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
24-Sep-2015 12:14:06
Status
New
Announcement Sub Title
Full Yearly Results
Announcement Reference
SG150924OTHR2R0D
Submitted By (Co./ Ind. Name)
Joe Tooman
Designation
Funding Analyst
Effective Date and Time of the event
25/09/2015 17:00:00
Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)
Council adopts Group Annual Report

Auckland Council s Group audited annual report for the year ended 30 June 2015 was formally adopted by council s governing body today.

The report shows a strong Group financial performance this year, reflecting a need to invest for Auckland s future, balanced with financial prudence and best value for money.

Group highlights include:
Operating surplus before gains and losses of $80 million
Total Group net debt of $6,997 million, which is $206 million below budget
Assets value of $42.2 billion, increased by $2.3 billion
Targets for cumulative efficiency gains of $183 million were met this year

In 2014-2015 Auckland experienced substantial population growth of almost 3 per cent, or an estimated 45,000 people on the previous year.

This growth increased pressures on existing infrastructure and demands for more council services impacting on this year s annual results with both total expenditures and total revenues for the year being higher than budgeted.

In conjunction with the region s growth the Group delivered a large capital investment programme of $1.5 billion into infrastructure to improve Auckland s transport network, the three waters networks, and community facilities.

This includes $350 million in roads and footpaths to maintain the existing network and improve roads, $204 million in new electric trains (EMUs) and a depot, $153 million in water and waste water infrastructure, and $133 million in local and regional parks.

During the year the Group maintained credit ratings of AA from Standard and Poor s and Aa2 from Moody s Investors Service. These remain among the strongest credit ratings in New Zealand, confirming the Group s strong debt servicing capability.

The annual results provide a solid foundation for the new Long-term Plan 2015-2025.
Over the next 10 years the asset base is expected to grow from $42 billion to $60 billion. The Group will slow the growth of debt and drive greater efficiencies across the Group working towards achieving $309 million per annum in permanent efficiency gains by 2025.

The Auckland Council Group annual report is available on the council website

Ends
For media enquiries contact:
Jess Etheridge, Media Advisor
jessica.etheridge@aucklandcouncil.govt.nz
0064 21 895 847

Additional Details

For Financial Period Ended
30/06/2015

Attachments

Auckland Council Group Annual Report Media Release.pdf
Total size =18K