Financials Macquarie Korea Infrastructure Fund

Equities

End-of-day quote Korea S.E. Other stock markets 2024-12-04			5-day change	1st Jan Change
11,050.00 ^KRW	-1.07%		-2.04%	-11.17%

Aug. 05	Macquarie to buy South Korea data centre for $537 mln	RE
Jan. 31	Macquarie Korea Infrastructure Fund Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	295.2	304.4	348.4	376.6	396.1	407	435.8	457.5
Change	-	3.11%	14.44%	8.12%	5.17%	2.76%	7.07%	4.99%
EBITDA	256.2	267.7	-	-	-	-	-	-
Change	-	4.47%	-100%	-	-	-	-	-
EBIT ¹	256.2	267.7	303.7	328.8	326.2	336.7	377.1	392.4
Change	-	4.47%	13.48%	8.24%	-0.8%	3.25%	12%	4.04%
Interest Paid ²	-7,942	-8,377	-7,079	-13,616	-21,555	-21,000	-18,000	-14,000
Earnings before Tax (EBT) ¹	248.3	259.3	296.7	315.2	326.2	336.7	377.1	392.4
Change	-	4.43%	14.41%	6.24%	3.48%	3.25%	12%	4.04%
Net income ¹	248.3	259.3	296.7	315.2	326.2	336.7	368.1	392.4
Change	-	4.43%	14.41%	6.24%	3.48%	3.25%	9.31%	6.6%
Announcement Date	1/31/20	1/29/21	1/29/22	1/31/23	1/31/24	-	-	-

¹KRW in Billions²KRW in Million

Estimates

Fiscal Period: December	2019 Q1	2019 Q2	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Net sales ¹	137.3	51.53	56.7	49.66	140.9	50.3	53.93	59.3	164.2	55.21	64.63	90.42	70.83	69.29	173.6	72.69	76.06	73.7	184.1	-	77
Change	-	-62.47%	10.03%	-12.41%	183.64%	-64.29%	7.22%	9.97%	176.86%	-66.37%	17.06%	39.9%	-21.66%	-2.18%	150.61%	-58.14%	4.63%	-3.11%	149.86%	-100%	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	58.44	-	54.9	-	-	166.1	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-100%	-	-100%	-	-1.88%	-100%	-
Charge d'intérêts ²	-	-1,825	-1,756	-1,911	-1,840	-1,769	-1,872	-2,896	-	-	-	-1,858	-	-4,849	-	-5,423	-5,709	-	-4,829	-	-
Earnings before Tax (EBT) ¹	124.2	40.33	45.7	38.03	-	38.91	42.89	-	-	-	-	-	-	53.6	-	-	-	-	166.1	-	-
Change	-	-67.54%	13.33%	-16.78%	-100%	-	10.23%	-100%	-	-	-	-	-	-	-100%	-	-	-	-1.88%	-100%	-
Net income ¹	124.2	40.33	45.7	38.03	130.1	38.91	42.89	47.4	-	42.33	51.42	49.63	55.72	53.6	156.8	54.9	58.52	55.9	166.1	58	-
Change	-	-67.54%	13.33%	-16.78%	242.07%	-70.09%	10.23%	10.51%	-100%	-	21.48%	-3.48%	12.26%	-3.8%	192.62%	-65%	6.61%	-4.48%	197.16%	-65.09%	-100%
Announcement Date	4/30/19	7/31/19	10/31/19	1/31/20	4/29/20	7/31/20	11/9/20	1/29/21	4/30/21	7/29/21	10/29/21	1/29/22	10/31/22	1/31/23	4/28/23	7/28/23	10/31/23	1/31/24	4/30/24	-	-

¹KRW in Billions²KRW in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	191	128	217	459	382	390	401	403
Change	-	-32.98%	69.53%	111.52%	-16.78%	2.07%	2.82%	0.5%
Announcement Date	1/31/20	1/29/21	1/29/22	1/31/23	1/31/24	-	-	-

¹KRW in Billions

Estimates

Fiscal Period:

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	86.8%	87.94%	-	-	-	-	-	-
EBIT Margin (%)	86.8%	87.94%	87.2%	87.3%	82.34%	82.74%	86.54%	85.76%
EBT Margin (%)	84.11%	85.18%	85.16%	83.68%	82.34%	82.74%	86.54%	85.76%
Net margin (%)	84.11%	85.18%	85.16%	83.68%	82.34%	82.74%	84.47%	85.76%
FCF margin (%)	106,214.49%	24,778.07%	-	-	-	-	-	-
FCF / Net Income (%)	126,284.56%	29,087.89%	-	-	-	-	-	-
Profitability
ROA	11.7%	11.7%	11.51%	10.74%	14.57%	9.3%	10.2%	10.3%
ROE	13.38%	13.03%	12.76%	12.42%	11.96%	11.13%	11.99%	12.42%
Financial Health
Leverage (Debt/EBITDA)	0.75x	0.48x	-	-	-	-	-	-
Debt / Free cash flow	0x	0x	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	700	720	750	770	775	754.4	780	790
Change	-	2.86%	4.17%	2.67%	0.65%	-2.65%	3.39%	1.28%
Book Value Per Share ¹	5,340	5,688	6,258	6,276	6,682	6,480	6,485	6,664
Change	-	6.53%	10.02%	0.29%	6.47%	-3.02%	0.07%	2.77%
EPS ¹	711	742	771	779	782	725.1	775.4	819.7
Change	-	4.36%	3.91%	1.04%	0.39%	-7.28%	6.94%	5.72%
Nbr of stocks (in thousands)	349,044	349,044	404,846	404,846	435,781	478,922	478,922	478,922
Announcement Date	1/31/20	1/29/21	1/29/22	1/31/23	1/31/24	-	-	-