AIA
30/07/2014 13:28
ASSET
REL: 1328 HRS Auckland International Airport Limited
ASSET: AIA: AIAL Auckland Airport land revaluation
Market Release 30 July 2014
Auckland Airport land revaluation
Auckland Airport has announced that it is revaluing the land assets within
its property plant and equipment portfolio.
Simon Robertson, Auckland Airport's chief financial officer, says, "Our
accounting policy is to record land, buildings and services, runway, taxiways
and aprons and infrastructure assets at fair value. Revaluations are carried
out with sufficient regularity to ensure that the recorded value does not
differ materially from fair value. We have decided to revalue the land class
of assets within the property, plant and equipment portfolio as at 30 June
2014. It was last revalued as at 30 June 2011."
"We are currently working on the financial results for the year ended 30 June
2014. A component of the financial result will reflect the revaluation of
land within property, plant and equipment. We expect the land values, as at
30 June 2014, to increase by between $725 million and $745 million, with the
vast majority of the increase being recognised in the property, plant and
equipment revaluation reserve within our shareholders' equity," says Mr
Robertson.
"We expect less than $5 million of the increase to be recognised in the
company's income statement as a result of this revaluation."
"The revaluation is for accounting purposes only. It is not for regulatory
purposes and therefore it has no impact on regulatory information disclosure
or aeronautical pricing," says Mr Robertson.
Ends
For further information please contact:
Campbell De Morgan
+64 9 255 9029
+64 27 478 3243
[email protected]
End CA:00253276 For:AIA Type:ASSET Time:2014-07-30 13:28:17
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