Interim results for the period ended 30 September 2024
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
14 November 2024
Infratil delivers earnings growth and remains upbeat on investment outlook
Infratil today announced Proportionate operational EBITDAF for the half year of $506 million
– a 25% increase on the $400 million from the same period the previous year – with full year
guidance on track.
The net loss attributable to shareholders was $212.2 million, which was down from a net
surplus of $1.1 billion in the prior period. The prior year included a $1.1 billion accounting
revaluation of Infratil's stake in One NZ, with the current period impacted by elevated
amortisation relating to that transaction and negative $63 million of foreign exchange and
derivative revaluations.
The operational earnings growth was off the back of strong contributions from CDC, One NZ
and Wellington Airport, while also reflecting the period of One NZ under full ownership
following our purchase of Brookfield’s 49.95% stake in June last year.
Infratil CEO Jason Boyes said that delivering increased operational EBITDAF was an
impressive accomplishment despite the testing domestic landscape and global volatility, with
Infratil’s operating performance across key areas of its portfolio showing marked resilience.
Operational EBITDAF increased 7% compared with the first half of 2023 on a like for like basis.
The Company will pay shareholders an unimputed interim dividend of 7.25 cents per share
(‘cps’). In the first half of the financial year, Infratil delivered a total shareholder return of 14.5%,
a significant achievement in a market where the NZX50 grew by 2.7%. Over the last five years,
Infratil’s total shareholder returns have averaged over 23% annually.
Mr Boyes said that with geopolitical tensions, persistent inflation, and high living costs shaping
the investment landscape, Infratil will continue its disciplined approach to capital allocation
and its focus on capturing long-term value across its investments.
“External valuation indicators underscore the strong global appeal for digital assets. The
independent valuation of Infratil's CDC investment at 30 September 2024 increased
A$753 million over the six months since 31 March 2024. This equates to approximately
NZ$0.84 per Infratil share, showcasing the substantial value being created.
“CDC’s EBITDAF for the period was A$159 million, up A$36 million (29%) from the prior
period, driven by the commissioning of the first Melbourne data centre (34MW) in June and
higher utilisation across existing data centres.
“CDC continues to experience significant growth in demand, driving an expansion of its
development pipeline. Reflecting the increased demand signals, CDC's forecast build capacity
for FY2034 has expanded by over 1,000MW since March 2024.”
Mr Boyes said it was pleasing to see One NZ performance in line with our expectations and
with a number of strategic priorities on track.
“One NZ’s EBITDAF for the period was $304 million, an increase of $25 million (9%) from the
prior period. Growth was driven by consumer mobile and a strong focus on cost management,
with the benefits now flowing through from action taken on cost in the previous financial year.”
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
Mobile ARPU increased to $33.80 from $32.45. Operating costs reduced by
$14 million compared to a year ago. EBITDAF margin continues to expand increasing to 32%
up from 29% for the first half of 2024, partially reflecting fewer low margin handset sales.
In the United Kingdom, Kao Data has secured planning permission for its new 40MW data
centre in Stockport, Manchester. Kao Data is also expanding its Slough and Harlow
campuses.
Mr Boyes highlighted the progress made by US Renewables developer, Longroad Energy,
having completed construction on 652MW of new capacity this year, with an additional 1.1GW
under construction.
“We are expecting to close 0.7GW of new projects in FY2025, while revenue arrangements
have been signed for another 1.1GW of projects which are expected to close in FY2026.
Negotiations are ongoing for a further 0.2GW, taking the current total for FY2025 and FY2026
to 2.0GW.”
“The recent U.S. elections have created some uncertainty until the implications for green
policies such as the Inflation Reduction Act and tariffs are known, with modest exposure
currently expected across our FY2025/26 projects. We could see the industry slowdown until
this uncertainty is resolved, however U.S. renewables fundamentals remain strong, driven by
escalating demand for decarbonisation solutions, as well as rising power demand, particularly
from sectors like data centres, AI, and the onshoring of manufacturing.”
Mr Boyes said that if Contact Energy’s proposed acquisition of Manawa Energy proceeds, it
will provide significant benefits to Infratil, with upfront cash proceeds and the potential for
increased dividends from Contact, enhancing Infratil’s flexibility.
“We announced in September that Infratil has committed to support Contact Energy’s
proposed acquisition of Manawa Energy, if certain regulatory conditions are satisfied, most
notably Commerce Commission approval. Under the proposal, Contact Energy will acquire
100% of Manawa.
“If it proceeds as announced, Infratil will receive approximately $186 million in gross cash
proceeds and will hold an estimated 9.5% stake in Contact Energy upon completion.
Mr Boyes said Infratil’s Healthcare sector continues to make steady progress, with strong
management and productivity enabling growth, despite persistent cost inflation in the sector.
“In New Zealand, RHCNZ Medical Imaging remains on track for year-on-year EBITDAF growth
of around 10% and has opened three new clinics this year: two in Hamilton and one in
Tauranga. In addition, development continues at new flagship sites in both Auckland and
Dunedin.
“In Australia, Qscan is also on track for 10% year-on-year EBITDAF growth driven by
improvements in clinic productivity, a continual shift to more complex modalities, and Medicare
increasing payments for some scans for inflation.
“RetireAustralia has reached a significant milestone with the completion of the third and final
stage of The Verge at Burleigh, on the Gold Coast, in total comprising 168 homes.
Construction is also progressing at Arcadia Retirement Living, located in the Yeronga Priority
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
Development Area in Brisbane, and the project to develop 170 homes is expected to complete
in FY2027.
“Wellington Airport EBITDAF for the period was $63 million, an increase of (25%) from the
prior period. It continues to see solid demand for travel continuing in the face of the domestic
headwinds this year. International passenger numbers were up 12% from the same period
last year, while domestic passenger numbers are down 4.4% as a result of airline capacity
challenges.”
Mr Boyes highlighted that Infratil retains significant liquidity to support further internal and
external investment opportunities.
“In June, we secured additional capital through a well-supported $1.275 billion equity raise to
bolster our liquidity, enhance our investment capacity, and support growth across the portfolio.
At 30 September, gearing was 10%, down from 20% at 31 March.
“A significant portion of the capital that we raised is earmarked for CDC, alongside other
investment across the portfolio to support future earnings growth. Recent comparable
transactions in the data centre, diagnostic imaging, and airport sectors all support, or point to
potential upside in the current valuations of our portfolio companies.
“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.
“The current, uncertain macroeconomic and geopolitical backdrop reaffirms the importance of
a diversified portfolio that balances both growth potential and resilience. Infratil’s diversity
spans key sectors, strategic geographies, and a measured approach to risk—positioning us
to navigate today’s challenges effectively. Together, these core assets ensure resilience and
predictable cash flows, enabling us to sustain momentum toward growth even as economic
conditions remain volatile.”
The FY2025 Proportionate operational EBITDAF guidance range has been narrowed at the
top end to NZ$960–$1,000 million (previously NZ$962-$1,012 million).
Proportionate EBITDAF guidance range for our renewable development companies (Gurīn
Energy, Galileo, Mint Renewables) has reduced to a loss of NZ$65–$75 million (previously
NZ$80-$90 million).
“We remain dedicated to delivering sustainable value to shareholders and navigating this
challenging environment with a focus on resilience, strategic growth, and disciplined capital
management.”
Shareholder returns, interim dividend and dividend reinvestment plan
“In terms of our returns to shareholders, we will pay a unimputed interim dividend of
7.25 cents per share, a 3.6% increase from the prior period. Infratil’s share price also rose
from $10.89 to $12.25 during the period to 30 September”, Mr Boyes said.
The dividend reinvestment plan (‘DRP’) will operate for the interim dividend, with a 2%
discount applied to the DRP strike price. A copy of the DRP Offer Document is attached.
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
The timetable for the dividend and DRP is:
Event Date
HY2025 Interim Results release Today
Ex-Date for Dividend 20 November
Record Date 21 November
Last Date to submit a participation notice 22 November
Start date for determining market price for DRP 25 November
End date for determining market price for DRP 6 December
Strike Date 9 December
Share Issue Date/Dividend Payment Date 10 December
Allotment announcement 10 December
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://infratil.com/for-investors/reports-results-meetings-investor-days/results/half-year-
results-for-the-period-ended-30-september-2024/video-of-announcement-september-2024/
Enquiries should be directed to:
Mark Flesher
Investor Relations
Phone: +64 4 473 3663
Email: mark.flesher@infratil.com
Authorised for release by:
Andrew Carroll
Chief Financial Officer
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$15 billion,
Infratil targets returns to shareholders of 11-15% p.a. over the long-term.
For more information, visit www.infratil.com and LinkedIn.
---
Infratil
interim results
announcement
For the period ended
30 September 2024
1
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 2024, 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 EBITDAF. 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 in the Appendix.
No part of this presentation may be reproduced or provided to any person or used for any other purpose without express permission.
2
Presenters
Interim results announcement
Jason Boyes
Infratil CEO
Andrew Carroll
Infratil CFO
K E Y D E V E L O P M E N T S
P O R T F O L I O C O M PA N Y U P D AT E S
01
02
G U I D A N C E & L I Q U I D I T Y
03
C O N C L U D I N G R E M A R K S
Q U E S T I O N S
04
05
S U P P O R T I N G M AT E R I A L S
06
Section 1
Key Developments
4
Good operating performance across key areas of our portfolio, despite a testing domestic
landscape and global volatility
CDC continues to experience significant growth in demand, driving an expansion of its
development pipeline. Positive progress on customer negotiations. External valuation
indicators underscore the sector’s strong global appeal
One NZ performance is in line with expectations and strategic priorities are on track.
Initiatives implemented in the prior period are contributing positively to earnings
Longroad's construction on track across 1.7GW of projects. Uncertainty from the U.S.
election outcome is a headwind until resolved
We have committed to support Contact Energy’s proposed acquisition of 100% of
Manawa Energy, announced in September
We remain optimistic about the future of the global connectivity sector despite the
Console Connect transaction not proceeding
Well supported June 2024 $1,275 million equity raise. Balance sheet flexibility to support
continuing investment across the portfolio, at or above expected target returns, for future
earnings growth and shareholder value creation
Resilient portfolio performance and continued shareholder value creation
Key developments
NZ$1,891 million
following our equity raise
Available capital
$1,275 million
raised at $10.15 a share
Equity raise
15.9% (1 April - 13 November)
20.0% (10-year annual return)
Total shareholder return
5
Infratil investment
Proportionate
capital expenditure
Proportionate operational EBITDAF (NZ$m)
Improved interim results and strongly growing investment across the portfolio
Financial performance
418
506
HY24AHY25AFY25G
1.HY24 Operational EBITDAF has been normalised to assume a full period of ownership of One NZ. HY24 normalised Operational EBITDAF is $472 million
960 – 1,000
Proportionate operational EBITDAF for the half year of $506 million
was in line with expectations
Earnings growth reflects strong contributions from CDC, One NZ and
Wellington Airport compared to the prior period. The uplift relative to
HY24 also reflects a period of One NZ under full ownership. On a like
for like basis, Operational EBITDAF increased 7%
1
on HY24
Proportionate capex increased to $1.2 billion, up from $803 million in
HY24, as investment by CDC and the development renewables
businesses accelerates. Increased development expenditure is
consistent with that trend
Infratil investment during the period principally relates to capital calls
from renewables businesses Longroad, Gurīn and Galileo
$506m
Up 21% from HY24
Proportionate
operational EBITDAF
$145m
Down 93% from HY24
$1,224m
Up 52% from HY24
($28m)
Up 52% from HY24
Proportionate
development EBITDAF
6
Moderate dividend growth balanced with capital needs of the portfolio
Interim dividend
Interim dividend
A unimputed interim dividend of 7.25 cents per share (cps) has been declared
The record date is 21 November 2024 (ex-dividend date of 20 November 2024)
The payment date is 10 December 2024
Dividend reinvestment plan (DRP)
The dividend reinvestment plan will be active for the interim FY25 dividend
There will be a 2% discount offered for the FY25 interim dividend
Dividend reinvestment plan elections must be made by 22 November 2024
2% discount
On the 10-day VWAP to 6 December 2024
DRP strike price
21 November 2024
Payment date of 10 December 2024
Record date
7.25 cps
3.6% increase on HY24
Interim dividend
7
Continuing to lift the level of disclosure, with portfolio companies increasingly
releasing their own climate and sustainability disclosures, demonstrating our
commitment to transparency
During the period, we released our second Sustainability Report and our
inaugural Climate Related Disclosures under the new mandatory Aotearoa
New Zealand Climate Standards regime
This year Infratil and all its portfolio companies undertook GRESB assessments
Infratil’s score increased to 86 from 83 last year – 30% of the score is from
Infratil, and 70% from a weighted average of our portfolio company scores
In FY24 the Weighted Average Carbon Intensity
1
(WACI) of our portfolio was
47.9 tCO
2
e per million US$ of revenue, reflecting an 18% reduction in carbon
intensity from FY2023
Going forward we are focused on broadening disclosure, tracking progress
towards our SBTi targets, and further improving our GRESB and ESG ratings.
With ASX300 and MSCI inclusion, these benchmarks hold growing importance.
Busy half year, with more disclosure enhancements and progress by portfolio companies
Sustainability
3,582Gwh
Enough to power over 500,000 average
New Zealand homes
Renewable generation
47.9 tCO
2
e per million US$ revenue
18% reduction in carbon intensity from FY2023
Weighted Average Carbon Intensity (FY24)
2024 Sustainability Report
2024 Climate-Related Disclosures
Reports released
1.Weighted Average Carbon Intensity (WACI) reflects the scope 1 and 2emissions associated with portfolio company investments per million US dollars of each portfolio company’s revenue. WACI
provides insight into emissions intensity on an activity basis and is useful for comparison within sectors, to gain an understanding of each company’s ‘carbon efficiency’ relative to its industry peers.
Section 2 – Portfolio company updates
CDC (48.2% ownership)
9
Existing capacity and future growth
1
(MW)
388MW under
construction
1,000MW development
pipeline increase
Unprecedented demand has driven CDC to double its total future capacity and accelerate development
CDC
EBITDAF for the period was A$159 million, up A$36 million (29%) from the
prior period, driven by the commissioning of the first Melbourne data centre
(34MW) in June and higher utilisation across existing data centres
EBITDAF margin remained in line with the prior period at 75%
Weighted Average Lease Expiry (WALE) has remained strong at 31 years
Strong customer demand has increased the forecast build capacity by over
1,000MW by 2034 in the last 6 months, reflecting both the upsizing of existing
sites and the addition of new sites
Customers’ timing and technical requirements for significant new workloads
continue to evolve. Advanced customer negotiations for ~300MW are largely
complete. We expect to sign most of these customer contracts pre-Xmas, with
~100MW expected to progress in the New Year
Lender support remains robust, with A$1.5 billion raised through the US
Private Placement and Asian Term Loan markets to fund the expanding
development pipeline
Achieving NVIDIA DGX-Ready Data Centre certification across its ANZ data
centres positions the business as the first hyperscale provider in New Zealand
and the largest across ANZ to secure this certification
Year to date
268268
302
2,296
388
1,606
FY23AFY24AHY25AUnder
construction
Future buildTotal capacity
Operating capacity
•Melbourne – 121MW
•Sydney – 158MW
•Canberra – 39MW
•New Zealand – 70MW
1.Forecast capacity to be delivered by FY34
10
EBITDAF and margin % (A$m)
Outlook
Revenue (A$m)
Significant contracting and construction tracking well, demand strong and broad based
CDC
FY25 EBITDAF guidance is maintained at A$320 million to A$330 million,
though trending toward the lower end with some new workload deployments
shifting out into first half FY26
FY25 capital expenditure guidance range moderated to A$1.8 billion to A$2.1
billion (previously A$2.4 billion to A$2.7 billion)
388MW of capacity under construction across multiple sites is expected to
begin operations over the next 18 months
–150MW is expected to begin operations by Q1 FY26
On track to commence construction of 200MW+ of additional capacity over
the next 8 months as previously announced, including at Marsden Park
We continue to see strong and broad-based demand for significant capacity
above the previously announced 400MW+ advanced negotiations
Infratil expects to commit ~A$700 million over the next 2 – 3 years up from
A$600 million. ~A$450 million is expected to be injected in December 2024
75
98
123
159
74%
77%
75% 75%
HY22AHY23AHY24AHY25A
101
127
165
212
HY22AHY23AHY24AHY25A
~20% growth
from FY24
320 – 330
11
Section 2 – Portfolio company updates
One NZ (99.8% ownership)
12
Revenue (NZ$m)
3
Performance is in line with expectations and strategic priorities are on track
One NZ
EBITDAF for the period was $304 million
1
, up $25 million (9%) from the prior
period. Growth was driven by consumer mobile and a strong focus on cost
management
–Mobile ARPU increased to $33.80 from $32.45
–Operating costs reduced by $14 million compared to HY24
–Enterprise softness is stabilising
EBITDAF margin continues to improve to 32%, partially reflecting reduced
volume of lower margin handset sales
Operating cash flow
2
measure of $117 million improved $21 million compared
to HY24
The One Wallet loyalty programme is progressively expanding, reinvesting
legacy discount removals to drive plan simplification, customer loyalty and
reduce churn
EonFibre launched in October with One NZ as the anchor customer, aiming to
improve network utilisation and boost third-party revenue
Starlink direct to mobile testing is underway. Pending US licence approvals,
commercial launch is expected later in FY25
Year to date
1.EBITDAF for the period excludes EonFibre establishment costs
2.Operating free cash flow is proxied by EBITDAF less leases less accounting capex excluding spectrum
3.Revenue categories have been restated with some Enterprise customers moved into SME, no change in totals
334
361
387
405
205
183
177
174
96
113
114
108
96
102
105
108
225
231
180
146
956
990
963
940
HY22AHY23AHY24AHY25A
MobileConsumer FixedEnterpriseWholesaleProcurement & Other
Mobile ARPU $33.80
up from $32.45 in FY24
Consumer and SME
fixed ARPU $74.40
up from $74.01 in FY24
13
Continuing to invest to support future earnings growth
One NZ
FY25 EBITDAF guidance remains at $580 million – $620 million, with
H2 EBITDAF expected to be broadly flat with similar revenue trends
Capital expenditure (excl. spectrum) remains in the guidance range of
$240 million – $270 million.
Investment in 5G networks continues, while the 2G / 3G networks will close in
December 2025
On track toa similar cash flow outcome to FY24but after absorbing
incremental investment in Dense Air, DEFEND, Eon Fibre, IT transformation
and increased interest costs
Mid-30% EBITDAF margins continued to be targeted in the medium term
through revenue growth and ongoing cost efficiency
–Ongoing ARPU growth supported by annual pricing increases to realise
appropriate returns on network and service investment
–The multi-year IT upgrade is progressing well, with long-term benefits of
improved efficiency andbetter experience. Simplifying the product
landscape and migrating customers to in-market plans is a key enabler
–AI implementation also driving productivity benefits
Outlook
EBITDAF (NZ$m) and margin %
241
258
279
304
25%
26%
29%
32%
HY22AHY23AHY24AHY25A
EBITDAFMargin %
580 – 620
Guidance on track
32% EBITDAF margin
Up from 29% at HY24
Section 2 – Portfolio company updates
Longroad Energy (37.3% ownership)
15
Construction on track, and good progress on projects for FY25 and FY26
Longroad Energy
EBITDAF for the half is US$37 million, down US$21 million (36%) from the
prior period, primarily driven by outperformance in the prior year from
Prospero 1 & 2 projects
Construction is on track, with 652MW completed in the half year, and 1.1GW
across three projects expected to complete in early FY26
Growing energy demand has strengthened the PPA market, particularly from
corporates, including sectors like data centres, AI, and the onshoring of
manufacturing
Expecting to close 0.7GW of projects in FY25
Revenue arrangements signed for another 1.1GW of projects which are
expected to close in FY26, with negotiations ongoing for a further 0.2GW
(total of 2.0GW over FY25 and FY26)
Some projects targeted for FY25 and FY26 have been unexpectedly delayed
(e.g. Hawaii fires), reinforcing the importance of strong development
capability, and maintaining a deep and diversified pipeline of projects
supplemented by attractive M&A
Although below our 1.5GW avg. yearly development target to date, Opco run-
rate EBITDA broadly on track vs. CY2027 target based on higher-than-
expected yield (see next slide)
Year to date
1. Project run-rate EBITDAF calculated based on 5-year average EBITDAF once projects hit COD and recognized in run-rate EBITDAF total based on FNTP year
2.Generation capacity includes projects that have reached FNTP in the period
Existing capacity and future growth (GW)
1.6GW
1.8GW
2.4GW
9.5GW
1.1GW
0.7GW
1.3GW
FY23AFY24AHY25AUnder
Construction
24 to 27 Target
development
Dec 2027
operating
capacity target
6.0GW
652MW of construction
completed so far in FY25
1.1GW of new capacity
under construction
Operating assets
2.0GW of identified projects
across CY2024 / 2025
Sun Streams 3 – 500MW
Three Corners – 152MW
Sun Streams 4 - 677MW
Serrano - 444MW
Ardagh – 13MW
16
Outlook
Uncertainty from U.S. elections, currently expecting modest exposure across FY25/26 projects
Longroad Energy
Longroad EBITDAF guidance range reduced to US$55 million - $60 million
(US$10 million) due to the consolidation of Longroad’s investment in
distributed solar developer, Valta, and increased development expenditure
U.S. election results creates uncertainty until the implications for green
policies such as the Inflation Reduction Act (IRA) and tariffs are known.
Modest exposure currently expected across FY25/26 projects (2.0GW):
–FY25 projects (0.7GW) and 0.5GW of FY26 projects already safe
harboured, so tax credits should be unaffected
–Aim to safe harbour the balance (0.8GW) of FY26 projects early in the New
year, ahead of any new legislation
–Potential exposure to additional tariffs (c.6% of NPV of these projects, or
c.1.5% of the current independent valuation, assuming +15% tariffs)
Potential industry slowdown until uncertainty is resolved, which may take time.
However, U.S. renewables fundamentals remain strong, driven by escalating
demand for decarbonisation solutions, as well as rising power demand
Infratil still expects to commit US$110 million of additional equity in FY25 to
support Longroad’s growth
Opco run-rate EBITDA
1,2
(US$m)
3.5
5.0
6.5
8.0
9.5
3.5
4.2
5.5
0
100
200
300
400
500
600
700
800
CY23ACY24FCY25FCY26FCY27F
OpCo Run
-
rate EBITDA
US$m
Generation capacity Investor day FY24 (GW)
Generation capacity HY25 forecast (GW)
Run-rate OpCo EBITDAF HY25 forecast
0.7GW of projects
expected to reach
financial close in FY25
Development pipeline
steady at 28GW+
Opco run-rate EBITDA CY2027 Target
Run-rate OpCo EBITDAF Investor day FY24
17
Section 2
Other portfolio companies
18
Gurīn has now received a conditional licence from Singapore’s Energy Market
Authority for Project Vanda, its US$2.5 billion project to deliver non-intermittent
renewables to Singapore)
–A panel procurement framework agreement was signed in September 2024
–The full import license remains contingent on completing the subsea survey
and EPC tender within the agreed timeframe and obtaining all necessary
government approvals
Two solar projects are under development in the Philippines. Construction has
been completed on a 75MW solar project, currently undergoing final testing,
while a 35MW project is expected to reach financial close by the end of 2024
Progress continues on entry into the Japanese energy storage market with
land and grid connections secured on the first block of land
Land due diligence is underway on several sites across Thailand, the
Philippines, and South Korea, with a combined capacity of over 1.5GW
Next-generation platforms scaling up with transformational projects approaching key development decisions
Gurīn Energy (95% ownership) and Kao Data (52.8% ownership)
26.8MW operating
capacity
19.4MW under
construction
EBITDAF for the period was £2 million, up £4 million from the prior period, as
data centre utilisation improves
Continued strong momentum in the UK market driven through growth in cloud
adoption and AI / HPC and intensifying scarcity in power and land for Data
Centre use
Kao Data has seen significant expansion in its sales pipeline and is actively
chasing larger hyperscale contracts
Construction is ongoing at the Slough and Harlow campuses, with an
additional 4MW of capacity becoming operational at Slough during the period
Development at Kao Data’s new data centre site in Manchester is advancing,
with demolition of existing buildings on the former industrial site now
underway
75MW solar project in
final testing
6.6GW pipeline of solar
and storage projects
19
Infratil’s diagnostic imaging businesses continue to grow EBITDAF amid rising cost pressures
RHCNZ Medical Imaging (50.0% ownership) and Qscan (57.6% ownership)
EBITDAF for the period was $63 million, up $2 million (3%) from the prior
period, with efficiency initiatives offsetting inflationary cost pressures and
reduced public sector outsourcing. Due to expected continuation of these
trends, updated guidance reflects moderated FY25 EBITDAF growth
expectations from 15%+ to ~10%
Key funders are currently reviewing how they contract their services, seeking
requests for proposals for the national provision of services
Three new clinics have opened: two in Hamilton and one in Tauranga,
including PET-CT capability
The business has a robust pipeline of growth opportunities targeting high-
growth areas and underserved communities
EBITDAF for the period was A$38 million, up A$7 million (24%) from the prior
period. This growth was driven by enhanced productivity and yield, supported
by shifts in Qscan’s modality mix and a revised pricing strategy
The industry continues to face challenges from a shortage of radiologists and
ongoing inflationary and cost pressures
Recent changes in the regulatory environment include the deregulation of
MRI licensing, reintroduction of indexation for PET, a new National Lung
Cancer Screening Programme and a reduction in indexation for CT services
The sector has seen increased M&A activity, with Capitol Health merging with
Integral Diagnostics, Affinity acquiring Lumus Imaging, and the anticipated
sale of IMED
EBITDAF (NZ$m) and margin %
24
53
61
63
37%
34%
35%
33%
HY22AHY23AHY24AHY25A
120 – 130
EBITDAF (A$m) and margin %
31
25
31
38
27%
19%
21%
23%
HY22AHY23AHY24AHY25A
70 – 80
20
EBITDAF for the period was $63 million, up $12 million (25%) from the prior
period. This growth was achieved despite lower-than-expected passenger
volumes, driven by higher aeronautical pricing, strong commercial
performance, and effective cost management
Passenger volumes continue to be affected by domestic network constraints;
domestic passenger numbers are down 4.4% from the same period last year
International passenger numbers are up 12%. Qantas has expanded its
presence, introducing larger aircraft on the Brisbane route and increasing the
number of Melbourne flights
The capital expenditure programme is progressing, with a focus on enabling
works as the broader programme gains momentum. The airport’s property
portfolio has also grown, with several recent acquisitions of adjacent sites
Recent airport transactions (Queensland and Perth Airports) at reportedly >20x
LTM EV/EBITDAF were well above Wellington Airport’s current independent
valuation (15.4x)
Leveraging increasing underlying prices and active construction programmes to drive growth
Wellington Airport (66% ownership) and RetireAustralia (50% ownership)
Underlying profit for the period was A$58 million, up A$15 million (35%) from
the prior period, driven by higher resales and two village price increases
In the period, there were 213 resales, compared to 203 in HY24, with the
average gain per resale increasing by 9% from HY24
40 new units were sold in the first half of FY25, compared to 83 units in the
same period of FY24, with an average new unit sales price 17% higher than
FY24
Village occupancy remains stable at 95.6%, with waitlists in place across
25 out of 29 villages
RetireAustralia is on track to achieve 500-550 total settlements in FY25,
consistent with the prior year
95.6% Occupancy
waitlists in place across
25 out of 29 villages
149 new units
under construction
82% passenger
recovery
(% pre-covid)
$600m of planned
investment over
next 5 years
Section 3
Guidance & liquidity
22
FY25 Proportionate operational EBITDAF guidance range narrowed at the top end to NZ$960 – $1,000 million
FY25 Guidance – Proportionate EBITDAF
FY25 Proportionate operational EBITDAF guidance range narrowed
at the top end to NZ$960 – $1,000 million (previously
NZ$962-$1,012 million)
Key guidance assumptions (at 100%) include:
–CDC EBITDAF of A$320-A$330 million (no change)
–One NZ EBITDAF of NZ$580-$620 million (no change)
–Manawa Energy EBITDAF of NZ$95-$115 million (no change)
–Longroad Energy EBITDAF of US$55-$60 million (previously
US$60-$70 million)
–Wellington Airport EBITDAF of NZ$125-$135 million (no change)
–Diagnostic Imaging EBITDAF of NZ$200-$220 million (previously
NZ$210-$230 million)
–Corporate Costs NZ$115-$125 million (previously NZ$105-$110 million)
Renewable development companies (Gurīn Energy, Galileo, Mint
Renewables) proportionate EBITDAF guidance range reduced to a loss of
NZ$65–$75 million (Infratil share) (previously NZ$80-$90 million)
Operational EBITDAF Guidance
Proportionate operational EBITDAF (NZ$m)
464
560
908
FY22AFY23AFY24AFY25G
960 – 1,000
1.The following forecast exchanges rates are assumed for the purposes of currency translation in the guidance calculation NZD / AUD 0.9140, NZD / USD 0.6084, NZD / EUR 0.5590, and NZD / GBP 0.4734
2.Guidance is based on Infratil management’s current expectations and assumptions about 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 excludes the impact of any transactions announced in the period.
Development EBITDAF Guidance
23
Capital Expenditure - Guidance
Proportionate capital expenditure (NZ$m)
FY25 Proportionate capital expenditure guidance has been reduced to $2.4 billion-$2.8 billion
FY25 Guidance – capital expenditure
FY25 Proportionate capital expenditure guidance reduced to
$2.4 billion-$2.8 billion (previously $2.7 billion-$3.1 billion)
Key guidance assumptions (at 100%) include:
–CDC A$1,800 million-A$2,100 million
(previously A$2,350 million-A$2,650 million)
–One NZ $240 million-$270 million (no change)
–Manawa Energy $40 million-$50 million (no change)
–Wellington Airport $130 million-$160 million (no change)
–Diagnostic Imaging $90 million-$100 million (no change)
–Longroad Energy US$1,000 million-US$1,300 million (no change)
–Renewable development companies' capital expenditure of
$490 million to $540 million as platforms invest in growth (no change)
282
412
988
316
433
385
181
224
340
779
1,069
1,713
FY22AFY23AFY24AFY25G
DevelopmentCore +Core
2,400 – 2,800
1.The following forecast exchanges rates are assumed for the purposes of currency translation in the guidance calculation NZD / AUD 0.9140, NZD / USD 0.6084, NZD / EUR 0.5590, and NZD / GBP 0.4734
2.Guidance is based on Infratil management’s current expectations and assumptions about asset investment, is subject to risks and uncertainties, and dependent on prevailing market conditions continuing
throughout the outlook period
24
Net debt and gearing %Debt maturity profile
Strong credit profile and significant flexibility to support investment opportunities across the portfolio
Funding and liquidity
We have significant balance sheet flexibility to support additional capital
investment across FY25 / FY26, with relatively low gearing levels of 9.8% at
September 2024
$148.4 million of net new bonds issued in June 2024, refinancing of
$100 million of IFT260 maturing in December 2024 planned
Weighted average cost of debt of 6.14%, with 78% of drawn debt hedged and
weighted average tenor of fixed term debt
2
of 4.2 years
1.Gearing is total net debt over total capital
2.Excludes Perpetual IFTHAs
100
164
156
102
146
273
243
204
30
254
453
575
250
232
FY25FY26FY27FY28FY29FY30FY31FY32>FY32
BondsUndrawn bank debtIFTHAs
1,180
1,770
1,720
620
720
2,260
1,290
34%
41%
25%
9%
10%
20%
10%
0%
10%
20%
30%
40%
-
1,000
2,000
3,000
4,000
FY19FY20FY21FY22FY23FY24HY25
Net debtGearingPortfolio leverage assumption (30%)
For the period ended ($millions)31 March 202430 September 2024
Net bank debt$791.8 ($328.8)
Infrastructure bonds$1,241.1 $1,389.5
Perpetual bonds$231.9 $231.9
Total net debt$2,264.8 $1,292.6
Market value of equity$9,066.7 $11,840.1
Total capital
$11,331.5 $13,132.7
Gearing
1
20.0% 9.8%
Undrawn bank facilities$800.9 $1,561.8
100% subsidiaries cash$19.2$328.8
Liquidity available$820.1 $1,890.6
25
Good operating performance across key
areas of our portfolio, despite a testing
domestic landscape and global volatility
The current environment highlights the
advantage of our focus on sectors with
structural growth drivers which are more
resilient to short-term economic and
political shifts
Recent comparable transactions in data
centres, diagnostic imaging, and airport
sectors underscore the attractiveness of
our assets and potential for valuation
upside
We have significant balance sheet
capacity, with increasing flexibility to
support future growth initiatives
A number of key capital allocation
decisions coming across the portfolio in
the medium term
We will continue to allocate capital in a
disciplined way at attractive returns that
drive sustainable value creation for
shareholders
Strategic focus on internal investment opportunities in sectors and assets we know well to drive sustainable growth
Concluding remarks
Questions
Supporting materials
28
Overview
The table represent Infratil’s proportionate share of an assets independent valuation,
market value, or book value
CDC, Longroad Energy, Galileo, and RHCNZ Medical Imaging reflect the midpoint of
30 September 2024 independent valuations
Mint Renewables, Qscan, RetireAustralia reflect the midpoint of the 30 June 2024
independent valuations adjusted for any subsequent capital calls
One NZ, Kao Data, Gurīn Energy, and Wellington Airport reflect the midpoint of the
31 March 2024 independent values adjusted for any subsequent capital calls
The fair value of Manawa Energy is shown based on the market price per the NZX
Fortysouth, Clearvision and Property reflect their accounting book values as at
30 September 2024
Key valuation methodologies and assumptions underpinning current independent
valuations are summarised on the following pages
The net asset value of Infratil assets has reached $14.0 billion as at September 2024
Net asset value
Period ended ($Millions)31 March 202430 September 2024
CDC$4,419.7 $5,236.5
One NZ$3,530.5$3,546.0
FortySouth$195.2 $188.8
Kao Data$556.2 $567.9
Manawa Energy$728.0 $800.0
Longroad Energy$1,952.0 $1,992.7
Galileo$240.7 $245.0
Gurīn Energy$237.1 $246.1
Mint Renewables$2.0 $16.4
RHCNZ Medical Imaging$606.7 $613.6
Qscan Group$411.9 $436.5
RetireAustralia$464.4 $490.3
Wellington Airport$623.7 $623.7
Clearvision Ventures$142.6 $134.8
Property$98.4 $112.5
Portfolio asset value$14,209.1
$15,250.8
Wholly owned group net debt($2,264.8)($1,292.5)
Net asset value$11,944.3
$13,958.3
Shares on issue (million)832.6 966.5
Net asset value per share$14.35
$14.44
29
Primary valuation methodology: DCF using FCFE (with a cross
check to comparable companies and precedent transactions),
surplus and underutilised land at cost
Forecast period: 30 years (2055) (15 years in June 2024)
Enterprise value: A$13,441m (A$12,723m in June 2024)
Equity value: A$9,987m (A$9,376m in June 2024)
Net Debt: A$3,454m (A$3,347m in June 2024)
CDC (48.17%) – A$4,811m (NZ$5,237m)
Kao Data (52.8%) – £263.9m (NZ$556.2m)
Primary valuation methodology: DCF using FCFE (with a cross
check to comparable companies and precedent transactions )
Terminal value methodology: Exit multiple
Forecast period: 6.75 years (Dec-2030)
Enterprise value: £572.8m
Equity value: £499.8m
One NZ (99.9%) – NZ$3,530.5m
Primary valuation methodology: DCF using FCFF on a sum of
the parts basis (ServeCo & FibreCo) (with a cross check to
comparable companies and precedent transactions)
Forecast period: 20 years (2044)
Enterprise value: NZ$4,955 (pre IFRS16 - excluding lease
liabilities of ~NZ$910m)
Equity value: NZ$3,533 (IFT share NZ$3,530.5m)
Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the
international for portfolios) and setting management long-term incentives for some portfolio companies
Independent valuation summary – Digital
Valuation
methodology
Key valuation assumptions
Risk free rate: 3.90%
Asset beta: 0.575 (0.55 in June 2024)
Cost of equity: 12.40% (blended rate) reflecting the assessed risk
of the spectrum of CDC’s activity, from operating data centres with
contracted revenues through to developing projects without
contracted revenues (11.50% in June 2024)
Terminal growth rate: 2.5%
Long term EBITDAF margin: 85% (2039); 83% (2055)
Future capex reflects CDC’s published development pipeline
(valuation assumes no development beyond FY40)
Risk free rate: 4.25%
Asset beta: 0.55
Specific risk premium: 8.0%
Cost of equity: 16.0% reflecting Kao Data intends to undertake a
number of development projects across its data centre sites
Terminal value multiple: 22.0x (noting the shorter forecast
period)
Capex assumes operating capacity increases 74MW across
existing and new sites with development occurring between FY25-
FY30 (valuation assumes no development beyond FY30)
Risk free rate: 3.47%
Asset beta: 0.60 (ServeCo) & 0.35 (FibreCo)
Weighted average cost of capital: 9.25% (blended rate)
Terminal growth rate: 2.5% (ServeCo) & 2.0% (FibreCo)
Long term capital expenditure: Expected to gradually decrease
to ~11.3% of revenue (incl. spectrum) over the forecast period on a
blended basis for ServeCo and FibreCo. Short-term capital
intensity expected to be elevated driven by investment in FibreCo,
5G rollout and IT simplification
FX Rates: NZD/USD: 0.6350 NZD/EUR: 0.5689 NZD/AUD: 0.9187 NZD/GBP: 0.4746
September 2024 valuationMarch 2024 valuation
March 2024 valuation
30
Primary valuation methodology: DCF using FCFE. Valuation
approach consists of:
A top-down approach (aggregate enterprise cashflows, including a
terminal value); and
Bottom-up valuation approach (DCF using FCFE for operating,
under-construction, and near-term development projects
2
, and a
multiples approach for long-term development pipeline)),
Platform derived from the difference between top down and bottom-
up valuations
Forecast period: Top down: 10Y, Bottom up: 40Y (2065)
Enterprise value: US$6,896m
Equity value
1
: US$3,397m
Risk free rate: 4.2%
Asset beta: top down - 0.81
Cost of equity: 12.3% top-down, 8.9% operating assets, 9.2%
under construction, 9.5% near-term projects plus milestone
discounts, 15% long-term pipeline plus milestone discounts
Terminal growth rate: 5.0% (top-down, year 10)
Near-term (3 years) development pipeline: 3,920MW
Long-term development pipeline (5 years): 23,689MW
Multiple for long-term development projects: US$197/kW
Platform value assessed around ~8% of total enterprise value
Longroad (37.3%) – US$1,265m (NZ$1,993m)Gurīn (95%) – US$142.0m (NZ$237.1m)
Primary valuation methodology: valuation range based on two
different methodologies:
–Income and cost approach: adopts a DCF using FCFE for
more certain and near-term developments, probability
weighted to account for development and construction risk and
values less certain projects at cost
–Market approach using multiples of comparable
companies/transactions (which includes platform value),
applied to the development pipeline (probability weighted)
Forecast period: ~34 years (2057)
Equity value: US$150m
Risk free rate: 2.5%-6.2% based on 10 year govt bond yield of
each country
Asset beta: 0.47
Cost of equity: 10.1% -13.1%
–the discount rates used for each project are calculated with
reference to each project’s location
Terminal value: N/A (finite life assets)
Multiples for development projects: US$0.4-$0.9m per MW
Development pipeline for multiples approach: 243MW
Galileo (38%) – €139.4m (NZ$245.0m)
Primary valuation methodology: Transaction multiples for
more advanced projects and cost for entry-stage projects
Equity value: €366.8m (€343.9m in June 2024)
Risk free rate: n/a (DCF methodology not adopted)
Asset beta: n/a (DCF methodology not adopted)
Multiples for development projects that are ‘ready to build’ range
from €50-400k/MW depending on country and technology type
(i.e. solar, wind, or standalone battery storage)
The valuer assigns a discount (~10-95%) to the multiple that it
considers appropriate as the project moves towards ‘ready to
build’ stage. For projects that are early to mid-stage of the
development lifecycle, only a small percentage of the ‘ready to
build’ value is captured with the majority of value being
recognised as projects get close to ‘ready to build’ stage.
Platform premium of ~1% applied
Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the
international for portfolios) and setting management long term incentives for some portfolio companies
Independent valuation summary - Renewables
FX Rates: NZD/USD: 0.6350 NZD/EUR: 0.5689 NZD/AUD: 0.9187 NZD/GBP: 0.4746
1.Longroad Equity Value adjusted for committed but uncalled capital included in the independent valuation
2.Assets that are expected to achieve FNTP in the next three calendar years
September 2024 valuationMarch 2024 valuation
September 2024 valuation
Valuation methodology
Key valuation assumptions
31
Primary valuation methodology: DCF using
FCFE (with a cross check to comparable
companies and precedent transactions)
Forecast period: 20 years (2044)
Enterprise value: NZ$1,602m
Equity value: NZ$945m (IFT share
NZ$623.7m)
Risk free rate: 4.85%
Asset beta: 0.625
Cost of equity: 11.75%
Terminal growth rate: 2.5%
Wellington Airport (66%) –
NZ$624m
RHCNZ (50.0%) – NZ$614m
Primary valuation methodology: DCF using
FCFE (with a cross check to comparable
companies and precedent transactions)
Forecast period: 12 years (2036)
Enterprise value: NZ$1,678m (NZ$1,648m in
March 2024)
Equity value: NZ$1,228m (NZ$1,205m in
March 2024)
Risk free rate: 4.2% (4.5% in March 2024)
Asset beta: 0.67
Cost of equity: 12.1% (11.9% in March 2024)
Terminal growth rate: 3.5%
Qscan (57.6%) – A$388.0m
(NZ$424.6m)
Primary valuation methodology: DCF using
FCFE (with a cross check to comparable
companies and precedent transactions)
Forecast period: 10 years (2034)
Enterprise value: A$915.9m (A$903.4 million
in March 2024)
Equity value: A$673.4 (A$656.3m in March
2024)
Risk free rate: 3.95%
Asset beta: 0.80
Cost of equity: 13.85%
Terminal growth rate: 3.1%
Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the
international for portfolios) and setting management long-term incentives for some portfolio companies
Independent valuation summary – Airports & Healthcare
RetireAustralia (50%) – A$450.5m
(NZ$492.9m)
Primary valuation methodology: DCF using
FCFF (with a cross check to comparable
companies and precedent transactions)
Forecast period: 40 years (2064)
Enterprise value: A$1,111.0m (A$1,051.7m in
March 2024)
Equity value: A$900.9m (A$852.8m in March
2024)
Risk free rate: 3.95%
Asset beta: 0.89
Weighted average cost of capital: 11.55%
(blended rate)
The valuer adopts different discount rates for
each segment (i.e. existing, brownfield and
greenfield developments) having regard to the
different risk profiles
Terminal growth rate: 2.5%
Valuation methodology
Key valuation assumptions
FX Rates: NZD/USD: 0.6350 NZD/EUR: 0.5689 NZD/AUD: 0.9187 NZD/GBP: 0.4746
March 2024 valuationSeptember 2024 valuationJune 2024 valuationJune 2024 valuation
32
Portfolio returns
AssetSegmentGeography
Month of Initial
Investment
Duration
(years)
Total capital
invested
1
(NZD)
Total realised
proceeds
2
(NZD)
Total unrealised
proceeds
3
(NZD)
Total value
4
(NZD)
IRR
(NZD)
CDCDigital InfrastructureAustralasia
September 20168.1 555 157 5,237 5,394 37.2%
One NZDigital InfrastructureNew Zealand
July 20195.2 2,851 1,190 3,546 4,736 22.9%
Kao DataDigital InfrastructureUnited Kingdom
August 20213.1 404 - 568 568 17.6%
FortysouthDigital InfrastructureNew Zealand
October 20221.9 212 4 189 193 n/a
Clearvision VenturesDigital InfrastructureUnited States
March 20168.3 92 2 135 136 11.4%
Longroad EnergyRenewable EnergyUnited States
October 20167.9 668 308 1,993 2,301 60.9%
Manawa Energy
5
Renewable EnergyNew Zealand
April 199430.5 395 1,536 800 2,336 17.4%
Gurīn EnergyRenewable EnergyAsia
July 20213.2 128 1 246 247 58.9%
GalileoRenewable EnergyEurope
February 20204.6 123 - 245 245 40.3%
Mint RenewablesRenewable EnergyAustralia
December 20221.8 16 - 16 16 n/a
RHCNZ Medical ImagingHealthcareNew Zealand
May 20213.3 425 63 614 677 16.4%
Qscan GroupHealthcareAustralia
December 20203.8 328 2 436 439 8.4%
RetireAustraliaHealthcareAustralia
December 20149.8 365 32 490 522 4.6%
Wellington AirportAirportsNew Zealand
November 199825.9 96 641 624 1,264 17.0%
Infratil PropertyOtherNew Zealand
December 200716.8 100 104 112 217 11.0%
Notes:
1.Total capital invested is equal to the sum of all capital invested by Infratil into the asset during the holding period, and consists of initial capital contributions, shareholder loan contributions, capital calls, and
acquisition of management shares vesting under LTI schemes
2.Total realised proceeds is equal to the sum of all distributions received by Infratil during the holding period and consists of capital returns, shareholder loan interest payments, shareholder loan principal payments,
dividends, and subvention payments.
3.Total unrealised proceeds is equal to the valuation of Infratil’s stake in each of its assets. These valuations are aligned to Infratil asset values as summarised on page 28
4.Total value is equal to total realised proceeds plus total unrealised proceeds
5.A non-cash benefit equal to the value of Infratil’s share of Tilt on split from Trustpower has been recognised in Total realised proceeds for Manawa to capture the value of the embedded option within Manawa
33
Incentive fee overview
The net incentive fee accrual for 30 September 2024 is $93.6 million
No recent independent valuations are available for Kao Data or Gurīn Energy so no incentive fee has been accrued for these assets
Valuations for the purposes of the incentive fee are calculated net of estimated costs of disposal and any potential capital gains taxes
Strong independent valuation uplift in CDC offset by slower valuation growth in Longroad results in a net incentive fee accrual of $93.6 million for HY25
Incentive fees
30 September ($millions)
FY24 Incentive
Fee Valuation
CapitalFXDistributionsHurdle
HY25 Incentive
Fee Valuation
Incentive Fee
Annual Incentive Fee
CDC
4,399.3 (17.0)- 19.2 (264.0)5,212.0 110.2
Longroad Energy
1,503.1 (50.4)7.7 - (93.5)1,582.5 (11.4)
Galileo
237.1 (13.6)- - (15.1)241.3 (4.9)
RetireAustralia
454.1 - - 2.3 (27.1)479.6 0.1
Qscan
407.8 - - - (24.5)432.1 (0.0)
Initial Incentive Fee
Mint Renewables(16.2)- - (1.9)16.2 (0.4)
7,001.4 (97.3)7.7 21.5 (426.2)7,963.7 93.6
34
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
1995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025
Accumulated Capital GainAccumulated Dividends
Infratil has delivered a total shareholder return of 23.0% for the year to 30 September 2024 and a 19.3% return over 30.5 years
Total shareholder returns
PeriodTSR
1 - year23.0%
5 – year
23.6%
10 – year
20.0%
20 – year
16.2%
Since inception (30.5 years)
19.3%
Notes:
1.The accumulation index assumes that $1000 were invested in Infratil’s IPO and that an investor reinvests all dividends at the time of receipt and participates in any equity raises or rights offerings so that they neither
take any money out or invest any new money into Infratil
2.Accumulated dividends represents the total value of dividends received by the investor
35
Period ended 30 September ($Millions)Share20232024
CDC
48.2%$64.3 $83.7
One NZ
99.8%$225.1 $304.0
Fortysouth
20.0%$5.5 $7.0
Kao Data
52.8%($1.6)$2.4
Manawa Energy
51.1%$39.8 $23.3
Longroad Energy
36.5%$34.6 $22.1
RHCNZ Medical Imaging
50.0%$30.7 $31.6
Qscan Group
57.6%$18.2 $23.8
RetireAustralia
50.0%$6.3 $17.3
Wellington Airport
66.0%$33.4 $41.6
Corporate & other
($38.2)($50.5)
Operational EBITDAF
$418.1$506.3
Galileo
38.0%($6.1)($9.0)
Gurīn Energy
95.0%($9.1)($14.4)
Mint Renewables
73.0%($2.9)($4.1)
Development EBITDAF
($18.1)($27.5)
Total continuing operations
$400.0$478.8
Trustpower Retail business51.1%
($0.4) -
Total
$399.6$478.8
Proportionate capital expenditureProportionate EBITDAF
Proportionate capital expenditure and EBITDAF
Period ended 30 September ($Millions)20232024
CDC
$105.6 $436.8
One NZ
$122.4 $125.8
Fortysouth
$2.6 $4.3
Kao Data
$48.7 $37.8
Manawa Energy
$16.3 $13.2
Longroad Energy
$381.3 $448.5
Gurīn Energy
$25.1 $21.7
Galileo
$38.8 $57.8
Mint Renewables
$0.5 $0.3
RHCNZ Medical Imaging
$9.3 $11.8
Qscan Group
$7.4 $6.8
RetireAustralia
$28.5 $36.8
Wellington Airport
$16.3 $22.4
Proportionate Capital Expenditure$802.8 $1,224.0
36
Investment Overview
Further investment into Kao Data to support the growth of the business as it invests in
its Slough and Harlow data centres as well as progresses work on its Manchester site
Longroad equity injections have been used to support new projects as they reach full
notice to proceed and begin construction
Investment into Gurīn, Galileo, and Mint Renewables is used to support platform
growth and investment into capital projects and to support the growth of capability
within the assets
Period ended 30 September ($Millions)20232024
CDC$34.8 $16.9
One NZ$1,800.0 $20.0
Kao Data$136.3 $11.5
Fortysouth- -
Longroad Energy$50.3 $49.7
Gurīn Energy$45.6 $23.8
Galileo$23.0 $13.4
Mint Renewables$1.8 $6.0
RHCNZ Medical Imaging- -
Qscan- -
Clearvision$16.3 $4.0
Infratil Investment$2,108.1 $145.3
Infratil has undertaken relatively modest direct investment to support the growth of its assets. We expect investment will
increase significantly in the second half of the financial year
Infratil investment
37
Overview
Proportionate EBITDAF is an unaudited non-GAAP (‘Generally Accepted Accounting
Principles’) measure of financial performance, presented to provide additional insight
into management’s view of the underlying business performance.
Specifically, in the context of operating businesses, Proportionate EBITDAF provides a
metric that can be used to report on the operations of the business (as distinct from
investing and other valuation movements).
Period ended 30 September ($Millions)
20232024
Net profit after tax (‘NPAT’)
1,189.5(206.4)
Less: Associates
1
equity accounted earnings
(140.9)(107.0)
Plus: Associates
1
proportionate EBITDAF
153.0123.5
Less: minority share of subsidiary
2
EBITDAF
(113.6)(89.7)
Plus: share of acquisition or sale-related transaction costs
14.81.5
Plus: one-off restructuring costs (including Fibreco)
-3.9
Net loss/(gain) on foreign exchange and derivatives
(55.1)61.7
Net realisations, revaluations and impairments
(1,073.0)(4.0)
Discontinued operations
0.6-
Underlying earnings
(24.7)(216.5)
Plus: Depreciation & amortisation
180.7321.7
Plus: Net interest
155.1206.1
Plus: Tax
51.677.8
Plus: International Portfolio Incentive fee
37.489.7
Proportionate EBITDAF
400.0(478.9)
Earnings reconciliation
38
Gearing and credit metrics are monitored across the portfolio in aggregate and at the
individual portfolio company level
One NZ completed a refinancing of its debt package during HY25, upsizing debt
capacity and securing improved commercial terms
CDC successfully raised $1.5 billion raised through the US Private Placement (USPP)
and Asian Term Loan markets in the period. As previously signalled CDC will require
further investment from shareholders over the next 18 months to fund its accelerated
growth while maintaining disciplined capital management and credit metrics
EBITDAF based leverage metrics not appropriate for Longroad, RetireAustralia and
Kao Data based on industry segment and current operating models
In addition to the below metrics, Wellington Airport maintains a BBB S&P credit rating
(stable outlook)
Exposure to interest rates is monitored across each portfolio company and managed
within approved treasury policy limits. 74% of drawn debt was hedged on a fixed rate
basis as at
30 September 2024 and expected to remain in compliance with defined hedging policy
bands typically out to 5 years or more across the Infratil portfolio
Portfolio company debt
30 September 2024Gearing
1
Net Debt /
EBITDA
2
% of drawn
debt hedged
CDC
3
25.9%9.8 80%
One NZ29.8%3.0 58%
Fortysouth43.1%12.3 89%
Kao Data18.4%n/a 71%
Manawa Energy
4
23.2%4.377%
Longroad Energy
5
9.2%n/a 90%
Galileo
6
-n/a n/a
Gurīn Energy
7
-n/a n/a
Mint Renewables
8
-n/a n/a
RHCNZ Medical Imaging26.6%3.7 72%
Qscan Group23.8%3.0 74%
RetireAustralia18.9%n/a 84%
Wellington Airport42.0%5.8 82%
Value Weighted Average of
Portfolio Companies
9
28.0%74%
Notes:
1.Gearing calculated as total net debt / total capital based on most recent independent valuations, listed equity value or book value at 30 September 2024
2.Unless otherwise stated EBITDAF definitions based on pre IFRS16 and allowable pro forma adjustments under financing arrangements for each Portfolio Company rounded to 1 decimal place.
3.CDC leverage metric applies September 2024 run rate EBITDA annualised and includes Shareholder Loans in Net Debt.
4.Manawa Net Debt / EBITDA includes impact of challenging trading conditions and a material bad debt during FY25, this metric is expected to normalise in FY26.
5. Longroad % of drawn debt hedged is based on non-recourse term debt but excludes construction and working capital facilities.
6,7,8 Holding company Net Debt position, excludes non-recourse project finance borrowing
9 Calculated based on IFT’s value weighted, proportionate share of Total Net Debt /Total Capital across all portfolio companies
Overview
---
1
Interim
Report
2024/2025
1994
2024
2
Infratil today
Digital
64%
48% Infratil
$5.2
billion
99.8% Infratil
$3.5
billion
53% Infratil
$570
million
20% Infratil
$190
million
$135
million
51% Infratil
$800
million
37% Infratil
$2.0
billion
95% Infratil
$245
million
38% Infratil
$245
million
73% Infratil
$15
million
58% Infratil
$435
million
50% Infratil
$490
million
50% Infratil
$615
million
66% Infratil
$625
million
Renewables
22%
Healthcare
10%
Airport
4%
3
Over the past six months, we remained
focused on our core goal of generating
sustainable value for our shareholders by
investing in ideas that matter.
With a focus on delivering attractive financial outcomes, we
continue to evaluate and capitalise on growth opportunities
within our existing portfolio while also scanning the market for
new investment opportunities.
Our aim continues to be to achieve shareholder returns of
11–15% per annum after tax and fees on a rolling 10-year basis,
achieved through a blend of share price appreciation and
dividends. In the first half of FY2025, Infratil delivered a total
shareholder return of 14.5%, a significant achievement in a
challenging market where the NZX50 grew by 2.7% during this
period. Over the last five years, Infratil’s total shareholder
returns have averaged over 23% annually.
In the past six months, we secured additional capital through a
well-supported $1.275 billion equity raise to bolster our liquidity,
enhance our investment capacity, and support growth across
the portfolio. A significant portion of this capital is earmarked
for CDC. We are grateful for the robust support from the
investment community for Infratil’s largest capital raise in our
30 years since the IPO in 1994, demonstrating continued
confidence in our strategy and growth potential.
Positioning for growth amidst a complex global
investment landscape
Geopolitical tensions, persistent inflation, and high living costs
continue to shape the global landscape. For Infratil, this
challenging environment underscores the value of focusing
on sectors with structural growth drivers – renewable energy,
healthcare, and digital infrastructure – which are less vulnerable
to short-term economic shifts.
The thematic tailwinds in these areas,
including the surge in demand for data
infrastructure and the transition to low-
carbon energy sources, remain strong, and
align with global efforts towards sustainable
growth and decarbonisation.
We continue to manage our global portfolio with a disciplined
approach to capital allocation, while maintaining flexibility on
our balance sheet to pursue growth opportunities across our
portfolio.
Looking ahead, while the path to global
economic stability may be gradual, our
portfolio and balance sheet feel well placed
to capture long-term value while effectively
managing today’s market risks.
Supporting a strategic merger for New Zealand’s clean
energy future
We have committed to support Contact Energy’s proposed
acquisition of Manawa Energy, announced in September. Under
the proposal, Contact Energy will acquire 100% of Manawa with
Manawa shareholders set to receive $1.16 per share in cash,
plus 0.5719 Contact shares for each Manawa share they hold,
reflecting a total value of $5.95 per share.
We entered a binding voting agreement to vote our 51% stake in
favour of the Scheme Implementation Agreement (‘Scheme’)
which details the proposal, contingent upon certain conditions,
most notably Commerce Commission approval. If the Scheme
proceeds as announced, Infratil will receive approximately
$186 million in gross cash proceeds and will hold an estimated
9.5% stake in Contact Energy upon completion.
This 9.5% stake in Contact Energy represents a continuation of
Infratil’s long-standing relationship with Manawa, dating back to
its first investment in 1994 through the Trustpower IPO.
This transaction provides significant benefits to Infratil, with
upfront cash proceeds and the potential for increased dividends
from Contact, enhancing Infratil’s flexibility. Implementation of
the Scheme is expected to take six to nine months, assuming
the conditions are satisfied.
Joint Letter from the Chair and Chief Executive
Half Year Review
4
Digital Infrastructure
Making meaningful commitments: prioritising climate action
At Infratil, we are attracted to investments that contribute
meaningfully to society, and sustainability remains central to
our approach. While strong financial returns are vital, we also
recognise that sustainable, long-term success demands an
equally strong vision for the future - a future our investors want
to see, with a liveable climate, resilient infrastructure, thriving
communities, and a healthy natural environment.
Our second Sustainability Report alongside our inaugural
mandatary Climate-Related Disclosures released this half
underscore how we integrate sustainability into our investment
strategy, providing a window into both our climate-related risks
and opportunities and our broader ESG initiatives.
Climate change is undeniably one of the most pressing
challenges of our time.
Renewables, like solar and wind, are not only
clean but are among the most cost-effective
new forms of energy generation, with costs
having fallen substantially over the past
decade.
Secondly, addressing ESG challenges aligns closely with good
risk management, value protection and creation. By identifying
and managing ESG risks, Infratil and our portfolio companies are
working to capture opportunities arising from global shifts
toward sustainability in areas like data centres,
telecommunications, and diagnostic services.
Sector updates
The demand for data centres continues to surge, driven by the
rapid adoption of cloud services and substantial investments in
Generative AI. CDC is well-placed, having announced
advanced negotiations for over 400MW of capacity across
multiple sites which is expected to come online over the next
four to five years.
Reflecting the increased demand signals, CDC's forecast
build capacity for FY2034 has expanded to over 1,000MW
since March 2024. This growth includes an upsizing of existing
planned sites and the introduction of new locations that
are expected to contribute to our 10-year capacity forecast.
A significant addition to this capacity is the Marsden Park
development in Sydney, a transformative 720MW campus
that is more than double the size of CDC’s current operating
capacity.
In October, CDC celebrated a major milestone with the
groundbreaking at Marsden Park. This development is expected
to create the largest data centre campus in the Southern
Hemisphere, featuring six four-storey data centre buildings.
Since March, CDC's operating capacity has also increased,
with the successful opening of its first data centre development
in Melbourne, the 34MW Brooklyn 1 facility.
In parallel, One NZ has announced the launch of EonFibre, a
dedicated fibre business to enhance connectivity for wholesale
customers. EonFibre will operate independently from One NZ’s
retail division, optimising the use of One NZ’s existing fibre
network amidst rising data consumption by us all. It is
positioned as a high-performing, cost-effective, secure, and
resilient fibre alternative for wholesale business clients.
One NZ is also part way through executing its multi-year
transformation plan to upgrade its IT stack from multiple
existing legacy systems. This phased project has seen the
successful completion of the prepay transfer this year, with
consumer postpay and enterprise upgrades slated to follow.
Despite challenging conditions in both postpaid and prepaid,
consumer mobile revenue has increased, driven by higher
average revenue per user that offsets connection declines.
Enterprise remains challenging due to the macro headwinds
that have been persistent across many industries in New
Zealand. The focus on cost control continues, and we are
fortunate to see some of the benefits flowing through as a
result of the reorganisation work done last year.
Kao Data has secured planning permission for its new, 40MW
data centre in Stockport, Manchester. Kao Data is also
expanding its Slough and Harlow campuses, with an additional
4MW becoming operational at Slough during the half year. The
focus remains on building and solidifying relationships with
hyperscalers and AI clients while increasing platform size and
offerings to meet evolving customer demand.
This time last year we talked about a conditional investment in
the Hong Kong-based Console Connect global connectivity
business. Completion of the partnership was contingent upon
meeting specific conditions precedent, which, unfortunately,
were not fulfilled within the agreed timeframe. Consequently,
both parties have decided not to proceed with the transaction.
Despite this, we remain optimistic about the future of the global
connectivity sector and will continue to explore opportunities
within this sector.
5
Gurīn's 75MW solar power plant in Zambales Province, Philippines
Infratil’s renewables portfolio continues to perform strongly,
with Longroad Energy maintaining its momentum as a key
player in the North American market. The long-term
fundamentals remain strong, driven by escalating demand for
decarbonisation solutions, and escalating power demand from
artificial intelligence and the reshoring of manufacturing. We
expect these fundamentals to remain whatever the political
environment.
Notably, average Power Purchase Agreement (‘PPA’) prices
have increased over the last two years, reflecting favourable
market conditions that larger, more experienced players like
Longroad can leverage.
Over the past six months, Longroad has completed
construction and commenced operations on two major
projects: Sun Streams 3, its 500MW solar plus storage facility
in Arizona; and Three Corners, its 150MW solar project in
Maine. It has an additional 1.1GW of projects currently under
construction.
In Asia, Gurīn Energy continues to make good progress. Gurīn
has signed two 25-year power purchase agreements with the
Electricity Generating Authority of Thailand underpinning the
development of 100+MW across two projects in Thailand over
the next five years.
Meanwhile, Gurīn’s joint venture, Vanda RE, has achieved a
significant milestone with the Energy Market Authority of
Singapore, obtaining a Conditional Licence to export green
energy from Indonesia to Singapore. This licence represents a
crucial step toward commercial viability of the Project Vanda
solar and battery project, one of the largest of its kind, working
to deliver 300MW of firm, clean, renewable energy to
Singapore by 2028.
Galileo, our European renewables platform, has expanded its
project pipeline to 13.5GW across nine geographic markets.
Recent highlights include securing a 10-year corporate PPA
with Cargill for a solar photovoltaic (’PV’) project in Italy and
completing the sale of an 8MW Italian PV project to GreenIT.
The acquisition of Pagra, a Polish solar PV development
company, further reinforces Galileo’s growth in key markets.
Renewable Energy
6
RHCNZ Medical Imaging (‘RHC’) continues to be a critical
partner for major funders Health NZ, ACC, and Southern Cross
Insurance. Its national scale and diversification across types of
scans – or ‘modalities’, deep subspecialty expertise, regions,
and funding sources mean RHC can absorb pricing fluctuations
better than many of its competitors.
So far this year RHC has opened three new clinics: two in
Hamilton and one in Tauranga. In addition, development
continues at new flagship sites in both Auckland and Dunedin.
In Australia, Qscan has seen revenue growth of 12% on the
comparable period last year which has been driven by
improvements in clinic productivity, a continual shift to more
complex modalities, and Medicare increasing payments for
some scans for inflation.
RetireAustralia has reached a significant milestone with the
completion of the third and final stage of The Verge at Burleigh,
on the Gold Coast, in total comprising 168 homes. Construction
is also progressing at Arcadia Retirement Living, located in the
Yeronga Priority Development Area in Brisbane, and the project
to develop 170 homes is expected to complete in FY2027.
The Airport has seen solid demand for travel continuing in the
face of the domestic economic headwinds this year, with
international passengers up 12% from the same period last
year, while domestic passenger numbers are down 4.4% as
a result of airline capacity challenges.
The recent decision by the Wellington City Council to
discontinue its sale process provides airport management with
the clarity to focus on delivering exciting initiatives around the
airport, further enhancing its role in the community.
As one of Infratil’s first investments over 25 years ago,
Wellington Airport remains an important part of our portfolio,
connecting the Wellington region while offering infrastructure
that embodies the city’s vibrant spirit.
Advanced Healthcare
Infrastructure
Wellington Airport
Future outlook
The current, uncertain macroeconomic and geopolitical
backdrop reaffirms the importance of a diversified portfolio that
balances both growth potential and resilience.
Infratil’s diversity spans key sectors, strategic
geographies, and a measured approach to
risk – positioning us to navigate today’s
challenges.
This balanced approach is increasingly valuable in the face of
persistent inflation, higher interest rates, and cautious market
sentiment. Our infrastructure investments with exposure to
long-term growth trends, particularly in renewable energy,
healthcare, and digital infrastructure, should be well-placed to
weather market fluctuations while delivering sustainable returns
over the long term.
We retain funding capacity and flexibility to support additional
investment across our portfolio, with a credit profile further
enhanced with controlling, or significant ownership, positions
providing us with the ability to shape investment and distribution
cashflow profiles. We’ve already noted that a significant amount
of this liquidity is set to be invested into CDC, however there are
several exciting opportunities across the remainder of our
portfolio that are competing for their share of this capital.
We remain dedicated to delivering sustainable value to
shareholders and navigating this challenging environment with
a focus on resilience, strategic growth, and disciplined capital
management. Thank you for your ongoing support.
Alison Gerry
Chair
Jason Boyes
Chief Executive Officer
7
Infratil Interim
Financial Statements
For the 6 months ended 30 September 2024
Contents
Consolidated Statement
of Comprehensive Income08
Consolidated Statement
of Financial Position09
Consolidated Statement
of Cash Flows10
Consolidated Statement
of Changes in Equity11
Notes to the Financial
Statements14
8
Notes
6 months ended
30 September 2024
$Millions
Unaudited
Restated
6 months ended
30 September 2023
$Millions
Unaudited
Restated
Year ended
31 March 2024
$Millions
Audited
Operating revenue 1,715.3 1,286.6 2,995.2
Dividends
-
0.1 0.1
Total revenue 1,715.3 1,286.7 2,995.3
Share of earnings of associate companies5 1 0 7. 0140.9 169.1
Total income 1,822.31 , 4 2 7. 63,164.4
Depreciation 222.9 178.7 405.7
Amortisation of intangibles 98.8 2.0 152.9
Employee benefits 352.1 312.1 588.2
Other operating expenses 1,012.1666.1 1,732.7
Total operating expenditure 1,685.91,158.9 2,879.5
Operating surplus before financing, derivatives, realisations and impairments136.4268.7 284.9
Net gain/(loss) on foreign exchange and derivatives (62.9)55.1 (56.4)
Revaluation adjustments of equity-accounted investment to fair value --1,075.0
Net realisations, revaluations and impairments 4.0 1,073.0 (76.3)
Interest income 28.6 10.3 4 7. 8
Interest expense 23 4.7 165.4 414.5
Net financing expense 206.1 155.1 366.7
Net surplus before taxation (128.6)1,241.7 860.5
Ta xati o n ex p e n s e8 7 7. 851.6 74. 2
Net surplus for the period from continuing operations (206.4)1,190.1 786.3
Net surplus/(loss) from discontinued operations after tax -(0.6)(0.4)
Net surplus/(loss) for the period (206.4)1,189.5 785.9
Net surplus attributable to owners of the Company (212.2)1,149.9794.8
Net surplus attributable to non-controlling interest 5.8 39.6 (8.9)
Other comprehensive income, after tax
Items that will not be reclassified to profit and loss:
Fair value change of property, plant & equipment 26.3 20.9 70.9
Share of associates other comprehensive income (4 9.4)33.6 0.5
Fair value change of equity investments (3.9)(8.5)( 7. 5 )
Income tax effect of the above items (2.5)(1.4)(12.7)
Items that may subsequently be reclassified to profit and loss:
Differences arising on translation of foreign operations ( 2 7. 7 )35.9 6 7. 3
Effective portion of changes in fair value of cash flow hedges (55.7)42.2 (4 3.4)
Income tax effect of the above items (5.4)13.2 8.7
Total other comprehensive income after tax (118.3)135.9 83.8
Total comprehensive income for the period (324.7)1,325.4 869.7
Total comprehensive income for the period attributable to owners of the Company
(327.0)1,259.3 869.8
Total comprehensive income for the period attributable to non-controlling interests 2.3 66.1 (0.1)
Earnings per share
Basic and diluted (cents per share) from continuing operations (25.5)138.3 109.8
Basic and diluted (cents per share) (25.5)138.3 109.8
Consolidated Statement of Comprehensive Income
For the 6 months ended 30 September 2024
The accompanying notes form part of these financial statements
9
Alison Gerry Anne Urlwin
Director Director
Notes
6 months ended
30 September 2024
$Millions
Unaudited
Restated
6 months ended
30 September 2023
$Millions
Unaudited
Restated
Year ended
31 March 2024
$Millions
Audited
Cash and cash equivalents 496.3 146.5 236.2
Trade and other accounts receivable and prepayments 482.7473.2 472.6
Electricity market security deposits 24.5 23.2 30.0
Derivative financial instruments 68.9 91.9 116.3
Inventories 36.5 56.9 46.2
Income tax receivable - 3.5 10.7
Assets held for sale7 166.4 184.1 167.9
Current assets 1,275.3 979.3 1,079.9
Trade and other accounts receivable and prepayments 71.1 99.8 7 7. 5
Property, plant and equipment 4,789.6 4,487.5 4,763.8
Investment properties 94.1 129.6 125.2
Right of use assets 1,100.9 1,106.7 1,094.9
Derivative financial instruments 64.3 279.0 7 7. 4
Intangible assets 826.3 524.3 84 4.9
Goodwill 9 4,676.9 5,148.6 4 , 6 7 7. 0
Investments in associates5 2,752.4 2,573.0 2,639.8
Shareholder loans to associates5 255.7 218.5 271.4
Other investments
186.0
179.2 192.9
Non-current assets 1 4 , 8 1 7. 3 1 4,74 6. 2 14,764.8
Total assets
16,092.6
15,725.5 15,8 4 4.7
Accounts payable, accruals and other liabilities 777.18 1 7. 8 890.3
Interest bearing loans and borrowings10 73.8 31.4 269.6
Lease liabilities 75.7 75.7 81.4
Derivative financial instruments 108.8 38.5 90.2
Income tax payable 20.212.0 2.1
Infratil Infrastructure bonds11 143.3 56.0 156.1
Manawa Energy bonds
-
--
Wellington International Airport bonds
70.0 60.0 60.0
Liabilities directly associated with the assets held for sale7
69.2
70.4 69.3
Current liabilities 1,338.1 1,161.8 1,619.0
Interest bearing loans and borrowings10 2,405.7 2 , 8 74.7 2,869.3
Accounts payable, accruals and other liabilities 213.3 222.0 241.4
Lease liabilities 1,05 4.6 1,065.6 1,068.0
Deferred tax liability 339.6 172.7324.6
Derivative financial instruments 109.2 51.2 59.4
Infratil Infrastructure bonds11 1,236.6 1 , 1 7 7. 3 1,076.9
Perpetual Infratil Infrastructure bonds
11 231.9231.9 231.9
Manawa Energy bonds 373.0 372.3 372.7
Wellington International Airport bonds and senior notes 602.0 565.6 671.9
Non-current liabilities 6,565.96,733.3 6,916.1
Attributable to owners of the Company 6,671.26,198.4 5,761.2
Non-controlling interest in subsidiaries 1,517.4 1,632.0 1,548.4
Total equity
8,188.6
7, 8 3 0 . 4 7, 3 0 9 . 6
Total equity and liabilities 16,092.615,725.5 15,8 4 4.7
Approved on behalf of the Board on 13 November 2024
Consolidated Statement of Financial Position
As at 30 September 2024
The accompanying notes form part of these financial statements.
10
Notes
6 months ended
30 September 2024
$Millions
Unaudited
6 months ended
30 September 2023
$Millions
Unaudited
Year ended
31 March 2024
$Millions
Audited
Cash flows from operating activities
Cash was provided from:
Receipts from customers 1,743.9 1,319.2 3,086.2
Distributions received from associates 5.9 3 7. 2 43.2
Other dividends -0.1 0.5
Interest received 2 7. 2 10.5 14.9
1,777.0 1 , 3 6 7. 0 3,14 4.8
Cash was disbursed to:
Payments to suppliers and employees (1,4 52.2)(1,019.5)(2,215.4)
Interest paid (210.7)(154.4)(42 2.0)
Taxation paid (21.0)(26.7)(49.6)
(1,683.9)(1,200.6)( 2 , 6 8 7. 0 )
Net cash inflow / (outflow) from operating activities13 93.1166.4 4 5 7. 8
Cash flows from investing activities
Cash was provided from:
Capital returned from associates 16.8 -15.3
Proceeds of shareholder (loan) 2.1 0.1 0.2
Proceeds from sale of subsidiaries (net of cash sold) ---
Proceeds from sale of the Trustpower Retail business ---
Proceeds from sale of property, plant and equipment 9.2 1.0 13.3
Proceeds from sale of investment property --4.5
Proceeds from sale of investments -0.2 -
Return of security deposits 121.9 39.2 58.1
150.0 40.5 91.4
Cash was disbursed to:
Purchase of investments (83.0)(1,825.4)(3 4 6.4)
Issue of loans (1.3)(258.6)(2.4)
Lodgement of security deposits (116.3)(16.5)(42.5)
Purchase of intangible assets (50.4)(36.5)(80.1)
Purchase of other investments (2.1)-( 7. 3 )
Purchase of shares in subsidiaries, net of cash acquired (30.0)(0.1)(1,823.1)
Purchase of property, plant and equipment ( 2 0 7. 9 )(165.1)(4 36.5)
(491.0)(2,302.2)(2,738.3)
Net cash inflow / (outflow) from investing activities (3 41.0)(2,261.7)(2,6 46.9)
Cash flows from financing activities
Cash was provided from:
Proceeds from issue of shares 1,258.8 916.1 926.7
Sale of shares in non-wholly owned subsidiary ---
Proceeds from issue of shares to non-controlling interest 23.72.4 6.6
Bank borrowings 329.4 641.4 1,104.4
Issue of bonds 204.5 276.7 3 7 7. 2
1,816.4 1,836.6 2,415.0
Cash was disbursed to:
Repayment of bank debt ( 9 8 7. 2 )(92.3)(271.3)
Repayment of lease liabilities (55.9)(32.4)(81.8)
Loan establishment costs (19.4)( 7. 4 )(14.6)
Repayment of bonds (116.1)(122.1)( 1 9 7. 1 )
Infrastructure bond issue expenses (2.5)(2.1)(3.6)
Share buyback --(0.6)
Shares acquired from non-controlling shareholders in subsidiary companies (2.0)(5.8)(8.0)
Dividends paid to non-controlling shareholders in subsidiary companies (51.8)(42.4)(58.7)
Dividends paid to owners of the Company3 (71.9)(91.3)(149.5)
(1,306.8)(395.8)(785.3)
Net cash inflow / (outflow) from financing activities 509.6 1,4 40.8 1,629.7
Net increase / (decrease) in cash and cash equivalents 261.7 (65 4.5)(559.4)
Foreign exchange gains / (losses) on cash and cash equivalents (1.6)1.6 (3.8)
Cash and cash equivalents at beginning of the period 236.2 7 74.5 7 74.5
Cash balances on acquisition -24.9 24.9
Adjustment for cash classified as assets held for sale ---
Cash and cash equivalents at end of the period 496.3 146.5 236.2
Consolidated Statement of Cash Flows
For the 6 months ended 30 September 2024
The accompanying notes form part of these financial statements.
Capital
$Millions
Revaluation
reserve
$Millions
Foreign currency
translation reserve
$Millions
Other reserves
$Millions
Retained earnings
$Millions
To t a l
$Millions
Non-controlling
$Millions
Total equity
$Millions
Balance as at 1 April 2024 - restated per Note 12,043.9 660.4 70.6 78.0 2,908.3 5,761.2 1,548.4 7, 3 0 9 . 6
Total comprehensive income for the period
Net surplus for the period----(212.2)(212.2)5.8 (206.4)
Other comprehensive income, after tax
Fair value change of property, plant & equipment-15.7 ---15.7 8.1 23.8
Share of associates other comprehensive income---(4 9.4)-(4 9.4)-(4 9.4)
Fair value change of equity investments---(3.9)-(3.9)-(3.9)
Differences arising on translation of foreign operations--( 2 7. 7 )--( 2 7. 7 )-( 2 7. 7 )
Realisations on disposal of equity investments--------
Effective portion of changes in fair value of cash flow hedges---(49.5)-(49.5)(11.6)(61.1)
Total other comprehensive income-15.7 ( 2 7. 7 )(102.8)-(114.8)(3.5)(118.3)
Total comprehensive income for the period-15.7 ( 2 7. 7 )(102.8)(212.2)( 3 2 7. 0 )2.3 (324.7)
Contributions by and distributions to non-controlling interest
Distributions to outside equity interest in associates--------
Non-controlling interest arising on acquisition of subsidiary------1.1 1.1
Issue of shares to non-controlling interests------1 7. 5 1 7. 5
Issue/(acquisition) of shares held by outside equity interest--------
Total contributions by and distributions to non-controlling interest------18.6 18.6
Contributions by and distributions to owners
Shares issued1,308.8 ----1,308.8 -1,308.8
Share buybacks--------
Shares issued under dividend reinvestment plan3 7. 1 ----3 7. 1 -3 7. 1
Dividends to equity holders----(108.9)(108.9)(51.9)(160.8)
Total contributions by and distributions to owners1,345.9 ---(108.9)1 , 2 3 7. 0 (51.9)1,185.1
Balance as at 30 September 20243,389.8 676.1 42.9 (24.8)2 , 5 8 7. 2 6,671.2 1 , 5 1 7. 4 8,188.6
Consolidated Changes in Equity
For the 6 months ended 30 September 2024
Attributable to equity holders of the Company – Unaudited
The accompanying notes form part of these financial statements.
11
Capital
$Millions
Revaluation
reserve
$Millions
Foreign currency
translation reserve
$Millions
Other reserves
$Millions
Retained earnings
$Millions
To t a l
$Millions
Non-controlling
$Millions
To t a l
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
Restatement - Note 1 - -11.4 106.4 (271.6)(153.8) (153.8)
Total comprehensive income for the period
Net surplus for the period----1,149.9 1,149.9 39.6 1,189.5
Other comprehensive income, after tax
Fair value change of property, plant & equipment-12.9 ---12.9 6.6 19.5
Share of associates other comprehensive income---33.6 -33.6-33.6
Fair value change of equity investments---(8.5)-(8.5)-(8.5)
Differences arising on translation of foreign operations
--35.9 --35.9 -35.9
Effective portion of changes in fair value of cash flow hedges---35.5 -35.5 19.9 55.4
Total other comprehensive income-12.9 35.9 60.6 -109.4 26.5 135.9
Total comprehensive income for the period-12.9 35.9 60.61,149.9 1,259.3 66.1 1,325.4
Contributions by and distributions to non-controlling interest
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------5.8 5.8
Contributions by and distributions to owners
Shares issued
976.1 ----976.1 -976.1
Share buybacks
--------
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 39.2 169.3 3,321.6 6,198.4 1,632.0 7, 8 3 0 . 4
Consolidated Changes in Equity
For the 6 months ended 30 September 2023
Attributable to equity holders of the Company – Unaudited
12
The accompanying notes form part of these financial statements.
Capital
$Millions
Revaluation
reserve
$Millions
Foreign currency
translation reserve
$Millions
Other reserves
$Millions
Retained earnings
$Millions
To t a l
$Millions
Non-controlling
$Millions
To t a l
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
Restatement - Note 1 - -11.4 106.4(271.6)(153.8)- (153.8)
Total comprehensive income for the year
Net surplus for the year----794.8 794.8(8.9)785.9
Other comprehensive income, after tax
Fair value change of property, plant & equipment-38.4 ---38.4 19.8 58.2
Share of associates other comprehensive income---0.5-0.5-0.5
Fair value change of equity investments---( 7. 5 )-( 7. 5 )-( 7. 5 )
Differences arising on translation of foreign operations
--6 7. 3 --6 7. 3-6 7. 3
Effective portion of changes in fair value of cash flow hedges---(23.7)-(23.7)(11.0)(3 4.7)
Total other comprehensive income-38.4 6 7. 3(30.7) -75.08.8 83.8
Total comprehensive income for the year-38.4 6 7. 3(30.7)794.8 869.8(0.1)869.7
Contributions by and distributions to non-controlling interest
Non-controlling interest arising on acquisition of subsidiary
------4.5 4.5
Issue of shares to non-controlling interests------7. 2 7. 2
Issue/(acquisition) of shares held by outside equity interest------(6.8)(6.8)
Total contributions by and distributions to non-controlling interest------4.9 4.9
Contributions by and distributions to owners
Shares issued
979.9 ----979.9 -979.9
Share buybacks
--------
Shares issued under dividend reinvestment plan
6.7 ----6.7 -6.7
Dividends to equity holders
----(149.5)(149.5)(59.0)(208.5)
Total contributions by and distributions to owners986.6 ---(149.5)8 3 7. 1 (59.0)778.1
Balance at 31 March 20242,043.9 660.4 70.678.02,908.3 5,761.2 1,548.4 7, 3 0 9 . 6
Consolidated Changes in Equity
For the year ended 31 March 2024
Attributable to equity holders of the Company - Audited
13
The accompanying notes form part of these financial statements.
(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 2024 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 2024 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.
Restatement of Longroad Energy Share Class
Longroad Energy has three share classes (A, B, and C). The Class B shares issued at inception to Longroad Energy employees and the associated cash
incentive allocations have been restated in prior periods to a NZ IAS 19 Employee Benefits liability, from equity, as part of a review to translate accounting
policies from US GAAP to NZ IFRS for Infratil’s equity accounting. These instruments do not give holders a residual interest in the net assets of Longroad
Energy and include other liability characteristics, such as non-discretionary distributions. The Class C shares created as part of the Class B incentive
allocations, have also been restated to a liability from equity, as a cash settled share-based payment under NZ IFRS 2, as part of the review. Infratil is a Class
A shareholder, and this forms the basis of the Company’s equity accounted investment in Longroad Energy. This is an accounting classification change with
the economic substance of the share classes remaining unchanged.
The restatement impacts the Share of Earnings of Associate Companies and Other Comprehensive Income within the Statement of Comprehensive
Income, and the Investment in Associates within the Statement of Financial Position. There is also a restatement within equity between Retained Earnings
and Other Reserves. The following tables summarise the impacts on the Group's consolidated financial statements.
(i) Consolidated Statement of Comprehensive Income
For the period ended30 September 202331 March 2024
Previously
reportedAdjustmentsAs restated
Previously
reportedAdjustmentsAs restated
Share of earnings of associate companies173.9 (33.0)140.92 4 7. 2 (78.1)169.1
Ta xati o n ex p e n s e(59.6)8.0 (51.6)(93.1)18.9 ( 74. 2)
Others1,100.2-1,100.2691.0-691.0
Net surplus/(loss) for the period1,214.5 - 1,189.5 845.1- 785.9
Share of associates other comprehensive income1 7. 1 16.533.64.1 (3.6)0.5
Differences arising on translation of foreign operations4 4.3 (8.4)35.973.6 (6.3)6 7. 3
Others66.4-66.416.0-16.0
Total other comprehensive income after tax1 2 7. 8- 135.993.7- 83.8
Total comprehensive income for the period1,342.3 -1,325.4938.8- 869.7
Distributions to outside equity interest in associates(13.6)13.6-(65.2)65.2-
(ii) Consolidated Statement of Financial Position
For the period ended30 September 202331 March 2024
Previously
reportedAdjustmentsAs restated
Previously
reportedAdjustmentsAs restated
Investments in associates3,045.3 (253.8)2,791.5 3,176.4 (265.2)2,911.2
Others12,93 4.0-12,93 4.012,933.5-12,933.5
Total assets15,979.3 15,725.516,109.9 15,8 4 4.7
Deferred tax liability(269.4)96.7(172.7)(4 32.0)1 0 7. 4 (324.6)
Others( 7, 7 2 2 . 4 )-( 7, 7 2 2 . 4 )(8,210.5)-(8,210.5)
Total liabilities(7,991.8) (7,895.1)(8,642.5) (8,535.1)
Notes to the Consolidated Financial Statements
For the 6 months ended 30 September 2024
14
15
International Tax Reform - Pillar Two Model Rules
The Group is within the scope of the Organisation for Economic Co-operation and Development's Pillar Two Model Rules. In late March 2024, Pillar Two
legislation was enacted in New Zealand, being the jurisdiction in which the group parent entity (Infratil Limited) is incorporated, and will come into effect for
the Group from 1 April 2025. For some entities within the Group (that are located in other jurisdictions with earlier adoption), the Pillar Two rules could come
into effect from 1 April 2024 and have a current tax impact for the current reporting period.
Under the Pillar Two Model Rules the Group is liable to pay a top-up tax if the effective tax rate (calculated by jurisdiction) is below the 15% minimum tax rate
as calculated under the Pillar Two legislation. The Group's assessment of its potential exposure to date, which has included an analysis of the application of
the transitional safe harbour rules for all jurisdictions, was based on the Group's 31 March 2024 year end information. This assessment indicates that for
that period, if the Pillar Two Model Rules had been in effect, no top-up tax would have arisen for the Group's operations and therefore there is no current tax
impact. The Group is not expecting this position to change going forward but will continue to monitor and assess the potential impact on the Group.
The Group has applied temporary mandatory relief from deferred tax accounting in respect of the Pillar Two Model Rules and will account for this as a
current tax when it is incurred (where relevant).
(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.
For the comparative period opening 1 April 2023
Previously
reportedAdjustmentsAs restated
Investments in associates2,818.5 ( 2 3 7. 0 )2,581.5
Others7, 3 6 9 . 8-7, 3 6 9 . 8
Total assets10,188.3 9,951.3
Deferred tax liability(253.7)83.2(170.5)
Others(4,123.9)-(4,123.9)
Total liabilities( 4 , 3 7 7. 6 ) (4,294.4)
Foreign currency translation reserve8.1 (11.4)(3.3)
Other reserves(2.3)(106.4)(108.7)
Retained earnings(2,53 4.6)271.6 (2,263.0)
Other equity(3,281.9)(3,281.9)
Total equity(5,810.7) (5,656.9)
16
(3) Infratil shares and dividends
Ordinary shares (fully paid)
6 months ended
30 September 2024
Unaudited
6 months ended
30 September 2023
Unaudited
Year ended
31 March 2024
Audited
Total authorised and issued shares at the beginning of the period832,567,631 723,983,582 723,983,582
Movements during the period:
New shares issued130,322,236 107,906,405 107,906,405
New shares issued under dividend reinvestment plan3,652,413 -6 7 7, 6 4 4
Treasury stock reissued under dividend reinvestment plan---
Share buyback---
Total authorised and issued shares at the end of the period 966,542,280 831,889,987 8 3 2 , 5 6 7, 6 3 1
During the period, the company issued 125.6 million new shares as part of an equity raise undertaken to fund further investment into CDC as well as
providing more flexibility for growth across the portfolio. Net proceeds from the raise (after transaction costs and foreign exchange movements of
$23.6 million) were $1,258.8 million. Additionally, 4.7 million new shares were issued to partially pay incentive fees payable to Morrison Infrastructure
Management Limited ('Morrison') as consideration for management services, as announced on 23 May 2024. All fully paid ordinary shares have equal
voting rights and share equally in dividends and equity. At 30 September 2024 the Group held 1,662,617 shares as Treasury Stock (30 September
2023: 1,662,617, 31 March 2024: 1,662,617).
Dividends paid on ordinary shares
6 months ended
30 September 2024
Cents per share
Unaudited
6 months ended
30 September 2023
Cents per share
Unaudited
Year ended
31 March 2024
Cents per share
Audited
6 months ended
30 September 2024
$Millions
Unaudited
6 months ended
30 September 2023
$Millions
Unaudited
Year ended
31 March 2024
$Millions
Audited
Final dividend prior year13.00 12.50 12.50 108.9 91.3 91.3
Interim dividend paid current year--7. 0 0 --58.2
Dividends paid on ordinary
shares13.00 12.50 19.50 108.9 91.3 149.5
Operating segments
Gurīn
Energy
Asia
$Millions
Unaudited
Manawa
Energy
New Zealand
$Millions
Unaudited
Mint
Renewables
Australasia
$Millions
Unaudited
One NZ
New Zealand
$Millions
Unaudited
Qscan Group
Australia
$Millions
Unaudited
RHCNZ
Medical
Imaging
New Zealand
$Millions
Unaudited
Wellington
International
Airport
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 2024
Total revenue(0.3)305.2 -939.6 176.0 190.7 90.9 -91.3 0.2 1,793.6
Equity accounted earnings of associates-------1 0 7. 0--1 0 7. 0
Inter-segment revenue--------(78.3)-(78.3)
Total income (0.3)305.2 -939.6 176.0 190.7 90.9 1 0 7. 013.0 0.2 1,822.3
Depreciation(0.2)(10.3)(0.2)(168.3)(18.2)(11.7)(14.0)---(222.9)
Amortisation of intangibles-(0.7)-( 9 7. 0 )(0.2)(0.9)----(98.8)
Employee benefits(9.1)(18.3)(2.3)(129.6)(93.1)(91.1)(8.3)-(0.3)-(352.1)
Other operating expenses(5.8)(24 3.4)(3.4)(509.5)(41.6)(36.5)(58.6)-(73.9)(39.4)(1,012.1)
Total operating expenditure(15.1)(272.7)(5.9)(904.4)(153.1)(140.2)(80.9)-( 74. 2)(39.4)(1,685.9)
Operating surplus before financing, derivatives, realisations and impairments(15.4)32.5 (5.9)35.2 22.9 50.5 10.0 1 0 7. 0(61.2)(39.2)136.4
Net gain/(loss) on foreign exchange and derivatives1.1 (23.0)--(1.6)(10.8)(0.3)-(28.2)(0.1)(62.9)
Net realisations, revaluations and impairments---(0.2)6.1 -(2.0)-0.1 -4.0
Interest income0.5 1.00.1 17.41.0 0.7 2.0 -24.1 (18.2)28.6
Interest expense(0.7)(14.6)-(118.8)(15.0)(23.6)(18.6)-(61.6)18.2 (23 4.7)
Net financing expense(0.2)(13.6)0.1 (101.4)(14.0)(2 2.9)(16.6)-( 3 7. 5 )-(206.1)
Net surplus before taxation(14.5)(4.1)(5.8)(66.4)13.4 16.8 (8.9)1 0 7. 0(126.8)(39.3)(128.6)
Ta xati o n ex p e n s e(0.1)0.8 -16.4(4.3)(5.7)8.1 -(93.0)-( 7 7. 8 )
Net surplus/(loss) for the period(14.6)(3.3)(5.8)(50.0)9.1 11.1 (0.8)107.0 (219.8)(39.3)(206.4)
Net surplus/(loss) attributable to owners of the company(13.7)(2.5)(4.2)(50.0)5.2 5.7 (0.6)1 0 7. 0(219.8)(39.3)(212.2)
Net surplus/(loss) attributable to non-controlling interests(0.9)(0.8)(1.6) - 3.9 5.4 (0.2) - - - 5.8
Current assets45.8 152.1 3.6 342.3 89.6 57.9 45.4 -3 74. 2164.4 1,275.3
Non-current assets102.2 1,914.1 3.8 5,061.6 899.6 1,431.5 1,760.1 3,008.2 8 46.6 (210.4)14,817.3
Current liabilities41.5 169.3 2.0 489.589.3 78.9 14 4.7 -292.3 30.6 1,338.1
Non-current liabilities59.6 738.3 0.4 2,515.5 376.5 583.9 792.9 -1,642.8 (14 4.0)6,565.9
Net assets46.9 1,158.6 5.0 2,398.9 523.4 826.6 8 6 7. 9 3,008.2 (714.3)6 7. 48,188.6
Net debt20.3 473.3 (3.1)1,506.8 233.8 4 45.5 683.0 -1,280.4 -4,6 40.0
Non-controlling interest percentage 5.0% 48.9% 2 7. 7 % 0.2% 4 4.9% 49.9% 3 4.0% - - - -
Capital expenditure and investments22.9 25.4 0.4 131.0 11.9 23.7 42.4 3 2 7. 0 3.7 -588.4
17
(4) Operating segments
Gurīn Energy, Manawa Energy and Mint Renewables are renewable generation investments, One NZ is a digital infrastructure investment, Qscan Group and RHCNZ Medical Imaging make up the Group's Diagnostic Imaging platform
and Wellington International Airport is an airport 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. 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.
Operating segments
Gurīn
Energy
Asia
$Millions
Unaudited
Manawa
Energy
New Zealand
$Millions
Unaudited
Mint
Renewables
Australasia
$Millions
Unaudited
One NZ
New Zealand
$Millions
Unaudited
Qscan Group
Australia
$Millions
Unaudited
RHCNZ
Medical
Imaging
New Zealand
$Millions
Unaudited
Wellington
International
Airport
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 -650.9 156.9 173.0 76.7 -92.8 (14.8)1,353.6
Equity accounted earnings of associates-------140.9--140.9
Inter-segment revenue--------(66.9)-(66.9)
Total income0.3 2 1 7. 8 -650.9 156.9 173.0 76.7 140.925.9 (14.8)1 , 4 2 7. 6
Depreciation(0.3)(9.6)-(1 26.3)(16.3)(11.4)(14.8)---(178.7)
Amortisation of intangibles-(0.6)--(0.5)(0.9)----(2.0)
Employee benefits(5.5)(18.3)(1.3)(106.9)( 8 7. 3 )(84.4)(8.1)-(0.3)-(312.1)
Other operating expenses(4.4)(122.5)(2.7)(35 4.7)(36.6)( 2 7. 3 )(39.6)-(3 4.3)(4 4.0)(666.1)
Total operating expenses(10.2)(151.0)(4.0)( 5 8 7. 9 )(140.7)(1 24.0)(62.5)-(3 4.6)(4 4.0)(1,158.9)
Operating surplus before financing, derivatives, realisations and impairments(9.9)66.8 (4.0)63.0 16.2 49.0 14.2 140.9(8.7)(58.8)268.7
Net gain/(loss) on foreign exchange and derivatives(0.7)23.6 ---3.5 0.3 -28.4 -55.1
Net realisations, revaluations and impairments---0.6 --(2.6)-1,075.0 -1,073.0
Interest income--0.1 -0.3 0.5 1.4 -8.6 (0.6)10.3
Interest expense(0.6)(12.7)-(6 4.8)(13.8)(16.6)( 1 7. 5 )-(5 4.7)15.3 (165.4)
Net financing expense(0.6)(12.7)0.1 (6 4.8)(13.5)(16.1)(16.1)-(46.1)14.7 (155.1)
Net surplus before taxation(11.2)7 7. 7 (3.9)(1.2)2.7 36.4 (4.2)140.91,048.6 (4 4.1)1,241.7
Ta xati o n ex p e n s e-(21.8)-0.7 (1.1)(10.2)2.0 -(20.8)(0.4)(51.6)
Net surplus/(loss) for the period(11.2)55.9 (3.9)(0.5)1.6 26.2 (2.2)140.9 1,027.8 (4 4.4)1,190.1
Net surplus/(loss) attributable to owners of the company(10.2)2 7. 6 (2.8)(0.9)0.9 13.1 (1.4)140.91 , 0 2 7. 8 (4 4.5)1,150.5
Net surplus/(loss) attributable to non-controlling interests(1.0)28.3 (1.1)0.4 0.7 13.1 (0.8)---39.6
Current assets39.4 149.6 2.6 4 3 4.6 42.8 4 7. 1 35.4 -43.8 18 4.0 979.3
Non-current assets35.7 2,035.9 1.2 5,560.2 950.5 1,391.3 1,690.6 2,791.5 1,058.1 (768.8)14,746.2
Current liabilities40.5 1 2 7. 1 0.9 995.3 68.4 68.6 95.9 -183.5 (418.4)1,161.8
Non-current liabilities5.5 723.2 -2,420.4 373.4 529.3 775.8 -2,138.1 (232.4)6,733.3
Net assets29.1 1,335.2 2.9 2,579.1 551.5 840.5 854.3 2,791.5 (1,219.7)66.0 7, 8 3 0 . 4
Net debt(35.2)435.4 (2.1)1,423.5 275.0 421.6 632.9 -2,071.7 -5,222.7
Non-controlling interest percentage 5.0% 48.9% 2 7. 7 % 0.1% 4 4.9% 49.9% 3 4.0% -- - -
Capital expenditure and investments28.3 32.0 0.8 122.6 12.4 18.5 24.7 213.8 16.3 -469.4
18
Operating segments
Gurīn Energy
Asia
$Millions
Unaudited
Manawa
Energy
New Zealand
$Millions
Unaudited
Mint
Renewables
Australasia
$Millions
Unaudited
One NZ
New Zealand
$Millions
Unaudited
Qscan
Group
Australia
$Millions
Unaudited
RHCNZ
Medical
Imaging
New Zealand
$Millions
Unaudited
Wellington
International
Airport
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 31 March 2024
Total revenue0.1 472.7 0.1 1,681.6 3 1 7. 8 3 40.6 159.2 -138.6 (30.5)3,080.2
Equity accounted earnings of associates-------169.1--169.1
Inter-segment revenue--------(8 4.9)-(8 4.9)
Total income0.1 472.7 0.1 1,681.6 3 1 7. 8 3 40.6 159.2 169.153.7 (30.5)3,164.4
Depreciation(0.7)(19.5)(0.2)( 2 9 7. 9 )(33.6)(23.9)(29.9)---(405.7)
Amortisation of intangibles-(1.1)-(14 8.9)(0.6)(2.3)----(152.9)
Employee benefits(13.8)(3 4.2)(3.5)(179.7)(172.0)(168.6)(16.0)-(0.4)-(588.2)
Other operating expenses(9.4)(294.1)(5.9)(1,003.9)(72.5)(56.7)(59.4)-(169.4)(61.4)(1,732.7)
Total operating expenditure(23.9)(3 4 8.9)(9.6)(1,630.4)(278.7)(251.5)(105.3)-(169.8)(61.4)(2,879.5)
Operating surplus before financing, derivatives, realisations and impairments(23.8)123.8 (9.5)51.2 39.1 89.1 53.9 169.1 (116.1)(91.9)284.9
Net gain/(loss) on foreign exchange and derivatives(0.4)(46.1)--1.4 (9.5)0.2 -(2.1)0.1 (56.4)
Revaluation adjustment of equity-accounted investment to fair value--------1,075.0 -1,075.0
Net realisations, revaluations and impairments-(1.6)-(4.8)(61.9)(0.3)(2.0)-(5.7)-(76.3)
Interest income0.3 -0.1 35.0 0.8 1.2 1.8 -9.6 (1.0)4 7. 8
Interest expense(1.7)(26.2)-(194.2)(28.5)(36.9)(33.8)-(1 24.8)31.6 (414.5)
Net financing expense(1.4)(26.2)0.1 (159.2)( 2 7. 7 )(35.7)(32.0)-(115.2)30.6 (366.7)
Net surplus before taxation(25.6)49.9 (9.4)(112.8)(49.1)43.6 20.1 169.1835.9 (61.2)860.5
Ta xati o n ex p e n s e-(25.3)-29.5 (4.3)(14.5)(49.1)-(10.5)-( 74. 2)
Net surplus/(loss) for the year(25.6)24.6 (9.4)(83.3)(53.4)29.1 (29.0)169.1825.4 (61.2)786.3
Net surplus/(loss) attributable to owners of the company(23.4)11.8 (6.8)(8 4.1)(30.9)14.5 (19.0)169.1825.6 (61.5)795.3
Net surplus/(loss) attributable to non-controlling interests(2.2)12.8 (2.6)0.8 (22.5)14.6 (10.0)-(0.2)0.4 (8.9)
Current assets58.0 224.7 2.5 378.1 6 7. 8 36.7 110.2 -3 7. 7 164.2 1,079.9
Non-current assets76.6 1,886.0 3.3 5,450.3 913.0 1,411.1 1,76 4.1 2,911.1 974.5 (625.2)14,764.8
Current liabilities45.3 201.2 2.7 524.2 78.2 66.2 119.1 -559.4 22.7 1,619.0
Non-current liabilities63.0 691.6 0.4 2,815.9 387.9 545.4 899.9 -2,06 4.0 (552.0)6,916.1
Net assets26.3 1 , 2 1 7. 9 2.7 2,488.3 514.7 836.2 855.3 2,911.1 (1,611.2)68.3 7, 3 0 9 . 6
Net debt7. 8 452.0 (1.9)1,421.5 255.6 4 36.7 6 4 7. 0 -2,253.5 -5,472.2
Non-controlling interest percentage 5.0% 48.9% 2 7. 0 % 0.1% 42.4% 49.7% 3 4.0%
Capital expenditure and investments63.1 65.7 1.5 2 6 7. 6 28.1 51.8 6 4.0 311.4 18.8 -872.0
19
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.
Operating segments
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 from
continuing
operations
$Millions
Unaudited
For the period ended 30 September 2024
Total revenue1 , 6 1 7. 8 176.0 (0.3)--0.1 1,793.6
Equity accounted earnings of associates(6.4)112.5 -2.5(1.6)-1 0 7. 0
Inter-segment revenue(78.3)-----(78.3)
Total income1,533.1 288.5 (0.3)2.5(1.6)0.1 1,822.3
Depreciation(20 4.3)(18.4)(0.2)---(222.9)
Amortisation of intangibles(98.6)(0.2)----(98.8)
Employee benefits( 2 4 7. 6 )(95.4)(9.1)---(352.1)
Other operating expenses
(921.9)(4 5.0)(5.8)--(39.4)(1,012.1)
Total operating expenditure(1,472.4)(159.0)(15.1)--(39.4)(1,685.9)
Operating surplus before financing, derivatives, realisations and impairments60.7129.5 (15.4)2.5(1.6)(39.3)136.4
Net gain/(loss) on foreign exchange and derivatives(62.4)(1.6)1.1 ---(62.9)
Net realisations, revaluations and impairments(2.1)6.1 ----4.0
Interest income45.11.1 0.5 --(18.1)28.6
Interest expense( 2 3 7. 2 )(15.0)(0.7)--18.2(23 4.7)
Net financing expense(192.1)(13.9)(0.2)--0.1 (206.1)
Net surplus before taxation(195.9)120.1 (14.5)2.5(1.6)(39.2)(128.6)
Ta xati o n ex p e n s e
(73.4)(4.3)(0.1)---( 7 7. 8 )
Net surplus/(loss) for the period(269.3)115.8 (14.6)2.5(1.6)(39.2)(206.4)
Current assets969.793.4 45.8 --166.41,275.3
Non-current assets
11,021.8 2,982.7 102.2 3 3 7. 9536.8 (16 4.1)14,817.3
Current liabilities
1,136.0 91.3 41.5 --69.3 1,338.1
Non-current liabilities6,198.9 376.9 59.6 --(69.5)6,565.9
Net assets4,656.6 2,607.9 46.9 3 3 7. 9536.8 2.5 8,188.6
Net debt
4,389.0 230.7 20.3 ---4,6 40.0
Capital expenditure and investments
222.5 4 7. 4 22.9 99.9 195.7 -588.4
20
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 from
continuing
operations
$Millions
Unaudited
For the period ended 30 September 2023
Total revenue1,211.2 156.9 0.3 --(14.8)1,353.6
Equity accounted earnings of associates1.3 98.0 -46.1(4.5)-140.9
Inter-segment revenue(66.9)-----(66.9)
Total income1,145.6 254.9 0.3 46.1(4.5)(14.8)1 , 4 2 7. 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 impairments185.7 110.1 (9.9)46.1(4.5)(58.8)268.7
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 taxation1,158.7 96.7 (11.2)46.1(4.5)(4 4.1)1,241.7
Ta xati o n ex p e n s e
(50.2)(1.1)---(0.3)(51.6)
Net surplus/(loss) for the period1,108.5 95.6 (11.2)46.1(4.5)(4 4.4)1,190.1
Current assets710.4 45.4 39.4 --184.1 979.3
Non-current assets
11,228.0 2,881.8 35.7 343.2 4 41.8 (18 4.3)14,746.2
Current liabilities
981.4 69.3 40.5 --70.6 1,161.8
Non-current liabilities6,586.7 373.4 5.5 --(232.3)6,733.3
Net assets4,370.3 2,484.5 29.1 343.24 41.8 161.5 7, 8 3 0 . 4
Net debt
4,985.1 272.9 (35.2)---5,222.7
Capital expenditure and investments
1 9 7. 8 48.0 28.3 66.6 128.7 -469.4
21
New Zealand
$Millions
Audited
Australia
$Millions
Audited
Asia
$Millions
Audited
United States
$Millions
Audited
United
Kingdom &
Europe
$Millions
Audited
Eliminations &
discontinued
operations
$Millions
Audited
Total from
continuing
operations
$Millions
Audited
For the year ended 31 March 2024
Total revenue2,792.8 317.9 0.1 --(30.6)3,080.2
Equity accounted earnings of associates(10.7)13 4.7 -46.1(1.0)-169.1
Inter-segment revenue(8 4.9)-----(8 4.9)
Total income2 , 6 9 7. 2 452.6 0.1 46.1(1.0)(30.6)3,164.4
Depreciation(371.2)(33.8)(0.7)---(405.7)
Amortisation of intangibles(152.3)(0.6)----(152.9)
Employee benefits(398.9)(175.5)(13.8)---(588.2)
Other operating expenses
(1,583.5)(78.4)(9.4)--(61.4)(1,732.7)
Total operating expenditure(2,505.9)(288.3)(23.9)--(61.4)(2,879.5)
Operating surplus before financing, derivatives, realisations and impairments191.3 164.3 (23.8)46.1(1.0)(92.0)284.9
Net gain/(loss) on foreign exchange and derivatives( 5 7. 5 )1.4 (0.4)--0.1 (56.4)
Revaluation adjustments of equity-accounted investment to fair value1,075.0 -----1,075.0
Net realisations, revaluations and impairments(14.4)(61.9)----(76.3)
Interest income4 7. 7 0.9 0.3 --(1.1)4 7. 8
Interest expense(415.9)(28.5)(1.7)--31.6 (414.5)
Net financing expense(368.2)( 2 7. 6 )(1.4)--30.5 (366.7)
Net surplus before taxation826.2 76.2 (25.6)46.1(1.0)(61.4)860.5
Ta xati o n ex p e n s e
(69.9)(4.3)----( 74. 2)
Net surplus/(loss) for the year756.3 71.9 (25.6)46.1(1.0)(61.4)786.3
Current assets
7 8 7. 3 70.3 58.0 --164.3 1,079.9
Non-current assets1 1 , 0 7 7. 7 2,889.9 76.6 354.1 530.8 (16 4.3)14,764.8
Current liabilities
1,423.580.9 45.3 --69.3 1,619.0
Non-current liabilities6,53 4.0 388.4 63.0 --(69.3)6,916.1
Net assets3 , 9 0 7. 5 2,490.9 26.3 354.1 530.8 -7, 3 0 9 . 6
Net debt
5,210.7 253.7 7. 8 ---5,472.2
Capital expenditure and investments
4 49.1 49.1 63.1 115.0 195.7 -872.0
22
(5) Investments in associates
Investments include
Interest held
Name of entity
Principal Activity Country/Region
6 months ended
30 September
2024
Unaudited
6 months ended
30 September
2023
Unaudited
Year ended 31
March 2024
Audited
CDC Data CentresOwner, operator and developer of data centresAustralasia 48.2% 48.2% 48.2%
FortysouthOwner, operator and developer of passive mobile towers infrastructureNew Zealand 20.0% 20.0% 20.0%
GalileoRenewable energy developer Europe 38.0% 40.0% 40.0%
Kao DataOwner, operator and developer of data centresUnited Kingdom 52.8% 52.8% 52.8%
Longroad EnergyRenewable energy owner, operator and developerUnited States 36.5% 36.6% 40.0%
One NZ
1
Digital services and connectivity providerNew Zealand 99.8% 99.9% 99.9%
RetireAustraliaOwner, operator and developer of retirement villagesAustralia 50.0% 50.0% 50.0%
The reduction in Infratil's ownership percentages from 31 March to 30 September 2024 are due to the issue of shares within those businesses to executives participating in long-term
incentive schemes.
Acquisition of subsidiary - One NZ
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 full note disclosure in the Infratil Group Financial
Statements at 31 March 2024). The table below includes the results of One NZ as an associate until 14 June 2023.
23
Investments in associates
Movement in the carrying amount of investment:
CDC Data
Centres
$Millions
Unaudited
Fortysouth
$Millions
Unaudited
Galileo
$Millions
Unaudited
Kao Data
$Millions
Unaudited
Longroad
Energy
$Millions
Unaudited
One NZ
$Millions
Unaudited
Retire
Australia
$Millions
Unaudited
To t a l
$Millions
Unaudited
For the period ended 30 September 2024
Carrying value at 1 April - restated 1,536.9 195.2 99.1 4 31.7 211.5 - 4 36.6 2,911.0
Cost of equity 16.9 - - 11.5 49.7 - - 78.1
Capitalised transaction costs - - - - - - - -
Shareholder loan - - - - - - - -
Total cost of acquisition 16.9 - - 11.5 49.7 - - 78.1
Interest on shareholder loan (including accruals) 3.6 - 0.6 3.3 - - - 7. 5
Share of associate’s surplus before income tax 74.1 (6.4) 6.4 (11.8)2.6 - 72.3 1 3 7. 2
Share of associate’s income tax (expense)(21.1) - (0.1) - - - (21.7)(42.9)
Gain/(loss) on sale of interest - - - - - - - -
Share of associate's share capital issued/purchased, net of dilution 5.2 - - - - - - 5.2
Total share of associate’s earnings in the period 61.8 (6.4) 6.9 (8.5)2.6 - 50.6 1 0 7. 0
Share of associate's other comprehensive income 0.4 - 0.1 - (4 8.5) - - (4 8.0)
Share of associate's other reserves - - (1.8) - (0.1) - - (1.9)
less: Distributions received - - - - - - (2.2)(2.2)
less: Capital returned - - - - - - - -
less: Shareholder loan repayments including interest(19.5) - - - - - - (19.5)
Foreign exchange movements recognised in other comprehensive income(1.3) - (0.2)(2.0)(12.1) - (0.8)(16.4)
Revaluation adjustment of investment fair value - - - - - - - -
less: Consideration transferred to business combination - - - - - - - -
Carrying value of investment in associate 1,595.2 188.8 104.1 432.7 203.1 - 484.2 3,008.1
Equity investments in associates 1,4 45.4 188.8 46.4 384.5 203.1 - 484.2 2,752.4
Shareholder loans to associates 149.8 - 5 7. 7 48.2 - - - 255.7
24
Investment in associates
Summary financial information, not adjusted for the percentage ownership
held by the Group:
CDC Data
Centres
A$Millions
Unaudited
Fortysouth
$Millions
Unaudited
Galileo
€Millions
Unaudited
Kao Data
£Millions
Unaudited
Longroad
Energy
US$Millions
Unaudited
One NZ
$Millions
Unaudited
RetireAustralia
A$Millions
Unaudited
For the period ended 30 September 2024
Current assets 185.4 1 7. 8 143.4 30.2 259.0 - 251.4
Non-current assets 7, 6 8 8 . 1 2,109.4 5 7. 5 454.2 5,252.7 - 3,502.0
Total assets 7, 8 7 3 . 5 2 , 1 2 7. 2 200.9 484.4 5,511.7 - 3,753.4
Current liabilities 190.0 15.6 13.4 56.2 314.3 - 2,526.0
Non-current liabilities 4,961.4 1,169.4 91.3 1 5 7. 3 4,520.6 - 3 3 7. 7
Total liabilities 5,151.4 1,185.0 104.7 213.5 4,834.9 - 2,863.7
Non-controlling interests - - - - (394.7) - -
Net assets 2,722.1 942.2 96.2 270.9 282.1 - 889.7
Group's share of net assets 1,311.2 - 36.6 14 3.0 103.1 - 4 4 4.9
Revenues 2 6 7. 1 4 3.6 0.5 28.0 339.5 - 85.8
Net profit after tax 88.0 (4 5.4) 7. 1 (10.6) 280.0 - 92.5
Other comprehensive income 0.9 - - - - - -
Total comprehensive income 88.9 (4 5.4) 7. 1 (10.6) 280.0 - 92.5
Reconciliation of the carrying amount of the Group's investment:
Group's share of net assets in NZD 1 , 4 2 7. 3 188.4 45.6 301.4 162.3 - 484.2
add: Goodwill 18.1 - - 7 7. 2 40.8 - -
add: Shareholder loan 149.8 - 5 7. 6 48.2 - - -
add: Capitalised transaction costs - 0.4 0.9 5.9 - - -
Carrying value of investment in associate 1,595.2 188.8 104.1 432.7 203.1 - 484.2
25
26
Investments in associates
Movement in the carrying amount of investment:
CDC Data
Centres
$Millions
Unaudited
Fortysouth
$Millions
Unaudited
Galileo
$Millions
Unaudited
Kao Data
$Millions
Unaudited
Longroad
Energy
$Millions
Unaudited
Restated
One NZ
$Millions
Unaudited
Retire
Australia
$Millions
Unaudited
To t a l
$Millions
Unaudited
For the period ended 30 September 2023
Carrying value at 1 April 1,403.5 2 0 7. 7 53.1 255.7 315.9 171.6 410.9 2,818.4
Restatement- refer Note 1----(252.1)--(252.1)
Cost of equity 34.8 - 10.8 105.7 50.3 - - 201.6
Capitalised transaction costs - - - - - - - -
Shareholder loan - - 12.2 - - - - 12.2
Total cost of acquisition 34.8 - 23.0 105.7 50.3 - - 213.8
Interest on shareholder loan (including accruals) 4.3 - 0.2 - - 3.0 - 7. 5
Share of associate’s surplus before income tax 109.9 3.2 5.0 (9.6)4.3(1.4) 1 7. 2 128.6
Share of associate’s income tax (expense)(36.6) - (0.3) - - (3.5) - (4 0.4)
Gain/(loss) on sale of interest - - - - 41.8 - - 41.8
add: share of associate's share capital issued/purchased, net of dilution 3.4 - - - - - - 3.4
Total share of associate’s earnings in the period 81.0 3.2 4.9 (9.6)46.1(1.9) 1 7. 2 140.9
Share of associate's other comprehensive income(1.6) - 0.3 - 4 4.0 1.1 - 43.8
Share of associate's other reserves - - (0.4) - (2.0) - - (2.4)
less: Distributions received(14.7)(1.1) - - (19.5) - - (35.3)
less: Capital returned - - - - - - - -
less: Shareholder loan repayments including interest(1.9) - - - - - - (1.9)
Foreign exchange movements recognised in other comprehensive
income
4.8 - 0.9 8.2 20.9 - 2.3 3 7. 1
Revaluation adjustment of investment fair value - - - - - 1,064.5 - 1,064.5
less: Consideration transferred to business combination - - - - - (1,235.3) - (1,235.3)
Carrying value of investment in associate 1,505.9 209.8 81.8 360.0 203.6 - 430.4 2,791.5
Equity investments in associates 1,328.2 209.8 41.0 360.0 203.6 - 4 30.4 2,573.0
Shareholder loans to associates 1 7 7. 7 - 40.8 - - - - 218.5
Investment in associates
Summary financial information, not adjusted for the percentage ownership
held by the Group:
CDC Data
Centres
A$Millions
Unaudited
Fortysouth
$Millions
Unaudited
Galileo
€Millions
Unaudited
Kao Data
£Millions
Unaudited
Longroad
Energy
US$Millions
Unaudited
Restated
One NZ
$Millions
Unaudited
RetireAustralia
A$Millions
Unaudited
For the period ended 30 September 2023
Current assets111.5 26.1 91.0 23.0 380.1 -1 9 7. 8
Non-current assets6,114.2 2 , 1 3 7. 3 48.7 388.6 3,613.9 -3,063.4
Total assets6,225.7 2,163.4 139.7 411.6 3,994.0 -3,261.2
Current liabilities119.5 16.6 8.9 8 4.7 509.5 -2,223.9
Non-current liabilities3,583.2 1,099.7 56.6 6 7. 6 2,163.5 -237.9
Total liabilities3,702.7 1,116.3 65.5 152.3 2,673.0 -2,461.8
Non-controlling interests----(1,04 4.4)--
Net assets2,523.0 1 , 0 4 7. 1 74. 2 259.3 276.6-799.4
Group's share of net assets1 , 2 1 7. 1 209.4 29.7 136.9 101.2-399.7
Revenues192.6 40.9 1.7 26.2 92.6 -110.3
Net profit after tax141.0 9.4 6.9 ( 7. 6 )(14.5)-31.9
Other comprehensive income(3.2)------
Total comprehensive income1 3 7. 8 9.4 6.3 ( 7. 6 )(14.5)-31.9
Reconciliation of the carrying amount of the Group's investment:
Group's share of net assets in NZD1,310.7 209.4 40.2 280.0 169.6-4 30.4
add: Goodwill1 7. 5 --74.9 3 4.0 --
add: Shareholder loan1 7 7. 7 -40.7 ----
add: Capitalised transaction costs-0.4 0.9 5.1 ---
Carrying value of investment in associate1,505.9 209.8 81.8 360.0 203.6-430.4
27
Investments in associates
Movement in the carrying amount of investment:
CDC Data
Centres
$Millions
Audited
Fortysouth
$Millions
Audited
Galileo
$Millions
Audited
Kao Data
$Millions
Audited
Longroad
Energy
$Millions
Audited
Restated
One NZ
$Millions
Audited
Retire
Australia
$Millions
Audited
To t a l
$Millions
Audited
For the year ended 31 March 2024
Carrying value at 1 April1,403.5 2 0 7. 7 53.1 255.7 315.9 171.6 410.9 2,818.4
Restatement- refer Note 1----(252.1)--(252.1)
Cost of equity34.8 -10.8 115.1 96.2 --256.9
Capitalised transaction costs0.3 --0.8 ---1.1
Shareholder loan--28.7 40.3 ---69.0
Total cost of acquisition35.1 -39.5 156.2 96.2 --3 2 7. 0
Interest on shareholder loan (including accruals)8.3 -0.7 3.7 -3.0 -15.7
Share of associate’s surplus before income tax156.0 (8.8)1.2 (6.2)(16.6)(1.4)50.1 174.3
Share of associate’s income tax (expense)(50.9)-(0.4)--(3.5)(31.7)(86.5)
Gain/(loss) on sale of interest----62.7 --62.7
add: share of associate's share capital issued/purchased, net of dilution2.9 ------2.9
Total share of associate’s earnings in the period116.3 (8.8)1.5 (2.5)46.1 (1.9)18.4 169.1
Share of associate's other comprehensive income(5.9)---13.7 1.1 -8.9
Share of associate's other reserves--2.5 -(4.2)--(1.7)
less: Distributions received(14.7)(3.7)--(19.4)--( 3 7. 8 )
less: Capital returned--------
less: Shareholder loan repayments including interest(21.3)------(21.3)
less: Disposals--------
Foreign exchange movements recognised in other comprehensive
income
23.9 -2.6 22.4 15.3 -7. 3 71.5
Revaluation adjustment of investment fair value-----1,064.5 -1,064.5
less: Consideration transferred to business combination-----(1,235.3)-(1,235.3)
Carrying value of investment in associate1,536.9 195.2 99.2 431.8 211.5 -436.6 2,911.2
Equity investments in associates1,371.1 195.2 40.7 38 4.7 211.5 -4 36.6 2,639.8
Shareholder loans to associates165.8 -58.5 4 7. 1 ---271.4
28
Investment in associates
Summary financial information, not adjusted for the percentage ownership
held by the Group:
CDC Data
Centres
A$Millions
Audited
Fortysouth
$Millions
Audited
Galileo
€Millions
Audited
Kao Data
£Millions
Audited
Longroad
Energy
US$Millions
Unaudited*
One NZ
$Millions
Audited
RetireAustralia
A$Millions
Audited
For the year ended 31 March 2024
Current assets15 4.7 25.4 106.2 31.6 405.0 -239.5
Non-current assets6,666.0 2,110.2 59.3 423.4 3,94 3.0 -3 , 1 9 7. 6
Total assets6,820.7 2,135.6 165.5 455.0 4,348.0 -3 , 4 3 7. 1
Current liabilities190.5 26.7 12.7 65.1 370.2 -2 , 3 4 7. 8
Non-current liabilities4,05 4.6 1,13 4.7 72.9 119.0 3,384.2-287.7
Total liabilities4,245.1 1,161.4 85.6 184.1 3,754.4 -2,635.5
Non-controlling interests----(289.1)--
Net assets2,575.6974.2 79.9 270.9 304.5-801.6
Adjustment for movements between 31 December and 31 March*(20.4)
Group's share of net assets1,242.5 194.8 22.0143.1 105.0-400.8
Revenues412.3 84.2 3.6 56.5 3 3 7. 6 -174.9
Net profit after tax201.9 (50.5)1.2 (6.1)226.5 -34.1
Other comprehensive income(12.2)---0.3 --
Total comprehensive income189.7 (50.5)1.1 (6.1)226.7 -34.1
Reconciliation of the carrying amount of the Group's investment:
Group's share of net assets in NZD1,353.2 194.8 39.8 301.6 175.2 -4 36.6
add: Goodwill17.9 --7 7. 2 36.3 --
add: Shareholder loan165.8 -58.5 4 7. 1 ---
add: Capitalised transaction costs-0.4 0.9 5.9 ---
Carrying value of investment in associate1,536.9 195.2 99.2 431.8 211.5 -436.6
*Longroad Energy has a fiscal year end of 31 December with audited accounts presented at this date. Figures restated for accounting policy realignment per Note 1 , labelled 'unaudited' as a result.
29
30
(6) Acquisition of subsidiaries
(6.1) Console Connect
In July 2023, Infratil announced that it had entered into a conditional agreement with HKT Trust and HKT Limited to establish a strategic partnership to
accelerate the growth of the Hong Kong-based Console Connect global connectivity business.
Completion of the partnership was subject to the satisfaction of certain conditions precedent. These conditions have not been satisfied within the agreed
time frames. As a result, the parties’ decided not to proceed with the transactions contemplated by the conditional agreement, which will terminate.
(7) Discontinued Operations and Assets held for sale
(7.1) Infratil Infrastructure Property
In June 2022, the Infratil Infrastructure Property Limited ('IIPL') Board approved the marketing of IIPL's investment property at 100 Halsey Street ('Wynyard
100') for a potential sale. The sales process remains ongoing at 30 September 2024. As such, the investment property at 100 Halsey Street is deemed to
be held for sale at 30 September 2024. Included in assets and liabilities held for sale are investment property ($94.0 million), right of use assets
($70.2 million) and lease liabilities ($69.2 million).
At 30 September 2024, the investment property at 100 Halsey Street is not deemed to be a discontinued operation as it does not represent a separate
major line of business or geographic area of operation for the Group.
(7.2) Contact Energy Proposal to Acquire 100% of Manawa Energy
On 11 September 2024, Infratil confirmed its support for the acquisition of Manawa Energy ('Manawa') under a Scheme of Arrangement ('Scheme')
by Contact Energy ('Contact'). Under the Scheme Implementation Agreement ('SIA'), it is proposed that Contact will acquire 100% of Manawa via the
Scheme. Manawa shareholders will receive cash consideration of $1.16 per share and 0.5719 Contact shares for every Manawa share they hold prior
to implementation of the Scheme.
If the Scheme proceeds as announced, and subject to any pre-completion dividends, Infratil's gross cash proceeds from the will be approximately
$186 million and following completion, Infratil will own approximately 9.5% of Contact.
Implementation of the scheme is subject to a number of conditions and termination events, each as set out in detail in the SIA, including the New Zealand
Commerce Commission approval, the receipt of an independent adviser's report which concludes (and continues to conclude in any updated,
replacement or supplementary report prior to the Manawa shareholder meeting to vote on the Scheme) the consideration is within or above the
independent adviser's valuation range, approval of the High Court, approval by Manawa shareholders at a special meeting of shareholders and other
customary conditions, including no material adverse changes and no 'prescribed occurrences' affecting Contact or Manawa.
As at 30 September 2024, Infratil has not classified its investment in Manawa as held for sale. This determination will be reassessed at 31 March 2025.
31
(8) Taxation
6 months ended
30 September 2024
$Millions
Unaudited
Restated
6 months ended
30 September 2023
$Millions
Unaudited
Restated
Year ended
31 March 2024
$Millions
Audited
Net surplus before taxation from continuing operations(128.6)
1,241.7
860.5
Taxation on the surplus for the period @ 28%(36.0)
3 4 7. 7
240.9
Plus/(less) taxation adjustments:
Effect of tax rates in foreign jurisdictions2.3
1.2
(5.8)
Net benefit of imputation credits(6.1)
(2.1)
(3.1)
Exempt dividends-
-
-
Timing differences not recognised10.0
1.0
-
Tax losses not recognised/(utilised)-
(0.3)
4.8
Effect of equity accounted earnings of associates(26.5)
(26.6)
(6.7)
Tax effect of change in corporate tax rate on deferred tax liability-
-
-
Recognition of previously unrecognised deferred tax(3.3)
-
-
(Over)/Under provision in prior periods9.5
16.7
6.9
Net investment realisations0.1
(299.4)
(308.3)
Impact of removal of commercial depreciation on buildings-
-
4 4.1
Other permanent differences1 2 7. 8
13.4
101.4
Taxation expense7 7. 8
51.6
74. 2
Current taxation 41.0
3 7. 4
62.6
Deferred taxation 36.8
14.2
11.6
Tax on discontinued operations-(0.3)(0.2)
(9) Goodwill
6 months ended
30 September 2024
$Millions
Unaudited
6 months ended
30 September 2023
$Millions
Unaudited
Year ended
31 March 2024
$Millions
Audited
Balance at beginning of the year4 , 6 7 7. 0
1,846.1
1,846.1
Goodwill arising on acquisitions-
3,298.7
2,881.4
Goodwill disposed of during the year-
-
-
Goodwill impaired during the year-
-
(62.5)
Transfers to disposal group assets classified as held for sale-
-
-
Effects of movements in exchange rates(0.1)
3.8
12.0
Balance at the end of the year4,676.9
5,148.6
4 , 6 7 7. 0
The aggregate carrying amounts of goodwill allocated to each
cash generating unit are as follows:
Manawa Energy61.9
61.8
61.9
Qscan Group653.3
7 0 7. 7
653.4
RHCNZ Medical Imaging1,080.5
1,080.4
1,080.5
One NZ2,880.1
3,298.7
2,880.1
Mint Renewables1.1
-
1.1
4,676.9
5,148.6
4 , 6 7 7. 0
32
(10) Loans and borrowings
This note provides information about the contractual terms of the Group's interest bearing loans and borrowings.
30 September 2024
$Millions
Unaudited
30 September 2023
$Millions
Unaudited
31 March 2024
$Millions
Audited
Current liabilities
Unsecured bank loans51.1
-
2 4 7. 0
Secured bank facilities29.6
38.7
28.8
less: Loan establishment costs capitalised and amortised over term(6.9)
( 7. 3 )
(6.2)
73.8
31.4
269.6
Non-current liabilities
Unsecured bank loans79.7
733.4
6 45.0
Secured bank facilities2,3 40.6
2,158.1
2,238.5
less: Loan establishment costs capitalised and amortised over term(14.6)
(16.8)
(14.2)
2,405.7
2 , 8 74.7
2,869.3
Facilities utilised at reporting date
Unsecured bank loans130.7
733.4
892.0
Unsecured guarantees-
-
-
Secured bank loans2,370.3
2,196.8
2,267.3
Secured guarantees5.7
5.4
5.5
Facilities not utilised at reporting date
Unsecured bank loans1,850.7
1,326.5
1,169.9
Unsecured guarantees-
-
-
Secured bank loans362.3
185.0
130.6
Secured guarantees0.1
-
-
Interest bearing loans and borrowings - current73.8
31.4
269.6
Interest bearing loans and borrowings - non-current2,405.7
2 , 8 74.7
2,869.3
Total interest bearing loans and borrowings2,479.5
2,906.1
3,138.9
30 September 2024
$Millions
Unaudited
30 September 2023
$Millions
Unaudited
31 March 2024
$Millions
Audited
Maturity profile for bank facilities (excluding secured guarantees):
Between 0 to 1 year3 6 7. 5
271.9
356.8
Between 1 to 2 years943.9
1 , 6 4 7. 3
2,062.5
Between 2 to 5 years3,350.8
2,522.5
1,983.8
Over 5 years51.8
-
56.7
Total bank facilities4,714.0
4,4 41.7
4,459.8
33
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 2024 there was no drawn debt or accrued interest payable under the IGG facilities (30 September 2023: $635.0 million, 31 March
2024: $811.0 million) and undrawn IGG facilities totalled $1,561.8 million (30 September 2023: $1,010.0 million, 31 March 2024: $800.9 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 6.45% to 8.98% (30 September 2023: 4.96% to 9.24%, 31 March 2024: 6.15% to 9.24%).
34
(11) Infratil Infrastructure Bonds
30 September 2024
$Millions
Unaudited
30 September 2023
$Millions
Unaudited
31 March 2024
$Millions
Audited
Balance at the beginning of the period1,464.9 1,311.3 1,311.3
Issued during the period204.5
2 7 7. 2
2 7 7. 2
Exchanged during the period-
(52.2)
(52.2)
Matured during the period(56.1)
(69.9)
(69.9)
Purchased by Infratil during the period-
-
-
Bond issue costs capitalised during the period(2.5)
(2.1)
(3.6)
Bond issue costs amortised during the period1.1
0.9
2.4
Issue premium amortised during the year(0.1)
-
(0.3)
Balance at the end of the period1,611.8
1,465.2
1,464.9
Current143.3
56.0
156.1
Non-current1,114.6
1 , 1 7 7. 3
95 4.6
Non-current variable coupon122.0
-
122.3
Non-current perpetual variable coupon231.9
231.9
231.9
Balance at the end of the period1,611.8
1,465.2
1,464.9
Repayment terms and interest rates:
IFT230 maturing in June 2024, 5.50% p.a. fixed coupon rate-
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 2023
146.2 146.2 146.2
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
150.0
150.0
IFT340 maturing in March 2031, 7.08% p.a. fixed coupon rate1 2 7. 2
1 2 7. 2
1 2 7. 2
IFT350 maturing in December 2031, 7.06% p.a. fixed coupon rate204.5
-
-
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(10.0)
(8.4)
(8.6)
add: Issue premium capitalised and amortised over term0.5
0.7
0.6
Balance at the end of the period1,611.8
1,465.2
1,464.9
35
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 1-year period from (but excluding) 15 December 2023 was fixed at 7.78% per annum (for the 1-year period to 15 December 2023 the
coupon was 7.89%). 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 was 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 from (but excluding) 15 December 2023 was fixed at 6.78% until the maturity date.
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 2023: 231,916,000, 31 March 2024: 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 2023 the coupon was set at 7.06% per annum until the next reset date, being
15 November 2024 (September 2023: 6.45%, March 2024: 7.06%). 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 2024 Infratil Infrastructure bonds (including PIIBs) had a fair value of $1,554.0 million (30 September 2023: $1,353.7 million,
31 March 2024: $1,363.1 million).
(12) Financial instruments
(12.1) 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 2024 of $2,629.4 million (30 September 2023: $2,331.4 million, 31 March 2024:
$2,470.6 million) compared to an amortised cost value of $2,656.7 million (30 September 2023: $2,463.1 million, 31 March 2024: $2,569.5 million).
(12.2) 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 curve
Published market swap rates
Foreign exchange forward prices
Published spot foreign exchange rates
Electricity forward price curve
Market quoted prices where available and management's best estimate
based on its view of the long run marginal cost of new generation where no
market quoted prices are available
Discount rate for valuing interest rate derivatives
Published market interest rates as applicable to the remaining life of the
instrument
Discount rate for valuing forward foreign exchange contracts
Published market rates as applicable to the remaining life of the instrument
Discount rate for valuing electricity price derivatives
Assumed counterparty cost of funds ranging from 4.26% to 5.17%
(30 September 2023: 5.51% to 6.25%, 31 March 2024: 5.1% 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.
36
(12.3) 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 2024
Level 1
$Millions
Unaudited
Level 2
$Millions
Unaudited
Level 3
$Millions
Unaudited
To t a l
$Millions
Unaudited
Assets per the statement of financial position
Derivative financial instruments - energy--8 7. 6 8 7. 6
Derivative financial instruments - cross currency interest rate swaps-7. 4 -7. 4
Derivative financial instruments - foreign exchange----
Derivative financial instruments - interest rate0.9 3 7. 3 -38.2
Tot al0.9 4 4.7 8 7. 6 133.2
Liabilities per the statement of financial position
Derivative financial instruments - energy--156.7 156.7
Derivative financial instruments - cross currency interest rate swaps----
Derivative financial instruments - foreign exchange-2.7 -2.7
Derivative financial instruments - interest rate1.0 5 7. 6 -58.6
Tot al1.0 60.3 156.7 218.0
30 September 2023
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
37
31 March 2024
Level 1
$Millions
Unaudited
Level 2
$Millions
Unaudited
Level 3
$Millions
Unaudited
To t a l
$Millions
Unaudited
Assets per the statement of financial position
Derivative financial instruments - energy- - 110.3 110.3
Derivative financial instruments - cross currency interest rate swaps- 10.5 -10.5
Derivative financial instruments - foreign exchange- 2.4 -2.4
Derivative financial instruments - interest rate1.5 69.0 -70.5
Tot al1.5 81.9 110.3 193.7
Liabilities per the statement of financial position
Derivative financial instruments - energy- - 1 2 7. 8 1 2 7. 8
Derivative financial instruments - cross currency interest rate swaps- - --
Derivative financial instruments - foreign exchange- 1.6 -1.6
Derivative financial instruments - interest rate- 20.2 -20.2
Tot al- 21.8 1 2 7. 8 149.6
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 2024 (30 September 2023: none, 31 March 2024: none).
(12.4) Manawa Energy energy derivatives
Energy Price Risk is the risk that financial performance will be impacted by fluctuations in spot energy prices. Manawa Energy 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. Manawa Energy 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.
Electricity price CFD entered with Mercury NZ Limited
Manawa Energy and Mercury NZ Limited entered into an electricity price derivative on 2 May 2022. The electricity price CFD entered with Mercury NZ
Limited was transferred at a price of $1 as part of the sale of the Trustpower mass market retail business. When valued against the wholesale
electricity price curve, on day 1 this had a negative value of $521.7 million which was deferred as per NZ IFRS 9 Financial Instruments. The day 1
loss of $521.7 million is recognised in wholesale electricity revenue as the contractual cash flows on the swap are settled and fair value gains/losses
on the calibrated swap are realised over time.
During the period $75.1 million (cumulative to date: $327.0 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 loss of $26.9 million (30 September 2023: $54.9 million gain, 31 March 2024: $69.6 million loss), over the period from 1 April
2024 to 30 September 2024, has been recognised with $26.9 million (30 September 2023: $52.5 million, 31 March 2024: $nil) taken to the cash flow
hedge reserve and $nil (30 September 2023: $2.4 million, 31 March 2024: $69.6 million) taken to net fair value gains on financial instruments. The fair
value of this electricity price derivative at 30 September 2024 is a $30.6 million liability (30 September 2023: $152.3 million asset, 31 March 2024:
$3.7 million liability).
38
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 2024
$Millions
Unaudited
6 months ended
30 September 2023
$Millions
Unaudited
Year ended
31 March 2024
$Millions
Audited
Profit and loss
10% increase in energy forward prices(13.0)( 7. 1 )(9.3)
10% decrease in energy forward prices28.6 7. 1 9.3
Other comprehensive income
10% increase in energy forward prices(62.0)(80.8)(83.6)
10% decrease in energy forward prices46.580.8 68.9
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.
Assets per the statement of financial position
6 months ended
30 September 2024
$Millions
Unaudited
6 months ended
30 September 2023
$Millions
Unaudited
Year ended
31 March 2024
$Millions
Audited
Opening balance 110.3 155.5 155.5
Foreign exchange movement on opening balance---
Acquired as part of business combination---
Gains and (losses) recognised in profit or loss(22.7)(5.6)117.9
Gains and (losses) recognised in other comprehensive income-54.9 (163.1)
Transfer to assets held for sale---
Closing balance8 7. 6 204.8 110.3
Total gains or (losses) for the period included in profit or loss for assets held
at the end of the reporting period
32.1 66.8 91.5
Liabilities per the statement of financial position
Opening balance1 2 7. 8 92.9 92.9
Foreign exchange movement on opening balance---
Acquired as part of business combination---
(Gains) and losses recognised in profit or loss1.9 (23.0)31.2
(Gains) and losses recognised in other comprehensive income26.9 -3.7
Transfer to liabilities held for sale---
Closing balance156.6 69.9 1 2 7. 8
Total gains or (losses) for the period included in profit or loss for liabilities held
at the end of the reporting period
53.2 10.7 7 7. 2
Settlements during the period202.6(35.3)54.3
39
(13) Reconciliation of net surplus with cash flow from operating activities
6 months ended
30 September 2024
$Millions
Unaudited
Restated
6 months ended
30 September 2023
$Millions
Unaudited
Restated
Year ended
31 March 2024
$Millions
Audited
Net surplus for the period(206.4)1,189.5 785.9
Items classified as investing activity:
(Gain)/Loss on investment realisations, impairments and disposals of
discontinued operations
(6.1)(1,059.5)(1,008.2)
Trade Payables relating to investing activities0.1 0.2 (0.1)
Items not involving cash flows:
Movement in financial derivatives taken to the profit or loss60.6 (4 8.9)63.1
Decrease in deferred tax liability excluding transfers to reserves(66.4)2 7. 6 ( 1 7. 8 )
Changes in fair value of investment properties2.3 2.6 8.0
Equity accounted earnings of associates net of distributions received(101.3)(103.2)(1 25.3)
Depreciation222.8 178.8 406.0
Movement in provision for bad debts9.8 2.7 5.7
Amortisation of intangibles99.1 2.3 153.5
Other31.8 9.2 33.2
Movements in working capital:
Change in receivables(13.2)12.9 16.8
Change in inventories9.7 4.7 13.2
Change in trade payables(39.1)2.6 39.2
Change in accruals and other liabilities(9.2)(50.8)56.1
Change in current and deferred taxation98.6(4.3)28.5
Net cash flow from operating activities93.1 166.4 4 5 7. 8
(14) Capital commitments
6 months ended
30 September 2024
$Millions
Unaudited
6 months ended
30 September 2023
$Millions
Unaudited
Year ended
31 March 2024
$Millions
Audited
Committed but not contracted for90.2 84.4 79.8
Contracted but not provided for151.1 229.8 214.6
Capital commitments241.3 314.2 294.4
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.
Infratil capital commitments
Capital commitments from Infratil are primarily associated with Infratil's capital contributions to development phase subsidiaries and associates. Total
committed capital by Infratil and total uncalled commitment to date is designated in the entity's local currency.
Local Currency
Total commitment at
30 September 2024
$Millions
Uncalled
commitment at
30 September 2024
$Millions
Uncalled
Commitment at 30
September 2024
(NZD)$Millions
Longroad EnergyUSD3 46.020.832.7
GalileoEUR114.042.474.5
Gurīn EnergyUSD2 3 7. 5158.2249.1
Kao DataGBP232.634.472.4
Mint RenewablesAUD219.0204.1222.1
ClearvisionUSD100.039.962.4
Tot a l713.2
The uncalled commitment at 31 March 2024 was $526.5 million. Infratil’s shareholding allows it to control the timing and quantum of any capital calls.
40
(15) 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 Infrastructure Management Limited ('Morrison') is the management company for the Company and receives management fees in accordance
with the applicable management agreement. Morrison is owned by H.R.L Morrison & Co Group Limited Partnership, in which Jason Boyes, a director and
Chief Executive of Infratil, has a beneficial interest.
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 MSA. Following the One NZ acquisition on 15 June 2023, assets and liabilities are now consolidated with the right-of-use asset and lease liability
attributable to agreements with Fortysouth are held on the Infratil Group Balance Sheet at $771.3 million and $788.2 million, respectively. Additionally,
relating to these amounts were an interest expense of $31.9 million and right-of-use asset depreciation of $21.2 million for the 6 month period to
30 September 2024 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 Morrison or its related parties during the period were:
6 months ended
30 September 2024
$Millions
Unaudited
6 months ended
30 September 2023
$Millions
Unaudited
Year ended
31 March 2024
$Millions
Audited
Management fees16141.8 78.4 214.6
Executive secondment and consulting-0.1 0.3
Directors fees1.1 1.5 3.0
Financial management, accounting, treasury, compliance and administrative
services
0.8 0.8 1.6
Total management and other fees143.7 80.8 219.5
At 30 September 2024 amounts owing to Morrison of $11.3 million (excluding GST) are included in trade creditors (30 September 2023: $8.9 million,
31 March 2024: $5.7 million).
(16) Management fees paid under the Management Agreement with Morrison Infrastructure Management
Limited
The day-to-day management responsibilities of the Company have been delegated to Morrison Infrastructure Management Limited ('Morrison') under a
Management Agreement. The Management Agreement specifies the duties and powers of Morrison, and the management fees payable to Morrison 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 2024
$Millions
Unaudited
6 months ended
30 September 2023
$Millions
Unaudited
Year ended
31 March 2024
$Millions
Audited
New Zealand & International Portfolio Management Fees52.1 41.1 86.8
International Portfolio Incentive Fees89.73 7. 3 1 2 7. 8
Total management and other fees141.878.4 214.6
41
International Portfolio Incentive Fees
International Investments are eligible for International Portfolio incentive fees (‘Incentive fees’) under the Management Agreement between
Morrison 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 investment in Mint Renewables is eligible for the International Portfolio Initial Incentive Fee assessment as at 31 March 2025 (31 March
2024: Kao Data and Gurīn Energy). A negative $0.4 million International Portfolio Initial Incentive Fee has been accrued as at 30 September 2024. Kao
Data and Gurīn Energy generated a total initial incentive fee of $38.8 million at 31 March 2024 (Kao Data: $15.6 million, Gurīn Energy: $22.8 million).
International Portfolio Annual Incentive Fee
The Company’s investments in CDC Data Centres, Galileo, Gurīn Energy, Kao Data, Longroad Energy, Qscan Group and RetireAustralia are eligible
for the International Portfolio Annual Incentive fee assessment as at 31 March 2025 (31 March 2024: CDC Data Centres, Galileo, Longroad Energy,
Qscan Group and RetireAustralia).
As at 30 September 2024, it is probable that Infratil will have an International Portfolio Annual Incentive Fee (for the year to 31 March 2025)
due to Morrison based on the performance of the above portfolio of assets, and as a result an amount of $89.7 million has been provided for as
at 30 September 2024 (30 September 2023: $37.3 million, 31 March 2024: $127.8 million).
6 months ended
30 September 2024
$Millions
Unaudited
6 months ended
30 September 2023
$Millions
Unaudited
Year ended
31 March 2024
$Millions
Audited
CDC Data Centres110.2 52.4 60.1
Galileo (4.9)3.9 23.1
Gurīn Energy--22.8
Kao Data--15.6
Longroad Energy(11.4)(6.6)19.1
Qscan Group(3.9)(2.3)(5.9)
RetireAustralia0.1 (10.1)( 7. 0 )
Mint Renewables(0.4)--
89.73 7. 3 1 2 7. 8
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 2024 that resulted in an accrual of a realised incentive
fee (30 September 2023: nil, 31 March 2024: nil).
More detail on how Management fees are calculated is included in Infratil's Annual Report.
(17) 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.
(18) Events after balance date
Dividend
On 13 November 2024, the Directors approved an unimputed interim dividend of 7.25 cents per share to holders of fully paid ordinary shares to
be paid on 10 December 2024.
42
© 2024 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.
Document classification: KPMG Public
Independent Auditor’s Review
Report
To the shareholders of Infratil Limited (the ‘Group’)
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 8 to 41 do
not:
‒ present fairly, in all material respects, the
Group’s financial position as at 30
September 2024 and its financial
performance and cash flows for the 6 month
period then ended and comply with New
Zealand Equivalent to International
Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) issued by the New
Zealand Accounting Standards Board.
We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
‒ the interim consolidated statement of
financial position as at 30 September 2024;
and
‒ the interim consolidated statements of
comprehensive income, changes in equity
and cash flows for the 6 month period then
ended;
‒ notes, including material accounting policy
information.
Basis for conclusion
We conducted our review of the financial statements in accordance with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our
responsibilities are further described in the Auditor's Responsibilities for the Review of the interim consolidated
financial statements section of our report.
We are independent of Infratil Limited in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has provided other services to the Group in relation to climate related assurance and agreed upon
procedures, taxation services, audit of regulatory disclosures, other assurance and advisory 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 auditor of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Auditor’s Review Report
This report is made solely to the shareholders. 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 Auditor’s 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 for our review work, this report, or any of the conclusions we have formed.
42
43
Responsibilities of Directors for the interim consolidated financial
statements
The Directors on behalf of the Group are responsible for:
‒ the preparation and fair presentation of the interim consolidated financial statements in accordance with
NZ IAS 34; and
‒ implementing necessary internal control to enable the preparation of interim consolidated financial
statements that is fairly presented and free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the review of the interim consolidated
financial statements
Our responsibility is to express a conclusion on the interim consolidated financial statements based on our
review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the interim consolidated financial statements, taken as a whole, are not prepared, in all material
respects, in accordance with NZ IAS 34.
A review of the interim consolidated financial statements prepared in accordance with NZ SRE 2410 (Revised) 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.
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) and consequently does not enable us to
obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on the
financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Ed Louden.
KPMG Wellington
13 November 2024
44
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
Registered Office - Australia
C/-. Morrison Private Markets
Level 31
60 Martin Place
Sydney NSW 2000
Telephone: +64 4 473 3663
Manager
Morrison Infrastructure Management Limited
5 Market Lane
PO Box 1395
Wellington
Telephone: +64 4 473 2399
Facsimile: +64 4 473 2388
Internet address: www. morrisonglobal.com
Share Registrar - New Zealand
MUFG Pension & Market Services
Level 30, PwC Tower
15 Customs Street West
PO Box 91976
Auckland
Telephone: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
Internet address: www.linkmarketservices.co.nz
Share Registrar - Australia
MUFG Pension & Market Services
Level 12
680 George Street
Sydney NSW 2000
Telephone: +61 2 8280 7100
Email: registrars@linkmarketservices.com.au
Internet address: www.linkmarketservices.com.au
Auditor
KPMG
Level 6
44 Bowen Street
Wellington 6011
Legal Advisors
Chapman Tripp
Level 6
20 Customhouse Quay
PO Box 993
Wellington 6140
Directory
45
---
Infratil Limited
Detailed Financial Information & Operating Metrics
Consolidated Results
NZ$ millionsFY24
FY23FY22HY25HY24HY23HY22
Operating revenue3164.4
1,845.1
1,297.4
1,822.31,427.6951.0644.4
Operating expenses(2,193.1)(871.8)(779.0)(1,274.5)(940.9)(450.0)(393.2)
Operating earnings971.3
973.3
518.4
547.8486.7501.0251.2
International Portfolio incentive fees(127.8)(169.6)(221.2)(89.7)(37.3)(124.4)(131.4)
Depreciation & amortisation(558.6)(107.6)(91.4)(321.7)(180.7)(51.1)(43.2)
Net interest(366.7)(166.8)(159.5)(206.1)(155.1)(82.3)(80.0)
Tax expense(74.2)(42.5)(22.6)(77.8)(51.6)(77.1)(58.1)
Realisations and revaluations942.3
74.8
82.2(58.9)1,128.154.775.8
Net surplus from continuing operations786.3561.6105.9(206.4)1,190.1220.814.3
Discontinued operations(0.4)
330.11,125.8
-(0.6)336.51,116.0
Net surplus after tax785.9891.7
1,231.7
(206.4)1,189.5557.31,130.3
Minority earnings8.9(248.6)(62.4)(5.8)
(39.6)(206.8)
(49.7)
Net parent surplus
794.8643.11,169.3(212.2)1,149.9350.51,080.6
Proportionate EBITDAF
NZ$ millionsFY24FY23FY22
HY25HY24HY23HY22
CDC48.2%
140.8
113.7
82.283.764.351.938.3
One NZ99.8%
545.5
263.6243.8
304.0225.1128.8120.4
Fortysouth20.0%11.54.4-
7.05.5--
Kao Data52.8%
(2.3)(3.0)(1.5)2.4(1.6)(1.5)(0.1)
Manawa Energy51.1%74.169.983.923.339.835.754.4
Longroad Energy36.5%33.416.415.1
22.134.621.713.7
RHCNZ Medical Imaging 50.0%58.154.432.9
31.630.726.613.6
Qscan Group57.6%40.633.833.923.818.215.218.7
RetireAustralia50.0%
12.16.116.917.36.310.96.3
Wellington Airport66.0%70.759.137.341.633.426.520.8
Corporate & other100.0%(76.5)(58.1)(58.2)
(50.5)(38.2)(29.5)(32.6)
Operational EBITDAF908.0560.3486.3
506.3418.1286.3253.5
Galileo38.0%(15.2)(11.8)(5.4)(9.0)(6.1)(4.2)(2.9)
Gurīn Energy95.0%(21.9)(15.6)(6.0)(14.4)(9.1)(6.5)(1.0)
Mint Renewables73.0%(6.8)(1.4)-(4.1)(2.9)--
Development EBITDAF(43.9)(28.8)(11.4)
(27.5)(18.1)(10.7)(3.9)
Proportionate EBITDAF from continuing operations864.1531.5474.9
478.8400.0275.6249.6
Trustpower Retail business-(0.3)1.824.2-(0.4)1.88.0
Tilt Renewables---7.9---7.8
Proportionate EBITDAF863.8533.3507.0478.8399.6277.4265.5
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 information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the period ended 30 September 2024. If you would like the Microsoft
Excel version of these tables please email: info@infratil.com
This table shows a summary of Infratil's reported result for the period, as prepared in accordance with NZ IFRS.
Infratil HY25 Interim Result1 of 12
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 period ended 30 September 2024. 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$ millionsFY24
FY23FY22HY25HY24HY23HY22
Net surplus after tax785.9
891.7
1,231.7
(206.4)1,189.5557.31,130.3
less: Share of earnings of associate companies(169.1)(653.4)(268.5)(107.0)(140.9)(346.6)(114.0)
plus: Proportionate EBITDAF of associate companies217.7
389.4
347.4
123.5153.0207.6175.7
less: Minority share of subsidiaries EBITDAF(193.9)(177.8)(158.0)(89.7)(113.6)(86.2)(87.1)
plus: Share of acquisition or sale-related transaction costs24.6-35.51.514.8-22.6
plus: one-off restructuring costs (including FibreCo)13.5--3.9---
less: Net gain/(loss) on foreign exchange and derivatives56.4(91.9)(68.0)61.7(55.1)(54.9)(73.6)
less: Net realisations, revaluations and impairments(998.7)
17.1
(14.3)
(4.0)(1,073.0)0.2(2.2)
less: Discontinued operations
0.4(330.1)(1,125.8)-0.6(336.5)(1,116.0)
Underlying earnings(263.2)
45.0(20.0)
(216.5)(24.7)(59.1)(64.3)
add back: Depreciation & amortisation558.6107.6
91.4
321.7180.751.143.2
add back: Net interest366.7166.8159.5206.1
155.182.3
80.0
add back:
Tax expense74.242.522.6
77.851.677.158.1
add back:
International Portfolio Incentive fees
127.8169.6221.289.7
37.4
124.4131.4
Proportionate EBITDAF864.1
531.5474.7
478.8400.0275.8248.4
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.
Associates include Infratil’s investments in CDC, Fortysouth, Kao Data, Longroad Energy, Galileo, and RetireAustralia.
Subsidiaries include One NZ, Manawa Energy, Gurīn Energy, Mint Renewables, RHCNZ Medical Imaging, Qscan Group and Wellington Airport.
Infratil HY25 Interim Result2 of 12
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Excel version of these tables please email: info@infratil.com
Proportionate Capital Expenditure
NZ$ millionsFY24
FY23FY22HY25HY24HY23HY22
CDC291.8
341.9
259.9
436.8105.6230.099.8
One NZ261.4151.8145.6125.8122.462.472.9
Fortysouth3.1
3.3
-4.32.6--
Kao Data58.836.014.437.848.712.51.8
Manawa Energy33.622.623.613.216.39.37.8
Longroad Energy825.5345.9240.2448.5381.356.9189.1
Tilt Renewables--21.9---21.9
Gurīn Energy60.0
1.7
0.321.725.12.0-
Galileo42.728.85.457.838.821.61.3
Mint Renewables1.1
--0.30.5--
RHCNZ Medical Imaging26.114.7
16.5
11.89.35.711.2
Qscan Group16.09.513.86.8
7.43.7
3.1
RetireAustralia
50.966.626.136.828.529.56.9
Wellington Airport
42.246.011.722.4
16.3
13.2
4.7
Proportionate Capital Expenditure1,713.2
1,068.8779.4
1,224.0802.8446.8420.5
Infratil Investment
NZ$ millionsFY24FY23FY22
HY25HY24HY23HY22
CDC35.114.217.416.9
34.814.111.1
One NZ1,800.0--
20.01,800.0--
Kao Data156.221.2217.911.5136.35.673.6
Fortysouth-212.1-----
Longroad Energy96.2242.258.7
49.750.320.935.0
Gurīn Energy55.841.28.323.845.611.82.8
Galileo39.642.313.913.423.015.7-
Mint Renewables5.74.4-6.01.8-0
RHCNZ Medical Imaging-16.4408.8
--10.7313.6
Qscan17.8-----0
Clearvision18.824.24.64.016.320.30
Infratil investment2,225.2618.2729.6145.32,108.199.1436.1
Debt Capacity & Facilities
NZ$ millionsFY24FY23FY22HY25HY24HY23
HY22
Net bank debt791.8(593.2)(773.0)(328.8)609.8
(405.7)
(773.0)
Infratil Infrastructure bonds1,241.11,085.91,163.71,389.51,241.01,185.91,163.7
Infratil Perpetual bonds231.9231.9231.9
231.9
231.9231.9231.9
Total net debt2,264.8724.6622.61292.62,082.71,012.1622.6
Market value of equity9,066.76,660.65,972.911,840.18,493.6
6,262.55,972.9
Total Capital11,331.57,385.26,595.513132.710,576.37,274.66,959.5
Gearing20.0%9.8%9.4%9.8%19.7%13.9%9.4%
Undrawn bank facilities800.9
898.4899.61,561.81,009.6
906.3899.6
100% subsidiaries cash19.2593.2773.0328.825.2405.7773.0
Liquidity available820.11,491.61,672.61890.61,034.81,312.01,672.6
This table shows the mix of debt and equity funding at the Infratil Corporate level.
This table shows investments made by Infratil during the period.
This table shows Infratil's share portfolio companies capital expenditure.
Infratil HY25 Interim Result3 of 12
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Infratil Corporate Operating Cashflows
NZ$ millionsFY24
FY23FY22HY25HY24HY23HY22
CDC36.0
37.1
13.4
19.516.6155.8
One NZ81.9871.337.177.918.614.724.5
Manawa Energy26.4
93.6
56.7
17.613.681.629.6
Tilt Renewables--16.1---16.1
Longroad Energy18.48.453.9-18.41.244.8
RHCNZ Medical Imaging11.130.3-21.67.614.8-
Qscan Group-2.3---2.3-
RetireAustralia-
-
-2.3---
Fortysouth3.7---1.1--
Wellington Airport47.4
--39.045.6--
Net interest(96.7)(48.0)
(61.2)
(60.4)(40.9)(25.9)(36.6)
Corporate & other(100.9)(61.3)(66.5)(53.0)
(43.6)(29.6)
(30.9)
Operating Cashflow
27.3933.749.564.537.074.153.3
International Portfolio incentive fees
(102.2)(270.8)(116.2)(106.8)
(102.2)
(270.8)
(116.2)
Operating Cashflow (after incentive fees)(75.0)
662.9(66.7)
(42.3)(65.2)(196.7)(62.9)
Asset Valuations
NZ$ millionsFY24FY23FY22HY25HY24HY23HY22
CDC4,419.73,678.73,132.95,236.54,181.53,282.82,581.7
One NZ3,530.51,222.81,670.0
3,546.03,022.81,670.0846.7
Fortysouth195.2207.7-188.8209.8--
Kao Data556.2255.7203.4567.9391.1211.372.6
Manawa Energy728.0795.21,126.2800.0723.2915.21,167.7
Longroad Energy1,952.01,583.4315.01,992.71,674.41,243.5212.3
Galileo240.772.226.5
245.0121.545.57.9
Gurīn Energy237.17.92.0
246.133.98.2-
Mint Renewables2.03.1-16.4
2.0--
RHCNZ Medical Imaging 606.7511.6417.1613.6557.5421.9308.0
Qscan Group411.9374.3305.1436.5395.3378.9299.5
RetireAustralia464.4441.1431.4
490.3416.6454.9396.6
Wellington Airport623.7512.8476.5
623.7512.8476.5558.9
Clearvision Ventures142.6125.293.0134.8139.6133.176.4
Property98.4115.2102.7112.5108.7103.094.1
Portfolio asset value14,209.19,906.98,301.815,250.812,490.79,344.86,621.4
Wholly owned group net debt(2,264.8)(724.6)(622.6)(1,292.6)(2,082.7)
(1,012.1)(280.9)
Net asset value11,944.39,182.37,679.213,958.210,408.0
8,332.7
6,340.5
Shares on issue (m)832.6724.0724.0966.5
831.9724.0723.0
Net asset value per share14.3512.6810.61
14.44
12.5111.518.77
This table shows valuations of Infratil’s assets. The valuation of Infratil’s investments in CDC, One NZ, Kao Data , Longroad Energy, Galileo, Gurin, RHCNZ
Medical Imaging, Qscan Group, RetireAustralia, and Wellington Airport reflect the midpoint of the most recent independent valuations prepared for
Infratil adjusted for any capital contributions to the asset since the last valuation date. 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.
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.
Infratil HY25 Interim Result4 of 12
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 period ended 30 September 2024. If you would like the Microsoft
Excel version of these tables please email: info@infratil.com
Movements in Net Bank Debt
NZ$ millionsFY24
FY23FY22HY25
Opening Wholly Owned Net Bank (Debt)/Cash593.1
773.0
(328.2)
(791.8)
Manawa Energy dividends26.493.656.717.6
One NZ distributions and shareholder loan interest81.9
181.0
37.2
77.9
CDC distributions and shareholder loan interest36.037.113.419.3
Longroad Energy distributions and capital returns23.812.654.02.3
Tilt Renewables distributions--16.1-
RHCNZ Medical Imaging distributions11.130.3-21.6
Qscan Group distributions-
2.3
--
RetireAustralia distributions---2.3
Fortysouth distributions3.7
---
Wellington Airport distribution and subvention47.3-
-39.0
Clearvision distributions--1.7-
Net interest
(110.9)(43.9)(61.2)(60.4)
Other corporate operating cashflows
(91.7)(58.5)(68.4)(71.3)
Incentive fees paid(102.2)
(271.0)(116.2)
(106.8)
RHCNZ Medical Imaging investment-(16.4)
(408.8)
-
Kao Data investment(81.4)-(217.9)-
One NZ investment
(1,800.0)---
One NZ towers sale capital return-690.2--
Fortysouth investment-
(212.1)--
Other investing and financing cashflows(357.8)(410.1)
(111.1)
(154.5)
Sale of Tilt Renewables--1,959.3-
Sale of ASIP--44.8-
Receipt of contingent consideration--16.1-
Equity raise & DRP928.1--1,295.8
Infratil Dividends paid(154.3)(137.1)(121.8)
(110.6)
Bond maturities(122.1)(100.0)(93.9)(56.1)
Proceeds from bond issues277.222.2101.2204.5
Closing Wholly Owned Net Bank (Debt)/Cash(791.8)593.1773.0328.8
Other investing and financing cashflowsFY24FY23FY22
HY25
CDC(34.8)(14.0)(17.4)(16.9)
One NZ---
(20.0)
Kao Data(74.4)(21.2)-(11.5)
Longroad Energy(93.6)(260.6)(58.7)
(50.4)
Gurīn Energy(58.7)(43.4)(8.3)
(25.0)
Galileo(39.6)(42.3)(13.8)(18.8)
Mint Renewables(5.7)(4.4)-
(6.0)
Clearvision Ventures(18.8)(24.2)(12.9)(4.0)
Qscan(17.8)-
--
Other investing cashflows(14.4)--(1.9)
Net other investment & financing cashflows(357.8)(410.1)(111.1)(154.5)
The Wholly Owned Group comprises Infratil and its wholly-owned subsidiaries and excludes Manawa Energy, Mint Renewables, Wellington Airport,
Qscan Group, RHCNZ Medical imaging, Gurīn Energy, CDC Data Centres, One NZ, 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.
Infratil HY25 Interim Result5 of 12
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 period ended 30 September 2024. If you would like the Microsoft
Excel version of these tables please email: info@infratil.com
Operating Businesses
CDC
A$ millionsFY24
FY23FY22HY25HY24HY23HY22
Operating capacity (MW)268268164302268268164
Capacity under construction (MW)4164210438826542104
Development pipeline (MW)536
476
4361,606517476436
Weighted average lease term with options (years)31.624.021.631.124.921.122.5
Rack utilisation
1
83%66%75%81%78%66%74%
Target PUE1.2
1.2
1.21.21.21.21.2
Revenue356.5280.4214.5212.0164.6127.5101.0
EBITDAF270.8
215.5161.2
158.8123.397.675.1
Net profit after tax214.6762.7
286.5
88.5141.0610.792.8
EBITDA Margin %76%77%75%75%
75%77%
74%
Capital expenditure
560.8648.1509.5829.9202.5432.2195.8
Weighted average tenor of debt (years)
5.24.93.56.0
n/a
n/a
n/a
Net external debt2,663.2
2,098.11,518.9
3,422.92,301.41,985.71,263.1
Net debt/EBITDA
2
9.4n/a
n/a
9.8n/an/an/a
% of drawn debt hedged83%n/an/a80%
n/an/a
n/a
Infratil cash income (NZ$)36.037.113.419.5
16.6
15.0
5.8
Fair value of Infratil's investment (NZ$)4,419.73,678.73,132.9
5,236.54,181.53,282.82,581.7
One NZ
NZ$ millionsFY24FY23FY22
HY25HY24HY23HY22
Mobile connections (000's)1,997.92,003.51,908.61,932.21,966.11,934.01,874.7
Fixed connections (000's)379.0403.1426.7376.8389.4413.9434.9
Total Connections (000's)2,376.92,406.62,335.32,309.02,355.52,347.92,309.6
Consumer & SME721.5671.9607.9
375.5356.6328.7303.3
Enterprise61.162.759.6
29.230.731.830.6
Mobile782.6734.6667.5404.7387.3360.5333.9
Consumer & SME - Fixed & ICT354.5364.1403.7174.1176.8183.3204.6
Enterprise - Fixed & ICT221.9226.0196.9107.8113.9113.096.4
Wholesale & other212.0209.0199.0
108.1105.0102.096.0
Recurring revenue1,571.01,533.71,467.1
794.7783.0758.8730.9
Procurement & one-off revenue425.2450.6500.0145.8179.8230.8225.0
Total revenue1,996.21,984.31,967.1940.5962.8989.6955.9
Direct cost(830.7)(836.9)(916.1)(358.2)(391.2)(431.5)(437.6)
Gross margin1,165.51,147.41,051.0582.3571.6
558.1518.3
Operating expenses(565.4)(619.5)(570.0)(277.9)(292.3)
(300.2)
(277.1)
EBITDAF600.1527.8481.0304.4
279.3257.9241.2
EBITDA Margin30%27%25%
32%
29%26%25%
Operating free cash flow220.3n/an/a117.496.4n/an/a
Capital Expenditure (excl. Spectrum)
2
261.6304.0291.4126.0122.6
124.9146.0
Net debt1,427.31,382.21,344.41,517.01,431.21,344.41,389.8
Net debt/EBITDA
1
3.03.23.13.0n/an/an/a
% of drawn debt hedged70%64%39%60%73%34%n/a
Infratil cash income81.9
122.937.177.918.614.724.5
Fair value of Infratil's investment3,530.51,222.81,670.03,546.03,022.81,670.0-
Mobile ARPU32.4531.3029.0033.8232.3731.1029.28
Consumer & SME - Fixed ARPU74.0170.5072.8074.4072.7070.9072.64
1
The calculation of Rack utilisation includes white space and reserved
2
CDC leverage metric represents run rate EBITDA annualised and includes Shareholder Loans in Net Debt
1
Net debt to EBITDA is calculated using pre-IFRS 16 EBITDA
2
Operating free cash flow is EBITDA less leases and capex excluding spectrum
Infratil HY25 Interim Result6 of 12
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 period ended 30 September 2024. If you would like the Microsoft
Excel version of these tables please email: info@infratil.com
Longroad Energy
US$ millionsFY24
FY23FY22HY25HY24HY23HY22
Owned operating generation (MW)1,771
1,607
1,583
2,4231,5621,5611,583
Generation managed for others (MW)1,9271,6291,8731,9271,9271,8731,873
Total generation developed in Year (MW)209
26
530
652--530
Generation under construction (MW)1,7731,273261,12486148926
Near-term pipeline (MW)3,8591,2181,2803,9141,1218081,890
Long-term pipeline (GW)24.316.812.424.527.916.85.7
Weighted average remaining life of PPA's (years)15.913.714.415.6n/an/an/a
Employees182
157
142204170153134
Revenue173.1167.6129.284.278.579.854.0
EBITDAF
55.537.719.118.115.623.52.2
OpCo EBITDA
2
94.581.8
49.6
37.838.340.916.7
DevCo EBITDA
2
(39.0)(44.1)(30.5)(19.7)
(22.7)
(17.4)
(14.5)
Net profit after tax46.0(14.2)
21.7
111.7(14.5)(1.8)(27.8)
Capital expenditure1,297.2317.7451.3747.5
927.7116.4
131.7
% of drawn debt hedged
1
92%n/an/a
90%n/an/an/a
Infratil's aggregate investment amount (NZ$)
617.7521.5279.2667.4
571.7
300.1
255.5
Aggregate capital returned (NZ$)304.7
286.3277.9
304.7304.7279.1268.8
Infratil's cash income (NZ$)18.48.4
53.9
-18.41.244.8
Infratil book value (NZ$)211.5315.890.5203.1
203.6180.1
51.4
Fair value of Infratil's investment (NZ$)1,952.01,583.4315.01,992.7
1,674.4
1,243.5
212.3
Manawa Energy
NZ$ millionsFY24FY23FY22HY25HY24HY23HY22
Generation - North Island (GWh)9701,132824443550545446
Generation - South Island (GWh)931785936
478560431554
Generation (GWh)1,9011,9171,760
9221,1109761,000
Average Generation spot price (c/kwh)13.210.916.630.410.812.420.8
Owned Operating Generation (MW's)510510498510510498498
Development pipeline (MW's)1,255920-1,385955794-
Generation EBITDAF145.0136.7159.7
45.777.870.0106.4
Retail EBITDAF(0.6)3.544.5
-(0.9)3.415.8
EBITDAF144.4140.2204.245.7
77.073.4122.3
Capital expenditure65.744.246.3
25.9
32.018.215.3
Net external debt452.0443.8739.4473.3435.4460.6663.9
Net debt/EBITDA
1
3.1n/an/a4.3
n/an/an/a
% of drawn debt hedged87%n/an/a77%n/an/a
n/a
Infratil cash income26.493.656.717.6
13.681.629.6
Fair value of Infratil's investment728.0795.21,126.2800.0723.2915.21,167.7
1
Net debt/EBITDA is derived using pre-IFRS 16 EBITDA
The Longroad financials have been prepared under US GAAP.
1
Longroad % of drawn debt hedged is based on non-recourse term debt but excludes construction and working capital facilities
2
OpCo excludes operating expenses relating to advancing the development pipeline, DevCo includes operating expenses related to advancing the development
pipeline, for the purposes of this analysis General and Administrative expenses have been split evenly across OpCo and DevCo
Longroad Energy reported financial information is shown for the Full Year to 31 December and the Half Year to 30 June to align to Longroad's financial reporting
periods.
Infratil HY25 Interim Result7 of 12
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 period ended 30 September 2024. If you would like the Microsoft
Excel version of these tables please email: info@infratil.com
Qscan
A$ millions
FY24
FY23FY22HY25HY24HY23HY22
Volume Scans (000's)1,456.8
1,376.7
1,134.8
759.8729.0684.0582.0
Sites (standalone clinics)77767575787573
Total Patients (000's)713.0
686.6
614.5
429.3411.6387.4365.1
Total Radiologists135136126141130125130
CT machines66625866645858
MRI machines28272228282423
PET-CT machines1212121214139
Revenue294.7
266.7
230.6
161145.1129.8116.7
Operating expenses(226.8)(210.8)(173.8)(123.2)(114.6)(104.9)(85.5)
EBITDAF67.9
55.956.8
37.830.524.931.2
EBITDA Margin23%21%
25%
23%21%19%27%
Capital expenditure25.815.723.110.9
12.46.0
5.2
Net external debt
234.7248.6219.3214.8255.4250.7207.3
Net debt/EBITDA
1
3.95.04.43.0
4.7
4.9
3.5
% of drawn debt hedged74%
42%48%
74%41%42%48%
Infratil book value (NZ$)296.6303.7
305.1
301.7304.2320.2299.5
Fair value of Infratil's investment (NZ$)411.9374.3-
436.5395.3
375.1
-
1
Net debt/EBITDA is derived using pre-IFRS 16 EBITDA
RHCNZ
NZ$ millionsFY24FY23FY22HY25HY24HY23HY22
Volume Scans (000's)1,002.7967.0758.9519.8517.1495.0231.0
Sites (standalone clinics)727472
75737447
Total Patients (000's)786.7772.5542.4
452.5449.6315.4n/a
Total Radiologists16314714116015214892
CT machines19171521181614
MRI machines36333237343332
PET-CT machines3224222
Revenue340.6308.6196.0
190.7173.0154.866.2
Operating expenses(225.3)(200.0)(123.1)(127.6)(111.7)(101.7)(41.8)
EBITDAF115.3108.672.963.161.353.124.4
EBITDA Margin34%35%37%33%35%34%37%
Capital expenditure51.829.432.8
2418.511.419.9
Net external debt436.7432.3411.2
445.5421.6412.0292.2
Net debt/EBITDA
1
3.8n/an/a3.7n/an/an/a
% of drawn debt hedged73%n/an/a72%n/an/an/a
Infratil book value425.1418.3417.1413.2425.3421.9308.0
Fair value of Infratil's investment606.7511.6-613.6557.5-
-
1
Net debt/EBITDA is derived using pre-IFRS 16 EBITDA
Infratil HY25 Interim Result8 of 12
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 period ended 30 September 2024. If you would like the Microsoft
Excel version of these tables please email: info@infratil.com
RetireAustralia
A$ millionsFY24
FY23FY22HY25HY24HY23HY22
Residents5,442
5,225
5,127
5,5265,3345,2135,209
Villages29282829282829
Serviced apartments509
499
500
509499499535
Independent living units3,8453,5913,5693,8453,6913,5693,584
Occupancy96.6%96.8%96.8%95.6%96.8%96.7%95.4%
Unit resales408400489213203227255
New unit sales146327640831041
Resale gain per unit191.6
154.7
135.7
201.6184.4178.6129.5
New unit average value851.5701.8676.91,003.2856.8575.6732.3
Occupancy receivable/unit141.8
137.9132.4
188.4138.6135.5121.9
Embedded resale gain/unit73.761.8
51.6
108.166.558.138.1
Underlying profit78.530.356.557.6
42.731.9
22.8
Net profit after tax
(14.3)(7.5)149.192.5(20.7)44.654.2
Capital expenditure
94.3121.449.267.4
52.7
53.4
13.1
Net external debt200.6
234.4148.4
210.3216.1177.8153.4
Gearing %
1
19%22%
16%
19%22%18%17%
% of drawn debt hedged75%50%68%84%
64%46%
72%
Infratil book value (NZ$)
436.6410.9417.3484.3430.4466.1355.9
Fair value of Infratil's investment (NZ$)464.4441.1431.4
490.3416.6454.9396.6
1
Gearing % is calculated as total debt over total debt plus the indpendent valuation of equity
Wellington International Airport
NZ$ millionsFY24FY23FY22
HY25HY24HY23HY22
Passengers domestic (000's)4,711.54,690.23,480.6
2,232.52,334.62,305.91,981.7
Passengers international (000's)736.6562.948.7368.5328.6213.948.4
Aeronautical income86.077.354.353.940.335.127.4
Passenger services income45.338.122.323.122.417.413.2
Property & other income18.915.713.8
10.09.37.37.0
Operating costs(43.1)(41.5)(33.6)
(24.0)(21.4)(19.6)(16.1)
EBITDAF107.189.656.863.050.640.231.5
Net profit after tax(28.8)25.13.0(0.7)(2.2)11.02.5
Capital expenditure64.069.717.834.024.719.97.2
Net external debt650.4582.1584.6
686.3636.8590.7595.0
Net debt/EBITDA
1
6.26.610.5
5.8n/an/an/a
% of drawn debt hedged86%86%84%82%n/an/an/a
Infratil cash income47.4-
-39.045.6--
Infratil book value690.9667.4580.0
693.2651.4602.7558.9
Fair value of Infratil's investment623.7512.8476.5623.7512.8476.5-
1
Net debt/EBITDA is calculated using pre-IFRS 16 EBITDA
Infratil Website
End
Available on Infratil's website under Investor materials are illustrative models for a renewables and data centre investment, please follow the link below
to their location on Infratil's website
Infratil HY25 Interim Result9 of 12
Infratil Limited
Independent valuation summary
Longroad Energy
US$ millionsSep-24
1
Jun-24
Mar-24
Forecast Period (years)
10 (top down)
40 (bottom up)
4040
Enterprise Value
6,896.06,380.0
6,200.0
Equity value3,397.0
2,999.0
3,149.0
Equity value (IFT share)1,265.3
1,113.21,169.4
Risk free rate4.20%4.60%4.40%
Cost of equity operating assets8.9%8.75-9.00%8.25 - 8.50%
Cost of equity under construction assets9.2%8.75-9.00%8.25 - 8.50%
Cost of equity development (or risk premia)9.5%
0.75-1.75%
0.75-1.75%
Cost of equity pipeline and platformn/a
15.0%15.0%
Cost of equity long term pipeline15.0%n/an/a
Asset beta (top down)0.81 0.39-0.370.33 - 0.35
Cost of equity (top down)12.3%n/an/a
Terminal value (top down)5.0%
n/a
n/a
Near-term development pipeline (MW)3,920
3,8593,859
Long-term development pipeline (MW)23,68921,03920,052
Multiple for long-term development projects ($/kW)197150175
Platform value as % of EV~8%~8%~8%
Gurin Energy
US$ millionsSep-24Jun-24Mar-24
Forecast Period (years)n/an/a34
Equity valuen/an/a150.0
Equity value (IFT share)n/an/a142.0
Risk free rate
n/an/a2.5%-6.2%
Asset betan/an/a0.47
Cost of equityn/an/a10.1%-13.1%
Development pipeline for multiples approach (MW)n/an/a243
Multiple for development projects ($m/MW)n/an/a0.4-0.9
Galileo
€ millionsSep-24Jun-24Mar-24
Equity value366.8343.9333.3
Equity value (IFT Share)139.4137.6133.3
Multiples for 'ready to build' projects (€k/MW)50-40050-400
150-400
Platform premium~1%~1%n/a
This information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the period ended
30 September 2024. If you would like the Microsoft Excel version of these tables please email: info@infratil.com
1
From September 2024 a new valuer has undertaken Longroad's independent valuation. They have
utilised a new valuation methodology with new assumptions.
Infratil HY25 Interim Result10 of 12
Infratil Limited
Independent valuation summary
This information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the period ended
30 September 2024. If you would like the Microsoft Excel version of these tables please email: info@infratil.com
CDC
A$ millionsSep-24
Jun-24Mar-24
Forecast Period (years)301515
Enterprise Value13,441.012,723.011,118.0
Equity value
9,987.09,376.08,412.0
Equity value (IFT share)4,810.64,523.54,057.7
Net Debt3,454.03,347.0
n/a
Risk free rate3.90%
3.90%
3.90%
Asset beta0.58
0.55
0.55
Cost of equity12.40%11.50%11.25%
Terminal growth rate2.50%2.50%2.50%
Long term EBITDAF margin
85% (2039)
83% (2055)
85.00%85.00%
Future development pipeline (MW)1,606
1,197
536
Kao Data
£ millionsSep-24Jun-24Mar-24
Forecast Period (years)
n/an/a6.75
Enterprise Valuen/an/a572.8
Equity valuen/an/a
499.8
Equity value (IFT share)n/an/a263.9
Risk free raten/an/a4.25%
Asset betan/an/a0.55
Cost of equityn/an/a16.00%
Terminal value multiplen/an/a
22.00
Future development capacity (MW)n/an/a74
One NZ
NZ$ millionsSep-24Jun-24Mar-24
Forecast Period (years)n/an/a20
Enterprise Valuen/an/a4,955.0
Equity value
n/an/a
3,533.0
Equity value (IFT share)n/an/a3,530.5
Risk free raten/a
n/a3.47%
Asset beta (ServeCo)n/an/a0.60
Asset beta (FibreCo)n/an/a0.35
WACC
n/an/a
9.25%
Terminal growth rate (ServeCo)n/an/a2.50%
Terminal growth rate (FibreCo)n/a
n/a2.00%
Target capital expenditure ratio %n/an/a11.30%
Infratil HY25 Interim Result11 of 12
Infratil Limited
Independent valuation summary
This information is intended to be read in conjunction with Infratil's Interim Report and Result's Presentation for the period ended
30 September 2024. If you would like the Microsoft Excel version of these tables please email: info@infratil.com
Wellington Airport
NZ$ millionsSep-24
Jun-24Mar-24
Forecast Period (years)n/an/a20
Enterprise Valuen/an/a1,602.0
Equity value
n/an/a945.0
Equity value (IFT share)n/an/a623.7
Risk free raten/an/a
4.85%
Asset betan/a
n/a
0.625
Cost of equityn/a
n/a
11.75%
Terminal growth raten/an/a2.50%
RHCNZ
NZ$ millions
Sep-24Jun-24Mar-24
Forecast Period (years)12
n/a
12
Enterprise Value1,678.0
n/a1,648.0
Equity value1,228.0n/a
1,205.0
Equity value (IFT share)613.6n/a606.7
Risk free rate
4.20%n/a4.50%
Asset beta0.670n/a0.670
Cost of equity12.10%n/a
11.90%
Terminal growth rate3.50%n/a3.50%
Qscan
A$ millions
Sep-24Jun-24Mar-24
Forecast Period (years)n/a1010
Enterprise Valuen/a915.9903.4
Equity valuen/a673.4
656.3
Equity value (IFT share)n/a388.0378.2
Risk free raten/a3.95%3.95%
Asset betan/a0.8000.800
Cost of equity
n/a13.85%
13.85%
Terminal growth raten/a3.10%3.10%
RetireAustralia
A$ millionsSep-24Jun-24Mar-24
Forecast Period (years)n/a4040
Enterprise Valuen/a1,111.01,051.7
Equity valuen/a900.9852.8
Equity value (IFT share)n/a450.5426.4
Risk free raten/a3.95%3.95%
Asset betan/a0.8900.890
Cost of equityn/a11.55%11.55%
Terminal growth raten/a2.50%2.50%
End
Infratil HY25 Interim Result12 of 12
---
6 months
ended
30 September
2024
6 months
ended
30 September
2023
Year
ended
31 March
2024
Notes
$000 $000 $000
Unaudited Unaudited Audited
Dividends received from subsidiary companies---
Operating revenue150,082 92,962 247,402
Total revenue150,082 92,962 247,402
Directors' fees753 780 1,515
Management and other fees 11 140,440 78,880 215,693
Other operating expenses 47,097 17,843 30,440
Total operating expenditure148,290 97,503 247,648
Operating surplus/(loss) before financing, derivatives, realisations and impairments 1,792(4,541)(246)
Net gain/(loss) on foreign exchange and derivatives--(18)
Net realisations, revaluations and (impairments)---
Interest income195,677 138,220 326,641
Interest expense(46,923)(37,269) (79,948)
Net financing income148,754 100,951 246,693
Net surplus/(loss) before taxation 150,546 96,410 246,429
Taxation credit/(expense) 6(26,092)(60)(2,095)
Net surplus/(loss) for the period 124,454 96,350 244,334
Total comprehensive income for the period 124,454 96,350 244,334
The accompanying notes form part of these financial statements.
Infratil Limited
Statement of Comprehensive Income
For the 6 months ended 30 September 2024
Page 1 of 10
Docusign Envelope ID: 959E41DB-7302-402C-923E-8B5C6E6DB46C
For the 6 months ended 30 September 2024
Capital Other reserves Retained
earnings
Total
Notes
$000 $000 $000 $000
Unaudited Unaudited Unaudited Unaudited
Balance as at 1 April 2024
2,036,654- 336,9292,373,583
Total comprehensive income for the period
Net surplus for the period
-- 124,454124,454
Total other comprehensive income
----
Total comprehensive income for the period
-- 124,454124,454
Contributions by and distributions to owners
Shares issued
1,345,832--1,345,832
Dividends to equity holders
3
-- (108,928)(108,928)
Total contributions by and distributions to owners
1,345,832- (108,928)1,236,904
Balance at 30 September 2024
3,382,486- 352,455 3,734,941
Statement of Changes in Equity
For the 6 months ended 30 September 2023
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 year ended 31 March 2024
Audited Audited Audited Audited
Balance as at 1 April 2023
1,050,002- 242,1031,292,105
Total comprehensive income for the year
Net surplus for the year
-- 244,334244,334
Total other comprehensive income
----
Total comprehensive income for the year
-- 244,334244,334
Contributions by and distributions to owners
Shares issued
979,906--979,906
Shares issued under dividend reinvestment plan
6,746--6,746
Dividends to equity holders
3
-- (149,508)(149,508)
Total contributions by and distributions to owners
986,652- (149,508)837,144
Balance at 31 March 2024
2,036,654- 336,929 2,373,583
The accompanying notes form part of these financial statements.
Infratil Limited
Statement of Changes in Equity
Page 2 of 10
Docusign Envelope ID: 959E41DB-7302-402C-923E-8B5C6E6DB46C
30 September
2024
30 September
2023
31 March
2024
Notes
$000 $000 $000
Unaudited Unaudited Audited
Cash and cash equivalents---
Prepayments and sundry receivables5,5766,1153,359
International Portfolio Incentive fees receivable from subsidiaries118,186102,867 158,647
Advances to subsidiary companies 114,775,7613,140,993 3,246,783
Current assets4,899,5233,249,975 3,408,789
International Portfolio Incentive fees receivable from subsidiaries92,85082,715 117,430
Deferred tax-25,29824,384
Investments 11585,529585,529 585,529
Non-current assets678,379693,542 727,343
Total assets5,577,9023,943,517 4,136,132
Bond interest payable6,9016,1356,432
Accounts payable11,2858,8749,720
Accruals and other liabilities1,9164,4195,410
International Portfolio Incentive fees payable118,186102,867 158,647
Infratil Infrastructure bonds 7143,30856,014 156,097
Total current liabilities281,596178,309 336,306
International Portfolio Incentive fees payable92,85082,715 117,430
Infratil Infrastructure bonds 71,236,5981,177,314 1,076,896
Perpetual Infratil Infrastructure bonds 7231,917231,917 231,917
Non-current liabilities1,561,3651,491,946 1,426,243
Attributable to shareholders of the Company3,734,9412,273,262 2,373,583
Total equity3,734,9412,273,262 2,373,583
Total equity and liabilities5,577,9023,943,517 4,136,132
Approved on behalf of the Board on 13 November 2024
Director Director
The accompanying notes form part of these financial statements.
As at 30 September 2024
Infratil Limited
Statement of Financial Position
Page 3 of 10
Docusign Envelope ID: 959E41DB-7302-402C-923E-8B5C6E6DB46C
6 months
ended
30 September
2024
6 months
ended
30 September
2023
Year
ended
31 March
2024
Notes
$000 $000 $000
Unaudited Unaudited Audited
Cash flows from operating activities
Cash was provided from:
Dividends received from subsidiary companies
---
Interest received
195,673138,219 326,641
Operating revenue receipts
56,47553,698 152,009
252,148191,917 478,650
Cash was dispersed to:
Interest paid
(45,460)(34,715) (75,917)
Payments to suppliers
(102,433)(35,077) (145,256)
Taxation (paid) / refund
(1,708)(3,668)(4,789)
(149,601)(73,460) (225,962)
Net cash flows from operating activities
8
102,547118,457 252,688
Cash flows from investing activities
Cash was provided from:
Net movement in subsidiary company loan
---
---
Cash was dispersed to:
Net movement in subsidiary company loan
(1,435,371)(1,096,295) (1,181,350)
(1,435,371)(1,096,295) (1,181,350)
Net cash flows from investing activities
(1,435,371)(1,096,295) (1,181,350)
Cash flows from financing activities
Cash was provided from:
Proceeds from issue of shares
1,258,760916,087 926,653
Issue of bonds
204,492277,248 277,248
1,463,2521,193,335 1,203,901
Cash was dispersed to:
Repayment of bonds
(56,117)(122,104) (122,104)
Infrastructure bond issue expenses
(2,455)(2,113)(3,627)
Repurchase of shares
---
Dividends paid
3
(71,856)(91,280) (149,508)
(130,428)(215,497) (275,239)
Net cash flows from financing activities
1,332,824977,838 928,662
Net cash movement
---
Cash balances at beginning of period
---
Cash balances at period end
---
The accompanying notes form part of these financial statements.
For the 6 months ended 30 September 2024
Infratil Limited
Statement of Cash Flows
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.
Page 4 of 10
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(1) Accounting policies
(A) Reporting entity
(B) Basis of preparation
(2) Nature of business
(3) Infratil shares and dividends
6 months
ended
30 September
2024
6 months
ended
30 September
2023
Year
ended
31 March
2024
Ordinary shares (fully paid)
UnauditedUnaudited Audited
Total issued capital at the beginning of the period832,567,631723,983,582 723,983,582
Movements in issued and fully paid ordinary shares during the period:
New shares issued130,322,236107,906,405 107,906,405
New shares issued under dividend reinvestment plan3,652,413- 677,644
Treasury Stock reissued under dividend reinvestment plan---
Conversion of executive redeemable shares---
Share buyback---
Total authorised and issued capital at the end of the period
966,542,280831,889,987 832,567,631
Dividends paid on ordinary shares
6 months
ended
30 September
2024
6 months
ended
30 September
2023
Year
ended
31 March
2024
6 months
ended
30 September
2024
6 months
ended
30 September
2023
Year
ended
31 March
2024
Unaudited Unaudited
Audited
Unaudited Unaudited
Audited
cpscpscps
$000
$000$000
Final dividend prior year
-
12.50 12.50 108,928 91,280 91,284
Interim dividend paid current year
-
-7.00 --58,232
Dividends paid on ordinary shares
-
12.50 19.50 108,928 91,280 149,516
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 2024 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 2024 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 125.6 million new shares as part of an equity raise undertaken to fund further investment into CDC as well as providing more
flexibility for growth across the portfolio. Net proceeds from the raise (after transaction costs and foreign exchange movements of $23.6 million) were $1,258.8
million. Additionally, 4.7 million new shares were issued to partially pay incentive fees payable to Morrison Infrastructure Management Limited ('Morrison') as
consideration for management services, as announced on 23 May 2024. All fully paid ordinary shares have equal voting rights and share equally in dividends and
equity. At 30 September 2024 the Group held 1,662,617 shares as Treasury Stock (30 September 2023: 1,662,617, 31 March 2024: 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 2024
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.
Page 5 of 10
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(4) Other operating expenses
6 months
ended
30 September
2024
6 months
ended
30 September
2023
Year
ended
31 March
2024
UnauditedUnaudited
Audited
$000$000
$000
Fees paid to the Company auditor
341500 414
Project Expenses
71113,733 22,983
Administration and other corporate costs
6,045 3,610 7,043
Total other operating expenses
7,097 17,843 30,440
(5) Net investment realisations and (impairments)
(6) Taxation
6 months
ended
30 September
2024
6 months
ended
30 September
2023
Year
ended
31 March
2024
UnauditedUnaudited
Audited
$000$000
$000
Surplus/(loss) before taxation
150,54696,410 246,429
Taxation on the surplus/(loss) for the period @ 28% tax rate
42,15326,99569,000
Plus/(less) taxation adjustments:
Exempt dividends
---
Tax losses not recognised/(utilised)
(16,241)(31,140)-
Losses offset within Group
-- (75,666)
(Under)/over provision in prior periods
1814,2062,065
Other permanent differences
--6,696
Taxation expense/(credit)26,092602,095
Current taxation
--4,789
Deferred taxation
26,09260(2,694)
26,092602,095
There was no income tax recognised in other comprehensive income during the period (30 September 2023: nil, 31 March 2024: nil).
At 30 September 2024 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 2023: nil, 31 March 2024: nil). These balances are within the Infratil Wholly Owned Group with entities
controlled either directly or indirectly by Infratil Limited.
Page 6 of 10
Docusign Envelope ID: 959E41DB-7302-402C-923E-8B5C6E6DB46C
(7) Infratil Infrastructure bonds
6 months
ended
30 September
2024
6 months
ended
30 September
2023
Year
ended
31 March
2024
UnauditedUnaudited
Audited
$000$000
$000
Balance at the beginning of the period
1,464,910 1,311,239 1,311,239
Issued during the period204,492277,248 277,248
Exchanged during the period-(52,248) (52,248)
Matured during the period(56,117)(69,856) (69,856)
Purchased by Infratil during the period---
Bond issue costs capitalised during the period(2,456)(2,113)(3,628)
Bond issue costs amortised during the period1,1321,1092,425
Issue premium amortised during the year(138)(134)(270)
Balance at the end of the period1,611,8231,465,245 1,464,910
Current143,30856,014 156,097
Non-current fixed coupon 1,114,5621,177,314 954,619
Non-current variable coupon
122,036122,277
Non-current perpetual variable coupon231,917231,917 231,917
Balance at the end of the period1,611,8231,465,245 1,464,910
Repayment terms and interest rates:
IFT230 maturing in June 2024, 5.50% p.a. fixed coupon rate-56,11756,117
IFT260 maturing in December 2024, 4.75% p.a. fixed coupon rate100,000100,000 100,000
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 rate120,269120,269 120,269
IFT280 maturing in December 2026, 3.35% p.a. fixed coupon rate156,279156,279 156,279
IFT310 Maturing in December 2027, 3.60% p.a fixed coupon rate102,403102,403 102,403
IFT330 Maturing in July 2029, 6.90% p.a. fixed coupon rate150,000150,000 150,000
IFT340 Maturing in March 2031, 7.08% p.a. fixed coupon rate127,248127,248 127,248
IFT350 Maturing in December 2031, 7.06% p.a. fixed coupon rate204,492--
IFT270 maturing in December 2028, 4.85% p.a. fixed coupon rate146,249146,249 146,250
IFT320 maturing in June 2030, 5.93% p.a. fixed coupon rate until June 2026115,919115,919 115,919
IFTHC maturing in December 2029, 7.89% p.a. variable coupon rate reset annually from December 2021123,186123,186 123,186
IFTHA Perpetual Infratil infrastructure bonds231,917231,917 231,916
less: Bond issue costs capitalised and amortised over term
(9,964)(8,442)(8,640)
add: issue premium capitalised and amortised over term
412687550
Balance at the end of the period1,611,8231,465,245 1,464,910
Fixed coupon
Perpetual Infratil infrastructure bonds ('PIIBs')
IFTHC bonds
IFT270 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 1-
year period from (but excluding) 15 December 2023 was fixed at 7.78% per annum (for the 1-year period to 15 December 2023 the coupon was 7.89%). Thereafter the
rate will be reset annually at 2.50% per annum over the then one year swap rate for quarterly payments.
The interest rate of the IFT270 bonds was 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 from (but excluding) 15 December 2023 was fixed at 6.78% until the maturity date.
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 2023: 231,916,000, 31 March 2024: 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 2023 the coupon was set at 7.06% per annum until the next reset date, being 15 November 2024 (September 2023: 6.45%,
March 2024: 7.06%). 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.
Page 7 of 10
Docusign Envelope ID: 959E41DB-7302-402C-923E-8B5C6E6DB46C
IFT320 bonds
(8) Reconciliation of net surplus with cash flow from operating activities
6 months
ended
30 September
2024
6 months
ended
30 September
2023
Year
ended
31 March
2024
UnauditedUnaudited
Audited
$000$000$000
Net surplus/(loss)
124,45496,350 244,334
Less items classified as investing activity
Loss/(profit) on investment realisations and impairments
---
Add items not involving cash flows
(4)(4)-
(43,605)20,737(2)
Amortisation of deferred bond issue costs
9949752,155
Movements in working capital
Change in receivables and prepayments
62,825120,98633,246
Change in trade payables
1,5652,1943,040
Change in accruals and other liabilities
(68,066)(119,173) (27,391)
Change in taxation and deferred tax
24,384(3,608)(2,694)
Net cash inflow/(outflow) from operating activities
102,547118,457 252,688
(9) Commitments
There are no outstanding commitments (30 September 2023: nil, 31 March 2024: nil).
(10) Contingent liabilities
The Company has a contingent liability under the international fund management agreement with Morrison International Limited in the event that the Group sells its
international assets, or valuation of the assets exceeds the performance thresholds set out in the international fund management agreement.
The Company 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 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.
Throughout the period the Company complied with all debt covenant requirements as imposed by the bond Supervisor.
At 30 September 2024 Infratil Infrastructure bonds (including PIIBs) had a fair value of $1,554.0 million (30 September 2023: $1,353.7 million, 31 March 2024: $1,363.1
million).
Page 8 of 10
Docusign Envelope ID: 959E41DB-7302-402C-923E-8B5C6E6DB46C
(11) Related parties
The Company has the following significant loans, investments and receivables to/(from)/in its subsidiaries:
6 months
ended
30 September
2024
6 months
ended
30 September
2023
Year
ended
31 March
2024
30 September
2024
30 September
2023
31 March
2024
Related party
UnauditedUnaudited
Audited
UnauditedUnaudited
Audited
$000$000$000$000$000$000
Advances
Infratil Finance
195,668138,157 326,5414,775,7613,140,993 3,246,783
Investments in
Infratil Investments Limited
87,66587,66587,665
Infratil 1998 Limited
12,00012,00012,000
Infratil Finance Limited
153,897153,897 153,897
Infratil No. 1 Limited
78,02478,02478,024
Infratil PPP Limited
5,9425,9425,942
Infratil No. 5 Limited
248,001248,001 248,001
Total investments in related parties
585,529585,529 585,529
Receivables
Infratil Australia Limited
111301301
Infratil Europe Limited
13,7582,72120,639
Infratil PPP Limited
---
Infratil No. 5 Limited
141,73889,697 106,839
Infratil 2018 Limited
---
Infratil Renewables Limited
55,42992,862 109,875
Infratil AR Limited
- 22,845
Infratil HPC Limited
- 15,578
Total related party receivables
211,036185,581 276,077
6 months
ended
30 September
2024
6 months
ended
30 September
2023
Year
ended
31 March
2024
UnauditedUnaudited
Audited
$000$000$000
Management fees
49,81540,70486,218
International Portfolio Incentive fees
89,81937,370 127,863
8068061,612
Total management and other fees
140,44078,880 215,693
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 Morrison Infrastructure Management Limited, Morrison or its related parties during the year were:
Financial management, accounting, treasury, compliance and administrative services
Interest income
Intercompany (loan)/advance/investment at
carrying value
Morrison Infrastructure Management Limited is the management company for the Company and receives management fees in accordance with the applicable
management agreement. Morrison Infrastructure Management Limited is owned by Morrison. Jason Boyes is a director and Chief Executive of Infratil. Entities
associated with Mr Boyes have a beneficial interest in Morrison.
Page 9 of 10
Docusign Envelope ID: 959E41DB-7302-402C-923E-8B5C6E6DB46C
(12) Events after balance date
Dividend
On 13 November 2024, the Directors approved an unimputed interim dividend of 7.25 cents per share to holders of fully paid ordinary shares to be paid on 10
December 2024.
Page 10 of 10
Docusign Envelope ID: 959E41DB-7302-402C-923E-8B5C6E6DB46C
© 2024 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.
Document classification: KPMG Public
Independent Auditor’s Review
Report
To the shareholders of Infratil Limited ( the ‘Company’)
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 10 do not:
‒ present fairly, in all material respects, the
Company’s financial position as at 30
September 2024 and its financial
performance and cash flows for the 6 month
period then ended and comply with New
Zealand Equivalent to International
Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) issued by the New
Zealand Accounting Standards Board.
We have completed a review of the accompanying
interim financial statements which comprise:
‒ the interim statement of financial position as
at 30 September 2024; and
‒ the interim statements of comprehensive
income, changes in equity and cash flows
for the 6 month period then ended;
‒ notes, including material accounting policy
information.
Basis for conclusion
We conducted our review of the financial statements in accordance with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our
responsibilities are further described in the Auditor's Responsibilities for the Review of the interim financial
statements section of our report.
We are independent of Infratil Limited in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has provided other services to the Company in relation to 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 auditor of the Company. The firm has no other relationship with, or interest in, the Company.
Use of this Independent Auditor’s Review Report
This report is made solely to the shareholders. 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 Auditor’s 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 for our review work, this report, or any of the conclusions we have formed.
Responsibilities of 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;
and
‒ implementing necessary internal control to enable the preparation of interim financial statements that is
fairly presented and free from material misstatement, whether due to fraud or error.
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.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the interim financial statements, taken as a whole, are not prepared, in all material respects, in
accordance with NZ IAS 34.
A review of the interim financial statements prepared in accordance with NZ SRE 2410 (Revised) 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.
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) and consequently does not enable us to
obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on the
financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Ed Louden.
For and on behalf of:
KPMG
Wellington
13 November 2024
---
Results announcement
Results for announcement to the market
Name of issuer Infratil Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$1,822,300 27.6%
Total Revenue $1,822,300 27.6%
Net profit/(loss) from
continuing operations
($206,400) (117.3%)
Total net profit/(loss) ($206,400) (117.4%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.07250000
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 21 November 2024
Dividend Payment Date 10 December 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.07 $0.50
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 2024 (“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 2024/25,
which have been released alongside the Interim Financial
Statements.
Authority for this announcement
Name of person
authorised
to make this announcement
Andrew Carroll, Chief Financial Officer
Contact person for this
announcement
Mark Flesher, Investor Relations
Contact phone number +64 4 473 2399
Contact email address mark.flesher@infratil.com
Date of release through MAP
14/11/2024
Unaudited financial statements accompany this announcement.
---
Distribution Notice
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 21/11/2024
Ex-Date (one business day before the
Record Date)
20/11/2024
Payment date (and allotment date for
DRP)
10/12/2024
Total monies associated with the
distribution
$70,074,315
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $ 0.07250000
Gross taxable amount $ 0.07250000
Total cash distribution $ 0.07250000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed
No imputation
If fully or partially imputed, please
state imputation rate as % applied
n/a
Imputation tax credits per financial
product
$0.00000000
Resident Withholding Tax per
financial product
$0.02392500
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
25/11/2024 06/12/2024
Date strike price to be announced (if
not available at this time)
9/12/2024
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
22/11/2024
Section 5: Authority for this announcement
Name of person
authorised to make
this announcement
Andrew Carroll, Chief Financial Officer
Contact person for this
announcement
Mark Flesher, Investor Relations
Contact phone number +64 4 473 2399
Contact email address mark.flesher@infratil.com
Date of release through MAP
14/11/2024
---
1
1
1 November 2021
Infratil Limited
Dividend Reinvestment Plan
Offer Document
Infratil Dividend
Investment Plan
1
This is an important document. You should read the whole
document before making any decisions. If you have any doubts
as to what you should do, please consult your broker, financial,
investment or other professional advisor.
Infratil Limited (Infratil) has established a Dividend Reinvestment
Plan (
DRP) which offers you the opportunity to reinvest dividends
received on some or all of your existing Shares into Additional
Shares free of brokerage charges. DRPs are fairly common across
listed companies and provide an opportunity for shareholders to
grow their investment in a company
. Participation in this Plan is
completely optional.
This Offer Document explains how the Plan works.
Capitalised terms used in this Offer Document have the
meaning set out in the Definitions on page 6.
KEY FEATURES
Shares instead of Dividends
The Plan gives you the opportunity to reinvest the net proceeds
of cash dividends payable or credited on your Shares in
Additional Shares. This provides an opportunity for you to
increase your investment in Infratil free of brokerage charges.
E
ligibility
You are eligible to participate in the Plan if, as at 5:00pm on the
Record Date:
•you hold Shares; and
•you are r
esident in New Zealand or Australia; and
•
you either hold your Shar
es directly or hold your Shares
indirectly through a nominee whose address is recorded in
Infratil’s share register as being in New Zealand or Australia.
If you do not satisfy the criteria above Infratil reserves the right to
otherwise determine, in its absolute discretion, that you are
eligible to participate.
Full or Partial Participation
You can choose to participate in the Plan in respect of some or
all of your Shares. Your participation in the Plan will apply from
the first Record Date which occurs after your Participation
Election is received or, if your Participation Election is received
after a Record Date but before 5:00pm on an Election Date
(being the first trading day after that Record Date or such later
date as may be set by the Board and advised to NZX and ASX),
from the Record Date immediately preceding that Election Date.
Participation in the Plan is optional. If you do not wish to
participate in the Plan, you do not need to do anything. If you do
not participate in the Plan you will continue to receive cash
dividends paid on all of your Shares.
If you change your mind at a later date and wish to participate in
the Plan, you can do so by:
•
making your Par
ticipation Election online at:
-
https://investorcentre.linkmarketservices.co.nz (for holders
on the New Zealand register); or
-https
://investorcentre.linkmarketservices.com.au (for
holders on the Australian register); or
•
completing a Participation Notice and returning it to the Share
Registrar.
Joining, Variation and Withdrawal Arrangements
You can choose to participate in the Plan, vary your
participation, or withdraw from the Plan at any time. Any
variation or withdrawal will take effect on the first Record Date
after receipt of your new Participation Election or written
termination notice or, if your new Participation Election or written
termination notice is received after a Record Date but before
5:00pm on an Election Date (being the first trading day after that
Record Date or such later date as may be set by the Board and
advised to NZX and ASX), from the Record Date immediately
preceding that Election Date.
Application of the Plan
The Board retains a discretion to determine that the Plan will not
apply to a particular dividend, or will not apply to some of a
particular dividend (rather than all), with the result being that all
or the relevant proportion (and also taking into account any
partial participation in the Plan) of that dividend will be paid in
cash instead of the Plan applying.
Issue Price
Additional Shares will be issued or transferred under the Plan at
the Strike Price. The Strike Price will be calculated as the volume
weighted average sale price for a Share based on all trades of
Shares on the NZX Main Board over a period of 10 trading days
commencing on and including the first trading day after the
Election Date, subject to adjustment to the Strike Price by Infratil
for any exceptional or unusual circumstances and less any
discount determined by the Board. Any discount will be
announced by Infratil no later than 10 trading days prior to the
relevant Record Date. The Board may adjust the period over
which the Strike Price is calculated in its discretion (and any such
adjustment will be advised to NZX and ASX no later than 10
trading days prior to the relevant Record Date).
Shares Rank Equally
Additional Shares issued or transferred under the Plan will rank
equally in all respects with each other and with all other Shares
on issue at that date.
Financial Markets Conduct Act
The offer of Additional Shares under the Plan is being made in
reliance on clause 10 of Schedule 1 of the Financial Markets
Conduct Act 2013.
Terms and conditions
1 Introduction
This Offer Document contains the terms and conditions of
the Infratil Dividend Reinvestment Plan.
The Plan is available to you (“you”) if, subject to clauses 3
and 5, you are the holder of Shares.
Under the Plan, you may elect to reinvest the net proceeds
of cash dividends payable or credited on all or some of your
fully paid Shares by acquiring Additional Shares.
The Record Date for determining your entitlement to
Additional Shares under the Plan is 5:00pm on the date
fixed by Infratil for determining entitlements to dividends
payable or credited on Shares.
This Offer Document has been prepared as at
11 November 2021.
2 Available Options
You may elect to participate in the Plan by exercising one of
the following options:
(a)Full Participation - If you choose full participation, the
Plan will apply to the cash dividends payable or
credited from time to time in respect of all Shares
registered in your name on the Record Date.
(b)
Partial Participation – If you choose partial
participation, the Plan will only apply to the cash
dividends payable or credited from time to time in
respect of your nominated percentage (%) of Shares
registered in your name on the Record Date.
If you do not wish to participate in the Plan and instead
wish to receive any dividends payable or credited in respect
of your Shares from time to time in cash, you do not need to
do anything.
3 Overseas Shareholders
3.1 Subject to clause 3.2, as at the date of this Offer Document,
you are eligible to participate in the Plan if, as at 5:00pm on
the Record Date:
(a)
you hold Shar
es; and
(b)
you ar
e resident in New Zealand or Australia; and
(c)
you either hold your Shares directly or hold your Shares
indirectly through a nominee whose address is recorded
in Infratil’s share register as being in New Zealand or
Australia.
If you do not satisfy the criteria above Infratil reserves the
right to otherwise determine, in its sole discretion, that you
are eligible to participate.
However, the Board may amend this policy at any time, in its
sole discretion.
3.2
Infratil may, in its absolute discretion, elect not to offer
participation in the Plan to shareholders who are outside
New Zealand if Infratil considers that to do so would risk
breaching the laws of any other jurisdiction and it would be
unduly onerous to ensure that the laws of those jurisdictions
are complied with.
3.3 If you ar
e outside of New Zealand or any other jurisdiction in
respect of which the Plan is made available and you
participate in the Plan through a nominee that is resident in
New Zealand and has a registered address in New Zealand
or any other such jurisdiction, you will be deemed to
represent and warrant to Infratil that you can lawfully
participate through your nominee. Infratil accepts no
responsibility for determining whether any person is able to
participate in the Plan under laws applicable outside of
New Zealand or any other jurisdiction in respect of which the
Plan is made available.
4 Death of Participant
4.1 If a Participant dies, participation by that Participant will
cease upon receipt by Infratil’s Share Registrar of a notice of
death in a form acceptable to Infratil.
4.2 Death of one of two or more joint participants will not
automatically terminate participation by the remaining joint
participant(s).
5 Exclusion where Liens or Charges over Shares
If you hold any Shares over which Infratil has a lien or
charge, those Shares will not be eligible to participate in the
Plan.
6 Participation Election
6.1 To participate in the Plan you must make a Participation
Election in one of the following ways:
(a)
Online Election – By visiting the website of Infratil’s Share
Registrar, Link Market Services:
Holders on the New Zealand Register: https://
investorcentre.linkmarketservices.co.nz.
Select “IFT – INFRATIL LIMITED” as the issuer from the
dropdown box on the page. You will be required to enter
your CSN/Holder Number and FIN before you can make
2
your Participation Election. Once you have entered
these details, you should click “Payment and Tax”, then
“Reinvestment Plans”, and tick the applicable box to
participate in the Plan. If you make an online election,
you will be required to confirm that you have read,
understood and complied with the terms and conditions
of the Plan. Joint and corporate shareholders will need
to register a portfolio to update their participation
election.
Holders on the Australian Register: https://
investorcentre.linkmarketservices.com.au
S
elect “IFT – INFRATIL LIMITED” as the issuer from the
dropdown box on the page. You will be required to enter
your Holder Number and postcode before you can make
your Participation Election. Once you have entered
these details, you should click “Payment and Tax”, then
“Reinvestment Plans”, and tick the applicable box to
participate in the Plan. If you make an online election,
you will be required to confirm that you have read,
understood and complied with the terms and conditions
of the Plan. Joint and corporate shareholders will need
to register a portfolio to update their participation
election;
OR
(b)Participation Notice – By completing the enclosed
Participation Notice which accompanies this Offer
Document and returning it to Infratil’s Share Registrar in
one of the following manners:
Mail
Link Mark
et Services Limited
PO Box 91976
Auckland 1142
Ne
w Zealand
S
can and email
operations@linkmarketservices.co.nz
Fax
+6
4 9 375 5990
or s
uch other person or address as Infratil may
determine from time to time.
6.2
Y
ou can make your Participation Election at any time while
this Plan is in effect by following one of the steps in clause
6.1. Participation Notices can be obtained from Infratil’s
Share Registrar at any time.
6.3
If y
our Participation Election does not specify your degree of
participation in the Plan, you will be deemed to have
chosen full participation (if your Participation Election is
otherwise correctly completed and signed).
7 Participation Applies from First Election Date
Net proceeds of cash dividends payable or credited on your
Participating Shares will be reinvested in Additional Shares
from the first Record Date which occurs after receipt by
Infratil of a properly completed Participation Election or, if
your Participation Election is received after a Record Date
but before 5:00pm on an Election Date, from the Record
Date immediately preceding that Election Date.
8 Formula for Calculation of Additional Shares and
Strike Price
8.1 If you choose to participate in the Plan, the number of
Additional Shares you will be allotted or transferred will be
calculated in accordance with the following formula:
N =
PS x D
Strike Price
Where:
N is the number of Additional Shares you will receive;
PS is the number of your Participating Shares;
D is the net proceeds of cash dividends paid or credited per
Share by Infratil (expressed in cents and fractions of cents,
including any applicable supplementary dividends in
respect of Participating Shares payable to non-resident
shareholders but excluding any tax credits and after
deduction of any withholding or other taxes, if any); and
Strike Price is the volume weighted average sale price in
New Zealand dollars (expressed in cents and fractions of
cents) for a Share calculated on all trades of Shares which
took place through the NZX Main Board over a period of 10
trading days commencing on and including the first trading
day after the relevant Election Date, less any percentage
discount determined by the Board in its absolute discretion.
If no sales of Shares occur during those 10 trading days,
then the volume weighted average sale price will be
deemed to be the sale price for a Share on the last trade of
Shares which took place prior to such trading days as
determined by NZX. The Strike Price may be reasonably
adjusted by Infratil to allow for any bonus issue or dividend
or other distribution expectation. If, in the opinion of the
Board, any exceptional or unusual circumstances (including
any unusual or irregular trades) have artificially affected the
Strike Price, Infratil may make such adjustment to that price
as it considers reasonable. Any percentage discount
determined by the Board shall be notified to NZX and ASX
not later than 10 trading days prior to the relevant Record
Date. The Board may adjust the period over which the Strike
Price is calculated in its discretion (and any such adjustment
will be advised to NZX and ASX no later than 10 trading
days prior to the relevant Record Date).
3
The price at which your Additional Shares will be allotted or
transferred to you will be the Strike Price. The determination
of the Strike Price by the Board, or by some other person
nominated by the Board, will be binding on all participants
in the Plan.
9 Fractional entitlements
9.1 Where the number of Additional Shares you will receive
(calculated in accordance with the formula set out in clause
8.1) is not a whole number, then the number of Additional
Shares you receive will be rounded down to the nearest
whole number of Additional Shares.
9.2
An
y net proceeds of cash dividends paid or credited per
Share by Infratil which are not applied to acquire a part of
Additional Shares (due to the operation of clause 9.1) shall
be held to your order and applied under the Plan on your
behalf the next time the Plan operates. You will not accrue
interest on any such amount held to your order in
accordance with this clause 9.2.
9.3
Should y
ou:
(a)
t
erminate your participation in the Plan; or
(b)
c
ease to be a shareholder of Infratil,
any amount above NZ$5.00, which at the time is held to
your order in accordance with clause 9.2, will be paid in cash
to you on the next dividend payment date. You will not be
paid interest on any such payment. Amounts of NZ$5.00 or
less which are held to your order at that time shall be
forfeited.
10 Compliance with Laws, Listing Rules and Constitution
10.1 If Infratil determines that the allotment or transfer of
Additional Shares under the Plan could breach any
applicable law, the Rules or any provision of the
Constitution, Infratil may, in its sole discretion, withdraw the
Plan, or not allot or transfer any Additional Shares under the
Plan to any shareholder(s) eligible to participate.
10.2
If
, for any reason, Infratil cannot allot or transfer your
Additional Shares, the relevant dividend on your
Participating Shares will be paid or distributed to you in the
same manner as to shareholders not participating in the
Plan. You will not be paid interest on any such payment.
11 Issue or transfer of Additional Shares
11.1 Infratil will:
(a)allot your Additional Shares to you in accordance with
clauses 8 to 10 on the day that you would otherwise
have been paid a dividend; or
(b)
transfer your Additional Shares to you in accordance
with clauses 8 to 10 as soon as reasonably practicable
on or after the day that you would otherwise have been
paid a dividend.
As applicable, depending on the manner in which your
Additional Shares are sourced.
12 Share Price Information Publicly Available
Infratil will ensure that at the time the Strike Price is set
under clause 8.1 it will have no information that is not
publicly available that would, or would be likely to, have a
material adverse effect on the realisable price of the Shares
if the information was publicly available.
13 Terms of Issue and Ranking of Additional Shares
Your Additional Shares will be allotted or transferred to you
on the terms set out in this Plan, subject to the rights of
termination, suspension and modification set out in clause
16. Any new Shares issued or transferred by Infratil for the
purposes of this Plan will, from the date of allotment, rank
equally in all respects with each other and with all other
Shares on issue as at that date.
14 Source of Additional Shares
Your Additional Shares may, at the Board’s discretion, be:
(a)new Shares issued by Infratil;
(b)existing Shares acquired by Infratil or a nominee or
agent of Infratil; or
(c)
any combination of (a) and (b) above.
15 Statements
If you choose to participate in the Plan, Infratil will send a
statement to your address or electronic mail address (if you
have elected to receive communications electronically) as
set out in Infratil’s share register within five trading days of
the allotment or transfer of Additional Shares detailing:
(a)
the number of your Participating Shares as at the
Record Date;
(b)
the amount o
f your cash dividend reinvested in
Additional Shares and the amount paid in respect of any
of your Shares that are not participating in the Plan (if
applicable);
(c)
the Strike Price and number of Additional Shares you
were allotted and/or transferred under the Plan;
(d)
an
y amounts held to your order in accordance with
clause 9.2;
(e)
the amount o
f any tax deductions or withholdings,
imputations or other taxation credits in respect of the
cash dividend; and
(f)such other matters required by law or the Rules with
respect to dividends, reinvestment, the allotment and/or
the transfer of shares.
4
16 Termination, Suspension and Modification
The Board may, in its sole discretion, at any time:
(a)
t
erminate, suspend or modify the Plan. If the Plan is
modified, your Participation Election will be deemed to
be a Participation Election under the modified Plan
unless you withdraw or modify your Participation
Election in accordance with clause 18;
(b)
resolve that some or all of a dividend will be paid in
cash only instead of the Plan applying;
(c)
mak
e a determination in respect of any of the matters
for which the Board is granted discretion under clause
8.1 (which, for the avoidance of doubt, is not a
modification to the Plan which requires notice to be
given to you under clause 17);
(d)
r
esolve that in the event of the subdivision,
consolidation or reclassification of the Shares into one
or more new classes of shares, your Participation
Election will be deemed to be a Participation Election in
respect of the Shares as subdivided, consolidated or
reclassified unless you withdraw or modify your
Participation Election in accordance with clause 18;
(e)
r
esolve that the Plan or any allotment under the Plan
may be underwritten on such terms as may be agreed
between Infratil and an underwriter;
(f)
de
termine that shareholders in specific jurisdictions
outside New Zealand and Australia may participate in
the Plan; or
(g)resolve that your Participation Election will cease to be
of any effect.
17 Prior Notice
You will be sent written notice by Infratil of any modification
or termination to the Plan at your address or electronic mail
address (if you have elected to receive communications
electronically) as set out in Infratil’s share register prior to
the Record Date on which any modification or termination
will take effect, unless Infratil:
(a)
modifie
s or terminates the Plan to comply with any
applicable law, the listing rules of any stock exchange
on which the Shares are quoted or any provision of the
Constitution; or
(b)
makes minor amendments to the Plan where such
amendments are of an administrative or procedural
nature,
in which case no notice need be given.
18 Variation or Termination
You may at any time:
(a)
incr
ease or decrease the number of your Participating
Shares by making a new Participation Election in
accordance with clause 6.1; or
(b)
terminate your participation in the Plan by written
notice to Infratil’s Share Registrar at the address set out
in clause 6.1.
Such variation or termination will take effect on the first
Record Date after receipt by Infratil’s Share Registrar of the
new Participation Election or the written termination notice,
as the case may be or, if your new Participation Election or
written termination notice is received after a Record Date
but before 5:00pm on an Election Date, from the Record
Date immediately preceding that Election Date.
19 Partial Dispositions
If you dispose of any of your Participating Shares, you will
be deemed to have terminated your participation in the
Plan with respect to the Participating Shares you disposed
of from the date Infratil’s Share Registrar registers a transfer
of those Participating Shares.
20 Dispositions of all of your Participating Shares
If you dispose of all of your Participating Shares, you will be
deemed to have terminated your participation in the Plan
from the date Infratil’s Share Registrar registers a transfer of
those Shares.
21 Taxation
For New Zealand tax purposes, if you reinvest the net
proceeds of your cash dividends to acquire Additional
Shares, you should be treated in the same way as if you
had not participated in the Plan. This means that if you
participate in the Plan, you should derive dividend income
of the same amount that you would have derived had you
not participated in the Plan. The taxation summary above
is based on New Zealand taxation laws as at the date of
this Offer Document and is, of necessity, general. It does
not take into account your individual circumstances
and the specific tax consequences of your participation or
non-participation in the Plan, which may vary considerably.
You should not rely on this general summary but should
seek your own tax advice. Infratil does not accept any
responsibility for the financial or taxation effects of your
participation or non-participation in the Plan.
22 Costs
You will not be charged for participation or withdrawal from
the Plan. You will not incur any brokerage charges on the
allotment or transfer of your Additional Shares.
5
23 Rules
The Plan is subject to the Rules and in the event of any
inconsistency between the Plan and the Rules, the Rules
will apply.
24 Governing Law
This Offer Document, the Plan and its operation will be
governed by the laws of New Zealand.
25 Other Information
You can download an electronic copy of Infratil’s most
recent Annual Report (which contains Infratil’s most
recent financial statements and the auditor’s report
on those financial statements) from Infratil’s website at
www.infratil.com.
Alternatively, you can request a copy of these documents
free of charge by writing to Infratil’s registered office at:
Infratil Limited
5 Market Lane
Wellington 6011
New Zealand
Definitions
Additional Shares means the Shares to be issued or transferred
to you pursuant to the Plan.
ASX means ASX Limited.
Board means Infratil’s board of directors.
Business Day has the meaning given to that term in the Rules.
Constitution means Infratil’s constitution.
Election Date means, in respect of each Record Date, the first
trading day after that Record Date or such later date as may be
set by the Board and advised to NZX and ASX.
Ex-Date means, in relation to a dividend, the first Business Day
before the relevant Record Date for that dividend, unless NZX
determines otherwise.
Infratil means Infratil Limited.
NZX means NZX Limited.
NZX Main Board means the main board equity security market
operated by NZX.
Offer Document means this booklet which sets out the terms and
conditions of the Plan.
Participating Shares means the Shares held by you on a Record
Date in respect of which you have made a valid Participation
Election.
Participation Election means your chosen participation in the
Plan, made in one of the ways specified in clause 6.1 of this Offer
Document.
Participation Notice means the form of participation notice
accompanying this Offer Document.
Plan means Infratil’s Dividend Reinvestment Plan established by
the Board on the terms and conditions set out in this Offer
Document, as amended from time to time.
Record Date means 5:00pm on the date fixed by Infratil for
determining entitlements to dividends payable or credited on
Shares.
Rules means the NZX Main Board / Debt Market Listing Rules, the
ASX Listing Rules (to the extent they apply to Infratil as an ASX
Foreign Exempt Listing) and to any rules for clearing and/or
settlement which apply to the NZX Main Board or the ASX from
time to time.
Share Registrar means Link Market Services Limited.
Shares means ordinary shares in Infratil.
Strike Price means the price at which Additional Shares will be
issued or transferred to you, calculated in accordance with
clause 8 of this Offer Document.
6
46
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