Financial Statements and Related Announcement::Half Yearly Results

Issuer & Securities

Issuer/ Manager
AUCKLAND COUNCIL
Securities
AUCKLAND COU NOK1.4B 4%N280909 - XS0964196603 - 2ZFB
AUCKLANDCOEU185M 2.125%N340324 - XS1045821847 - 3E4B
AUCKLANDCOUN EU500M1%N270119 - XS1520344745 - 67KB
AUCKLANDC NOK1B 2.0775%N311128 - XS1514161956 - 61YB
AUCKLANDC EUR500M0.125%N290926 - XS2055663764 - KJIB
Stapled Security
No

Announcement Details

Announcement Title
Financial Statements and Related Announcement
Date &Time of Broadcast
28-Feb-2020 04:05:31
Status
New
Announcement Sub Title
Half Yearly Results
Announcement Reference
SG200228OTHR7SRU
Submitted By (Co./ Ind. Name)
Andrew John
Designation
Funding Manager
Effective Date and Time of the event
28/02/2020 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

28 February 2020

Encouraging financial performance in half-year results for the Auckland Council Group.

The Auckland Council Group s results for the six months ended 31 December 2019 have been released today.

The results show significant progress in delivering the infrastructure that supports our growing city.

$1.3 billion has been invested in building key infrastructure across the city, which is $335 million more than the same period last year. This includes $475 million in transport, $351 million in water, wastewater and stormwater, and $372 million in community infrastructure.

Finance and Performance Committee Chair Councillor Desley Simpson comments: We re investing at unprecedented levels to meet the demands a growing population has on council services. We re on track to deliver a record $2.7 billion of capital investment by the end of the financial year. The infrastructure needs of the city and the pace we can deliver at will be a key discussion point in our upcoming 2021-2031 10-year budget .

Group Chief Financial Officer Matthew Walker adds: Operationally, the Auckland Council Group continues to perform well. The group delivered an operating surplus before gains and losses of $1,349 million, $135 million more than the same period last year. Cashflows from operating activities increased $39 million to $746 million for the half year .

The Auckland Council Group continues to demonstrate responsible financial management. This is reflected by the group s credit rating with S&P Global Ratings and Moody s remaining at AA and Aa2 respectively, both with a stable outlook. Total net group debt at the end of December 2019 was $9,214 million, an increase of $547 million over the six-month period. At the same time assets continued to grow reaching $54.7 billion by the end of the period.

Following Auckland Council s declaration of a climate emergency, the interim report includes climate change risk disclosures made in line with the Taskforce on Climate-related Financial Disclosures (TCFD) framework.

For further information refer to the Auckland Council Group Interim Report for 31 December 2019, available on the council s website.

Ends

For media enquiries contact:
Emma Quantrill, Corporate Communications
emma.quantrill@aucklandcouncil.govt.nz
+64 21 571 283

Additional Details

For Financial Period Ended
31/12/2019

Attachments

Media release - NZX and Interim Report 2020 02 28 Final.pdf
Group Interim Report 31 December 2019.pdf
Total size =10935K