14 Nov 2011
The six months saw solid earnings and value outcomes consistent with expectations held at the beginning of the period. Guidance for full year EBITDAF (Earnings before interest, tax, depreciation, amortisation, and fair value adjustments) has been reaffirmed and the outlook for full year operating cash flows has slightly increased. Importantly for the future, the investment programme has also been progressed with $107 million committed over the period by Infratil, its subsidiaries and associates.
Customers continued to catch the bus, heat and light their homes, fuel their cars and use the airport.
Consolidated EBITDAF was $273m against $255m for the same period last year due to higher contributions from TrustPower, NZ Bus and Z Energy. Reported net parent surplus for the period was $50m against $74m, however the prior year included a $61m non-cash fair value gain recorded on the acquisition of Z Energy and $17m of one-off tax charges associated with changes in tax legislation. The interim 3 cps dividend (previously 2.5cps) will be paid 16 December to shareholders on the registry as at 2 December 2011.
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