Air New Zealand 2008 Annual Report Download - page 47

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AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2008
AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2008
26. RELATED PARTIES (CONTINUED)
Associates
Transactions between Air New Zealand and its associates were as follows:
GROUP
2008
$M
GROUP
2007
$M
COMPANY
2008
$M
COMPANY
2007
$M
Operating revenue 1 1 - -
Operating expenditure (1) - - -
Reversal of provision for impairment in investment
(included within “Other expenses”) 2 - - -
During the year 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 in the normal course of
business on standard commercial terms. No related party debts have been forgiven during the year.
27. SUBSEQUENT EVENT
On 1 August 2008, the Group disposed of two Boeing 747-400 aircraft under a sale and leaseback arrangement. The sale resulted in a gain on sale of
$9 million and the undertaking for future lease commitments of $77 million.
28. EXPLANATION OF TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (NZ IFRS)
These are Air New Zealand’s first annual financial statements prepared in accordance with NZ IFRS.
The Statement of Accounting Policies presents the accounting policies applied in preparing the financial statements for the year ended 30 June 2008,
the comparative information for the year ended 30 June 2007 and the opening NZ IFRS Statement of Financial Position as at 1 July 2006 (transition
date). NZ IFRS 1: First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards (“NZ IFRS 1”) has been applied. In
preparing the opening NZ IFRS Statement of Financial Position and Financial Statements for the year ended 30 June 2007, Air New Zealand has
adjusted amounts reported previously in financial statements which were prepared in accordance with its former basis of accounting under previous
NZ GAAP (previous GAAP).
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