Listed utilities and transport operator Infratil is reporting a healthy net surplus and increased earnings in its end of year report to the New Zealand Stock Exchange.
Infratil says its net parent surplus was $438.3 million, up from $383.5 million last year.
It reports a consolidated underlying EBITDAF from continuing operations of $462.1 million, up from $450.7 million last year.
It says there were strong contributions from all its businesses. RetireAustralia contributed $21 million, up from $3 million last year when it owned for three months.
Group capital expenditure totaled $220.9 million from $465.4 million last year. There were $5 million of costs relating to the unsuccessful bid for Pacific Hydro.
Other expenditure includes Trustpower acquiring a 65% in King Country Energy during the year for $78.1 million, and Wellington Airport has several major projects underway including terminal expansion and a land-transport hub.
Divestments including the remaining shareholding in Z Energy and iSite Media realised $530.5 million, which provided a gain on its book value of $419.3 million.
Infratil and it wholly owned subsidiaries saw net debt fall to $295.9 million from $760.8 million at the start of the period (representing 14% of total capitalisation at balance date, down from 30%).
In the statement to the NZX, Infratil says its objective is to build on the good operational performances of its businesses and to take advantage of growth opportunities.
“Infratil is well placed to deliver on this objective and to create value for our communities and our shareholders,” says the statement.
Infratil says that Trustpower has projects underway that will more than double its generation capacity in Australia.
It says Trustpower’s current Australian capacity of 385MW cost $819 million and last year provided EBITDAF of $105 million.
According to Infratil, Wellington Airport is part way into a $300 million investment upgrade of its facilities; expanding its domestic and international terminals and building a land-transport hub and a hotel.
RetireAustralia and Metlifecare are both increasing construction of accommodation to meet rising demand says Infratil.
It also reports that NZ Bus is about to trial electric buses which could be the harbinger of a significant change to public transport in New Zealand.
