NZX Governance Explorer

How Infratil Limited makes money

Where IFT’s revenue went in FY2020: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. IFT company profile

How Infratil Limited makes money — FY2020

Revenue $1.3b · EBITDA $606.0m (47.3% of revenue) · Net profit $509.0m (39.8% of revenue) · Financial year ending March (from the issuer record)

Infratil Limited (IFT) FY2020: where revenue of $1.3b wentRevenue → EBITDA: $606.0mRevenue → Operating costs (net of other income): $674.0mEBITDA → EBIT: $458.5mEBITDA → Depreciation & amortisation: $147.5mEBIT → Net profit: $458.5mOther items (net gain) → Net profit: $50.5mOther items (net gain) → Interest: $197.1mOther items (net gain) → Income tax: $14.4mRevenue: $1.3bRevenue$1.3bEBITDA: $606.0mEBITDA$606.0mOperating costs (net of other income): $674.0m (derived)Operating costs (net ofother income)$674.0m · derivedEBIT: $458.5m (derived)EBIT$458.5m · derivedDepreciation & amortisation: $147.5mDepreciation &amortisation$147.5mOther items (net gain): $262.0m (balancing item)Other items (net gain)$262.0m · balancingNet profit: $509.0mNet profit$509.0mInterest: $197.1mInterest$197.1mIncome tax: $14.4mIncome tax$14.4m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

Infratil Limited FY2020 figures used in the chart
FY2020AmountStatusNote
Revenue$1.3bReported
Operating costs (net of other income)−$674.0mDerived *Reported operating expenses $929.4m do not reconcile; not used.
EBITDA$606.0mReported
Depreciation & amortisation−$147.5mReported
EBIT$458.5mDerived *
Interest (net finance costs)−$197.1mReported
Income tax−$14.4mReported
Other items (net gain)+$262.0mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$509.0mReported
  • * ebit: $458.5m = EBITDA − D&A
  • * operating costs: $674.0m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($1,280m) vs the summary table ($1,280m): agree within 2%.
  • Passed: EBIT not recorded; derived as EBITDA − D&A.
  • Not met: Reported operating expenses ($929.4m) leave $350.6m, not EBITDA of $606m (gap -$255.4m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $262m is 20.5% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: manual_entry · extracted 11 March 2026.

Annual report: Amended Annual Report and 2020 Results Presentation (PDF, NZX)

EBITDA bridge, FY2019 → FY2020

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

IFT EBITDA bridge FY2019 to FY2020FY2019 EBITDA: $580.0m$580.0mFY2019 EBITDARevenue change: −$50.0m−$50.0mRevenue changeCost change (derived): +$76.0m+$76.0mCost change (derived)FY2020 EBITDA: $606.0m$606.0mFY2020 EBITDA
IFT EBITDA bridge FY2019 to FY2020: figures
StepFY2019FY2020Effect on EBITDAStatus
FY2019 EBITDA$580.0m$580.0mAs charted
Revenue$1,330.0m$1,280.0m−$50.0mReported
Operating costs (net, derived)$750.0m$674.0m+$76.0mDerived: revenue − EBITDA
FY2020 EBITDA$606.0m$606.0mAs charted

$580.0m −$50.0m +$76.0m = $606.0m, which equals FY2020 EBITDA of $606.0m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2019 to FY2020

MeasureFY2019FY2020ChangeChange %
Revenue$1.3b$1.3b−$50.0m−3.8%
EBITDA$580.0m$606.0m+$26.0m+4.5%
Net profit$64.0m$509.0m+$445.0m+695.3%
EBITDA margin43.6%47.3%+3.7 pts—
Net margin4.8%39.8%+35.0 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (3 of 10 years from FY2017). The shaded line is the median of 7 other listed Utilities operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
IFT ebitda margin by financial year, with peer median0%25%50%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: IFT 43.6%; peer median 24.0% (3)FY2020: IFT 47.3%; peer median 19.4% (4)FY2021: not charted — not from annual reportFY2022: not charted — not from annual reportFY2023: not charted — not from annual reportFY2024: not charted — not from annual reportFY2025: not charted — operating lossFY2026: IFT 32.5%; peer median — (0)
EBIT margin
IFT ebit margin by financial year, with peer median0%25%50%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: IFT 31.5%; peer median 16.1% (3)FY2020: IFT 35.8%; peer median 10.8% (4)FY2021: not charted — not from annual reportFY2022: not charted — not from annual reportFY2023: not charted — not from annual reportFY2024: not charted — not from annual reportFY2025: not charted — operating lossFY2026: IFT 13.4%; peer median — (0)
Net margin
IFT net margin by financial year, with peer median0%25%50%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: IFT 4.8%; peer median 6.4% (3)FY2020: IFT 39.8%; peer median 3.5% (4)FY2021: not charted — not from annual reportFY2022: not charted — not from annual reportFY2023: not charted — not from annual reportFY2024: not charted — not from annual reportFY2025: not charted — operating lossFY2026: IFT 18.9%; peer median — (0)

IFT   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

IFT margins by year with peer medians
YearEBITDA margin: IFT · peer median (n)EBIT margin: IFT · peer median (n)Net margin: IFT · peer median (n)Note
FY2017—36.0% (2)—23.0% (2)—11.9% (2)Not charted: not from annual report
FY2018—24.1% (3)—8.9% (4)—4.5% (4)Not charted: not from annual report
FY201943.6%24.0% (3)31.5%16.1% (3)4.8%6.4% (3)
FY202047.3%19.4% (4)35.8%10.8% (4)39.8%3.5% (4)
FY2021—14.0% (4)—8.9% (4)—6.5% (4)Not charted: not from annual report
FY2022—17.3% (4)—8.2% (4)—9.9% (4)Not charted: not from annual report
FY2023—23.2% (2)—11.3% (3)—2.9% (3)Not charted: not from annual report
FY2024—22.1% (4)—11.8% (4)—7.7% (4)Not charted: not from annual report
FY2025—22.5% (5)—12.3% (5)—4.6% (5)Not charted: operating loss
FY202632.5%— (0)13.4%— (0)18.9%— (0)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2025: EBIT is -$107.9m. This layout does not draw an operating loss.
  • FY2024: Figures were not read from a filed annual report (source: yahoo_finance).
  • FY2023: Figures were not read from a filed annual report (source: yahoo_finance).
  • FY2022: Figures were not read from a filed annual report (source: yahoo_finance).
  • FY2021: Figures were not read from a filed annual report (source: yahoo_finance).
  • FY2018: Figures were not read from a filed annual report (source: yahoo_finance).
  • FY2017: Figures were not read from a filed annual report (source: yahoo_finance).

All companies with a chart

Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

Get NZX governance insights in your inbox

Weekly digest of board changes, insider trades, and market signals. No spam. Unsubscribe anytime.