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Air New Zealand Annual Financial Results  31
. FINANCIAL RISK MANAGEMENT CONTINUED
SENSITIVITY ANALYSES
The sensitivity analyses which follow are hypothetical and should not be considered predictive of future performance. They only include
financial instruments (derivative and non-derivative) and do not include the future forecast hedged transactions. As the sensitivities are
only on financial instruments the sensitivities ignore the offseing impact on future forecast transactions which many of the derivatives
are hedging. Changes in fair value can generally not be extrapolated because the relationship of change in assumption to change in fair
value may not be linear. In addition, for the purposes of the below analyses, the effect of a variation in a particular assumption is calculated
independently of any change in another assumption. In reality, changes in one factor may contribute to changes in another, which may
magnify or counteract the sensitivities. Furthermore, sensitivities to specific events or circumstances will be counteracted as far as
possible through strategic management actions. The estimated fair values as disclosed should not be considered indicative of future
earnings on these contracts.
Foreign currency sensitivity on financial instruments
The following table demonstrates the sensitivity of the above financial instruments at reporting date to a reasonably possible
appreciation/depreciation in the United States Dollar against the New Zealand Dollar. Other currencies are evaluated 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  JUNE 
ALL EXPRESSED IN NZM
USD AUD EUR JPY GBP OTHER
On profit before taxation
5 cents appreciation
(5) - - - - -
5 cents depreciation 6 - - - - -
On equity
5 cents appreciation
(63) (1) 3 16 5 5
5 cents depreciation
71 1 (3) (18) (5) (6)
GROUP
AS AT  JUNE 
ALL EXPRESSED IN NZM
USD AUD EUR JPY GBP OTHER
On profit before taxation
5 cents appreciation
(5) - - - - -
5 cents depreciation
6 - - - - -
On equity
5 cents appreciation
(61) 5 3 15 7 6
5 cents depreciation
70 (5) (4) (18) (8) (6)
COMPANY
AS AT  JUNE 
ALL EXPRESSED IN NZM
USD AUD EUR JPY GBP OTHER
On profit before taxation
5 cents appreciation
(3) 2 - 4 - -
5 cents depreciation
3 (2) - (4) - -
On equity
5 cents appreciation
(67) 15 3 12 5 5
5 cents depreciation
75 (17) (3) (14) (5) (6)
COMPANY
AS AT  JUNE 
ALL EXPRESSED IN NZM
USD AUD EUR JPY GBP OTHER
On profit before taxation
5 cents appreciation
(3) - - - - -
5 cents depreciation
3 - - - - -
On equity
5 cents appreciation
(68) 17 3 15 7 6
5 cents depreciation
77 (19) (4) (18) (8) (6)
Notes to the Financial Statements (Continued)
As at 30 June 2013