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Thread: IFT - Infratil

  1. #171
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    IFTIZA is very thinly traded. Not sure if there is enuogh liquidity to trade this stock so expect to hold it a while

  2. #172
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    IFT has been accumulating more stock in Energy Developments Limited since November 05 according to the Australian stock exchange disclosure today. Now over 22% holding.

    Good work.
    Toddy

  3. #173
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    Can anyone from Windy Wellington shed any light on the poor Wellington Airport passenger numbers.

    Are the punters starting to tighten their belts in the Capital.
    Toddy

  4. #174
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    Steady. Focus on investments over the period resulting in a 20% increase in the asset base.

    QUARTER: IFT: Infratil Result for 9 Months to 31 December 2005 12:11pm
    IFT
    08/02/2006
    QUARTER

    REL: 1211 HRS Infratil Limited

    QUARTER: IFT: Infratil Result for 9 Months to 31 December 2005

    RESULT FOR THE NINE MONTHS TO 31 DECEMBER 2005

    Infratil's quarter to 31 December 2005 was among the most notable in the
    Company's history. It saw the acquisition of a major new business, Stagecoach
    New Zealand, and the material broadening of the Company's European airport
    operation with Kent and Lubeck Airports being added to Glasgow Prestwick.
    This resulted in an approximate 20% increase in Infratil's assets and will
    provide a sound base for future shareholder returns.
    In the short term costs associated with making these investments have
    impacted reported results. For the nine months Infratil's Earnings before
    Interest, Tax, Depreciation and Amortisation increased 6% to $49.8 million,
    however higher start up costs and losses associated with the new
    acquisitions, resulted in Operating Profit After Tax and Before Investment
    Realisations declining to $13.1 million from $20.2 million in 2004. Last year
    there were also investment realisation gains of $22.7 million. This year
    realisations added $0.2 million.

    Infratil experienced a similar fluctuation in reported returns a few years
    ago when it divested from energy distribution and invested the proceeds in to
    what was then lower cash earning energy generation and airports. The wisdom
    of this swap is apparent. Over the nine months to 31 December 2005 Infratil
    received cash distributions from TrustPower and Wellington Airport of $23.8
    million and $22.9 million respectively. These investments cost $94 million
    and $104 million respectively.

    After 31 December 2005 the acquisition of Angaston Power Station in South
    Australia was announced. While this is a small increment, it is complementary
    with Infratil's investment in the fast growing Australian energy retailer
    Victoria Electricity. Infratil has the expertise required to develop a
    material Australian energy business and perceives there to be considerable
    value in its incremental investment approach.

    In making the above noted investments Infratil has assumed further debt, a
    mixture of Bond and bank funding. Since 31 March 2005 debt as a percentage of
    Infratil's capitalisation has increased from slightly under 24% to just over
    40%. This is still conservative given Infratil's assets and the reliability
    of its cashflows. Also, none of Infratil Airports Europe, Victoria
    Electricity nor Stagecoach has any external debt and both TrustPower and
    Wellington Airport have modest levels of debt funding.

    Looking forward Infratil expects its core mature investments to continue to
    perform well. Considerable effort will be made to build activity and value at
    the new investments. Progress at both Kent and Lubeck has surpassed initial
    expectations, but it is still going to be a few years before these
    investments contribute to reported earnings. Stagecoach is both a mature
    investment and an opportunity to add value. Its long term success will be
    based on being the lowest cost provider of excellent public transport in New
    Zealand. If it can achieve this it will be well placed to expand its
    franchise in what is certain to be a strong growth sector.

    Released 8 February 2006
    End CA:00127127 For:IFT Type:QUARTER Time:2006-02-08:12:11:53


    Toddy

  5. #175
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    Infratil posts earnings drop as buying spree tolls

    08.02.06 2.05pm
    By Rachel Pannett


    Infrastructure investor Infratil today posted a sharp drop in nine-month profit, as it re-jigged its investment portfolio to include transport company Stagecoach New Zealand and a string of new airport and energy assets.

    Infratil said its net after tax profit, before investment realisations, for the nine months to December 31 fell 35 per cent to $13.1 million, from $20.2 million in the same period a year earlier.

    Last year's result was buoyed by investment gains of $22.7m, compared with just $200,000 in the current year -- reflecting a change in direction as Infratil embarked on a buying spree.
    Infratil bought Stagecoach's bus services and Fullers ferries in November for $253m, including acquisition costs.

    In the year to date it also bought Kent International Airport in Britain for $47m, completed a conditional acquisition of 90 per cent of Lubeck Airport in Germany and bought an 11 per cent stake in small oil and gas explorer Austral Pacific for $9m.

    After balance date, Infratil purchased Angaston Power Station in South Australia.

    Infratil said the acquisitions had expanded its asset base by 20 per cent and put it in fine fettle for making solid shareholder returns in future, despite the short term earnings hit.

    Shares in Infratil eased a cent to $3.84 on the news, against a year high of $4.15 and a low of $3.23.

    Earnings before interest, tax, depreciation and amortisation rose by 6 per cent to $49.8m during the period.

    Infratil said it experienced a similar fluctuation in reported returns a few years ago when it divested from energy distribution and invested the proceeds in to what was then lower cash earning energy generation and airports.

    That strategy appeared to have paid off, with Infratil receiving cash distributions from TrustPower and Wellington Airport of $23.8m and $22.9m respectively for the nine month period.

    Infratil's other investments include a 66 per cent stake in Wellington Airport, full ownership of the Glasgow Prestwick Airport in Scotland, an 88 per cent stake in Victoria Electricity and a 35 per cent holding in TrustPower.

    Debt levels increased from 24 per cent of market capitalisation as at March 31 to 40 per cent, although this was still conservative gearing, Infratil said.

    Looking ahead, Infratil expected its mature investments to continue to perform well, and considerable effort would be made to build activity at its new investments.

    Progress at Kent and Lubeck had "surpassed initial expectations" but it would be a few years before the pair contributed to earnings.

    Stagecoach was a mature business and Infratil has previously said it would be earnings positive in the year to March 2007.
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

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  6. #176
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    Refering to the previous post:
    With no disrespect to either Rachel Pannett, or indeed our very own rmbbrave, but if it seems that that R. Pannett, who presumably actually gets paid for this sort of thing, actually expended less effort in re-writing the Infratil announcement than rmbb did in copy and pasting it to this site.
    However she probably earns her pay packet for such sensational bits as the headine "Infratil posts earnings drop as buying spree tolls" and the words "Shares in Infratil eased a cent to $3.84 on the news".

    Disc: hold IFT, am not a fan of the Stagecoach purchase and am absolutely gutted that the share price has "eased a cent".

    Disc2: just being me
    om mani peme hum

  7. #177
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    quote:Originally posted by Paper Tiger


    am not a fan of the Stagecoach purchase and am absolutely gutted that the share price has "eased a cent".
    Have gone back a few pages and you have never elaborated why? I admit I am not convinced either. I assume they are looking for consoldiation and growth in the industry but have not seen much evidence of consolidation, though it is only early days.

    The results look ok to me. Is it surprising that new investments aren't yeilding yet. This company makes longterm plays.
    Free delivery worldwide with Book Depository http://www.bookdepository.co.uk

  8. #178
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    Big plays in the Airport Utilities here in Europe/UK again today. Luton was sold last year and now we have a possible bid for the BAA assets which include Stanstead, Gatwick and Heathrow(approx £8.3 billion). Glasgow Prestwick is a high value asset for IFT and I would not be surprised if there have been potential investors sniffing around.

    Stagecoach. I think that it was a great play by the IFT Management. Synergies to be made with the Mana purchase (even if small)and looking at the bigger picture, Auckland currently has large transport congestion issues (Aucklanders feel free to disagree). All as it takes is for the Council to implement road tolls or a congestion charge similar to the one here in London and Stagecoach will become the best play in IFT's short history overnight.



    Toddy

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    quote:am absolutely gutted that the share price has "eased a cent".
    Yes a poor effort that Ms Pannett. The word she was clearly looking for was "plunged" or perhaps "plummetted". Or as a rewrite she could have said "Investors punished Infratil at the bourse, hammering the price down 1c".

    Must do better at the hyperbole.

    Yours

    Editor
    Marriage isn't a word. It's a sentence

  10. #180
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    Poor day share price wise, I notice that a few shares traded at $3.65.
    I am interested to see whether there will be a buyback notice...
    om mani peme hum

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