Air New Zealand 2015 Annual Report Download - page 3

Download and view the complete annual report

Please find page 3 of the 2015 Air New Zealand annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 68

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68

Air New Zealand Annual Financial Results 2015 1
*This document, in conjunction with the Air New Zealand Annual
Shareholder Review 2015, constitutes the 2015 Annual Report to
shareholders of Air New Zealand Limited.
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 2015.
The directors are responsible for presenting financial statements in accordance with New Zealand law and generally accepted accounting
practice, which give a true and fair view of the financial position of the Group as at 30 June 2015 and the results of the Group’s operations and
cash flows for the year ended on that date.
The directors consider the financial statements of the Group have been prepared using accounting policies which have been consistently applied
and supported by reasonable judgements and estimates and that all relevant financial reporting and accounting standards have been followed.
The directors believe that proper accounting records have been kept in accordance with the requirements of the Financial Markets Conduct Act 2013.
The directors consider that they have taken adequate steps to safeguard the assets of the Group, and to prevent and detect fraud and other
irregularities. Internal control procedures are also considered to be sufficient to provide a reasonable assurance as to the integrity and reliability
of the financial statements.
This Annual Report is signed on behalf of the Board by:
Tony Carter Jan Dawson
Chairman Deputy Chairman
26 August 2015
Contents
Financial Statements 2
Statement of Financial Performance 2
Statement of Comprehensive Income 3
Statement of Changes In Equity 4
Statement of Financial Position 5
Statement of Cash Flows 6
Notes to the Financial Statements
Statement of Accounting Policies 7
1. Revenue Recognition and Segmental Information 9
2. Expenses 10
3. Taxation 10
4. Earnings Per Share 11
5. Cash and Cash Equivalents 12
6. Trade and Other Receivables 12
7. Inventories 13
8. Other Assets 13
9. Property, Plant and Equipment 15
10. Intangible Assets 17
11. Investment in Quoted Equity Instruments 18
12. Investments in Other Entities 18
13. Revenue in Advance 20
14. Interest-Bearing Liabilities 21
15. Provisions 22
16. Other Liabilities 22
17. Distributions to Owners 23
18. Share Capital 23
19. Reserves 27
20. Operating Leases 27
21. Capital Commitments 28
22. Contingent Liabilities 28
23. Financial Risk Management 28
24. Offsetting Financial Assets and Financial Liabilities 38
25. Related Parties 39
Independent Auditor’s Report 40
Five Year Statistical Review 42
Corporate Governance 46
Directors’ Profiles 50
Directors’ Interests 52
Indemnities and Insurance 53
Directors’ Remuneration 54
Directors’ Interests in Air New Zealand Securities 54
Subsidiary and Joint Venture Companies 55
Employee Remuneration 57
Shareholder Statistics 60
Operating Fleet Statistics 62
General Information 63
Shareholder Directory 65