Air New Zealand awarded further international cargo flights

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MARKET ANNOUNCEMENT

Air New Zealand postal address: Private Bag 92007, Auckland, 1142, New Zealand
Investor Relations email: investor@airnz.co.nz
Investor website: www.airnewzealand.co.nz/investor


27 May 2021
Air New Zealand awarded further international cargo flights
Air New Zealand has been awarded an additional five months of cargo flights under the
Government’s Maintaining International Air Connectivity (MIAC) scheme.
The MIAC scheme (the scheme) was announced by the Government in March 2021, following
the success of the International Air Freight capacity (IAFC) scheme, to ensure a predictable and
regular schedule of international air services. Under the scheme the Government provides
financial assistance to all airlines that are awarded flights, to support the cost of flying. This will
help keep New Zealand connected to its global trade partners and allow for essential travel to
continue while international borders remain closed.
With the scheme now operating through to the end of October 2021, the airline has been awarded
an average of 30 flights per week to 13 destinations including Los Angeles, Hong Kong, Shanghai
and key Pacific ports. With the trans-Tasman and Rarotonga bubbles now in operation, services
to Australia and the Cook Islands are currently operating outside of the scheme.
The Government financial support for these flights is expected to contribute between $120 million
and $145 million towards the airline’s cargo revenue over the five-month period of the current
scheme. For FY21 overall, Government financial support will contribute between $320 million
and $340 million to total cargo revenue.
The MIAC award will continue to support the company’s international business until such time as
international borders reopen. With the certainty of the next phase of this arrangement, along with
cargo flying previously undertaken under the IAFC, cargo revenue for FY21 will exceed FY20
levels, however the airline still expects to make a significant loss in FY21.
Ends.
Investor Relations enquiries:
Kim Cootes, Senior Manger Investor Relations
kim.cootes@airnz.co.nz
+64 27 297 0244

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