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Annual Financial Results | 2012

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Annual Financial Results | 2012 Annual Financial Results | 2012 Directors’ Statement The directors of Air New Zealand Limited are pleased to present to shareholders the Annual Report* and financial statements for Air New Zealand and its controlled entities (together the “Group”) for the year to 30 June 2012. The directors are responsible for presenting financial statements in accordance with New Zealand law and generally accepted accounting practice, which give a true and fair view of the financial position of the Group as at 30 June 2012 and the results of the Group’s operations and cash flows for the year ended on that date. The directors consider the financial statements of the Group have been prepared using accounting policies which have been consistently applied and supported by reasonable judgements and estimates and that all relevant financial reporting and accounting standards have been followed. The directors believe that proper accounting records have been kept which enable with reasonable accuracy, the determination of the financial position of the Group and facilitate compliance of the financial statements with the Financial Reporting Act 1993. The directors consider that they have taken adequate steps to safeguard the assets of the Group, and to prevent and detect fraud and other irregularities. Internal control procedures are also considered to be sufficient to provide a reasonable assurance as to the integrity and reliability of the financial statements. This Annual Report is signed on behalf of the Board by: John Palmer Roger France CHAIRMAN DIRECTOR 30 August 2012 Financial Statements Statement of Financial Performance 2 Statement of Accounting Policies 7 Statement of Comprehensive Income 3 Notes to the Financial Statements 16 Statement of Changes in Equity 4 Independent Audit Report 49 Statement of Financial Position 5 Five Year Statistical Review 51 Statement of Cash Flows 6 General information Corporate Governance at Air New Zealand 56 Subsidiary Companies 63 Directors’ Profiles 59 Employee Remuneration 65 2012 Directors’ Interests in Air New Zealand Securities 60 Shareholder Statistics 68 Directors’ Interests 61 Operating Fleet Statistics 70 Directors’ Remuneration 62 General Information 71 Indemnities and Insurance 62 Shareholder Directory 73 ANNUAL FINANCIAL RESULTS FINANCIAL ANNUAL AIR NEW ZEALAND *This document, in conjunction with the Air New Zealand Annual Shareholder Review 2012, constitutes the 2012 Annual Report to shareholders of Air New Zealand Limited. 1 Statement of Financial Performance For the year to 30 June 2012 GROUP GROUP COMPANY COMPANY 2012 2 011 2012 2 011 NOTES $M $M $M $M Operating Revenue Passenger revenue 3,634 3,525 3,069 2,986 Cargo 298 278 293 273 Contract services 316 329 233 248 Other revenue 235 209 432 442 1 4,483 4,341 4,027 3,949 Operating Expenditure Labour (1,050) (1,034) (898) (881) Fuel (1,219) (1,084) (1,120) (993) Maintenance (303) ( 311) (230) (252) Aircraft operations (390) (381) (309) (305) Passenger services (233) (242) (223) (232) Sales and marketing (270) (274) (252) (256) Foreign exchange losses 2 (68) (118) (70) (104) Other expenses (235) (234) (84) (216) (3,768) (3,678) (3,186) (3,239) Earnings Before Finance Costs, Depreciation, Amortisation, Rental Expenses and Taxation 715 663 841 710 Depreciation and amortisation (348) (316) (231) (189) Rental and lease expenses 2 (209) (238) (289) (321) Earnings Before Finance Costs and Taxation 158 109 321 200 Finance income 31 36 36 44 Finance costs (95) (72) (89) (65) Profit Before Taxation 2 94 73 268 179 Taxation (expense)/credit 3 (23) 8 19 44 Net Profit Attributable to Shareholders of Parent Company 71 81 287 223 Per Share Information: Basic and diluted earnings per share (cents) 4 6.5 7.5 Interim and final dividend declared per share (cents) 20 5.5 5.5 Net tangible assets per share (cents) 148 133 GROUP GROUP 2012 2 011 NOTE $M $M Supplementary Information Earnings before Taxation (per NZ IFRS above) 94 73 Reverse net (gains)/losses on derivatives that hedge exposures in other financial periods: Fuel derivatives (11) 7 Foreign exchange derivatives 8 (5) 2012 Normalised Earnings before Taxation 2 91 75 Normalised Earnings after Taxation 69 82 Per Share Information: Basic normalised earnings per share (cents) 6.3 7.6 Normalised Earnings represents Earnings stated in compliance with NZ IFRS after excluding net gains and losses on derivatives that hedge exposures in other financial periods. The adjustments align the timing of recognition of derivative gains or losses with the underlying hedged transaction. ANNUAL FINANCIAL RESULTS FINANCIAL ANNUAL AIR NEW ZEALAND The accompanying accounting policies and notes form part of these financial statements. 2 Statement of Comprehensive Income For the year to 30 June 2012 GROUP GROUP COMPANY COMPANY 2012 2 011 2012 2 011 NOTE $M $M $M $M Net Profit for the Year 71 81 287 223 Other Comprehensive Income/(Loss): Changes in fair value of cash flow hedges 63 (185) 67 (204) Transfers to net profit from cash flow hedge reserve 75 64 78 66 Transfers to asset carrying value from cash flow hedge reserve 10 121 10 121 Changes in fair value of investment in quoted equity instruments 12 40 (81) - - Net translation gain on investment in foreign operation 1 - - - Taxation on above reserve movements (42) (4) (44) 3 Other Comprehensive Income/(Loss) for the Year, Net of Tax 147 (85) 111 (14) Total Comprehensive Income/(Loss) for the Year Attributable to Shareholders of the Parent Company 218 (4) 398 209 2012 ANNUAL FINANCIAL RESULTS FINANCIAL ANNUAL AIR NEW ZEALAND The accompanying accounting policies and notes form part of these financial statements. 3 Statement of Changes In Equity For the year to 30 June 2012 GROUP GROUP COMPANY COMPANY 2012 2 011 2012 2 011 Notes $M $M $M $M Issued Capital Balance at the beginning of the year 2,269 2,252 2,277 2,260 Shares issued 22 8 14 8 14 Equity-settled share-based payments 22 5 3 5 3 Balance at the end of the year 2,282 2,269 2,290 2,277 Cash Flow Hedge Reserve Balance at the beginning of the year (20) (18) (30) (16) Changes in fair value of cash flow hedges 63 (185) 67 (204) Transfers to net profit ("Fuel") 14 (63) 14 (63) Transfers to net profit ("Foreign exchange losses") 61 127 64 129 Transfers to asset carrying value 10 121 10 121 Taxation on above reserve movements (42) (2) (44) 3 Balance at the end of the year 18 86 (20) 81 (30) Investment Revaluation Reserve Balance at the beginning of the year (81) - - - Changes in fair value of investment in quoted equity instruments 12 40 (81) - - Balance at the end of the year (41) (81) - - Foreign Currency Translation Reserve Balance at the beginning of the year (10) (8) - - Net translation gain on investment in foreign operation 1 - - - Taxation on above reserve movements - (2) - - Balance at the end of the year (9) (10) - - Retained Deficit Balance at the beginning of the year (654) (660) (1,701) (1,849) Net profit for the year 71 81 287 223 Dividends on Ordinary Shares 20 (49) (75) (49) (75) Balance at the end of the year (632) (654) (1,463) (1,701) Total Equity attributable to Shareholders of the Parent Company 1,686 1,504 908 546 Non-controlling Interests Balance at the beginning of the year - - - - Acquired through business combinations 13 2 - - - Total Equity attributable to Non-controlling Interest 2 - - - Total Equity at the End of the Year 1,688 1,504 908 546 2012 Total Equity Balance at the beginning of the year 1,504 1,566 546 395 Shares issued 22 8 14 8 14 Equity-settled share-based payments 22 5 3 5 3 Acquired through business combinations 13 2 - - - Dividends on Ordinary Shares 20 (49) (75) (49) (75) Total comprehensive income/(loss) for the year, net of tax 218 (4) 398 209 ANNUAL FINANCIAL RESULTS FINANCIAL ANNUAL Balance at the End of the Year 1,688 1,504 908 546 AIR NEW ZEALAND The accompanying accounting policies and notes form part of these financial statements. 4 Statement of Changes In Equity Statement 0f Financial Position For the year to 30 June 2012 As at 30 June 2012 GROUP GROUP COMPANY COMPANY 2012 2 011 2012 2 011 NOTES $M $M $M $M Current Assets Bank and short term deposits 5 1,029 860 1,021 852 Trade and other receivables 6 374 377 335 326 Inventories 7 170 167 141 136 Derivative financial assets 18 40 13 41 14 Income taxation 20 14 49 56 Assets held for resale 8 9 3 8 1 Other assets 9 58 41 176 419 Total Current Assets 1,700 1,475 1,771 1,804 Non-Current Assets Trade and other receivables 6 48 52 7 13 Property, plant and equipment 10 3,092 2,714 1,968 1,519 Intangible assets 11 63 56 54 49 Investment in quoted equity instruments 12 203 120 - - Investments in other entities 13 60 54 408 285 Derivative financial assets 18 1 1 1 2 Other assets 9 292 430 525 417 Total Non-Current Assets 3,759 3,427 2,963 2,285 Total Assets 5,459 4,902 4,734 4,089 Current Liabilities Bank overdraft and short term borrowings 5 2 - 6 1 Trade and other payables 373 369 332 331 Revenue in advance 14 902 888 893 868 Interest-bearing liabilities 15 155 152 83 53 Derivative financial liabilities 18 14 166 15 168 Provisions 16 61 79 60 77 Other liabilities 19 176 162 862 1,033 Total Current Liabilities 1,683 1,816 2,251 2,531 Non-Current Liabilities Revenue in advance 14 135 122 134 122 Interest-bearing liabilities 15 1,537 1,103 1,039 555 Derivative financial liabilities 18 - 7 1 9 Provisions 16 94 88 94 88 Other liabilities 19 25 31 117 105 Deferred taxation 21 297 231 190 133 Total Non-Current Liabilities 2,088 1,582 1,575 1,012 Total Liabilities 3,771 3,398 3,826 3,543 Net Assets 1,688 1,504 908 546 Equity Issued capital 22 2,282 2,269 2,290 2,277 Reserves (596) (765) (1,382) (1,731) 2012 Parent interests 1,686 1,504 908 546 Non-controlling interests 13 2 - - - Total Equity 1,688 1,504 908 546 ANNUAL FINANCIAL RESULTS FINANCIAL ANNUAL John Palmer Roger France CHAIRMAN DIRECTOR For and on behalf of the Board, 30 August 2012 AIR NEW ZEALAND The accompanying accounting policies and notes form part of these financial statements.
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