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- Release Date: 13/11/12 11:05
- Summary: HALFYR: IFT: Infratil Results for Half Year Ended 30 September 2012
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IFT
13/11/2012 09:05
HALFYR
REL: 0905 HRS Infratil Limited
HALFYR: IFT: Infratil Results for Half Year Ended 30 September 2012
At the half way point of the 2012/13 financial year Infratil is on track to
deliver its full year earnings guidance and has committed significant
investment capital to underpin future earnings and value growth.
The most notable event for the period was commencement of the $550 million
Snowtown II wind farm. This is the single largest investment project ever
undertaken by the Infratil group and is projected to provide an annual
EBITDAF contribution of $99 million when fully commissioned. The investment
is important in its own right and as an indicator of Infratil's ability to
initiate high-quality investments outside of New Zealand at a time when local
demand for privately provided transport and energy infrastructure is limited.
The half year financial performance and solid capital position has allowed
the Infratil Group to declare an interim dividend of 3.25 cents per share, an
increase of 8.0% over the prior year. Hedge revaluations and a write-down in
the value of Infratil's European airports reduced the Net Parent result to a
loss;
o Net Parent Surplus was a loss of $17 million against a profit of $50
million last year. The decline was due to ($73 million) of revaluations,
write-downs and the result of discontinued operations of $73 million against
$6 million of write-ups last year.
o Consolidated Earnings Before Interest, Tax, Depreciation, Amortisation and
Financial Adjustments (EBITDAF) from continuing operations were $295 million,
up 7% on the same period last year.
o A dividend of 3.25 cents per share, up 8%, has been declared and will be
paid on 14 December to shareholders on the register as at 30 November. The
dividend reinvestment plan will continue to operate.
o The group has a comfortable capital position and retains bank and capital
markets support. Z Energy and TrustPower undertook well-supported bond issues
and after balance date Infratil opened a new bond issue.
End CA:00229638 For:IFT Type:HALFYR Time:2012-11-13 09:05:38
