Air New Zealand 2021 Databook

2021
ANNUAL
DATA B O O K

AIR NEW ZEALAND DATA B O O K 2021 3 — 2 — 2 —
Foreword
2021 continued to be a year of navigating the
impact of Covid-19 on the airline and global
aviation and tourism industries.
Throughout this time Air New Zealand has
been operating approximately one third of
its normal passenger capacity. While long-
haul travel was nominal, serving mainly as
repatriation flights for Kiwis wanting to return
to New Zealand, the domestic and regional
networks bounced back quickly and grew to
near pre-Covid levels as New Zealanders took
the opportunity to explore their own country.
The cargo business also thrived, supported in
part by government airfreight schemes.
In April the trans-Tasman bubble between
New Zealand and Australia was opened,
closely followed by the Cook Islands bubble.
The airline was quickly able to scale up and
put the necessary protocols in place to launch
these short-haul international travel bubbles.
Unfortunately due to the recurrent outbreaks in
Australia and New Zealand, the trans-Tasman
bubble was suspended in July and the Cook
Islands bubble in August.
Although the timing of New Zealand opening
its borders for international visitors remains
uncertain and relies heavily on global
vaccination rates, Air New Zealand has been
focused on strengthening its core operations,
enhancing its loyalty programme, building its
digital capability and preparing for borders to
reopen. This puts the airline in a good position
to build back better.
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 02
Contents
1. About Air New Zealand 03
2. Competitive advantages 04
3. Sustainability 07
4. Shareholding and
structure 11
5. Network 12
6. Operating fleet 15
7. Balance sheet structure,
funding and liquidity 17
8. Risk management 18
9. Earnings and
dividend performance 20
10. Five-year
statistical review 22
11. Other information 27
12. Investor resources 32

4 —AIR NEW ZEALAND DATA B O O K 2021 5 —< BACK TO CONTENTS
2. Competitive advantages
Unparalleled brand and
service culture
Celebrating more than 80 years’ service,
Air New Zealand has a place of pride in the
hearts of Kiwis – and never has that been
clearer than through Covid-19. The airline is
renowned for offering excellent service with a
down-to-earth, caring Kiwi approach that has
won the team awards across the decades and
kept New Zealanders loyal. It is often said by
customers that being welcomed onboard is
like coming home.
The airline’s Kia Mau strategy is focused on
continuing to deliver this service excellence
over the short, medium and long-term. It is
focused on prioritising its people and investing
in products, services and digital tools to further
enhance the outstanding service culture it has,
ensuring customers continue to feel cared for
while they travel with Air New Zealand.
Modern, fuel-efficient fleet
The Air New Zealand fleet age is 6.7 years old,
which is one of the youngest global fleets. This
is due to the years spent investing in best-in-
class aircraft technology across its different
fleets. The fleet not only provides the airline
with greater operational performance and
better efficiencies, it also provides customers
with a fantastic onboard experience.
With the new Airbus A320 and A321neos flying
the Domestic, trans-Tasman and Pacific Islands
routes, and the Boeing 787s currently on all
international flights, fuel efficiency based on the
number of flights flying is at an all-time high.
The phasing of the fleet investment programme
has changed and reduced overall in-line with
the airline’s more focused international network
strategy. In addition, Air New Zealand is keeping
a close eye on the future of travel and is actively
working with key partners on opportunities for
next generation and zero emissions aircraft
and the role sustainable aviation fuels can play.
Domestic network strength
Air New Zealand’s cornerstone is its
domestic network and it has demonstrated
resilience despite Covid-19. As New Zealand’s
leading domestic carrier with over 80 percent
market share for more than 10 years, the
airline is taking an innovative approach to
how it is driving demand and incentivising
Kiwis to travel, particularly while the borders
remain closed.
Recent changes to the domestic schedule
have given customers more choice as to
when they fly. This will enable the airline to
offer even more lower fares and unlock new
demand which will in turn generate additional
domestic tourism. New and exciting products
and services are in store over the next year for
customers across areas including onboard
food, fare flexibility, Airpoints™ loyalty
programme and more.
Scalable Airpoints™
loyalty programme
Air New Zealand values it 3.6 million
Airpoints™ loyalty members and wants
to enhance the programme to drive even
stronger customer engagement. The
opportunity lies in offering people more of
what they want from their loyalty programme.
The airline has undertaken a full review of its
programme to understand what its members
care about so efforts can be focused on
the right areas. Expanding partnerships
to introduce new, improved benefits for
members such as improved upgrades,
greater personalised service and a greater
ability to share benefits among family
and friends will help keep the programme
relevant and fresh, which in turn will drive
stronger loyalty and retention.

6 —AIR NEW ZEALAND DATA B O O K 2021 7 —< BACK TO CONTENTS
Focused international
strategy
Understanding the opportunities for
international travel in a post-Covid world
and being able to respond quickly and offer
premium customers choice will be key to return
to profitable international operations once
demand builds back.
The advantage lies in preserving and protecting
competitive advantages, leveraging the airline’s
strong domestic presence and customer loyalty
to stimulate travel, and offering the optimal
network based on the fleet available and where
people want to fly, all supported by its strategic
alliance partnerships.
Cargo has always been a key component of the
airline’s international strategy, and its critical
role for the airline during Covid-19 further
solidifies Air New Zealand’s importance to
the New Zealand economy. The airline has a
robust, future-proofed strategy to maximise the
potential of its cargo business and support the
recovery of the economy.
Taking action on sustainability
and decarbonisation
Air New Zealand is committed to taking action
on decarbonisation, waste reduction and
sustainable tourism – with an ambition to lead
the aviation industry globally in sustainability
and climate action.
The airline is committed to achieving net
zero emissions by 2050. Its decarbonisation
strategy focuses on reducing gross carbon
emissions, including improvements to
operational efficiency, ongoing fleet renewal,
accelerating the development and deployment
of zero emissions aircraft, and advocacy to
accelerate the availability and commercial
viability of sustainable aviation fuel.
Reducing waste and reliance on single-use
plastic and championing sustainable tourism
continue to be key areas of focus as well.
3. Sustainability
While the impact of Covid-19 has slowed our recovery, the climate crisis has
continued to accelerate, and the pandemic has not slowed our commitment to
sustainability. For New Zealand to future-proof its high value exports and tourism
sectors, Air New Zealand must take genuine climate action.
To meet our goal of net zero carbon
emissions by 2050, we have developed a
decarbonisation roadmap that identifies
the technologies and actions we must adopt
to reduce our emissions. These include:
• The use of sustainable aviation fuel (SAF)
• The operation of zero emissions aircraft
• Continued investment in our modern fleet
replacement programme
• Improvements in operational efficiencies
SAF, made from waste materials such as
used cooking oils, forestry waste and landfill
waste, is an existing and proven means by
which Air New Zealand can decarbonise its
long-haul flights. However, SAF supply is
currently highly limited. To expedite the rollout
of SAF in New Zealand, Air New Zealand has
been collaborating with the private sector
and with Government to explore the polices,
investment and infrastructure required to
make SAF production in New Zealand a reality.
For further details on our vision for SAF in New
Zealand, view our public submissions, where
you can access our response to the Climate
Change Commission’s draft advice, as well as
our SAF White Paper that we shared with the
New Zealand Government.
Unlike SAF, zero emissions aircraft are still
under development, and we are actively
seeking to accelerate the development
and deployment of these technologies.
The unique context of New Zealand, with
its large percentage of renewable energy
and diverse terrain that requires a highly
connected aviation network, make it a prime
location to develop zero emissions aircraft.
Air New Zealand is pursuing opportunities
for electric, hydrogen or hybrid aircraft, with
an ambition to have these aircraft in our
fleet from 2030 for our regional and shorter
domestic flights. To hasten the delivery of zero
emissions aircraft, we have established several
strategic partnerships with manufacturers,
including recently signing a Memorandum
of Understanding with Airbus to explore the
possibility of operating hydrogen planes on
our domestic network.
Alongside these levers, we continue to roll out
our fleet renewal strategy, including phasing
out our Boeing 777-300ER fleet by 2027,
introducing Airbus A321neos to our domestic
network and preparing for the future delivery
of the more efficient Boeing 787 Dreamliners.
We also continue to prioritise fuel efficiency
both in the air and on the ground.
The airline remains a participant in the New
Zealand Emissions Trading Scheme and has an
obligation to report greenhouse gas emissions
generated from fuel use from all domestic
flights, and then purchase and surrender to the
Government an equal number of New Zealand
Units to match those emissions. In the 2020
calendar year, the Emissions Trading Scheme
obligation was 412,810 tonnes CO₂-e resulting
in a compliance cost of $14.5 million.
For emissions in international airspace, New
Zealand (and thus Air New Zealand) participates
in the Carbon Offset and Reduction Scheme
for International Aviation (CORSIA), requiring
carbon neutral growth from a 2019 baseline and
annual measurement and reporting.
We made some changes to our offsetting
programme, FlyNeutral¹, this year, as we
can no longer find enough permanent native
forestry carbon credits in New Zealand to
meet demand. Now when a customer
chooses to offset their flight related emissions,
100 percent of their carbon is offset using
carbon credits from international projects that
comply with international best practice.

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In addition, a customer’s FlyNeutral
contribution directly contributes to
supporting New Zealand’s native biodiversity
through a donation to the Native Forest
Restoration Trust. These donations are spent
on activities that accelerate the restoration,
regeneration, and production of New
Zealand’s permanent native forests.
Customers elected to offset over 40,000²
tonnes of CO₂-e this year.
Further detail on our climate-related
governance, strategy, risk management,
metrics and targets can be found in our
2021 Taskforce for Climate Related Financial
Disclosures (TCFD) contained in the airline’s
2021 Annual Financial Results (pages 64-68).
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 tonnes offset figure excludes the tonnes of carbon purchased by retail
customers that were credited back due to Covid-19 related cancellations.
3. Air New Zealand discloses its emissions within its Greenhouse Gas (GHG) Inventory report, full definitions of emission scopes
can be found within that report, extracts from that report are duplicated here within. Deloitte was engaged to provide reasonable
assurance over the 2021 GHG Inventory Report. Refer to the reporting and communications page on Air New Zealand’s website
for the full GHG Inventory and Assurance Report.
4. Gases included in the carbon dioxide equivalents (CO₂-e) factor are carbon dioxide (CO₂), methane (CH₄) and nitrous oxide (N₂O).
5. Scope 1 other emissions include the combustion of jet fuel from ground operations, LPG, natural gas, diesel, petrol, and wood pellets.
6. 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 efficiency
target. CO₂-e emissions are from Air New Zealand’s use of aviation fuel over the same time period.
CARBON EMISSIONS DATA
3
201920202021
Scope 1 International Network Emissions (Tonnes of CO₂-e)
4
(Jet Fuel)3,286,502 2,649,922 817,0 78
Scope 1 Domestic Network Emissions (Tonnes of CO₂-e) (Jet Fuel)629,876 518,607 508,737
Scope 1 Other Emissions
5
(Tonnes of CO₂-e)9,273 8,106 7, 3 76
Scope 2 Emissions (Tonnes of CO₂-e) (Electricity)3,098 2,832 2,720
COMMENTARY ON CARBON EMISSIONS DATA
Total Scope 1 and 2 emissions reduced by 58%
in 2021. This reduction is due to the reduction in
Scope 1 emissions from the international network
which reduced by 69%, compared to a 2% reduction
in Scope 1 emissions from the domestic network.
International Network
61%
Domestic Network
38%
Scope 1 Other and Scope 2
0.6%
Emissions
analysis
C A R B O N I N T E N S I T Y DATA
Carbon intensity data below provides a measure of emissions generated for each kilogram of payload flown.
This is the prominent metric for benchmarking airline carbon intensity. Air New Zealand aims to improve carbon intensity by
reducing emissions and maximising total payload carriage (RTK)
6
.
201920202021
International NetworkGrams of CO₂-e per Revenue Tonne Kilometre (RTK)726747972
Domestic NetworkGrams of CO₂-e per Revenue Tonne Kilometre (RTK)1,0281,1121,168
COMMENTARY ON CARBON EMISSIONS DATA
Air New Zealand’s carbon intensity
(measured in gCO₂-e/RTK) increased
31% compared to 2020. This increase
was largely due to New Zealand
border restrictions leading to lower
than usual load factors on the
international network and multiple
national lock downs impacting load
factors on the domestic network.
Air New Zealand uses a range of carbon metrics in its internal reporting, strategy
formation and decision making. This includes metrics related to assessing the
impact of gross carbon emissions, emissions intensity values and the value of
New Zealand’s carbon compliance obligations. Key metrics are reported below
and opposite.
The impact of Covid-19 has had a significant
impact on Air New Zealand’s operations
and network as well as the key metrics that
Air New Zealand reports on. As a consequence,
it is difficult to meaningfully compare the key
metrics with prior years.

AIR NEW ZEALAND DATA B O O K 2021 11 — 10 —< BACK TO CONTENTS
International
institutional investors
11
%
New Zealand
Government
52
%
New Zealand
institutional investors
2
%
Retail investors
35
%
SHARE
REGISTER
A S AT
30 JUNE 2021
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 addition, Air New Zealand has a sponsored
Level 1 American Depositary Receipt (ADR)
programme. The 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
2021. 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 retail investors
in New Zealand and Australia and institutional
shareholders primarily in New Zealand, the
United States, Australia, the United Kingdom
and Asia. For the year to 30 June 2021,
Air New Zealand had average daily trading
volume of approximately 1.6 million shares.

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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 Airbus A320/A321s and Boeing
widebody aircraft.

TASMAN AND PACIFIC ISLANDSJUNE 2021JUNE 2020JUNE 2019JUNE 2018JUNE 2017
Passengers carried
(‘000s)
386 (87.1%) 3,002 (25.8%) 4,044 6.5% 3,798 6.7% 3,561 1.6%
Available Seat Kilometres –
passenger flights (ASKs, millions)
2,214 (78.6%) 10,367 (24.0%) 13,640 5.2% 12,963 7.7 % 12,039 5.3%
Revenue Passenger Kilometres
(RPKs, millions)
964 (88.3%) 8,265 (26.2%) 11,195 5.8% 10,584 8.2% 9,78 4 2.6%
Load Factor43.5%36.2 pts79.7%(2.4 pts)82.1%0.5 pts81.6% 0.3 pts 81.3%(2.0 pts)
Revenue per Available Seat
Kilometres (RASK, cents)
6.4 (32.0%) 9.4 (2.2%) 9.6 (0.1%) 9.6 4.5% 9.2 ( 7.1%)
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 widebody fleet of Boeing 777-200ERs,
Boeing 777-300ERs 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,
focused primarily on cargo flights.
INTERNATIONAL LONG-HAULJUNE 2021JUNE 2020JUNE 2019JUNE 2018JUNE 2017
Passengers carried
(‘000s)
72 (95.8%) 1,702 (22.0%) 2,181 4.9% 2,079 3.3% 2,012 4.3%
Available Seat Kilometres –
passenger flights (ASKs, millions)
2,610 (87. 2%) 20,349 (19.5%) 25,285 3.6% 24,406 3.7% 23,533 6.1%
Revenue Passenger Kilometres
(RPKs, millions)
700 (95.8%) 16,751 (21.8%) 21,421 5.2% 20,359 3.3% 19,719 4.9%
Load Factor26.8%
(55.5 pts)82.3%(2.4 pts)8 4.7%1.3 pts83.4%(0.4 pts) 83.8%(1.0 pt)
Revenue per Available Seat
Kilometres (RASK, cents)
5.3 (34.8%) 8.1 (0.7%) 8.1 2.7% 7. 9 (1.2%) 7. 9 (12.9%)
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 and the Americas.
Five-year key operating statistics
GROUPJUNE 2021JUNE 2020JUNE 2019JUNE 2018JUNE 2017
Passengers carried
(‘000s)
8,649 (36.1%) 13,525 (23.8%) 17,73 8 4.5% 16,966 6.4% 15,952 5.2%
Available Seat Kilometres –
passenger flights (ASKs, millions)
10,304 (71.6%) 36,335 (21.1%) 46,029 4.0% 4 4, 2 74 5.0% 42,169 6.3%
Available Seat Kilometres –
passenger and cargo-only flights
(ASKs, millions)
17,410 (54.8%) 38,486 (16.4%) 46,029 4.0% 4 4, 2 74 5.0% 42,169 6.3%
Revenue Passenger Kilometres
(RPKs, millions)
5,908 (80.0%) 29,568 (23.3%) 38,573 5.2% 36,662 5.3% 34,814 4.8%
Load Factor57. 3%
(24.1 pts)81.4%(2.4 pts)83.8%1.0 pt82.8%0.2 pts82.6%(1.1 pts)
Revenue per Available Seat
Kilometres (RASK, cents)
14.3 31.5% 10.8 0.7% 10.8 1.6% 10.6 1.8% 10.4 (8.1%)
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 more than 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 51 turboprops including ATRs and Q300s.

DOMESTIC AND REGIONALJUNE 2021JUNE 2020JUNE 2019JUNE 2018JUNE 2017
Passengers carried
(‘000s)
8,191 ( 7.1%)8,821(23.4%) 11,513 3.8% 11,089 6.8% 10,379 6.7%
Available Seat Kilometres –
passenger flights (ASKs, millions)
5,480 (2.5%) 5,619 (20.9%) 7,10 4 2.9% 6,905 4.7% 6,597 8.8%
Revenue Passenger Kilometres
(RPKs, millions)
4,244 (6.8%) 4,552 (23.6%) 5,957 4.1% 5,719 7.7 % 5,311 8.7%
Load Factor7 7.4%(3.6 pts)81.0%(2.9 pts)83.9%1.1 pts82.8%2.3 pts80.5%(0.1 pt)
Revenue per Available Seat
Kilometres (RASK, cents)
21.7 ( 7. 8%) 23.6 5.1% 22.5 2.1% 22.0 3.6% 21.2 (2.9%)

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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. While
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
75%
202120112013201520172019
100%
90%
80%
70%
6%0
50%
40%
30%
20%
10%
0
25%
58%
42%
63%
37%
64%
36%
71%
29%
73%
27%
OWNED
LEASED
2020
79%
21%
10
8
6
4
2
0
AVERAGE YEARS
1 From 2021 onwards, excludes the Boeing 777-200ER fleet and one leased Boeing 777-300ER that are not
expected to be returned to service.
* Excludes short-term leases which provide cover for the global Rolls-Royce engine issues.
7.0
2017
7. 5
2018*
7.1
2019*
7.1
2020
6.7
2021

16 —AIR NEW ZEALAND DATA B O O K 2021 17 —< 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
and 24 March 2021, Moody’s reaffirmed
Air New Zealand’s issuer rating of Baa2 and
stable rating outlook. As at 30 June 2021,
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 2021, 86 of Air New Zealand’s
103 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
2021, Air New Zealand had total secured
bank borrowings of $1,147 million. Secured
borrowings are subject to both fixed and
floating interest rates. Fixed interest rates as
at 30 June 2021 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)
were reclassified from interest-bearing
liabilities to lease liabilities on the airline’s
balance sheet. As at 30 June 2021 Lease
liabilities of $989 million were recognised in
relation to these leases.
Crown 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. This Facility was
amended and increased to $1,500 million
as part of amendments in May 2021. As at
30 June 2021, the airline had drawn down
$350 million under this facility.
Unsecured borrowings
As at 30 June 2021, 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 2021, 17 of Air New Zealand’s
103 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 $491 million
and property lease liabilities were $281 million
as at 30 June 2021. For the year ended 30 June
2021, amounts recognised in the Statement
of Financial Performance for aircraft were
$147 million and property of $67 million.
Boeing 777-300ER
1
Number: 7
Average Age: 9.2 years
Maximum Passengers: 342
Cruising Speed: 910 km/hr
Boeing 777-200ER
1
Number: 8
Average Age: 15.2 years
Maximum Passengers: 312
Cruising Speed: 910 km/hr

Boeing 787-9 Dreamliner
Number: 14
Average Age: 4.8 years
Maximum Passengers: 302 or 275
Cruising Speed: 910 km/hr
Average Daily Utilisation: 9:07 hrs

Airbus A320/321NEO
Number: 11
Average Age: A321: 2.3 years A320: 2.1 years
Maximum Passengers: A321: 214 A320: 165
Cruising Speed: 850 km/hr
Average Daily Utilisation: A321: 2:17 hrs (to 31 Mar) 6:05 hrs (from 1 Apr to 30 Jun)

A320: 1:52 hrs (to 31 Mar) 5:52 hrs (from 1 Apr to 30 Jun)
Airbus A320CEO
Number: 20
Average Age: Short-haul: 16.8 years Domestic: 7.4 years
Maximum Passengers: Short-haul: 168 Domestic: 171
Cruising Speed: 850 km/hr
Average Daily Utilisation: Short-haul: 2:46 hrs

Domestic: 4:44 hrs
AT R 7 2 - 6 0 0
Number: 28
Average Age: 4.5 years
Maximum Passengers: 68
Cruising Speed: 518 km/hr
Average Daily Utilisation: 5:54 hrs

Bombardier Q300
Number: 23
Average Age: 14.4 years
Maximum Passengers: 50
Cruising Speed: 520 km/hr
Average Daily Utilisation: 5:02 hrs

* Covid-19 related domestic lockdowns and government restrictions on international travel continued to impact Air New Zealand’s
scheduled operations and aircraft utilisation in the 2021 financial year. As both the Boeing 777-300ER and Boeing 777-200ER
fleets are in storage, utilisation data has not been included. Utilisation on the Airbus A320/321neo aircraft was restricted to
Domestic operations prior to the opening of the trans-Tasman bubble in March 2021.
1 Both the Boeing 777-200ER and Boeing 777-300ER fleet are currently in long-term storage. The Boeing 777-200ER fleet has been
grounded for an indefinite period and the Boeing 777-300ER fleet is not expected to return to service before mid 2022.
As at 30 June 2021
*
1 Excludes 777-200ERs and ATR72-500s which are held for sale.

18 —AIR NEW ZEALAND DATA B O O K 2021 19 —< 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 2021 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 2021
Annual Financial Results or the Corporate
Governance section of the investor centre
website, which can be accessed online at
airnewzealand.co.nz/corporate-governance
Prior to the adoption of IFRS 16, 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 the amount of future payments
recorded off-balance sheet as an operating
lease commitment.
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. As at 30 June 2021,
Net Debt was $2,705 million and gearing
was 71.0 percent. Gearing increased in the
2021 financial year as a result of operating
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 2021, the airline had liquidity
of $1,416 million. This comprised cash of $266
million plus $1,150 million undrawn funds
under the $1,500 million Crown 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 ceased providing these quarterly
updates. However, disclosure of the airlines
fuel position was disclosed in the 2021
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
The above policies are adhered to and
monitored on a day to day operational basis.
The Executive 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.

AIR NEW ZEALAND DATA B O O K 2021 21 — 20 —< BACK TO CONTENTS
Air New Zealand cancelled its interim
dividend in March 2021 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 2021 financial year.
9. Earnings and
dividend performance
6
5
4
3
2
1
0
OPERATING REVENUE ($ MILLIONS)
$ MILLIONS
2,517
2021
5,109
2017
5,495
20182019
5,785
900
800
700
600
500
400
300
200
100
0
EARNINGS/(LOSS) BEFORE OTHER SIGNIFICANT ITEMS AND TAXATION ($ MILLIONS)
$ MILLIONS
(440)
2021
533
2017
549
20182019
387
100
90
80
70
60
50
40
30
20
10
0
GEARING (%)
%
71.0
2021
52 .7
2017
53.6
20182019
55.8
2,000
1,500
1,000
500
0
CASH ON HAND ($ MILLIONS)
$ MILLIONS
266
2021
1,369
2017
1,343
20182019
1,055
30
20
10
0
ORDINARY DIVIDENDS DECLARED (CENTS PER SHARE)
CENTS PER SHARE
0
2021
21.0
2017
22.0
20182019
22.0
4,836
2020
(87)
2020
69.2
2020
438
2020
0
2020

Pre-Covid-19 pandemic

Post-Covid-19 pandemic

22 —AIR NEW ZEALAND DATA B O O K 2021 23 —< BACK TO CONTENTS
Key Operating Statistics for the year to 30 June
20212020201920182017
Passengers Carried (000)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
8,191
386
32
40
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
To t a l 4584,704 6,225 5,8775,573
Total Group8,64913,525 17,738 16,96615,952
Available Seat Kilometres (m)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
5,480
2,214
1,572
1,038
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
To t a l 4,82430,716 38,925 37,36935,572
Total passenger flights10,30436,33546,0294 4, 2 7442,169
Cargo-only flights7,1062,151---
Total Group17,41038,486 46,029 4 4, 27442 ,169
Revenue Passenger Kilometres (m)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
4,244
964
292
408
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
To t a l 1,66425,016 32,616 30,94329,503
Total Group5,90829,568 38,573 36,66234,814
Passenger Load Factor (%)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
7 7.4
43.5
18.6
39.3
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
To t a l 36.581.4 83.8 83.483.8
Total Group57. 381.4 83.8 82.882.6
Group Employee Numbers (Full Time Equivalents)7, 8 409,988 11,793 11 ,074 10,890
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
GROUP20212020201920182017
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)
3
Cost per Available Seat Kilometre (CASK)
4
Return on Invested Capital Pre-tax (ROIC)
5
Liquidity ratio
6
Gearing (incl. net capitalised aircraft operating leases)
7

%
%
cents
cents
cents
%
%
%

(15.0)
13.5

24.9
14.3
12.5
(8.1)
10.6
71.0

(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
Shareholder Value
Basic Earnings per Share
8
Operating Cash Flow per Share
8
Ordinary Dividends Declared per Share
8
Net Tangible Assets per Share
8
Closing Share Price 30 June
Weighted Average Number of Ordinary Shares
Total Number of Ordinary Shares
Total Market Capitalisation
Total Shareholder Returns
9

cps
cps
cps
$
$
m
m
$m
%
(25.7)
28.8
-
0.82
1.55
1,123
1,123
1 ,740
0.7
(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
1 (Loss)/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 24)
2 EBITDRA excludes share of earnings of associates (net of taxation) and other significant items (refer footnote under Historical
Summary of Financial Performance)
3 Passenger revenue per passenger flight Available Seat Kilometre
4 Operating expenditure (excluding other significant items) per ASK (refer footnote under Historical Summary of Financial Performance)
5 (EBIT plus interest component of aircraft operating leases)/average capital employed (Net Debt plus Equity) over the period
6 (Bank and short-term deposits and interest-bearing assets (excluding restricted cash))/Operating Revenue
7 Net Debt (including capitalised aircraft operating leases)/(Net Debt plus Equity)
8 Per-share measures based upon Ordinary Shares
9 Return over five years including the change in share price and dividends received (assuming dividends are reinvested in shares
on ex dividend date)

24 —AIR NEW ZEALAND DATA B O O K 2021 25 —< BACK TO CONTENTS
Historical Summary of Financial Position as at 30 June
2021
$M
2020
$M
2019
$M
2018
$M
2017
$M
Current Assets
Bank and short-term deposits
Other current assets
266
560
438
571
1,055
74 9
1,343
910
1,369
518
Total Current Assets 826 1,009 1,804 2,2531,887
Non-Current Assets
Property, plant and equipment
Other non-current assets
3,128
2 ,74 0
3,336
3,198

5,133
684

4,892
558

4,650
539
Total Non-Current Assets5,8686,534 5,817 5,4505,189
Total Assets6,6947, 5 4 3 7,621 7,7037,076
Current Liabilities
Debt
1
Other current liabilities
907
1,446
513
1,589
307
2,359
431
2,265
317
2,088
Total Current Liabilities2,3532 ,1022,666 2,6962,405
Non-Current Liabilities
Debt
1
Other non-current liabilities
2,401
835
3,188
935
2,290
673
2,303
631
2,197
556
Total Non-Current Liabilities3,2364,1232,9632,9342 ,753
Total Liabilities5,5896,225 5,629 5,6305,158
Net Assets1,1051,318 1,992 2,0731,918
Total Equity1,1051,318 1,992 2,0731,918
1 Debt is comprised of secured borrowings, bonds, finance lease liabilities and lease liabilities.
Historical Summary of Financial Performance for the year to 30 June
2021
$M
2020
$M
2019
$M
2018
$M
2017
$M
Operating Revenue
Passenger revenue
Cargo
Contract services
Other revenue
1,470
769
161
117
3,942
449
216
229
4,960
390
197
238
4,696
387
193
219
4,376
335
164
234
2,517 4,836 5,7855,4955,109
Operating Expenditure
Labour
Fuel
Maintenance
Aircraft operations
Passenger services
Sales and marketing
Foreign exchange (losses)/gains
Other expenses

(830)
(311)
(254)
(350)
(84)
(73)
(29)
(247)
(1,197 )
(1,022)
(4 41)
(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)
(2 ,178) (4,052) (4,605)(4, 203)(3,844)
Operating Earnings (excluding items below)
Depreciation and amortisation
Rental and lease expenses
339
(716)
-
784
(841)
-
1,180
(554)
(245)
1,292
(516)
(227)
1,265
(484)
(230)
(Loss)/Earnings Before Finance Costs, Associates,
Other Significant Items and Taxation
Finance income
Finance costs
Share of earnings of associates (net of taxation)

(377)
8
(90)
19

(57)
34
(103)
39

381
48
(79)
37

549
40
(73)
33

551
43
(87)
26
(Loss)/Earnings Before Other Significant Items and Taxation
Other significant items (see below)
(440)
29
(87)
(541)
387
(5)
549
(57)
533
23
(Loss)/Earnings Before Taxation
Taxation credit/(expense)
(411)
122
(628)
174
382
(106)
492
(137)
556
(153)
Net (Loss)/Profit Attributable to Shareholders of Parent Company(289)(454)276355403
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 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.
Historical Summary of Other Significant Items for the year to 30 June
2021
$M
2020
$M
2019
$M
2018
$M
2017
$M
Foreign exchange (losses)/gains on debt and leases, offset by foreign
exchange gains on the hedged item, following disestablishment of fair
value hedges

-

(46)(5)(57)20
Amounts transferred from the cash flow hedge reserve where the
forecast transaction is no longer expected to occur

(18)

(105)

-

-

-
Foreign exchange gains on uncovered interest-bearing liabilities
and lease liabilities
14367---
Aircraft impairment and lease modifications(78)(338)--(8)
Reorganisation costs(39)(140)---
Gain on sale of landing slots2121---
Settlement of legal claim----(11)
Virgin Australia divestment----22
29(541)(5)(57)23
Historical Summary of Cash Flows for the year to 30 June
2021
$M
2020
$M
2019
$M
2018
$M
2017
$M
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
323
(182)
(313)
230
(542)
(305)
986
(883)
(391)
1,031
(778)
(279)
904
(616)
(513)
Decrease in cash holding(172)(617)(288)(26)(225)
Total Cash and Cash Equivalents2664381,0551,3431,369

AIR NEW ZEALAND DATA B O O K 2021 27 — 26 —< BACK TO CONTENTS
11. Other information
Historical Summary of Debt as at 30 June
2021
$M
2020
$M
2019
$M
2018
$M
2017
$M
Debt
Secured borrowings
Unsecured bonds
Finance lease liabilities
Lease liabilities

1,497
50
-
1,761

1,413
50
-
2,238

1,459
50
1,088
-

1,563
50
1,121
-

1,243
50
1,221
-
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)
3,308
266
13
324
3,701
438
(37)
334
2,597
1,055
7
264
2,73 4
1,343
42
182
2,514
1,369
(32)
164
Net Debt 2 ,705 2,966 1,271 1,1671,013
Net aircraft operating lease commitments
2
-- 1,2461,2321,120
Net Debt (including off Balance Sheet)2 ,7052,966 2,517 2,3992 ,133
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)
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.
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 2021 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 2021 29 —< BACK TO CONTENTS
Executive 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.
Richard Thomson — Chief Financial Officer
Richard Thomson joined the airline in March 2021 and holds the position of Chief Financial
Officer overseeing the Corporate Advisory Services, Investor Relations, Internal Audit,
Corporate Finance, Networks, Finance and Group Shared Services teams. Richard is
familiar with the aviation industry having previously been with Air New Zealand for 13 years
in several senior roles including General Manager Networks, Manager Group Financial
Planning and General Manger Corporate Finance. Richard left the airline in 2017 to join
publicly listed company Metlifecare as Chief Financial Officer and was closely involved
in its recent acquisition by APVG. In his earlier career Richard gained experience in the
financial services industry advising companies on mergers and acquisitions, debt and
equity capital raisings, corporate taxation and company valuations.
Richard holds Bachelor of Commerce and Bachelor of Law (Hons) qualifications from the
University of Canterbury and a Post Graduate Diploma in Applied Finance, and maintains
a license as a private pilot.
Mat Bolland — Chief Corporate Affairs Officer
Mat Bolland oversees the airline’s government relations, regional, cultural and regulatory
affairs, and communications functions. Joining the airline in May 2021, Mat’s corporate
affairs career has spanned over 20 years across the energy, water, and telecommunications
industries within New Zealand.
Prior to joining Air New Zealand, Mat held the position of General Manager Corporate
& Regulatory Affairs at 2degrees, where he led the company’s advocacy programme
for 11 years. Mat has lead organisations through periods of crisis and significant change,
where he has developed and strengthened the reputation of some of New Zealand’s best-
known organisations.
With a background in journalism, Mat has been a Fellow of the Public Relations Institute of
New Zealand since 2005.
Nikki Dines — Chief People Officer
Nikki Dines has been with Air New Zealand for more than 7 years working across a range of
leadership and legal counsel roles. Nikki has been involved in supporting or leading many
of Air New Zealand’s large-scale change projects affecting employees. In her current role
as Chief People Officer, Nikki is responsible for developing and executing the airline’s
people and culture strategy.
Prior to joining Air New Zealand, Nikki worked as an employment lawyer in the United
Kingdom and New Zealand for more than 15 years, becoming a Partner at boutique labor
law firm, LangtonHudsonButcher.
Nikki has a BA/LLB (Hons) degree from the University of Auckland.
Leanne Geraghty — Chief Customer & 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.
Carrie resigned early October 2021 and a search has commenced for her replacement.
David Morgan — Chief Operational Integrity & 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.
Nikhil Ravishankar — Chief Digital Officer
Nikhil Ravishankar is Air New Zealand’s Chief Digital Officer, a role he’s held since joining
the airline in September 2021. Prior to Air New Zealand, Nikhil was Chief Digital Officer at
Vector New Zealand, leading the company’s digital and information technology function
and its transformation programme since 2017. Before this, he was a Managing Director at
Accenture in Hong Kong, Australia and New Zealand and held technology strategy and
transformation leadership roles at Telecom New Zealand (Spark).
Nikhil holds a Bachelor of Science, Computer Science and a Bachelor of Commerce
(Honours) from the University of Auckland and is an advisor and mentor for the university’s
Strategic CIO programme. He’s also a member of the Auckland University of Technology
(AUT) AUTEUR Influencer Network, on the board of New Zealand Asian Leaders and an
advisory committee member of The Auckland Blues Foundation.

30 —AIR NEW ZEALAND DATA B O O K 2021 31 —< BACK TO CONTENTS
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. 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 Chartered Accountants Australia
and New Zealand 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.
Claudia Batten LLB(Hons), BCA
Independent Non-Executive Director – Appointed 28 October 2021
Claudia Batten is the Chair of Serko, a director at Vista Group New Zealand and the digital
advisor to the Westpac New Zealand board.
Claudia has recently returned to New Zealand after living in the US and will bring her global
experience, customer focus and skills in technology and innovation to the board. Claudia
had success as a digital entrepreneur in the US as a co-founder of two technology ventures.
Dean Bracewell
Independent Non-Executive Director – Appointed 20 April 2020
Dean Bracewell has significant experience in the freight and logistics industry, with the
majority of his career spent at Freightways Limited where he held a number of senior
leadership and Executive roles, including most recently as Managing Director from 1999
to 2017. Dean is a Director of Tainui Group Holdings Limited, Property for Industry Limited
and the Halberg Foundation. He 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
Laurissa Cooney is a Fellow of Chartered Accountants Australia and New Zealand, and a
Chartered Member of the Institute of Directors in New Zealand. Laurissa 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. Laurissa currently serves as the
Chair of Tourism Bay of Plenty, and is an Independent Non-Executive Director for Goodman
(NZ) Limited, Accordant Group Limited and Aotearoa Circle 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. Laurissa 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
Larry De Shon BA Communications, BA Sociology
Independent Non-Executive Director – Appointed 20 April 2020
Larry 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. Larry is a non-executive director for The Hartford Financial Services
Group Inc, a US-based Fortune 500 investment and insurance company. Larry has
bachelor’s degrees in both communications and sociology from the University of Missouri.
Alison Gerry BMS (Hons), MAppFin
Independent Non-Executive Director – Appointed 28 October 2021
Alison Gerry is currently a director at ANZ Bank New Zealand, Infratil Limited, is the founding
Chair of Sharesies and is a director at Suncorp New Zealand. She has extensive experience
in governance, capital management and audit and risk with those companies and via
previous directorships at Spark, TVNZ, Kiwibank and Queenstown and Wellington Airports.
Paul Goulter LLB, MA (Hons), BA
Independent Non-Executive Director – Appointed 28 October 2021
Paul Goulter is the National Secretary of NZEI Te Riu Roa (New Zealand’s largest
education union) and a director of the Co-operative Bank. Paul has more than 40 years’
experience with unions in New Zealand and in Australia, including a period as Secretary
of the New Zealand Council for Trade Unions and as General Secretary of Finsec (the
financial sector union).
Jonathan Mason MBA, MA, BA
Independent Non-Executive Director – Appointed 1 March 2014
Jonathan 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,
Jonathan was Fonterra Co-operative Group’s Chief Financial Officer from 2009. Jonathan
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.
Jonathan also serves as an Adjunct Professor of Management at the University of Auckland,
specialising in international finance.

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12. Investor resources
Investor Centreairnewzealand.co.nz/investor-centre
Monthly traffic updatesairnewzealand.co.nz/monthly-operating-data
Corporate Governanceairnewzealand.co.nz/corporate-governance
Sustainabilityairnewzealand.co.nz/sustainability
Contact information
Emailinvestor@airnz.co.nz
Share registerenquiries@linkmarketservices.co.nz

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