Infratil Limited · NZX:IFT
Infratil — Investor Day (February 2022)
142 slides from Infratil's investor day presentation, Feb 15, 2022
Slide 1: Investor Day 15 February 2022
For personal use only Investor Day 15 February 2022
Slide 2: Disclaimer
Disclaimer For personal use only Information This presentation has been prepared This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. by Infratil Limited (NZ company The information in this presentation is of a gene
Slide 3: Welcome
Welcome For personal use only Infratil’s 2022 Investor Day Mark Tume Jason Boyes Phillippa Harford • Independent Director since • Infratil Chief Executive Officer • Infratil Chief Financial Officer November 2007 and Infratil and Director since 1 April 2021 since May 2015 Chair since October 2013 • J
Slide 4: 2022 Investor Day Agenda
2022 Investor Day For personal use only 10.30am - 11.10am Introduction and Welcome, Portfolio Update & Growth Outlook Agenda Mark Tume, Infratil Chair, Jason Boyes, Chief Executive and Phillippa Harford, Chief Financial Officer 11.10am - 11.25am Renewable Energy Platform Vimal Vallabh, Morrison & Co
Slide 5: Portfolio Update and Growth Outlook
For personal use only Portfolio Update and Growth Outlook Jason Boyes (CEO) and Phillippa Harford (CFO)
Slide 6: Overview
Established Listed on Managed by Overview For personal use only Morrison Infratil is an infrastructure 1994 NZX ASX & Co investor with significant Market Capitalisation Group Assets 2022F Investment investments in Digital Infrastructure, $5.5b $8.5b + $1.3b Renewables and Social Track record After t
Slide 7: Investment Approach
Investment Approach For personal use only • Infratil invests in infrastructure businesses, targeting returns to shareholders of 11-15% p.a. over the long Our successful, term high conviction • Investment is focused on sectors and businesses with ✓ strong defensive characteristics approach has ✓ expo
Slide 8: 2021 Investor Day: what we said and what we did
2021 Investor Day For personal use only What we said we would do What we did Looking back at • Undertake the strategic review of Infratil’s • Successful sale of Tilt Renewables completed in what we said we investment in Tilt Renewables August 2021, generating a return of 35% p.a. • Rebuild scale in
Slide 9: Portfolio Overview
Portfolio Overview For personal use only Four significant investment platforms with Digital Renewables Social Airports business, sector Infrastructure Infrastructure and geographic 56% 21% 14% 9% diversification Infratil Investor Day 2022 9
Slide 10: Portfolio Composition
Portfolio Composition 2021 2022 For personal use only 1% High conviction in 1% 13% 16% Digital Infrastructure, Renewable Energy 8% 8% resulting from strong Digital Infrastructure 41% 10% performance and Airports Tilt Renewables exit. Social Infrastructure 42% Growth in Other 60% Renewables and Healt
Slide 11: Portfolio Composition and Expected Returns
Portfolio Composition 2021 2022 For personal use only Earlier stage 13% investments in Core 20% 35% development Core+ 45% expected to Development 35% grow. Room to 52% add core cash generation to Target Portfolio Return support that Infratil Portfolio Expected Returns Leverage Assumption Management
Slide 12: Portfolio Strategy
Portfolio Strategy For personal use only Long-term mega • Long-term mega trends driving Infratil’s chosen sectors of Digital Infrastructure, Renewables and Healthcare are still early trends driving • Further backed by long-term tailwinds for infrastructure investment, which continues to grow rapidly
Slide 13: Portfolio Strategy
Portfolio Strategy For personal use only Infratil’s early • Infratil’s early move into growth infrastructure sectors - Digital Infrastructure, Renewables and Healthcare – and sustainable investing has positioned it well moves in growth ➢ The valuation of those investments has increased, as has compe
Slide 14: Portfolio Outlook
Portfolio Outlook For personal use only • Digital Infrastructure Focussed on ➢ Already at scale in A/NZ – CDC Data Centres continues to experience strong organic growth, capitalising on early assessing network capital release options for Vodafone starts, building ➢ Continuing to evaluate further att
Slide 15: Sustainability
Sustainability For personal use only Since inception, • Over the last 12 months the Infratil board has been setting our long-term sustainability strategy Infratil has • The strategy establishes a sustainability vision for the business together with long-term environmental, social invested in assets
Slide 16: Capital Availability
Capital Availability For personal use only ($Millions) 14 February Well positioned Net bank debt/(cash) (804.2) • Upon completion of the Tilt Renewables disposal, Infratil fully repaid its drawn for capital Infratil Infrastructure bonds 1,163.7 bank debt facilities, leaving a cash Infratil Perpetual
Slide 17: Guidance
Guidance For personal use only Proportionate EBITDAF Dividends Guidance range • FY2022 Proportionate EBITDAF guidance range • The dividend outlook is for modest continued narrowed and is narrowed to $500-$520 million (previously $500-$530 million) growth in cps, reflecting expected growth in operati
Slide 18: Inflation
Inflation For personal use only Infratil’s portfolio • A material portion of the Group’s revenue is derived through contracts which provide for revenue adjustments for Consumer Price Inflation or via an alternative % increase, therefore cushioning is relatively well inflationary impacts • For some p
Slide 19: Conclusions
Conclusions For personal use only • Infrastructure is one of the hottest asset classes Infratil is very well globally experiencing strong long-term tailwinds, alongside the long-term mega trends supporting our positioned, with three focus sectors: Digital Infrastructure, Renewables and Healthcare mu
Slide 20: Longroad Energy Investor Day
For personal use only Investor Day February 15, 2022 Photo: Longroad’s Monmouth, ME project site
Slide 21: Business Overview
Business Overview LONGROAD ENERGY PARTNERS, LLC For personal use only • Vertically integrated developer, owner, operator established 2016 • US wind, solar, and storage • Developed and acquired 3.2 GW since inception, of which 1.8 GW sold and 1.4 GW retained • Near-term (2022-24) growth of 4.5 GW, ~1
Slide 22: US Renewables – Annual Additions
US Renewables – Annual Additions For personal use only Storage (ex. Residential) Solar (ex. Residential) Weaver Wind (onshore) Without new federal climate legislation, expect wind, solar, and storage market to be ~40-45 GW per year Source: BNEF 3
Slide 23: Last Months: Global Supply Disruption
Last 12 Months: Global Supply Disruption For personal use only Steel Shipping Containers Weaver Lithium PV Panels Inflation at 30-year high; impacting project economics Note: all MW figures herein reference dc for PV, ac for Wind, and dc for storage nameplate capacity 4
Slide 24: FNTP Growth vs. Global Supply Disruption
Last 12 Months: FNTP Growth vs. Global Supply Disruption For personal use only • 12 months ago: 1.8 GW • Closed/achieved commercial (12 projects) poised for operation of Sun Streams 2 (200 MW) FNTP over 2021/22 • Closed financing and started construction on Maine DG1 (26 MW) • Some deals slid to the
Slide 25: Last Months: Pipeline Growth
Last 12 Months: Pipeline Growth For personal use only 12,930 7,683 • +68% growth in total pipeline • +245% growth in CAISO (California) • Significant growth in storage • Added NVE pipeline (Nevada) Weaver pipeline (+143%) • +109% growth in SCPPA/LA (City of • Actively adding wind portfolio Los Angel
Slide 26: Growth Prospects: 2022-26 Pipeline
Growth Prospects: 2022-26 Pipeline For personal use only Longroad’s 1.4 GW of operating assets and ~13 GW pipeline are composed of wind, solar, solar and storage, and standalone storage assets across 13 states Solar Assets 1,001+ MW Solar + Storage Assets 501 MW – 1,000 MW Storage Only Assets Wind A
Slide 27: Key Themes in the US Renewable Sector
Key Themes in the US Renewable Sector For personal use only Significant • Build Back Better setback, but reintroduction of Climate legislation possible 1 Industry • State level support mechanisms strengthening Tailwinds • Corporate buyers of renewable energy at all time high (31 GW in 2021)(1) 2 Glo
Slide 28: Strategic Shift To Retaining Projects
Strategic Shift To Retaining Proejcts For personal use only • Historically primarily develop-to-sell Longroad Plan business model: 3.2 (total dev/acq) – 1.8 (sold) = 1.4 GW owned A six-fold increase in retained operating assets…. • Going forward, making strategic shift to 8.5 GW primarily develop-to
Slide 29: Longroad Investment Thesis
Longroad Investment Thesis For personal use only • Average since 2018: 760 MW – many of our new projects include storage • 2022-24 pipeline advanced (42 % with revenue contracts or in discussion) We can develop 1.5 GW(1) per year • 2025+: 8.5 GW pipeline in 2022 provides ample coverage; will continu
Slide 30: Closed and Announced Platform Transactions
Closed and Announced Platform Transactions For personal use only January 2022 December 2020 December 2021 December 2021 November 2021 October 2021 October 2021 Weaver July 2021 July 2021 June 2021 April 2021 August 2020 March 2020 July 2019 March 2018 Significant and growing volume of capital being
Slide 31: Wrap-Up
Wrap-Up For personal use only • Strategic shift positions Longroad well for the next five years in an ever more competitive US renewable market • Longroad targeting to grow its operating base from 1.4 to over 8.5 GW in five years by developing and retaining its pipeline of projects • Longroad well-p
Slide 32: Thank you
Photo Credit: Nolan Hartleben For personal use only Thank you
Slide 33: For personal use only
For personal use only C2 General
Slide 34: For personal use only
For personal use only C2 General
Slide 35: For personal use only
For personal use only C2 General
Slide 36: Plan to create sustainable value for customers, people and shareholders
For personal use only A clear plan to create sustainable value for our Retaining and attracting the best and brightest in a competitive customers, people and shareholders labour market • First phase of our strategy has seen us • Organisation health is the strongest since the acquisition improve cust
Slide 37: Delighting customers and lowest-cost telco
For personal use only Delighting customers, enhancing self-service and improving Proudly targeting to become one of the lowest cost and reliability with lower-cost digital systems most efficient telcos • Cultural focus on embedding customer experience across • Efficiency programmes have every aspect
Slide 38: Keeping customers connected and winning in key segments
For personal use only Keeping our customers connected and maximising the value of Identifying, innovating and winning in key market segments our network assets • Post-pay mobile performance building through endless • Maintaining our strengths in mobile and fixed plan and device innovation and prepai
Slide 39: Outlook for FY22
For personal use only 12 months 6 months 6 months • H1 FY22 FY22 guidance of $480m -$510m is 31/03/21 30/09/20 30/09/21 pcp % Outlook for FY22 $m $m $m being maintained. Mobile Modest return to mobile services revenue pcp growth in • FY22 guidance range did not revenue 793.7 401.1 401.2 0.0
Slide 40: Technology platform upgrade
For personal use only Delete this whole paragraph (will be used in the Technology platform upgrade voiceover) – continuation of digital – and maketechnology platform bottom section upgradeifto address editable legacy complexity. possible Customer experience – ongoing improvements to existing platfo
Slide 41: For personal use only
For personal use only C2 General
Slide 42: Passive mobile tower separation
For personal use only • At an advanced stage of preparation for potential separation & capital release of passive mobile infrastructure tower assets • Largest tower portfolio in New Zealand1, covering 98% of NZ’s populationHigh- quality portfolio, with strong co-tenancy potential • Future tower grow
Slide 43: Passive mobile infrastructure
For personal use only Passive mobile infrastructure 1. Antenna & cables Active 2. Remote radio equipment Active 3. Physical tower, masts & pole Passive Mobile sites 4. Foundation & fencing Passive (towers, rooftops) 5. Contractual right to occupy site area Passive 6. Power equipment Active
Slide 44: For personal use only
For personal use only C2 General
Slide 45: For personal use only
For personal use only C2 General
Slide 46: Infratil Investor Day Presentation February 2022
For personal use only Infratil Investor Day Presentation FEBRUARY 2022
Slide 47: Important notice and disclaimer
For personal use only Important notice and disclaimer This presentation contains confidential, non-public information and has been prepared by Canberra Data Centres Proprietary Limited (ABN 59 125 710 394) (“CDC”). Distribution of this presentation, or of any information contained in this presentati
Slide 48: Agenda
For personal use only Agenda CDC Overview & Performance 1 Outlook 2 Questions 3
Slide 49: CDC Overview & Performance
For personal use only CDC Overview & Performance
Slide 50: CDC Data Centres overview
For personal use only CDC Data Centres overview Established in 2007, CDC Data Centres (CDC) has grown to become a leading owner, developer and operator of large-scale, secure and sovereign data centres across Australia and New Zealand. CDC builds, owns and operates data centres across a growing foot
Slide 51: CDC growth timeline
New Hume Campus Fyshwick Campus For personal use only Hume 4 construction capacity expansion begins, 66% committed Fyshwick 2 data centre capacity prior to goes live construction start Acquisition Infratil acquires a stake in CDC; construction of Hume 3 completed Campus Growth 2021 EC4 and Hume 5 in
Slide 52: Our FY2022 Achievements
For personal use only Our FY2022 Achievements We have delivered on all our FY2022 commitments and have laid the foundation for future growth: Customers Expanded National Critical Infrastructure and Grow National Critical Infrastructure and Commercial client base Commercial client base, including new
Slide 53: Our FY2022 Achievements (cont'd)
For personal use only Our FY2022 Achievements (cont’d) We have delivered on all our FY 2022 commitments and have laid the foundation for future growth: Financial FY22 will be one of investment and delivery in preparation for the Development in four geographies during FY 2022 with next stage of reven
Slide 54: Development Performance
For personal use only Development Performance CDC’s data centre developments across four geographies are all progressing well, on-track and within budget: Auckland New Zealand Sydney Australia 01 • CDC’s two 14 MW data centres in New Zealand are nearing completion • On track to generate revenue in C
Slide 55: Financial Performance
For personal use only Financial Performance Profitable growth to continue as new investments in NZ and AU are commissioned and customers onboarded CDC delivered on FY2021 earnings expectations and is on track to achieve FY2022 EBITDA guidance, CDC has built a loyal customer base comprising despite
Slide 56: CDC Outlook
For personal use only CDC Outlook
Slide 57: Growing customer demand for future projects
For personal use only Growing customer demand for future projects CDC’s track record of project delivery puts CDC in the right place at the right time to satisfy accelerating market demand Customer digitalisation and data growth Driven by cloud adoption and digitalisation, remote working, online ser
Slide 58: Portfolio overview and growth outlook
For personal use only Portfolio overview and growth outlook CDC has a clear runway for growth across Australia and New Zealand CDC operates 164MW of capacity across nine facilities in three campus locations; rack Build Capacity Commission Facility Status utilisation continues to increase – up to 7
Slide 59: Expanding into Melbourne
For personal use only Expanding into Melbourne CDC is well-positioned to capitalise on Australia’s second largest data centre market by providing world-class quality, secure and resilient critical infrastructure solutions CDC has secured suitable land to accommodate a development pipeline of 150MW
Slide 60: Looking ahead
For personal use only Looking ahead The key focus for FY2023 will be to deliver on contracted capacities in Auckland, Canberra and Sydney, and begin CDC’s next growth chapter in Melbourne Customers People Continue to grow and diversify National Critical Build the team further to meet organisational
Slide 61: Questions
For personal use only Questions
Slide 62: Investor Day – Digital Infrastructure Platform
For personal use only Investor Day – Digital infrastructure Platform 15 February 2022
Slide 63: Global demand for digital infrastructure is accelerating
Global demand for digital infrastructure is accelerating Infratil has exposed shareholders early to this emerging trend For personal use only Australia and New Zealand • Invested in 2016 • Australia’s most secure and resilient data centre provider • Recent expansion into Europe New Zealand • Revenue
Slide 64: Connectivity has evolved to a comprehensive digital economy
Connectivity has evolved to a comprehensive digital economy The fast growing digital industry has become a critical building block of society For personal use only Digital services are becoming increasingly integrated and essential to every … and has seen exponential growth in data facet of modern l
Slide 65: Demand outlook for digital infrastructure remains strong
Demand outlook for digital infrastructure remains strong New use cases and ways of working will only accelerate the trend For personal use only Global Data Traffic Forecast (EB/month) Key Demand Drivers Δ in EB ’21-’27 Δ CAGR 920 Total 620 3.1x 21% Accelerated • Existing workloads scale with busines
Slide 66: Infratil is well exposed across the digital ecosystem
Infratil is well exposed across the digital ecosystem Fiber, subsea, wireless, and data centres continue to be our focus going forward For personal use only Legend Infratil current exposure Current pipeline focus SATELLITE THE INTERNET TRANSMISSION SUBSEA DATA Satellite CENTRES People WIRELINE POPs
Slide 67: Investor Day – Renewables Platform
For personal use only Investor Day – Renewables Platform 15 February 2022
Slide 68: A Global Renewables Platform
A Global Renewables Platform Infratil is consolidating its position as a global player in renewable energy For personal use only Europe • Established in February 2020 • Wind, Solar & Storage • 3.4GW development pipeline • 28 employees • 6 markets addressed Asia • Established in July 2021 • Wind, Sol
Slide 69: Proven Leaders in Renewable Energy
A Global Platform For personal use only • Strengthening commitment to net zero, around 90% of global emissions are now covered Proven Leaders in • Clean energy investment set to more than triple to around $4 trillion per year by 2030¹ to Renewable Energy meet goals • EU energy crisis is highlighting
Slide 70: Galileo Green Energy Investor Day
For personal use only Infratil Investor Day 15 February 2022 Galileo Green Energy | Infratil Investor Day | 15 February 2022
Slide 71: Agenda
Agenda 1. Energy Transition in Europe 2. Galileo Green Energy Investment Thesis For personal use only 3. After 2 years 4. Development Perspectives Galileo Green Energy | Infratil Investor Day | 15 February 2022
Slide 72: Energy Transition in Europe: the fundamentals
1. Energy Transition in Europe: the fundamentals Renewable Energies provide a positive response Europe is a large and cohesive market with For personal use only to all 4 parameters of a good energy mix internationally leading policies and commitment │ Europe ➢ c. 500 million people SECURE AFFORDABLE
Slide 73: Energy Transition in Europe: renewable growth trajectory
1. Energy Transition in Europe: outstanding renewable growth trajectory Renewable Energy is set to increase its share in Europe’s Outstanding development and investment For personal use only power mix by c. 900TWh, covering over 60% by 2030 opportunity in a fast-growing market Net generation (TWh) I
Slide 74: Energy Transition in Europe: geopolitical energy crisis
1. For personal use only Energy Transition in Europe: geopolitical energy crisis 270 €/MWh DELIVERED DEC 2021 FORWARD 220 CURVES 170 120 70 20 2017 2018 2019 2020 2021 2022 2023 2024 2025 France Germany Italy Spain UK ➢ Forward power prices show record levels across all large European countries, wit
Slide 75: First policy responses to rising energy prices
1. Energy Transition in Europe: first policy responses to rising energy prices ➢ In October 2021, the European Union published a “toolbox” of measures to tackle surging energy prices. Several For personal use only countries already announced / adopted short-term measures in line with the EU guidelin
Slide 76: Key competences and market strategy
2. Galileo Green Energy: key competences and market strategy Differentiation through combination of 4 key Galileo Green Energy’s For personal use only competences in this new era of renewables Market Strategy Develop the most competitive projects in their Competitive Development respective markets t
Slide 77: Investment thesis and positioning
2. For personal use only Galileo Green Energy: investment thesis and positioning Investment Thesis Value creation through ➢ competence-driven and fast-moving development of flexibly financed projects, ➢ predominantly green-field in an expanding market, ➢ with risks mitigated through geographical and
Slide 78: Galileo Green Energy: years after our start
3. For personal use only Galileo Green Energy : 2 years after our start At the start Feb 2021 Investor Day Feb 2022 Investor Day │ Created in 1 year after our start 2 years after our start February 2020 │ 16 people │ 28 people │ Capital commitment for development of │ 4 Joint Development Agreements
Slide 79: European management team
3. For personal use only Galileo Green Energy’s European management team Ingmar Wilhelm Paolo Grossi Katy Hogg Nikolaus Mainka │ Chief Executive Officer │ Chief Commercial Officer │ Chief Operating Officer │ Chief Financial Officer │ 30 years of experience with E.ON, ENEL, │ 30 years of experience w
Slide 80: Evolution of Galileo Green Energy's pipeline
3. Evolution of Galileo Green Energy’s pipeline GGE’s Pipeline evolution by technology For personal use only 3,433 3,500 3,247 12% 19% │ Galileo’s development pipeline 3,000 2,591 2,500 2,239 has more than doubled in size 14% over the course of 2021, reaching MW 2,000 43% 39% 1,464 38% 35% Storage 1
Slide 81: Current portfolio of partnerships
3. Galileo Green Energy’s current portfolio of partnerships Ireland Sweden For personal use only │ c. 400MW pipeline │ c. 650MW pipeline │ Technology: onshore wind │ Technology: onshore wind │ 1 joint venture │ 1 joint venture Spain UK │ c. 900MW pipeline │ c. 1,100MW │ Technology: solar PV │ Techno
Slide 82: Growth Plan: Quantitative Development Perspectives
4. For personal use only Our Growth Plan: Quantitative Development Perspectives Target Growth Plan of Galileo Green Energy Investable projects Ramp up to c.300 to 500MW per year Investment potential of €300 to €500m per year, Investments with ample sell-down opportunities in an deep market Targeting
Slide 83: Growth Plan: Qualitative Development Perspectives
4. For personal use only Our Growth Plan: Qualitative Development Perspectives Who Energy, development and investment experts we are What Create projects and implement we do green energy solutions Responsible, transparent, swift, Shared diverse, Principles united! Why we do it Passion for energy, ec
Slide 84: Galileo Green Energy contact
For personal use only Galileo Green Energy GmbH Usteristrasse 12 CH-8001 Zurich info@galileogreenenergy.com www.galileogreenenergy.com
Slide 85: Infratil Investor Day – February 2022
Infratil Investor Day – 15 February 2022 For personal use only Infratil Investor Day 15 February 2022 1
Slide 86: Pan Asian renewables platform and core competencies
Singapore-headquartered, pan Asian renewables platform, led by team with decades of experience successfully developing and investing in Asia’s energy sector For personal use only Gurīn Core Competencies Value Delivered Presence Navigate fast evolving energy and regulatory environments Strong in-coun
Slide 87: Rationale for Renewable Investment in Asia-Pacific
Rationale for Renewable Investment in Asia-Pacific For personal use only • Dynamic emerging economies, sustaining world-leading GDP growth as Globalization Target Markets 2.0 unfolds • Governments mobilizing to address urgent green energy requirements in the face of climate crisis. • Renewables tran
Slide 88: Asia OECD: Profile, People and Pipeline
Asia OECD: Profile, People and Pipeline For personal use only SOUTH KOREA JAPAN Gurīn Presence and Pipeline Gurīn Presence and Pipeline 2 staff (development) 1 staff (development) Solar, ground: 500 MW Solar, ground: 150 MW Wind, onshore: 100 MW Sector Profile 2020 Sector Profile 2020 Installed capa
Slide 89: ASEAN: Profile, People and Pipeline
ASEAN: Profile, People and Pipeline For personal use only VIETNAM PHILIPPINES Gurīn Presence and Pipeline Gurīn Presence and Pipeline 1 staff (development) 8 staff (development and operations) Solar, ground: 168 MW Solar, ground: 550 MW Wind, nearshore: 225 MW Sector Profile 2020 Sector Profile 2020
Slide 90: India: Profile, People and Pipeline
India: Profile, People and Pipeline For personal use only INDIA Gurīn Presence and Pipeline 0 staff Solar, ground: 560 MW Wind, onshore: 120 MW Sector Profile 2020 Installed capacity 370 GW Peak demand 182 GW Generation 1,381 TWh RE share (capacity) 22% 6
Slide 91: Gurīn Energy catalysts, targets and KPIs
Gurīn Energy catalysts, targets and KPIs For personal use only Catalysts Targets KPIs All policies and procedures in place Platform Development Complete build-out (e.g. ESHS, financial, operational, development processes) People: 50 in Gurīn Complete establishment of key People and Partners Partners
Slide 92: Gurīn Principals
Gurīn Principals For personal use only Assaad Razzouk Michael Boardman Robert E. Driscoll Chief Executive Officer Chief Financial Officer Chief Operating Officer • Translates Board strategy into business plan; directs • Translates business plan into annual budget and five- • Maintains standards of t
Slide 93: Gurīn Energy contact
For personal use only Gurīn Energy Pte. Ltd. 3 Anson Road #24-03A Springleaf Tower Singapore 079909 enquiries@gurīnenergy.com https://gurinenergy.com/
Slide 94: Infratil Investor Day February 2022
For personal use only Infratil Investor Day 15 February 2022
Slide 95: Retail business sale nears completion
Retail business sale nears completion For personal use only The operational activities required to separate the Retail business from retained operations are on track, in preparation for settlement of the transaction with Mercury which is now expected to be in the second quarter of 2022 • The key con
Slide 96: Manawa Energy
Manawa Energy For personal use only Future Focused: • Upon completion of the sale, Trustpower will be renamed ‘Manawa Energy’ – a name gifted to us by Ngāti Hangarau hapū, who hold mana whenua over the area where our Kaimai scheme is located. • Directly acknowledges our shared whakapapa with Ngāti H
Slide 97: Manawa Energy – Core Focus Areas
Manawa Energy – Core Focus Areas For personal use only Leveraging on the relative strengths of Trustpower: • Excellence in operating small and diverse assets across the country • Excellence in understanding commercial and industrial customers needs • Excellence in understanding transmission and dist
Slide 98: Manawa Energy – Inflation
Manawa Energy – Inflation For personal use only Manawa Energy revenues are relatively insulated from a high inflationary environment as most are linked to wholesale energy pricing. Particular large hedge contracts either contain CPI escalators or are linked to ASX future prices C&I customer contract
Slide 99: Market Conditions Update
Market Conditions Update For personal use only Recent market, hydrological, and other factors have resulted in some downward pressure on earnings for H2 FY-22: • Unsettled weather including a very dry January period • The current outage at our Waipori scheme is experiencing delays due to unexpected
Slide 100: Investor Day – Healthcare Platform
For personal use only Investor Day – Healthcare Platform 15 February 2022
Slide 101: Healthcare is an essential service globally
Healthcare is an essential service globally A clear path to building a scale healthcare infrastructure platform For personal use only Australia • Invested in 2020 • Comprehensive diagnostic imaging business operating predominantly on the eastern seaboard of Australia • Qscan is one of Australia’s la
Slide 102: Strong structural tailwinds
Strong structural tailwinds For personal use only Australian population by age cohort New Zealand population by age cohort The growing and FY2019-30F CAGR FY2019-30F CAGR Millions of people Millions of people ageing population 30 1.3% 85+ (19-30F) 3.3% 6 1.5% 85+ (19-30F) 4.2% continues to drive an
Slide 103: Healthcare sector market update
Healthcare sector market update For personal use only Australian public healthcare expenditure Government funding FY2013-22F A$bn for healthcare 100 5.4% expenditure 80 4.3% continues to 60 increase, with a step- 40 61 65 66 69 71 75 79 82 94 98 up expected in the 20 near term due to the 0 2013 2014
Slide 104: Diagnostic imaging platform
Diagnostic imaging platform For personal use only Strategic vision Australasia’s Strong platform for leading provider of future growth. radiology services, meeting the needs of a growing and aging population Opportunities to build synergies across existing assets Organic growth In-organic growth Syn
Slide 105: Market leading radiology platform
Market leading radiology platform For personal use only Platform Revenue Platform EBITDA Combined platform 600 (NZD millions) 180 (NZD millions) 30% growth driven by 500 150 25% focus on high value 400 120 20% modalities 300 90 15% 200 60 10% 100 30 5% 0 0 0% FY19 FY20 FY21 LTM Dec-21 FY19 FY20 FY21
Slide 106: Future healthcare opportunities for Infratil
Future healthcare opportunities for Infratil For personal use only Strategic bolt-on acquisitions for diagnostic imaging Cardiology platform and scale Oncology Neurology Platform synergies acquisitions in Expansion within diagnostic adjacent healthcare imaging Entry into adjacent healthcare sectors
Slide 107: Global platform expansion
Global platform expansion For personal use only Global vision and strategy Global platform synergies Significant platform Leverage existing • Number of attractive markets with translatable operating ✓ Building out tele-radiology capability with opportunity for true opportunities radiology operating
Slide 108: Qscan Infratil Investor Day February 2022
For personal use only Infratil Investor Day 15 February 2022 1
Slide 109: National network of 75+ radiology clinics
National network of 75+ radiology clinics diversified across metropolitan, regional & super-regional geographic segments Unique portfolio with strong competitive differentiation delivering catchment leadership and high barriers to scale For personal use only National radiology network… Qscan clinic
Slide 110: Australian Diagnostic Imaging Sector Snapshot
For personal use only Australian Diagnostic Imaging Sector Snapshot
Slide 111: Australia Radiology Industry Snapshot
Australia Radiology Industry Snapshot Radiology in Australia has experienced a consistent industry growth of 6% p.a. For personal use only Predictable, structural, Predictable long-term industry growth growth of ~6% p.a. 6.4 ▪ Radiology in an essential service and a key pillar in disease identificat
Slide 112: Radiology Key Industry Drivers
Radiology Key Industry Drivers Long term sustainable growth is underpinned by a number of favourable industry conditions For personal use only Driver Summary ▪ Industry demand increases in-line with population growth Population ▪ Australia’s population is anticipated to grow steadily in the future a
Slide 113: Current Financial Performance
For personal use only Current Financial Performance
Slide 114: Short term revenue and earnings impacted by COVID
Short term revenue and earnings impacted by COVID but underlying fundamentals of the radiology industry remain strong For personal use only Track record of strong annual revenue growth Continuation of margin expansion expected post COVID Revenue ($m) >60% of clinic revenue from high value modalities
Slide 115: Qscan growth continues to outperform overall DI Market
Despite COVID impacts Qscan growth continues to outperform overall DI Market Qscan has maintained services despite significant impacts of COVID in key states resulting in billings growth for 12 months For personal use only to December 2021 of 12% vs. Market growth of 8% for the same period. Rolling
Slide 116: The Next Phase….
For personal use only The Next Phase….
Slide 117: Clinic expansions opening in FY22/23
Clinic expansions opening in FY22/23 For personal use only Qscan Windsor Gardens, SA Qscan Kingswood, NSW Qscan Aspley, QLD Opened February 2021 Opened January 2022 Expansion completed in January 2022 Modalities include: Modalities include: Modalities include: • X-ray • PET-CT • Ultrasound (3 of now
Slide 118: Clinic expansions opening in FY22/23
Clinic expansions opening in FY22/23 For personal use only Qscan Westmead, NSW Qscan Midland, WA Opening March 2022 Opening March 2022 Modalities will include: Modalities will include: • X-ray • X-ray • Ultrasound • Ultrasound • PET-CT • PET-CT • CT • CT • Interventional procedures • Interventional
Slide 119: FY23 Key Focus areas
FY23 Key Focus areas For personal use only • Continued implementation of ‘best in class’ IT / operating systems across the entire network, to maximise benefits of integration and scale • Focussed investment in Teleradiology, including the roll-out of a national, integrated Radiologist orchestrated w
Slide 120: RHC Group Infratil Investor Day February 2022
RHC Group For personal use only Infratil Investor Day 15 February 2022
Slide 121: NZ's Largest Radiology Network
NZ's Largest Radiology Network For personal use only Large-scale national business providing specialist imaging, diagnostic and interventional radiology services National portfolio of 70 clinics o 39 clinics north island o 31 clinics in south island o + located at 18 key private hospitals o 140 radi
Slide 122: New Zealand Industry Drivers
New Zealand Industry Drivers For personal use only Sustainable growth driven by favourable market context • Pressure on public health >higher demand for private radiology services COVID • Radiology an essential service in identification, prevention and monitoring of CONTEXT patient health-care cycle
Slide 123: Our Competitive Advantage
Our Competitive Advantage For personal use only • Largest private radiology provider in NZ • PRG/RHC is the national leader in PET National Scale • Combined group approximately four times larger than next largest provider • Offers full suite of diagnostic imaging modalities Extensive range of • Expa
Slide 124: High-Value Modalities
High-Value Modalities For personal use only Modality # of Machines Modality value Patient / Referrer value R • High margin modality • MRI technology provides highly detailed body images for diagnosis MI 33 • Focused on private pay market of a range of issues / diseases • Focus on the high yield volu
Slide 125: Strategic Modality Mix
Strategic Modality Mix For personal use only • Good mix of modality in all locations • Target high margin growth in new services • ‘World class radiology” Revenue by funder ACC Revenue by modality MRI DHB/MOH CT Other PET/CT 9% 8% US Private 30% 13% XR SX et al 36% MA 34% 20% 1% 26% 5% 18%
Slide 126: Strategic Growth Plan
Strategic Growth Plan For personal use only With a strong commercial platform, significant market share and proven reputation for clinical and operational excellence, we can achieve above-market growth expectations Research Growing share of Technology external reporting Continually market expanding
Slide 127: Recent expanded Capability
Recent expanded Capability (Post acquisition) For personal use only Unprecented growth, new purpose-built regional facilities delivered on time within budget Continued future capital spend at key locations Pacific Radiology, Pacific Radiology, Pacific Radiology, Kawarau Park Queenstown Rolleston, Ca
Slide 128: In Summary
In Summary For personal use only • Diversified funding sources : ACC , Public Hospitals, Ministry of Health screening initiatives, private health care Diversified insurance & direct patient fees funding • With capacity constraints on public health systems, private clinics broadly accepted as valuabl
Slide 129: RetireAustralia Infratil Investor Day – February 2022
For personal use only RetireAustralia Infratil Investor Day – 15 February 2022
Slide 130: Strong rebound in performance
Strong rebound in performance For personal use only • FY22 has presented significant challenges due to the Covid-19 pandemic, including supply chain issues, workforce pressures and increased cost of materials for refurbishments and construction activities • On the flip side, a buoyant property marke
Slide 131: Capitalising on momentum
Capitalising on momentum For personal use only Total Settlements • RetireAustralia is anticipating a strong finish to 600 FY22 with total sales of 490 to 520 units forecast compared a budget of 442 and last year’s 343 500 • In FY23 RetireAustralia will focus on optimising its 400 processes to return
Slide 132: Developments under construction
Developments under construction For personal use only • After a pandemic-induced slowdown with developments in 2021, RetireAustralia is accelerating construction with four sites under construction • 34 apartments are being added to The Rise at Wood Glen, and 22 units at Forresters Beach - both are p
Slide 133: Investor Day – Airports February 2022
For personal use only Investor Day – Airports 15 February 2022 1
Slide 134: Wellington International Airport
Wellington International Airport Infratil Investor Day 2022 For personal use only
Slide 135: Resilient long-term passenger growth pre-Covid
Resilient long-term passenger growth pre-Covid Average annual pax growth over 20 years to FY20 was +2.7% p.a. For personal use only Millions 7 Covid-19 2020 - 2022 GFC Swine Flu Chch EQ 6 2008 2009 2011 Global aviation SARS recovery expected by 5 2024-25 with earlier 2002 - 2004 domestic and short h
Slide 136: 82% domestic traffic means WLG less exposed to Covid
82% domestic traffic means WLG less exposed to Covid Passenger numbers have recovered strongly between periods of lockdown but currently Omicron disruption For personal use only All NZ at Level 1 & Trans Tasman bubble open Auckland Level 3 lockdown Delta outbreak. TT bubble Omicron emerges & all of
Slide 137: Industry expects global aviation recovery by 2024/25
Industry expects global aviation recovery by 2024/25 Previous results show domestic/short haul demand is materially restored when travel restrictions are lifted For personal use only • Covid is the biggest and longest shock to ever hit aviation Domestic Passenger Capacity at WLG 2019 2020 2021 700,0
Slide 138: Focus remains on managing cash flows and long term funding
Focus remains on managing cash flows and long term funding Preparing a platform for a return to growth For personal use only ✓ Positive cashflows forecast for FY22 despite Covid-19 disruption, reflecting cost efficiency & ongoing capex management ✓ Strong liquidity following $125m retail bond issue
Slide 139: EBITDA, Capex & FY22 Highlights
EBITDA, Capex & FY22 Highlights EBITDA forecast to recover in line with pax; capex managed in line with free cash flow For personal use only Capex Forecast • Ongoing focus on essential capex only; maintaining debt EBITDA ($m) levels COVID-19 120 2020 - 2022 • No major capex works committed or requir
Slide 140: Appendix
Appendix For personal use only Infratil Investor Day 2022 1
Slide 141: Portfolio Composition
Portfolio Composition For personal use only • CDC Data Centres is the largest privately owned and operated data centre business in Australia. Infratil is a high • CDC currently operates nine data centres, powered by 133MW, across three campuses in Sydney and Canberra During 2022 this will grow to in
Slide 142: Portfolio Composition
Portfolio Composition For personal use only • Development platforms in Asia (Gurīn Energy) and Europe (Galileo Green Energy) focussed on greenfield Infratil is a high development, acquisitions, strategic co-development opportunities across multiple markets in wind and solar assets. Combined developm