KEY POINTS:
Don Huse
Chief Executive
Auckland International Airport
How would you describe 2006 for Auckland International Airport?
Strong. We've had record passenger numbers and there has been a lot of planning, investment and development for the future.
What was the company's greatest achievement?
The big achievement for me - and I say this on behalf of the team - is that we've not only operated the airport well but we've delivered a lot of projects which are already operating and will begin operating in the New Year.
And greatest disappointment?
I personally don't believe in disappointment. We work in a very busy, buzzy industry. There are always positive things to think and do. So I don't look back on the year with any sense of disappointment at all.
What do you think 2007 will bring?
We're looking forward to record passenger numbers again.
What will be the major challenges in 2007?
The extreme makeover of the domestic terminal [the regional and retail parts opened in December] will be an ongoing challenge.
What do you expect from the economy in 2007 and how will that affect Auckland Airport?
We expect things to remain positive from an economic growth point of view but for us the continuing high level of the dollar is not good for in-bound tourism. On fundamentals it's too high and it's kept high by interest rates which, for an asset-rich company like ours which carries a reasonable level of debt, that certainly impacts on operational performance.
What was the most interesting business story of 2006?
The impact of private equity investment in New Zealand, Australia and further afield. In aviation there are two good examples. The acquisition of the British Airport Authority by a consortium led by Ferrovial, a Spanish company, was about the middle of the year. Nobody thought BAA was a target but it was. The second one, being played out before our eyes, concerns our second biggest customer, Qantas. For me the questions are: the higher the values get above core fundamentals, what's the risk profile and how sustainable are those values going forward?
Who was your mentor? What were you taught?
I couldn't point to a single person. My father's a businessman and I always had a lot of guidance from him and then I've had a succession of senior managers and directors. You're always looking around to learn from those people.
Where are you going for the holidays?
I'm heading inland. I'm going to Lake Taupo, which is where my family have holidayed for years ... It will be fishing, some golf, out on the boat.
What will you be reading?
I tend to collect books over the year that I don't have time to read. So there's a couple I'll be taking away: Alastair Cooke's American Journeys: Life on the Home Front in the Second World War. And a book by a photographer called Andris Apse, Odyssey and Images.
