Interim results for the period ended 30 September 2023
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
16 November 2023
Infratil delivers $1.2 billion first half net parent surplus, remains positive on
growth outlook
Infratil today announced a net parent surplus from continuing operations of $1,215.1 million
for the six months to 30 September 2023. The result included a $1,064.5 million revaluation
of Infratil’s initial 49.95% stake in One NZ, following the acquisition of a further 49.95% stake
in June this year.
Proportionate EBITDAF was $400.0 million – a 45% increase on the $275.6 million from the
same period the previous year.
Infratil CEO Jason Boyes said that the strong performance reflects a four-month contribution
following Infratil’s increased ownership of One NZ - it now owns 99.9% - and increased
earnings at all key operating businesses including CDC Data Centres, Manawa Energy,
Longroad Energy, RHCNZ Medical Imaging, Qscan Group and Wellington Airport.
“The operating performance across our portfolio gives us the confidence to lift and narrow our
FY2024 Proportionate EBITDAF guidance from $800 - $840 million, to $820 - $850 million.
This is pleasing, at a time when pressure is coming on earnings across the economy.”
Mr Boyes said alongside earnings growth across all our key operating businesses, we have
seen considerable momentum building in a number of key assets.
“CDC is experiencing an unprecedented surge in demand for cloud and generative AI
workloads, from both new and existing customers. This demand has seen CDC embark on an
accelerated development plan, bringing forward 223MW of development across Canberra,
Sydney, Melbourne, and Auckland. CDC is very well positioned to capture this growing
demand with large campus facilities ideally suited for the rollout of multi-megawatt
deployments.”
The independent valuation of Infratil's CDC investment at 30 September 2023 grew strongly,
increasing A$448 million over the six months since 31 March 2023. This equates to
approximately NZ$0.58 per Infratil share, showcasing the substantial value inherent in this
investment, Mr Boyes said.
One NZ EBITDAF for the period was $279.4 million, up $21.5 million (8.3%) from the prior
year. EBITDAF margin improvement has been driven through lower brand and rebrand costs,
and mobile outperformance. Mobile performance continues to reflect the benefits from higher
value endless data and unlimited data plans, roaming revenues returning, and annual pricing
adjustments.
“Following the sale of its passive cell tower assets in 2022, One NZ maintains an excellent
working relationship with new tower company Fortysouth, and new site rollouts are
progressing well. One NZ customers also enjoyed an up to 30 percent speed increase of their
5G services across the country in July, following a full network re-tune to incorporate their new
5G spectrum.
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
“Longroad Energy delivered a strong result for the half year with an EBITDAF contribution of
US$57.7 million, up US$17.0 million (41.7%) from the prior period. Performance was primarily
driven by Longroad’s projects in Texas which were damaged by a severe hailstorm in the prior
period. The rebuild of those projects has now been completed, and they’ve been the
benefactors of high merchant pricing due to extreme heat in Texas over the summer months.
“Separately, Longroad is also undertaking the largest capital works project in its history with
five projects totalling 1.5GW currently under construction. Sun Streams 4 (677MW),
Longroad’s largest ever solar and storage started construction on 1 November 2023, while its
Serrano (444MW) project is expected to reach the project milestones required to start
construction before the end of the year.
“Gurīn Energy, our pan-Asian renewable energy venture, has received one of five conditional
approvals to develop 2GW of renewable energy in Indonesia as part of establishing a green
electricity trading corridor between Indonesia and Singapore. This ambitious project aims to
deliver 300MW of non-intermittent renewable energy to the Singapore market, commencing
in 2027.”
“While a relatively new area for Infratil, the Healthcare sector is a key component of our
portfolio. In New Zealand with RHCNZ Medical Imaging Group – which delivers 33% of New
Zealand’s radiology services (both public and private) through Auckland Radiology, Bay
Radiology and Pacific Radiology - volumes continue to track ahead of forecast and the prior
year, with revenue up 12% over the prior year.
“Qscan has demonstrated robust growth, with half-year revenues surpassing the previous
year by 14%, albeit slightly below budget. Volume growth has returned near to historic
trends, and we anticipate additional pricing uplift in November 2023 from the added
Medicare indexation.
“RetireAustralia occupancy remains high against a growing portfolio, following completion of
several successful developments. Waitlists are a feature at 25 villages, with low overall
vacancy of 7.6%. The near-term development pipeline remains robust, forecasting the
completion of 254 independent living units in FY2024.
“Wellington Airport continues its robust recovery, with domestic and international passenger
volumes standing at 86% and 72% of pre-covid levels, respectively. The reintroduction of a
Wellington to Brisbane Qantas service in October has been well-received, restoring a
service that was last operated seasonally in 2015.”
Making meaningful commitments
Recognising the shifting landscape, our approach to sustainability continues to evolve. In
August, we published our inaugural sustainability report, a comprehensive document
outlining our refreshed sustainability strategy, material environmental, social, and corporate
governance issues, emissions footprint, and illustrative case studies drawn from our
portfolio. Mr Boyes highlighted that the sector diversity of our portfolio contributes positively
to various aspects of sustainability, from renewable energy generation to the provision of
healthcare services and the facilitation of connectivity.
“As a company dedicated to playing our role helping to shape a sustainable future, Infratil is
proud to be the first financial institution in New Zealand to have SBTi (Science Based
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
Targets initiative) validation of our climate targets - an achievement that signifies our
credible commitment to climate action.”
Capital deployment
Mr Boyes said that over the six months, $2.7 billion was deployed across the portfolio,
including $1.8 billion for the One NZ stake. The remaining capital was primarily deployed
across Infratil’s existing digital and renewable businesses, with demand for digital
infrastructure globally experiencing an unprecedented surge driven by developments in AI.
“The agreement reached with Brookfield in June to acquire their 49.95% stake in One NZ was
undoubtedly one of the highlights from the last six months. It was the culmination of a six-year
journey that began well before our initial investment in May 2019, and then ended with
securing 49.95% this year.
“Alongside the 49.95% acquisition of One NZ, we completed the largest equity raise in our
history, raising $935 million at $9.20 a share. Pleasingly for shareholders who participated in
the equity raise Infratil’s shares have continued to trade strongly following the raise, closing at
$10.60 a share yesterday.
“Increasing our ownership in One NZ provides Infratil with both enhanced flexibility and a
renewed focus on long-term value creation to support One’s continued success. Over the first
four years, Infratil’s investment in One NZ generated a return of 25.4% per annum.
“As Infratil’s digital infrastructure platform expands globally into a growing network of
partnerships, we have also increased our stake in the UK data centre platform, Kao Data.
With a majority holding of 53%, our new shareholding offers streamlined ownership and will
provide further support to facilitate Kao Data's growth.
“During the period, we added to our digital infrastructure portfolio with a conditional investment
in Console Connect. Subject to regulatory approvals, we have committed between US$160
million and US$295 million, which will result in Infratil owning between 60% to 80% of the
business. Console Connect invests in new subsea fibre optic cables and simplifies the process
of connecting to data centres, partners, clouds, and various applications on a global scale. Its
platform serves approximately 17% of global internet over 150 countries.
Mr Boyes highlighted that Infratil retains significant liquidity to support further internal and
external investment opportunities with $1.0 billion of available capacity to fund growth,
including significant undrawn corporate facilities. At 30 September, gearing was 19.7%, up
from 9.8% at 31 March.
“As we head into a period which is likely to be dominated by a continuation of the macro-
economic uncertainty that we are currently experiencing, we are excited about the level of
opportunity for continued investment across our existing portfolio. These opportunities are
likely to continue to exceed our available capital, allowing us to continue to prioritise the
highest value opportunities for shareholders.
“In terms of our returns to shareholders, we will pay a partially imputed interim dividend of 7.00
cents per share, a 3.7% increase from the prior year. Over the first half of FY2024, Infratil has
delivered a total shareholder return of 14.1%, while the NZX50 was down 6.6% over the
period. For the 12 months to 30 September 2023, Infratil’s total shareholder return was 22.3%.
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
“Infratil’s portfolio continues to deliver outstanding returns to shareholders, and the
investments we have made this year should support future returns in line with our stated target
return of 11 to 15 % per annum to shareholders over a 10-year period.
Investor Briefing
There will be a briefing for institutional investors, analysts and media commencing at 10.00am.
A webcast of the presentation will be available live on the below link.
https://edge.media-server.com/mmc/p/e8bh3uhc
Enquiries should be directed to:
Mark Flesher
Investor Relations
Phone: mark.flesher@hlrmorrison.com
About Infratil:
Launched in 1994, Infratil Limited is a New Zealand headquartered, global infrastructure
investment company (NZX: IFT, ASX: IFT). Infratil’s purpose is to invest wisely in ideas that
matter and, in doing so, create long-term value for shareholders. It invests in renewables,
digital infrastructure, healthcare and airports, with operations in New Zealand, Australia,
Europe, Asia and the United States. With group assets currently in excess of NZ$12 billion,
Infratil targets returns to shareholders of 11-15% p.a. over the long-term.
For more information, visit www.infratil.com and LinkedIn.
---
Managed by
Infratil Interim Results Announcement
For the six months ended 30 September 2023
Disclaimer
This presentation has been
prepared by Infratil Limited
(NZ company number
597366, NZX:IFT; ASX:IFT)
(the ‘Company’)
To the maximum extent
permitted by law, the
Company, its affiliates and
each of their respective
affiliates, related bodies
corporate, directors, officers,
partners, employees and
agents will not be liable
(whether in tort (including
negligence) or otherwise) to
you or any other person in
relation to this presentation
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The
information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a
prospective investor may require in evaluating a possible investment in the Company or that would be required in a product disclosure statement
under the Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth).
This presentation should be read in conjunction with the Company’s Interim Report for the period ended 30 September 2023, market releases
and other periodic and continuous disclosure announcements, which are available at www.nzx.com, www.asx.com.au or infratil.com/for-
investors/.
Not financial product advice
This presentation is for information purposes only and is not financial, legal, tax, investment or other advice or a recommendation to acquire the
Company’s securities and has been prepared without taking into account the objectives, financial situation or needs of prospective investors.
Future Performance
This presentation may contain certain “forward-looking statements” about the Company and the environment in which the Company operates,
such as indications of, and guidance on, future earnings, financial position and performance. Forward-looking information is inherently uncertain
and subject to contingencies outside of the Company’s control, and the Company gives no representation, warranty or assurance that actual
outcomes or performance will not materially differ from the forward-looking statements.
Non-GAAP Financial Information
This presentation contains certain financial information and measures that are “non-GAAP financial information” under the FMA Guidance Note
on disclosing non-GAAP financial information, "non‐IFRS financial information" under Regulatory Guide 230: ‘Disclosing non‐IFRS financial
information’ published by the Australian Securities and Investments Commission (ASIC) and are not recognised under New Zealand equivalents
to International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International Financial Reporting Standards
(IFRS). The non-IFRS/GAAP financial information and financial measures include Proportionate EBITDAF, EBITDAF and EBITDA. The non-
IFRS/GAAP financial information and financial measures do not have a standardised meaning prescribed by the NZ IFRS, AAS or IFRS, should
not be viewed in isolation and should not be construed as an alternative to other financial measures determined in accordance with NZ IFRS,
AAS or IFRS, and therefore, may not be comparable to similarly titled measures presented by other entities. Although Infratil believes the non-
IFRS/GAAP financial information and financial measures provide useful information to users in measuring the financial performance and
condition of Infratil, you are cautioned not to place undue reliance on any non-IFRS/GAAP financial information or financial measures included in
this presentation.
Proportionate EBITDAF represents Infratil’s share of the consolidated net earnings before interest, tax, depreciation, amortisation, financial
derivative movements, revaluations, gains or losses on the sales of investments, and excludes acquisition and sale related transaction costs and
International Portfolio Incentive Fees. Further information on how Infratil calculates Proportionate EBITDAF can be found at Appendix Four.
No part of this presentation may be reproduced or provided to any person or used for any other purpose without express permission.
Interim Results
Announcement
3
Presenters
Jason Boyes Infratil CEO
Phillippa Harford Infratil CFO
Programme
▪Portfolio Composition
▪Half Year Highlights
▪Operating Company Updates
▪Portfolio Outlook
▪Sustainability
▪FY2024 Guidance
▪Summary
Portfolio
Composition
In the period we
acquired a further
49.95% of One NZ
and entered into a
conditional
agreement with
HKT to accelerate
the growth of
Console Connect
Digital
65% (+8%)
Healthcare
11% (-3%)
Airports
6% (-2%)
Renewables
18% (-3%)
4
Net parent surplus
Investment
Total shareholder return
Proportionate EBITDAF
$400m
Available capital
Partially-imputed interim dividend
7.0cps
$2,706m
$1,035m
14.1%
$1,175m
Half Year
Highlights
Strong operating
performance
across the Group,
with all key
operating
businesses lifting
EBITDAF from the
prior period
5
Managed by
Operating Company Updates
1.Assumes 1,050MW of total built capacity, 268MW is in operation at 30 September 2023, 265MW is under construction and
517MW is classified as future builds. The blended cost of equity used in the valuation was 11.20% (31 March 2023: 9.60%)
CDC
Data Centres
CDC is well
positioned to take
advantage of
growing demand
for cloud and
generative AI,
with significant
interest from new
and existing
customers
Year to date
•EBITDAF for the period was A$123.3 million, A$25.7 million (26.3%) up from the prior period
•Construction commenced on 223MW of additional capacity in response to demand signals
across CDC’s customer base
•Weighted average lease term (including options) now 24.9 years, up from 24.0 years at
31 March
•Independent valuation of Infratil’s shareholding increased to between A$3.6 billion and
A$4.2 billion
1
, up 13.0% on the midpoint from 31 March
Outlook
•265MW of capacity under construction across Canberra, Sydney, Melbourne, and Auckland
•The first phase ofCDC’s Melbourne campus (32MW) is expected to be completed at the
beginning of FY2025
•Significant portfolio of future build opportunitiesacross all CDC geographies, sufficient to take
total capacity beyond 1,050MW
•FY2024 EBITDAF guidance of A$260 million to A$270 million is maintained, up 23.0% at the
midpoint from FY2023
7
Longroad
Energy
With pipeline
strengthened and
increased
certainty around
regulatory
settings, focus
now clearly on
development
execution
Year to date
•EBITDAF for the period was US$57.7 million, up US$17.0 million (41.7%) from the prior period
•Repowering of the 306MW Milford wind projects in Utah completed during the period
•As of 30 September 2023, construction underway of 861MW, across four projects, with Umbriel
(a 202MW solar development in Texas) expected to complete by the end of FY2024
•Infratil has increased its commitment to Longroad by US$65 million during the period, with the
additional commitment to be used to fund continued development activity and further expansion of
the operating base
•Independent valuation of Infratil’s shareholding has increased slightly from US$994 million to
US$999 million
since 31 March 2023, with an increase in risk-free rates from 3.9% to 4.6%
offsetting the increase in the longer-term pipeline
Outlook
•Post 30 September, Longroad has announced financial close on its largest ever project, Sun
Streams 4 (677MW), which has now commenced construction
•Serrano (444MW) expected to reach financial close and start construction by the end of FY2024
•28.3GW development pipeline now includes 72 projects out to 2030
•FY2024 EBITDAF guidance of US$50 million to US$60 million
8
Development
Platforms
•6.9GW pipeline across six countries
•Vanda RE, 75% owned by Gurīn Energy has
received conditional approval to develop
2GW of renewable energy in Indonesia to
secure 300MWof non-intermittent
renewableenergy imports into Singapore
•Construction underway on its first76MWp
solar project in the Philippines
•Awarded two conditional renewable energy
Power Purchase Agreements by the
Thailand government
•Team of 13 established in Australia
•Project pipeline of 2.25GW in the nine
months since establishment
•Land secured under option for a battery
installation in Victoria and a land licence for
a 1GW+ wind site in Queensland
•Total pipeline of projects expanded to
10GW across seven countries, with
contributions from all active markets and
from France for the first time
•Successful sale of an 800MW pipeline of
wind and solar projects in Northern Europe
•On-going sale processes for portions of
pipelines in Italy and in Germany
•Source Galileo, a joint venture with an
experienced offshore wind team, has
attracted investment from the Ingka Group,
the world’s largest IKEA retailer, and from
Kansai, the utility operator from Osaka,
Japan
•Infratil’s equity commitment increased by
€20 million during the period to €68 million
Tangible
development
progress across
Infratil’s broader
Renewables
platform during
the period
9
Diagnostic
Imaging
Focus remains on
operating
performance in a
challenging
environment,
while capturing
the return of
volume growth
Year to date
•EBITDAF for the period was $94.4 million, $13.7 million (16.9%) up from the prior period as scan
volume growth recovers across New Zealand and Australia, tempered by labour and cost pressure
•Scanning volumes have increased 5.8% on the prior period, with Qscan experiencing a 6.7%
increase in volumes, and RHCNZ a 4.5% increase
•Platform EBITDAF margin is 28.6% for the period, up from 27.0% in the prior comparable period
•Three new clinics opened, one in Papamoa, New Zealand and two clinics in Australia (Newstead
and Maroochydore)
•Senior management teams have been refreshed and strengthened, with new capability added
across both businesses
•Implementation of major IT initiatives and the introduction of new efficiency schemes is seeing an
uplift in productivity across both businesses
Outlook
•FY2024 EBITDAF forecast range narrowed to $180 million to $200 million, with the top end of the
range decreasing from $220 million
•RHCNZ is executing on its efforts to improve access to advanced diagnostic services in currently
under-served areas, with a new Whangarei clinic expected to open by the end of FY2024, and a
new Whanganui clinic targeted for the end of next year
•Expecting further benefits to be realised from the implementation of IT and remuneration projects,
as well as clinical efficiency improvements and nationalisation of best practice
10
Wellington
Airport
Continuing
passenger
recovery and
underlying
demand for travel
has contributed
to strong year on
year earnings
growth
Year to date
•EBITDAF for the period was $50.6 million, $10.4 million (25.9%) up from the prior period
•Improved recovery following Covid has allowed for distributions to resume earlier than expected
•Passenger numbers for the period were 2.7 million, up 5.7% on the prior period
•Efforts to attract new routes are bearing fruit, including the return of Qantas’ Brisbane route
•Capital works programme is progressing well, including taxiway resurfacing, development of a
new airport fire station and earthquake strengthening projects
•Continued progress on sustainability over the period, rating fifth in the world for participating
airports in the GRESB independent global assessment and commenced the process for setting a
science-based target to reduce emissions
Outlook
•Pricing consultation with airlines for FY2025-2029 is progressing and is expected to complete by
March 2024
•FY2024 EBITDAF guidance range unchanged at $105 million - $110 million
•Wellington City Council to consult with the public on selling its 34% stake which we will watch
with interest
11
One NZ
Solid growth in
Consumer and
SME mobile,
supported by
continued capital
investment in the
mobile network
Year to date
•EBITDAF for the period was $279.4 million,
up $21.5 million (8.3%)from the prior year
•EBITDAF margin continues to expand, increasing to 29.0% from 26.6% at 31 March 2023 through
lower brand and rebrand costs and mobile outperformance
•Mobile ARPU increased to $32 from $28 at 31 March 2023, reflecting benefits from higher value
endless data and unlimited data plans, roaming revenues returning, and annual pricing adjustments
•$123 millioncapital projects spend,including building and upgrading 219 4G and 5G sites across
the country and implementationof a new prepaid mobile platform, which simplifiesIT systems,
enablingnew featuresand supporting customer retention
Outlook
•FY2024 EBITDAF guidance maintained at $580 million to $620 million, with continued momentum
in mobile andforecast completion of wholesale contracts and cost out initiatives
•We continue to see a competitive but stable market structure and we remain focused on investing
in our mobile network to maintain co-leadership
•Customer satisfaction continues to improve and is reported publicly through the One NZ website
12
Manawa
Energy
Renewed
emphasis on
transition to an
independent
power producer
Year to date
•EBITDAF for the period is $77.8 million, up $7.8 million (11.1%) on the prior period
•Generation production volumes were 1,110GWh, up 13.7% from 976GWh in the prior period
•Renewed emphasis on operational performance, a realigned approach to asset management
focused on delivering value, increased momentum in the generation development pipeline, and
identification of cost efficiencies
•Capital expenditure programme review has led to significant savings in forecast future spend
Outlook
•FY2024 EBITDAF guidance remains unchanged at $120 million to $140 million
•Landholder agreements or options in place for more than 950MW of solar and wind
development projects across the North and South Islands, and an additional ~850MW of
prospective wind and solar developments at advanced stages of negotiation
•Upside expected as volume of electricity currently being sold to Mercury reduces from October
next year. Interest in long-term, large volume offtakes from multiple parties in relation to existing
assets and planned new developments
•Lower cashflow volatility under such arrangements would provide greater flexibility in capital
structure, thereby supporting development opportunities and distributions
13
Retire
Australia
Occupancy
remains high
against a growing
portfolio, following
completion of
several successful
developments
Year to date
•Underlying Profit
1
for the period isA$95.3 million, up A$63.4 million on the prior period
•Total unit sales of 286 were up from 237 in the prior period and comprised 83 new units and 203
resales. New unit sales were driven by completion of The Verge Stage 2 and The Rise Stage 3 and
represent 83% of available new stock
•Occupancy is at 92.6%, which compares favourably to the Australian industry average of 89%
•Most villages are functionally full, with waiting lists at 25 out of 28 villages
•158 independent living apartments have been completed so far in FY2024, 66 at The Verge Stage 2
in June and 92 at The Green in October. A further 62 independent living apartments and a 10-suite
Care Hub are on track for completion in Q4 FY2024
•Outlook
•42 independent living apartments are under construction at Tarragal Glen and due for completion in
Q4 FY2025
•A number of possible future village sites are under consideration including a new site in Brisbane
with potential for 100 units and a 10-bed Care Hub
•Current development pipeline supports a development run rate of 200+ on average new units
per annum over the coming three financial years
1.Underlying Profit is an unaudited non-GAAP measure which removes the impact of unrealised fair value movements on
investment properties, impairment of property, plant and equipment, one-off gains and deferred taxation, while adding back
realised resale gains and realised development margins
14
Managed by
Portfolio Outlook
Sustainability
Key elements of
our sustainability
framework have
been established
following market
recognised
frameworks and
standards
•Infratil released its inaugural sustainability report in August which covers:
•Infratil’s refreshed sustainability strategy and ESG material issues – good governance of
ESG issues is a prominent area of focus
•Emissions reporting in line with the GHG Protocol and Partnership for Carbon
Accounting Financials
•Portfolio case studies to bring the key ESG issues to life
•Infratil became the first financial institution in New Zealand to have its emissions reduction targets
validated by the Science Based Targets initiative (‘SBTi’) under the framework for financial
institutions, committing to:
•Maintain zero absolute scope 1 and 2 GHG emissions through to FY2030;
•Reduce emissions from Board travel 25% from 2023 levels by 2030; and
•60% of its portfolio by fair value
1
setting SBTi targets by 2028, and 100% by 2030
•Infratil will shortly release its inaugural climate-related disclosures for FY2023, which addresses
most of the reporting requirements of the Aotearoa New Zealand Climate Standards. Infratil will
be required to produce mandatory reporting against these standards from FY2024
1.Fair value as determined by independent valuations, listed market value, or book value
16
-
156
164
156
102
146
273
243
232
300
100
200
255
290
240
225
-
100
200
300
400
500
600
700
800
FY24FY25FY26FY27FY28FY29FY30FY31>FY32
Millions
Bonds
Drawn Bank Debt
Undrawn Bank Debt
1.Gearing calculated as total net debt / total capital based on the Infratil share price at 30 September 2023.
2.Infratilwholly owned undrawn bank facilities and maturity profile, excluding One NZ bank facilities which are held on a
standalone basis.
Debt Capacity
& Facilities
Significant
liquidity available
to support
investment
opportunities;
gearing remains
at appropriate
levels
•Significant undrawn bank facilities
remain available following funding
initiatives executed during the period
•$277 million of bonds issued in the
period, raising $155 million in new debt
and refinancing $122 million of IFT210s
that matured in September 2023
•No bond maturities in the remainder of
FY2024, two bond maturities in
FY2025 – $56 million in June 2024 and
$100 million in December 2024
•$200 million of acquisition facilitiesfor
the One NZacquisition refinanced,
remaining $200 million expected to be
refinanced by the end of FY2024
•Weighted average cost of drawn debt
as at 30 September 2023 was 5.70%,
79% on a fixed rate basis. Formal
interest rate hedging policy in place to
smooth interest costs and ensure
appropriate fixed rate hedging over a
10-year debt forecast horizon
($millions)
30 September
2023
31 March
2023
Net bank debt609.8 (593.2)
Infrastructure bonds1,241.0 1,085.9
Perpetual bonds231.9 231.9
Total net debt2,082.7 724.6
Market value of equity8,493.6 6,660.6
Total capital
10,576.3 7,385.2
Gearing
1
19.7%9.8%
Undrawn bank facilities
2
1,009.5 898.4
100% subsidiaries cash25.2 593.2
Liquidity available1,034.81,491.6
Debt Maturity Profile
17
1.Gearing calculated as total net debt / total capital based on most recent independent valuations, listed equity value or book
value at 30 September 2023
2.Holding company Net Debt position, excludes non-recourse project finance borrowing
3.Calculated based on IFT’s value weighted, proportionate share of Total Net Debt /Total Capital across all portfolio companies
Portfolio Company Gearing
1
30 September
2023
31 March
2023
CDC Data Centres22.3%22.8%
One NZ32.1%36.1%
Fortysouth38.1%39.6%
Kao Data15.9%15.8%
Manawa Energy23.5%22.2%
Longroad Energy
2
--
Galileo--
Gurīn Energy--
Mint Renewables--
RHCNZ Medical Imaging27.8%30.2%
Qscan Group28.3%28.9%
RetireAustralia22.4%21.8%
Wellington Airport39.2%42.8%
Value Weighted Average Gearing
of Portfolio Companies
3
24.6%24.5%
•Gearing is monitored across the portfolio
in aggregate and at the individual portfolio
company level
•Gearing has remained stable across the
portfolio in the period and at appropriate
levels on an individual basis
•Portfolio companies in the Core / Core +
infrastructure segment generally have
capacity to operate at higher gearing
levels given the lower volatility in
cashflows for those businesses
•Exposure to interest rates is monitored
across each portfolio company and
managed within approved treasury policy
limits. Over 75% of drawn debt is hedged
on a fixed rate basis as at 30 September
2023 across the Infratil portfolio
•Interest rate hedging policy limits require
higher minimum hedging levels at the
front of the hedging profile (typically at
least 50%) and allow for higher maximum
hedge levels (typically 90-100%). Policy
limits then gradually reduce across the
hedging profile out to a typical maximum
hedging tenor of 5-7 years
Gearing and
interest rate
exposures at
appropriate levels
for the current
economic
environment
Portfolio
Company Debt
18
FY2024
Guidance
Confidence in
operating
performance has
resulted in a
lifting and
narrowing of the
guidance range
Outlook
•FY2024 Proportionate EBITDAF guidance range is lifted and narrowed to $820 million – $850 million
(previously $800 million to $840 million)
•Key guidance assumptions include:
•CDC Data Centres EBITDAF of A$260 million–A$270 million (unchanged)
•One NZ EBITDAF of $580 million–$620 million (unchanged)
•Manawa Energy EBITDAF of $120 million – $140 million (unchanged)
•Wellington Airport EBITDAF of $105 million–$110 million (unchanged)
•Diagnostic Imaging EBITDAF of $180 million – $200 million (previously $180 to $220 million)
•Longroad Energy EBITDAF of US$50 million – US$60 million
•Renewables Platform EBITDAF loss of $60 million (previously $50 million)
•Contributions from Kao Data and RetireAustralia in line with FY2023
•Forecast NZD/AUD 0.9248, NZD/USD 0.6115, NZD/EUR 0.5617, and NZD/GBP 0.4857
•Guidance is based on management’s current expectations and assumptions about the trading
performance, is subject to risks and uncertainties, and dependent on prevailing market conditions
continuing throughout the outlook period
•Guidance is based on Infratil’s continuing operations and assumes no major changes in the
composition of the Infratil investment portfolio
19
•CDC’s estimated fee is based on the independent valuation as at 30 September 2023, of which Infratil’s
share is valued in the range of A$3,641 million to A$4,186 million
•Longroad Energy’s estimated fee is based on an independent valuation of US$999 million at
30 September 2023
•RetireAustralia’s estimated fee is based on the independent valuation as at 30 June 2023, of which
Infratil’s share is valued in the range of A$336.0 million and A$396.5 million
•Galileo’s estimated fee is based on the independent valuation as at 30 June 2023, adjusted for capital
calls, of which Infratil’s share is valued between €58.9 million and €76.5 million
•Qscan’s estimated fee is based on the independent valuation as at 30 June 2023, of which Infratil’s
share is valued in the range A$334.6 million and A$398.1 million
•For the March 2024 incentive fee test, Kao Data and Gurīn Energy will be eligible for the initial incentive
fee assessment
1.IRR is calculated in NZD after incentive fees and calculated as at 30 September 2023
2.Adjusted valuation is the independent valuation less estimated sale costs and taxes
Valuation &
Incentive Fees
CDC valuation
uplift and
progression of
Longroad
development
pipeline partially
offset by rising
risk free rates
across valuations
30 September
($millions)
FY2023
Adjusted
Valuation
2
CapitalDistributionsHurdle
FY2024
Adjusted
Valuation
2
Incentive
Fee
IRR
1
Annual Incentive Fee
CDC$3,660.3($34.6)$17.1($220.9)$4,160.6$52.438.8%
Longroad Energy$1,185.8($48.0)$18.4($74.5)$1,256.8($6.6)63.2%
RetireAustralia$431.8--($26.0)$407.2($10.1)2.6%
Galileo$71.2($22.7)-($6.5)$119.9$3.920.9%
Qscan$370.6--($22.3)$391.4($0.3)9.0%
$5,719.6($105.3)$35.5($350.2)$6,335.9$39.2
20
Summary
Focused on
identifying a
broad spectrum
of opportunities,
both in our
existing portfolio
and externally
•Strong operating performance across the Group, with all key operating businesses lifting
EBITDAF from the prior period. Guidance narrowed and lifted
•The current uncertain macroeconomic backdrop underscores the importance of
maintaining a diversified portfolio
•Over the past six months we have made several important investments across our
portfolio which have been focused on digital and renewables
•The 49.95% acquisition of One NZ and associated equity raise resulted in a meaningful
scaling of Infratil's portfolio
•Growing demand for cloud and generative AI is creating significant customer demand at
CDC resulting in a material acceleration of its development plans
•With a strong pipeline and increased certainty around regulatory settings, Longroad’s
focus is now clearly on development execution
•Diagnostic imaging volume growth returning, with a continued focus on delivering
operational performance in a challenging environment
•Liquidity retained to support investment opportunities;gearing remains at appropriate
levels
21
Managed by
Appendix
Shareholder
Returns
Infratil continues
its track record of
outstanding
returns
-1,500
0
1,500
3,000
4,500
6,000
7,500
(20%)
-
20%
40%
60%
80%
100%
20142015201620172018201920202021202220232024
Accumulation Index
Dividend ReturnCapital ReturnAccumulation Index
Appendix One
Total Shareholder Return
1
PeriodReturn
1 Year22.3%
5 Year27.5%
10 Year20.7%
Inception – 29.5 years18.8%
1.Accumulation returns are to 30 September 2023 based on a closing share price of $10.21, the calculation assumes that
shareholders reinvest dividends on the day they are earned and participate in any rights offerings.
23
Six months ended 30 September
($Millions)20232022
Operating revenue1,460.6 951.0
Operating expenses(940.9)(450.0)
Operating earnings519.7 501.0
International Incentive fees(37.3)(124.4)
Depreciation & amortisation(180.7)(51.1)
Net interest(155.1)(82.3)
Tax expense(59.6)(77.1)
Realisations and Revaluations1,128.1 54.7
Net surplus (continuing)1,215.1 220.8
Discontinued operations
1
(0.6)336.5
Net surplus after tax1,214.5 557.3
Minority earnings(39.6)(206.8)
Net parent surplus1,174.9 350.5
1.Discontinued operations represent businesses that have been divested, or businesses which will be recovered principally
through a sale transaction rather than through continuing use
•Operating revenue reflects the inclusion of
One NZ as a consolidated subsidiary from
June 2023
•Incentive fees reflect the CDC valuation
uplift and progression of Longroad
development pipeline, partially offset by
rising risk free rates across valuations
•Increase in depreciation & amortisation
and net interest primarilydue to the
consolidation of One NZ from June 2023
•Realisations and revaluations includes a
$1,064.5 million revaluation of Infratil’s
initial 49.95% stake in One NZ, following
the acquisition of a further 49.95% stake
in June this year
Financial
Summary
Net parent
surplus of
$1,174.9 million
driven by the
revaluation of
Infratil’s initial
49.95% stake in
One NZ
Appendix Two
24
Six months ended 30 September
($Millions)20232022
CDC Data Centres64.351.9
One NZ225.1128.8
Fortysouth5.5-
Kao Data(1.6)(1.5)
Manawa Energy39.835.7
Longroad Energy34.621.7
Galileo(6.1)(4.2)
Gurīn Energy(9.1)(6.5)
Mint Renewables(2.9)-
RHCNZ Medical Imaging30.726.6
Qscan Group18.215.2
RetireAustralia6.310.9
Wellington Airport33.426.5
Corporate & other(38.2)(29.5)
Proportionate EBITDAF
1
400.0275.6
Trustpower Retail business(0.4)1.8
Total399.6277.4
1.Proportionate EBITDAF represents Infratil’s share of the consolidated net earnings before interest, tax, depreciation,
amortisation, financial derivative movements, revaluations, gains or losses on the sales of investments, and excludes
acquisition or sale related transaction costs and the impact of International Portfolio Incentive Fees. CDC EBITDAF excludes
RMS payments to management shareholders. Accrued payments under this scheme are included in net external debt
Proportionate
EBITDAF
Strong growth
reflects the
increase in One NZ
ownership and
increased earnings
at all key operating
businesses
•Infratil proportionate EBITDAF up 14.1% on
a like for like basis, once the increase in
stake of One NZ is normalised
•CDC earnings uplift driven by increased
utilisation of data centres
•One NZ upside driven by Consumer and
SME mobile growth and brand fee savings
•Longroad increase due to favourable
merchant pricing and return to service of
Prospero 1 and 2
•RHCNZ Group and Qscan both saw
higher volumes and prices in the period
•Galileo and Gurīn Energy reflect
increasing development
•Corporate expenses reflect increased
management fees driven by Infratil share
price appreciation, higher levels of drawn
debt and increased shares on issue
Appendix Three
25
Six months ended 30 September
($Millions)20232022
Net surplus after tax1,214.5557.3
less: Share of earnings of associate companies
1
(173.9)(346.6)
plus: Proportionate EBITDAF of associate companies153.0207.6
less: Minority share of subsidiaries
2
EBITDAF (98.8)(86.2)
less:Realisationsand revaluations(1,128.1)(54.7)
less: Discontinued operations0.6(336.5)
Underlying earnings(32.7)(59.1)
add back: Depreciation & amortisation180.751.1
add back: Net interest155.182.3
add back: Tax expense59.677.1
add back: International Portfolio Incentive fees37.3124.4
Proportionate EBITDAF400.0275.8
Earnings
Reconciliation
Proportionate EBITDAF is an
unaudited non-GAAP (‘Generally
Accepted Accounting Principles’)
measure of financial performance,
presented to provide additional
insight into management’s view of
the underlying business
performance.
Specifically, in the context of
operating businesses,
Proportionate EBITDAF provides a
metric that can be used to report
on the operations of the business
(as distinct from investing and
other valuation movements).
Appendix Four
26
1.Associates include Infratil’s investments in CDC, a part period of One NZ, Fortysouth, Galileo, Kao Data, Longroad Energy
and RetireAustralia
2.Subsidiaries include Infratil’s investments in Gurīn Energy, Manawa Energy, Mint Renewables, Wellington Airport, Qscan
Group, Pacific Radiology Group and a part period of One NZ
Period ended
($Millions)
30 September
2023
31 March
2023
30 September
2022
Opening Wholly Owned Net Bank (Debt)/Cash593.1 405.7 773.0
Manawa Energy dividends13.6 12.0 81.6
One NZ distributions and shareholder loan interest payments18.6 166.3 14.7
CDC distributions and shareholder loan interest payments16.6 22.1 15.0
Longroad Energy distributions and capital returns20.9 9.9 1.2
RHCNZ Medical Imaging distributions7.6 15.4 14.8
Qscan Group distributions- - 2.3
Fortysouth dividends1.1 - -
Wellington Airport subvention & dividend45.6 - -
Net interest(40.9)(16.9)(25.9)
Other corporate operating cashflows & working capital (51.8)(23.4)(34.5)
Incentive fees paid(102.2)-(270.8)
RHCNZ Medical Imaging investment-(5.7)(10.7)
Kao Data investment (80.6)--
Other investing and financing cashflows(228.1)(321.0)(89.0)
One NZ towers sale capital return- 690.2 -
Fortysouth investment-(212.1)-
One NZ investment(1,800.0)- -
Equity raise proceeds913.8- -
Dividends paid(92.2)(49.4)(86.8)
Bond maturities(122.1)(100.0)(93.7)
Proceeds from bond issues277.2 - 114.4
Closing Wholly Owned Net Bank (Debt)/Cash(609.8) 593.1 405.7
CDC Data Centres(34.8)-(14.1)
Kao Data(55.7)(15.6)(5.6)
Longroad Energy(48.5)(239.5)(20.9)
Gurīn Energy(48.0)(31.0)(12.4)
Galileo(23.0)(26.6)(15.7)
Clearvision Ventures(16.3)(3.9)(20.3)
Mint Renewables(1.8)(4.4)-
Net other investment & financing cashflows(228.1)(321.0)(89.0)
Movements in
Net Bank Debt
The Wholly Owned Group
comprises Infratil and its
wholly-owned subsidiaries and
excludes CDC, One NZ
Manawa Energy,
Mint Renewables, Wellington
Airport, Qscan Group, Pacific
Radiology Group, Gurīn Energy,
RetireAustralia, Longroad
Energy, Kao Data, Galileo and
Fortysouth
Wholly Owned Net Bank Debt
comprises the drawn bank
facilities (net of cash on hand)
of Infratil’s wholly owned
subsidiaries
Appendix Five
27
Six months ended 30 September
($Millions)20232022
CDC Data Centres105.6 230.0
One NZ122.4 62.4
Fortysouth2.6-
Kao Data48.7 12.5
Manawa Energy16.3 9.3
Longroad Energy381.3 56.9
RHCNZ Medical Imaging9.3 5.7
Qscan Group7.4 3.7
RetireAustralia28.5 29.5
Wellington Airport16.3 13.2
Capital Expenditure738.4 423.2
One NZ1,800.0-
Kao Data80.8 -
Gurīn Energy45.6 11.8
Galileo23.0 15.9
Mint Renewables1.8 -
Clearvision16.3 20.8
Infratil Investment1,967.5 48.5
Total Investment2,705.9 471.7
Proportionate
Investment
Strong thematic
tailwinds continue
to provide
valuable options
for growth across
Infratil’s portfolio
•CDC has capacity under construction
across Canberra, Sydney, Melbourne,
and Auckland
•One NZ capex included building and
upgrading 219 4G and 5G sites across
the country and implementationof a
new prepaid mobile platform
•Kao Data is nearing completion of
KLON-02 at Harlow
•Longroad Energy construction
underway of 861MW, across four
projects. Sun Streams 4 construction
commenced in November
•RetireAustralia have completed 158
independent living apartments so far in
FY2024
•Wellington Airport capital works
programme progressing well, including
taxiway resurfacing, development of a
new airport fire station and earthquake
strengthening projects
•Infratil Investment includes the
acquisition of the 49.95% stake in One
NZ and anadditional 12.9% stake in
Kao Data
Appendix Six
28
This table shows valuations of
Infratil’s assets. The valuation of
Infratil’s investments in CDC Data
Centres One NZ, Longroad Energy,
Galileo, RHCNZ Medical Imaging,
Qscan Group, and RetireAustralia
reflect the midpoint of the most
recent independent valuations
prepared for Infratil. In certain cases
these valuations are not as at 30
September and have been adjusted to
reflect cash flows between 30
September and valuation dates, but
do not reflect other fair value
movements.
The valuation of Manawa Energy is
shown based on the market price per
the NZX.
Infratil does not commission
independent valuations for its other
assets and these are presented at
book value.
($Millions)
30 September
2023
31 March
2023
CDC Data Centres
4,160.6 3,660.3
One NZ
3,022.8 1,222.8
Fortysouth
227.8 207.7
Kao Data
280.0 255.7
Manawa Energy
723.2 795.2
Longroad Energy
1,674.5 1,583.4
Galileo
119.9 71.2
Gurīn Energy
33.9 7.9
Mint Renewables
2.5 3.1
RHCNZ Medical Imaging
557.5 511.6
Qscan Group
391.4 370.6
RetireAustralia
407.2 431.8
Wellington Airport
651.4 667.4
Clearvision
139.6125.2
Property
108.7 115.2
12,501.0 10,029.1
•CDC, Longroad Energy, and RHCNZ
Medical Imaging reflect the midpoint of
30 September independent valuations
•Galileo, Qscan, and RetireAustralia
reflect the midpoint of 30 June
independent valuations, adjusted to
reflect cash flows between
30 September and the valuation date
•One NZ reflects the midpoint of
31 March independent valuation,
adjusted to also include the additional
$1.8 billion invested during the period
•The fair value of Manawa Energy is
shown based on the market price per
the NZX
•Fortysouth, Kao Data, Mint
Renewables, Wellington Airport,
Clearvision and Property reflect their
accounting book value as at
30 September
Asset
Valuations
Appendix Seven
29
---
1
The power of global
connectivity
Interim Report 2023/24
1
Portfolio
Overview
AirportsRenewablesDigital Healthcare
51% Infratil
27% TECT / 22% Public
37.1% Infratil / 37.1% NZ Super
13.8% Management / 12% MEAG
99.9% Infratil
0.1% Management
50.1% Infratil
49.9% Doctors
48% Infratil / 24% CSC
24% Future Fund / 4% Management
55.1% Infratil
33.1% Doctors / 13.8% MGIF
66% Infratil
34% Wellington City Council
40% Infratil
20% CSC / 20% NZ Super / 20% MGIF
53% Infratil
32% Legal & General / 15% Goldacre
50% Infratil
50% NZ Super
95% Infratil
5% Management
73% Infratil
27% CSC
20% Infratil
40% InfraRed / 40% Northleaf
Approval pending
1
Half Year
Snapshot
In June we announced that we had reached an
agreement to acquire an additional 49.95%
stake in One NZ for $1.8 billion, increasing our
ownership from 49.95% to 99.9%.
Alongside the 49.95% acquisition of One NZ,
we completed the largest equity raise in our
history, raising $935 million at $9.20 per share.
In July we announced a conditional agreement
with HKT, a leading telecommunications
company in Hong Kong, to establish a strategic
partnership to accelerate the growth of global
connectivity platform, Console Connect.
We increased our stake in UK data centre
platform, Kao Data from 40% to 53%. The new
shareholding structure provides streamlined
ownership and will help accelerate Kao Data's
growth.
Our first Sustainability Report was released in
August, focusing on the four pillars that reflect
the most material ESG issues for Infratil and
our stakeholders - Governance, Leadership,
Climate & Nature, and People.
We became the first financial institution in
New Zealand to have our science-based
emissions reduction targets validated by
the Science Based Targets initiative under
its Financial Institutions framework.
Longroad Energy announced financial close
and start of construction on its largest ever
solar and storage project to date, the 677MW
Sun Streams 4 project in Arizona.
Gurīn Energy has been awarded one of five
conditional approvals to help establish a
green electricity trading corridor between
Indonesia and Singapore. The project plans
to deliver 300MW of non-intermittent
renewable energy to the Singapore market
commencing in 2027.
Galileo successfully sold its first set of projects
in Ireland, totalling 0.8GW, with on-going sale
processes for two pipelines of solar projects.
CDC has embarked on an accelerated
development plan, with 265MW
of data centre facilities currently
under construction, bringing forward
development across multiple locations,
including Canberra, Sydney, Melbourne,
and Auckland.
2
Half Year
Financial
Highlights
Net parent surplus
$ 1,1 7 4 . 9
million
Proportionate capital expenditure
2
$2,705.9
million
Cash dividend declared
7. 0 0 cps
1.15 cps imputation
Share price
$10 . 21
Market capitalisation
$ 8.5
billion
Proportionate EBITDAF
1
$ 400.0
million
Net debt
3
$ 2,082.8
million
6 month shareholder return
4
14 .1 %
per annum
1 EBITDAF is an unaudited non-GAAP measure of net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and non-operating
gains or losses on the sales of investments and assets. 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. Proportionate EBITDAF shows
Infratil’s operating costs and its share of the EBITDAF of the companies it has invested in. It excludes discontinued operations, acquisition or sale-related transaction costs
and management incentive fees. A reconciliation of net profit after tax to Proportionate EBITDAF is provided in the 30 September 2023 Results Presentation.
2 Investment and capital spending by Infratil, and Infratil’s share of investee company capital spending.
3 Infratil Corporate net debt.
4 Shareholder returns are 6-month returns assuming that dividends are reinvested on the date of payment.
3
Half Year Review
Over the past six months, we
have made a number of important
investments across our portfolio,
each carefully considered and
driven by our core goal of
generating value for our
shareholders by investing in
ideas that matter.
At Infratil, our investment philosophy is
founded on identifying a broad spectrum of
opportunities, both in our existing portfolio
and externally, and then allocating capital to
these options in a manner that optimises
outcomes for you, our shareholders. This
includes investing in a diversified portfolio of
assets to deliver a blended return, while also
understanding the level of risk associated
with delivering those returns.
Our goal is to achieve shareholder returns
of 11–15% per annum after tax on a rolling
10-year basis, through a mix of share price
appreciation and dividend returns. Over the
first half of FY2024, Infratil has delivered a
total shareholder return of 14.1%, while the
NZX50 was down 6.6% over the period.
For the 12 months to 30 September 2023,
Infratil’s total shareholder return was 22.3%.
On a 10-year basis, which is consistent with
the period for which Infratil sets its target
return, Infratil’s total shareholder return was
20.7% per annum, compared to the NZX50
which delivered a return of 9.1% over the
same period.
Over the past six months we have paid the
dividend declared at our FY2023 annual
results announcement of 12.5 cents per
share (‘cps’) with 4.9 cps of imputation
credits, and with this report we are pleased
to declare an interim dividend for FY2024
of 7.00 cps cash and 1.15 cps of imputation
credits, a 3.7% increase on the prior year.
Navigating an evolving investment
environment
Infratil’s shareholder returns give us
continuing confidence in the investments in
our target sectors – digital infrastructure,
renewable energy, and advanced healthcare
– despite widespread economic uncertainty.
The global investment landscape continues
to evolve in the wake of the pandemic.
Geopolitical tensions and persistent inflation
are some of the key drivers creating
macro-economic headwinds. While headline
inflation decreased recently, core inflation
has proven to be more resistant, further
prompting central banks to enact a series
of interest rate hikes. Listed markets have
witnessed corrections, with both the NZX
and ASX experiencing declines during the
period.
We are also seeing second-order impacts
from the covid pandemic with a surge in
travel, accelerated automation and changes
in work patterns, all testament to the
adaptability and resilience of economies in
the face of adversity. The emergence of
generative-AI, particularly within our digital
infrastructure portfolio, stands out as another
defining theme in the current investment
landscape. At the same time, the global push
to combat climate change and decarbonise
the global economy has seen policy
mechanisms designed to hasten the
transition as governments around the world
grapple with meeting their own net-zero
commitments. These prevailing tailwinds are
fuelling the demand for growth capital across
both our digital and renewables businesses.
In the data centre domain, the exponential
growth in demand has led to significant
capital opportunities. However, a shortage
of capital for many players in these sectors
underscores the significance of Infratil's
approach of maintaining a strong and flexible
balance sheet. We remain focused on
maintaining portfolio liquidity and flexibility,
providing us with the ability to capitalise on
opportunities both across the portfolio and
externally as they arise. Despite the looming
clouds of global and local economic
uncertainty, the thematic tailwinds continue
to underpin the investment across our
diverse portfolio.
A marquee investment
Undoubtably one of the highlights from the
last six months was the agreement we
reached with Brookfield in June to acquire
the remaining 49.95% stake in One NZ that
we didn’t already own. It was the culmination
of a six-year journey that began well before
our initial investment in May 2019, and then
ended with securing 49.95% this year.
One NZ isn't just an asset; it is critical
infrastructure in a modern economy.
Increasing our ownership provides Infratil
with both enhanced flexibility and a renewed
focus on long-term value creation to support
One NZ’s continued success. Over the first
four years, Infratil’s investment in One NZ
generated a return of 25.4% per annum, with
the additional investment expected to deliver
equity returns of 10-12%+ per annum and
exhibit consistent earnings growth.
During the period, we added to our digital
infrastructure portfolio with a conditional
investment in Console Connect, an Asian-
based top-3 global software-defined
interconnection platform. Console Connect
invests in new subsea fibre optic cables and
simplifies the process of connecting to
data centres, partners, clouds, and various
applications on a global scale. Its fully
automated switching and routing capabilities
provide secure and efficient connectivity
across the world. The platform's reach is
impressive, serving approximately 17% of
global internet traffic and extending its
services to over 150 countries.
Subject to regulatory approvals, we have
committed US$160 million, with up to
US$295 million of additional capital over
the following two years, which will result in
Infratil owning between 60% to 80% of the
business. Regulatory approvals include
telecommunications and foreign investment
regulations, as well as merger approvals in
multiple jurisdictions. The anticipated
completion is currently expected by the
third quarter of 2024, marking a significant
milestone in globally diversifying our
investments.
Joint Letter from the Chair and Chief Executive
4
“ At Infratil, our investment philosophy
is founded on identifying a broad
spectrum of opportunities, both in our
existing portfolio and externally, and
then allocating capital to these options
in a manner that optimises outcomes
for you, our shareholders.
”
Focused on a flexible, resilient
capital structure
Infratil continues to enjoy strong investment
community support, with our equity raise,
conducted as part of the One NZ transaction,
providing significant funding capacity to
support investments in growth opportunities
across the portfolio. The Institutional
Placement and Retail Offer represented
not only the largest raise Infratil has ever
undertaken, but also one of the largest in
New Zealand's corporate history, with the
total equity raised exceeding $935 million.
Infratil’s increasing market capitalisation
and liquidity has attracted new investors,
including new international institutions, to
our shareholder register over the past six
months. While New Zealand retail ownership
has decreased during this period, our robust
retail investor base complements the
increase in international institutional
ownership. We remain committed to our
retail shareholders, having recently held
15 meetings across New Zealand, attended
by over 1,800 retail investors in the last
six months.
We retain considerable funding capacity
and flexibility to support further investment
across our portfolio. Immediately following
the transaction, we launched a new retail
bond offer. This initiative saw $150 million
of IFT330 Bonds issued in July, while
$127.2 million of IFT340 Bonds were issued
through the rollover of $122.1 million of
maturing IFT210 Bonds in September.
Making meaningful commitments:
prioritising climate action
Investors are increasingly supporting
sustainable investments. A recent
Responsible Investment Association
Australasia report revealed that ‘responsible’
investment funds in New Zealand are
surpassing traditional managed funds for
the first time. In 2022, these responsible
investment funds reached a record
$183 billion, constituting 52% of the market.
Recognising the shifting landscape, our
approach to sustainability continues to
evolve. In August, we published our inaugural
sustainability report, a comprehensive
document outlining our refreshed
sustainability strategy, material
environmental, social, and corporate
governance (‘ESG’) issues, emissions
footprint, and illustrative case studies drawn
from our portfolio. These case studies serve
to breathe life into the key ESG issues we are
focused on across our portfolio. The sector
diversity of our portfolio contributes positively
to various aspects of sustainability, from
renewable energy generation to the provision
of healthcare services and the facilitation of
connectivity.
The pillar of 'Climate and Nature' stands as
a cornerstone of our refreshed sustainability
strategy. Society is already grappling with
the impacts of climate change, as evidenced
by recent extreme weather events in
New Zealand and across the globe. Our
investors, too, are vocal about their desire
to see a future characterised by a liveable
climate, resilient and sustainable
infrastructure, prosperous communities
with abundant job opportunities, and a
thriving natural environment.
5
As a company dedicated to playing our role
helping to shape a sustainable future, Infratil
is proud to be the first financial institution in
New Zealand to have SBTi (Science Based
Targets initiative) validation of our climate
targets - an achievement that signifies our
credible commitment to climate action.
Targets are considered ‘science-based’ if
they are in line with what the latest climate
science deems necessary to meet the goals
of the Paris Agreement – limiting global
warming to 1.5°C above pre-industrial levels.
Our targets involve a commitment to
maintaining zero absolute scope 1 and 2
GHG emissions and a target to reduce
absolute scope 3 GHG emissions from
business travel. In addition, we have also set
a portfolio coverage target which means that
each of our portfolio companies will also set
their own validated targets.
Additionally, we will continue to focus on
sectors that support decarbonisation, such
as renewable energy, and apply our
investment screening criteria, particularly
with regard to high emissions intensity
sectors to show our commitment to climate
action in our approach and investments.
Sector updates
Digital Infrastructure
Demand for data centres globally is
experiencing an unprecedented surge, and
CDC is very well positioned to capture this
growing demand with large campus facilities
ideally suited for the rollout of multi-
megawatt deployments.
Increasingly important is the co-locating of
existing customer workloads and generative
AI inference workloads within the same data
centre. In this landscape, rapid project
execution and the ability to respond swiftly
to customer requirements are paramount.
CDC has embarked on an ambitious
development plan, bringing forward its
substantial development pipeline across
multiple locations, including Canberra,
Sydney, Melbourne, and Auckland. The
accelerated plan includes an increase of
223MW of facilities under construction,
with further future capacity expansion now
totalling 517MW.
The independent valuation of Infratil's CDC
investment at 30 September 2023 grew
strongly, increasing A$448 million over the
six months since 31 March 2023. This
equates to approximately NZ$0.58 per
Infratil share, showcasing the substantial
value inherent in this investment.
As Infratil’s digital infrastructure platform
expands globally into a growing network of
partnerships, we have also increased our
stake in the UK data centre platform, Kao
Data. With a majority holding of 53%, our new
shareholding offers streamlined ownership
and will provide further support to facilitate
Kao Data's growth.
Kao Data is scaling its presence across the
UK. Notably, it has recently announced an
expansion into Manchester – the planned
40MW site will support Greater Manchester’s
growing technology ecosystem and the UK’s
largest high-performance computing and
artificial intelligence sectors outside of
London and the Oxford-Cambridge arc.
Renewable Energy
Our North American renewables business,
Longroad Energy, is currently undertaking
the largest capital works project in its history.
Beyond its operational and under-
construction projects – it has five projects
totalling 1.5GW under construction –
Longroad maintains a development pipeline
spanning 28.3GW, consisting of wind,
solar, and storage assets across more than
20 American states.
Recent U.S. legislation – the Inflation
Reduction Act – has delivered the renewable
energy sector with nearly US$400 billion
in federal funding, with the explicit goal of
substantially reducing the nation’s carbon
emissions by the end of this decade.
Longroad’s pipeline is now 60% larger than
it envisaged at the beginning of 2023,
including both near-term and long-term
projects, and positions Longroad as a
substantial player in the U.S. renewable
energy sector.
Sun Streams 4 and Serrano are two
Arizona-based development priorities
Longroad is currently working through.
Sun Streams 4 started construction on
1 November 2023, while Serrano is
expected to reach the project milestones
required to start construction before the end
of the year. Between them, these projects
will represent 1.1GW of new solar and
storage facilities.
Our other renewables platforms around the
world are also gaining momentum. Gurīn
Energy, our pan-Asian renewable energy
venture, has received one of five conditional
approvals to establish a green electricity
trading corridor between Indonesia and
Singapore. This ambitious project aims to
deliver 300MW of non-intermittent
renewable energy to the Singapore market,
commencing in 2027. The plan includes the
generation of power on the Riau Islands in
Indonesia, supported by 2GW of solar
photovoltaic installed capacity and
approximately 4.4GWh of battery storage –
making it one of the largest projects of its
kind in the world.
In Northern Europe, Galileo has successfully
sold its share of a pipeline of projects,
totalling 0.8GW, with on-going sale
processes for others. Additionally, Source
Galileo, a joint venture with an experienced
wind offshore team, has attracted
investment from Ingka Group, the world’s
largest IKEA retailer, and from Kansai, the
utility operator from Osaka, Japan.
Back in the Asia-Pacific region, Mint
Renewables has secured land under option
for a battery installation in Victoria and a land
licence for a 1GW wind site in Queensland.
The breadth of opportunities across these
diverse platforms demonstrates the value
they bring to our portfolio and the appeal
they hold for external capital seeking
investment.
With the sale of Manawa Energy’s retail
business now complete, Manawa is entering
a phase focused on optimising its existing
options and positioning itself to deliver
long-term value for shareholders. This future
potential is underpinned by a well-
performing operating portfolio, particularly
relevant in the context of New Zealand’s
accelerating renewable energy drive.
6
During the current period production
volumes were 1,110GWh across the
portfolio, up 13.7% from 976GWh in the prior
period. South Island volumes displayed
strength, driven by increased use of storage
in preparation for an extended planned
outage at Waipori and the capture of strong
prices observed throughout the second
quarter.
Advanced Healthcare
Infrastructure
While relatively new to Infratil’s portfolio, the
Healthcare sector is a key component of our
portfolio. Our performance in New Zealand
is in line with our expectations, while the
environment in Australia has been more
volatile and is taking longer to recover from
the covid tail. Steady progress continues to
be made in a challenging cost and labour
market.
In New Zealand with RHCNZ Medical Imaging
Group – which delivers 33% of New Zealand’s
radiology services (both public and private)
through Auckland Radiology, Bay Radiology
and Pacific Radiology - volumes continue to
track ahead of forecast and the prior year,
with revenue up 12% over the prior year. The
business has seen competition impact the
back end of the period, but underlying
growth has more than offset this.
Qscan has demonstrated robust growth, with
half-year revenues surpassing the previous
year by 12%, albeit slightly below budget.
Volume growth has nearly returned to historic
trends, and we anticipate additional pricing
uplift in November 2023 from the added
Medicare indexation of 0.5%.
Our focus remains on leveraging our scale to
deliver the highest level of service to patients,
referrers, and funders. This commitment
entails making the type of investment that
smaller operators are unable to – including
investment in leading IT solutions and
ongoing enhancement of our capabilities and
human resources. These strategic
investments place us in a unique position in
New Zealand to offer national service
offerings to agencies such as Te Whatu Ora
(Health New Zealand) and Te Aka Whai Ora
(Māori Health Authority), where we can
deliver a consistent world-class radiology
service at a local level.
Our commitment to excellence extends to
projects in both Australia and New Zealand,
including continued investment in the latest
state-of-the-art imaging equipment and by
expanding our footprint through the opening
of new clinics. The healthcare sector is a
dynamic and evolving landscape, and we are
well positioned to continue to partner with
special medical practices to deliver these
essential services.
RetireAustralia continues to perform well,
with strong trading and occupancy. Waitlists
are now established at 25 villages, with low
overall vacancy. The near-term development
pipeline remains robust, with RetireAustralia
on track to achieve the completion of 254
independent living units in FY2024.
During the first quarter of 2024, the first of
RetireAustralia’s Care Hubs is forecast to
reach practical completion (in addition to 62
independent living apartments comprising
Stage 3 of ‘The Verge’, Gold Coast). A Care
Hub is a genuine alternative to aged care,
offering compassionate and person-centred
care in a boutique and homelike environment.
The costs are carried by the consumer and
can be partially offset if they have a Home
Care Package.
Wellington Airport
Wellington Airport continues its robust
recovery, with domestic and international
passenger volumes standing at 86% and
72% of pre-covid levels, respectively. The
reintroduction of a Wellington to Brisbane
Qantas service in October has been
well-received, restoring a service that
was last operated seasonally in 2015.
In the coming months, the Wellington
Airport team will focus on finalising its
five-year pricing consultation with airlines.
The new pricing structure is set to conclude
by 1 March 2024, and will cover aeronautical
pricing for the period 1 April 2024 to
31 March 2029.
Outlook
The current uncertain macroeconomic
backdrop underscores the importance of
maintaining a diversified portfolio. Infratil's
diversity encompasses the sectors in which
we invest, the geographical locations we
serve, and our risk tolerance within each of
these areas. Often, the assets within the
core of our portfolio receive less attention, as
they are viewed as less risky and expected to
deliver lower returns. However, they play an
important role in delivering the lower end of
Infratil's target long-term shareholder return
target of 11-15%.
The operating performance across our
portfolio gives us the confidence to lift our
FY2024 Proportionate EBITDAF guidance
from $800–$840 million, to $820–$850
million. This is pleasing, at a time when
pressure is coming on earnings across the
economy.
As we head into a period which is likely to be
dominated by a continuation of the macro-
economic uncertainty that we are currently
experiencing, we are excited about the level
of opportunity for continued investment
across our existing portfolio. These
opportunities are likely to continue to exceed
our available capital, allowing us to continue
to prioritise the highest value opportunities
for shareholders.
We thank you for your continued support and
are committed to delivering our best to
shareholders.
Alison Gerry
Chair
Jason Boyes
Chief Executive Officer
7
8
Infratil Interim
Financial Statements
For the 6 months ended
30 September 2023
Contents
Consolidated Statement
of Comprehensive Income
09
Consolidated Statement
of Financial Position
10
Consolidated Statement
of Cash Flows
11
Consolidated Statement
of Changes in Equity
12
Notes to the Financial
Statements
15
8
999
Consolidated Statement
of Comprehensive Income
For the 6 months ended 30 September 2023
The accompanying notes form part of these consolidated financial statements.
Notes
6 months ended
30 September 2023
$Millions
Unaudited
6 months ended
30 September 2022
$Millions
Unaudited
Year ended
31 March 2023
$Millions
Audited
Operating revenue1,286.6 604.4 1,191.7
Dividends0.1 --
Total revenue1,286.7 604.4 1,191.7
Share of earnings of associate companies5 173.9 3 46.6 653.4
Total income1,460.6 951.0 1,845.1
Depreciation178.7 49.4 102.5
Amortisation of intangibles2.0
1.7
5.1
Employee benefits312.1
189.2
3 74.9
Other operating expenses
666.1 385.2 666.5
Total operating expenditure1,158.9 625.5 1,149.0
Operating surplus before financing, derivatives, realisations and impairments
301.7 325.5 696.1
Net gain on foreign exchange and derivatives
55.1
54.9
91.9
Net realisations, revaluations and impairments1,073.0 (0.2)( 1 7. 1 )
Interest income10.3 6.9 22.0
Interest expense165.4 89.2 188.8
Net financing expense155.1 82.3 166.8
Net surplus before taxation1 , 2 74.7 297.9 604.1
Ta xati o n ex p e n s e7 59.6 7 7. 1 42.5
Net surplus for the period from continuing operations1,215.1 220.8 561.6
Net surplus/(loss) from discontinued operations after tax(0.6)336.5 330.1
Net surplus for the period1,214.5 5 5 7. 3 891.7
Net surplus attributable to owners of the Company1,174.9 350.5 643.1
Net surplus attributable to non-controlling interest
39.6
206.8 248.6
Other comprehensive income, after tax
Items that will not be reclassified to profit and loss:
Fair value change of property, plant & equipment recognised in equity 20.9
14.7
65.4
Share of associates other comprehensive income1 7. 1 45.5 2 7. 7
Net change in fair value of equity investments at fair value through OCI(8.5)(1.9)(2.3)
Realisations on disposal of equity investments at fair value through OCI---
Income tax effect of the above items
(1.4)
(9.1)(5.3)
Items that may subsequently be reclassified to profit and loss:
Differences arising on translation of foreign operations
4 4.3
163.1
(3.6)
Realisations on disposal of subsidiary, reclassified to profit and loss
---
Effective portion of changes in fair value of cash flow hedges
42.2 (0.6)6.8
Income tax effect of the above items
13.2 (8.2)(1.9)
Total other comprehensive income after tax1 2 7. 8 203.5 86.8
Total comprehensive income for the period1,342.3 760.8 978.5
Total comprehensive income for the period attributable to owners of the Company1,276.2 5 5 7. 3 710.1
Total comprehensive income for the period attributable to non-controlling interests66.1 203.5 268.4
Earnings per share
Basic and diluted (cents per share) from continuing operations141.3 25.3 43.2
Basic and diluted (cents per share) 141.2 48.4 88.8
10
Consolidated Statement
of Financial Position
As at 30 September 2023
Notes
30 September 2023
$Millions
Unaudited
30 September 2022
$Millions
Unaudited
31 March 2023
$Millions
Audited
Cash and cash equivalents
146.5 522.5 774.5
Trade and other accounts receivable and prepayments
473.2 113.1 148.9
Electricity market security deposits
23.2 65.4 45.8
Derivative financial instruments
91.9 88.9 25.3
Inventories
56.9 2.5 2.3
Income tax receivable
3.5 20.0 9.1
Assets held for sale
184.1 479.3 169.8
Current assets979.3 1,291.7 1,175.7
Trade and other accounts receivable and prepayments
99.8 11.0 16.3
Property, plant and equipment
4,487.5 3,4 48.8 3,560.1
Investment properties
129.6 108.1 132.2
Right of use assets
1,106.7 156.8 161.2
Derivative financial instruments
279.0 1 5 7. 7 206.9
Intangible assets
524.3 129.3 128.7
Goodwill 8
5,148.6 1,891.3 1,846.1
Investments in associates5
2,826.8 2,328.5 2,388.9
Shareholder loans to associates5
218.5 501.2 429.6
Other investments
179.2 141.6 142.6
Non-current assets
15,000.0 8,874.3 9,012.6
Total assets15,979.3 10,166.0 10,188.3
Accounts payable, accruals and other liabilities
8 1 7. 8 289.4 361.9
Interest bearing loans and borrowings9
31.4 21.0 494.6
Lease liabilities
75.7 13.7 19.0
Derivative financial instruments
38.5 71.9 3 7. 0
Income tax payable
12.0 14.4 5.7
Infratil Infrastructure bonds10
56.0 221.8 122.0
Manawa Energy bonds
-7 7. 7 -
Wellington International Airport bonds
60.0 75.0 75.0
Liabilities directly associated with the assets held for sale
70.4 70.7 70.1
Current liabilities1,161.8 855.6 1,185.3
Interest bearing loans and borrowings9
2 , 8 74.7 74 6. 2 305.3
Accounts payable, accruals and other liabilities
222.0 127.5 1 7 7. 9
Lease liabilities
1,065.6 165.3 189.2
Deferred tax liability
269.4 301.7 253.7
Derivative financial instruments
51.2 108.0 79.5
Infratil Infrastructure bonds10
1,177.3 956.6 9 5 7. 4
Perpetual Infratil Infrastructure bonds10
231.9 231.9 231.9
Manawa Energy bonds
372.3 371.7 372.0
Wellington International Airport bonds and senior notes
565.6 558.7 625.4
Non-current liabilities6,830.0 3 , 5 6 7. 6 3,192.3
Attributable to owners of the Company
6,355.5 4,190.5 4,208.1
Non-controlling interest in subsidiaries
1,632.0 1,552.3 1,602.6
Total equity7,987.5 5 ,742 .8 5,810.7
Total equity and liabilities15,979.3 10,166.0 10,188.3
Approved on behalf of the Board on 15 November 2023
Alison Gerry Anne Urlwin
Director Director
The accompanying notes form part of these consolidated financial statements.
1111
Consolidated Statement
of Cash Flows
For the 6 months ended 30 September 2023
The accompanying notes form part of these consolidated financial statements.
Notes
6 months ended
30 September 2023
$Millions
Unaudited
6 months ended
30 September 2022
$Millions
Unaudited
Year ended
31 March 2023
$Millions
Audited
Cash flows from operating activities
Cash was provided from:
Receipts from customers
1,319.2 688.9 1,180.1
Distributions received from associates
3 7. 2 30.9 1 6 7. 7
Other dividends
0.1 -0.6
Interest received
10.5 6.6 21.7
1 , 3 6 7. 0 726.4 1,370.1
Cash was disbursed to:
Payments to suppliers and employees
(1,019.5)(865.2)(1,173.5)
Interest paid
(154.4)( 7 7. 0 )(163.6)
Taxation paid
(26.7)(18.8)( 4 7. 4 )
(1,200.6)(961.0)(1,38 4.5)
Net cash inflow / (outflow) from operating activities12 166.4(23 4.6)(14.4)
Cash flows from investing activities
Cash was provided from:
Capital returned from associates
-
-74 8.4
Proceeds of shareholder (loan)
0.1 -0.8
Proceeds from sale of subsidiaries (net of cash sold)
---
Proceeds from sale of the Trustpower Retail business
-465.0 462.5
Proceeds from sale of property, plant and equipment
1.0-0.8
Proceeds from sale of investment property
-0.4 0.2
Proceeds from sale of investments
0.2 2.8 0.2
Return of security deposits
39.2 112.8 158.6
40.5 581.0 1,371.5
Cash was disbursed to:
Purchase of investments
(1,825.4)(78.5)(566.4)
Proceeds to shareholder (loan)
(258.6)--
Lodgement of security deposits
(16.5)(113.5)(141.4)
Purchase of intangible assets
(36.5)-(2.7)
Purchase of shares in subsidiaries, net of cash acquired
(0.1)
(40.5)(39.2)
Purchase of property, plant and equipment
(165.1)(51.9)( 1 3 7. 4 )
(2,302.2)(284.4)( 8 8 7. 1 )
Net cash inflow / (outflow) from investing activities(2,261.7)296.6 484.4
Cash flows from financing activities
Cash was provided from:
Proceeds from issue of shares
916.1 --
Proceeds from issue of shares to non-controlling interest
2.4 4.4 10.4
Bank borrowings
641.4 38.9 88.6
Issue of bonds
276.7 214.3 290.9
1,836.6 2 5 7. 6 389.9
Cash was disbursed to:
Repayment of bank debt
(92.3)(356.4)(359.5)
Repayment of lease liabilities
(32.4)(12.2)(26.9)
Loan establishment costs
( 7. 4 )(3.1)(8.6)
Repayment of bonds
(122.1)(93.7)(271.5)
Infrastructure bond issue expenses
(2.1)(1.5)(1.9)
Shares acquired from non-controlling shareholders in subsidiary companies
(5.8)(1.9)(10.0)
Dividends paid to non-controlling shareholders in subsidiary companies
(42.4)(94.5)(1 2 2.4)
Dividends paid to owners of the Company3
(91.3)(86.8)(135.7)
(395.8)(650.1)(936.5)
Net cash inflow / (outflow) from financing activities1,4 40.8 (392.5)(5 46.6)
Net increase / (decrease) in cash and cash equivalents
(65 4.5)(330.5)(76.6)
Foreign exchange gains / (losses) on cash and cash equivalents
1.6 1.9 -
Cash and cash equivalents at beginning of the period
774.5 851.0 851.0
Cash balances on acquisition
24.9 0.1 0.1
Cash and cash equivalents at end of the period146.5 522.5 7 74.5
12
Consolidated Statement of Changes in Equity
For the 6 months ended 30 September 2023
Capital
$Millions
Revaluation
reserve
$Millions
Foreign
currency
translation
reserve
$Millions
Other
reserves
$Millions
Retained
earnings
$Millions
Total
$Millions
Non-
controlling
$Millions
Total
equity
$Millions
Balance as at 1 April 20231 , 0 5 7. 3 622.0 (8.1)2.3 2,53 4.6 4,208.1 1,602.6 5,810.7
Total comprehensive income for the period
Net surplus for the period----1,174.9 1,174.9 39.6 1,214.5
Other comprehensive income, after tax
Differences arising on translation of foreign operations--4 4.3 --4 4.3 -4 4.3
Net change in fair value of equity investments at FVOCI---(8.5)-(8.5)-(8.5)
Realisations on disposal of equity investments at FVOCI--------
Effective portion of changes in fair value of cash flow hedges---35.5 -35.5 19.9 55.4
Fair value change of property, plant & equipment recognised in equity -12.9 ---12.9 6.6 19.5
Share of associates other comprehensive income---1 7. 1 -1 7. 1 -1 7. 1
Total other comprehensive income-12.9 4 4.3 4 4.1 -101.3 26.5 1 2 7. 8
Total comprehensive income for the period-12.9 44.3 44.1 1 , 174.9 1,276.2 66.1 1,342.3
Contributions by and distributions to non-controlling interest
Distributions to outside equity interest in associates---(13.6)-(13.6)-(13.6)
Non-controlling interest arising on acquisition of subsidiary------4.1 4.1
Issue of shares to non-controlling interests------1.7 1.7
Issue/(acquisition) of shares held by outside equity interest--------
Total contributions by and distributions to non-controlling interest---(13.6)-(13.6)5.8( 7. 8 )
Contributions by and distributions to owners
Shares issued976.1 ----976.1 -976.1
Share buyback--------
Shares issued under dividend reinvestment plan--------
Dividends to equity holders----(91.3)(91.3)(42.5)(133.8)
Total contributions by and distributions to owners976.1 ---(91.3)884.8 (42.5)842.3
Balance as at 30 September 20232,033.4 634.9 36.2 32.8 3,618.2 6,355.5 1,632.0 7,987.5
The accompanying notes form part of these consolidated financial statements.
13
The accompanying notes form part of these consolidated financial statements.
Capital
$Millions
Revaluation
reserve
$Millions
Foreign
currency
translation
reserve
$Millions
Other
reserves
$Millions
Retained
earnings
$Millions
Total
$Millions
Non-
controlling
$Millions
Total
equity
$Millions
Balance as at 1 April 20221 , 0 5 7. 3 576.9 (1.3)53.8 2 , 0 2 7. 2 3,713.9 1,426.8 5,140.7
Total comprehensive income for the period
Net surplus for the period----350.5 350.5 206.8 5 5 7. 3
Other comprehensive income, after tax
Differences arising on translation of foreign operations--163.1 --163.1 -163.1
Net change in fair value of equity investments at FVOCI---(1.9)-(1.9)-(1.9)
Realisations on disposal of equity investments at FVOCI--------
Effective portion of changes in fair value of cash flow hedges---(3.6)-(3.6)(5.2)(8.8)
Fair value change of property, plant & equipment recognised in equity -3.7 ---3.7 1.9 5.6
Share of associates other comprehensive income---45.5 -45.5 -45.5
Total other comprehensive income-3.7 163.1 40.0 -206.8 (3.3)203.5
Total comprehensive income for the period-3.7 163.1 40.0 350.5 5 5 7. 3 203.5 760.8
Contributions by and distributions to non-controlling interest
Distributions to outside equity interest in associates--------
Non-controlling interest arising on acquisition of subsidiary------13.6 13.6
Issue of shares to non-controlling interests---7. 0 -7. 0 4.2 11.2
Issue/(acquisition) of shares held by outside equity interest---(0.9)-(0.9)(1.0)(1.9)
Total contributions by and distributions to non-controlling interest---6.1 -6.1 16.8 22.9
Contributions by and distributions to owners
Shares issued--------
Share buyback--------
Shares issued under dividend reinvestment plan--------
Dividends to equity holders----(86.8)(86.8)(9 4.8)(181.6)
Total contributions by and distributions to owners----(86.8)(86.8)(9 4.8)(181.6)
Balance as at 30 September 20221,057.3 580.6 161.8 99.9 2,290.9 4,190.5 1,552.3 5 ,742 .8
Consolidated Statement of Changes in Equity
For the 6 months ended 30 September 2022
14
Capital
$Millions
Revaluation
reserve
$Millions
Foreign
currency
translation
reserve
$Millions
Other
reserves
$Millions
Retained
earnings
$Millions
Total
$Millions
Non-
controlling
$Millions
Total
equity
$Millions
Balance as at 1 April 20221 , 0 5 7. 3 576.9 (1.3)53.8 2 , 0 2 7. 2 3,713.9 1,426.8 5,140.7
Total comprehensive income for the year
Net surplus for the year----643.1 643.1 248.6 891.7
Other comprehensive income, after tax
Differences arising on translation of foreign operations--(6.8)--(6.8)3.0 (3.8)
Net change in fair value of equity investments at FVOCI---(2.3)-(2.3)-(2.3)
Realisations on disposal of equity investments at FVOCI--------
Effective portion of changes in fair value of cash flow hedges---3.3 -3.3 1.8 5.1
Fair value change of property, plant & equipment recognised in equity -45.1 ---45.1 15.0 60.1
Share of associates other comprehensive income---2 7. 7 -2 7. 7 -2 7. 7
Total other comprehensive income-45.1 (6.8)28.7 -6 7. 0 19.8 86.8
Total comprehensive income for the year-45.1 (6.8)28.7 643.1 710.1 268.4 978.5
Contributions by and distributions to non-controlling interest
Distributions to outside equity interest in associates---( 74.6)-( 74.6)-( 74.6)
Non-controlling interest arising on acquisition of subsidiary------13.5 13.5
Issue of shares to non-controlling interests---(4.5)-(4.5)1 7. 3 12.8
Issue/(acquisition) of shares held by outside equity interest---(1.1)-(1.1)(1.0)(2.1)
Total contributions by and distributions to non-controlling interest---(80.2)-(80.2)29.8 (50.4)
Contributions by and distributions to owners
Shares issued--------
Share buyback--------
Shares issued under dividend reinvestment plan--------
Dividends to equity holders----(135.7)(135.7)(1 2 2.4)(258.1)
Total contributions by and distributions to owners----(135.7)(135.7)(1 2 2.4)(258.1)
Balance at 31 March 20231,057.3 622.0 (8.1)2.3 2,534.6 4,208.1 1,602.6 5,810.7
The accompanying notes form part of these consolidated financial statements.
Consolidated Statement of Changes in Equity
For the year ended 31 March 2023
151515
Notes to the
Financial Statements
For the 6 months ended 30 September 2023
1 Accounting policies
Reporting Entity
Infratil Limited (‘the Company’) is a company domiciled in New Zealand and registered under the Companies Act 1993. The Company is listed on the
NZX Main Board (‘NZX’) and Australian Securities Exchange (‘ASX’), and is an FMC Reporting Entity in terms of Part 7 of the Financial Markets Conduct
Act 2013.
Basis of preparation
These unaudited condensed consolidated half year financial statements (‘half year statements’) of Infratil Limited together with its subsidiaries and
associates (‘the Group’) have been prepared in accordance with NZ IAS 34 Interim Financial Reporting and comply with IAS 34 Interim Financial
Reporting. These half year statements have been prepared in accordance with the accounting policies stated in the published financial statements for
the year ended 31 March 2023 and should be read in conjunction with the previous annual report. No changes have been made from the accounting
policies used in the 31 March 2023 annual report, other than noted below, which can be obtained from Infratil’s registered office or www.infratil.com.
The presentation currency used in the preparation of these financial statements is New Zealand dollars, which is also the Company’s functional currency.
Comparative figures have been restated where appropriate to ensure consistency with the current period.
International Tax Reform - Pillar Two Model Rules
Except as described below, the accounting policies applied in these interim financial statements are the same as those applied in the Group’s
consolidated financial statements as at and for the year ended 31 March 2023.
The Group has adopted International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12 that were approved by the New Zealand Accounting
Standards in July 2023 and became effective 10 August 2023. The amendments provide a temporary mandatory exception from deferred tax
accounting and require new disclosures in the annual financial statements relating to the Pillar Two Model Rules. The Group has applied the exception
with immediate effect. As no legislation to implement the Pillar Two Model Rules had been enacted or substantively enacted at 31 March 2023 in any
jurisdiction in which the Group operates and, as such, no related deferred taxes were recognised at that date, the application of the exception has no
impact on the Group’s interim financial statements.
2 Nature of business
The Group owns and operates infrastructure businesses and investments in New Zealand, Australia, the United States, Asia, United Kingdom and Europe.
The Company is a limited liability company incorporated and domiciled in New Zealand. The address of its registered office is 5 Market Lane, Wellington,
New Zealand.
More information on the individual businesses that make up the Group is contained in Note 4 (Operating segments) and Note 5 (Investments in
associates) including the relative contributions to total revenue and expenses of the Group.
16
4 Operating segments
Gurīn Energy, Manawa Energy and Mint Renewables are renewable generation investments, Wellington International Airport is an airport investment,
Qscan Group and RHCNZ Medical Imaging make up the Group’s Diagnostic Imaging platform and One NZ is a digital infrastructure investment. Infratil
accounts for these companies as subsidiaries. Associates comprises Infratil’s investments that are not consolidated for financial reporting purposes
including CDC Data Centres, Fortysouth, Galileo, Kao Data, Longroad Energy and RetireAustralia. Further information on these investments is outlined
in Note 5. During the period, Infratil increased its ownership in One NZ and the company is now consolidated for financial reporting purposes (Note 6.1).
The Group’s investment in the Trustpower Retail business, which was previously part of Manawa Energy, was treated as discontinued operations as at
30 September 2022 and 31 March 2023. The Group’s investment in Tilt Renewables was treated as a discontinued operation at 30 September 2022.
All other segments and corporate predominately includes the activities of the Parent Company. The Group has no significant reliance on any one
customer. Inter-segment revenue primarily comprises dividends from portfolio companies to the Parent Company.
3 Infratil shares and dividends
Ordinary shares (fully paid)
6 months ended
30 September 2023
Unaudited
6 months ended
30 September 2022
Unaudited
Year ended
31 March 2023
Audited
Total authorised and issued shares at the beginning of the period723,983,582 723,983,582 723,983,582
Movements during the period:
New shares issued107,906,405 --
New shares issued under dividend reinvestment plan---
Treasury stock reissued under dividend reinvestment plan---
Share buyback---
Total authorised and issued shares at the end of the period 831,889,987 723,983,582 723,983,582
During the period, the company issued 101.6 million new shares as part of an equity raise undertaken to partially fund the acquisition of 49.95% of
One NZ (Note 6.1). Net proceeds from the raise (after transaction costs and foreign exchange movements of $18.8 million) were $916.1 million.
Additionally, 6.3 million new shares were issued to pay $60.0 million of incentive fees payable to Morrison & Co as consideration for management
services, as announced on 22 May 2023. All fully paid ordinary shares have equal voting rights and share equally in dividends and equity. At
30 September 2023 the Group held 1,662,617 shares as Treasury Stock (30 September 2022: 1,662,617, 31 March 2023: 1,662,617).
Dividends paid on ordinary shares
6 months ended
30 September 2023
Cents per share
Unaudited
6 months ended
30 September 2022
Cents per share
Unaudited
Year ended
31 March 2023
Cents per share
Audited
6 months ended
30 September 2023
$Millions
Unaudited
6 months ended
30 September 2022
$Millions
Unaudited
Year ended
31 March 2023
$Millions
Audited
Final dividend prior year12.50 12.00 12.00 91.3 86.886.8
Interim dividend current year--6.75 --48.9
Dividends paid on ordinary shares 12.50 12.00 18.75 91.386.8135.7
Entity wide disclosure - geographical
The Group operates in two principal areas, New Zealand and Australia, as well as having investments in the United States, the United Kingdom,
Asia and Europe. The Group’s geographical segments are based on the location of both customers and assets.
17
Operating segments
Gurīn Energy
Asia
$Millions
Unaudited
Manawa
Energy
New Zealand
$Millions
Unaudited
Mint
Renewables
Australasia
$Millions
Unaudited
Wellington
International
Airport
New Zealand
$Millions
Unaudited
Diagnostic
Imaging
Australasia
$Millions
Unaudited
One NZ
New Zealand
$Millions
Unaudited
Associates
$Millions
Unaudited
All other
segments and
corporate
New Zealand
$Millions
Unaudited
Eliminations &
discontinued
operations
$Millions
Unaudited
To t a l
$Millions
Unaudited
For the period ended 30 September 2023
Total revenue0.3 2 1 7. 8 -76.7 329.9 650.9 -92.8 (81.7)1,286.7
Share of earnings of associate companies------173.9 --173.9
Inter-segment revenue-------(66.8)66.8 -
Total income0.3 2 1 7. 8 -76.7 329.9 650.9 173.9 26.0 (14.9)1,460.6
Depreciation(0.3)(9.6)-(14.8)( 2 7. 7 )(1 26.3)---(178.7)
Amortisation of intangibles-(0.6)--(1.4)----(2.0)
Employee benefits(5.5)(18.3)(1.3)(8.1)(171.7)(106.9)-(0.3)-(312.1)
Other operating expenses(4.4)(122.5)(2.7)(39.6)(63.9)(35 4.7)- (3 4.3)(4 4.0)(666.1)
Total operating expenditure(10.2)(151.0)(4.0)(62.5)(26 4.7)( 5 8 7. 9 )-(3 4.6)(4 4.0)(1,158.9)
Operating surplus before financing, derivatives, realisations and impairments(9.9)66.8 (4.0)14.2 65.2 63.0 173.9 (8.6)(58.9)301.7
Net gain/(loss) on foreign exchange and derivatives(0.7)23.6 -0.3 3.5 --28.4 -55.1
Net realisations, revaluations and impairments---(2.6)-0.6 -1,075.0 -1,073.0
Interest income--0.1 1.4 0.8 --8.6 (0.6)10.3
Interest expense(0.6)(12.7)-( 1 7. 5 )(30.4)(6 4.8)-(5 4.7)15.3 (165.4)
Net financing expense(0.6)(12.7)0.1 (16.1)(29.6)(6 4.8)-(46.1)14.7 (155.1)
Net surplus before taxation(11.2)7 7. 7 (3.9)(4.2)39.1 (1.2)173.9 1,048.7 (4 4.2)1 , 2 74.7
Ta xati o n ex p e n s e-(21.8)-2.0 (11.3)0.7 -(28.9)(0.3)(59.6)
Net surplus/(loss) for the period(11.2)55.9 (3.9)(2.2)2 7. 8 (0.5)173.9 1,019.8 (4 4.5)1,215.1
Net surplus/(loss) attributable to owners of the company(10.2)2 7. 6 (2.8)(1.4)14.0 (0.9)173.9 1,019.8 (4 4.5)1,175.5
Net surplus/(loss) attributable to non-controlling interests(1.0)28.3 (1.1)(0.8)13.8 0.4 - - -39.6
Current assets39.4 149.6 2.6 35.4 89.9 4 3 4.6 -43.8 18 4.0 979.3
Non-current assets35.7 2,035.9 (5.0)1,690.6 2,341.8 5,560.2 3,045.3 1,058.1 (762.6)15,000.0
Current liabilities40.5 1 2 7. 1 0.9 95.9 1 3 7. 0 995.3 -183.5 (418.4)1,161.8
Non-current liabilities5.5 723.2 -775.8 902.7 2,420.4 -2,234.8 (232.4)6,830.0
Net assets29.11,335.2 (3.3)854.3 1,392.0 2,579.1 3,045.3 (1,316.4)72.2 7,987.5
Net debt(35.2) 435.4 (2.1) 632.9 696.6 1,423.5 - 2,071.6 - 5,222.7
Non-controlling interest percentage 5.0% 48.9% 2 7. 7 % 3 4.0% 4 7. 4 % 0.1% - - - -
Capital expenditure and investments28.332.0 0.8 24.7 30.9 122.6 213.8 16.3 -469.4
18
Operating segments
Gurīn Energy
Asia
$Millions
Unaudited
Manawa
Energy
New Zealand
$Millions
Unaudited
Mint
Renewables
Australasia
$Millions
Unaudited
Wellington
International
Airport
New Zealand
$Millions
Unaudited
Diagnostic
Imaging
Australasia
$Millions
Unaudited
One NZ
New Zealand
$Millions
Unaudited
Associates
$Millions
Unaudited
All other
segments and
corporate
New Zealand
$Millions
Unaudited
Eliminations &
discontinued
operations
$Millions
Unaudited
To t a l
$Millions
Unaudited
For the period ended 30 September 2022
Total revenue-287.0 -63.8 298.5 --108.1 (5 4.1)703.3
Share of earnings of associate companies------3 46.6 --3 46.6
Inter-segment revenue-------(98.9)-(98.9)
Total income-287.0 -63.8 298.5 -3 46.6 9.2 (5 4.1)951.0
Depreciation(0.1)(10.3)-(14.2)(25.8)-(0.1)-1.1 (4 9.4)
Amortisation of intangibles-(1.2)--(1.3)---0.8 (1.7)
Employee benefits(3.5)(20.9)-( 7. 1 )(160.9)--(0.2)3.4 (189.2)
Other operating expenses(3.5)(192.6)-(16.4)( 5 7. 1 )--(6 4.1)(51.5)(385.2)
Total operating expenditure( 7. 1 )(2 25.0)-( 3 7. 7 )(245.1)-(0.1)(6 4.3)(46.2)(625.5)
Operating surplus before financing, derivatives, realisations and impairments( 7. 1 )62.0 -26.1 53.4 -346.5 (55.1)(100.3)325.5
Net gain/(loss) on foreign exchange and derivatives-10.3 -0.4 5.0 --39.1 0.1 54.9
Net realisations, revaluations and impairments-348.8 -----(13.5)(335.5)(0.2)
Interest income-0.3 -0.5 0.2 --6.0 (0.1)6.9
Interest expense-(1 2.3)-(13.5)(26.7)--(36.7)-(89.2)
Net financing expense-(1 2.0)-(13.0)(26.5)--(30.7)(0.1)(82.3)
Net surplus before taxation( 7. 1 )409.1 -13.5 31.9 -346.5 (60.2)(4 35.8)297.9
Ta xati o n ex p e n s e-(18.1)-(2.4)(9.2)--( 4 7. 8 )0.4 ( 7 7. 1 )
Net surplus/(loss) for the period( 7. 1 )391.0 -11.1 22.7 -346.5 (108.0)(4 35.4)220.8
Net surplus/(loss) attributable to owners of the company(6.7)198.8 -7. 4 11.3 -3 46.6 (108.0)(266.1)183.3
Net surplus/(loss) attributable to non-controlling interests(0.4)192.0 -3.7 11.4 ---(169.2)37.5
Current assets9.0 221.7 -61.9 88.7 -308.1 431.2 171.1 1,291.7
Non-current assets3.0 1,929.3 -1,521.4 2,360.5 -2,829.8 4 31.0 (200.7)8,874.3
Current liabilities3.7 195.5 -92.9 116.4 --382.7 64.4 855.6
Non-current liabilities0.1 696.9 -717.3 909.9 --1,408.5 (165.1)3 , 5 6 7. 6
Net assets8.2 1,258.6 -773.1 1,422.9 -3,137.9 (929.0)71.1 5,742 .8
Net debt(8.4)460.6 -586.1 696.7 --1,003.2 -2,738.1
Non-controlling interest percentage 5.0% 48.9% - 3 4.0% 4 7. 4 % -----
Capital expenditure and investments12.0 18.2 -19.9 18.1 -56.3 20.3 -14 4.8
19
Operating segments
Gurīn Energy
Asia
$Millions
Audited
Manawa
Energy
New Zealand
$Millions
Audited
Mint
Renewables
Australasia
$Millions
Audited
Wellington
International
Airport
New Zealand
$Millions
Audited
Diagnostic
Imaging
Australasia
$Millions
Audited
One NZ
New Zealand
$Millions
Audited
Associates
$Millions
Audited
All other
segments and
corporate
New Zealand
$Millions
Audited
Eliminations &
discontinued
operations
$Millions
Audited
To t a l
$Millions
Audited
For the year ended 31 March 2023
Total revenue0.7 482.2 -139.8 601.2 --147.8 (5 4.0)1 , 3 1 7. 7
Share of earnings of associate companies------653.4 --653.4
Inter-segment revenue-------(1 26.0)-(1 26.0)
Total income0.7 482.2 -139.8 601.2 -653.4 21.8 (5 4.0)1,845.1
Depreciation(0.4)(20.9)-(28.8)(53.9)---1.5 (102.5)
Amortisation of intangibles-(2.6)--(2.9)---0.4 (5.1)
Employee benefits(8.7)(37.6)(1.1)(15.6)(314.9)--(0.4)3.4 (3 74.9)
Other operating expenses(8.4)(304.4)(0.9)(3 4.6)(116.4)--(1 2 2.9)(78.9)(666.5)
Total operating expenditure( 1 7. 5 )(365.5)(2.0)(79.0)(4 88.1)--(1 23.3)(73.6)(1,149.0)
Operating surplus before financing, derivatives, realisations and impairments(16.8)116.7 (2.0)60.8 113.1 -653.4 (101.5)( 1 2 7. 6 )696.1
Net gain/(loss) on foreign exchange and derivatives0.1 62.9 --3.3 --25.7 (0.1)91.9
Net realisations, revaluations and impairments-329.3 -(3.1)0.3 --(14.4)(329.2)( 1 7. 1 )
Interest income-0.7 -2.0 0.8 --18.5 -22.0
Interest expense(0.1)(25.7)-(28.3)(58.9)--(75.6)(0.2)(188.8)
Net financing expense(0.1)(25.0)-(26.3)(58.1)--( 5 7. 1 )(0.2)(166.8)
Net surplus before taxation(16.8)483.9 (2.0)31.4 58.6 -653.4 ( 1 4 7. 3 )( 4 5 7. 1 )604.1
Ta xati o n ex p e n s e-(39.6)-(6.3)(14.4)--17.4 0.4 (42.5)
Net surplus/(loss) for the year(16.8)444.3 (2.0)25.1 44.2 -653.4 (129.9)(456.7)561.6
Net surplus/(loss) attributable to owners of the company(15.9)224.8 (1.5)16.6 22.3 -653.4 (1 29.9)(295.4)474.4
Net surplus/(loss) attributable to non-controlling interests(0.9)219.5 (0.5)8.6 21.9 ---(161.4)8 7. 2
Current assets26.7 1 3 7. 6 4.2 14 4.8 85.0 --6 0 7. 7 169.7 1,175.7
Non-current assets2.8 1,965.3 0.4 1,660.0 2,33 4.6 -2,818.4 504.9 (273.8)9,012.6
Current liabilities 26.0156.4 0.4 108.1 554.2 --2 9 7. 7 42.5 1,185.3
Non-current liabilities0.3 6 7 7. 6 -823.3 479.7 --1 , 4 2 7. 7 (216.3)3,192.3
Net assets 3.21,268.9 4.2 873.4 1,385.7 -2,818.4 (612.8)69.7 5,810.7
Net debt(23.7)4 43.8 (4.0)5 7 7. 7 698.5 --716.9 -2,409.1
Non-controlling interest percentage 5.0% 48.9% 2 7. 0 % 3 4.0% 4 7. 4 % -
Capital expenditure and investments2.9 4 4.2 -69.7 62.8 -532.5 24.2 -736.3
20
Operating segments - geographical
New Zealand
$Millions
Unaudited
Australia
$Millions
Unaudited
Asia
$Millions
Unaudited
United States
$Millions
Unaudited
United
Kingdom &
Europe
$Millions
Unaudited
Eliminations &
discontinued
operations
$Millions
Unaudited
Total
$Millions
Unaudited
For the period ended 30 September 2023
Total revenue1,211.2156.90.3--(81.7)1,286.7
Share of earnings of associate companies1.3 98.0 -79.1 (4.5)-173.9
Inter-segment revenue(66.8)----66.8 -
Total income1,145.7 254.9 0.3 79.1 (4.5)(14.9)1,460.6
Depreciation(162.1)(16.3)(0.3)---(178.7)
Amortisation of intangibles(1.5)(0.5)----(2.0)
Employee benefits(218.2)(88.4)(5.5)---(312.1)
Other operating expenses(578.1)(39.6)(4.4)--(4 4.0)(666.1)
Total operating expenditure(959.9)(14 4.8)(10.2)--(4 4.0)(1,158.9)
Operating surplus before financing, derivatives, realisations and impairments185.8 110.1 (9.9)79.1 (4.5)(58.9)301.7
Net gain/(loss) on foreign exchange and derivatives55.8 -(0.7)---55.1
Net realisations, revaluations and impairments1,073.0 -----1,073.0
Interest income10.5 0.4 ---(0.6)10.3
Interest expense(166.3)(13.8)(0.6)--15.3 (165.4)
Net financing expense(155.8)(13.4)(0.6)--14.7 (155.1)
Net surplus before taxation1,158.8 96.7 (11.2)79.1 (4.5)(4 4.2)1 , 2 74.7
Ta xati o n ex p e n s e(58.2)(1.1)---(0.3)(59.6)
Net surplus/(loss) for the period1,100.6 95.6 (11.2)79.1 (4.5)(4 4.5)1,215.1
Current assets710.4 45.4 39.4 -- 184.1 979.3
Non-current assets1 1 , 2 2 7. 9 2,881.8 35.7 5 9 7. 0 4 41.8 (18 4.2)15,000.0
Current liabilities981.4 69.3 40.5 -- 70.6 1,161.8
Non-current liabilities6,683.4 373.4 5.5 -- (232.3)6,830.0
Net assets4,273.5 2,484.5 29.1 5 9 7. 0 4 41.8 161.6 7,987.5
Net debt4,985.1 272.9 (35.2)-- -5,222.7
Capital expenditure and investments1 9 7. 8 48.0 28.3 66.6 128.7 -469.4
21
Operating segments - geographical
New Zealand
$Millions
Unaudited
Australia
$Millions
Unaudited
Asia
$Millions
Unaudited
United States
$Millions
Unaudited
United
Kingdom &
Europe
$Millions
Unaudited
Eliminations &
discontinued
operations
$Millions
Unaudited
Total
$Millions
Unaudited
For the period ended 30 September 2022
Total revenue613.6 143.7 ---(5 4.0)703.3
Share of earnings of associate companies9.3 355.0 -(6.7)(11.0)-3 46.6
Inter-segment revenue(98.9)-----(98.9)
Total income524.0 498.7 -(6.7)(11.0)(5 4.0)951.0
Depreciation(3 4.6)(15.8)(0.1)--1.1 (4 9.4)
Amortisation of intangibles(2.0)(0.5)---0.8 (1.7)
Employee benefits(104.5)(8 4.5)(3.5)--3.4 (189.1)
Other operating expenses( 3 9 7. 5 )(31.5)(3.5)--4 7. 2 (385.3)
Total operating expenditure(538.6)(132.3)( 7. 1 )--52.5 (625.5)
Operating surplus before financing, derivatives, realisations and impairments(14.6)366.4 ( 7. 1 )(6.7)(11.0)(1.5)325.5
Net gain/(loss) on foreign exchange and derivatives54.8 ----0.1 54.9
Net realisations, revaluations and impairments335.4 ----(335.6)(0.2)
Interest income6.9 0.1 ---(0.1)6.9
Interest expense(79.1)(10.1)----(89.2)
Net financing expense(72.2)(10.0)---(0.1)(82.3)
Net surplus before taxation303.4 356.4 ( 7. 1 )(6.7)(11.0)( 3 3 7. 1 )297.9
Ta xati o n ex p e n s e(76.9)(0.6)---0.4 ( 7 7. 1 )
Net surplus/(loss) for the period479.7 1,084.9 (21.2)(20.1)(33.0)( 6 7 7. 3 )220.8
Current assets1,071.3 40.2 9.0 --171.2 1,291.7
Non-current assets5,622.5 2,865.1 3.0 313.1 241.8 (171.2)8,874.3
Current liabilities720.9 64.3 3.7 --66.7 855.6
Non-current liabilities3,353.8 378.8 0.1 --(165.1)3 , 5 6 7. 6
Net assets2,619.1 2,462.2 8.2 313.1 241.8 98.4 5,742 .8
Net debt2,461.9 28 4.7 (8.4)---2,738.1
Capital expenditure and investments49.5 20.8 12.0 41.2 21.3 -14 4.8
22
Operating segments - geographical
New Zealand
$Millions
Audited
Australia
$Millions
Audited
Asia
$Millions
Unaudited
United States
$Millions
Audited
United
Kingdom
& Europe
$Millions
Audited
Eliminations &
discontinued
operations
$Millions
Audited
Total
$Millions
Audited
For the year ended 31 March 2023
Total revenue1,078.5 292.5 0.7 --(5 4.0)1 , 3 1 7. 7
Share of earnings of associate companies199.1 4 0 7. 7 -37.5 9.1 -653.4
Inter-segment revenue(1 26.0)-----(1 26.0)
Total income1,151.6 700.2 0.7 37.5 9.1 (5 4.0)1,845.1
Depreciation(71.0)(32.6)(0.4)--1.5 (102.5)
Amortisation of intangibles(4.5)(1.0)---0.4 (5.1)
Employee benefits(201.2)(168.5)(8.7)--3.4 (3 74.9)
Other operating expenses(6 4 0.3)(6 4.8)(8.4)--4 7. 1 (666.5)
Total operating expenditure( 9 1 7. 0 )(266.9)( 1 7. 5 )--52.4 (1,149.0)
Operating surplus before financing, derivatives, realisations and impairments234.6 433.3 (16.8)3 7. 5 9.1 (1.6)696.1
Net gain/(loss) on foreign exchange and derivatives91.9 -0.1 --(0.1)91.9
Net realisations, revaluations and impairments312.1 ----(329.2)( 1 7. 1 )
Interest income21.7 0.3 ----22.0
Interest expense(165.5)(23.0)(0.1)--(0.2)(188.8)
Net financing expense(14 3.8)(22.7)(0.1)--(0.2)(166.8)
Net surplus before taxation494.8 410.6 (16.8)3 7. 5 9.1 (331.1)604.1
Ta xati o n ex p e n s e(41.3)(1.7)---0.5 (42.5)
Net surplus/(loss) for the year453.5 408.9 (16.8)3 7. 5 9.1 (330.6)561.6
Current assets931.5 4 7. 3 26.7 --170.2 1,175.7
Non-current assets5,670.6 2,759.5 2.8 441.1 308.8 (170.2)9,012.6
Current liabilities1,019.2 70.0 26.0 --70.1 1,185.3
Non-current liabilities3,040.5 3 6 7. 8 0.3 --(216.3)3,192.3
Net assets2,542.4 2,369.0 3.2 441.1 308.8 146.2 5,810.7
Net debt2,170.6 262.2 (23.7)---2,409.1
Capital expenditure and investments355.9 4 7. 6 2.9 266.4 63.5 -736.3
23
5 Investments in associates
Investments include:
Name of entityPrincipal ActivityCountry/Region
Interest held
6 months ended
30 September
2023
Unaudited
6 months ended
30 September
2022
Unaudited
Year ended
31 March 2023
Audited
CDC Data CentresOwner, operator and developer of data centresAustralasia 48.2% 48.1% 48.1%
FortysouthOwner, operator and developer of passive mobile towers infrastructureNew Zealand 20.0% - 20.0%
GalileoRenewable energy developer Europe 40.0% 40.0% 40.0%
Kao DataOwner, operator and developer of data centresUnited Kingdom52.8% 39.9% 39.9%
Longroad EnergyRenewable energy owner, operator and developerUnited States 36.6% 40.0% 3 7. 1 %
One NZDigital services and connectivity providerNew Zealand99.9%
1
50.0% 50.0%
RetireAustraliaOwner, operator and developer of retirement villagesAustralia 50.0% 50.0% 50.0%
During the 6 months ended 30 September 2023
1
On 15 June 2023, the Group completed the acquisition for a further 49.95% shareholding in One NZ Limited. In accordance with IFRS 3 - Business Combinations, the Group’s
existing stake was remeasured to fair value with the entire investment subsequently being reclassified as a subsidiary from completion date (see Note 6.1). The table on the next
page includes the results of One NZ as an associate until 14 June 2023.
24
Investments in associates
Movement in the carrying amount of investment
CDC Data
Centres
$Millions
Unaudited
RetireAustralia
$Millions
Unaudited
Longroad
Energy
$Millions
Unaudited
One NZ
$Millions
Unaudited
Galileo
$Millions
Unaudited
Kao Data
$Millions
Unaudited
Fortysouth
$Millions
Unaudited
To t a l
$Millions
Unaudited
For the period ended 30 September 2023
Carrying value at 1 April 1,403.5 410.9 315.9 171.6 53.1 255.7 2 0 7. 7 2,818.4
Cost of equity 34.8 - 50.3 - 10.8 105.7 - 201.6
Capitalised transaction costs - - - - - - - -
Shareholder loan - - - - 12.2 - - 12.2
Total cost of acquisition 34.8 - 50.3 - 23.0 105.7 - 213.8
Interest on shareholder loan (including accruals) 4.3 - - 3.0 0.2 - - 7.5
Share of associate’s surplus before income tax 109.9 1 7. 2 3 7. 3 (1.4) 5.0 (9.6) 3.2 161.6
Share of associate’s income tax (expense)(36.6) - - (3.5)(0.3) - - (4 0.4)
Gain/(loss) on sale of interest - - 41.8 - - - - 41.8
Share of associate’s share capital issued/purchased, net of dilution 3.4 - - - - - - 3.4
Total share of associate’s earnings in the period 81.0 1 7. 2 79.1 (1.9) 4.9 (9.6) 3.2 173.9
Share of associate’s other comprehensive income(1.6) - 4 4.0 1.1 0.3 - - 43.8
Share of associate’s other reserves - - (32.1) - (0.4) - - (32.5)
less: Distributions received(14.7) - (19.5) - - - (1.1)(35.3)
less: Capital returned - - - - - - - -
less: Shareholder loan repayments including interest(1.9) - - - - - - (1.9)
Foreign exchange movements recognised in other comprehensive income 4.8 2.3 19.7 - 0.9 8.2 - 35.9
Revaluation adjustment of investment to fair value - - - 1,064.5 - - - 1,064.5
less: Consideration transferred to business combination - - - (1,235.3) - - - (1,235.3)
Carrying value of investment in associate 1,505.9 4 30.4 4 5 7. 4 - 81.8 360.0 209.8 3,045.3
25
Investments in associates
Summary financial information, not adjusted for the percentage ownership
held by the Group
CDC Data
Centres
A$Millions
Unaudited
RetireAustralia
A$Millions
Unaudited
Longroad
Energy
US$Millions
Unaudited
One NZ
$Millions
Unaudited
Galileo
€Millions
Unaudited
Kao Data
£Millions
Unaudited
Fortysouth
$Millions
Unaudited
For the period ended 30 September 2023
Current assets 111.5 1 9 7. 8 380.1 - 91.0 23.0 26.1
Non-current assets 6,114.2 3,063.4 3,613.9 - 48.7 388.6 2,137.3
Total assets 6,225.7 3,261.2 3,994.0 - 139.7 411.6 2,163.4
Current liabilities 119.5 2,223.9 509.5 - 8.9 8 4.7 16.6
Non-current liabilities 3,583.2 2 3 7. 9 1 ,74 9.8 - 56.6 6 7. 6 1,099.7
Total liabilities 3,702.7 2,461.8 2,259.3 - 65.5 152.3 1,116.3
Non-controlling interests - - (1,04 4.4) - - - -
Net assets 2,523.0 799.4 690.3 - 74. 2 259.3 1 , 0 4 7. 1
Group’s share of net assets 1 , 2 1 7. 1 399.7 252.7 - 29.7 136.9 209.4
Revenues 192.6 110.3 92.6 - 1.7 26.2 40.9
Net profit after tax 141.0 31.9 (14.5) - 6.3 ( 7. 6 ) 9.4
Other comprehensive income(3.2) - - - - - -
Total comprehensive income 1 3 7. 8 31.9 (14.5) - 6.3 ( 7. 6 ) 9.4
Reconciliation of the carrying amount of the Group’s investment:
Group’s share of net assets in NZD 1,310.6 4 30.4 423.5 - 40.2 280.0 209.4
add: Goodwill 17.5 - 33.9 - - 74.9 -
add: Shareholder loan 1 7 7. 7 - - - 40.7 - -
add: Capitalised transaction costs - - - - 0.9 5.1 0.4
Carrying value of investment in associate 1,505.9 430.4 4 5 7. 4 - 81.8 360.0 209.8
26
Investments in associates
Movement in the carrying amount of investment
CDC Data
Centres
$Millions
Unaudited
RetireAustralia
$Millions
Unaudited
Longroad
Energy
$Millions
Unaudited
One NZ
$Millions
Unaudited
Galileo
$Millions
Unaudited
Kao Data
$Millions
Unaudited
Fortysouth
$Millions
Unaudited
To t a l
$Millions
Unaudited
For the period ended 30 September 2022
Carrying value at 1 April 1,026.3 4 1 7. 3 90.5 838.2 19.6 203.4 - 2,595.3
Cost of equity 14.1 - 20.9 - - 5.6 - 40.6
Capitalised transaction costs - - - - - - - -
Shareholder loan - - - - 15.7 - - 15.7
Total cost of acquisition 14.1 - 20.9 - 15.7 5.6 - 56.3
Interest on shareholder loan (including accruals) 4.4 - - 7. 2 0.1 - - 11.7
Share of associate’s surplus before income tax 482.8 24.8 (6.7) 6.0 (6.4)(4.5) - 496.0
Share of associate’s income tax (expense)( 1 5 7. 9 ) - - (3.9)(0.1) - - (161.9)
Gain/(loss) on sale of interest - - - - - - - -
add: share of associate's share capital issued/purchased, net of dilution 0.8 - - - - - - 0.8
Total share of associate’s earnings in the period 330.1 24.8 (6.7) 9.3 (6.4)(4.5) - 346.6
Share of associate's other comprehensive income(4.2) 0.6 57.5 1.8 (0.1) - - 55.6
Share of associate's other reserves - - - - - - - -
less: Distributions received(15.0) - (1.4)( 7. 5 ) - - - (23.9)
less: Capital returned - - - - - - - -
less: Shareholder loan repayments including interest - - - ( 7. 2 ) - - - ( 7. 2 )
less: Disposals - - - - - - - -
Foreign exchange movements recognised in other comprehensive income 6 4.0 23.5 19.0 - 1.8 6.8 - 115.1
Carrying value of investment in associate 1,415.3 466.2 179.8 834.6 30.6 211.3 - 3 , 1 3 7. 8
less: Group share of net assets held for sale - - - (308.1) - - - (308.1)
Carrying value of investment in associate (excluding net assets held for sale)1,415.3 466.2 179.8 526.5 30.6 211.3 - 2,829.7
27
Investments in associates
Summary financial information, not adjusted for the percentage ownership
held by the Group
CDC Data
Centres
A$Millions
Unaudited
RetireAustralia
A$Millions
Unaudited
Longroad
Energy
US$Millions
Unaudited
One NZ
$Millions
Unaudited
Galileo
€Millions
Unaudited
Kao Data
£Millions
Unaudited
Fortysouth
$Millions
Unaudited
For the period ended 30 September 2022
Current assets90.9 220.7 260.0 1,213.8 11.9 31.4 -
Non-current assets5,288.3 2,793.1 2,287.8 2,812.3 41.1 269.6 -
Total assets5,379.2 3,013.8 2 , 5 4 7. 8 4,026.1 53.0 301.0 -
Current liabilities79.5 2,002.0 3 41.0 1,139.6 4.7 45.0 -
Non-current liabilities3,068.9 191.0 1,026.0 1,781.2 47.5 66.7 -
Total liabilities3,148.4 2,193.0 1 , 3 6 7. 0 2,920.8 52.2 111.7 -
Non-controlling interests--(915.6)----
Net assets2,230.8 820.8 265.2 1,105.3 0.8 189.3 -
Group's share of net assets
1,072.5 410.4 103.2 552.1 0.3 75.5
-
Revenues160.4 5 7. 0 80.5 989.5 -19.0 -
Net profit after tax610.6 4 4.6 (1.8) 4.1 (12.1)(5.8)-
Other comprehensive income(8.6)--3.6 ---
Total comprehensive income
602.0 4 4.6 (1.8) 7. 7 (12.1)(5.8)
-
Reconciliation of the carrying amount of the Group's investment:
Group's share of net assets in NZD
1,218.1 466.2 179.8 552.1 2.3 147.1
-
add: Goodwill
5.7 ----59.0
-
add: Shareholder loan
191.5 --282.3 2 7. 4 -
-
add: Capitalised transaction costs
---0.2 0.9 5.2
-
less: Group share of net assets reclassified to held for sale---(308.1)---
Carrying value of investment in associate1,415.3 466.2 179.8 526.5 30.6 211.3
-
Investments in associates
Movement in the carrying amount of investment
CDC Data
Centres
$Millions
Audited
RetireAustralia
$Millions
Audited
Longroad
Energy
$Millions
Audited
One NZ
$Millions
Audited
Galileo
$Millions
Audited
Kao Data
$Millions
Audited
Fortysouth
$Millions
Audited
To t a l
$Millions
Audited
For the period ended 31 March 2023
Carrying value at 1 April1,026.3 4 1 7. 3 90.5 838.2 19.7 203.4 -2,595.4
Cost of equity14.2 -242.2 -26.6 21.2 212.1 516.3
Capitalised transaction costs------0.4 0.4
Shareholder loan----15.7 --15.7
Total cost of acquisition14.2 -242.2 -42.3 21.2 212.5 532.4
Interest on shareholder loan (including accruals)8.8 --15.6 0.2 --24.6
Share of associate’s surplus before income tax5 74.1 (6.4)(25.8)93.0 (11.3)20.5 (4.8)639.3
Share of associate’s income tax (expense)(171.8)2.3 -95.4 (0.3)--(74.4)
Gain/(loss) on sale of interest--63.2 ----63.2
Share of associate's share capital issued/purchased, net of dilution0.7 ------0.7
Total share of associate’s earnings in the period411.8 (4.1)3 7. 4 204.0 (11.4)20.5 (4.8)653.4
Share of associate's other comprehensive income5.1 -20.3 0.7 ---26.1
Share of associate's other reserves--( 74.6)----( 74.6)
less: Distributions received(29.5)-( 7. 7 )( 1 0 7. 4 )---(14 4.6)
less: Capital returned---(690.2)---(690.2)
less: Shareholder loan repayments including interest( 7. 6 )--(73.6)---(81.2)
less: Disposals--------
Foreign exchange movements recognised in other comprehensive income(16.8)(2.3)7. 7 -2.6 10.6 -1.8
Carrying value of investment in associate1,403.5 410.9 315.8 171.7 53.2 255.7 207.7 2,818.5
28
29
Investments in associates
Summary financial information, not adjusted for the percentage ownership
held by the Group
CDC Data
Centres
A$Millions
Audited
RetireAustralia
A$Millions
Audited
Longroad
Energy
US$Millions
Audited
One NZ
$Millions
Audited
Galileo
€Millions
Audited
Kao Data
£Millions
Audited
Fortysouth
$Millions
Audited
For the year ended 31 March 2023
Current assets110.1 189.5 231.6 428.2 51.9 22.4 49.7
Non-current assets5,762.3 2,871.0 2,916.5 3,090.7 39.7 343.8 1,814.5
Total assets5,872.4 3,060.5 3,148.1 3,518.9 91.6 366.2 1,864.2
Current liabilities74.0 2,033.0 412.6 572.7 6.1 61.8 24.1
Non-current liabilities3,428.1 259.9 1 , 2 7 7. 7 2,869.0 48.3 62.4 803.6
Total liabilities3,502.1 2,292.9 1,690.3 3,441.7 54.4 124.2 8 2 7. 7
Non-controlling interests--( 9 7 7. 5 )----
Net assets2,370.3 7 6 7. 6 480.3 7 7. 2 3 7. 2 242.0 1,036.5
Group's share of net assets1,139.7 383.8 178.0 36.1 14.9 96.5 2 0 7. 3
Revenues3 45.0 61.0 139.4 1,983.8 (2.3)4 4.1 32.1
Net profit after tax762.7 ( 7. 5 )33.0554.9 (17.4)26.7 (23.8)
Other comprehensive income10.7 --1.7 ---
Total comprehensive income773.4 ( 7. 5 )33.0556.6 (17.4)26.7 (23.8)
Reconciliation of the carrying amount of the Group's investment:
Group's share of net assets in NZD1,220.3 410.9 283.6 36.1 24.2 190.7 2 0 7. 3
add: Goodwill6.2 -32.2 --59.9 -
add: Shareholder loan1 7 7. 0 --224.2 2 7. 9 --
add: Capitalised transaction costs---0.2 1.1 5.1 0.4
less: Infratil's share of the gain on sale of Aotearoa Towers Limited---(88.8)---
Carrying value of investment in associate1,403.5 410.9 315.8 171.7 53.2 255.7 207.7
30
6 Acquisition of subsidiaries
6.1 One NZ
On 7 June 2023, Infratil announced that it had reached an agreement with Brookfield Asset Management (‘Brookfield’), to acquire Brookfield’s 49.95%
stake in ICN JV Investments Limited (‘One NZ’) for $1,800.0 million, increasing Infratil’s ownership from 49.95% to 99.90%. The completion of the
acquisition occurred on 15 June 2023. The $1,800.0 million was paid in cash and was allocated as $1,572.1 million consideration for the shares, and
$227.9 million for Brookfield’s portion of the shareholder loan receivable. The transaction completed on 15 June 2023, funded by existing cash reserves,
external debt funding, and an equity raise.
Prior to 15 June 2023, Infratil’s investment in One NZ was equity accounted under NZ IAS 28 Investments in Associates and Joint Ventures. This was on
the basis that Infratil and Brookfield collectively controlled One NZ. As a result of Infratil’s increased ownership, Infratil is required to consolidated One NZ
from the acquisition date. As Infratil’s original stake in One NZ was acquired in May 2019, NZ IFRS 3 Business Combinations requires that the acquisition
of Brookfield’s 49.95% stake is recognised as an acquisition achieved in stages (‘step acquisition’).
In a step acquisition, the fair value of the equity accounted investment in One NZ that Infratil held immediately before obtaining control is used in the
determination of goodwill that will be recognised by Infratil on acquisition of the controlling share in One NZ. This treatment effectively considers that the
49.95% of the investment in One NZ that was held by Infratil, before obtaining control, is sold, and a 99.90% controlling interest in a subsidiary has been
purchased. The fair value of the initial 49.95% has been calculated as $1,235.3 million by discounting the price paid for the controlling interest with
observed market control premiums. As of 14 June 2023, the carrying value of Infratil’s investment in One NZ was $170.8 million. Comparing the carrying
value of Infratil’s investment immediately before obtaining control to the fair value results in a gain on acquisition of $1,064.5 million.
NZ IFRS 3 Business Combinations requires that the identifiable assets and liabilities acquired as part of a business combination are measured at fair value
at the date of acquisition, with any deficit between the consideration paid (including the previously held equity investment at fair value) and the value of
the net identifiable assets (or liabilities) acquired and any non-controlling interest, recognised as goodwill, with any gain recognised through profit & loss.
The acquisition accounting required under NZ IFRS 3 has not been finalised as at 30 September 2023, and therefore the amounts recorded in the
financial statements are reported as provisional. This primarily relates to the requirement that the identifiable assets and liabilities acquired as part of a
business combination are measured at fair value at the date of acquisition, as well as any other identified intangible assets. An independent valuer has
been appointed to perform this exercise. If this exercise identifies any adjustments to the provisional amounts, or if new information obtained within one
year of the date of acquisition (about facts and circumstances that existed at the date of acquisition) identifies adjustments to the provisional amounts,
or any additional provisions that existed at the date of acquisition are discovered, then the acquisition accounting will be revised. The identifiable assets
and liabilities acquired as part of the business combination are summarised on the next page.
313131
The following table summarises the recognised amounts of assets acquired and liabilities assumed at the date of acquisition:
15 June 2023
Fair Value
(Provisional)
NZ$Millions
Cash and cash equivalents 24.9
Trade and other accounts receivable and prepayments 303.9
Derivative financial instruments 33.3
Inventories 59.3
Income tax receivable 9.3
Current assets430.7
Trade and other accounts receivable and prepayments61.8
Property, plant and equipment851.0
Right of use assets951.5
Intangible assets400.0
Investments in associates20.4
Deferred tax asset22.1
Non-current assets2,306.8
Total assets2 , 7 3 7. 5
Accounts payable, accruals and other liabilities495.1
Interest bearing loans and borrowings9.4
Lease liabilities55.0
Current liabilities559.5
Interest bearing loans and borrowings1,466.8
Accounts payable, accruals and other liabilities106.3
Lease liabilities8 6 7. 9
Shareholder loan4 48.4
Non-current liabilities2,889.4
Total identifiable assets/(liabilities) at fair value 100%(711.4)
Provisional goodwill arising from the acquisition has been recognised as follows:
15 June 2023
Fair Value
(Provisional)
NZ$Millions
Cash consideration1,800.0
add: previously held equity interest (fair value)1,235.3
add: non-controlling interest (proportionate share)4.1
Total consideration paid3,039.4
Total identifiable assets/(liabilities) at fair value(711.4)
add: Shareholder loan4 48.4
add: Shareholder loan accrued interest3.7
Value of the net identifiable assets (or liabilities) acquired(259.3)
Provisional goodwill 3,298.7
For the four months ended 30 September 2023, One NZ contributed revenue of $664.2 million and net profit after tax of $16.2 million. If the acquisition
had occurred on 1 April 2023, management estimates that consolidated revenue and net profit after tax would have been $976.6 million and a profit of
$6.4 million, respectively. In determining these amounts, management has assumed that the measurement adjustments, determined provisionally, that
arose on the date of acquisition would have been the same if the acquisition had occurred on 1 April 2023.
Acquisition costs relating to the transaction of $1.0 million were recognised in the Statement of Comprehensive Income for the 6 months to
30 September 2023.
32
6.2 Console Connect
On 10 July 2023, Infratil executed a conditional agreement to acquire 80% of Console Connect from Hong Kong Telecommunications (‘HKT’) for
US$160.0 million. Console Connect is leading telecommunications company in Hong Kong. The initial acquisition by Infratil of 80% of Console Connect
is step-one of a two-step process, with HKT subsidiary PCCW Global retaining a put option to sell its enterprise and wholesale business to Console
Connect as step-two of the process. Step two of the process would involve the issue of shares in Console Connect to HKT in consideration for the
acquisition of PCCW’s enterprise and wholesale business. At the culmination of this transaction, Infratil would own no less than 60% of the equity of
Console Connect.
The Group will fund the acquisition through existing bank loan facilities. Drawdown is contingent on completion of the acquisition. Completion of the
acquisition is conditional on telecommunication, foreign investment regulatory approvals and merger approvals in Australia, France, Germany, Greece,
Hong Kong, Italy, Japan, Mozambique, the Netherlands, Singapore, South Africa, and the USA. Assuming those approvals are granted, completion is
currently expected by Q3 2024. As such the acquisition remains incomplete at the date of signing the accounts.
7 Taxation
6 months ended
30 September
2023
$Millions
Unaudited
6 months ended
30 September
2022
$Millions
Unaudited
Year ended
31 March
2023
$Millions
Audited
Net surplus before taxation from continuing operations1 , 2 74.7 2 9 7. 9 604.1
Taxation on the surplus for the period @ 28%356.9 83.4 169.1
Plus/(less) taxation adjustments:
Effect of tax rates in foreign jurisdictions(1.1)0.3 (0.4)
Net benefit of imputation credits(2.1)(3.9)(8.5)
Exempt dividends-(0.6)-
Timing differences not recognised1.0 -(0.6)
Tax losses not recognised/(utilised)(0.3)21.5 2.1
Effect of equity accounted earnings of associates(26.6)(92.7)(165.9)
Tax effect of change in corporate tax rate on deferred tax liability-(0.1)-
Recognition of previously unrecognised deferred tax--25.1
Attributed CFC and FIF income-32.0-
(Over)/Under provision in prior periods16.7 (1.5)(2 2.8)
Net investment realisations(299.4)-0.4
Other permanent differences14.5 38.8 4 4.0
Taxation expense59.6 7 7. 1 42.5
Current taxation 3 7. 4 20.1 50.5
Deferred taxation 22.2 5 7. 0 (8.0)
Tax on discontinued operations(0.3)0.4 0.4
The Group operates in various jurisdictions some of which have enacted or substantively enacted tax legislation to implement the Pillar Two Model Rules.
However, as the application of the Pillar Two Model Rules in respect of those judications will not apply to the financial reporting period ended 31 March
2024, there is no current tax impact in the period ended 30 September 2023 (30 September 2022: nil, 31 March 2023: nil). The Group has applied a
temporary mandatory relief from deferred tax accounting in respect of the Pillar Two Model Rules and will account for it as a current tax arising under the
Pillar Tax Model rules when it is incurred (see Note 1).
333333
8 Goodwill
30 September
2023
$Millions
Unaudited
30 September
2022
$Millions
Unaudited
31 March
2023
$Millions
Audited
Balance at beginning of the year1,846.1 1,807.2 1,807.2
Goodwill arising on acquisitions3,298.7 4 7. 0 42.8
Goodwill disposed of during the year---
Transfers to disposal group assets classified as held for sale---
Effects of movements in exchange rates3.8 3 7. 1 (3.9)
Balance at the end of the year5,148.6 1,891.3 1,846.1
The aggregate carrying amounts of goodwill allocated to each cash generating unit are as follows:
Manawa Energy61.8 61.9 61.9
Qscan Group7 0 7. 7 74 8.9 703.7
RHCNZ Medical Imaging1,080.4 1,080.5 1,080.5
One NZ3,298.7 --
5,148.6 1,891.3 1,846.1
As outlined in Note 6.1, the acquisition accounting of One NZ is not finalised and therefore the goodwill relating to this business is considered provisional
at 30 September 2023.
34
9 Loans and borrowings
This note provides information about the contractual terms of the Group’s interest bearing loans and borrowings.
30 September
2023
$Millions
Unaudited
30 September
2022
$Millions
Unaudited
31 March
2023
$Millions
Audited
Current liabilities
Unsecured bank loans-20.0 51.6
Secured bank facilities38.7 7. 1 455.4
less: Loan establishment costs capitalised and amortised over term( 7. 3 )(6.1)(1 2.4)
31.4 21.0 494.6
Non-current liabilities
Unsecured bank loans733.4 24.6 23.1
Secured bank facilities2,158.1 735.7 286.9
less: Loan establishment costs capitalised and amortised over term(16.8)(14.1)(4.7)
2 , 8 74.7 74 6. 2 305.3
Facilities utilised at reporting date
Unsecured bank loans733.4 4 4.6 74.6
Unsecured guarantees---
Secured bank loans2,196.8 742 .8 742 .4
Secured guarantees5.4 5.2 5.1
Facilities not utilised at reporting date
Unsecured bank loans1,326.5 1,276.2 1,233.9
Unsecured guarantees---
Secured bank loans185.0 163.5 140.0
Secured guarantees---
Interest bearing loans and borrowings -
current31.4 21.0 494.6
Interest bearing loans and borrowings -
non-current2 , 8 74.7 74 6. 2 305.3
Total interest bearing loans and borrowings2,906.1 7 6 7. 2 799.9
30 September
2023
$Millions
Unaudited
30 September
2022
$Millions
Unaudited
31 March
2023
$Millions
Audited
Maturity profile for bank facilities (excluding secured guarantees):
Between 0 to 1 year271.9 2 9 7. 1 8 4 3.0
Between 1 to 2 years1 , 6 4 7. 3 200.1 542.2
Between 2 to 5 years2,522.5 1,729.9 805.7
Over 5 years---
Total bank facilities4,4 41.7 2 , 2 2 7. 1 2,190.9
353535
Financing arrangements
Wholly owned subsidiaries
Infratil Finance Limited, a wholly owned subsidiary of the Company, has entered into bank facility arrangements with a negative pledge agreement,
which, with limited exceptions does not permit the Infratil Guaranteeing Group (‘IGG’) to grant any security over its assets. The IGG comprises entities
subject to a cross guarantee and comprises Infratil Limited, Infratil Finance Limited and certain other wholly owned subsidiaries. These facilities are
primarily used to fund the corporate and investment activities of the Company. The IGG does not incorporate the underlying assets of the Company’s
non-wholly owned subsidiaries and associates. The IGG bank facilities also include restrictions over the sale or disposal of certain assets without bank
agreement. Liability under the cross guarantee is limited to the amount of debt drawn under the IGG facilities, plus any unpaid interest and costs of
recovery.
At 30 September 2023 there was $635.0 million of drawn debt or accrued interest payable under the IGG facilities (30 September 2022: nil,
31 March 2023: nil) and undrawn IGG facilities totalled $1,010.0 million (30 September 2022: $910.8 million, 31 March 2023: $898.4 million).
Non-wholly owned subsidiaries
The Group’s non-wholly owned subsidiaries also enter into bank facility arrangements. Amounts outstanding under these facilities are included within
loans and borrowings in the table above. Wellington International Airport and Manawa Energy’s facilities are both subject to negative pledge
arrangements, which with limited exceptions does not permit those entities to grant security over their respective assets. One NZ, Qscan Group and
RHCNZ Medical Imaging borrow under syndicated bank debt facilities, under which security is granted over their respective assets. All non-wholly owned
subsidiary facilities are subject to restrictions over the sale or disposal of certain assets without bank agreement.
The various bank facilities across the Group require the relevant borrowing group to operate within defined performance and gearing ratios as is typical of
debt facilities of this nature. Throughout the period the Group has complied with all debt covenant requirements as imposed by the respective lenders.
Interest rates
Interest rates payable on bank loan facilities are floating rate determined by reference to prevailing money market rates at the time of draw-down plus a
margin. Interest rates paid during the period ranged from 4.96% to 9.24% (30 September 2022: 0.56% to 7.04%, 31 March 2023: 1.40% to 8.44%).
36
10 Infratil Infrastructure bonds
30 September
2023
$Millions
Unaudited
30 September
2022
$Millions
Unaudited
31 March
2023
$Millions
Audited
Balance at the beginning of the period1,311.3 1,388.5 1,388.5
Issued during the period2 7 7. 2 115.9 115.9
Exchanged during the period(52.2)(50.9)-
Matured during the period(69.9)(42.8)(193.7)
Purchased by Infratil during the period---
Bond issue costs capitalised during the period(2.1)(1.5)(1.5)
Bond issue costs amortised during the period0.9 1.1 2.1
Balance at the end of the period1,465.2 1,410.3 1,311.3
Current56.0 221.8 122.0
Non-current1,177.3 956.6 9 5 7. 4
Non-current perpetual variable coupon231.9 231.9 231.9
Balance at the end of the period1,465.2 1,410.3 1,311.3
Repayment terms and interest rates:
IFT240 maturing in December 2022, 5.65% p.a. fixed coupon rate-100.0 -
IFT210 maturing in September 2023, 5.25% p.a. fixed coupon rate-122.1 122.1
IFT230 maturing in June 2024, 5.50% p.a. fixed coupon rate56.1 56.1 56.1
IFT260 maturing in December 2024, 4.75% p.a. fixed coupon rate100.0 100.0 100.0
IFT250 maturing in June 2025, 6.15% p.a. fixed coupon rate43.4 43.4 43.4
IFT300 maturing in March 2026, 3.35% p.a. fixed coupon rate120.3 120.3 120.3
IFT280 maturing in December 2026, 3.35% p.a. fixed coupon rate156.3 156.3 156.3
IFT310 maturing in December 2027, 3.60% p.a. fixed coupon rate102.4 102.4 102.4
IFT270 maturing in December 2028, 4.85% p.a. fixed coupon rate until 15 December 2023146.2 146.2 146.2
IFT320 maturing in June 2030, 5.93% p.a. fixed coupon rate until 15 June 2026115.9 115.9 115.9
IFT330 maturing in July 2029, 6.90% p.a. fixed coupon rate150.0 --
IFT340 maturing in March 2031, 7.08% p.a. fixed coupon rate1 2 7. 2 --
IFTHC maturing in December 2029, 7.89% p.a. variable coupon rate, reset annually from
15 December 2021
123.2 123.2 123.2
IFTHA Perpetual Infratil infrastructure bonds231.9 231.9 231.9
less: issue costs capitalised and amortised over term(8.4)(8.5)( 7. 4 )
add: issue premium capitalised and amortised over term0.7 1.0 0.9
Balance at the end of the period1,465.2 1,410.3 1,311.3
373737
Fixed coupon
The fixed coupon bonds the Company has on issue are at a face value of $1.00 per bond. Interest is payable quarterly on the bonds.
IFTHC bonds
The IFTHC bonds the Company has on issue are at a face value of $1.00 per bond. Interest is payable quarterly on the bonds. The coupon for the IFTHC
bonds for the period to (but excluding) 15 December 2023 is fixed at 7.89% per annum (for the period to 15 December 2022 the coupon was 4.19%).
Thereafter the rate will be reset annually at 2.50% per annum over the then one year swap rate for quarterly payments.
IFT270 bonds
The interest rate of the IFT270 bonds is fixed at 4.85% for the first five years and then reset on 15 December 2023 for a further five years. The interest
rate for the IFT270 bonds for the period to (but excluding) 15 December 2023 until the maturity date will be the sum of the five year swap rate on
15 December 2023 plus a margin of 2.50% per annum.
IFT320 bonds
The interest rate of the IFT320 bonds is fixed at 5.93% for the first four years and will then reset on 15 June 2026 for a further four years. The interest rate
for the IFT320 bonds for the period from (but excluding) 15 June 2026 until the maturity date will be the sum of the four year swap rate on 15 June 2026
plus a margin of 2.00% per annum.
Perpetual Infratil infrastructure bonds (‘PIIBs’)
The Company has 231,916,000 (30 September 2022: 231,916,000, 31 March 2023: 231,916,000) PIIBs on issue at a face value of $1.00 per bond.
Interest is payable quarterly on the bonds. On 15 November 2022 the coupon was set at 6.45% per annum until the next reset date, being 15 November
2023 (September 2022: 3.14%, March 2023: 6.45%). Thereafter the rate will be reset annually at 1.50% per annum over the then one year swap rate for
quarterly payments, unless Infratil’s gearing ratio exceeds certain thresholds, in which case the margin increases. These infrastructure bonds have no
fixed maturity date.
Throughout the period the Company complied with all debt covenants relating to its Bonds on issue.
At 30 September 2023 Infratil Infrastructure bonds (including PIIBs) had a fair value of $1,353.7 million (30 September 2022: $1,314.8 million,
31 March 2023: $1,203.4 million).
38
11 Financial instruments
11.1 Fair values
Financial assets and financial liabilities are measured at their fair value, with the exception of bond debt and senior notes which are measured at
amortised cost. The bond debt and senior notes have a fair value at 30 September 2023 of $2,331.4 million (30 September 2022: $2,386.4 million,
31 March 2023: $2,264.1 million) compared to an amortised cost value of $2,463.1 million (30 September 2022: $2,493.4 million, 31 March 2023:
$2,383.7 million).
11.2 Estimation of fair values
The fair values of financial assets and financial liabilities are determined as follows:
• The fair value of financial assets and liabilities with standard terms and conditions and traded on active liquid markets are determined with reference
to quoted market prices.
• The fair value of other financial assets and liabilities are calculated using market-quoted rates based on discounted cash flow analysis.
• The fair value of derivative financial instruments are calculated using quoted prices. Where such prices are not available, use is made of discounted
cash flow analysis using the applicable yield curve or available forward price data for the duration of the instruments.
Where the fair value of a derivative is calculated as the present value of the estimated future cash flows of the instrument, the two key types of variables
used in the valuation techniques are:
• forward price curve (for the relevant underlying interest rates, foreign exchange rates or commodity prices); and
• discount rates.
Valuation inputSource
Interest rate forward price curvePublished market swap rates
Foreign exchange forward pricesPublished spot foreign exchange rates
Electricity forward price curveMarket quoted prices where available and management's best estimate based on
its view of the long run marginal cost of new generation where no market quoted
prices are available
Discount rate for valuing interest rate derivativesPublished market interest rates as applicable to the remaining life of the instrument
Discount rate for valuing forward foreign exchange contractsPublished market rates as applicable to the remaining life of the instrument
Discount rate for valuing electricity price derivativesAssumed counterparty cost of funds ranging from 5.51% to 6.25% (30 September
2022: 3.3% to 3.5%, 31 March 2023: 3.1% to 6.1%)
The selection of variables requires significant judgement and therefore there is a range of reasonably possible assumptions in respect of these variables
that could be used in estimating the fair value of these derivatives. Maximum use is made of observable market data when selecting variables and
developing assumptions for the valuation techniques.
393939
11.3 Fair value hierarchy
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly
(that is, derived from prices) (level 2)
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3)
The following tables present the Group’s financial assets and liabilities that are measured at fair value.
30 September 2023
Level 1
$Millions
Unaudited
Level 2
$Millions
Unaudited
Level 3
$Millions
Unaudited
Total
$Millions
Unaudited
Assets per the statement of financial position
Derivative financial instruments - energy--204.8 204.8
Derivative financial instruments - cross currency interest rate swaps-7. 1 -7. 1
Derivative financial instruments - foreign exchange-16.7 -16.7
Derivative financial instruments - interest rate-142.3 -142.3
Tot al-166.1 204.8 370.9
Liabilities per the statement of financial position
Derivative financial instruments - energy--69.9 69.9
Derivative financial instruments - cross currency interest rate swaps----
Derivative financial instruments - foreign exchange-0.1 -0.1
Derivative financial instruments - interest rate-19.7 -19.7
Tot al-19.8 69.9 89.7
30 September 2022
Level 1
$Millions
Unaudited
Level 2
$Millions
Unaudited
Level 3
$Millions
Unaudited
Total
$Millions
Unaudited
Assets per the statement of financial position
Derivative financial instruments - energy- - 145.1 145.1
Derivative financial instruments - cross currency interest rate swaps- 16.5 -16.5
Derivative financial instruments - foreign exchange- - --
Derivative financial instruments - interest rate-85.0 -85.0
Tot al-101.5 145.1 246.6
Liabilities per the statement of financial position
Derivative financial instruments - energy- - 163.3 163.3
Derivative financial instruments - cross currency interest rate swaps- - --
Derivative financial instruments - foreign exchange- 0.6 -0.6
Derivative financial instruments - interest rate-16.0 -16.0
Tot al- 16.6 163.3 179.9
40
31 March 2023
Level 1
$Millions
Audited
Level 2
$Millions
Audited
Level 3
$Millions
Audited
Total
$Millions
Audited
Assets per the statement of financial position
Derivative financial instruments - energy- - 155.5 155.5
Derivative financial instruments - cross currency interest rate swaps- 6.9 -6.9
Derivative financial instruments - foreign exchange- 3.3 -3.3
Derivative financial instruments - interest rate-66.5 -66.5
Tot al- 76.7 155.5 232.2
Liabilities per the statement of financial position
Derivative financial instruments - energy- - 92.9 92.9
Derivative financial instruments - cross currency interest rate swaps- - --
Derivative financial instruments - foreign exchange- 0.6 -0.6
Derivative financial instruments - interest rate-23.0 -23.0
Tot al- 23.6 92.9 116.5
There were no transfers between derivative financial instrument assets or liabilities classified as level 1 or level 2, and level 3 of the fair value hierarchy
during the period ended 30 September 2023 (30 September 2022: none, 31 March 2023: none).
11.4 Energy derivatives
Energy Price Risk is the risk that financial performance will be impacted by fluctuations in spot energy prices. The Group meets its energy sales demand
by purchasing energy on spot markets, physical deliveries and financial derivative contracts. This exposes the Group to fluctuations in the spot and
forward price of energy. The Group has entered into a energy hedge contract to reduce the energy price risk from price fluctuations. This hedge contract
establishes the price at which future specified quantities of energy are purchased and settled. Any resulting differential to be paid or received is
recognised as a component of energy costs through the term of the contract. The Group has elected to apply cash flow hedge accounting to those
instruments it deems material and which qualify as a cash flow hedge.
At the time of the sale of the Trustpower Retail business to Mercury Energy (‘Mercury’), Mercury and Manawa signed a pre-agreed electricity price
contract for differences, under which Manawa will supply electricity to Mercury. Manawa and Mercury entered into this electricity price derivative on
2 May 2022, which on day 1 had a negative value of $521.8 million which was deferred as per NZ IFRS 9.
During the current period $77.6 million (cumulative to date: $199.7 million) of the deferred day 1 value has been recognised through wholesale
electricity revenue as the calibrated CFD cash flows have been realised throughout the period. These CFD cash settlements have reduced the impact of
changes in wholesale electricity prices on Manawa Energy’s revenue. A current period fair value gain of $54.9 million (September 2022: $7.2 million) has
been recognised with $52.5 million (September 2022: $7.2 million) taken to the cash flow hedge reserve and $2.4 million (September 2022: nil) taken to
net fair value gains on derivatives. The fair value of this electricity price derivative at 30 September 2023 is $152.3 million (31 March 2023: $97.4 million)
with a cumulative amount of $80.3 million taken to the cashflow hedge reserve.
Energy price sensitivity analysis
The following table shows the impact on post-tax profit and equity of an increase/decrease in the relevant forward electricity prices with all other
variables held constant:
6 months ended
30 September
2023
$Millions
Unaudited
6 months ended
30 September
2022
$Millions
Unaudited
Year ended
31 March
2023
$Millions
Audited
Profit and loss
10% increase in energy forward prices( 7. 1 )(3.6)(12.2)
10% decrease in energy forward prices7. 1 58.5 12.2
Other comprehensive income
10% increase in energy forward prices(80.8)(11 2.9)(104.4)
10% decrease in energy forward prices80.8 112.9 104.4
414141
The following table reconciles the movements in level 3 Electricity price derivatives that are classified within level 3 of the fair value hierarchy because
the assumed location factors which are used to adjust the forward price path are unobservable.
6 months ended
30 September
2023
$Millions
Unaudited
6 months ended
30 September
2022
$Millions
Unaudited
Year ended
31 March
2023
$Millions
Audited
Assets per the statement of financial position
Opening balance155.5 106.2 106.2
Foreign exchange movement on opening balance---
Acquired as part of business combination---
Gains and (losses) recognised in profit or loss(5.6)45.1 (4 8.1)
Gains and (losses) recognised in other comprehensive income54.9 (6.2)9 7. 4
Transfer to assets held for sale---
Closing balance204.8 145.1 155.5
Total gains or (losses) for the period included in profit or loss for assets held at the end of the
reporting period
66.8 58.7 63.0
Liabilities per the statement of financial position
Opening balance92.9 103.2 103.2
Foreign exchange movement on opening balance---
Acquired as part of business combination---
(Gains) and losses recognised in profit or loss(23.1)60.1 (10.3)
(Gains) and losses recognised in other comprehensive income---
Transfer to liabilities held for sale---
Closing balance69.8 163.3 92.9
Total gains or (losses) for the period included in profit or loss for liabilities held at the end of the
reporting period
10.7 (13.5)8 7. 9
Settlements during the period(35.3)( 1 7. 6 )(11.2)
42
12 Reconciliation of net surplus with cash flow from operating activities
6 months ended
30 September
2023
$Millions
Unaudited
6 months ended
30 September
2022
$Millions
Unaudited
Year ended
31 March
2023
$Millions
Audited
Net surplus for the period1,214.5 5 5 7. 3 891.7
Items classified as investing activity:
(Gain)/Loss on investment realisations, impairments and disposals of discontinued operations(1,059.5)(415.4)(328.7)
Trade Payables relating to investing activities0.2 -0.7
Items not involving cash flows:
Movement in financial derivatives taken to the profit or loss(4 8.9)(52.0)(91.5)
Decrease in deferred tax liability excluding transfers to reserves2 7. 6 33.2 (14.6)
Changes in fair value of investment properties2.6 (0.1)4.3
Equity accounted earnings of associates net of distributions received(136.2)(315.8)(4 86.1)
Depreciation178.8 50.6 102.2
Movement in provision for bad debts2.7 0.4 -
Amortisation of intangibles2.32.8 5.8
Other9.28.7 (8.7)
Movements in working capital:
Change in receivables12.9 108.9 (25.8)
Change in inventories4.7 -(0.1)
Change in trade payables2.6 (69.9)2 7. 1
Change in accruals and other liabilities(50.8)(14 4.0)(99.3)
Change in current and deferred taxation3.7 0.7 8.6
Net cash flow from operating activities166.4 (23 4.6)(14.4)
434343
13 Capital commitments
6 months ended
30 September
2023
$Millions
Unaudited
6 months ended
30 September
2022
$Millions
Unaudited
Year ended
31 March
2023
$Millions
Audited
Committed but not contracted for84.4 149.7 135.5
Contracted but not provided for229.8 52.3 32.8
Capital commitments314.2 202.0 168.3
Group capital commitments are primarily associated with RHCNZ Medical Imaging’s capital expenditure in relation to completion costs for new
branches, branch expansion and the purchase of various new and replacement machinery, One NZ’s open capital expenditure purchase orders and
committed spend for Spectrum, and Wellington Airport’s new fire station.
14 Related parties
Certain Infratil Directors have relevant interests in a number of companies with which Infratil has transactions in the normal course of business.
A number of key management personnel are also Directors of Group subsidiary companies and associates.
Morrison & Co Infrastructure Management Limited (‘MCIM’) is the management company for the Company and receives management fees in
accordance with the applicable management agreement. MCIM is owned by H.R.L. Morrison & Co Group Limited Partnership (‘MCO’). Jason Boyes
is a director and Chief Executive of Infratil. Entities associated with Mr Boyes have a beneficial interest in MCO.
The passive mobile tower assets sold by One NZ to Fortysouth during the year-ended 31 March 2023 have been leased back to One NZ as part of the
20-year Master Services Agreement. Following the One NZ acquisition (Note 6.1), the right-of-use asset and lease liability attributable to agreements
with Fortysouth are held on the Balance Sheet at $753.3 million and $762.0 million, respectively. Additionally, Interest expense was $20.6 million and
right-of-use asset depreciation was $13.2 million for the 4 months to 30 September 23 within the Statement of Comprehensive Income. The Group’s
share of the operating revenue for Fortysouth is included within share of associate earnings line in the Statement of Comprehensive Income. Infratil has
deemed that any unrealised gains or losses for transactions between One NZ and Fortysouth are not material and will not be eliminated.
There are other related party transactions between companies within the Group. These are carried out in the ordinary course of business at the
appropriate market rate. The arrangements are not deemed material for separate disclosure.
Management and other fees paid by the Group (including associates) to MCIM, MCO or its related parties during the period were:
Note
6 months ended
30 September
2023
$Millions
Unaudited
6 months ended
30 September
2022
$Millions
Unaudited
Year ended
31 March
2023
$Millions
Audited
Management fees1578.4 155.1 232.9
Executive secondment and consulting0.1 0.4 1.0
Directors fees1.5 1.0 2.8
Financial management, accounting, treasury, compliance and administrative services0.8 0.9 1.9
Risk management reporting---
Total management and other fees80.8 1 5 7. 4 238.6
At 30 September 2023 amounts owing to MCIM of $8.9 million (excluding GST) are included in trade creditors (30 September 2022: $6.4 million,
31 March 2023: $5.7 million).
44
15 Management fees paid under the Management Agreement with Morrison & Co Infrastructure
Management Limited
The day-to-day management responsibilities of the Company have been delegated to Morrison & Co Infrastructure Management Limited (‘MCIM’) under
a Management Agreement. The Management Agreement specifies the duties and powers of MCIM, and the management fees payable to MCIM for
delivering those services. These include a New Zealand Portfolio Management Fee, International Portfolio Management Fee and International Portfolio
Incentive Fees.
Management fees paid under the Management Agreement during the period were:
6 months ended
30 September
2023
$Millions
Unaudited
6 months ended
30 September
2022
$Millions
Unaudited
Year ended
31 March
2023
$Millions
Audited
New Zealand & International Portfolio Management Fees41.1 30.9 63.3
International Portfolio Incentive Fees3 7. 3 124.2 169.6
78.4 155.1 232.9
International Portfolio Incentive Fees
International Investments are eligible for International Portfolio incentive fees (‘Incentive fees’) under the Management Agreement between MCIM and
Infratil. The Agreement allows for incentives to be payable for performance in excess of a minimum hurdle of 12% per annum in three separate areas:
• Initial Incentive Fees;
• Annual Incentive Fees; and,
• Realised Incentive Fees.
To the extent that there are assets that meet these criterion, independent valuations are performed on the respective International Investments to
determine whether any Incentive Fees are payable.
International Portfolio Initial Incentive Fee
The Company’s investments in Kao Data and Gurīn Energy are eligible for the International Portfolio Initial Incentive Fee assessment as at 31 March 2024
(31 March 2023: Qscan Group). No International Portfolio Initial Incentive Fee has been accrued as at 30 September 2023.
International Portfolio Annual Incentive Fee
The Company’s investments in CDC Data Centres, Galileo, Longroad Energy, RetireAustralia and Qscan Group are eligible for the International Portfolio
Annual Incentive fee assessment as at 31 March 2024 (31 March 2023: CDC Data Centres, Galileo, Longroad Energy, RetireAustralia).
As at 30 September 2023, it is probable that Infratil will have an International Portfolio Annual Incentive Fee (for the year to 31 March 2024) due to MCIM
based on the performance of the above portfolio of assets, and as a result an amount of $37.3 million has been provided for as at 30 September 2023
(30 September 2022: $124.2 million, 31 March 2023: $169.6 million).
International Portfolio incentive fees
6 months ended
30 September
2023
$Millions
Unaudited
6 months ended
30 September
2022
$Millions
Unaudited
Year ended
31 March
2023
$Millions
Audited
CDC Data Centres52.4 ( 7. 4 )38.6
Galileo Green Energy3.9 (0.1)(0.5)
Longroad Energy(6.6)132.0 136.7
RetireAustralia(10.1)(0.3)(5.2)
Qscan Group(2.3)--
3 7. 3 124.2 169.6
45454545
Payment of Annual Incentive Fees
Any Annual Incentive Fee calculated in respect of a Financial Year is earned and paid in three annual instalments, with the second and third instalments
being scaled down if the fair value of the relevant asset (including distributions, if any) is less than fair value or cost as at the 31 March for which the
Incentive Fee was first calculated.
International Portfolio Realised Incentive Fee
There were no divestments of the Company’s investment during the period to 30 September 2023 that resulted in an accrual of a realised incentive fee
(30 September 2022: nil, 31 March 2023: nil).
More detail on how Management fees are calculated is included in Infratil’s Annual Report.
16 Contingent liabilities and legal matters
The Company and certain wholly owned subsidiaries are guarantors of the bank debt facilities of Infratil Finance Limited under a Deed of Negative Pledge,
Guarantee and Subordination and the Company is a guarantor to certain obligations of subsidiary companies.
17 Events after balance date
Dividend
On 15 November 2023, the Directors approved a partially imputed interim dividend of 7.00 cents per share to holders of fully paid ordinary shares to be
paid on 19 December 2023.
46
© 2023 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited
by guarantee. All rights reserved.
Independent Review Report
To the shareholders of Infratil Limited
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
consolidated financial statements on pages 9 to 45
do not:
i. present, in all material respects the Group’s
financial position as at 30 September 2023 and
its financial performance and cash flows for the
6 month period ended on that date in compliance
with NZ IAS 34 Interim Financial Reporting.
We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
— the consolidated statement of financial position
as at 30 September 2023;
— the consolidated statements of comprehensive
income, changes in equity and cash flows for the
6 month period then ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of interim consolidated financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of Infratil Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the group in relation to advisory services for a Māori culture capability
assessment, climate related assurance, taxation services, audit of regulatory disclosures and other assurance
engagements. Subject to certain restrictions, partners and employees of our firm may also deal with the group on
normal terms within the ordinary course of trading activities of the business of the group. These matters have not
impaired our independence as reviewer of the group. The firm has no other relationship with, or interest in, the
group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we might
state to the shareholders those matters we are required to state to them in the Independent Review Report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the shareholders as a body for our review work, this report, or any of the opinions we have formed.
47
Responsibilities of the Directors for the interim
financial statements
The Directors, on behalf of the company, are responsible for:
— the preparation and fair presentation of the interim consolidated financial statements in accordance with NZ
IAS 34 Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of a interim consolidated financial
statements that is free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the interim
financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. We conducted
our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether anything has come
to our attention that causes us to believe that the interim consolidated financial statements are not prepared, in all
material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these interim consolidated financial statements.
This description forms part of our Independent Review Report.
KPMG
Wellington
15 November 2023
48
Directory
Directors
Alison Gerry (Chair)
Jason Boyes
Andrew Clark
Paul Gough
Kirsty Mactaggart
Peter Springford
Anne Urlwin
Company Secretary
Brendan Kevany
Registered Office - New Zealand
5 Market Lane
PO Box 320
Wellington
Telephone: +64 4 473 3663
Internet address: www.infratil.com
Share Registrar - New Zealand
Link Market Services
Level 30, PwC Tower
15 Customs Street
PO Box 91976
Auckland
Telephone: +64 9 375 5998
E-mail: enquiries@linkmarketservices.co.nz
Internet address: www.linkmarketservices.co.nz
Auditor
KPMG
Level 6
44 Bowen Street
Wellington 6011
Manager
Morrison & Co Infrastructure Management
5 Market Lane
PO Box 1395
Wellington
Telephone: +64 4 473 2399
Internet address: www.hrlmorrison.com
Registered Office - Australia
C/- H.R.L. Morrison & Co Private Markets Pty Ltd
Level 31
60 Martin Place
Sydney
NSW 2000
Telephone: +64 4 473 3663
Share Registrar - Australia
Link Market Services
Level 12
680 George Street
Sydney
NSW 2000
Telephone: +61 2 8280 7100
E-mail: registrars@linkmarketservices.com.au
Internet address: www.linkmarketservices.com.au
Legal Advisors
Chapman Tripp
Level 6
20 Customhouse Quay
Wellington 6011
9
---
Infratil Limited
Detailed Financial Information & Operating Metrics
Consolidated Results
NZ$ millions
HY2024HY2023FY2023FY2022
Operating revenue1,460.6951.01,845.11,297.4
Operating expenses(940.9)(450.0)(871.8)(779.0)
Operating earnings519.7501.0973.3518.4
International Portfolio incentive fees(37.3)(124.4)(169.6)(221.2)
Depreciation & amortisation(180.7)(51.1)(107.6)(91.4)
Net interest(155.1)(82.3)(166.8)(159.5)
Tax expense(59.6)(77.1)(42.5)(22.6)
Realisations and revaluations1,128.154.774.882.2
Net surplus from continuing operations1,215.1220.8561.6105.9
Discontinued operations(0.6)336.5330.11,125.8
Net surplus after tax1,214.5557.3891.71,231.7
Minority earnings(39.6)(206.8)(248.6)(62.4)
Net parent surplus1,174.9350.5643.11,169.3
Proportionate EBITDAF
NZ$ millions
HY2024HY2023FY2023FY2022
CDC Data Centres48.0%64.351.9113.782.2
One NZ99.9%225.1128.8263.6243.8
Fortysouth20.0%5.5-4.4-
Kao Data52.8%(1.6)(1.5)(3.0)(1.5)
Manawa Energy51.1%39.835.769.983.9
Longroad Energy37.1%34.621.716.415.1
Galileo40.0%(6.1)(4.2)(11.8)(5.4)
Gurīn Energy95.0%(9.1)(6.5)(15.6)(6.0)
Mint Renewables73.0%(2.9)-(1.4)-
RHCNZ Medical Imaging 50.1%30.726.654.432.9
Qscan Group55.1%18.215.233.833.9
RetireAustralia50.0%6.310.96.116.9
Wellington Airport66.0%33.426.559.137.3
Corporate & other100.0%(38.2)(29.5)(58.1)(58.2)
Proportionate EBITDAF from continuing operations400.0275.6531.5474.9
Trustpower Retail business-(0.4)1.81.824.2
Tilt Renewables----7.9
Proportionate EBITDAF399.6277.4533.3507.0
This information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the six months ended 30
September 2023. If you would like the Microsoft Excel version of these tables please email: info@infratil.com
Proportionate EBITDAF is intended to show Infratil's share of the earnings of the operating companies in which it
invests. Proportionate EBITDAF is shown from continuing operations and includes corporate and management
costs, however, excludes international portfolio incentive fees, acquisition or sales-related transaction costs, and
contributions from businesses sold, or held for sale. Shareholdings are shown at the most recent period end date.
This table shows a summary of Infratil's reported result for the period, as prepared in accordance with NZ IFRS.
Infratil 2023/24 Interim Result1 of 8
Infratil Limited
Detailed Financial Information & Operating Metrics
This information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the six months ended 30
September 2023. If you would like the Microsoft Excel version of these tables please email: info@infratil.com
Reconciliation of Net surplus after tax to Proportionate EBITDAF
NZ$ millions
HY2024HY2023FY2023FY2022
Net surplus after tax1,214.5557.3891.71,231.7
less: Share of earnings of associate companies
(173.9)(346.6)(653.4)(268.5)
plus: Proportionate EBITDAF of associate companies
153.0207.6389.4347.4
less: Minority share of subsidiaries EBITDAF
(98.8)(86.2)(177.8)(158.0)
less: Realisations and revaluations
(1,128.1)(54.7)(74.8)(82.2)
less: Discontinued operations
0.6(336.5)(330.1)(1,125.8)
Underlying earnings(32.7)(59.1)45.0(55.4)
add back: Depreciation & amortisation
180.751.1107.691.4
add back: Net interest
155.182.3166.8159.5
add back: Tax expense
59.677.142.522.6
add back: International Portfolio Incentive fees
37.3124.4169.6221.2
Proportionate EBITDAF400.0275.8531.5439.3
Proportionate EBITDAF is an unaudited non-GAAP (‘Generally Accepted Accounting Principles’) measure of financial
performance, presented to provide additional insight into management’s view of the underlying business
performance. This table reconciles Proportionate EBITDAF to Infratil's net surplus after tax as presented in
accordance with NZ IFRS.
Subsidiaries include four months of One NZ and Infratil’s investments in Manawa Energy, Gurīn Energy, Mint
Renewables, RHCNZ Medical Imaging, Qscan Group and Wellington Airport.
Associates include Infratil’s investments in CDC, two months of One NZ, Fortysouth, Kao Data, Longroad Energy,
Galileo, and RetireAustralia.
Infratil 2023/24 Interim Result2 of 8
Infratil Limited
Detailed Financial Information & Operating Metrics
This information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the six months ended 30
September 2023. If you would like the Microsoft Excel version of these tables please email: info@infratil.com
Proportionate Capital Expenditure and Investment
NZ$ millions
HY2024HY2023FY2023FY2022
CDC Data Centres105.6230.0341.9259.9
One NZ122.462.4151.8177.9
Fortysouth2.6---
Kao Data48.712.536.0-
Manawa Energy16.39.322.623.6
Longroad Energy381.356.9345.9240.2
RHCNZ Medical Imaging 9.35.714.7-
Qscan Group7.43.79.513.8
RetireAustralia28.529.566.626.1
Wellington Airport16.313.246.011.7
Capital expenditure738.4423.21,035.0753.2
One NZ1,800.0---
Fortysouth--212.1-
Kao Data80.8--217.9
Gurīn Energy45.611.841.28.3
Galileo23.015.942.313.9
Mint Renewables1.8-4.4-
RHCNZ Medical Imaging ---408.8
Clearvision16.320.824.24.6
Infratil investment1,967.548.5324.2653.5
Capital expenditure and investment2,705.9471.71,359.21,406.7
Debt Capacity & Facilities
NZ$ millions
HY2024HY2023FY2023FY2022
Net bank debt609.8(405.7)(593.1)(773.0)
Infratil Infrastructure bonds1,241.01,185.91,085.91,163.7
Infratil Perpetual bonds231.9231.9231.9231.9
Total net debt2,082.71,012.1724.7622.6
Market value of equity8,493.66,262.56,660.65,972.9
Total Capital10,576.37,274.67,385.36,595.5
Gearing19.7%13.9%9.8%940.0%
Undrawn bank facilities1,009.6906.3898.4899.6
100% subsidiaries cash25.2405.7593.2773.0
Liquidity available1,034.81,312.01,491.61,672.6
This table shows the mix of debt and equity funding at the Infratil Corporate level.
This table shows Infratil's share of the investment spending by investee companies, and investments made by
Infratil during the period.
Infratil 2023/24 Interim Result3 of 8
Infratil Limited
Detailed Financial Information & Operating Metrics
This information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the six months ended 30
September 2023. If you would like the Microsoft Excel version of these tables please email: info@infratil.com
Infratil Corporate Operating Cashflows
NZ$ millions
HY2024HY2023FY2023FY2022
CDC Data Centres16.61537.113.4
One NZ18.614.7871.337.1
Manawa Energy13.681.693.656.7
Tilt Renewables---16.1
Longroad Energy18.41.28.453.9
RHCNZ Medical Imaging7.614.830.3-
Qscan Group-2.32.3-
Wellington Airport45.6---
Net interest(40.9)(25.9)(48.0)(61.2)
Corporate & other(42.5)(29.6)(61.3)(66.5)
Operating Cashflow37.074.1933.749.5
International Portfolio incentive fees(102.2)(270.8)(270.8)(116.2)
Operating Cashflow (after incentive fees)(65.2)(196.7)662.9(66.7)
Asset Valuations
NZ$ millions
HY2024HY2023FY2023FY2022
4,160.63,266.43,660.33,117.3
3,022.81,670.01,222.81,670.0
227.8-207.7-
280.0211.3255.7203.4
723.2915.2795.21,126.2
1,674.51,243.51,583.4315.0
119.944.971.226.1
33.98.27.92.0
2.5-3.1-
557.5421.9511.6417.1
391.4375.1370.6305.1
407.2432.1431.8408.9
651.4602.7667.4580.0
139.6133.1125.293.2
CDC Data Centres
One NZ
Fortysouth
Kao Data
Manawa Energy
Longroad Energy
Galileo
Gurīn Energy
Mint Renewables
RHCNZ Medical Imaging
Qscan Group
RetireAustralia
Wellington Airport
Clearvision Ventures
Property
108.7103.0115.2102.5
12,501.09,427.410,029.18,366.8
This table shows the operating cashflows of Infratil. Cash inflows reflect the dividends, distributions, interest and
capital returns received from investee companies. Cash outflows reflect net interest payments and corporate
operating expenses.
This table shows valuations of Infratil’s assets. The valuation of Infratil’s investments in CDC Data Centres One NZ, Longroad
Energy, Galileo, RHCNZ Medical Imaging, Qscan Group, and RetireAustralia reflect the midpoint of the most recent
independent valuations prepared for Infratil. In certain cases these valuations are not as at 30 September and have been
adjusted to reflect cash flows between 30 September and valuation dates, but do not reflect other fair value movements.
The fair value of Manawa Energy is shown based on the market price per the NZX. Infratil does not commission independent
valuations for its other assets and these are presented at book value.
Infratil 2023/24 Interim Result4 of 8
Infratil Limited
Detailed Financial Information & Operating Metrics
This information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the six months ended 30
September 2023. If you would like the Microsoft Excel version of these tables please email: info@infratil.com
Operating Businesses
CDC Data Centres
A$ millions
HY2024HY2023FY2023FY2022
Data Centre capacity (MW)268268268164
Capacity under construction (MW)2654242104
Development pipeline (MW)517476476436
Weighted average lease term with options (years)24.921.124.021.6
Rack utilisation78%66%66%75%
Target PUE1.21.21.21.2
Revenue170.0133.2297.3226.1
EBITDAF123.397.6215.5161.2
Net profit after tax141.0610.6762.7286.6
Capital expenditure202.5432.2648.1509.5
Net external debt2,301.41,985.72,098.11,518.9
Infratil cash income (NZ$)14.715.037.113.4
Fair value of Infratil's investment (NZ$)4,160.63,266.43,660.33,117.3
One NZ
NZ$ millions
HY2024HY2023FY2023FY2022
Consumer & SME332.9304.6622.7560.8
Enterprise52.554.0108.0102.2
Mobile385.5358.6730.7662.9
Consumer & SME - Fixed & ICT164.5169.2336.1375.8
Enterprise - Fixed & ICT128.6129.1257.8229.3
Wholesale & other105.0101.8208.7199.4
Recurring revenue783.6758.71,533.21,467.4
Procurement & one-off revenue180.2231.2450.6500.3
Total revenue963.7989.91,983.81,967.7
Direct cost(392.1)(431.6)(836.7)(916.4)
Gross margin571.7558.31,147.11,051.4
Operating expenses(292.4)(300.4)(619.2)(570.3)
EBITDAF279.3257.9527.8481.0
EBITDA Margin29%26%30%20%
Capital Expenditure (excl. Spectrum)122.6124.9303.8291.4
Net debt1,431.11,344.41,382.21,344.4
Infratil cash income18.614.7122.937.1
Fair value of Infratil's investment3,022.81,670.01,222.81,670.0
Mobile ARPU32312827
Consumer & SME - Fixed ARPU72727171
Infratil 2023/24 Interim Result5 of 8
Infratil Limited
Detailed Financial Information & Operating Metrics
This information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the six months ended 30
September 2023. If you would like the Microsoft Excel version of these tables please email: info@infratil.com
Longroad Energy
US$ millions
HY2024HY2023FY2023FY2022
Owned operating generation (MW)1,5621,5611,6071,583
Generation managed for others (MW)1,9271,8731,6291,873
Total generation developed in Year (MW)--26530
Generation under construction (MW)8614891,27326
Near-term pipeline1,1218081,2181,280
Long-term pipeline27.916.816.812.4
Employees170153157142
Revenue92.680.5136.3139.1
EBITDAF15.623.537.719.1
Net profit after tax(14.5)(1.8)(24.1)21.7
Capital expenditure927.7116.4317.7451.3
Infratil's aggregate investment amount (NZ$)588.3300.2539.7279.2
Aggregate capital returned (NZ$)304.7279.2286.3277.9
Infratil's cash income (NZ$)18.41.28.410.6
Infratil book value (NZ$)457.4180.0315.890.5
Fair value of Infratil's investment (NZ$)1,674.51,243.51,583.4315.0
Manawa Energy
NZ$ millions
HY2024HY2023FY2023FY2022
Generation - North Island (GWh)5505451,132824
Generation - South Island (GWh)560431785936
Generation (GWh)1,1109761,9171,760
Average Generation spot price (c/kwh)9.912.410.916.6
Owned Operating Generation510498510498
Generation EBITDAF77.870.0136.7159.7
Retail EBITDAF(0.9)3.43.544.5
EBITDAF77.073.4140.2204.2
Capital expenditure32.018.244.246.3
Net external debt435.4460.6446.6739.4
Infratil cash income13.681.693.656.7
Fair value of Infratil's investment723.2915.2795.21,126.2
Longroad Energy reported financial information is shown for the Half Year to 30 June and the Full Year to 31 December to align
to Longroad's financial reporting periods.
Infratil 2023/24 Interim Result6 of 8
Infratil Limited
Detailed Financial Information & Operating Metrics
This information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the six months ended 30
September 2023. If you would like the Microsoft Excel version of these tables please email: info@infratil.com
Diagnostic Imaging
NZ$ millions
HY2024HY2023FY2023FY2022
Volume Scans (000's)1,246.11,178.32,388.01,893.7
Sites (standalone clinics)151149150147
Total Patients (000's)861.3702.81,459.01,156.8
Total Radiologists282273283272
CT machines82747973
MRI machines62576054
PET-CT machines16151414
Revenue329.9298.5601.2440.6
Operating expenses(235.5)(217.8)(431.3)(316.4)
EBITDAF94.480.7169.9124.2
EBITDA Margin29%27%28%30%
Capital expenditure31.918.146.657.3
Net external debt697.8689.4705.1652.8
Infratil book value729.5742.1722.0722.2
Fair value of Infratil's investment (Qscan)391.4375.1370.6305.1
Fair value of Infratil's investment (RHCNZ)557.5421.9511.6408.9
RetireAustralia
A$ millions
HY2024HY2023FY2023FY2022
Residents5,3345,2135,2255,127
Serviced apartments499499552500
Independent living units3,6883,5693,5833,569
Unit resales203227400489
New unit sales83103276
Resale gain per unit184.4178.6154.7135.7
New unit average value856.8575.6701.8676.9
Occupancy receivable/unit172.5135.5137.9132.4
Embedded resale gain/unit67.958.161.851.6
Underlying profit95.331.930.356.5
Net profit after tax31.944.6(7.5)149.1
Capital expenditure52.753.4121.449.2
Net external debt216.1177.8234.4148.4
Infratil book value (NZ$)430.4466.1410.9417.3
Fair value of Infratil's investment (NZ$)407.2432.1431.8408.9
Infratil 2023/24 Interim Result7 of 8
Infratil Limited
Detailed Financial Information & Operating Metrics
This information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the six months ended 30
September 2023. If you would like the Microsoft Excel version of these tables please email: info@infratil.com
Wellington International Airport
NZ$ millions
HY2024HY2023FY2023FY2022
Passengers domestic (000's)2,334.62,305.94,689.83,480.6
Passengers international (000's)328.6213.9563.548.7
Aeronautical income40.335.177.354.3
Passenger services income22.417.438.122.3
Property & other income9.37.315.713.8
Operating costs(21.4)(19.6)(41.5)(33.6)
EBITDAF50.640.289.656.8
Net profit after tax(2.2)11.025.13.0
Capital expenditure24.719.969.717.8
Net external debt637.1582.1582.0587.4
Infratil cash income45.6---
Infratil book value651.4602.7667.4580.0
End
Infratil 2023/24 Interim Result8 of 8
---
6 months
ended
30 September
2023
6 months
ended
30 September
2022
Year
ended
31 March
2023
Notes $000 $000 $000
Unaudited Unaudited Audited
Dividends received from subsidiary companies--115,000
Operating revenue92,962 159,416 240,328
Total revenue92,962 159,416 355,328
Directors' fees780 516 1,101
Management and other fees 11 78,880 155,575 233,862
Other operating expenses 417,843 3,806 5,988
Total operating expenditure97,503 159,897 240,951
Operating surplus/(loss) before financing, derivatives, realisations and impairments(4,541)(481)114,377
Net gain/(loss) on foreign exchange and derivatives-(3) 29
Net realisations, revaluations and (impairments)-1971
Interest income138,220 85,593 173,937
Interest expense(37,269)(30,943)(65,626)
Net financing income100,951 54,650 108,311
Net surplus/(loss) before taxation 96,410 54,185 222,788
Taxation credit/(expense) 6(60)(3,261) 3,827
Net surplus/(loss) for the period 96,350 50,924 226,615
Total comprehensive income for the period 96,350 50,924 226,615
The accompanying notes form part of these financial statements.
Infratil Limited
Statement of Comprehensive Income
For the 6 months ended 30 September 2023
Page 1 of 9
For the 6 months ended 30 September 2023
CapitalOther reservesRetained
earnings
Total
Notes $000 $000 $000 $000
Unaudited Unaudited Unaudited Unaudited
Balance as at 1 April 2023
1,050,002-242,1031,292,105
Total comprehensive income for the period
Net surplus for the period
--96,35096,350
Total other comprehensive income
----
Total comprehensive income for the period
--96,35096,350
Contributions by and distributions to owners
Shares issued
976,087--976,087
Dividends to equity holders
3
--(91,280)(91,280)
Total contributions by and distributions to owners
976,087-(91,280)884,807
Balance at 30 September 2023
2,026,089-247,173 2,273,262
Statement of Changes in Equity
For the 6 months ended 30 September 2022
Balance as at 1 April 2022
1,050,002-122,4081,172,410
Total comprehensive income for the period
Net surplus for the period
--50,92450,924
Total other comprehensive income
----
Total comprehensive income for the period
--50,92450,924
Contributions by and distributions to owners
Shares issued
----
Reserves transferred from amalgamated company
--28,79128,791
Dividends to equity holders
3
--(86,842)(86,842)
Total contributions by and distributions to owners
--(58,051)(58,051)
Balance at 30 September 2022
1,050,002-115,281 1,165,283
Statement of Changes in Equity
For the year ended 31 March 2023
Balance as at 1 April 2022
1,050,002-122,4081,172,410
Total comprehensive income for the year
Net surplus for the year
--226,615226,615
Total other comprehensive income
----
Total comprehensive income for the year
--226,615226,615
Contributions by and distributions to owners
Shares issued
----
Reserves transferred from amalgamated company
--28,79128,791
Dividends to equity holders
3
--(135,711)(135,711)
Total contributions by and distributions to owners
--(106,920)(106,920)
Balance at 31 March 2023
1,050,002-242,103 1,292,105
The accompanying notes form part of these financial statements.
Infratil Limited
Statement of Changes in Equity
Page 2 of 9
30 September
2023
30 September
2022
31 March
2023
Notes $000 $000 $000
Unaudited UnauditedAudited
Cash and cash equivalents---
Prepayments and sundry receivables6,1153,51850,322
International Portfolio Incentive fees receivable from subsidiaries102,867149,011116,043
Advances to subsidiary companies 113,140,9932,138,2872,005,433
Current assets3,249,9752,290,8162,171,798
International Portfolio Incentive fees receivable from subsidiaries82,715116,078146,317
Deferred tax25,29812,63521,690
Investments 11585,529585,529585,529
Non-current assets693,542714,242753,536
Total assets3,943,5173,005,0582,925,334
Bond interest payable6,1353,5644,556
Accounts payable8,8746,2996,680
Accruals and other liabilities24,57133,568304
International Portfolio Incentive fees payable82,715116,078164,131
Infratil Infrastructure bonds 756,014221,769121,954
Loans from Group companies 11-153,897-
Total current liabilities178,309535,175297,625
International Portfolio Incentive fees payable82,715116,078146,318
Infratil Infrastructure bonds 71,177,314956,605957,368
Perpetual Infratil Infrastructure bonds 7231,917231,917231,917
Non-current liabilities1,491,9461,304,6001,335,603
Attributable to shareholders of the Company2,273,2621,165,2831,292,105
Total equity2,273,2621,165,2831,292,105
Total equity and liabilities3,943,5173,005,0582,925,334
Approved on behalf of the Board on 15 November 2023.
Director Director
The accompanying notes form part of these financial statements.
As at 30 September 2023
Infratil Limited
Statement of Financial Position
Page 3 of 9
6 months
ended
30 September
2023
6 months
ended
30 September
2022
Year
ended
31 March
2023
Notes
$000 $000 $000
Unaudited Unaudited Audited
Cash flows from operating activities
Cash was provided from:
Dividends received from subsidiary companies
--115,000
Interest received
138,21985,594173,937
Operating revenue receipts
53,69835,159171,856
191,917120,753460,793
Cash was dispersed to:
Interest paid
(34,715)(30,810)(63,553)
Payments to suppliers
(35,077)(158,628)(339,408)
Taxation (paid) / refund
(3,668)(3,239)(5,206)
(73,460)(192,677)(408,167)
Net cash flows from operating activities
8
118,457(71,924)52,626
Cash flows from investing activities
Cash was provided from:
Net movement in subsidiary company loan
-138,001162,318
-138,001162,318
Cash was dispersed to:
Net movement in subsidiary company loan
(1,096,295)--
(1,096,295)--
Net cash flows from investing activities
(1,096,295)138,001162,318
Cash flows from financing activities
Cash was provided from:
Proceeds from issue of shares
916,087--
Issue of bonds
277,248115,919115,919
1,193,335115,919115,919
Cash was dispersed to:
Repayment of bonds
(122,104)(93,696)(193,696)
Infrastructure bond issue expenses(2,113)(1,458)(1,457)
Dividends paid
3
(91,280)(86,842)(135,710)
(215,497)(181,996)(330,863)
Net cash flows from financing activities
977,838(66,077)(214,944)
Net cash movement ---
Cash balances at beginning of period
---
Cash balances at period end
---
The accompanying notes form part of these financial statements.
Note some cash flows above are directed through an intercompany account. The cash flow statement above has been prepared on the assumption that these
transactions are equivalent to cash in order to present the total cash flows of the entity.
Infratil Limited
Statement of Cash Flows
For the 6 months ended 30 September 2023
Page 4 of 9
(1) Accounting policies
(A) Reporting entity
(B) Basis of preparation
(2) Nature of business
(3) Infratil shares and dividends6 months
ended
30 September
2023
6 months
ended
30 September
2022
Year
ended
31 March
2023
Ordinary shares (fully paid)
UnauditedUnauditedAudited
Total issued capital at the beginning of the period723,983,582723,983,582723,983,582
Movements in issued and fully paid ordinary shares during the period:
New shares issued107,906,405--
New shares issued under dividend reinvestment plan---
Treasury Stock reissued under dividend reinvestment plan---
Conversion of executive redeemable shares---
Share buyback---
Total authorised and issued capital at the end of the period831,889,987723,983,582723,983,582
Dividends paid on ordinary shares
6 months
ended
30 September
2023
6 months
ended
30 September
2022
Year
ended
31 March
2023
6 months
ended
30 September
2023
6 months
ended
30 September
2022
Year
ended
31 March
2023
Unaudited Unaudited Audited Unaudited Unaudited Audited
cpscpscps$000$000$000
Final dividend prior year12.50 12.00 12.00 91,280 86,842 86,878
Interim dividend paid current year--6.75 --48,869
Dividends paid on ordinary shares12.50 12.00 18.75 91,280 86,842 135,747
The Company is the ultimate parent company of the Infratil Group which owns and operates infrastructure businesses and investments in New Zealand, Australia,
the United States, Asia, United Kingdom and Europe. The Company is a limited liability company incorporated and domiciled in New Zealand. The address of its
registered office is 5 Market Lane, Wellington, New Zealand.
Infratil Limited
These unaudited condensed half year financial statements ('half year statements') of Infratil Limited have been prepared in accordance with NZ IAS 34 Interim
Financial Reporting and comply with IAS 34 Interim Financial Reporting. The half year statements have been prepared in accordance with the accounting policies
stated in the published financial statements for the year ended 31 March 2023 and should be read in conjunction with the previous annual report. No changes
have been made from the accounting policies used in the 31 March 2023 annual report which can be obtained from Infratil's registered office or
www.infratil.com. The presentation currency used in the preparation of these financial statements is New Zealand dollars, which is also the Company's functional
currency. Comparative figures have been restated where appropriate to ensure consistency with the current period. To aid comparability certain balance sheet
items have been represented from those reported in prior years to conform to the current year's presentation. Total equity remains unchanged.
During the period, the company issued 101.6 million new shares as part of an equity raise undertaken to partially fund the acquisition of 49.95% of One NZ. Net
proceeds from the raise (after transaction costs and foreign exchange movements of $18.8 million) were $916.1 million. Additionally, 6.3 million new shares were
issued to pay $60.0 million of incentive fees payable to Morrison & Co as consideration for management services, as announced on 22 May 2023. All fully paid
ordinary shares have equal voting rights and share equally in dividends and equity. At 30 September 2023 the Group held 1,662,617 shares as Treasury Stock (30
September 2022: 1,662,617, 31 March 2023: 1,662,617).
Infratil Limited ('the Company') is a company domiciled in New Zealand and registered under the Companies Act 1993. The Company is listed on the NZX Main
Board ('NZX') and Australian Securities Exchange ('ASX'), and is an FMC Reporting Entity in terms of Part 7 of the Financial Markets Conduct Act 2013.
Notes to the Financial Statements
For the 6 months ended 30 September 2023
Page 5 of 9
(4) Other operating expenses6 months
ended
30 September
2023
6 months
ended
30 September
2022
Year
ended
31 March
2023
UnauditedUnaudited
Audited
$000$000
$000
Fees paid to the Company auditor
500172 264
Project Expenses
13,7332,009 1,762
Administration and other corporate costs
3,610 1,625 3,962
Total other operating expenses
17,843 3,806 5,988
(5) Net investment realisations and (impairments)
(6) Taxation6 months
ended
30 September
2023
6 months
ended
30 September
2022
Year
ended
31 March
2023
UnauditedUnaudited
Audited
$000$000
$000
Surplus/(loss) before taxation
96,41054,185222,788
Taxation on the surplus/(loss) for the period @ 28% tax rate
26,99515,17262,381
Plus/(less) taxation adjustments:
Exempt dividends
--(31,719)
Tax losses not recognised/(utilised)
(31,140)(12,338)-
Losses offset within Group
--(30,683)
(Under)/over provision in prior periods
4,206427(3,806)
Other permanent differences
---
Taxation expense/(credit)
603,261(3,827)
Current taxation
--5,206
Deferred taxation
603,261(9,033)
603,261(3,827)
There was no income tax recognised in other comprehensive income during the period (30 September 2022: nil, 31 March 2023: nil).
At 30 September 2023 the Company reviewed the carrying amounts of loans to Infratil Group companies to determine whether there was any indication that
those assets have suffered an impairment loss. The recoverable amount of the asset was estimated by reference to the counterparties' net asset position and
ability to repay loans out of operating cash flows in order to determine the extent of any impairment loss. As a result of this review the Company did not impair
any loans to Infratil Group companies in the period (30 September 2022: nil, 31 March 2023: nil). These balances are within the Infratil Wholly Owned Group with
entities controlled either directly or indirectly by Infratil Limited.
Page 6 of 9
(7) Infratil Infrastructure bonds6 months
ended
30 September
2023
6 months
ended
30 September
2022
Year
ended
31 March
2023
UnauditedUnaudited
Audited
$000$000
$000
Balance at the beginning of the period
1,311,239 1,388,488 1,388,488
Issued during the period277,248115,919115,919
Exchanged during the period(52,248)(50,919)-
Matured during the period(69,856)(42,778)(193,696)
Purchased by Infratil during the period---
Bond issue costs capitalised during the period(2,113)(1,457)(1,457)
Bond issue costs amortised during the period1,1091,1662,246
Issue premium amortised during the year(134)(129)(261)
Balance at the end of the period1,465,2451,410,2911,311,239
Current56,014221,769121,954
Non-current fixed coupon 1,177,314956,605957,368
Non-current perpetual variable coupon231,917231,917231,917
Balance at the end of the period1,465,2451,410,2911,311,239
Repayment terms and interest rates:
IFT240 maturing in December 2022, 5.65% p.a. fixed coupon rate-100,000-
IFT210 maturing in September 2023, 5.25% p.a. fixed coupon rate-122,104122,104
IFT230 maturing in June 2024, 5.50% p.a. fixed coupon rate56,11756,11756,117
IFT260 maturing in December 2024, 4.75% p.a. fixed coupon rate100,000100,000100,000
IFT250 maturing in June 2025, 6.15% p.a. fixed coupon rate43,41343,41343,413
IFT300 maturing in March 2026, 3.35% p.a. fixed coupon rate120,269120,269120,269
IFT280 maturing in December 2026, 3.35% p.a. fixed coupon rate156,279156,279156,279
IFT310 Maturing in December 2027, 3.60% p.a fixed coupon rate102,403102,403102,403
IFT330 Maturing in July 2029, 6.90% p.a. fixed coupon rate150,000--
IFT340 Maturing in March 2031, 7.08% p.a. fixed coupon rate127,248--
IFT270 maturing in December 2028, 4.85% p.a. fixed coupon rate until 15 December 2023146,249146,249146,249
IFT320 maturing in June 2030, 5.93% p.a. fixed coupon rate until June 2026115,919115,919115,919
IFTHC maturing in December 2029, 7.89% p.a. variable coupon rate reset annually from December 2021123,186123,186123,186
IFTHA Perpetual Infratil infrastructure bonds231,917231,917231,917
less: Bond issue costs capitalised and amortised over term(8,442)(8,518)(7,438)
add: issue premium capitalised and amortised over term687954821
Balance at the end of the period1,465,2451,410,2911,311,239
Fixed coupon
Perpetual Infratil infrastructure bonds ('PIIBs')
IFTHC bonds
IFT270 bonds
IFT320 bonds
The interest rate of the IFT320 bonds is fixed at 5.93% for the first four years and will then reset on 15 June 2026 for a further four years. The interest rate for the
IFT320 bonds for the period from (but excluding) 15 June 2026 until the maturity date will be the sum of the four year swap rate on 15 June 2023 plus a margin of
2.00% per annum.
The interest rate of the IFT270 bonds is fixed at 4.85% for the first five years and will then reset on 15 December 2023 for a further five years. The interest rate for
the IFT270 bonds for the period from (but excluding) 15 December 2023 until the maturity date will be the sum of the five year swap rate on 15 December 2023
plus a margin of 2.50% per annum.
Throughout the period the Company complied with all debt covenant requirements as imposed by the bond Supervisor.
At 30 September 2023 the infrastructure bonds (including PIIBs) had a fair value of $1,353.7 million (30 September 2022: $1,314.8 million, 31 March 2023:
$1,203.4 million).
The fixed coupon bonds the Company has on issue are at a face value of $1.00 per bond. Interest is payable quarterly on the bonds.
The Company has 231,916,000 (30 September 2022: 231,916,000, 31 March 2023: 231,916,000) PIIBs on issue at a face value of $1.00 per bond. Interest is payable
quarterly on the bonds. On 15 November 2022 the coupon was set at 6.45% per annum until the next reset date, being 15 November 2023 (September 2022:
3.14%, March 2023: 6.45%). Thereafter the rate will be reset annually at 1.50% per annum over the then one year bank rate for quarterly payments, unless
Infratil's gearing ratio exceeds certain thresholds, in which case the margin increases. These infrastructure bonds have no fixed maturity date. No PIIBs
(September 2022: nil, March 2023: nil) were repurchased by Infratil Limited during the period.
The Company has 123,186,000 (30 September 2022: 123,186,000, 31 March 2023: 123,186,000) IFTHCs on issue at a face value of $1.00 per bond. Interest is
payable quarterly on the bonds. For the period to 15 December 2023 the coupon is fixed at 7.89% per annum (September 2022: 4.19%, March 2023: 7.89%).
Thereafter the rate will be reset annually at 2.5% per annum over the then one year swap rate for quarterly payments.
Page 7 of 9
(8) Reconciliation of net surplus with cash flow from operating activities6 months
ended
30 September
2023
6 months
ended
30 September
2022
Year
ended
31 March
2023
UnauditedUnaudited
Audited
$000$000$000
Net surplus/(loss)
96,35050,924226,615
Less items classified as investing activity
Loss/(profit) on investment realisations and impairments
-(19)72
Add items not involving cash flows
(4)5-
20,737(124,261)(169,688)
Amortisation of deferred bond issue costs
9751,0371,985
Movements in working capital
Change in receivables and prepayments
120,986147,228103,133
Change in trade payables
2,194150531
Change in accruals and other liabilities
(119,173)(147,010)(100,989)
Change in taxation and deferred tax
(3,608)22(9,033)
Net cash inflow/(outflow) from operating activities
118,457(71,924)52,626
(9) Commitments
There are no outstanding commitments (30 September 2022: nil, 31 March 2023: nil).
(10) Contingent liabilities
The Company and certain wholly owned subsidiaries are guarantors of the bank debt facilities of Infratil Finance Limited under a Deed of Negative Pledge,
Guarantee and Subordination and the Company is a guarantor to certain obligations of subsidiary companies.
Movement in financial derivatives taken to the profit or loss
Other non cash movements
The Company has a contingent liability under the international fund management agreement with Morrison & Co International Limited in the event that the
Group sells its international assets, or valuation of the assets exceeds the performance thresholds set out in the international fund management agreement.
Page 8 of 9
(11) Related parties
The Company has the following significant loans, investments and receivables to/(from)/in its subsidiaries:
6 months
ended
30 September
2023
6 months
ended
30 September
2022
Year
ended
31 March
2023
30 September
2023
30 September
2022
31 March
2023
Related party
UnauditedUnaudited
Audited
UnauditedUnaudited
Audited
$000$000$000$000$000$000
Advances
Infratil Finance
138,15785,589173,9253,140,9932,138,2872,005,433
Aotea Energy Holdings Limited
----(153,897)-
Investments in
Infratil Investments Limited
87,66587,66587,665
Infratil 1998 Limited
12,00012,00012,000
Infratil Finance Limited
153,897153,897153,897
Infratil No. 1 Limited
78,02478,02478,024
Infratil PPP Limited
5,9425,9425,942
Infratil No. 5 Limited
248,001248,001248,001
Total investments in related parties
585,529585,529585,529
Receivables
Infratil Australia Limited
3011,6221,622
Infratil Europe Limited
2,721--
Infratil PPP Limited
-509509
Infratil No. 5 Limited
89,697101,582138,938
Infratil 2018 Limited
-27,74327,743
Infratil Renewables Limited
92,862133,633141,637
Total related party receivables
185,581265,089310,449
6 months
ended
30 September
2023
6 months
ended
30 September
2022
Year
ended
31 March
2023
UnauditedUnaudited
Audited
$000$000$000
Management fees
40,70430,51262,635
International Portfolio Incentive fees
37,370124,257169,615
8068061,612
Total management and other fees
78,880155,575233,862
(12) Events after balance date
Dividend
Morrison & Co Infrastructure Management Limited ('MCIM') is the management company for the Company and receives management fees in accordance with the
applicable management agreement. MCIM is owned by H.R.L. Morrison & Co Group Limited Partnership ('MCO'). Jason Boyes is a director and Chief Executive of
Infratil. Entities associated with Mr Boyes have a beneficial interest in MCO.
Interest income
Intercompany (loan)/advance/investment at
carrying value
On 15 November 2023, the Directors approved a partially imputed interim dividend of 7.00 cents per share to holders of fully paid ordinary shares to be paid on
19 December 2023.
Certain Infratil Directors have relevant interests in a number of companies with which Infratil has transactions in the normal course of business. A number of key
management personnel are also Directors of Group subsidiary companies and associates.
Management and other fees incurred by the Company to MCIM, MCO or its related parties during the year were:
Financial management, accounting, treasury, compliance and administrative services
Page 9 of 9
© 2023 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private
English company limited by guarantee. All rights reserved.
Independent Review Report
To the shareholders of Infratil Limited
Report on the interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
financial statements on pages 1 to 9 do not:
i.present, in all material respects the company’s
financial position as at 30 September 2023 and
its financial performance and cash flows for the
6 month period ended on that date in compliance
with NZ IAS 34 Interim Financial Reporting.
We have completed a review of the accompanying
interim financial statements which comprise:
— the statement of financial position as at 30
September 2023;
— the statements of comprehensive income,
changes in equity and cash flows for the 6 month
period then ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of interim financial statements in accordance with NZ SRE 2410 Review of Financial Statements
Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance engagement. The
auditor performs procedures, consisting of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures.
As the auditor of Infratil Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the company in relation to climate assurance and other assurance
engagements. Subject to certain restrictions, partners and employees of our firm may also deal with the company
on normal terms within the ordinary course of trading activities of the business of the company. These matters
have not impaired our independence as reviewer of the company. The firm has no other relationship with, or interest
in, the company.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we might
state to the shareholders those matters we are required to state to them in the Independent Review R eport and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the shareholders as a body for our review work, this report, or any of the opinions we have formed.
Responsibilities of the Directors for the interim
financial statements
The Directors, on behalf of the company, are responsible for:
— the preparation and fair presentation of the interim financial statements in accordance with NZ IAS 34 Interim
Financial Reporting;
— implementing necessary internal control to enable the preparation of a interim financial statements that is free
from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the interim
financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. We conducted
our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether anything has come
to our attention that causes us to believe that the interim financial statements are not prepared, in all material
respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these interim financial statements.
This description forms part of our Independent Review Report.
KPMG
Wellington
15 November 2023
---
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023
Results for announcement to the market
Name of issuer Infratil Limited
Reporting Period 6 months to 30 September 2023
Previous Reporting Period 6 months to 30 September 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$1,460,600 54%
Total Revenue $1,460,600 45%
Net profit/(loss) from
continuing operations
$1,215,100 450%
Total net profit/(loss) $1,214,500 118%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.07000000
Imputed amount per Quoted
Equity Security
$0.01150991
Record Date 30 November 2023
Dividend Payment Date 19 December 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.73 $4.18
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This Results announcement should be read in conjunction with
the attached consolidated interim financial statements for the 6
months ended 30 September 2023 (“Interim Financial
Statements”). More detailed commentary on the operations of
the Group over the period has been provided in the form of the
Infratil Interim Results Presentation and Interim Report 2023/24,
which have been released alongside the Interim Financial
Statements.
Authority for this announcement
Name of person
authorised
to make this announcement
Phillippa Harford, Chief Financial Officer
Contact person for this
announcement
Phillippa Harford, Chief Financial Officer
Contact phone number +64 4 473 3663
Contact email address Phillippa.Harford@hrlmorrison.com
Date of release through MAP
16 November 2023
Unaudited financial statements accompany this announcement.
---
Distribution Notice
Updated as at June 2023
Section 1: Issuer information
Name of issuer Infratil Limited
Financial product name/description Infratil Limited Ordinary Shares
NZX ticker code IFT
ISIN (If unknown, check on NZX
website)
NZIFTE0003S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 30/11/2023
Ex-Date (one business day before the
Record Date)
29/11/2023
Payment date (and allotment date for
DRP)
19/12/2023
Total monies associated with the
distribution
1
$58,232,299
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.08150991
Gross taxable amount
3
$0.08150991
Total cash distribution
4
$0.07000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00522298
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputed
Partial imputation
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
If fully or partially imputed, please
state imputation rate as % applied
6
14.12%
Imputation tax credits per financial
product
$0.01150991
Resident Withholding Tax per
financial product
$0.01538836
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
04/12/2023 15/12/2023
Date strike price to be announced (if
not available at this time)
18/12/2023
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
TBC
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
01/12/2023
Section 5: Authority for this announcement
Name of person
authorised to make
this announcement
Phillippa Harford, Chief Financial Officer
Contact person for this
announcement
Phillippa Harford, Chief Financial Officer
Contact phone number +64 4 473 3663
Contact email address Phillippa.Harford@hrlmorrison.com
Date of release through MAP
16 November 2023
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.