Infratil Limited · NZX:IFT
Infratil — Investor Day (March 2023)
139 slides from Infratil's investor day presentation, Mar 24, 2023
Slide 1: Infratil 2023 Investor Day
24 March 2023 Infratil 2023 Investor Day For personal use only Infratil has this morning released the presentation material for its annual Investor Day. Presentations will be recorded during the day and will be available to view on https://infratil.com/for- investors/reports-results-meetings-investo
Slide 2: Infratil Investor Day
Infratil Investor Day For personal use only 24 March 2023 Smales Farm, Auckland
Slide 3: Disclaimer
Disclaimer For personal use only This presentation has been Information prepared by Infratil Limited (NZ This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The information in this presentation is of a general natu
Slide 4: Welcome
Welcome For personal use only Infratil’s 2023 Investor Day Alison Gerry Jason Boyes Phillippa Harford • Independent Director since • Infratil Chief Executive • Infratil Chief Financial July 2014 and Infratil Chair Officer and Director since Officer since May 2015 since May 2022 April 2021 • Joined M
Slide 5: Agenda
Agenda For personal use only 9:15am – 9.25am Welcome & Overview Infratil’s 2023 Alison Gerry, Chair Investor Day 9:25am – 10.00am Portfolio Update & Growth Outlook Jason Boyes, Infratil Chief Executive Phillippa Harford, Infratil Chief Financial Officer 10:00am – 10.15am Update on Healthcare Platfor
Slide 6: Agenda
Agenda For personal use only 1:00pm – 1:10pm Manager Update Infratil’s 2023 Paul Newfield, Morrison & Co Chief Executive Investor Day 1:10pm – 1:25pm Digital & Connectivity Update Lewis Bailey, Morrison & Co Investment Director, Strategy and Research 1:25pm – 2:05pm CDC Data Centres Greg Boorer, CDC
Slide 7: Portfolio Update and Outlook
Portfolio Update and Outlook For personal use only Jason Boyes Infratil Chief Executive Phillippa Harford Infratil Chief Financial Officer
Slide 8: Infratil is a global infrastructure investor
Established Listed on Managed by 1994 NZX/ASX Morrison & Co For personal use only Infratil is a global infrastructure investor with Market Capitalisation Group Assets FY2023F Investment significant investments in digital $6.3b $9.0b+ $1.0b+ infrastructure, renewables, Track record After tax return F
Slide 9: Investment Approach
Investment Approach For personal use only • Infratil invests in infrastructure businesses, targeting returns to shareholders of 11-15% p.a. Our approach has over the long-term remained • Our investment focus is on sectors and businesses with: ✓ strong defensive characteristics consistent ✓ exposure
Slide 10: 2022 Investor Day: what we said and what we did
2022 Investor Day For personal use only What we said we would do – February 2022 What we did Looking back at • Assessing network capital release options for • Vodafone passive mobile tower sale announced what we said we Vodafone • Continuing to evaluate further attractive data in July 2022, alongsid
Slide 11: Portfolio Composition
Portfolio Composition For personal use only We remain high conviction digital; however, the Digital Renewables Healthcare Airports Longroad 53% 26% 14% 7% valuation uplift highlights the potential for growth embedded within our renewables platform Infratil Investor Day 2023 10
Slide 12: Portfolio Composition
Portfolio Composition For personal use only Infratil’s global investment proposition continues to grow with a series of increasingly connected assets Infratil now has a presence across 17 countries Infratil Investor Day 2023 11
Slide 13: Sustainability
Sustainability For personal use only Since inception, • Infratil will release its inaugural sustainability report in 2023 which will include: Infratil has • Climate-related disclosures in accordance with the Aotearoa New Zealand Climate standards invested in assets • Emissions reporting in line with
Slide 14: Portfolio Composition
Portfolio Composition For personal use only We blend lower Target Portfolio Setting and higher risk Infratil Expected Leverage Management Return to and return Portfolio Returns Assumption Costs Shareholders investments to Core Lower Risk 8–10% Per annum achieve our target Average net debt/ 10–15% to
Slide 15: Portfolio Composition
Portfolio Composition 2022 2023 For personal use only Our portfolio is 20% currently well Core 30% configured to Core+ 11% Development 57% deliver our target 69% 13% return of 11-15% Core Assets (8 –10%) Core Plus/Value Add (10 – 15%) Development Assets (15 – 25%) • Operating Renewable • Data Centre
Slide 16: Fundraising & Deal Flow
Fundraising & Deal Flow For personal use only Infrastructure funds raised in the period, Number of infrastructure deals in the 2022 was a US$bn period Source: Preqin Source: Preqin record year for private infra 76 783 funding, but 721 716 646 678 645 644 606 private market 56 563 570 534 deal proces
Slide 17: Portfolio Outlook
Portfolio Outlook For personal use only Digital infrastructure Attractive pipeline • Existing businesses well placed to benefit from sector growth trends like AI, AR/VR, edge computing, and to address attractive adjacent investment opportunities those trends will of investment generate, e.g. • Vodaf
Slide 18: Portfolio Outlook
Portfolio Outlook For personal use only Healthcare Plenty to do in • At scale in A/NZ, with high quality diagnostic imaging businesses. Only national offering in New Zealand, PET/CT leader in Australia digital and • Challenging operating environment, bringing forward IT investments and other initiat
Slide 19: Capital Availability
Capital Availability For personal use only ($Millions) 21 March Well positioned Net bank debt/(cash) (613.7) • Infratil retains significant cash reserves to support continued capital investment; Infratil Infrastructure bonds 1,085.9 for capital Infratil Perpetual bonds 231.9 established through the
Slide 20: Guidance
Guidance For personal use only Proportionate EBITDAF Dividends Guidance has • FY2023 Proportionate EBITDAF guidance range is • The dividend outlook is for modest continued narrowed to $520-$535million growth in cps, reflecting expected growth in been narrowed to • (previously $510-$540 million) Key
Slide 21: Summary
Summary For personal use only • Infrastructure remains one of the hottest asset Infratil remains classes globally with record funds raised in 2022; but very well fund raising and deal numbers slowed in the second half positioned, with • Infratil has a strong balance sheet and a portfolio mix strong
Slide 22: Questions
Questions For personal use only Jason Boyes and Phillippa Harford Chief Executive and Chief Financial Officer
Slide 23: Renewables Update
Renewables Update For personal use only Vimal Vallabh Morison & Co Global Head of Energy Deion Campbell Morrison & Co Operating Partner & Chair of Mint Renewables
Slide 24: Global Renewables
Global Renewables For personal use only A unique • A now irreversible global commitment to long term decarbonisation is in place; but emissions still reached record highs in 2022 platform, utilising • Russian invasion of Ukraine has highlighted the risks of energy dependency a regional • With increa
Slide 25: Our Global Renewables Platform
Our Global Renewables Platform Our regional brands hold 2GW of operating assets and are working on a 25GW pipeline For personal use only Europe • Established in February 2020 • Wind, Solar & Storage • 9.4GW development pipeline • 46 employees Asia • Established in July 2021 • Wind, Solar & Storage •
Slide 26: Scale of the Opportunity
Scale of the Opportunity Solar PV to triple and onshore wind to double annual installations by 2030 For personal use only • Wind & Solar PV will still form the backbone of the transition given the maturity of technology • Additional technologies will be required to support and enable, increasingly g
Slide 27: Supportive Policy Environment
Supportive Policy Environment Strengthening commitments to decarbonisation while managing near term crisis For personal use only • Energy Crisis caused by Ukraine conflict pushing significant market reform and an unprecedented transformation of the energy sector in the EU • EU has allocated over €40
Slide 28: Emerging Technologies
Emerging Technologies Hydrogen emerging as a key solution to decarbonisation For personal use only • Hydrogen is being prioritised to decarbonise end Global hydrogen demand uses where other options are less mature or more (Mt): costly, such as heavy industry, long-haul transport +90% 180 and seasona
Slide 29: Platform Highlights Reel
Platform Highlights Reel Infratil represents one of the best investable renewable opportunities globally For personal use only • Completed US$500 million capital raise valuing the business at over US$2 billion • Further strengthened procurement strategy through strategic relationships with local sup
Slide 30: Our Latest Platform
Our Latest Platform For personal use only Mint Renewables is the re-entry vehicle for Australasian renewable energy development, established in 2022 Mint Renewables Mint’s initial strategy focuses on Australian onshore wind and solar PV, integrating storage where this improves production profiles an
Slide 31: Digital Infrastructure & Connectivity Update
Digital Infrastructure & Connectivity Update For personal use only Lewis Bailey Morrison & Co Investment Director, Strategy and Research 1
Slide 32: Digital Infrastructure Well Established
Digital Infrastructure Well Established Digital assets have evolved to be recognised as a major class infrastructure asset class For personal use only Value of digital infra transactions (US$billion) Number & value of telecom-focused funds by vintage/inception year 195 Digital is now 16% of all Data
Slide 33: Digital Infrastructure – is it yesterday's news?
Digital Infrastructure – is it yesterday’s news? Rapid growth still expected … but not as fast as historical trends… For personal use only 21% p.a. Global data traffic, EB/Month Global internet penetration Fixed data 924 92% Mobile data 66% 31% p.a. 600 51% 360 270 31 324 90 2012 2022 2028 World 201
Slide 34: The revolution continues; still at the dawn of the digital age
No. The revolution continues; still at the dawn of the digital age More than just video... a new series of applications will reshape society & drive opportunity For personal use only AI – ChatGPT is just one of many Robotics & Autonomy – profound Over the horizon … industry use cases of AI impact on
Slide 35: New use cases drive evolving needs
New use cases drive evolving needs Architectures & business opportunities …beyond simply ‘more bandwidth’ For personal use only Evolving needs Evolving architectures Bigger Data requirements (Mbps) 500 Massive transit, Source: Goldman Sachs Cost storage & compute @ low 167 100 Scalability cost 16 17
Slide 36: Complexity drives return to expertise
Complexity drives return to expertise Investing in digital assets requires focus and expertise, identifying, managing, minimising & pricing risk For personal use only Operations Technology Regulation & politics Marketing & Customer management Disruption risk National security • Some telecommunicatio
Slide 37: Infratil's Digital Strategy
Infratil’s Digital Strategy An exciting time to be investing in digital For personal use only Opportunity Examples • Follow-on Capital Requirement for growth capital to meet bandwidth needs FibreCo FTTP / FTTB / Dark-fibre rollouts, TowerCo 5G BTS & rooftops • Deployment Models & Global Platforms De
Slide 38: Infratil's Advantage
Infratil’s Advantage Infratil holds a privileged position to access these opportunities For personal use only Long Term See through short term fluctuations to realise long-term value Larger digital assets relative to their market typically exhibit stronger network At Scale effects & more privileged
Slide 39: Healthcare Update
Healthcare Update For personal use only Michael Brook Morison & Co Executive Director Rachel Drew Morrison & Co Executive Director
Slide 40: Why Healthcare?
Why Healthcare? For personal use only The ultimate ‘idea Essential service that matters’; Barriers to entry Public health Non-cyclical systems under Capital intensive strain globally Stable market structure Contracted cashflows Inflation protection Infratil Investor Day 2023 2
Slide 41: Why Healthcare?
Why Healthcare? For personal use only Public health systems under strain globally; Infratil is positioned to help Infratil Investor Day 2023 3
Slide 42: Structural Tailwinds
Structural Tailwinds For personal use only ANZ population by age cohort Increasing healthcare funding Ageing and sicker FY2019-30F CAGR (19-30F) 6.30% 6% 5.40% populations, 85+ 3.3% 30 75-84 4.1% 4.30% 4.30% 65-74 2.2% 4% ongoing increases 20 0-64 1.0%v 2% in healthcare 10 0% funding, increased 0 FY
Slide 43: Short-term Headwinds
With Short-term Headwinds For personal use only Volume recovery has been gradual Increasing competition Covid disruptions Australia’s DI volume has experienced decline since early 2022, and recovery has been slow but trending upwards, largely have been following GP services, the largest referrer poo
Slide 44: Diagnostic imaging is a key part of healthcare
Diagnostic imaging is a key part of healthcare For personal use only Timely and Radiology is integral to diagnosis across healthcare For example, in cancer care a typical patient would touch radiology multiple times accessible Xray US CT MRI PET Oral diagnostic Medical Oncology Gastrointestinal imag
Slide 45: Australasian Platform Today
Australasian Platform Today For personal use only Strong platform Strategic vision Australasia’s leading provider of for future growth. radiology services, delivering world class services locally Opportunities to build synergies across existing Organic growth • Local leadership – doctor In-organic g
Slide 46: Global Platform Expansion
Global Platform Expansion For personal use only Global vision and strategy Global platform synergies Significant Leverage existing • Transferable operating experience and ability to ✓ Building out tele-radiology capability with opportunity for radiology operating leverage technology stack 24/7 repor
Slide 47: Future Opportunities
Future Opportunities For personal use only The strength of Infratil’s platform Healthcare is opening Manufacturing Urology opportunities with Platform synergies Oncology Neurology Expansion within diagnostic both other imaging Entry into adjacent healthcare sectors diagnostic • Clinic expansion and
Slide 48: Appendix
For personal use only Appendix
Slide 49: Market leading Diagnostic Imaging platform
Market leading Diagnostic Imaging platform For personal use only Platform Revenue Platform EBITDA Combined 700 (NZD millions) 180 (NZD millions) 30% platform growth 600 500 150 25% 120 20% driven by focus 400 300 90 15% 60 10% on high value 200 100 30 5% modalities 0 FY20 FY21 FY22 FY23F 0 FY20 FY21
Slide 50: Infratil Investor Day Presentation – CDC Data Centres
For personal use only Infratil Investor Day Presentation 24 March 2023 Greg Boorer Chief Executive Officer
Slide 51: Important notice and disclaimer
COMMERCIAL-IN-CONFIDENCE Important notice and disclaimer For personal use only Material contained herein is intended to be general background information on CDC, its related bodies corporate (as defined in the Corporations Act 2001) and its activities as at the date of this document. Material has be
Slide 52: Agenda
Agenda For personal use only Performance 4 Outlook 11 Questions 16
Slide 53: Performance
COMMERCIAL-IN-CONFIDENCE For personal use only Performance
Slide 54: Overview
COMMERCIAL-IN-CONFIDENCE Overview For personal use only CDC is Australia and New Zealand’s leading provider of critical digital infrastructure for safeguarding the critical data and systems that drive national progress, innovation and prosperity Security Sustainability • HCF Certified Strategic Prov
Slide 55: FY2023 achievements to date
COMMERCIAL-IN-CONFIDENCE FY2023 achievements to date For personal use only CDC continues to deliver on its commitments to customers, people, new developments and financial targets Onboard new contracted customers in Auckland, Canberra and Sydney Continue to grow and diversify National Critical Infra
Slide 56: Two significant CDC data centre openings
COMMERCIAL-IN-CONFIDENCE Two significant CDC data centre openings For personal use only CY2022 culminated in two milestone events: the official openings of the Tāmaki Makaurau Silverdale and Hobsonville hyperscale data centres in Aotearoa New Zealand, and the flagship Eastern Creek Campus in Sydney
Slide 57: CDC locations: current and under development
COMMERCIAL-IN-CONFIDENCE CDC locations: current and under development For personal use only Eastern Creek CDC’s unique, highly Eastern Creek interconnected and shareable EC1 EC2 EC3 EC4 EC5 EC6 ecosystem offers government, hyperscale and commercial clients opportunities to connect and collaborate se
Slide 58: World-class data centre portfolio
COMMERCIAL-IN-CONFIDENCE World-class data centre portfolio For personal use only CDC is sought out and relied upon for its world-class, future-proof, highly secure and interconnected data centre solutions Build Capacity MW Campus / Facility Status (MW) 800 Hume Campus 1 Operating 21 Hume Campus 2 Op
Slide 59: ESG Leadership
COMMERCIAL-IN-CONFIDENCE ESG Leadership For personal use only CDC’s world-class team works every day to keep CDC the most resilient, sustainable and trusted data services provider, and secure a stable and thriving future for all Industry-leading ambition 2022-23 achievements Stable planet Carbon and
Slide 60: Outlook
COMMERCIAL-IN-CONFIDENCE For personal use only Outlook
Slide 61: Strategic customer trends continue to underpin growth plans
COMMERCIAL-IN-CONFIDENCE Strategic customer trends continue to underpin growth plans For personal use only CDC’s track record of project delivery puts it in the right place at the right time to satisfy accelerating market demand Increased focus on resilience and security CDC is uniquely positioned t
Slide 62: Looking ahead
COMMERCIAL-IN-CONFIDENCE Looking ahead For personal use only The focus for FY2024 is across the 4 key dimensions of Customers, Development, People and Finance • Address existing customer demand and continue to grow and diversify customer • Foster high performance culture base • Build the best team t
Slide 63: 42MW of capacity under construction across two geographies
COMMERCIAL-IN-CONFIDENCE 42MW of capacity under construction across two geographies For personal use only CDC continues to bring forward additional capacity in response to strong customer demand and growth opportunities across Australia and New Zealand. CDC remains strongly focused on addressing the
Slide 64: Financial performance and outlook
COMMERCIAL-IN-CONFIDENCE Financial performance and outlook For personal use only CDC’s business model has very solid foundations, with four key strengths underpinning its strong financial performance. Profitable growth to continue as customers are onboarded into our newly commissioned facilities in
Slide 65: Questions
COMMERCIAL-IN-CONFIDENCE For personal use only Questions
Slide 66: Infratil Investor Day Presentation – Longroad Energy
For personal use only Infratil Investor Day Presentation 24 March 2023 Paul Gaynor Chief Executive Officer
Slide 67: Background and LTM Achievements
Background and LTM Achievements For personal use only Background LTM Achievements • Vertically integrated developer, • 1.3 GW project closings owner, operator, established 2016 • US$3 billion total capital raised • US wind, solar, and storage • US$500 million equity raise; • ~160 people MEAG introdu
Slide 68: On the Path to US$500 million run-rate Opco EBITDA
On the Path to US$500 million run-rate Opco EBITDA For personal use only Solar +63 GW Wind +38 GW Storage +20 GW/78 GWh Source: BNEF Solar (ex. Residential) Projects Our Job…. To grow Opco Capital Equipment Wind (onshore) EBITDA to US$500 Sourcing million run-rate Market Fundamentals Are Strong COPY
Slide 69: Game Changing Legislation: Inflation Reduction Act
Game Changing Legislation: Inflation Reduction Act For personal use only 2022-2030 Solar Build Features of the IRA 2022 301 + 63 (IRA) = 364 GW • 10-year PTC 2022-2030 Wind Build • 10-year ITC • Solar PTC 109 + 38 (IRA) = 147 GW • Stand-alone Storage ITC 2022-2030 Storage Build • Made in America 87
Slide 70: The Inflation Reduction Act Economic Impact
The Inflation Reduction Act Economic Impact Potential Value For personal use only 1 +Unlev PPA Price • 110% multiplier for PTC IRR% Discount Domestic • +10 percentage points adder to ITC $/MWh • FSLR procurement of US-made modules for under-construction solar-only Content projects Adder • Additional
Slide 71: Current Opco: 2.4 GW / Projects
Current Opco: 2.4 GW / 30 Projects Longroad Sold, Owned (Operating + In-Construction), and LES-Managed Assets For personal use only GW 3.8 Developed 0.5 Acquired 4.3 Total (1.9) Sold 2.4 Net Owned (30 Projects) 401+ MW 201 – 400 MW Solar Assets Sold Solar Operating/In-Construction + Wind Assets Sold
Slide 72: On the Path to US$500 million run-rate Opco EBITDA
On the Path to US$500 million run-rate Opco EBITDA For personal use only Longroad Project Run-Rate Opco EBITDA $600 8.5 GW $500 EBITDA ($ in millions) Avg. 1.5 GW/yr $400 $300 $200 2.4 GW $100 -- 2021 Adjusted 2022 2023 2024 2025 2026 2022 Projects MW 2023 Projects MW 2024 Projects GW 2025 Projects
Slide 73: Total Pipeline Growth
Total Pipeline Growth For personal use only January 2022 to January 2023, YOY Pipeline Change 20,000 17.8 GW 16,000 +38% 12.9 GW 12,000 8,000 Weaver 4,000 - 2022 2023 CAISO AZ PAC SCPPA/LA NVE MTN West HI ISONE SPP MISO PJM ERCOT Other COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL
Slide 74: Pipeline Breakdown by Year (GW)
Pipeline Breakdown by Year (GW) 4.5 GW For personal use only Pipeline Breakdown by Project Total MW and FNTP Year 8 Projects 18,000 16,500 15,000 50 Active Projects 6.1 GW Out to 2027+ 16 Projects 13,500 12,000 10,500 9,000 3.6 GW 13 Projects Weaver 7,500 6,000 2.6 GW 4,500 11 Projects 3,000 1.1 GW
Slide 75: Near Term Plan Projects (2023-2025)
Near Term Plan Projects (2023-2025) Longroad 2023-2025 Near Term Plan Projects For personal use only GW 1.1 2023 (2) 1.5 2024 (6) 2.1 2025 (7) 4.6 Total (15) 401+ MW Solar Development 201 – 400 MW Wind Development 0 – 200 MW Storage Development Longroad Office Solar+Storage Development (1) Reflects
Slide 76: 2023 EPC Execution Plan – Three Corners
2023 EPC Execution Plan – Three Corners For personal use only Three Corners Solar 152 MWdc Kennebec County, Maine COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL. 11
Slide 77: 2023 EPC Execution Plan – Sun Streams
2023 EPC Execution Plan – Sun Streams 3 For personal use only Sun Streams 3 Solar & Storage 285 MWdc PV 215 MWac / 860 MWh storage Maricopa County, Arizona COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL. 12
Slide 78: 2023 EPC Execution Plan – Umbriel Solar
2023 EPC Execution Plan – Umbriel Solar For personal use only Umbriel Solar 202 MWdc (150 MWac) Polk County, Texas COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL. 13
Slide 79: 2023 EPC Execution Plan
2023 EPC Execution Plan Longroad 2023 EPC Execution Plan For personal use only Pittsfield (2022), 7 Highlights Three Corners (2022), 150 • Approximately US$3 billion of EPC execution and pre-construction now Milford Repower (2022), underway 305 • Longroad execution team currently 17 – Sun Streams 3
Slide 80: EPC Execution Plan 2024-2026
EPC Execution Plan 2024-2026 For personal use only • Anticipating ~US$10 billion of additional EPC execution of FNTP projects during this period • IRA requires prevailing wages to capture credits, driving upward wage pressure. Mitigated by industry-wide apprenticeship program • US-sourced inputs sho
Slide 81: Capital to Fund 2023-26 Plan (~6 GW)
Capital to Fund 2023-26 Plan (~6 GW) For personal use only Equity Funding Requirement $1.0 B 2026 NTP Projects $2.0 B 2023-26 Plan: 6 GW Project Debt • ~$8 billion capex plan Financing $3.0 B • 85% to 90% via tax equity 2025 NTP Projects $2.6 B and debt financing • 10 – 15% funded via equity Project
Slide 82: Raising Capital in New World of IRA
Raising Capital in New World of IRA For personal use only • Longroad has raised US$10 billion since inception • 2023-2026 development plan will require ~US$8 billion of capex investment • Expect 85-90%, or US$7 billion, of capex to be funded via non-recourse project financings (i.e., tax equity and
Slide 83: Executing on Growth: Development
Executing on Growth: Development For personal use only • Have ramped up investment in longer term pipeline as interconnection queues have extended project timelines • Increased greenfield wind development activity • Continued focus on M&A to further deepen pipeline and access to different markets •
Slide 84: Valta Investment Overview
Valta Investment Overview For personal use only • Longroad committed US$100 million of cash and credit to acquire a ~32% interest in Valta Energy, a C&I platform, with an Valta Operating and Near‐Term option to increase this stake over time ~232 MW • Provides access to fast-growing and lucrative C&I
Slide 85: Conclusion
Conclusion For personal use only • Strong and durable market fundamentals • Longroad targeting US$500 million run-rate Opco EBITDA by 2026 • Actively developing and acquiring projects in order to hit this goal • IRA not priced into recent capital raise • Bringing financing track record to bear in or
Slide 86: Manawa Energy
For personal use only Manawa Energy Infratil Investor Day Update 24 March 2023
Slide 87: Manawa Energy
Manawa Energy For personal use only • New Zealand’s largest independent* electricity generator and renewables developer • 26 power schemes throughout New Zealand • Capacity of 502MW (average 1,942 GWh pa) – 99%+ renewable • ~650 customers at more than ~6,400 electricity connections nationally • Head
Slide 88: Shifting Focus
Shifting Focus For personal use only Following the successful separation and sale of the mass- market retail business in May 2022, Manawa Energy has made significant progress establishing and imbedding the new business model and strategy. The key focus of the company has very much transitioned to st
Slide 89: New Development Opportunities
New Development Opportunities Pipeline Summary For personal use only • Manawa Energy’s pipeline is progressing quickly, with ~970MW of solar and wind projects with either landholder or option agreements in place and ~375MW under advanced negotiation. NB: It is not expected that all of these options
Slide 90: Generation Enhancement Update
Generation Enhancement Update For personal use only All planned FY-23 enhancements are complete. A total of 30GWh pa of volume uplift has been delivered from enhancements so far. A further 77GWh pa is either planned and approved or being scoped for delivery in the coming years FY-23 Enhancement upda
Slide 91: Recent Weather Events
Recent Weather Events For personal use only • With the exception of one small hydro scheme in Hawke’s Bay, Manawa assets fortunately avoided any significant impacts from Cyclone Gabrielle and other recent weather events • All our people were safe, and we have been providing support 'on the ground' d
Slide 92: Major Asset Investment
Major Asset Investment For personal use only Significant investment on high-value assets to secure future revenues and ensure safe, compliant, and efficient running: FY-23 Major Asset Investment update: (Otago) Waipori G3/4 generator replacement – Underway End-of-life replacement of generating units
Slide 93: Disclaimer
Disclaimer For personal use only While all reasonable care has been taken in the preparation of this presentation, Manawa Energy Limited and its related entities, directors, officers and employees (collectively “Manawa") do not accept, and expressly disclaim, any liability whatsoever (including for
Slide 94: Infratil Investor Day Presentation – Qscan Group
For personal use only Infratil Investor Day Presentation 24 March 2023 Chris Munday Chief Executive Officer
Slide 95: Qscan Group Snapshot
Qscan Group Snapshot Qscan Group is the premier provider of quality radiology services in the Australian market For personal use only 2017, 2017, 2017, 2018, 2019, 2019, 2019, 2022, Investment in Investment in Investment in Investment in Investment in Investment in Investment in Investment in Qscan
Slide 96: Our Q-ONE vision is to be number one
Our Q-ONE vision is to be number one… For personal use only • in Quality, which is central to everything we do • as the Leading Diagnostic Imaging services provider nationally as recognised by radiologists, referrers and patients alike • as the partner and Employer of Choice for radiologists, clinic
Slide 97: Australian Diagnostic Imaging Sector Snapshot
For personal use only Australian Diagnostic Imaging Sector Snapshot
Slide 98: 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 99: Qscan growth continues to outperform overall DI Market
Qscan growth continues to outperform overall DI Market Rolling 12 month YoY Billings Growth of Qscan Clinics vs Diagnostic Imaging Market (per Medicare data) For personal use only 20% L12M YoY Medicare (Items) L12M YoY Qscan (Items) 15% GP Services 10% GP Services 5% 0% -5% Diagnostic Imaging -10% M
Slide 100: Current Financial Performance
For personal use only Current Financial Performance
Slide 101: Financial Highlights
Financial Highlights For personal use only Track record of strong annual revenue growth Margin expansion expected in coming years Revenue ($m) EBITDA ($m) and EBITDA margin (%) 350.0 20.0% 70.0 18.0% 300.0 16.0% 250.0 60.0 14.0% 12.0% 200.0 50.0 10.0% 150.0 8.0% 40.0 100.0 6.0% 30.0 4.0% 50.0 2.0% 0
Slide 102: The Next Phase
For personal use only The Next Phase….
Slide 103: Our Strategic Pillar Imperatives for FY2024
Our Strategic Pillar Imperatives for FY2024 For personal use only OUR VISION OUR VALUES Our vision is to be the leading provider of quality radiology in Australia; we embrace next generation technologies and pioneer innovative solutions to improve patient outcomes. Trusted Analysis | Excellence | Co
Slide 104: Targeted Outcomes from New Doctor Remuneration Model
Targeted Outcomes from New Doctor Remuneration Model For personal use only Engagement • Supports diversity of case mix as well as allowing doctors to focus on sub-specialties • Encourages culture of sharing across national network, including supporting junior Radiologists • Support involvement of Do
Slide 105: Our Key Objectives - Future Pillars of Growth
Our Key Objectives - Future Pillars of Growth Long term sustainable growth is underpinned by four pillars of growth For personal use only ▪ Significant opportunity for Brownfield expansion at existing sites with existing space available at a Brownfield number of sites Expansion ▪ Regional site in Yo
Slide 106: Recent Expanded Capability
Recent Expanded Capability GRAFTON MRI For personal use only Windsor Clinic Rebuild • Insert text here
Slide 107: Recent Expanded Capability – MRI Installations
Recent Expanded Capability – MRI Installations For personal use only Young, NSW Annerley, Qld Grafton, NSW
Slide 108: Thank You
For personal use only Thank You
Slide 109: Infratil Investor Day Update – RetireAustralia
For personal use only Infratil Investor Day Update 24 March 2023
Slide 110: Building on the resident experience
Building on the resident experience For personal use only • RetireAustralia is pursuing the integration of care into some of its new villages via the introduction of care hubs. The innovative offering is a model of care that will offer round-the-clock, nurse-led care to residents in their own homes,
Slide 111: Growing the business
Growing the business For personal use only Total Settlements • Retire Australia is expecting a strong finish to FY23 600 565 558 with >400 settlements forecast. 500 • FY22 experienced higher settlements of 565 units in 437 total (489 resales and 76 developments). This 400 343 higher number was large
Slide 112: Development update
Development update For personal use only • Construction is expected to complete on four sites in the next 12 months, adding 254 apartments and a 10 bed care hub • 34 apartments are being constructed at The Rise Wood Glen, which is a premium village NSW Central Coast • 128 apartments and a 10 bed car
Slide 113: RHCNZ Medical Imaging Group
RHCNZ For personal use only Medical Imaging Group Infratil Investor Day Presentation 24 March 2023 Terry McLaughlin Chief Executive
Slide 114: New Zealand's Largest Radiology Network
New Zealand’s Largest Radiology Network Large-scale national business providing specialist imaging, diagnostic and preventative radiology services For personal use only National portfolio of 70+ clinics 11 • 43 clinics in North Island • 32 clinics in South Island • + located at 19 key private hospit
Slide 115: Financial Performance
Financial Performance Significant disruption experienced during and post-COVID, but underlying volume growth remains For personal use only Total Group Volumes (000’s of scans p.a.) Total Group Revenues (NZ$ millions) FY20-FY23F FY20-FY23F 1200 400 350 1000 932 953 885 297 305 860 300 268 800 241 250
Slide 116: Recently Expanded Capability
Recently Expanded Capability New purpose-built regional facilities delivered on time and within budget For personal use only Pacific Radiology, Pacific Radiology, Pacific Radiology, Timaru Branch Metro, Canterbury New CT for Palmerston North X-Ray, Ultrasound, MRI, CT, Breast Imaging X-Ray, Ultrasou
Slide 117: Future Planned Capability
Future Planned Capability Significant future capability planned in strategic locations For personal use only New Facility MR CT PET CT US XR CT SPECT Whangārei - North Hamilton - - Whanganui - - Remuera road Dunedin Central - Tauranga - Remuera Road (Auc
Slide 118: New Zealand Long-Run Industry Drivers
New Zealand Long-Run Industry Drivers For personal use only • Ageing and growing population DEMOGRAPHIC • Higher incomes CHANGES • More health conscious • A shift toward early diagnosis and preventative care VALUE BASED • High-value modality volume-led growth SHIFT • Leading-edge technology, radiolo
Slide 119: Our Competitive Advantage
Our Competitive Advantage • Largest private radiology provider in New Zealand • Combined group approximately four times larger than next largest provider National Scale For personal use only • Offers full suite of diagnostic imaging modalities • Latest technologies and equipment • Expansive breadth
Slide 120: Key Strategic Priorities
Key Strategic Priorities With a strong commercial platform, significant market share and a proven reputation for clinical and operational excellence, we can achieve above-market growth expectations For personal use only Key partner to the NZ First choice for referrers Great place to work Leader in i
Slide 121: 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 STREAMS • Capacity constraints in public health systems creates opportunity, private clinics broadl
Slide 122: Thank You
For personal use only Thank You
Slide 123: Kia ora and welcome to One New Zealand
For personal use only Kia ora and welcome to One New Zealand Infratil Investor Day Presentation 24 March 2023 Jason Paris Chief Executive Officer C2 General
Slide 124: For personal use only
For personal use only C2 General
Slide 125: One awesome business: Infrastructure
One awesome business Maximising infrastructure investment to deliver ongoing value uplift For personal use only Infrastructure • We are a technology leader and have led the market in launching 2G, 3G, 4G, 5G and IoT • Awarded New Zealand's best mobile network • One of New Zealand’s largest fixed inf
Slide 126: One awesome business: Services
One awesome business Excellent medium to long term industry dynamics, competitive but stable market For personal use only Services • More than 2 million mobile connections, 70 retail stores, providing mobile fixed and ICT services to over 110,000 corporate, government and small/medium businesses • W
Slide 127: One awesome Aotearoa
One awesome Aotearoa Halving the number of youth experiencing disadvantage and creating a better planet for future generations For personal use only • $2 million per year ($49 million total) invested in Te Rourou, Vodafone Aotearoa Foundation focused on New Zealand’s youth • One Good Kiwi - $100k pe
Slide 128: One awesome team
One awesome team 2,500 team members, with capability and culture scores now in the top quartile internationally For personal use only • Organisational health in top quartile of international employee benchmark • Strong employment brand with excellent talent retention and acquisition track record • I
Slide 129: One trading update
One trading update Market leading mobile growth, increasing mobile ARPU, ICT growing For personal use only Consumer and SME Enterprise Wholesale • Fastest growing Consumer • Market leading growth in ICT • Double digit growth with strong postpaid connections1 services2 pipeline • Mobile ARPU increasi
Slide 130: On track to exceed FY2023 EBITDAF guidance
On track to exceed FY2023 EBITDAF guidance FY2023 Key Trends Income statement FY2023 FY2022 PCP For personal use only $ millions H1 H1 H1 • Market leading total mobile service revenue growth1 due to strong acquisition in Consumer SME 315 290 9% post-paid and ARPU increasing as customers move to high
Slide 131: One simple business
One simple business For personal use only • Pivoted from changing out parts of our existing IT stack with a new vendor to upgrading these components with existing partners • A new Business Simplification programme is helping us to become an even leaner and more efficient business and deliver further
Slide 132: Changing the way customers think about our brand
Changing the way customers think about our brand For personal use only Our new brand will: • Enable significant ongoing cost savings • Improve mobile trading performance • Accelerate our ICT growth • Drive dramatic simplification and efficiency across the company C2 General
Slide 133: Thank You
For personal use only Thank You
Slide 134: Wellington International Airport Limited
Wellington International Airport Limited Infratil Investor Day March 2023 For personal use only
Slide 135: Resilient long-term passenger growth pre-Covid
Resilient long-term passenger growth pre-Covid Average annual passenger growth over 20 years to FY20 was +2.7% For personal use only Passenger Numbers FY2002 – FY2023 Millions Swine Flu 7 2009 COVID-19 2020 - 2022 6 GFC Chch EQ 2008 2011 SARS 5 2002 - 2004 4 FORECAST 3 2 1 2002 2003 2004 2005 2006 2
Slide 136: Monthly Passenger Recovery %
For personal use only 30% 80% 100% 40% 10% 0% 20% 50% 60% 70% 90% Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 *Pre-Covid = FY19 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Monthly Passenger Recovery % Strong recovery has contin
Slide 137: Positioned to build on pre-Covid earnings & deliver sustainable growth
Positioned to build on pre-Covid earnings & deliver sustainable growth • $125m cash/funds on deposit following recent $75m retail bond issue in February 2023 For personal use only • $100m bank facilities maturing 2025/26 remain undrawn Robust funding & • Fully compliant with lender covenants and no
Slide 138: Positioned to build on pre-Covid earnings & deliver sustainable growth
Positioned to build on pre-Covid earnings & deliver sustainable growth • Strong commercial performance with pax recovery and successful execution of For personal use only Continued transport, hotel, commercial property and retail investments diversification & expansion of commercial business • Activ
Slide 139: FY2023 forecast result
FY2023 forecast result $m EBITDA For personal use only 120 100 80 60 40 20 0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 • Full year EBITDA forecast $88 million – $90 million • Passenger projection ~5.2 million • Revenue recovering in line with pax and material cost efficiencies achieved through Covid retain