Infratil Limited · NZX:IFT
Infratil — FY2022 Earnings Presentation
31 slides from Infratil's earnings presentation, 2022
Slide 1: Annual Results Announcement
Annual Results Announcement For the year ended 31 March 2022
Slide 2: Disclaimer
Disclaimer Disclaimer This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (Company). To the maximum extent permitted by law, the Company, its affiliates and each of their respective affiliates, related bodies corporate, directors, officers, partners,
Slide 3: Infratil Results Announcement Presenters Programme
Infratil Results Announcement Presenters Programme ▪ Financial Highlights ▪ Continuing to Evolve ▪ Portfolio Overview ▪ Operating Businesses Jason Boyes Infratil CEO ▪ Financial Performance ▪ FY2022 Final Dividend ▪ FY2023 Guidance ▪ Summary & Outlook Phillippa Harford Infratil CFO Infratil Annual R
Slide 4: Investing Wisely In Ideas That Matter
Investing Net parent surplus Proportionate EBITDAF1,2 Wisely In Ideas That Matter $1,169.3m $513.9m FY2022 dominated by a number of Investment Available capital highly promising new investment opportunities and $1,412.9m $1,672.0m strong results from existing Shareholder return Fully-imputed final d
Slide 5: Continuing to evolve
An evolution Infratil.com Continuing to evolve The Infratil logo is made up of the Annual Report Committed to sustainability ‘square symbol’. It reflects our focus, foresight and ability to look for opportunities to Global perspectives Chair transition invest wisely in ideas that matter. Infratil An
Slide 6: Portfolio Overview
Portfolio Overview High conviction investment approach Digital Renewables Healthcare Airports providing Infrastructure 62% 17% 14% 7% exposure to four significant platforms and geographic diversification Infratil Annual Results Announcement 2022 6
Slide 7: Operating Businesses
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Slide 8: CDC Data Centres
Digital Infrastructure Renewables Airports Healthcare CDC Data Centres CDC is poised to bring significant Performance new capacity ▪ ▪ EBITDAF for the period was A$161.2 million, A$13.9 million (9.5%) up from the prior year Revenue growth was impacted by Covid-19 lockdowns, but on track to step up i
Slide 9: Vodafone
Digital Infrastructure Renewables Airports Healthcare Vodafone Benefitting from a disciplined Performance approach to both ▪ EBITDAF was $481.0 million including the SaaS IFRIC clarification adjustment of $29.8 million and $7.2 million of costs incurred in relation to the potential passive mobile to
Slide 10: Manawa Energy
Digital Infrastructure Renewables Airports Healthcare Manawa Energy Transition to a standalone Performance renewable ▪ ▪ EBITDAF of $204.2 million, up from $200.2 million in the prior year Adjusted EBITDAF1 for the period was $164.4 million, a $7.7 million increase on the prior year generation ▪ Gen
Slide 11: Longroad Energy
Digital Infrastructure Renewables Airports Healthcare Longroad Energy Strategic shift away from Performance develop-to-sell ▪ EBITDAF for the period was US$34.9 million, a US$29.7 million increase from the prior year; increased earnings were driven by the growing operating base as projects are retai
Slide 12: Global Renewables Platform
Digital Infrastructure Renewables Airports Healthcare Global Renewables Platform Investment in early stage renewables A Global Platform businesses ▪ ▪ Infratil has consolidated its position as a global player in renewable energy generation and supply Galileo Green Energy, and more recently Gurīn Ene
Slide 13: Wellington Airport
Digital Infrastructure Renewables Airports Healthcare Wellington Airport Wellington Airport has remained Performance EBITDAF for the year was $56.8 million, up $20.8 million on the prior year resilient, despite ▪ ▪ Passenger numbers were up 18.9% from the prior year, with 3.5 million domestic passen
Slide 14: Diagnostic Imaging Platform
Digital Infrastructure Renewables Airports Healthcare Diagnostic Imaging Platform Infratil’s strategic vision is to be Performance Australasia’s ▪ FY2022 EBITDAF for the diagnostic imaging platform was $125.5 million, representing a full year contribution from Qscan and a part year from the New Zeal
Slide 15: RetireAustralia
Digital Infrastructure Renewables Airports Healthcare RetireAustralia Record year of performance as Performance refreshed strategy ▪ ▪ Underlying Profit1 of A$56.5 million, up A$26.3 million (86.8%) from the prior year Total sales of 568 villas/apartments, comprising 489 resales, an increase of 51.4
Slide 16: Financial Performance
Financial Performance
Slide 17: Investing Wisely In Ideas That Matter: Financial Overview
Investing Wisely In Ideas That Matter FY2022 dominated by a number of Financial Overview highly promising ▪ ▪ Record net parent surplus of $1.17 billion driven by the completion of the Tilt Renewables sale Proportionate EBITDAF $513.9 million (excluding ’Software as a Service’ (‘SaaS’) expense of ne
Slide 18: International Portfolio Incentive Fees
International Portfolio Incentive Fees 31 March ($millions) FY2021 Capital Distributions Hurdle1 Valuation Incentive Fee IRR2 Performance fees Annual Incentive Fee CDC Data Centres $2,401.4 ($17.3) $13.5 ($288.3) $3,117.3 $84.8 37.9% largely from the Longroad Energy RetireAustralia $136.2 $361.0 ($1
Slide 19: Dividend
Dividend FY2022 final dividend of Final Ordinary Dividend 12.0 cps, increased ▪ ▪ A final dividend of 12 cps, up 4% on the prior year, fully imputed, with a record date of 1 June 2022 Dividend outlook is for continued modest cps growth, primarily reflecting the cashflows from by 4% from the CDC Data
Slide 20: Debt Capacity & Facilities
Debt Capacity & Facilities 31 March ($millions) 2022 2021 ▪ Upon completion of the Tilt Renewables’ disposal, Infratil fully repaid its drawn bank With cash on hand Net bank debt/(cash) Infratil Infrastructure bonds ($773.0) $1,163.7 $328.2 $1,155.2 debt facilities and has net cash of $773 million a
Slide 21: Infrastructure Bond Offer
Infrastructure Bond Offer Infratil is considering Infrastructure Bond Offer making an offer of ▪ Infratil Limited is considering making an offer of 8-year unsecured, unsubordinated, re-setting fixed 8-year unsecured, ▪ rate bonds (Bonds) to New Zealand institutional and retail investors It is expect
Slide 22: FY2023 Guidance
FY2023 Guidance Proportionate EBITDAF in the FY2023 Guidance range of ▪ ▪ FY2023 Proportionate EBITDAF guidance range set at $510 million – $550 million Key guidance assumptions include: $510 - $550 ▪ CDC Data Centres EBITDAF of A$220 million - A$230 million (Infratil’s share 48.1%) million, which a
Slide 23: Summary & Outlook
Summary & Outlook At Infratil, we believe that Infrastructure underpins the abilities of communities to grow, society to function and economies to thrive Infratil Annual Results Announcement 2022 23
Slide 24: Appendices
Appendices Annual Results Announcement For the year ended 31 March 2022
Slide 25: Share Price Performance
APPENDIX ONE Share Price Performance Infratil Share Price Infratil continues 8.50 its track record of 8.30 outstanding 8.10 returns 7.90 7.70 Accumulation Return1 7.50 Period TSR 7.30 1 Year 18.4% 7.10 5 Year 28.0% 6.90 10 Year 21.6% Inception – 28 years 18.7% 6.70 6.50 31/03 30/04 31/05 30/06 31/07
Slide 26: Financial Summary
APPENDIX TWO Financial Summary 31 March ($millions) 2022 2021 ▪ Operating revenue reflects a full year of Qscan Group, a part year of Pacific Radiology Group Record net parent Operating revenue Operating expenses $1,129.1 ($610.7) $590.8 ($257.1) and increased earnings from Vodafone and RetireAustra
Slide 27: Proportionate EBITDAF
APPENDIX THREE Proportionate EBITDAF 31 March ($millions) 2022 2021 ▪ CDC uplift from take-up of capacity in existing data centres EBITDAF uplift CDC Data Centres Vodafone $82.2 $243.8 $75.8 $217.9 ▪ Vodafone is continuing to benefit from cost- reflects continued Kao Data ($1.5) - ▪ outs and efficie
Slide 28: Capital Expenditure & Investment
APPENDIX FOUR Capital Expenditure & Investment 31 March ($millions) 2022 2021 ▪ CDC Data Centres’ ongoing construction of H5, EC4, AKL1 and AKL2 totalling 104MW Significant new CDC Data Centres Vodafone $259.9 $177.9 $119.3 $120.9 ▪ Vodafone ICT capability growth and continued investment into Manawa
Slide 29: NPAT to Proportionate EBITDAF
APPENDIX FIVE NPAT to Proportionate EBITDAF 31 March 2022 ($millions) 2022 2021 Proportionate EBITDAF is an Net profit after tax (‘NPAT’) 1,231.7 (16.0) unaudited non-GAAP (‘Generally Less: Associates1 equity accounted earnings (268.5) (182.6) Accepted Accounting Principles’) Plus: Associates1 propo
Slide 30: Movements in Wholly Owned Group Net Bank Debt
APPENDIX SIX Movements in 31 March 2022 ($millions) Wholly Owned Opening Wholly Owned Net Bank Debt – 1 April 2021 Manawa Energy dividends (328.2) 56.7 Group Net Bank Debt Tilt Renewables special dividend 16.1 Clearvision dividends 1.7 The Wholly Owned Group Vodafone NZ distributions and shareholder
Slide 31: s Infratil
s Infratil