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Macquarie Power Income Fund Announces Fourth Quarter And Eight Months Results |
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11 February 2005 TORONTO, February 11, 2005 – The Macquarie Power Income Fund (TSX: MPT.UN - the “Fund”) announced today results for the fourth quarter and eight months ended December 31, 2004 (the “Quarter” and the “Period”, respectively). The Fund has posted strong operating results for the Quarter and Period and has exceeded its forecast. Revenue from energy sales for the Quarter and Period were $24.3 million and $55.8 million, respectively. This compares to a forecast of $24.3 million and $55.2 million for the Quarter and Period, respectively. Earnings before interest, taxes, depreciation and amortization and unrealized gains and losses (“EBITDA”) were $8.5 million and $16.2 million for the Quarter and Period, respectively, compared to $8.0 million and $13.8 million for the forecast. The significant improvement in EBITDA for the Period of $2.4 million is primarily due to higher power rates on sales, lower gas transmission rates, as well as lower maintenance costs as a result of the decision to shift preparatory work for the 2006 major maintenance activities closer to the date of the scheduled maintenance. During the Period, the Fund generated distributable cash of $14.2 million, ($0.669 per unit) which exceeded forecast by $2.2 million. ($0.10 per unit). Declared distributions during the Period were $13.5 million ($0.636 per unit), resulting in a payout ratio of 95.1%. Distributions were paid out of cash resources available and no reserve accounts were drawn down. As at December 31, 2004, the Fund had cash and cash equivalents totalling $10.9 million, of which $8.2 million was allocated to its general, major maintenance and capital expenditure reserve accounts. The balance of this amount is maintained as free cash on hand and is available to finance the seasonality of operations. “I am pleased to report that during its first eight months of operations the Fund has performed ahead of expectations, underpinned by the strength of the Cardinal Power Plant,” said Bob Rollinson, President and Chief Executive Officer of the Fund. “Subsequent to our successful Initial Public Offering of April 2004, we have achieved a number of operational milestones and continue to exercise financial discipline while maximizing operating results at the Cardinal facility.” “Providing our Unitholders with stable and reliable monthly distributions remains a top priority for the Fund’s management. The Fund continues to review opportunities for growth through prudent acquisitions,” commented Mr. Rollinson. “We believe our achievements this year and focus on growth will allow us to continue to deliver value to our Unitholders.” Tax information for Unitholders, for the 2004 year, will be forwarded to the Canadian Depository for Securities Limited (CDS) and details will be posted on the Fund’s website. Brokerage firms will receive tax information from CDS, and have the responsibility for preparing the required tax slips (T5013) for mailing to Unitholders no later than March 31, 2005. Conference Call Macquarie Power Income Fund is an unincorporated limited purpose trust which indirectly owns a 156MW gas fired cogeneration power station located in Cardinal, Ontario. The Fund’s units are listed on the Toronto Stock Exchange under the symbol MPT.UN. The Fund is managed by Macquarie Power Management Ltd , a wholly owned subsidiary of Macquarie Bank Limited and a member of the Macquarie group. Additional information about the Macquarie Power Income Fund can be found at http://www.sedar.com or www.macquarie.com/mpt For additional information please contact:
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