MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND Full Year 2012 Results Presentation 21 January 2013 MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND
2 Important Notices Disclaimer Macquarie International Infrastructure Fund Limited EC36305 (MIIF) is a Bermudian registered mutual fund company listed on the Singapore Exchange Securities Trading Limited. Macquarie Infrastructure Management (Asia) Pty Limited (MIMAL) (AFSL 284 621) is the manager of MIIF. MIMAL is a wholly owned subsidiary of Macquarie Group Limited (ACN 122 169 279) (MGL). None of the entities noted in this document is an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and their obligations do not represent deposits or other liabilities of Macquarie Bank Limited (ABN 46 008 583 542) (MBL). MBL does not guarantee or provide assurance in respect of the obligations of these entities. This presentation has been prepared based on available information. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, neither MGL, MBL, MIIF, MIMAL, their directors, employees or agents, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability arising from fault or negligence on the part of MGL, MBL, MIIF, MIMAL or their directors, employees or agents. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in the information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Each recipient of the information should make its own independent assessment of the information and take its own independent professional advice in relation to the information and any action taken on the basis of the information. General Securities Warning This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in MIIF, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary. Information, including forecast financial information, in this presentation should not be considered as a recommendation in relation to holding purchasing or selling, securities or other instruments in MIIF. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and any variation may be materially positive or negative. Forecasts by their very nature, are subject to uncertainty and contingencies many of which are outside the control of MIIF. Past performance is not a reliable indication of future performance. MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND
3 Important Notices Hong Kong This presentation has been prepared and intended to be disposed solely to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap 571) of Hong Kong for the purpose of providing preliminary information and does not constitute any offer to the public within the meaning of the Companies Ordinance (Cap 32) of Hong Kong. None of MGL, its group members or any of their employees or directors is responsible for any liabilities, claims, mistakes, errors or otherwise arising out of or in connection with the content of the material. MBL ABN 46 008 583 542 and its holding companies including their subsidiaries and related companies do not carry on banking business in Hong Kong and are not Authorized Institutions under the Banking Ordinance (Cap. 155) of Hong Kong and therefore are not subject to the supervision of the Hong Kong Monetary Authority. The contents of this information have not been reviewed by any regulatory authority in Hong Kong. Singapore This material has been prepared for accredited and institutional investors (each as defined under the Securities and Futures Act, Chapter 289 of Singapore) attending the MIIF investor presentation and is not intended or prepared for any other persons. United Kingdom This document is only being distributed to and is directed only at persons falling within the following exemptions from the financial promotion restriction in s 21 of the United Kingdom Financial Services and Markets Act 2000 (“FSMA”): (a) authorised firms under FSMA and certain other investment professionals falling within article 14 of the FSMA (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 Promotion) Order, (the “Order”); (b) high net worth entities (not individuals) falling within article 22 of the Order; and their directors, officers and employees acting for such entities in relation to investment; and (c) persons who receive this document outside the United Kingdom, in accordance with applicable local requirements. The distribution of this document in the United Kingdom to anyone not falling within the above categories is not permitted and may contravene FSMA. MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND
4 Agenda Page Highlights 5 Financial Results 9 MIIF Portfolio 12 Strong Balance Sheet 18 Outlook 21 Appendix 24 MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND
5 Highlights MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND
6 Highlights 12 months to 31 December 2012 Full year 2012 Net income of S$57.4 million up S$9.2 million on prior corresponding period (pcp) Net income on driven by: an adjusted ― Investment income from: basis ― Taiwan Broadband Communications (TBC) was S$43.7 million (2011: S$29.9 million) S$57.4m ― Hua Nan Expressway (HNE) was S$17.4 million (2011: S$22.5 million) ― Changshu Xinghua Port (CXP) was S$7.0 million (2011: S$5.3 million) ― The higher income from TBC reflects the full year contribution from MIIF’s additional 27.5% interest in the business acquired in 2011 NAV per share Net Asset Value (NAV) of S$807.6 million S$0.70 ― The value of MIIF’s infrastructure businesses amounted to S$731.5 million as at 31 December 2012 Market capitalisation of S$735.9 milllion 1 Solid capital position Cash balances of S$78.6 million as at 31 December 2012 No corporate-level borrowings Note: (1) As at 18 January 2013 MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND
7 Highlights 12 months to 31 December 2012 Dividend payout MIIF declared an ordinary dividend of 2.75 cents per share for the six months to 31 December 2012 and a special dividend of 3.00 cents per share ― Ex-dividend date: 1 February 2013 ― Dividend payment date: 13 February 2013 Portfolio TBC continued to see strong demand for its digital television and broadband performance products CXP experienced higher log, paper & pulp volumes and higher average tariffs for general cargoes HNE traffic volumes were higher due to the continued positive contribution from Guanghe Expressway, a complementary road and lower tolls enforced on HNE from 1 June 2012. While traffic volumes were higher, the toll revisions at HNE have adversely impacted revenue from 1 June 2012 MIIF suspended its buy-back programme on 10 October 2012 following the Share buy-back announcement of the strategic review undertaken by the MIIF Board A summary of MIIF’s current buy-back activities ― Maximum number of shares authorised for buy-back: 118.2 million shares ― Cumulative number of shares purchased to 31 December 2012: 32.6 million shares ― Number of issued shares as at 31 December 2012: 1,149.9 million shares MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND
Recommend
More recommend
