29 February 2016

Results show strong growth in Auckland

Auckland Council has today released Group results for the six months ended 31 December 2015.

The Group achieved a positive operating result in line with budget and a significant improvement over the six month result to 31 December 2014.

Results show continued investment in Auckland at a time when the city faces significant growth challenges.

“Auckland is growing at an unprecedented rate and these results show we’re on track to keep delivering more of what Aucklanders want and need, while building on last year’s momentum and growth, ” says Auckland Council Group Chief Financial Officer, Sue Tindal.

“We are focused on getting the right balance between investment in Auckland’s future and keeping rates at manageable levels. These results demonstrate our commitment to this at the same time as managing debt prudently.

“Over the next 10 years, our total assets will grow in value from $42.8 billion to $60 billion while we also slow the growth of our debt – projected to be $11.6 billion by 2025. That’s 15 per cent lower than previously forecast.

“We continue to be proud of our robust financial management, which, over the period, saw Standard and Poor's affirm our AA stable and Moody's Aa2 stable credit ratings respectively.”

In the six months to 31 December 2015, the value of total assets increased to $43.1 billion, compared to $42.2 billion at 30 June 15.

Year-to-date capital investment for the group is $556 million and the value of property, plant and equipment net of depreciation has increased by $258 million from June 2015 to $39.2 billion.

For the full NZX announcement, please visit the NZX website.

ENDS

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