Thursday 12th November 2020
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Infratil Limited today announced its half-year results for the six months ended 30 September 2020, confirming a Net Parent Surplus from Continuing Operations of $27.8 million compared with $56.4 million for the prior year.
Proportionate EBITDAF was up $25.4 million (+12.4%) to $229.5 million reflecting strong performance from CDC Data Centres and significant contributions from Vodafone New Zealand and Trustpower. Proportionate EBITDAF for the year to 31 March 2021 is forecast to be between $430 million and $470 million, including an estimated $80 million reduction caused by Covid-19 related restrictions. Proportionate EBITDAF was $446.0 million the previous year.
The results for the period were impacted by portfolio changes including the acquisition of Vodafone New Zealand in 2019, and the sale of Perth Energy, NZ Bus, and the ANU Student Accommodation business in 2019. The results also reflect Tilt Renewables’ December 2019 sale of the Snowtown 2 wind farm.
The period illustrated the benefits of Infratil’s diversification, where the progress at CDC Data Centres and the renewable generation projects of Tilt Renewables and Longroad Energy more than balanced the impact of the Covid-19 crisis on businesses such as Wellington Airport and Vodafone New Zealand.
Reflecting the overall good financial outcome and Infratil’s solid funding position the dividend for the period will be 6.25 cps cash and 1.75 cps imputation credits. Between 31 March 2020 and 11 November 2020 the share price has risen from $3.91 to $5.40.
Infratil’s strong record of shareholder returns is based on owning infrastructure businesses with opportunities to invest to take advantage of long-term demand growth. On that basis it was positive to see $488.9 million of proportionate investment over the period; including $322 million into renewable generation and $122 million into digital infrastructure.
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