Air New Zealand 2014 Annual Report Download - page 44

AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 201442
24. ISSUED CAPITAL (CONTINUED)
Staff Share Scheme
Unallocated shares of the 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) is held by the Crown. While the Kiwi Share does not carry any general
Voting Rights, the consent of the Crown as holder is required for certain prescribed actions of the Company as specified in the
Constitution.
Voting rights
On a show of hands or by a vote of voices, each holder of Ordinary Shares has one vote. On a poll, each holder of Ordinary Shares has
one vote for each fully paid share.
All Ordinary Shares carry equal rights to dividends and equal distribution rights on wind up.
25. CAPITAL COMMITMENTS
GROUP
2014
$M
GROUP
2013
$M
COMPANY
2014
$M
COMPANY
2013
$M
Aircraft and engines
Other property, plant and equipment and intangible assets
2,409
9
2,080
12
2,392
5
2,049
12
2,418 2,092 2,397 2,061
Commitments shown are for those asset purchases committed and contracted for and converted at the year end exchange rate.
In June 2014 the Group entered into an agreement to acquire three A321 NEO aircraft and ten A320 NEO aircraft. The aircraft are due
to be delivered from the fourth quarter of 2017 through to the fourth quarter of 2019.
In November 2009 the Group entered into an agreement to acquire fourteen Airbus A320 aircraft and associated engines with five
aircraft deliveries remaining as at balance date. Under the agreement the Group secured the right to purchase up to an additional eleven
aircraft. In April 2014 the Group converted one purchase right into a firm order and obtained one further purchase right, bringing the total
firm aircraft orders remaining to six. The aircraft will be delivered between July 2014 and November 2015.
In November 2011 the Group entered into an agreement to acquire seven ATR72-600 aircraft of which commitments remain at balance
date for three aircraft. In September 2013 and March 2014 the Group committed to acquire two additional ATR72-600 aircraft by
converting existing options into firm deliveries, bringing the total remaining firm orders to five. The aircraft will be delivered between
September 2014 to January 2016.
The Group has a contractual commitment to acquire a further nine Boeing 787-9 (B787-9) aircraft and associated engines and spares.
The B787-9 aircraft that are subject to firm commitments are scheduled for delivery between September 2014 to October 2017.
26. OPERATING LEASE COMMITMENTS
GROUP
2014
$M
GROUP
2013
$M
COMPANY
2014
$M
COMPANY
2013
$M
Aircraft leases payable
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
146
433
58
135
586
123
91
323
-
51
194
110
637 844 414 355
Property leases payable
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
35
105
65
35
105
93
32
99
64
32
98
90
205 233 195 220
The Company leases a number of aircraft from its wholly owned subsidiary, Air New Zealand Aircraft Holdings Limited.
Subject to negotiation, certain aircraft operating leases give the Group the right to renew the lease.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2014