Infratil Annual Meeting Agenda Chairmans introduction Chief Executives Review Discussion of the Annual Report for the year ended 31 March 2015 Questions from Shareholders Resolutions Close and Afternoon Tea INFRATIL 2…
Mark Tume Chairman Independent Director since 2007 and Chairman since 2013 Director of RetireAustralia, several listed and private companies, Guardian of NZ Superannuation Fund Finance industry background INFRATIL 3 2015
Humphry Rolleston Director Independent Director of since 2006 Director of several listed and private companies involved with finance, property, tourism, manufacturing and agriculture Fellow of New Zealand Institute of Directors…
Marko Bogoievski CEO and Director Joined Morrison & Co in 2008, and Infratil Board 2009 Substantial experience in New Zealand and the USA in finance, operations and sales Director of Z Energy Limited Director Trustpower Limited…
Duncan Saville Director Foundation Director Director of Infratils manager, Morrison & Co Director of the manager of Utilico (6.3% Infratil shareholder) Extensive investment and utility sector experience Fellow of both the…
Anthony Muh Alternate Director Director since 2007, alternate director for Duncan Saville since 2010 Joined Morrison & Co in 2010 Hong Kong based Finance and investment sector experience Fellow of INFINZ and the Hong Kong…
Paul Gough Director Joined the Infratil board as an independent director in 2012 Extensive investment banking and private equity experience in New Zealand and the UK Transport and energy sector expertise Retiring by rotation and…
Alison Gerry Director Joined the Infratil board as an independent director in July 2014 and is Chair of the Audit & Risk Committee Extensive international experience in finance and treasury Professional director INFRATIL 9…
REPORT TO SHAREHOLDERS CHIEF EXECUTIVE REVIEW
The Infratil model at work Record earnings and cash flows following asset realisations Record net surplus following asset realisations Portfolio renewal and capital expenditure: - Acquisition of 50% of RetireAustralia - Acquisition…
Value creation reflected in share price Capital allocation decisions and performance drive growth 80% 60% Capital Return 40% Div Return 20% 5 Year Return 0% -20% -40% 1995 1996 1997 1998 1999 2000 2001 2002…
Lumo and Z Energy case studies Material gains from two contrasting investments LUMO / INFRATIL ENERGY AUSTRALIA Z ENERGY 9 year development programme 5 year development programme Start-up investment Acquisition of existing business…
The case for capital retention Committed capital is one of our keys to success Current origination outlook suggests capital base is appropriate Goal is to maintain financial flexibility in any future capital structure Sentiment…
Our current assumptions and beliefs Lower for longer mantra hides other growth opportunities 1 Capital, fuelled by continued inflows, record low interest rates and the search for yield, will begin Capital will begin moving moving up…
Current Infratil origination focus Internal origination and development of existing platforms Development of internal capital expenditure options and existing renewable and retirement platforms; Policy makers and governments will…
Infratil has invested 2.3 billion over the last 5 years Energy dominates historic investment, diversification increasing 5 Year Cumulative Capex 31 March Other (Millions) 2015 NZ Energy Fuel Marketing NZ Energy 268 & Distribution…
Group capital expenditure and investment Lower capex profile compared to recent years FY16 Trustpower Snowtown II dominated FY15. Capex (Millions) 31 March 2015 Outlook No major FY16 capex planned Trustpower 199.8 40-50 Wellington…
Risks still need to be managed IFT remains cautious about the state of the capital markets RECENT DEVELOPMENTS IFT POSITION Greek crisis and flow-on effects from Prudent approach to balance sheet and liability Europe management US…
Australasian Energy - Trustpower Growth agenda delivering despite difficult conditions EBITDAF increased 19% over prior period Commissioning of Snowtown Stage 2 Benefits from multi-product growth strategy 400m revaluation of…
NZ Airports Wellington Airport New round of significant capital expenditure supporting growth Total Passenger numbers now 5.5m - International PAX growth due to growth in Melbourne and introduction of new routes to Coolangatta and…
NZ Fuel Distribution Z Energy Proposed acquisition of Caltex NZ a positive development Z Energy has agreed to acquire Chevron NZs downstream fuels business (Caltex NZ) Subject to NZ Overseas Investment Office approval and NZ Commerce…
Acquisition of RetireAustralia High quality access point in an attractive sector with strong trends Infratil and NZ Superannuation Fund acquired a 50:50 interest in RetireAustralia for an equity value of 406m RetireAustralia operates…
NZ Public Transport NZ Bus Strong PAX growth offset by yield changes and restructuring costs Total passengers of 60m, 4.2% growth over the prior year EBITDAF of 34.2m, -14% Patronage growth offset by a decline in fare yield in…
2015/16 Outlook Significant growth forecast from continuing operations Millions FY 2015 Actual FY 2016 Outlook(1) EBITDAF(2) continuing operations 453.4 520 550 Net interest 178.2 165 175 Operating cash flow 235.6 270 300…
Infratil Group Summary Confidence in origination supports the case for capital retention Long-term Infratil track record enhanced by recent performance Origination focus will be on building out our existing platforms in the renewables…
Discussion of the Annual Report for the year ended 31 March 2015 Questions from shareholders
Resolution 1 Re-election of Director Re-election of Paul Gough: That Paul Gough who retires by rotation in accordance with the Companys constitution, NZX Main Board Listing Rule 3.3.11, and ASX Listing Rule 14.4, and is eligible for…
Resolution 2 Re-election of Director Re-election of Humphry Rolleston: That Humphry Rolleston who retires by rotation in accordance with the Companys constitution, NZX Main Board Listing Rule 3.3.11, and ASX Listing Rule 14.4, and is…
Resolution 3 Directors Remuneration The resolution for shareholders is that the maximum aggregate remuneration payable to directors of the Company, by the Company and any of its subsidiaries, be authorised as 940,923 per annum (plus…
Resolution 4 Auditors Remuneration That the Directors be authorised to fix the auditors remuneration. For Against Discretionary 264,256,510 (98.58%) 122,904 (0.05%) 3,683,657 (1.37%) INFRATIL 31 2015
For more information: www.infratil.com INFRATIL 32 2015
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