NZX-listed infrastructure investment company Infratil has bounced back after a difficult year, although the government’s recent tax changes have impacted its result.
It has announced a net surplus attributable to shareholders of $16 million in the first half of the 2011 financial year, a big improvement from last year’s $31 million loss.
Infratil’s net surplus after tax for the period was $43 million, up from $14 million last year.
This would have been $64 million but for non-cash tax charges following removal of deductibility of building depreciation and changes to the tax rate.
The operating surplus was $119 million, up from $70 million. Net operating cash flow was $94 million, up from $47 million.
The result was driven by a 25% increase in earnings EBITDAF which rose to $258 million from $207 million.
The increase was mainly due to Infratil Energy Australia’s higher earnings ($61 million, up from $10 million) and the $13 million equity accounted contribution from Greenstone Energy (stand alone current cost EBITDAF of $100 million).
Total group income rose 11%.
Group capital expenditure was $94 million and $210 million was invested to acquire the 50% interest in Greenstone Energy.
TrustPower raised $75 million with an issue of seven-year bonds and Greenstone $147 million with an issue of six-year bonds.
Infratil and 100% subsidiaries net debt with a maturity date as a percentage of total debt plus equity capitalisation was 37% up from 32%.
Net borrowing rose $183 million, to fund the Greenstone purchase, and un-utilised bank facilities were $258 million, down from $377 million.
A dividend of 2.5c per share fully imputed will be paid December 17 to shareholders on the share register as at December 3.
Niko Kloeten
Tue, 16 Nov 2010
