Infratil Limited · NZX:IFT
Infratil — Shareholder Meeting (August 2000)
20 slides from Infratil's shareholder meeting presentation, Aug 7, 2000
Slide 1: 1999/2000 Result AGM Presentation
1999/2000 Result AGM Presentation 7 August 2000
Slide 2: Investor Returns
Investor Returns $ Cents 2.50 15 Net Tangible Assets per Share 2.00 Dividends Per Share 12 1.50 9 1.00 6 0.50 3 0.00 0 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 AGM Presentation, August 2000
Slide 3: Investor Returns
Investor Returns Dividend cps 15 500 NTA Index 12 Infratil NZ Share Index 400 NZSE40 Capital Index 9 Dividends Per Share 300 6 200 3 100 0 0 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 AGM Presentation, August 2000
Slide 4: Investment Performance 18/3/94 to 31/7/00
Investment Performance 18/3/94 to 31/7/00 Original subscribers received a return of 18.1%pa. l the NZSE40 Gross Index increased by 5.3% pa. NTA per share grew by 21.3% compound. Infratil’s average investing IRR was 36.8% pa. The 9.25 cents per share dividend paid in the latest financial year is an e
Slide 5: Goals & Modus Operandi
Goals & Modus Operandi Goals l Outperform other utility investments Investment objectives and approach l Develop strategic holdings l Influence = adding value Financing and monetising investments l Efficient capital/tax structure l Maximising cash flow to shareholders AGM Presentation, August 2000
Slide 6: Profitability
Profitability $ Millions 40 Net Surplus Operating Surplus 30 20 10 0 1998 1999 2000 AGM Presentation, August 2000
Slide 7: Income
Income $Millions 60 WIAL 50 Realisations Dividends & Interest (ex WIAL) 40 30 20 10 0 1998 1999 2000 AGM Presentation, August 2000
Slide 8: Costs
Costs $ Millions 60 50 Income Interest 40 Operating Costs 30 20 10 0 1998 1999 2000 AGM Presentation, August 2000
Slide 9: Key Events & Developments
Key Events & Developments ü Port of Tauranga and TrustPower : Best year ever ü WIAL capital restructure. Completion of terminal development ü Tranz Rail Investment ü Bond Programme ü CentralPower Sale Χ NGC AGM Presentation, August 2000
Slide 10: Divestments: CentralPower & NGC
Divestments: CentralPower & NGC Central Power sale l 16% sold last year $22.1m profit l 5% sold this year $5.0m profit l Still retain line investments with book value $7.7m and market value $20m NGC l NGC investment made on attractive fundamentals l NGC’s investment into TransAlta not supported by I
Slide 11: Portfolio August 2000: $465 million
Portfolio August 2000 : $465 million 6% 9% TrustPower WIAL 38% POT 21% NGC/Line Companies Other 26% AGM Presentation, August 2000
Slide 12: Port Of Tauranga
Port Of Tauranga Growth in core activities l Dairy, forestry, Bay of Plenty Initiatives l Customer focus l Metroport l Northland Port Benefits of scale/expertise l Increased services, internationally and nationally l Hubbing, gradual industry consolidation l Unit cost benefits AGM Presentation, Augu
Slide 13: Port Of Tauranga: 1999/2000 Best Year Ever
Port Of Tauranga : 1999/2000 Best Year Ever Containers (000) Tonnes (000) 250 10,000 200 8,000 150 6,000 Containers Total Throughput Imports 100 4,000 50 2,000 0 0 1990 1992 1994 1996 1998 2000 AGM Presentation, August 2000
Slide 14: Port Of Tauranga: 1999/2000 Best Year Ever
Port Of Tauranga : 1999/2000 Best Year Ever $ Millions 70 Net Profit After Tax 60 50 Total Revenue 40 30 20 10 0 1990 1992 1994 1996 1998 2000* *Annualised 6m to 31/12/99 AGM Presentation, August 2000
Slide 15: TrustPower
TrustPower Low Risk l Generation/sales balance. Efficiency Generation Upside l Electricity price increases l Development options Retailing Value l Efficient. Growth regions. Consolidation option Infratil Positioning l Infratil + Alliant @ 44%. Board representation AGM Presentation, August 2000
Slide 16: TrustPower: 1999/2000 Best Ever Year
TrustPower : 1999/2000 Best Ever Year $ Millions $ Millions 500 100 Revenue EBITDA 400 80 NPAT 300 60 200 40 100 20 0 0 1995 1996 1997 1998 1999 2000 AGM Presentation, August 2000
Slide 17: WIAL
WIAL Terminal open June 1999 / completed June 2000 l Strong concession and parking income l Free cashflows available for shareholders rather than construction Low passenger growth l Ansett strike/lock-out l Airline disinclination to add transtasman services 3,500 550 Domestic 500 International 3,000
Slide 18: WIAL Projections
WIAL Projections Earnings growth l Costs declining and income increasing Passenger growth l Ansett NZ recovery l Increased transtasman services l The prospect of Australian new entrants crossing the Tasman Airline contract renegotiation 2001 l Aeronautical activities achieving less than 4%pa. return
Slide 19: Infratil Prospects
Infratil Prospects Strong growth from core investments l POT, TrustPower , WIAL Realisation from mature investments l Cash for reinvestment Reinvestment opportunities l Expansion of existing holdings l New domestic opportunities l Australia AGM Presentation, August 2000
Slide 20: For further information, please refer to our website
For further information, please refer to our website: http://www.infratil.com