Air New Zealand 2014 Annual Report Download

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RE SULTS
ANNUAL
FINANCIAL
2 014

Table of contents

  • Page 1
    ANNUAL FINANCIAL RESULTS 2014

  • Page 2

  • Page 3
    ... in Equity Statement of Financial Position Statement of Cash Flows 2 3 4 5 6 Statement of Accounting Policies Notes to the Financial Statements Independent Auditor's Report Five Year Statistical Review 7 16 51 53 GENERAL INFORMATION Corporate Governance at Air New Zealand Directors' Profiles...

  • Page 4
    ... THE YEAR TO 30 JUNE 2014 GROUP 2014 $M GROUP 2013 $M COMPANY 2014 $M COMPANY 2013 $M NOTES Operating Revenue Passenger revenue Cargo Contract services Other revenue 1, 2 Operating Expenditure Labour Fuel Maintenance Aircraft operations Passenger services Sales and marketing Foreign exchange gains...

  • Page 5
    STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR TO 30 JUNE 2014 GROUP 2014 $M GROUP 2013 $M COMPANY 2014 $M COMPANY 2013 $M NOTES Net Profit for the Year Other Comprehensive Income: Items that will not be reclassified to profit or loss: Changes in fair value of investment in quoted equity ...

  • Page 6
    STATEMENT OF CHANGES IN EQUITY FOR THE YEAR TO 30 JUNE 2014 GROUP 2014 $M GROUP 2013 $M COMPANY 2014 $M COMPANY 2013 $M NOTES 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 ...

  • Page 7
    ...872 2,277 (476) 1,801 2,290 (728) 1,562 2,285 (1,080) 1,205 Tony Carter CHAIRMAN For and on behalf of the Board, 27 August 2014 Jan Dawson DEPUTY CHAIRMAN The accompanying accounting policies and notes form part of these financial statements. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014 5

  • Page 8
    ... YEAR TO 30 JUNE 2014 GROUP 2014 $M GROUP 2013 $M COMPANY 2014 $M COMPANY 2013 $M NOTES Cash Flows from Operating Activities Receipts from customers Dividends received from subsidiaries Payments to suppliers and employees Income tax paid Interest paid Interest received Rollover of foreign exchange...

  • 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
    ... 1 July 2013. (a) External Reporting Board Standard A1 "Accounting Standards Framework (For-profit Entities Update)" (XRB A1) (b) NZ IFRS 10 - Consolidated Financial Statements (c) NZ IFRS 11 - Joint Arrangements (d) NZ IFRS 12 - Disclosure of Interests in Other Entities (e) NZ IFRS 13 - Fair Value...

  • Page 11
    ... the equity method and are measured in the Statement of Financial Position at cost plus post-acquisition changes in the Group's share of net assets. Goodwill relating to associates and joint ventures is included in the carrying amount of the investment. Dividends reduce the carrying value of the...

  • Page 12
    STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR TO 30 JUNE 2014 Loyalty programmes (CONTINUED) The fair value of revenues associated with the award of Airpoints Dollars to Airpoints members as part of the initial sales transaction is deferred, net of estimated expiry (non-redeemed Airpoints Dollars...

  • 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
    ...the Statement of Financial Performance with an adjustment to the carrying amount of the hedged item. FAIR VALUE ESTIMATION The fair value of the investment in quoted equity instruments is determined by reference to quoted market prices in an active market. This equates to "Level 1" of the fair value...

  • Page 15
    ...present value. Aircraft which have been withdrawn from service and have no intention of being reintroduced into the operating ï¬,eet, or there has been a significant decline in operating requirements, are assessed for impairment on an individual basis. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014...

  • Page 16
    ... costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of taxation, from the proceeds. Where a member of the Group purchases the Company's share capital, the consideration paid is deducted from equity under the treasury stock method, until they are...

  • Page 17
    ...of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of the plan's assets. 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
    ... 41 281 219 39 258 1 3 1 (4) 1 2 1 (5) *Other fees were paid for tax compliance work of $19k (30 June 2013: $18k) and other services of $26k relating to business and information technology processes and security controls (30 June 2013: $2k). 16 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014

  • 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 262 181 1,101 11 1,112 1,096 8 1,104 17 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014

  • Page 20
    ..., as stated in the Statement of Cash Flows, are reconciled to the related balances in the Statement of Financial Position as follows: GROUP 2014 $M GROUP 2013 $M COMPANY 2014 $M COMPANY 2013 $M Cash balances Other short term deposits and short term bills Bank and short term deposits Bank overdraft...

  • Page 21
    ... value at the date of transfer or external market assessments of the fair value, less costs to sell. 10. OTHER ASSETS GROUP 2014 $M GROUP 2013 $M COMPANY 2014 $M COMPANY 2013 $M Current Contract work in progress Amounts owing from subsidiaries Amounts owing from joint ventures and associates...

  • Page 22
    ... TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2014 11. PROPERTY, PLANT AND EQUIPMENT (CONTINUED) GROUP 2014 $M GROUP 2013 $M COMPANY 2014 $M COMPANY 2013 $M Property, plant and equipment comprises: Aircraft, spare engines and simulators Spares Plant and equipment Land and buildings 2,569 101...

  • Page 23
    ... directors, the recoverable value from continued use of the aircraft as part of a network and their ultimate sale proceeds exceeded the book value of the aircraft, based on the directors' current assessment of the Group's future trading prospects. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014 21

  • Page 24
    ... accounted associate, as the directors considered that the Group did not have the ability to exercise significant inï¬,uence over Virgin Australia due to the composition of other shareholdings and lack of representation on the Board. On 4 July 2014, the Chief Executive Officer of Air New Zealand...

  • Page 25
    ... % OWNED PRINCIPAL ACTIVITY 49 51 50 Engineering services Engineering services Wholesale travel distributor COUNTRY OF BALANCE DATE INCORPORATION New Zealand United States New Zealand 31 December 30 June 30 June SUMMARY FINANCIAL INFORMATION OF ASSOCIATES GROUP 2014 $M GROUP 2013 $M Assets and...

  • Page 26
    ... and an interest rate of 6.90% payable semi-annually. GROUP 2014 $M GROUP 2013 $M COMPANY 2014 $M COMPANY 2013 $M Finance lease liabilities Repayable as follows: Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years Less future finance costs Present value of future...

  • Page 27
    ... to be utilised within 12 months. Insurance provisions are based on historical claim experience. Warranty provisions represent an estimate of potential liability for future rectification work in respect of past engineering services performed. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014 25

  • Page 28
    ... STATEMENTS AS AT 30 JUNE 2014 18. FINANCIAL RISK MANAGEMENT (CONTINUED) 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...

  • Page 29
    ... TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2014 18. FINANCIAL RISK MANAGEMENT (CONTINUED) (CONTINUED) GROUP AS AT 30 JUNE 2014 ALL EXPRESSED IN NZ$M NZD USD AUD EUR JPY GBP OTHER TOTAL Foreign currency risk Non-derivative financial instruments Interest-bearing assets Investment in quoted equity...

  • Page 30
    ... FINANCIAL STATEMENTS AS AT 30 JUNE 2014 18. FINANCIAL RISK MANAGEMENT (CONTINUED) (CONTINUED) COMPANY AS AT 30 JUNE 2014 ALL EXPRESSED IN NZ$M NZD USD AUD EUR JPY GBP OTHER TOTAL Foreign currency risk Non-derivative financial instruments Interest-bearing assets Amounts owing from subsidiaries...

  • Page 31
    ... 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 30 JUNE 2014 ALL EXPRESSED IN NZ$M USD AUD EUR JPY GBP OTHER On profit before...

  • Page 32
    ... STATEMENTS AS AT 30 JUNE 2014 18. FINANCIAL RISK MANAGEMENT (CONTINUED) SIGNIFICANT FOREIGN EXCHANGE RATES USED AT BALANCE DATE FOR ONE NEW ZEALAND DOLLAR ARE: Australian Dollar European Community Euro Japanese Yen United Kingdom Pound United States Dollar Fuel price risk (CONTINUED) 2014 2013...

  • Page 33
    ... TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2014 18. FINANCIAL RISK MANAGEMENT (CONTINUED) (CONTINUED) Air New Zealand had exposure to equity price risk arising on the equity investment. As at 30 June 2013 the Group held an equity derivative in Virgin Australia Holdings Limited. This investment...

  • Page 34
    ...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. 32 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014

  • Page 35
    ...nancial instruments is based on published market prices for similar assets or liabilities at balance date ("Level 2" of the fair value hierarchy). The fair value of foreign currency forward contracts is determined using forward exchange rates at reporting date. The fair value of fuel swap and option...

  • Page 36
    ...) (8) (416) 13 8 416 1,146 314 98 400 184 (1) (347) (8) (539) (6) (3) 1 8 - (51) - 1,089 314 95 400 184 (347) (539) 18 10 29 *Letters of credit with subsidiary entities are included in the Company under the master netting arrangements. 34 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014

  • Page 37
    ... and expenditure foreign currency capital expenditure foreign currency sales of non-financial assets fuel expenditure Tax effect Cash ï¬,ow hedge reserve 43 26 3 1 73 (22) 51 116 59 2 (3) 174 (51) 123 29 26 1 56 (17) 39 112 59 (3) 168 (49) 119 AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014 35

  • Page 38
    ... 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 2014, no amount was recognised within "Fuel" (30 June 2013: Nil). Equity swaps During the year to 30 June 2013, Air New Zealand...

  • Page 39
    ...respect of the 2013 financial year of 5.0 cents per Ordinary Share was paid on 23 September 2013. Imputation credits were attached and supplementary dividends paid to non-resident shareholders. The dividend reinvestment plan is currently suspended. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014 37

  • Page 40
    ...277 GROUP 2013 $M 2,285 1 4 2,290 2,281 (3) 12 2,290 COMPANY 2014 $M 2,290 1 (11) 5 2,285 2,281 (11) 15 2,285 COMPANY 2013 $M Number of Ordinary Shares on issue Balance at the beginning of the year Mandatory shares issued under Long Term Incentive Plan Exercise of Long Term Incentive Plan options...

  • Page 41
    .... ** The People Remuneration and Diversity Committee of the Board will adjust option terms, if necessary, to ensure that the impact of share issues, share offers or share structure changes is value neutral as between participants and shareholders. AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014 39

  • Page 42
    ...: GROUP AND COMPANY 2014 ISSUE 1 2013 ISSUE 2 2013 2012 2011 2010 Weighted average share price (cents) Expected volatility of share price (%) Expected volatility of performance benchmark index (%) Correlation of volatility indices Contractual life (years) Risk free rate (%) Expected dividend yield...

  • Page 43
    ... historical data over the preceding one to three years. The risk free rate was based on the two year zero coupon bond yield implied from short to medium term yields for government bonds. APPLICATION OF TREASURY STOCK METHOD Share repurchase On 28 September 2012 the Group announced an on-market share...

  • Page 44
    ... Air New Zealand Staff Share Schemes are accounted for under the Treasury Stock method, and deducted from Ordinary Share capital on consolidation. The number of unallocated shares as at 30 June 2014 was 93 (30 June 2013: 93). Kiwi Share One fully paid special rights convertible share (the Kiwi Share...

  • Page 45
    ... of Air New Zealand Aircraft Holdings Limited (30 June 2013: Air New Zealand Aircraft Holdings Limited and New Zealand International Airlines Limited). The Company provides a guarantee to the Royal New Zealand Air Force (RNZAF) of the performance of a wholly owned subsidiary, Safe Air Limited, in...

  • Page 46
    ... 2014 2013 Major categories of plan assets: Fixed interest unit fund New Zealand equity unit fund Overseas equity unit fund Commodities fund Other assets 55% 7% 36% 2% 100% 55% 7% 33% 3% 2% 100% The fair value of plan assets is predominantly determined based on quoted prices in active markets...

  • Page 47
    ... the subsidiaries, joint ventures and associates identified in Note 14. Key management personnel Compensation of key management personnel (including directors) was as follows: GROUP 2014 $M GROUP 2013 $M COMPANY 2014 $M COMPANY 2013 $M Short-term employee costs Directors' fees Share-based payments...

  • Page 48
    ... Aircraft Holdings Limited (30 June 2013: Air New Zealand Aircraft Holdings Limited and New Zealand International Airlines Limited). During the year the investment in Air New Zealand Aircraft Holdings Limited, was assessed for impairment using a value in use model. Key assumptions include exchange...

  • Page 49
    ... Group has re-evaluated its involvement in the 51% investment in ANZGT Field Services LLC and has reclassified it from a subsidiary to a joint venture with effect from 1 July 2013. In the Statement of Financial Position, the previously consolidated property, plant and equipment, share capital and...

  • Page 50
    ... COMPANY AS PREVIOUSLY REPORTED $M COMPANY DEFINED BENEFIT PLANS (SEE (F)) $M COMPANY AS RESTATED $M AS RESTATED $M STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR TO 30 JUNE 2013 Contract services Operating revenue Labour Maintenance Operating expenditure Net Profit Attributable to Shareholders...

  • Page 51
    ... policies was recognised within Retained Deficit. STATEMENT OF CASH FLOWS FOR THE YEAR TO 30 JUNE 2013 Cash ï¬,ows from Operating Activities Receipts from customers Payments to suppliers and employees 4,657 (3,841) (3) 3 4,654 (3,838) 4,021 (3,419) 4,021 (3,419) AIR NEW ZEALAND ANNUAL FINANCIAL...

  • Page 52
    ...1 July 2013 on this Statement of Financial Position are also set out below. IMPACT OF CHANGES IN ACCOUNTING POLICIES GROUP GROUP JOINT ARRANGEMENTS (SEE (C)) $M STATEMENT OF FINANCIAL POSITION FOR THE YEAR TO 30 JUNE 2012 AS PREVIOUSLY REPORTED $M GROUP DEFINED BENEFIT PLANS (SEE (F)) $M GROUP...

  • Page 53
    ... AUDITOR'S REPORT TO THE SHAREHOLDERS OF AIR NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2014 The Auditor-General is the auditor of Air New Zealand Limited (the Company) and Group. The Auditor-General has appointed me, Andrew Dick, using the staff and resources of Deloitte, to carry out the...

  • Page 54
    ...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 2014 included on Air New Zealand Limited's website. The Company's Board of Directors is responsible for the...

  • Page 55
    ... SUMMARY OF FINANCIAL PERFORMANCE FOR THE YEAR TO 30 JUNE 2014 $M 2013 $M 2012 $M 2011 $M 2010 $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...

  • Page 56
    ...fied for comparative purposes, to ensure consistency with the current year. The Group adopted the amendments to NZ IAS 19 - Employee Benefits (2011) and NZ IFRS 11 - Joint Arrangements on 1 July 2013. Comparatives in the Statement of Financial Position have been restated for the 2012 and 2013...

  • Page 57
    ...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 % % % % cps times cents 8.6 21.7 6.9 14.0 23.8 4.6 13...

  • Page 58
    ...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. HISTORICAL SUMMARY OF DEBT AS AT 30 JUNE 2014 $M 2013 $M 2012...

  • 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
    ...% 20% 15% 10% 5% 0 BOARD SENIOR LEADERSHIP TEAM OTHER 2013 Financial year (%฀female) 2014 Financial year (%฀female) Strong progress was made across our stated 2014 objectives: •฀ Christopher฀Luxon฀communicated฀Air฀New฀Zealand's฀target฀to฀achieve฀40%฀women฀constitution...

  • Page 61
    ... keep investors and staff informed of all material information about Air New Zealand and to ensure compliance with disclosure requirements under legislation and stock exchange listing rules. Board and Committee charters and policies of public relevance are published on Air New Zealand's web site at...

  • Page 62
    ... Accountant of the Year in 2011 by the New Zealand Institute of Chartered Accountants. Ms Dawson is Chairman of the Air New Zealand Audit Committee. Paul฀ Bingham Appointed฀ 1฀ July฀ 2008 Mr Bingham is the Managing Director of Black Cat Cruises Limited, a tourism operation based at Banks...

  • Page 63
    ... for organisations in both New Zealand and the US. He is currently a director of Vector Limited and Zespri Group Limited and also serves as an Adjunct Professor of Management at the University of Auckland, specialising in international finance. AIR NEW ZEALAND ANNUAL FINANCIAL REVIEW 2014 61

  • Page 64
    ...Fielder Limited Jan Dawson Limited Meridian Energy Limited National Health Board Capital Investment Committee University of Auckland Council Voyager New Zealand Maritime Museum Westpac New Zealand Limited Yachting New Zealand Paul฀Bingham Akaroa Harbour Cruises Limited Black Cat Group 2007 Limited...

  • Page 65
    ... Shell New Zealand (2011) Limited Linda฀Jenkinson LesConcierges Inc Massey University US Foundation The Global Women Trust Advisory Board TheGrid Jonathan฀Mason Beloit College (USA) Board of Trustees University of Auckland Endowment Fund Vector Limited Zespri Group Limited (CONTINUED) Director...

  • Page 66
    ...fits as a director of any subsidiary company. Includes value of travel benefits for related parties and benefits accrued in prior years availed in current year. GST exclusive. Appointed 1 June 2014. Appointed 1 March 2014. Retired 31 March 2014. 64 AIR NEW ZEALAND ANNUAL FINANCIAL REVIEW 2014

  • Page 67
    ...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: BENEFICIAL฀ INTEREST AT 30฀JUNE฀2014 Shares Bonds Jan Dawson Shares Bonds Paul Bingham Shares Bonds Jim Fox Shares Roger France Shares Rob...

  • Page 68
    ... New Zealand Tasman Pacific Limited (Amalgamated with Air New Zealand Associated Companies Limited on 7 May 2014) Air New Zealand Travel Business Limited Altitude Aerospace Interiors Limited ANNZES Engines Christchurch Limited Ansett Australia & Air New Zealand Engineering Services Limited C.I. Air...

  • Page 69
    ... Australia Pty Ltd TAE Aviation Pty Limited TAE Gas Turbines Pty Ltd TAE Pty Limited DIRECTORS JHB/LMG AMS/TNH/RSM JHB/DLMK AMS/TNH/RSM AMS/TNH/RSM AMS/TNH/RSM NON-AUSTRALASIAN฀COMPANIES Air New Zealand Travel Services Limited (Japan) - Liquidated 27 February 2014 ANZGT Field Services LLC (USA...

  • Page 70
    ... 53 45 24 24 27 18 15 4 9 7 10 5 6 2 5 5 4 2 4 3 3 3 2 2 AIRCREW,฀ENGINEERING,฀OVERSEAS฀&฀OTHERS 342 381 229 233 181 146 131 90 51 47 25 26 56 56 37 41 37 27 13 10 10 24 22 11 19 22 23 12 9 6 2 14 12 11 8 4 2 3 1 1 GRAND฀TOTAL 880 2,384 68 AIR NEW ZEALAND ANNUAL FINANCIAL REVIEW 2014

  • Page 71
    ... 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 Air New Zealand's long term incentive plan arrangements are designed to align the interests of the CEO...

  • Page 72
    ...the 2014 financial year, the CEO earned a total STI payment to the value of $1,457,500 (six months ended June 2013: $602,841). This payment will be made in the 2015 financial year. Long฀ Term฀ Incentive The CEO participated in the Air New Zealand Long Term Incentive Plan (LTIP). The CEO earned...

  • Page 73
    ... Section 35F of the Securities Markets Act 1988 and records Substantial Security Holder notices received in the period up to 15 August 2014. The total number of voting securities of Air New Zealand Limited at that date was 1,114,424,283. VOTING฀SECURITIES฀IN฀THE฀COMPANY IN WHICH A RELEVANT...

  • Page 74
    ... 94.28 100.00 The Company is not, at the date of this Annual Report, undertaking any on-market share buybacks. NON-MARKETABLE฀ PARCELS฀ OF฀ SHARES As at 15 August 2014, 2,356 shareholders held Ordinary Shares of less than a marketable parcel. 72 AIR NEW ZEALAND ANNUAL FINANCIAL REVIEW 2014

  • Page 75
    ...Q300 Number: 23 Average Age: 7.4 years Maximum Passengers: 50 Cruising Speed: 520 km/hr Average Daily Utilisation: 7:10 Beech฀1900D Number: 17 Average Age: 11.5 years Maximum Passengers:19 Cruising Speed: 510 km/hr Average Daily Utilisation: 4:35 AIR NEW ZEALAND ANNUAL FINANCIAL REVIEW 2014 73

  • Page 76
    ... Zealand to amend the terms of the Long Term Incentive Plan and Chief Executive Officer Option Incentive Plan to provide that instead of purchasing / issuing a share for each option exercised, Air New Zealand would only purchase / issue a number of shares with a value (based on current market prices...

  • Page 77
    ...฀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 REVIEW 2014 75

  • Page 78
    ... Level 7, Zurich House 21 Queen Street, Auckland 1010 PO Box 91976, Auckland 1142 New Zealand Investor Enquires: Phone: (64 9) 375 5998 Fax: (64 9) 375 5990 Email: [email protected] Australia Link Market Services Limited Level 12, 680 George Street Sydney 2000, Australia Locked Bag...

  • Page 79

  • Page 80