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Ports of Auckland Interim Results

22 February 2017


Media release
Ports of Auckland Interim Results

Highlights
Financial performance
• Revenue up 4% to $110.5m
• Trading profit before income tax $36.9m, up 5.89%
• Tax up $3m due to prior period adjustment to Council Group tax offset
• Net profit after tax $29.3m compared with $31.6m for the same period last year
• Dividend of $25.3m in line with the same period last year
• Debt up by $51.9m
• New banking arrangements put in place


For the six months ended 31 December 2016
GROUP
31 December31 December
20162015
UnauditedUnaudited
$'000$'000
Revenue 110,547 106,140
Trading profit before income tax 36,902 34,848
Income Tax 6,915 3,897
Net Profit after tax 29,271 31,649
Dividend 25,254 25,925
Debt 266,610 218,166

Trading Performance
• Container volume up 4.0% to 493,665 on the same period last year.
• Car volume up 17.6% to 145,883 units, from 124,009 in the same period last year
• Total multi cargo volume up 8.8% on the same period last year to 3.26 million tonnes, due to higher car volume and demand for construction materials in the Auckland region
• Multi-cargo recorded a 10% increase in container volume on last year as a result of increased Pacific island trade
• Cruise ship calls down three with 28 visits compared to 31 for the same period last year

Sustainable innovation & productivity
• Set target of being carbon neutral by 2025 and having zero emissions by 2040
• Progressing the partial automation of the container terminal – improving capacity, sustainability, and reducing costs
• Construction of the Waikato inland freight hub is underway with a focus on sustainable development. Services due to be running in 2018, providing 300 local jobs when fully complete.
• Construction of Fergusson northern berth progressing well, due for completion in the second half of 2017

Strategic partnerships and alliances underpin success
• Worked in partnership with Pacifica, ANL and other shipping customers to respond quickly following the Kaikoura earthquake to provide coastal shipping services for freight to affected South Island communities
• Together with KiwiRail, increased freight capacity between Auckland and the Lower North Island to help take pressure off the roads and help importers and exporters affected by the closure of CentrePort’s container terminal
• Progressed a strategic alliance with Napier Port which is focussed on sharing best practice in port operations and providing innovative solutions for the North Island supply chain

Ports of Auckland Chief Executive, Tony Gibson, today announced that the company continues to make a significant economic and social contribution to Auckland and New Zealand, despite the ongoing difficult international shipping and international trading environment.
“We have delivered strong growth and are focused on making further improvements to our capability and capacity through innovation, training and technology,” said Tony. Ports of Auckland announced a dividend of $25.3 million to its owners, Auckland Council which can help fund vital infrastructure projects and manage the cost of Auckland rates.
“We continue to maximise our performance through innovation and technology. We are in the process of partially automating our container terminal, which will improve our sustainability, reduce costs, deliver a strategic advantage and further enhance competitiveness.”
“We are continuing to build resilience through our network of North Island freight hubs, with construction now underway in the Waikato. The first freight handling facilities are expected to be in service by late 2017/early 2018, ultimately providing 300 jobs directly and facilitating thousands more.”
The Port has set a target of being carbon neutral by 2025 and having zero emissions by 2040.
“It’s our ambition to be the most sustainable port in New Zealand and a pioneer in sustainability within the industry. Our sustainability operating principles are that activity must be conducive to customer and stakeholder relationships, contribute to a financially sound operation and be environmentally friendly.”
“Our relationships underpin our success and make our operations stronger. Our strategic alliance with Napier Port is progressing well. This alliance, as well as our relationships with KiwiRail, Pacifica and our international shipping customers allowed us to move quickly following the Kaikoura earthquake to facilitate coastal shipping to South Island communities. Freight demand carried by sea from Auckland to Christchurch doubled after earthquake, demonstrating the need for supply chain resilience and responsible investment.”

A copy of the Ports of Auckland Group Interim Financial Statements for the six months ended 31 December 2016 is available on request.

ENDS

NOTES:
Ports of Auckland Ltd is the port for New Zealand’s largest city. It has been playing a vital role in the Auckland economy for 177 years, delivering things Aucklanders and New Zealanders need and enjoy. It is part of the special character of Auckland.
Voted best port in Oceania by our customers in 2016, we operate the most efficient container port in Australasia.
We are New Zealand’s hub port for car and container imports, handling 248,000 cars and light commercial vehicles and 900,000 TEU (1 TEU = 1 twenty-foot container) in the 2016/16 financial year.
We are also New Zealand’s cruise hub, handling around 100 cruise ships annually. Each ship visit is worth about $1.5m to the local economy.
Ports of Auckland is 100%-owned by Auckland Council Investments Ltd and serves Auckland’s growth. In the 2015/16 financial year its $54.3 million dividend to the city was worth the equivalent of 4.4% of the average Auckland residential rates bill, or $103 per household.


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