Ann: FLLYR: AKC: Full year results to 30 June 201

• Release Date: 29/08/13 17:59
• Summary: FLLYR: AKC: Full year results to 30 June 2013
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AKC
29/08/2013 15:59
FLLYR

REL: 1559 HRS Auckland Council

FLLYR: AKC: Full year results to 30 June 2013

Media Release
29 August 2013

Solid year for Auckland Council Group

It has been another solid year for the Auckland Council Group, which reports
its financial results to the NZX today.  Auckland Council Group comprises of
Auckland Council and its council controlled organisations.

The group has reported a $246 million after-tax surplus for the year to 30
June 2013, compared to a budget of $20 million.  The surplus includes $385
million of assets transferred from the Crown, offset by net asset
devaluations of $230 million.

"Overall it's been a solid year in terms of project and service delivery for
Auckland and operating revenue and expenditure results," says chief executive
Doug McKay.

"We continue to be financially prudent and are making ongoing operational
savings and efficiencies to reduce costs for Aucklanders."

This year, the group achieved its budget that included operational savings of
$50 million, taking the cumulative savings to $134 million. Across the 10
years of the Long-term Plan, total savings of $1.7 billion are budgeted.
Further savings have been included in the 2013/2014 annual plan.

The group's net debt of $5.5 billion is less than in the Long-term Plan.
The council's prudent financial stewardship has been recognised with both
Standard and Poors and Moody's reaffirming the group's AA credit rating.

The group continues to invest strongly in Auckland's future and to deliver
its vision to create the world's most liveable city.

A $1.3 billion capital programme ensures we maintain, improve and add to the
quality of our assets, such as community facilities, sportsfields, roading
and stormwater and water infrastructure.

Included in the year's capital programme were:
o New Wellsford library
o Fort and Lorne streets' upgrades
o Transformation of Shed 10 into a cruise ship terminal
o Completion of New Lynn's Merchant Quarter
o Start of the development of the new town centre in Ormiston
o Stormwater projects and renewals
o Continuing works on the Hunua water mains project
o AMETI transport project underway with the new Panmure Bridge now opened
o Installation of artificial sport turfs at Michael's Avenue Reserve in
Ellerslie, Seddon Fields in Westmere, William Green Domain in Howick and
Starling Park in R?nui.

Other significant milestones achieved this year include:
o Agreement by the Government to fund a share of the City Rail Link
o Launch of the Hobsonville ferry service
o Development of the draft Auckland Unitary Plan, which attracted more than
22,000 pieces of feedback from Aucklanders during the first round of public
engagement
o Auckland's entertainment and conferencing facilities brought more than $100
million of economic activity in to the region - a benefit to Auckland
business and providing strong employment opportunities for the region
o Further progress on consolidating 158 legacy council bylaws, including the
adoption of those for solid waste, food safety, dog management and health and
hygiene.

Auckland Council Group's final annual report will be released at the end of
September 2013.

Ends

For media assistance, please contact:
Angela Jones, Senior Media Advisor.  Phone 021 227 7985
End CA:00240410 For:AKC    Type:FLLYR      Time:2013-08-29 15:59:33