MACQUARIE AIRPORTS
MAp Result Demonstrates a Strong Financial Position
MAp - Summary of MAp 1H08 Results - Ms Kerrie Mather, CEO
Wed, 20 Aug 2008 11:10AM
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Ms Kerrie Mather
Wed, 20 Aug 2008
11:10AM Australia/NSW
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MACQUARIE AIRPORTS (MAP)
ASX code: MAP
Website: http://www.macquarie.com.au/map
Industry: Transportation
Principal Activities:
Airport Investment Fund
Address:
1 Martin Place, Level 11
SYDNEY
NSW
Phone: +61 2 8232 9634
Fax: +61 2 8232 4713
Executives & Directors
Mr Max Moore-Wilton , Director, Non Exec. Chairman
Ms Kerrie Mather , CEO
Mr Michael Carapiet , Executive Director
Ms Sharon Beesley , Non Exec. Director
Mr Trevor Gerber , Independent Director
The Hon Michael Lee , Independent Director
Mr Bob Morris , Independent Director
Mr Jeffrey Conyers , Independent Director
Mr Stephen Ward , Independent Director
Mr John Roberts , Alternate Director
Mr Graeme Johnson , CFO
Mr Keith Irving , Investor Relations
Ms Sally Webb , Company Secretary
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Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
MACQUARIE AIRPORTS (MAP) Events
Australia/NSW
MACQUARIE AIRPORTS (MAP)
| MAp Traffic - October 2008 | Thu, 20 Nov 2008 |
| MAp Portfolio and Capital Review Update | Wed, 12 Nov 2008 |
| Financial Close - Disposal of Partial Interests | Thu, 6 Nov 2008 |
| Macquarie Airports Foreign Ownership Level | Mon, 3 Nov 2008 |
| Change in substantial holding | Fri, 31 Oct 2008 |
| 9 months and 3Q08 Results for Copenhagen Airport | Thu, 30 Oct 2008 |
| MAp Nine Months and 3Q08 Results for Core Portfolio | Thu, 30 Oct 2008 |
| MAp 9 Months and 3rd Qrtr 2008 Results for Brussels Airport | Wed, 29 Oct 2008 |
| MAp Portfolio and Capital Review Update | Fri, 24 Oct 2008 |
| MAp Corporate Governance | Wed, 22 Oct 2008 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
INTERVIEW WITH KERRIE MATHER, CHIEF EXECUTIVE OFFICER OF MACQUARIE AIRPORTS (MAP)
“MAp Result Demonstrates a Strong Financial Position”
http://www.brr.com.au/event/49636
WEDNESDAY, AUGUST 20, 2008, 11:10 AM.
BRR Today on Boardroom radio welcomes Kerrie Mather, Chief Executive Officer of MacQuarie Airports, who recently announced their first half results for its
10 portfolio of airports and the results of the portfolio and capital reviews. So Kerrie, did the market responded very positively to the announcement?
MAP Yes.
BRR Kerrie, could you firstly please briefly outline the operating results for the first
15 half of 2008?
MAP Yeah. Well, MAp’s results, MAp’s Airport achieved a solid EBITDA growth of 9.6% for the first half of 2008, reflecting the wide range of aero and commercial initiatives that we’ve put in place. Proportionate earnings was up 13.3% and proportionate earnings per share increased just over 12%. And
20 these growth results reflect the, you know, the resilient nature of our airport portfolio and demonstrate that we’re in a strong financial position.
BRR Moving on to the portfolio and capital revenue, can you just take us through initiatives to be undertaken, please?
25 MAP Sure. The operating performance of our airport portfolio has been strong. The last 12 months have been challenging for equity markets and MAp security prices definitely have not been immune to market volatility. So despite the solid performance and the value of our airports, there’s been disconnect with the security price and our focus has been on delivering and enhancing
30 security holder value. Hence, we took the opportunity to our most recent semi-annual business planning evaluation process to conduct a comprehensive portfolio and capital review. And as a result of that review, we’re launching a withdrawal of the partially redeemed TICkETS which is our hybrid capital instrument and after completing that, we’ll defease the
35 remaining balance of TICkETS. And secondly, we’re seeking security holder approval for a buyback of up to A$1 billion of MAp securities. And then to facilitate these actions, in addition to our existing cash flow list, we intend to do best stakes in Copenhagen and Brussels and we’ve been able to achieve sale prices of directors’ valuations. In fact, at very significant premiums to our
40 original acquisition prices of 45% to 50% respectively without moving management influence. And finally, in addition to the review, we’ve acquired an interest in ASUR which is an exciting growth opportunity offering returns superior to those currently on offering a privatization space.
45 BRR So Keri, why are your conducting this actions at this time? Are the underlying issue is with respect to the financial position?
MAP Well, certainly not. MAp continues to be operationally strong and financially sound. The initiatives we’ve announced today will put MAp on the strongest possible footing in this really challenging environment and position us well for future growth. I guess, the comprehensive package accomplishes a deleveraging and also a simplification of the MAp balance sheet, but also enhances our distribution quality and sustainability. Secondly, it validates the value of our assets and I believe in both those values. And of course MAp is
5 an investment proposition, and also reinforces our investment discipline and demonstrates our ability to continue to sought accretive growth opportunities with the example of Mexico that we’ve just announced. So I just wanted to reiterate that MAp is in a solid financial position and that the initiatives we’ve announced today further strengthen our position.
10
BRR Kerrie, it’s certainly a comprehensive set of measures that you’ve announced today. Any final comments?
MAP Well, it’s clear that we’re being proactive in our approach. The actions will deliver significant security holder value and put us on the strongest possible
15 footing in a really challenging environment, but also position us well for future growth.
BRR Kerrie, thank you again for joining us on Boardroom Radio and delivering this positive news to the market. We appreciate it and look forward to catching up
20 with you again soon.
MAP Thanks, Cameron.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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