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Virgin Australia Group Annual Financial Report 2015

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Virgin Australia Group Annual Financial Report 2015 VIRGIN AUSTRALIA GROUP ANNUAL FINANCIAL REPORT 2015 ACN: 100 686 226 Annual financial report For the year ended 30 June 2015 Contents Annual financial report Directors’ report 1 Lead auditor’s independence declaration 46 Consolidated statement of profit or loss 47 Consolidated statement of profit or loss and other comprehensive income 48 Consolidated statement of financial position 49 Consolidated statement of changes in equity 50 Consolidated statement of cash flows 52 Notes to the consolidated financial statements 53 Directors’ declaration 123 Independent auditor’s report 124 ASX additional information 126 Corporate directory 128 This financial report covers the Virgin Australia Holdings Limited Group, consisting of Virgin Australia Holdings Limited and its controlled entities. The financial report is presented in Australian dollars. Virgin Australia Holdings Limited (VAH) is a company limited by shares, incorporated and domiciled in Australia. Details of its registered office and principal place of business are on page 128. Through the use of the internet, we have ensured that our corporate reporting is timely, complete and available globally at minimum cost to the Company. All press releases, financial reports and other information are available at our Shareholder Information Centre on our website: www.virginaustralia.com. Directors’ report The directors present their report together with the consolidated financial statements of the Group comprising Virgin Australia Holdings Limited (VAH) (the Company) and its subsidiaries, and the Group’s interests in associates and joint ventures, for the financial year ended 30 June 2015 and the auditor’s report thereon. 1. Directors The directors of the Company at any time during or since the end of the financial year are: Ms Elizabeth Bryan AM (appointed 20 May 2015) Mr John Borghetti Mr David Baxby Mr Joshua Bayliss (ceased 22 September 2015) Mr Neil Chatfield (ceased 20 May 2015) Mr James Hogan (appointed 4 July 2014, ceased 18 February 2015) Mr Christopher Luxon (appointed 4 July 2014) Mr Bruno Matheu (appointed 18 February 2015) Mr John Patrick (JP) Moorhead (Alternate Director for Joshua Bayliss from 25 August 2014 to 22 September 2015. Appointed as Director 22 September 2015) Ms Samantha Mostyn Mr Goh Choon Phong (appointed 4 July 2014) Mr Robert Thomas The Hon. Mark Vaile AO Mr Ulf Huttmeyer (Alternate Director) (appointed 18 February 2015) Mr Robert McDonald (Alternate Director) (appointed 1 September 2014) Mr James Rigney (Alternate Director) (appointed 4 July 2014, ceased 18 February 2015) Mr Keith Roberts (Alternate Director) (ceased 25 August 2014) Mr Marvin Tan (Alternate Director) (appointed 4 July 2014) 1.1 Details of directors and alternate directors, their qualifications and experience Ms Elizabeth Bryan - AM, BA (Econ), MA (Econ), Independent Non-Executive Director Ms Elizabeth Bryan was appointed Company Chairman and to the VAH Board on 20 May 2015. Elizabeth brings extensive leadership, strategic and financial expertise to the Board. She has over 32 years of experience in the financial services industry, government policy and administration, and on the boards of companies and statutory organisations. In addition to her role as Chairman of Caltex Australia, Elizabeth is also currently a Director of Westpac Banking Corporation and Deputy Chairman of Insurance Australia Group. Elizabeth has held a range of different board roles including Chairmanship of UniSuper Limited, as well as directorships of Ridley Corporation Limited and Australia Pacific Airports Corporation. Mr John Borghetti - Managing Director and Chief Executive Officer Mr John Borghetti was appointed to the VAH Board as director on 8 May 2010. John has more than 40 years of experience in the aviation sector having previously held a number of senior positions at Qantas, leaving the company in May 2009. John is a director of Energy Australia, the Australian Chamber Orchestra and the New South Wales Customer Advisory Board. He was previously a director of CARE Australia (2005-2011), The Australian Ballet (2009-2011) and Piper Aircraft (USA) (2009-2010). Mr David Baxby - B.Com (Acct), LLB (Hons), Independent Non-Executive Director Mr David Baxby was appointed to the VAH Board as director on 30 September 2004. David is Advisor to the Board of Global Blue SA. David was previously the Co-CEO of the Virgin Group until 30 June 2013 and his past directorships include Virgin Atlantic Ltd, Virgin Holidays Ltd, Virgin America Inc and Air Asia X. David was also an investment banker for ten years with Goldman Sachs. ANNUAL FINANCIAL REPORT 2015 1 Directors’ report (continued) 1. Directors (continued) 1.1 Details of directors and alternate directors, their qualifications and experience (continued) Mr Joshua Bayliss - LLB (Hons), B.A, Non-Executive Director Mr Joshua Bayliss was appointed to the VAH Board as director on 6 April 2011 and resigned on 22 September 2015. Joshua is Chief Executive Officer of the Virgin Group, based in Geneva. In his role as CEO he is responsible for managing the Virgin Group’s global investment portfolio, development and licensing of the Virgin brand and incubation of new Virgin businesses. Joshua has extensive experience as both an executive and non-executive director of a large number of companies across the Virgin Group globally in all of Virgin’s industry sectors including aviation, financial services, telecoms and media, health and wellness and entertainment. He has been with the Virgin Group since 2005, previously serving as the Virgin Group’s General Counsel before taking on the CEO role in 2011. Mr Neil Chatfield - M. Bus. FCPA, FAICD, Independent Non-Executive Chairman Mr Neil Chatfield was appointed to the VAH Board as director on 11 May 2006 and appointed Company Chairman on 14 June 2007. Neil resigned as Company Chairman and director on 20 May 2015. Neil is an established executive and non-executive director with experience across a range of industries. He has extensive experience in general and financial management, capital markets, mergers and acquisitions and risk management. His most recent executive role was executive director and Chief Financial Officer of Toll Holdings Ltd for over ten years to 2009. Neil is currently Chairman of Seek Ltd, since 2012 having been a non-executive director since 2005. He is also a director of Transurban Group since 2009 and Recall Holdings Ltd since 2013. Neil was also a non-executive Director of Whitehaven Coal Ltd from May 2007 to May 2012 and Grange Resources from January 2009 to April 2014. Mr James Hogan - Non-Executive Director Mr James Hogan was appointed to the VAH Board as director on 4 July 2014 and resigned on 18 February 2015. James is the President and Chief Executive of Etihad Airways and brings more than 40 years of travel industry expertise to the Board. He started his career at Ansett Airlines and subsequently held senior positions with bmi, Hertz, Forte Hotels and Gulf Air, where he served as President and Chief Executive for four years. James is a fellow of the Royal Aeronautical Society. He is Vice Chairman on the Executive Committee of the World Travel and Tourism Council (WTTC) and a member of the International Air Transport Association (IATA) Board of Governors. He also serves as Vice Chairman on the Boards of equity partners, airberlin, Air Serbia, Alitalia and Jet Airways. He is a former Non-Executive Director of Gallaher Plc, and served on the UBS Industrial Board. In 2010, he served as the Chairman of the Aviation Travel and Tourism Governors at the World Economic Forum. Mr Christopher Luxon - M.Com, Canterbury University, Non-Executive Director Mr Christopher Luxon was appointed to the VAH Board as director on 4 July 2014. Christopher is Chief Executive Officer of Air New Zealand, which is a major shareholder of Virgin Australia. Prior to joining Air New Zealand, he was President and Chief Executive Officer at Unilever Canada. This was one of several senior leadership roles Mr Luxon held during an 18 year career at Unilever where he worked in New Zealand, Australia, Asia, Europe and North America. Christopher has a Master of Commerce in Business Administration from the University of Canterbury. Mr Bruno Matheu - Non-Executive Director Mr Bruno Matheu was appointed to the VAH Board as director on 18 February 2015. Bruno joined Etihad Airways in December 2014 in the new role of Chief Operating Officer, Equity Partners. He is responsible for strategic developments to optimise business performance, revenues and cost synergies between Etihad Airways and its equity partner airlines, and provide strategic leadership support for partners in which Etihad Airways has management responsibility. Bruno brings to the Group almost 30 years of senior management experience in the global aviation industry. He most recently served as Chief Long Haul Officer at Air France, and prior to that held senior executive roles across Air France, being a member of Air France and Air France-KLM Executive Boards for 17 years. He has also served on the Boards of Air France, Alitalia and the global distribution company Amadeus. 2 VIRGIN AUSTRALIA GROUP 1. Directors (continued) 1.1 Details of directors and alternate directors, their qualifications and experience (continued) Mr John Patrick (JP) Moorhead - MA, MEng, Non-Executive Director Mr JP Moorhead was appointed as Alternate Director for Mr Joshua Bayliss from 25 August 2014 to 22 September 2015 and appointed a director on 22 September 2015. JP is CFO of the Virgin Group and responsible for the Group’s overall financial and risk positions as well as accounting, financing, tax, treasury and certain portfolio matters. JP has served as a director of various Virgin Group operating companies including Virgin Atlantic and Virgin Rail as well as a number of Virgin Group holding companies. Prior to joining Virgin, JP spent eight years at Goldman Sachs in London and Sydney where he worked on a broad range of strategic advisory, M&A and capital markets transactions.
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