Air New Zealand 2011 Annual Report Download - page 22

Download and view the complete annual report

Please find page 22 of the 2011 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 80

  • 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
  • 77
  • 78
  • 79
  • 80

8. ASSETS HELD FOR RESALE
GROUP
2011
$M
GROUP
2010
$M
COMPANY
2011
$M
COMPANY
2010
$M
Current
Aircraft related assets 3 8 1 2
3 8 1 2
Non-current
Aircraft related assets - 4 - -
- 4 - -
In anticipation of the exit of the Boeing 747-400 fleet spares are being marketed for sale. In prior years the Group reduced capacity on certain
long haul routes, resulting in one Boeing 747-400 aircraft being componentised which is being disposed as parts. It is expected that proceeds
for parts will be received over the next fourteen months. The carrying value of the assets as at 30 June 2011 reflects the lower of their
previous carrying value at the 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
Current
Contract work in progress 31 45 17 28
Amounts owing from subsidiaries - - 392 169
Amounts owing from associates 2 3 2 3
Other assets (including defined benefit assets) 8 3 8 3
41 51 419 203
Non-current
Capital work in progress 56 64 48 52
Progress payments on aircraft, engines and simulators 193 308 193 308
Interest-bearing assets 170 137 170 137
Other assets 11 14 6 8
430 523 417 505
Other non-current interest-bearing assets include registered transferable certificates of deposit (RTDs) that have been provided as
security over credit card obligations incurred by Air New Zealand. The RTD’s bear floating rate interest, and mature after seven years.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2011
AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011