Macquarie Infra cuts valuation by $1.6b (A$2b), 28.2%

Macquarie Infrastructure Group, a major international tollroad operator says in a statement to the Australian Stock Exchange that a preliminary calculation of its portfolio value at June 30 is $4.1b (A$5.1b.) This is 28.2% below the valuation for the same tollroad assets at the end of 2008 which was $5.7b (A$7.1b.) That in turn was a downvaluation on earlier numbers. (A$1.00 = US80c)

The statement today says that "the ongoing dislocation in global economic and market conditions continue to have a negative impact" on the group's tollroads holdings.

The statement continues: "The anticipated portfolio valuation has been primarily affected by lower forecast traffic volumes, changes to asset discount rates, and the impact of movements in foreign exchange rates. However a continuation of higher assumed financing costs, and changes to interest rates and inflation rates across the portfolio have also contributed to this reduction."

In North America Macquarie's major assets are a share in 407ETR in Toronto, Chicago Skyway, Indiana Toll Road, Dulles Greenway and South Bay Expressway. In France the group has a major share in APRR, and in UK M6Toll.  The group has sold toll bridges in Portugal and has no holdings left in Australia.

A more precise revaluation and breakdown will be presented with the group's annual financial report Aug 20.

TOLLROADSnews 2009-07-15