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You are here: Macquarie International Infrastructure Fund (MIIF) > Investment portfolio > Canadian Aged Care |
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Aged care:
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| Investment | Description |
| Date of acquisition | 24 November 2005 |
| Cost of acquisition | S$164.9 million |
| Valuation(1) | S$87.8 million(2) |
| MIIF's ownership | 55.0% interest |
| % of MIIF portfolio | 7.7% |
(1) Based on 30 June 2009 valuations.
(2) The decrease in valuation reflects the new Long-Term Care Homes Act 2006 (the Act) and subsequent revision in CAC's debt assumptions. Prior to the Act, which received Royal Assent in June 2007, LTC licences in the Province of Ontario had one-year terms subject to automatic renewal provided that compliance requirements were met. The Act fixed term limits on LTC licences, ranging from 15 to 25 years depending on a home's structural classification. The S$ appreciation against the C$ since acquisition has also contributed to the decrease in valuation.
CAC is a portfolio of long-term care facilities (LTC) in Ontario, Canada. Operating since 1975, CAC provides 4,396 beds across 26 LTC facilities, one retirement home and one independent living facility.
CAC is currently the third-largest operator of LTC homes in Ontario. LTC homes are a vital part of a community’s social infrastructure and share features that characterise other high-quality infrastructure businesses, including relatively stable revenue, significant barriers to entry and low demand variability.
An LTC home that provides basic accommodation for at least 40 percent of residents may offer the remaining residents preferred accommodation in semi-private or private rooms. The LTC home operator retains the premiums collected for such accommodation, which typically increases revenue and enhances profitability.
| Financial highlights for the six months ended 30 June 2009(1) |
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| C$m |
2009
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2008
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Variance Fav/(Adv)(2)
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|---|---|---|---|
| Revenue |
130.5
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117.8
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10.8%
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| EBITDA |
14.2
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14.2
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-
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| EBITDA margin |
10.9%
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12.1%
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(1.2%)
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| Distributions to MIIF (S$m) |
7.2
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8.4
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(14.3%)
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(1) Based on unaudited financial statements.
(2) Favourable/(Adverse)
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Investment portfolio
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