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Interim Report 31 December 2021

​What the interim report details

This report details Auckland Council Group's (the group) results for the six months to 31 December 2021 which are unaudited.

The six months at a glance

  • The uncertainty and disruption caused by both the COVID-19 pandemic and unfavourable economic trends placed pressure on our operations and finances in the six months to the end of December 2021.
  • The extended COVID-19 lockdown during the six months reduced some key revenue streams and restricted our ability to deliver our capital investment programme including many projects important to our local communities.
  • In addition, the more substantive economic impacts from the pandemic such as the global and local supply chain challenges, increased construction costs, labour shortages, higher inflation and increased interest rates impacted our results.

Group highlights

  • Operating revenue increased 7 per cent to $3.8 billion compared to the six months to 31 December 2020. This includes a non-cash increase of $202 million in vested assets.
  • The surplus after income tax was $1.9 billion, an increase of 21 per cent from the comparative period in the year before.
  • The group's capital investment in infrastructure and community assets totalled $917 million, this was 24 per cent less than the year before.
  • Total assets increased $3.2 billion to $63.9 billion in the six months.
  • Group debt, net of cash and term deposits, increased by $106 million to $10.5 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 extended COVID-19 lockdown significantly impacted our delivery of capital projects during the six months.

Our $917 million investment in key infrastructure includes:

  • $479 million on roading and public transport infrastructure such as the City Rail Link, the Eastern Busway and the renewal of roading assets.
  • $306 million on water, wastewater and stormwater assets, including new infrastructure such as the central and northern wastewater interceptors, the Huia No.1 Watermain Replacement Project and enabling additional water supply from the Waikato River.
  • $236 million was spent on community assets including the development and renewal of local and regional community parks and facilities, town centre regeneration, development of the zoo's South East Asia Jungle Track and 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