Airways Annual Report 2019

NOTES TO THE FINANCIAL STATEMENTS

SECTION C Group structure CONTINUED

C2  TRANSACTIONS WITH THE GROUP AND OTHER RELATED ENTITIES Inter-company transactions and balances between entities within the Group are eliminated in the preparation of Group financial statements. Airways, a State-Owned Enterprise, transacts with other New Zealand government-related entities. The most significant of these transactions are with Air New Zealand (a Mixed Ownership Model company), who were charged $135.0 million by Airways in the current financial year (2018: $129.0 million).

C3  TRANSACTIONS WITH MANAGEMENT AND DIRECTORS

2019 ($000’s)

2018 ($000’s)

For the year ended 30 June

KEY MANAGEMENT + COMPENSATION Salaries and other short-term employee benefits (including termination benefits of nil (2018: $0.274 million)*

3,032

2,646

Kiwisaver/ superannuation contributions

48

45

3,080

2,691

DIRECTORS’ FEES Directors’ fees paid

308

282

+Key management include the Chief Executive Officer and their direct reports. * No salaries or other short term employee benefits were paid to Directors.

56

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