Infratil Limited · NZX:IFT
Infratil — Wellington International Airport — Investor Day (March 2024)
18 slides from Infratil's investor day presentation, March 2024
Slide 1: Wellington International Airport Limited – Infratil Investor Day
Wellington International Airport Limited Infratil Investor Day March 2024 Matt Clarke, Chief Executive
Slide 2: Wellington Airport Update
Wellington Airport Update Business Overview & FY24 Outlook Passenger Traffic Regulatory Environment Capex Plans PSE5 Progress FY25 Drivers 2
Slide 3: Wellington Airport Overview
Wellington Airport Overview Gateway to New Zealand’s capital city and central region Western Aviation Leases Hotel Lyall Bay Retail Park & Investment Properties Retail & Advertising ~5.4m Annual Passengers (Estimate for FY24) Ground Transport Business 85% Domestic / 15% International +2.7% Average P
Slide 4: FY24 Outlook
FY24 Outlook Gateway to New Zealand’s capital city and central region FY24 EBITDA ($m) Forecast 120 Passengers 5.4m 100 80 Aero Revenue $86 - $88m 60 40 Commercial Revenue $70 - $72m 20 0 EBITDA* $106 - $108m FY20 FY21 FY22 FY23 FY24 Forecast Total Assets circa $1.8bn Financial figures are NZ$. * EB
Slide 5: Current Route Network
Current Route Network Domestic hub, trans-Tasman and Pacific services 5
Slide 6: Update on Passenger Numbers – Domestic
Update on Passenger Numbers Domestic Annual PAX (000s) % Pre-Covid 5,500 100% 90% 90% 5,000 90% 4,500 80% • ~4m PAX 4,000 67% • 95% capacity recovery 70% 3,500 57% • ~83% share 60% 3,000 50% 2,500 5,231 4,690 4,695 40% 2,000 3,481 30% 1,500 2,968 1,000 20% • ~700k PAX 500 10% • 77% capacity recovery
Slide 7: Update on Passenger Numbers – International
Update on Passenger Numbers International Annual PAX (000s) % Pre-Covid • 120% capacity recovery • ~49% share 1,000 100% 900 90% 78% 800 80% 700 70% 61% • 100% capacity recovery 600 60% • ~38% share 500 50% 919 400 40% 721 300 30% 562 • 118% capacity recovery 200 20% • ~8% share 100 5% 10% 0% - 49 -
Slide 8: Overview of Commercial Business
Overview of Commercial Business Diversified revenue streams contributing ~45% revenue Property • Diversified rent roll - 150 tenancies ranging from campus leases and residential, logistics hub, beachfront restaurants and large format retail park. • Ongoing expansion with acquisition of landholdings
Slide 9: Regulatory environment
Regulatory environment IM Decision a significant progression from the draft 7 yearly review of NZ Commerce Commission Input Methodologies recently concluded Draft decision contained several departures from the established methodology used to estimate Asset Beta and WACC. The two primary changes in a
Slide 10: PSE5 1 April 2024 – 31 March 2029
PSE5 1 April 2024 – 31 March 2029 Thorough consultation process • High levels of airline engagement • Board of Airline Representatives invited into process PSE4 incorporated a passenger wash-up & deferral • Aero revenue shortfall circa $35m • $15.1m carry forward WACC uplift – 5.93% PSE4, >8% PSE5 O
Slide 11: PSE5 Capex
PSE5 Capex Collaborative airline engagement, campuswide development Miramar Golf Club Development Terminal Extension – increased PAX Capacity New Baggage Handling System Apron Expansion Development of former Miramar South School site Apron Expansion Logistics Hub Development Airport Fire Station Rel
Slide 12: Moving mountains
Moving mountains Pathway cleared to 12M apron/terminal configuration
Slide 13: Seawall works
Seawall works Structural upgrades to increase resilience 13
Slide 14: Runway extension?
Runway extension? The goalposts have shifted
Slide 15: No such thing as a free runway?
No such thing as a free runway? Technology has brought WLG closer to the world
Slide 16: Sustainability update
Sustainability update Targeting net zero airport operational emissions (scope 1, 2 and staff travel) by 2030 Airport Operational Emissions – Scope 1 & 2 Targeting net zero scope 1, 2 and staff travel emissions by 2030 and longer term ambition to be absolute zero by 2050. Seeking independent, science
Slide 17: FY25 Drivers
FY25 Drivers Platform set for growth Passenger Recovery WACC Uplift PSE4 Washup PSE4 Revenue Deferral PSE5 Capex Delivery 17
Slide 18: AIR NEW ZEALAND
AIR NEW ZEALAND
Wellington International Airport — Investor Day (March 2024) on 6ix