Infratil Limited · NZX:IFT
Infratil — Investor Day (February 2021)
17 slides from Infratil's investor day presentation, Feb 16, 2021
Slide 1: Infratil Investor Day: Portfolio Update and Outlook
Infratil Investor Day Portfolio Update and Outlook Marko Bogoievski, Jason Boyes & Phillippa Harford 16 February 2021
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (Company). To the maximum extent permitted by law, the Company, its affiliates and each of their respective affiliates, related bodies corporate, directors, officers, partners, employees a
Slide 3: Leadership
Leadership Long-term stability supported by the depth and capability of Morrison & Co Marko Bogoievski Jason Boyes Phillippa Harford • Infratil Chief Executive • Infratil Chief Executive • Infratil Chief Financial Officer and a Director for Officer and a Director Officer since May 2015 and the last
Slide 4: Infratil Model
Infratil Model Established in At Inception: Today: 1994 to • Opportunity to invest in attractive • Over $8.0 billion invested in established “provide a unlisted ventures which might not otherwise be available to the individual platforms across New Zealand, Australia, the United States and Europe and
Slide 5: Shareholder returns
Shareholder returns Infratil Share Price Translating 8.00 underlying value 7.00 creation into total shareholder 6.00 returns 5.00 4.00 Total Shareholder Return Period TSR 3.00 3 Year 39.7% 2.00 5 Year 23.3% 10 Year 20.3% 1.00 Inception – 27 years 18.9% - 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 6: Infratil Value
Infratil Value Unique portfolio • Portfolio targeting a balance of core, core+ supported and development returns across several sectors and jurisdictions by several high • AustralianSuper takeover approach is a real- conviction time endorsement of the quality of our assets platforms and their attrac
Slide 7: Infratil's Investment Proposition
Infratil’s Investment • Infratil is a modern infrastructure investor targeting returns to shareholders of Proposition 11-15% p.a. over the long-term Infratil is well • Investment activity is focused on finding sectors and businesses with positioned in ✓ strong defensive characteristics scalable high
Slide 8: Infratil's Investment Proposition
Infratil’s Decarbonisation Connectivity Aging Population Global Mobility Investment • Climate change is an • Increasingly connected, • Post war population bubble • Increasingly connected and established threat to integrated world reaching retirement age well-travelled world humanity • Rising middle
Slide 9: Infratil's Investment Proposition
Infratil’s Water Scarcity Waste & Recycling Healthcare Next Generation Investment • Increasing water demand • Population & economic • Strong healthcare systems • Productivity is flat lining globally growth drive increasing are required for societies to and limiting future growth waste output functio
Slide 10: Portfolio Composition
Portfolio Composition Infratil is a high 8% 4% 18% conviction 4% 8% investor with 8% significant 41% positions in four 13% 21% main sectors 42% 29% Renewable Energy Trustpower Tilt Renewables Digital Infrastructure CDC Data Centres Vodafone New Zealand Airports Wellington Airport Qscan Group Social
Slide 11: Portfolio Composition
Portfolio Composition Overall exposures 23% are balanced to 15-20% 37% generate overall 46% p.a. 8-10% p.a. target returns 51% 10-15% and to optimise p.a. capital structure 40% New Zealand Core Core+ Australia Development USA Infratil Investor Day – 16 February 2021 11
Slide 12: COVID-19
COVID-19 Our response to the pandemic has demonstrated the benefits of Wellington International Airport RetireAustralia • Forecast FY2021 forecast of $35 million (prior to • Resident and employee safety remains the top sector and charges in alert levels on 14 February) severely priority and to date
Slide 13: FY2021 Guidance
FY2021 Guidance Performance • Forecast FY2021 Proportionate EBITDAF from continuing EBITDAF range operations of $440 million -$470 million1 has tightened as • Proportionate EBITDAF includes the proportion of the EBITDAF of each portfolio company based on Infratil’s level of beneficial we move owners
Slide 14: Incentive Fees
Incentive Fees Reflection of • Infratil’s international investments are eligible for incentive fees under the Management Agreement with management’s Morrison & Co ability to • The Agreement allows for incentives to be payable for outperformance in excess of a minimum hurdle of 12% p.a., if certain c
Slide 15: Debt Capacity & Liquidity
Debt Capacity As at As at As at & Liquidity (NZ$ Million) 31 March 2020 30 September 2020 31 January 2021 Strong capital Net bank debt Infratil Infrastructure bonds 471 1,072 86 1,072 357 1,120 • As at 31 January 2021, cash on hand and undrawn debt facilities provide position and Infratil Perpetual
Slide 16: Infratil's Future Outlook
Infratil’s Future • Infratil’s focus remains on maintaining a balanced portfolio of scaled platforms that Outlook can generate attractive non-correlated returns Unique portfolio • The model requires Infratil to identify the next generation of essential services and assets and invest ahead of the mai
Slide 17: Questions
Questions Portfolio Update and Outlook