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annual report 2011 For personal use only now you’re flying For personal use only ANCHORAGE MOSCOW MANCHESTER MINSK DUBLIN LONDON BRUSSELS ASTANA CALGARY WINNIPEG FRANKFURT VANCOUVER PARIS MUNICH SEATTLE GENEVA MINNEAPOLIS OTTAWA MILAN ALMATY PORTLAND TORONTO DETROIT BOSTON ISTANBUL RENO SALT LAKE CITY CHICAGO NEW YORK SACRAMENTO DENVER COLUMBUS PHILADELPHIA ATHENS INDIANAPOLIS BALTIMORE TEHRAN PESHAWAR SAN FRANCISCO LAS VEGAS WASHINGTON DC LARNACA ERBIL ISLAMABAD TOKYO SAN JOSE CINCINNATI RALEIGH/DURHAM DAMASCUS NAGOYA LOS ANGELES PHOENIX MEMPHIS BEIRUT LAHORE DALLAS ATLANTA CASABLANCA AMMAN ALEXANDRIA BAGHDAD SAN DIEGO KUWAIT KATHMANDU ORLANDO HOUSTON NEW ORLEANS CAIRO DAMMAM TAMPA BAHRAIN DELHI FT LAUDERDALE DHAKA JEDDAH DOHA KARACHI MIAMI RIYADH ABU DHABI MUSCAT HONG KONG MEXICO CITY MUMBAI HYDERABAD BANGALORE MANILA KHARTOUM KOZHIKODE CHENNAI KOCHI THIRUVANANTHAPURAM COLOMBO PHUKET KUALA LUMPUR SINGAPORE DENPASAR/BALI PORT MORESBY HONIARA CHRISTMAS ISLAND APIA/SAMOA COCOS (KEELING) ISLANDS DARWIN PORT VILA NADI CAIRNS NUKU’ALOFA RAROTONGA ULURU (AYERS ROCK) BRISBANE JOHANNESBURG GOLD COAST For personal use only SYDNEY PERTH ADELAIDE network key CAPE TOWN AUCKLAND CANBERRA HAMILTON MELBOURNE ROTORUA Virgin Australia group of airlines *** Etihad Airways Singapore Airlines*** LAUNCESTON WELLINGTON (Subject to regulatory approval) QUEENSTOWN HOBART CHRISTCHURCH Air New Zealand* Virgin Atlantic Delta Air Lines ** DUNEDIN Destinations via connections * Does not include all New Zealand domestic services; ** Does not include all Delta services; *** Awaiting regulatory approval; **** Does not include Australian domestic services ANCHORAGE MOSCOW MANCHESTER MINSK DUBLIN LONDON BRUSSELS ASTANA CALGARY WINNIPEG FRANKFURT VANCOUVER PARIS MUNICH SEATTLE GENEVA MINNEAPOLIS OTTAWA MILAN ALMATY PORTLAND TORONTO DETROIT BOSTON ISTANBUL RENO SALT LAKE CITY CHICAGO NEW YORK SACRAMENTO DENVER COLUMBUS PHILADELPHIA ATHENS INDIANAPOLIS BALTIMORE TEHRAN PESHAWAR SAN FRANCISCO LAS VEGAS WASHINGTON DC LARNACA ERBIL ISLAMABAD TOKYO SAN JOSE CINCINNATI RALEIGH/DURHAM DAMASCUS NAGOYA LOS ANGELES PHOENIX MEMPHIS BEIRUT LAHORE DALLAS ATLANTA CASABLANCA AMMAN ALEXANDRIA BAGHDAD SAN DIEGO KUWAIT KATHMANDU ORLANDO HOUSTON NEW ORLEANS CAIRO DAMMAM TAMPA BAHRAIN DELHI FT LAUDERDALE DHAKA JEDDAH DOHA KARACHI MIAMI RIYADH ABU DHABI MUSCAT HONG KONG MEXICO CITY MUMBAI HYDERABAD BANGALORE MANILA KHARTOUM KOZHIKODE CHENNAI KOCHI THIRUVANANTHAPURAM COLOMBO PHUKET KUALA LUMPUR SINGAPORE DENPASAR/BALI PORT MORESBY HONIARA CHRISTMAS ISLAND APIA/SAMOA COCOS (KEELING) ISLANDS DARWIN PORT VILA NADI CAIRNS NUKU’ALOFA RAROTONGA ULURU (AYERS ROCK) BRISBANE JOHANNESBURG GOLD COAST For personal use only SYDNEY PERTH ADELAIDE CAPE TOWN AUCKLAND CANBERRA HAMILTON MELBOURNE ROTORUA LAUNCESTON WELLINGTON QUEENSTOWN HOBART CHRISTCHURCH DUNEDIN ANCHORAGE MOSCOW MANCHESTER MINSK DUBLIN LONDON BRUSSELS ASTANA CALGARY WINNIPEG FRANKFURT VANCOUVER PARIS MUNICH SEATTLE GENEVA MINNEAPOLIS OTTAWA MILAN ALMATY PORTLAND TORONTO DETROIT BOSTON ISTANBUL RENO SALT LAKE CITY CHICAGO NEW YORK SACRAMENTO DENVER COLUMBUS PHILADELPHIA ATHENS INDIANAPOLIS BALTIMORE TEHRAN PESHAWAR SAN FRANCISCO LAS VEGAS WASHINGTON DC LARNACA ERBIL ISLAMABAD TOKYO SAN JOSE CINCINNATI RALEIGH/DURHAM DAMASCUS NAGOYA LOS ANGELES PHOENIX MEMPHIS BEIRUT LAHORE DALLAS ATLANTA CASABLANCA AMMAN ALEXANDRIA BAGHDAD SAN DIEGO KUWAIT KATHMANDU ORLANDO HOUSTON NEW ORLEANS CAIRO DAMMAM TAMPA BAHRAIN DELHI FT LAUDERDALE DHAKA JEDDAH DOHA KARACHI MIAMI RIYADH ABU DHABI MUSCAT HONG KONG MEXICO CITY MUMBAI HYDERABAD BANGALORE MANILA KHARTOUM KOZHIKODE CHENNAI KOCHI THIRUVANANTHAPURAM COLOMBO PHUKET contents KUALA LUMPUR Preview 2 SINGAPORE The Chairman’s Report 4 The Chief Executive’s Report 6 DENPASAR/BALI PORT MORESBY HONIARA CHRISTMAS ISLAND Our People 8 APIA/SAMOA Our Brand 10 COCOS (KEELING) ISLANDS DARWIN PORT VILA Our Product 12 NADI CAIRNS NUKU’ALOFA RAROTONGA Our Network and Alliances 18 Our Fleet 22 ULURU (AYERS ROCK) BRISBANE Our Guests 24 JOHANNESBURG GOLD COAST Safety 26 SYDNEY TheFor personal use only Environment 28 PERTH ADELAIDE CAPE TOWN AUCKLAND Our Community 32 CANBERRA HAMILTON Board of Directors 34 MELBOURNE ROTORUA LAUNCESTON WELLINGTON Executive Committee 36 QUEENSTOWN HOBART CHRISTCHURCH Financial Statements 38 DUNEDIN Sustainability Supplement 136 annual report 2011 1 preview PASSENGERS CARRIED (millions) 2002 3.2 2003 6.6 2004 10.1 2005* 19.7 2006* 10.5 2007 15.3 2008 16.7 2009 18.2 2010 18.6 2011 18.6 TOTAL REVENUE ($ millions) 2002 390.9 2003 924.3 2004 1,362.3 2005* 2,546.6 2006* 1,392.5 2007 2,169.1 2008 2,334.8 2009 2,635.4 2010 2,981.8 2011 3,271.0 For personal use only 2 Virgin Australia group of airlines RPKs/ASKs (millions) OPERATING STATISTICS 2011 2010 3,169 2002 Yield – Group 9.99¢ 10.06¢ 3,898 Underlying CASK (exc fuel, ineffectiveness & 7,194 6.33¢ 6.18¢ 2003 unrealised foreign exchange losses) 9,078 Available Seat Kilometres 37.1bn 34.0bn 2004 11,584 14,024 Revenue Passenger Kilometres 29.6bn 26.9bn 2005* 23,067 Passenger Load Factor % 79.7% 79.8% 30,042 2006* 12,094 15,703 2007 17,563 FINANCIAL HIGHLIGHTS $ million 2011 2010 21,642 Total Revenue 3,271 2,982 2008 18,764 Operating Expenses 2,904 23,308 3,289 2009 21,800 Underlying EBIT* (18) 78 27,816 Net (loss) / profit before tax* (67) 22 2010 26,894 * (excludes – ineffective cash flow hedges and non designated derivatives). 34,012 2011 29,569 37,092 Revenue Passenger Kilometres (RPKs) Available Seat Kilometres (ASKs) * Notes 1 2005 figures over 18 months 2 2006 figures over 9 months For personal use only annual report 2011 3 Going forward the environment is still expected to be tough, but now we have the right strategy to drive growth Neil Chatfield Chairman The 2011 Financial Year marks the first the chairman’s report full year of the transformation of Virgin Australia. The goal of establishing Virgin Australia as one integrated airline that serves multiple market segments is fast becoming a reality. This is no small feat, especially given the current economic environment. Yet it is that same economic environment that underscores the importance of this goal of diversifying our revenue and strengthening our position in the domestic market. The Board has been extremely supportive of the strategy devised to achieve this goal, the Game Change Program that we announced last year. For personal use only Under the strong leadership and vision of our CEO John Borghetti and our talented management team and thanks to the commitment and dedication of our 7,000-strong staff, the company has made enormous progress on the program. 4 Virgin Australia group of airlines Our alliance strategy has gone from The key to this success is our talented In closing, I would like to express my strength to strength, with the recently and motivated employees. The sincere thanks to my fellow Board announced Singapore Airlines1 Executive Committee has this year members, John, the management partnership1 representing the last part put a lot of effort into engaging our team and all of our people, for their of our four-pronged strategy for global employees and ensuring they are on hard work and dedication over the past coverage. We have also significantly board with the strategy. Many of the year. In a time of major transformation improved our own network, improvements were suggested by staff for our airline and the industry, they implementing the findings of our and without them it would not have have strengthened our reputation for wide-ranging review that will maximise been so easily achieved. excellent service and our outstanding the performance of our routes both safety record. I believe that despite ongoing industry domestically and internationally. volatility the company is now in a Finally, we thank you for your At the same time John and the great position to consolidate the continued loyalty as shareholders team have re-launched our brand, Game Change Program and from here through this period of transformation overhauled our products and services we will be able to achieve long term and look forward to sharing the and driven increased yields through sustainability across our business even benefits of Virgin Australia’s strategy in changing our fare mix. When we in a high fuel cost and conservative the years ahead. announced the Game Change Program consumer spending environment. lastFor personal use only year, we predicted that the benefits of these changes would not be seen Neil Chatfield until the second half of Financial Year Chairman 2012, yet we have already seen an encouraging uplift in our corporate market share. For the first time in ten years, there is a genuine alternative for the domestic business traveller. 1. Subject to regulatory approval annual report 2011 5 the chief executive’s report Financial Year 2011 was a year of robust operating platform that is right enormous challenge and significant for the times. change as we began repositioning Game Change Program the company to gain a larger share of the more resilient corporate and During the year, we have secured one government market and thereby ensure unified brand, relaunched our product a more stable financial future. and created a strong global network with four of the world’s best airlines. It was a difficult year for the airline industry, and particularly Virgin Through key alliances with Etihad Australia, with an extraordinary Airways, Air New Zealand, Delta Air 1 series of natural disasters affecting Lines and Singapore Airlines , we will our key markets. Events such as be able to provide
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