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Wellington Airport Unaudited Half-Year Results to 30 September 2020

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Wellington Airport Unaudited Half-Year Results to 30 September 2020 MEDIA RELEASE 30 October 2020 Wellington Airport unaudited half-year results to 30 September 2020 Wellington Airport has announced its unaudited results for the six months ended 30 September 2020 with an EBITDAF before subvention payment 1 of $10.9 million, down from $50.4 million for the same period last year. The net loss after tax was $29.8 million, compared to a net loss of $9.0 million in the prior period. Unaudited Unaudited 6 Months Audited 6 Months Ended Ended Year Ended 30 September 2020 30 September 31 March 2020 2019 Passengers Domestic 961,116 2,717,900 5,225,999 Passengers 137 454,426 919,741 International Aeronautical income $11.3m $40.3m $80.8m Passenger services $8.0m $25.6m $52.1m income Property/other income $6.5m $6.6m $13.5m Operating expenses and ($14.9m) ($22.2m) ($43.2m) employee remuneration EBITDAF before $10.9m $50.4m $103.2m subvention payment 1 Net (Loss)/Profit After ($29.8m) ($9.0m) $28.9m Tax Capital investment $11.5m $32.2m $80.6m Covid-19 continues to have an unprecedented impact on the aviation and tourism industry and on Wellington Airport. In response, the Airport has considerably resized its business for the ongoing impact of reduced airline travel and continues to focus on reducing operating expenditure, passenger related costs and non-essential or discretionary costs. Capital 1 EBITDAF before subvention payment is a useful non-NZ GAAP measure of earnings which presents management’s view of the underlying business operating performance. A reconciliation between WIAL’s Net Profit or Loss After Tax and EBITDAF before subvention payment is set out in the NZX announcement and Note A1 of the Financial Statements for the six months ended 30 September 2020. expenditure has also been substantially resized to provide for the maintenance of critical services and regulatory expenditure, while also being prepared for growth when it returns. In addition, a range of measures have been undertaken to enhance liquidity and overall financial flexibility. This includes increasing bank facilities by $70 million to $170 million with extended maturity terms, secured temporary covenant waivers with lenders, putting in place $75.8 million of shareholder support to be available if required, and issuing $100 million of retail bonds, making us the first corporate in New Zealand to publicly list bonds on the NZX debt market post Covid-19 lockdown in April 2020. Notwithstanding the covenant waivers, our earnings were higher than expected for the six months ended 30 September 2020 and the airport was compliant with its covenants for the period. Operating expenses for the year to date were 33% lower than 2019 and costs continue to trend well below previous years. Capital expenditure was also significantly reduced by 64% compared to the same period last year. Commercial revenue was impacted by the travel restrictions and is recovering in line with the uplift in passenger numbers. Air travel and restrictions During the level 4 lockdown in April, passenger numbers dropped to just 1% of pre-Covid levels. The move to level 3 and essential travel only to Auckland, Christchurch and Nelson saw numbers increase slightly at the end of April but they continued to be significantly lower than usual. However, in the months since, domestic capacity has increased faster than expected, despite a return to Alert Level 3 in Auckland and Alert Level 2 for the rest of the country in August. Numbers steadily increased in May, June and July due to the reinstatement of services to Blenheim, Gisborne, Hamilton, Napier, New Plymouth, Rotorua, Tauranga and Queenstown in May under Alert Level 2, a return to level 1 and unrestricted seating in June, and the return of Jetstar’s flights to Auckland, Christchurch and Queenstown in July, further boosted by the school holidays. The relapse in mid-August had a knock-on effect on passenger numbers as physical distancing was reintroduced on flights and capacity to and from Auckland was restricted. This also resulted in Jetstar suspending its operations. However, the Government’s decision to remove physical distancing requirements at Alert Level 2 in September, along with Jetstar’s return, Air New Zealand’s domestic sale fares and the recent return to Alert Level 1, has provided a much-needed boost to passenger numbers. Wellington Airport Chief Executive Steve Sanderson said: “It has been very pleasing to see the strong appetite for travel in the market as restrictions are removed and capacity reinstated. The momentum of the recovery is building and the wider airport team has been thrilled to see the return of a busy vibrant terminal”. A number of Wellington-based events, such as the Bledisloe Cup match, Visa Wellington On a Plate, Digital Nights Wellington Van Gogh Alive and Beervana are expected to further boost domestic visitor numbers to the Capital over the coming months. During the period there have not been any regular scheduled international flights to and from Wellington, but the Airport has welcomed a limited number of international charter flights. The Airport continues to work closely with New Zealand and Australian aviation groups to develop solutions to ensure safe travel options and safely re-open New Zealand’s borders to our neighbours. In August, the Ministry of Health gave its approval for Cook Island travel to and from Wellington Airport. The Airport is also fully supportive of implementing travel between New Zealand and Covid-free Australian states as soon as possible. Steve Sanderson said: “Once given the go ahead from Government, Wellington Airport is ready immediately to process international travellers. All international passengers from ‘safe zones’ can be processed in the main terminal buildings, with all passengers fully segregated from domestic travellers using an existing movable wall and additional constructed channel. Our plan also enables us to quickly reinstate additional health checks for departing passengers if required”. Following adjustment of airline schedules in response to Covid-19, passengers will have noticed we are currently using the northern pier and part of the international terminal for jet aircraft, with regional arrivals and departures using the south and south west pier. This change was made at the airlines’ request for cost control and efficiency reasons. It has enabled airlines to more efficiently allocate ground staff and equipment and is likely to remain in place until international travel returns, or domestic travel exceeds forecasts. Infrastructure and safety After a period of considerable infrastructure investment at the airport over the past 5 years, most major capital projects are currently on hold due to Covid-19. The return to level 3 in April enabled us to recommence certain works, in particular projects where there is a regulatory requirement to complete the work, a safety or resilience need, or where the current environment (with no scheduled international flights) provides an opportunity to the airport and our stakeholders. This includes the recently completed new International Departure Screening (IDS), a new regulatory requirement for when international travel resumes, and a runway overlay project, which commenced in September and is due to be complete by January 2021. The runway overlay had been scheduled to start in a year’s time but doing the work early has meant less disruption to surrounding residents and a considerable cost saving because crews have been able to work longer hours each day. Steve Sanderson said: “While many elements of our 2040 Masterplan have been delayed due to Covid-19, it hasn’t fundamentally changed our future requirements and we continue to review the plan as the world recovers from the economic impact. In the meantime, we are taking the steps necessary to ensure we are in the best position possible when passenger numbers are fully restored. This includes progressing the designation for the Miramar South School site for aviation support services and continuing discussions with Miramar Golf Course to work through a subdivision process to enable the airport to extend aircraft parking and gates to the east of the terminal”. Kaitiakitanga Throughout the challenges faced over the past six months, sustainability continues to be a key focus. The need to reduce operating expenditure identified further opportunities to reduce energy use, with significant reductions in electricity and gas consumption not only during lockdown but also as passenger numbers have recovered. The Airport continues to partner with Te Motu Kairangi on regenerative planting on Palmer Head and has promoted this work with an interactive display in the terminal in partnership with Trees That Count. In July, the Airport completed the annual GRESB Infrastructure Assessment for the second year and results will be published in November. GRESB provides an opportunity to validate, and benchmark Environmental, Social and Governance (ESG) performance data against other airports and infrastructure assets. A key focus in the terminal over the past six months has been ensuring retailers, food and beverage operators, taxi drivers, rental car operators and other Airport users remain buoyant and in a good position for recovery and growth. This includes providing practical support and information to help businesses comply with latest government guidelines and make informed decisions about their business operations. The recent upgrade to our terminal in August 2019 has made this process more efficient, giving us the flexibility to scale services to meet the operational requirements for the different alert levels. As a result, all terminal operators remain open or in a position to reopen when international travel returns. The Airport was also able to facilitate the opening of a new retailer, the Axe, immediately after lockdown and most recently, Gorilla Burger. Rydges Wellington Airport Hotel The Rydges hotel temporarily closed on 30 March and reopened again on 28 April when the whole of New Zealand moved from Alert Level 4 to 3.
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