MAp - Full Year 2005 Results Sydney Airport

20 July 2005

Southern Cross Airports Corporation Holdings (SCACH) today announced its results for the year to 30 June 2005¹.

MIIFSCACH reported EBITDA (earnings before interest, tax, depreciation and amortisation) of $495.2m (excluding specific expenses) for the year to 30 June 2005, which represents an increase of 14.0% over the previous corresponding period (pcp)².

Macquarie Airports (MAp)³ CEO, Ms Kerrie Mather, said “Sydney Airport has achieved its third consecutive year of double-digit earnings growth since privatisation and is well positioned for the future following a year of significant investment and business development. Aeronautical revenue growth is broadly in line with traffic growth of 7.1%. Strong performances were recorded in both commercial trading and the property business, increasing 9.8% and 15.0% respectively.

“MAp’s strategy of reinvesting in airport infrastructure across all airports in its portfolio has been reflected in capital expenditure on a broad range of initiatives at Sydney over the year. Work is underway on both runways and terminals in preparation for Sydney to receive one of the world’s first A380 aircraft arrivals next year. There have also been developments across all commercial areas of the business during the past 12 months to provide improved facilities, greater choice and value for passengers. Investments have included finalisation of expanded retail facilities, improved food and beverage areas to bring high quality, well-known brands to the airport, as well as the introduction of more foreign exchange booths.

“Car-parking capacity at the Airport has been expanded by 2,700 new spaces to meet strong demand for domestic and long-term parking, and a tender process is now underway to secure expert third-party management for parking in the future. Tenders will also be finalised shortly to enhance advertising opportunities across the Airport,” Ms Mather said.

“A number of property initiatives were completed during the year including the DHL Oceania Hub Facility, the Accor Formula 1 hotel and multi-storey office facilities housing Customs and the Australian Federal Police. Work is well progressed on planning to continue to meet the demands for further facilities from airlines and airport users.

“Investments have also been made in customer service with additional resources and systems established to support the Airport’s quality of service strategy, and to ensure Sydney can maintain its position in the world’s Top 10 airports worldwide as ranked by the globally recognised AETRA survey, “ Ms Mather said.

“More than $465m has been spent on capital expenditure since the privatisation of Sydney Airport, including a substantial investment in security measures. These investments, coupled with ongoing management of operational expenses, provide a solid platform to support the future financial performance of the Airport.” Ms Mather said.

¹A copy of the Sydney Airport media release is available to download
² Results based on unaudited management accounts.
³ MAp holds a 55.8% beneficial interest in Sydney Airport through its interest in SCACH.  Sydney Airport represents 49% of MAp’s portfolio of international airports.

• Download Sydney Airport Media Release (pdf 32 KB)

For further information, contact:

Media Enquiries
Jane Rotsey
Public Affairs Manager
Mobile: (61) 401 997 160
Email: jane.rotsey@macquarie.com

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Stuart Green
Head of Investor Relations
Tel: (612) 8232 8845
Email: stuart.green@macquarie.com