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