Infratil Limited Results for Half Year ended 30 Sept 2016
Infratil Limited Results for the Half Year ended 30 September 2016
11 November 2016
Infratil's Interim Report for the period ended 30 September 2016 is now available here.
Infratil Limited results for the six months ended 30 September 2016 reflected stable and satisfactory operating contributions from our key businesses. The period was notable for further investment initiatives which will drive shareholder returns over the foreseeable future.
Net parent surplus from continuing operations for the period was $28.9 million compared with $28.3 million for the same period last year.
• The prior period included gains of $407.1 million from assets sold at that time. There were no asset sales this year.
Consolidated underlying EBITDAF from continuing operations was $246.0 million ($253.1 million for the same period last year).
• Guidance for full year underlying EBITDAF is tracking at the bottom end of the previously announced guidance range of $485-$525 million (last year actual $462.1 million).
Net debt of Infratil and wholly owned subsidiaries as at 30 September 2016 was $812.7 million, up from $295.9 million as at 31 March 2016 (31% of total capitalisation from 14%).
• Over the period $150 million of Infrastructure Bonds were issued and $100 million matured and were repaid.
The interim dividend of 5.75 cents per share will be paid on 15 December 2016 to shareholders of record on 28 November 2016. Last year the interim dividend was 5.25 cents.
• This is the sixth year in a row Infratil has lifted its dividend.
• The Dividend Reinvestment Plan remains suspended.
The Infratil board approved a $50 million on-market buy-back programme through July 2017.
$599.8 million of capital was invested over the period (compared with the $62.4 million the prior period). Investment initiatives included:
• Acquisition of a 50% interest in student accommodation at the Australian National University;
• Acquisition of a 48% interest in Canberra Data Centres;
• Establishment of Longroad Renewables to develop renewable generation projects in the USA; and,
• Formation of Tilt Renewables to develop renewable generation projects in Australia.
These businesses, and the others in which Infratil has interests, are expected to provide Infratil with a diverse range of investment opportunities. We are confident that the investments which will flow from these opportunities will underpin returns for shareholders over the foreseeable future.
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