Notes | 2025 | 2024 | |
$000 | $000 | ||
Dividends received from subsidiary companies | - | - | |
Subvention income | - | - | |
Intercompany revenue | 468,647 | 247,402 | |
Total revenue | 468,647 | 247,402 | |
Directors' fees | 1,506 | 1,515 | |
Management and other fees | 12 | 456,991 | 215,693 |
Other operating expenses | 3 | 8,423 | 30,440 |
Total operating expenditure | 466,920 | 247,648 | |
Operating surplus/(loss) before financing, derivatives, realisations and impairments | 1,727 | (246) | |
Net gain/(loss) on foreign exchange and derivatives | (94) | (18) | |
Net realisations, revaluations and (impairments) | 2 | - | |
Financial income | 12 | 390,368 | 326,641 |
Financial expenses | (95,588) | (79,948) | |
Net financing income | 294,780 | 246,693 | |
Net surplus before taxation | 296,415 | 246,429 | |
Taxation expense | 5 | (13,856) | (2,095) |
Net surplus for the year | 282,559 | 244,334 | |
Total other comprehensive income after tax | - | - | |
Total comprehensive income for the year | 282,559 | 244,334 | |
The accompanying notes form part of these financial statements.
Statement of Changes in Equity For the year ended 31 March 2025Notes | Capital $000 | Other reserves $000 - - | Retained earnings $000 336,929 282,559 | Total $000 | |
Balance as at 1 April 2024 Total comprehensive income for the year Net surplus for the year | 2,036,654 - | 2,373,583 282,559 | |||
Other comprehensive income after tax Fair value movements in relation to executive share scheme | - | - | |||
Total other comprehensive income | - | - | - | - | |
Total comprehensive income for the year | - | - | 282,559 | 282,559 | |
Contributions by and distributions to owners | |||||
Share buyback | - | - | - | - | |
Shares issued | 1,308,760 | - | - | 1,308,760 | |
Shares issued under dividend reinvestment plan | 56,540 | - | - | 56,540 | |
Conversion of executive redeemable shares | - | - | - | ||
Reserves transferred from amalgamated company | 8 | - | 3,141 | 607,556 | 610,697 |
Dividends to equity holders | 2 | - | - | (178,907) | (178,907) |
Total contributions by and distributions to owners | 1,365,300 | 3,141 | 428,649 | 1,797,090 | |
Balance as at 31 March 2025 | 3,401,954 | 3,141 | 1,048,137 | 4,453,232 | |
Balance as at 1 April 2023 Total comprehensive income for the year Net surplus for the year Other comprehensive income after tax Fair value movements in relation to executive share scheme | 1,050,002 - - | - - - | 242,103 244,334 - | 1,292,105 244,334 - | |
Total other comprehensive income | - | - | - | - | |
Total comprehensive income for the year | - | - | 244,334 | 244,334 | |
Contributions by and distributions to owners | |||||
Share buyback | - | - | - | - | |
Shares issued | 979,906 | - | - | 979,906 | |
Shares issued under dividend reinvestment plan | 6,746 | - | - | 6,746 | |
Conversion of executive redeemable shares | - | - | - | - | |
Reserves transferred from amalgamated company | - | - | - | - | |
Dividends to equity holders | 2 | - | - | (149,508) | (149,508) |
Total contributions by and distributions to owners | 986,652 | - | (149,508) | 837,144 | |
Balance at 31 March 2024 | 2,036,654 | - | 336,929 | 2,373,583 | |
The accompanying notes form part of these financial statements.
Statement of Financial Position As at 31 March 2025Notes | 2025 | 2024 | |
$000 | $000 | ||
Cash and cash equivalents | - | - | |
Prepayments and sundry receivables | 2,527 | 3,359 | |
International Portfolio Incentive fees receivable from subsidiaries | 12 | 201,970 | 158,647 |
Advances to subsidiary companies | 12 | 5,504,140 | 3,246,783 |
Current assets | 5,708,637 | 3,408,789 | |
International Portfolio Incentive fees receivable from subsidiaries | 12 | 264,207 | 117,430 |
Deferred tax | 5 | 12,236 | 24,384 |
Investments | 12 | 585,529 | 585,529 |
Non-current assets | 861,972 | 727,343 | |
Total assets | 6,570,609 | 4,136,132 | |
Bond interest payable | 6,438 | 6,432 | |
Accounts payable | 10,765 | 9,720 | |
Accruals and other liabilities | 953 | 5,410 | |
International Portfolio Incentive fees payable | 12 | 201,970 | 158,647 |
Infrastructure bonds | 6 | 161,456 | 156,097 |
Total current liabilities | 381,582 | 336,306 | |
International Portfolio Incentive fees payable | 12 | 264,207 | 117,430 |
Infrastructure bonds | 6 | 1,239,671 | 1,076,896 |
Perpetual Infratil Infrastructure bonds | 6 | 231,917 | 231,917 |
Non-current liabilities | 1,735,795 | 1,426,243 | |
Attributable to shareholders of the Company | 4,453,232 | 2,373,583 | |
Total equity | 4,453,232 | 2,373,583 | |
Total equity and liabilities | 6,570,609 | 4,136,132 | |
Approved on behalf of the Board on 27 May 2025
Director
Director
The accompanying notes form part of these financial statements.
Statement of Cash Flows For the year ended 31 March 2025Notes | 2025 | 2024 | |
$000 | $000 | ||
Cash flows from operating activities | |||
Cash was provided from: | |||
Dividends received from subsidiary companies | - | - | |
Subvention income | - | - | |
Interest received | 390,368 | 326,641 | |
Operating revenue receipts | 280,205 | 152,009 | |
670,573 | 478,650 | ||
Cash was dispersed to: | |||
Interest paid | (99,889) | (75,917) | |
Payments to suppliers | (274,710) | (145,256) | |
Taxation (paid) / refunded | (1,708) | (4,789) | |
(376,307) | (225,962) | ||
Net cash flows from operating activities | 9 | 294,266 | 252,688 |
Cash flows from investing activities Cash was provided from: Net movement in subsidiary company loan | - | - | |
- | - | ||
Cash was dispersed to: Net movement in subsidiary company loan | (1,596,660) | (1,181,350) | |
(1,596,660) | (1,181,350) | ||
Net cash flows from investing activities | (1,596,660) | (1,181,350) | |
Cash flows from financing activities | |||
Cash was provided from: | |||
Proceeds from issue of shares | 1,315,300 | 926,653 | |
Issue of bonds | 250,000 | 277,248 | |
1,565,300 | 1,203,901 | ||
Cash was dispersed to: | |||
Repayment of bonds | (79,961) | (122,104) | |
Infrastructure bond issue expenses | (4,035) | (3,627) | |
Repurchase of shares | - | - | |
Dividends paid | 2 | (178,907) | (149,508) |
(262,903) | (275,239) | ||
Net cash flows from financing activities | 1,302,397 | 928,662 | |
Net cash movement | - | - | |
Cash balances at beginning of year | - | - | |
Cash balances at year end | - | - | |
Note some cash flows above are directed through an intercompany account. The cash flow statement above has been prepared on the assumption that these transactions are equivalent to cash in order to present the total cash flows of the entity.
The accompanying notes form part of these financial statements.
Notes to the Financial Statements For the year ended 31 March 2025-
Accounting policies
Reporting Entity
Infratil Limited ('the Company') is a company domiciled in New Zealand and registered under the Companies Act 1993. The Company is listed on the NZX Main Board ('NZX') and Australian Securities Exchange ('ASX'), and is an FMC Reporting Entity in terms of Part 7 of the Financial Markets Conduct Act 2013.
Basis of preparation
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice ('NZ GAAP') and comply with New Zealand equivalents to International Financial Reporting Standards ('NZ IFRS') and other applicable financial reporting standards as appropriate for profit-oriented entities. The presentation currency used in the preparation of these financial statements is New Zealand dollars, which is also the Company's functional currency, and is presented in $ thousands unless otherwise stated. The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated. Comparative figures have been restated where appropriate to ensure consistency with the current period.
The financial statements comprise statements of the following: comprehensive income; financial position; changes in equity; cash flows; significant accounting policies; and the notes to those statements. These are the separate stand alone financial statements of the Parent entity. Reference should be made to the consolidated financial statements of Infratil Group Limited for the Group position. The financial statements are prepared on the basis of historical cost.
Accounting estimates and judgements
The preparation of financial statements in conformity with NZ IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Future outcomes could differ from those estimates. The principal areas of judgement in preparing these financial statements are set out below.
(a) Valuation of investments
Infratil completes an assessment of the carrying value of investments at least annually and considers objective evidence for impairment on each investment taking into account observable data on the investment, the fair value, the status or context of capital markets, its own view of investment value, and its long term intentions. Infratil notes the following matters which are specifically considered in terms of objective evidence of impairment of its investments, and whether there is a significant or prolonged decline from cost, which should be recorded as an impairment, and taken to profit and loss: any known loss events that have occurred since the initial recognition date of the investments, including its investment performance, its long term investment horizon, specific initiatives which reflect the strategic or influential nature of its existing investment position and internal valuations; and the state of financial markets. The assessment also requires judgements about the expected future performance and cash flows of the investment.
Taxation
Income tax comprises both current and deferred tax. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of the differences between the carrying amounts of assets and liabilities for financial reporting purposes and the carrying amounts used for taxation purposes.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits or deferred tax liabilities will be available within the Company against which the asset can be utilised.
Impairment of assets
At each reporting date, the Company reviews the carrying amounts of its investments and advances, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Borrowings
Borrowings are recorded initially at fair value, net of transaction costs. Subsequent to initial recognition, borrowings are measured at amortised cost with any difference between the initial recognised amount and the redemption value being recognised in profit and loss over the period of the borrowing using the effective interest rate. Fees and other costs incurred in arranging debt finance are capitalised and amortised over the term of the relevant debt facility.
Foreign currency transactions
Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on translation are recognised in profit or loss.
New standards, amendments and pronouncements not yet adopted by the Company
IFRS 18 - Presentation and Disclosure in Financial Statements is effective for periods beginning on or after 1 January 2027 and applies retrospectively. The new standard aims to provide greater consistency in presentation of the income and cash flow statements, and more disaggregated information. While this will not have a material impact on the Company, it will result in significant changes to how the Company presents the income statement and what information will need to be disclosed on management-defined performance measures.