Infratil Limited · NZX:IFT
Infratil — Shareholder Meeting (August 2022)
41 slides from Infratil's shareholder meeting presentation, Aug 25, 2022
Slide 1: Annual Meeting of Shareholders
Annual Meeting of Shareholders 25 August 2022
Slide 2: Annual Meeting of Shareholders Programme
Annual Meeting of Shareholders Programme ▪ Chair’s Introduction ▪ Chief Executive’s Review ▪ Portfolio Update ▪ Shareholder Questions ▪ Resolutions Infratil Annual Meeting 2022 2
Slide 3: Online Participation
Annual Meeting of Shareholders Online Participation Voting Card Question box Infratil Annual Meeting 2022 3
Slide 4: Chair's Introduction
Chair’s Introduction Alison Gerry
Slide 5: Alison Gerry
Alison Gerry Up for re-election Independent Director and Chair • Independent Director since 2014 • Chair since 2022 • Member of Audit and Risk Committee • Member of the Manager Engagement Committee • Member of Nomination and Remuneration Committee
Slide 6: Jason Boyes
Jason Boyes Chief Executive Officer and Director • Chief Executive of Infratil and Director since 2021 • Partner at H.R.L. Morrison & Co Group • Chair of Longroad Energy and Galileo • Director of CDC Data Centres
Slide 7: Andrew Clark
Andrew Clark Up for election Independent Director • Independent Director since 2022 • Member of Audit and Risk Committee • Member of Manager Engagement Committee
Slide 8: Paul Gough
Paul Gough Independent Director • Independent Director since 2012 • Member of Manager Engagement Committee • Member of Nomination and Remuneration Committee
Slide 9: Kirsty Mactaggart
Kirsty Mactaggart Up for re-election Independent Director • Independent Director since 2019 • Chair of Manager Engagement Committee • Member of Audit and Risk Committee
Slide 10: Peter Springford
Peter Springford Independent Director • Independent Director since 2016 • Member of Manager Engagement Committee
Slide 11: Mark Tume
Mark Tume Independent Director • Independent Director since 2007 • Chair of the Audit and Risk Committee • Chair of Nomination and Remuneration Committee • Member of the Manager Engagement Committee
Slide 12: Chair's Address
Chair’s Address Alison Gerry 12
Slide 13: Chief Executive's Review
Chief Executive’s Review Jason Boyes
Slide 14: Investing Wisely In Ideas That Matter
Investing Net parent surplus Proportionate EBITDAF1 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 div
Slide 15: Portfolio Overview: what the portfolio looked like last year
Portfolio Overview What the portfolio looked like last year – Digital Renewables Healthcare Airports a strong portfolio Infrastructure 42% 43% 9% 7% poised for growth Annual Meeting 2022 15
Slide 16: Portfolio Overview: continued evolution
Portfolio Overview The portfolio has continued to evolve with recent Digital Renewables Healthcare Airports investment across Infrastructure 57% 24% 13% 6% all of our key platforms Annual Meeting 2022 16
Slide 17: Vodafone Towers
Vodafone Towers Vodafone has sold its passive mobile ▪ Vodafone has reached an agreement with InfraRed Capital tower assets Partners (40%) and Northleaf Capital Partners (40%) to sell its alongside a passive tower assets, with Infratil retaining a 20% stake reinvestment from ▪ The new TowerCo busine
Slide 18: Longroad Energy Capital Raise
Longroad Energy Capital Raise Infratil has increased its ▪ Infratil, NZ Super Fund and the Longroad Energy management commitment and team, have reached an agreement with MEAG, to invest announced a new US$300 million to acquire a 12% stake in Longroad Energy co-investor into ▪ The transaction values
Slide 19: Share Price Performance
Share Price Performance Infratil Share Price Infratil continues 10.00 its track record of 9.00 outstanding 8.00 returns 7.00 6.00 Accumulation Return 5.00 Period TSR 4.00 YTD 24 August 2022 11.8% 3.00 1 Year1 26.4% 2.00 5 Year1 27.9% 10 Year1 21.4% 1.00 Inception – 28 years1 18.9% - 2011 2012 2013 2
Slide 20: Debt Capacity & Facilities
Debt Capacity & Facilities 31 July ($millions) July 2022 March 2022 ▪ Infratil issued $115.9 million of IFT320 bonds in June 2022 via a successful bookbuild and With cash on hand Net bank debt/(cash) Infratil Infrastructure bonds ($482.4) $1,185.9 ($773.0) $1,163.7 exchange offer process and undrawn
Slide 21: FY2023 Guidance
FY2023 Guidance Proportionate EBITDAF remains FY2023 Guidance within the range of ▪ FY2023 Proportionate EBITDAF guidance range remains unchanged at $510 million – $550 million $510 - $550 million ▪ Guidance is based on Infratil management’s current expectations and assumptions about the trading per
Slide 22: Portfolio Update
Portfolio Update
Slide 23: CDC Data Centres
Digital Infrastructure Renewables Airports Healthcare CDC Data Centres CDC’s unique position places it ▪ New facilities in Silverdale, Hobsonville, Hume 5 and well to benefit Eastern Creek 4 are now welcoming customers from tailwinds ▪ The four facilities will add a total 104MW of built capacity Con
Slide 24: Vodafone New Zealand
Digital Infrastructure Renewables Airports Healthcare Vodafone New Zealand Benefitting from a disciplined ▪ Agreement with InfraRed, Northleaf Capital Partners and Infratil to approach to cost divest 100% of Vodafone's passive tower assets Vodafone will enter into a 20-year agreement with TowerCo to
Slide 25: Global Renewables Platform
Global Digital Infrastructure Renewables Airports Healthcare Renewables Platform The Global Renewables platform consists • 4.6GW development pipeline of Manawa Energy, • 33 employees Longroad Energy, Galileo, and Gurīn Energy • 2.1GW development pipeline • 29 employees • 1.5GW operating Assets • 15G
Slide 26: Manawa Energy
Digital Infrastructure Renewables Airports Healthcare Manawa Energy Investment in existing ▪ Divestment of the Trustpower Retail business completed on 1 May generation assets ▪ Manawa is now a business focused on generation and to enhance current development, with much of its operating revenue now c
Slide 27: Longroad Energy
Digital Infrastructure Renewables Airports Healthcare Longroad Energy Longroad’s pre-money ▪ Longroad has announced a transaction which, if completed, will valuation of introduce a new shareholder into the platform, alongside reinvestment from existing shareholders US$2 billion, a ▪ Current operatin
Slide 28: Galileo and Gurīn Energy
Digital Infrastructure Renewables Airports Healthcare Galileo and Gurīn Energy Our early stage renewables ▪ Gurīn Energy is our platform in Southeast Asia, established in businesses are FY2022, and now active in six countries across the region building a solid ▪ Galileo is our platform in Europe whi
Slide 29: Wellington Airport
Digital Infrastructure Renewables Airports Healthcare Wellington Airport Passenger recovery in full ▪ Domestic traveller numbers are improving with Air New Zealand passenger numbers reaching 98% of pre-covid levels in July swing with ▪ International travel has returned with all of Wellington Airport
Slide 30: Diagnostic Imaging Platform
Digital Infrastructure Renewables Airports Healthcare Diagnostic Imaging Platform The industry is facing headwinds ▪ The effects of Covid-19 are still being felt widely across the industry but the core with referrals for services remaining subdued and reduced availability of medical staff impacting
Slide 31: RetireAustralia
Digital Infrastructure Renewables Airports Healthcare RetireAustralia Record year of performance as ▪ The Strategic Review of RetireAustralia has moved to the next refreshed strategy stage with the decision to launch a formal sale process drives resales and ▪ Managing the impacts of Covid-19 continu
Slide 32: Summary & Outlook
Summary & Outlook At Infratil, we believe that Infrastructure underpins the abilities of communities to grow, society to function and economies to thrive Annual Meeting 2022 32
Slide 33: Shareholder Questions
© Infratil Shareholder Questions
Slide 34: Resolutions
Resolutions
Slide 35: Re-election of Alison Gerry
Resolution 1 Re-election of Re-election of Alison Gerry: That Alison Gerry be re-elected as a director of Infratil Alison Gerry For Against Discretionary 345,090,341 17,065,952 8,319,494 (93.15%) (4.61%) (2.25%) Annual Meeting 2022
Slide 36: Re-election of Kirsty Mactaggart
Resolution 2 Re-election of Re-election of Kirsty Mactaggart: That Kirsty Mactaggart be re-elected as a director of Infratil Kirsty Mactaggart For Against Discretionary 346,435,082 2,432,693 8,408,451 (96.97%) (0.68%) (2.35%) Annual Meeting 2022
Slide 37: Election of Andrew Clark
Resolution 3 Election of Election of Andrew Clark: That Andrew Clark be elected as a director of Infratil Andrew Clark For Against Discretionary 348,456,998 269,971 8,515,988 (97.54%) (0.08%) (2.38%) Annual Meeting 2022
Slide 38: Payment of FY2021 Incentive Fee by Share Issue
Resolution 4 Payment of Payment of FY2021 Incentive Fee by Share Issue: That Infratil be authorised to issue to Morrison & Co Infrastructure FY2021 Management Limited (Morrison & Co), within the time, in the manner, Incentive Fee by and at the price, prescribed in the Management Agreement, such numb
Slide 39: Payment of FY2022 Incentive Fee by Share Issue
Resolution 5 Payment of Payment of FY2022 Incentive Fee by Share Issue: That Infratil be authorised to issue to Morrison & Co Infrastructure FY2022 Management Limited (Morrison & Co), within the time, in the manner, Incentive Fee by and at the price, prescribed in the Management Agreement, such numb
Slide 40: Auditor's remuneration
Resolution 6 Auditor’s Auditor's remuneration: That the Board be authorised to fix the auditor’s remuneration remuneration For Against Discretionary 346,898,120 1,204,843 8,502,018 (97.28%) (0.34%) (2.38%) Annual Meeting 2022
Slide 41: Close and Afternoon Tea
Annual Meeting of Shareholders Close and Afternoon Tea