2015 Annual Report Highlights

Infratil Financial Trends

The graphed years cover the period of the global financial crisis and Infratil’s subsequent evolution. It shows the changes to Infratil's portfolio of businesses and the consequence of placing greater weight on delivering cash returns for the benefit of shareholders. Over the last six years as these changes have borne fruit Infratil's dividends have doubled and total compound returns to shareholders have been 19.5% per annum after tax (share price appreciation and fully imputed dividends).

EBITDAF

Earnings before interest, tax, depreciation, amortisation and adjustments for fair value movements, realisations and impairments.

The stability of EBITDAF over the last five years has occurred over the period involving substantial investment and divestment which is expected to drive earnings growth in future.

1 EBITDAF
Cash Flows & Infratil’s Dividends

Operating cash flow comprises EBITDAF less payments of interest and tax and changes to working capital.

2 Cash Flows and Infratil’s Dividends
Infratil’s Assets

Over the eight years Infratil has invested $3,309 million and raised $1,563 million from divestment. This, and changing market values, has resulted in an evolution in the make-up of the Company’s assets.

3 Infratil’s Assets
Infratil’s Capital Structure

The proportions of funding provided by equity, perpetual and other debt.

Given the relatively low risk nature of Infratil’s businesses and the use of long-term debt, equity funding would normally be expected to comprise about 50% of the total.

4 Infratil’s Capital Structure
Full Annual Report 2015
Full Annual Report 2015
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