Christchurch International Airport Limited (CIAL) has reported
encouraging growth in its operating performance for the year ended
30 June 2014, driven by revenue growth across all aspects of the
business - aeronautical, commercial and property.
Chairman David Mackenzie says Total Operating Revenuegrew in the
2014 financial year by 10.0% to $130.7m and EBITDAF (earnings
before interest, tax, depreciation, amortisation
and fair-value adjustments) grew by 11.7% to $72.5m.
Passenger numbers grew 3.5% across the year, including 5% growth
over the second six months. Domestic passenger numbers grew
3.4 per cent, while international numbers grew 3.6 per cent and
traditional long-haul markets returned to growth.
Mr Mackenzie says FY14 was the first full year that depreciation
and financing charges applied on completion of the new integrated
terminal investment. The combined depreciation and interest costs
in FY14 are $7.5m higher than the previous year.
He says despite this, the higher 2014 EBITDAF allowed the
underlying net profit after tax of $18.0m to be slightly ahead
(3.5%) of the corresponding amount for the prior year.
The statutory reported profit after tax, after accounting for a
non-cash deferred tax adjustment, was $15.7m. That compares to
$18.4m for the previous year.
CIAL is proposing to declare total dividends for FY14 of $7.6m.
That's 3.7% ahead of the total dividend declared in 2013.
CIAL's balance sheet continued to show growth, with a further
$28.8m of capital expenditure invested in property, commercial and
infrastructure projects during the year. This is expected to
continue into the 2015 financial year, with the Spitfire Square
airport retail development beginning construction and Dakota Park
and Mustang Park development
The balance sheet remains in a solid position, with the
debt/debt + equity ratio at 29.0% falling slightly when compared to
the same time last year, primarily driven by some timing
changes to CapEx moving into FY15. During the year, CIAL
a second long term bond issue and raised $50m with an eight year
maturity. This has further enhanced the company's debt maturity
profile and funding diversification.
This all places CIAL in a strong position to complete planned
capital projects during FY15 and pursue growth opportunities.
Further detailed information in respect to FY14 will be
available in CIAL's Annual Report, scheduled for release in early
October, ahead of the company's AGM on November 3, 2014.