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1
AIR NEW ZEALAND GROUP
*This document, in conjunction with the Air New Zealand Annual Shareholder Review 2016, constitutes the 2016 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 2016.
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 2016 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 2016
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 9
3. Other Significant Items 10
4. Taxation 10
5. Earnings Per Share 12
6. Cash and Cash Equivalents 12
7. Trade and Other Receivables 13
8. Inventories 13
9. Investment in Quoted Equity Instruments 13
10. Other Assets 14
11. Property, Plant and Equipment 15
12. Intangible Assets 17
13. Investments in Other Entities 18
14. Revenue in Advance 20
15. Interest-Bearing Liabilities 20
16. Provisions 22
17. Other Liabilities 22
18. Distributions to Owners 23
19. Share Capital 23
20. Reserves 27
21. Operating Leases 27
22. Capital Commitments 28
23. Contingent Liabilities 28
24. Financial Risk Management 28
25. Offsetting Financial Assets and Financial Liabilities 38
26. Related Parties 39
Independent Auditor’s Report 40
Five Year Statistical Review 44
Corporate Governance at Air New Zealand 48
Directors’ Profiles 53
Directors’ Governance Interests 55
Indemnities and Insurance 56
Directors’ Interests in Air New Zealand Securities 57
Directors’ Remuneration 57
Subsidiary and Joint Venture Companies 58
Employee Remuneration 59
Shareholder Statistics 62
Operating Fleet Statistics 64
General Information 65
Shareholder Directory 67