Infratil Limited · NZX:IFT
Infratil — Shareholder Meeting (August 2019)
36 slides from Infratil's shareholder meeting presentation, Aug 22, 2019
Slide 1: Infratil Annual Meeting 22 August 2019
Infratil Annual For personal use only Meeting 22 August 2019
Slide 2: Agenda
Infratil Annual Meeting For personal use only • Chairman’s Introduction Agenda • Chief Executive’s Review • Presentation of the Annual Report for the year ended 31 March 2019 and the report of the auditor • Questions from Shareholders • Resolutions • Close and Afternoon Tea Infratil Annual Meeting 2
Slide 3: Mark Tume, Chair and Independent Director
Mark Tume Chair and Independent For personal use only Director • Independent Director since 2007 • Chair since 2013 • Member of Audit and Risk Committee • Chair of the Manager Engagement Committee • Chair of Nomination and Remuneration Committee • Chair of RetireAustralia • Not up for re-election In
Slide 4: Marko Bogoievski, Chief Executive Officer and Director
Marko Bogoievski Chief Executive For personal use only Officer and Director • Chief Executive of Infratil and on the Board since 2009 • Chief Executive of H.R.L Morrison Group • Chair of Longroad Energy • Chair of Vodafone NZ • Not up for re-election Infratil Annual Meeting 2019 4
Slide 5: Alison Gerry, Independent Director
Alison Gerry Independent For personal use only Director • Independent Director since 2014 • Chair of Audit and Risk Committee • Member of the Manager Engagement Committee • Member of Nomination and Remuneration Committee • Director of Wellington Airport • Up for re-election Infratil Annual Meeting 2
Slide 6: Paul Gough, Independent Director
Paul Gough Independent For personal use only Director • Independent Director since 2012 • Member of Manager Engagement Committee • Member of Nomination and Remuneration Committee • Not up for re-election Infratil Annual Meeting 2019 6
Slide 7: Kirsty Mactaggart, Independent Director
Kirsty Mactaggart Independent For personal use only Director • Independent Director since March 2019 • Member of Manager Engagement Committee • Up for election Infratil Annual Meeting 2019 7
Slide 8: Humphry Rolleston, Independent Director
Humphry Rolleston Independent For personal use only Director • Independent Director since 2006 • Member of Manager Engagement Committee • Retiring at the 2019 Annual Meeting Infratil Annual Meeting 2019 8
Slide 9: Catherine Savage, Independent Director
Catherine Savage Independent For personal use only Director • Independent Director since August 2019 • Member of Manager Engagement Committee • Up for election Infratil Annual Meeting 2019 9
Slide 10: Peter Springford, Independent Director
Peter Springford Independent For personal use only Director • Independent Director since 2016 • Member of Audit and Risk Committee • Member of Manager Engagement Committee • Not up for re-election Infratil Annual Meeting 2019 10
Slide 11: Chief Executive's Review
Chief Executive’s Review For personal use only Infratil Annual Meeting 2019
Slide 12: 2018/2019 in review
2018/2019 in review • Strong Underlying EBITDAF from core Strong For personal use only operating businesses underlying • $679 million invested during the performance period, including $320 million in with significant renewables and $140 million in data centres capital investment in • Material progre
Slide 13: Investing in ideas that matter
Investing in ideas that matter For personal use only What constitutes infrastructure continues to AGEING CONNECTIVITY AIRPORTS & DECARBONISATION POPULATION TRANSPORT evolve in response to changes in society, WATER WASTE & SOCIAL NEXT GENERATION technology, SCARCITY RECYCLYING INFRASTRUCTURE INFRASTR
Slide 14: Portfolio composition and target returns
Portfolio Target Returns Portfolio For personal use only Infratil Expected Leverage Management Return to composition Portfolio Returns Assumption Costs Shareholders and active management Core 8–10% approach Lower Risk Per annum designed to Average Debt deliver Core Plus Growth + 10–15% + Funding 30%
Slide 15: Share Price Performance
Share Price Infratil Share Price Performance $5.00 Outstanding For personal use only returns $4.00 delivered over the short, $3.00 medium and long-term $2.00 Total Shareholder Return 1 Period TSR $1.00 LTM 2 47.0% 1 Year 41.3% 5 Year 22.2% $- 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 10
Slide 16: Focusing capital on growth platforms
Tilt Renewables Focusing • 336MW (A$560 million) Dundonnell wind farm under capital on our construction growth • 133MW Waverley wind farm progressing towards For personal use only investment decision platforms Committing Longroad Energy capital to our • 694MW of utility scale solar under constructio
Slide 17: Vodafone NZ Acquisition
Vodafone NZ • Completion achieved on 31 July 2019 Acquisition • Transformative investment in a high- quality infrastructure asset in the strengthens For personal use only critical data and communications cash sector of the New Zealand economy generative • Strong, stable NZ cash flows to core and str
Slide 18: Trustpower
• New Zealand electricity market has Trustpower experienced higher wholesale prices Generating since Spring 2018, and forward prices remain high sustainable For personal use only • Competition in electricity and fixed returns line telecommunications retail remains strong - focus remains on acquiring
Slide 19: Tilt Renewables
Tilt • Construction of the 336MW Renewables Dundonnell Wind Farm progressing, Generating due for completion in 2020 For personal use only Growth • 133MW Waipipi (Waverley) Wind Farm progressing towards financial close with a long-term energy contract with Genesis Energy • Strategic review of the 270
Slide 20: Canberra Data Centres
Canberra Data • Major contract wins with Government and Hyperscale cloud customers Centres • New Data Hosting Strategy by the Hyper scale For personal use only Australian Government improves deployment CDC’s market position • NSW presence achieved with Eastern Creek (Sydney) site which provides: ‐ a
Slide 21: Longroad Energy
Longroad • Longroad are currently providing Energy operating and maintenance services to 1,476MW, including 791MW from Proven For personal use only third party owned operating assets leaders in • First wave of projects (Phoebe Renewable 315MW solar and Rio Bravo 238MW Energy wind) have reached finan
Slide 22: Wellington Airport
Wellington • 5 year, $315 million investment programme concluded; Airport ‐ Multi-level car park and transport A First Class For personal use only hub opened in October 2018 Upgrade ‐ Rydges Wellington Airport hotel opened in February 2019 ‐ Main terminal upgrade completed • 2040 Master Plan under c
Slide 23: RetireAustralia
RetireAustralia Strong • Brett Robinson appointed as CEO in May 2019 brings a wealth of long-term For personal use only experience from the financial and investment medical sectors thematic with • 2 urban villages currently under near term construction, including 70 purpose- built care apartments du
Slide 24: Strategic Review Update
Strategic ANU PBSA Review Update • In May 2019 Infratil disposed of its 50% interest in the Australian National University’s Student Accommodation concession to AMP Capital Portfolio For personal use only • Infratil received cash proceeds of approximately A$162 million and divestments realised a gai
Slide 25: FY2020 Outlook and Guidance
FY2020 Infratil FY2020 earnings guidance1 and dividends Outlook • FY2020 Underlying EBITDAF guidance range from continuing operations is $655-$695 million Guidance1 ($Millions) 20203 Guidance • Key assumptions include: For personal use only Underlying EBITDAF 655-695 ▪ Trustpower EBITDAF guidance of
Slide 26: Portfolio reset largely complete
Demonstrated Performance Portfolio reset • Standout performances from Tilt, largely Longroad, and CDC following conversion of complete and development pipeline For personal use only set to deliver • Core cash generating operating businesses deliver forecasted earnings Newly focused Focused Portfolio
Slide 27: Presentation of the Annual Report and auditor's report
Infratil Annual For personal use only Meeting Presentation of the Annual Report for the year ended 31 March 2019 and the report of the auditor
Slide 28: Questions from Shareholders
Infratil Annual For personal use only Meeting Questions from Shareholders
Slide 29: Resolutions
Infratil Annual For personal use only Meeting Resolutions
Slide 30: Re-election of Ms Alison Gerry
Resolution 1 Re-election of Ms Alison For personal use only Re-election of Ms Alison Gerry: Gerry That Alison Gerry be re-elected as a director of Infratil For Against Discretionary 280,385,238 1,399,249 5,809,413 (97.49%) (0.49%) (2.02%) Infratil Annual Meeting 2019 30
Slide 31: Election of Ms Kirsty Mactaggart
Resolution 2 Election of Ms Kirsty For personal use only Election of Ms Kirsty Mactaggart: Mactaggart That Kirsty Mactaggart be elected as a director of Infratil For Against Discretionary 281,357,005 370,585 5,874,767 (97.83%) (0.13%) (2.04%) Infratil Annual Meeting 2019 31
Slide 32: Election of Ms Catherine Savage
Resolution 3 Election of Ms Catherine For personal use only Election of Ms Catherine Savage: Savage That Catherine Savage be elected as a director of Infratil For Against Discretionary 281,375,063 377,628 5,804,128 (97.85%) (0.13%) (2.02%) Infratil Annual Meeting 2019 32
Slide 33: Directors' remuneration
Resolution 4 Directors’ remuneration For personal use only Directors’ remuneration: That the maximum aggregate remuneration payable to all Directors (in their capacity as a director of Infratil and certain of its subsidiaries) based on a board of 7 Directors be increased by $294,802 from an effectiv
Slide 34: Changes to the Constitution
Resolution 5 Changes to the For personal use only Changes to the Constitution: Constitution That the existing constitution of Infratil be revoked and a new constitution in the form tabled at the Annual Meeting, and referred to in the explanatory notes, be adopted with effect from the close of the An
Slide 35: Auditor's remuneration
Resolution 6 Auditor’s remuneration For personal use only Auditor’s remuneration: That the Board be authorised to fix the auditor’s remuneration. For Against Discretionary 279,810,455 1,645,163 5,927,791 (97.36%) (0.57%) (2.06%) Infratil Annual Meeting 2019 35
Slide 36: Close and Afternoon Tea
Infratil Annual For personal use only Meeting Close and Afternoon Tea