Air New Zealand 2008 Annual Report Download - page 18

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AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR TO 30 JUNE 2008
5. EARNINGS PER SHARE
GROUP
2008
GROUP
2007
Earnings per share attributable to equity holders of the Company
Basic earnings per share (cents) 20.7 21.6
Diluted earnings per share (cents) 20.7 21.1
$M $M
Earnings attributable to equity holders of the Company
Earnings for the purpose of basic earnings per share 218 221
Effect of dilutive ordinary shares:
- Convertible notes - 1
Earnings for the purpose of diluted earnings per share 218 222
Weighted average number of shares (in millions of shares)
Weighted average number of ordinary shares for basic earnings per share 1,055 1,022
Effect of dilutive ordinary shares:
- Convertible notes - 28
Weighted average number of ordinary shares for diluted earnings per share 1,055 1,050
All redeemable convertible notes were converted into Ordinary Shares on 14 February 2007.
6. NOTES TO THE STATEMENT OF CASH FLOWS
Composition of Closing Cash and Cash Equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, are reconciled to the related balances in the Statement of Financial Position as
follows:
GROUP
2008
$M
GROUP
2007
$M
COMPANY
2008
$M
COMPANY
2007
$M
Cash balances 33 55 22 47
Other short term deposits and short term bills 1,256 1,003 1,257 1,004
Bank and short term deposits 1,289 1,058 1,279 1,051
Bank overdraft and short term borrowings - (1) (1) (1)
Total cash and cash equivalents 1,289 1,057 1,278 1,050
Receipts and payments in respect of funding to/from related parties have been combined to present a net cash flow in the Company. Given the large
amounts involved and the short maturities of the deals, it is considered more appropriate to present these flows as net.
Reconciliation of Net Profit Attributable to Shareholders to Net Cash Flows from Operating Activities:
Net profit attributable to shareholders 218 221 184 (53)
Plus/(less) non-cash items:
Depreciation and amortisation 318 322 194 192
Loss/(gain) on disposal of property, plant and equipment and intangibles 4 (4) 6 (3)
Share of surplus of associates - (1) - -
Unrealised (gains)/losses on fuel derivatives (129) 1 (129) 1
Foreign exchange losses/(gains) 16 (49) 2 107
Other non-cash items 21 9 104 36
448 499 361 280
Net working capital movements:
Assets (25) (4) (34) (199)
Revenue in advance 81 87 101 96
Deferred foreign exchange losses/(gains) 81 (171) 81 (171)
Liabilities 158 44 113 72
295 (44) 261 (202)
Net cash flow from operating activities 743 455 622 78
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