apr-11.pdf (2.07 MB) - Crown Ownership Monitoring Unit

Air New Zealand LimitedCHAIR » John PalmerBOARD » Roger France,Paul Bingham, Tony Carter,Jan Dawson, Dr Jim Fox,Warren LarsenCHIEF EXECUTIVE » Rob FyfeActivitiesAir New Zealand Limited isan international and domesticairline group which provides airpassenger and cargo transportservices within New Zealand, aswell as to and from Australia, theSouth West Pacific, Asia, NorthAmerica and the United Kingdom.Financial performance measures2007 2008 2009 2010 2011ReturnsTotal shareholder return 123.7% (58.7%) (17.4%) 18.9% 4.7%Dividend yield 8.1% 5.1% 6.0% 6.1% 5.1%Dividend per share (cps) 18.0 8.5 6.5 7.0 5.5Earnings per share (cps) 21.6 20.7 2.0 7.6 7.5ROE 15.9% 13.8% 1.3% 5.2% 5.4%EfficiencyROA 6.2% 7.1% 1.5% 3.3% 2.2%EBITDAR*/Revenue 21.3% 20.3% 14.9% 17.5% 15.3%LeverageGearing (excl op leases)* 15.5% (7.2%) (25.3%) (9.1%) 14.4%Gearing (incl op leases)** 53.8% 45.3% 45.0% 47.3% 46.7%Fixed cover 2.8 2.9 1.7 2.4 2.4Working current ratio 52.3% 55.3% 56.4% 51.2% 44.8%OtherFive-year averageRevenue growth 1.5%Income statement$m 2007 2008 2009 2010 2011Revenue 4,297 4,667 4,609 4,046 4,340EBITDAF 562 677 (12) 439 541NPAT 214 218 21 82 80Balance sheet$m 2007 2008 2009 2010 2011Total assets 4,944 5,022 5,045 4,582 4,888Total liabilities 3,196 3,446 3,440 3,016 3,385Commercial value*** 2,776 1,152 959 1,152 1,222Cash flow statement$m 2007 2008 2009 2010 2011Operating activities (net) 331 743 486 334 466Purchase of fixed assets 556 274 318 433 797Dividends paid**** 160 100 63 65 69Net cash flow (93) 232 284 (506) (208)Notes:The financial performance measures on this page are as provided by Air NZ and reflect the measures aspublished in its accounts.* Gearing (excluding net capitalised aircraft operating leases)** Gearing (including net capitalised aircraft operating leases)*** Commercial valuation: Air NZ share price * number of shares issued**** Includes special dividend of $107 million in 2006/07page | 64