19 May 2015 8:32am
By any measure over the year ended 31 March 2015 Infratil was successful in creating value for its shareholders and in positioning to continue to do so.
Net parent surplus was $384 million compared with $199 million. The adjusted net surplus was $79 million up from $39 million (the adjusted net surplus excludes revaluations, realizations, one off acquisition costs and reflects Z Energy’s contribution on a current cost basis).
Consolidated EBITDAF from continuing operations was $453 million, up 4% on last year’s $437 million. Adjusted consolidated EBITDAF was $526 million; up 7% on last year’s $493 million (Adjusted EBITDAF includes discontinued operations and Z Energy’s contribution on a current cost basis, but excludes one off acquisition costs relating to RetireAustralia).
Investments totalled $508 million ($616 million the previous year), including the $219 million acquisition of a 50% interest in RetireAustralia in December 2014, Trustpower’s $200 million of investment mainly in Australian generation, $32 million invested via ASIP in Australian social infrastructure and $57 million of investment by New Zealand subsidiaries in their own activities.
The final dividend for the year of 8 cps (fully imputed) will be paid 15 June to all shareholders of record as at 5 June. On the same day a special dividend of 6.4 cps (fully imputed) will also be paid.
For the full year, dividends were 12.5cps (up from the prior year’s 10.75cps). Special dividends were 21.4cps.
For Financial Year 2016 EBITDAF is forecast to increase by between 7% and 14% due largely to past investment. There will be the full year contribution from Trustpower’s Australian generation which was commissioned or acquired last year and Trustpower’s New Zealand retailing base is also expected to continue to grow. RetireAustralia will be making a full year contribution. Wellington Airport’s earnings are expected to rise due to increased traffic and aeronautical charges, and most of Infratil’s other businesses are also expected to increase their contributions.
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