Annual Report 2008-2009 - Emirates.com

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24. Financial risk management (continued) (iii) Liquidity risk and to replace funds when they are withdrawn. of funds as they mature. Dnata maintains diversified credit lines to enable this to happen. product and term. Summarised below in the table is the maturity profile of financial liabilities based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed are the contractual undiscounted cash flows. Description 2009 Term loans Trade and other payables (excluding customer deposits) 2008 Term loans Trade and other payables (excluding customer deposits) Less than 1 year AED'000 74,174 607,814 681,988 68,051 825,422 893,473 168,138 306,327 137 2 - 5 years Over 5 years AED'000 AED'000 168,138 - 306,327 - 285,005 - 285,005 305,728 - 305,728 Total AED'000 527,317 607,814 1,135,131 680,106 825,422 1,505,528
Dnata 138 25. Business combinations On 30 November 2008, Dnata acquired 90% of the shares in Al Hidaya Travel WLL, Bahrain. The acquired business contributed revenue of AED 0.6 million and loss of AED 0.5 million from the acquisition date to 31 March 2009. The principal activities of Al Hidaya Travel WLL trading as Dnata Bahrain is to represent airlines as their general sales agent and the provision of travel agency and other travel related services. The assets and liabilities arising from the acquisition of the subsidiary are as follows: Cash and cash equivalents Property, plant and equipment (Note 8) Intangible assets (Note 9) Other current assets Fair value of net assets Minority interest Total purchase consideration Less: Cash and cash equivalents acquired Cash outflow on acquisition Cash and cash equivalents Property, plant and equipment (Note 8) Intangible assets (Note 9) Other current assets Deferred tax liability (Note 16) Current liabilities Fair value of net assets Goodwill (Note 9) Total purchase consideration Less: Cash and cash equivalents acquired Cash outflow on acquisition The purchase consideration includes direct cost of acquisition amounting to AED 5.8 million. The goodwill is attributable to the profitability of the acquired business and synergies with other companies under common control. 26. Capital management Recognised on acquisition AED'000 1,461 (146) 1,315 (10) In the previous year, on 6 November 2007, Dnata acquired, through its wholly owned subsidiary Dnata Gmbh, 100% of the shares in Jet Aviation Handling AG, subsequently rebranded as Dnata Switzerland AG. The assets and liabilities arising from the acquisition were: 10 838 487 126 1,305 Recognised on acquisition AED'000 41,522 27,160 272,493 41,107 (62,139) (45,770) 274,373 214,656 489,029 (41,522) 447,507 Acquiree's carrying amount AED'000 10 838 - 126 974 Acquiree's carrying amount AED'000 41,522 27,160 - 41,107 (4,916) (45,770) 59,103 Dnata monitors the return on equity which is defined as profit for the year expressed as a percentage of average equity. Dnata seeks to provide a higher return to the Owner by resorting to borrowings to finance its acquisitions. In 2009, Dnata achieved a return on equity of 21.4% (2008: 15.2%) in comparison to an effective interest rate of 3.73% (2008: 3.62%) on borrowings.
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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
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2. Summary of significant accountin
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3. Critical accounting estimates an
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4. Revenue (continued) Transport re
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Page 90 and 91: 11. Intangible assets Cost 1 April
Page 92 and 93: Movement of investments in associat
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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
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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
Page 118 and 119: 1. Establishment and operations Not
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Page 124 and 125: 8. Property, plant and equipment Co
Page 126 and 127: 10. Investments in subsidiaries, as
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Page 130 and 131: 14. Employee end of service benefit
Page 132 and 133: 17. Trade and other payables Less t
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