Infratil Limited · NZX:IFT
Infratil — H1 2008 Earnings Presentation
19 slides from Infratil's earnings presentation, Nov 19, 2007
Slide 1: 30 September 2007 Interim Results
30 September 2007 Interim Results 19 November 2007
Slide 2: Track Record
Track Record Established 1994 ¾ Initially as a passive investor in NZ’s privatising infrastructure sector ¾ The second listed “infrastructure fund” in the world (after Foreign & Colonial Special Utilities Investment Trust PLC) ¾ Established by Wellington-Brisbane based investment advisory firm Morri
Slide 3: Track Record: Annual Return Index
Track Record Annual Return Index 100% 2,400 80% 2,000 1,600 60% 1,200 40% 800 20% 400 0% 0 -20% -400 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Sep-07 Annual Dividend Return Annual Return Infratil Accumulation Index 15.5% 31 March to 30 September 2007
Slide 4: 2007/8 Notable Events/Developments
2007/8 Notable Events/Developments TrustPower ¾ Government Emission Trading & Renewable Generation Targets ¾ Good profit given low market prices and low hydro generation ¾ Completion of Tararua III. Progress on South Australia and Waipori. Consenting progressed for 558MW of additional generation (La
Slide 5: Consolidated Results
Consolidated Results 6 months to 6 months to Year to 31 $ million 30 Sept 2007 30 Sept 2006 March 2007 Operating revenue 699.1 285.7 702.6 EBITDAF 165.0 69.0 153.0 Depreciation and amortization (35.9) (19.8) (47.7) Movement in financial derivatives 22.0 11.1 25.2 Net interest expense (68.9) (31.0) (
Slide 6: Infratil Capital Structure
Infratil Capital Structure * 30 September 31 March $ million 2007 2007 Net bank debt 220.5 52.0 Non recourse debt 140.0 140.0 Bonds maturing 2010-2011 132.8 132.8 Bonds maturing 2012-2013 142.7 142.7 Bonds maturing 2014-2020 233.3 233.3 Perpetual Bonds 240.0 221.2 Market value of equity 1,510.3 1,34
Slide 7: Dividend, Share Split & Warrant Issue
Dividend, Share Split & Warrant Issue Dividend 2.5 cps fully imputed ¾ To be paid 17 December 2007 to shareholders registered 7 December ¾ 1.25 cps on partly-paid shares ¾ 7.5 cps paid in June pre share split 1 for 1 share split ¾ To enhance liquidity Warrant issue ¾ 1 for 10 to share and existing w
Slide 8: TrustPower
TrustPower 1st ½ 2007/8 1st ½ 2006/7 2006/7 Electricity customers 220,000 220,000 219,000 Teleco customers 15,000 16,000 Customer sales (GWh) 2,361 2,414 4,575 Average price of electricity purchased (MWh) $63 $81 $63 Hydro generation (GWh) 833 959 1,667 Wind generation (GWh) 273 123 274 EBITDAF $116
Slide 9: Infratil Energy Australia Group
Infratil Energy Australia Group $A 1st ½ 2007/8 1st ½ 2006/7 2006/7 Billed energy accounts 235,441 119,179 186,033 Generation capacity (MW) 70 60 70 Sales $135.1m $65.6m $131.8m EBITDAF $4.6m $4.7m $8.6m Results ¾ Tumultuous energy market. Tripling of electricity prices. Very high gas prices ¾ A$5.4
Slide 10: Infratil Energy Australia Group
Infratil Energy Australia Group A$/MWh Forward Electricity Prices in Victoria Infratil Energy Australia Retail: Billed Accounts 100 250,000 28-Aug-06 30-Sep-07 200,000 80 30-Jun-07 150,000 60 100,000 40 50,000 20 0 Jun-05 Jun-06 Jun-07 Dec-04 Mar-05 Sep-05 Dec-05 Mar-06 Sep-06 Dec-06 Mar-07 Sep-07 0
Slide 11: Wellington Airport
Wellington Airport 1st ½ 2007/8 1st ½ 2006/7 2006/7 Passengers 2,330,713 2,291,051 4,635,711 Aero income $20.7m $19.2m $41.9m Passenger services income $10.7m $9.1m $18.8m Property & other income i $4.7m $3.9m $6.6m Operating costs ii $8.7m $8.3m $17.0m EBITDAF iii $27.7m $24.2m $55.1m i. Includes I
Slide 12: Wellington Airport: Costs/Revenues Per Passenger
Wellington Airport Costs/Revenues Per Passenger $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 Aeronautical revenue/pax Services Revenue/pax Costs/pax $0.00 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 30-Sep-07 Income ¾ Aeronautical charges per passenger remain flat (since 1
Slide 13: Wellington Airport: Competition
Wellington Airport: Competition Index NZ Domestic and International Air Travel Costs 200 150 100 50 Domestic International Dept of Statistics 0 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Relative to international, domestic a
Slide 14: Infratil Airports Europe
Infratil Airports Europe UK£ 1st ½ 2007/8 1st ½ 2006/7 2006/7 Passengers 1,715,427 1,772,150 3,085,797 Freight (tonnes) 25,101 24,454 56,455 Aero income £11.2m £10.6m £20.5m Passenger services income £4.1m £3.7m £6.7m Property income £1.5m £1.7m £3.4m Operating costs £18.0m £15.7m £34.3m EBITDAF £0.
Slide 15: Infratil Airports Europe: Freight
Infratil Airports Europe: Freight 7,000 60 Glasgow Prestwick Airport Kent International Airport Annual Growth Rate % 50 6,000 40 5,000 30 Annual Growth Rate (%) Tonnes 20 4,000 10 3,000 0 -10 2,000 -20 1,000 -30 Mar 03 Sep 03 Mar 04 Sep 04 Mar 05 Sep 05 Mar 06 Sep 06 Mar 07 Sep-07 Page 15
Slide 16: Infratil Airports Europe: Passengers
Infratil Airports Europe : Passengers 400,000 40 Lübeck Airport Kent International Airport Glasgow Prestwick Airport Annual Growth Rate % 35 350,000 30 300,000 Annual Growth Rate (%) 25 PAX 250,000 20 15 200,000 10 150,000 5 100,000 0 Mar 03 Jun 03 Sep 03 Dec 03 Mar 04 Jun 04 Sep 04 Dec 04 Mar 05 Ju
Slide 17: Public Transport
Public Transport 1st ½ 2007/8 1st ½ 2006/7 2006/7 Passengers 26.8m 28.0m 57.6m Fare income $55.8m $52.7m $107.7m Contract income $41.8m $39.0m $73.8m Capital investment $11.0m $1.1m $10.1m Contribution $7.9m $10.1m $23.7m Results ¾ Contribution consistent with last year (which was inflated by the tr
Slide 18: Prospects
Prospects Airports - New Zealand ¾ Pacific Blue and the responses from AirNZ and Qantas are positive for domestic and short haul air travel ¾ The arrival of low cost Asian carriers in Australia and huge growth of Middle Eastern airlines positive for the medium term Airports - Europe ¾ The low cost r
Slide 19: www.infratil.com
www.infratil.com Page 19