A global infrastructure developer and operator.

Financial Results

ASX Releases

Investor Presentation March 2018

08 Mar 2018

Macquarie Atlas Roads (MQA) has updated its investor presentation following the release of its 2017 full year results.

Full Year 2017 Results

28 Feb 2018

Macquarie Atlas Roads (MQA) today announces its full year results for the 12 months ended 31 December 2017.

APRR and AREA Toll Increases

02 Feb 2018

Macquarie Atlas Roads (MQA) notes that, with effect from 1 February 2018, tolls on the APRR and AREA motorway networks will increase by 2.00% and 2.04% respectively.

Notice of 2017 Full Year Results Presentation

31 Jan 2018

Macquarie Atlas Roads (MQA) will announce its results for the full year ended 31 December 2017 on Wednesday 28 February 2018.

Investor Resources

Frequently asked questions

Macquarie Atlas Roads' code on the Australian Securities Exchange (ASX) is "MQA" and it listed on 25 January 2010.

The directors have no current intention to list MQA on any other stock exchange.

An MQA security is made up of:

  • one share in Macquarie Atlas Roads Limited; and
  • one share in Macquarie Atlas Roads International Limited.

The shares which comprise an MQA security are stapled together and cannot be traded separately

Fees paid to MFA comprise a base management fee and a performance fee.

The base management fee is payable quarterly in arrears, and is calculated as 0.85% of the market capitalisation of MQA at the end of each quarter.

The performance fee calculated is 15.00% of the dollar value of MQA's outperformance of the S&P/ASX 300 Industrials Accumulation Index (Benchmark Return). It is determined annually and is payable in three equal annual instalments. The second and third instalments are only paid if MQA's performance equals or exceeds that of the index on a cumulative basis over the two- and three-year periods to each respective instalment date.

Any underperformance of the Benchmark Return in a particular year must be carried forward and recouped before a performance fee may be earned in a subsequent period.

No, MQA does not send out annual tax statements or tax booklets. Investors should refer to the dividend/distribution statements sent at the time of each dividend/distribution payment when completing their tax returns.

Your cost base in MQA will depend on your original cost base in MIG. A calculator to help you determine the apportionment of your MIG cost base into your cost bases in MQA and Intoll is provided here. We recommend that investors consult a professional tax advisor if they have any questions about calculating cost bases or taxes.

MQA does not currently hedge foreign exchange exposure on overseas investments and does not intend to do so in the future. However MQA often hedges the foreign exchange risk of future overseas equity commitments, and in the case of new acquisitions, if any, MQA will hedge the foreign exchange risk on the acquisition price.

All changes to your shareholding details need to be made through the share registry, Computershare. Contact details are below.

You can also download the change of address form from the internet yourself. Simply log onto the Computershare website. Go to investors/address change. Once you've filled out the form you can either:

Fax to: +61 2 8234 5050 or
Mail to: Computershare Investor Services Pty Ltd
GPO Box 7045
Sydney NSW 1115

The ATO has developed information to assist investors who own stapled securities determine their capital gains tax (CGT) obligations. Click on the following link to read more: ATO information on stapled securities.

MQA is listed on the ASX and therefore MQA securities can be purchased through any ASX registered broker.

MQA is a stapled structure consisting of Macquarie Atlas Roads Limited (MARL) (an Australian public company) and Macquarie Atlas Roads International Limited (MARIL) (an exempted mutual fund company incorporated in Bermuda).

MQA was created out of Macquarie Infrastructure Group (MIG). MQA owns and manages the interests of the MQA portfolio being APRR, ADELAC, Dulles Greenway and Warnow Tunnel.

The MARL shares and MARIL shares which together comprise an MQA security are each linked together and cannot be traded separately.

Macquarie Fund Advisers Pty Limited (MFA) is the manager of MARL and adviser to MARIL.

  • MARL = Macquarie Atlas Roads Limited
  • MARIL = Macquarie Atlas Roads International Limited

Stapling allows investors to invest in different entities that are traded as one. This means that investors can receive the benefits of investing in different types of entities (eg Australian and Bermudan companies) within the one traded instrument. Generally, a stapling deed governs the stapling arrangements.

Where a foreign security is stapled to a domestic security, the regulatory/corporate governance requirements of both jurisdictions must be considered. This gives additional comfort to security holders, given the regulatory/corporate governance standards must always meet the "highest common standard".

MQA commenced payment of dividends/distributions in April 2013. The potential for payment of a dividend/distribution is assessed by the boards every six months as cash is received by MQA from its assets.

For capital gains tax purposes, investors may need to allocate the acquisition or sale price of an MQA security between MARL and MARIL. Suggested splits are provided here. We recommend that investors consult a professional tax advisor if they have any questions about calculating cost bases or taxes.

While there is always some additional risk (mainly currency risk) in diversifying overseas, our research showed that toll road usage behaviour is very similar in western developed countries to that in Australia, and the same toll road fundamentals apply.

Generally, MQA's investments reduce their interest rate exposure by fixing some proportion of the debt for each asset.

MQA's share registry is Computershare Investor Services Pty Limited. Their details are:

  • Telephone: 1800 267 108 (toll free number for calling within Australia)
  • Telephone: +61 3 9415 4053 (for international calls)
  • Fax: +61 8234 5050
  • Address: Computershare Investor Services Pty Ltd, GPO Box 7045, Sydney NSW 1115
  • Email: 
  • Website: