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Auckland International Airport Limited (NZX: AIA)

IRG

Tuesday 13th May 2014

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Auckland International Airport Limited (NZX: AIA ) provides airport facilities and supporting infrastructure in Auckland, New Zealand. It offers airfield landing, passenger, terminal, airport retail concessions, car parking, utilities, and transport license services. The company also leases space for facilities, such as terminals and cargo buildings. In addition, it invests in stand-alone investment properties, including Cairns Airport and Mackay Airport in Queensland, Australia; and Queenstown Airport in New Zealand. The company serves 20 international airlines, as well as handles approximately 14 million passengers a year.

AIA listed in July 1998 following sale of the NZ Government's interest of 217million shares (51.6% of equity), at $1.80 per share.

Auckland International Airport’s (AIA) interim result for the six months to 31 December 2013 had the following highlights:

  • Revenue increased by 6.7% to $238.5 million against the corresponding period.
  • Expenses increased by 6% to $60.6 million
  • Earnings before interest expense, taxation, depreciation, fair value adjustments and investments in associates (EBITDAFI) have increased by 6.9% to $177.9 million.
  • Total profit after tax was up 11.7% to $85.9 million.
  • Total share of profit from associates totalled $4.9 million for the first six months of this financial year, an increase of 11.5% on the corresponding period - North Queensland Airports up 3% to $3.2 million, Queenstown Airport up 23% to $955,000 and the Novotel hotel up 46% to $728,000.

At the beginning of the 2014 financial year, AIA outlined its expectation that the net profit after tax (excluding any fair value changes and other one-off items) would be between $160 million and $170 million. However with the announcement of interim results AIA lifted its guidance for the full year to be between $166 million and $172 million which would be lower than previous year’s $177.97 million.

DISCLAIMER: To the extent that any of the content above constitutes advice, it is general advice that has been prepared without reference to investor’s objectives, financial situation or needs. Before acting on any advice, investors should consider the appropriateness of the advice and IRG recommend that investors should obtain appropriate financial, legal and taxation advice before making any financial investment decision. The report is based on information compiled from public information and private research. IRG have completed the report on a best endeavours basis and do not accept any liability of loss or damage. IRG suggest that clients use this as part of a decision making process and check key data before making any investment decisions.
Employees may have an interest in the securities discussed in this report.



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