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For Personal Use Only Use Personal For For personal use only annual report 2013 For personal use only Contents 2 Key milestones 26 Our fleet 4 Preview 28 Safety 6 Chairman’s report 30 Our people 8 CEO’s report 32 The environment For personal use only 10 Our brand 34 Our community 12 Our customers 36 Board of directors 14 Our product 38 Annual financial report 20 Velocity Frequent Flyer 160 Sustainability – Flying for the future 22 Our network and alliances annual report 2013 1 Key milestones December 2012 • $12m partnership with Tourism September 2012 Australia announced • S’Wonderful marketing • Proposed campaign launched acquisition of • Partnership with Skywest receives Queensland Ballet Securities Industry launched Council approval November 2012 • Pilot Cadet program launched • Velocity $0 annual fee American Express July 2012 Card launched • Announced order of 23 • Singapore Airlines Boeing 737 MAX aircraft and Virgin Australia announce codeshare • Awarded Best Airline in expansion Australia Pacific Region at the Skytrax Awards • Codeshare on Virgin America launched • Mobile boarding and flight specials app launched October 2012 • Virgin Australia announces conditional agreements to acquire Skywest and 60% of Tiger Australia August 2012 (Tigerair) • Coast2Coast • Virgin Australia announces a $105 services launched on million share placement to Singapore Transcontinental Perth Airlines to fund future growth and (TCP) routes subsequent placement of 10% of For personal use only • Partnership with issued share capital to Singapore Australian Chamber Airlines Orchestra launched 2 Virgin Australia group of airlines July 2013 • Virgin Australia completes 60% acquisition of Tiger Australia • ACCC issues draft decision for conditional authorisation of Air New Zealand Trans- Tasman alliance April 2013 • Skywest acquisition completed • ACCC announces decision not to oppose Tiger Australia transaction • Virgin Australia makes February 2013 additional share placement to • Tiger Airways Holdings Singapore Airlines following shareholders approve Tiger the exercise of anti-dilution Australia transaction rights • Airbus A330 Brisbane to Perth services and new regional destinations announced June 2013 • Air New Zealand confirms intention to increase Virgin Australia shareholding to 22.9% • Velocity Global March 2013 Wallet launched • Skywest shareholders approve proposed acquisition • Foreign Investment January 2013 Review Board (FIRB) May 2013 announces that is has no • Virgin Australia regional • SabreSonic system objection to the Skywest operations launched reservation launched acquisition • FIRB announces it has • Australia Competition • Canberra airport terminal no objection to the Tiger and Consumer and lounge launched Commission (ACCC) Australia transaction announces decision • Etihad Airways confirms not to oppose Skywest increased shareholding in Virgin Australia to 10% acquisition For personal use only annual report 2013 3 Preview PASSENGERS CARRIED (millions) 15.3 16.7 18.2 18.6 18.6 19.4 19.3 2007 2008 2009 2010 2011 2012 2013 TOTAL REVENUE AND INCOME ($millions) For personal use only 2,169 2,335 2,635 2,982 3,271 3,920 4,020 2007 2008 2009 2010 2011 2012 2013 4 Virgin Australia group of airlines RPKs/ASKs (millions) FINANCIAL HIGHLIGHTS 2012 $m Revenue passenger kilometres (RPKs) 2013 $m 17,563 Available seat kilometres (ASKs) Total revenue and income 4,020.4 3,919.5 2007 1 21,642 Segment EBIT (36.7) 116.7 Statutory net profit/(loss) after tax (98.1) 22.8 18,764 2008 OPERATING STATISTICS (Group)2 2013 2012 23,308 Group yield3 11.08c 11.09c Available seat kilometres 41.8bn 39.8bn 21,800 Passengers carried 19.4m 2009 19.3m 27,816 Revenue load factor4 75.6% 78.1% 1 Segment EBIT is a non-statutory measure as per note 6 of the consolidated financial 26,894 statements. This non-IFRS information has not been audited or reviewed by KPMG. 2010 2 This non-IFRS information has not been audited or reviewed by KPMG. 34,012 3 Group yield excludes Skywest Airlines Pte Ltd, formally known as Skywest Airlines Limited. 4 Revenue load factor means revenue passenger kilometres (RPK) as a percentage of available seat kilometres (ASK). Revenue load factor metrics include Virgin Australia and International Alliance Partner ASK and RPK data on our revenue share routes with international alliance partners Air New Zealand and Delta Air Lines. 29,569 2011 37,092 For personal use only 31,100 2012 39,800 31,300 2013 41,800 annual report 2013 5 ... the Company commenced the “Game On” phase of the strategy during the 2013 financial year, which revolves around driving new growth opportunities for the business, while retaining a cost-efficient, flexible business model. – Neil Chatfield, Chairman For personal use only 6 Virgin Australia group of airlines The chairman’s report The 2013 financial year encompasses the end of The strategic alliances we have with these the first phase of Virgin Australia’s Game Change airlines, and with our strong partner Delta Air Program and the beginning of the second phase Lines, provide Virgin Australia with an extensive of the strategy. and highly competitive global network. The first phase involved growing our presence in The Company continues to deliver an integrated the Australian corporate and government market, approach to fuel efficiency, waste reduction, strengthening our presence in the leisure market, sustainable aviation biofuel development and establishing a virtual global network through carbon offsetting to reduce our emissions as a strategic airline alliances and enhancing Virgin business. This year we announced a number of Australia’s brand in Australia and overseas. new initiatives including a landmark study with Brisbane Airport Corporation and SkyNRG, a Having achieved these goals ahead of schedule, global market leader in creating sustainable jet the Company commenced the “Game On” fuel. This will see us working together to assess phase of the strategy during the 2013 financial the feasability of creating Australia’s first bioport, year, which revolves around driving new growth enabling aircraft to be fuelled with sustainable opportunities for the business, while retaining a biofuel at Brisbane Airport. cost-efficient, flexible business model. As part of our commitment to supporting youth I am pleased to report that Virgin Australia at risk in Australia, the Company continued has made significant progress in this regard, to dedicate its resources to our established despite the difficult economic and operating community partners; the Starlight Children’s environment. Foundation, Surf Life Saving Australia, Foodbank During the year we accessed new growth and the Australian Indigenous Mentoring markets, with the launch of a new regional Experience (AIME). operation in May 2013 following the acquisition We are committed to using our expansive of Skywest Airlines and our re-entry into the network to help these important organisations. budget market segment with the acquisition of During the year, we provided around 200 flights 60 per cent of Tigerair Australia completed in to the Starlight Children’s Foundation, helping July 2013. We have also increased our ability to them to grant wishes to seriously ill children and drive future revenue growth, with the successful their families around Australia. transition to the globally recognised reservation system, SabreSonic. Encouraging diversity in the workforce is central to our sustainability strategy and in the last year Notwithstanding the significant progress in female representation in senior management building our business with compelling customer positions across Virgin Australia increased from propositions in all market segments, it is 31 per cent to 33 per cent. Our talented team of disappointing that the Company posted 9,200 continue to be Virgin Australia’s greatest a loss of $98.1 million after tax for the 2013 asset. Over the past twelve months, there has financial year. been an even greater focus on celebrating their We faced challenging operating and economic achievements in going above and beyond for conditions including some of the fiercest our customers and enhancing service standards competition ever seen in this country. These in Australia. factors, along with the significant one-off costs I would like to express my sincere gratitude to necessary for the transformation of the business, each of them, to our CEO John Borghetti, his have impacted our financial performance management team and to the Board for their for the year. Importantly however, the major tireless efforts during the 2013 financial year. transformation program is now complete and Together, they have significantly improved Virgin the Company is well-placed to generate earnings Australia’s positioning in the Australian aviation benefits in the 2014 financial year. market and laid the foundations for future growth. Positioning the airline to be a sustainable Finally, to our shareholders, we thank you for business for the long-term remains the key your continued support of Virgin Australia. priority for the Board. For personal use only We look forward to sharing the benefits of our During the year we were delighted to welcome strategy with you in the years ahead. one of the world’s premier airlines Singapore Airlines, as a major shareholder. Together with Air New Zealand and Etihad Airways we now have a Neil Chatfield strong and highly supportive group of industry- Chairman based shareholders who have each recognised the success of Virgin Australia in repositioning the airline and see the long-term value in our strategic
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