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For Personal Use Only Use Personal for Transfield Services Infrastructure Fund Has High Quality Essential Infrastructure Assets with Substantially Contracted Revenues TRANSFIELD SERVICES INFRASTRUCTURE FUND 2008 Annual Report For personal use only Transfield Services Infrastructure Fund has high quality essential infrastructure assets with substantially contracted revenues. Our relationship with Transfield Services gives us access to expert development and asset management support. For personal use only Notice of Annual General Meeting Securityholders are advised that the 2008 Annual General Meetings of Transfield Services Infrastructure Limited and TSI International Limited, will be held concurrently and in conjunction with a General Meeting of unitholders of Transfield Services Infrastructure Trust (together TSI Fund) on Friday, 14 November 2008 at 2.00pm (AEDT), at the AGL Theatre, Museum of Sydney, Corner Phillip and Bridge Streets, Sydney. ii TRANSFIELD SERVICES INFRASTRUCTURE FUND Contents 02 Overview 04 Chairman’s Report 06 CEO’s Report 08 Renewable Energy Assets 10 Thermal Energy Assets 12 Water Assets 14 Board of Directors 15 Executive Management 16 Corporate Governance Statement 21 Financial Report – Transfield Services Infrastructure Limited 81 Financial Report – Transfield Services Infrastructure Trust 111 Financial Report – TSI International Limited 140 Securityholder Information 141 Corporate Directory For personal use only TRANSFIELD SERVICES INFRASTRUCTURE FUND 1 Overview TSI Fund’s Asset Portfolio Windy Hill Wind Farm (100%) Townsville Power Station (100%) Collinsville Power Station (100%) For personal use only BP Kwinana Cogeneration Plant (30%) Mt Millar Wind Farm (100%) Macarthur Water Filtration Plant (50%) Kemerton Power Station (100%) Starfish Hill Wind Farm (100%) Loy Yang A Power Station (14.03%) Yan Yean Water Filtration Plant (50%) Toora Wind Farm (100%) Main photo: Toora Wind Farm 2 TRANSFIELD SERVICES INFRASTRUCTURE FUND What sets us apart Sustainable Beneficial distributions relationship funded by with Transfield operating cash Services flow High quality Leading essential position in infrastructure renewable assets energy Renewable Substantially energy contracted development revenue pipeline streams TSI Fund has performed strongly in FY2008, delivering results NPAT $25.7 million up 25 per cent ahead of guidance in the Product Disclosure Statement (PDS) on PDS guidance 20.0 Townsville Power 18.5 Station 17.9 Collinsville Power Station Kemerton Power 15.0 H2 Station 9.0 BP Kwinana Cogeneration Plant 17.1 Loy Yang A 10.0 Power Station Macarthur Water Filtration Plant Cents per stapled security stapled per Cents Yan Yean Water H1 Filtration Plant 5.0 For personal use only 8.7 Mt Millar Wind Farm Starfish Hill Wind Farm 0.8 stub 0.8 stub 0 Windy Hill FY2008 FY2008 Wind Farm PDS GUIDANCE ACTUAL Toora Wind Farm (20) (15) (10) (5) (0) 5 10 15 20 25 30 35 40 The tax deferred component for the full year Years in operation Years of remaining life of contract distribution is 63 per cent, approximately in line with Estimated asset life PDS guidance of 57.6 per cent. TRANSFIELD SERVICES INFRASTRUCTURE FUND 3 Chairman’s Report For personal use only Collinsville Power Station 4 TRANSFIELD SERVICES INFRASTRUCTURE FUND Macarthur Kemerton Mt Millar Water Filtration Power Wind Farm Plant Station Toora Wind Farm “TSI Fund delivered net profit after tax of $25.7 million, up 25 per cent on PDS guidance.” Dear Securityholder, Our investment in wind energy assets will become increasingly attractive under the Australian Government’s proposed National Transfield Services Infrastructure Fund (TSI Fund) had a successful Renewable Energy Targets Scheme and Carbon Pollution first full year of operations, delivering returns above the guidance Reduction Scheme (CPRS). in our Product Disclosure Statement (PDS). Our power assets, with the exception of Loy Yang A, are TSI Fund has delivered a full year distribution of 17.7 cents per substantially protected from CPRS impact by their contractual stapled security for the year ended 30 June 2008. The payment of arrangements. Loy Yang A will be impacted if the proposed this distribution reflects the strong performance of TSI Fund and is changes are implemented. The direction of the Australian 0.6 cents above PDS guidance. The tax deferred component is Government’s Green Paper supports the long-term viability of 63 per cent. the plant and TSI Fund’s investment. Loy Yang A is essential Net profit after tax was $25.7 million, up 25 per cent on PDS infrastructure that supplies one-third of Victoria’s power needs. guidance. Earnings before interest, tax, depreciation and It has the lowest carbon footprint of Australia’s brown coal amortisation were $92.9 million, up 17 per cent on PDS guidance. generators. Net interest, operating capex and FY2008 distributions were fully We are working with the Australian government, industry funded from operating cash flow. TSI Fund also secured new debt associations and other stakeholders to provide input on the facilities which are in place until 2011, mitigating exposure to design of CPRS. fluctuations in the debt market. TSI Fund is well positioned to continue to perform strongly and Based on our distributions for the current year, TSI Fund is deliver attractive returns to securityholders. targeting growth in distributions of three per cent per annum for the medium term. I would like to thank our people and the Manager, Transfield Services, for contributing to our successes during our first full The strength of TSI Fund’s financial performance is underpinned by year of operation. the substantially contracted revenue stream from our portfolio of essential infrastructure assets. Your Directors and I thank you for your support. TSI Fund differs from other infrastructure funds in the market Yours faithfully, because of the benefits of our relationship with Transfield Services. Transfield Services is an expert asset management company and we have direct access to its market position and expertise in asset development, operations and maintenance. Transfield Services holds a 49 per cent interest in TSI Fund, Peter Young AM manages TSI Fund and is the preferred provider of asset Chairman management services for our wholly-owned assets. This creates strong alignment between the two organisations. For personal use only TSI Fund’s portfolio of essential infrastructure assets was strengthened with the addition of renewable energy assets in December 2007. We now have four wind farms in Australia and access to another 13 potential wind farms in joint development with Transfield Services. These are all high quality sites which position us for growth in the renewable energy sector in the medium to long term. TRANSFIELD SERVICES INFRASTRUCTURE FUND 5 CEO’s Report Collinsville Power Station Macarthur Kemerton Mt Millar Water Filtration Power Wind Farm For personal use only Plant Station Toora Wind Farm 6 TRANSFIELD SERVICES INFRASTRUCTURE FUND “A highlight of the year was our entry into the renewable energy sector.” TSI Fund’s strong results in our first year of operation demonstrate We are jointly developing a portfolio of new wind farm projects with the high quality of our portfolio of essential infrastructure assets Transfield Services. The portfolio of 13 wind farms is an attractive and its substantially contracted revenue streams. This result pipeline of high quality sites. Wind is the most commercial source allowed TSI Fund to exceed PDS distribution guidance. of renewable energy and this portfolio has the potential to boost Australia’s renewable energy by up to 1,150 megawatts, providing Our portfolio of assets outperformed against expectations for power to more than 500,000 homes. This builds on our leading the year. Kemerton, Townsville and Kwinana power stations all position in the growing renewable energy sector. performed strongly. The performance of Collinsville Power Station was impacted by the worst flooding in Queensland in 30 years. TSI Fund has performed strongly in our first year of operation. We Transfield Services, as operator and maintainer of Collinsville, kept are well positioned to take advantage of future opportunities in the the power station running even though there was an impact on coal changing Australian energy market. supply for power generation. We are reviewing the efficiency and sustainability of our assets A highlight of the year was our entry into the renewable energy following our first year of operation. Our focus for FY2009 is the sector. We purchased four wind farms in late 2007. The wind wind farm development portfolio and upgrades of existing assets. farms – Mt Millar and Starfish Hill in South Australia, Toora in Thank you for your support of TSI Fund. Victoria and Windy Hill in Queensland – have a capacity of 137.5 megawatts. We are now the second largest provider of wind energy in Australia. The 50 per cent acquisition of Emu Downs Wind Farm remains subject to the Queensland Government securing the necessary approvals. Steve MacDonald Chief Executive Officer A key differentiator for TSI Fund is the value we derive from our relationship with our Manager, Transfield Services who provide asset management services and upgrades to assets. This was demonstrated during the year on a number of projects. Transfield Services completed an upgrade to Kemerton Power A key differentiator – Value of relationship with our Manager, Transfield Services Station in Western Australia, ahead of time and on budget. Its innovative solution improved efficiency and increased Kemerton’s Transfield Services Infrastructure Fund capacity by 40 megawatts in high summer temperatures, providing power to an additional
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