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Annual Report & Financial Statements ANNUAL REPORT & FINANCIAL STATEMENTS 2017 40 YEARS OF PRIDE 1977 Kenya Airways is established in January following the breakup of the East African Community and subsequent disbanding of the jointly-owned East African Airways. 1986 The Government makes the first move towards privatization by publishing the Sessional Paper No.1 of 1986 on ‘Economic Management for Renewed Growth’. The document for the first time, spells out the Government’s intention to divest from corporations which could be run better by the private sector. 1991 A policy paper on Public Enterprise Reform and Privatization setting out policy objectives is issued in July. The policy paper gives high priority to the privatization of Kenya Airways. 1992 A new board is appointed at Kenya Airways in April under the chairmanship of Mr. Philip Ndegwa with a mandate to commercialize and prepare the airline for privatization. KENYA AIRWAYS PLC (FORMERLY KENYA AIRWAYS LIMITED) CONTENTS PERFORMANCE HIGHLIGHTS ..................................................................................2 BOARD OF DIRECTORS .............................................................................................8 BOARD OF DIRECTORS’ PROFILES ....................................................................... 10 MANAGEMENT TEAM PROFILES ............................................................................16 CHAIRMAN’S STATEMENT ......................................................................................24 TAARIFA YA MWENYEKITI ......................................................................................31 CHIEF EXECUTIVE OFFICER’S STATEMENT ........................................................38 TAARIFA YA AFISA MKUU MTENDAJI ..................................................................51 CORPORATE GOVERNANCE ...................................................................................66 DIRECTORS AND STATUTORY INFORMATION .....................................................70 REPORT OF THE DIRECTORS .................................................................................72 DIRECTORS’ REMUNERATION REPORT ................................................................76 STATEMENT OF DIRECTORS’ RESPONSIBILITIES ..............................................77 REPORT OF THE INDEPENDENT AUDITORS ......................................................78 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ................................................. 86 COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME .......................................................................87 CONSOLIDATED STATEMENT OF FINANCIAL POSITION .................................. 88 COMPANY STATEMENT OF FINANCIAL POSITION ............................................ 90 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ...................................92 COMPANY STATEMENT OF CHANGES IN EQUITY ............................................. 94 CONSOLIDATED STATEMENT OF CASH FLOWS .................................................96 COMPANY STATEMENT OF CASH FLOWS ...........................................................97 NOTES TO THE FINANCIAL STATEMENTS .......................................................... 98 PRINCIPAL SHAREHOLDERS AND SHARE DISTRIBUTION ............................164 1 KENYA AIRWAYS PLC (FORMERLY KENYA AIRWAYS LIMITED) PERFORMANCE HIGHLIGHTS 2 KENYA AIRWAYS PLC (FORMERLY KENYA AIRWAYS LIMITED) PERFORMANCE HIGHLIGHTS (CONTINUED) 3 KENYA AIRWAYS PLC (FORMERLY KENYA AIRWAYS LIMITED) PERFORMANCE HIGHLIGHTS (CONTINUED) Three year summary of financial highlights Financial highlights 2017 2016 2015 KShs. Million US$ Million KShs. Million US$ Million KShs. Million US$ Million Turnover Passenger 89,845 890.5 94,801 943.1 90,408 1,015.3 Freight & mail 7,220 71.6 8,897 88.5 9,783 109.9 Handling 2,150 21.2 2,338 23.3 2,080 23.4 Other 7,062 70.0 10,122 100.7 7,890 88.6 Total 106,277 1,053.3 116,158 1,155.6 110,161 1,237.1 Direct expenditure (65,356) (647.7) (67,861) (675.1) (76,059) (854.1) Fleet ownership costs (15,524) (153.9) (29,578) (294.3) (25,932) (291.2) Overheads (24,500) (242.8) (22,812) (226.9) (24,503) (275.2) Operating loss 897 8.9 (4,093) (40.7) (16,333) (183.4) Operating margin% 0.8% (3.5%) (14.8%) Net finance costs (7,330) (72.7) (7,039) (70.0) (4,581) (51.4) Fuel hedge derivatives 312 3.1 (4,155) (41.3) (7,452) (83.7) Other costs (4,081) (40.4) (10,812) (107.6) (1,346) (15.1) Loss before tax (10,202) (101.1) (26,099) (259.6) (29,712) (333.7) Income tax (expense)/credit (5) (0.1) (126) (1.3) 3,969 44.6 Loss for the year (10,207) (101.2) (26,225) (260.9) (25,743) (289.1) Loss after tax margin% (9.6%) (22.6%) (23.4%) Operating statistics 2017 2016 2015 Passengers 4,460,375 4,230,137 4,179,046 RPK’s (Million) 10,261 10,066 9,793 ASK’s (Million) 14,194 14,744 15,406 Passenger load factor (%) 72.3 68.3 63.6 Cargo tonnes 56,825 66,557 73,693 Pax yield/RPK inc fuel surcharge (Usc) 8.68 9.37 9.55 Exchange rate 100.90 100.52 89.05 Employees Airline 3,027 3,349 3,463 Group 3,582 3,870 4,002 Aircraft at year end In service Boeing 787-800 7 9 6 Boeing 777-300 - 3 3 Boeing 767-300 - - 5 Boeing 737-800 8 8 6 Boeing 737-700 2 2 4 Boeing 737-300 2 2 4 Embraer 190 15 15 15 B737-300 Freighter 2 2 2 Bombardier Dash 8-400 2 2 - Dormant Embraer 170 - 2 3 Boeing 777-200 1 2 4 Total 39 47 52 4 KENYA AIRWAYS PLC (FORMERLY KENYA AIRWAYS LIMITED) 5 40 YEARS OF OPPORTUNITIES 1993 Commercialisation process produces the first profits. 1995 An IFC information memorandum is sent to 154 airlines in search of a ‘strategic partner’ culminating in the eventual selection of KLM. This takes place in May 1995. Shareholders’ Agreement and a Master Cooperation Agreement with KLM are concluded in December. 1996 An Initial Public Offer for shares is issued in March. 1997 Delivery of the first of four new Boeing 737-300 aircraft dedicated to domestic and African regional services. Kenya Airways Msafiri frequent flier programme merges with KLM’s Flying Dutchman frequent flier programme. KENYA AIRWAYS PLC (FORMERLY KENYA AIRWAYS LIMITED) BOARD OF DIRECTORS Michael Joseph Sebastian Mikosz Dr. Kamau Thugge Ron Schipper Prof Mwangi 8 KENYA AIRWAYS PLC (FORMERLY KENYA AIRWAYS LIMITED) BOARD OF DIRECTORS (CONTINUED) Wanjiku Mugane Jason Kap-kirwok Joseph Veenstra Caroline Armstrong Festus Kingori 9 KENYA AIRWAYS PLC (FORMERLY KENYA AIRWAYS LIMITED) BOARD OF DIRECTORS’ PROFILES Michael Joseph markets. After returning to Poland in 2000, he worked on Non-Executive Chairman (71 Years) establishing the first independent online brokerage house Michael Joseph joined the Board of Kenya Airways on in Poland. A year later, he became the Managing Director of 29th September, 2016. the French Chamber of Commerce and Industry in Poland (CCIFP). Between July 2003 – September 2006 he was Michael serves as a Non-Executive Director on the Boards of Vice-President of the Polish Information and Foreign Investment Vodacom Group South Africa, Vodacom Tanzania, Vodacom Agency (PAIiIZ). As a governmental agency, PAIiIZ was in Mozambique and Safaricom Limited. Michael is currently charge of attracting foreign investors to Poland and focus on employed by Vodafone Group Services Limited as the Director the economic promotion of Poland. Between 2007 to 2009, he of Mobile Money and is responsible for leading the strategic held the position of Director in Deloitte Business Consulting growth and development of the successful M-PESA proposition Warsaw Office. He was responsible for developing the business across the Vodafone footprint. consulting for the public sector together with supporting the inflow and development of foreign investors in Poland. Michael was one of the first World Bank Fellows, appointed in March 2011 to advise Governments, Regulators and other Ron Kornelis Adriaan Schipper institutions on Mobile Money and other ICT initiatives. Non-Executive Director (71 Years) Michael’s most recent appointment in April 2017 is Ron Schipper started his career in aviation in 1969 by joining Non-Executive Director of MFS Africa, a leading Pan-African KLM as a cabin attendant. He flew for three years and was fintech company. Previously, Michael was the founding then transferred to cabin crew management where he worked CEO of Safaricom Limited, steering the company from a in various management positions until 1979. He left the subscriber base of less than 18,000 in 2000, to over 17 million Netherlands in 1980 for his first posting as Manager Cabin subscribers at his retirement in November 2010, making it the Crew seconded to Nigeria Airways in Lagos. In 1982, he was most successful company in East Africa. This phenomenal appointed Sales Manager Kenya based in Nairobi after which growth straddling nearly a decade was notable for the launch he was transferred to the UK in 1984 as District Manager of many innovative products and services and he was behind -Northern England based in Manchester. the launch of the highly successful and phenomenal growth of M-PESA and its related services. He has extensive international In 1986, Ron was appointed as General Manager-Ghana and experience in company start-ups, the implementation and in 1989, he spent a brief period in France as interim General operation of large wireless and wire-line networks. Manager-France based in Paris before returning to the Netherlands to take up the appointment of Executive Secretary Sebastian Mikosz of the Passenger Division. In 1991, he was seconded to Antillean Group Managing Director & CEO (44 Years) Airlines
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