Air New Zealand 2008 Annual Report Download

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2008
A N N U A L F I N A N C I A L R E S U L T S

Table of contents

  • Page 1
    2008 ANNUAL FINANCIAL RESULTS

  • Page 2

  • Page 3
    ... in Equity Statement of Financial Position Statement of Cash Flows 2 3 4 5 Statement of Accounting Policies Notes to the Financial Statements Audit Report Five Year Statistical Review 6 13 49 51 GENERAL INFORMATION Corporate Governance at Air New Zealand Directors' Profiles Directors' Interests...

  • Page 4
    AIR NEW ZEALAND STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR TO 30 JUNE 2008 NOTES GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M Operating Revenue Passenger revenue Cargo Contract services Other revenue 1&2 3,808 416 287 156 4,667 (966) (1,122) (247) (412) (254) (330) (389) ...

  • Page 5
    AIR NEW ZEALAND STATEMENT OF MOVEMENTS IN EQUITY FOR THE YEAR TO 30 JUNE 2008 NOTES GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M Changes in fair value of cash ï¬,ow hedges Transfers to net profit from cash ï¬,ow hedge reserve Transfers to asset carrying value from cash ï¬,ow ...

  • Page 6
    AIR NEW ZEALAND STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2008 NOTES GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M Current Assets Bank and short term deposits Trade and other receivables Inventories Derivative financial assets Income taxation Other assets Total Current ...

  • Page 7
    AIR NEW ZEALAND STATEMENT OF CASH FLOWS FOR THE YEAR TO 30 JUNE 2008 NOTES GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M Cash Flows from Operating Activities Receipts from customers Payments to suppliers and employees Income tax refund/(paid) Interest paid Interest received ...

  • Page 8
    ... directors on 26 August 2008. Basis of measurement The financial statements have been prepared on the historical cost basis, with the exception of certain items as identified in specific accounting policies below and are presented in New Zealand Dollars which is the Company's functional currency...

  • Page 9
    AIR NEW ZEALAND STATEMENT OF ACCOUNTING POLICIES (CONTINUED) BASIS OF CONSOLIDATION The consolidated financial statements include those of the Company and its subsidiaries, accounted for using the purchase method, and the results of its associates, accounted for using the equity method. ...

  • Page 10
    AIR NEW ZEALAND STATEMENT OF ACCOUNTING POLICIES (CONTINUED) Other revenue Other revenue is recognised at the time the service is provided. Loyalty programmes The fair value of revenues associated with the award of Airpoints Dollars to Airpoints members as part of the initial sales transaction is ...

  • Page 11
    ...Trade and other payables Trade and other payables are stated at cost. DERIVATIVE FINANCIAL INSTRUMENTS Air New Zealand uses derivative financial instruments to manage its exposure to foreign exchange, fuel price and interest rate risks arising from operational, financing and investment activities...

  • Page 12
    AIR NEW ZEALAND STATEMENT OF ACCOUNTING POLICIES (CONTINUED) PROPERTY, PLANT AND EQUIPMENT Owned assets Items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable ...

  • Page 13
    ... using the weighted average cost method. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. SHARE CAPITAL Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new shares or...

  • Page 14
    ... plan's assets, adjusted for any unrecognised actuarial gains or losses and unrecognised past service costs. The discount rate reï¬,ects the yield on government bonds that have maturity dates approximating the terms of Air New Zealand's obligations. When the calculation results in a benefit to Air...

  • Page 15
    ... TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 30 JUNE 2008 1. SEGMENTAL INFORMATION Air New Zealand operates predominantly in one segment, its primary business being the transportation of passengers and cargo on scheduled airline services to, from and within New Zealand. Geographical An analysis of...

  • Page 16
    ...) 3. DERIVATIVE FINANCIAL INSTRUMENTS Air New Zealand is subject to credit, foreign currency, interest rate, and fuel price risks. These risks are managed using various financial instruments, based on policies approved regularly by the Board of directors. Air New Zealand's objectives, policies and...

  • Page 17
    ... Zealand corporate income tax rate reduces to 30% from the commencement of the 2009 income year. The impact of the tax rate change included in the 2007 financial statements was calculated based on the forecast deferred tax liability for Air New Zealand at 30 June 2008 (which was subject to a number...

  • Page 18
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 30 JUNE 2008 (CONTINUED) 5. EARNINGS PER SHARE GROUP 2008 GROUP 2007 Earnings per share attributable to equity holders of the Company Basic earnings per share (cents) Diluted earnings per share (cents) 20.7 20.7 $M 21.6 21.1 $M ...

  • Page 19
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 7. TRADE AND OTHER RECEIVABLES GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M Current Trade receivables Other receivables Less: allowance for doubtful debts Prepayments 382 4 (3) 383 79 462 386 4 (2) ...

  • Page 20
    ... $M COMPANY 2008 $M COMPANY 2007 $M Current Contract work in progress Aircraft assets intended for resale Amounts owing from subsidiaries Amounts owing from associates Other assets (including defined benefit assets) Non-current Capital work in progress Progress payments on aircraft, engines and...

  • Page 21
    ... NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 10. PROPERTY, PLANT AND EQUIPMENT GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M Property, plant and equipment comprises: Aircraft, spare engines and simulators Spares Plant and equipment Land and buildings...

  • Page 22
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 10. PROPERTY, PLANT AND EQUIPMENT (CONTINUED) GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M LAND AND BUILDINGS Cost Accumulated depreciation Carrying value at beginning of the year Additions ...

  • Page 23
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 11. INTANGIBLE ASSETS GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M Intangible assets comprise: Internally developed software Externally purchased software Goodwill 22 17 1 40 23 24 47 20 15 35 21 ...

  • Page 24
    ...has a balance date of 31 December. GROUP 2008 $M GROUP 2007 $M Carrying amount Christchurch Engine Centre Travel Software Solutions Pty Limited 48 1 49 46 1 47 Summarised financial information of associates - 100%: Assets Liabilities Revenue Profit after taxation Results of associates Share of...

  • Page 25
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 13. REVENUE IN ADVANCE GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M Current Transportation sales in advance Loyalty programme 707 115 822 628 120 748 701 114 815 601 120 721 Non-current Loyalty ...

  • Page 26
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 15. PROVISIONS GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M Provisions Aircraft lease return costs Restructuring Represented by: Current Non-current 143 143 27 116 143 136 10 146 55 91 146 142 142 ...

  • Page 27
    ... Air New Zealand is subject to credit, foreign currency, interest rate, and fuel price risks. These risks are managed with various financial instruments, using a set of policies approved by the Board of directors. Compliance with these policies is reviewed and reported monthly to the Board...

  • Page 28
    ... NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 16. FINANCIAL INSTRUMENTS (CONTINUED) Air New Zealand's exposure to foreign exchange risk on financial instruments outstanding at reporting date is summarised as follows: GROUP AS AT 30 JUNE 2008 In NZ$M Foreign currency risk Non...

  • Page 29
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 16. FINANCIAL INSTRUMENTS (CONTINUED) COMPANY AS AT 30 JUNE 2008 In NZ$M Foreign currency risk Non-derivative financial instruments Cash and cash equivalents Security deposit Trade and other receivables (excluding ...

  • Page 30
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 16. FINANCIAL INSTRUMENTS (CONTINUED) COMPANY AS AT 30 JUNE 2007 In NZ$M Foreign currency risk Non-derivative financial instruments Cash and cash equivalents Security deposit Trade and other receivables (excluding ...

  • Page 31
    ... SIGNIFICANT FOREIGN EXCHANGE RATES USED AT BALANCE DATE FOR ONE NEW ZEALAND DOLLAR ARE: 2008 2007 Australian Dollar European Community Euro Japanese Yen United Kingdom Pound United States Dollar Fuel price risk 0.7921 0.4822 80.92 0.3817 0.7612 0.9096 0.5723 94.81 0.3843 0.7698 Air New Zealand...

  • Page 32
    ... rate risk is the risk of loss to Air New Zealand arising from adverse ï¬,uctuations in interest rates. Air New Zealand has exposure to interest rate risk as a result of the long-term borrowing activities which are used to fund ongoing activities. It is the Group's policy to ensure the interest rate...

  • Page 33
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 16. FINANCIAL INSTRUMENTS (CONTINUED) The following table sets out the contractual, undiscounted cash ï¬,ows for non-derivative financial liabilities: GROUP AS AT 30 JUNE 2008 BALANCE SHEET $M CONTRACTUAL CASH FLOWS ...

  • Page 34
    ... of dividends paid to shareholders, initiating dividend reinvestment opportunities, returning capital to shareholders, issuing new shares or selling assets to reduce debt. The capital management policies and guidelines are regularly reviewed by the Board of directors. The Group monitors capital on...

  • Page 35
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 16. FINANCIAL INSTRUMENTS (CONTINUED) The accounting classification of each category of financial instruments, and their carrying amounts, are set out below: GROUP AS AT 30 JUNE 2008 LOANS AND RECEIVABLES $M NON-...

  • Page 36
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 16. FINANCIAL INSTRUMENTS (CONTINUED) COMPANY AS AT 30 JUNE 2008 LOANS AND RECEIVABLES $M NON-HEDGE ACCOUNTED* $M AMORTISED COST $M HEDGE ACCOUNTED $M CARRYING AMOUNT $M FAIR VALUE $M Classification and fair values ...

  • Page 37
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 17. OTHER LIABILITIES GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M Current Employee entitlements Amounts owing to subsidiaries Amounts owing to associates Deferred credits with subsidiaries Other ...

  • Page 38
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 19. DEFERRED TAXATION Deferred tax assets and liabilities are attributable to the following: FOREIGN CURRENCY DEBT $M PROVISIONS AND ACCRUALS $M DERIVATIVE FINANCIAL INSTRUMENTS $M NON-AIRCRAFT ASSETS $M AIRCRAFT ...

  • Page 39
    ... year ended 30 June 2008 in respect of equity-settled share-based transactions was $2 million (30 June 2007: $1 million). GROUP AND COMPANY 2008 LONG TERM INCENTIVE PLAN 2008 2001 SHARE OPTION PLAN* 2007 LONG TERM INCENTIVE PLAN 2007 2001 SHARE OPTION PLAN* Number of options outstanding Outstanding...

  • Page 40
    ...anniversary of exit if the participants leave the Group in certain specified circumstances. Application of Treasury Stock method Unallocated shares of the Air New Zealand Staff Share Schemes are accounted for under the Treasury Stock method, and deducted from Ordinary Share capital on consolidation...

  • Page 41
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 21. EQUITY RESERVES GROUP 2008 $M GROUP 2007 $M COMPANY 2008 $M COMPANY 2007 $M Cash ï¬,ow hedge reserve Balance at the beginning of the year Changes in fair value of cash ï¬,ow hedges Transfers to net profit ("Fuel...

  • Page 42
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 22. CAPITAL COMMITMENTS (CONTINUED) On 22 September 2004, the Board of directors approved a plan to purchase seventeen Bombardier Q300 (Q300) aircraft and associated engines to replace the Group's SAAB 340 ï¬,eet. ...

  • Page 43
    ... companies within the Group. Air New Zealand treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee. 25. RETIREMENT BENEFIT OBLIGATIONS Defined benefit plans The Group operates a number...

  • Page 44
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 25. RETIREMENT BENEFIT OBLIGATIONS (CONTINUED) GROUP AND COMPANY 2008 $M 2007 $M Major categories of plan assets: Fixed interest unit fund Property unit fund New Zealand equity unit fund Overseas equity unit fund ...

  • Page 45
    ... term employee costs Directors' fees Share based payments 5 1 2 8 6 1 1 8 5 1 2 8 6 1 1 8 Certain key management personnel (including directors) have relevant interests in a number of companies (including non-executive directorships) with which Air New Zealand provides aircraft related services...

  • Page 46
    ... June 2008, the Company contributed share capital of $425 million to Air New Zealand Aircraft Holdings Limited which enabled the reversal of the remaining impairment of the related party receivable ($227 million). The investment was assessed for impairment at balance date using a value in use model...

  • Page 47
    ... ended 30 June 2008, Air New Zealand Limited paid $7 million to Christchurch Engine Centre for the surrender of a lease at Christchurch airport. Other related party disclosures Other balances and transactions with related parties are not considered material to Air New Zealand and are entered into...

  • Page 48
    ...$M 2006 ASSETS $M 2006 LIABILITIES $M 2006 EQUITY $M Previous GAAP Deemed cost exemption Jet aircraft residual value hedge Financial instruments Maintenance Customer loyalty programme Defined benefit plans Share based payments Taxation Restated under NZ IFRS** COMPANY As at and for the year to 30...

  • Page 49
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2008 (CONTINUED) 28. EXPLANATION OF TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (NZ IFRS) (CONTINUED) Jet aircraft residual value hedge Under previous GAAP, the Group designated the USD denominated residual values of the...

  • Page 50
    ... NZ IFRS in certain subsidiaries within the Air New Zealand Group triggered a review for impairment of the carrying value of intercompany advances and investments in respect of those subsidiaries, resulting in a decrease in the Company's other assets and equity on transition to NZ IFRS. Taxation NZ...

  • Page 51
    AUDIT REPORT TO THE READERS OF THE AIR NEW ZEALAND LIMITED AND GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008 The Auditor-General is the auditor of Air New Zealand Limited (the Company) and Group. The Auditor-General has appointed me, Andrew Burgess, using the staff and resources of ...

  • Page 52
    ...audit report relates to the financial statements of Air New Zealand Limited (the Company) and Group for the year ended 30 June 2008 included on Air New Zealand Limited's website. The Company's Board of Directors is responsible for the maintenance and integrity of the Air New Zealand Limited website...

  • Page 53
    AIR NEW ZEALAND HISTORICAL SUMMARY OF FINANCIAL PERFORMANCE FIVE YEAR STATISTICAL REVIEW For the year to 30 June 2008 $M 2007 $M 2006 $M 2005 $M 2004 $M Operating Revenue Passenger revenue Cargo Contract services Other revenue Operating Expenditure Labour Fuel Maintenance Aircraft operations ...

  • Page 54
    AIR NEW ZEALAND HISTORICAL SUMMARY OF FINANCIAL POSITION FIVE YEAR STATISTICAL REVIEW As at 30 June 2008 $M 2007 $M 2006 $M 2005 $M 2004 $M Current Assets Bank and short term deposits Other current assets Total Current Assets Non-Current Assets Property, plant and equipment Other non-current ...

  • Page 55
    AIR NEW ZEALAND FINANCIAL RATIOS FIVE YEAR STATISTICAL REVIEW 2008 $M 2007 $M 2006 $M 2005 $M 2004 $M PROFITABILITY EBIT/Revenue 1 EBITDRA/Revenue1 Return on Total Gross Assets 2 Return on Assets 3 Return on Equity 4 Basic Earnings Per Ordinary Share 6 Fixed Cover 7 Passenger Revenue/RPK ...

  • Page 56
    AIR NEW ZEALAND KEY OPERATING STATISTICS FIVE YEAR STATISTICAL REVIEW For the year to 30 June 2008 2007 2006 2005 2004 PASSENGERS CARRIED (000) Domestic International Australia and Pacific Islands Asia and Europe North America and Europe Total Total Group AVAILABLE SEAT KILOMETRES (m) Domestic ...

  • Page 57
    AIR NEW ZEALAND HISTORICAL SUMMARY OF DEBT FIVE YEAR STATISTICAL REVIEW As at 30 June 2008 $M 2007 $M 2006 $M 2005 $M 2004 $M DEBT Convertible notes Secured borrowings Finance lease liabilities Bank overdraft and short term borrowings Bank and short term deposits Interest bearing secured deposit (...

  • Page 58
    ... process relating to that matter. • T rading in Air New Zealand Securities Directors and employees of Air New Zealand are subject to limitations on their ability to buy or sell Air New Zealand shares in accordance with Air New Zealand's Securities Trading Policy, the NZSX and ASX Listing Rules...

  • Page 59
    ... keep investors and staff informed of all material information about Air New Zealand and to ensure compliance with disclosure requirements under legislation and stock exchange listing rules. Board and Committee charters and policies of public relevance are published on Air New Zealand's web site at...

  • Page 60
    ... (CONTINUED) DIFFERENCES IN PRACTICE TO NZX CODE AND ASX RECOMMENDATIONS Under the NZSX and ASX Listing Rules, Air New Zealand is required to disclose in this annual report the extent to which its corporate governance practices materially differ from the principles set out in the NZX Code and the...

  • Page 61
    ...nance sectors. Mr Palmer is Chairman of Solid Energy New Zealand Limited and serves as a director of AMP Limited, AMP Life Limited, Rabobank Australia Limited and Rabobank NZ Limited. Since 2001 he has led the Board through a successful period of rebuilding Air New Zealand, and was named as Company...

  • Page 62
    ... experience in management and in corporate governance best practice. He is a director of a number of companies including Solid Energy Limited, Dairy Equity Limited and Horizon Energy Limited. Mr McDonald is a graduate from the Advanced Management Programme at Harvard University Business School. 60

  • Page 63
    ... by Directors of Air New Zealand Limited holding office at 30 June 2008, pursuant to section 140(2) of the Companies Act 1993. Where applicable, the disclosures also include directorships of subsidiaries of the relevant companies. John Palmer AMP Limited AMP Life Limited Rabobank Australia Limited...

  • Page 64
    ... University Foundation John McDonald Air New Zealand Superannuation Scheme Dairy Equity Limited Fletcher Building Employee Educational Fund Limited Fletcher Building Retirement Plan Fletcher Building Share Schemes Limited Horizon Energy Limited HY-FI Securities Limited Pohutukawa Private Equity...

  • Page 65
    ... fees and remuneration from Air New Zealand Limited in the year to 30 June 2008 1 COMMITTEE FEES TOTAL REMUNERATION VALUE OF TRAVEL ENTITLEMENT 3 NAME FEES John Palmer (Chairman) Roger France (Deputy Chairman) Ken Douglas Dr Jim Fox Jane Freeman 2 Warren Larsen John McDonald 242,000 93,000...

  • Page 66
    ... IN AIR NEW ZEALAND SECURITIES The relevant interests of directors in Air New Zealand's securities at the date of this Annual Report are summarised in the table below: BENEFICIAL INTEREST AT 30/06/08 SHARES SOLD SHARES PURCHASED DATE OF TRANSACTION NON-BENEFICIAL INTEREST NAME COST John Palmer...

  • Page 67
    ...Zealand Holidays Limited Air New Zealand International Limited Air New Zealand Travel Business Limited Altitude Aerospace Interiors Limited (formerly Travelseekers International Limited) ANEX Holdings Limited ANNZES Engines Christchurch Limited Ansett Australia & Air New Zealand Engineering Services...

  • Page 68
    .../JHB/MJF/TNH 1 ACP 2/AMS/JHB/MJF/TNH 1 JHB/CWN/SWW NON-AUSTRALASIAN COMPANIES Air New Zealand Travel Services Limited (formerly Blue Pacific Tours Co Limited (Japan)) Mount Cook Tours Limited (USA) DIRECTORS DWM/JHB/TST2/CM JHB/PW DIRECTORS ACP AMS BP CWN CM DAR DWM GRS GK HJBR JGM JGH JHB JJR...

  • Page 69
    AIR NEW ZEALAND EMPLOYEE REMUNERATION Remuneration earned in 2008 including base, incentive payments and options issued under the LTI scheme relating to 2008 performance NZ MGMT & EXEC Remuneration earned in 2007 including base, incentive payments and options issued under the LTI scheme relating ...

  • Page 70
    AIR NEW ZEALAND SHAREHOLDER STATISTICS Top Twenty Shareholders - 1 August 2008 NUMBER OF ORDINARY SHARES % OF ORDINARY SHARES Her Majesty The Queen In Right Of New Zealand HSBC Nominees (New Zealand) Limited (State Street) -NZCSD National Nominees New Zealand Limited - NZCSD Accident Compensation ...

  • Page 71
    ... On-Market Share Buybacks The Company is not, at the date of this Annual Report, undertaking any on-market share buy-backs. Non-Marketable Parcels of Shares As at 1 August 2008, 4,605 shareholders held Ordinary Shares of less than a marketable parcel (as defined by the NZSX Listing Rules). 69

  • Page 72
    AIR NEW ZEALAND OPERATING FLEET STATISTICS AS AT 30 JUNE 2008 Boeing 747-400 Number: 8 Average Age: 14.2 years Maximum Passengers: 379 Cruising Speed: 920 km/hr Average Range: 11,850 km Av. Daily Utilisation: 14:01hrs Boeing 777-200ER Number: 8 Average Age: 2.2 years Maximum Passengers: 313 ...

  • Page 73
    ... NZSX Listing Rule 8.1.3 to allow Air New Zealand to issue options under the Executive Officer Option Incentive Plan to the Chief Executive Officer of Air New Zealand with an exercise price which may be less than 90% of the Average Market Price of Air New Zealand's ordinary shares at the date of...

  • Page 74
    AIR NEW ZEALAND GENERAL INFORMATION (CONTINUED) THE TAKEOVERS CODE The powers of the Board outlined above in relation to limiting acquisitions of its securities are in addition to the requirements of the New Zealand Takeovers Code. The Takeovers Code contains the following rules regulating ...

  • Page 75
    ...Deloitte House 8 Nelson Street PO Box 33 Auckland, New Zealand Registered Office New Zealand Air New Zealand Limited Air New Zealand House 185 Fanshawe Street Auckland 1010 Postal: Private Bag 92007 Auckland 1142, New Zealand Phone: (64 9) 336 2400 Fax: (64 9) 336 2401 AK/104799 Australia Level 11...

  • Page 76
    74