MIG Full Year Results and Presentation

25 August 2005

Macquarie Infrastructure Group (MIG) today announced its full year financial results for the year to 30 June 2005.

During the period Total Changes in Equity¹ was an increase of $1,277.2 million compared to an increase of $416.1 million in the previous corresponding period (pcp).  On a proportionally consolidated basis² traffic increased by 15.8%, revenue increased by 27.9% and EBITDA³ from assets increased by 35.9% as compared to pcp.

The smooth operational performance of the roads and a favourable macro economic environment combined to produce Net Assets Per Security, before deferred tax balances and excluding outside equity interests, of $3.81 at 30 June 2005 up 16% from $3.29⁴ at 30 June 2004.

Mr Stephen Allen, Chief Executive Officer of MIG said, “It has been a dynamic and successful year for MIG and its security holders.  At 30 June 2004 MIG’s market capitalisation was $6.4 billion, by 30 June 2005 it had risen to $9.0 billion, an increase of 45%.  In addition, MIG security holders received 77.5 cents in distributions per security, primarily attributable to the sale of Cintra.

“As the MIG business matures our active management model has been evident in the range of acquisition, divestment, refinancing and restructuring activities during the year.  The management team completed more than $6.2 billion in transactions during FY05 and a further $2.2 billion in transactions since balance date,” Mr Allen said.

Significant activity included:

• The realisation of gains on the existing portfolio through the sale of MIG’s investment in Cintra for $1.7 billion cash and a 13.87% direct stake in 407 ETR (Canada) and the sale of Yorkshire Link (UK) for $112 million
• The successful $2.3 billion acquisition and subsequent operational development of the Skyway (USA) 
• The revision of MIG’s corporate structure to facilitate timely distributions from offshore assets 
• The completion of the refinancing of the Airport Motorway and the M5, both in Australia

“In addition, we continue to work closely with road management to ensure the delivery of high quality services to the 1.2 million people who use our roads on an average workday.  This has included ongoing capital investment in road infrastructure and a focus across the portfolio on increasing electronic tag usage that will reduce travel time.

“MIG is committed to driving value from its existing international portfolio of roads and we continue to track new investment opportunities in the United States, Europe and Australia,” Mr Allen said.

Distribution Guidance

Distribution guidance for the 2006 financial year is 21 cents per stapled security, to be paid in two instalments of 10 cents and 11 cents respectively.

Subject to continued performance, MIG Directors’ consider there is potential for future growth in distributions in the 2007 financial year.

Financial Performance in Brief

Net Asset Performance

*Adjusted for the components of the December 2004 and June 2005 distributions attributable to the sale of Cintra

Full Year Revenue & EBITDA

The following table shows increases over the 12 months to 30 June 2005 compared to pcp in Revenue and EBITDA for MIG’s significant operational toll roads.

*M6 Toll was opened to traffic on 14 December 2003.
**EBITDA margin of Eastern Distributor excludes concession loan note fees. MIG proportionately consolidated EBITDA margin includes concession loan note fees.

• Download Appendix 4E (pdf 84KB)
• Download Presentation (pdf 424 KB)
• Download Financial Report (pdf 424 KB)
• Download Concise Financials (pdf 266 KB)
• Download MIT(I) Financial Report (pdf 439 KB)
• Download MIT(II) Financial Report (pdf 351 KB)
• Download MIBL Financial Report (pdf 295 KB)
• Download Aggregated Management Report (pdf 119 KB)

¹ Total Changes in Equity reflects the valuations of controlled and non-controlled assets, ie, all MIG’s investments
² This proportionately consolidated information includes, for both 2004 and 2005, only those assets that MIG held an interest in at 30 June 2005. The contribution of individual assets reflects the proportion of MIG's equity ownership at 30 June 2005, for both current and prior years. This information has not been prepared in accordance with Australian Accounting Standards (GAAP). In particular, control considerations relevant to accounting for investments under Australian GAAP have not been applied.
³ Earnings before interest, tax, depreciation and amortisation
⁴ This amount is adjusted for the $0.70 cent component of the December 2004 and June 2005 distributions attributable to the sale of Cintra.

For further information, please contact:

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

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

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