Air New Zealand 2013 Annual Report Download

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ANNUAL FINANCIAL RESULTS
2013

Table of contents

  • Page 1
    ANNUAL FINANCIAL RESULTS 2013

  • Page 2

  • Page 3
    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 and its controlled entities (together the "Group") for the year to 30 June 2013. The directors are responsible for presenting financial...

  • Page 4
    Statement of Financial Performance For the year to 30 June 2013 NOTES GROUP 2013 $M GROUP 2012 $M COMPANY 2013 $M COMPANY 2012 $M Operating Revenue Passenger revenue Cargo Contract services Other revenue 1, 2 Operating Expenditure Labour Fuel Maintenance Aircraft operations Passenger services Sales...

  • Page 5
    ... Company 13 182 71 349 287 (6) (6) 40 40 - - 85 (5) (28) (8) (15) 29 23 205 63 75 10 1 (42) 107 147 218 82 (28) (16) 38 38 387 67 78 10 (44) 111 111 398 The accompanying accounting policies and notes form part of these financial statements. Air New Zealand Annual Financial Results 2013...

  • Page 6
    Statement of Changes In Equity For the year to 30 June 2013 NOTES GROUP 2013 $M GROUP 2012 $M COMPANY 2013 $M COMPANY 2012 $M Issued Capital Balance at the beginning of the year Acquisition of treasury stock (share buyback) Shares issued Equity-settled share-based payments Balance at the end of the...

  • Page 7
    ... (596) 1,686 2 1,688 2,285 (1,066) 1,219 1,219 2,290 (1,382) 908 908 John Palmer CHAIRMAN Roger France DIRECTOR For and on behalf of the Board,29 August 2013 The accompanying accounting policies and notes form part of these financial statements. Air New Zealand Annual Financial Results 2013 5

  • Page 8
    Statement of Cash Flows For the year to 30 June 2013 NOTES GROUP 2013 $M GROUP 2012 $M COMPANY 2013 $M COMPANY 2012 $M Cash Flows from Operating Activities Receipts from customers Dividends received from subsidiaries Payments to suppliers and employees Income tax paid Interest paid Interest ...

  • Page 9
    ... New Zealand's primary business is the transportation 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...

  • Page 10
    ... (Continued) For the year to 30 June 2013 (e) Taxation The preparation of the financial statements requires management to make estimates about items that are not known at balance date or prior to the Group reporting its final result. These items may ultimately impact the amount of tax payable by the...

  • Page 11
    ... to revenue in the Statement of Financial Performance when the actual carriage is performed. Unused tickets are recognised as revenue using estimates regarding the timing of recognition based on the terms and conditions of the ticket and historical trends. The Group operates various code share and...

  • Page 12
    Statement of Accounting Policies (Continued) For the year to 30 June 2013 Other revenue Other revenue is recognised at the time the service is provided. Loyalty programmes The fair value of revenues associated with the award of Airpoints Dollars to Airpoints members as part of the initial sales ...

  • Page 13
    ... and associates Amounts owing 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...

  • Page 14
    ... present value of the minimum lease payments at inception of the lease. A corresponding liability is also established. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset. 12 Air New Zealand Annual Financial Results 2013

  • Page 15
    ... difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate, where appropriate, is recognised in the Statement of Financial Performance. Air New Zealand Annual Financial Results 2013 13

  • Page 16
    ... 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. 14 Air New Zealand Annual Financial Results 2013

  • 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 reflects the yield on government bonds that have maturity dates approximating the terms of Air New Zealand's obligations. When...

  • Page 18
    ... relation to Revenue and Other Income included within the Statement of Financial Performance. GROUP 2013 $M GROUP 2012 $M COMPANY 2013 $M COMPANY 2012 $M Operating revenue Finance income Total operating revenue, including finance income Share of the profit of associates Dividend income from related...

  • Page 19
    ...) 391 (109) 268 (75) 19 19 (74) (42) 13 (29) (23) 23 23 (42) (32) 13 (19) 19 (95) 2 (93) 4 2 6 (65) (65) 34 4 38 The Group and Company have $41 million imputation credits as at 30 June 2013 (30 June 2012: Nil in Group and Company). Air New Zealand Annual Financial Results 2013 17

  • 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 2013 $M GROUP 2012 $M COMPANY 2013 $M COMPANY 2012 $M Cash balances Other short term deposits and short term bills Bank and short term deposits Bank...

  • Page 21
    ... Held at fair value less costs to sell movement in the provision for inventory obsolescence Balance at the beginning of the year Net increase in provision Balance at the end of the year (27) (11) (38) (26) (1) (27) (26) (11) (37) (23) (3) (26) Air New Zealand Annual Financial Results 2013 19

  • 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 RTDs bear a three month fixed interest rate and mature in December 2018. 20 Air New Zealand Annual Financial Results 2013

  • Page 23
    Notes to the Financial Statements (Continued) As at 30 June 2013 11. PROPERTY, PLANT AND EquIPmENT GROUP 2013 $M GROUP 2012 $M COMPANY 2013 $M COMPANY 2012 $M Property, plant and equipment comprises: Aircraft, spare engines and simulators Spares Plant and equipment Land and buildings 2,488 116 114 ...

  • Page 24
    ... of the Group's future trading prospects. The aircraft carrying values were tested for impairment based on a value in use discounted cash flow valuation. Cash flow projections were prepared for 5 years using Board reviewed business plans. Key assumptions include exchange rates, jet fuel costs...

  • Page 25
    ... 37 18 (11) 44 49 11 2 1 63 55 7 62 44 10 54 Development costs arise from the Group's engineering activities and will be applied to external customer products and services. There were no additions in the year ended 30 June 2013 (30 June 2012: Nil). Air New Zealand Annual Financial Results 2013 23

  • Page 26
    ... 2012 and April 2013 upon the issue of additional share capital by Virgin Australia, the Group contemporaneously paid a further A$35 million (excluding transaction costs) or 48 cents per share to maintain a continuous ownership interest at 19.99%. During the year ended 30 June 2013, Air New Zealand...

  • Page 27
    ... services Wholesale travel distributor COuNTRY OF INCORPORATION New Zealand New Zealand BALANCE DATE 31 December 30 June ASSOCIATE GROUP 2013 $M ASSOCIATE GROUP 2012 $M Carrying amount Christchurch Engine Centre 45 45 59 59 The carrying amount for joint ventures for the year ended 30 June 2013...

  • Page 28
    .... On 28 September 2011 Air New Zealand issued $150 million of unsecured, unsubordinated fixed rate bonds. The bonds have a maturity date of 15 November 2016 and an interest rate of 6.90% payable semi-annually. GROUP 2013 $M GROUP 2012 $M COMPANY 2013 $M COMPANY 2012 $M Finance lease liabilities...

  • Page 29
    ... rectification work in respect of past engineering services performed. There was $1 million of additions during the year ended 30 June 2013 (30 June 2012: Nil). Warranty provisions of $1 million are classified as non-current (30 June 2012: Nil). Air New Zealand Annual Financial Results 2013 27

  • Page 30
    ... 2013 18. 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
    ... denominated working capital balances, which together are immaterial to foreign currency fluctuations, Air New Zealand's exposure to foreign exchange risk arising on financial instruments outstanding at reporting date is summarised as follows: GROUP AS AT 30 JUNE 2013 ALL EXPRESSED IN NZ$M NZD...

  • Page 32
    ... level within the Group through related party foreign currency deposits and loans. United States dollar denominated payables to a subsidiary form part of a set-off arrangement with a New Zealand dollar denominated intercompany receivable from that subsidiary. 30 Air New Zealand Annual Financial...

  • Page 33
    ...(6) COMPANY AS AT 30 JUNE 2012 ALL EXPRESSED IN NZ$M USD On profit before taxation 5 cents appreciation 5 cents depreciation On equity 5 cents appreciation 5 cents depreciation (3) 3 (68) 77 AUD 17 (19) EUR 3 (4) JPY 15 (18) GBP 7 (8) OTHER 6 (6) Air New Zealand Annual Financial Results 2013...

  • Page 34
    ...Financial Statements (Continued) As at 30 June 2013 18. FINANCIAL RISk mANAgEmENT (CONTINuED) SIgNIFICANT FOREIgN ExCHANgE RATES uSED AT BALANCE DATE FOR ONE NEw ZEALAND DOLLAR ARE: 2013 2012 Australian Dollar European Community Euro Japanese Yen United Kingdom Pound United States Dollar Fuel price...

  • Page 35
    ...payables Secured borrowings Unsecured bonds Finance lease obligations Amounts owing to associates Total non-derivative liabilities 2 373 97 150 1,445 6 2,073 2 373 104 197 1,634 6 2,316 2 373 16 10 171 6 578 16 10 162 188 55 177 563 795 17 738 755 Air New Zealand Annual Financial Results 2013...

  • Page 36
    ... As at 30 June 2013 18. FINANCIAL RISk mANAgEmENT (CONTINuED) COMPANY AS AT 30 JUNE 2013 STATEMENT OF FINANCIAL POSITION $M CONTRACTUAL CASH FLOWS $M < 1 YEAR 1-2 YEARS 2-5 YEARS 5+ YEARS $M $M $M $M Bank overdraft and short-term borrowings Trade and other payables Unsecured bonds Finance lease...

  • 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...

  • Page 38
    ... of the hedged risk exposure is as follows: GROUP 2013 $M GROUP 2012 $M COMPANY 2013 $M COMPANY 2012 $M Future foreign currency operating revenue and expenditure Future foreign currency capital expenditure Future foreign currency sales of non-financial assets Future fuel expenditure Tax effect Cash...

  • Page 39
    ...Fuel derivatives Short-dated fuel derivatives are not hedge accounted due to the short term nature of these instruments, and are marked to market through earnings. In the year to 30 June 2013, nil was recognised within "Fuel" (30 June 2012: Nil). Equity swaps During the year to 30 June 2013, Air New...

  • Page 40
    ... paid to non-resident shareholders. A final dividend in respect of the 2012 financial year of 3.5 cents per Ordinary Share was paid on 26 September 2012. No imputation credits were attached. The dividend reinvestment plan is currently suspended. 38 Air New Zealand Annual Financial Results 2013

  • Page 41
    ...at the end of the year Represented by: Paid in capital Treasury stock Equity-settled share-based payments 2,282 1 (11) 5 2,277 2,273 (11) 15 2,277 2,269 8 5 2,282 2,267 15 2,282 2,290 1 (11) 5 2,285 2,281 (11) 15 2,285 2,277 8 5 2,290 2,275 15 2,290 Air New Zealand Annual Financial Results 2013 39

  • Page 42
    ... transfer of the shares under the terms of the Long Term Incentive Plan Rules (16 September 2011: $0.83 per Ordinary Share). During the year ended 30 June 2013, there were no shares issued under the dividend reinvestment plan (30 June 2012: 6,306,429 Ordinary Shares). Non New Zealand nationals are...

  • Page 43
    ... was determined by analysis of the attrition rates and early exercise behaviour of staff in long term incentive programmes in similar large corporates. CFO Option Plan On 21 September 2012, 2,399,138 options with a fair value of $0.4 million were issued to the Chief Financial Officer under the CFO...

  • Page 44
    ... analysis of the attrition rates and early exercise behaviour of staff in long term incentive programmes in similar large corporates. CEO Option Plan On 21 September 2012, 8,607,519 options with a fair value of $1.1 million were issued to the former Chief Executive Officer under the CEO Option Plan...

  • Page 45
    ... 2016. The Group has a contractual commitment to acquire ten Boeing 787-9 (B787-9) aircraft and associated engines and spares. The B787-9 aircraft that were subject to firm commitments are scheduled for delivery between July 2014 to October 2017. Air New Zealand Annual Financial Results 2013 43

  • Page 46
    ... 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. 44 Air New Zealand Annual Financial Results 2013

  • Page 47
    ... the Financial Statements (Continued) For the year to and as at 30 June 2013 27. PENSION OBLIgATIONS Defined benefit plans The Group operates two defined benefit plans for qualifying employees in New Zealand and overseas. The New Zealand plan is now closed to new members. The plans provide a benefit...

  • Page 48
    ... the weighted average assumptions used by the actuaries to develop the net periodic pension cost and the actuarial present value of projected benefit obligations for the Group's plans: GROUP AND COMPANY 2013 2012 Gross discount rate (year 1) Gross discount rate (long term) Expected return on plan...

  • Page 49
    ... Air New Zealand provides aircraft related services in the normal course of business, on standard commercial terms. Paul Bingham (Director), was also a Director of Christchurch & Canterbury Marketing Limited (trading as Christchurch & Canterbury Tourism) until 30 October 2012. During the year ended...

  • Page 50
    ... across the Group. This interest is not allocated to subsidiary companies. The following entities are included in the set-off arrangement: Air Nelson Limited Air New Zealand Limited Eagle Airways Limited Mount Cook Airlines Limited Safe Air Limited 48 Air New Zealand Annual Financial Results 2013

  • Page 51
    ...22 May 2013 the Christchurch Engine Centre paid a distribution of $15 million. Joint venture Pacific Leisure Group Limited was incorporated on 20 October 2011 and commenced trading as a joint venture on 25 November 2011. The company paid a dividend of $250k to Air New Zealand on 20 March 2013. Other...

  • Page 52
    ... - financial position as at 30 June 2013; and - financial performance and cash flows for the year ended on that date. Other legal requirements In accordance with the Financial Reporting Act 1993 we report that, in our opinion, proper accounting records have been kept by the Company and Group as far...

  • Page 53
    ... and Group. Other than the audit and these assignments and arm's length transactions, we have no relationship with or interests in the Company, or any of its subsidiaries. Andrew Dick DELOITTE On behalf of the Auditor-General Auckland, New Zealand Air New Zealand Annual Financial Results 2013 51

  • Page 54
    Historical Summary of Financial Performance 2013 $M 2012 $M 2011 $M 2010 $M 2009 $M Operating Revenue Passenger revenue Cargo Contract services Other revenue Operating Expenditure Labour Fuel Maintenance Aircraft operations Passenger services Sales and marketing Foreign exchange gains/(losses) ...

  • Page 55
    ... activities Cash flow from financing activities Increase/(decrease) in cash holding Total cash and cash equivalents 750 (480) (147) 123 1,150 472 (654) 349 167 1,027 466 (846) 173 (207) 860 334 (450) (390) (506) 1,067 486 (216) 14 284 1,573 Air New Zealand Annual Financial Results 2013...

  • Page 56
    ...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 1. EBIT/Total Assets 2. Net Profit After Tax/Total Equity 3. EBITDRA/(Rental...

  • Page 57
    ... represent short haul operations. Asia, North America and Europe represent long haul operations. Certain comparatives within the key operating statistics have been reclassified for comparative purposes, to ensure consistency with the current year. Air New Zealand Annual Financial Results 2013 55

  • Page 58
    ... Summary of Debt Five Year Statistical Review As at 30 June 2013 $M 2012 $M 2011 $M 2010 $M 2009 $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-bearing...

  • Page 59
    ... 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 60
    ... a member of the Diversity Project Delivery Team, the roll out of the Leaders' Toolkit training on "valuing differences" in Technical Operations was completed and a programme of open days were held at Auckland Airport and the Hub for low decile school students. 58 Air New Zealand Annual Financial...

  • Page 61
    ...and stock exchange listing rules. Board and Committee charters and policies of public relevance are published on Air New Zealand's web site at www.airnzinvestor.com. REMUNERATION AND PERFORMANCE EVALUATION Executives Air New Zealand's performance management system applies to the executive management...

  • Page 62
    ... Group Limited, in Christchurch until 1986 when he purchased a Mitre 10 hardware store, also eventually serving as a director of Mitre 10 New Zealand Limited and becoming Chairman of Mitre 10 New Zealand Limited in 1993. In 1994 Mr Carter was appointed General Manager and Chief Executive designate...

  • Page 63
    ... Managing Partner of Coopers & Lybrand in Auckland for five years. Following the merger with PricewaterhouseCoopers, he led the firm's Corporate Value consulting practice in the Asia Pacific region and served as a member of its New Zealand Governance Board. Mr France brings strong financial analysis...

  • Page 64
    ... Limited National Health Board Capital Investment Committee University of Auckland Voyager New Zealand Maritime Museum Westpac New Zealand Limited Yachting New Zealand Dr Jim Fox BIOTA Pharmaceuticals Inc (USA) Genmark Diagnostics Inc (USA) Multiple Sclerosis Research Australia Limited TTP Group (UK...

  • Page 65
    ... commercial practice, the insurance contract prohibits further disclosure of the terms of the policy. All directors who voted in favour of authorising the insurance certified that in their opinion, the cost of the insurance is fair to the Company. Air New Zealand Annual Financial Results 2013 63

  • Page 66
    ...work carried out by individual directors on various Board Committees to reflect the additional responsibilities of these positions. The total 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...

  • Page 67
    ... Interests in Air New Zealand Securities The relevant interests of directors in Air New Zealand's securities at the date of this Annual Report are summarised in the table below: NAME BENEFICIAL INTEREST AT 30 JUNE 2013 Shares Tony Carter Shares Bonds Paul Bingham Shares Bonds Jan Dawson Shares Bonds...

  • Page 68
    ... year to 30 June 2013. 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 Air New...

  • Page 69
    ... Ltd - sold 31 October 2012 DIRECTORS JHB/CPW2/LMG1 AMS/TNH/RSM/VCMS2 JHB/DLMK/VCMS2 AMS/TNH/RSM/VCMS2 AMS/TNH/RSM/VCMS2 AMS/TNH/RSM/VCMS2 DBS2/DWM2/SFJ2/SLW/SRC NON-AUSTRALASIAN COMPANIES Air New Zealand Travel Services Limited (Japan) ANZGT Field Services LLC (USA) DIRECTORS DWM/EJO/CML RI/TNH...

  • Page 70
    ... been brought to account in this year's Employee Remuneration report. The balance of the 2013 financial year earnings comprises base salary, short term incentive, superannuation contributions and other Long Term Incentive Plan options. The former CEO left the Company on 31 December 2012 and received...

  • Page 71
    ... 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 72
    ... ended 30 June 2013, the CEO earned a total STI payment to the value of $602,841. This payment will be made in the 2014 financial year. Long Term Incentive The CEO has access to the Air New Zealand Long Term Incentive Plan (LTIP). The mandatory shareholding commitment for the CEO is 66% of the CEO...

  • Page 73
    ... 35F of the Securities Markets Act 1988 and records Substantial Security Holder notices received in the period up to 16 August 2013. The total number of voting securities of Air New Zealand Limited at that date was 1,103,924,560. SUBSTANTIAL SECURITY HOLDER VOTING SECURITIES IN THE COMPANY IN WHICH...

  • Page 74
    ...(as defined by the NZSX Listing Rules). SHAREHOLDERS NUMBER 15,717 6,037 1,137 1,082 89 24,062 % 65.32 25.09 4.73 4.49 0.37 100.00 NUMBER 6,174,508 13,646,772 8,405,677 26,888,920 1,048,808,683 1,103,924,560 SHARES % 0.56 1.24 0.76 2.43 95.01 100.00 72 Air New Zealand Annual Financial Results 2013

  • Page 75
    ... Q300 Number: 23 Average Age: 6.4 years Maximum Passengers: 50 Cruising Speed: 520 km/hr Average Daily Utilisation: 7:03 Beech 1900D Number: 18 Average Age: 11.5 years Maximum Passengers:19 Cruising Speed: 510 km/hr Average Daily Utilisation: 6:14 Air New Zealand Annual Financial Results 2013 73

  • Page 76
    ... Listing Rule 8.1.3 to allow Air New Zealand to issue options under the Executive Officer Option Incentive Plan to the Chief Executive Officer of Air New Zealand with an exercise price which may be less than 90% of the Average Market Price of Air New Zealand's ordinary shares at the date of issue...

  • Page 77
    ... 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 Results 2013 75

  • Page 78
    ... New Zealand Link Market Services Limited Level 7, Zurich House 21 Queen Street, Auckland 1010, New Zealand PO Box 91976, Auckland 1142 New Zealand Investor Enquiries Phone: Fax: Email: Australia Link Market Services Limited Level 12, 680 George Street Sydney 2000, Australia Locked Bag A14, Sydney...

  • Page 79
    This report was printed on New Silk Gloss. New Silk Gloss is an environmentally responsible paper, produced using Elemental Chlorine Free (ECF), Third Party certified pulp from Responsible Sources, and manufactured under the strict ISO14001 Environmental Management System.

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