NOTES TO THE F I NANC I AL STATEMENTS
NOTE 1 BAS I S OF PREPARAT I ON These interim financial statements as at and for the six months ended 31 December 2018 are for the consolidated group (Airways), consisting of Airways Corporation of New Zealand Limited and its subsidiaries: Airways International Limited, Aeropath Limited, Airways Training Limited and Airshare Limited. They have been prepared in accordance with: X X Generally Accepted Accounting Practice in New Zealand and NZ IAS 34, ‘Interim Financial Reporting’ (as a result they comply with the New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for profit-oriented and tier 1 entities. They also comply with International Financial Reporting Standards); and X X The requirements of the Financial Reporting Act 2013, Companies Act 1993 and the State- Owned Enterprises Act 1986. The interim financial statements have been prepared on the historical cost basis as modified by the revaluation of derivative financial instruments and are presented in New Zealand dollars, which is Airways’ presentation currency and the functional currency of all entities within the group. All values are rounded to the nearest thousand dollars ($’000) unless otherwise stated. The following standards with an impact on Airways have been adopted in the current accounting period: NZ IFRS 15 - ‘Revenue from Contracts with customers’, issued in July 2014 (effective for periods beginning on or after 1 January 2018). A full retrospective approach has been taken to adoption but no changes were required to the comparative balances. The impact on of the application of this standard has been minimal. NZ IFRS 9 – ‘Financial Instruments’, issued November 2012 (effective for periods beginning on or after 1 January 2018). The application of this standard has not resulted in the restatement of comparatives and has had minimal impact. All components in the primary statements have been stated net of GST, with the exception of receivables and payables which include any GST invoiced. These interim financial statements should be read in conjunction with the 2018 Annual Report. NOTE 2 GROUP STRUCTURE Airways Corporation of New Zealand Limited is a limited liability company incorporated and domiciled in New Zealand. It is also a State-Owned Enterprise established under the State- Owned Enterprises Act 1986 with shares held in equal numbers by the Minister for State-Owned Enterprises and the Minister of Finance, on behalf of the Crown. Airways’ principal business is the provision of air traffic management services; however, it is also involved in a number of related revenue generating activities, including consulting and training. The group structure is shown in the diagram below. The percentages indicate ownership.
ACNZ (PARENT)
100%
100%
AIRSHARE LTD (AIRSHARE)
AIRWAYS INTERNATIONAL LTD (AIL)
100%
100%
AEROPATH LTD (AEROPATH)
AIRWAYS TRAINING LTD (ATL)
Airways Interim Report 2018 2019
08
Made with FlippingBook - Online catalogs