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Annual Report 2019 Cover Rationale AirAsia X Berhad (200601014410) (734161-K) ANNUAL REPORT 2019 COVER RATIONALE Staying Resilient. Staying Focused. The COVID-19 pandemic has had an unprecedented impact on the aviation industry, with the airline sector facing one of the greatest challenges in its history. At AirAsia X, we have taken steps to keep in touch and communicate with our guests regularly, ensuring they are kept updated and know that we are doing everything we can to keep things safe and healthy. We remain steadfast and agile during this period of uncertainty, and will continue to act nimbly in responding to evolving market conditions. This includes thinking about what will be needed in the new normal, as well as any necessary modifications to our in-flight products and end-to-end service delivery to provide additional health and safety assurances to our guests and crew. Our global footprint, our talented and committed Allstars, our strong and trusted brand and our loyal customer base, will enable us to be competitive in the post- COVID-19 landscape. All of this gives us the confidence that we can ride on the recovery from a position of strength by staying resilient and staying focused. VISION MISSION To be the largest low cost airline in 1 To be the best company to work for whereby employees are treated Asia and serving the 3 billion people as part of a big family who are currently underserved with poor connectivity and high fares. 2 Create a globally recognised ASEAN brand 3 To attain the lowest cost so that everyone can fly with AirAsia 4 Maintain the highest quality product, embracing technology to reduce cost and enhance service levels VALUES Dare to Dream People First Make it Happen Be Guest-Obsessed Progress comes from Care for our people, Learn fast and deliver Understand deeply what innovation. Both require care for our guests. more with less. our guests want. Then change to happen. give them more than they expect. One AirAsia Safety Always Sustainability Spirit We are one airline, with Safety is everyone’s Acting today for a better one vision, and one responsibility, it starts tomorrow. people. with you. INSIDE THIS REPORT RedQ, Jalan Pekeliling 5 Tuesday, th Lapangan Terbang Antarabangsa Kuala 15 September 2020 Lumpur (klia2) 10.00 a.m. 14 64000 KLIA, Selangor Darul Ehsan Malaysia ANNUAL GENERAL MEETING Vision, Mission & Values 42 Share Price Performance FINANCIAL STATEMENTS 3 Key Highlights 44 Market Capitalisation 4 About Us 45 AirAsia X Thailand 87 Directors’ Report 6 Corporate Information 48 Sustainability Statement 91 Statements of Profit or Loss 7 Corporate Structure 49 Health and Safety: Everyone’s 92 Statements of Comprehensive 9 Our Board at a Glance Priority Income 10 Directors’ Profiles 51 Value-add via Technology 93 Statements of Financial Position and Innovation 14 Profiles of the Leadership Team 97 Consolidated Statement of 52 Human Capital Development Changes in Equity 23 AirAsia X Thailand Leadership Team 53 Operational Eco-efficiency 98 Statement of Changes in Equity 26 GCEO’s Statement 57 Corporate Citizenship: 99 Statements of Cash Flows Extending into the 28 CEO’s Management Discussion & 101 Notes to The Financial Statements Community Analysis 193 Statement by Directors 58 Corporate Governance Overview 33 Five-Year Financial & Operational 193 Statutory Declaration Statement Highlights 194 Independent Auditors’ Report 68 Statement on Risk Management & 34 Key Performance Indicators 202 Analysis of Shareholdings Internal Control 35 Simplified Group Statement of 203 List of Directors’ Shareholdings 75 Audit Committee Report Financial Position & Segmental 204 List of Top 30 Largest Shareholders Analysis 77 Additional Compliance Information 205 Corporate Directory 37 Group Quarterly Financial 83 Code of Business Conduct 206 Notice of Annual General Meeting Performance 213 Appendix A 38 Investor Relations 218 Glossary • Form of Proxy Annual Report 2019 AirAsia X Berhad (200601014410) (734161-K) 3 KEY HIGHLIGHTS Financial Highlights ( AirAsia X Malaysia ) Call Signs Revenue: RM4.2 billion Operating Loss: (RM120) million AirAsia X Malaysia IATA: D7 ICAO: XAX Call Sign: XANADU Total Assets: RM9.6 billion Net Loss: (RM650) million AirAsia X Thailand IATA: XJ ICAO: TAX Call Sign: No. of Passengers Carried EXPRESS WING Total number of Stations passengers carried 8,677,546 No. of Destinations No. of Markets AirAsia X Malaysia AirAsia X Malaysia (excluding JED) 10 AirAsia X Malaysia 28 AirAsia X Thailand 6,071,019 24 AirAsia X Thailand 4 8 No. of Flights Per Week-Average No. of Aircraft AirAsia X Malaysia AirAsia X Thailand AirAsia X Thailand 2,599,647 13 39 207 82 Key Milestone AirAsia X named World’s Best Low-Cost Airline AirAsia X Indonesia Premium Cabin for the seventh year running 6,880 2 (1Q19 only) Network Unique Routes Routes Launched Load Factor No. of Allstars AirAsia X Malaysia AirAsia X Malaysia AirAsia X Malaysia AirAsia X Malaysia 11 5 AirAsia X Thailand 81% AirAsia X Thailand AirAsia X Thailand AirAsia X Group AirAsia X Thailand 2,364 0 2 82% 26 No. of Routes 1,013 Allstar nationalities 30 8 AirAsia X Malaysia AirAsia X Thailand Notes: 1) All figures refer to AirAsia X Group, unless stated otherwise. (excluding JED) 2) AirAsia X Group refers to AirAsia X Malaysia and AirAsia X Thailand. 3) Financials refer to AirAsia X Berhad’s FY2019 audited financial statements. 4) All figures and information provided are as at 31 December 2019, unless stated otherwise. 4 AirAsia X Berhad (200601014410) (734161-K) Annual Report 2019 ABOUT US Fly-Thru Facts 1 2 3 Connected Connecting over AK-D7* remains the largest AOC pair for Fly-Thru 3,670,000 147 traffic passengers in 2019 from destinations 732,000 passengers in 2011 *AK refers to AirAsia Malaysia and D7 refers to AirAsia X Malaysia 23 22 AirAsia X Malaysia Network (as at 15 July 2020) Australia China Taiwan Japan 1 Melbourne - Avalon 4 Beijing 7 Hangzhou 10 Xi’an 12 Taipei - Taoyuan 13 Tokyo - Haneda 16 Osaka 2 Perth 5 Chengdu 8 Shanghai 11 Changsha 14 Sapporo 16 Taipei - Osaka 3 Sydney 6 Chongqing 9 Wuhan 15 Fukuoka Annual Report 2019 AirAsia X Berhad (200601014410) (734161-K) 5 ABOUT US AirAsia X Berhad (AirAsia X) is a leading long-haul, low-cost airline operating primarily in the Asia-Pacific region. Established as Fly Asian Express Based on our breakthrough business (FAX) in 2006, we started out model, we believe we have the lowest servicing rural areas of Sarawak unit cost base of any long-haul airline and Sabah with turboprop aircraft in the world, with cost per available before undergoing a comprehensive seat kilometre (CASK) of US¢3.04 rebranding in September 2007 and CASK (excluding fuel) of US¢1.88 followed by our first flight to the Gold for the year ended 2019. This enables Coast, Australia in November 2007. us to offer fares that are targeted, 14 on average, to be 30% to 50% lower 10 4 As of 15 July 2020, AirAsia X than full-service carriers and to 17 18 13 serves 26 destinations across Asia stimulate new market demand. 26 5 9 19 16 (Singapore, Bali, Sapporo, Tokyo, 6 8 15 21 27 Osaka, Nagoya, Fukuoka, Seoul, On top of that, AirAsia X offers 11 Busan, Jeju, Taipei, Xi’an, Beijing, a Quiet Zone cabin on all flights 20 7 12 Hangzhou, Chengdu, Shanghai, across our network. The service Chongqing, Changsha, Wuhan, enhancement is exclusively for guests New Delhi and Amritsar), Australia above the age of 12. The Quiet Zone (Sydney, Melbourne - Avalon and features soft lighting and a more Perth), the Middle East (Jeddah) as relaxed cabin atmosphere, which help well as the United States of America to ensure a more pleasant journey. 25 (Hawaii-Honolulu) and operates out of two hubs: Kuala Lumpur and AirAsia X was voted as having Bangkok. We are the first low- the World’s Best Low-Cost Airline 24 cost airline in Asean to be given Premium Cabin for seven consecutive approval by the Federal Aviation years while the AirAsia Group was Administration to operate into the named the World’s Best Low-Cost USA. Airline for 11 consecutive years at the Skytrax World Airline Awards held As of 31 December 2019, we have a during the Paris Air Show. 2 core fleet of 39 Airbus A330 aircraft 3 including 15 in our affiliates – 13 in 1 AirAsia X Thailand and two in AirAsia X Indonesia*. *AirAsia X Indonesia is currently suspended. AirAsia X Thailand Network (as at 15 July 2020) South Korea India Saudi Arabia Indonesia China Japan 17 Seoul 20 New Delhi 22 Jeddah 24 Bali 8 Shanghai 26 Tokyo - Narita 16 Osaka 18 Busan 21 Amritsar United States Singapore South Korea 14 Sapporo 27 Nagoya 19 Jeju 23 Osaka - Honolulu 25 Singapore 17 Seoul 15 Fukuoka 6 AirAsia X Berhad (200601014410) (734161-K) Annual Report 2019 CORPORATE INFORMATION AUDIT COMMITTEE HEAD OFFICE Dato’ Yusli bin Mohamed Yusoff RedQ BOARD OF DIRECTORS Tan Sri Asmat bin Kamaludin Jalan Pekeliling 5 Dato’ Lim Kian Onn Lapangan Terbang Antarabangsa Kuala TAN SRI RAFIDAH AZIZ Lumpur (klia2) (also known as Tan Sri Rafidah) NOMINATION AND REMUNERATION 64000 KLIA Senior Independent COMMITTEE Selangor Darul Ehsan Non-Executive Chairman Tan Sri Rafidah Aziz Tel : +603 8660 4600 Dato’ Yusli bin Mohamed Yusoff Fax : +603 8660 7722 DATUK KAMARUDIN BIN Dato’ Fam Lee Ee Email : [email protected] MERANUN Website : www.airasiax.com (also known as Datuk Kamarudin RISK MANAGEMENT COMMITTEE Meranun) Tan Sri Rafidah Aziz SHARE REGISTRAR Non-Independent Dato’ Yusli bin Mohamed Yusoff Tricor Investor & Issuing House Services Dato’ Fam Lee Ee Sdn. Bhd. (197101000970) (11324-H) Non-Executive Director Unit 32-01, Level 32, Tower A, SAFETY REVIEW BOARD Vertical Business Suite TAN SRI ANTHONY FRANCIS Tan Sri Rafidah Aziz Avenue 3, Bangsar South FERNANDES Datuk Kamarudin bin Meranun No.
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