Infratil Limited · NZX:IFT
Infratil — Shareholder Meeting (August 2021)
43 slides from Infratil's shareholder meeting presentation, Aug 19, 2021
Slide 1: Infratil Annual Meeting of Shareholders
For personal use only Infratil Annual Meeting of Shareholders 19 August 2021
Slide 2: Annual Meeting of Shareholders' agenda
For personal use only Annual Meeting of Shareholders’ agenda • Chair’s Introduction • Chief Executive’s Review • Presentation of the Annual Report • Shareholder Questions • Resolutions • Close 2
Slide 3: Infratil Annual Meeting Online participation
Infratil Annual Meeting For personal use only Online participation Infratil Full year results presentation 2021 3
Slide 4: Chair's Introduction
For personal use only Chair’s Introduction Mark Tume
Slide 5: Mark Tume
For personal use only Mark Tume Independent Director and Chairperson of the Meeting • Independent Director since 2007 • Chair since 2013 • Chair of the Manager Engagement Committee • Chair of Nomination and Remuneration Committee • Director of RetireAustralia Up for re-election Infratil Annual Meeti
Slide 6: Alison Gerry
For personal use only Alison Gerry Independent Director • Independent Director since 2014 • Chair of Audit and Risk Committee • Member of the Manager Engagement Committee • Member of Nomination and Remuneration Committee Infratil Annual Meeting presentation - 2020 66
Slide 7: Jason Boyes
For personal use only Jason Boyes Chief Executive Officer and Director • Chief Executive of Infratil and Director since 2021 • Executive of H.R.L. Morrison & Co Group • Chair of Longroad Energy and Galileo Green Energy Up for election Infratil Annual Meeting presentation - 2020 77
Slide 8: Paul Gough
For personal use only Paul Gough Independent Director • Independent Director since 2012 • Member of Manager Engagement Committee • Member of Nomination and Remuneration Committee Up for re-election Infratil Annual Meeting presentation - 2020 88
Slide 9: Kirsty Mactaggart
For personal use only Kirsty Mactaggart Independent Director • Independent Director since 2019 • Member of Audit and Risk Committee • Member of Manager Engagement Committee Infratil Annual Meeting presentation - 2020 99
Slide 10: Catherine Savage
For personal use only Catherine Savage Independent Director • Independent Director since 2019 • Member of Audit and Risk Committee • Member of Manager Engagement Committee Infratil Annual Meeting presentation - 2020 10 10
Slide 11: Peter Springford
For personal use only Peter Springford Independent Director • Independent Director since 2016 • Member of Manager Engagement Committee Infratil Annual Meeting presentation - 2020 11 11
Slide 12: Chair's Address
For personal use only Chair’s Address Mark Tume
Slide 13: Chief Executive's Review
For personal use only Chief Executive’s Review Jason Boyes
Slide 14: Full Year Overview
Full Year • Proportionate EBITDAF from continuing Overview operations of $398.8 million, up from$370.2 million in the comparative period (7.7% growth) Our performance For personal use only • Proportionate capital expenditure and investment demonstrates of $1,235 million, including the initiation of
Slide 15: Portfolio Resilience and Composition
Portfolio Resilience and Composition CDC Data Centres For personal use only • Installed capacity increased to 133MW with the commissioning of Eastern Creek 3 in Investment FY2021, with a further 77MW currently under construction activity focused Vodafone New Zealand • Vodafone New Zealand FY2021 in
Slide 16: Portfolio Resilience and Composition: Investment Sector
Portfolio Resilience and Investment Sector Composition For personal use only Investment 4% 2% 4% 20% activity focused 4% on building 5% 33% 2% scalable platforms with 12% 13% 53% defensive characteristics and long-term 16% 12% demand growth 20% CDC Data Centres Vodafone Renewable Energy Trustpower D
Slide 17: Tilt Renewables
Tilt • Through Trustpower and then Tilt Renewables, Renewables Infratil was an early investor in wind powered generation in New Zealand and Australia, An industry resulting in $2,150 million of capital expenditure, For personal use only leading platform building out 1,106MW of capacity that delivere
Slide 18: Portfolio Target Returns
Portfolio Target Returns For personal use only Portfolio composition and Infratil Portfolio Expected Returns Leverage Assumption Management Costs Return to Shareholders active management Core 8–10% approach Lower Risk Per annum designed to deliver Core Plus / 10–15% Average net debt/ total capital 3
Slide 19: Share Price Performance
Share Price Performance Infratil Share Price Outstanding For personal use only $9.00 returns delivered over the medium $8.00 and long-term $7.00 $7.20 $6.00 $5.00 Total Shareholder Return $4.00 Period TSR 1 April – 18 August 2021 2.6% $3.00 1 Year1 91.9% $2.00 5 Year1 23.2% 10 Year1 20.1% $1.00 Ince
Slide 20: Debt Capacity & Facilities
Debt Capacity & Facilities Infratil’s balance 31 March ($Millions) 31 March 2021 16 August 2021 • On 3 August 2021, Infratil announced the For personal use only Net bank debt/(cash) 328 (1,200) completion of the sale of its 65.15% stake in sheet strength Infratil Infrastructure bonds 1,155 1,164 Til
Slide 21: Infratil Guidance
Infratil • Infratil’s FY2022 Proportionate EBITDAF Guidance guidance range from continuing operations of $505-$550 million remains unchanged For the year For personal use only • This assumes a full-year contribution from ended Trustpower’s retail business, a 10-month 31 March 2022 contribution from
Slide 22: Portfolio Entities
For personal use only Portfolio Entities
Slide 23: CDC Data Centres
CDC • CDC recently obtained Certified Strategic Status, Data Centres the highest certification under the Australian Government’s Hosting Certification Framework, Unique reinforcing CDC’s coveted credentials across its For personal use only operating model client base and proven track • Recent contra
Slide 24: Vodafone New Zealand
Vodafone • Targeted initiatives, especially in Post-Pay Mobile, New Zealand Enterprise and ICT underpin improving quality of earnings Commercial For personal use only • Key Enterprise and ICT partnerships established performance and and driving results underlying • Cost out and transformation progra
Slide 25: Wellington Airport
Wellington • Domestic business continues to trend well with Airport increasing capacity and passenger traffic (July 2021 capacity 94% and passengers 93% of Domestic pre-covid levels) For personal use only passengers • International travel currently paused with the showing strong Trans-Tasman bubble,
Slide 26: Trustpower
Trustpower • Trustpower has agreed terms with Mercury for a Continuing to sale of its retail business which is expected to complete late 2021 or early 2022, subject to the drive operational conditions of the sale being satisfied For personal use only excellence in • The sale will enable the Trustpow
Slide 27: Longroad Energy
Longroad • Longroad continues to strengthen its position as a Energy leading U.S. renewables developer, owner & operator Leading For personal use only • Current operating/under construction portfolio of renewables over 1.3GWs, a pipeline in excess of 6GWs and business providing services to 3.5GWs of
Slide 28: Galileo Green Energy
Galileo Green • Galileo Green Energy (‘GGE’) is focussed Energy on greenfield development, acquisitions and strategic co-development opportunities, aiming to Pan-European, achieve both geographic and technological For personal use only multi-technology, diversification renewable energy • Initial cap
Slide 29: Qscan Group
Qscan Group • Qscan is tracking to the investment case, subject Priority on in the short term to prolonged covid restrictions in core markets providing patient For personal use only • Despite lockdowns and quarantining requirements services and impacting some staff, Qscan has continued to keeping st
Slide 30: Pacific Radiology Group
Pacific • Completion of the acquisition of Pacific Radiology Radiology occurred on 31 May 2021, adding immediate scale to Infratil’s healthcare platform Group For personal use only • Infratil shareholding is 53.5% following strong New Zealand’s interest in equity ownership across the radiologist coh
Slide 31: RetireAustralia
Retire • Subsequent waves of covid outbreaks have led to Australia some disruption to operations, however RetireAustralia is well prepared and taking the The number one necessary action to protect residents and staff For personal use only priority remains • To date, RetireAustralia residents and sta
Slide 32: Outlook
Outlook • Infratil is a high conviction investor with Infratil is significant positions in our preferred sectors uniquely • Focus remains on maintaining a balanced For personal use only positioned to portfolio of scaled platforms that can generate attractive non-correlated returns redeploy a • The s
Slide 33: Presentation of the Annual Report
For personal use only Presentation of the Annual Report
Slide 34: Shareholder Questions
For personal use only Shareholder Questions
Slide 35: Resolutions
For personal use only Resolutions
Slide 36: Re-election of Mark Tume
Resolution 1 Re-election of Mark Tume For personal use only Re-election of Mark Tume: That Mark Tume be re-elected as a director of Infratil For Against Discretionary 244,744,711 19,296,230 7,642,213 (90.09%) (7.10%) (2.81%) Infratil Full year results presentation 2021 36
Slide 37: Re-election of Paul Gough
Resolution 2 Re-election of Paul Gough For personal use only Re-election of Paul Gough: That Paul Gough be re-elected as a director of Infratil For Against Discretionary 283,081,949 91,698 7,666,119 (97.33%) (0.03%) (2.64%) Infratil Full year results presentation 2021 37
Slide 38: Election of Jason Boyes
Resolution 3 Election of Jason Boyes For personal use only Election of Jason Boyes: That Jason Boyes be elected as a director of Infratil For Against Discretionary 283,011,104 140,518 7,692,900 (97.31%) (0.05%) (2.64%) Infratil Full year results presentation 2021 38
Slide 39: Payment of FY2020 Incentive Fee by Share Issue
Resolution 4 Payment of FY2020 Payment of FY2020 Incentive Fee by Share Issue: For personal use only Incentive Fee That Infratil be authorised to issue to Morrison & Co Infrastructure Management Limited (Morrison & Co), within the time, in the by Share Issue manner, and at the price, prescribed in t
Slide 40: Payment of FY2021 Incentive Fee by Share Issue
Resolution 5 Payment of FY2021 Payment of FY2021 Incentive Fee by Share Issue: For personal use only Incentive Fee That Infratil be authorised to issue to Morrison & Co Infrastructure Management Limited (Morrison & Co), within the time, in the by Share Issue manner, and at the price, prescribed in t
Slide 41: Auditor's remuneration
Resolution 6 Auditor’s remuneration For personal use only Auditor’s remuneration: That the Board be authorised to fix the auditor’s remuneration For Against Discretionary 277,921,490 5,194,863 7,725,963 (95.56%) (1.79%) (2.65%) Infratil Full year results presentation 2021 41
Slide 42: Thank You
For personal use only Thank You www.infratil.com
Slide 43: Glossary
Glossary 5G Fifth generation mobile network For personal use only FWA Fixed Wireless Access (the delivery of high-speed broadband over mobile networks) GW Gigawatt (a unit of power equivalent to 1,000MW) GWh Gigawatt hours (used as a measure of the output of large electricity power stations) HPI Hou