Air New Zealand 2020 Databook

2020
ANNUAL
DATA B O O K
Then, Now,
Always.

AIR NEW ZEALAND DATA B O O K 2020 3 — 2 —
Foreword
Air New Zealand’s 2020 Databook
has been condensed to reflect the fact
that the 2020 financial year has been
significantly impacted by the global
outbreak of Covid-19.
In March 2020, following widespread
transmission of Covid-19 and declaration
of a global pandemic, the New Zealand
Government ‘the Government’ announced that
all foreign nationals would need to undertake
a 14-day mandatory isolation period upon
entry to New Zealand. Later that month, the
Government closed New Zealand’s borders
completely to foreign nationals and announced
a four-tier alert system that resulted in a seven-
week period of nationwide lockdown. During
this lockdown, all non-essential businesses
were closed or operated under severe
restrictions, people were required to stay at
home and avoid contact with anyone outside
their residence and strict limitations were
placed on all methods of travel.
While the lockdown was very effective
at slowing the spread of Covid-19 in New
Zealand, it also had a profound impact on
demand for air travel. In March and April
2020, demand reduced to almost zero, which
resulted in Air New Zealand operating less
than 5 percent of its total network capacity.
Never in the 80-year history of the airline has
an event caused such a significant reduction
in capacity. For the year ended 30 June 2020,
Air New Zealand reported its first annual loss
in 18 years, reflecting the severe impact that
Covid-19 has had on the airline.
1. About Air New Zealand
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.
Following the outbreak of Covid-19 and the
resulting decline in demand for air travel,
Air New Zealand has largely been operating
as a domestic business with some international
repatriation and cargo flights.
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 N Z LY
Foreword 2
Contents
1. About Air New Zealand 3
2. Competitive advantages 4
3. Sustainability 6
4. Shareholding and
structure 9
5. Network 10
6. Operating fleet 13
7. Balance sheet structure,
funding and liquidity 15
8. Risk management 16
9. Earnings and
dividend performance 18
10. Five-year
statistical review 20
11. Other information 25
12. Investor resources 31

4 —AIR NEW ZEALAND DATA B O O K 2020 5 —< BACK TO CONTENTS
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, strong brand health and
employee engagement. Investments in larger
and modern aircraft and lounges support
continued demand for domestic travel.
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 approximately 3.5 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 7.1
1

years and is contributing significant
operational efficiencies to the airline.
Our fleet consists of modern fuel-efficient
aircraft, across fewer aircraft types, which
provides the airline with a competitive
cost structure.
Investment-grade
financial strength
Air New Zealand has a proven history of
achieving profitability through the cycle.
Prior to the outbreak of Covid-19, which
has had a devastating impact on the airline
industry, Air New Zealand had delivered
positive earnings 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.
1 Excludes the Boeing 777-200 fleet, which has been
grounded for an indefinite period.

6 —AIR NEW ZEALAND DATA B O O K 2020 7 —< BACK TO CONTENTS
One of the most significant ways in which the
airline can reduce carbon emissions is by
operating a modern, fuel efficient fleet. As at
30 June 2020, our fleet has an average seat-
weighted age of 7.1 years, compared to the
industry average of 12 years
1
.
Through our dedicated Carbon Reduction
Programme, we have continued to focus
on making the airline’s operations as fuel
efficient as possible, both in the air and on
the ground. This focus has helped improve
fuel efficiency by more than 18.3 percent
since the baseline year of 2009. However,
continued fleet substitution challenges
due to the ongoing Rolls-Royce Trent 1000
engine issues coupled with the Covid-19
operating environment, has eroded some
of the hard-won efficiency gains made
in the first part of the 2020 financial year
resulting in a 3.1 percent decrease in fuel
efficiency this year.
The airline continues to be a participant in
the New Zealand Emissions Trading Scheme
and has an obligation to report greenhouse
gas emissions generated from fuel use on
all domestic flights, then purchasing and
surrendering to the Government an equal
number of New Zealand Units to match those
emissions. In the 2019 calendar year, the
Emissions Trading Scheme obligation was
628,408 tonnes CO
2
-e.
For emissions in international airspace,
Air New Zealand participates in the Carbon
Offset and Reduction Scheme for International
Aviation (CORSIA) requiring carbon neutral
growth from 2020. Governed by the
International Civil Aviation Organization,
CORSIA sets the global framework to measure,
report and cancel offset units for international
aviation emissions. In addition to the CORSIA
scheme, Air New Zealand has committed to
the International Air Transport Association’s
(IATA) industry targets on fuel efficiency
and carbon emissions, being a 1.5 percent
annual average fuel efficiency improvement
(2009-2020); and halving 2005 emissions
by 2050. We have however taken this further
by extending our aim to achieve net zero
emissions by 2050.
1 According to analysis undertaken by Swiss intelligence provider ch-aviation.
3. Sustainability
Air New Zealand continues to play a crucial role in the long-term success of
our nation, as highlighted by our guiding purpose – to enrich our country by
connecting Air New Zealanders to each other and New Zealand to the world.
The Covid-19 pandemic has only accentuated the importance of connection,
and the crucial role international trade links and tourism play in the New Zealand
economy. That is why acting on climate change is not something we consider
to be a choice. Being able to decarbonise our business is vital to the airline’s
long-term success and remains an important part of Air New Zealand’s
business model, even as we navigate the most challenging economic
environment the airline industry has ever faced.
Our carbon strategy
As part of the airlines refreshed strategy,
which was undertaken in the 2020 calendar
year when new CEO Greg Foran commenced
in his role, Air New Zealand aims to take
ambitious action on climate change and
a leadership role supporting sustainable
aviation regulation and action across
the aviation industry. To achieve this, the
airline will put greater focus on leading and
advocating for action on decarbonisation
with the goal of achieving net zero emissions
by 2050.
Air transport is essential to New Zealand’s
trade, export, investment and tourism
industries. However, these benefits need to
be considered in conjunction with the aviation
industry’s significant impact on the climate,
with the global sector contributing two to four
percent of global emissions. While it is clear
that aviation is vital to New Zealand’s future
prosperity, the industry must evolve and
operate in a more sustainable manner in order
to ensure its long-term success.
Acting on climate change is not something
Air New Zealand considers to be a choice;
which is why sustainability and climate
change formed an integral part of the airline’s
recent strategy reset. Through the strategy
review process it has become increasingly
clear that as an airline and as a country, if we
are to meet our shared net zero by 2050 goal
and take decisive action on climate change
in the coming decade, we need to pursue
sustainable alternative fuels.
Sustainable fuels and the infrastructure they
rely on require significant upfront capital
and new policy settings to give producers
confidence there will be long-term demand
and to ensure commercial viability to the
end user. These fuels currently cost two to
three times that of traditional fuel – but that
commercial gap can be narrowed. Making
this a reality will require close collaboration,
investment from both the public and private
sectors, and strong enabling policy to attract
investment and ensure long-term industry
competitiveness.
New Zealand’s high mix of renewable
energy, reliance on aviation for domestic
connectivity, and high proportion of relatively
short distance regional flights also mean it
is uniquely placed to be an early adopter of
next generation aircraft (electric, hybrid and/
or hydrogen). Air New Zealand is working with
several aviation equipment manufacturers to
accelerate development and deployment of
future aircraft and engine technology.
Air New Zealand recognises that its operations
have a significant carbon footprint and has
already implemented several initiatives to
reduce this impact.

8 —AIR NEW ZEALAND DATA B O O K 2020 9 —< BACK TO CONTENTS
International
institutional investors
38
%
New Zealand
Government
52
%
New Zealand
institutional investors
2
%
Retail Investors
8
%
SHARE
REGISTER
A S AT
30 JUNE 2020
4. Shareholding and structure
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.
In 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 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 2020. The New Zealand Government
is the majority shareholder with 582,854,593
shares, or 52 percent 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, the United Kingdom
and Asia. For the year to 30 June 2020,
Air New Zealand had average daily trading
volume of approximately 2.3 million shares.
Despite all of the disruption faced this year,
the airline continues to encourage and
enable our customers to voluntarily offset
carbon emissions from their air travel, via
FlyNeutral, our customer carbon offsetting
programme
1
. When customers choose to
offset the carbon from their flights, the
money collected goes to carefully chosen
projects which provide permanent, verified,
and sustainable emission reductions. These
projects generate emissions reduction units,
which are purchased and then cancelled
from circulation permanently. Along with
the airline’s own voluntary offsetting
commitments, customers elected to offset
over 92,000
2
tonnes of CO2-e up from over
63,000 tonnes in the previous year.
Further detail on our climate-related
governance, strategy, risk management,
metrics and targets can be found in our
2020 Taskforce for Climate Related Financial
Disclosures (TCFD) contained in the airline’s
2020 Annual Financial Results.
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.
2 Retail customers offset at the time of booking. Where flights have been cancelled due to Covid-19, customers have been issued
credits, including for the value of offsets purchased. This figure includes tonnes of carbon purchased by retail customers in the
year, the value of which was credited back to the customer due to Covid-19 related cancellations.
3 In 2019, up to four of our most fuel-efficient aircraft, the Boeing 787-9 Dreamliner, were unavailable for use due to the global
Rolls-Royce Trent 1000 engine issues. Air New Zealand leased two Boeing 777-200 and one Boeing 777-300 aircraft which,
depending on flight route and duration, typically used 20 to 26 percent more fuel than the Dreamliner, resulting in the decline in
fuel efficiency this year.
4 In 2020, two of our most fuel-efficient aircraft, the Boeing 787-9 Dreamliner, were unavailable for use due to the global Rolls-
Royce Trent 1000 engine issues resulting in less fuel-efficient Boeing 777-200 and Boeing 777-300 aircraft being substituted
on routes. Additionally, the impact of Covid-19 on payloads, mandated social distancing requirements and network changes
negatively impacted fuel efficiency.
kg CO
2
-e/RTK
FUEL EFFICIENCY: CO
2
- e PER REVENUE TONNE KILOMETRE
*
* 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.
0.73
20172018
0.72
0.93
2009
0.88
2010
0.85
2011
0.81
2012
0.79
2013
0.78
2014
0.76
2015
0.74
20162020
0.75
4
2019
0.73
3
Average annual fuel
efficiency improvement
compared to 2009 baseline
1.8
%

10 —AIR NEW ZEALAND DATA B O O K 2020 11 —< BACK TO CONTENTS
Tasman and Pacific Islands
Air New Zealand operates an expansive network to Australia and the Pacific Islands.
Prior to Covid-19 the airline operated more than 40 flights every day to/from eight destinations
in Australia and around 15 flights every day to/from 10 destinations throughout the Pacific
Islands. Our international short-haul network is operated by a fleet of A320/A321’s and
Boeing wide-body aircraft.

TASMAN AND PACIFIC ISLANDSJUNE 2020JUNE 2019JUNE 2018JUNE 2017JUNE 2016
Passengers carried
(‘000s)
3,002 (25.8%) 4,044 6.5% 3,798 6.7% 3,561 1.6% 3,507 3.5%
Available Seat Kilometres
(ASKs, millions)
10,367 (24.0%) 13,640 5.2% 12,963 7.7 % 12,039 5.3% 11,438 5.1%
Revenue Passenger Kilometres
(RPKs, millions)
8,265 (26.2%) 11,195 5.8% 10,584 8.2% 9,78 4 2.6% 9,532 3.8%
Load Factor79.7%(2.4 pts)82.1%0.5 pts81.6% 0.3 pts 81.3%(2.0 pts)83.3%(1.1 pts)
Revenue per Available Seat
Kilometres (RASK, cents)
9.4 (2.2%) 9.6 (0.1%) 9.6 4.5% 9.2 ( 7.1%) 9.9 (1.1%)
International long-haul
New Zealand is the centre of the Pacific Rim and accordingly Air New Zealand operates a strong
network within this region. Prior to Covid-19 the airline’s wide-body fleet of Boeing 777-200s,
Boeing 777-300s and Boeing 787-9s, along with a network of revenue share partnerships with
other airlines, provided 36 direct flights every day to 15 international long-haul destinations
(outside Australia and the Pacific Islands). Since the outbreak of Covid-19, the resulting border
closures and reduced demand, Air New Zealand has operated a significantly reduced schedule,
focussed primarily on repartition and cargo flights. During the 2020 financial year the airline
has permanently stopped flying to both London and Buenos Aires.
INTERNATIONAL LONG-HAULJUNE 2020JUNE 2019JUNE 2018JUNE 2017JUNE 2016
Passengers carried
(‘000s)
1,702 (22.0%) 2,181 4.9% 2,079 3.3% 2,012 4.3% 1,929 16.0%
Available Seat Kilometres
(ASKs, millions)
20,349 (19.5%) 25,285 3.6% 24,406 3.7% 23,533 6.1% 22,181 16.0%
Revenue Passenger Kilometres
(RPKs, millions)
16,751 (21.8%) 21,421 5.2% 20,359 3.3% 19,719 4.9% 18,804 16.2%
Load Factor82.3%
(2.4 pts)8 4.7%1.3 pts83.4%(0.4 pts) 83.8%(1.0 pt)84.8%0.1 pt
Revenue per Available Seat
Kilometres (RASK, cents)
8.1 (0.7%) 8.1 2.7% 7. 9 (1.2%) 7. 9 (12.9%) 9.1 1.6%
5. Network
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 until March 2020 the United Kingdom.
Five-year key operating statistics
GROUPJUNE 2020JUNE 2019JUNE 2018JUNE 2017JUNE 2016
Passengers carried
(‘000s)
13,525 (23.8%) 17,73 8 4.5% 16,966 6.4% 15,952 5.2% 15,161 6.0%
Available Seat Kilometres
(ASKs, millions)
36,335 (21.1%) 46,029 4.0% 4 4, 2 74 5.0% 42,169 6.3% 39,684 11.5%
Revenue Passenger Kilometres
(RPKs, millions)
29,568 (23.3%) 38,573 5.2% 36,662 5.3% 34,814 4.8% 33,223 11.0%
Load Factor81.4%(2.4 pts)83.8%1.0 pt82.8%0.2 pts82.6%(1.1 pts)83.7%(0.4 pts)
Revenue per Available Seat
Kilometres (RASK, cents)
10.8 0.7% 10.8 1.6% 10.6 1.8% 10.4 (8.1%) 11.3 (2.3%)
New Zealand domestic and regional
Air New Zealand operates one of the most comprehensive domestic and regional networks
in the world. Prior to Covid-19, the airline typically operated over 400 flights every day to 20
New Zealand destinations. The 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. Our turboprop network across the regional centres of New Zealand is
operated by a fleet of 50 turboprops including ATRs and Q300s.

DOMESTIC AND REGIONALJUNE 2020JUNE 2019JUNE 2018JUNE 2017JUNE 2016
Passengers carried
(‘000s)
8,821(23.4%) 11,513 3.8% 11,089 6.8% 10,379 6.7% 9,725 5.2%
Available Seat Kilometres
(ASKs, millions)
5,619 (20.9%) 7,10 4 2.9% 6,905 4.7% 6,597 8.8% 6,065 8.5%
Revenue Passenger Kilometres
(RPKs, millions)
4,552 (23.6%) 5,957 4.1% 5,719 7.7 % 5,311 8.7% 4,887 7. 2%
Load Factor81.0%(2.9 pts)83.9%1.1 pts82.8%2.3 pts80.5%(0.1 pt)80.6%(1.0 pt)
Revenue per Available Seat
Kilometres (RASK, cents)
23.6 5.1% 22.5 2.1% 22.0 3.6% 21.2 (2.9%) 21.8 (6.5%)

12 —AIR NEW ZEALAND DATA B O O K 2020 13 —< BACK TO CONTENTS
6. Operating fleet
Air New Zealand operates a modern and highly efficient fleet that has been configured for the
network and customers it serves. The airline continues to simplify its fleet, with fuel efficient
aircraft across fewer aircraft types for greater operational efficiency.
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 33 major carriers
and, together with our interline partners,
to offer access for our customers to
nearly 1,800 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
codeshare and interline relationships
with other carriers into specific markets,
including Air Canada, ANA, Lufthansa and
Qantas. In addition, our membership in
the Star Alliance is critical to our customer
proposition, including providing access to
global benefits for our Airpoints™ Gold and
Elite members.
Like Air New Zealand, our airline partners
have been significantly impacted by the
reduction in demand for air travel resulting
from the outbreak of Covid-19. Whilst
the breadth and depth of the airline’s
partnership agreements have not changed,
the extent of current partner operations
is very limited. The future scope of these
partnerships will vary depending on the
timing of the re-opening of individual
borders and on each airline’s approach to
building back to a profitable network of
flying. We remain committed to providing
connectivity through alliance partners.
REVENUE SHARE
ALLIANCE PARTNERS
CODESHARE PARTNERS
AIRCRAFT FLEET AGE IN YEARS – SEAT WEIGHTED
1
HISTORIC TREND OF FLEET OWNERSHIP – SEAT WEIGHTED
50%
200920112013201520172019
100%
90%
80%
70%
6%0
50%
40%
30%
20%
10%
0
50%
58%
42%
63%
37%
64%
36%
71%
29%
73%
27%
OWNED
LEASED
2020
79%
21%
10
8
6
4
2
0
AVERAGE YEARS
1 Excludes the Boeing 777-200 fleet, which has been grounded for an indefinite period.
* Excludes short-term leases which provide cover for the global Rolls-Royce engine issues.
7.4
2016
7.0
2017
7. 5
2018*
7.1
2019*
7.1
2020
FORECAST
HISTORICAL

14 —AIR NEW ZEALAND DATA B O O K 2020 15 —< BACK TO CONTENTS
7. Balance sheet structure,
funding and liquidity
Credit rating
On 3 July 2015, Moody’s upgraded Air New
Zealand Limited’s senior unsecured issuer
rating to Baa2 from Baa3. On 20 March
2020, Moody’s reaffirmed Air New Zealand’s
issuer rating of Baa2 and stable rating
outlook. As at 30 June 2020, there had been
no further rating action. This makes Air New
Zealand 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
2020, 89 of Air New Zealand’s 112 aircraft fleet
1

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
2020, Air New Zealand had total secured
bank borrowings of $1,413 million. Secured
borrowings are subject to both fixed and
floating interest rates. Fixed interest rates as
at 30 June 2020 were 1 percent.
Leases with
purchase options
Air New Zealand adopted NZ IFRS 16 - Leases
on 1 July 2019. As such, leases which contain
a purchase option that are expected to be
exercised (previously called finance leases)
have been reclassified from interest-bearing
liabilities to lease liabilities on the airline’s
balance sheet. As at 30 June 2020 Lease
liabilities of $1,223 million were recognised
in relation to these leases.
Government standby
loan facility
On 20 March 2020, Air New Zealand entered
into a debt funding agreement with the New
Zealand Government. Under the terms of
the agreement, the Government provided
a standby loan facility of up to $900 million
to support the airline as it manages the
unprecedented impact of the Covid-19
outbreak on its business. As at 30 June 2020,
no amounts had been drawn under this facility.
Unsecured borrowings
As at 30 June 2020, 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 percent payable
semi-annually. The bonds are quoted on the
NZX Debt Market under the ticker code AIR020.
Leases without
purchase options
As at 30 June 2020, 23 of Air New Zealand’s
112 aircraft fleet were under lease contracts
where a purchase option was not expected
to be exercised (previously called operating
leases). Upon adoption of NZ IFRS 16 a right of
use asset and a corresponding lease liability
was recognised on the balance sheet, and
depreciation, interest expense and other
expenses were recorded in the Statement of
Financial Performance. Aircraft lease liabilities
related to these contracts were $694 million
and property lease liabilities were $321 million
as at 30 June 2020. For the year ended 30 June
2020, amounts recognised in the Statement of
Financial Performance for aircraft were $195
million and property of $69 million.
Prior to this time, payments made under such
leases (net of any incentives received) were
recognised as rental expense on a straight-
line basis over the term of the lease and
Boeing 777-300ER
1
Number: 7
Average Age: 8.2 years
Maximum Passengers: 342
Cruising Speed: 910 km/hr
Average Daily Utilisation: to 30 Jun: 12:25 hrs
to 29 Feb: 14:07 hrs
Boeing 777-200ER
1
Number: 8
Average Age: 14.2 years
Maximum Passengers: 312
Cruising Speed: 910 km/hr
Average Daily Utilisation: to 30 Jun: 8:40 hrs
to 29 Feb: 11:35 hrs
Boeing 787-9 Dreamliner
Number: 14
Average Age: 3.8 years
Maximum Passengers: 302 or 275
Cruising Speed: 910 km/hr
Average Daily Utilisation: to 30 Jun: 10:57 hrs
to 29 Feb: 13:13 hrs
Airbus A320/321NEO
Number: 11
Average Age A321: 1.3 years A320: 1.1 years
Maximum Passengers: A321: 214 A320: 165
Cruising Speed: 850 km/hr
Average Daily Utilisation: A321: 7:18 hrs (30 Jun) or 9:23 hrs (29 Feb)

A320: 6:53 hrs (30 Jun) or 8:54 hrs (29 Feb)
Airbus A320CEO
Number: 22
Average Age: Short-haul: 16.1 years Domestic: 6.4 years
Maximum Passengers: Short-haul: 168 Domestic: 171
Cruising Speed: 850 km/hr
Average Daily Utilisation: Short-haul: 6:10 hrs (30 Jun) or 7:40 hrs (29 Feb)

Domestic: 5:43 hrs (30 Jun) or 7:16 hrs (29 Feb)
ATR 72-500 / ATR 72-600
Number: 27
Average Age: 3.6 years
Maximum Passengers: 68
Cruising Speed: 518 km/hr
Average Daily Utilisation: to 30 Jun: 5:26 hrs

to 29 Feb: 6:29 hrs
Bombardier Q300
Number: 23
Average Age: 13.4 years
Maximum Passengers: 50
Cruising Speed: 520 km/hr
Average Daily Utilisation: to 30 Jun: 5:13 hrs

to 29 Feb: 6:17 hrs
* Due to the impact of Covid-19 and the government restrictions on both international and domestic travel, a number of Air New
Zealand’s aircraft were parked over the months of March to June 2020. The aircraft totals above reflect the number of aircraft in the
fleet capable of operation as at 30 June 2020. Average utilisation figures have been provided for both the full financial year, which
incorporates the non-operational periods, and for the period to 29 February 2020, prior to the impacts of Covid-19.
1 Both the Boeing 777-200 and Boeing 777-300 fleet are currently in long-term storage. The Boeing 777-200 fleet has been
grounded for an indefinite period and the Boeing 777-300 fleet is not expected to return to service before September 2021.
As at 30 June 2020
*

16 —AIR NEW ZEALAND DATA B O O K 2020 17 —< BACK TO CONTENTS
8. 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.
As a result of Covid-19, uncertainty
regarding the resumption of international
flying is expected to continue to affect the
ability to accurately forecast transactions
subject to foreign exchange and fuel
price risk in the short to medium term.
Consequently the Board of Directors
granted an interim exemption to certain
risk management policies which are set
out in more detail in the 2020 audited
financial statements. Governance reporting
of the Group’s risk management position
continues to be monitored by the Board of
Directors and management on a regular
basis. 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.
The airline has a comprehensive Enterprise
Risk Management (ERM) Framework
designed to provide a consistent approach
to risk identification, management and
reporting. The Board and management
have identified and assessed a number of
strategic risks facing the business. These
have been prioritised based on their relative
strategic importance and criticality. For
more information on strategic risks please
refer to the Risk Management section of
the Corporate Governance Statement
in our 2020 Annual Financial Results or
the Corporate Governance section of the
investor centre website, which can be
accessed online at airnewzealand.co.nz/
corporate-governance
the amount of future payments recorded
off-balance sheet as an operating lease
commitment. For the year ended 30 June 2019,
Air New Zealand recognised $183 million of
operating lease expenses in relation to aircraft,
and had $767 million future operating lease
commitments. 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 and 2019, which provide cover
for Boeing 787-9 engine issues). As at 30 June
2019, Air New Zealand included $1,246 million
of net aircraft operating lease commitments
as part of Net Debt.
Gearing
When calculating the level of gearing, Net
Debt includes interest-bearing liabilities,
lease liabilities less bank and short-term
deposits, net open derivatives held in relation
to interest- bearing liabilities and lease
liabilities, and interest-bearing assets, plus, for
the prior period, net aircraft operating lease
commitments for the next 12 months multiplied
by a factor of seven (excluding short-term
leases, which provide cover for Boeing 787-9
engine issues). As at 30 June 2020, Net Debt
was $2,966 million and gearing (including net
capitalised aircraft operating leases) was
69.2 percent. Gearing increased dramatically
in the 2020 financial year as a result of
operating and impairment losses sustained
due to Covid-19. Air New Zealand targets a
capital structure within the range of 45 percent
to 55 percent, however, acknowledges in its
capital management policy that it has the ability
to go outside this range from time to time.
Liquidity
As at 30 June 2020, the airline had cash
of $438 million. This does not include any
drawings from the $900 million Government
standby loan facility.
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 percent and
that minimum then progressively reduces
to zero by the eighth month. The maximum
amount of hedges can be 90 percent for the
next six months and then progressively falling
to 20 percent in the twelfth month.
Prior to Covid-19, Air New Zealand disclosed
its fuel hedging position for the next 12
months on a quarterly basis. Given there is
significant uncertainty surrounding the timing
of the reopening of borders the airline has not
provided these quarterly updates since March
2020. However, disclosure of the airlines fuel
position was disclosed in the 2020 Annual
Results materials.
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:
• Placement of hedging cover on identified
operating foreign currency exposures
• Management of foreign currency balance
sheet items, mainly debt, by way of
actual hedges and use of future foreign
currency revenues
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.
Since March 2020, due to the impact of
Covid-19 certain debt and lease liability items
on the balance sheet have been unhedged,
with foreign currency gains or losses arising
on those instruments being recognised in
earnings. The airline is hedging near term cash
risk to mitigate the economic risk associated
with these balance sheet items.

18 —AIR NEW ZEALAND DATA B O O K 2020 19 —< BACK TO CONTENTS
Air New Zealand cancelled its interim
dividend in March 2020 as a pre-requisite to
the availability of the Government standby
loan facility. The Board of Directors also
determined that it would not declare
a final dividend for the 2020 financial year.
9. Earnings and
dividend performance
6
5
4
3
2
1
0
OPERATING REVENUE ($ MILLIONS)
$ MILLIONS
5,231
2016
4,836
2020
5,109
2017
5,495
20182019
5,785
900
800
700
600
500
400
300
200
100
0
EARNINGS BEFORE OTHER SIGNIFICANT ITEMS AND TAXATION ($ MILLIONS)
$ MILLIONS
819
2016
(87)
2020
533
2017
549
20182019
387
100
90
80
70
60
50
40
30
20
10
0
GEARING (%)
%
49.6
2016
69.2
2020
52 .7
2017
53.6
20182019
55.8
2,000
1,500
1,000
500
0
CASH ON HAND ($ MILLIONS)
$ MILLIONS
1,594
2016
438
2020
1,369
2017
1,343
20182019
1,055
30
20
10
0
ORDINARY DIVIDENDS DECLARED (CENTS PER SHARE)
CENTS PER SHARE
20.0
2016
0
2020
21.0
2017
22.0
20182019
22.0

20 —AIR NEW ZEALAND DATA B O O K 2020 21 —< BACK TO CONTENTS
Key Operating Statistics for the year to 30 June
20202019201820172016
Passengers Carried (000)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
8,821
3,002
734
968
11,513
4,044
914
1,267
11,089
3,798
837
1,242
10,379
3,561
814
1,198
9,725
3,507
791
1,138
To t a l 4,704 6,225 5,8775,5735,436
Total Group13,525 17,738 16,96615,95215,161
Available Seat Kilometres (m)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
5,619
10,367
8,117
12,232

7,10 4
13,640
9,699
15,586

6,905
12,963
9,169
15,237

6,597
12,039
8,918
14,615

6,065
11,438
8,349
13,832
To t a l 30,716 38,925 37,36935,57233,619
Total Group36,335 46,029 4 4, 27442 ,16939,684
Revenue Passenger Kilometres (m)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
4,552
8,265
6,526
10,225
5,957
11,195
8,140
13,281
5,719
10,584
7,4 6 7
12,892
5,311
9,78 4
7, 2 70
12,449
4,887
9,532
7,0 70
11,73 4
To t a l 25,016 32,616 30,94329,50328,336
Total Group29,568 38,573 36,66234,81433,223
Passenger Load Factor (%)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
81.0
79.7
80.4
83.6
83.9
82.1
83.9
85.2
82.8
81.6
81.4
84.6
80.5
81.3
81.5
85.2
80.6
83.3
8 4.7
84.8
To t a l 81.4 83.8 83.483.884.3
Total Group81.4 83.8 82.882.683.7
Group Employee Numbers (Full Time Equivalents)9,988 11,793 11 ,074 10,890 10,527
New Zealand, Australia and Pacific Islands represents short-haul operations.
Asia, America and Europe represent long-haul operations.

10. Five-year statistical review
Key Financial Metrics
GROUP20202019201820172016
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
%
%
%

(1.2)
16.2
13.3
10.8
11.2
(13.3)
9.1
69.2
6.6
20.4
12.9
10.8
10.0
10.6
18.2
55.8
10.0
23.5
12.8
10.6
9.5
13.7
26.8
53.6
10.8
24.8
12.6
10.4
9.1
16.4
33.1
52.7
16.2
29.5
13.5
11.3
9.3
20.3
26.8
49.6
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
%
(40.4)
20.5
-
-
1.01
1.32
1,123
1,123
1,482
(5.3)
24.6
8 7. 8
22.0
-
1.61
2.65
1,123
1,123
2,976
14.0
31.6
91.8
22.0
-
1.69
3.18
1,123
1,123
3,565
26.7
35.9
80.5
21.0
-
1.58
3.26
1,123
1,123
3,660
41.5
43.6
95.6
20.0
25.0
1.69
2.10
1,122
1,123
2,352
20.0
1 Earnings before interest and taxation (EBIT) excluding share of earnings of associates (net of taxation) and other significant items
(refer footnote under Historical Summary of Financial Performance on page 22)
2 EBITDRA excludes share of earnings of associates (net of taxation) and other significant items (refer footnote under Historical
Summary of Financial Performance)
3 Operating expenditure (excluding other significant items) per ASK (refer footnote under Historical Summary of Financial Performance)
4 (EBIT plus interest component of aircraft operating leases)/average capital employed (Net Debt plus Equity) over the period
5 (Bank and short-term deposits and interest-bearing assets (excluding restricted cash))/Operating Revenue
6 Net Debt (including capitalised aircraft operating leases)/(Net Debt plus Equity)
7 Per-share measures based upon Ordinary Shares
8 Return over five years including the change in share price and dividends received (assuming dividends are reinvested in shares
on ex dividend date)

22 —AIR NEW ZEALAND DATA B O O K 2020 23 —< BACK TO CONTENTS
Historical Summary of Financial Position as at 30 June
2020
$M
2019
$M
2018
$M
2017
$M
2016
$M
Current Assets
Bank and short-term deposits
Other current assets
438
571
1,055
74 9
1,343
910
1,369
518
1,594
74 5
Total Current Assets 1,009 1,804 2,2531,8872,339
Non-Current Assets
Property, plant and equipment
Other non-current assets
3,336
3,198

5,133
684

4,892
558

4,650
539

4,361
427
Total Non-Current Assets6,534 5,817 5,4505,1894,788
Total Assets7, 5 4 3 7,621 7,7037,0767,127
Current Liabilities
Debt
1
Other current liabilities
513
1,589
307
2,359
431
2,265
317
2,088
464
2,007
Total Current Liabilities2 ,1022,666 2,6962,4052,471
Non-Current Liabilities
Debt
1
Other non-current liabilities
3,188
935
2,290
673
2,303
631
2,197
556
2,103
534
Total Non-Current Liabilities4,1232,9632,9342 ,7532,637
Total Liabilities6,225 5,629 5,6305,1585,108
Net Assets1,318 1,992 2,0731,9182,019
Total Equity1,318 1,992 2,0731,9182,019
1 Debt is comprised of secured borrowings, bonds, finance lease liabilities and lease liabilities.
Certain comparatives within the five year statistical review have been reclassified for comparative purposes, to ensure consistency
with the current year. Following the International Financial Reporting Interpretations Committee issuing a new interpretation in
September 2019 of the principles of IFRS 9 - Financial Instruments certain fair value hedges of underlying United States Dollar
aircraft values previously undertaken by the Group are no longer permitted. The interpretation has been applied retrospectively and
comparatives restated accordingly.
Historical Summary of Financial Performance for the year to 30 June
2020
$M
2019
$M
2018
$M
2017
$M
2016
$M
Operating Revenue
Passenger revenue
Cargo
Contract services
Other revenue
3,942
449
216
229
4,960
390
197
238
4,696
387
193
219
4,376
335
164
234
4,481
349
172
229
4,836 5,7855,4955,1095,231
Operating Expenditure
Labour
Fuel
Maintenance
Aircraft operations
Passenger services
Sales and marketing
Foreign exchange gains/(losses)
Other expenses
(1,197)
(1,022)
(441)
(575)
(258)
(253)
18
(324)
(1,351)
(1,271)
(399)
(678)
(319)
(350)
53
(290)
(1,294)
(987)
(352)
(634)
(295)
(344)
(19)
(278)
(1,261)
(827)
(321)
(556)
(266)
(352)
(6)
(255)
(1,225)
(846)
(350)
(531)
(246)
(348)
112
(255)
(4,052) (4,605)(4, 203)(3,844)(3,689)
Operating Earnings (excluding items below)
Depreciation and amortisation
Rental and lease expenses
784
(841)
-
1,180
(554)
(245)
1,292
(516)
(227)
1,265
(484)
(230)
1,542
(452)
(244)
Earnings Before Finance Costs, Associates,
Other Significant Items and Taxation
Finance income
Finance costs
Share of earnings of associates (net of taxation)

(57)
34
(103)
39

381
48
(79)
37

549
40
(73)
33

551
43
(87)
26

846
53
(100)
20
Earnings Before Other Significant Items and Taxation
Other significant items (see below)
(87)
(541)
387
(5)
549
(57)
533
23
819
(118)
Earnings Before Taxation
Taxation credit/(expense)
(628)
174
382
(106)
492
(137)
556
(153)
701
(211)
Net (Loss)/Profit Attributable to Shareholders of Parent Company(454)276355403490
Certain comparatives within the five year statistical review have been reclassified for comparative purposes, to ensure consistency
with the current year. Following the International Financial Reporting Interpretations Committee issuing a new interpretation in
September 2019 of the principles of IFRS 9 - Financial Instruments certain fair value hedges of underlying United States Dollar
aircraft values previously undertaken by the Group are no longer permitted. The interpretation has been applied retrospectively and
comparatives restated accordingly. The Group adopted NZ IFRS 16 - Leases on 1 July 2019. In accordance with the transition provisions
of NZ IFRS 16, comparatives have not been restated. NZ IFRS 15 - Revenue from Contracts with Customers was adopted on 1 July 2018
with comparatives being restated for the 2018 financial year in respect of the adopted standard.
Historical Summary of Other Significant Items for the year to 30 June
2020
$M
2019
$M
2018
$M
2017
$M
2016
$M
Foreign exchange losses on debt and leases, offset by foreign exchange
gains on the hedged item, following disestablishment of fair value hedges

46(5)(57)2025
Amounts transferred from the cash flow hedge reserve where the
forecast transaction is no longer expected to occur

(105)

-

-

-

-
Foreign exchange gains on uncovered interest-bearing liabilities
and lease liabilities
67----
Aircraft impairment expense(338)--(8)-
Reorganisation costs(140)----
Gain on sale of landing slots21----
Settlement of legal claim---(11)(57)
Virgin Australia divestment---22(86)
(541)(5)(57)23(118)
Historical Summary of Cash Flows for the year to 30 June
2020
$M
2019
$M
2018
$M
2017
$M
2016
$M
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
230
(542)
(305)
986
(883)
(391)
1,031
(778)
(279)
904
(616)
(513)
1,0 74
(797)
(4)
(Decrease)/increase in cash holding(617)(288)(26)(225)273
Total Cash and Cash Equivalents4381,0551,3431,3691,594

AIR NEW ZEALAND DATA B O O K 2020 25 — 24 —< BACK TO CONTENTS
11. Other information
Company history
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 – May 2014Air New Zealand purchased shares in Virgin Australia taking ownership to 25.9 percent as at
30 June 2015
July 2011Revenue 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
Re-authorisation of joint venture alliance with Singapore Airlines for a further five years to 2024
May 2019Air New Zealand announces commitment to purchase eight Boeing 787 Dreamliner aircraft
powered by GE Aviation’s GEnx-1B engines
August 2019Re-authorisation of joint venture alliance with Cathay Pacific for a further five years to 2024
March 2020Air New Zealand announces it has entered into a debt funding agreement with the New Zealand
Government. Under the terms of the agreement the Government will provide a standby loan facility
of up $900 million to support the airline as it manages the unprecedented impact of the Covid-19
pandemic on its business
Historical Summary of Debt as at 30 June
2020
$M
2019
$M
2018
$M
2017
$M
2016
$M
Debt
Secured borrowings
Unsecured bonds
Finance lease liabilities
Lease liabilities

1,413
50
-
2,238

1,459
50
1,088
-

1,563
50
1,121
-

1,243
50
1,221
-

930
150
1,487
-
Bank and short-term deposits
Net open derivatives held in relation to interest-bearing liabilities
and lease liabilities
1

Interest-bearing assets (included within Other assets)
3,701
438
(37)
334
2,597
1,055
7
264
2,73 4
1,343
42
182
2,514
1,369
(32)
164
2,567
1,594
(17)
288
Net Debt 2,966 1,271 1,1671,013702
Net aircraft operating lease commitments
2
- 1,2461,2321,1201,288
Net Debt (including off Balance Sheet)2,966 2,517 2,3992 ,1331,990
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 (excluding short-term leases
in 2018 and 2019), which provide cover for Boeing 787-9 engine issues)
Certain comparatives within the five year statistical review have been reclassified for comparative purposes, to ensure consistency
with the current year. Following the International Financial Reporting Interpretations Committee issuing a new interpretation in
September 2019 of the principles of IFRS 9 - Financial Instruments certain fair value hedges of underlying United States Dollar
aircraft values previously undertaken by the Group are no longer permitted. The interpretation has been applied retrospectively
and comparatives restated accordingly. The Group adopted NZ IFRS 16 - Leases on 1 July 2019. In accordance with the transition
provisions of NZ IFRS 16, comparatives have not been restated. NZ IFRS 15 - Revenue from Contracts with Customers was adopted
on 1 July 2018 with comparatives being restated for the 2018 financial year in respect of the adopted standard.

26 —AIR NEW ZEALAND DATA B O O K 2020 27 —< BACK TO CONTENTS
Executive Management team
Greg Foran — Chief Executive Officer
Greg started as Air New Zealand’s Chief Executive Officer on 3 February 2020. Prior to this
Greg was Chief Executive Officer of Walmart U.S from 2014 to 2019 after joining Walmart
International in 2011 and serving in several capacities, including President and Chief
Executive Officer of Walmart China. Prior to joining Walmart International he held several
senior positions with Woolworths Group.
Greg has attended Advanced Management Programs at Harvard University and the
University of Virginia. He also holds a Diploma in Management from the New Zealand
Institute of Management.
Jeff McDowall — Chief Financial Officer (resigned October 2020)
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. Jeff has worked in a variety of businesses during his
career, including as a management consultant with PwC in New Zealand, Singapore
and the United States, and at 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.
Jeff announced his resignation in October 2020 and will leave the airline toward the
middle of 2021.
Leanne Geraghty — Chief Customer and Sales Officer
Leanne joined the airline in 2004 and was appointed Chief Customer and Sales Officer in
2020. In this role she oversees the sales, brand, marketing, customer and cargo functions.
During her time with Air New Zealand, Leanne has held a number of senior commercial
and sales positions in both Australia and New Zealand, most recently as Group General
Manager Airports.
Leanne holds a Bachelor of Economics and Finance from the University of New South
Wales and has studied International Business management at IMD in Switzerland and
Marketing at the Australian Institute of Marketing.
Carrie Hurihanganui — Chief Operating Officer
Carrie was appointed as Chief Ground Operations Officer in 2018. She is responsible for our
Airports, Engineering & Maintenance, Properties & Infrastructure, Supply Chain and Airline
Operations teams. She has deep strategic and operational experience through her 18 years
at Air New Zealand in numerous senior roles.
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 Studies from Massey University.
Glossary of key terms
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
GearingNet Debt/(Net Debt + Equity); Net Debt includes capitalised aircraft operating lease commitments
up to 30 June 2019
Earnings before interest,
tax, depreciation and
amortisation (EBITDA)
Operating earnings (before depreciation and amortisation, rental and lease expenses, net finance
costs, associate earnings, other significant items and taxation) plus finance income and cash
dividends received from associates less foreign exchange gains
Net DebtInterest-bearing liabilities, lease liabilities less bank and short-term deposits, net open derivatives
held in relation to interest-bearing liabilities and lease liabilities, and interest-bearing assets, plus,
for periods up to 30 June 2019, net aircraft operating lease commitments for the next twelve
months multiplied by a factor of seven (excluding short-term leases, which provide cover for
Boeing 787-9 engine issues)
Cash, restricted deposits
and net open derivatives
Bank and short-term deposits, interest-bearing assets and net open derivatives held in relation to
interest-bearing liabilities and lease liabilities
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
Revenue Passenger
Kilometres (RPKs)
Number of revenue passengers carried multiplied by the distance flown (demand)
Other significant itemsOther significant items are items of revenue or expenditure which due to their size and nature warrants
separate disclosure to assist with the understanding of the financial performance of the Group.
Other significant items is reported within the Group’s audited annual financial statements
The following non-GAAP measures are not audited: CASK, Gearing, Net Debt, Gross Debt, EBITDA and RASK. Amounts used within
the calculations are derived from the audited Group financial statements and Five Year Statistical Review contained in the 2020
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.
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, Airpoints loyalty programme costs and
distribution costs
Other expensesSafety, IT costs, legal and accounting, insurance, employee relations and property costs

28 —AIR NEW ZEALAND DATA B O O K 2020 29 —< BACK TO CONTENTS
Jennifer Sepull — Chief Digital Officer
Jennifer joined Air New Zealand in 2019 as Chief Digital Officer. Jennifer has more than
25 years of experience working in senior leadership roles at a range of organisations
including Kimberly-Clark, Honda Motor Corporation and IBM.
Jennifer has a law degree from Chapman University School of Law in California. She
also attended Cambridge University in England with a focus on international legal and
technology business studies and received certification from Harvard University for
advanced cybersecurity management.
David Morgan — Chief Operational Integrity and Safety 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.
Joe McCollum — Chief People Officer
Joe joined Air New Zealand in April 2020 as Chief People Officer and is responsible for
developing and executing the airline’s people and culture strategy. He has more than
30 years’ experience both in New Zealand and globally, leading companies through
transformational HR initiatives and programmes.
Prior to joining Air New Zealand, Joe led the HR function at Spark New Zealand for more
than seven years.
Joe has an MSc in Business Studies from Columbia University.
Dame Therese Walsh DNZM, BCA, FCA
Chairman
Independent Non-Executive Director – Appointed 1 May 2016
Dame Therese Walsh is an Independent director and Chairman of Air New Zealand Limited.
She is also a Director of ASB Bank Limited, and Contact Energy Limited, a Board member
of Antarctica NZ and Pro Chancellor of Victoria University. Previously she was the Head of
New Zealand for the ICC Cricket World Cup 2015, and the Chief Operating Officer for Rugby
New Zealand 2011 Limited. She has also been Chairman of TVNZ Limited, a Director of NZX
Limited, NZ Cricket and Save the Children NZ, Trustee of Wellington Regional Stadium,
CFO 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 at 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.
Janice (Jan) Dawson CNZM, BCom, FCA
Deputy Chairman
Independent Non-Executive Director – Appointed 1 April 2011
Ms Dawson is Chairman of Westpac New Zealand and a director of AIG Insurance New
Zealand Limited, Meridian Energy Limited and World Sailing. Ms Dawson is a member
of the University of Auckland Council, 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).
Dean Bracewell
Independent Non-Executive Director – Appointed 20 April 2020
Mr Bracewell has significant experience in the freight and logistics industry, with the
majority of his career spent at Freightways Limited (Freightways) where he held a number
of senior leadership and Executive roles, including most recently as Managing Director
from 1999 to 2017. During his over 30-year career at Freightways he led the business
through its successful initial public offering in 2003 and as it diversified its business and
extended its geographical footprint into Australia. Mr Bracewell is a Director of Tainui
Group Holdings Limited, Property for Industry Limited and the Halberg Foundation. He is
also a member of the Government’s Future of Rail Steering Group and was a director of the
public policy think tank ‘The New Zealand Initiative’ and its predecessor the ‘New Zealand
Business Roundtable’ from 2011 to 2015. Mr Bracewell is of Ngāti Maniapoto and Ngāi Te
Rangi descent.
Laurissa Cooney BMS (Hons), FCA, CMinstD
Independent Non-Executive Director – Appointed 1 October 2019
Ms Cooney is a Fellow of the New Zealand Institute of Chartered Accountants, and a
Chartered Member of the Institute of Directors in New Zealand. She has previously held
senior roles with Deloitte in New Zealand and Deloitte Touche in London and was the Chief
Financial Officer for Te Whare Wānanga o Awanuiārangi. Ms Cooney currently serves as
the Chair of Tourism Bay of Plenty, and is an Independent Non-Executive Director for AWF
Madison Group and a Trustee on the Charitable Investment Trust for Ngāi Tai ki Tāmaki.
She also holds a role as an independent director on the Audit & Risk board of Ngā Tāngata
Tiaki and was previously a committee member for the Institute of Directors Bay of Plenty
Branch. She was a 2017 recipient of the Institute of Directors Emerging Director Award.
Ms Cooney is of Te Āti Hau Nui a Pāpā Rangi (Whanganui) descent.
Board of Directors

30 —AIR NEW ZEALAND DATA B O O K 2020 31 —< BACK TO CONTENTS
Larry De Shon BA Communications, BA Sociology
Independent Non-Executive Director – Appointed 20 April 2020
Mr De Shon has more than 40 years’ experience in the Aviation and transportation
industries. Prior to joining Air New Zealand’s Board in April 2020, he was Chief Executive
Officer of Avis Budget Group, Inc, where he was responsible for more than 30,000
employees globally. He also spent 28 years with United Airlines where he held a number
of Executive roles across key business areas such as Airport Operations, Marketing and
On-Board Service. During his time as the head of United’s worldwide Airport Operations,
he oversaw the airline’s ground operations, logistics, safety, customer service, product
development and internal communications teams. Mr De Shon is a non-executive director
for The Hartford Financial Services Group Inc, a US-based Fortune 500 investment and
insurance company. Mr De Shon has bachelor’s degrees in both communications and
sociology from the University of Missouri.
Robert (Rob) Jager ONZM, BE (Hons), MBA
Independent Non-Executive Director – Appointed 1 April 2013
Mr Jager was formally Chairman and Vice President of the Shell Companies in New Zealand
and more recently the Vice President of Shell Australia’s Prelude Floating LNG and wider
East Browse assets offshore of Western Australia. Mr Jager spent a career spanning
more than 40 years within Shell working in a variety of engineering, project development,
operations and asset management, executive management and governance roles in New
Zealand and overseas. Mr Jager chaired the independent taskforce on Workplace Health
and Safety for the New Zealand Government, which has been instrumental in encouraging
fundamental changes to New Zealand’s approach to workplace health and safety. Mr Jager
was a Director for National Science Challenge – Sustainable Seas – Project and an advisor to
a major conservation project working towards the ecological restoration of New Zealand’s
iconic Mount Taranaki.
Linda Jenkinson 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 currently chairs Guild
Super, Jaxsta (JXT.AX) and Unicef Aotearoa NZ. She is a director of the Eclipz Group (ECX.
AX) in Australia, a director of Harbour Asset Management and a trustee and secretary of
the Massey University Foundation in the United States. Ms Jenkinson is the Founder of
LevelUp, working with high-growth companies. Previously Ms Jenkinson was a partner at
A.T. Kearney in their Global Financial Services Practice and was a leader in A.T. Kearney’s
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.
Jonathan Mason MBA, MA, BA
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. Mr Mason has had governance
experience for organisations in both New Zealand and the US. His current directorships
include Vector Limited, Westpac NZ and Zespri Group Limited. Mr Mason also serves
as an Adjunct Professor of Management at the University of Auckland, specialising in
international finance.
12. Investor resources
Investor Centreairnewzealand.co.nz/investor-centre
Monthly traffic updatesairnewzealand.co.nz/monthly-operating-data
Quarterly fuel hedging
disclosure
airnewzealand.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

H E TĀ N G ATA , H E TĀ N G ATA , H E TĀ N G ATA .
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