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Hello All,

I've been doing some Rulemaker type financial analysis of Oz stocks. Most fail badly -- debt is too high, as others here have said before. One company whose figures did shine out was Macquarie Infrastructure (ASX: MIG).

The problem is I don't know what this company does.

Here are the figures for its past two years (COGS is a bit doubtful, but the rest should be OK):

June-99 June-00 YOY Growth RM Points
Income Statement . . .
Sales
$5,604,000 $140,854,400 2413% 2
Cost of Goods Sold -$245,847,480 $22,395,850
Net Income $196,700,400 $50,179,380 -74%
Shares Outstanding $560,400,000 $880,340,000 57%
Operating Cash Flow $5,604,000 $35,213,600 528%
Capital Expenditures $0 $0

Balance Sheet . . .
Cash & Equivalents
$172,635,000 $309,375,000 79%
Current Assets $176,892,000 $338,898,000 92%
Short-term Debt $0 $0
Current Liabilities $39,664,000 $66,567,000 68%
Long-term Debt $0 $0

Margins & Ratios . . .
Gross Margins
4487% 84% 2
Net Margins 3510% 36% 2
Cash-to-Debt No Debt! No Debt! 2
Net Cash $172,635,000 $309,375,000 79%
Fool Flow Ratio 0.11 0.44 2
Cash King Margin 100% 25% 2

Total Rulemaker Essentials Points 12

{Figures derived from AspectFinancial).

According to Aspect Financial:
Macquarie Infrastructure Group (formerly Infrastructure Trust of Australia Group invests in and manages infrastructure projects in Australia. The group is managed by a subsidiary of Macquarie Bank Ltd. Its asset interests include Sydney's M2 and M5 motorways, the Eastern Distributor and the Melbourne Citylink project.

Apparently it owns shares in Hills Motorway, Airport Motorway (Sydney's Eastern Distributor), Horizon Energy (Victoria's Loy Yang Power Station), toll roads in Europe, and Melbourne's City Link (wasn't that Transurban?).
Source: Aspect Financial, and Annual Reports.

My questions are:
Is it a business, or a fund?
What is its business?
It records sales of $140Mill, but what does it sell? Its own shares?

Can anyone shed any light on this?
Does anyone have any opinion about the company's prospects?


Chris
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