AMP1179AU AMP Capital Core Infrastructure Fund

September, 2023

Performance and activity

The Dexus Core Infrastructure Fund (DCIF) has underperformed its benchmark over the past month. The Fund has outperformed its benchmark on a ten-year basis.

The listed component of DCIF returned -4.81% for September, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of -3.77%*.

Unlisted infrastructure

The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ConGlobal (formerly ITS ConGlobal), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), Royal Adelaide Hospital (RAH), Dexus Diversified Infrastructure Trust, InfraBridge Global Infrastructure Fund and InfraBridge Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC)

Melbourne Airport continues to deliver strong operational performance. For the month of September 2023, both domestic and international passenger volumes rose to over 93% of FY19 (pre-pandemic) volumes. The growth in domestic volumes is attributable to the September school holiday travels and the AFL Grand Final Day, which alone represented approximately 6% of total domestic volumes for the month. The strong international passenger performance is driven by international airline capacity returning to Melbourne Airport, with LATAM, South America’s largest airline carrier, recommencing three flights a week between Melbourne and Santiago in early September 2023.

Melbourne Airport also announced major expansion plans for Terminal 3, Virgin Australia’s arrivals hall. The project will almost double the size of the hall and includes the construction of a new baggage carousel and oversized baggage collection zone. Refurbishments works will be undertaken to extend the existing three baggage carousels too. Furthermore, the expansion project will also create a ground floor connection between Terminals 3 and 4 through the installation of new central arrival escalators and antipass back gates. Scheduled for completion in 2025, the project will provide 85% more space to collect baggage whilst also facilitating a faster journey between the terminals and travellers’ end destinations.

File: https://commentary.quantreports.net/wp-content/uploads/2020/10/DCIF_Factsheet_September-2023-H.pdf

August, 2023

Performance and activity

The Dexus Core Infrastructure Fund (DCIF) has underperformed its benchmark over the past month. The Fund has outperformed its benchmark over a ten-year basis. The listed component of DCIF returned -4.38% for August, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of -1.85%*. * Past performance is not a reliable indicator of future performance.

Unlisted infrastructure

Australia Pacific Airports Corporation (APAC)

Melbourne Airport continued to observe strong passenger traffic for August 2023, with both international and domestic volumes exceeding 90% of FY19 (pre-pandemic) figures. International passenger volumes rose to approximately 90% of pre-pandemic levels with further growth expected from the welcomed return of Chinese group travel for the first time since the start of the pandemic ahead of China’s 8-day national “Golden Week” holiday period which, commences in late September. Domestic passenger volumes represented approximately 91% of pre-pandemic levels as Melbourne Airport begins preparations for a busy September domestic travel schedule ahead of the Victorian school holidays and the AFL Grand Final.

Melbourne Airport is pleased to welcome back LATAM, South America’s largest airline, with the first direct flight touching down at the airport in early September 2023. LATAM’s return enables Melbourne Airport to connect Victoria directly to the South American continent with flights initially operating three times a week. Furthermore, the return boosts Melbourne Airport’s overall international capacity to 97% of pre-pandemic levels with the airport expecting a complete rebound to 100% by the end of 2023.

In Melbourne Airport’s Business Park, construction has commenced on a new Toll Group healthcare facility which will provide state of the art pharmaceutical storage offerings in Victoria. The facility will be Toll Group’s largest healthcare facility in Victoria and is expected to warehouse and distribute medical supplies. Toll will lease the healthcare facility from Melbourne Airport with the at least 10-year lease expected to commence in 2024.

Port Hedland International Airport (PHIA)

For the month of July 2023, passenger volumes tracked slightly behind budget, though exceeded the prior corresponding period (PCP) by 4%, reflecting the continued solid performance from FY23.

EBITDA tracked 3% adverse to budget due to higher operating expenses. Aeronautical revenues were 1% higher than budget with lower passenger charges offset by higher than budgeted landing charges. Non-aeronautical revenues tracked 5% favourable to budget, primarily due to higher-than-expected hire car income and parking income. Staff costs tracked 54% adverse to budget due to staff performance-based remuneration recognised for the month.

Pleasingly, the terminal redevelopment project is now complete, with the terminal officially reopened on the 22nd of September 2023. The launch was well attended by key stakeholders from across the Port Hedland community.

Powerco.

Powerco’s YTD (for the 4 months to July 2023) earnings before interest, tax, depreciation, amortisation and fair value adjustments (EBITDAF) tracked slightly behind budget due to lower-thanexpected gas consumption and connection volumes. This is a result of warmer weather currently being experienced in New Zealand, which has seen lower gas consumption compared to prior periods. YTD revenue from customer-initiated works was lower than budget as the demand mix continues to shift from smaller residential customers to larger industrial customers, which points to the observation that the reduction in connection volumes is related to the broader slow-down in the new home-build sector across New Zealand.

In early August, the New Zealand Ministry of Business, Innovation and Employment released a gas transition plan issues paper, seeking written responses from the community by November. The paper explores the importance of balancing emissions reductions and legislated targets with the key role that fossil fuel plays in New Zealand’s energy mix. The paper also identifies flexibility in regulatory frameworks to enable investment and pricing/cost allocation for decarbonisation, which aligns with Powerco’s position on gas transition. New Zealand’s Gas Transition Plan is due to be announced later this calendar year or early next year, and Powerco intends to use the updated Gas Transition Plan to refine their gas strategy.

In late August, Powerco hosted an awards night with employees and contractors to celebrate the conclusion of the business’ 5-year Customised Price-Quality Path program. The evening was an opportunity to not only recognise the people responsible for the successful delivery of the program, but also to highlight examples of positive culture and initiatives across Powerco’s contractors and staff and share best practice learnings from successful projects.

ConGlobal (formerly ITS ConGlobal)

ConGlobal’s YTD July adjusted EBITDA tracked 25% behind the PCP because of lower volumes received and the changing mix of container types.

The Depot business unit’s YTD adjusted EBITDA tracked 23% behind budget, which reflected the cyclical impact of consumer spending on container volumes and mix of container types. Despite growth in container volumes, containers received by the Depot business are increasingly empty. Loaded containers command a higher price due to the greater difficulty in storing and handling them. With a weak outlook for U.S consumer spending and continued rebalancing of consumer demand from goods towards services following the surge in spending on goods during the COVID-19 pandemic, the trend from loaded to unloaded containers is expected to continue.

The Intermodal business unit’s YTD EBITDA was 12% lower than the PCP. However, operational performance continues to be strong with the revenue per lift outperforming the PCP by 13% and tracking 4% ahead of the budget, which is a solid outcome as the ConGlobal management team continues to focus on improving operational efficiency.

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July, 2023

Performance and activity

The Dexus Core Infrastructure Fund (DCIF) has underperformed its benchmark over the past month. The Fund has outperformed its benchmark over a ten-year basis.

The listed component of DCIF returned -0.06% for July, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 2.84%*.

Unlisted infrastructure

Australia Pacific Airports Corporation (APAC)

Melbourne Airport continued to observe strong passenger performance for the month of July 2023. International passenger volumes soared to 92% of FY19 (pre-pandemic) figures, attributable to strong arrival traffic from China, India, and United Kingdom. Further growth is expected from China as Melbourne Airport welcomes China’s recent announcement to remove all restrictions on group travel to Australia, effective immediately. This is further buoyed by Tourism Australia commencing tourism campaigns in China from next month to encourage travellers to return to Australia. Domestic passenger volumes reached 90% of pre-pandemic figures as Melbourne Airport recorded two million domestic passengers for the first time since the COVID-19 pandemic.

In August 2023, Melbourne Airport installed three new portable noise monitors, which supplement the existing six monitors located in nearby suburbs to the Airport by Airservices Australia. The monitors will provide local residents with more accurate data on aircraft noise and were installed in direct response to community feedback obtained during the public exhibition of the airport’s Third Runway project last year. The monitors are relocatable and can be moved to other destinations to capture noise data as required.

Port Hedland International Airport (PHIA)

YTD (for the 12 months to June 2023) passenger volumes exceeded the budget and the prior corresponding period (PCP) by 15%. Pleasingly, the total FY23 passenger volumes represent the highest passenger volumes at PHIA on record, a testament to the airport’s resilience following the COVID-19 disruptions.

YTD EBITDA reflected the strong passenger performance, tracking 11% favourable to the budget. On a YTD basis, aeronautical revenues outperformed the budget by 9%, with the higher than budgeted passenger volumes slightly offset by higher-thanexpected load factors, which impacted aircraft landing fees. Nonaeronautical revenues tracked 4% favourable to budget, primarily due to higher-than-expected hire car income and higher lease income. The terminal redevelopment continues with the final stage underway. The official terminal opening is planned for September 2023.

Powerco

Powerco’s earnings before interest, tax, depreciation, amortisation and fair value adjustments (EBITDAF) tracked 2.6% favourable to budget for the month of June, driven predominantly by strong contributions from the electricity revenue segment. Customer contribution revenues outperformed the budget by 1.2% which was an improvement from the prior month and reflects the shift in the demand mix from smaller, residential works to larger higher value jobs driven by decarbonisation focused industrial customers.

At the end of June, Powerco’s CEO, James Kilty, presented at the Electricity Engineers Association (EEA) Conference which focused on a pathway for ‘Delivering a Net Zero Carbon Energy Future’. The presentation explored the critical role that electrification plays for New Zealand to reduce its reliance on non-renewable energy sources and increase the proportion of energy derived from renewable sources. A link to the full presentation can be found here Pleasingly, Powerco has been named a finalist in three categories for the 2023 New Zealand Energy Excellence Awards. The categories include: Network Initiative of the Year (on account of the successful $1.27 billion customised price-path investment delivery), Well-being Award and Young Energy Professional of the Year. The nominations are a positive indication of Powerco’s leading position in New Zealand’s energy distribution market.

ConGlobal (formerly ITS ConGlobal)

ConGlobal’s YTD June 2023 adjusted EBITDA was 25% lower than the PCP and tracked 25% adverse to the budget as a result of lower intermodal and storage volumes observed.

The Depot business unit’s YTD adjusted EBITDA tracked 23% behind the budget due to lower-than-expected performance across several storage segments relative to forecast. Despite the strong growth in overall container volumes, the continued weakening of consumer demand reduced the volume of loaded containers, which command a higher price due to the greater difficulty in storing them. The trend in the changing mix of containers from loaded to unloaded is expected to continue.

The Intermodal business unit’s YTD June adjusted EBITDA tracked 33% behind budget. However, operational performance continues to be strong with the revenue per lift growing 13% year-over-year and tracking 5% favourable to budget. The challenged performance was predominantly driven by a decline in billable lifts. While the easing of railway and port congestion were positive developments, slowing consumer demand for goods and a competitive freight environment weighed on the sector. Earlier in the year, ConGlobal successfully won an Intermodal terminal contract in Logistics Park Chicago, operating for one of the Class I railroads. With the contract commencing in July 2023, the management team expects the delivery of an EBITDA uplift in Q4 2023.

London Luton Airport (LLA)

LLA continues to observe strong operational and financial performance, reflecting the airport’s resilient recovery from the difficult operating conditions caused by COVID-19. YTD (for the seven months to July 2023) passenger volumes reached approximately 90% of pre-pandemic levels. Pleasingly, this result reflected an 11% outperformance to budget.

YTD revenue exceeded the budget by 16%, attributable to the strong passenger volumes and better yield performance. YTD operating expenses tracked slightly adverse to budget due to higher concession fees arising from the improved passenger levels. Notwithstanding this, LLA’s YTD EBITDA continues to be strong, outperforming budget by 36%. LLA’s EBITDA outperformance is expected to continue throughout H2 2023.

Royal Adelaide Hospital (RAH)

The project is operating well, with strong relationships in place between the State of South Australia, Celsus, RAH directors and the Operators, Downer and DXC Technology. Abatements are low and operating performance is very good.

Our Social Infrastructure team has been working with the RAH management team to finalise a number of ESG initiatives for the project. We also undertook a site visit and tour of RAH in early July 2023. This was an excellent opportunity for the DCIF team to meet with key management personnel from the project and observe the critical operations at RAH.

SA Schools

SA Schools continues to operate well. Relationships are very good between Dexus, the State of South Australia, Downer and the Schools.

Operational performance is measured against 294 KPIs. For the 12 months to 28 May 2023, 99.99% of the service fee was received from the State, and of the 0.01% abatement, 100% was passed through to the subcontractor. We are pleased to note that the temporary accommodation at the John Hartley School was completed by the State on 31 July 2023. Staff and students are now using the temporary accommodation whilst our Social Infrastructure team manages the insurance claim process for the rebuild of the permanent building, which was destroyed by fire and is expected to be complete in approximately 12 months’ time.

AquaTower

All plants continued to operate well over the quarter. For the seven months to 31 July 2023, treated water volumes outperformed the budget by 3.2%.

Our Social Infrastructure team is currently planning for our next quarterly meeting with the water authority, GWM Water, and the operator of the plants, TRILITY, in mid-August 2023.

Australian National University (ANU) Purpose Built Student Accommodation (PBSA) The ANU PBSA’s Semester 2 2023 occupancy is nearing 100%.

Demand was very strong with twice the number of applications received than beds available for letting. The ANU is currently managing a waitlist of students who will be offered a room in our PBSA facilities should one become available throughout the course of the semester. We also worked together with the ANU to set the rents for 2024, which will increase in line with the Consumer Price Index. The marketing of the rooms for the 2024 academic year will commence in September and the team is well progressed with plans to open the applications.

Macarthur Wind Farm

The repair and maintenance works conducted on the electrical switchgears and converters, along with high wind speed, have resulted in material improvements to Macarthur’s production levels in comparison to May and June. Pleasingly, the July performance exceeded the asset’s 5-year average production level. The asset continues to receive its scheduled payments from AGL in full under the fixed price contract.

Auckland South Corrections Facility (ASCF)

The project continues to perform well both financially and operationally. Operational performance is measured against 52 KPIs. For the 12 months to 30 June 2023, 99.59% of the service fee was received from the New Zealand Crown, and of the 0.41% abatement, 100% was passed through to the subcontractor.

A site inspection of the asset was held in July 2023 with the Board undertaking a work, health and safety inspection of the control facility.

Global listed infrastructure

The listed component of DCIF returned -0.06% for July, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 2.84%.

Utilities

Water provided a positive return. Diversified utilities, integrated regulated and transmission & distribution provided a negative return.

Infrastructure

Rail, toll roads and ports provided a positive return. Airports and communications infrastructure provided a negative return.

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June, 2023

The Dexus Core Infrastructure Fund (DCIF) has outperformed its benchmark over the past month. The Fund has outperformed its benchmark over a ten-year basis.

The listed component of DCIF returned 0.85% for June, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 5.59%*.

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May, 2023

The Dexus Core Infrastructure Fund (DCIF) has underperformed its benchmark over the past month. The Fund has outperformed its benchmark over a ten-year basis, and since inception.

The listed component of DCIF returned -5.93% for May, slightly underperforming the Dow Jones Brookfield Global Infrastructure Net Accumulation Index Hedged AUD return of -5.85%*

Unlisted infrastructure

The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), Royal Adelaide Hospital (RAH), Dexus Diversified Infrastructure Trust2 , InfraBridge Global Infrastructure Fund and InfraBridge Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC) Melbourne Airport continues to perform well financially and operationally, with total passenger volumes in May 2023 reaching approximately 90% of FY19 (pre-COVID) levels. International passenger volumes soared to circa. 88% of pre-COVID levels, attributable to international traffic more than doubling (+117%) over the last 12 months (to May 2023). The domestic passenger segment continues to perform strongly too, with May 2023 figures representing circa. 93% of FY19 volumes.

Pleasingly, Melbourne Airport achieved a new post-pandemic record for monthly aircraft traffic movements for the month of May 2023. In addition, Melbourne Airport welcomed direct flights between Melbourne and Hanoi launched by Vietnam Airlines in June 2023. This new service operates twice weekly and complements Vietnam Airlines’ existing flights between Melbourne and Ho Chi Minh City.

Year to date (YTD) (for the ten months to April 2023) earnings before interest, tax, depreciation and amortisation (EBITDA) outperformed the budget by 5%. Aviation revenue tracked slightly ahead of budget, attributable to the solid domestic passenger performance and improved load factors. Ground transport revenue exceeded the budget by 9%, driven by strong performance from the car parking segment. Retail and property revenue results tracked in line with the budget.

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April, 2023

The Dexus Core Infrastructure Fund (DCIF) has outperformed its benchmark over the past month. The Fund has outperformed its benchmark over a ten-year basis, and since inception.

The listed component of DCIF returned 2.32% for April, outperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 1.61%*.

The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), Royal Adelaide Hospital (acquisition completed in early May 2023), Dexus Diversified Infrastructure Trust2 , InfraBridge Global Infrastructure Fund and InfraBridge Global Infrastructure Fund II.

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March, 2023

The Core Infrastructure Fund (CIF) has outperformed its benchmark over the past month. The Fund has outperformed its benchmark over a ten-year basis, and since inception.

The listed component of CIF returned 2.33% for March*, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 2.52%*.

Unlisted infrastructure

The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, DigitalBridge Global Infrastructure Fund and DigitalBridge Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC)

Melbourne Airport was named the Best Airport in Australia/Pacific at the 2023 Skytrax awards, replicating the accolades received in 2020 and 2021. The airport's team was also awarded Best Airport staff in Australia/Pacific. This is a fantastic achievement for Melbourne Airport and is indicative of the airport’s commitment towards providing the best transit experience for all travellers.

Melbourne Airport continues to deliver strong passenger performance, with total passenger volumes in March 2023 returning to almost 88% of FY19 (pre-Covid) levels. International traveller figures soared to 80% of pre-pandemic volumes and were 9% higher than February 2023 numbers. This strong recovery is attributable to increasing international capacity as March 2023 saw the return of Cebu Pacific flights to Manila, the re-launch of Qantas services to Tokyo Haneda airport, Emirates resuming third daily flights to Dubai and an increase in flights to mainland China following the return of major Chinese carriers to Melbourne Airport. The domestic passenger segment also continues to perform strongly with the March 2023 volumes tracking 20% higher than February 2023 figures.

Year to date (YTD) (for the eight months to February 2023) earnings before interest, tax, depreciation and amortisation (EBITDA) exceeded budget by 3%, reflecting the stronger than expected international passenger performance. Aviation revenue tracked 3% ahead of budget with higher international passengers offsetting the slightly lower than expected domestic passenger volumes. International passengers attract a higher passenger charge under the aeronautical services agreement than domestic passengers. Retail revenue was 11% above budget, driven primarily by the higher than forecast international passenger numbers which benefited duty free revenues and other Terminal 2 retailers. Ground transport revenue was 3% below budget. Property revenue remained in line with forecast. Operating costs were 1% favourable to the budget with increased ground transport and technology supplier costs offset by lower corporate, cleaning and reactive maintenance costs.

Port Hedland International Airport (PHIA) YTD (for the seven months to 31 January 2023) passenger volumes were 16% favourable to budget and 19% above the prior corresponding period (PCP). While the December 2022 and January 2023 passenger volumes were slightly lower than the FY23 average due to seasonal fluctuations at PHIA, the two months tracked well ahead of the PCP, with January 2023 passenger figures being 32% higher than the PCP.

YTD EBITDA reflected the strong passenger performance, outperforming the budget by 17%. On a YTD basis, aeronautical revenues tracked 11% ahead of the budget, with the higher than budgeted passenger volumes slightly offset by lower-thanexpected aircraft tonnage landed. Passenger numbers have been particularly strong in each month of the financial year to date. Nonaeronautical revenues were 7% above the budget, primarily due to higher-than-expected hire car income and food and beverage retail turnover.

The terminal redevelopment continues to progress with Stage 2 (expanded departures hall, security screening point and back-ofhouse offices) completed in late March 2023. The final stage of the terminal development which will include works to improve the current departures hall and café area are on track to be completed during June 2023.

Powerco Powerco’s YTD (for the 11 months to February 2023) earnings before interest, tax, depreciation, amortisation and financial movements (EBITDAF) tracked 3.0% behind budget as storm activity has increased maintenance and System Operations and Network Support (SONS) operational expenditure. YTD customer contribution revenue tracked 8.7% favourable to the budget due to strong customer demand from earlier in the year. However, YTD operating expenditure tracked 4.1% unfavourable to the budget as a result of elevated maintenance spend and SONS costs related to storm rectification works.

Powerco has successfully completed the business’ 5-year customised price path (CPP) program of work to enhance the resilience and reliability of the network. The successful delivery of the material step-up in the network capital expenditure program over the past 5 years puts Powerco in a strong position compared to peers to deliver the capital expenditure needed over the next 10 years under the business’ 2023 Asset Management Plan. The completion of the CPP program highlights the need for ongoing large-scale investment to ensure the continued resilience and reliability of the electricity network.

Powerco recently published the business’ 2023 Asset Management Plan which sets the direction for the future of the electricity network over the next decade. Electrification will play a central role in New Zealand meeting its decarbonisation targets and Powerco’s Asset Management Plan includes a meaningful step change in the forecast capital expenditure required to help the nation realise its decarbonisation ambitions.

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February, 2023

The Core Infrastructure Fund (CIF) has underperformed its benchmark over the past month. The Fund has outperformed its benchmark over a ten-year basis and since inception.

The listed component of CIF returned -5.05% for February, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of -1.63%.

Unlisted infrastructure
The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, DigitalBridge Global Infrastructure Fund and DigitalBridge Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC)

Melbourne Airport continues to welcome back domestic and international passengers, with the total passenger volumes for the month of February 2023 representing 81% of February 2019 (preCOVID) volumes. Domestic passenger numbers reflected 84% of pre-COVID volumes and international passenger figures represented 74% of pre-COVID volumes. Pleasingly, travellers from India, New Zealand, China, the United Kingdom and Malaysia formed a substantial proportion of international arrivals for the month, attributable to Melbourne Airport’s recent success in securing more flights and increasing capacity to and from those respective countries.

APAC’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the month of January 2023 were 10% higher than the forecast. Aviation revenue exceeded the forecast, attributable to solid international passenger performance.

International passengers led a stronger than expected retail revenue performance, outperforming the forecast by 33%. Ground transport improved from December 2022 levels, however, was unfavourably impacted by slightly lower domestic travel.

Meanwhile, property results were in line with forecast. Pleasingly, international capacity increased to 75% of pre-COVID levels in January 2023, attributable to the return of Chinese airlines, including China Eastern Airlines, Air China and China Southern Airlines, and the increasing frequency of flights to China following the reopening of its borders.

Port Hedland International Airport (PHIA)

PHIA continued to see strong passenger volume performance for the seven months to 31 January 2023 (YTD). The YTD passenger volumes outperformed the budget by 16%. Passenger volumes were strong in the month of January, tracking 29% favourable to the budget and 32% above the prior corresponding period (PCP).

YTD EBITDA was 17% higher than the budget reflecting the strong passenger performance. Aeronautical revenues were 11% higher than the budget, with the higher than budgeted passenger volumes slightly offset by lower-than-expected aircraft tonnage landed, as airline operators continue to manage yield. Higher-than-expected hire car income and deferred rental abatement during the terminal redevelopment improved the YTD non-aeronautical revenues, resulting in an outperformance of 7% above the budget. YTD total expenses tracked 6% favourable to the budget, predominantly due to lower operating and screening costs.

The terminal redevelopment continues to progress well with Stage 2 (the upgrade of the existing check-in area, back of house offices and security screening points) on track for completion in midMarch. Completion of the entire program of works remains on schedule for completion in June 2023.

Powerco

Earnings before interest, tax, depreciation, amortisation, and financial movements (EBITDAF) for the 10 months to January 2023 (YTD) tracked slightly behind budget. This was primarily driven by lower gas and electricity revenues, and electricity corrective maintenance expenditure. These impacts were slightly offset by management actively pursuing cost savings in system operations and business support costs. The majority of maintenance overspend was driven by reactive spending in response to the recent storm activities. YTD capital expenditure (capex) tracked 6.7% favourable to the budget, largely attributable to renewals capex though partially offset by non-network spending below capex targets.

Cyclone Hale impacts resulted in an overspend in reactive maintenance, further exacerbated by Cyclone Gabrielle. Despite this, Powerco’s Customised Price-Quality Path project delivery remained on track. Powerco management have been working to mitigate the level of overspend by actively reducing noncritical spend in other parts of the business. Planned maintenance works are scheduled to be deferred to allow crews to focus on cyclone related priorities with additional resources planned to be made available for recovery related works.

Whilst Cyclone Gabrielle’s impacts will challenge Powerco’s reliability metrics, the Powerco team was well prepared, taking learnings from Cyclone Dovi (experienced at the same time last year) to put forward a proactive management plan before the storm hit the network. This included mobilising a Crisis Management Team and providing daily reports to the board with detailed outage information. Other New Zealand electric distribution network operators are also likely to miss reliability targets and are aligned on collective opposition to any unreasonable penalties from the Commerce Commission. This position has been communicated to the Council of Energy Regulators and dialogue with the Commerce Commission on these issues has commenced.

ITS ConGlobal (ITSC)

ITSC's January 2023 monthly revenue tracked 9% higher than the PCP. YTD adjusted EBITDA tracked 25% above the PCP, however, was below target. This is due to “loaded” containers exiting ITSC’s depots, given the observed shift and return towards a more normalised supply chain environment.

The Intermodal business is continuing to stabilise to a degree, albeit is still tracking behind budget due to lower-than-expected volumes and productivity challenges. January intermodal volumes were 10% adverse to the budget and 11% lower than the PCP as US buying patterns are reverting to more normalised levels and congestion in certain regions has further limited volumes. However, the impact has been partially offset by decreases in labour costs as a result of the lower volumes. The ITSC management team are monitoring and adjusting labour hours to account for lower volumes while still maintaining service expectations. It is expected that lower and more stable volumes may help improve productivity though this effect will take time and is not immediate.

There is strong momentum in ITSC’s commercial depot pipeline with a number of depot related projects gaining traction. ITSC management and the asset management team will continue to progress and advance these projects over the course of 2023.

London Luton Airport (LLA)

YTD (for the two months to 28 February 2023) passenger volumes reflected 87% of 2019 levels, tracking 19% favourable to the budget and 93% higher than the PCP, signalling LLA’s strong and continuing recovery from the pandemic.

YTD EBITDA outperformed the budget by 33% and was 96% higher than the PCP mostly due to higher passenger levels and favourable timing variance on some operational expenditures. LLA’s Development Consent Order application was submitted on 27 February 2023, marking a major milestone in the Airport’s growth strategy. If accepted, this planning application will allow LLA to increase its capacity from 18 million passengers per annum to 32 million passengers per annum.

The Luton Direct Air-Rail Transit (DART) system commenced operations on 10 March 2023, signalling another major milestone for the Airport. The DART facilitates a seamless c. 30 minutes journey between London St Pancras Station and the Airport terminal, significantly improving the passenger experience.

Customer experience has continued to maintain very high standards at LLA, with an overall ASQ score of 4.0 (out of 5) for February 2023, reflecting the success of various initiatives.

Importantly, statistics from measures which look at whether customers felt safe and secure, confident to travel and relaxed all scored very highly and close to 100%.

SA Schools

SA Schools continues to perform well. Operational performance is measured against 294 KPIs. For the 12 months to 28 February 2023, 99.98% of the service fee was received from the State of South Australia; and of the 0.02% abatement, 100% was passed through to the subcontractor.

AquaTower

All plants continued to operate well during February 2023. Production in February and for the calendar year to date was similar to 2022 levels.

For the 12 months to 28 February 2023, no abatements were levied on AquaTower, with each plant meeting all contractual water quality parameters.

Australian National University (ANU) Purpose Built Student Accommodation (PBSA)

Semester 1, 2023 started on 20 February 2023 with the teaching semester now underway. The Semester 1 2023 occupancy letup reached 99% at the start of March. The unoccupied 1% was a result of student application preferences not aligning with available room types. Notwithstanding this, there has been very strong demand for on-campus PBSA at the ANU with the total number of applications exceeding the number of available beds. The AMP Capital student accommodation asset management team expects to fill the remaining available beds over the course of the first few weeks of the semester. The newly acquired Yukeembruk residence is at 99.5% occupancy, which is a fantastic result and reflects the success of joint initiatives between the ANU and the AMP Capital asset management team. International student visas granted by the Department of Home Affairs during January 2023 remained well above 2019 levels, and contributed to the strong letup.

Macarthur Wind Farm

Macarthur’s production in January 2023 saw continued improvements from prior months despite the impacts from maintenance activities and convertor issues. Focused discussions with counterparties are underway on replacing convertors in the near term to restore Macarthur’s production. Notwithstanding this, the asset continues to receive its scheduled payments in full from AGL under its fixed contract.

Auckland South Corrections Facility (ASCF)

The project continues to perform well both financially and operationally.

Discussions with the NZ Department of Corrections continue to progress on the review of the current performance regime, which will form part of an ongoing wider contract reset exercise.

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January, 2023

The Core Infrastructure Fund (CIF) has outperformed its benchmark over the past month. The Fund has outperformed its benchmark over a seven and ten-year basis and since inception. The listed component of CIF returned 3.49% for January, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 6.23%.

Unlisted infrastructure

The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, AMP Capital Global Infrastructure Fund and AMP Capital Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC)

Melbourne Airport’s total passenger numbers for the month of January 2023 rose to the highest levels observed in three years and were more than double the volumes recorded in January 2022. International traveller figures were 7% higher than December 2022 and represented 76% of January 2019 (pre-COVID) volumes.

Domestic passenger numbers represented 86% of pre-COVID volumes and were 1% higher than December 2022. Pleasingly, Melbourne Airport continues to welcome back mainland Chinese carriers, with six mainland Chinese carriers resuming services to Victoria throughout January since the easing of China’s border restrictions.

APAC’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the month of December 2022 were 5% higher than forecast. Aviation revenue was slightly higher than forecast, driven by international passenger performance. International passengers led a stronger than expected retail revenue performance, outperforming the forecast by 21%. Ground transport was adversely impacted by slightly lower domestic travel. Meanwhile, property results were on forecast.

Melbourne Airport also saw increases to international capacity throughout December 2022, with notable additions including Thai Airways increasing the frequency of flights to Bangkok to twice daily, and Garuda commencing flights to Bali.

Port Hedland International Airport (PHIA)

PHIA continued to see strong passenger volume performance for the 6 months to 31 December 2022 (Year-to-date or YTD). The YTD passenger volumes tracked 14% favourable to the budget and were 16% higher the prior corresponding period (PCP). Passenger volumes were strong in the month of December, tracking 9% favourable to the budget.

The YTD EBITDA was 16% higher than the budget and reflected the strong passenger performance. Aeronautical revenues were 9% above budget, with the higher than budgeted passenger volumes slightly offset by lower-than-expected aircraft tonnage landed, as airline operators continue to manage yield. YTD nonaeronautical revenues outperformed the budget by 7%, primarily attributable to higher-than-expected hire care income. YTD total expenses tracked 6% favourable to budget, predominantly due to lower operating and screening costs.

PHIA’s terminal redevelopment continues to progress well with Stage 2 on track for completion in mid-March. The entire program of works remains on schedule for completion in June 2023.

Powerco

Earnings before interest, tax, depreciation, amortisation, and financial movements (EBITDAF) tracked in line with the budget for the 9 months to December 2022 (YTD), driven by strong levels of customer-initiated works (CIW). Repair and maintenance operational expenditure was above budget, due to the reactive spend required in response to recent storm activities, though was offset by the stronger CIW revenue. YTD capital expenditure is 11.4% favourable to the budget resulting from the increased stormrelated repairs. Delivery of major projects continued to be on track in December.

Positively, Powerco’s Unplanned System Average Incident Duration Index (SAIDI) for December tracked within the monthly target. However, January’s unplanned SAIDI exceeded the target allowance due to Cyclone Hale and it is likely that Powerco will exceed its annual unplanned SAIDI cap due to the recent storm activities. The AMP Capital asset management team will continue working with Powerco management to drive initiatives to control unplanned SAIDI while also preparing for consultation with the Commerce Commission.

The Powerco management team have internally developed a financial model which enables the team to efficiently analyse new opportunities for contracted asset investments. The majority of these opportunities have very similar commercial, legal and financial structures. The financial model supports the Powerco management team with the development of a consistent transaction and investment framework.

ITS ConGlobal (ITSC)

ITSC's December 2022 YTD adjusted EBITDA is tracking 68% above the PCP and 38% favourable to the budget.

The Depot business continues to produce strong financial results with YTD adjusted EBITDA tracking 77% above the budget and 100% higher than the PCP. The results were driven by higher storage and handling volumes and new business wins.

Furthermore, strong financial momentum continues to flow through from new business and contract wins in 2021 and 2022. There continues to be a robust commercial pipeline of depot opportunities that the asset management team and the ITSC management team are actively pursuing.

The Intermodal business continues to stabilise, albeit is still tracking behind budget due to lower-than-expected volumes and productivity challenges. The YTD intermodal volumes were 9% unfavourable to the budget and 17% lower than the PCP as U.S. buying patterns are reverting to more normalised levels and congestion in certain regions has further limited volumes. However, the impact has been partially offset by decreases in labour costs due to the lower volumes. The ITSC management team is monitoring and adjusting labour hours to account for lower volumes while still maintaining service expectations. It is expected that lower and more stable volumes may help improve productivity though this effect will take time and is not immediate.

The asset management team and ITSC management team have finalised re-negotiating or exiting the 17 underperforming intermodal contracts. A 12-month run rate is expected for the recontracted terminals to reach financial targets, given that the contracts were re-negotiated recently.

London Luton Airport (LLA)

LLA’s January 2023 passenger volumes reflected 85% of 2019 levels, tracking 17% ahead of the budget and 120% higher than the PCP. Positively, this signals LLA’s continuing recovery from the difficult operating environment resulting from the COVID-19 pandemic.

LLA’s January EBITDA exceeded the budget by 56% and was 246% higher than the PCP due to strong passenger performance and favourable timing on operational expenditure. The Luton Direct Air-Rail Transit (DART) system has received Stage 2 Authorisation from the Department for Transport to open late Q1 2023. This is a key milestone, and the Luton DART will allow a seamless circa 30 minutes journey between London St Pancras Station and the Airport terminal, significantly improving the passenger experience.

Customer experience has continued to maintain very high standards at LLA, with an overall ASQ score of 4.2 (out of 5) for January 2023, reflecting the success of various initiatives. Importantly, statistics from measures which look at whether customers felt safe and secure, confident to travel and relaxed all scored very highly and close to 100%.

SA Schools

SA Schools continues to perform well. Operational performance is measured against 294 KPIs. For the 12 months to 30 November 2022, 99.98% of the service fee was received from the State of South Australia; and of the 0.02% abatement, 100% was passed through to the subcontractor.

Over the recent summer holidays, the AMP Capital asset management team and Spotless undertook a significant amount of works to improve the grounds and gardens across the schools.

AquaTower

All plants continued to operate well during January 2023. Production for the month was similar to the levels of water treated in January 2022.

For the 12 months to 31 January 2023, no abatements were levied on AquaTower, with each plant meeting all contractual water quality parameters.

Australian National University (ANU) Purpose Built Student Accommodation (PBSA)

The Semester 1, 2023 occupancy letup continued with momentum through January 2023, with the ANU making academic and accommodation offers to students. Demand for on-campus PBSA at the ANU continues to be very strong with the number of applications received exceeding the number of available beds. Occupancy is expected to reach 100% by the time Semester 1 commences on 20 February 2023.

The ANU named the newly acquired SA8 building to Yukeembruk, with consultation from the region’s First Nations People. Yukeembruk has been well received by students with application preferences reflecting strong interest and uptake of the new residence.

In January 2023, the Chinese Government announced that Chinese students are required to complete their tertiary studies in person (as opposed to online) at their respective overseas universities. Demand for high-quality PBSA across Australia is expected to increase following the announcement. Coinciding with this, there has been a resurgence in flights between the Chinese mainland and Sydney and Melbourne. This is also expected to improve the availability and cost of flights in the near term for returning international students.

Macarthur Wind Farm

While Macarthur’s recent production has been slightly lower than anticipated due to maintenance activities and converter issues, the asset saw production improvements in December 2022. The asset continues to receive its scheduled payments in full from AGL under its fixed contract.

Health and safety performance continues to be strong with zero lost time injuries and no medical treatment incidents.

Auckland South Corrections Facility (ASCF)

The project continues to perform well both financially and operationally.

Operational performance is measured against 52 KPIs. For the 12 months to 31 December 2022, 99.87% of the service fee was received from the New Zealand State; and of the 0.13% abatement, 100% was passed through to the subcontractor. The Board met on site in early February 2023 and undertook a work health and safety walk of the facility. The site did not sustain any damages following the recent floods and cyclone in Auckland. Discussions with the NZ Department of Corrections continue on the review of the current performance regime, which will form part of an ongoing wider contract reset exercise.

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December, 2022

The Core Infrastructure Fund (CIF) has outperformed its benchmark over the past month. The Fund has outperformed its benchmark over a seven and ten-year basis and since inception. The listed component of CIF returned -2.92% for December, outperforming the MSCI World ex AU Accumulation Hedged AUD Index return of -5.19%.

Unlisted infrastructure

The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, AMP Capital Global Infrastructure Fund and AMP Capital Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC)

During December 2022, the total passenger volumes observed at Melbourne Airport were 4% higher than November 2022 volumes and 79% of December 2019 (pre-COVID) volumes. International traveller numbers during the month rose to the highest levels seen in almost three years, representing 71% of pre-COVID volumes and were 18% higher than November 2022. Domestic passenger volumes represented 83% of pre-COVID volumes. The strong international passenger flows are reflective of growing demand for international travel and increased flight capacity at Melbourne Airport.

Year-To-Date (YTD) (for the first five months of FY23) earnings before interest, tax, depreciation and amortisation (EBITDA) outperformed the budget by 1%, reflecting the stronger than expected international passenger performance during November 2022. Total revenues tracked 0.7% ahead of the budget as a result of favourable performances across APAC’s aviation, retail and ground transport revenue streams. Operating costs tracked 0.1% favourable to the budget despite increased ground transport and technology supplier costs, offset by corporate cleaning and reactive maintenance costs.

YTD passenger volumes at Launceston Airport were approximately 302% above the prior corresponding period (PCP) and in line with the budget. The YTD revenue also tracked in line with the forecast. In September 2022, Launceston was named Australia’s Airport of the Year for 2022 at the Australian Aviation Awards night. APAC submitted its Level 3 Airport Carbon Accreditation application to the Airports Council International for assessment. Level 3 certification is in recognition of APAC’s efforts to fulfil requirements of the Mapping and Reduction phases, together with assessment of Scope 3 emissions.

Port Hedland International Airport (PHIA)

Passenger volumes at PHIA for the four months to 31 October 2022 (YTD) continued to be solid following a very strong finish to FY22. The YTD passenger volumes were 17% ahead of budget and 20% above the PCP.

YTD EBITDA tracked 24% favourable to the budget, attributable to the strong passenger performance. Aeronautical revenues were 12% above budget, with the higher than budgeted passenger volumes slightly offset by lower-than-expected aircraft tonnage landed. Passenger numbers have been particularly strong in each month of the financial year. Non-aeronautical revenues were 8% above budget, primarily due to higher-than-expected hire car income and food and beverage retail turnover. Total expenses tracked 10% favourable to the budget, predominantly due to the timing of maintenance expenses and security costs.

The in-principle aeronautical agreement with Qantas confirmed in June 2022 has now been executed with both parties signing the agreement in November 2022. The final pricing agreement was in line with the FY23 budget. Discussions about the development of a Qantas lounge in concert with the terminal redevelopment are ongoing, with a lease expected to be negotiated over the coming months.

Powerco

As at November 2022, the YTD earnings before interest, tax, depreciation, amortisation and financial movements (EBITDAF) tracked 1.2% favourable to the budget, as a result of continuing high levels of customer initiated works. The Commerce Commission (Commission) released their final decision on Powerco’s revenue allowances as Powerco transitions from the Customised Price-Quality Path (CPP) to the FY24-25 Default Price-Quality Path (DPP). The decision is value accretive for Powerco and the business will move from its CPP to DPP on 1 April 2023.

Powerco experienced volatile storm activities in November, with the volume of high voltage remediation works larger than the volumes observed in October 2022. There were six recorded storm days in November, four of which were level 1 in nature. Whilst the December unplanned system average interruption duration index tracked broadly in line with the monthly target, Powerco will continue to prepare for consultations with the Commission as annual targets are likely to be exceeded.

Powerco participated in an industry-funded independent study by The Boston Consulting Group to develop a low carbon energy road map. The report takes a whole of electricity sector perspective to identify ways to achieve the best low carbon energy system for New Zealand. The report was publicly released in late October 2022 and can be accessed here.

ITS ConGlobal (ITSC)

ITSC's November 2022 YTD revenue tracked 20% higher than the PCP, with YTD adjusted EBITDA tracking 71% above the PCP and 39% favourable to the budget.

The Depot business continues to produce strong financial results with YTD adjusted EBITDA tracking 78% above the budget and 100% higher than the PCP. The results were driven by higher storage and handling volumes, new business wins and the ITSC commercial team pursuing loaded storage (or “full” containers compared to empty containers which can be stacked) which come at higher rates versus typical container storage. Furthermore, strong financial momentum continues to flow through from the new business and contract wins in 2021. There continues to be a robust commercial pipeline of depot opportunities that AMP Capital and the ITSC management team are actively pursuing.

The Intermodal business is continuing to stabilise to a degree, albeit is still tracking behind budget due to lower-than-expected volumes and productivity challenges. The YTD intermodal volumes were 9% unfavourable to the budget and 18% lower than the PCP as US buying patterns are reverting to more normalised levels and congestion in certain regions has further limited volumes. However, the impact has been partially offset by decreases in labour costs as a result of the lower volumes. The ITSC management team are monitoring and adjusting labour hours to account for lower volumes while still maintaining service expectations. It is expected that lower and more stable volumes may help improve productivity though this effect will take time and is not immediate.

The AMP Capital asset management and ITSC management team are very close to concluding the broader Tactical Plan in renegotiating or exiting the 17 underperforming intermodal contracts with only one contract remaining. A 12-month run rate is expected for the re-contracted terminals to reach financial targets, given that the contracts were renegotiated recently. AMP Capital and the ITSC management team will continue to progress discussions on the final contract over the next quarter.

London Luton Airport (LLA)

2022 passenger volumes reflected 73% of 2019 levels. Positively, the passenger traffic tracked 6% ahead of the budget and was 187% higher than the PCP, signalling a strong summer and winter holiday period, as well as LLA’s significant recovery from the difficult operating conditions induced by the pandemic.

YTD EBITDA exceeded the budget by 44% due to strong income generation across various revenue streams and cost control. Most notably this included increased aircraft parking and retail trading upside, as well as car parking and other revenue streams. YTD revenue tracked 24% favourable to the budget due to higher passenger volumes, and improved aero yield, as well as favourable income variances across various revenue streams. YTD operating costs, however, tracked 9% adverse to the budget.

The Luton Direct Air-Rail Transit (DART) system has received Stage 2 Authorisation from the Department for Transport to open late Q1 2023. This is a key milestone, and the Luton DART will allow a seamless circa 30 minutes journey between London St Pancras Station and the Airport terminal, significantly improving the passenger experience.

Customer experience has continued to maintain very high standards at LLA, with an overall ASQ score of 4.02 (out of 5) for November 2022, reflecting the success of various initiatives. Importantly, statistics from measures which look at whether customers felt safe and secure, confident to travel and relaxed all scored very highly and close to 100%.

SA Schools

AMP Capital has commissioned works via Spotless to improve the playing surface and drainage at the Roma Mitchell Secondary College (RMSC) soccer ovals. These works commenced at the end of the school year and are planned for completion prior to the return of staff and students in late January 2023.

AMP Capital also undertook a pre-end of defects liability period (DLP) inspection of the Year 7 additional accommodation modification works at Mark Oliphant College and RMSC. The inspections went well, with only minor items identified for resolution prior to the end of the 12-month DLP.

AquaTower

All plants continued to operate well over the December quarter. While AquaTower continued to see solid consumption in comparison to the past two COVID-19 affected years, treated water volumes tracked 5.7% behind the budget in the year to 31 December 2022 due to the wetter conditions observed in 2022. For the 12 months to 31 December 2022, no abatements were levied on AquaTower, with each plant meeting all contractual water quality parameters.

Australian National University (ANU) Purpose Built Student Accommodation (PBSA)

Occupancy remained at 100% during Semester 2, 2022 with the ANU currently managing a waitlist of excess applications. Occupancy in 2023 is protected by a revenue underwrite from the ANU, however nevertheless AMP Capital has been working closely with the University to maximise occupancy for Semester 1 2023. This ensures there is strong momentum from returners in 2024. The ANU is currently in the process of making enrolment and accommodation offers to students following the release of the domestic school-leaver results. Early indications are that there is strong demand for accommodation on campus.

The Department of Home Affairs continues to process historically high numbers of student visa applications, which is a lead indicator of strong demand for Australian tertiary institutions from the international market. In addition to this, the Chinese Government dropped its zero-COVID stance and began relaxing restrictions in December 2022. The AMP Capital asset management team will continue to monitor this closely with the ANU to proactively respond to opportunities.

Macarthur Wind Farm

Macarthur’s performance has been robust. While production has been slightly lower than anticipated recently due to turbine operation and maintenance activities, the asset continues to receive its scheduled payments from AGL under its fixed price contract.

Health and safety performance continues to be sound, with zero lost time injuries and no medical treatment incidents. Auckland South Corrections Facility (ASCF) The project continues to perform well both financially and operationally.

Operational performance is measured against 52 KPIs. For the 12 months to 30 September 2022, 99.93% of the service fee was received from the New Zealand State; and of the 0.07% abatement, 100% was passed through to the subcontractor. Discussions with Corrections continue regarding the review of the current performance regime, which will form part of an ongoing wider contract reset exercise.

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November, 2022

The Core Infrastructure Fund (CIF) has outperformed its benchmark over the past month. The Fund has outperformed its benchmark over a seven and ten-year basis and since inception.

The listed component of CIF returned 6.68% for November, outperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 5.43%.

Unlisted infrastructure
The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, AMP Capital Global Infrastructure Fund and AMP Capital Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC)
The Covid-19 pandemic has continued to impact the operational and financial performance of Melbourne Airport in 2022, however, traffic volumes are seeing a strong improvement from the 2020 low point. During November 2022, Melbourne Airport’s total passenger numbers returned to 80% of pre-pandemic levels, highlighting the growing and strong demand for travel ahead of the summer holiday period. The international passenger volumes observed in November were the highest recorded since the start of Covid-19 and were 6% higher than October 2022 volumes. The domestic passenger volumes were 4% lower than October 2022 and 84% of pre-pandemic levels. The strong international passenger flows are a testament to the increasing capacity of international carriers.

Port Hedland International Airport (PHIA)
PHIA continued to see strong passenger volume performance for the four months to 31 October 2022 (YTD). The YTD passenger volumes were 17% ahead of budget and 20% above the prior corresponding period. Passenger volumes were strong in the month of October, and 15% favourable to budget.

The YTD EBITDA tracked 24% ahead of budget, reflecting the strong passenger performance. The positive result was also driven by the timing of operating expenses. Aeronautical revenues were 12% above budget, with the higher than budgeted passenger volumes slightly offset by lower-than-expected aircraft tonnage landed, as airline operators continue to manage yield. Higher-thanexpected hire car income continues to be the key driver for YTD non-aeronautical revenues, outperforming the budget by 8%. YTD total expenses tracked 10% favourable to budget, attributable to lower operating and screening costs.

Powerco
As at October 2022, Powerco’s YTD Earnings before interest, tax, depreciation, amortisation, and financial movements (EBITDAF) tracked 2.0% favourable to budget, attributable to strong customer initiated works. Maintenance costs were slightly unfavourable to budget primarily due to reactive storm response activities, though offset by lower spending in system operations and network support costs. The delivery of the capital program across Powerco’s electricity and gas businesses is progressing on schedule, which is reflected in the YTD capital expenditure (capex) tracking 16.4% favourable to the capex target.

ITS ConGlobal (ITSC)
ITSC’s October 2022 YTD revenue was 21% higher than the prior corresponding period (PCP), while YTD adjusted EBITDA tracked 72% above the PCP and 37% favourable to the budget. The positive results were driven by continued strong Depot performance, both organically and through recent new business wins. The Intermodal business has stabilised to a degree though is still below budget.

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October, 2022

Performance and activity The Core Infrastructure Fund (CIF) has outperformed its benchmark over the past month. The Fund has outperformed its benchmark over a ten-year basis.

The listed component of CIF returned 2.30% for October, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 7.22%.

Unlisted infrastructure

The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, AMP Capital Global Infrastructure Fund and AMP Capital Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC)

The COVID-19 pandemic has continued to impact the operational and financial performance of Melbourne Airport in 2022, however, traffic volumes are seeing a strong improvement from the 2020 low point.

During October 2022, the total passenger figures observed at Melbourne Airport were 3.6% higher than September 2022 and 78% of October 2019 (pre-pandemic) levels. This represents the highest monthly passenger volumes observed since the start of the COVID pandemic. The domestic passenger volumes were 3% higher than September 2022 and 83% of pre-pandemic levels. International passenger volumes continue to rebound strongly with October volumes 5% higher than September 2022 and 65% of prepandemic levels. The strong passenger flows for the month were attributable to Melbourne hosting an array of major events, including the T20 Cricket World Cup and the Spring Racing Carnival.

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September, 2022

The Core Infrastructure Fund (CIF) has underperformed its benchmark over the past month. The Fund has outperformed its benchmark over a seven and ten-year basis, and since inception. The listed component of CIF returned -12.29% for September, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of -8.91%.

Unlisted infrastructure

The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, AMP Capital Global Infrastructure Fund and AMP Capital Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC)

The COVID-19 pandemic has continued to impact the operational and financial performance of Melbourne Airport in 2022, however, traffic volumes are seeing a strong improvement from the 2020 low point. During September 2022, the total passenger volumes observed at Melbourne Airport were approximately 80% of the September 2019 levels. September observed the highest number of monthly international travellers since the onset of COVID-19, with volumes 7% higher than August 2022 and 62% of September 2019 volumes. Domestic passenger flows continue to be strong with September volumes 7% higher than August 2022 and 87% of September 2019 volumes, attributable to school holiday travelling and the AFL Grand Final. YTD international passenger volumes at Melbourne Airport were 83% above budget. International seat capacity returned to approximately 60% of pre-COVID levels, with strong passenger demand during the July school holidays, particularly to New Zealand, contributing to the positive result. YTD domestic passenger volumes at Melbourne Airport were 30% above budget. The rebound in domestic volumes continued during the period, heavily influenced by the July school holiday period despite ongoing capacity rationalisation driving higher yields and average load factors for airlines. APAC outperformed its budgeted Year-To-Date (YTD) Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) by 71% due to the stronger than expected passenger volumes. Total revenues were 46% favourable to budget due to strong performances across aviation, retail and ground transport revenue streams while operating expenses tracked 6% adverse to budget due to lower-than-expected capitalised wage costs, higher passenger related variable costs and higher gas pricing. APAC received a five-star rating in the 2022 GRESB Infrastructure Assessment. APAC scored 95 out of 100, an increase from its previous score of 90 out of 100 in 2021. The five-star rating places APAC in the top 13% of participants globally. GRESB Infrastructure is an investor-driven global ESG benchmark and reporting framework assessing the ESG performance of infrastructure funds and assets. AMP Capital continues to engage constructively with APAC management as it delivers its ESG strategy.

Port Hedland International Airport (PHIA)

PHIA continued to see strong passenger volume performance for the two months to 31 August 2022 (YTD) following a very strong finish to FY22 during May and June 2022. The YTD passenger volumes were 20% ahead of budget and 22% above the prior corresponding period (PCP). Passenger volumes were particularly strong in the month of August, being 21% favourable to budget. The YTD EBITDA was 27% higher than the budget and reflected the strong passenger performance. The positive result was also impacted by the timing of operating expenses. Aeronautical revenues were 15% above budget, with the higher than budgeted passenger volumes slightly offset by lower-than-expected aircraft tonnage landed. YTD non-aeronautical revenues were 8% above budget, primarily due to higher-than-expected hire car income. YTD total expenses tracked 10% favourable to the budget, predominantly due to the timing of maintenance expenses and security costs. The terminal redevelopment is progressing. Phase 1 of the program of works, which focuses on check-in, baggage and the arrivals hall is expected to be complete by November 2022. Completion of the entire program of works remains on schedule for completion by June 2023.

Powerco

As at August 2022, the YTD earnings before interest, tax, depreciation, amortisation and financial movements (EBITDAF) is tracking 1.5% favourable to budget, largely driven by continued strength in customer initiated works though slightly offset by lower gas revenues in the period due to above average temperatures. YTD capex is also tracking 10.5% favourable to the budget. System Average Incident Duration Index (SAIDI) and System Average Interruption Frequency Index (SAIFI) reliability metrics continued to be impacted in June and July, with storm activity easing slightly in August. The month of June had experienced a level 2 storm as well as a Major Event Day, and July saw 7 level 1 storms in the month. As a result, YTD unplanned SAIDI has exceeded the YTD target. The NZ Commerce Commission (Commission) commenced the consultation process on the 2023 Input Methodologies review in May, and submissions closed in August. One of the key issues raised as part of the consultation process by the Commission was the impact of decarbonisation on electricity lines services and Powerco shares the view that delivering climate change outcomes should be part of business as usual. A draft decision is expected in Q2 2023, and the final decision is due by December 2023. Powerco continues to work with the Gas Industry Company, an industry body that works alongside the Government and the industry to coregulate New Zealand’s gas, and with industry peers to help inform the Gas Transition Plan. Powerco’s view is that a sustainable transition is one that balances the energy trilemma appropriately and Powerco management are conducting preparatory work to enable them to adopt blending targets for customers that remain on the gas network for the long term.

ITS ConGlobal (ITSC)

ITSC’s August 2022 YTD revenue was 20% higher than the PCP with the YTD adjusted EBITDA tracking 76% above the PCP and 35% favourable to the budget. The positive results were driven by continued strong Depot performance, both organically and through recent new business wins. The Intermodal business has stabilised to a degree though is still below budget. The Depot business unit continues to show strength with strong YTD EBITDA outperformance of 67% relative to the budget and 118% in comparison to the PCP. The strong results were attributable to higher storage and handling volumes and the commercial team pursuing wheeled storage (or “full” containers compared to empty containers) which come at higher rates versus typical container storage. Furthermore, ITSC’s recent new business and contract wins continue to gain momentum and benefit the overall business. Pleasingly, there continues to be a robust commercial pipeline of depot opportunities that the ITSC management team is actively pursuing. The YTD intermodal volumes tracked 8% behind budget and 20% lower than the PCP as US buying patterns are reverting to more normalised levels and congestion in certain regions has further limited volumes. The ITSC management team are monitoring and adjusting labour hours to account for lower volumes while still maintaining service expectations. The AMP Capital asset management team and ITSC management are continuing to make good progress on executing the broader Tactical Plan to renegotiate or exit the 17 underperforming intermodal contracts.

London Luton Airport (LLA)

The YTD passenger volumes for 2022 YTD reflected 70% of 2019 levels and were 8.4% above budget and 322.4% higher than the PCP, attributable to the significant recovery and strong summer period. Overall, AMP Capital expects a passenger outturn for 2022 of just over two-thirds of 2019 volumes. YTD EBITDA tracked 6% ahead of the budget due to strong income generation across various revenue streams, and cost control. Most notably this included increased aircraft parking and retail trading upside, as well as car parking and other revenue streams. YTD revenue has outperformed the budget by 25%, attributable to higher passenger volumes, and improved aero yield, as well as favourable income variances across various revenue streams. The YTD operating costs, however, tracked 7.9% adverse to the budget. The Luton Direct Air-Rail Transit (DART) system launch is now planned for Q1 2023 following delays related to certification by the Department for Transport. While this process is being managed by Luton Rising / Luton Borough Council, LLA has offered to provide additional management capability to expedite the process. The Luton DART will allow a seamless circa 30 minutes journey between London St Pancras Station and the Airport terminal, significantly improving the passenger experience. LLA achieved a fantastic result of 100 (out of 100) for the 2022 GRESB score, a substantial improvement from the 2021 score of 78. This is a tremendous achievement which reflects the work LLA undertakes to manage its environmental impact.

SA Schools

SA Schools continues to perform well. Operational performance is measured against 294 KPIs. For the 12 months to 30 September 2022, 99.98% of the service fee was received from the State of South Australia and of the 0.02% abatement, 100% was passed through to the subcontractor. During the quarter, AMP Capital undertook a site visit to review issues with drainage at the Roma Mitchell Secondary College soccer ovals. AMP Capital are working with the State and Spotless to investigate options to provide an enhanced playing surface.

AquaTower

All plants continued to operate well over the course of the September quarter without material issues. AquaTower has continued to see solid consumption in the March and June quarters when compared to the past two COVID-19 affected years. Operational performance is measured against 29 KPIs. For the 12 months to 30 September 2022, no abatements were levied on AquaTower with each plant meeting all contractual water quality parameters.

Australian National University Student Accommodation (ANU)

Semester 2 2022 occupancy reached 100%, with the ANU receiving excess applications. Excess applicants form a waitlist managed by the ANU, supplemented with alternate short-stay accommodation organised by the ANU. When there are legitimate contract terminations (ill-health, emergency, etc.), the ANU will draw from the waitlist to fill vacant rooms. This occupancy result is fantastic news for the ANU portfolio and reinforces the high quality of the ANU PBSA facilities in the highly competitive Australian student accommodation landscape. The AMP Capital student accommodation team is currently working closely with the ANU to address the forecasted lack of beds in the context of record numbers of processed international student visa applications for 2023. The ANU PBSA achieved a GRESB score of 88 in 2022, up from 67 in 2021. The strong result was attributable to improved reporting of consumption, emissions and waste along with improved reporting and application of policies from our facilities management sub-contractor.

Macarthur Wind Farm

Macarthur’s performance has been robust, and the asset continues to receive its scheduled payments from AGL. Macarthur saw an improvement in loss production factor this quarter, which indicates less interruption to the energy production due to repairs and maintenance, turbine faults and inspections. Health and safety performance continues to be sound, with zero lost time injuries and no medical treatment incidents.

Auckland South Corrections Facility (ASCF)

The project continues to perform well both financially and operationally. Operational performance is measured against 52 KPIs. For the 12 months to 30 June 2022, 99.92% of the service fee was received from the State; and of the 0.08% abatement, 100% was passed through to the subcontractor. Board meetings, management and governance meetings are being held via teleconference and in person as international travel restrictions to New Zealand have eased, with a site inspection held in July 2022. The refinancing process of the existing debt facility has been finalised, which pleasingly resulted in a successful term out of the facility.

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August, 2022

The Core Infrastructure Fund (CIF) has underperformed its benchmark over the past month. The Fund has outperformed its benchmark over a seven and ten-year basis, and since inception. The listed component of CIF returned -3.33% for August, outperforming the MSCI World ex AU Accumulation Hedged AUD Index return of -3.57%.

Unlisted infrastructure

The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, AMP Capital Global Infrastructure Fund and AMP Capital Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC)

The COVID-19 pandemic has continued to impact the operational and financial performance of Melbourne Airport in 2022, however, traffic volumes are seeing a strong improvement from the 2020 low point.

Domestic and international travel at Melbourne Airport continues to rebound with more passengers observed passing through the airport on an average day in August 2022 than the entire month of August 2021. Following the conclusion of the end of term school holidays, the total passengers observed for the month of August 2022 were 8% below July 2022.

In July 2022, the total passenger volumes at Melbourne Airport were 76% of the pre-COVID (FY19) level and 44% higher than budget. Both domestic and international volumes benefited from holidaymakers taking advantage of the end of school term. New Zealand was a key destination internationally during the month as airlines returned capacity to Queenstown, Christchurch and Auckland.

Domestic passenger volumes recovered to 85% of pre-COVID volumes and were 33% higher than budget. Meanwhile, international passenger volumes rose to 58% of the pre-COVID level, representing a 100% improvement on budget.

APAC’s earnings before interest, tax, depreciation, and amortisation (EBITDA) for the month of July 2022 was approximately 75% above budget. Retail and ground transport revenues continued to exceed expected performance on the back of strong passenger numbers, earlier than anticipated re-opening of international retail stores and duty-free performance. Meanwhile the property business unit continued to perform in line with expectations.

The Melbourne Airport management team continues to engage with the Victorian Government, targeting strategic opportunities in North Asia and North America.

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July, 2022

The Core Infrastructure Fund (CIF) has outperformed its benchmark over the past month. The Fund has outperformed its benchmark over a one, five, seven and ten-year basis, and since inception

The listed component of CIF returned 5.22% for July, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 7.96%

Unlisted infrastructure
The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, AMP Capital Global Infrastructure Fund and AMP Capital Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC)
The COVID-19 pandemic has continued to impact the operational and financial performance of Melbourne Airport in 2022, however, traffic volumes are seeing a strong improvement from the 2020 low point. During July 2022, the total passengers passing through Melbourne Airport were approximately 9% higher than June 2022 volumes. The Airport observed the highest number of domestic passengers since January 2020, with the July 2022 volumes up 5% on the June 2022 volumes. The demand for international travel continues to increase and the July 2022 international passenger volumes were 25% higher than the June 2022 volumes The total passenger volumes for June 2022 were approximately 65% above forecast and 77% of the total recorded in June 2019 (pre-COVID). There was strong pent-up demand to travel both domestically and internationally, with average load factors of more than 80% recorded for both market segments.

The international passenger volumes at Melbourne Airport during June 2022 were more than double the forecast and 51% of preCOVID volumes. International services continue to grow with capacity returning to the market gradually. A total of 24 international airlines operated from Melbourne Airport during June 2022, which represents an increase of two relative to the prior month.

The domestic passenger volumes at Melbourne Airport during June 2022 were 57% above the forecast volume and 94% of pre-COVID volumes

APAC’s earnings before interest, tax, depreciation, and amortisation (EBITDA) for the month of June 2022 was approximately 66% above forecast. The stronger-than-expected result was attributable to the very strong passenger growth in both international and domestic market segments. Retail and ground transport revenues also exceeded expectations due to the outperformance of passenger volume while the property business unit continued to provide stable and resilient revenues with performance in line with expectations.

The walkway connecting Terminals 3 and 4 at Melbourne Airport had opened during June 2022 This redevelopment will provide an easier security screening process for passengers and delivers access to an expanded range of food and beverage options to passengers before their flight.

Port Hedland International Airport (PHIA)
Passenger volumes at PHIA for June 2022 were approximately 30% above budget and 26% above the prior corresponding period (PCP) as passenger volumes rebounded strongly with ongoing resources sector activity in the Pilbara. PHIA’s FY22 EBITDA was 24% favourable to budget. This was driven by better-than-expected revenue and cost performance. On a full-year basis, aviation revenues were 4.6% favourable to budget following stronger than budgeted passenger volumes and aircraft landing tonnage, offset partially by a lower than budgeted unit pricing for passengers and landing fees. Non-aviation revenues were 6.9% favourable to budget due to strong hire car and car parking revenues and additional lease revenues. Total expenses were approximately 23% below budget, with the marginally higherthan-expected staffing, utilities and corporate costs more than offset by the substantial release of a doubtful debt provision. The PHIA CEO is leading the development of the Port Hedland Aviation Development Task Force, which is a new stakeholder group that aims to improve “liveability through connectivity” in the Pilbara. The Task Force is expected to comprise representatives from the airport, the Town of Port Hedland, resources companies and various industry groups and will focus on developing stronger aviation links for the region.

Powerco
As at June 2022, Powerco’s YTD earnings before interest, tax, depreciation, amortisation and financial movements (EBITDAF) is tracking 0.7% below budget primarily due to lower gas revenues. This is expected to recover as temperatures return to normalised levels over the remainder of the year. Customer Initiated Works (CIW) is tracking ahead of budget, slightly offsetting the lower gas revenues in the period. YTD capital expenditure (Capex) is 9% favourable to the budget due to strong CIW delivery in the year.
Unplanned System Average Incident Duration Index (SAIDI) continues to be a challenge with increased storm activity being experienced in New Zealand. This has resulted in Powerco’s Unplanned SAIDI exceeding the YTD target in June. Unplanned System Average Interruption Frequency Index (SAIFI) was above the YTD target due to a SAIFI Major Event Day (MED) in early June which had resulted in an outage in the Palmerston North region. AMP Capital is working with the Powerco Board Regulatory Committee to discuss the ongoing SAIDI challenges with Powerco management and communication with the regulators on the need to increase network spending for climate change resilience.
Powerco and Downer will be undertaking a series of safety workshops led by Dr Hillary Bennet, a director at ‘Leading Safety’ consultancy which specialises in workplace safety culture and leadership. After several Covid delays, the program had commenced with a leadership workshop facilitated by Dr Hillary Bennet. The team are establishing refreshed relationship management and improvement forums with Downer and are rolling out the joint workshops with workers to identify challenges and opportunities.

ITS ConGlobal (ITSC)
ITSC’s YTD revenue was 20% above the PCP and the YTD adjusted EBITDA was 94% above the PCP. The positive results were driven by continued strong Depot performance, both organically and from recent new business wins, as storage levels have increased. The Depot business unit’s YTD adjusted EBITDA was 61% above the business plan and 138% higher than the PCP. This was attributable to the strong momentum in higher storage and handling volumes as the ITSC commercial team continues to pursue wheeled storage (or “full” containers compared to empty containers) which come at higher rates in comparison to typical empty container storage. In addition to wheeled storage, more traditional depot storage volumes have returned given the significant production of containers to meet demand from 2020.

The June 2022 intermodal volumes were 21% lower than the PCP as purchasing patterns in the US are reverting to more normalised levels observed pre-COVID, plus congestion in certain regions has limited volumes. However, while lower intermodal volumes represent a headwind to intermodal revenues, they represent a tailwind to the depot business as lower intermodal trade tends to increase storage volumes. The AMP Capital asset management team and ITSC management are continuing to progress the broader Tactical Plan in renegotiating or exiting the 17 underperforming intermodal contracts. To-date, 12 renegotiations have been completed with the remaining 5 in process.

London Luton Airport (LLA)
The YTD passenger volumes (for the seven months to July 2022) were 10.2% above budget and reflected approximately 68% of 2019 levels. The relaxation of material restrictions has provided a significant boost to the recovery and a strong summer period. Overall, we expect a total passenger outturn for 2022 of just over two-thirds of the 2019 volumes. LLA’s YTD EBITDA is tracking well ahead of budget due to strong income generation across various revenue streams, and cost control. Most notably this includes increased aircraft parking and retail trading upside, as well as car parking and other revenue streams. The YTD revenue is 26.6% favourable to the budget and is attributable to higher passenger volumes, improved aero yields, as well as favourable income variances across various revenue streams.

SA Schools
SA Schools continued to perform well during the month of July 2022. SA Schools undertook a number of minor modifications to the schools. SA Schools also sought to close out any defects that have been raised in relation to the new buildings at Mark Oliphant College and Roma Mitchell Secondary College.

AquaTower
AquaTower continued to see sound levels of consumption in July 2022. YTD treated water volumes have exceeded the budget by 3.9% and are more closely aligned to pre-pandemic treated water volumes. All plants continued to operate well.

Australian National University Student Accommodation (ANU)
Occupancy for Semester 2 2022 has returned to 100% with significant excess applications for accommodation at the ANU. The mix of international students has increased sharply in 2022, driven by the further relaxation of global COVID public health restrictions, improving availability of flights and a reduction in visa processing times. At the start of August 2022, approximately 22% of all student visa holders remained offshore, indicating further demand for accommodation in Semester 1 2023, when most of these students are expected to return to Australia. AMP Capital has been working closely with the ANU to maximise occupancy for Semester 1 2023, including careful consideration of rental pricing and student occupancy agreements for 2023. The ANU’s Open Day will take place during September, with academic offers being made to students thereafter. Accommodation applications for Semester 1 2023 will open from 1 September 2022.

Macarthur Wind Farm Macarthur’s performance has been strong, and the asset continues to receive its scheduled payments from AGL.

Auckland South Corrections Facility (ASCF)
The project continues to perform well both financially and operationally. The refinancing process of the existing debt facility is underway, noting that the facility is due to expire in December 2022. The appointed advisors have distributed the Request for Proposal documentation to financial institutions, with preliminary terms received and structuring negotiations underway. Operational performance is measured against 52 KPIs. For the 12 months to 30 June 2022: 99.92% of the service fee was received from the New Zealand Crown; and of the 0.08% abatement, 100% was passed through to the subcontractor.

Global listed infrastructure The listed component of CIF returned 5.22% for July, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 7.96%.

Utilities Diversified utilities, water, integrated regulated and transmission & distribution all provided a positive return.

Infrastructure Airports, rail, toll roads and communications infrastructure provided a positive return. Ports provided a negative return.

Outlook CIF remains an attractive investment opportunity, particularly on a risk-adjusted return basis and during periods of high market volatility. The Fund provides a well-diversified investment opportunity, with exposure to the performance of a wide range of infrastructure and utilities sectors through its blend of unlisted and listed infrastructure.

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June, 2022

The Core Infrastructure Fund (CIF) has underperformed its benchmark over the past month. The Fund has outperformed its benchmark over a one, seven and ten-year basis, and since inception.

The listed component of CIF returned -4.88% for June, outperforming the MSCI World ex AU Accumulation Hedged AUD Index return of -8.10%.

Unlisted infrastructure
The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, AMP Capital Global Infrastructure Fund and AMP Capital Global Infrastructure Fund II.

APAC’s Year-To-Date (YTD) Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) was 54.4% above the prior corresponding period (PCP) and 24.5% above forecast. Total revenues were 50.3% above the PCP and 13.5% above forecast while operating expenses were 45.3% above the PCP and 2.2% above forecast.

YTD international passenger volumes at Melbourne Airport were 39.1% above forecast. International growth was driven by routes to the Middle East, Singapore, Sri Lanka, India, Malaysia and New Zealand.

YTD domestic passenger volumes at Melbourne Airport were 25.9% ahead of the forecast. The easing of restrictions continued to result in improved domestic volumes.

YTD passenger volumes at Launceston Airport were approximately 30.4% above the PCP and 5.6% above the forecast. In particular, the airline capacity for May 2022 was approximately 1.8% above the pre-COVID level, which is a very strong result. YTD EBITDA was 20.6% above the forecast, primarily due to higher-thanforecast passengers driving aviation and ground transport revenues, and lower maintenance and administration costs.

Port Hedland International Airport (PHIA)
Passenger volumes at PHIA for the eleven months to 31 May 2022 were 10.2% above budget and 24.0% above the PCP. There has been very strong volume growth recorded throughout the financial year as normal operations resumed in the Pilbara following the rostering disruption caused by COVID in 2020 and 2021. The total passengers for May 2022 were 25% higher than May 2021, and May 2022 was the busiest month for the airport since PHIA was privatised in 2016.

YTD EBITDA was 26.7% above budget as a result of the combined impact of better-than-expected revenue outperformance and operating cost savings. Aeronautical revenues were 15.8% above budget, with the higher-than-budgeted passenger volumes and higher-than-expected aircraft tonnage landing both driving the positive result. Non-aeronautical revenues were 7.6% above budget, primarily due to higher-than-expected hire car income, lease revenue and carpark income. Total expenses were 7.2% below budget, with lower-than-budgeted cleaning, insurance, marketing, utilities and professional expenses all contributing to the positive result. PHIA recently completed a Level 1 greenhouse gas mapping assessment under the ACI Airport Carbon Accreditation scheme. The assessment provides a baseline for the measurement of PHIA’s emissions going forward. PHIA intends to undertake further assessments (Level 2 and Level 3) in the future, once the terminal redevelopment program is completed and a solar implementation plan has been developed.

Powerco
As at May 2022, Powerco’s YTD earnings before interest, tax, depreciation, amortisation and financial movements (EBITDAF) is tracking 8.3% ahead of budget as a result of continued momentum from customer-initiated works. YTD capital expenditure (capex) is also tracking 22.8% favourable to the budget due to strong overhead renewals, customer-initiated works and security portfolios. The YTD revenue was 2.1% ahead of budget and expenses were 4.4% lower than budget largely due to higher capex labour recoveries.

Level 1 storm activity in New Zealand continued in the quarter, resulting in Powerco’s unplanned System Average Incident Duration Index (SAIDI) exceeding the YTD target to May. Powerco management are working closely with the Regulatory and Asset Management Committee regarding the ongoing SAIDI issues, ensuring that stakeholder concerns can be appropriately addressed. This information will be useful for broader messaging on the need for spending across all networks on climate change resilience. YTD planned and unplanned System Average Interruption Frequency Index (SAIFI) remain within targets.

Construction, maintenance and fault work have continued with only minimal impacts from COVID-19. The Network Operations Centre continues to monitor the situation closely, which has proven positive with early detection of COVID-19 and avoidance of large spread events. Powerco has had minimal disruption for works on planned outages as teams are managing staff requiring isolation around planned works. New Zealand is currently at ‘Orange’ traffic light status which requires 7-day isolation periods for positive tests and household contacts.

Powerco are commencing their ‘Working Better Together’ workshops with a key contractor this month, which are expected to help identify efficiency, quality, and safety improvement opportunities. The program involves up to 15 workshops, facilitated by external service provider, Leading Safety. The workshops will commence in July and are planned to conclude in November.

ITS ConGlobal (ITSC)

ITSC’s YTD revenue was 18% above the PCP and the YTD adjusted EBITDA was 82% above the PCP. The positive results were driven by continued strong Depot performance, both organically and from recent new business wins, as storage levels have increased. Pleasingly, the Depot business unit’s YTD adjusted EBITDA was 51% above the business plan and 133% higher than the PCP. This is attributable to the strong momentum in higher storage and handling volumes as the ITSC commercial team continue to pursue wheeled storage (or “full” containers compared to empty containers) which come at higher rates in comparison to typical container storage. Furthermore, ITSC recently won a new contract to operate a depot for a logistic and dryage company, at its Los Angeles-West location. The May 2022 intermodal volumes were 23% lower than the PCP as purchasing patterns in the US are reverting to more normalised levels observed pre-COVID and congestion in certain regions have limited volumes. However, AMP Capital expects that the current rise in fuel prices may drive a greater shift from trucking to rail transportation, which in turn increases intermodal volumes, given rail transportation’s significant cost advantages in a higher fuelpriced environment.

The AMP Capital asset management team and ITSC management are continuing to progress the broader Tactical Plan in renegotiating or exiting the 17 underperforming intermodal contracts.

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May, 2022

The Core Infrastructure Fund (CIF) has outperformed its benchmark over the past month. The Fund has outperformed its benchmark over a one, five, seven and ten-year basis, and since inception. The listed component of CIF returned 2.50% for May, outperforming the MSCI World ex AU Accumulation Hedged AUD Index return of -0.20%.

Unlisted infrastructure The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, AMP Capital Global Infrastructure Fund and AMP Capital Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC) The COVID-19 pandemic continues to impact the operational and financial performance of Melbourne Airport in 2022. However, the total passenger volumes facilitated at Melbourne Airport during May 2022 was 73% of the total recorded in May 2019 (Pre-Covid). International passenger volumes continued to grow and were approximately 13% above April 2022 volumes and 43% of May 2019 volumes. Domestic passenger volumes were approximately 86% of May 2019 volumes and were slightly below the high April 2022 volumes, which were driven by the Grand Prix and the Easter holiday period. The total passenger volumes for April 2022 were approximately 65.8% above forecast and 72.4% of the total recorded in April 2019 (pre-COVID). International passenger growth was driven by traffic through the Middle East, Singapore, Sri Lanka, India and New Zealand, while open domestic borders continue to result in improved domestic volumes across all states. The international passenger volumes at Melbourne Airport during April 2022 were approximately 53.9% above the forecast and 34.6% of pre-COVID volumes. International services are progressively returning, with a total of 22 international airlines operating limited services in April, compared to 15 at the same time last year and 35 pre-COVID. Currently only one mainland China carrier is operating passenger services with all other Chinese carriers only operating freight services. The domestic passenger volumes at Melbourne Airport during April 2022 were approximately 65.2% above the forecast volume and 88.7% of pre-COVID volumes. APAC’s EBITDA for the month of April 2022 was approximately 70.3% above forecast. The stronger-than-expected result was attributable to strong passenger volumes from both domestic and international travel. Each passenger linked business unit outperformed, with incremental revenue above forecast. The property business continued its strong performance, with revenues in line with expectations. Reduced operational expense in the month of April was driven by staff cost savings, the reallocation of costs to capital projects and timing differences.

Port Hedland International Airport (PHIA) Passenger volumes at PHIA for April 2022 were 17.0% above budget and 9.0% above the prior corresponding period as passenger volumes remained high due to the strength of mining activity in the Pilbara. PHIA’s YTD EBITDA was 26.2% above budget primarily due to higher-than-expected aviation revenues. On a year-to-date basis, aviation revenues were 14.2% higher than budget following stronger than budgeted landing fees and passenger volumes, while non-aviation revenues were 7.0% above budget primarily due to outperformance of car hire income. Total expenses were 9.4% below budget, primarily due to timing of doubtful debt payments. Powerco As at the end of April 2022, Powerco had made a good start to the financial year, with YTD earnings before interest, tax, depreciation, amortisation and financial movements (EBITDAF) tracking 7.4% ahead of budget. The result was primarily driven by expenses being lower than budget. YTD capital expenditure (capex) was 35% favourable to budget as a result of strong renewals and system growth delivery. The increased capital works reflects management’s key focus on improving the process for delivering projects to ensure commissioned assets targets are met for the end of this Customised Price-Quality Path period ending in FY23. Initiatives such as regular governance reviews have been implemented to ensure real-time monitoring of delivery.

Powerco has maintained strong performance from a safety perspective with no Lost Time Injuries (LTI) recorded for April. The Lost Time Frequency Rate (LTFIR) is currently sitting at 27% below the target. From a reliability perspective Unplanned System Average Interruption Frequency Index (SAIFI) sits marginally above the month’s target due to defective equipment faults. Positively, the unplanned and planned System Average Incident Duration Index (SAIDI), and planned SAIFI were managed within target for April 2022 despite a high level of planned work in the month. The Commerce Commission (ComCom) delivered their final decision on the default price-quality path on 31 May 2022. Components and approach to the final decision largely matched the draft decision released last year and will apply for gas pipeline businesses (GPBs) from 1 October 2022 to 30 September 2026. Positively, the final decision to implement a reset for four years, rather than five years, is consistent with Powerco’s advocacy and reflects consideration of the uncertainty in the gas policy environment. The New Zealand Government released their much-anticipated Emissions Reductions Plan (ERP) on 16 May 2022. The ERP reaffirms the government’s target to reach net zero emissions from all greenhouse gases (excluding biogenic methane) from 2050. The plan highlights an initiative to develop a ‘Gas Transition Plan’ by the end of 2023 which will set out a clearer transition pathway for the gas industry. The government has flagged the importance of balancing gas affordability and the need to address risk of stranded network assets for the gas industry. They also highlight the need for development of transmission and distribution infrastructure as the economy is electrified which could lead to opportunities for Powerco’s electricity business in the longer term. Powerco will continue its engagements with officials and the Gas Industry Company to ensure a sensible transition path for gas as the ‘Gas Transition Plan’ is developed over the coming year.

ITS ConGlobal (ITSC) ITSC continued to maintain its positive momentum in 2022 with a strong April performance. Current April YTD adjusted EBITDA is tracking 30% above the business’ EBITDA plan and represents a 78% increase from the prior year. The positive results continue to be largely driven by our Depot business unit as storage levels are reverting back to more normalized levels. In addition, several new business initiatives are showing strong results, such as the recent Logistics Park Chicago Depot deal performing well above plan. The ITSC management team continues to focus on executing rate increases with its intermodal customers, and executing commercial growth initiatives. The intermodal recontracting initiative will specifically account for wage increases, inflation, terminal production and activity with index escalators. ITSC is currently on track to meeting its 2022 EBITDA objective, and the AMP Capital asset management team will continue to closely monitor progress and engage with ITSC management throughout the year.

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April, 2022

The Core Infrastructure Fund (CIF) has underperformed its benchmark over the past month. The Fund has outperformed its benchmark over a one, five, seven and ten-year basis, and since inception. The listed component of CIF returned -0.47% for April, outperforming the MSCI World ex AU Accumulation Hedged AUD Index return of -7.44%.

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December, 2021

The Core Infrastructure Fund (CIF) has outperformed its benchmark over the past month. The Fund has outperformed its benchmark over a one, three, five, seven and ten-year basis, and since inception.

The listed component of CIF returned 8.41% for December, outperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 3.97%.Unlisted infrastructure The unlisted component of the portfolio comprises Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, AMP Capital Global Infrastructure Fund and AMP Capital Global Infrastructure Fund II . Australia Pacific Airports Corporation (APAC) The COVID-19 pandemic has continued to impact the operational and financial performance of Melbourne Airport in FY22, however, traffic volumes are seeing an improvement from the 2020 low point. Total passenger volumes at Melbourne Airport for the year-to-date (YTD) (five months to 30 November 2021) were 3.4% above the forecast volumes, however, only 7.1% of November 2019 YTD volumes.

APAC’s YTD earnings before interest, tax, depreciation and amortisation (EBITDA) was 22.5% above the PCP and 6.1% above the forecast. Total revenues were 1.4% above forecast (40.7% above the PCP) while operating expenses were 0.9% below forecast (52.2% above the PCP).

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June, 2021

The Core Infrastructure Fund (CIF) has underperformed its benchmark over the past month. The Fund has outperformed its benchmark over a one, seven and ten-year basis, and since inception.

The listed component of CIF returned 1.42% for June, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 2.40%.

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March, 2021

The Core Infrastructure Fund (CIF) has outperformed its benchmark over the past month. The Fund has also outperformed its benchmark over a one, three, five, seven and ten-year basis, and since inception.

The listed component of CIF returned 8.43% for March, outperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 4.26%.

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February, 2021

Unlisted infrastructure

The unlisted component of the portfolio comprises Angel Trains, Australia Pacific Airports Corporation (APAC) (Melbourne and Launceston Airports), Powerco, AquaTower, SA Schools, Port Hedland International Airport (PHIA), ITS ConGlobal (ITSC), London Luton Airport (LLA), Australian National University Student Accommodation (ANU), Macarthur Wind Farm, Auckland South Corrections Facility (ASCF), AMP Capital Diversified Infrastructure Trust, AMP Capital Global Infrastructure Fund and AMP Capital Global Infrastructure Fund II.

Australia Pacific Airports Corporation (APAC) Total passenger volumes at Melbourne Airport for the seven months ending 31 January 2021 (YTD) were 92.4% below the prior corresponding period (PCP). International passenger volumes were down by 98.5%, while domestic passenger volumes were down by 89.7%.

Restrictions on international passenger movements remained in place, with only limited repatriation services allowed (inbound and outbound). Only 15 of 37 international carriers operated limited services out of Melbourne Airport during January 2021. Of these airlines, Air New Zealand, Singapore Airlines, China Southern, Emirates, Sri Lankan Airlines and Qatar Airways accounted for the bulk of passengers.

Domestic passenger volumes at Melbourne Airport during January 2021 were 28.8% of pre-COVID levels (relative to January 2020). Travel in the month was impacted by border restrictions as a result of small COVID clusters in New South Wales and Victoria, while the recovery of domestic volumes in February 2021 was further hampered by five-day lockdowns in Western Australia (WA) and Victoria. The only current domestic border restriction impacting Victorians is entry into WA, however the WA Government has announced that it expects to lift the restriction on 15 March 2021. APAC’s YTD EBITDA was 84.0% below the PCP, with the softer result attributable to lower revenues in all business units as a result of the material negative impact of COVID-19 on passenger volumes. Expenses were 52.6% lower than the PCP, primarily due to reduced airport operations, very strong cost control to manage cash flow and the unwinding of some doubtful debt provisions. Melbourne Airport has appointed oOh!media for its out-of-home advertising services, providing exclusive access to the airport’s international and domestic terminals and external signage. The media company will also manage internal signage opportunities at Launceston Airport. The new contract reinforces the strong commercial partnership that both parties have enjoyed for more than 10 years. Innovative data-driven solutions will be used to bring the city to the airport and further improve the travel experience.

Angel Trains

Angel Trains has maintained its strong operational and financial performance, with January year-to-date (YTD) revenue 0.2% above the prior corresponding period (PCP), while YTD earnings before interest, tax, depreciation, and amortisation was in line with the PCP. UK rail passenger load factors remain very low, at 10%- 16% of pre-COVID levels for this time of year. Train operators have implemented changes to their timetables, with approximately 60% of services currently running. Despite this, Angel Trains still receives its monthly rental payments in full under its leases. Management continues to liaise closely with the Department for Transport and Minister for Rail to demonstrate Angel’s significant investment in the rail supply chain (which would otherwise also be in need of government support), and Angel Train’s further valueadd to the rail industry as a whole.

Port Hedland International Airport (PHIA) Port Hedland International Airport (PHIA) facilitated 26,873 passenger movements during January 2021. Ongoing border restrictions and several severe weather events impacted on passenger flows in January, with volumes for the month 12.0% below budget and 17.7% below the PCP. However, total passenger volumes at PHIA for the seven months ending 31 January 2021

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December, 2020

Australia Pacific Airports Corporation (APAC) The COVID-19 pandemic continues to impact the operational and financial performance of Melbourne Airport in FY21. YTD international passenger volumes at Melbourne Airport were 98.6% below the prior corresponding period (PCP). Australian Federal Government restrictions on international passenger movements resulted in a decrease of capacity of 93% relative to the PCP, while average load factors were approximately 16%. During November 2020, inbound passenger flights from New Zealand recommenced, while in December 2020, Melbourne’s hotel quarantine system was re-activated after it was shut down in July 2020. YTD domestic passenger volumes at Melbourne Airport were 97.9% below the PCP. Capacity was down approximately 95% relative to the PCP, while average load factors remained low at 34.9%. YTD EBITDA was 89.5% below the PCP but 32.8% above the reforecast. Total revenues were 79.8% below the PCP but 10.1% above the reforecast, while operating expenses were 51.9% below the PCP and 0.6% below the reforecast. YTD aeronautical revenues were 87.5% lower than the PCP and 6.2% below the reforecast. Lower than forecast YTD passengers and aircraft parking were the primary drivers of the soft result. YTD retail revenues were 92.1% below the PCP but seven times the level anticipated in the reforecast. The positive variance to reforecast was attributable to a rent relief clawback payment from the duty-free operator in November 2020.YTD landside access revenues were 94.6% below the PCP and 20.3% above the reforecast. The positive result relative to the reforecast was due to the earlier commencement of parking charges from 1 November 2020, a month earlier than what was envisaged in the reforecast. YTD property revenues were 12.8% below the PCP and 7.4% above the reforecast. The positive result relative to the reforecast was driven by a timing difference in recovery of rental relief previously provided to tenants. On a YTD basis, operating expenses were 51.9% below the PCP and 0.6% below the reforecast.

YTD passenger volumes at Launceston Airport were approximately 92.2% below the PCP but 26.3% above the reforecast. YTD EBITDA was above the reforecast, primarily due to higher than budgeted passenger revenue which was slightly offset by higher than budgeted staff and service costs. The December 2020 independent valuation of APAC resulted in a 9.1% increase relative to its June 2020 valuation. Among key factors that influenced the capital value increase were a change in valuation date, a change in cash flow assumptions, and an adjustment to the aeronautical pricing assumptions.

Angel Trains continues to perform well operationally, with close to 100% of its trains currently on lease following the successful releasing over the past four years. As at 30 November 2020, Angel Trains was performing strongly with year-to-date revenue 7.9% above the corresponding period in 2019, and year-to-date EBITDA 7.8% above the corresponding period in 2019. There has been no impact on capital revenues thus far as a result of the COVID-19 pandemic, with Angel Trains continuing to receive all monthly rental payments in advance and in full under its lease agreements. The liquidity position of the business remains very strong. Both out of financial prudence and caution from a reputational perspective, given the difficulties facing the wider UK rail industry, Angel Trains’ board deferred payment of the proposed H2 2020 dividend, with the position to be reviewed again in Q1 2021. The December 2020 independent valuation of Angel Trains resulted in an uplift of 0.1% from the June 2020 valuation. Among key factors influencing the valuation were a roll-forward of the valuation date, and a change in macro assumptions.

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November, 2020

Unlisted infrastructure

Australia Pacific Airports Corporation (APAC)
Total passenger volumes at Melbourne Airport for the month ending 31 July 2020 were 97.6% below the prior corresponding period (PCP). International passenger volumes fell by 98.5%, while domestic passenger volumes decreased by 97.2%. International passenger volumes at Melbourne Airport during the month were driven lower by a decrease in capacity (-94% relative to the PCP) and lower average-load factors. Additional restrictions put in place by the Victorian State Government in response to the resurgence of a second wave of COVID-19 infections further hindered international passenger volumes. Only 12 of 36 international carriers operated limited services out of Melbourne Airport during July of which Qatar Airways, Air New Zealand and Emirates accounted for the bulk of passengers. Domestic passenger volumes at Melbourne Airport during the month were similarly impacted by lower capacity (-93% relative to the PCP) and lower average-load factors. Capacity reductions occurred across airlines, including the discontinuation of the Tigerair brand. The reduction in capacity was due to border restrictions implemented for Victorian travellers by all other Australian states and territories to contain potential transmission risk. Melbourne Airport’s EBITDA for July 2020 was 90.9% below the PCP, with the softer result attributable to lower revenues in all business units as a result of the material negative impact of COVID-19. Expenses were 54.2% lower than the PCP, primarily due to reduced airport operations in response to lower passenger volumes. A new solar farm at Melbourne Airport, the largest of its kind in Australia, is expected to be operational in January 2021. The renewable energy development will be capable of generating up to 17 gigawatt hours of electricity every year, which is equivalent to 15% of Melbourne Airport’s annual electricity consumption and is set to reduce the airport’s carbon footprint as part of its long-term ESG program.

Angel Trains
Angel Trains’ July YTD revenue was £324.9 million, 11.5% above the corresponding period in 2019, and July YTD EBITDA was £282.8 million, 11.2% above the corresponding period in 2019. The Bombardier Class 720 new-build project is progressing well and has achieved a key milestone in accepting its first six Class 720 units into service on 21 August 2020, in line with the agreed revised delivery schedule. Angel Trains expects to accept a further 20 units into service before the end of 2020. The existing Emergency Measures Agreements (EMA) between the UK government and train operating companies are due to expire at the end of September 2020 and the conditions upon renewal are anticipated to be broadly similar to existing EMAs. Kevin Tribley retired as CEO of Angel Trains at the end of August 2020 and was succeeded on 1 September 2020 by Malcolm Brown, who returns to Angel Trains (where he was previously CEO for almost 10 years) after a two-year period with AMP Capital Global Infrastructure Equity where he was European Head of Asset Management.

Port Hedland International Airport (PHIA)
Total passenger volumes at Port Hedland International Airport (PHIA) for the month ending 31 July 2020 were 8.6% above budget but 32.4% below the PCP following the negative impact of COVID-19 restrictions. In total, 27,650 passenger movements were facilitated at PHIA during the month. For July, PHIA’s EBITDA was 0.7% above budget. The result was broadly in line with budget, with slightly higher aviation revenues and lower expenses offset by a timing delay in rates reimbursements. Aviation revenues were 4.2% higher than budget following stronger than budgeted passenger volumes, which were slightly offset by lower than budgeted aircraft tonnage landed. Non-aviation revenues were 14.6% below budget primarily due to a timing delay in the reimbursement of rates, which was slightly offset by higher hire car concession revenues. Total expenses were 10.1% below budget primarily driven by lower security, maintenance and heliport costs and timing of professional fees, which were slightly offset by higher employment costs.

Powerco
Recent instances of community transmission of COVID-19 have placed New Zealand on ‘Alert level 2’, but such an alert level doesn’t restrict movement or business operations as long as social distancing is maintained, and additional precautions taken. The restrictions will be reviewed by 16 September. There has been no material impact on Powerco or its contractors to date and customer-initiated works continue to track positively. There has been no uptake of the Electricity Authority support package for retailers and the regulator is considering an earlier closure of the support program in November, given only one retailer was forced out of business by COVID-19. The year-to-date earnings before interest, tax, depreciation and amortisation and financial movements was1.6% below budget, driven by lower customer-initiated works revenue from work deferral or cancellation and partially offset by strong revenues in the electricity business. The restrictions also impacted YTD capital expenditure delivery which was 19.7% below budget. Management is planning to ramp up work during the summer construction period.

ITS ConGlobal (ITSC)
July 2020 YTD revenues and EBITDA were US$240.79 million and US$24.41 million, respectively, representing a 5.3% year-over-year decline in revenues and a 40% year-over-year increase in EBITDA. Revenue growth remains subdued as softness in intermodal and auto volumes continues due to the continued global proliferation of COVID-19. However, July YTD EBITDA outperformed both budget and 2019 levels, driven by management’s strong management of costs to better match expected volumes. AMP Capital and the ITSC Board have begun examining a series of technological initiatives at ITSC facilities to identify incremental value creation opportunities. Most notable initiatives include a potential strategic partnership with an emerging software company focussed on tele-operated, semi-autonomous industrial equipment and a company specialising in the automation of gate operations.

London Luton Airport (LLA)
Passenger volumes for August at London Luton Airport were over 821,000, up from 450,000 in July, representing approximately 44% of the passenger levels in July 2019. On this basis London Luton Airport was the best performing airport in the UK. Load factors remain resilient at an average of 57% but we expect to see some weakening of demand from September following the summer holiday period. The strong passenger numbers translated into positive EBITDA performance for the month of over £3.9 million, reflecting the significant efficiencies that have been achieved and enabled the asset to achieve operating leverage at these passenger levels. General Aviation (GA) and cargo movements have continued to recover well, with GA movements having returned to approximately 83% of pre COVID-19 levels.

SA Schools
AMP Capital received approval from the Government of South Australia to engage an architect to design the new Year 7 accommodation at the two high school assets. A COVID-19 clean occurred at Roma Mitchell Secondary College over the space of several days, with school returning later that week. For the 12 months to August 2020, 99.99% of the service fee was received from the state. 100% of the abatement was passed through to the operator, Spotless.

AquaTower
Treated water volumes for the calendar year to 31 August 2020 were circa 6% below budget. AquaTower’s budget does not include seasonality in its forecasts, and traditionally usage is higher in the hotter months and lower in the cooler months. Water volumes have also been impacted relative to the same period in 2019, as a result of reduced travel to the region due to COVID-related travel restrictions. AquaTower’s water treatment plants continue to operate without any adverse impacts from COVID-19.
Australian National University Student Accommodation (ANU) Following a successful let up period at the beginning of the year, the short-term occupancy of the ANU Purpose Built Student Accommodation portfolio had been materially impacted by lockdown measures introduced in response to COVID-19. Since March, the ACT health authorities have been successful in managing the pandemic, with ACT recording zero active cases as of the end of August. The success of ACT in managing the number of active COVID-19 cases has been reflected in an uptick in occupancy, increasing from circa 50% at the end of March to circa 65% in August. As of 27 July, classes had returned to campus and ANU has introduced a COVID-19 alert system which will assess the disease situation on both campus and across the ACT and provide recommended actions for students on a daily basis. An agreement has been reached between AMP Capital and ANU which mitigates the downside occupancy risk for the remainder of 2020 and provides the university with the flexibility to ensure student safety at the residences. Discussions are underway with the university on SA8, a 730-bed development due to open in 2023, over which AMP Capital has a right of first refusal.

Macarthur Wind Farm
Macarthur Wind Farm has ceased generation whilst AGL repairs an AGL-owned electrical transformer that takes all electricity generated from the site. The transformer is expected to be repaired early in September, with generation to commence shortly thereafter. Due to the nature of the investment, with AGL taking the risk of an inability to generate electricity, there is no impact to equity owners with revenues and expenses continuing in line with budget. The project continues to operate without any adverse impacts from COVID-19. AMP Capital completed its third quarterly meeting with other project stakeholders in early August 2020.

Auckland South Corrections Facility (ASCF)
The project continues to operate without incident from COVID-19. During August, COVID-19 restrictions were strengthened as a result of a number of cases in the community. By the end of the month, a decision had been made to ease restrictions with a further trend towards more normal operations.

Utilities
Diversified utilities, water, integrated regulated and transmission & distribution all provided a negative return.

Infrastructure
Airports, toll roads provided a positive return. Rail, communications infrastructure, ports provided a negative return.

Outlook
CIF remains an attractive investment opportunity, particularly on a risk-adjusted return basis and during periods of high market volatility. The Fund provides a well-diversified investment opportunity, with exposure to the performance of a wide range of infrastructure and utilities sectors via the unique blend of unlisted and listed infrastructure.

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October, 2020

Unlisted infrastructure

Australia Pacific Airports Corporation (APAC)

Total passenger volumes at Melbourne Airport for September 2020 were 98.8% below the prior corresponding period (PCP). International passenger volumes fell by 98.5%, while domestic passenger volumes decreased by 98.4%. International passenger volumes at Melbourne Airport during September were driven lower by a decrease in capacity and lower average loads. Strict lockdown restrictions enforced by the Victorian State Government in response to the second wave of COVID-19 was the primary driver for the soft traffic result. Only 16 of 36 international carriers operated limited services out of Melbourne Airport during September 2020. Of these airlines, Qatar Airways, Air New Zealand, Emirates, Sri Lankan Airlines and Singapore Airlines accounted for the bulk of passengers. Domestic passenger volumes at Melbourne Airport during September were similarly impacted by lower capacity (-96% relative to the PCP) and lower averageload factors (-58% relative to the PCP). Capacity reductions occurred across airlines including the discontinuation of the Tigerair brand. Melbourne Airport’s EBITDA for September 2020 was 91.9% below the PCP, with the softer result attributable to lower revenues in all business units as a result of the material negative impact of COVID-19. Expenses were 53.2% lower than the PCP primarily due to reduced airport operations in response to lower passenger volumes. The Reece Group announced it will relocate to Melbourne Airport’s Business Park in 2021. The plumbing and bathroom products company will move into a new purpose-built facility on a 4.6 hectare site from July next year, enabling a number of Reece Group brands to consolidate at the one site.

Angel Trains

September Year-to-date (YTD) revenue was 10.0% above the PCP in 2019, and September YTD EBITDA was 9.0% above the PCP in 2019. This outperformance was mainly due to delays in budgeted heavy maintenance expenditure, though partly offset by reductions in non-capital revenue. Further cost savings of circa £1.4 million have been forecasted due to COVID-19 travel and corporate event restrictions and cancellations. The pandemic continues to severely affect rail passenger traffic in the UK, with the recent second wave and various regional and national lockdowns resulting in passenger load factors returning to circa 20% of normal capacity, although the industry is still running around 90% of the rail timetable. All of the train operating companies have transitioned from the previous Emergency Measures Agreements with the Department for Transportation onto new Emergency Recovery Measures Agreements (ERMA). Angel Train continues to receive rental payments in full under its leases which are now operating under the new ERMA arrangements.

Port Hedland International Airport (PHIA)

Total passenger volumes at Port Hedland International Airport (PHIA) for September were 17.3% above budget. In total, 29,857 passenger movements were facilitated at PHIA during the month. PHIA’s YTD EBITDA for September 2020 was 25.9% above budget. Aviation revenues benefited from higher than budgeted passenger volumes; however, the positive revenue variance was more than offset by lower than budgeted nonaviation revenues. September YTD aviation revenues were 8.1% higher than budget following stronger than expected passenger volumes, offset slightly by lower than budgeted aircraft tonnage landed. Non-aviation revenues were 12.3% below budget, primarily due to a timing delay in the reimbursement of rates and lower lease revenues. Total expenses were in line with budget. Preparations for the refinancing of PHIA’s debt facilities continued during the month. PHIA has a fully drawn A$79 million bank facility and an undrawn A$20 million capex facility which matures in March 2021. The company is engaging with its existing lenders as well as a number of potential new lenders during the process and expects the refinancing to be complete by the end of November 2020.

Investment objective To provide total returns (income and capital growth) after costs and before tax, above the Fund's performance benchmark. Facts Fund size $819.52 million Distribution frequency Quarterly Minimum suggested time frame 5 years Date of last distribution Sep 2020 Minimum initial investment $10,000 Distribution cents per unit 1.04 Buy/sell spread +0.05/-0.05

Powerco

YTD earnings before interest, tax, depreciation and amortisation and financial movements (EBITDAF) was 0.2% above budget, driven by strong revenues in the electricity business and lower maintenance costs. This was partially offset by lower customer initiated works revenue from work deferral or cancellation due to COVID-19. YTD capex was 14.7% below budget, driven by lower customer-initiated works volumes and operating restrictions during initial lockdown. YTD commissioned assets were 39.2% below budget. Management is planning to ramp-up capex in the latter half of the year, which will reduce the COVID-19 related shortfall. On 17 October, the Labour Party, led by Prime Minister Jacinda Ardern, won an absolute majority in New Zealand’s general election. The main implication for Powerco is that the Labour Party has committed to bring forward the 100% renewable electricity target to 2030 which, if implemented, will see Genesis and other generators phase out thermal (natural gas and coal) baseload generators over the next 10 years. AMP Capital will continue working with Powerco management and its advisers to ensure that the value of Powerco’s gas distribution business is maximised.

ITS ConGlobal (ITSC)

September 2020 YTD revenues and Adjusted EBITDA were US$315.5 million and US$30.8 million respectively, representing a 3.8% year-overyear revenue decrease and a 27.6% year-over-year EBITDA increase. Daily intermodal volumes for September improved by circa 2% compared to August. Since May 2020, intermodal lift volumes at ITSC have increased by circa 19%; however, from a year-over-year perspective, September YTD intermodal volumes remain down circa 6% compared to the prior year due to the continued global proliferation of COVID-19. September YTD EBITDA outperformed 2019 levels, driven by a heightened focus on cost management and pricing improvement. ITSC's commercial team is actively engaging with customers for new contract wins, pricing increases, and accretive commercial partnerships to boost top-line revenue growth. As part of ITSC’s long-term growth strategy, ITSC is also pursuing a potential acquisition of a portfolio of eight container yard / depot facilities largely in the Midwest US.

London Luton Airport (LLA)

Passenger volumes for September fell around 66% relative to the PCP. This is broadly consistent with the fall in passenger volumes on a year-todate basis. The fall in passenger volumes relative to a strong recovery in August was attributable to the rise in COVID-19 cases, with the UK government applying further quarantine restrictions to major markets throughout the month. Markets where there were no restrictions showed reasonably resilient load factors, on average over 15% higher, reflecting solid consumer confidence in light of the crisis. EBITDA for the month was 73% below the prior year, outperforming forecasts for a negative performance for the month.

SA Schools

During October, AMP Capital completed the master plan design for the Year 7 accommodation at the two high schools. In addition, we prepared and issued a tender for a builder to partner with us on the design under an Early Contractor Involvement process. This would see the builder oversee the design team, before pricing the works and seeking approval from the project and the state to construct the schools for an agreed price. For the 12 months to August 2020, 99.99% of the service fee was received from the state. 100% of the abatement was passed through to the operator, Spotless. AquaTower Treated water volumes for the calendar year to 31 October 2020 were circa 9.4% below budget. AquaTower’s budget does not include seasonality in its forecasts, and traditionally usage is higher in the hotter summer months. Water volumes have been lower than the same period in 2019, on account of reduced travel to the region due to COVID-related travel restrictions. AquaTower’s water treatment plants continue to operate without any adverse impacts from COVID-19. Australian National University Student Accommodation (ANU) The impacts from travel restrictions and the transition from face to face classes to online education has had a material impact on occupancy for 2020. Occupancy as at the end of October was 57%, and AMP Capital is working with the University to actively explore initiatives to return both domestic and international students while social distancing requirements remain in place. The 2021 tariff review process has been completed and agreed between both parties and the university has been engaging the student cohort on the proposed changes. AMP Capital is working with the ANU to ensure the portfolio is compliant with the ACT Government directives on occupancy for 2021. This may see capacity restrictions placed on facilities with shared infrastructure such as bathrooms to ensure safety of residents.

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August, 2020

Performance and activity

Unlisted infrastructure

Australia Pacific Airports Corporation (APAC) Total passenger volumes at Melbourne Airport for the month ending 31 July 2020 were 97.6% below the prior corresponding period (PCP). International passenger volumes fell by 98.5%, while domestic passenger volumes decreased by 97.2%. International passenger volumes at Melbourne Airport during the month were driven lower by a decrease in capacity (-94% relative to the PCP) and lower average-load factors. Additional restrictions put in place by the Victorian State Government in response to the resurgence of a second wave of COVID-19 infections further hindered international passenger volumes. Only 12 of 36 international carriers operated limited services out of Melbourne Airport during July of which Qatar Airways, Air New Zealand and Emirates accounted for the bulk of passengers. Domestic passenger volumes at Melbourne Airport during the month were similarly impacted by lower capacity (-93% relative to the PCP) and lower average-load factors. Capacity reductions occurred across airlines, including the discontinuation of the Tigerair brand. The reduction in capacity was due to border restrictions implemented for Victorian travellers by all other Australian states and territories to contain potential transmission risk. Melbourne Airport’s EBITDA for July 2020 was 90.9% below the PCP, with the softer result attributable to lower revenues in all business units as a result of the material negative impact of COVID-19. Expenses were 54.2% lower than the PCP, primarily due to reduced airport operations in response to lower passenger volumes. A new solar farm at Melbourne Airport, the largest of its kind in Australia, is expected to be operational in January 2021. The renewable energy development will be capable of generating up to 17 gigawatt hours of electricity every year, which is equivalent to 15% of Melbourne Airport’s annual electricity consumption and is set to reduce the airport’s carbon footprint as part of its long-term ESG program.

Angel Trains Angel Trains’ July YTD revenue was £324.9 million, 11.5% above the corresponding period in 2019, and July YTD EBITDA was £282.8 million, 11.2% above the corresponding period in 2019. The Bombardier Class 720 new-build project is progressing well and has achieved a key milestone in accepting its first six Class 720 units into service on 21 August 2020, in line with the agreed revised delivery schedule. Angel Trains expects to accept a further 20 units into service before the end of 2020. The existing Emergency Measures Agreements (EMA) between the UK government and train operating companies are due to expire at the end of September 2020 and the conditions upon renewal are anticipated to be broadly similar to existing EMAs. Kevin Tribley retired as CEO of Angel Trains at the end of August 2020 and was succeeded on 1 September 2020 by Malcolm Brown, who returns to Angel Trains (where he was previously CEO for almost 10 years) after a two-year period with AMP Capital Global Infrastructure Equity where he was European Head of Asset Management.

Port Hedland International Airport (PHIA) Total passenger volumes at Port Hedland International Airport (PHIA) for the month ending 31 July 2020 were 8.6% above budget but 32.4% below the PCP following the negative impact of COVID-19 restrictions. In total, 27,650 passenger movements were facilitated at PHIA during the month. For July, PHIA’s EBITDA was 0.7% above budget. The result was broadly in line with budget, with slightly higher aviation revenues and lower expenses offset by a timing delay in rates reimbursements. Aviation revenues were 4.2% higher than budget following stronger than budgeted passenger volumes, which were slightly offset by lower than budgeted aircraft tonnage landed. Non-aviation revenues were 14.6% below budget primarily due to a timing delay in the reimbursement of rates, which was slightly offset by higher hire car concession revenues. Total expenses were 10.1% below budget primarily driven by lower security, maintenance and heliport costs and timing of professional fees, which were slightly offset by higher employment costs.

Powerco Recent instances of community transmission of COVID-19 have placed New Zealand on ‘Alert level 2’, but such an alert level doesn’t restrict movement or business operations as long as social distancing is maintained, and additional precautions taken. The restrictions will be reviewed by 16 September. There has been no material impact on Powerco or its contractors to date and customer-initiated works continue to track positively. There has been no uptake of the Electricity Authority support package for retailers and the regulator is considering an earlier closure of the support program in November, given only one retailer was forced out of business by COVID-19. The year-to-date earnings before interest, tax, depreciation and amortisation and financial movements was1.6% below budget, driven by lower customer-initiated works revenue from work deferral or cancellation and partially offset by strong revenues in the electricity business. The restrictions also impacted YTD capital expenditure delivery which was 19.7% below budget. Management is planning to ramp up work during the summer construction period.

ITS ConGlobal (ITSC) July 2020 YTD revenues and EBITDA were US$240.79 million and US$24.41 million, respectively, representing a 5.3% year-over-year decline in revenues and a 40% year-over-year increase in EBITDA. Revenue growth remains subdued as softness in intermodal and auto volumes continues due to the continued global proliferation of COVID-19. However, July YTD EBITDA outperformed both budget and 2019 levels, driven by management’s strong management of costs to better match expected volumes. AMP Capital and the ITSC Board have begun examining a series of technological initiatives at ITSC facilities to identify incremental value creation opportunities. Most notable initiatives include a potential strategic partnership with an emerging software company focussed on tele-operated, semi-autonomous industrial equipment and a company specialising in the automation of gate operations.

London Luton Airport (LLA) Passenger volumes for August at London Luton Airport were over 821,000, up from 450,000 in July, representing approximately 44% of the passenger levels in July 2019. On this basis London Luton Airport was the best performing airport in the UK. Load factors remain resilient at an average of 57% but we expect to see some weakening of demand from September following the summer holiday period. The strong passenger numbers translated into positive EBITDA performance for the month of over £3.9 million, reflecting the significant efficiencies that have been achieved and enabled the asset to achieve operating leverage at these passenger levels. General Aviation (GA) and cargo movements have continued to recover well, with GA movements having returned to approximately 83% of pre COVID-19 levels.

SA Schools AMP Capital received approval from the Government of South Australia to engage an architect to design the new Year 7 accommodation at the two high school assets. A COVID-19 clean occurred at Roma Mitchell Secondary College over the space of several days, with school returning later that week. For the 12 months to August 2020, 99.99% of the service fee was received from the state. 100% of the abatement was passed through to the operator, Spotless.

Australian National University Student Accommodation (ANU) Following a successful let up period at the beginning of the year, the short-term occupancy of the ANU Purpose Built Student Accommodation portfolio had been materially impacted by lockdown measures introduced in response to COVID-19. Since March, the ACT health authorities have been successful in managing the pandemic, with ACT recording zero active cases as of the end of August. The success of ACT in managing the numberof active COVID-19 cases has been reflected in an uptick in occupancy, increasing from circa 50% at the end of March to circa 65% in August. As of 27 July, classes had returned to campus and ANU has introduced a COVID-19 alert system which will assess the disease situation on both campus and across the ACT and provide recommended actions for students on a daily basis. An agreement has been reached between AMP Capital and ANU which mitigates the downside occupancy risk for the remainder of 2020 and provides the university with the flexibility to ensure student safety at the residences. Discussions are underway with the university on SA8, a 730-bed development due to open in 2023, over which AMP Capital has a right of first refusal.

Macarthur Wind Farm Macarthur Wind Farm has ceased generation whilst AGL repairs an AGL-owned electrical transformer that takes all electricity generated from the site. The transformer is expected to be repaired early in September, with generation to commence shortly thereafter. Due to the nature of the investment, with AGL taking the risk of an inability to generate electricity, there is no impact to equity owners with revenues and expenses continuing in line with budget. The project continues to operate without any adverse impacts from COVID-19. AMP Capital completed its third quarterly meeting with other project stakeholders in early August 2020.

Auckland South Corrections Facility (ASCF) The project continues to operate without incident from COVID-19. During August, COVID-19 restrictions were strengthened as a result of a number of cases in the community. By the end of the month, a decision had been made to ease restrictions with a further trend towards more normal operations.

Global listed infrastructure

The listed component of CIF returned -1.90% for August, underperforming the MSCI World ex AU Accumulation Hedged AUD Index return of 6.15%.

Utilities Diversified utilities, water, integrated regulated and transmission & distribution all provided a negative return.

Infrastructure Airports, toll roads provided a positive return. Rail, communications infrastructure, ports provided a negative return.

Outlook CIF remains an attractive investment opportunity, particularly on a risk-adjusted return basis and during periods of high market volatility. The Fund provides a well-diversified investment opportunity, with exposure to the performance of a wide range of infrastructure and utilities sectors via the unique blend of unlisted and listed infrastructure.

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ticker: AMP1179AU
commentary_block: Array
factsheet_url:

https://www.ampcapital.com/content/dam/capital/03-funds-files-only/aus-funds/performance-reports/ffs-wtif_h.pdf

Try to copy all from “Performance and activity”

https://www.ampcapital.com/au/en/investments/funds/infrastructure/amp-capital-core-infrastructure-fund

release_schedule: Monthly
fund_features:

The AMP Capital Core Infrastructure Fund allows investors to gain access to unlisted infrastructure. This kind of investment is generally hard for investors to access due to the large capital outlay required.

The Fund takes an integrated approach to building a strategically blended portfolio of unlisted infrastructure assets and listed infrastructure securities in Australia and around the globe offering investors a total return of income and capital growth.
A portfolio of global infrastructure assets, such as Melbourne Airport (Aust), Angel Trains (UK) and Powerco (NZ) are among the largest and most significant infrastructure assets in their sectors and respective countries.

manager_contact_details: Array
asset_class: Property and Infrastructure
asset_category: Global Listed Infrastructure
peer_benchmark: Property - Global Listed Infrastructure Index
broad_market_index: Global Infrastructure Index
structure: Managed Fund

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