Wednesday 19th May 2021
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Infrastructure investment company Infratil Limited today announced its full year results for the year ended 31 March 2021. Infratil owns renewable energy, digital infrastructure, airport and social infrastructure businesses in growth sectors. These businesses operate across Australia, New Zealand, the United States and Europe, and include CDC Data Centres, Vodafone New Zealand Trustpower, Tilt Renewables, Wellington Airport, Qscan Group, RetireAustralia and Longroad Energy.
Infratil’s performance for the year ended 31 March 2021 demonstrated the benefits of sector and jurisdictional diversification. Proportionate EBITDAF from continuing operations of $398.8 million for the year was up from $370.2 million in the comparative period. The impact of Covid on the Infratil portfolio (in particular for Wellington Airport and Vodafone New Zealand) was offset by strong cost control and the continued demand for high-quality data centres facilities, which saw CDC Data Centres earnings growth of 25%.
Infratil’s share of the net loss for the year was $49.2 million, driven by unrealised energy derivative losses at Trustpower and increased management incentive fees, which reflect valuation increases that are not recognised for accounting purposes.
Despite the challenges and restrictions put in place to prevent the spread of Covid, during the year Infratil and its portfolio businesses undertook capital expenditure and investment of $1,235 million, including $250 million in digital infrastructure and technology, $590 million in renewable energy, and $310 million in the initiation of a new diagnostic imaging platform through Qscan Group.
Infratil’s total shareholder return for the year was 91.9%, comprising 4.3% after tax dividend return and 87.6% capital gain, including the rights issue.
Infratil has also declared a final dividend of 11.5 cents per share, a 4.5% increase on the prior year, reflecting confidence in future forecast cash flows.
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