Infratil profit up 6%, directors' fees rise approved
Infrastructure investor Infratil will spend the next two to three years looking for new business opportunities after approving a 3.7% payrise for its directors.
At its annual meeting in Christchurch, the company moved to increase the aggregate limit of fees paid to all directors of Infratil and subsidiary companies by $207,599 and set the total amount at $3,159,431.
Infratil owns some of New Zealand’s best-known infrastructure companies, such as Z Energy, NZ Bus, TrustPower and Wellington airport, along with Australian Energy and other European airports.
Its business interests all saw increases to the EBITDAF of between 5.7% for Wellington airport and 17% for Australian Energy.
The company’s normalised EBITDAF for the year to 31 March was $510 million and directors are banking on consistent gains across the business and an improved contribution from Australian Energy to see that figure rise to between $530 million and $560 million next year.
Profit was up 6% to $127 million.
CEO Marko Bogoievski was re-elected as a company director after he retired by rotation, as was chairman David Newman.
The company is welcoming the government’s planned partial asset sales of its power companies, saying "it will improve the whole-of-industry capital allocation".
It has plans to spend more money on Wellington airport’s main terminal and car parking areas, and expects to see a number of competitive gains during the next year for Z Energy, now the rebranding from Shell is complete.
In his review, Mr Bogoievski saysthe company is cautious in current financial markets, but has "strong core assets with growing free cash flows and financial flexibility".
He says the company is planning two to three years of scanning business development opportunities alongside core energy and transport markets.
It is already throwing up some "interesting" opportunities in New Zealand, Australia and further afield.
Infratil (NZX: IFT) shares opened the day at $2.09.