What the interim report details
This report details Auckland Council Group's (the group) results for the six months to 31 December 2022 which are unaudited.
The six months at a glance
- Auckland Council Group’s results show continued recovery after three years of COVID-19 restrictions and the challenges that it brought.
- The removal of restrictions and increase in commercial activity resulted in an increase in our revenues and capital investment. The ongoing economic factors such as rising inflation and interest rates, supply chain challenges and labour shortages continued to impact our costs.
Group highlights
- Operating revenue increased 12 per cent to $4.3 billion compared to the six months to 31 December 2021.
- The surplus after income tax was $1.6 billion, a decrease of 17 per cent from the prior period comparative.
- The group's capital investment in infrastructure and community assets totalled $1.2 billion, this was 33 per cent more than the year before.
- Total assets increased $2.4 billion to $72.7 billion in the six months.
- Group debt, net of cash and term deposits, increased by $312 million to $11.4 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
The end of nearly three years of COVID-19 restrictions allowed a resumption of delivery of capital projects during the six months, however, supply challenges and labour shortages continued to impact our progress.
Our $1.2 billion investment in key infrastructure includes:
- $203 million on roading and public transport infrastructure such as the City Rail Link, the Eastern Busway and the renewal of roading assets.
- $366 million on water and wastewater assets, including new infrastructure such as the central interceptor, the Huia 4 Watermain Replacement Project and enabling additional water supply from the Waikato River.
- $132 million was spent on community assets including the development and renewal of local and regional community parks and facilities, town centre regeneration, various projects to improve water quality and enhance Auckland’s natural environment.
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
