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MarketScreener Homepage  >  Equities  >  NEW ZEALAND STOCK EXCHANGE  >  Infratil Ltd    IFT   NZIFTE0003S3

INFRATIL LTD

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Infratil Ltd : Infratil To Sell Kent's Manston Airport To Lothian Shelf

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10/14/2013 | 04:24pm EDT
   By Lucy Craymer 
 

WELLINGTON, New Zealand--New Zealand infrastructure investment firm Infratil (IFT.NZ) has conditionally sold Manston Airport in Kent for one British Pound to Ann Gloag's Lothian Shelf (710) Ltd.

The companies said in a joint statement Tuesday that it had sold the airport for the token amount plus an adjustment for working capital variances and cash injected by Infratil between Oct. 14 and when the transaction is completed. The sale is expected to occur on or before Nov. 29.

"From Infratil's perspective, while Manston was a very small part of the company's overall asset base, this sale will result in a more focused portfolio and improve our future cash flow position," said Infratil chief executive Marko Bogoievski.

Infratil has been looking for a buyer for this airport, along with a second--Glasgow Prestwick Airport in Scotland--since March 2012, as the airports have failed to deliver the expected passenger growth and financial returns. Infratil has had to continually write down the value of its European airport assets. Earlier this month the company said the Scottish government was looking to buy Glasgow Preswick, with the hopes negotiations would be completed by November.

Infratil said following the sale of Manston Airport and the proposed sale of Glasgow Prestwick Airport the company expected to impair the assets by approximately GBP11 million in its half year financial results. This was the total value of the two assets as of May.

Write to Lucy Craymer at lucy.craymer@wsj.com

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Financials (NZD)
Sales 2020 1 497 M
EBIT 2020 315 M
Net income 2020 46,6 M
Debt 2020 -
Yield 2020 3,81%
P/E ratio 2020 59,57
P/E ratio 2021 40,80
Capi. / Sales 2020 1,66x
Capi. / Sales 2021 1,30x
Capitalization 2 489 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 4,35  NZD
Spread / Average Target -2,2%
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Managers
NameTitle
Marko Bogoievski Chief Executive Officer & Director
Mark Tume Chairman
Phillippa Harford Chief Financial Officer
Humphry John Davy Rolleston Independent Director
Paul Gough Independent Director
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