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ANNUAL FINANCIAL RESULTS

2018

AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2018

AIR NEW ZEALAND GROUP

1*This document, in conjunction with the Air New Zealand Annual Shareholder Review 2018, constitutes the 2018 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 2018.

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 2018 and the results of the Group"s operations and

cash ows 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

23 August 2018

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. Taxation 11

4. Earnings Per Share 12

5. Cash and Cash Equivalents 13

6. Trade and Other Receivables 13

7. Inventories 14

8. Other Assets 14

9. Property, Plant and Equipment 15

10. Intangible Assets 17

11. Investments in Other Entities 18

12. Revenue in Advance 20

13. Interest-Bearing Liabilities 20

14. Provisions 21

15. Other Liabilities 22

16. Distributions to Owners 23

17. Share Capital 23

18. Reserves 27

19. Operating Leases 27

20. Capital Commitments 28

21. Contingent Liabilities 28

22. Financial Risk Management 28

23. Offsetting Financial Assets and Financial Liabilities 38

24. Related Parties 39Independent Auditor"s Report 40

Five Year Statistical Review

44

Corporate Governance Statement 48

Directors" Profiles

61

Interests Register 63

Directors" Interests in Air New Zealand Securities 64

Indemnities and Insurance 64

Employee Remuneration 65

Subsidiary and Joint Venture Companies

69

Other Disclosures

70

Securities Statistics 71

Operating Fleet Statistics 72

General Information 73

Shareholder Directory 75

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

AIR NEW ZEALAND

ANNUAL FINANCIAL RESULTS

2018
NOTES 2018
$M 2017
$M

Operating Revenue

Passenger revenue

Cargo

Contract services

Other revenue 4,679

370
193

243 4,376

335
164
234

Operating Expenditure

Labour

Fuel

Maintenance

Aircraft operations

Passenger services

Sales and marketing

Foreign exchange losses

Other expenses1 5,485

(1,294) (987) (352) (611) (295) (357) (19) (278) 5,109 (1,261) (827) (321) (556) (266) (352) (6) (252)

2(4,193) (3,841)

Operating Earnings (excluding items below)

Depreciation and amortisation

Rental and lease expenses

19 1,292

(525) (227) 1,268 (493) (230) Earnings Before Finance Costs, Associates and Taxation

Finance income

Finance costs

Share of earnings of associates (net of taxation)

11 540

40
(73)

33 545

43
(87) 26

Earnings Before Taxation

Taxation expense

3 540

(150) 527 (145) Net Prot Attributable to Shareholders of Parent Company

390382

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)4

4

16 34.7

34.4
22.0

179 34.0

33.5
21.0
164

STATEMENT OF FINANCIAL PERFORMANCE

For the year to 30 June 2018

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

AIR NEW ZEALAND GROUP

STATEMENT OF COMPREHENSIVE INCOME

For the year to 30 June 2018

NOTE 2018
$M 2017
$M

Net Profit for the Year

Other Comprehensive Income:

Items that will not be reclassified to profit or loss:

Actuarial losses on dened benet plans

Taxation on above reserve movements

3 390 - 382 (3) 1 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 ow hedges

Transfers to net prot from cash ow hedge reserve

Net translation gain on investment in foreign operations

Changes in cost of hedging reserve

Taxation on above reserve movements-

159
(92) 2 12 (21) (2) 65
(32) (8) (8) Total items that may be reclassified subsequently to profit or loss 6017
Total Other Comprehensive Income for the Year, Net of Taxation 6015
Total Comprehensive Income for the Year, Attributable to Shareholders of the Parent Company

450397

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

AIR NEW ZEALAND

ANNUAL FINANCIAL RESULTS

2018

STATEMENT OF CHANGES IN EQUITY

For the year to 30 June 2018

NOTESSHARE

CAPITAL

$MHEDGE

RESERVES

$MFOREIGN

CURRENCY

TRANSLATION

RESERVE

$MGENERAL

RESERVES

$MTOTAL

EQUITY

$M

Balance as at 1 July 20172,2389(16)(245)1,986

Net prot for the year

Other comprehensive income for the year-

57-
3 390 - 390 60

Total Comprehensive Income for the Year

- 57 3 390450

Transactions with Owners:

Equity-settled share-based payments

Equity settlements of long-term incentive obligations

Dividends on Ordinary Shares17

17 16 5 (17) (248) 5 (17) (248)

Total Transactions with Owners

(12) - - (248)(260)

Balance as at 30 June 2018

2,226 66 (13) (103)2,176

NOTESSHARE

CAPITAL

$MHEDGE

RESERVES

$MFOREIGN

CURRENCY

TRANSLATION

RESERVE

$MGENERAL

RESERVES

$MTOTAL

EQUITY

$M

Balance as at 1 July 20162,252(9)(15)(120)2,108

Net prot for the year

Other comprehensive income for the year-

18- (1) 382 (2) 382 15

Total Comprehensive Income for the Year

- 18 (1) 380397

Transactions with Owners:

Equity-settled share-based payments

Equity settlements of long-term incentive obligations

Dividends on Ordinary Shares17

17 16 5 (19) (505) 5 (19) (505)

Total Transactions with Owners

(14) - - (505)(519)

Balance as at 30 June 2017

2,238 9 (16) (245)1,986

The accompanying accounting policies and notes form part of these nancial statements.5

AIR NEW ZEALAND GROUP

NOTES 2018
$M 2017
$M

Current Assets

Bank and short-term deposits

Trade and other receivables

Inventories

Derivative financial assets

Income taxation

Other assets5

6 7 22
8 1,343 576
75
187
4 68
1,369 386
86
19 27

Total Current Assets

2,2531,887

Non-Current Assets

Trade and other receivables

Property, plant and equipment

Intangible assets

Investments in other entities

Derivative financial assets

Other assets6

9 10 11 22
8 77 5,035 170
118
2

191 120

4,745 149
95
175

Total Non-Current Assets

5,5935,284

Total Assets

7,8467,171

Current Liabilities

Trade and other payables

Revenue in advance

Interest-bearing liabilities

Derivative financial liabilities

Provisions

Income taxation

Other liabilities12

13 22
14

15 562

1,322 431
1 117

263 462

1,177 317
65
87
36
261

Total Current Liabilities

2,6962,405

Non-Current Liabilities

Revenue in advance

Interest-bearing liabilities

Provisions

Other liabilities

Deferred taxation12

13 14 15

3 185

2,303 151
27

308 184

2,197 183
23
193

Total Non-Current Liabilities

2,9742,780

Total Liabilities

5,6705,185

Net Assets

2,1761,986

Equity

Share capital

Reserves17

182,226

(50)2,238 (252)

Total Equity

2,1761,986

Tony Carter Jan Dawson

Chairman Deputy Chairman

For and on behalf of the Board, 23 August 2018

STATEMENT OF FINANCIAL POSITION

As at 30 June 2018

The accompanying accounting policies and notes form part of these nancial statements.6

AIR NEW ZEALAND

ANNUAL FINANCIAL RESULTS

2018
NOTES 2018
$M 2017
$M

Cash Flows from Operating Activities

Receipts from customers

Payments to suppliers and employees

Income tax paid

Interest paid

Interest received 5,434

(4,297) (81) (63)

38 5,187

(4,130) (116) (77) 40

Net Cash Flow from Operating Activities

51,031904

Cash Flows from Investing Activities

Disposal of property, plant and equipment, intangibles and assets held for resale Disposal of investments in quoted equity instruments

Interest-bearing asset receipts

Distribution from associates

Acquisition of property, plant and equipment and intangibles

Acquisition of quoted equity instruments

Interest-bearing asset payments 2

24
2 33 16 (809) (18) 60 68
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