FY2008 highlights
- MIG announced its full year FY2007 financial results with a 6.5% increase in traffic, 15.0% increase in revenue and 22.0% increase in EBITDA from assets in comparison to the previous corresponding period (pcp) on a pro forma proportionately consolidated basis.
- MIG received an extension to the relief granted by ASIC to continue its on-market buy-back of up to A$1 billion beyond 23 August 2007 until 10 August 2008.
- A €500 million seven-year facility was signed by APRR on better terms than existing debt facilities.
- 407 International Inc. announced the completion of its two-year project to add 100km of new lanes to the busiest highway section, ahead of schedule.
- Virginia’s State Corporation Commission issued a final order approving the Dulles Greenway schedule of toll increases from 2009 to 2012, including approval for the introduction of congestion management pricing during peak periods.
- At the AGM, MIG confirmed its FY2008 distribution guidance of 20 cents per stapled security, and provided preliminary distribution guidance of 20 cents per stapled security for FY2009.
- 407 International announced the issue of C$625 million in 4.90% senior notes, series 07-A2 expiring 4 October 2010, through its C$1.8 billion medium-term notes program.
- John Hughes commenced as the new CEO of MIG.
- South Bay Expressway opened to traffic with a phased toll-free period until 14 January 2008.
- A distribution of 10 cents per MIG stapled security was declared for the six-month period to 31 December 2007.
- Westlink M7 obtained lender approval for early release of ramp-up reserve and other cash reserves accumulated following its strong performance since opening in December 2005.
- Westlink M7 was rated New South Wales’ best highway, with a four-star safety rating from the Australian Road Assessment Program (AusRAP).
- MIG completed its A$1 billion on-market buy-back which commenced in October 2006, having bought back 292 million stapled securities.
- A revised tolling structure became effective for M6 Toll, with class 2 vehicle toll rates increasing by 12.5% to £4.50 at main toll plazas, and classes 3, 4 and 5 vehicle toll rates increasing by £1.00 each.
- 407 International announced the issue of C$550 million in 4.5% (senior) and 5.0% (subordinated) notes, through its C$1.8 billion medium-term notes program with no further debt maturing at the asset until July 2009.
- MIG announced its interim FY2008 financial results with a 1.8% increase in traffic, 8.7% increase in revenue and 10.5% increase in EBITDA from assets in comparison to the pcp on a pro forma proportionately consolidated basis.
- A revised tolling schedule for all vehicle classes on 407 ETR became effective, as well as sectional tolling during peak hours.
- Implementation of electronic tolling was completed on the full length of the Indiana Toll Road (ITR), ahead of schedule.
- A revised tolling schedule for light and heavy vehicles became effective for ITR following full ETC implementation. A toll freeze remains in place for all light vehicle drivers using a transponder until 2016, with the Indiana Finance Authority reimbursing the concession company for the toll differential.
- New legislative amendments established a new toll escalation formula on Dulles Greenway through to 2020, providing certainty of toll prices for both Dulles Greenway and its customers.
- A distribution of 10 cents per MIG stapled security was declared for the six-month period to 30 June 2008.
