IFT - Infratil

[Snow Leopard]

So they are intending to buy Lubeck airport, do a deal with RyanAir to get the passenger throughput, invest upto another 30M euros and do not expect a profit for five years from it.
Interesting.

Ryan Air announcement

News from BBC

[Toddy]

PT, great stuff.
It is not very often that a Kiwi company gets exposure on the BBC web site which would be one of the most often used sites in the U.K.

Building a relationship with the largest and most successful budget airline in the world can only lead to further opportunities.

All good things take time and I will be watching developments with interest.

[James K]

Interesting numbers aren't they? RyanAir to spend 250m Euros, while IFT buy 90% for 13m EUR with a requirement to invest a further 30m EUR. A total of 43m.

RyanAir have a massive incentive to make sure this arrangement works. See also their announcement at http://moneyextra.uk-wire.com/cgi-bi...30020513L.html

[Snow Leopard]

Someone was eager to buy up at the end of the day 30,000+ at $3.40 a pop []

[Snow Leopard]

Nice volume the last couple of days and the SP has moved from $3.33 to $3.48 over the last 5 days. Up 4c today against the general market trend.
The end of year results will be out soon, probably in the next couple of weeks.
Coincidence? Speculators?
Lets hope it lasts

[kura]

Bit of both I suspect

Disc: I'm one of those speculators (mainly on back of TPW)

[Toddy]

IFTs exposure to the energy sector is paying dividends. With Contact Energys recent bullish result and the carbon credit scheme just announced by the Govt many punters out there consider IFT to be a must in their portfolio.

[Snow Leopard]

[quote]quote:
IFT
16/05/2005
FLLYR

REL: 1500 HRS Infratil Limited

FLLYR: IFT: Infratil Result for Year Ended 31 March 2005

INFRATIL LIMITED
RESULTS ANNOUNCEMENT
YEAR ENDED 31 MARCH 2005

RESULTS

Infratil's net surplus for the year ended 31 March 2005 was $45.04 million,
compared with $22.47 million for the previous year. The result is after tax,
realisations, revaluations and minority interests and reflects the equity
accounting of TrustPower and the consolidation of Glasgow Prestwick and
Wellington airports and Victoria Electricity.

A fully imputed dividend of 5.5 cents per share will be paid on 17 June 2005
to all shareholders on the register as at 5.00 pm 10 June 2005.

INVESTMENT ENVIRONMENT

Infratil's portfolio of investments has performed well over the last twelve
months and steps were made toward new investments.
Over the eleven years since its formation, Infratil has maintained a focused
approach to investment. The priority is to invest where management has
expertise and can have influence with the objective of adding value. This
approach has been vindicated by results. An initial investor will have
achieved a better than 20% per annum compound return over the 11 years, a
period over which Infratil's annual returns out-performed the NZX indices in
8 of the 11 years.

As noted in last year's results announcement, Infratil is benefiting from
step-changes in the energy and airports industries. Infratil's first priority
is to choose the right sectors in which to invest and seek investment in
these sectors. Management's role is then to optimize the value of these
investments. Last year it was also noted that the challenge for Infratil is
to make new investments in these sectors at acceptable entry prices. This
challenge is being met. Each of Infratil's main investments is growing its
business organically. Infratil has also increased its interest in Energy
Developments Limited and established the fast growing Australian energy
retailer, Victoria Electricity.

With its strong capital position Infratil is well placed to take advantage of
the softer investment-market conditions now pertaining.

Maintaining returns in the airport and energy sectors is heavily reliant on
sound regulatory environments. Over the year, developments in New Zealand
have been mixed. In the Energy sector the Minister and Ministry are providing
good long-term signals and engaging in an open dialogue with market
participants, both consumers and providers. The recently announced Carbon Tax
is a sound decision which is consistent with a "no surprises" approach. It is
an effective and efficient first step down the path to market driven
reduction of Greenhouse Gas emissions. In the Transport sector, on the other
hand, the position on Whenuapai was visionless and arbitrary.

STATEMENT OF FINANCIAL POSITION, FUNDING & RISK MANAGEMENT

As at 31 March 2005 Infratil's shareholders' funds, after minorities, were
$530.68 million from $540.78 million recorded a year earlier. If listed
investments were valued at market, the 2005 figure would have been $304.42
million higher ($119.67 million higher in 2004).

After net repayments of $16.97 million of Bond funding in 2004, Infratil
issued $79.31 million of Bonds over the latest year for terms of 10 and 15
years. As at 31 March 2005 Infratil had $233.94 million of bond funding and
$10.00 million of bank borrowing. Net deposits were $5.28 million.

Infratil's offshore equity investments were not hedged during the last year.

DIVIDEND, SHARE & WARRANT TRANSACTIONS

A fully imputed final dividend of 5.5 cents per share is to be paid bringing
total dividends for the 31 March 2005 year to 10.5 cents per share. The
availability of imputation credits is the main determinant of dividends.
Infratil's main source of such credits remains the imputed dividends received
from TrustPower.

During the year Infratil bought back 7.67 mi

[kura]

While approx 100% increase in profit isn't to be sneezed at, the increase seems to have come from investment realisations/revaluations, (ie one off items) (Seems to be mainly from sell down in POT, from what I can make out ) So my interpretation is, yes result is nice, but would have prefered it all came from renewable sources (ie operating earnings)

Disc:Holder (IFT & IFTWB)

[Snow Leopard]

Until the actual annual report comes out and one has time to dissect it then who knows what come from or went where.

It does say that:
Trustpower +25.74
Wellington +23.65
Energy Dev +0.56 (in divvies)
Victoria -2.40

Total +47.55

The implication is that Prestwick actually lost money but they are not saying how much.