Air New Zealand 2012 Annual Report Download

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Annual Financial Results
|
2012

Table of contents

  • Page 1
    Annual Financial Results | 2012

  • Page 2

  • Page 3
    ... 68 70 71 73 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Corporate Governance at Air New Zealand 56 Subsidiary Companies 63 *This document, in conjunction with the Air New Zealand Annual Shareholder Review 2012, constitutes the 2012 Annual Report to shareholders of Air New Zealand Limited. 1

  • Page 4
    Statement of Financial Performance For the year to 30 June 2012 NOTES GROUP 2012 $M GROUP 2011 $M COMPANY 2012 $M COMPANY 2011 $M Operating Revenue Passenger revenue Cargo Contract services Other revenue 1 Operating Expenditure Labour Fuel Maintenance Aircraft operations Passenger services Sales ...

  • Page 5
    ... Shareholders of the Parent Company 12 71 63 75 10 40 1 (42) 147 81 (185) 64 121 (81) (4) (85) 287 67 78 10 (44) 111 223 (204) 66 121 3 (14) 218 (4) 398 209 The accompanying accounting policies and notes form part of these financial statements. 3 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS...

  • Page 6
    Statement of Changes In Equity For the year to 30 June 2012 NOTES GROUP 2012 $M GROUP 2011 $M COMPANY 2012 $M COMPANY 2011 $M Issued Capital Balance at the beginning of the year Shares issued Equity-settled share-based payments Balance at the end of the year Cash Flow Hedge Reserve Balance at the ...

  • Page 7
    ...16 19 21 13 John Palmer CHAIRMAN Roger France DIRECTOR For and on behalf of the Board, 30 August 2012 The accompanying accounting policies and notes form part of these financial statements. 5 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 22 2,282 (596) 1,686 2 1,688 2,269 (765) 1,504 1,504...

  • Page 8
    ... For the year to 30 June 2012 NOTES GROUP 2012 $M GROUP 2011 $M COMPANY 2012 $M COMPANY 2011 $M Cash Flows from Operating Activities Receipts from customers Dividends received from subsidiaries Payments to suppliers and employees Income tax (paid)/received Interest paid Interest received Rollover...

  • Page 9
    ... 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 10
    ... with International Financial Reporting Standards and Australian Accounting Standards was adopted on 1 July 2011. The adoptions have not had a significant impact on the financial statements presented and have resulted in a minor reduction in the level of disclosure. Air New Zealand has elected...

  • Page 11
    ... of the ticket and historical trends. The Group operates various code share and alliance arrangements. Revenue under these arrangements is recognised when the Group performs the carriage or otherwise fulfils all relevant contractual commitments. 9 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012

  • Page 12
    ... lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. MAINTENANCE COSTS AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 The cost of major engine overhauls for aircraft owned by the Group is capitalised and depreciated over the period to the next...

  • Page 13
    ... to related parties 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 and investment activities. Equity derivatives were used...

  • Page 14
    ..., plant and equipment have different useful lives, they are accounted for separately. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 A portion of the cost of an acquired aircraft is attributed to its service potential (reï¬,ecting the maintenance condition of its engines) and is depreciated over the...

  • Page 15
    ... assets. Estimated net cash ï¬,ows used in determining 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 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 13

  • Page 16
    ... investment in quoted equity instruments. FINANCIAL GUARANTEE CONTRACTS AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within the Group, the Company considers these to be insurance contracts...

  • Page 17
    ... to the members less the fair value of the plan's assets, adjusted for any unrecognised actuarial gains or losses and unrecognised past service costs. The discount rate reï¬,ects the yield on government bonds that have maturity dates approximating the terms of Air New Zealand's obligations. When...

  • Page 18
    ...financial result. Geographical An analysis of operating revenue by geographical region of original sale is provided below. GROUP 2012 $M GROUP 2011 $M Analysis of revenue by geographical region of original sale New Zealand Australia and Pacific Islands United Kingdom and Europe Asia North America...

  • Page 19
    ... of shares) Weighted average number of Ordinary Shares for basic earnings per share Effect of dilutive ordinary shares: - Share options Weighted average number of Ordinary Shares for diluted earnings per share 1,096 3 1,099 1,084 1 1,085 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 7.5 $M 81...

  • Page 20
    ... on investments in subsidiaries Share of profit of joint ventures and associates Unrealised (gains)/losses on fuel derivatives Gain on equity derivative Foreign exchange (gains)/losses Other non-cash items Net working capital movements: Assets Revenue in advance Deferred foreign exchange losses...

  • Page 21
    ...Non-current Other receivables Prepayments 48 48 Trade and other receivables is represented by: Current Past due 1- 90 days Past due greater than 90 days Allowance for doubtful debts 281 23 8 (2) 310 7. INVENTORIES GROUP 2012 $M GROUP 2011 $M COMPANY 2012 $M COMPANY 2011 $M 307 5 (2) 310 67 377 290...

  • Page 22
    ...-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 ï¬,oating rate interest, and mature after seven years. 20 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012

  • Page 23
    Notes to the Financial Statements (Continued) As at 30 June 2012 10. PROPERTY, PLANT AND EQUIPMENT GROUP 2012 $M GROUP 2011 $M COMPANY 2012 $M COMPANY 2011 $M Property, plant and equipment comprises: Aircraft, spare engines and simulators Spares Plant and equipment Land and buildings 2,606 128 126 ...

  • Page 24
    ... the book value of the aircraft, based on the directors' current assessment of the Group's future trading prospects. The aircraft carrying values were tested for impairment based on a value in use discounted cash ï¬,ow valuation. Cash ï¬,ow projections were prepared for 5 years using Board reviewed...

  • Page 25
    ... goodwill in VCubed Pty Limited was fully impaired during the year ended 30 June 2012. 12. INVESTMENT IN QUOTED EQUITY INSTRUMENTS GROUP 2012 $M GROUP 2011 $M COMPANY 2012 $M COMPANY 2011 $M AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Investment in Virgin Australia Holdings Limited Balance at the...

  • Page 26
    ... section). GROUP 2012 $M AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 GROUP 2011 $M Carrying amount Christchurch Engine Centre VCubed Pty Limited Summarised financial information of associates - 100%: Assets Liabilities Revenue Profit after taxation Results of associates Share of pro...

  • Page 27
    ... 2011. The Group invested in the company to expand the Air New Zealand Holiday's wholesale travel business to support growth of the ancillary revenue strategy by combining its operations with Australia's largest domestic wholesaler of Australian travel products and services. VCubed Pty Limited...

  • Page 28
    ...have a maturity date of 15 November 2016 and an interest rate of 6.90% payable semi-annually. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 GROUP 2012 $M GROUP 2011 $M COMPANY 2012 $M COMPANY 2011 $M Finance lease liabilities Repayable as follows: Not later than 1 year Later than 1 year and not...

  • Page 29
    ... work in respect of past engineering services performed. The usual warranty period is less than 12 months from the date of delivery of the serviced aircraft. There were no additions during the year ended 30 June 2012 (30 June 2011: $1 million). 27 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012...

  • Page 30
    ... 2012 17. FINANCIAL RISK MANAGEMENT Air New Zealand is subject to credit, foreign currency, interest rate, fuel and equity price risks. These risks are managed with various financial instruments, using a set of policies approved by the Board of Directors. Compliance with these policies is reviewed...

  • Page 31
    ... the Financial Statements (Continued) As at 30 June 2012 17. FINANCIAL RISK MANAGEMENT (CONTINUED) With the exception of foreign currency denominated working capital balances, which together are immaterial to foreign currency ï¬,uctuations, Air New Zealand's exposure to foreign exchange risk arising...

  • Page 32
    ... executed through the Parent company are used to provide an offset at an Air New Zealand Group level of translation gains or losses on United States dollar denominated interest-bearing liabilities (primarily held by a wholly owned subsidiary). Foreign currency exposure is managed at a legal entity...

  • Page 33
    ...cents appreciation 5 cents depreciation USD (3) 3 (68) 77 AUD 17 (19) EUR 3 (4) JPY 15 (18) GBP 7 (8) OTHER AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 6 (6) COMPANY AS AT 30 JUNE 2011 In NZ$M On profit before taxation 5 cents appreciation 5 cents depreciation On cash ï¬,ow hedge reserve...

  • Page 34
    ...) As at 30 June 2012 17. FINANCIAL RISK MANAGEMENT (CONTINUED) SIGNIFICANT FOREIGN EXCHANGE RATES USED AT BALANCE DATE FOR ONE NEW ZEALAND DOLLAR ARE: 2012 2011 Australian Dollar European Community Euro Japanese Yen United Kingdom Pound United States Dollar Fuel price risk 0.7840 0.6330 62...

  • Page 35
    ...Equity investment price change: On profit before taxation Group Company On investment revaluation reserve (within equity) Group 4 4 51 (4) (4) (51) 30 (30) 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...

  • Page 36
    ... $M < 1 YEAR 1-2 YEARS 2-5 YEARS 5+ YEARS $M $M $M $M Foreign exchange derivatives: - Inï¬,ow - Outï¬,ow 20 Fuel derivatives AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 2,083 (2,064) 19 19 3 4 27 2,009 (1,995) 14 14 74 (69) 5 5 - - Equity derivatives GROUP AS AT 30 JUNE 2011 STATEMENT...

  • Page 37
    ... 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 38
    ...: GROUP 2012 $M GROUP 2011 $M COMPANY 2012 $M COMPANY 2011 $M AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Future foreign currency operating revenue and expenditure Future foreign currency capital expenditure Future foreign currency sales of non-financial assets Future fuel expenditure Tax...

  • Page 39
    ... to the short term nature of these instruments, and are marked to market through earnings. In the year to 30 June 2012, nil was recognised within "Fuel" (30 June 2011: $19 million gain). Equity swaps During the year Air New Zealand entered into an equity derivative whereby the Group was guaranteed...

  • Page 40
    ... No imputation credits were attached. Under the dividend reinvestment plan, dividends payable of $3 million were settled by the issue of 2,965,084 Ordinary Shares, at $1.0818 per Ordinary Share. The dividend reinvestment plan is currently suspended. 38 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012

  • Page 41
    ... available to carry forward against future taxable profits. 22. ISSUED CAPITAL GROUP 2012 $M GROUP 2011 $M COMPANY 2012 $M COMPANY 2011 $M Authorised, Issued and Fully Paid in Capital Ordinary Shares Balance at the beginning of the year Shares issued Equity-settled share-based payments Balance at...

  • Page 42
    ... as at the end of the year ($) Weighted average exercise price for those options exercised during the year ($) Weighted average share price at the date of exercise ($) Weighted average remaining period to contractual maturity (years) AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 42,791,447 19,991...

  • Page 43
    ... if the participant leaves the Group in certain specified circumstances. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 The exercise price will be set one year after issue (2011: two years after issue), and will be based on the Company share price at the issue date increased or decreased by the...

  • Page 44
    ... vote for each fully paid share. All Ordinary Shares carry equal rights to dividends and equal distribution rights on wind up. 23. CAPITAL COMMITMENTS GROUP 2012 $M GROUP 2011 $M COMPANY 2012 $M COMPANY 2011 $M Aircraft and engines AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 2,324 2 2,326 2,022...

  • Page 45
    ... owned subsidiary, Air New Zealand Aircraft Holdings Limited. Subject to negotiation, certain aircraft operating leases give the Group the right to renew the lease. 25. CONTINGENT LIABILITIES GROUP 2012 $M GROUP 2011 $M COMPANY 2012 $M COMPANY 2011 $M Uncalled capital of subsidiaries Guarantee of...

  • Page 46
    ...Group. Air New Zealand treats the guarantee contract as a contingent liability until such 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...

  • Page 47
    ... at the time of preparing these financial statements. 45 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 The expected rates of return on individual categories of plan assets are determined by independent actuaries with reference to relevant indices published by the New Zealand Stock Exchange. The...

  • Page 48
    ... in a number of companies (including non-executive directorships) to which Air New Zealand provides aircraft related services in the normal course of business, on standard commercial terms. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Jane Freeman was a Director of Air New Zealand Limited during...

  • Page 49
    ... June 2011: $10 million). The Company guarantees aircraft end of lease obligations of Air New Zealand Aircraft Holdings Limited and New Zealand International Airlines Limited. During the year ended 30 June 2012, the investment in Air New Zealand Aircraft Holdings Limited, was assessed for impairment...

  • Page 50
    ... Other balances and transactions with related parties are not considered material to Air New Zealand and are entered into in the normal course of business on standard commercial terms. There have been no related party debts forgiven during the year. 48 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012

  • Page 51
    ... internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors' responsibilities arise from the Financial Reporting Act 1993. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS...

  • Page 52
    ...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 2012 included on Air New Zealand Limited's website. The Company's Board of Directors is responsible for the...

  • Page 53
    ... Five Year Statistical Review For the year to 30 June 2012 $M 2011 $M 2010 $M 2009 $M 2008 $M Operating Revenue Passenger revenue Cargo Contract services Other revenue Operating Expenditure Labour Fuel Maintenance Aircraft operations Passenger services Sales and marketing Foreign exchange (losses...

  • Page 54
    ...For the year to 30 June 2012 $M 2011 $M 2010 $M 2009 $M 2008 $M Cash ï¬,ow from operating activities Cash ï¬,ow from investing activities Cash ï¬,ow from financing activities Increase/(decrease) in cash holding Total cash and cash equivalents AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 472 (654...

  • Page 55
    ...incl. net capitalised aircraft operating leases) 6 Debt to Equity Ratio7 Net Tangible Assets Per Share4 Working Capital Ratio8 SHAREHOLDER VALUE Closing Share Price 30 June Weighted Average Number of Ordinary Shares Total Number of Ordinary Shares Total Market Capitalisation Total Shareholder Return...

  • Page 56
    ...80.4 80.6 84.8 82.3 81.8 10,499 75.0 75.6 79.9 82.8 79.7 79.0 10,726 74.6 78.0 79.1 82.5 80.1 79.3 11,111 GROUP EMPLOYEE NUMBERS (Full Time Equivalents) New Zealand, Australia and Pacific Islands represent short haul operations. Asia, North America and Europe represent long haul operations. 54

  • Page 57
    Historical Summary of Debt Five Year Statistical Review As at 30 June 2012 $M 2011 $M 2010 $M 2009 $M 2008 $M DEBT Secured borrowings Unsecured bonds Finance lease liabilities Bank overdraft and short term borrowings Bank and short term deposits Net open derivatives held in relation to interest-...

  • Page 58
    ...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 1988. This policy has been updated...

  • Page 59
    ... BOARD DIRECT REPORTS TO CEO SENIOR MANAGEMENT OTHER The key measurable objectives for enhancing diversity at Air New Zealand for the 2013 financial year are Diversity฀Project฀Delivery฀Team฀which฀will฀prioritise฀and฀implement฀key฀initiatives,฀check฀action฀plans,฀review...

  • Page 60
    ... to each director as their evaluation is completed. DIFFERENCES฀IN฀PRACTICE฀TO฀NZX฀CODE฀AND฀ASX฀RECOMMENDATIONS Under the NZSX and ASX Listing Rules, Air New Zealand is required to disclose in this annual report the extent to which its corporate governance practices materially...

  • Page 61
    ... Limited. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Janice (Jan) Dawson BCOM, FCA Appointed 1 April 2011 Ms Dawson is Deputy Chair of Counties-Manukau District Health Board, a Director of Westpac New Zealand Limited, a member of the University of Auckland Council, the Capital Investment...

  • Page 62
    ...,0612 933 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Bonds Jan Dawson Shares Bonds Jim Fox Shares Warren Larsen Shares 30,0004 20,0005 50,0005 36,500 15,311 2291 2381 21 Sep 2011 21 Mar 2012 $248 $202 1. 2. 3. 4. 5. Pursuant to the terms of the Dividend Reinvestment Plan. All shares are...

  • Page 63
    ... of Chartered Accountants Erua Limited Jan Dawson Limited National Health Board Capital Investment Committee University of Auckland Voyager New Zealand Maritime Museum Westpac New Zealand Limited Yachting New Zealand Deputy Chair Member Director Director (appointed 15 August 2011) Member Councillor...

  • Page 64
    ... year. Retired during the year. GST exclusive. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Indemnities and Insurance Pursuant to section 162 of the Companies Act 1993 and the Constitution, Air New Zealand has entered into deeds of access, insurance and indemnity with the directors of the Group...

  • Page 65
    ... Air New Zealand Associated Companies Limited on 29 May 2012 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 Limited Freedom Air Limited Jetaffair Holidays...

  • Page 66
    .../SRC NON-AUSTRALASIAN฀COMPANIES Air New Zealand Travel Services Limited ANZGT Field Services LLC Mount Cook Tours Limited (USA) 5 DIRECTORS DWM/ESAS2/EJO/CML1 RI1/TNH1 JHB/PW DIRECTORS AJB AMS ASC BP CET CLH CM CML CPW DBF DBS DLMK AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Andrew J Burns...

  • Page 67
    ... employees included in the table above were made redundant during the period, resulting in redundancy and other termination payments exceeding their normal levels of remuneration. Please refer to pages 66 and 67 for a more detailed breakdown of CEO remuneration. 65 AIR NEW ZEALAND ANNUAL FINANCIAL...

  • Page 68
    ...-tax annual performance incentive payment is retained to purchase shares in the Company up to the point where this mandatory shareholding level is achieved. The holding must be maintained to enable the CEO or executive to exercise any options. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Options...

  • Page 69
    ... of the Company's annual results. Options may be exercised at any time after the third anniversary and before the fifth anniversary of the date of issue assuming any conditions outlined and any additional conditions set by the PRDC have been met. Unless Air New Zealand's share price outperforms the...

  • Page 70
    ...of New Zealand. Orbis Investment Management (Australia) Pty Ltd and its related bodies corporate as investment manager for various funds or investment mandates. 810,877,863 ordinary shares* 54,605,617 ordinary shares AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 In 1989 the Crown issued a Notice...

  • Page 71
    ... 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 1 August 2012, 9,880 shareholders held Ordinary Shares of less than a marketable parcel (as defined by the NZSX Listing Rules). SHAREHOLDERS NUMBER 16...

  • Page 72
    ...: 6:24 hrs ATR฀72-500 Number: 11 Average Age: 11.5 years Maximum Passengers: 68 Cruising Speed: 518 km/hr Av. Daily Utilisation: 7:06 hrs AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Bombardier฀Q300 Number: 23 Average Age: 5.4 years Maximum Passengers: 50 Cruising Speed: 520 km/hr Av...

  • Page 73
    ... waiver, its condition and its effect are disclosed in the half year and annual reports for the year in which the Transaction takes place. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 AUSTRALIAN STOCK EXCHANGE AIZ 1 July 2002 AIR 24 October 1989 1 In 1989, the Crown issued a Notice that arises...

  • Page 74
    ... 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 RESULTS 2012 2 The Takeovers Code approved...

  • Page 75
    ... Janice (Jan) Dawson James (Jim) Fox Warren Larsen Chief฀Executive฀Officer Rob Fyfe CEO฀Designate Christopher Luxon Chief฀Financial฀Officer Rob McDonald General฀Counsel฀and฀Company฀Secretary John Blair AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012 Investor฀Relations฀ Investor...

  • Page 76