IFT - Infratil

[Left Field]

IFT's presentation to Sydney investors re it's Data Centres FYI

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/IFT/400836/381492.pdf

[winner (n)]

How's IFT going with Retire Australia

Way market valuing these retire things ift might need to make an adjustment to the value they have put on it ..non-cash of course

[Left Field]

1HFY23 results out.....looking good..... plus a 4% increase in interim divi.... 10 yr average return 20.5%

https://www.nzx.com/announcements/402348

Proportionate EBITDAF was $275.6 million – an 11.0% rise on the $248.4 million from the same period the previous year - reflecting strong performances from CDC Data Centres, Vodafone and Wellington Airport. Proportionate EBITDAF for the year to 31 March 2023 is forecast to be between $510 million and $540 million.

"In terms of our returns to shareholders, we will pay a fully imputed interim dividend of 6.75 cents per share, a 4% increase from the prior. Infratil's share price also rose from $8.25 to $8.65 over the period, with an after-tax return to shareholders over the six months of 6.5% and a return over the last ten years of 20.5%," Mr Boyes said.

[Left Field]

Crikey there's a lot to like in this update..... some more gems

• Vodafone - Following completion of the tower sale, Infratil will have
  received almost $1 billion in cash distributions in the just over three years
  since acquiring Vodafone for $1.03 billion, while still retaining a 49.9%
  shareholding in the Vodafone business.
• Cash on hand $400 mill
• Gearing at 13.9% (well below range of 30%)
• Renewable Energy the next 'big thing' with huge pipeline on projects underway in USA and Europe

[Left Field]

Didn't comment on this yesterday as I was busy elsewhere, but I like the thinking.

https://www.nzx.com/announcements/403202

Infratil commenced the strategic review because RetireAustralia had become a relatively small part of the portfolio. Infratil and the NZ Super Fund engaged with market participants over recent months to consider proposals to acquire the business. The strategic review concluded that retaining an interest in RetireAustralia and supporting its continued growth and performance will be the best way for Infratil and the NZ Super Fund to maximise value for all stakeholders.

Jason Boyes, Infratil Chief Executive, said "The RetireAustralia business is performing strongly on almost all metrics. Occupancy across the portfolio is at 93.3%, the highest level since 2017. The provision of quality retirement living options with integrated care to end-of-life is still an 'idea that matters' and Infratil is pleased to support RetireAustralia's continued growth and success."

IFT my only exposure to the retirement sector.

[Left Field]

Wow, 1.8 million shares crossing at $23.60 late this aft.

[Gerald]

review concluded that retaining an interest in RetireAustralia and supporting its continued growth and performance will be the best way for Infratil and the NZ Super Fund to maximise value for all stakeholders.

Corporate lingo for "we failed to hock this off for the normal exorbitant price we manage for get for our stuff"

Hope they don't try to sell the data center stake or might be tricky too seeing how public markets are valuing them.

[Crackity]

Wow, 1.8 million shares crossing at $23.60 late this aft.

Whilst as a shareholder I'd quite like that price but I think you were looking at FPH? Was rebalancing day again and extended close 

[Left Field]

IFT strengthening their focus on renewable energy..... a good announcement and another brick in the wall.

( I understand that IFT have hired back key members of the team from Tilt which IFT sold for $2 Billion. IFT's investment in this new initiative approx $219 million.)

https://www.nzx.com/announcements/404099

Infratil CEO Jason Boyes said that Mint Renewables, the latest addition to
our global renewables portfolio, will invest in the development of wind,
solar PV, and storage solutions across Australia, and replicates the platform
model of Tilt Renewables. Infratil sold its 65.5% stake in Tilt last year for
NZ$2 billion.

"The establishment of Mint Renewables deepens shareholders' exposure to the
forecast surge in global demand for renewables over the next few decades,
complementing our renewable energy platforms across the United States
(Longroad), Europe (Galileo), Asia (Gurin Energy), as well as Manawa Energy
in New Zealand.

[Crackity]

It has been a busy end to the year with lots of activity across our portfolio. We thought it was timely to share some of the highlights from the last month.

We were excited to announce the establishment of Mint Renewables, the latest addition to our global renewables portfolio. Mint Renewables will invest in the development of wind, solar, and storage solutions across Australia, and replicates the platform model we built at Tilt Renewables. The establishment of Mint Renewables deepens shareholders' exposure to the forecast surge in global demand for renewables over the next few decades, complementing our renewable energy platforms across the United States (Longroad Energy), Europe (Galileo), Asia (Gurīn Energy), as well as Manawa Energy in New Zealand. Read more

CDC Data Centres has recently opened two new, state-of-the-art hyperscale data centres in New Zealand. The two 14MW Silverdale and Hobsonville data centres are the largest and most secure centres of their type in New Zealand.

In addition to the facilities in Auckland, CDC has also announced that it is expanding its Eastern Creek data centre campus in Sydney with an additional A$1 billion of investment to commence in 2023. The Eastern Creek Campus already houses four data centres, delivering a combined capacity of 123MW, with construction of two more data centres to commence on site next year adding another 108MW of capacity. Read more

Vodafone New Zealand is excited to launch as One NZ in early 2023. Preparations are well underway for the change, which will mean it can invest more into its networks, onshore service, and technology solutions for customers across the country. Read more

Renewable's developer Longroad Energy, in which we hold a 37% investment, has announced the completion of its acquisition of the 98MW Titan Solar project in California. Titan sells power into the Californian market and produces enough energy for over 30,000 customers in Southern California. Read more

Renewable energy platform Galileo, in which we hold a 40% investment, has partnered with ENVIRIA to build a multi-gigawatt solar pipeline across Germany. Its aim is to deliver a meaningful contribution to Germany's ambition of accelerating its solar capacity by 20GW per annum. With local operational knowledge and pan-European experience, the partnership will build a pipeline that generates affordable energy to German customers. Read more

Wellington Airport achieved global recognition for its efforts to manage and reduce carbon emissions. The airport has achieved Level 2 Certification from the Airport Carbon Accreditation programme, which runs independent assessments of airports around the world. Level 2 (Reduction) is for airports with comprehensive emissions profile mapping and reductions in place. Read more

Pacific Radiology have opened a brand new, purpose-built radiology centre in Timaru, which conveniently brings multiple radiology services into the one branch. The addition of x-ray and CT scanning services at this new facility is especially important in meeting regional needs. Read more

We have recently completed a strategic review of our 50% investment in RetireAustralia, concluding that retaining our interest and supporting the business's continued growth is the best way for Infratil and the NZ Super Fund to maximise value for all stakeholders. The RetireAustralia business is performing strongly on almost all metrics, while the provision of quality retirement living options to cater for our residents' changing needs as they age is still an 'idea that matters' and we are pleased to support RetireAustralia's continued growth and success. Read more

We are also excited to share that our Chief Financial Officer, Phillippa Harford was recently named CFO of the Year in the Deloitte Top 200 Awards for 2022. It is fantastic to have the huge contribution Phillippa makes to Infratil acknowledged externally. The award is a significant acknowledgement of Phillippa's contribution to Infratil, which extends far beyond the traditional CFO role. Read more

Finally, we have also announced the appointment of Anne Urlwin as a Director of Infratil. Anne is an experienced and well-respected governance professional. Her current governance roles include directorships of publicly listed Precinct Properties, Vector and Ventia and previously as a director of publicly listed Tilt Renewables, Chorus and Meridian Energy. Anne's appointment will take effect from 1 January 2023, taking over from Mark Tume, who retires on 31 December 2022.

Mark Tume served as Chair from 2013 to May 2022, and he has been on Infratil's Board since 2007. In 2007, Infratil's market capitalisation was $1.2 billion, and it is now $6.2 billion. Mark has been part of Infratil's transition into a global infrastructure investor which provides New Zealand shareholders with exposure to a diverse portfolio across digital infrastructure, renewables, healthcare and airports across the world.

We would also like to thank you for your continued support of Infratil, and we wish you all the best for the holiday season. We look forward to providing more updates on the exciting growth and opportunities across the portfolio in 2023.


For additional updates, you can also follow Infratil on LinkedIn.



Shareholder update emailed today - just if anyone interested......

[Left Field]

IFT release to ASX.....Data Centre investments growing in value and scope with improved gearing. Naaice!

https://www.asx.com.au/asxpdf/20230103/pdf/45kbqhg4k5lv1y.pdf

[Hectorplains]

IFT release to ASX.....Data Centre investments growing in value and scope with improved gearing. Naaice!

https://www.asx.com.au/asxpdf/20230103/pdf/45kbqhg4k5lv1y.pdf

I reckon it's also gonna reignite the howls of indignation around the 2023 full year International Portfolio Annual Incentive Fee accrual, paid to Morrison and Co, which will be about as big as its name is long.

[Hectorplains]

https://www.stuff.co.nz/business/130938735/vodafone-says-name-change-to-one-nz-not-threatened-by-tvnz-trademark-challenge

Vodafone saying 'nothing to see here.'  I suspect TVNZ might have a different point of view on that. 

[Left Field]

Nice update from IFT saying their Renewable Energy goals are on target.

https://www.nzx.com/announcements/405617

I recall the IFT CEO saying at a NZSHA meeting last year that the great thing about their investment in Arizona's renewable energy production was that they got Arizona's low costs and low taxes, yet could sell surplus electricity across the border to California at peak prices.

Naaaice.

[Left Field]

Infratil's investment in Vodafone looking good with today's Musk/starlink partnership announcement.

https://www.newstalkzb.co.nz/news/business/vodafone-marks-first-day-as-one-nz-by-revealing-celltower-in-the-sky-partnership-with-elon-musk-s-starlink/