Slide 1: Results for the Year Ended 31 March 2018 Media Release correction
17 May 2018 For personal use only Infratil Limited Results for the Year Ended 31 March 2018 Media Release correction Infratil’s consolidated Underlying EBITDAF1 was $552.4 million, up 6.3% from the $519.5 million reported in 2017. Underlying EBITDAF1 was above the guidance level as a result of assoc
Slide 2: Infratil 2018 Full Year Result
For personal use only Infratil 2018 Full Year Result 17 May 2018
Slide 3: Full Year Overview
Full Year Overview New platforms gathering momentum while core businesses deliver strong results For personal use only • Strong performances from Trustpower, Wellington Airport and Canberra Data Centres sees Underlying EBITDAF of $552.4 million, up $32.9 million (6.3%) on the prior year of $519.5 mi
Slide 4: Financial Highlights
Financial Highlights 6.3% growth in Underlying EBITDAF drives a strong full year result For personal use only Full Year ended 31 March ($Millions) 2018 2017 Variance % Change Underlying EBITDAF1 552.4 519.5 32.9 6.3% Underlying EBITDAF (continuing operations)1 525.8 488.0 37.8 6.5% Net Parent Surplu
Slide 5: Results Summary
Results Summary Higher NPAT but lower net parent surplus from slightly lower consolidated revenues For personal use only 31 March ($Millions) 2018 2017 • Operating revenue decreased 3.2% largely as a result of contract losses in NZ Bus and lower wind volumes for Tilt’s New Zealand and Australian Ope
Slide 6: Underlying EBITDAF
Underlying EBITDAF Strong Underlying EBITDAF from core portfolio as new platforms gain momentum For personal use only Underlying EBITDAF ($Millions) 2018 2017 • Trustpower delivers strong result from both Generation and Retail activities Trustpower 243.1 203.0 • For Tilt Renewables Australian and pa
Slide 7: Group Capital Expenditure and Investment
Group Capital Expenditure and Investment Reinvestment opportunities continue to provide compelling investment returns For personal use only ($Millions) 2018 2017 • Tilt Renewables construction of Salt Creek wind farm well underway, with expected commercial operation date in July Trustpower 27.9 26.7
Slide 8: Debt Capacity & Facilities
Debt Capacity & Facilities Duration & debt capacity remains consistent with long-term ownership of assets For personal use only • Cash position of $263.9 million and wholly owned subsidiaries bank facilities drawn of $42.1 million as at 31 March 2018 • Senior debt facilities have maturities up to 4.
Slide 9: Funds Available for Investment
Funds Available for Investment Confidence remains that deployment opportunities continue to outweigh available capital For personal use only 31 March ($Millions) 2013 2014 2015 2016 2017 2018 Net bank debt (cash on hand) 364 72 (228) (661) (92) (222) Infratil infrastructure bonds 667 754 754 724 773
Slide 10: Distributions
Distributions Growth in dividend per share maintained and supported by operating cashflows For personal use only Dividend per share profile FY 2012-2018 FINAL ORDINARY DIVIDEND 35 Final ordinary dividend of 10.75 cps, fully 30 imputed, payable on 18 June 2018 to shareholders recorded as owners by th
Slide 11: Asset Values
Asset Values Comparable valuation metrics highlight underlying value of the portfolio For personal use only Book Value Comparable Market ($5.94) + 20% control premium Trustpower 794 1,139 Tilt Renewables 309 389 Market ($2.03) + 20% control premium Wellington Airport 386 792 16x Multiple of forecast
Slide 12: Trustpower
Trustpower Substantial lift in earnings from both retail and generation For personal use only Financial • EBITDAF from continuing operations of $243.1 million was $40.1 million (19.8%) above the prior year. EBITDAF for total operations including Australia was $269.7 million • Trustpower’s diverse an
Slide 13: Tilt Renewables
Tilt Renewables Results clouded by low wind volumes while sun shines on development pipeline For personal use only Financial • EBITDAF of A$103.8 million was A$20.3 million (16.4%) below the prior year of A$124.1 million • Revenue of A$158.0 million was A$15.5 million (9%) below the prior year, prim
Slide 14: Longroad Energy
Longroad Energy Expanded development of renewables in the U.S. For personal use only Longroad today • Business model and strategy focussed on development, ownership of operating assets and a scaled services business • Secured Production Tax Credit qualified wind turbines which can be deployed into ~
Slide 15: Canberra Data Centres
Canberra Data Centres EBITDAF run rate growth delivered while capacity additions and development continues For personal use only Financial • Delivering a contracted EBITDAF run rate of A$69 million as at 31 March • Forecasting 20% year-on-year EBITDAF run rate growth in FY19 from a pipeline of diver
Slide 16: Wellington Airport
Wellington Airport Strong earnings growth while significant capital projects near completion For personal use only Financial • EBITDAF of $95.4 million, 5.4% growth on last year • Over 6 million passengers with +3.0% or 180,000 increase on last year • Retail and trading activities revenue +8.7% on p
Slide 17: NZ Bus
NZ Bus Long-term scale and stability secured for Auckland, Wellington and Tauranga For personal use only Financial • Revenue down 4.0%, largely due to the end of South Auckland services • Expenses up 0.6% reflecting the end of South Auckland services and a continued focus on productivity, offset by
Slide 18: RetireAustralia
RetireAustralia Industry headwinds sees lower rate of resales, long-term demographic tailwinds remain For personal use only Financial • Underlying profit A$34.5 million, a decrease from A$59.1 million in FY17 with key drivers: - Resales cashflow down from A$36.4 million to A$31.1 million, consistent
Slide 19: Perth Energy
Perth Energy Back on course to play an important part in the Western Australia energy market For personal use only Financial • FY18 EBITDAF loss A$5.3 million, A$8.0 million improvement on FY17 • FY19 forecast includes a positive contribution from both Retail and Generation Retail • Perth Energy’s R
Slide 20: 2018/2019 Outlook
2018/2019 Outlook Core assets and new platforms combine to enable sustained earnings growth For personal use only Normalised 2018 Underlying EBITDAF 2018 2019 Guidance 2018 2019 $M Actual Outlook $M $M 2018 Underlying EBITDAF 552 Normalised Underlying EBITDAF 488 500-540 Normalisations: Operating ca
Slide 21: Group Capital Expenditure and Investment
Group Capital Expenditure and Investment Reinvestment opportunities continue to provide compelling investment returns For personal use only ($Millions) 2018 2019 Outlook 2019 Guidance reflects Trustpower 28 40-45 • Trustpower - generation capex in addition to its operational and maintenance programm
Slide 22: FY19 plan - harvesting options and tightening the portfolio
FY19 plan - harvesting options and tightening the portfolio Several catalysts for re-rating as options are exercised and pipeline converts into cash For personal use only Extract the value from our platforms: • We are well progressed in the multi-year re-positioning of the Infratil portfolio followi
Slide 23: For more information
For more information www.Infratil.com For personal use only 22 Infratil Full Year results presentation 2018
Slide 24: Appendix I – Reconciliation of NPAT to Underlying EBITDAF
Results Summary Appendix I – Reconciliation of NPAT to Underlying EBITDAF For personal use only 31 March ($Millions) 2018 2017 • Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show management’s view of the Net profit after tax 139.2 130.4 underlying business performa