AIA – NZX Investor Presentation Announcement

Market Release
| 21 September 2018

Auckland Airport investor presentation
in relation to intended retail bond offer

As announced on 18 September 2018 Auckland International Airport Limited (“Auckland
Airport”) is considering an offer of fixed rate bonds maturing in October 2024 to New
Zealand retail investors and to institutional investors.

The offer will be made pursuant to the Financial Markets Conduct Act 2013 as an offer of
debt securities of the same class as Auckland Airport’s existing quoted debt securities. The
bonds are expected to be quoted on the NZX Debt Market. It is expected that full details of
the bond issue will be released prior to the offer opening, which is expected to be on or
around 24 September 2018.

A copy of the investor presentation in relation to the intended offer is attached.

Investors can register their interest with the Joint Lead Managers (details below) or a
financial adviser. Indications of interest will not involve an obligation or commitment of any
kind. No money is currently being sought and no bonds can be applied for or acquired until
the offer opens and the investor has received a copy of the offer document in relation to the
bonds.

Ends

For assistance, please contact:

Campbell De Morgan
Treasury Specialist
+64 9 255 9029
campbell.demorgan@aucklandairport.co.nz

ANZ Bank New Zealand Limited
0800 269 476

Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand
branch)
0800 942 822

---

2018
September NZDCM Presentation
Important notice
2
Auckland Airport intends to make an offer of fixed rate bonds (Bonds) in reliance upon the exclusion in clause 19 of schedule1 of the Financial Markets
Conduct Act 2013 (FMCA).
No money is currently being sought and no Bonds can be applied for or acquired until the offer opens and the investor has received a copy of the offer
documents in relation to the Bonds. If Auckland Airport offers the Bonds, the offer will be made in accordance with the FMCA as an offer of debt securities
of the same class as existing quoted debt securities. The Bonds are expected to be quoted on the NZX Debt Market.
Except for the interest rate and the maturity date, the Bonds will have identical rights, privileges, limitations and conditionsas Auckland Airport’s:
(a) 4.73% NZ$100,000,000 fixed rate bonds maturing on 13 December 2019 which are quoted on the NZX Debt Market under the ticker code AIA120;
(b) 5.52% NZ$150,000,000 fixed rate bonds maturing on 28 May 2021 which are quoted on the NZX Debt Market under the ticker code AIA130;
(c) 4.28% NZ$100,000,000 fixed rate bonds maturing on 9 November 2022 which are quoted on the NZX Debt Market under the ticker code AIA200;
(d) 3.97% NZ$225,000,000 fixed rate bonds maturing on 2 November 2023 which are quoted on the NZX Debt Market under the ticker code AIA210; and
(e) 3.64% NZ$100,000,000 fixed rate bonds maturing on 17 April 2023 which are quoted on the NZX Debt Market under the ticker code AIA220,
(together, Quoted Bonds) and therefore are the same class as the Quoted Bonds for the purposes of the FMCA and the Financial Markets Conduct
Regulations 2014.
Auckland Airport is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited (NZX) for the purpose of that
information being made available to participants in the market and that information can be found by visiting https://www.nzx.com/companies/AIA. Investors
should look to the market price of the Quoted Bonds to find out how the market assesses the returns and the risk premium for those bonds.

2018
September NZDCM Presentation
Key Terms
3
IssuerAucklandInternational Airport Limited (“Auckland Airport”)
Description of Bonds
Direct,unsecured,unsubordinated,fixedratedebtobligationsofAucklandAirport
rankingequallyandwithoutpreferenceamongthemselvesandequallywithallother
outstandingunsecuredandunsubordinatedindebtednessofAucklandAirport(except
indebtednesspreferredbylaw)
Issuer Long-Term Credit Rating (S&P)A-
Expected Long-TermIssue Credit Rating (S&P)A-
Issue Amount
Up to NZ$125,000,000with the ability to accept up to NZ$50,000,000
oversubscriptions at Auckland Airport’s discretion
Opening DateMonday, 24 September 2018
Closing Date2.00pm on Wednesday, 26 September 2018
Issue DateWednesday, 10 October 2018
Tenor6 years
Maturity DateThursday, 10 October 2024
Interest RateThe aggregate of the Base Rate and the Margin on the rate set date
Indicative Issue MarginExpectedto be announced via the NZX on Monday, 24 September 2018
Interest Payment Dates10 April and 10 October in each year until and including the Maturity Date
Minimum DenominationNZ$10,000 and multiples of NZ$1,000 thereafter
Interest PaymentsSemi-annually in arrears
Joint Lead Managers
ANZ Bank New Zealand Limited and Westpac Banking Corporation (ABN 33 007 457
141) (acting through its New Zealand Branch)
RegistrarLink Market Services Limited
No money is currently being sought and no Bonds can be applied for or acquired until the offer opens and the investor has received a copy of the offer document in
relation to the Bonds.

Company overview

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Auckland Airport at a glance
5
20.5 million
annual passengers
shareoflong haul arrivalsto
NewZealand
9 3
%
30 international
airlines
48international
destinations
4 international freight
airlines
21domestic
destinations
4,000 baggage
trolleys
1,500
hectaresofland
AucklandAirport
in2018
174,000
flightseach year
150
internationalflightseach day
320
domesticflightseach day
100+
24/7
24x 7operation,
365days ayear
2hotels
20,000+
peopleworkingat
andaroundtheairport
800+
businesses
shops, cafés
andrestaurants
24/7
3,635
metresofrunway
average annual
passenger growth over
50 years
share of international
visitors to New Zealand
75
%
6.7
%

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Auckland Airport is the busiest in New Zealand
6
•The largest airport in New Zealand
•Main commercial airport serving New Zealand’s
largest city with:
–174,000 aircraft movements;
–75% of international passengers to New
Zealand arrive or depart from Auckland Airport;
and
–93% of long haul arrivals
•No flight curfew, capable of operating 24 hours a
day, 7 days a week
•Auckland Airport is one of New Zealand’s most
important infrastructure assets. Listed on the NZX
and ASX with a market capitalisation of $8.4bn
2
•Single 3,635m runway plus a future second
runway will cater for Auckland’s aviation
requirements for the foreseeable future
•1,500 hectares of freehold land on the Auckland
isthmus
1.Passenger movement source monthly traffic performance updates: AKL, CHC, WLG, and ZQN airports for year to 30 June 2018, DUD 30 June 2017
2.As at 17 September 2018
Auckland
20.53 million
Wellington
6.21 million
Christchurch
6.87 million
Queenstown
2.14 million
New Zealand international airports by passenger numbers
1
Dunedin
0.97 million
19.47 million excluding transits

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Connecting New Zealand to the world
7
Auckland Airport connects New Zealand to 48 international destinations
Doha
Dubai
London
Guangzhou
Chongqing
Tianjin
Hong Kong
Beijing
Shenzhen
Shanghai
Seoul
Osaka
Narita
Bangkok
Singapore
Ho Chi Minh City
Kuala Lumpur
Bali
9 Australian
destinations
Los Angeles
Vancouver
Houston
Santiago
Buenos Aires
Manila
Xi’an
Manila
Haneda
Chengdu
•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
•Markets are evolving through greater consumer choice and more competitive pricing with direct
services unlocking new visitor markets
Chicago
San Francisco
Honolulu
9 Pacific Islands
destinations
Routes launched or announced based on single ticketed fares

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
0
2
4
6
8
10
12
14
16
18
20
22
FY00FY01FY02FY03FY04FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18
Annual Passengers (m)
Proven passenger growth
8
•Continued growth at a CAGR
1
of 5.4% over the last 18 years demonstrates resilience to global
economic weakness and other external shocks
•20.5m total passengers in FY18, 40.0% higher than 5 years ago
Sept 11
Terrorist
Attacks
SARS
Outbreak
Avian Flu
Outbreak
Sub-Prime Crisis
and Global
Recession
Christchurch
Earthquake
Total passengers at Auckland Airport
1. Cumulative average growth rate

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
AeronauticalRetailTransport
•$301.2m revenuein FY18
(44% of the company)
•Comprised of a mix of
passenger, MCTOW
1
and
parking charges
•Prices set atleast every
five years
•Strategyto grow capacity,
sustain capacity and
diversity markets
•$190.6m revenuein FY18
(28% of the company)
•Earnedon a concession
model from a range of
stores mainly within the
terminals and some off-
airport
•Diverse retail offering with
~90 stores and 2 duty free
operators
•Substantial redevelopment
nearly complete
•$61.0m revenuein FY18 (9%
of the company)
•12,338 parking spaces across
a range of parking services
from premium Valet to Park &
Ride located throughout the
precinct
•New products including Park &
Ride Express and Drop & Ride
launched to improve
convenience and utilisation
•Increasing demand is driving
ongoing expansion
Diverse and complementary business activities
9
1.Maximum certified take-off weight

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Investment PropertyHotel PortfolioQueenstown
•$1.2bn investment property
portfolio
•Medium to long term leases
(WALT
1
: 10.2 years)
•250 hectares available for
property development with
direct motorway access to
Auckland CBD
•Well-positioned to service
demand with 34ha of non-
committed, ready to develop
serviced land
•Portfolio of two hotels being a
Novotel 263 room4+ star
hotel (40% interest) and aibis
198 room 3 star hotel
•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
•~25% stake in
Queenstown Airport
•Queenstown Airport is the
gateway to New Zealand’s
adventure capital, a major
tourist destination
•Queenstown has a 100
year lease on Wanaka
Airport
10
Diverse and complementary business activities
1.Weighted average lease term as at 30 June 2018

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Overview
•Dual-till regime, with the aeronautical segment subject to
information disclosure regulation under the Commerce Act
1986
•Disclosure regime includes monitoring of service standards,
asset availability, capital expenditure plans, efficiency of pricing
and return on investment
•Commerce Commission monitors information disclosure
regime effectiveness
Regulatory environment
11
0
50
100
150
200
250
300
350
400
RegulatedNon-regulated
$m
~50% of FY18 revenue is
regulated
Rental income
Other income
Car park income
Airfield income
Retail income
Passenger services charge
Aeronautical prices for PSE3
1
(FY18 –22)
•Forecast total aeronautical segment (including non aero
pricing activities) after tax return of 7.06% p.a. on a growing
aeronautical asset base (6.99% on “priced activities”)
•$1.9b capital expenditure in 2017 (real) dollars ($2.3b nominal)
on aeronautical infrastructure over the next five years
•The 2017 pricing schedule has the average international
aeronautical revenues per passenger reducing by 1.7% p.a.
and domestic increasing by 0.8% p.a. in real terms over the
next five years
•In April 2018, the Commerce Commission published its draft
report on Auckland Airport’s PSE3 aeronautical pricing and it
expects to publish its final report in October2018
1.Price setting event 3

Strategy for our future

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Our strategy
13
Adopt an ambitious and innovative approach tohelp
New Zealand to sustainably unlock the growth
opportunities in travel, trade and tourism
Strengthen and extend our retail, transport and hotel
businesses to ensure we can respond to evolving
customer needs
Continue to improve our performance by increasing
the productivity of our assets, processes, operations
and balance sheet
Add to our strong infrastructure and commercial
foundations for long-term sustainable growth

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Strategic priority:
Growing travel and trade markets
14
Multiple opportunities for growth remain
•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
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
Long-term the outlook remains positive...

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
15
Reference images only, actual design will vary
Transport
Key benefits:
•
Improving land transport is a key
priority for Auckland Airport
•
Requires a multi
-
mode solution
•
Working with
Auckland
Transport
and NZTA
to improve traffic flows
across
the wider
network
Projects:
•
Nixon Road upgrade
•
Northern Park and Ride
expansion
•
New High Occupancy Vehicle
(HOV) lanes
•
Improved public
transport access
to the domestic terminal
•
Pedestrian bridge over George
Bolt Memorial Drive
•
New one
-
way terminal
l
oop road
Laurence Stevens HOV
Domestic forecourt
Nth Park & Ride
Tom Pearce HOV
Nixon Rd Bypass
Central connector
Altitude Drive
GBMD HOV
Terminal loop
Laurence Stevens HOV
International departures expansionNew domestic jet terminal
New five star hotelTransportSecond runway planning
Strategic priority:
Investing for future growth

16
16

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
2 new mobile jet airbridges
for a better experience for
passengers on remote
bussed stands, with another
4 on order
17
Investing in our core operations
10 new specialist airside
buses to provide an
enhanced passenger
experience on remote stands
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
1
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
1. Airport operations centre incorporating airport operations staff, border agencies and other stakeholders
Strategic priority:
Be fast, efficient and effective

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
18
•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 growth of 2.8%
•In 2018 we also soft launched ‘The Mall’, our world
leading online retail platform
•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 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
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
1
First Michael Kors store in New Zealand
1. Per international passenger
Strategic priority:
Strengthen our consumer business
The Mall

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
19
International departures delivering an improved experience
Events during the FY18 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
Strategic priority:
Strengthen our consumer business

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
New and exclusive names are coming
20
Luxury
Destination
Food & Beverage
Excludes existing brands

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
45%in entry movements to
domestic terminal forecourt
x%in bus operations
x% land journey time
4.1ASQ customer satisfaction*
4.1customer kiosk score*
Focusing on what’s important
21
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
1,082training 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

Financial information

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Strong five year financial performance
23
For the year ended 30 June
$m
20182017201620152014CAGR
Revenue683.9629.3573.9
508.5 475.8 9.5%
Expenses177.5156.2143.6
128.5 120.6 10.1%
Earnings before interest, taxation, depreciation,
fair value adjustments and investments in
associates(EBITDAFI)
506.4473.1430.3
380.0 355.2
9.3%
EBITDAFI Margin
74.0%75.2%75.0%
74.7%74.7%
Share of profit/(loss) from associates
16.719.4(8.4)
12.5 11.6
9.5%
Gain on sale of associates
297.4--
--
n/a
Derivative fair value (decrease)/increase(0.7)2.5(2.6)
(0.7)0.6
n/a
Property, plant and equipment revaluation
--(16.5)
(11.9)4.1
n/a
Investment property revaluation
152.291.987.1
57.2 42.0
38.0%
Depreciation expense88.977.973.064.8
63.5 8.8%
Interestexpense
77.272.879.1
86.0
68.2 3.1%
Taxationexpense155.8103.375.462.8
65.9 24.0%
Reported net profit after tax
650.1332.9262.4
223.5 215.9
31.7%
Underlying profitafter tax
1
263.1247.8212.7
176.4 169.9
11.6%
1.A reconciliation showing the difference between reported net profit after tax and underlying profit after tax is included in the Appendix

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Growth across all revenue streams
24
For the year ended 30 June
$m
20182017201620152014CAGR
Airfield income
122.1119.6
103.493.387.68.7%
Passenger services charge
179.1174.3
154.9140.9131.58.0%
Retail income
190.6162.8
157.5132.0127.110.7%
Car park income
61.056.3
52.146.642.89.3%
Rental income
97.684.9
74.764.659.313.3%
Other income
33.531.4
31.331.1 27.55.1%
Total revenue
683.9629.3
573.9508.5
475.8
9.5%
Revenue by segment
•FY18 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 by 17.1% in FY18 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
•Parking revenue continued to increase in FY18 with ~1,000 new spaces
•Investment property rental income up 30.7% over the last two years driven by new properties,
strong rental growth in the existing portfolio and ibis budget hotel performance

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Summary balance sheet
25
For the year ended 30 June
$m
20182017201620152014CAGR
Cash106.7 45.1 52.638.541.4
26.7%
Trade and other receivables71.555.542.336.629.0
25.3%
Other current assets0.23.48.012.33.2
(50.0)%
Current assets178.4104.0102.987.473.6
24.8%
Property, plant and equipment6,378.04,947.84,708.13,884.13,761.5
14.1%
Investment properties1,425.61,198.01,048.9848.1733.4
18.1%
Investment in associates104.4171.6142.8163.6158.4
(9.9)%
Derivative financial instruments110.482.1138.8118.36.9
100.0%
Total assets8,196.86,503.56,141.55,101.54,733.8
14.7%
Borrowings2,060.32,056.61,886.91,722.51,506.9
8.1%
Other liabilities454.4417.9373.9336.1308.2
10.2%
Total liabilities2,514.72,474.52,260.82,058.61,815.1
8.5%
Equity5,682.14,029.03,880.73,042.92,918.7
18.1%
Total liabilities and equity8,196.86,503.56,141.55,101.54,733.8
14.7%

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Capital expenditure
26
•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
1.Guidance excludes any uncommitted investment property capital expenditure
Historical and forecast capital expenditure
0
100
200
300
400
500
600
2019F
(High
point)
20182017201620152014
$m
Property developmentCar Parking
Infrastructure and otherRetail
Aeronautical
High end

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Credit metrics
27
•Considerable headroom in Auckland Airport's key credit metrics for A-target rating
•FFO interest cover ratio exceeded pre capital return levels in September 2016. Growth in the
debt book has been offset by decreasing interest rates
•Increased capital expenditure over the next five years will soften credit metrics
•FFO to grow with earnings enabling planned debt funded capex programme
For the year ended 30 June20182017201620152014
Debt / debt + market value of equity20.4%19.5%19.7%22.5%24.7%
Debt / EBITDAFI3.8x4.3x4.4x4.5x4.2x
Funds from operations / net debt18.4%16.5%16.7%15.3%16.0%
Funds from operations interest cover5.0x4.9x4.3x3.7x4.5x
Weighted average interest cost (12 months to 30 June)4.2%4.5%5.1%5.8%6.0%
Average debt maturity profile (years)4.94.74.34.93.2
Percentage of fixed borrowings54.7%51.4%48.9%49.5%58.6%

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
-
50
100
150
200
250
300
350
400
Jun-19Jun-20Jun-21Jun-22Jun-23Jun-24Jun-25Jun-26Jun-27Jun-28Jun-29Jun-30
$m
Commercial Paper
Bank Facilities
Floating bonds
Fixed bonds
AMTN
USPP
Commercial paper (4.7%)
Bank facilities (9.2%)
Floating bonds (11.5%)
Fixed bonds (34.6%)
AMTN (14.9%)
USPP (25.1%)
Funding
28
•Reflecting increased infrastructure investment,
offset by proceeds from the sale of North
Queensland Airport, total borrowings at 30 June
2018 were flat with the prior year at $2,060m
•Committed undrawn facility headroom of c.$380m
at 30 June 2018
•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
Debt maturity profile
Sources of funding
Potential
new
issue

Outlook

2018
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Outlook
30
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
Company
Overview
Strategy for
our future
Financial
Information
Outlook
September NZDCM Presentation
Reference material and further details
Reference material
Auckland Airport website: https://corporate.aucklandairport.co.nz/
Debt investor inquiries
Campbell De Morgan, Treasury Specialist
DDI: +64 9 255 9029
Campbell.demorgan@aucklandairport.co.nz
32

Appendices

2018
September NZDCM Presentation
Board of directors
34
James Miller
Director
Justine Smyth
Director
Christine Spring
Director
Dr Patrick Strange
Director
Sir Henry van der Heyden
Chair
Mark Binns
Director
Brett Godfrey
Director
Julia Hoare
Director

2018
September NZDCM Presentation
Significant land holdings
35
•Auckland Airport owns approximately 1,500 hectares of freehold land (250 hectares available
for investment property development, bounded by the blue line and sea shore)
•Vacant land enables staged and affordable expansion of aeronautical infrastructure as
required and ongoing rental income growth
Auckland Airport boundary
Auckland CBD

2018
September NZDCM Presentation
5.8
5.6
4.9
4.6
4.3
4.1
2.3
2.2
2.1
1.9
1.9
1.8
201820172016201520142013
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Tonnes (m)
Domestic MCTOW
International MCTOW
55,693
54,879
49,828
46,692
45,809
44,314
118,583
114,366
107,944
104,264
107,454
110,832
201820172016201520142013
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
Domestic aircraft
movements
International aircraft
movements
Runway movements growing
36
Aircraft movements
MCTOW
•Increased connectivity to new and existing destinations reversed a 7 year decline in total aircraft
movements from FY16
•International MCTOW up 14.2% as an increasing number of long haul destinations resulted in a
higher proportion of larger, heavier aircraft
•Domestic MCTOW continues to benefit from increased proportion of A320s

2018
September NZDCM Presentation
37
Underlying profit reconciliation
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 2018affected 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 soany 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
20182017
For the year ended 30 June
Reported
profit
$m
Adjustments
$m
Underlying
profit
$m
Reported
profit
$m
Adjustments
$m
Underlying
profit
$m
EBITDAFI
506.4-506.4473.1-473.1
Share of profitsofassociates
16.7-16.719.4(4.5)14.9
Gain on sale of associate
297.4(297.4)----
Derivative fair value movement
(0.7)0.7-2.5(2.5)-
Investment property revaluation
152.2(152.2)-91.9(91.9)-
Property, plantand 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 tax
650.1(387.0)263.1332.9(85.1)247.8

2018
September NZDCM Presentation
Important Notice and Glossary
Disclaimer
This presentation is for preliminary information purposes only and is not an offer to sell or the solicitation of any offer to purchase or subscribe for any
financial products and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The information in
this document is given in good faith and has been obtained from sources believed to be reliable and accurate at the date of preparation, but its accuracy,
correctness and completeness cannot be guaranteed.
All of the data provided in this document is derived from publicly available information in relation to Auckland Airport (including the annual report of Auckland
Airport for its financial year ended 30 June 2018), unless otherwise indicated.
Any internet site addresses provided in this presentation are for reference only and, except as expressly stated otherwise, the content of any such internet
site is not incorporated by reference into, and does not form part of, this presentation.
This presentation may contain forward looking statements with respect to the financial condition, results of operations and business, and business strategy,
of Auckland Airport. Auckland Airport gives no assurance that the assumptions upon which Auckland Airport based its forward looking statements on will be
correct, or that its business and operations will not be affected in any substantial manner by other factors not currently foreseeable by Auckland Airport or
beyond its control. Accordingly, Auckland Airport can make no assurance that the forward looking statements will be realised.
All currency amounts are in New Zealand dollars unless otherwise stated and figures, including percentage movements, are subjectto rounding.
This presentation is dated 21 September 2018.
Glossary
ARPSAverage revenue per parking space
ASQAirport service quality
CAACivil Aviation Authority of New Zealand
CAGRCompound annual growth rate
EBITDAFIEarnings before interest, taxation, depreciation, fair value adjustments and investments in associates
IATAInternational Air Transport Association
MCTOWMaximum certified take off weight
NPATNet profit after tax
PAXPassenger
PSE3Price setting event 3 (FY18-FY22)
PSRPassenger spend rate
WALTWeighted average lease term
38