AIA – 1H20 Interim Results

Media release | 20 February 2020
Auckland International Airport FY20
Interim Results
Historic period of transformation: $1.2 billion of
infrastructure projects now under construction as
Auckland Airport announces a new international
arrivals area and advances plans for the Domestic Jet
Hub
Auckland Airport today announced its financial results for the six months to 31 December
2019. Board Chair Patrick Strange said: “Auckland Airport is well underway with the
biggest transformation in our history to modernise and expand the precinct to become
an airport of the future. There is strong momentum in our infrastructure development
programme with construction in progress on four of our eight key anchor infrastructure
projects. Our focus is on delivering for customers and for New Zealand and it’s been a
solid start to the financial year as we continue our work on significant new aeronautical
infrastructure and advance plans for a new Domestic Jet Hub.”
Highlights
Six months ended 31 December
2019
31 December
2018
Variance
Total passengers 10.6 million 10.6 million Down 0.5%
Revenue $374.7 million $370.6 million Up 1.1%
Operating EBITDAFI $279.2 million $277.1 million Up 0.8%
Profit after tax $147.2 million $147.2 million -
Earnings per share 12.1 cents 12.2 cents Down 0.7%
Underlying profit after tax* $139.9 million $136.9 million Up 2.2%
Underlying earnings per
share*
11.5 cents 11.4 cents Up 0.9%
Interim dividend 11.0 cents 11.0 cents -
* Refer to slide 33 of the 2020 interim results presentation for a definition of underlying profit after tax
and a reconciliation between this non-GAAP profit measure and reported profit after tax.

• Solid performance delivering earnings before interest expense, taxation,
depreciation, fair value adjustments and investments in associates (EBITDAFI) of
$279.2 million in the first half of the 2020 financial year, a rise of 0.8% on the previous
half-year period. Results reflect several factors, including moderating passenger
growth and the impact of the discounts announced in February last year to the
airport’s previously published aeronautical prices.
• Total investment in infrastructure projects now under construction has reached $1.2
billion as part of a broader $1.5 billion development programme underway across the
precinct.
• Announced the construction of a new $350 million-plus 30,000m
2
arrivals area at the
international terminal, with site enabling works underway and vertical construction to
begin mid-2020. It’s the fourth of eight key anchor infrastructure projects to get
underway over the past year, alongside an expansion and redevelopment of the
airfield and transport improvements across the precinct.
• Interim construction alliance negotiated and now formed to accelerate the delivery of
the new Domestic Jet Hub, a $1 billion-plus terminal to be connected to the
international terminal. The alliance is between Auckland Airport, Hawkins (a Downer
company), Fletcher Construction and designers Mott MacDonald.
• Continued strength in Auckland Airport’s property business with $300 million of
investment assets under construction in the first half of the 2020 financial year,
including a new hotel and an 85,000m
2
warehouse and office facility for Foodstuffs
NZ. Additional investment in the new Te Arikinui Pullman Hotel under a joint venture
partnership.
• Strong pipeline of new investment opportunities ahead. New pre-committed
investment property developments of over $60 million for DHL Supply Chain,
Hellman Logistics, and Interwaste – all within The Landing Business Park.
Solid performance in first half of the 2020 financial year
Auckland Airport reported revenue growth of 1.1% on the first half of the 2019 financial
year to $374.7 million, while total reported profit after tax was flat on the prior period at
$147.2 million. Underlying net profit, which excludes unrealised gains and losses arising
from revaluation of property or treasury instruments, increased 2.2% to $139.9 million.

Overall passenger numbers were 10.6 million, down 0.5% on the first half of the 2019
financial year, reflecting changes in international visitor source markets and reductions
in airline seat capacity as airlines consolidated their networks. International passenger
numbers including transits were up 0.2% to 5.8 million during the period, while domestic
passenger numbers were down 1.2% to 4.7 million due to Jetstar’s exit from regional
services and other reductions in airline seat capacity impacting passenger demand.
“Global tourism has experienced rapid expansion in recent years and it’s clear that the
market has cycled into a consolidated phase and this is naturally reflected in our interim
results. We are also working closely with our airline and tourism partners to understand
the impact of the Covid-19 outbreak. But we remain confident about our prospects over
the medium to longer term and continue to lay the groundwork for future growth,” said
Mr Strange.
Auckland Airport welcomed new services to the network in the first half of the 2020
financial year, with new international routes to Vancouver and Seoul commencing along
with the announcement of new services to New York and Dallas/Fort Worth. The
Chinese market continued to evolve during the period and while passenger numbers
softened overall, the trend of high-value independent traveller Chinese nationals flying
direct to New Zealand and staying for longer continued in the first half of the 2020
financial year with these direct passengers up 5.3% on the prior period.
“Routes between Auckland and mainland China make up 5.9% of total overall seat
capacity and while we are anticipating that the Covid-19 outbreak will continue to impact
the Chinese market and possibly other markets for the remainder of the current financial
year, it’s still too early to judge the final impact.
“With more than 21 million people passing through Auckland Airport every year, our
focus has been on providing a great experience for our customers. We have worked
hard to deliver important terminal improvements and to streamline processes for
travellers and it’s great to see these gains reflected in our customer satisfaction scores,”
Mr Strange said.

In the first half of the 2020 financial year, Auckland Airport’s combined customer
satisfaction rating (Airport Service Quality) for the domestic and international terminals
climbed to its highest annual score in six years: 4.16 out of 5.
The uplift in customer satisfaction reflected improvements delivered as part of the multi-
million-dollar 36,000m
2
transformation of Auckland Airport’s international terminal
departure area, along with works to upgrade the existing domestic terminal building,
such as expansion of the security screening area and the food precinct.
Building an airport of the future – International arrivals and Domestic Jet Hub
The arrival point for more than five million Kiwis returning home and visitors to New
Zealand is set for a $350 million-plus expansion as Auckland Airport begins work on a
new international arrivals area.
“The investment will add more than 30,000m
2
of floor space or roughly three rugby fields
to the current footprint of the international terminal, bringing a significant increase in
space for border processing, biosecurity screening, retail, public dwell and back of house
areas,” said Auckland Airport Chief Executive Adrian Littlewood.
“We want everyone stepping off a long flight to feel the warmth of manaakitanga, a
generous and warm welcome that is uniquely Aotearoa New Zealand, when they arrive
into Auckland Airport. The expanded area will also help to strengthen New Zealand’s
border to prevent pests and diseases from entering the country and allow for the
automation of many biosecurity processes. Scheduled for completion in late 2023, the
expanded area will also deliver a 50% capacity increase in Biosecurity New Zealand and
New Zealand Customs processing space, helping to improve peak time capacity.”
The arrivals expansion is the fourth of eight key anchor infrastructure projects to get
underway over the past year: large-scale roading; airfield and terminal infrastructure
developments which will deliver greater capacity and resilience. A highlight will be a
more efficient roading system to enable public transport, to prioritise traffic heading to
the terminals and to ensure safer and reliable journeys.

Roading improvements will also support infrastructure development and integrate with
the improvements Waka Kotahi NZ Transport Agency and Auckland Transport are
making to the airport’s southern access point – SH20B.
“Auckland Airport is becoming an increasingly important business hub, with more than
900 businesses and 20,000 workers based at or near the airport,” said Mr Littlewood.
“Despite growth leveling off recently, traveller numbers are estimated to more than
double to 40 million-plus per year by 2044. We know that we need to work fast to
progress our transformation plans and our core focus is on delivering the essential
aeronautical infrastructure New Zealand needs to succeed for the future.
“We are investing heavily in our airfield with $720 million to be spent over the next four
years in renewing, maintaining and expanding the airfield and associated airfield utilities.
We are making good progress with our airfield expansion: building new taxiways and
remote stands, and creating headroom for the parking and servicing of aircraft as we
make way for further infrastructure development.
“Our team is accelerating progress of the Domestic Jet Hub – a $1 billion-plus
development to be connected to the current international terminal and one of our most
important anchor projects.
“It’s no secret that the complexity of delivering such a large-scale vertical development
in both a constrained construction market and a 24/7 operating environment has created
some challenges for us. However, we have made significant strides in advancing the
design and delivery model for the project over the period, with enabling works for
Domestic Jet Hub now underway in and around the future building footprint. We have
worked closely with our airline partners to understand their requirements and we are
now moving from preliminary to developed design,” Mr Littlewood said.
A project alliance is being formed to build and deliver the Domestic Jet Hub, with an
interim alliance agreement now in place between Auckland Airport, Hawkins (a Downer
company), Fletcher Construction and Mott MacDonald.

Common in horizontal infrastructure developments such as roading or rail, the vertical
construction alliance will be made up of a 150-strong project team, with an estimated
1,600 contractors at the peak of development to deliver a new domestic jet-only pier, a
retail area, and a new food and beverage precinct.
“For a build as complex as the Domestic Jet Hub, we need to tackle the project
differently, shifting away from traditional procurement practices to a delivery model
based on shared responsibility and collaboration, in line with the new Construction
Industry Accord. The alliance will also provide the capacity we need in a constrained
construction market to successfully deliver such a large-scale development,” said Mr
Littlewood.
Construction for the project is expected to begin in late-2020 with the first stage of the
project due for completion in 2023.
Developing the airport precinct
The scale and pace of development continues to provide new opportunities for growth
and job creation at Auckland Airport, one of the fastest-growing parts of Auckland city.
Construction is well underway on two new quality hotels, each providing a
complementary offering to appeal to a range of travellers. Built in partnership between
Auckland Airport and Tainui Group Holdings, the luxury Te Arikinui Pullman Hotel is a
311-room, five-star hotel that is now emerging on the doorstep of the arrivals area at the
international terminal. Generating 200 new jobs once the hotel is open, construction is
expected to be complete in 2022.
Further north across the precinct, construction on the airport’s fourth hotel is also
progressing well – a 146-room, four-star property to be operated by Accor Group under
the Mercure Hotel brand. Located near the existing airport retail centre, the project is
generating an estimated 100 jobs during its construction and will employ around 82 full-
time workers on its completion in 2021.
“The performance of our property investment business has been a highlight for the first
half of the 2020 financial year with annualised rent roll of $104.7 million, growth of 11.4%

against the first half of the 2019 financial year and our portfolio achieving 99.4%
occupancy for the period. Momentum is accelerating, with $300 million of investment
properties under construction in the first half of the 2020 financial year.
“In quarter three, the property team will begin the development of almost 40,000m
2
of
new, pre-leased premium facilities. This includes a new state-of-the-art 4,000m
2

purpose-built facility for Interwaste. This facility will service waste from Auckland Airport,
Ports of Auckland, Port of Tauranga and the majority of the District Health Boards in the
North Island.
“We’re also progressing a number of transport-related projects, including a new 3,200-
bay Park & Ride facility south of the airport and enabling works at the international
terminal to allow for the development of a new multi-storey car park to meet growing
customer demand.
“The pipeline of investment property work for the remainder of the 2020 financial year is
very positive with more than 65,000m
2
and over $100 million of development under
discussion,” said Mr Littlewood.
Growing the precinct safely and sustainably with a community focus
As construction ramps up, Auckland Airport is working to connect local people with local
jobs through Ara – Auckland Airport’s Jobs and Skills Hub. In November 2019, hundreds
of job seekers and employers took part in Auckland Airport’s first-ever job expo, held in
partnership between the Ministry of Social Development (MSD), Auckland Business
Chamber and Ara.
“Thousands of jobs will be created at the airport precinct over the next 30 years, and we
are working with our partners to ensure local people can make the most of the career
opportunities that are on their doorstep, while helping local employers to fill any
vacancies they have,” said Mr Littlewood.
While pressing ahead with new initiatives to boost local employment, Auckland Airport
continues to seek opportunities to lighten our impact on the environment.

Auckland Airport is focused on progressing designs that reduce energy, carbon and
waste, drawing on best practice in sustainable design to guide decision-making through
the planning, design and construction phases. This includes consulting with the New
Zealand Green Building Council (NZGB) and the Infrastructure Sustainability Council of
Australia (ISCA), as well as preparing a sustainable design and construction manual to
guide the activities of Auckland Airport and our suppliers, supporting the delivery of
sustainable outcomes through the design and construction process. An example of this
is the construction of a new 75,000m
2
distribution centre for Foodstuffs NZ with a Green
Star rating of 6 stars and a roof to support the 6,000m
2
of solar panels now being
installed.
“Auckland Airport has a proud history of being a business focused on the long term and
we want to ensure that we are minimising any impact of our development programme.
“This also extends to workplace safety. With so much development going on at the
airport, we are committed to ensuring the safety and security of everyone working at and
travelling through the precinct. Our strong safety culture includes a health and safety
forum where we collaborate with our construction partners to ensure we share
information, manage safety standards and improve outcomes for our people and
contractors.
“The scale and pace of change at Auckland Airport also means we need to work hard to
keep travellers and local businesses informed about construction work here, particularly
on how it could impact their journey.”
Auckland Airport has launched a new campaign called Stay in the Know, combining a
marketing strategy with a series of other communication tools – including a new website,
fortnightly development update newsletters, videos and the quarterly AKL Update
publication – to keep the public and stakeholders up to date with progress on our
construction programme.
“Like many parts of Auckland, there is a significant amount of infrastructure change
happening at Auckland Airport. It’s exciting, but we also want to make sure that we are
upfront about the disruption all this construction might cause on a day-to-day basis, to
make sure they can plan ahead and keep safe on the road,” said Mr Littlewood.

Outlook
As we look to the remainder of the financial year we expect underlying profit after tax
(excluding any fair value changes and other one-off items) for the full year to be between
$260 million and $270 million. This is a slight reduction on the original guidance for the
year, reflecting Auckland Airport’s current estimates of the impact of the Covid-19
outbreak. We will continue to monitor developments and update guidance if actual
outcomes differ materially from current assumptions.
We expect total capital expenditure for the current financial year of between $450 million
and $550 million, and total aeronautical capital expenditure during PSE3 is still forecast
to be broadly consistent with the original PSE3 pricing forecasts.
As always, this guidance is subject to any material adverse events, significant one-off
expenses, non-cash fair value changes to property, and deterioration as a result of
global market conditions or other unforeseen circumstances.

$2 billion PSE3 infrastructure
development programme to
provide capacity for an increase
in passenger numbers, forecast to
more than double to 40 million-
plus by 2044.
Eight key anchor
projects
Four underway
 New international arrivals area
 Airfield expansion – stands and
taxiways
 Roading upgrade – northern network
 Domestic terminal works
Four in early to advanced stages
of planning
 Domestic Jet Hub
 Pick-up and drop-off and multi-
storey car park 1
 Northern runway
 Cargo precinct

$1 billion-plus Domestic Jet Hub
 Enabling works now underway
 Moving from preliminary to concept
design
 Interim construction alliance now
formed for the Domestic Jet Hub
­ Auckland Airport
­ Hawkins (a Downer company)
­ Fletcher Construction
­ Mott MacDonald
Developing the precinct
 $300 million of investment properties
under construction in the first half of
the 2020 financial year including the
146-room Mercure Hotel
 Additional investment in the 311-
room Te Arikinui Pullman Hotel as
part of a joint venture partnership with
Tainui Group Holdings
 Park & Ride South development,
providing 3,200 car-parking spaces
 85,000m
2
facility for Foodstuffs NZ
 Auckland Airport continues to
investigate commercial on-precinct
retail property opportunities to
complement existing retail
developments
ENDS
To download or view a video about our arrivals project, click here:
https://vimeo.com/392128348

For further information, please contact:
Media:
Head of Communications and External Relations
Libby Middlebrook
+64 21 989 908
libby.middlebrook@aucklandairport.co.nz

Investors:
Investor Relations and Reporting
Suzannah Steele
+64 9 257 7042
suzannah.steele@aucklandairport.co.nz

---

Interim Financial
Statements 2020

Contents
Financial statements 02
Notes and accounting policies 08
Shareholder information 21
Corporate directory 23
1
Interim Financial Statements 20201

Consolidated interim income statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
UnauditedUnaudited
6 months to
31 Dec 2019
6 months to
31 Dec 2018
Notes
$M$M
Income
Airfield income60.864.3
Passenger services charge91.193.3
Retail income113.6110.8
Rental income57.053.3
Rates recoveries3.83.1
Car park income34.332.9
Interest income0.71.0
Other income13.411.9
Total income
374.7370.6
Expenses
Staff430.629.8
Asset management, maintenance and airport operations42.538.6
Rates and insurance8.97.9
Marketing and promotions5.65.5
Professional services and levies2.84.9
Other expenses5.16.8
Total expenses
95.593.5
Earnings before interest expense, taxation, depreciation,
fair value adjustments and investments in associate and
joint ventures (EBITDAFI)
279.2277.1
Share of profit of associate and joint ventures65.04.3
Derivative fair value (decrease)/increase(0.4)0.2
Investment property fair value increase99.111.1
Earnings before interest, taxation and depreciation (EBITDA)
292.9292.7
Depreciation55.450.0
Earnings before interest and taxation (EBIT)
237.5242.7
Interest expense and other finance costs434.740.1
Profit before taxation
3202.8202.6
Taxation expense55.655.4
Profit after taxation, attributable to the owners of the parent
147.2147.2
CentsCents
Earnings per share
Basic and diluted earnings per share12.1412.23
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 2019 AND 31 DECEMBER 2018. THE FULL-YEAR FINANCIAL STATEMENTS TO 30 JUNE 2019 HAVE BEEN AUDITED.
THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.

Consolidated interim statement of comprehensive income
FOR THE YEAR ENDED 31 DECEMBER 2019
UnauditedUnaudited
6 months to
31 Dec 2019
6 months to
31 Dec 2018
$M$M
Profit for the period
147.2147.2
Other comprehensive income
Items that may be reclassified subsequently to the income statement:
Cash flow hedges:
Fair value gains/(losses) recognised in the cash flow hedge reserve0.4(10.9)
Realised losses transferred to the income statement1.21.0
Tax effect of movements in the cash flow hedge reserve(0.4)4.3
Total cash flow hedge movement1.2(5.6)
Movement in cost of hedging reserve2.2(0.6)
Tax effect of movement in cost of hedging reserve(0.6)0.2
Items that may be reclassified subsequently to the income statement
2.8(6.0)
Total other comprehensive income/(loss)
2.8(6.0)
Total comprehensive income for the period, net of tax, attributable to
the owners of the parent
150.0141.2
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 2019 AND 31 DECEMBER 2018. THE FULL-YEAR FINANCIAL STATEMENTS TO 30 JUNE 2019 HAVE BEEN AUDITED.
THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.
Interim Financial Statements 20203

Consolidated interim statement of changes in equity
FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
Issued and
paid-up
capital
Cancelled
share
reserve
Property, plant
and equipment
revaluation
reserve
Share-
based
payments
reserve
Cash flow
hedge
reserve
Cost of
hedging
reserve
Share of
reserves of
associate
Retained
earningsTotal
Notes
$M$M$M$M$M$M$M$M$M
Six months ended 31 December 2019
(unaudited)
At 30 June 2019
468.2(609.2)4,968.81.4(67.1)(5.8)28.81,247.86,032.9
Profit for the period-------147.2147.2
Other comprehensive income----1.21.6--2.8
Total comprehensive income
----1.21.6-147.2150.0
Shares issued1032.2-------32.2
Dividend paid7-------(136.3)(136.3)
At 31 December 2019
500.4(609.2)4,968.81.4(65.9)(4.2)28.81,258.76,078.8
Six months ended 31 December 2018
(unaudited)
At 30 June 2018
404.2(609.2)4,913.91.3(38.2)-28.8981.35,682.1
Adjustment on adoption of NZ IFRS 9----3.3(3.3)---
At 1 July 2018
404.2(609.2)4,913.91.3(34.9)(3.3)28.8981.35,682.1
Profit for the period-------147.2147.2
Other comprehensive loss----(5.6)(0.4)--(6.0)
Total comprehensive income
----(5.6)(0.4)-147.2141.2
Shares issued1034.7-------34.7
Long-term incentive plan---(0.1)----(0.1)
Dividend paid7-------(132.3)(132.3)
At 31 December 2018
438.9(609.2)4,913.91.2(40.5)(3.7)28.8996.25,725.6
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
31 DECEMBER 2019 AND 31 DECEMBER 2018. THE FULL-YEAR FINANCIAL STATEMENTS TO 30 JUNE 2019 HAVE BEEN AUDITED.
THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.

Issued and
paid-up
capital
Cancelled
share
reserve
Property, plant
and equipment
revaluation
reserve
Share-
based
payments
reserve
Cash flow
hedge
reserve
Cost of
hedging
reserve
Share of
reserves of
associate
Retained
earningsTotal
Notes
$M$M$M$M$M$M$M$M$M
Six months ended 31 December 2019
(unaudited)
At 30 June 2019
468.2(609.2)4,968.81.4(67.1)(5.8)28.81,247.86,032.9
Profit for the period-------147.2147.2
Other comprehensive income----1.21.6--2.8
Total comprehensive income
----1.21.6-147.2150.0
Shares issued1032.2-------32.2
Dividend paid7-------(136.3)(136.3)
At 31 December 2019
500.4(609.2)4,968.81.4(65.9)(4.2)28.81,258.76,078.8
Six months ended 31 December 2018
(unaudited)
At 30 June 2018
404.2(609.2)4,913.91.3(38.2)-28.8981.35,682.1
Adjustment on adoption of NZ IFRS 9----3.3(3.3)---
At 1 July 2018
404.2(609.2)4,913.91.3(34.9)(3.3)28.8981.35,682.1
Profit for the period-------147.2147.2
Other comprehensive loss----(5.6)(0.4)--(6.0)
Total comprehensive income
----(5.6)(0.4)-147.2141.2
Shares issued1034.7-------34.7
Long-term incentive plan---(0.1)----(0.1)
Dividend paid7-------(132.3)(132.3)
At 31 December 2018
438.9(609.2)4,913.91.2(40.5)(3.7)28.8996.25,725.6
Interim Financial Statements 20205

Consolidated interim statement of financial position
AS AT 31 DECEMBER 2019
UnauditedAudited
As at
31 Dec 2019
As at
30 Jun 2019
Notes
$M$M
Non-current assets
Property, plant and equipment86,658.36,577.1
Investment properties91,848.71,745.4
Investment in associate and joint ventures6117.2105.7
Derivative financial instruments160.8162.6
8,785.08,590.8
Current assets
Cash and cash equivalents65.237.3
Trade and other receivables91.069.0
156.2106.3
Total assets
8,941.28,697.1
Shareholders’ equity
Issued and paid-up capital10500.4468.2
Reserves4,319.74,316.9
Retained earnings1,258.71,247.8
6,078.86,032.9
Non-current liabilities
Term borrowings111,893.91,748.6
Derivative financial instruments88.188.4
Deferred tax liability268.5265.3
Other term liabilities1.81.9
2,252.32,104.2
Current liabilities
Accounts payable and accruals115.1102.4
Taxation payable12.415.3
Short-term borrowings11481.8441.8
Provisions0.80.5
610.1560.0
Total equity and liabilities
8,941.28,697.1
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 2019 AND 31 DECEMBER 2018. THE FULL-YEAR FINANCIAL STATEMENTS TO 30 JUNE 2019 HAVE BEEN AUDITED.
THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.

Consolidated interim cash flow statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
UnauditedUnaudited
6 months to
31 Dec 2019
6 months to
31 Dec 2018
Notes
$M$M
Cash flow from operating activities
Cash was provided from:
Receipts from customers358.6352.1
Interest received0.71.0
359.3353.1
Cash was applied to:
Payments to suppliers and employees(99.7)(110.7)
Income tax paid(56.3)(49.0)
Interest paid(34.3)(38.3)
(190.3)(198.0)
Net cash flow from operating activities
5169.0155.1
Cash flow from investing activities
Cash was provided from:
Dividends from associate and joint ventures8.97.2
8.97.2
Cash was applied to:
Purchase of property, plant and equipment(120.9)(153.3)
Interest paid – capitalised(6.5)(2.7)
Expenditure on investment properties(92.8)(24.5)
Investment in joint ventures(15.4)(0.6)
(235.6)(181.1)
Net cash flow applied to investing activities
(226.7)(173.9)
Cash flow from financing activities
Cash was provided from:
Increase in borrowings290.0150.0
290.0150.0
Cash was applied to:
Decrease in borrowings(100.0)(75.0)
Dividends paid7(104.4)(98.1)
(204.4)(173.1)
Net cash flow from/(applied to) financing activities
85.6(23.1)
Net increase/(decrease) in cash held27.9(41.9)
Opening cash brought forward37.3106.7
Ending cash carried forward
65.264.8
THE FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIODS HAVE NOT BEEN AUDITED. THEY HAVE BEEN THE SUBJECT OF A REVIEW
BY THE AUDITORS PURSUANT TO NEW ZEALAND STANDARD FOR REVIEW ENGAGEMENTS 2410 FOR THE SIX-MONTH PERIODS TO
31 DECEMBER 2019 AND 31 DECEMBER 2018. THE FULL-YEAR FINANCIAL STATEMENTS TO 30 JUNE 2019 HAVE BEEN AUDITED.
THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.
Interim Financial Statements 20207

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,
joint ventures and an associate (‘the group’).
These interim financial statements were authorised
for issue in accordance with a resolution of the
directors on 20 February 2020.
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 2019 (‘2019
Annual Report’).
The accounting policies set out in the 2019 Annual
Report have been applied consistently to all periods
presented in these interim financial statements,
other than the adoption of NZ IFRS 16 for the 2020
financial year.
NZ IFRS 16 Leases is effective for annual periods
beginning on or after 1 January 2019. The group has
applied NZ IFRS 16 from 1 July 2019. When
applying the new standard, the group reviewed:
•Leases where the group is the lessor and has
concluded that these will remain as operating
leases under NZ IFRS 16; and
•Leases where the group is the lessee and has
concluded that there is no material impact of
NZ IFRS 16 on the financial statements.
Investment properties, space within terminals and
certain properties used for aeronautical purposes,
where the group acts as a lessor, are leased to
tenants under operating leases with rentals payable
monthly. Lease payments for some contracts
include CPI increases, sales-based concession fees
and adjustments to rentals depending on the
passenger numbers.
To manage any credit risk exposure where
considered necessary, the group may obtain bank
guarantees for the term of the lease.
Although the group is exposed to changes in the
residual value at the end of the current leases, the
group typically enters into new operating leases and
therefore will not immediately realise any reduction
in residual value at the end of these leases.
Expectations about the future residual values are
reflected in the fair value of the properties.
Application of this standard by the group has not
materially affected any of the amounts recognised
in these financial statements. The application of this
standard resulted in additional disclosures relating
to the disaggregation of leased vs non-leased
assets (refer to note 8 and note 9) and a number of
other qualitative disclosures that were included
above.
There are no other new or amended standards that
are issued but not yet effective that are expected to
have a material impact on the group.
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.
Notes and accounting policies
FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

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 the performance of the operating
segments based on segment EBITDAFI. Interest
income and expenditure, taxation, depreciation, fair
value adjustments, and share of profits of associate
and joint ventures are not allocated to operating
segments as the group manages the cash position
and borrowings 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, shops and other
stand-alone investment properties.
AeronauticalRetailPropertyTotal
$M$M$M$M
Six months ended 31 December 2019
(unaudited)
Total segment income167.3154.150.2371.6
Total segment expenses46.716.711.174.5
Segment earnings before interest expense,
taxation, depreciation, fair value adjustments
and investments in associate and joint
ventures (EBITDAFI)
120.6137.439.1297.1
Six months ended 31 December 2018
(unaudited)
Total segment income171.7149.047.1367.8
Total segment expenses42.415.912.170.4
Segment earnings before interest expense,
taxation, depreciation, fair value adjustments
and investments in associate and joint
ventures (EBITDAFI)
129.3133.135.0297.4
Income reported above represents income generated from external customers. There was no inter-
segment income in the period (31 December 2018: nil).
Interim Financial Statements 20209

3.
Segment information CONTINUED
(c) Reconciliation of segment EBITDAFI to income statement
UnauditedUnaudited
6 months to
31 Dec 2019
6 months to
31 Dec 2018
$M$M
Segment EBITDAFI
297.1297.4
Unallocated external operating income3.12.8
Unallocated external operating expenses(21.0)(23.1)
Total EBITDAFI as per income statement
279.2277.1
Share of profit of associate and joint ventures5.04.3
Depreciation(55.4)(50.0)
Derivative fair value (decrease)/increase(0.4)0.2
Investment property fair value increase9.111.1
Interest expense and other finance costs(34.7)(40.1)
Profit before taxation
202.8202.6
The income included in unallocated external operating income consists mainly of interest from third-party
financial institutions and income from telecommunication and technology services provided to tenants. The
expenses included in unallocated external operating expenses consists mainly of corporate staff expenses
and corporate legal and consulting fees.
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

4.
Profit for the period
UnauditedUnaudited
6 months to
31 Dec 2019
6 months to
31 Dec 2018
$M$M
Staff expenses comprise:
Salaries and wages24.223.5
Employee benefits2.42.0
Share-based payment plans0.40.4
Defined contribution superannuation0.90.8
Other staff costs2.73.1
30.629.8
Interest expense and other finance costs comprise:
Interest on bonds and related hedging instruments21.320.2
Interest on bank facilities and related hedging instruments6.86.1
Interest on USPP notes and related hedging instruments7.18.9
Interest on AMTN notes and related hedging instruments4.45.3
Interest on commercial paper and related hedging instruments1.62.3
41.242.8
Less capitalised borrowing costs(6.5)(2.7)
34.740.1
Interest rate for capitalised borrowings costs3.94%4.29%
The gross interest costs of bonds, bank facilities, USPP, AMTN and commercial paper, excluding the
impact of interest rate hedges, was $41.0 million for the period ended 31 December 2019 (31 December
2018: $40.4 million).
Interim Financial Statements 202011

5.
Reconciliation of profit after taxation with cash flow from operating
activities
UnauditedUnaudited
6 months to
31 Dec 2019
6 months to
31 Dec 2018
$M$M
Profit after taxation
147.2147.2
Non-cash items:
Depreciation55.450.0
Deferred taxation expense2.27.0
Share-based payments0.40.4
Equity-accounted earnings from associate and joint ventures(5.0)(4.3)
Investment property fair value increase(9.1)(11.1)
Derivative fair value decrease/(increase)0.4(0.2)
Items not classified as operating activities:
(Increase)/decrease in property, plant and equipment retentions and payables(10.4)51.7
Increase in investment property retentions and payables(0.1)(2.8)
Movement in working capital:
Increase in trade and other receivables(22.0)(31.3)
Decrease in taxation payable(2.9)(0.6)
Increase/(decrease) in accounts payable and provisions13.0(51.0)
(Decrease)/increase in other term liabilities(0.1)0.1
Net cash flow from operating activities
169.0155.1
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

6.
Associate and joint ventures
Movement in the group’s carrying amount of investments in associate and joint ventures:
UnauditedUnaudited
6 months to
31 Dec 2019
6 months to
31 Dec 2018
$M$M
Movement in investment in associate and joint ventures continuing
Investment in associate and joint ventures at the beginning of the period105.7104.4
Further investment in joint ventures15.42.3
Share of profit after tax of associate and joint ventures5.04.3
Share of dividends received and repayment of partner contribution(8.9)(7.2)
Investment in associate and joint ventures at the end of the period
117.2102.1
Tainui Auckland Airport Hotel Limited
Partnership (joint venture)
On 31 October 2019, the group increased its
investment in Tainui Auckland Airport Hotel Limited
Partnership from 40% to 50% by way of acquiring
Accor Hospitality’s remaining 10% stake in the
partnership. The 10% stake was purchased for a
consideration of $6.6 million.
Tainui Auckland Airport Hotel 2 Limited
Partnership (joint venture)
During the period ended 31 December 2019, the
group contributed $8.8 million into the Tainui
Auckland Airport Hotel 2 Limited Partnership to fund
its 50% share of the initial construction costs of the
Pullman Hotel.
In August 2019, the group provided a $96.3 million
35-month loan facility to the Tainui Auckland Airport
Hotel 2 Limited Partnership. The loan facility was
undrawn at 31 December 2019 but will be used to
fund future construction costs of the Pullman Hotel.
The loan facility will be secured over the joint
venture’s assets, with a floating interest rate of
BKBM plus 1.5%.
Carrying value of investments in associate and joint ventures:
UnauditedAudited
As at
31 Dec 2019
As at
30 Jun 2019
$M$M
Investment in associate and joint ventures continuing
Tainui Auckland Airport Hotel Limited Partnership32.230.4
Tainui Auckland Airport Hotel 2 Limited Partnership14.05.2
Queenstown Airport Corporation Limited71.070.1
Total
117.2105.7
Interim Financial Statements 202013

7.
Distribution to shareholders
UnauditedUnaudited
6 months to
31 Dec 2019
6 months to
31 Dec 2018
Dividend payment date$M$M
2018 final dividend of 11.00 cps19 October 2018-132.3
2019 final dividend of 11.25 cps18 October 2019136.3-
Total dividends paid
136.3132.3
The company has a dividend reinvestment plan. During the period ended 31 December 2019, $31.9 million
of dividends were reinvested and $104.4 million were paid in cash (31 December 2018: $34.2 million
reinvested and $98.1 million paid in cash).
8.
Property, plant and equipment
UnauditedAudited
As at
31 Dec 2019
As at
30 Jun 2019
$M$M
At fair value6,402.56,373.6
At cost185.0174.4
Work in progress at cost325.2229.8
Accumulated depreciation(254.4)(200.7)
Net carrying amount
6,658.36,577.1
The group carries land, buildings and services,
infrastructure and runway, taxiways and aprons at
fair value.
At 31 December 2019 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
$135.1 million for the six months ended
31 December 2019 (six months ended
31 December 2018: $104.4 million).
Transfers from investment property were
$1.2 million for the six months ended 31 December
2019 to make land available for the terminal exit
road. Transfers from investment property were
$21.6 million for the six months ended 31 December
2018 to make land available for new public car parks
and for owner-occupied office space.
The following categories of property, plant and
equipment are leased to tenants:
•Aeronautical land, including land associated
with aircraft, freight and terminal use carried at
$188.6 million (30 June 2019: $188.6 million);
•Land associated with retail facilities within
terminal buildings carried at $2,232.0 million
(30 June 2019: $2,232.0 million); and
•Space within terminal buildings, being 14% of
total floor area or $124.4 million (30 June 2019:
14% of total floor area or $127.9 million).
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

9.
Investment properties
UnauditedAudited
6 months to
31 Dec 2019
12 months to
30 Jun 2019
$M$M
Balance at the beginning of the period1,745.41,425.6
Additions95.492.8
Disposals-(0.5)
Transfer to property, plant and equipment (note 8)(1.2)(26.5)
Change in net revaluations9.1254.0
Balance at the end of the period
1,848.71,745.4
Investment property is measured at fair value, which
reflects market conditions at balance 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 2019 and 31 December 2018,
desktop reviews were 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 reviews did not include full
property inspections or the issue of new valuation
reports but examined the likely effect on property
values relevant to Auckland Airport’s investment
property portfolio. The reviews indicated that there
was no material fair value movement in the overall
investment property portfolio.
At 31 December each year, Auckland Airport also
reviews investment properties that are recently
constructed or in the latter stages of construction.
At 31 December 2019, a review of four new
investment properties was performed by Savills.
The valuation of these four investment properties
resulted in a $9.1 million increase in the fair value at
31 December 2019 (31 December 2018:
$11.1 million increase resulting from the valuation
of one recently constructed investment property).
The following categories of investment property are
leased to tenants:
•Retail and service carried at $295.1 million
(30 June 2019: $271.3 million);
•Industrial carried at $1,007.3 million (30 June
2019: $927.8 million); and
•Other investment property carried at
$176.0 million (30 June 2019: $169.1 million).
10. Issued and paid-up capital
UnauditedUnauditedUnauditedUnaudited
6 months to
31 Dec 2019
6 months to
31 Dec 2018
6 months to
31 Dec 2019
6 months to
31 Dec 2018
$M$MSharesShares
Opening issued and paid-up capital468.2404.21,210,674,6961,201,875,336
Shares fully paid and allocated to
employees by employee share scheme0.10.310,30064,200
Shares vested to employees participating
in long-term incentive plans0.20.289,379125,515
Shares issued under the dividend
reinvestment plan
31.934.23,620,8884,839,421
Closing issued and paid-up capital
500.4438.91,214,395,2631,206,904,472
Interim Financial Statements 202015

11.
Borrowings
UnauditedAudited
As at
31 Dec 2019
As at
30 Jun 2019
$M$M
Current
Commercial paper91.891.8
Bank facilities240.0100.0
Bonds150.0250.0
Total short-term borrowings
481.8441.8
Non-current
Bank facilities130.080.0
Bonds825.0725.0
USPP notes628.8631.9
AMTN notes310.1311.7
Total term borrowings
1,893.91,748.6
Total
Commercial paper91.891.8
Bank facilities370.0180.0
Bonds975.0975.0
USPP notes628.8631.9
AMTN notes310.1311.7
Total borrowings
2,375.72,190.4
Bank facilities
In August 2019 a new $100 million five-year facility
was established with Mizuho Bank. The new facility
replaced an existing drawn facility of the same
amount that was set to mature in October 2019.
An additional $95 million 39-month facility was also
established in August 2019 with China Construction
Bank.
In December 2019 two new $50 million 12-month
standby facilities were established with BNZ and
Westpac.
Bonds and notes
In the period to 31 December 2019 the company
undertook the following bond financing activity:
•The issuance of $100 million of three-year
floating rate notes in October 2019; and
•The repayment of a $100 million seven-year
4.73% fixed rate bond in December 2019.
During the current and prior periods, there were no
defaults or breaches on any of the borrowing
facilities.
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

12.
Financial risk management
The group has a treasury policy which limits
exposure to market risk for changes in interest rates
and foreign currency, liquidity risk and counter-party
credit risk. The group has no other material direct
price risk exposure.
The interim consolidated financial statements do not
include all financial risk management information
and disclosures and should be read in conjunction
with the group’s annual financial statements for the
year ended 30 June 2019.
Further information on risk management is
contained in the corporate governance section of
the 2019 Annual Report.
There have been no significant changes in the
financial risk management objectives and policies
since 30 June 2019.
13.
Fair value of financial instruments
There have been no transfers between levels of the
fair value hierarchy used in measuring the fair value
of financial instruments in the period to
31 December 2019 (30 June 2019: 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 also carried at
amortised cost, which differs from their fair value.
The fair values are shown in the table below for
comparative purposes and 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; andThe
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 2019
Audited
30 Jun 2019
Carrying
amount
Fair
value
Carrying
amount
Fair
value
$M$M$M$M
Bonds975.01,026.6975.01,031.1
USPP notes628.8639.0631.9637.0
AMTN notes310.1315.8311.7303.0
Interim Financial Statements 202017

13.
Fair value of financial instruments CONTINUED
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 both counterparties to the derivative financial instruments.
UnauditedAudited
Fair value
As at
31 Dec 2019
Fair value
As at
31 Dec 2018
$M$MValuation key inputs
Interest rate swaps
Forward interest rates (from observable yield
curves) and contract interest rates
Liabilities(88.1)(88.4)
Interest basis swaps
Observable forward basis swap pricing and
contract basis rates
Assets1.51.8
Cross-currency interest
rate swaps
Forward interest and foreign exchange rates
(from observable yield curves and forward
exchange rates) and contract rates
Assets159.3160.8
14.
Commitments
(a) Property, plant and equipment
The group had contractual obligations to purchase
or develop property, plant and equipment for
$375.0 million at 31 December 2019 (30 June 2019:
$72.0 million).
(b) Investment property
The group had contractual obligations to purchase,
develop, repair or maintain investment property for
$133.7 million at 31 December 2019 (30 June 2019:
$183.4 million).
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

15.
Contingent liabilities
Noise insulation
Auckland Airport Designation 1100, contained in the
Auckland Unitary Plan, sets out the requirements for
noise mitigation for properties affected by aircraft
noise. The conditions include obligations on the
company to mitigate the impact of aircraft noise
through the installation of noise mitigation packages
to existing dwellings and schools. The noise
mitigation packages provide treatment of dwellings
to achieve an internal noise environment of no more
than 40dB. The company is required to subsidise
100% of treatment costs for properties in the high
aircraft noise area and 75% in the medium aircraft
noise area.
The aircraft noise contours included in Designation
1100 reflect the long-term predicted aircraft noise
levels generated by aircraft operations from the
existing runway and proposed northern runway.
Annually, the company projects the level of noise
that will be generated from aircraft operations for the
following 12 months. These annual projections
confirm which dwellings and schools are eligible for
noise mitigation each year and offers are sent out to
those affected properties. It is at the discretion of the
individual landowner whether they accept a noise
mitigation package.
Projections are undertaken annually to determine
eligibility. The rate of acceptance of offers of
treatment by landowners is variable. It is estimated
that further costs of noise mitigation should not
exceed $9.0 million in relation to the existing runway
and proposed northern runway.
Firefighting foam clean-up
The group has an obligation to dispose of PFOS/
PFOA contaminated firefighting foam inventory,
which is currently underway. 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 assess the extent of any contamination are
ongoing.
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 20 February 2020, the directors approved the
payment of a fully imputed interim dividend of
11 cents per share amounting to $133.7 million to
be paid on 3 April 2020.
On 12 February 2020, 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 13 February 2020.
Interim Financial Statements 2020
19

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 2019, 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 2 to 19.
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 2019 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.
20 February 2020
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 2019 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 dated 20 February 2020 to confirm the
information included in the unaudited condensed consolidated interim financial statements presented on this website. Legislation in New Zealand
governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Reporting entity
The company was incorporated on 20 January
1988, under the Companies Act 1955, and
commenced trading on 1 April 1988. The company
was re-registered under the Companies Act 1993
on 6 June 1997. On 25 June 1998, the company
adopted a revised constitution, approved as
appropriate for a publicly listed company. Further
revisions of the constitution were adopted on
21 November 2000, 18 November 2002,
23 November 2004 and 23 October 2019 to
comply with NZX and ASX Listing Rule
requirements.
The company was registered in Australia as a foreign
company under the Corporations Law on
22 January 1999 (ARBN 085 819 156) and was
granted Foreign Exempt Listing Entity status by ASX
on 22 April 2016.
The company’s shares were quoted on the NZX on
28 July 1998. The company’s shares were quoted
on the ASX effective 1 July 2002. The company is
not subject to chapters 6, 6A, 6B and 6C of the
Australian Corporations Act dealing with the
acquisition of shares (i.e. substantial holdings and
takeovers).
The total number of voting securities on issue as at
31 December 2019 was 1,215,040,409.
Waivers granted by the NZX
Waiver dated 28 November 2012
NZX granted a waiver of the previous Listing Rule
11.1.1 in relation to the company’s quoted bonds.
This allowed the company to refuse a transfer of
bonds if the transfer was not in multiples of $1,000
or would result in the transferor holding an
aggregate principal amount of less than $10,000 of
the relevant series of bonds (if not zero).
Waiver dated 12 September 2018
The company was issued with waivers of the
previous Listing Rules 5.2.3 and 7.11.1 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,
unsubordinated, fixed rate notes (‘Bonds’).
The previous Listing Rule 5.2.3 (as modified by
NZX’s ruling on Rule 5.2.3 issued on 29 September
2015) provides that a class of securities will
generally not be considered for quotation unless
those securities are held by at least 100 members
of the public, holding at least 25% of the number of
securities in the class issued, with each member
holding at least a minimum holding.
The
waiver was granted on the conditions that (i) the
waiver and its implications were disclosed in the
terms sheet for the Bonds, (ii) the waiver, its
conditions and their implications are disclosed in the
company’s half-year and annual reports, (iii) the
terms sheet for the Bonds disclosed liquidity in the
Bonds as a risk, and (iv) the company is to notify NZX
Regulation 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 the previous Listing
Rule 5.2.3 is that the Bonds may not be widely held
and there may be reduced liquidity in the Bonds.
The previous Listing Rule 7.11.1 provides that an
issuer making an issue of debt securities quoted or
to be quoted shall proceed to allotment within five
business days after the latest date on which
applications close. The company was given a waiver
from Rule 7.11.1 to structure the offer so that the
allotment date was ten business days after the
closing date.
NZX’s class ruling dated 19 November 2018
On November 2018, NZX granted a class ruling to
all issuers transitioning to the new Listing Rules.
Waivers granted prior to 1 January 2019 will
continue to have effect from a transitioning issuer’s
transition date to 30 June 2020, in respect of the
application of such waivers and/or rulings to the
comparable new NZX Listing Rule.
During the transitional period, NZX Regulation will
redocument the grandfathered waivers identified by
the issuer to reflect updated Listing Rule references
and language. Redocumented waivers will then
continue to apply after 30 June 2020.
The effect of NZX’s class ruling is that the waivers
dated 12 September 2018 from the previous Listing
Rules 5.2.3 and 7.11.1 continued to have effect
until 11 April 2019, at which point they expired in
accordance with the terms of the waivers above.
The company will not require an equivalent waiver
under the new Listing Rules to the waiver dated
28 November 2012 from the previous Listing Rule
11.1.1. This is because the new Listing Rule 8.1.6(a)
allows the company to refuse to transfer its quoted
bonds if the transfer is not in multiples of $1,000 or
would result in the transferor holding an aggregate
principal amount of less than $10,000 of the relevant
series of bonds (if not zero). The company considers
that the new Listing Rule 8.1.6(a) fully covers the
previous waiver and therefore the waiver is no longer
required.
Shareholder information
Interim Financial Statements 202021

Auditors
Deloitte has continued to act as external auditor of
the company and has undertaken a review of the
interim financial statements for the six months
ended 31 December 2019. The external auditor is
subject to a partner rotation policy.
Credit rating
As at 31 December 2019, the S&P Global Ratings’
long-term credit rating for the company was A-
Stable Outlook.
Company publications
The company informs investors of the company’s
business and operations by issuing an annual report
(with notice of meeting) and interim financial
statements.
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 calendarHalf-yearFull-year
Results announcementFebruaryAugust
Reports publishedFebruaryAugust
Dividends paidAprilOctober
Annual meeting-October
Disclosure financial statements-November
Shareholder information CONTINUED

DIRECTORS
Patrick Strange, chair
Mark Binns
Dean Hamilton
Julia Hoare
Elizabeth Savage
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
Jonathan Good
general manager technology and marketing
André Lovatt
general manager airport development and delivery
Scott Tasker
general manager aeronautical commercial
Mark Thomson
general manager property
Mary-Liz Tuck
general manager corporate services and
general counsel
REGISTERED OFFICE NEW ZEALAND
4 Leonard Isitt Drive
Auckland Airport Business District
Manukau 2022
New Zealand
Phone: +64 9 275 0789
Freephone: 0800 Airport (0800 247 7678)
Facsimile: +64 9 275 4927
Email: tellus@aucklandairport.co.nz
Website: www.aucklandairport.co.nz
REGISTERED OFFICE AUSTRALIA
c/o KPMG
147 Collins Street
Melbourne
Victoria 3000
Australia
Phone: +61 3 9288 5555
Facsimile: +61 3 9288 6666
Website: www.kpmg.com.au
MAILING ADDRESS
Auckland International Airport Limited
PO Box 73020
Auckland Airport
Manukau 2150
New Zealand
GENERAL COUNSEL & GENERAL
MANAGER CORPORATE SERVICES
Mary-Liz Tuck
AUDITORS
External auditor – Deloitte
Internal auditor – Ernst & Young
Share registry auditor – Grant Thornton
Corporate directory
Interim Financial Statements 202023

---

Interim Results
Presentation
20 February 2020
Adrian Littlewood
Chief Executive
Philip Neutze
Chief Financial Officer

2020
Interim Results
Disclaimer
2
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 Financial Statements for the six months ended 31 December
2019, 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 theaccuracy 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 expressed in New Zealand dollars unless otherwise stated and figures, including percentage movements, are subject to rounding.
Refer page 34 for a glossary of the key terms used in this presentation.

Highlights

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Interim results at a glance
4
1.1%
Revenue
$374.7m
0.8%
EBITDAFI
$279.2m
Underlying
profit
1
$139.9m
Underlying
earningsper share
11.5c
2.2%
0.9%
Profit after tax
$147.2m
Passenger
movements
10.6m
unchanged
0.5%
Capital
investment
$230.8m
74.4%
1
The reconciliation between underlying and net profit can be found on page 33.
Operating
cashflow
$169.0m
9.0%

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Diversified, resilient and growing revenues
5
Aeronautical
$151.9m revenue(3.6%)
New direct routes to Seoul and
Vancouver. Moderating PAX growth:
(0.1%)International
(1.2%)Domestic
2.7% Transits
Solid, resilient income growth and
diversification:
$20.42 income per passenger
4.6% uplift in international PSR
28% increase in off airport sales
Accelerating momentum:
$300m+under construction
$105mrent roll
99.4% occupancy
$45.9m revenue 6.0%
Property
Retail
$113.6m revenue2.5%
Capacity led revenue growth
reflecting strong demand:
8.1% increase in capacity
1
(3.6%) ARPS decrease
Transport
$34.3m revenue 4.3%
Increasing demand:
~96% occupancy
2% uplift in average room rate
$20.9m revenue
2
5.5%
Hotels
Queenstown
$29.1m revenue 15.0%
Strong passenger growth:
17.1%International
1.3%Domestic
1
Based on average number of spaces in 1H FY20 compared with 1H FY19
2
Includes ibis Budget Hotel and 100% of Novotel Hotel revenues

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Coronavirus (Covid-19) is evolving quickly
6
•The recent Covid-19 outbreak is impacting the tourism industry
across the globe as travel restrictions and reductions in airline
capacity reduce travel
•Given the evolving nature of the Covid-19 situation, it is difficult to
estimate the impact on tourism across the region, New Zealand
and as the country’s primary gateway, ultimately Auckland Airport
•The impact of previous pandemic outbreaks has typically been
short term, followed by a strong rebound
Covid-19 impact on Auckland Airport to date
•Chinese New Year largely followed historic trends
•We are now seeing an impact on passenger numbers with
capacity to/from China reduced following travel restrictions.
Currently8-11 services per week to/from China (normally up to
45)
•Passenger volumes excluding China are largely following
summer peak trends, but we are staying in close contact with our
airline partners who are seeing some signs of softer forward
bookings
•We are working closely with our airline partners and Tourism New
Zealand to support key markets and to help ensure a strong
rebound in China after Covid-19
Covid-19 presents a challenge to the industry
Impact of previous pandemic outbreaks
on aviation
Source: IATA
55
65
75
85
95
105
115
-3-2-10123456789101112
Index (Crisis Month=100)
Months Before and After the Start of the Crisis
SARS (2003) Asia Pacific Airlines RPKs
MERS (2015) RPKs to, from and within South Korea
Avian Flu (2005) RPKs to, from and within South-East Asia
Avian Flu (2013) Asia Pacific Airlines RPKs
Covid-19 confirmed cases by date
Source: World Health Organisation Situation Reports. Effective 17 February, ‘confirmed’
cases include both laboratory-confirmed as previously reported, and clinically diagnosed
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
23
Jan
25
Jan
27
Jan
29
Jan
31
Jan
02
Feb
04
Feb
06
Feb
08
Feb
10
Feb
12
Feb
14
Feb
16
Feb
18
Feb
Cumulative confirmed total cases
Global confirmed new cases
Global confirmed new cases (LHS)Cumulative total (RHS)

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Substantial investment underway
7
Airfield expansion and redevelopment –stands and taxiwaysNorthern road network (artists impression)New international arrivals area render
Indicative location of new Domestic Jet HubMercure hotel render, new 4 star hotel within the QuadFoodstuffs facility under construction

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Outlook and guidance
8
Profit guidance
1
•Covid-19 impact on FY20 underlying profit is uncertain. Current forecast is approximately $10m after tax
impact in 2H FY20 over both aeronautical and non-aeronautical revenues. Assumes increasing impacts over
March/April and a gradual recovery over May/June
•Prior to Covid-19 outbreak, guidance unchanged. We now expect FY20 underlying NPAT (excluding any fair
value changes and other one-off items) to be between $260m and $270m
•Dividend policy unchanged
•High-level Covid-19 assumptions:
‒greatest impact on direct passengers to/from China from February 2020, with a gradual recovery over
May/June 2020
‒lower, albeit still significant reduction in passengers from other countries previously transiting through China
airports
‒other Asian direct routes down too, but a smaller impact
‒some flow on to New Zealand domestic travel
•We will continue to monitor developments over the remainder of FY20 and update guidance if actual outcomes
differ materially from our current assumptions
Capex guidance
1
•We continue to expect total capital expenditure in FY20 of between $450m and $550m and commissioned
capex for PSE3 is forecast to be broadly consistent with the original circa $1.5bn aeronautical pricing forecasts
1
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

Financial
performance

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Revenue and EBITDA growth continues
10
For the six months ended 31 December($m)20192018Change
Revenue
374.7 370.6 1.1%
Expenses
95.5 93.5 2.1%
Earnings before interest, taxation, depreciation,
fair value adjustments and investments in associates(EBITDAFI)
279.2 277.1 0.8%
Share of profit from associates
5.0 4.3 16.3%
Derivative fair value (decrease)/increase
(0.4)0.2 N/a
Investment property revaluation
9.1 11.1 (18.0%)
Depreciation expense
55.4 50.0 10.8%
Interestexpense
34.7 40.1 (13.5%)
Taxationexpense
55.6 55.4 0.4%
Reported profit after tax
147.2 147.2 0.0%
Underlying profitafter tax*
139.9 136.9 2.2%
* A reconciliation between reported profit after tax and underlying profit after tax can be found on page 33.

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Revenue growth driven by non-aeronautical
11
For the six months ended31 December ($m)20192018Change
Airfield income
60.864.3(5.4)%
Passenger services charge
91.193.3(2.4)%
Retail income
113.6110.82.5%
Car park income
34.332.94.3%
Investment property rental income
45.943.36.0%
Other rental income
11.110.011.0%
Other income
17.916.011.9%
Total revenue
374.7370.61.1%
•Aeronautical income fell 3.6% reflecting the reduction in aeronautical prices associated with a 6.62% target
return for PSE3 coming into effect from 1 July 2019 (6.99% previously), combined with lower passenger
numbers as a result of reduced seat capacity
•Retail income increased by 2.5% driven by steady growth in terminal income and double-digit growth from
the Collection Point and Strata Lounge
•Parking revenue grew 4.3% reflecting continuing, growing demand for higher margin / premium products
such as Valet, and increased capacity
•Investment property rental income growth of 6.0% was largely driven by the completion of new assets in the
first six months of the year and strong rental growth in the existing portfolio

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Passenger numbers moderating after multi-year growth
12
For the six months ended 31 December20192018Change
International arrivals
2,715,217 2,724,021 (0.3%)
International departures
2,574,181 2,570,486 0.1%
International passengers excluding transits
5,289,398 5,294,507 (0.1%)
Transit passengers
547,448 533,200 2.7%
Total international passengers
5,836,846 5,827,707 0.2%
Domestic passengers
4,757,573 4,816,706 (1.2%)
Total passengers
10,594,419 10,644,413 (0.5%)
•Total passenger numbers fell 0.5% driven by reduced seat capacity on both domestic and international
services
•International passengers (excl. transits) decline of 0.1% reflects a reduction in airline capacity driven by Air
Asia X and Hong Kong Airlines exits during February 2019 and May 2019 respectively
•Domestic passenger volumes decreased by 1.2% driven by capacity reductions on both main trunk and
regional services by both main carriers, including Jetstar’s regional exit on 1 December 2019
•Transit passengers were up 2.7% reflecting growth in transiting passengers between Asia and the Pacific
Islands and a rebound in passengers transiting between Australia and the Americas

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Lower aircraft movements and MCTOW in the period
13
For the six months ended31 December20192018Change
Aircraft movements
International aircraft movements
28,61629,101(1.7%)
Domestic aircraft movements
59,97461,776(2.9%)
Total aircraft movements
88,59090,877(2.5%)
MCTOW (tonnes)
International MCTOW2,914,9213,003,550
(3.0%)
Domestic MCTOW1,168,8641,203,153
(2.8%)
Total MCTOW4,083,7854,206,703
(2.9%)
•1.7% decline in international aircraft movements was less than the 3.0% decline in international MCTOW,
mainly driven by the withdrawal of Air Asia X on the Tasman being backfilled by smaller aircraft
•Domestic aircraft movements decreased 2.9% in the year in line with Domestic MCTOW, reflecting the
reduced frequency of main trunk and regional services

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Prudent opexmanagement
14
For the six months ended 31 December($m)20192018Change
Staff
30.6 29.8 2.7%
Asset management, maintenance and airport operations
42.5 38.6 10.1%
Rates and insurance
8.9 7.9 12.7%
Marketing and promotions
5.6 5.5 1.8%
Professional services and levies
2.8 4.9 (42.9%)
Other
5.1 6.8 (25.0%)
Total operating expenses
95.5 93.5 2.1%
Depreciation
55.4 50.0 10.8%
Interest
34.7 40.1 (13.5%)
•Total opexgrowth for the period fell to 2.1% compared with 6.3% in FY19, 13.6% in 1H FY19 and 13.6% in
FY18
•Staff costs rose 2.7% reflecting additional headcount in Operations, partly offset by more staff time associated
with the capital delivery programme
•Asset management, maintenance and operations expenses increased by 10.1%
•Rates and insurance grew by 12.7% reflecting higher capital value and floor area increases
•Professional services and levies reduced 42.9% with greater use of internal resources and less outsourcing to
external consultants
•Interest expense fell 13.5% reflecting lower average rates and higher capitalised interest

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Associates’ performance
15
For the six months ended 31 December($m)20192018Change
Queenstown Airport (24.99% ownership)
Total Revenue29.125.3
15.0%
EBITDA20.417.4
17.2%
Underlying Earnings (AucklandAirport share)
2.72.128.6%
Domestic Passengers
840,628829,9571.3%
International Passengers
417,111356,15317.1%
Aircraft movements
9,5929,0865.6%
Novotel Tainui Holdings (50.00% ownership)
1
Total Revenue
16.1 15.44.5%
EBITDA
6.1 5.85.2%
Underlying Earnings (AucklandAirport share)
2.3 2.19.5%
Average occupancy95.9%
91.8%4.1%
Average room rate increase0.3%
2.4%
1
Novotel ownership increased from 40% to 50% on 31 October 2019

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
0
100
200
300
400
500
600
700
1H20FY19FY18FY17FY16FY15FY14
Capital expenditure ($m)
AeronauticalProperty development
Infrastructure and otherRetail
Car parkingEst. capex for 2H20
Capital expenditure
16
•Capital spend of $230.8m in the first half of FY20, up
74% on the first half of FY19
•Key aeronautical projects undertaken in the period
include:
‒northern stands and taxiways;
‒design and enabling activity for the expansion of
the arrivals biosecurity area and international
terminal forecourt; and
‒design and enabling for the new Domestic Jet Hub
•Non-aeronautical capital expenditure focused on
investment property (Foodstuffs, warehouse facility,
Mercure hotel) and transport infrastructure across the
northern and southern road networks
Capital planning
•Updated framework for reviewing long-term capital
expenditure programme in conjunction with key
stakeholders
•Developed a “Risk-Adjusted Capital Plan”
methodology to help long term planning and enhance
performance monitoring
Significant increase in capital spend in 1H FY20Historical capital expenditure
122
148
243
375
405
284
~450 –550

2020
Interim Results
Highlights
Financial
performance
Our continuing
journey
Commercial paper (4.2%)
Bank facilities (16.7%)
Floating bonds (11.3%)
Fixed bonds (32.8%)
AMTN (12.9%)
USPP (22.2%)
0200400600800
greater than 5 years
3 to 5 years
1 to 3 years
Less than 1 year
Commercial paperBank facilitiesFloating bonds
Fixed BondsAMTNUSPP
Funding position
17
•Total borrowings at 31 December increased to
$2,376m, up 8.5% versus 30 June
•Committed undrawn facility headroom at 31 December
of c.$283.9m
•Committed to our A-credit rating
•Dividend policy of paying ~100% of underlying NPAT
•Dividend reinvestment plan remains in place for the
FY20 interim dividend and offered at a 2.5% discount to
market price
•Considering New Zealand and Australian debt issue(s)
in the second half of the financial year
Drawn debt maturity profile
Sources of funding
Credit metrics
For the period endedDec 2019Jun 2019
Debt/Debt + market value of equity18.4%20.3%
Funds from operations interest cover5.55.0
Funds from operations to net debt17.5%18.4%
Weighted average interest cost3.94%4.24%
Average debt maturity profile3.80 4.93
Percentage of fixed borrowings56.1%54.7%

Our continuing
journey

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
19
Capacity constraints have led to strengthening load factors
1
•Domestic market capacity constrained leading to increasedload factors
•New international routes to Vancouver and Seoul added in late 2019 and new routes to North America
announced
•Pockets of market softness and global aircraft reliability issues, but load factors and fares are strengthening
1
This analysis shows growth into geographic markets. This will differ to passenger flows by country of last permanent residence. Data is for the six months ended 31 December 2019
South America
Capacity: -6.2%
Pax: -4.5%
North America
Capacity: -0.3%
Pax: +0.2%
P. Islands
Capacity: +2.5%
Pax: +2.5%
China
Capacity: -3.2%
Pax: +4.0%
South East Asia
Capacity: +4.5%
Pax: +9.2%
Middle East
Capacity: +1.9%
Pax: +3.4%
North Asia ex. China
Capacity: -7.5%
Pax: -5.2%
Domestic
Capacity: -2.8%
Pax: -1.2%
Australia
Capacity: -2.1%
Pax: -2.8%
Strategic priority:
Growing travel and trade markets
CapacityPassengers
Domestic
-2.8%-1.2%
International
-1.1%-0.1%
Total ex Transits
-1.9%-0.6%

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
20
Australia changing airline partnerships and fewer
indirect PAX
North America new routes and capacityUnderlying domesticdemand is solid
1.6
1.7
0.7
0.6
20162019
Tasman PAX, millions
Connecting via AU
AU to NZ point to point
Source: Auckland Airport data, chart shows calendar year ended December
-
20.0%
40.0%
60.0%
80.0%
100.0%
2016201720182019
Tasman capacity share
Air NZJetstarQantasVirgin Australia5th Freedom
Source: Sabre, calendar year ended December
Source: Auckland Airport, Infare data
+5.3% in 1H
FY20
-21.7% in 1H
FY20
-5.6% in 1H
FY20
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
201420152016201720182019
Chinese nationals to/from
Auckland
Direct flightIndirect flightTotal
Pax
Seats
Load Factor
Av Fare
-10.0%
-5.0%
-
5.0%
10.0%
15.0%
JUL, 19AUG, 19SEP, 19OCT, 19NOV, 19DEC, 19
Passenger ChangeCapacity Change
Load Factor ChangeCalculated Average Fare
Air Canada
Vancouver
American Airlines
Dallas
American Airlines
LA Season extension
Air New Zealand
New York
Total
announced
increase
Source: Auckland Airport data
Strategic priority:
Growing travel and trade markets
China direct passenger growth while indirect slows
(pre Covid-19)
(23%)
+6%

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
Resilient long term passenger growth
21
The long term fundamentals of travel and trade markets are strong
0.0
5.0
10.0
15.0
20.0
FY00FY01FY02FY03FY04FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19
Annual passengers (millions)
International including TransitsDomestic
Sept 11
Terrorist
Attacks
SARS
Outbreak
Avian Flu
Outbreak
Sub Prime
Crisis and
Global
Recession
Christchurch
Earthquake
•Passenger growth of 5.2% CAGR since FY2000 demonstrates resilience to global economic weakness and
other external shocks

2020
Interim Results
Strategic priority:
Invest for future growth
22
Reference image only, actual design will vary
New domestic jet hub
New international arrivals
Northern runway
22
Multi-storey carpark and a new
pick up and drop off
Northern road network
Northern stands & taxiways
Domestic terminal works
New cargo precinct
6
1
4
8
7
3
2
5
Four anchor projects are now in execution phase
Key Constructing
Feasibility/design

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
Strategic priority:
Invest for future growth
Breaking ground on the new taxiway and remote stands
Artists impression of enhanced northern roading network
Refreshed Domestic Terminal food offering
23
Substantial work is underway on our anchor projects
Northern stands and taxiways
•Construction is now underway on two new taxiways and six
remote aircraft stands covering more than 250,000m
2
•Investing $350 million-plus on this key airfield project
•Taxiways are on-track to be operational in 2020
•Remote aircraft stands on-track to be operational in late 2021
Northern road network
•Work began on roading project transforming the main
entranceway into the airport
•Makes access more reliable and resilient
•On-track to be operational in mid-2021
Domestic terminal works
•Work continues with the foodcourtand security area expanded
in the first half of the financial year
1
2
3

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
24
$350 million-plus international arrivals anchor project
underway
•Agreed key elements in collaboration with border
agencies and airlines. Appointed Hawkins as contractor
•Enabling works began in September 2019, with vertical
construction commencing mid-2020
•Will create a uniquely New Zealand welcome for our
international arrivals at Auckland Airport, through an
efficient and effective border processing zone
•Our commitment to playing a part in protecting New
Zealand’s borders includes:
–over 30,000m
2
of new space immediately adjacent to
the existing Arrivals process area
–increased space for MPI and other Joint Border
Agencies, enabling future technology and border
process upgrades
–50% greater peak hour passenger MPI throughput
–position of new facility avoids significant disruption to
existing operations through construction
•Planned completion in late 2023
Artist impression of new international arrivals hall
Artist impression of international arrivals façade
Strategic priority:
Invest for future growth
4

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
25
New Domestic Jet Hub progress in the first six months
•Design, procurement and costing work progressing on this
$1 billion-plus development. Responding to customer
requirements and securing agreements with the best
partners in New Zealand to work with us
•Forming a project alliance with design consultant and
contractors
–shifted away from traditional procurement practices to a
vertical construction alliance
–creates a team with joint accountability and aligned
incentives
–provides capacity in a constrained construction market
•Key benefits of the project include:
–expanded domestic hub offering and enhanced retail
proposition
–direct access between domestic and international travel
and reduced connection times
–improved operational efficiencies through common
landside functions
•Construction for the project is expected to begin in late 2020
with the first stage due for completion in 2023
Indicative location of new domestic jet hub
Alliance
partners
Project Alliance Agreement with aligned
incentives, shared risk and joint decision
making
Strategic priority:
Invest for future growth
5

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
New multi-storey car park. Image for illustration purposes only
26
Planning and design continues on remaining anchor
projects
Northern runway
•Notice of requirement is complete
•Progressing concept design and reviewing timing
Multi-storeycar park and new pickup and drop off
•Project is currently in the design phase
•Completion expected in 2022
New cargo precinct
•Assessment of feasibility is currently underway
•Cargo terminal operator tenant discussions ongoing
Significant work is ongoing on renewing and upgrading
of our existing infrastructure
•Key projects include airfield infrastructure, fuel pipelines
transport network road upgrades, etc
Strategic priority:
Invest for future growth
Airfield fuel pipeline upgrade
6
8
7

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
27
Track record of successful property development
•Completed developments include:
–5,500m
2
development leased to ASX listed Bapcor
–Airways office and control centre
–stage 1 of The Landing commercial centre
Strong pipeline with high quality tenants
•Momentum is accelerating, with over $300m currently under
construction including:
–85,000m
2
Foodstuffs office and warehouse facility –on budget
and ahead of programme
–11,000m
2
multi-unit speculative facility
–8,000m
2
warehouse extension for DHL at The Landing
–new 16,000m
2
warehouse pre-leased to Hellman in The Landing
due to start in early 2020
•Continue to investigate off-terminal, on-precinct retail opportunity
New hotels
•Two hotel projects under construction –a 311 room 5 star Pullman
hotel, plus a 146 room 4 star Mercure hotel. Both projects are
advancing well and tracking to programme and budget
$105m
Investment property
rent roll
205
hectares of land available for
development
99.4%
Occupancy in the portfolio
9.12 years
WALT
Foodstuffs concept
The recently opened Landing Cafe
Strategic priority:
Invest for future growth

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
28
•Launched 12 new automated pre-security gates,
replaced manual checking of boarding passes
•Continued the rollout of check in kiosks,
including trials at the Novotel Hotel and Park &
Ride
•Further expanded domestic terminal security
screening area providing increased passenger
comfort
•Reconfigured and expanded domestic terminal
food court providing more seating and charging
ports as well as new retail offerings
In the first six months we have...
•Launching second stage of the automated
boarding pass scanners, providing real-time
reports for airlines and ground handlers on
passenger locations
•Working towards introduction of automated bag
drop machines
Capacity and effectiveness
Passenger experience improvements
Over the next six months we are...
•Developed Family Lane in collaboration with the
Aviation Security Service and New Zealand
Customs for Christmas holidays
•Prepared Passenger Lane introduced at the
Domestic Terminal for a faster path through
security screening
•Released home-to-gate feature on our airport
app
•Opened Air New Zealand regional lounge
Strategic priority:
Be fast, efficient and effective
New home-to-gate feature on our airport app

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
Increase in retail income per
international passenger
29
•Overall retail income per passenger grew 2.5% driven by
steady growth in terminal income and double-digit growth
from the Collection Point and Strata Lounge
•Opened the two-story Vantage Bar overlooking the runway,
marking the conclusion of the international departures
upgrade. The new retail stores are performing in line with
expectations
•International PSR increased 4.6%, with Duty Free and F&B
the biggest contributors. Duty Free PSR grew 7.1% with
growth across all categories
•The Mall continues rapid growth; transactions via the
platform have grown 55% compared to 2H FY19
–WeChat Mall launched. WeChat Pay and Alipay
functionality added
–trialing direct to consumer shipments to China
•Domestic Terminal PSR increased 7.4% reflecting an
enhanced food and beverage offering and expansion of the
food court
Retail growth across multiple revenue streams
2.5%
4.6%
Growth in international PSR
7.4%
Growth in domestic PSR
New Vantage Bar overlooking the runway
New domestic terminal F&B offerings
Strategic priority:
Strengthen our consumer business

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
30
Parking revenue increased following capacity additions
13.6%
Valet revenue growth
50%
Online channel as % of total
car parking income
•Parking income grew 4.3% supported by strong Valet
demand and a 8.1% increase in parking capacity
1
:
–new 1,000 bay multi-storey car park opened 1 July 2019
–700 Valet storage spaces added in the half, in addition to
the 500 added in July
•Park & Ride South facility underway, delivering 3,200 new
car parks in late 2020. It will make journeys easier for
travellers from the south and reduce the number of vehicles
on the precinct's busy road network. The project
complements NZTA’s widening of SH20B
•As work begins on the expanded arrivals area, domestic jet
facility and 3,200 space multi-storey car park. Capacity
reductions will be minimised during construction
•A covered pedestrian walkway will be built in the second half
of the financial year, providing weather protection for
travellers and access to international terminal parking while
the multi-storey car park is being built
8.1%
Increase in parking capacity
compared to last year
Park & Ride South site blessing in November 2019
Artists impression of the Cloud in the international terminal car park
1
Based on average number of spaces in 1H FY20 compared with 1H FY19
Strategic priority:
Strengthen our consumer business

2020
Interim Results
Highlights
Our continuing
journey
Financial
performance
Included in DJSI Asia Pacific;
maintainedB ratingin GRESB
Infrastructure& CDP
31
45%in entry movements to
domestic terminal forecourt
x%in bus operations
x% land journey time
4.1ASQ customer satisfaction*
4.1customer kiosk score*
Customer
experience
Safety and
sustainability
Commit to operating in a safe and
sustainable way
Invest in infrastructure that enhances the
customer experience
4.16 Overall ASQ customer satisfaction
score remains high after the
international terminal upgrade
4.06 Customer in-terminal kiosk score,
up from 4.01 in 1H FY19
2.0% decline in the number of
international flight movements
bussed to the terminal
2.4% Baggage reclaim time
improvement
In the six months to 31 December 2019:
218training opportunities
59 job placements
73 students involved in work experience
Auckland Airport first Job Expo:
450 job seekers met 24 employers
looking to fill 300 roles across retail,
hospitality and tourism
~100 people looking for employment
found jobs around the Airport precinct
Social procurement policy launched
encouraging contractors to use Ara
Education and
employment
Share the benefits of our investment
programme with job creation and training
“Stay in the know” safety initiative put in
place and two contractors health and
safety forums held
Included in DJSI Asia Pacific;maintained
B ratingin GRESB Infrastructureand
CDP
120% increase in reporting of
safety observations and hazards
41% reduction in the passenger
incident rate
48% decrease in employee
recordable injury rate
People, place and community

Questions

2020
Interim Results
20192018
For the six months ended 31 December($m)
Reported profitAdjustmentsUnderlying profitReported profitAdjustmentsUnderlying profit
EBITDAFI per Income Statement
279.2 -279.2 277.1 -277.1
Share of profit of associates
5.0 -5.0 4.3 (0.1)4.2
Derivative fair value movement
(0.4)0.4 -0.2 (0.2)-
Investment property fair value increases
9.1 (9.1)-11.1 (11.1)-
Depreciation
(55.4)-(55.4)(50.0)-(50.0)
Interest expense and otherfinance costs
(34.7)-(34.7)(40.1)-(40.1)
Taxation expense
(55.6)1.4 (54.2)(55.4)1.1 (54.3)
Profit after tax
147.2 (7.3)139.9 147.2 (10.3)136.9
Appendix: underlying profit reconciliation
33
•The directors and management of Auckland Airport understand the importance of reported profits meeting accounting standards. Because we comply with accounting
standards, investors know that comparisons can be made with confidence between different companies and that there is integrity in our reporting approach. However, we
also believe that an underlying profit measurement can assist investors to understand what is happening in a business such asAuckland Airport, where revaluation
changes can distort financial results or where one-off transactions, both positive and negative, can make it difficult to compare profits between years.
•For several years, Auckland Airport has referred to underlying profit alongside reported results. We do so when we report ourresults, but also when we give our market
guidance (where we exclude fair value changes and other one-off items) or when we consider dividends and our policy to pay 100% of underlying net profit after tax
(excluding unrealised gains and losses arising from revaluation of property or treasury instruments and other one-off items). However, in referring to underlying profits, we
acknowledge our obligation to show investors how we have derived this result.
•The table below shows how we reconcile reported profit after tax to underlying profit after tax for the for the six months ended31 December 2019 and 31 December 2018:
•We have made the following adjustments to show underlying profit after tax for the for the six months ended 31 December 2019 and 31 December 2018:
–We have reversed out the impact of revaluations of investment property. An investor should monitor changes in investment property over time as a measure of growing
value. However, a change in one particular year is too short to measure long-term performance. Changes between years can be volatile and, consequently, will impact
comparisons. Finally, the revaluation is unrealisedand, therefore, is not considered when determining dividends in accordance with the dividend policy;
–We have reversed out the impact of derivative fair value movements. These are unrealisedand relate to basis swaps that do not qualify for hedge accounting as well as
the ineffective valuation movement in other financial derivatives. The group holds its derivatives to maturity, so any fair value movements are expected to reverse out
over their remaining lives;
–In addition, to be consistent, we have adjusted the revaluations of investment property and financial derivatives that are contained within the share of profit of
associates; and
–We have also reversed the taxation impacts of the above movements.

2020
Interim Results
Glossary
34
AMTNAustralian medium term notes
ARPSAverage revenue per parking space
ASQAirport Service Quality
CAGRCompound annual growth rate
EBITDAEarnings before interest, taxation, depreciation and amortisation
EBITDAFIEarnings before interest, taxation, depreciation, fair value adjustments and investments in associates
JVJoint venture
MCTOWMaximum certified take off weight
MPIMinistry for Primary Industries
NPATNet profit after tax
NZTANew Zealand Transport Authority
OCFOperating cash flow
OpexOperating expenditure
PAXPassenger
PSE3FY18-FY22
PSE4FY23-FY27
PSRPassenger spend rate
RACPRisk-adjusted capital plan
Second tillNon-aeronautical activities subject to open market competitive forces
USPPUnited States Private Placement
WALTWeighted average lease term

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Name of issuer
Reporting Period
Previous Reporting Period
Currency
Amount (millions)
Revenue from continuing
operations
$374.7
Total Revenue$374.7
Net profit/(loss) from
continuing operations
$147.2
Total net profit/(loss) $147.2
Amount per Quoted Equity
Security
Imputed amount per Quoted
Equity Security
Record Date
Dividend Payment Date
Current period
Net tangible assets per
Quoted Equity Security
$5.00
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Name of person authorised to
make this announcement
Contact person for this
announcement
Contact phone number
Contact email address
Date of release through MAP
Audited financial statements accompany this announcement.
20 February 2020
$0.042778
20 March 2020
03 April 2020
Prior comparable period
$4.74
-Refer to attached media release, audited Interim Financial Statements and
Results Presentation
Authority for this announcement
ADRIAN BROWN
ADRIAN BROWN
09 - 257 7014
adrian.brown@aucklandairport.co.nz
$0.1100
Results for announcement to the market
Auckland International Airport Limited
6 months to 31 December 2019
6 months to 31 December 2018
NZD
Percentage change
1.1%
1.1%
0.0%
0.0%
Interim Dividend

---

Distribution Notice
Please note: all cash amounts in this form should be provided to 8 decimal places
Name of issuer
Financial product name/description
NZX ticker code
ISIN (If unknown, check on NZX website)
Type of distributionFull YearQuarterly
(Please mark with an X in the relevant box/es)Half YearXSpecial
DRP applies
Record date
Ex-Date (one business day before the Record Date)
Payment date (and allotment date for DRP)
Total monies associated with the distribution
Source of distribution (eg retained earnings)
Currency
Gross distribution
Gross taxable amount
Total cash distribution
Excluded amount (applicable to listed PIEs)
Supplementary distribution amount
If fully or partially imputed, please state imputation rate as
% applied
Imputation tax credits per financial product
Resident Withholding Tax per financial product
DRP % discount (if any)
Start date and end date for determining market price for
DRP
Date strike price to be announced (if not available at this
time)
Specify source of financial products to be issued under
DRP programme (new issue or to be bought on market)
DRP strike price per financial product
Last date to submit a participation notice for this
distribution in accordance with DRP participation terms
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
$0.15277778
20 March 202026 March 2020
$TBC
Section 5: Authority for this announcement
adrian.brown@aucklandairport.co.nz
20 February 2020
23 March 2020
ADRIAN BROWN
ADRIAN BROWN
09 - 257 7014
30 March 2020
New issue of Ordinary Shares
Section 1: Issuer information
AIA
NZAIAE0002S6
Retained earnings
03 April 2020
$133,654,445.00
28.00%
$0.00763889
2.50%
$0.04277778
Section 4: Distribution re-investment plan (if applicable)
NZD
$0.15277778
Section 2: Distribution amounts per financial product
Auckland International Airport Limited
Auckland International Airport Limited Ordinary Shares
20 March 2020
19 March 2020
Fully imputed
Partial imputation
No imputation
$0.11000000
$0.01941177
N/A - Not a listed PIE
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed