Welcome to our company report for the financial year to 30 June 2012.
Auckland Airport is pleased to have built on last year’s breakout profit result and deliver an even better financial and operational performance for this financial year. This is in spite of difficult global economic conditions and weaknesses in traditional long-haul markets such as Europe that continue to challenge most businesses, including those in tourism, trade and aviation sectors.
Total profit after tax was up 41.2% to $142.284 million, while underlying profit after taxation was up 15.0% to $139.025 million.
After careful consideration of the capital structure of the business, and as a signal of our confidence in our long-term prospects, cash generation and ability to fund growth aspirations, the Board is changing its dividend policy from paying 90% to paying 100% of net profit after tax (excluding unrealised gains and losses arising from a revaluation of property, or treasury instruments and other one-off items).
As a result of the lift in financial performance and the change in dividend policy, the total dividends paid to shareholders for the year increases by 20.7% to 10.5 cents per share, with a final dividend of 6.1 cents per share.
In reflecting on a successful financial year, we also continue to take pride in the fact that we make a vital contribution to travel, tourism and trade, by strengthening New Zealand’s connections with the world and facilitating thousands of jobs and millions of dollars worth of tourism and high-value trade activity.
The Board is optimistic about the 2013 financial year and expects net profit after tax (excluding any fair value changes and other one-off items) to be between $143.0 million to $150.0 million. We do note with some caution any potential long-term implications of the prevailing volatility in global economies. Therefore, as always, this guidance is subject to any other material adverse events, significant one-off expenses, non-cash fair value changes to property and further deterioration due to the global market conditions or other unforeseeable circumstances.