Results Announcement For the year ended 31 March 2020 29 May 2020 - PowerPoint PPT Presentation

Results Announcement For the year ended 31 March 2020 29 May 2020

Disclaimer Disclaimer This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (Company). To the maximum extent permitted by law, the Company, its affiliates and each of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents will not be liable (whether in tort (including negligence) or otherwise) to you or any other person in relation to this presentation. Information This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a product disclosure statement under the Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth). This presentation should be read in conjunction with the Company’s Annual Report for the year ended 31 March 2020, market releases and other periodic and continuous disclosure announcements, which are available at www.nzx.com, www.asx.com.au or infratil.com/for-investors/. Not financial product advice This presentation is for information purposes only and is not financial, legal, tax, investment or other advice or a recommendation to acquire the Company’s securities, and has been prepared without taking into account the objectives, financial situation or needs of prospective investors. Infratil Full year results presentation 2020 2

Disclaimer Future Performance This presentation may contain certain “forward - looking statements” about the Company and the environment in which the Company operates, such as indications of, and guidance on, future earnings, financial position and performance. Forward-looking information is inherently uncertain and subject to contingencies outside of the Company’s control, and the Company gives no representation, warranty or assurance that actual outcomes or performance will not materially differ from the forward-looking statements. Non-GAAP Financial Information This presentation contains certain financial information and measures that are “non - GAAP financial information” under the FMA Guidance Note on disclosing non- GAAP financial information, "non‐IFRS financial information" under Regulatory Guide 230: ‘Disclosing non‐IFRS financial information’ published by the Australian Securities and Investments Commission (ASIC) and are not recognised under New Zealand equivalents to International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International Financial Reporting Standards (IFRS). The non-IFRS/GAAP financial information and financial measures include Underlying EBITDAF and EBITDA. The non-IFRS/GAAP financial information and financial measures do not have a standardised meaning prescribed by the NZ IFRS, AAS or IFRS, should not be viewed in isolation and should not be construed as an alternative to other financial measures determined in accordance with NZ IFRS, AAS or IFRS, and therefore, may not be comparable to similarly titled measures presented by other entities. Although Infratil believes the non-IFRS/GAAP financial information and financial measures provide useful information to users in measuring the financial performance and condition of Infratil, you are cautioned not to place undue reliance on any non-IFRS/GAAP financial information or financial measures included in this presentation. Further information on how Infratil calculates Underlying EBITDAF can be found at Appendix I. No part of this presentation may be reproduced or provided to any person or used for any other purpose. Infratil Full year results presentation 2020 3

Full Year Overview Full Year Overview Increasing • Net surplus for the year from continuing operations exposure to our of $508.8 million, compared to $64.4 million in the prior year preferred sectors • 13.5% growth in underlying EBITDAF reflected of data changes in the portfolio and a growing contribution from data and communications infrastructure; infrastructure ‐ Acquisition of 49.9% of Vodafone New Zealand and renewable completed on 31 July 2019 for $1.03 billion energy has ‐ Divestments and tightening of the portfolio are now substantially complete driven net growth in a year • Capex investment of $920 million, including $541 million in renewable energy and $227 million at of portfolio CDC Data Centres changes • Strong capital position and liquidity across the Group with multiple levers to manage near to medium term capital commitments • Partially imputed final dividend of 11.00 cents per share 4 Infratil Full year results presentation 2020

Financial Highlights Significant 31 March ($Millions) 2020 2019 Variance % Change capital Net Surplus from Continuing Operations 508.8 64.4 444.4 690.1% expenditure and Net Parent Surplus 241.2 (19.5) 260.7 1,336.9% investment will Underlying EBITDAF 1 (before Incentive fee) 605.9 533.8 72.1 13.5% drive future International Portfolio Incentive fee 125.0 102.6 22.4 21.8% earnings growth Capital Expenditure & Investment 1,990.9 679.0 1,311.9 193.2% and increase Earnings per share (cps) (continuing activities) 41.5 (1.0) 42.5 4,397.7% exposure to high-conviction sectors Notes: 1. Underlying EBITDAF is an unaudited non-GAAP measure. Underlying EBITDAF does not have a standardised meaning and should not be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS, as it may not be comparable to similar financial Infratil Full year results presentation 2020 information presented by other entities. A reconciliation of Underlying EBITDAF to Net profit after tax is provided in Appendix I 5

Results Summary Solid operating 31 March ($Millions) 2020 2019 Operating revenue reflects a reduced period of • contribution from Tilt’s Snowtown 2 wind farm, result as capital Operating revenue 1,368.7 1,442.2 and the impact of lower wholesale electricity prices and lower generation volumes for was deployed Operating expenses (903.5) (895.2) Trustpower Operating earnings 465.2 547.0 and portfolio The FY2020 annual incentive fee is payable in • International portfolio incentive fee (125.0) (102.6) three tranches of $41.7 million, with payment of shifts were the second and third tranche subject to Depreciation & amortisation (147.5) (160.4) portfolio level asset values being maintained completed Net interest (186.4) (148.5) The net reduction in depreciation and • amortisation primarily reflects Tilt’s sale of Tax expense (14.4) (72.0) Snowtown 2 and lower depreciation for Realisations and revaluations 516.9 0.9 Trustpower Net Surplus (continuing) 508.8 64.4 Net interest increased as capital was deployed • to new investments and capex developments Discontinued operations 1 (24.6) (12.0) were completed Net surplus 484.2 52.4 Realisations and revaluations uplift reflects the • realised gain on the sale of Tilt’s Snowtown 2 Minority earnings (243.0) (71.9) wind farm in December 2019 Net parent surplus 241.2 (19.5) Discontinued operations include ANU PBSA, • NZ Bus, Perth Energy and Snapper Notes: 1. Discontinued operations represent businesses that have been divested, or businesses which will be recovered principally through a sale transaction rather than through continuing use Infratil Full year results presentation 2020 6

Underlying EBITDAF CDC Data Centres Lower contribution from Trustpower , with lower 31 March ($Millions) 2020 2019 • wholesale electricity prices and lower generation and Vodafone are Trustpower 186.5 222.2 volumes driving Tilt Renewables 123.7 144.4 Reduction in Tilt Renewables’ contribution • largely resulting from the sale of the Snowtown 2 Wellington Airport 103.2 101.4 EBITDAF growth wind farm in December 2019 CDC Data Centres 59.6 37.6 and offsetting Increased contribution from Wellington Airport • reflecting hotel and multi level carpark, slightly Vodafone 154.9 - declines from offset by March COVID-19 impacts RetireAustralia 8.9 9.2 energy CDC Data Centres ongoing year-on-year earnings • Longroad Energy 4.7 46.5 growth as new facilities come online businesses and Corporate and other (35.6) (27.5) Current period includes an 8-month contribution • from Vodafone following completion of the impact of Underlying EBITDAF (excl. fees) 605.9 533.8 acquisition on 31 July 2019 portfolio International portfolio incentive fee (125.0) (102.6) Longroad Energy includes the gain on the sale of • Project Rio Bravo, however partial sales of the Underlying EBITDAF (continuing) 480.9 431.2 divestments El Campo, Prospero I and Little Bear projects have NZ Bus 5.9 17.4 not been recognised for accounting purposes Perth Energy 12.1 35.9 Contributions from NZ Bus, Perth Energy, ANU • PBSA and Snapper reflect their respective ANU PBSA 0.5 12.8 ownership periods before disposal Snapper (1.5) (4.1) Total Underlying EBITDAF 497.9 493.2 Infratil Full year results presentation 2020 7