AIA
14/08/2015 09:50
ASSET
NOT PRICE SENSITIVE
REL: 0950 HRS Auckland International Airport Limited
ASSET: AIA: AIAL Auckland Airport revaluations
Market Release l 14 August 2015
Auckland Airport revaluations
Auckland Airport has announced that it is revaluing the buildings and
services, runway, taxiways and aprons assets within its property plant and
equipment portfolio, as well as its investment property portfolio, as at 30
June 2015.
Phil Neutze, Auckland Airport's acting chief financial officer, says, "Our
accounting policy is to record land, buildings and services, runway, taxiways
and aprons, infrastructure assets and investment property at fair value.
Revaluations are carried out with sufficient regularity to ensure that the
recorded value does not differ materially from fair value."
"We are currently working on the financial results for the year ended 30 June
2015. We will revalue the buildings and services and runway, taxiways and
aprons assets within the property, plant and equipment portfolio as at 30
June 2015. Those classes were last revalued as at 30 June 2011. We expect
these values, as at 30 June 2015, to increase by approximately $109 million,
with the majority of the increase being recognised in the property, plant and
equipment revaluation reserve within shareholders' equity. We expect an
expense of approximately $12 million to be recognised in the company's income
statement as a result of this revaluation."
"The 2015 financial result will also reflect the revaluation of the
investment property portfolio. Investment property is recorded at fair value
and its revaluation is undertaken annually. We expect its value, as at 30
June 2015, to have increased by approximately $57 million, with the full
increase being recognised in the company's income statement. This includes
the $6.3 million investment property revaluation contained in our 2015
interim result."
"The above two revaluations are for accounting purposes only. They are not
for regulatory purposes and therefore have no impact on regulatory
information disclosure or aeronautical pricing," says Mr Neutze.
Ends
For further information please contact:
Campbell De Morgan
+64 27 478 3243
[email protected]
End CA:00268422 For:AIA Type:ASSET Time:2015-08-14 09:50:34
