITDAF
1
$ 4 9 7. 9$493.2
1. Underlying EBITDAF and EBITDAF are unaudited non-GAAP measures and are defined in the Infratil
Annual Results Presentation 2020.
Underlying EBITDAF
Infratil uses Underlying EBITDAF
1
as an
alternative way to assess, report, and
provide earnings guidance on the
underlying performance of its business.
Underlying EBITDAF is a non-GAAP
(‘Generally Accepted Accounting
Principles’) measure. For Infratil it
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 NZ
(49.9%) and share of Underlying Profit
of RetireAustralia (50%); and
• Infratil’s 40% share of the surplus
before tax of Longroad Energy and
Galileo Green Energy.

Breakdown of Consolidated Results
The following tables give the breakdown of Infratil’s consolidated results by business, for the last two financial years.
Year Ended 31 March 2020
$Millions
Infratil’s
share
Underlying
EBITDAF
1
D&AInterestTa x
Revaluations
AdjustmentsMinorities
Infratil
share of
earnings
Trustpower51%$186.5($42.5)($31.8)($39.6)$25.1($49.1)$48.6
Tilt Renewables66%$123.7($76.3)($41.4)($4.9)$502.5($173.0)$330.7
Longroad Energy40%$4.7-----$4.7
Galileo Green Energy40%($0.5)-----($0.5)
Wellington Airport66%$103.2($28.4)($24.8)$34.5($11.3)($20.6)$52.6
CDC Data Centres48%$59.6---$101.4-$161.0
Vodafone NZ50%$154.9---($179.6)-($24.7)
RetireAustralia50%$8.9---($62.6)-($53.7)
Parent/Other100%($160.6)($0.2)($88.4)($4.4)$0.6-($253.1)
Total (continuing)$480.9($147.5)($186.4)($14.4)$376.1($242.7)$266.1
NZ Bus100%$5.9($7.1)-$0.6($68.6)-($69.2)
Perth Energy80%$12.1($2.6)($1.1)($4.9)($22.9)($0.3)($19.7)
ANU Student Accommodation50%$0.5---$66.1-$66.6
Snapper100%($1.5)($0.1)--($1.0)-($2.6)
To ta l$ 4 9 7. 9($157.3)($187.5)($18.7)$349.7($243.0)$241.2


Year Ended 31 March 2019
$Millions
Infratil’s
share
Underlying
EBITDAF
1
D&AInterestTa x
Revaluations
AdjustmentsMinorities
Infratil
share of
earnings
Trustpower51%$222.2($47.2)($28.2)($37.5)($16.7)($46.6)$46.0
Tilt Renewables65%$144.4($89.5)($32.2)($7.4)($2.1)($5.7)$ 7. 5
Longroad Energy40%$46.5-----$46.5
Wellington Airport66%$101.4($23.7)($19.4)($0.2)$6.0($17.9)$46.2
CDC Data Centres48%$37.6---$46.3-$83.9
RetireAustralia50%$9.2---($33.1)-($23.9)
Parent/Other($130.1)-($68.7)($26.9)$13.7$0.4($211.6)
Total (continuing)$431.2($160.4)($148.5)($72.0)$14.1($69.8)($5.4)
NZ Bus100%$17.4($21.1)($0.2)$2.3($29.2)-($30.8)
Perth Energy80%$35.9($6.0)($2.1)($13.6)-($2.1)$12.1
ANU Student Accommodation50%$12.8-----$12.8
Snapper100%($4.1)($0.7)($0.1)-($3.3)-($8.2)
To ta l$493.2($188.2)($150.9)($83.3)($18.1)($71.9)($19.5)
1. Underlying EBITDAF and EBITDAF are unaudited non-GAAP measures and are defined in the Infratil Annual Results Presentation 2020.
23

24
Infratil’s Financial
Performance & Position
Year Ended 31 March ($Millions)20202019
Underlying EBITDAF
1
$480.9$431.2
Net interest($166.7)($142.2)
Ta x($50.8)($71.8)
Working capital($170.8)$41.8
Discontinued operations$ 7. 4$17.9
Operating cash flow$100.0$276.9
1. Underlying EBITDAF and EBITDAF are unaudited non-GAAP measures and are defined in the Infratil
Annual Results Presentation 2020.
Consolidated Operating
Cash Flow
Capital Investment
Investments undertaken by Infratil
amounted to $1,071.1 million. This sum
includes buying shares in Vodafone NZ
and providing advances to Longroad
and Galileo.
The capital investments of subsidiaries
(Trustpower, Tilt, Wellington Airport)

are shown in full while the amount of
the capital investment of the associates
reflects Infratil’s shareholding. For
instance, CDC undertook $470.0 million
of investment and 48.2% of that is

$226.6 million.
Year Ended 31 March ($Millions)20202019
Trustpower$34.3$27.7
Tilt Renewables$506.4$127.1
Wellington Airport$80.6$72.1
CDC Data Centres$226.6$140.6
RetireAustralia$28.0$31.8
NZ Bus$2.7$45.9
Perth Energy$0.2$0.4
Parent/other$41.0$ 2 7. 7
Capital Investments$919.8$473.4
Tilt Renewables-$109.3
Longroad Energy$31.8$87.2
Vodafone NZ$1,029.9-
Other$9.4-
Parent Investments$1,071.1$205.6
$1,990.9$ 6 7 9.0

25
Infratil Assets
This table shows the listed values of
Trustpower and Tilt. For other assets

it shows their accounting book values
(adjusted for deferred tax liability if
capital gains tax does not apply).
There can be significant discrepancies
between sharemarket, accounting book
value, and fair values. As set out on
page 18, the assessed fair values of
Infratil’s investments in Tilt, Longroad,
CDC, and RetireAustralia amounted to
$2,952.7 million which is $1,041.8 million
more than the $1,910.9 million
aggregate values shown in this table.
Fair values reflect expected sale
proceeds of the relevant asset.
Infratil Funding
Infratil and 100% subsidiaries had
$748 million of committed bank funding
facilities of which $268 million was
undrawn. In FY2021 $53 million of bank
facilities fall due. No Infrastructure Bonds
are due for repayment in FY2021.
Infratil provides a guarantee for letters
of credit issued by Longroad Energy
which as at 31 March 2020 amounted to
$94.6 million ($85.0 million the prior year).
Subsequent to 31 March 2020 Infratil
provided underwriting commitments in
respect of $50 million of a potential
equity issue by Wellington Airport and
$10.4 million by RetireAustralia.
$Millions31 March 202031 March 2019
Trustpower$1,022.4$1,055.9
Tilt Renewables$926.0$720.9
Longroad Energy-$10.8
Wellington Airport$487.6$481.5
CDC Data Centres$693.4$555.3
Vodafone NZ$974.0-
RetireAustralia$291.5$290.4
Parent/other$169.1$105.8
NZ Bus-$166.2
Perth Energy-$89.3
ANU Student Accommodation-$108.2
$4,564.0$3,584.2
For 31 March 2020 exchange rates of NZ$/A$0.9740 NZ$/US$0.5997 and NZ$/EUR 0.5445 were
used (0.9574, 0.6785, and n/a the prior year). Values exclude deferred tax where capital gains tax
does not apply.
$Millions31 March 202031 March 2019
Net debt/(cash) of 100% subsidiaries $470.9$44.3
Dated Infrastructure Bonds$1,071.9$904.5
Perpetual Infrastructure Bonds$231.9$231.9
Market value Infratil equity$2,579.3$2,332.2
Total capital$4,354.0$3,512.9
Net dated debt/total capital35.4%27.0%
Net debt/total capital40.8%33.6%

26
Shareholder Returns & Ownership
26 Year Track Record
0
1000
2000
4000
3000
5000
60%
40%
20%
0
-20%
-40%
208
206
2020
20420220020082006200420022000998996
Dividend ReturnCapital Return
Accumulation Index
Accumulation
Index
70%
Annual
Return
Over the year, Infratil’s share price fell
from $4.17 on 31 March 2019 to $3.91 on

31 March 2020.
Late March 2020 was the height of the
financial markets’ negative response to
COVID-19. The share price a month prior
had been $5.50 and a month later it
was $4.70.
During the year Infratil paid two
dividends amounting to 17.25 cps in
cash and 3.5 cps imputation credits. It
also undertook a rights issue which
provided a 4.69 cps capital payment to
shareholders who did not take up their
entitlements. The net return for the year
was -2.1%. Reflecting the 6.2% fall in the
share price and the after tax value of
the dividends and rights payment had
they been reinvested in Infratil shares at
the time of receipt.
Infratil’s ten year after-tax compound
return was 14.2% per annum. The 26 year
return was 16.6% per annum.
As shown in the graph, had someone
invested $100 in Infratil shares on

31 March 1994 when the Company
listed, and had subsequently reinvested
all dividends and distributions (ie had
neither taken money out nor put money
in) they would, as at 31 March 2020,
31 March 202031 March 2019
Million sharesMillion shares
NZ retail investors32750%30054%
NZ institutions17326%12321%
Offshore owners15924%13625%
659559
have had 1,398 shares with an NZX
value of $5,464.
Ownership
During the year, 100 million shares
were issued as a part of the Vodafone
NZ acquisition. In addition 1.3 million
shares were issued under the dividend
reinvestment plan and as a part of a
management incentive plan, while

0.9 million shares were repurchased.
Leaving aside the Company
transactions noted above, there was
an approximately 10% change in
Infratil’s ownership over the year.
New Zealand domiciled ownership
rose slightly to 76%. As at 31 March
2020 the ten largest New Zealand
institutional holdings amounted to
157 million shares, an increase of

45 million over the year. The ten
largest offshore institutional holdings
rose to 91 million shares from

89 million a year prior.

2727

28
Bondholders
Information of interest to holders of
Infratil Infrastructure Bonds which is not
otherwise available in the Report is set
out below.
During the year, Infratil undertook a
number of bond transactions, raising
$316,440,800 at an average yield of
3.41% per annum and repaying
$148,997,600 which had an average
yield of 7.70% per annum.
What had been a positive and active
year for Infratil in the bond market
became turmoil in March as the
COVID-19 crisis impacted the financial
markets globally.
As Infratil has a material interest in
ensuring an orderly market for its bonds,
management kept in active contact
with the banks and brokers involved

with Infratil’s bonds and with the
Reserve Bank.
The board authorised intervention in

the market, to buy back bonds, if their
pricing became anomalously unfair to
the holders. As shown in the table on
page 29, for a period, pricing was at
those levels, but so too was the pricing
of most corporate and bank bonds.
Infratil buying back its own securities
was never going to stabilise prices if all
bonds were at fire-sale levels. This was
the basis of discussions with the Reserve
Bank, in case the market needed the
sort of support which only a central
bank can provide.
The advice received from the banks

and brokers was that Infratil should keep
its powder dry until the market had
normalised, and then reassess if Infratil’s
bonds warranted intervention. In the
event, no bonds were repurchased.
Up to date analysis indicated:
1. The secondary market for

New Zealand corporate bonds was
providing satisfactory liquidity for
Infratil’s bonds and pricing which
seemed roughly fair; in common with
other issuers.
2. Bond pricing reflects what is
happening with government bonds
and the perceived risk and liquidity

of the particular corporate security.
Looking at a diverse range of
corporate issuers, there had been a
similar trajectory of the prices of their
bonds and shares, indicating that
similar factors were driving both debt
and equity markets. Not surprisingly,
share prices moved a lot more than
bond prices.
3. Comparing NZ and US bond markets
showed a similar pattern of yield/
spread evolution since before the
COVID-crisis started to unfold, which
is quite remarkable considering the
relative scale of the markets and the
central bank buying support
announced in the US.
4. However, one major difference
between NZ and US bond markets
was that in the US primary issuance
continued, whereas in New Zealand

it completely stalled. There were
probably two main reasons for New
Zealand’s lack of activity. Investors
had alternatives, in particular, high
yielding bank deposits. Borrowers,

on the other hand, could source debt
from their banks at lower cost than
was available from bonds.
5. Naturally, it is hoped that the
corporate bond market resumes

new issuance. Of the $13 billion on
issue, 64% funds infrastructure, 14%
property and 8% agricultural
processing. There are few
comparable sources of long-term
debt available in New Zealand to
match long-term fixed assets, and if
suitable funding isn’t available it will
impede investment.
The Reserve Bank is monitoring

the market, but has expressed a
preference, if it becomes necessary,

to provide long-term loans to banks
so banks can undertake long-term
loans to corporates. As opposed
to the Reserve Bank getting involved
lending to companies or buying

their bonds.
The difference in approach by different
central banks probably largely reflects
the markets in which they operate.

As illustrated by the following graphs
which show the different sources of
corporate debt in the USA, Europe and
New Zealand.
Repaid $68,500,000 of 6.75% per annum coupon bonds which fell due in
November 2019.
Repaid $80,497,600 of 8.50% per annum coupon bonds which fell due in
February 2020.
Issued $123,186,000 of 15 December 2029 bonds which carry a coupon that
resets each 15th December at 2.50% per annum over the one year bank rate.
Issued $156,279,000 of 15 December 2026 bonds with a 3.35% per annum
coupon.
Issued $36,975,800 of 15 March 2026 bonds with a 3.35% per annum coupon.

29
At the time of writing this report, it is
becoming apparent that bond issuance
is becoming plausible again in

New Zealand. However, given that
issuance tends to fund long-term assets
and corporate investment will probably
be muted in FY2021, it may not be a
bumper year for corporate bonds. The
following tables give yields and spreads
over government bonds observed in the
USA (top table) and New Zealand
(bottom). The table on the left gives the
observed yield on the relevant days,
while the table on the right gives the
spreads (to 10 year Treasury bonds

in the USA and to 5 year NZ Government
Bonds (NZGB) in New Zealand). The
corporate bonds were chosen as being
roughly equivalent to the US ratings
categories provided by the Federal
Reserve Bank of St Louis.
USANew ZealandEurope
BanksNon-bank lendersBonds, rated A and betterBonds, other
% Per annum yieldsYieldsSpreads*
USA14 Feb27 Mar17 Apr15 May14 Feb27 Mar17 Apr15 May
10 year Treasuries1.590.720.650.64
AA Corp Bonds2.3
12.611.941.850.721.891.291.21
A2.393.
182.352.260.802.461.701.62
BBB2.924.803.683.42
1.334.083.032.78
BB3.527.
165.466.011.936.444.815.37
New Zealand
5 year NZGB1.170.740.500.17
4 year ANZ
1.902.501.45
0.91
0.731.760.950.74
5 year Fonterra2.342.602.
111.471.171.861.611.30
4 year Mercury2.804.503.502.901.633.763.002.73
4 year IFT2303.457. 0 05.504.002.286.265.003.83
6 year IFT2803.644.925.754.202.474.185.254.03
* The spread is the yield difference between the government bonds and the corporate bonds shown in the table.

30
Trustpower
Infratil 51%
Tauranga Energy Consumer Trust 27%
Public 22%
During the COVID-19 Lockdown offices were unlit, unlike residential apartments.

31
Trustpower experienced a
difficult year across its
generation and utility retailing
activities. The $35.7 million fall in
EBITDAF reflected a diverse
range of factors. Fortunately the
guidance for FY2021 is for at
least a partial recovery, with
EBITDAF of between $190 million
and $215 million.
In FY2020, generation earnings were
impacted by lower generation and
outages at two power stations. Retail
returns reflected tighter gross margins
and higher technology and marketing
costs.
After a decade of over supplied
generation, the position had begun to
tighten over the last two years, pushing
up wholesale prices and putting
pressure on retail margins.
One effect of this is likely to be a
lessening in the intensity of competition.
Trustpower analysis of the surge in
customer switching which happened
after about 2010 showed that 90% of
switches were between generators, as
opposed to pure retailers. It seems that
generators faced with excess capacity
were willing to accept wafer-thin retail
margins rather than accept wholesale
prices.
The question now is what happens as
demand-supply comes more into
balance?
However, the supply-demand picture
was markedly disrupted by the
COVID-19 lockdown dramatically
reducing demand and wholesale
electricity prices. During Level 4
electricity demand fell about 15% and
prices where about half of the quarterly
average.
The effect was largely overturned once
restrictions had returned to Level 2,
returning the focus to the bigger issues
for supply and demand:
• The future of the Tiwai Point smelter
and its use of 15% of the national
load. Originally it had been signaled
that a decision was to be made by
the end of March 2020. Presumably
COVID-19 is the culprit behind the
delay.
• Electrification of transport continues
to tick over. Electric vehicles make up
about 2.5% of all new light-vehicle
registrations and amount to about
20,000 vehicles of a total national
fleet of two million.
Theoretically, the rate of importation
should now accelerate markedly to
meet government targets. However,
most of New Zealand’s electric car
fleet was imported as used vehicles
indicating a high degree of price
sensitivity and this will be an
impediment to expanding the fleet
faster, especially during a recession
with lower petrol prices.
• The various legislative steps intended
to establish the regulatory structures
that will lower emissions have
gradually progressed, even during
lockdown. The Climate Change
Commission is gradually getting to
work, but changes proposed for the
Emission Trading Scheme appear
intended to maintain stable emission
prices, rather than to actually
influence the level of emissions.
While Trustpower’s utility retailing
delivered a disappointing financial
outcome over FY2020, there was
important progress with expanding the
take up of broadband and multi-fuel
offerings.
More than 50% of Trustpower’s
customers now take more than one
utility service, and the more than
100,000 broadband customers reflects
both the quality of the network offered
by Trustpower as well as price.
What Trustpower is seeing with its
broadband customers is much greater
data demand and an increasing focus
on the quality of the network. While
Trustpower owns relatively little fibre it
has contracted access to a high-quality
network.
Trustpower’s COVID-19 response
Trustpower was able to follow a well-rehearsed plan to respond to the
pandemic and associated restrictions.
• Retail and management staff were able to operate remotely, and still
managed to maintain all critical customer services and to make over
10,000 proactive phone calls to potentially vulnerable customers to
make sure they were okay.
• In the first week of Level 4 lockdown Trustpower processed 138,000
customer contacts (17% above normal levels) and 97% of these contacts
were handled digitally.
• Normal generation procedures were followed with no loss of availability.
• Directors and the senior leadership team agreed to donate 10% of their
FY2021 remuneration to charity. In addition, salary market movements
have been suspended for all staff.

32
Year Ended 31 March20202019
Retail electricity sales1,817GWh1,823GWh
Generation1,759GWh1,994GWh
Electricity accounts266,102267,414
Gas accounts41,29838,697
Telco accounts103,64296,142
Av. market spot price10.7c/kwh12.5c/kwh
EBITDAF
1
$186.5m$222.2m
Net profit after tax$97.6m$92.7m
Investment spend$34.8m$27.7m
Net debt$617.2m$562.1m
Infratil holding value
2


$1,022.4m$1,055.9m
1. EBITDAF is an unaudited non-GAAP measure and is defined in the Infratil Annual Results
Presentation 2020.
2. NZX market value at period end.
A copy of Trustpower's financial statements for the year ended 31 March 2020 are available at

https://www.trustpower.co.nz/investor-centre.
Waipori Power Station.

33
EBITDAF & Generation
Year ended 31 March
Over the last ten years Trustpower’s
hydro generation has risen via
acquisition and small-scale
development projects. With fluctuations
coming from rainfall changing from one
year to the next.
EBITDAF has shown some volatility
reflecting hydrology conditions, but the
trend has been flat as increased
generation has been offset by lower
wholesale prices and increasing retail
market competition.
EBITDAF per unit of
generation and the
average market price
of electricity
Year ended 31 March
Trustpower’s success as a utilities

retailer has meant that earnings per
unit of generation have been higher
than had the generation been sold
straight into the wholesale market.
Last year this run was disrupted by

a spike in wholesale prices. Even
though FY2020 was a difficult year,
the positive contribution of retail
normalised this to an extent.
Customers and retail
electricity sales
Year ended 31 March
The attraction of Trustpower’s utility
retailing offer is apparent from the
graph.
However, Trustpower’s electricity

sales per customer have fallen by
23% over the period, while costs per
customer have been stable.

0
500
,500
,000
2,000
2,500
3,000
GWh
$50
0
$00
$150
$200
$250
EBITDAF
$Millions
$300
208 20 202 203 206 207 205 204 2020 209
Generation (GWh)EBITDAF
EBITDAF
0
2
4
0
8
6
4
2
Cents/kwh
$80,000
$60,000
$40,000
$20,000
0
$00,000
$20,000
$40,000
EBITDAF
per GWh of
generation
208 20 202 203 206 207 205 204 2020 209
EBITDAF per GWh
NZ Market price
(Cents/kwh)
NZ Market price
Customer
Accounts
0
4,000
3,500
3,000
2,500
2,000
,500
,000
500
GWh
200,000
50,000
00,000
50,000
0
250,000
300,000
350,000
400,000
208 20 202 203 206 207 205 204
Electricity Accounts:TelcoGas
2020
Total Retail Electricity Sales (GWh)
209
Total Retail Electricity Sales

34
Tilt Renewables
Infratil 66%
Mercury Energy 20%
Public 14%
Waipipi wind farm construction workers social distancing under Level 3 restrictions.

35
Tilt Renewables is making
excellent progress developing
renewable generation assets in
Australia and New Zealand, and
its core generation business is
functioning smoothly.
Notwithstanding significant construction
progressing at two sites, Tilt’s strong
commitment to safe work practices saw
a 75% reduction in Lost Time Injuries with
only one in FY2020 and a 58% lower
Total Recordable Injury Frequency Rate
to 10.2 per million hours worked.
The year was dominated by
development activities, encompassing
the construction and de-risking of new
generation, and the A$1,073 million sale
of Tilt’s largest generation asset.
Operating earnings (EBITDAF
3
) of
A$117.5 million were dwarfed by the
A$486 million realised gain from the sale
of its 270MW Snowtown 2 wind farm.
There was a trade-off in that Tilt would
have delivered EBITDAF
3
close to last
year’s A$135 million but for the sale in
December 2019.
Tilt’s core business is the development
and ownership of renewable generation,
but at times it makes sense to sell an
asset when the transaction value is
compelling. The background to the
Snowtown 2 transaction is explained
below:
• Development of the Snowtown site
north of Adelaide started in the early
2000s and Snowtown 1 was
completed in 2008. In 2013 work
started on Snowtown 2 and it was
commissioned in 2014.
• Snowtown 2 contains 90 3MW
turbines and in an average year
generates about 875GWh. This
output was sold on contract to Origin
Energy through to 2035. Origin
acquired both the electricity and the
associated green certificates.
• In December 2019, Tilt sold

Snowtown 2 to diversified Australian
infrastructure investment fund,
Palisade, for A$1,073 million.
- The book profit on the transaction
was A$486 million.
Year Ended 31 March202020192018
Australian generation1,170GWh1,395GWh1,225GWh
New Zealand generation 665GWh659GWh571GWh
Australian revenueA$128.6mA$151.3mA$121.7m
Average price
1
11.0c/kwh10.8c/kwh9.9c/kwh
Australian contracted sales41%
2
75%95%
New Zealand revenueA$41.6mA$42.0mA$36.2m
Average price 6.3c/kwh6.4c/kwh6.3c/kwh
New Zealand contracted sales100%100%100%
EBITDAF
3
A$117.5mA$134.8mA$103.8m
Net profit after taxA$478.4mA$12.2mA$16.9m
Investment spendA$481.1mA$118.6mA$83.6m
Net debt
4
(A$418m)A$347mA$593m
Infratil’s holding value
5
NZ$926.0mNZ$720.9mNZ$285.9m
1. Including green certificates (LGCs). 11.0c/kwh is the same as A$110,000/GWh (1GWh = 1,000,000
kwh). All prices are in A$.
2. Excluding Dundonnell which is still under construction and Snowtown 2 which was sold.
3. EBITDAF is an unaudited non-GAAP measure and is defined in the Infratil Annual Results
Presentation 2020.
4. As at 31 March 2020 Tilt had net cash and deposits of A$679 million and $261 million of debt. Lease
liabilities of A$126 million are not included. Repayment of approximately A$260 million to
shareholders is intended in July via a court approved scheme to buy back 1 in 5 shares.
5. NZX market value at period end.
A copy of Tilt Renewables financial statements for the year ended 31 March 2020 are available

at https://www.tiltrenewables.com/investors-landowners/
- The proceeds were used to retire
debt and provide funding for
development projects.
- If it receives support at a special
meeting, Tilt intends to return
approximately A$260 million

of capital to shareholders in
July 2020.
While the transaction had

considerable value in its own right,
for Tilt, it was complimentary with
the development of the Dundonnell
wind farm, which is of a similar scale

to Snowtown 2.
Construction of the 336MW

A$560 million Dundonnell wind farm in
Victoria progressed largely on time and
on budget. 70% of its turbines are now

in place and full completion is
anticipated later in FY2021. Tilt also

sold a further 20MW of the wind farm’s
output to ALDI foods on a long-term
contract. 87% of the generation is now
forward sold for fifteen years and 6%
for a decade.
Construction of the 133MW

NZ$277 million Waipipi wind farm
started in South Taranaki following
agreement with Genesis Energy for
them to acquire 100% of the output

for twenty years.
This transaction plays to the respective
strengths of the two companies; as

an expert wind developer Tilt is able
to offer competitively priced wind
generation and Genesis is better
placed to manage the electricity
production and price risk through its
integrated electricity business and
diverse portfolio of other forms of
generation.

36
Development projects
Under construction
Operating assets
Liverpool Range
1000MW (wind)
Blayney

10MW (wind)
Crookwell

5MW (wind)
Rye Park

300MW (wind)
Dundonnell*

336MW (wind)
Salt Creek

54MW (wind)
Palmer

300MW (wind)
Waddi

105MW (wind)
40MW (solar)
Snowtown (Stage I)

101MW (wind)
Snowtown Solar/Storage

65MW (solar)
40MWh (battery)
Queensland Projects
250MW (wind)
160MW (solar)
Waipipi*
133MW (wind)
Omamari

70MW (wind)
Mahinerangi (Stage I)
36MW (wind)
Mahinerangi (Stage II)

160MW (wind)
Tararua (Stage I & II)

68MW (wind)
Tararua (Stage III)

93MW (wind)
Kaiwera Downs
240MW (wind)
Victoria Developments
250MW (wind)
150MWh (battery)
Construction at Waipipi was delayed for five weeks by
COVID-19 restrictions, but completion is still expected late in
FY2021 as originally planned.
The economics of Waipipi are worth noting. It is budgeted

to cost $277 million, have a life of over thirty years generating
an average 455GWh per annum, sufficient for 65,000 typical
New Zealand households. This gives a capital cost of $4,262
per household, clearly demonstrating that utility scale
renewables are a great deal cheaper than rooftop solar.
In addition to the two large scale construction projects, Tilt is
also progressing a development pipeline (see map) of over
3,000MW of wind, solar and battery storage options, arguably
the best in Australasia.
This includes repowering Tilt’s 68MW Tararua 1&2 wind farm,
part of which has been operating for two decades.
Comparing its technology with that being installed at Waipipi
is instructive and explains why a repowered Tararua could
more than double capacity to 140MW.
Tararua 1&2Waipipi
Turbine number10331
Turbine capacity0.66MW4.3MW
Blade length23.5 metres65 metres
Maximum height73 metres160 metres
Total capacity68MW133MW
Average production245GWh455GWh
*

37
EBITDAF
1
& Generation
Year ended 31 March

EBITDAF
1
per unit of generation
Year ended 31 March

Projected generation
& electricity price risk
MW capacity
400
300
200
00
0
500
600
700
800
20202025203020352040
Waipipi - Genesis Energy
Mahinerangi - Trustpower
Tararua /2 - Trustpower
Tararua 3 - Trustpower
Salt Creek - Meredian
Dundonnell - ALDI
Dundonnell - State of Victoria
Snowtown 
Dundonnell - Snowy Hydro
0
500
,500
,000
2,000
2,500
GWh
$30
0
$60
$90
$20
$50
EBITDAF
A$Millions
208 20 202 203 206 207 205 204 2020 209
NZ Generation (GWh)
Australian Generation (GWh)
EBITDAF
EBITDAF
$0,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
0
(A$)
208 20 202 203 206 207 205 204 2020 209
EBITDAF per GWh (A$)
1 EBITDAF is an unaudited non-GAAP measure and is defined in the Infratil Annual Results Presentation 2020.

38
Longroad Energy
Infratil 40%
New Zealand Superannuation Fund 40%
Management 20%
Prospero Solar project, Texas, USA.

39
10%
20%
30%
40%
50%
60%
70%
200 200 208
CoalHydroWindSolarNatural Gas
0
California share of
generating capacity

by fuel type
California provides a useful case
study. As will be apparent from
the graph, the State has
experienced a huge shift in its
generation mix this century,
much of it due to State
greenhouse gas emission targets
and policies. In 2020 State
requirements are for 33%
renewable generation, rising to
60% by 2030 and 100% by 2045.
During the year Longroad’s
development initiatives gave
rise to economic gains of which
Infratil’s share was between

$46 million and $66 million, while
Infratil also received cash
distributions of $33.4 million.
However, the accounting earnings
Infratil recognised only amounted to
$4.7 million. This was because the
development sales executed by
Longroad were for 50% interests in the
relevant projects. While Longroad
retains 50% it will not account for the
gains, even if there was a significant
cash difference between the cost of
Longroad’s involvement in the
developments and the sale value of

the 50%.
As at 31 March 2020, Infratil had its
shareholding in Longroad independently
valued at $162.4 million which is an
increase of $39.7 million on last year’s
figure.
The valuation looked at each of
Longroad’s projects and estimated the
net realisation value, based on market
evidence. Value was attributable
approximately 70% to late stage
development projects and 30% to
owning and operating generation.
• Over the year, Longroad increased its
management of generation for third
parties to 1,472MW and its ownership
of generation to 1,133MW (including
419MW of projects under
construction).
• In total, Longroad has now
developed 751MW of generation,
with another 907MW under
construction.
• Construction is underway on 907MW
of generation capacity:
- 594MW of solar. (Little Bear in
California and Prospero in Texas)
- 313MW of wind. (El Campo in Texas
and the Minnesota repowering
project)
• In all cases the majority of electricity
from the developments was sold on
long-term contracts.
• Also in all cases at least 50% of the
equity in the projects has been sold.
While the pandemic and its economic
impact is disruptive in the short term,
there is no reason to anticipate a
reduction in opportunities to develop
new renewable generation over the
medium term.
The US is generally favourable for the
development of renewable generation.
US corporates have been active buyers
of “green” electricity on long-term
contracts. Low cost debt and tax
efficient funding has been available to
credible counterparties. Many states are
supportive of initiatives to increase
renewable electricity generation which,
together with falling plant cost, is
balancing lower Federal support.
In addition, there continues to be strong
demand for operational contracted
generation from long-term investors,
especially those seeking ethical low risk
investments.

40
NZ$ figures are as at 31 March
US$ figures are as at 31 December20202019
Infratil aggregate investment amount$185.8m$154.0m
Infratil capital received back$184.7m$151.3m
Infratil share of associate’s earnings$4.7m$46.4m
Net surplus before taxUS$6.7mUS$59.5m
Owned generation1,054MW684MW
Managed generation1,472MW1,236MW
Employees111 people90 people
Infratil’s holding book value-$10.8m
Infratil holding market value
1
NZ$162.4mNZ$122.7m
1. Based on an independent valuation at 31 March 2020 as outlined on pages 16 and 18.
Phoebe 312MW solar.
Texas
This project was sold in FY2019.
Rio Bravo 238MW wind.

Texa s
The US$300 million project was started in FY2019
and sold with development gains recognised on
commissioning in FY2020. Longroad has an ongoing
asset management role.
Prospero I 379MW solar.

Texa s
Construction is nearly complete on this US$416 million
project with output sold to Shell. 50% of the equity
was sold on 1 April 2020 and no gain will be
accounted unless additional equity is sold.
El Campo 243MW wind.
Texa s
Construction of this US$335 million project is well
advanced. Most of the output has been sold to
Crown Holdings and DaVita Industries. 50% of the
equity has been sold to two Danish pension funds.
Longroad has an ongoing asset management role.
Because only 50% has been sold, no accounting gain
has been recorded.
Federal Street 220MW
solar. Various locations
100% ownership.
Minnesota 70MW windLongroad has now started a US$77 million
repowering development and has sold the facility on
commissioning to Xcel Energy. This is expected to be
in FY2021 at which time the accounting gain will be
recognised.
Milford 306MW wind.

Utah
100% ownership.
Little Bear 215MW solar.
California
Construction has commenced on this development
following agreement with Marin Clean Energy to
purchase the electricity. 50% of the equity was sold in
FY2020 to PKA and PenSam two of Denmark’s largest
pension funds. Again, unless additional shares are
sold the accounting gains will not be recognised.
Montgomery Street
108MW wind/solar.
100% ownership.
Over the year, Infratil advanced
$31.8 million to Longroad, received
back $33.4 million, and accounted
for a net contribution of

$4.7 million being Infratil’s share of
Longroad’s net surplus and fees.
As at 31 March 2020, Infratil
guaranteed $94.6 million of letters
of credit issued by Longroad
($85.0 million as at 31 March 2019).

41
Milford Wind
306MW
Montgomery Street Wind

108MW
Little Bear Solar* (50% sold)
215MW
Phoebe Solar (sold)

315MW
Prospero I Solar* (50% sold)

379MW
dc
El Campo Wind* (50% sold)
243MW
Rio Wind (sold)

238MW
Minnesota Wind* (sold)

70MW
Federal Street

Solar
299MW
Operational assets
* Under construction
Projects

42
Wellington
Airport
Infratil 66%
Wellington City Council 34%
Karl McKenzie, Soundsair pilot, enjoys a coffee during Level 2 Lockdown provided by Dmitry and Veronika Sedov, owners of the Three Quarter Society
specialty coffee bar.

43
“It was the best of times, it was
the worst of times”, the famous
opening words of Dickens’ novel,
A Tale of Two Cities sums up
Wellington Airport’s year.
Achievements over the first eleven
months included:
• Solid international traffic growth, with
the marque event being Singapore
Airlines introducing new A350 aircraft
on its service with Melbourne-
Singapore and an increase in
frequency to five times a week.
Domestic traffic was flat year on year
following the withdrawal of Jetstar
from regional services and the
rationalisation of trunk capacity
following well above trend increases
over the prior three years. Jetstar are
to be complimented for trialing
regional services.
• The Airport published its 2040
Masterplan setting out the physical
works required to ensure capacity is
available to accommodate 20 years
of forecast growth. Including $1 billion
of investment over the next decade.
• Aeronautical prices for the FY20-24
years were determined following
constructive consultation with the
airlines, overseen by the Commerce
Commission. The substantial
investment forecast was not a
sticking point as, at that time, all
parties appreciated the necessity.
• The final stage of the $100 million
domestic terminal renovation was
completed, creating 50% more space,
excellent functionality, and a warm
ambiance. To accommodate future
growth the Airport increased its land
area 12% with the acquisition of two
hectares from the Government and a
contract to purchase 13 hectares
from the Miramar Golf Club.
• No Lost Time injuries to staff and an
outstanding health and safety report
on all Airport users and workers.
• $100 million 4% per annum coupon
ten year bond issue, as a part of the
Airport’s risk-averse approach to
using long-term bond funding for
core debt requirements.
Year Ended 31 March 20202019
Passengers Domestic5,225,9995,488,013
Passengers International919,741 929,457
Aeronautical income$80.8m $81.5m
Passenger services income$45.2m$42.6m
Property/other income$13.5m $12.9m
Operating costs
1
($36.3m)($35.6m)
EBITDAF
2
$103.2m $101.4m
Net profit after tax
3
$28.9m$23.5m
Investment spending$80.6m $72.5m
Net debt$516.9m $456.9m
Infratil cash income$44.3m $40.5m
Infratil’s holding value
4
$487.6m $481.5m
1. For FY2020 this includes a $1 million bad debt provision.
2. EBITDAF is an unaudited non-GAAP measure and is defined in the Infratil Annual Results
Presentation 2020.
3. Net profit after tax includes a subvention payment of $44.3 million (2019: $40.5 million).
4. Infratil’s share of net assets excluding deferred tax at period end.
A copy of Wellington International Airport's financial statements for the year ended 31 March 2020

is available at https://www.wellingtonairport.co.nz/business/investor-services/financial-reports/
In the twelfth month, the situation
changed abruptly, and the Airport went
from 501,500 passengers in February to
4,500 in April. The almost total collapse
in activity caused by COVID-19 travel
restrictions necessitated urgent and
difficult remedial steps:
• Capital investment for FY2021 was
reduced 80%. Projects intended to
accommodate growth were deferred
until growth resumes. Projects
intended to maintain physical
integrity and meet regulatory
requirements were, if possible,
rescheduled.
• Operating costs were reduced 26%.
An airport serving far fewer users and
with far less capital investment can’t
afford to pay people as much and
has fewer jobs for people to do.
• Terms were agreed with the Airport’s
shareholders and lenders to ensure
funds are available until traffic and
revenues return to more viable levels.
• The mid-stream switch from
accelerator to brake tested the
character and capability of the Airport
team, who showed they have what it
takes. Going hard and going fast,
minimised harm to staff, tenants, other
stakeholders, and shareholders, and
positioned the Airport for recovery.
There are naturally questions about

the trajectory of the recovery, given
that it depends on controlling
COVID-19, regulation, demand and
supply. It is however becoming apparent
that while global mobility propelled
COVID-19’s global spread, very few
people actually caught the virus while
travelling by air. Wellington Airport is
working closely with New Zealand
aviation interests and government
agencies to develop protocols to ensure
air travel is safe, healthy and available.
Evidence from many markets

indicates that air travel is largely
determined by income levels,
convenience, and the cost of travel.

As the economy recovers, peoples’
financial circumstances and their
confidence will lift, while on the other
side of the ledger the affordability of
travel will improve as all parties focus on
productivity and efficiency.

44
Wellington Passenger
Throughput & NZ Gross

Domestic Product
Actual 1998-2020
Forecast FY2021-FY2022
Over the 22 years since Infratil made its
1998 investment into Wellington Airport,
NZ’s real GDP has expanded by 2.80%
per annum and passenger numbers
have risen 2.85% per annum.
While international passengers have
increased at a faster rate than those on
domestic services, 85% of passengers
are still flying domestically.

Wellington Airport Passengers
FY2020-FY2022
The graph shows Wellington Airport’s
monthly traffic from April 2019 through
to when COVID-19 restrictions came
into force March-May 2020.
The dashed lines show the forecast
range of traffic out to the end of FY2022.
Kaitiakitanga
An unfortunate consequence of the
COVID-19 crisis was the distraction of
attention from the Airport’s social,
community, and environmental
initiatives, to which the Airport
contributed $2.5 million in FY2020.
The Airport also appointed a
Sustainability Manager to plan and
manage the goals of reducing emissions
and waste by 30% by 2030.
Wellington Airport now offers battery
recharging in its car park and for

airfield vehicles and is increasing its
own use of electric vehicles.
In FY2020 Wellington Airport started
using the GRESB Assessment tools to
measure and report on its environmental
and social performance. This will enable
the Airport to determine where it needs
to improve, to track improvements, and
to benchmark against peers. The GRESB
reports are widely used by fund
managers to measure company’s
environmental, social and governance
performance.

7
6
5
4
3
2

Annual Passengers (Millions)GDP (Billions)
Forecast
0
$400
$350
$300
$250
$200
$50
$00
$50
$0
DomesticInternationalGDP
9982000 2002 2004 2006 2008 200202 204 206 208 2020 2022
600,000
500,000
400,000
300,000
200,000
00,000
Monthly Passengers
Apr-
9
Jun-
9
Aug-
9
Oct-
9
Dec-
9
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-2
Apr-2
Jun-2
Aug-2
Oct-2
Dec-2
Feb-22
0

45
EBITDAF & Passengers
Year ended 31 March
Over the ten years EBITDAF
1
rose
from $72 million to $103 million (it was
reduced by approximately $4 million

by COVID-19 travel restrictions).
Passenger numbers lifted 1,011,513.

An average annual increase
of 82,978 domestic and 29,463
international travellers.
Aeronautical & Services income
Year ended 31 March
Wellington Airport’s 20% increase in
EBITDAF
1
/passenger over the period
(to $16.79) reflects better passenger
services, an increase in property income,
and good cost control.
Wellington has the lowest per passenger
aeronautical costs of any jet airport in
Australasia.
The cost of travel
Year ended 31 March
Over the ten years, consumer prices

rose 18%. The cost of domestic
New Zealand air travel increased 35%.
The cost of international air travel for
New Zealanders fell 25%.
Over the decade, the international air
travel market has delivered considerably
more value for New Zealand users
relative to the less competitive domestic
market.
AeronauticalRev/PaxCost/Pax
Auckland$16.91$5.95
Wellington$13.38$3.76
Christchurch$14.21$5.95
Queenstown$13.24$5.00
From Airport Disclosures
0
$20
$60
$40
$80
$00
0

2
3
4
5
6
7
Passengers
Millions
EBITDAF

$Millions
208 20 202 203 206 207 205 204 2020 209
Domestic passengers
International passengers
EBITDAF
EBITDAF

$0
$5
$0
$5
$20
$ Income Per
Passenger
208 20 202 203 206 207 205 204 2020 209
Aeronautical incomeServices income
Statistics New Zealand
International air travel cost index
Domestic air travel cost index CPI
Index
2010
2011
2012
2013
2014
2017
2018
2019
2020
2016
2015
0
20
40
60
80
100
120
140
160
1 EBITDAF is an unaudited non-GAAP measure and is defined in the Infratil Annual Results Presentation 2020.

4646
CDC
Data Centres
Infratil 48%
Commonwealth Superannuation Corporation 24%
Future Fund 24%

Management 4%
(during the year CSC sold half its shareholding to
the Future Fund, Australia’s Sovereign Wealth Fund)
Construction of CDC’s Eastern Creek 3 data centre, Sydney.

47
Since Infratil and Commonwealth
Superannuation Corporation acquired
96% of CDC Data Centres in September
2016 the enterprise value of the
company has risen from A$1,075 million
to A$4,193 million (mid-point estimate),
reflecting a series of material changes
to the industry and the Company.
• Globally, the generation of electronic
data and the need for its
transmission, storage and compute
continues to grow.
• Data storage and processing
provided in the “cloud” is incentivising
organisations to relocate their data
and its processing away from their
own infrastructure to hyper-scale
server farms in large data centres.
• Increasingly organisations are seeing
data storage and compute
requirements as critical infrastructure
and separating them from their
broader IT services, consulting and
telecommunications function and
entrusting them with specialist
providers like CDC.
• As the volume of data has risen, so
too has the focus on sovereignty and
security.
Each of these factors is contributing to
growing demand for CDC’s capacity.
Including to the extent that some clients
will pre-contract before construction
starts on new centres.
Expanding demand and less
development risk is an attractive
combination.
During FY2020 CDC undertook

A$446.6 million of capital investment
in facilities, building out the internal
infrastructure of completed data centres
as client commitments were secured.
While roughly 50% of the cost of a data
centre is the building and core services,
the other 50% is the fit-out of server
racks and electrical, cooling and data
transmission infrastructure which occurs
as a centre is progressively occupied.
This ensures that a large part of capex
outlay is only committed once revenue

is secure.
• Completing the Eastern Creek 2

and Hume 4 data centres.
• Starting work on Eastern Creek 3.
• Additional land acquisitions in
Canberra and Auckland.
• Preparatory work for Fyshwick 3,
Eastern Creek 4 and two Auckland
centres.
CDC’s in-house management of
construction is an important factor to
the Company’s success. There is
proprietary expertise in designing and
configuring data centres to ensure

their operational efficiency. Undertaking
this work in-house captures this
expertise as well as enabling
construction cost savings and rapid
build times.
Agreeing long-term contracts with
creditworthy clients has allowed

CDC to cost-efficiently fund its
capital works programme with a new
flexible debt package with terms

which allow the debt facilities to be
expanded progressively over time.

Over the year CDC increased bank
facilities by A$605 million to over
A$1,500 million which is sufficient to
complete contracted construction and
fit-out work.
CDC has commissioned 105MW of
capacity at data centres on three
campuses, with construction well
advanced on a further 28MW and
preparatory work underway on another
20MW. All told, CDC’s campuses could
accommodate over 278MW of data
centre capacity.
Year Ended 31 March 20202019
Available capacity105MW67MW
EBITDAF
1
A$117.5mA$72.1m
Infratil share of EBITDAF
1
NZ$59.6mNZ$37.2m
Net profit after taxA$289.1mA$136.6m
Contribution to InfratilNZ$161.0mNZ$83.9m
CapexA$446.6mA$291.6m
Net debtA$912.4mA$517.8m
Infratil holding book valueNZ$693.4mNZ$555.3m
Infratil holding market value range
2
NZ$1,355-1,711mNZ$841-942m
1 EBITDAF is an unaudited non-GAAP measure and is defined in the Infratil Annual Results
Presentation 2020.
2. Based on an independent valuation at 31 March 2020 as outlined on pages 16 and 18.

4848
ScaleCommissioned
Hume 1 & 212MW2008 and 2011
Fyshwick 118MW2015
Hume 39MW2016
Fyshwick 221MW2018
Eastern Creek 17MW2018
Eastern Creek 213MW2019
Hume 425MW2019
Eastern Creek 328MWCommissioning 2020
Other Sydney75MWPreparatory work underway
Other Canberra50MWPreparatory work underway
Auckland 110MWExpected in 2022. Additional site potential
Auckland 210MWExpected in 2022
Australian government policy strongly
recommends the use of certified
sovereign data centres which comply
with data sovereignty, supply chain and
ownership criteria, and CDC is working
towards this level of certification. It is
expected that this combination of
reliability, specialisation and sovereignty
will also play out in New Zealand.
As at 31 March 2020 CDC was valued
for Infratil by independent valuers Grant
Thornton. The valuation is the present
value (after all applicable taxes and
fees) of the cash flows available to
shareholders from the 278MW data
centres which are operating, or under
construction, or have a near certainty of
construction occurring. Different equity
return targets are allocated to each
centre depending on their risk, with the
average target return range being
10.6% to 12.2% per annum.
Auckland
Eastern Creek
Hume
Fyshwick
The increase in the valuation over the
year reflects several factors including
the development pipeline and sales
activity. The reasonableness of the
valuation was tested by comparing
metrics such as Value/Earnings against
those observed with other data centre
companies.

49
2020201920182017
Capacity105MW67MW39MW39MW
Rack utilisation76%80%78%58%
Average lease term

(excluding options)
8.6 years9.0 years4.2 years4.7 years
EBITDAF
1
A$117.5mA$72.1mA$55.8mA$47.5m
CapexA$446.6mA$29
1.6mA$45.8mA$66.5m
The CDC Fyshwick 2 facility opening, December 2019. From left to right: Brett Chenoweth:
Chairman, CDC Data Centres, Randall Brugeaud: Chief Executive Officer at the Digital Transformation
Agency, Renee Leon: Secretary of the Department of Human Services, Hon. Stuary Robert MP:

Minister for National Disability Insurance Scheme and Greg Boorer: Chief Executive Officer & Founder,
CDC Data Centres.
80
60
40
20
00
80
60
40
20
Data Centre Capacity (MW)EBITDAF
1
(A$Millions)
0
$80
$60
$40
$20
$00
$80
$60
$40
$20
$0
CapacityEBITDAF
1
20 7 20 8 20 9 2020202 (forecast)
CDC Capacity & EBITDAF
1
31 March
1 EBITDAF is an unaudited non-GAAP measure and is defined in the Infratil Annual Results
Presentation 2020.

50
Vodafone
New Zealand
Infratil 49.9%
Brookfield Infrastructure Partners 49.9%
Management 0.2%
A feature of the Level 4 lockdown were supermarket queues, physical distancing, and a massive increase in data use.

51
Year Ended 31 March20202019
Mobile revenue$893.2m$879.6m
Fixed broadband revenue$726.1m$748.5m
Other revenue$427.4m$333.8m
Operating costs($1,566.1m)($1,504.9m)
EBITDAF
1
$480.6m$457.0m
Capex$284.8m$253.0m
EBITDAF
1
less Capex$195.8m$203.0m
Net debt$1,266.6m-
1 EBITDAF is an unaudited non-GAAP measure and is defined in the Infratil Annual Results
Presentation 2020.
2019 Operating costs have been adjusted to be presented on a like for like basis with 2020. This
primarily reflects an adjustment to charges from Vodafone PLC under the new ownership structure

to reflect those incurred in the period of Infratil and Brookfield ownership (8 months).
The $3.4 billion acquisition of Vodafone
New Zealand was completed on

31 July 2019. Infratil’s investment was
$1,030 million and Vodafone NZ
assumed $1,342 million of debt.
Vodafone NZ provides a substantial part
of New Zealand’s telecommunications
infrastructure at a time when data and
its transmission is critical to economic
activity and is expanding rapidly
through increasing use of smartphones,
streamed video, the advent of 5th
generation mobile networks and new
applications.
New Zealand is, on OECD comparisons,
well served in both mobile and
broadband. Department of Statistics
indices show that every year consumers
receive greater benefit for less cost. In
2016, the $60 Red Lite Pay Monthly Plan
had 4GB + unlimited minutes and texts.
Today, the $60 Endless Medium Plan gets
12GB Data + unlimited minutes and texts.
Competition has been intensified by
network evolution and a plethora of
“free” value-added services aimed at
attracting users. Companies in the
sector have struggled to translate
growth into a return on their significant
infrastructure and services investment.
Rapid demand growth, technological
change, and the intense competition
has led to industry-wide cost pressures,
and lags in the improvement of IT and
customer service systems.
In this challenging commercial
environment, Vodafone NZ also had to
exist as a small part of a global
multinational with ownership and
structural uncertainties. The new owners
are encouraging the leadership team to
quickly evolve Vodafone NZ into a

New Zealand-centric, digital
infrastructure and service business
providing simple products and services
that are easy to use, reliable, and fairly
priced.
Another goal for Vodafone NZ is to
expedite the roll-out of the 5th
generation of mobile technology, while
also expanding the availability of
broadband and mobile coverage to
rural areas and pockets which are
currently missing out. The Rural
Connectivity Group Limited, of which
Vodafone NZ is a member, is installing
wireless network infrastructure in
sparsely populated regions to improve
coverage while enabling industry
participants to share costs. It is an
example of getting the balance right
between investment in capacity and
services and competition delivering
innovation and fair prices.
It would be remiss not to note Vodafone
NZ’s ongoing areas of community
support. It is continuing with a diverse
range of initiatives, especially aimed

at helping disadvantaged youth. Since
the launch of the Vodafone Foundation
it has contributed over $25 million

to this and other social areas.
https://foundation.vodafone.co.nz
Before, during and after
COVID-19
Before the COVID-19 crisis, Vodafone
NZ’s key work programmes were
focussed around three areas:
• Transforming operations from a
complex, legacy telco to a digitally
focused, simplified business able to
deliver high-quality services off a
lower cost base.
• Improving the customer experience,
including establishing a team of over
250 people charged with both
improving the response to customers
and helping to resolve the
complexities of Vodafone NZ’s
multiple back-office systems.
• Delivering 5G mobile network
leadership with the launch of 5th
generation capability in Auckland,
Wellington, Christchurch and
Queenstown in December 2019.
Initial results with cost management
were excellent while improving the
customer experience will take time.
The pandemic and how it impacted
operations and customer needs has not
altered the goals. It has underscored
connectivity’s critical importance to

52
Average consumer monthly
data use
NZ consumers’ monthly data
transmission needs have risen 46% per
annum over the decade (mobile data
has risen 72% per annum).
Connected to the internet
(Devices and homes/
businesses)
The connectivity spans smartphones,
fixed broadband (wireless and via fibre
and copper) and machine to machine
devices such as smart metres.
0
200
150
00
50
GB/Month
Average fixed broadbandAverage mobile device
208 200 20 202 203 206 207 205 204 209
9
8
7
6
5
4
3
2

0
Connections (millions)
Mobile devicesMachine to machine devices
Fixed wireless broadband connectionsFixed broadband connected by fibre, copper, etc
208 200 20 202 203 206 207 205 204 209
social and economic wellbeing, and the
industry’s financial challenge in
providing this. Most customers subscribe
to unlimited data plans on a fixed

price, so higher use does not always
mean higher revenue.
Operationally, Vodafone NZ quickly
transitioned to working from home and
was able to assist many business
customers to do the same. The physical
restrictions of lockdown impacted some
customer services, but this was
mitigated by redeploying retail staff and
encouraging customers to use digital
and self-service channels.
On their part, customer behaviour also
changed markedly. Relative to before
the introduction of Level 4 restriction,
phone calls increased 60%, data
transmission rose 20% to 50%, use of
online chat services grew 400% and
social media channels by 250%. Video
conferencing and online shopping
became much more widely used.
With consumers accelerating their
adoption of digital tools, Vodafone NZ
also accelerated its programmes to
provide more services digitally.
Looking ahead
While the recovery from COVID-19
contains many uncertainties, it is certain
New Zealanders will increasingly utilise
and rely on technology, data, and
connectivity.
Vodafone NZ will be evolving to meet
these demands; by digitising,
automating, and simplifying its own
systems and introducing more user-
friendly self-service tools for customers.
Telecommunications is a competitive
and increasingly commoditised business
which will be operating in a tough
macro-economic environment. Along-
side operational improvements,

it will be critical that investments are
directed to core functions and areas
with real efficiency or customer benefit.
The Commerce Commission’s reports

on the New Zealand telecommunication
industry for the last decade show
massive increases in data transmission
(up 30x) using four times as many
connections. This has been facilitated
by a $
15.6 billion investment by
telecommunications companies, which
has not increased either average
household costs or overall sector
revenue. Vodafone NZ has maintained
its size while the industry has grown
around it.
The New Zealand Telecommunication Market. Statistics From The Commerce Commission Monitoring Reports

53
Industry investment
To deliver the massive increase in
data transmission $15.6 billion has
been invested in the New Zealand’s
telecommunications infrastructure

and services.

Industry revenue
Users are getting a lot more
telecommunications capacity, and

not having to pay for it.
Commerce Commission data for

annual sector revenue and monthly
household telecommunications

costs shows that both have been
largely flat over the period.
Vodafone NZ connections
Over the decade Vodafone’s number
of connections
,800
200
400
600
800
,000
,200
,400
,600
0
$Millions
OtherMobileFibre
208 200 20 202 203 206 207 205 204 209
6,000
$MillionsAverage household cost
,000
2,000
3,000
4,000
5,000
0
$ 45
$ 40
$ 50
$ 30
$ 35
Mobile annual revenueFixed line annual revenueAverage monthly house telecommunication cost
208 200 20 202 203 206 207 205 204 209
3.5
3.0
Millions
0.5
.0
.5
2.0
2.5
208 200 20 202 203 206 207 205 204
00
Mobile connectionsBroadband connections
209