Emirates Group announces half-year performance for 2020-21

 Group: Revenue down 74% to AED 13.7 billion (US$ 3.7 billion), and loss of AED 14.1 billion (US$ 3.8 billion) after last year’s profit of AED 1.2 billion (US$ 320 million). Results significantly impacted by unprecedented flight and travel restrictions worldwide due to the COVID-19 pandemic.  : Revenue down 75% to AED 11.7 billion (US$ 3.2 billion), and loss of AED 12.6 billion (US$ 3.4 billion) after a half-year profit of AED 862 million (US$ 235 million) for the same period last year. Revenue mainly supported by strong business.  : Revenue down 67% to AED 2.4 billion (US$ 644 million), loss of AED 1.5 billion (US$ 396 million) after last year’s profit of AED 311 million (US$ 85 million), reflecting the impact of COVID-19 across all dnata business units globally. The loss includes impairment charges of AED 689 million (US$ 188m).

DUBAI, U.A.E., 12 November 2020: today announced its half-year results for its 2020-21 financial year.

Group revenue was AED 13.7 billion (US$ 3.7 billion) for the first six months of 2020-21, down 74% from AED 53.3 billion (US$ 14.5 billion) during the same period last year. This dramatic revenue decline was due to the COVID-19 pandemic which brought global air passenger travel to a halt for many weeks as countries closed their borders and imposed travel restrictions. As part of pandemic containment measures, Emirates and dnata’s hub in also suspended scheduled passenger flights for 8 weeks during April and May.

The Group is reporting a 2020-21 half-year net loss of AED 14.1 billion (US$ 3.8 billion).

The Group’s cash position on 30 September 2020 stood at AED 20.7 billion (US$ 5.6 billion), compared to AED 25.6 billion (US$ 7.0 billion) as at 31 March 2020.

His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates and Group said: “We began our current financial year amid a global lockdown when air passenger traffic was at a literal standstill. In this unprecedented situation for the and travel industry, the Emirates Group recorded a half-year loss for the first time in over 30 years.

“As passenger traffic disappeared, Emirates and dnata have been able to rapidly pivot to serve cargo demand and other pockets of opportunity. This has helped us recover our revenues from zero to 26% of our position same time last year.

“The Emirates Group’s resilience in the face of current headwinds is testimony to the strength of our business model, and our years of continued investment in skills, technology and infrastructure which are now paying off in terms of cost and operational efficiency. Emirates and dnata have also built strong brands and agile digital capabilities which continue to serve us well, and enabled us to respond adeptly to the accelerated shift of customer and business activities online over the past 6 months.”

Sheikh Ahmed added: “We would like to thank our customers for their continued support, and express our appreciation for the combined stakeholder efforts that have made it possible for Dubai to resume aviation and other economic activity so quickly and safely. No one can predict the future, but we expect a steep recovery in travel demand once a COVID-19 vaccine is available, and we are readying ourselves to serve that rebound. In the meantime, Emirates and dnata remain responsive in deploying resources to serve our customers and meet demand.

“We have been able to tap on our own strong cash reserves, and through our shareholder and the broader financial community, we continue to ensure we have access to sufficient funding to sustain

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the business and see us through this challenging period. In the first half of 2020-21, our shareholder injected US$ 2 billion into Emirates by way of an equity investment and they will support us on our recovery path.”

The Emirates Group’s employee base, compared to 31 March 2020, is substantially reduced by 24% to an overall count of 81,334 as at 30 September 2020. This is in line with the company’s expected capacity and business activities in the foreseeable future and general industry outlook. Emirates and dnata continue to look at every means to protect its skilled workforce, including participating in job saver programmes where these exist.

Emirates airline

During the first six months of 2020-21, Emirates retired 3 older aircraft from its fleet as part of its long-standing strategy to improve overall efficiency, minimise its emissions footprint, and provide high quality customer experiences.

As directed by the UAE General Civil Aviation Authority, Emirates temporarily suspended passenger flights on 25 March and worked closely with governments and embassies to operate repatriation services until Dubai International airport (DXB) re-opened for transit passengers and later for scheduled passenger flights. The airline also partnered with the health authorities to implement comprehensive pandemic health and safety measures onboard and on the ground, to safeguard its customers, employees and the communities it serves.

The airline also took its customer commitment to the next level, by expediting refunds, offering rebooking flexibility, setting up a COVID-19 travel information hub on its website to offer the latest updates on ever-changing travel requirements, and by launching the industry’s first COVID-19 medical cover for all passengers at no additional cost.

Emirates gradually restarted scheduled passenger operations on 21 May. By 30 September, the airline was operating passenger and cargo services to 104 cities.

Overall capacity during the first six months of the year declined by 67% to 9.8 billion Available Tonne Kilometres (ATKM) due to a substantially reduced flight programme over the past months, including the suspension of passenger flights at Dubai international airport for 8 weeks. Capacity measured in Available Seat Kilometres (ASKM), shrunk by 91%, whilst passenger traffic carried measured in Revenue Passenger Kilometres (RPKM) was down by 96% with average Passenger Seat Factor falling to 38.6%, compared with last year’s pre-pandemic figure of 81.1%.

Emirates carried 1.5 million passengers between 1 April and 30 September 2020, down 95% from the same period last year. The volume of cargo uplifted at 0.8 million tonnes has decreased by 35% while yield has more than doubled by 106%. This reflects the extraordinary market situation for air freight during the global COVID-19 crisis, where drastically reduced passenger flights led to limited available capacity while airfreight demand rose strongly.

Emirates was able to uplift 65% of its cargo volumes compared to the same period last year, which shows its cargo division’s outstanding agility in adapting its operations to provide air freight services in this new environment. In a very short time, Emirates Skycargo completed the partial retrofit of 10 777-300ER passenger aircraft to transport freight on the main deck, introduced new operation protocols to enable the safe uplift of cargo in passenger cabins, rapidly restarted and scaled up its global cargo network, and put in place comprehensive bio-safety protocols for employees.

In the first half of the 2020-21 financial year, Emirates loss was AED 12.6 billion (US$ 3.4 billion), compared to last year’s profit of AED 862 million (US$ 235 million). Emirates revenue, including

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other operating income, of AED 11.7 billion (US$ 3.2 billion) was down 75% compared with the AED 47.3 billion (US$ 12.9 billion) recorded during the same period last year. This result was due to severe flight and travel restrictions around the world relating to the COVID-19 pandemic.

Emirates operating costs reduced by 52% against the overall capacity decrease of 67%. Fuel costs were 83% lower compared to the same period last year. This was due to a decrease in oil prices (down 49% compared to same period last year), as well as a 76% lower fuel uplift from substantially reduced flight operations during the six months period up to end of September. Fuel, which was the always the largest component of the airline’s cost in past reporting cycles, only accounted for 11% of operating costs compared with 32% in the first six months of last year.

Despite the significant drop in operations during the six months, Emirates’ EBITDA stood positive at AED 290 million (US$ 79 million) compared to AED 13.2 billion (US$ 3.6 billion) for the same period last year. dnata dnata’s businesses in ground handling, catering and travel services were heavily impacted by the COVID-19 pandemic as customer cut their flight schedules and service requirements or suspended operations entirely, and dynamic border restrictions around the world curbed travel demand and bookings.

Where eligible, dnata participated in job saver and other government support programmes. This included retraining employees and redeploying them in other essential industries with labour shortfalls during the pandemic. dnata also introduced new flexible work models in markets where it was possible to do so, in order to retain more of its skilled workforce.

Robust airfreight traffic across markets was a bright spot for dnata’s airport operations which responded nimbly to meet customer demand. Across its business divisions, dnata implemented enhanced health and safety measures to safeguard employees and communities, and recalibrated its products and services to meet new client requirements. It also tapped on opportunities in markets as these arose, for instance partnering with healthcare providers to offer airline passengers pre- travel COVID-19 PCR tests as part of its home check-in services. dnata’s revenue, including other operating income, was AED 2.4 billion (US$ 644 million), a 68% decline compared to AED 7.4 billion (US$ 2.0 billion) last year.

Overall loss for dnata is AED 1.5 billion (US$ 396 million), compared to last year’s profit of AED 311 million (US$ 85 million). This figure includes impairment charges of AED 689 million across dnata’s international business divisions, mainly pertaining to goodwill. dnata’s airport operations remains the largest contributor to revenue with AED 1.7 billion (US$ 454 million), a 54% decline as compared to the same period last year. Across its operations, the number of aircraft handled by dnata declined sharply by 71% to 102,917, and it handled 1.3 million tonnes of cargo, down 12% only. dnata's travel division contributed AED 95 million (US$ 26 million) to revenue after AED 1.8 billion (US$ 488 million) for the same period last year, down 95%. The division reported a negative underlying total transactional value sales of AED 246 million (US$ 67 million) for the first time, after a positive contribution of AED 5.9 billion (US$ 1.6 billion) for the same period last year. This reflects the significant refund volume and pay-out in cancelled customer bookings mainly during the beginning of the pandemic.

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dnata’s flight catering operation, contributed AED 426m (US$ 116m) to its total revenue, down 76%. The number of meals uplifted declined by 84% to 8.3 million meals for the first half of the financial year after last year’s 51.9m record performance.

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Emirates INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 (UNAUDITED) Emirates INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 (UNAUDITED)

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Interim consolidated income statement 1

Interim consolidated statement of comprehensive income 1

Interim consolidated statement of financial position 2

Interim consolidated statement of changes in equity 3

Interim consolidated statement of cash flows 4 Emirates INTERIM CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 Unaudited Unaudited Sep 2020 Sep 2019 AED m AED m Revenue 11,323 46,781 Other operating income 328 506 Operating costs (21,026) (43,861) Operating (loss) / profit (9,375) 3,426 Finance income 206 325 Finance costs (2,386) (2,842) Other financial losses (1,147) - Share of results of investments accounted for using the equity method (3) 43 (Loss) / profit before income tax (12,705) 952 Income tax credit / (expense) 17 (29) (Loss) / profit for the period (12,688) 923 (Loss) / profit attributable to non-controlling interests (38) 61 (Loss) / profit attributable to Emirates' Owner (12,650) 862

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 (Loss) / profit for the period (12,688) 923 Items that will not be reclassified to the consolidated income statement Remeasurement of retirement benefit obligations (71) - Items that are or may be reclassified subsequently to the consolidated income statement Currency translation differences 2 (6) Cash flow hedges 2,887 (10) Other comprehensive income for the period 2,818 (16) Total comprehensive income for the period (9,870) 907 Total comprehensive income attributable to non-controlling interests (38) 61 Total comprehensive income attributable to Emirates' Owner (9,832) 846

1 Emirates INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2020 Unaudited Audited Unaudited Audited Sep 2020 Mar 2020 Sep 2020 Mar 2020 AED m AED m AED m AED m ASSETS EQUITY AND LIABILITIES Non-current assets Capital and reserves Property, plant and equipment 81,768 86,084 Capital 8,147 801 Right-of-use assets 47,932 52,992 Other reserves (2,812) (5,701) Intangible assets 4,178 4,373 Retained earnings 15,157 27,878 Investments accounted for using the equity method 671 691 Attributable to Emirates' Owner 20,492 22,978 Trade and other receivables 148 192 Non-controlling interests 599 609 Deferred income tax assets 25 25 Total equity 21,091 23,587 134,722 144,357 Non-current liabilities Current assets Trade and other payables 105 116 Inventories 2,553 2,670 Borrowings and lease liabilities 88,723 90,728 Trade and other receivables 4,246 4,783 Derivative financial instruments 847 1,697 Derivative financial instruments 1 3 Provisions 6,456 7,039 Short term bank deposits 12,350 12,017 Deferred income tax liabilities 2 3 Cash and cash equivalents 3,287 8,232 96,133 99,583 22,437 27,705 Current liabilities Total assets 157,159 172,062 Trade and other payables 9,162 12,880 Deferred revenue 6,800 10,672 Borrowings and lease liabilities 20,985 19,429 Derivative financial instruments 1,848 5,067 Provisions 1,109 786 Income tax liabilities 31 58 39,935 48,892 Total liabilities 136,068 148,475 Total equity and liabilities 157,159 172,062

2 Emirates INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 (UNAUDITED) Attributable to Emirates' Owner Non- Other Retained controlling Total Capital reserves earnings Total interests equity AED m AED m AED m AED m AED m AED m

31 March 2019 801 (60) 36,408 37,149 594 37,743 Impact on adoption of IFRS 16 - - (9,641) (9,641) (3) (9,644) Adjusted 1 April 2019 801 (60) 26,767 27,508 591 28,099 Profit for the period - - 862 862 61 923 Other comprehensive income - (16) - (16) - (16) Total comprehensive income for the period - (16) 862 846 61 907 Capital contributions - - - - 1 1 Dividends - - - - (65) (65) Transactions with Owners - - - - (64) (64) 30 September 2019 801 (76) 27,629 28,354 588 28,942

1 April 2020 801 (5,701) 27,878 22,978 609 23,587 Loss for the period - - (12,650) (12,650) (38) (12,688) Other comprehensive income - 2,889 (71) 2,818 - 2,818 Total comprehensive income for the period - 2,889 (12,721) (9,832) (38) (9,870) Non-controlling interests on acquisition of subsidiaries - - - - 29 29 Capital contribution by Emirates' Owner 7,346 - - 7,346 - 7,346 Capital contributions - - - - 10 10 Dividends - - - - (11) (11) Transactions with Owners 7,346 - - 7,346 28 7,374 30 September 2020 8,147 (2,812) 15,157 20,492 599 21,091

3 Emirates INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 Unaudited Unaudited Unaudited Unaudited Sep 2020 Sep 2019 Sep 2020 Sep 2019 AED m AED m AED m AED m Operating activities Investing activities (Loss) / profit before income tax (12,705) 952 Additions to property, plant & equipment (605) (3,906) Adjustments for: Additions to intangible assets (58) (778) Proceeds from sale of property, plant & equipment 2 15 Depreciation, amortisation and impairment 9,665 9,751 Movement in short term bank deposits (333) (2,309) Finance costs - net 2,180 2,517 Interest received 317 226 Lease rental waivers (155) - Dividends from investments accounted for using the Net loss on disposals / write-off of property, plant equity method 11 43 & equipment and intangible assets 32 56 Net cash used in investing activities (666) (6,709) Share of results of investments accounted for using the equity method 3 (43) Financing activities Net provision for impairment of trade and other Capital contributed by Emirates' Owner 7,346 - receivables 8 26 Proceeds from term loans 8,931 5,460 Provision for retirement benefit obligations 326 371 Repayment of bonds and term loans (5,214) (4,634) Unrealised exchange losses / (gains) 30 (215) Principal element of lease payments (3,885) (4,443) Other financial losses 1,147 - Interest paid (2,118) (2,442) Net movement on other derivative financial Payout on settlement of derivatives (1,910) - instruments 3 - Capital contributed by non-controlling interests 10 1 Payments for retirement benefit obligations (643) (335) Dividend paid to non-controlling interests (11) (65) Income tax paid (11) (23) Net cash generated from / (used in) financing activities 3,149 (6,123) Change in inventories 117 (117) Change in trade and other receivables 452 1,125 Net change in cash and cash equivalents (4,950) (1,025) Change in provisions, trade and other payables and deferred revenue (7,882) (2,258) Cash and cash equivalents at beginning of the year 8,232 5,034 Effect of exchange rate changes on cash and cash Net cash (used in) / generated from operating activities (7,433) 11,807 equivalents 5 (1) Cash and cash equivalents at end of the period 3,287 4,008

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