Infratil Market Update
5 February 2018
This report outlines recent trading activities at Infratil’s businesses, how their growth initiatives are tracking, and
salient market events.
As noted in November’s Interim Report, over the last decade Infratil has invested $4,230 million. 25% went to buying
shares in companies and 75% was spent within Infratil’s companies building and buying real assets such as power
stations, buses, and airport terminals. This investment is the source of Infratil’s earnings and value growth, and the
17% per annum compound return delivered to shareholders since 1994.
Given that investment in bricks, mortar and equipment averages about $320 million per year, 2017’s outlay was on the low
side, but as explained below, there are reasons to anticipate a pick up.
Notwithstanding a lower than hoped for level of investment, 2017 was a very good year for Infratil’s shareholders who
received a return of 26.8% (NZX50 22.0% and ASX All Ords 19.1%).