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Macquarie Communications Infrastructure Management Limited is not an authorised deposit-taking institution for the
purposes of the Banking Act (Commonwealth of Australia) 1959, and Macquarie Communications Infrastructure
Management Limited's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008
583 542 ("MBL"). MBL provides a limited AUD1,750,000 guarantee to the Australian Securities and Investments
Commission in respect of Corporations Act obligations of Macquarie Communications Infrastructure Management
Limited as a responsible entity of a managed investment scheme. MBL does not otherwise guarantee or provide
assurance in respect of the obligations of Macquarie Communications Infrastructure Management Limited, the
performance of funds managed by Macquarie Communications Infrastructure Management Limited or the repayment of
capital.
141106_2.DOC
Macquarie Communications Infrastructure Group
INTERIM RESULTS FOR PERIOD ENDED 31 DECEMBER 2004
Macquarie Communications Infrastructure Group (MCG) today announced its financial results for
the half year ended 31 December 2004.
MCG has achieved operating revenues of $97.8 million for the half year, approximately 16%
above the previous corresponding period (pcp), and earnings before interest, tax, depreciation
and amortisation and pre fees (EBITDA pre fees) of approximately $58.4 million, approximately
23% above the pcp.
MCG CEO Mr Scott Davies said “The MCG results reflect the sustained strong operating
performance of MCG’s cornerstone asset, Broadcast Australia (BA), which delivered substantial
revenue and EBITDA improvements for the period mainly as a result of the continued rollout of
digital terrestrial television services and the ongoing provision of quality broadcasting
transmission to customers.
“Significantly, BA’s revenues increased by 15.5% and EBITDA by 23%, resulting in an EBITDA
margin improvement to 61.1%, above the pcp margin of 57.4%. BA’s ability to both grow
revenue and increase profitability is an important demonstration of BA’s underlying strength and
solid outlook.
Mr Davies said the six months to 31 December 2004 was also marked by the announcement of
MCG’s acquisition of a 54% interest in ntl:broadcast in the United Kingdom for £342.0 million
(A$854.8 million) and associated capital raising.
“MCG has been transformed by the ntl:broadcast acquisition. MCG has more than doubled in
size to a market capitalisation of A$2.4bn and now has a significantly enhanced portfolio with two
complementary assets in BA and ntl:broadcast,” Mr Davies said.
“The high level of demand and success of the capital raising reflected the strong support from
existing security holders and the market for the acquisition of ntl:broadcast and of MCG's broad
strategy.
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Macquarie Communications Infrastructure Management Limited 2
Macquarie Communications Infrastructure Limited
Macquarie Communications Infrastructure (Bermuda) Limited
“The ntl:broadcast acquisition completed 31 January 2005 and the business transition is well
underway. MCG is confident that the addition of ntl:broadcast, with its strong order book and
accompanying cashflows, will complement BA’s excellent performance and outlook.
“Both BA and ntl:broadcast are also well positioned to benefit from the continuing evolution of
digital broadcasting and the expansion of broadcast networks and applications, which offers the
opportunity for continued earnings growth for MCG and its assets,” Mr Davies said.
Distributions
In December 2004, MCG announced an interim distribution of 14.4 cents per stapled security for
the half year to 31 December, in line with forecasts. This represents significant outperformance
after taking into account the extra securities on issue due to DRP participation and the
reinvestment of performance fees in securities. The interim distribution was paid on
14 February 2004.
As previously announced, MCG has reconfirmed its existing distribution forecast of 28.8 cents
per stapled security for the 2005 financial year and increased by 9% its preliminary guidance for
the 2006 financial year from 33.0 cents to 36.0 cents per security.
Performance in Brief
MCG Half Year Results Summary
31 Dec 2003 (A$m)
31 Dec 2004 (A$m)
Operating Revenue 84.6 97.8
EBITDA (pre fees + non op items) 47.6 58.4
Net Profit/(Loss) After Tax (3.7) (60.4)
Net Operating Cash Result 47.4 50.7
Total Assets 996.5 1,031.0
Total Liabilities 829.3 936.4
Net Assets 167.2 94.7
The investor presentation, interim financial report and Appendix 4D are attached.
For further information, please contact:
Investor enquiries Media enquiries
Richard Nelson Suzanne Mercer
Head of Investor Relations Public Affairs Manager
Tel: 61 2 8232 5301 Tel: 61 2 8232 8525
Email: [email protected] Email: [email protected]