Macquarie Power & Infrastructure Income...
Transcript of Macquarie Power & Infrastructure Income...
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MacquariePower & Infrastructure Income Fund
Annual General MeetingMay 7, 2009
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Formal ProceedingsDerek Brown, Chairman, Board of Trustees
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3
Formal Proceedings
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4
Formal Proceedings
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Investor UpdateMichael Bernstein, Interim President & CEO
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Disclaimer
Macquarie Power & Infrastructure Income Fund (“MPT” or the “Fund”) is a member of the Macquarie group, which includes subsidiaries and affiliated companies of Macquarie Group Limited (“MGL” and collectively with its subsidiaries and affiliates, the “Macquarie group”) , such as Macquarie Power Management Ltd. (“MPML”), the Manager of the Fund, as well as funds under management by such entities.
This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. This presentation is an outline of matters for discussion only and no representations or warranties are given or implied.
The information contained in this presentation is subject to discussion, completion and amendment. This presentation does not contain all the information necessary to fully evaluate the business potential of an investment in infrastructure and, as such, no reliance should be placed on the contents of this presentation for such purpose. Any investment decision with respect to any transaction referred to herein should be made based solely upon appropriate due diligence by the prospective investor and, if applicable, upon receipt and careful review of any Prospectus or Confidential Information Memorandum.
The information in this presentation has been obtained from sources that MPT considers to be reliable and is based on present circumstances, market conditions and beliefs. MPT has no obligation to update this presentation or correct any inaccuracies or omissions in it. Certain statements in this presentation may constitute “forward-looking” statements, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. When used in this presentation, such statements use such words as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this presentation. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements.
The risks, uncertainties and other factors that could influence actual results are detailed from time to time in documents filed by MPT with the securities regulatory authorities in all of the provinces and territories of Canada which are available at www.sedar.com, including, without limitation, MPT’s Annual Information Form and Management’s Discussion & Analysis. The forward-looking statements contained in this presentation are based on information currently available and what the Fund currently believes are reasonable assumptions. However, the Fund cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this presentation and the Fund does not undertake to update any forward-looking information that may be made from time to time by or on its behalf, except as required under applicable securities legislation. The forward-looking information contained in this presentation is presented for the purposes of assisting investors and analysts in understanding our financial position as at and for the periods ended at the dates presented and our stated priorities and objectives may not be appropriate for other purposes. The Fund cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date madeK
Recipients of this presentation should neither treat nor rely on the contents of this presentation as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers.
Neither MPT,MPML nor MGL are authorized deposit-taking institutions for the purposes of banking act (Commonwealth of Australia) 1959, and the obligations of MPT, MPL or MGL do not represent deposits or other liabilities of Macquarie Bank Limited (“MBL”) ABN 46 008 583 542. MBL does not guarantee or otherwise provide assurance in respect of the obligations of MPT, MPML or MGL.
Nothing in this presentation contains a commitment from MGL or any of its subsidiaries or affiliated companies to provide or arrange any facility or is otherwise imposing any obligation on MGL or any subsidiaries or affiliated companies whatsoever. Neither MGL nor any of its subsidiaries or affiliated companies guarantees the performance or return of capital from infrastructure, utility or other investments.
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Welcome
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8
Agenda
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Portfolio Snapshot
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* The Dryden facility is comprised of the Wainwright, Eagle River & McKenzie Falls generating stations.**MPT’s investment in Chapais consists of a 31.3% interest in one of two classes of preferred shares, a 24.8% interest in Tranche A & B debt & a 50% interest in Tranche C debt***MPT owns a 45% interest in Leisureworld. The remaining 55% interest is owned by Macquarie Group Limited which has transferred the economic benefits of its ownership to Macquarie International Infrastructure Fund (MIIF). MIIF is managed by a member of the Macquarie group.
Diversified Portfolio of Quality Businesses
Map Legend
Water: SecheltWawatayDryden*Hluey Lakes
Gas Cogeneration:Cardinal
Biomass:WhitecourtChapais**
Wind: Erie Shores Wind Farm
Social Infrastructure:Leisureworld***
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Distribution HistoryReflects strong cash flow profile of businesses
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*
*For the 8 months ended December 31, 2004
$ per unit
0.950 1.012 1.030 1.050
0.636
0.0
0.2
0.4
0.6
0.8
1.0
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2004 2005 2006 2007 2008
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Financial Performance
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Stable Performance in Fiscal 2008
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First Quarter 2009 Performance
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Conservative Financial PositionPortfolio has low risk profile & long duration cash flows
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Outlook
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2009 OutlookStable distributions to unitholders
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Estimated 2009 Distributable Cash Contribution by Asset
Gas52%
Wind13%
LTC18%
Biomass6%
Water11%
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2009 OutlookEfficiency initiatives
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2009 OutlookCardinal
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2009 OutlookErie Shores
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2009 OutlookHydro power facilities
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2009 Outlook Whitecourt
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2009 OutlookLeisureworld
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Future Opportunities
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OpportunitiesPost-PPA framework for Cardinal
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OpportunitiesPost-2011 strategy for MPT
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— `çêéçê~íÉ=ëíêìÅíìêÉ
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Macquarie GroupManaging critical infrastructure assets globally
NNU=áåÑê~ëíêìÅíìêÉ=ÄìëáåÉëëÉë=áå=OS=ÅçìåíêáÉë
`AQR_=áå=áåÑê~ëíêìÅíìêÉ=Éèìáíó=ìåÇÉê=ã~å~ÖÉãÉåí
^ÅÅÉëë=íç=çéÉê~íáçå~ä=ÉñéÉêíáëÉ=C=êçÄìëí=éáéÉäáåÉ=çÑ=éçíÉåíá~ä=áåîÉëíãÉåíë=C=ÅçJáåîÉëíãÉåíë
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OpportunitiesSignificant infrastructure deficit
AOMM_=åÉÉÇÉÇ=íç=êÉé~áê=ÉñáëíáåÖ=áåÑê~ëíêìÅíìêÉ=C=ÄìáäÇ=Ñçê=ÑìíìêÉ
dçîÉêåãÉåí=ÅçããáííÉÇ=íç=áãéêçîáåÖ=C=Éñé~åÇáåÖ=`~å~Ç~Ûë=áåÑê~ëíêìÅíìêÉ
— bÅçåçãáÅ=ÖêçïíÜ
— `çãéÉíáíáîÉåÉëë
— nì~äáíó=çÑ=äáÑÉ
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OpportunitiesPublic-private partnerships
fåÅêÉ~ëáåÖ=êçäÉ=áå=áåÑê~ëíêìÅíìêÉ=ÇÉäáîÉêó
kÉ~êäó=NMM=mP=éêçàÉÅíë~Åêçëë=`~å~Ç~
— s~äìÉÇ=~í=úAPR_
— oçÄìëí=éáéÉäáåÉ
mP=éêçàÉÅíë=Ü~îÉ=äçï=êáëâ=éêçÑáäÉ
— píêçåÖ=éçíÉåíá~ä=Ñáí=Ñçê=jmq
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OpportunitiesRenewable power
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— kÉï=ÖêÉÉå=ÉÅçåçãó
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— táåÇI=ÜóÇêçI=Äáçã~ëë=çê=ëçä~ê
— båÜ~åÅÉÇ=ÅÉêí~áåíó=Ñçê=áåîÉëíçêë=C=áãéêçîÉÇ=ÉÅçåçãáÅë=
páãáä~ê=áåáíá~íáîÉë=ìåÇÉêï~ó=áå=çíÜÉê=éêçîáåÅÉë
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OpportunitiesSelective approach
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— pÉÉâáåÖ=ëíêçåÖ=êÉÖìä~íçêó=çê=Åçåíê~Åíì~ä=Ñê~ãÉïçêâ
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_ìáäÇ=éçêíÑçäáç=íç=ÉåëìêÉ=î~äìÉ=Ñçê=ìåáíÜçäÇÉêë çîÉê=íÜÉ=äçåÖ=íÉêã_ìáäÇ=éçêíÑçäáç=íç=ÉåëìêÉ=î~äìÉ=Ñçê=ìåáíÜçäÇÉêë çîÉê=íÜÉ=äçåÖ=íÉêã
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Strongly Positioned in Current Environment
Key strengths:
pí~ÄäÉ=ÇÉã~åÇ=Ñçê=ÉëëÉåíá~ä=ëÉêîáÅÉë=íÜÉó=éêçîáÇÉ
píêçåÖ=ÅçãéÉíáíáîÉ=~Çî~åí~ÖÉ=ÇìÉ=íç=Åçåíê~Åíì~ä=çê=êÉÖìä~íçêó=Ñê~ãÉïçêâ
mêÉÇáÅí~ÄäÉ=äçåÖJÇìê~íáçå=Å~ëÜ=ÑäçïëI=ïÜáÅÜ=~Åí=~ë=ÜÉÇÖÉ=~Ö~áåëí=áåÑä~íáçå=íÜêçìÖÜçìí=ÉÅçåçãáÅ=ÅóÅäÉ
Positive outlook:
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cáå~åÅá~ääó=éçëáíáçåÉÇ=íç=ÉñÉÅìíÉ=çå=ëã~ää=íç=ãáÇJëáòÉÇ=íê~åë~Åíáçåë
^ÅÅÉëë=íç=ïçêäÇ=Åä~ëë=ÉñéÉêíáëÉ=C=ÇÉ~ä=Ñäçï
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Fixed-cost base, low
variable costs
Strategic competitive advantage
Barriers to entry
Long life physical assets
Consistent, inelastic demand
Provide everyday services
Revenues correlated to
inflation
Predictable capex
requirements
Capital growth
Strong cash generation
Low correlation to other asset
classes
Active management ofinfrastructure assets
jmq=áë=éçëáíáçåÉÇ=íç=ÄÉ=`~å~Ç~Ûë=éêÉãáÉê=áåÑê~ëíêìÅíìêÉ=îÉÜáÅäÉjmq=áë=éçëáíáçåÉÇ=íç=ÄÉ=`~å~Ç~Ûë=éêÉãáÉê=áåÑê~ëíêìÅíìêÉ=îÉÜáÅäÉ
An Emerging Asset ClassPredictable performance throughout the economic cycle
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MacquariePower & Infrastructure Income Fund
Questions