Wellington International Airport annual results for the year ended 31 March 2011
Wellington Airport has had a busy year showcased by the successful completion of its new terminal development The Rock, progress on initiatives to further improve the Airport’s services and facilities and good earnings growth despite a weak economy. This growth in earnings has allowed the Airport to deliver an excellent return to the Airport’s many stakeholders including the Wellington City Council and Infratil shareholders. The dividend paid during the financial year to the Wellington City Council was $8.3 million
In October 2010, the final stage of the new terminal development was completed. This has resulted in a much improved passenger experience and the terminal is now capable of processing 1,000 international passengers per hour, with the flexibility to be used for both domestic and international services. Work has also commenced on a new corporate jet and maintenance hangar in the Western Apron area, which is expected to be open towards the end of 2011.
Wellington Airport’s earnings before interest, tax, depreciation, amortisation and fair value adjustments (EBITDAF) and excluding subvention payments were $72.3m, an increase of $4.1m from the previous year.
Total revenue was $114.7m, which was up 9.7% on last year. Aeronautical revenue increased $2.5m and retail, property and trading activities were up by $7.6m.
International passenger numbers increased by 4.5% compared to last year and it was the Airport’s busiest year ever for international traffic. Domestic passenger full year numbers were basically flat (-0.3%), which was a positive result considering the departure of Pacific Blue on domestic routes in October. Both Air NZ and Jetstar have subsequently phased in additional flights to and from Wellington which has helped in replacing the reduced capacity.
The increase in retail, property and trading activities was due to increased retail and vehicle revenue and from growth in the Airport’s advertising subsidiary iSite Limited. Wellington Airport introduced its online car park booking facility in the year and together with the opening of the Corporate Box lounge, these represent two initiatives introduced to meet the changing profile and needs of airport users.
Wellington Airport continues to be an active sponsor of many local community groups, tourism and high performance projects in Wellington and New Zealand.
In 2011, the Airport was able to play a key role during the Christchurch earthquake by assisting the facilitation of commercial and military flights and the provision of space and services at no cost. Longer term support has included efforts such as Wellington Airport’s contribution to the 100% for Christchurch campaign where the Airport donated online car parking bookings made in the month of March to the Christchurch Red Cross Appeal, amounting to $195,400.
Looking forward, current forecasts indicate improved conditions for the current financial year. A gradual economic recovery and the Rugby World Cup 2011 are expected to bolster demand and airline service and capacity indications provide a basis for expectations of passenger growth.
The 2011 Consolidated Annual Report will be available on the website from Monday 23 May.
Issued by: Wellington International Airport Limited
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