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Thread: Ift

  1. #41
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    Airlines in Eastern Europe? Or for that matter, airlines anywhere.
    The day IFT buys airlines I hit the ejector button immediatement.
    Airlines are a disaster. They are also on Buffetts list of Do Not Buy Commodity Sectors in an Appendix in the book Buffettology.
    It was a good article until the author tripped at the end.
    Airports in Eastern Europe. Now that would be a different story. Airports get to clip the ticket on rising flight movements, passenger numbers and freight as well as all the byproduct airport industries.

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    MvT
    Could you provide a link to the article you are refering too, please?
    om mani peme hum

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    MVT, Buffett owns an airline, isnt it called Net Jets or something, for high net worth individuals!

    Infratil are after airports that are already established.

    PT, My SP prediction hasnt eventuated, but not much in the way of news of late.

    ...plus its foggy again in Wellington today!

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    quote:
    Infratil are after airports that are already established
    Whenuapai & Finow are a bit of a punt.

    quote:
    PT, My SP prediction hasnt eventuated, but not much in the way of news of late.
    Don't worry, I won't sue.
    om mani peme hum

  5. #45
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    My reference was to the article posted by Toddy by Garry Sheeran on this thread. If you go "Edit" "Search" and put in "airline" on the first page, the second reference goes "Whether IFT picks up airlines in eastern Europe blah blah blah" which was the point at which I took fright. Maybe Garry did a misstype. Let's hope so.
    Tell us immediately if you hear the vaguest whisper that IFT is about to take a stake in an airline of any sort anywhere and I'll be off so fast you won't see me for dust.
    Buffett and airlines?
    I think you need to examine that allegation a bit more closely. My recollection is that he leased aircraft to high net individuals for a while, he didn't run an airline. Whatever else he is, Warren's not crazy.

  6. #46
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    IFT has been on the look out for potential airport sites in Europe for quite some time now, NOT airlines.



    Toddy

  7. #47
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    IFT now has 19.9% of Energy Developments Ltd.
    Orion NZ is selling out.
    Can anyone tell me why IFT stopped at 19.9% when management have 'full confidence' in EDL and Orion have their stake on the market.

    Is it something to do with the Austrailian takeover codes?


    IFT23/03/2005ASSET REL: 1803 HRS Infratil Limited ASSET: IFT: Acquisition of 6.3% Stake in Energy Developments Limited 23 March 2005 ACQUISITION OF 6.3% STAKE IN ENERGY DEVELOPMENTS LIMITED Infratil announces that it has acquired a further 9 million ordinary shares(6.3%) in Australian listed energy company, Energy Developments Limited. Thepurchase price is A$4.00 per share. Energy Developments is a leader in the collection of landfill waste gases andcoal mine waste gases and use of these gases for power generation. Thismakes a significant contribution to lowering greenhouse gas emissions fromthese sources. Increasingly such projects are receiving premium revenuesfrom specific greenhouse policy initiatives in Energy Developments' keyAustralian and European segments. Energy Developments is also a leading provider of regional power supplies toremote communities and mining projects across Australia, utilising both gasturbine and reciprocating engine solutions. Infratil now holds 19.9% of the ordinary shares in Energy Developments. Infratil has acquired the shares from Orion New Zealand Limited, theChristchurch based electricity network company. Orion has also instructed Goldman Sachs JB Were to place 5.13 million of itsshares in Energy Developments and Infratil has provided a financialunderwrite of this placement for Orion at A$3.60. Also, if at any timebetween 1 April 2005 and 14 October 2005, Orion decides to sell its remaining4.25 million shares (3%) Infratil has agreed to a further financialunderwrite of that placement at an escalating price. The initial financialunderwrite price is A$3.60 (subject to adjustment for dividends & capitalreturns) per share escalating on a straight line basis to A$4.18 per share asat 30 September 2005. Infratil first acquired 10% of the shares in Energy Developments in July2002. Since that time it has, through market purchases and participation inplacements by Energy Developments, acquired a further 3.7% of the shares. The decision to move to 19.9% confirms Infratil's confidence in themanagement and Board of Energy Developments and the sectors in which EnergyDevelopments operates.

    Toddy

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    Berkshire owns NetJets.

    This is a company that sells fractional ownership in private jets to private individuals.

    You buy part of a jet in exchange for the right to fly x amount of hours in a year.

    The company pretty much completely dominates its industry, which is why Buffett likes it. But it hasn't yet made any money, incurring losses regularly.

    For some reason Buffett loves it though...


  9. #49
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    More positive news from Infratil.
    Now, if they can get the Glasgow airport freight trend sorted out then it will be a full house. But, MG Rover is just another example how manufacturing is struggling in the U.K.

    Infratil says energy developments investment coming right
    12 April 2005

    Utilities investor Infratil has played a game of patience with its stake in Australian company Energy Developments - lifted last month to 19.9 per cent with the purchase of close to $40 million of shares.


    Infratil director Lloyd Morrison describes the investment as one which "has not been that happy for us" - but which is starting to come right.

    Energy Developments, of Brisbane, generates power from landfill gases and coal mine waste methane, in several countries and often in remote areas.

    The sector has been re-rated upwards by the sharemarket because of the global interest in reducing greenhouse gases and the increased government funding of projects with that aim.

    Two years ago, Infratil saw the share price of Energy Developments fall below $A1.80 ($NZ1.95), compared to the $A3.25 a share paid in July 2002 for its initial shareholding. Christchurch electricity lines company Orion bought a similar stake at the same time and both topped up at the lower prices to give an average of about $A3.03 a share.

    Currency movements have worked against the investors but, by the time Energy Developments' share price recovered - it closed yesterday at $A3.94 - both investors were well in the money.

    After the work that both investors had put into the company - with Orion's chief executive Chris Laurie taking the top job in Brisbane - it was a surprise when Orion said it was getting out.

    Infratil increased its shareholding to 19.9 per cent from 13.6 per cent by paying Orion $A4 a share for a chunk of its stake.

    Orion will clear up to $76 million and has said its profit from the foray will be about $16 million.

    Orion - originally drawn into the investment by Infratil - is selling for reasons including debt reduction and a focus on investing closer to home.

    Mr Morrison said he would have been just as happy for Orion to stay. "They looked to exit and we had to work out the best arrangement we could."

    He describes the transaction as a "very good deal" for Orion.

    Energy Developments reported a record interim after tax profit of $A12.1 million for the half year to December 31 and has a string of projects in the pipeline.

    Infratil has a reputation for thorough research but, looking back, Mr Morrison said it had not anticipated some of the problems within the company when it invested.

    "We weren't given a clear picture of what was happening and we were not happy with that. The type of disclosures did not provide a fair picture."

    Infratil believed the core business was worth more than the price it paid back in July 2002.

    This discounted any value on the then Swerf project, designed to convert domestic waste into electricity.



    Toddy

  10. #50
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    quote:Originally posted by Toddy

    IFT now has 19.9% of Energy Developments Ltd.
    Orion NZ is selling out.
    Can anyone tell me why IFT stopped at 19.9% when management have 'full confidence' in EDL and Orion have their stake on the market.

    Is it something to do with the Austrailian takeover codes?
    Hi toddy - a bit late - but yes. If you exceed 19.9% you must make a takeover for the whole company...same as for NZ..
    KiwiKauri

  11. #51
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    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
    om mani peme hum

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    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.
    Toddy

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    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

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

  15. #55
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    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
    om mani peme hum

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    Bit of both I suspect

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

  17. #57
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    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.
    Toddy

  18. #58
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    [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
    om mani peme hum

  19. #59
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    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)

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    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.
    om mani peme hum

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