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The Emirates Group CONTENTS THE EmiratES GroUP CONTENTS FINANCIAL INFORMATION EMIRATES FINANCIAL COMMENTARY 44 DNATA FINANCIAL COMMENTARY 52 EMIRATES INDEPENDENT AUDITOR’S REPORT 57 AND CONSOLIDATED FINANCIAL STATEMENTS DNATA INDEPENDENT AUDITOR’S REPORT 99 AND CONSOLIDATED FINANCIAL STATEMENTS ADDITIONAL INFORMATION EMIRATES TEN-YEAR OVERVIEW 132 DNATA TEN-YEAR OVERVIEW 134 GROUP COMPANIES OF EMIRATES 136 GROUP COMPANIES OF DNATA 137 GLOSSARY 138 Profit margin in % Return on shareholder’s funds in % 12.9 33.8 44 EMIRATES 9.9 28.4 8.1 21.6 FINANCIAL COMMENTARY 1.6 2.4 4.4 7.2 2007-08 2008-09 2009-10 2010-11 2011-12 2007-08 2008-09 2009-10 2010-11 2011-12 Emirates continued unabated with its Profit attributable to the Owner in AED m REVENUE growth plans during the year by adding 5,375 2011-12 2010-11 % change 5,020 22 aircraft to its fleet and expanding AED m AED m its route network by eleven new Passenger 48,950 41,415 18.2 destinations despite the challenging 3,538 environment in the airline industry. Cargo 9,546 8,803 8.4 Excess baggage 332 293 13.3 PROFITABILITY 1,502 686 Transport revenue 58,828 50,511 16.5 In its 24th consecutive year of profitable operations, Emirates profit attributable Sale of goods 2,017 1,774 13.7 to the Owner stood at AED 1,502 million, Destination and leisure 245 226 8.4 72.1% lower than last year’s record profit Other 418 434 (3.7) 2007-08 2008-09 2009-10 2010-11 2011-12 of AED 5,375 million. Despite a healthy Total 61,508 52,945 16.2 growth in revenues, Emirates result was Emirates operating profit, lower at AED adversely impacted by an increased jet 1,813 million (2010-11: AED 5,443 Revenue crossed the AED 60 billion Passenger revenue surged 18.2% or AED fuel bill due to significantly higher rates. million), was the result of operating mark for the first time growing 16.2% 7,535 million over the previous year to costs growing faster than the increase in to AED 61,508 million (2010-11: AED AED 48,950 million, the result of a 9.8% Emirates profit margin at 2.4% (2010-11: revenues. This resulted in an operating 52,945 million). Transport revenue growth in RPKM and a 7.7% higher yield 9.9%) represented a positive result in a margin of 2.9% (2010-11: 10%). challenging year marked by the significant rose faster than the growth in capacity per RPKM. Passenger seat factor at 80% buoyed by a robust increase in matching exactly last year’s figure was an increase in jet fuel cost, political unrest in Operating profit in AED m the Middle East and African regions and passenger revenue and stood at AED achievement in itself given a 9.8% increase volatile exchange rates due to the global 5,443 58,828 million, an improvement of in ASKMs. Premium class seat factor 16.5% over the last financial year (2010- continued its upward trend for a second economic situation. 4,451 11: AED 50,511 million). Passenger 3,565 (including excess baggage) and cargo revenue continued to account for 95.6% Development of revenue in AED bn 2,278 1,813 (2010-11: 95.4%) of total revenue. 61.5 52.9 42.5 42.5 36.4 2007-08 2008-09 2009-10 2010-11 2011-12 Consequently, the return on shareholder’s funds was impacted in these difficult economic conditions and stood at 7.2% (2010-11: 28.4%). 2007-08 2008-09 2009-10 2010-11 2011-12 Available seat kilometres (ASKM) in millions Passenger seat factor in % 79.8 80.0 80.0 2011-12 200,687 78.1 75.8 2010-11 182,757 2009-10 161,756 2008-09 134,180 118,290 2007-08 2007-08 2008-09 2009-10 2010-11 2011-12 Passenger yield in fils per RPKM Cargo revenue was up 8.4% to AED Geographical revenue in AED m 9,546 million (2010-11: AED 8,803 32.1 million). Cargo tonnage increased East Asia West Asia 29.8 30.5 28.3 1.7% over the previous year to 1,796 and and Indian 26.1 thousand tonnes in a difficult market Year Australasia Europe Ocean Americas Middle East Africa Total environment which saw cargo markets 2011-12 18,227 17,058 7,083 6,696 6,314 6,130 61,508 contracting 0.7% globally in 2011. The 2010-11 15,503 14,433 6,405 5,518 5,488 5,598 52,945 increase in cargo revenue was primarily on account of a 5.4% increase in yield % change 17.6% 18.2% 10.6% 21.3% 15.1% 9.5% 16.2% per FTKM. Cargo revenue continues to constitute an important 16.2% (2010- Emirates continued to benefit from a four in geographical revenues as a 11: 17.4%) of Emirates transport diverse revenue base, with no region consequence of adding new destinations 2007-08 2008-09 2009-10 2010-11 2011-12 revenue keeping pace with the expanded contributing more than 30% of revenues. and frequencies on these routes. The revenue base. Growth in revenue has been witnessed change in revenue by geographical area year and was 1.9% points higher than the across all geographical regions lead by are generally in line with the overall revenue previous year, while economy class seat East Asia and Australasia (up AED 2,724 growth, reflecting the introduction of eleven factors remained stable at 83.3% (2010- million or 17.6%), Europe (up AED 2,625 new destinations as well as the increased 11: 83.7%). The impressive passenger million or 18.2%) and the Americas (up frequencies and capacity to existing seat factor over an expanded capacity AED 1,178 million or 21.3%). The Americas destinations. has resulted in the number of passengers has jumped two places in rank to number carried reaching the 34 million mark for the first time, an increase of 8.1% or 2.6 million passengers over last year. Geographical revenue in % Passengers carried in ‘000 Cargo carried in tonnes ‘000 33,981 1,767 1,796 31,422 29.6% East Asia and Australasia 1,580 27,454 1,408 27.7% Europe 22,731 1,282 21,229 11.5% West Asia and Indian Ocean 10.9% Americas 10.3% Gulf and Middle East 10.0% Africa 2007-08 2008-09 2009-10 2010-11 2011-12 2007-08 2008-09 2009-10 2010-11 2011-12 Employee cost as % of total Unit costs in fils per ATKM operating costs 163 46 EMIRATES 151 147 2011-12 13.1 86.9 136 166 2010-11 15.6 84.4 101 104 94 95 97 2009-10 15.9 84.1 2008-09 14.3 85.7 2007-08 2008-09 2009-10 2010-11 2011-12 2007-08 15.9 84.1 Unit cost Employee cost Unit cost excluding jet fuel Operating costs EXPENDITURE cost element of Emirates constituted was also the result of upgrading the Jet fuel costs at AED 24,292 million 13.1% of operating costs (2010-11: product offering. The higher depreciation (2010-11: AED 16,820 million) Emirates operating costs rose faster 15.6%). charge (up AED 453 million or 12.6%) comprised the highest ever share of than the growth in revenue and at is mainly on account of an increase operating costs at 40.2% (2010-11: AED 60,474 million were 24% or The rise in direct operating costs in aircraft fleet and related assets. In 34.5%). The increase in cost is the result AED 11,686 million higher than the (handling, in-flight costs, overflying, addition, corporate overhead expenses of a 31.9% escalation in average jet fuel previous year predominantly on account landing and parking and aircraft were up AED 892 million primarily from price per US gallon and a 9.5% increase of substantially higher jet fuel costs maintenance) of AED 1,656 million or accounting for currency exchange losses, in quantity uplifts. These factors have and airline direct operating costs. The 18.3% was on account of rate increases higher credit card related charges from resulted in a 30.5% increase in fuel cost proportion of jet fuel costs to total and an increase in activity levels. The a growth in on-lines sales and added per ATKM. operating cost at 40.2% is the highest in 23% increase in in-flight catering costs training costs for flight deck crew. Emirates’ history, well over the previous The increase in jet fuel costs has high of 35.2% witnessed in 2008-09. impacted the unit cost of the airline which has grown significantly by 12.4% Operating costs in AED m Operating costs to 166 fils per ATKM (2010-11: 147 fils 60,474 2011-12 2010-11 % change 2011-12 per ATKM). Excluding jet fuel costs, unit % of costs have marginally increased by 2.4% 48,788 operating to 97 fils per ATKM (2010-11: 95 fils per 40,988 39,890 AED m AED m costs ATKM). 34,359 Jet fuel 24,292 16,820 44.4 40.2 Employee 7,936 7,615 4.2 13.2 Aircraft operating leases 4,788 4,317 10.9 7.9 Depreciation 4,053 3,600 12.6 6.7 Jet fuel cost as % of operating cost Sales and marketing 4,023 3,862 4.2 6.7 Handling 3,584 3,137 14.2 5.9 32.0 35.2 29.9 34.5 40.2 In-flight catering and 2007-08 2008-09 2009-10 2010-11 2011-12 related costs 2,836 2,305 23.0 4.7 70.1 Overflying 1,878 1,620 15.9 3.1 68.0 64.8 65.5 59.8 Office accommodation and IT costs 1,450 1,281 13.2 2.4 Airline employee numbers grew 11.2% Aircraft maintenance 1.296 1,030 25.8 2.1 on the back of a 10.6% growth in capacity.
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