Wellington airport:
Net operating profit before tax $20m
Less tax expense $49m
Net operating loss after tax ($29m)
Included in the $49m tax expense is $44m of deferred tax losses due to the change in building depreciation rules. Note A5 says : "Deferred tax impact from reversal of depreciation on buildings". Deferred tax is non cash.
Source: https://www.wellingtonairport.co.nz/...eport_FY24.pdf