2022 Annual Shareholders’ Meeting Speeches and Presentation

Stock exchange listings: New Zealand (NZX: AIR) / Australia (ASX: AIZ) / ADR (OTC: ANZLY)


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


22 September 2022

Air New Zealand 2022 Annual Shareholders’ Meeting Materials


Please find attached to this announcement the Chairman and CEO address, in addition
to the presentation for Air New Zealand’s 2022 Annual Shareholders’ Meeting which
will be held today at 2pm.

There is no new material information contained within the speeches or the
presentation.

Information on meeting participation is included in the Notice of Meeting. Shareholders
attending online will be able to access the meeting link and Portal Guide from the
Company’s website, https://www.airnewzealand.co.nz/annual-meeting.


Ends.



Jennifer Page
General Counsel & Company Secretary
jennifer.page@airnz.co.nz
+64 27 909 0691

For investor relations questions, please contact:
Kim Cootes
Head of Investor Relations
kim.cootes@airnz.co.nz
+64 27 297 0244

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1


ANNUAL SHAREHOLDERS’ MEETING
THURSDAY 22 SEPTEMBER 2022

CHAIRMAN’S ADDRESS
Kia ora koutou
2022 has been another year of significant highs and lows for Air New Zealand. Restarting the airline
at scale has been no easy feat but it is clear that 2022 marks the true start of our recovery. With a
$2.2 billion dollar recapitalisation complete, and New Zealand’s borders open to the world, we are
now firmly in the revive phase.
And it’s an exciting place to be. We’re back flying to most of our international ports and have
welcomed thousands of visitors to Aotearoa. We’re currently completing the biggest recruitment
drive in the airline’s history to respond to what can only be described as a very strong demand
environment. We have reanimated four of our seven Boeing 777-300 aircraft which were stored in
the desert over the course of the pandemic and have reopened international lounges and reinstated
offshore sales offices. Late last week we launched our flagship service to New York, and it was a
real privilege to join Greg and the team along with key tourism and travel partners on that first flight
out on the 17
th
of September. North America plays a key role in optimising our international network
and it was fantastic to see this much anticipated route get up and running.
So, while there is no denying that there is still uncertainty ahead, and some challenging macro-
economic conditions, we are thrilled to see that the desire for travel and connection remains strong.
But what has become increasingly clear to us as we move into the recovery period, is that in a post-
Covid era of flying we cannot simply return to doing things the way we have always done them. The
world has changed so much since the pandemic begun and we are making sure that Air New
Zealand changes with it. Our Kia Mau strategy keeps us focussed on what we need to do – Grow

2

Domestic, Optimise International and Lift Loyalty – and Greg will provide further insights on this
during his address later today.
Moving now to the 2022 financial results. We are delighted that demand has returned strongly and,
as you will see on the chart in my next slide, we are not currently seeing signs of that demand
waning.
However, the reality is that a number of our key financial and operational metrics were significantly
impacted by Covid-19 restrictions throughout the majority of the 2022 financial year. For FY22 we
reported operating revenue of $2.7 billion dollars, and our overall result was a loss before other
significant items and taxation of $725 million dollars. We reported a statutory loss before taxation
of $810 million dollars.
The emergence of the Delta variant in New Zealand and the resulting 100-day-plus lockdown meant
that between August and November 2021 our operations were severely restricted. We then had to
contend with Omicron impacting the domestic network in the second half of the financial year, all
whilst international borders remained largely closed. This, combined with record high fuel prices,
inflationary pressures on the cost base, and costs associated with building back our operations
contributed to the financial loss for the year.
Cargo was a major contributor to revenues, delivering $1.0 billion dollars. This was due to flying
under the New Zealand and Australian Government airfreight schemes which contributed $403
million dollars, as well as heightened seasonal demand and widebody flying. We expect this level
of cargo revenue to moderate from here-on-in as the recovery continues, with the Australian
scheme now finished and the New Zealand support scheme tapering off. However, cargo continues
to be important to our strategy of optimising international profitability.
From a liquidity perspective, as at 20 September 2022 the airline has available liquidity of $2.4
billion, consisting of approximately $2.0 billion in cash and $400 million of available funds on the
unsecured standby loan facility with the Crown. It’s worth noting that the cash balance includes

3

$200 million of redeemable shares on issue to the Crown, which is treated as debt on our balance
sheet.
Cash is currently at elevated levels, substantially above our minimum liquidity target of $700 million
as a direct result of the timing of cash receipts from the recent capital raise, as well as strong
revenue in advance from the high levels of demand we are currently observing. We expect this
level of cash will reduce in the coming months as those sales are availed and as we make payments
for planned aircraft and non-aircraft expenditure. We will also look to repay the $200 million of
redeemable shares on issue to the Crown as our recovery progresses. All in all, we believe it is
prudent at this time to maintain elevated levels of liquidity as we navigate through the recovery
period.
Following the phased reopening of New Zealand’s borders, bookings have been very strong. The
charts on the slide give you a sense of the momentum we have experienced both for Domestic and
International bookings since travel restrictions started to lift from March 2022 and as you can see,
this trend continues with high booking levels through August and into September.
This performance and a review of the latest forward bookings profile led us to update the market
yesterday, which I will touch on shortly.
On our domestic network, bookings are currently at around 105% of pre-Covid levels and
importantly corporate bookings continue to trend towards pre-Covid levels. On the international
network, we now have almost all of our offshore routes operational, and capacity has recovered to
around three quarters of 2019 levels. We currently expect FY23 capacity at around 75 to 80 percent
of pre-Covid capacity which is a bit more growth that we had anticipated back in March when we
launched our recapitalisation and reflects the stronger demand environment. It also reflects our
expectation that we will have the remaining 777-300 widebody aircraft flying by the end of FY23.

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From a forward sales perspective, the trend is much the same. Our weekly revenues have been
above pre-Covid levels due to limited capacity. Average fares are also higher, reflecting the
elevated cost environment. If we take fuel alone, which is our second largest expense item in the
P&L, we have seen huge volatility across the past six months with fuel prices up almost 60 percent
on FY19.
Like all businesses that rely to a degree on discretionary spend, we are closely monitoring
consumer behaviour given cost of living and inflationary pressures and the risk of a global
recession, all of which have the potential to slow our recovery.
While we have not yet seen an impact on demand, we are sensitive to these factors and remain
committed to ensuring our pricing is affordable and competitive, across our entire network, but
particularly for domestic travel here in New Zealand. That is why you will continue to see us offer
100,000 tickets under $100 across the domestic network at any one time – this gives customers
the opportunity to book further in advance to secure cheaper fares.
As the world reopens again, our team has been excited to get back to doing what we love -
reconnecting families, friends and colleagues both within New Zealand and around the globe and
bringing tourists back to our beautiful country.
However, rebuilding the airline after more than two years of subdued operations and in the face of
an unprecedented surge in demand, has provided its own set of challenges. Challenges that other
businesses here in New Zealand are facing and challenges that the broader aviation industry
globally is also experiencing. Many of these are outside our immediate control but we are doing
everything we can to mitigate their impact.
We are currently operating in a very tight labour market and until recently, have had the highest
levels of employee sickness we have seen in more than a decade. In response to this, you will have
seen us proactively reduce our schedule over the coming spring and summer months to provide
customers with increased surety over their travel plans and to avoid a repeat of the level of

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cancellations we saw through July and early August. We have also undertaken a significant
recruitment drive, employing more than 1,000 additional staff in the last three months alone and
training them at pace to provide further buffer to the schedule and support to our operations.
Adding more capacity will also help and we have had an additional two of our Boeing 777-300 fleet,
re-join the fleet in the last two months. Next month we will welcome our first domestic A321neo
aircraft, which will provide an extra 46 seats per flight on domestic jet routes.
I want to say a huge thank you to our customers for their patience as we rebuild our network. We
are working hard to restore reliability and resilience into our flying schedule, to give customers the
Air New Zealand experience they know and love.
I also want to acknowledge the unwavering dedication of our incredible team. Restarting the airline
at pace has tested us and has involved a huge amount of mahi. Our people have remained firmly
focused on delivering for our customers despite the challenges and for that I am immensely grateful.
I know this sentiment is shared by the entire Board and Executive Team.
I also don’t want to shy away from some of the big wins we have had as a company in the past
year. When times are tough, I know we tend to focus on the things we need to do better, but the
reality is our people have worked exceptionally hard and achieved some huge successes.
I won’t go into each and every one of these, but we’ve been named the world’s safest airline by
AirlineRatings.com and have achieved the number 1 Corporate Reputation in the Kantar Corporate
Reputation Index for the eighth consecutive year. We’ve settled 14 collective agreements with our
unions and won health and safety awards for our leadership and response to the Covid-19
pandemic. More recently we were awarded the Best Air Cargo Carrier – Oceania for the second
year running at the Asian Freight, Logistics and Supply Chain Awards last week, where we were
up against the likes of Qantas Freight and Virgin Australia Cargo in these industry nominated
awards.

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And perhaps most importantly, we launched Flight NZ0, an evolving body of work that will allow our
customers, investors and other interested stakeholders to access transparent and digestible
information about our progress as we focus on decarbonising the airline to reach our goal of net
zero carbon emissions by 2050. We also became the second airline in the world to announce an
ambitious interim science-based target, which was validated by the Science Based Targets
Initiative, an independent body responsible for endorsing emissions targets. This 2030 target will
act as a key milestone, guiding us on our journey to 2050 and will hold us accountable to take action
today.
Earlier this year we completed a $2.2 billion dollar recapitalisation to refuel the airline for our
recovery. This was a hugely significant milestone for Air New Zealand after two years of turbulence
and has set us up to continue to invest, innovate and deliver on our strategy, Kia Mau.
We were pleased with the success of the rights offer. Thousands of shareholders participated,
exceeding our expectations and market benchmarks for this type of offer. The achievement of a
$0.28 per share premium in the bookbuild process meant shareholders who did not participate still
derived value from the offer. I want to reiterate my earlier comments and thank our shareholders
for their continued support.
As you can see on slide 11, following the completion of the recapitalisation, our balance sheet and
liquidity position has been restored, with liquidity well above our minimum requirement of $700
million and gearing back within our target range of 45 to 55 percent.
You can also see the various cash inflows and outflows quite well on the chart here, including
repayment of the $850 million we had drawn down on the initial Crown Loan in the lead up to our
recapitalisation, as well as the replacement and refinancing of $400 million of the $600 million in
redeemable shares on issue to the Crown.

7

As noted earlier $200 million of redeemable shares remain on issue to the Crown and serve as an
additional source of liquidity, however we do anticipate repaying this as our recovery progresses.
Likewise, the new $400 million Crown loan facility announced as part of the recapitalisation is not
intended to be drawn upon and is there to provide additional liquidity only if necessary.
We are pleased that our key balance sheet and liquidity metrics have been restored following the
recapitalisation and are encouraged by the continued strength in demand since New Zealand’s
borders reopened.
However, we are also cognisant that the borders have only been fully open for less than eight weeks
and there is still a large degree of macroeconomic uncertainty and inflationary pressures ahead.
We are also closely watching the competitive landscape.
We appreciate the support our shareholders have shown us throughout the pandemic and know
that after more than two years of no dividends, you expect a return on your investment. As you can
see on this slide, returning the airline to profitability is a key milestone that needs to be achieved
before consideration of distributions to shareholders and is something both the Board and the
Executive are keenly focussed on.
The Board will review the airlines performance against the key metrics outlined on this slide on an
ongoing basis. However, the Board does not expect to consider payment of distributions before
there is a sustained recovery in earnings, and in the context of a supportive broader economic
environment and recovery.
Now, moving on to the outlook for the first half of FY23. As disclosed to the market yesterday, our
forward sales continue to be strong particularly for travel through to January 2023. On the basis
this strength continues, and assuming a fuel price of US $130 per barrel, we currently expect
earnings before other significant items and taxation in the range of $200 to $275 million dollars.

8

We would caveat this by noting that there are many factors that have the potential to slow our
recovery and significantly impact earnings - fuel and demand for the second half of the year being
two key examples.
On this basis and taking into account global recessionary risks and other macroeconomic factors
including inflationary pressures on costs, the airline is not providing full year guidance at this time.
The airline strongly cautions against extrapolating first half FY23 earnings guidance to the full year
given the many uncertainties that exist.
With that, I would like to thank you, our shareholders, for your loyalty to Air New Zealand and for
your time here today.
CHIEF EXECUTIVE OFFICER’S ADDRESS
Thank you Dame Therese.
Tena koutou oku rangatira.
Ngā mana whenua.
Koutou katoa. Ngā mihi.
Kia ora and good afternoon everyone.
As Therese has mentioned, it has been another big year for our airline and for Air New Zealanders.
From completing a recapitalisation and getting ready to launch our first new route since 2018, to
just keeping the airline humming, aircraft crewed and getting customers where they need to be.
We could not have achieved so much without the incredible team of Air New Zealanders who make
this airline what it is. I am continually impressed by our team and what they can achieve.
Our guiding principle during the pandemic has been to do the right thing: by our customers, our
people, our shareholders and the communities we fly to.

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For customers, we’ve been focused on restoring services, maintaining a choice of fares and
continually innovating to improve their journey with us. We froze the status for Airpoints members,
kept pricing fair, and provided compassionate refunds for those facing hardship. Just last week,
we extended the expiry date on all credits so that any customer with a credit at the end of September
this year will have until the end of January 2024 to book a new flight, and December 2024 to fly.
We know customers value our transparency. Which is why, as sickness levels caused disruption,
we took action to protect the travel plans of our customers by reducing our schedule by 1.5 percent
over the coming summer months.
When demand returned more quickly than expected, we did the right thing by hiring additional
support at the Contact Centre, training and retraining crew, and reinstating our Covid flexibility
policy.
For our amazing staff we provided one-off awards to acknowledge their extra mahi. Across FY22
we lifted our lowest wages, created opportunities to cross-skill, settled 14 collective agreements,
and reinstated many employee benefits. We also welcomed more than 1,500 people to the Air New
Zealand whānau in the biggest recruitment drive in our 82-year history.
For you, our shareholders, whose support has refuelled the business for recovery and future
growth, we’ve completed a recapitalisation including an equity raise that was structured to be fair
to all shareholders, including those that didn’t take up the rights offer.
For the regions we fly to, we’ve been with you during some tough times. We launched a temporary
service from Northland during Auckland’s lockdown. When flooding devastated Timaru, we added
daily flights to keep much-needed personnel and supplies flowing. And we added travel flexibility
and credits for those affected by the recent Nelson flooding emergency.
We have also focused on getting the balance right in terms of the costs we bring back into the
business, especially in this environment of higher inflation. A key priority in the short-term continues

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to be hiring and training people to support the rebuild of our network. That is the right thing to do
to ensure resiliency of our schedule for our customers as we head into the busy holiday
season. However, the pandemic has given us the opportunity to reset our business, not only with
where we fly, but how we operate the airline smarter, and more efficiently. To that end, we are
investing in new infrastructure and digital tools, improving our processes and changing how we
work – all of these things are important to driving a sustainably improved cost base.
Our airline plays an important role in keeping New Zealand connected, and we take that
responsibility seriously. While I acknowledge we’ve been far from perfect, we’ve never strayed from
the simple principle to “do the right thing”. Time and again, this has guided our decision making.
We have worked hard during the pandemic to create new products and services to differentiate us
and delight our customers. It was exciting to unveil the future cabins that will be on our new
Dreamliners arriving in 2024, including the world-first lie flat Skynest – a game changer for our
economy customers and Business Premier Luxe for those wanting more space and privacy.
We revealed our new Business Premier menu, which showcases the best of Aotearoa on a plate
with fresh local produce and more choice for our customers. This menu was launched on our New
York service, which took its inaugural flight last Saturday. Seeing New Yorkers taking photos of the
mangōpare on the tail of our aircraft as we arrived at JFK Airport was an iconic moment. We’ve put
New Zealand on the map in a truly world-class city and I’m hugely excited about the potential this
route creates, and by the demand we have seen to date. For now, we will be flying three times a
week but will look to add further flights as this route develops.
While New York is our flagship route, we’ve been busy getting most of our international network
back up and running throughout July. We’re looking forward to returning to our final US port,
Chicago, on 30 October.
Closer to home, more than 160,000 new members joined our Airpoints loyalty programme. We also
added over 2,000 products to our Airpoints store and introduced Flexipay. I’m especially excited

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about our next generation Air New Zealand mobile app, which will give customers a more seamless
travel experience when it rolls out soon. We’ve invested heavily in additional resourcing for our
contact centre and continue to work on reducing wait times and improving self service capability.
We also know that we must find a more sustainable way to fly and have taken some important steps
in our journey, which I will cover on the next slide.
Guiding every decision we make is our Kia Mau strategy. It’s the flight plan that helped us
navigate through Covid-19 and into Revive – and that will eventually guide us to Thrive.
It starts with a robust domestic business that fits perfectly with our purpose and will be crucial for
our return to profitability. We want to keep building demand back, adding more flights and offering
different time slots, alongside developing innovative products, like subscription services, and
improving experiences in the air and on the ground.
We’re shifting the focus of our international network, doubling down on the locations we know
customers want to fly to and offering better schedules. Our aim is to have a single widebody fleet
focused on premium leisure customers and cargo in the Pacific Rim, and the launch of our non-
stop service to New York builds on this.
Loyalty is a source of untapped potential for new revenue and a superb channel to deliver on our
promise of differentiation. We’re making headway on elevating our loyalty business to one that
excites customers to use and earn their Airpoints.
We want to become the world's leading digital airline by revamping our app and digital offerings.
We’re focused on running the airline like a Swiss watch with safe, efficient operational
performance and building a rewarding place to work, with an uncompromising focus on keeping
staff and our customers safe.

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And we are acutely aware that to continue to connect Kiwis to the world and the world to us, we
must play our part in addressing the impact of aviation on climate change and focus on reaching
net zero carbon emissions by 2050. Despite the upheaval of the pandemic, I believe climate
change is the biggest challenge facing the aviation industry. That’s why we’ve committed to our
2050 goal and are making progress on this. Our first delivery of Sustainable Aviation Fuel has
arrived, and we are working with the Government to understand how it could be produced here in
New Zealand.
I’ve just recently returned from a trip to the US, where we visited a start-up creating the world’s
first all-electric aircraft which could transform aviation as we know it. These new aircraft won’t just
cut our carbon emissions – they could connect regional New Zealand in a different way. This is
another example of how we’re bringing our Kia Mau strategy to life. While we still have much
work to do to achieve our emissions reduction targets, and are reliant on other parties to do their
part, we are committed to taking genuine action on to reduce our environmental impact.
While a great plan is one thing, it's how we execute it that really matters. That's why we’re also in
the middle of an organisational transformation that will see our people empowered to be
themselves, do the right thing and deliver exceptional service and products for our customers. It’s
this transformation that will help us deliver on our strategy and unleash the full potential of our
people.
We are rebuilding as a stronger, more nimble airline. And we’re confident we have the right
strategy and the right team to deliver for all New Zealanders.
As Therese spoke to earlier, we are firmly in the revive phase of our recovery. But we have our
eyes fixed on the horizon – and getting Air New Zealand to thrive.
We haven’t been sitting around waiting for demand to recover – instead, we have taken the
opportunity to redefine what our business could be. In this new world we believe differentiation

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will be hugely important, and we have created new ways and offerings to excite our customers
and set us apart from our competitors.
If we get this right, our customers will have the greatest flying experience on earth. I have never
been more optimistic about the future. We’re seeing optimism in travel return – not just in
bookings but in the joy of getting out to experience the world. On a personal level, it’s been terrific
to see customers out on the network, some using their passports for the first time in several
years. It’s a special role Air New Zealand plays in connecting Kiwis with the world, and the world
to them.
We have a fantastic network focused on serving our customers and where they want to fly.
Always with an eye to the future, we’re engaging with manufacturers and start-ups on future
hybrid and electric aircraft, particularly for our domestic network.
Air New Zealand has an ambition to be a truly digital airline, with Aotearoa New Zealand uniquely
placed to test ideas, and Air New Zealand the perfect airline to do so. We're teaming up with the
world’s leading companies and I look forward to sharing more soon as we start to turn our
ambition into a reality.
I firmly believe when people look back on this turbulent period in our history and reflect on Air
New Zealand, they won’t just recall how we survived a pandemic, but how Air New Zealand used
this time to build new foundations. I hope they’ll recall that we didn’t just rebuild – we took this
moment to reimagine what our business could be and reinvented ourselves to deliver something
truly special.
Finally, I want to thank you for your continued support of Air New Zealand and your patience as
we have navigated through this extraordinarily difficult time. Your commitment means a great deal
to us.

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In return, you have our commitment to do everything we can to contribute to the success of Air
New Zealand. The whole Air New Zealand whānau is focused on building back as a smarter,
stronger and more sustainable airline.
Tēnā koutou, tēnā koutou, tēnā koutou katoa.

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All information is private and confidential
2022
Annual
Shareholder
Meeting
22 September 2022
1

2

Board of Directors
3

AIR NEW ZEALAND 2022 ANNUALRESULT
4
Online Assistance
4

Agenda
• Chair’s address
• CEO’s address
• Questions on 2022
performance
• Committee Chair’s address
• Resolutions and voting
• General questions
5

Thrive
Enhanced domestic offering
Optimised international network
Supercharged loyalty programme
Continued customer obsession
Industry leading staff engagement
Digital investments driving efficiencies and
seamless customer experience
Continued progress on our decarbonisation
ambitions
Return to profitability
Delivering our full potential
Revive
Revive
2
Safeguardingour balance sheet
Structural reductions to cost base and
deferral of capital spend
Early retirement of 777-200 fleet and
temporary grounding of 777-300ER fleet
Utilisation of Government support
mechanisms
Cargo diversification
Kia Mau strategy refinement
Restarting our network
Reopening of our international borders
Strongest demand and revenue environment
in two years
$2.2 billion recapitalisation complete
Hiring and rehiring staff, reinstating benefits
Launching a stream of customer innovations
Reanimating 777-300ER fleet, international
lounges and offshore teams
Launch of our decarbonisation roadmap
Movement to agile ways of working
2022 marked the start of our recovery, with the airline now
firmly in the revive phase
3
Survive
1
6

Key financial and operational metrics for FY22 continued
to be impacted by Covid-19
1
Refers to losses before other significant items and taxation. For further information, please refer to the 2022 Annual FinancialResults
2
Government supported cargo flying contributed $403 million to cargo revenue in FY22
3
This represents total FY22 capacity including cargo-only flying as a percentage of FY19 capacity. FY19 excludes the now suspended Auckland-London service
($725)million($810)million
loss before taxation
$2.7 billion
operating revenue
($591)million
net loss after taxation
8 million passengers flying
on our network compared to 18 million pre-Covid
$1 billion
cargo revenue
2
56%
of pre-Covid capacity
3
by Q4 FY22
$2.4 billion
availableliquidity
AS AT 20 SEP 2022
7
loss
1

All information is private and confidential
However the phased border re-openings have
led to a strong demand environment
Current
bookings at
~105%
of FY19 levels
Current
bookings at
~75%
of FY19 levels
8

AIR NEW ZEALAND 2022 ANNUAL RESULT
Headwinds
Tight labour
market
High levels of
staff illness
Weather
events
Record high fuel
prices and cost
pressures
•Proactive capacity
reductions to ensure
greater schedule reliability
•Large scale recruitment,
training new staff at pace
•Lifting our lowest wages
and settling 14 collective
employment agreements
•Development of digital tools
•Fuel hedging and yield
management
Air New Zealand actions
Impact on operations
We have faced operationalheadwinds as we rebuild our
network to support demand, and continue to address these
9
OTP Performance
Extreme
weather
and staff
illness
Weather
conditions
9

All information is private and confidential
But we are proudof what our people have achieved
despite these challenges
#1
Corporate Reputation
for eight consecutive
years
2
$2.2 billion
Recapitalisation complete
14
Collective agreements
settled with the unions
2030
Science based emissions
reduction target validated
#1
World’s safest airline
1
Worksafeaward
Leadership in response to
Covid-19
Flight NZ0
launchedto guide us
on our journey to net
zero carbon
emissions
#1
Air Cargo Carrier –
Oceania for the
second year
3
10
1
Awarded in FY22 by AirlineRatings.com
2
Kantar Corporate Reputation Index 2022
3
Awarded at the AFLAS (Asian Freight, Logistics and Supply Chain) Awards

AIR NEW ZEALAND 2022 ANNUAL RESULT
The $2.2 billion recapitalisation was a significant
step in refuelling the airline for recovery
11
1
1
1
1
As at 30 June

AIR NEW ZEALAND 2022 ANNUAL RESULT
We remain focused on financial resilience and returning
the airline to profitability before consideration of
distributions
Financial
resilience
Maintain investment
grade credit rating
Gearing target range
of 45% to 55%
Minimum liquidity of
$700 million
Debtto earnings
metric
1
of 2.0x to 3.3x
Investments
in strategy
Disciplined capital
investments to
support our strategy
Aircraft ownership
decisions
Non-aircraft
investment
Delivering a sustainable
pre-tax ROIC of >10%
–
–
Distributions
2
The board expects to consider distributions
once earnings have substantially
recovered and in the context
of a supportive broader economic
environment and recovery
1
Refers to Debt to EBITDASA metric. EBITDASA is defined as Operating earnings (before depreciation and amortisation, net finance costs, associate earnings, other significant items and taxation) plus finance income and cash dividends
received from associates less foreign exchange gains/losses
2
See Air New Zealand’s distribution policyfor further details. Dividends are currently suspended
12
Financial
Performance
Substantial and
sustained recovery
in earnings
Supportive broader
macroeconomic
environment and
recovery
Indicates current performance against this metric

Air New Zealand has continued to see strong forward sales over the first three months of the financial
year, particularly for travel through to January 2023 and continues to operate approximately 70 percent
of FY19 capacity.
On the basis that this forward sales strength continues over the coming quarter, with similar capacity
and assuming an average jet fuel price of approximately US $130/bbl, the airline currently expects
earnings before taxation and other significant items for the first half of the 2023 financial year to be in
the range of $200 million to $275 million.
The airline notes that fuel prices remain highly volatile and that this is one of many factors that have the
potential to slow our recovery and significantly impact earnings. Additionally, demand in the second half
of the financial year remains highly uncertain.
On this basis and taking into account global recessionary risks and other macroeconomic factors
including inflationary pressures on costs, the airline is not providing full year guidance at this time. The
airline strongly cautions against extrapolating first half FY23 earnings guidance to the full year given the
many uncertainties in the trading environment.
1H FY23 Outlook
13

AIR NEW ZEALAND 2022 ANNUAL RESULT
14

AIR NEW ZEALAND 2022 ANNUAL RESULT
We remain focussed on controlling what we can, and
doing the right thing for our stakeholders
Rebuilding our network and
restoring schedule reliability
Large scale recruitment drive
and reinstating benefits
Offering customers greater
flexibility
Reanimatingaircraft
Sustainable cost structure
and restoring profitability
Standing with our
communities
15

In the near term, this means continuing to rebuild our
operations and deliver exceptional customer experiences
16
Unveiling new
products and
services
Launching our
New York route
Roll out of
new app
Progressing our
decarbonisation
road map
Roll out of
new app
Enhancing our
loyalty
offering
Investments in
the contact
centre

Profitably grow and enhance
our iconic domestic offering,
providing New Zealanders with
even more choice as the best-
connected country in the world
Connecting New Zealanders
and our exports to the world
through an optimal international
network and premium
leisure product
Increase products and benefits
members value from our
Airpoints
TM
programme,
supercharging the loyalty
ecosystem for the airline
Our strategic roadmap guides every decision we make
Grow
domestic
Optimise
international
Lift
loyalty
Operational excellence that
provides a seamless travel
experience for our customers –
do it right, first time, every time
Brilliant
Basics
Committed to meaningful action
to reduce our carbon impact
Serious about
Sustainability
Technology focused on delivering
a world-class experience for our
people and customers while
driving efficiencies
Digital
Dexterity
Putting people, health and
safety first
Prioritising
People & Safety
Profit drivers
Enabled by strong culture and focused investment
17

As we look forward, these decisions are driving us towards
our full potential
ReviveRevive
Thrive
Enhanced domestic offering
Optimised international network
Supercharged loyalty programme
Continued customer obsession
Industry leading staff engagement
Digital investments driving efficiencies and
seamless customer experience
Continued progress on our decarbonisation
ambitions
Return to profitability
Delivering our full potential
Safeguardingour balance sheet
Structural reductions to cost base and
deferral of capital spend
Early retirement of 777-200 fleet and
temporary grounding of 777-300ER fleet
Utilisation of Government support
mechanisms
Cargo diversification
Kia Mau strategy refinement
Restarting our network
Reopening of our international borders
Strongest demand and revenue environment
in two years
$2.2 billion recapitalisation complete
Hiring and rehiring staff, reinstating benefits
Launching a stream of customer innovations
Reanimating 777-300ER fleet, international
lounges and offshore teams
Launch of our decarbonisation roadmap
Movement to agile ways of working
Survive
1
3
2
18

19

Questions on FY22 performance
20

Update from our Committee chairs
21

22

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• Resolution 1: To re-elect Dame Therese Walsh
• Resolution 2: To re-elect Jonathan Mason
• Resolution 3: To ratify the entry into and
performance by the Company of the Amended
Crown Loan Facility
• Resolution 4: To ratify the entry into and
performance by the Company of the New Crown
Loan Facility
Resolutions for voting
25

(as at 21 September 2021)
Proxies and postal votes received
26
Proxy votesPostal votes
ForAgainstAbstainDiscretionForAgainstAbstain
Resolution 1:
Re-election of
Dame Therese Walsh
280,934,9327,420,5132,761,6355,084,1731,722,470,458467,832113,527
Resolution 2:
Re-election of
Jonathan Mason
278,711,4269,187,3573,215,5615,086,9091,722,472,365457,572121,880
Resolution 3:
To Ratify
Amended Crown Loan Facility
288,398,0231,181,8081,517,4875,103,9341,722,676,404223,923151,490
Resolution 4:
To Ratify
New Crown Loan Facility
288,057,1541,217,5281,826,1135,100,4571,722,622,554274,773154,490

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28

29

30

General questions
31

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