Thursday 18th February 2021
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Auckland Airport today announced its financial results for the six months to 31 December 2020. Key performance data for the six months to 31 December 2020:
• Total number of passengers decreased to 2.8 million, down 73.4% on the previous six-month period to 31 December 2019
• Domestic passengers decreased 44.6% to 2.6 million, and international passengers (including transits) decreased 96.8% to 187,003
• Revenue was down 64.9% to 131.5 million
• Operating EBITDAFI was down 68.4% to $88.2 million
• Reported profit after tax was down 80.9% to $28.1 million
• Earnings per share was down 84.1% to 1.91 cents
• Net underlying loss after tax of $10.5 million
• Net underlying loss per share of 0.71 cents
• No interim dividend will be paid
Chief Executive Adrian Littlewood said the impact of the COVID-19-related travel restrictions continued to be felt across the business in the first half of the 2021 financial year.
“Recognising the ongoing impact that COVID-19 could have on Auckland Airport we took significant steps to reposition the company. Core operating expenses were reduced by $33 million, or 34%, in the six months to 30 December 2020 and we scaled-back our significant infrastructure expansion programme while continuing to focus on upgrading critical infrastructure assets such as runways and roads.
“Nevertheless, the lower number of passengers, especially international and transit passengers, resulted in significant decreases to our key aeronautical, retail and transport income. Revenue from our hotel operations and our investment in Queenstown Airport also declined.
Mr Littlewood said: “We expect the timing of the recovery will remain uncertain in the coming five months of the 2021 financial year. While we have already seen a partial recovery of domestic travel and the opening of one-way quarantine free travel to Australia, our recovery path is strongly linked to two-way quarantine free trans-Tasman travel.
“Despite the ongoing level of uncertainty around the recovery of trans-Tasman and wider international travel the company is providing underlying earnings guidance for the 2021 financial year of a loss after tax of between $35 million and $55 million.
“Although the government remains committed to restarting two-way trans-Tasman travel, and we support this, for the purposes of this underlying earnings guidance we have assumed there will be no material quarantine-free, two-way Tasman travel during the remainder of the 2021 financial year. It also assumes no further lockdowns of an extended duration during the period.
“Auckland Airport has a strong focus on investing in infrastructure to help position the company for the safe and measured recovery in travel. The company is reducing its capital expenditure guidance for the 2021 financial year to between $200 million and $230 million and we continue to take a measured approach to capital expenditure due to the current trading environment.”
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.
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