Macquarie Infrastructure Group financial results for year ended 30 June 2004

26 August 2004

Not for distribution in the United States, Canada or Japan.

Macquarie Infrastructure Group (MIG) today announced its financial results for the year to 30 June 2004.

For the year to 30 June 2004, the Total Changes in Equity was $416.1 million reflecting an increase in MIG Security Holders' Interest from $6.09 billion to $6.46 billion. This was a decrease from Total Changes in Equity of $925.3 million for the year to 30 June 2003.

MIG's portfolio of major operational roads performed strongly over the period. Traffic was up 7.1%, revenue was up 14.1%, and EBITDA was up 20.3%, on a weighted average basis.

The operational performance of the roads underpinned the increase in the Net Asset Backing Per Security, before deferred tax balances and excluding outside equity interests, which increased from $3.74 at 30 June 2003 to $3.96 at 30 June 2004.

Chief Executive Officer of MIG, Mr Stephen Allen said, “This financial year has been a period of significant progress for MIG, across all aspects of our toll road development and management business.

“MIG's portfolio of operational roads delivered a strong EBITDA increase of 20.3%, on a weighted average basis, when compared with the previous corresponding period.

“This operational performance highlights the attractive nature of toll roads whereby traffic growth along with tightly controlled operating costs will deliver significant earnings growth over time.

”In addition, during the year MIG completed or progressed $7.5 billion of road projects in six countries, across three continents. These include the final development and opening of four roads: M6 Toll, Warnow Tunnel, Algarve and Radial 4; and, the groundbreaking and ongoing project management of the SR125 South and Westlink M7 construction projects,” Mr Allen said.

Other significant achievements during the 12 months included:

• The sale of the Transurban investment for $230.4 million, representing an IRR of 25.4% per annum
• Horizon's sale of its investment in Loy Yang A resulting in proceeds to MIG of $15.3 million
• An agreement between Ferrovial and MIG to list Cintra on the Spanish stock exchange in the fourth quarter of 2004 calendar year, subject to market conditions remaining favourable.
• The acquisition of an additional 10% stake in Ausol via Cintra
• The agreement to develop a tolling joint venture with Transurban Group

During the year 407 ETR has been involved in a series of disputes with the Ontario Government. To date all court and arbitration decisions have been found in 407 ETR's favour. An Ontario Government court appeal in respect of the Arbitrator's decision is pending. MIG's legal advice continues to support 407 ETR's position on these matters.

Over the course of the year macroeconomic factors, namely interest and foreign exchange rates, largely balanced out such that they had little net impact on asset valuations.

“MIG is focused on driving value from its existing international portfolio of roads. We will track new opportunities to grow our business by acquiring additional road assets where they meet MIG's investment criteria and divest assets if we believe it creates greater value for security holders.

“Around the world pressure continues on government budgets and public spending is increasingly directed towards delivery of community services. Given the successful track record of the private delivery of toll road projects internationally we see many prospects for toll road developments in the US, UK, Australia, as well as Canada, Portugal, Ireland, Greece, Italy and Poland,” Mr Allen said.

Forecast Distributions
As per the directors' forecast, a distribution of 7.5c per security plus imputation credits was paid for the full year and directors expect payment of a 3.75c distribution per security plus imputation credits for each of the following two half year periods to June 2005.

MIG advised on 4 June 2004 that subject to the successful completion of the Cintra IPO proceeds would be returned to security holders. The precise extent of the return will depend on the final pricing of the IPO, MIG's overall cash requirements and future commitments of MIG at that time.

Performance in Brief

The Interim Financial Report and Appendix 4D are attached.

Full Year Revenue & EBITDA Increase

The following table shows increases over the full year in Revenue and EBITDA for MIG's significant operational toll roads.

# Calculated for A1only
^ EBITDA margin for month of June 2004

Asset Valuations

The following table profiles MIG's asset valuations at 30 June 2004.

Attachments

Download MIG Full Year Results Presentation (pdf 988 KB)
Download MIG Appendix 4E (pdf 40KB)
Download MIG Full Results (pdf 280 KB)
Download MIG Concise Results (pdf 179KB)
Download MIT (I) Full Results (pdf 170KB)
Download MIT (II) Full Results (pdf 236KB)
Download MEI Financial Statements 30 June 2004 (pdf 1.1MB)
Download MIG Aggregated Management Report (pdf 51KB)
MIG Full Results Announcement Webcast
Supplementary information - aggregated cashflows (pdf 52KB)

NOTICE
This document is not an offering of securities or a request for the acquisition of securities in the United States. The shares (the "Shares") of Cintra Concesiones de Infraestructuras de Transporte, S.A. ("Cintra") cannot be offered or sold in the United States either for, or on behalf of, or to benefit persons in the United States (as defined in Regulation S of the US Securities Act 1933 ("US Securities Act 1933"), unless those Shares are registered in accordance with the US Securities Act 1933 or are exempt from registration. The Shares have not been and will not be registered in accordance with the US Securities Act 1933. This document or any copy of it may not be taken or sent to the US, Canada or Japan and may not be distributed, either directly or indirectly, in the US, Canada or Japan or to any resident of these countries.

For further information, please contact:

Alan Stockdale
Global Head, Investor and External Relations
Macquarie Infrastructure Group
Tel: 612 8232 6771
Mobile: 61 0 418 276 366
Email: alan.stockdale@macquarie.com

Media Enquiries
Jane Rotsey
Public Affairs Manager
Mobile: (61) 401 997 160
Email: jane.rotsey@macquarie.com

Investor Enquiries
Peter Johnston
Head of Investor Relations
Mobile: (61) 413 994055
Email: peter.johnston@macquarie.com

Investor Enquiries
Bianca Francis
Investor Relations Manager
Tel: 61 2 8232 5007
Email: bianca.francis@macquarie.com