Infratil

Infratil Limited

Type	Public
Traded as	NZX: IFT ASX: IFT
Industry	Electricity generation Electricity retailing Airports Public transport
Founded	1994; 23 years ago
Headquarters	Wellington, New Zealand
Key people	Marko Bogoievski (CEO) Mark Tume, Chairman Phillippa Harford, CFO Tim Brown, Investor Relations
Operating income	$909.5 Million (2015)
Parent	H. R. L. Morrison & Co
Website	www.infratil.com

Infratil Limited is a New Zealand-based infrastructure investment company. It owns airports, electricity generators and retailers, and a public transport business, with operations in New Zealand and Australia. Infratil was founded by the late Lloyd Morrison, a Wellington-based merchant banker. Morrison's company, H. R. L. Morrison & Co, is responsible for Infratil's management and administration.

History

Infratil was one of the world's first listed infrastructure funds when it was established and listed on the New Zealand Exchange in 1994. Its first investment was a minority stake in Trustpower. It expanded into airport ownership in 1998 when it bought a 66% shareholding in Wellington Airport. Infratil was named Deloitte/Management Magazine Company of the Year in 2007.^[1] From its founding in 1994 to March 31, 2011 Infratil delivered average annual returns of 18%.^[2]

Investments

The following companies are either wholly or partially owned by Infratil.

Energy

• Trustpower - 50.59% ^[3]
• Tilt Renewables
• Z Energy. On 29 March 2010 a consortium owned 50% by Infratil and 50% by the Guardians of New Zealand Superannuation executed a sale and purchase agreement for the acquisition of Shell New Zealand’s distribution and retail businesses and 17.1% interest in the New Zealand Refining Company. The agreement was completed on April 1, 2010.^[4] Initially named Greenstone Energy, it began to re-brand the service stations as Z in May 2011. Chief executive Mike Bennetts said that the cost of using the Shell brand, believed to be about NZ$10 million a year, was a factor in the decision.^[5] Infratil sold the remaining 20% stake in Z Energy in September 2015.
• Energy Developments Limited. A holding in Energy Developments Limited was sold into the takeover offer by Greenspark Power Holding Ltd for A$139.9 million in January 2010.^[6]

Social Infrastructure

• RetireAustralia In December 2014 Infratil and its partner, the New Zealand Superannuation Fund, each acquired 50% of RetireAustralia, a retirement operator with headquarters in Brisbane, Australia and over 3600 independent living units and apartments across 28 villages in NSW, SA and QLD.
• Infratil Infrastructure Property

Former

• Metlifecare. On 25 October 2013 Infratil advised the NZX it was to acquire a 19.9% in Metlifecare New Zealand's second largest village and aged care operator. The agreement was completed on November 28, 2013. On 7 April 2017 Infratil sold its 19.91% holding via a block trade on the NZX.

Transport

A new Link bus near Auckland Hospital

Wellington Airport from Mt Victoria

Current

• Wellington International Airport - 66% ownership through wholly owned subsidiary NZ Airports^[7] who purchased the stake in 1998, with Wellington City Council retaining the remaining 34% ^[8]
• NZ Bus - 100% ownership, purchased in 2005^[9] from Stagecoach.
• Snapper Services Limited - 100% ownership through Infratil subsidiary Swift Transportation.

Former

• Glasgow Prestwick Airport (sold to the Scottish government in November 2013)^[10]
• Manston Airport (sold to Ann Gloag in November 2013)^[11]
• Lübeck Airport Infratil exercised its put option in respect of its 90% shareholding and ownership has transferred to the City of Lübeck on 30 October 2009

Data infrastructure

• Canberra Data Centres Infratil has a 48% shareholding alongside Commonwealth Superannuation Corporation (48%) and CDC’s executive (4%) Data centres are facilities that house computer systems, networking, telecommunications and storage infrastructure, they are built with high-redundancy power supplies, environmental controls (e.g. cooling, fire suppression) and security systems.

References

External links

• Official website