Macquarie Airports
From IntFX
See also: MAP for realtime information.
Macquarie Airports (MAp) privately owns and operates five airports. MAp’s diversified portfolio of high quality airport assets include:
- Copenhagen Airport – 53.4% owned by MAp
- Birmingham Airport – 15.5% owned by MAp
- Bristol Airport – 32.1% owned by MAp
- Brussels Airport – 54.9% owned by Map
- Sydney Airport – 72.1% owned by Map
Almost 120 million passengers use the airports in MAp’s portfolio each year.
MAp’s organization structure consists of three entities:
- MAL, a mutual fund company, which holds shares in MAG and co-investments with MAG. MAL is advised by MIMUK.
- Macquarie Airports Trust 1 (“MAT1”), an Australian registered managed investment scheme, is the vehicle used by MAp to acquire non-controlling interests in airports.
- Macquarie Airports Trust 2 (“MAT2”), an Australian registered managed investment scheme, is the vehicle used by MAp to acquire controlling interests in airports.
Macquarie Airports Management Limited is responsible for each of MAT1 and MAT2. MAp’s staple security consists of one share in MAL, one unit each in MAT1 and MAT2.
MAp is managed by a specialist team of Macquarie infrastructure who has expert knowledge and experience in international airport ownership and operation.
Macquarie Airports got listed on the Australian Stock Exchange (ASX) in April 2002.
[edit] Strategy
MAp’s focuses on acquiring and actively managing airports to improve their financial performance and provide investors with a combination of capital growth and growing cash yields.
Tha Company's criteria for investment in airports includes dominant market position, higher than average earnings growth potential, surplus capacity, under-developed commercial opportunities, potential for economies of scale to drive earnings margin growth and potential to increase returns to investors by optimising capital structure.
MAp’s experience in achieving the best outcomes for the broad range of airport stakeholders underpins its ability to add value through improved commercial and financial performance. It does this by attracting new airlines and services, growing the commercial business and the ongoing management of the airports’ capital structure.
[edit] Financial performance
MAp’s revenues and other income increased 2.2% to A$1,479.2 million in 2006 from A$1,448.0 million in 2005. During the same period, while the Company’s EBIT declined 43.3% to A$677.2 million in 2006 from A$1,262.0 million in 2005; its net profit increased 1.8% to A$731.8 million from A$719.1 million in 2005. MAp’s EBIT margin declined to 45.8% from 87.2% in 2005 and its net profit margin declined to 49.5% from 49.7% in 2005.
