Infratil : FY2025 Parent Full Year Financial Statements

Published: 2025-05-27 16:37:06 ET IFT.NZ

Published on 05/27/2025 at 16:37

Notes

2025

2024

$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

456,991

215,693

Other operating expenses

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)

Financial income

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

(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.

Notes

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

Contributions by and distributions to owners

Share buyback

Shares issued

1,308,760

Shares issued under dividend reinvestment plan

56,540

Conversion of executive redeemable shares

Reserves transferred from amalgamated company

3,141

607,556

610,697

Dividends to equity holders

(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

Contributions by and distributions to owners

Share buyback

Shares issued

979,906

Shares issued under dividend reinvestment plan

6,746

Conversion of executive redeemable shares

Reserves transferred from amalgamated company

Dividends to equity holders

(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.

Notes

2025

2024

$000

Cash and cash equivalents

Prepayments and sundry receivables

2,527

3,359

International Portfolio Incentive fees receivable from subsidiaries

201,970

158,647

Advances to subsidiary companies

5,504,140

3,246,783

Current assets

5,708,637

3,408,789

International Portfolio Incentive fees receivable from subsidiaries

264,207

117,430

Deferred tax

12,236

24,384

Investments

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

201,970

158,647

Infrastructure bonds

161,456

156,097

Total current liabilities

381,582

336,306

International Portfolio Incentive fees payable

264,207

117,430

Infrastructure bonds

1,239,671

1,076,896

Perpetual Infratil Infrastructure bonds

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

The accompanying notes form part of these financial statements.

Notes

2025

2024

$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

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

(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.

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.

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.