21 Aug 2013
Infratil today announced the unconditional sale of 30% of Z Energy for gross proceeds of $420 million. Infratil expects its net cash proceeds from the sale of its 30% interest to amount to approximately $396 million, while the value of its remaining 20% interest in Z Energy was $280 million at the final issue price of $3.50 per share. These amounts compare to the previous carrying value of its 50% interest in Z Energy reported in the March 2013 financial statements of $324 million.
Infratil provides the following updated guidance for the financial year ending 31 March 2014 to reflect the partial sale of Z Energy shares. The guidance update assumes no other major changes in the Infratil portfolio. The operating cash flow includes Infratil’s share of the $50 million special dividend paid by Z Energy prior to the IPO.
|Year Ending 31 March 2014||Original Forecast Guidance ($millions)||New Forecast Guidance|
|EBITDAF – (continuing operations)
adjusted for Z Replacement Cost
|Depreciation & Amortisation||($150-$170)||($150-$170)|
|Operating cash flow||$250 - $280||$300 - $340|
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