Air New Zealand 2009 Annual Report Download - page 43

Download and view the complete annual report

Please find page 43 of the 2009 Air New Zealand annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 76

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76

22. EQUITY RESERVES
GROUP
2009
$M
GROUP
2008
$M
COMPANY
2009
$M
COMPANY
2008
$M
Cash flow hedge reserve
Balance at the beginning of the year (16) (79) (16) (76)
Changes in fair value of cash flow hedges 117 68 117 68
Transfers to net profit ("Fuel") 374 (107) 374 (107)
Transfers to net profit ("Other expenses") (384) 129 (384) 129
Transfers to asset carrying value (17) 5 (17) -
Taxation on reserve movements (27) (32) (27) (30)
Balance at the end of the year 47 (16) 47 (16)
Foreign currency translation reserve
Balance at the beginning of the year (10) (12) - -
Translation gain 1 2 - -
Taxation on reserve movements 2 - - -
Balance at the end of the year (7) (10) - -
Retained deficit
Balance at the beginning of the year (624) (736) (1,547) (1,625)
Net profit/(loss) for the year 21 218 (118) 184
Dividend on Ordinary Shares (69) (106) (69) (106)
Balance at the end of the year (672) (624) (1,734) (1,547)
Total equity reserves (632) (650) (1,687) (1,563)
Cash flow hedge reserve
The cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to
hedged transactions that have not yet occurred.
Foreign currency translation reserve
The foreign currency translation reserve comprises foreign exchange differences arising on consolidation of foreign operations together with the
translation of foreign currency borrowings designated as a hedge of net investments in those foreign operations.
23. CAPITAL COMMITMENTS
GROUP
2009
$M
GROUP
2008
$M
COMPANY
2009
$M
COMPANY
2008
$M
Airframe and engines 3,052 2,289 2,967 2,258
Other property, plant and equipment (including aircraft improvements) 21 50 22 50
Intangible assets - 1 - 1
3,073 2,340 2,989 2,309
Commitments shown are for those asset purchases committed and contracted for and converted at the year end exchange rate.
AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2009
41