Annual Report 2008-2009 - Emirates.com

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11. Intangible assets Cost 1 April 2007 559,491 Additions - 31 March 2008 Amortisation and impairment 559,491 1 April 2007 6,738 Amortisation for the year - 31 March 2008 Net book amount 6,738 31 March 2008 552,753 Cost 1 April 2008 559,491 Additions - Acquisition (Note 37) 2,856 Currency translation differences 180 31 March 2009 Amortisation and impairment 562,527 1 April 2008 6,738 Amortisation for the year - 31 March 2009 Net book amount 6,738 31 March 2009 555,789 089 Service Trade Contractual Computer Goodwill rights names rights software Total AED'000 AED'000 AED'000 AED'000 AED'000 AED'000 162,333 - 162,333 22,396 10,845 33,241 129,092 162,333 - - - - 19,042 - - 69,729 169,424 Computer software includes an amount of AED 72.4 million (2008: AED 87.4 million) in respect of projects under implementation. 69,729 161,633 47,770 209,403 For the purpose of testing goodwill for impairment, goodwill amounting to AED 159.2 million (2008: AED 159.2 million) is allocated to the consumer goods cash generating unit, AED 25.1 million (2008: AED 25.1 million) is allocated to the food and beverages cash generating unit and AED 368.5 million (2008: AED 368.5 million) is allocated to the in-flight catering services cash generating unit. These cash generating units are based in Dubai. The recoverable amounts for these cash generating units have been determined on the basis of value-in-use calculations. The key assumptions used in the value-in-use calculations include a risk adjusted discount rate, growth rates based on management's expectations for market development and historical gross margins of 15%, 17% and 20% for consumer goods, food and beverages and in-flight catering services cash generating units respectively. Cash flow projections are based on forecasts approved by management covering a three year period. Projected cash flows are discounted using a pre-tax discount rate of 12% per annum, which reflects specific risks relating to the cash generating units. Cash flows beyond the three year period have been extrapolated using a growth rate of 4% per annum. The growth rate does not exceed the long term average growth rate for the markets in which the cash generating units operate. - - 162,333 33,241 10,815 44,056 118,277 - - - - - - - 19,042 - - - 19,042 - - - - - - - 16,661 172 16,833 - - - 16,833 281,203 350,932 132,499 36,925 181,508 350,932 81,897 - - 1,003,027 1,072,756 863,353 1,072,756 81,897 38,559 352 432,829 1,193,564 169,424 49,926 209,403 60,741 219,350 270,144 213,479 Goodwill allocated to the food and beverages cash generating unit in Australia amounts to AED 3.0 million (2008: AED Nil) and significant in comparison to total carrying amount of goodwill. Management is of the opinion that the goodwill is not impaired. 923,420 is not
Emirates 090 12. Investments in subsidiaries, associated companies and joint ventures Principal subsidiaries Maritime & Mercantile Wholesale and retail of consumer International L.L.C. 68.7 goods UAE Maritime & Mercantile International Holding L.L.C. 100.0 Holding company UAE Emirates Leisure Retail Holding L.L.C. 100.0 Holding company UAE Emirates Leisure Retail L.L.C. 68.7 Food and beverage operations UAE Emirates Leisure Retail (Oman) L.L.C. The investment in Alpha Flight Services Pty Ltd. was made during the previous year. Joint ventures Emirates-CAE Flight Training L.L.C. Percentage of equity owned 70.0 Percentage of equity owned Principal activities 50.0 Principal activities Food and beverage operations Flight simulator training Country of incorporation and principal operations Emirates Leisure Retail (Singapore) Pte Ltd. 100.0 Food and beverage operations Singapore Emirates Leisure Retail (Australia) Pty Ltd. 100.0 Food and beverage operations Australia Emirates Hotel L.L.C. 100.0 Hotel operations UAE Emirates Hotel (Australia) Pty Ltd. 100.0 Hotel operations Australia Emirates Flight Catering Company L.L.C. 90.0 Catering services to airlines UAE Maritime & Mercantile International Holding L.L.C., Emirates Leisure Retail (Singapore) Pte Ltd. and Emirates Leisure Retail (Australia) Pty Ltd. were incorporated during the year. Emirates Leisure Retail (Oman) L.L.C. was incorporated during the previous year. Principal associated companies Oman Country of incorporation and principal operations Alpha Flight Services Pty Ltd. 49.0 Catering services to airlines Australia Emirates no longer has the ability to exercise significant influence in SriLankan Airlines Limited despite continuing to hold 43.6% of the equity share capital. The investment is classified as an available-for-sale financial asset (Note 14). Percentage Country of incorporation of equity and principal owned Principal activities operations Premier Inn Hotels L.L.C. 51.0 Hotel operations UAE CAE Flight Training (India) Private Ltd. 50.0 Flight simulator training India The investment in CAE Flight Training (India) Private Ltd. was made during the year and is subject to joint control. Premier Inn Hotels L.L.C. (formerly PTI Gulf Hotels L.L.C.) is subject to joint control and is therefore accounted for as a controlled entity. UAE jointly
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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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Page 42 and 43: Creation of the Customer Knowledge
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Page 46 and 47: external agencies such as Dubai Imm
Page 48 and 49: - An enhanced version of flightcrew
Page 50 and 51: 3 was heavily advertised, This incl
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 72 and 73: Independent auditor’s report to t
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
Page 88 and 89: 10. Property, plant and equipment C
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 128 and 129: 12. Trade and other receivables Tra
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
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