Air New Zealand (AIR) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders to a hybrid AGM, emphasizing accessibility and engagement for all participants.

• Board members, executive team, legal counsel, auditor, and share registrar were introduced.

• Chair and CEO delivered addresses outlining the meeting's focus and structure, including performance review, resolutions, and Q&A sessions.

• Outlined meeting structure: performance review, CEO address, Q&A, and director re-elections.

Financial performance review

• FY2024 earnings before tax were NZD 222 million, including $90m from unused credit breakage, with net profit after tax of NZD 146 million, down from FY2023 due to reduced demand and operational challenges.

• 16.5 million passengers flown, a 4% increase year-on-year, with improved on-time performance and reinstated ordinary dividends.

• Cargo revenue at $459m, surpassing pre-Covid levels despite competition.

• Additional engine maintenance issues led to significant aircraft downtime, impacting earnings by an estimated NZD 100 million.

• Inflationary pressures increased non-fuel operating costs by 20–25% over five years.

Board and executive committee updates

• Paul Goulter retired from the board as of 26 September 2024, recognized for his industrial relations expertise.

• Claudia Batten and Alison Gerry stood for re-election, highlighting their governance, technology, and risk management experience.

• Board composition enhanced with directors possessing airline and logistics backgrounds.