Infratil Limited · NZX:IFT
Infratil — Debt Investor Presentation (May 2024)
27 slides from Infratil's debt investor presentation, May 27, 2024
Slide 1: Infrastructure Bond Offer – Investor Presentation
Infrastructure Bond Offer – Investor Presentation 2024 27 May 2024 1994
Slide 2: Important Information
Important Information The offer of Infrastructure Bonds by Infratil Limited (“Infratil”) described in this presentation is made in reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets Conduct Act 2013 (‘FMCA’). It is an offer of Infrastructure Bonds that have identical rig
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (the ‘Company’) To the maximum extent permitted by law, none of the Company, the Arranger the Joint lead Managers, their affiliates and each of their respective affiliates, related bodies
Slide 4: Bond Investor Presentation
Bond Investor Presentation PROGRAMME Presenters 01 PORTFOLIO OVERVIEW & FULL YEAR HIGHLIGHTS 02 GUIDANCE & LIQUIDITY 03 BOND OFFER DETAILS Andrew Carroll - Infratil CFO Tom Robertson - Infratil Treasurer 04 CONCLUDING REMARKS 05 QUESTIONS 3
Slide 5: Portfolio overview and full year highlights
Section 1 Portfolio overview and full year highlights
Slide 6: Infratil overview – who we are
Infratil overview – who we are We are an infrastructure investment company that actively invests in ideas that matter Infrastructure investment company, focused on investments across digital, renewables, healthcare and airports. Our key platforms invest behind major global thematics Strong financial
Slide 7: Portfolio composition
Portfolio composition Focus on four high-conviction platforms, across a geographically diverse portfolio of companies FY24 Proportionate EBITDAF by segment1 (NZ$m) Digital Renewables Healthcare Airports 8% Stake: Stake: Stake: Stake: 12% 48.2% 51.1% 57.6% 66% 7% NZ$864m 99.9% 37.3% 50.3% 74% 20.0% 9
Slide 8: FY24 investment highlights
FY24 investment highlights Strong FY24 result despite global and local economic uncertainty, strong thematic tailwinds continue to drive investment across the portfolio Acquired Brookfield's 49.9% shareholding in One NZ to take full ownership in NZ$1.8 billion deal, including Total shareholder retur
Slide 9: Summary of key financial performance
Summary of key financial performance Delivered a strong FY24 performance, slightly above EBITDAF guidance, while continuing to invest for future growth Proportionate EBITDAF (NZ$m) Strong FY24 result delivering proportionate EBITDAF of NZ$864 million Full year result came in above the top end of
Slide 10: Sustainability in practice
Sustainability in practice We are committed to integrating ESG principles across our portfolio to drive sustainable growth and long-term value Catalyse a rapid and efficient transition to a low-carbon, resilient Support our people and communities to thrive future, while protecting and restoring natu
Slide 11: Guidance and liquidity
Section 2 Guidance and liquidity
Slide 12: FY25 Guidance – operational EBITDAF
FY25 Guidance – operational EBITDAF FY25 Proportionate operational EBITDAF guidance up 11% at the midpoint on a strong FY24 result Guidance overview Proportionate Operational EBITDAF (NZ$m) FY25 Proportionate Operational EBITDAF guidance range set at NZ$980 – $1,030 million Key guidance assumpti
Slide 13: FY25 Guidance – capital expenditure
FY25 Guidance – capital expenditure FY25 Proportionate capital expenditure guidance up approximately 75% at the midpoint on significant FY24 spend Guidance overview Proportionate capital expenditure (NZ$m) FY25 Proportionate capital expenditure guidance set at $2.8 billion – $3.2 billion Key gui
Slide 14: Debt capacity & facilities
Debt capacity & facilities Significant flexibility to support investment opportunities across the portfolio Gearing increased to 20% during the period but remains below our medium-term portfolio 31 March ($millions) 2023 2024 leverage assumption of 30% Net bank debt ($593.2) $791.8 $792 million
Slide 15: Bond Offer Details
Section 3 Bond Offer Details
Slide 16: Key Terms of the Infrastructure Bonds (1/2)
Key Terms of the Infrastructure Bonds (1/2) Issuer Infratil Limited (“Infratil”). Description of the Infrastructure Bonds Unsecured, unsubordinated fixed rate bonds (“Infrastructure Bonds”). Tenor 7.5 years, maturing 17 December 2031. Issue Amount Up to $75 million (with the ability to accept oversu
Slide 17: Key Terms of the Infrastructure Bonds (2/2)
Key Terms of the Infrastructure Bonds (2/2) Infratil may suspend the payment of interest where an Interest Suspension Event exists. If the payment of interest is suspended: Interest Suspension and Dividend Stopper (a) interest will continue to accrue (without compounding) and will be paid by Infrati
Slide 18: Key Information and Timeline
Key Information and Timeline The Offer Offer Timeline Firm Offer - Bookbuild process NZX firms, institutional investors and other approved parties to Firm Offer Opens 27 May 2024 be invited to participate in the bookbuild process No public pool Firm Offer Closes 11.00am 30 May 2024 Exchange Offer –
Slide 19: Concluding remarks
Concluding remarks Continued substantial investment across our portfolio companies is laying the groundwork for strong future growth All our businesses are performing well, with strong earnings momentum heading into FY25 despite the uncertain macroeconomic backdrop 30-year track record of discipline
Slide 20: Questions
Questions Gi Infratil
Slide 21: Supporting materials
Supporting materials
Slide 22: Net asset value
Net asset value The net asset value reflecting the independent valuations of Infratil assets has reached $11.9 billion as at March 2024 Overview Year ended 31 March ($Millions) 2023 2024 CDC $3,678.7 $4,419.7 CDC, One NZ, Kao Data, Longroad Energy, Galileo, Gurīn Energy, Qscan, RHCNZ Medical One N
Slide 23: Historical Proportionate capital expenditure and EBITDAF
Historical Proportionate capital expenditure and EBITDAF Proportionate capital expenditure Proportionate EBITDAF Year ended 31 March ($Millions) 2023 2024 Year ended 31 March ($Millions) Share1 2023 2024 CDC $341.9 $291.8 CDC 48.2% $113.7 $140.8 One NZ $151.8 $261.4 One NZ 99.9% $263.6 $545.5 Fortys
Slide 24: Infratil investment
Infratil investment Infratil has undertaken significant reinvestment into portfolio companies in FY24, the most significant of which was the purchase of the remaining stake of One NZ Investment Overview Capital invested into CDC is to provide liquidity to the management long term incentive Year en
Slide 25: Earnings reconciliation
Earnings reconciliation Overview Proportionate EBITDAF is an unaudited non-GAAP (‘Generally Accepted Accounting Year ended 31 March ($Millions) 2023 2024 Principles’) measure of financial performance, presented to provide additional insight into management’s view of the underlying business perform
Slide 26: Portfolio company debt
Portfolio company debt Gearing and credit metrics are monitored across the portfolio in aggregate and at the Net Debt / % of drawn debt 31 March 2024 Gearing1 individual portfolio company level EBITDA2 hedged Kao Data and Longroad Energy have secured new debt packages in H2 FY24 CDC3 24.0% 9.4 8
Slide 27: Si Infratil
Si Infratil