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2005-06-Annual-Report.Pdf The Emirates Chairman & Chief Executive Emirates Airline & Group Group H. H. Sheikh Ahmed bin Saeed Al-Maktoum Chairman and Chief Executive, Emirates Airline & Group It has been another tough year with fuel pressure star of 2005", Arabian Business magazine; "An airline with continuously dampening our vibrant net income global ambitions takes off”, Wall Street Journal and "The production, but I am proud to say we returned our 18th greatest threat to Asian and European carriers," J.P. Morgan. consecutive profit for the airline, with the group returning a net profit of US$762 million (Dhs2.8 billion) I must stress that we have never set out to be a threat on a turnover of US$6.6 billion (Dhs24.3 billion). to any other airline. We believe in co-operation. We have never copied other airlines, nor imitated any Emirates’ net profit was US$674 million (Dhs2.5 business model, or joined any airline alliance. We have billion), while Dnata’s net profit was US$88 million concentrated on trying to provide a superb service for (Dhs324 million). our passengers and cargo customers. Our success was tinged with sadness as Sheikh The Emirates Group is more than an airline and no less Maktoum bin Rashid Al-Maktoum, passed away in than 7,067 employees work for Dnata at the Dubai January. He will be greatly missed by the UAE and International Airport and in their travel related business. Dubai but we know that the new ruler, His Highness We are also the majority owners of Emirates Flight Sheikh Mohammed bin Rashid Al-Maktoum will Catering and other concerns, all which have separate continue to carry out the visionary plans of their father, finances, whose results are included in this report. Sheikh Rashid, to turn Dubai into a major gateway, hub and centre for international businesses and Yet, as I write this introduction to the annual report, institutions of every kind. I know from past experience that despite the transparency of the group’s results, there will still be Of course, the location of Emirates and Dnata in Dubai competitors who will cry "foul", accusing us of unfair has been the catalyst which has helped to transform practices to gain market share and to make a profit. them into world-beating companies. It has been said that we receive free or discounted jet With a 2.5 million population, a thriving tourist fuel. How I wish we did! We pay the same price as industry, commercial businesses reaching out across every other carrier and in the last financial year, this the globe, Dubai has a GDP which is now growing at represented some 27.2% of our total costs – up from an average of 16% per year, higher than the figures for 21.4% in the previous year though we have one of the China (growth rate 8.5%), acknowledged to be one of most sophisticated fuel buying systems in the the fastest growing economies in the world. industry. Even with our fuel surcharges which meet only 41% of the increased fuel cost over the previous Recently Dubai was described by the English Guardian year, we paid some US$528 million (Dhs 1.9 billion) newspaper as probably, "The most important city on the more than we had budgeted, such was the volatility in planet…not just a city at the centre of the Arab world, the world’s oil markets. but an Arab city at the centre of the world." It has also been alleged that my position as President of Emirates’ growth has also attracted some superlatives from Dubai Civil Aviation gives Emirates an unfair advantage. aviation observers during the year "…the biggest business Wrong again. There are some 118 airlines serving Dubai 4 Emirates employs 18,579 and Dnata 8,327 staff (Left) Sheikh Ahmed catches up on a train in Europe. (Right) Addressing a press conference in Dubai in an Open Skies environment and the Government of flight entertainment systems which lead the world, to Dubai welcomes more airlines even though they are luxury airport lounges. But, really, when it comes down competition to Emirates – the arrival of Virgin Atlantic to the real difference, I always believe it is the Emirates’ and AerLingus are typical examples of the classy spirit which tips the scales in our favour ... people like airlines which serve Dubai. And I ensure that Emirates Corey Oliver, and Ryan Black, two Stewards who I pays full airport service charges to the Department of presented with the Chairman’s Award for demonstrating Civil Aviation, the airport side of which is a business in extraordinary courage and bravery in saving the life of its own right. a swimmer on a day off at Dubai's Jumeira beach. Others like Martin Bryant and Peter Whitaker, two Lead It has been suggested that our sponsorship portfolio is Aircraft Mechanics of Emirates Engineering at London paid for by the government in order to promote Dubai. Gatwick airport, who received the award for bravery, Incorrect. All our sponsorships worldwide come from the presence of mind and calmness shown by taking airline’s corporate communications budget which is charge of a violent deportee and guiding flight and strictly limited to a fixed proportion of revenue. The cabin crew to safety. Also Afzal Bin Mohammad, department concerned regards that proportion as Loader/Driver from Dnata Airport Services who took meagre, but happily they have always been able to fight immediate action to extinguish a fire on the front wheel above their weight. Naturally, we are happy that they of another airline’s aircraft. also promote Dubai in the course of promoting Emirates. For me, one of the highlights of the year was signing a As I travel the world, I cannot recall how many times I contract for 42 Boeing 777s at the Dubai Air Show, an have had to explain to journalists that Emirates does not order worth US$9.7 billion (Dhs35.6 billion). Our total receive any subsidies from the government, unlike commitment to Boeing, past and future, amounts to many of the European carriers which hypocritically 100 large aircraft and US$20 billion (Dhs73.5 billion). hint that we are receiving hidden government support. Profitability through growth seems to have become a So what is the secret of our success? Why are we theme of Emirates for the past decade. Emirates is a making a profit when many airlines are losing money? unique carrier. I don’t think any other airline has grown so rapidly and yet still maintained its quality service. Without being facetious, surely someone should ask these other businesses why they are not making a I am fortunate to have an extraordinary workforce of profit. If you read this report, you will discover that our passionate staff – and take this opportunity to thank business model is quite simple: we have invested in the them for their hard work and determination, not to latest aircraft and equipment, created superb training mention their outstanding ability. facilities, built an IT department which has become so competent that it sells its services to other airlines, and operate a commercial department which despite the ravages of global socio-economic conditions, always finds fresh ways to communicate with our growing client list. Emirates’ innovations range from unique in- Ahmed bin Saeed Al-Maktoum 5 The Emirates Executive Vice Chairman Emirates Airline & Group Group Maurice Flanagan CBE Executive Vice Chairman Emirates Airline & Group "Four brutal years" was how the UK’s Airline Business achievement, on an airport where large-scale magazine described the struggle by carriers to construction continues night and day (facing page) to compete in the global aviation industry, with the rise increase the airport’s passenger capacity from the in jet fuel prices seemingly unstoppable. As His present 25 million a year to 75 million. In addition 1.3 Highness has said, although we have some of the best million tonnes of cargo were handled by Dnata at the fuel managers in the business, we were US$528 airport. million (Dhs1.9 billion) worse than our pessimistic forecast of fuel costs made at the beginning of the Growth continues at such pace that the 75 million year. "The worst crisis in our history" was how annual passenger capacity will be hit by, at the latest, Giovanni Bisignani, (the Director General and CEO of 2015. The first runway at the new Jebel Ali Airport will IATA) described the present climate in the commercial be completed next year, and the eventual six-runway aviation industry. airport will have an estimated capacity for a throughput of 145 million passengers a year. But despite these gloomy circumstances, the group has returned a most satisfactory result with a net profit I was particularly pleased during the year to of US$762 million (Dhs2.8 billion). This result acknowledge the efforts of our young National staff compares very favourably, we believe, with the most who have seen the successful results of their training efficient of our competitors, giving us a net profit as they have progressed through the different margin of 11.5% - significantly higher than other full- departments in Emirates and Dnata, whilst our regular service airlines. At the same time the group has been annual batch of young managers on the annual expanding, the airline achieving these results from a London School of Economics Global Business 19% increased capacity, and Dnata operating in a Consortium have continued to represent us most highly competitive market, while opening up new effectively on the international management scene. businesses outside the UAE. Our internal MBA course, which is run by Emirates As for the global picture, there just may be light at the and the Bradford University School of Management, end of the tunnel.
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