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ANNUAL

FINANCIAL

RESULTSThen, Now,

AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2020

AIR NEW ZEALAND GROUP

1*This document, in conjunction with the Air New Zealand Annual Shareholder Review 2020, constitutes the 2020 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 2020.

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 2020 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:

Dame Therese Walsh Jan Dawson

Chairman

Deputy Chairman

27 August 2020

Contents

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

Statement of Accounting Policies 7

Notes to the Financial Statements

1. Revenue Recognition and Segmental Information 10

2. Expenses 11

3. Other Significant Items 12

4. Taxation 13

5. Earnings Per Share 14

6. Cash and Cash Equivalents 15

7. Trade and Other Receivables 15

8. Inventories 16

9. Other Assets 16

10. Property, Plant and Equipment 17

11. Right of Use Assets 20

12. Intangible Assets 21

13. Investments in Other Entities 22

14. Revenue in Advance 23

15. Interest-Bearing Liabilities 24

16. Lease Liabilities 25

17. Provisions 28

18. Other Liabilities 29

19. Distributions to Owners 29

20. Share Capital 30

21. Reserves 33

22. Commitments 33

23. Contingent Liabilities 34

24. Financial Risk Management 34

25. Offsetting Financial Assets and Financial Liabilities 44

26. Related Parties 45

27. Impact of New Accounting Standards and Interpretations 46Independent Auditor"s Report 49

Five Year Statistical Review

56

Corporate Governance Statement 60

Climate-Related Disclosures 72

Directors" Profiles 74

Interests Register 76

Directors" Interests in Air New Zealand Securities 77

Indemnities and Insurance 77

Employee Remuneration 78

Subsidiary and Joint Venture Companies

82

Other Disclosures

83

Operating Fleet Statistics

84

Securities Statistics 85

General Information 86

Shareholder Directory 87

The accompanying accounting policies and notes form part of these financial statements.2

AIR NEW ZEALAND

ANNUAL FINANCIAL RESULTS 2020

NOTES 2020
$M 2019
$M

Operating Revenue

Passenger revenue

Cargo

Contract services

Other revenue

3,942 449
216

229 4,960

390
197
238

Operating Expenditure

Labour

Fuel

Maintenance

Aircraft operations

Passenger services

Sales and marketing

Foreign exchange gains

Other expenses14,836

(1,197) (1,022) (441) (575) (258) (253) 18 (324) 5,785 (1,351) (1,271) (399) (678) (319) (350) 53
(290)

2(4,052) (4,605)

Operating Earnings (excluding items below)

Depreciation and amortisation

Rental and lease expenses16 784

(841) - 1,180 (554) (245) Earnings Before Finance Costs, Associates, Other Significant Items and Taxation

Finance income

Finance costs

Share of earnings of associates (net of taxation)13(57) 34
(103)

39 381

48
(79) 37
Earnings Before Other Significant Items and Taxation

Other significant items3(87)

(541) 387 (5)

Earnings Before Taxation

Taxation credit/(expense)4(628)

174 382

(106) Net (Loss)/Profit Attributable to Shareholders of Parent Company(454) 276

Per Share Information:

Basic earnings per share (cents)

Diluted earnings per share (cents)

Interim and final dividends declared per share (cents)

Net tangible assets per share (cents)5

5

19(40.4)

(40.4)

101 24.6

24.4
22.0
161

STATEMENT OF FINANCIAL PERFORMANCE

FOR THE YEAR TO 30 JUNE 2020

The accompanying accounting policies and notes form part of these financial statements.3

AIR NEW ZEALAND GROUP

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR TO 30 JUNE 2020

NOTE 2020
$M 2019
$M

Net (Loss)/Profit for the Year

Other Comprehensive Income:

Items that will not be reclassified to profit or loss:

Actuarial gains/(losses) on defined benefit plans

Taxation on above reserve movements4 (454)

6 (2) 276 (9) 3 Total items that will not be reclassified to profit or loss Items that may be reclassified subsequently to profit or loss:

Changes in fair value of cash flow hedges

Transfers to net (loss)/profit from cash flow hedge reserve

Changes in cost of hedging reserve

Taxation on above reserve movements4

(249) 112
9

37 (6)

(41) (85) (8) 38
Total items that may be reclassified subsequently to profit or loss(91)(96) Total Other Comprehensive Loss for the Year, Net of Taxation(87)(102)

Total Comprehensive (Loss)/Income for the Year, Attributable to Shareholders of the Parent Company(541)174

The accompanying accounting policies and notes form part of these financial statements.4

AIR NEW ZEALAND

ANNUAL FINANCIAL RESULTS 2020

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR TO 30 JUNE 2020

NOTESSHARE

CAPITAL

$MHEDGE

RESERVES

$MFOREIGN

CURRENCY

TRANSLATION

RESERVE

$MGENERAL

RESERVES

$MTOTAL

EQUITY

$M

Balance as at 1 July 20192,219(31)(12)(87)2,089

Application of IFRIC interpretation27--- (97) (97) Restated Balance as at 1 July 2019 2,219 (31) (12) (184) 1,992

Net loss for the year

Other comprehensive loss for the year

(92) -

1 (454)

4 (454)

(87)

Total Comprehensive Loss for the Year

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