IFT - Infratil

[QOH]

disappointment in my share portfolio at the moment. Does anyone think it's partly caused by people knowing they are going to have to front up with $1 for each of their partly paid shares in June or July plus a year later $1.62 for the "B" warrants.Maybe there will be no upside until at least July.

[Rif-Raf]

disappointment in my share portfolio at the moment. Does anyone think it's partly caused by people knowing they are going to have to front up with $1 for each of their partly paid shares in June or July plus a year later $1.62 for the "B" warrants.Maybe there will be no upside until at least July.

I can relate to the sentiment, however if you apply the sporting analogy form is temporary and class is permanent, then at some point of time in the future holders are going to see a big rebound.

i don't think the unpaid portion would have much bearing as I believe many investors will have cashed up at least part of their portfolios in the recent times and have it waiting in the wings inlcuding ability to pay the part paids. The other thing, is I don't think the amount of B's and part paids are that significant in relation to the number of ord's on issue.

However the warrants may have assisted the slide as leverage works in reverse in a falling market. The beating taken for some warrant holders may have been too much to swallow.

[QOH]

for Infratil after the AIA fiasco? Isn't it a good opportunity for them to increase their stake now?

[beacon]

Maybe not. National may look favourably on Whenuappai airport proceeding, and IFT have already lost a bundle on AIA. Their push in AIA was a hedge, and it is costing heaps so far. Buses bleeding cash too, I hear ...

[Toddy]

Maybe not. National may look favourably on Whenuappai airport proceeding, and IFT have already lost a bundle on AIA. Their push in AIA was a hedge, and it is costing heaps so far. Buses bleeding cash too, I hear ...

IFT's investment strategy has moved away from NZ in recent times. Their AIA play was based on the need for AIA to restructure to unlock the tax advantages that could then be passed onto shareholders. There is still a slim but real chance that IFT can do a deal with the AIA board but at a SP of about 20% higher than todays SP. Any investment in AIA is a good one as the business will only ever build. Remember that they are a monopoly and todays entry price to build another airport no longer stacks up and the govt just scared away any possible foreign cash to build any such infrastructure.

The 'other' Auckland airport is a dead duck in todays environment. IFT are much more energy focused and will concentrate on building an energy empire in Australia.


As previously stated, the bus business turns over large cashflows which is where IFT gain their benefit from investing in such an asset class. The buses will always be running and as NZ struggles to maintain the standard of living as other developed countries increase theirs, then you will see more and more bums on bus seats.

I think that IFT will surprise and come out with an ok quarterly result.

[Rif-Raf]

With the exception of Lubeck, the strong airports perfomance continues.

MONTHLY: IFT: Infratil Email Update

16 April 2008

Infratil Email Updates are sent to interested shareholders, analysts, brokers
and other parties who have registered their interest on
http://www.infratil.com

Wellington Airport Monthly Overview - March 2008

Wellington Airport March 2008 operational figures are available here.

Passenger numbers in March continued to show the benefits of the competitive
domestic market following Pacific Blue's domestic start up in November 2007.
March domestic passengers were 17% above the previous year. The established
airlines continue to respond to the Pacific Blue challenge with reduced fares
and improved service offerings. Available domestic capacity increased by 23%
from the previous year.

Average aircraft loadings reduced by 3.5% from the previous March. However,
the market average of 74.1% remains strong for the domestic market. Total
domestic passengers for WIAL's financial year ended March 2008 were 8.6%
above the previous year.

The capacity constraints in the international market continued to be evident
in March. Growth in international passenger numbers for March was 9.1% above
the previous year despite seat capacity falling by 2%. The average airline
load factor again exceeded 80%. It remains evident that until more capacity
is offered many Wellingtonians will be forced to travel through Auckland or
Christchurch to cross the Tasman, or not travel at all. March year growth in
international passengers was 4.9%, with seats having fallen by 3.2%. Average
seat loads were 79% across the whole year compared to 72% the previous year.
Of most critical concern to WIAL is that despite the existing lack of
capacity further reductions have been announced in Trans Tasman services from
Wellington, exacerbating the challenges for Wellingtonians to cross the
Tasman - clearly, this approach is not sustainable.

WIAL continues to work on site preparation works to enable construction of
"The Rock" international terminal expansion. WIAL's construction programme
continued during March with the additional new aircraft gate brought into
operation during the month. The first of two of the older aerobridges has
been replaced and the new bridge is in operation. A second bridge is to be
replaced in April.

The use of Wellington's apron facilities to ensure short term demands can be
met is being reviewed. WIAL is also commencing a longer term master planning
process to consider future development requirements and options for the
entire airport site.

Infratil Airports Europe Monthly Overview - March 2008

http://www.infratil.com/content/view/1933/1/

Glasgow Prestwick Airport
GPIA's passengers rose 6% to 192,142 in March 2008 over March 2007, with full
2008 year passengers totalling 2,426,630 passengers, a marginal improvement
on 2007.

The airport's six Polish connections and Ryanair's Barcelona and Murcia
services were the strongest routes, although the passenger total was boosted
by the Easter weekend falling during the month.

Glasgow Prestwick handled 3,260 tonnes of freight in March, up 5% on March
last year and a 34% improvement on the February performance.

Atlas Polar had a particularly strong month against the prior year, while new
operator Cargoitalia made three rotations during the month.

The total FY08 freight volume of 31,735 tonnes marks a 4% increase on the
FY07 performance.

Scotland's First Minister Alex Salmond visited Glasgow Prestwick on March 11
to attend the launch of a new study into the economic benefits of the
airport.

The study, jointly commissioned by Infratil Airports Europe, South Ayrshire
Council and Scottish Enterprise, found that Glasgow Prestwick accounts for
nearly 3,000 jobs in Scotland.
It also revealed that total expenditure associated with the airport is more
than GBP200 million per annum, with GBP173 million generated by visitors to
Scotland.

Mr Salmond also said the visit reflected his Government's gratitude towards
the airport for its swift and effective response to the attempted terrorist
attack on Glasgow Abbotsinch in June 2007.

Planning approval has been granted for a new car parking facility on the site
of the former Prestwick Golf Driving Range which was acquired in 2006.

Kent International Airport

Kent International handled 3,602 tonnes of freight in March - an improvement
of 992 tonnes and 38% on March 2007.

Once again all scheduled freight carriers improved on their prior year
freight performance.

The airport handled 32,624 tonnes of freight during FY08 - 26% up on the FY07
total, with all scheduled carriers showing an increase over this period.

Luebeck Airport
Luebeck Airport handled 42,654 passengers in March 2008, down 15% on March
2007.

This downturn is also reflected on an annual basis - the FY08 passenger total
of 568,432 down 15% against FY07.

Wizz Air's Gdansk route showed a 25% improvement on March 2007 and the return
of Ryanair's Dublin route on March 15, on a seasonal basis, has shown
encouraging early signs with strong loads.

[Toddy]

This congestion charge system works well in London. It did not take long for the public to get use to it. Its a no brainer with the benefits far outweighing any negatives. My money would be on Auckland beating Wellington to the gun on this one.

Putting the brakes on rush hour
Peak-time congestion charge proposed for Capital

By KERRY WILLIAMSON - The Dominion Post | Friday, 18 April 2008

Email a Friend | Printable View | Have Your Say
PHIL REID/Dominion Post
ON THE ROAD: Greater Wellington regional council is investigating charging drivers entering the city during rush hour.



Motorists could be stung with a congestion charge for entering and leaving downtown Wellington during rush hour, in an ambitious proposal to boost public transport use.


Greater Wellington regional council is pushing the Government for a law change that would allow councils to introduce a congestion charge on motorists.

One model, developed by a council-contracted consultant, suggests charging motorists between $1.50 and $4.50 to drive into the city business district. The congestion charge would apply on weekdays between 7am and 9am. Motorists would also have to pay to leave the zone from 4pm to 6pm.

Those driving longer distances into the city would pay more, as vehicles passed through charge points near Pukerua Bay, Tawa, Lower Hutt, Petone and Ngauranga Gorge.

The council conceded the public could baulk at a congestion charge, with motorists already facing record petrol prices. But the proposal's backers say it is designed to get people out of their cars and on to buses and trains.

"I think it is realistic, I think it could happen," said Peter Glensor, the regional council's transport and access committee chairman.

"I am very keen on it. We believe various forms of road pricing, including congestion charging, is something we should be working for."

Regional council chairwoman Fran Wilde said the proposal could help generate the many millions of dollars needed to improve the region's buses and trains.

She told The Dominion Post that "congestion charging is a good tool to have in your tool kit" - but stressed this proposal was one of a number of ideas being studied. A final plan would have to be approved by the city council.

Wellington Mayor Kerry Prendergast said she was not even lukewarm on the idea. "It's illegal now and I don't think there's been enough work done. We must do everything we can to protect Wellington cbd."

Transport Minister Annette King's office said she expected congestion charges to "be on the agenda for some government in the future, as infrastructure becomes stretched around the country". There was no proposal on the table at the moment, a spokesman said.

A regional council report issued last year suggested congestion charging could raise between $20 million and $40 million a year - money that could then be poured back into public transport improvements. It suggested the funding mechanism be introduced in 2011.

The report found that congestion charges could succeed in Wellington, reducing gridlock while at the same time having minimal social and regional economic impact.

Mr Glensor conceded the public could baulk at paying to drive into the city. "I'm sure we wouldn't want to make that move without very strong dialogue with the community."

Essentially a user-pays system, congestion charging can generate high amounts of revenue without much capital cost. It can also boost public transport patronage, in turn making cities greener and more sustainable.

Both the city and regional councils are committed to increasing public transport usage. Recent investment included 62 new trolley buses, 70 electric trains, electrification and double-tracking of the rail line to Waikanae and real-time information on buses and trains.

[macduffy]

Singapore started charging a CBD congestion charge 25 years or so before London and long before they had the current superb underground/fast rail system.
My guess is that Wellington's CBD congestion is now about where Singapore was 30 years ago: Auckland " achieved " that some time ago!

[Steve]

My guess is that Wellington's CBD congestion is now about where Singapore was 30 years ago: Auckland " achieved " that some time ago!

Doesn't that just make you proud to be a NZer?

As an aside, it appears that the 210 support level has held, with the shareprice poised to climb above the MACDUNK 30day MA...

[Toddy]

POSSUM THE CAT. Are any of your buddies catching the bus yet as petrol prices start to bite on the family budget ?