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Emirates Group Annual Report 2015-16 Heading Heading 2015-16 accelerating The Emirates Group Annual Report 2015-16 Heading heading Overview Emirates His Highness Sheikh Mohammed dnata Group bin Rashid Al Maktoum Group Financial Vice President and Prime Minister of the UAE and Ruler of Dubai Information EmiratesAdditional Financial CommentaryInformation dnata Financial Commentary The UAE’s rise as a major global economic hub has not been the result of focusing merely Emirates Consolidated Financial Statements on rapid commercial growth. The country’s achievements have sprung from a vision of dnata Consolidated Financial Statements Nemo enim ipsam voluptatem quia growth that touched every aspect of development. voluptas sit aspernatur aut odit aut Additional fugit, sed quia consequuntur magni Information dolores eos qui ratione voluptatem sequi Growth has never been a one-dimensional concept for the UAE. In our national strategies, nesciunt. Neque porro quisquam est, we have always addressed a wide range of areas that are critical to creating real, sustainable growth. Diversification has been a key part of this vision. The continued high performance of diverse sectors like financial services, transport, manufacturing and construction is testimony to the UAE’s visionary diversification strategy, the seeds of which were sown decades ago by our nation’s founders. The Emirates Group Annual Report 2015-16 Overview Emirates dnata Group Winning the Expo 2020 bid was a be a trailblazer when it comes to the The Emirates Group is one of the UAE Financial recognition of the wide-ranging happiness of our people. This is why corporations that best represents Information progress that the UAE has achieved. As we have appointed our first Minister this spirit of growth, innovation and Additional we move ahead with the preparations of Happiness. resilience. Both Emirates and dnata Information for the world’s largest and oldest have grown with Dubai and the UAE international exhibition, Expo 2020 will We can take pride in Dubai’s and the from modest beginnings to become be a catalyst for further diversification UAE’s achievements. But we have to global players. Against all odds, fierce and development. be ever vigilant against complacency. competition, and numerous challenges, Our aim is not only to maintain our the Emirates Group has built a successful The UAE’s strategy of sustained successes, but also to move into a new enterprise. This has been achieved by diversification has enabled it to phase of development, where we will continuously innovating in every aspect weather the effects of global economic play an even bigger role in the global of its operations. They have taken their turbulence. The solid economic economy. To be resilient and succeed strong core business model and built on foundation that this diversification has in a changing environment, we have it by adding new capabilities and taking given us is also enabling us today to to keep developing our capabilities as advantage of new technologies. prepare for a post-oil future. a nation and as people, and continue diversifying our resources. Looking at the Group’s committed Our definition of growth and investments in its people, technology, development is by no means restricted I believe this drive for continuous and facilities – all critical enablers for to the economy. While we seek to be evolution is an integral part of the spirit innovation and transformation - I have economically competitive, we also and mindset of our people, and is firmly no doubt that Emirates and dnata will place a high priority on the happiness embedded in the DNA of many of our continue to thrive and contribute to of our people. The UAE’s aim is to leading national corporations. Dubai’s and the UAE’s success. 1 The Emirates Group Annual Report 2015-16 Heading heading Overview Emirates dnata Group Financial Information EmiratesAdditional Financial CommentaryInformation dnata Financial Commentary Emirates Consolidated Emirates is a global airline, serving 151 airports in 80 countries Financial Statements from its hub in Dubai, United Arab Emirates. Operating the world’s dnata Consolidated Nemo enim ipsam voluptatem quia Financial Statements largest fleets of Airbus A380 and Boeing 777 aircraft, its main voluptas sit aspernatur aut odit aut Additional fugit, sed quia consequuntur magni activity is the provision of commercial air transportation services. Information dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, dnata is one of the largest combined air services providers in the world and the largest travel management services company in the UAE. Its main activities are the provision of cargo and ground handling, catering and travel services. Emirates and dnata are independent entities and do not form a group as defined by International Financial Reporting Standards. However, these entities are under common management. Therefore, in the Management Review section of this document, they are together referred to as the Emirates Group. 2 The Emirates Group Annual Report 2015-16 Overview 4 11 35 54 Emirates Financial highlights Emirates: Exponential growth dnata: Growing our lead in Group key events and evolution combined air services 6 62 dnata Chairman’s statement Our growing network 14 Keeping our fleet young 39 Our safety, your safety 8 Leadership team 67 Emirates financial commentary Group 17 Growing our network 40 A community of caring 77 dnata financial commentary Financial and partnerships 42 UAE airport operations: Another year Information 83 18 Emirates SkyCargo: Innovation of record-breaking growth Emirates Independent Auditor’s Report Additional and investment drive success 84 Information 44 International airport operations: Emirates Consolidated Financial Statements 20 The Emirates experience: Raising the bar Growing global capabilities 127 dnata Independent Auditor’s Report 22 The Emirates Brand: Building a strong 48 Catering: Delicious meals 128 dnata Consolidated Financial Statements business asset for a diverse audience 167 Additional information 25 Sports sponsorships: Strengthening 51 dnata Travel: Consolidating to a successful strategy enable accelerated growth 168 Emirates ten-year overview 26 Our people: Empowering our greatest asset 52 A growth plan for times of change 170 dnata ten-year overview 29 Commercial excellence: Sustainable growth 172 Group ten-year overview in an uncertain environment 173 Group companies of Emirates 30 Financial strength: Securing a successful and profitable tomorrow 174 Group companies of dnata 33 Our communities: Making 176 Glossary a meaningful impact 3 The Emirates Group Annual Report 2015-16 Heading heading Overview Emirates dnata Group Financial Information Emirates Group Financial highlights 2015-16 2014-15 % change EmiratesAdditional Financial CommentaryInformation Revenue and other operating income* AED m 92,896 96,053 (3.3) Operating profit AED m 9,391 6,898 36.1 dnata Financial Operating margin % 10.1 7.2 2.9 pts Commentary Profit attributable to the Owner AED m 8,179 5,461 49.8 Emirates Consolidated Profit margin % 8.8 5.7 3.1 pts Financial Statements Financial position dnata Consolidated Nemo enim ipsam voluptatem quia Financial Statements Total assets** AED m 129,989 120,886 7.5 voluptas sit aspernatur aut odit aut Cash assets AED m 23,453 20,033 17.1 Additional fugit, sed quia consequuntur magni Information dolores eos qui ratione voluptatem sequi Employee data nesciunt. Neque porro quisquam est, Average employee strength number 95,322 84,153 13.3 2014-15 figures have been re-classified to conform with the current year’s presentation. * After eliminating inter company income/expense of AED 2,778m in 2015-16 (2014-15: AED 1,926m). ** After eliminating inter company receivables/payables of AED 168m in 2015-16 (2014-15: AED 122m). Percentages and ratios are derived based on the full figure before rounding. The financial year of the Emirates Group is from 1 April to 31 March. Throughout this report all figures are in UAE Dirhams (AED) unless otherwise stated. The exchange rate of the Dirham to the US Dollar is fixed at 3.67. 4 The Emirates Group Annual Report 2015-16 Revenue and operating income in AED m 3URÀWDWWULEXWDEOHWRWKH2ZQHU in AED m Revenue and operating income in AED m 3URÀWDWWULEXWDEOHWRWKH2ZQHU in AED m 15-16 85,044 15-16 7,125 15-16 10,630 15-16 1,054 14-15 88,819 14-15 4,555 14-15 9,160 14-15 906 Overview 13-14 82,636 13-14 3,254 13-14 7,565 13-14 829 Emirates 12-13 73,113 12-13 2,283 12-13 6,622 12-13 819 dnata 11-12 62,287 11-12 1,502 11-12 5,755 11-12 808 Group Financial Information Emirates dnata Additional Financial highlights 2015-16 2014-15 % change Financial highlights 2015-16 2014-15 % change Information Revenue and results Revenue and results Revenue and other operating income AED m 85,044 88,819 (4.3) Revenue and other operating income AED m 10,630 9,160 16.0 Operating profit AED m 8,330 5,893 41.4 Operating profit AED m 1,061 1,005 5.6 Operating margin % 9.8 6.6 3.2 pts Operating margin % 10.0 11.0 (1.0) pts Profit attributable to the Owner AED m 7,125 4,555 56.4 Profit attributable to the Owner AED m 1,054 906 16.3 Profit margin % 8.4 5.1 3.3 pts Profit margin % 9.9 9.9 - Return on shareholder’s funds % 23.8 17.2 6.6 pts Return on shareholder’s funds % 20.7 19.2 1.5 pts Financial position and cash flow Financial position Total assets AED m 119,179 111,362 7.0 Total assets AED m 10,978 9,646 13.8 Cash assets AED m 19,988 16,885 18.4 Cash assets AED m 3,465 3,148 10.1 Net debt (including aircraft operating lease) equity ratio % 215.9 212.1 3.8 pts Key operating statistics EBITDAR
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