Refuelled for recovery, Air NZ announces 2022 annual result

Air New Zealand has released its financial summary for the 2022 financial year, revealing a loss before other significant items and taxation of $725 million, compared to $444 million in the prior year – and a statutory loss before taxation of $810 million.

Operating revenue lifted by 9 percent to $2.7 billion, driven by Cargo performance, which increased by 32 percent to $1.0 billion.

Recapitalisation was completed in May, raising $2.2 billion, and the airline has available liquidity of $2.3 billion as at 23 August.

Despite ongoing challenges and a very tight labour market, the airline has seen high booking levels through July and August, with corporate bookings close to pre-pandemic levels.

The airline has also made investment decisions in support of its Kia Mau strategy, and the Board does not expect to consider payment of dividends before the airline’s earnings substantially recover.

With borders now open to the majority of the airline’s markets, Air New Zealand expects the 2023 financial year to represent the first full year of uninterrupted passenger flying since the beginning of the pandemic, and anticipates a significant improvement in financial performance relative to financial year 2022.