Australian Infrastructure Fund reports positive results in FY2010

Australian Infrastructure Fund (AIX) revenue up 9.8% - financial highlights for the 12 months ended 30-Jun-2010:

• Revenue: USD275.4 million, +9.8% year-on-year;
• Revenue excl unrealised gains/losses: USD63.4 million, +7.2%;
  • Perth Airport**: USD17.2 million, +346.8%;
  • Australia Pacific Airports Corp: USD13.3 million, +1.3%;
  • Queensland Airports Ltd: USD11.6 million, +38.8%;
  • Northern Territory Airports: USD3.6 million, -0.8%;
  • HTAC: USD7.9 million, -55.9%;
  • Port of Portland: USD2.1 million, +9.7%;
  • Port of Geelong: USD1.1 million, -21.2%;
• EBITDA: USD167.9 million, +14.0%;
• Net profit: USD168.3 million, +90%;
• Total assets: USD1,478 million, +19.4%;
• Total liabilities: USD51.7 million, -70.5%;
• Gross cash flow from assets: USD60.6 million, -6.5%;
  • Perth Airport: USD16.8 million, +2.3%;
  • Australia Pacific Airports Corp: USD13.3 million, +1.3%;
  • Queensland Airports Ltd: USD11.6 million, +38.9%;
  • NT Airports: 4.7 million, +30.0%;
  • HTAC: USD5.3 million, -58.4%;
• Net operating cash flow: USD43.2 million, +71%. [more]

*Based on the average conversion rate at USD1 = AUD1.13652 during the reporting period
**In 2009, AIX received AUD14.2 million from Perth Airport in the form of a shareholder loan payment. This amount is not included in revenue for 2009 but is included in the cash flow

Australian Infrastructure Fund: "The growth in passenger numbers at the Australian airports, which comprise 81.7% of the AIX portfolio, is expected to continue, with a number of the airports in the portfolio planning to significantly expand their facilities to cater for this growth. As noted above, a number of airports have already completed, or are in the process of completing, significant expansions. In Europe, the economic conditions post GFC remain difficult, with austerity measures in place in most European states, including Greece and Germany. We remain, however, cautiously optimistic that the European airports in which AIX invests, and which comprise 12.5% of the portfolio, will produce a solid performance in the years ahead," Company statement. Source: Australian Infrastructure Fund, 25-Aug-2010.