AIA – 1H19 Interim Results

Media Release | 22 February 2019

Auckland International Airport FY19 Interim
Results: Positive start to year as airport
progresses anchor infrastructure projects

Auckland Airport today announced its financial results for the 6 months ended 31
December 2018.
Patrick Strange, Auckland Airport’s Chair, says, “As one of New Zealand’s busiest hubs
for tourism, trade and travel – it has been a positive six-month period for Auckland
Airport, during which we reached some significant milestones in our 30-year
programme to build the airport of the future.”
“We are starting to see the early benefits of our multi-billion, inter-generational
aeronautical infrastructure programme delivering significant new capacity, resilience
and choice for our customers, airline and operational partners.”
“During the six-month period we completed important terminal and transport-specific
projects as well as making significant progress on the design, planning and
procurement phases of our airport of the future infrastructure programme.”
Total passenger numbers at Auckland Airport grew by 3.7% to 10.6 million.
International travellers (excluding transit) reached 5.3 million (up 4.4% on the first half
of FY18), predominantly driven by additional capacity on Asian, Pacific Island and
North American routes. International transit travellers were down 5.2% to 0.5 million.

Domestic travellers increased by 4.0% to 4.8 million, primarily driven by additional
capacity on main trunk routes.
Auckland Airport recorded revenue growth of 11.5% against the prior corresponding
period to $370.6 million. Earnings before interest expense, taxation, depreciation, fair
value adjustments and investments in associates (EBITDAFI) increased by 10.8% to
$277.1 million. Reported profit after tax was $147.2 million with an underlying net profit
increase of 2.9% to $136.9 million.
Queenstown Airport also saw strong passenger growth in the period, with total
passenger numbers growing by 9.3% to 1.2 million. The underlying profit share from
Queenstown Airport decreased 4.5% to $2.1 million due to one-off expenses relating to
its long-term master planning as well as increased depreciation and amortisation costs.
While occupancy at the Novotel Hotel remained strong during the period, higher
operating costs resulted in a decrease in Auckland Airport’s share of underlying profit
by 4.5% to $2.1 million. Our total share of the underlying profit from associates was
significantly down on the prior period, which is largely attributable to the sale of our
interest in North Queensland Airports in 2018.
Airport of the future programme
Mr Strange says, “As market conditions have changed over the last two years and as
we have transitioned into more detailed design and planning stages for a number of
major projects, we now have greater clarity about the complexity of the development
programme in our live operating environment and the challenges associated with New
Zealand’s construction market.”
“We have made considerable progress over the past six months, working closely with
our airline partners to understand their requirements for the new domestic jet facility

and international arrivals projects in particular. These deeper design insights will deliver
improved project outcomes in the future including planning certainty, improved cost
control and a realistic and achievable build programme.”
“This process has led to some scope and sequencing changes for individual projects
within the airport of the future programme, which we remain committed to.”
“Changes to the timing of some infrastructure projects and project sequencing reviews
has supported other aeronautical projects coming forward. Several anchor projects are
currently in procurement stages – including work on our northern stands and taxiways
and northern road network. These are critical enabling or capacity projects to support
the wider airport development programme. We have also identified a new location for a
new air cargo terminal facility, allowing us to initiate a staged relocation of current cargo
facilities away from the terminal precinct,” he says.
During the period Auckland Airport continued to improve its benchmark customer
satisfaction ‘Airport Service Quality’ (ASQ) scores – in both the international and
domestic terminals.
“Going into this next phase of construction we are particularly aware that our travellers
and airlines rely on us to provide safe, timely and efficient services every day, and we
take that responsibility seriously. This will remain at the forefront of our planning and
operations as our investment journey continues,” Mr Strange added.
Major international terminal infrastructure completed
Mr Strange says, “In the six-month period we completed the second of two major
terminal expansion projects, delivering a combined 55,000 m
2
of newly built or
refurbished international terminal infrastructure.

“Our airport of the future programme also generated significant new training and
employment opportunities during the period, with Ara, Auckland Airport’s jobs and skills
hub, having assisted a further 159 local people during the period into new roles directly
aligned to meeting the future growth and development needs of the airport and wider
South Auckland community,” he says.
Aviation markets
Tourism and trade markets performed in line with expectations despite a changing
aviation market: North America and New Zealand outbound tourism remained strong,
the Chinese market continued to moderate – while being offset by emerging Asian
markets outside China – notably a quadrupling in passenger numbers on services from
Indonesia and the Philippines.
New capacity was added to the network with Singapore Airlines adding a new daily
flight to Singapore, Air New Zealand launching new direct services to Chicago and
Taipei, and United Airlines returning to year-round services.
Outlook
Our profit outlook for the 2019 financial year remains unchanged. We expect underlying
net profit after tax (excluding any fair value changes and other one-off items) to be
between $265 million and $275 million. This would deliver growth in the underlying
earnings per share of up to 4.5% in 2019, which is slower growth than in recent years
reflecting:
• the second year of lower international passenger charges to airlines of the new
five-year aeronautical pricing period; and
• increasing interest and depreciation expenses associated with the recent step up
in our infrastructure build.

The additional time invested in the formative stages of our key anchor projects has led
to lower capital expenditure than planned for the first half of the 2019 financial year. We
now expect total capital expenditure for the 2019 financial year to be between $280
million and $330 million, down from the previously indicated range of $450 million to
$550 million.
We are still forecasting that the total value of commissioned aeronautical assets for the
2018-2022 financial years will be broadly consistent with the five-year forecast
envelope released to the market in mid-2017.
This outlook remains subject to factors such as 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.
In regard to Auckland Airport’s regulatory and aeronautical pricing update, please refer
to our press release ‘Auckland Airport to reduce prices to airlines’ issued today.
ENDS
For further information please contact:
Media:
Stephanie Crush
+64 27 801 9377
stephanie.crush@aucklandairport.co.nz

Investors:
Stewart Reynolds
+64 27 511 9632
stewart.reynolds@aucklandairport.co.nz

---

Interim Report 2019
Growing
momentum

Our continued focus on the customer contributed
to improvements in customer satisfaction scores
in the international and domestic terminals, an
impressive result given ongoing construction and
a record 10.6 million passengers that travelled
through Auckland Airport over the six-month
period.
Importantly, we are seeing the early benefits of
our multi-billion, inter-generational aeronautical
infrastructure programme delivering significant
new capacity, resilience, choice and overall
experience for our customers, including airline and
operational partners.
Welcome
Passengers travelled through Auckland
Airport over the six-month period
of newly built or refurbished international terminal infrastructure.
10.6m55,000m
2
The first six months reflected a strong start
to FY 2019 – we reached some significant
milestones in our 30-year programme,
which involved completing some 55,000
square metres of newly built or refurbished
international terminal infrastructure – as well
as making significant progress on the design
and planning for a number of anchor projects
that will form the foundation of our airport of
the future developments through to 2027.

Cover: new landside farewell area,
international departures
‘Sun Shower’ sculpture by Gensler and Emmy Award winning artist HOTTEA,
comprises 22,000 strands of paracord totalling 121km in length. This is the
anchor artwork within new food & beverage area, international departures.
1

Choice.
Resilience.
Capacity.
Delivered
new retail concepts
were opened
during 2018.
More choice
The international terminal building departures upgrade
now offers increased choice for travellers through
expanded retail, food and beverage services – and a truly
contemporary, uniquely New Zealand experience for our
international guests.
Greater capacity
A range of projects and investments delivered
during the period added significant new capacity
to the overall running of the airport.
We completed two important transport-specific
projects during the period – the Landing Road
intersection upgrade (in conjunction with NZTA)
and the Nixon Road bypass.
Four new Avi ramps
were purchased, which
provide customers a safer,
more comfortable and
faster disembarkation
experience.
Around 70% of customers
now use self-service
kiosks to start their
journey. In the six months
we doubled the number
of kiosks to 120.
Two new investment
property developments
completed during the period
added further earnings
capacity to the Auckland
Airport property portfolio:
the 7,000m
2
DSV logistics
warehouse and office and a
6,700m
2
facility for Sheppard
Cycles and Early Settler.
13,700m
2
Safer
Faster70%
12 0
We continue to
invest in our App to
improve Customer
Experience, which
was downloaded
34,500 times during
the six months.
34,500
The Landing Road
intersection upgrade
has helped improve
traffic flows through
the airport precinct.
14% of the 80,000+ daily traffic movements on the
airport precinct are transiting vehicles trying to get
from the Ascot Industrial Park and SH20A to SH20B.
Early indications since the work was completed in
November show approx. 60% of those transiting
motorists now using the Nixon Road upgrade.
26
self-service
kiosks
of customers
using kiosks
3
Interim report 2019

1
2
3
4
5
6
7
8
Momentum
Auckland Airport has entered a new era in its airport
of the future programme. In the first half of FY 2019 we
worked closely with our airline partners to understand
their requirements for the new domestic jet facility and
the new international arrivals projects.
These deeper design insights will deliver improved
project outcomes in the future including planning
certainty, improved cost control and a realistic and
achievable build programme. This process has led to
some scope and sequencing changes for individual
projects within the airport of the future programme.
Changes to the timing of some infrastructure projects
will see other aeronautical projects come forward.
Several anchor projects are
currently in procurement
stages – including work on our
northern stands and taxiways
and the northern road network.
These are critical enabling or
capacity projects to support
the wider airport development
programme. We have also
identified a new location
for a new cargo terminal,
allowing us to initiate a staged
relocation of cargo facilities
away from the
terminal precinct.
Airfield
1

Northern runway
2

Northern stands and taxiways
Terminal
3

N ew cargo terminal
4

New international arrivals
5

New domestic jet facility
6

Domestic terminal rejuvenation
Transport
7

Pick-up / drop-off and
Multi-storey carpark 1
8

Northern road network
▲

Reference image only, actual design will vary
5
Interim report 2019

Sharing
the benefits
Te Manukanuka o Hoturoa marae
Ministers of the Government’s Maori caucus (Hon Kelvin Davis,
Hon Willie Jackson, MP Willow-Jean Prime) are welcomed
onto the Te Manukanuka o Hoturoa marae to hear more about
how we are connecting people in our local communities through
Ara – Auckland Airport’s jobs and skills hub.
Auckland Airport’s Tanya Ross takes part in planting
40,000 native trees at a Million Trees / Matariki Tu Ra
-
kau
community event at Puhinui Reserve in Wiri, adjacent to
our airport precinct.
At home in the new International terminal
Lance Peteru is a man who loves working
with and helping people.
Lance is the chef’s assistant at Best Ugly
Bagels, one of the international terminal’s
newest food outlets.
Lance has seen the atmosphere within
terminal transform and hears customers
speak of the “amazing” space, with its wide
selection of outlets to shop, relax, eat and
drink while they wait to travel.
“There is a real buzz inside the terminal
right now,” Lance says. “It is very much
a family culture, with so many different
ethnic groups across the people I work
with and the passengers I meet and serve.
It’s like they all feel like they’re at home,”
Lance says.
Ara was the gateway for Lance’s new job.
He balances it with the volunteering work he
does, helping run a soup kitchen in Mangere,
which feeds up to 200 people each week.
The thing I love the most about working at
Auckland Airport is the people and giving
the best service possible. You meet a lot
of interesting people in this role. I enjoy
and respect the different cultures you get
to work with and serve each day. Giving
them the best smile ever – that’s what
it’s all about. I never miss a day’s work –
I can’t wait to get back each day.
Lance Peteru
For the 8th year running we
were globally recognised
for our commitment to
sustainability by our
inclusion in the Dow Jones
Sustainability Index (DJSI).
YEARS
OF GLOBAL
RECOGNITION
We maintained our five-star
assessment (out of five)
by the Global Real Estate
Sustainability Benchmark,
which focuses on infrastructure
and property assets.
We completed a pay equity
review that resulted in positive
changes and enhanced how
we recognise the value and
contribution our people.
5
Investing in our airport of the future programme
extends well beyond an economic development story.
We are also investing to extend our social, cultural
and environmental contributions.
▲
Ara (Auckland Airport’s jobs and skills hub) placement: Lance Peteru, chef’s assistant at Best Ugly Bagels
7
Interim report 2019

What we have achieved
in the six months to
31 December 2018:
10.6m
Domestic 4.8m
International 5.3m
International transits 0.5m
4.0%
4.4%
(5.2)%
Revenue
11.5% $370.6m
Operating EBITDAFI
10.8% $277.1m
Reported profit after tax
( 11. 3 ) % $ 147. 2 m
Underlying profit
2.9%

$136.9m
Dividend per share
2.3% 11.00 cents
Underlying earnings per share
2.1% 11.37 cents
Passengers
Passengers
provided to the Auckland Airport
Community Trust to support learning,
literacy and life skills in South Auckland
$345,781
Health
and safety
Reporting of safety
observations, hazards
and near-misses
5.6%
Employee recordable
injury rate
9.0%
Ara – Airport Jobs
and Skills Hub
Training
opportunities
279
Total job
placements
159
South Aucklanders
placed in jobs
124
3.7%
9
Interim report 2019

Nau mai –
welcome,
It has been another busy and positive
period for Auckland Airport, and we
have reached some significant
milestones in our 30-year programme
to build the airport of the future.
We completed important terminal and
transport-specific projects as well as
making significant progress on the design,
planning and procurement phases of our
infrastructure programme. Passenger
numbers in the period continued to grow
despite a very dynamic aviation market,
and we recorded another strong financial
performance for the half year.
Total passenger numbers were 10.6 million,
up 3.7%. International travellers (excluding
transit) reached 5.3 million (up 4.4% on the
first half of FY18), predominantly driven by
additional capacity on Asian, Pacific Island
and North American routes. International
transit travellers were down 5.2% to 0.5
million. Domestic travellers increased by
4.0% to 4.8 million, primarily driven by
additional capacity on main trunk routes.
It is also pleasing to see the growing
cultural, social, economic and
environmental contribution Auckland Airport
is generating through a broad range of
community, regional and national initiatives,
leveraging off our multi-billion dollar
investment programme.
Performance
Total revenue was $370.6 million, up
11.5% and earnings before interest
expense, taxation, depreciation, fair value
adjustments and investments in associates
(EBITDAFI) increased by 10.8% to
$277.1 million. Reported profit after tax
was $147.2 million with an underlying net
profit increase of 2.9% to $136.9 million.
Retail income totalled $110.8 million
(up 24.6 %), reflecting the completion
of the significantly expanded floor space in
the international terminal and the new
retail, food and beverage options that
this project has delivered for our customers.
Strong investment property development
supported by strong pre-leasing and rental
activity translated into an annualised rent
roll of $94.0 million, up 4.4% against the
prior corresponding period.
Queenstown Airport also saw strong
passenger growth in the period, with total
passenger numbers growing by 9.3% to
1.2 million. International travellers reached
356,000 (up 6.7% on the first half of FY18)
driven by increased capacity across the
Tasman, and domestic travellers increased
10.5% to 830,000 – also driven by
increased capacity, particularly on the
Auckland to Queenstown route.
The underlying profit share from
Queenstown Airport decreased 4.5% to
$2.1 million due to one-off expenses relating
to long-term master planning, as well as
increased depreciation and amortisation
costs. While occupancy at the Novotel
Hotel remained strong during the period,
higher operating costs have resulted in a
decrease in Auckland Airport’s share of
underlying profit by 4.5% to $2.1 million.
Our total share of the underlying profit from
associates was significantly down on the
prior period, which is largely attributable to
the sale of our interest in North Queensland
Airports in 2018.
Airport of the future programme
In June 2017, we set prices for the current
five-year pricing period and announced our
corresponding five-year investment plan and
forecast capital expenditure envelope at that
time, along with high-level guidance about
the following five-year period (2023-2027).
As market conditions have changed over the
last two years and as we have transitioned
into more detailed design and planning
stages for a number of major projects, we
now have greater clarity about the
complexity of the development programme
in our live operating environment and the
challenges associated with New Zealand’s
construction market.
We have made considerable progress over
the past six months, working closely with
our airline partners to understand their
requirements for the new domestic jet facility
and international arrivals projects in
particular. These deeper design insights will
deliver improved project outcomes in the
future including planning certainty, improved
cost control and a realistic and achievable
build programme.
This process has necessarily led to some
scope and sequencing changes for individual
projects within the airport of the future
programme. However, we remain committed
to the overall investment programme.
Further reviews of project scope, system
capacity and execution has led to changes
in sequencing for our key aeronautical
projects that will form the foundation of our
airport of the future developments through
Underlying profit
The directors and management of
Auckland Airport understand the
importance of reported profits meeting
accounting standards. However, due to
the complexity of accounting standards,
it may be difficult for investors to
compare one financial year’s results with
another. Therefore, we also provide an
underlying profit measure to help
investors compare profits between years
and to make comparisons between
different companies with confidence. We
also believe that an underlying profit
measure can assist investors in
understanding what is happening in a
business such as Auckland Airport where
revaluation changes can distort short-
term financial results or where one-off
transactions, both positive and negative,
can occur.
For several years, Auckland Airport has
referred to underlying profits alongside
reported results. We do so not only when
we report our results but also when we
give our market guidance (where we
exclude fair value changes and other
one-off items) or when we consider
dividends and our policy to pay 100% of
underlying net profit after tax, excluding
unrealised gains and losses arising from
revaluation of property or treasury
instruments and other one-off items.
However, in referring to underlying profits,
we acknowledge our obligation to show
investors how such results have been
derived. The reconciliation for the current
period can be found on page 16.
$136.9m
AN INCREASE OF 2.9%
11
Interim report 2019

to 2027. Several anchor projects are now
into procurement stages – including work
on our northern stands and taxiways and
the northern road network, and these are
critical enabling or capacity projects that
support the wider airport terminal
development programme.
Connected with these airfield and roading
projects we have also identified a new
location for a new air cargo terminal
allowing us to initiate a staged relocation
of current cargo facilities away from the
terminal precinct, creating new capacity for
terminal construction staging and removing
transport demands on the central terminal
precinct areas.
We will continue to work with customers,
stakeholders and the construction industry
to understand market capacity and ensure
we align our programme appropriately.
Building momentum
and delivering benefits
As one of New Zealand’s busiest hubs for
tourism, trade and travel, the early stages
of our multi-billion, inter-generational
aeronautical infrastructure programme are
already delivering substantial benefits,
through significant new capacity, resilience
and choice for our customers, airlines and
operational partners.
During the period a significant milestone
was the completion of the second of two
major terminal expansion projects delivering
a combined 55,000m
2
of newly built or
refurbished terminal infrastructure in the
international terminal building.
The international terminal building
departures upgrade now offers increased
choice for travellers through expanded
and more diverse retail, food and beverage
services – and a truly contemporary,
New Zealand experience for our
international guests.
We also started work on a multi-year
programme to rejuvenate the existing
domestic terminal, with changes to the
retail layout and improvements in
bathrooms and security screening areas.
During the period several projects delivered
steady improvements to the airport
experience for our customers, including:
doubling the number of self-service kiosks (to
120); rolling out 4,000 new complimentary
braked baggage trolleys, procuring four new
Avi ramps to provide customers a safer,
more comfortable and faster disembarkation
experience and continuing to invest in the
Auckland Airport app (downloaded more
than 34,500 times). In addition, we are
launching a trial WeChat shopping mall for
Chinese tourists together with airline
partners; expanding our online retail channel
(The Mall), and developing plans to expand
and enhance the Strata Club.
Through the Auckland Airport led Airport
Capacity Enhancement working group,
which includes Airways and our airline
partners, we have agreed a pathway to
increase peak hour air traffic movements
in a staged manner, with a targeted capacity
of 47 movements per hour in 2020 and
50 movements by 2022.
In the first half of the financial year, we also
completed important transport-specific
projects, including the Landing Road
intersection upgrade in conjunction with
NZTA and the Nixon Road bypass.
We are aware that our travellers and airlines
rely on us to provide safe, timely and efficient
services every day, and we take that
responsibility seriously. This will remain at the
forefront of our planning and operations as
our investment journey continues.
Aviation markets
Tourism and trade markets performed in line
with expectations despite a dynamic
aviation market: North America and
New Zealand outbound tourism remained
strong, the Chinese market continued to
moderate while being offset by emerging
Asian markets outside China – notably a
quadrupling in passenger numbers on
services from Indonesia and services from
the Philippines. We also saw new capacity
added to the network in the period with
Singapore Airlines adding a new daily flight
to Singapore, Air New Zealand launching
new direct services to Chicago and
Taipei, and United Airlines returning to year-
round services.
Regulatory and aeronautical
pricing update
In November 2018 the Commerce
Commission issued its review of our prices
for the 2018-2022 financial years, and in
that review it concluded our target return
was not fully justified.
Estimating a target return is not an exact
science and the Commission acknowledged
that Auckland Airport could justify a slightly
higher return than the Commission’s
benchmark estimate.
We carefully considered the Commerce
Commission’s final report on pricing and
have decided to reduce our charges to
airlines by $33 million over the five year
period to 2022 in net present value terms,
or an equivalent of 31c per passenger. This
reflects a reduction in our aeronautical
target return from 6.99% to 6.62%.
In our view the earlier prices we set for
airlines were fair, competitive and in line with
international standards, however we
acknowledge the Commission reached a
different view on target return. We have
recognised the Commission’s feedback in
making this reduction and believe our
position is justified based on Auckland
Airport specific risks and our multi-billion
dollar 30-year infrastructure programme.
The reductions, to be implemented by way
of discount on landing and passenger
charges, will take effect from July 1, 2019.
Effective average charges per passenger to
airlines have already been falling this pricing
period in real terms and these changes will
lower real prices further.
Outlook
Our profit outlook for the 2019 financial
year remains unchanged. We expect
underlying net profit after tax (excluding any
fair value changes and other one-off items)
to be between $265 million and $275
million. This would deliver growth in the
underlying earnings per share of up to
4.5% in 2019, with slower growth than in
recent years reflecting:
• the second year of lower international
passenger charges of the new five-year
aeronautical pricing period
• increasing interest and depreciation
expenses associated with the recent
step up in our infrastructure build.
As noted above, the additional time invested
in these formative stages has led to lower
capital expenditure than planned for the first
half of the 2019 financial year. We now expect
total capital expenditure for the 2019 financial
year to be between $280 million and $330
million, down from the previously indicated
range of $450 million to $550 million.
We are still forecasting that the total value
of commissioned aeronautical assets for
the 2018-2022 financial years will be broadly
consistent with the five-year forecast
envelope released to the market in mid-2017.
This outlook remains subject to factors
such as 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.
In closing, we wish to thank all our people,
communities and customers for their hard
work, patience and understanding during
this period of airport transformation.
We look forward to updating you on our
continued progress at the 2019 full year
result, later this year.
Dr Patrick Strange,
Chair
Adrian Littlewood
Chief Executive
13
Interim report 2019

Our total profit after tax for the six
months to 31 December 2018 was down
11.3% to $147.2 million, while underlying
profit after tax increased 2.9% to
$136.9 million.
Revenue increased 11.5% to $370.6 million.
A 5.8% increase in aeronautical revenue
was driven by passenger growth and
increasing aircraft movements, partly offset
by our second successive year of a
reduction in some of our aeronautical tariffs.
Our significant investment in infrastructure
over recent years has enabled a 24.6%
increase in retail income, primarily driven by
an expanded retail area in the international
terminal. In addition, continued passenger
growth and a strong performance from the
Strata Lounge have also contributed to the
retail growth during the period. Investment
property rental income increased 14.6%
during the period due to the development of
new properties and growth in the existing
portfolio.
Operating expenses increased 13.6% to
$93.5 million, in part due to greater asset
management, maintenance and airport
operations. Staff costs increased by 9.2%
as a result of the ongoing expansion of our
business, with additional headcount largely
driven by a number of contract roles that
were transitioned over to permanent
positions in support of the airport
development and delivery team, including a
number of added specialist roles within
operations. These changes took place within
an increasingly competitive recruitment
market.
Our earnings before interest expense,
taxation, depreciation, fair value adjustments
and investments in associates (EBITDAFI)
increased 10.8% to $277.1 million.
Our total share of the underlying profit from
associates was $4.2 million for the first six
months of the 2019 financial year, down
62.5% following the sale of our interest in
North Queensland Airports in 2018. The
underlying profit share from Queenstown
Airport decreased 4.5% to $2.1 million due
to one-off expenses relating to long-term
master planning, as well as increased
depreciation and amortisation costs.
While occupancy at the Novotel Hotel
remained strong during the period, higher
operating costs have resulted in a decrease
in Auckland Airport’s share of underlying
profit by 4.5% to $2.1 million.
The interim dividend for the 2018 financial
year is up 2.3% to 11.00 cents per share.
It will be imputed at the company tax
rate of 28% and paid on 5 April 2019 to
shareholders who are on the register at
the close of business on 22 March 2019.
Our performance in the six months to
31 December 2018 means that underlying
earnings per share have continued to
increase, up 2.1% to 11.4 cents per share.
Financial
summary
The table above shows how we reconcile
reported profit after tax and underlying profit
after tax for the six-month periods ended 31
December 2018 and 31 December 2017.
The following adjustments have been made
to show underlying profit after tax for the
six-month periods ended 31 December
2018 and 31 December 2017:
• We have reversed out the impact of
revaluations of investment property and
associates in the first six months of the
2019 and 2018 financial years. An
investor should monitor changes in
investment property over time as a
measure of growing value. However, a
change in one particular period can be
too short for the purposes of measuring
performance. Changes between periods
can be volatile and, consequently, will
have an impact on comparisons. Finally,
the revaluation is unrealised and,
therefore, is not considered when
determining dividends in accordance
with the dividend policy.
• We recognise gains or losses in the
income statement arising from valuation
movements in interest rate derivatives
that are not hedge accounted and where
the counter-party credit risk on
derivatives has an impact on accounting
hedging relationships. These gains or
losses, as in the case of investment
property, are unrealised and derivative
gains or losses are expected to reverse
out over their lives.
• To be consistent, we have adjusted the
revaluations of investment property and
financial derivatives that are contained
within the share of profit of associates in
the first six months of the 2019 and 2018
financial years.
• We also allow for the taxation impacts of
the above adjustments in the first six
months of the 2019 and 2018 financial
years.
Underlying profit
Reconciliation of underlying profit to reported profit

6 months to 31 December 20186 months to 31 December 2017

Reported
profit
$M
Adjustments
$M
Underlying
profit
$M
Reported
profit
$M
Adjustments
$M
Underlying
profit
$M
EBITDAFI per
Income Statement277.1–277.1250.1–250.1
Share of profit of associates4.3(0.1)4.24.4–4.4
Share of profit of associate
held for sale–––6.70.16.8
Derivative fair value
(decreases) increases0.2(0.2)–(3.0)3.0–
Investment property fair value
increases11.1(11.1)–41.5(41.5)–
Depreciation (50.0)–(50.0)(40.7)–(40.7)
Interest expense and other
finance costs (40.1)–(40.1)(38.6)–(38.6)
Taxation expense(55.4)1.1(54.3)(54.5)5.6(48.9)
Profit after tax147.2(10.3)136.9165.9(32.8)133.1
15
Interim report 2019

Financial
statements

19
Interim report 2019
Consolidated interim income statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
NOTES
Unaudited
6 months to
31 Dec 2018
$M
Unaudited
6 months to
31 Dec 2017
$M
Income
Airfield income 64.3 59.9
Passenger services charge 93.3 89.1
Retail income 110.8 88.9
Rental income 53.3 46.9
Rates recoveries 3.1 3.0
Car park income 32.9 31.4
Interest income 1.0 0.4
Other income 11.9 12.8
Total income 370.6 332.4
Expenses
Staff4 29.8 27.3
Asset management, maintenance and airport operations 38.6 31.7
Rates and insurance 7.9 6.7
Marketing and promotions 5.5 5.2
Professional services and levies 4.9 5.7
Other expenses 6.8 5.7
Total expenses 93.5 82.3
Earnings before interest expense, taxation, depreciation, fair
value adjustments and investments in associates (EBITDAFI) 277.1 250.1
Share of profit of associates and joint ventures 4.3 4.4
Share of profit of associate held for sale – 6.7
Derivative fair value increase / (decrease) 0.2 (3.0)
Investment property fair value increase9 11.1 41.5
Earnings before interest, taxation and depreciation (EBITDA) 292.7 299.7
Depreciation 50.0 40.7
Earnings before interest and taxation (EBIT) 242.7 259.0
Interest expense and other finance costs4 40.1 38.6
Profit before taxation3 202.6 220.4
Taxation expense 55.4 54.5
Profit after taxation attributable to owners of the parent 147.2 165.9
Cents Cents
Earnings per share
Basic and diluted earnings per share12.23 13.89
Consolidated interim statement of comprehensive income
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
Unaudited
6 months to
31 Dec 2018
$M
Unaudited
6 months to
31 Dec 2017
$M
Profit for the period 147.2 165.9
Other comprehensive income
Items that may be reclassified subsequently to the income statement:
Cash flow hedges:
Fair value losses recognised in the cash flow hedge reserve(10.9)(2.3)
Realised losses transferred to the income statement 1.0 2.3
Tax effect of movements in the cash flow hedge reserve 4.3 –
Total cash flow hedge movement(5.6) –
Movement in cost of hedging reserve(0.6) –
Tax effect of movement in cost of hedging reserve 0.2 –
Movement in share of reserves of associate held for sale – 0.4
Movement in foreign currency translation reserve – 3.8
Items that may be reclassified subsequently to the income statement(6.0) 4.2
Total other comprehensive (loss) / income(6.0) 4.2
Total comprehensive income for the period, net of tax attributable to
the owners of the parent 141.2 170.1
THE FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIODS HAVE NOT BEEN AUDITED. THEY HAVE BEEN THE SUBJECT OF A REVIEW
BY THE AUDITORS PURSUANT TO NEW ZEALAND STANDARD FOR REVIEW ENGAGEMENTS 2410 FOR THE SIX-MONTH PERIODS TO
31 DECEMBER 2018 AND 31 DECEMBER 2017. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2018 HAVE BEEN AUDITED. THE
ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.
THE FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIODS HAVE NOT BEEN AUDITED. THEY HAVE BEEN THE SUBJECT OF A REVIEW
BY THE AUDITORS PURSUANT TO NEW ZEALAND STANDARD FOR REVIEW ENGAGEMENTS 2410 FOR THE SIX-MONTH PERIODS TO
31 DECEMBER 2018 AND 31 DECEMBER 2017. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2018 HAVE BEEN AUDITED. THE
ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.

21
Interim report 2019
Consolidated interim statement of changes in equity
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
Six months ended 31 December 2018
(unaudited)
NOTES
Issued and
paid-up
capital
$M
Cancelled
share
reserve
$M
Property, plant
and equipment
revaluation
reserve
$M
Share-
based
payments
reserve
$M
Cash flow
hedge
reserve
$M
Cost of
hedging
reserve
$M
Share of
reserves of
associates
$M
Foreign
currency
translation
reserve
$M
Retained
earnings
$M
Total
$M
At 30 June 2018 404.2 (609.2) 4,913.9 1.3 (38.2) – 28.8 – 981.3 5,682.1
Adjustment on adoption of NZ IFRS 9 – – – – 3.3 (3.3) – – – –
At 1 July 2018 404.2 (609.2) 4,913.9 1.3 (34.9)(3.3) 28.8 – 981.3 5,682.1
Profit for the period – – – – – – – – 147.2 147.2
Other comprehensive loss – – – – (5.6)(0.4) – – – (6.0)
Total comprehensive income – – – – (5.6)
(0.4) – – 147.2 141.2
Shares issued 10 34.7 – – – – – – – – 34.7
Long-term incentive plan – – – (0.1) – – – – – (0.1)
Dividend paid 7 – – – – – – – – (132.3)(132.3)
At 31 December 2018 438.9 (609.2) 4,913.9 1.2 (40.5)(3.7) 28.8 – 996.2 5,725.6
Six months ended 31 December 2017
(unaudited)
At 1 July 2017 348.3 (609.2) 3,729.0 1.1 (31.9) – 20.4 (9.3) 580.6 4,029.0
Profit for the period – – – – – – – – 165.9 165.9
Other comprehensive income – – – – – – 0.4 3.8 – 4.2
Total comprehensive income – – – – – – 0.4 3.8 165.9 170.1
Reclassification to retained earnings – – (1.0) – – – – – 1.0 –
Shares issued 10 28.5 – – – – – – – – 28.5
Dividend paid 7 – – – – – – – – (125.3)(125.3)
At 31 December 2017 376.8
(609.2) 3,728.0 1.1 (31.9) – 20.8 (5.5) 622.2 4,102.3
THE FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIODS HAVE NOT BEEN AUDITED. THEY HAVE BEEN THE SUBJECT OF A REVIEW
BY THE AUDITORS PURSUANT TO NEW ZEALAND STANDARD FOR REVIEW ENGAGEMENTS 2410 FOR THE SIX-MONTH PERIODS TO
31 DECEMBER 2018 AND 31 DECEMBER 2017. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2018 HAVE BEEN AUDITED. THE
ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.

23
Interim report 2019
Consolidated interim statement of financial position
AS AT 31 DECEMBER 2018
NOTES
Unaudited
As at
31 Dec 2018
$M
Audited
As at
30 Jun 2018
$M
Non-current assets
Property, plant and equipment8 6,453.6 6,378.0
Investment properties9 1,443.0 1,425.6
Investment in associates and joint ventures6 102.1 104.4
Derivative financial instruments 121.7 110.4
8,120.4 8,018.4
Current assets
Cash and cash equivalents 64.8 106.7
Inventories 0.2 0.2
Trade and other receivables 102.8 71.5
167.8 178.4
Total assets 8,288.2 8,196.8
Shareholders’ equity
Issued and paid-up capital10 438.9 404.2
Reserves 4,290.5 4,296.6
Retained earnings 996.2 981.3
5,725.6 5,682.1
Non-current liabilities
Term borrowings11 1,856.1 1,893.5
Derivative financial instruments 49.1 38.9
Deferred tax liability 253.9 251.4
Other term liabilities 1.9 1.8
2,161.0 2,185.6
Current liabilities
Accounts payable and accruals 96.3 148.0
Taxation payable 12.3 12.9
Derivative financial instruments 0.4 1.3
Short-term borrowings11 291.8 166.8
Provisions 0.8 0.1
401.6 329.1
Total equity and liabilities 8,288.2 8,196.8
Consolidated interim cash flow statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
NOTES
Unaudited
6 months to
31 Dec 2018
$M
Unaudited
6 months to
31 Dec 2017
$M
Cash flow from operating activities
Cash was provided from:
Receipts from customers 352.1 322.9
Interest received 1.0 0.5
353.1 323.4
Cash was applied to:
Payments to suppliers and employees(110.7)(87.7)
Income tax paid(49.0)(49.1)
Interest paid(38.3)(39.2)
(198.0)(176.0)
Net cash flow from operating activities5 155.1 147.4
Cash flow from investing activities
Cash was provided from:
Dividends from associates and joint ventures 7.2 9.9
7.2 9.9
Cash was applied to:
Purchase of property, plant and equipment(153.3)(186.6)
Interest paid – capitalised(2.7)(5.2)
Expenditure on investment properties(24.5)(54.7)
Investment in joint ventures(0.6) –
(181.1)(246.5)
Net cash flow applied to investing activities(173.9)(236.6)
Cash flow from financing activities
Cash was provided from:
Increase in share capital – 0.1
Increase in borrowings 150.0 312.2
150.0 312.3
Cash was applied to:
Decrease in borrowings(75.0)(145.0)
Dividends paid7(98.1)(96.9)
(173.1)(241.9)
Net cash flow applied to financing activities(23.1) 70.4
Net decrease in cash held(41.9)(18.8)
Opening cash brought forward 106.7 45.1
Ending cash carried forward 64.8 26.3
THE FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIODS HAVE NOT BEEN AUDITED. THEY HAVE BEEN THE SUBJECT OF A REVIEW
BY THE AUDITORS PURSUANT TO NEW ZEALAND STANDARD FOR REVIEW ENGAGEMENTS 2410 FOR THE SIX-MONTH PERIODS TO
31 DECEMBER 2018 AND 31 DECEMBER 2017. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2018 HAVE BEEN AUDITED. THE
ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.
THE FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIODS HAVE NOT BEEN AUDITED. THEY HAVE BEEN THE SUBJECT OF A REVIEW
BY THE AUDITORS PURSUANT TO NEW ZEALAND STANDARD FOR REVIEW ENGAGEMENTS 2410 FOR THE SIX-MONTH PERIODS TO
31 DECEMBER 2018 AND 31 DECEMBER 2017. THE FULL YEAR FINANCIAL STATEMENTS TO 30 JUNE 2018 HAVE BEEN AUDITED. THE
ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.

25
Interim report 2019
Notes and accounting policies
FOR THE SIX MONTHS ENDED 31 DECEMBER 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 company was
re-registered under the Companies Act 1993 on
6 June 1997. The company is an FMC Reporting
Entity under Part 7 of the Financial Markets
Conduct Act 2013.
The financial statements presented are for
Auckland Airport and its wholly owned subsidiaries
and associates (the group).
These interim financial statements were authorised
for issue in accordance with a resolution of the
directors on 22 February 2019.
2. Basis of preparation and accounting policies
The interim financial statements have been
prepared in accordance with generally accepted
accounting practice in New Zealand and the
requirements of the Financial Markets Conduct Act
2013 and the Main Board/Debt Market Listing
Rules of NZX Limited. The interim financial
statements comply with New Zealand Equivalent
to International Accounting Standards NZ IAS 34
and IAS 34 Interim Financial Reporting.
Auckland Airport is designated as a profit-oriented
entity for financial reporting purposes.
These interim financial statements are not required
to and do not make disclosure of all of the
information required to be included in an annual
financial report. Accordingly, this report should be
read in conjunction with the financial statements
and related notes included in Auckland Airport’s
Annual Report for the year ended 30 June 2018
(‘2018 Annual Report’).
The accounting policies set out in the 2018 Annual
Report have been applied consistently to all
periods presented in these interim financial
statements, except as identified below. The
following changes to accounting standards have
been adopted in the preparation of these financial
statements.
NZ IFRS 9 Financial Instruments is effective for
annual periods beginning on or after 1 January
2018. NZ IFRS 9 addresses the classification and
measurement of financial assets and financial
liabilities and replaces the NZ IAS 39 requirements
for hedge accounting. The implementation of NZ
IFRS 9 has resulted in changes to accounting
policies as follows:
Classification and measurement
From 1 July 2018, Auckland Airport classifies its
financial assets in the following measurement
categories:
• those to be measured subsequently at fair value
(either through other comprehensive income or
through profit or loss), and
• those to be measured at amortised cost.
The classification depends on the entity’s business
model for managing the financial assets and the
contractual terms of the cash flows. The
classification of financial instruments has not
resulted in any reclassification between
measurement categories for Auckland Airport’s
financial assets and liabilities compared with prior
reporting periods.
Impairment
Under NZ IFRS 9, on initial recognition of a financial
asset, Auckland Airport assesses on a forward-
looking basis, the expected credit loss associated
with its financial assets carried at amortised cost.
For trade receivables, the simplified approach to
measuring expected credit loss is adopted, which
uses a lifetime expected loss allowance.
Based on an assessment carried out, the
impairment loss on financial assets was immaterial.
As a result, there have been no measurement
changes required to these financial statements by
NZ IFRS 9.
Hedging
The cross-currency interest rate swaps and
interest rate swaps in place as at 30 June 2018
qualified as fair value and cash flow hedges
under IFRS 9. Auckland Airport’s risk management
strategies and hedge documentation are aligned
with the requirements of IFRS 9 and these
hedging relationships are therefore treated as
continuing hedges.
Changes in the fair value of the cost to convert
foreign currency to New Zealand dollars (NZD)
of cross-currency interest rate swaps are now
separately accounted for as a cost of hedging and
recognised within a new reserve within equity (cost
of hedging reserve). Auckland Airport has applied
NZ IFRS 9 retrospectively but has elected not to
restate comparative information as there is no
material quantitative impact on the financial
statements.
NZ IFRS 15 Revenue from Contracts with
Customers is effective for annual reporting periods
beginning on or after 1 January 2018. It replaces
the revenue recognition guidance in NZ IAS 18
Revenue and NZ IAS 11 Construction Contracts.
NZ IFRS 15 establishes a five-step model for
revenue recognition, which is centred on identifying
the performance obligations in a contract and
recognising revenue when each performance
obligation is satisfied. Auckland Airport has
considered the new guidance and identified the
main performance obligations for each of its key
revenue streams. For all revenue streams in scope
of NZ IFRS 15 there were no changes in timing of
revenue recognition. The new standard does not
apply to rental income, which is recognised under
NZ IAS 17.
Application of these standards by the group has
not materially affected any of the amounts
recognised in these financial statements or the
disclosures.
NZ IFRS 16 Leases is effective for annual periods
beginning on or after 1 January 2019. The group
reviewed leases where the group is the lessor and
has concluded that these will 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. Further information can be
found in the 2018 Annual Report.
These financial statements are presented in
New Zealand dollars and all values are rounded to
the nearest million dollars ($M) and one decimal
point unless otherwise indicated.
3. Segment information
(a) Identification of reportable segments
The group has identified its operating segments
based on the internal reports reviewed and used
by the chief executive, as the chief operating
decision maker, in assessing performance and in
determining the allocation of resources.
The operating segments are identified by
management based on the nature of services
provided. Discrete financial information about each
of these operating segments is reported to the
chief executive at least monthly. The chief
executive assesses performance of the operating
segments based on segment EBITDAFI. Interest
income and expenditure, taxation, depreciation,
fair value adjustments, and share of profits of
associates are not allocated to operating segments
as the group manages the cash position and
assets at a group level.
(b) Types of services provided
Aeronautical
The aeronautical business provides services
that facilitate the movement of aircraft, passengers
and cargo and provides utility services that support
the airport. The aeronautical business also earns
rental revenue from space leased in facilities such
as terminals.
Retail
The retail business provides services to the retailers
within the terminals and provides car parking
facilities for passengers, visitors and airport staff.
Property
The property business earns rental revenue from
space leased on airport land outside the terminals
including cargo buildings, hangars and stand-alone
investment properties.
2. Basis of preparation and accounting policies CONTINUED

Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
27
Interim report 2019
Six months ended 31 December 2018
(unaudited)
Aeronautical
$M
Retail
$M
Property
$M
Total
$M
Total segment income 171.7 149.0 47.1 367.8
Total segment expenses42.4 15.9 12.1 70.4
Segment earnings before interest expense,
taxation, depreciation, fair value adjustments
and investments in associates (EBITDAFI)129.3 133.1 35.0 297.4
Six months ended 31 December 2017
(unaudited)
Total segment income162.6 126.0 41.4 330.0
Total segment expenses41.1 13.8 8.7 63.6
Segment earnings before interest expense,
taxation, depreciation, fair value adjustments
and investments in associates (EBITDAFI)121.5 112.2 32.7 266.4
Income reported above represents income generated from external customers. There was no inter-segment
income in the period (31 December 2017: nil).
(c) Segment reconciliation of segment EBITDAFI to income statement:
Unaudited
6 months to
31 Dec 2018
$M
Unaudited
6 months to
31 Dec 2017
$M
Segment EBITDAFI 297.4 266.4
Unallocated external operating income 2.8 2.4
Unallocated external operating expenses(23.1)(18.7)
Total EBITDAFI as per income statement277.1250.1
Share of profit of associates and joint ventures 4.3 11.1
Depreciation(50.0)(40.7)
Derivative fair value increase / (decrease) 0.2 (3.0)
Investment property fair value increase 11.1 41.5
Interest expense and other finance costs(40.1)(38.6)
Profit before taxation 202.6 220.4
The income included in unallocated external operating income consists mainly of interest from third-party
financial institutions and income from telecommunication and technology services provided to tenants.
The expenses included in unallocated external operating expenses consists mainly of corporate staff
expenses and corporate legal and consulting fees.
4. Profit for the period
Unaudited
6 months to
31 Dec 2018
$M
Unaudited
6 months to
31 Dec 2017
$M
Staff expenses comprise:
Salaries and wages 23.5 21.4
Employee benefits 2.0 2.1
Share-based payment plans 0.4 0.3
Defined contribution superannuation 0.8 0.7
Other staff costs 3.1 2.8
29.8 27.3
Interest expense and other finance costs comprise:
Interest on bonds and related hedging instruments 20.2 19.7
Interest on bank facilities and related hedging instruments 6.1 9.2
Interest on USPP notes and related hedging instruments 8.9 8.8
Interest on AMTN notes and related hedging instruments 5.3 4.0
Interest on commercial paper and related hedging instruments 2.3 2.1
42.8 43.8
Less capitalised borrowing costs(2.7)(5.2)
40.1 38.6
Interest rate for capitalised borrowings costs4.29%4.29%
The gross interest costs of bonds, bank facilities, USPP, AMTN and commercial paper, excluding the
impact of interest rate hedges, was $40.4 million for the period ended 31 December 2018 (31 December
2017: $42.3 million).
3. Segment information CONTINUED

Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
29
Interim report 2019
5. Reconciliation of profit after taxation with cash flow from operating
activities
Unaudited
6 months to
31 Dec 2018
$M
Unaudited
6 months to
31 Dec 2017
$M
Profit after taxation 147.2 165.9
Non-cash items:
Depreciation 50.0 40.7
Deferred taxation expense 7.0 7.3
Share based payments 0.4 –
Equity accounted earnings from associates and joint ventures(4.3)(4.4)
Equity accounted earnings from associate held for sale – (6.7)
Investment property fair value increase(11.1)(41.5)
Derivative fair value (increase) / decrease(0.2) 3.0
Gain on foreign currency movements – (0.2)
Items not classified as operating activities:
Decrease in property, plant and equipment retentions and payables 51.7 34.5
(Increase) / decrease in investment property retentions and payables(2.8) 3.0
Movement in working capital:
Increase in trade and other receivables(31.3)(13.1)
Decrease in taxation payable(0.6)(1.9)
Decrease in accounts payable(51.0)(39.4)
Increase in other term liabilities 0.1 0.2
Net cash flow from operating activities 155.1 147.4

6. Associates and joint ventures
Movement in the group’s carrying amount of investments in associates and
joint ventures:
Unaudited
6 months to
31 Dec 2018
$M
Unaudited
6 months to
31 Dec 2017
$M
Movement in investment in associates and joint ventures continuing
Investment in associates at the beginning of the period104.4 171.6
Further investment in joint ventures0.6 –
Share of profit after tax of associates and joint ventures4.3 4.4
Share of dividends received and repayment of partner contribution(7.2)(3.2)
Movement in investment in associate held for sale
Share of profit after tax of associate held for sale– 6.7
Share of reserves of associate held for sale– 0.4
Share of dividends received from associate held for sale– (3.9)
Foreign currency translation– 3.8
Investment in associates and joint ventures at the end of the period102.1 179.8
Carrying value of investments in associates and joint ventures:
Unaudited
As at
31 Dec 2018
$M
Audited
As at
30 Jun 2018
$M
Investment in associates and joint ventures continuing
Tainui Auckland Airport Hotel Limited Partnership 30.2 33.7
Tainui Auckland Airport Hotel 2 Limited Partnership 3.6 3.0
Queenstown Airport Corporation Limited 68.3 67.7
Total 102.1 104.4

Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
31
Interim report 2019
7. Distribution to shareholders
Dividend payment date
Unaudited
6 months to
31 Dec 2018
$M
Unaudited
6 months to
31 Dec 2017
$M
2017 final dividend of 10.50 cps20 October 2017 – 125.3
2018 final dividend of 11.00 cps19 October 2018 132.3 –
Total dividends paid 132.3 125.3
The company has a dividend reinvestment plan.
During the period ended 31 December 2018,
$34.2 million of dividends were reinvested and
$98.1 million were paid in cash (31 December
2017: $28.4 million reinvested and $96.9 million
paid in cash).
8. Property, plant and equipment
Unaudited
As at
31 Dec 2018
$M
Audited
As at
30 Jun 2018
$M
At fair value 6,403.4 6,267.2
At cost 160.4 132.4
Work in progress at cost 195.8 248.0
Accumulated depreciation (306.0) (269.6)
Net carrying amount 6,453.6 6,378.0
The group carries land, buildings and services,
infrastructure and runway, taxiways and aprons at
fair value.
At 31 December 2018 the group assessed that
carrying amounts do not differ materially from fair
value.
Vehicles, plant and equipment and work in
progress are carried at cost.
Additions to property, plant and equipment were
$104.4 million for the six months ended
31 December 2018 (six months ended
31 December 2017: $155.7 million).
Transfers from investment property were
$21.6 million for the six months ended
31 December 2018 (transfers to investment
property for the six months ended 31 December
2017: $1.1 million).
9. I nvestment properties
Unaudited
6 months to
31 Dec 2018
$M
Audited
As at
30 Jun 2018
$M
Balance at the beginning of the period 1,425.6 1,198.0
Additions – subsequent expenditure26.5 54.2
Additions – acquisitions or development 1.4 20.1
Transfer (to) / from property, plant and equipment (note 8)(21.6) 1.1
Change in net revaluations 11.1 152.2
Balance at the end of the period 1,443.0 1,425.6
Investment property is measured at fair value,
which reflects market conditions at the statement
of financial position date. To determine fair value,
Auckland Airport commissions investment property
valuations at 30 June each year and undertakes a
desktop review at 31 December each year.
At 31 December 2018 and 31 December 2017,
a desktop review was performed by Auckland
Airport which comprised a review of recent
comparable transactional evidence of market sales
and leasing activity using market data provided by
Colliers. The desktop review and market data
provided by Colliers did not include full property
inspections or the issue of new reports but
examined the likely effect on property values of the
investment environment applicable at the relevant
time.
At 31 December 2018, a further review of one
recently constructed investment property was
performed by Savills. The reviews and market data
at 31 December 2018 concluded that there was a
material movement in the fair value of that
particular property versus cost but no material fair
value movements in the remainder of the portfolio.
The valuation of the recently constructed
investment property resulted in an $11.1 million
increase in the fair value at 31 December 2018
(31 December 2017: $41.5 million increase).
10. I ssued and paid-up capital
Unaudited
6 months to
31 Dec 2018
$M
Unaudited
6 months to
31 Dec 2017
$M
Unaudited
6 months to
31 Dec 2018
Shares
Unaudited
6 months to
31 Dec 2017
Shares
Opening issued and paid-up capital
at 1 July 404.2 348.3 1,201,875,336 1,192,614,174
Shares fully paid and allocated to
employees by employee share
scheme0.3 0.1 64,200 11,000
Shares vested for employees
participating in long-term incentive
plans 0.2 – 125,515 –
Shares issued under the dividend
reinvestment plan34.2 28.4 4,839,421 4,655,612
Closing issued and paid-up
capital438.9 376.8 1,206,904,472 1,197,280,786

Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
33
Interim report 2019
11. Borrowings
Unaudited
As at
31 Dec 2018
$M
Audited
As at
30 June 2018
$M
Current
Commercial paper 91.8 91.8
Bank facilities 100.0 –
Bonds100.0 75.0
Total short-term borrowings 291.8 166.8
Non-current
Bank facilities 80.0 180.0
Bonds 875.0 825.0
USPP notes 608.4 592.2
AMTN notes 292.7 296.3
Total term borrowings 1,856.1 1,893.5
Total
Commercial paper 91.8 91.8
Bank facilities 180.0 180.0
Bonds 975.0 900.0
USPP notes 608.4 592.2
AMTN notes 292.7 296.3
Total borrowings 2,147.9 2,060.3
Bank facilities
In July 2018 a new $100.0 million evergreen
standby facility with ANZ bank was established.
The new facility is perpetual in nature with an initial
review period of 15 months. There was a
corresponding reduction in existing standby
facilities by $100.0 million.
Bonds and notes
In the period to 31 December 2018 the company
undertook the following bond financing activity:
• The repayment of $75.0 million of three-year
floating rate notes in October 2018;
• The issuance of $150.0 million of six-year, 3.51
percent fixed rate bonds in October 2018;
During the current and prior period, there were
no defaults or breaches on any of the borrowing
facilities.
12. F inancial risk management
The group has a treasury policy which limits
exposure to market risk for changes in interest
rates and foreign currency, liquidity risk and
counter-party credit risk. The group has no other
material direct price risk exposure.
The interim consolidated financial statements
do not include all financial risk management
information and disclosures and should be read
in conjunction with the group’s annual financial
statements for the year ended 30 June 2018.
Further information on risk management is also
contained in the corporate governance section of
the 2018 Annual Report.
There have been no significant changes in the
financial risk management objectives and policies
since 30 June 2018.
13. F air value of financial instruments
There have been no transfers between levels of the
fair value hierarchy used in measuring the fair value
of financial instruments in the period to
31 December 2018 (30 June 2018: nil)
The following financial instruments are carried at
amortised cost, which approximates their fair value:
• cash;
• trade and other receivables;
• accounts payable and accruals;
• other term liabilities; and
• borrowings issued at floating rates.
Borrowings issued at fixed rates, including bonds,
USPP notes and AMTN notes, are carried at
amortised cost, which may differ from their fair
value. The fair values are determined as follows.
The group’s bonds are classified as level 1.
The fair value of the bonds is based on the
quoted market prices for these instruments at
balance date.
The group’s USPP notes are classified as
level 2. The fair value of the USPP notes has
been determined at balance date on a
discounted cash flow basis using the USD
Bloomberg Curve and applying discount factors
to the future USD interest payment and principal
payment cash flows.
The group’s AMTN notes are classified as level 2.
The fair value of the 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.
Unaudited
31 Dec 2018
Audited
30 Jun 2018
Carrying
amount
$M
Fair
value
$M
Carrying
amount
$M
Fair
value
$M
Bonds 975.0 1,012.4 900.0 930.1
USPP Notes 608.4 607.3 592.2 599.8
AMTN Notes 292.7 293.4 296.3 303.2
The group’s derivative financial instruments are
carried at fair value and are classified as level 2.
The fair values are determined on a discounted
cash flow basis. The future cash flows are forecast
using the key inputs presented in the table below.
The forecast cash flows are discounted at a rate
that reflects the credit risk of various counterparties
to the derivative financial instruments.
Unaudited
Fair value
As at
31 Dec 2018
$M
Audited
Fair value
As at
30 Jun 2018
$MValuation key inputs
Interest rate swaps
Forward interest rates (from observable
yield curves) and contract interest rates.Liabilities(49.5) (40.2)
Interest basis swaps
Observable forward basis swap pricing
and contract basis rates.Assets 1.6 1.8
Cross currency interest rate
swaps
Forward interest and foreign exchange
rates (from observable yield curves and
forward exchange rates) and contract
rates.Assets120.1 108.6

Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
35
Interim report 2019
14. Commitments
(a) Property, plant and equipment
The group had contractual obligations to purchase
or develop property, plant and equipment for
$63.8 million at 31 December 2018 (30 June
2018: $77.2 million).
(b) Investment property
The group had contractual obligations to purchase
or develop investment property for $214.1 million at
31 December 2018 (30 June 2018: $173.1 million).
The group had contractual commitments for
repairs, maintenance and enhancements on
investment property for $4.2 million at 31
December 2018 (30 June 2018: $5.1 million).
15. Contingent liabilities
Noise insulation
The group has obligations to mitigate the impacts
of aircraft noise on the local community in
accordance with a 2001 Environment Court
determination. It offers acoustic treatment to
schools and existing houses within defined areas.
A total of 18 homeowners accepted offers during
the period and the group recorded a provision for
the estimated cost of fulfilling its obligation to those
homeowners.
It is estimated that, overall, further noise insulation
costs associated with the 2001 Environment Court
determination for the existing and planned second
runway will not exceed $9.0 million (30 June 2018:
$9.0 million).
Firefighting foam clean up
The group has an obligation to dispose of PFOS/
PFOA contaminated firefighting 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 our
investigations to determine the extent of any
contamination are ongoing.
The group provided $1.2 million in the 2018
financial year for the expected disposal costs.
At this time, the potential cost of any yet to be
determined decontamination obligations has not
been provided for in the financial statements.
16. Events subsequent to balance date
On 22 February 2019, the directors approved
the payment of a fully imputed interim dividend
of 11 cents per share, amounting to $132.8 million
to be paid on 5 April 2019.
On 14 February 2019, the directors of
Queenstown Airport declared a dividend of
$1.0 million. The group’s share of the dividend is
$0.2 million and was received on 15 February 2019.
INDEPENDENT REVIEW REPORT
TO THE SHAREHOLDERS OF AUCKLAND INTERNATIONAL AIRPORT LIMITED
We have reviewed the condensed consolidated interim financial statements of Auckland International Airport
Limited (‘the Company’) and its subsidiaries (‘the Group’) which comprise the condensed consolidated interim
statement of financial position as at 31 December 2018, and the condensed consolidated interim income
statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for
the six months ended on that date, and a summary of significant accounting policies and other explanatory
information on pages 18 to 34.
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that
we might state to the Company’s shareholders those matters we are required to state to them in a review report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the company’s shareholders as a body, for our engagement, for this report, or for the opinions
we have formed.
Board of Directors’ Responsibilities
The Board of Directors are responsible for the preparation and fair presentation of the condensed consolidated
interim financial statements, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting and for such internal control as the Board of Directors determine is necessary to enable the preparation
and fair presentation of the condensed consolidated interim financial statements that are free from material
misstatement, whether due to fraud or error.
Our Responsibilities
Our responsibility is to express a conclusion on the condensed consolidated interim financial statements based on
our review. We conducted our review in accordance with NZ SRE 2410 Review of Financial Statements Performed
by the Independent Auditor of the Entity (‘NZ SRE 2410’). NZ SRE 2410 requires us to conclude whether anything
has come to our attention that causes us to believe that the condensed consolidated interim financial statements,
taken as a whole, are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial
Reporting and IAS 34 Interim Financial Reporting. As the auditor of Auckland International Airport Limited, NZ SRE
2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial statements.
A review of the condensed consolidated interim financial statements in accordance with NZ SRE 2410 is a limited
assurance engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly we do not express an audit
opinion on those financial statements.
Our firm carries out other assignments for Auckland International Airport Limited in the area of taxation advice,
AGM vote scrutineering assistance and assurance reporting for regulatory purposes. These services have not
impaired our independence as auditor of the Group. In addition to this, partners and employees of our firm deal
with the Group on normal terms within the ordinary course of trading activities of the business of the Group.
The firm has no other relationship with, or interest in, the Group.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed
consolidated interim financial statements of the Group do not present fairly, in all material respects, the financial
position of the Group as at 31 December 2018 and its financial performance and cash flows for the period ended
on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
22 February 2019
Chartered Accountants
AUCKLAND, NEW ZEALAND
This review report relates to the unaudited condensed consolidated interim financial statements of Auckland International Airport Limited for the 6 months
ended 31 December 2018 included on Auckland International Airport Limited’s website. The Board of Directors is responsible for the maintenance and
integrity of Auckland International Airport Limited’s website. We have not been engaged to report on the integrity of Auckland International Airport
Limited’s website. We accept no responsibility for any changes that may have occurred to the unaudited condensed consolidated interim financial
statements since they were initially presented on the website. The review report refers only to the unaudited condensed consolidated interim financial
statements named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these unaudited condensed
consolidated interim financial statements. If readers of this report are concerned with the inherent risks arising from electronic data communication they
should refer to the published hard copy of the unaudited condensed consolidated interim financial statements and related review report dated 22
February 2019 to confirm the information included in the unaudited condensed consolidated interim financial statements presented on this website.
Legislation in New Zealand governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

37
Interim report 2019
Shareholder information
Reporting entity
The company was incorporated on 20 January
1988, under the Companies Act 1955, and
commenced trading on 1 April 1988. The
company was re-registered under the Companies
Act 1993 on 6 June 1997. On 25 June 1998, the
company adopted a revised constitution, approved
as appropriate for a publicly listed company.
Further revisions of the constitution were adopted
on 21 November 2000, 18 November 2002 and
23 November 2004 in order to comply with NZSX
and ASX Listing Rule requirements.
The company was registered in Australia as a
foreign company under the Corporations Law on
22 January 1999 (ARBN 085 819 156) and was
granted Foreign Exempt Listing Entity status by
ASX on 22 April 2016.
The company’s shares were quoted on the NZX on
28 July 1998. The company’s shares were quoted
on the ASX effective 1 July 2002. The company
has established an American Depository Receipts
(ADR) program, under which each ADR represents
five ordinary shares in the company. The ADRs are
traded over the counter in the United States.
The total number of voting securities on issue as
at 31 December 2018 was 1,207,546,966.
Waivers granted by the NZX
The company was issued with a waiver of Listing
Rule 5.2.3 by NZX on 12 September 2018 (for a
period of six months from 11 October 2018) in
respect of the company’s October 2018 issue of
$150 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, and those requirements
are maintained.
The waiver was granted on the conditions that
(i) the wavier and its implications were prominently
disclosed in the terms sheet for the Bonds and
any other offering document relating to an offer of
the Bonds made during the period of the waiver,
(ii) the waiver, its conditions and their implications
are prominently disclosed in the company’s interim
and annual reports for the period the waiver is
relied upon, (iii) the terms sheet for the Bonds
disclosed liquidity in the Bonds as a risk, and
(iv) the company is to notify NZX as soon as
practicable if there is a material reduction in the
total number of, and/or percentage of the Bonds
held by, members of the public holding at least a
minimum holding of the Bonds.
The effect of the waiver from Listing Rule 5.2.3
is that the Bonds may not be widely held and
there may be reduced liquidity in the Bonds.
Auditors
Deloitte has continued to act as auditors of
the company, and has undertaken a review of
the financial statements for the six months to
31 December 2018.
Credit rating
As at 31 December 2018, the S&P Global Ratings’
long-term debt rating for the company was A-
Stable Outlook and the short-term debt rating
was A-2.
Company publications
The company informs investors of the company’s
business and operations by issuing an annual
report (with notice of meeting) and an interim report.
Enquiries
Shareholders with enquiries about transactions,
changes of address or dividend payments
should contact Link Market Services Limited on
+64 9 375 5998. Other questions should be
directed to the Company Secretary at the
registered office.
Share Registrars
New Zealand:
Link Market Services Limited
Level 11, Deloitte Centre
80 Queen Street
Auckland 1010
PO Box 91976
Auckland 1142
Australia:
Link Market Services
Limited Level 12
680 George Street
Sydney
NSW 2000
Locked Bag A14
Sydney South
NSW 1235
Financial calendar
Half yearYear
Results announced
FebruaryAugust
Reports published
FebruaryAugust
Dividends paid
AprilOctober
Annual meeting
–October
Disclosure financial statements
–November

Corporate directory
DIRECTORS
Dr Patrick Strange, chair
Mark Binns
Brett Godfrey
Dean Hamilton
Julia Hoare
Tania Simpson
Justine Smyth
Christine Spring
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
M a r y- L iz Tu c k
general manager corporate affairs
REGISTERED OFFICE NEW ZEALAND
4 Leonard Isitt Drive
Auckland Airport Business District
Manukau 2022
New Zealand
Telephone: +64 9 275 0789
Facsimile: +64 9 275 4927
Email: tellus@aucklandairport.co.nz
Website: www.aucklandairport.co.nz
REGISTERED OFFICE AUSTRALIA
c/o KPMG
147 Collins Street
Melbourne
Victoria 3000
Australia
Telephone: +61 3 9288 5555
Facsimile: +61 3 9288 6666
Website: www.kpmg.com.au
MAILING ADDRESS
Auckland International Airport Limited
PO Box 73020
Auckland Airport
Manukau 2150
New Zealand
GENERAL COUNSEL AND
COMPANY SECRETARY
M a r y- L iz Tu c k
AUDITORS
External auditor – Deloitte
Internal auditor – Ernst & Young
Share registry auditor – Grant Thornton

Please recycle me
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aucklandairpor t.co.nz

---

31 December
2018
$m
31 December
2017
$m
Movement
%
Financial Results
Income 370.6 332.4 11.5
Expenses 93.5 82.3 13.6
Earnings before interest, taxation, depreciation, fair value
adjustments and investments in associates (EBITDAFI) 277.1 250.1 10.8
Share of profits of associates and joint ventures 4.3 4.4 (2.3)
Share of profit of associate held for sale – 6.7 (100.0)
Investment property fair value increases 11.1 41.5 (73.3)
Derivative fair value movement 0.2 (3.0)(106.7)
Depreciation 50.0 40.7 22.9
Interest expense and other finance costs 40.1 38.6 3.9
Taxation expense 55.4 54.5 1.7
Reported profit after taxation 147.2 165.9 (11.3)
Earnings per share 12.23 c13.89 c(12.0)
Underlying profit after taxation
1
136.9 133.1 2.9
Underlying earnings per share 11.37 c11.14 c2.1
Dividends
Total proposed dividend for the half year (cents per share)11.00 c10.75 c2.3
Total proposed dividend for the half year ($ million) 132.8 128.8 3.1
Financial Position
Shareholders’ equity 5,725.6 4,102.3 39.6
Total assets 8,288.2 6,735.4 23.1
Debt to debt plus equity27.3%35.4%(22.9)
Debt to enterprise value
2
20.0%22.5%(11.1)
Capital expenditure 132.3 208.3 (36.5)
Passenger and aircraft statistics – Auckland Airport
International passenger movements including transits
3
5,827,707 5,632,8173.5
Domestic passenger movements 4,816,706 4,630,9224.0
Maximum certificated take-off weight (tonnes) 4,206,703 4,092,2232.8
Aircraft movements 90,877 88,1133.1
Queenstown Airport performance
International passenger movements 355,789 333,439 6.7
Domestic passenger movements 829,957 751,056 10.5
Revenue
4
25.3 23.2 9.1
EBITDAFI
4
17.4 17.0 2.4
Profit after taxation
4
8.3 8.8 (5.7)
Note:
1. Excluding investment property fair value increases, derivatives fair value movements, property, plant and equipment revaluations in the company and
its associates 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 31 December 2018 of $7.18 (31 December 2017 of $6.48).
3. 2017 data has been updated to reflect the restated transit passenger information following a review by Immigration New Zealand of its data.
4. 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 | 2019
Results
at a glance
December 2018
Underlying earnings
per share up
2 .1% to 11. 37c
2 .1%
Total passengers up
3.7% to 10,644,413
3.7%

Appendix A
Reconciliation of underlying profit to reported profit
Online report
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aucklandairpor t.co.nz
6 months to 31 Dec 20186 months to 31 Dec 2017
Reported
profit
$M
Adjustments
$M
Underlying
profit
$M
Reported
profit
$M
Adjustments
$M
Underlying
profit
$M
EBITDAFI
per Income Statement277.1–277.1250.1–250.1
Share of profit of
associates
1
4.3(0.1)4.24.4–4.4
Share of profit of
associate held for sale
1
–––6.70.16.8
Derivative fair value
(decreases) increases
2
0.2(0.2)–(3.0)3.0–
Investment property
fair value increases
3
11.1(11.1)–41.5(41.5)–
Depreciation

(50.0)–(50.0)(40.7)–(40.7)
Interest expense and
other finance costs (40.1)–(40.1)(38.6)–(38.6)
Taxation expense
4
(55.4)1.1(54.3)(54.5)5.6(48.9)
Profit after tax147.2(10.3)136.9165.9(32.8)133.1
Note:
1. Auckland Airport’s share of the fair value movement in the derivative financial instruments of associates that do not qualify for hedge accounting.
2. The fair valuation movement of the derivative financial instruments that do not qualify for hedge accounting put in place in conjunction with the US
Private Placement (USPP) debt issuance and the fair value change of derivatives due to each counterparty credit risk.
3. The fair value increases of investment property constructed in the six months to 31 December 2018 and 2017.
4. Taxation adjustments as a result of adjustments 1 to 3 above.
Results
at a glance
continued
Results at a glance | 2019
EBITDAFI up
10.8% to $ 277.1m
10.8%

---

2019
Interim 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 unaudited Interim Report for the six months ended 31
December 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's control. 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 subjectto
rounding.
Refer page 34 for a glossary of the key terms used in this presentation.
2

Highlights

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Results at a glance
4
11.5%
Revenue
$370.6m
10.8%
EBITDAFI
$277.1m
Underlying
profit
$136.9m
Earnings
per share*
11.4c
2.9%
2.1%
Passenger
movements
10.6m
Aircraft
movements
90,877
3.7%
3.1%
Operating
cashflow
$155.1m
Capital
investment
$132.3m
5.2%
36.5%
* Underlying earnings

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Growth across the business
5
Aeronautical
$157.6m revenue 5.8%
Moderating passenger growth:
4.4%International
4.0%Domestic
(5.2)% Transits
Footprint expansion almost complete:
26new store concepts
$19.94 income per passenger
5.8%international PSR uplift
Development momentum continues:
8,000m
2
completed
104,000m
2
under construction
$43.3m revenue 14.6%
Property
Retail
$110.8m revenue 24.6%
Replacement capacity delivered:
108net car park spaces added
1.9%ARPS increase
Transport
$32.9m revenue 4.8%
Ongoing strong demand:
~92% occupancy
$19.8m revenue* 2.9%
Hotels
Queenstown
$25.3m revenue 9.1%
Strong passenger growth:
6.7%International
10.5%Domestic
* Includes ibis Budget Hotel and 100% of Novotel Hotel revenues

Financial
performance

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Solid growth in revenue and EBITDA
7
For the six months ended 31 December($m)20182017Change
Revenue
370.6332.4 11.5%
Expenses
93.582.3 13.6%
Earnings before interest, taxation, depreciation,
fair value adjustments and investments in associates(EBITDAFI)
277.1250.1 10.8%
Share of profit from associates
4.34.4 (2.2%)
Share of profit from associate held for sale
-6.7(100.0%)
Derivative fair value (decrease)/increase
0.2(3.0) (106.7%)
Investment property revaluation
11.141.5 (73.3%)
Depreciation expense
50.040.7 22.9%
Interestexpense
40.138.6 3.9%
Taxationexpense
55.454.5 1.7%
Reported profit after tax
147.2165.9 (11.3%)
Underlying profitafter tax*
136.9133.1 2.9%
* A reconciliation between reported profit after tax and underlying profit after tax is included in the Appendix

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Revenue growth across the business
8
For the six months ended31 December ($m)20182017Change
Airfield income64.3
59.97.3%
Passenger services charge93.3
89.14.7%
Retail income110.8
88.924.6%
Car park income32.9
31.44.8%
Investment property rental income43.3
37.814.6%
Other rental income10.0
9.011.1%
Other income16.0
16.2(1.2%)
Total revenue370.6
332.311.5%
•Aeronautical revenue increase driven by growing passenger volumes and runway movements,
partially offset by a price reduction in international aeronautical charges. In addition, airfield
parking charge income uplift also contributed to the 7.3% increase in airfield income
•Retail income rose reflecting the full six month effect from the expanded Duty Free area as well
as the launch of our luxury high street product during the period. Destination stores, the
Collection Point and Strata Lounge also delivered strong income growth
•Parking revenue rose ahead of PAX growth with demand across the product range
•Investment property rental income grew in the period reflecting the development of new
properties, rentalgrowth in existing portfolio rental with new benchmarks being set, as well as
continued solid ibis budget hotel performance

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Passenger growth moderating
9
For the six months ended 31 December20182017Change
International arrivals2,724,021
2,592,506 5.1%
International departures2,570,486
2,477,695 3.7%
International passengers excluding transits5,294,507
5,070,201 4.4%
Transit passengers*533,200
562,616 (5.2%)
Total international passengers5,827,707
5,632,817 3.5%
Domestic passengers4,816,706
4,630,922 4.0%
Total passengers10,644,413
10,263,739 3.7%
•* In June 2018 Auckland Airport restated transit passenger information following Immigration New Zealand's review of its data.2017 PCP also restated.
•Total passenger volumes growth of 3.7% driven by capacity additions
•International passenger growth of 4.4% reflecting increased airline capacity, primarily on Asian,
Pacific Island and North American routes
•Domestic passenger volumes increased by 4.0% partly driven by increase in capacity on the
main trunk routes
•Transit passengers were down 5.2% following the introduction of direct services to San Francisco
and Santiagofrom Melbourne with the transit losses offset by more direct passengers on the
Auckland -Santiago service

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Steady growth in movements and MCTOW
10
For the six months ended31 December20182017Change
Aircraft movements
International aircraft movements
29,10127,984 4.0%
Domestic aircraft movements
61,77660,129 2.7%
Total aircraft movements
90,87788,113 3.1%
MCTOW (tonnes)
International MCTOW3,003,550
2,907,794 3.3%
Domestic MCTOW1,203,153
1,184,429 1.6%
Total MCTOW4,206,703
4,092,223 2.8%
•International aircraft movements increased 4.0% in the first half of FY19, ahead of International
MCTOW, particularly on the Tasman as a result of Emirates’ withdrawal (backfilled by other
carriers with smaller aircraft) and engine maintenance on Air NZ's B787 Dreamliner aircraft
(replaced with smaller A320s)
•Domestic aircraft movements increased 2.7%, ahead of Domestic MCTOW reflecting Air New
Zealand and Jetstar increasing frequency on their regional services

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Expenses driven by business growth
11
For the six months ended 31 December($m)20182017Change
Staff
29.827.3 9.2%
Asset management, maintenance and airport operations
38.631.7 21.8%
Rates and insurance
7.96.7 17.9%
Marketing and promotions
5.55.2 5.8%
Professional services and levies
4.95.7 (14.0%)
Other
6.85.7 19.3%
Total operating expenses
93.582.3 13.6%
Depreciation
50.040.7 22.9%
Interest
40.138.6 3.9%
•EBITDA margin of 74.8% in 1H19 declined vs PCP reflecting increases in staff and higher asset
maintenance costs, as well as the ongoing costs associated with outsourcing business technology
•Staff costs increase driven by higher headcount in Airport Development & Delivery, Retail and
Property plus additional specialist roles in Airport Operations. We also completed a pay equity
review in the period resulting in some increases to ensure pan-business equity
•Asset management, maintenance and operations increase driven by investment in technology,
additional variable costs to drive revenue growth (Strata Lounge, Valet) as well as servicingthe
increased terminal footprint
•Rates and insurance increase reflected the rise in insurance premiums from a full six months of the
Fire Service Levy rise from lastyear, as well as servicing the increased terminal footprint

2019
Interim 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$370 million
Associates’ performance
12
For the six months ended 31 December($m)20182017Change
Queenstown Airport*
Total Revenue25.323.2
9.1%
EBITDA17.417.0
2.4%
Underlying Earnings (AucklandAirport share)
2.12.2(4.5%)
Domestic Passengers
829,957751,05610.5%
International Passengers
355,789333,4396.7%
Aircraft movements
9,0868,3289.1%
Novotel Tainui Holdings**
Total Revenue
15.415.11.8%
EBITDA
5.85.9 (1.6%)
Underlying Earnings (AucklandAirport share)
2.12.2 (4.5%)
Average occupancy
91.8%92.3%
Average room rate increase
2.4%10.1%
*24.99% ownership
** Novotel ownership increased from 20.00 to 40.00% in February 2017

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Funding
13
•Total borrowings at 31 December increased
to $2,148m, 4.3% up on 30 June
•Committed undrawn facility headroom at 31
December of c.$374m
•Committed to our A-credit rating
•Dividend policy of paying ~100% of
underlying NPAT
•Dividend reinvestment plan remains in place
for the interim dividend and offered at a 2.5%
discount to market price
Debt maturity profile
Sources of funding
Credit metrics
For the period ended Dec 2018Jun 2018
Debt/Debt + market value of equity20.0%20.4%
Funds from operations interest cover5.3 5.0
Funds from operations to net debt18.3%18.4%
Weighted average interest cost4.29%4.24%
Average debt maturity profile4.634.93
Percentage of fixed borrowings60.1%54.7%
Commercial paper (4.6%)
Bank facilities (8.9%)
Floating bonds (7.4%)
Fixed bonds (40.8%)
AMTN (14.1%)
USPP (24.2%)
0200400600800
greater than 5 years
3 to 5 years
1 to 3 years
less than 1 year
$m
Commercial paperBank facilitiesFloating bonds
Fixed bondsAMTNUSPP

Our
continuing
journey

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Strategic priority:
Growing travel and trade markets
15
Variable growth from traveller source markets in the six months to December 2018
•Long haul seat capacity growth continues to unlock passenger source markets, providing more
convenient direct flight routings to key Asia Pacific and Middle East hubs
•New direct routes to Taipei and Chicago launched during the period unlocking new traveller
source markets, whilst growth continued on existing routes
•Restructure of the Tasman aviation market post alliance changes with three scale competitors
and the further rationalisation of fifth freedom airline operators
MiddleEast
Capacity 3.4%
Passengers 1.0%
Tasman
Capacity 3.3%
Passengers 1.5%
South East Asia
Capacity 49.3%
Passengers 38.6%
China
Capacity 6.3%
Passengers 7.2%
North Asia
Capacity 0.8%
Passengers 0.1%
Pacific
Capacity 6.7%
Passengers 6.7%
North America
Capacity 6.9%
Passengers 5.1%
South America
Capacity 2.4%
Passengers 0.5%
Domestic
Capacity 2.2%
Passengers 4.0%
* Data reflects direct flights to Auckland

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
16
Strategic priority:
Growing travel and trade markets
ThemeObservationImplication
55
70
Our aeronautical market
is also more diversified
than a few years ago,
with more destinations
served
Number of destinations served
2015
2018
20%
-5%
Chinese PAX 3 year CAGR
Direct
via AUS
Our network is maturing with
indirect services being replaced
with point to point travel
Increased depth and breadth of
the network is adding resilience to
our passenger flows
Additional capacity has stimulated
increased travel through greater
choice and lower prices
Emerging markets continue to
grow, with India, Malaysia,
Thailand and Brazil PAX up
>10%, albeit off a low base
Routes more sustainable with the
number of next generation aircraft
operating out of Auckland
continuing to increasenumber of
next generation aircraft operating
out of Auckland continues to
increase
3.8m
4.5m
Number of NZ PAX journeys
20152018
The depth of our
aeronautical market
has increased in
recent years with
increased frequencies
on many routes
New Zealand outbound
and domestic remains
strong but showing
signs of slowing down
1
2
3
4
5
18
30
Number of airlines operating
2015
2018
2
North American market deepening
airlines
2015
2018
5
destinations
4
6

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Strategic priority:
Invest for future growth
17
Customers are seeing the benefits of our infrastructure programme
Terminal
•The international outbound expansion (Phase 3) project
reached practical completion in February 2019 refurbishing
or extending 36,000m² of the international terminal
•Phase 3, together with other recently completed elements
of the international terminal development programme have
added 55,000m² of new or refurbished terminal space in the
last 12 months including:
–emigration and security processing area;
–passenger decompression area;
–retail space; and
–passenger amenities
Transport
•Completed the Landing Road intersection upgrade and the
Nixon Road bypass
•These projects deliver substantial improvements in traffic
flow across the precinct
–reduced average journey times from the international and
domestic terminals to The Landing by 38% and 50%,
respectively, vs last year’s summer peak
–85% reduction in heavy vehicles transiting south through
the airport precinct since the opening of the bypass
“Sun showers” by Eric Rieger aka HOTTEA
Newly opened International Terminal departures pre-screening area

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Strategic priority:
Invest for future growth
18
Our seven anchor projects
Reference image only, actual design will vary
New cargo terminal
New domestic jet facility
New international arrivals
Northern runway
18
PUDO & MSCP1
Northern road network
Northern stands &
taxiways
Domestic rejuvenation
Anchor projects
•Eight anchor projects
create significant
additional aeronautical
capacity to cater for future
growth
•Since setting pricing for
PSE3 we have been
consulting with key
stakeholders around the
design of many of these
projects and their
construction
•This consultation process
has resulted in us
revisiting a number of the
design elements to ensure
they meet the needs of
customers
•Given the increased scale
of these projects we have
also revisited the timing
and sequencing to ensure
the anchor projects:
‒provide the right level of
headroom to enable
construction to occur;
and
‒minimisedisruption to
customers

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Phase 3
Extendedoutbound
processing & dwell
•Principal design elements
established
•Detailed consultation on
function and process
•Design elements refined
•Procurement model to be
developed
•Finalise concept design and
consultation with
stakeholders and airlines
•Continue enabling works
•Complete detailed design
•Completed concept design
•Agreed key elements with
border agencies and airlines
•Awarded and commenced
next phase of design
•Continue design
•Commence construction
enabling works
•Commence procurement
•Complete enabling works
•Commence civil works
•​Expansion of foodcourt and
security area commenced​
•Further follow-on feasibility
studies commenced for
additional works
•Follow-on projects design​
completed
•Expanded foodcourt and
security area opens​
•Commence civil and major
airfield and in-terminal
works​
•Industry study complete
•Location confirmed
•Consultation with industry
stakeholders underway
•Commence concept design •Commence civil works and
construction
Strategic priority:
Invest for future growth
19
New international arrivals
New domestic jet facility
Terminal
New cargo terminal
Domestic rejuvenation
FY20 and beyond
Terminal
Terminal
Terminal
2H191H19

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
•Finalised detailed design
•Agreed design and
acceleration of project with
stakeholders and airlines
•Tenders issued and received
•Tender evaluation and
award
•Commencement of enabling
and civil works
•Taxiway Mike and Lima
testing
•Stand earthworks completed
•Commence construction of
drainage and pavement
•NOR decision issued
•Feasibility design complete
•Concept design commenced
•Consultation with
stakeholders and airlines
•Updating work on timing for
the northern runway
•Concept design complete
•Procurement model agreed
•Detailed design underway
•Earthworks construction
forecast to beginin FY21,
subject to triggers
•Completion forecast FY28
•Completed concept design
•Agreed key elements with
stakeholders and airline
•Commenced preliminary
design
•Complete preliminary design
•Commence enabling works
•Procurement model to be
developed
•Final stages of design,
procurement and preparation
for main works
•Continued detailed design
•Consultation with
stakeholders and airlines
•Commenced procurement for
physical works
•Finalise detailed design
•Construction contract
awarded
•Construction commenced
•Stage 1 GBMD* widening and
two-way north/south by-pass
complete
•Terminal exit road opened
Strategic priority:
Invest for future growth
20
Northern runway
Northern stands & taxiways
Airfield
Northern road network
PUDO and MSCP1
2H191H19
FY20 and beyond
Airfield
Transport
Transport
* George Bolt Memorial Drive

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
21
Continued momentum with 14.6% growth in rental income
Strategic priority:
Invest for future growth
$94.0m
Investment property
rent roll
246
hectares of land available
for development
97.7%
Occupancy in the
portfolio
9.6 years
WALT
Ignite Urban Design Award: Best Property Team
DSV Logistics
•Development momentum maintained. Strong pre-
leasing activity and new rental benchmarks set
•Completed developments include:
–7,000m
2
DSV Logistics warehouse and office at The
Landing
–6,700m
2
facility for Sheppard Cycles and Early
Settler
•Projects under construction progressing well:
–Foodstuffs –civil works complete 6 weeks ahead of
programme
–1,200m
2
office development for Airways
–11,000m
2
speculative warehouse facility pre-let 6
months prior to completion
•Two speculative warehouse projects totaling 16,000m
2
in design
•Design and procurement for Hotel 4 and the Pullman
ongoing. Construction on track to commence in 2019

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
•Agreed pathway with ACE* forum to
increase air traffic movements to 47 per
hour by 1H20 and 50 per hour by 2022
•Doubled the number kiosks at the
international terminal and added more
airlines to the service
‒~70% of international passengers now
use self-service kiosks
•Added four new mobile airbridges providing
customers with a safer, faster and more
comfortable experience
•Rolled out 4,000 new braked baggage
trolleys
•Added improved wayfinding in international
arrivals
•Launched real-time border agencies queue
times feature in the Auckland Airport app
•Upgraded the WiFinetwork enabling
improved service and extended the free
period to 2 hours
22
In the first six months we have...
Strategic priority:
Be fast, efficient and effective
Over the next six months we are...
•Undertaking a check-in-to-gate biometrics
trial
•Improving the international transit
experience
•Enhance international passenger screening
•Refurbishing Pier A to enlarge gate lounges
•Upgrading the Auckland Airport app to add
new features, including home-to-gate and
real time customer feedback
•Developing a dedicated One World Alliance
check-in area
New Auckland Airport app real-time queue feature
Capacity and effectiveness
Passenger experience improvements
Capacity and effectiveness
Passenger experience improvements
* Airfield Capacity Enhancement

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
23
We are focused on overall system performance
Strategic priority:
Be fast, efficient and effective
•Our quality of service is improving across
both terminals
•Baggage reclaim time in 1H19 continues to
improve in an environment of growing pax
•New facilities and focus on service delivery is
resulting in improved customer feedback
•Total number of bussed international flights
has declined circa 35% on 1H18
3.94
4.07
4.03
4.18
0.0
1.0
2.0
3.0
4.0
5.0
DTBITB
1H181H19
0.0
1.0
2.0
3.0
4.0
5.0
Jul-18Aug-18Sep-18Oct-18Nov-18Dec-18
ITBDTB
ASQ score by terminal
Kiosk score by terminal
Number of bussed operations
International baggage claim
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0
100
200
300
400
500
JulAugSepOctNovDec
20172018% of Flight Movements
00:00
01:26
02:53
04:19
05:46
07:12
08:38
10:05
11:31
JulAugSepOctNovDec
20172018
* December 2018 baggage reclaim processing time increase was due to the 8
December fire incident

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Strategic priority:
Strengthen our consumer business
24
•Retail income up 24.6% and income per passenger grew
by 19.9%* as a result of the expansion to duty free and
new stores opening
•New store openings deliver a broader choice and better
overall experience for passengers
•International terminal retail sales were up 10.4% while
PSR increased 5.8%, with duty free and luxury the
biggest contributors
‒Duty Free PSR grew 10.4%, led by cosmetics &
skincare, electronics and NZ health & wellbeing
products
‒Luxury stores have grown overall retail sales without
cannibalising other segments
•Continued strong performances from the Collection Point,
and Strata Lounge, both up in double-digits
•Technology and additional destination products added to
The Mall product range with overall ATV c.25% higher
than physical stores
•Retailincome expected to moderate in future periods as
we cycle recent store expansion
Improved retail experience driving ongoing growth
24.6%
Increase in retail
income
26
New retail concepts opened
during the year
19.9%
Increase in retail
income per passenger*
* Per international passenger
Launched a WeChat mini-store for Chinese customers,
an extension of the Mall

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
2019
InterimResults
New retail outlets enhancing the experience

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
26
Parking revenue up in line with passenger growth despite capacity disruptions
36%
Increase in Valet exits
Strategic priority:
Strengthen our consumer business
46%
Online booking as % of total
car parking income
•Parking income up 4.8%, with ARPS also up
1.9% as a result of continued demand and
customer receptiveness to higher value products
‒Valet revenue increased by 28.2%
•Completed the demolition and repurposing of the
Cargo Central building into domestic car parking
•Added 700 (108 net) new parking spaces in the
period
•Construction of the 1,000 (500 net) bay multi-
storey car park progressing to plan and is
expected to complete in June 2019
•Finalising design of the 3,000 space multi-storey
car park to be located outside the future domestic
jet terminal
•Business-casing a significant Park & Ride
expansion, with a capacity of ~ 4,000 spaces
New 1,000 bay multi-storey car park under construction

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
27
People, place and community
Community
•12 days of Christmas initiative in its 10
th
year
•Expanded the Auckland Airport Education Scholarships
programme to 10 local secondary school students assisting
with tertiary studies and employment transition
•Granted $345,781 to the Auckland Airport Community Trust
to support learning, literacy and life skills in South Auckland
•Thirty $1,000 grants to local charities and organisations
People, safety and sustainability
•Total passenger and public injuries down in 1H19
•Over the last three years, the employee recordable injury
rate declined 36% but it is up 9% on prior year
•Helped to plant 40,000 native trees at a Million Trees /
MatarikiTu Rākaucommunity event
•Updated parental leave policy providing support in excess
of the minimum legislative provisions
•Completed a pay equity review resulting in positive changes
that ensure we maintain an equitable remuneration system
Employment
•Created 279 training opportunities and placed 159 people
into new jobs in 1H19
We are continuing to prioritise safety and play our part in the community
31%
Reduction in total passenger
and public injuries in 1H
9.0%
Increase in the employee
recordable injury rate
2018 Award for Community Engagement
5.6%
Increase in the number of
reported safety observations*
* Including hazards and near-misses

Regulatory
and
guidance

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Regulatory update
29
•On 1 November 2018, the Commerce Commission
published its final report on Auckland Airport's
aeronautical pricing for PSE3 (FY18-22), concluding
that part of our targetedreturn over and above its
6.41% airport-sector mid-point estimate is excessive
•We believe that our published PSE3 aeronautical
pricing and the target return were fair and we
provided considerable Auckland Airport-specific
evidence in support
•But we are respectful of the important role that the
Commission plays in overseeing the economic
regulation for New Zealand airports
•Our Board has therefore decided to provide a discount to Auckland Airport's published prices for
FY20, FY21 and FY22, so as to reduce our target return over the entire five year PSE3 period from
6.99% (equivalent to the Commission's 65th percentile airport-sector WACC estimate) to 6.62%
(55th percentile)
•We are looking forward to moving on from the three year PSE3 aeronautical pricing process
culminating in today’s pricing response announcement and are now turning our focus back on
efficiently running the business and on delivering the very largeaeronautical capex programme that
will deliver considerable benefits to our airlines, passengers and the wider New Zealand economy
Blue Sky 18 pan-agency emergency response exercise

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Capital expenditure update
30
•Capital spend decreased in 1H19 to $132.3m
•Some anchor PSE3 projects are taking longer as
concept design andconsultation continues with
the interdependencies and complexity of projects
extending timelines
•Northern stands and taxiwaysproject accelerated
with support of key customers due to capacity and
sequencing requirements
•Construction market presents challenges, but we
are looking to reduce this risk through
procurement
•Total commissioned capex during PSE3 is still
forecast to be broadly consistent with the original
pricing forecasts
Historical capital expenditure
0
100
200
300
400
500
1H 201920182017201620152014
$m
Property developmentCar Parking
Infrastructure and otherRetail
Aeronautical

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
Outlook
31
Guidance
•We now expect total capital expenditure in FY19 of
between $280m and $330m
•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
•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

2019
Interim Results
Highlights
Financial
performance
Our continuing
journey
Regulatory
and guidance
20182017
For the six months ended 31 December
($m)
Reported
profit
AdjustmentsUnderlying
profit
Reported
profit
AdjustmentsUnderlying
profit
EBITDAFI per Income Statement277.1-277.1250.1-250.1
Share of profit of associates4.3(0.1)4.24.4-4.4
Share or profit of associate held for sale---6.70.16.8
Derivative fair value movement0.2(0.2)-(3.0)3.0-
Investment property fair value increases11.1(11.1)-41.5(41.5)-
Property plant and equipment revaluation------
Depreciation(50.0)-(50.0)(40.7)-(40.7)
Interest expense and otherfinance costs(40.1)-(40.1)(38.6)-(38.6)
Taxation expense(55.4)1.1(54.3)(54.5)5.6(48.9)
Profit after tax147.2(10.3)136.9165.9(32.8)133.1
Appendix: Underlying profit reconciliation
33
•We have made the following adjustments to show underlying profit after tax for the six months ended 31 December 2018 and 31 December 2017:
–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 whichare not 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 associates in
2018 and 2017; and
–reversed the taxation impacts of the above movements in both 2018 and 2017.

2019
Interim Results
Glossary
ACEAirfield Capacity Enhancement
ARPSAverage revenue per parking space
ATVAverage transaction value
EBITDAFIEarnings before interest, taxation, depreciation, fair value adjustments and investments in associates
GBMDGeorge Bolt Memorial Drive
MCTOWMaximum certified take off weight
PAXPassenger
PSE3FY18-FY22
PSRPassenger spend rate
WALTWeighted average lease term
34

---

Appendix 1
Half year report
Reporting Period
6 months to 31 December 2018
Previous Reporting Period
6 months to 31 December 2017
Results for announcement to the market
Variance Variance
$NZ'M
%
Income from ordinary activities 38.211.5
(18.7)( 11.3)
(18.7)( 11.3)
Reported earningsAdjustmentsUnderlying
earnings
Reported
earnings
AdjustmentsUnderlying
earnings
EBITDAFI per income statement277.1-277.1250.1-250.1
Share of profit of associates
1
4.3(0.1)4.24.4-4.4
Share of profit of associate held for sale
1
---6.70.16.8
Derivative fair value decreases
2
0.2(0.2)-(3.0)3.0-
Investment property fair value increase
3
11.1(11.1)-41.5(41.5)-
Depreciation (50.0)-(50.0)(40.7)-(40.7)
Interest expense and other finance costs
(40.1)-(40.1)(38.6)-(38.6)
Taxation expense
4
(55.4)1.1(54.3)(54.5)5.6(48.9)
Profit after tax147.2(10.3)136.9165.9(32.8)133.1
The rationale for these reconciling items can be found in the 2019 interim company report.
Amount per security
Amount per security
Imputed amount
per security
$NZ$NZ
Final dividend
Current periodN/AN/A
Previous corresponding period0.11000.04278
Interim dividend
Current period0.11000.04278
Previous corresponding period0.10750.04181
The total amount of the dividend payable is 132,830,166$
Record date for entitlements to the dividend:22 March 2019
Dividend payment date05 April 2019
Dividend reinvestment plan
31-Dec-1831-Dec-17
$NZ$NZ
Earnings per share0.12230.1389
Net Tangible Assets per share4.763.43
Appendix 1
Six months to 31 December 2018Six months to 31 December 2017
The financial statements have been prepared in accordance with New Zealand generally accepted accounting practice and comply with New Zealand Equivalent to
International Accounting Standard NZ IAS 34 and IAS 34 Interim Financial Reporting. The financial statements have not been audited.
332.4
165.9
$NZ'M
Auckland International Airport Limited
Results for announcement to the market
(This report is based on unaudited accounts)
Preliminary half year report
At the election of the shareholder the dividend payable may be reinvested in new shares. The price of such shares will be
the volume weighted average share price of Auckland Airport shares calculated over a period of five business days starting
on the "Ex Date", which is one business day before the record date, less any applicable discount as determined by the
Auckland Airport Board. The last date for the registrar to receive election notices or changes to election notices is 5pm on
the record date.
$NZ'M
370.6
6 months to 31 December 20186 months to 31 December 2017
1
Auckland Airport’s share of the fair value movement in the derivative financial instruments of associates that do not qualify for hedge accounting.
2
The fair value movement of Auckland Airport’s derivative financial instruments in the income statement that either do not qualify for hedge accounting or hedge
accounting ineffectiveness that relate to the counterparty risk of the particular derivatives entered into by Auckland Airport.
3
Non cash revaluations of Auckland Airport's investment property in the period to 31 December 2018 and 2017.
4
Taxation adjustments as a result of adjustments 1 to 3 above.
Reported profit after taxation for the six months ended 31 December 2018 under New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) is
$147.2 million. Directors have also referred to underlying profit of $136.9 million in various releases, an increase of 2.9% from the underlying profit of $133.1 million
for the six months ended 31 December 2017. Below is a table reconciling reported profit to underlying profit:
Profit after taxation from ordinary activities
attributable to members
Profit after taxation for the period
attributable to members
147.2
147.2165.9
Page 1 of 2

Details of associates and joint venture entities
Percentage
Holding
Share of
underlying
profit 31
December 2018
Share of
underlying
profit 31
December 2017
$NZ'M$NZ'M
24.99%2.12.2
40.00%2.12.2
Total4.24.4
Comments
Refer to the following attachements:
- 2019 interim company report
- Interim financial statements for the six months ended 31 December 2018
- Results at a glance
- Interim results presentation
Auckland Airport Hotel Limited Partnership
Queenstown Airport Corporation Limited
Name
Page 2 of 2

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
X
whether:
Interim
X
YearSpecialDRP Applies
X
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
OR explanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
ORDINARY SHARESNZAIAE0002S6
EMAIL: announce@nzx.com
Notice of event affecting securities
AUCKLAND INTERNATIONAL AIRPORT LIMITED
ADRIAN BROWNDIRECTORS' RESOLUTION
09 - 257 701409 - 256 886822022019
Enter N/A if not
applicable
In dollars and cents
$0.1100
NZD$0.019412
$132,830,166
Date Payable
Friday, 5 April 2019
$$0.007639$0.042778
$
Friday, 22 March 2019Friday, 5 April 2019