Macquarie Infrastructure Group
From IntFX
See also: MIG for realtime information.
Macquarie Infrastructure Group (MIG) develops and operates toll roads in about seven countries across the world. The Company is managed by Macquarie Bank Group and leverages the bank’s infrastructure expertise and relationships by sourcing and acquiring toll road assets at competitive prices.
MIG’s geographically diversified portfolio includes 11 user pay toll roads assets:
- US: South Bay Expressway (50% owned by MIG), Skyway (22.5% owned by MIG),
- Dulles Greenway (50%), Indiana Toll Road (25%)
- Canada: 407 ETR (30%)
- Australia: Westlink M7 (47.5%)
- United Kingdom: M6 Toll (100%)
- France: APRR (20.4%)
- Portugal: Vasco da Gama Bridge and 25th April
- Bridge (30.6%)
- Germany: Warnow Tunnel (70%)
MIG consists of three entities including Macquarie Infrastructure Trust (I), Macquarie Infrastructure Trust (II) and Macquarie Infrastructure Group International Limited. The three entities form a stapled security structure that trade as one security on the Australian Stock Exchange (ASX). The Company got listed on ASX in December 1996.
[edit] Strategy
MIG seek to invest in, develop and manage quality toll road assets that are accretive to its portfolio over the long term. The Company’s current weighted average length of concessions remaining is 61 years. MIG is focuses on assets in OECD or OECD-like countries.
The Company looks for new growth opportunities by acquiring additional toll road assets meeting its investment criteria, and divesting assets if that creates greater value for security holders. MIG leverages Macquarie Bank’s infrastructure expertise and financial innovation to introduce new ways of funding long term toll road concessions.
[edit] Financial performance
MIG’s revenues and other income increased 158.4% to A$2,740.4 million in 2007 from A$1,060.2 million in 2006. During the same period, the Company’s EBIT increased 542.1% to A$2,110.5 million in 2007 from A$328.7 million in 2006 and its net profit increased 653.6% to A$2,242.4 million from A$343.1 million in 2006. On the similar lines, MIG’s EBIT margin increased to 77.0% from 31.0% in 2006 and net profit margin increased to 81.8% from 32.4% in 2006.
