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Annual Report Annual Report 2017 For personal use only HELSINKI STOCKHOLM GOTHENBURG EDINBURGH MOSCOW COPENHAGEN MINSK MANCHESTER HAMBURG DUBLIN AMSTERDAM BERLIN WARSAW LONDON DUSSELDORF BRUSSELS COLOGNE CALGARY FRANKFURT ASTANA PARIS PRAGUE DUBROVNIK VANCOUVER MUNICH VIENNA ZURICH VENICE LJUBLJANA GENEVA CHANGCHUN BELGRADE SEATTLE OTTAWA MILAN ZAGREB BUCHAREST MINNEAPOLIS MONTREAL BANJA LUKA PORTLAND TURIN GENOA SPLIT TORONTO FLORENCE SARAJEVO DETROIT BOLOGNA PODGORICA SOFIA NEWARK BOSTON ROME BARI TIVAT ISTANBUL CHICAGO NEW YORK MADRID NAPLES BEIJING SACRAMENTO RENO SALT LAKE CITY COLUMBUS LAMEZIA TERME BRINDISI THESSALONIKI PHILADELPHIA SKOPJE INDIANAPOLIS BALTIMORE PALERMO TIANJIN SEOUL DENVER TIRANA ATHENS SAN FRANCISCO CINCINNATI WASHINGTON (DULLES) TEHRAN TOKYO (NARITA) KANSAS CITY WASHINGTON (REAGAN) CATANIA GANGSEO-GU OAKLAND LAS VEGAS ASPEN NASHVILLE RABAT OKAYAMA RALEIGH/DURHAM MALTA CHENGDU NAGOYATOKYO (HANEDA) SAN JOSE ISLAMABAD FUKUOKA MEMPHIS ATLANTA BEIRUT YUBEI JEJU OSAKA LOS ANGELES PHOENIX DALLAS (LOVE FIELD) CASABLANCA NANJING TUCSON DALLAS (FORT WORTH) LAHORE CHONGQING SHANGHAI MIYAZAKI SAN DIEGO AMMAN WUHAN SHANGHAI HONGQIAO AUSTIN GUIYANG SHI HANGZHOU HOUSTON CAIRO KUWAIT HERMOSILLO ORLANDO KATHMANDU NUANCHANG YINZHOU SAN ANTONIO NEW DAMMAM GUIYANG CHIHUAHUA ORLEANS TAMPA DUBAI CHANGSHA NAHA FT LAUDERDALE MEDINA BAHRAIN DELHI KUNMING LORETO FUZHOU CHANGLE MONTERREY RIYADH DOHA ABU DHABI XIAMEN TAIPEI MIAMI KARACHI DHAKA SHENZHEN TAICHUNG CITY LA PAZ CULIACAN MUSCAT HONOLULU JEDDAH AL AIN KOLKATA GUANGZHOU KAUAI SAN JOSE DEL CABO CANCUN MANDALAY HONG KONG GUADALAJARA AHMEDABAD MAUI PUERTO VALLARTA CHIANG MAI MEILAN, HAIKOU COZUMEL MUMBAI HANOI KONA VISAKHAPATNAM SANYA MEXICO CITY KHARTOUM HYDERABAD BANGKOK DA NANG HUATULCO BANGALORE YANGON SIEM REAP COIMBATORE CHENNAI KOCHI PHNOM PENH KOH SAMUI HO CHI MINH CITY THIRUVANANTHAPURAM PHUKET LANGKAWI KOTA KINABALU PENANG MALÉ COLOMBO LAGOS MEDAN BANDAR SERI BEGAWAN KUALA LUMPUR KUCHING MANADO ENTEBBE SINGAPORE PEKANBARU NAIROBI BALIKPAPAN PALEMBANG MAHE SEMARANG MAKASSAR JAKARTA SURABAYA PORT MORESBY (PAPUA NEW GUINEA) DAR ES SALAAM BANDUNG LOMBOK YOGYAKARTA DENPASAR (BALI) HONIARA (SOLOMON ISLANDS) COCOS (KEELING) ISLANDS CHRISTMAS ISLAND DARWIN APIA (SAMOA) PORT VILA (VANUATU) CAIRNS NADI (FIJI) PORT HEDLAND RAROTONGA (COOK ISLANDS) NUKU’ALOFA (TONGA) SUNSHINE COAST JOHANNESBURG BRISBANE GOLD COAST PERTH SYDNEY CAPE TOWN ADELAIDE CANBERRA AUCKLAND MELBOURNE WELLINGTON CHRISTCHURCH QUEENSTOWN DUNEDIN NETWORK KEY For personal use only Virgin Australia Virgin Samoa Air New Zealand Delta Air Lines Etihad Airways Hong Kong Airlines Singapore Airlines Virgin AustraliaAeromexico VirginAir Samoa Berlin AirAir Canada New ZealandAir Serbia DeltaAlitalia Air LinesHawaiian Etihad Airlines AirwaysSouth AfricanHong Airways KongVirgin Airlines America Singapore Airlines Aeromexico Air Berlin Air Canada Air Serbia Alitalia Hawaiian Airlines South African Airways Virgin America Virgin Australia seasonal route June – October Virgin Australia seasonal route June – October Virgin AustraliaVirgin Australia services services between between Melbourne Melbourne and and Hong Hong Kong Kongto commence to commence in July 2017 in July 2017 HELSINKI STOCKHOLM GOTHENBURG EDINBURGH MOSCOW COPENHAGEN MINSK MANCHESTER HAMBURG DUBLIN AMSTERDAM BERLIN WARSAW LONDON DUSSELDORF BRUSSELS COLOGNE CALGARY FRANKFURT ASTANA PARIS PRAGUE DUBROVNIK VANCOUVER MUNICH VIENNA ZURICH VENICE LJUBLJANA GENEVA CHANGCHUN BELGRADE SEATTLE OTTAWA MILAN ZAGREB BUCHAREST MINNEAPOLIS MONTREAL BANJA LUKA PORTLAND TURIN GENOA SPLIT TORONTO FLORENCE SARAJEVO DETROIT BOLOGNA PODGORICA SOFIA NEWARK BOSTON ROME BARI TIVAT ISTANBUL CHICAGO NEW YORK MADRID NAPLES BEIJING SACRAMENTO RENO SALT LAKE CITY COLUMBUS LAMEZIA TERME BRINDISI THESSALONIKI PHILADELPHIA SKOPJE INDIANAPOLIS BALTIMORE PALERMO TIANJIN SEOUL DENVER TIRANA ATHENS SAN FRANCISCO CINCINNATI WASHINGTON (DULLES) TEHRAN TOKYO (NARITA) KANSAS CITY WASHINGTON (REAGAN) CATANIA GANGSEO-GU OAKLAND LAS VEGAS ASPEN NASHVILLE RABAT OKAYAMA RALEIGH/DURHAM MALTA CHENGDU NAGOYATOKYO (HANEDA) SAN JOSE ISLAMABAD FUKUOKA MEMPHIS ATLANTA BEIRUT YUBEI JEJU OSAKA LOS ANGELES PHOENIX DALLAS (LOVE FIELD) CASABLANCA NANJING TUCSON DALLAS (FORT WORTH) LAHORE CHONGQING SHANGHAI MIYAZAKI SAN DIEGO AMMAN WUHAN SHANGHAI HONGQIAO AUSTIN GUIYANG SHI HANGZHOU HOUSTON CAIRO KUWAIT HERMOSILLO ORLANDO KATHMANDU NUANCHANG YINZHOU SAN ANTONIO NEW DAMMAM GUIYANG CHIHUAHUA ORLEANS TAMPA DUBAI CHANGSHA NAHA FT LAUDERDALE MEDINA BAHRAIN DELHI KUNMING FUZHOU CHANGLE LORETO TAIPEI MONTERREY RIYADH DOHA ABU DHABI XIAMEN MIAMI KARACHI DHAKA SHENZHEN TAICHUNG CITY LA PAZ CULIACAN MUSCAT HONOLULU JEDDAH AL AIN KOLKATA GUANGZHOU KAUAI SAN JOSE DEL CABO CANCUN MANDALAY HONG KONG GUADALAJARA AHMEDABAD MAUI PUERTO VALLARTA CHIANG MAI MEILAN, HAIKOU COZUMEL MUMBAI HANOI KONA VISAKHAPATNAM SANYA MEXICO CITY KHARTOUM HYDERABAD BANGKOK DA NANG HUATULCO BANGALORE YANGON SIEM REAP COIMBATORE CHENNAI KOCHI PHNOM PENH KOH SAMUI HO CHI MINH CITY THIRUVANANTHAPURAM PHUKET LANGKAWI KOTA KINABALU PENANG MALÉ COLOMBO LAGOS MEDAN BANDAR SERI BEGAWAN KUALA LUMPUR KUCHING MANADO ENTEBBE SINGAPORE PEKANBARU NAIROBI BALIKPAPAN PALEMBANG MAHE SEMARANG MAKASSAR JAKARTA SURABAYA PORT MORESBY (PAPUA NEW GUINEA) DAR ES SALAAM BANDUNG LOMBOK YOGYAKARTA DENPASAR (BALI) HONIARA (SOLOMON ISLANDS) COCOS (KEELING) ISLANDS CHRISTMAS ISLAND DARWIN APIA (SAMOA) PORT VILA (VANUATU) CAIRNS NADI (FIJI) PORT HEDLAND RAROTONGA (COOK ISLANDS) NUKU’ALOFA (TONGA) SUNSHINE COAST JOHANNESBURG BRISBANE GOLD COAST PERTH SYDNEY CAPE TOWN ADELAIDE CANBERRA AUCKLAND MELBOURNE WELLINGTON CHRISTCHURCH QUEENSTOWN DUNEDIN CONTENTS For personal use only 02 Snapshot 43 Financial Report 04 Chairman’s Report 102 Independent auditors’ report Virgin Australia Virgin Samoa Air New Zealand Delta Air Lines Etihad Airways Hong Kong Airlines Singapore Airlines Aeromexico Air Berlin Air Canada Air Serbia Alitalia Hawaiian Airlines South African Airways Virgin America 06 CEO’s Report 109 Shareholder information Virgin Australia seasonal route June – October 08 Directors’ report 113 Corporate directory Virgin Australia seasonal route June – October Virgin Australia services between Melbourne and Hong Kong to commence in July 2017 Virgin Australia Holdings Limited ACN 100 686 226 ANNUAL REPORT 2017 1 SNAPSHOT PASSENGERS CARRIED (MILLIONS) 23.7 24.2 20.0 22.3 19.4 19.3 18.6 2011 2012 2013 2014 2015 2016 2017 AVAILABLE SEAT KILOMETRES (BILLIONS) 47.0 46.8 46.0 41.8 42.2 39.8 37.1 For personal use only 2011 2012 2013 2014 2015 2016 2017 2 ANNUAL REPORT 2017 TOTAL REVENUE AND INCOME ($MILLIONS) 3,721 3,920 4,020 4,307 4,749 5,021 5,047 2011 2012 2013 2014 2015 2016 2017 OPERATING FLEET 141 VELOCITY MEMBERS MORE THAN 8,000,000 DESTINATIONS IN OUR VIRTUAL GLOBAL NETWORK EMPLOYEES MORE THAN 9,800 487 For personal use only Statistics have been rounded. Passengers Carried and Available Seat Kilometres include 100% of Tigerair Australia statistics from 1 November 2014. Operating fleet excludes aircraft that have been removed from operational service. ANNUAL REPORT 2017 3 For personal use only 4 ANNUAL REPORT 2017 CHAIRMAN’S REPORT In the 2017 financial I am pleased to report that our focus on I would like to thank our major improving our financial base is producing shareholders Etihad Airways, HNA year, the Virgin Australia positive results, with the business Aviation Group, Nanshan Group, Group made significant achieving its 2017 financial year cash and Singapore Airlines and the Virgin Group progress towards efficiency program targets. For the 2017 for their support over the past year, financial year, we delivered a positive Free which has played an important role in the building a stronger Cash Flow result1, improved reported positive results that have been achieved. financial foundation Financial Leverage by 14.1 per cent and I would also like to thank our smaller that will support future maintained a strong cash balance2. The shareholders as well as my fellow board business has also made good progress members for their support of the Group. earnings growth. The in implementing the Better Business Also highly deserving of thanks are the program of capital and operational Group also continued people of the Virgin Australia Group. They initiatives and we now expect to deliver are outstanding ambassadors and strong to champion strong higher cash flow savings than originally advocates for our business. Together, the competition in Australian targeted. Group’s team members are responsible aviation by delivering The Group reported losses at the for our recognition as a world-class a safe and rewarding underlying and statutory levels for the airline group. This was confirmed by the travel experience for our 2017 financial year. These results were industry awards received during the year, predominantly impacted by subdued which include: customers. trading conditions and the upfront costs • ‘Best Airline’ and ‘Best Airline Staff’ associated with implementing the Better in the Australia/Pacific region at the Business program. World Airline Awards; Importantly, as we move through the • ‘Best Business Class’ at the Airline Better Business program, these costs will Ratings ‘Airline of the Year’ awards; and subside and the company will benefit from the ongoing, sustainable savings • ‘Best Domestic Airline’ at the National that the program is on track to deliver. Travel Industry Awards. This program, together with the work that The Group strongly believes that our CEO John Borghetti and his team
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