AIA FY18 Interim Results

Media Release l 16 February 2018

FY18 Interim Results:
Delivering infrastructure

Auckland Airport has today announced its financial results for the six months
ended 31 December 2017.
Sir Henry van der Heyden, Auckland Airport’s chair, says, “In the first half of
the 2018 financial year Auckland and New Zealand’s air connectivity has
continued to grow, providing new services and new capacity. In the six
months to 31 December 2017 the total number of passengers increased by
6.4% to 10 million. Domestic passenger numbers were up 7.7% to 4.6 million,
international passengers (excluding transit passengers) were up 5.8% to 5.1
million and the number of international transit passengers decreased 1.7% to
348,000.”
“The first half of the 2018 financial year also saw the company maintain its
strong focus on upgrading its airport infrastructure and providing the best-
possible customer experience during a time of significant change.”
“We continued to invest more than $1 million every working day on our core
airport infrastructure and there are now 53 aeronautical projects underway
across the airport each in excess of $1 million. In the six months to 31
December 2017 we delivered important infrastructure for departing
international passengers, including a new border processing and security
screening space, new stores for our duty free operators and the first half of

2

our new international passenger lounge and retail hub. We also progressed
the extension of Pier B of the international terminal, opening Gate 17 and an
upgraded bus lounge. The extension of Pier B will double its capacity and is
due to be completed in March 2018. We also further developed our airfield
infrastructure, with the construction of a new fully-serviced remote airfield
stand to help accommodate the ongoing growth in international aircraft.”
“We have continued to work extensively with stakeholders at the airport,
including airlines and joint border agencies, to ensure passengers’ journeys
through the airport are fast and efficient. In the first six months of the 2018
financial year we reconfigured the international check-in area to provide more
service counters and we invested in additional mobile self-service counters. In
addition, we took delivery of two new mobile airbridges to deliver a safer and
better boarding and disembarking experience for passengers. In preparation
for the busy 2017/18 summer travel season, we also recruited 70 Passenger
Experience Assistants to help travellers at the airport.”
“Improving travel times and flows around the airport precinct remained a top
priority for Auckland Airport. We completed a number of transport
infrastructure projects including improving access to the domestic forecourt for
passengers, commercial transport operators and buses, together with adding
a new outbound bus and T2 lane on Tom Pearce Drive. We also progressed
the major upgrade of the State Highway 20A/Verissimo Drive intersection, in
partnership with the New Zealand Transport Agency and Auckland Transport.”
“Our airport jobs and skills hub – Ara – continued to help connect local people
with new training and job prospects, with more than 600 training opportunities
leading to 148 people being placed into jobs, with 88% coming from South
Auckland.”
“Our property business has continued to grow too, and in the past six months
we have completed a new 6,000m
2
building to accommodate the Ministry for
Primary Industries and a new 7,000m
2
warehouse and office facility for

3

international freight-forwarding specialist Röhlig Logistics. We also progressed
the construction of the new 20,000m
2
Bunnings distribution centre.”
“In August 2017, we announced the completion of a strategic review of our
24.55% stake in North Queensland Airports (NQA). Following that review we
discussed the potential purchase of our interest in NQA with both existing
investors and third parties and, after an extensive process, decided to sell our
entire interest for AU$370 million. The sale will ensure that we can focus on
growing our New Zealand travel, trade and tourism businesses and can
recycle the proceeds of the sale into supporting the significant investment in
aeronautical infrastructure at Auckland Airport over the next five years. The
sale is subject only to securing the necessary regulatory and counter-party
approvals and will be completed in accordance with the requirements of the
NQA security holders’ agreement.”
“Queenstown Airport experienced strong passenger growth in the first six
months of the 2018 financial year with the number of domestic passengers
increasing 14% to 751,056 and international passenger numbers up 11% to
333,439. Like Auckland Airport, Queenstown Airport has continued to focus
on upgrading its airport infrastructure and providing a high-quality customer
experience during the airport’s development. In December 2017, Queenstown
Airport opened its first dedicated operations centre and installed new sensor
technology to provide customers with real-time car-parking information.
Queenstown Airport also successfully completed a three-month public and
stakeholder engagement process on its 30-year masterplan.”
“Our total profit after tax for the six months to 31 December 2017 was up 17%
to $165.9 million, while underlying profit after tax increased 7.8% to $133.1
million.”
“Revenue increased 6.9% to $332.4 million. A 2.7% increase in aeronautical
revenue was driven by passenger growth and increasing runway movements,
partly offset by international and regional aeronautical price decreases. Our

4

10.2% increase in retail income benefited from continued passenger growth
also, combined with strong duty free, food and beverage and Strata Lounge
performance, while our investment property rental income increased due to
the development of new properties, strong growth in the existing portfolio and
the performance of the ibis Budget hotel.”
“Operating expenses increased 9.7% to $82.3 million, in part due to greater
asset management, maintenance and airport operations investment. Staff
costs increased by 9.6% as a result of the ongoing expansion of our business,
with additional headcount largely driven by additional employees in our
customer services, emergency and engineering services teams.”
“Our earnings before interest expense, taxation, depreciation, fair value
adjustments and investments in associates (EBITDAFI) increased 6% to
$250.1 million.”
“Our total share of the underlying profit from associates was $11.2 million for
the first six months of the 2018 financial year, up 47.4%. The underlying profit
share from Queenstown Airport increased 46.7% to $2.2 million and the share
from the Novotel hotel was up 120% to $2.2 million. Our underlying profit
share from North Queensland Airports grew by 33.3% to $6.8 million.”
“The interim dividend for the 2018 financial year is up 7.5% to 10.75 cents per
share. It will be imputed at the company tax rate of 28% and paid on
5 April 2018 to shareholders who are on the register at the close of business
on 20 March 2018. Our performance in the six months to 31 December 2017
means that underlying earnings per share have continued to increase, up
7.3% to 11.1 cents per share.”
“As a result of our strong financial performance during the past six months, we
have tightened our underlying profit after tax (excluding any fair value
changes and other one-off items) guidance for the full 2018 financial year
slightly to between $250 million and $257 million. This guidance would deliver

5

underlying earnings per share growth of between 0.6% and 3.5% compared
with the 2017 financial year.”
“As always, this 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.”
Ends

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

Media:
Auckland Airport Public Affairs
+64 27 406 3024

---

Delivering
infrastructure
Interim Report 2018

Interim Report 2018
ii
Auckland International Airport Limited
Our reconfigured landside farewell portal,
a new and expanded security screening
and processing area, a new retail hub and
a new passenger lounge
Current status
Opened the new Customs and security
screening processing space, new stores
for our two duty free operators, a new
Strata Lounge and the first half of the new
passenger lounge and its retail hub.
Interior works to our new mezzanine level
and the remainder of our passenger
lounge and new food and beverage and
retail areas are underway with staged
openings through to late-2018.
A new
international
departure
experience
Target completion
Late-2018
Auckland International Airport Limited

Interim Report 2018
2
Auckland International Airport Limited
Additional international gate lounges
and airbridges to accommodate two
more A380 or B787 aircraft, or four
smaller A320 or B737 aircraft
Extending
Pier B of the
international
terminal
Auckland International Airport Limited
Current status
Construction of gate lounges, gatehouses and
arrivals corridor completed. Installation of four
new airbridges as well as sculptures and wall
artwork. Gate 17 and the upgraded bus lounge
opened in November 2017. Fit-out of Gate 18
and airfield road extension underway for
February 2018 opening.
Target completion
Early-2018

Interim Report 2018
4
Auckland International Airport Limited
Current status
Improved access to the domestic terminal forecourt for
passengers, commercial transport operators and buses.
Progressed the major upgrade of the State Highway 20A/
Verissimo Drive intersection in partnership with the New Zealand
Transport Agency and Auckland Transport. Completed an
outbound bus and T2 lane on Tom Pearce Drive. Completed the
first stage of the Nixon Road upgrade to provide alternative
access to Park & Ride that avoids the need to use inner airport
roads. Continued advocacy for improvements to public transport
services and state highway access to and from the airport.
Target completion
2020
New transport projects to improve travel
around Auckland Airport and support better
public transport options
Improving the
airport’s roads
and public
transport
infrastructure
Contents
6 What we have achieved
8 Nau mai – welcome
11 Financial summary
13 Financials
Financial statements
Notes and accounting policies
30 Review report
31 Shareholder information
33 Corporate directory
Auckland International Airport Limited

Interim Report 2018
6
Auckland International Airport Limited
What we have achieved in the
six months to 31 December 2017
10m
Domestic 4.6m
International 5.1m
International transits 0.3m
7.7%
5.8%
1.7%
Revenue
6.9% $332.4m
Operating EBITDAFI
6% $250.1m
Total profit
17% $ 165.9 m
Underlying profit
7.8%

$133.1m
Dividend per share
7.5% 10.75 cents
Underlying earnings per share
7.3% 11.1 cents
Passengers
provided to the Auckland Airport
Community Trust to support learning,
literacy and life skills in South Auckland
$335,530
6.4%
Auckland International Airport Limited
Interim Report 2018
6
Health
and safety
Reporting of safety
observations, hazards
and near-misses
84%
Employee recordable
injury rate
21%
Ara – Airport Jobs
and Skills Hub
Training
opportunities
601
Total job
placements
148
South Aucklanders
placed in jobs
130

Interim Report 2018
8
Auckland International Airport Limited
In the first half of the 2018 financial year
Auckland and New Zealand’s air connectivity
has continued to grow, providing new services
and new capacity. In the six months to
31 December 2017 the total number of
passengers increased by 6.4% to 10 million.
Domestic passenger numbers were up 7.7% to
4.6 million, international passengers (excluding
transit passengers) were up 5.8% to 5.1 million
and the number of international transit
passengers decreased 1.7% to 348,000.
The first half of the 2018 financial year also saw the
company maintain its strong focus on upgrading its
airport infrastructure and providing the best-
possible customer experience during a time of
significant change.
We continued to invest more than $1 million every
working day on our core airport infrastructure and
there are now 53 aeronautical projects underway
across the airport each in excess of $1 million. In
the six months to 31 December 2017 we delivered
important infrastructure for departing international
passengers, including a new border processing
and security screening space, new stores for our
duty free operators and the first half of our new
international passenger lounge and retail hub. We
also progressed the extension of Pier B of the
international terminal, opening Gate 17 and an
upgraded bus lounge. The extension of Pier B will
double its capacity and is due to be completed in
March 2018. We also further developed our airfield
infrastructure, with the construction of a new
fully-serviced remote airfield stand to help
accommodate the ongoing growth in
international aircraft.
Nau mai – welcome
to Auckland Airport’s interim
report for the 2018 financial year.
We have continued to work extensively with
stakeholders at the airport, including airlines and
joint border agencies, to ensure passengers’
journeys through the airport are fast and efficient.
In the first six months of the 2018 financial year we
reconfigured the international check-in area to
provide more service counters and we invested in
additional mobile self-service counters. In addition,
we took delivery of two new mobile airbridges to
deliver a safer and better boarding and
disembarking experience for passengers. In
preparation for the busy 2017/18 summer travel
season, we also recruited 70 Passenger
Experience Assistants to help travellers at
the airport.
Improving travel times and flows around the
airport precinct remained a top priority for
Auckland Airport. We completed a number of
transport infrastructure projects including improving
access to the domestic forecourt for passengers,
commercial transport operators and buses,
together with adding a new outbound bus and T2
lane on Tom Pearce Drive. We also progressed the
major upgrade of the State Highway 20A/Verissimo
Drive intersection, in partnership with the
New Zealand Transport Agency and
Auckland Transport.
Our airport jobs and skills hub – Ara – continued to
help connect local people with new training and job
prospects, with more than 600 training
opportunities leading to 148 people being placed
into jobs, with 88% coming from South Auckland.
Our property business has continued to grow too,
and in the past six months we have completed a
new 6,000m
2
building to accommodate the
Ministry for Primary Industries and a new 7,000m
2

warehouse and office facility for international freight-
forwarding specialist Röhlig Logistics. We also
progressed the construction of the new 20,000m
2

Bunnings distribution centre.
In August 2017, we announced the completion of
a strategic review of our 24.55% stake in North
Queensland Airports (NQA). Following that review
we discussed the potential purchase of our interest
in NQA with both existing investors and third parties
and, after an extensive process, decided to sell our
entire interest for AU$370 million. The sale will
ensure that we can focus on growing our
New Zealand travel, trade and tourism businesses
and can recycle the proceeds of the sale into
supporting the significant investment in aeronautical
infrastructure at Auckland Airport over the next five
years. The sale is subject only to securing the
necessary regulatory and counter-party approvals
and will be completed in accordance with the
requirements of the NQA security holders’
agreement.
Queenstown Airport experienced strong passenger
growth in the first six months of the 2018 financial
year with the number of domestic passengers
increasing 14% to 751,056 and international
passenger numbers up 11% to 333,439. Like
Auckland Airport, Queenstown Airport has
continued to focus on upgrading its airport
infrastructure and providing a high-quality customer
experience during the airport’s development. In
December 2017, Queenstown Airport opened its
first dedicated operations centre and installed new
sensor technology to provide customers with
real-time car-parking information. Queenstown
Airport also successfully completed a three-month
public and stakeholder engagement process on its
30-year masterplan.
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 in understanding 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 12.
$ 13 3 .1m
AN INCREASE OF 7.8%

Interim Report 2018
10
Auckland International Airport Limited
Financial
summary
Our total profit after tax for the six months
to 31 December 2017 was up 17% to
$165.9 million, while underlying profit after
tax increased 7.8% to $133.1 million.
Revenue increased 6.9% to $332.4 million. A
2.7% increase in aeronautical revenue was driven
by passenger growth and increasing runway
movements, partly offset by international and
regional aeronautical price decreases. Our 10.2%
increase in retail income benefited from continued
passenger growth also, combined with strong
duty free, food and beverage and Strata Lounge
performance, while our investment property rental
income increased due to the development of new
properties, strong growth in the existing portfolio
and the performance of the ibis Budget hotel.
Operating expenses increased 9.7% to
$82.3 million, in part due to greater asset
management, maintenance and airport operations
investment. Staff costs increased by 9.6% as a
result of the ongoing expansion of our business,
with additional headcount largely driven by
additional employees in our customer services,
emergency and engineering services teams.
Our earnings before interest expense, taxation,
depreciation, fair value adjustments and
investments in associates (EBITDAFI) increased
6% to $250.1 million.
Our total share of the underlying profit from
associates was $11.2 million for the first six
months of the 2018 financial year, up 47.4%.
The underlying profit share from Queenstown
Airport increased 46.7% to $2.2 million and the
share from the Novotel hotel was up 120% to
$2.2 million. Our underlying profit share from
North Queensland Airports grew by 33.3% to
$6.8 million.
The interim dividend for the 2018 financial year is
up 7.5% to 10.75 cents per share. It will be
imputed at the company tax rate of 28% and paid
on 5 April 2018 to shareholders who are on the
register at the close of business on 20 March
2018. Our performance in the six months to
31 December 2017 means that underlying
earnings per share have continued to increase,
up 7.3% to 11.1 cents per share.
In the six months to 31 December 2017 Auckland
Airport’s total revenue was up 6.9% to
$332.4 million, while operating expenses were up
9.7% to $82.3 million. Earnings before interest
expense, taxation, depreciation, fair value
adjustments and investments in associates
(EBITDAFI) increased 6% to $250.1 million. Total
profit after tax was up 17% to $165.9 million,
while underlying profit after tax was up 7.8% to
$133.1 million. Our underlying earnings per share
is up 7.3% to 11.1 cents and our interim dividend
for the 2018 financial year is up 7.5% to 10.75
cents per share.
As a result of our strong financial performance
during the past six months, we have tightened
our underlying profit after tax (excluding any fair
value changes and other one-off items) guidance
for the full 2018 financial year slightly to between
$250 million and $257 million. This guidance
would deliver underlying earnings per share
growth of between 0.6% and 3.5% compared
with the 2017 financial year.
As always, this 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
Nau mai – welcome
continued
6.9%
INCREASE IN TOTAL REVENUE
TO $332.4 MILLION
7. 3 %
INCREASE IN UNDERLYING
EARNINGS PER SHARE TO

11.1 CENTS PER SHARE

Interim Report 2018
12
Auckland International Airport Limited
The table above shows how we reconcile reported
profit after tax and underlying profit after tax for the
six-month periods ended 31 December 2017 and
31 December 2016.
The following adjustments have been made to
show underlying profit after tax for the six-month
periods ended 31 December 2017 and
31 December 2016:
• We have reversed out the impact of
revaluations of investment property and
associates in the first six months of the 2018
and 2017 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 too
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 2018 and 2017 financial years.
• We also allow for the taxation impacts of the
above adjustments in the first six months of the
2018 and 2017 financial years.
6 months ended 31 December 20176 months ended 31 December 2016
Reported
profit
$m
Adjustments
$m
Underlying
earnings
$m
Reported
profit
$m
Adjustments
$m
Underlying
earnings
$m
EBITDAFI per income statement250.1–250.1235.9–235.9
Share of profit of associates4.4–4.42.6(0.1)2.5
Share of profit of associate held
for sale6.70.16.87.4(2.3)5.1
Derivative fair value movement(3.0)3.0–1.5(1.5)–
Investment property fair value
increase41.5(41.5)–17.4(17.4)–
Depreciation(40.7)–(40.7)(37.4)–(37.4)
Interest expense and other
finance costs
(38.6)–(38.6)(36.8)–(36.8)
Taxation expense(54.5)5.6(48.9)(48.8)3.0(45.8)
Profit after tax165.9(32.8)133.1141.8(18.3)123.5
Financial
statements
Financial summary
continued
Underlying profit

Interim Report 2018
14
Auckland International Airport Limited
Consolidated interim income statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
NOTES
Unaudited
6 months to
31 Dec 2017
$M
Unaudited
6 months to
31 Dec 2016
$M
Income
Airfield income 59.9 59.2
Passenger services charge 89.1 85.9
Retail income 88.9 80.7
Rental income 46.9 40.7
Rates recoveries 3.0 2.8
Car park income 31.4 28.9
Interest income 0.4 0.8
Other income 12.8 11.9
Total income 332.4 310.9
Expenses
Staff4 27.3 24.9
Asset management, maintenance and airport operations 31.7 26.1
Rates and insurance 6.7 6.1
Marketing and promotions 5.2 7.9
Professional services and levies 5.7 4.9
Other expenses 5.7 5.1
Total expenses 82.3 75.0
Earnings before interest expense, taxation, depreciation, fair
value adjustments and investments in associates
(EBITDAFI) 250.1 235.9
Share of profit of associates and joint ventures6 4.4 10.0
Share of profit of associate held for sale6 6.7–
Derivative fair value (decrease)/increase (3.0) 1.5
Investment property fair value increase9 41.5 17.4
Earnings before interest, taxation and depreciation (EBITDA) 299.7 264.8
Depreciation 40.7 37.4
Earnings before interest and taxation (EBIT) 259.0 227.4
Interest expense and other finance costs4 38.6 36.8
Profit before taxation3 220.4 190.6
Taxation expense 54.5 48.8
Profit after taxation attributable to owners of the parent 165.9 141.8

Cents Cents
Earnings per share
Basic and diluted earnings per share13.89 11.91
Consolidated interim statement of comprehensive income
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
Unaudited
6 months to
31 Dec 2017
$M
Unaudited
6 months to
31 Dec 2016
$M
Profit for the period 165.9 141.8
Other comprehensive income
Items that may be reclassified subsequently to the income statement:
Cash flow hedges
Fair value (losses)/gains recognised in the cash flow hedge reserve(2.3) 29.5
Realised losses transferred to the income statement 2.3 2.3
Tax effect of movements in the cash flow hedge reserve – (8.9)
Total cash flow hedge movement – 22.9
Movement in share of reserves of associates – 1.1
Movement in share of reserves of associate held for sale 0.4 –
Movement in foreign currency translation reserve 3.8 –
Items that may be reclassified subsequently to the income statement 4.2 24.0
Total other comprehensive income 4.2 24.0
Total comprehensive income for the period, net of tax attributable to
the owners of the parent 170.1 165.8
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 2017 AND 31 DECEMBER 2016. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2017 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 2017 AND 31 DECEMBER 2016. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2017 HAVE
BEEN AUDITED. THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.

Interim Report 2018
16
Auckland International Airport Limited
Consolidated interim statement of changes in equity
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
Six months ended 31 December 2017
(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 2017 348.3 (609.2) 3,729.0 1.1 (31.9) 20.4 (9.3) 580.6 4,029.0
Profit for the period – – – – – – – 165.9 165.9
Other comprehensive income – – – – – 0.4 3.8 – 4.2
Total comprehensive income – – – – – 0.4 3.8 165.9 170.1
Reclassification to retained earnings – – (1.0) – – – – 1.0 –
Shares issued 10 28.5 – – – – – – – 28.5
Dividend paid 7 – – – – – – – (125.3)(125.3)
At 31 December 2017 376.8 (609.2) 3,728.0 1.1 (31.9) 20.8 (5.5) 622.2 4,102.3
Six months ended 31 December 2016
(unaudited)
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/(loss) – – – – 22.9 1.1 – – 24.0
Total comprehensive income/(loss) – – – – 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
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 2017 AND 31 DECEMBER 2016. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2017 HAVE
BEEN AUDITED. THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.

Interim Report 2018
18
Auckland International Airport Limited
Consolidated interim statement of financial position
AS AT 31 DECEMBER 2017
Notes
Unaudited
As at
31 Dec 2017
$M
Audited
As at
30 Jun 2017
$M
Non-current assets
Property, plant and equipment8 5,061.5 4,947.8
Investment properties9 1,293.1 1,198.0
Investment in associates and joint ventures6 95.2 171.6
Derivative financial instruments 106.0 82.1
6,555.8 6,399.5
Current assets
Cash and cash equivalents 26.3 45.1
Inventories 0.1 0.1
Trade and other receivables 68.6 55.5
Dividend receivable–2.7
Held for sale investment in associate – North Queensland Airports684.6–
Derivative financial instruments – 0.6
179.6 104.0
Total assets 6,735.4 6,503.5
Shareholders’ equity
Issued and paid-up capital10 376.8 348.3
Reserves 3,103.3 3,100.1
Retained earnings 622.2 580.6
4,102.3 4,029.0
Non-current liabilities
Term borrowings11 1,983.1 1,635.6
Derivative financial instruments 37.0 36.1
Deferred tax liability 245.1 237.8
Other term liabilities 1.7 1.5
2,266.9 1,911.0
Current liabilities
Accounts payable and accruals 94.1 132.3
Taxation payable 4.5 6.4
Derivative financial instruments 0.7 2.8
Short-term borrowings11 266.8 421.1
Provisions 0.1 0.9
366.2 563.5
Total equity and liabilities 6,735.4 6,503.5
Consolidated interim cash flow statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
Notes
Unaudited
6 months to
31 Dec 2017
$M
Unaudited
6 months to
31 Dec 2016
$M
Cash flow from operating activities
Cash was provided from:
Receipts from customers 322.9 300.3
Interest received 0.5 0.7
323.4 301.0
Cash was applied to:
Payments to suppliers and employees(87.7)(81.5)
Income tax paid(49.1)(37.4)
Interest paid(39.2)(37.6)
(176.0)(156.5)
Net cash flow from operating activities5 147.4 144.5
Cash flow from investing activities
Cash was provided from:
Dividends from associate 9.9 9.0
9.9 9.0
Cash was applied to:
Purchase of property, plant and equipment(186.6)(119.1)
Interest paid – capitalised(5.2)(4.7)
Expenditure on investment properties(54.7)(46.7)
(246.5)(170.5)
Net cash flow applied to investing activities(236.6)(161.5)
Cash flow from financing activities
Cash was provided from:
Increase in share capital 0.1 0.1
Increase in borrowings 312.2 255.0
312.3 255.1
Cash was applied to:
Decrease in borrowings(145.0)(155.0)
Dividends paid(96.9)(107.2)
(241.9)(262.2)
Net cash flow applied to financing activities 70.4 (7.1)
Net decrease in cash held(18.8)(24.1)
Opening cash brought forward 45.1 52.6
Ending cash carried forward 26.3 28.5
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 2017 AND 31 DECEMBER 2016. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2017 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 2017 AND 31 DECEMBER 2016. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2017 HAVE
BEEN AUDITED. THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.

Interim Report 2018
20
Auckland International Airport Limited
Notes and accounting policies
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
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 an 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 16 February 2018.
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 2017
(‘2017 Annual Report’).
The accounting policies set out in the 2017 Annual
Report have been applied consistently to all
periods presented in these interim financial
statements.
The group’s assessment of new or revised
accounting standards was reported in the 2017
Annual Report. The group has subsequently
reviewed the impact of NZ IFRS 15 Revenue from
Contracts with Customers, which the group
intends to apply from 1 July 2018. The group’s
assessment is that there will be no material
quantitative impact on the financial statements.
The group reviewed contracts with customers for
key revenue streams including airfield income,
passenger service charge, car park and other
income. The group’s current revenue recognition
policies are materially consistent with NZ IFRS 15
for those revenue streams. The new standard does
not apply to retail and rental income, which are
recognised under NZ IAS 17 Leases.
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 expenditure, 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 2017
(unaudited)
Aeronautical
$M
Retail
$M
Property
$M
Total
$M
Total segment income 162.6 126.0 41.4 330.0
Total segment expenses 41.1 13.8 8.7 63.6
Segment earnings before interest expense,
taxation, depreciation, fair value adjustments
and investments in associates (EBITDAFI) 121.5 112.2 32.7 266.4
Six months ended 31 December 2016
(unaudited)
Total segment income 157.3 114.8 35.7 307.8
Total segment expenses 38.4 12.1 7.6 58.1
Segment earnings before interest expense,
taxation, depreciation, fair value adjustments
and investments in associates (EBITDAFI) 118.9 102.7 28.1 249.7
Income reported above represents income generated from external customers. There was no inter-
segment income in the period (31 December 2016: nil)

Interim Report 2018
22
Auckland International Airport Limited
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
3. Segment information CONTINUED
(c) Segment reconciliation of segment EBITDAFI to income statement:
Unaudited
6 months to
31 Dec 2017
$M
Unaudited
6 months to
31 Dec 2016
$M
Segment EBITDAFI 266.4 249.7
Unallocated external operating income 2.4 3.1
Unallocated external operating expenses (18.7)(16.9)
Share of profit of associates 11.1 10.0
Depreciation(40.7)(37.4)
Derivative fair value (decrease) / increase(3.0) 1.5
Investment property fair value increase 41.5 17.4
Interest expense and other finance costs(38.6)(36.8)
Profit before taxation 220.4 190.6
The income included in unallocated external operating income consists mainly of interest from third party
financial institutions and income from telecommunication and technology services provided to tenants.
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 2017
$M
Unaudited
6 months to
31 Dec 2016
$M
Staff expenses comprise:
Salaries and wages 21.4 18.6
Employee benefits 2.1 2.1
Share-based payment plans 0.3 0.9
Defined contribution superannuation 0.7 0.8
Other staff costs 2.8 2.5
27.3 24.9
Interest expense and other finance costs comprise:
Interest on bonds and related hedging instruments 19.7 20.8
Interest on bank facilities and related hedging instruments 9.2 9.2
Interest on USPP notes and related hedging instruments 8.8 9.4
Interest on AMTN notes and related hedging instruments 4.0 –
Interest on commercial paper and related hedging instruments 2.1 2.1
43.8 41.5
Less capitalised borrowing costs(5.2)(4.7)
38.6 36.8
Interest rate for capitalised borrowings costs4.29%4.63%
The gross interest costs of bonds, bank facilities, USPP, AMTN and commercial paper excluding the
impact of interest rate hedges was $42.3 million for the period ended 31 December 2017 (31 December
2016: $39.4 million).
5. Reconciliation of profit after taxation with cash flow from
operating activities
Unaudited
6 months to
31 Dec 2017
$M
Unaudited
6 months to
31 Dec 2016
$M
Profit after taxation 165.9 141.8
Non-cash items:
Depreciation 40.7 37.4
Bad debts and doubtful debts – (0.1)
Deferred taxation expense 7.3 2.5
Equity accounted earnings from associates(4.4)(10.0)
Equity accounted earnings from associate held for sale(6.7) –
Investment property fair value increase(41.5)(17.4)
Derivative fair value decrease/(increase) 3.0 (1.5)
Gain on foreign currency movements(0.2)–
Items not classified as operating activities:
Decrease/(increase) in provisions and property, plant and equipment
retentions and payables 34.5 (6.6)
Decrease in investment property retentions and payables 3.0 4.1
Items recognised directly in equity–0.6
Movement in working capital:
Increase in trade and other receivables(13.1)(13.2)
(Decrease)/increase in taxation payable(1.9) 8.9
Decrease in accounts payable(39.4)(2.1)
Increase in other term liabilities 0.2 0.1
Net cash flow from operating activities 147.4 144.5

Interim Report 2018
24
Auckland International Airport Limited
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
6. Associates and joint ventures
Movement in the group’s carrying amount of investments in associates and
joint ventures:
Unaudited
6 months to
31 Dec 2017
$M
Unaudited
6 months to
31 Dec 2016
$M
Movement in investment in associates and joint ventures continuing
Investment in associates at beginning of period 171.6 142.8
Share of profit after tax of associates 4.4 10.0
Share of reserves of associates – 1.1
Share of dividends received and repayment of partner contribution(3.2)(9.2)
Foreign currency translation – (0.4)
Movement in investment in associate held for sale
Share of profit after tax of associate held for sale 6.7 –
Share of reserves of associate held for sale 0.4 –
Share of dividends received from associate held for sale(3.9) –
Foreign currency translation 3.8 –
Investment in associates and joint ventures at end of the period 179.8 144.3
Carrying value of investments in associates and joint ventures:
Unaudited
As at
31 Dec 2017
$M
Audited
As at
30 Jun 2017
$M
Investment in associates and joint ventures continuing
Tainui Auckland Airport Hotel Limited Partnership 33.8 33.3
Tainui Auckland Airport Hotel 2 Limited Partnership 3.0 3.0
Queenstown Airport Corporation Limited 58.4 57.8
Stapled Securities of North Queenland Airports Limited–77.5
95.2171.6
Investment in associate held for sale
Stapled Securities of North Queenland Airports Limited84.6–
Total 179.8 171.6
6. Associates and joint ventures CONTINUED
(a) Investment in associate held for sale –
North Queensland Airports
North Queensland Airports operates both Cairns
and Mackay Airports. During the six months to
31 December 2017, Auckland Airport completed
a strategic review of its investment in North
Queensland Airports and commenced discussions
with both existing investors and third parties
regarding a potential purchase of the group’s
interest. In January 2018, Auckland Airport offered
its investment to existing investors for
AUD 370 million. Existing investors have agreed
that they will purchase all of Auckland Airport’s
interest. The sale is subject only to securing
necessary regulatory and counter-party approvals.
Once the transaction to sell North Queensland
Airports is completed, the AUD loan taken to
hedge the investment will be repaid and the
cumulative value of gains or losses recognised in
other comprehensive income will be reclassified to
the income statement.
Investments in associates are classified as held for
sale if their carrying amount will be recovered
principally through a sale transaction rather than
through continuing use. This condition is regarded
as met only when the sale is highly probable, the
asset is available for immediate sale in its present
condition, the company is committed to the sale,
and the sale is expected to be completed within
one year of the date of classification. Investments
in associates classified as held for sale are
measured at the lower of carrying amount and fair
value less selling costs.
7. Distribution to shareholders
Dividend payment date
Unaudited
6 months to
31 Dec 2017
$M
Unaudited
6 months to
31 Dec 2016
$M
2016 final dividend of 9.00 cps13 October 2016 – 107.2
2017 final dividend of 10.50 cps20 October 2017 125.3 –
Total dividends paid 125.3 107.2
8. Property, plant and equipment
Unaudited
As at
31 Dec 2017
$M
Audited
As at
30 Jun 2017
$M
At fair value 4,955.2 4,706.8
At cost 121.6 107.2
Work in progress at cost 206.2 320.8
Accumulated depreciation (221.5) (187.0)
Net carrying amount 5,061.5 4,947.8
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 and services and runways,
taxiways and aprons at 30 June 2015. At
31 December 2017 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
$155.7 million for the six months ended
31 December 2017 (six months ended
31 December 2016: $129.0 million). Transfers to
investment property were $1.1 million for the six
months ended 31 December 2017 (transfers from
investment property for the six months ended
31 December 2016: $15.3 million).

Interim Report 2018
26
Auckland International Airport Limited
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
9. Investment properties
Unaudited
6 months to
31 Dec 2017
$M
Audited
As at
30 Jun 2017
$M
Balance at the beginning of the period 1,198.0 1,048.9
Additions - subsequent expenditure 49.5 73.5
Additions - acquisitions or development 3.0 7.5
Transfer from/(to) property, plant and equipment (note 8) 1.1 (23.8)
Change in net revaluations 41.5 91.9
Balance at end of period 1,293.1 1,198.0
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 30 June each year and undertake a
desktop review at 31 December each year.
At 31 December 2017 and 31 December 2016 a
desktop 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 desktop review 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 2017, a further review of seven
investment properties recently constructed or in
the latter stages of construction was performed by
Colliers and Savills. The reviews and market data
at 31 December 2017 concluded that there was a
material movement in the fair value of these seven
properties versus cost but no material fair value
movements in the remainder of the portfolio.
The valuation of the seven investment properties
recently constructed or in the latter stages of
construction resulted in a $41.5 million increase in
the fair value at 31 December 2017 (31 December
2016: $17.4 million increase).
10. Issued and paid-up capital
Unaudited
6 months to
31 Dec 2017
$M
Unaudited
6 months to
31 Dec 2016
$M
Unaudited
6 months to
31 Dec 2017
Shares
Unaudited
6 months to
31 Dec 2016
Shares
Opening issued and paid-up capital
at 1 July 348.3 332.7 1,192,614,174 1,190,128,107
Shares fully paid and allocated to
employees by employee share
scheme 0.1 0.1 11,000 17,560
Shares issued under the dividend
reinvestment plan 28.4 – 4,655,612 –
Closing issued and paid-up
capital 376.8 332.8 1,197,280,786 1,190,145,667
11. Borrowings
Unaudited
As at
31 Dec 2017
$M
Audited
As at
30 June 2017
$M
Current
Commercial paper 91.8 91.8
Bank facilities100.0229.0
Bonds 75.0 100.3
Total short-term borrowings 266.8 421.1
Non-current
Bank facilities 279.1 100.0
Bonds 825.0 800.0
USPP notes 585.9 574.6
AMTN notes 293.1 160.9
Total term borrowings 1,983.1 1,635.5
Total
Commercial paper 91.8 91.8
Bank facilities 379.1 329.0
Bonds 900.0 900.3
USPP notes 585.9 574.6
AMTN notes 293.1 160.9
Total borrowings 2,249.9 2,056.6
Bank facilities
In October 2017 the following bank facilities were
established:
• A new AU$90.0 million three-year facility with
Commonwealth Bank of Australia;
• A new $50.0 million three-year facility with Bank
of Tokyo Mitsubishi UFJ, Limited;
• A new $30.0 million four-year facility with Bank
of China (New Zealand) Limited; and
• A new undrawn $80.0 million three-year facility
with Bank of New Zealand.
These replaced a number of facilities that matured
in the period. These included:
• An $45.0 million facility with Bank of Tokyo
Mitsubishi UFJ, Limited;
• An AU$80.0 million facility with Commonwealth
Bank of Australia; and
• An $80.0 million undrawn standby facility with
Australia and New Zealand Banking Group
Corporation (ANZ).
In December 2017 a new undrawn facility of
$100 million was established with Bank of
New Zealand. This facility was established to
support maturing facilities early in the 2018
calendar year.
Bonds and notes
In the period to 31 December 2017 the company
undertook the following bond financing:
• The repayment of $100.0 million of six year,
5.47 percent fixed rate notes in October 2017;
• The issuance of $100.0 million of 5.5 year,
3.64 percent fixed rate bonds in October 2017;
• The issuance of an AU$110.0 million of 9.9 year,
4.5 percent fixed rate Australian medium term
notes (AMTN) in October 2017.
During the current and prior period, there were no
defaults or breaches on any of the borrowing
facilities.

Interim Report 2018
28
Auckland International Airport Limited
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
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 2017.
Further information on risk management is also
contained in the corporate governance section of
the 2017 Annual Report.
There have been no significant changes in the
financial risk management objectives and policies
since 30 June 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 2017 (30 June 2017: 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 2017
$M
Audited
Fair value
As at
30 Jun 2017
$MValuation key inputs
Interest rate swaps
Forward interest rates (from observable
yield curves) and contract interest rates.
Assets 0.1 1.6
Liabilities (37.7) (34.8)
Interest basis swaps
Observable forward basis swap pricing
and contract basis rates.Assets 2.6 3.0
Cross currency interest rate
swaps
Forward interest and foreign exchange
rates (from observable yield curves and
forward exchange rates) and contract
rates.
Assets 103.4 78.1
Liabilities– (4.1)
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.
The group’s AMTN notes are classified as level 2. The fair value of the Australian notes has been
determined at balance date on a discounted cash flow basis using the AUD Bloomberg curve and
applying discount factors to the future AUD interest payment and principal payment cash flows.
Unaudited
31 Dec 2017
Audited
30 Jun 2017
Carrying
amount
$M
Fair
value
$M
Carrying
amount
$M
Fair
value
$M
Bonds 900.0 929.4 900.3 926.5
USPP Notes 585.9 599.1 574.6 584.7
AMTN Notes 293.1 307.3 160.9 165.1
14. Commitments
(a) Property, plant and equipment
The group had contractual obligations to purchase
or develop property, plant and equipment for
$88.8 million at 31 December 2017 (30 June
2017: $150.2 million).
(b) Investment property
The group had contractual obligations to purchase
or develop investment property for $190.9 million
at 31 December 2017 (30 June 2017:
$57.5 million).
The group had contractual commitments for
repairs, maintenance and enhancements on
investment property for $1.0 million at
31 December 2017 (30 June 2017: $1.7 million).
15. Contingent liabilities
Noise insulation
The group 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 late 2017 and 124
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 for the existing and planned second
runway will not exceed $9.0 million (30 June 2017:
$9.0 million).
16. Events subsequent to balance date
On 16 February 2018, the directors approved the
payment of a fully imputed interim dividend of
10.75 cents per share amounting to $128.8 million
to be paid on 5 April 2018.
On 15 February 2018, 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 received on 16 February 2018.

Interim Report 2018
30
Auckland International Airport Limited
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 (‘the Company’) and its subsidiaries (‘the Group’) which comprise the condensed consolidated interim
statement of financial position as at 31 December 2017, and the condensed consolidated interim income
statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for
the six months ended on that date, and a summary of significant accounting policies and other explanatory
information on pages 14 to 29.
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we
might state to the Company’s shareholders those matters we are required to state to them in a review report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company’s shareholders as a body, for our engagement, for this report, or for the opinions we have
formed.
Board of Directors’ Responsibilities
The Board of Directors are responsible 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 scrutineering assistance and assurance reporting for regulatory purposes. These services have not
impaired our independence as auditor of the Group. In addition to this, partners and employees of our firm deal
with the Group on normal terms within the ordinary course of trading activities of the business of the Group. The
firm has no other relationship with, or interest in, the Group.
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 2017 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.
16 February 2018
Chartered Accountants
AUCKLAND, NEW ZEALAND
Shareholder information
This review report relates to the unaudited condensed consolidated interim financial statements of Auckland International Airport Limited for the six
months ended 31 December 2017 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 16 February 2018 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.
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 2017 was 1,197,979,033.
Waivers granted by the NZX
The company was issued with a waiver of Listing
Rule 5.2.3 by NZX on 11 October 2017 (for a
period of six months from 18 October 2017) in
respect of the company’s October 2017 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 (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 2017.
Credit rating
As at 31 December 2017, 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 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

Interim Report 2018
32
Auckland International Airport Limited
Shareholder information CONTINUED
Corporate directory
DIRECTORS
Sir Henry van der Heyden, chair
Brett Godfrey
Michelle Guthrie
Julia Hoare
James Miller
Justine Smyth
Christine Spring
Patrick Strange
SENIOR MANAGEMENT
Adrian Littlewood
chief executive
Philip Neutze
chief financial officer
Richard Barker
general manager retail and commercial
Anna Cassels-Brown
general manager people and safety
Steven Crook
general manager airport development
and delivery (acting)
Jason Delamore
general manager marketing and
technology
Scott Tasker
general manager aeronautical
commercial
Mark Thomson
general manager property
Anil Varma
general manager aeronautical
operations (acting)
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
Financial calendar
Half yearYear
Results announced
FebruaryAugust
Reports published
FebruaryAugust
Dividends paid
AprilOctober
Annual meeting
–October
Disclosure financial statements
–November

Please recycle me
Online report
View our interactive report at
report.aucklandairport.co.nz
It has been designed for ease of
online use, with tablets in mind.
aucklandairpor t.co.nz

---

Results at a glance
December 2017
Total passengers up
6.4% to 10,048,967
6.4%
Underlying earnings
per share up
7. 3 % to 11.14
7. 3%
Results at a glance | 2018
31 December
2017
$m
31 December
2016
$m
Movement
%
Financial Results
Income 332.4 310.9 6.9
Expenses 82.3 75.0 9.7
Earnings before interest, taxation, depreciation, fair value
adjustments and investments in associates (EBITDAFI)
250.1 235.9 6.0
Share of profits of associates and joint ventures 4.42.669.2
Share of profit of associate held for sale6.77.4(9.5)
Investment property fair value increases 41.5 17.4 138.5
Derivative fair value movement (3.0) 1.5 –
Depreciation 40.7 37.4 8.8
Interest expense and other finance costs 38.6 36.8 4.9
Taxation expense 54.5 48.8 11.7
Reported profit after taxation 165.9 141.8 17.0
Earnings per share 13.89c11.91c16.6
Underlying profit after taxation
1
133.1 123.5 7.8
Underlying earnings per share 11.14c10.38c7.3
Dividends
Total proposed dividend for the half year (cents per share)10.75c10.00c7.5
Total proposed dividend for the half year ($ million) 128.8 119.1 8.1
Financial Position
Shareholders’ equity 4,102.3 3,939.4 4.1
Total assets 6,735.4 6,259.0 7.6
Debt to debt plus equity35.4%33.2%6.6
Debt to enterprise value
2
22.5%20.9%7.7
Capital expenditure 208.3 172.8 20.5
Passenger and aircraft statistics – Auckland Airport
International passenger movements including transits 5,418,045 5,145,5535.3
Domestic passenger movements 4,630,922 4,299,2447.7
Maximum certificated take-off weight (tonnes) 4,092,223 3,877,7555.5
Aircraft movements 88,113 84,5934.2
North Queensland Airports performance
Cairns international passenger movements including transits 436,787 431,5811.2
Cairns domestic passenger movements 2,391,852 2,339,413 2.2
Mackay domestic passenger movements 417,785 403,0673.7
Revenue
3
AUD 79.2 AUD 72.8 8.8
EBITDAFI
3
AUD 52.7 AUD 47.1 11.9
Profit after taxation
3
AUD 25.2 AUD 29.5 (14.6)
Queenstown Airport performance
International passenger movements 333,439 299,08811.5
Domestic passenger movements 751,056 660,23113.8
Revenue
3
23.219.618.4
EBITDAFI
3
17.013.129.8
Profit after taxation
3
8.86.241.9
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 the six month period to 31 December 2017 and 2016. Refer to Appendix A for a reconciliation of these adjustments. 2 Based on the
share price as at 31 December 2017 of $6.48 (31 December 2016 of $6.25). 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.

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.)
For the 6 months to 31 December 2017For the 6 months to 31 December 2016
Reported
profit
$M
Adjustments
$M
Underlying
earnings
$M
Reported
profit
$M
Adjustments
$M
Underlying
earnings
$M
EBITDAFI per income
statement250.1–250.1235.9–235.9
Share of profit of associates
1
4.4–4.42.6(0.1)2.5
Share of profit of associate
held for sale
1
6.70.16.87.4(2.3)5.1
Derivative fair value
movement
2
(3.0)3.0–1.5(1.5)–
Investment property fair
value increase
3
41.5(41.5)–17.4(17.4)–
Depreciation (40.7)–(40.7)(37.4)–(37.4)
Interest expense and other
finance costs (38.6)–(38.6)(36.8)–(36.8)
Taxation expense
4
(54.5)5.6(48.9)(48.8)3.0(45.8)
Profit after tax165.9(32.8)133.1141.8(18.3)123.5
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
2017. 4 Taxation adjustments as a result of adjustments 1 to 3 above.
Operating EBITDAFI up
6.0% to $ 2 5 0.1m
6.0%
Results at a glance | 2018

---

Page 1 of 2
Appendix 1
Half year report
Reporting Period
6 months to 31 December 2017
Previous Reporting Period
6 months to 31 December 2016
Results for announcement to the market
Variance Variance
$NZ'M
%
Income from ordinary activities 21.56.9
24.117.0
24.117.0
Reported earningsAdjustmentsUnderlying
earnings
Reported
earnings
AdjustmentsUnderlying
earnings
EBITDAFI per income statement250.1-250.1235.9-235.9
Share of profit of associates
1
4.4-4.42.6(0.1)
2.5
Share of profit of associate held for sale
1
6.70.16.87.4
(2.3)5.1
Derivative fair value decreases
2
(3.0)3.0-1.5(1.5)-
Investment property fair value increase
3
41.5(41.5)-17.4(17.4)-
Depreciation (40.7)-(40.7)(37.4)-(37.4)
Interest expense and other finance costs
(38.6)-(38.6)(36.8)
-(36.8)
Taxation expense
4
(54.5)5.6(48.9)(48.8)3.0(45.8)
Profit after tax165.9(32.8)133.1141.8(18.3)123.5
The rationale for these reconciling items can be found in the 2018 interim company report.
Amount per security
Amount per security
Imputed amount
per security
$NZ$NZ
Final dividend
Current periodN/AN/A
Previous corresponding period0.10500.04083
Interim dividend
Current period0.10750.04181
Previous corresponding period0.10000.03889
The total amount of the dividend payable is 128,782,746$
Record date for entitlements to the dividend:20 March 2018
Dividend payment date05 April 2018
Dividend reinvestment plan
31-Dec-1731-Dec-16
$NZ$NZ
Earnings per share0.13890.1191
Net Tangible Assets per share3.433.31
6 months to 31 December 20176 months to 31 December 2016
Appendix 1
Six months to 31 December 2017Six months to 31 December 2016
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.
310.9
141.8
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 2017.
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
volume weighted average share price of Auckland Airport shares calculated over a period of five business days starting on
the "Ex Date", which is one business day before the record date, less any applicable discount as determined by the Auckland
Airport Board. The last date for the registrar to receive election notices or changes to election notices is 5pm on the record
date.
$NZ'M
332.4
$NZ'M
Reported profit after taxation for the six months ended 31 December 2017 under New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) is
$165.9 million. Directors have also referred to underlying profit of $133.1 million in various releases, an increase of 7.8% from the underlying profit of $123.5 million for
the six months ended 31 December 2016. 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
165.9
165.9141.8

Page 2 of 2
Details of associates and joint venture entities
Percentage
Holding
Share of
underlying
profit 31
December 2017
Share of
underlying
profit 31
December 2016
$NZ'M$NZ'M
24.55%6.85.1
24.99%2.21.5
40.00%2.21.0
Total11.27.6
Comments
Refer to the following attachements:
- 2018 interim company report
- Interim financial statements for the six months ended 31 December 2017
- Results at a glance
- Interim results presentation
Auckland Airport Hotel Limited Partnership
Queenstown Airport Corporation Limited
Stapled Securities of North Queensland Airports Limited
Name

---

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
X
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
SCOTT WEENINKDIRECTORS' RESOLUTION
09 - 255 908109 - 256 886816022018
Enter N/A if not
applicable
In dollars and cents
$0.1075
NZD$0.018971
$128,782,746
Date Payable
Thursday, 5 April 2018
$$0.007465$0.041806
$
Tuesday, 20 March 2018Thursday, 5 April 2018

---

Interim Results 2018
Adrian Littlewood
Chief Executive
Philip Neutze
Chief Financial Officer

FY18 interim results
Adrian Littlewood, chief executive
Highlights

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Results at a glance
3
6.9%
$332.4m
Revenue
Operating EBITDAFI
6.0%
$250.1m
Underlying profit
7.8%
$133.1m
Interim dividend per share
7.5%
10.75 cents
Passenger movements
6.4%
10.0m
Aircraft movements
4.2%
88,113

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Highlights
4
1) Excluding transits
2) Includes recently announced 65,000m
2
Foodstuffs development
MilestonesKey results
Increase in investment
property rent roll
2
39%
International passengers
(excl. transits) in Dec17,
a new monthly record
1m
Over 2m Queenstown
airport passengers in 2017
1 new airline and 4 new routes
International passengers up 5.8%
1
,
domestic passengers up 7.7%
Doubled international departures
border processing and security
screening space
Opened expanded Duty Free stores
and new Destination stores before the
Christmas peak
Opened Gate 17 on Pier B, increasing
the pier’s capacity by 50%
Increasing mobile self-service check-in
kiosk capacity by 33% and international
check-in counter capacity up 15%
Completed a number of transport
infrastructure projects including
improved domestic terminal transport
access and new arterial high
occupancy lanes
10%
Growth in retail
revenue
A$370m
offer received for our
investment in NQA
Car park revenue
grew 8.7%

FY18 interim results
Philip Neutze, chief financial officer
Financial performance

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Solid growth in underlying profit
6
For the 6 months to 31 December(NZ$m)20172016Change
Revenue
332.4 310.9 6.9%
Expenses
82.3 75.0 9.7%
Earnings before interest, taxation, depreciation,
fair value adjustments and investments in associates
(EBITDAFI)
250.1 235.9 6.0%
Share of profit from associates
4.4 2.6
11.0%
Share of profit of associate held for sale
6.77.4
Derivative fair value (decrease)/increase
(3.0)1.5 -
Investment property revaluation
41.5 17.4 138.5%
Depreciation expense
40.7 37.4 8.8%
Interestexpense
38.6 36.8 4.9%
Taxationexpense
54.5 48.8 11.7%
Reported profit after tax
165.9 141.8 17.0%
Underlying profitafter tax
133.1 123.5 7.8%
A reconciliation between reported profit after tax and underlying profit after tax is included in the Appendix

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Revenue growth across the business
7
For the 6 months to 31 December(NZ$m)20172016Change
Airfield income
59.959.2
1.2%
Passenger services charge
89.185.9
3.7%
Retail income
88.980.7
10.2%
Car park income
31.428.9
8.7%
Investment property rental income
37.832.5
16.3%
Other rental income
9.18.2
11.0%
Other income
16.215.5
4.5%
Total revenue
332.4310.9
6.9%
•Aeronautical revenue growth driven by passenger growth and growing runway movements, partly
offset by international and regional aeronautical price decreases
•Retail income benefitted from continued passenger growth combined with strong Duty Free, Food
& Beverage and Strata Lounge performance
•Parking revenue increased as ~1,000 new spaces were built in the first half of FY18
•Investment property rental income growth was driven by the development of new properties,
strong rental growth in the existing portfolio and ibis budget hotel performance

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Continued passenger growth
8
For the 6 months to 31 December*20172016Change
International arrivals2,592,506 2,462,690
5.3%
International departures2,477,695 2,328,885
6.4%
International passengers excluding transits5,070,201 4,791,575
5.8%
Transit passengers347,844 353,978
(1.7%)
Total international passengers5,418,045 5,145,553
5.3%
Domestic passengers4,630,922 4,299,244
7.7%
Total passengers10,048,967 9,444,797
6.4%
•Total passenger growth of 6.4% ahead of aircraft movements up 4.2% as upgaugingcontinued
load factors improved
•Domestic growth of 7.7% driven by increases in capacity on both main trunk routes and regional,
combined with strengthening load factors
•International growth of 5.8% (excluding transits) due to increased airline capacity, largely related
to Asia and Middle East routes
•Transit passengers down 1.7% following the introduction of Santiago direct services to Australia,
but this was entirely offset by international passenger growth on direct flights from Santiago to
Auckland
•*Auckland Airport refined its passenger and movements data from August 2016, resulting in a very minor restatement of prior year comparatives. The numbers
above are consistent with published monthly traffic data.

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Steady growth in movements and MCTOW
9
For the 6 months to 31 December*20172016Change
Aircraft movements
International aircraft movements
27,984 27,476 1.8%
Domestic aircraft movements
60,129 57,117 5.3%
Total aircraft movements
88,113 84,593 4.2%
MCTOW (tonnes)
International MCTOW2,907,794 2,756,353
5.5%
Domestic MCTOW1,184,429 1,121,401
5.6%
Total MCTOW4,092,223 3,877,755
5.5%
•International MCTOW increased 5.5% in the first half of FY18, ahead of aircraft movements as
upgaugingcontinued
•Domestic growth continued with Air New Zealand and Jetstarincreasing frequency and Air New
Zealand continuing to add new aircraft
•*Auckland Airport refined its passenger and movements data from August 2016, resulting in a very minor restatement of prior year comparatives. The numbers
above are consistent with published monthly traffic data.

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Expenses driven by business growth
10
For the 6 months to 31 December(NZ$m)20172016Change
Staff
27.3 24.9 9.6%
Asset management, maintenance and airport operations
31.7 26.1 21.5%
Rates and insurance
6.7 6.1 9.8%
Marketing and promotions
5.2 7.9 (34.2%)
Professional services and levies
5.7 4.9 16.3%
Other
5.75.1 11.8%
Total operating expenses
82.375.0 9.7%
Depreciation
40.7 37.4 8.8%
Interest expense
38.6 36.8 4.9%
•EBITDAFI margin of 75% achieved in the first six months of FY18 whilst investing in staff and
airport operations to cater for growth in the business
•Staff costs increase driven by 7.4% higher headcount, particularly aeronautical customer
services, fire and engineering services as required to maintain category standards
•Increased asset management, maintenance and operations in line with our FY18 PSE3
forecasts reflecting investment in technology, variable costs to drive revenue growth (Strata
Lounge, Park & Ride), increased airside bussing and baggage services
•Marketing and promotions reduction due to phasing with spend weighted towards the second
half of FY18 to support shoulder/low season services and fewer new airlines starting operations
in the first half of FY18 compared to the prior year

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Associates’ performance
11
For the 6 months to 31 December(NZ$m)20172016Change
Queenstown Airport (24.99% ownership)
Total Revenue
23.219.618.4%
EBITDAFI
17.013.129.8%
Domestic Passengers
751,056660,231 13.8%
International Passengers
333,439299,088 11.5%
Underlying Earnings (AucklandAirport share)
2.21.546.7%
NorthQueensland Airports (24.55% ownership)
AU$mAU$m
Total Revenue (AU$)79.2
72.8
8.8%
EBITDAFI (AU$)52.7
47.1
11.9%
Domestic Passengers (Cairns + Mackay)
2,809,637 2,742,480 2.4%
International Passengers (Includingtransits) (Cairns)
436,787 431,581 1.2%
Underlying Earnings (AucklandAirport share) (NZ$)
NZ$6.8 NZ$5.1 33.3%
Novotel Tainui Holdings (40.00% ownership)
1
Total Revenue
15.1 13.9 8.6%
EBITDAFI
5.9 5.213.5%
Average occupancy
92.3%91.7%
Average room rate increase
10.1%10.9%
Underlying Earnings (AucklandAirport share)
2.2 1.0 120.0%
1) Novotel ownership increased from 20% to 40% in February 2017, second phase increase to 50% forecast in 2019

FY18 interim results
Adrian Littlewood, chief executive
Our continuing journey

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Connecting New Zealand to the world
13
Routes added since 2015 have connected Auckland with new cities of nearly
140 million people
Note: Routes launched or announced based on single ticketed fares as at 31 December 2017, excludingthe Norfolk Island service which ceased in mid-January 2018.
One stop single ticket destinations include London, Taipeiand Tianjin
Doha
Dubai
London
Guangzhou
Chongqing
Tianjin
Hong Kong
Beijing
Shenzhen
Shanghai
Seoul
Osaka
Narita
Bangkok
Singapore
Ho Chi Minh City
Kuala Lumpur
Bali
8Australian
destinations
9 Pacific Islands
destinations including:
Honolulu
San Francisco
Los Angeles
Vancouver
Houston
Santiago
Buenos Aires
Manila
Xi’an
Manila
Apia
Key
= New in 1H18
= Existing
services
Plain text
international
airlines
international
destinations
domestic
destinations
30
46
19
Haneda
Chengdu

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Strategic priority:
Growing Travel Markets
14
Increased capacity and strengthening load factors
•Domestic airline capacity grew 5% in the six months to 31 December with increased frequency
to Queenstown, Christchurch and regional destinations. Load factors also improved, largely due
to main trunk services
•International airline capacity up 5% in the six months to 31 December benefitting from:
–Full period impact of FY17 frequency increases and 4 new airlines (Qatar, HK, Hainan, Tianjin)
–New services to Haneda, Xi’an, Manila (from Dec17) and Apia (Samoa replacing Virgin)
–Increased frequency e.g. Thai Airways to Bangkok
•Outlook for continued growth including increased capacity to Pacific Islands, Honolulu and South
Asia routes during the second half, partly offset by Tasman reductions
International arrivals growth by country (ranked by number of passengers)
New Zealand international travel
has been stimulated by strong
economic and capacity growth
Source: Statistics New Zealand arrivals by country of residence, company analysis
6%
8%
2%
6%
19%
14%
20%
4%
22%
7%
4%7%
-
10,000
20,000
30,000
40,000
50,000
60,000
New
Zealand
ChinaAustraliaUKIndiaKoreaHong KongJapanBrazilFranceSingaporeTaiwan
Arrivals
growth (passenger
number)
for the six months to 31
Dec17 vs prior year
Note: chart labels
represent growth %

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Strategic priority:
Strengthen our consumer business
15
•Opened full new Duty Free offering and first tranche
of Destination stores on schedule in December. Duty
Free departure sales were up ~30% in the month
compared to last year
•International PSR was down 3.6% on prior year as
disruption continued to affect Specialty and
Destination with PSRs down 16% and 10%
respectively
•Duty Free PSR was flat. Food & Beverage continued
to grow with PSR up 3.4% following customer
experience improvements and strong trading
•New Strata lounge sales up 30% as airline usage
continues to grow, now serving 14 airlines.
Recognised by Priority Pass at its Lounge of the Year
Awards
•Off airport sales returned to growth driven by new
retailers and return of Chinese passenger growth
•Retail income grew 10.2% driven by passenger
growth, minimum annual guarantees and strong
performances in Food & Beverage and Strata Lounge
Delivered stage two of international departures upgrade

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
International departures upgrade phasing
16
Duty Free and Western
precinct
Specialty & Luxury High
Street
Remaining Destination offer
Food & Beverage area
Additional retail storage
to facilitate new click and
collect model
Proposed phasing:
Delivered
Q1 FY19
Q4 FY18 –
Q1 FY19
H1 FY19
Mezzanine Food & Beverage
Q1 FY19
NEW MEZZANINE
LEVEL

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Strategic priority:
Strengthen our consumer business
17
Parking revenue increase following capacity additions
•Parking revenue up 8.7% with ARPS flat as parking income
growth matched capacity increases
•~1,000 new spaces built at Park & Ride and ~600 were
filled with staff relocated from the international terminal,
freeing premium capacity
•Continued growth in Valet with revenue up 34% on prior
period
•Commencing construction of a new 1,000 bay multi-storey
car park, providing net 500 new spaces in FY19
Ground transport improvements
•Reconfigured domestic forecourt to improve traffic flows
and public transport access
•Implemented new transit lane system for buses and high
occupancy vehicles
•Upgraded Nixon Road to provide a new route to Park &
Ride, reducing traffic on the main intersection
•Re-purposing 30,000m
2
Cargo Central asset (occupied by
freight and logistics tenants) to improve domestic terminal
access and convert to parking
Cargo
Central
Planned multi-
storey car park
Nixon Road
New bus
routes

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Strategic priority:
Be fast, efficient and effective
18
Investing in our customer experience
•New international departures processing and security
screening area, including space for passengers to repack
and relax
•12 new international check-in service counters, up 15% on
the first half of FY17
•15 additional mobile international self-service check-in
kiosks purchased, increasing total number to 60
•2 new mobile jet airbridgesproviding a safer and better
experience for passengers on remote stands
•Took delivery of 10 new specialist airside buses
•Continued investing in new technology:
–Parking paywavesystem implemented, reducing
transaction times and enhancing ease of use
–Launched new artificial intelligence virtual assistant to
help answer common customer queries
–Completed major CCTV upgrade of over 1,000 cameras
and systems
•Successful Strata Club launch with positive customer
feedback and additional 40,000 sign-ups in 1H18
60
Mobile international self-
service check-in kiosks
15%
Increase in international
check-in service counters
70
Passenger Experience
Assistants for summer peak

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Strategic priority:
Invest for future growth
2H FY18
FY19 and beyond
Completed 1H FY18
19
Phase 3
Extendedoutbound
processing & dwell
•New emigration hall
•Recompose space
•Expanded Duty Free and
new Destination stores
(Dec17)
•Phasedopening of
firstnew Speciality &
Luxury High Street
stores
•Remaining Speciality
& Luxury High Street
•New Food &
Beverage offering
•Completion forecast
1H FY19
•Opened Gate 17 on Pier B
•Pier B capacity up 50%
•Gate 18 on Pier B
opening in Feb18, one
month early
•Pier B capacityup
100% vs FY17
•Project complete
•Progressed new domestic
jet terminal design
•Shortlisted contractors for
the main build
•Continue progressing
design and planning
•Commence enabling
works
•Construction forecast
to begin in FY19
•Completion forecast
FY22
•Continued design work and
planning approvals
•Appointed international
design consultants
•Continue progressing
design and planning
•Construction forecast
to beginin FY21
•Completion forecast
FY28
Departures expansion
Domestic jet terminal
Second Runway
Pier B expansion
Phase 3
Phase 4
Phase 5

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Strategic priority:
Invest for future growth
20
Core infrastructure project delivery statistics in the six months to 31 December 2017
Investment spend against
plan
Number of projects
completed against plan
Number of projects
commenced against plan
Projects over $1m underwayConstruction accident
frequency rate
sqmof new and refurbished
terminal space opened
102
%
112
%
100
%
< 1/215,540
of the New Zealand average,
based on LTI rate for employees
and contractors
to maintain, enhance and expand our
airfield and terminals, and to increase
the resilience of our utilities and
transport networks
53

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Strategic priority:
Invest for future growth
21
16.3% growth in property revenue
•Completed developments:
–6,000m
2
Ministry for Primary Industries building
–7,000m
2
Rohlig Logistics warehouse and office
–Civil and roadingworks on phase 3 of The
Landing delivering an additional 12 hectares of
development ready land
•Continuing development in response to market
demand with $165m of projects completed or under
construction in the first half of FY18
•Projects underway:
–20,000m
2
Bunnings distribution centre
–7,000m
2
DSV Logistics warehouseand office
•Rent roll up 39% on the prior year including the
recently announced Foodstuffs office and 65,000m
2
distribution centre, scheduled completion in FY21
1
•Investment property fair value increase of $41.5m,
up $24.1m on 1H17 with strong development
margins on recently completed projects
$90 million
Investment property
rent roll
250 hectares
Land available for
development
96%
Occupancy in the
portfolio
1) See further details in Media Release issued on 8 February 2018

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Strategic priority:
Invest for future growth
22
Investing in safety
•Pro-active safety observations increased 84% reflecting
our continuing investment in safety
•Passenger injury rate down 26% following the
introduction of new safety measures including an
escalator safety programme
•First New Zealand airport to have its safety management
systemcertified by the Civil Aviation Authority under its
new rules
Sustainability focus
•One of the top 10 New Zealand businesses recognised
for corporate social commitment in the BACS Social
Index 2017
•First company in Oceania to adopt an internationally-
approved ‘science-based target’ for reducing carbon
emissions
•Set ambitious goal of reducing our airport emissions by
45% per square metre by 2025
•Ara, the Auckland Airport jobs and skills hub, placed 148
into employment in the last six months (61 in 1H17)

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory update
23
•Auckland Airport’s FY18-22 aeronautical pricing decision
was announced in June 2017, following a comprehensive
consultation process with our airline partners over 12
months
•The Commerce Commission is reviewing the information
disclosed by Auckland Airport about the pricing decision,
as part of the regulatory review process
•The Commission is focusing on three areas for Auckland
Airport –profitability, pricing efficiency (including the
Runway Land Charge) and investment
•Interested parties have provided input on the process and
key issues for the Commission’s review –submissions
and cross-submissions in November/December 2017
•The Commerce Commission now expects to publish its
draft decision on FY18-22 pricing in April 2018 and the
final decision in September 2018
•Auckland Airport will continue to engage in the review
process to ensure that our pricing approach and rationale
is well understood

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
Outlook
24
NQA investment
•We have agreed to sell our 24.6% investment in
NQA to existing investors for A$370m
•The sale is subject only to securing the necessary
regulatory and counter-party approvals and will be
completed in accordance with the requirements of
the NQA security holders’ agreement
Guidance
•We are now slightly tightening FY18 underlying profit
after tax (excluding any fair value changes and other
one-off items) guidance from $248m-$257m to
$250m-$257m
•Our capital expenditure guidance for FY18 of
between $410m and $460m is unchanged
•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

Questions

Appendix

2018
Interim Results
Highlights
Financial
performance
Our continuing
journey
20172016
For the 6 months to 31 December
Reported
profit
$m
Adjustments
$m
Underlying
profit
$m
Reported
profit
$m
Adjustments
$m
Underlying
profit
$m
EBITDAFI250.1-250.1235.9-235.9
Share of profitsofassociates4.4-4.42.6(0.1)2.5
Share of profit of associate held for sale6.70.16.87.4(2.3)5.1
Derivative fair value movement(3.0)3.0-1.5(1.5)-
Investment property revaluation41.5(41.5)-17.4(17.4)-
Depreciation(40.7)-(40.7)(37.4)-(37.4)
Interest expense and other finance costs(38.6)-(38.6)(36.8)-(36.8)
Taxation expense(54.5)5.6(48.9)(48.8)3.0(45.8)
Profit after tax165.9(32.8)133.1141.8(18.3)123.5
Underlying profit reconciliation
27
•We have made the following adjustments to show underlying profit after tax for the six months ended 31 December 2017 and 31 December 2016:
–reversed out the impact of revaluations of investment property. An investor should monitor changes in investment property over time as a
measure of growing value. However, a change in one particular year is too short to measure long term performance. Changes between years can
be volatile and, consequently, will impact comparisons. Finally, the revaluation is unrealised and, therefore, is not considered when determining
dividends in accordance with the dividend policy.
–the group recognises gains or losses in the income statement arising from valuation movements in interest rate derivatives which arenot hedge
accounted and where the counterparty credit risk on derivatives impacts accounting hedging relationships. These gains or losses, like investment
property, are unrealised and interest rate derivative valuation movements are expected to reverse out over their lives.
–in addition, 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 2017 and 2016.
–we have also reversed the taxation impacts of the above valuation movements in both 2017 and 2016.

2018
Interim Results
Important notice and glossary
Disclaimer
This presentation is given on behalf of Auckland International Airport Limited. Information in this presentation:
•is provided for general information purposes only, and is not an offer or invitation for subscription, purchase, or recommendation of
securities in Auckland International Airport Limited (Auckland Airport);
•should be read in conjunction with, and is subject to, Auckland Airport's audited consolidated financial report for the six months ended
31 December 2017, prior annual and interim reports and Auckland Airport'smarket releases on the NZX and ASX;
•includes forward-looking statements about Auckland Airport and the environment in which Auckland Airport operates, which are
subject to uncertainties and contingencies outside of Auckland Airport'scontrol. Auckland Airport's actual results or performance may
differ materially from these statements;
•includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance; and
•may contain information from third parties believed to be reliable; however, no representations or warranties 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. Auckland Airport is not under any
obligation to update this presentation at any time after its release, whether as a result of new information, future events or otherwise.
All currency amounts are in New Zealand dollars unless otherwise stated.
Glossary
ARPSAverage revenue per parking space
EBITDAFIEarnings before interest, taxation, depreciation, fair value adjustments and investments in associates
MCTOWMaximum certified take off weight
NQANorth Queensland Airports
PAXPassenger
PSRPassenger Spend Rate
28