资产负债率已经相当稳定在2.6 ~ 2.8的范围。这一比率虽然在一个更高的一边,是正常的基础设施公司,他们需要高杠杆。
Comment on the Efficiency % trend from 2010 to 2014. AND quantify the movement in Efficiency % from 2013 to 2014; quote the relevant page number(s) from the annual report to support the explanation AND Quantify the effect on 2014’s Profit [EBITDA]
The efficiency trend has been above 20% over the past 4 years. However, the efficiency does not have a trend and it increases in one year while it decreases in the other year. In the year 2014 it has increased from 22% to 23%. The results are visible on the page 45 of the annual report (Infratil Ltd, 2014)
Quantify the change in NPaT from 2013 to 2014 and explain why that change occurred. If appropriate, quote the page number(s) from the annual report to support the explanation
The Npat increased by 197.6 million NZD from 77 to 274.6 in the year 2014. This is shown on the page 45 of the annual report. This increase was mainly due to increase in income from derivatives hedging and the gain from the Z energy IPO. These two factors contributed the extra profit.
Using the Internal Gearing percentage at 2014 and the historical trend as a guide; Comment on who is taking the investment risk in the company and why?
The gearing ratio has been fairly stable in the range of 2.6 to 2.8. This ratio although being on a higher side, is normal for infrastructure firms where they need to take high leverage.
- Comment on the share price trend from 2010 to the date of your report and give reasons for that trend. Use authoritative sources to justify major issues
The share price is constantly increasing for Infratil except for the start of the year 2014. The chart below explains the trend. There is upward trend, however, in the year 2014 due to decrease in demand, there was drop in the share price of the firm. Globally, there is a decrease in the demand for the energy as the economies are slowing and hence it is affecting the share price.