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Infratil Results for the year ended 31 March 2010

18 May 2010

Infratil's management started the last year with four goals; to increase earnings, to withdraw capital from investments no longer a good fit with Infratil's criteria, to improve financial flexibility, and to progress the investment programme as a base for long-term earnings and value growth.

Infratil has delivered:

  • Reflecting the resilience of the industries in which Infratil operates and the quality of management and staff, earnings increased over the previous year notwithstanding continuing difficult economic conditions and the sale of assets.

Earnings EBITDAF were $363.3 million up from $356.7 million. The Operating Surplus (after interest and tax) was $90.0 million from $77.6 million and the Net Surplus Attributable to Shareholders (after revaluations, realisations and minorities) was $29.0 million against a loss of $191.0 million the previous year.

  • Assets with a combined book value of $264 million were sold for $392 million.
  • Net debt of Infratil and 100% subsidiaries was reduced to $830 million from $1,212 million. The 31 March 2010 level of debt amounted to 45% of capitalisation.
  • $193 million was invested in the group's capital development programme. A further $210 million was invested after 31 March in acquiring 50% of Shell's New Zealand fuels operations.

A final dividend of 3.75 cps fully imputed will be paid on 25 June to shareholders on the registry as at 11 June. The Dividend Reinvestment Plan will operate and the price of shares issued in lieu of cash dividends will be the weighted average price recorded on the NZX over the period 14th to 18th June inclusive. Shares will be issued on 25 June. Any shareholder wishing to participate in the DRP must complete the relevant form.

Looking forward, Infratil is well placed to continue to deliver for its shareholders. The GFC and strained government finances means that there will be both more private provision of infrastructure and attractive risk-adjusted returns on the capital invested.

The Shell transaction illustrates the advantages of being able to transact when others cannot. Infratil was able to make that investment because it had financial capability, expertise and credibility with capital providers such as the banks, the New Zealand Superannuation Fund and its own share and bond holders.

Infratil's approach to delivering on its goals remains:

  • Ensuring its businesses are in good sectors, are well managed, provide good services at fair value, and are able to invest in growth.
  • Maintaining financial flexibility.
  • Actively managing risks.

While the worst of the financial crises is likely to be in the past, and the economic recovery appears to be underway, Infratil will remain careful and conservative. The board and management thank Infratil's investors for their ongoing support and intend to ensure it is warranted.

Infratil Results Announcement in full (PDF 57KB)

Results Breakdown (PDF 176KB)

Results Presentation (PDF 1.1MB)

Infratil Limited Audited Financial Statements for the year ended 31 March 2010 (PDF 500KB)

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