AIA – FY22 Interim Results

Market release | 24 February 2022
FY22 Interim Results: Preparing for the travel
restart, Auckland Airport focuses on operational
readiness and core infrastructure

Auckland Airport today announced its financial results for the six months to 31 December
2021, including incurring its third consecutive half-year underlying loss.
Auckland Airport Chair Patrick Strange said: “Our conservative approach to financial
management in the first six months of the 2022 financial year reflected the difficult market
conditions that we are operating in. Our focus has been on the safe operation of our airport
and investing in core foundational infrastructure and enabling works for future aeronautical
projects to ensure we are in the best position possible for the return of international travel.
“Overall, we continue to see the solid recovery of air travel in overseas markets where
isolation requirements for travellers have been removed. We remain confident that we will
experience the same meaningful rebound in New Zealand – it is just a matter of when. As we
prepare for the restart, we are especially thankful to our employees who continue to work for
New Zealand, making journeys possible and keeping travellers safe and connected.”
Key performance data for the six months to 31 December 2021:
• Total number of passengers decreased to 1.7 million, down 39%
• Domestic passengers decreased 45% to 1.5 million, and international passengers (including transits)
increased 38% to 0.3 million
• Revenue was down 4% to 126 million
• Operating EBITDAFI was down 31% to $60 million
• Reported profit after tax was up 274% to $109 million, bolstered by the $132 million non-cash investment
property valuation uplift
• Earnings per share was up 274% to 7.39 cents
• Net underlying loss after tax of $11.5 million
1


1
We recognise that EBITDAFI and underlying loss are non-GAAP measures. Please refer to the table at the end of the
media release for the reconciliation of reported profit after tax to underlying loss after tax.

• Net underlying loss per share of 0.71 cents
1

• No interim dividend will be paid
Chief Executive Carrie Hurihanganui, who started in the role on 8 February 2022, said while
Auckland Airport continued to operate in a challenging environment with the emergence of
Omicron and continued border restrictions, the organisation was looking firmly beyond the
near-term volatility to its long-term recovery.
“The team at Auckland Airport has been doing it tough for two years now, navigating through
the ever-changing environment created by Covid-19. While the recovery pathway remains
uncertain, there is demand for travel and people want to fly as soon as they are able.
“Our goal is to emerge from this crisis match-fit for the restart. For us that means continuing
our strategy of careful cost management while making good choices about the infrastructure
works that we progress now, such as roading and airfield projects and enabling works for
future aeronautical infrastructure projects.”
In the six months to 31 December 2021, Auckland Airport completed $33 million in roading
improvements to its 40km core roading network, widening and creating new roads, adding
high occupancy vehicle lanes, and improving pedestrian and cycle paths. On the airfield, a
further $28 million in upgrades were carried out to pavement, ground lighting and the
underground fuel network. Preliminary design and enabling works continue around the
international terminal, with a focus on site preparation for the proposed Transport Hub outside
the international terminal, and the future expansion of the international terminal to
accommodate domestic jet operations.
Omicron preparedness
The growing community transmission of the Omicron variant required an immediate response
to ensure that core aerodrome operations could continue with higher-than-normal
absenteeism.
“Scenario planning has been undertaken and additional health and safety measures
introduced, including the establishment of work bubbles and the use of high frequency rapid
antigen testing alongside PCR surveillance testing for selected frontline workforces.
“The importance of vaccination as a tool to protect not only our staff but the Auckland
community saw us offer our Park & Ride facility as a convenient place for people to be
vaccinated, including eligible children. With great support from health workers, the site
delivered 155,000 vaccines by 30 January 2022 – making it the second-biggest vaccination

site in Auckland. We also played an important role in the mobile vaccination drive, offering
our Park & Ride buses to be used as mobile health clinics in the South Auckland community.
By the end of January our buses, which include Shot Bro and Shot Cuzz, had delivered an
additional 55,000 vaccines direct into the community, something we’re incredibly proud of,”
said Ms Hurihanganui.
Property and retail business
Auckland Airport’s property business continued to grow strongly in the six months to 31
December 2021, with occupancy remaining at 98.5% and a solid development pipeline from
both new and existing tenants. In November 2021, Auckland Airport (in partnership with
Tainui Group Holdings) committed to restarting construction on the Te Arikinui Pullman
Auckland Airport Hotel, with the hotel expected to be completed in 2024.
Design work and pre-development planning is well underway for the airport’s 100-store
fashion outlet centre to be built on the north-eastern edge of the airport precinct, with enabling
works to begin shortly.
“We’ve continued to field strong interest from tenants including several major international
brands, reinforcing for us that there is substantial demand from customers for a development
of this nature in New Zealand.”
Auckland Airport has been proud to continue its substantial support of existing retail tenants
during the pandemic. With international travel restrictions and regional lockdowns continuing
to challenge our retailers, 92% of in-terminal retail rental income was abated during the six
months to 31 December 2021.
Aviation recovery
On Monday the New Zealand border will reopen to vaccinated New Zealanders arriving from
Australia, with a further reopening to vaccinated New Zealanders located in other parts of the
world from 13 March 2022.
“While the isolation requirement will restrict demand to just those who have the time and
ability to self-isolate, it will come as a huge relief for families divided during times of
celebration or grief, or those who simply want to return to their homeland. I know our Auckland
Airport staff are excited and ready to safely reconnect Kiwis over the coming weeks,” said Ms
Hurihanganui.
“As we look to the rest of the year, we expect international travel numbers to remain low with

overseas experience showing the self-isolation requirements for vaccinated travellers
seriously denting demand. We continue to work with airlines to ensure this doesn’t negatively
impact Auckland Airport’s future international network connections.
“Domestic traveller volumes during the half-year period were impacted by outbreaks of
COVID-19 in the community, with passenger numbers falling to just a few hundred a day
during Auckland’s lockdown. This was in contrast to the promising domestic recovery that
took place in July 2021, when domestic passenger numbers were about 90% of pre-COVID
levels. We anticipate it will take time for confidence in domestic travel to rebuild back to those
levels again.”
Outlook
Despite ongoing uncertainty around the recovery of both domestic and international travel,
Auckland Airport is providing earnings guidance for the 2022 financial year of an underlying
loss after tax of between $25 million and $50 million.
“We are also reconfirming capital expenditure guidance for the 2022 financial year of between
$250 million and $300 million as we continue to take a measured approach to capital
expenditure due to the current trading environment.”
“Given the domestic travel restrictions in place for much of the first six months of the year and
the later than expected reopening of international travel, we have also reached agreement
with our banks to lower the new EBITDA-based interest coverage covenants agreed in
August last year for the measurement periods between June 2022 and June 2024. Auckland
Airport thanks its lenders for their ongoing support,” said Ms Hurihanganui.
The above 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.
ENDS

Note 1. Underlying profit / (loss) reconciliation

We have made the following adjustments to show underlying profit / (loss) after tax for the six
months ended 31 December 2021 and 2020:
• reversed out the impact of revaluations of investment property. An investor should
monitor changes in investment property over time as a measure of growing value.
However, a change in one particular year is too short to measure long-term
performance. Changes between years can be volatile and, consequently, will impact
comparisons. Finally, the revaluation is unrealised and, therefore, is not considered
when determining dividends in accordance with the dividend policy;
• reversed out the impact of fixed asset project write-offs, impairments and termination
costs. In response to the COVID-19 outbreak, some capital expenditure projects were
abandoned and fully written off and others were suspended. Some of these
abandoned or suspended projects incurred contractor termination costs. The
abandonment or suspension of live capital expenditure projects is extremely rare and
is the direct consequence of COVID-19. These fixed asset write-off costs, impairments
and termination costs are not considered to be an element of the group’s normal
business activities and on this basis have been excluded from underlying profit;
• reversed out the impact of derivative fair value movements. These are unrealised and
relate to basis swaps that do not qualify for hedge accounting on foreign exchange
hedges, as well as any ineffective valuation movements 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;

• adjusted the share of profit of associates and joint ventures to reverse out the impacts
on those profits from revaluations of investment property and financial derivatives; and
• reversed out the taxation impacts of the above movements in both six-month periods.
For further information, please contact:
Investors:
Stewart Reynolds
Head of Strategy, Planning and Performance
+64 27 511 9632
stewart.reynolds@aucklandairport.co.nz
Media:
Libby Middlebrook
Head of Communications and External Relations
+64 21 989 908
Libby.middlebrook@aucklandairport.co.nz

---

Interim Financial
Statements 2022

Contents
Financial Statements 02
Notes and accounting policies 08
Shareholder information 28
Corporate directory 29
Interim Financial Statements 20221

Consolidated interim income statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
UnauditedUnaudited
Restated
1
6 months to
31 Dec 2021
6 months to
31 Dec 2020
Notes
$M$M
Income
Airfield income26.230.8
Passenger services charge8.29.5
Retail income6.97.0
Rental income63.055.4
Rates recoveries4.33.8
Car park income8.712.5
Interest income0.23.1
Other income8.79.4
Total income
126.2131.5
Expenses
Staff521.721.0
Asset management, maintenance and airport operations29.524.5
Rates and insurance10.410.6
Marketing and promotions0.80.2
Professional services and levies1.21.8
Fixed asset impairment and write-offs30.10.9
Reversal of fixed asset termination costs3-(14.9)
Other expenses2.63.3
Reversal of expected credit losses(0.4)(3.8)
Total expenses
65.943.6
Earnings before interest expense, taxation, depreciation,
fair value adjustments and investments in associate and
joint ventures (EBITDAFI)
2
60.387.9
Investment property fair value change10131.529.8
Derivative fair value change(0.6)0.8
Share of (loss)/profit of associate and joint ventures7(17.4)3.2
Earnings before interest, taxation and depreciation (EBITDA)
2
173.8121.7
Depreciation53.757.7
Earnings before interest and taxation (EBIT)
2
120.164.0
Interest expense and other finance costs526.835.0
Profit before taxation
493.329.0
Taxation expense(15.5)(0.1)
Profit after taxation, attributable to the owners of the parent
108.829.1
Earnings per share
CentsCents
Basic and diluted earnings per share117.391.98
1 The comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2.
2 EBITDAFI, EBITDA and EBIT are non-GAAP measures. Refer to the 2021 Financial Report, note 3(e).
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 (REVISED) FOR THE SIX-MONTH PERIODS
TO 31 DECEMBER 2021 AND 31 DECEMBER 2020. THE FULL-YEAR FINANCIAL STATEMENTS TO 30 JUNE 2021 HAVE BEEN AUDITED.
THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.

Consolidated interim statement of comprehensive income
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
UnauditedUnaudited
Restated
1
6 months to
31 Dec 2021
6 months to
31 Dec 2020
$M$M
Profit for the period
108.829.1
Other comprehensive income
Items that may be reclassified subsequently to the income statement:
Cash flow hedges:
Fair value gains recognised in the cash flow hedge reserve38.914.4
Realised losses/(gains) transferred to the income statement5.3(0.5)
Tax effect of movements in the cash flow hedge reserve(12.4)(3.9)
Total cash flow hedge movement31.810.0
Movement in cost of hedging reserve(0.7)(2.6)
Tax effect of movement in cost of hedging reserve0.20.7
Items that may be reclassified subsequently to the income statement
31.38.1
Total other comprehensive income
31.38.1
Total comprehensive income for the period, net of tax, attributable to
the owners of the parent
140.137.2
1 The comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2.
These interim financial statements were approved and adopted by the Board on 24 February 2022.
Signed on behalf of the Board by
Patrick Strange
Director, Chair of the Board
Julia Hoare
Director, Chair of the Audit and Financial Risk Committee
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 (REVISED) FOR THE SIX-MONTH PERIODS
TO 31 DECEMBER 2021 AND 31 DECEMBER 2020. THE FULL-YEAR FINANCIAL STATEMENTS TO 30 JUNE 2021 HAVE BEEN AUDITED.
THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.
Interim Financial Statements 20223

Consolidated interim statement of changes in equity
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
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 and joint
ventures
Retained
earningsTotal
Notes
$M$M$M$M$M$M$M$M$M
Six months ended 31 December 2021
(unaudited)
At 1 July 2021 (restated)
1
1,679.2(609.2)5,099.92.0(50.4)(1.1)37.01,772.17,929.5
Profit for the period-------108.8108.8
Other comprehensive income----31.8(0.5)--31.3
Total comprehensive income
----31.8(0.5)-108.8140.1
Shares issued110.9-------0.9
Long-term incentive plan---(0.3)----(0.3)
At 31 December 2021
1,680.1(609.2)5,099.91.7(18.6)(1.6)37.01,880.98,070.2
Six months ended 31 December 2020
(unaudited)
At 1 July 2020 (restated)
1
1,678.6(609.2)4,333.71.6(100.7)(3.9)28.81,301.86,630.7
Profit for the period (restated)
1
-------29.129.1
Other comprehensive income----10.0(1.9)--8.1
Total comprehensive income
(restated)
1
----10.0(1.9)-29.137.2
Reclassification to retained earnings--(3.6)----3.6-
Shares issued110.6-------0.6
Long-term incentive plan---0.2----0.2
At 31 December 2020 (restated)
1
1,679.2(609.2)4,330.11.8(90.7)(5.8)28.81,334.56,668.7
1 The comparatives are restated following the IFRIC decision on cloud computing. Refer to note 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 (REVISED) FOR THE SIX-MONTH PERIODS
TO 31 DECEMBER 2021 AND 31 DECEMBER 2020. THE FULL-YEAR FINANCIAL STATEMENTS TO 30 JUNE 2021 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 and joint
ventures
Retained
earningsTotal
Notes
$M$M$M$M$M$M$M$M$M
Six months ended 31 December 2021
(unaudited)
At 1 July 2021 (restated)
1
1,679.2(609.2)5,099.92.0(50.4)(1.1)37.01,772.17,929.5
Profit for the period-------108.8108.8
Other comprehensive income----31.8(0.5)--31.3
Total comprehensive income
----31.8(0.5)-108.8140.1
Shares issued110.9-------0.9
Long-term incentive plan---(0.3)----(0.3)
At 31 December 2021
1,680.1(609.2)5,099.91.7(18.6)(1.6)37.01,880.98,070.2
Six months ended 31 December 2020
(unaudited)
At 1 July 2020 (restated)
1
1,678.6(609.2)4,333.71.6(100.7)(3.9)28.81,301.86,630.7
Profit for the period (restated)
1
-------29.129.1
Other comprehensive income----10.0(1.9)--8.1
Total comprehensive income
(restated)
1
----10.0(1.9)-29.137.2
Reclassification to retained earnings--(3.6)----3.6-
Shares issued110.6-------0.6
Long-term incentive plan---0.2----0.2
At 31 December 2020 (restated)
1
1,679.2(609.2)4,330.11.8(90.7)(5.8)28.81,334.56,668.7
1 The comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2.
Interim Financial Statements 20225

Consolidated interim statement of financial position
AS AT 31 DECEMBER 2021
UnauditedRestated
1
As at
31 Dec 2021
As at
30 Jun 2021
Notes
$M$M
Non-current assets
Property, plant and equipment96,863.36,826.5
Investment properties102,801.32,641.4
Investment in associate and joint ventures7140.4154.4
Derivative financial instruments15.829.2
9,820.89,651.5
Current assets
Cash and cash equivalents35.179.5
Trade and other receivables22.025.4
Taxation receivable20.320.9
77.4125.8
Total assets
9,898.29,777.3
Shareholders’ equity
Issued and paid-up capital111,680.11,679.2
Reserves4,509.24,478.2
Retained earnings1,880.91,772.1
8,070.27,929.5
Non-current liabilities
Term borrowings121,037.91,172.8
Derivative financial instruments27.667.9
Deferred tax liability274.3278.3
Other term liabilities2.72.8
1,342.51,521.8
Current liabilities
Accounts payable and accruals69.0103.4
Derivative financial instruments-1.9
Short-term borrowings12415.9220.0
Provisions0.60.7
485.5326.0
Total equity and liabilities
9,898.29,777.3
1 The comparatives are restated following the IFRIC decision on cloud computing. Refer to note 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 (REVISED) FOR THE SIX-MONTH PERIODS
TO 31 DECEMBER 2021 AND 31 DECEMBER 2020. THE FULL-YEAR FINANCIAL STATEMENTS TO 30 JUNE 2021 HAVE BEEN AUDITED.
THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.

Consolidated interim cash flow statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
UnauditedUnaudited
Restated
1
6 months to
31 Dec 2021
6 months to
31 Dec 2020
Notes
$M$M
Cash flow from operating activities
Cash was provided from:
Receipts from customers128.9133.8
Interest received0.22.2
129.1136.0
Cash was applied to:
Payments to suppliers and employees(72.7)(71.5)
Interest paid(26.8)(33.7)
(99.5)(105.2)
Net cash flow from operating activities
629.630.8
Cash flow from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment-0.1
Repayment of partner contribution from joint venture2.5-
2.50.1
Cash was applied to:
Property, plant and equipment additions(124.4)(75.9)
Interest paid – capitalised(3.8)(3.6)
Investment property additions(18.4)(32.7)
Investment in joint ventures(5.9)(6.6)
(152.5)(118.8)
Net cash flow applied to investing activities
(150.0)(118.7)
Cash flow from financing activities
Cash was provided from:
Increase in borrowings176.05.0
176.05.0
Cash was applied to:
Decrease in borrowings(100.0)-
(100.0)-
Net cash flow from financing activities
76.05.0
Net (decrease)/increase in cash held(44.4)(82.9)
Opening cash brought forward79.5765.3
Ending cash carried forward
35.1682.4
1 The comparatives are restated following the IFRIC decision on cloud computing. Refer to note 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 (REVISED) FOR THE SIX-MONTH PERIODS
TO 31 DECEMBER 2021 AND 31 DECEMBER 2020. THE FULL-YEAR FINANCIAL STATEMENTS TO 30 JUNE 2021 HAVE BEEN AUDITED.
THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS.
Interim Financial Statements 20227

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 24 February 2022.
2.
Basis of preparation and accounting policies
The condensed consolidated interim financial
statements ('interim financial statements') have
been prepared in accordance with generally
accepted accounting practice ('GAAP') 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 for-profit 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
Financial Report for the year ended 30 June 2021.
The accounting policies set out in the 2021 Financial
Report have been applied consistently to all periods
presented in these interim financial statements,
except as identified below.
In April 2021, the IFRS Interpretations Committee
('IFRIC') published an agenda decision clarifying the
accounting treatment for configuration and
customisation costs associated with cloud
computing arrangements. The new interpretation
only permits capitalisation in limited circumstances
and in many instances configuration and
customisation costs must be recognised as an
operating expense. The group previously capitalised
configuration and customisation costs for cloud
computing arrangements.
In
response to this interpretation, the group has now
completed its analysis of configuration and
customisation costs associated with cloud
computing arrangements, resulting in retrospective
restatements of the following historical financial
information:
•The statement of financial position as at 30 June
2020;
•The income statement for the six months ended
31 December 2020 and the year ended 30 June
2021;
•The statement of cash flows for the six months
ended 31 December 2020 and the year ended
30 June 2021; and
•The statement of financial position as at
31 December 2020 and as at 30 June 2021.
Notes and accounting policies
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

The adjusted amounts presented in these interim financial statements are as follows:
AuditedAdjustmentRestated
30 Jun 202130 Jun 202130 Jun 2021
30 June 2021$M$M$M
Items from the statement of financial position:
Property, plant and equipment6,832.0(5.5)6,826.5
Retained earnings1,776.1(4.0)1,772.1
Deferred tax liability279.8(1.5)278.3
UnauditedAdjustmentUnaudited
Restated
31 Dec 202031 Dec 202031 Dec 2020
31 December 2020$M$M$M
Items from the income statement:
Professional services and levies1.50.31.8
Depreciation59.3(1.6)57.7
Taxation expense(0.4)0.3(0.1)
Items from the statement of financial position:
Property, plant and equipment6,066.5(7.6)6,058.9
Retained earnings1,339.9(5.4)1,334.5
Deferred tax liability233.4(2.2)231.2
Items from the cash flow statement:
Payments to suppliers and employees(71.2)(0.3)(71.5)
Property, plant and equipment additions(76.2)0.3(75.9)
AuditedAdjustmentRestated
30 Jun 202030 Jun 202030 Jun 2020
30 June 2020$M$M$M
Items from the statement of financial position:
Property, plant and equipment6,060.8(8.9)6,051.9
Retained earnings1,308.2(6.4)1,301.8
Deferred tax liability279.8(2.5)277.3
The group has applied the new interpretation during
the six-month period ended 31 December 2021.
Operating costs are higher by $0.1 million and
depreciation is lower by $2.1 million than would have
been reported under the group's previous policy.
The group has revised its accounting policy in
relation to upfront configuration and customisation
costs incurred in implementing cloud computing
arrangements. The new accounting policy is as
follows:
Cloud computing arrangements
Cloud computing arrangements include software as
a service, platform as a service, infrastructure as a
service and other similar hosting arrangements (i.e.
an arrangement in which an end-user of the
software does not take possession of the software).
The group applies judgement to assess whether
there is sufficient control in a cloud computing
arrangement to permit capitalisation of the
configuration and customisation costs. The group
considers the following indicators:
•The group has the contractual right to take
possession of the software at any time during
the hosting period without significant penalty;
•The group can run software on its own
hardware or can contract with another vendor
to host the software;
•The group can control who can use any
software modifications and the vendor cannot
make them available to other customers; and
Interim Financial Statements 20229

2.
Basis of preparation and accounting policies CONTINUED
•The group can control the frequency and
acceptance of software updates.
If the cloud computing arrangement meets the
criteria, then the cost of configuration and
customisation is recognised as an asset. If the
criteria and definition are not met, the cost of
configuration and customisation is recognised as an
operating expense.
However, if the configuration and customisation
were performed by the software supplier, the group
also considers whether that upfront service is
distinct from the cloud computing arrangement. If it
is not distinct, then the operating expense may be
initially treated as a prepayment and expensed over
the term of the cloud computing arrangement.
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 interim financial statements are presented in
New Zealand dollars and all values are rounded to
the nearest million dollars ($M) and one decimal
point unless otherwise indicated.
3.
Changes in key estimates and judgements
The financial position and performance of the group
continued to be affected by the COVID-19
pandemic during the period. The following key
estimates and judgements, arising from COVID-19,
were generated on the same basis as at 30 June
2021:
Abatements
The group continues to provide abatements to
retailers, aeronautical and property tenants
significantly affected by COVID-19. During the
period ended 31 December 2021, the group
recognised $98.6 million of abatements as negative
variable lease payments. These abatements were
consistent with expectations and were factored into
revaluations and impairment assessments at
30 June 2021.
Fixed asset write-offs, impairment and termination
costs
Fixed assets totalling $0.1 million were written off
during the period ended 31 December 2021.
At 30 June 2021, the group recognised a
$2.3 million impairment of capital works in progress
and reversed $1.1 million of impairments recognised
in prior periods. During the period ended
31 December 2021, no further impairments have
been recognised or reversed.
Provision for expected credit losses
The provision for expected credit losses as at
30 June 2021 was $3.4 million. During the period
ended 31 December 2021, the provision has
decreased by $0.4 million reflecting the recovery of
outstanding debt.
Fair value assessments of investment properties
The valuations of investment properties at 30 June
2021 and 31 December 2021 include the two hotels
in
the group's retail and service portfolio. Those two
valuations were prepared on the basis of 'material
valuation uncertainty' as at 30 June 2021 and
31 December 2021. Refer to note 10 for further
details.
Fair value assessments of investment properties
owned by associate and joint ventures
At 31 December 2021, an independent valuation of
investment property owned by Tainui Auckland
Airport Hotel 2 Limited Partnership was performed
by JLL. The valuation concluded that there was a
material movement in the fair value of that property
versus cost. Refer to note 7 for further details.
Fair value assessments of property, plant and
equipment
There have been no material changes in the fair
value assessments of property, plant and
equipment. Refer to note 9 for further details.
Going concern
As at 31 December 2021, Auckland Airport’s
liquidity sources comprised $928.7 million of
undrawn bank facilities and $35.1 million of cash
and cash equivalents. This compares with
$378.0 million of drawn debt maturities scheduled
for calendar 2022, approximately $57.9 million of
forecast interest expense and $374.0 million of
forecast capital expenditure over the same 12-
month period, $338.4 million of which is currently
approved. At the height of Auckland’s domestic and
international air travel restrictions (e.g. October
2021), Auckland Airport delivered EBITDA
exceeding $5.0 million per month, or in excess of
$60.0 million annualised. Including the
$963.8 million of cash and undrawn bank facilities
on hand as at 31 December 2021, Auckland
Airport’s forecast liquidity sources over the next
12 months of more than $1.0 billion comfortably
Notes and accounting policies
CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

exceed the forecast liquidity uses over the same
period of less than $850.0 million.
During February 2022, Auckland Airport
renegotiated its banking facility interest coverage
covenants for the twice-yearly 12-month
measurement periods between June 2022 and
June 2024. The following table sets out the new
EBITDA-based interest coverage covenants, with
the covenant for the 12 months to 31 December
2024 onwards remaining unchanged.
PeriodInterest coverage covenant
Jun-221.25x
Dec-221.25x
Jun-232.00x
Dec-232.00x
Jun-242.50x
Dec-24 onwards3.00x
The most material risks to FY22 interest coverage
compliance are COVID-19-related revenue
shortfalls caused by a substantial backtracking from
the Government’s recently announced plan to
gradually reopen the border to international visitors
from the end of February 2022. However, we
estimate that interest coverage compliance will be
achieved at the first measurement date of 30 June
2022 provided domestic and international
passengers arrivals (excluding transits) in the
second half of the financial year exceed 20% and
3% of pre-COVID-19 levels, respectively. This
compares with 30% and 5% achieved in the first
half. We believe this is likely under the Government’s
current COVID-19 settings and its announced
border reopening plans.
Interim Financial Statements 202211

4.
Segment information
(a) Identification of reportable segments
The group has identified its operating segments
based on the internal reports reviewed and used by
the chief executive, as the chief operating decision-
maker, in assessing performance and in determining
the allocation of resources.
The operating segments are identified by
management based on the nature of services
provided. Discrete financial information about each
of these operating segments is reported to the chief
executive at least monthly. The chief executive
assesses 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.
During the period ended 31 December 2021, New
Zealand's international border remained closed for
non-residents, significantly affecting airfield income
and passenger services charges. The group
provided $0.8 million of abatements to aeronautical
customers during the six-month period ended
31 December 2021 (31 December 2020:
$0.2 million). Refer to note 3 for further information.
During
the comparative period ended 31 December
2020, the group successfully concluded
negotiations related to early terminated construction
contracts. This resulted in a $14.3 million reversal in
the group's provision for termination costs and a
corresponding reduction in total segment expenses.
All negotiations were complete by 30 June 2021
with no remaining provision at year end. Therefore,
there were no similar reversals in the current period
ended 31 December 2021.
Retail
The retail business provides services to the retailers
within the terminals and provides car parking
facilities for passengers, visitors and airport staff.
The above-mentioned travel restrictions continued
to affect retailers within the terminals, and the group
provided $94.4 million of abatements to retailers
during the six-month period ended 31 December
2021 (31 December 2020: $94.8 million). Refer to
note 3 for further information.
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.
The group provided $3.4 million of rent abatements
to property tenants during the six-month period
ended 31 December 2021, but this was offset by
new tenancies during the period (31 December
2020: $2.8 million).
Notes and accounting policies
CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

AeronauticalRetailPropertyTotal
$M$M$M$M
Six months ended 31 December 2021
(unaudited)
Total segment income46.417.960.0124.3
Total segment expenses36.56.89.352.6
Segment EBITDAFI
1
9.911.150.771.7
Six months ended 31 December 2020
(unaudited)
Total segment income52.521.951.7126.1
Total segment expenses18.75.38.432.4
Segment EBITDAFI
1
33.816.643.393.7
1 EBITDAFI is a non-GAAP measure. Refer to the 2021 Financial Report, note 3(e).
Income reported above represents income generated from external customers. There was no inter-
segment income in the period (31 December 2020: nil).
(c)
Reconciliation of segment EBITDAFI to income statement
UnauditedUnaudited
Restated
1
6 months to
31 Dec 2021
6 months to
31 Dec 2020
$M$M
Segment EBITDAFI
2
71.793.7
Unallocated external operating income1.95.4
Unallocated external operating expenses(13.3)(11.2)
Total EBITDAFI as per income statement
2
60.387.9
Investment property fair value increase131.529.8
Derivative fair value change(0.6)0.8
Share of profit of associate and joint ventures(17.4)3.2
Depreciation(53.7)(57.7)
Interest expense and other finance costs(26.8)(35.0)
Profit before taxation
93.329.0
1 The comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2.
2 EBITDAFI is a non-GAAP measure. Refer to the 2021 Financial Report, note 3(e).
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.
Interim Financial Statements 202213

5.
Profit for the period
UnauditedUnaudited
6 months to
31 Dec 2021
6 months to
31 Dec 2020
$M$M
Staff expenses comprise:
Salaries and wages25.524.5
Capitalised salaries and wages(4.7)(2.8)
Employee benefits3.1(0.2)
Share-based payment plans0.10.2
Defined contribution superannuation0.90.9
Government wage subsidy(4.2)(2.2)
Other staff costs1.00.6
21.721.0
Interest expense and other finance costs comprise:
Interest on bonds and related hedging instruments14.118.5
Interest on bank facilities and related hedging instruments10.59.7
Interest on USPP notes and related hedging instruments-4.5
Interest on AMTN notes and related hedging instruments4.64.4
Interest on commercial paper and related hedging instruments1.41.5
30.638.6
Less capitalised borrowing costs(3.8)(3.6)
26.835.0
Interest rate for capitalised borrowings costs4.32%4.04%
The interest expense amounts disclosed in the table above are net of the impact of interest rate hedges.
The gross interest costs of bonds, bank facilities, US Private Placement ('USPP'), Australian Medium Term
Notes ('AMTN') and commercial paper, excluding the impact of interest rate hedges, was $21.0 million for
the period ended 31 December 2021 (31 December 2020: $35.1 million).
Notes and accounting policies
CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

6.
Reconciliation of profit after taxation with cash flow from
operating activities
UnauditedUnaudited
Restated
1
6 months to
31 Dec 2021
6 months to
31 Dec 2020
$M$M
Profit after taxation
108.829.1
Adjustments for:
Depreciation53.757.7
Deferred taxation expense(16.2)(1.5)
Fixed asset impairment and write-offs0.10.9
Reversal of fixed asset termination costs-(14.9)
Share-based payments0.10.2
Equity-accounted loss/(earnings) from associate and joint ventures17.4(3.2)
Investment property fair value increase(131.5)(29.8)
Derivative fair value (increase)/decrease0.6(0.8)
Items not classified as operating activities:
Loss on asset disposals-0.5
Decrease in property, plant and equipment retentions and payables36.334.9
(Increase)/decrease in investment property retentions and payables(1.4)5.0
Increase in investment property lease incentives and receivables(8.3)(3.7)
Items recognised directly in equity0.60.8
Movement in working capital:
(Increase) in trade and other receivables3.41.2
Decrease in taxation receivable/(payable)0.60.6
Decrease in accounts payable and provisions(34.5)(46.3)
(Decrease)/increase in other term liabilities(0.1)0.1
Net cash flow from operating activities
29.630.8
1 The comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2.
Interim Financial Statements 202215

7.
Associate and joint ventures
Movement in the group’s carrying amount of investments in associate and joint ventures
UnauditedUnaudited
6 months to
31 Dec 2021
6 months to
31 Dec 2020
$M$M
Investment in associate and joint ventures at the beginning of the period154.4114.7
Further investment in joint ventures5.96.6
Share of (loss)/profit after tax of associate and joint ventures(17.4)3.2
Repayment of partner contribution from joint venture(2.5)-
Investment in associate and joint ventures at the end of the period
140.4124.5
Share of (loss)/profit after tax of associate
and joint ventures
The share of loss during the six months ended
31 December 2021 includes the group's
$20.5 million share of a $41.0 million revaluation loss
on the Pullman hotel, which is under construction
and owned by Tainui Auckland Airport Hotel 2
Limited Partnership (joint venture). The revaluation
loss arose due to an increase in construction costs
compared to an independent valuation of the hotel
as at expected completion during the financial year
ended 30 June 2024.
The construction of the hotel had been split into two
phases due to the impact of COVID-19. The first
phase was to complete the facade and structural
elements under the original contract. The second
phase was to carry out all internal fit-outs ready for
opening and would be timed to coincide with a
recovery in international passenger numbers. During
the six months ended 31 December 2021, the joint
venture re-tendered the second phase at a higher
cost than the original contract. The remaining cost
to complete the project is forecast to be
$131.0 million, resulting in a total cost of
$221.0 million.
At 31 December 2021, an independent valuation
was performed by JLL for the Pullman hotel. The
fair value of the completed hotel was determined to
be $180.0 million, which was materially different
from the total forecast cost of $221.0 million and
resulted in a revaluation loss of $41.0 million for the
joint venture. Auckland Airport's share of the
revaluation loss was $20.5 million.
The valuation was prepared on the basis of ‘material
valuation uncertainty’, and therefore the valuer has
advised that less certainty should be attached to the
valuation than would normally be the case.
Carrying value of investments in associate and joint ventures
UnauditedAudited
As at
31 Dec 2021
As at
30 Jun 2021
$M$M
Tainui Auckland Airport Hotel Limited Partnership36.636.2
Tainui Auckland Airport Hotel 2 Limited Partnership22.537.1
Queenstown Airport Corporation Limited81.381.1
Total
140.4154.4
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

8.
Distribution to shareholders
When new EBITDA-based interest coverage covenants were agreed with the banking group in August
2021, Auckland Airport agreed that no dividends would be paid until after 31 December 2021. Therefore,
no final dividend was paid during the period ended 31 December 2021 (31 December 2020: nil). As part
of the agreement reached in February 2022 with the banking group to reduce the new interest coverage
covenants further for the five biannual measurement periods between 30 June 2022 and 30 June 2024, the
period of no dividend payments was extended until 31 December 2022.
The company has a dividend reinvestment plan, but this was inactive during the period as no dividend
was paid.
Interim Financial Statements 202217

9.
Property, plant and equipment
UnauditedRestated
1
As at
31 Dec 2021
As at
30 Jun 2021
$M$M
At fair value6,645.36,510.2
At cost220.9214.4
Work in progress at cost361.9413.7
Accumulated depreciation(364.8)(311.8)
Net carrying amount
6,863.36,826.5
1 The comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2.
The group carries land, buildings and services,
infrastructure and runway, taxiways and aprons at
fair value.
At 31 December 2021 and 31 December 2020 the
group undertook a desktop review of the property,
plant and equipment balances carried at fair value.
•For land assets previously formally revalued
using the discounted cash flow approach, the
31 December 2021 desktop assessment
compared today's expectations regarding the
timing and shape of the recovery from
COVID-19 with the independent valuers' views
at the last formal valuation. Those expectations
have remained materially unchanged.
•For land assets previously formally revalued
using the market value alternative use and direct
sales comparison approaches, the desktop
assessment considered the outcome of the
investment property desktop review described
in note 10.
•For all other assets previously formally revalued
using the optimised depreciated replacement
cost approach, the desktop assessment
considered movements in the capital goods
price index provided by Beca Projects NZ Ltd
(Beca).
These assessments indicated that there was no
material fair value movement in any class of
property, plant and equipment from 30 June 2021.
Impact of COVID-19
The
impact as at 30 June 2021 of COVID-19 on the
valuation of property, plant and equipment was set
out in note 11 of the 2021 Financial Report. Given
the circumstances, the valuations of land associated
with car parking facilities and retail facilities within
terminal buildings as at 30 June 2021 remained
subject to 'material valuation uncertainty', and
therefore the valuers advised that less certainty
should be attached to their valuations than would
normally be the case. As a result of the ongoing
impacts of COVID-19, including the considerable
uncertainty as to the timing and shape of the
recovery, the group and its valuers consider that the
carrying values of these land asset categories
remain subject to 'material valuation uncertainty'.
The total carrying value of these land asset
categories is $2,680.7 million (30 June 2021:
$2,680.7 million).
Vehicles, plant and equipment and work in progress
are carried at cost.
Additions to property, plant and equipment were
$90.7 million for the six months ended 31 December
2021 (six months ended 31 December 2020:
$57.2 million).
There were no transfers from investment property
during the six months ended 31 December 2021
(six months ended 31 December 2020:
$8.4 million). The transfers in the comparative period
were to make land available for the international
terminal exit road.
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
$296.3 million (30 June 2021: $296.3 million);
•Land associated with retail facilities within
terminal buildings carried at $2,004.8 million
(30 June 2021: $2,004.8 million); and
•Space within terminal buildings, being 14% of
total floor area or $121.8 million (30 June 2021:
13% of total floor area or $120.1 million).
Notes and accounting policies
CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

10.
Investment properties
UnauditedAudited
6 months to
31 Dec 2021
12 months to
30 Jun 2021
$M$M
Balance at the beginning of the period2,641.42,054.2
Additions20.156.3
Transfer to property, plant and equipment (note 9)-(10.2)
Write-offs-(0.1)
Change in net revaluations131.5527.3
Lease incentives capitalised6.512.0
Lease incentives amortised(1.2)(1.8)
Spreading of fixed rental increases3.03.7
Balance at the end of the period
2,801.32,641.4
Investment property is measured at fair value, which
reflects market conditions at balance date. To
determine fair value, the group ordinarily
commissions investment property valuations at
30 June each year and undertakes a desktop review
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 each year.
At 31 December 2021, the group undertook more
comprehensive desktop revaluations than the
desktop reviews the group ordinarily performs at
31 December each year. The changed approach
was considered prudent following recent growth in
the property market, including the unprecedented
$527.3 million fair value increase in the group's
investment property during the year ended 30 June
2021. The desktop revaluations were performed by
Colliers, Savills and JLL based on key valuation
metrics. The valuers did not re-inspect the
properties but undertook relevant investigations,
including considering any tenant changes,
assessing market rentals and reviewing
capitalisation rates in order to determine the
desktop value of the group’s investment properties.
The desktop revaluations have been reviewed and
assessed by management and subsequently
adopted by the group, resulting in a fair value
increase of $131.5 million ,or 4.9%, for the overall
portfolio for the six months ended 31 December
2021.
At 31 December 2020, management performed a
desktop review using evidence of market sales and
leasing activity provided by Colliers. The review
indicated there was no material movement in the
overall portfolio during the six months ending
31
December 2020. Colliers also performed reviews
of two new investment properties, which were
adopted by the group and resulted in a fair value
increase of $29.8 million for those two properties for
the six months ended 31 December 2020.
Impact of COVID-19
As reported in the 2021 Financial Report, the
group's overall investment property portfolio has
remained resilient despite COVID-19. Although the
group provided $3.4 million of rent abatements to
property tenants during the six-month period, these
were consistent with expectations at 30 June 2021.
There was no material impact on overall property
rental revenue during the period (refer to notes 3 and
4 for further information).
The group and its valuers have assessed that, as at
31 December 2021, the valuations of investment
properties relating to the two hotels in the group's
retail and service portfolio remain subject to 'material
valuation uncertainty'. This assessment is based on
the longer-term impact of COVID-19 on the hotel
sector not yet being fully known. The total carrying
value of the two hotels is $69.4 million (30 June
2021: $67.5 million).
The following categories of investment property are
leased to tenants:
•Retail and service carried at $363.5 million
(30 June 2021: $301.5 million);
•Industrial carried at $1,810.4 million (30 June
2021: $1,709.4 million); and
•Other investment property carried at
$192.4 million (30 June 2021: $216.2 million).
Interim Financial Statements 202219

11.
Issued and paid-up capital and earnings per share
UnauditedUnauditedUnauditedUnaudited
6 months to
31 Dec 2021
6 months to
31 Dec 2020
6 months to
31 Dec 2021
6 months to
31 Dec 2020
$M$MSharesShares
Opening issued and paid-up capital1,679.21,678.61,472,034,6371,471,916,791
Shares fully paid and allocated to
employees by employee share scheme0.50.389,20052,400
Shares vested to employees participating
in long-term incentive plans0.40.358,19461,546
Closing issued and paid-up capital
1,680.11,679.21,472,182,0311,472,030,737
Earnings per share
The earnings used in calculating basic and diluted earnings per share is net profit attributable to equity
holders of $108.8 million (restated six months ended 31 December 2020: $29.1 million). The comparatives
are restated following the IFRIC decision on cloud computing. Refer to note 2.
The weighted average number of shares used to calculate basic and diluted earnings per share is as follows.
UnauditedUnaudited
6 months to
31 Dec 2021
6 months to
31 Dec 2020
SharesShares
For basic earnings per share1,472,086,4241,471,966,206
Effect of dilution of share options--
For diluted earnings per share
1,472,086,4241,471,966,206
The reported basic and diluted earnings per share for the six months ended 31 December 2021 is
7.39 cents (restated six months ended 31 December 2020: 1.98 cents). The comparatives are restated
following the IFRIC decision on cloud computing. Refer to note 2.
Notes and accounting policies
CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

12.
Borrowings
UnauditedAudited
As at
31 Dec 2021
As at
30 Jun 2021
$M$M
Current
Commercial paper117.992.0
Bank facilities98.0128.0
Bonds200.0-
Total short-term borrowings
415.9220.0
Non-current
Bank facilities112.0182.0
Bonds625.2675.0
AMTN notes300.7315.8
Total term borrowings
1,037.91,172.8
Total
Commercial paper117.992.0
Bank facilities210.0310.0
Bonds825.2675.0
AMTN notes300.7315.8
Total borrowings
1,453.81,392.8
In the six-month period to 31 December 2021, the
company undertook the following bank and
financing activity:
•In August 2021, existing bank facilities totalling
$690.0 million (originally set to mature between
January 2022 and April 2022) were extended
by between 7 and 19 months and are now set
to mature between September 2022 and
October 2023;
•A $2.0 million reduction of existing undrawn
bank facilities in September 2021;
•The issuance of $150.0 million of five-year
3.29% fixed rate bonds in November 2021 with
a corresponding $100.0 million repayment of
existing bank facilities; and
•A $26.0 million increase in the use of
commercial paper borrowings during the
period.
As at 31 December 2021, the company had
undrawn bank facilities of $928.7 million (30 June
2021: $831.7 million).
During the current and prior periods, there were no
defaults or breaches on any of the borrowing
facilities. The covenant waivers granted by our
banking group in April 2020 expired on
31 December 2021 and were replaced, first in
August 2021 and again in February 2022, by
modified interest coverage covenants applying from
calendar year 2022 onwards. The most recent
arrangements have converted the original 1.5x
EBIT-based measure to an EBITDA-based measure
that steps up progressively, broadly in line with the
anticipated COVID-19 recovery. The EBITDA based
interest coverage covenants are summarised in
note 3.
The carrying amount of AMTN notes has reduced
due to foreign exchange rate movements. The
foreign currency exposure is fully hedged by cross-
currency interest rate swaps, which have similarly
reduced in value (refer to note 14).
Interim Financial Statements 202221

13.
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 financial statements do not include all
financial risk management information and
disclosures and should be read in conjunction with
note 18 of the 2021 Financial Report.
Further information is also contained in the risk
management section of the 2021 Annual Report.
There have been no significant changes in the
financial risk management objectives and policies
since 30 June 2021.
14.
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 2021 (30 June 2021: 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
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; and
•The group’s AMTN notes are classified as level
2. The fair value of the AMTN notes has been
determined at balance date on a discounted
cash flow basis using the AUD Bloomberg
curve and applying discount factors to the
future AUD interest payment and principal
payment cash flows.
Unaudited
31 Dec 2021
Audited
30 Jun 2021
Carrying
amount
Fair
value
Carrying
amount
Fair
value
$M$M$M$M
Bonds825.2841.5675.0710.9
AMTN notes300.7308.3315.8323.6
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

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 2021
Fair value
As at
30 Jun 2021
$M$MValuation key inputs
Interest rate swaps
Forward interest rates (from observable yield
curves) and contract interest rates
Assets2.3-
Liabilities(27.6)(69.8)
Cross-currency interest
rate swaps
Forward interest and foreign exchange rates
(from observable yield curves and forward
exchange rates) and contract rates
Assets13.529.2
15.
Commitments
(a) Property, plant and equipment
The group had contractual obligations to purchase
or develop property, plant and equipment for
$31.4 million at 31 December 2021 (30 June 2021:
$31.5 million).
(b) Investment property
The group had contractual obligations to purchase,
develop, repair or maintain investment property for
$40.6 million at 31 December 2021 (30 June 2021:
$43.5 million).
(c) Joint ventures
During the six months ended 31 December 2021,
the Tainui Auckland Airport Hotel 2 Limited
Partnership (joint venture) tendered a contract for
the second and final phase of development of a new
Pullman hotel. At 31 December 2021, the joint
venture's contractual obligations for the hotel
development were $101.5 million (30 June 2021:
$5.7 million). The group's share of those
commitments was $50.8 million at 31 December
2021 (30 June 2021: $2.9 million)
Interim Financial Statements 202223

16.
Contingent liabilities
Noise insulation
Auckland Airport Designation 1100, contained in the
Auckland Unitary Plan, sets out the requirements for
noise mitigation for neighbouring 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
individual landowners whether they accept a noise
mitigation package.
Projections are undertaken annually to determine
eligibility, and the rate of acceptance of offers of
treatment by landowners is variable. However, it is
estimated that further costs on noise mitigation
should not exceed $7.9 million (30 June 2021:
$8.0 million).
Contractor claims
A contingent liability of $6.0 million (30 June 2021:
$10.1 million) is estimated for contractor claims in
respect of capital works which are under ongoing
independent assessment of both entitlement and
value. The group has taken a highly conservative
view by including all known uncertified contractor
claims as part of this estimate.
17.
Share-based payment plans
(a) Employee share purchase plan
The purchase plan is open to all full-time and part-
time employees (not directors) at an offer date.
Employees are ordinarily advanced loans to
purchase shares at a discount to the market price
and the loans are repaid over a three-year restrictive
period. However, in November 2021, the company
offered shares at nil consideration up to a value of
$1,500 per employee. No repayments are required
in respect of this offer, but the shares remain subject
to a three-year restrictive period. The offer was both
as an acknowledgement of employees' hard
workand also the critical role they will play as aviation
recovers. The offer was accepted by 366
employees, representing a total of 67,710 shares.
(b) Long-term incentive plan (LTI plan)
Members of Auckland Airport’s leadership team and
the chief executive participate in the group’s LTI
plan. This scheme is a share rights plan and share-
rights are granted to participating leadership team
members with a three-year vesting period. If a
participant ceases to be employed before the
exercise date, they ordinarily forfeit their share rights.
On 12 November 2021, Adrian Littlewood stood
down from his role as chief executive after more than
twelve years with the company and nine years as
chief executive. At the Board’s discretion Adrian will
retain his 71,318 share rights that become
exercisable on 30 September 2022. However, he
has forfeited his remaining 93,931 share rights that
would have become exercisable on 1 October
2023. All other conditions of the LTI plan remain in
place for Adrian and other participants, including
being subject to the usual performance measures.
Notes and accounting policies CONTINUED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

18.
Events subsequent to balance date
On 17 February 2022, the directors of Queenstown Airport resolved that no interim dividend would be
declared for the period ended 31 December 2021.
On 23 February 2022, the directors of Auckland Airport resolved that no interim dividend would be declared
for the period ended 31 December 2021.
During February 2022, Auckland Airport renegotiated its banking facility interest coverage covenants for the
twice-yearly 12-month measurement periods between June 2022 and June 2024. Refer to note 3 for
further information.
Interim Financial Statements 202225

INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS OF AUCKLAND INTERNATIONAL AIRPORT LIMITED
Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of
Auckland International Airport Limited (‘the Company’) and its subsidiaries (‘the Group’) which comprise the
consolidated interim statement of financial position as at 31 December 2021, and the consolidated interim
income statement, statement of comprehensive income, statement of changes in equity and cash flow statement
for the six months ended on that date, and a summary of significant accounting policies and other explanatory
information on pages 2 to 25.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial
statements of the Group do not present fairly, in all material respects, the financial position of the Group as at 31
December 2021 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.
Emphasis of Matter – Material valuation uncertainty related to the carrying
values of hotels and land associated with car park facilities and retail facilities
within terminal buildings
We draw your attention to note 9 and 10 in the condensed consolidated interim financial statements. In note 9
the Group discloses that due to the ongoing impacts of COVID-19, including the considerable uncertainty as to
the timing and shape of the recovery, the Group and its independent registered valuers consider that the
carrying values of the land associated with car park facilities and retail facilities within terminal buildings, remain
subject to “material valuation uncertainty” as at 31 December 2021 and therefore less certainty should be
attached to the valuations than would normally be the case. In note 10 the Group discloses that, based on the
longer term impact of COVID-19 on the hotel sector not yet being fully known, the Group and its independent
registered valuers consider that the valuations of investment properties relating to the two hotels in the group’s
retail and service portfolio remain subject to ‘material valuation uncertainty’. Our opinion is not modified in
respect of this matter.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed
by the Independent Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in
the Auditor’s Responsibilities for the Review of the Interim Financial Statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to
the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these requirements.
Our firm carries out other assignments for the Group in the area of greenhouse gas inventory assurance
reporting, sustainability data quality non-assurance services, trustee reporting and assurance reporting for
regulatory reporting as well as non-assurance services provided to the Corporate Taxpayers Group. These
services have not impaired our independence as auditor of the Company and Group.
In addition to this, partners and employees of our firm deal with the Company and its subsidiaries on normal
terms within the ordinary course of trading activities of the business of the Company and its subsidiaries. The firm
has no other relationship with, or interest in, the Company or any of its subsidiaries.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of the 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 directors determine is necessary to enable the preparation and
fair presentation of the interim financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE
2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe
that the 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.

A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform 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) and consequently do not enable us to obtain assurance that
we would become aware of all significant matters that might be identified in an audit. Accordingly we do not
express an audit opinion on the interim financial statements.
Restriction on use
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 conclusions we
have formed.
Andrew Dick
Partner
for Deloitte Limited
Auckland, New Zealand
24 February 2022
Interim Financial Statements 202227

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.
Stock exchange listings
The company’s shares were quoted on the NZX on
28 July 1998. The company’s shares were quoted
on the ASX effective 1 July 2002. The company is
not subject to chapters 6, 6A, 6B and 6C of the
Australian Corporations Act dealing with the
acquisition of shares (i.e. substantial holdings and
takeovers).
The total number of voting securities on issue as at
31 December 2021 was 1,472,647,437.
Auditors
Deloitte Limited 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 2021. The external auditor is
subject to a partner rotation policy.
Credit rating
As at 31 December 2021, 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
Annual meeting-October
Disclosure financial statements-November
Shareholder information

DIRECTORS
Patrick Strange, chair
Mark Binns
Dean Hamilton
Julia Hoare
Liz Savage
Tania Simpson
Christine Spring
SENIOR MANAGEMENT
Carrie Hurihanganui
chief executive (commenced 8 February 2022)
Philip Neutze
chief financial officer
Anna Cassels-Brown
general manager operations
Jonathan Good
general manager technology and marketing
André Lovatt
general manager infrastructure
Scott Tasker
general manager aeronautical commercial
Mark Thomson
general manager property and commercial
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 and GENERAL
MANAGER CORPORATE SERVICES
Mary-Liz Tuck
AUDITORS
External auditor – Deloitte Limited
Internal auditor – Ernst & Young
Share registry auditor – Grant Thornton
Corporate directory
Interim Financial Statements 202229

---

Interim Results
Presentation
24 February 2022
Carrie Hurihanganui
Chief Executive
Philip Neutze
Chief Financial Officer

2022
Interim Results
Important notice
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 2021, prior annual
and interim reports, and Auckland Airport's market releases on the NZX and ASX;
•may include forward-looking statements about Auckland Airport and the environment in which it 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.
The 2021 comparative financial information has been restated following the IFRIC decision on cloud computing. Refer to note 2ofthe Interim Financial Statements.
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 to page 32 for a glossary of the key terms used in this presentation.
Non-GAAP measures
This presentation contains references to non-GAAP measures including EBITDAFI, EBITDA and underlying profit or loss. A reconciliation between reported profit after tax and
the non-GAAP measure of underlying profit or loss is included in the Appendix.
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
believe that an underlying profit or loss measurement can also assist investors to understand what is happening in a businesssuch as Auckland Airport, where revaluation
changes can distort financial results or where one-off transactions, both positive and negative, can make it difficult to compare profits between years.
For several years, Auckland Airport has referred to underlying profit or loss alongside reported results. We do so when we report our results, but also when we give our market
guidance (where we exclude fair value changes and other one-off items) or when we consider dividends and our policy to pay 100% of underlying profit after tax (excluding
unrealisedgains and losses arising from revaluation of property or treasury instruments and other one-off items).
In referring to underlying profits or losses, we acknowledge our obligation to show investors how we have derived this result.

2022
Interim Results
Highlights
Financial
performance
Our continuing
journey
Outlook
Welcome to our new CEO
3
Auckland Airport is delighted to have Carrie Hurihanganui join as our
new Chief Executive
•MsHurihanganuijoinedAuckland Airport on 8 February 2022 from Air New
Zealand where she worked for 21 years, most recently in the role of Chief
Operating Officer with responsibility for pilots, cabin crew, airports,
engineering and maintenance, properties and infrastructure, supply chain,
resourcing and airline operations teams
•MsHurihanganuihas a Bachelor of Business Studies from Massey University
and has completed various programmesof study, including INSEAD and
Harvard
•Carrie Hurihanganuiis Auckland Airport’s first female Chief Executive in its
55-year history

Highlights

2022
Interim Results
Highlights
Financial
performance
Our continuing
journey
Outlook
Results at a glance
-4.0%
Revenue
$126.2m
-31.4%
EBITDAFI
$60.3m
Reported profit
after tax
$108.8m
273.9%
Passenger
movements
1.7m
Aircraft
movements
32,195
-39.1%
-28.0%
Interim
dividend
0.0cps
Capital
investment
$116.6m
24.4%
1.The 2021 comparative financial information has been restated following the IFRIC decision on cloud computing. Refer to note 2ofthe 1H22 Interim Financial Statements
2.Auckland Airport recognises EBITDAFI and underlying profit or loss are non-GAAP measures. A reconciliation between reported profit after tax and underlying loss after tax is included in the Appendix
3.Net capital expenditure additions after $0.9m of capex impairments. Includes contributions to investments in Joint Ventures (Pullman)
Earnings per share
7.39 cps
Underlying loss
after tax
$11.5m
21.1%
Loss per share
0.71 cps
3
2
5
1

2022
Interim Results
Highlights
Financial
performance
Our continuing
journey
Outlook
Results continue to reflect the impact of the pandemic
Aeronautical
$34.4m revenue -14.6%
1,720k passengers comprising:
252k International (+63.6%)
7k Transits (-80.3%)
1,461k Domestic (-44.6%)
Majority of international retail closed
c.92% of contracted revenue abated
$2.8b portfolio valuation
$119m annual rent roll
$54.8m revenue16.6%
Property
Retail
Lower activity reflecting ongoing
travel restrictions
-37.3% parking exits
Transport
Travel restrictions impacted demand
43.7% average occupancy across
both hotels
5
$8.2m revenue
4
–40.4%
Hotels
Queenstown
$13.6m revenue -53.3%
PAX volumes impacted by COVID-19
13k International
482k Domestic
$6.9m income -1.4%$8.7m revenue -30.4%
4.Includes ibis Budget Hotel and 100% of Novotel Hotel revenues
5.The Novotel Hotel has been solely occupied by the Ministry of Health in the 6 months to 31 December 2021 as a managed isolation and quarantine facility
6

2022
Interim Results
Highlights
Financial
performance
Our continuing
journey
Outlook
7
Monthly passenger numbers
Passenger numbers remain impacted by COVID
The Delta outbreak has had a significant impact on airport operations in 1H22 with the imposition of domestic and
international travel restrictions resulting in significantly reduced passenger numbers for the first six months of the year
0%
20%
40%
60%
80%
100%
120%
Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21
FY20FY21FY22
Monthly PAX (% of FY19)
International (incl Transits)Domestic
•The Delta outbreak on both sides of the Tasman
and the associated imposition of domestic and
international travel restrictions resulted in
significantly reduced passenger numbers for the
first six months of the 2022 financial year
•The current Omicron outbreak is expected to
continue to dampen aeronautical demand in the
short-term
•The Government’s recent border announcement
should enable a gradual recovery in international
travel over calendar 2022, but the removal of
mandatory self-isolation is necessary for a
significant recovery
•Domestic air travel is expected to progressively
recover after Omicron peaks in New Zealand
Dec-21

2022
Interim Results
Highlights
Financial
performance
Our continuing
journey
Outlook
8
We continue to focus on what is under our control
Continued focus on the safe
operation of the airport and
management of border
Disciplined investment in asset
resilience, core aeronautical
infrastructure and commercial
property developments
Stabilisingexisting commercial
business and establishing new
foundations

Financial
performance

2022
Interim Results
Highlights
Financial
performance
Our continuing
journey
Outlook
Total passenger numbers significantly down on prior year
For the six months ended 31 December 20212020Change
Pre-COVID
2018
6
International arrivals
114,40065,21075.4%2,724,021
International departures
137,51888,76554.9%2,570,486
International passengers excluding transits
251,918153,97563.6%5,294,507
Transit passengers
6,50633,028-80.3%533,200
Total international passengers
258,424187,00338.2%5,827,707
Domestic passengers
1,461,1422,636,379-44.6%4,816,706
Total passengers
1,719,5662,823,382-39.1%10,644,413
•Total PAX volumes decreased 39.1% in the period as a result of the imposition of domestic and international travel restrictions
•Whilst international PAX numbers remained significantly down on pre-COVID levels in 1H22, they were up off a very low base
compared with the prior period due to some Q1 quarantine-free travel to Australia and the Cooks
•Domestic PAX volumes decreased by 44.6% on the prior period reflecting elevated Alert Levels in Auckland from August to
December 2021
10
6.Comparative information for the six month period to Dec-18 has been included to compare the 1H22 performance against 1H19, i.e. the last financial year that immediately preceded the COVID-19 pandemic

2022
Interim Results
Highlights
Financial
performance
Our continuing
journey
Outlook
For the six months ended 31 December 20212020Change
Pre-COVID
2018
Aircraft movements
International aircraft movements
8,3496,76023.5%29,101
Domestic aircraft movements
23,84637,975-37.2%61,776
Total aircraft movements
32,19544,735-28.0%90,877
MCTOW (tonnes)
International MCTOW
996,752825,80320.7%3,003,550
Domestic MCTOW
487,280760,720-35.9%1,203,153
Total MCTOW
1,484,0331,586,523-6.5%4,206,703
•International aircraft movements and MCTOW increased by 23.5% and 20.7% respectively in 1H22 vs 1H21 off a very low base
owing to the short period of quarantine-free travel with Australia and the Cook Islands in July / early August 2021
•International load factors remained very subdued at 31.2% due to border restrictions. Most international airlines concentrated
mainly on transporting cargo imports / exports
•The domestic network briefly reached 90% of its pre-COVID-19 capacity during the July 2021 school holiday period
•Domestic aircraft movements and MCTOW decreased by 37.2% and 35.9% respectively reflecting the impact of the domestic
travel restrictions from August 2021 through to December 2021
Aircraft movements and MCTOW
11

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
Travel restrictions driving an underlying loss
For the six months ended 31 December($m)2021
Restated
2020Change
Revenue
126.2131.5-4.0%
Expenses
65.943.651.1%
Earnings before interest, taxation, depreciation,
fair value adjustments and investments in associates(EBITDAFI)
60.387.9-31.4%
Share of (loss) / profit from associates
(17.4)3.2-643.8%
Derivative fair value change
(0.6)0.8-175.0%
Investment property fair value change
131.529.8341.3%
Depreciation expense
53.757.7-6.9%
Interestexpense
26.835.0-23.4%
Taxationexpense
(15.5)(0.1)15,400.0%
Reported profit after tax
108.829.1273.9%
Underlying lossafter tax
7
(11.5)(9.5)-21.1%
7.A reconciliation between reported profit after tax and underlying profit / (loss) after tax is included in the Appendix
12
•Prior period expenses include the one-off benefit of reversing $14.1m of the FY20 provision for termination costs and $3.4m of
the FY20 provision for expected credit loss provisions
•1H22 Interest costs reduced on 1H21 following the repayment of the USPP notes in 2H21

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
Lower PAX numbers impacted key income streams
For the six months ended 31 December($m)20212020Change
Airfield income
26.230.8-14.9%
Passenger charges
8.29.5-13.7%
Retail income
6.97.0-1.4%
Car park income
8.712.5-30.4%
Investment property rental income
54.847.016.6%
Other rental income
8.28.4-2.4%
Other income
13.216.3-19.0%
Total revenue
126.2131.5-4.0%
•Airfield income decreased 14.9%, with aircraft movements reducing less than PAX as airlines maintained connectivity with
reduced passenger load factors but with higher cargo loads
•Down 13.7%, passenger charges fell by less than the 39.1% reduction in total PAX. This reflected the $2.00+GST charge per
international and transit passenger applying from 1 October 2021 to recover the additional costs of segregating the international
terminal to enable quarantine free travel as well as the small scheduled passenger charge increases implemented in FY22
•Retail income remained low in the period with over 90% of contracted retail rental income abated to support Retail tenants
•Car parking income decreased 30.4% in the period reflecting the combined effects of ongoing international travel restrictionsand
the regional lockdown impacting Auckland after the Delta outbreak in August 2021
•Property rental income increased by 16.6% driven by rental growth in the existing portfolio, new leases, and a part year
contribution from the new Foodstuffs distribution centre. This was partly offset by increased rental abatements in 1H22
13

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
Operating costs
14
For the six months ended 31 December($m)2021
Restated
2020Change
Staff
21.721.03.3%
Asset management, maintenance and airport operations
29.524.520.4%
Rates and insurance
10.410.6-1.9%
Marketing and promotions
0.80.2300.0%
Professional services and levies
1.21.8-33.3%
Fixed asset impairment and write-offs
0.10.9-88.9%
Reversal of fixed asset termination costs
-(14.9)-100.0%
Other expenses
2.63.3-21.2%
Reversal of expected credit losses
(0.4)(3.8)89.5%
Total operating expenses
65.943.651.1%
Depreciation
53.757.7-6.9%
Interest
26.835.0-23.4%
•Adjusting for the circa $19 million one-off reversals recorded in the prior period, we still incurred higher operating costs in the
first half of this financial year reflecting the planned ramp up in staffing, outsourced operations, repairs and maintenance and
compliance activities in preparation for the budgeted aeronautical recovery for the second half of this financial year, plus
additional costs associated with the operation of quarantine free travel to Australia and the Cook Islands
•1H22 Interest costs reduced on 1H21 following the repayment of the USPP Notes in 2H21

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
Normalised opex increased for the expected recovery
15
•Operating costs increased $8.3 million in 1H22 vs 1H21 before the benefits of increased capitalisation of infrastructure team
salaries and increased wage subsidy receipts. These increases reflected preparations for a recovery in passenger numbers and
additional costs associated with the operation of quarantine free travel to Australia
•Operating expense increases in the period included a $4.2 million increase in staff costs (before the wage subsidy offset), mainly
in Operations, a $2.3 million increase in outsourced operations reflecting increased aeronautical and car parking activity, and
repairs and maintenance up $2.1 million reflecting a more intense workprogram whilst the airport was quieter
•These increases were partially offset by $2.3 million of extra wage subsidies and $1.2 million of extra capitalised salaries versus
1H21
1H22 v 1H21 operating expenditure
43.6
61.1
65.9
14.1
3.4
8.3
(1.2)
(2.3)
0
10
20
30
40
50
60
70
80
Opex
(1H21)
FY21 reversal - fixed
asset termination
FY21 reversal -
bad/doubtful debts
Adjusted
opex (1H21)
Increased OPEX 1H22Capitalised salaries
(1H22 v 1H21)
Govt. Wage subsidy
(1H22 v 1H21)
Reported Opex
(1H22)
NZ$m

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
16
Disciplined approach to capital expenditure
Capital expenditure in the half year of $116.6 million
8
on roading, core
airfield renewals, terminal development and new property developments
Roading ($33.1 million)
•Completed major upgrade of the northern airport access road, (George
Bolt Memorial Drive) and the newterminal exit road to provide a one-
way loop past the International Terminal
Airfield ($32.8 million)
•Progressing renewal and upgrade works of airfield fuel network and
runway slab and aprons
Terminal Integration ($14.1 million)
•Progressed work on the preliminary design of the integrated domestic
terminal and transport hub
Property ($25.9 million)
•Completed the Geodis Wilson and Hellmann developments
•Construction of pre-leased developments and progressed design of the
new shopping centre
PSE3 capital expenditure
8.Net capital expenditure additions after $0.1m of capex impairments. Includes contributions to investments in Joint Ventures (Pullman).
0
100
200
300
400
500
20222021202020192018
$m
AeronauticalProperty development
Infrastructure and otherRetail
Car parking
Lower aeronautical activity has facilitated the upgrade and renewal of key assets where it was prudent to do so in a low
demand environment and the completion of revenue generating investment property projects
1H22

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
17
9.Gearing defined as nominal value of debt plus derivative liabilities divided by nominal value of debt plus derivative liabilities plus the book value of equity
10.Interest coverage defined during the covenant waiver period to 31 December 2021 as reported NPAT plus taxation, interest expense, revaluations and derivative changes (broadly EBIT) divided by interest
11.S&P’s A-rating threshold for Auckland Airport.Estimates per Auckland Airport calculation.Excludes the one-offinterest costs associated with interest rate swap close outs and USPP prepayment as non-
underlying in nature.
Strong liquidity position
Liquidity of $965 million to support the business
•Committed undrawn bank facility headroom of c.$929 million
(Jun-21: $832 million), and $35 million in available cash (Jun-21:
$79 million)
•$150 million NZDCM issue in November
•Waivers for any interest coverage and gearing covenant breaches
until 31 December 2021
•Banking group approval in February 2022 of revised EBITDA
based interest coverage covenant as follows:
•A-credit rating maintained
TestDec-21Jun-21
Gearing covenant
9
≤ 60%15.4%15.3%
Interest coverage covenant
10
≥ 1.5x0.28x0.75x
Debt to enterprise value11.4%11.6%
Net debt to enterprise value11.1%10.9%
Funds from operations interest cover
11
2.5x1.7x1.5x
Funds from operations to net debt
11
11.0%3.6%3.9%
Weighted average interest cost4.32%5.43%
Average debt maturity profile (years)2.772.92
Percentage of fixed borrowings74.1%80.4%
Key credit metrics
Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24
Previous ICR test
2.00x2.00x2.50x2.50x3.00x3.00x
New ICR test
1.25x1.25x2.00x
2.00x
2.50x3.00x
Change
0.75x0.75x0.50x0.50x
0.50x
-
Drawn debt maturity profile for the twelve months ending
118
98
57
55
100
100
325
150
150
284
0
150
300
450
600
Dec 22Dec 23Dec 24Dec 25Dec 26Dec 27
$m
Commercial PaperBank FacilitiesFRNBondsAMTN

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
Balance sheet remains strong
18
As at($m)Dec-21
Restated
Jun-21Change
Non-current assets
9,820.89,651.51.8%
Property, plant and equipment
6,863.36,826.50.5%
Investment properties
2,801.32,641.46.1%
Other non-current assets
156.2183.6-14.9%
Current assets
77.4125.8-38.5%
Cash
35.179.5-55.8%
Other current assets
42.346.3-8.6%
Non-current liabilities
1,342.51,521.8-11.8%
Term borrowings
1,037.91,172.8-11.5%
Other non-current liabilities
304.6349.0-12.7%
Current liabilities
485.5326.048.9%
Accounts payable and accruals
69.0103.4-33.3%
Short term borrowings
415.9220.098.1%
Other current liabilities
0.62.6-76.9%
Equity
8,070.27,929.51.8%

Our continuing
journey

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
20
Safe management of the border
The community outbreak of the Delta variant in August 2021 and the subsequent imposition of travel restrictions ensured
COVID continued to have a profound impact on Auckland Airport
•The short-lived positive start to the year with a domestic rebound
underway and quarantine free travel across the Tasman was
halted by the community outbreak of the Delta variant in Australia
•Our primary objective throughout the pandemic has been ensuring
the safe and secure operation of the airport with clear protocols
for personal protective equipment, cleaning, physical distancing
and testing. We have also focused on communications to
assiststaff, travellersand support the border requirements
•The airport’s continued focus on the safety of staff, contractors,
customers and the travelling public has ensured the safe
operation of the border for the 631k arrivals since March 2020
with no Auckland Airport employee contracting COVID whilst at
work
•Given its transmissibility, Omicron represents further challenges
for critical infrastructure businesses, however Auckland Airport
has procedures in place both to minimisethe risk of illness in
itsworkforce, and to ensure business continuity
RespondRecoverAccelerate
Enhanced cleaning in the Domestic Terminal

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
RespondRecoverAccelerate
Continuing to invest in critical infrastructure
Low aeronautical activity continues to facilitate infrastructure upgrades with reduced passenger disruption. New
projects will be triggered based on regulatory requirements, asset replacement or aeronautical demand with significant
additions of new capacity to be triggered by a recovery in aviation
21
Completion of the upgrade to George Bolt Memorial Drive
Roading
Completion of an upgrade to elements of the fuel ring main around the international terminal
Continued upgrade to airfield payment worksCompletion of a new terminal exit road
Insert airfield pavement image
Airfield

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
-20%
0%
20%
40%
60%
80%
100%
120%
Jan-21Mar-21May-21Jul-21Sep-21Nov-21
% of FY19
Parking ExitsDomestic PAX
Retail
Transport
•Retail income down 1.4% down on the prior period reflecting
the ongoing disruption caused by both domestic and
international travel restrictions in 1H22
•Low retailer vacancy rates from a collaborative and tailored
approach to rent relief with c.92% ($94.4 million) of contracted
retail revenue abated in the period
•Transport revenue 30.4% down on the prior period reflecting
domestic PAX reductions after Delta-induced Auckland
lockdowns imposed
•When COVID Alert Levels permitted, full suite of parking
products were opened to the public
Positioning for the recovery
RespondRecoverAccelerate
Domestic activity continues to drive the recovery in our retail and transport businesses
Update
22
2H21
1H22

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
Positioning for the recovery (cont’d)
RespondRecoverAccelerate
Completed development for Geodis Wilson
$119 million
Rent roll
185
hectares of land available for
investment property development
98.5%
Occupancy
9.4 years
WALT
Development momentum and quality of tenants continue to provide
income growth
•The5-yearrentrollCAGRof10%demonstratesthestrengthofAuckland
Airport'spropertydevelopmentproposition
•AucklandAirportcontinuestoenjoyoneofthelongestweightedaverage
leasetermsamongstAustralasianpropertycompanies
•Completed developments in the six months include:
–5,700m
2
facility for Geodis Wilson; and
–16,400m
2
Hellmann Worldwide Logistics office and warehouse facility
•With the completion of the new Geodis Wilson facility, the Timberly Road
precinct is now complete and fully leased
•Design of the Outlet Centre continues. The Centre will offer a net lettable
area of more than 23,000m
2
covering +100 stores and food outlets
Hotels
•Construction of the façade of the TeArikinuiPullman is now complete, with
fit-out construction commencing in Jan-22 and completion expected in
1H24. The Mercure hotel remains on hold, with the fit-out ready to
reactivate as demand recovers
•Novotel revenue underpinned by MIQ contract
23
Façade completion at the TeArikinuiPullman Hotel

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
Purpose
Kaupapa
Place
Kaitiakitanga
People
Whānau
Community
Hapori
Key activities:
•Achievements recognised by
ongoing inclusion in the Dow
Jones Sustainability Asia
Pacific and FTSE4Good
Indices
•Conducted modern slavery
training and procurement
review and issued second
Modern Slavery Statement
Key activities:
•Defined the pathway to phase
out natural gas use and
decarbonise our corporate
vehicle fleet
•Incorporated sustainability
principles into Infrastructure
Design Standards
•Broadening GHG disclosure
to include aircraft LTO
emissions
12
Key activities:
•Māori leadership
development expanded to
include Pasifika employees,
development opportunities
created for graduates
•Leadership in COVID H&S
response for our people by:
‒working with government
for approval for rapid
antigen testing
‒wellbeing programme for
employees
•Infection prevention controls
in the Terminals
Key activities:
•Supported New Zealand’s
vaccination drive by providing
vaccinations at the airport
Park & Ride, anddirect into
the local community with Park
& Ride mobile buses
•Continuing to support ARA
Education Trust initiatives
through providing land and
offices
•Launched paid volunteering
leave for Auckland Airport
employees
Delivering on our sustainability agenda
24
Having set our new long-term ambitions as part of our Sustainability Pathway to 2030, we are defining the steps to get
there and focusing on what matters
Outcomes:
•More comprehensive
sustainability disclosure
Outcomes:
•A clear pathway to achieve
net zero emissions by 2030
•New development has strong
sustainability performance
and considers whole-of-life
outcomes
Outcomes:
•Strengthening Māori and
Pasifika leaders and
broadening diversity in the
workforce
•Health & safety remains at
our core
Outcomes:
•210,000 vaccinations
delivered in support of New
Zealand’s vaccination drive
•Airport employees contributed
in excess of 350 hours of
volunteering at the Park &
Ride vaccination centre
12. Landing and take-off emissions up to 1000m, aircraft auxiliary power unit emissions and engine run-ups

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
Uncertainty remains around timing of the recovery
25
•Whilst we continue to face considerable uncertainty regarding the
ongoing impact of COVID and the recovery in both international
and domestic air travel, Auckland Airport remains positive given:
‒substantial progress in the country’s vaccination programme;
‒rebound in overseas markets where self-isolation
requirements have been removed;
‒the expectation that the Government’s self-isolation
requirements will fall away after Omicron peaks in New
Zealand; and
‒Australia’s recently announced reopening to international
visitors from 21 February 2022
•Auckland Airport remains focused on:
‒the ongoing safe operation of the airport to ensure a safe
travel environment and facilitate the Government’s border
requirements and
‒maintaining engagement with airline partners who have
indicated they are unlikely to commit to New Zealand until the
Government’s position on self isolation changes
Auckland Airport remains well positioned for the expected recovery
in aviation
Border reopening stages:
From 27 February: Kiwis and critical workers
from Australia can return
From 13 March: Kiwis from all other countries
can return
From 12 April: open to non-citizens with visas
(offshore temporary visa holders, international
students and skilled workers) from any
country
By July: open to anyone from Australia and
visa-waiver travelfrom countries like the USA,
Canada, UK, Europe, Singapore, Japan and
South Korea.
October: open to visitors from anywhere in the
world, all visa categories fully reopen
1
2
3
4
5

Outlook

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
27
Aeronautical pricing
Support from airlines to hold aeronautical charges flat for the first year of PSE4, providing stability in the short-term
whilst preserving long-term value
•Aeronautical prices to be held constant for FY23, the first year of
PSE4
13
•Prices for the remainder of PSE4 to be determined following
further airline consultation over next 18 months including on the
infrastructure plan
‒these prices will be based on then forecast parameters and be
set to achieve Auckland Airport’s target return on aeronautical
capital for the full 5-year PSE4 pricing period
•Supported by Air New Zealand and BARNZ, this is a pragmatic
solution to deal with the continued uncertainty of passenger
demand, and to assist airlines during this early phase of the
COVID-recovery
13.Auckland Airport will consult with airlines on the costs and revenues collected under the Regulatory and Requested InvestmentPolicy adjustment to date, and whether a further adjustment to
charges is needed under this policy in FY23 to recover actual costs

2022
Highlights
Financial
performance
Our continuing
journey
Outlook
Interim Results
Outlook
14.Capital expenditures net of any impairments and excluding the impact of reduced termination cost provisions. Includes contributions to investments in Joint Ventures (Pullman)
28
Guidance
•As we look to the remainder of the 2022 financial year, we continue to
face significant uncertainty regarding the recovery of international
passengers
•Despite this uncertainty, we are providing underlying earnings
guidance for the 2022 financial year of a loss of between $25 million
and $50 million. Although the Government remains committed to
reopening the border, this guidance assumes that:
‒the requirement for mandatory self-isolation will significantly
dampen international demand over the remainder of FY22, with
Tasman passenger numbers somewhere between 10-30% of pre-
COVID levels from March 2022 onwards and long-haul
international passenger numbers unlikely to exceed 5%;
‒New Zealand’s community Omicron outbreak will cap the domestic
passenger recovery at somewhere between 45-90% of pre-COVID
levels over the remainder of 2H22; and
‒FY22 operating costs will be constrained to $5-10 million below the
bottom of the $160-$175 million range previously guided;
•In addition, Auckland Airport reconfirms its capital expenditure
14
guidance for the 2022 financial year of between $250 million to $300
million
•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
Emirates 777 landing at Auckland Airport

Thank you

2022
Interim Results
Highlights
Financial
performance
Our continuing
journey
Outlook
Appendix: Associates’ performance
For the six months ended 31 December($m)20212020Change
Queenstown Airport (24.99% ownership)
Total Revenue12.713.6
-6.6%
EBITDA6.39.1
-30.8%
Underlying Earnings (AucklandAirport share)
0.20.6-66.7%
Domestic Passengers
482,005678,836-29.0%
International Passengers
12,960-N/A
Aircraft movements
4,0275,919-32.0%
Novotel Tainui Holdings (50.00% ownership)
Total Revenue
11.412.6-9.5%
EBITDA
4.25.8-27.6%
Underlying Earnings (AucklandAirport share)
2.22.2N/A
Average occupancy
15
53.9%73.0%
15.The Novotel Hotel has been solely occupied by the Ministry of Health in the 6 months to 31 December 2021 and 31 December 2020asa managed isolation and quarantine facility
30

2022
Interim Results
Highlights
Financial
performance
Our continuing
journey
Outlook
Appendix: Underlying profit / (loss) reconciliation
•We have made the following adjustments to show underlying profit / (loss) after tax for the six months ended 31 December 2021 and 2020:
–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 canbe volatile and,
consequently, will impact comparisons. Finally, the revaluation is unrealisedand, therefore, is not considered when determining dividends in
accordance with the dividend policy;
–reversed out the impact of fixed asset project write-offs, impairments and termination costs. The termination or writing-off of live capital expenditure
projects is extremely rare and is the direct consequence of COVID-19. Therefore, related costs and cost reversals are not considered to be an element
of the group’s normal business activities and on this basis have been excluded from underlying profit;
–reversed out the impact of derivative fair value movements. Derivative fair value movements are unrealisedand relate to basis swaps that do not
qualify for hedge accounting, as well as the ineffective valuation movements in other financial derivatives. The group holdsits derivatives to maturity,
so any fair value movements are expected to reverse out over their remaining lives;
–adjusted the share of profit of associates and joint ventures to reverse out the impacts on those profits from revaluations of investment property and
financial derivatives; and
–reversed out the taxation impacts of the above movements in both six-month periods.
2021Restated 2020
For the six months ended 31 December($m)
Reported profitAdjustments
Underlying
profit / (loss)Reported profitAdjustments
Underlying
profit / (loss)
EBITDAFI per Income Statement
60.3-60.3
87.9 -87.9
Investment property fair value increase
131.5 (131.5)-
29.8 (29.8)-
Fixed asset write-offs and impairment
-0.1 0.1
-0.9 0.9
Reversal of fixed asset termination costs
---
-(14.9)(14.9)
Derivative fair value movement
(0.6) 0.6-
0.8 (0.8)-
Share of profit of associates and joint ventures
(17.4) 19.82.4
3.2 (0.1)3.1
Depreciation
(53.7)-(53.7)
(57.7)-(57.7)
Interest expense and otherfinance costs
(26.8)-(26.8)
(35.0)-(35.0)
Taxation expense
15.5 (9.3) 6.2
0.1 6.1 6.2
Profit after tax
108.8(120.3)(11.5)
29.1 (38.6)(9.5)
31

2022
Interim Results
Glossary
32
CPSCents per share
BARNZBoard of Airline Representatives of New Zealand Inc.
EBITDAEarnings before interest, taxation and depreciation
EBITDAFIEarnings before interest, taxation, depreciation, fair value adjustments and investments in associates
GAAPGenerally accepted accounting principles
GHGGreen house gas emission
LTOLanding and take-off
MCTOWMaximum certified take off weight
MIQManaged Isolation and Quarantine facility
NPATNet profit after tax
NZDCMNew Zealand debt capital markets issue
PAXPassenger
PSE4Regulatory price setting event 4
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
$126.2
Total Revenue$126.2
Net profit/(loss) from
continuing operations
$108.8
Total net profit/(loss) $108.8
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
$5.48
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
Unaudited financial statements accompany this announcement.
$0.0000
Results for announcement to the market
Auckland International Airport Limited
6 months to 31 December 2021
6 months to 31 December 2020
NZD
Percentage change
-4.0%
-4.0%
273.9%
273.9%
Interim Dividend
24 February 2022
$0.000000
n/a
n/a
Prior comparable period
$4.53
Refer to attached media release, unaudited Interim Financial Statements and
Results Presentation
Authority for this announcement
Mary-Liz Tuck
Mary-Liz Tuck
027 277 5086
investors@aucklandairport.co.nz