Infratil : Detailed Financial Information & Operating Metrics - March 2025

Published: 2025-05-27 16:37:07 ET IFT.NZ

Published on 05/27/2025 at 16:37

Detailed Financial Information & Operating Metrics

This information is intended to be read in conjunction with Infratil's Annual Report and Result's Presentation for the period ended 31 March 2025.

Consolidated Results

NZ$ millions

FY25

FY24

FY23

HY25

HY24

Operating revenue

3,851.8

3,139.5

1,845.1

1,822.3

1,427.6

Operating expenses

(2,483.0)

(2,193.1)

(871.8)

(1,274.5)

(940.9)

Operating earnings

1,368.8

946.4

973.3

547.8

486.7

International Portfolio incentive fees

(346.9)

(127.8)

(169.6)

(89.7)

(37.3)

Depreciation & amortisation

(624.9)

(558.6)

(107.6)

(321.7)

(180.7)

Net interest

(428.8)

(366.7)

(166.8)

(206.1)

(155.1)

Tax expense

(49.2)

(74.2)

(42.5)

(77.8)

(51.6)

Realisations and revaluations

(180.3)

942.3

74.8

(58.9)

1,128.1

Net surplus from continuing operations

(261.3)

761.4

561.6

(206.4)

1,190.1

Discontinued operations

(0.4)

330.1

(0.6)

Net surplus after tax

(261.3)

761.0

891.7

(206.4)

1,189.5

Minority earnings

(25.0)

8.9

(248.6)

(5.8)

(39.6)

Net parent surplus

(286.3)

769.9

643.1

(212.2)

1,149.9

This table shows a summary of Infratil's reported result for the period, as prepared in accordance with NZ IFRS.

Proportionate EBITDAF

NZ$ millions FY25

FY24

FY23

HY25

HY24

CDC 48.2% 173.9

140.8

113.7

83.7

64.3

One NZ 99.9% 604.0

545.5

263.6

304.0

225.1

Fortysouth 20.0% 13.6

11.5

4.4

7.0

5.5

Kao Data 54.0% 4.9

(2.3)

(3.0)

2.4

(1.6)

Manawa Energy 51.1% 46.6

74.1

69.9

23.3

39.8

Longroad Energy 37.2% 27.3

33.4

16.4

22.1

34.6

RHCNZ Medical Imaging 51.8% 63.2

58.1

54.4

31.6

30.7

Qscan Group 57.2% 48.7

40.6

33.8

23.8

18.2

RetireAustralia 50.0% 21.6

12.1

6.1

17.3

6.3

Wellington Airport 66.0% 86.1

70.7

59.1

41.6

33.4

Corporate & other 100.0% (103.5)

(76.5)

(58.1)

(50.5)

(38.2)

Operational EBITDAF 986.4

908.0

560.3

506.3

418.1

Galileo 38.0% (26.7)

(15.2)

(11.8)

(9.0)

(6.1)

Gurīn Energy 95.0% (32.0)

(21.9)

(15.6)

(14.4)

(9.1)

Mint Renewables 73.0% (9.9)

(6.8)

(1.4)

(4.1)

(2.9)

Development EBITDAF (68.6)

(43.9)

(28.8)

(27.5)

(18.1)

Proportionate EBITDAF from continuing operations 917.8

864.1

531.5

478.8

400.0

Trustpower Retail business - -

(0.3)

1.8

(0.4)

Tilt Renewables - -

Proportionate EBITDAF 917.8

863.8

533.3

478.8

399.6

Proportionate EBITDAF is intended to show Infratil's share of the earnings of the operating companies in which it invests. Proportionate EBITDAF is shown from continuing operations and includes corporate and management costs, however, excludes international portfolio incentive fees, acquisition or sales-related transaction costs, and contributions from businesses sold, or held for sale. Shareholdings are shown at the most recent period end date.

Detailed Financial Information & Operating Metrics

This information is intended to be read in conjunction with Infratil's Annual Report and Result's Presentation for the period ended 31 March 2025.

Reconciliation of Net surplus after tax to Proportionate EBITDAF

NZ$ millions

FY25

FY24

FY23

HY25

HY24

Net surplus after tax

(261.3)

761.0

891.7

(206.4)

1,189.5

less: Share of earnings of associate companies

(505.0)

(144.2)

(653.4)

(107.0)

(140.9)

plus: Proportionate EBITDAF of associate companies

213.7

217.7

389.4

123.5

153.0

less: Minority share of subsidiaries EBITDAF

(182.8)

(193.9)

(177.8)

(89.7)

(113.6)

plus: Share of acquisition or sale-related transaction costs

15.5

24.6

1.5

14.8

plus: one-off restructuring costs (including FibreCo)

7.6

13.5

3.9

less: Net gain/(loss) on foreign exchange and derivatives

69.4

56.4

(91.9)

61.7

(55.1)

less: Net realisations, revaluations and impairments

110.9

(998.7)

17.1

(4.0)

(1,073.0)

less: Discontinued operations

0.4

(330.1)

0.6

Underlying earnings

(532.0)

(263.2)

45.0

(216.5)

(24.7)

add back: Depreciation & amortisation

624.9

558.6

107.6

321.7

180.7

add back: Net interest

428.8

366.7

166.8

206.1

155.1

add back: Tax expense

49.2

74.2

42.5

77.8

51.6

add back: International Portfolio Incentive fees

346.9

127.8

169.6

89.7

37.4

Proportionate EBITDAF

917.8

864.1

531.5

478.8

400.1

Proportionate EBITDAF is an unaudited non-GAAP ('Generally Accepted Accounting Principles') measure of financial performance, presented to provide additional insight into management's view of the underlying business performance. This table reconciles Proportionate EBITDAF to Infratil's net surplus after tax as presented in accordance with NZ IFRS.

Associates include Infratil's investments in CDC, Fortysouth, Kao Data, Longroad Energy, Galileo, and RetireAustralia.

Subsidiaries include One NZ, Manawa Energy, Gurīn Energy, Mint Renewables, RHCNZ Medical Imaging, Qscan Group and Wellington Airport.

Proportionate Capital Expenditure

NZ$ millions

FY25

FY24

FY23

HY25

HY24

CDC

928.2

291.8

341.9

436.8

105.6

One NZ

269.3

261.4

151.8

125.8

122.4

Fortysouth

4.8

3.1

3.3

4.3

2.6

Kao Data

82.8

58.8

36.0

37.8

48.7

Manawa Energy

26.5

33.6

22.6

13.2

16.3

Longroad Energy

805.6

825.5

345.9

448.5

381.3

Tilt Renewables

Gurīn Energy

39.5

60.0

1.7

21.7

25.1

Galileo

52.6

42.7

28.8

24.9

38.8

Mint Renewables

0.5

1.1

0.3

0.5

RHCNZ Medical Imaging

25.3

26.1

14.7

11.8

9.3

Qscan Group

13.1

16.0

9.5

6.8

7.4

RetireAustralia

62.8

50.9

66.6

36.8

28.5

Wellington Airport

77.5

42.2

46.0

22.4

16.3

Proportionate Capital Expenditure

2,388.5

1,713.2

1,068.8

1,191.1

802.8

This table shows Infratil's share portfolio companies capital expenditure.

Detailed Financial Information & Operating Metrics

This information is intended to be read in conjunction with Infratil's Annual Report and Result's Presentation for the period ended 31 March 2025.

Direct Investment

NZ$ millions FY25

FY24

FY23

HY25

HY24

CDC 494.2

35.1

14.2

16.9

34.8

One NZ 20.9

1,800.0

20.0

1,800.0

Kao Data 82.9

156.2

21.2

11.5

136.3

Fortysouth -

212.1

Longroad Energy 163.4

96.2

242.2

49.7

50.3

Gurīn Energy 67.5

55.8

41.2

23.8

45.6

Galileo 41.9

39.6

42.3

13.4

23.0

Mint Renewables 11.7

5.7

4.4

6.0

1.8

RHCNZ Medical Imaging 48.1

16.4

Qscan -

17.8

Clearvision 8.0

18.8

24.2

4.0

16.3

Direct investment 938.6

2,225.2

618.2

145.3

2,108.1

This table shows investments made by Infratil during the period.

Asset Distributions to Infratil

NZ$ millions FY25

FY24

FY23

HY25

HY24

CDC 24.2

36.0

37.1

One NZ 91.3

81.9

181.0

Fortysouth 1.8

3.7

Manawa Energy 24.0

26.4

93.6

Tilt Renewables -

Longroad Energy 5.1

23.8

12.6

RHCNZ Medical Imaging 21.6

11.1

30.3

Qscan 43.6

2.3

RetireAustralia 5.2

Wellington Airport 39.0

47.3

Other distributions 2.2

1.4

Asset Distributions 258.0

231.6

356.9

This table shows distributions from investee companies during the period.

Debt Capacity & Facilities

NZ$ millions

FY25

FY24

FY23

HY25

HY24

Net bank debt

544.8

791.8

(593.2)

(328.8)

609.8

Infratil Infrastructure bonds

1,411.1

1,241.1

1,085.9

1,389.5

1,241.0

Infratil Perpetual bonds

231.9

Total net debt

2,187.8

2,264.8

724.6

1292.6

2,082.7

Market value of equity

10,048.7

9,066.7

6,660.6

11,840.1

8,493.6

Total Capital

12,236.5

11,331.5

7,385.2

13132.7

10,576.3

Gearing

17.9%

20.0%

9.8%

19.7%

Undrawn bank facilities

1,365.6

800.9

898.4

1,561.8

1,009.6

100% subsidiaries cash

71.9

19.2

593.2

328.8

25.2

Liquidity available

1,437.5

820.1

1,491.6

1890.6

1,034.8

This table shows the mix of debt and equity funding at the Infratil Corporate level.

Detailed Financial Information & Operating Metrics

This information is intended to be read in conjunction with Infratil's Annual Report and Result's Presentation for the period ended 31 March 2025.

Asset Valuations

NZ$ millions

FY25

FY24

FY23

HY25

HY24

CDC

7,248.5

4,419.7

3,678.7

5,236.5

4,181.5

One NZ

3,713.5

3,530.5

1,222.8

3,546.0

3,022.8

Fortysouth

186.3

195.2

207.7

188.8

209.8

Kao Data

701.6

556.2

255.7

567.9

391.1

Manawa Energy

788.8

728.0

795.2

800.0

723.2

Longroad Energy

2,111.9

1,952.0

1,583.4

1,992.7

1,674.4

Galileo

326.0

240.7

72.2

245.0

121.5

Gurīn Energy

493.0

237.1

7.9

246.1

33.9

Mint Renewables

22.8

2.0

3.1

16.4

2.0

RHCNZ Medical Imaging

689.3

606.7

511.6

613.6

557.5

Qscan Group

454.5

411.9

374.3

436.5

395.3

RetireAustralia

404.3

464.4

441.1

490.3

416.6

Wellington Airport

933.9

623.7

512.8

623.7

512.8

Clearvision Ventures

156.2

142.6

125.2

134.8

139.6

Property

73.1

98.4

115.2

112.5

108.7

Portfolio asset value

18,303.7

14,209.1

9,906.9

15,250.8

12,490.7

Wholly owned group net debt

(2,187.8)

(2,264.8)

(724.6)

(1,292.6)

(2,082.7)

Net asset value

16,115.9

11,944.3

9,182.3

13,958.2

10,408.0

Shares on issue (m)

968.1

832.6

724.0

966.5

831.9

Net asset value per share

16.65

14.35

12.68

14.44

12.51

This table shows valuations of Infratil's assets. The valuation of Infratil's investments in CDC, One NZ, Kao Data , Longroad Energy, Galileo, Gurin, RHCNZ Medical Imaging, Qscan Group, and Wellington Airport reflect the midpoint of the most recent independent valuations prepared for Infratil adjusted for any capital contributions to the asset since the last valuation date. The fair value of Manawa Energy is shown based on the market price per the NZX. The carrying value of RetireAustralia was reviewed against market-based comparables and other benchmarks at 31 March 2025 to estimate the fair value of Infratil's investment at 31 March 2025. Infratil does not commission independent valuations for its other assets and these are presented at book value.

Detailed Financial Information & Operating Metrics

This information is intended to be read in conjunction with Infratil's Annual Report and Result's Presentation for the period ended 31 March 2025.

Infratil Wholly Owned Group Cashflow

NZ$ millions

FY25

FY24

FY23

Dividends received from assets

258.0

231.6

356.9

Morrison Management fees

(108.7)

(86.2)

(63.3)

Net interest

(115.1)

(110.9)

(43.9)

Other corporate operating cashflows

(30.2)

(7.0)

4.7

Net cash inflow/(outflow) from operating activities

4.0

27.5

254.4

Capital invested into assets

(938.6)

(2,225.2)

(638.6)

Proceeds from portfolio divestments

690.2

Other investment costs

(16.3)

(14.0)

Incentive fees paid

(106.8)

(102.2)

(271.0)

Net cash inflow/(outflow) from investing activities

(1,061.7)

(2,341.4)

(219.4)

Bond maturities

(156.2)

(122.1)

(100.0)

Proceeds from bond issues

326.2

277.2

22.2

Debt drawdown/(repayment)

(194.4)

811.0

Equity raise

1,258.8

928.1

Dividends paid (net)

(124.1)

(154.3)

(137.1)

Net cash inflow/(outflow) from financing cashflows

1,110.3

1,739.9

(214.9)

Net increase/(decrease) in cash and cash equivalents

52.6

(574.0)

(179.9)

Cash and cash equivalents at the beginning of the year

19.2

593.2

773.0

Net increase/(decrease) in cash and cash equivalents

52.6

(574.0)

(179.9)

Cash and cash equivalents at end of year

71.8

19.2

593.1

The Wholly Owned Group comprises Infratil and its wholly-owned subsidiaries and excludes Manawa Energy, Mint Renewables, Wellington Airport, Qscan Group, RHCNZ Medical imaging, Gurīn Energy, CDC Data Centres, One NZ, RetireAustralia, Longroad Energy, Kao Data, Galileo and Fortysouth.

Disclaimer

Infratil Limited published this content on May 27, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 27, 2025 at 20:36 UTC.