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Annual Report 2009 - 2010

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Annual Report 2009 - 2010 The Emirates Group Shaping Our World Annual Report 2009 - 2010 His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President & Prime Minister of the UAE & Ruler of Dubai Aviation and transport infrastructure is the fundamental catalyst for the creation of global cities. The UAE’s open skies policy is the cornerstone upon which Dubai built its dynamic air transport hub, which in turn supports the growth of other industry sectors. The growth of Emirates embodies the spirit of competition and free enterprise which will continue to guide our policies for the benefit of the UAE and of the global community in which we operate. 002 The Emirates Group Emirates is the international airline and the sale of air tickets on behalf of the United Arab Emirates. Its of airlines either as their agent or main activity is the provision of General Sales Agent. commercial air transportation services. Emirates and Dnata are independent entities and do not form a group as Dnata is the largest travel defined by International Financial management services company Reporting Standards. However, in the UAE and the sole ground handling agent at Dubai International these entities are under common Airport. Its main activities are the management. Therefore, in the provision of aircraft and cargo Management Review section of this handling, information technology document, they are together referred services, aircraft engineering services to as the Emirates Group. The Emirates Group 003 Contents Financial Highlights 004 Financial Information Emirates Financial Commentary 038 Annual Review by the Chairman Dnata Financial Commentary 046 and Chief Executive 006 Emirates Consolidated Financial Statements 050 Emirates Responsibility Statement The Leadership Team 010 and Independent Auditor’s Report 092 Dnata Consolidated Financial Statements and Independent Auditor’s Report 094 Key Events 012 Additional Information Emirates Airline Overview 016 Emirates Ten-year Overview 122 Dnata Ten-year Overview 124 Dnata Overview 026 Group Companies of Emirates 126 Group Companies of Dnata 127 Our World Today 034 Glossary 128 Revenue and other operating income in AED m Profit attributable to the Owner in AED m 2009-10 43,455 2009-10 3,538 2008-09 43,266 2008-09 686 2007-08 38,810 2007-08 5,020 2006-07 29,173 2006-07 3,096 004 The Emirates Group 2005-06 22,658 2005-06 2,475 Financial Highlights Emirates Group Emirates Financial Highlights 2009-10 2008-09 % change Financial Highlights 2009-10 2008-09 % change Revenue and other operating income* AED m 45,405 45,231 0.4 Revenue and results Operating profit AED m 4,124 2,745 50.2 Revenue and other operating income AED m 43,455 43,266 0.4 Operating margin % 9.1 6.1 3.0 pts Operating profit AED m 3,565 2,278 56.5 Profit attributable to the Owner AED m 4,151 1,193 247.9 Operating margin % 8.2 5.3 2.9 pts Profit margin % 9.1 2.6 6.5 pts Profit attributable to the Owner AED m 3,538 686 415.7 Cash assets AED m 12,493 8,718 43.3 Profit margin % 8.1 1.6 6.5 pts Total assets** AED m 60,147 51,358 17.1 Return on shareholder’s funds % 21.6 4.4 17.2 pts Financial position and cash flow 2008-09 figures have been re-classified to conform with the current year’s presentation. Total assets AED m 55,547 47,449 17.1 * After eliminating inter company income/expense of AED 1,210 million in 2009-10 Cash assets AED m 10,511 7,368 42.7 (2008-09 : 1,216 million). Net debt (including aircraft operating lease) equity ratio % 158.5 167.0 (8.5) pts ** After eliminating inter company receivables/payables of AED 38 million in 2009-10 EBITDAR AED m 10,638 8,286 28.4 (2008-09 : 38 million). EBITDAR margin % 24.5 19.2 5.3 pts The financial year of the Emirates Group is from 1 April to 31 March. Throughout this report Airline operating statistics all figures are in UAE Dirhams (AED) unless otherwise stated. The exchange rate of the Dirham to the US Dollar is fixed at 3.67. Passengers carried number ’000 27,454 22,731 20.8 Cargo carried tonnes ’000 1,580 1,408 12.2 Passenger seat factor % 78.1 75.8 2.3 pts Overall capacity ATKM million 28,526 24,397 16.9 Available seat kilometres ASKM million 161,756 134,180 20.6 Aircraft number 142 127 11.8 Employee data Average employee strength number 36,652 35,812 2.3 Revenue and other operating income in AED m Profit attributable to the Owner in AED m 2009-10 3,160 2009-10 613 2008-09 3,181 2008-09 507 2007-08 2,585 2007-08 305 2006-07 1,996 2006-07 360 2005-06 1,734 2005-06 324 Dnata Financial Highlights 2009-10 2008-09 % change Revenue and results Revenue and other operating income AED m 3,160 3,181 (0.7) Operating profit AED m 559 467 19.7 Operating margin % 17.7 14.7 3.0 pts Profit attributable to the Owner AED m 613 507 20.9 Profit margin % 19.4 15.9 3.5 pts Return on shareholder’s funds % 21.3 21.4 (0.1) pts Financial position Total assets AED m 4,638 3,947 17.5 Cash assets AED m 1,982 1,350 46.8 Airport operating statistics Aircraft handled number 192,120 177,495 8.2 Cargo handled tonnes ’000 1,121 1,003 11.8 Employee data Average employee strength number 13,298 12,434 6.9 billion dirhams 45.4 Group revenue billion dirhams 4.2 Group profit profit margin 006 The Emirates Group 9.1% Chairman & Chief Executive, Emirates Airline & Group Our toughest year: an outstanding result. Against a background of the worst global recession in generations, large-scale economic uncertainty and unforgiving markets, the Emirates Group faced arguably its sternest test. We came through these difficult times with flying colours. Despite the harsh economic climate, the Emirates Group made a net profit of AED 4.2 billion (US$1.1 billion), compared to AED 1.2 billion (US$325 million) in 2008-2009. Emirates AED 3,538 million (US$964 million). Dnata AED 613 million (US$167 million). These are excellent results and they did not happen by chance. We in the Emirates Group take great pride in our ability to shape not only our own world, but also the wider worlds of aviation and travel. From the creation of Dnata 50 years ago and Emirates 25 years ago, we have always demonstrated, and are known for, our pioneering spirit. That powerful spirit has enabled us to flourish not only in the good times but also in times of adversity, including regional conflict, the effects of 9/11 on our industry, the SARS epidemic and the Asian economic collapse of the late 1990s. Looking back at the past year, we should be under no illusions that our operating conditions were as tough as any we have His Highness Sheikh Ahmed bin Saeed Al Maktoum ever faced. 12.5bn dirhams cash funds At the start of the financial year, the global recession recognise the opportunities that the shift of global had a severe impact on the travel and aviation economic power would create and acted accordingly, sectors, with a significant reduction in traveller positioning ourselves to take advantage of emerging numbers and a marked reduction in passengers market leaders. booking in the premium cabins. According to the International Air Transport Association (IATA), The close relationship between the Emirates Group airlines’ financial losses worldwide for 2009 reached and Dubai has enabled both to flourish. Dnata, US$9.4 billion (AED 34.5 billion), after the US$15.9 working within the UAE’s Open Skies policy, helped billion (AED 58.4 billion) loss incurred in 2008. IATA create the infrastructure that has enabled Dubai to was clear that this was the most difficult situation ever lead the development of the region as a centre of faced by the industry. world aviation. Emirates Airline delivered that message around the globe. With our spirit of innovation, Dubai International Airport The dramatic contraction of international money aligned with a long-term strategy and deep saw passenger growth of 9.2% markets led to a reluctance among financial knowledge of our industry, we are reaping the thrive, and who will realise our growth strategy in during 2009. institutions to lend to businesses across the world. benefits. It is a world-winning combination. the future. Dubai was also not immune to the crisis, with the property sector being particularly affected. Since we were founded upon pioneering and We chose to freeze recruitment in non-essential areas, innovative ideals, the challenge of the past year has we redeployed staff and brought in a programme of To do business in a world of economic meltdown, been to maintain these values in the most challenging voluntary unpaid leave. This was an effective package where the atmosphere was at times apocalyptic, of economic circumstances. I am pleased to say we and enabled us to contain costs and retain our talent. required cool heads and steady nerves. Our have succeeded. It was also an opportunity for staff to further develop experience of handling global crises left us well- their skills, pursue other interests or just to take time equipped to tackle the challenges and maintain a Our determination to stand by our tradition of out. In the most difficult of economic circumstances, “business as usual” approach.
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