Brookfield Infrastructure Partners Lp Limited Partnership · NYSE:BIP
Brookfield Infrastructure Partners Lp Limited Partnership — Brookfield Infrastructure Partners — Debt Investor Presentation (October 2015)
32 slides from Brookfield Infrastructure Partners Lp Limited Partnership's debt investor presentation, Oct 19, 2015
Slide 1: Presentation for Fixed Income Investors
Exhibit 99.1 Presentation October A Canada. This supplement Brookfield final document base A 16,copy Infrastructure for 2015 shelf to Fixed does disclosure ofprospectus the not Income final provide Partners ofbase those containing Investors full shelf L.P. facts, disclosure prospectus, important esp
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer independently FORWARD This amended, The looking business, acquisition prospects objectives, development intentions reader known general businesses Infrastructure and acquisitions to large customers other Form information, Brookfield integrate contractual words presentation capital express
Slide 3: Important Disclaimer: Note Regarding Non-IFRS Financial Measures
IMPORTANT Disclaimer To per capital, gains (expenses). EBITDA operations. ownership based We capital are analytical more PRESENTATION All Brookfield measure not unit references define information or onunder calculated which growth losses the divided tools. coverage in Infrastructure We We performanc
Slide 4: Executive Summary
Executive of Operations Through Significant Conservatively Average $1.425 BBB+ In Unique Transaction Brookfield August, its infrastructure rating billion opportunity term a Summary number we Infrastructure consist growth isfrom to announced expected committed financed, maturity S&P of achieved asset
Slide 5: Credit Highlights
CreditQuality, High Long-Term Experienced Premier Conservatively Approximately frameworks, Capital BBB+ Non-recourse, >30x $1.425 Access Global Strong Brookfield interest Highlights credit Balance alignment franchise billion to backlog portfolio multiple Infrastructure Stable and country rating cove
Slide 6: Company Overview
COMPANY OVERVIEW.
Slide 7: Brookfield Infrastructure Partners Overview
Overview BROOKFIELD NYSE: TSX: ~$9.0 Market ~30% CAPITALIZATION Credit Corporate Brookfield BIP.UN Billion Equity Rating: Symbol Capitalization BIP of Interest Participation Infrastructure Brookfield Interest S&P INFRASTRUCTURE Coverage: BBB+ CREDIT General Infrastructure owns Partners Consolidated
Slide 8: Our Operations
Our Operations COMMUNICATIONS ENERGY TRANSPORT UTILITIES Segment Description Systems Provide Electricity Platform Regulated Rail Energy Tower Primary Europe Australia North Brookfield Toll America & Infrastructure Transmission, &transportation essential Location that South Roads &South or Distributi
Slide 9: Credit Highlights
CREDIT HIGHLIGHTS
Slide 10: High Quality Assets Underpin Cash Flows
High [Graphic ~70% Majority US$ Adjusted Rail Regulated 713 Other Total(1) (1) Brookfield LTM 56% $millions Quality 567 of 246 $ended cash Appears of 493 1,280 44% Terminal 19% Infrastructure cash Assets EBITDA 67% flows June 247 $100% flow 164 Here] 33% 168 generated Underpin 30, streams 22% $%13%
Slide 11: Diversified Stable Cash Flow Profile
Diversified STABLE North Regulated 8% Europe Contractual Stable (1) Brookfield Cash 39%Other cash 34% flow CASH Comm Infrastructure Portfolio flows South Energy profile FLOW Australia that Transport America based arePROFILE1 Partners diversified 45% on 45% 10% Q2’ Infra America L.P. 10% 2015 SEGMENT
Slide 12: Investment Grade Credit Metrics
Investment Infrastructure Brookfield Grade Credit Metrics Partners L.P.
Slide 13: Strong Interest Coverage
US$LTM Total Free Coverage (1) Interest Brookfield Cash millions AFFO Coverage coverage ended Ratio Flow Infrastructure from FYJune 43.5x (AFFO) 2013 at operations the 30, 43.4x FY corporate 2015 553 Partners 2014 33.5x $$ 644 593 2015 level L.P. $$ 696 618 LTM(1) is $strong 740 Less: Base Managemen
Slide 14: Conservatively Financed Business with a Strong Balance Sheet
CONSERVATIVELY FINANCED BUSINESS WITH A STRONG BALANCE SHEET
Slide 15: Our Financing Principles
Financing Our We Non-recourse <10% >90% (1) Brookfield As finance financing of at June total our Principles Infrastructure primarily total debt 30, principles 2015 debt is investment recourse atisthe and structured Partners asset our to grade disciplined BIP(1) level L.P. in this and ratedmanner(1)
Slide 16: Our Financing Principles (cont'd)
Financing Match Long Access >95% ~85% Average 45% (1) Brookfield Asin duration, of at currency to private duration June long-term total multiple Principles Infrastructure debt 30, placements; diversified tois 2015 underlying sources isdebt ~10 (cont’d) in local years(1) isPartners maturities fixed(1
Slide 17: Balance Sheet Strength: Well-laddered Debt Maturity Profile
Balance Robust 9% Interest Well-laddered $7.4 Brookfield of$4.8 debt corporate coverage Sheet $1.3 Infrastructure at corporate debt Strength $0.4 ratio coverage maturity $0.4inlevel(1) $0.4 excess has Partners ratios profile a$0.1 strong ofL.P. 2015 30xbalance 2016 2017 sheet 2018 … 2019 After Total
Slide 18: Balance Sheet Strength with Stable Cash Flows
Balance …with Stable Utilities Diversification ~85% Regulated All Operations Scale (1) Brookfield As have in of at cash predictable premier Sheet and ratings June the or Infrastructure are flow Australian cash contracted 30, Strength diversified of markets streams flow 2015 cash BBBstreams rail flow
Slide 19: Balance Sheet Strength: Significant Liquidity
Balance …and Significant Managed Demonstrated $3.5 $1.4 $0.8 75% Our Brookfield BBB+ billion ofwith expected Sheet approach Infrastructure rating liquidity significant committed of ability Strength equity cash FFO isto and very to raised currency generated liquidity corporate financial access import
Slide 20: Proposed Investment in Asciano Limited
PROPOSED INVESTMENT IN ASCIANO LIMITED
Slide 21: Unique Opportunity
Unique 1) Implied Enterprise Consideration 2) Extends Diversifies Opportunity Establish 3) Pro Strong (1) Services Brookfield Accretive Brookfield Opportunity Based forma credit Strategic offer our atand on 2015 value Infrastructure 6a.m. cash operating to the metrics price maintain Infrastructure c
Slide 22: Unique Rail and Port Assets
Opportunity Rail Unique Above 664 Port Critical Container Port, Asciano Brookfield locomotives, Assets: terminal rail network Network (ASX: has terminals operations Infrastructure Pacific Patrick atoand long Create AIO) of of over supply Rail history National Container inisdiversified World 14,000 m
Slide 23: Combination Establishes Leading Global Platforms
Establishes Combination Benefits Complements AIO: Creates Brookfield Pacific an in international Infrastructure expanding Leading National, ofBIP’s one of Global participation our Australia the rail Partners Australian largest Platforms logistics BIP: in rail L.P. the platform transport VLI, operato
Slide 24: Combination Benefits: Asciano's Ports
Establishes Asciano’s More Drive Ability AIO: BIP: Best Brookfield in-class, Teesport, TraPac, Patrick than value to attract Australian doubles Infrastructure Leading inUSA Container automated the UK new combined existing Global container international Terminal, group Partners capacity Platforms glo
Slide 25: Indicative Sources and Uses
Indicative Sources(1) Assumed Equity 0.74(2) Total US$ BIP A$ Uses(1) 5,135 Payment 12,215 On (1) (2) Brookfield Some Conversion aUS$ 2,825 % look-through 12,215 6,940 9,040 ofmillions to amounts debt Investor Structure 55% A$ Infrastructure AIO 9,040 5,135 3,245 US$ from Brookfield Shareholders mil
Slide 26: Appendix
APPENDIX
Slide 27: Utilities Segment Key Profile
Utilities KEY $4,115 Rate As Electricity PROFILE 10,800 Transmits ~2.4 Regulated 85 Handles Brookfield GROWTH ~$500 into Expected Continued mtpa atrate million Base FINANCIAL and million 10-11% kmSegment of almost base to for electricity Return Terminal or Distribution Transmission replenishment of
Slide 28: Transport Segment Key Profile
Transport Systems KEY 49% EBITDA As ~5,100 Railroad PROFILE ~4,800 ~3,300 Combination 30 Ports One GROWTH ~$650 Rail: Toll Ports: Expect Brookfield terminals atroads: Roads of $2,402 enhancing FINANCIAL and Increasing million the growth kmthat Margin for Segment UK’s widening rail of Infrastructure
Slide 29: Energy Segment Key Profile
Systems KEY 49% EBITDA As PROFILE 14,800 Over 370 Delivers centralized GROWTH Expect Energy District Brookfield atbillion $823 40,000 FINANCIAL and km growth Transmission, Segment Energy Energy: that heating Margin for of Infrastructure cubic systems POTENTIAL gas provide the natural inacquiring and
Slide 30: Communications Segment Key Profile
Communications KEY Provide 52% EBITDA As Telecommunications PROFILE ~7,000 5,000 Generate GROWTH Growth business, Brookfield at$416 FINANCIAL and kmmulti-purpose opportunities essential stable, Margin and for ofInfrastructure POTENTIAL fibre the network inflation-linked three Partnership services In
Slide 31: Simplified Corporate Structure and Bond Covenants
Simplified Bond Change Limitations Public Guarantors (BIP) ~70% (Holding Holding (GP Services Co-Obligors (Canada) Corporate C$400MM C$450MM US$1,425MM (1) (2) (3) Brookfield As Comprised Indirect and Covenants S&P at Shareholders of Service Entities(1) Agreement June LP) (U.S.) Debt Control Org Ass
Slide 32: Summary of Conservative Financing and Covenants
Summary Conservative, Rail Regulated Electricity Distribution Interest Available Net Op. At 2.7 Y Compliance Conservative Brookfield YJune 2.2 debt cash/financial Y Y74.1% coverage 30, / CF of EBITDA Terminal Distribution Transmission Infrastructure 2015 Lock Key financing /investment Historic debt
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