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Map 2006 Annual Report

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Map 2006 Annual Report MACQUARIE AIRPORTS ANNUAL REPORT 2006 CONTENTS FIVE YEARS OF ACHIEVEMENTS 02 CHAIRMAN’S LETTER 06 CEO’S LETTER 08 2006 KEY EVENTS 10 OPERATIONAL REVIEW AND FINANCIAL HIGHLIGHTS 12 SYDNEY AIRPORT 20 COPENHAGEN AIRPORTS 22 BRUSSELS AIRPORT 24 ROME AIRPORTS 26 BIRMINGHAM AIRPORT 28 BRISTOL AIRPORT 30 ENVIRONMENTAL AND SOCIAL RESPONSIBILITY MANAGEMENT 32 CORPORATE GOVERNANCE STATEMENT 38 FINANCIAL REPORT SUMMARY 56 REMUNERATION REPORT 61 SECURITY HOLDER INFORMATION 62 DIRECTOR PROFILES 63 MANAGEMENT PROFILES 65 COMPANY SECRETARY PROFILES 66 SPECIAL NOTICE 67 CORPORATE DIRECTORY 68 01 FIVE YEARS OF ACHIEVEMENTS 2002 2003 2004 March MAp acquires 36.7% of March MAp acquires 28.0% of March Federal Government Macquarie Airports Group Aeroporti di Roma, operator Approval of Sydney Airport’s (MAG), resulting in indirect of Rome’s Fiumicino and Masterplan stakes of 18.3% and 8.8% Ciampino Airports May Sydney Airport opens in the UK’s Bristol and June Completion of multi-modal expanded duty free shop. Birmingham International transport interchange at MAp acquires further Airports, respectively Birmingham International 21.5% of MAG (increasing April MAp securities list on the Airport its stakes in Sydney Australian Stock Exchange Airport, Aeroporti di Roma, July MAp acquires further 2.9% via an initial public offering Birmingham International of Sydney Airport with a debut market Airport and Bristol capitalisation of A$1 billion August MAp acquires further International Airport) 3.4% of MAG (increasing June MAp acquires 44.7% of June Sydney Airport completes its stakes in Sydney Sydney Airport Customs Office Tower Airport, Aeroporti di Roma, July Sydney Airport acquires Birmingham International August Rome’s Fiumicino Airport Terminal 2 from the Ansett Airport and Bristol opens state-of-the-art Administrator International Airport) Cargo City October Sydney Airport successfully November MAp acquires a further September Sydney Airport successfully refinances A$1.5 billion of 5.0% of Sydney Airport refinances A$2.5 billion of senior debt on superior terms bank debt on superior terms December Net asset backing per December Net asset backing per security is A$2.00 December MAp acquires 52.0% security is A$1.72 of Brussels Airport. Net asset backing per security is A$2.89 02 2005 2006 2007 January Brussels Airport successfully January MAp acquires further 0.6% January MAp announces its intention refinances legacy debt of Copenhagen Airports, to explore disposal of taking MAp’s ownership interest in Birmingham May Bristol International Airport interest to 53.4% Airport. MAp acquires a successfully refinances further 1.2% of Sydney £515 million of debt facilities May Copenhagen Airport Airport taking MAp’s on superior terms completes new car park. ownership interest to 57.0% Brussels Airport completes July Rome’s Fiumicino Airport first phase of new car park March MAp acquires a completes new multi-storey further 15.1% of Sydney car park. Sydney Airport September MAp acquires further 1.9% Airport, taking MAp’s celebrates 85th anniversary of Brussels Airport, taking ownership interest to MAp’s ownership interest September Aeroporti di Roma sells its 72.1%. Sydney Airport to 53.9% 20% interest in Airports completes Terminal 2 Company of South Africa. November Aeroporti di Roma sells retail redevelopment MAp completes acquisition AdR Handling. Standard of further 8.4% of MAG & Poor’s Rating Services (increasing its stakes in raises its long-term credit Sydney Airport, Aeroporti ratings on MAp and di Roma, Birmingham TICkETS to BBB from BBB- International Airport December Sydney Airport successfully and Bristol International refinances A$3.68 billion of Airport). Aeroporti di Roma debt facilities on superior successfully refinances terms. Net asset backing %490 million of loan facilities per security of A$3.93 on superior terms October Bristol International Airport celebrates 75th anniversary December MAp completes acquisition of 52.8% of Copenhagen Airports. Net asset backing per security of A$3.26 03 04 117.5 MILLION PASSENGERS IN 2006 05 CHAIRMAN’S LETTER I would like to thank my fellow board members OPERATIONAL PERFORMANCE and the MAp management team for their Performance has been strong across the MAp support and efforts in 2006. portfolio in 2006, with highlights in both the aeronautical and commercial arms of the businesses. Our focus for 2006 was on consolidating the acquisitions of Brussels and Copenhagen Airports. Traffic growth has been solid across the portfolio, At both of these airports we have been able to with our airline marketing track record being reflected implement our management model to make in strong traffic growth across all of our airports. improvements which have been reflected in We have attracted new services and airlines to all of strong performance. our airports in the past year. In 2006, we also announced increases in our interests Our commercial businesses have also performed well. Across our airports we have approximately 600 retail at two of our airports, Brussels and Sydney. MAp and service outlets utilising over 84,000 square metres acquired an additional 1.9% interest in Brussels Airport of space and serving nearly 120 million passengers in September 2006 and announced its intention to each year. This provides us with opportunities for scale acquire up to an additional 20.9% of Sydney Airport, across our portfolio of airports. subject to pre-emptives, from Ferrovial. In March 2007, MAp acquired an additional 15.1% of Sydney Airport. Cost management has continued to be a focus These acquisitions have increased the total value of for 2006. Notwithstanding increased security costs, MAp’s portfolio by 12.8%. we have been able to significantly reduce other areas of operating expenditure at most of our airports during Strong asset and capital management across our the year. This has been achieved through improved six airports has ensured growing cash flows, and in purchasing and housekeeping practices, combined December 2006 we announced a final distribution with the renegotiation of some service contracts. of 12 cents per stapled security, bringing the total Importantly, this increased efficiency has been distributions for the year to 25 cents per security. achieved while maintaining the highest level of service for all airport users. After year end, we announced the intention of the Capital management remains an important component Macquarie Airports Group (MAG) and the Dublin of our management model. While it is critical to grow Airport Authority to explore the disposal of their and refine the business, it is equally important that the combined 48.25% interest in Birmingham Airport by financial structures supporting each airport are optimal way of a joint sale process. MAp, through our interest for investors. 2006 saw a refinancing of Sydney in MAG, holds a 15.5% interest in Birmingham. Airport, with a very positive outcome. I am saddened to note that the Managing Director of The strong performance of Sydney Airport over the Birmingham Airport, Mr Richard Heard, died in a car past five years is the reason we were able to secure accident in January 2007. I would like to commend such a strong outcome. Following the distributions Richard’s outstanding achievements during his time from the refinancing, Sydney Airport’s shareholders at Birmingham Airport, acknowledge his commitment will have been repaid the original equity investment and enthusiasm, and extend the MAp boards’ sincere that was made in the airport. This is a fantastic condolences to his family and friends. achievement and, as previously mentioned, we are using the proceeds to invest in an increased stake in this valuable asset. 06 While we optimise returns to security holders through Our key initiatives for 2007 include focusing on airport refinancings, we are also careful to manage interest performance and capital management. rate risk through the use of hedging. Airline marketing initiatives remain very much a priority. We had several key successes in 2006 and want to FINANCIAL RESULTS repeat these in 2007. The net result attributable to MAp security holders is $600.5 million for the year to 31 December 2006, Commercial developments, including retail with Net Asset Backing Attributable to Investments expansions and car parking projects, will of $3.93 per stapled security. Proportionate earnings continue at all of our airports. totalled $280.2 million, an increase of 53% over 2005. In terms of MAp’s capital management for 2007, MAp announced an interim distribution of 13 cents we have a number of sources and uses of cash per stapled security in June and a final distribution coming up this year. We will continue to seek of 12 cents per stapled security in December. acquisitions which meet our strict investment The 2007 preliminary distribution guidance is criteria and will explore the option of returning 26 cents per stapled security. capital to shareholders. Your boards and the MAp management team are CORPORATE GOVERNANCE committed to implementing these initiatives and I would like to thank my fellow board members and growing the business for your benefit. I thank you for welcome the appointment in 2006 of Mr Stephen Ward your support and look forward to a challenging and to the board of Macquarie Airports Limited. successful 2007. Stephen is a partner in the Commercial Department of the Wellington office of Simpson Grierson. He has over 20 years’ experience advising New Zealand and international companies on all aspects of companies law, overseas investment and related issues. MAp has continued to apply the ASX Corporate Max Moore-Wilton, AC Governance principles in its 2006 annual report and Chairman details of our corporate governance policies can be Macquarie Airports Management Limited found on page 38 and at www.macquarie.com/map. OUTLOOK 2007 will see further focus on implementing the MAp management model at all of our airports. Our investment criteria are to invest in a portfolio of airports around the world with strong market positions, the potential for traffic growth and for the development of the commercial businesses.
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