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Annual Report 2017 We’Ve Come a Long Way Since Our Inception in 2007

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Annual Report 2017 We’Ve Come a Long Way Since Our Inception in 2007 did you know... JAIPUR Built with the grand Rajput architectural style, the Jal Mahal has 5 floors, of which 4 floors are submerged under the lake, with only the top floor exposed! AirAsia X now flies 4x weekly to Jaipur AirAsia X turns 10! And we celebrated with a flair as an aircraft with a special commemoration livery was received at the Gold Coast International Airport by AirAsia X’s senior executives, Gold Coast Airport Limited and Tourism Events Queensland. Our story commenced a decade ago when we flew to Gold Coast, AirAsia X’s maiden destination on 2 November 2007. AirAsia X has had a fantastic decade, and a huge thank you from us to all of our supportive guests and dedicated Allstars! Many had doubts that a long-haul, low-cost airline could work, but here we are, keeping our promise that “Now Everyone Can Fly Xtra Long”, and we shall continue this for many more years to come. The 5th Issue AAX_AR/17 AIRASIA X BERHAD The 10th Anniversary Contents 008 Our Vision 089 Group Quarterly Financial FINANCIAL STATEMENTS Performance 010 Our Mission 154 Directors’ Report 090 Investor Relations 158 Statements of Profit or Loss 012 Our Values 093 Share Price Performance 159 Statements of Comprehensive 016 A Note To Allstars Income 094 Market Capitalisation 018 Key Highlights 160 Statements of Financial Position 096 2017 Financial Calendar 162 024 About Us Consolidated Statement of 097 2018 Quarterly Results Changes in Equity 026 AirAsia X Group Destinations Announcements 163 Statement of Changes in Equity 028 AirAsia X Group & AirAsia Group 164 098 Business Review Statements of Cash Flows Network 166 Notes to The Financial 100 Corporate Milestones 032 Corporate Structure Statements 106 2017 Corporate Events 230 Statement by Directors 033 Corporate Information 110 Media Highlights 230 Statutory Declaration 038 Board of Directors – Press clippings 231 Independent Auditors’ Report 040 Our Board at A Glance – Television – Social Media 041 Board of Directors’ Profiles 236 Analysis of Shareholdings 114 Achievements 048 The Group Chief Executive 237 List of Directors’ Shareholdings Officers 118 Sustainability Report 238 List of Top 30 Largest 120 Shareholders 050 The Chief Executive Officers Safety Always Our Priority 122 Innovation to get from 239 Analysis of Warrant Holdings 052 Leadership Team Good to Great 240 List of Directors’ Warrant 054 Profiles of the Leadership Team 123 Rewarding & Developing Holdings Our Talent 241 062 AirAsia X Thailand Leadership List of Top 30 Largest Warrant Team 124 Creating A Healthy Holders Environment 242 Corporate Directory 065 AirAsia X Indonesia Leadership 126 Serving Our Community 244 Team Notice of Annual General Meeting 130 Corporate Governance Overview 066 GCEO’s Statement Statement 247 Glossary 070 CEO’s Management Discussion & 135 Statement on Risk Management Analysis & Internal Control • Form of Proxy 080 Business Model 140 Audit Committee (“AC”) Report 084 Five-Year Financial & Operational 142 Additional Compliance Highlights Information 085 Key Performance Indicators 148 Code of Business Conduct 086 Simplified Group Statement of Financial Position & Segmental Analysis FINANCIAL HIGHLIGHTS (MAAX) Revenue: Operating Profit: Net Profit: Total Assets RM4.6 RM143 RM98.9 RM4.8 billion million million billion Rationale 10th Anniversary Overview of Our Report AirAsia X Berhad’s Annual Report is our MAKING THE primary report and is intended to address WORLD A the information requirement of long-term investors and also presents information SMALLER PLACE relevant to the way we create value for other key stakeholders, including our staff, clients, regulators and communities. AirAsia X turns 10! As we celebrate our tenth anniversary, let’s take a few moments to reflect on our exhilarating journey so far. Annual Report 2017 We’ve come a long way since our inception in 2007. From our inaugural flight to the Gold Coast, we now serve 29 destinations across Asia, Australia, New Zealand and the Middle East. We’re also thrilled to be the first low-cost airline in Asean to be given approval to fly into the United States. It’s a marvellous achievement as our landmark route to Honolulu, Hawaii will take us to the Americas for the very first time. This is just the beginning though, as we hope to grow our international footprint and continue to help more people travel farther for less. Through the years we have experienced tremendous growth and success, receiving numerous awards and recognition of excellence in the industry. This year we won Skytrax World’s Best Low-Cost Premium Cabin and World’s Best Low-Cost Airline Premium Seat awards for the fifth consecutive year. With new route launches, record number of passengers, incredible destinations and a host of achievements, AirAsia X has truly captured the imagination of its customers. This milestone wouldn’t have been possible without the incredible support from so many people. Our industry has changed a great deal but we’ve always focused on staying ahead of the curve in terms of new initiatives and techniques. Some things that haven’t changed are our core value and beliefs as well as the tremendous support of our awesome team of Allstars. Scope and boundary of reporting Our Annual Report is produced and published annually. The 2017 Report All in all, we’ve had an incredible 10 years. But there’s more to come. More routes covers the period of 1 January to 31 December 2017. The report provides our to carve out, more travel dreams to fulfil. More stars to reach for. Here’s to 10 stakeholders with a comprehensive assessment of the Group’s performance for amazing years and many more ahead! 2017 and outlook for 2018. It details our financial and non-financial performance and communicates our strategies, actions and outcomes in a manner that is meaningful to our stakeholders. We have made every effort to ensure that this report presents a balanced and accessible assessment of our performance, governance and prospects. AGM ANNUAL GENERAL MEETING OF AIRASIA X BERHAD WHERE CAE Kuala Lumpur (formerly known as Asian Aviation Centre of Excellence), Lot PT25B, Jalan KLIA S5, Southern Support Zone, Kuala Lumpur International Airport, 64000 Sepang, Selangor Darul Ehsan, Malaysia WHEN Monday, 4 June 2018 TIME 10.00 a.m. Go online to our website at: www.airasiax.com Annual Report 2017 7 servingTO BE THE LARGEST LOW COST the AIRLINE IN ASIA AND 3 billion people WHO ARE CURRENTLY UNDERSERVED WITH POOR CONNECTIVITY AND HIGH FARES. 8 AirAsia X Berhad (734161-K) Annual Report 2017 9 10 AirAsia X Berhad (734161-K) To be the best company to work for whereby employees are treated as part of a big family ASEAN BRANDCREATE A GLOBALLY RECOGNISED To attain the lowest cost so that everyone can fly with AirAsia MAINTAIN THE HIGHEST QUALITY PRODUCT, EMBRACING TECHNOLOGY TO REDUCE COST AND ENHANCE SERVICE LEVELS Annual Report 2017 11 People First CARE FOR OUR PEOPLE, CARE FOR OUR GUESTS. Dare to Dream PROGRESS COMES FROM INNOVATION. BOTH REQUIRE CHANGE TO HAPPEN. Make it Happen LEARN FAST AND DELIVER MORE WITH LESS. Safety Always SAFETY IS EVERYONE’S RESPONSIBILITY, IT STARTS WITH YOU. One AirAsia WE ARE ONE AIRLINE, WITH ONE VISION, AND ONE PEOPLE. 12 AirAsia X Berhad (734161-K) Annual Report 2017 13 The 5th Issue Our turnaround happened because of you. We have the opportunity now to build on recent successes accelerating our momentum in 2018. FROM US : Datuk Kamarudin Meranun, Tan Sri Dr. Tony Fernandes, Benyamin Ismail 16 AirAsia X Berhad (734161-K) STRONGER THAN EVER AFTER 10 YEARS… THANKS TO YOU! en years ago, when we launched the first AirAsia X flight from Kuala Lumpur to Gold Coast in Australia, Twe realised we were entering unknown territory. No other low-cost carrier had successfully launched a long-haul business. There was no proven model. Yet we had a vision: of our short-haul and long-haul operations complementing each other. And we have invested in this vision. It has taken a while, but in our 10th year – as we celebrate our second full-year profits – we can finally say we did it! It is not just our business model that we have got right, however. It is our people too. Our Allstars have been with us through some very difficult times, yet they never gave up. Like us, they believed we could fly to Auckland, Honolulu or even Jaipur and Jeju. They have put in many extra hours to make these dream routes come true. It is because of their conscientious efforts that we have been able to cut costs, increase our revenue and turn our performance around. The passion and dedication of each of our 3,149 Allstars have enabled us to celebrate our 10th anniversary a much stronger airline than ever. To our Allstars, we would like to express our heartfelt gratitude. Thank you for the best possible anniversary gift we could have. With your hard work, we have come a long way. But let’s not content ourselves with having reached the skies. With your continued support, we can grow much further. Working together as one indomitable team, let’s now aim for the stars… and become the best long- haul low-cost carrier in the world. YOUR EXCELLENCE DRIVES OUR SUCCESS ALLSTARS ALLSTARSA note to Annual Report 2017 17 The 10th Anniversary Issue FINANCIAL HIGHLIGHTS (MAAX) AirAsia X Malaysia: Revenue: Operating Profit: Net Profit: Total Assets: 82% LOAD AirAsia X Thailand: RM4.6 RM143 RM98.9 RM4.8 FACTOR 91% billion million million billion AirAsia X Indonesia: 71% AIRASIA X MALAYSIA AIRASIA X THAILAND AIRASIA X INDONESIA IATA: D7 IATA: XJ IATA: XT ICAO: XAX ICAO: TAX ICAO: IDX CALL Callsign: Callsign: Callsign: SIGNS XANADU EXPRESS
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