MAp Group , the former Macquarie Group satellite fund that became a standalone entity, has reported an annual loss and says it sees a continuing recovery in the aviation sector in 2010.
Earnings results from today and throughout the season
MAp, which is one of the largest private owners and operators of airports in the world, today reported a statutory net loss of $572.70 million for calendar 2009, against a profit of $2.07 billion in 2008.
The 2009 result included a one-off termination fee of $345 million paid to Macquarie Group as part of the transition to an standalone entity.
The large 2008 year result included significant one-off items such as proceeds from the deconsolidation of the Brussels and Copenhagen airports and their respective non-cash revaluations.
On a proportionate consolidated pro-forma earnings before interest, tax, depreciation and amortisation (EBITDA) basis, MAp's 2009 result was a two per cent rise to $767 million.
Proportionate earnings per stapled security of 21.6 cents, was up 2.9 per cent on the previous year.
MAp said its airport businesses had been resilient, with EBITDA outperforming traffic at each of its three core airport investments - Sydney, Brussels and Copenhagen.
Its majority owned owned Sydney Airport delivered 5.6 per cent EBITDA growth for 2009.
MAp chief executive Kerrie Mather said 2009 was a momentous year for MAp.
''We achieved a solid financial performance in the most challenging environment for the aviation industry since we listed in April 2002,'' she said in a statement.
''We also successfully transitioned to become a stand alone entity and, as a result, base management and performance fees have been replaced by less volatile and significantly lower operating expenses.''
MAp said its board and management believe the long term growth prospects for the aviation industry and for MAp's airports remain strong.
It said 2010 was expected to be a year of continued recovery in the aviation sector.
''We are enthusiastic about the prospects for a stand alone MAp and will continue to build on the strong foundations that we have already created,'' Ms Mather said.
MAp has no corporate debt and had about $775 million of cash on hand at the end of 2009.
''We have a robust balance sheet which provides significant flexibility in the management of our existing airports and places MAp in an excellent position to capitalise on the significant changes and growth opportunities in the aviation industry,'' Ms Mather said.
MAp will pay a final distribution of eight cents per security, taking the total for 2009 to 21 cents.
It expects to pay 21 cents per security in 2010.
AAP
