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Annual Report & Financial Statements For the year ended www.kenya-airways.com 31 March 2015 The Journey Ahead Contents Performance highlights 3 Board of directors 6 Board of directors profiles 8 Chairman’s statement 12 Taarifa ya mwenyekiti 18 Management team 24 Management team profiles 26 Chief executive’s statement 32 Taarifa ya afisa mkuu mtendaji 44 Corporate governance 56 Principal shareholders 59 Corporate social responsibility (CSR) 60 Uwajibikaji wa shirika (CSR) 64 Directors and statutory information 69 Report of the directors 70 Statement of directors’ responsibilities 71 Report of the independent auditors 72 Consolidated statement of profit or loss and other comprehensive income 73 Consolidated statement of financial position 74 Company statement of financial position 76 Consolidated statement of changes in equity 78 Company statement of changes in equity 80 Consolidated statement of cash flows 81 Notes to the financial statements 82 Proxy form 141 Contents Performance highlights 3 Board of directors 6 Board of directors profiles 8 Chairman’s statement 12 Taarifa ya mwenyekiti 18 Management team 24 Management team profiles 26 Chief executive’s statement 32 Taarifa ya afisa mkuu mtendaji 44 Corporate governance 56 Principal shareholders 59 Corporate social responsibility (CSR) 60 Uwajibikaji wa shirika (CSR) 64 Directors and statutory information 69 Report of the directors 70 Statement of directors’ responsibilities 71 Report of the independent auditors 72 Consolidated statement of profit or loss and other comprehensive income 73 Consolidated statement of financial position 74 Company statement of financial position 76 Consolidated statement of changes in equity 78 Company statement of changes in equity 80 Consolidated statement of cash flows 81 Notes to the financial statements 82 1 OUR VISION: Be the Pride of Africa, by inspiring our people and delighting our guests consistently. OUR PURPOSE: Contributing to the sustainable development of Africa. 2 KQ Annual Report & Financial Statements for the year ended 31 March 2015 Performance Highlights Highlights of the Year Turnover (KShs’ Million) Operating loss (KShs’ Million) Loss before tax (KShs’ Million) 2014 - 2015 2014 - 2015 2014 - 2015 Down Down Up 110,161 ( 16,333) (29,712) 500.3% 511.2% 3.9% 106,009 (2,721) (4,861) 2013 - 2014 2013 - 2014 2013 - 2014 Net loss (KShs’ Million) Capital and reserves (KShs’ Million) Loss per share (KShs’ Million) 2014 - 2015 2014 - 2015 2014 - 2015 Down (25,743) Down (5,963) Down (17.21) 661.2% (3,382) 121.1% 28,229 664.9% ( 2.25) 2013 - 2014 2013 - 2014 2013 - 2014 Key Financial Statistics Debt to equity Operating margin (%) Interest cover (%) 2014 - 2015 2014 - 2015 2014 - 2015 Down Down Down (24.24) (14.8) (5.2) 968.8% 12.2Pts 4.2Pts 2.79 ( 2.6) (1.0) 2013 - 2014 2013 - 2014 2013 - 2014 EBITDAR margin (%) OUR VISION: 2014 - 2015 Down (2.2) Be the Pride of Africa, by inspiring our people and 8.4Pts 10.6 delighting our guests consistently. 2013 - 2014 OUR PURPOSE: Operating Statistics Contributing to the sustainable Passengers carried Available seats KM (million) Revenue passengers KM (million) development of Africa. 2014 - 2015 2014 - 2015 2014 - 2015 Up 4,179,046 Up 15,406 Up 9,793 12.4% 3,719,590 8.6% 14,188 5.2% 9,309 2013 - 2014 2013 - 2014 2013 - 2014 Cabin factor (%) Cargo uplifted (Tonnes) 2014 - 2015 2014 - 2015 Down 63.6 73,693 Up 2.0Pts 65.6 71,340 3.3% 2013 - 2014 2013 - 2014 3 Performance Highlights (continued) Turnover by region 2015 22% 2014 22% Europe Europe 19% 17% Asia Asia Kenya Kenya Rest of Africa Rest of Africa 10% 10% 49% 52% 110,161 106,009 229 (159) (133) 3,949 KShs’ Million KShs’ 4,152 2014 2015 76,059 75,268 2,881 270 1,818 1,584 KShs’ Million KShs’ 791 2014 Landing 2015 & Handling 20,972 24,503 1,613 1,054 136 728 KShs’ Million KShs’ 3,531 2014 2015 40,000 39,848 38,000 36,967 36,000 (4,807) 313 165 1,449 34,000 KShs’ Million KShs’ 32,000 30,000 28,000 2,881 26,000 2014 2015 4 KQ Annual Report & Financial Statements for the year ended 31 March 2015 Performance Highlights (continued) Three year summary of financial highlights Financial highlights 2015 2014 2013 KShs’ Million US$ Million KShs’ Million US$ Million KShs’ Million US$ Million Passenger 90,408 1,015.3 90,179 1,049.6 85,099 1,000.9 Freight and mail 9,783 109.9 9,942 115.7 9,714 114.3 Handling 2,080 23.4 1,948 22.7 1,705 20.1 Other 7,890 88.6 3,941 45.9 2,342 27.5 Total 110,161 1,237.1 106,009 1,233.8 98,860 1,162.8 Direct expenditure (76,059) (854.1) (75,268) (876.0) (77,225) (908.3) Fleet ownership costs (25,932) (291.2) (12,490) (145.4) (11,178) (131.5) Overheads (24,503) (275.2) (20,972) (244.1) (19,469) (229.0) Operating loss (16,333) (183.4) (2,721) (31.7) (9,012) (106.0) Operating margin% (14.8%) - (2.6%) - (9.1%) - Net finance costs (4,581) (51.4) (1,601) (18.6) (486) (5.7) Realised (loss)/ gain on fuel (1,676) (18.8) 972 11.3 602 7.1 derivatives Unrealised loss on fuel (5,776) (64.9) - - - - hedge derivatives Other costs (1,346) (15.1) (1,511) (17.6) (1,700) (20.0) Share of results of associate - - - - (230) (2.7) Loss before tax (29,712) (333.7) (4,861) (56.6) (10,826) (127.3) Income tax credit 3,969 44.6 1,479 17.2 2,962 34.8 Loss for the year (25,743) (289.1) (3,382) (39.4) (7,864) (92.5) Loss after tax margin% (23.4%) - (3.2%) - (8.0%) - Operating statistics 2015 2014 2013 Passengers 4,179,046 3,719,590 3,664,844 RPK's (Million) 9,793 9,309 9,579 ASK's (Million) 15,406 14,188 13,937 Passenger load factor (%) 63.6 65.6 68.7 Cargo tonnes 73,693 71,340 69,871 Pax yield/ RPK inc fuel 9.55 10.47 9.81 Surcharge (Usc) Employees Airline 3,463 3,449 3,470 Group 4,002 3,989 4,006 Aircraft in service at year end Boeing 787-800 6 1 0 Boeing 777-300 3 1 0 Boeing 777-200 4 4 4 Boeing 767-300 5 6 6 Boeing 737-800 6 5 5 Boeing 737-700 4 4 4 Boeing 737-300 4 4 5 Embraer 190 15 15 12 Embraer 170 3 5 5 B737-300 Freighter 2 2 1 B747-400 Freighter - - 1 Total 52 47 43 5 Board of Directors FROM LEFT TO RIGHT Joseph Nduva Muli I Ron Schipper I Vincent Rague I Wanjiku Mugane I Evanson Mwaniki NOT IN PICTURE Dr. Kamau Thugge 6 KQ Annual Report & Financial Statements for the year ended 31 March 2015 FROM LEFT TO RIGHT Mbuvi Ngunze I Caroline Armstrong I Joseph Bernadus Veenstra I Pieter Elbers I Alex Mbugua I Amb. Dennis Awori NOT IN PICTURE NOT IN PICTURE Catherine Musakali Festus Kingori 7 Board of Directors Profiles Evanson Mwaniki In 1998, he joined Bamburi Cement (a Lafarge subsidiary) as Finance Manager and was promoted to the Finance Non Executive Chairman (76 years) Director’s position in February 1999. He held this position up Mr. Mwaniki holds a Bachelor of Arts (Hons) from the to March 2002 when he was appointed Managing Director University of London. He was the General Manager of Shell Hima Cement Uganda (Lafarge). In May 2006, he moved to and BP between June 1989 and December 1994. Over the headquarters of Lafarge in Paris. He first took up the this period Mr. Mwaniki’s notable achievements included role of Mission Director in the Group Audit Department for turning around the Company from a loss position in 1989 six months, and then was appointed Group Vice President to profitability. He also led the oil industry negotiations Internal Communications in November 2006. In March with the Government of Kenya on liberalisation of the oil 2009, he was appointed General Manager for Lafarge’s industry, leading to actual decontrol in October 1994, and operations in Tanzania (Mbeya Cement). He joined KQ in prepared Kenya Shell & BP Kenya (including restructuring September 2011 as Chief Operating Officer. Mbuvi took over the organisation) for effective marketing in the new as Group Managing Director & CEO of Kenya Airways on (liberalised) business environment. 1st November 2014. Mr. Mwaniki has represented the oil industry in various Mbuvi has extensive Board room experience having served influential forums. These include the Federation of Kenya on the Boards of Bamburi Cement (from 1999), Hima Employers and the East Africa Association. Mr. Mwaniki Cement, Mbeya Cement, and serving as Secretary to the has also served as a Non-Executive Director on the Boards East African Cement Producers Association. of various companies, including British American Tobacco Kenya (Non-Executive Chairman), East African Breweries He is currently a Board member of JamboJet Limited, Lewa Ltd, and Lion of Kenya Insurance Company Ltd. He Wildlife Conservancy, a member of Board of Governors of currently serves as Non-Executive Director on the Board of IATA and a member of the Executive Committee of African the East African packaging industry Ltd. Airlines Association. (AFRAA). On the corporate social responsibility side, Mr. Mwaniki has rendered long voluntary service in educational institutions Alex Wainaina Mbugua including the Alliance High School where he served for Group Finance Director (51 years) many years as the Chairman of the Board of Governors and Mr.
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