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    IFT   NZIFTE0003S3

INFRATIL LIMITED

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Infratil Interim Report 2021

11/12/2021 | 11:06am EST

Infratil Interim Report 2021

Delivering:

Profits &

Reinvestment

2

Six Month Score Card

April

Jason Boyes succeeds

Marko Bogoievski as CEO effective from 1 April 2021. Jason is the third CEO in Infratil's 27 year history.

Wellington Airport welcomes its first trans-Tasman,quarantine-free flight in over a year.

Tilt Renewables sale price increased from NZ$7.80 to NZ$8.10 per share.

May

After almost 30 years, Vodafone shut down its dial-up internet service on 31 May 2021.

Infratil announces a new offer of Infrastructure Bonds maturing in December 2027 with a coupon of 3.60% per annum.

Infratil undertakes the acquisition of a 53.5% stake in Pacific Radiology for $313.6 million.

June

Infratil pays a 11.5cps final cash dividend for FY2021 (and 3.5 cps imputation credits).

Trustpower announces the conditional sale of its utility retail business to Mercury Energy for $441 million.

CDC achieves 'Certified Strategic' accreditation under the Australian Federal Government's hosting framework across all its Australian data centre facilities.

RetireAustralia officially opens its first vertical village, The Verge, which overlooks the Burleigh golf course.

July

Longroad Energy completes construction on the 199MW Sun Streams 2 solar project in Arizona.

Pacific Radiology opens two new clinics in Rolleston and Wellington with continued investment in leading high-tech medical equipment.

The New Zealand Government suspends trans-Tasman, quarantine- free flights.

August

Infratil completes the $2.0 billion sale of its 65.15% stake in

Tilt Renewables.

Trustpower announces its new generation business name, Manawa Energy.

The New Zealand Government reinstates Covid-19 restrictions across the country.

Vodafone adds Manawatū- Whanganui to its 5G coverage.

Longroad commences construction of 26MW distributed solar project

in Maine and completes construction of the 331MW Prospero 2 solar project in Texas.

September

Infratil announces a US$233 million investment to establish Gurīn Energy, a renewable energy development platform headquartered in Singapore which will focus on projects across Asia.

Infratil commits £120-130 million of growth capital to London data centre business Kao Data.

Wellington Airport issues $125 million of 3.32% 10-year bonds.

Infratil announces its investment in Auckland Radiology Group on

4 October.

1

Corporate

Structure

Shareholders

Bondholders

00% owned

Banks

Funding Subsidiaries

Energy

Healthcare

Airport

Connectivity

Data

Social/Other

5% Infratil

56% Infratil

66% Infratil

49.9% Infratil

48% Infratil

50% Infratil

27% Tauranga Energy

30% Doctors and Sta†

34% Wellington

49.9% Brookfield

24% Commonwealth

50% New Zealand

Consumer Trust

‡4% MGIF

City Council

Asset Management

Superannuation

Superannuation Fund

Corporation

24% Future Fund

4% Management

Infratil Infrastructure

Property

40% Infratil

Clearvision Fund

40% New Zealand

Superannuation Fund

20% Management

40% Infratil*

5% Infratil*

49% Doctors and Staff

30% Legal & General

30% Goldacre

* Target shareholding

* Target shareholding

40% Infratil

20% Commonwealth

Superannuation

Corporation

20% New Zealand

Superannuation Fund

20% MGIF

95% Infratil

5% Management

Sectors

Capital Structure

Renewable Energy

Airport

Digital Infrastructure

Net bank debt and dated bonds

Social Infrastructure & Healthcare

Perpetual bonds

Equity (market value)

2

Financial Highlights

Infratil has continued to perform strongly despite the challenges posed by the pandemic. Many of Infratil's companies provide essential services and are demonstrating their resilience and the benefits of Infratil's diversification.

The net parent surplus for the six months ended 30 September 2021 was $1,080.6 million, up from $27.8 million in the prior period. The key contributor to the surplus was the $1,014.7 million gain recorded on the sale of Tilt Renewables. A detailed overview of the 23-year history of Infratil's investment in Tilt Renewables was provided in Infratil's most recent Annual Report, dating back to the construction of the Tararua Wind Farm.

Over the period Infratil continued to invest, with $833.8 million invested either through its portfolio companies, or directly. This included the acquisition of Pacific Radiology ($313.6 million), the acquisition of a stake in Kao Data ($73.6 million) and the establishment of Gurīn Energy. These investments were focused across Infratil's core platforms, Digital Infrastructure, Renewables and Social Infrastructure.

Net parent surplus

Proportionate EBITDAF 1

Proportionate capital expenditure 2

Net debt 3

Dividends declared

Shareholder returns (6 months)

30 September 2021

$1,080.6 million

$253.6 million

$833.8 million

$280.9 million

  1. cps cash
  1. cps imputation

13.2%

30 September 2020

$27.8 million

$197.9 million

$488.9 million

$1,389.6 million

  1. cps cash
  1. cps imputation

32.1%

  1. EBITDAF is a non-GAAP measure of net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and non-operating gains or losses on the sales of investments and assets. EBITDAF does not have a standardised meaning and should not be viewed in isolation, nor considered a substitute for measures reported in accordance with NZ IFRS, as it may not be comparable to similar financial information presented by other entities. Proportionate EBITDAF shows Infratil's operating costs and its share of the EBITDAF of the companies it has invested in. It excludes discontinued operations and management incentive fees. A reconciliation of net profit after tax to Proportionate EBITDAF is provided in the 30 September 2021 Interim Results Presentation.
  2. Infratil's share of the capital expenditure of investee companies, and investments made by Infratil.
  3. Infratil Corporate and 100% subsidiaries.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Infratil Limited published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 16:05:07 UTC.


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Sales 2022 1 375 M 937 M 937 M
Net income 2022 70,9 M 48,3 M 48,3 M
Net Debt 2022 1 939 M 1 322 M 1 322 M
P/E ratio 2022 -
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Capitalization 5 915 M 4 030 M 4 031 M
EV / Sales 2022 5,71x
EV / Sales 2023 7,14x
Nbr of Employees 3 760
Free-Float -
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Technical analysis trends INFRATIL LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
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Sell
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Mean consensus OUTPERFORM
Number of Analysts 4
Last Close Price 8,17 NZD
Average target price 8,42 NZD
Spread / Average Target 3,03%
EPS Revisions
Managers and Directors
Jason Peter Boyes Chief Executive Officer & Executive Director
Phillippa Mary Harford Chief Financial Officer
Matthew Ross Finance Director
Mark Tume Independent Chairman
Ralph Brayham Head-Technology
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