Airstralia Development Group (Perth Airport)

Perth Airport is strategically located as one of Australia's closest airports to South East Asia, Europe and Africa. It is Australia's fourth largest airport in terms of passenger traffic, and is the principal gateway to Western Australia and its significant resources sector.

Performance highlights 2008

Total revenue(1) for the financial year was $183.5 million and normalised EBITDA was $115.9 million,
an increase of 5.8 percent and 2.9 percent respectively over the previous year. Revenue and EBITDA
for Perth Airport is affected by accounting policies relating to the recognition of revenue on property development transactions and in particular the different accounting policies relating to the recognition
of operating lease revenues as against finance lease revenues. Excluding property development income from both revenue and EBITDA results in increases of 18 percent and 15 percent respectively over the prior year.(2)

Record passenger numbers for the year to 30 June 2008 were a result of the sustained buoyancy of
the Western Australian economy and the continued growth of LCC services. International passenger numbers reached 2.5 million, up 13.1 percent on the previous year while domestic passenger numbers grew to 6.6 million, up 13.6 percent. The number of seats available on all routes, grew by 11.2 percent in the 2008 financial year.

Performance outlook

Notwithstanding the recent volatility in fuel prices, the outlook for the 2009 financial year remains robust. Supported by the strength of the Western Australian economy, further passenger growth is expected and further route development is likely due to growing airlines, such as Tiger Airways and AirAsia X.

In May 2008, Perth Airport announced its $1 billion 'vision for the future' to redevelop the terminal and surrounds into one of the best airports in the Asia Pacific region. The phased redevelopment is expected to take place over the next five to seven years, with Phase 1 being a new terminal dedicated to internal Western Australian air services and some interstate flights. Phase 1 is planned for completion within the next two years. Phases 2 and 3 will deliver new international and domestic passenger facilities.

Management are continuing their discussions with the Western Australian State Government over the necessary improvement to roads around the airport, with works already started on a new road network to improve the flow of traffic around the precinct.

(1)           Excluding unrealised valuation gains on investment properties of $26.0 million FY2008 and $69.6 million FY2007.
(2)           Results for FY2008 are unaudited.

Perth Airport
Financial and operational performance

* CAGR: Compound Annual Growth Rate
(1) Normalised revenue and EBITDA. 

For further information please visit the Perth Airport website.