Air New Zealand 2018 Databook

ANNUAL
DATA BOOK
2018

Air New Zealand Databook 2018
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Air New Zealand Group
Key
Routes operated by Air New Zealand
New routes commencing in the 2019 financial year
Routes operated solely by alliance partners
Air New Zealand Databook 2018
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Kia ora

Air New Zealand Databook 2018
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Contents
1. Introduction to Air New Zealand 4
2. Competitive advantages 5
3. 2018 highlights 6
4. Sustainability 8
5. Shareholding structure and
performance 12
6. Financial framework and
our 2018 performance 13
7. Network 14
8. Operating fleet 18
9. Balance sheet structure
and funding 20
10. Risk management 22
11. Earnings and dividend
performance 23
12. Five year statistical review 24
13. Other information 28
14. Executive management team 30
15. Board of Directors 32
16. Investor resources 35
Air New Zealand Databook 2018
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Kia ora

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Company description
The Air New Zealand Group (‘Air New
Zealand’) operates a global network that
provides air passenger services and cargo
transport services to, from and within
New Zealand to approximately 17 million
passengers a year. Air New Zealand’s
strategic focus and competitive advantage
lies within the Pacific Rim where the airline’s
network reach extends from New Zealand
into Australia, Asia, and the Americas.
Air New Zealand operates its own
connection to London and through global
alliance partners connects New Zealand
to Europe and beyond, with over 3,400
flights, on average, each week to domestic
and international destinations. Air New
Zealand’s consolidated operating revenue
was $5.5 billion in the 2018 financial year,
generated by a fleet of over 100 aircraft and
over 11,900 employees based globally.
A key contributor to
and beneficiary of
New Zealand tourism
As the first New Zealand experience for
many overseas travellers, Air New Zealand
is an integral part of the New Zealand
tourism industry. Similarly, tourism is an
important driver of Air New Zealand’s
performance as the airline generates a
significant portion of its revenue from
overseas travellers. Air New Zealand plays
an active role in increasing the demand for
travel into and around New Zealand through
our comprehensive domestic and regional
network, through our partnerships with
tourism organisations and promoting our
national and regional sponsorships both
off-shore and within New Zealand. Tourism
continues to be New Zealand’s top export
earner. Tourism contributes 20.7 percent
of New Zealand’s total exports of goods
and services, employs 8.4 percent of New
Zealand’s workforce and makes a total
contribution to New Zealand GDP of $26.0
billion ($14.7 billion direct contribution and
$11.3 billion indirect value-add of industries
supporting tourism).
1
An award-winning airline
Air New Zealand is proud of our fleet, our
brand and our Kiwi customer service culture.
These all contribute to Air New Zealand
being an award-winning airline, with the
following select accolades received as
recent examples.
2018 Colmar Brunton Corporate
Reputation Index
-
Mo
st reputable company in
New Zealand
2018 Reputation Institute’s Australia
Corporate Reputation Index
-
Mo
st reputable company in Australia
2018 Condé Nast Reader’s
Choice awards:
-
Wo
rld’s Top Airline
2018 World Travel Awards:
-
Au
stralasia’s Leading Airline for the
tenth consecutive year
-
Au
stralasia’s Leading Airline Brand
for the second consecutive year
2018 www.airlineratings.com
airline awards:
-
Ai
rline of the Year Award for the fifth
year in a row
-
Be
st Premium Economy
2018 Skytrax World Airline Awards:
-
Wo
rld’s Best
Premium Economy Class
-
Wo
rld’s Best
Premium Economy Class Seat
TripAdvisor’s Travellers’ Choice
Awards for 2018:
-
Be
st Airline
in the South Pacific
-
Be
st Business Class
in the South Pacific
-
Be
st Premium Economy Class
in the South Pacific and the world
-
Be
st Economy Class
in the South Pacific
Trading information
Air New Zealand is publicly traded on the
NZX and ASX. Additionally, American
Depositary Shares are traded over-the
counter (OTC) in the United States under
Air New Zealand’s sponsored Level 1
American Depositary Receipt programme.
NZX Ticker code:
AIR
ASX Ticker code: AIZ
ADR OTC Ticker code: A NZ LY
1. Introduction to Air New Zealand
1. Tourism Satellite Account, March 2017.
Air New Zealand Group
Top markets for international
visitors to New Zealand
for year ended 30 June 2018
International visitor arrivals

3.8%
for year ended 30 June 2018
Other markets
34%
Australia
39%
China
12%
UK
6%
USA
9%

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2. Competitive advantages
Resilient core domestic business
Our domestic network is unmatched, offering services to 20 main centres and regions across
New Zealand. Our strong corporate brand and renowned Kiwi service culture continue to drive
increased loyalty from our customers, record customer satisfaction levels, strong brand health and
record employee engagement. Investments in larger and modern aircraft and lounges are further
stimulating travel within New Zealand from both international and domestic tourism.
Pacific Rim focused international network
Our alliance-driven international network underpins our Pacific Rim strategy. With our
revenue-share alliance partnerships, Air New Zealand benefits from strong relationships with
market leaders in some of our key international markets, including the United States, Singapore,
Hong Kong and China.
Airpoints™ loyalty programme
Our Airpoints™ programme is viewed as the most valuable loyalty programme in New Zealand.
Providing our members with the world’s easiest and most transparent loyalty currency, Airpoints
Dollars™ has driven strong membership growth. With over 2.8 million members, Airpoints also
provides Air New Zealand with valuable data that allows us to better understand our customers
and their travel experiences.
Focused on sustainable cost improvements
Our simplified and modern fleet has an average seat weighted age of 7.5 years and is contributing
significant operational efficiencies to the airline. Air New Zealand is nearing the completion of a
fleet programme which will deliver best-in-class aircraft, and is configured for the New Zealand
market. Our fleet now consists of more fuel-efficient aircraft, across fewer aircraft types – both
providing the airline with an extremely competitive cost structure.
Investment-grade financial strength
We have a proven history of achieving profitability through the cycle as Air New Zealand has
delivered positive earnings every year since 2003 and paid dividends to our shareholders every
year since 2005. Underpinning our ability to generate strong returns is a focus on capital allocation
discipline. Air New Zealand has a credit rating of Baa2 from Moody’s with stable outlook, placing us
amongst the top echelon of airlines in the world.
Our competitive advantages provide us with a simple
and proven strategy for success.

Air New Zealand Databook 2018
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1
Created by the global index provider FTSE
Russell, the FTSE4Good Index Series is
designed to measure performance of companies
demonstrating strong environmental, social and
governance (ESG) practices.
Awarded Best
Loyalty Programme
in New Zealand
Top Airline
in the World
awarded by US luxury
and lifestyle travel magazine
Condé Nast Traveler
26% improvement
in 2018 total recordable
injuries compared to 2017
5.0% growth
in network capacity (ASKs)
6 new aircraft
added to fleet during the year;
consisting of 2 B787-9s
and 4 ATR72-600s
No.1 employer
top rated in New Zealand
39%
of women in
senior leadership positions;
up from 16% in 2012
FTSE4Good
constituent
1
for the second year in a row
No.1 corporate
reputation
in New Zealand and Australia
Over 2.8m
Airpoints
™
members;
up 13% from 2017
934,000
flights paid for by
Airpoints
™
Dollars during the year
2018 Randstad Employer Brand research
Colmar Brunton Corporate Reputation Index 2018
NZ Marketing Association
Air New Zealand Group
3. 2018 highlights

Air New Zealand Databook 2018
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22 cents
Full year
declared dividend
per share
$1b
Operating cash flow
$540m
Earnings
before taxation
$5.5b
Operating revenue
Air New Zealand Databook 2018
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4. Sustainability
Air New Zealand has an important part to play in
our country’s long-term success. We are
co
mmitted to sustainably growing our business and
supercharging New Zealand’s success – socially,
environmentally and economically.
On an annual basis, Air New Zealand discloses a Sustainability Report which discusses
our performance and our longer-term aspirations. For more information, our Sustainability
Report can be accessed online at airnewzealand.co.nz/sustainability
Air New Zealand Group
Air New Zealand Databook 2018
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Our 2030 Sustainability Goals
Air New Zealanders:
Air New Zealand is a global
benchmark organisation for
its employee engagement,
grounded in its distinct
employee experience that
ensures safety and fosters
high performance, innovation,
community involvement,
diversity and inclusion.
Our Communities:
Air New Zealand is recognised
as the most influential exponent
of strategic community
investment in New Zealand,
helping build cohesive, resilient
and sustainable communities
across the country.
Carbon:
Air New Zealand has stabilised
emissions through carbon
neutral growth post 2020, in a
way that simultaneously drives
significant environmental, social
and economic benefits.
Nature and Science:
Air New Zealand has enabled
world-leading conservation and
climate science, engaging in
long-term strategic partnerships
to help protect New Zealand’s
precious natural capital.
Tourism:
Air New Zealand has
played a pivotal role in
the New Zealand tourism
sector delivering economic
prosperity while enhancing
natural and cultural resources
and providing outstanding
experiences for visitors and
New Zealanders alike.
Trade and Enterprise:
Air New Zealand has enabled
the distribution and promotion
of sustainable products and
services around the globe,
and has developed a world-
class supply chain to support
sustainable New Zealand
businesses of all sizes.
Air New Zealand Databook 2018
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Our People
Manaakitanga
Our People
Our Communities
Nature and Science
Carbon
Kaitiakitanga
Our Place
Tourism
Trade and Enterprise
O
–
hanga Ora
Our Economy

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0.73
20172018
0.72
Air New Zealand Group
Our carbon strategy
Air New Zealand continues to support the aviation
industry target of 1.5 percent annual average fuel
efficiency improvement (2009-2020); carbon neutral
growth from 2020; and halving 2005 emissions by 2050.
At Air New Zealand we believe that aviation
fuel efficiency is the most significant way
that we can reduce our carbon footprint. This
year we achieved a 1.1 percent improvement
in aviation fuel efficiency compared to
last year, which represents a 21.4 percent
improvement since our baseline year in 2009.
One of the ways in which Air New Zealand
can reduce carbon emissions is by operating
a modern, fuel efficient fleet. In the 2018
financial year, we welcomed two Boeing
787-9 Dreamliner aircraft into our fleet
and in August 2018 announced a further
commitment to purchase seven additional
Airbus A321 NEO aircraft for our domestic
network. Equipped with new generation
engines and approximately 25 percent more
seats, the A321 NEOs are expected to
deliver fuel savings and efficiencies of up to
15 percent compared to the airline’s existing
A320 domestic aircraft, helping to reduce
carbon emissions. This is separate from
the existing order of 13 Airbus A320/321
NEO aircraft, which will be deployed on the
Trans-Tasman and Pacific Islands networks.
Two Boeing 787-9 aircraft with increased
premium cabin space and next generation
Rolls-Royce TEN engines will also join the
fleet. Our investment in this area continues to
improve fuel efficiency with fuel consumption
up 3.6 percent compared to a 5.0 percent
increase in capacity.
In addition to our investment in fleet, this
year we have also implemented other fuel
efficiency initiatives such as adjusting the
departure climb profiles on our Boeing 777
and 787-9 aircraft and trialling more accurate
and efficient navigation procedures to reduce
the distance flown and allow for continuous
low powered descents. These initiatives all
work towards the goal of decreasing the
amount of fuel required by our planes.
Air New Zealand is a participant in the New
Zealand Emissions Trading Scheme for
domestic emissions. In calendar year 2018,
emissions units will be surrendered for 87
percent of domestic emissions, and this will
rise to 100 percent of domestic emissions
from 1 January 2019. For emissions in
international airspace, Air New Zealand
supports the industry’s targets of 1.5 percent
annual average fuel efficiency improvement
(2009-2020); carbon neutral growth from
2020; and halving 2005 emissions by
2050. New Zealand will participate in the
Carbon Offset and Reduction Scheme
for International Aviation (CORSIA) which
requires Air New Zealand to report emissions
from international aviation and to offset
growth post-2020.
This year we have continued to encourage
and enable our customers to voluntarily offset
the carbon emissions from their air travel, via
a function in our online booking system which
was introduced in late 2016. In the past year,
customers have offset over 130,000 journeys
(up from 40,000 last year)
1
. As of July
2018, our larger business and government
customers can also request a report on the
carbon emissions from their Air New Zealand
travel and elect to offset these. In New
Zealand, we source native forest restoration
projects that comply with the Government’s
Permanent Forest Sink Initiative, which
enables carbon credits to be issued. These
projects fit our commitment to the co-benefits
of permanent native forestry investment,
such as improving biodiversity, supporting
ecosystems, and growing regional economies.
We have also expanded our project
portfolio to include international projects in
destinations we fly to. Initial projects include
sustainable energy initiatives in rural New
Caledonia, Vietnam and China.
For more information on this and our other
sustainability initiatives, please refer to

Air New Zealand’s Sustainability Report 2018
at a
irnewzealand.co.nz/sustainability-
reporting-and-communication
*Revenue Tonne Kilometre (RTK) is a measure of the weight that has been paid for on the aircraft (freight and passengers) multiplied by
the number of kilometres transported. Freight values are from Air New Zealand records, and passenger weights are estimated at 100kg per
passenger (including checked and carry-on baggage) as recommended by IATA for generating a fuel efficient target. CO
2
-e emissions are
from Air New Zealand’s use of aviation fuel over the same time periods.
1. This voluntary carbon offsetting programme is separate from Air New Zealand’s compliance with the New Zealand Emissions Trading
Scheme, which covers Air New Zealand’s domestic operations and which Air New Zealand separately meets. Voluntary carbon offsetting is
relevant and important, even in the context of a regulatory emissions trading scheme.
kg CO
2
-e/RTK
0.93
2009
0.88
2010
0.85
2 011
0.81
2012
0.79
2013
0.78
2014
0.76
2015
0.74
2016
Fuel efficiency: CO
2
-e per Revenue Tonne Kilometre (RTK)*
Air New Zealand Group
2.4
%
Average annual
fuel efficiency
im
provement compared
to 2009 baseline

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Air New Zealand Group
Air New Zealand is listed on the New
Zealand Stock Exchange (NZX) with
the ticker symbol AIR.NZ and on the
Australian Securities Exchange (ASX) with
the ticker symbol AIZ.AX. Effective as at
20 July 2017, Air New Zealand launched
a sponsored Level 1 American Depositary
Receipt (ADR) programme. Air New
Zealand’s American Depositary Shares,
each representing five Ordinary Air New
Zealand shares and evidenced by ADRs,
are traded over the-counter in the United
States (ticker code ANZLY).
There are 1,122,810,044 Ordinary Shares
on issue (excluding Treasury Stock), as
at 30 June 2018. The New Zealand
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. Air New Zealand has a
robust average daily trading volume of
approximately 1.3 million shares.
5. Shareholding structure and performance
5 year total shareholder return (net dividend)
Air New Zealand vs NZX50 vs Bloomberg World Airline Index
Share register (as at 30 June 2018)
As part of our financial framework, we
target a consistent and sustainable
ordinary dividend as well as growth
in share price to provide a combined
Total Shareholder Return. Due to
market fluctuations, we monitor Total
Shareholder Returns over a five-year
period including the change in share
price and dividends received (assuming
dividends are reinvested in shares on
the ex-dividend date).
PERCENT
30 JUNE 201130 JUNE 201230 JUNE 201330 JUNE 201430 JUNE 2015
300%
250%
200%
150%
100%
0%
50%
-50%
30 JUNE 2016
AIR NEW ZEALAND
BWAIRL IndexNZX50 Index

AIR NEW ZEALANDBWAIRL IndexNZX50 Index
250.00
200.00
150.00
100.00
50.00
0
-50.00
TOTAL SHAREHOLDER RETURN (NET DIVIDEND) (%)
30 JUNE 201330 JUNE 201430 JUNE 201530 JUNE 201630 JUNE 201730 JUNE 2018

102%

69%
New Zealand Government
52%
New Zealand institutional investors
7%
Retail investors
3%

226%
International institutional investors
38%

Air New Zealand Databook 2018
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Capacity
growth
5.0%
Baa2 rating
Stable
CASK
1

improved
0.5%
Gearing
52.4%
Pre-tax
ROIC
14 .5%
Ordinary
dividends
declared
$0.22
Profitable GrowthCapital DisciplineShareholder Returns
Targeting pre-tax
ROIC > 15%
Ta
rgeting a consistent
and sustainable
ordinary dividend
Ca
pacity growth in-line

with New Zealand tourism
growth over medium term
Maintain investment
grade credit rating
C
ontinuous CASK
improvement
Gearing between
45% to 55%
Risk Management
Funding flexibilityHedgingLiquidity
Air New Zealand utilises a financial framework that
is focused on profitable growth while maintaining
capital discipline. The ultimate target is to provide
sustainable and strong shareholder returns over
the long-term.
6. Financial framework and our
2018 performance
1. Excluding fuel price movement, FX, third party maintenance and other significant items in the comparative year,
as disclosed in the 2017 Financial Results.

Air New Zealand Databook 2018
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Air New Zealand Group
Sydney
Melbourne
Samoa
Tonga
Fiji
Niue
New Caledonia
Norfolk Island
Ta hiti
Christchurch
Wellington
Auckland
Adelaide
Perth
Brisbane
Cairns
Queenstown
Rarotonga
Honolulu
Sunshine Coast
Gold Coast
Kerikeri
Whangarei
Blenheim
Timaru
Hokitika
Invercargill
Nelson
Tauranga
Gisborne
Rotorua
Taupo
New Plymouth
Palmerston North
Napier
Auckland
Queenstown
Christchurch
Dunedin
Hamilton
Wellington
Denpasar
Air New Zealand provides air passenger and cargo
transport services within New Zealand, as well as
to and from Australia, the Pacific Islands, Asia, the
Americas and the United Kingdom.
Five year key operating statistics
GROUPJUNE 2018JUNE 2017JUNE 2016JUNE 2015JUNE 2014
Passengers carried (‘000s)16,966 6.4%15 , 952 5.2% 15,161 6.0% 14 , 2 97 4.2% 13 ,719 2.3%
Available Seat Kilometres (ASKs, millions)44, 274 5.0%42,16 9 6.3%39,684 11. 5 % 35,601 6.6%33,396 0.7%
Revenue Passenger Kilometres (RPKs, millions)36,662 5.3%3 4 , 814 4.8%33,223 11. 0 %29,934 6.6% 28,078 1.2%
Load Factor82.8%0.2 pts82.6%(1.1 pt s)83.7%(0.4 pts)8 4 .1%-8 4 .1%0.5 pts
Revenue per Available Seat Kilometres (R ASK , cents) 10.61.8% 10.4(8 .1%) 11. 3(2.3%)11 . 6 0.2% 11 . 51.6%
New Zealand domestic
and regional
Air New Zealand operates one of the most
comprehensive domestic and regional
networks in the world with over 400 flights
every day to 20 New Zealand destinations.
Our domestic jet network across the
main centres in New Zealand (Auckland,
Wellington, Christchurch, Dunedin and
Queenstown) is operated by a fleet of
17 Airbus A320s (as at 30 June 2018).
Our turboprop network across the regional
centres of New Zealand is operated by
a fleet of 50 turboprops (as at 30 June
2018) including ATRs and Q300.
DOMESTIC AND REGIONALJUNE 2018JUNE 2017JUNE 2016JUNE 2015JUNE 2014
Passengers carried (‘000s) 11, 0 8 9 6.8% 10,379 6.7% 9,725 5.2% 9,246 3.7% 8,920 2.6%
Available Seat Kilometres (ASKs, millions) 6,905 4.7% 6,597 8.8% 6,065 8.5% 5,592 3.8% 5,385 5.4%
Revenue Passenger Kilometres (RPKs, millions) 5,719 7.7% 5 , 311 8.7% 4,887 7. 2 % 4,561 4.4% 4,370 3.6%
Load Factor82.8%2.3 pts80.5%(0 .1 pt)80.6%(1.0 pt)81.6%0.5 pts81.1%(1. 5 pt s)
Revenue per Available Seat Kilometres (R ASK , cents) 22.0 3.6% 21.2 (2.9%) 21.8 (6.5%) 23.4 3 .1% 22.7 1.0%
7. Network

Air New Zealand Databook 2018
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Sydney
Melbourne
Samoa
Tonga
Fiji
Niue
New Caledonia
Norfolk Island
Ta hiti
Christchurch
Wellington
Auckland
Adelaide
Perth
Brisbane
Cairns
Queenstown
Rarotonga
Honolulu
Sunshine Coast
Gold Coast
Kerikeri
Whangarei
Blenheim
Timaru
Hokitika
Invercargill
Nelson
Tauranga
Gisborne
Rotorua
Taupo
New Plymouth
Palmerston North
Napier
Auckland
Queenstown
Christchurch
Dunedin
Hamilton
Wellington
Denpasar
Tasman and
Pacific Islands
Air New Zealand operates an expansive
network to Australia and the Pacific
Islands, with over 40 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 wide-body aircraft.
TASMAN AND PACIFIC ISLANDSJUNE 2018JUNE 2017JUNE 2016JUNE 2015JUNE 2014
Passengers carried (‘000s) 3,798 6.7% 3,561 1.6% 3,507 3.5% 3,388 3.4% 3,277 3.0%
Available Seat Kilometres (ASKs, millions)12 ,963 7.7%12,039 5.3% 11,438 5.1% 10,888 2.5% 10,622 3.4%
Revenue Passenger Kilometres (RPKs, millions) 10,584 8.2% 9,784 2.6% 9,532 3.8% 9,18 4 3.7% 8,858 3.3%
Load Factor81.6%0.3 pts81.3%(2.0 pts)83.3%(1.1 pts)84.4%1.0 pt83.4%(0 .1 pt)
Revenue per Available Seat Kilometres (R ASK , cents) 9.6 4.5% 9.2 (7.1%) 9.9 (1.1%) 10.0 2.7% 9.8 (2.7%)

Air New Zealand Databook 2018
16
London
Vancouver
Los Angeles
Auckland
Houston
Ho Chi Minh City
Beijing
San Francisco
Hong Kong
Shanghai
Ta ipei
Singapore
Kerikeri
Whangarei
Blenheim
Timaru
Hokitika
Invercargill
Nelson
Tauranga
Gisborne
Rotorua
Taupo
New Plymouth
Wanganui
Palmerston North
Paraparaumu
Napier
Auckland
Queenstown
Christchurch
Dunedin
Hamilton
Wellington
Buenos Aires
Christchurch
Wellington
Tokyo
Osaka
Chicago
Rarotonga
International
long-haul
New Zealand is the centre of the Pacific
Rim and accordingly Air New Zealand
operates a strong network within this
region. The airline’s fleet of Boeing
777-200s, Boeing 777-300s and Boeing
787-9s, along with a network of revenue
share partnerships with other airlines,
provides 32 direct flights every day to
14 international long-haul destinations
(outside Australia and the Pacific Islands).

INTERNATIONAL LONG-HAULJUNE 2018JUNE 2017JUNE 2016JUNE 2015JUNE 2014
Passengers carried (‘000s) 2,079 3.3% 2,012 4.3% 1,929 16.0% 1,663 9.3% 1,522 (0.9%)
Available Seat Kilometres (ASKs, millions) 24,406 3.7% 23,533 6.1% 22,181 16.0% 19,121 10.0% 17, 3 8 9 (2.2%)
Revenue Passenger Kilometres (RPKs, millions) 20,359 3.3% 19,719 4.9% 18,804 16.2% 16 ,18 9 9.0% 14 , 8 5 0 (0.6%)
Load Factor83.4%(0.4 pts)83.8%(1.0 pt)84.8%0.1 pt84.7%(0.7 pts)85.4%1.4 pts
Revenue per Available Seat Kilometres (R ASK , cents) 7.9(1.2%) 7.9(12.9%) 9.1 1.6% 9.0 (2.1%) 9.2 2.6%

Operated by Air China
Operated by Singapore Airlines;
Singapore–Wellington operated via Melbourne
Operated by Cathay Pacific
New routes commencing in the 2019 financial year
Ai
r New Zealand will not operate the Ho Chi Minh City
season route in 2019.
Air New Zealand Group
To London
To Buenos Aires

Our network
partnerships
Air New Zealand’s airline partnerships
range from simple interline relationships
through to deep revenue share
alliances, and from destination-specific
arrangements to those covering whole
continents. At the global level, Air New
Zealand’s revenue share alliances,
codeshare and Star Alliance partnerships
allow us to offer connections across
38 major carriers and, together with our
interline partners, to offer access for
our customers to nearly 1,700 destinations
worldwide. Our revenue share alliances
are a key part of our Pacific Rim strategy,


and includes strategic partnerships
with United Airlines, Singapore Airlines,
Cathay Pacific, and Air China. We maintain
a range of other code share and interline
relationships with other carriers into
specific markets, including Aerolíneas
Argentina, Air Canada, ANA, Lufthansa
and Qantas (effective from 28 October
2018). In addition, our membership in
Star Alliance is critical to our customer
proposition, including providing access to
global benefits for our Airpoints™ Gold
and Elite members.
Code share partners
Revenue share
alliance partners
Air New Zealand Databook 2018
17
London
Vancouver
Los Angeles
Auckland
Houston
Ho Chi Minh City
Beijing
San Francisco
Hong Kong
Shanghai
Ta ipei
Singapore
Kerikeri
Whangarei
Blenheim
Timaru
Hokitika
Invercargill
Nelson
Tauranga
Gisborne
Rotorua
Taupo
New Plymouth
Wanganui
Palmerston North
Paraparaumu
Napier
Auckland
Queenstown
Christchurch
Dunedin
Hamilton
Wellington
Buenos Aires
Christchurch
Wellington
Tokyo
Osaka
Chicago
Rarotonga
1. Effective 28 October 2018.
1

Air New Zealand Databook 2018
18
Air New Zealand Group
Air New Zealand has a modern and highly
efficient fleet configured for its network
and customers. The airline continues to
simplify the fleet for greater operational
efficiency and operate aircraft which
are highly fuel efficient, with increased
capacity and the best configuration for
customers and cargo.
In June 2014, Air New Zealand
announced the purchase of 13 new
Airbus A320/ A321NEO aircraft to
refresh its international narrow body fleet.
Air New Zealand will be the first airline to
operate the NEO in Australasia and the
first six owned A320/A321 NEO aircraft
are expected in the 2019 financial year,
commencing flights on our Tasman
and Pacific Islands networks. Air New
Zealand has also recently announced
capital expenditure for seven additional
Airbus A321 NEO aircraft, with phased
delivery expected from 2020 to 2024.
The additional aircraft will be deployed
on high demand routes to support further
domestic growth. Equipped with new
generation engines and approximately
25 percent more seats, the A321 NEOs
are expected to deliver fuel savings
and efficiencies of up to 15 percent
compared to our existing A320 domestic
aircraft, helping to reduce carbon
emissions. Two Boeing 787-9 aircraft
with increased premium cabin space
and next generation Rolls-Royce TEN
engines will also join the fleet.
In the 2019 financial year, Air New
Zealand is assessing options to replace
the Boeing 777-200 fleet. Given the
long lead times to receive aircraft, we
recently issued a request for proposal
to the airline manufacturers and
expect to announce a decision on the
replacement aircraft in the first half of
calendar 2019. Those aircraft will then
come into service from 2023.
8. Operating fleet
Aircraft f leet age
1

in years
– seat weighted
AIRCRAFT DELIVERY SCHEDULE
(AS AT 30 JUNE 2018)
NUMBER IN
EXISTING
FLEET
NUMBER
ON
ORDER
DELIVERY DATES (FINANCIAL YEAR)
2019202020212022
Owned fleet on order
B o e in g 787-91111---
Airbus A320/A321 NEOs-13**64-3
ATR72-600191046--
Operating leased aircraft
B o e in g 787-9-211--
Airbus A320/A321 NEOs-541--
Actual and forecast
aircraft capital expenditure
*

– $ millions
Historic trend of
fleet ownership
1

– seat weighted
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0
2005
50
%
50
%
2009
50
%
50
%
2013
63
%
37
%
2018
70
%
30
%
LeasedOwned
$ MILLIONS
201520162018
$1,000
$800
$600
$400
$200
0
201920222 017
ActualForecast
AGE IN YEARS
7. 8
2015
7. 5
2016
7. 0
2 017
6.9
2019
10
8
6
4
2
0
6.6
2020
8.1
20222 014
9.1
7. 5
2018
HistoricalForecast
~$1.5b
2019 – 2022
PROJECTED
AIRCRAFT CAPITAL
EXPENDITURE
*Includes progress payments on aircraft and a US Dollar exchange rate of 0.6600.
**Does not reflect two additional A321 NEO aircraft on order for expected delivery in 2024.
1
Excludes short-term leased capacity to cover Boeing 787-9 engine issues.
7. 6
2021
202020212 017
71
%
29
%

Boeing 777-300ER
Number: 7
Average Age: 6.2 years
Maximum Passengers: 342
Cruising Speed: 910 km/hr
Average Daily Utilisation: 14:52hrs
Boeing 777-200ER
Number: 8
Average Age: 12.2 years
Maximum Passengers: 312
Cruising Speed: 910 km/hr
Average Daily Utilisation: 13:11hrs
Boeing 787-9 Dreamliner
Number: 11
Average Age: 2.4 years
Maximum Passengers: 302 or 275
Cruising Speed: 910 km/hr
Average Daily Utilisation: 13:30hrs
Airbus A320-200
Number: 30
Average Age: 13.9 years short-haul, or
4.4 years domestic
Ma
ximum Passengers: 168 short-haul, or
171 domestic
Cr
uising Speed: 850 km/hr
Average Daily Utilisation: 9:28hrs short-haul, or

8:12hrs d
omestic
ATR 72-500 / ATR 72-600
Number: 27
Average Age: 17.2 years ATR 72-500, or
2.7 years ATR 72-600
Ma
ximum Passengers: 68
Cruising Speed: 518 km/hr
Average Daily Utilisation: 5:49hrs ATR 72-500, or

6:52hrs AT
R 72-600
Bombardier Q300
Number: 23
Average Age: 11.4 years
Maximum Passengers: 50
Cruising Speed: 520 km/hr
Average Daily Utilisation: 6:26hrs
* As at 30 June 2017, three aircraft had been reconfigured to 342 seats with the remaining aircraft to be reconfigured by the end of 2017.
Operating fleet as at 30 June 2018*
Air New Zealand Databook 2018
19
*The fleet statistics do not include short-term leased capacity to cover Boeing 787-9 engine issues.

Air New Zealand Databook 2018
20
Credit rating
On 3 July 2015 Moody’s upgraded
Air New Zealand Limited’s (AIR NZ) senior
unsecured issuer rating to Baa2 from
Baa3. The outlook on the rating is stable
as at 30 June 2018. This puts Air New
Zealand as one of the top investment
grade rated airlines in the world.
Funding
Air New Zealand aircraft and associated
aircraft assets are acquired via a mixture
of ownership and lease structures. As at
30 June 2018, 86 of Air New Zealand’s
106 aircraft fleet were effectively owned.
Secured borrowings
Air New Zealand funds the purchase of
some of its aircraft and other aircraft
related assets through secured bank
borrowings from major international
banks which specialise in airline and
aircraft funding. As at 30 June 2018,
Air New Zealand had total secured bank
borrowings of $1,563 million.
Finance leases
As at 30 June 2018, Air New Zealand
had total finance leases of $1,121 million.
Finance lease liabilities are secured over
aircraft and aircraft related assets and
are subject to both fixed and floating
interest rates. Fixed interest rates as
at 30 June 2018 ranged from 0.7% to
3.4%. Purchase options are available on
expiry or, if applicable under the lease
agreement, on early termination of the
finance leases. Finance leases are
treated as owned aircraft.
Unsecured borrowings
As at 30 June 2018, Air New Zealand
had NZX listed bonds of $50 million.
The unsecured, unsubordinated fixed rate
bonds have a maturity date of 28 October
2022 and an interest rate of 4.25%
payable semi-annually. The bonds are
quoted on the NZX Debt Market under
the ticker code AIR020.
Operating leases
As at 30 June 2018, 20 of Air New
Zealand’s 106 aircraft fleet were under
operating lease contracts. Payments
made under operating leases (net of any
incentives received) are recognised as
an expense in the Statement of Financial
Performance on a straight-line basis
over the term of the lease. For the year
ended 30 June 2018, Air New Zealand
recognised $170 million of operating
lease expenses in relation to aircraft, and
as at 30 June 2018, had $907 million
future operating lease commitments in
relation to aircraft. For the purposes
of Net Debt and gearing calculations,
operating leases are capitalised as net
aircraft operating lease commitments
for the next 12 months multiplied by
a factor of seven (excluding short-term
leases in 2018, which provide cover for
Boeing 787-9 engine issues). As at
30 June 2018, Air New Zealand included
$1,232 million of net aircraft operating
lease commitments as part of Net Debt.
Air New Zealand Group
Gross debt ($m)
as at 30 June
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
NZ$ MILLION
Total borrowings*Operating leases**
2018
3,966
2 014
2,755
2015
3,645
3,855
2016
9. Balance sheet structure and funding
2 017
3,634
*Total borrowings comprise secured borrowings, bonds and finance lease liabilities.
**Operating leases comprise aircraft operating lease commitments for the next twelve months, multiplied by a factor of seven.

Air New Zealand Databook 2018
21
Gearing
1

When calculating the level of gearing,
Net Debt includes secured and unsecured
borrowings, finance leases, capitalised
aircraft operating leases less interest-
bearing assets and unrealised gains/
losses on open debt derivatives. As at
30 June 2018, Net Debt (including
capitalised aircraft operating leases) was
$2,399 million and gearing (including
capitalised aircraft operating leases) was
52.4%. Air New Zealand targets a capital
structure within the range of 45% to 55%.
Distribution policy
The Air New Zealand Board of Directors
(the Board) is committed to a Distribution
Policy geared towards providing a
consistent and sustainable ordinary
dividend stream to shareholders in the
medium-term while maintaining financial
flexibility through the business cycle.
Policy guidelines
The following policy guidelines form
Air New Zealand’s Distribution Policy:
•
Di
vidend declarations will take into
account current earnings, the medium-
term trading outlook, long-term capital
structure and future capital expenditure
requirements.
•
Ta
rget capital structure (including
capitalised aircraft operating leases
recognised as debt) is within the range
of 45% to 55%.
•
Gi
ven the cyclical nature of the airline
industry and the requirement to
undertake significant fleet reinvestment
programmes, Air New Zealand may, for
periods, operate outside the target net
gearing range.
•
Ot
her relevant economic factors
impacting on the Air New Zealand Group.
The Board recognises that distributions
to shareholders by way of fully imputed
dividends represent the optimal way in
which to return funds to shareholders.
This is dependent on the level of imputation
credits available to be attached to dividends.
Gearing %
as at 30 June
(including capitalised aircraft operating leases)
GEARING (%)
2 014201520162 017
65%
60%
55%
50%
45%
40%
35%
30%
2018
Gearing
(Includes net capitalised
aircraft operating leases)
Gearing
Target minimum
Gearing
Target maximum
42.9%
48.6%
52.4%
52.4%
51.8%
1
Gearing defined as Net Debt/(Net Debt plus Equity).

Air New Zealand Databook 2018
22
Risk management
Air New Zealand is subject to foreign
currency, fuel price, interest rate and
credit risks. These risks are managed
with various financial instruments,
applying a set of policies approved by
the Board of Directors. Compliance with
these policies is reviewed and reported
monthly to the Board and is included
as part of the internal audit programme.
The Group policy is not to enter, issue or
hold financial instruments for speculative
purposes. The latest Air New Zealand
Annual Financial Results provides a full
description of financial risk management
and discusses the specific risks and
risk management applicable to Air New
Zealand, including fuel price risk and
foreign exchange risk.
In the 2018 financial year, the Board, led
by the Audit Committee, has worked with
management to develop and implement
a comprehensive Enterprise Risk
Management Framework (ERMF) designed
to provide a consistent approach to risk
identification, management and reporting.
This new framework has enabled

Air New Zealand to capture individual
risks into Risk Themes, which recognise
c
o
mmon or systemic threads to drive
more collaborative analysis and action by
business areas that are most impacted.

For more information on key risk themes
p
l
ease refer to the Risk Management
section of the Corporate Governance
statement in our 2018 Financial Statements
or the Corporate Governance section of
the investor centre website which can be
accessed online at airnewzealand.co.nz/
corporate-governance
Fuel price risk
Fuel price risk is the risk of loss to
Air New Zealand arising from adverse
fluctuations in fuel prices. The objective
of Air New Zealand’s commodity risk
management activities is to provide time
to adjust to changing fuel prices while
protecting the operating margin in the
short-term.
Air New Zealand primarily manages jet
fuel price risk by using crude oil hedges
consisting of Brent Crude hedges.
Fuel price hedging generally does not
exceed 12 months. Typically, the next
four months of future fuel purchases are
hedged to a minimum of 50% and that
minimum then progressively reduces to
zero by the eighth month. The maximum
amount of hedges can be 80% for the
next six months and then progressively
falling to 20% in the twelfth month.
On a quarterly basis, Air New Zealand
discloses its fuel hedging position for the
next 12 months, which can be accessed
online at airnewzealand.co.nz/fuel-
hedging-announcements
Foreign currency risk
The Group’s currency exposure primarily
arises from operating activities, receiving
ticket sales in foreign currencies and
paying for fuel, aircraft leases and aircraft
maintenance largely in USD. From capital
activities, the company purchases fixed
assets denominated in foreign currency on
a regular basis and also has borrowings in
foreign currency.
Currency risk management has the
objective to give the company time to
adjust to changes in market circumstances.
Air New Zealand manages currency risk
through two methodologies:
•
Pl
acement of hedging cover on identified
operating foreign currency exposures.
•
Ma
nagement of foreign currency balance
sheet items, mainly debt, by way of actual
hedges, use of future foreign currency
revenues, and aircraft values which are
largely determined in USD.
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 Group
10. Risk management

Air New Zealand Databook 2018
23
11. Earnings and dividend performance
Earnings before taxation
700
600
500
400
300
200
100
0
NZ$ MILLION
2015
474
2 014
358
2018
540
2016
663
2 017
527
NZ$ MILLION
Operating cash flow
730
2 014
1,100
2015
1,031
2018
1,200
1,000
800
600
400
200
0
1,074
2016
904
2 017
Operating revenue
NZ$ MILLION
4,652
2 014
4,925
2015
5,485
2018
5,600
5,400
5,200
5,000
4,800
4,600
4,400
4,200
5,231
2016
5,109
2 017
Dividends (declared)
50
45
40
35
30
25
20
15
10
5
0
NZD CENTS PER SHARE
INTERIMFINALSPECIAL
2018
22.0
2 014
20.0
2016
45.0
2015
16.0
2 017
21.0
Ordinary dividend yield
DIVIDEND YIELD (%)
5.8
2 014
6.6
2015
6.7
2018
10.0%
9.0%
8.0%
7. 0 %
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0
7. 5
2016
9. 2
2 017
Cash on hand
NZ$ MILLION
1,234
2 014
1,321
2015
1,343
2018
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
1,594
2016
1,369
2 017

Air New Zealand Databook 2018
24
12. Five year statistical review
Key Financial Metrics
For the year ended 30 June
20182017201620152014
Profitability and Capital Management
EBIT
1
/Operating Revenue
EBITDRA
2
/Operating Revenue
Passenger Revenue per Revenue Passenger Kilometre (Yield)
Passenger Revenue per Available Seat Kilometre (RASK)
Cost per Available Seat Kilometre (CASK)
3
Return on Invested Capital Pre-tax (ROIC)
4
Liquidity ratio
5
Gearing (incl. net capitalised aircraft operating leases)
6

%
%
cents
cents
cents
%
%
%

9.8
23.6
12 .8
10.6
9.5
14.5
24.5
52.4

10.6
24.8
12.6
10.4
9.1
15.3
26.8
51.8

15.9
29.5
13.5
11. 3
9.3
18.8
33 .1
48.6
11 .1
23.6
13 .7
11 . 6
10.6
15 .6
26.8
52.4

8.4
21.6
13 .7
11 . 5
10. 9
14 . 3
26.5
42.9
Shareholder Value
Basic Earnings per Share
7
Operating Cash Flow per Share
7
Ordinary Dividends Declared per Share
7
Special Dividends Declared per Share
7
Net Tangible Assets per Share
7
Closing Share Price 30 June
Weighted Average Number of Ordinary Shares
Total Number of Ordinary Shares
Total Market Capitalisation
Total Shareholder Returns
8

cps
cps
cps
cps
$
$
m
m
$m
%
34.7
91.8
22.0
-
1.79
3.18
1,123
1,123
3,565
26.7
34.0
80.5
21.0
-
1.64
3.26
1,123
1,123
3,660
41.5
41. 3
95.6
20.0
25.0
1.76
2.10
1,122
1,123
2,352
20.0
29.2
98 .1
16 .0
-
1.66
2.55
1 ,118
1,122
2,861
25.6
23.9
65.5
10.0
10.0
1.60
2.08
1,101
1 ,114
2, 318
24.0
1.
Ea
rnings before interest and taxation (EBIT) excluding share of earnings of associates (net of taxation) and other significant items (refer footnote
under Summary of Financial Performance).
2.
EB
ITDRA excludes share of earnings of associates (net of taxation) and other significant items (refer footnote under Summary of Financial Performance).
3.
Op
erating expenditure (excluding other significant items) per ASK. Refer footnote under Summary of Financial Performance on page 26.
4.
(E
BIT plus interest component of aircraft operating leases)/average capital employed (Net Debt plus Equity) over the period.
5.
(B
ank and short-term deposits and interest-bearing assets (excluding restricted cash))/Operating Revenue.
6.
Ne
t Debt (including capitalised aircraft operating leases)/(Net Debt plus Equity).
7.
Pe
r-share measures based upon Ordinary Shares.
8.
Re
turn over five years including the change in share price and dividends received (assuming dividends are reinvested in shares on ex dividend date).
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 in respect of the adopted standards.
Air New Zealand Group

Air New Zealand Databook 2018
25
Key operating statistics
For the year to 30 June
20182017201620152014
Passengers Carried (000)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
11 , 0 8 9
3,798
837
1,242
10,379
3,561
814
1,198
9,725
3,507
791
1,13 8
9,246
3,388
642
1,021
8,920
3,277
517
1,005
Total International5,8775,5735,4365 , 0 514,799
Total Group16,96615,95215,16114,29713,719
Available Seat Kilometres (m)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe

6,905
12, 9 6 3
9,16 9
15 , 237

6,597
12,03 9
8 , 918
14 , 615

6,065
11 , 4 3 8
8,349
13 , 8 32

5,592
10,888
7,022
12,0 9 9

5,385
10,622
5,656
11 , 7 3 3
Total International37, 3 6 935,57233,61930,0092 8 , 011
Total Group44, 27442,16939,68435,60133,396
Revenue Passenger Kilometres (m)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
5,719
10,584
7,4 6 7
12,892
5 , 311
9,784
7, 270
12,449
4,887
9,532
7, 070
11 , 7 3 4
4,561
9,18 4
5,784
10,405
4,370
8,858
4,630
10,220
Total International30,94329,50328,33625,37323,708
Total Group36,66234,81433,22329,93428,078
Passenger Load Factor (%)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
82.8
81.6
81.4
84.6
80.5
81.3
81.5
85.2
80.6
83.3
84.7
84.8
81.6
84.4
82.4
86.0
81.1
83.4
81.9
87.1
Total International83.483.884.384.684.7
Total Group82.882.683.784.184.1
Group Employee Numbers (Full Time Equivalents) 11, 074 10,890 10,527 10,196 10,546
New Zealand, Australia and Pacific Islands represents short-haul operations. Asia, America and Europe represent long-haul operations.

Air New Zealand Databook 2018
26
Summary Financial Performance
For the year to 30 June
2018
$M
2017
$M
2016
$M
2015
$M
2014
$M
Operating Revenue
Passenger revenue
Cargo
Contract services
Other revenue
4,679
370
193
243
4,376
335
164
234
4,481
349
172
229
4 ,113
317
258
237
3 , 8 51
287
277
237
5,485 5,1095,2314,9254,652
Operating Expenditure
Labour
Fuel
Maintenance
Aircraft operations
Passenger services
Sales and marketing
Foreign exchange (losses)/gains
Other expenses
(1, 2 9 4)
(987)
(352)
( 6 11)
(295)
(357)
(19)
(278)
(1, 2 61)
(827)
(321)
(556)
(266)
(352)
(6)
(252)
(1, 2 25)
(846)
(350)
(5 31)
(246)
(348)
112
(398)
(1,19 3)
(1, 0 8 9)
(320)
(466)
(220)
(303)
79
(252)
(1,151)
(1,12 0)
(285)
(424)
(212)
(280)
45
(222)
(4,193)(3 , 8 41)(3,832)(3,764)(3,649)
Operating Earnings (excluding items below)
Depreciation and amortisation
Rental and lease expenses
Earnings Before Finance Costs, Associates and Taxation

1,2
92
(525)
(227)
540
1,268
(493)
(230)
545
1,399
(465)
(244)
690
1,161
(402)
( 2 11)
548
1,003
(436)
(174)
393
Finance income
Finance costs
Share of earnings of associates (net of taxation)
40
(73)
33
43
(87)
26
53
(10 0)
20
56
(10 8)
(22)
44
(90)
11
Earnings Before Taxation
Taxation expense
540
(15 0)
527
(14 5)
663
(200)
474
(147)
358
(95)
Net Profit Attributable to Shareholders of Parent Company390382463327263
Certain comparatives within the five year statistical review have been reclassified for comparative purposes, to ensure consistency with the current year.
Comparatives previously held within ‘Other significant items’ of $3 million and $143 million have been reclassified to ‘Other expenses’ for the 2017 and 2016
financial years respectively. 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 in respect of the adopted standards.
Summary of Cash Flows
For the year to 30 June
2018
$M
2017
$M
2016
$M
2015
$M
2014
$M
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
1,031
(778)
(279)
904
(616)
(513)
1, 0 74
(797)
(4)
1,10 0
(1, 0 6 6)
53
730
(727)
81
(Decrease)/increase in cash holding(26)(225)2738784
Total Cash and Cash Equivalents1,3431,3691,5941,3211,234
Air New Zealand Group

Air New Zealand Databook 2018
27
Summary Financial Position
As at 30 June
2018
$M
2017
$M
2016
$M
2015
$M
2014
$M
Current Assets
Bank and short-term deposits
Other current assets
1,343
910
1,369
518
1,594
74 5
1,321
661
1,234
593
Total Current Assets2,2531,8872,3391,9821,827
Non-Current Assets
Property, plant and equipment
Other non-current assets

5,035
558

4 ,74 5
539

4,485
427

4,061
732

3,279
74 4
Total Non-Current Assets5,5935,2844,9124,7934,023
Total Assets7, 8467,1717, 2516,7755,850
Current Liabilities
Debt
1
Other current liabilities
431
2,265
317
2,088
464
2,007
253
1,875
190
1,682
Total Current Liabilities2,6962,4052,4712 ,1281,872
Non-Current Liabilities
Debt
1
Other non-current liabilities
2,303
671
2,197
583
2,10 3
569
2,069
613
1,543
563
Total Non-Current Liabilities2 ,9742,7802,6722,6822,106
Total Liabilities5,6705,1855,1434,8103,978
Net Assets2 ,1761,9862,1081,9651,872
Total Equity2 ,1761,9862,1081,9651,872
1.
De
bt is comprised of secured borrowings, bonds and finance lease liabilities.
Summary of Debt
As at 30 June
2018
$M
2017
$M
2016
$M
2015
$M
2014
$M
Debt
Secured borrowings
Unsecured bonds
Finance lease liabilities

1,563
50
1,121

1,243
50
1,221

930
150
1,487

512
150
1,660

213
150
1,370
Bank and short-term deposits
Net open derivatives held in relation to interest-bearing liabilities
1

Interest-bearing assets (included within Other assets)
2,734
1,343
42
182
2 , 514
1,369
(32)
164
2,567
1,594
(17)
288
2,322
1,321
24
141
1,733
1,234
(10)
125
Net Debt
Net aircraft operating lease commitments
2
1,167
1,232
1,013
1,12 0
702
1,288
836
1,323
384
1,022
Net Debt (including off Balance Sheet)2,3992 ,1331,9902,1591,406
1.
Un
realised gains/losses on open debt derivatives.
2.
Ne
t aircraft operating lease commitments for the next twelve months, multiplied by a factor of seven (excluding short-term leases in 2018, which provide
cover for Boeing 787-9 engine issues).

Air New Zealand Databook 2018
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13. Other information
April 1940Tasman Empire Airways Limited (TEAL) incorporated
April 1965TEAL renamed Air New Zealand Limited
April 1978Air New Zealand and National Airways Corporation (NAC) merge
April 1989New Zealand Government privatises Air New Zealand
October 1989Air New Zealand listed on the New Zealand Stock Exchange (NZX)
October 1996Air New Zealand acquires 50 percent of Ansett Australia
March 1999Air New Zealand becomes a member of the Star Alliance group
June 2000Air New Zealand acquires remaining 50 percent of Ansett Australia
September 2001Ansett Australia placed into voluntary administration due to downturn
January 2002Air New Zealand recapitalised by New Zealand Government for $885m resulting in
82 percent government ownership
March 2011 to May 2014Air New Zealand purchased shares in Virgin Australia taking ownership to 25.9 percent
as at 30 June 2015
J uly 2 011Revenue share alliance with Virgin Australia commenced
January 2013Revenue share alliance with Cathay Pacific commenced
November 2013New Zealand Government sells down its holding to 52 percent
January 2015Revenue share alliance with Singapore Airlines commenced
December 2015Revenue share alliance with Air China commenced
June 2016Air New Zealand sells 19.98 percent of its stake in Virgin Australia, reducing total stake
to 2.5 percent
July 2016Revenue share alliance with United Airlines commenced
October 2016Air New Zealand sells remaining stake in Virgin Australia
October 2018Air New Zealand and Virgin Australia end trans-Tasman alliance
Company history
Air New Zealand Group

Air New Zealand Databook 2018
29
Available Seat Kilometres (ASKs)Number of seats operated multiplied by the distance flown (capacity)
Cost/ASK (CASK)Operating expenses divided by the total ASK for the period
EBITEarnings before interest and taxation
EBITDRAEarnings before interest, taxation, depreciation, rentals and amortisation
GearingNet debt / (net debt plus equity); Net debt includes capitalised aircraft operating leases
LiquidityTotal cash (comprising bank and short-term deposits and interest-bearing assets as at
the end of the financial year divided by total operating revenue for that financial year
Net DebtInterest-bearing liabilities less bank and short-term deposits, net open derivatives held
in relation to interest-bearing liabilities and interest-bearing assets plus net aircraft
operating lease commitments for the next twelve months multiplied by a factor of seven
Passenger Load FactorRPKs as a percentage of ASKs
Passenger Revenue/ASK (RASK)Passenger revenue for the period divided by the total ASK for the period
Pre-Tax Return on Invested Capital
(ROIC)
Earnings before interest and taxation (EBIT), and aircraft lease expense divided by three,
all divided by the average capital employed (being net debt plus equity) over the period
Revenue Passenger Kilometres (RPKs)Number of revenue passengers carried multiplied by the distance flown (demand)
The following non-GAAP measures are not audited: CASK, Gearing, Net Debt, RASK and ROIC. Amounts used within the calculations are derived
from the audited Group financial statements and Five Year Statistical Review contained in the 2018 Annual Financial Results. The non-GAAP
measures are used by management and the Board of Directors to assess the underlying financial performance of the Group in order to make
decisions around the allocation of resources.
Glossary of key terms
Expenditure classifications
LabourAll salaries, wages and employee benefits
FuelFuel including hedging gains/losses
MaintenanceMaterials and services
Aircraft operationsAirport dues, aircraft ground handling, line servicing, loading, air navigation and tech
crew trip costs
Passenger servicesPassenger ground handling, meals, inflight services, cabin crew trip expenses, lounge
expenses and security charges
Sales and marketingCommissions, advertising, promotions, marketing, FFP costs and distribution costs
Other expensesSafety, IT costs, legal and accounting, insurance, employee relations and property costs
Rental and lease expensesAircraft and property operating lease rentals

14. Executive management team
Christopher Luxon | CHIEF EXECUTIVE OFFICER
Christopher has been Chief Executive Officer since January 2013 having previously held the
role of Group General Manager International Airline for almost two years. Prior to joining
Air New Zealand, Christopher was President and Chief Executive Officer at Unilever Canada.
This was one of several senior leadership roles he held during an 18-year career at the multi-
national that saw him work in roles in Europe, North America and Asia/Pacific. Christopher
has a Master of Commerce in Business Administration from the University of Canterbury.
Avi Golan | CHIEF DIGITAL OFFICER
Avi joined Air New Zealand as Chief Digital Officer in January 2016 and has been leading the
Digital Team through a significant transformation to engage digitally with customers across
multiple international markets and enhance the new revenue opportunities while driving customer
innovation. Previously based in the United States, Avi has held senior leadership positions in some
of the most innovative global companies across a range of industries, including Google, Barnes &
Noble, Olive Software and Intuit. He also spent the first part of his career as a product leader in
Israeli based start-ups and co-founding the Israeli Entrepreneurs and Founders Foundation (IEFF),
an organisation that helps technology start-ups be more successful in Silicon Valley.
Avi left the airline to return to the United States at the end of October 2018 to be closer to family.
At the date of issuing this databook, Air New Zealand is conducting a global search to identify
a new Chief Digital Officer.
Nick Judd | CHIEF STRATEGY, NETWORKS & ALLIANCES OFFICER
Nick was appointed as the Chief Strategy, Networks and Alliances Officer in October
2017 and leads Air New Zealand’s Joint Venture Alliance partnerships, the Star Alliance
relationship and the Sustainability and Transformation portfolios. He has worked across
a number of functions and regions in the business beginning his Air New Zealand career
in Finance, before holding senior roles in Loyalty, Sales and Commercial areas across
Australia, China, America and New Zealand. Nick joined Air New Zealand in May 2003 after
working in the United Kingdom and Canada in finance roles for companies such as Chase
Manhattan Bank and News Limited. Nick is a Chartered Accountant and holds a Bachelor of
Management Studies (Hons) from the University of Waikato.
Carrie Hurihanganui | CHIEF GROUND OPERATIONS OFFICER
Carrie was appointed as Chief Ground Operations Officer in 2018. She is responsible for our
Airports, Engineering & Maintenance and Business Performance teams. She has deep strategic
and operational experience through her 18 years at Air New Zealand in numerous senior roles,
including General Manager Eagle Air, General Manager Offshore Airports, General Manager
Customer Experience and Group General Manager Regional Airlines & Airline Operations.
Carrie left the airline in 2017 to join National Australia Bank (NAB) based in Melbourne as
Executive General Manager Customer Experience before returning in 2018 to her current role.
She has a Bachelor of Business Management from Massey University.
Jodie King | CHIEF PEOPLE OFFICER
Jodie joined Air New Zealand in 2012 as an HR General Manager and member of the
People Leadership Team, before being appointed as Chief People Officer in February 2016.
Prior to this she had managed Air New Zealand’s Organisational Effectiveness and Talent,
HR Corporate and HR Airports and Sales and Commercial teams. Jodie has had a significant
international career, living and working in the United Kingdom for 16 years. During her time
in London Jodie worked at KPMG in leadership and management consultancy roles across a
range of industries. Her last role at KPMG saw her as Director of Talent Management across
nine European countries. Prior to KPMG she worked for New Zealand Treasury and NZ Dairy
Co-operative after graduating from the University of Otago with an Arts and a Commerce
degree. Most recently she studied at INSEAD, France, where she completed the Advanced
Management Programme.
Air New Zealand Group
Air New Zealand Databook 2018
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Cam Wallace | CHIEF REVENUE OFFICER
Cam was appointed as Chief Revenue Officer in January 2014 and is responsible for
generating Air New Zealand’s passenger and cargo revenue, currently a portfolio with a
turnover of $5 billion. His responsibilities include revenue management, global pricing, online
sales, Grabaseat™, retail marketing, corporate, distribution, government sales and contact
centres. Cam joined Air New Zealand in 2001 and has held a number of senior positions in
the airline including Group General Manager New Zealand and Pacific Islands and General
Manager Australia. Cam has completed business management programmes at Darden School
of Business, Kellogg School of Management – Northwestern University Chicago and the
London Business School. Most recently he studied at INSEAD, France where he completed
the Advanced Management Programme.
Mike Tod | CHIEF MARKETING & CUSTOMER OFFICER
Mike has responsibility for Air New Zealand’s global marketing and its customer experience
related functions together with accountability for Corporate Affairs, Government Affairs
and Industry Relations, Sponsorship and Community Partnership programmes. Mike was
previously General Manager of Marketing and Communications and prior to that General
Manager of Communications. He joined Air New Zealand from Fonterra where he held the
roles of Assistant to the Chief Executive Officer and Shareholder Communications Manager.
Prior to these roles he held senior positions with Television New Zealand and in the print
industry. Mike is a Fellow of the Chartered Institute of Marketing and a graduate of Harvard
Business School’s Advanced Management Programme.
Captain David Morgan | CHIEF OPERATIONAL INTEGRITY & STANDARDS OFFICER
David joined Air New Zealand in 1985 after a career in general aviation and
subsequently joined the Flight Operations management team in 1996. David has held
various senior operational management positions and was appointed to the Executive
in 2008. In his current role David is responsible for the essential core airline activity of
operational integrity and safety, regulatory accountability, flight operations policy, security
and emergency management.
Air New Zealand Databook 2018
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Jeff McDowall | CHIEF FINANCIAL OFFICER
Jeff joined Air New Zealand in 2000 and was appointed Chief Financial Officer in January
2018. Prior to this position he held a range of senior commercial and finance roles within
Air New Zealand including Group General Manager Corporate Finance and Group General
Manager Commercial. Jeff has worked in a variety of businesses during his career,
including six years as a management consultant with PwC in New Zealand, Singapore and
the United States, and three years with Mobil Oil in New Zealand and the United Kingdom.
Jeff has a Bachelor of Commerce and Administration from Victoria University, is a member
of Chartered Accountants Australia and New Zealand and a certified member of the
Institute of Finance Professionals NZ.
John Whittaker | CHIEF AIR OPERATIONS & PEOPLE SAFETY OFFICER
John leads the 4,600 people in Air New Zealand’s Jet Pilot, Cabin Crew and People
Safety teams. He started with broad based tourism Mount Cook Group in 1985 and was
General Manager of Mount Cook Airline when this was integrated into Air New Zealand.
Since then John has held General Manager roles in Operations, Loyalty, Alliances
and Government Relations. Prior to his 2016 appointment to Chief Air Operations &
People Safety Officer, he held the role of Group General Manager Airports leading the
worldwide Airport and Lounge teams and championed the adoption of High Performance
Engagement with unions and Air New Zealanders. He has a Bachelor of Commerce from
the University of Canterbury.

Air New Zealand Databook 2018
32
15. Board of Directors
Antony (Tony) Carter | CHAIRMAN
BE (Hons), ME, MPhil
Independent Non-Executive Director (Appointed 1 December 2010)
Mr Carter is Chairman of Fisher & Paykel Healthcare Limited, a director of Fletcher Building Limited
and ANZ Bank New Zealand Limited and Independent Chairman of Blues LLP.
He attended the University of Canterbury where he studied chemical engineering, graduating with
a Bachelor in Engineering with honours and a Masters in Engineering in 1980. He then went on to
study at Loughborough University of Technology in the United Kingdom and graduated in 1982 with
a Master of Philosophy degree.
Mr Carter worked for his family company, Carter Group Limited, in Christchurch until 1986 when he
purchased a Mitre 10 hardware store, also eventually serving as a director of Mitre 10 New Zealand
Limited and becoming Chairman of Mitre 10 New Zealand Limited in 1993.
In 1994 Mr Carter was appointed General Manager and Chief Executive designate of Foodstuffs
(South Island) Limited. In 1995 he was appointed Chief Executive of Foodstuffs (South Island)
Limited and in 2001 was appointed Managing Director of Foodstuffs (Auckland) Limited and
Managing Director of Foodstuffs (New Zealand) Limited, until he retired in December 2010. The
Foodstuffs Group is New Zealand’s largest retail organisation.
Janice (Jan) Dawson | DEPUTY CHAIRMAN
CNZM, BCom, FCA
Independent Non-Executive Director (Appointed 1 April 2011)
Ms Dawson is Chairman of Westpac New Zealand Limited and a director of AIG Insurance New
Zealand Limited, Beca Group Limited, Fulbright New Zealand, Meridian Energy Limited and World
Sailing. Ms Dawson is Pro-Chancellor and a member of the University of Auckland Council and the
Capital Investment Committee of the National Health Board.
Ms Dawson was a partner of KPMG for 30 years, specialising in audit and risk advisory, and the Chair
and Chief Executive of KPMG New Zealand from 2006 until 2011.
Ms Dawson holds a Bachelor of Commerce from the University of Auckland. She is a Fellow of the New
Zealand Institute of Chartered Accountants, a Fellow of the Institute of Directors in New Zealand, a
Paul Harris Fellow and a North Shore Business Hall of Fame Laureate (2010). Ms Dawson was named
Chartered Accountant of the Year in 2011 by the New Zealand Institute of Chartered Accountants.
Air New Zealand Group
Robert (Rob) Jager | DIRECTOR
ONZM, BE (Hons), MBA
Independent Non-Executive Director (Appointed 1 April 2013)
Mr Jager is Chairman of the Shell Companies in New Zealand and VPNZ and General Manager of
Shell Taranaki Limited.
Mr Jager’s career in Shell spans more than 40 years, both in New Zealand and overseas, and in
roles ranging from engineering, governance to project and general management. He joined Shell
in New Zealand in 1978 as an engineering cadet, completing his Bachelor of Engineering degree
with 1st Class Honours and later gaining an MBA with Distinction. He has held his current roles
in New Zealand since October 2005.
Mr Jager is well known for his health and safety leadership in New Zealand and was recognised
for his commitment to safety nationally when he chaired an independent Government taskforce on
workplace health and safety in 2012.
Mr Jager is a director and past chair of the Petroleum Exploration and Production Association
of New Zealand (PEPANZ), and an advisor to a major conservation project working towards the
ecological restoration of New Zealand’s iconic Mount Taranaki. In addition, he is on the board of
Sustainable Seas which is responsible for approving large scale research and business planning
as part of the National Science Challenge.
In 2013, Mr Jager received the Energy Executive of the Year Award at the New Zealand Deloitte
Energy Excellence Awards for his “standout performance in the New Zealand energy sector”.
He was elected a fellow of the Institute of Professional Engineers in 2015 for his contribution to
the advancement of engineering practice and leadership in the profession, and recognised with a
Safeguard Life-time Achievement Award in 2017. Mr Jager was appointed an Officer of New Zealand
Order of Merit (ONZM) in 2018 for his services to Business and Health and Safety.

Air New Zealand Databook 2018
33
Rt Hon Sir John Key | DIRECTOR
GNZM, AC
Independent Non-Executive Director (Appointed 1 September 2017)
Sir John was Prime Minister of New Zealand from 2008 to 2016. He successfully led the
country through the aftermath of the global financial crisis and a series of devastating
earthquakes in New Zealand’s second-biggest city, Christchurch. Among his portfolios, Sir John
was Minister for Tourism. In this role he promoted New Zealand offshore and oversaw substantial
growth in New Zealand’s tourism industry. He retains a strong interest in the best that our
country has to offer both local and international tourists.
Sir John is well respected in international affairs. He chaired the International Democrat Union
between November 2014 and February 2018 and chaired the United Nations Security Council
in 2016. Sir John, who was knighted in the 2017 Queen’s Birthday Honours, has also been
appointed an Honorary Companion of the Order of Australia.
Sir John’s current business activities include a role advising a $200 billion United States
corporation on its investments in China as well as an advisory role with a New York fund manager.
Sir John worked in investment banking for 20 years primarily for Bankers Trust in New Zealand
and Merrill Lynch in Singapore, London and Sydney. His positions included heading Merrill
Lynch’s global foreign exchange business along with responsibility for European derivative
trading and E. Commerce. He was a member of the Foreign Exchange Committee of the Federal
Reserve Bank of New York (1999-2001).
Linda Jenkinson | DIRECTOR
MBA, BBS
Independent Non-Executive Director (Appointed 1 June 2014)
Ms Jenkinson is a proven global entrepreneur who has started three multi-national companies,
one of which listed on the NASDAQ. Most recently she was the co-founder of John Paul, a global
concierge services and digital solutions company that services some of the world’s leading customer
facing businesses.
Ms Jenkinson is currently a director of Guild Group Holdings and the Eclipz Group (ECX) in Australia,
a director of Harbour Asset Management and the director and secretary of the Massey Foundation in
New Zealand and the United States.
Previously Ms Jenkinson was a partner at A.T. Kearney in their Global Financial Services Practice
and was a leader in A.T. Kearney Global Sourcing Practice. Ms Jenkinson holds a Master of Business
Administration from The Wharton School, University of Pennsylvania and a Bachelor of Business
Studies from Massey University.
In 2016, Ms Jenkinson was named a World Class New Zealander by Kea and was named as one of
the most influential women in the Bay Area for 2014 by the San Francisco Business Times. In 2014
Ms Jenkinson was a recipient of Massey University’s Sir Geoffrey Peren Award, which recognises a
graduate who has reached the highest level of achievement or who has been of significant service to
the university, community or nation.

Air New Zealand Databook 2018
34
Air New Zealand Group
Jonathan Mason | DIRECTOR
BA, MA, MBA
Independent Non-Executive Director (Appointed 1 March 2014)
Mr Mason has more than 30 years’ experience in the financial sector, with an emphasis on
emerging markets.
Prior to joining Air New Zealand’s Board in March 2014, he was Fonterra Co-operative Group’s
Chief Financial Officer.
He joined Fonterra in 2009 from US-based chemicals company Cabot Corporation where he
was Executive Vice-President and Chief Financial Officer. Prior to this he was employed as the
Chief Financial Officer at forest products company Carter Holt Harvey Limited and also served
in senior financial management positions at US based International Paper Company.
Mr Mason has had governance experience for organisations in both New Zealand and the US.
His current directorships include Vector Limited, Westpac New Zealand Limited and Zespri
Group Limited. Mr. Mason also serves as an Adjunct Professor of Management at the University
of Auckland, specialising in international finance.
Dame Therese Walsh | DIRECTOR, CHAIRMAN ELECT
DNZM, BCA, FCA
Independent Non-Executive Director (Appointed 1 May 2016)
Dame Therese is currently Chairman of TVNZ Limited, a director of ASB Bank Limited and
Contact Energy Limited, a Trustee of Wellington Regional Stadium and Pro Chancellor at
Victoria University.
Previously she was the Head of New Zealand for ICC Cricket World Cup 2015 Limited, and
the Chief Operating Officer for Rugby New Zealand 2011 Limited. She has also been a
director of NZX Limited, NZ Cricket and Save the Children NZ, Chief Financial Officer at the
New Zealand Rugby Union and part of the team that worked on the winning bid to host RWC
2011. Prior to this she was an auditor with KPMG.
Dame Therese is a Fellow of the New Zealand Institute of Chartered Accountants and a
commerce graduate from Victoria University. In 2013, she was named the inaugural supreme
winner of the Women of Influence Awards and was awarded a Sir Peter Blake Trust
Leadership Award in 2014. She became a Dame Companion of the New Zealand Order of
Merit in June 2015.
Dame Therese will succeed Mr Carter as Chairman of Air New Zealand following the 2019
Annual Shareholder Meeting.

16. Investor resources
Investor Centreairnewzealand.co.nz/investor-centre
Monthly traffic updatesairnewzealand.co.nz/monthly-operating-data
Quarterly fuel hedging disclosureairnewzealand.co.nz/fuel-hedging-announcements
Corporate Governanceairnewzealand.co.nz/corporate-governance
Sustainabilityairnewzealand.co.nz/sustainability
Contact information
Emailinvestor@airnz.co.nz
Share registerenquiries@linkmarketservices.co.nz
Air New Zealand Databook 2018
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