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Sydney Airport Appendix 4E ASX Listing Rule 4.3A Preliminary Financial Report 31 December 2012

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Sydney Airport Appendix 4E ASX Listing Rule 4.3A Preliminary Financial Report 31 December 2012 Sydney Airport Appendix 4E ASX Listing Rule 4.3A Preliminary Financial Report 31 December 2012 Results for Announcement to the Market 31 Dec 2012 31 Dec 2011 Movement Movement $m $m $m % Revenue 1,055.3 1,042.0 13.3 1.3% Revaluation losses from investments - 0.2 (0.2) N/A Other income (6.8) (16.3) 9.5 58.3% Total revenue from continuing operations 1,048.5 1,025.9 22.6 2.2% Profit from continuing operations after income tax benefit 158.1 82.1 76.0 92.6% Loss from discontinued operations net of income tax - (361.5) 361.5 N/A Profit / (loss) after income tax benefit attributable to security holders 179.2 (239.9) 419.1 N/A Distributions 31 Dec 2012 31 Dec 2011 31 Dec 2012 31 Dec 2011 Cents per Cents per $m $m security security Final distribution proposed and subsequently paid for year ended 31 December 186.1 186.1 10.0 10.0 Interim distribution paid for period ended 30 June 204.7 204.7 11.0 11.0 Total 390.8 390.8 21.0 21.0 For personal use only Additional Appendix 4E disclosures can be found in the Notes to the Audited Financial Statements for Year Ended 31 December 2012 lodged on the ASX with this document and the Results for the Full Year Ended 31 December 2012 ASX release, also lodged with the ASX on 27 February 2013. ASX-Listed Sydney Airport (the Group) comprises Sydney Airport Trust 1 (ARSN 099 597 921) (SAT1) and Sydney Airport Trust 2 (ARSN 099 597 896) (SAT2). Sydney Airport Holdings Limited (ACN 078 295 760) (AFSL 236 875) is the Responsible Entity of SAT1 and SAT2. SYDNEY AIRPORT FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2012 For personal use only ASX-listed Sydney Airport comprises Sydney Airport Trust 1 and Sydney Airport Trust 2 For personal use only ASX-listed Sydney Airport (the Group) comprises Sydney Airport Trust 1 (ARSN 099 597 921) (SAT1) and Sydney Airport Trust 2 (ARSN 099 597 896) (SAT2). Sydney Airport Holdings Limited (ACN 075 295 760) (AFSL 236875) (SAHL) is the responsible entity of SAT1 and SAT2. This report is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in Sydney Airport, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary. Financial Report for Year Ended 31 December 2012 Financial Report for year ended 31 December 2012 Contents Introduction to the Financial Report 2 Directors’ Report 2 Audited Remuneration Report 6 Lead Auditor’s Independence Declaration 17 Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 18 Consolidated Statements of Comprehensive Income 19 Consolidated Balance Sheets 20 Consolidated Statements of Changes in Equity 21 Consolidated Statements of Cash Flows 23 1. Summary of Significant Accounting Policies 24 2. Profit or Loss for the Year 33 3. Income Tax Expense 34 4. Remuneration of Auditors 35 5. Distributions and Scheme Consideration Paid and Proposed 35 6. Cash and Cash Equivalents 36 7. Receivables 37 8. Investments in Financial Assets 38 9. Property, Plant and Equipment 40 10. Intangible Assets 44 11. Subsidiaries 46 12. Payables 47 13. Interest Bearing Liabilities 48 14. Derivative Financial Instruments 52 15. Tax Assets and Tax Liabilities 53 16. Contributed Equity 54 17. Retained Profits 54 18. Reserves 55 19. Non-Controlling Interest in Controlled Entities 57 20. Earnings per Stapled Security 58 21. Cash Flow Information 58 22. Related Party Disclosures 60 23. Defined Benefit Plan 66 24. Segment Reporting 68 25. Discontinued Operations 70 26. Financial Risk Management 71 27. Commitments 78 28. Parent Entity Disclosures 78 29. Contingent Assets and Liabilities 79 For personal use only 30. Events Occurring after Balance Sheet Date 79 Statement by the Directors of the Responsible Entity of Sydney Airport Trust 1 80 Statement by the Directors of the Responsible Entity of Sydney Airport Trust 2 81 Independent Auditor’s Report to Security Holders of Sydney Airport Trust 1 and Sydney Airport Trust 2 82 Sydney Airport Holdings Limited 1 Financial Report for Year Ended 31 December 2012 Introduction to the Financial Report for year ended 31 December 2012 Overview of ASX-Listed Sydney Airport ASX-listed Sydney Airport (the Group) holds an 84.8% economic interest in Sydney Airport at 31 December 2012 (2011: 84.8%). Units in the Group are stapled, quoted and traded on the Australian Securities Exchange as if they were a single security. They consist of one unit in Sydney Airport Trust 1 (SAT1) and one unit in Sydney Airport Trust 2 (SAT2). Directors’ Report For year ended 31 December 2012, the directors of Sydney Airport Holdings Limited (SAHL or the Responsible Entity) submit the following report on the consolidated financial report of ASX-listed Sydney Airport. SAT1 has been identified as the parent of the consolidated group comprising SAT1 and its controlled entities and SAT2 and its controlled entities, together acting as Sydney Airport (or the Group). For year ended 31 December 2012, the directors of the Responsible Entity also submit the following report on the consolidated financial report of SAT2 being SAT2 and its controlled entities (the SAT2 Group). Principal Activities The principal activity of the Group and the SAT2 Group (together, the Groups) is the ownership of Sydney Airport. The Groups’ investment policy is to invest funds in accordance with the provisions of the governing documents of the individual entities within the Groups. There were no significant changes in the nature of the Groups’ activities during the period. Directors The following persons were directors of the Responsible Entity from the period noted and up to the date of this report: Table: _1_ Name Role Period of directorship File: 5 - Directors Report Max Moore-Wilton Chairman, Non-Executive Director Since April 2006 Worksheet: 1 Directors Trevor Gerber Non-Executive Director Since April 2002 Michael Lee Non-Executive Director Since June 2003 Robert Morris Non-Executive Director Since September 2002 John Roberts Non-Executive Director Since October 2009 Stephen Ward Non-Executive Director Since February 2011 Kerrie Mather Executive Director Since July 2010 Distributions The total distribution by the Group for year ended 31 December 2012 was 21.0 cents per stapled security (2011: 21.0 cents). An interim distribution of 11.0 cents per stapled security (2011: 11.0 cents) was paid by SAT1 on 16 August 2012. A final distribution of 10.0 cents per stapled security (2011: 10.0 cents) was announced on 6 December 2012 and paid by SAT1 on 14 February 2013. No distributions were announced or paid by SAT2 for year ended 31 December 2012 (2011: Nil). For personal use only 2 Financial Report for Year Ended 31 December 2012 Directors’ Report for year ended 31 December 2012 Review and Results of Operations The performance of the Groups for the year, as represented by the combined result of their operations, was: Group Group SAT2 SAT2 Table: _2_ 31 Dec 2012 31 Dec 2011 31 Dec 2012 31 Dec 2011 $m $m $m $m File: 1 - Profit & Loss SAHL Dec 12 Revenue 1,055.3 1,042.0 1,183.4 337.7 Worksheet: 2 Review Revaluation gains from investments - 0.2 - 314.3 Other income (6.8) (16.3) (6.8) 2.6 Revenue from continuing operations 1,048.5 1,025.9 1,176.6 654.6 Profit / (loss) from continuing operations after income tax benefit 158.1 82.1 (217.1) 110.5 Loss from discontinued operations net of income tax - (361.5) - - Profit / (loss) after income tax benefit 158.1 (279.4) (217.1) 110.5 Total comprehensive income 115.2 (390.7) (260.0) 94.3 Profit / (loss) after income tax benefit attributable to security holders 179.2 (239.9) (189.1) (19.1) Earnings per stapled security / unit from continuing operations attributable to security holders Basic and diluted earnings per stapled security / unit 9.63c 6.53c (10.16c) (1.03c) Earnings per stapled security / unit from discontinued operations attributable to security holders Basic and diluted earnings per stapled security / unit - (19.42c) - - Earnings per stapled security / unit from profit / (loss) after income tax benefit attributable to security holders Basic and diluted earnings per stapled security / unit 9.63c (12.89c) (10.16c) (1.03c) For personal use only Sydney Airport Holdings Limited 3 Financial Report for Year Ended 31 December 2012 Directors’ Report for year ended 31 December 2012 Financial Performance and Position Net Operating Receipts provides a proxy for cash flow available to pay ASX-listed Sydney Airport distributions. The first table reconciles the Southern Cross Airports Holdings Limited (SCACH) (a subsidiary of SAT1 and SAT2) statutory result to its distributions declared. The second table incorporates ASX-listed Sydney Airport cash flows to determine total cash available to investors. Non-IFRS financial information below has not been audited by the external auditor, but has been sourced from the financial reports. Table: _3_1 ASX-listed ASX-listed File: 1 Profit & Loss SAHL Dec 12 Sydney Sydney Airport Airport Worksheet: 3 Financial Perf interest interest SCACH 1 SCACH 1 (84.8%) (79.4%) 3 31 Dec 2012 31 Dec 2011 31 Dec 2012 31 Dec 2011 $m 2 $m 2 $m 2 $m 2 Loss before income tax benefit 4 (98) (152) (83) (121) Add back: interest on redeemable preference shares (RPS) held by ordinary shareholders 4 284 282 241 224 Add back: depreciation and amortisation 4 228 231 193 183 Profit
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