Air New Zealand 2011 Annual Report Download

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AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

Table of contents

  • Page 1
    0 2 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011 11

  • Page 2

  • Page 3
    ... Report Five Year Statistical Review 7 16 53 55 GENERAL INFORMATION Corporate Governance at Air New Zealand Directors' Profiles Directors' Interests Indemnities and Insurance Directors' Remuneration Directors' Interests in Air New Zealand Securities 60 62 64 65 66 66 Subsidiary Companies Employee...

  • Page 4
    ... THE YEAR TO 30 JUNE 2011 GROUP 2011 $M GROUP 2010 $M COMPANY 2011 $M COMPANY 2010 $M NOTES Opsrating Rsvsnus Passenger revenue Cargo Contract services Other revenue 1 Opsrating Expsnditurs Labour Fuel Maintenance Aircraft operations Passenger services Sales and marketing Foreign exchange (losses...

  • Page 5
    ... of ths Parsnt Company 12 81 (185) 64 121 (81) (4) (85) 82 (59) (33) (1) (1) 28 (66) 223 (204) 66 121 3 (14) (45) (56) (33) (1) 27 (63) (4) 16 209 (108) The accompanying accounting policies and notes form part of these financial statements. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 6
    ... GROUP 2010 $M COMPANY 2011 $M COMPANY 2010 $M NOTES Issusd Capital Balance at the beginning of the year Shares issued Equity-settled share-based payments Balance at the end of the year Cash Flow Hsdgs Rsssrvs Balance at the beginning of the year Changes in fair value of cash flow hedges Transfers...

  • Page 7
    ...269 (765) 1,504 2,252 (686) 1,566 2,277 (1,731) 546 2,260 (1,865) 395 John Palmer CHAIRMAN Roger France DIRECTOR For and on behalf of the Board, 25 August 2011 The accompanying accounting policies and notes form part of these financial statements. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 8
    ...512 3,501 16 (3,275) (18) (68) 61 217 (137) 80 * Relates to gains/losses on rollover of foreign exchange contracts that hedge exposures in other financial periods. The accompanying accounting policies and notes form part of these financial statements. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 9
    ... ACCOUNTING POLICIES FOR THE YEAR TO 30 JUNE 2011 ENTITIES REPORTING The financial statements presented are those of Air New Zealand Limited (the Company) and its subsidiaries and associates (the Group). References to "Air New Zealand" are used where the Group and Company are similarly affected. Air...

  • Page 10
    ... current period. Subsequent to the interim six month period ended 31 December 2010 and the acquisition of an equity investment in Virgin Blue Holdings Limited, Air New Zealand has early adopted NZ IFRS 9 (2009) - Financial Instruments for the annual financial reporting period ending 30 June 2011. NZ...

  • Page 11
    ... Standards and Australian Accounting Standards were issued in April 2011 and have not been adopted early. These set out New Zealand specific disclosures for entities that have adopted NZ IFRS. They support the objective of harmonising financial reporting standards in Australia and New Zealand. The...

  • Page 12
    ... historical experience and is recognised in net passenger revenue at the time of the initial sales transaction. Deferred Airpoints revenue is recorded within revenue in advance in the Statement of Financial Position. Invsstmsnt rsvsnus Dividend revenue is recognised when the right to receive payment...

  • Page 13
    ... 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. Financs...

  • Page 14
    ... stated at amortised cost. 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...

  • Page 15
    ... the basis of the costs incurred to acquire and bring to use the specific software. These assets have a finite life and are amortised on a straight-line basis over their estimated useful lives of three to five years. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 16
    ... as a deduction, net of taxation, from the proceeds. Where a member of the Group purchases the Company's share capital, the consideration paid is deducted from equity under the treasury stock method, until they are reissued or otherwise disposed of. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 17
    ... companies within the Group, the Company considers these to be insurance contracts (as defined by NZ IFRS 4 - Insurance contracts) and accounts for them as such. TAXATION The income taxation expense for the period is the taxation payable on the current period's taxable income at tax rates enacted...

  • Page 18
    ... financial result. Gsographical An analysis of operating revenue by geographical region of original sale is provided below. GROUP 2011 $M GROUP 2010 $M Analysis of rsvsnus by gsographical rsgion of original sals New Zealand Australia and Pacific Islands United Kingdom and Europe Asia North America...

  • Page 19
    ... of the 2012 income year. The impact of the tax rate change included in the 2010 comparatives was calculated based on the forecasted deferred tax liability for Air New Zealand at 30 June 2011 (which was subject to a number of variables including foreign exchange movements). A $3 million credit...

  • Page 20
    ...equivalents, as stated in the Statement of Cash Flows, are reconciled to the related balances in the Statement of Financial Position as follows: GROUP 2011 $M GROUP 2010 $M COMPANY 2011 $M COMPANY 2010 $M Cash balances Other short term deposits and short term bills Bank and short term deposits Bank...

  • Page 21
    ... in ths provision for invsntory obsolsscsncs Balance at the beginning of the year Increase in provision Decrease in provision Amounts utilised Balancs at ths snd of ths ysar (23) (5) 1 1 (26) (24) (4) 4 1 (23) (20) (4) 1 (23) (22) (3) 4 1 (20) AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 22
    ...date of transfer or external market assessments of the fair value, less costs to sell. 9. OTHER ASSETS GROUP 2011 $M GROUP 2010 $M COMPANY 2011 $M COMPANY 2010 $M Currsnt Contract work in progress Amounts owing from subsidiaries Amounts owing from associates Other assets (including defined benefit...

  • Page 23
    NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2011 10. PROPERTY, PLANT AND EQUIPMENT GROUP 2011 $M (CONTINUED) GROUP 2010 $M COMPANY 2011 $M COMPANY 2010 $M Propsrty, plant and squipmsnt comprisss: Aircraft, spare engines and simulators Spares Plant and equipment Land and buildings 2,228 136 ...

  • Page 24
    ... fleet were reassessed and depreciation expense was reduced by $13 million. Aircraft and aircraft related assets of $1,539 million as at 30 June 2011 (30 June 2010: $1,161 million) are pledged as security over borrowings and finance lease obligations. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 25
    .... Cash flow projections were prepared for 5 years using Board reviewed business plans. Key assumptions include exchange rates, jet fuel costs, passenger load factors and route yields. These assumptions have been based on historical data and current market information. The cash flow projections are...

  • Page 26
    ... 2010: Nil). ** Goodwill was assessed for impairment as at 30 June 2011 using a value in use model. No impairment provision is considered to be required. The discount rate applied in the value in use model as at 30 June 2011 was 10.0% (30 June 2010: 10.0%). AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS...

  • Page 27
    ... currency translation loss Impairment (recognised within "Other expenses") Carrying valus at ths snd of ths ysar (including goodwill of Nil) SUBSIDIARIES Significant subsidiariss compriss: NAME Air Nelson Limited Air New Zealand Aircraft Holdings Limited Air New Zealand Associated Companies Limited...

  • Page 28
    ... services Online booking exchange (CONTINUED) COUNTRY OF INCORPORATION New Zealand Australia VCubed Pty Limited has a balance date of 30 June and CEC has a balance date of 31 December. GROUP 2011 $M GROUP 2010 $M Carrying amount Christchurch Engine Centre VCubed Pty Limited Summarissd financial...

  • Page 29
    NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2011 15. INTEREST-BEARING LIABILITIES GROUP 2011 $M (CONTINUED) GROUP 2010 $M COMPANY 2011 $M COMPANY 2010 $M Currsnt Secured borrowings Finance lease liabilities 60 92 152 111 64 175 53 53 24 24 Non-currsnt Secured borrowings Finance lease ...

  • Page 30
    ... year ended 30 June 2011 (30 June 2010: Nil). 17. FINANCIAL RISK MANAGEMENT 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...

  • Page 31
    ... and foreign currency capital commitments and sales. Air New Zealand has a formal foreign exchange management policy (approved by the Board of Directors) to enter into foreign exchange contracts to manage economic exposure to fluctuations in foreign exchange rates impacting operating cash flows...

  • Page 32
    ... TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2011 17. FINANCIAL RISK MANAGEMENT (CONTINUED) (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 2011 In NZ$M Forsign currsncy risk Non...

  • Page 33
    ... currency operating and capital expenditure transactions. *** A set-off arrangement is in place between a United States dollar denominated intercompany payable and a New Zealand dollar denominated intercompany receivable from a wholly owned subsidiary. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 34
    ... currency operating and capital expenditure transactions. *** A set-off arrangement is in place between a United States dollar denominated intercompany payable and a New Zealand dollar denominated intercompany receivable from a wholly owned subsidiary. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 35
    ... 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 2011 In NZ$M On profit before taxation...

  • Page 36
    ... TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2011 17. FINANCIAL RISK MANAGEMENT (CONTINUED) (CONTINUED) SIGNIFICANT FOREIGN EXCHANGE RATES USED AT BALANCE DATE FOR ONE NEW ZEALAND DOLLAR ARE: 2011 2010 Australian Dollar European Community Euro Japanese Yen United Kingdom Pound United States Dollar...

  • Page 37
    ...future earnings on these contracts. LIQUIDITY RISK Liquidity risk is the risk that the Group will be unable to meet its obligations as they fall due. Air New Zealand manages the risk by targeting a minimum liquidity level, ensuring long term commitments are managed with respect to forecast available...

  • Page 38
    ...THE FINANCIAL STATEMENTS AS AT 30 JUNE 2011 17. FINANCIAL RISK MANAGEMENT (CONTINUED) GROUP AS AT 30 JUNE 2010 STATEMENT CONTRACTUAL OF FINANCIAL CASH FLOWS POSITION $M $M < 1 YEAR (CONTINUED) 1-2 YEARS 2-5 YEARS 5+ YEARS $M $M $M $M Trade and other payables Secured borrowings Finance lease...

  • Page 39
    ... month period ended 31 December 2010 and the acquisition of an equity investment in Virgin Blue Holdings Limited, Air New Zealand has adopted NZ IFRS 9 (2009) - Financial Instruments in advance of its effective date, for the annual financial reporting period ending 30 June 2011. Air New Zealand has...

  • Page 40
    ... 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...

  • Page 41
    ... the hedge designation in respect of foreign currency derivatives which hedge account forecast foreign currency operating revenue and expenditure transactions. These components are not hedge accounted and, accordingly, marked to market through earnings. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 42
    ...June 2010: loss of $1 million). The equity swaps did not provide any right to buy shares but provided price protection in the event of an actual purchase of shares in Virgin Blue Holdings Limited. This is included in "Other expenses" in the Statement of Financial Performance. AIR NEW ZEALAND ANNUAL...

  • Page 43
    ... dividend which is proposed to be paid on 21 September 2011, a properly completed participation form must already be held, or will need to be received, by Link Market Services Limited (the Company's share registrar) prior to 5.00 pm (NZ time) on 9 September 2011. AIR NEW ZEALAND ANNUAL FINANCIAL...

  • Page 44
    ...GROUP 2011 GROUP 2010 2,237 12 3 2,252 2,244 8 2,252 2,260 14 3 2,277 2,267 10 2,277 2,245 12 3 2,260 2,252 8 2,260 COMPANY 2010 COMPANY 2011 Numbsr of Ordinary Sharss on issus Balance at the beginning of the year Mandatory shares issued under Long Term Incentive Plan Dividend reinvestment plan...

  • Page 45
    ..., reflecting restrictions placed on the transfer of the shares under the terms of the Long Term Incentive Plan Rules (18 September 2009: $0.932 per Ordinary Share). During the year ended 30 June 2011, 6,902,848 Ordinary Shares were issued under the dividend reinvestment plan (30 June 2010: 5,863...

  • Page 46
    ...the attrition rates and early exercise behaviour of staff in long term incentive programmes in similar large corporates. CEO Option Plan On 17 September 2010, 4,067,797 options with a fair value of $1.0 million were issued to the Chief Executive Officer under the CEO Option Plan (30 June 2010: 3,870...

  • Page 47
    ... 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. Application of trsasury stock msthod Unallocated shares of the Air New Zealand Staff Share Schemes are accounted for under the Treasury...

  • Page 48
    ... committed and contracted for and converted at the year end exchange rate. On 2 November 2009, Air New Zealand announced the acquisition of fourteen Airbus A320 aircraft and associated engines. Air New Zealand subsequently assigned the rights to four of these aircraft to an operating lessor. The...

  • Page 49
    ... time as it becomes probable that the Company will be required to make a payment under the guarantee. The Company guarantees aircraft end of lease obligations of Air New Zealand Aircraft Holdings Limited and New Zealand International Airlines Limited. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 50
    ... benefit obligation and the related current service cost. The most recent actuarial valuation of the New Zealand plan was provided for 30 June 2011 and for the overseas plan for 31 March 2011. GROUP AND COMPANY 2011 $M 2010 $M Amounts rscognissd in ths Statsmsnt of Financial Position: Present...

  • Page 51
    ... actuaries with reference to relevant indices published by the New Zealand Stock Exchange. The overall expected rate of return is calculated by weighting the individual rates in accordance with the anticipated balance in the plan's investment portfolio. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 52
    ... share of that deficit. Contributions of $39 million were made to Group defined contribution plans during the year (30 June 2010: $38 million). Contributions of $33 million were made to Company defined contribution plans during the year (30 June 2010: $31 million). AIR NEW ZEALAND ANNUAL FINANCIAL...

  • Page 53
    ... 2011 $M COMPANY 2010 $M Short-term employee costs Directors' fees Share-based payments 6 1 3 10 5 1 3 9 6 1 3 10 5 1 3 9 Certain key management personnel (including directors) have relevant interests in a number of companies (including non-executive directorships) to which Air New Zealand...

  • Page 54
    ... at year end refer to Notes 9 and 19. Provisions for doubtful debts of $106 million were held by the Company against outstanding balances from subsidiaries (30 June 2010: $106 million). The Company has provided guarantees of financial indebtedness to Air New Zealand Aircraft Holdings Limited of...

  • Page 55
    ... accepted accounting practice in New Zealand; • comply with International Financial Reporting Standards; and • give a true and fair view of the Company and Group's: - financial position as at 30 June 2011; and - financial performance and cash flows for the year ended on that date. Opinion...

  • Page 56
    ... audit report relates to the financial statements of Air New Zealand Limited (the Company) and Group for the year ended 30 June 2011 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 57
    ... FIVE YEAR STATISTICAL REVIEW For ths ysar to 30 Juns 2011 $M 2010 $M 2009 $M 2008 $M 2007 $M Opsrating Rsvsnus Passenger revenue Cargo Contract services Other revenue Opsrating Expsnditurs Labour Fuel Maintenance Aircraft operations Passenger services Sales and marketing Foreign exchange (losses...

  • Page 58
    ... SUMMARY OF FINANCIAL POSITION FIVE YEAR STATISTICAL REVIEW As at 30 Juns 2011 $M 2010 $M 2009 $M 2008 $M 2007 $M Currsnt Asssts Bank and short term deposits Other current assets Total Currsnt Asssts Non-Currsnt Asssts Property, plant and equipment Other non-current assets Total Non-Currsnt...

  • Page 59
    FINANCIAL RATIOS FIVE YEAR STATISTICAL REVIEW 2011 2010 2009 2008 2007 PROFITABILITY EBIT/Revenue1 EBITDRA/Revenue1 Return on Assets2 Return on Equity3 Basic Earnings Per Ordinary Share Fixed Cover5 Passenger Revenue/RPK LIQUIDITY Operating Cash Flow Per Share4 BALANCE SHEET Gearing (excl. net ...

  • Page 60
    ... OPERATING STATISTICS FIVE YEAR STATISTICAL REVIEW For ths ysar to 30 Juns 2011 2010 2009 2008 2007 PASSENGERS CARRIED (000) Domestic International Australia and Pacific Islands Asia and Europe North America and Europe Total Total Group AVAILABLE SEAT KILOMETRES (m) Domestic International Australia...

  • Page 61
    ... 445 880 1,325 1,289 12 130 (106) 1,413 1,307 506 878 1 1,385 1,058 (48) 120 255 1,362 1,617 1. Net aircraft operating lease commitments for the next twelve months, multiplied by a factor of seven. 2. Unrealised gains/losses on open debt derivatives. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 62
    ...matter. • Trading 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 and the Securities Markets Act...

  • Page 63
    ... 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 64
    ... of Auckland. She is a Fellow of the New Zealand Institute of Chartered Accountants New Zealand, a Member of the Institute of Directors in New Zealand, a Fellow of FINSIA, a Paul Harris Fellow and a North Shore Business Hall of Fame Laureate (2010). AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 65
    ...markets. After eight years working around the world with a large international management consulting company, he started his own technology based product and service company in 1987. Following the merger of Dr Fox's company with the then listed Vision Systems Limited in 1993, he took over as the CEO...

  • Page 66
    ... of Chartered Accountants Erua Limited National Health Board Capital Investment Committee Viaduct Leasing Limited Yachting New Zealand Dr Jim Fox BIOTA Holdings Limited Genmark Diagnostics Inc (USA) Monash University Multiple Sclerosis Research Australia Limited TTP Group (UK) Plc Chairman Director...

  • Page 67
    ... legal proceedings. Specifically excluded are penalties and fines which may be imposed for breaches of law and criminal actions. In accordance with commercial practice, the insurance contract prohibits further disclosure of the terms of the policy. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 68
    ... of fees to be paid to directors is subject to shareholder approval. Air New Zealand meets directors' reasonable travel and other costs associated with Air New Zealand business. Directors received the following fees and remuneration from Air New Zealand Limited in the year to 30 June 20111: NAME...

  • Page 69
    ... financial year to 30 June 2011. No director of any subsidiary received beneficially any director's fees or other benefits except as an employee. NEW ZEALAND COMPANIES ADP (New Zealand) Limited Air Nelson Limited Air New Zealand Aircraft Holdings Limited Air New Zealand Associated Companies Limited...

  • Page 70
    .../ VCMS1 NON-AUSTRALASIAN COMPANIES Air New Zealand Travel Services Limited Mount Cook Tours Limited (USA)* DIRECTORS DIRECTORS DWM/ESAS/EJO JHB...financial year. 2. Resigned during the financial year. * Company was dissolved subsequent to 30 June 2011. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 71
    ...NZ MGMT & EXEC REMUNERATION PAID IN FY11 INCLUDING BASE FOR FY11, BUT INCENTIVE PAYMENTS INCLUDING OPTIONS ISSUED UNDER THE LTI SCHEME THAT RELATE TO FY10 PERFORMANCE BUT PAID IN FY11 NZ MGMT & EXEC AIRCREW, TECH STAFF...1 1 1 1 1 1 532 530 545 1,929 1 1 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 72
    ... year the Board confirms a financial target for the Company for incentive payments which is set 10% above the average Normalised Earnings before Taxation achieved by the Company over the previous five year period. LONG TERM INCENTIVE The Air New Zealand Long Term Incentive Plan (LTIP) is designed...

  • Page 73
    ... the 2011 financial year, Rob Fyfe earned a total STI payment to the value of $349,718 (2010 financial year: $438,398). This payment will be made in the 2012 financial year. Long Term Incentive Rob Fyfe has access to two long term incentives schemes: • the Air New Zealand Long Term Incentive Plan...

  • Page 74
    ... in the Company's Constitution. The Kiwi Share does not confer any right on its holder to vote at a shareholders' meeting unless the Kiwi Share has been converted into an Ordinary Share by its holder. The Kiwi Share is not listed on any stock exchange. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 75
    ... 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 2011, 4,966 shareholders held Ordinary Shares of less than a marketable parcel (as defined by the NZSX Listing Rules). AIR NEW ZEALAND ANNUAL FINANCIAL...

  • Page 76
    ... Q300 Number: 23 Average Age: 4.4 years Maximum Passengers: 50 Cruising Speed: 520 km/hr Av. Daily Utilisation: 6:56 hrs Beech 1900D Number: 18 Average Age: 9.5 years Maximum Passengers:19 Cruising Speed: 510 km/hr Av. Daily Utilisation: 6:08 hrs AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011

  • Page 77
    ...the rights attaching to the Kiwi Share1 held by the Crown and requirements regulating ownership and transfer of Ordinary Shares. Neither the New Zealand Stock Exchange nor the Australian Stock Exchange has taken any disciplinary action against the Company during the financial year ended 30 June 2011...

  • Page 78
    ... shareholder holds 90% or more of the voting rights in the Company. CORPORATIONS ACT 2001 (AUSTRALIA) The Company is not subject to Chapters 6, 6A, 6B and 6C of the Corporations Act dealing with the acquisition of shares (such as substantial holdings and takeovers). AIR NEW ZEALAND ANNUAL FINANCIAL...

  • Page 79
    ... 1142 New Zealand Phone: (64 9) 336 2287 Fax: (64 9) 336 2664 Email: [email protected] Web site: www.airnzinvestor.com Annual Meeting Date: 28 September 2011 Time: 2.00 pm Venue: The Events Centre, Auckland Museum, Auckland. Enter via the Atrium Entrance at the South end. Current Credit Rating...

  • Page 80
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