AIA – Auckland Airport considers retail bond offer

Market Release | 19 October 2022

Auckland Airport considers retail bond
offer

Auckland International Airport Limited (“Auckland Airport”) is considering an offer of fixed rate
bonds maturing in May 2028 to New Zealand retail investors and to institutional investors.

Any such offer will be made pursuant to the Financial Markets Conduct Act 2013 as an offer
of debt securities of the same class as Auckland Airport’s existing quoted debt securities. The
bonds are expected to be quoted on the NZX Debt Market. It is expected that full details of the
bond issue will be released the week of 25 October 2022.

Auckland Airport has appointed BNZ and Westpac as Joint Lead Managers.

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

A copy of a market update presentation to be made by Auckland Airport is attached.

Ends

For assistance, please contact:

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

Bank of New Zealand (BNZ)
0800 284 017
Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand
branch) (Westpac)
0800 772 142

---

Confidential
Auckland Airport
Prepared by:
Strategy, Planning & Performance
October 2022
Update for debt investors
Auckland Airport

Confidential
2
Debt investor update
Important Notice
Disclaimer
Thispresentationisforpreliminaryinformationpurposesonly,doesnotconstitutearecommendationbyAucklandInternationalAirportLimited(AucklandAirport),BankofNewZealand(JointLeadManager),Westpac
BankingCorporation(JointLeadManager)orTheNewZealandGuardianTrustCompanyLimited,noranyoftheirrespectivedirectors,employeesoragentstosubscribefor,orpurchase,anyofsecuritiesandnopartofthis
presentationshallformthebasisoforberelieduponinconnectionwithanycontractorcommitmentwhatsoever.Theinformationinthispresentationisgiveningoodfaithandhasbeenobtainedfromsourcesbelievedtobe
reliableandaccurateatthedateofpreparation,butitsaccuracy,correctnessandcompletenesscannotbeguaranteed.Nomoneyiscurrentlybeingsoughtandnobondscanbeappliedfororacquireduntiltheofferopens
andtheinvestorhasreceivedacopyoftheofferdocumentsinrelationtothebonds.IfAucklandAirportoffersthebonds,theofferwillbemadeinaccordancewiththeFMCAasanofferofdebtsecuritiesofthesameclassas
existingquoteddebtsecurities.
AllofthedataprovidedinthispresentationisderivedfrompubliclyavailableinformationinrelationtoAucklandAirport(includingtheannualreportofAucklandAirportforitsfinancialyearended30June2022),unless
otherwiseindicated.Anyinternetsiteaddressesprovidedinthispresentationareforreferenceonlyand,exceptasexpresslystatedotherwise,thecontentofanysuchinternetsiteisnotincorporatedbyreferenceinto,and
doesnotformpartof,thispresentation.
Thispresentationmaycontainforwardlookingstatementswithrespecttothefinancialcondition,resultsofoperationsandbusiness,andbusinessstrategy,ofAucklandAirport.AucklandAirportgivesnoassurancethatthe
assumptionsuponwhichAucklandAirportbaseditsforward-lookingstatementsonwillbecorrect,orthatitsbusinessandoperationswillnotbeaffectedinanysubstantialmannerbyotherfactorsnotcurrentlyforeseeableby
AucklandAirportorbeyonditscontrol.Accordingly,AucklandAirportcanmakenoassurancethattheforward-lookingstatementswillberealised.
AllcurrencyamountsareinNewZealanddollarsunlessotherwisestatedandfigures,includingpercentagemovements,aresubjecttorounding.
NeitheroftheJointLeadManagersnoranyoftheirdirectors,officers,employeesandagents:
1.acceptanyresponsibilityorliabilitywhatsoeverforanylossarisingfromthispresentationoritscontentsorotherwise;
2.authorisedorcausedtheissueof,ormadeanystatementin,anypartofthispresentation;and
3.makeanyrepresentation,recommendationorwarranty,expressorimpliedregardingtheorigin,validity,accuracy,adequacy,reasonablenessorcompletenessof,oranyerrorsoromissionsin,anyinformation,statement
oropinioncontainedinthispresentationandacceptnoliability(excepttotheextentsuchliabilityisfoundbyacourttoariseundertheFinancialMarketsConductAct2013(FMCA)orcannotbedisclaimedasamatterof
law).
AucklandAirportandtheirdirectors,officers,employeesandagentsexpresslydisclaimanyandallliabilityrelatingtoorresultingfrominaccurateorincompleteinformationortheuseoforrelianceonalloranypartofthe
informationcontainedwithinthispresentation,excepttotheextentsuchliabilityisfoundbyacourttoariseunderFMCAorcannotbedisclaimedasamatteroflaw.
Thispresentationisdated19October2022.

Confidential
Page 3Page 3
Agenda
1.Company overview
2.Our continuing journey
3.Financial information
Appendices

Confidential
Page 4
Company overview
Page 4

Confidential
Page 5
Auckland Airport, a gateway to New Zealand...
Auckland Airport is the largest and busiest airport in New Zealand with an extensive domestic aeronautical network, connecting
Kiwis from Kaitaia to Invercargill
Page 5
Company
Overview
Our continuing
journey
Financial
Information
Appendices
•NewZealand’slargestcommercialairportservingthecountry’slargest
city
•AucklandAirporthasanextensivedomesticnetworkserving22
destinations
•Significantmarketsharewith2/3rdsofalldomesticsectorseither
originatingorendinginAuckland
1
•Processed9.6milliondomesticpassengersintheyearto30June2019
and4.3millionintheyearto30June2022
•HubtoAirNewZealand,thecountry’smaindomesticcarrier
•Locatedon1,500hectaresoffreeholdland26kmfromAuckland’scentral
businessdistrict
•Noflightcurfew,capableofoperating24hoursaday,7daysaweekfrom
asingle3,635mrunway
•ProvisionforasecondrunwayinthefuturewillcaterforAuckland’s
aviationrequirementsfortheforeseeablefuture
Notes
1.Pre COVID-19, for the 12 months to 31 Dec 2019

Confidential
Page 6
Perth
Adelaide
Hobart
Sydney
Melbourne
Gold Coast
Brisbane
Norfolk Island
Noumea
Port Vila
Nadi
Papeete
Rarotonga
Niue
Apia
Nuku’
alofa
Honolulu
Santiago
Vancouver
San Francisco
Los Angeles
Chicago
Dallas Fort Worth
Houston
New York
Doha
Dubai
Kuala Lumpur
Singapore
Hong Kong
Guangzhou
Taipei
Shanghai
Seoul
Tokyo
Suspended airlines
Suspended routes
17 airlines connected Auckland Airport with 28 destinations across the region at 30 June 2022. With the restart of services andthe
launch of new routes, 23 airlines will connect Auckland Airport with 35 destinations across the Middle East, Asia, the Americas and
the Pacific by December 2022
...and connecting New Zealand to the world
Company
Overview
Our continuing
journey
Financial
Information
Appendices
*
*Jun 23

Confidential
Page 7
International seat capacity serving Auckland is expected to significantly increase over the remainder of the calendar year as
airlines restart previous Auckland services and launch new routes
The recovery in travel is underway
Company
Overview
Our continuing
journey
Financial
Information
Appendices
1,207
198
297
358
386
579
583
598
666
773
933
34%
48%
58%
70%
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
200
400
600
800
1000
1200
Mar-19Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22
Thousands
AustraliaPacific IslandsAsia
AmericasMiddle East% recovery vs 2019
AKL international seat capacity (000’s)
June
Hong Kong
Rarotonga
JulyAdelaide, Cairns, Hobart, Honolulu,
Houston, Noumea, Papeete, Sunshine
Coast
Honolulu
Los Angeles via Papeete
Sept3C
Norfolk Island
New York
Oct
Taipei-Brisbane
Chicago
Dallas
San Francisco
Nov
Vancouver
Kuala Lumpur via SYD
Dec
Dubai direct
Announced and launched airline restarts
Source: Sabre
Forecast
Actual

Confidential
Page 8
The Delta and subsequent Omicron outbreaks had a significant impact on aeronautical activity for much of the year. With the
removal of almost all ofNew Zealand’s travel restrictions, we have seen a strong recovery in both domestic and international travel
during the second half of the financial year
Monthly passenger numbers
AKL is open with passenger numbers recovering
Page 8
Aug
-
22
FY23
Company
Overview
Our continuing
journey
Financial
Information
Appendices
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
Jul-19
Sep-19Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
FY20FY21FY22FY23
Monthly PAX as a % of FY19
International (incl transits)Domestic
87%
57%

Confidential
Page 9
Results at a glance
Company
Overview
Our continuing
journey
Financial
Information
Appendices
7%
Revenue
$300.3m
(16)%
EBITDAFI
$144.5m
Reported profit
after tax
$191.6m
(59)%
Passenger
movements
5.6m
Aircraft
movements
86,063
(13)%
(13)%
Operating
cashflow
$101.2m
Capital
investment
2
$253.1m
67%
29%
1.Refer Appendix for reconciliation of reported profit after tax to underlying profit after tax
2.Net capital expenditure additions after $6.9m of capex write-offs and impairments
Earnings per share
13.0 cps
Underlying
loss
1
$11.6m
71%
Loss per share
0.8 cps

Confidential
Page 10
Key gateway to
New Zealand
Benefiting from the recovery
post COVID-19
Significant commercial
property portfolio
Significant freehold
asset base
Investment grade
credit rating
Proactive capital
management
Credit highlights
Company
Overview
Our continuing
journey
Financial
Information
Appendices
$10.2bn
Book value of assets at
30 June 2022
A-stable
Standard & Poors
-
20
40
60
80
100
120
FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22
Rental income $m
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
FY20FY21FY22FY23
Monthly PAX as a % of FY19
International (incl transits)Domestic

Confidential
Page 11
Our continuing
journey
Page 11

Confidential
Page 12
AeronauticalRetailTransport
Investment PropertyHotelsQueenstown Airport
Our continuing journey
Diverse and complementary business activities
Appendices
Company
Overview
Our continuing
journey
Financial
Information

Confidential
2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
13
Four key projects underway whilst four remain on hold
Page 13

Confidential
2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
14
Artist impression of the new domestic terminal
Page 14

Confidential
2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
Artist impression of the new Transport Hub
Page 15

Confidential
Page 16
16
ANZ Investor Day
Driving the recovery in our consumer business
Page 16

Confidential
2021
Highlights
Financial
performance
Our continuing
journey
Outlook
Annual Results
Illustrative only, actual layout will vary
100+ stores
m
2
23,000+
Exciting fashion outlet centre planned
Page 17

Confidential
Page 18
Notes:
1.Pre-COVID-19, for the 12 months to 31 Dec 2019
Page 18
Significant commercial property portfolio continues to grow

Confidential
Page 19
Sustainability is central to who we are
Purpose
Kaupapa
Place
Kaitiakitanga
People
Whānau
Community
Hapori
85%
Customers rate their overall experience
as ‘excellent’ or ‘very good’ by 2030
100%
Of procurement activity is aligned with
sustainable procurement guidelines
ISO20400 by 2030
TSR
Rolling 3 year total shareholder return
exceeds cost of equity by 1%
Net Zero
90% reduction in scope 1 and 2 carbon
emissions by 2030 from a 2019
baseline
20%
Reduction in potable water use by 2030
from 2019 levels
20%
Reduction in waste to landfill by 2030
from 2019 levels
40 | 40 | 20
Gender balance across Auckland
Airport’s Board, Leadership Team and
its direct report populations by 2025
Safety
Year on year improvement in number of
high-quality safety observations per
employee
20%
Of people leaders of Māori / Pasifika
ethnicity by 2030
Ethnicity
Workforce reflective of the ethnicity of
New Zealand by 2030
40%
Of employees participating in
community volunteer programme by
2030
Apprenticeship
Create a pathway for women, Māori
and Pasifika into trades with
30% of total trade staff sourced
from a targeted apprenticeship scheme
by 2030
Page 19
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 20
Company
Overview
Appendices
Clear path to net zero established
Auckland Airport recognisesthat climate change and the role carbon plays is one of the most significant issues facing the global
aviation industry. As a result, climate change considerations are integrated across all elements of strategy, planning and
operations, underpinning the long-term sustainability of the business
•The impacts of flooding and inundation on Auckland Airport’s operations have
been modelled under three climate scenarios to inform the design of
infrastructure upgrades
•Our Net Zero pathway, aligned to the 1.5°C warming trajectory, will see a 90%
reduction in scope 1 & 2 carbon emissions by 2030 through:
–phasing out the use of natural gas in the terminal through incremental
replacement of gas boilers with electric alternatives;
–using 100% renewable electricity likely from 2024 (a mix of on-and off-site
generation);
–transitioning our vehicle fleet to electric; and
–using the least harmful refrigerants available
•We recognise we have significant scope 3 emissions and are taking steps to
address these. Decarbonisation of scope 3 activities will be the focus in the
coming year
•The most important role an airport can play is to ensure that the right
infrastructure is in place to support the wider decarbonisation of the aviation
sector, including the adoption of low emissions aircraft technologies and fuels.
We have made sure that our 30-year masterplan makes provision for these
needs
Scope 1 & 2 decarbonisationpathway to net zero
0%
20%
40%
60%
80%
100%
-
1
2
3
4
5
6
7
FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30
As a % of FY19
tonnes CO2
-
e (thousands)
RefrigerantsFire training fuels & extinguishers
Diesel & petrolElectricity line losses
Natural gasElectricity
SBTI 1.5°C trajectory
Our continuing
journey
Financial
Information

Confidential
Page 21
Financial
information
Page 21

Confidential
Page 22
Travel restrictions drove underlying losses in recent years
1.2020 includes capital expenditure write-offs, impairments and contractor termination costs of $117.5 million, redundancy costs of $5.9 million and credit losses of $7.3 million in 2020. 2021 includes a net reversal of $16.9 million of fixed asset impairment
and termination costs and a $4.2 million reversal of expected credit losses
2.Sold the 24.6% shareholding in North Queensland Airports in March 2018
3.A reconciliation between profit after tax and underlying profit after tax is included in the Appendix
4.The 2021 comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2 of the Financial Statements to the Annual Results for the year ended 30 June 2022
For the year ended 30 June
$m
2022
Restated
2021
4
202020192018
Revenue
300.3281.1 567.0 743.4683.9
Expenses
1
155.8110.0 306.6 188.6177.5
Earnings before interest, taxation, depreciation, fair value adjustments and
investments in associates (EBITDAFI)
144.5171.1 260.4554.8506.4
EBITDAFI Margin
48%61%
46%
75%74%
Share of profit / (loss) from associates
(12.8)21.1 8.4 8.216.7
Gain on sale of associates
2
----297.4
Impairment on investment in JV
--(7.7) --
Derivative fair value movement
1.7(0.5) (1.9) (0.6)(0.7)
Property, plant and equipment revaluation
(1.4)(7.5)(45.9) (3.8)-
Investment property revaluation
204.4527.3 168.6 254.0152.2
Depreciation expense
113.1120.9112.7 102.288.9
Interest expense
53.794.071.878.577.2
Taxation expense
(22.0)30.03.5108.4155.8
Reported profit after tax
191.6466.6193.9523.5650.1
Underlying profit/(loss) after tax
3
(11.6)(39.4)188.5274.7263.1
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 23
Investment property the mainstay, plus PAX growth
•Airfield income decreased 5% on the prior financial year with lower parking and domestic landing charges in 2022 partially offset by growth in
international landing charges
•Revenue from the Passenger Services Charge grew 40% as a result of the growth in higher yielding international passengers following the reopening
of the country’s border, partially offset by the reduction in domestic passengers seen in the financial year
•Retail income rose by 28% reflecting the partial reopening of the international retail offering in the final quarter of the financial year
•Car parking income fell by 9% largely as a result of the reduction in domestic passengers in the financial year compared to 2021
•Investment property rental income grew 12% following the completion of facilities for Hellmann Worldwide Logistics and Geodis Wilson. Three
quarters of the investment property rent growth reflected new properties commissioned in the year plus the annualisedgrowth from new properties
commissioned part way through FY21. The remainder was due to rental increases across the existing portfolio, net of approximately $1.0 million of
extra rent abatements to selected tenants in FY22
For the year ended 30 June
$m
20222021202020192018
Airfield income
60.964.0100.6127.6
122.1
Passenger services charge
33.824.2133.0185.1
179.1
Retail income
22.717.8141.5225.8
190.6
Car park income
26.228.750.364.2
61.0
Rental income
129.7115.2109.2107.8
97.6
Other income
27.031.232.432.9
33.5
Total revenue
300.3281.1567.0743.4
683.9
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 24
Balance sheet remains strong
As at 30 June
$m
2022
Restated
2021
1
202020192018
Cash
24.779.5765.337.3106.7
Trade and other receivables
28.525.434.769.071.5
Other current assets
21.620.937.0-0.2
Current assets
74.8125.8837.0106.3178.4
Property, plant and equipment
6,986.16,826.56,060.86,577.16,378.0
Investment properties
2,897.42,641.42,054.21,745.41,425.6
Investment in associates
166.5154.4114.7105.7104.4
Derivative financial instruments
28.129.2230.4162.6110.4
Total assets
10,152.99,777.39,297.28,697.18,196.8
Borrowings
1,476.61,392.82,145.22,190.52,060.3
Other liabilities
525.4455.0514.9473.7454.4
Total liabilities
2,002.01,847.82,660.12,664.22,514.7
Equity
8,150.97,929.56,637.16,032.95,682.1
Total liabilities and equity
10,152.99,777.39,297.28,697.18,196.8
Notes:
1.The 2021 comparatives are restated following the IFRIC decision on cloud computing. Refer to note 2 of the Financial Statements to the Annual Results for the year ended 30 June 2022
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 25
Credit metrics
Prudent capital management as the business positions for the
recovery in aviation
•Drawn debt of $1,477 million, an increase of 6% or $84 million on June 2021
•Committed undrawn bank facility headroom of c.$955 million (2021: $832 million),
and $23 million in available cash (2021: $79 million)as at 30 June 2022
•In February 2022, Auckland Airport’s banking syndicate approved revised
EBITDA based interest coverage covenants to cater for the uncertain trajectory of
the aviation recovery
•Refinanced nearly $230 million of bank facilities maturing over FY23 with another
$425 million under documentation
•S&P A-long term credit rating maintained on stable outlook during COVID
For the year ended 30 June
Key metric20222021
Gearing
1
≤ 60%15.6%15.3%
Interest coverage
2
≥ 1.25x2.58x2.07x
Debt to enterprise value12.3%11.6%
Net debt to enterprise value12.1%10.9%
Funds from operations interest cover
3
≥ 2.5x2.6x1.5x
Funds from operations to net debt
3
≥ 11.0%6.4%3.9%
Weighted average interest cost
4
4.32%5.43%
Average term to maturity (years)2.292.92
Percentage of fixed borrowings71.5%80.4%
Credit metrics and key lending covenants
Drawn debt maturity profile for the twelve months ending 30 June (as at 31 August 2022)
143
95
85
100
100
200
225
150
150
284
0
150
300
450
Jun-23Jun-24Jun-25Jun-26Jun-27Jun-28
$ Millions
AMTNFixed bondsFloating bondsBank facilitiesCommercial paper
1.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
2.Interest coverage defined as reported NPAT plus taxation, interest expense, revaluations, derivative changes and depreciation
(broadly EBITDA) divided by interest expense
3.S&P A-rating threshold
4.2021 includes one off close out costs for interest rate swaps, USPP notes and associatedcross currency swaps
of$23.5m.Excluding these costs the weighted average interest cost was 4.16%
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 26
Regulatory and aeronautical pricing
Consultation with airlines on aeronautical prices for PSE4 is now underway
and due to be completed by June 2023
•Prices for FY23-27 (PSE4) will be determined following airline consultation over the remainder of
the financial year considering the “building block” forecasts:
‒commissioning of aeronautical infrastructure projects;
‒operational expenditure;
‒recovery in passengers and aircraft movements; and
‒weighted average cost of capital / target return
•Charges for FY23 have been held constant at FY22 prices while this consultation is undertaken
1
.
A decision on aeronautical prices for FY24 through FY27 is scheduled to be made by June 2023
with changes to take effect from 1 July 2023
•Aeronautical prices for PSE4 will be set to achieve a full target return over the five years,
including making up the FY23 shortfall –an approach is supported by Air New Zealand and
BARNZ
•Separately, the Civil Aviation Bill is before Parliament –as currently drafted, it retains the ability
for airports to set aeronautical prices
•Commerce Commission currently reviewing the “Input Methodologies” –i.e., the rules and
processes that underpin regulatory information disclosures (and inform aero price setting
calculations). This review is due to be completed no later than December 2023
Auckland Airport airfield
Note:
1.The adjustment to International and Transit Passenger Charges of $2.00+GST under the Regulatory and Requested Investment (RRI) Policy ended on 30 June 2022 and is not being
applied in FY23. Any under or over recovery in accordance with the RRI Policy will be considered as part of the PSE4 pricing consultation
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 27
Outlook
•Underlyingearningsofaprofitaftertaxbetween$50millionand$100million
basedonanticipateddomesticandinternational
2
passengernumbersof7.8
millionand6.2millionrespectively
Forecast range
Category
Low
$M
High
$M
Aeronautical209.0261.0
Infrastructure and other66.078.0
Property development185.0205.0
Retail and car parking140.0156.0
Total capital expenditure600.0700.0
•Capitalexpenditureofbetween$600millionand$700million
1
includingcompleting
existingroading,airfieldandinvestmentpropertyprojectsandprogressingthedesign
andenablingactivityfortheterminalintegrationprogramme
As we look to the 2023 financial year, we continue to face uncertainty regarding the pace of recovery of international travel.
Reflecting this, Auckland Airport is providing the following guidance for FY23
Notes
1.Capital expenditures net of any impairments and excluding the impact of reduced termination cost provisions. Includes contributions to investments in Joint Ventures (Pullman)
2.Excludes transits
Talofa, beautiful Samoa is back!
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 28
Long-term fundamentals remain strong
Aeronautical capacity is expected to increase over the remainder of the year as airlines restart previous services and launchnew
routes. However, the new world of travel presents opportunities and challenges
Regional hub: With American Airlines returning in Sept-22,
Auckland Airport will offer eight non-stop connections to the US
and Canada, the most of any in Australasia
Rising operating costs for airlines and staff shortages will slow
the recovery in some markets
WHO advice is that border closures are not an effective means of
controlling the spread of a virus. There is, however, downside risk
should governments return to knee-jerk border-closing response
Strong recovery in demand for travel to and from New
Zealand as a safe destination to travel
Drivers of growth
Challenges for the recovery
Enablers
Global vaccine rollout, coupled with a coordinated
international effort in reducing restrictions, will drive the recovery
Next generation aircraft and fleet availability creates
opportunity for attractive destinations
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 29
Thank you
Page 29

Confidential
Page 30
Appendices
Page 30

Confidential
Page 31
Appendix: Board of directors
Christine Spring
Director
Dr Patrick Strange
Chair
Mark Binns
Director
Liz Savage
Director
Julia Hoare
Director
Dean Hamilton
Director
Tania Simpson
Director
Mark Cairns
Director
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 32
Appendix: Management team
André Lovatt
GM Infrastructure
Carrie Hurihanganui
Chief Executive
Mark Thomson
GM Property & Commercial
Scott Tasker
GM Customer & Aeronautical
Commercial
Mary-Liz Tuck
GM Strategic Infrastructure
Planning & Transformation
Melanie Dooney
GM Corporate Services
Phil Neutze
Chief Financial Officer
Jonathan Good
GM Technology and Marketing
Anna Cassels-Brown
GM Operations
Company
Overview
Our continuing
journey
Financial
Information
Appendices

Confidential
Page 33
Appendix: Underlying profit reconciliation
20222021 Restated
For the year ended 30 June($m)
Reported
profit
AdjustmentsUnderlying
profit
Reported
profit
Adjustments
Underlying
profit
EBITDAFI per Income Statement
1
144.5 -144.5171.1-171.1
Investment property fair value increase
204.4 (204.4)-527.3(527.3)-
Property, plant and equipment revaluation
(1.4)1.4 -(7.5)7.5-
Fixed asset write-offs, impairments and termination costs
1
-6.9 6.9-2.52.5
Reversal of fixed asset impairments and termination costs
1
----(19.4)(19.4)
Derivative fair value movement
1.7 (1.7)-(0.5)0.5-
Share of profit of associate and joint ventures
(12.8)17.2 4.421.1 (15.7)5.4
Depreciation
(113.1)-(113.1)(120.9)-(120.9)
Interest expense and otherfinance costs
(53.7)-(53.7)(94.0)-(94.0)
Taxation expense / (credit)
22.0(22.6)(0.6)(30.0)45.915.9
Profit after tax
191.6(203.2)(11.6)466.6(506.0)(39.4)
•Auckland Airport made the following adjustments to show underlying profit after tax for the years ended 30 June 2022 and 2021:
–we have reversed out the impact of revaluations of investment property in 2022 and 2021. An investor should monitor changes in investment property over time as a measure of growing value.
However, a change in one particular year is too short to measure long-term performance. Changes between years can be volatile and, consequently, will impact comparisons. Finally, the
revaluation is unrealisedand, therefore, is not considered when determining dividends in accordance with the dividend policy;
–consistent with the approach to revaluations of investment property, we have also reversed out the revaluations of the land and building classes of assets within property, plant and equipment in
2022 and the land class of assets within property, plant and equipment in 2021;
–we have reversed out the impact of capital expenditure write-offs, impairments and termination cost expenses and reversals in 2022 and 2021. 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;
–we have also reversed out the impact of derivative fair value movements. These are unrealisedand 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 anyfair value movements are expected to reverse out over their remaining
lives. Further information is included in note 18(b) of the financial statements;
–in addition, we have adjusted the share of profit of associates and joint ventures in both 2022 and 2021 to reverse out the impacts on those profits from revaluations of investment property and
financial derivatives; and
–we have also reversed out the taxation impacts of the above movements in both the 2022 and 2021 financial years.
Notes:
1.2022 EBITDAFI included fixed asset write-offs, impairments and termination costs of $6.9 million. 2021 included a net reversal of $16.9 million
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Debt investor update
Glossary
Auckland AirportAuckland International Airport Limited
COVIDCOVID-19
EBITDAEarnings before interest, taxation and depreciation
EBITDAFIEarnings before interest, taxation, depreciation, fair value adjustments and investments in associates
JVJoint venture
NPATNet profit after tax
O&DOriginal and destination
PAXPassenger
TSRTotal shareholder return
USPPUnited States Private Placement