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Interim Report 31 December 2020

​What the interim report details

This report details Auckland Council Group’s (the group) results for the six months to 31 December 2020.

The six months at a glance

  • The COVID-19 situation and the associated implications for the Auckland economy are having an ongoing impact on the group’s finances.
  • The severity, duration and longer-term implications of the disruption remain highly uncertain.
  • The group’s finances have also been impacted by Auckland’s drought.
  • The group’s financial performance to date is a positive start to the COVID-19 recovery phase, and reflects how the group worked closely with central government to access funding to support the region’s recovery.

Group highlights

  • Operating revenue increased 3 per cent to $3.6 billion compared to the six months to 31 December 2019.
  • The surplus after income tax was $1.6 billion, an increase of 22 per cent from the comparative period in the year before.
  • The group’s capital investment in infrastructure and community assets totalled $1.2 billion, this was up 1 per cent on the year before.
  • Total assets increased $2.2 billion to $58.2 billion in the six months.
  • Group debt, net of cash, increased by $223 million to $10.1 billion.

The group continues to take a prudent and responsible approach to financial management. It aims to protect against future shocks and maintain its ability to continue investing in the infrastructure, services and facilities that Aucklanders need to be a world-class city.

Investing in infrastructure

Our $1.2 billion investment in key infrastructure includes:

  • $568 million on roading and public transport infrastructure such as the City Rail Link, the Puhinui bus and train interchange works in downtown Auckland to support America’s Cup 36 and the renewal of roading assets.
  • $433 million on water, wastewater and stormwater assets, including new infrastructure such as the central and northern wastewater interceptors and enabling additional water supply from sources such as the Waikato River and Hays Creek.
  • $202 million was spent on community assets including the development and renewal of local and regional community parks and facilities, downtown community assets, town centre regeneration, refurbishment of the Aotea Centre and development of the zoo’s South East Asia Jungle Track.

The group is on track to deliver a record $2.6 billion of capital investment by the end of the financial year.

It continues to demonstrate prudent financial management. This is reflected by the group’s stable credit ratings.

Credit ratings

The group has credit ratings of AA from S&P Global Ratings and Aa2 from Moody's, both with a “stable” outlook.

Get a copy of the interim report