Annual Report 2008-2009 - Emirates.com

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Independent auditor’s report to the Owner of Emirates Report on the financial statements We have audited the accompanying consolidated financial statements of Emirates and its subsidiaries (together referred to as “Emirates”), which comprise the consolidated balance sheet as of 31 March 2009 and the consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory notes. Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s responsibility Our responsibility is to express an opinion on the consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Emirates as of 31 March 2009 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. PricewaterhouseCoopers Chartered Accountants Dubai 11 May 2009 071
Emirates 072 Consolidated income statement for the year ended 31 March 2009 Note 2009 2008 AED'000 AED'000 Revenue 4 42,674,267 Other operating income 5 1,020,618 36,440,522 2,369,307 Operating costs 6 (41,121,565) (34,358,863) Operating profit 2,573,320 4,450,966 Other gains and losses 7 (1,572,361) 729,205 Finance income 8 431,271 597,081 Finance costs 8 (534,847) (734,256) Share of results in associated companies and joint ventures 12 62,800 Profit before income tax 960,183 Income tax credit / (expense) 9 85,371 Profit for the year 1,045,554 Profit attributable to minority interest 63,878 Profit attributable to Emirates' Owner 981,676 Notes 1 to 38 form an integral part of the consolidated financial statements. 60,517 5,103,513 (28,546) 5,074,967 54,543 5,020,424
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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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Page 32 and 33: coordination between them. This has
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Page 36 and 37: XDAS also provided support for the
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Page 46 and 47: external agencies such as Dubai Imm
Page 48 and 49: - An enhanced version of flightcrew
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Page 52 and 53: was attended by officials of the Ba
Page 54 and 55: Contents Financial Report 2008-2009
Page 56 and 57: Consolidated financial statements T
Page 58 and 59: Profitability Group net profit for
Page 60 and 61: Value added Value added is a measur
Page 62 and 63: Fuel and oil 14,443 Employee (see (
Page 64 and 65: Capacity, traffic, load factor and
Page 66 and 67: At 31 Mach 2009: Fleet information
Page 68 and 69: Expenditure 067 2008-09 2007-08 AED
Page 70 and 71: Employee strength and productivity
Page 74 and 75: Consolidated balance sheet as at 31
Page 76 and 77: 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
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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
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
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2. Summary of significant accountin
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8. Property, plant and equipment Co
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10. Investments in subsidiaries, as
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12. Trade and other receivables Tra
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14. Employee end of service benefit
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17. Trade and other payables Less t
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23. Related party transactions The
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24. Financial risk management Dnata
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24. Financial risk management (cont
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