Results for Year Ended 30 June 2004

18 August 2004

Macquarie Communications Infrastructure Group (MCG) today announced its financial results for the year ended 30 June 2004.

Mr Scott Davies, Chief Executive Officer of MCG said, “We are pleased to report that MCG has delivered a strong EBITDA¹ of $80.9 million for the 12 months to 30 June 2004.

“This 88% increase in EBITDA on last year reflects a strong performance from MCG’s cornerstone asset, Broadcast Australia (BA), and the fact that MCG’s results for the year ended 30 June 2003 included costs associated with the MCG IPO and refinancing.

“Broadcast Australia has outperformed expectations, achieving revenue growth of 22% and an increase in EBITDA of 30% on last year.

“The improved performance reflects BA’s continued high performance in providing television and radio broadcasting transmission to its customers and the successful roll-out of digital services during 2004.

“Investors in MCG have also benefited from MCG’s extremely strong security price performance. Investors who have held MCG for the 12 months to 30 June 2004 will have enjoyed 23.0 cents in distributions, which is above the prospectus forecast, plus capital appreciation of 28.8%, from $2.97 to $3.68. Since then, there has been further capital appreciation in MCG’s security price to $4.01 at the close of trading 17 August 2004. This means that investors who participated in the MCG IPO have now received returns of 128.58% (including distributions),” Mr Davies said.

MCG and BA are well positioned for further earnings and distribution growth for investors in 2005 and beyond.

“The potential to enhance BA’s financial structure provides an opportunity to lock in sustainable distribution growth and ensures that BA’s capital expenditure needs are funded and existing credit ratings are maintained,” Mr Davies said.

“We also remain in no doubt that we can capitalise on BA’s strong, sustainable core business through the pursuit of current and potential revenue opportunities including digital roll out and trials, and the development of services such as facilities leasing, satellite uplink and downlink and digital terrestrial television.

“The Special Broadcasting Service (SBS) decision, announced earlier today, to award BA with a $63.0m contract to provide digital television transmission services for a further 37 sites nationally is one example of this potential.

“In addition, we will continue to evaluate acquisition opportunities in a patient and disciplined manner, focused on maintaining value for investors at all times.

“Ultimately, we are on track to at least match the 28.8 cents distribution forecast in the prospectus for the 2005 financial year,” Mr Davies said.

• Download Full Year results presentation (pdf 1.2 MB)
• Download Full Year financial report (pdf 443 KB)
• Download Appendix 4E (pdf 165 KB)
• View the Full Year results webcast

¹ earnings before interest, tax, depreciation and amortisation

For more information, please contact:

David Beck
Associate Director
Tel: (612) 8232 4411
Email: david.beck@macquarie.com

Media Enquiries
Suzanne Mercer
Public Affairs Manager
Tel: (612) 8232 8525
Email: suzanne.mercer@macquarie.com