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Infratil Airports Europe Carrying Values

9 Nov 2012

The Infratil Group’s interim financial statements for the six months ended 30 September 2012 are to be released on the 13th of November 2012. For the purposes of the interim financial statements, the Directors have completed a fair value assessment of the airport assets of Infratil Airports Europe Limited (Glasgow Prestwick and Kent Airports). As a result of this assessment, Infratil has recognised an impairment charge of GBP 22.2 million (NZD 43.9 million) in relation to the carrying value of the Airports, which will be reflected in the Net Profit after Tax of the Infratil Group in the interim financial statements.

Infratil has run an extensive sale process for the two airports which has not yet resulted in a completed transaction, and the impairment charge reflects market feedback received as part of this process. Infratil continues to actively seek a buyer for the airports, while considering all other options available with respect to the ongoing operations.

The impairment charge will be included within the net loss from discontinued operations after tax in the Statement of Comprehensive Income of the Infratil interim financial statements for the 6 month period ended 30 September 2012.

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