MAp Full Year Results for Period Ended 31 December 2005


Macquarie Airports (MAp) today announced its financial results for the year ended 31 December 2005 and upgraded preliminary distribution guidance for 2006.

The net result attributable to MAp security holders is $1,079.3m (before security holder finance costs) for the year to 31 December 2005 up from $867.6m (restated for A-IFRS) for the year to 31 December 2004, an increase of 24.4%.

MAp has upgraded its preliminary distribution guidance for 2006 to 25 cents per stapled security. For 2005, MAp paid a full year distribution of 20 cents per stapled security in line with previous guidance. Following the increased 2006 guidance, MAp has increased its distributions 46% on a compound annual basis since listing in 2002.

Due to a combination of strengthening operating cash flows and acquisitions during the year, the Asset Backing Attributable to Investments1 is $3.26 per stapled security, up from $2.89 as at 31 December 2004.

MAp Chief Executive Officer, Ms Kerrie Mather said, "The past year has continued to demonstrate the attractiveness of airports as an investment class and the benefits that can be achieved from MAp's active management model. MAp's airports have achieved continued positive EBITDA2 growth and increased free cash flow.

"The Board and Management of MAp consider the outlook for 2006 to be positive. We expect traffic will continue to grow across the portfolio assuming no external shocks. This growth will be driven by increased airline capacity across all sectors and extensive airline marketing initiatives undertaken at each airport.

"MAp's focus for the year ahead will be the continued integration of Brussels and Copenhagen Airports into the portfolio, the ongoing implementation of business initiatives at all our airports and the active management of capital structures across the portfolio to ensure maximum cash available for distribution to investors," Ms Mather said.

Performance in Brief


Net Result Attributable to MAp Security Holders before Security Holders Finance Costs


Total Investments*


Asset Backing Attributable to Investments per Stapled Security



MAp paid distributions of 20 cents per stapled security for the 12 months to 31 December 2005.

MAp has upgraded its preliminary distribution guidance to 25 cents per stapled security for the 12 months to 31 December 2006.

The preliminary distribution guidance is subject to change due to the impact of either any external stocks to the aviation industry or any material changes in the forecast assumptions, including proposed refinancing of MAp's airports.

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