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Infratil Monthly Operational Report

5 December 2011

Infratil Monthly Operational Report October is available here.

Infratil’s six month result to 30 September 2011 was announced, the webcast and presentation is available here. The interim report is available here and will be mailed to share and bond holders this week. The result was characterised as “no surprises” by analysts and none of the six brokers that follow Infratil changed their ratings.
The full year earnings guidance was reaffirmed at the same level given back in May.
The earnings outcome resulted in determination of a 3 cps interim dividend, an increase of 20%.
Infratil's goal is to provide its bond holders with a safe income and its shareholders with a high, risk-adjusted, return from dividends and capital appreciation.
In November Infratil opened an issue of 8% bonds maturing November 2017. The issue was primarily to refinance bonds which matured in November 2011 and to maintain the long-term profile of Infratil's liabilities. The issue is receiving the support of investors.

7 October 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 http://www.infratil.com/content/view/2868/155/

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).

6 September 2011

Infratil Monthly Operational Report August is available here.

Infratil's Annual Meeting was held in Auckland on Monday 15th August. Marko Bogoievski provided an update on the Company’s strategy and current performance, the presentation is available here.

After the first four months of the financial year he was able to confirm that the 2011/12 earnings guidance remained on track (normalised EBITDAF in the range of $460-$490 million, 4% to 11% higher than last year). Incremental improvements are expected at TrustPower, Wellington Airport, NZ Bus & Z Energy and a slightly lower contribution from Infratil Energy Australia. The increased earnings are mainly due to the previous investment in the Kwinana, Port Stanvac and Mahinerangi power stations and Z Energy’s new retail offers and growth.

At the Annual Meeting shareholders approved Infratil’s manager H.R.L. Morrison & Co. acquiring a further 2.5% of the Company on market and that Infratil undertake a share buyback if it is “in the best interests of the company and the remaining shareholders."

5 August 2011

Infratil Monthly Operational Report July is available here.

Infratil's 2011 Notice of Meeting has been mailed to shareholders. The Annual Meeting is to be held in Auckland at 3pm on Monday 15th August. Details are available here.

At the meeting shareholders will, amongst other things, be invited to approve Infratil's management buying a further 2.5% of Infratil's shares. If this is approved, New Zealand ownership of Infratil will rise to 77% with the ownership profile becoming:

NZ management	12%
NZ retail investors	41%
NZ institutions	24%
Utilico	14%
Offshore institutions	9%

1 July 2011

Infratil Monthly Operational Report June is available here.
Infratil's 2011 Annual Report was released and is available here. The Report provides a record of Infratil's performance over the year to 31 March 2011, its financial position as at 31 March 2011, the strategic factors which are guiding management and a summary of the performance, circumstance and prospects of Infratil's businesses.

After almost a quarter of the financial year the main "take out" thus far is that Infratil is tracking to budget with the pluses and minuses roughly in balance.

The 4.25cps final dividend was paid in June. 25% of shareholders holding 11% of the shares took advantage of the DRP and 1.4 million shares were issued at $1.87 each. After the DRP issue, Infratil has 604.2 million shares on issue.

2 May 2011

Infratil Monthly Operational Report April is available here.

Infratil’s financial year closed on 31 March. The Annual Result will be released at 10am Tuesday 17 May and will be webcast.
Infratil’s $50 million general offer of June 2017 8.5% per ammum bonds closed fully subscribed. The offer to exchange Infratil bonds maturing May 2011 for the June 2017 maturity remains open. Once this is closed on 15 May, it is expected that Infratil will have issued about $60 million of the June 2017 bonds, in addition to the $100 million of June 2016 bonds which closed earlier in the year.
INFINZ (the Institute of Financial Professionals New Zealand) nominated Infratil as a finalist for its annual Treasury and Communications awards. Infratil is a past winner of these accolades.

5 April 2011

Infratil Monthly Operational Report March is available here.

Operational and financial performance has largely been in accord with forecasts. Critically for ongoing performance, investment activities continue to be very positive. At the Infratil investor day CEO Marko Bogoievski updated guidance for FY11.

4 March 2011

Infratil Monthly Operational Report February is available here.

7 February 2011

Infratil Monthly Operational Report January is available here.

2010

23 December 2010 Infratil Monthly Operational Report December is available here.

6 December 2010 Infratil Monthly Operational Report November is available here.

26 October 2010 Infratil Monthly Operational Report October is available here.

20 September 2010 Infratil Monthly Operational Report September is available here.

26 August 2010 Infratil Monthly Operational Report August is available here.

30 July 2010 Infratil Monthly Operational Report July is available here.

25 June 2010 Infratil Monthly Operational Report June is available here.

29 April 2010 Infratil Monthly Operational Report April is available here.

26 March 2010 Infratil Monthly Operational Report March is available here.

1 March 2010 Infratil Monthly Operational Report February is available here

1 February 2010 Infratil Monthly Operational Report January is available here

2009

18 December 2009 Infratil Monthly Operational Report is available here

2 December 2009 Infratil Monthly Operational Report is available here

23 October 2009 Infratil Monthly Operational Report is available here

24 September 2009 Infratil Monthly Operational Report is available here

25 August 2009 Infratil Monthly Operational Report is available here

29 July 2009 Infratil Monthly Operational Report is available here

30 June 2009 Infratil Monthly Operational Report is available here

27 May 2009 Infratil Monthly Operational Report is available here

27 April 2009 Infratil Monthly Operational Report is available here

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