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The Emirates Group Annual Report | 2019-2020

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The Emirates Group Annual Report | 2019-2020 THE EMIRATES GROUP ANNUAL REPORT 2019-20 OVERVIEW EMIRATES DNATA GROUP FINANCIAL INFORMATION HIS HIGHNESS SHEIKH MOHAMMED BIN RASHID AL MAKTOUM ADDITIONAL Vice President and Prime Minister of the UAE and Ruler of Dubai INFORMATION As I write this message, the world is battling with unprecedented challenges wrought by the COVID-19 pandemic. This pandemic has impacted industries and communities all around the world at a speed, scale and severity that no-one could have foreseen. While scientists race to decode the virus and develop a vaccine, governments and businesses are working hard to find the best approach to protect lives, while protecting livelihoods. Globally, travel and aviation are amongst the most impacted industries as countries close borders, suspend flights, and impose stringent travel restrictions as part of their pandemic containment measures. Crises often bring out the best in people, acting as catalysts for selfless giving and collaboration across borders. In this regard, the UAE continues to do everything it can to support the international community in its fight against the COVID-19 pandemic. As of April 2020, the UAE has donated more than 450 tonnes of aid to 27 countries in Europe, Africa, Asia and the Americas. 2 OVERVIEW EMIRATES DNATA GROUP FINANCIAL INFORMATION ADDITIONAL INFORMATION In the UAE, we have always regarded Dubai’s aim is to create a prosperous city ourselves as part of a global community. for future generations, where everyone We’re a nation that welcomes the world can achieve their dreams and aspirations, to visit, live, work, study, or collaborate on contribute their talent and innovation, access projects that contribute to human progress. economic opportunities, and enjoy a good We firmly believe that when like-minded quality of life. This vision is laid out in our nations and institutions come together, we 50 year charter, and each year we outline key can achieve extraordinary results. initiatives to deliver on our goals. Our lives will be different after the COVID-19 By connecting Dubai to the world, and pandemic. We don’t yet know the full extent bringing the world together through Dubai, of change, but it’s clear that the world is the Emirates Group will continue to play a already being reshaped to varying degrees. key role as we work towards our vision. This is an opportunity for us collectively to lay the groundwork to ensure a better future. I am confident that Emirates and dnata will Partnerships between the government emerge from this difficult period, strong and citizens, and between the public and and ready to reclaim their position as global private sectors will be key to achieving leaders shaping the future of the aviation, economic and social resilience, and ensuring travel and tourism industries, and to continue sustainable development. contributing outstanding services to the people and to the world. 3 OVERVIEW EMIRATES DNATA GROUP FINANCIAL INFORMATION ADDITIONAL INFORMATION Emirates is a global airline, serving 155 airports in 81 countries from its hub in Dubai, United Arab Emirates. dnata is one of the world’s largest combined air services providers in the world, serving over 320 airline customers in 37 countries. 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. 4 OVERVIEW EMIRATES DNATA GROUP FINANCIAL INFORMATION ADDITIONAL INFORMATION 6 FINANCIAL HIGHLIGHTS 8 CHAIRMAN’S STATEMENT 16 LEADERSHIP 18 EMIRATES HIGHLIGHTS 63 EMIRATES FINANCIAL COMMENTARY 180 EMIRATES TEN-YEAR OVERVIEW 30 DNATA HIGHLIGHTS 73 DNATA FINANCIAL COMMENTARY 182 DNATA TEN-YEAR OVERVIEW 40 OUR PEOPLE 79 EMIRATES INDEPENDENT AUDITOR’S REPORT 184 GROUP TEN-YEAR OVERVIEW 44 OUR COMMUNITIES 86 EMIRATES CONSOLIDATED FINANCIAL STATEMENTS 185 GROUP COMPANIES OF EMIRATES 50 OUR PLANET 133 DNATA INDEPENDENT AUDITOR’S REPORT 186 GROUP COMPANIES OF DNATA 58 OUR NETWORK 136 DNATA CONSOLIDATED FINANCIAL STATEMENTS 188 GLOSSARY 5 OVERVIEW EMIRATES DNATA GROUP FINANCIAL INFORMATION ADDITIONAL INFORMATION Emirates Group Financial highlights 2019-20 2018-19 % change Revenue and other operating income* AED m 104,002 109,255 (4.8) Operating profit AED m 6,915 3,925 76.2 Operating margin % 6.6 3.6 3.0 pts Profit attributable to the Owner AED m 1,674 2,316 (27.7) Profit margin % 1.6 2.1 (0.5) pt Financial position Total assets** AED m 188,461 142,267 32.5 Cash assets AED m 25,565 22,159 15.4 Employee data Average employee strength number 105,730 105,286 0.4 * After eliminating inter company income/expense of AED 2,730m in 2019-20 (2018-19: AED 3,071m). ** After eliminating inter company receivables/payables of AED 304m in 2019-20 (2018-19: AED 222m). FINANCIAL Percentages and ratios are derived based on the full figure before rounding. HIGHLIGHTS 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. 6 OVERVIEW Revenue and operating income in AED m Profit attributable to the Owner in AED m Revenue and operating income in AED m Profit attributable to the Owner in AED m EMIRATES 20 91,972 20 1,056 20 14,760 20 618 DNATA 8 7,07 8 87 8 4,4 8 ,445 GROUP 78 2,322 78 2,76 78 3,074 78 ,37 FINANCIAL INFORMATION 67 85,083 67 ,250 67 2,82 67 ,20 ADDITIONAL INFORMATION 56 85,044 56 7,25 56 0,630 56 ,054 Emirates dnata Financial highlights 2019-20 2018-19 % change Financial highlights 2019-20 2018-19 % change Revenue and results Revenue and results Revenue and other operating income AED m 91,972 97,907 (6.1) Revenue and other operating income AED m 14,760 14,419 2.4 Operating profit AED m 6,408 2,647 142.1 Operating profit AED m 507 1,278 (60.3) Operating margin % 7.0 2.7 4.3 pts Operating margin % 3.4 8.9 (5.5) pts EBITDAR AED m 25,852 23,977 7.8 Profit attributable to the Owner AED m 618 1,445 (57.2) EBITDAR margin % 28.1 24.5 3.6 pts Profit margin % 4.2 10.0 (5.8) pts Profit attributable to the Owner AED m 1,056 871 21.2 Return on shareholder's funds % 7.6 19.2 (11.6) pts Profit margin % 1.1 0.9 0.2 pt Return on shareholder's funds % 3.5 2.4 1.1 pts Financial position Total assets AED m 16,703 15,091 10.7 Financial position Cash assets AED m 5,316 5,122 3.8 Total assets AED m 172,062 127,398 35.1 Cash assets AED m 20,249 17,037 18.9 Key operating statistics Net debt (including aircraft operating Aircraft handled number 680,867 698,739 (2.6) lease*) to equity ratio % 381.2 209.8 171.4 pts Cargo handled tonnes '000 2,929 3,091 (5.2) Meals uplifted number '000 93,492 70,889 31.9 Airline operating statistics Travel services: Passengers carried number '000 56,162 58,601 (4.2) Total Transaction Value (TTV) AED bn 10.8 11.5 (6.2) Cargo carried tonnes '000 2,389 2,659 (10.2) Passenger seat factor % 78.5 76.8 1.7 pts Employee data Overall capacity ATKM million 58,584 63,340 (7.5) Average employee strength number 46,211 45,004 2.7 Available seat kilometres ASKM million 367,153 390,775 (6.0) Aircraft number 270 270 - Employee data Average employee strength number 59,519 60,282 (1.3) *pertains to year 2018-19. From 1 April 2019, with the adoption of IFRS 16, applicable off-balance sheet leases have been capitalised on the consolidated statement of financial position and related lease liability is included in net debt. 7 OVERVIEW EMIRATES DNATA HH SHEIKH AHMED BIN SAEED AL MAKTOUM GROUP Chairman and Chief Executive FINANCIAL Emirates Airline & Group INFORMATION ADDITIONAL INFORMATION For the first 11 months of 2019-20, we were well on track to deliver against our business targets. Emirates and dnata businesses were performing strongly in line with our plans and forecast. Things changed rapidly from mid-February and through March as the COVID-19 pandemic swept across the globe, resulting in a sudden and tremendous drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions. During that period, operational requirements evolved daily as health and aviation regulators learnt more about the new virus and implemented different strategies to contain the spread of the outbreak. Emirates and dnata took swift action to respond to the dynamic situation, always prioritising the health and safety of our people and our customers. On 25 March, the UAE government suspended Even without a pandemic, global aviation and travel AED all scheduled passenger flights as part of demand patterns have always been vulnerable to a the country’s pandemic response. While this multitude of external factors whether competitive, suspension has hit Emirates and dnata in an geo-political, or socio-economic. Emirates and dnata unprecedented way, we are in full support of these have managed to adeptly navigate these challenges, measures which aim to safeguard the UAE and and acted quickly whenever there were opportunities. international community. bn Over the year, a further strengthening of the US dollar 1.7ND nd 32 CONSECUTIVE YEAR OF PROFIT The Emirates Group has recorded its 32 against most major currencies eroded our profits FOR THE GROUP consecutive year of profit in 2019-20, on account by AED 1 billion.
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