Macquarie Airports posts positive half-year results

Nicole Mezzasalma

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Statement also announces an agreement to acquire a further 3.2% interest in Brussels airport

Macquarie Airports (MAp) has announced positive half-year financial results for the six months ended June 30 and paved the way for future acquisitions. The company has also revealed an agreement to acquire a further 3.2% interest in Brussels airport from Macquarie International Infrastructure Fund (MIIF) for approximately A$85m ($69.5m). The transaction is subject to approval by MIIF security holders and would bring MAp’s interest in Brussels to 57.1%

The firm’s proportionate EBITDA rose by 9% compared to same period last year and revenues registered a 5.8% proportionate increase. Proportionate EBITDA margin improved to 65.1% from 63.3%, excluding MAp’s stakes in Birmingham International airport and Rome’s Fiumicino and Ciampino airports, which were all sold earlier this year.

MAp CEO Kerrie Mather said: “We have delivered on all the initiatives that we laid out at the time of our 2006 full-year results in February. Our model of enhancing EBITDA growth through delivery of commercial initiatives and productivity gains continues to be successful. The operating outlook for the portfolio remains positive.

“The sales of Rome and Birmingham, generating IRR [internal rates of return] in excess of 20%, and refinancing of Sydney and Brussels have generated substantial cash surpluses. This leaves MAp very well positioned against the backdrop of the current market uncertainty and provides maximum flexibility to take advantage of any opportunities which may arise. Capital management initiatives remain an option if appropriate investment opportunities cannot be identified.”

Mather added that MAp has invested almost A$1bn ($817.2m) in “high quality assets at attractive prices”, and that the company would continue to seek opportunities to improve its portfolio.