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Thursday, February 28, 2013

NZ in the money + fleet news

Profit News
Air New Zealand have reported a strong half year interim profit with normalised earnings to 31-December-2012 up 300% on the previous year.

Earnings pre-tax were $139M NZD up from $33M NZD in the previous year, with normalised after tax profit of $100M NZD up $62M on the previous year.

Air New Zealand's media release lists the following
Key points:
  • Normalised earnings1 before taxation of $139 million, up more than 300 percent
  • Statutory net profit after taxation of $100 million, up $62 million
  • Operating revenue of $2.4 billion, up 3.4 percent
  • Operating cash flow more than doubles to $343 million
  • Gearing improves by 4.3 percentage points to 41.8 percent
  • Fully imputed interim dividend of 3.0 cps, a 50 percent increase
Air New Zealand have credited the strong program of change they have been implementing in the past year or two as the reason for the strong profit result.  This includes the Seats to Suit fare structure on trans-Tasman and Pacific Island routes, as well as the alliance with Virgin Australia on trans-Tasman and domestic Australian and New Zealand routes.  Air New Zealand's cargo business has also grown and seen a 9% boost to revenue during the period. Air New Zealand have also seamlessly changed CEO's at the end of 2012
“We have a new leadership team with deep industry experience fused with fresh perspectives from world class leaders who have joined us from other sectors. The focus and energy within Air New Zealand is quite remarkable.  We are stepping it up in all areas of the business to drive improved operational and financial performance while further enhancing our award-winning customer experience,” Mr Luxon says.
Fleet News
Air New Zealand are confidant of the future and one thing this allows Air New Zealand to do is to grow, with the company announcing it will introduce two new leased Boeing 777-319ER aircraft to the fleet before the end of 2014.  These aircraft will be for expansion with the Boeing 787-9 still expected to begin entering the fleet from 2014.

Although when looking at the aircraft capital commitments slide from the Air New Zealand 2013 Interim Result Analyst Presentation you can see the B773ER deliveries will occur one before 30-June-2014 and one after 1-July-2014, while it appears the B789 deliveries wont happen until after 1-July-2014, despite Boeing confirming EIS is currently on track to happen in mid 2014.  You will also notice the A320 deliveries ramp up with 4 delivered in FY14 & 3 in FY15, while the AT76 deliveries continue to plod along at 1 per year

Air New Zealand 2013 Interim Result Analyst Presentation © Air New Zealand 2013

You can read the full press release from Air New Zealand HERE or read any of the documents that Air New Zealand supplied to the New Zealand Stock Exchange (including the above mentioned presentation) HERE

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