Infratil Limited · NZX:IFT
Infratil — Investor Day (2023)
27 slides from Infratil's investor day presentation, 2023
Slide 1: Renewables Update
Renewables Update Vimal Vallabh Morison & Co Global Head of Energy Deion Campbell Morrison & Co Operating Partner & Chair of Mint Renewables
Slide 2: Global Renewables
Global Renewables A unique • A now irreversible global commitment to long term decarbonisation is in place; but emissions still reached record highs in 2022 platform, utilising • Russian invasion of Ukraine has highlighted the risks of energy dependency a regional • With increased inflation and risi
Slide 3: Our Global Renewables Platform
Our Global Renewables Platform Our regional brands hold 2GW of operating assets and are working on a 25GW pipeline Europe • Established in February 2020 • Wind, Solar & Storage • 9.4GW development pipeline • 46 employees Asia • Established in July 2021 • Wind, Solar & Storage • 2.8GW development pip
Slide 4: Scale of the Opportunity
Scale of the Opportunity Solar PV to triple and onshore wind to double annual installations by 2030 • Wind & Solar PV will still form the backbone of the transition given the maturity of technology • Additional technologies will be required to support and enable, increasingly gaining government atte
Slide 5: Supportive Policy Environment
Supportive Policy Environment Strengthening commitments to decarbonisation while managing near term crisis • Energy Crisis caused by Ukraine conflict pushing significant market reform and an unprecedented transformation of the energy sector in the EU • EU has allocated over €400bn to the clean energ
Slide 6: Emerging Technologies
Emerging Technologies Hydrogen emerging as a key solution to decarbonisation • Hydrogen is being prioritised to decarbonise end Global hydrogen demand uses where other options are less mature or more (Mt): costly, such as heavy industry, long-haul transport +90% 180 and seasonal energy storage 94 •
Slide 7: Platform Highlights Reel
Platform Highlights Reel Infratil represents one of the best investable renewable opportunities globally • Completed US$500 million capital raise valuing the business at over US$2 billion • Further strengthened procurement strategy through strategic relationships with local suppliers • Construction
Slide 8: Our Latest Platform
Our Latest Platform Mint Renewables is the re-entry vehicle for Australasian renewable energy development, established in 2022 Mint Renewables Mint’s initial strategy focuses on Australian onshore wind and solar PV, integrating storage where this improves production profiles and associated revenue s
Slide 9: Digital Infrastructure & Connectivity Update
Digital Infrastructure & Connectivity Update Lewis Bailey Morrison & Co Investment Director, Strategy and Research 1
Slide 10: Digital Infrastructure Well Established
Digital Infrastructure Well Established Digital assets have evolved to be recognised as a major class infrastructure asset class Value of digital infra transactions (US$billion) Number & value of telecom-focused funds by vintage/inception year 195 Digital is now 16% of all Data Centre # $17.8 infras
Slide 11: Digital Infrastructure – is it yesterday's news?
Digital Infrastructure – is it yesterday’s news? Rapid growth still expected … but not as fast as historical trends… 21% p.a. Global data traffic, EB/Month Global internet penetration Fixed data 924 92% Mobile data 66% 31% p.a. 600 51% 360 270 31 324 90 2012 2022 2028 World 2018 World 2023 North Ame
Slide 12: No. The revolution continues; still at the dawn of the digital age
No. The revolution continues; still at the dawn of the digital age More than just video... a new series of applications will reshape society & drive opportunity AI – ChatGPT is just one of many Robotics & Autonomy – profound Over the horizon … industry use cases of AI impact on our society US$1.7bn
Slide 13: New use cases drive evolving needs
New use cases drive evolving needs Architectures & business opportunities …beyond simply ‘more bandwidth’ Evolving needs Evolving architectures Bigger Data requirements (Mbps) 500 Massive transit, Source: Goldman Sachs Cost storage & compute @ low 167 100 Scalability cost 16 17 30 51 UHD stream VR s
Slide 14: Complexity drives return to expertise
Complexity drives return to expertise Investing in digital assets requires focus and expertise, identifying, managing, minimising & pricing risk Operations Technology Regulation & politics Marketing & Customer management Disruption risk National security • Some telecommunications businesses require
Slide 15: Infratil's Digital Strategy
Infratil’s Digital Strategy An exciting time to be investing in digital Opportunity Examples • Follow-on Capital Requirement for growth capital to meet bandwidth needs FibreCo FTTP / FTTB / Dark-fibre rollouts, TowerCo 5G BTS & rooftops • Deployment Models & Global Platforms Deploy capital and build
Slide 16: Infratil's Advantage
Infratil’s Advantage Infratil holds a privileged position to access these opportunities Long Term See through short term fluctuations to realise long-term value Larger digital assets relative to their market typically exhibit stronger network At Scale effects & more privileged positions Trusted As d
Slide 17: Healthcare Update
Healthcare Update Michael Brook Morison & Co Executive Director Rachel Drew Morrison & Co Executive Director
Slide 18: Why Healthcare?
Why Healthcare? The ultimate ‘idea Essential service that matters’; Barriers to entry Public health Non-cyclical systems under Capital intensive strain globally Stable market structure Contracted cashflows Inflation protection Infratil Investor Day 2023 2
Slide 19: Why Healthcare?
Why Healthcare? Public health systems under strain globally; Infratil is positioned to help Infratil Investor Day 2023 3
Slide 20: Structural Tailwinds
Structural Tailwinds ANZ population by age cohort Increasing healthcare funding Ageing and sicker FY2019-30F CAGR (19-30F) 6.30% 6% 5.40% populations, 85+ 3.3% 30 75-84 4.1% 4.30% 4.30% 65-74 2.2% 4% ongoing increases 20 0-64 1.0%v 2% in healthcare 10 0% funding, increased 0 FY19 20 21 22 23 24 25 2
Slide 21: With Short-term Headwinds
With Short-term Headwinds Volume recovery has been gradual Increasing competition Covid disruptions Australia’s DI volume has experienced decline since early 2022, and recovery has been slow but trending upwards, largely have been following GP services, the largest referrer pool broader than 20% MBS
Slide 22: Diagnostic imaging is a key part of healthcare
Diagnostic imaging is a key part of healthcare Timely and Radiology is integral to diagnosis across healthcare For example, in cancer care a typical patient would touch radiology multiple times accessible Xray US CT MRI PET Oral diagnostic Medical Oncology Gastrointestinal imaging is key to Reproduc
Slide 23: Key strategic pillars Strategic vision
Australasian Platform Today Strong platform Strategic vision Australasia’s leading provider of for future growth. radiology services, delivering world class services locally Opportunities to build synergies across existing Organic growth • Local leadership – doctor In-organic growth • Consideration
Slide 24: Global Platform Expansion
Global Platform Expansion Global vision and strategy Global platform synergies Significant Leverage existing • Transferable operating experience and ability to ✓ Building out tele-radiology capability with opportunity for radiology operating leverage technology stack 24/7 reporting platform experien
Slide 25: Future Opportunities
Future Opportunities The strength of Infratil’s platform Healthcare is opening Manufacturing Urology opportunities with Platform synergies Oncology Neurology Expansion within diagnostic both other imaging Entry into adjacent healthcare sectors diagnostic • Clinic expansion and greenfield network gro
Slide 26: Appendix
Appendix
Slide 27: Market leading Diagnostic Imaging platform
Market leading Diagnostic Imaging platform Platform Revenue Platform EBITDA Combined 700 (NZD millions) 180 (NZD millions) 30% platform growth 600 500 150 25% 120 20% driven by focus 400 300 90 15% 60 10% on high value 200 100 30 5% modalities 0 FY20 FY21 FY22 FY23F 0 FY20 FY21 FY22 FY23F 0% EBITDA