Financial Statements and Related Announcement::Full Yearly Results

Issuer & Securities

Issuer/ Manager: AUCKLAND COUNCIL
Securities: AUCKLAND COU NOK1.4B 4%N280909 - XS0964196603 - 2ZFB
AUCKLANDCOEU185M 2.125%N340324 - XS1045821847 - 3E4B
Stapled Security: No

Announcement Details

Announcement Title: Financial Statements and Related Announcement
Date &Time of Broadcast: 26-Sep-2014 09:44:17
Status: New
Announcement Sub Title: Full Yearly Results
Announcement Reference: SG140926OTHRNN1J
Submitted By (Co./ Ind. Name): Andrew John
Designation: Funding Manager
Effective Date and Time of the event: 26/09/2014 17:00:00
Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format): Media Release
26 September 2014

Auckland Council Group adopts annual report

Auckland Council Group s annual report for the year to 30 June 2014 was formally adopted by the council s governing body yesterday.

The report details the organisation s progress in delivering on the vision to create the world s most liveable city through its wide-ranging services and resources.

Auckland Council Group is comprised of Auckland Council and its council-controlled organisations.

The report signals another year of good financial performance for the group.

During the year the group s credit ratings were reaffirmed by both Standard & Poor s and Moody s and the group has achieved results better than budget. This provides a strong base for planning the next 10 years.

The group is reporting an operating surplus of $150 million compared to a $38 million budgeted deficit

Total borrowings are below budgeted levels.

The group continues its transformation focused on delivering services with better value for money.

This year the group invested $1.6 billion renewing and expanding assets to its growing Auckland communities. The capital programme delivered local community facilities and parks, and local and regional infrastructure and transport. This work contributed to a boost in the value of the group s total assets from $37 billion to $40 billion.

Auckland Council Group s 2013/2014 Annual Report is available on the council s website, aucklandcouncil.govt.nz/annualreport.

ENDS

For media assistance, please contact:
Glyn Walters, Manager Media Relations, 021 278 6858