Infratil Investor Day 2015
Infratil has released the full package of presentation material for the annual investor day to be held in Wellington today. The presentations cover the global infrastructure market with more detailed discussion on the Infratil portfolio, New Zealand and Australian retirement markets, Trustpower and Wellington Airport.
CEO Marko Bogoievski outlined the major factors influencing the current infrastructure market and confirmed Infratil's approach to delivering long-term returns to shareholders.
"The recent divestment of Lumo Energy has placed Infratil in an unprecedented position of financial flexibility. Capacity for further investment remains strong and confidence around the investment pipeline is increasing following several years of focused development."
In discussing today's infrastructure market, Mr Bogoievski said "the competition for low-risk assets from global investors highlighted the value of our existing businesses and the importance of Infratil being able to consider early-stage development opportunities. The long-term trends around infrastructure all demand a significant increase in investment and are favourable for our long-term outlook. Our near term focus will be on building out the existing renewables and retirement platforms while identifying additional lines of business that can be developed over time."
Mr Bogoievski updated Infratil's guidance for the financial year ended 31 March 2015 and provided an initial outlook for the financial year ending 31 March 2016. The updated operating EBITDAF guidance (adjusted for Z replacement cost) for 2015 is in the middle of the previous guidance range due to slightly lower contributions from the impact of the weaker AUD$ on earnings.
Referring to the outlook for the year ending 31 March 2016, Mr Bogoievski said Infratil's expectation was for strong EBITDAF growth due to a full year contribution from the Snowtown II generation plant in South Australia, a full year contribution from RetireAustralia, and continued performance improvement and investment across other businesses.
Bogoievski confirmed that the $36m buy-back previously announced in November 2014 prior to the investment in RetireAustralia would now be deferred pending a full capital management update at the annual result on 19 May. The outlook for Infratil's investments and the strength of the capital structure were very positive for continued growth in dividends per share.
- Wellington Airport Infratil Investor Day (PDF, 10.23MB)
- Trustpower Infratil Investor Day (PDF, 1.59MB)
- RetireAustralia Infratil Investor Day (PDF, 741.35KB)
- Morrison & Co Infrastructure Market Perspectives (PDF, 1.55MB)
- Infratil Retirement Villages and Aged Care (PDF, 569.09KB)
- Infratil Overview Investor Day 2015 (PDF, 598.47KB)
- Infratil Investor Day Market Release (PDF, 57.33KB)