Infratil Limited · NZX:IFT
Infratil — H1 FY2023 Earnings Presentation
29 slides from Infratil's earnings presentation, November 2022
Slide 1: Interim Results Announcement
Interim Results Announcement For the six months ended 30 September 2022
Slide 2: Disclaimer
Disclaimer Information This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The This presentation has been prepared information in this presentation is of a general nature and does not purport to be complete nor doe
Slide 3: Infratil Results Announcement Programme
Infratil Results Announcement Presenters Programme ▪ Financial Highlights ▪ Portfolio Overview ▪ Sustainability ▪ Operating Businesses Jason Boyes Infratil CEO ▪ Financial Position & Outlook ▪ FY2023 Interim Dividend ▪ FY2023 Guidance ▪ Summary Phillippa Harford Infratil CFO Infratil Interim Results
Slide 4: Financial Highlights
Net parent surplus Proportionate EBITDAF Financial Highlights $350.5m $275.6m Strong underlying performance and Investment Available capital capacity to continue investing across the $471.7m $1,429m portfolio Shareholder return Fully-imputed interim dividend 6.5% 6.75cps Infratil Interim Results Ann
Slide 5: Portfolio Overview
Portfolio Overview High conviction investment approach Digital Renewables Healthcare Airports providing 58% 21% 14% 7% exposure to four significant platforms and geographic diversification Infratil Interim Results Announcement FY2023 5
Slide 6: Sustainability
Sustainability Infratil’s ambition is to be a leader in Infratil sustainable ▪ Infratil and 10 portfolio companies participated in the annual GRESB Infrastructure Assessment infrastructure ▪ with solid progress in many areas and clarity around opportunities for further improvement Infratil expects t
Slide 7: Operating Businesses
~ Infratil Managed by HRL Mi
Slide 8: CDC Data Centres
Digital Renewables Healthcare Airports CDC Data Centres Four new data centres Performance commissioned in ▪ ▪ EBITDAF for the period was A$97.6 million, A$22.4 million up from the prior period CDC has simultaneously delivered an additional 104MW (+63.4%) of capacity across its Canberra, the period S
Slide 9: Vodafone New Zealand
Digital Renewables Healthcare Airports Vodafone New Zealand Top line revenue growth and Performance meaningful ▪ ▪ Normalised EBITDAF1 for the period was $257.9 million, $15.5 million up from the prior period Top line revenue growth supported by 7.4% mobile service revenue growth resulting from cont
Slide 10: Longroad Energy
Digital Renewables Healthcare Airports Longroad Energy Capital committed to accelerate Performance Longroad's ▪ EBITDAF for the period was US$40.7 million, a US$11.1 million increase from the prior period; reflecting the growing base of operating assets expansion plans to ▪ Agreement reached with ne
Slide 11: Manawa Energy
Digital Renewables Healthcare Airports Manawa Energy Soft result driven by low generation Performance early in the period, ▪ ▪ EBITDAF1 for the period was $70.0 million, a $36.5 million decrease on the prior period Energy revenue was impacted by lower generation volumes due poor inflows in the first
Slide 12: Global Renewables Platform
Global Digital Renewables Healthcare Airports Renewables Platform The Global Renewables platform consists • 6.0GW development pipeline of Manawa Energy, • 36 employees Longroad Energy, Galileo, and Gurīn Energy • 1.3GW development pipeline • 43 employees • 1.7GW operating assets • 18.1GW development
Slide 13: Diagnostic Imaging
Digital Renewables Healthcare Airports Diagnostic Imaging The Australasian platform provides Performance meaningful scale ▪ EBITDAF for the diagnostic imaging platform was $80.7 million, up $23.2 million from the prior period, resulting from a full period of contribution from the New Zealand busines
Slide 14: RetireAustralia
Digital Renewables Healthcare Airports RetireAustralia Demand for RetireAustralia’s Performance offering remains ▪ ▪ Underlying Profit1 of A$31.9 million, up A$9.1 million from the prior period Strong demand for RetireAustralia’s offering continues, with 227 resales and 10 new unit sales strong, wit
Slide 15: Wellington Airport
Digital Renewables Healthcare Airports Wellington Airport Domestic Passenger Performance numbers rebound ▪ ▪ EBITDAF for the period was $40.2 million, up $8.7 million on the prior period Passenger numbers were up 24.1% from the prior period, with 2.3 million domestic passengers strongly, while and 2
Slide 16: Financial Position & Outlook
Financial Position & Outlook
Slide 17: International Portfolio Incentive Fees
International Portfolio Incentive Fees 30 September ($millions) FY2022 Capital Distributions Hurdle1 Valuation2 Incentive Fee IRR3 Performance fee Annual Incentive Fee CDC Data Centres $3,117.3 ($14.1) $15.0 ($186.9) $3,266.4 ($7.4) 34.9% accrual reflects the Longroad Energy $227.4 ($19.6) $1.1 ($14
Slide 18: Dividend
Dividend FY2023 interim dividend of Interim Dividend 6.75 cps, an ▪ Fully-imputed interim dividend of 6.75 cps declared (up 4% on the prior period) with a record date of 30 November 2022 and a payment date of 14 December 2022 increase of 4% ▪ Dividend outlook is for continued modest cps growth, prim
Slide 19: Debt Capacity & Facilities
Debt Capacity & Facilities $Millions 30 September 2022 31 March 2022 With cash on hand Net bank debt ($405.7) ($773.0) ▪ Infratil retains significant available liquidity to pursue both internal and external investment Infratil Infrastructure bonds $1,185.9 $1,163.7 and significant Infratil Perpetual
Slide 20: FY2023 Guidance
FY2023 Guidance Proportionate EBITDAF range FY2023 Guidance narrowed to ▪ FY2023 Proportionate EBITDAF guidance range is narrowed to $510 million – $540 million (previously $510 to $550 million) $510 - $540 million ▪ Key guidance assumptions include: ▪ CDC Data Centres EBITDAF of A$210 million - A$2
Slide 21: Summary
Summary ▪ Portfolio transactions demonstrate the embedded optionality of our businesses ▪ Robust performance overall, underpinned by quality investments ▪ Strong capital position ▪ Capacity to take advantage of opportunities in a volatile market ▪ Expect global diversity of the portfolio to increase
Slide 22: Appendices
Appendices Interim Results Announcement For the period ended 30 September 2022
Slide 23: Share Price Performance
Appendix 1 Share Price Performance Infratil Share Price Infratil continues 10.00 its track record of outstanding 9.50 returns 9.00 Accumulation Return1 8.50 Period Return 6 Month 6.5% 8.00 5 Year 26.9% 10 Year 20.5% 7.50 Inception – 28.5 years 18.6% 7.00 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar
Slide 24: Financial Summary
Appendix 2 APPENDIX TWO Financial Summary ▪ Increase in operating revenue reflects passenger Six months ended 30 September 2022 2021 recovery at Wellington Airport, a full period of Net parent surplus ($Millions) trading from RHCNZ Group, and increased Operating revenue $951.0 $644.4 earnings from C
Slide 25: Proportionate EBITDAF
Appendix 3 APPENDIX THREE Proportionate EBITDAF ▪ CDC uplift from increasing utilisation at existing Six months ended 30 September 2022 2021 data centres and contribution from new data EBITDAF uplift ($Millions) centres commissioned during the period CDC Data Centres $51.9 $38.3 reflects varying Vod
Slide 26: Capital Expenditure & Investment
Appendix 4 APPENDIX FOUR Capital Expenditure & Investment ▪ CDC Data Centres’ completion of H5, EC4, AKL1 Six months ended 30 September 2022 2021 and AKL2 and settlement of prior period land Ongoing ($Millions) purchases has driven increased capital spend CDC Data Centres $230.0 $99.8 investment in
Slide 27: NPAT to Proportionate EBITDAF
Appendix 5 APPENDIX FIVE NPAT to Proportionate EBITDAF Six months ended 30 September 2022 2021 Proportionate EBITDAF is an ($Millions) unaudited non-GAAP (‘Generally Net profit after tax (‘NPAT’) 557.3 1,130.3 Accepted Accounting Principles’) Less: Associates1 equity accounted earnings (346.6) (114.
Slide 28: Movements in Wholly Owned Group Net Bank Debt
Appendix 6 APPENDIX SIX Movements in Wholly Owned Group Net Bank Debt Six months ended ($Millions) 30 September 2022 31 March 2022 30 September 2021 Opening Wholly Owned Net Bank (Debt)/Cash 773.0 1,114.3 (328.2) Manawa Energy dividends 81.6 27.1 29.6 Wholly Owned Group cashflows Vodafone distributi
Slide 29: Available Capital
Appendix 7 APPENDIX SIX Available Capital ($millions) Infratil’s available capital is 30 September Wholly Owned (Net Bank Debt)/Cash $405.7 ▪ Funding on completion of the represented by reported net cash at Longroad capital raise occurred on 6 Add: Undrawn bank facilities $906.3 30 September 2022 an