Annual Report 2008-2009 - Emirates.com

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10. Investments in subsidiaries, associated companies and joint ventures Principal subsidiaries Dnata Travel (UK) Ltd. 100 Travel agency United Kingdom Dnata Inc. 100 Aircraft handling services Philippines Dnata International Airport Services Pte Ltd. 100 Investment company Singapore Changi International Airport Services Pte Ltd. 100 Aircraft handling and catering services Singapore MMI Travel L.L.C. 100 Travel agency United Arab Emirates Dnata Gmbh 100 Investment company Austria Dnata Switzerland AG 100 Aircraft handling services Switzerland Al Hidaya Travel WLL 90 Travel agency Bahrain Al Hidaya Travel WLL was acquired during the year. Dnata Gmbh was incorporated in the previous year and Dnata Switzerland AG was acquired in the previous year. Principal associated companies Percentage of equity owned Principal activities Percentage of equity owned Principal activities Dubai Express L.L.C. 50 Freight clearing and forwarding United Arab Emirates Gerry's Dnata (Private) Ltd. 50 Aircraft handling services Pakistan Xi'an Dnata Aviation Services Co Ltd. 45 Aircraft handling services China Hogg Robinson Group Plc 23.2 Corporate Travel services United Kingdom Mindpearl AG 49 Contact centre operations Switzerland Mindpearl South Africa (Pty) Ltd. 49 Contact centre operations South Africa Dnata-PWC Airport Logistics L.L.C. 50 Logistics services United Arab Emirates Dnata Saudi Travel Agency 50 Travel agency Saudi Arabia Transguard Group L.L.C. 100 Security services United Arab Emirates Toll Dnata Airport Services 50 Aircraft handling services Australia Dunya Travel L.L.C. 50 Travel agency United Arab Emirates SDV (UAE) L.L.C. 25.5 Logistics services United Arab Emirates Najm Travel 50 Travel agency Afghanistan 125 Country of incorporation and principal operations Country of incorporation and principal operations Investments in Hogg Robinson Group Plc, Mindpearl AG and Mindpearl South Africa (Pty) Ltd. were made during the year. The investment in Xi'an Dnata Aviation Services Co Ltd. was made in the previous year. Joint ventures Percentage of equity owned Principal activities Country of incorporation and principal operations The investments in SDV (UAE) L.L.C and Najm Travel were made during the year. The beneficial interest in SDV (UAE) L.L.C is 35% and is subject to joint control. The investments in Transguard Group L.L.C., Dunya Travel L.L.C. and Toll Dnata Airport Services were made in the previous year. The beneficial interest in Transguard Group L.L.C. is 50% and is subject to joint control. The percentage of equity owned in Dnata Saudi Travel Agency has changed from 33% to 50% in the previous year. There was no other change in ownership during the year.
Dnata Balance brought forward 126 10. Investments in subsidiaries, associated companies and joint ventures (continued) Movement of investments in associated companies and joint ventures The carrying value of the investments in associated companies amounted to AED 243.5 million (2008: AED 52.2 million) and the share of results amounted to AED 10.6 million (2008: AED 17.4 million). The investments in associated companies and joint ventures include a quoted investment, the fair value of which amounts to AED 60.0 million at the balance sheet date. The financial statements of an associated company have been drawn from the date of investment to 31 December 2008 to comply with the accelerated reporting timetable of Dnata. For the purpose of applying the equity method of accounting and disclosures, the financial statements as drawn above have been used and appropriate adjustments have been made, where necessary, for the effect of significant events between 1 January 2009 and 31 March 2009. Summarised financial information in respect of associated companies is set out below: Balance carried forward 2009 2008 AED'000 AED'000 264,077 25,264 38,998 Investments during the year 271,337 220,427 Share of results 24,953 12,825 Dividends (8,854) (11,150) Other equity movement (6,086) 154 Currency translation differences (77,071) 2,823 Balance carried forward 468,356 Total assets 3,346,235 Total liabilities 2,425,053 Net assets 921,182 Revenue 1,457,763 Profit for the year 17,481 264,077 2009 2008 AED'000 AED'000 307,616 130,468 177,148 212,058 36,323 Summarised financial information in respect of Dnata's share in joint ventures are set out below: Non-current assets 238,813 196,268 Current assets 155,201 94,375 Non-current liabilities 48,630 11,902 Current liabilities 120,494 66,855 Total income 402,221 Total expense 387,832 11. Advance lease rentals 97,930 102,508 Balance brought forward 28,781 27,407 Currency translation differences (2,589) 2,652 Charge for the year (928) (1,278) 28,781
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Annual Report 2008-2009 The Emirate
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The Emirates Group Emirates is the
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4 The Emirates Group Chairman and C
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6 The Emirates Group Chairman and C
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8 The Emirates Group Executive Vice
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First Class Suite 10 Emirates Presi
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12 Emirates The Airline Emirates A3
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14 Emirates The Airline 15 Emirates
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Other firsts included: The implemen
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A series of relief charter flights
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In West Asia, the total number of f
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Public, International, Industry and
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the aircraft had a direct impact on
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Creek extensions, and finally linki
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In Dubai, Dnata Travel Services ope
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coordination between them. This has
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Government Travel Services (GTS) ex
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XDAS also provided support for the
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EmQuest EmQuest is a travel distrib
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airport by serving 99,000 flights d
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Creation of the Customer Knowledge
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Tanzania; oversee Dnata Travel’s
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external agencies such as Dubai Imm
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- An enhanced version of flightcrew
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3 was heavily advertised, This incl
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was attended by officials of the Ba
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Contents Financial Report 2008-2009
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Consolidated financial statements T
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Profitability Group net profit for
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Value added Value added is a measur
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Fuel and oil 14,443 Employee (see (
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Capacity, traffic, load factor and
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At 31 Mach 2009: Fleet information
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Expenditure 067 2008-09 2007-08 AED
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Employee strength and productivity
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Independent auditor’s report to t
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Consolidated balance sheet as at 31
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Page 86 and 87: 4. Revenue (continued) Transport re
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Page 96 and 97: 18. Capital Capital represents the
Page 98 and 99: 22. Term loans Balance brought forw
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Page 102 and 103: 27. Trade and other payables Trade
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Page 108 and 109: 35. Financial risk management Finan
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Page 112 and 113: 36. Capital risk management Emirate
Page 114 and 115: Consolidated income statement for t
Page 116 and 117: 1 April 2007 62,615 Currency transl
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Page 130 and 131: 14. Employee end of service benefit
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Page 136 and 137: 24. Financial risk management Dnata
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Annual Report 2008-2009 - Emirates.com

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