Infratil Limited · NZX:IFT
Infratil — FY2023 Earnings Presentation
28 slides from Infratil's earnings presentation, May 2023
Slide 1: Infratil Annual Results Announcement
Infratil Annual Results Announcement For the year ended 31 March 2023
Slide 2: Disclaimer
Disclaimer Information This presentation has been This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The prepared by Infratil Limited information in this presentation is of a general nature and does not purport to
Slide 3: Infratil Results Announcement
Infratil Results Announcement Presenters Programme Financial Highlights Portfolio Composition Operating Company Updates Portfolio Outlook Jason Boyes Infratil CEO Sustainability FY2024 Guidance Summary Phillippa Harford Infratil CFO 3
Slide 4: Financial Highlights
Financial Proportionate EBITDAF Net parent surplus Highlights Strong FY2023 $643.1m $531.5m result despite near term global and Investment Available capital local economic uncertainty, strong thematic tailwinds $1,359m $1,491m continue to drive investment across Shareholder return Fully-imputed fina
Slide 5: Portfolio Composition
Portfolio Composition Focus on four high-conviction platforms, across Digital Renewables Healthcare Airports a geographically 57% 21% 14% 8% diverse portfolio of companies 5
Slide 6: Operating Company Updates
Operating Company Updates
Slide 7: CDC Data Centres
CDC Data Centres Significant capital Year in review deployed to bring • EBITDAF for the year was A$215.5 million, A$54.3 million (33.7%) up from the prior year • CDC completed four new data centres during the year, adding 104MW of built capacity across its new data centre existing campuses in Canber
Slide 8: Longroad Energy
Longroad Energy Construction of Year in review 1.3GW underway • EBITDAF for the year was US$39.7 million, up US$4.7 million (13.5%) from the prior year • Uplift is driven by the full year of operation of Sun Streams 2 and Prospero 2, partially offset by across 6 projects lower services revenues • Th
Slide 9: Development Platforms
Development Platforms Momentum • Team of 46 spread over eight markets • Team of 50 spread over seven markets building across • 9.1GW pipeline across eight countries, • 3.7GW pipeline across six countries Infratil’s covering onshore and offshore wind, solar and battery storage • Final investment deci
Slide 10: Manawa Energy
Manawa Energy Focus on building Year in review development • EBITDAF for the year was $136.7 million1, down $23.0 million (14.3%) on the prior year • Generation production volumes were 1,917GWh, up 8.9% from 1,760GWh in the prior year pipeline and • Hydrological conditions, wholesale pricing, and he
Slide 11: Diagnostic Imaging
Diagnostic Imaging Signs of Year in review improvement after • EBITDAF for the year was $169.9 million, $45.7 million up from the prior period, largely reflecting the first full year of ownership of the RHCNZ Medical Imaging Group covid pandemic • Continuation of covid-related disruption to the heal
Slide 12: One New Zealand
One New Zealand Transformation Year in review initiatives are • EBITDAF for the year was $527.8 million1, up $46.8 million (9.7%) from the prior year • Post-paid mobile trading continues to improve with One NZ leading the market in total post-paid continuing across mobile connection growth. Roaming
Slide 13: Retire Australia
Retire Australia Demand for new Year in review and existing • Underlying Profit1 for the year was A$30.3 million, down A$26.1 million on the prior year • Total unit sales of 432 included 32 new units and 400 resales, down from 565 in the prior year villages remains which had a higher level of availa
Slide 14: Wellington Airport
Wellington Airport After several Year in review years of covid • EBITDAF for the year was $89.6 million, $32.8 million (57.7%) up from the prior year • FY2023 Passenger numbers for the year were 5.3 million, up 49% on the prior year with domestic turbulence, the passenger numbers returning to 90% of
Slide 15: Portfolio Outlook
Portfolio Outlook
Slide 16: Debt Capacity & Facilities
Debt Capacity & Facilities Significant • Significant cash reserves and undrawn bank facilities remain available following receipt 31 March ($millions) Net bank debt 2023 ($593.2) 2022 ($773.0) liquidity available of the net proceeds from the One NZ towers transaction in November 2022 Infrastructure
Slide 17: Valuation & Incentive Fees
Valuation & Incentive Fees 31 March ($millions) FY2022 Capital Distributions Hurdle Valuation Incentive Fee IRR1 Strong valuation Annual Incentive Fee CDC Data Centres $3,117.3 ($14.2) $37.1 ($372.7) $3,660.3 2 $38.6 34.0% uplifts for CDC Longroad Energy RetireAustralia $227.4 $408.8 ($243.7) - $8.4
Slide 18: FY2024 Guidance
FY2024 Guidance FY2024 Outlook Proportionate • FY2024 Proportionate EBITDAF guidance range set at $570 million – $610 million • Key guidance assumptions include: EBITDAF • CDC Data Centres EBITDAF of A$260 million - A$270 million • One NZ EBITDAF of $580 million - $620 million guidance up 11.0% • Ma
Slide 19: Sustainability
Sustainability Infratil invests in Year in review ideas that matter. • 100% of Infratil’s portfolio companies participated in GRESB Infrastructure Assessments • Infratil has committed to setting a Science Based Targets initiative (‘SBTi’) validated target under Sustainability is the framework for fi
Slide 20: Significant Growth Pipeline
Significant Growth Pipeline • Longroad is aiming to deliver 4.6GW of projects over 2023-26 requiring ~US$8 billion capex (85- Our portfolio 90% debt funded) with ~US$1 billion to be funded via equity. 1.3GW is currently under construction companies have • Manawa Energy is focused on rebuilding its d
Slide 21: Summary
Summary • Our businesses are performing well, despite global and local economic uncertainty, inflation and interest rate headwinds • Strong result over the last 12-months and FY2024 is set to deliver further earnings growth • Thematic tailwinds continue to provide valuable options for growth across
Slide 22: Appendix
Appendix
Slide 23: Share Price Performance
Appendix One Share Price Performance Infratil continues Infratil Share Price 10.00 its track record of outstanding 9.50 returns 9.00 8.50 Accumulation Return1 Period Return 8.00 1 Year 14.2% 5 Year 28.4% 7.50 10 Year 19.4% 7.00 Inception – 29 years 18.6% Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan F
Slide 24: Financial Summary
Appendix Two Financial Summary Net parent 31 March ($Millions) Operating revenue 2023 $1,845.1 2022 $1,297.4 • Operating revenue reflects a full year of RHCNZ and increased earnings from One NZ and CDC Data Centres surplus of Operating expenses Operating earnings ($871.8) $973.3 ($779.0) $518.4 • In
Slide 25: Proportionate EBITDAF
Appendix Three Proportionate EBITDAF EBITDAF uplift 31 March ($Millions) CDC Data Centres 2023 $113.7 2022 $82.2 • CDC earnings uplift driven by commissioning of EC4, H5 and New Zealand sites and increased utilisation at EC3, F2 and H4 reflects additional One NZ Fortysouth $263.6 $4.4 $243.8 - • One
Slide 26: Proportionate Investment
Appendix Four Proportionate Investment Strong thematic 31 March ($Millions) CDC Data Centres 2023 $341.9 2022 $259.9 • CDC spend up due to the commissioning of EC4, H5 and New Zealand sites, with work also progressing in Melbourne tailwinds continue One NZ Kao Data $151.8 $36.0 $177.9 - • One NZ spe
Slide 27: Earnings Reconciliation
Appendix Five Earnings Reconciliation Proportionate EBITDAF is an 31 March ($millions) 2023 2022 unaudited non-GAAP Net profit after tax (‘NPAT’) 891.7 1,231.7 (‘Generally Accepted Less: Associates1 equity accounted earnings (653.4) (268.5) Accounting Principles’) measure of financial Plus: Associat
Slide 28: Movements in Net Bank Debt
Appendix Six Movements in Net Bank Debt The Wholly Owned Group 31 March ($millions) 2023 2022 comprises Infratil and its Opening Wholly Owned Net Bank (Debt)/Cash 773.0 (328.2) Manawa Energy dividends 93.6 56.7 wholly-owned subsidiaries and One NZ distributions and shareholder loan interest payments