7 Oct 2011
Infratil Monthly Operational Report September is available here.
30th September marked the end of the first half of Infratil's FY2012 financial year. With the recent deluge of global gloom, it seems incongruous to report that it was a period of "business as usual". Operationally the period featured steady development, leavened with a number of pleasing wins. Wellington and Auckland's buses operated with great credit through the pool stages of Rugby World Cup and Wellington Airport was recognised as the best airport in New Zealand and Australia at the World Travel Awards. Winning against other much larger airports in the region is testament to the quality and enthusiasm of the people who work at Wellington's Airport. Perhaps not coincidentally Jetstar recently announced it will be commencing direct jet services between Wellington and Queenstown.
The financial results for the six months will be available in November, but the early results suggest outcomes consistent with our current full year guidance for EBITDAF.
Reflecting Infratil's policy of active capital management and the gap between the Company's view of the value of its shares and the market price, Infratil bought back 7.5 million shares at an average price of $1.77. Over the six months 1.4 million shares were reissued through the dividend reinvestment plan at a price of $1.87. Infratil also repurchased $1.0 million of its perpetual infrastructure bonds (PiiBs) at an average price of 60 cents per $1 par value. While the price is fair, the main reason for this repurchase was to assist market liquidity. An explanation of the yield and price of the PiiBs is provided here
Infratil has 2,600 share and bond holders in Canterbury, and with them and the wider community in mind it was decided that Infratil would make a material contribution to the reconstruction of the Wilding Park Tennis Centre in Hagley Park. This historic and popular sporting facility with 36 courts has been a feature of Christchurch since the 1920s. It is named after Anthony Wilding, the greatest ever New Zealand tennis player (he captained a victorious Davis Cup team and won the Australian Open and eight titles at Wimbledon before being killed at the battle of Neuve-Chapelle in France in 1915).
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