Air New Zealand expects a FY2020 statutory charge of approximately USD29.4m to USD32.7m

28 January, 2020

Air New Zealand announced (28-Jan-2020) the carrier expects to report a statutory charge of approximately NZD45 million (USD29.4 million) to NZD50 million (USD32.7 million), which will be reflected within 'Other Significant Items' for FY2020. Details include:

  • A gain of NZD21 million (USD13.7 million) due to the partial sale of London Heathrow slots, following the withdrawal of its Los Angeles-London Heathrow route. The remaining sale of the slots are expected to be recognised in FY2021 for the value of NZD21 million (USD13.7 million);
  • Reorganisation costs between NZD20 million (USD13 million) to NZD25 million (USD16.3 million) due to business transformation activities, as part of its two year cost reduction programme, as well as expected costs from the withdrawal of the Los Angeles-London route;
  • A non cash accounting charge of NZD46 million (USD30 million). [more - original PR]