Air New Zealand 2009 Annual Report Download

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2009
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
    2009 ANNUAL FINANCIAL RESULTS

  • Page 2

  • Page 3
    ... Financial Statements Audit Report Five Year Statistical Review 6 13 48 50 GENERAL INFORMATION Corporate Governance at Air New Zealand Directors' Profiles Directors' Interests Directors' Remuneration Directors' Interests in Air New Zealand Securities Subsidiary Companies 55 58 59 61 62 63 Employee...

  • Page 4
    AIR NEW ZEALAND STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR TO 30 JUNE 2009 NOTES GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $M Operating Revenue Passenger revenue Cargo Contract services Other revenue 1&2 3,734 374 331 170 4,609 (1,019) (1,687) (327) (423) (275) (295) 366 (...

  • Page 5
    AIR NEW ZEALAND STATEMENT OF MOVEMENTS IN EQUITY FOR THE YEAR TO 30 JUNE 2009 NOTES GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $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 2009 NOTES GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $M Current Assets Bank and short term deposits Trade and other receivables Inventories Derivative financial assets Income taxation Assets held for resale Other ...

  • Page 7
    AIR NEW ZEALAND STATEMENT OF CASH FLOWS FOR THE YEAR TO 30 JUNE 2009 NOTES GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $M Cash Flows from Operating Activities Receipts from customers Dividend income from subsidiaries Payments to suppliers and employees Income tax (paid)/refund ...

  • Page 8
    ... of passengers and cargo on scheduled airline services. STATUTORY BASE Air New Zealand Limited is a company domiciled in New Zealand, registered under the Companies Act 1993 and listed on the New Zealand and Australian Stock Exchanges. The Company is an issuer under the Financial Reporting Act 1993...

  • Page 9
    ... 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 deferred, net of estimated expiry (non-redeemed Airpoints Dollars), until the Airpoints member has redeemed their points...

  • Page 10
    ... of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received) are recognised as an expense in the Statement of Financial Performance on a straight-line basis over the term of the lease...

  • Page 11
    AIR NEW ZEALAND STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR TO 30 JUNE 2009 (CONTINUED) 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 ...

  • Page 12
    ... recoverable amounts are based on the directors' current assessment of the Group's future trading prospects and the assets' ultimate net sale proceeds and have been discounted to their net present value. Aircraft which have been withdrawn from service and have no intention of being reintroduced...

  • 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
    AIR NEW ZEALAND STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR TO 30 JUNE 2009 (CONTINUED) Share based compensation All equity options are disclosed in the notes to the financial statements. The fair value (at grant date) of options granted to employees is recognised as an expense, within the ...

  • Page 15
    ... TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 30 JUNE 2009 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
    ... by the Board of directors. Air New Zealand's objectives, policies and processes for managing these risks are described more fully in Note 17. Derivatives are required to be recognised in the Statement of Financial Position at their fair market value, with subsequent changes in fair value being...

  • Page 17
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 30 JUNE 2009 (CONTINUED) 4. TAXATION EXPENSE GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $M Current taxation expense Current year Adjustment for prior periods Deferred taxation expense Origination and reversal of ...

  • Page 18
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 30 JUNE 2009 (CONTINUED) 5. EARNINGS PER SHARE GROUP 2009 GROUP 2008 Earnings per share attributable to equity holders of the Company Basic and diluted earnings per share (cents) 2.0 $M 20.7 $M 218 Earnings attributable to ...

  • Page 19
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 7. TRADE AND OTHER RECEIVABLES GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $M Current Trade receivables Other receivables Less: allowance for doubtful debts Prepayments 286 12 (3) 295 67 362 382 4 (3) ...

  • Page 20
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 8. INVENTORIES GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $M Engineering expendables Consumable stores 122 21 143 119 24 143 96 27 123 111 12 123 89 21 110 88 22 110 82 27 109 98 11 109 Held ...

  • Page 21
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 11. PROPERTY, PLANT AND EQUIPMENT GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $M Property, plant and equipment comprises: Aircraft, spare engines and simulators Spares Plant and equipment Land and ...

  • Page 22
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 11. PROPERTY, PLANT AND EQUIPMENT (CONTINUED) GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $M PLANT AND EQUIPMENT Cost Accumulated depreciation Carrying value at beginning of year Additions Addition from ...

  • Page 23
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 11. PROPERTY, PLANT AND EQUIPMENT (CONTINUED) AIRCRAFT MARKET VALUES The market values of aircraft tend to ï¬,uctuate from year to year. The directors have obtained independent valuations as at 30 June 2009 from The ...

  • Page 24
    ...: NAME Christchurch Engine Centre (CEC) Travel Software Solutions Pty Limited VCubed Pty Limited % OWNED 49 25 26 PRINCIPAL ACTIVITY Engineering services Airline reservation systems Online booking exchange COUNTRY OF INCORPORATION New Zealand Australia Australia All associates have a balance date...

  • Page 25
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 13. INVESTMENTS (CONTINUED) GROUP 2009 $M GROUP 2008 $M Summarised financial information of associates - 100%: Assets Liabilities Revenue Profit after taxation Results of associates Share of profit before taxation...

  • Page 26
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 13. INVESTMENTS (CONTINUED) Acquisition related costs recognised within Other expenses in the Statement of Financial Performance were $1 million (30 June 2008: Nil). Under the amendments to NZ IFRS 3: Business ...

  • Page 27
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 15. INTEREST-BEARING LIABILITIES (CONTINUED) GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $M Finance lease liabilities Repayable as follows: Not later than 1 year Later than 1 year and not later than 5 ...

  • Page 28
    ...the International Aviation Travel Association (IATA) clearing mechanism which undertakes its own credit review of members. MARKET RISK Foreign currency risk Foreign currency risk is the risk of loss to Air New Zealand arising from adverse ï¬,uctuations in exchange rates. Air New Zealand has exposure...

  • Page 29
    ... ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 17. 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 2009 In NZ$M Foreign currency...

  • Page 30
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 17. FINANCIAL INSTRUMENTS (CONTINUED) COMPANY AS AT 30 JUNE 2009 In NZ$M Foreign currency risk Non-derivative financial instruments Cash and cash equivalents Other interest-bearing assets Trade and other receivables...

  • Page 31
    ... currencies are evaluated by converting first to United States Dollars and then applying the above change against the New Zealand Dollar. All other variables are held constant. This analysis does not include future forecast hedged operating or capital transactions. GROUP AS AT 30 JUNE 2009 In NZ...

  • Page 32
    ... FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 17. FINANCIAL INSTRUMENTS (CONTINUED) SIGNIFICANT FOREIGN EXCHANGE RATES USED AT BALANCE DATE FOR ONE NEW ZEALAND DOLLAR ARE: 2009 2008 Australian Dollar European Community Euro Japanese Yen United Kingdom Pound United States Dollar Fuel price...

  • Page 33
    ...far as possible through strategic management actions. The estimated fair values as disclosed should not be considered indicative of future earnings on these contracts. LIQUIDITY RISK Air New Zealand holds significant cash reserves to enable it to meet its liabilities as they fall due and to protect...

  • Page 34
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 17. FINANCIAL INSTRUMENTS (CONTINUED) COMPANY AS AT 30 JUNE 2009 BALANCE SHEET $M CONTRACTUAL CASH FLOWS $M < 1 YEAR $M 1-2 YEARS $M 2-5 YEARS $M 5+ YEARS $M Trade and other payables Finance lease obligations Amounts...

  • Page 35
    ... 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 36
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 17. FINANCIAL INSTRUMENTS (CONTINUED) GROUP 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 2009 (CONTINUED) 17. 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 38
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 19. DISTRIBUTIONS TO OWNERS GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $M Distributions recognised Final dividend for 2008 financial year on Ordinary Shares Interim dividend for 2009 financial year on...

  • Page 39
    ... GROUP 2009 2,215 10 2 2,227 2,223 4 2,227 GROUP 2008 2,235 7 3 2,245 2,238 7 2,245 COMPANY 2009 2,223 10 2 2,235 2,231 4 2,235 COMPANY 2008 Number of Ordinary shares on issue Balance at the beginning of the year Mandatory shares issued under Long Term Incentive Plan Dividend reinvestment plan...

  • Page 40
    ... reï¬,ecting restrictions placed on the transfer of the shares under the terms of the Long Term Incentive Plan Rules (26 September 2007: $1.616 per Ordinary Share). During the year ended 30 June 2009, 7,641,188 Ordinary Shares were issued under the dividend reinvestment plan (30 June 2008: 5,055,222...

  • Page 41
    ... were as follows: GROUP AND COMPANY 2009 2008 Weighted average share price (cents) Expected volatility of share price (%) Expected volatility of performance benchmark index (%) Correlation of volatility indices Expected life (years) Risk free rate (%) Expected dividend yield Discount to reï¬,ect...

  • Page 42
    ... term yields for government bonds. The expected life used in calculating the value of options was determined by analysis of the attrition rates and early exercise behaviour of staff in long term incentive programmes in similar large corporates. 2001 Share Option Plan The Company established the 2001...

  • Page 43
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 22. EQUITY RESERVES GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $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 44
    ... New Zealand has been named in four class actions. One, in Australia, claims travel agents commission on fuel surcharges and two (one in Australia and the other in the United States) make allegations against more than 30 airlines, of anti competitive conduct in relation to pricing in the air cargo...

  • Page 45
    ... 2009 (CONTINUED) 25. CONTINGENT LIABILITIES (CONTINUED) The allegations made in relation to the air cargo business are also the subject of investigations by regulators in a number of jurisdictions including New Zealand, the United States and the European Union. A formal Statement of Objections...

  • Page 46
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 26. RETIREMENT BENEFIT OBLIGATIONS (CONTINUED) GROUP AND COMPANY 2009 $M 2008 $M Major categories of plan assets: Fixed interest unit fund Property unit fund New Zealand equity unit fund Overseas equity unit fund ...

  • Page 47
    ... Share based payments 7 1 3 11 5 1 2 8 7 1 3 11 5 1 2 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 in the normal course of business...

  • Page 48
    ... the Company contributed share capital of $425 million to Air New Zealand Aircraft Holdings Limited. The capitalisation enabled the reversal of the impairment of the related party receivable ($227 million). The investment in the subsidiary was assessed for impairment as at balance date using a value...

  • Page 49
    AIR NEW ZEALAND NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2009 (CONTINUED) 27. RELATED PARTIES (CONTINUED) Associates Transactions between Air New Zealand and its associates were as follows: GROUP 2009 $M GROUP 2008 $M COMPANY 2009 $M COMPANY 2008 $M Operating revenue Operating expenditure ...

  • Page 50
    ... of Air New Zealand Limited (the Company) and Group. The Auditor-General has appointed me, Andrew Burgess, using the staff and resources of Deloitte, to carry out the audit of the financial statements of the Company and Group, on his behalf, for the year ended 30 June 2009. Unqualified Opinion In...

  • Page 51
    ...-General Auckland, New Zealand Matters Relating to the Electronic Presentation of the Audited Financial Statements This audit report relates to the financial statements of Air New Zealand Limited (the Company) and Group for the year ended 30 June 2009 included on Air New Zealand Limited's website...

  • Page 52
    AIR NEW ZEALAND HISTORICAL SUMMARY OF FINANCIAL PERFORMANCE FIVE YEAR STATISTICAL REVIEW For the year to 30 June 2009 $M 2008 $M 2007 $M 2006 $M 2005 $M Operating Revenue Passenger revenue Cargo Contract services Other revenue Operating Expenditure Labour Fuel Maintenance Aircraft operations ...

  • Page 53
    AIR NEW ZEALAND HISTORICAL SUMMARY OF FINANCIAL POSITION FIVE YEAR STATISTICAL REVIEW As at 30 June 2009 $M 2008 $M 2007 $M 2006 $M 2005 $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 54
    ...57.2 Net Tangible Assets Per Share 5,6 Working Capital Ratio 11 SHAREHOLDER VALUE Closing Share Price 30 June 6 Weighted Average Number of Ordinary Shares 6 Total Number of Ordinary Shares 6 Total Market Capitalisation Total Shareholder Return 1. 2. 3. 4. 5. 6. $ m m $m % 0.90 1,061 1,065 959 (17...

  • Page 55
    AIR NEW ZEALAND KEY OPERATING STATISTICS FIVE YEAR STATISTICAL REVIEW For the year to 30 June 2009 2008 2007 2006 2005 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 56
    AIR NEW ZEALAND HISTORICAL SUMMARY OF DEBT FIVE YEAR STATISTICAL REVIEW As at 30 June 2009 $M 2008 $M 2007 $M 2006 $M 2005 $M DEBT Convertible notes Secured borrowings Finance lease liabilities Bank overdraft and short term borrowings Bank and short term...OFF BALANCE SHEET) 1. Net aircraft ...

  • Page 57
    ...to buy or sell Air New Zealand shares in accordance with Air New Zealand's Securities Trading Policy, the NZSX and ASX Listing Rules and the Securities Markets Act 1988. This Policy has been updated to reï¬,ect recent legislative changes. • G ifts, Entertainment and Inducements Air New Zealand...

  • Page 58
    ... 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 59
    ... AIR NEW ZEALAND (CONTINUED) ASX CORPORATE GOVERNANCE COUNCIL BEST PRACTICE RECOMMENDATIONS 2.4 The board should establish a nomination committee. 2.5 Provide the information indicated in Guide to reporting on Principle 2 (nomination of committee members and charter). NZX CORPORATE GOVERNANCE BEST...

  • Page 60
    ...listed companies for 10 years. He was the Managing Partner of Coopers & Lybrand in Auckland for five years. Following the merger with PricewaterhouseCoopers, he led the firm's Corporate Value consulting practice in the Asia Pacific region and served as a member of its New Zealand Governance Board...

  • Page 61
    ... Limited Sirius NZ Holdco Limited Tappenden Holdings Limited Tappenden Management Limited University of Auckland Paul Bingham Akaroa Harbour Cruises Limited Black Cat Group 2007 Limited Black Cat Trust Christchurch & Canterbury Convention Bureau Limited Christchurch & Canterbury Marketing Limited...

  • Page 62
    ... Limited Larsen Consultancy Services Limited Massey 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 Halo Fund No1 Limited...

  • Page 63
    ... and remuneration from Air New Zealand Limited in the year to 30 June 20091 COMMITTEE FEES TOTAL REMUNERATION VALUE OF TRAVEL ENTITLEMENT 4 NAME FEES John Palmer (Chairman) Roger France (Deputy Chairman) Paul Bingham Ken Douglas2 Dr Jim Fox Jane Freeman3 Warren Larsen John McDonald 242,000 93...

  • Page 64
    ... in Air New Zealand's securities at the date of this Annual Report are summarised in the table below: BENEFICIAL INTEREST AT 30/06/09 SHARES SOLD SHARES PURCHASED DATE OF TRANSACTION NON-BENEFICIAL INTEREST NAME COST John Palmer 159,524 4,9061 5,0621 19/9/08 27/3/09 $5,234 $4,435 Roger France...

  • Page 65
    ... Limited Air New Zealand Travel Business Limited Altitude Aerospace Interiors Limited ANEX Holdings Limited ANNZES Engines Christchurch Limited Ansett Australia & Air New Zealand Engineering Services Limited C.I. Air Services Limited Eagle Air Maintenance Limited Eagle Airways Limited Eagle Aviation...

  • Page 66
    ... NEW ZEALAND SUBSIDIARY COMPANIES (CONTINUED) AUSTRALIAN COMPANIES ADP Pty Ltd Air New Zealand (Australia) Pty Limited Masling Industries Pty Limited Safe Air Australia Pty Limited TAE Aviation Pty Limited Tasman Aviation Enterprises Pty Limited Tasman Aviation Enterprises (Queensland) Pty Limited...

  • Page 67
    ...interests and balance competitiveness with affordability. The CEO's total remuneration package is made up of three components F ixed base salary; • Annual performance incentive and • L ong term incentives. FIXED BASE SALARY Over the course of the 2009 financial year, CEO Rob Fyfe earned...

  • Page 68
    ... of the Company's annual results. Options are exercisable at any time between three and five years from the date of issue assuming certain conditions have been met. Unless Air New Zealand's share price outperforms the index as outlined above no value will materialise. Rob Fyfe earned 3,757...

  • Page 69
    AIR NEW ZEALAND EMPLOYEE REMUNERATION (CONTINUED) NZ MGMT & EXEC AIR CREW TECH STAFF & OTHERS OVERSEAS 100,000-110,000* 110,000-120,000* 120,000-130,000* 130,000-140,000* 140,000-150,000 150,000-160,000* 160,...

  • Page 70
    ... electronic trading of securities by its members. Substantial Security Holders The following information is provided in compliance with Section 35F of the Securities Markets Act 1988 and is stated as at 3 August 2009. The total number of voting securities of Air New Zealand Limited at that date was...

  • Page 71
    ...1.11% 0.56% 1.72% 96.03% 100% 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 3 August 2009, 5,245 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 2009 Boeing 747-400 Number: 7 Average Age: 14.5 years Maximum Passengers: 379 Cruising Speed: 920 km/hr Average Range: 11,850 km Av. Daily Utilisation: 11:14hrs Boeing 777-200ER Number: 8 Average Age: 3.2 years Maximum Passengers: 304 ...

  • Page 73
    ... Air New Zealand shareholders. 2. A waiver from NZX 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...

  • 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
    ... Bag 92007, Auckland 1142 New Zealand Phone: (64 9) 336 2287 Fax: (64 9) 336 2664 Email: [email protected] Web site: www.airnzinvestor.com Annual Meeting Date: 23 September 2009 Time: 2.00 pm Venue: Air Force Museum 45 Harvard Avenue Wigram, Christchurch Current Credit Rating Moodys rate Air New...

  • Page 76
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