Auckland International Airport Limited/Announcement

AIA – FY18 Annual Results

Full Year Results22 August 2018AIAIndustrials

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Media release | 23 August 2018

FY18 Annual Results: Building momentum
in a new era of development

Auckland Airport today announced its financial results for the 12 months ended 30 June
2018.

Sir Henry van der Heyden, Auckland Airport’s Chair, says, “In the past year we built
further momentum in delivering on our infrastructure plans and in reshaping our
business to match the needs of our new development era and changing travel and
trade markets. The sale of our stake in North Queensland Airports, the investment in
new transport projects and the roll out of new operations and service initiatives have
reinforced our focus on business in New Zealand and on taking care of customers
during our $2 billion aeronautical infrastructure development programme – one of the
most significant in the country.”

Sir Henry adds “We were also pleased that our objective of sharing the benefits of our
investment programme with our local community continued to gather momentum with
hundreds of new jobs created. Our jobs and skills hub, ‘Ara’, has provided valuable
training and employment opportunities for local people, placing 215 people into new
jobs. In 2018 we also received recognition for our efforts over the past decade to
minimise our impact on the environment and we became the first company in Oceania
and the first airport in the world to set a publicly disclosed carbon reduction target
based on the UN-supported Science Based Targets initiative. We were also recognised
by Enviro-Mark as one of NZ’s top carbon reducers in the past year.”

“During 2018, Auckland Airport reached some important milestones in its core
aeronautical and infrastructure development programme. We completed the first stage

2

of our new international Pier B extension ahead of the 2017 summer peak travel period
and fully completed the project in March 2018. We also reached 90% completion of our
multi-stage redevelopment of the international terminal departure zone – which will be
largely completed by the end of the calendar year – and completed a wide range of
new transport projects to improve the flow of traffic around the airport precinct and
support the growth in public transport connectivity to the airport”.

“We are already starting to see the benefit of these projects on operational and service
performance and customers are also benefiting from the changes through upgraded
facilities, improved airport processes and a wider range of retail choices while at the
airport. In 2018 we sustained our customer satisfaction levels with an average
customer satisfaction rating score of just above four out of five at both terminals based
on the independent and globally recognised Airport Service Quality survey. Auckland
Airport will continue to work hard on delivering its upgrade programme and remains
committed to taking care of customers during this period of significant change.” notes
Sir Henry.

Sir Henry says it was also pleasing to see another year of solid growth in travel and
trade markets given the significant growth in the prior two years with many new carriers
and new routes servicing both domestic and international markets out of Auckland. In
the year to 30 June 2018, the total number of passengers using Auckland Airport
increased by 5.7% to 20.5 million with international passengers reaching 11.2 million
(up 4.1% on FY17) and domestic passengers lifting 7.7% to 9.3 million.

2018 also saw good growth in international passenger markets with Chinese arrivals
continuing to grow, up 10.9% in the year, and routes into the US and European
markets also growing through the use of larger, next-generation aircraft such as Boeing
787 Dreamliner and Airbus A350.

Sir Henry says, “The aviation market continues to be dynamic with many changes
throughout 2018 as airline alliances and network plans evolved. Following the success
of its Dubai direct service, in March 2018 Emirates withdrew its A380 services from the
Tasman market and added a new service to Dubai via Bali. At the same time existing
Tasman carriers including Air New Zealand, Qantas and Virgin announced new

3

services replacing much of the Tasman seat capacity lost by Emirates. Auckland
Airport has responded well to these changes and it highlights the importance to
Auckland Airport in maintaining a long-term view on infrastructure requirements rather
than simply reflecting the airline alliances and business models of today.”

Performance highlights for 2018 include:
 Total number of passengers increased by 5.7% to 20.5 million.
 International and domestic MCTOW increased by 3.4% (up to 5,798,018 tonnes)
and 4.6% (up to 2,341,699) respectively.
 Operating EBITDAFI up by 7% to $506.4 million.
 Total profit after tax rose 95.3% to $650.1 million (including the sale of North
Queensland Airport holding).
 Underlying profit after tax was up 6.2% to $263.1 million.
 Underlying earnings per share rose 5.8% to 22.0 cents.
 Final dividend increased 4.8% to 11.00 cents per share.
 Proceeds from the AUD$370 million sale of North Queensland Airport holding
used to reinvest in core aeronautical infrastructure as well as retire debt.
 Strong growth in total passenger numbers at Queenstown Airport which
increased by 13.1% (or 248,226 passengers) in 2018.

Auckland Airport continued to roll out new projects to improve operational and service
performance throughout 2018, including:

 Completing the $120 million, 12,240m
2
extension of the international terminal
Pier B adding critical new aircraft stand and pier capacity.
 Completing 90% of the international departures processing project.
 Investing in new roads, access ways and dynamic management systems across
our airport precinct to optimise the flow of traffic and transport around Auckland
Airport.
 Working with NZTA and AT on upgrades to their own transport systems to
improve the critical network for connections to Auckland Airport including plans
for mass public rapid transit and state highway 20A and 20B upgrades .

4

 Expanded the capability of our mobile check-in kiosks to improve customer
experience and passenger processing efficiency. Our kiosks were used by more
than one million passengers in the last year.
 Launching Ava, Auckland Airport’s first online artificial intelligence customer
service tool.
 Developing and launching our online virtual retail store ‘The Mall’ enabling
passengers to conveniently choose from over 2,300 products across the
international terminal duty and tax free stores. The Mall’s online platform is one
of the most advanced of its type available at any airport in the world.
 Building a new Strata Lounge for customers who want to choose a premium
airport lounge experience.
 Introducing a new fleet of airport buses and mobile air bridges to provide flexible
aircraft service and a quality customer experience on remote aircraft stand
 Improving the coverage and performance of our public Wi-Fi network enabling
the extension of free Wi-Fi access for passengers.

“Turning to the year ahead, we look forward to welcoming Dr Patrick Strange into the
Chair role ̶ we will no doubt benefit from his deep experience in complex infrastructure
businesses – and we would also like to thank all of our people, communities and
customers for their patience and understanding during this next period of
transformation. We look forward with confidence to the coming year as we continue to
deliver the airport of the future,” concludes Sir Henry.

ENDS
For further information please contact:
Investors:
Natalia Plamadeala
+64 9 255 9276
+64 27 381 8981
natalia.plamadeala@aucklandairport.co.nz
Media:
Louise Poppelwell
+64 27 801 9377
louise.poppelwell@aucklandairport.co.nz

---

Annual Report 2018
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning

Second
runway
––––– 2028
Improved
international
arrival
experience*
––––– 2020
DeliveredDelivering to 2019
Every day.
Concept imagery is indicative only and should not be used
for planning purposes. Dates are subject to change.
* Subject to ongoing consultation with airline and aviation stakeholders.
Delivering
Planning
Building
Stand
75
Phase 4
Pier B extension
(Gates 17 & 18)

Airfield slab
replacement
programme
New lift in
international
terminal departures
MPI
building
Bunnings
distribution
centre

Car park
extension
15 Maurice
Wilson Drive
building
New rental
car facilities
Phase 3
Level 1 international terminal
departure expansion
Terminal Development Planning
(domestic jet facility,
MPI arrivals expansion,
multi-storey car park)
Online
multi-retailer mall
– Stage 1
Design of the
second runway
Delivering
Planning
Building
Airfield
expansion
––––– 2018
Airfield
expansion
––––– 2022 +
More international
aircraft gates
––––– 2017 & 2018

Second
runway
––––– 2028
Improved public
transport and roading
infrastructure
––––– 2017 to 2022
Upgrade
international
check-in area
––––– 2022
New domestic
jet terminal*
––––– 2022
New 5-star
hotel
––––– 2021
Planning through to 2025
Upgrade
international
departure
experience
––––– 2017 to 2019
Runway
capability
enhancements
Phase 5
Domestic jet
facility design
1,000-bay
multi-storey
car park
Northern Transport
Network (including
Southern bypass)
Phase 6
International arrivals
and MPI expansion
Foodstuffs office
and distribution
centre
Domestic terminal
current upgrades
International
remote stands/
apron extension
Parking
expansion
Pullman
Hotel
Domestic jet
facility
delivery
Cargo
terminal
Park & Ride
South
Auckland Airport 2044 – concept

building.
delivering.
2 4 / 7.
Delivering
New contact
gates at the
international
terminal
Additional
airfield stands
Pier B extension
Expanded aviation
security screening area
a world-class
international
departure
experience
The 2018 year has been an important
one for Auckland Airport with the
delivery of a number of significant
infrastructure improvements that
have improved the customer journey.
Key projects include the completion
of the Pier B extension of the
international terminal, opening a
substantial proportion of Phase 3 and
our multi-stage redevelopment of the
airside departure and dwell area of
the international terminal, which have
both added significant capacity to
our aeronautical infrastructure.
Auckland International Airport Limited

50,000m
2
of new or completely
refurbished terminal
space from 2015 to 2018
Retail high street
Bunnings
distribution
centre
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Unwind in our award-winning
Strata Lounge
Annual Report 2018 3

Planning
how we cater
for continued
growth in demand
for aeronautical
services
We have continued strengthening
our airport planning, development
and delivery capability during this
period of highly complex ‘brownfield’
interconnected infrastructure
construction to ensure we deliver on
building our airport of the future that
provides a uniquely New Zealand
customer experience.
New airfield and
taxiway configuration
André Lovatt,
General Manager
Airport Delivery &
Development and
Helen Jenkins,
Sustainability Lead
MPI
4 Annual Report 2018
Auckland International Airport Limited

to meet increasing
trade and tourism
to improve
our roading,
car parking
and domestic
terminal
Building an exciting
new food and
beverage experience
Adding parking
capacity
through asset
repurposing
Building
6 Annual Report 2018
Auckland International Airport Limited

Nau mai
& welcome

to Auckland Airport’s
2018 annual report for
the year ended 30 June
In the past year we built further
momentum in delivering on our
infrastructure plans and in reshaping our
business to match the needs of our new
development era and changing travel and
trade markets. The sale of our stake in
North Queensland Airports, the
investment in new transport projects and
the rollout of new operations and service
initiatives have reinforced our focus on
business in New Zealand and on taking
care of customers during our $2 billion
aeronautical infrastructure development
programme – one of the most significant
in the country.
We were pleased also that our objective of
sharing the benefits of our investment
programme with our local community
continued to gather momentum with
hundreds of new jobs created. Our jobs
and skills hub, ‘Ara’, has provided valuable
training and employment opportunities for
local people, placing 215 people into new
jobs. During 2018 we also received
recognition for our efforts over the past
decade to minimise our impact on the
environment and we became the first
company in Oceania and the first airport in
the world to set a publicly disclosed carbon
reduction target based on the UN-supported
Science Based Targets initiative. We were
also recognised by Enviro-Mark as one of
New Zealand’s top carbon reducers in the
past year.
Sir Henry van der Heyden (chairman) and Adrian Littlewood (chief executive)
8 Annual Report 2018
Auckland International Airport Limited

During 2018, Auckland Airport reached some
important milestones in our core aeronautical
and infrastructure development programme.
We completed the first stage of our new
international Pier B extension ahead of the
2017/18 summer peak travel period and fully
completed the project in March 2018. We
also reached 90% completion of our
multi-stage redevelopment of the
international terminal departure zone – which
will be largely completed by the end of the
calendar year – and completed a wide range
of new transport projects to improve the flow
of traffic around the airport precinct and to
support the growth in public transport
connectivity to the airport. In light of these
investment priorities, in January 2018
Auckland Airport decided to sell our 24.55%
stake in North Queensland Airports (“NQA”).
The sale exceeded market expectations and
the A$370 million sale proceeds were used
to reinvest in critical aeronautical
infrastructure at Auckland Airport as well
as retire debt.
We are already starting to see the benefit of
these development projects on operational
and service performance; and customers are
also benefiting from the changes through
upgraded facilities, improved airport
processes and a wider range of retail choices
while at the airport. In 2018 we sustained our
customer satisfaction levels with an average
customer satisfaction rating score of just
above four out of five at both terminals based
on the independent and globally recognised
Airport Service Quality survey.
Auckland Airport will continue to work hard
on delivering our upgrade programme and
remains committed to taking care of
customers during this period of significant
change. To continue to improve customer
experience, this year we deployed new traffic
operations tools and developed new road
and public transport options to better
manage traffic flows through the airport
precinct. We also partnered with NZTA to roll
out the RideMate app to enable customers
to make smarter decisions about their trips
to and from the airport. In the airport
terminals we invested in new technology,
including additional mobile check-in kiosks
and real-time customer feedback tools. In
addition, we rolled out an artificial intelligence
(AI) online assistant, Ava, to ensure people
can find help more easily and get through the
airport smoothly.
We also made significant investments in
other customer-facing areas with the launch
of our new Strata Lounge in late 2017 for
customers who want to choose a premium
airport experience and we continued to grow
our Strata Club membership programme to
recognise regular travellers through Auckland
Airport. In late June 2018, we launched an
online virtual shopping channel called
‘The Mall’, which allows passengers to
conveniently shop online from anywhere in
the world choosing from over 2,300 products
sold by several of our international duty and
tax free stores. The Mall’s online platform is
one of the most advanced of its type for
airports; this means that customers can
easily purchase online from multiple retailers
with a single convenient online checkout.
It was pleasing to see another year of solid
growth in travel and trade markets given the
significant growth in the prior two years with
many new carriers and new routes servicing
both domestic and international markets out
of Auckland. In the year to 30 June 2018, the
total number of passengers using Auckland
Airport increased by 5.7% to 20.5 million
with international passengers reaching
11.2 million (up 4.1% on FY17) and domestic
passengers lifting 7.7% to 9.3 million.
The past 12 months also saw growth in
international passenger markets with
Chinese arrivals continuing to grow, up
10.9% in the year, and routes into the United
States and European markets increasing too,
through the use of larger, next-generation
aircraft such as Boeing 787 Dreamliner and
Airbus A350.
The aviation market continues to be dynamic
with many changes throughout 2018 as
airline alliances and network plans evolved.
Following the success of its Dubai direct
service, in March 2018 Emirates withdrew
its A380 services from the Tasman market
and added a new service to Dubai via Bali.
At the same time, existing Tasman carriers –
including Air New Zealand, Qantas and Virgin
– announced new services, replacing much
of the Tasman seat capacity lost by Emirates.
Auckland Airport has responded well to these
changes and it highlights the importance to
Auckland Airport in maintaining a long-term
view on infrastructure requirements rather
than simply reflecting the airline alliances and
business models of today.
During 2018, we continued to invest
significant effort in the Commerce
Commission’s review of our five-yearly
aeronautical pricing decision set late in
the 2017 financial year. The Commerce
Commission’s draft report has showed that
it was satisfied with all elements of Auckland
Airport’s pricing decision other than our
target return for which it requested further
evidence. Our team continues to engage
with the Commerce Commission and we
await its final report.
We were pleased with the performance of
Queenstown Airport in 2018 and its
passenger growth of 13.1% across both
domestic and international routes. Capacity
increases on the Auckland to Queenstown
route helped Queenstown Airport’s 13.5%
growth in domestic passenger numbers.
Overall our share of Queenstown Airport’s
net profit after tax for the 2018 financial year
was $3.8 million, or a $0.8 million increase
on the previous year. The long-term lease
that Queenstown Airport signed for Wanaka
Airport in March 2018 now opens up
opportunities to plan and develop important
aeronautical infrastructure for the Wakatipu
Basin over the long term.
Returning to Auckland Airport’s financial
performance in 2018, total revenue increased
8.7% to $683.9 million against an increase
in operating expenses of 13.6% to
$177.5 million. Retail income was
$190.6 million (up 17.1%). Property rent roll
was $90.2 million (up 23.7%). Earnings
before interest expense, taxation,
depreciation, fair value adjustments and
Auckland International Airport Limited
Annual Report 2018 9

investments in associates (EBITDAFI)
increased 7% to $506.4 million. Total profit
after tax was up 95.3% to $650.1 million,
while underlying net profit was up 6.2% to
$263.1 million.
Reflecting these gains, underlying earnings
per share rose 5.8% to 22.0 cents. Our final
dividend for the 2018 financial year is up
4.8% to 11.0 cents per share, delivering a
total dividend of 21.75 cents, an increase of
6.1% compared with the 2017 financial year.
The dividend reinvestment plan was first
reinstated for the interim 2017 financial year
dividend payment and will again be available
for the final 2018 dividend at a 2.5%
discount to the market share price.
The table on page 32 shows how we reconcile
reported profit after tax and underlying profit
after tax for the full-year periods ended
30 June 2018 and 30 June 2017.
The following adjustments have been made
to show underlying profit after tax for the
12-month periods ended 30 June 2018 and
30 June 2017:
• We have reversed out the gain arising
from the sale of our investment in North
Queensland Airports. This sale was a
one-off transaction that does not reflect
normal business activities
• We have reversed out the impact of
revaluations of investment property in
2018 and 2017. 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. None of the property, plant and
equipment revaluation in 2018 affected
reported profit. Therefore, no underlying
profit adjustment was required in 2018,
nor in 2017 in which there was no
property, plant and equipment revaluation
• We have reversed out the impact of
derivative fair value movements. These
are unrealised and relate to basis swaps
that do not qualify for hedge accounting
as well as the ineffective valuation
movement in other derivatives. The group
holds its derivatives to maturity so any fair
value movements are expected to reverse
out over their remaining lives. Further
information is included in note 18.2 of the
financial statements
• 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 2018 and 2017
• We have also reversed the taxation
impacts of the above movements in both
the 2018 and 2017 financial years.
We expect underlying net profit after tax
(excluding any fair value changes and other
one-off items) for the 2019 financial year to
be between $265 million and $275 million.
This guidance would deliver underlying
earnings per share growth of 1% to 4.5%
in 2019, with slower growth than in recent
years reflecting year two of declining
international passenger charges for the new
five-year aeronautical pricing period and
increasing interest and depreciation expense
associated with the recent step up in our
infrastructure build. It should be noted that
this guidance is subject to a number of
factors including 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.
Finally, and most importantly, we would like
to thank all of our people, communities and
customers for their hard work, patience and
understanding during this critical period of
airport transformation.
Turning to the year ahead, we look forward
to welcoming Dr Patrick Strange into the
Chair role – we will no doubt benefit from his
deep experience in complex infrastructure
businesses. We would also like to thank all of
our people, communities and customers for
their patience and understanding during this
next period of transformation. We look
forward with confidence to the coming
year as we continue to deliver the airport
of the future.
Sir Henry van der Heyden
Chair
Adrian Littlewood
Chief Executive
10 Annual Report 2018
Auckland International Airport Limited

Underlying net profit

$263.1m
an increase of
6.2%

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 believe that an underlying
profit measure can assist investors to understand
what is happening in a business such as Auckland
Airport where revaluation changes can distort
short-term financial results or where one-off
transactions, both positive and negative,
can occur.

For several years, Auckland Airport has referred to
underlying profits alongside reported results. We
do so not only when we report our results but also
when we give our market guidance (where we
exclude fair value changes and other one-off
items) or when we consider dividends and our
policy to pay 100% of underlying net profit after
tax, excluding unrealised gains and losses arising
from revaluation of property or treasury
instruments and other one-off items. However, in
referring to underlying profits, we acknowledge our
obligation to show investors how such results have
been derived. The reconciliation for the current
period can be found on page 32.
Annual Report 2018 11
Auckland International Airport Limited

Domestic
9.3m

7.7%

5.7%
International
10.2m

4.7%
International
transits
1.1m

1.2%
Passengers
20.5m
113 %39%
1.75%45 years
31
49.3%
Health
and safety

Diversity
Ara –
Airport Jobs
and Skills Hub
Reporting of safety observations,
hazards and near misses
Percentage of
female employees
Employee recordable injury rateAverage age of employees
Recorded ethnicities – noting
that not everyone who works
at Auckland Airport discloses
their ethnicity
Passenger incident rate
Training
opportunities
1,082
South Aucklanders
placed in jobs
176
Total job placements
Our year
in numbers
215
12 Annual Report 2018
Auckland International Airport Limited

8.7%

7.0%

95.3%

6.2%
Dividend
per share
21.75 cents

6.1%
Underlying earnings
per share
22.0 cents

5.8%
Five-year average annual
shareholder return
20.7%
Capital expenditure investment
$405.2m

8.1%
Revenue
Operating
EBITDAFI
Total
profit
Underlying
profit
33%over 5 years
27%over 5 years
22%over 5 years
Interim
10.75 cents
▲ 7.5%
Final
11.0 cents
▲ 4.8%
Energy use
per passenger
Waste to landfill
per passenger
Carbon emissions
Environmental
impact
$572,021
$335,530
Invested in our local communities (including $372,021
to the Auckland Airport Community Trust and $200,000
through other Auckland Airport grant programmes)
Granted to community projects by the Auckland Airport
Community Trust to support learning, literacy and life skills
in South Auckland
$683.9m
$506.4m
$650.1m
$263.1m
Auckland International Airport Limited
Annual Report 2018 13

In May 2018 the Board of directors
endorsed a continuation of our 2013
Faster, Higher, Stronger strategy for the
next four year period through to 2022.
This strategy is centred around creating
the airport of the future and is anchored
on our ambition to ‘make journeys
better’ for all customers and partners of
Auckland Airport. The strategy continues
to unfold amid a number of challenges
and changes including evolving aviation
markets, record immigration, a booming
tourism industry and delivering complex
development projects.
We’re growing
travel and trade
markets
We have an ambitious and
innovative approach to
helping New Zealand
sustainably unlock growth
opportunities in travel, trade
and tourism. Growing travel
markets with our airline and
industry partners makes
journeys better by providing
customers with greater
choice, delivering more
convenient flight schedules
and by offering better value
for money for all customers
and partners of Auckland
Airport. In addition, new airline
routes help grow trade activity
by creating more opportunities
for businesses to connect
with their key customers in
global markets.
We’re strengthening
our consumer
business
We are strengthening and
extending our retail, transport
and accommodation
businesses to ensure we can
respond to evolving customer
needs. This means we are
increasing the range of
products and services we
provide and making Auckland
Airport more appealing to our
customers – thereby making
their journeys better.
We’re being fast,
efficient and
effective
We are improving our
performance by increasing
the efficiency and productivity
of our assets, processes,
operations and balance sheet.
A fast, efficient and effective
airport makes journeys better
by saving time and money for
airlines and passengers.
We’re investing
for future
growth
We are building on our strong
foundations for long-term,
sustainable growth by
investing in the infrastructure
required to meet long-term
customer needs. This makes
journeys better, both within
the airport and around our
vibrant business district.
Faster,Higher,

Stronger
14 Annual Report 2018
Auckland International Airport Limited

Reach 20 million total passengers by FY20,
up from 14.5 million in FY13
An increase of 1.1 million in FY18
20m20.5m
How we tracked in FY18:
Aspirations:
Double Chinese arrivals to 400,000 by
FY17, up from 213,781 in FY13
An increase of 10.9% in FY18
400,000395,075
Achieve 10 million international passengers
by FY18, up from 7.3 million in FY13
An increase of 0.4 million in FY18
10m11.2m
Build property rent roll to $60 million by
FY17, up from $44 million in FY13
An increase of $17.3 million in FY18
$60m$90.2m
Faster, Higher, Stronger embraces our
objective of making journeys better and is a
commitment to improvement in everything
we do. In 2013 the strategy set a number
of new aspirations to drive our company’s
performance. These high-level aspirations
and our progress to date are not market
guidance, and the results are likely to
fluctuate from year to year. However, they
provide the company with a sharp focus on
important goals that underpin our long-term
success. By 2018 we had achieved almost
all of our aspirations – as set out in the
table below.
Auckland International Airport Limited
Annual Report 2018 15

Our
strategy

at work
Delivering
for tourism,
trade and
people.
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
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Planning
16 Annual Report 2018
Auckland International Airport Limited

01
Customer
experience
Taking care of customers
Auckland Airport is a complex and
interconnected system which relies on
each of our many partners (airlines, border
agencies, security partners, ground
handlers) within the airport to work with us
to deliver a great experience for customers.
However, as the airport operator, we
recognise that we have a critical role as
custodian of the total customer experience.
We are investing significant time and
resources to improve our own and our
partners’ capability to ensure that each
part of the airport experience meets
customers’ expectations.
Auckland Airport continued to roll out new
projects to improve operational and
customer service performance throughout
2018 including:
• Completing the $120 million, 12,240m
2

extension of the international terminal
Pier B, adding critical new aircraft stand
and pier capacity
• Completing 90% of the international
departures expansion project
• Investing in new roads, access-ways
and dynamic management systems
across our precinct to optimise the flow
of traffic around Auckland Airport
• Working with NZTA and Auckland
Transport (AT) on upgrades to their own
transport systems to improve the critical
network for connections to Auckland
Airport including plans for mass public
rapid transit and state highway 20A and
20B upgrades
• Adding further mobile check-in kiosks to
improve customer experience and
passenger processing efficiency. Our
kiosks were used by more than one
million passengers in the last year
• Launching Ava, Auckland Airport’s first
online artificial intelligence customer
service tool
• Developing and launching our
multi-retailer online platform, ‘The Mall’,
enabling passengers to conveniently
choose from over 2,300 products
across the international terminal duty
and tax free stores. The Mall’s online
platform is one of the most advanced
of its type available at any airport in
the world
• Building a new Strata Lounge for
customers who want to choose a
premium airport lounge experience
• Introducing a new fleet of airport buses
and mobile airbridges to provide flexible
aircraft service and a quality customer
experience on remote aircraft stands
• Improving the coverage and
performance of our public WiFi
network, enabling the extension of
free WiFi access for passengers.
Auckland Airport welcomed record
passenger numbers across the
international and domestic terminals
during the 2018 financial year with our
infrastructure and operations responding
well to the growing traveller demand
despite the ongoing development works.
Over the 2018 period, on average,
30,900 passengers per day (up 4% from
the previous year) arrived or departed
from the international terminal with
25,400 passengers per day (up 8%
from the previous year) through the
domestic terminal.
A. ‘Welcome. How can I help?’
B. Strata Lounge
C. International terminal expansion – Pier B
B.
C.
A.
Annual Report 2018 17
Auckland International Airport Limited

In recent years, careful planning has gone
towards establishing a healthy base of
information to improve reporting on our
performance against international
customer service and experience
benchmarks. In the 2018 financial year
we were pleased to maintain, and even
see an improvement in, customer
experience and satisfaction levels. Our
scores averaged just above four out
of five for both our terminals based
on international benchmarking with
28 other airports.
To help drive ongoing operational and
service performance over the peak
summer season, in financial year 2018
we trialled an integrated Airport
Operations Centre to accommodate
airport operations staff, border agencies
and other stakeholders together in a
single location so that operational
challenges can be quickly identified and
56,300
Average
passengers per
day through
Auckland Airport
over 2018
Average passengers
per day
International 30,900 ▲ 4%
Domestic 25,400 ▲ 8%
A.
B.
C.
A. Robin Cooper, Head of Operations
– Performance & Delivery
B. Auckland Airport app
C. Customer experience and
satisfaction feedback
mitigated before they impact airlines or
travelling passengers. The trial
successfully delivered real-time cost
savings for the airlines, enabled more
efficient use of resources and delivered a
better passenger experience. In addition,
we introduced a new capacity-planning
tool to produce weekly passenger
forecasts for stakeholders over this busy
period, resulting in better scheduling of
resources. These initiatives were
successful in helping us manage peak
flows and are now being formalised for
permanent operation.
We were proud that for the second year
running Auckland Airport was named in
Colmar Brunton’s top 10 most trusted
New Zealand companies. Being a
reputable New Zealand business and a
good corporate citizen are important to
us and we are proud to be trusted by
customers and our stakeholders.
18 Annual Report 2018
Auckland International Airport Limited

02
Tourism
We are playing an
important leadership role
in the tourism sector,
supporting both the
industry and operators to
attract people from around
the world – all year round.
Auckland International Airport Limited
Annual Report 2018 19

Promoting New Zealand as an
all-year-round destination
As the primary gateway for visitors to
New Zealand, Auckland Airport continued
to focus on growing and supporting tourism
during the period with our airline and tourism
partners. We continued to fulfil our role as a
tourism sector leader, supporting both the
local tourism industry and airlines in their
efforts to attract visitors from around the
world – all year round.
Helping make this happen
Offshore market
development programme
Auckland Airport continued our programme
of market development activity across a
number of existing and emerging markets
over the period. In the Australian market our
focus was on working with our tourism and
airline partners to develop Auckland as a
short city-break holiday destination for
Australians and the North Island as a winter
holiday destination as well as driving
increased friends and family related travel
to New Zealand. In the China market, we
continued to support the development of
both the group and independent traveller
segments via e-commerce channels. In the
United States, we worked with our airline
partners using their extensive channels to
grow visitation to New Zealand via Auckland.
We also extended our Tourism Development
Grants Programme, which provides funding
to assist tourism operators to commercialise
new product offerings and experiences, into
its sixth year. In the 2018 financial year we
awarded two grants of $50,000 each to
Eat NZ and Haka Tours.
A.
B.
C.
A. Eat NZ – Kings and Queens of Kai
(photo credit Steve Boniface)
B. Haka Tours
C. Eat NZ
Delivering
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Tourism
Supporting
sustainable
tourism
growth
20 Annual Report 2018
Auckland International Airport Limited

Growing capacity:
new routes, new opportunities
In the 2018 financial year we saw a
number of airline announcements reflecting
the dynamic nature of aviation markets.
Material changes in capacity announced
or commenced during the period included
the following:
• The introduction of a Chicago direct
route to be operated by Air New
Zealand from 30 November 2018,
adding 85,000 seats per annum and
opening up new regions of North
America to non-stop flights into
New Zealand
• New non-stop flights between
Auckland and Taipei also operated by
Air New Zealand will commence on
1 November 2018. This opens up new
opportunities for tourism and trade,
with the addition of 4,368 tonnes of
air cargo capacity and 95,000 seats
per annum
• On 14 July 2018, Emirates commenced
daily services between Auckland and
Dubai via Denpasar in addition to the
airline’s existing daily direct flight
between Auckland and Dubai. Adding
250,000 seats per annum, this route
established the first daily direct flight
between New Zealand and Bali and
provides welcome new capacity and
connectivity to Emirates’ Dubai hub
• Singapore Airlines and Air New Zealand
will increase flights operated by their
joint venture on the Auckland to
Singapore route, from the current two
flights daily up to three flights per day
from late October 2018. This
enhancement to Singapore services
will add 165,000 seats per annum to
the route
• Thai Airways increased its service on
the Bangkok to Auckland route from
five services a week to daily flights from
November 2017, adding 65,000 seats
annually to the route
• Philippine Airlines opened the first
Auckland to Manila direct services in
December, replacing the airline’s
previous indirect service over Cairns.
The three-per-week wide-body aircraft
service has added 21,000 seats
annually on the route
• Samoa Airways commenced daily
services between Apia and Auckland in
November 2017, operating 124,000
seats on the route per annum.
AKL
AKL
AKL
AKL
AKL
TPE
ORD
DPS
APW
SIN
Chicago route –
85,000 seats,
forecast to inject
$70 million annually
into the New Zealand
economy
New non-stop flights to
Taipei increase trade
opportunities with key
exports of strawberries,
avocados and dairy
products
Additional 250,000
seats per annum with
Emirates route to
Dubai via Denpasar.
First daily direct
flight between
New Zealand and Bali
Daily services
between Apia and
Auckland with
Samoa Airways, an
additional 124,000
seats per annum
Additional 165,000
seats bringing
$136.6 million annually
to the New Zealand
economy
Auckland International Airport Limited
Annual Report 2018 21

A. Rohlig Logistics warehouse
B. Rohlig Logistics office
C. Fonterra’s chilled, frozen and ambient facility
A 30-year lease agreement
with Foodstuffs was signed
and ground has since been
broken. This is one of the
largest industrial deals
signed in New Zealand
history.
Expanding
the property
portfolio
During the 2018 financial year, Auckland
Airport’s property portfolio continued to
expand and diversify. Six new development
projects were completed, adding more
than 70,000m
2
of net lettable area –
increasing annual rental income 16.2%,
from $68.1 million to $79.1 million. We
were pleased to win the Best in Class
Industrial Property category at this year’s
Property Council New Zealand awards for
the Rohlig Logistics project.
Major projects completed during the period
included the Ministry for Primary Industries’
6,500m
2
office, warehouse and kennel
space; Rohlig Logistics’ 7,000m
2
warehouse
and office; and Bunnings’ 20,000m
2

distribution centre. Additional projects
completed included Air New Zealand’s Koru
Club valet parking and GO Rentals parking
facilities. Fonterra’s chilled, frozen and
ambient facility was also finalised.
A 30-year lease agreement with Foodstuffs
was signed in December 2017 and ground
has since been broken. This is one of the
largest industrial deals undertaken in
New Zealand history.
03
Currently under construction are
developments for DSV Logistics and Airways
Corporation. Design work began on the
Pullman Hotel development for a 311-room,
5-star hotel, which is due to be completed
in 2021. Planning also began for a new
146-room economy hotel. As a result of the
new deals signed during the 2018 financial
year and rent reviews on existing properties,
rent roll has increased 23.7%, from
$72.9 million to $90.2 million.
As the second-largest port in the country by
value of goods handled, Auckland Airport
also developed plans for a new air cargo
export precinct. This is part of a broader
strategy to help boost New Zealand’s
import / export volumes of high-value
products and further support the financial
performance and sustainability of the airlines
servicing Auckland.
A.
B.
C.
22 Annual Report 2018

Transport
Smarter, more resilient
transport networks
Improving transport flows to and around the
airport precinct was a major priority for
Auckland Airport in the past year. We
continued to invest in systems, infrastructure
and planning to provide ongoing
improvements to access and travel times
throughout the airport transport network.
During 2018 Auckland Airport completed or
started a wide range of transport
infrastructure projects including improving
access to the domestic forecourt for
passengers and buses. In addition, we
installed a T2 vehicle lane on Tom Pearce
Drive, which supports the increased
frequency of the 380 Airporter public bus
service during peak periods. To ensure we
maintained sufficient car parks for
passengers we created 1,000 additional car
parks across the precinct as well.
We also started major roadworks on the new
Southern Bypass, which will provide a direct
north (SH20A) to south (SH20B) link through
Nixon Road. This will help to improve traffic
times and flows on the airport precinct by
directing through-traffic away from the
primary airport terminal roads.
04
In addition, Auckland Airport worked closely
with transport partners NZTA and AT on the
Southwest Gateway programme to deliver
some key projects including:
• 20Connect, to improve access to and
from the airport
• Airport to Botany Rapid Transit, to
deliver a fast, frequent and reliable
mass transit system
• Completion of the Landing Drive
roundabout upgrade transforming it
into an eight-lane intersection with
traffic lights.
Plans for further investment in transport
infrastructure included significant progress on
our programme of over $100 million of
projects between now and 2022 to upgrade
Auckland Airport’s internal transport network.
To ensure our investment programme aligns
with the new government’s plans for AT, we
also completed a thorough review of our own
internal transport masterplan.
B.
A.
A. T2 lane on Tom Pearce Drive
B. Landing Drive intersection upgrade
During the financial year we also launched
a new traffic monitoring system to measure
traffic movement across Auckland Airport’s
precinct. This system utilises radar and
WiFi sensors to gather real-time
information and enables dynamic traffic
system management by early detection of
congestion allowing early and real-time
operational intervention.
Auckland International Airport Limited
Annual Report 2018 23

Shopping is now an integral part of the air
travel experience. Our customers continue
to tell us they want best-in-class retail
experiences and in the past 12 months,
we have focused on delivering major
improvements as part of the international
departures expansion project. These
enhancements significantly expand outbound
passenger processing as well as dwell and
retail areas – and we are now in the early
stages of retail planning for the future
domestic terminal.
Delivering
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Retail
Meeting demand for
high-end, unique retail
experiences
05
24 Annual Report 2018
Auckland International Airport Limited

Our international outbound expansion
project will see the introduction of a wide
range of new international and domestic
retail brands in the coming months. We
have also now launched our multi-retailer
online platform, The Mall, where
customers can shop at their convenience
– including from the plane. This online
platform is one of the most advanced of
its type available at any airport in the
world and means that customers can
now easily shop at multiple retailers with
a single convenient online checkout.
A. Hugo Boss
B. All Blacks Store
C. Michael Kors
D. Destination stores
E. Multi-retailer online – The Mall
A.
E.
B.
C.
D.
We are retaining our
uniquely ‘New Zealand’
offering. We deliver the
best of New Zealand:
food, drink, clothing,
souvenirs and more.

Auckland International Airport Limited
Annual Report 2018 25

Being a good
employer and
neighbour
In the last 12 months, and despite the
volume of construction work occurring in
confined operating spaces, we achieved a
further reduction in recordable injuries (lost
time, medical treatment and restricted work)
among employees and contractors. In the
2018 financial year we were proud that our
employee recordable injury rate declined
by 17.5%.
We also identified opportunities for change to
better support our people. We completed a
gender pay gap audit and we are rolling out
a programme to address identified pay equity
issues and introduce more flexible working
options for staff so we build greater diversity
within our business.
As a direct consequence of our wide-ranging
investment programme, we continued to
generate significant new employment and
education opportunities. In April 2018 we
confirmed that our retail partners would
create 370 new management, operations
and retail roles following the launch of 27
new food and beverage outlets across the
domestic and international terminals.
Investing in
our people,
safety and
our community
Our airport of the future story runs deeper
than investing in infrastructure alone. It needs
to be founded on a genuine, long-term
commitment to developing our people and
keeping them safe and to share the benefits
of our position, location and successes with
our community.
In 2018 Auckland Airport became the first
tier-one airport in New Zealand to have its
new safety management system certified by
the Civil Aviation Authority – a significant
task given the complexity of aviation and
workplace safety regulation involved.
06
370
new management,
operations and retail roles
being driven as a direct
result of the airport’s
long-term expansion.
Supporting
our people by identifying opportunities for
change – working to address pay equity,
flexible working options and gender diversity
Trusted
Named as one of the Colmar Brunton
Corporate Reputation index’s top 10
trusted companies
Leading
Now ranked as one of the
top 20 reducers in the carboNZero
and CEMARS programmes
A.
A. Krithika Kuppusamy,
Talent Advisor –
People and Safety
26 Annual Report 2018

Ara – the Auckland Airport Jobs and Skills
Hub – is also playing a pivotal role in
providing training and employment
pathways for people living in our local
community and neighbourhood. Building
on the success of previous years, in 2018
215 job placements were made through
Ara during 2018 and:
• 176 of these people live in
South Auckland
• 105 came off a primary
government benefit
• 1,082 successfully completed training
courses offered through Ara
• 68 South Auckland secondary-school
students from five local schools
participated in a year-long work
experience programme working with
businesses on the airport precinct,
building our new infrastructure, gaining
valuable skills and earning credits
towards their NCEA studies.
Beyond Ara, our wider education and
community programmes provide further
support for our community. In the past year:
• We awarded nine local Year 13
students Auckland Airport Education
Scholarships. The students were
employed in paid work in our terminals
over the summer and received financial
support for their studies and a mentor
from our Auckland Airport team
• We supported five local organisations
and events through our sponsorship
programme: the Counties Manukau Life
Education Trust, ASB Polyfest, the
Auckland Arts Festival’s schools’
programme, the Leukaemia and Blood
Cancer Foundation, and the Second
Nature Charitable Trust
• We continued to invest in a range of
socially responsible projects through
the Auckland Airport Community Trust.
We granted $200,000 to 52 community
groups across Auckland. This includes
donations made by generous travellers
into the charity globes in our terminals.
We also granted $335,530 to the
Auckland Airport Community Trust.
The Trust distributed these funds to
residents and community groups living
and working in the Trust’s area of
benefit (parts of the city most affected
by aircraft noise) in the 2018 year
• We won a ‘Good Business Egg’
award in the Education and Skills
category of the Business and
Community Shares 2018 awards.
The judges said Auckland Airport
achieved “stunning results”.
Ara – Airport Jobs
and Skills Hub
Training
opportunities
1,082
$335,530
Total job
placements
215
South Aucklanders
placed in jobs
176
Environmental
impact reductions
Auckland Airport
Community Trust
Energy use per
passenger over 5 years
Granted to community projects by the
Auckland Airport Community Trust to
support learning, literacy and life skills in
South Auckland
Waste to landfill per
passenger over 5 years
Carbon emissions
over 5 years
Over the past 12 months, we continued
to focus on reducing the impact of our
business on the environment through
energy waste and carbon reduction.
Auckland Airport is one of New Zealand’s
leaders in reducing carbon emissions that
contribute to climate change and in 2018
we were recognised as a New Zealand
Top Carbon Reducer by the verification
agency Enviro-Mark and we became a
signatory to the Climate Leaders Coalition
with 60 other businesses committed to
helping New Zealand meet its obligations
under the Paris Agreement.
Auckland Airport has reported our carbon
emissions to the Carbon Disclosure
Project since 2008 and in November 2017
we became the first airport in the world to
set a publicly disclosed carbon reduction
target through the global Science Based
Targets Initiative. Since 2013, we have
managed to reduce our greenhouse gas
emissions by over 2,000 tonnes, or 35%
per passenger and we have achieved this
reduction through a comprehensive
energy management upgrade programme
including providing new power units to
allow aircraft to use electricity rather than
jet-powered generators when on stands.
We have also supported our airline
partners to reduce their carbon emissions
through introducing fuel-saving flight paths
and shorter taxiways.
Our focus on waste reduction and our
special waste facility – the first in
Australasia – now diverts almost 50%
of non-quarantined aircraft cabin waste
away from landfill and in March 2018 we
won a Green Airports award for waste
minimisation from Airport Council
International (ACI) Asia-Pacific.
113%
33%
27%
22%
1.75%
49.3%
Reporting of safety observations,
hazards and near misses
Employee recordable injury rate
Passenger incident rate
Health
and safety
B.
B. Ara village construction
Auckland International Airport Limited
Annual Report 2018 27

Board changes
Governance
and leadership
Michelle Guthrie
Michelle Guthrie became a director of the
company in 2013. She has been a
much-valued member of the Board for
the past five years and her significant
management and governance
experience has helped Auckland Airport
to deliver strong results for investors.
Michelle officially retired from the Board
on 31 March 2018 and was replaced by
Mark Binns as set out below.
Mark Binns
Mark Binns became a director of the
company on 1 April 2018, subject to final
approval by shareholders at the annual
meeting on 31 October 2018. Mark was
previously CEO of Meridian Energy
before retiring to become a
professional director.
Julia Hoare
Julia Hoare became a director of the
company after the 2017 annual meeting.
She is an experienced professional
director having previously been a Partner
with PwC for 20 years. She is also a
member of the New Zealand External
Reporting Advisory Panel and the
National Council of the Institute of
Directors in New Zealand.
28 Annual Report 2018
Auckland International Airport Limited

Anna Cassels-Brown
In May 2018, the chief executive
announced the appointment of
Anna Cassels-Brown as Auckland
Airport’s new general manager operations.
Anna is responsible for customer service,
airfield and terminal operations, facilities
and capacity management, maintenance
engineering, commercial leasing,
emergency services, security, and
airport-related policy and compliance.
Anna had previously held the position as
the company’s general manager people
and safety. Before joining Auckland Airport
in July 2015, she held leadership
portfolios covering health and safety,
human resources, environment, corporate
social responsibility and communications
in some of New Zealand’s leading
organisations, including Air New Zealand,
Fonterra, Refining NZ and Pa
-
mu
(Landcorp Farming Ltd).
Company officer changes
Aeronautical pricing
The Board continued close oversight of
aeronautical pricing throughout the 2018
financial year. An ad-hoc Board
subcommittee met regularly to provide
governance oversight of this important
task, which assisted the company in
setting aeronautical charges for the
financial years 2018 to 2022. James
Miller chaired the subcommittee which
also comprised the following directors:
Justine Smyth, Christine Spring and
Patrick Strange. The chair of the
company, Sir Henry van der Heyden,
attended meetings of the subcommittee
as well.
Terminal development
programme
The Board increased oversight of capital
programmes throughout the 2018
financial year. The ad-hoc Board
subcommittee met regularly to provide
governance oversight over Auckland
Airport’s aeronautical infrastructure
development plan and also in relation to
specific projects including development
of the domestic and international
terminals. Patrick Strange chaired the
subcommittee which also comprised
Christine Spring and Mark Binns. The
chair of the company, Sir Henry van der
Heyden, attended meetings of
the subcommittee as well.
André Lovatt
In November 2018, the chief executive
announced the appointment of
André Lovatt as Auckland Airport’s new
general manager airport delivery and
development. André brings 19 years’
experience to Auckland Airport managing
major infrastructure projects across
Asia-Pacific. For the past five years he has
been based in Christchurch and has
played a central role in the redevelopment
there, including as chair of Regenerate
Christchurch and also as chief executive
of the Christchurch Arts Centre rebuild.
André came to us with airport experience
from his role as a director of Christchurch
Airport, which he had held since 2014.
In his previous Christchurch roles, André
also worked with a large number of
community, government and business
stakeholders.
Prior to his positions in Christchurch,
André led the Singapore office of Arup – a
global engineering consulting firm – where
he and his team were involved in many
significant infrastructure projects including
the Marina Bay Sands development and
the Singapore Sports Hub.
Auckland International Airport Limited
Annual Report 2018 29

Financial
summary
in capital expenditure
during the year
$405.2m
30 Annual Report 2018
Auckland International Airport Limited

Our total profit after tax for the year to
30 June 2018 was up 95.3% to
$650.1 million, while underlying profit after
tax increased 6.2% to $263.1 million.
Revenue increased 8.7% to $683.9 million
due to ongoing strong growth in retail,
transport and investment property revenues.
This was the first year of our new
aeronautical charges for the five-year period
2018 to 2022 with aeronautical revenues for
the year largely flat on the prior period as the
growth in passengers and aircraft
movements was largely offset by the
reduction in charges in the first year of PSE3.
Operating expenses increased 13.6% to
$177.5 million, in part due to operational
resources and asset management and
maintenance. Our earnings before interest
expense, taxation, depreciation, fair value
adjustments and investments in associates
(EBITDAFI) increased 7.0% to $506.4 million.
Our total share of the underlying profit from
associates was $16.7 million for the 2018
financial year, up 12.1%. The underlying
profit share from Queenstown Airport was up
26.7% to $3.8 million and the share from the
Novotel hotel, in which we increased our
shareholding to 40% in February 2017,
was up 66.7% to $4.5 million.
We completed the sale of our 24.55%
shareholding in North Queensland Airports
in March 2018 for A$370 million. The sale
ensures 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 final dividend for the 2018 financial year
is up 4.8% to 11.0 cents per share. It will be
imputed at the company tax rate of 28% and
paid on 19 October 2018 to shareholders
who are on the register at the close of
business on 5 October 2018. As a result, the
total dividend for the 12 months to 30 June
2018 is up 6.1% to 21.75 cents per share.
Our performance in the 2018 financial year
means that underlying earnings per share
have continued to increase, up 5.8% to
22.0 cents per share.
The 2018 financial year also saw the
company maintain our strong focus on
upgrading our 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, delivering a new border
processing and security screening space,
customer dwell areas and 37 new retail store
concepts that have enhanced the
international departure experience. In
addition, we completed the extension of
Pier B of the international terminal, opening
Gates 17 and 18 and further developed our
airfield infrastructure, with the construction of
two new fully-serviced remote airfield stands
to help accommodate the ongoing growth in
international aircraft.
The reinstatement of our dividend
reinvestment plan, to provide funding
flexibility to support our investment in new
infrastructure and growth, continues to be
welcomed by many of our shareholders.
The dividend re-investment plan will again
be in place for the 2018 financial year final
dividend, enabling shareholders to elect to
purchase Auckland Airport shares at a 2.5%
discount to market price, instead of receiving
the dividend as cash.
The table on the following page shows
how we reconcile reported profit after
tax and underlying profit after tax for the
full-year periods ended 30 June 2018 and
30 June 2017.
The following adjustments have been made
to show underlying profit after tax for the
12-month periods ended 30 June 2018 and
30 June 2017:
• We have reversed out the gain arising
from the sale of our investment in North
Queensland Airports. This sale was a
one-off transaction that does not reflect
normal business activities
• We have reversed out the impact of
revaluations of investment property in
2018 and 2017. 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. None of the property, plant and
equipment revaluation in 2018 affected
reported profit. Therefore, no underlying
profit adjustment was required in 2018,
nor in 2017 in which there was no
property, plant and equipment revaluation
• We have reversed out the impact of
derivative fair value movements. These
are unrealised and relate to basis swaps
that do not qualify for hedge accounting
as well as the ineffective valuation
movement in other derivatives. The group
holds its derivatives to maturity so any fair
value movements are expected to reverse
out over their remaining lives. Further
information is included in note 18.2 of the
financial statements
• 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 2018 and 2017
• We have also reversed the taxation
impacts of the above movements in both
the 2018 and 2017 financial years.
5.8%22.0 cents
increase in
underlying
earnings
per share
per share
TO
Auckland International Airport Limited
Annual Report 2018 31

Underlying profit
20182017

Reported
profit
$M
Adjustments
$M
Underlying
profit
$M
Reported
profit
$M
Adjustments
$M
Underlying
profit
$M
EBITDAFI per Income Statement506.4 – 506.4473.1 – 473.1
Share of profit of associates16.7 – 16.719.4(4.5)14.9
Gain on sale of associate297.4(297.4) – – – –
Derivative fair value movement(0.7)0.7 – 2.5(2.5) –
Investment property fair value increases152.2(152.2) – 91.9(91.9) –
Property plant and equipment revaluation – – – – – –
Depreciation(88.9) – (88.9)(77.9) – (77.9)
Interest expense and other finance costs(77.2) – (77.2)(72.8) – (72.8)
Taxation expense(155.8)61.9(93.9)(103.3)13.8(89.5)
Profit after tax650.1(387.0)263.1332.9(85.1)247.8
Cash flows
2018
$M
2017
$M
Net cash flow from operating activities 321.2 307.1
Net cash flow applied to investing activities(33.5)(337.3)
Net cash flow applied to financing activities(226.1) 22.7
Net increase/(decrease) in cash held 61.6 (7.5)
32 Annual Report 2018
Auckland International Airport Limited

Financial performance
2018
$M
2017
$M
Income
Airfield income 122.1 119.6
Passenger services charge 179.1 174.3
Retail income 190.6 162.8
Rental income 97.6 84.9
Rates recoveries 6.0 5.6
Car park income 61.0 56.3
Interest income 2.2 2.3
Other income 25.3 23.5
Total income 683.9 629.3
Expenses
Staff 57.9 50.5
Asset management, maintenance and airport operations 69.5 55.6
Rates and insurance 13.7 12.2
Marketing and promotions 13.8 16.7
Professional services and levies 11.1 11.4
Other expenses 11.5 9.8
Total expenses 177.5 156.2
Earnings before interest expense, taxation, depreciation, fair value adjustments and
investments in associates (EBITDAFI)
506.4 473.1
Share of profit of associates and joint ventures 16.7 19.4
Gain on sale of associate 297.4 -
Derivative fair value (decrease)/ increase(0.7) 2.5
Investment property fair value increase 152.2 91.9
Earnings before interest, taxation and depreciation (EBITDA) 972.0 586.9
Depreciation 88.9 77.9
Earnings before interest and taxation (EBIT) 883.1 509.0
Interest expense and other finance costs 77.2 72.8
Profit before taxation 805.9 436.2
Taxation expense 155.8 103.3
Profit after taxation attributable to owners of the parent 650.1 332.9
Financial position
As at 30 June
2018
$M
2017
$M
Non-current assets8,018.46,399.5
Current assets178.4104.0
Total assets8,196.86,503.5
Non-current liabilities2,185.61,911.0
Current liabilities329.1563.5
Equity5,682.14,029.0
Total equity and liabilities8,196.86,503.5
Auckland International Airport Limited
Annual Report 2018 33

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80 Queen Street, Auckland 1010
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PO Box 91976, Auckland 1142
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Annual Report 2018
This annual report covers the performance of
Auckland International Airport Limited for the
period from 1 July 2017 to 30 June 2018.
This volume contains overview information
and a summary of our performance against
financial and non-financial targets for the
2018 financial year. Our audited financial
statements for the period from 1 July 2017
to 30 June 2018 are contained in a separate
volume, which may be accessed at
report.aucklandairport.co.nz
2018 Financial Statements
The 2018 Financial Statements are available
on our website report.aucklandairport.co.nz
or you may elect to have a copy sent to you
by contacting our investor relations team.
Electronic shareholder
communication
If you would like to receive all investor
communications electronically, including
interim and annual shareholder reports,
please visit the Link Market Services website
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PO Box 73020, Auckland Airport
Manukau 2150, New Zealand
Telephone: +64 9 257 7043
Email: investors@aucklandairport.co.nz
Website: www.aucklandairport.co.nz

---

Financial Statements
This annual report covers the performance of Auckland
International Airport Limited (Auckland Airport) from 1 July 2017
to 30 June 2018. This volume contains our audited financial
statements. Overview information and a summary of our
performance against financial and non-financial targets for the
2018 financial year are contained in a separate volume, which
may be accessed at report.aucklandairport.co.nz

Financial report 2018
Introduction
Auckland Airport is pleased to present the financial results for the year to 30 June 2018,
a year of strong financial performance and one where we made major strides in building
our airport of the future.
The ongoing growth in New Zealand tourism continues to drive our need to significantly
invest in infrastructure to accommodate the increasing numbers of passengers and
aircraft coming to Auckland Airport. We are undertaking the most significant programme
of upgrading aeronautical infrastructure in our history whilst also making substantial
investment in non-aeronautical activities such as road transport, retail and property. 2018
can be defined as a year where we have delivered major new aeronautical infrastructure,
undertaken considerable investment in improving customer experience and continued
our extensive detailed planning of the future infrastructure delivery programme.
With the considerable activity underway at the airport we remain focused on managing
the increasing demands on the business and delivering additional capacity within the
complex and challenging environment of an operating airport, all the while being
committed to delivering a strong customer experience. Working on our performance
today, while remaining focused on delivering for future needs, ensures we can deliver
results for our customers, our community, our country, our people and our investors.
This financial report analyses our results for the 2018 financial year and its key trends. It
covers the following areas:
• 2018 Financial performance summary;
• Key performance measures;
• 2018 Passenger movement analysis;
• 2018 Aircraft volume analysis;
• 2018 Financial performance analysis;
• 2018 Financial position analysis; and
• 2018 Returns for shareholders.
2018 Financial performance summary
This financial summary provides an overview of the financial results and key trends for the
year ended 30 June 2018 compared with those for the previous financial year. Readers
should refer to the accompanying notes and accounting policies as set out in the
financial statements for a full understanding of the basis on which the financial results are
determined.
In the 2018 financial year, revenue increased by 8.7% to $683.9 million with strong
growth across several business segments. Aeronautical revenues rose 2.5% on the prior
year, reflecting the continued growth seen in passenger and aircraft movements through
the airport, partially offset by the reduced aeronautical charges that applied in the first
year of this aeronautical price period. Retail revenue increased 17.1% as a result of the
new space added in the departure area of the International Terminal and the opening of
a number of exciting new store concepts. Aeronautical and property rental income
achieved double-digit growth, with revenue increases of 10.4% and 16.2% respectively.
Car parking also experienced strong growth, with revenue up 8.3%.
Our reported profit after taxation for the 2018 financial year was $650.1 million – an
increase of 95.3% on the prior year reported profit of $332.9 million. Excluding the gain
arising from the sale of our investment in North Queensland Airports and fair value
changes, our underlying profit after taxation for the 2018 financial year was
$263.1 million, an increase of 6.2% on the prior year's underlying profit of $247.8 million.
1
Financial report

A summary of the financial results for the year to 30 June 2018 and the 2017
comparative are shown in the table below.
2018
$M
2017
$M% change
Income683.9629.38.7
Operating expenses177.5156.213.6
Earnings before interest, taxation, depreciation, fair value adjustments
and investments in associates (EBITDAFI)506.4473.17.0
Gain on sale of associate297.4--
Reported profit after tax650.1332.995.3
Underlying profit after tax263.1247.86.2
Earnings per share (cents)54.328.093.9
Underlying earnings per share (cents)22.020.85.8
Ordinary dividends for the full year
– cents per share21.7520.506.1
Underlying profit is how we measure our financial performance
The directors and management of Auckland Airport understand the importance of
reported profits meeting accounting standards. Because we comply with accounting
standards, investors know that comparisons can be made with confidence between
different companies and that there is integrity in our reporting approach. However, we
also believe that an underlying profit measurement can assist investors to understand
what is happening in a business such as Auckland Airport, where revaluation changes
can distort financial results or where one-off transactions, both positive and negative, can
make it difficult to compare profits between years.
For several years, Auckland Airport has referred to underlying profits alongside reported
results. We do so 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 we have derived this result.
The table below shows how we reconcile reported profit after tax to underlying profit
after tax for the years ending 30 June 2018 and 30 June 2017.
2018
2017
Reported
profit
$M
Adjustments
$M
Underlying
profit
$M
Reported
profit
$M
Adjustments
$M
Underlying
profit
$M
EBITDAFI per Income Statement506.4-506.4473.1-473.1
Share of profit of associates16.7-16.719.4(4.5)14.9
Gain on sale of associate297.4(297.4)----
Derivative fair value movement(0.7)0.7-2.5(2.5)-
Investment property fair value increases152.2(152.2)-91.9(91.9)-
Property, plant and equipment revaluation------
Depreciation(88.9)-(88.9)(77.9)-(77.9)
Interest expense and other finance costs(77.2)-(77.2)(72.8)-(72.8)
Taxation expense(155.8)61.9(93.9)(103.3)13.8(89.5)
Profit after tax650.1(387.0)263.1332.9(85.1)247.8
2
Auckland International Airport Limited

We have made the following adjustments to show underlying profit after tax for the 12-
month periods ended 30 June 2018 and 30 June 2017:
• We have reversed out the gain arising from the sale of our investment in North
Queensland Airports. This sale was a one-off transaction that does not reflect normal
business activities;
• We have reversed out the impact of revaluations of investment property in 2018 and
2017. 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. None of the property, plant and equipment revaluation in 2018
affected reported profit. Therefore, no underlying profit adjustment was required in
2018, nor in 2017 in which there was no property, plant and equipment revaluation;
• We have reversed out the impact of derivative fair value movements. These are
unrealised and relate to basis swaps that do not qualify for hedge accounting as
well as the ineffective valuation movement in other derivatives. The group holds its
derivatives to maturity so any fair value movements are expected to reverse out over
their remaining lives. Further information is included in note 18.2 of the financial
statements;
• 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 2018 and 2017; and
• We have also reversed the taxation impacts of the above movements in both the
2018 and 2017 financial years.
Key performance measures
Auckland Airport monitors a wide range of financial and non-financial performance
measures. This year we have again considered the most relevant performance measures
against our four strategic themes:
3
Financial report

The key performance measures are outlined in the following table. It lists each measure,
provides the corresponding performance outcome for the 2018 financial year and
indicates which of our four strategic themes is most relevant to the performance
measure. Commentaries on performance outcomes are included in the analysis in the
remainder of this financial report.
StrategyMeasure201820172016
% change
2017–2018
% change
2016–2017
GROW
TRAVEL
AND TRADE
MARKETS
Total aircraft seat capacity
International aircraft seat
capacity14,011,40213,319,08011,630,0585.214.5
Domestic aircraft seat capacity10,903,82110,520,3259,937,7543.65.9
Passenger movements
International passengers10,202,5269,743,2798,779,5664.711.0
International transit passengers1,063,8561,077,256909,356(1.2)18.5
Domestic passengers9,263,6668,601,8417,902,0597.78.9
Maximum certified take-off
weight (MCTOW)
International MCTOW (tonnes)5,798,0185,609,2444,910,0143.414.2
Domestic MCTOW (tonnes)2,341,6992,238,8532,068,5454.68.2
Cargo volume
Volume of cargo movements
(tonnes)187,258176,756178,5955.9(1.0)
STRENGTHEN
OUR
CONSUMER
BUSINESS
Passenger spend rate (PSR)
Change in International
Terminal PSR(1.8%)(2.4%)(1.3%)
Income per passenger (IPP)
Retail IPP$17.76$15.83$17.0512.2(7.2)
Average revenue per
parking space (ARPS)
Change in ARPS1.9%(4.2%)11.6%
BE FAST,
EFFICIENT
AND
EFFECTIVE
Return on investment
Return on capital employed*11.0%7.9%6.7%
Passenger satisfaction/
Airport service quality
(ASQ)
International4.124.194.21(1.7)(0.5)
Domestic3.974.013.99(1.1)0.5
INVEST FOR
FUTURE
GROWTH
Rent roll
Annual rent roll $m
(property division)90.272.963.023.715.7
ALL
EBITDAFI
EBITDAFI per passenger$24.67$24.36$24.461.3(0.4)
* Includes $297.4 million gain on sale of associate
4
Auckland International Airport Limited

2018 Passenger movement analysis
Passenger movements are a significant driver of value for Auckland Airport with the
majority of aeronautical revenue coming from passenger charges. International
passenger volumes have a greater impact on financial performance than domestic ones,
with the aeronautical revenue generated by an international passenger approximately
four times that of a domestic passenger.
20182017% change
Auckland Airport passenger movements
International arrivals5,116,3414,906,3834.3
International departures5,086,1854,836,8965.2
International passengers excluding transits10,202,5269,743,2794.7
Transit passengers1,063,8561,077,256(1.2)
Total international passengers11,266,38210,820,5354.1
Domestic passengers9,263,6668,601,8417.7
Total passenger movements20,530,04819,422,3765.7
International passenger numbers (excluding transits) increased by 4.7% in the year to
30 June 2018 reflecting a strong outcome across a broad range of routes and markets.
International passenger growth has been strong across the Asia, Middle East and Pacific
Island regions this year at 13.0%, driven by capacity growth arising from both new
services and larger aircraft introduced on existing routes. Asian markets have particularly
benefited from increased capacity with passengers to and from China up 10.5%, Hong
Kong up 14.1%, Japan up 11.7% and Thailand up 26.8%. The Middle East saw a 42%
increase in capacity predominately as a result of the Auckland-Doha service operating for
a full year and upgaging by Emirates on its direct service. There was a 7% increase in
capacity to the Pacific Islands as a result of increased frequency and use of larger aircraft.
In absolute passenger arrivals by country of last residence, we saw increases from three
of our five largest source markets. The additional services to Asia helped deliver an
increase in Chinese arrivals of 39,000 (10.9%), driven by return to growth in group and
dual travel (Australia and New Zealand). New Zealand arrivals increased by 127,000
(5.8%), and Americans by 5,000 (1.9%). Visitors from Australia declined by 11,000
(-1.2%), reflecting a combination of a reduction in Tasman services following the
withdrawal of Emirates Auckland-Tasman routes and the absence of major sporting
events such as the World Masters Games and the British & Irish Lions rugby tour in the
2018 financial year. The capacity gap left by Emirates is expected to be closed by the
other carriers operating across the Tasman from November 2018. Visitors from the
United Kingdom and Ireland declined by 10,000 (-5.1%), also impacted by the absence
of the World Masters Games and the British & Irish Lions rugby tour in the 2018 financial
year.
5
Financial report

The table below shows the top 20 volumes of passenger arrivals by country of last
permanent residence in the 2018 financial year.
Auckland Airport passenger arrivals
Country of last permanent residence20182017% change
% of total 2018
arrivals
% of total 2017
arrivals
New Zealand2,310,3702,183,0285.845.444.7
Australia858,187869,027(1.2)16.917.8
People's Republic of China395,075356,31510.97.87.3
United States of America272,170267,0371.95.35.5
United Kingdom and Ireland190,482200,703(5.1)3.74.1
Japan94,30493,6300.71.91.9
Germany76,07479,580(4.4)1.51.6
Korea, Republic of72,78064,84512.21.41.3
India61,31652,30117.21.21.2
Canada58,47257,4861.71.11.1
Hong Kong49,66642,74016.21.01.0
Malaysia45,03448,578(7.3)0.90.9
France38,36336,6594.60.80.8
Singapore33,62633,669(0.1)0.70.7
Taiwan32,59425,99425.40.60.6
Fiji27,99726,9603.80.60.5
Samoa26,68726,0372.50.50.5
French Polynesia23,71521,36011.00.50.4
Netherlands22,83221,9743.90.40.4
Thailand22,18120,7886.70.40.4
SOURCE: Statistics New Zealand
Visitor arrivals by purpose of visit
The most common purpose of visit for international arrivals continues to be holidays
(26.0%) and visiting friends and relatives (15.9%). The continued growth in these
categories reflects the ongoing success New Zealand has had in driving international
tourism numbers and maintaining a broad mix of purposes of visits through the airport.
With a growing origin traffic base (New Zealand outbound), New Zealand’s attractiveness
as a destination and the mix of source markets of inbound passengers, all underpin
Auckland Airport’s passenger growth.
Purpose of visit
20182017% change% of total
Foreign residents
Holiday/vacation1,328,4961,289,2483.026.0
Visit friends/relatives814,736788,3043.415.9
Business/conference285,216275,3603.65.6
Education/medical58,64055,7125.31.1
Other (Incl. not stated/not captured)318,883314,7311.36.2
New Zealand residents2,310,3702,183,0285.845.2
SOURCE: Statistics New Zealand
Domestic passenger movements
Domestic passenger numbers also grew strongly in the 2018 financial year, increasing
by 7.7% or 661,825 passengers. This growth, above industry and airlines' expectations,
was delivered through increased frequencies on Air New Zealand’s main trunk jet
services, particularly on the Auckland-Queenstown route and regional passenger growth
of 8.0% following Air New Zealand adding another 164,000 seats over the year to
regional services.
6
Auckland International Airport Limited

2018 Aircraft volume analysis
Total aircraft movements in the year were 174,276, an increase of 3.0% from the 2017
financial year, while MCTOW increased 3.7% to 8,139,717 tonnes. The slightly higher
MCTOW growth versus aircraft movements reflects the continuing trend of larger
aircraft, particularly international, using Auckland Airport.
20182017% change
Aircraft movements
International55,69354,8791.5
Domestic118,583114,3663.7
Total aircraft movements174,276169,2453.0
MCTOW (tonnes)
International MCTOW5,798,0185,609,2443.4
Domestic MCTOW2,341,6992,238,8534.6
Total MCTOW8,139,7177,848,0973.7
2018 Financial performance analysis
Revenue
In the 2018 financial year, revenue increased by 8.7% to $683.9 million with strong
revenue growth across several business segments. Retail revenue was up 17.1%, Car
parking revenue up 8.3% and Aeronautical and Property rental income achieving double-
digit growth, with revenue increases of 10.4% and 16.2% respectively. Aeronautical
income was up 2.5% on the prior year as the growth in passenger and aircraft
movements was partially offset by the reduction of aeronautical charges in the first year
of our new FY2018 – 2022 aeronautical pricing schedule.
2018
$M
2017
$M% change
Operating revenue
Airfield landing charges116.8119.6(2.3)
Airfield parking charges5.3-n/a
Total airfield income122.1119.62.1
Passenger services charge179.1174.32.8
Retail income190.6162.817.1
Car parking income61.056.38.3
Rental income - Property79.168.116.2
Rental income - Aeronautical18.116.410.4
Rental income - Retail0.40.4-
Total rental income97.684.915.0
Rates recoveries6.05.67.1
Interest income2.22.3(4.3)
Other income25.323.57.7
Total revenue683.9629.38.7
Airfield income
Airfield income is comprised of both airfield landing charges and aircraft parking charges.
Airfield landing charges are based on the MCTOW of aircraft. Total MCTOW across
international and domestic landings grew by 3.7% in the 2018 financial year, while landing
charge prices decreased by approximately 5.7%. As a result, airfield landing charge
income decreased by $2.8 million or 2.3%. 2018 was the first year aircraft parking
charges were introduced, delivering $5.3 million in revenue for the year. Total airfield
income, including landing charges and parking charges, increased by $2.5 million or 2.1%
to $122.1 million.
7
Financial report

Passenger services charge
Passenger services charge (PSC) income increased by $4.8 million or 2.8% in the 2018
financial year. The 2018 financial year was the first year of the new FY2018 – 2022
aeronautical pricing schedule which included reductions in charges for international and
regional passengers. The 2019 prices are also shown below.
2017
$
2018
$
2018 price
change %
2019
$
2019 price
change %
International PSC (≥ 2 years)16.0915.65(2.7)15.44(1.3)
Domestic PSC (≥ 2 years)2.182.284.62.488.8
Regional PSC (≥ 2 years)2.182.13(2.3)2.297.5
Transits PSC (≥ 2 years)4.034.276.04.8212.9
Retail income
Auckland Airport earns concession revenue from retailers within the Domestic and
International Terminals, including Duty Free and Specialty stores, Food and Beverage
outlets, Foreign Exchange and Advertising as well as some Off-airport retailers. In
addition, income is generated through Auckland Airport's Strata Lounge in the
International Terminal.
2018 was a milestone year in the progress of our most complex project to date, the
expansion of the International Terminal emigration processing and dwell space. Following
the opening of the first stage on 30 June 2017, which provided an expanded new
security screening area and a new location for the Duty Free stores, the current year saw
a number of important project deliveries. In December 2017, the second stage of the
Duty Free stores and the Destination precinct including a new dwell space was opened,
providing an enhanced customer experience through a number of new store concepts.
In June we were pleased to see the first of the retail high street stores open to the public
providing a range of leading luxury brands. These new stores, alongside the exciting
concepts and Duty Free environment opened earlier in the year have created an exciting
and dynamic retail environment in the departure area of the International Terminal that is
well on the way to delivering a broader range of stores, brands and products that offer
the best of New Zealand and the world.
The upcoming opening of the remaining stores in the Specialty high street and expanded
Food and Beverage areas in second half of calendar 2018 will complete the international
departures redevelopment and will further lift the overall customer experience. At
completion, customers travelling through the International Terminal will be able to
experience 37 new store concepts, including 11 new Luxury stores, 7 new Destination,
15 new Food and Beverage and 4 new Specialty stores in a more spacious and relaxed
ambient environment.
Total retail income for the 2018 financial year was $190.6 million, an increase of
$27.8 million or 17.1% on the previous financial year. Auckland Airport’s retail income
per international passenger was $17.76 for the 2018 financial year, a 12.2% increase on
the previous financial year. This growth in income per passenger was driven by the duty
free operators moving into a new and refreshed area at the start of the financial year and
increased space in December 2017, plus an overall improved trading environment from
the addition of new retailers and new store concepts opening during the period that
provide a greater range of choice for the travelling public. Income from retail channels of
Advertising, The Collection Point and Strata Lounge grew by 24.5% on the previous
financial year.
The international passenger spend rate (PSR) fell 1.8% in the 2018 financial year as
passenger growth combined with an improved retail choice was offset by the disruption
from the international departure area redevelopment. PSR in the Speciality category was
particularly adversely affected by the redevelopment with many retailers trading out of
temporary stores for significant parts of the year. Excluding the Specialty store category,
international PSR grew by 4.1%. Duty Free was a strong contributor to this growth with
a PSR increase of 7.8% on the previous financial year. In isolation, Duty Free departures
had a PSR uplift of 14.5%, reflecting improved trading performance from their new
locations and the expanded space from December. At a Duty Free product category
level, electronics, cosmetics & skincare and liquor & wine recorded growth in PSR of
8
Auckland International Airport Limited

31%, 13% and 1% respectively whilst fragrances and tobacco decreased by 4% and
14% respectively.
Strata Lounge in the International Terminal had another year of strong growth with
revenue up 23.7% on the previous financial year following the Strata Lounge moving into
its new and improved space in September 2017. The new lounge has been recognised
internationally and the outstanding customer experience and world-class facilities
continue to drive demand.
Auckland Airport’s customer loyalty programme, Strata Club, which was launched in
April 2017, had great success during the year in growing member numbers. The sign-up
rate was particularly strong during the engaging Spin & Win campaign and June 2018
saw Strata Club membership tick over 120,000 members. The programme aims to tie
our retail, lounge and parking products together to seamlessly drive cross-purchasing
of products and services through the provision of tailored offers to members.
Car parking income
Car parking income in the 2018 financial year was $61.0 million, an increase of
$4.7 million or 8.3%. During the year we continued our investment in parking capacity,
adding 326 spaces across both Domestic Terminal and Park & Ride. Our work on
optimising usage continued with a second phase of staff parking near the International
Terminal being relocated to Park & Ride to provide additional capacity for the travelling
public. The staff parking relocation to Park & Ride was supported by increased frequency
of bus services to the terminal and improved access from the south through Nixon Road,
reducing traffic on the core precinct. From December 2017, the new commercial access
to the Domestic Terminal was opened allowing buses, taxis and shuttles to enter the
forecourt through a different route in order to further improve traffic flow. The new
commercial access resulted in a loss of 120 Domestic Terminal car parks, but this was
more than offset by the additional 159 parks added to Car park K, located a short walk
north of the Domestic Terminal.
The table below outlines the number of spaces available at 30 June 2018 and 30 June
2017.
Parking capacity as at 30 June
20182017change% change
International Terminal4,4133,77064317.1
Domestic Terminal2,6112,572391.5
Park & Ride1,7191,43228720.0
Valet795795--
Staff2,8002,920(120)(4.1)
Total12,33811,4898497.4
Demand for parking at the airport continues to be strong driven by New Zealand
passenger growth. Auckland Airport has provided a range of product offerings to service
the market at various competitive price points. Driving demand through tailored products
such as Valet and Park & Ride Express has allowed the average transaction value to
increase by 5.0% on the previous financial year through yield management rather than
general price increases. Further investment in parking infrastructure is to be made in 2019
to ensure we meet growing demand.
The average revenue per space increased by 1.9% in the 2018 financial year as a result
of an increase in demand, particularly evident through higher value products, and
improved utilisation of space. Average revenue per space is based on revenue divided
by the average number of spaces during the year.
Rental income
Auckland Airport earns rental income from space leased in facilities such as terminals,
cargo buildings, and from stand-alone investment properties. Total rental income was
$97.6 million in the 2018 financial year, an increase of 15.0% on the previous financial
year. Property rental income (excluding aeronautical and retail rental income) was
$79.1 million in the 2018 financial year, an increase of $11.0 million or 16.2% on the
previous financial year. Revenue growth in the year was driven by new assets such as
15 Maurice Wilson, Rohlig Logistics, the Bunnings distribution centre and a new facility
9
Financial report

for the Ministry of Primary Industries, as well as the full-year impact of developments
completed during the previous financial year, such as Fonterra Brands' new distribution
centre, 23 Timberly Road, and the Quad 7 office building. Strong rental growth in the
existing portfolio and performance by the ibis Budget Hotel also contributed to the income
growth in 2018, with the latter seeing a 13.8% increase in revenues year on year.
Soon to be completed projects such as the office and warehouse facility for DSV logistics
will positively impact rental income in the 2019 financial year.
Other income
Other income includes utilities, such as the sale of electricity, gas, water reticulation and
transport licence fees to taxis, shuttles and other operators. Total income from these
sources was $25.3 million, an increase of $1.8 million or 7.7% on the previous financial
year primarily due to a 16.3% increase in electricity line sales and a 12.4% increase in
barrier entry fees from transport operators.
Expenses
Total expenses were $499.4 million in the 2018 financial year, an increase of $89.2 million
or 21.7% on the prior year, with the majority of the increase coming from tax related to
the sale of North Queensland Airports.
Operating expenses
Total operating expenses (excluding depreciation, interest and taxation) were
$177.5 million in the 2018 financial year, an increase of $21.3 million or 13.6% on the
prior year.
2018
$M
2017
$M% change
Operating expenses
Staff57.950.514.7
Asset management, maintenance and airport operations69.555.625.0
Rates and insurance13.712.212.3
Marketing and promotions13.816.7(17.4)
Professional services and levies11.111.4(2.6)
Other11.59.817.3
Total operating expenses177.5156.213.6
Depreciation88.977.914.1
Interest77.272.86.0
Taxation155.8103.350.8
The operating expenses increase during the 2018 financial year reflects ongoing strong
growth in aeronautical and non-aeronautical commercial activities. Staff costs increased
$7.4 million or 14.7% as a result of additional head count in emergency services,
maintenance and engineering services, reflecting a focus on safety and operational
performance, as well as costs associated with the ongoing improvement in our business
technology systems and processes. A key area of focus was customer experience, which
contributed to higher staff numbers in customer transformation, commercial operations
and head office functions.
Asset management, maintenance and airport operations expenses increased by
$13.9 million, or 25.0% in the 2018 financial year. Continuing growth in aeronautical
activity required increased expenditure on airside bus services, baggage equipment
operations and additional investment in technology services to cater for this increased
demand. The optimisation of our business technology operations incurred costs of
$1.6 million and the disposal of now-banned contaminated fire truck foam – an industry-
wide issue – has resulted in one-off costs of $1.2 million. In addition, the expanding
terminal footprint has driven additional cleaning and utilities expenses. Finally,
passengers benefited from the new and expanded Strata Lounge and increased
frequency of Park & Ride bus services, which drove higher operating costs as well as
higher revenues for both products.
10
Auckland International Airport Limited

Rates and insurance expenses increased by $1.5 million, or 12.3%, in the 2018 financial
year, split evenly between rates and insurance. The increase in insurance costs was
driven by the larger footprint of the terminal buildings and a 40% increase in the fire
service levy. Rates increases were driven by additional charges for newly developed
investment properties and average rates increases of 2.5% across the portfolio, as well
as the introduction of a new targeted rate on commercial accommodation providers.
Rates increases on developed investment property are matched by offsetting increases
in rates recoveries from tenants included within other income.
Marketing and promotions expenditure in the 2018 financial year declined by
$2.9 million, or 17.4%, primarily as a result of fewer new air services being launched
compared to the prior year, and fewer existing services requiring marketing support.
Fees for professional services saw a reduction of $0.3 million, or 2.6%, to $11.1 million
in the 2018 financial year as the volume of work related to the setting of aeronautical
prices for FY18-FY22 and other regulatory matters declined slightly, partially offset by an
increase in fees on key projects such as the fuel shortage feasibility study, Masterplanning
activities, transportation and business technology optimisation studies.
Other expenses increased by $1.7 million, or 17.3%, to $11.5 million in the 2018
financial year, split approximately 50/50 between costs such as registry expenses,
company memberships, printing and stationery, and our ongoing work in improving
transport and trade on the precinct.
Depreciation
Depreciation expense in the 2018 financial year was $88.9 million, an increase of
$11.0 million, or 14.1%, on the previous financial year. The increase on the prior year was
driven by increased fixed asset commissioning reflecting recent years' accelerated
aeronautical capital expenditure.
Interest
Interest expense was $77.2 million in the 2018 financial year, an increase of $4.4 million,
or 6.0%, on the previous financial year. The increase in the average debt balance of 9.4%
for the 2018 financial year was partially offset by the decrease in the average cost of
funds. Decreasing floating interest rates and the successful refinancing of debt from
historically higher rates helped reduce the average cost of funds from 4.46% in the
previous financial year to 4.24% in 2018. Capitalised interest decreased from $9.9 million
in the previous financial year to $8.8 million in 2018 following the completion of a number
of significant projects early in the financial year.
Taxation
Taxation expense was $155.8 million in the 2018 financial year, an increase of
$52.5 million on the previous financial year. After adjusting for the tax on the gain on sale
of our investment in North Queensland Airports and fair value increases in derivatives and
investment property, the underlying tax expense was $93.9 million in the financial year
to 30 June 2018. This was an increase of $4.4 million or 4.9% on the previous financial
year, broadly reflecting the growth in underlying profit for the year.
Share of profit from associates
Our total share of the profit from associates in the 2018 financial year was $16.7 million,
comprising North Queensland Airports ($8.5 million), Tainui Auckland Airport Hotel
Limited Partnership (TAAH) ($4.4 million) and Queenstown Airport ($3.8 million). This was
a $2.7 million decrease on the $19.4 million profit in the previous financial year, primarily
due to only including an eight months share of North Queensland Airports' profit in the
2018 financial year.
Included in the 2018 financial year’s share of profit from associates is: our share of North
Queensland Airports’ fair value loss on financial instruments of $0.1 million (2017: gain
of $0.6 million); and TAAH’s fair valuation gain on financial instruments of $0.1 million
(2017: $0.1 million). Included in the 2017 financial year’s share of profit from associates
there were also: North Queensland Airports' gain on revaluation of investment property
of $2.3 million; and TAAH’s fair valuation gain on investment property of $2.6 million.
Excluding these fair value changes, Auckland Airport’s share of underlying profit from
11
Financial report

associates was up by 12.1% to $16.7 million for the 2018 financial year (2017:
$14.9 million).
North Queensland Airports
In January 2018, Auckland Airport announced it had offered its 24.55% stake in North
Queensland Airports to the other existing shareholders for A$370 million. The sale was
completed in March 2018 after securing necessary regulatory and counter-party
approvals.
Queenstown Airport
Auckland Airport’s 24.99% share of Queenstown Airport’s net profit after tax for the 2018
financial year was $3.8 million, a $0.8 million increase on the previous financial year.
2018
$M
2017
$M% change
Financial performance
Total revenue45.739.017.2
EBITDAFI31.626.220.6
Total net profit after tax14.912.123.1
Passenger performance
Domestic passengers1,544,3931,360,15813.5
International passengers596,276532,28512.0
Total passengers2,140,6691,892,44313.1
Queenstown Airport delivered another strong result with passenger movements of
two million per annum reached for the first time in December 2017. For the financial year
ended 30 June 2018 passenger movements 2,140,669, up 13.1% on last year’s growth
of 14.6%. International passengers rose 12.0% as further capacity was added across the
Sydney and Melbourne routes. Similarly, domestic passengers grew 13.5% with further
capacity added on the Auckland and Wellington routes. The Wellington route saw
increased competition as Jetstar reintroduced its regular jet service in March 2018
operating 3 flights weekly, and Air New Zealand increased capacity.
Auckland Airport received a dividend of $1.8 million from its investment in Queenstown
Airport in the 2018 financial year, up from $1.6 million in the previous financial year.
Tainui Auckland Airport Hotel Limited Partnership
At 30 June 2018, Auckland Airport had a 40% investment in the Novotel hotel joint
venture with Tainui Group Holdings and Accor Hotel Group. In 2017, Auckland Airport
entered into an agreement with Tainui Group Holdings and Accor Hotel Group to
increase its stake in the joint venture from 20% to 50%. The first phase of the transaction
was completed in February 2017 when Auckland Airport purchased a 20% stake from
Tainui Group Holdings. The second phase is expected to be completed in 2019 financial
year when Auckland Airport purchases Accor Hotel Group’s 10% stake in the joint
venture. In the 2018 financial year, Auckland Airport’s share of underlying profit from this
investment was $4.5 million, an increase of $1.8 million, or 66.7%, compared with the
previous financial year, due to the 20% stake purchase. Auckland Airport's share of
reported profit in the 2018 financial year was $4.4 million.
The Novotel hotel’s annual average occupancy rate for the 2018 financial year increased
to 92.4%, up from 90.8% in the previous financial year. The average daily rate increased
by 5.4% in the 2018 financial year driven by strong demand for airport-adjacent
accommodation.
Tainui Auckland Airport Hotel 2 Limited Partnership
A limited partnership between Tainui Group Holdings Limited and Auckland Airport was
formed in February 2017 to build and operate a new Pullman Hotel at Auckland Airport.
The group and Tainui Group Holdings each hold a 50% stake in the partnership. The
group has contributed $3.0 million into the partnership.
12
Auckland International Airport Limited

Two of Auckland Airport’s senior management staff are directors on the board of the
partnership. No directors’ fees are paid in relation to these appointments, but the skills
and experience of these directors are being utilised to protect and grow Auckland
Airport’s investment.
Fair value changes
In the 2018 financial year, investment property fair value changes resulted in a gain in the
income statement of $152.2 million, compared with a gain of $91.9 million in the previous
financial year. Continued improvements in lease terms during the year combined with
firming of the capitalisation rates of the property portfolio and improved land values for
undeveloped land, were the key reasons for the increase.
Also, as at 30 June 2018, the land asset class within property, plant and equipment was
revalued, resulting in an upward movement of $1,189.6 million. This land was revalued
most recently as at 30 June 2016. The revaluation uplift was recorded directly in other
comprehensive income. This revaluation has no impact on the value of Auckland
Airport’s regulatory asset values as presented in the annual disclosure statements, nor
on our aeronautical pricing for the FY18-FY22 period. Similar to the investment property
revaluation, firming capitalisation rates and decreasing discount rates were a strong
driver of the property, plant and equipment land valuation increase along with the
increased land area underlying the expanded car parking and in-terminal retail areas, plus
increases in the future earnings potential of those areas driven by the recent expansions
and upgrades.
2018 Financial position analysis
As at 30 June
2018
$M
2017
$M% change
Non-current assets8,018.46,399.525.3
Current assets178.4104.071.5
Total assets8,196.86,503.526.0
Non-current liabilities2,185.61,911.014.4
Current liabilities329.1563.5(41.6)
Equity5,682.14,029.041.0
Total equity and liabilities8,196.86,503.526.0
As at 30 June 2018 our total assets book value was $8,196.8 million, an increase of
$1,693.3 million, or 26.0%, on 30 June 2017. The increase in total assets is primarily the
result of increased capital expenditure and the revaluation of property, plant and
equipment land.
Shareholders’ equity was $5,682.1 million as at 30 June 2018, an increase of
$1,653.1 million, or 41.0%, on 30 June 2017. The movement in equity reflects the profit
in the year, the increase in the property, plant and equipment revaluation reserve, as
well as a $55.9 million rise in shares on issue reflecting the dividend reinvestment plan
being operative throughout the year.
Gearing, measured as debt to debt plus the market value of shareholders’ equity
increased to 20.4% as at 30 June 2018, up from 19.5% as at 30 June 2017.
Capital expenditure
For the 2018 financial year, Auckland Airport invested $405.2 million on building New
Zealand’s airport of the future. The scale of the investment programme is unprecedented
in the company’s history and reflects the substantial investment in aeronautical terminal
assets, roading and property development to cater for ongoing growth across the
business. In 2018, concurrent works were undertaken on two major aeronautical
projects being the International Terminal level 1 departure expansion and the Pier B
expansion, the latter of which was completed ahead of scheduled and under budget in
February 2018.
13
Financial report

Category20182017%Key 2018 projects
$M$Mchange
Aeronautical280.6255.49.9
International Terminal level 1 expansion, Pier B expansion (gates 17-18),
planning activity on the new Domestic Jet facility and expansion of MPI facilities
and airfield concrete pavement replacement.
Infrastructure
and other
20.812.467.7
Commencement of a number of roading upgrade projects across the airport
campus including southern bypass via Nixon Road, upgrades to the Landing
Drive / George Bolt Memorial Drive roundabout, addition of high occupancy
vehicle lane on Tom Pearce Drive, upgrade of the primary water main to the
airport campus and continued investment in IT infrastructure.
Property80.285.7(6.4)
Completion of preleased warehouse for Bunnings and preleased custom
facilities for Ministry of Primary Industries; commenced construction of
preleased warehouse and office facilities for DSV and Foodstuffs.
Retail12.57.273.6
Continuation of our new online retail channel, The Mall, which launched in June
2018, redevelopment of International Terminal airside and landside retail stores
and delivery of a new Collection Point store front.
Car parking11.114.0(20.7)
Increased capacity and improvements to access at Park & Ride North,
commencement of reconfiguration of historic property precinct into car parking
facilities, commencement of development of new multi-story car park building
in the vicinity of the International Terminal and minor expansion of Domestic
Terminal car parks.
Total405.2374.78.1
The implementation of our 30-year vision to build the airport of the future continues and
we are currently investing more than $1 million every day on our core airport
infrastructure. This investment is spread across many projects, with over 40 capital
expenditure projects with spend greater than $1.0 million occuring during the 2018
financial year.
In 2018, we continued the expansion of the level 1 departure area at the International
Terminal, the largest single development ever undertaken at Auckland Airport with new
passenger dwell space, retail offerings and public conveniences being delivered
throughout the year. In addition, we completed the Pier B expansion, adding two contact
gates to the International Terminal, each able to handle one Code F aircraft such as an
A380 or a B787 or two Code C aircraft like an A320. In 2018, we have also undertaken
extensive planning and enabling activities for a number of major projects which are
scheduled to commence construction in the next two years including the new domestic
jet facility that will be integrated with the existing International Terminal, an expanded MPI
arrivals area, the expansion of taxilanes and new remote aircraft stands on the airfield,
a large multi-story car park next to the new domestic jet facility and a new roading
network for the International Terminal.
The 2019 financial year is forecast to be another record year for Auckland Airport in terms
of capital investment, with the conclusion of the level 1 departure area expansion and a
number of major projects moving into the delivery phase. The increased investment in
capital projects is spread across all facets of the business including aeronautical, car
parking, property and roading. Reflecting this, capital expenditure for the 2019 financial
year is forecast to be between $450 million and $550 million, with the high end of the
forecast range shown below.
Category
Forecast 2019
$M
Aeronautical260
Infrastructure and other100
Retail15
Property development130
Car parking45
Total capital expenditure550
The significant aeronautical projects scheduled in the financial year ended 30 June 2019
include the completion the level 1 departures expansion at the International Terminal,
14
Auckland International Airport Limited

commencing the development of new taxiways, remote stands and aprons in the vicinity
of the expanded Pier B, upgrading Taxiway Alpha to a contingent runway, the planning
and enabling works for the new Domestic Jet Facility and the expansion of the MPI
arrivals area.
Key infrastructure projects during 2019 will include the upgrade of the primary water
main to the airport campus and continued investment in IT infrastructure to further
improve resilience and enable greater collaboration and data sharing by the many
stakeholders that operate at Auckland Airport. Through continued enhanced
collaboration, customer journey times through the terminal and precinct are expected to
be reduced. In addition, we will also invest in a number of transport-related projects to
address peak road congestion within the airport campus. These include the completion
of the southern bypass via Nixon Road, the introduction of dedicated bus lanes in core
sections of the airport precinct, enabling works on a new terminal exit road servicing the
International Terminal and the construction of a pedestrian bridge over George Bolt
Memorial Drive.
Property projects planned for 2019 include a large Foodstuffs office and warehouse
development, the largest single property project Auckland Airport has ever undertaken,
the Airways New Zealand office building, a new hotel development and the conclusion
of the warehouse and office build for DSV Logistics.
In 2019 we will undertake a number of new car parking projects including the completion
of a new multi-story car park in Car Park E that will add a net 500 bays, conversion of the
Cargo Central property precinct into additional Domestic Terminal parking, commencing
construction of a southern Park & Ride facility off Puhunui Road and continuing design
of a large multi-story car park next to the new Domestic Jet Facility.
Borrowings
As at 30 June 2018, Auckland Airport’s total borrowings were $2,060.3 million, flat on the
previous year. Additional debt raised during the year to fund capital expenditure and
increases in the fair value of existing debt were offset by debt repayments from the
proceeds of the North Queensland Airports sale.
During the year Auckland Airport issued Australian medium term notes (“AMTN”) equating
to NZ$126.5 million. All foreign sourced debt (namely the AMTN and the USPP debt) was
revalued at year-end to reflect the change in value due to appreciation in both the United
States and Australian dollars versus the New Zealand dollar, as well as interest rate
movements in their respective markets. USPP debt carrying value increased by
$17.6 million and the AMTN debt carrying value increased by $8.9 million. The exchange
rate movements were matched by an equal and offsetting movement in fair value of the
associated cross currency interest rate swaps.
At 30 June 2018, Auckland Airport’s borrowings comprised USPP notes totalling
$592.2 million; AMTN notes totalling $296.3 million; New Zealand fixed rate bonds
totalling $675.0 million; drawn bank facilities totalling $180.0 million; New Zealand floating
rate bonds totalling $225.0 million and commercial paper totalling $91.8 million.
Short-term borrowings with a maturity of one year or less accounted for $166.8 million,
or 8.1%, of total borrowings. This was a decrease on the previous year’s $421.1 million.
Current debt is made up of $91.8 million of commercial paper and a $75.0 million floating
rate bond that matures in October 2018.
As at 30 June 2018, Auckland Airport had total bank facilities of $558.5 million, of which
$180.0 million was drawn and $378.5 million was available in standby capacity. As at
30 June 2018, total bank facilities included two fully drawn facilities with Bank of Tokyo
totalling $150.0 million, a fully drawn $30.0 million Bank of China facility and undrawn
standby facilities of $75.0 million from Westpac, $205.0 million from BNZ and
$98.5 million from Commonwealth Bank of Australia.
The BNZ standby facility supports our commercial paper programme, which had a
balance of $91.8 million as at 30 June 2018, and provides liquidity support for general
working capital. As the commercial paper is supported by the bank facility, the following
debt maturity profile chart, as at 30 June 2018, includes the commercial paper in the
‘less than 1 year’ bracket, matching the maturity of the supporting BNZ facility.
15
Financial report

Borrowings by category
Commercial paper (4.7%)
Bank facilities (9.2%)
Floating bonds (11.5%)
Fixed bonds (34.6%)
AMTN (14.9%)
USPP (25.1%)
Debt maturity profile at 30 June 2018
01002003004005006007008009001000
Commercial paper
1–3 years
< 1 year
3–5 years
> 5 years
Bank facilities
Fixed bondsUSPP AMTN
Debt maturity ($m)
Floating bonds
Auckland Airport manages its exposure to financial risk on a prudent basis. This is
achieved by spreading borrowings across various roll-over and maturity dates, and
entering into financial instruments, such as interest rate swaps in accordance with defined
treasury policy parameters.
In the past year, we managed the impact of interest rate fluctuations by maintaining a
policy-mandated level of fixed-rate borrowings. Further details on Auckland Airport’s
financial risk management objectives and policies are set out in Note 18.4 of the financial
statements.
Key credit metrics
20182017% change
Debt/Debt + market value of equity20.4%19.5%
Debt/EBITDAFI3.84.3(11.6)
Funds from operations interest cover5.04.91.4
Funds from operations to net debt18.4%16.6%10.7
Weighted average interest cost4.24%4.46%
Average debt term to maturity4.934.744.0
Percentage of fixed borrowings54.7%51.4%
Capital structure and credit rating
As at 30 June 2018, Standard & Poor’s long-term credit rating of Auckland Airport was
‘A- Stable’ and the short-term credit rating was ‘A2’. Standard & Poor’s ‘A- Stable’ rating
reflects the strong ability of Auckland Airport to meet its financial commitments.
16
Auckland International Airport Limited

Cash flow
Cash flow summary
2018
$M
2017
$M% change
Net cash inflow from operating activities321.2307.14.6
Net cash outflow from investing activities(33.5)(337.3)(90.1)
Net cash (outflow)/inflow from financing activities(226.1)22.7n/a
Net (decrease)/increase in cash held61.6(7.5)n/a
Net cash inflow from operating activities was $321.2 million in the 2018 financial year, an
increase of $14.1 million, or 4.6%, on the previous financial year, broadly in line with
growth in earnings during the year.
Net cash outflow applied to investing activities was $33.5 million in the 2018 financial
year, a decrease of $303.8 million, or 90.1%, due to the proceeds of the sale of our
investment in North Queensland Airports more than offsetting the $62.4 million increase
in the purchase of property, plant and equipment.
Net cash outflow applied to financing activities was $226.1 million in the 2018 financial
year, compared to a net cash inflow of $22.7 million in 2017 as proceeds from the sale
of our investment in North Queensland Airports were in part used to repay debt.
2018 Returns for shareholders
Dividend policy
Auckland Airport’s dividend policy is to pay 100% of underlying net profit after tax
(excluding unrealised gains and losses arising from a revaluation of property or treasury
instruments and other one-off items), noting that, in special circumstances, the directors
may consider the payment of ordinary dividends above or below this level, subject to the
company’s cash flow requirements, forecast credit metrics and outlook at the time.
2018 dividend
The final dividend for the year ending 30 June 2018 is 11.00 cents per share compared
to the final dividend of 10.50 cents per share in the previous financial year, an increase
of 4.8%.
The 2018 final dividend will be paid on 19 October 2018 to shareholders on the register
at the close of business on 5 October 2018. The dividend will carry full imputation credits
at the company tax rate of 28%. In addition, the normal supplementary dividend, sourced
from corresponding tax credits available to the company, will be paid to non-resident
shareholders.
Distribution history
2014
2015
2016
2017
2018
InterimFinalCapital return
051015202530354045
17
Financial report

Share price performance and total shareholder returns
Auckland Airport has seen some share price volatility in the year to 30 June 2018, with
its share price decreasing from $7.13 as at 30 June 2017 to $6.78 as at 30 June 2018.
Total shareholder return, including share price movement and dividends relating to the
2018 financial year, is (1.9%).
Five-year compound average total shareholder return
Share price
opening
Share price
closing
DividendTotal returnAverage
annual
shareholder
return
$$cps$%
1 July 2013 to 30 June 20182.976.7881.354.6220.7%
18
Auckland International Airport Limited

Consolidated income statement
FOR THE YEAR ENDED 30 JUNE 2018
20182017
Notes
$M$M
Income
Airfield income122.1119.6
Passenger services charge179.1174.3
Retail income5190.6162.8
Rental income597.684.9
Rates recoveries6.05.6
Car park income61.056.3
Interest income2.22.3
Other income25.323.5
Total income
683.9629.3
Expenses
Staff557.950.5
Asset management, maintenance and airport operations69.555.6
Rates and insurance13.712.2
Marketing and promotions13.816.7
Professional services and levies11.111.4
Other expenses511.59.8
Total expenses
177.5156.2
Earnings before interest expense, taxation, depreciation, fair value adjustments and
investments in associates (EBITDAFI)
506.4473.1
Share of profit of associates and joint ventures816.719.4
Gain on sale of associate8297.4-
Derivative fair value (decrease)/ increase18.2(0.7)2.5
Investment property fair value increase12152.291.9
Earnings before interest, taxation and depreciation (EBITDA)
972.0586.9
Depreciation11(a)88.977.9
Earnings before interest and taxation (EBIT)
883.1509.0
Interest expense and other finance costs577.272.8
Profit before taxation
805.9436.2
Taxation expense7(a)155.8103.3
Profit after taxation attributable to owners of the parent
650.1332.9
CentsCents
Earnings per share
Basic and diluted earnings per share1054.3127.96
The notes and accounting policies on pages 26 to 66 form part of and are to be read in conjunction with these financial statements.
19
Financial statements

Consolidated statement of comprehensive income
FOR THE YEAR ENDED 30 JUNE 2018
20182017
Notes
$M$M
Profit for the year
650.1332.9
Other comprehensive income
Items that will not be reclassified to the income statement
Net property, plant and equipment revaluation movement11(a), 16(ii)1,189.6-
Movement in share of reserves of associates8, 16(v)8.07.5
Items that will not be reclassified to the income statement
1,197.67.5
Items that may be reclassified subsequently to the income statement:
Cash flow hedges
Fair value (losses)/gains recognised in the cash flow hedge reserve16(iv)(9.5)15.2
Realised losses transferred to the income statement16(iv)2.96.7
Tax effect of movements in the cash flow hedge reserve16(iv)0.3(6.1)
Total cash flow hedge movement(6.3)15.8
Movement in share of reserves of associates8, 16(v)0.42.5
Movement in foreign currency translation reserve16(vi)0.80.2
Items that may be reclassified subsequently to the income statement
(5.1)18.5
Total other comprehensive income
1,192.526.0
Total comprehensive income for the year, net of tax attributable to the owners of the parent
1,842.6358.9
The notes and accounting policies on pages 26 to 66 form part of and are to be read in conjunction with these financial statements.
20
Auckland International Airport Limited

Consolidated statement of changes in equity
FOR THE YEAR ENDED 30 JUNE 2018
Issued
and
paid-up
capital
Cancelled
share
reserve
Property,
plant
and
equipment
revaluation
reserve
Share-
based
payments
reserve
Cash
flow
hedge
reserve
Share of
reserves
of
associates
Foreign
currency
translation
reserve
Retained
earningsTotal
Notes
$M$M$M$M$M$M$M$M$M
For the year ended
30 June 2018
At 1 July 2017
348.3(609.2)3,729.01.1(31.9)20.4(9.3)580.64,029.0
Profit for the year-------650.1650.1
Other comprehensive
income--1,189.6-(6.3)8.40.8-1,192.5
Total comprehensive
income
--1,189.6-(6.3)8.40.8650.11,842.6
Reclassification to retained
earnings16(ii)--(4.7)----4.7-
Reclassification to gain on
sale of associate8------8.5-8.5
Shares issued1555.9-------55.9
Long-term incentive plan16(iii)---0.2----0.2
Dividend paid9-------(254.1)(254.1)
At 30 June 2018
404.2(609.2)4,913.91.3(38.2)28.8-981.35,682.1
For the year ended
30 June 2017
At 1 July 2016
332.7(609.2)3,730.61.0(47.7)10.4(9.5)472.43,880.7
Profit for the year-------332.9332.9
Other comprehensive
income/(loss)----15.810.00.2-26.0
Total comprehensive
income/(loss)
----15.810.00.2332.9358.9
Reclassification to retained
earnings16(ii)--(1.6)----1.6-
Shares issued1515.6-------15.6
Long-term incentive plan16(iii)---0.1----0.1
Dividend paid9-------(226.3)(226.3)
At 30 June 2017
348.3(609.2)3,729.01.1(31.9)20.4(9.3)580.64,029.0
The notes and accounting policies on pages 26 to 66 form part of and are to be read in conjunction with these financial statements.
21
Financial statements

Consolidated statement of financial position
AS AT 30 JUNE 2018
20182017
Notes
$M$M
Non-current assets
Property, plant and equipment11(a)6,378.04,947.8
Investment properties121,425.61,198.0
Investment in associates and joint ventures8104.4171.6
Derivative financial instruments18110.482.1
8,018.46,399.5
Current assets
Cash and cash equivalents13106.745.1
Inventories0.20.1
Trade and other receivables1471.555.5
Dividends receivable-2.7
Derivative financial instruments18-0.6
178.4104.0
Total assets
8,196.86,503.5
The notes and accounting policies on pages 26 to 66 form part of and are to be read in conjunction with these financial statements.
22
Auckland International Airport Limited

20182017
Notes
$M$M
Shareholders’ equity
Issued and paid-up capital15404.2348.3
Reserves164,296.63,100.1
Retained earnings981.3580.6
5,682.14,029.0
Non-current liabilities
Term borrowings18.11,893.51,635.6
Derivative financial instruments1838.936.1
Deferred tax liability7(c)251.4237.8
Other term liabilities1.81.5
2,185.61,911.0
Current liabilities
Accounts payable and accruals17148.0132.3
Taxation payable12.96.4
Derivative financial instruments181.32.8
Short-term borrowings18.1166.8421.1
Provisions210.10.9
329.1563.5
Total equity and liabilities
8,196.86,503.5
These financial statements were approved and adopted by the Board on 23 August 2018.
Signed on behalf of the Board by
Sir Henry van der Heyden
Director, Chair of the Board
James Miller
Director, Chair of the Audit and Financial Risk Committee
The notes and accounting policies on pages 26 to 66 form part of and are to be read in conjunction with these financial statements.
23
Financial statements

Consolidated cash flow statement
FOR THE YEAR ENDED 30 JUNE 2018
20182017
Notes
$M$M
Cash flow from operating activities
Cash was provided from:
Receipts from customers674.0615.5
Interest received2.02.3
676.0617.8
Cash was applied to:
Payments to suppliers and employees(180.5)(156.3)
Income tax paid(96.4)(81.7)
Interest paid(77.9)(72.7)
(354.8)(310.7)
Net cash flow from operating activities
6321.2307.1
Cash flow from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment-0.1
Proceeds from sale of investment in associate8357.4-
Dividends from associate15.420.2
372.820.3
Cash was applied to:
Purchase of property, plant and equipment(310.3)(247.9)
Interest paid – capitalised(8.8)(9.9)
Expenditure on investment properties(77.1)(81.2)
Investment in associates-(18.6)
Costs related to sale of investment in associate(10.1)-
(406.3)(357.6)
Net cash flow applied to investing activities
(33.5)(337.3)
Cash flow from financing activities
Cash was provided from:
Increase in share capital15-0.1
Increase in borrowings18.1301.1538.4
301.1538.5
Cash was applied to:
Decrease in borrowings18.1(329.0)(305.0)
Dividends paid9, 15(198.2)(210.8)
(527.2)(515.8)
Net cash flow applied to financing activities
(226.1)22.7
Net increase/(decrease) in cash held61.6(7.5)
Opening cash brought forward45.152.6
Ending cash carried forward
13106.745.1
The notes and accounting policies on pages 26 to 66 form part of and are to be read in conjunction with these financial statements.
24
Auckland International Airport Limited

25
Financial statements
Notes and accounting
policies
FOR THE YEAR ENDED 30 JUNE 2018

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 original assets of Auckland Airport were
vested in the company on 1 April 1988 and 13 November 1988
by an Order in Council of the New Zealand Government. The
company commenced trading on 1 April 1988. The company was
reregistered 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, associates and joint ventures (the
group). There are five subsidiaries in the group, one of which held
the investment in North Queensland Airports which was sold on
7 March 2018. Two of the subsidiaries are Auckland Airport Limited
and Auckland Airport Holdings (No. 2) Limited. These subsidiaries
hold the group’s investments in Queenstown Airport in New
Zealand, the Tainui Auckland Airport Hotel Limited Partnership,
which operates the Novotel hotel at Auckland Airport, and the
Tainui Auckland Airport Hotel 2 Limited Partnership which is
constructing a new Pullman hotel at Auckland Airport. A third
subsidiary, Auckland Airport Holdings Limited, held the group’s
investment in North Queensland Airports (Cairns Airport and
Mackay Airport in Queensland, Australia) prior to the investment
being sold in March 2018 (refer note 8(c)). The other two
subsidiaries are the Auckland International Airport Limited Share
Purchase Plan and the Auckland Airport Limited Executive Long-
Term Incentive Plan which are consolidated because the company
has control of the plans (refer note 23).
All the subsidiaries are incorporated in New Zealand.
Auckland Airport provides airport facilities, supporting
infrastructure and aeronautical services in Auckland, New Zealand.
The group earns revenue from aeronautical activities, on-airport
retail concessions and car parking facilities, stand-alone
investment properties and other charges and rents associated with
operating an airport.
These financial statements were authorised for issue in accordance
with a resolution of the directors on 23 August 2018.
2
. Summary of significant accounting policies
(a) Basis of preparation
Statutory base
These financial statements have been prepared in accordance with
the requirements of Part 7 of the Financial Markets Conduct Act
2013 and the NZX Main Board and Debt Market Listing Rules.
Measurement base
The financial statements have been prepared on a historical cost
basis, except for investment properties, land, buildings and
services, runway, taxiways and aprons, infrastructural assets and
derivative financial instruments, which have been measured at fair
value.
When the group applies fair value hedges to borrowings, the
carrying value of the borrowings are adjusted for movements in the
effective fair value of the hedging instrument.
Presentation currency
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.
(b) Statement of compliance
The financial statements have been prepared in accordance with
generally accepted accounting practice in New Zealand. They
comply with New Zealand equivalents to International Financial
Reporting Standards (NZ IFRS) and other applicable Financial
Reporting Standards as appropriate for profit-oriented entities.
These financial statements also comply with International Financial
Reporting Standards (IFRS).
(c) New accounting standards and
interpretations
The accounting policies set out in these financial statements are
consistent for all periods presented except as identified opposite:
• Amendments to IAS 7 Statement of Cash Flows is effective for
annual periods beginning on or after 1 January 2017. The
amendment introduces additional disclosures that will enable
users of financial statements to evaluate changes in liabilities
arising from financing activities. A reconciliation of movements
in borrowings has been included in note 18.1 Borrowings.
New or revised standards and interpretations that have been
approved but are not yet effective have not been adopted by the
group for the annual reporting period ended 30 June 2018. These
will be applied when they become mandatory. The significant items
are as follows:
• NZ IFRS 9 Financial Instruments is effective for annual periods
beginning on or after 1 January 2018. NZ IFRS 9 addresses the
classification, measurement and recognition of financial assets
and financial liabilities and amends the current NZ IAS 39
requirements for hedge accounting. The new standard also
introduces expanded disclosure requirements and changes in
presentation. These are expected to change the nature and
extent of the group’s disclosures about its financial instruments
particularly in the year of adoption of the new standard. But the
group’s assessment is that there will be no material quantitative
impact on the financial statements and all existing hedges will
remain effective. The group intends to apply the standard from
1 July 2018.
• NZ IFRS 15 Revenue from Contracts with Customers is
effective for annual periods beginning on or after 1 January
2018. It replaces the current revenue recognition guidance in
NZ IAS 18 Revenue and NZ IAS 11 Construction Contracts.
Revenue is recognised when a customer obtains control of a
good or service. 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
26
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

recognition is materially consistent with NZ IFRS 15 for those
revenue streams. The new standard does not apply to rental
income, which is recognised under NZ IAS 17. The group will
apply NZ IFRS 15 from 1 July 2018.
• NZ IFRS 16 Leases is effective for annual periods beginning on
or after 1 January 2019. NZ IFRS 16 sets out the principles for
the recognition, measurement, presentation and disclosure of
leases. The accounting requirements for lessors are
substantially the same as those in NZ IAS 17. The group
reviewed leases where the group is the lessor and has
concluded that these remain as operating leases under NZ
IFRS 16. The group also reviewed leases where the group is the
lessee and has concluded that there is no material impact on
the financial statements. The group will apply NZ IFRS 16 from
1 July 2019.
(d) Basis of consolidation
The consolidated financial statements incorporate the assets,
liabilities and results of the subsidiaries over which the group has
control.
On consolidation, all intercompany balances and transactions,
income and expenses, and profit and losses resulting from
transactions within the group have been eliminated in full.
(e) Investments in associates and joint ventures
The equity method of accounting is used for the four investments
over which the group has significant influence but not a controlling
interest.
Under the equity method, the investment in the associate is carried
at cost plus post-acquisition changes in the group's share of net
assets of the associate less impairment losses. Goodwill relating
to the associate is included in the carrying amount of the
investment.
The group's share of the associates’ post-acquisition profits or
losses is recognised in the income statement, and its share of
post-acquisition movements in reserves and the property, plant
and equipment revaluation reserve is recognised in other
comprehensive income and accumulated as a separate
component of equity in the share of reserves of associates. The
post-acquisition movements are included after adjustments to
align the accounting policies with those of the group.
The results of North Queensland Airports that have an Australian
dollar functional currency are translated to New Zealand dollars at
an average exchange rate for the year. Assets and liabilities are
translated at the closing exchange rate at the balance date.
Exchange differences arising from the translation of the net
investment in North Queensland Airport and of the foreign currency
instruments designated as hedges of the net investment are
initially recognised in other comprehensive income and
accumulated in the foreign currency translation reserve. On
disposal of the investment in North Queensland Airport, the value
in the foreign currency translation reserve was reclassified to the
income statement within gain on sale of associate (refer note 16(vi)).
(f) Property, plant and equipment
Properties held for airport operations purposes are classified as
property, plant and equipment.
Property, plant and equipment are initially recognised at cost.
Vehicles, plant and equipment are carried at cost less accumulated
depreciation and impairment losses.
Land, buildings and services, runway, taxiways and aprons and
infrastructural assets are carried at fair value, as determined by an
independent registered valuer, less accumulated depreciation and
any impairment losses recognised after the date of any revaluation.
Land, buildings and services, runway, taxiways and aprons and
infrastructural assets acquired or constructed after the date of the
latest revaluation are carried at cost, which approximates fair value.
Revaluations are carried out with sufficient regularity to ensure that
the carrying amount does not differ materially from fair value at the
balance date.
Revaluations
Revaluation increases are recognised in other comprehensive
income and accumulated as a separate component of equity in the
property, plant and equipment revaluation reserve, except to the
extent that they reverse a revaluation decrease of the same asset
previously recognised in the income statement, in which case the
increase is recognised in the income statement.
Revaluation decreases are recognised in the income statement,
except to the extent that they offset a previous revaluation increase
for the same asset, in which case the decrease is recognised in
other comprehensive income and accumulated as a separate
component of equity in the property, plant and equipment
revaluation reserve.
Accumulated depreciation as at the revaluation date is eliminated
against the gross carrying amounts of the assets and the net
amounts are restated to the revalued amounts of the assets.
Depreciation
Depreciation is calculated on a straight-line basis to allocate the
cost or revalued amount of an asset, less any residual value, over
its estimated useful life.
The estimated useful lives of property, plant and equipment are as
follows:
Land (including reclaimed land)Indefinite
Buildings and services5 - 50 years
Infrastructural assets5 - 80 years
Runway, taxiways and aprons12 - 40 years
Vehicles, plant and equipment3 - 10 years
(g) Investment properties
Investment properties are properties held by the group to earn
rental income, for capital appreciation or both (including property
being constructed or developed for future use as investment
property). Land held for a currently undetermined future use is
classified as investment property.
Investment properties are measured initially at cost and then
subsequent to that initial measurement are stated at fair value. To
determine fair value, Auckland Airport commissions investment
property valuations at least annually by independent valuers. Gains
or losses arising from changes in the fair values of investment
properties are recognised in the income statement.
27
Financial statements

2. Summary of significant accounting policies CONTINUED
If the fair value of investment property under construction cannot
be reliably determined but it is expected that the fair value of the
property can be reliably determined when construction is
complete, then investment property under construction will be
measured at cost until either its fair value can be reliably determined
or construction is complete.
Transfers are made to investment property when there is a change
in use. This may be evidenced by ending of owner-occupation,
commencement of an operating lease to another party or
commencement of construction or development for future use as
investment property.
A property transfer from investment property to property, plant and
equipment or inventory has a deemed cost for subsequent
accounting at its fair value at the date of change in use. If an item
of property, plant and equipment becomes an investment
property, the group accounts for such property as an investment
property only subsequent to the date of change in use.
(h) Impairment of non-financial assets
Property, plant and equipment, investments in associates and joint
ventures are assessed for indicators of impairment at each
reporting date.
(i) Borrowing costs
Borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset are capitalised as
part of the cost of that asset. Other borrowing costs are expensed
as incurred.
(j) Financial instruments
The group’s financial assets comprise cash and cash equivalents,
accounts receivable and dividends receivable (classified as loans
and receivables) and derivatives (classified as held for trading or
designated as a hedge).
The group's financial liabilities comprise accounts payable and
accruals, borrowings, provisions, other liabilities (classified as
financial liabilities at amortised cost) and derivatives (classified as
held for trading or designated as a hedge).
Cash
Cash in the statement of financial position and the cash flow
statement comprises cash on hand, on-call deposits held with
banks and short-term highly liquid investments.
Accounts receivable
Accounts receivable are recognised and carried at the original
invoice amount less an allowance for impairment for any
uncollectible amounts when there is objective evidence of
impairment.
Accounts payable and accruals
Accounts payable and accruals are not interest-bearing and are
initially stated at their fair value and subsequently carried at
amortised cost.
Borrowings
All borrowings are initially recognised at the value of the
consideration received. The carrying value is subsequently
measured at amortised cost using the effective interest method,
except borrowings subject to fair value hedges which are adjusted
for effective changes in the fair value of the hedging instrument.
The increase and decrease in borrowings are reported net in the
cash flow statement for bank facilities and commercial paper
where the turnover is frequent and the maturities are short.
Derivative financial instruments
The group uses derivative financial instruments to hedge its risks
associated with interest rates and foreign currency. Derivative
financial instruments are recognised at fair value.
The group designates as fair value hedges derivative financial
instruments on fixed-coupon debt where the fair value of the debt
changes as a result of changes in market interest rates. The
carrying amounts of the hedged items are adjusted for gains and
losses attributable to the risk being hedged. The hedging
instruments are also remeasured to fair value. Gains and losses
from both are taken to the income statement.
Cash flow hedges are currently applied to future interest cash flows
on variable rate loans. The effective portion of the gain or loss on
the hedging instruments is recognised directly in other
comprehensive income and accumulated as a separate
component of equity in the cash flow hedge reserve, while the
ineffective portion is recognised in the income statement. Amounts
taken to equity are transferred to the income statement when the
hedged transaction affects the income statement.
For hedges of a net investment in a foreign operation, gains or
losses on the hedging instruments relating to the effective portion
of the hedge are recognised directly in other comprehensive
income and accumulated as a separate component of equity in the
foreign currency translation reserve. Any gains or losses relating to
the ineffective portion are recognised in the income statement. On
disposal of the foreign operation, the cumulative value of such
gains or losses recognised in other comprehensive income is
reclassified to the income statement.
(k) Issued and paid-up capital
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from the proceeds.
When the group reacquires its own shares, those treasury shares
are recognised as a reduction in shareholders’ equity.
(l) Revenue recognition
Rendering of services
Airfield income and passenger services charges are recognised as
revenue when the airport facilities are used.
Retail concession fees are recognised as revenue on an accrual
basis based upon the turnover of the concessionaires and in
accordance with the related agreements.
Rental income is recognised as revenue on a straight-line basis
over the term of the leases on leases where the group is the lessor.
28
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

Revenue from public car parks is recognised when the car park
utilisation has been completed. Revenue from staff car parks is
recognised as revenue when the airport facilities are used.
Interest income
Interest income is recognised as interest accrues using the
effective interest method.
Dividend income
Dividends are recognised when the group’s right to receive
payment is established.
(m) Employee benefits
Employee benefits including salaries and wages, superannuation
and leave entitlements are expensed as the related service is
provided.
The group also provides benefits to executives and employees of
the group in the form of share-based payment transactions,
whereby executives and employees render services in exchange
for shares or rights over shares (equity-settled transactions) and/or
cash settlements based on the price of the group’s shares against
performance targets (cash-settled transactions). The cost of the
transactions is spread over the period in which the employees
provide services and become entitled to the awards.
Equity-settled transactions
The cost of the equity-settled transactions with employees is
measured by reference to the fair value of the equity instruments
at the date at which they are granted. The cost of equity-settled
transactions is recognised in the income statement, together with
a corresponding increase in the share-based payment reserve in
equity.
Cash-settled transactions
The fair value of cash-settled transactions is determined at each
reporting date, and the change in fair value is recognised in the
income statement with a corresponding change in the employee
entitlements and phantom option plan accrual liabilities.
(n) Income tax and other taxes
Income tax
Current tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities
based on the current period's taxable income.
Deferred tax
Deferred income tax is provided on all temporary differences at the
balance date between the tax bases of assets and liabilities and
their carrying amounts for financial reporting purposes.
Income taxes relating to items recognised in other comprehensive
income or directly in equity are recognised in other comprehensive
income or directly in equity and not in the income statement.
Goods and services tax (GST)
Revenue, expenses, assets and liabilities are stated exclusive of
GST, except for receivables and payables, which are stated with
the amount of GST included.
Cash flows are included in the cash flow statement on a gross
basis, and the GST component of cash flows arising from investing
and financing activities, which is recoverable from or payable to the
taxation authority, is classified as part of operating activities.
Commitments and contingencies are disclosed net of the amount
of GST.
3
. Significant accounting judgements, estimates and assumptions
In producing the financial statements, the group makes
judgements, estimates and assumptions based on known facts at
a point in time. These accounting judgements, estimates and
assumptions will rarely exactly match the actual outcome. The
judgements that have the most significant effect on the amounts
recognised and the estimates and assumptions that have a
significant risk of causing a material adjustment to the carrying
values of assets and liabilities within the next financial year are as
follows.
(a) Fair value of investment property
Changes to market conditions or to assumptions made in the
estimation of fair value may result in changes to the fair value of
investment property. The carrying value of investment property and
the valuation methodology are disclosed in note 12.
(b) Carrying value of property, plant and
equipment
Judgement is required to determine whether the fair value of land,
buildings and services, runway, taxiways and aprons and
infrastructural assets has changed materially from the last
revaluation. The determination of fair value at the time of the
revaluation requires estimates and assumptions based on market
conditions at that time. Changes to estimates, assumptions or
market conditions subsequent to a revaluation will result in changes
to the fair value of property, plant and equipment.
Remaining useful lives and residual values are estimated based on
management’s judgement, previous experience and guidance
from registered valuers. Changes in those estimates affect the
carrying value and the depreciation expense in the income
statement.
The carrying value of property, plant and equipment and the
valuation methodologies and assumptions are disclosed in note
11(c).
(c) Movements in the carrying value of property,
plant and equipment
When revaluations are carried out by independent valuers, the
valuer determines a value for individual assets. This may involve
allocations to individual assets from projects and allocations to
individual assets within a class of assets. The allocations to
individual assets may be different to the allocations performed at
the time a project was completed or different to the allocations to
the individual asset made at the previous asset revaluation. These
differences at an asset level may be material and can impact the
income statement.
29
Financial statements

4. 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 and 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.
(c) Major customers
The group has a number of customers to which it provides
services. The most significant customer in the 2018 financial year
accounted for 23.5% of external revenue (2017: 24.0%). The
revenue from this customer is included in all three operating
segments.
(d) Geographical areas
Revenue from the reportable segments is derived in New Zealand,
it being the location where the sale occurred. Property, plant and
equipment and investment property of the reportable segments are
located in New Zealand. The investments in associates are not
part of the reportable segments of the group.
Aeronautical
RetailPropertyTotal
$M$M$M$M
Year ended 30 June 2018
Income from external customers
Airfield income122.1--122.1
Passenger services charge179.1--179.1
Retail income-190.6-190.6
Rental income18.10.479.197.6
Rates recoveries0.70.84.56.0
Car park income-61.0-61.0
Other income8.510.22.521.2
Total segment income
328.5263.086.1677.6
Expenses
Staff29.34.84.038.1
Asset management, maintenance and airport
operations40.815.94.260.9
Rates and insurance4.31.57.012.8
Marketing and promotions7.45.10.613.1
Professional services and levies3.41.01.86.2
Other expenses1.92.13.07.0
Total segment expenses
87.130.420.6138.1
Segment earnings before interest, taxation and
depreciation (segment EBITDAFI)
241.4232.665.5539.5
30
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

AeronauticalRetailPropertyTotal
$M$M$M$M
Year ended 30 June 2017
Income from external customers
Airfield income119.6--119.6
Passenger services charge174.3--174.3
Retail income-162.8-162.8
Rental income16.40.468.184.9
Rates recoveries0.60.84.25.6
Car park income-56.3-56.3
Other income7.69.22.519.3
Total segment income
318.5229.574.8622.8
Expenses
Staff27.54.33.134.9
Asset management, maintenance and airport
operations35.112.43.951.4
Rates and insurance3.71.56.411.6
Marketing and promotions10.73.80.414.9
Professional services and levies2.30.30.63.2
Other expenses1.51.42.25.1
Total segment expenses
80.823.716.6121.1
Segment earnings before interest, taxation and
depreciation (segment EBITDAFI)
237.7205.858.2501.7
(e) Reconciliation of segment income to income statement
20182017
$M$M
Segment income677.6622.8
Interest income2.22.3
Other revenue4.14.2
Total income683.9629.3
31
Financial statements

4. Segment information CONTINUED
(f) Reconciliation of segment EBITDAFI to income statement
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
consist mainly of corporate staff expenses and corporate legal and consulting fees.
20182017
$M$M
Segment EBITDAFI
539.5501.7
Unallocated external operating income6.36.5
Unallocated external operating expenses(39.4)(35.1)
Share of profit of associates16.719.4
Gain on sale of associate297.4-
Depreciation(88.9)(77.9)
Derivative fair value (decrease)/increase(0.7)2.5
Investment property fair value increase152.291.9
Interest expense and other finance costs(77.2)(72.8)
Profit before taxation
805.9436.2
32
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

5. Profit for the year
20182017
Notes
$M$M
Retail and rental income includes:
Contingent rent11.715.7
Staff expenses comprise:
Salaries and wages44.338.3
Employee benefits5.64.2
Share-based payment plans230.41.5
Defined contribution superannuation1.51.5
Other staff costs6.15.0
57.950.5
Other expenses include:
Audit fees for statutory audit and half-year review0.20.2
Auditor's regulatory audit, AGM, tax and consultants fees0.10.1
Directors' fees1.41.4
Bad and doubtful debts written off0.7-
Doubtful debts - change in provision(0.1)0.2
Interest expense and other finance costs comprise:
Interest on bonds and related hedging instruments38.840.2
Interest on bank facilities and related hedging instruments16.318.3
Interest on USPP notes and related hedging instruments17.318.2
Interest on AMTN notes and related hedging instruments9.21.7
Interest on commercial paper and related hedging instruments4.44.3
86.082.7
Less capitalised borrowing costs11(a), 12(8.8)(9.9)
77.272.8
Interest rate for capitalised borrowing costs4.24%4.46%
The gross interest costs of bonds, bank facilities, USPP notes, AMTN notes and commercial paper excluding the impact of interest rate
hedges was $84.2 million for the year ended 30 June 2018 (2017: $78.1 million).
The group makes contributions to a defined contribution superannuation scheme. The group has no legal or constructive obligation to
make further contributions if the fund does not hold sufficient assets to pay employee benefits.
33
Financial statements

6. Reconciliation of profit after taxation with cash flow from operating activities
20182017
$M$M
Profit after taxation
650.1332.9
Non-cash items
Depreciation88.977.9
Deferred taxation expense13.911.3
Equity accounted earnings from associates(16.7)(19.4)
Investment property fair value increase(152.2)(91.9)
Derivative fair value decrease/(increase)0.7(2.5)
Items not classified as operating activities
Loss/(gain) on asset disposals0.2(0.1)
Gain on sale of associate(297.4)-
Withholding tax deducted on sale of associate39.0-
Increase in provisions and property, plant and equipment retentions and payables(13.7)(38.5)
Decrease in investment property retentions and payables4.02.1
Movement in working capital
(Increase)/decrease in trade and other receivables(16.1)(13.2)
Increase/(decrease) in taxation payable6.510.3
Increase/(decrease) in accounts payable13.738.0
Increase/(decrease) in other term liabilities0.30.2
Net cash flow from operating activities
321.2307.1
34
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

7. Taxation
(a) Income tax expense
20182017
$M$M
The major components of income tax are:
Current income tax
Current income tax charge143.593.3
Income tax over provided in prior year(1.6)(1.3)
Deferred income tax
Movement in deferred tax13.911.3
Total taxation expense
155.8103.3
(b) Reconciliation between prima facie taxation and tax expense
20182017
$M$M
Profit before taxation805.9436.2
Prima facie taxation at 28%225.7122.1
Adjustments:
Share of associates' tax paid earnings(3.5)(4.2)
Revaluation with no tax impact(27.7)(13.4)
Income tax over provided in prior year(1.6)(1.3)
Australian tax losses not previously recognised(20.0)-
Non-assessable capital gains(16.0)
Difference in overseas tax rates(3.3)-
Foreign currency translation reserve transferred to income statement2.4-
Other(0.2)0.1
Total taxation expense
155.8103.3
35
Financial statements

7. Taxation CONTINUED
(c) Deferred tax assets and liabilities
Balance
1 July
2017
Movement
in income
Movement
in other
comprehensive
income
Balance
30 June
2018
$M$M$M$M
Deferred tax liabilities
Property, plant and equipment179.8(0.8)-179.0
Investment properties66.518.0-84.5
Foreign currency hedge4.5(4.5)--
Other3.70.2-3.9
Deferred tax liabilities
254.512.9-267.4
Deferred tax assets
Cash flow hedge12.4-0.312.7
Provisions and accruals4.3(1.0)-3.3
Deferred tax assets
16.7(1.0)0.316.0
Net deferred tax liability
237.813.9(0.3)251.4
Balance
1 July
2016
Movement
in income
Movement
in other
comprehensive
income
Balance
30 June
2017
$M$M$M$M
Deferred tax liabilities
Property, plant and equipment183.8(4.0)-179.8
Investment properties52.913.6-66.5
Foreign currency hedge4.5--4.5
Other2.80.9-3.7
Deferred tax liabilities
244.010.5-254.5
Deferred tax assets
Cash flow hedge18.5-(6.1)12.4
Provisions and accruals5.1(0.8)-4.3
Deferred tax assets
23.6(0.8)(6.1)16.7
Net deferred tax liability
220.411.36.1237.8
(d) Imputation credits
20182017
$M$M
Imputation credits available for use in subsequent reporting periods at 30 June(29.0)(31.1)
The imputation credit account had a debit balance at 30 June 2018 and 30 June 2017 due to the timing of dividends paid. As required
by tax legislation, the imputation credit account was in credit at 31 March 2018 and 31 March 2017.
36
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

8. Associates and joint ventures
(a) Tainui Auckland Airport Hotel Limited
Partnership (associate)
The partnership formed by AAPC Properties Pty Limited (Accor
Hospitality), Tainui Group Holdings Limited and Auckland Airport
developed and operates a 4-star plus, 263-room Novotel hotel
adjacent to the international terminal at Auckland Airport. In
February 2017, Auckland Airport purchased a 20% share in the
Tainui Auckland Airport Hotel Partnership from Tainui Group
Holdings Limited, increasing Auckland Airport’s stake to 40%.
There is also an agreement to further increase its investment in the
partnership by purchasing the stake owned by Accor Hospitality,
subject to certain conditions which will increase the group’s share
to 50%. That purchase is currently expected to occur in the year
ended 30 June 2019.
The partnership has a balance date of 31 March 2018. The
financial information for equity accounting purposes has been
extracted from audited accounts for the period to 31 March 2018
and management accounts for the balance of the year to 30 June
2018.
Two of Auckland Airport’s senior management staff are directors
on the boards of both the Tainui Auckland Airport Hotel Limited
Partnership and the Tainui Auckland Airport Hotel 2 LImited
Partnership. No directors’ fees are paid in relation to these
appointments, but the skills and experience of these directors are
being utilised to protect and grow Auckland Airport’s investment.
Other transactions with the partnership are as follows.
20182017
$M$M
Rental income received1.01.0
Future minimum rentals receivable under non-
cancellable operating lease9.29.6
(b) Tainui Auckland Airport Hotel 2 Limited
Partnership (joint venture)
The partnership between Tainui Group Holdings Limited and
Auckland Airport was formed in February 2017 to build and
operate a new Pullman Hotel at Auckland Airport. The group and
Tainui Group Holdings each hold a 50% stake in the partnership.
The group has contributed $3.0 million into the partnership.
(c) Stapled Securities of North Queensland
Airports (associate)
On 7 March 2018, Auckland Airport sold its 24.55% share in North
Queensland Airports to Perron Investments, The Infrastructure
Fund and IIF Cairns Mackay Investment Limited. The consideration
for the sale was AUD 370.0 million. The group purchased the stake
in North Queensland Airports on 13 January 2010 for
AUD132.8 million (NZD166.7 million). During the year ended
30 June 2018, Auckland Airport also received directors’ fees of
$0.2 million (2017: $0.2 million) for the provision of two of Auckland
Airport’s senior management staff, one on each of the two boards
of directors of North Queensland Airports.
The funds were used to repay the AUD 90 million loan, which had
been taken to partly hedge exchange rate movements on the
investment. The cumulative value of the gains or losses recognised
in the foreign currency translation reserve through other
comprehensive income have been reclassified to gain on sale of
associate in the income statement.
(d) Queenstown Airport Corporation Limited
(associate)
On 8 July 2010, Auckland Airport invested $27.7 million in
four million new shares (24.99% of the increased shares on issue)
in Queenstown Airport Corporation Limited (Queenstown Airport)
and formed a strategic alliance. The strategic alliance commits
both airports to work together to drive more tourist traffic into New
Zealand and through the two airports. The airport companies also
pursue operational synergies and benefits in other areas such as
aeronautical operations, retailing activities and property
development. The group does not earn fees for the services
provided by Auckland Airport’s management staff under the
strategic alliance agreement. One of Auckland Airport’s senior
management staff is on the board of directors of Queenstown
Airport.
37
Financial statements

8. Associates and joint ventures CONTINUED
Summary financial information
The information below reflects the full amounts in the financial statements of the associates and joint ventures (and not the group’s share
of those amounts) before adjustments for depreciation expense and investment property revaluation gains to align the accounting
policies with those of the group.
Tainui Auckland Airport
Hotel Limited Partnership
Tainui Auckland Airport
Hotel 2 Limited Partnership
North Queensland
Airports
1
Queenstown Airport
20182017201820172018201720182017
$M$M$M$M$M$M$M$M
Revenue30.728.7--n/a149.345.739.0
EBITDA12.111.7--n/a100.831.626.2
Profit after taxation9.48.9--n/a49.014.912.1
Other comprehensive
income/(loss)----n/a9.632.230.5
Total comprehensive
income for the year9.48.9--n/a58.647.142.6
Distributions
Repayment of partner
contribution/dividends
received(9.9)(10.2)--n/a(60.9)(7.2)(6.3)
Auckland Airport share
of repayment of partner
contribution/dividends
received(4.0)(2.9)--(9.2)(15.0)(1.8)(1.6)
1 The extract from the North Queensland Airports income statement has been converted from AUD to NZD at the average rates for the year ended 30 June 2017:
$0.9561.
Tainui Auckland Airport
Hotel Limited Partnership
Tainui Auckland Airport
Hotel 2 Limited Partnership
North Queensland
Airports
1
Queenstown Airport
20182017201820172018201720182017
$M$M$M$M$M$M$M$M
Current assets4.33.96.06.0n/a53.36.14.7
Non-current assets48.749.8--n/a665.3350.0301.1
Goodwill----n/a198.3--
Total assets
53.053.76.06.0n/a916.9356.1305.8
Current liabilities5.25.4--n/a423.78.88.6
Non-current liabilities18.018.0--n/a258.472.562.2
Shareholders’ equity29.830.36.06.0n/a234.8274.9235.0
Total equity and
liabilities
53.053.76.06.0n/a916.9356.2305.8
Auckland Airport
ownership40.00%40.00%50.00%50.00%-24.55%24.99%24.99%
Auckland Airport share
of shareholders' equity11.912.13.03.0-57.768.758.7
Investment property
depreciation and
revaluation adjustment12.411.8------
Goodwill9.49.4---19.8--
Gain on purchase------(0.9)(0.9)
Carrying value of
investment
33.733.33.03.0-77.567.857.8
1 The extract from the North Queensland Airports statement of financial position has been converted from AUD to NZD at the rate at 30 June 2017: $0.9525.
38
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

Movement in the group’s carrying amount of investment in associates and joint ventures
20182017
Notes
$M$M
Investment in associates and joint ventures at beginning of year171.6142.8
Further investment in associates and joint ventures-18.6
Disposal of investment in associate(78.1)-
Share of profit of associates and joint ventures16.719.4
Share of reserves of associates16(v)8.410.0
Share of dividends received and repayment of partner contribution(15.0)(19.6)
Foreign currency translation16(vi)0.80.4
Investment in associates and joint ventures at end of the year
104.4171.6
9. Distribution to shareholders
Dividend payment date
20182017
$M$M
2016 final dividend of 9.00 cps13 October 2016-107.2
2017 interim dividend of 10.00 cps4 April 2017-119.1
2017 final dividend of 10.50 cps20 October 2017125.3-
2018 interim dividend of 10.75 cps5 April 2018128.8-
Total dividends paid
254.1226.3
Supplementary dividends of $16.4 million (2017: $15.2 million) are not included in the above dividends as the company receives an
equivalent tax credit from Inland Revenue.
1
0. Earnings per share
The earnings used in calculating basic and diluted earnings per share is net profit attributable to equity holders of $650.1 million (2017:
$332.9 million).
The weighted average number of shares used to calculate basic and diluted earnings per share is as follows.
2018
2017
SharesShares
For basic earnings per share1,196,956,8321,190,841,542
Effect of dilution of share options--
For diluted earnings per share
1,196,956,8321,190,841,542
The 2018 reported basic and diluted earnings per share is 54.31 cents (2017: 27.96 cents).
39
Financial statements

11. Property, plant and equipment
(a) Reconciliation of carrying amounts at the beginning and end of the year
Land
Buildings and
servicesInfrastructure
Runway,
taxiways
and aprons
Vehicles,
plant and
equipmentTotal
$M$M$M$M$M$M
Year end 30 June 2018
Balances at 1 July 2017
At fair value3,437.1612.8322.4334.5-4,706.8
At cost----107.2107.2
Work in progress at cost-220.123.544.332.9320.8
Accumulated depreciation-(78.6)(13.0)(24.5)(70.9)(187.0)
Balances at 1 July 2017
3,437.1754.3332.9354.369.24,947.8
Additions and transfers
within property, plant and
equipment(0.3)250.937.411.131.7330.8
Transfers from/(to)
investment property(1.1)----(1.1)
Disposals--(0.2)--(0.2)
Revaluation recognised in
property, plant and
equipment revaluation
reserve1,189.6----1,189.6
Depreciation-(43.4)(13.9)(13.9)(17.7)(88.9)
Movement to 30 June 20181,188.2207.523.3(2.8)14.01,430.2
Balances at 30 June 2018
At fair value4,625.3943.0357.1341.8-6,267.2
At cost----132.4132.4
Work in progress at cost-140.826.147.933.2248.0
Accumulated depreciation-(122.0)(27.0)(38.2)(82.4)(269.6)
Balances at 30 June 2018
4,625.3961.8356.2351.583.26,378.0
Additions for the year ended 30 June 2018 include capitalised interest of $7.6 million (2017: $7.9 million).
40
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

Land
Buildings and
servicesInfrastructure
Runway,
taxiways
and aprons
Vehicles,
plant and
equipmentTotal
$M$M$M$M$M$M
Year end 30 June 2017
Balances at 1 July 2016
At fair value3,418.0582.4276.3293.3-4,570.0
At cost----95.195.1
Work in progress at cost-69.118.051.716.0154.8
Accumulated depreciation-(39.1)(0.4)(11.7)(60.6)(111.8)
Balances at 1 July 2016
3,418.0612.4293.9333.350.54,708.1
Additions and transfers
within property, plant and
equipment-176.651.733.831.7293.8
Transfers from/(to)
investment property19.14.7---23.8
Depreciation-(39.4)(12.7)(12.8)(13.0)(77.9)
Movement to 30 June 201719.1141.939.021.018.7239.7
Balances at 30 June 2017
At fair value3,437.1612.8322.4334.5-4,706.8
At cost----107.2107.2
Work in progress at cost-220.123.544.332.9320.8
Accumulated depreciation-(78.6)(13.0)(24.5)(70.9)(187.0)
Balances at 30 June 2017
3,437.1754.3332.9354.369.24,947.8
41
Financial statements

11. Property, plant and equipment CONTINUED
(b) Carrying amounts of land, buildings and services, infrastructure, runway, taxiways and aprons if
measured at historical cost less accumulated depreciation
Land
Buildings and
servicesInfrastructure
Runway,
taxiways
and aprons
Vehicles,
plant and
equipmentTotal
$M$M$M$M$M$M
Year end 30 June 2018
At historical cost150.71,179.4339.4348.3135.42,153.2
Work in progress at cost-140.826.147.933.2248.0
Accumulated depreciation-(535.8)(127.2)(198.3)(82.4)(943.7)
Net carrying amount150.7784.4238.3197.986.21,457.5
Year end 30 June 2017
At historical cost149.6849.6306.3344.3107.21,757.0
Work in progress at cost-220.123.544.332.9320.8
Accumulated depreciation-(502.1)(118.1)(191.3)(70.9)(882.4)
Net carrying amount149.6567.6211.7197.369.21,195.4
(c) Revaluation of land, buildings and services,
infrastructure, runway, taxiways and aprons
At the end of each reporting period, the group makes an
assessment of whether the carrying amounts differ materially from
fair value and whether a revaluation is required. The assessment
considers movements in the capital goods price index since the
previous valuation and changes in valuations of investment
property as an indicator of property, plant and equipment.
Valuations are completed in accordance with the company’s asset
valuation handbook, which is prepared in accordance with
financial reporting and valuation standards. Management reviews
the key inputs, assesses valuation movements and holds
discussions with the valuers as part of the process. Discussions
about the valuation processes and results are held between the
group’s management and the Board.
The group revalued land assets at 30 June 2018. Land assets
were independently valued by Savills Limited (Savills), Jones Lang
LaSalle Ltd (JLL), CB Richard Ellis Limited (CBRE) and Aon Risk
Solutions (AON).
At 30 June 2018, the assessment is that there is no material
change compared with carryng value in the fair value of
infrastructure, buildings and services and runway, taxiways and
aprons. Infrastructure assets were independently revalued by
Beca Projects NZ Limited (Beca) as at 30 June 2016. Buildings and
services and runway, taxiways and aprons were independently
revalued by Opus as at 30 June 2015.
Fair value measurement
The valuers use different approaches for valuing different asset
groups. Where the fair value of an asset is able to be determined
by reference to market-based evidence, such as sales of
comparable assets, the fair value is determined using this
information. Where fair value of the asset is not able to be reliably
determined using market-based evidence, discounted cash flows
or optimised depreciated replacement cost is used to determine
fair value. Assets acquired or constructed after the date of the
latest revaluation are carried at cost, which approximates fair value.
The group’s land, buildings and services, infrastructure, runway,
taxiways and aprons are all categorised as Level 3 in the fair value
hierarchy as described in note 18.3. During the year, there were
no transfers between the levels of the fair value hierarchy.
42
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

The table below summarises the valuation approach and the principal assumptions used in establishing the fair values.
20182017
Asset valuation approachInputs used to measure fair value
Range of
significant
inputs
Weighted
average
Range of
significant
inputs
Weighted
average
Land
Airfield land, including
land for runway, taxiways,
aprons and approaches
Rate per sqm prior to holding costs
(excluding approaches)
$110-188$154$103-171$133
Market value alternative use
valuation plus development
and holding costs to
achieve land suitable for
airport use and direct sales
comparison
Holding costs per sqm
(excluding approaches)
$40-68$56$38-62$48
Holding period
(excluding approaches)
5.0 yearsN/A5.0 yearsN/A
Airfield land discount rate9.25%N/A9.00%N/A
Rate per sqm (approaches)$11-50$22$11-50$16
Reclaimed land seawalls
Unit costs of seawall construction per
m
$4,319-9,294$6,981$4,211-8,666$6,125
Optimised depreciated
replacement cost
Unit costs of reclamation per sqm$160$160$94-127$117
Aeronautical land,
including land associated
with aircraft, freight and
terminal uses
Rate per sqm (excluding commercially
leased assets)
$89-908$208$78-793$177
Discounted cash flow
cross-referenced to a
market capitalisation of net
revenues as indicated by
market activity from
comparable transactions
and direct sales comparison
Market rent (per sqm) – average$43-343$80$41-304$106
Market capitalisation rate – average5.00-8.00%6.48%4.23-7.52%6.23%
Terminal capitalisation rate6.25-8.25%7.16%7.00-8.50%6.30%
Discount rate7.88-10.25%8.90%8.25-9.25%8.45%
Rental growth rate (per annum)2.50-2.85%
2.67%
2.61-2.80%
2.70%
Land associated with car
parking facilities
Discount rate7.50-12.00%9.91%9.00-11.25%11.00%
Discounted cash flow
cross-referenced to a
market capitalisation of net
revenues as indicated by
market activity from
comparable transactions
Terminal capitalisation rate6.75-9.00%7.44%7.00-7.50%7.43%
Revenue growth rate (per annum)2.00-3.00%2.61%2.03-3.21%3.09%
Market capitalisation rate6.50-8.80%
7.29%
6.95-7.51%
7.44%
Land associated with
retail facilities within
terminal buildings
Discount rate8.25-9.50%9.45%12.50-12.50%12.50%
Discounted cash flow
cross-referenced to a
market capitalisation of net
revenues as indicated by
market activity from
comparable transactions
Terminal capitalisation rate7.50-7.75%7.74%9.25-9.25%9.25%
Revenue growth rate (per annum)1.50-2.97%1.56%4.11-5.38%4.18%
Market capitalisation rate6.50-6.88%
6.87%
8.38-8.50%
8.38%
Other land
Direct sales comparisonRate per sqm$20-83$74$18-66$58
43
Financial statements

11. Property, plant and equipment CONTINUED
20182017
Asset valuation approachInputs used to measure fair value
Range of
significant
inputs
Weighted
average
Range of
significant
inputs
Weighted
average
Buildings and services
Terminal buildings
Optimised depreciated
replacement cost
Unit costs of construction per sqm$2,491-8,349 $6,016 $2,491-8,349 $6,016
Other buildings
Optimised depreciated
replacement cost
Unit costs of construction per sqm$636-2,374 $1,282 $636-2,374 $1,282
Infrastructure
Water and drainage
Optimised depreciated
replacement cost
Unit costs of pipe construction per m$207-3,074$524$207-3,074$524
Electricity
Optimised depreciated
replacement cost
Unit costs of electrical cabling
construction per m
$162-517$370$162-517$370
Roads
Optimised depreciated
replacement cost
Unit costs of road and footpaths
construction per sqm
$2-168$112$2-168$112
Other infrastructure
assets
Optimised depreciated
replacement cost
Unit costs of navigation aids and lights$418-81,731$11,247$418-81,731$11,247
Unit costs of fuel pipe construction per
m
$3,661-5,231$4,656$3,661-5,231$4,656
Runway, taxiways and
aprons
Optimised depreciated
replacement cost
Unit costs of concrete pavement
construction per sqm
$459-737$587$459-737$587
Unit costs of asphalt pavement
construction per sqm
$108-237 $142$108-237$142
The valuation inputs for land are from the 2018 valuation and the prior year comparatives are from the 2016 valuations. The valuation
inputs for infrastructure are from the 2016 valuation, and the valuation inputs for buildings and services and runway, taxiways and aprons
are from the 2015 valuation.
44
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

Description of different valuation approaches
VALUATION APPROACHDESCRIPTION
Income capitalisation approachA valuation methodology that determines fair value by capitalising a property’s sustainable net income
at an appropriate market-derived capitalisation rate with subsequent capital adjustments for near-
term events, typically including letting-up allowances for vacancies and pending expiries, expected
short-term capital expenditure and the present value of any difference between contract and market
rentals.
Discounted cash flow analysisA valuation methodology that requires the application of financial modelling techniques. Discounted
cash flow analysis requires explicit assumptions to be made regarding the prospective income and
expenses of a property, such assumptions pertaining to the quantity, quality, variability, timing and
duration of inflows and outflows over an assumed holding period. The assessed cash flows are
discounted to present value at an appropriate market-derived discount rate to determine fair value.
Direct sales comparison
approach
A valuation methodology whereby the subject property is compared to recently sold properties of
a similar nature with fair value determined through the application of positive and negative
adjustments for their differing attributes.
Residual value approachA valuation technique used primarily for property which is undergoing, or is expected to undergo,
redevelopment. Fair value is determined through the estimation of a gross realisation on completion
of the redevelopment with deductions made for all costs associated with converting the property to
its end-use including finance costs and a typical profit margin for risks assumed by the developer.
Market value alternative use
(MVAU)
A valuation methodology whereby fair value is determined as the estimated amount for which a
property should exchange on the date of valuation between a willing buyer and a willing seller in an
arm’s length transaction after proper marketing, wherein the parties had each acted knowledgeably,
prudently and without compulsion, with the explicit assumption that the existing use of the asset is
ignored.
Optimised depreciated
replacement cost (ODRC)
A valuation methodology whereby fair value is determined by calculating the cost of constructing a
modern equivalent asset at current market-based input cost rates, adjusted for the remaining useful
life of the assets (depreciation) and any sub-optimal usage of the assets in their current application
(optimisation). These inputs are deemed unobservable.
45
Financial statements

11. Property, plant and equipment CONTINUED
The table below summarises each registered valuer’s valuation of property, plant and equipment.
Fair value at
30 June 2018
Fair value at
30 June 2017
Asset classificationValuer$MValuer$M
Airfield land, including land for runway,
taxiways, aprons and approaches
1
Savills1,122.5Savills1,020.4
Reclaimed land seawalls
1
AON / Savills271.1Opus / Savills205.1
Aeronautical land, including land associated
with aircraft, freight and terminal uses
1
JLL / Savills167.7JLL120.0
Land associated with car park facilities
1
CBRE701.1Colliers542.0
Land associated with retail facilities within
terminal buildings
1
CBRE2,232.0Colliers1,433.8
Other land
1
CBRE / Savills130.8Savills115.9
Terminal buildings
2
Opus853.5Opus665.9
Other buildings
2
Opus108.3Opus88.3
Water and drainage
3
Beca134.8Beca125.1
Electricity
3
Beca53.7Beca47.6
Roads
3
Beca63.1Beca62.2
Other infrastructure assets
3
Beca104.7Beca98.0
Runway, taxiways and aprons
2
Opus351.5Opus354.3
Assets carried at fair value6,294.84,878.6
Vehicles, plant and equipment (carried at cost
less accumulated depreciation)N/A83.269.2
Balance at 30 June
6,378.04,947.8
1 Land was revalued at 30 June 2018. This class was previously revalued at 30 June 2016.
2 At 30 June 2018, the assessment is that there is no material change in the fair value of buildings and services and runway, taxiways and aprons compared with
carrying value. Those classes were last revalued at 30 June 2015.
3 At 30 June 2018, the assessment is that there is no material change in the fair value of infrastructure assets compared with carrying value. This class was last
revalued at 30 June 2016.
46
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

The following table shows the impact on the fair value due to a change in a significant unobservable input.
Fair value measurement
sensitivity to significant:
Increase in
input
Decrease in
input
Unobservable inputs within the income capitalisation approach
Market rentThe valuer’s assessment of the net market income attributable to
the property
IncreaseDecrease
Market capitalisation rateThe rate of return, determined through analysis of comparable
market-related sales transactions, that is applied to the market
rent to assess a property’s value
DecreaseIncrease
Unobservable inputs within the discounted cash flow analysis
Discount rateThe rate, determined through analysis of comparable market-
related sales transactions, that is applied to a property’s future net
cash flows to convert those cash flows into a present value
DecreaseIncrease
Terminal capitalisation rateThe rate that is applied to a property’s sustainable net income at
the end of an assumed holding period to derive an estimated
future market value
DecreaseIncrease
Rental growth rateThe annual growth rate applied to the market rent over an
assumed holding period
IncreaseDecrease
Unobservable inputs within the residual value approach
Gross development valueThe estimated market value once the redevelopment is completedIncreaseDecrease
Cost of developmentAn estimate of the costs associated with converting the property
to its end use including finance costs and a typical profit margin for
risks assumed by the developer
DecreaseIncrease
Discount rateThe rate, determined through analysis of comparable market-
related sales transactions, that is applied to a property’s future net
cash flows to convert those cash flows into a present value
DecreaseIncrease
Market capitalisation rateThe rate of return, determined through analysis of comparable
market-related sales transactions, that is applied to the market
rent to assess a property’s value
DecreaseIncrease
Unobservable inputs within the direct sales comparison approach
Rate per sqmThe rate per square metre of recently sold properties of a similar
nature
IncreaseDecrease
Unobservable inputs within market value alternative use (MVAU) plus holding costs
Rate per sqm prior to holding
costs
The assumed rate per square metre, based on recently sold
properties, for which the group would acquire land, assuming it
had not been designated for its existing use
IncreaseDecrease
Holding costs per sqmThe costs of holding land while being developed to achieve land
suitable for airport use
IncreaseDecrease
Holding periodThe expected holding period to achieve land suitable for airport useIncreaseDecrease
Unobservable inputs within optimised depreciated replacement cost (ODRC)
Unit costs of constructionThe costs of constructing various asset types based on a variety
of sources including recent local competitively tendered
construction works, published cost information, the valuer’s
database of costing information and experience of typical industry
rates and indexed historical cost information
IncreaseDecrease
47
Financial statements

12. Investment properties
The table below summarises the movements in fair value of investment properties.
Retail and
serviceIndustrial
Vacant
landOtherTotal
$M$M$M$M$M
Year end 30 June 2018
Balance at the beginning of the year212.9616.9252.9115.31,198.0
Additions - subsequent expenditure7.429.71.215.954.2
Additions - acquisitions or development2.018.1--20.1
Transfers from/(to) property, plant and
equipment (note 11)-(1.0)2.1-1.1
Transfers within investment property14.327.8(42.8)0.70.0
Investment property fair value increase26.673.228.024.4152.2
Net carrying amount
263.2764.7241.4156.31,425.6
Year end 30 June 2017
Balance at the beginning of the year191.4507.0254.995.61,048.9
Additions - subsequent expenditure0.249.410.213.773.5
Additions - acquisitions or development4.50.7-2.37.5
Transfers from/(to) property, plant and
equipment (note 11)--(19.1)(4.7)(23.8)
Transfers within investment property-4.9(6.5)1.6-
Investment property fair value increase16.854.913.46.891.9
Net carrying amount
212.9616.9252.9115.31,198.0
Additions for the year ended 30 June 2018 include capitalised interest of $1.2 million (2017: $2.0 million).
The group’s investment properties are all categorised as Level 3 in the fair value hierarchy, as described in note 18.3.
During the year, there were no transfers of investment property between levels of the fair value hierarchy.
The basis of valuation is market value, based on each property’s highest and best use. The valuation methodologies used were a direct
sales comparison or a direct capitalisation of rental income using market comparisons of capitalisation rates, supported by a discounted
cash flow approach. Further details of the valuation methodologies and sensitivities are included in note 11(c). The valuation
methodologies are consistent with prior years.
48
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

The principal assumptions used in establishing the valuations were as follows.
20182017
Asset classification and
valuation approach
Inputs used to measure fair
value
Range of
significant inputs
Weighted
average
Range of
significant inputs
Weighted
average
Retail and service
Discounted cash flow cross-
referenced to a market
capitalisation of net revenues
as indicated by market activity
from comparable
transactions.
Market rent (per sqm)$44-663$220$41-639$248
Market capitalisation rate5.00-7.50%6.54%5.75-7.75%6.88%
Terminal capitalisation rate5.50-8.00%6.87%6.00-8.00%7.15%
Discount rate6.75-9.30%8.24%7.50-9.63%8.91%
Rental growth rate (per annum)2.00-3.00%2.26%2.50-3.12%2.19%
Industrial
Discounted cash flow cross-
referenced to a market
capitalisation of net revenues
as indicated by market activity
from comparable
transactions.
Market rent (per sqm)$99-289$131$94-265$132
Market capitalisation rate4.33-8.25%6.07%5.50-9.50%5.53%
Terminal capitalisation rate5.50-8.50%6.50%6.00-9.75%6.86%
Discount rate6.88-9.68%8.01%7.25-11.53%8.36%
Rental growth rate (per annum)2.85-4.00%3.37%2.50-3.00%2.70%
Vacant land
Direct sales comparison and
residual value.
Rate per sqm$6-500$90$6-470$83
Other
Discounted cash flow cross-
referenced to a market
capitalisation of net revenues
as indicated by market activity
from comparable
transactions.
Market rent (per sqm)$240-407$351$196-460$344
Market capitalisation rate5.43-7.50%6.65%6.50-7.50%7.10%
Terminal capitalisation rate6.50-7.75%7.07%6.75-7.75%7.37%
Discount rate7.25-9.57%8.49%8.25-9.65%9.19%
Rental growth rate (per annum)2.25-4.00%3.34%2.50-2.97%2.94%
The fair value of investment properties valued by each independent registered valuer is outlined below.
2018
2017
$M$M
Colliers International Limited471.8340.5
Savills Limited445.9420.3
Jones Lang LaSalle Incoporated470.5385.5
Investment property carried at cost37.451.7
Total fair value of investment properties1,425.61,198.0
The investment properties assigned to valuers are rotated across the portfolio every three years, with the last rotation in June 2016. All
valuers are registered valuers and industry specialists in valuing these types of investment properties.
Income and expenses related to investment property
20182017
$M$M
Rental income for investment properties55.451.4
Recoverable cost income5.35.2
Direct operating expenses for investment properties that derived rental income(6.5)(6.3)
Direct operating expenses for investment properties that did not derive rental income(1.8)(1.4)
49
Financial statements

13. Cash and cash equivalents
20182017
$M$M
Short-term deposits102.740.8
Cash and bank balances4.04.3
106.745.1
Cash and bank balances earn interest at daily bank deposit rates. During the year, surplus funds were deposited on the overnight money
market and term deposit at a rate of 1.75–3.06% (2017: at a rate of 1.75–2.45%). At 30 June 2018, the short-term deposits were held
with three financial institutions, with no more than $50.0 million with a single institution (2017: two financial institutions with no more than
$40 million with a single institution).
1
4. Trade and other receivables
20182017
$M$M
Trade receivables32.018.3
Less: Provision for doubtful debts(0.7)(0.7)
Net trade receivables31.317.6
Prepayments18.011.6
Revenue accruals and other receivables22.226.3
71.555.5
Allowance for impairment
Trade receivables have general payment terms of the 1
st
or the 20
th
of the month following invoice. Movements in the provision for
doubtful debts have been included in other expenses in the income statement. No individual amount within the provision for doubtful
debts is material.
1
5. Issued and paid-up capital
2018201720182017
$M$MSharesShares
Opening number issued and paid-up capital
at 1 July348.3332.71,192,614,1741,190,267,548
Shares fully paid and allocated to employees
by employee share scheme-0.112,00019,290
Shares issued under the dividend
reinvestment plan55.915.59,249,1622,327,336
Closing issued and paid-up capital at
30 June
404.2348.31,201,875,3361,192,614,174
All issued shares are fully paid and have no par value. The company does not limit the amount of authorised capital.
Each ordinary share confers on the holder one vote at any shareholder meeting of the company and carries the right to dividends.
The company has a dividend reinvestment plan which it reinstated in April 2017. Under the plan, shareholders can elect to receive the
value of their dividends in additional shares. The company considers whether the plan will apply to a dividend at each dividend
announcement. Shares issued in lieu of dividends are excluded from dividends paid in the statement of cash flows.
As members of the group, the shares held by the Employee Share Purchase Plan and the Executive Long-Term Incentive Plan are
eliminated from the group’s issued and paid-up capital. When those shares are transferred out of the plans and allocated or vested to
employees, they are recognised as an increase in issued and paid-up capital. In the year ended 30 June 2018,12,000 shares were
allocated to employees (2017: 19,290). Refer to note 23 Share-based payment plans.
50
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

16. Reserves
(i) Cancelled share reserve
20182017
$M$M
Balance at the beginning and end of the
year
(609.2)(609.2)
The cancelled share reserve records the premium above paid-up share capital incurred on the return of capital to shareholders and on-
market buy-backs of ordinary shares.
(ii) Property, plant and equipment revaluation reserve
20182017
$M$M
Balance at 1 July3,729.03,730.6
Reclassification to retained earnings(4.7)(1.6)
Revaluation1,189.6-
Balance at 30 June
4,913.93,729.0
The property, plant and equipment revaluation reserve records the revaluation of land, buildings and services, infrastructure, runway,
taxiways and aprons.
(iii) Share-based payments reserve
20182017
$M$M
Balance at 1 July1.11.0
Long-term incentive plan expense0.20.1
Balance at 30 June
1.31.1
The share-based payments reserve records the value of historical equity-settled share-based payments provided to employees, including
key management personnel, as part of their remuneration.
(iv) Cash flow hedge reserve
20182017
$M$M
Balance at 1 July(31.9)(47.7)
Fair value change in hedging instrument(9.5)15.2
Transfer to income statement2.96.7
Movement in deferred tax0.3(6.1)
Balance at 30 June
(38.2)(31.9)
The cash flow hedge reserve records the effective portion of the fair value of interest rate swaps that are designated as cash flow
hedges. Amounts transferred to the income statement are included in interest expense and other finance costs.
51
Financial statements

16. Reserves CONTINUED
(v) Share of reserves of associates
20182017
$M$M
Balance at 1 July20.410.4
Share of reserves of associates8.410.0
Balance at 30 June
28.820.4
The share of reserves of associates records the group’s share of movements in the cash flow hedge reserve and the property, plant and
equipment revaluation reserve of the associates. The cash flow hedge reserve of the associates records the effective portion of the fair
value of interest rate swaps that are designated as cash flow hedges. Amounts transferred to the income statement of the associate are
included in the share of profit of an associate.
(vi) Foreign currency translation reserve
20182017
$M$M
Balance at 1 July(9.3)(9.5)
Fair value change in hedging instrument-(0.2)
Foreign currency translation0.80.4
Transfer to income statement8.5-
Balance at 30 June
-(9.3)
The foreign currency translation reserve records gain and losses on the hedges of the group’s investment in North Queensland Airports.
The group sold its investment on 7 March 2018 and the cumulative losses were transferred to gain on sale of associate in the income
statement. Further information is included in note 8 Associates and joint ventures.
1
7. Accounts payable and accruals
20182017
$M$M
Employee entitlements9.57.2
Phantom option plan accrual (refer note 23(c))-3.3
GST payable2.92.2
Property, plant and equipment retentions and
payables77.063.3
Investment property retentions and payables5.39.3
Trade payables7.65.4
Interest payables14.813.5
Other payables and accruals30.928.1
Total accounts payable and accruals
148.0132.3
The above balances are unsecured.
The amount owing to the related parties at 30 June 2018 is $1.0 million (2017: $1.2 million).
52
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

18. Financial assets and liabilities
The total carrying amounts of the group’s financial assets and liabilities are detailed below.
20182017
Notes
$M$M
Current financial assets
Loan and receivables
Cash and cash equivalents13106.745.1
Trade and other receivables53.543.9
Dividends receivable-2.7
160.291.7
Derivative financial instruments
Interest rate swaps - fair value hedges-0.6
Total current financial assets160.292.3
Non-current financial assets
Derivative financial instruments
Cross-currency interest rate swaps108.678.1
Interest rate swaps - cash flow hedges-1.0
108.679.1
Derivative financial instruments
Interest basis swaps1.83.0
Total non-current financial assets110.482.1
Total financial assets270.6174.4
Current financial liabilities
Financial liabilities at amortised cost
Accounts payable and accruals148.0132.3
Short-term borrowings18.1166.8421.1
Provisions0.10.9
314.9554.3
Derivative financial instruments
Interest rate swaps - cash flow hedges1.32.8
Total current financial liabilities316.2557.1
Non-current liabilities
Financial liabilities at amortised cost
Term borrowings18.11,893.51,635.5
Other term liabilities1.81.5
1,895.31,637.0
Derivative financial instruments
Cross-currency interest rate swaps-4.1
Interest rate swaps - cash flow hedges38.932.0
Total non-current financial liabilities1,934.21,673.1
Total financial liabilities2,250.42,230.2
The cross-currency interest rate swaps consist of a fair value hedge component and a cash flow hedge component.
53
Financial statements

18. Financial assets and liabilities CONTINUED
Amounts subject to potential offset
The group’s derivative financial instruments are subject to enforceable master netting arrangements. Each agreement allows the parties
to elect net settlement of the relevant financial assets and liabilities in the event of default of the other party. The group's financial
statements do not offset assets and liabilities with the same counterparties. Instead we report each derivative as either an asset or
liability. However, if offsets were enforced by either party, the potential net amounts (assets less liabilities) would be derivative financial
assets of $70.2 million (2017: derivative financial assets of $43.8 million).
18.1 Borrowings
At the balance date, the following borrowing facilities were in place for the group.
2018
2017
MaturityCoupon
1
$M$M
Current
Commercial paper< 3 monthsFloating91.891.8
Bank facility29/10/2017Floating-45.0
Bank facility01/12/2017Floating-84.0
Bank facility07/04/2018Floating-100.0
Bonds17/10/20175.47%-100.3
Bonds01/10/2018Floating75.0-
Total short-term borrowings
166.8421.1
Non-current
Bank facility29/10/2019Floating100.0100.0
Bank facility27/10/2020Floating50.0-
Bank facility17/08/2021Floating30.0-
Bonds01/10/2018Floating-75.0
Bonds13/12/20194.73%100.0100.0
Bonds13/04/2020Floating150.0150.0
Bonds28/05/20215.52%150.0150.0
Bonds09/11/20224.28%100.0100.0
Bonds17/04/20233.64%100.0-
Bonds02/11/20233.97%225.0225.0
USPP notes15/02/20214.42%74.471.3
USPP notes12/07/20214.67%74.972.1
USPP notes15/02/20234.57%75.473.1
USPP notes25/11/20263.61%367.5358.1
AMTN notes23/09/20274.50%296.3160.9
Total term borrowings
1,893.51,635.5
Total
Commercial paper91.891.8
Bank facilities180.0329.0
Bonds900.0900.3
USPP notes592.2574.6
AMTN notes296.3160.9
Total borrowings
2,060.32,056.6
1 The coupon interest rate is the interest rate received by our lenders and does not reflect the group’s total cost of borrowing. Our total cost of borrowing may be
higher or lower than the coupon, reflecting the impacts of hedging and amortised transaction costs.
54
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

20182017
$M$M
Total borrowings at the beginning of the year
2,056.61,886.9
Decrease in borrowings during the year(329.0)(305.0)
Increase in borrowings during the year301.1538.4
Premium received for issue at non-market rates5.4-
Revaluation of foreign denominated debt for changes in FX rate50.9(22.1)
Revaluation of debt in fair value hedge relationship(24.7)(41.7)
Total borrowings at the end of the year
2,060.32,056.6
Bank facilities
Borrowings under the drawn bank facilities and standby bank
facilities are supported by a negative pledge deed.
In the year ended 30 June 2018, the company undertook the
following bank financing activity:
• In November 2017 a drawn NZD45 million facility with Bank of
Tokyo Mitsubishi expired. The facility was replaced with a new
three year NZD50 million facility, also with Bank of Tokyo
Mitsubishi.
• In November 2017 a drawn AUD80 million facility with
Commonwealth Bank of Australia was repaid and closed, one
month short of its expiry. The facility was replaced with a new
partially drawn three year AUD90 million facility, also with
Commonwealth Bank of Australia.
• In November 2017 the Company established a new
NZD30 million facility with the Bank of China.
• In March 2018 a NZD100 million facility with Commonwealth
Bank of Australia was repaid and not replaced.
Bonds and notes
Borrowings under the bond programme are supported by a master
trust deed. They are unsecured and unsubordinated. In the year
ended 30 June 2018, the company undertook the following bond
financing:
• The repayment of NZD100.0 million of six year, 5.47 per cent
bonds in October 2017.
• The issuance of NZD100.0 million of five and a half year, 3.64
per cent bonds in October 2017.
• The issuance of AUD110.0 million of ten year, 4.5 per cent
Australian medium term notes (AMTN) in October 2017.
During the current and prior years, there were no defaults or
breaches on any of the borrowing facilities.
1
8.2 Hedging activity and derivatives
Cash flow hedges
At 30 June 2018, the group held interest rate swaps where it pays
a fixed rate of interest and receives a variable rate on the notional
amount (in NZD and AUD). The notional amount of the interest rate
swaps in a cash flow hedge at 30 June 2018 is $980.0 million
(2017: $905.0 million). These interest rate swaps are designated
as cash flow hedges of the future variable interest rate cash flows
on exisitng and future bank facilities, commercial paper and floating
rate bonds. The interest payment frequency on these borrowings
is quarterly.
During the year, the group assessed the cash flow hedges to be
highly effective. The only ineffectiveness required to be recognised
in the income statement was the ineffective portion of a cash flow
hedge prior to redesignation and recognition of counterparty
credit risk associated with the derivatives.
Fair value hedges
The group's use of fair value hedges includes cross-currency
interest rate swaps and interest rate swaps where it receives a fixed
rate of interest and pays a variable rate on the notional amount.
At 30 June 2018, the notional amount of fair value hedges is
$774.4 million, which is comprised of cross-currency interest rate
swaps. The notional amount of interest rate swaps is nil (30 June
2017: 703.3 million, comprised of cross-currency interest rate
swaps of $653.3 million and interest rate swaps of $50.0 million).
The cross-currency interest rate swaps transform a series of known
fixed debt interest cash flows to mitigate exposure to fair value
changes in fixed interest bonds, AMTN notes and the USPP notes.
The cross-currency interest rate swaps consist of a fair value hedge
component and a cash flow hedge component.
55
Financial statements

18.2 Hedging activity and derivatives CONTINUED
Gains or losses on the fixed interest bonds, USPP notes, derivatives and AMTN notes in a heding relationship with fair value hedges
recognised in the income statement in interest expense during the period were:
20182017
$M$M
Gains/(losses) on the fixed interest bonds(0.3)1.0
Gains/(losses) on the USPP notes27.343.9
Gains/(losses) on the derivatives(24.1)(39.5)
Gains/(losses) on the AMTN notes(3.0)(3.5)
As part of the issuance of the USPP notes and cross-currency
interest rate swaps, additional basis swaps were taken out by the
group to hedge the basis risk on the cross-currency interest rate
swaps. The basis swaps converted the 10 and 12 year fixed basis
cost component of the cross-currency interest rate swaps to a
much lower annual-resetting basis cost, thereby lowering the
overall interest cost in New Zealand dollars of the US dollar USPP
borrowings. The basis swaps are not hedge accounted.
Gains or losses on the basis swaps recognised in the income statement and the ineffective hedging component of the swaps recognised
in the income statement relating to counterparty risk during the period were:
20182017
$M$M
Basis swaps transacted as hedges but not
qualifying for hedge accounting(1.2)(0.1)
Credit valuation adjustments on hedges
qualifying for hedge accounting0.52.6
Derivative fair value (decrease)/increase(0.7)2.5
The group has assessed that the sensitivity of reported profit to changes in the NZD/USD basis spreads is immaterial.
1
8.3 Fair value
The group selects valuation techniques that aim to maximise the
use of relevant observable inputs and minimise the use of
unobservable inputs, provided that sufficient data is available. All
assets and liabilities for which fair value is measured are assigned
to levels within the fair value hierarchy. The different levels
comprise:
•Level 1 – the fair value is calculated using quoted prices for the
asset or liability in active markets.
•Level 2 – the fair value is estimated using inputs other than
quoted prices included in level 1 that are observable for the
asset or liability, either directly (as prices) or indirectly (derived
from prices).
•Level 3 – the fair value is estimated using inputs for the asset
or liability that are not based on observable market data.
To determine the level used to estimate fair value, the group
assesses the lowest level input that is significant to that fair value.
There have been no transfers between levels of the fair value
hierarchy in the year ended 30 June 2018 (2017: Nil).
The carrying value closely approximates the fair value of cash,
accounts receivable, dividend receivable, other non-current
assets, accounts payable and accruals, provisions and other term
liabilities. The carrying amount of the group’s current and non-
current borrowings issued at floating rates closely 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 and AMTN 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 fair value of the AMTN 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.
56
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

20182017
Carrying
amount
Fair
value
Carrying
amount
Fair
value
$M$M$M$M
Bonds900.0930.1900.3926.5
USPP Notes592.2599.8574.6584.7
AMTN Notes296.3303.2160.9165.1
The group’s derivative financial instruments are interest rate
swaps, cross-currency interest rate swaps and basis swaps. They
arise directly from raising finance for the group’s operations. All the
derivative financial instruments with the exception of the basis
swaps are hedging instruments for financial reporting purposes.
The basis swaps are transacted as hedges but do not qualify for
hedge accounting.
The group’s derivative financial instruments are classified as level
2. The future cash flows are estimated using the key inputs
presented in the table alongside. The cash flows are discounted
at a rate that reflects the credit risk of various counterparties.
InstrumentValuation key inputs
Interest rate
swaps
Forward interest rates (from observable yield
curves) and contract interest rates
Basis swapsObservable forward basis swap pricing and
contract basis rates
Cross-currency
interest rate
swaps
Forward interest and foreign exchange rates
(from observable yield curves and forward
exchange rates) and contract rates
18.4 Financial risk management objectives and policies
(a) Credit risk
The group’s maximum exposure to credit risk at 30 June 2018 is
equal to the carrying value of cash, accounts receivable, dividends
receivable and derivative financial instruments. Credit risk is
managed by restricting the amount of cash and marketable
securities that can be placed with any one institution, which will be
either the New Zealand Government or a New Zealand registered
bank with an appropriate international credit rating. The group
minimises its credit risk by spreading such exposures across a
range of institutions, with Standard and Poors’ credit ratings of A
or above (2017: AA- or above).
The group’s credit risk is also attributable to accounts receivable,
which principally comprise amounts due from airlines, tenants and
licensees. There are no significant accounts receivable balances
relating to customers who have previously defaulted on amounts
due.
The group has a policy that manages exposure to credit risk by
way of requiring a performance bond for some customers whose
credit rating or history indicates that this would be prudent. The
value of performance bonds for the group is $1.7 million (2017:
$1.5 million). There are no significant concentrations of credit risk.
(b) Liquidity risk
The group’s objective is to maintain a balance between continuity
of funding and flexibility through the use of borrowings on the
money market, bank loans, commercial paper, USPP, AMTN notes
and bonds.
To manage the liquidity risk, the group’s policy is to maintain
sufficient available funding by way of committed, but undrawn,
debt facilities. As at 30 June 2018, this undrawn facility headroom
was $378.5 million (2017: $280.0 million). The group’s policy also
requires the spreading of debt maturities.
57
Financial statements

18.4 Financial risk management objectives and policies CONTINUED
Bank facilities
20182017
FacilityAvailableDrawnUndrawnAvailableDrawnUndrawn
TypeBankMaturitycurrencyNZ $MNZ $MNZ $MNZ $MNZ $MNZ $M
Standby facility
ANZ Bank New
Zealand
30/11/2017NZD---80.0-80.0
Standby facility
Bank of New
Zealand
07/04/2019NZD125.0-125.0125.0-125.0
Standby facilityWestpac07/04/2019NZD75.0-75.075.0-75.0
Standby facility
Bank of New
Zealand
31/10/2020NZD80.0-80.0---
Multi-currency facility
Bank of Tokyo
Mitsubishi UFJ
29/10/2017NZD & AUD---45.045.0-
Multi-currency facility
Commonwealth
Bank of Australia
01/12/2017AUD---84.084.0-
Multi-currency facility
Commonwealth
Bank of Australia
07/04/2018NZD & AUD---100.0100.0-
Multi-currency facility
Commonwealth
Bank of Australia
27/10/2020AUD98.5-98.5---
Multi-currency facility
Bank of Tokyo
Mitsubishi UFJ
29/10/2019NZD & AUD100.0100.0-100.0100.0-
Multi-currency facility
Bank of Tokyo
Mitsubishi UFJ
27/10/2020NZD50.050.0----
Multi-currency facility
Bank of China
(New Zealand)
17/08/2021NZD30.030.0----
Total NZD
equivalent
558.5180.0378.5609.0329.0280.0
58
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

The following liquidity risk disclosures reflect all undiscounted
principal repayments and interest payments resulting from
recognised financial liabilities and financial assets as at 30 June
2018. The timing of cash flows for liabilities is based on the
contractual terms of the underlying contract. Liquid non-derivative
assets comprising cash and receivables are considered in the
group’s overall liquidity risk. The group ensures that sufficient liquid
assets or committed funding facilities are available to meet all the
required short-term cash payments and expects borrowings to
roll over.
Undiscounted cash flows on financial assets and liabilities
< 1 year1 to 3 years3 to 5 years> 5 yearsTotal
$M$M$M$M$M
Year ended 30 June 2018
Financial assets
Cash and cash equivalents106.7---106.7
Accounts receivable53.5---53.5
Derivative financial assets8.621.421.367.5118.8
Total financial assets
168.821.421.367.5279.0
Financial liabilities
Accounts payable, accruals,
provisions and other term
liabilities(149.9)---(149.9)
Commercial paper(92.0)---(92.0)
Bank facilities-(150.0)(30.0)-(180.0)
Bonds(75.0)(400.0)(200.0)(225.0)(900.0)
AMTN Notes---(284.5)(284.5)
USPP notes-(73.9)(147.8)(369.5)(591.2)
Derivative financial liabilities(9.4)(15.6)(12.8)(4.6)(42.4)
Interest payable(76.6)(135.9)(93.6)(110.7)(416.8)
Total financial liabilities
(402.9)(775.4)(484.2)(994.3)(2,656.8)
Year ended 30 June 2017
Financial assets
Cash and cash equivalents45.1---45.1
Accounts receivable43.9---43.9
Dividend receivable2.7---2.7
Derivative financial assets4.92.511.4100.1118.9
Total financial assets
96.62.511.4100.1210.6
Financial liabilities
Accounts payable, accruals,
provisions and other term
liabilities(134.7)---(134.7)
Commercial paper(92.0)---(92.0)
Bank facilities(229.0)(100.0)--(329.0)
Bonds(100.0)(325.0)(150.0)(325.0)(900.0)
USPP notes---(169.9)(169.9)
AMTN notes--(143.7)(468.2)(611.9)
Derivative financial liabilities(10.1)(13.8)(10.6)(7.6)(42.1)
Interest payable(66.9)(124.8)(90.6)(126.1)(408.4)
Total financial liabilities
(632.7)(563.6)(394.9)(1,096.8)(2,688.0)
59
Financial statements

18.4 Financial risk management objectives and policies CONTINUED
(c) Interest rate risk
The group’s exposure to market risk from changes in interest rates
relates primarily to the group’s borrowings. Borrowings issued at
variable interest rates expose the group to changes in interest
rates. Borrowings issued at fixed rates expose the group to
changes in the fair value of the borrowings.
The group’s policy is to manage its interest rate exposure using a
mix of fixed and variable rate debt and interest rate derivatives that
are accounted for as cash flow hedges or fair value hedges. The
group’s policy is to keep its exposure to borrowings at fixed rates
of interest between parameters set out in the group’s treasury
policy. At year end, 54.7% (2017: 51.4%) of the borrowings
(including the effects of the derivative financial instruments and
cash and funds on deposit) were subject to fixed interest rates,
which are defined as borrowings with an interest reset date greater
than one year. The hedged forecast future interest payments are
expected to occur at various dates between one month and 10
years from 30 June 2018 (2017: one month and 10 years).
At balance date, the company had the following mix of financial assets and liabilities exposed to New Zealand variable interest rate risk
after considering hedging instruments.
20182017
$M$M
Financial assets
Cash and cash equivalents106.745.1
106.745.1
Financial liabilities
Bonds in fair value hedge-50.0
Floating rate bonds85.085.0
Bank facilities15.0139.0
Commercial paper6.831.8
AMTN Notes284.5163.4
USPP Notes489.9489.9
881.2959.1
Net exposure
774.5914.0
Interest rate sensitivity
The following table demonstrates the sensitivity to a change in floating interest rates of plus and minus 100 basis points, with all other
variables held constant, of the company’s profit before tax and equity.
2018
2017
$M$M
Increase in interest rates of 100 basis points
Effect on profit before taxation(7.8)(9.1)
Effect on equity before taxation31.529.8
Decrease in interest rates of 100 basis points
Effect on profit before taxation7.89.1
Effect on equity before taxation(34.0)(32.1)
Significant assumptions used in the interest rate sensitivity analysis
include the following:
• Effect on profit before tax and effect on equity is based on net
floating rate debt and funds on deposit as at 30 June 2018 of
$774.5 million (2017: $914.0 million). Interest rate movements
of plus and minus 100 basis points have been applied to this
floating rate debt to demonstrate the sensitivity to interest rate
risk.
• Effect on equity is the movement in the valuation of derivatives
that are designated as cash flow hedges due to an increase or
decrease in interest rates. All derivatives that are effective as
at 30 June 2018 are assumed to remain effective until maturity.
Therefore any movements in these derivative valuations are
taken to the cash flow hedge reserve within equity and they
will reverse entirely by maturity date.
60
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

(d) Foreign currency risk
The group is exposed to foreign currency risk with respect to
Australian and US dollars.
Exposure to the Australian dollar previously arose from the
translation risk related to the investment in North Queensland
Airports. This exposure was hedged by a bank facility that was
drawn down in Australian dollars to a total of AUD90.0 million. On
7 March 2018 the group sold its investment in North Queensland
Airports and repaid the bank facility. Further information is included
in note 8 Associates and joint ventures.
Exposure to the Australian dollar also arises from Australian note
borrowings. This exposure has been fully hedged by way of cross-
currency interest rate swaps hedging both principal and interest.
Exposure to the US dollar arises from USPP borrowings
denominated in that currency.
This exposure has been fully hedged by way of cross-currency
interest rate swaps combined with the basis swaps, hedging US
dollar exposure on both principal and interest.
The cross-currency interest rate swaps correspond in amount and
maturity to the relevant Australian and US dollar borrowings with
no residual foreign currency risk exposure.
The cross-currency interest rate swaps consist of a fair value hedge
component and a cash flow hedge component. The effective
movements on the fair value hedge component are taken to the
income statement along with all movements of the hedged risk on
the AMTN notes and USPP notes. The effective movements of the
cash flow hedge components are all taken to the cash flow hedge
reserve.
The net exposure at balance date is representative of what the
group was and is expecting to be exposed to in the next 12
months from balance date.
The following sensitivity analysis is based on the foreign currency risk exposures in existence at the reporting date. At 30 June 2018, had
the New Zealand dollar moved either up or down 10%, with all other variables held constant, post-tax profit and other comprehensive
income would have been affected as follows.
20182017
$M$M
Increase in value of NZ dollar of 10%
Impact on profit before taxation(0.2)(0.1)
Impact on equity before taxation(5.5)(3.8)
Decrease in value of NZ dollar of 10%
Impact on profit before taxation0.30.2
Impact on equity before taxation6.84.7
Significant assumptions used in the foreign currency exposure
sensitivity analysis include the following.
• Reasonably possible movements in foreign exchange rates
were determined based on a review of the last two years'
historical movements. A movement of plus or minus 10% has
been applied to the exchange rates to demonstrate the
sensitivity to foreign currency risk of the company’s debt and
associated derivative financial instruments.
• The sensitivity was calculated by taking the spot rate as at
balance date of 0.91375 (2017: 0.9525) for AUD and 0.6766
(2017: 0.7322) for USD and moving this spot rate by the
reasonably possible movements of plus or minus 10% and then
re converting the foreign currency into NZD with the new spot
rate. This methodology reflects the translation methodology
undertaken by the group.
(e) Capital risk management
The group’s objective is to maintain a capital structure mix of
shareholders’ equity and debt that achieves a balance between
ensuring the group can continue as a going concern and providing
a capital structure that maximises returns for shareholders and
reduces the cost of capital to the group. The appropriate capital
structure of the group is determined from consideration of our
target credit rating, comparison to peers, sources of finance,
borrowing costs, general shareholder expectations, the ability to
distribute surplus funds efficiently, future business strategies and
the ability to withstand business shocks.
The group can maintain or adjust the capital structure by adjusting
the level of dividends, changing the level of capital expenditure,
issuing new shares, returning capital to shareholders or selling
assets to reduce debt. The group monitors the capital structure
on the basis of the gearing ratio and by considering the credit rating
of the company.
The gearing ratio is calculated as borrowings divided by borrowings
plus the market value of shareholders’ equity. The gearing ratio as
at 30 June 2018 is 20.3% (2017: 19.5%). The current long-term
credit rating of Auckland Airport by Standard & Poor’s at 30 June
2018 is A- Stable Outlook (2017: A- Stable Outlook).
61
Financial statements

19. Commitments
(a) Property, plant and equipment
The group had contractual obligations to purchase or develop
property, plant and equipment for $77.2 million at 30 June 2018
(2017: $150.2 million).
(b) Investment property
The group had contractual obligations to purchase or develop
investment property for $173.1 million at 30 June 2018 (2017:
$57.6 million).
The group has contractual commitments for repairs, maintenance
and enhancements on investment property for $5.1 million at
balance date (2017: $1.7 million).
(c) Operating lease receivable – group as lessor
The group has commercial properties owned by the company that
produce rental income and retail concession agreements that
produce retail income.
These non-cancellable leases have remaining terms of between
one month and 34 years (2017: one month and 35 years). Most
leases with an initial period over three years include a clause to
enable upward revision of the rental charge on contractual rent
review dates according to prevailing market conditions. A very
small minority can be revised downwards.
Future minimum rental and retail income receivable under non-cancellable operating leases as at 30 June are as follows.
20182017
$M$M
Within one year270.8204.0
After one year but no more than five years937.5655.8
After more than five years626.8201.7
Total minimum lease payments receivable
1,835.11,061.5
20. Contingent liabilities
Noise insulation
In December 2001, the Environment Court ratified an agreement
that had been reached between Manukau City Council, the
company and other interested parties on the location and future
operation of a second runway to the north and parallel to the
existing runway.
The Environment Court determination includes a number of
conditions that apply to the operation of the airport. These
conditions include obligations on the company to mitigate the
impacts of aircraft noise on affected properties in the local
community. The obligations include the company offering acoustic
treatment packages to schools and existing homes within defined
areas. Noise levels are monitored continually, and as the noise
impact area increases, additional offers will need to be made. The
obligation does not extend to new houses. The second runway to
the north may be extended beyond the length of the runway
previously planned. Overall, it is estimated that approximately
4,000 homes will eventually be offered assistance including those
homes that may be affected by the extended runway.
As it is not possible to accurately predict the rate of change in
aircraft noise levels over time nor the rate of acceptance of offers
of treatment to homeowners, the company cannot accurately
predict the overall cost or timing of acoustic treatment. However,
it is estimated that, overall, further costs should not exceed
$9.0 million (refer note 21).
Firefighting foam clean up
The 2018 financial result contains a $1.2 million provision for the
costs expected to be incurred during the 2019 financial year to
dispose of PFOS/PFOA contaminated fire fighting foam inventory.
PFOS/PFOA containing firefighting foam has been widely used in
the airport sector, globally and throughout New Zealand. The
Ministry for the Environment is yet to determine if the airport sector
will need to perform any additional decontamination tasks other
than disposing of surplus inventory, but we have commissioned
preliminary investigations to determine the extent of any
contamination. At this time, the potential cost of any yet to be
determined decontamination obligations has not been provided for
in the financial statements.
62
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

21. Provisions for noise mitigation
The group has an obligation to fund the acoustic treatment of
homes and schools within defined areas when noise exceeds
certain thresholds and when the offer of acoustic treatment is
accepted. On acceptance of offers, the group records a provision
for the estimated cost of fulfilling the obligation. The amount of the
provision will change depending on the number of offers accepted,
a revision in the estimate of the cost of offers and when the
acoustic treatment expenditure is incurred. As directly attributable
costs of a future second runway, the costs are capitalised to the
extent they are not recoverable from other parties.
Since 2005, the company has made acoustic treatment offers to
a total of 2,700 houses and six schools. Homeowners of 654
homes and six schools have accepted these offers. The last offers
were made in February 2018.
20182017
$M$M
Opening balance0.90.9
Provisions made in the period1.21.6
Expenditure in the period(2.0)(1.6)
Total provision for noise mitigation
0.10.9
22. Related party disclosures
(a) Transactions with related parties
All trading with related parties, including and not limited to rentals
and other sundry charges, has been made on an arm's length
commercial basis, without special privileges, except for the
provision of accounting and advisory services to Auckland
International Airport Marae Limited at no charge.
No guarantees have been given or received.
Auckland Council
Auckland Council is a significant shareholder of the company with
a shareholding in excess of 20%.
On 28 October 2010, Auckland Airport and Manukau City Council
came to an agreement where Auckland Airport agreed to vest
approximately 24 hectares of land in the north of the airport to the
Council as public open space for the consideration of $4.1 million.
The vesting of the land will be triggered when building development
in that precinct achieves certain levels.
The obligations and benefits of the agreement relating to Manukau
City Council now rest with Auckland Council.
Costs incurred for goods and services received from Auckland Council and its subsidiaries are as follows.
20182017
$M$M
Rates10.69.9
Building consent costs and other local government regulatory
obligations1.31.2
Water, wastewater and compliance services2.52.2
Grounds maintenance1.62.1
Roads acquired-3.3
Associates and joint ventures
Refer to note 8 for details of transactions with associate entities and joint ventures.
63
Financial statements

22. Related party disclosures CONTINUED
(b) Key management personnel compensation
The table below includes the remuneration of directors and the senior management team.
20182017
Notes
$M$M
Directors' fees1.41.4
Senior management's salary and other short-term benefits5.45.6
Senior management's share-based payments23(b), 23(c)3.53.2
10.310.2
23. Share-based payment plans
(a) Employee share purchase plan
The purchase plan is open to all full-time and part-time employees
(not directors) at an offer date. The company advances to the
purchase plan all the monies necessary to purchase the shares
under the purchase plan. The advances are repayable by way of
deduction from the employee's regular remuneration. These
advances are interest free.
The shares allocated under the purchase plan are held in trust for
the employees by the trustees of the purchase plan during the
restrictive period, which is the longer of three years or the period
of repayment by the employee of the loan made by the trust to the
employee in relation to the acquisition of shares.
Movement in ordinary shares allocated to employees under the purchase plan is as follows.
20182017
SharesShares
Shares held on behalf of employees
Opening balance104,039119,929
Shares issued during the year30,10014,500
Shares fully paid and allocated during the year(12,000)(19,290)
Shares forfeited during the year(12,600)(11,100)
Total shares held on behalf of employees
109,539104,039
Unallocated shares held by the purchase plan217,072246,101
Total shares held by the purchase plan
326,611350,140
On 1 November 2017 shares were allocated from a surplus of
shares held by the Trustees of the Auckland International Airport
Limited Share Purchase Plan, issued at a price of $5.213, being
a 15% discount on the weighted average market selling price at
which ordinary shares were sold on the NZX Main Board on
1 November 2017. On 1 November 2016 shares were issued at
a price of $6.13, being a 15% discount on the average market
selling price over the 10 trading days ending on 5 October 2016.
64
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

(b) Long-term incentive plan – equity settled
In October 2015, the directors introduced a new equity-settled
long-term incentive plan (LTI plan) that vests from calendar year
2018 onwards. This plan replaces the previous phantom option
plan. Under the new LTI plan, shares are issued and then held in
trust for participating executives for a three-year vesting period. The
executives are entitled to the dividends on the shares during the
vesting period at the same rate as paid to all ordinary
shareholders. The receipt of the shares, or vesting, is at nil cost to
executives and subject to remaining employed by Auckland Airport
during the vesting period and achievement of total shareholder
return (TSR) performance hurdles. For 50% of the shares granted
under the plan, all shares will vest if TSR equals or exceeds the
company’s cost of equity plus 1% compounding annually
(independently calculated by First NZ Capital and
PricewaterhouseCoopers). For the other 50% of shares granted,
the proportion of shares that vest depends on Auckland Airport’s
TSR relative to a peer group. The peer group comprises the
members of the Dow Jones Brookfield Airports Infrastructure Index
(excluding Auckland Airport) at each grant date. To the extent that
performance hurdles are not met or executives leave Auckland
Airport prior to vesting, the shares are forfeited.
Number of shares held on behalf of executives
Grant dateVesting date
Balance
at the
beginning
of the year
Granted
during the
year
Vested
during the
year
Forfeited
during the
year
Balance at
the end of
the year
23 October 201523 October 2018141,654--16,139125,515
23 October 201623 October 2019110,180--11,88298,298
23 October 201723 October 2020-143,672--143,672
Total LTI plan
251,834143,672-28,021367,485
Fair value of share rights granted
The LTI plan is valued as nil-price in-substance options at the date
at which they are granted using a probability weighted payoff
valuation model independently prepared by First NZ Capital. The
following table lists the key inputs to the valuation. Volatility
estimates were derived using historical data over the past two
years. The cost is recognised in the income statement over the
vesting period, together with a corresponding increase in the
share-based payment reserve in equity.
Grant dateVesting dateGrant price
Risk free
interest rate
range
Expected
volatility of
share price
Estimated
fair value per
share right
23 October 201523 October 2018$5.022.56-3.00%18.1%$1.58
23 October 201623 October 2019$6.651.85-3.23%22.7%$2.15
23 October 201723 October 2020$6.251.79-3.06%21.9%$2.57
It has been assumed that participants will remain employed with
the company until the vesting date.
The share-based payment expense relating to the LTI plan for the
year ended 30 June 2018 is $0.2 million (2017: $0.1 million) with
a corresponding increase in the share-based payments reserve
(refer note 16 (iii)).
65
Financial statements

23. Share-based payment plans CONTINUED
(c) Long-term incentive - phantom options
In October 2015, the directors introduced the new executive share
plan effective from calendar year 2015, which replaced the old
phantom plans.
The old phantom plan involved the notional allocation of options
at prevailing market rates to participating executives. The vesting
period for these phantom options was three years from the date
of issue. Once the phantom options became exercisable, they
remained exercisable for the next two years, subject to a total
shareholder return hurdle being met. The gross amount payable
was the volume-weighted average price of the shares over the
previous 20 trading days less the initial share price for those
phantom options on the day the phantom options were issued. The
amount paid in the 2018 financial year was subject to a cap, based
on a multiple of an executive’s fixed annual remuneration in the
year the options were issued (three years prior to vesting).
As at 30 June 2018 all phantom options have been exercised or
lapsed. Therefore, the estimate of the fair value of the cash-settled
phantom plans for all the participating executives is nil (2017:
$3.3 million).
An expense of $0.4 million (2017: $1.4 million) relating to the
change in fair value or cash payments has been included in staff
expenses in the income statement. Cash payments under the
phantom plan were $3.4 million during the year ended 30 June
2018 (2017: $3.2 million).
As at 30 June 2018
Issue date
Date
exercisableExpiry date
Number
granted
Number
lapsed
Number
exercised
Number at
30 June 2018
Number
exercisable at
30 June 2018
Share price
to meet
hurdle rate at
30 June 2018
27/8/201427/8/201727/8/20193,875,4941,231,0472,644,447--N/A
3,875,4941,231,0472,644,447--
As at 30 June 2017
Issue date
Date
exercisableExpiry date
Number
granted
Number
lapsed
Number
exercised
Number at
30 June 2017
Number
exercisable at
30 June 2017
Share price
to meet
hurdle rate at
30 June 2017
22/8/201322/8/201622/8/20183,700,8041,132,3542,568,450--$3.83
27/8/201427/8/201727/8/20193,875,4941,231,047-2,644,447-$4.14
7,576,2982,363,4012,568,4502,644,447-
Payouts under the above phantom option scheme were subject to caps each year.
2
4. Events subsequent to balance date
On 23 August 2018, the directors approved the payment of a fully imputed final dividend of 11.0 cents per share amounting to
$132.3 million to be paid on 19 October 2018.
On 22 August 2018, Queenstown Airport paid a dividend of $6.2 million. The group’s share of the dividend is $1.5 million.
66
Notes and accounting policies CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

Audit Report
INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF AUCKLAND INTERNATIONAL AIRPORT LIMITED
Opinion
We have audited the consolidated financial statements of Auckland International Airport Limited and its subsidiaries (the ‘Group’),
which comprise the consolidated statement of financial position as at 30 June 2018, and the consolidated income statement,
statement of comprehensive income, statement of changes in equity and cash flow statement for the year then ended, and notes
to the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements, on pages 19 to 66, present fairly, in all material respects,
the consolidated financial position of the Group as at 30 June 2018, and its consolidated financial performance and cash flows for
the year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and
International Financial Reporting Standards (‘IFRS’).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and International Standards on Auditing
(New Zealand) (‘ISAs (NZ)’). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Consolidated Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance
Practitioners issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants, and we have fulfilled our other ethical responsibilities in accordance with
these requirements.
Our firm carries out other assignments for the Group in the area of AGM vote scrutineer assistance and assurance reporting for
regulatory reporting as well as taxation advice and consulting services. These services have not impaired our independence as
auditor of the Company and Group. In addition to this, partners and employees of our firm deal with the Company and its
subsidiaries on normal terms within the ordinary course of trading activities of the business of the Company and its subsidiaries.
The firm has no other relationship with, or interest in, the Company or any of its subsidiaries.
Audit materiality
We consider materiality primarily in terms of the magnitude of misstatement in the financial statements of the Group that in our
judgement would make it probable that the economic decisions of a reasonably knowledgeable person would be changed or
influenced (the ‘quantitative’ materiality). In addition, we also assess whether other matters that come to our attention during the
audit would in our judgement change or influence the decisions of such a person (the ‘qualitative’ materiality). We use materiality
both in planning the scope of our audit work and in evaluating the results of our work.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated
financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
67
Financial statements

Key audit matterHow our audit addressed the key audit matter
Fair Value of Revalued Property, Plant
and Equipment
Land, buildings and services, runway, taxiways,
aprons and infrastructure property, plant and
equipment (‘Revalued PPE’) are recorded on
the statement of financial position at their fair
value at the date of revaluation less any
subsequent accumulated depreciation and
impairment losses (if any). The Group revalues
these assets at regular intervals that are
sufficient to ensure that the carrying values are
not materially different to their fair values. The
carrying value of these assets as at 30 June
2018 is $6,378 million.
Land assets were revalued at 30 June 2018.
Infrastructure assets were revalued at 30 June
2016 and runway, taxiways, aprons, buildings
and services assets were last revalued at
30 June 2015. The Group did not carry out
revaluations in 2018 on these assets as it
assessed there has been no material change
in fair values.
The Group’s assessment considered
movements in the relevant capital goods
price indices.
Note 11(a) to the financial statements provides
summary information about each class of
Revalued PPE, including depreciation expense
by asset class and descriptions of the valuation
methodologies used in the latest valuations.
We consider the fair value of Revalued PPE
to be a key audit matter due to the materiality
of the carrying amounts to the financial
statements and the judgement involved in
determining their fair values.
In relation to the Land assets revalued in the current year our audit procedures
focused on the valuation process, methodologies and key inputs.
We evaluated the Group’s processes in respect of the independent valuation
including the selected valuation methodologies, the internal data provided to
the valuers where relevant, and the reconciliation of the valuations to the
asset register.
We evaluated the competence, objectivity and independence of the external
valuers. This included assessing their professional qualifications and experience
and obtaining representation from them regarding their independence and the
scope of their work. We also met with the independent valuers to discuss and
challenge key aspects of their valuations.
We held discussions with the valuers to obtain an understanding of the valuation
models, the key inputs, estimates and judgments applied and performed.
Our procedures included, on a test basis:
• Reading the valuation reports and considering whether the methodology
applied was appropriate for the asset being valued;
• Assessing the methodology for consistency with prior valuations and
considering whether any changes to the methodology were required; and
• Challenging the reasonableness of the key inputs and assumptions to the
models by comparing them to current market evidence and the Group’s
internal data.
Valuations using the discounted cash flow and capitalisation of
income approach:
• We tested, where relevant, the information provided by the Group to the
valuers including comparing cash flows to underlying records.
• We compared the assumptions relating to growth, terminal capitalisation
rates and discount rates to available economic data.
• We reviewed the valuers’ processes for comparing the values calculated
using the discounted cash flow methodology to their alternative calculations
under the market capitalisation or direct sales comparison approaches
where relevant.
Valuations using the direct sales comparison approach or an alternative
use approach:
• We compared relevant data to observable market information where
possible, including challenging the valuers’ determinations regarding feasible
alternative uses for the land parcels.
• We compared the data provided by the various valuers and considered
whether they were consistent.
• We considered whether adjustments made to the market data for property-
specific attributes were appropriate based on our knowledge of the property.
For all other PPE carried at fair value our audit procedures focused on the
appropriateness of the Group’s assessment that the carrying value is not
materially different to fair value.
Our procedures included:
• Assessing whether the capital goods price indices used by the Group
are appropriate;
• Comparing the capital goods price indices to observable market data and
testing the accuracy of the Group’s calculation of changes; and
• Testing the accuracy of the Group’s calculation of the the impact on fair value
of changes in capital goods price indices.
• Considering the appropriateness of the Group’s assessment that carrying
values are not materially different to fair value.
68
Auckland International Airport Limited

Key audit matterHow our audit addressed the key audit matter
Valuation of Investment Properties
Investment properties of $1,425.6 million are
recorded at fair value in the statement of
financial position at 30 June 2018.
A revaluation gain of $152.2m is recorded
in the income statement.
Revaluations are carried out annually by
independent registered valuers. Estimating the
fair values requires judgement and the models
used include both observable and non-
observable inputs.
Vacant land ($241.4 million) is valued using
a direct sales comparison or residual
value approach.
Retail and service, industrial, and other
investment properties ($1,184.2 million) are
valued using discounted cash flow models.
The significant inputs to the discounted cash
flow models are market rental rates, rental
growth rates and discount rates.
Note 12 to the financial statements provides
summary information about the investment
properties held by the Group and quantitative
information about the key inputs to the
valuation models. Note 11(c) describes the
methodologies used and provides qualitative
information about the sensitivity of the models
to changes in the key inputs.
We consider the valuation of investment
properties to be a key audit matter due to
the materiality of revaluation gains and
carrying amounts to the financial statements
and the judgement involved in determining
their fair values.
Our audit procedures focused on the appropriateness of the valuation
methodologies and key inputs applied in the models.
We evaluated the competence, objectivity and independence of the
independent registered valuers. This included assessing their professional
qualifications and experience and obtaining representation from them regarding
their independence and the scope of their work. We also met with the
independent valuers to discuss and challenge key aspects of their valuations.
We performed testing on a sample of the valuation reports.
Our procedures included:
• Reading the valuation reports and considering whether the methodology
applied was appropriate for the property being valued;
• Assessing the methodology for consistency with the prior period and
considering whether any changes to the methodology were appropriate;
• For properties valued using the direct sales comparison approach,
comparing sales information used to available market information about
sales of similar properties; and
• For properties valued using the discounted cash flow approach:
–Comparing current rental rates to the underlying lease agreements; and
–Comparing market rental rates, rental growth rates, and discount rates to
market data where available.
In addition, we evaluated the overall reasonableness of the revaluation change in
the investment property portfolio by analysing the change in fair value relative to
overall market observations.
Other information
The directors are responsible on behalf of the Group for the other information. The other information comprises the information in the
Annual Report that accompanies the consolidated financial statements and the audit report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If so, we are required to report
that fact. We have nothing to report in this regard.
Directors’ responsibilities for the consolidated financial statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated financial statements
in accordance with NZ IFRS and IFRS, and for such internal control as the directors determine is necessary to enable the preparation
of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to
do so.
69
Financial statements

Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ) will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis
of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located on the External Reporting
Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might state to the
Company’s shareholders those matters we are required to state to them in an auditor’s 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 audit work, for this report, or for the opinions we have formed.
Andrew Burgess, Partner
for Deloitte Limited
Auckland, New Zealand
23 August 2018
This audit report relates to the consolidated financial statements of Auckland International Airport Limited (the ‘Company’) for the year ended 30 June 2018 included on the
Company’s website. The Directors are responsible for the maintenance and integrity of the Company’s website. We have not been engaged to report on the integrity of the
Company’s website. We accept no responsibility for any changes that may have occurred to the consolidated financial statements since they were initially presented on the
website. The audit report refers only to the consolidated financial statements named above. It does not provide an opinion on any other information which may have been
hyperlinked to/from these consolidated 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 audited consolidated financial statements and related audit report dated 23 August 2018 to confirm the information included
in the audited consolidated financial statements presented on this website
70
Auckland International Airport Limited

20182017201620152014
Group income statement$M$M$M$M$M
Income
Airfield income122.1119.6103.493.387.6
Passenger services charge179.1174.3154.9140.9131.5
Retail income190.6162.8157.5132.0127.1
Rental income97.684.974.764.659.3
Rates recoveries6.05.65.45.14.6
Car park income61.056.352.146.642.8
Interest income2.22.31.73.32.0
Other income25.323.524.222.720.9
Total income
683.9629.3573.9508.5475.8
Expenses
Staff57.950.546.846.342.5
Asset management,
maintenance and airport
operations
69.555.649.144.240.3
Rates and insurance13.712.211.510.710.1
Marketing and promotions13.816.716.313.213.7
Other expenses22.621.219.914.114.0
Total expenses
177.5156.2143.6128.5120.6
Earnings before interest,
taxation, depreciation, fair
value adjustments and
investments in associates
(EBITDAFI)
506.4473.1430.3380.0355.2
Share of profit/(loss) of
associates
16.719.4(8.4)12.511.6
Gain on sale of associate297.4----
Derivative fair value
increase/(decrease)
(0.7)2.5(2.6)(0.7)0.6
Property, plant and
equipment fair value
revaluation
--(16.5)(11.9)4.1
Investment property fair
value increase
152.291.987.157.242.0
Earnings before interest,
taxation and depreciation
(EBITDA)
972.0586.9489.9437.1413.5
Depreciation88.977.973.064.863.5
Earnings before interest
and taxation (EBIT)
883.1509.0416.9372.3350.0
Interest expense and other
finance costs
77.272.879.186.068.2
Profit before taxation
805.9436.2337.8286.3281.8
Taxation expense155.8103.375.462.865.9
Profit after taxation
650.1332.9262.4223.5215.9
71
Five-year summary
Five-year summary
FOR THE YEAR ENDED 30 JUNE 2018

20182017201620152014
Group statement of comprehensive Income$M$M$M$M$M
Profit for the period
650.1332.9262.4223.5215.9
Other comprehensive income
Items that will not be reclassified to income
statement
Property, plant and equipment net revaluation
movements
1,189.6-784.0109.3734.8
Tax on the property, plant and equipment
revaluation reserve
--(7.1)(30.1)-
Movement in share of reserves of associates8.07.58.9--
Items that will not be reclassified to income
statement
1,197.67.5785.879.2734.8
Items that may be reclassified
subsequently to income statement
Cash flow hedges
Fair value gains/(losses) recognised in the cash
flow hedge reserve
(9.5)15.2(36.5)(25.5)(3.1)
Realised (gains)/losses transferred to the
income statement
2.96.76.09.28.7
Tax effect of movements in the cash flow
hedge reserve
0.3(6.1)8.54.6(1.6)
Total cash flow hedge movement(6.3)15.8(22.0)(11.7)4.0
Movement in share of reserves of associates0.42.51.91.78.4
Movement in foreign currency translation
reserve
0.80.2(2.7)1.7(7.0)
Items that may be reclassified
subsequently to income statement
(5.1)18.5(22.8)(8.3)5.4
Total other comprehensive income/(loss)
1,192.526.0763.070.9740.2
Total comprehensive income for the
period, net of tax attributable to the owners
of the parent
1,842.6358.91,025.4294.4956.1
20182017201620152014
Group statement of changes in equity$M$M$M$M$M
At 1 July
4,029.03,880.73,042.92,918.72,499.4
Profit for the period650.1332.9262.4223.5215.9
Other comprehensive income/(loss)1,192.526.0763.070.9740.2
Total comprehensive income
1,842.6358.91,025.4294.4956.1
Reclassification to gain on sale of associate8.5----
Shares issued55.915.60.4--
Share buy-back--0.1--
Capital return and share cancellation----(454.1)
Long-term incentive plan0.20.1---
Dividend paid(254.1)(226.3)(188.1)(170.2)(82.7)
1
At 30 June
5,682.14,029.03,880.73,042.92,918.7
1 During the 2014 financial year, the company made a $454 million capital return to shareholders ($0.343 per share). Only a final dividend of $82.7 million was
declared for the financial year.
72
Five-year summary CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

20182017201620152014
Group balance sheet$M$M$M$M$M
Non-current assets
Property, plant and equipment
Freehold land4,625.33,437.23,418.02,657.72,649.7
Buildings and services961.8754.2612.4583.0499.0
Infrastructure356.2332.9293.9278.8281.5
Runway, taxiways and aprons351.5354.3333.3320.2298.2
Vehicles, plant and equipment83.269.250.544.433.1
6,378.04,947.84,708.13,884.13,761.5
Investment properties1,425.61,198.01,048.9848.1733.4
Investment in associates104.4171.6142.8163.6158.4
Derivative financial instruments110.482.1138.8118.36.9
8,018.46,399.56,038.65,014.14,660.2
Current assets
Cash106.745.152.638.541.4
Inventories0.20.10.1-
Trade and other receivables71.555.542.336.629.0
Dividend receivable-2.73.32.82.7
Taxation receivable--3.99.5-
Derivative financial instruments-0.60.7-0.5
178.4104.0102.987.473.6
Total assets
8,196.86,503.56,141.55,101.54,733.8
Shareholders' equity
Issued and paid-up capital404.2348.3332.7332.3332.3
Cancelled share reserve(609.2)(609.2)(609.2)(609.2)(609.2)
Property, plant and equipment revaluation
reserve
4,913.93,729.13,730.62,958.52,880.6
Share-based payments reserve1.31.11.00.90.9
Cash flow hedge reserve(38.2)(32.0)(47.7)(25.7)(14.0)
Share of reserves of associates28.820.410.4(0.4)(2.1)
Foreign currency translation reserve-(9.3)(9.5)(6.8)(8.5)
Retained earnings981.3580.6472.4393.3338.7
5,682.14,029.03,880.73,042.92,918.7
Non-current liabilities
Term borrowings1,893.51,635.61,490.01,504.91,126.8
Derivative financial instruments38.936.156.922.233.1
Deferred tax liability251.4237.8220.4220.3200.2
Other term liabilities1.81.51.31.30.7
2,185.61,911.01,768.61,748.71,360.8
Current liabilities
Accounts payable148.0132.394.388.869.5
Taxation payable12.96.4--2.8
Derivative financial instruments1.32.80.11.7-
Short-term borrowings166.8421.1396.9217.6380.1
Provisions0.10.90.91.81.9
329.1563.5492.2309.9454.3
Total equity and liabilities
8,196.86,503.56,141.55,101.54,733.8
73
Five-year summary

20182017201620152014
Group statement of cash flows$M$M$M$M$M
Cash flow from operating activities
Cash was provided from:
Receipts from customers674.0615.5569.5500.6471.6
Interest received2.02.31.73.32.1
676.0617.8571.2503.9473.7
Cash was applied to:
Payments to suppliers and employees(180.5)(156.3)(151.2)(116.0)(116.4)
Income tax paid(96.4)(81.7)(69.9)(79.5)(79.1)
Interest paid(77.9)(72.7)(79.6)(86.2)(66.6)
(354.8)(310.7)(300.7)(281.7)(262.0)
Net cash flow from operating activities
321.2307.1270.5222.2211.7
Cash flow from investing activities
Cash was provided from:
Proceeds from sale of assets-0.10.10.3-
Proceeds from sale of investment property---0.5-
Proceeds from sale of investment in
associate
357.4----
Dividends from associates15.420.215.813.116.8
372.820.315.913.916.8
Cash was applied to:
Purchase of property, plant and equipment(310.3)(247.9)(124.4)(79.0)(60.7)
Interest paid - capitalised(8.8)(9.9)(5.5)(4.3)(3.2)
Expenditure on investment properties(77.1)(81.2)(103.7)(61.2)(55.6)
Other investing activities-(18.6)---
Costs relating to sale of investment of
associate
(10.1)----
(406.3)(357.6)(233.6)(144.5)(119.5)
Net cash applied to investing activities
(33.5)(337.3)(217.7)(130.6)(102.7)
Cash flow from financing activities
Cash was provided from:
Increase in share capital-0.10.4--
Increase in borrowings301.1538.4275.0565.8450.0
301.1538.5275.4565.8450.0
Cash was applied to:
Share buy-back----(454.1)
Decrease in borrowings(329.0)(305.0)(126.0)(490.1)(50.0)
Dividends paid(198.2)(210.8)(188.1)(170.2)(82.7)
(527.2)(515.8)(314.1)(660.3)(586.8)
Net cash flow applied to financing activities
(226.1)22.7(38.7)(94.5)(136.8)
Net increase/(decrease) in cash held61.6(7.5)14.1(2.9)(27.8)
Opening cash brought forward45.152.638.541.469.2
Ending cash carried forward
106.745.152.638.541.4
74
Five-year summary CONTINUED
FOR THE YEAR ENDED 30 JUNE 2018
Auckland International Airport Limited

20182017201620152014
Capital expenditure$M$M$M$M$M
Aeronautical280.6255.4119.768.333.3
Retail12.57.24.63.16.1
Property development80.285.7106.467.054.1
Infrastructure and other20.812.48.04.222.5
Car parking11.114.04.55.05.5
Total
405.2374.7243.2147.6121.5
Passenger, aircraft and MCTOW20182017201620152014
Passenger movements
International
1
11,266,38210,820,5359,688,9228,905,7588,437,976
Domestic9,263,6668,601,8417,902,0597,198,5956,911,689
Aircraft movements
International55,69354,87949,82846,69245,809
Domestic118,583114,366107,944104,264107,454
MCTOW (tonnes)
International5,798,0185,609,2444,910,0144,556,0514,339,266
Domestic2,341,6992,238,8532,068,5451,890,7641,879,199
1 A refinement in transit reporting from Immigration New Zealand in June 2018 has resulted in Auckland Airport restating international passenger data from June 2013
onwards.
75
Five-year summary

Auckland Airport’s Board of directors is responsible for the
company’s corporate governance. The Board is committed to
undertaking this role in accordance with internationally accepted
best practice appropriate to the company’s business as well as
taking account of the company’s listing on both the NZX and the
ASX (Foreign Exempt Listing Category). The company’s corporate
governance practices fully reflect and satisfy the ‘NZX Corporate
Governance Code 2017’ (NZX Code) and the Financial Markets
Authority handbook ‘Corporate Governance in New Zealand -
Principles and Guidelines’ (FMA Handbook).
The comprehensive NZX Code sets out eight fundamental
principles of good corporate governance. Consistent with the
approach taken in the 2017 annual report, Auckland Airport has
prepared the structure of this corporate governance section of the
annual report so that it reflects the company’s compliance with
those fundamental principles. This approach has been adopted to
reflect the transparency of the company’s corporate governance
practices for the benefit of shareholders and other stakeholders.
Further, although the company is not required to comply with the
ASX Corporate Governance Council’s 'Corporate Governance
Principles and Recommendations’ (3rd Edition) (ASX Principles),
given its Foreign Exempt Listing on the ASX, the company has
regard to the ASX Principles in designing its governance
framework and practices.
The company’s constitution and each of the charters and policies
referred to in this corporate governance section are available on the
corporate information section of the company’s website at
corporate.aucklandairport.co.nz.
Principle 1: Code of ethical behaviour
The company has always required the highest standards of
honesty and integrity from its directors and employees. This
commitment is reflected in the company’s ethics and code of
conduct policy, which documents the minimum standards of
ethical behaviour that all directors, employees, contractors and
consultants of the company are expected to adhere to. The policy
can be found on the company's website at
corporate.aucklandairport.co.nz/Governance. The ethics and
code of conduct policy recognises the company’s legal and other
obligations to all legitimate stakeholders. The ethics and code of
conduct policy applies equally to directors and employees of the
company.
The ethics and code of conduct policy deals with the company’s:
• responsibility to act honestly and with personal integrity in all
actions;
• responsibilities to shareholders including protection of
confidential information, restrictions on insider trading, rules for
making public statements on behalf of the company,
accounting practices and co-operation with auditors;
• responsibilities to customers and suppliers of the company,
and other persons using the Airport including rules regarding
unacceptable payments and inducements, treatment of third
parties’, non-discriminatory treatment and tendering
obligations; and
• responsibilities to the community including compliance with
statutory and regulatory obligations, use of assets and
resources and conflicts of interest.
The ethics and code of conduct policy also sets out procedures
to be followed for reporting any concerns regarding breaches of the
policy and for annual review of its content by the Board.
The company also has a policy on share trading by directors,
officers and employees which can be found on the company's
website at corporate.aucklandairport.co.nz/Governance. The
policy sets out a fundamental prohibition on trading of the
company’s securities and the obligation of confidentiality in dealing
with any material information. The policy applies to ordinary shares
and debt securities issued by the company, any other listed
securities of the company or its subsidiaries and any listed
derivatives in respect of such securities. Under the policy there is
also a prohibition on directors or senior employees trading in the
company’s shares during any black-out period. The company’s
black-out periods are:
• the period from the close of trading on 30 June of each year
until the day following the announcement of the preliminary final
statement or full-year results to the NZX; and
• the period from the close of trading on 31 December of each
year until the day following the announcement of the half-year
results to the NZX.
The company’s procedure for reporting and dealing with any
concerns in respect of the conduct of its directors, employees,
contractors and consultants fully complies with the requirements
of the Protected Disclosures Act 2000.
76
Corporate governance
Auckland International Airport Limited

Principle 2: Board composition and performance
The Board’s charter recognises the respective roles of the Board
and management. The charter reflects the sound base the Board
has developed for providing strategic guidance for the company
and the effective oversight of management. The Board’s primary
governance roles are to:
• work with the company's management to ensure that the
company’s strategic goals are clearly established and
communicated, and that strategies are in place to achieve
them;
• monitor management performance in strategy implementation;
• appoint the chief executive, review his or her performance and,
where necessary, terminate the chief executive’s employment;
• approve the appointment of the general counsel and company
secretary;
• approve remuneration policies applicable to senior
management via the people and capability committee;
• approve and monitor the company’s financial statements and
other reporting, including reporting to shareholders, and ensure
that the company’s obligations of continuous disclosure are
met;
• ensure that the company adheres to high ethical and corporate
behaviour standards;
• ensure there are procedures and systems in place to safeguard
the health and safety of people working at or visiting Auckland
Airport;
• ensure the company actively seeks ways to achieve a high
level of diversity within the business;
• promote a company culture and remuneration practice which
facilitates the recruitment, professional development and
retention of staff;
• set specific limits on management’s delegated authority for
entry into new expenditure, contracts and acquisition of assets
and approve commitments outside those limits; and
• ensure that the company has appropriate risk management
and regulatory compliance policies in place, and monitor the
appropriateness and implementation of those policies.
The number of directors is determined by the Board, in accordance
with the company’s constitution, to ensure it is large and diverse
enough to provide a range of knowledge, views and experience
relevant to the company’s business. The constitution requires there
are no more than eight and no fewer than three directors.
The Board currently comprises eight directors, being Sir Henry van
der Heyden, Julia Hoare, Brett Godfrey, James Miller, Justine
Smyth, Christine Spring, Patrick Strange and Mark Binns. Mark
Binns’ formal appointment to the Board is subject to shareholder
approval at the 2018 annual meeting. All of the directors are
considered by the Board to be ‘independent’ directors. In judging
whether a director is ‘independent’, the Board has regard to
whether or not the director:
• is a Substantial Product Holder (as that term is defined in
section 274 of the Financial Markets Conduct Act 2013) of the
company, or if he or she represents or is an officer of, or
otherwise associated directly with, a Substantial Product
Holder of the company;
• is or has been employed in an executive capacity by the
company and there has not been a period of at least three
years between ceasing such employment and serving on the
Board;
• has been within the last three years a material supplier or
customer of the company, or is an officer or employee of or
otherwise associated with a material supplier or customer;
• has a material contractual or other material relationship with the
company other than as a director;
• has been within the last three years a principal of a material
professional adviser or a material consultant to the company
or another group member, or an employee materially
associated with the service provided;
• has served on the Board for a period that, in the Board’s
opinion, could or could reasonably be perceived to materially
interfere with the director’s ability to act in the best interests of
the company;
• is free from any other interests or any business or other
relationships (including familial) that could or could be perceived
to interfere with the director’s unfettered and independent
judgement and ability to act in the best interests of the
company; and
• or any associated person of the director, has derived, or is
likely to derive, in the current financial year 10% or more of that
person’s annual revenue from, or by virtue of, a relationship
(other than as a director of the company) the director or the
associated person of the director has with the company or a
Substantial Product Holder of the company.
77
Corporate governance

As at the date of this annual report, the directors, the dates of their appointment and independence, are:
Director
Qualifications
GenderLocation
Date of
Appointment
Tenure
(years)Independence
Sir Henry van der Heyden
KNZM, BE
(Hons)MNZ4/Sep/099Yes
Mark Binns
LLBMNZ4/Apr/180Yes
Brett Godfrey
BCom, ACAMAUS28/Oct/108Yes
Julia Hoare
BCom, FCA,
AMInstDFNZ23/Oct/171Yes
James Miller
BCom, FCA,
AMInstDMNZ4/Sep/099Yes
Justine Smyth
BCom, FCA,
CFInstDFNZ2/Jul/126Yes
Christine Spring
BE, MSc Eng,
MBA,CMInstDFNZ23/Oct/144Yes
Patrick Strange
BE (Hons),
PhD, CFInstDMNZ22/Oct/153Yes
A biography of each director of the company is available on the
corporate governance section of the company’s website at
corporate.aucklandairport.co.nz/BoardofDirectors. The interests
of each director are set out on page 89. The chief executive is not
a member of the Board.
The Board considers that the roles of chair of the Board and chief
executive must be separate. The Board charter requires that the
chair of the Board is an independent, non-executive director.
The table on page 80 shows a list of each director’s Board
committee memberships, the number of meetings of the Board
and its committees held during the year, and the number of those
meetings attended by each director. Minutes are taken of all Board
and committee meetings.
Subject to the prior approval of the chair of the Board, any director
is entitled to obtain independent professional advice relating to the
affairs of the company or to the director’s responsibilities as a
director, at the cost of the company.
The Board has determined that directors will hold office for an
initial term of no longer than three years following their first
appointment. Directors may offer themselves for re-election by
shareholders at the end of each three-year term. If the director is
appointed by the Board between annual meetings, the three years
applies from the date of the meeting next following that interim
appointment. The Board’s charter records these requirements,
which are subject to any limitations imposed by shareholders in the
annual meeting, and the requirements of the constitution relating
to the retirement of directors by rotation. The Board's policy is that
directors shall not serve a term of longer than nine years unless the
Board considers that any director serving longer than that period
would be in the best interests of shareholders. The Board
nominations policy can be found on the company's website at
corporate.aucklandairport.co.nz/Governance.
All directors enter into written agreements with the company in the
form of a letter which sets out the terms and conditions of their
appointment. A copy of the standard form of this letter is available
on the company's website at corporate.aucklandairport.co.nz/
Governance. This letter may be changed with the agreement of the
Board.
The Board has established the nominations committee to focus
on the selection of new directors, the induction of directors, and
to develop a succession plan for Board members. Appropriate
checks of any potential new director are undertaken before any
appointment or putting forward to security holders for election. The
committee is required to comprise of a minimum of three directors,
two of whom must be independent, non-executive directors and
the chair of the committee is required to be an independent
director. Currently, all eight directors are members of the
committee, with each member being independent and Sir Henry
van der Heyden as chair. The nominations committee does not
meet separately as all matters to be discussed at the committee
are discussed by the full Board.
The Board seeks to ensure that it has an appropriate mix of skills,
experience and diversity to ensure it is well equipped to navigate
the range of issues faced by the company. The Board reviews and
evaluates on a regular basis the skill mix required and identifies
where gaps exist. The areas of skill and experience which the
Board considers to be particularly relevant include Listed
Governance Experience, CEO experience, infrastructure, property,
risk management and audit as well as capital markets, regulatory,
shareholder connectivity, aeronautical and retail experience. The
skills and experience of the directors is set out in the Board's
current skills matrix below.
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Auckland International Airport Limited

2018 SKILLS MATRIX
BoardSkills
Listed Governance ExperienceCEO ExpertiseInfrastructurePropertyRisk Management/AuditCapital Markets/Capital StructureRegulation ExperienceShareholder/Stakeholder ConnectivityAirports/AeronauticalCustomer/Retail
Director 1
Director 2
Director 3
Director 4
Director 5
Director 6
Director 7
Director 8
Key Area of Expertise Some Experience Blank = Limited / No Experience
A definition of categories referred to above can be found on the
company's website at corporate.aucklandairport.co.nz/
Governance.
The company strongly values and supports diversity, ensuring that
the company and its leadership, management and employees
reflect the diverse range of individuals and groups within our
society. A copy of the diversity policy can be found on the
company's website at corporate.aucklandairport.co.nz/
Governance.
The people and capability committee of the Board receives an
annual report on diversity within the company from management.
In addition, the senior management team receives regular reports
on diversity and wider gender demographics (where available) in
order to assess how the company is tracking against the policy at
the end of each reporting period.
To demonstrate the diversity of the company’s workforce, we set
out below a table showing the range of people who work at
Auckland Airport.
MaleFemale
% of female
(2017)
% of female
(2018)Age rangeEthnicities
1
Board
53383852-661
Leadership team
71221343-541
Employees
305193383919-7231
1 The ethnicities of the people Auckland Airport employ include: African, Asian, Australian, Cook Island, Croatian, English, European, Filipino, Fijian, Greek, Indian,
Irish, Korean, Latin America, Māori, Moldovan, Samoan, Middle Eastern New Zealand, Niuean, Persian, Russian, Samoan, South African, Taiwanese, Tongan,
Vietnamese and Welsh - noting that not everyone who works at Auckland Airport chooses to disclose their ethnicity.
79
Corporate governance

The Board strongly supports increasing diversity in corporate
governance. The Board participates in the 'Future Directors'
programme to help grow New Zealand's pool of potential talent for
governance roles.
Directors have unfettered access to the company’s records and
information as required for the performance of their duties. They
also receive detailed information in Board papers to facilitate
decision-making. New Board members take part in an induction
programme to familiarise them with the company’s business and
facilities.
The Board receives regular briefings on the company’s operations
from senior management and tours of the company’s facilities keep
the Board abreast of developments. To ensure directors and
management remain current on how best to perform their duties,
they are also encouraged and provided with resources to continue
the development of their business skills and knowledge, including
by attending relevant courses, conferences and briefings.
The general counsel and company secretary is responsible and
accountable to the Board for:
• ensuring that Board procedures are followed and the
applicable rules and regulations for the conduct of the affairs
of the Board are complied with;
• ensuring the statutory functions of the Board and the company
are appropriately dealt with and for bringing to the Board’s
attention any failure to comply with such, of which the general
counsel and company secretary becomes aware; and
• all matters associated with the maintenance of the Board or
otherwise required for its efficient operation.
All directors have access to the advice and services of the general
counsel & company secretary for the purposes of the Board’s
affairs. The appointment of the general counsel and company
secretary is made on the recommendation of the chief executive
and must be approved by the Board.
The following table details the attendance by each director at the
relevant Board and committee meetings for the period 1 July 2017
to 30 June 2018. As Richard Didsbury and Michelle Guthrie retired
as directors of the company during this period, their attendances
are not included. Ad-hoc committees, such as the aeronautical
pricing committee and terminal development plan committee are
established from time to time in respect of regulatory compliance
and other matters relevant to the company.
Review of the Board and director performance
The company has a procedure to regularly assess the Board as
well as each committees performance, to ensure they are
performing in line with the obligations and the company’s values
and strategy. The nominations committee has developed a
process for evaluating performance taken from external reviews.
These results are then prioritised and evaluated in subsequent
reviews.
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Auckland International Airport Limited

Principle 3: Board committees
In accordance with the Board charter, various committees have
been set up to enhance the Board’s effectiveness in key areas
while still retaining overall responsibility.
The Board has established the following standing committees to
ensure efficient decision-making:
• audit and financial risk;
• people and capability;
• nominations; and
• safety and operational risk.
The roles of these committees are detailed in other parts of this
report but each committee operates under a written charter which
sets out its roles and responsibilities. Membership of each
committee is disclosed and member attendance is periodically
reported.
In addition, the Board has established appropriate protocols to be
followed if there is a takeover offer issued to Auckland Airport,
including communication between insiders and any bidder. The
scope of independent advisory reports in this respect are available
upon request from shareholders.
The Board delegates the day-to-day operations of the company
to management under the control of the chief executive. Day-to-
day operations are required to be conducted in accordance with
strategies set by the Board. The Board’s charter records this
delegation and promotes clear lines of communication between
the chair and the chief executive.
Principle 4: Reporting and disclosure
The company is committed to promoting investor confidence by
providing robust, timely, accurate, complete and equal access to
information in accordance with the NZX and ASX Listing Rules. The
company has a written continuous disclosure and communications
policy designed to ensure this occurs. That policy can be found on
the company's website at corporate.aucklandairport.co.nz/
Governance. In addition, the company makes its code of ethics,
insider trading, diversity and a number of other policies available
on the company’s website.
The general counsel and company secretary is the company’s
market disclosure officer, and is responsible for monitoring the
company’s business to ensure the compliance with its disclosure
obligations. Managers reporting to the chief executive are required
to provide the general counsel and company secretary with all
relevant information, to regularly confirm that they have done so,
and made all reasonable enquiries to ensure this has been
achieved.
Both financial and non-financial disclosures are made at least
annually, including material exposure to environmental, economic
and social sustainability risks and other key risks. When these
disclosures are made the company explains how it plans to
manage those risks and how operational or non-financial targets
are measured. The company produces stand-alone corporate
social responsibility (CSR) reports. The 2017 CSR Report can be
found on the company's website at
corporate.aucklandairport.co.nz/CSR and the 2018 CSR report
will become available in October.
The general counsel and company secretary is responsible for
releasing any relevant information to the market once it has been
approved. Financial information release is approved by the audit
and financial risk committee, while information released on other
matters is approved by the chief executive.
Directors formally consider at each Board meeting whether there
is relevant material information which should be disclosed to the
market.
Principle 5: Remuneration
The Board’s people and capability committee is responsible for
remuneration and has a formal charter which it operates under. All
of its members are non-executive directors. The people and
capability committee members are Justine Smyth (Chair), Mark
Binns, Brett Godfrey, Sir Henry van der Heyden and Patrick
Strange. Each member is an independent, non-executive director.
The committee’s charter outlines the relative weightings and
remuneration components as well as relevant performance criteria
and can be found on the company's website at
corporate.aucklandairport.co.nz/Governance. The committee
members’ attendance at meetings is set out on page 80.
Auckland Airport is committed to remuneration transparency.
Accordingly, Auckland Airport provides shareholders with detailed
information about director and employee remuneration.
DIRECTOR REMUNERATION
The directors’ remuneration is paid in the form of directors’ fees.
Additional fees are paid to the chair of the Board and in respect
of work carried out by individual directors on various Board
committees to reflect the additional responsibilities of these
positions. Auckland Airport also meets directors’ reasonable travel
and other costs associated with the company’s business.
Review and approval
Each year, the people and capability committee reviews the level
of directors’ remuneration. The committee considers the skills,
performance, experience and level of responsibility of directors
when undertaking the review, and is authorised to obtain
independent advice on market conditions. After taking
independent external advice, the committee makes
recommendations to the Board on the appropriate allocation of
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Corporate governance

fees to directors and shareholders approve a fee pool for directors
at the annual meeting.
Directors’ share purchase plan
To align their incentives with shareholders, the directors have
decided that they each will use 15% of their base fee to acquire
shares in the company. In order to achieve this, the directors have
entered into a share purchase plan agreement and appointed First
NZ Capital to be the manager of the plan. First NZ Capital acquires
the shares required for the plan on behalf of directors after the
company’s half-year and full-year results announcements.
Directors remain in their share purchase plan until one year after
retirement from the Board.
2018 financial year
At the 2017 annual meeting, shareholders approved a total
directors’ fee pool of $1,530,000. This was $27,353, or 2%, more
than the directors’ fee pool approved by shareholders at the 2016
annual meeting.
In the 2018 financial year, directors received the following
remuneration for their governance of Auckland Airport:
Base fees of directors by position (from October 2017)
Chair
1
Member
Board$250,000$118,320
Safety and operational risk committee$26,500$13,250
Audit and financial risk committee$50,779$23,390
People and capability committee$26,500$13,250
Ad hoc committee work (per day)______$2,650
1 The chair attends all meetings of the committees but he does not receive
additional meeting fees.
Remuneration received by directors (from October 2017)
Name
Director's fee (excluding
expenses)
Sir Henry van der Heyden$250,000.00
Mark Binns$39,442.98
Brett Godfrey$144,900.93
Julia Hoare$98,234.64
James Miller$176,491.94
Justine Smyth$169,343.07
Christine Spring$170,661.94
Patrick Strange$155,462.78
The above director remuneration includes fees for any ad hoc
committee work and the 15% of the base fees payable to them
that they are required to use to acquire shares in the company
under the share purchase plan.
Future Directors programme
Auckland Airport participates in the Institute of Directors’ ‘Future
Directors’ programme. The programme aims to improve the
quantum, quality and diversity of ‘board-ready’ candidates in New
Zealand. The programme operates within a well-defined set of
protocols at Auckland Airport:
• the Future Director participates in all Board and committee
meetings, but does not take part in the actual decision-making;
• the term of the Future Director’s appointment is for one year,
but this can be extended at the Board's discretion;
• the Future Director is not offered a seat on the Auckland
Airport Board at the end of the programme; and
• an ex-gratia payment may be made to the Future Director at the
Board’s discretion.
Auckland Airport extended Ms Kiriwaitingi Rei’s role as part of the
Future Directors programme during the 2018 financial year.
EMPLOYEE REMUNERATION
Remuneration philosophy
The company’s remuneration philosophy is to ensure that:
• staff are fairly and equitably remunerated relative to similar
companies and positions within the New Zealand market;
• staff are strongly motivated to deliver shareholder value; and
• the company is able to attract and retain high-performing
employees who will ensure the achievement of business
objectives.
Performance and development
Every six months, all employees of the company participate in a
formal performance and development review. The outcomes of the
end of year review inform decisions regarding remuneration
adjustments in accordance with company policy. Additionally,
formal talent reviews which identify employees with potential to
progress to more senior roles are conducted each year. The
outputs of talent reviews form the basis of the company’s
succession plans.
Annual remuneration review
The company’s annual remuneration review process requires ‘one
over one’ approval. That means the approval of the Board is
required for the implementation of changes to the chief executive’s
remuneration, as recommended by the people and capability
committee. Likewise, the approval of the people and capability
committee is required for the implementation of changes to the
remuneration of the leadership team. The total pool available for
remuneration adjustments is set by the Board at the time the
annual budget is approved.
The remuneration review process involves the consideration of
market information obtained from specialist advisors and, in the
case of employees employed under collective agreements,
negotiations with unions.
Health and other insurances
The company provides subsidised health insurance to all
employees on a collective employment agreement. Permanent
employees on an individual employment agreement are eligible to
participate in the company’s group health scheme at their own
cost. The costs are paid by the employee and the insurance
covers the employee, his/her partner and any children under 21
years of age. The company’s health insurance is currently supplied
by Southern Cross Health Society.
The company also provides employees with the opportunity to
obtain income protection and life insurance at their own cost. The
company fully subsidises the cost of these insurances for
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Corporate governance CONTINUED
Auckland International Airport Limited

employees on a Collective Employment Agreement. Permanent
employees on Individual Employment Agreements pay the costs
for their insurances through a compulsory 1% pay deduction from
their fixed annual remuneration.
The company also provides employees with domestic and
international travel insurance when the travel is work-related.
Superannuation
All employees are eligible to participate in KiwiSaver. The company
contributes up to 3% of each employee’s paid remuneration. Any
permanent employee who joined the company prior to 31 March
2012 was eligible to participate in either the Auckland Airport
Mastertrust superannuation scheme or the Lump Sum National
superannuation scheme. There is no cap on the amount that can
be contributed by permanent employees on an Individual
Employment Agreement. The amount that can be contributed by
permanent employees on a Collective Employment Agreement is
not capped, however the company’s total contribution is capped
at 6% of salary, inclusive of any KiwiSaver contribution already
made by the company. Up to the cap, the company contributes
$1.20 (less tax) for every $1.00 contributed by the employee.
Fixed annual remuneration
Auckland Airport’s philosophy is to set the mid-points of fixed
annual remuneration ranges at the market median for employees
who are fully competent in their role.
Short-term incentives
Forty-three senior Auckland Airport employees as well as all
members of the leadership team were invited to participate in the
company’s short-term incentive scheme during the 2018 financial
year. The short-term incentive is an at-risk component of employee
remuneration, and is in addition to fixed annual remuneration
1
and
payable in cash on achievement of performance targets.
For employees who are not on the leadership team, the short-term
incentive targets are 10%, 15% and 20% of the fixed annual
remuneration. The short-term incentive target for members of the
leadership team is 30% of fixed annual remuneration and the chief
executive’s short-term incentive target is 50% of his base salary.
2
For delivering above-target performance, an employee can earn
an above-target short-term incentive payment as set out in the
table opposite.
Short-term incentive
target
For over-
performance
Employee not on
leadership team
10% of fixed annual
remuneration
Up to 12% of
base salary
Employee not on
leadership team
15% of fixed annual
remuneration
Up to 18% of
base salary
Employee not on
leadership team
20% of fixed annual
remuneration
Up to 24% of
base salary
Leadership team
30% of fixed annual
remuneration
Up to 42% of
base salary
Chief executive
50% of fixed annual
remuneration
Up to 70% of
base salary
Individual component
Half the short-term incentive is based on the employee achieving
key performance targets relevant to his or her role. These targets
are agreed with the employee’s manager at the start of the
performance year or, in the case of the chief executive, agreed with
the Board. Every member of the leadership team, including the
chief executive, has health and safety related short-term incentive
targets.
The individual component includes stretch targets as well as
baseline objectives. Each participating employee has clear
measures in place to determine achievement or non-achievement
in any one year.
Company component
Half of the short-term incentive is based on the company’s
achievement of annual financial targets set by the Board.
The company component has a clear measure in place to
determine achievement or non-achievement in any one year the
achievement of the annual earnings before interest, taxation,
depreciation, amortisation, fair value adjustments and investments
in associates (EBITDAFI) target. If the company achieves a financial
result that is significantly below the EBITDAFI target, then no
company component is paid to employees. If the company
achieves a financial result that is significantly above the EBITDAFI
target, then payment of the company component is capped at
120% of the target for non-executive employees and 140% of the
target for the leadership team and chief executive.
The Board may make one-off adjustments to the company
component of the short-term incentive to guard against windfall
payments as a result of financial outcomes which employees did
not influence or to ensure that employees are not unfairly penalised
for material one-off adverse events outside their control.
Long-term incentive
Members of Auckland Airport’s leadership team and the chief
executive participate in the company’s long-term incentive plan.
Given the company’s continuing strong performance and growth
in share price, in the 2016 financial year the Board introduced a
new long- term incentive plan to provide greater cost certainty and
market alignment. It also amended the previous long-term
incentive plan – which was a phantom-option plan – by capping its
potential rewards. 2018 was the final financial year that payments
were made under this legacy plan.
The current long-term incentive plan is a share-based plan. At the
end of the 2018 financial year, the total current value of long-term
incentives in place for Auckland Airport’s leadership team and chief
executive was $ 0.6 million.
Note 23 of the financial statements, on page 64, provides full
details of the number of incentives granted, lapsed and exercised.
1
Fixed annual remuneration is the fixed sum that employees on individual employment agreements earn. The cost of insurance premiums is deducted from Fixed
Annual Remuneration and the remaining amount is the base salary.
2
Base salary for the chief executive means the base salary after deduction from his fixed annual remuneration of the cost of any income protection and life insurance
premiums.
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Corporate governance

Remuneration of employees
Below is the number of employees and former employees of the
company, excluding directors, who received remuneration and
other benefits which totalled $100,000 or more, in their capacity
as employees during the 2018 financial year.
Amount of remuneration
Former
employees
Current
employees
$100,001 to $110,000031
$110,001 to $120,000627
$120,001 to $130,000130
$130,001 to $140,000418
$140,001 to $150,000316
$150,001 to $160,00019
$160,001 to $170,00018
$170,001 to $180,0005
$180,001 to $190,0002
$190,001 to $200,0003
$200,001 to $210,00044
$210,001 to $220,00015
$220,001 to $230,00012
$230,001 to $240,00011
$240,001 to $250,0001
$250,001 to $260,0001
$260,001 to $270,00011
$280,001 to $290,0001
$290,001 to $300,00011
$300,001 to $310,0002
$310,001 to $320,0001
$320,001 to $330,0001
$340,000 to $350,0001
$360,001 to $370,0001
$410,001 to $420,0001
$600,001 to $610,0001
$760,001 to $770,0001
$780,001 to $790,0001
$800,001 to $810,0001
$1,050,001 to $1,060,0001
$3,600,001 to $3,610,0001
This employee remuneration chart includes salary, short-term and
long-term incentives, the company’s contributions to
superannuation, health, life and income protection insurance plans
and any termination payments received in their capacity as
employees.
Remuneration consultant
To ensure the Board has access to independent advice and
expertise on director and chief executive remuneration, it has
retained Una Diver and Mike Hogan at Ernst & Young as
independent remuneration consultants. Instructions in relation to
the work required of Ms Diver and Mr Hogan come directly from
Justine Smyth, Chair of the people and capability committee.
CHIEF EXECUTIVE REMUNERATION
Base salary
Over the course of the financial year, the chief executive, Adrian
Littlewood, earned a base salary of $1,262,351.99.
Shares
The chief executive held 810 shares personally in the company as
at 30 June 2018 and 174,329 shares were held on trust under the
long-term incentive plan and have not yet vested.
Short-term Incentives
The annual value of the short-term incentive scheme for the chief
executive is set at 50% of his base salary (provided all performance
targets are achieved). If a performance is unsatisfactory, then no
short-term incentive is payable for that criteria. A maximum of 1.4
times the target is payable for outstanding performance by the
chief executive.
For the 2018 financial year, the chief executive earned a total
short-term incentive payment of $427,432.69, which was based
on his performance for the 2017 financial year against criteria set
out in the table below.
Short-term incentive criteria
Weighting
Individual Performance Criteria
- Financial and market outcomes12.50%
- Infrastructure and operations12.50%
- Strategy and future business development12.50%
- Leadership, safety and people outcomes12.50%
Total individual performance criteria50%
Company Performance Criteria50%
Total100%
The payment made in the 2018 financial year reflects 91% (0.9
times target) achievement of the chief executive’s individual
performance criteria for the 2017 financial year. In the 2017
financial year the chief executive’s total short-term incentive
payment was $563,119, which was based on his performance for
the 2016 financial year against performance criteria. As at the date
of this report, the chief executive’s performance against his 2018
short-term incentive targets has not yet been assessed and any
payment in relation to the 2018 short-term incentives will be made
in the 2019 financial year.
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Auckland International Airport Limited

Long-term Incentives
The chief executive participated in the Auckland Airport long-term incentive plan in the 2018 financial year. His remuneration includes
both phantom options from the legacy long-term incentive plan that ran until financial year 2018 and shares issued under the new long-
term incentive plan.
ShareFinancial Year
of Grant
Grant
1
Number
Granted
Financial Year
Exercised
Share Price at
Exercise
Value at
Exercise
Phantom options2014$429,2501,578,1252017$7.62$1,700,000
2
Phantom options2015$455,0001,486,9292018$6.75$1,801,980
2
Shares - based
scheme2016$301,831
1
60,139
Exerciseable in
2019N/AN/A
Shares - based
scheme2017$309,377
1
46,538
Exerciseable in
2020N/AN/A
Shares - based
scheme2018$631,188
1
67,652
Exerciseable in
2021N/AN/A
1 Value of loan amount provided for purchase of shares.
2 Capped at 2 X base salary as at grant year.
Superannuation
The chief executive is a member of Kiwisaver. As a member of the
scheme the chief executive is eligible to receive a company
contribution up to 3% of gross taxable earnings, including the
short-term incentive. For the 2018 financial year the company
contribution was $104,752.95 compared to $95,625 in the 2017
financial year.
Notice and termination period
The notice period for the chief executive under the terms of his
employment agreement is six months and his paid termination
period is 12 months.
Summary
The remuneration paid to the chief executive is summarised below:
Remuneration element
2017 financial
year
2018 financial
year
Base salary$923,515$1,262,352
Short-term incentive$563,119$427,433
Kiwisaver, insurance and
other statutory benefits
$105,736$117,377
Sub-total$1,592,370$1,807,162
Long-term incentive
1
$1,700,000$1,801,980
Total$3,292,370$3,609,142
1 2018 is the final financial year in which a grant of phantom options made under
the legacy LTI scheme (in financial year 2015) can be exercised. The exercise
of the phantom options in financial 2018 that were granted in the 2015
financial year was subject to a cap of 2 times his base salary for financial year
2015.
COMPLIANCE
The company complies with all of the requirements of the NZX
Code and the FMA Handbook as at the date of this annual report.
85
Corporate governance

Principle 6: Risk management
Risk management is an integral part of the company's business.
The company has two committees in place to identify and mitigate
potential financial and operational risks, the audit and financial risk
committee and the safety and operational risk committee
respectively.
The company also has mechanisms in place to recognise and
manage sustainability risks, including environmental and social.
The company has systems to identify and minimise the impact of
financial and operational risk on its business. These systems
include a process to enable:
• significant risk identification;
• risk impact quantification;
• risk mitigation strategy development;
• reporting; and
• compliance monitoring to ensure the ongoing integrity of the
risk management process.
AUDIT AND FINANCIAL RISK
The chief executive and the chief financial officer are required each
year to confirm in writing to the audit and financial risk committee
that:
• the company’s financial statements are presented fairly, in all
material respects, and in accordance with the relevant
accounting standards;
• the statement given in the preceding paragraph is founded on
a sound system of risk management and internal compliance
and control which implements the policies adopted by the
Board; and
• the company’s risk management and internal compliance and
control system is operating efficiently and effectively in all
material respects.
The Board has received assurance from the chief executive and
chief financial officer that this confirmation is founded on a sound
system of risk management and internal control which is operating
effectively in all respects relating to financial reporting.
The audit and financial risk committee continues to be delegated
responsibility for oversight of financial risk. Further details of the
role of this committee are set out at Principle 7 below.
SAFETY AND OPERATIONAL RISK
The safety and operational risk committee is responsible for
oversight of the company’s safety and operational risk
management programme. This committee’s formal charter reflects
this responsibility. The safety and operational risk committee’s
charter and the company’s risk management policy can be found
on the company website at corporate.aucklandairport.co.nz/
Governance.
The committee oversees, reports and makes recommendations to
the Board on the safety (including workplace health and safety),
environmental and operational risk profile of the business. It also
ensures that appropriate policies and procedures are adopted for
timely and accurate identification, reporting and effective
management of significant risks.
It includes specific responsibility to review and monitor the
application of the company’s enterprise-wide processes for
identifying and managing:
• health and safety matters;
• environmental issues;
• safety and operational risk; and
• compliance with applicable law and the company’s own
policies.
The committee must have a minimum of three members, all of
whom must be non-executive directors, and the majority must be
independent directors. The committee is chaired by an
independent chair, who must not be the chair of the Board. The
current members are Christine Spring (chair), Brett Godfrey, Mark
Binns, Sir Henry van der Heyden and Patrick Strange, all of whom
are independent, non-executive directors. Their qualifications are
set out on page 78 and their attendance at meetings on page 80.
The company continues to enhance and develop its risk
management process with a view to continuous improvement.
The company has established a formal internal audit function. This
function is performed by Ernst & Young. Ernst & Young ( ensured
their internal audit scope captured all relevant risks elements by
completing a global benchmarking exercise comparing the
company to similar businesses. Ernst & Young regularly reports on
its activities to the audit and financial risk committee.
The company’s business is also subject to other internal and
external audit and review, including in particular the regular external
audit by New Zealand’s Civil Aviation Authority to ensure
operational certification, as well as external audits as part of the
Accident Compensation Corporation’s Workplace Safety
Management Practices programme.
SUSTAINABILITY (ENVIRONMENTAL AND SOCIAL) RISK
The company operates in a commercial environment where there
is always potential for economic, environmental and social
sustainability risks. As set out above, the company has appropriate
mechanisms and controls in place to identify where these risks are
material and to manage these as required.
Being a responsible business is a core part of the company's
focus. By respecting people, the community and the environment,
the company is able to grow its business sustainably and create
value for all stakeholders in the long term. A copy of the
company's CSR Report 2017 is available on the company website
at corporate.aucklandairport.co.nz/CSR and the 2018 CSR report
will become available in October.
86
Corporate governance CONTINUED
Auckland International Airport Limited

Principle 7: Auditors
The audit and financial risk committee is responsible for financial
risk management oversight. This committee’s formal charter
reflects this responsibility and describes its function which includes,
but is not limited to, ensuring the quality and independence of the
external audit process. The audit and financial risk committee’s
charter can be found on the company's website at
corporate.aucklandairport.co.nz/Governance. The committee
provides general assistance to the Board in performing its
responsibilities, with particular reference to financial risk
management, financial reporting and audit functions. It includes
specific responsibility to review the company’s processes for
identifying and managing financial risk; and financial reporting
processes, systems of internal control, and the internal and
external audit process.
The committee must have a minimum of three members, all of
whom must be non-executive directors, and the majority must be
independent directors. The committee is chaired by an
independent chair, who must not be the chair of the Board. The
current members are James Miller (chair), Julia Hoare, Justine
Smyth, Christine Spring and Sir Henry van der Heyden, all of whom
are independent, non-executive directors. Their qualifications are
set out on page 78 and their attendance at meetings on page 80.
The external auditors are invited to attend meetings when it is
considered appropriate by the committee. The committee meets
with the auditors without any representatives of management
present at least once per year.
The audit and financial risk committee has adopted a policy in
respect of the independence of the external auditor. This policy can
be found on the company's website at
corporate.aucklandairport.co.nz/Governance. This policy
establishes a framework for the company’s relationship with our
external auditors and it places limitations on the extent of non-
audit work which can be carried out by the external auditor, and
requires the regular rotation of the partner of the external auditor
responsible for the audit of the company every five years.
Principle 8: Shareholder rights and relations
The company’s communication framework and strategy is
designed to ensure that communication with shareholders and all
other stakeholders is managed efficiently. This strategy forms part
of the disclosure and communications policy referred to under
Principle 4 which can be found on the company website at
corporate.aucklandairport.co.nz/Governance. It is the company’s
policy that external communications are accurate, verifiable,
consistent and transparent.
The chief executive, chief financial officer and the investor relations
specialist are appointed as the points of contact for analysts. The
chair, chief executive, chief financial officer, general counsel and
company secretary and manager public affairs are appointed as
the points of contact for media.
The company currently keeps shareholders, as well as interested
stakeholders informed through:
• the corporate section of the company's website at
corporate.aucklandairport.co.nz/investors;
• the annual report;
• the interim report;
• the CSR Report;
• the annual meeting of shareholders;
• information provided to analysts during regular briefings;
• disclosure to NZX and ASX in accordance with the company’s
disclosure and communications policy; and
• media releases.
The Board considers the annual report to be an essential
opportunity for communicating with shareholders. The company
publishes its annual and interim results and reports and
environmental management plan electronically on the company's
website at corporate.aucklandairport.co.nz/ResultsandReports.
Investors may also request a hard copy of the annual report by
contacting the company’s share registrar, Link Market Services
Limited. Contact details for the registrar appear at the end of this
report.
The company’s annual meetings provide an opportunity for
shareholders to raise questions for their Board, and to make
comments about the company’s operations and performance. The
chair may ask the chief executive and any relevant manager of the
company to assist in answering questions if required. The
company’s external auditors also attend the annual meeting, and
are available to answer questions relating to the conduct of the
external audit and the preparation and content of the auditor’s
report.
87
Corporate governance

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 NZX 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.
STOCK EXCHANGE LISTINGS
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 is not subject to chapters 6, 6A, 6B and 6C of the
Australian Corporations Act dealing with the acquisition of shares
(i.e. substantial holdings and takeovers).
WAIVERS GRANTED BY NZX
The company was issued with a waiver of Listing Rule 5.2.3 by NZX
on 6 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, (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.
DISCIPLINARY ACTION TAKEN BY NZX, ASX OR THE
FINANCIAL MARKETS AUTHORITY (FMA)
Neither NZX, ASX or FMA has taken any disciplinary action against
the company during the financial year ending 30 June 2018.
REGULATORY ENVIRONMENT
The company is regulated by, amongst other things, the Airport
Authorities Act 1966 and the Civil Aviation Act 1990. The company
is an ‘airport company’ for the purposes of the Airport Authorities
Act 1966. The company has consultation obligations under the
Airport Authorities Act 1966.
The company is required to comply with the Commerce Act
(Specified Airport Services Information Disclosure) Determination
2010, with disclosure financial statements required to be published
in November each year.
AUDITORS
Deloitte has continued to act as auditors of the company, and has
undertaken the audit of the financial statements for the 30 June
2018 year. The auditors are subject to a partner rotation policy.
INDEMNITY AND INSURANCE
In accordance with section 162 of the Companies Act 1993 and
the constitution of the company, the company has continued to
indemnify and insure its directors and officers against liability to
other parties (except to the company or a related party to the
company) that may arise from their position as directors. The
insurance does not cover liabilities arising from criminal actions.
ENTRIES RECORDED IN THE INTERESTS REGISTER
Except for disclosures made elsewhere in this annual report, there
have been no entries in the Interests Register of the company or its
subsidiaries made during the year.
DONATIONS
In accordance with section 211(1)(h) of the Companies Act 1993,
the company records it donated $385,458 to 52 community
groups across Auckland. This figure includes donations made by
generous travellers into the charity globes in our terminals.
Auckland Airport also sponsored Counties Manukau Life
Education Trust, the Auckland Arts Festival, ASB Polyfest, the
Second Nature Charitable Trust, Leukaemia and Blood Cancer
New Zealand and the Lakes District Air Rescue Trust. The total
amount of these sponsorships (including leverage funding) was
$201,690.
The company also granted $372,021 to the Auckland Airport
Community Trust. The Trust distributes these funds to residents
and community groups living and working in the Trust’s area of
benefit (parts of the city most affected by aircraft noise).
The company’s subsidiaries did not make any donations during the
year.
EARNINGS PER SHARE
Earnings in cents per ordinary share were 54.31 cents in 2018
compared with 27.96 cents in 2017.
88
Shareholder information
Auckland International Airport Limited

CREDIT RATING
As at 30 June 2018, Standard & Poor’s long-term credit rating for
the company was A- Stable Outlook.
SUBSIDIARY COMPANY DIRECTORS
Scott Weenink and Mark Thomson held office as directors of
Auckland Airport Limited as at 30 June 2018.
Philip Neutze and Scott Weenink held office as directors of
Auckland Airport Holdings Limited and Auckland Airport Holdings
(No. 2) Limited as at 30 June 2018.
Anna Cassels-Brown and Morag Finch held office as directors of
Auckland Airport Holdings (No. 3) Limited as at 30 June 2018.
Anna Cassels-Brown and Morag Finch held office as directors of
Ara Charitable Trustee Limited as at 30 June 2018.
Directors of the company’s subsidiaries do not receive any
remuneration or other benefits in respect of their appointments.
Richard Barker held office as Director of North Queensland
Airports No. 2 (Mackay) Pty Ltd, Cairns Airport Holding Company
Pty Ltd, Mackay Airport Holding Company Pty Ltd, NQ Airports
Finance Pty Ltd, Cairns Airport Pty Ltd, Mackay Airport Pty Ltd,
MAPL Hotel Holdings Pty Ltd and MAPL Hotel Pty Ltd.
ANNUAL MEETING OF SHAREHOLDERS
The company’s annual meeting of shareholders will be held at the
Vodafone Events Centre, 770 Great South Road, Manukau, on
31 October 2018 at 10am.
DIRECTORS’ HOLDINGS AND DISCLOSURE OF
INTERESTS
Directors held interests in the following shares in the company as
at 30 June 2018:
Sir Henry van der Heyden
Held personally27,207
Mark BinnsHeld personally13,050
Brett GodfreyHeld personally16,028
Julia HoareHeld personally448
James MillerHeld personally17,504
Justine SmythHeld personally12,134
Held by Associated
Persons
94,176
Christine SpringHeld personally5,764
Patrick StrangeHeld personally3,635
Held by Associated
Persons
10,000
DISCLOSURE OF INTERESTS BY DIRECTORS
The following general disclosures of interests have been made by
the directors in terms of section 140(2) of the Companies Act 1993:
Sir Henry van der Heyden
Chair, Tainui Group Holdings Limited
Chair, Manuka SA
Chair, Rabobank Australia Limited
Chair, Rabobank New Zealand Limited
Director, Pascaro Investments Limited
Director, Foodstuffs North Island Limited
Director, Foodstuffs New Zealand Limited
Mark Binns
Chair, GlobalForce ToolCo Limited
Director, Metlifecare
Director, Crown Infrastructure Partners (formerly Crown Fibre
Holdings)
Director, Te Puia Tapapa GP Limited
Trustee, Auckland War Memorial Museum
Brett Godfrey
Director, Westjet Airlines Limited
Julia Hoare
Director, NZ Post Limited
Director, The a2 Milk Company Limited
Director, Port of Tauranga Limited
Director, Watercare Services Limited
Director, AWF Madison Limited
James Miller
Chair, NZX Limited
Director, Mercury NZ Limited
Director, Accident Compensation Corporation
Justine Smyth
Chair, Spark New Zealand Limited
Chair, New Zealand Breast Cancer Foundation
Christine Spring
Director, Western Sydney Airport Limited
Director, Unison Networks Limited
Director, Unison Contracting Services Limited
Patrick Strange
Chair, Chorus Limited
Director, Mercury NZ Limited
Director, NZX Limited
Director, Essential Energy
89
Shareholder information

DISTRIBUTION OF ORDINARY SHARES AND
SHAREHOLDERS
As at 30 June 2018
Size of holding
Number of
shareholders%
Number of
shares%
1 to 10008,08116.014,206,7130.35
1001 to 500031,56762.5866,037,1705.49
5001 to 100005,53810.9839,797,3853.31
10001 to 500004,7069.3391,114,4737.58
50001 to 1000003710.7425,128,9352.09
100001 and Over1820.36976,287,90781.18
Total50,4451001,202,572,583100
SUBSTANTIAL PRODUCT HOLDERS
Pursuant to section 280 of the Financial Markets Conduct Act
2013, the following persons had given notice as at the balance
date of 30 June 2018 that they were substantial product holders
in the company and held a ‘relevant interest’ in the number of
ordinary shares shown below.
Substantial product holder
Number of
shares in which
‘relevant
interest’ is held
Date
of notice
Auckland Council Investments Limited266,328,91202.07.16
The total number of voting securities on issue as at 30 June 2018 was 1,202,572,583.
The total number of voting securities on issue as at 30 June 2018 was 1,202,572,583.
90
Shareholder information CONTINUED
Auckland International Airport Limited

20 LARGEST SHAREHOLDERS
As at 30 June 2018
Shareholder
Number of
shares
% of capital
New Zealand Central Securities Depository Limited
1
543,424,09345.19
Auckland Council Investments Limited266,328,91222.15
Custodial Services Limited19,247,8361.6
BNP Paribas Nominees Pty Ltd15,482,9211.29
FNZ Custodians Limited12,883,5991.07
Custodial Services Limited11,600,3230.96
Custodial Services Limited8,549,2900.71
Forsyth Barr Custodians Limited6,477,9250.54
Custodial Services Limited6,029,2170.5
HSBC Custody Nominees (Australia) Limited5,054,6680.42
Investment Custodial Services Limited4,928,7520.41
JBWere (NZ) Nominees Limited4,918,8350.41
Netwealth Investments Limited4,851,6850.4
J P Morgan Nominees Australia Limited4,842,1980.4
New Zealand Depository Nominee Limited4,802,7640.4
Custodial Services Limited2,796,2690.23
PT Booster Investments Nominees Limited2,740,6060.23
Custodial Services Limited2,197,0250.18
Masfen Securities Limited2,049,0850.17
FNZ Custodians Limited1,994,9720.17
1 New Zealand Central Securities Depository Limited (NZCSD) is a depository system which allows electronic trading of securities to members. As at 30 June 2018,
the 10 largest shareholdings in the company held through NZCSD were:
Shareholder
Number of
shares
% of capital
HSBC Nominees (New Zealand) Limited154,199,67828.38
HSBC Nominees (New Zealand) Limited128,747,38523.69
Citibank Nominees (NZ) Limited65,686,14212.09
JPMorgan Chase Bank59,893,57211.02
Accident Compensation Corporation27,301,5175.02
New Zealand Superannuation Fund Nominees Limited21,183,8263.90
TEA Custodians Limited17,316,3653.19
Cogent Nominees Limited15,085,7742.78
National Nominees New Zealand Limited10,312,8901.90
BNP Paribas Nominees NZ Limited9,285,4341.71
91
Shareholder information

INVESTOR INFORMATION
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.
Financial CalendarHalf yearFull year
Results announcedFebruaryAugust
Reports publishedFebruaryAugust
Dividends paidAprilOctober
Annual meeting-October
Disclosure financial statements-November
Please note that the annual meeting will be held at 10am on
31 October 2018 at the Vodafone Events Centre, 770 Great South
Road, Manukau.
VOTING RIGHTS
The voting rights of shareholders are set out in the company’s
constitution. Each holder of ordinary shares is entitled to vote at
any annual meeting of shareholders. On a show of hands, each
holder of ordinary shares is entitled to one vote. On a poll, one vote
is counted for every ordinary share. A person is not entitled to vote
when disqualified by virtue of the restrictions contained in the
company’s constitution and the ASX and NZX Listing Rules of the
ASX and the NZX.
ENQUIRIES
Shareholders with enquiries about transactions, changes of
address or dividend payments should contact Link Market
Services Limited on +64 9 375 5998. Other questions should be
directed to the company’s company secretary at the registered
office.
STOCK EXCHANGE
The company’s ordinary shares trade on NZX and ASX. The
minimum marketable parcel on NZX is 50 shares and in Australia
a ‘marketable parcel’ is a parcel of securities of more than AUD
500. As at 30 June 2018, 81 shareholders on ASX and 186
shareholders on NZX held fewer securities than a marketable
parcel under the Listing Rules of ASX.
DIVIDENDS
Shareholders may elect to have their dividends direct credited to
their bank account. From time to time, the company also offers
shareholders the opportunity to participate in a dividend
reinvestment plan. As at the date of this report, the dividend
reinvestment plan is operating. Further details are available at
corporate.aucklandairport.co.nz/Dividends.
LIMITATIONS ON THE ACQUISITION OF THE COMPANY’S
SECURITIES
The company is incorporated in New Zealand. As such, it is not
subject to Chapters 6, 6A, 6B and 6C of the Australian
Corporations Act dealing with the acquisition of shares (such as
substantial holdings and takeovers). Limitations on acquisition of
the securities are, however, imposed on the company under New
Zealand law as follows:
• Securities in the company are, in general, freely transferable.
The only significant restrictions or limitations in relation to the
acquisition of securities are those imposed by New Zealand law
relating to takeovers, overseas investment and competition.
• The Takeovers Code creates a general rule under which the
acquisition of more than 20% of the voting rights in the
company or the increase of an existing holding of 20% or more
of the voting rights in the company can only occur in certain
permitted ways. These include a full takeover offer in
accordance with the Takeovers Code, a partial takeover in
accordance with the Takeovers Code, an acquisition approved
by an ordinary resolution, an allotment approved by an ordinary
resolution, a creeping acquisition (in certain circumstances) or
compulsory acquisition if a shareholder holds 90% or more of
the shares in the company.
• The Overseas Investment Act 2005 and Overseas Investment
Regulations 2005 regulate certain investments in New Zealand
by overseas persons. In general terms, the consent of the
Overseas Investment Office is likely to be required where an
‘overseas person’ acquires shares or an interest in shares in the
company that amount to more than 25% of the shares issued
by the company or, if the overseas person already holds 25%
or more, the acquisition increases that holding.
• The Commerce Act 1986 is likely to prevent a person from
acquiring shares in the company if the acquisition would have,
or would be likely to have, the effect of substantially lessening
competition in a market.
SHARE REGISTRARS
NEW ZEALAND
Link Market Services Limited
Level 11, Deloitte Centre
80 Queen Street
Auckland 1010
PO Box 91976
Auckland 1142
Phone: +64 9 375 5998
AUSTRALIA
Link Market Services Limited
Level 12
680 George Street
Sydney
NSW 2000
Locked Bag A14
Sydney South
NSW 1235
Phone: +61 2 8280 7111

92
Shareholder information CONTINUED
Auckland International Airport Limited

DIRECTORS
Sir Henry van der Heyden, chair
Mark Binns*
Brett Godfrey
Julia Hoare
James Miller
Justine Smyth
Christine Spring
Patrick Strange
*subject to approval by shareholders at the 2018 annual meeting.
SENIOR MANAGEMENT
Adrian Littlewood, chief executive
Philip Neutze, chief financial officer
Richard Barker, general manager retail and commercial
Anna Cassels-Brown, general manager operations
Jason Delamore, general manager marketing and technology
André Lovatt, general manager airport development and delivery
Scott Tasker, general manager aeronautical commercial
Mark Thomson, general manager property
REGISTERED OFFICE NEW ZEALAND
4 Leonard Isitt Drive
Auckland Airport Business District
Manukau 2022
New Zealand
Phone: +64 9 275 0789
Freephone: 0800 Airport (0800 247 7678)
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
Phone: +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
ACTING GENERAL COUNSEL
Greg Milner-White
ACTING COMPANY SECRETARY
Morag Finch
AUDITORS
External auditor – Deloitte
Internal auditor – Ernst & Young
Share registry auditor – Grant Thornton
INDEPENDENT REMUNERATION CONSULTANTS
Mike Hogan & Una Diver - Ernst & Young
This annual report is dated 23 August 2018 and is signed on behalf of the Board by:

Sir Henry van der Heyden
Chair of the Board
James Miller
Director
93
Corporate directory
Corporate directory

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Delivering
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Underlying earnings
per share up

5.8% to 22.0c
5.8%
International passengers
up 4.1% to 11,266,382
4 .1%
30 June 2018
$m
30 June 2017
$m
Movement
%
Financial Results
Income 683.9 629.3 8.7
Operating expenses 177.5 156.2 13.6
Earnings before interest, taxation, depreciation, fair value
adjustments and investments in associates (EBITDAFI) 506.4 473.1 7.0
Share of profits of associates 16.7 19.4 (13.9)
Investment property fair value increases 152.2 91.9 65.6
Property, plant and equipment revaluation movement–––
Gain on sale of associate 297.4 ––
Derivative fair value movement (0.7) 2.5 (128.0)
Depreciation 88.9 77.9 14.1
Interest expense 77.2 72.8 6.0
Taxation expense 155.8 103.3 50.8
Reported profit after taxation 650.1 332.9 95.3
Earnings per share54.3 c28.0 c93.9
Underlying profit after taxation
1
263.1 247.8 6.2
Underlying profit per share 22.0 c20.8 c5.8
Dividends
Total proposed dividend for the year (cents per share)21.75 c20.50 c6.1
Total proposed dividend for the year ($ million) 261.1 244.4 6.8
Financial Position
Shareholders’ equity 5,682.1 4,029.0 41.0
Total assets 8,196.8 6,503.5 26.0
Debt to debt plus equity26.6%33.8%
Debt to enterprise value
2
20.4%19.5%
Capital expenditure 405.2 374.7 8.1
Passenger and aircraft statistics – Auckland Airport
International passenger movements including transits 11,266,382 10,820,535 4.1
Domestic passenger movements 9,263,666 8,601,841 7.7
Maximum certificated take-off weight (tonnes) 8,139,717 7,848,097 3.7
Aircraft movements 174,276 169,245 3.0
Queenstown Airport performance
International passenger movements 596,276 532,28512.0
Domestic passenger movements 1,544,393 1,360,15813.5
Revenue
3
45.739.017.2
EBITDAFI
3
31.626.220.6
Profit after taxation
3
14.912.123.1
1 Excluding investment property fair value increases, derivatives fair value movements, property, plant and equipment revaluations in the company and its associates, gain on
sale of associate and the tax effect of these adjustments in 2018 and 2017. Refer to Appendix A for a reconciliation of these adjustments. 2 Based on the share price as at 30
June 2018 of $6.78 (30 June 2017 of $7.13). 3 From non-audited management accounts of Queenstown Airport. The financial results have not been apportioned for the level
of ownership interest being 24.99% for Queenstown Airport.
Results at a glance | 2018
Results
at a glance
June 2018

Delivering
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Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Planning
Building
Delivering
Appendix A
Reconciliation of underlying profit 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
20182017
Reported
profit
$M
Adjustments
$M
Underlying
profit
$M
Reported
profit
$M
Adjustments
$M
Underlying
profit
$M
EBITDAFI per Income
Statement506.4 – 506.4473.1 – 473.1
Share of profit of associates
1
16.7
–
16.719.4(4.5)14.9
Gain on sale of an associate
2
297.4(297.4) – – – –
Derivative fair value
movement
3
(0.7)0.7 – 2.5(2.5) –
Investment property fair
value increases
4
152.2(152.2) – 91.9(91.9) –
Property plant and
equipment revaluation
4
– – – – – –
Depreciation(88.9) – (88.9)(77.9) – (77.9)
Interest expense and other
finance costs(77.2) – (77.2)(72.8) – (72.8)
Taxation expense
5
(155.8)61.9(93.9)(103.3)13.8(89.5)
Profit after tax650.1(387.0)263.1332.9(85.1)247.8
1 Auckland Airport’s share of the fair value loss on the derivative financial instruments held by North Queensland Airports for the year ended 30 June 2018 was $0.1 million
(2017: gain of $0.6 million), and Auckland Airport’s share of the gain on the revaluation of investment property held by North Queensland Airports for the year ended 30 June
2018 was nil (2017: gain of $2.3 million. Auckland Airport’s share of the fair value increase on the derivative financial instruments held by Novotel Hotel for the year ended 30
June 2018 was $0.1 million (2017: $0.1 million), and Auckland Airport’s share of the gain on the revaluation of investment property held by Novotel Hotel for the year ended 30
June 2018 was nil (2017: gain of $2.6 million). In addition, in 2017 a $1.1 million adjustment was made for asset impairment at North Queensland Airports. 2 Reversed the gain
arising from the sale of Auckland Airport’s investment in North Queensland Airports. 3 Reversed 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 debt issuance in July 2014 and November 2010 and the fair value change of derivatives
due to each counterparty credit risk. 4 Reversed the fair value increase of Auckland Airport’s investment property portfolio as a result of the revaluation performed as at 30 June
2018 and 30 June 2017. None of the property, plant and equipment revaluation in 2018 affected reported profit. Therefore, no underlying profit adjustment was required in
2018, nor in 2017 in which there was no property, plant and equipment revaluation. 5 Taxation adjustments as a result of adjustments 1 to 4 above.
EBITDAFI up 7.0 % to $506.4m
7. 0 %
Results at a glance | 2018
Results
at a glance
(cont.)

---

2018
Annual Results
Important notice
Disclaimer
This presentation is given on behalf of Auckland International Airport Limited (NZX: AIA; ASX: AIA; ADR: AUKNY). 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 Annual Report for the twelve months ended 30 June
2018, prior annual and interim reports and Auckland Airport's market 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 and figures, including percentage movements, are subject to
rounding.
Refer page 38 for a glossary of the key terms used in this presentation.
2

Highlights

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Results at a glance
4
8.7%
Revenue
$683.9m
7.0%
EBITDAFI
$506.4m
Underlying
profit
$263.1m
Earnings
per share*
22.0c
6.2%
5.8%
Passenger
movements
20.5m
Aircraft
movements
174,276
5.7%
3.0%
Operating
cashflow
$321.2m
Capital
investment
$405.2m
4.6%
8.1%
* Underlying earnings

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Growth across the business
5
Aeronautical
$301.2m revenue 2.5%
Strong passenger growth:
4.7% International
7.7% Domestic
(1.2)% Transits
Footprint expansion driving growth:
13new store concepts
$17.76 income per passenger
(1.8)% international PSR
Continued momentum:
105,000m
2
completed
191,000m
2
under construction
$90.2m rent roll 23.7%
Property
Retail
$190.6m revenue 17.1%
Capacity growth and product choice:
849net car park spaces added
1.9%ARPS increase
Transport
$61.0m revenue 8.3%
Strong performance:
>92% occupancy
311 room new Pullman hotel
146room new Hotel 4
$39.2m revenue* 8.3%
Hotels
Queenstown
$45.7m revenue 17.2%
Strong passenger growth:
12.0%International
13.5%Domestic
* Includes ibis Budget Hotel and 100% of Novotel Hotel revenues

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
6
Delivering key infrastructure
2018
AnnualResults

Financial performance

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Solid growth in underlying profit
8
For the year ended 30 June($m)20182017Change
Revenue
683.9629.3 8.7%
Expenses
177.5156.2 13.6%
Earnings before interest, taxation, depreciation,
fair value adjustments and investments in associates(EBITDAFI)
506.4473.1 7.0%
Gain on sale of associate
297.4-n/a
Share of profit from associates
16.719.4 (13.9%)
Derivative fair value (decrease)/increase
(0.7)2.5 n/a
Investment property revaluation
152.291.9 65.6%
Depreciation expense
88.977.9 14.1%
Interestexpense
77.272.8 6.0%
Taxationexpense
155.8103.3 50.8%
Reported profit after tax
650.1332.9 95.3%
Underlying profitafter tax*
263.1247.8 6.2%
* A reconciliation between reported profit after tax and underlying profit after tax is included in the Appendix

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Revenue growth across the business
9
For the year ended30 June ($m)20182017Change
Airfield income122.1
119.62.1%
Passenger services charge179.1
174.32.8%
Retail income190.6
162.817.1%
Car park income61.0
56.38.3%
Investment property rental income79.1
68.116.2%
Other rental income18.5
16.810.1%
Other income33.5
31.46.7%
Total revenue683.9
629.38.7%
•Aeronautical revenue slightly up on prior year reflecting growth in passengers and runway
movements, largely offset by a reduction in international and regional aeronautical prices
•Retail income rose following Duty Free moving into the new space at the start of the financial year
and the expanded space from early December 2017. Sections of other new retail space opened
in the departure area of the international terminal in the year
•Together with passenger growth, this helped deliver stronger category performance from Duty
Free, Food & Beverage, Strata Lounge and the Collection Point
•Parking revenue increased with ~1,000 new spaces
•Investment property rental income growth was driven by new properties, strong rental growth in
the existing portfolio and ibis budget hotel performance

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Steady passenger growth
10
For the year ended 30 June20182017Change
International arrivals5,116,341
4,906,383 4.3%
International departures5,086,185
4,836,896 5.2%
International passengers excluding transits10,202,526
9,743,279 4.7%
Transit passengers*1,063,856
1,077,256 (1.2)%
Total international passengers11,266,382
10,820,535 4.1%
Domestic passengers9,263,666
8,601,841 7.7%
Total passengers20,530,048
19,422,376 5.7%
•Total passenger volumes surpassed the 20 million milestone to finish the year at 20.5 million, up
5.7% driven by capacity additions
•Domestic passenger volumes increased by 7.7% driven by additional capacity on both trunk and
regional routes, combined with strengthening load factors
•International passenger growth of 4.7% due to increased airline capacity, primarily on Asia and
Middle East routes
•Transit passengers were down 1.2% 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
•* In June 2018 Auckland Airport restated transit passenger information following a review of Immigration New Zealand data

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Steady growth in movements and MCTOW
11
For the year ended30 June($m)20182017Change
Aircraft movements
International aircraft movements
55,69354,879 1.5%
Domestic aircraft movements
118,583114,366 3.7%
Total aircraft movements
174,276169,245 3.0%
MCTOW (tonnes)
International MCTOW5,798,018
5,609,244 3.4%
Domestic MCTOW2,341,699
2,238,853 4.6%
Total MCTOW8,139,717
7,848,097 3.7%
•The increased frequency of domestic services by Air New Zealand and Jetstar combined with the
additional Air New Zealand aircraft delivered a 3.7% increase in domestic aircraft movements
•International and domestic MCTOW and PAX increased ahead of aircraft movements in the year
as airlines continued to upgauge

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Expenses driven by business growth
12
For the year ended 30 June($m)20182017Change
Staff
57.950.5 14.7%
Asset management, maintenance and airport operations
69.555.6 25.0%
Rates and insurance
13.712.2 12.3%
Marketing and promotions
13.816.7 (17.4)%
Professional services and levies
11.111.4 (2.6)%
Other
11.59.8 17.3%
Total operating expenses
177.5156.2 13.6%
Depreciation
88.977.9 14.1%
Interest
77.272.8 6.0%
•EBITDAFI margin declined to 74.0% reflecting ongoing investment in staff and airport operations to
cater for growth in the business, as well as costs associated with business technology outsourcing
project, as signalled in the pricing-setting disclosure
•A focus on safety, operational performance and customer experience led to an increase in headcount,
driving most of the 14.7% increase in staff costs
•Asset management, maintenance and operations increase driven by additional airside bus operations
and baggage services, business technology enhancements, higher terminal footprint and variable
costs to drive revenue growth (Strata Lounge, Park & Ride)
•Marketing and promotions costs declined by $2.9m with fewer new air services than expected and
maturing existing services running off fixed period support arrangements

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
•Auckland Airport sold its investment in North Queensland Airports to a consortium of existing
investors in March 2018 for A$370 million
Associates’ performance
13
For the year ended 30 June($m)20182017Change
Queenstown Airport (24.99% ownership)
Total Revenue45.739.0
17.2%
EBITDA31.626.2
20.6%
Underlying Earnings (AucklandAirport share)
3.83.026.7%
Domestic Passengers
1,544,3931,360,15813.5%
International Passengers
596,276532,28512.0%
Aircraft movements
16,14814,55411.0%
Novotel Tainui Holdings (40.00% ownership)
*
Total Revenue
30.728.77.0%
EBITDA
12.111.7 3.4%
Underlying Earnings (AucklandAirport share)*
4.52.7 66.7%
Average occupancy
92.4%90.8%
Average room rate increase
5.4%11.7%
* Novotel ownership increased from 20% to 40% in February 2017

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Capital expenditure
14
•Capital expenditure in 2018 increased 8.1% to
$405.2m
•Over 90% of the capital expenditure is investing
for future earnings growth, c.$40m renewals
spend per year
•Capital expenditure in FY19 is forecast to
increase to between $450m and $550m
*
comprising:
–completion of the international terminal
departure upgrade, new taxiways, remote
stands and aprons in the vicinity of Pier B,
planning and enabling works for the new
domestic jet facility, expansion of the MPI
arrivals area;
–continued investment in utilities, IT
infrastructure, and transport projects; and
–investment property developments including
the Pullman Hotel, Foodstuffs Distribution
Centre and offices for Airways
* Consistent with prior years, guidance excludes any uncommitted investment property capital expenditure
0
100
200
300
400
500
600
2019F
(High
point)
20182017201620152014
$m
Property developmentCar Parking
Infrastructure and otherRetail
Aeronautical
Historical and forecast capital expenditure
High end

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Commercial paper (4.7%)
Bank facilities (9.2%)
Floating bonds (11.5%)
Fixed bonds (34.6%)
AMTN (14.9%)
USPP (25.1%)
Funding
15
•Reflecting increased infrastructure investment,
offset by proceeds from the sale of NQA, total
borrowings at 30 June were flat with the prior year
at $2,060m
•Committed undrawn facility headroom of c.$380m
•Committed to our A-credit rating
•Dividend policy of paying ~100% of underlying
NPAT
•Dividend reinvestment plan remains in place for
the FY18 final dividend and offered at a 2.5%
discount to market price
•Considering a $175m NZDCM bond issue in the
second half of calendar 2018
Debt maturity profile
For the year ended 30 June20182017
Debt/Debt + market value of equity20.4%19.5%
Funds from operations interest cover5.0 4.9
Funds from operations to net debt18.4%16.6%
Weighted average interest cost4.24%4.46%
Average debt maturity profile4.93 4.74
Percentage of fixed borrowings54.7%51.4%
Sources of funding
Credit metrics
-400800
greater than 5 years
3 to 5 years
1 to 3 years
less than 1 year
Maturities ($m)
Commercial paperBank facilitiesFloating bonds
Fixed bondsAMTNUSPP

Our continuing journey

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Strategic priority:
Growing travel and trade markets
17
2018 has seen growth across a number of markets
•12 new airlines and 21 new routes added since 2015 have connected Auckland with new cities of
nearly 140 million people, providing 29% increase in capacity
•Increased capacity is requiring markets to evolve through greater consumer choice and more
competitive pricing with direct services unlocking new visitor markets
•Recent changes in airline alliances and network plans highlight importance of taking a long-term
view on infrastructure
MiddleEast
Capacity 42.3%
Passengers 52.0%
Tasman
Capacity 3.5%
Passengers 1.1%
South East Asia
Capacity 13.3%
Passengers 13.0%
China
Capacity 9.1%
Passengers 10.5%
North Asia
Capacity 13.3%
Passengers 11.7%
Pacific
Capacity 7.4%
Passengers 6.5%
North America
Capacity 1.7%
Passengers 0.7%
South America
Capacity 3.9%
Passengers 13.4%
Domestic
Capacity 3.6%
Passengers 7.7%

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
18
Multiple opportunities for growth remain
Long-term the outlook remains positive...
•Chinese and Indian middle-class
emergence and passenger growth forecasts
•IATA forecasts Asia-Pac to grow in
importance, with aircraft deliveries in the
region also projected to be strong
•Long haul aircraft technology; efficiencies
and enhancements
•New Zealand remains an attractive
destination with 118 million active
considerers
...but there are short-term challenges
•Jet fuel prices lifting off recent lows
•Some local infrastructure challenges
•Localised taxes and levies to fund
infrastructure
•Geo-political and trade related protectionism
Strategic priority:
Growing travel and trade markets
Grow Capacity
Sustain Capacity
Diversify Markets
•Continue to focus on
underserved markets such as
China, South East Asia,
Europe, North America
•Building connectivity into tier 2
Chinese cities and supporting
Chinese carriers to drive off-
peak demand
•Driving US demand across
the year, particularly off-peak
•Develop Auckland and the
North Island as destinations
for Australian travellers as well
as driving increased friends
and family related travel
•Focused on in-market
development in India to
support indirect services

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Strategic priority:
Invest for future growth
19
We have continued to invest more than $1m every day on airport infrastructure
Delivery
•In 2018 Auckland Airport reached some important
milestones in its core aeronautical and infrastructure
development programme including:
–completion of Pier B extension;
–90 percent completion of our multi-stage redevelopment
of the international terminal departure zone; and
–delivered a number of new transport projects to improve
the flow of traffic around the airport precinct
Planning
•New domestic jet terminal design well advanced with
consultation with stakeholders underway
•Progressed the design and planning approvals for the
second runway
Benefits
•Customers are experiencing the benefits of these projects
through upgraded facilities and improvements in operational
and service performance:
–departure processing times down 12%
1
in 2018; and
–international flights subject to bus operations reduced to
3.3%
2
from 8.4% in the prior year
Extension to Pier B
Stands 74 and 75
1. International departures for the calendar year to date, including construction impact and higher passenger volumes than prioryear
2. Q4 2018

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Phase 3
Extendedoutbound
processing & dwell
•New emigration hall
•Recompose space
•Expanded Duty Free and
new Destination stores
•Phasedopening of firstnew
Speciality stores & Luxury
high street stores
•90% completion
•Remaining Speciality &
Luxury high street
•New Food & Beverage
offering
•Completion 1H FY19
•Delivered Gate 17,
including a gate lounge and
two airbridges, ahead of
summer peak
•Project completed
–delivered Gate 18
–gate lounges 15and 16
refurbished
•Feasibility underway for
remotestands north of
Pier B to meet forecast
demand
•Enabling works in FY19
•Progressed new domestic
terminal design
•Shortlisted contractors for
the main build
•Initial design shared with
stakeholders, consultation
underway
•Commenced enabling works
•Further design following
consultation
•Continue enabling works
•Procurement
•Planningwork for
expansion of the border
processing area and public
arrivals space for
international passengers
•Second stage designwork
complete
•Consultation with
stakeholders ongoing
•Finalisedetailed design
•Procurement
•Enabling works to begin
in FY19
•Continued design work and
planning approvals
•Appointed international
design consultants
•First stage designwork
completed
•Second stage design work
initiated
•NOR hearings commenced
•Construction forecast to
beginin FY21, subject to
triggers
•Completion forecast
FY28
Strategic priority:
Invest for future growth
20
2H FY18
FY19 and beyond
Completed 1H FY18
MPI / Arrivals expansion
Second Runway
Domestic jet terminal
Phase 3
Phase 4
Phase 6
Departures expansion
Pier B expansion
Phase 5

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
21
Investing in transport improvements
Delivery
•Investing in a multi-modal transport system to
prioritise staff, passenger and crew access
•2018 completed projects and developments
include domestic forecourt improvements, priority
access for public bus services, new HOV lanes
Planning
•Working with NZTA and AT to provide improved
travel-time reliability and connection within the
south-west, as well as public transport
connectivity
•Introduced a range of new initiatives to:
–reduce traffic volumes and improve flows in
the airport precinct;
–better manage the transport network; and
–provide greater choice and flexibility around
how people travel to/from the airport
Benefits
•Domestic forecourt improvements delivered a
45% reduction in main entrance flow movements
•T2 lane improving access to the south-east
Key projects completed in 2018
Strategic priority:
Invest for future growth
Image 1Image 2
Key ongoing and planned projects for 2019
Domestic forecourt improvementsPhase 1 of new T2 lane system
Landing Drive signalisationReal time data collection
Nixon Road bypass
Contingency route for buses,
construction traffic
Image 2

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
22
16.2% growth in property rental, 23.7% growth in rent roll
•Completed 6 developments during FY18, with a land area
of 105,000m
2
and net lettable area of 42,000m
2
plus
26,000m
2
of car parking
•Finalised in the second half of the year:
–20,000m
2
Bunnings distribution centre
–6,500m
2
duplex warehouse at 15 Maurice Wilson, now
fully leased to Early Settler and Sheppard Cycles
–1,500m
2
car rental facilities for Koru Valet and Go
Rentals with 20,000m
2
of storage
•Previously completed developments received recognition
at the annual Property Council of New Zealand awards,
including Excellence and Best in Category accolades for
Rohlig Logistics, Excellence for Fonterra and Excellence
and Merit for MPI
•Projects under construction:
–7,000m
2
new DSV Logistics warehouseand office at The
Landing, consolidating two DSV facilities
–1,400m
2
IL4 rated building for Airways at The Quad
–10,000m
2
new speculative duplex warehouse
$90.2m
Investment property
rent roll
250
hectares of land available
for development
96.3%
Occupancy in the
portfolio
10.2 years
WALT
Strategic priority:
Invest for future growth

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
23
Well-positioned to service market growth in one of Auckland’s most sought-after locations
•One of the largest developers of high-quality commercial property in New Zealand, with 250ha
available land bank and $1.2bn assets under management
•Well-positioned to service demand with 34ha of non-committed, ready to develop serviced land
•Anchor projects under development:
•457 rooms to be added to the portfolio with the
construction of two new hotels, the Pullman
(311 rooms) and Hotel 4 (146 rooms)
•Both hotels are currently in the design and
procurement phase
•Construction of hotels to commence in 2019
•Full suite of hotel products, from 2* to 5*,
making us a one of the most significant hotel
investors in New Zealand
•65,000m2warehouse and 8,000m2
office
•One of the largest commercial property
developments in New Zealand
•Earthworks have begun and are
expected to finish in Q2 FY19
Strategic priority:
Invest for future growth
Foodstuffs Distribution CentreHotels

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
2 new mobile jet airbridges
for a better experience for
passengers on remote
bussed stands, with another
4 on order
24
Investing in our core operations
10 new specialist airside
buses to provide an
enhanced passenger
experience on remote stands
Strategic priority:
Be fast, efficient and effective
To improve passenger services
CCTV upgrade of over 1,000
cameras and systems,
improving operational
intelligence, and lifting
security and performance
To improve operational effectiveness
Added further mobile
check-in kiosks to improve
customer experience. Now
servicing more than one
million passengers a year
First stage trial of an
integrated APOC* completed,
enhancing collaboration
between all operational
stakeholders
To improve airport coordination
Extended new world class
airport planning, modelling
and forecasting tools to border
agency partners allowing
better coordination
* Airport operations centre incorporating airport operations staff, border agencies and other stakeholders

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
25
Investing in our customer experience
Introduced single online
customer account page,
integrating all airport online
services including parking,
shopping and loyalty
Strategic priority:
Be fast, efficient and effective
To improve passenger accessibility
Extended the capability of our
customer feedback tool to
enable real-time service
response
To improve passenger experience
Strata Lounge was opened in
September 2017, receiving a
Priority Pass highly
commended award in the
Asia Pacific category
To improve passenger services
* Expected in October 2018
Upgraded the coverage and
performance of our public
WiFi network enabling the
extension of free WiFi
access* for passengers
Launched Airport Virtual
Assistant (‘Ava’), an AI online
tool capable of answering
most common service
questions. To be extended
over time
Implemented a range of
transaction and fast payment
and processing solutions
that reduced transaction
times for retail and parking
customers

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Strategic priority:
Strengthen our consumer business
26
•2018 was a milestone year for our most complex project to
date -the expansion of the international terminal emigration
and dwell space
•The new environment is already delivering an improved
customer experience, resulting in international terminal retail
sales being up 2.8%
•International PSR was down 1.8% on prior year as
disruption continued to affect Specialty stores, trading out of
temporary locations. Excluding Specialty, PSR was up 4.1%
•Duty Free PSR grew 7.8%, led by improved performance in
departures due to space expansion
•Retail income grew 17.1% and per passenger by 12.2%*
driven by:
–new space;
–new store openings;
–passenger growth; and
–strong performances from the Collection Point, and Strata
Lounge
Improved retail offering driving strong revenue growth
17.1%
Increase in retail
income
13
New retail concepts opened
during the year
12.2%
Increase in retail
income per passenger*
* Per international passenger
Only New Zealand airport location for Partridge and Rolex
First Michael Kors store in New Zealand

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Strategic priority:
Strengthen our consumer business
27
International departures delivering an improved experience
Events during the year
•Opened new enlarged security screening,
‘decompression’ and dwell areas
•First stage of the Duty Free stores open
•Expansion to Duty Free stores and new Destination
precinct
•Additional Destination and Food & Beverage outlets
opened in the second half of the year
•First tranche of the new retail high street stores opened
in June 2018, providing a range of leading luxury
brands
Completed
To be delivered
Pier A
Pier B
To come in FY19
•Second stage of the new retail high
street stores expected to be open by
September
•Improved and expanded customer dwell
area to be open by November
•Formal project sign-off by third quarter
of FY19
Layout illustrative, not to scale

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
New and exclusivenames coming to the airport*
28
Luxury Destination
Food & Beverage
New and exclusive names are coming
*Excludes existing brands

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
30
Strategic priority:
Realising our vision for a digital future
•The Mall represents the culmination of a strategy to
bring physical and online retail together and make us
match fit for the modern retail world
•The Mall was soft launched at the end of FY18 providing
an online multi-channel solution that integrates with the
design of our new terminal to improve the customer
experience and expand our reach
–launched with three partners with over 2,300 products
including duty free, jewellery and quintessential New
Zealand goods
•The Mall simplifies the customer experience by enabling
international passengers to purchase from multiple
airport retailers with a single transaction and then pick
up all their items from a single collection point
•Combined with our Strata single account system, we
now believe we have one of the most advanced
customer airport platforms in the world
•Early feedback from retailers and customers has been
very positive with further features and retailers to be
added, including a Chinese language proposition in
2019
‘The Mall’ is our world-leading online retail platform

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
31
Parking revenue increase following capacity additions
34%
Increase in Valet exits
5 mins
Frequency of Park & Ride
buses to the ITB
Strategic priority:
Strengthen our consumer business
41%
Online booking as % of total
car parking income
•Car parking income for the year up 8.3% and ARPS
up 1.9% as a result of higher demand, improved
utilisation and New Zealand passenger growth
•Valet revenue increased by 28.6% due to strong
demand
•Continued to focus on providing a range of options
for customers:
–Park & Ride Express and Drop & Ride were
launched in FY18 offering customers greater
choice and convenience
•Added 1,000 (849 net) new parking spaces
•Construction of the 1,000 (500 net) bay multi-storey
car park progressing to plan to ensure we meet
growing demand
•Demolition of the Cargo Central building, repurposed
for car parking purposes, is expected to add 400
new domestic spaces in Q2 FY19
•A 3,000 space multi-storey car park, to be located
outside the future domestic jet terminal, is currently
in design

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
45%in entry movements to
domestic terminal forecourt
x%in bus operations
x% land journey time
4.1ASQ customer satisfaction*
4.1customer kiosk score*
32
Focusing on what’s important
Customer
experience
Safety and
sustainability
Education and
employment
Committed to operating in a safe and
environmentally sustainable way
Invested in infrastructure that has
enhanced the customer experience
Sharing the benefits of our
investment programme through job
creation and training
1.Q418 compared to Q417
2.Also includes reporting of hazards and near misses
1,342training opportunities
215job placements
68students involved in work
experience
9local year 13 students Auckland
Airport education scholarships
$572,021 investment in local
communities
5local community sponsorships
45%reduction in entry
movements to the domestic
terminal forecourt
61%reduction
1
in international
flights subject to bus operations
following commission of two
new contact gates
59%improvement in land
journey time reliability from the
airport to Auckland City
4.0ASQ customer satisfaction
stable at just over four out of
five
4.1Customer in-terminal kiosk
score, a 3.8% increase on
prior year
1stmajor airport in New Zealand to
have its safety management
system certified by the CAA
1stairport globally to set a publicly
disclosed Science Based Target
for carbon reduction
Green Airports Award for waste
minimisation
113%increase in reporting of
safety observations
2
49%reduction in the passenger
injury rate
Recognised as a New Zealand Top
Carbon Reducer

Regulatory and guidance

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Regulatory update
34
•On 26 April, the Commerce Commission published its draft
report on Auckland Airport’s PSE3 aeronautical pricing, with
submissions and cross-submissions completed in June
•The Commission expects to publish its final report on
Auckland Airport’s FY18-22 pricing in October2018
•Auckland Airport has provided extensive evidence to
support its FY18-22 prices and target return
•In parallel, the Commerce Select Committee has been
holding hearings with interested parties regarding potential
updates to the Commerce Act 1986, including giving the
Commerce Commission:
―general market studies power; and
―a streamlined process to investigate potential changes
to the regulatory regime
•We continue to believe that information disclosure plus the
upcoming Commerce Act change represents an appropriate
regulatory regime that is delivering very reasonable prices
for passengers and airlines together with unprecedented
infrastructure investment focused on customer experience

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Outlook
35
Guidance
•Moderate underlying profit growth anticipated as we
enter the second year of international aeronautical
price reductions in the new FY18-22 pricing period
and infrastructure investment continues at pace
•We expect underlying net profit after tax (excluding
any fair value changes and other one-off items) in
FY19 to be between $265m and $275m
•We expect total capital expenditure in FY19 of
between $450m and $550m
•This guidance is subject to any material adverse
events, significant one-off expenses, non-cash fair
value changes to property and any deterioration due
to global market conditions or other unforeseeable
circumstances

Questions

2018
Annual Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
20182017
For the year ended 30 June($m)Reported
profit
AdjustmentsUnderlying
profit
Reported
profit
AdjustmentsUnderlying
profit
EBITDAFI per Income Statement506.4-506.4473.1-473.1
Share of profit of associates16.7-16.719.4(4.5)14.9
Gain on sale of an associate297.4(297.4)----
Derivative fair value movement(0.7)0.7-2.5(2.5)-
Investment property fair value increases152.2(152.2)-91.9(91.9)-
Property plant and equipment revaluation------
Depreciation(88.9)-(88.9)(77.9)-(77.9)
Interest expense and otherfinance costs(77.2)-(77.2)(72.8)-(72.8)
Taxation expense(155.8)61.9(93.9)(103.3)13.8(89.5)
Profit after tax650.1(387.0)263.1332.9(85.1)247.8
Appendix: Underlying profit reconciliation
37
•We have made the following adjustments to show underlying profit after tax for the 12-months ended 30 June 2018 and 30 June 2017:
–reversed out the gain arising from the sale of our investment in North Queensland Airports. This sale was a one-off transaction that does not reflect normal business
activities;
–reversed out the impact of revaluations of investment property in 2018 and 2017. 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 dividendsinaccordance with the dividend policy.
None of the property, plant and equipment revaluation in 2018 affected reported profit. Therefore, no underlying profit adjustment was required in 2018, nor in 2017 in
which there was no property, plant and equipment revaluation;
–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 investmentproperty, are unrealised and interest rate
derivative valuation movements are expected to reverse out over their lives;
–to be consistent, we have also reversed the revaluations of investment property and financial derivatives that are contained within the share of profit of associatesin
2018 and 2017; and
–reversed the taxation impacts of the above movements in both the 2018 and 2017 financial years.

2018
Annual Results
Glossary
APOCAirport operations centre
ARPSAverage revenue per parking space
ATAuckland Transport
EBITDAFIEarnings before interest, taxation, depreciation, fair value adjustments and investments in associates
GDPGross domestic product
HOVHigh occupancy vehicles
ITBInternational Terminal Building
MCTOWMaximum certified take off weight
NZTANew Zealand Transport Agency
NQANorth Queensland Airports
PAXPassenger
PSE2FY13-FY17
PSE3FY18-FY22
PSRPassenger spend rate
WALTWeighted average lease term
38

---

Appendix 1
Preliminary full year report
12 months to 30 June 2018
Previous Reporting Period
12 months to 30 June 2017
Amount
$M
Percentage change
683.9 8.7%
650.1 95.3%
650.1 95.3%
Amount per security
$NZ
Imputed amount per security
$NZ
0.1100 0.042778
5 October 2018
19 October 2018
20182017
$NZ$NZ
Earnings per share
0.54310.2796
Net Tangible Assets per share
4.733.38
Part A (rules 10.4.2 and 10.5.2)
Final dividend
Preliminary full year report
Appendix 1
Results for announcement to the market
Auckland International Airport Limited
For the year ended 30 June 2018 after adjustments in the changes in the fair value of the company's investment properties (gain of $152.2m), derivative fair value change
(loss of $0.7m), gain on sale of NQA ($297.4m) and associated tax affects for these adjustments ($61.9m), underlying net profit is $263.1m.
For the year ended 30 June 2017 after adjustments in the changes in the fair value of the company's investment properties (gain of $91.9m), derivative fair value change
(gain of $2.5m), investment property valuation gains and derivative valuation gains in associates (gain of $4.5m) and associated tax affects for these adjustments
($13.8m), underlying net profit is $247.8m.
Comments:
Reporting Period
Interim/Final dividend
(This report is based on audited accounts)
Revenue from ordinary activities
Profit (loss) from ordinary activities after tax attributable to security
holder.
Net Profit (loss) attributable to security holders.
Record date
Dividend payment date
Refer to other documents attached (Audited Financial Statements, Company Report, Financial Report, Media Release, Results at a Glance, Annual Results Presentation).
Page 1 of 1

---

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
numbernumberDate
Nature of event
BonusIf ticked,Rights Issue
Tick as appropriateIssuestate whether:Taxable/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
X
whether:
InterimYear
X
SpecialDRP 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 securityPayment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
SupplementaryAmount 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
MORAG FINCHDIRECTORS' RESOLUTION
09 - 257 701409 - 256 886823082018
Enter N/A if not
applicable
In dollars and cents
$0.1100
NZD$0.019412
$132,282,984
Date Payable
Friday, 19 October 2018
$$0.007639$0.042778
$
Friday, 5 October 2018Friday, 19 October 2018

AIA – Annual Meeting and Nomination of Directors AIA NZX D&O Disclosure Notices

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