BOOK DATA - Air New Zealand

BOOK DATA - Air New Zealand
ANNUAL



DATA
BOOK
 2015
BOOK DATA - Air New Zealand
Air New Zealand Group
BOOK DATA - Air New Zealand
Contents
1.		 Introduction to Air New Zealand             4

2.		 Our strategic priorities                    5

3.		 Air New Zealand network                     6
		 New Zealand domestic and regional             6
		 Tasman and Pacific Islands                    7
		 International long haul                       8
		 Our network partnerships                       9


4.		 Air New Zealand operating fleet             10

5.		 Shareholding structure and performance      12

6.		 Balance sheet structure and funding         13
		 Credit rating                                 13
		Funding                                        13
		 Operating leases                              14
		Gearing                                        14
		 Dividend policy                               15
		 Risk management                               15


7.		 Earnings and dividend performance           16

8.		 Five year statistical review                17
		 Key Operating Statistics                      17
		 Historical Summary of Financial Performance   18
		 Historical Summary of Financial Position      19
		 Historical Summary of Cash Flows              19
		 Financial Ratios                              20
		 Historical Summary of Debt                    20


9.		 Company history                             21

10. Executive management team                    22

11.		 Board profiles                             24




                                                      Air New Zealand Databook 2015   3
BOOK DATA - Air New Zealand
Air New Zealand Group




                   1.       Introduction to Air New Zealand
                            Company description                                   An award winning airline

                            The Air New Zealand Group                             Air New Zealand is recognised as one
                            (‘Air New Zealand’) operates a global                 of the world’s leading airlines. In 2005,
                            network that provides air passenger                   Air New Zealand won the Air Transport
                            services and cargo transport services to,             World’s (ATW) Phoenix Award, an award
                            from and within New Zealand to more than              that recognised “a commercial rebirth
                            14 million passengers a year.                         through a life-changing transformation”.
                                                                                  The airline then went on to win the
                            Air New Zealand’s strategic focus and                 ATW Passenger Service Award in 2008
                            competitive advantage lies within the                 and the ATW Public Relations Award in
                            Pacific Rim where the airline’s network               2009. Going from strength to strength,
                            reach expands from New Zealand                        Air New Zealand then received ATW’s
                            into Australia, Asia, and the Americas.               prestigious Airline of the Year award,
                            Air New Zealand operates its own                      for demonstrating consistent overall
                            connection into London and through                    excellence, twice in three years in 2010
                            global alliance partners connect New                  and 2012.
                            Zealand to Europe and beyond, with over
                            3,600 flights, on average, each week to               Air New Zealand continues to be an
                            domestic and international destinations.              award winning airline with the following
                                                                                  recent accolades:
                            Air New Zealand’s consolidated operating
                            revenue reached $4.9 billion in the 2015              • 2016 www.airlineratings.com
                            financial year, generated by a fleet of over            airline awards:
                            100 aircraft and 11,000 employees.                      - Airline of the Year Award for the third
                                                                                      year in a row
                            As New Zealand’s national carrier and the
                            first New Zealand experience for many                 • 2015 Skytrax World Airline Awards:
                            overseas travellers, Air New Zealand is an              - World’s Best Premium Economy Class
                            integral part of the New Zealand tourism                - Best Premium Economy Class
                            industry. Similarly, tourism is an important              Airline Seat
                            driver of Air New Zealand’s performance as
                            the airline generates a significant portion of          - Best Premium Economy On-board
                            its revenue from overseas travellers.                     Catering
                                                                                  • 2015 World Travel Awards:
                            Tourism contributes 17.4% of New Zealand’s
                            total export earnings, employs 7% of                    - Australasia’s Leading Airline for the
                            New Zealand’s workforce and makes a total                 seventh consecutive year
                            contribution to New Zealand GDP of $18.5                - Australasia’s Leading Airport Lounge
                            billion ($10.6 billion direct contribution and            for the Air New Zealand Lounge at
                            $7.9 billion indirect value-add of industries             Christchurch International Airport for
                            supporting tourism)1. In the year ended June              the third year running.
                            2015, inbound tourism into New Zealand
                            increased 7%, and is expected to continue
                            to grow in 2016.                                      Trading information

                            International visitor
                            arrivals to New Zealand
                                                                                         Air New Zealand
                                                                                       is publicly traded on
                                                                                        the NZX and ASX.


                                            7%
                                            for year ending 30 June 2015
                                                                                        NZX Ticker symbol
                                                                                               AIR
                                                                                        ASX Ticker symbol
                                                                                               AIZ

                 USA                                                  Other markets
                 8%                                                   32%
                 UK
                 7%
                 China                                                Australia
                 10%                                                  43%



                            Source: Statistics New Zealand
                            1. As at 31 March 2015. Source: Tourism Satellite Account.




  4         Air New Zealand Databook 2015
BOOK DATA - Air New Zealand
2.      Our strategic priorities


             Markets
 Grow and develop our markets
      • Grow total capacity 11% in FY16
 • Expand presence in the Pacific Rim –
    Australia, Asia and the Americas
      • Increase network reach through
              alliance partners
     • Continually investigate new markets           Efficiency
                                                Simplify the business to
                                             improve operational efficiencies
                                                  and drive down cost
                                             • Invest in modern, fuel efficient aircraft
                                                       and simplify the fleet
                                                  • Leverage growth to achieve
            Customer                                   economies of scale
                                              • Target further reduction in nominal
     Deliver a consistent and                     CASK (excluding fuel price)
personalised customer experience
    across the entire journey
          • Dedicated to continuous
             customer innovation
       • Invest in world class products
           that our customers value
         • Provide improved seamless
                                                          People
               check in process
                                                Grow a high performance
         • Increase Airpoints™ loyalty            culture and capability
           programme membership
                                               • Attract the best people to be part
                                                       of our winning team
                                                 • Uphold our strong brand and
                                                     corporate reputation
          Technology                          • Invest in our people’s development
                                                      to drive performance
  Unleash digital transformation                 • Operate a High Performance
                                                  Engagement Charter with our
      • Be a leading digital organisation          employee representatives
      in Australasia and one of the best
            digital airlines globally
  • Optimise digital channels and tools
 to personalise the customer experience




                                                                                           Air New Zealand Databook 2015   5
BOOK DATA - Air New Zealand
Air New Zealand Group




                   3.       Air New Zealand network
                            Air New Zealand operates domestic flights
                            within New Zealand and international flights
                            to Australia, the Pacific Islands, Asia,
                            the Americas and the United Kingdom.

                            Five year key operating statistics
                              GROUP                                             JUNE 2015          JUNE 2014                 JUNE 2013                 JUNE 2012   JUNE 2011


                              Passengers carried (‘000s)                          14,297              13,719                    13,411                   13,122      13,103

                              Available Seat Kilometres (ASK, millions)          35,601              33,396                     33,167                   32,618     32,353

                              Revenue Passenger Kilometres (RPK, millions)       29,934               28,078                    27,733                   27,013     26,996

                              Load Factor                                         84.1%                84.1%                    83.6%                    82.8%       83.4%

                              Yield (cents per RPK)                                 13.7                  13.7                       13.6                   13.5       13.1



                            New Zealand domestic                                                                               Kerikeri

                            and regional                                                                                        Whangarei

                                                                                                                               Auckland

                            Air New Zealand operates one of the                                                              Hamilton       Tauranga
                            most comprehensive domestic and                                                                                   Rotorua
                            regional networks in the world with over                                                                        Taupo       Gisborne
                            400 flights every day to 22 New Zealand                                           New Plymouth
                            destinations.                                                                                                      Napier
                                                                                                                        Wanganui
                                                                                                                                        Palmerston North
                            Our domestic jet network across the                                                        Paraparaumu
                            main centres in New Zealand (Auckland,                                              Nelson
                            Wellington, Christchurch, Dunedin and                                                      Blenheim      Wellington
                            Queenstown) are operated by a fleet of 15
                            Airbus A320s (as at 31 December 2015).                                 Hokitika

                            Our turboprop network across the                                                            Christchurch
                            regional centres of New Zealand are
                                                                                                              Timaru
                            operated by a fleet of 54 turboprops (as
                            at 31 December 2015) including ATRs,             Queenstown
                            Q300 and Beech 1900Ds. In 2016,                                              Dunedin
                            the 19-seater Beech 1900Ds will be
                            replaced with larger 50-seater Q300s and                Invercargill

                            68-seater ATRs.


                              DOMESTIC                                          JUNE 2015          JUNE 2014                 JUNE 2013                 JUNE 2012   JUNE 2011


                              Passengers carried (‘000s)                           9,246               8,920                      8,694                   8,500       8,530

                              Available Seat Kilometres (ASK, millions)            5,592               5,385                       5,108                  4,969       4,904

                              Revenue Passenger Kilometres (RPK, millions)         4,561                4,370                     4,218                   4,050       4,021

                              Load Factor                                         81.6%                81.1%                    82.6%                     81.5%      82.0%

                              Yield (cents per RPK)                                 28.6                  27.9                       27.2                   28.7       28.1




  6         Air New Zealand Databook 2015
BOOK DATA - Air New Zealand
Tasman and
Pacific Islands

Air New Zealand operates an expansive
network to Australia and the Pacific
Islands, with 43 flights every day to/from
eight destinations in Australia and 15
flights every day to/from 10 destinations
throughout the Pacific Islands.
Our international short haul network is
operated by a fleet of Airbus A320s and
Boeing widebody aircraft.


 tasman and pacific islands                                JUNE 2015        JUNE 2014        JUNE 2013          JUNE 2012         JUNE 2011


 Passengers carried (‘000s)                                   3,388            3,277                3,181            3,073           2,965

 Available Seat Kilometres (ASK, millions)                  10,888            10,622               10,277            9,694           9,345

 Revenue Passenger Kilometres (RPK, millions)                 9,184            8,858               8,580             8,164           7,799

 Load Factor                                                 84.4%            83.4%                83.5%             84.2%          83.5%

 Yield (cents per RPK)                                         11.9              11.7                12.0             11.8               11.6




               Virgin Australia
            Air New Zealand has a 25.9% investment in
       Virgin Australia. In addition, the two airlines have a
    revenue share alliance on the Tasman which allows both
       airlines to code share across each other’s domestic
              networks in Australia and New Zealand.
      Air New Zealand’s revenue share alliance with Virgin
     Australia on the Trans-Tasman results in a 51% market
                                                                                                                 Honolulu
                   share on the Tasman route.
            Air New Zealand Chief Executive Officer,
           Christopher Luxon, is a member of the Virgin
           Australia Board of Directors. Virgin Australia
                  is equity accounted within the
              Air New Zealand financial statements.




              Denpasar


                                                  Cairns                                                      Samoa          Rarotonga
                                                                                            Fiji
                                                                                                              Niue                       Tahiti
                                                                       New Caledonia                  Tonga

                                             Sunshine Coast
                                                   Brisbane                Norfolk Island
                                                 Gold Coast
              Perth
                                     Adelaide        Sydney
                                                                                             Auckland
                                                Melbourne
                                                                                            Wellington
                                                                                        Christchurch
                                                                 Queenstown


                                                                                                                                 Air New Zealand Databook 2015   7
BOOK DATA - Air New Zealand
Air New Zealand Group




                                               International long haul

                                               New Zealand is the centre of the Pacific        Air New Zealand has seen significant
                                               Rim and accordingly Air New Zealand             growth in international long haul with
                                               operates a strong network within this           passenger capacity and demand
                                               region. The airline’s fleet of Boeing 777-      increasing 10% and 9%, respectively, in
                                               200s, Boeing 777-300s, Boeing 787-9s            2015, and is expecting 15% international
                                               and Boeing 767-300ERs, along with a             long haul capacity growth in 2016.
                                               network of revenue share partnerships
                                               with other airlines, provides direct
                                               connections to 11 international long haul
                                               destinations (outside Australia and the
                                               Pacific Islands).


                                                   INTERNATIONAL LONGHAUL                                 JUNE 2015         JUNE 2014      JUNE 2013   JUNE 2012   JUNE 2011


                                                   Passengers carried (‘000s)                                 1,663                1,522       1,536      1,549       1,608

                                                   Available Seat Kilometres (ASK, millions)                 19,121           17,389          17,782     17,955      18,104

                                                   Revenue Passenger Kilometres (RPK, millions)              16,189           14,850         14,935      14,799      15,176

                                                   Load Factor                                               84.7%                85.4%       84.0%      82.4%       83.9%

                                                   Yield (cents per RPK)                                       10.6                 10.7        10.6       10.2         9.8




                                                                                                                      Vancouver




                    Beijing*
                                                                                                                   San Francisco
                                                                                                                                                                                    London
                                                   Tokyo
                                                                                                                      Los Angeles
                        Shanghai
                                                                                                                                           Houston


                           Hong Kong




 Ho Chi Minh City
(from June 2016)


               Singapore




                                                                                                                                                                     Buenos Aires
                                                                             Auckland




                                                     Existing route

                                                     New route from December 2015
                                                     (Ho Chi Minh City from June 2016)

                                               *     Operated by Air China




              8                Air New Zealand Databook 2015
BOOK DATA - Air New Zealand
Our network                                     Revenue share       Code share
partnerships                                    alliance partners   alliance partners

Air New Zealand operates a network
through a mixture of its own operations
and with revenue share alliance and code
share alliance partners:
• Alliances allow for the creation of
  a global network between partners
  providing sales and distribution benefits.
• Code shares with other airlines also
  allow us to increase our reach across
  the Pacific Rim and beyond.
The airline’s alliance partnerships are part
of an alliance strategy that enables us to
offer our customers access to a superior
global network of flight connections and
a range of benefits across some of the
world’s top carriers.
The strategy also strengthens the airline’s
place in key markets. With alliance
partners, Air New Zealand can jointly
operate into markets where not otherwise
possible. Alliance partners support each
other’s distribution and presence in-market
and provide a more seamless travel
experience for connecting passengers.
Air New Zealand’s alliance relationships
range from simple interline relationships
through to deep revenue share
alliances, and from destination-specific
arrangements to those covering the globe.
At the global level, Air New Zealand’s
Star Alliance membership allows us
to offer connections across 28 major
carriers, with world-wide status and
privileges offered to our customers to
over 1,330 destinations. This is achieved
through bilateral interline and code share
relationships with the other Star Alliance
carriers, and through honouring of each
other’s frequent flyer programmes under
the Star Alliance status tier system.
Air New Zealand has revenue share
alliances with Virgin Australia, Singapore
Airlines and Cathay Pacific. In December
2015, our newest revenue share alliance
with Air China commenced which provides
greater connectivity between New Zealand
and China with Shanghai-Auckland
serviced by Air New Zealand and Beijing-
Auckland serviced by Air China.
We maintain a range of other code share
and interline relationships with other
carriers into specific markets, in particular
United Airlines, Air Canada, Aerolineas
Argentina, Air India, ANA and Lufthansa.




                                                                                        Air New Zealand Databook 2015   9
BOOK DATA - Air New Zealand
Air New Zealand Group




                   4.       Air New Zealand operating fleet
                            Air New Zealand has a modern and
                            highly efficient fleet configured for
                                                                               and the latter half of 2018 and will
                                                                               take the total number of Dreamliners
                                                                                                                                                   Historical and projected seat
                            its network and customers. The                     in the fleet to 12. Air New Zealand                                 weighted average f leet age
                                                                                                                                                   – as at 31 December 2015
                            airline continues to simplify the fleet            has another six Boeing 787-9 purchase
                            for greater operational efficiency                 options available.                                             10

                            and operate aircraft which are highly                                                                                      9.2 9.1
                            fuel efficient and with increased                  In November 2015, Air New Zealand
                            capacity and the best configuration                announced the purchase of 15 new
                                                                                                                                                                     7.8
                            for customers and cargo.                           ATR72-600 aircraft to operate its
                                                                               regional services. Four of the new
                                                                                                                                              8
                                                                                                                                                                            7.4 7.5
                            In the last 18 months, Air New Zealand             aircraft will allow for further growth                                                                     6.7
                            has taken significant steps to grow                on regional Air New Zealand routes                                                                                6.2
                                                                                                                                              6
                            the fleet with additional fuel efficient           while 11 will replace the airline’s




                                                                                                                               AGE IN YEARS
                            aircraft. In June 2014, Air New Zealand            ATR72-500 fleet.
                            announced the purchase of 13 new
                            Airbus A320/A321NEO aircraft to                                                                                   4
                            refresh its international narrow body
                            fleet and additional A320s to grow its
                            domestic operation.
                                                                                                                                              2
                            In December 2014, Air New Zealand
                            announced plans to take delivery of
                            two additional Boeing 787-9 Dreamliner
                            aircraft. These two additional aircraft are                                                                       0
                            expected to be delivered in late 2017                                                                                      JUNE   JUNE   JUNE   JUNE   JUNE   JUNE       JUNE
                                                                                                                                                       2013   2014   2015   2016   2017   2018       2019




                            Operating f leet ownership and lease structure – as at 31 December 2015
                                                                                        OWNED                     OPERATING LEASE                                                         TOTAL

                              Boeing 777-300ER                                                  4                                                  3                                             7

                              Boeing 777-200ER                                                  4                                                  4                                             8

                              Boeing 787-9 Dreamliner                                           6                                                  -                                             6

                              Boeing 767-300ER                                                  5                                                  -                                             5

                              Airbus A320                                                      13                                              15                                            28

                              ATR72-600*                                                       10                                                  -                                         10

                              ATR72-500                                                        11                                                  -                                         11

                              Bombardier Q300                                                  23                                                  -                                         23

                              Beech 1900D                                                      10                                                  -                                         10

                              Total fleet                                                      86                                              22                                          108




                            Operating f leet on order – as at 31 December 2015
                                                               NUMBER IN           NUMBER                               Delivery dates (Calendar years)
                                                           EXISTING FLEET         ON ORDER           2016               2017              2018                          2019               2020

                              Boeing 787-9 Dreamliner                     6                6            3                  2                             1                  -                    -

                              Airbus A320                                 28               2            2                  -                             -                  -                    -

                              Airbus A320/A321NEO                          -             13              -                 1                             5                  7                    -

                              ATR72-600                                   10             19             5                  2                             4                  5                    3




                            * Of the 10 ATR72-600 in the fleet as at 31 December 2015, 3 were delivered in December 2015, and will begin operating in January/February 2016.




 10         Air New Zealand Databook 2015
Operating fleet – as at 31 December 2015   Configuration and statistics


                                           Boeing 777-300ER
                                           Number: 7
                                           Average Age: 3.7 years
                                           Maximum Passengers: 332
                                           Cruising Speed: 910 km/hr
                                           Average Daily Utilisation: 15:02 hours




                                           Boeing 777-200ER
                                           Number: 8
                                           Average Age: 9.7 years
                                           Maximum Passengers: 312
                                           Cruising Speed: 910 km/hr
                                           Average Daily Utilisation: 12:04 hours




                                           Boeing 787-9 Dreamliner
                                           Number: 6
                                           Average Age: 0.8 years
                                           Maximum Passengers: 302
                                           Cruising Speed: 910 km/hr
                                           Average Daily Utilisation: 14:02 hours




                                           Boeing 767-300ER
                                           Number: 5
                                           Average Age: 20.3 years
                                           Maximum Passengers: 230
                                           Cruising Speed: 870 km/hr
                                           Average Daily Utilisation: 10:53 hours




                                           Airbus A320-200
                                           Number: 28
                                           Average Age: 6.5 years
                                           Maximum Passengers: 168 short haul or 171 domestic
                                           Cruising Speed: 850 km/hr
                                           Average Daily Utilisation: 9:23 short haul hours or
                                           7:52 domestic hours



                                           ATR 72-500 / 72-600
                                           Number: 72-500: 11; 72-600:10
                                           Average Age: 72-500: 15.0 years;
                                           72-600: 1.4 years.
                                           Maximum Passengers: 68
                                           Cruising Speed: 518 km/hr
                                           Average Daily Utilisation: 7:20 hours



                                           Bombardier Q300
                                           Number: 23
                                           Average Age: 8.9 years
                                           Maximum Passengers: 50
                                           Cruising Speed: 520 km/hr
                                           Average Daily Utilisation: 7:00 hours




                                           Beech 1900D
                                           Number: 10
                                           Average Age: 13.8 years
                                           Maximum Passengers:19
                                           Cruising Speed: 510 km/hr
                                           Average Daily Utilisation: 4:02 hours




                                                                              Air New Zealand Databook 2015   11
Air New Zealand Group




                   5.                    Shareholding structure and performance
                                         Air New Zealand is listed on the New                 Air New Zealand has a robust average
                                         Zealand Stock Exchange (NZX) with                    daily trading volume of approximately
                                         the ticker symbol AIR.NZ and on the                  1.3 million shares. There has been
                                         Australian Securities Exchange (ASX)                 a strong share price momentum in
                                         with the ticker symbol AIZ.AX.                       recent years. Combined with growing
                                                                                              dividends, Total Shareholder Return
                                         There are 1,122,371,992 Ordinary Shares              (TSR) has been 80.2%, 46.5% and
                                         on issue (excluding Treasury Stock), as              33.2% for the financial years 2013,
                                         at 25 January 2016. The New Zealand                  2014, and 2015, respectively.
                                         Government is the majority shareholder
                                         with 582,854,593 shares, or 52% of
                                         total issued capital.
                                         The remaining shares are held by New
                                         Zealand institutional and retail investors
                                         and institutional shareholders primarily
                                         in the United States, Australia, Asia and
                                         the United Kingdom.




                                         Share price performance vs key indicies                                                                   97%
                                  150%




                                  100%
                        PERCENT




                                  50%




                                   0%




                                                                                                                                             85%     91%
                                  -50%
                                         DEC 2010                   DEC 2011                        DEC 2012                 DEC 2013   DEC 2014     DEC 2015

                                             AIR NEW ZEALAND                   NYSE ARCA Airline Index         NZX50 Index




 12         Air New Zealand Databook 2015
6.   Balance sheet structure and funding
     Credit rating                                                        Gross debt
                                                                          as at 30 June


     On 3 July 2015 Moody’s upgraded
     Air New Zealand Limited’s (AIR NZ)
                                                                  4,000
                                                                                                                                                       3,645
     senior unsecured issuer rating to Baa2                       3,500
     from Baa3. The outlook on the rating is
     stable. This puts Air New Zealand as one                     3,000
                                                                                                 2,667                               2,755
     of the top investment grade rated airlines                                                                    2,574
     in the world.                                                2,500         2,319
                                                    NZ$ MILLION




                                                                  2,000


     Funding                                                      1,500


                                                                  1,000


     Air New Zealand aircraft and associated                       500
     aircraft assets are acquired via a mixture
                                                                     0
     of ownership and lease structures.
                                                                                  2011             2012              2013              2014              2015
     As at 31 December 2015, 86 of
                                                                               Borrowings*     Operating
     Air New Zealand’s 108 aircraft fleet                                                      Leases**
     were effectively owned.


     Secured borrowings
     Air New Zealand funds the purchase                                   Borrowings* maturity profile
     of its aircraft and other aircraft related                           as at 30 June 2015
     assets through secured bank borrowings
     from major international banks which                         1,200
     specialise in airline and aircraft funding.
     As at 30 June 2015, Air New Zealand
                                                                  1,000
                                                                                                                                      969
     had total secured bank borrowings of
     $512 million. All secured borrowings are
     secured over aircraft or aircraft related
                                                                   800
                                                    NZ$ MILLION




     assets and are subject to floating                                                                             682
     interest rates.
                                                                   600

     Finance leases
                                                                                                   418
     As at 30 June 2015, Air New Zealand                           400
     had total finance leases of $1,660 million.
                                                                                  253
     Finance lease liabilities are secured over                    200
     aircraft and aircraft related assets and are
     subject to both fixed and floating interest
     rates. Fixed interest rates as at 30 June                       0
     2015 ranged from 0.7% to 3.4%.                                             < 1 year         1-2 years         2-5 years         > 5 years

     Purchase options are available on                                         Secured         Unsecured         Finance
     expiry or, if applicable under the lease                                  Borrowings      Borrowings        Leases
     agreement, on early termination of the                                                    (Bonds)

     finance leases. Finance leases are treated
     as owned aircraft.


     Unsecured borrowings
     As at 30 June 2015, Air New Zealand
     had NZX listed bonds of $150 million.
     The unsecured, unsubordinated fixed
     rate bonds have a maturity date of 15
     November 2016 and a coupon rate of
     6.9% payable semi-annually.




                                                                          * Borrowings include secured borrowings, unsecured borrowings and finance lease liabilities.
                                                                          ** Operating leases are capitalised as aircraft operating lease commitments for the next
                                                                             12 months multiplied by a factor of seven.



                                                                                                                                                         Air New Zealand Databook 2015   13
Air New Zealand Group




                                         Operating leases                                       Gearing

                                         As at 31 December 2015, 22 of                          When calculating the level of gearing2,
                                         Air New Zealand’s 108 aircraft fleet                   Net Debt includes secured and unsecured
                                         were under operating lease contracts.                  borrowings, finance leases, capitalised
                                         Payments made under operating                          operating leases less funds on deposit
                                         leases (net of any incentives received)                and unrealised gains/losses on open
                                         are recognised as an expense in the                    debt derivatives.
                                         Statement of Financial Performance
                                         on a straight-line basis over the term                 As at 30 June 2015, gearing (including
                                         of the lease.                                          capitalised aircraft operating leases)
                                                                                                was 52.4%. Air New Zealand targets
                                         For the year ended 30 June 2015,                       a capital structure within the range of
                                         Air New Zealand recognised $159                        45% to 55%.
                                         million of operating lease expenses in
                                         relation to aircraft, and as at 30 June
                                         2015, had $670 million future operating
                                         lease commitments in relation to aircraft.
                                         For the purposes of net debt and
                                         gearing calculations, operating leases
                                         are capitalised as aircraft operating
                                         lease commitments for the next 12
                                         months multiplied by a factor of seven.




                                         Gearing (includes capitalised aircraft operating leases)

                                  60.0




                                  55.0




                                  50.0                                                                                                            52.4%
                                         46.7%                              46.1%
                    gearing (%)




                                  45.0



                                                                                                                39.3%                     42.9%
                                  40.0




                                  35.0




                                  30.0
                                             JUNe                             JUNe                                 JUNe                    JUNe    JUNe
                                             2011                             2012                                 2013                    2014    2015

                                               Gearing                         Gearing                            Gearing
                                               (includes net capitalised       Target minimum                     Target maximum
                                               aircraft operating leases)




                                         2
                                             Gearing defined as Net Debt/(Net Debt + Equity)




 14         Air New Zealand Databook 2015
Dividend policy

The Air New Zealand Board of Directors              Fuel price risk
(the Board) is committed to a Distribution
Policy geared towards providing a                   Fuel price risk is the risk of loss to
consistent dividend stream to shareholders          Air New Zealand arising from adverse
while maintaining financial flexibility             fluctuations in fuel prices.
through the business cycle.                         Air New Zealand manages jet fuel price
                                                    risk by using crude oil hedges mainly Brent
Policy guidelines                                   Crude. Commodity risk management has
                                                    the objective of giving Air New Zealand
The following policy guidelines form                time to adjust and protecting the operating
Air New Zealand’s Distribution Policy:              margin in the short term.
• Dividend declarations will take into              Any fuel price hedge term does not
  account current earnings, the medium              exceed 12 months. In general, the next
  term trading outlook, long term                   four months of future fuel purchases
  capital structure and requirements for            are hedged to a minimum of 50% and
  investment in value creating projects.            then progressively reducing to zero by
• Target capital structure (including               the eighth month. The maximum amount
  capitalised aircraft operating leases             of hedges can be 80% for the next six
  as debt) is within the range of 45%               months and then progressively falling to
  to 55%.                                           20% in the 12th month.
• Given the cyclical nature of the airline          On a quarterly basis, Air New Zealand
  industry and the requirement to                   discloses its fuel hedging position for the
  undertake significant fleet reinvestment          next 12 months.
  programmes, Air New Zealand may, for
  periods, operate outside the target net
  gearing range.                                    Foreign currency risk
• Other relevant economic factors                   The Group’s currency exposure primarily
  impacting on the Air New Zealand Group.           arises from operating activities, receiving
Dividends are determined based on the               ticket sales in foreign currencies and
financial performance of the relevant               paying for fuel, aircraft leases and aircraft
period and the gearing levels between               maintenance largely in USD. From capital
these thresholds.                                   activities, the company purchases fixed
                                                    assets denominated in foreign currency on
                                                    a regular basis and also has borrowings in
                                                    foreign currency.
Risk management                                     Air New Zealand manages currency risk
                                                    through two methodologies:

Air New Zealand is subject to foreign               • Placement of hedging cover on
currency, fuel price, interest rate and               identified operating foreign currency
credit risks. These risks are managed with            exposures.
various financial instruments, applying a           • Management of USD balance sheet
set of policies approved by the Board of              items, mainly debt, by way of actual
Directors. Compliance with these policies             hedges, use of future foreign currency
is reviewed and reported monthly to the               revenues, and aircraft values which are
Board and is included as part of the                  largely determined in USD.
internal audit programme. Group policy
is not to enter, issue or hold financial            Currency risk management has the
instruments for speculative purposes.               objective to give the company time to
                                                    adjust to changes in market circumstances.
Refer to the latest Air New Zealand
Annual Report for a full description of
financial risk management. The Annual
Report discusses more specific risks
and risk management applicable to
Air New Zealand including fuel price
risk and foreign exchange risk.




The above policies are adhered to and monitored on a day to day operational basis, the Executive Management Team and the Board of
Directors reserve the right to operate outside of these policy parameters from time to time and as required for the financial and operational
benefit of Air New Zealand.

                                                                                                                                           Air New Zealand Databook 2015   15
Air New Zealand Group




                   7.                                        Earnings and dividend performance
                                                             Earnings before interest, taxation,
                                                             depreciation and amortisation,                                        Net profit after taxation
                                                             and associate earnings (EBITDA)
                                                     1,000                                 950                              400


                                                                                    829                                     350
                                                                                                                                                                327
                                                      800
                                                                             720                                            300
                                                                                                                                                         263
                                                                                                                            250
                                                      600




                                                                                                       NZ$ MILLION
                    NZ$ MILLION




                                                                      506
                                                              425                                                           200                   181
                                                      400
                                                                                                                             150


                                                                                                                             100     81 71
                                                      200

                                                                                                                             50


                                                        0                                                                      0
                                                              2011    2012   2013   2014   2015                                     2011   2012   2013   2014   2015




                                                             Dividends (declared)                                                  Ordinary dividend yield

                                                       25                                                                   7.0%                                6.6
                                                                                                                                                  6.3
                                                                                    20.0                                    6.0%           5.7           5.8
                                                       20
                    Dividend (NZD cents per share)




                                                                                           16.0                             5.0%
                                                                                                                                    4.4
                                                                                                       dividend yield (%)




                                                       15
                                                                                                                            4.0%



                                                                                                                            3.0%
                                                       10
                                                                             8.0
                                                               5.5 5.5                                                      2.0%

                                                        5
                                                                                                                            1.0%



                                                        0                                                                      0
                                                               2011   2012   2013   2014   2015                                     2011   2012   2013   2014   2015

                                                                INTERIM       FINAL          SPECIAL




 16         Air New Zealand Databook 2015
8.   Five year statistical review
     Key operating statistics
     For the year to 30 June

                                                                                2015              2014              2013              2012              2011

       Passengers Carried (000)
       Domestic                                                               9,246             8,920             8,694             8,500             8,530
       International
          Australia and Pacific Islands                                      3,388              3,277             3,181             3,073             2,965
          Asia*                                                                642                517              596                652               662
          America and Europe                                                 1,021              1,005              940                897               946

       Total                                                                  5,051             4,799             4,717             4,622             4,573

       Total Group                                                          14,297             13,719            13,411            13,122            13,103

       Available Seat Kilometres (m)
       Domestic                                                               5,592             5,385             5,108             4,969             4,904
       International
          Australia and Pacific Islands                                     10,888            10,622            10,277              9,694             9,345
          Asia*                                                              7,022             5,656             6,780              7,495             7,432
          America and Europe                                                12,099            11,733            11,002             10,460            10,672

       Total                                                                30,009             28,011           28,059             27,649            27,449

       Total Group                                                          35,601            33,396             33,167            32,618            32,353

       Revenue Passenger Kilometres (m)
       Domestic                                                               4,561             4,370             4,218             4,050             4,021
       International
          Australia and Pacific Islands                                      9,184             8,858              8,580             8,164             7,799
          Asia*                                                              5,784             4,630              5,418             5,979             6,077
          America and Europe                                                10,405            10,220              9,517             8,820             9,099

       Total                                                                25,373            23,708             23,515           22,963             22,975

       Total Group                                                          29,934            28,078             27,733            27,013            26,996

       Passenger Load Factor (%)
       Domestic                                                                81.6               81.1              82.6              81.5              82.0
       International
          Australia and Pacific Islands                                        84.4              83.4              83.5               84.2              83.5
          Asia*                                                                82.4              81.9              79.9               79.8              81.8
          America and Europe                                                   86.0              87.1              86.5               84.3              85.3

       Total                                                                   84.6              84.7              83.8               83.1              83.7

       Total Group                                                             84.1              84.1              83.6               82.8              83.4

       Group Employee Numbers (Full time equivalents)                       10,196            10,546            10,336             10,453            10,861

       * Asia included Hong Kong – London flying up until March 2013.
       New Zealand, Australia and Pacific Islands represent short haul operations. Asia, America and Europe represent long haul operations.
       Certain comparatives within the key operating statistics have been reclassified for comparative purposes, to ensure consistency with the current year.




                                                                                                                                                 Air New Zealand Databook 2015   17
Air New Zealand Group




                            Historical Summary of Financial Performance
                            For the year to 30 June

                                                                                                          2015              2014               2013               2012               2011
                                                                                                           $M                $M                 $M                 $M                 $M

                              Operating Revenue
                                Passenger revenue                                                       4,113              3,851             3,765              3,634              3,525
                                Cargo                                                                    317                 287               301                298                278
                                Contract services                                                        258                 277               310                316                329
                                Other revenue                                                            237                 237               239                235                209

                                                                                                       4,925              4,652               4,615             4,483              4,341

                              Operating Expenditure
                                Labour                                                                 (1,193)            (1,151)           (1,068)            (1,050)            (1,034)
                                Fuel                                                                  (1,089)            (1,120)            (1,204)            (1,219)            (1,084)
                                Maintenance                                                             (320)              (285)              (302)              (303)               (311)
                                Aircraft operations                                                     (466)              (424)               (419)             (390)              (381)
                                Passenger services                                                      (220)              (212)              (222)              (233)              (242)
                                Sales and marketing                                                     (303)              (280)              (274)              (270)              (274)
                                Foreign exchange gains/(losses)                                             79                45                   7               (68)             (118)
                                Other expenses                                                           (252)             (222)              (236)              (235)              (234)

                                                                                                      (3,764)           (3,649)             (3,718)           (3,768)            (3,678)

                              Operating Earnings (excluding items below)                                1,161             1,003                 897               715                663
                              Depreciation and amortisation                                             (402)             (436)                (411)            (348)              (316)
                              Rental and lease expenses                                                  (211)             (174)              (177)             (209)              (238)

                              Earnings Before Finance Costs, Associates
                              and Taxation                                                                548               393                309                158                109
                              Finance income                                                               56                 44                37                  31                 36
                              Finance costs                                                             (108)               (90)               (91)               (95)               (72)

                              Earnings Before Associates and Taxation                                    496                 347               255                  94                 73
                              Share of earnings of associates (net of taxation)                          (22)                 11                 -                   -                  -

                              Earnings Before Taxation                                                    474               358                255                  94                 73
                              Taxation (expense)/credit                                                 (147)               (95)               (74)               (23)                  8

                              Net Profit Attributable to Shareholders of
                              Parent Company                                                              327                263                181                 71                 81

                              Normalised Earnings Before Taxation*                                        496                332               255                  91                 75

                              Normalised Earnings After Taxation*                                         343                244                181                 69                 82
                              Certain comparatives within the five year statistical review have been reclassified for comparative purposes, to ensure consistency with the current year.
                              The Group adopted NZ IFRS 9 (2010) – Financial Instruments and NZ IFRS 9 (2013) – Hedge Accounting and amendments to NZ IFRS 9, NZ IFRS 7
                              and NZ IAS 39 on 1 July 2014. Comparatives have been restated for the 2014 financial year only in respect of the adopted standards and the amounts
                              for the 2011 to 2013 financial years are as previously published.
                              * Normalised earnings represented earnings stated in compliance with NZ IFRS (Statutory Earnings) after excluding net movements on derivatives
                                that hedge exposures in other financial periods. Normalised earnings was a non-IFRS financial performance measure that matches derivative gains
                                or losses with the underlying hedged transaction, and represented the underlying performance of the business for the relevant period. Normalised
                                earnings was reported within the Group annual financial statements and was subject to audit by the Group’s external auditors.


                                                                                                          2015              2014               2013               2012               2011
                              Reconciliation of normalised earnings                                        $M                $M                 $M                 $M                 $M

                              Earnings before taxation (NZ IFRS)                                          474                358               255                  94                 73
                              Reverse net movements on derivatives that hedge
                              exposures in other financial periods:
                                Fuel derivatives                                                           20               (23)                 (2)               (11)                  7
                                Foreign exchange derivatives                                                2                (3)                   2                 8                 (5)

                              Normalised earnings before taxation                                         496                332               255                  91                 75

                              Normalised earnings after taxation                                          343                244                181                 69                 82




 18         Air New Zealand Databook 2015
Historical Summary of Financial Position
As at 30 June

                                                                                2015               2014            2013               2012               2011
                                                                                 $M                 $M              $M                 $M                 $M

  Current Assets
    Bank and short term deposits                                              1,321              1,234            1,150             1,029                860
    Other current assets                                                        661                593             693                658                615

  Total Current Assets                                                        1,982              1,827           1,843              1,687              1,475

  Non-Current Assets
    Property, plant and equipment                                             4,061              3,279           2,933              3,090               2,714
    Other non-current assets                                                    732                744             820                668                 713

  Total Non-Current Assets                                                    4,793              4,023           3,753              3,758              3,427

  Total Assets                                                                6,775             5,850            5,596              5,445              4,902

  Current Liabilities
    Net debt1                                                                   253                190             159                157                152
    Other current liabilities                                                 1,875              1,682           1,555              1,544              1,664

  Total Current Liabilities                                                   2,128              1,872            1,714             1,701              1,816

  Non-Current Liabilities
   Net debt1                                                                  2,069              1,543            1,470             1,537              1,103
   Other non-current liabilities                                                613                563              611               544                479

  Total Non-Current Liabilities                                               2,682              2,106           2,081              2,081              1,582

  Total Liabilities                                                           4,810             3,978            3,795              3,782              3,398

  Net Assets                                                                  1,965              1,872           1,801              1,663              1,504

  Total Equity                                                                1,965              1,872           1,801              1,663              1,504
  1
      Net debt is comprised of bank overdraft, secured borrowings, bonds and finance lease liabilities.
  Certain comparatives within the five year statistical review have been reclassified for comparative purposes, to ensure consistency with the current year.
  The Group adopted NZ IFRS 9 (2010) – Financial Instruments and NZ IFRS 9 (2013) – Hedge Accounting and amendments to NZ IFRS 9, NZ IFRS 7
  and NZ IAS 39 on 1 July 2014. Comparatives have been restated for the 2014 financial year only in respect of the adopted standards and the amounts
  for the 2011 to 2013 financial years are as previously published in the annual report.




Historical Summary of Cash Flows
For the year to 30 June

                                                                                2015               2014            2013               2012               2011
                                                                                 $M                 $M              $M                 $M                 $M

  Cash flow from operating activities                                         1,100                730              750               472                466
  Cash flow from investing activities                                       (1,066)              (727)            (480)             (654)              (846)
  Cash flow from financing activities                                            53                 81             (147)              349                173

  Increase/(decrease) in cash holding                                             87                84              123                167             (207)

  Total cash and cash equivalents                                             1,321              1,234            1,150             1,027                860



The historical summary financial information has been derived from, and should be read in conjunction with, the Air New Zealand
Group Annual Financial Statements (the ‘Annual Financial Statements’). The Annual Financial Statements, dated 26 August 2015,
are available at www.airnzinvestor.com. The historical summary financial information cannot be expected to provide as complete
an understanding as provided by the Annual Financial Statements. The accounting policies used in these financial statements are
attached in the notes to the Annual Financial Statements.




                                                                                                                                                  Air New Zealand Databook 2015   19
Air New Zealand Group




                            Financial Ratios
                            As at and for the year ended 30 June

                                                                                                           2015              2014               2013               2012               2011

                              Profitability
                              EBIT/Revenue                                                %               10.7               8.7                6.7                3.5                2.5
                              EBITDRA/Revenue                                             %               23.6              21.6               19.4               15.9               15.3
                              Return on Equity1                                           %               16.6              14.0               10.0                4.2                5.4
                              Ordinary dividends declared                                cps              16.0              10.0                8.0                5.5                5.5
                              Basic Earnings Per Ordinary Share                          cps              29.2              23.9               16.5                6.5                7.5
                              Fixed Cover2                                             times               4.4               4.6                3.9                2.6                2.4
                              Passenger Revenue/RPK                                    cents              13.7              13.7               13.6               13.5               13.1

                              Liquidity
                              Operating Cash Flow Per Share3                              cps             98.4              66.3               68.4               43.1               43.0

                              Balance Sheet
                              Gearing (incl. net capitalised aircraft                       %             52.4              42.9               39.3               46.1               46.7
                              operating leases)4
                              Net Debt to EBITDRA (incl. net capitalised                times             1.86              1.40               1.30               2.02               1.99
                              aircraft operating leases) 5
                              Net Tangible Assets Per Share3                                $             1.66              1.60               1.57               1.48               1.33

                              Shareholder Value
                              Closing Share Price – as at 30 June                           $             2.55              2.08               1.49               0.86                1.12
                              Weighted Average Number of
                              Ordinary Shares                                              m            1,118              1,101              1,096              1,096              1,084
                              Total Number of Ordinary Shares                              m            1,122              1,114              1,104              1,100              1,091
                              Total Market Capitalisation                                 $m            2,861              2,318              1,639                946              1,222
                              Total Shareholder Return                                     %             33.2               46.5               80.2              (19.2)               11.2

                              1. Net Profit After Tax/Closing Equity
                              2. EBITDRA/(Rental and Lease Expenses and Net Finance Costs)
                              3. Per-share measures based upon Ordinary Shares
                              4. Net Debt (including capitalised operating leases)/Net Debt plus Equity
                              5. Net Debt (including capitalised operating leases)/EBITDRA (Earnings before interest, taxation, depreciation and amortisation, and rental and lease expenses)
                              Certain comparatives within the five year statistical review have been reclassified for comparative purposes, to ensure consistency with the current year.
                              The Group adopted NZ IFRS9 (2010) – Financial Instruments and NZ IFRS 9 (2013) – Hedge Accounting and amendments to NZ IFRS9, NZ IFRS7 and
                              NZ IAS39 on 1 July 2014. Comparatives have been restated for the 2014 financial year only in respect of the adopted standards and the accounts for the
                              2011 to 2013 financial years are as previously published in the Annual Report.




                            Historical Summary of Debt
                            As at 30 June

                                                                                                           2015              2014               2013               2012               2011
                                                                                                            $M                $M                 $M                 $M                 $M

                              Debt
                              Secured borrowings                                                          512                213                 84                 97                154
                              Unsecured bonds                                                             150                150                150                150                  -
                              Finance lease liabilities                                                 1,660              1,370              1,395              1,445              1,101
                              Bank overdraft and short term borrowings                                      -                  -                  -                  2                  -

                                                                                                        2,322              1,733              1,629              1,694              1,255


                              Bank and short term deposits                                                1,321            1,234              1,150              1,029                860
                              Net open derivatives held in relation to
                              interest-bearing liabilities1                                                 24               (10)                28                   4               (28)
                              Non interest-bearing deposit
                              (included within Other assets)                                                  -                  -               44                  13                   -
                              Interest bearing secured deposit
                              (included within Other assets)                                               141               125                184                180                170

                              Net Debt                                                                     836               384                223                468                253
                              Net aircraft operating lease commitments2                                 1,323              1,022                945                973              1,064
                              Net Debt
                              (including off Balance Sheet aircraft operating leases)                     2,159            1,406              1,168              1,441              1,317

                              1. Unrealised gains/losses on open debt derivatives.
                              2. Net aircraft operating lease commitments for the next twelve months, multiplied by a factor of seven.




 20         Air New Zealand Databook 2015
9.   Company history
     April 1940                            Tasman Empire Airways Limited (TEAL) incorporated

     April 1965                            TEAL renamed Air New Zealand Limited

     April 1978                            Air New Zealand and National Airways Corporation (NAC) merge

     April 1989                            New Zealand Government privatises Air New Zealand

     October 1989                          Air New Zealand listed on the New Zealand Stock Exchange (NZX)

     October 1996                          Air New Zealand acquires 50% of Ansett Australia

     March 1999                            Air New Zealand becomes a member of the Star Alliance group

     June 2000                             Air New Zealand acquires remaining 50% of Ansett Australia

     September 2001                        Ansett Australia placed into voluntary administration due to downturn

     January 2002                          Air New Zealand recapitalised by New Zealand Government for $885m resulting in
                                           82% government ownership

     March 2011 – May 2014                 Air New Zealand purchased shares in Virgin Australia taking ownership to 25.9%
                                           as at 30 June 2015

     July 2011                             Revenue share alliance with Virgin Australia commenced

     January 2013                          Revenue share alliance with Cathay Pacific commenced

     November 2013                         New Zealand Government sells down its holding to 52%

     January 2015                          Revenue share alliance with Singapore Airlines commenced

     December 2015                         Revenue share alliance with Air China commenced



     Glossary

     Available seat kilometres (ASKs)      The number of seats made available for sale multiplied by the distance flown (capacity)

     Revenue passenger kilometres (RPKs)   The number of revenue passengers carried multiplied by the distance flown (demand)

     Passenger load factor                 RPKs as a percentage of ASKs

     Utilisation                           Average hours flown per day

     EBIT                                  Earnings before interest and taxation expenses

     EBITDRA                               Earnings before interest, taxation, depreciation, rentals and amortisation expenses



     Expenditure classifications

     Labour                                All salaries, wages and employee benefits

     Fuel                                  Fuel including hedging gains/losses

     Maintenance                           Materials and services

     Aircraft operations                   Airport dues, aircraft ground handling, line servicing, loading, air navigation and tech
                                           crew trip costs

     Passenger services                    Passenger ground handling, meals, inflight services, cabin crew trip expenses, lounge
                                           expenses and security charges

     Sales and marketing                   Commissions, advertising, promotions, marketing, FFP costs and distribution costs

     Other expenses                        Safety, IT costs, legal and accounting, insurance, employee relations, property cost

     Rental and lease expenses             Aircraft and property operating lease rentals




                                                                                                                            Air New Zealand Databook 2015   21
Air New Zealand Group




                                        10.   Executive management team
                                              Mr Christopher Luxon | Chief Executive Officer

                                              Christopher was appointed CEO of Air New Zealand in January 2013.
                                              Christopher had a significant international career across multiple markets
                                              with Unilever before joining the airline in May 2011 as Group General
                                              Manager, International Airline. Prior to joining Air New Zealand, he was
                                              President and Chief Executive Officer at Unilever Canada following an
                                              18 year career at Unilever where he worked in New Zealand, Australia,
                                              Asia, Europe and North America. He is a Non-Executive Director for
                                              Virgin Australia Holdings Limited. Christopher was awarded the CEO of
                                              the year at the 2015 Deloitte Top 200 Awards.


                                              Mr Avi Golan | Chief DIGITAL Officer

                                              Avi joined Air New Zealand in January 2016 and leads the
                                              airline’s strategy to engage digitally with customers across multiple
                                              international markets and enhance the new revenue opportunities
                                              that digital brings and to drive customer innovation. Avi has held
                                              senior leadership positions in some of the most innovative companies
                                              globally across a range of industries, including Google, Barnes and
                                              Noble, Olive Software and Intuit.




                                              Mr Stephen Jones | Chief Strategy, Networks & Alliances Officer

                                              Stephen joined Air New Zealand in May 2001. Initially joining as VP,
                                              Investor Relations, Stephen has held a variety of General Manager
                                              strategy and operational roles. Stephen was appointed Chief Strategy,
                                              Networks & Alliances Officer for the Air New Zealand Group in
                                              January 2013. Prior to joining Air New Zealand Stephen spent
                                              17 years in the oil and gas exploration and production industry
                                              in New Zealand and overseas. Stephen is a member of the Star
                                              Alliance Management Board.



                                              Mr Rob McDonald | Chief Financial Officer

                                              Rob was appointed as Chief Financial Officer of Air New Zealand in
                                              October 2004. Prior to that, Rob first held the position of Air New
                                              Zealand Group Financial Planning Manager from 1993 and was
                                              appointed Group Treasurer in 1995. Prior to joining Air New Zealand,
                                              Rob worked with Coopers and Lybrand in the corporate advisory and
                                              valuation practice from 1985. Rob is a Director of Contact Energy
                                              and an alternate Director for Christopher for Virgin Australia Holdings
                                              Limited. Rob was awarded the CFO of the year at the 2015 Deloitte
                                              Top 200 Awards.


                                              Captain David Morgan | Chief Flight Operations & Safety Officer

                                              David joined Air New Zealand in 1985 and joined the Flight
                                              Operations management team in 1996. David has held various
                                              senior operational management positions and was appointed to the
                                              Executive in 2008. David is responsible for determining the Flight
                                              Operations policy, standards and procedures by which our aircraft are
                                              operated, is accountable for both operational and people safety and
                                              has responsibility for Air New Zealand’s sustainability programme.
                                              David sits on the Advisory Board of the Sustainable Business Council
                                              of New Zealand.



 22         Air New Zealand Databook 2015
Ms Lorraine Murphy | Chief People Officer (Departing February 2016)

Lorraine joined Air New Zealand as Chief People Officer in 2013.
Prior to joining Air New Zealand, Lorraine was Vice President of
Human Resources – International for Campbell Soup Company,
providing leadership across key geographic regions such as Asia
Pacific, Europe and Latin America. Her extensive international career
in human resource leadership also includes senior human resources
roles with Lion Nathan Australia, the Australian Gas Light Company,
and global chemical company ICI.



Mr Bruce Parton | Chief Operations Officer

Bruce joined Air New Zealand in 1996. His roles have included
Group General Manager Australasia, Logistics and Components
management at ANZES, General Manager of Operations, General
Manager of the Pacific Airline, and General Manager Domestic Jet.
Prior to joining Air New Zealand, Bruce held senior logistics positions
for five years with Coca-Cola in London, and three years with Tegel
Foods in New Zealand.




Mr Mike Tod | Chief Marketing & Customer Officer

Mike joined Air New Zealand in 2003 and has responsibility for
Air New Zealand’s global marketing and customer experience as
well as Corporate Affairs, Government Affairs and Industry Relations,
Sponsorship and Community Partnership programmes. Prior to joining
Air New Zealand, Mike was Assistant to the Chief Executive Officer
and Shareholder Communications Manager at Fonterra. Mike sits on
Star Alliance’s Marketing Strategy Committee.




Mr Cam Wallace | Chief Sales & Commercial Officer

Appointed to Chief Sales and Commercial Officer in January 2014,
Cam is responsible for managing over $4 billion of the group’s
passenger and cargo revenue sourced primarily from the New Zealand,
Australian, the United States, Chinese, Japanese and European
markets. Since joining the airline in 2001, Cam has held a number of
senior positions within the organisation and prior to his current role
was Group General Manager New Zealand & Pacific Islands.




                                                               Air New Zealand Databook 2015   23
Air New Zealand Group




                                        11.   Board profiles
                                              Antony (Tony) Carter                   Robert (Rob) Jager
                                              Chairman                               DIRECTOR
                                              Tony is Chairman of Fisher & Paykel    Rob is Chairman of the Shell
                                              Healthcare Limited, a director of      Companies in New Zealand and
                                              Fletcher Building Limited and ANZ      General Manager, Shell Todd Oil
                                              Bank New Zealand Limited and           Services. He is also the Chair of
                                              Independent Chairman of Blues          the Workplace Health and Safety
                                              LLP. Tony held senior positions at     Review Taskforce in New Zealand.
                                              Foodstuffs (New Zealand) Limited       Rob has over 30 years’ experience
                                              from 1994 including Managing           in the oil and gas industry, working
                                              Director from 2001 until he retired    for Shell in a variety of operational,
                                              in December 2010. Tony was named       management and governance roles
                                              Chairperson of the Year at the 2014    in New Zealand and overseas.
                                              Deloitte Top 200 Awards.




                                              Janice (Jan) Dawson                    Linda Jenkinson
                                              Deputy Chair                           DIRECTOR
                                              Jan is a director of AIG Insurance     Linda is the Chair and Co-Founder
                                              New Zealand Limited, Beca Group        of LesConcierges Inc., a San
                                              Limited, Meridian Energy Limited       Francisco based global concierge
                                              and Chairman of Westpac New            services and solutions company
                                              Zealand Limited. Jan was a partner     that services some of the world’s
                                              of KPMG for 30 years, specialising     leading customer facing businesses.
                                              in audit and risk advisory, and the    Linda is currently a member of the
                                              Chair and Chief Executive of KPMG      Global Women Trust Advisory Board,
                                              New Zealand from 2006 until            a director of Massey University
                                              2011. Jan was named Chartered          US Foundation and a director of
                                              Accountant of the Year in 2011         TheGrid and was named one of the
                                              by the New Zealand Institute of        most influential women in the Bay
                                              Chartered Accountants.                 Area for 2014 by the San Francisco
                                                                                     Business Times.




                                              Paul Bingham                           Jonathan Mason
                                              DIRECTOR                               DIRECTOR
                                              Paul is the Managing Director of       Jonathan has more than 30
                                              Black Cat Cruises Limited, a tourism   years’ experience in the financial
                                              operation based at Banks Peninsula,    sector, with an emphasis on
                                              near Christchurch. His tourism         emerging markets. Prior to
                                              background includes senior             joining Air New Zealand’s Board
                                              roles at Tourism Holdings Limited      in March 2014, he was Fonterra
                                              and Air New Zealand Limited,           Co-operative Group’s Chief
                                              and he is a previous director of       Financial Officer. Jonathan has
                                              Tourism New Zealand and Chair of       had governance experience in
                                              Christchurch & Canterbury Tourism.     both New Zealand and the United
                                                                                     States. He is currently a director
                                                                                     of Vector Limited, Westpac
                                                                                     New Zealand Limited and Zespri
                                                                                     and also serves as an Adjunct
                                                                                     Professor of Management at the
                                                                                     University of Auckland, specialising
                                                                                     in international finance.




 24         Air New Zealand Databook 2015
Share Registrar                    Annual Financial Statements                 Investor Relations Office
Link Market Services Limited       The Annual Financial Statements are         Private Bag 92007, Auckland 1142
                                   available by visiting our website           New Zealand
Level 7, Zurich House              www.airnzinvestor.com OR you may
21 Queen Street, Auckland 1010     elect to have a copy sent to you by         Phone
New Zealand                        contacting Investor Relations.              0800 22 22 18 (New Zealand)

PO Box 91976, Auckland 1142                                                    Phone
New Zealand                        Electronic Shareholder                      (64 9) 336 2607 (Overseas)
                                   Communication
Email                                                                          Fax
enquiries@linkmarketservices.com   If you would like to receive all investor   (64 9) 336 2664
                                   communications electronically, including
Website                            interim and annual shareholder reviews,     Email
www.linkmarketservices.com         please visit the Link Market Services       investor@airnz.co.nz
                                   website www.linkmarketservices.com
Phone                                                                          Website
                                   or contact them directly (details to
(64 9) 375 5998 (New Zealand)                                                  www.airnzinvestor.com
                                   the left).
Fax
(64 9) 375 5990 (New Zealand)

Phone
(61) 1300 554 474 (Australia)
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