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*This document, in conjunction with the Air New Zealand Annual Shareholder Review 2011, constitutes the 2011 Annual Report to shareholders of Air New Zealand Limited.
DIRECTORS’ STATEMENT
The directors of Air New Zealand Limited are pleased to present to shareholders the Annual Report* and financial statements for
Air New Zealand Limited and its subsidiaries and associates (together the “Group”) for the year to 30 June 2011.
The directors are responsible for presenting financial statements in accordance with New Zealand law and generally accepted
accounting practice, which give a true and fair view of the financial position of the Group as at 30 June 2011 and the results of the
Group’s operations and cash flows for the year ended on that date.
The directors consider the financial statements of the Group have been prepared using accounting policies which have been
consistently applied and supported by reasonable judgements and estimates and that all relevant financial reporting and accounting
standards have been followed.
The directors believe that proper accounting records have been kept which enable with reasonable accuracy, the determination of the
financial position of the Group and facilitate compliance of the financial statements with the Financial Reporting Act 1993.
The directors consider that they have taken adequate steps to safeguard the assets of the Group, and to prevent and detect fraud and
other irregularities. Internal control procedures are also considered to be sufficient to provide a reasonable assurance as to the integrity
and reliability of the financial statements.
This Annual Report is signed on behalf of the Board by:
John Palmer Roger France
CHAIRMAN DIRECTOR
25 August 2011
FINANCIAL STATEMENTS
Statement of Financial Performance 2 Statement of Accounting Policies 7
Statement of Comprehensive Income 3 Notes to the Financial Statements 16
Statement of Changes in Equity 4 Independent Audit Report 53
Statement of Financial Position 5 Five Year Statistical Review 55
Statement of Cash Flows 6
GENERAL INFORMATION
Corporate Governance at Air New Zealand 60 Subsidiary Companies 67
Directors’ Profiles 62 Employee Remuneration 69
Directors’ Interests 64 Shareholder Statistics 72
Indemnities and Insurance 65 Operating Fleet Statistics 74
Directors’ Remuneration 66 General Information 75
Directors’ Interests in Air New Zealand Securities 66 Shareholder Directory 77
AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011