Loading

MAp shares dip on financial report for Sydney Airport

Analysis

Shares in MAp lost 3.2% yesterday, ahead of the release of airport operator's financial report for Sydney Airport for the three months and 12 months ended 31-Dec-2009. MAp increased its revenue by 11.1% and 5.0% in both periods, respectively, as revenue per passenger increased 3.6% year-on-year for the three months 31-Dec-2009 and 4.6% year-on-year for the 12 months ended 31-Dec-2009. Shares have fallen a further 2.7% in trading today.

Despite an increase in costs by 7.2% in the fourth quarter and 6.1% for the full year, EBITDA was up 13.5% year-on-year for the three months ended 31-Dec-2009 and 6.1% for the 12 months ended 31-Dec-2009. MAp CEO, Kerrie Mather, stated the company took pre-emptive action on costs at the end of 2008 and in early 2009. Ms Mather added MAp has strengthened its balance sheet due to "decisive action by shareholders", which as a result has left Sydney Airport in a "strong" financial position, which no "refinancing requirements until late 2011".

Other financial highlights* include:

  • Three months ended 31-Dec-2009:
    • Revenue: USD213.2 million, +11.1% year-on-year;
    • Aeronautical: USD88.2 million, +17.8%;
    • Aeronautical security recovery: USD17.2 million, +2.0%;
    • Retail: USD47.7 million, +7.4%;
    • Property: USD28.6 million, +1.1%;
    • Commercial trading: USD28.5 million, +8.2%;
    • Operating costs: USD38.4 million, +7.2%;
    • EBITDA before specific expenses: USD174.1 million, +11.8%;
    • EBITDA: USD173.8 million, +13.5%;
    • Revenue per passenger: USD22.59, +3.6%;
  • 12 months ended 31-Dec-2009:
    • Revenue: USD768.6 million, +5.0%;
    • Aeronautical: USD309.6 million, +8.2%
    • Aeronautical security recovery: USD66.4 million, +1.5%;
    • Retail: USD173.6 million, +0.4%;
    • Property: USD107.1 million, +5.7%;
    • Commercial trading: USD105.5 million, +3.1%;
    • Operating costs: USD144.2 million, +1.2%;
    • EBITDA before specific expenses: USD621.8 million, +5.6%;
    • EBITDA: USD621.0 million, +6.1%;
    • Revenue per passenger: USD23.30, +4.6%.

*Based on the conversion rate at USD1 =AUD1.11

MAp also informed of the financial close of the transaction to acquire an additional 3.0% beneficial interest in Brussels Airport from Global Infrastructure Fund II. As a result, MAp increased its beneficial interest in Brussels Airport from 36.0% to 39.0%.

Selected airports daily share price movements (% change): 21-Jan-2010

Want More Analysis Like This?

CAPA Membership provides access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More