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IFT
01/02/2005
QUARTER
REL: 1311 HRS Infratil Limited
QUARTER: IFT: Infratil Results for the Nine Months to 31 December 2004
INFRATIL LIMITED
RESULTS FOR THE NINE MONTHS TO 31 DECEMBER 2004
1 February 2005
Infratil's results in the last quarter of 2004 reflect continued strong
returns from TrustPower and Wellington Airport.
Infratil's investment portfolio generally performed well. New investments
continue to be sought whilst maintaining a focus on current businesses.
Infratil's net surplus for the nine months was $42.94 million - an increase
from $20.73 million achieved in the same period in 2003. For the quarter the
respective figures were $13.31 million and $8.20 million. For the nine months
earnings before interest, tax, depreciation and investment realisations were
$46.89 million from $48.61 million in 2003.
Notable events and developments during the period were:
- TrustPower's contribution to Infratil for the last quarter was $7.5
million, a 34% increase over the same period in 2003. TrustPower's growing
list of investment projects and plans augers well for future income growth,
and the ability of New Zealand's electricity system to meet demand in an
environmentally sustainable manner.
- Wellington Airport's contribution to Infratil continues to grow at
approximately 20% as passenger throughput rises. The Airport has announced
that stage one of its Lyall Bay retail development will be completed in 2005.
This will initially increase earnings by approximately $3 million per annum.
- Glasgow Prestwick International Airport's freight volumes appear to
have stabilised and a number of new scheduled airline routes have been
announced from March 2005. The challenge of increasing passenger services
income, via better terminal facilities, and a resumption of freight growth,
via more active management, are being addressed and the new CEO is to take up
his role in February 2005.
- Other investments; Energy Developments, Port of Tauranga and Victoria
Electricity are performing encouragingly.
- Management continue to review and develop opportunities in the areas
of waste to energy, renewable energy and airports, without instigating any
material investment.
- In December 2004, Infratil initiated a further issuance of
Infrastructure Bonds. The bonds have been well received and issuance of this
maturity will cease on 4th February. In the short term, proceeds of this
issue are being used to retire bank debt.
End CA:00110926 For:IFT Type:QUARTER Time:2005-02-01:13:11:30