Infratil Limited · NZX:IFT
Infratil — Shareholder Meeting (August 2023)
35 slides from Infratil's shareholder meeting presentation, Aug 17, 2023
Slide 1: Annual Meeting of Shareholders
Annual Meeting of Shareholders 17 August 2023 Managed by Morrison & Co
Slide 2: Programme
Annual Meeting of Shareholders Programme • Chair’s Introduction • Chief Executive’s Review • Portfolio Update • Shareholder Questions • Resolutions Infratil Annual Meeting 2023
Slide 3: Online Participation
Annual Meeting of Shareholders Online Participation Voting Card Question box Infratil Annual Meeting 2023 3
Slide 4: Chair's Introduction
Chair’s Introduction Alison Gerry Managed by Morrison & Co
Slide 5: Alison Gerry
Alison Gerry Independent Director and Chair • Independent Director since 2014 • Chair since 2022 • Member of the Audit and Risk Committee • Member of the Manager Engagement Committee • Member of the Nomination and Remuneration Committee Infratil Annual Meeting 2023 5
Slide 6: Jason Boyes
Jason Boyes Chief Executive Officer and Director • Chief Executive Officer since 2021 • Partner at H.R.L. Morrison & Co • Chair of Longroad Energy • Director of CDC Infratil Annual Meeting 2023 6
Slide 7: Kirsty Mactaggart
Kirsty Mactaggart Independent Director • Independent Director since 2019 • Chair of the Manager Engagement Committee • Member of the Audit and Risk Committee Infratil Annual Meeting 2023 7
Slide 8: Anne Urlwin
Anne Urlwin Independent Director • Independent Director since 2023 • Chair of the Audit and Risk Committee • Member of the Manager Engagement Committee Infratil Annual Meeting 2023 8
Slide 9: Peter Springford
Peter Springford Independent Director • Independent Director since 2016 • Member of the Nomination and Remuneration Committee • Member of the Manager Engagement Committee Infratil Annual Meeting 2023 9
Slide 10: Paul Gough
Paul Gough Independent Director • Independent Director since 2012 • Member of the Nomination and Remuneration Committee • Member of the Manager Engagement Committee Infratil Annual Meeting 2023 10
Slide 11: Andrew Clark
Andrew Clark Independent Director • Independent Director since 2022 • Member of the Audit and Risk Committee • Member of the Manager Engagement Committee Infratil Annual Meeting 2023 11
Slide 12: Chair's Address
Chair’s Address Alison Gerry Managed by Morrison & Co
Slide 13: Chief Executive's Review
Chief Executive’s Review Jason Boyes Managed by Morrison & Co
Slide 14: FY2023 Highlights
FY2023 Proportionate EBITDAF1 Net parent surplus1 Highlights Strong FY2023 $643.1m $531.5m result despite near ▼N/M from PCP of $1,169.3m ▲11.9% from PCP of $474.9m term global and Investment1 Available capital1 local economic uncertainty, strong thematic tailwinds $1,359m $1,491m continue to drive
Slide 15: Portfolio Composition
Portfolio Composition Reinvestment in One NZ has weighted Infratil’s Digital Renewables Healthcare Airports portfolio towards 65% 17% 11% 7% its Digital platform Infratil Annual Meeting 2023 15
Slide 16: One NZ
One NZ Acquisition of • One NZ is a foundational NZ infrastructure asset, delivering essential services at a time of data and connectivity tailwinds Brookfield's • Strong financial performance in FY23, with further forecast 49.95% and now growth in FY24 through a combination of underlying trading mo
Slide 17: Console Connect
Console Connect Strategic • Infratil has announced a strategic partnership to invest into Console Connect, which will result in Infratil owning between 60% Partnership to 80% of the business reached with HKT • Console Connect is a top-3 software defined networking business, and the only one integrat
Slide 18: Sustainability
Sustainability Infratil expects • Focused on Infratil’s material ESG issues and our contribution to sustainable development to release its • Following market standards and frameworks, such as GRI, SDGs, inaugural GHG Protocol and PCAF sustainability • Reporting of our emissions footprint for the fir
Slide 19: Debt Capacity & Facilities
Debt Capacity & Facilities Significant • Infratil issued $150 million of IFT330 Bonds in ($millions) July 2023 via a successful bookbuild process 16 August 2023 31 March 2023 Net bank debt $459.7 ($593.2) funding capacity • $122.1 million of IFT210 Bonds will mature in September 2023, with a potenti
Slide 20: FY2024 Guidance
FY2024 Guidance FY2024 forecast • FY2024 Proportionate EBITDAF guidance range remains unchanged at $800 million – $840 million proportionate • First quarter trading performance from key portfolio companies EBITDAF at the provides confidence that FY2024 earnings are tracking towards midpoint is the t
Slide 21: Investment Environment
Investment Environment The investment • Covid-19 second order impacts, geopolitical tensions, and climate change remain key investment themes, joined by the emergence environment is of generative AI evolving quickly • Growth capital requirements for key digital and renewables from the sectors have i
Slide 22: Portfolio Update
Portfolio Update Jason Boyes Managed by Morrison & Co
Slide 23: CDC
CDC Data centre • CDC has been busy responding to strong demand signals for additional AI-related capacity demand globally • CDC is well placed to win AI-inference workloads given: has exploded, • its large capacity, well located campuses driven by • ability to move quickly with available power and
Slide 24: Our Global Renewables Platform
Our Global Renewables Platform Our regional brands hold 2.0GW of operating assets and are working on a ~40GW pipeline Europe • Established in February 2020 • Wind, Solar & Storage • 10.9GW development pipeline • 52 employees Asia • Established in July 2021 • Wind, Solar & Storage • 4.3GW development
Slide 25: Diagnostic Imaging
Diagnostic Imaging The Diagnostic • Scanning volumes in New Zealand have recovered well and are tracking better than expected Imaging • Volumes in Australia continue to recover albeit slower than New businesses are on Zealand with revenue boosted by significant pricing growth track to meet their • T
Slide 26: RetireAustralia & Wellington Airport
RetireAustralia & Wellington Airport RetireAustralia is • RetireAustralia is on track to sell • Domestic passenger numbers seeing strong between 520 and 560 units, and have reached 85% of demand for complete 254 new independent pre-pandemic volumes, whilst living units, in FY24 international volumes
Slide 27: Summary & Shareholder Questions
Summary & Shareholder Questions Managed by Morrison & Co
Slide 28: Resolutions
Resolutions Managed by Morrison & Co
Slide 29: Resolution 1: Re-election of Peter Springford
Resolution 1 Re-election of Re-election of Peter Springford: Peter Springford That Peter Springford be re-elected as a director of Infratil For Against Discretionary 445,353,620 96,954 7,601,164 (98.30%) (0.02%) (1.68%) Infratil Annual Meeting 2023 29
Slide 30: Resolution 2: Election of Anne Urlwin
Resolution 2 Election of Election of Anne Urlwin: Anne Urlwin That Anne Urlwin be elected as a director of Infratil For Against Discretionary 443,514,251 1,811,546 7,611,471 (97.92%) (0.40%) (1.68%) Infratil Annual Meeting 2023 30
Slide 31: Resolution 3: Payment of FY2022 Incentive Fee by Share Issue
Resolution 3 Payment of Payment of FY2022 Incentive Fee by Share Issue: FY2022 Incentive That Infratil be authorised to issue to Morrison & Co Infrastructure Management Limited (Morrison & Co), within the time, in the Fee by Share manner, and at the price, prescribed in the Management Issue Agreemen
Slide 32: Resolution 4: Payment of FY2023 Incentive Fee by Share Issue
Resolution 4 Payment of Payment of FY2023 Incentive Fee by Share Issue: FY2023 Incentive That Infratil be authorised to issue to Morrison & Co Infrastructure Management Limited (Morrison & Co), within the time, in the Fee by Share manner, and at the price, prescribed in the Management Issue Agreemen
Slide 33: Resolution 5: Directors' Remuneration
Resolution 5 Directors’ Directors’ remuneration: Remuneration That the maximum aggregate remuneration pool available for payment to all Directors (in their capacity as a director of Infratil and certain of its subsidiaries) for each financial year commencing on or after 1 April 2023, be increased by
Slide 34: Resolution 6: Auditor's Remuneration
Resolution 6 Auditor’s Auditor’s remuneration: Remuneration That the Board be authorised to fix the auditor’s remuneration. For Against Discretionary 431,910,721 13,388,112 7,755,243 (95.33%) (2.96%) (1.71%) Infratil Annual Meeting 2023 34
Slide 35: Close and Afternoon Tea
Annual Meeting of Shareholders Close and Afternoon Tea Managed by Morrison & Co