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Ports of Auckland 2011/12 Annual Results Announcement

24 August 2012

Media Release
Ports of Auckland 2011/12 Annual Results Announcement
• Profit after tax from trading was $26.9m, up 8.2% on last year
• Reported net loss after tax of $11.9m (last year $23.3m profit). The decline was caused primarily by the impairment on land value of $38.9m. This decrease in land value was more than offset by an increase in valuation on wharves and buildings of $60.0m included in other comprehensive income.
• Total EBIT from trading was $54.0m, down 6.4% (Port Operations EBIT was $48.8m down 10.6%)
• Multi-Cargo business performed strongly, EBIT up 21.4%
• Container Terminal volumes down 12.6%, EBIT down 16.1%
• Interest expense and taxation down 14.0% and 23.6 % respectively
• Dividend was $20.1m up 11.7% on last year

Ports of Auckland’s Multi-Cargo division, which handles break-bulk cargo and vehicles, delivered a strong full-year result, with EBIT up 21.4%. Break-bulk tonnage was up almost 10% and vehicle volumes up almost 17%.

Marine Services gained additional revenue from the cruise operation assisted by the Rugby World Cup, and from providing tugboat assistance in the Rena salvage operation, with EBIT up 45.7%.

The container terminal business suffered from the loss of a major service and prolonged industrial action resulting in a significant fall in volume (down 12.6%) and EBIT (down 16.1%). These events and restructuring costs were the main contributors to the 6.4% fall in total EBIT from trading.

Total interest-bearing debt at 30 June 2012 was $223.6m, down on $240.3m at 30 June 2011. Interest expense was $17.8m, down $3m on last year reflecting lower debt and interest rates.

Taxation expense was down $2.85m on last year as a result of a prior period adjustment.
The dividend declared to Auckland Council Investments Limited for 2011/12 was $20.1m, 11.7% up on the 2010/11 dividend of 18m.
“It has been a difficult year for Ports of Auckland”, said Chief Executive Tony Gibson “but the strong result from the non-container divisions offset the decline in our container terminal business.”

Key facts - For the financial year 2011/12:

• Ports of Auckland’s total container volume (TEU) fell by 9.6% compared to 2010/11, from 894,383 TEU to 808,654 TEU.
• The volume of containers handled by the container terminals (which were impacted by the strikes and lost business) fell by 12.6% from 788,150 to 689,099.
• The volume of containers handled by the multi-cargo division increased by 12.5% from 106,233 in 2010/12 to 119,555.
• Break-bulk tonnage was up 9.8% from 3,525,505 tonnes in 2010/11 to 3,871,182 tonnes.
• Vehicle volumes increased 16.9% from 144,616 in 2010/11 to 169,098.

Summary Financial Information

Financial Performance and Returns 2012 2011 Comparison
($000) ($000) %
Total Revenue 177,566 177,217 0.2%
Port Operations EBIT 48,881 54,673 (10.6%)
Other EBIT (Earnings from Associates, Joint
Ventures and Dividends) 5,147 3,080 67.1%
Total EBIT 54,028 57,753 (6.4%)
Less Interest Expense 17,846 20,746 14.0%
Operating Surplus Before Tax 36,182 37,007 (2.2%)
Less Taxation 9,259 12,118 23.6%
Profit after tax from trading 26,923 24,889 8.2%
Impairments/Less Tax changes 38,819 1,563
(Loss)/Profit for the year (11,896) 23,326
Other comprehensive income
Cash flow hedge reserve (842) 564
Asset revaluations 60,010 108
Fair value change on NPC shares 2,055 82
Total comprehensive income 49,327 24,080
Shareholders Funds 432,732 400,874
Net Cash Flows from Operating Activities 42,769 44,650
Return on Shareholders Funds (%) (2.9%) 5.8%
Profit after tax from trading on closing shareholders' equity (%) 6.2% 6.2%
Total Assets 755,908 721,685
Total interest bearing debt to debt + equity (%) 34 37

Ports of Auckland Ltd is New Zealand’s most important port, handling around 808,000 TEU (20ft-equivalent units), more than 1,500 ship calls and 3.8 m tonnes of break-bulk (non-containerised) cargo per annum. It is New Zealand’s leading import port and a key partner to export and import industries, as well as New Zealand’s premier cruise port and vehicle import gateway. Ports of Auckland is 100% owned by Auckland Council Investments Ltd.

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