Air New Zealand 2022 Databook

ANNUAL
DATA B O O K
2022

Tokyo
Los Angeles
Sydney
Melbourne
Samoa
Tonga
Fiji
Niue
Tahiti
Christchurch
Wellington
Auckland
Houston
Adelaide
Perth
Brisbane
Cairns
Queenstown
Rarotonga
San Francisco
Honolulu
Hong Kong
Shanghai
Denpasar
Singapore
Sunshine Coast
Gold Coast
Vancouver
Taipei
Seoul
New Caledonia
Hobart
Chicago
New York*
Kerikeri
Whangarei
Tauranga
Hamilton
Rotorua
TaupoGisborne
Hawke’s Bay
Palmerston North
New Plymouth
Nelson
Blenheim
Hokitika
Timaru
Dunedin
Invercargill
Queenstown
Christchurch
Wellington
Auckland
* Air New Zealand operated its first flight to New York
in September 2022. The airline operates its flagship
Auckland-New York route three times a week,
year-round on our Boeing 787-9 Dreamliner aircraft.
2 —AIR NEW ZEALAND DATA B O O K 2022 3 —
ContentsWhere we fly
1. About Air New Zealand 04
2. Our strategy 06
3. Leadership and
governance 08
4. Sustainability 14
5. Networks 24
6. Operating fleet 28
7. Balance sheet structure,
funding and liquidity 32
8. Risk management 36
10. Financial and
operating data 40
11. Other information 44
12. Investor resources 46
9. Earnings and dividend
performance 38

4 —AIR NEW ZEALAND DATA B O O K 2022 5 — 4 — 4 —
1. About Air New Zealand
Company description
The Air New Zealand Group (‘Air New
Zealand’) is a world class airline, with a strong
customer proposition and a modern fleet.
The airline operates a global network that
provides air passenger and cargo transport
services to, from and within New Zealand.
Following the outbreak of Covid-19 and the
resulting border closures, Air New Zealand
operated largely as a domestic business with
some international repatriation and cargo
flights for the 2020 to 2022 financial years.
With the phased reopening of New Zealand’s
borders from March 2022, the airline has
been rebuilding its international network
and as of the date of publication of this
databook, is now flying back to all of its
29 international destinations.
Trading information
Air New Zealand is listed on the New Zealand
Stock Exchange (NZX), the Australian
Securities Exchange (ASX) and also 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.
NZX Ticker code:
AIR
ASX Ticker code: AIZ
ADR OTC Ticker code: A N Z LY
Shareholding and structure
In May 2022 Air New Zealand completed
a $1.2 billion pro-rata renounceable Rights
Offer as part of a $2.2 billion recapitalisation
package to help position the airline for
recovery from the Covid-19 pandemic. The
Rights Offer allowed eligible shareholders to
buy additional shares at a discount relative to
the prevailing market share price. The Rights
Offer commenced on 6 April 2022 and the
shares were allotted on 9 May 2022.
As at 30 June 2022 there are 3,368,430,132
Ordinary Shares on issue (excluding
Treasury Stock). The New Zealand
Government is the majority shareholder
with 1,717,916,801 shares, or 51 percent of
total issued capital. The remaining shares
are held by retail investors in New Zealand
and Australia and institutional shareholders
primarily in the United States, Australia,
New Zealand, United Kingdom and Asia.
For the year to 30 June 2022, Air New
Zealand had average daily trading volume of
approximately 2.1 million shares.
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SHARE REGISTER
A S AT
30 JUNE 2022

Retail
Investors

New Zealand
Government
International
Institutional
Investors
New Zealand
Institutional
Investors
12%3%34%51%

6 —AIR NEW ZEALAND DATA B O O K 2022 7 —
2. Our strategy
Air New Zealand’s Kia Mau strategy drives a
relentless focus on three clear drivers of value
creation, executed through excellence and innovation
across four key business enablers.
It all starts with our purpose to enrich our country through connecting
New Zealanders to each other and New Zealand to the world. This is an
idea that’s been at the heart of our airline from the very beginning.
Embedded in Kia Mau is a promise to our people, our customers and our
community. Our promise is Manaaki – taking care further than any other
airline. This idea of care is encapsulated in our values and surrounds
everything we do – from taking care of each other, our customers, our
country and our communities.
We have a vision to deliver the greatest flying experience on Earth,
which will be enabled by embedding world class digital technology in
everything we do.
Brilliant
Basics
Operational excellence that
provides a seamless travel
experience for our customers –
do it right, first time, every time
Serious about
Sustainability
Committed to
meaningful
action to reduce our
carbon impact
Digital
Dexterity
Technology focused on delivering
a world-class experience for
our people and customers while
driving efficiencies
Prioritising
People & Safety
Putting people,
health and safety first
Enabled by strong culture and focused investment
Grow Domestic
Profitably grow and enhance our iconic
domestic offering, providing New
Zealanders with even more choice as
the best-connected country in the world
Lift Loyalty
Increase products and benefits
members value from our Airpoints™
programme, supercharging the
loyalty ecosystem for the airline
Optimise International
Connecting New Zealanders and
our exports to the world through an
optimal international network and
premium leisure product
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Kia Mau
Our Purpose
Enrich our country by connecting New Zealanders to
each other and New Zealanders to the world.
Our Promise
Manaaki – taking care further than any other airline.
Profit Drivers
Our Values

8 —AIR NEW ZEALAND DATA B O O K 2022 9 —
3. Leadership and governance
Executive team
Greg Foran — Chief Executive Officer
Greg joined Air New Zealand in early February 2020. Prior to this he 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. He previously held several senior positions with Woolworths Group.
Greg is also a member of the China Business Council.
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 rejoined the airline in March 2021 and has a strong background in aviation,
having previously been with Air New Zealand for 13 years in several senior positions
including General Manager Networks, Manager Group Financial Planning and General
Manager Corporate Finance. Richard left the airline in 2017 to join publicly listed
company Metlifecare as Chief Financial Officer.
Earlier 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) from the University
of Canterbury and a Post Graduate Diploma in Applied Finance. He also maintains a
license as a private pilot.
Mat Bolland — Chief Corporate Affairs Officer
Mat 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 led 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 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 Bachelor of Arts/Bachelor of Laws (Honours) degree from the University
of Auckland.
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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.
Alex Marren — Chief Operating Officer
Alex joined Air New Zealand as Chief Operating Officer in April 2022, following a 36-
year career in senior operations, customer, cabin crew and airport leadership roles at
United Airlines, Hertz Corporation, and ABM Aviation.
Most recently, Alex was president of ABM Aviation where she led over 20,000 team
members serving over 75 airlines and airports across the United States, United
Kingdom, Ireland and the Middle East.
Alex holds a Bachelor of Arts from Harvard College and has completed the
Advanced Education Programme at The Northwestern University Kellogg School of
Management. She is currently an Advisor for Advancing Women’s Excellence in Supply
Chain, Operations and Management, and has served on the boards of the American
Red Cross in Chicago and the Alliant Credit Union.
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.
Kiri Hannifin — Chief Sustainability Officer
In November 2022 we welcomed Kiri Hannifin to the Executive as our Chief
Sustainability Officer. This newly created executive position recognises the
importance of sustainability across all aspects of Air New Zealand’s operations and
the increased focus the airline is placing on addressing its environmental impact.
Before joining the airline, Kiri was on the leadership team of Countdown/Woolworths
New Zealand where she was responsible for Sustainability, Corporate Affairs, Health
and Safety, Quality and Food Safety. Within this role she spearheaded the company’s
programme to reduce emissions, managed the health, safety and wellbeing of the
company’s 21,000 staff and led its internal and external stakeholder management
activity. Kiri has a LLB and BA (Political Science) from the University of Canterbury.

10 —AIR NEW ZEALAND DATA B O O K 2022 11 —
Board of Directors
Dame Therese Walsh DNZM, BCA, FCA
Chair
Independent Non-Executive Director – Appointed 1 May 2016
Dame Therese is an Independent director and Chair of Air New Zealand Limited. She is
also the Chair of ASB Bank Limited, Chair of the Chapter Zero NZ steering group and
a Director of Antarctica New Zealand. 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, Pro Chancellor of Victoria University
Wellington, a director of NZX Limited, Contact Energy Limited, NZ Cricket and Save
the Children NZ, Trustee of Wellington Regional Stadium and CFO at the New Zealand
Rugby Union. 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 is currently the Chair of listed digital travel company Serko, a director at
Vista Group New Zealand and the digital advisor to the Westpac New Zealand Board.
She graduated Victoria University of Wellington with degrees in Law (Hons) and
Commerce, starting her career at Russell McVeagh Wellington.
Having recently returned to New Zealand after living in the United States, Claudia
brings her global experience, customer focus and skills in technology and innovation
to the Board. She has had success as a digital entrepreneur in the United States as a
co-founder of two technology ventures.
Claudia participates regularly across the international entrepreneurial space as an
advisor and a very active mentor. She has been awarded multiple awards for her work
supporting the New Zealand technology sector including the prestigious KEA World
Class New Zealander Supreme Award; a distinguished Alumni Award from Victoria
University; Next’s Woman of the Year in 2015; a Sir Peter Blake Leadership award in
2016; the Outstanding Contribution award to Technology & Business at the 2017 CIO
Awards; and was named 2018’s Flying Kiwi at the New Zealand Hi-Tech Award.
Dean Bracewell
Independent Non-Executive Director – Appointed 20 April 2020
Dean 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 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.
Dean is of Ngāti Maniapoto and Ngāi Te Rangi descent.
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Mike Williams — Chief Transformation & Alliances Officer
Mike joined Air New Zealand in 2016 and has since held several senior commercial
and strategy roles including Group General Manager Commercial, Alliances &
Strategy. Mike has a deep understanding of the business and the aviation sector,
and a sharp strategic ability that has served Air New Zealand well as we have
established key alliance partnerships over the years. Mike now leads the delivery
of the Kia Mau business strategy and continues to strengthen the airline’s alliance
partner relationships.
Prior to Air New Zealand, Mike worked with the Boston Consulting Group in Australia,
Finland and the US working with clients in the aviation, technology and retail sectors.
He holds a Bachelor of Aerospace Engineering with first-class honours and a Bachelor
of Business Management in finance from RMIT University in Melbourne, Australia.
Nikhil Ravishankar — Chief Digital Officer
Nikhil has been Air New Zealand’s Chief Digital Officer since September 2021. Prior to
this, he 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, Nikhil 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 is 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.

12 —AIR NEW ZEALAND DATA B O O K 2022 13 —
Laurissa Cooney BMS (Hons), FCA, CMinstD
Independent Non-Executive Director – Appointed 1 October 2019
Laurissa is a Fellow of Chartered Accountants Australia and New Zealand, and a
Chartered Member of the Institute of Directors in New Zealand. She has previously
held senior roles with Deloitte in New Zealand and Deloitte Touche in London and was
the Chief Financial Officer for Te Whare Wānanga o Awanuiārangi.
Laurissa currently serves as the Chair of Tourism Bay of Plenty, and is an Independent
Non-Executive Director for Goodman Property 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 co-chair for the Tourism Industry Transformation Plan for the
environment with MBIE. Laurissa is also a Committee Member of the Chapter Zero
NZ Steering Group and was a 2017 recipient of the Institute of Directors Emerging
Director Award.
Laurissa is of Te Āti Hau Nui a Pāpā Rangi (Whanganui) descent.
Larry De Shon BA Communications, BA Sociology
Independent Non-Executive Director – Appointed 20 April 2020
Larry has more than 40 years’ experience in the Aviation and transportation industries.
Prior to joining Air New Zealand’s Board, 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 is also a non-
executive director for United Rentals inc, the largest rental company in the world.
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 is an independent director with deep experience in the financial services and
infrastructure sectors. Alison is Chair of Sharesies and Infratil, and a director of ANZ
Bank New Zealand and Suncorp New Zealand subsidiaries. She is also former Deputy
Chair of Kiwibank and a former director of Spark, TVNZ, NZX, Queenstown Airport and
Wellington Airport.
Alison has more than 20 years’ executive experience working for both corporates and
for financial institutions in Australasia, Asia and London in trading, finance and risk
roles. Her last executive role was at Lion in Sydney as Group Treasurer. Alison was
also a Visiting Fellow at Macquarie University for 12 years teaching on the Masters of
Applied Finance programme.
Alison has a Masters of Applied Finance from Macquarie University and a Bachelor of
Management Studies from Waikato University. She is a Fellow of INFINZ and Fellow of
the Institute of Directors.
Paul Goulter LLB, MA (Hons), BA
Independent Non-Executive Director – Appointed 28 October 2021
Paul has an extensive career in the union trade movement. He is currently the CEO of
the New Zealand Nurses Organisation Tōpūtanga Tapuhi Kaitiaki o Aotearoa, New
Zealand’s largest health union. Prior to this, Paul was the National Secretary of NZEI Te
Riu Roa, the principal, teacher and school support staff union.
Paul spent 20 years in the finance sector union, Finsec (now First Union), including
nine years as General Secretary, followed by three years as Secretary of the New
Zealand Council of Trade Unions (CTU). He has also worked in Australia as the Director
of the Australian Council of Trade Unions’ Education and Campaign Centre.
Paul served on the Board of the Cooperative Bank for 12 years. During his time on the
Board he held a variety of roles, including Deputy Chair for six years and Chair of the
Board’s People and Culture Board for eight years.
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, Jonathan
was Chief Financial Officer at Fonterra. Previous to that he was Chief Financial Officer
at forest products company Carter Holt Harvey Limited and has also served in senior
financial management positions at US-based International Paper.
Jonathan has had governance experience for organisations in both New Zealand and
the United States. 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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14 —AIR NEW ZEALAND DATA B O O K 2022 15 —
4. Sustainability
As New Zealand reopens its borders to the world, it
is clear the climate crisis has continued to accelerate
rapidly. We are acutely aware that to deliver on our
purpose to connect New Zealanders to each other
and New Zealand to the world, Air New Zealand must
take genuine action on climate change.
Our decarbonisation roadmap
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 SAF,
the operation of zero emissions aircraft,
continued investment in our fleet replacement
programme, improved operational efficiencies,
and carbon removal solutions.
Description
Sustainable aviation
fuel (SAF)
Zero emissions
aircraft technology
Continued fleet
renewal
Operational
efficiency
Carbon removal
solutions
Non-fossil derived jet fuel,
lifecycle carbon reduction
potential of at least 80%,
compatible with existing
aircraft without modification
Future hydrogen or
battery or hybrid aircraft
technologies
Rollover current fleet to
new jets that achieve greater
fuel efficiency
Optimising carbon
efficiency from flight and
ground operations
Credible carbon removal
solutions aligned to
international best practice
2050
Decarbonisation
Potential
50%20%20%<2%Residual
Ta r g e t
(2050)
Fleet
renewal
Zero

emissions
aircraft
Operational
efficiency
Sustainable
aviation
fuel
Baseline
(2021)
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16 —AIR NEW ZEALAND DATA B O O K 2022 17 —
Sustainable aviation fuel (SAF)
SAF is the most significant decarbonisation
technology the airline can use to reduce
carbon emissions across its network.
Made from waste materials such as used
cooking oils, forestry waste and landfill waste,
SAF is an existing and proven means by which
Air New Zealand can decarbonise its flights.
However, SAF supply is extremely limited
globally, and the cost is high - around two to
five times that of traditional jet fuel.
To expedite the rollout of SAF in New Zealand,
Air New Zealand has been collaborating
with the private sector and with the New
Zealand Government to explore the policies,
investments and infrastructure required to
make local production in New Zealand a reality.
The airline’s SAF strategy also includes
working to import this fuel to New Zealand,
sourcing SAF at the international ports that
we fly to and collaborating across the aviation
sector worldwide to address the issues of
cost and supply. Air New Zealand is working
towards a goal of 1 percent SAF uplift across
its network in the 2023 financial year and a
goal of 10 percent uplift by 2030.
Over the past 12 months, Air New Zealand
has been working to establish a SAF import
supply chain and in September 2022, we
received our first shipment into New Zealand
for commercial use. The 1,000-tonne
shipment was delivered to Auckland from
the world’s largest SAF producer, Neste,
in Finland, in partnership with Z Energy.
Designed to test the supply chain and trial the
use of SAF in domestic fuel infrastructure,
this import also provided a real example of the
true cost of importing SAF into New Zealand.
This will be crucial for future business
planning and in informing our advocacy for
enabling appropriate policy settings.
Zero emissions aircraft
technology (ZEAT) – the future
of our domestic fleet
Unlike SAF, zero emissions aircraft are still
under development. However, we are actively
seeking to accelerate the development and
deployment of these technologies.
New Zealand’s unique environment , with its
large percentage of renewable electricity and
diverse terrain that requires a highly connected
aviation network, make it a prime location to
operate 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 established
strategic partnerships with several
manufacturers to explore the possibility of
operating novel propulsion aircraft on our
domestic network, and released the product
requirements document (PRD) in December
2021, which saw more than 30 aircraft
developers respond with ideas and insights
to guide the technology development.
See call out box above for more details.
(c) Airbus 2020 – All Rights Reserved
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More recently in November 2022,
the airline announced Mission
Next Gen Aircraft – an accelerator
programme to progress two
ambitious goals:
1 Fly our first commercial
demonstrator flight from 2026
2 Begin replacing the Q300
domestic fleet with a more
sustainable aircraft – likely green
hydrogen or battery hybrid
systems – from 2030
Furthermore, in December 2022 we
announced we would be working with
Eviation, Beta, VoltAero and Cranfield
Aerospace. four world-leading
innovators, on our mission to have
our first zero emissions demonstrator
flight – either cargo or passenger –
take to the skies from 2026.

18 —AIR NEW ZEALAND DATA B O O K 2022 19 —
Continued fleet investment
We continue to roll out our fleet renewal
strategy, including phasing out our Boeing
777-300ER fleet by calendar year 2027,
introducing Airbus A321neos to our domestic
network and preparing for the future delivery
of the more efficient Boeing 787 Dreamliners.
Operational efficiency
Although the continued impacts of
Covid-19 have limited our ability to
implement new initiatives, our Carbon
Reduction Programme remains a priority.
We continue to enhance current initiatives
such as onboard weight reduction and
non-essential fuel burn during layovers.
We are also increasing our focus on the
potential fuel reduction benefits of our
new flight planning system launched on
our jet fleet this year and rolling out on
our turboprop fleet in calendar year 2023.
These flight planning systems enable
smarter flight planning leading to further
emissions reductions.
Our progress in 2022
To help Air New Zealand
deliver on its promise of
Manaaki – taking care
further than any other
airline on earth, we have
driven forward a number
of key initiatives on our
sustainability agenda
throughout 2022.
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In particular, we have made
meaningful progress on a range
of opportunities to reach our net
zero carbon emissions by 2050
target. This includes the setting
and accreditation of a 2030
interim science-based carbon
reduction target to reduce carbon
intensity by 28.9 percent from a
2019 baseline, the launch of Flight
NZ0™, our public commitment
to find a more sustainable way to
fly, as well as the release of our
industry leading ZEAT PRD as
noted above, and our continuing
advocacy around creating a local
supply of SAF in New Zealand.

20 —AIR NEW ZEALAND DATA B O O K 2022 21 —
2022 Emissions snapshot
Air New Zealand uses a
range of emissions metrics
in its internal reporting,
strategy formation and
decision making.
This includes metrics related to assessing the
impact of gross greenhouse gas emissions,
emissions intensity values and the value of New
Zealand’s carbon compliance obligations. Key
metrics are reported in the next two sections.
Covid-19 has had a significant impact on the
airline’s operations and network as well as the
key metrics that the airline reports on.
As a consequence, it is difficult to meaningfully
compare the key metrics with prior years.
We have, however, included a summary of
key metrics in the tables on pages 21 – 22,
including 2019 which gives a view of emissions
data in a pre-Covid environment.
Covid-19 impacted
CARBON EMISSIONS DATA (TONNES CO
2
-e)
1
20192020²20212022
Scope 1 – International network emissions (Jet Fuel)3,286,5022,649,922817,0781,040,786
Scope 1 – Domestic network emissions (Jet Fuel) 629,876518,607508,737465,303
Scope 1 – Other emissions
3
9,2728,1067,3 766,796
Total Scope 1 emissions3,925,6503,176,6351,333,1911,512,885
Scope 2 – Emissions (Electricity)3,0982,8322,7202,736
Scope 3 – Emissions
4
---623,411
Total Scope 1, Scope 2 and Scope 3 emissions ---2,139,032
1. The airline 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 Limited was engaged to provide reasonable
assurance over the scope 1 and scope 2 components over the GHG Inventory Report, and limited assurance over the scope 3,
category 3 components. The remaining categories of scope 3 emissions were not subject to consideration by Deloitte Limited. Refer
to the reporting and communications page on Air New Zealand’s website for the full GHG Inventory and Assurance Report. Gases
included in the carbon dioxide equivalents (CO
2
-e) factor are carbon dioxide (CO
2
), methane (CH
4
) and nitrous oxide (N
2
O). 2. 2020
relates to the financial year end 30 June 2020. It should be noted that for much of the 2020 financial year, the airline's operations
were not subject to Covid-19 related border restrictions. 3. Scope 1 other emissions include the combustion of jet fuel from ground
operations, LPG, natural gas, diesel, petrol, and wood pellets. 4. Scope 3 emissions are all indirect emissions (not included in scope
2) that occur in the value chain of the reporting company, including both upstream and downstream emissions.
COMMENTARY ON CARBON EMMISSIONS DATA
Total Scope 1 and 2 emissions increased by 13
percent in 2022 due to greater network capacity as
New Zealand’s Covid-19 restrictions eased. These
emission levels remain significantly lower than
pre-Covid levels.
This is the first year we have publicly reported
our scope 3 emissions, which are emissions
that result from activities within the airline’s
value chain. In 2022, scope 3 emissions
represented close to 30 percent of the airline’s
total emissions. Around half of our scope 3
emissions relate to the extraction, production,
and transport of fuels (referred to as category
3). The second largest category, representing
around a quarter of scope 3 emissions, relates
to purchased goods and services, including
catering, inflight products and landing fees.
Total Scope 3
29.1%
Total Scope 1
70.8%
Total Scope 2
0.1%
84.6%
OF OUR TOTAL
CARBON FOOTPRINT
IS FROM JET FUEL
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22 —AIR NEW ZEALAND DATA B O O K 2022 23 —
Carbon intensity data provides a measure
of emissions generated for each kilogram
of payload flown and each available seat.
Payload carriage is expressed as Revenue
Tonne Kilometre (RTK)⁵ and seat availability
is measured in Available Seat Kilometre
(ASK)⁶. These are both prominent metrics for
benchmarking airline carbon intensity. The
airline aims to improve carbon intensity by
reducing emissions from flight operations and
maximising total payload carriage.
Commentary on cabon intensity data
The airline’s carbon intensity (measured in
gCO₂–e/RTK) decreased 7 percent compared
to 2021. This improvement was largely due
to easing New Zealand border restrictions
leading to higher load factors on the network.
However, this metric still remains elevated
when compared to pre-Covid levels due to the
national lockdowns and border restrictions in
place at various times throughout 2022.
While the airline’s carbon intensity (measured
in gCO₂–e/RTK) has been elevated through the
Covid-19 impacted period, carbon intensity
(measured in gCO₂–e/ASK) has continued
a downward trend, decreasing 12 percent
between 2019 to 2022. This reduction has been
a result of the improved efficiency achieved
through the retirement of the Boeing 777-
200ER fleet and continued efforts to improve
operational efficiency.
4
3
2
1
0
Gross Carbon
Emissions (CO₂-e)
Gross Carbon Emissions

(Tonnes of CO
2
-e) Millions
International
Domestic
2016202120202019201820172022
Covid-19 impacted
CARBON INTENSITY METRICS20192020⁷20212022
Grams of CO
2
-e per Available Seat Kilometre (ASK)85 82 76 75
Grams of CO
2
-e per Revenue Tonne Kilometre (RTK)762 789 1,039 971
Well-to-wake grams of CO
2
-e per Revenue Tonne Kilometre (RTK)
8
916--1,165
1,200
900
600
300
0
2016202120202019201820172022
Carbon Intensity
Analysis
gCO
2
-e/RTK
gCO
2
-e/A SK
gCO
2
-e/RTK
90
85
80
75
70
65
gCO
2
-e/A SK
Compliance framework
The airline remains a participant in the New
Zealand Emissions Trading Scheme (ETS)
and has an obligation to report greenhouse
gas emissions generated from fuel use
from all domestic flights, and purchase
and surrender to the Government an equal
number of New Zealand Units to match
those emissions. In the 2021 calendar year,
the Emissions Trading Scheme obligation
was 435,578 tonnes CO₂-e resulting in a
compliance cost of $14.4 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 growth
above a 2019 baseline to be offset with
eligible offset units, alongside annual
measurement and reporting⁹.
Further detail on our climate-related
governance, strategy, risk management,
metrics and targets can be found in our
2022 Taskforce for Climate-related Financial
Disclosures (TCFD) contained in the airline’s
2022 Annual Financial Results (pages 71-80).
FlyNeutral
FlyNeutral, our customer offsetting
programme, continues to enable passengers
to offset their share of a flight’s carbon
emissions with carbon credits from
international projects, while accelerating
positive biodiversity outcomes in New
Zealand. This year, customers elected to
offset almost 60,000 tonnes of CO₂-e and
provided more than $1 million to accelerate
the restoration, regeneration, and production
of permanent native forests. Customer
donations to current FlyNeutral partner
‘Trees That Count’, funded the planting of
89,000 native trees across New Zealand.
5. 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 the airline’s 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.
CO
2
-e emissions are from the airline’s use of aviation fuel over the same time period. 6. Available Seat Kilometre (ASK) is measured
by the available seats for sale multiplied by the number of kilometres transported. The airline has participated in the Maintaining
International Air Connectivity scheme using passenger aircraft to fly cargo-only flights. The equivalent ASK’s from these flights has
been included in the total ASK number. 7. 2020 relates to the financial year end 30 June 2020. It should be noted that for much of
the 2020 financial year, the airline's operations were subject to Covid-19 related border restrictions. 8. Well-to-wake (WTW) emissions
cover the activities and accompanying emissions across the value chain of jet fuel in the aviation sector. WTW emissions can be split
into two components: well-to-tank (WTT) which encompasses emissions from feedstock sourcing, processing and transportation
to fuel production and distribution (measured as scope 3, category 3 emissions); and tank-to-wake (TTW) includes emissions from
the combustion of fuel (measured as scope 1 emissions). 9. In October 2022 at the International Civil Aviation Organization’s 41st
Assembly, states agreed a climate package including a long-term goal of net-zero carbon from international aviation and agreed to
change the CORSIA baseline from 2024 to 85 percent of 2019 traffic. States also agreed to almost eliminate the use of individual
airline growth factors in the CORSIA scheme.
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24 —AIR NEW ZEALAND DATA B O O K 2022 25 —
5. Networks
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 14 flights
every day to/from eight destinations throughout the Pacific Islands¹. Our international short-haul network
is operated by a fleet of Airbus A320/A321s and Boeing widebody aircraft. Following the phased reopening
of New Zealand’s borders from March 2022, the airline has rebuilt its short-haul network and as at the date
of publication of this databook is flying 39 daily flights to/from nine destinations in Australia and 10 daily
flights to/from seven Pacific Islands destinations².

Covid-19 impacted
TASMAN AND PACIFIC ISLANDSJUNE 2022JUNE 2021JUNE 2020JUNE 2019JUNE 2018
Passengers carried
(‘000s)
734 90.3% 386 (87.1%) 3,002 (25.8%) 4,044 6.5% 3,798 6.7%
Available Seat Kilometres –
passenger flights (ASKs, millions)
2,665 20.4% 2,214 (78.6%) 10,367 (24.0%) 13,640 5.2% 12,963 7.7 %
Revenue Passenger Kilometres
(RPKs, millions)
1,937 101.0% 964 (88.3%) 8,265 (26.2%) 11,195 5.8% 10,584 8.2%
Load Factor72 .7%29.2 pts43.5%
(36.2 pts)79.7%(2.4 pts)82.1%0.5 pts81.6% 0.3 pts
Revenue per Available Seat
Kilometres (RASK, cents)
11.1 72.5% 6.4 (32.0%) 9.4 (2.2%) 9.6 (0.1%) 9.6 4.5%
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 787-9 Dreamliners, along with a network of revenue share partnerships with other airlines,
provided 38 direct flights every day to 17 international long-haul destinations¹ (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. Following
the phased reopening of New Zealand’s borders from March 2022, the airline rebuilt its network and as at
the date of publication of this databook is flying to 13 destinations 26 times daily².
Covid-19 impacted
INTERNATIONAL LONG-HAULJUNE 2022JUNE 2021JUNE 2020JUNE 2019JUNE 2018
Passengers carried
(‘000s)
175 145.2% 72 (95.8%) 1,702 (22.0%) 2,181 4.9% 2,079 3.3%
Available Seat Kilometres –
passenger flights (ASKs, millions)
3,05717.1% 2,610 (87. 2%) 20,349 (19.5%) 25,285 3.6% 24,406 3.7%
Revenue Passenger Kilometres
(RPKs, millions)
1,757 150.8% 700 (95.8%) 16,751 (21.8%) 21,421 5.2% 20,359 3.3%
Load Factor57. 5%
30.7 pts26.8%(55.5 pts)82.3%(2.4 pts)84.7%1.3 pts83.4%(0.4 pts)
Revenue per Available Seat
Kilometres (RASK, cents)
7. 2 37.0% 5.3 (34.8%) 8.1 (0.7%) 8.1 2 .7% 7. 9 (1.2%)
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 operating statistics
Covid-19 impacted
GROUPJUNE 2022JUNE 2021JUNE 2020JUNE 2019JUNE 2018
Passengers carried
(‘000s)
7,74 5(10.5%) 8,649 (36.1%) 13,525 (23.8%) 17,73 8 4.5% 16,966 6.4%
Available Seat Kilometres –
passenger flights (ASKs, millions)
10,651 3.4% 10,304 (71.6%) 36,335 (21.1%) 46,029 4.0% 4 4, 2 74 5.0%
Available Seat Kilometres –
passenger and cargo-only flights
(ASKs, millions)
20,019 15.0% 17,410 (54.8%) 38,486 (16.4%) 46,029 4.0% 4 4, 2 74 5.0%
Revenue Passenger Kilometres
(RPKs, millions)
7,146 21.0% 5,908 (80.0%) 29,568 (23.3%) 38,573 5.2% 36,662 5.3%
Load Factor6 7.1%
9.8 pts57. 3%(24.1 pts)81.4%(2.4 pts)83.8%1.0 pt82.8%0.2 pts
Revenue per Available Seat
Kilometres (RASK, cents)
13.9 (2.9%) 14.3 31.5% 10.8 0.7% 10.8 1.6% 10.6 1.8%
New Zealand domestic and regional
Air New Zealand operates one of the most comprehensive domestic and regional networks in the world,
with 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 18 Airbus A320s.

Covid-19 impacted
DOMESTIC AND REGIONALJUNE 2022JUNE 2021JUNE 2020JUNE 2019JUNE 2018
Passengers carried
(‘000s)
6,836(16.5%) 8,191 ( 7.1%)8,821(23.4%) 11,513 3.8% 11,089 6.8%
Available Seat Kilometres –
passenger flights (ASKs, millions)
4,929(10.1%) 5,480 (2.5%) 5,619 (20.9%) 7,10 4 2.9% 6,905 4.7%
Revenue Passenger Kilometres
(RPKs, millions)
3,452(18.6%) 4,244 (6.8%) 4,552 (23.6%) 5,957 4.1% 5,719 7.7 %
Load Factor70.1%( 7. 3 pt s)7 7.4%(3.6 pts)81.0%(2.9 pts)83.9%1.1 pts82.8%2.3 pts
Revenue per Available Seat
Kilometres (RASK, cents)
19.5(10.2%) 21.7 ( 7. 8%) 23.6 5.1% 22.5 2.1% 22.0 3.6%
1. From the 2023 financial year Hawaii and Bali have been reclassified from the Tasman and Pacific Islands, or short-haul international route
group, to the international long-haul route group. This has been reflected in the operating data in the tables above, and in the commentary
regarding daily flight numbers and destinations including the pre-Covid 19 comparatives. 2. As at date of publication of this databook.
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AIR NEW ZEALAND DATA B O O K 2022 27 — 26 —
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 arrangements,
Star Alliance partnerships and interline
relationships, allow us to offer our customers
connections across over 75 carriers¹ to
nearly 1,800 destinations worldwide. Our
revenue share alliances are a key part of
our competitive advantage on the Pacific
Rim and include 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, and Lufthansa. In
addition, our membership in Star Alliance is
critical to our customer proposition, including
providing access to global benefits for our
Airpoints™ Gold and Elite members.
Like Air New Zealand, our airline partners have
been significantly impacted by the reduction
in demand for air travel across the past three
years due to Covid-19. While the breadth and
depth of the airline’s partnership agreements
have remained largely unchanged, the extent
of partner operations across the period to 30
June 2022 has been limited. However, with the
phased reopening of New Zealand’s borders
from March 2022, the airline is building back
its activity with these partners and Air New
Zealand remains committed to providing
connectivity through its alliance partners.
CODESHARE PARTNERS
INCLUDE:
REVENUE SHARE
ALLIANCE PARTNERS:
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1. This includes 33 major carriers, as well as other interline partners. 2. Air New Zealand has a codeshare relationship with Qantas on
selected flights within each other’s domestic networks when passengers are connecting from a Tasman journey.
²

28 —AIR NEW ZEALAND DATA B O O K 2022 29 —
6. Operating fleet
Air New Zealand operates
a modern and highly
fuel-efficient fleet that has
been ideally configured
for the network and
customers it serves.
Our fleet simplification journey
The airline has been on a decade long journey
to simplify its fleet, with efficient aircraft
across fewer aircraft types driving greater
operational efficiency and cost outcomes.
As at 30 June 2022 the fleet compromises
a total of 104 aircraft across five fleet types,
with 14 Boeing 787-9 Dreamliners, 7 Boeing
777- 300ER’s, 31 Airbus A320/A321 aircraft,
29 ATR turbo-props and 23 Q300 turbo-props.
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From November 22 the airline welcomed
the first of seven domestically configured
Airbus A321neo aircraft. These aircraft have
an additional 46 seats compared to the
current A320 fleet and will provide greater
capacity on our domestic trunk routes.
Two further aircraft will arrive in the 2023
financial year, a further two in the 2024
financial year and the final two aircraft are
scheduled for delivery in the 2027 financial
year. Work is also underway to prepare for
delivery of the first of eight new Boeing
787 Dreamliner aircraft powered by GE
Aviation’s GEnx-1B engines in 2024. These
aircraft will feature the recently announced
revolutionary cabin products, Business
Premier Luxe and Skynest, the world’s first
sleep pods in the sky for Economy travellers.
These aircraft will replace our Boeing 777-
300ER fleet, which we will look to phase out
by the 2028 financial year.
As we look to the future, we recognise
the challenge the aviation sector faces
to decarbonise. We are leaning into this
challenge, joining forces with some of the
world’s most innovative aircraft developers
to make zero emissions aircraft technology
a reality in Aotearoa New Zealand. We
recently announced ‘Mission Next Gen
Aircraft’, an accelerator programme to
progress two key goals:
1 to fly our first commercial
demonstrator flight from 2026 and
2 to begin replacing our Q300
domestic fleet with a more
sustainable aircraft – likely green
hydrogen or battery hybrid systems
– from 2030
We recognise these goals are ambitious but
know this a significant step towards our net
zero emissions by 2050 goal. More information
on our emissions reduction targets can be
found here. We look forward to providing an
update on our journey as it progresses.
FY11
ā8 TYPESĀ TOTAL 102
FY22

ā5 TYPESĀ TOTAL 104
FY28

ā4 TYPESĀ TOTAL 107
B747 (5)
B767 (5)
B777 (11)
B777-300ER B777-200ER
B787 (14)
B787-9
B777 (7)²
B777-300ER
B787 (22)
B787-9/10
A320 (14)
B737 (15)
A320 (31)
A320 A321
A320 (33)
A320 A321
AT R 7 2 (11)
ATR72-500
Q300 (23)
1900D (18)
AT R 7 2 (29)
ATR72-600
Q300 (23)
AT R 7 2 (29)
ATR72-600
Q300 (23)
~ 9 YEARS7. 3 YEARS~ 10 YEARS
WIDEBODY
NARROWBODY
TURBO-PROP
AGE¹
1. This represents the aircraft fleet age in years on a seat weighted basis. 2. Air New Zealand also previously operated Boeing
777-200ER aircraft, of which four were owned. These owned aircraft were permanently exited from service in 2021, and were
sold in November and December 2022.

30 —AIR NEW ZEALAND DATA B O O K 2022 31 —
22%
50%
37%
36%
29%
27%
25%
42%
78%
63%
64%
71%
73%
75%
58%
AIRCRAFT FLEET AGE IN YEARS – SEAT WEIGHTED
1
HISTORIC TREND OF FLEET OWNERSHIP – SEAT WEIGHTED
202220092013201520172019
100%
90%
80%
70%
6%0
50%
40%
30%
20%
10%
0
50%
OWNED
LEASED
2021
10
8
6
4
2
0
AVERAGE YEARS
1 From 2021 onwards, excludes the Boeing 777-200ER fleet.
* Excludes short-term leases which provide cover for the global Rolls-Royce engine issues.
2018*
7. 5
2019*
7.1
2020
7.1
2021
6.7
20222023202420252026
7. 3
7.7
8.5
9.2
9.8
HISTORICAL
FORECAST
2011
AIRCRAFT CAPEX ($ MILLIONS)
1,000
800
600
400
200
0
$ MILLIONS
2013201420152016201720182019202020212022202320242025202620272028
HISTORICAL
FORECAST
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32 —AIR NEW ZEALAND DATA B O O K 2022 33 —
7. Balance sheet structure,
funding and liquidity
Credit rating
Throughout the Covid-19 pandemic, Air New
Zealand maintained its Baa2 rating and stable
outlook from Moody’s, making Air New Zealand
one of the top investment-grade rated airlines
in the world. This was most recently reaffirmed
as at 24 March 2022. As at 30 June 2022, there
had been no further rating action.
Funding
Air New Zealand aircraft and associated
aircraft assets are acquired via a mixture of
ownership and lease structures. As at 30 June
2022, 89 of Air New Zealand’s 104 aircraft fleet¹
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 who specialise in
airline and aircraft funding. As at 30 June
2022, Air New Zealand had total secured
bank borrowings of $1,185 million. Secured
borrowings are subject to both fixed and
floating interest rates. Fixed interest rates as
at 30 June 2022 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 2022, lease
liabilities of $869 million were recognised in
relation to these leases.
Leases without
purchase options
As at 30 June 2022, 15 of Air New Zealand’s
104 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 in 2020,
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 $399 million
and property lease liabilities were $257 million
as at 30 June 2022. For the year ended 30 June
2022, amounts recognised in the Statement
of Financial Performance for aircraft were
$115 million and property of $65 million.
Prior to the adoption of NZ 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.
Crown Standby Loan Facility
and Redeemable Shares
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 (the CSF1) of up to $900
million to support the airline as it managed the
unprecedented impact of Covid-19. CSF1 was
increased to $1.5 billion as part of amendments
negotiated in May 2021.
On 14 December 2021, the airline announced
a revised Crown support package, which
provided the ability to issue up to $1 billion of
non-voting redeemable shares to the Crown,
and reduced the CSF1 from $1.5 billion to $1
billion. The Group was able to call for the Crown
to subscribe for redeemable shares once at
least $850 million was drawn under the CSF1.
On 30 March 2022, the airline announced
a $2.2 billion recapitalisation package to
position the airline for recovery. The package
included a $1.2 billion pro rata renounceable
rights offer, $600 million of redeemable
shares on issue to the Crown, as well as a new
unsecured committed revolving standby
facility (the CSF2) with the Crown. Under the
CSF2, the Group has the ability to draw down
up to $400 million for a period through to
30 January 2026.
In May 2022 upon completion of the rights
offer, the CSF1 was repaid in full and cancelled.
As at 30 June 2022, the CSF2 remains undrawn.
On 2 June 2022, following receipt of the
Australian medium-term note (AMTN)
proceeds (see further detail in the Unsecured
borrowings section below), Air New Zealand
redeemed $400 million of redeemable shares
issued to the Crown. As at 30 June 2022,
$200 million of redeemable shares remain
on issue to the Crown¹.
Unsecured borrowings
On 25 May 2022, the Group issued AUD$550
million of unsecured, unsubordinated
Australian medium-term notes (AMTN) in two
tranches. The first tranche of AUD$300 million,
is a 4-year fixed rate note maturing on 25 May
2026 with a fixed coupon of 5.7 percent per
annum payable semi-annually. The second
tranche of AUD$250 million, is a 7-year fixed
rate bonds maturing on 25 May 2029 with a
fixed coupon of 6.5 percent per annum payable
semi-annually.
As at 30 June 2022, Air New Zealand also had
NZX listed bonds of $50 million, quoted on the
debt market under the ticker code AIR020.
The unsecured, unsubordinated, fixed rate
bonds had an interest rate of 4.25 percent
payable semi-annually and matured on
28 October 2022².
1. Excludes Boeing 777-200ERs and ATR72-500s which are
held for sale.
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1. Air New Zealand redeemed the remaining $200 million of redeemable shares on 28 November 2022. This was the final redemption,
and the facility has now been cancelled. 2. On 27 October 2022, the airline issued new NZX listed bonds of $100 million (AIR030).
The unsecured, unsubordinated fixed rate bonds have a maturity date of 27 April 2028 and an interest rate of 6.61 percent payable
semi-annually. The AIR030 bonds are quoted on the NZX Debt Market under the ticker code AIR030. On 28 October 2022 the AIR020
bonds matured and were redeemed.

34 —AIR NEW ZEALAND DATA B O O K 2022 35 —
Gearing
As at 30 June 2022, Net Debt was $1,392
million and gearing was 45.4 percent. Air New
Zealand targets a gearing range of 45 percent
to 55 percent within its capital structure
– however, acknowledges in its capital
management policy that it has the ability to
go outside this range from time to time.
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.
Liquidity
As at 30 June 2022, the airline had total
available liquidity of $2.2b. This comprised
cash of $1.8b (including $200 million of
redeemable shares) and $400 million of
undrawn funds under CSF2.

1. Debt maturity profile represented in NZD with foreign currency debt translated into NZD at 30 June 2022 balance sheet foreign
exchange rates, as outlined in note 24 of FY22 annual financial statements. 2. This represents AIR020, a $50 million NZX listed
retail bond that matured on 28 October 2022. 3. Air New Zealand retained flexibility over redemption and cancellation of remaining
$200m of Redeemable Shares on issue to the Crown as at 30 June 2022, subject to final redemption date in December 2046.
On 28 November 2022, the remaining $200 million of Redeemable Shares were redeemed and the facility was cancelled.
DEBT MATURITY PROFILE AS AT 30 JUNE 2022¹ – ($ MILLIONS)
SECURED AIRCRAFT DEBT AND FINANCE LEASESREDEEMABLE SHARES
50²
245
117
81
61
138
80
200³
320
355
367
262
332
277
FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34F Y47
16
11
NEW ZEALAND RETAIL BONDAUSTRALIAN MEDIUM TERM NOTES
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36 —AIR NEW ZEALAND DATA B O O K 2022 37 —
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.
Across the 2020 to 2022 financial years, New
Zealand’s borders were effectively closed
due to the Covid-19 pandemic. Over this
time, uncertainty regarding the resumption
of international flying affected our 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
2022 audited financial statements.
Since the phased reopening of New Zealand’s
borders from March 2022, we have returned
to compliance with the majority of our
risk management policy settings, with the
remaining exemptions reported monthly to
the Board of Directors. 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/
Strategic Risks section of the Corporate
Governance Statement in our 2022 Annual
Financial Results or the Corporate Governance
section of the investor centre website, which
can be accessed online at airnewzealand.
co.nz/corporate-governance
Fuel price risk
Fuel price risk is the risk of economic 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 reducing volatility
to the operating margins 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.
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. For capital activities, the company
purchases fixed assets denominated in foreign
currency on a regular basis and also has
borrowings in foreign currency.
The objective of currency risk management
is to provide the airline with time to adjust to
changes in market conditions.
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.
Interest rate risk
Air New Zealand has exposure to interest rate
risk as a result of the long-term borrowing
activities which are used to fund ongoing
activities. It is the Groups policy to ensure the
interest rate exposure is managed to minimise
the impact of changes in interest rates on its
net floating rate long-term borrowings. Air New
Zealand policy is to fix between 70 percent
to 90 percent of its exposure to interest rates
including fixed interest leases in the next 12
months. Interest rate swaps (including cross
currency interest rate swaps) are used to
achieve an appropriate mix of fixed and floating
rate exposure if the volume of fixed rate loans
or fixed rate leases is insufficient.
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38 —AIR NEW ZEALAND DATA B O O K 2022 39 —
9. Earnings and dividend performance
266
1,343
1,055
438
1,793
2,000
1,500
1,000
500
0
CASH ON HAND ($ MILLIONS)
$ MILLIONS
2022
201820192020
2021
71.1
53.7
55.9
69.3
45.4
100
90
80
70
60
50
40
30
20
10
0
GEARING (%)
%
2022
201820192020
2021
2,517
5,495
5,785
4,836
2 ,734
6
5
4
3
2
1
0
OPERATING REVENUE ($ MILLIONS)
$ MILLIONS
20222018201920202021
(444)
547
387
(88)
(725)
900
800
700
600
500
400
300
200
100
0
EARNINGS BEFORE OTHER SIGNIFICANT ITEMS AND TAXATION ($ MILLIONS)
$ MILLIONS
20182019
2022
2020
2021
22.022.0
30
20
10
0
ORDINARY DIVIDENDS DECLARED (CENTS PER SHARE)
CENTS PER SHARE
0
2022
201820192020
0
2021
0
318
1,028
986
228
550
1,200
1,000
800
600
400
200
0
OPERATING CASH FLOW ($ MILLIONS)
$ MILLIONS
20222018201920202021
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Air New Zealand cancelled its interim dividend in
March 2020 as a pre-requisite to the availability of
the Government Standby Loan Facility. For this reason,
the Board did not declare a dividend for the 2021
and 2022 financial years.
PRE-COVID-19 PANDEMIC
COVID-19 PANDEMIC YEARS

40 —AIR NEW ZEALAND DATA B O O K 2022 41 —
KEY OPERATING STATISTICS FOR THE YEAR TO 30 JUNE
Covid-19 impacted
20222021202020192018
Passengers Carried (000)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
6,836
734
51
124
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
To t a l 909 4584,704 6,225 5,877
Total Group 7,74 5 8,64913,525 17,738 16,966
Available Seat Kilometres (m)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
4,929
2,665
1,229
1,828
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
To t a l 5,722 4,82430,716 38,925 37,369
Total passenger flights 10,651 10,30436,33546,0294 4, 2 74
Cargo-only flights 9,368 7,10 62,151--
Total Group 20,019 17,41038,486 46,029 4 4, 274
Revenue Passenger Kilometres (m)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
3,452
1,937
445
1,312
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
To t a l 3,694 1,66425,016 32,616 30,943
Total Group 7,146 5,90829,568 38,573 36,662
Passenger Load Factor (%)
Domestic
International
Australia and Pacific Islands
Asia
America and Europe
70.1
72 .7
36.2
71.8
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
To t a l 65.5 36.581.4 83.8 83.4
Total Group 6 7.1 57. 381.4 83.8 82.8
Group Employee Numbers (Full Time Equivalents) 8,863 7, 8 409,988 11,793 11 ,074
New Zealand, Australia and Pacific Islands represents short-haul operations. Asia, America and Europe represent long-haul operations.

10. Financial and operating data
KEY FINANCIAL METRICS FOR THE YEAR TO 30 JUNE
Covid-19 impacted
GROUP20222021202020192018
Profitability and Capital Management
E B I TA S
1
/Operating Revenue
EBITDRASA
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
%
%
%
(24.6)
(0.1)

20.7
13.9
13.7
(21.2)
65.6
45.4
(15.1)
13.3

24.9
14.3
12.5
(8.2)
10.6
71.1
(1.2)
16.2

13.3
10.8
10.5
(13.3)
9.1
69.3

6.6
20.4

12.9
10.8
10.0
10.6
18.2
55.9
10.0
23.5

12.8
10.6
9.5
13.6
26.8
53.7
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
%
(40.8)
16.3
-
0.39
0.57
1,449
3,368
1,920
(19.5)
(26.0)
28.3
-
0.86
1.55
1,123
1,123
1 ,74 0
0.7
(40.5)
20.3
-
1.10
1.32
1,123
1,123
1,482
(5.3)
24.6
87. 8
22.0
1.82
2.65
1,123
1,123
2,976
14.0
31.5
91.6
22.0
1.92
3.18
1,123
1,123
3,565
26.7
1. (Loss)/Earnings before interest and taxation (EBIT) excluding share of earnings of associates (net of taxation) and other significant items
2. EBITDRA excluding share of earnings of associates (net of taxation) and other significant items
3. Passenger revenue per passenger flights Available Seat Kilometre
4. Operating expenditure (excluding other significant items) per ASK
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. Net tangible assets exclude ‘Intangible assets’ and ‘Deferred taxation’ reported on the face of the Statement
of Financial Position as well as carbon credit assets reported within ‘Other assets’
9. Return over five years including the change in share price and dividends received (assuming dividends are reinvested in shares on ex dividend date)
Certain comparatives within the five year statistical review have been reclassified for comparative purposes, to ensure consistency with the current year. Following
the International Financial Reporting Interpretations Committee (“IFRIC”) issuing a new interpretation in April 2021 on Configuration or Customisation Costs in a
Cloud Computing Arrangement (IAS 38) certain costs in respect of configuring or customising a supplier’s application software in a Software as a Service (“SaaS”)
arrangement were no longer able to be capitalised and were required to be recognised as an operating expense. The interpretation was applied retrospectively
and comparatives restated accordingly. The Group adopted NZ IFRS 16 - Leases on 1 July 2019. In accordance with the transitional 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.

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42 —AIR NEW ZEALAND DATA B O O K 2022 43 —
HISTORICAL SUMMARY OF FINANCIAL PERFORMANCE FOR THE YEAR TO 30 JUNE
Covid-19 impacted
2022
$M
2021
$M
2020
$M
2019
$M
2018
$M
Operating Revenue
Passenger revenue
Cargo
Contract services
Other revenue
1,476
1,016
117
125
1,470
769
161
117
3,942
449
216
229
4,960
390
197
238
4,696
387
193
219
2 ,734 2,517 4,836 5,7855,495
Operating Expenditure
Labour
Fuel
Maintenance
Aircraft operations
Passenger services
Sales and marketing
Foreign exchange (losses)/gains
Other expenses

(976)
(560)
(259)
(412)
(116)
(131)
(3)
(281)

(830)
(311)
(254)
(350)
(84)
(73)
(29)
(252)
(1,197)
(1,022)
(441)
(575)
(258)
(253)
18
(326)
(1,351)
(1,271)
(399)
(678)
(319)
(350)
53
(290)
(1,294)
(987)
(352)
(634)
(295)
(344)
(19)
(281)
(2 ,738) (2 ,183) (4,054) (4,605)(4, 206)
Operating Earnings (excluding items below)
Depreciation and amortisation
Rental and lease expenses
(4)
(668)
-
334
(715)
-
782
(840)
-
1,180
(554)
(245)
1,289
(515)
(227)
(Loss)/Earnings Before Finance Costs, Associates,
Other Significant Items and Taxation
Finance income
Finance costs
Share of earnings of associates (net of taxation)

(672)
14
(94)
27

(381)
8
(90)
19

(58)
34
(103)
39

381
48
(79)
37

547
40
(73)
33
(Loss)/Earnings Before Other Significant Items and Taxation
Other significant items (see over page)
(725)
(85)
(444)
29
(88)
(541)
387
(5)
547
(57)
(Loss)/Earnings Before Taxation
Taxation credit/(expense)
(810)
219
(415)
123
(629)
174
382
(106)
490
(136)
Net (Loss)/Profit Attributable to Shareholders of Parent Company(591) (292)(455)276354
Certain comparatives within the five year statistical review have been reclassified for comparative purposes, to ensure consistency with the current
year. Following the International Financial Reporting Interpretations Committee (“IFRIC”) issuing a new interpretation in April 2021 on Configuration or
Customisation Costs in a Cloud Computing Arrangement (IAS 38) certain costs in respect of configuring or customising a supplier’s application software
in a Software as a Service (“SaaS”) arrangement were no longer able to be capitalised and were required to be recognised as an operating expense. The
interpretation was applied retrospectively and comparatives restated accordingly. The Group adopted NZ IFRS 16 - Leases on 1 July 2019. In accordance
with the transitional 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 FINANCIAL POSITION AS AT 30 JUNE
Covid-19 impacted
2022
$M
2021
$M
2020
$M
2019
$M
2018
$M
Current Assets
Bank and short-term deposits
Other current assets
1,793
704
266
560
438
571
1,055
74 9
1,343
910
Total Current Assets 2,497 826 1,009 1,804 2,253
Non-Current Assets
Property, plant and equipment
Other non-current assets
3,190
2,663
3,128
2,730
3,336
3,193

5,133
680

4,892
554
Total Non-Current Assets 5,853 5,8586,529 5,813 5,446
Total Assets 8,350 6,6847, 538 7,617 7,699
Current Liabilities
Debt
1
Other current liabilities
590
2,581
907
1,446
513
1,589
307
2,359
431
2,265
Total Current Liabilities 3,171 2,3532 ,1022,666 2,696
Non-Current Liabilities
Debt
1
Other non-current liabilities
2,978
524
2,401
832
3,188
934
2,290
672
2,303
630
Total Non-Current Liabilities 3,502 3,2334,1222,9622,933
Total Liabilities 6,673 5,5866,224 5,628 5,629
Net Assets 1,677 1,0981,314 1,989 2,070
Total Equity 1,677 1,0981,314 1,989 2,070
1. Debt is comprised of secured borrowings, bonds, medium term notes, finance lease liabilities, lease liabilities and Redeemable Shares.
HISTORICAL SUMMARY OF OTHER SIGNIFICANT ITEMS FOR THE YEAR TO 30 JUNE
Covid-19 impacted
2022
$M
2021
$M
2020
$M
2019
$M
2018
$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)
Amounts transferred from the cash flow hedge reserve where the
forecast transaction is no longer expected to occur

(13)

(18)

(105)

-

-
Foreign exchange (losses)/gains on uncovered interest-bearing
liabilities and lease liabilities
(43)14367--
Aircraft impairment and lease modifications(6)(78)(338)--
Reorganisation costs1(39)(140)--
Gain on sale of landing slots-2121--
Impairment of intangible asset(24)----
(85)29(541)(5)(57)
HISTORICAL SUMMARY OF CASH FLOWS FOR THE YEAR TO 30 JUNE
Covid-19 impacted
2022
$M
2021
$M
2020
$M
2019
$M
2018
$M
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
550
(331)
1,308
318
(177)
(313)
228
(540)
(305)
986
(883)
(391)
1,028
(775)
(279)
Increase/(Decrease) in cash holding 1,527 (172)(617)(288)(26)
Total Cash and Cash Equivalents 1,793 2664381,0551,343
Certain comparatives within the five year statistical review have been reclassified for comparative purposes, to ensure consistency with the current
year. Following the International Financial Reporting Interpretations Committee (“IFRIC”) issuing a new interpretation in April 2021 on Configuration
or Customisation Costs in a Cloud Computing Arrangement (IAS 38) certain costs in respect of configuring or customising a supplier’s application
software in a Software as a Service (“SaaS”) arrangement were no longer able to be capitalised and were required to be recognised as an operating
expense. The interpretation was applied retrospectively and comparatives restated accordingly.
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AIR NEW ZEALAND DATA B O O K 2022 45 — 44 —
11. Other information
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,
amortisation, other
significant items
and
associates (EBITDASA)
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)
LiquidityCash and cash equivalents (which excludes restricted deposits) plus
the outstanding amount of any Crown standby loan facility available
to be drawn or undrawn redeemable shares
Net DebtInterest-bearing liabilities, lease liabilities and redeemable shares
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, EBITDASA and RASK. Amounts used
within the calculations are derived from the audited Group financial statements and Five Year Statistical Review contained in the 2022
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.
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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
Expenditure classifications

46 —AIR NEW ZEALAND DATA B O O K 2022 47 —
12. Investor resources
Investor Centreairnewzealand.co.nz/investor-centre
Monthly operating dataairnewzealand.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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