AIA – FY17 Interim Results

Media Release l
17 February 2017


FY17 interim results: Investing in
new infrastructure and capacity to
improve the customer experience


Auckland Airport has today announced its financial results for the six months to 31 December
2016.

Auckland Airport Chair, Sir Henry van der Heyden, says, “The first half of the 2017 financial
year saw a continuation of the very strong growth in tourism to New Zealand. In response to
this growth we have continued to invest significantly in our infrastructure, technology and
operations to improve both capacity and the quality of passenger journeys through Auckland
Airport. We have also focused on land transport access to, from and around the airport to
improve traffic flows and travel times for our customers.”

“The implementation of our 30-year vision to build the airport of the future is now well
underway and we are currently investing more than $1 million every working day on our core
airport infrastructure. This investment is spread across many projects, with over 42 capital
expenditure projects currently underway that are each valued at more than $1 million.”

“This investment is essential given the substantial growth in the number of passengers and
also the number of airlines servicing Auckland – the number of international airlines at
Auckland Airport has increased by 50% in only 18 months. This growth is now flowing
throughout New Zealand and it is important our tourism sector adjusts quickly to ensure our
country can sustain the growth and maintain the quality of its tourism product. To that end we
have continued to play an important sector leadership role to ensure there is sufficient
capacity to allow tourism to continue to sustainably grow over the next decade.”

“Construction is well underway on Auckland Airport’s new international departure area and we
will open a new and expanded security screening and processing area, as well as the first half
of the new stores for our two anchor duty free operators, by the middle of this year. The
remainder of the new duty free stores and the first half of the new passenger lounge will be
opened by the end of December 2017 with the project due for completion by mid-2018.

2

Construction on the international terminal’s Pier B extension is also well underway to provide
additional gate lounges and airbridges to accommodate the increasing number of A380 and
B787 aircraft using Auckland Airport. The first new gate lounge and airbridges ̶ Gate 17 ̶ will
be opened prior to the 2017/18 summer peak season and the second gate lounge and
airbridges ̶ Gate 18 ̶ will be completed by early-2018. This extension project will enable Pier
B to accommodate four A380 or B787 aircraft at the same time. Alternatively, it could be used
to accommodate eight smaller A320 international aircraft.”

“The strong and ongoing growth of Auckland is putting additional pressure on the city’s
transport infrastructure. At the same time, New Zealand’s tourism industry is significantly
exceeding growth forecasts made only a few years ago.”

“Given the importance of air connectivity for New Zealand’s travel, trade and tourism sectors,
improving land transport access to Auckland Airport must remain a priority for central and
local government transport agencies. We look forward to this year’s completion of the
$1.4 billion Waterview Connection and the $146 million upgrade of the State Highway
20A/Kirkbride Road intersection ̶ both of which should improve travel times to the airport.”

“Auckland Airport will continue to advocate for additional transport improvements, in particular
an upgrade to State Highway 20B/Puhinui Road and improved public transport services. We
are working closely with the New Zealand Transport Agency and Auckland Transport to
advance both short and longer-term transport solutions for South Auckland and the airport
precinct.”

“Auckland Airport has also fast-tracked a number of planned roading and transport upgrades
on our own network.”

Already in the first half of the 2017 financial year, we have:
• upgraded the Puhinui Road roundabout to help improve the eastern access to the
airport from State Highway 20B/Puhinui Road
• added 1,400 more car parks to our Park&Ride facility, mostly for use by staff working
at the international terminal to remove staff traffic from the inner airport roads
• upgraded the traffic light phasing and lane configurations at the airport’s George Bolt
Memorial Drive and Tom Pearce Drive intersection to improve traffic flows
• updated the lane configurations at the airport’s George Bolt Memorial Drive and
Laurence Stevens Drive roundabout to improve traffic flows
• developed new traffic management plans for use when the airport roading network is
particularly busy.

3

“Looking ahead, Auckland Airport has an ongoing programme to upgrade both its
aeronautical and transport infrastructure and is currently consulting with its airline partners on
that programme and the setting of aeronautical prices for the 2018 ̶ 2022 financial years. This
process is well underway and we will be announcing the revised pricing and infrastructure
programme in the middle of this year once the consultation process has been completed.”

In the six months to 31 December 2016 the total number of passengers using our airport
increased by 12.4% to 9.4 million. Domestic passengers were up 11.7% to 4.3 million,
international passengers (excluding transit passengers) were up 11.9% to 4.8 million and
international transit passengers were up 28.6% to 353,978.

Revenue was up 10.8% to $310.9 million, while expenses were up 11.8% to $75 million.
Earnings before interest expense, taxation, depreciation, fair value adjustments and
investments in associates (EBITDAFI) increased 10.5% to $235.9 million. Total profit after tax
was up 22.5% to $141.8 million, while underlying profit was up 18.6% to $123.5 million. As a
result, our underlying earnings per share is up 18.6% to 10.4 cents and our interim dividend
for the 2017 financial year is up 17.6% to 10 cents per share.

“Revenue growth was, in part, due to ongoing strong growth in aeronautical and investment
property revenues, while the increase in expenses was, in part due to new airline and route
marketing, operational resources and asset management and maintenance.”

Our total share of the underlying profit from associates was $7.6 million for the first six months
of the 2017 financial year, up 11.8%. The underlying profit share from Queenstown Airport
remained at $1.5 million and the share from the Novotel hotel, in which we increased our
shareholding to 50% after balance date, was up 25% to $1 million. Our underlying profit share
from North Queensland Airports was up 13.3% to $5.1 million.

“Auckland Airport has a long-term growth strategy and in the first six months of the 2017
financial year we commenced a review of our 24.55% investment in North Queensland
Airports. While we believe North Queensland Airports is a highly attractive asset, the review
will ensure that our asset portfolio continues to match our strategic objectives.”

The interim dividend for the six months to 31 December 2016 is imputed at the company tax
rate of 28% and will be paid on 4 April 2017 to shareholders who are on the register at the
close of business on 21 March 2017. “The Board has also elected to reinstate our dividend
reinvestment plan to provide funding flexibility to support our investment in new infrastructure
and growth opportunities,” says Sir Henry.

4

“Reflecting the overall investment in infrastructure spend this financial year, we are lifting our
capital expenditure guidance for the 2017 financial year to between $370 million and
$400 million. At the beginning of the 2017 financial year, we outlined our expectation that net
profit after tax (excluding any fair value changes and other one-off items) would be between
$230 million and $240 million. In consideration of our financial performance in the first half of
the 2017 financial year, Auckland Airport is now tightening its guidance for the full year to be
between $235 million and $243 million, which would deliver an increase in underlying
earnings per share of between 10.5% and 14.2% compared with 2016.”

“This updated guidance is subject to any material adverse events, significant one-off
expenses, non-cash fair value changes to property, and deterioration as a result of global
market conditions or other unforeseeable circumstances,” says Sir Henry.

Ends

For further information, please contact:
Investors:
Suzannah Steele
+64 9 257 7043
+64 27 203 2822
suzannah.steele@aucklandairport.co.nz

Media:
Simon Lambourne
+64 9 255 9089
+64 27 477 6120
simon.lambourne@aucklandairport.co.nz

---

Interim Report 2017
Investing
for growth

Growing and supporting
Auckland Airport connects Auckland
with New Zealand and New Zealand
with the world. We continue to focus
on sustainably growing travel markets
to increase our city and country’s air
connectivity – which is essential for an
island nation that is reliant on tourism
and trade to grow its economy.
tourism
We have continued to support the New Zealand
tourism industry, especially the many operators
that provide tourists with high-quality visitor
experiences. In addition, we have played our
part in leading the industry and encouraging
the Government to develop new and innovative
ways to upgrade tourism infrastructure throughout
the country. ———
7 Nau mai & welcome
11 How we have gone
13 Investing in tourism growth, our
infrastructure and customer experience
22 Being a good employer and neighbour
25 Financial summary
27 Governance and leadership
29 Financials
Financial statements
Notes and accounting policies
47 Review report
48 Shareholder information
49 Corporate directory
Contents
DEVONPORT, AUCKLAND
2Interim Report 2017 Interim Report 2017 1
Auckland International Airport Limited

infrastructure
Upgrading our airport
HASANAIN NAJI
AIRFIELD PROJECT MANAGER
Recent New Zealand tourism growth
has exceeded industry expectations
and in response Auckland Airport is
undertaking its most significant upgrade
programme ever. We are currently
investing more than $1 million every
working day on our core airport
infrastructure and expect this level
of investment will likely continue
into the near future.
The major upgrade of our international departure
area is now well underway, as is the expansion
of Pier B of the international terminal which will
add two more gates that can each accommodate
an A380 or two smaller aircraft. We are also
progressing the design of the new domestic
section of our future combined domestic and
international terminal.
The strong and ongoing growth of Auckland is
putting additional pressure on the city’s transport
infrastructure. At the same time, New Zealand’s
tourism industry is significantly exceeding growth
forecasts made only a few years ago. Given the
importance of air connectivity for New Zealand’s
travel, trade and tourism sectors, improving
land transport access to Auckland Airport must
remain a priority for central and local government
transport agencies. We are working closely
with the New Zealand Transport Agency and
Auckland Transport to advance both short and
longer-term transport solutions for South Auckland
and the airport precinct. Auckland Airport has also
fast-tracked a number of planned roading and
transport upgrades on our own network. ———
4
Auckland International Airport Limited
Interim Report 2017 3Interim Report 2017

Providing a high-quality
Auckland Airport remains focused on
our customers – be they passengers,
farewellers, airlines, cargo operators,
government border agencies, retailers
or property tenants.
We want everyone to have a great experience at
Auckland Airport and we are focused on ensuring
that customers’ journeys through the airport are
fast, efficient and effective and that they have
a range of options when parking, shopping or
staying here. We are also committed to investing
in the latest technology and employing the best
people to ensure we can deliver a high-quality
customer experience. ———
customer
experience
DEBORAH HILL
CUSTOMER SERVICE AGENT
6
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017 5

The first half of the 2017 financial year saw a
continuation of the very strong growth in tourism
to New Zealand. In response to this growth
we have continued to invest significantly in our
infrastructure, technology and operations to
improve both capacity and the quality of passenger
journeys through Auckland Airport. We have also
focused on land transport access to, from and
around the airport to improve traffic flows and
travel times for our customers.
The implementation of our 30-year vision to build
the airport of the future is now well underway and
we are currently investing more than $1 million
every working day on our core airport infrastructure.
This investment is spread across many projects,
with over 42 capital expenditure projects currently
underway that are each valued at more than
$1 million.
This investment is essential given the substantial
growth in the number of passengers and also the
number of airlines servicing Auckland – the number
of international airlines at Auckland Airport has
increased by 50% in only 18 months. This growth
is now flowing throughout New Zealand and it is
important our tourism sector adjusts quickly to
ensure our country can sustain the growth and
maintain the quality of its tourism product. To that
end we have continued to play an important sector
leadership role to ensure there is sufficient capacity
to allow tourism to continue to sustainably grow
over the next decade.
Construction is well underway on Auckland Airport’s
new international departure area and we will open
a new and expanded security screening and
processing area, as well as the first half of the
new stores for our two anchor duty free operators,
by the middle of this year.
Nau mai
& welcome
Nau mai and welcome to Auckland Airport’s interim report
for the first half of the 2017 financial year.
ADRIAN LITTLEWOOD &
SIR HENRY VAN DER HEYDEN
The remainder of the new duty free stores and
the first half of the new passenger lounge will be
opened by the end of December 2017 with the
project due for completion by mid-2018.
Construction on the international terminal’s
Pier B extension is also well underway to provide
additional gate lounges and airbridges to
accommodate the increasing number of A380
and B787 aircraft using Auckland Airport.
The first new gate lounge and airbridges – Gate 17
– will be opened prior to the 2017/18 summer peak
season and the second gate lounge and airbridges
– Gate 18 – will be completed by early-2018. This
extension project will enable Pier B to accommodate
four A380 or B787 aircraft at the same time.
Alternatively, it could be used to accommodate
eight smaller A320 international aircraft.
The strong and ongoing growth of Auckland is
putting additional pressure on the city’s transport
infrastructure. At the same time, New Zealand’s
tourism industry is significantly exceeding growth
forecasts made only a few years ago.
Given the importance of air connectivity
for New Zealand’s travel, trade and tourism
sectors, improving land transport access to
Auckland Airport must remain a priority for
central and local government transport agencies.
We look forward to this year’s completion of
the $1.4 billion Waterview Connection and
the $146 million upgrade of the State Highway
20A/Kirkbride Road intersection – both of which
should improve travel times to the airport.
Auckland Airport will continue to advocate for
additional transport improvements, in particular
an upgrade to State Highway 20B/Puhinui Road
and improved public transport services. We are
working closely with the New Zealand Transport
Agency and Auckland Transport to advance both
8
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017 7

short and longer-term transport solutions for
South Auckland and the airport precinct.
Auckland Airport has also fast-tracked a number
of planned roading and transport upgrades on
our own network. Already in the first half of the
2017 financial year, we have:
• upgraded the Puhinui Road roundabout to
help improve the eastern access to the airport
from State Highway 20B/Puhinui Road
• added 1,400 more car parks to our Park&Ride
facility, mostly for use by staff working at the
international terminal to remove staff traffic
from the inner airport roads
• upgraded the traffic light phasing and
lane configurations at the airport’s
George Bolt Memorial Drive and
Tom Pearce Drive intersection to
improve traffic flows
• updated the lane configurations at the
airport’s George Bolt Memorial Drive and
Laurence Stevens Drive roundabout to
improve traffic flows
• developed new traffic management plans
for use when the airport roading network
is particularly busy.
Looking ahead, Auckland Airport has an ongoing
programme to upgrade both its aeronautical and
transport infrastructure and is currently consulting
with its airline partners on that programme and the
setting of aeronautical prices for the 2018 – 2022
financial years. This process is well underway and
we will be announcing the revised pricing and
infrastructure programme in the middle of this year
once the consultation process has been completed.
In the six months to 31 December 2016 the total
number of passengers using our airport increased
by 12.4% to 9.4 million. Domestic passengers were
up 11.7% to 4.3 million, international passengers
(excluding transit passengers) were up 11.9% to
4.8 million and international transit passengers
were up 28.6% to 353,978.
Our revenue was up 10.8% to $310.9 million, while
expenses were up 11.8% to $75 million. Earnings
before interest expense, taxation, depreciation, fair
value adjustments and investments in associates
(EBITDAFI) increased 10.5% to $235.9 million. Total
profit after tax was up 22.5% to $141.8 million, while
underlying profit was up 18.6% to $123.5 million.
As a result, our underlying earnings per share is up
18.6% to 10.4 cents and our interim dividend for
the 2017 financial year is up 17.6% to 10 cents per
share. The Board has also elected to reinstate our
dividend reinvestment plan to provide funding
flexibility to support our investment in new
infrastructure and growth opportunities.
Reflecting the overall investment in infrastructure
spend this financial year, we are lifting our capital
expenditure guidance for the 2017 financial year
to between $370 million and $400 million. At the
beginning of the 2017 financial year, we outlined
our expectation that net profit after tax (excluding
any fair value changes and other one-off items)
would be between $230 million and $240 million.
In consideration of our financial performance
during the past six months, Auckland Airport is
now tightening our guidance for the full year to be
between $235 million and $243 million; this would
deliver an increase in underlying earnings per share
of between 10.5% and 14.2% compared with 2016.
This updated guidance is subject to any material
adverse events, significant one-off expenses,
non-cash fair value changes to property, and
deterioration as a result of global market conditions
or other unforeseeable circumstances. –——
Sir Henry van der Heyden
Chair
Adrian Littlewood
Chief Executive
Underlying profit
The directors and management of
Auckland Airport understand the importance
of reported profits meeting accounting standards.
However, due to the complexity of accounting
standards, it may be difficult for investors to
compare one financial year’s results with another.
Therefore, we also provide an underlying profit
measure to help investors compare profits between
years and to make comparisons between different
companies with confidence. We also believe that
an underlying profit measure can assist investors
to understand what is happening in a business
such as Auckland Airport where revaluation changes
can distort short-term financial results or where
one-off transactions, both positive and negative,
can occur.
For several years, Auckland Airport has referred
to underlying profits alongside reported results.
We do so not only when we report our results
but also when we give our market guidance (where
we exclude fair value changes and other one-off
items) or when we consider dividends and our
policy to pay 100% of underlying net profit after
tax, excluding unrealised gains and losses arising
from revaluation of property or treasury instruments
and other one-off items. However, in referring to
underlying profits, we acknowledge our obligation
to show investors how such results have been
derived. The reconciliation for the current period
can be found on page 26. ———
$123.5m
An increase of 18.6%
The implementation of our 30-year vision to build the airport of the
future is now well underway and we are currently investing more
than $1 million every working day on our core airport infrastructure.
This investment is spread across many projects, with over 42 capital
expenditure projects currently underway that are each valued at
more than $1 million.”
10
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017 9

How we have gone in the
six months to 31 December 2016
9.4m
Environmental impact
of organic waste
from the international
terminal recycled
Domestic 4.3m
International 4.8m
International transits 353,978
11.7%
11.9%
28.6%
Revenue
10.8% $310.9m
Operating EBITDAFI
10.5% $235.9m
Total profit
22.5% $141.8m
Underlying profit
18.6% $123.5m
Dividend per share
17.6% 10 cents
Underlying earnings per share
18.6% 10.4 cents
Passengers
47%
$346,000
awarded to community projects by the
Auckland Airport Community Trust
$120,000
donated to charities on behalf of travellers
in the 12 days leading up to Christmas 2016
$1,500
employee performance bonus to recognise
the exceptional efforts of our team in FY16
Ara – Airport Jobs and Skills Hub
61
Job placements
74 6
Training opportunities
10
Apprenticeships
12.4%
12
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017 11

Investing in tourism
grow th
Auckland Airport connects Auckland with
New Zealand and New Zealand with the world.
We continue to focus on sustainably growing
travel markets to increase our city and country’s
air connectivity – which is essential for our long-
term performance as a company.
In the first six months of the 2017 financial year,
the total number of passengers increased by
12.4% to 9.4 million. Domestic passengers were
up 11.7% to 4.3 million, international passengers
(excluding transit passengers) were up 11.9% to
4.8 million and international transit passengers
were up 28.6% to 353,978.
Already the 2017 financial year has seen new
routes, services and capacity, including four
new international airlines launching new services
to Auckland Airport:
• Air New Zealand has continued its international
route expansion, adding a seasonal three-
flights-per-week B787 service between
Auckland and Osaka from November 2016.
This is in addition to the new seat capacity
delivered by its Ho Chi Minh City, Houston
and Buenos Aires services, launched last
financial year.
• In November 2016, Hong Kong Airlines
commenced a daily A330 service between
Hong Kong and Auckland, providing an
estimated $137 million boost to the
New Zealand tourism industry every year.
The airline increased this service to ten-flights-
per-week between December 2016 and
February 2017.
• In December 2016, Tianjin Airlines commenced
its first Australasian service, a year-round flight
between Auckland and the Chinese cities of
Tianjin and Chongqing. The three flights a
week use an A330 aircraft and add 83,000
seats to the China–Auckland route annually.
• Hainan Airlines started a new direct service
from Shenzhen, in Southern China, in
December 2016. The airline, one of China’s
largest, flies to Auckland three times a week,
adding 81,000 seats a year to and from China.
• In July 2016, United Airlines introduced a
three-flights-per-week B787 Dreamliner service
between Auckland and San Francisco. From
October 2016 this service increased to a daily
service using a larger B777 aircraft, however it
will be placed on hold in April 2017, before
recommencing as a seasonal service in
October 2017.
• The success of the Emirates’ Auckland to
Dubai direct daily service, launched in the 2016
financial year, saw the airline replace its B777
aircraft with an A380 in October 2016. As a
result, Auckland Airport now welcomes four
Emirates’ A380 aircraft every day, making us
the second biggest hub in the world for
Emirates’ A380 aircraft, after Dubai.
We expect that air connectivity will continue to
grow in the second half of the 2017 financial year,
in part due to the start of Qatar Airways’ new daily
B777 service between Doha and Auckland in
February 2017 – the world’s longest-duration
commercial passenger flight.
AUCKLAND AIRPORT NOW WELCOMES
FOUR EMIRATES’ A380 AIRCRAFT EVERY DAY
14Interim Report 2017 13
Auckland International Airport Limited
Interim Report 2017

Investing in our
infrastructure
As a large tourism operation Te Puia continues to see the benefits of
Auckland Airport’s efforts to grow international inbound air capacity.
The growth in air capacity has meant a significant increase in visitor
numbers and revenue for Te Puia. This in turn has given us the
confidence to invest over $20 million in new facilities that will enhance
the visitor experience in the future. Auckland Airport’s drive to grow air
capacity is tangible for Te Puia and as such we look at increased air
capacity as one of the most critical leading indicators in our business
and investment planning.”
TIM COSSAR, CHIEF EXECUTIVE – TE PUIA, ROTORUA –——
BUILDING OUR NEW TAXIWAY ECHO
As a result of this strong growth in air connectivity,
Auckland Airport now offers travellers the choice
of flying direct to 45 international destinations,
with 28 airlines – a 50% increase in the number
of international airlines operating here only
18 months ago.
Domestically, the first six months of the 2017
financial year saw new and larger aircraft added
to Air New Zealand’s four main trunk services,
including new evening flights into Queenstown.
Regional capacity also continued to grow as a
result of Jetstar’s new regional turbo-prop services
and Air New Zealand’s ongoing fleet increases.
Auckland Airport continued to support this tourism
growth through marketing activities in emerging
and new markets, and our Four Seasons,
Five Senses campaign continues to be successful
in attracting Chinese visitors to New Zealand
in the shoulder and off-peak seasons.
The first half of the 2017 financial year has also
seen Auckland Airport maintain our support for
the development of Queenstown Airport and
North Queensland Airports, providing strategic
and commercial advice in everything from master-
planning to aeronautical operations and retail.
Queenstown Airport’s passenger numbers
continued to grow during this period. Its passenger
numbers hit an all-time high in August 2016, with
1.7 million passengers in the previous 12-month
period, and in November 2016 it set a new record
for the number of domestic passengers in one
day – 5,735 passengers. Also in November 2016,
Queenstown Airport expanded its commercial
transport operator pick-up and drop-off zone,
and it extended its short and long-term car
parking facilities to increase its car parking by
more than 10%.
Pleasingly, Cairns Airport has continued to play
its part in growing travel markets. In the first six
months of the 2017 financial year, the number
of international passengers using Cairns Airport
increased 15.9% to 431,615 and the number of
domestic passengers increased 4.3% to 2.2 million.
Cairns Airport had its busiest day on record on
23 December 2016, with just under 18,200
passengers flying through it.
Given the significant recent growth in tourism
to New Zealand, in the first half of the 2017
financial year we worked with Air New Zealand,
Christchurch Airport and Tourism Holdings Limited
to commission research on how best to fund
New Zealand’s public tourism related infrastructure.
The project proposed that a new national tourism
entity be created, focused on developing local
and mixed-use infrastructure and funded by
a targeted tourism infrastructure levy and new
government funding. The project report has been
provided to the Government to assist it with its
policy development. –——
16
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017 15

Construction of the international terminal’s Pier B
extension commenced in the first six months of
the 2017 financial year. This project will provide
additional gate lounges and airbridges to
accommodate the increasing number of A380
and B787 aircraft using our airport. The first new
gate lounge and airbridges – Gate 17 – will be
opened on Pier B prior to the 2017/18 summer
peak season and the second gate lounge and
airbridges – Gate 18 – will be completed by
early-2018. This extension project will enable
Pier B to accommodate four A380 or B787
aircraft at the same time. Alternatively, it could
be used to accommodate eight smaller A320
international aircraft.
In the six months to 31 December 2016, we have
also progressed the design and planning approvals
needed to build our second runway, and have
advanced the concept planning of the new domestic
section of our future combined domestic and
international terminal.
The strong and ongoing growth of Auckland is
putting additional pressure on the city’s transport
infrastructure. At the same time, New Zealand’s
tourism industry is significantly exceeding growth
forecasts made only a few years ago.
Given the importance of air connectivity
for New Zealand’s travel, trade and tourism
sectors, improving land transport access to
Auckland Airport must remain a priority for central
and local government transport agencies. We look
forward to this year’s completion of the $1.4 billion
Waterview Connection and the $146 million upgrade
of the State Highway 20A/Kirkbride Road
intersection – both of which should improve
travel times to the airport.
In the six months to 31 December 2016, we
continued to increase our rate of investment in
infrastructure to accommodate both the current
and forecast passenger and aircraft growth
over the next 30 years as well as the increasing
traffic volumes being experienced in our part
of Auckland and into the airport.
In the first half of the 2017 financial year
Auckland Airport continued to invest in core
aeronautical infrastructure. Prior to the 2016/17
summer peak season, we significantly expanded
our airfield infrastructure to better service
international aircraft during our busiest months.
We built a new taxiway – Taxiway Echo – and
we constructed a new international airfield
stand, fully serviced with fuel and other utilities.
We also upgraded two remote international airfield
stands so they can each accommodate an A380
or B787, or two smaller aircraft. These airfield
upgrade works increased our airfield pavement
by 63,000m
2
, or the equivalent of five rugby fields.
In the six months to 31 December 2016 we
also further progressed the major upgrade of
our international departure area. This upgrade
includes a new security processing zone, a new
passenger lounge and a new shopping hub.
It will create a uniquely New Zealand departure
experience and is themed a “haerenga”, or journey,
from sea to land to sky. The construction of this
significant infrastructure project is well underway
and we are on track to deliver our new international
departure experience over three stages between
mid-2017 and mid-2018.
Auckland Airport will continue to advocate for
additional transport improvements, in particular
an upgrade to State Highway 20B/Puhinui Road
and improved public transport services. We are
working closely with the New Zealand Transport
Agency and Auckland Transport to advance both
short and longer-term transport solutions for
South Auckland and the airport precinct.
Auckland Airport has also fast-tracked a number
of planned roading and transport upgrades on our
own network. Already in the first half of the 2017
financial year we have:
• upgraded the Puhinui Road roundabout to
help improve the eastern access to the airport
from State Highway 20B/Puhinui Road
• added 1,400 more car parks to our Park&Ride
facility, mostly for use by staff working at the
international terminal to remove staff traffic
from the inner airport roads
• upgraded the traffic light phasing and
lane configurations at the airport’s
George Bolt Memorial Drive and
Tom Pearce Drive intersection to
improve traffic flows
• updated the lane configurations at the
airport’s George Bolt Memorial Drive and
Laurence Stevens Drive roundabout to
improve traffic flows
• developed new traffic management plans
for use when the airport roading network
is particularly busy.
Looking ahead, Auckland Airport has an ongoing
programme to upgrade both its aeronautical and
transport infrastructure and is currently consulting
with its airline partners on that programme and the
setting of aeronautical prices for the 2018 – 2022
financial years. This process is well underway
and we will be announcing the revised pricing and
infrastructure programme in the middle of this year
once the consultation process has been completed.
Investment property
Auckland Airport has also continued to invest in
its property business in the first half of the 2017
financial year. Construction of our new Quad 7
office building continued and when completed
it will provide 9,000m
2
of office space for both
aeronautical and non-aeronautical tenants on
Leonard Isitt Drive. Quad 7 will be completed
before the end of this financial year. In September
2016, we announced that we would build a brand
new 7,000m
2
warehouse and office facility for
international freight-forwarding specialist Röhlig
Logistics. The new facility will complete the Stage
2 development of our world-class business park,
known as The Landing, and means we need to
start preparing a further 12 hectares of land to
ensure we can accommodate businesses wanting
to move closer to the airport. –——
Auckland Airport is making a significant investment in its infrastructure
which will both benefit and excite generations of Kiwis and international
visitors. You can immediately tell from the number of cranes above the
international terminal and the number of construction workers on site
that this is one of the biggest infrastructure upgrades currently underway
in New Zealand.”
STEPHEN SELWOOD, CHIEF EXECUTIVE, INFRASTRUCTURE NEW ZEALAND –——
OUR NEW INTERNATIONAL SECURITY
PROCESSING ZONE – OPENING MID-2017
18Interim Report 2017 Interim Report 2017 17
Auckland International Airport Limited

Investing in our customer
experience
Auckland Airport remains focused on our
customers and ensuring they have safe and
enjoyable journeys.
While we have continued to invest in new
infrastructure and capacity over the past six
months, we have continued to roll-out other
improvements to support a quality passenger
experience. These projects included:
• the installation of 45 mobile international
self-service check-in kiosks
• reconfiguring our international check-in area
to provide 13 more service counters
• upgrading our back-of-house international
baggage handling system
• adding new technology to monitor real-time
traffic movements across the airport precinct
so we can improve the journey time information
that we provide through our mobile and
digital channels
• installing new large scale 75-inch flight
information display screens on the ground
floor of the international terminal, to improve
way-finding and to reduce congestion around
smaller screens.
DARRELL ABBOTT
AERONAUTICAL PLANNING & PERFORMANCE MANAGER
20Interim Report 2017 Interim Report 2017 19
Auckland International Airport Limited

TRISH COCHRANE
TERMINAL SERVICES MANAGER
employer and
neighbour
We also recruited extra employees, including
more than 60 Passenger Experience Assistants,
to help passengers at the airport during the busy
December and January months, and additional
Customer Service Agents have also been recruited
to proactively assist passengers in need throughout
the year.
We worked closely with the New Zealand Aviation
Security Service to improve passenger processing
times by installing a seventh security screening
machine in the international departure area and by
improving the international transit screening facility.
To improve the international arrival experience,
in December 2016 the Ministry for Primary
Industries (MPI) introduced an additional baggage
X-ray machine, new detector dog teams and a
new biosecurity area layout. MPI also opened a
Green Lane, constructed by Auckland Airport,
for New Zealand and Australian passport holders
who arrive in the country and do not have any
food or other biosecurity risk items to declare.
Auckland Airport welcomes this positive biosecurity
screening initiative, which has improved the
international arrival experience for low-risk
New Zealand and Australian travellers.
In addition, to further improve our customer
experience before people reach the terminal
buildings, we have provided an extra 700
public car parks closer to the international
terminal and at our Park&Ride facility we have
introduced a new valet parking service and a
new Drop&Ride service.
Being a good
Auckland Airport is such an incredible place to work – seeing the
excitement of passengers heading off on their journey and the sense
of joy from both first-time and returning travellers. As a team, we are
100% committed to ensuring an amazing experience every day of
the year for all passengers who pass through our international and
domestic terminals.”
TRISH COCHRANE, TERMINAL SERVICES MANAGER – AUCKLAND AIRPORT –——
Drop&Ride helps reduce traffic on the inner airport
roads and in the drop-off/pick-up zones at the
terminals, and is a quick and easy way to drop-off
friends and family for their travel. We also
introduced The Wait Zone for domestic customers,
to help keep traffic moving in the domestic
terminal’s drop-off/pick-up zone. The Wait Zone
is the easiest way to pick up travellers, with free
parking for 30 minutes just two minutes away
from the terminal. This new domestic parking
service follows the very successful introduction
of The Wait Zone at the international terminal in
December 2015.
In the first half of the 2017 financial year, we
continued our selection process to identify
retailers that sell products representing the best
of New Zealand and the world. These retailers
will open their stores as part of the major upgrade
of our international departure area, and will
transform our duty free and tax free shopping
experience in late-2017.
Customers can currently choose between two
hotels at Auckland Airport, a 4-star Novotel hotel
and a 3-star ibis budget hotel. Both hotels are
popular with travellers and have high occupancy
rates. In the first half of the 2017 financial year,
together with Tainui Group Holdings, we progressed
the design of a new 5-star, 250-room hotel and
selected Accor to operate it as a Pullman hotel.
This new luxury hotel will be located close to our
international terminal and is scheduled to open
by the end of the 2019 financial year. It will
further increase the accommodation options
at Auckland Airport. –——
22
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017 21

Our people
Our ongoing strong performance is a result of the
commitment and hard work of Auckland Airport’s
people, including our staff, contractors and
consultants – our greatest assets. We have
continued to invest in our people and focus on
being a good employer in the first six months
of the 2017 financial year.
A new professional development framework
has been developed around core business skills,
with eight priority programmes identified for either
online or classroom delivery. Importantly, our new
professional development framework will improve
employees’ ability to drive their own career
development and help them to better be prepared
to contest vacancies for more senior roles as
and when they become available.
Pleasingly, the number of women employed as
a proportion of employees has continued to
increase in the first half of this financial year,
from 35% to 39%, and the proportion of women
in all management roles has increased from 26%
to 29%. This reflects the company’s ongoing
commitment to increasing the gender diversity
of our employees, especially the number of women
in middle management roles. Flexible working
arrangements play an important part in increasing
employee diversity, especially in relation to gender.
We introduced an updated flexible working policy
in December 2016 to further encourage and guide
such arrangements.
In the first six months of the 2017 financial year,
Auckland Airport has continued to focus on the
health and safety of our employees, contractors,
customers and visitors. Our health and safety
culture is based on awareness of risks and action
to eliminate them. We have increased the number
of health and safety representatives in the
company and provided those employees with
training to assist them to undertake their
responsibilities in this area. Our most recent health
and safety culture survey, completed in July 2016,
showed a 5% improvement to 67%, confirming
that a proactive health and safety culture exists
at Auckland Airport. We have been working with
other employers to ensure we are co-ordinating
our efforts to make Auckland Airport a safer place
for workers, travellers and visitors.
To recognise the efforts of our team and their
exceptional performance in the 2016 financial year,
in August 2016 we announced that a performance
bonus of $1,500 (before tax) would be paid to all
permanent employees who do not participate in
the company’s short-term incentive scheme.
Our neighbours
We have continued to invest in our local
community in the first six months of the 2017
financial year, focusing on our three priorities of
employment, education, and the environment.
Ara, the Auckland Airport Jobs and Skills Hub,
has continued to make a significant contribution
to improving employment in our local community.
Ara is a pathway that connects South Aucklanders
with job and training opportunities at Auckland
Airport. In the past six months, Ara organised 746
training opportunities and placed 61 people into
employment – 58 of them live in South Auckland
and 35 came off a government benefit – and it
registered ten new apprenticeships. We remain
very encouraged by the success of Ara and we
now have requests from many other companies
operating around the Auckland Airport precinct
to join Ara to help source both skilled and
unskilled labour. In October 2016, Ara won
Auckland Council’s 2016 Young at Heart Award
for Industry Leadership.
We have continued to work closely with 24
schools located close to the Auckland Airport
precinct in the first half of the 2017 financial
year. We helped 15 South Auckland secondary
schools to prepare their students for work,
our eight graduate scholarships provided work
Aorere College and Auckland Airport have developed a very strong
working partnership. I have greatly appreciated the company’s focus
on highlighting to our students the various vocational pathways that
are now available at Auckland Airport. There has been a consistent
programme of workshops and seminars presented to our senior
school students, who have also experienced on-site vocational
opportunities. Our students and teachers have also significantly
benefited from the study opportunities offered by Auckland Airport’s
scholarship programme and its 50th anniversary teachers’ professional
development scholarships. I can only foresee our relationship developing
further and the future is extremely exciting for both organisations.”
GREG PIERCE, PRINCIPAL – AORERE COLLEGE, PAPATOETOE –——
experience and tertiary education support for
local students, and our ongoing sponsorship
of the Counties Manukau Life Education Trust
helped to provide children in 16 local primary
and intermediate schools with the knowledge to
make informed choices about their health, respect
others and to learn to appreciate their uniqueness.
We were honoured to also receive Auckland
Council’s 2016 Young at Heart Award for School
Engagement and Work Experience.
On behalf of travellers, once again we donated
$120,000 to 12 charities in the 12 days leading
up to Christmas, including Diabetes New Zealand,
Genesis Youth Trust and the Native Forest
Restoration Trust. In addition, the Auckland Airport
Community Trust awarded $346,000 to support
learning, life skills and literacy projects, including
to Youthline and The Parenting Place, within those
communities most affected by aircraft noise.
Auckland Airport has remained committed to
reducing our environmental impact. Over the
first six months of the 2017 financial year we
improved organic waste recycling facilities within
the international terminal, ensuring that recycling
is possible in all our food courts and passenger
and gate lounges. As a result, we are now
recycling 47% of our total waste from the
international terminal. –——
GENESIS YOUTH TRUST
RECEIVE THEIR 12 DAYS OF
CHRISTMAS DONATION
24
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017 23

Financial
summary
Our total profit after tax for the six months
to 31 December 2016 was up 22.5% to
$141.8 million, while underlying profit after
tax increased 18.6% to $123.5 million.
Revenue increased 10.8% to $310.9 million.
This was, in part, due to ongoing strong growth
in aeronautical and investment property revenues.
Expenses increased 11.8% to $75 million, in
part due to new airline and route marketing,
operational resources and asset management
and maintenance. Our earnings before interest
expense, taxation, depreciation, fair value
adjustments and investments in associates
(EBITDAFI) increased 10.5% to $235.9 million.
Our total share of the underlying profit from
associates was $7.6 million for the first six months
of the 2017 financial year, up 11.8%. The underlying
profit share from Queenstown Airport remained at
$1.5 million and the share from the Novotel hotel,
in which we increased our shareholding to 50%
after balance date, was up 25% to $1 million.
Our underlying profit share from North Queensland
Airports was up 13.3% to $5.1 million.
Auckland Airport has a long-term growth strategy
and in the first half of the 2017 financial year we
commenced a review of our 24.55% investment
in North Queensland Airports. While we believe
this to be a highly attractive asset, the review will
ensure that our asset portfolio continues to match
our strategic objectives.
The interim dividend for the six months to
31 December 2016 is lifted to 10 cents per share.
It is imputed at the company tax rate of 28% and
will be paid on 4 April 2017 to shareholders who
are on the register at the close of business on
21 March 2017. As part of our strategic review,
we have also elected to reinstate our dividend
reinvestment plan to provide funding flexibility
to support our investment in new infrastructure
and growth.
Our performance in the six months to
31 December 2016 means that underlying
earnings per share have continued to increase,
up 18.6% to 10.4 cents per share.
The table opposite shows how we reconcile
reported profit after tax and underlying profit
after tax for the half-year periods ended
31 December 2016 and 31 December 2015.
The following adjustments have been made
to show underlying profit after tax for the
six-month periods ended 31 December 2016
and 31 December 2015:
• We have reversed out the impact of
revaluations of investment property and
associates in the first six months of the 2017
and 2016 financial years. An investor should
monitor changes in investment property over
time as a measure of growing value. However,
a change in one particular period can be
to short for the purposes of measuring
performance. Changes between periods can
be volatile and, consequently, will have an
impact on comparisons. Finally, the revaluation
is unrealised and, therefore, is not considered
when determining dividends in accordance
with the dividend policy.
• We recognise gains or losses in the income
statement arising from valuation movements
in interest rate derivatives that are not hedge
accounted and where the counter-party
credit risk on derivatives has an impact on
accounting hedging relationships. These gains
or losses, as in the case of investment property,
are unrealised and derivative gains or losses
are expected to reverse out over their lives.
• To be consistent, we have adjusted the
revaluations of investment property and
financial derivatives that are contained within
the share of profit of associates in the first six
months of the 2017 and 2016 financial years.
• We also allow for the taxation impacts of the
above adjustments in the first six months of the
2017 and 2016 financial years.
6 months ended 31 December 20166 months ended 31 December 2015
Reported
profit
$m
Adjustments
$m
Underlying
earnings
$m
Reported
profit
$m
Adjustments
$m
Underlying
earnings
$m
EBITDAFI per income statement235.9–235.9213.5–213.5
Share of profit of associates10.0(2.4)7.64.12.76.8
Derivative fair value decreases1.5(1.5)–(0.7)0.7–
Investment property
fair value increase17.4(17.4)–16.0(16.0)–
Depreciation (37.4)–(37.4)(36.6)–(36.6)
Interest expense and
other finance costs (36.8)–(36.8)(40.9)–(40.9)
Taxation expense(48.8)3.0(45.8)(39.6)0.9(38.7)
Profit after tax141.8(18.3)123.5115.8(11.7)104.1
26
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017 25

New Future Director
Auckland Airport has benefited from the three
Future Directors we have welcomed to date.
The Future Director Programme seeks to identify
talented young New Zealanders with strong
potential to succeed in a governance role, and
provide them with opportunities to observe and
participate in Boardroom discussions. While the
aspiring directors participate in real discussions,
they do not have a role in Board decision-making,
and Auckland Airport has protocols in place that
prevent future director participants becoming
“deemed directors”.
The Board strongly believes in the value of
the programme and it was proud to appoint
New Zealand’s inaugural participant in 2013.
Our ongoing involvement in the programme
helps to promote diversity of leadership and
the development of governance talent.
In October 2016, the Board announced it had
selected Kiriwaitingi Rei to participate in the
Future Director Programme during the 2017
financial year. Kiriwaitingi is the chief executive
officer of Maori Investments Limited and managing
director of Tarawera Land Company. She has a
legal background and extensive knowledge of the
tourism, forestry, geothermal, agri-business and
property sectors. Kiriwaitingi was previously the
corporate affairs manager and company secretary
at Te Arawa Group Holdings Limited, and has
practised commercial law and litigation in Rotorua,
where she lives.
Governance
and leadership
New General Manager
Aeronautical Commercial
In November 2016, Shakeel Adam was appointed
as Auckland Airport’s new general manager
aeronautical commercial, responsible for our
route development and tourism strategies and
our focus on sustainably growing airline services
to New Zealand.
Shakeel has over 16 years’ experience in airline,
strategy and commercial management roles and
a deep understanding of travel and trade markets.
A licensed pilot, he started his aviation career as
a design engineer at Bombardier Aerospace in
Canada before moving into commercial leadership
roles with airlines across the world, including as
director operations innovations with Air Canada
and later as the global head of the commercial
consulting division of Lufthansa Group. Since
2009 Shakeel has led Aviado Partners, consulting
to airlines across the world on network and fleet
planning, revenue management, pricing and
performance improvement, and restructuring.
Shakeel has developed a broad network of
relationships with airlines worldwide and his
extensive commercial and operational experience
will be of great value to our company. He will start
work at Auckland Airport in the second half of the
2017 financial year. –——
HASANAIN NAJI & ADRIAN LITTLEWOOD
DISCUSS OUR AIRFIELD EXPANSION WORKS
28Interim Report 2017 Interim Report 2017 27
Auckland International Airport Limited

31 Consolidated interim income statement
32 Consolidated interim statement of comprehensive income
33 Consolidated interim statement of changes in equity
35 Consolidated interim statement of financial position
36 Consolidated interim cash flow statement
37 Notes and accounting policies
Financials
INTERNATIONAL TERMINAL BAG CLAIM
30
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017 29

Consolidated interim income statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
NOTES
Unaudited
6 months to
31 Dec 2016
$M
Unaudited
6 months to
31 Dec 2015
$M
Income
Airfield income 59.2 50.2
Passenger services charge 85.9 75.5
Retail income 80.7 78.6
Rental income 40.7 35.6
Rates recoveries 2.8 2.7
Car park income 28.9 26.0
Interest income 0.8 0.8
Other income 11.9 11.2
Total income 310.9 280.6
Expenses
Staff4 24.9 22.4
Asset management, maintenance and airport operations 26.1 23.5
Rates and insurance 6.1 5.7
Marketing and promotions 7.9 6.3
Professional services and levies 4.9 4.4
Other expenses 5.1 4.8
Total expenses 75.0 67.1
Earnings before interest expense, taxation, depreciation, fair
value adjustments and investments in associates (EBITDAFI) 235.9 213.5
Share of profit of associates6 10.0 4.1
Derivative fair value increase/(decrease) 1.5 (0.7)
Investment property fair value increase9 17.4 16.0
Earnings before interest, taxation and depreciation (EBITDA) 264.8 232.9
Depreciation 37.4 36.6
Earnings before interest and taxation (EBIT) 227.4 196.3
Interest expense and other finance costs4 36.8 40.9
Profit before taxation3 190.6 155.4
Taxation expense 48.8 39.6
Profit after taxation attributable to owners of the parent 141.8 115.8
Cents Cents
Earnings per share:
Basic and diluted earnings per share11.91 9.73
Consolidated interim statement of comprehensive income
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
Unaudited
6 months to
31 Dec 2016
$M
Unaudited
6 months to
31 Dec 2015
$M
Profit for the period 141.8 115.8
Other comprehensive income
Items that will not be reclassified to the income statement:
Tax on the property, plant and equipment revaluation reserve – 1.4
Items that will not be reclassified to the income statement – 1.4
Items that may be reclassified subsequently to the
income statement:
Cash flow hedges:
Fair value gains/(losses) recognised in the cash flow
hedge reserve 29.5 (6.2)
Realised losses transferred to the income statement 2.3 3.3
Tax effect of movements in the cash flow hedge reserve(8.9) 0.8
Total cash flow hedge movement 22.9 (2.1)
Movement in share of reserves of associates 1.1 0.8
Movement in foreign currency translation reserve–(2.2)
Items that may be reclassified subsequently to the
income statement 24.0 (3.5)
Total other comprehensive income 24.0 (2.1)
Total comprehensive income for the period, net of tax
attributable to the owners of the parent 165.8 113.7
THE FINANCIAL STATEMENTS FOR THE SIX MONTH PERIODS HAVE NOT BEEN AUDITED. THEY HAVE BEEN THE SUBJECT OF A REVIEW
BY THE AUDITORS PURSUANT TO EXTERNAL REPORTING BOARD (XRB) REVIEW ENGAGEMENT STANDARD NZ SRE 2410 FOR THE SIX
MONTH PERIODS TO 31 DECEMBER 2016 AND 31 DECEMBER 2015. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2016 HAVE
BEEN AUDITED. THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS
THE FINANCIAL STATEMENTS FOR THE SIX MONTH PERIODS HAVE NOT BEEN AUDITED. THEY HAVE BEEN THE SUBJECT OF A REVIEW
BY THE AUDITORS PURSUANT TO EXTERNAL REPORTING BOARD (XRB) REVIEW ENGAGEMENT STANDARD NZ SRE 2410 FOR THE SIX
MONTH PERIODS TO 31 DECEMBER 2016 AND 31 DECEMBER 2015. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2016 HAVE
BEEN AUDITED. THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS
3231
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017

Six months ended 31 December 2016
(unaudited)NOTES
Issued and
paid-up
capital
$M
Cancelled
share
reserve
$M
Property, plant
and equipment
revaluation
reserve
$M
Share-
based
payments
reserve
$M
Cash flow
hedge
reserve
$M
Share of
reserves of
associates
$M
Foreign
currency
translation
reserve
$M
Retained
earnings
$M
Total
$M
At 1 July 2016 332.7 (609.2) 3,730.6 1.0 (47.7) 10.4 (9.5) 472.4 3,880.7
Profit for the period – – – – – – – 141.8 141.8
Other comprehensive income – – – – 22.9 1.1 – – 24.0
Total comprehensive income – – – – 22.9 1.1 – 141.8 165.8
Reclassification to retained earnings – – (1.5) – – – – 1.5 –
Shares issued 10 0.1 – – – – – – – 0.1
Dividend paid 7 – – – – – – – (107.2)(107.2)
At 31 December 2016 332.8 (609.2) 3,729.1 1.0 (24.8) 11.5 (9.5) 508.5 3,939.4
Six months ended 31 December 2015
(unaudited)
At 1 July 2015 332.3 (609.2) 2,958.5 0.9 (25.7)(0.4)(6.8) 393.3 3,042.9
Profit for the period – – – – – – – 115.8 115.8
Other comprehensive income/(loss) – – 1.4 – (2.1) 0.8 (2.2) – (2.1)
Total comprehensive income/(loss) – – 1.4 – (2.1) 0.8 (2.2) 115.8 113.7
Reclassification to retained earnings – – (4.9) – – – – 4.9 –
Shares issued 10 0.4 – – – – – – – 0.4
Dividend paid 7 – – – – – – – (86.9)(86.9)
At 31 December 2015 332.7 (609.2) 2,955.0 0.9 (27.8) 0.4 (9.0) 427.1 3,070.1
Consolidated interim statement of changes in equity
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
THE FINANCIAL STATEMENTS FOR THE SIX MONTH PERIODS HAVE NOT BEEN AUDITED. THEY HAVE BEEN THE SUBJECT OF A REVIEW
BY THE AUDITORS PURSUANT TO EXTERNAL REPORTING BOARD (XRB) REVIEW ENGAGEMENT STANDARD NZ SRE 2410 FOR THE SIX
MONTH PERIODS TO 31 DECEMBER 2016 AND 31 DECEMBER 2015. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2016 HAVE
BEEN AUDITED. THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS
3433
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017

NOTES
Unaudited
As at
31 Dec 2016
$M
Audited
As at
30 Jun 2016
$M
Non-current assets
Property, plant and equipment8 4,815.1 4,708.1
Investment properties9 1,094.8 1,048.9
Investment in associates6 144.3 142.8
Derivative financial instruments 116.0 138.8
6,170.2 6,038.6
Current assets
Cash and cash equivalents 28.5 52.6
Inventories 0.1 0.1
Trade and other receivables 55.5 42.3
Dividend receivable 3.6 3.3
Taxation receivable - 3.9
Derivative financial instruments 1.1 0.7
88.8 102.9
Total assets 6,259.0 6,141.5
Shareholders’ equity
Issued and paid-up capital10 332.8 332.7
Reserves 3,098.0 3,075.6
Retained earnings 508.6 472.4
3,939.4 3,880.7
Non-current liabilities
Term borrowings11 1,454.9 1,490.0
Derivative financial instruments 31.0 56.9
Deferred tax liability 231.8 220.4
Other term liabilities 1.4 1.3
1,719.1 1,768.6
Current liabilities
Accounts payable and accruals 92.0 94.3
Taxation payable 5.0 -
Derivative financial instruments 1.4 0.1
Short-term borrowings11 500.9 396.9
Provisions 1.2 0.9
600.5 492.2
Total equity and liabilities 6,259.0 6,141.5
Consolidated interim statement of financial position
AS AT 31 DECEMBER 2016
NOTES
Unaudited
6 months to
31 Dec 2016
$M
Unaudited
6 months to
31 Dec 2015
$M
Cash flow from operating activities
Cash was provided from:
Receipts from customers 300.3 272.6
Interest received 0.7 0.8
301.0 273.4
Cash was applied to:
Payments to suppliers and employees(81.5)(80.5)
Income tax paid(37.4)(36.2)
Interest paid(37.6)(41.2)
(156.5)(157.9)
Net cash flow from operating activities5 144.5 115.5
Cash flow from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment – 0.1
Dividends from associate 9.0 8.1
9.0 8.2
Cash was applied to:
Purchase of property, plant and equipment(119.1)(57.7)
Interest paid – capitalised(4.7)(2.5)
Expenditure on investment properties(46.7)(51.9)
(170.5)(112.1)
Net cash flow applied to investing activities(161.5)(103.9)
Cash flow from financing activities
Cash was provided from:
Increase in share capital 0.1 –
Increase in borrowings 255.0 175.0
255.1 175.0
Cash was applied to:
Decrease in borrowings(155.0)(126.0)
Dividends paid7(107.2)(86.9)
(262.2)(212.9)
Net cash flow applied to financing activities(7.1)(37.9)
Net increase/(decrease) in cash held(24.1)(26.3)
Opening cash brought forward 52.6 38.5
Ending cash carried forward 28.5 12.2
Consolidated interim cash flow statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
THE FINANCIAL STATEMENTS FOR THE SIX MONTH PERIODS HAVE NOT BEEN AUDITED. THEY HAVE BEEN THE SUBJECT OF A REVIEW
BY THE AUDITORS PURSUANT TO EXTERNAL REPORTING BOARD (XRB) REVIEW ENGAGEMENT STANDARD NZ SRE 2410 FOR THE SIX
MONTH PERIODS TO 31 DECEMBER 2016 AND 31 DECEMBER 2015. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2016 HAVE
BEEN AUDITED. THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.
THE FINANCIAL STATEMENTS FOR THE SIX MONTH PERIODS HAVE NOT BEEN AUDITED. THEY HAVE BEEN THE SUBJECT OF A REVIEW
BY THE AUDITORS PURSUANT TO EXTERNAL REPORTING BOARD (XRB) REVIEW ENGAGEMENT STANDARD NZ SRE 2410 FOR THE SIX
MONTH PERIODS TO 31 DECEMBER 2016 AND 31 DECEMBER 2015. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2016 HAVE
BEEN AUDITED. THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS
3635
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Interim Report 2017 Interim Report 2017

Notes and accounting policies
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
1. Corporate information
Auckland International Airport Limited (the
company or Auckland Airport) is a company
established under the Auckland Airport Act 1987
and was incorporated on 20 January 1988 under
the Companies Act 1955.The company was
re-registered under the Companies Act 1993 on
6 June 1997.The company is a FMC Reporting
Entity under Part 7 of the Financial Markets
Conduct Act 2013.
The financial statements presented are for
Auckland Airport and its wholly owned subsidiaries
and associates (the group).
These interim financial statements were authorised
for issue in accordance with a resolution of the
directors on 17 February 2017.
2. Basis of preparation and accounting policies
The interim financial statements have been
prepared in accordance with generally accepted
accounting practice in New Zealand and the
requirements of the Financial Markets Conduct Act
2013 and the Main Board / Debt Market Listing
Rules of NZX Limited. The interim financial
statements comply with New Zealand Equivalent
to International Accounting Standards NZ IAS 34
and IAS 34 Interim Financial Reporting.
Auckland Airport is designated as a profit-oriented
entity for financial reporting purposes.
These interim financial statements are not
required to and do not make disclosure of all
of the information required to be included in
an annual financial report. Accordingly, this report
should be read in conjunction with the financial
statements and related notes included in Auckland
Airport’s Annual Report for the year ended 30 June
2016 (‘2016 Annual Report’).
The accounting policies set out in the 2016
Annual Report have been applied consistently
to all periods presented in these interim
financial statements.
These financial statements are presented in
New Zealand dollars and all values are rounded
to the nearest million dollars ($M) and one decimal
point unless otherwise indicated.
3. Segment information
(a) Identification of reportable segments
The group has identified its operating segments
based on the internal reports reviewed and used
by the chief executive, as the chief operating
decision maker, in assessing performance and
in determining the allocation of resources.
The operating segments are identified by
management based on the nature of services
provided. Discrete financial information about
each of these operating segments is reported
to the chief executive at least monthly. The chief
executive assesses performance of the operating
segments based on segment EBITDAFI. Interest
income and expense, taxation, depreciation,
fair value adjustments, and share of profits of
associates are not allocated to operating segments
as the group manages the cash position and
assets at a group level.
(b) Types of services provided
Aeronautical
The aeronautical business provides services that
facilitate the movement of aircraft, passengers
and cargo, and provides utility services that
support the airport. The aeronautical business
also earns rental revenue from space leased in
facilities such as terminals.
Retail
The retail business provides services to the retailers
within the terminals and provides car parking
facilities for passengers, visitors and airport staff.
Property
The property business earns rental revenue from
space leased on airport land outside the terminals
including cargo buildings, hangars and stand-alone
investment properties.
Six months ended 31 December 2016
(unaudited)
Aeronautical
$M
Retail
$M
Property
$M
Total
$M
Total segment income157.3114.835.7307.8
Total segment expenses38.412.17.658.1
Segment earnings before interest expense,
taxation, depreciation, fair value adjustments
and investments in associates (EBITDAFI)
118.9102.728.1249.7
Six months ended 31 December 2015
(unaudited)
Total segment income137.2109.630.9277.7
Total segment expenses34.710.87.352.8
Segment earnings before interest expense,
taxation, depreciation, fair value adjustments
and investments in associates (EBITDAFI)
102.598.823.6224.9
Income reported above represents income generated from external customers. There was no inter-
segment income in the period (31 December 2015: nil).
3837
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017

3. Segment information CONTINUED
(c) Segment reconciliation of segment EBITDAFI to income statement:
Unaudited
6 months to
31 Dec 2016
$M
Unaudited
6 months to
31 Dec 2015
$M
Segment EBITDAFI 249.7 224.9
Unallocated external operating income 3.1 2.9
Unallocated external operating expenses (16.9)(14.3)
Share of profit of associates 10.0 4.1
Depreciation(37.4)(36.6)
Derivative fair value (decrease)/increase 1.5 (0.7)
Investment property fair value increase 17.4 16.0
Interest expense and other finance costs(36.8)(40.9)
Profit before taxation 190.6 155.4
The income included in unallocated external operating income consists mainly of interest from third party
financial institutions and income from telecommunication and technology services. The expenses included
in unallocated external operating expenses consists mainly of corporate staff expenses and corporate
legal and consulting fees.
4. Profit for the period
Unaudited
6 months to
31 Dec 2016
$M
Unaudited
6 months to
31 Dec 2015
$M
Staff expenses comprise:
Salaries and wages 18.6 17.4
Employee benefits 2.1 1.9
Share-based payment plans 0.9 0.1
Defined contribution superannuation 0.8 0.9
Other staff costs 2.5 2.1
24.9 22.4
Interest expense and other finance costs comprise:
Interest on bonds and related hedging instruments 20.8 21.7
Interest on bank facilities and related hedging instruments 9.2 7.6
Interest on USPP notes and related hedging instruments 9.4 11.6
Interest on commercial paper and related hedging instruments 2.1 2.5
41.5 43.4
Less capitalised borrowing costs(4.7)(2.5)
36.8 40.9
Interest rate for capitalised borrowings costs4.63%5.32%
The gross interest costs of bonds, bank facilities, USPP and commercial paper excluding the impact of
interest rate hedges was $39.4 million for the period ended 31 December 2016 (31 December 2015:
$41.1 million).
5. Reconciliation of profit after taxation with cash flow from
operating activities
Unaudited
6 months to
31 Dec 2016
$M
Unaudited
6 months to
31 Dec 2015
$M
Profit after taxation 141.8 115.8
Non-cash items:
Depreciation 37.4 36.6
Bad debts and doubtful debts(0.1) 0.1
Deferred taxation expense 2.5 2.8
Equity accounted earnings from associates(10.0)(4.1)
Investment property fair value increase(17.4)(16.0)
Derivative fair value (increase)/decrease(1.5) 0.7
Items not classified as operating activities:
(Increase)/decrease in provisions and property, plant and equipment
retentions and payables(6.6) 8.3
Decrease in investment property retentions and payables 4.1 7.2
Items recognised directly in equity 0.6 (1.2)
Movement in working capital:
(Increase) in trade and other receivables(13.2)(11.4)
Increase in taxation payable 8.9 1.8
(Decrease) in accounts payable(2.0)(24.9)
Increase/(decrease) in other term liabilities 0.1 (0.2)
Net cash flow from operating activities 144.5 115.5
4039
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017

6. Associates
Movement in the group’s carrying amount of investments in associates:
Unaudited
6 months to
31 Dec 2016
$M
Unaudited
6 months to
31 Dec 2015
$M
Investment in associates at beginning of period
142.8 163.6
Share of profit after tax of associates 10.0 4.1
Share of reserves of associates 1.1 0.8
Share of dividends received and repayment of partner contribution(9.2)(9.0)
Foreign currency translation (0.4)(5.3)
Investment in associates at end of the period 144.3 154.2
Carrying value of investments in associates:
Unaudited
As at
31 Dec 2016
$M
Audited
As at
30 Jun 2016
$M
Tainui Auckland Airport Hotel Limited Partnership 15.6 15.3
Stapled Securities of North Queensland Airports Limited 79.8 78.8
Queenstown Airport Corporation Limited 48.9 48.7
Total 144.3 142.8
Transactions with associates
On 14 February 2017, the group agreed to invest an additional $23.0 million in the Tainui Auckland Airport
Hotel Partnership by purchasing the stake owned by AAPC Properties Pty Limited (Accor Hospitality)
and a portion of the stake owned by Tainui Group Holdings Limited, subject to certain conditions. When
the transactions are completed, the group will own 50% of the investment in the 263-room Novotel hotel
adjacent to the international terminal and Tainui Group Holdings Limited will own the remaining 50%.
The group also agreed to enter into a new partnership with Tainui Group Holdings Limited to build and
operate a new hotel at Auckland Airport. The group and Tainui Group Holdings Limited will each hold a
50% investment in the new hotel.
7. Distribution to shareholders
Dividend payment date
Unaudited
6 months to
31 Dec 2016
$M
Unaudited
6 months to
31 Dec 2015
$M
2015 final dividend of 7.30 cps16 October 2015– 86.9
2016 final dividend of 9.00 cps13 October 2016 107.2 –
Total dividends paid 107.2 86.9
8. Property, plant and equipment
Unaudited
As at
31 Dec 2016
$M
Audited
As at
30 Jun 2016
$M
At fair value 4,620.9 4,570.0
At cost 97.2 95.1
Work in progress at cost 243.4 154.8
Accumulated depreciation (146.4) (111.8)
Net carrying amount 4,815.1 4,708.1
The group carries land, buildings and services,
infrastructure and runway, taxiways and aprons
at fair value. The group last revalued land and
infrastructure at 30 June 2016. The group last
revalued buildings, services, runways, taxiways
and aprons at 30 June 2015. At 31 December
2016 the carrying amounts do not differ materially
from fair value.
Vehicles, plant and equipment and work in
progress are carried at cost.
Additions to property, plant and equipment
were $129.0 million for the six months
ended 31 December 2016 (six months ended
31 December 2015: $50.9 million). Transfers
from investment property were $15.3 million
for the six months ended 31 December 2016
(transfers to investment property for the six
months ended 31 December 2015: $10.3 million).
The transfers from investment property related
to a re-designation of undeveloped land for
future roads.
4241
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017

9. Investment properties
Unaudited
6 months to
31 Dec 2016
$M
Audited
As at
30 Jun 2016
$M
Balance at the beginning of the period 1,048.9 848.1
Additions - acquisitions or development 0.4 67.3
Additions - subsequent expenditure 43.4 38.7
Transfer from/(to) property, plant and equipment (note 8) (15.3) 7.7
Change in net revaluations 17.4 87.1
Balance at end of period 1,094.8 1,048.9
Investment property is measured at fair value,
which reflects market conditions at the statement
of financial position date. To determine fair value,
Auckland Airport commissions investment property
valuations at least annually.
At 31 December 2016 and 31 December 2015 an
assessment review was performed by Auckland
Airport which comprised a review of recent
comparable transactional evidence of market sales
and leasing activity using market data provided by
Colliers. The assessment reviews and market data
provided by Colliers did not include full property
inspections or the issue of new reports but
examined the likely effect on property values
of the investment environment applicable at the
relevant time.
At 31 December 2016, a further review of two
investment properties in the latter stages of
construction was performed by Savills and JLL.
The reviews and market data at 31 December 2016
concluded that there was a material movement
in the fair value of these two properties but no
material fair value movements in the remainder
of the portfolio.
The valuation of the two investment properties in the
latter stages of construction resulted in a $17.4 million
increase in the fair value at 31 December 2016
(31 December 2015: $16.0 million increase).
10. Issued and paid-up capital
Unaudited
6 months to
31 Dec 2016
$M
Unaudited
6 months to
31 Dec 2015
$M
Unaudited
6 months to
31 Dec 2016
Shares
Unaudited
6 months to
31 Dec 2015
Shares
Opening issued and paid-up capital
at 1 July 332.7 332.3 1,190,128,107 1,190,128,107
Shares fully paid and allocated to
employees by employee share scheme 0.1 0.4 17,560 128,070
Closing issued and paid-up capital 332.8 332.7 1,190,145,667 1,190,256,177
11. Borrowings
Unaudited
As at
31 Dec 2016
$M
Audited
As at
30 Jun 2016
$M
Current
Commercial paper 121.7 91.8
Bank facilities 128.3 –
Bonds 250.9 305.1
Total short-term borrowings 500.9 396.9
Non-current
Bank facilities 200.0 328.8
Bonds 650.0 526.2
USPP notes 604.9 635.0
Total term borrowings 1,454.9 1,490.0
Total
Commercial paper 121.7 91.8
Bank facilities 328.3 328.8
Bonds 900.9 831.3
USPP notes 604.9 635.0
Total borrowings 1,955.8 1,886.9
Bank facilities
In August 2016 new undrawn facilities of
$150.0 million and $100.0 million were established
with Westpac Banking Corporation and Australian
and New Zealand Banking Group Corporation
(ANZ) respectively. These facilities were established
to support the company’s 2017 financial year
borrowing programme. These are in addition
to the $280.0 million undrawn facilities in place
at 30 June 2016 and reported in the 2016 Annual
Report. The total undrawn facilities at 31 December
2016 of $530.0 million will reduce by $250 million
when the Westpac and ANZ undrawn facilities are
cancelled upon completion of the 2017 financial
year borrowing programme.
Bonds
In the period to 31 December 2016 the company
undertook the following bond financing:
• The repayment of $25.0 million of seven year
fixed rate notes in August 2016,
• The repayment of $130.0 million of eight year
fixed rate notes in November 2016,
• The issuance of $225 million of 7 year, 3.97
percent fixed rate bonds in November 2016
During the current and prior period, there
were no defaults or breaches on any of the
borrowing facilities.
12. Financial risk management
The group has a treasury policy which limits
exposure to market risk for changes in interest
rates and foreign currency, liquidity risk and
counter-party credit risk. The group has no
other material direct price risk exposure.
The interim consolidated financial statements
do not include all financial risk management
information and disclosures and should be read
in conjunction with the group’s annual financial
statements for the year ended 30 June 2016.
Further information on risk management is also
contained in the corporate governance section
of the 2016 Annual Report.
There have been no significant changes in the
financial risk management objectives and policies
since 30 June 2016.
4443
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017

13. Fair value of financial instruments
There have been no transfers between levels
of the fair value hierarchy used in measuring the
fair value of financial instruments in the period
to 31 December 2016 (31 December 2015: nil).
The group’s derivative financial instruments are all
classified as level 2. The fair values are determined
on a discounted cash flow basis. The future cash
flows are forecast using the key inputs presented
in the table below. The forecast cash flows are
discounted at a rate that reflects the credit risk
of various counterparties to the derivative
financial instruments.
Unaudited
Fair value
As at
31 Dec 2016
$M
Audited
Fair value
As at
30 June 2016
$MValuation key inputs
Interest rate swaps
Forward interest rates (from
observable yield curves) and
contract interest rates.
Assets 2.7 2.2
Liabilities (32.4) (57.0)
Interest basis swaps
Observable forward basis swap
pricing and contract basis rates.Assets 2.6 3.0
Cross currency interest rate swapsForward interest and foreign
exchange rates (from observable
yield curves and forward exchange
rates) and contract rates.
Assets 111.7 134.3
The carrying value approximates the fair value
of cash, trade and other receivables, accounts
payable and accruals and other term liabilities.
The carrying amount of the group’s current and
non-current borrowings issued at floating rates
approximates their fair value.
The group’s bonds are classified as level 1. The fair
value of the bonds is based on the quoted market
prices for these instruments at balance date.
The group’s USPP notes are classified as level 2.
The fair value of the USPP notes has been
determined at balance date on a discounted
cash flow basis using the USD Bloomberg Curve
and applying discount factors to the future
USD interest payment and principal payment
cash flows.
Unaudited
31 Dec 2016
Audited
30 Jun 2016
Carrying
amount
$M
Fair
value
$M
Carrying
amount
$M
Fair
value
$M
Bonds 900.9 916.4 831.3 869.3
USPP Notes 604.9 611.8 635.0 627.6
14. Commitments
(a) Property, plant and equipment
The group had contractual obligations to suppliers
to purchase or develop property, plant and
equipment for $184.0 million at balance date
(30 June 2016: $157.0 million).
(b) Investment property
The group had contractual obligations to suppliers
to purchase or develop investment property for
$61.3 million at balance date (30 June 2016:
$83.8 million). The company had contractual
obligations to tenants to purchase or develop
investment property at balance date for
$2.9 million (30 June 2016: $3.0 million).
The group has contractual commitments for
repairs, maintenance and enhancements on
investment property for $1.7 million at balance
date (30 June 2016: $1.6 million).
15. Contingent liabilities
Noise insulation
The company has obligations to mitigate the
impacts of aircraft noise on the local community
in accordance with a 2001 Environment Court
determination. It offers acoustic treatment to
schools and existing houses within defined areas.
The last offers were made in June 2016 and 96
homeowners accepted these offers during the
period and the group recorded a provision for
the estimated cost of fulfilling its obligation to
those homeowners.
It is estimated that, overall, further costs
associated with the 2001 Environment Court
determination would not exceed $9.0 million
(30 June 2016: $9.0 million).
16. Events subsequent to balance date
On 17 February 2017, the directors approved
the payment of a fully imputed interim dividend of
10.0 cents per share amounting to $119.1 million
to be paid on 4 April 2017.
On 17 February 2017, the directors of
Queenstown Airport declared a dividend of
$1.0 million. The group’s share of the dividend
is $0.2 million to be paid on 20 February 2017.
On 14 February 2017, the group agreed to invest
an additional $23.0 million in the Tainui Auckland
Airport Hotel Partnership by purchasing the
stake owned by AAPC Properties Pty Limited
(Accor Hospitality) and a portion of the stake
owned by Tainui Group Holdings Limited.
The group also agreed to enter into a new
partnership with Tainui Group Holdings Limited to
build and operate a new hotel at Auckland Airport.
Further information is provided in note 6.
4645
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017

INDEPENDENT REVIEW REPORT
TO THE SHAREHOLDERS OF AUCKLAND INTERNATIONAL AIRPORT LIMITED
We have reviewed the condensed consolidated interim financial statements of Auckland International
Airport Limited and its subsidiaries (‘the Group’) which comprise the statement of financial position as
at 31 December 2016, and the income statement, statement of comprehensive income, statement
of changes in equity and cash flow statement for the six months ended on that date, and explanatory
information in the notes to the condensed consolidated interim financial statements on pages 31 to 46.
Board of Directors’ Responsibilities
The Board of Directors are responsible on behalf of the Group for the preparation and fair presentation of
the condensed consolidated interim financial statements, in accordance with NZ IAS 34 Interim Financial
Reporting and IAS 34 Interim Financial Reporting and for such internal control as the Board of Directors
determine is necessary to enable the preparation and fair presentation of the condensed consolidated
interim financial statements that are free from material misstatement, whether due to fraud or error.
Our Responsibilities
Our responsibility is to express a conclusion on the condensed consolidated interim financial statements
based on our review. We conducted our review in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (‘NZ SRE 2410’). NZ SRE 2410 requires
us to conclude whether anything has come to our attention that causes us to believe that the condensed
consolidated interim financial statements, taken as a whole, are not prepared, in all material respects, in
accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting. As the
auditor of Auckland International Airport Limited, NZ SRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial statements.
A review of the condensed consolidated interim financial statements in accordance with NZ SRE 2410 is a
limited assurance engagement. The auditor performs procedures, primarily consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other
review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted
in accordance with International Standards on Auditing (New Zealand). Accordingly we do not express an
audit opinion on those financial statements.
Our firm carries out other assignments for Auckland International Airport Limited in the area of taxation
advice, AGM vote scrutineer assistance and assurance reporting for regulatory purposes. These services
have not impaired our independence as auditor of the Company and Group. In addition to this, partners
and employees of our firm deal with the Company and its subsidiaries on normal terms within the ordinary
course of trading activities of the business of the Company and its subsidiaries. The firm has no other
relationship with, or interest in, the Company or its subsidiaries.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed
consolidated interim financial statements of the Group do not present fairly, in all material respects, the
financial position of the Group as at 31 December 2016 and its financial performance and cash flows
for the six months ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and
IAS 34 Interim Financial Reporting.
17 February 2016
Chartered Accountants
AUCKLAND, NEW ZEALAND
Shareholder information
Reporting entity
The company was incorporated on 20 January 1988,
under the Companies Act 1955, and commenced
trading on 1 April 1988. The company was
re-registered under the Companies Act 1993 on
6 June 1997. On 25 June 1998, the company
adopted a revised constitution, approved as
appropriate for a publicly listed company. Further
revisions of the constitution were adopted on
21 November 2000, 18 November 2002 and
23 November 2004 in order to comply with
NZSX and ASX Listing Rule requirements.
The company was registered in Australia as a
foreign company under the Corporations Law on
22 January 1999 (ARBN 085 819 156) and was
granted Foreign Exempt Listing entity status by
ASX on 22 April 2016.
The company’s shares were quoted on the NZX on
28 July 1998. The company’s shares were quoted
on the ASX effective 1 July 2002. The company
has established an American Depository Receipts
(ADR) program, under which each ADR represents
five ordinary shares in the company. The ADRs are
traded over the counter in the United States.
The total number of voting securities on issue
as at 31 December 2016 was 1,190,892,349.
Waivers granted by the NZX
The company was issued with a waiver of Listing
Rule 5.2.3 by NZX on 13 October 2016 (for a
period of six months from 3 November 2016) in
respect of the company’s October 2016 issue of
$100 million of unsecured and unsubordinated
fixed rate bonds (“Bonds”).
Listing Rule 5.2.3 (as modified by NZX’s ruling
on Rule 5.2.3 issued on 29 September 2015)
provides that a class of securities will generally not
be considered for quotation unless those securities
are held by at least 100 members of the public,
holding at least 25% of the number of securities
in the class issued, with each member holding at
least a minimum holding.
The waiver was granted on the conditions that
(i) the wavier and its implications were disclosed
in the terms sheet for the Bonds and any other
offering document relating to an offer of the Bonds,
(ii) the waiver, its conditions and their implications
are disclosed in the company’s interim and
annual reports, (iii) the terms sheet for the Bonds
disclosed liquidity in the Bonds as a risk, and
This review report relates to the unaudited condensed consolidated interim financial statements of Auckland International Airport Limited for the six months ended
31 December 2016 included on Auckland International Airport Limited’s website. The Board of Directors is responsible for the maintenance and integrity of Auckland
International Airport Limited’s website. We have not been engaged to report on the integrity of Auckland International airport Limited’s website. We accept no
responsibility for any changes that may have occurred to the unaudited condensed consolidated interim financial statements since they were initially presented on
the website. The review report refers only to the unaudited condensed consolidated interim financial statements named above. It does not provide an opinion on
any other information which may have been hyperlinked to/from these unaudited condensed consolidated interim financial statements. If readers of this report are
concerned with the inherent risks arising from electronic data communication they should refer to the published hard copy of the unaudited condensed consolidated
interim financial statements and related review report dated 17 February 2017 to confirm the information included in the unaudited condensed consolidated interim
financial statements presented on this website. Legislation in New Zealand governing the preparation and dissemination of financial statements may differ from
legislation in other jurisdictions.
(iv) the company is to notify NZX if there is a
material reduction in the total number of, and/or
percentage of the Bonds held by, members of
the public holding at least a minimum holding of
the Bonds.
The effect of the waiver from Listing Rule 5.2.3 is
that the Bonds may not be widely held and there
may be reduced liquidity in the Bonds.
Auditors
Deloitte has continued to act as auditors of
the company, and has undertaken a review
of the financial statements for the six months
to 31 December 2016.
Credit rating
As at 31 December 2016, the Standard & Poor’s
long-term debt rating for the company was A- Stable
Outlook and the short-term debt rating was A-2.
Company publications
The company informs investors of the company’s
business and operations by issuing an annual report
(with notice of meeting) and an interim report.
Enquiries
Shareholders with enquiries about transactions,
changes of address or dividend payments
should contact Link Market Services Limited
on +64 9 375 5998. Other questions should be
directed to the company’s corporate secretary
at the registered office.
Share Registrars
New Zealand:
Link Market Services Limited
Level 11, Deloitte Centre
80 Queen Street
Auckland 1010
PO Box 91976
Auckland 1142
Australia:
Link Market Services Limited
Level 12
680 George Street
Sydney
NSW 2000
Locked Bag A14
Sydney South
NSW 1235
4847
Auckland International Airport Limited
Interim Report 2017 Interim Report 2017

Shareholder information CONTINUED
Financial calendar
Half yearYear
Results announced
FebruaryAugust
Reports published
FebruaryAugust
Dividends paid
AprilOctober
Annual meeting
–October
Disclosure financial statements
–November
Corporate directory
DIRECTORS
Sir Henry van der Heyden, chair
Richard Didsbury
Brett Godfrey
Michelle Guthrie
James Miller
Justine Smyth
Christine Spring
Patrick Strange
SENIOR MANAGEMENT
Adrian Littlewood
chief executive
Phil Neutze
chief financial officer
Richard Barker
general manager retail and commercial
Anna Cassels-Brown
general manager people and safety
Jason Delamore
general manager marketing and
technology
Graham Matthews
general manager airport development
and delivery
Judy Nicholl
general manager aeronautical operations
Scott Tasker
general manager aeronautical
commercial (acting)
Mark Thomson
general manager property
ELECTRONIC SHAREHOLDER
COMMUNICATION
If you would like to receive all investor
communications electronically, including
interim and annual shareholder reports,
please visit the Link Market Services
website www.linkmarketservices.co.nz or
contact them directly (details on page 48)
REGISTERED OFFICE NEW ZEALAND
4 Leonard Isitt Drive
Auckland Airport Business District
Manukau 2022
New Zealand
Telephone: +64 9 275 0789
Facsimile: +64 9 275 4927
Email: tellus@aucklandairport.co.nz
Website: www.aucklandairport.co.nz
REGISTERED OFFICE AUSTRALIA
c/o KPMG
147 Collins Street
Melbourne
Victoria 3000
Australia
Telephone: +61 3 9288 5555
Facsimile: +61 3 9288 6666
Website: www.kpmg.com.au
MAILING ADDRESS
Auckland International Airport Limited
PO Box 73020
Auckland Airport
Manukau 2150
New Zealand
GENERAL COUNSEL &
COMPANY SECRETARY
Scott Weenink
AUDITORS
External auditor – Deloitte
Internal auditor – Ernst & Young
Share registry auditor – Grant Thornton
50Interim Report 2017 49
Auckland International Airport Limited
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Interim Results 2017
Adrian Littlewood
Chief Executive
Philip Neutze
Chief Financial Officer

FY17 interim results
Adrian Littlewood, chief executive
Highlights

2017
Interim Results
Results at a glance
10.8%
$310.9m
Revenue
Operating EBITDAFI
10.5 %
$235.9m
Underlying profit
18.6%
$123.5m
3
Interim dividend per share
17.6%
10 cents
Passenger movements
12.4%
9.4m
Aircraft movements
8.9%
84,593
Highlights
Financial
performance
Our continuing
journey

2017
Interim Results
Highlights
Upgrading our airport infrastructure•
Currently spending more than $1m per working day on a
irport improvements
•
International terminal upgrade well underway
•
Upgraded two remote stands to accommodate two A380 or f
our smaller
aircraft
•
Planning and design for second runway
Highlights
Financial
performance
Our continuing
journey
4






Providing a high-quality customer experience•
45 new mobile self-service check-in kiosks and 13 more check-in co
unters
•
16% increase in current security processing area
•
1,400 new Park&Ride car parking spaces
•
Developing a 5 star hotel with 250 rooms by the intern
ational terminal






Growing and supporting tourism•
Rapidly changing market structure – the number of intern
ational airlines
servicing Auckland has increased 50% in only 18 months
•
International passengers up 11.9%
1
, domestic passengers up 11.7%
•
Sustainably growing travel markets to increase connectivity
•
Supporting the New Zealand tourism industry and recogn
ising
infrastructure requirements






1) Excluding transits, growth in H1 FY17 compared t
o H1 FY16

FY17 interim results
Philip Neutze, chief financial officer
Financial
performance

2017
Interim Results
Strong half year result
For the 6 months to 31 December
2016
$m
2015
$m
Change
Revenue
310.9
280.6
10.8%
Expenses
75.0
67.1
11.8%
Earnings before interest, taxation, depreciation,fair value adjustments and investments in associate
s
(EBITDAFI)
235.9
213.5
10.5%
Share of profit from associates
10.0
4.1
143.9%
Derivative fair value (decrease)/increase
1.5
(0.7)
n/a
Investment property revaluation
17.4
16.0
8.8%
Depreciation expense
37.4
36.6
2.2%
Interest expense
36.8
40.9
(10.0)%
Taxation expense
48.8
39.6
23.2%
Reported net profit after tax
141.8
115.8
22.5%
Underlying profit after tax
123.5
104.1
18.6%
A reconciliation between reported net profit after
tax and underlying profit after tax is included in
the Appendix
Highlights
Financial
performance
Our continuing
journey
6

2017
Interim Results
Strong revenue growth across the business
For the 6 months to 31 December
2016
$m
2015
$m
Change
Airfield income
59.2
50.2
17.9%
Passenger services charge
85.9
75.5
13.8%
Retail income
80.7
78.6
2.7%
1
Car park income
28.9
26.0
11.2%
Investment property rental income
32.5
27.9
16.5%
Other rental income
8.2
7.7
6.5%
Other income
15.5
14.7
5.4%
Total revenue
310.9
280.6
10.8%
•
Aeronautical revenue growth driven by double digit
passenger growth, growing runway
movements and aeronautical price increase
•
Strong passenger growth, food & beverage and passen
ger products performance contributed to
retail income growth of 6.4%
1
despite ongoing expansion work in the international
terminal
•
Parking revenue tracking in line with passenger gro
wth
•
Investment property rental income increase was drive
n by the development of new properties
and strong growth in the existing asset base
Highlights
Financial
performance
Our continuing
journey
7
1) Growth was 6.4% excluding a one-off accrual rele
ase in the prior year

2017
Interim Results
Exceptional passenger growth
For the 6 months to 31 December
2016
2015
Change
International arrivals
2,462,690
2,209,510
11.5%
International departures
2,328,575
2,070,923
12.4%
International passengers excluding transits
4,791,265
4,280,433
11.9%
Transit passengers
353,978
275,344
28.6%
Total international passengers
5,145,243
4,555,777
12.9%
Domestic passengers
4,299,244
3,849,883
11.7%
Total passengers
9,444,487
8,405,660
12.4%
•
The growth in passengers occurred across a range of
markets
1
: North America up 37%, Korea
23%, Japan 12%, Europe 13% and Australia 6%
•
Double digit international growth driven by a 17.1%
increase in airline capacity
•
Domestic continued to benefit from new capacity on
main trunk and regional services
•
Total passenger growth of 12.4% ahead of aircraft m
ovements up 8.9%
•
Some minor capacity rebalancing occurring as carrie
rs bed in new routes, but double digit
growth in capacity expected in H2 FY17 despite some
announced reductions
Highlights
Financial
performance
Our continuing
journey
8
•
Auckland Airport refined its passenger and movement
s data from August 2016, resulting in a very minor
restatement of prior year comparatives. The numbers

above are consistent with published monthly traffic
data.
1) Visitor arrivals growth in H1 FY17 compared to H
1 FY16

2017
Interim Results
Continuing growth in runway movements
For the 6 months to 31 December
2016
2015
Change
Aircraft movementsInternational aircraft movements
27,476
24,343
12.9%
Domestic aircraft movements
57,117
53,357
7.0%
Total aircraft movements
84,593
77,700
8.9%
MCTOW (tonnes)International MCTOW
2,756,353
2,363,811
16.6%
Domestic MCTOW
1,121,401
1,016,146
10.4%
Total MCTOW
3,877,755
3,379,956
14.7%
•
Increased connectivity to new and existing destinat
ions continued the FY16 increase in
total aircraft movements into the first half of FY1
7
•
Air New Zealand continues to increase their A320 do
mestic jet and ATR72 turboprop fleet
size. Jetstar introduced five Q300 turboprop aircraf
t on the new regional routes
Highlights
Financial
performance
Our continuing
journey
9
Auckland Airport refined its passenger and movement
s data from August 2016, resulting in a very minor
restatement of prior year comparatives. The numbers

above are consistent with published monthly traffic
data.

2017
Interim Results
Expenses driven by business growth
For the 6 months to 31 December
2016
$m
2015
$m
Change
Staff
24.9
22.4
11.2%
Asset management, maintenance and airport operations
26.1
23.5
11.1%
Rates and insurance
6.1
5.7
7.0%
Marketing and promotions
7.9
6.3
25.4%
Professional services and levies
4.9
4.4
11.4%
Other
5.1
4.8
6.3%
Total operating expenses
75.0
67.1
11.8%
Depreciation
37.4
36.6
2.2%
Interest expense
36.8
40.9
(10.0)%
•
Staff costs increase largely driven by increased he
adcount to cater for the growth in the
business, particularly passenger facing terminal st
aff, and lapping a negative LTI accrual in FY16
•
Increased asset management, maintenance and airport
operations reflecting variable costs to
drive revenue growth, increased airside bus operati
ons, and investment in technology
•
Marketing and promotions spend driven by support fo
r new airlines and routes
Highlights
Financial
performance
Our continuing
journey
10

2017
Interim ResultsAssociates’ performance
Highlights
Financial
performance
Our continuing
journey
11
For the 6 months to 31 December
2016
$m
2015
$m
Change
Queenstown Airport (24.99% ownership)
Total Revenue
19.6
15.7
24.8%
EBITDAFI
13.1
11.7
12.0%
Domestic Passengers
660,231
565,595
16.7%
International Passengers
299,088
264,965
12.9%
Underlying Earnings (Auckland Airport share)
1.5
1.5
0.0%
North Queensland Airports (24.55% ownership)
AU$m
AU$m
Total Revenue (AU$)
72.8
69.2
5.2%
EBITDAFI (AU$)
46.3
44.0
5.2%
Domestic Passengers (Cairns + Mackay)
2,742,384
2,698,748
1.6%
International Passengers (Including transits) (Cairns)
431,615
372,374
15.9%
Underlying Earnings (Auckland Airport share) (NZ$)
NZ$5.1
NZ$4.5
13.3%
Novotel Tainui Holdings (20.00% ownership)
Total Revenue
13.9
12.6
10.3%
EBITDAFI
4.6
4.0
15.0%
Average occupancy
91.7%
89.0%
Average room rate increase
10.9%
11.4%
Underlying Earnings (Auckland Airport share)
1.0
0.8
25.0%

FY17 interim results
Adrian Littlewood, chief executive
Our continuing
journey

2017
Interim Results
Strategic priority:Growing Travel MarketsNew routes and capacity underpin passenger growth•
International airline capacity up 17% in the six mo
nths to 31
December with increases in service frequency, aircr
aft upgauging, 4
new airlines and 5 new services
•
Domestic continued to benefit from new capacity up
11% on main
trunk and regional services e.g. Queenstown
•
15 new international services
1
over the last 18 months
•
Continue to focus on sustainably growing travel mar
kets to increase
Auckland and New Zealand’s air connectivity
Highlights
Financial
performance
Our continuing
journey
13
internationalairlines
1
international destinations
1
domesticdestinations
27
44
19
Beijing
Shanghai
Hong Kong
Ho Chi Minh City
Kuala Lumpur
Manila
Dubai
Houston
Rarotonga
Los Angeles
Buenos Aires
Tianjin
Chongqing
Hong Kong
Shenzhen
1) Excluding Qatar’s Doha service from February 201
7
2) Placed on hold in April 2017 before recommencing
in October 2017 as a seasonal service
Osaka
San Francisco
2
Key
= New in 1H17= New in last
18 months
Plain text

2017
Interim Results
14
•
Continued support for tourism through marketing act
ivities in new and emerging markets
•
Recognising the increasing number of travellers and
New Zealand’s infrastructure requirements:
–
working with partners to support off peak travel to
NZ and spread demand throughout the year
–
provided the Government with research on how best t
o fund tourism infrastructure
•
European visitors up 13%
1
•
Significantly enhanced connectivity with new Emirates (Mar-16) and Qatar services (Feb-17)
Europe / Middle East
•
Chinese visitors up 5%
1
•
New direct flights to tier two cities commenced at the end of H1 FY17 and will capture growth in new markets
•
Slowing growth in tier one cities offset by increasingly high value passengers
China
•
USA visitors up 37%
1
•
Entry of USA carriers and access to their extensive distribution network and marketing reach
USA
•
Korean visitors up 23%
1
•
Strong visitor arrivals growth supported increase in Korean Air direct capacity
•
Visitor spend in New Zealand up almost 3 times the rate of paxgrowth (Sep-16 IVS)
Korea
•
Australian visitors up 6%
1
•
Marketing campaigns to support off peak travel by Australians to Auckland and the North Island for short breaks winter holidays
Australia
Highlights
Financial
performance
Our continuing
journey
Sustainably growing travel marketsStrategic priority:Growing Travel Markets
1) Visitor arrivals growth in H1 FY17 compared to H
1 FY16. Recently added Hong Kong Airlines, Tianjin
Airlines and Hainan Airlines will contribute to H2
FY17 growth.

2017
Interim Results
Strategic priority:Strengthen our consumer business
Highlights
Financial
performance
Our continuing
journey
15
Strong performance despite significant disruption•
International terminal PSR up 0.9% on prior year de
spite
ongoing construction work to upgrade the internatio
nal
departure area
•
Duty Free performing well reflecting retailers’ glo
bal expertise
•
Focus on core Duty Free products resulted in PSR gr
owth of
22% in Cosmetics and Skincare, 60% in Electronics.
This was
partially offset by modest PSR declines in Liquor a
nd Tobacco
•
Specialty and Destination impacted by planned store
closures
as part of the international terminal upgrade, cont
inuing until
late 2017
•
Food and Beverage sales up 18% as customer experien
ce
continues to be improved through greater choice suc
h as
Urban Market Café and 1985 bar on Pier A
•
Retail income up 6.4% excluding prior year one-off
accrual
release. Duty free income growth stronger, but part
ly offset by
disruption impact on Speciality and Destination cat
egories and
CBD construction impacting Off Airport

2017
Interim Results
Strategic priority:Strengthen our consumer business
Highlights
Financial
performance
Our continuing
journey
16
Major upgrade of our international departure retail
hub
•
~45 units up for tender in the new international te
rminal expansion
•
Excellent interest from retailers in securing space
•
Confident in selecting retailers with compelling st
ore concepts that sell products representing the
best of New Zealand and the world
•
Transformation of our duty free and tax free shoppi
ng experience will start to be visible from mid
2017

2017
Interim Results
Strategic priority:Strengthen our consumer businessParking revenue growth in line with passenger growt
h
•
Parking revenue up 11.2% driven by double digit pas
senger
growth
•
ARPS up 2.6% due to increased car parking space uti
lisation
•
Continuing growth in Valet with revenue up 29% on p
rior
period. 500 new Valet spaces added in the first hal
f of FY17
•
1,400 new Park&Ride car parking spaces added in the
first
half of FY17 with 800 available for public parking
and 600 to
be taken by relocated staff
•
New value focused Valet parking service launched at

Park&Ride
•
Introduced free parking Wait Zone in the domestic t
erminal
following the very successful launch of the interna
tional
terminal Wait Zone
•
Planning underway for a multi-storey car park, incl
uding
providing additional capacity to offset any reducti
on during
construction
•
New Drop and Ride zone created within Park&Ride wher
e
travellers can be dropped off to catch the bus to t
he terminal
Highlights
Financial
performance
Our continuing
journey
17

2017
Interim Results
18
Strategic priority:Be fast, efficient and effectiveInvesting in our customer experience•
13 new check-in counters and 45 new mobile check-in

kiosks in the international terminal
•
Upgraded back-of-house baggage handling system
•
Opened new female toilet facilities in internationa
l arrivals
area. Over 80% all of Auckland Airport’s customer t
oilets
have now been upgraded to current design standard
•
Recruited more than 60 Passenger Experience Assista
nts
to help passengers at the airport during the peak s
eason
•
12 new Customer Service Agents, proactively assisti
ng
passengers in the current international departures
area
•
MPI Green Lane established for low risk Australia a
nd
New Zealand passengers to reduce processing times
•
Installed a seventh security screen machine in the international departures area; increasing security processing capacity by around 16%
•
Effectively managing the processing of 20% more passengers than two years ago
45
New mobile international self-
service check-in kiosks
13
Additional check-in
service counters
60+
Passenger Experience
Assistants recruited
Highlights
Financial
performance
Our continuing
journey
15
Languages spoken by new
Customer Service Agents

2017
Interim Results
–
received planning approvals
–
initiated concept design
–
updated detailed requirement modelling, now forecas
t towards the end of the 2020’s
•
Significant progress on the complex international de
parture area upgrade and Pier B extension.
Project included assembling the largest mobile cran
e in the country to lift 32 tonne steel trusses
for the roof. We are on track to deliver:
Strategic priority:Invest for future growth•
Completed new taxiway and fully serviced airfield s
tand
•
Completed critical water, waste water, electricity
and fuel projects
to ensure robust ongoing supply to the airport
•
Upgraded two remote airfield stands to accommodate
an A380 or
two smaller aircraft, increasing our airfield pavem
ent by the
equivalent of five rugby fields
•
Progressed second runway planning:
19
Mid 2017
Late 2017
Mid 2018
•
New security processing zone
•
First half of two new duty free shops
Highlights
Financial
performance
Our continuing
journey
•
Expansion of the two new duty free shops
•
First half of the new passenger lounge and retail hub
•
Adding Gate 17 on Pier B
•
Second half of the new passenger lounge and retail hub
•
Adding Gate 18 on Pier B
42 capital expenditure projects currently underway
each valued at over $1m

2017
Interim Results
Strategic priority:Invest for future growthImproving our transport network•
Established a taskforce with the NZ Transport Agenc
y
and Auckland Transport focused on improving access to the airport precinct
•
Transport initiatives to improve travel times inclu
de:
–
upgraded Puhinui Road roundabout
–
improved traffic light phasing at George Bolt Memorial Drive and Tom Pearce Drive intersection
–
improved lane configurations at George Bolt Memorial Drive and Laurence Stevens roundabout to improve traffic flows
•
Continued to advocate with NZ Transport Agency and Auckland Transport to improve state highway access and public transport services to the airport
•
Opening of $1.4bn Waterview motorway tunnel and completion of Kirkbride Road and State Highway 20 widening at Onehunga will assist travel to the airp
ort
Highlights
Financial
performance
Our continuing
journey
20

2017
Interim Results
Strategic priority:Invest for future growth16.5% growth in property revenue•
Rent roll up 12% on the prior year
•
$141m of projects under construction
•
10,000 sqm of pre-commitments secured including Röhlig Logistics and a building expansion for GVI
•
Agreed terms for large distribution centre in the Landing with construction to start in Q2 2017
•
Major roading projects to complete mid 2017 to enhance connectivity
New 5 star hotel•
Strong 92% occupancy at Novotel and the ibis budget
•
Restructured JV with Tainui Group Holdings. Once the transaction has completed it will result in 50:50 ownership of Novotel and new Pullman hotel
•
250 room Pullman to open mid 2019
•
Enhanced guest experience from new hotel plaza adjacent to international terminal
Highlights
Financial
performance
Our continuing
journey
21
$64.6 million
Investment property
rent roll
281 hectares
Land available for
development
99%
Occupancy in the
portfolio

2017
Interim Results
22
Highlights
Financial
performance
Our continuing
journey
Investing in our community•
Ara, the Auckland Airport jobs and skills hub, is g
aining
momentum. In the past six months Ara organised 746 training opportunities and placed 61 people into em
ployment
– 35 came off government benefit
•
Helped 15 South Auckland secondary schools prepare
their
students for work through customised engagement pla
ns
•
8 graduate scholarships for local students
•
Improved organic waste recycling facilities in the
international
terminal drove an increase in organic waste recycli
ng to 47%
Being a good employer•
New staff Professional Development Framework will i
ncrease
employees’ ability to drive their own career develo
pment
•
Introduced updated flexible working arrangements po
licy in
December 2016 which play an important part in incre
asing
employee diversity
•
Increased health and safety headcount. Health and s
afety
culture survey improved 5% to 67% reflecting increa
singly
proactive culture
Strategic priority:Invest for future growth

2017
Interim Results
Regulatory update
Economic regulation•
The Commerce Commission completed its input methodo
logies review in December 2016
•
The final decision reaffirmed that the Commission d
oes not set prices for airport services and
that its focus is on ensuring there is transparency
in relation to the pricing decisions made by
airports
•
Key points from the final decision include:
–
a new forward-looking profitability measure using a
n IRR over a five year period reflecting
each airport’s bespoke pricing approaches
–
the Commission's approach to assessing airport prof
itability indicates that it will take into
account different contextual factors when assessing
airport performance, including airport
specific required returns, investment volumes and r
isk profile
–
flexibility in approach to disclosing revenue on fu
ture use assets
Pricing decisions•
Auckland Airport’s FY18-22 aeronautical price path
consultation with major airlines and
representatives began in early FY17. The final pri
cing decision expected in May 2017
•
Growth in travel and the remaining lifetime of the
existing domestic terminal are driving a
significant capital programme, which is being consu
lted on with customers
•
Charges will seek to provide a reasonable return on
existing infrastructure and to support
ongoing investment in airport facilities and servic
es for the long-term benefit of all airport users
Highlights
Financial
performance
Our continuing
journey
23

2017
Interim Results
OutlookGuidance•
Ongoing strong performance to date has been in line with expectations
•
We are now tightening underlying net profit after tax (excluding any fair value changes and other one-off items) guidance to between $235 million and $243 million in FY17
•
Reflecting the acceleration in infrastructure investment this year, we are lifting our capital expenditure guidance for FY17 to between $370 million and $400 million in FY17, including approximately $240 million of aeronautical spend
•
This guidance is subject to any material adverse events, significant one-off expenses, non-cash fair

value changes to property and deterioration due to global market conditions or other unforeseeable circumstances
Highlights
Financial
performance
Our continuing
journey
24

Questions

Appendix

2017
Interim Results
Underlying profit reconciliation
•
We have made the following adjustments to show unde
rlying profit after tax for the six-month periods e
nded 31 December 2016 and 31 December
2015:
–
reversed out the impact of revaluations of investme
nt property. An investor should monitor changes in
investment property over time as a measure
of growing value as a change in one particular year
can be too short a period for measuring performanc
e. Changes between years can be volatile
and will consequently impact comparisons. The reval
uation is unrealised and, therefore, is not conside
red when determining dividends in
accordance with the dividend policy;
–
the group recognises gains or losses in the income
statement arising from valuation movements in inter
est rate derivatives which are not hedge
accounted or where the counterparty credit risk on
derivatives impact accounting hedging relationships
. These gains or losses, like investment
property, are unrealised and interest rate derivati
ve movements are expected to reverse out over the l
ives of the derivatives;
–
reversed the revaluations of investment property an
d financial derivatives contained within the share
of profit of associates; and
–
reversed the taxation impacts of the above adjustme
nts
2016
2015
For the 6 months to 31 December
Reported
earnings
$m
Adjustments
$m
Underlying
earnings
$m
Reported
earnings
$m
Adjustments
$m
Underlying
earnings
$m
EBITDAFI
235.9
-
235.9
213.5
-
213.5
Share of profit from associates
10.0
(2.4)
7.6
4.1
2.7
6.8
Derivative fair value increases
1.5
(1.5)
-
(0.7)
0.7
-
Investment property revaluation
17.4
(17.4)
-
16.0
(16.0)
-
Depreciation
(37.4)
-
(37.4)
(36.6)
-
(36.6)
Interest expense and other finance costs
(36.8)
-
(36.8)
(40.9)
-
(40.9)
Taxation expense
(48.8)
3.0
(45.8)
(39.6)
0.9
(38.7)
Profit after tax
141.8
(18.3)
123.5
115.8
(11.7)
104.1
27

2017
Annual ResultsImportant Notice and GlossaryDisclaimerThis presentation is given on behalf of Auckland Intern
ational Airport Limited. Information in this presenta
tion:
•
is provided for general information purposes only, an
d is not an offer or invitation for subscription, purcha
se, or recommendation of
securities in Auckland International Airport Limited (A
uckland Airport);
•
should be read in conjunction with, and is subject to, A
uckland Airport's audited consolidated interim financial
report for the six months
ended 31 December 2016, prior annual and interim rep
orts and Auckland Airport's market releases on the NZX a
nd ASX;
•
includes forward-looking statements about Auckland Air
port and the environment in which Auckland Airport op
erates, which are subject
to uncertainties and contingencies outside of Auckland Air
port's control. Auckland Airport's actual results or perf
ormance may differ
materially from these statements;
•
includes statements relating to past performance, which sh
ould not be regarded as a reliable indicator of futur
e performance; and
•
may contain information from third parties believed
to be reliable; however, no representations or warran
ties are made as to the accuracy
or completeness of such information.
All information in this presentation is current at the
date of this presentation, unless otherwise stated. Auckla
nd Airport is not under any
obligation to update this presentation at any time af
ter its release, whether as a result of new information
, future events or otherwise.
All currency amounts are in New Zealand dollars unless ot
herwise stated.
GlossaryARPS
Average revenue per parking space
CBD
Central business district
EBITDAFI
Earnings before interest, taxation, depreciati
on, fair value adjustments and investments in associates
MCTOW
Maximum certified take off weight
NPAT
Net profit after tax
PAX
Passenger
PSR
Passenger spend rate
28

---

Results at a glance
December 2016
31 December
2016
$m
31 December
2015
$m
Movement
%
Financial Results
Income310.9280.610.8
Expenses75.067.111.8
Earnings before interest, taxation, depreciation, fair value
adjustments and investments in associates (EBITDAFI)235.9213.510.5
Share of profits of associates10.04.1143.9
Investment property fair value increases17.416.08.8
Derivative fair value movement1.5(0.7)n/a
Depreciation37.436.62.2
Interest expense36.840.9(10.0)
Taxation expense48.839.623.2
Reported profit after taxation141.8115.822.5
Earnings per share 11.91c9.73c22.5
Underlying profit after taxation
1
123.5104.118.6
Underlying earnings per share 10.38c8.74c18.6
Dividends
Total proposed dividend for the year (cents per share)10.00c8.50c17.6
Total proposed dividend for the year ($ million)119.1101.217.7
Financial Position
Shareholders' equity3,939.43,070.128.3
Total assets6,259.05,161.421.3
Debt to debt plus equity33.2%36.7%(9.5)
Debt to enterprise value
2
20.9%20.6%1.5
Capital expenditure172.896.678.9
Passenger and aircraft statistics – Auckland Airport
International passenger movements including transits5,145,2434,555,77712.9
Domestic passenger movements 4,299,2443,849,88311.7
Maximum certificated take-off weight (tonnes)3,877,7553,379,95614.7
Aircraft movements84,59377,7008.9
North Queensland Airports performance
Cairns international passenger movements including transits431,615372,37415.9
Cairns domestic passenger movements 2,339,4692,242,7914.3
Mackay domestic passenger movements402,915455,957(11.6)
Revenue
3
AUD 72.8AUD 69.25.2
EBITDAFI
3
AUD 46.3AUD 44.05.2
Profit after taxation
3
AUD 28.7AUD 6.9315.9
Queenstown Airport performance
International passenger movements 299,088264,96512.9
Domestic passenger movements 660,231565,59516.7
Revenue
3
19.615.724.8
EBITDAFI
3
13.111.712.0
Profit after taxation
3
6.26.20.0
1 Excluding investment property fair value increases, derivative fair value movements, property plant and equipment revaluations in the company and its associates and
the tax effect of these adjustments in 2017 and 2016. Refer to Appendix A for a reconciliation of these adjustments. 2 Based on the share price as at 31 December 2016
of $6.25 (31 December 2015 of $5.75). 3 From non-audited management accounts of North Queensland Airports and Queenstown Airport. The financial results have not
been apportioned for the level of ownership interest being 24.55% for North Queensland Airports and 24.99% for Queenstown Airport.
Results at a glance | 2017
Total passengers up
12.4% to 9,444,487
12.4%
Underlying earnings
per share up
18.6% to 10.38c
18.6%
Interim dividend up
17.6 % to 10cents
per share
17. 6%

Appendix A
Reconciliation of underlying earnings to reported profit
Online report
View our interactive report at
aucklandairport.co.nz/report
It has been designed for ease of
online use, with tablets in mind.
aucklandairpor t.co.nz
Results at a glance
(cont.)
6 months ended 31 December 2016 6 months ended 31 December 2015
Reported
profit
$m
Adjustments
$m
Underlying
earnings
$m
Reported
profit
$m
Adjustments
$m
Underlying
earnings
$m
EBITDAFI per income
statement235.9–235.9213.5–213.5
Share of (loss)/profit of
associates
1
10.0(2.4)7.64.12.76.8
Derivative fair value
decreases
2
1.5(1.5)–(0.7)0.7–
Investment property fair
value increase
3
17.4(17.4)–16.0(16.0)–
Depreciation(37.4)–(37.4)(36.6)–(36.6)
Interest expense and
other finance costs(36.8)–(36.8)(40.9)–(40.9)
Taxation expense
4
(48.8)3.0(45.8)(39.6)0.9(38.7)
Profit after tax141.8(18.3)123.5115.8(11.7)104.1
1 Auckland Airport’s share of the fair value movement in the derivative financial instruments of associates that do not qualify for hedge accounting. 2 The fair valuation
movement of the derivative financial instruments that do not qualify for hedge accounting put in place in conjunction with the US Private Placement (USPP) debt issuance
and the fair value change of derivatives due to each counterparty credit risk. 3 The fair value increases of investment property constructed in the six months to 31 December
2016. 4 Taxation adjustments as a result of adjustments 1 to 3 above.
Results at a glance | 2017
Operating EBITDAFI up
10.5% to $235.9m
10.5%

---

Appendix 1
Half year report
Reporting Period
6 months to 31 December 2016
Previous Reporting Period
6 months to 31 December 2015
Results for announcement to the market
Variance Variance
$NZ'M
%
Income from ordinary activities 30.310.8
26.022.5
26.022.5
Reported earningsAdjustmentsUnderlying
earnings
Reported
earnings
AdjustmentsUnderlying
earnings
EBITDAFI per Income Statement235.9-235.9213.5-213.5
Share of profit of associates
1
10.0(2.4)7.64.12.76.8
Derivative fair value decreases
2
1.5(1.5)-(0.7)0.7-
Investment property fair value increase
3
17.4(17.4)-16.0(16.0)-
Depreciation (37.4)-(37.4)(36.6)-(36.6)
Interest expense and other finance costs
(36.8)-(36.8)(40.9)-(40.9)
Other taxation expense 4(48.8)3.0(45.8)(39.6)0.9(38.7)
Profit after tax141.8(18.3)123.5115.8(11.7)104.1
Rationale for these reconciling items can be found in the 2017 interim company report.
Amount per security
Amount per security
Imputed amount
per security
$NZ$NZ
Final dividend
Current periodN/AN/A
Previous corresponding period0.0900.03500
Interim dividend
Current period0.1000.03889
Previous corresponding period0.0850.03306
The total amount of the dividend payable is 119,089,235$
Record date for entitlements to the dividend:21 March 2017
Dividend payment date04 April 2017
Dividend reinvestment plan
31-Dec-1631-Dec-15
$NZ$NZ
Earnings per share0.11910.0973
Net Tangible Assets per share3.312.58
6 months to 31 December 20166 months to 31 December 2015
Appendix 1
Six months to 31 December 2016Six months to 31 December 2015
The financial statements have been prepared in accordance with New Zealand generally accepted accounting practice and comply with New Zealand Equivalent to
International Accounting Standard NZ IAS 34 and IAS 34 Interim Financial Reporting. The financial statements have not been audited.
280.6
115.8
1
Auckland Airport’s share of the fair value movement in the derivative financial instruments of associates that do not qualify for hedge accounting.
2
The fair value movement of Auckland Airport’s derivative financial instruments in the income statement that either do not qualify for hedge accounting or hedge
accounting ineffectiveness that relate to the counterparty risk of the particular derivatives entered into by Auckland Airport.
3
Non cash revaluations of Auckland Airport's investment property in the period to 31 December 2016.
4
Taxation adjustments as a result of adjustments 1 to 3 above.
Auckland International Airport Limited
Results for announcement to the market
(This report is based on unaudited accounts)
Preliminary half year report
At the election of the shareholder the dividend payable may be reinvested in new shares. The price of such shares will be the
5 day volume weighted average price following the record date. The last date for the registrar to receive election notices or
changes to election notices is 5pm on the record date.
$NZ'M
310.9
$NZ'M
Reported profit after taxation for the six months ended 31 December 2016 under New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) is
$141.8 million. Directors have also referred to underlying profit of $123.5 million in various releases, an increase of 18.6% from the underlying profit of $104.1 million
for the six months ended 31 December 2015. Below is a table reconciling reported profit to underlying profit:
Profit after taxation from ordinary activities
attributable to members
Profit after taxation for the period
attributable to members
141.8
141.8115.8
Page 1 of 2

Details of associates and joint venture entities
Percentage
Holding
Share of
underlying
profit 31
December 2016
Share of
underlying
profit 31
December 2015
$NZ'M$NZ'M
24.55%5.14.5
24.99%1.51.5
20.00%1.00.8
Total7.66.8
Comments
Refer to the following attachements:
- 2017 interim company report
- Interim financial statements for the six months ended 31 December 2016
- Results at a glance
- Interim results presentation
Auckland Airport Hotel Limited Partnership
Queenstown Airport Corporation Limited
Stapled Securities of North Queensland Airports Limited
Name
Page 2 of 2

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APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
X
whether:
Interim
X
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
ORDINARY SHARESNZAIAE0002S6
EMAIL: announce@nzx.com
Notice of event affecting securities
AUCKLAND INTERNATIONAL AIRPORT LIMITED
PHILIP NEUTZEDIRECTORS' RESOLUTION
09 - 255 904009 - 256 886817022017
Enter N/A if not
applicable
In dollars and cents
$0.1000
NZD$0.017647
$119,089,235
Date Payable
Tuesday, 4 April 2017
$$0.006944$0.038889
$
Tuesday, 21 March 2017Tuesday, 4 April 2017

---

Dividend
Reinvestment Plan
Offer Document
Auckland International Airport Limited
This is an important document. If you have any questions in relation
to the Dividend Reinvestment Plan, or are in any doubt as to how to act,
please contact your financial adviser.
Febr uar y 2017

1
Dividend Reinvestment Plan
Contents
2
——
Letter to Shareholders
4
——
Questions & Answers
7
——
Terms & Conditions
21
——
Glossary
22
——
Directory
25
——
Participation Form

3
Dividend Reinvestment Plan
2
Dear
Shareholder
Auckland Airport has amended the terms of its Plan which has
not been offered since the end of 2011. The changes are minor
in nature and have been made to reflect the implementation of
the Financial Markets Conduct Act 2013 as well as to simplify
the administration of the Plan. Full details are set out in the
attached terms and conditions.
The Plan is flexible so you can choose your level of participation
according to your own circumstances and investment goals.
Please read the information in this booklet carefully, you should
consult your own financial adviser if you have any queries in
relation to any of the content.
Yours sincerely
Sir Henry van der Heyden
Chair
The Auckland Airport Dividend Reinvestment Plan (the “Plan”)
provides an easy and convenient way for you to increase your
investment in Auckland Airport without any brokerage fees.
Under the Plan you can decide whether to reinvest all, part or
none of your cash dividends in additional Auckland Airport
Shares (“Shares”).
This booklet explains how the Plan works so that you can
decide whether or not you would like to participate.
Participation in the Plan is optional so if you decide not to
participate, you do not need to do anything and you will
continue to receive all future dividends as cash. If you change
your mind regarding participation you can elect to join the Plan
at any time.
Auckland Airport’s Board expects to issue new Shares under
the Plan at the market price at the time of issue, but have
retained the flexibility to issue Shares at a discount. For the
latest dividend information and to see if a discount currently
applies go to: www.aucklandairport.co.nz/drp

Dividend Reinvestment Plan
4
5
Questions
& Answers
1. What is the Auckland Airport Dividend
Reinvestment Plan?
The Plan enables Shareholders to reinvest all or part of
any dividend distribution paid on your Shares in additional
Auckland Airport Shares instead of receiving that
distribution in cash.
2. Am I eligible to participate?
As at the date of this Offer Document, the Plan is only
available to holders of Shares who have an address on
the Auckland Airport registry in New Zealand or Australia.
However, the Board may amend this policy at any time, in
its sole discretion.
3. How do I participate in the Plan?
Once you have read this Offer Document you can elect to
participate at any time by making an election online.
New Zealand register holders:
Visit https://investorcentre.linkmarketservices.co.nz
You will require your CSN/Holder Number and
Authorisation Code (FIN) to complete the investor
validation process.
Australian register holders:
Visit https://investorcentre.linkmarketservices.com.au
You will require your Holder Number and postcode to
complete the investor validation process.
Alternatively, you can return a Participation Form to
Auckland Airport’s share Registrar, Link Market
Services Limited.
4. What options do I have regarding participating in
the Plan?
Participation in the Plan is optional. If you wish to
participate in the Plan, you may elect:
(a) Full participation
Where all of your Shares (including all Shares held
both now and any Shares acquired in the future,
including where issued or transferred to you under
the Plan) will be treated as participating in the Plan for
all future dividends to which the Plan applies (unless
you vary your participation in the Plan in accordance
with the terms and conditions of the Plan); or
(b) Partial participation
Where only the number of Shares nominated by you
(and the dividends paid on them) will participate in
the Plan for all future dividends to which the Plan
applies (unless you vary your participation in the
Plan in accordance with the terms and conditions
of the Plan).
You will continue to receive in cash any dividend on any
of your Shares which do not participate in the Plan. If you
do not wish to participate in the Plan, you are not
required to do anything. You will continue to receive in
cash any dividends paid on all of your Shares.
5. What if I change my mind?
You can join the Plan, vary your participation or withdraw
from the Plan at any time by either contacting Auckland
Airport’s Registrar, Link Market Services or forwarding a
completed Participation Form to the Registrar.
Participation Forms are available online or from the
Registrar upon request. Such variation or withdrawal will
be effective from the first Record Date after the properly
completed form is received by the Registrar.
6. If I participated in a previous Auckland Airport
Dividend Reinvestment Plan do I need to elect to
participate in the Plan?
Yes. Given shareholders circumstances may have
changed since 2011 when Auckland Airport last had an
active dividend reinvestment plan, shareholders will not
be automatically enrolled into the Plan.
7. How much does it cost?
Participation in the Plan is free and provides Auckland
Airport Shareholders with the ability to acquire Additional
Shares in Auckland Airport free of any brokerage,
commission or other transaction costs.