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MAp shares dip on financial report for Sydney Airport

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