Annual Report 2008-2009 - Emirates.com

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Movement of investments in associated companies and joint ventures Balance brought forward Investments during the year Balance carried forward The carrying value of the investments in associated companies amounted to AED 147.5 million (2008: AED 382.7 million) and the share of results amounted to AED 49.3 million (2008: AED 49.6 million). Total assets Total liabilities Net assets Non-current assets 441,013 364,626 Current assets 64,321 136,373 Non-current liabilities 147,973 116,342 Current liabilities 63,862 152,598 Total income 98,323 77,553 Total expense 84,776 66,629 091 12. Investments in subsidiaries, associated companies and joint ventures (continued) 2009 2008 AED'000 AED'000 614,670 435,344 70,520 123,414 Share of results 62,800 60,517 Other equity movements - 27,269 Dividends (100,263) (43,865) Currency translation differences (24,627) 11,991 Reclassification to available-for-sale financial assets (182,032) - Summarised financial information in respect of the associated companies is set out below: 441,068 2009 AED'000 571,578 187,901 383,677 614,670 2008 AED'000 2,055,360 1,454,604 600,756 Revenue 815,714 3,350, 387 Profit for the year 152,910 95, 593 Summarised financial information in respect of Emirates' share in jointly controlled entities is set out below: 2009 2008 AED'000 AED'000
Emirates 092 13. Advance lease rentals Balance brought forward 253,336 Additions / transfers during the year - Charge for the year (30,578) Balance carried forward 222,758 Advance lease rentals will be charged to the consolidated income statement as follows: Within one year (Note 17) Total over one year Available-for-sale financial assets are expected to be realised as follows: Within one year After one year 2009 AED'000 30,655 192,103 Advance lease rentals are non-refundable in the event of the related lease being terminated prior to its expiry. 14. Other investments (a) Available-for-sale financial assets Quoted Unquoted - 113,112 2008 AED'000 258,776 25,221 (30,661) 253,336 30,662 222,674 2009 2008 AED'000 AED'000 - 113,112 113,112 Available-for-sale financial assets are denominated in the following currencies: UAE Dirhams - US Dollars 4,079 Sri Lankan Rupees 109,033 The quoted investment represents Government of Dubai bonds which matured in the current financial year. Unquoted investments include: 96,000 1,847,833 1,943,833 96,000 1,847,833 96,000 1,847,833 - 2009 2008 AED'000 AED'000 Capital guaranteed notes - 1,843,754 Depository certificates 4,079 4,079 Equity instrument 109,033 - 113,112 1,847,833 Depository certificates represent an investment in SITA Inc. and are without fixed maturity. The investment does not carry any voting rights and transfer is restricted. Therefore, the investment is measured at cost as the fair value cannot be reliably measured. An impairment loss of AED 73.0 million (2008: AED Nil) has been recognised in operating costs in the consolidated income statement in relation to the equity instrument on account of the downturn arising from the global economic environment. The fair value of the equity instrument is based on management's best estimate of future cash flows discounted using a rate based on the market interest rate and the risk premium specific to this equity instrument. The maximum exposure to credit risk at the reporting date is the carrying value of the debt securities classified as available-for-sale financial assets. With the exception of equity instrument, none of the other available-for-sale financial assets are past due or impaired.
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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
Page 42 and 43: Creation of the Customer Knowledge
Page 44 and 45: Tanzania; oversee Dnata Travel’s
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 90 and 91: 11. Intangible assets Cost 1 April
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
Page 138 and 139: 24. Financial risk management (cont
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Annual Report 2008-2009 - Emirates.com

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