Infratil chief executive Jason Boyes said the company’s asset portfolio of $10.17billion performed well despite the volatile global macro-economic environment, with the relative protection offered by infrastructure assets and inflation-linked pricing.
The company expected to report a full-year underlying profit of between $510million and $540million for the year to March.
The completion of a capital raise for its Longroad Energy business resulted in a significant uplift in its value, while the sale of Vodafone’s passive mobile towers and investment in the new TowerCo business were standout transactions, Mr Boyes said.
‘‘It is pleasing to see the growth in operating revenues, which increased by over $300million compared with the same period in 2021,’’ he said.
Revenue was boosted by the return of passengers to Wellington Airport, a full period of trading from its diagnostic imaging business RHCNZ Group and increased earnings from CDC Data Centres, he said.
‘‘Wellington Airport saw a strong rebound in domestic traffic with passenger numbers up 24.1% from the prior period, while international travel is recovering at a slower pace, tempered by airline capacity.’’
Vodafone was well positioned for the next stage of growth, with an increase in top-line revenue, as well as the sale of its passive tower assets for $1.7billion, Mr Boyes said.
‘‘Following completion of the tower sale, Infratil will have received almost $1billion in cash distributions in the just over three years since acquiring Vodafone for $1.03billion, while still retaining a 49.9% shareholding in the Vodafone business.’’
Infratil was still looking to sell its RetireAustralia business, and it would update the market as the sale process continued.
Infratil had significant available liquidity to pursue both internal and external investment opportunities, particularly in digital infrastructure and global renewable businesses, Mr Boyes said.
The company had invested $471.7million in the past six months, but still had available capacity of more than $1.4billion to fund growth, including significant undrawn corporate facilities and more than $400million cash on hand.
Its debt gearing was 13.9% as of September 30, which was significantly below the target range of 30%.
