Auckland International Airport Limited · NZX:AIA
Auckland International Airport — Debt Investor Presentation (April 2014)
17 slides from Auckland International Airport's debt investor presentation, Apr 3, 2014
Slide 1: Three Year Floating Rate Bonds
Three Year Floating Rate Bonds Auckland International Airport Limited 3 April 2014
Slide 2: Disclaimer
Disclaimer Auckland International Airport Limited (the “Issuer”) is seeking to issue $150 million of unsecured, unsubordinated floating rate bonds (“Bonds”) for general corporate purposes and the financing of the April 2014 capital return to shareholders. This document does not constitute a recommen
Slide 3: Indicative Terms Sheet
Three Year, Floating Rate Bonds Indicative Terms Sheet Direct, unsecured, unsubordinated, floating rate debt obligations of Description of Bonds Auckland International Airport Limited Issue Credit Rating (S&P) A- (Stable) Expected Issue Credit Rating (S&P) A- Issue Amount $150 million Opening Date 9
Slide 4: Company Position in the Group
Three Year, Floating Rate Bonds Company Position in the Group Investing in Auckland International Airport Limited – the parent Auckland International Airport Limited is listed on the NZX and ASX. • Acquired 24.55% ownership of North Auckland International Airport Limited (the Issuer) Queensland Airp
Slide 5: New Zealand's busiest airport and our international gateway
Three Year, Floating Rate Bonds New Zealand’s busiest airport and our international gateway • Auckland Airport is the largest and busiest airport in New Zealand in terms of passenger movements and revenue. • International passengers represented 53% of total passenger movements in the year to 30 June
Slide 6: Historically Resilient Business
Three Year, Floating Rate Bonds Historically Resilient Business • The business has been resilient during times of stress in global economies and during times of external negative events. Christchurch Sub Prime Crisis and Earthquake Global Recession Avian Flu Outbreak SARS Outbreak Sept 11 Terrorist
Slide 7: Significant Land Holdings
Three Year, Floating Rate Bonds Significant Land Holdings ---- Auckland Airport boundary ---- Approx. CBD boundaries (Bounded by waterfront and motorways) • Auckland Airport owns approximately 1,500 hectares of freehold land. • The land holding provides opportunities for expansion of aeronautical in
Slide 8: Our Strategy – Faster, Higher, Stronger
Three Year, Floating Rate Bonds Our Strategy – Faster, Higher, Stronger STRENGTHEN BE FAST, GROW TRAVEL INVEST FOR OUR EFFICIENT MARKETS FUTURE CONSUMER AND GROWTH BUSINESS EFFECTIVE 8
Slide 9: Regulatory Environment
Three Year, Floating Rate Bonds Regulatory Environment • Dual-till regime under the Commerce Act 1986 with information disclosure regulation • Aeronautical till: faces limited competition and therefore is subject to disclosure regulation • Non-aeronautical till: open market competitive forces • Airp
Slide 10: A performance update
Three Year, Floating Rate Bonds A performance update Auckland International Airport Limited (Parent) • Net profit after tax of $183.6 million for year to 30 June 2013 (up 28.4% from 2012) • Underlying profit of $160.9 million for the year to 30 June 2013 (up 12.7% from 2012). • Passenger growth has
Slide 11: Five year results overview
Three Year, Floating Rate Bonds Five year results overview Auckland International Airport Limited 30 June 2013 30 June 2012 30 June 2011 30 June 2010 30 June 2009 (Parent only) $’000 $’000 $’000 $’000 $’000 Revenue 469,146 441,089 411,625 369,300 368,313 Expenses 117,624 108,537 99,526 86,802 88,881
Slide 12: Passenger Volume Growth and Volatility
Three Year, Floating Rate Bonds Passenger Volume Growth and Volatility Auckland Airport 30 June 2013 30 June 2012 % Change International passengers (excl. Transits) 7,317,324 7,193,975 1.7 Transit movements 438,354 575,232 (23.8) Total international passengers 7,755,678 7,769,207 0.2 Total domestic
Slide 13: Auckland Airport borrowings
Three Year, Floating Rate Bonds Auckland Airport borrowings • Auckland Airport currently utilises a mixture of NZ DCM term bonds, bank facilities, USPP notes, commercial paper and money market facilities. • As at 30 June 2013, Auckland Airport had: • $1.127 billion total drawn debt • $193 million co
Slide 14: Auckland Airport borrowings
Three Year, Floating Rate Bonds Auckland Airport borrowings The Bank of Tokyo standby facility and the CBA multi currency bank facility both support the commercial paper programme (current balance of $81.709 million as at 30 June 2013) through the availability of same-day draw-downs and provide liqu
Slide 15: Capital Return – Rational
Three Year, Floating Rate Bonds Capital Return – Rational • Auckland Airport has been reinvesting surplus cash flows in the business to drive growth • This investment and strong execution has significantly improved profitability over the last five years • Key credit metrics have strengthened beyond
Slide 16: Key credit metrics
Three Year, Floating Rate Bonds Key credit metrics Auckland International Airport Limited 30 June 2013 30 June 2012 30 June 2011 30 June 2010 30 June 2009 (Parent only) S&P Long-term credit rating A- (Positive) A- (Stable) A- (Stable) A- (Stable) A- (Stable) FFO / average net debt 20.7% 19.8% 19.2%
Slide 17: Slide 17
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