Toll road operator Macquarie Infrastructure Group
(ASX:MIG) says the ongoing dislocation in global economic and market conditions continues to have an impact on the valuation of the company’s toll road portfolio.
Preliminary calculations indicate that the group’s portfolio as at June 30 is valued at around $5.1 billion, with a net asset backing of around $2.54 a security.
Macquarie Infrastructure says this 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 the company says 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 February, Macquarie Infrastructure valued its portfolio at $7.078 billion as at December 31, 2008.
Macquarie Infrastructure Group’s best net profit in the last five years was in 2007, recording $1.7 billion.
