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Media Release AIR NEW ZEALAND Media release 25 February 2021 Interim highlights • • • • • • . Air New Zealand positions itself for success Domestic capacity 76 percent of pre - Covid levels , led by robust domestic tourism and the return of business demand during the first half of the 2021 financial year Cargo revenue up 91 percent on the same period last year , supported by the Government's International Airfreight Capacity scheme ( IAFC ) Short - term liquidity of just over $ 700 million as at 23 February 2021 , made up of approximately $ 170 million cash and $ 550 million undrawn funds on the Government standby loan facility ( the Crown facility ) Continued cost discipline has resulted in a significant decline in cash burn to an average of $ 79 million per month from September 2020 through January 2021. For the remaining five months of the financial year , average monthly cash burn is expected to be in the range of $ 45 million to $ 55 million Steps to recapitalise the balance sheet are underway and are intended to be completed by 30 June 2021 Providing customers with even greater flexibility by extending credit redemption deadline to 30 June 2022 and continuing to waive change fees for customers with international flights commencing before 30 June 2021 Focus for the second half of the financial year is on maintaining strong performance in our Domestic and cargo businesses , cost discipline and operational readiness ahead of border reopenings Air New Zealand has today announced a loss before other significant items and taxation of $ 185 million¹ for the six - month period ended 31 December 2020 , reflecting the considerable impact of the Covid - 19 pandemic on the airline and global aviation industry . This compares to earnings before other significant items and taxation of $ 198 million for the same period last year . Statutory losses before taxation of $ 104 million include an $ 81 million gain from other significant items , compared to a $ 139 million profit before taxation for the first half of the previous financial year . The continuation of significant restrictions on international travel to and from New Zealand saw the airline's operating revenue decline 59 percent to $ 1.2 billion in the first six months of the financial year , as network flying was substantially reduced by 65 percent . This was despite strong Domestic operations and additional cargo flying supported by the IAFC . Chief Executive Officer Greg Foran says that the interim results are something the Air New Zealand whānau should be very proud of given the context of a global pandemic that has virtually suspended international air travel . " I could not be more proud of the way our team have gone about operating our airline in the midst of this crisis . They have dealt with each and every obstacle thrown their way with a huge degree of professionalism and frankly , we wouldn't be operating the level of domestic and cargo capacity we are without their extraordinary efforts . 1 Losses / earnings before other significant items and taxation represent Earnings stated in compliance with NZ IFRS ( Statutory Earnings ) after excluding items which due to their size or nature warrant separate disclosure to assist with understanding the underlying financial performance of the Group . Earnings before other significant items and taxation is reported within the Group's unaudited interim financial statements . See table at the end of this release for a summary of Other Significant Items . Air New Zealand Limited , 185 Fanshawe Street , Private Bag 92007 , Auckland 1142 , New Zealand A STAR ALLIANCE MEMBER