Ann: Completion of sale of 65.15% stake in Tilt Renewables, page-7

For simplicity:
The ann:
"Infratil announces that it has today completed the sale of its 65.15% stake in Tilt Renewables
Limited (Tilt Renewables) for gross proceeds of $1,984 million (after adjusting for the dividend
which was paid by Tilt Renewables on 30 July 2021). As indicated at Infratil’s full year
announcement, Infratil has applied a portion of the proceeds to fully repay its existing drawn bank
facilities.

Infratil advises that its estimated accounting gain on the disposal of Tilt Renewables (after
estimated incentive fees) is $965 million and that Infratil’s investment in Tilt Renewables has
generated an internal rate of return of approximately 35.2% per annum (after incentive fees)
since it was demerged from Trustpower in 2016. The accounting gain on sale will be finalised as
part of Infratil’s interim financial statements for the period to 30 September 2021.

Realised Incentive Fee
Infratil previously advised that the estimated International Portfolio Realised Incentive payable in
relation to the sale of Tilt Renewables was $118.1 million. Based on the actual completion date
and final sales costs, Infratil advises that the realised incentive fee is now expected to be $121.8
million and is expected to be payable in April 2022."

The $965m is the accounting profit = sale - cost (asset & assoc expenses)... they have banked just under 2b then used some of that to pay out debt... but for financials they have to remove the asset from the balance sheet to realise the revenue on the profit & loss... it also discloses that the profit shown is after incentive fees

I am not trying to sound rude etc, but proceeds and banked are the same thing for this conversation... profit is 965m as Aussie1968 correctly points out. There is no missing 1b