Infratil Ltd Results Summary

YEAR ENDED 31 MARCH 2001

RESULTS

Consolidated earnings before depreciation, interest and tax (“EBDIT”), excluding investment realisations and after deducting minority interests, rose 7.6% to $35.5million.

While EBDIT has risen, net profit after tax has declined due to lower realisation gains, higher interest costs, and lower dividend receipts. Realisation gains vary from year to year depending on the particular timing and scale of sales.

Higher interest costs relate to investments that have occurred over the last 18 months. Dividend income has fallen due to the sale from higher yielding investments, principally CentralPower, and more growth orientated reinvestment.

Total dividends received from investments, excluding WIAL, were $18.2million compared to $23.0million for the previous year. If interest income and dividends received from WIAL are included the figures rise to $27.7million and $31.0million, respectively.

Infratil’s direct interest costs increased to $13.0million from $9.4million. The interest cost mainly relates to the $150.6million of Infrastructure Bonds on issue. The interest costs consolidated from WIAL and Glasgow Prestwick were $11.0million compared to $6.6million for the previous year.

The result includes net gains from investment realisation and revaluations of $11.6million, down from $22.2million in the previous year during which Infratil sold most of its CentralPower investment.

The result includes consolidation of Wellington International Airport Limited (“WIAL”) and, for two months, Glasgow Prestwick International Airport (“Glasgow Prestwick”).

ENDS

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