Annual Report 2008-2009 - Emirates.com

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12. Trade and other receivables Trade receivables - net of provision Prepayments Related parties (Note 23) Deposits and other receivables Movements in the provision for impairment of trade receivables are as follows: Balance brought forward Acquisition Charge for the year Unused amounts reversed Amounts written off as uncollectible Currency translation differences Balance carried forward The other classes of trade and other receivables do not contain impaired assets. Ageing of receivables that are past due but not impaired is as follows: Below 3 months 3-6 months Above 6 months 13. Capital Capital represents the permanent capital of Dnata. 127 2009 2008 AED'000 AED'000 399,731 48,202 51,572 90,039 589,544 393,733 32,237 47,837 112,939 586,746 The impairment charge on trade receivables recognised in the consolidated income statement during the year mainly relates to commercial, travel agency and airline customers who are in unexpected difficult economic situations and are unable to meet their obligations. This charge is included in operating costs. Amounts charged to the provision account are written off when there is no expectation of further recovery. 2009 2008 AED'000 AED'000 19,022 13,131 - 443 15,912 25,864 (13,444) (19,643) (393) (877) (138) 104 20,959 19,022 The maximum exposure to credit risk of current trade and other receivables at the reporting date is the carrying value of each class of receivable mentioned above. 2009 2008 AED'000 AED'000 171,298 42,535 58,137 271,970 190,234 28,448 36,602 255,284
Dnata 128 14. Employee end of service benefits provision In accordance with the provisions of IAS 19, management has carried out an exercise to assess the present value of its defined benefit obligations at 31 March 2009, in respect of employees' end of service benefits payable under relevant local regulations and contractual arrangements. The assessment assumed expected salary increases averaging 5.0% (2008: 5.0%) and a discount rate of 6.5% (2008: 6.0%) per annum. The present values of the defined benefit obligations at 31 March 2009 were computed using the actuarial assumptions set out above. The liabilities recognised in the balance sheet are: Present value of funded defined benefit obligations Less: Fair value of plan assets 4,532 Present value of unfunded defined benefit obligations 187,245 Employee end of service benefits provision (i) Funded scheme The liability of AED 4.5 million (2008: AED 2.2 million) represents the amount that will not be settled from plan assets and is calculated as the excess of the present value of the defined benefit obligation for an individual employee over the fair value of the employee's plan assets at the balance sheet date. The movement in the value of the plan assets are: 2009 2008 AED'000 AED'000 42,829 (38,297) 191,777 49,090 (46,924) 2,166 200,597 202,763 Senior employees based in the UAE participate in a defined benefit provident scheme to which Dnata contributes a specified percentage of basic salary based upon the employee’s grade and duration of service. Amounts contributed are invested in a trustee administered scheme and accumulate along with returns earned on investments. Contributions are made on a monthly basis irrespective of fund performance and are not pooled, but are separately identifiable and attributable to each participant. The fund comprises a diverse mix of managed funds and investment decisions are controlled directly by the participating employees. Benefits receivable under the provident scheme are subject to vesting rules, which are dependent upon a participating employee's length of service. If at the time an employee leaves employment, the accumulated vested amount, including investment returns is less than the end of service benefits that would have been payable to that employee under relevant local regulations, Dnata pays the shortfall amount directly to the employee. However, if the accumulated vested amount exceeds the end of service benefits that would have been payable to an employee under relevant local regulations, the employee receives between seventy five and one hundred percent of their fund balance. Vested assets of the scheme are not available to Dnata or its creditors in any circumstances. 2009 2008 AED'000 AED'000 Balance brought forward 46,924 31,467 Contributions made 9,481 10,879 Benefits paid (5,415) (5,479) Change in fair value (12,693) 10,057 Balance carried forward 38,297 46,924 Contributions made include the transfer of accumulated benefits from unfunded schemes. The charge to the consolidated income statement arising from this scheme amounted to AED 11.2 million (2008: AED 8.5 million). Dnata expects to contribute approximately AED 8.8 million for existing plan members during the year ended 31 March 2010. Actuarial gains and losses and expected returns on plan assets are not calculated given that investment decisions relating to plan assets are under the direct control of participating employees.
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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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Consolidated cash flow statement fo
Page 78 and 79: 2. Summary of significant accountin
Page 84 and 85: 3. Critical accounting estimates an
Page 86 and 87: 4. Revenue (continued) Transport re
Page 88 and 89: 10. Property, plant and equipment C
Page 90 and 91: 11. Intangible assets Cost 1 April
Page 92 and 93: Movement of investments in associat
Page 94 and 95: 14. Other investments (continued) (
Page 96 and 97: 18. Capital Capital represents the
Page 98 and 99: 22. Term loans Balance brought forw
Page 100 and 101: 24. Provisions (continued) (i) Fund
Page 102 and 103: 27. Trade and other payables Trade
Page 104 and 105: 32. Derivative financial instrument
Page 106 and 107: 34. Related party transactions The
Page 108 and 109: 35. Financial risk management Finan
Page 110 and 111: 35. Financial risk management (cont
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
Page 118 and 119: 1. Establishment and operations Not
Page 124 and 125: 8. Property, plant and equipment Co
Page 126 and 127: 10. Investments in subsidiaries, as
Page 130 and 131: 14. Employee end of service benefit
Page 132 and 133: 17. Trade and other payables Less t
Page 134 and 135: 23. Related party transactions The
Page 136 and 137: 24. Financial risk management Dnata
Page 138 and 139: 24. Financial risk management (cont
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