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ANNUAL REPORT 2003 23763 AIAL Txt 24/09/2003 4:21 PM Page A Document1 24/09/2003 3:54 PM Page 1 ANNUAL REPORT 2003 23763_AIAL_Txt 24/09/2003 4:21 PM Page a OUR VISION IS TO BE A WORLD-LEADING AIRPORT ENTERPRISE WHERE PEOPLE COME FIRST. WE EMBRACE OUR VISION AND COMMIT TO MEETING THE EXPECTATION OF EXCELLENCE. VALUES / WE STRIVE TO ACHIEVE OUR VISION BY FOCUSING ON: PEOPLE: Consistently delivering outstanding customer service, fostering co-operation with all stakeholders and encouraging staff to achieve their full potential. SAFETY: Facilitating the safe and secure movement of all people, vehicles, aircraft and cargo on airport effectively and efficiently. ENVIRONMENT: Operating in a manner that minimises impact on our local community and physical environs. RETURNS: Working continually to achieve appropriate improvements in shareholder value. COMMITMENT / IN SUPPORT OF OUR VISION WE WILL BE: PROACTIVE: Responding positively to challenge, being innovative and communicating effectively. RESPONSIBLE: Ensuring our actions and initiatives raise standards and improve performances through both individual and team efforts. ETHICAL: Engaging in sound practices, respecting others and accepting responsibility for our behaviour. CONTENTS 2 RESULTS AT A GLANCE / 3 YEAR IN REVIEW / 5 DIRECTORS’ REPORT / 11 BOARD OF DIRECTORS / 12 SENIOR MANAGEMENT / 13 OPERATIONAL REVIEW /18AIRPORT OVERVIEW /20AREAS OF FOCUS: PASSENGERS / AIRCRAFT / RETAIL / PROPERTY / COMMUNITY / ENVIRONMENT / 32 ENVIRONMENTAL VALUES AND VISION / 33 FINANCIAL STATEMENTS The Auckland International Airport Limited annual meeting will be held 10.30am Wednesday 19 November 2003, Newmarket Room, Ellerslie Convention Centre, Ellerslie Racecourse, Greenlane Road, Auckland, New Zealand. 23763_AIAL_Txt 24/09/2003 4:21 PM Page 1 AUCKLAND AIRPORT IS NEW ZEALAND’S INTERNATIONAL GATEWAY AND PREMIER AIRPORT. WE ARE COMMITTED TO ENSURING THE SAFE, SECURE AND SEAMLESS MOVEMENT OF AIRCRAFT AND PASSENGERS. THE AIRPORT TEAM IS FOCUSED ON CONTINUING TO ADD VALUE BY GROWING THE COMPANY’S FOUR CORE BUSINESSES – AVIATION, RETAIL, CAR PARKING AND PROPERTY. IT WILL DO THIS BY WORKING CLOSELY WITH ALL STAKEHOLDERS. ENJOY THE JOURNEY. 1 ANNUAL REPORT 2003 ANNUAL REPORT PASSENGERS AIRCRAFT RETAIL PROPERTY COMMUNITY ENVIRONMENT 23763_AIAL_Txt 24/09/2003 4:21 PM Page 2 RESULTS AT A GLANCE 2003 2002 Movement $000s $000s % Financial performance Operating revenue 234,707 200,991 +16.8% Surplus before interest, taxation and depreciation 181,082 152,012 +19.1% Net interest 30,396 17,939 +69.4% Surplus before taxation 120,093 102,273 +17.4% Taxation 36,592 30,762 +19.0% 2 Surplus after taxation 83,501 71,511 +16.8% Dividends: Ordinary – cents per share 22.00c 13.50c +63.0% – amount 66,954 56,898 +17.7% Financial position Shareholders’ equity 547,260 732,274 -25.3% Total assets 1,116,680 1,103,309 +1.2% Equity ratio 49.0% 66.4% -26.2% Earnings per share 27.44c 16.95c +61.9% Return on average equity 13.1% 11.2% +17.0% Shares on issue 304,354,619 422,000,000 -27.9% AUCKLAND INTERNATIONAL AIRPORT LIMITED AIRPORT AUCKLAND INTERNATIONAL Operational performance Passenger movements 9,427,652 8,803,949 +7.1% Aircraft movements 144,531 142,620 +1.3% Aircraft tonnage 4,920,154 4,775,636 +3.0% 23763_AIAL_Txt 24/09/2003 4:21 PM Page 3 2003 YEAR IN REVIEW ANOTHER RECORD YEAR, WITH POSITIVE PASSENGER GROWTH DESPITE ADVERSE INTERNATIONAL EVENTS. Total passenger movements increased 7.1 per cent from 8,803,949 to 9,427,652. International passenger movements up 3.9 per cent to 5,370,989. Domestic passenger movements up 11.6 per cent to 4,056,663. 3 Revenue from normal trading operations up 13.5 per cent to $228.040 million. Surplus after taxation up 7.4 per cent to $76.834 million. Revenue from retail activities up 30.5 per cent from $57.826 million to $75.472 million, largely as a result of the re-tendering of concessions at the international terminal. ANNUAL REPORT 2003 ANNUAL REPORT EBITDA from normal operations up 14.7 per cent to $174.415 million, representing a margin of 76.5 per cent. Results further enhanced by the transfer to the company of the Pukaki Bridge and associated roading independently valued at $6.667 million. Inclusive of the value of the bridge, revenue amounted to $234.707 million. Surplus after tax $83.501 million. Total fully imputed dividends of 22.0 cents per share, amounting to $66.954 million. Capital repayment of $212.714 million made on 25 October 2002, financed by increased borrowings. Interest costs increased from $17.939 million to $30.396 million following capital restructuring. Interest covered 4.9 times. Standard & Poor’s credit rating unchanged at A+/Stable/A-1. Earnings per share increased from 16.95 cents to 27.44 cents. Equity ratio reduced from 66.4 per cent to 49.0 per cent. Sale by Auckland City Council of half its 25.6 per cent shareholding in the company. Positive outlook for 2003/04 with increasing passenger and aircraft movements and strong demand for property developments. 23763_AIAL_Txt 24/09/2003 4:21 PM Page 4 2003 YEAR IN REVIEW ($m) ($m) ($m) 200 200 80 175 175 70 150 150 60 125 125 50 100 100 40 75 75 30 50 50 20 25 25 10 4 0 0 0 9899 00 01 02 03 9899 00 01 02 03 9899 00 01 02 03 REVENUE SURPLUS BEFORE INTEREST, SURPLUS AFTER TAXATION TAXATION AND DEPRECIATION (000s) (¢) (%) 160 27.5 25 140 15 22.5 120 12.5 20 17.5 100 10 15 80 7.5 12.5 10 60 AUCKLAND INTERNATIONAL AIRPORT LIMITED AIRPORT AUCKLAND INTERNATIONAL 5 7.5 40 5 2.5 20 2.5 0 0 0 9899 00 01 02 03 9899 00 01 02 03 9899 00 01 02 03 RETURN ON AVERAGE EQUITY EARNINGS PER SHARE AIRCRAFT MOVEMENTS Domestic International NATIONALITY OF ARRIVING 12 PASSENGERS 2003 (2002) (m) 11 1. New Zealand 37.9% (38.7%) 10 10 2. Australia 11.7% (11.8%) 9 1 9 8 3. UK 9.6% (9.3%) 8 7 4. USA 7.3% (6.6%) 7 6 6 5. Japan 4.4% (4.3%) 5 6. Korea S 4.4% (4.2%) 4 5 7. China 4.1% (3.9%) 3 8. Germany 1.9% (1.9%) 2 4 9. Taiwan 1.3% (1.8%) 1 2 9899 00 01 02 03 3 10. France 1.8% (1.0%) 11. Canada 1.6% (1.5%) PASSENGER MOVEMENTS 12. Others 14.0% (14.3%) Source: Statistics New Zealand Domestic International 23763_AIAL_Txt 24/09/2003 4:21 PM Page 5 DIRECTORS’ REPORT AUCKLAND AIRPORT IS NEW ZEALAND’S MAIN GATEWAY HANDLING OVER 70 PER CENT OF ALL INTERNATIONAL VISITORS. THIS, ALONG WITH ITS DIVERSIFIED REVENUE BASE, HAS ENABLED THE COMPANY TO CONTINUE WAYNE BOYD Chairman TO ACHIEVE RECORD RESULTS. 5 Auckland International Airport Limited’s (AIAL) resilience to adverse Inclusive of the independent valuation of the bridge and roading international events has been severely tested in the past two assets, the company’s revenue for the year increased to $234.707 years. The previous financial year was notable for the events of million, while the surplus after tax was $83.501 million. September 11 2001 and the financial effects of the demise of As a consequence of the increased surplus for the year, and the Ansett Australia on our major customer, Air New Zealand. effects of the capital repayment and the corresponding reduction This year saw the act of terrorism in Bali, a war in Iraq and its in the number of shares on issue, there has been a significant ANNUAL REPORT 2003 ANNUAL REPORT consequential effects on international aviation and travel, followed increase in earnings per share, up from 16.95 cents per share last closely by the SARS virus and in particular its significant impact year to 27.44 cents per share. on Asian travel. Both years, in comparison with other countries and other FINANCIAL RESULTS international airports, the adverse effects on New Zealand and Total reported revenue for the year came to $234.707 million, the company have been of a shorter duration and less severe, an increase of 16.8 per cent over last year’s $200.991 million. with the recovery quicker and more pronounced. The reasons Operating expenses increased 9.5 per cent to $53.625 million for this lie in New Zealand’s relative isolation from such events (2002: $48.979 million). Earnings before interest, taxation and and its continued clean and green image. These qualities continue depreciation (EBITDA) increased from $152.012 million to to minimise negative effects on New Zealand. $181.082 million, representing an EBITDA margin of 77.2 per cent Auckland Airport is New Zealand’s main gateway handling (75.6 per cent). over 70 per cent of all international visitors. This, along with its These results include the effects of the non-recurring, non-cash diversified revenue base, has enabled the company to continue revenue gain of $6.667 million as a result of the transfer of ownership to achieve record results. of the Pukaki Bridge and associated roading. Excluding the impact Despite the international difficulties and pressures, the company’s of these assets, EBITDA totalled $174.415 million, representing a revenue from normal operations for the 2002/03 financial year margin of 76.5 per cent. increased $27.049 million, or 13.5 per cent, to $228.040 million. Depreciation charges reduced from $31.800 million to $30.593 A significant portion of the increase, $17.646 million, reflected million, largely as a result of a comprehensive re-evaluation by the positive effects of the re-tendering of the major retail independent experts of the economic lives of the runway pavements concessions as new five-year contracts came into effect early in the following the revaluation last year.
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