1. Financial Statement Analysis: 20 marks

1. (i)

Prepare a horizontal analysis of income and expenses that make up EBITDAFI for 2015, 2016, 2017 and 2018 using 2015 as the base year. Express the horizontal analysis in percentage and report your answers to one decimal place. Provide some short comments on the significant trends in income and expenses. ** Please note that the horizontal analysis has already been completed below**

Auckland Airport 4 year Summary
Horizontal analysis
	% change from 2015 to 2016	2018	% change from 2015 to 2016	2017	% change from 2015 to 2016	2016	2015
Income
Airfield Income	30.9	122.1	28.2	119.6	10.8	103.4	93.3
Passenger Services Charge	27.1	179.1	23.7	174.3	9.9	154.9	140.9
Retail Income	44.4	190.6	23.3	162.8	19.3	157.5	132
Rental Income	51.1	97.6	31.4	84.9	15.6	74.7	64.6
Rates Recoveries	17.6	6	9.8	5.6	5.9	5.4	5.1
Car Park Income	30.9	61	20.8	56.3	11.8	52.1	46.6
Interest Income	-33.3	2.2	-30.3	2.3	-48.5	1.7	3.3
Other Income	11.5	25.3	3.5	23.5	6.6	24.2	22.7
Total Income	34.5	683.9	23.8	629.3	12.9	573.9	508.5
Expenses
Staff	25.1	57.9	9.1	50.5	1.1	46.8	46.3
Asset management, maintenance and airport operations	57.2	69.5	25.8	55.6	11.1	49.1	44.2
Rates and Insurance	28.0	13.7	14.0	12.2	7.5	11.5	10.7
Marketing and Promotions	4.5	13.8	26.5	16.7	23.5	16.3	13.2
Other Expenses	60.3	22.6	50.4	21.2	41.1	19.9	14.1
Total Expenses	38.1	177.5	21.6	156.2	11.8	143.6	128.5
EBITDAFI	33.3	506.4	24.5	473.1	13.2	430.3	380