T H E E M I R AT E S G R O U P

ANNUAL REPORT 2019-20

OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION H I S H I G H N ESS SH EI K H M OH AM M ED B I N R AS H I D AL M AK TO UM

ADDITIONAL Vice President and Prime Minister of the UAE and Ruler of Dubai
INFORMATION

As I write this message, the world is battling with unprecedented challenges wrought by the
COVID-19 pandemic. This pandemic has impacted industries and communities all around the
world at a speed, scale and severity that no-one could have foreseen.

While scientists race to decode the virus and develop a vaccine, governments and businesses are
working hard to find the best approach to protect lives, while protecting livelihoods.

Globally, travel and aviation are amongst the most impacted industries as countries close
borders, suspend flights, and impose stringent travel restrictions as part of their pandemic
containment measures.

Crises often bring out the best in people, acting as catalysts for selfless giving and collaboration
across borders. In this regard, the UAE continues to do everything it can to support the international
community in its fight against the COVID-19 pandemic. As of April 2020, the UAE has donated more
than 450 tonnes of aid to 27 countries in Europe, Africa, Asia and the Americas.

2
OVERVIEW
EMIRATES
DNATA
GROUP
FINANCIAL
INFORMATION
ADDITIONAL
INFORMATION
In the UAE, we have always regarded
ourselves as part of a global community.
We’re a nation that welcomes the world
to visit, live, work, study, or collaborate on
projects that contribute to human progress.
We firmly believe that when like-minded
nations and institutions come together, we
can achieve extraordinary results.
Our lives will be different after the COVID-19
pandemic. We don’t yet know the full extent
of change, but it’s clear that the world is
already being reshaped to varying degrees.
This is an opportunity for us collectively to
lay the groundwork to ensure a better future.
Partnerships between the government
and citizens, and between the public and
private sectors will be key to achieving
economic and social resilience, and ensuring
sustainable development.
Dubai’s aim is to create a prosperous city
for future generations, where everyone
can achieve their dreams and aspirations,
contribute their talent and innovation, access
economic opportunities, and enjoy a good
quality of life. This vision is laid out in our
50 year charter, and each year we outline key
initiatives to deliver on our goals.
By connecting Dubai to the world, and
bringing the world together through Dubai,
the Emirates Group will continue to play a
key role as we work towards our vision.
I am confident that Emirates and dnata will
emerge from this difficult period, strong
and ready to reclaim their position as global
leaders shaping the future of the aviation,
travel and tourism industries, and to continue
contributing outstanding services to the
people and to the world.
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OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

Emirates is a global airline, serving 155 airports in 81 countries from its hub in
Dubai, United Arab Emirates.

dnata is one of the world’s largest combined air services providers in the world,
serving over 320 airline customers in 37 countries. Its main activities are the provision
of cargo and ground handling, catering, and travel services.

Emirates and dnata are independent entities and do not form a group as defined
by International Financial Reporting Standards. However, these entities are under
common management. Therefore, in the Management Review section of this
document, they are together referred to as the Emirates Group.

4
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

6 FINANCIAL HIGHLIGHTS

8 CHAIRMAN’S STATEMENT

16 LEADERSHIP

18 E M I R AT E S H I G H L I G H T S 63 EMIRATES FINANCIAL COMMENTARY 180 EMIRATES TEN-YEAR OVERVIEW

30 D N ATA H I G H L I G H T S 73 DNATA FINANCIAL COMMENTARY 182 DNATA TEN-YEAR OVERVIEW

40 OUR PEOPLE 79 EMIRATES INDEPENDENT AUDITOR’S REPORT 184 GROUP TEN-YEAR OVERVIEW

44 OUR COMMUNITIES 86 EMIRATES CONSOLIDATED FINANCIAL STATEMENTS 185 GROUP COMPANIES OF EMIRATES

5 0 OUR PLANET 133 DNATA INDEPENDENT AUDITOR’S REPORT 186 GROUP COMPANIES OF DNATA

58 OUR NETWORK 136 DNATA CONSOLIDATED FINANCIAL STATEMENTS 1 8 8 GLOSSARY

5
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

Emirates Group
Financial highlights 2019-20 2018-19 % change
Revenue and other operating income* AED m 104,002 109,255 (4.8)
Operating profit AED m 6,915 3,925 76.2
Operating margin % 6.6 3.6 3.0 pts
Profit attributable to the Owner AED m 1,674 2,316 (27.7)
Profit margin % 1.6 2.1 (0.5) pt

Financial position
Total assets** AED m 188,461 142,267 32.5
Cash assets AED m 25,565 22,159 15.4

Employee data
Average employee strength number 105,730 105,286 0.4

* After eliminating inter company income/expense of AED 2,730m in 2019-20

(2018-19: AED 3,071m).

FINANCIAL
** After eliminating inter company receivables/payables of AED 304m in 2019-20
(2018-19: AED 222m).

HIGHLIGHTS
Percentages and ratios are derived based on the full figure before rounding.

The financial year of the Emirates Group is from 1 April to 31 March. Throughout this
report all figures are in UAE Dirhams (AED) unless otherwise stated. The exchange rate of
the Dirham to the US Dollar is fixed at 3.67.

6
OVERVIEW
Revenue and operating income in AED m Profit attributable to the Owner in AED m Revenue and operating income in AED m Profit attributable to the Owner in AED m
EMIRATES 1,056
19-20 91,972 19-20 19-20 14,760 19-20 618
DNATA
18-19 97,907 18-19 871 18-19 14,419 18-19 1,445
GROUP
17-18 92,322 17-18 2,796 17-18 13,074 17-18 1,317
FINANCIAL
INFORMATION
16-17 85,083 16-17 1,250 16-17 12,182 16-17 1,210
ADDITIONAL
INFORMATION 15-16 85,044 15-16 7,125 15-16 10,630 15-16 1,054

Emirates dnata
Financial highlights 2019-20 2018-19 % change Financial highlights 2019-20 2018-19 % change
Revenue and results Revenue and results
Revenue and other operating income AED m 91,972 97,907 (6.1) Revenue and other operating income AED m 14,760 14,419 2.4
Operating profit AED m 6,408 2,647 142.1 Operating profit AED m 507 1,278 (60.3)
Operating margin % 7.0 2.7 4.3 pts Operating margin % 3.4 8.9 (5.5) pts
EBITDAR AED m 25,852 23,977 7.8 Profit attributable to the Owner AED m 618 1,445 (57.2)
EBITDAR margin % 28.1 24.5 3.6 pts Profit margin % 4.2 10.0 (5.8) pts
Profit attributable to the Owner AED m 1,056 871 21.2 Return on shareholder's funds % 7.6 19.2 (11.6) pts
Profit margin % 1.1 0.9 0.2 pt
Return on shareholder's funds % 3.5 2.4 1.1 pts Financial position
Total assets AED m 16,703 15,091 10.7
Financial position Cash assets AED m 5,316 5,122 3.8
Total assets AED m 172,062 127,398 35.1
Cash assets AED m 20,249 17,037 18.9 Key operating statistics
Net debt (including aircraft operating Aircraft handled number 680,867 698,739 (2.6)
lease*) to equity ratio % 381.2 209.8 171.4 pts Cargo handled tonnes '000 2,929 3,091 (5.2)
Meals uplifted number '000 93,492 70,889 31.9
Airline operating statistics
Travel services:
Passengers carried number '000 56,162 58,601 (4.2) Total Transaction Value (TTV) AED bn 10.8 11.5 (6.2)
Cargo carried tonnes '000 2,389 2,659 (10.2)
Passenger seat factor % 78.5 76.8 1.7 pts Employee data
Overall capacity ATKM million 58,584 63,340 (7.5) Average employee strength number 46,211 45,004 2.7
Available seat kilometres ASKM million 367,153 390,775 (6.0)
Aircraft number 270 270 -

Employee data
Average employee strength number 59,519 60,282 (1.3)

*pertains to year 2018-19. From 1 April 2019, with the adoption of IFRS 16, applicable off-balance sheet leases have been capitalised on the consolidated statement of financial position and related lease liability is included in net debt.
7
OVERVIEW

EMIRATES

DNATA
H H SH EI K H AH M E D B I N SAEE D AL M AK TO UM
GROUP
Chairman and Chief Executive
FINANCIAL
Emirates Airline & Group
INFORMATION

ADDITIONAL
INFORMATION

For the first 11 months of 2019-20, we were well on track to deliver against our
business targets. Emirates and dnata businesses were performing strongly in line
with our plans and forecast. Things changed rapidly from mid-February and through
March as the COVID-19 pandemic swept across the globe, resulting in a sudden and
tremendous drop in demand for international air travel as countries closed their
borders and imposed stringent travel restrictions.

During that period, operational requirements evolved daily as health and aviation
regulators learnt more about the new virus and implemented different strategies to
contain the spread of the outbreak. Emirates and dnata took swift action to respond
to the dynamic situation, always prioritising the health and safety of our people and
our customers.

AED On 25 March, the UAE government suspended Even without a pandemic, global aviation and travel

1.7bn
all scheduled passenger flights as part of
the country’s pandemic response. While this
suspension has hit Emirates and dnata in an
unprecedented way, we are in full support of these
measures which aim to safeguard the UAE and
international community.
32ND CONSECUTIVE YEAR OF PROFIT The Emirates Group has recorded its 32nd
FOR THE GROUP consecutive year of profit in 2019-20, on account
of its solid performance during the first three
quarters of the year. We also ended the year with a
healthy cash balance of AED 25.6 billion.
demand patterns have always been vulnerable to a
multitude of external factors whether competitive,
geo-political, or socio-economic. Emirates and dnata
have managed to adeptly navigate these challenges,
and acted quickly whenever there were opportunities.
Over the year, a further strengthening of the US dollar
against most major currencies eroded our profits
by AED 1 billion. Lower average oil prices however,
provided some respite. We also saw a decline in
operating capacity which led to lower revenues for
Emirates and dnata.

8
OVERVIEW Lower revenue were the result of the COVID-19
EMIRATES
pandemic in the last quarter, as well as the planned
45-day southern runway closure and refurbishment at
DNATA
Dubai International airport (DXB) in the first quarter
GROUP where Emirates had to operate a reduced flying
FINANCIAL
programme, and dnata’s UAE airport operations
INFORMATION similarly saw reduced traffic at DXB.
ADDITIONAL
INFORMATION In 2019-20, the Group continued to build its capability
with investments totalling AED 11.7 billion for new
facilities, aircraft, and technology. We also built on
our innovation eco-system, with active participation
in programmes like Intelak, Dubai Future Accelerators,

56.2m
and the Aviation X Lab that support entrepreneurs,
start-ups and SMEs in developing innovative solutions
for the aviation and travel industry.

The diverse and talented Emirates Group workforce

has always been a key ingredient to our success and
we’ve continued to invest in our people through various
training and professional development programmes.
A highlight this year was the launch of Sehaty, our
Group-wide health and wellbeing programme that aims
to foster a culture of health across our organisation. PASSENGERS CARRIED

EMIRATES AIRLINE
AED

11.7bn
Emirates carried 56.2 million passengers in 2019-20,
a drop of 4% compared to the previous year. However
our seat load factor rose to 78.5%, against last year’s
76.8%, due to the reduction and consolidation of
INVESTED IN NEW
capacity during the 45-day runway closure at DXB as
FACILITIES, AIRCRAFT,
well as more efficient capacity utilisation throughout
AND TECHNOLOGY
the year.

In combination with lower fuel prices, healthy

demand for our award winning products and services,
particularly in the second and third quarters of the
year, helped drive a 21% increase in profit for the
airline to AED 1.1 billion.

9
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

EMIRATES ENDED THE YEAR WITH A Porto

HEALTHY CASH BALANCE OF

20.2bn
AED

10
OVERVIEW Emirates ended 2019-20 with a strong cash
EMIRATES
balance of AED 20.2 billion.
DNATA
During the year, we’ve expanded our global
GROUP network with the launch of new routes
FINANCIAL
including Mexico via Barcelona; Porto, our
INFORMATION second destination in Portugal; and a daily
ADDITIONAL
service between Bangkok and Phnom Penh.
INFORMATION In addition, we entered a codeshare partnership
with Spicejet that will offer our customers
more connectivity options in India. In October,
Emirates and flydubai marked two years of
strategic partnership with more than 5.3 million
passengers having benefited from seamless
connections between both airlines’ networks
to date.
Emirates’ overall fleet remained unchanged at
270 units, as we received delivery of six new
Airbus A380s during 2019-20, and retired six
older aircraft. At the 2019 Dubai Air Show, we
placed a US$ 16 billion order for 50 Airbus A350
XWBs, and a US$ 8.8 billion order for 30 Boeing
787 Dreamliner aircraft. With first deliveries
expected in 2023, these new aircraft will add to
Emirates’ current fleet mix, and provide us with
more deployment flexibility within our long-
haul hub model. In line with our long-standing
strategy to operate a modern and efficient fleet,
these new aircraft will also keep our fleet age
well below the industry average.
During the year, Emirates continued to invest
in our products and services to offer our
customers even better experiences online,
onboard, and on the ground. Key highlights
include the launch of our first remote check-
in terminal at Dubai’s Port Rashid to provide
smooth sea-air connections for cruise travellers;
the launch of EmiratesRED, our revamped
inflight retail offering; and innovative
enhancements to our Emirates app as
customers increasingly choose to interact with
us via their mobile devices.
For our frequent flyers, we launched Skywards
Exclusives which offers access to Emirates’
unique, money-can’t-buy sponsorship
experiences; and Skywards Everyday, a
location based app that gives members the
power to earn Skywards Miles at more than
WE PLACED AN ORDER FOR 50 A350 XWBs,
1,000 retail, entertainment and dining outlets
AND 30 BOEING 787 DREAMLINER
across the UAE. AIRCRAFT, WORTH
US$
24.8bn
Emirates SkyCargo carried 10% less cargo
by volume this year, with the reduction of
bellyhold capacity during the runway closure
at DXB, and the retirement of a Boeing 777
freighter aircraft.
Despite lingering weakness in the air freight
market for most of 2019-20, Emirates
SkyCargo continued to win over customers
with its bespoke capabilities, a result of
previous years’ investments to develop custom
products and services for key industry verticals
such as pharmaceuticals, fresh produce,
animal transport, and precious cargo.
2years
During the year, Emirates Skycargo
strengthened our pharma capabilities with
the opening of new facilities in Chicago
and Copenhagen. In October, we launched
Emirates Delivers, an e-commerce platform
that helps individual customers and small
businesses consolidate online purchases in
the US and have them delivered in the UAE.
More origin and destination markets are being OF SUCCESSFUL PARTNERSHIP BETWEEN
planned in the future, leveraging Dubai as a EMIRATES AND FLYDUBAI
hub for regional e-commerce fulfilment.
11
OVERVIEW dnata
EMIRATES
DNATA ENDED THE YEAR WITH A
For 2019-20, dnata posted a 2% increase
DNATA HEALTHY CASH BALANCE OF
in total revenue to AED 14.8 billion, which
AED
5.3bn
GROUP reflects contributions from further business
FINANCIAL growth, particularly in our catering division.
INFORMATION dnata’s international business now accounts
ADDITIONAL for 72% of its overall revenue.
INFORMATION
dnata reported a profit of AED 618 million,
which includes a AED 216 million gain from
the sale of our minority stake in Accelya, an
IT company. However, dnata saw profitability
drop 57% compared to the previous year.
Without the one-time divestment of our
stake in Accelya, profits would have dropped
72%. This reflects our increased cost incurred
as we invested in new facilities for our
catering and airport operations businesses,
and the challenging business landscape for
dnata’s Travel division. In addition, dnata saw
a negative currency impact of AED 54 million
to our bottom line.
We ended 2019-20 with a healthy cash
balance of AED 5.3 billion.
Our airport operations division saw a slight
drop in aircraft handled (-3%) and cargo
handled (-5%), with reduced flight operations
at DXB during the runway closure in the first
quarter, and a rapid decline in passenger
flight operations across markets due to the
COVID-19 pandemic in the last quarter.
During the year, dnata continued to
strengthen our international airport
12
operations. We expanded our passenger and
ground handling operations in Houston, New
York JFK and Washington DC on the back of
customer demand, and inaugurated new cargo
capabilities in Brussels and London Heathrow.
dnata’s hospitality brand, marhaba, opened
an expanded and refurbished lounge at
Dubai International airport, and expanded its
international network with a new lounge in
Singapore’s Changi Airport.
In December, we completed the UAE’s first
green turnaround of a flydubai aircraft at DXB,
an achievement made possible by previous
investments in zero-emission, electric ramp
ground support equipment.
Our catering business had an eventful year in
2019-20, with the launch of our first catering
operations in Canada in Vancouver, as well
as new operations in Houston, Boston, Los
Angeles, and San Francisco. We invested in
these new stations to increase our footprint
and capabilities in North America, where
we saw potential growth. Unfortunately
the COVID-19 pandemic in the last quarter
brought these budding operations to a
temporary halt. During the year, we also
announced plans for a new catering facility in
Manchester, UK, and a significant partnership
to manage Aer Lingus’ catering operations and
to serve all its flights out of Dublin, Ireland.
In March, we became sole shareholder of
Alpha LSG, bringing the UK’s biggest inflight
catering, on-board retail and logistics
company, fully into the dnata portfolio.
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

In 2019-20, dnata Catering uplifted a record 93.5 million
meals, up 32% from the previous year. This reflected
the full year contribution of our acquisition of Qantas’
catering businesses in Australia last year, and our
expanded operations in the US.
93.5m
The picture is slightly different for our Travel business in
the UAE and GCC region, where we added to our retail
network in the UAE with the opening of new service
outlets. We also launched REHLATY, a new travel brand
designed by Emiratis for the Emirati traveller.

Our Travel division has had a tough year. We saw
persistently weak travel demand and business
performance, particularly in our B2C units in the UK and
Europe. This led us to initiate a strategic business review
of our entire Travel portfolio, with a view to restructure
our business and refocus our market proposition. Part
of this review is an impairment charge of AED 132
million in our UK travel B2C brands. The review will be
completed in the first quarter of 2020-21.
Similar to other parts of our business, our Travel
MEALS UPLIFTED BY
division was hit in the last quarter by a sharp and
DNATA CATERING, A
sudden decline in travel demand due to the COVID-19 NEW RECORD
pandemic, with corporate and retail customers seeking
refunds for their disrupted travel plans.

13
OVERVIEW SUSTAINABILITY
EMIRATES
We’ve been publishing our environmental
DNATA
performance data since 2010-11. This
GROUP year we took the decision to incorporate
FINANCIAL our Group environmental reporting into
INFORMATION our annual financial report. By combining
ADDITIONAL both reports, we aim to provide a more
INFORMATION holistic picture of our overall performance,
We supported communities around and to provide better context for our
the world through the Emirates environmental data.
Airline Foundation and dnata4good
The Emirates Group is committed to
environmental stewardship. This year, we’ve
updated our Environmental Framework to
focus our business-wide efforts on three
areas: reducing emissions, consuming
responsibly, and preserving fragile habitats
and endangered wildlife.
We progressed on many of our
environmental initiatives in 2019-20, and
we’ve continued to reduce fuel burn and
emissions through the ongoing efforts
of our fuel efficiency programme. A key
highlight for the year was the commitment
we’ve made to reduce single-use plastics
14
on board our aircraft, as well as in our airport
lounges, catering operations, and other
facilities on the ground.
Through the Emirates Airline Foundation
and dnata4good, we’ve partnered with
organisations around the world to improve
the quality of life for children, promote wildlife
conservation, and raise funds to support
communities - including rebuilding efforts in
Australia after the devastating bushfires.
We’ve also continued to contribute to vibrant
communities, and engage with our customers
through our sponsorships of arts, cultural
and sporting events around the world. It was
a calendar year for rugby, as Emirates, the
Official Worldwide Partner of the Rugby World
Cup 2019, helped bring the sport closer to
fans through various sponsorship activation
initiatives. In December, we marked the 50th
anniversary of the Emirates Airline Dubai
Rugby Sevens, the longest running sports
event in the UAE, and one that we are proud
to have helped grow from humble beginnings
to a world-class tournament and festival
showcase of the sport of rugby.
OVERVIEW OUTLOOK FOR 2020-21
EMIRATES
At this time of writing, international passenger flights
DNATA
to and from the UAE remain suspended, most countries
GROUP are still under lockdown, and strict travel restrictions
FINANCIAL remain in place. It is unclear when these restrictions will
INFORMATION be eased or lifted, not only in the UAE but also in our
ADDITIONAL major markets. Most projections show that international
INFORMATION air travel will resume in gradual phases and it will take
at least 18 months before air traffic recovers to
pre-pandemic levels.

In the last quarter of 2019-20, Emirates raised additional

liquidity through term loans, revolving credit and short
term trade facilities to the tune of AED 4.4 billion. This
is a testament to the financial community’s confidence
in the strength of our business model, and mid-longer
term prospects. We will continue to tap the bank market
for further liquidity in the first quarter of 2020-21
to provide a cushion for the impact of COVID-19 on
business cash flows in the short term.

We remain actively engaged with regulatory and

industry organisations, even as new operational
protocols are being proposed and developed to assure
the health and safety of our customers, and our crew
and ground employees when flying resumes. Emirates
and dnata have taken all necessary measures to protect EMIRATES RAISED ADDITIONAL
our skilled workforce and safeguard our business, while LIQUIDITY THROUGH TERM LOANS,
planning for business resumption. REVOLVING CREDIT AND SHORT TERM
TRADE FACILITIES TO THE TUNE OF
We stand ready to reactivate our operations to serve
AED

4.4bn
our customers, as soon as circumstances allow.

HH Sheikh Ahmed bin Saeed Al Maktoum

Chairman and Chief Executive
Emirates Airline & Group

15
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION
H H SH EI K H AH M E D B I N SAEE D AL M AK TO UM

ADDITIONAL Chairman and Chief Executive

INFORMATION Emirates Airline & Group

LEADERSHIP
SI R T I M CL AR K G ARY C HAPM AN

President President
Emirates Airline Group Services & dnata

16
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

ADE L A H MA D A L RE D H A A D NA N KA ZIM ABDU L A ZIZ AL ALI ALI MU BARAK AL SOORI N IG EL H OP K IN S

Chief Operating Officer
Emirates Airline
Chief Commercial Officer Executive Vice President Executive Vice President Executive Vice President
Emirates Airline Human Resources Chairman’s Office, Service Departments
Emirates Group Facilities & Project Emirates Group
Management and
Non-Aircraft P&L

17
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

E M I R AT E S
HIGHLIGHTS

19
OVERVIEW 01 Jun

NETWORK AND FLEET

EMIRATES Emirates launches its first direct daily service between
Bangkok and Phnom Penh.
DNATA

GROUP
02 Jul
FINANCIAL During 2019-20, we added new destinations to our network, and expanded our
Emirates launches its new daily service to Porto, the
INFORMATION
global connectivity through strategic codeshare partnerships that offer our airline’s second destination in Portugal after Lisbon.
ADDITIONAL customers convenient access to even more cities. In our first quarter, Emirates
INFORMATION
operated a reduced flying programme due to the planned 45-day runway closure
and refurbishment at Dubai International airport. In our last quarter, we were also
forced to adjust and cut our flying programme as the COVID-19 pandemic led to
border closures and travel restrictions, until all passenger flights to and from the
UAE were suspended on 25 March as directed by the UAE government.

It is Emirates’ long standing strategy to operate modern and efficient wide-body

aircraft which allows us to provide the latest amenities to our customers. At the
2019 Dubai Air Show, Emirates announced a US$16 billion order for 50 Airbus
A350 XWBs, and a US$8.8 billion order for 30 Boeing 787 Dreamliners. In addition,
to support our future fleet and workforce, Emirates signed agreements with various
suppliers and partners, including an MOU with Sanad Aerotech to collaborate
on MRO services, training and dedicated repair capabilities; an MOU to extend
GE Aviation’s development and leadership training programmes to UAE National
28 Oct
employees at the Emirates Group; and the deployment of a new Bombardier Global Emirates and flydubai mark two years of successful
7500 full-flight simulator from CAE to expand pilot training capacity at the Emirates strategic partnership. Over 5.3 million passengers have
Flight Training Academy. benefitted from seamless connectivity on the Emirates
and flydubai network since both Dubai-based airlines
began their partnership in October 2017.

16 Apr
Emirates implements plans to ensure smooth operations during 30 Oct
45-day Dubai airport runway closure and refurbishment. Emirates Engineering unveils its fleet-wide
implementation of RFID technology that enables
the airline to scan over 180,000 inflight emergency
16 Apr
equipment on a daily basis on over 250 aircraft with
Emirates signs interline agreement with Africa World Airlines
100% data integrity and compliance, providing more
(AWA), the Ghanaian airline headquartered in Accra, offering
accurate inventory forecasts, greater efficiencies, and
Emirates customers the ability to connect onto selected routes
better maintenance of these critical items.
of AWA’s network.

20
OVERVIEW 25 Nov 05 Dec
EMIRATES Emirates signs a codeshare and interline agreement Emirates announces an enhanced interline agreement
with SpiceJet to give travellers to and from India with Interjet Airlines to open new routes and
DNATA
seamless access to a wider and a stronger route destinations for passengers travelling between Mexico,
GROUP network. This is the first-ever codeshare agreement the Gulf and Middle East and beyond, with seamless
FINANCIAL signed by SpiceJet. connections on single ticket.
INFORMATION

ADDITIONAL
INFORMATION

09 Dec
Emirates opens its newest gateway in the
Americas, with the launch of flights to
Mexico City via Barcelona.

25 Mar
Emirates suspends all remaining scheduled passenger
services as directed by the UAE government as part of
national measures to contain the COVID-19 pandemic.

21
OVERVIEW 03 Apr

CUSTOMER
EMIRATES Emirates is awarded Best First Class in the world at the
2019 TripAdvisor Travelers’ Choice® awards for Airlines.
DNATA
The airline also clinched Best Regional Business Class
GROUP

FINANCIAL
INFORMATION
EXPERIENCE Middle East, Best First Class Middle East, and nabbed
the overall Travelers’ Choice Major Airline honour for
the Middle East. TripAdvisor awards the world’s top
ADDITIONAL In line with our ‘Fly Better’ promise, Emirates has continued to invest in enhancing carriers based on the quantity and quality of reviews
INFORMATION and ratings for airlines by TripAdvisor flyers, gathered
our customer products and services through the year - online, on the ground,
over a 12-month period.
and in the air. We’ve introduced innovative technologies that improve customer
journeys, enhanced services to delight our customers, and launched new value-
added benefits for our frequent flyers.

As a global airline that serves a truly global customer base, we’ve ensured that
our customers can interact with our website and mobile app in 19 languages; and
we’ve created bespoke culinary offerings on board and in our lounges to celebrate
key festivals with our customers including Onam, Ramadan, Easter, Thanksgiving,
Christmas, and Lunar New Year.

Through the year, we’ve continued winning recognition from customers and
industry peers for our high quality products and services.
02 Jun
Emirates partners with Uber to offer
Economy Class travellers discounted
airport transfers in the UAE over summer.
29 Apr
Emirates sweeps five awards at the Business Traveller
Middle East Awards 2019 including Best Airline
Worldwide, Best First Class, Airline with the Best
Economy Class, Airline with the Best Frequent Flyer
Program and Best Airport Lounge in the Middle East.
21 May
Emirates launches its mobile app in Arabic, becoming
the only airline to offer customers all its mobile app
features in 19 languages.

18 Jun
Emirates’ ice entertainment system wins World’s Best
Inflight Entertainment for the 15th consecutive time at
the Skytrax World Airline Awards 2019.

22
OVERVIEW 11 Sep
EMIRATES Emirates Skywards marked a major milestone with 25
million members enrolled as the loyalty programme
DNATA
grows from strength to strength.
GROUP
FINANCIAL 11 Sep
INFORMATION
Emirates clinched its third consecutive award for Best
ADDITIONAL Entertainment at the 2020 Passenger Choice Awards
INFORMATION
held during the APEX EXPO in Los Angeles, USA. The
airline was also given a Five-Star Global Airline Official
Airline Rating in the first airline rating program based
solely on verified and certified passenger feedback.
26 Sep
Emirates debuted a range of immersive experiences at
Dubai Mall to provide international and local mall visitors
unique opportunities to interact with the Emirates brand.
These include a refreshed Emirates A380 Experience - the
region’s only public A380 flight simulator, sponsorship
of Kidzania with aviation inspired elements, and new
Emirates Official Store retail spots in three locations.
06 Oct
Emirates showcases its innovative biometrics path for
smart passenger airport journeys in partnership with
the General Directorate of Residency and Foreigners
Affairs in Dubai (GDRFA) at the Gulf Information
Technology Exhibition (GITEX).
03 Nov
In another entertainment first, Emirates streamed
the highly acclaimed Seven Worlds, One Planet
documentary live at the same time as its BBC One
broadcast in the UK. While Emirates already streams live
news and sport on board most of its aircraft, this is the
first time any airline has streamed a show at the same
time as its TV network timeslot.

21 Sep
10 Nov
Emirates becomes the first airline outside of America to receive
Emirates launches Skywards Exclusives, offering loyalty
approval for biometric boarding from the US Customs and
programme members access to the airline’s unique,
Border Protection (CBP), using facial recognition technology.
money-can’t-buy sponsorship experiences.
This enables Emirates customers flying from Dubai to any US
destination to enjoy a faster and smoother boarding experience.

23
OVERVIEW 26 Nov
EMIRATES Emirates reinvents its inflight retail offering with
EmiratesRED, including a dedicated shopping channel
DNATA
on ice called EmiratesRED TV.
GROUP

FINANCIAL 05 Dec
INFORMATION
Emirates Skywards launches Skywards Everyday, a
ADDITIONAL location based app that gives members the power to
INFORMATION
earn Skywards Miles anytime, every day at more than
1,000 retail, entertainment and dining outlets across
the UAE.

11 Nov
Emirates opens its first remote check-in terminal
at Dubai’s Port Rashid to provide smooth sea-air
connections for cruise travellers.
09 Dec
Emirates’ cabin crew are recognised as the World’s
Leading Cabin Crew 2019 at the World Travel Awards
(WTA) Grand Final Gala Ceremony. The event marked
the culmination of the WTA’s annual search for the
finest travel and tourism organisations in the world,
where winners of its six regional ceremonies
compete for the coveted world titles. Emirates also
won the world title for World’s Leading Airline –
Economy Class.

15 Jan
12 Nov Emirates signs a strategic agreement with
A new Airport Maps feature was launched in the Trip.com Group to expand its reach in China. The
Emirates app, allowing customers to navigate MOU for mutual cooperation includes joint marketing
seamlessly through key airports. The feature detects promotions and other marketing initiatives to boost
the user’s location via Bluetooth and Wi-Fi, and Emirates’ sales via Trip.com Group’s online platforms.
provides point-to-point navigation through all airport It will also explore future collaborations on customized
touchpoints including check-in desks, Emirates products to suit members of both loyalty programmes.
Lounges, shops, restaurants or ATMs.
28 Jan
Emirates picks up ‘Best Airline in the World’ and ‘Best
13 Nov
First Class’ at the prestigious 2019 ULTRAs. Voted
Emirates clinches awards for Best Wi-Fi and Best
by the hundreds of thousands of readers of The
Food & Beverage in the Middle East at the APEX 2020
Telegraph’s luxury travel magazines Ultratravel UK and
Regional Passenger Choice Awards™.
Ultratravel Middle East, the awards are the industry
hallmark of the world’s best luxury travel experiences.

24
OVERVIEW 25 Feb
EMIRATES Emirates’ stellar wine programme was recognised at the
Business Traveller Cellars in the Sky 2019 Awards, where
DNATA
the airline picked up 2 Gold, 2 Silver and a Bronze
GROUP award for its carefully curated wine lists. The winning
FINANCIAL wines represent Emirates’ varied offering which come
INFORMATION from 12 of the main wine producing regions including In 2019
ADDITIONAL France, Australia, South Africa and Portugal. Emirates Skywards was recognised for: Best
INFORMATION Frequent Flyer Programme from Business Traveller
Middle East, Excellence in Management from Global
04 Mar
Flight, and Middle East’s Leading Airline Rewards
As the race for “share of mobile” continues, Emirates
Programme from World Travel Awards.
marks a major milestone with 20 million downloads
of its mobile app on the back of a strong mobile and
digital strategy that has led to solid consumer uptake
particularly in Africa, the GCC and Asia. Amongst the
highest rated airline apps in the world, the Emirates
app caters to its global customer base with full features
available in more languages than any other airline app
in the world.

25
OVERVIEW 16 Oct

E M I R AT E S S K Y C A R G O
EMIRATES Emirates SkyCargo launches Emirates Delivers, an
e-commerce platform that helps individual customers
DNATA
and small businesses consolidate online purchases
GROUP in the US and have them delivered in the UAE. More
In 2019-20, we strengthened our pharma capabilities with the opening of new facilities origin and destination markets are being planned
FINANCIAL
INFORMATION in Chicago and Copenhagen. We also expanded our Pharma Corridors programme in the future, leveraging Dubai as a hub for regional
ADDITIONAL which protects high-value commodities with strict end-to-end control under cool-chain e-commerce fulfilment.
INFORMATION
handling protocols that meet or exceed the highest industry standards.

During the year, Emirates SkyCargo supported a wide-range of cargo transportation

needs with our bespoke customer solutions - from fresh produce, to priceless
historical artefacts to world class race horses.

As the COVID-19 pandemic swept through the world in the last quarter of 2019-20,
Emirates SkyCargo ramped up operations to support the transport of medical, food
and other essential goods to the UAE and around the world.

12 Nov
Emirates SkyCargo moves its pharma handling
15 May
operations at Copenhagen to a dedicated GDP
Close to 100 horses experienced Emirates Equine,
certified facility for pharmaceuticals. It also expanded its
Emirates SkyCargo’s specialised product for calm and
30 Apr Pharma Corridors programme to 25 stations, by adding
comfortable transportation of horses, while headed to
Emirates SkyCargo transports a priceless more relevant pharma origin and destination stations to
the Shanghai leg of the Longines Global Champions Tour.
historical statue from Peshawar Museum the initiative.
to Museum Rietberg in Zurich, and back.
06 Jun
18 Dec
Emirates Skycargo opens a new purpose-built facility
Emirates SkyCargo completes the operation of 9
at Chicago airport which has a total capacity of nearly
freighter flights carrying 850 tonnes of cherries from
15,000 tonnes of pharmaceuticals a year.
Chile to various markets in East Asia, supporting the
trade of one of the South American nation’s most
important fresh produce exports.

01 Feb
Emirates SkyCargo debuts a series of documentary
films, Connecting_Better, which celebrates the air cargo
industry with stories that entertain and inform, whilst
showcasing SkyCargo’s capabilities.

26
OVERVIEW 13 Feb
EMIRATES Emirates SkyCargo introduces two bonded trucking ROUTE NETWORK
DNATA
corridors in Saudi Arabia connecting Dammam and 30 March 2020
Medina with Riyadh, providing additional capacity
GROUP options for businesses overseas wanting to send cargo
FINANCIAL to Riyadh.
INFORMATION

ADDITIONAL 30 Mar
INFORMATION
Emirates SkyCargo steps up its commitment to facilitate
the flow of essential goods across markets including
the UAE. With global air cargo capacity severely
constrained due to pandemic-related restrictions on
passenger flights, Emirates SkyCargo activates initiatives
to ensure that goods such as food and medical supplies
are transported to destinations where they are needed
the most.

31 Mar
Emirates SkyCargo carries nearly 500,000 COVID-19
testing kits to Brazil, on the first of two such flights
operated to transport supplies to Sao Paulo. During
the same week, Emirates also executed special charters
carrying almost 200 tonnes of medical supplies such as
hand sanitisers and protective face masks from Hong
Kong to Sydney; pharmaceutical supplies to Karachi;
close to 100 tonnes of relief material including hospital
equipment to Milan; and over 55 tonnes of highly
temperature sensitive pharmaceuticals to New York
from Mumbai.

In 2019
Emirates SkyCargo was recognised as Best Air Cargo
Carrier, Middle East at the Asian Freight, Logistics and
Supply Chain Awards (AFLAS); Diamond Award - Air
Cargo Carrier - at the Air Cargo Excellence Awards by
Air Cargo World; Safest Partner Airline at the SkyCell
Quality Award by Skycell, a leading pharma airfreight
container provider; in addition to regional awards
by airports, cargo associations and partners in Italy,
Portugal, Malaysia, and India.
04 Mar
Emirates SkyCargo announces that it is working with Accuity, a
leading global provider of financial crime compliance, payments
and Know Your Customer (KYC) solutions, to help automate and
streamline its regulatory compliance screening operations, increase
efficiency and improve the speed of service to its customers.

27
OVERVIEW 10 Apr

OTHER BUSINESS
EMIRATES Emirates Flight Catering is named ‘Airline Caterer of the
Year’ Middle East, for the fifth consecutive year at the
DNATA
PAX International Readership Awards.
GROUP

FINANCIAL
INFORMATION
HIGHLIGHTS 28 Aug
Emirates features artwork by an Emirati Mawaheb artist
ADDITIONAL Emirates convened its first novel coronavirus monitoring and response meeting on on its ice inflight magazine. Meaning ‘talent’ in Arabic,
INFORMATION
19 January. In February, as the COVID-19 pandemic escalated globally, this became Mawaheb is a Dubai-based art studio for adults with
a full-fledged crisis response activation, with a focus on ensuring safe operations, special needs.

business continuity, and the health and safety of employees and customers.

In the last quarter of 2019-20, Emirates raised additional liquidity through

term loans, revolving credit and short term trade facilities to the tune of
AED 4.4bn (US$ 1.2bn). It continues to tap the bank market for further liquidity
in the first quarter of 2020-21 to provide a cushion for the impact of COVID-19 on
the business cash flows in the short term.

03 Sep
Emirates Flight Catering and Washington DC-based
28 Apr Cuisine Solutions announced they will co-invest in a
Emirates unveils its “Future of Commercial joint venture to become the UAE’s sole distributor of
Aviation” themed Expo 2020 Dubai sous vide products, under the name of Emirates Cuisine
pavilion design and visitor experience. Solutions. Phase two of the joint venture will see the
establishment of the world’s largest halal sous vide
manufacturing facility in Dubai.

28
OVERVIEW

EMIRATES
29 Nov
DNATA
To celebrate the UAE’s 48th National Day and the ‘Year of Tolerance’,
GROUP Emirates sets a Guinness World Record for most number of
FINANCIAL
nationalities on an aircraft with EK2019, a special one-off flight with
INFORMATION 145 nationalities on board flying over the seven emirates of the UAE.
ADDITIONAL
INFORMATION

04 Sep
Emirates and the Philippines’ Department of Tourism
sign MoU to boost inbound tourist arrivals from Europe,
the Middle East and other markets served by Emirates.
22 Sep
Emirates Group Security hosts AVSEC Global 2019
in Dubai, a major event that brings global leaders,
professionals and stakeholders together to share best
practice, exchange information and discuss trends in
aviation security.
03 Oct
Emirates wins the Aviation 100 ‘Middle East & Africa
Airline of the Year’, awarded by Airline Economics
magazine. Emirates and its financing partners also
won the ‘Aviation 100 Middle East & Africa Supported
Finance Deal of the Year for 2019’, for the financing of
two Emirates A380 aircraft, which was the first A380
Bpifrance (French Sovereign Export Credit Agency)
Assurance Export backed financing that also combined
a commercial tranche sourced from Korean investors.
30 Oct
Emirates hosts the International Air Transport
Association’s inaugural Global Accessibility Symposium
in Dubai, bringing the industry together to advance
open dialogue for a more disability-inclusive air
transport system.
30 Mar
Emirates Flight Training Academy marked significant
milestones during the year, as its first cadets successfully
completed their solo flights, and later began flying the
academy’s Embraer Phenom 100EV aircraft, marking
their transition to training on a Very Light Jet that gives
them a head start on multi-engine commercial airline
operations. At the end of March, the Emirates Flight
Training Academy celebrated its very first graduates, as
eight students completed their training.
31 Mar
Emirates Leisure Retail Group enters the US market
through the acquisition of a majority stake in
Air Ventures Group, an F&B retail operator with a
presence at 8 US airports.

29
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

D N ATA
HIGHLIGHTS

31
OVERVIEW

EMIRATES

DNATA
A I R P O R T O P E R AT I O N S
GROUP
We continued to strengthen our international airport operations in the first 11
FINANCIAL months of the year, expanding our business capabilities in the US, inaugurating
INFORMATION
new cargo capabilities in Brussels and London Heathrow, and achieving
ADDITIONAL
INFORMATION international certifications that attest to the high standards of our operations
across markets.

In the UAE, dnata planned and executed smooth operations for all our airline
customers during the Southern Runway closure and refurbishment at Dubai
International during the first quarter. We also executed the UAE’s first green
turnaround in partnership with flydubai, an achievement made possible by our
skilled teams, and previous investments in eco-efficient and electric ground
handling equipment.

During February and March, as the COVID-19 pandemic led to dynamic travel
restrictions on international air passenger travel, our teams in the UAE and
around the world responded agilely to our customers’ needs.
16 Apr
dnata moves over 900 pieces of ground services
equipment and 2,000 colleagues to Dubai World Central
(DWC) to ensure smooth and safe operations of over
3,000 relocated flights during the 45 days long southern
runway rehabilitation (SRR) at Dubai International (DXB).
07 May
dnata expands operations in Austin, Texas, commencing a
new partnership with Lufthansa. Handling the airline’s new
Frankfurt flight, dnata staff will ensure a safe and seamless
travel experience for up to 70,000 passengers a year.
20 May
dnata becomes the first global air services provider to
join the Latin American and Caribbean Air Transport
Association (ALTA).

11 Jun
29 Apr DUBZ, a baggage technology and logistics company,
11 Apr
For the 5th consecutive time, dnata is named celebrates its first anniversary as part of the dnata family.
Gerry’s dnata demonstrates high safety standards
‘Ground Handler of the Year’ at the 2019 Air Cargo In 2018, dnata acquired a majority stake in DUBZ, two
becoming the first ground services provider to achieve
News Awards, recognised as the “Oscars” of the air years after that latter was selected as a winner of Intelak,
IATA’s Safety Audit for Ground Operations (ISAGO)
cargo industry. the aviation and travel incubator programme that nurtures
registration in Pakistan.
travel technology entrepreneurship in the UAE.

32
OVERVIEW 17 Jun 30 Jul
marhaba adds Singapore to its global network by Air Dispatch, the world’s leading provider of centralised 23 Jul
EMIRATES
load control (CLC) services, produces the five millionth DUBZ launches remote check-in services
opening a new airport lounge at Changi Airport’s
DNATA at the dnata Travel store in The Dubai Mall,
Terminal 3. Open 24 hours a day, the lounge features load sheet since its foundation. The milestone
GROUP document is issued from the Prague facility, helping passengers make the most of their
comfortable seating for over 130 guests and offers
ensuring safe and efficient operations of a time before their flight and enjoy a seamless
FINANCIAL superfast Wi-Fi and excellent international cuisine.
INFORMATION Hong Kong-bound flight. airport experience.

ADDITIONAL
INFORMATION
31 Jul
marhaba, dnata’s airport hospitality brand, celebrates
28th anniversary. Founded in 1991, marhaba has over
the years evolved into one of the world’s leading
passenger services providers renowned globally for its
customer-oriented team and uncompromising focus on
service excellence.

08 Jul
dnata opens a dedicated lounge for unaccompanied
minors at Dubai International airport (DXB) Terminal 1.
The lounge is manned by experienced, multilingual staff
and equipped with games and entertainment screens to
keep the young guests occupied throughout the day.

24 Jul
07 Aug
dnata introduces a new management structure to
marhaba expands its popular lounge at Dubai
enhance operational and service excellence. Reflecting
International’s (DXB) Terminal 3 by 400 square meters,
its international growth, this includes the creation of
increasing its capacity by 50%.
three new regional CEO roles for the Asia Pacific, UK &
Europe, and New & Emerging Markets.

33
OVERVIEW Europe’s largest air-cargo road feeder services (RFS)
EMIRATES operator. The partnership will see the companies
develop new products and services, and enter
DNATA
new markets.
GROUP

FINANCIAL 29 Oct
INFORMATION
dnata becomes the first cargo terminal operator
ADDITIONAL in Australia to be awarded the World Health
INFORMATION
Organization’s Good Distribution Practices
(GDP) certification.

23 Aug
GTA dnata extends its collaboration with Air
Canada Cargo in Toronto to include all cool chain
shipments. This includes seafood, chilled meats,
fruit, vegetables, herbs and fresh flowers – all
perishable shipments that require a comprehensive,
integrated cold chain logistics approach.
24 Sep
dnata opens dnata City East, a new bespoke
export facility at London Heathrow, that
encompasses industry leading technology and
significantly increases the cargo capacity at the
UK’s busiest airport.
04 Nov
dnata expands operations at Washington Dulles
International Airport, creating jobs with additional
employees hired for its US team.
05 Nov
dnata underlines its commitment to ensuring a
seamless airport journey for people of determination
and showcases technology and initiatives at IATA’s
AccessAbilities Expo 2019 in Dubai.
15 Oct
dnata renews its ISO 9001 certification for ground,
cargo and catering services in Singapore.

07 Oct
dnata extends its partnership with Terminal One
Group Association (TOGA) in New York through
to 2023. The extension will see dnata continue to
05 Nov
provide quality ground and passenger handling
Gerry’s dnata is awarded the ‘Best Cargo Handling
services to over 20 airlines, ensuring smooth
28 Oct Operation’ at the 2019 Pride of Ground Handling
and safe operations of 50 flights a day at John F.
dnata strengthens its position in the cargo logistics Awards during the 21st Ground Handling International
Kennedy International Airport’s (JFK) Terminal One.
industry by joining forces with Wallenborn Transports, Annual Conference in Amsterdam.

34
OVERVIEW 06 Nov
EMIRATES dnata gains IATA’s CEIV Pharma certification at its cargo
facility at Dubai World Central (DWC). The accreditation
DNATA
complements dnata’s existing CEIV Pharma certification at
GROUP Dubai International (DXB), demonstrating the company’s
FINANCIAL ability to move pharmaceutical products under the
INFORMATION strictest standards across its operations in the UAE.
10 Dec
ADDITIONAL
dnata Brazil is awarded IATA’s Safety Audit
INFORMATION
15 Jan for Ground Operations (ISAGO) registration
dnata opens a second cargo warehouse dedicated to in Brazil, a reaffirmation of dnata’s rigorous
handling imports in Brussels, Belgium. safety standards.

21 Jan
dnata launches a global, internal safety campaign
to further improve its excellent safety performance
through employee engagement and leadership
communications.
15 Mar
Partnering with Etihad Airways at three airports in
Pakistan, dnata’s international airport operations team
celebrates its 111th contract win in the financial year.
31 Mar
dnata handles repatriation flights and supports
airlines in maintaining international trade by
continually delivering best-in-class ground
handling and cargo services across the globe
amid the COVID-19 outbreak.

05 Dec
dnata successfully completes the UAE’s first
green turnaround of flydubai’s aircraft at Dubai
International (DXB), using only zero-emission
ramp ground support equipment.

35
OVERVIEW 07 May
dnata Catering in Australia helps Qantas operate the

C AT E R I N G
EMIRATES
first ever zero-waste flight. All inflight products on
DNATA
board the flight are disposed of via compost, reuse
GROUP or recycling.
Our catering division saw a busy year with the launch of operations in Houston,
FINANCIAL
INFORMATION Boston, Los Angeles, San Francisco and Vancouver in tandem with customer
ADDITIONAL demand. These new stations significantly increased our footprint and
INFORMATION
capabilities in North America. We also announced plans for a new catering
facility in Manchester, UK, and a significant partnership to manage Aer Lingus’
catering operations and to serve all its flights out of Dublin, Ireland.

In March we became sole shareholder of the UK’s biggest inflight catering,

on-board retail, and logistics company, and brought Alpha LSG – previously a
joint venture partner - fully into the dnata portfolio.

As COVID-19 spread across markets, our teams helped provide thousands of

meals to support affected communities and organisations at the frontline of the
pandemic response.

09 Apr
dnata is voted ‘Airline Caterer of the Year, North
America, 2019’ by readers of PAX International, the
leading publication for airline industry executives.
11 Apr
dnata commences catering operations in Houston,
USA, by opening a 51,000 ft2 facility at George Bush
Intercontinental Airport. The launch customer is British
Airways, which operates two daily flights from Houston.
09 May
dnata’s team in Romania demonstrates its event
catering capabilities by delivering five-star culinary,
logistics and wait staff services to high-level
government representatives during the Informal
Summit of Heads of State or Government of the
European Union summit.
21 Jun
Alpha LSG, dnata’s UK catering business, announces it
will open a new, state-of-the-art, 102,000 ft² sustainable
building in Manchester, UK.

36
OVERVIEW

EMIRATES
15 Sep
DNATA dnata opens a new, state-of-the-art catering 15 Feb
GROUP facility and starts serving British Airways at dnata invests in 39 new, advanced high-lift
Boston Logan International Airport, USA . At vehicles to further enhance catering operations
FINANCIAL
INFORMATION full capacity the production unit will supply in Australia. The new ground support equipment
up to 12,500 meals a day. will ensure efficient and safe transportation
ADDITIONAL
INFORMATION of catering equipment, quality inflight meals
and on-board retail products between dnata’s
facilities and airline customers’ aircraft.

23 Sep The 48,000 ft2 facility, which represents a multi-million

dnata launches catering operations on the West dollar investment, is equipped with the latest technologies
Coast of the USA by opening a facility at Los Angeles and has a capacity of up to 8,000 meals a day.
International Airport. dnata’s first customer in Los
Angeles is Qantas. 25 Mar
dnata donates thousands of meals globally to support
01 Oct communities impacted by the COVID-19 outbreak.
dnata launches catering operations and commences
a new partnership with Jet Blue at San Francisco
International Airport, USA.

31 Jan
dnata enters into an inflight catering partnership with
Aer Lingus in Ireland. The strategic partnership will see
dnata provide catering services for the airline’s flights
departing Dublin.

31 Mar
03 Feb dnata becomes the sole shareholder of the biggest
dnata commences operations in Canada by opening a inflight catering, on-board retail and logistics company,
state-of-the-art catering centre in Vancouver. Alpha LSG, in the UK.

37
OVERVIEW 15 May
dnata Travel opens a new store in the UAE in the City

T R AV E L
EMIRATES
Centre Mirdif.
DNATA

GROUP
With softening travel demand in many key markets, and evolving customer
FINANCIAL
INFORMATION expectations from travel service providers, we embarked on a strategic business
ADDITIONAL review of our entire Travel portfolio during the year, to identify opportunities
INFORMATION
for streamlining as well as new business segments.

In the UAE, we launched REHLATY, a new travel brand designed by Emiratis

for the Emirati traveller, and expanded our retail footprint. Our destination
management brand, Arabian Adventures also marked a successful year with
the smooth hosting of high profile events and groups in Dubai. It also signed
marketing partnership agreements which will expand its sales network to trade
customers in 10 new markets.

As COVID-19 impacted global travel over February and March, our travel teams
galvanised to support our customers with rebooking and refunds, and we also
initiated solutions to help our corporate customers navigate the dynamic
travel environment.
28 Apr
dnata wins four accolades at the 2019 World Travel
Awards Middle East earning the titles of Middle East’s
Leading Corporate Travel Company; Middle East’s
Leading Airline GSA (general sales agent); United Arab
Emirates’ Leading Travel Agency and Abu Dhabi’s
Leading Travel Agency.
04 May
REHLATY by dnata travel, a travel brand designed by
Emiratis for the Emirati traveller, is launched in the UAE.
04 Sep
Arabian Adventures significantly expands its global
partnership network by appointing four overseas
companies as its market representative. The
partnerships will see the companies drive awareness
and sales of Arabian Adventures’ premium products
and services by promoting its comprehensive offering
to trade customers in a total of 10 new markets across
three continents.
10 Oct
Gold Medal, the largest travel consolidator in the
Middle East, expands operations into India. Travel
agents in the country can now benefit from the
company’s extensive sales, marketing and operational
expertise, advanced booking and reporting system, and
excellent customer service.

38
OVERVIEW 10 Nov 24 Dec
EMIRATES dnata Travel launches DEALZ, a free monthly newspaper dnata divests its minority stake in IT
designed for UAE travellers with the latest and most company, Accelya which was acquired by Vista
DNATA
attractive travel offers available on the market. The Equity Partners.
GROUP publication joins the offering at the 30 plus dnata Travel
stores across the country to bring a new monthly staple
FINANCIAL 27 Jan
INFORMATION to the reading list of the UAE’s avid traveller base. Arabian Adventures MIE wins the SITE Crystal
ADDITIONAL Award, the highest honour in the incentive travel
INFORMATION
28 Nov industry for the second time. Arabian Adventures’
03 Mar
dnata is named ‘World’s Leading Air Travel Service winning event saw 270 guests travel from the
dnata expands its partnership with The Hertz
Provider’ at the World Travel Awards. United States to the United Arab Emirates for a
Corporation by adding Dollar and Thrifty to
series of multi-venue experiences.
its car rental portfolio. The strategic move
28 Nov allows dnata to offer a broader range of
dnata Travel opens a new store in the UAE in the 15 Mar services to customers, while driving sales and
Nakheel Mall. dnata’s Corporate travel team takes initiatives awareness of its partners’ quality products.
to help customers navigate the challenging and
fast-changing global travel environment. dnata is
13 Dec
focussed on minimising the impact on customers’
Arabian Adventures MIE delivers smooth travel and
travel budgets whilst complementing their duty of
event experiences in Dubai for over 9,000 participants
care responsibilities for their employees.
of Amway’s largest international leadership gathering.

10 Feb
Arabian Adventures hosts players and staff from Arsenal Football
Club on a memorable ‘Sunset Desert Safari’ tour in the Dubai Desert
Conservation Reserve (DDCR), ensuring a relaxed team bonding
experience for the UK team’s world-class players and the entire
support team during their intensive training camp in the UAE.

39
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

OUR
PEOPLE

40
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION
SPOTLIGHT ON WORKPLACE HEALTH AND WELLBEING

As the COVID-19 pandemic spread across the world in the last quarter of 2019-20, Emirates
and dnata responded quickly to the dynamic situation to protect our people, customers and
communities. In January, we convened our first internal committee meeting to monitor the
outbreak and the latest advice and instructions from relevant health and regulatory authorities.
This became a full-fledged crisis response in February as the global situation escalated.

The health and safety of our people, particularly our frontline employees, is always a
priority. We ramped up employee communications to inform them of the latest health practices
to stay safe, and keep them updated on critical information and instructions from the
relevant authorities.

We put in place support structures for those impacted, and implemented work from home
protocols for the vast majority of our workforce. We also regularly reviewed, and enhanced
our operational procedures to protect our employees. For instance, implementing physical
distancing protocols at their workplaces, installing thermal scanners at workplace entry
points, providing our employees with masks, gloves, hand disinfectants, and other personal
protective equipment.

41
OVERVIEW
OUR
EMIRATES
DNATA
GROUP
FINANCIAL
PEOPLE
INFORMATION
The talented, diverse, and
ADDITIONAL
INFORMATION passionate people of the Emirates
Group have always been key to the
company’s success.
We support our people’s safety,
health and wellbeing, and
professional development, and
actively reward and celebrate
their achievements.
Our Linkedin Learning platform has
been widely leveraged to support
the growth of our people with over
one million hours of development
material being consumed since its
launch last year.
42
20 Jun 03 Oct
Emirates Aviation University celebrated its 29th Emirates Group Security’s education arm, Centre of
graduation ceremony, honouring more than 220 Aviation Security Studies, awarded its 14th cohort
students. Since 1991, the university has graduated more of graduates with diplomas for Aviation Security
than 16,000 students across diverse disciplines and
areas of study, helping to support the aviation industry.
Management and for Ground Handling. The program
is established in partnership with Edith Cowan
University, Australia.
27 Aug
Emirati first officers at Emirates airline helped put the
spotlight on women in aviation, and the advancement
of women in the UAE on Emirati Women’s Day, by
operating flights to five continents on the same day.
03 Oct
We launched Sehaty, our Group-wide health and
wellbeing programme that aims to foster a culture of
17 Oct
health across the organisation. Sehaty brings together
Emirates Group employees embrace fitness and
the numerous existing programmes that support our
wellness during the annual Dubai Fitness Challenge
employees’ health, mental and emotional wellbeing.
– a national initiative that encourages participants to
These include our Employee Assistance Programme,
engage in at least 30 minutes of activity daily, for 30
our internal wellbeing portal, sports and wellness clubs,
days. Over the past two years, over 21,000 Emirates
medical benefits, internal social networks focused on
Group employees downloaded the Dubai Fitness
wellness, and many other initiatives.
app and actively participated in the 30x30 challenge,
clocking in 1.5 million minutes of physical activity.
OVERVIEW 18 Dec economies and touching lives across the world with
EMIRATES Emirates joined the UAE’s Business for Wellbeing an initiative that follows an all-women flight deck 31 Jan
Council as a founding member. crew operating multi-stop cargo flights across four Emirates Group’s National Recruitment &
DNATA
continents on Emirates SkyCargo’s Boeing 777 freighter Development team increased slots for UAE
GROUP aircraft, transporting over 300 tonnes of cargo ranging National Talent on leadership programmes
FINANCIAL
from fresh flowers and fruits to pharmaceuticals. by nearly fourfold. Partnerships with Airbus,
INFORMATION
Boeing, Microsoft and multiple global
ADDITIONAL 08 Mar institutions continue to provide growth
INFORMATION
dnata celebrates international women’s day with experiences for our national talent.
flydubai by supporting and operating a flight with
an all-female crew.

30 Jan
26 top performing employees were recognised at the
annual Najm Chairman’s Award, the Emirates Group’s
most prestigious award, which recognises and rewards
employees whose work and actions are characterised by
a strong work ethic, a spirit of innovation, extraordinary
acts of bravery and selfless teamwork. The Najm Awards
programme recognises employees throughout the year
11 Mar
for achieving outstanding work, or demonstrating
Emirates Aviation University (EAU), the academic
model behaviour. In 2019-20, over 14,000 Gold, Silver
wing of the Emirates Group and one of the region’s
and Bronze Najms were awarded to deserving
most prestigious educational institutions, has been
employees who went the extra mile.
awarded an overall score of 5 Stars by QS Stars
University Ratings for its outstanding performance and
10 Feb academic excellence across a wide range of categories.
The first cohort of Emirates Group employees joined Of the 129 QS rated institutions in the Arab Region,
the GE Aviation Leadership Development programme. only five are rated as 5 Stars and EAU is the only non-
This is a customized programme between both Federal 5 Stars university.
organisations, and it aims to develop future talent
02 Feb
for the aviation industry.
22 Mar Career development efforts for our
Our talent pool of UAE Nationals within the Group UAE National talent saw a total of 550
05 Mar reached a record number of 3,123, reflecting the job changes including promotions,
On International Women’s Day, Emirates highlights success of our programmes to recruit, develop, rotations, and growth assignments.
one aspect of how women in aviation are supporting progress, and retain Emiratis.

43
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

OUR
COMMUNITIES

44
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION
MAKING OUR WORLD BETTER

We aim to make a positive impact on our industry and communities. We engage in

programmes that support entrepreneurship and innovation in aviation, travel and tourism.
Through our sponsorship of world-class events around the world, we bring our customers
and fans closer to their passion, and help inspire young people in their pursuit of
sports or culture.

Through the Emirates Airline Foundation and dnata4good, we work with community
organisations to make our world better. The airline foundation is a non-profit charity
organisation that aims to improve the quality of life for underprivileged children, and
dnata4good brings people from across the company to help build schools, protect
wildlife and provide humanitarian aid.

45
OVERVIEW
ENTREPRENEURS
OUR AND
EMIRATES

DNATA
INNOVATION
GROUP

FINANCIAL
CO M M U N I T I E S
INFORMATION
Emirates supports innovation and
ADDITIONAL
INFORMATION entrepreneurship initiatives that will
help drive progress and advancement
for the future of aviation.
25 Feb
Emirates Group taps on young, bright
and futuristic minds at Carnegie Mellon
University in the US, as the lead sponsor of
a varsity hackathon. As part of its internal
business innovation initiative, Emirates
sponsored two key business challenges
to the students at the university’s biggest
hackathon which this year attracted
400 students.
08 May
Emirates signs MoUs with three teams from Dubai
Future Accelerators, a programme that connects
start-ups and SMEs from around the world with
public and private entities to develop innovative
solutions. The selected SMEs presented proposals
in the domains of B2B procurement, seamless
customer experience, and an integrated system
for crew duty travel.
30 Oct
Emirates becomes partner of Aviation X Lab,
an aviation-specific incubator under the Dubai Future
Foundation. Located at Area 2071, Aviation X Lab
establishes a long-term partnership between Emirates
and Airbus, Collins Aerospace, GE Aviation, and Thales
with an aim to innovate and create the next era of
aviation and positively impact lives.
27 Feb
The Intelak Incubator announces four finalists for its
7th cohort. Together with Dubai Tourism, the Emirates
Group is a principal partner of Intelak, an accelerator for
start-ups focussed on aviation, tourism and travel. Since
2016, the programme has provided over AED 1.4 million
in seed funding and AED 1.2 million in resources to
entrepreneurs and early stage start-ups from across the
UAE and internationally to launch, scale, and grow
their concepts.

46
OVERVIEW
HELPING OUR GLOBAL and more productive lives. The series aired on Emirates’
inflight entertainment system, reaching an
COMMUNITIES
EMIRATES
international flying audience.
DNATA

GROUP
31 May
FINANCIAL
The Emirates Airline Foundation supported the
INFORMATION
travel of 27 members of US-based Rotaplast. The
ADDITIONAL
multi-disciplinary team flew from the San Francisco
INFORMATION
to Chittagong in Bangladesh, to help 126 patients
with life changing surgeries for burns, hand and
facial surgeries such as cleft lips and palates.

30 Sep
Emirates, the UAE Ministry of Health and
Prevention, and Pfizer Upjohn launched a multi-faceted
education campaign designed to increase health
literacy and public awareness on non-communicable
diseases. The campaign included a creative animated
series with simple tips and messages that encourage
individuals to adopt preventative health behaviours and
habits, ultimately helping them lead longer, healthier
31 Dec 28 Sep
With a donation of 58 return flights throughout the Over 16,000 dnata employees
year, the Emirates Airline Foundation helped volunteer in 26 countries teamed up and
teachers from the UK-based University of Warwick took part in the company’s
reach 12,888 students in Africa, through the “Warwick in global fundraising activity,
Africa” programme which helped transform how maths dnata runs the world, raising
and English are taught in 23 schools across Tanzania US$400,000 for charity.
and South Africa.
15 Jan 29 Feb
Emirates pledges contribution to the bushfire relief in 6,000 dnata employees in Australia organised
Australia, by donating 10% of all EmiratesRED sales on various activities to support bushfire affected
every flight for a month, and matching this dollar-for- communities through fund-raising, donations
dollar. The proceeds will go towards the recovery and and front-line volunteering.
rebuilding efforts taking place in the communities
affected across Australia.

47
OVERVIEW
EMIRATES
DNATA
GROUP
FINANCIAL
INFORMATION
ADDITIONAL
INFORMATION
24 Jul
Emirates renews its partnership with
the Emirates Lions rugby team in South
Africa, extending the airline’s team title
sponsorship and naming rights for the
Lions home ground in Johannesburg.
09 Feb
Emirates welcomes students aged 14 to
18, to its headquarters for an immersive
session as part of the Emirates Airline
Festival of Literature’s Education Programme.
“Spotlight on careers – Come fly with me”
is an extension of the airline’s support for
the Festival, and aims to inspire the next
generation of aviators.
48
SPORTS AND CULTURE
29 May
Emirates renews its commitment and celebrates 20
years as Premier Partner of Collingwood
and fans across the region. The 2019 edition of the
Football Club in Australia.
tournament was the first time in 30 years that Iraq
hosted a regional event of this kind.
23 Dec
Emirates renews its sponsorship of Emirates Team
New Zealand for the 36th America’s Cup.
Emirates will also be the ‘Official Airline’ partner of
the 36th America’s Cup presented by Prada which
includes the America’s Cup World Series (ACWS),
10 Jun sponsoring all preliminary regattas leading up to the
Emirates as the Official Worldwide Partner of Rugby main event in 2021. In addition, Emirates will bring
World Cup 2019, brings the Webb Ellis Cup to Japan, the ACWS to Portsmouth, United Kingdom, in 2020
host nation of rugby’s biggest event. as the ‘Presenting Partner’.
27 Jun
Emirates renews its partnership with the German
football club Hamburg SV for another 3 seasons
until May 2022. With a partnership that began in the
2006-07 season, Emirates is the longest jersey sponsor
in the club’s 130-year history.
06 Feb
18 Jul Emirates becomes Official Main Sponsor of Olympique
Emirates signs up as Official Partner and Airline for Lyonnais, one of France’s top football clubs, in a 5-year
the 9th West Asian Football Federation Championship, sponsorship deal beginning from 2020-21 season.
reinforcing its commitment to supporting football
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

08 Dec
The 50th edition of the Emirates Airline Dubai Rugby Sevens was celebrated in style with three action-packed days of
rugby, entertainment and music and over 100,000 fans in attendance. Aside from the sporting action, event highlights
include two Emirates A380 flypasts over the Sevens Stadium, and an exhilarating performance by Kylie Minogue.

49
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

OUR PLANET

50
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION
MAKING PROGRESS ON ENVIRONMENTAL STEWARDSHIP

The Emirates Group continued to make progress in the attainment of its environmental
goals. In 2019-20, an updated Group Environmental Framework was signed off, refocusing
company-wide initiatives under three areas: reducing emissions, consuming responsibly
and preserving wildlife and habitats.

The Group Environmental Framework was shared at a townhall with employees on

World Wildlife Day. The event aimed to raise workforce awareness of the role of business in
environmental protection, and highlighted the company’s environmental initiatives, goals,
challenges and long-term sustainability plans across key departments. This year’s guest
panellists included Srdan Susic, Director of Conservation and Climate at Emirates
Nature-WWF.

51
OVERVIEW
REDUCING As travel restrictions tightened and borders closed due

OUR
to the COVID-19 pandemic, Emirates had a drastically
EMISSIONS
EMIRATES
reduced flying programme in March 2020 compared
DNATA
to the previous year. This led to a commensurate drop

PLANET
As an airline and aviation services provider, reducing
GROUP in fuel burn and related emissions, but also impacted
carbon emissions is central to our environmental
FINANCIAL fuel efficiency as load factors fell on many flights. This
sustainability strategy. On the ground and in the air,
INFORMATION impact is seen in passenger fuel efficiency results of
Operating modern and Emirates and dnata continue to implement various
ADDITIONAL 3.99 litres per 100 passenger kilometres for the 11
fuel efficient aircraft initiatives to drive fuel efficiency and reduce carbon
INFORMATION months until the end of February, compared with 4.03
emissions. Emirates’ comprehensive fuel efficiency
is Emirates’ biggest litres per 100 passenger kilometres for the full year.
programme, which actively investigates and implements
commitment to reducing Similarly, dnata’s airport operations around the
ways to reduce unnecessary fuel burn and emissions
our environmental impact. world saw drastically reduced operations as airlines
wherever it is operationally feasible, helping deliver a
suspended flights, and this is reflected in the
1.9% improvement in passenger fuel efficiency for
environmental data for ground operations.
the full year.

In the financial year 2019-20, we continued

Amongst numerous initiatives, our efforts
to optimise flight plans and fuel uplift alone
saved an estimated 38,000 tonnes of fuel,
which equates to a reduction of approximately
120,000 tonnes of CO2 emissions.
strengthening and expanding initiatives to reduce
fuel consumption, which resulted in a reduction in
fuel consumption by 71,000 tonnes, equivalent to a
reduction of 224,000 tonnes of CO2 emissions.
Emirates was able to effectively reduce the amount of
fuel we uplift in our flights, while taking all necessary
precautions and measures to protect safety and
integrity of operations. This was enabled by using
evidence based, data driven methods, and by launching
a fuel optimisation awareness and data sharing
programme with pilots.

52
OVERVIEW
CONSUMING
RESPONSIBLY
EMIRATES
DNATA
GROUP Given the scale of its worldwide operations, Emirates
and dnata are conscious that a small change could have
FINANCIAL
INFORMATION a major impact when it comes to resource consumption
and waste reduction. This will remain an area of focus
ADDITIONAL
INFORMATION under the refreshed Group Environmental Framework.
Our 2019-20 figures show an increase in waste to
landfill over the previous year, largely driven by better
data collection and reporting across more business
units. Improved data on waste generation will support
the prioritisation of efforts, and continue to play a big
part of our waste reduction journey.
Since June, over 100 million pieces of single use plastics
have been removed from Emirates aircraft as part of
its long-term sustainability goals. The airline has been
working to reduce its use of items such as salt and
pepper covers, plastic menu bags, as well as plastic
wrapping for toys. Close to 15 million pieces of plastic
have been diverted from landfill with just these three
items. Emirates has also replaced amenity kit bag
contents, child meal cutlery, stirrers and swizzle sticks,
straws and waste bags with eco-friendly alternatives.
 
On the ground, over 1.1 million single use plastic
bottles have been removed from Emirates’ and dnata’s
ground operations and replaced with eco-friendly
alternatives for employees to use. Moving away from
bottled water options, marhaba lounges began
providing customers with filtered water, helping further
reduce waste to landfill for the millions of customers
it serves in its lounges every year.
In the UAE, Emirates Flight Catering produces over
200,000 meals on an average day, and some of its
biggest sustainability initiatives include food waste
Jun
projects. In an effort to use the whole product, close
to 500 kilogrammes of food items, including fruits, Emirates commits to reducing single-use plastic
vegetables, bakery items and meat, are saved each on board its aircraft network wide.
day to be used in small goods, or are reused for
different purposes in its retail operations.
In Australia, a series of measures have also helped to
divert from landfills over 250 tonnes of food waste
produced at dnata catering. Initiatives include food
waste being treated on-site using processes such as
bio-digestion. In addition, excess food is being donated
to charities who provide meals for people in need in
both Australia and the UK.
To mark World Environment Day, Emirates
transformed its old advertising billboards in South
Africa into hundreds of reusable school bags from the
PVC flex material. The bags were donated to students
of a local school. Emirates partnered with a
Soweto-based entrepreneur in this upcycling effort
to spread the message of sustainability and make a
positive impact on local communities. Oct
Emirates Flight Catering introduces
This successful upcycling initiative was replicated in
new packaging solution that cuts 750
Nigeria in September, where Emirates worked with
tonnes of cardboard waste annually, the
two Nigerian entrepreneurs to turn its old advertising
equivalent of 260,000m² (65 acres), from
billboards into school bags, donated to students of
its food manufacturing operations.
two schools in Lagos.
53
OVERVIEW
PRESERVING WILDLIFE
Emirates marked 20 years in its support
AND HABITATS
EMIRATES

DNATA
for habitat and wildlife conservation
at the Dubai Desert Conservation
GROUP Emirates remains committed to combatting the
Reserve, a partnership that began in illegal wildlife trade, and to marshalling our resources
FINANCIAL
INFORMATION 1999. Last year, the reserve continued in support of this cause. We have zero tolerance on

ADDITIONAL
to build on its successful programmes carrying banned species, hunting trophies or any
INFORMATION to track, maintain and reintroduce products associated with illegal wildlife activities.
Our ground handling colleagues are trained in IATA’s
native wildlife species, such as the
Live Animal Regulations and our internal policies on
Arabian oryx, Arabian gazelle, and
carrying wildlife. Our frontline employees are trained
sand gazelle. A highlight was the to recognise and report suspicious cargo.
release of 250 MacQueen’s bustards
in January, in conjunction with the
National Aviation Research Centre and
the office of HH Sheikh Mohammed
bin Rashid al Maktoum.

At Emirates Wolgan Valley in Australia, the team

worked closely with the local community to
evacuate on-site animals as bushfires swept across
the country.

Conservation work has always been a big part

of the Wolgan Valley experience, and post fires,
habitat restoration work was stepped up with
guests being invited to participate in helping the
bushland and waterways. With their help, there
is now a seed bank of over one million seeds
representing 25 local native species that will now
play a vital role in repopulating areas of damage.
Field guides have noted native wildlife has already
returned with kangaroos, wallabies, wombats,
reptiles and birdlife roaming abundantly.

54
OVERVIEW

EMIRATES
Apr
DNATA We held a community planting event in
the UAE to plant the country’s national
GROUP
tree, the ghaf, with the support of social
FINANCIAL
enterprise Goumbook. Employees and
INFORMATION
their families came together to plant
ADDITIONAL
the saplings, which are adapted to the
INFORMATION
UAE’s desert climate. The ghaf tree also
features as a motif in Emirates’ Boeing 777
‘Gamechanger’ aircraft cabin design.

We have established a dedicated reporting channel to
empower our people and partners to stop illegal trade
by flagging confidential information that can protect
endangered species.
Recognising that the illegal wildlife trade is a problem
for passenger transportation as well as cargo, Emirates’
Airport Services team at Dubai International rolled out
an online awareness course on the illegal wildlife trade
for their team which has been completed by nearly
2,600 employees.
Apr
dnata signs a Memorandum of
Understanding with the University
of Pretoria in South Africa to
In addition to internal campaigns to create awareness support their wildlife research and
amongst our workforce, Emirates also engages with rehabilitation projects.
our customers by regularly featuring interviews, wildlife
programmes and films on ice, our inflight entertainment
system, and articles in Open Skies our inflight magazine. Jun
dnata colleagues volunteer at Chimp Eden,
Emirates is an active participant in various industry one of the three wildlife charities the company
and international efforts to tackle the illegal wildlife supports in South Africa.
trade including United for Wildlife, ROUTES (Reducing
Opportunities for Unlawful Transport of Endangered
Species), and the World Travel and Tourism
Council (WTTC).

55
OVERVIEW
The performance indicators below cover the Group’s business operations from its hub, Dubai
EMIRATES
including Emirates Flight Catering operations and other group entities registered in the UAE and
DNATA
where Emirates or dnata have management control during the financial year ended 31 March 2020.
GROUP It does not include our hotel operations, retail operations under Emirates Leisure Retail, operations
FINANCIAL
INFORMATION SUSTAINABILITY of our group entities (fully or partially owned) registered outside the UAE or ground operations at
locations outside the UAE. References to Scope 1 and 2 emissions below are based on definitions
ADDITIONAL
INFORMATION PERFORMANCE from the Greenhouse Gas Protocol – revised edition.

Priority Performance indicator Unit 2019-20 2018-19 % change

(Apr19-Feb20)

Aircraft fuel Fleet age years 6.8 6.1 11.0

consumption,
fuel efficiency, and Jet fuel (Total fleet including wet-leased freighters) tonnes 10,879,616 11,580,308 -6.1
CO2 efficiency 1, 2 Aviation gasoline (Training aircraft) tonnes 165 44 275
Passenger fuel efficiency (Passenger fleet) L/100pkm 4.03 4.11 -1.9
(3.99)
Freighter fuel efficiency (Freighter fleet excluding wet-leased freighters) L/ftk 0.1764 0.1643 7.4
(0.1727)
Combined fuel efficiency (Total fleet excluding wet-leased freighters) L/tk 0.325 0.326 -0.3
(0.322)
Passenger CO2 efficiency (Passenger fleet) g CO2 / pkm 100.0 102.0 -2.0
(99.0)
Freighter CO2 efficiency (Freighter fleet excluding wet-leased freighters) g CO2 / ftk 437.6 407.6 7.4
(428.4)
Combined CO2 efficiency (Total fleet excluding wet-leased freighters) kg CO2 / tk 0.805 0.810 -0.6
(0.799)

Aircraft noise and local Fleet cumulative margin to Chapter 4 noise standards EPNdB -11.71 -11.41 -2.6
air quality
Fleet cumulative margin to Chapter 4 noise standards % -6.98 -6.88 -0.10 % points
Nitrogen oxide (NOx) emissions (landing and take-off cycle) tonnes < 3,000 ft 13,126 14,127 -7.1
Carbon monoxide (CO) emissions (landing and take-off cycle) tonnes < 3,000 ft 8,913 9,622 -7.4
Unburnt hydrocarbons (UHC) emissions (landing and take-off cycle) tonnes < 3,000 ft 955 1,040 -8.2
Fleet margins below regulatory limits for NOx % -10.52 -10.15 -0.37 % points
Fleet margins below regulatory limits for CO % -57.03 -56.54 -0.49 % points
Fleet margins below regulatory limits for UHC % -65.27 -64.56 -0.71 % points
Fuel Jettison Events 3

Total events 10 19 -47.4

Jettisoned fuel tonnes 328 568 -42.3

56
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

Priority Performance indicator Unit 2019-20 2018-19 % change

Vehicle and ground Diesel litres 39,622,561 40,604,383 -2.4

service equipment fuel
consumption Petrol litres 13,943,692 15,691,002 -11.1

Electricity Electricity consumption MWh 460,321 479,393 -4.0

and
water 4 Water consumption ML 2,352 2,388 -1.5

Materials Waste (landfill) tonnes 69,304 57,121 21.3

and
waste Material recycled tonnes 7,555 6,728 12.3

CO2 emissions 5 Scope 1

Flight operations tonnes 34,380,099 36,593,909 -6.0
Ground operations tonnes 139,330 144,593 -3.6
Total Scope 1 emissions tonnes 34,519,429 36,738,502 -6.0
Scope 2
Electricity tonnes 193,335 201,345 -4.0
Total Scope 2 emissions tonnes 193,335 201,345 -4.0
Total CO2 emissions tonnes 34,712,764 36,939,847 -6.0

Energy consumption Energy from fuel consumption TJ 479,756 510,599 -6.0

Energy from electricity consumption TJ 1,657 1,726 -4.0
Total energy consumption TJ 481,413 512,325 -6.0

1 Passengers carried includes actual uplift excluding crew on duty. Kilometres flown is the planned actual ground distance from the Emirates flight planning system, corrected for the effect of wind.
2 Payload of the aircraft in tonnes (including non-revenue cargo) multiplied by the distance flown in kilometres.
3 Fuel is only jettisoned in an in-flight emergency situation when it is necessary to lower the aircraft weight to ensure a safe landing. This includes all Emirates operated aircraft.
4 Excludes some facilities located within Dubai airports due to lack of metered data.
5 CO2 emissions are calculated using the US Environmental Protection Agency (EPA) Emission Factors for Greenhouse Gas Inventories, the ICAO standard CO2 emissions factor for jet fuel (3.16 kg CO2 per kg of Jet A/Jet
A-1 fuel), and the DEWA grid emissions factor for electricity in Dubai.
6 Aircraft fuel and CO2 efficiency metrics are additionally presented for the 11-month period ended 29 February 2020 in brackets, as operations post that period were significantly impacted by COVID-19 pandemic.

57
 EMIRATES NETWORK
Emirates operates flights to 157* destinations in 83
countries, offering industry-leading passenger and
OVERVIEW cargo air transport services.
EMIRATES
We connect the world to, and through, our hub
DNATA in Dubai.
GROUP
*prior to temporary suspensions due to COVID-19 pandemic in March 2020.
FINANCIAL
INFORMATION

ADDITIONAL Emirates destinations

INFORMATION
NORTH AMERICA ATHENS MILAN CONAKRY DUBAI INTERNATIONAL
AGUADILLA BARCELONA MOSCOW DAKAR DUBAI WORLD CENTRAL
BOSTON BIRMINGHAM MUNICH DAR EL SALAAM ERBIL
CHICAGO BOLOGNA NEWCASTLE DJIBOUTI JEDDAH
COLUMBUS BRUSSELS NICE DURBAN KUWAIT
DALLAS/FORT WORTH BUDAPEST OSLO ELDORET MEDINA
FORT LAUDERDALE COPENHAGEN PARIS ENTEBBE MUSCAT
HOUSTON DUBLIN PORTO HARARE RIYADH
LOS ANGELES DÜSSELDORF PRAGUE JOHANNESBURG TEHRAN KABUL
MEXICO CITY EDINBURGH ROME KANO KARACHI
NEWARK FRANKFURT ST. PETERSBURG KHARTOUM ASIA KOCHI
NEW YORK GENEVA STOCKHOLM LAGOS AHMEDABAD KOLKATA TOKYO HANEDA
ORLANDO GLASGOW VENICE LILONGWE BALI KUALA LUMPUR TOKYO NARITA
SAN FRANCISCO HAMBURG VIENNA LUANDA BANGKOK LAHORE
SEATTLE ISTANBUL WARSAW LUSAKA BEIJING MALE AUSTRALASIA
TORONTO ISTANBUL - ZAGREB MAURITIUS BENGALURU MANILA ADELAIDE
WASHINGTON SABIHA GOKCEN ZARAGOZA NAIROBI CEBU MUMBAI AUCKLAND
LARNACA ZURICH OUAGADOUGOU CHENNAI NEW DELHI BRISBANE
SOUTH AMERICA LIEGE SEYCHELLES CLARK OSAKA CHRISTCHURCH
BUENOS AIRES LISBON AFRICA TUNIS COLOMBO PESHAWAR MELBOURNE
QUITO LONDON GATWICK ABIDJAN DHAKA PHNOM PENH PERTH
RIO DE JANEIRO LONDON HEATHROW ABUJA MIDDLE EAST GUANGZHOU PHUKET SYDNEY
SANTIAGO LONDON STANSTED ACCRA AMMAN HANOI SEOUL
SAO PAULO LYON ADDIS ABABA BAGHDAD HO CHI MINH CITY SHANGHAI
VIRACOPOS MADRID ALGIERS BAHRAIN HONG KONG SIALKOT
MALTA CAIRO BASRA HYDERABAD SINGAPORE
EUROPE MANCHESTER CAPE TOWN BEIRUT ISLAMABAD TAIPEI
AMSTERDAM MAASTRICHT CASABLANCA DAMMAM JAKARTA THIRUVANANTHAPURAM

Emirates presence
NORTH AMERICA AFRICA AJMAN UMM AL QUWAIN PHUKET HOBART
BOSTON ARUSHA AL AIN SAMUI LAUNCESTON
CLEVELAND CAPE TOWN DUBAI ASIA SINGAPORE MELBOURNE
NEW YORK DAR ES SALAAM FUJAIRAH BANGKOK NEWCASTLE
PITSBURGH JOHANNESBURG MUSCAT COLOMBO AUSTRALASIA PERTH
WASHINGTON SEYCHELLES RAS AL KHAIMAH GALLE ADELAIDE SYDNEY
SALALAH HUA HIN AUCKLAND WOLGAN VALLEY
EUROPE MIDDLE EAST SOHAR KRABI BRISBANE
58 NICOSIA ABU DHABI SHARJAH MALE CANBERRA
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

59
 DNATA NETWORK
dnata’s business footprint in airport operations,
catering and travel services, span 197 cities and
OVERVIEW airports across the globe.
EMIRATES
We aim to be the world’s most admired air
DNATA services provider.
GROUP

FINANCIAL
INFORMATION

ADDITIONAL dnata presence

INFORMATION
NORTH AMERICA CAMPINAS CARDIFF SHANNON QASSIM
ATLANTA CURITIBA CATANIA SOFIA RABIGH
AUSTIN FLORIANOPOLIS CHELTENHAM SOLIHULL RAS AL KHAIMAH
BALTIMORE FORTALEZA CORK ST. PETERSBURG RIYADH
BOSTON ILHEUS DONCASTER SWINDON SALALAH
CHICAGO JOAO PESSOA DUBLIN TURIN SEEB
DALLAS/FORT WORTH JUAZEIRO DO NORTE EAST MIDLANDS VENICE SHARJAH
DETROIT MACAPA EDINBURGH VERONA SOHAR
EL PASO MACEIÓ FRANKFURT WARSAW TAIF
GRAND RAPIDS MANAUS FLORENCE WINCHESTER YANBU
HOUSTON NATAL GENEVA ZURICH
INDIANAPOLIS PETROLINA GENOA ASIA
LAREDO PORTO ALEGRE GLASGOW AFRICA AHMEDABAD
LOS ANGELES PORTO SEGURO HALIFAX CAPE TOWN BALI
LUBBOCK RECIFE KINGSTON JOHANNESBURG BANGKOK
MCALLEN RIO DE JANEIRO KNUTSFORD BENGALURU
MILWAUKEE SALVADOR LAMEZIA TERME MIDDLE EAST CEBU
NASHVILLE SANTAREM LEEDS ABU DHABI CHIANG MAI
NEW YORK SAO LUIS LEIPZIG AJMAN CLARK PENANG
NEWARK SAO PAULO LONDON GATWICK AL AIN DELHI / NOIDA PESHAWAR
ONTARIO TERESINA LONDON HEATHROW AL KHOBAR FAISALABAD PHUKET
ORLANDO LONDON STANSTED AMMAN HANOI PUNE
PHILADELPHIA EUROPE LUTON BAHRAIN HO CHI MINH QUETTA
SAN DIEGO ALGHERO MADRID BURAIMI HONG KONG SINGAPORE
SANFORD ALTON MANCHESTER DAMMAM HYDERABAD TOKYO
SAN FRANCISCO AMSTERDAM MILAN LINATE DUBAI INTERNATIONAL ISLAMABAD YOGYAKARTA
TAMPA BARI MILAN MALPENSA DUBAI WORLD CENTRAL JAKARTA
TORONTO BELFAST NAPLES DUQM KABUL AUSTRALASIA
VANCOUVER BERGAMO NEWCASTLE ERBIL KARACHI ADELAIDE
WASHINGTON BELGRADE OLBIA FUJAIRAH KOH SAMUI AUCKLAND
WICHITA BIRMINGHAM OSTRAVA IBRA KOTA KINABALU BRISBANE
BOLOGNA PALERMO IBRI KUALA LUMPUR CAIRNS
SOUTH AMERICA BRIGHTON PISA JEDDAH KYOTO CANBERRA
ARACAJU BRINDISI PRAGUE JUBAIL LAHORE COOLANGATTA
BELEM BRISTOL PRESTON MAABELA MANILA / MAKATI DARWIN
BOA VISTA BRUSSELS PRESTWICK MARKA MULTAN MELBOURNE
BRASILIA BUCHAREST ROME FIUMICINO MUSCAT MUMBAI PERTH
CAMPINA GRANDE CAGLIARI SANDYCROFT NIZWA PATTAYA SYDNEY

60
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

61
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

6 3 E M I R AT E S F I N A N C I A L C O M M E N TA R Y

7 3 D N ATA F I N A N C I A L C O M M E N TA R Y

7 9 E M I R AT E S I N D E P E N D E N T A U D I TO R ’ S R E P O R T

8 6 E M I R AT E S C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S

1 3 3 D N ATA I N D E P E N D E N T A U D I TO R ’ S R E P O R T

1 3 6 D N ATA C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S

62
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

ADDITIONAL
INFORMATION

E M I R AT E S
FINANCIAL
C O M M E N TA R Y

63
 Profit attributable to the Owner in AED bn Profit margin in % Revenue trend in AED bn Revenue split in %
7.1 96.0
91.2 91.0
8.4 83.5 83.8

96%
2.8
Transport
3.0
OVERVIEW
1.3 0.9 1.1 4%
0.9 1.1
EMIRATES 1.5 Non-transport

DNATA 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20

GROUP

FINANCIAL
Operating profit in AED bn Return on shareholder’s funds in % Revenue in AED m 2019-20 2018-19 % change 2019-20
INFORMATION as % of
8.3 revenue
EMIRATES 23.8
FINANCIAL 6.4 Passenger 75,587 78,562 (3.8) 83.1
COMMENTARY Cargo 11,207 13,056 (14.2) 12.3
4.1 Excess baggage 478 444 7.7 0.5
DNATA
FINANCIAL 7.9
2.4 2.6
COMMENTARY
2.4 3.5 Transport revenue 87,272 92,062 (5.2) 95.9
EMIRATES 3.8 Sale of goods 2,745 2,918 (5.9) 3.0
CONSOLIDATED Hotel operations 584 669 (12.7) 0.7
FINANCIAL 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20
STATEMENTS Others 394 391 0.8 0.4

DNATA Non-transport revenue 3,723 3,978 (6.4) 4.1

CONSOLIDATED
FINANCIAL Total 90,995 96,040 (5.3) 100.0
STATEMENTS

ADDITIONAL
As we closed our financial year 2019-20
INFORMATION
and entered into the next one, the world
around us had succumbed to the economic
hardships brought by the global pandemic
of COVID-19. Never before has the aviation
and travel industry faced a crisis of this
breadth and scale – geographically, as well
as from a health, social, and economic
standpoint.
As a global network airline, we too find
ourselves in a situation where we cannot
viably operate full passenger services until
countries re-open their borders, and travel
confidence returns. This is turning out to
be the most challenging crisis in Emirates
history and the outlook for the financial year
2020-21 remains uncertain.
We stepped into the financial year 2019-20
with reduced activity to support a planned
45-day runway closure at Dubai International
airport (“DXB”) and covered lost ground
with strong second and third quarter
performances. We were flying at a high
altitude against our current year financial
targets until February 2020, when our
flight path was changed by the COVID-19
outbreak and volatile oil prices.
Financial year 2019-20 marked our 32nd
64 consecutive profitable year, despite revenues
and profits being negatively impacted in the
month of March 2020.
Like in previous years, we added new
destinations to our service map, expanded
our A380 network and entered new markets
during this financial year.
New aircraft orders were announced by
Emirates in November 2019 worth USD
24.8bn (AED 91bn) at the Dubai air show
with Airbus and Boeing. The orders included
50 Airbus 350s worth USD 16bn (AED 59bn)
and 30 Boeing 787-9 aircraft amounting to
USD 8.8bn (AED 32bn). These aircraft will
provide us the agility and flexibility as we
develop and grow our route network.
We continued to operate a young and
efficient fleet. 6 Airbus 380s were added
and 6 older Boeing 777 aircraft were phased
out this year. This assisted in enhancing
our seat capacity and ensured that we
continue to provide a fresh experience to
our passengers. Our modern fleet of Airbus
380 and Boeing 777 aircraft connected 157
destinations across six continents through
our hub in Dubai, facilitating global travel
and trade, and transporting 56.2 million
passengers and carrying 2.4 million tonnes
of cargo during the year. The numbers fell in
comparison to the previous year due to the
temporary suspensions led by the COVID-19
pandemic and a 45-day runway closure at DXB.
Our quest to find innovative ways to
enhance our product offerings and service
levels for our customers continued. We
launched ‘Emirates Delivers’ - our new
dedicated e-commerce delivery platform
and ‘Skywards Everyday’ - an extension
of our award-winning loyalty programme
for earning Skywards miles on day-to-day
expenditure.
Effective April 2019, we implemented the
new lease accounting standard, IFRS 16, on a
modified retrospective basis. IFRS 16 has no
cash flow or economic impact on Emirates but
does change the way expenditure is reported
in the income statement, together with how
leased assets, liabilities, and associated cash
flows are reported in the primary financial
statements and disclosure notes.
Profitability
Our profit for the year improved from
previous year and stood at AED 1.1bn (2018-
19: AED 0.9bn) and our profit margin moved
up to 1.1% (2018-19: 0.9%).
Before the outbreak of COVID-19, we
deployed our capacity to take advantage
of opportunities, and a healthy customer
demand for Emirates’ products helped
in the improvement of seat load factors.
At the same time, a tighter rein on costs
was ensured which drove better margins.
However, our March 2020 results were
severely impacted by the suspension of
flights following the lock-down by countries
due to the spread of COVID-19. Our profits
for the month were more than AED 1.5bn
worse than expected.
With reduced equity due to IFRS 16
adoption, our return on shareholder’s funds
improved to 3.5% (2018-19: 2.4%).
Revenue
Our revenues declined to AED 91.0bn.
Transport revenue which forms almost 96%
of Emirates’ revenue decreased by 5.2%
to AED 87.3bn (2018-19: AED 92.1bn). The
reduction in both passenger and cargo
revenue was primarily due to geopolitical
instability in key markets throughout the
year, runway closure and the weakening
of global currencies against the US Dollar
- having an adverse impact of AED 2.5bn
on our top line. Further, COVID-19 lost us
over AED 3.4bn in revenues in the month of
March 2020.
 Available seat kilometres (ASKM) and RPKM Passenger yield in fils per RPKM Passenger seat factor in % Ancilliary revenue in AED bn
in AED bn and as a % of passenger revenue
3.1
78.5 2.9
368.1 377.1 390.8 367.2
333.7 77.5 2.5
26.7 2.3
26.2 26.2
24.8 25.4 1.7
76.5 76.8
75.1 4.1
OVERVIEW 3.7
3.3 3.3
EMIRATES 2.5
255.2 276.6 292.2 300.0 288.1
DNATA 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20
Ancilliary revenue
GROUP
ASKM RPKM Ancilliary to passenger revenue

FINANCIAL
Passenger numbers in millions Cargo carried in tonnes ‘000 Geographical revenue in %
INFORMATION
58.5 58.6 2,577 2,623 2,659
56.1 56.2 2,509
EMIRATES 51.9 2,389
FINANCIAL
29% Europe
COMMENTARY 26% East Asia and Australasia
DNATA
16% Americas
FINANCIAL 11% West Asia and Indian Ocean
COMMENTARY
10% Africa
EMIRATES 8% Gulf and Middle East
CONSOLIDATED
FINANCIAL 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20
STATEMENTS

DNATA
CONSOLIDATED
FINANCIAL
STATEMENTS

ADDITIONAL Passenger revenue and seat factor
INFORMATION
Our core passenger revenue (including excess
baggage) reduced by 3.9% to AED 76.1bn
(2018-19: AED 79.0bn) resulting from reduced
passenger capacity and traffic. Our passenger
capacity, measured in ASKMs and passenger
traffic, measured in RPKMs closed at 367.2bn
– reduction of 6% (2018-19: 390.8bn) and
288.1bn (2018-19: 300bn) – drop of 4%,
respectively. This was due to the runway
closure at the beginning of the year and
significant unplanned flight disruptions due to
the COVID-19 pandemic in March 2020.
Demand for our world class product offerings
remained high as reflected by our pronounced
seat factor of 78.5% (2018-19: 76.8%), up by
1.7% pts. Passenger yield stood strong at AED
26.2 fils (2018-19: AED 26.2 fils) per RPKM.  programme was further energised through
Our in-flight retail offering got even better
with the launch of EmiratesRED, a dedicated
shopping channel for our customers. Our
on-board hospitality levels inched higher as
we continued to refresh our luxury products
helping the premium class seat factor to
further increase by 0.5% pt.
Along with organic growth, we continued to
forge partnerships to expand our offering and
benefit customers. We signed a codeshare
agreement with SpiceJet - providing travellers
to and from India seamless access to a wider
and a stronger route network. We also
enhanced our existing agreement with InterJet
Airlines - which is set to open new routes and
destinations for passengers travelling between
Mexico, the Gulf, Middle East and beyond.
Further, we completed two years of our
strategic partnership with flydubai. All these
new and existing partnerships continue to
provide increased destination choices to
our customers.
We opened our first remote check-in terminal
at Port Rashid in Dubai which provides
seamless connections for cruise passengers for
their onward Emirates departure.
Our award winning Skywards programme
touched 25 million members this year, adding
another feather to its achievements. The
initiatives like ‘Skywards Everyday’, which
partners with retail corporates and helps
members to earn Skywards miles on their
day-to-day expenditure and ‘Skywards
Exclusive’, offering members access to the
airline’s unique, money-can’t-buy sponsorship
experiences.
Our ancillary offerings mainly including
in-flight upgrades and paid seats generated
revenue of AED 3.1bn (2018-19: AED 2.9bn)
and contributed 4.1% (2018-19: 3.7%) of total
passenger revenue for the year.
Cargo revenue
SkyCargo revenue reduced by 14.2% to AED
11.2bn (2018-19: AED 13.1bn) as the business
felt the brunt of a difficult market environment
this year. Global trade wars and elevated
uncertainty affected our air freight business
restricting our annual cargo tonnage to 2,389
thousand tonnes (2018-19: 2,659 thousand
tonnes), a reduction of 10%.
FTKMs reduced by 12.4% to 12.0bn (2018-19:
13.7bn) and the yield per FTKM decreased by
2% over the previous year resulting from lower
fuel surcharge and a strengthening US Dollar.
Our freighter network saw the introduction of
Taipei, Kano and Lagos while we suspended
operations in Bogota, Los Angeles,
Luxembourg and Mexico City.
Despite difficult market conditions, we
continued investing towards the enrichment of
our product by launching ‘Emirates Delivers’ -
our new, fast, reliable and cost-effective
e-commerce shipping solution which provides
customers with purchase consolidation options
in the United States prior to being delivered at
their preferred destination - currently serving
the UAE market.
This year, among other initiatives, SkyCargo
also strengthened its pharmaceuticals
related logistics capabilities with the new
purpose-built facility in Chicago, reinforcing
its position as the global market leader
for the air transport of temperature
sensitive pharmaceuticals and expanded its
pharmaceutical network to 20 stations by
entering into successful arrangements with
ground handling partners and other local
stakeholders.
Non-transport revenue
Our non-transport revenue which includes the
sale of consumer goods, catering operations,
sales at F&B outlets and hotel operations
contributed 4.1% (2018-19: 4.1%) of our total
revenue and dropped by 6.4% to AED 3.7bn
(2018-19: AED 4.0bn). This was due to difficult
market conditions throughout the year,
exacerbated by the COVID-19 pandemic.
Revenue distribution
Emirates continues to benefit from a
geographically diverse revenue base, with
no region contributing more than 30% of
revenue. Europe stands as our largest revenue
contributor at 28.7% (2018-19: 29.4%).
Americas continued to mature due to capacity
growth and the Indian sub-continent too
showed improvement compared to last year
due to better customer confidence in our
product. Revenue for all the other regions
declined in line with the decrease in
overall revenue.
65
 Total operating costs in AED bn Total cost movement in AED bn Key operating costs as % of total costs
95.3
88.2

Heading heading
82.6 85.6
76.7 9.7 25 25 28 32 29
11.7
4.5 10 10
3.1 3.2 11 10 22

97.0 65 65 61
OVERVIEW 58
90.4 49
EMIRATES

DNATA 15-16 16-17 17-18 18-19 19-20 Total cost - Jet fuel Depreciation Aircraft Net Others Total cost - 15-16 16-17 17-18 18-19 19-20
2018-19 and operating finance 2019-20
amortisation leases costs Jet fuel Others
GROUP Depreciation and amortisation

FINANCIAL 2019-20
Fuel volume in million barrels % as % of Unit cost in fils per ATKM
INFORMATION and average price in USD per barrel Total costs in AED bn 2019-20 2018-19 change total cost
88.1 90.3 92.8
EMIRATES 87.3 Jet fuel 26.3 30.8 (14.6) 29.1 146
FINANCIAL 81.2
139 141
COMMENTARY 84 Depreciation and amortisation 19.4 9.7 100.0 21.5 132 132
76
68
DNATA 60 57 Employee 12.1 12.6 (4.0) 13.4
FINANCIAL Aircraft operating leases - 11.7 (100.0) 0.0
COMMENTARY
Direct operating costs 16.4 17.5 (6.5) 18.1 97 97 98 97 96
EMIRATES Other operating costs 11.4 13.0 (12.3) 12.6
CONSOLIDATED
FINANCIAL 15-16 16-17 17-18 18-19 19-20 Total operating costs 85.6 95.3 (10.2) 94.7 15-16 16-17 17-18 18-19 19-20
STATEMENTS
Fuel volume Fuel average price Net finance costs 4.8 1.7 182.4 5.3 Unit Cost Unit cost excluding jet fuel
DNATA Total 90.4 97.0 (6.8) 100.0
CONSOLIDATED
FINANCIAL
STATEMENTS

ADDITIONAL
INFORMATION
Expenditure
Total costs
Our total costs for the year were AED 90.4bn
(2018-19: AED 97.0bn), showing a reduction of
6.8% from previous year.
Impact on adoption of IFRS 16
As required by IFRS 16, operating lease
charges have been replaced by interest and
depreciation expenses. IFRS 16 typically causes
the profit line to be front-loaded. As projected,
with Emirates operating a young aircraft fleet,
the adoption of IFRS 16 resulted in an adverse
income statement impact in the current year.
Since the numbers for financial year 2018-19
have not been restated, income statements for
the two years are not directly comparable.
Jet fuel
Jet fuel remained our single largest element
of total costs at 29.1% (2018-19: 32.3%). The
market prices for jet fuel remained volatile
fluctuating between USD 63/barrel to USD 82/
barrel. The average price in 2019-20 was USD
76/barrel, a decrease of 9% versus last year.
This, together with a lower fuel uplift of 6%,
due to reduced capacity, resulted in our fuel
bill dwindling by 14.6% to AED 26.3bn (2018-
19: AED 30.8bn). As a result, fuel costs per
ATKM dropped to 45 fils (2018-19: AED 49 fils).
66
Almost 20% of our jet fuel purchases were
hedged during the year. We are vigilantly
evaluating and responding to fuel price risk on
an ongoing basis.
Depreciation and amortisation
With the adoption of IFRS 16 from 1 April
2019, our depreciation and amortisation
expenses have risen considerably and now
form 21.5% - the second largest component -
of total costs (2018-19: 10%). A charge of AED
9.4bn was recognised in the current year as
depreciation of right-of-use assets in respect
of aircraft and other assets. Consequently,
operating lease expenses reduced to Nil.
This expense line also increased due to
following; i) the delivery of 6 aircraft this year,
ii) staff accommodation facilities and other
leases added as right-of-use assets and iii)
contractual rights purchased on our aircraft
maintenance programme. All this was on top
of the full year depreciation impact of last
year’s aircraft deliveries and other capital
assets.
Employee cost
Employee costs at AED 12.1bn (2018-19: AED
12.6bn) were down by 4% due to reduced
head count and the change in accounting for
staff accommodation related operating lease
costs which are now included in the right-of-
use assets related depreciation charge.
Direct operating costs
Our direct operating costs (‘DOCs’) include
aircraft related handling, in-flight catering,
overflying, landing & parking, crew layover
and aircraft maintenance expenses which
reduced by 6.5%, in line with our
capacity reduction.
Other operating costs
Other operating costs comprise sales and
marketing, facilities, technology costs and
corporate overheads. These costs have been
successfully managed via various innovative
and sustainable cost-saving initiatives and
stood at AED 11.4bn (2018-19: AED 12.7bn), a
reduction of 12.3% compared to previous year.
Unit costs per ATKM
Our unit costs per ATKM showed an
improvement and stood at 141 fils (2018-19:
146 fils) per ATKM primarily due to reduction
in fuel prices.
Unit costs excluding fuel showed a marginal
decline from last year and reached 96 fils
(2018-19: 97 fils) per ATKM primarily due to
the weakening of major currencies against
the US Dollar having a positive impact of AED
0.7bn on our cost base.
Finance costs
Net finance costs rose to AED 4.8bn (2018-19:
AED 1.7bn), a significant jump due to the
adoption of IFRS 16, resulting in lease liabilities
being recognised on the balance sheet and
corresponding interest expense has been
recognised. The increase was partially offset
due to Emirates’ watchful strategy of debt
refinancing to leverage lower interest rates
prevailing in the market.
Other financial gains and losses
Following the rapid global spread of
COVID-19, we no longer expect to consume
the same volume of jet fuel as initially
envisaged given the reduction in planned
operations. Consequently, the existing crude
oil hedge relationships were adjusted in
accordance with IFRS 9, by reforecasting
jet fuel uplifts and the resulting hedge
ineffectiveness of AED 1.1bn was recognised in
the income statement.
This charge was partially offset, to the tune of
AED 0.6bn, by gains recorded on settlement of
currency derivatives which did not qualify for
hedge accounting.
These transactions are disclosed within Note 9
of the consolidated financial statements.
 Available tonne kilometres (ATKM) in bn Revenue tonne kilometres (RTKM) in bn Destinations in numbers Longevity of destinations* in no. of years
and number of aircraft 49
153 156 157 158 157 50
45
259 268 270 270
251 41.3 42.3 41
39.3 39.5
36.9 53 40
50 50
61.4 63.3 47
60.5 58.6 40 30
56.4
22
20
OVERVIEW
10
EMIRATES
0
DNATA 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 <5 6-10 11-19 >20
ATKM No. of aircraft Total A380 *includes destinations suspended due to COVID-19
GROUP

FINANCIAL
Overall and breakeven load factor in % A380 aircraft numbers B777 aircraft numbers Aircraft departures in thousands
INFORMATION
115 163 166 161 205 202 203
109 156 155 200
189
EMIRATES 67.2 67.4 102
FINANCIAL 66.8 94
65.5 65.0
COMMENTARY 75
66.4
DNATA 65.2
FINANCIAL 64.5
63.4
COMMENTARY

EMIRATES 60.4
CONSOLIDATED
FINANCIAL 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20
STATEMENTS
Breakeven load factor Overall load factor
DNATA
CONSOLIDATED
FINANCIAL
STATEMENTS

ADDITIONAL
INFORMATION
Capacity, traffic and load factor
Our capacity reduced by 7% compared
to the previous year bringing the ATKMs
down to 58.6bn (2018-19: 63.3bn).
Consequentially, traffic loads or RTKMs
dipped by 7% as well and stood at
39.5bn (2018-19: 42.3bn).
These reductions were primarily the
result of heavy network suspensions that
arose due to the COVID-19 pandemic
related lock-downs across the globe in
the month of March 2020. In addition,
the planned operational suspension
due to the DXB runway closure for
maintenance purposes at the start of the
financial year also pushed our capacity
and RTKMs down. Consequentially, the
number of departures also saw a decline
of 7%.
Keeping these exceptional events aside,
we invested sizably in our product and
continued to attract traffic owing to
our high quality service. As a result, our
overall load factor improved by 0.6%pt
and closed at 67.4% (2018-19: 66.8%).
Our break-even load factor reduced to
63.4% (2018-19: 66.4%) due to lower unit
costs per ATKM resulting from lower fuel
price and various cost saving measures.
Our position as the largest operator of
the A380 aircraft remained intact and
with 6 new deliveries, we now have
115 superjumbos in the fleet. The high
seat factor on the A380 continues to
demonstrate the customer preference for
this aircraft. The fleet carried 43% (2018-
19: 41%) of our passengers in 2019-20
and with 53 destinations, around 34%
(2018-19: 32%) of the Emirates network
is served by our flagship aircraft. This
aircraft will remain the cornerstone of
our fleet mix and product offering well
into the 2030s.
The B777 aircraft continues to remain
a strong pillar of our fleet. During the
year, we phased out 6 older aircraft,
bringing the total fleet size to 155. We
still remain the world’s largest Boeing
777 operator. This fleet accounts for 57%
(2018-19: 59%) of the airline’s capacity,
carrying nearly 57% (2018-19: 59%) of
our passengers and 74% (2018-19: 76%)
of our cargo tonnage.
Our Boeing fleet has played a key role
in supporting trade and communities
with the transport of essential goods
and medical aid during the COVID-19
pandemic.
We continued to invest in enhancing
customer experience through on-board
and ground products, upgrading our
lounge and catering offerings; and
making improvements to our network by
adding new destinations and partnering
with other airlines.
Our passenger network was improved by:
• Introduction of two destinations –
Porto, our second point in Portugal
after Lisbon and Mexico via Barcelona;
along with the full year operations of
destinations added in the prior year in
the Far East and Europe;
• Higher frequencies to several
existing destinations including
Abuja, Barcelona, Cairo, Casablanca,
Conakry, Durban, Entebbe and London
Stansted;
• A new daily service from our hub in
Dubai to Phnom Penh via Bangkok;
• New A380 services to Riyadh, Muscat
and Cairo; and
• Increased capacity to existing
destinations with larger aircraft to
Amman, Athens, Boston, Glasgow,
Jeddah and Kuala Lampur.
Our freighter network saw the
introduction of Taipei, Kano and Lagos
while we suspended operations in
Bogota, Los Angeles, Luxembourg and
Mexico City.
Longevity of destinations
We remain steadfast in our commitment
to build our network through improved
customer experiences fostering long
term loyalty. Our investments continue
to be well-received as nearly 31% of our
total destinations are being serviced for
more than 10 years and 26% for more
than 20 years.
67
 Primary and secondary capital expenditure Equity in AED bn
in AED bn 37.0 37.7
35.1
14.7 32.4
12.3
10.6 11.3 23.6
Assets in AED bn Equity and liabilities in AED bn
7.4
OVERVIEW 172.1 172.1

EMIRATES 23.6
2.0 2.0 1.1 1.1 0.6
DNATA 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20
127.4 127.4
GROUP
Fleet capital expenditure Others

124.8 37.7
FINANCIAL
INFORMATION
99.6
75.3 Aircraft, engines Equity movement in AED bn
EMIRATES and parts*
FINANCIAL 52.2
COMMENTARY Other non-current Equity 9.6
assets 1.2
5.6
DNATA 21.2 Cash assets Non-current
FINANCIAL 19.6 37.7 0.1
liabilities
COMMENTARY 17.0 48.9 23.6
20.2 37.5
Other current Current liabilities
EMIRATES
7.5 13.9 assets
CONSOLIDATED
19-20 18-19 19-20 18-19 As at Impact on Profit Other Other As at
FINANCIAL
31 March adoption of for comprehensive movements 31 March
STATEMENTS 2019 IFRS 16 the year income
* includes aircraft pre-delivery payments 2020
DNATA
CONSOLIDATED
FINANCIAL
STATEMENTS

ADDITIONAL
INFORMATION
Statement of financial position
Emirates’ balance sheet size grew by
35% due to the adoption of IFRS 16.
The new standard replaces IAS 17
and requires almost all leases to be
recognised on the balance sheet by
a lessee, as the distinction between
operating and finance leases is removed.
Under the new standard, an asset,
right-of-use (“ROU”) and a financial
liability to pay rentals is recognised.
Leases are capitalised as ROU assets
by recognising the present value of
the lease payments while obligations
to make future payments under leases,
previously classified as operating, are
now recognised as debt. Note 2 of
the consolidated financial statements
provides details of the transition
methodology used and the related
impact of IFRS 16 on our balance sheet.
Assets
Total assets stood at AED 172.1bn
(2018-19: AED 127.4bn), non-current
assets increased by 50% or AED
47.9bn while current assets showed a
68
reduction. Current assets, excluding
cash assets, dropped by AED 6.4bn due
to the adverse impact of COVID-19 on
our revenue related receivables which
showed a decline of over 50% compared
to last year. An amount of AED 1.9bn
relating to operating lease prepayments
was reclassified to ROU assets as part of
the IFRS 16 implementation.
Cash assets remained healthy at AED
20.2bn (2018-19: AED 17.0bn).
Capital expenditure
The investment in our fleet and
customer focused initiatives marched
ahead this year as well. Capital intensive
cash outflows amounted to AED 11.9bn
(2018-19: AED 13.4bn).
Primary capital expenditure comprising
of aircraft spend (including pre-delivery
payments, aircraft and engine parts),
major aircraft & engine maintenance
related costs and spare engines
represented 95% or AED 11.3bn of the
total capital spend (2018-19: 92% or AED
12.3bn).
6 new A380s were delivered this year,
in line with our strategy to keep our
fleet young and efficient. We also
completed our 777-200LR refurbishment
programme this year and entered into a
new engine maintenance contract.
Equity
Despite an increase in profits compared
to previous year, Emirates’ total equity
saw a drop of AED 14.1bn to AED 23.6bn
(2018-19: 37.7bn) as at the year end.
This decrease was due to the adoption
of IFRS 16 and unfavourable mark-to-
market (“MTM”) values on our derivative
instruments. IFRS 16 adoption led to a
reduction of AED 9.6bn in our equity.
Negative MTM values of AED 5.6bn
primarily relate to fuel related derivatives
maturing in the next 24 months. The
negative mark-to-market values are due
to the crash of oil prices towards the end
of our financial year.
In order to support Emirates during
this challenging time, the shareholder
decided to retain this year’s profit
and hence no dividend was declared.
Following the COVID-19 pandemic,
we have taken various measures to
navigate our business through this crisis,
including compensating cost saving
measures and reductions in discretionary
capital expenditure. These measures also
include obtaining committed support
from the Government of Dubai which
has publicly confirmed that they will
financially support Emirates during this
period through a variety of measures
including additional equity injection,
if required.
Liabilities
Total liabilities increased by 66% to AED
148.5bn (2018-19: AED 89.7bn) primarily
due to recognition of additional lease
liabilities on adoption of IFRS 16, offset
to some extent by a reduction in forward
sales liabilities due to the ongoing
COVID-19 pandemic.
 Sources of funding over last 10 years in %

44% Leased Fleet information

33% Commercial Financing Aircraft Total as at Owned* Leased Total as at Change since Future Options
16% EXIM/ECA Guaranteed Financing 31 March 31 March 31 March deliveries
6% Bonds 2020 2019 2019
OVERVIEW
1% Islamic Financing A 380-800 115 56 59 109 6 8 -
EMIRATES B 777-300ER 134 66 68 138 (4) - -
DNATA B 777-200LR 10 6 4 10 - - -

GROUP
B 777-300 - - - 1 (1) - -
B 787-9 - - - - - 30 -
FINANCIAL
Number of aircraft Average fleet age in months
INFORMATION B 777-X - - - - - 115 61
81
EMIRATES 268 270 270 74 73 A 350-900 - - - - - 50 -
68
FINANCIAL
259 63 Passenger 259 128 131 258 1 203 61
COMMENTARY
251 B777-200LRF 11 - 11 12 (1) - -
DNATA
FINANCIAL Freighters 11 - 11 12 (1) - -
COMMENTARY
Total aircraft 270 128 142 270 - 203 61
EMIRATES Note: One A319 aircraft is used for Executive jet charters.
CONSOLIDATED
FINANCIAL 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 *Includes aircraft acquired on secured financing.
STATEMENTS

DNATA
CONSOLIDATED
FINANCIAL
STATEMENTS

ADDITIONAL
INFORMATION
Fleet acquisition and financing
During the year, the airline took delivery
of 6 A380s from Airbus and retired 6
of its older (4 B777-300ER, 1 B777-300
and 1 B777-200F) aircraft, reinforcing its
position as the world’s largest all wide-
body aircraft operator.
As part of its long term fleet planning,
in November 2019, Emirates announced
an order for 50 A350-900 XWB and
30 B787-9 aircraft at list prices of USD
24.8bn. The latest generation A350
and B787-9 aircraft will be delivered
to Emirates starting from financial year
2023 and the aircraft will complement
Emirates’ fleet mix, support network
growth, and give more flexibility to serve
seasonal or opportunistic demand better.
With this, Emirates now has on order 203
aircraft – 8 A380, 50 A350, 115 B777-X
and 30 B787-9, excluding options and
purchase rights.
Emirates continues to maintain a young
fleet age of 6.8 years (81 months) (2018-
19: 6.0 years (73 months)), substantially
lower than the industry average,
consisting of 155 Boeing aircraft and 115
twin-deck A380 aircraft.
During the year, Emirates raised a total
of AED 9.3bn (2018-19: AED 14.2bn) in
aircraft financing (funded through
term loans).
Underpinned by our financial strength
and solid track record of business
performance, Emirates continued to
innovate and develop new financing
techniques in partnership with the
financial community.
As part of an initiative to reduce costs
and take advantage of the falling global
interest rates, we refinanced USD 673m
and repriced USD 843m of debt in this
financial year, resulting in an estimated
overall future cost savings of over
USD 30m.
Since 2010, Emirates has repaid over
AED 15bn (USD 4.1bn) towards capital
markets issuances including scheduled
repayments of amortising debt as well
as the UK Export Finance backed SUKUK
and Corporate SUKUK.
Emirates’ strength of operations and
cash flow generation underscore the
consistent ability to meet obligations in
a timely manner. We continue to repay
our financing liabilities as they become
due from our cash resources.
Emirates and its financing associates won
the ‘Aviation 100 Middle East & Africa
Supported Finance Deal of the Year for
2019’, resulting from the financing of two
Emirates A380 aircraft, which was the
first A380 Bpifrance (French Sovereign
Export Credit Agency) Assurance Export
backed financing that also combined
a commercial tranche sourced from
Korean investors.
Having raised close to AED 200bn (USD
54.5bn) total financing over the last 10
years, Emirates has been successful in
maintaining a well-diversified financing
portfolio. Tapping into various sources
of funding, both in terms of structure
and geography, Emirates continues
to successfully manage its long term
financing strategy.
Following the outbreak of COVID-19,
we are making all efforts to maintain
sound liquidity. In March 2020, we
raised additional liquidity through term
loans, revolving credit and short term
trade facilities to the tune of AED 4.4bn
(USD 1.2bn) and we continue to tap the
bank market for further liquidity in the
first quarter of financial year 2020-21
to provide a cushion for the impact of
COVID-19 on the business cash flows in
the short term.

69
 Cash generated from operating activities Cash assets in AED bn and Cash assets to Operating cash margin in % EBITDAR margin in %
in AED bn total revenue in %
22.8 24.8 28.7
28.1
20.0 20.4 20.2 27.0
17.0
14.1 14.1 15.7
16.6
10.4 10.5 15.3
24 25.0 24.5
OVERVIEW 22 22
18 17
12.3
EMIRATES 10.8

DNATA 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20

GROUP
Cash assets Cash assets to revenue

FINANCIAL
INFORMATION
Cash flow in AED bn EBITDAR and debt service in AED bn
19
EMIRATES
10.2 16
14 13
FINANCIAL 22.8 12
COMMENTARY 9.4

25.9
25.0
24.4

24.0

23.4
DNATA

21.8
21.2

20.6
19.0
FINANCIAL
20.2

15.1
COMMENTARY
17.0
EMIRATES
CONSOLIDATED Cash assets Net cash Net cash Net cash Cash assets
FINANCIAL net of bank generated from used in used in net of bank 15-16 16-17 17-18 18-19 19-20
STATEMENTS overdrafts as at operating investing financing overdrafts as at
31 March 19 activities activities activities 31 March 20 EBITDAR Debt service No. of months
DNATA
CONSOLIDATED
FINANCIAL
STATEMENTS

ADDITIONAL
INFORMATION
Cash position As per the new standard, the cash flows increase in profit for the year and the net in the consolidated statement of cash
related to previously off balance sheet impact of IFRS 16 adjustments. flows and in the relevant notes to the
Cash assets
leases (operating leases) are disclosed in consolidated financial statements.
Despite a difficult last month of FY 2019-20 investing activities rather than operating Debt service payments amounted to AED
which saw our revenues and profit line activities. 23.4bn (2018-19: AED 20.6bn), an increase EBITDAR after debt service payments was
severely impacted, our cash assets which of 13.6% compared to previous year AED 2.5bn and equated to 13 months
include short term bank deposits were Increased cash generated from operating primarily due to the repayments for new (2018-19: 14 months) of payments.
at a robust AED 20.2bn (2018-19: AED activities also meant an improvement in aircraft added to the fleet in the current
our operating cash margin which reached and previous year. EBITDAR margin at 28.1% (2018-19:
17.0bn), up by 19%. However, our cash 24.5%) was 3.6% pts. higher than last
reserves will remain under pressure given 24.8% (2018-19: 10.8%).
The payments shown in the table below year due to a decrease in revenue
the unpredictable impact of the COVID-19 (including those of previous years) exclude complimented by a higher EBITDAR for
pandemic on our business in the financial EBITDAR and debt service
refinancing of certain borrowings and the current year.
year 2020-21.   Cash profit from operations (EBITDAR) at lease liabilities at commercially better
AED 25.9bn (2018-19: AED 24.0bn) was rates. The related cash inflows and
Cash assets to total revenue improved to
7.8% higher than last year primarily due to outflows are reported at their gross values
22% (2018-19: 17%) and is well within our
target range of 25% +/- 5%.
Cash from operating activities
2019-20 2018-19 2017-18 2016-17 2015-16
Cash generation from operating activities
of AED 22.8bn (2018-19: AED 10.5bn) EBITDAR in AED bn 25.9 24.0 25.0 21.2 24.4
improved by 117%. However, this is not Less: Debt service
directly comparable to the prior years Repayment of borrowings and lease liabilities (18.5) (7.0) (6.0) (10.0) (5.8)
due to the change in presentation of Repayment of operating lease rentals - (11.7) (11.7) (10.5) (8.1)
cash flows in the consolidated financial
statements upon implementation of Interest paid (4.9) (1.9) (1.3) (1.3) (1.2)
IFRS 16. Total (23.4) (20.6) (19.0) (21.8) (15.1)

70 EBITDAR after debt service in AED bn 2.5 3.4 6.0 (0.6) 9.3
 Debt repayment profile in AED bn Debt collateralisation in AED bn

172.1
41.3

139.1
19.2

127.6

127.4
121.6
119.2

110.2
23.6

89.4
86.9

86.0
82.8
11.3 18.3 17.0

53.0
15.2

51.1
51.0
50.1
10.3 9.7 13.6
OVERVIEW 8.5 7.1
EMIRATES
12.3 8.0 7.3 6.7 6.5 22.1
DNATA 20-21 21-22 22-23 23-24 24-25 26 and 15-16 16-17 17-18 18-19 19-20
beyond
Lease liabilities Bonds and term loans Total assets Secured assets Total debt
GROUP

FINANCIAL 450.00 Net debt to EBITDAR ratio in % Net debt to equity ratio in % Effective interest rate on borrowings Cash asset to net debt in %
INFORMATION and lease liabilities in %
381.2 5.4 28.6
EMIRATES 406.25 392.9
FINANCIAL 4.6 25.4
COMMENTARY
4.2
362.50 347.8 3.8 3.8
22.5
DNATA 3.8
318.75 237.9 3.7
FINANCIAL 330.3
COMMENTARY
321.0 3.1 21.5
2.6 2.8
275.00 286.5 215.9 216.4 209.8 18.8
EMIRATES
CONSOLIDATED
FINANCIAL 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20
STATEMENTS
Lease liabilities Bonds and term loans
DNATA
CONSOLIDATED
FINANCIAL
STATEMENTS

ADDITIONAL
INFORMATION
Debt
Emirates’ borrowings and lease liabilities
more than doubled compared to the
previous year and reached AED 110.2bn
(2018-19: AED 53.0bn). This was mainly
due to the adoption of IFRS 16 which
led to recognition of lease liabilities
of around AED 61bn pertaining to
previously off balance sheet leases.
Further loans taken on delivery of six
new aircraft moved the liabilities higher.
These increases were offset by the
repayments of amortising bonds, lease
liabilities and term loans.
The non-current portion of borrowings
and lease liabilities amounted to AED
90.7 (2018-19: 45.4bn) and represented
91% (2018-19: 87%) of the total non-
current liabilities while the current
portion of AED 19.5bn (2018-19: AED
7.6bn) accounted for 40% (2018-19:
20%) of the total current liabilities.
Net debt to EBITDAR ratio
The net debt to EBITDAR ratio increased
to 347.8% (2018-19: 330.3%), due to
higher net debt.
Net debt to equity ratio
On transition to IFRS 16, lease liabilities
doubled as compared to the prior year
and total equity dipped by almost 30%.
Expectedly, and despite an increase in
cash assets, the net debt to equity ratio
rose to 381.2% (2018-19: 209.8%).
Debt repayment profile
We aim to achieve a stable repayment
profile by obtaining debt with periodic
instalments as opposed to bullet
payments. This enables us to manage
debt servicing through our operating
cash flows and the use of surplus cash
for investment purposes. As at the
balance sheet date, more than 95% of
our debt was amortising in nature.
Cash assets to net debt ratio
An increase in cash reserves helped us
improve our cash assets to net debt ratio
to 22.5% (2018-19: 21.5%).
Debt collateralisation
Of the total debt of AED 110.2bn,
AED 54.9bn represents lease liabilities
which are supported by ROU assets
of AED 53.0bn. From the remaining half of our interest rate risk exposures.
debt, 80% or AED 44.4bn is secured After taking into account the impact of
against property, plant and equipment interest rate swaps, 69% of our total
with the balance being adequately debt was on fixed interest rate basis
covered against the carrying value of with the balance 31% being on floating
unencumbered assets (property, plant interest rates.
and equipment) amounting to AED
The effective interest rate for bonds
28.9bn (2018-19: AED 29.8bn).
and term loans reduced to 3.7%
(2018-19: 4.6%) as we continue to
Financial risk management
take advantage of lower interest rates
Jet fuel price risk prevailing in the market.
We are exposed to volatility in the
The effective interest rate of 5.4% on
price of jet fuel. To manage this risk,
lease liabilities was higher due to the
we hedge part of our highly probable
incremental borrowing rate applied on
forecast purchases of jet fuel up to 24
transition to IFRS 16.
months in advance using commodity
futures, options and swaps, as and when
opportunity arises and depending on the
market conditions.
Interest rate risk
We continue to use prudent hedging
solutions such as swaps to manage our
interest rate exposures. We target a
risk-managed portfolio approach, whilst
taking advantage of market movements,
with long-term view of hedging around
71
 Currency development Capacity per airline employee in ATKM ‘000 Revenue per airline employee in AED ‘000
10%
Graph represents the quarterly % movement in 1,975
1,873

Heading heading
our six major currencies for the last two years 1,325 1,717 1,784
1,174 1,171 1,235 1,235 1,580

0%
OVERVIEW

EMIRATES

-10%
DNATA 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20

GROUP

ZAR INR AUD EUR GBP CNY

FINANCIAL Employee strength (in numbers) 2019-20 2018-19 % change
INFORMATION
-20% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2018-19 2019-20 UAE
EMIRATES
Geographical work force including subsidiaries in % Cabin crew 21,789 21,691 0.5
FINANCIAL
COMMENTARY Flight deck crew 4,313 4,134 4.3
Engineering 3,316 3,330 (0.4)
DNATA
FINANCIAL Others 12,627 12,958 (2.6)
COMMENTARY 90%
UAE Total UAE 42,045 42,113 (0.2)
EMIRATES Overseas stations 5,376 5,695 (5.6)
CONSOLIDATED 10%
FINANCIAL Total airline 47,421 47,808 (0.8)
STATEMENTS Overseas

DNATA Subsidiary companies 12,098 12,474 (3.0)

CONSOLIDATED
FINANCIAL Average employee strength 59,519 60,282 (1.3)
STATEMENTS

ADDITIONAL
INFORMATION
Currency risk
We proactively manage currency
exposure generally over a period of up
to 12 months depending on market
conditions by using various hedging
solutions including forward contracts,
currency swaps and natural hedges.
Nearly 36% of our transport revenues
are generated in US Dollar or currencies
pegged to USD.
Currencies were highly volatile this
year in all our key markets. With the
continuous strengthening of US Dollar
against other currencies for most part
of the year, our revenue generation in
the Indian subcontinent, Europe and
Australia suffered in AED terms.
We were also impacted by sizeable
currency devaluations in Africa and
South America.
As depicted in the graph above, South
African Rand and Australian Dollar
showed a lot of volatility whereas Euro,
Chinese Yuan and Pound Sterling though
weakened, were relatively stable.
72
The Indian Rupee recovered in the first Employee strength and • Revenue per airline employee at AED
quarter of this financial year and was productivity 1,873 thousand (2018-19: AED 1,975
stable until Q3. However, it weakened thousand) has reduced in line with
The average workforce fell by 1.3% to
along with other currencies towards the reduction in revenue.
59,519.
end of the year due to the impact of
• Capacity per airline employee is down
COVID-19 pandemic. The average number of employees in
by 6.8% at 1,235 thousand ATKM
The movements in exchange rates the airline dropped by 0.8% to 47,421. (2018-19: 1,325 thousand ATKM)
compared to the previous year had an While the number of crew increased due to a 7% reduction in capacity
overall adverse impact of AED 1bn on by 1.1% to 26,102, there was a slight partially offset by reduction in airline
Emirates operating results (2018-19: reduction in other departments due to employee count.
adverse impact AED 0.6bn). Excluding natural attrition. We continue to invest
in our employees’ well-being and are • The load carried per airline employee
USD or the currencies pegged to USD,
committed to supporting them through dipped to 833 thousand RTKM (2018-
the following six currencies account
the ongoing COVID-19 pandemic. 19: 885 thousand RTKM), down by
for circa 43% (2018-19: 44%) of our
5.9% due to a 6.6% drop in overall load
transport revenue: Overseas station employee numbers
carried partially offset by reduction in
declined by 5.6% to 5,376 (2018-19: airline workforce.
Currency average rate (in AED) 5,695).
2019-20 2018-19 % change Workforce in the subsidiary companies
also reduced compared to the prior year
ZAR 0.246 0.268 (8.2) given the economic slowdown.
AUD 2.496 2.675 (6.7)
Although the airline’s employee
EUR 4.077 4.243 (3.9) productivity related key performance
CNY 0.526 0.546 (3.7) indicators have reduced slightly due to
GBP 4.658 4.808 (3.1) various operational challenges during
the year, these have remained strong:
INR 0.052 0.053 (1.9)
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

EMIRATES
FINANCIAL
COMMENTARY

DNATA
FINANCIAL
COMMENTARY

EMIRATES
CONSOLIDATED
FINANCIAL
STATEMENTS

DNATA
CONSOLIDATED
FINANCIAL
D N ATA
FINANCIAL
STATEMENTS

ADDITIONAL
INFORMATION

C O M M E N TA R Y
 Profit attributable to the Owner in AED m Profit margin in % Total revenue trend in AED bn Geographical revenue in %
1,445 14.4 14.8
1,317 10.1 10.0 13.1
1,210 9.9 9.9 12.2 64 66 68 70 72
1,054 10.6

618
OVERVIEW
4.2
EMIRATES
36 34 32 30 28
DNATA 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20

GROUP
International UAE

FINANCIAL
Operating profit in AED m Operating margin in % Return on shareholder’s funds in % Acquisitions in AED m
INFORMATION
1,278 664
1,224 1,196 616
EMIRATES 1,061 20.7 20.3 19.3
10.0 10.0 19.2
FINANCIAL 9.1 8.9
COMMENTARY
338
DNATA 507
FINANCIAL
COMMENTARY 148
3.4 7.6
EMIRATES 20
CONSOLIDATED
FINANCIAL 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20
STATEMENTS

DNATA
CONSOLIDATED
FINANCIAL
STATEMENTS

ADDITIONAL The close of our financial year 2019-20 was
INFORMATION wrought by the COVID-19 pandemic that
had forced more than half of humanity into
lockdown by the end of March 2020. Aviation
and travel industries were amongst the first
and hardest hit. dnata, a global air and travel
services provider, has been no exception and
is faced with an unprecedented challenge that
will continue to impact it in the financial year
2020-21.
2019-20 saw dnata’s business coming under
severe pressure due to several events like the
planned closure of southern runway at Dubai
International airport (“DXB”) for 45 days and
contraction of demand in the UK travel market
(that also caused the demise of Thomas Cook)
before its revenues and profits suddenly
plummeted in the month of March 2020.
Despite a myriad of challenges, revenues for
the full year remained resilient and grew by
2.4%, primarily due to significant growth in
our inflight catering business that benefited
from a first full year of new acquisitions made
during second half of 2018-19. dnata’s profits,
however, were hit hard by the impairment
charges and poor operating results particularly
in the UK travel business. To add to this, losses
were recognised in the last month across all
lines of business. dnata’s bottom line this
year was augmented by one-off income of
AED 216m from the divestment of our stake
74 in Accelya.
Cash reserves at year end remain adequate
to see us through the ongoing challenges of
COVID-19 in the short term.
dnata remains undeterred in its focus on
quality, safety, people and customers, and
continues to drive efficiencies across all
businesses in processes and resources.
Effective 1 April 2019, we adopted the new
leases accounting standard, IFRS 16, which
has no cash flow or economic impact on
dnata but it does change the way lease
related expenditure, assets, liabilities and cash
flows are reported in the primary financial
statements and disclosure notes.
Acquisitions
2019-20 was a year of integrating the
significant acquisitions dnata made in the
previous year and more focus was put to
winning new customers and strengthening
existing relationships.
During the year, we acquired the remaining
50% equity stake in our inflight catering
joint-venture, Alpha LSG Limited, which is the
leading provider of inflight services to some
of the world’s largest airlines operating in the
UK, offering a comprehensive range of inflight
catering, on-board retail and logistics services
across all of the UK’s major and regional
airports.
In our travel line of business, we acquired the
remaining 50% equity stake in Dunya Travel
LLC – a prominent player in the Abu Dhabi
corporate travel market.
Total revenue (including other
operating income)
Our total revenue improved to AED 14.8bn
(2018-19: AED 14.4bn). This was despite the
COVID-19 pandemic that stifled demand
across all our lines of business towards the
end of the year as the travel industry across
the world came to an abrupt halt and dnata’s
airline customers dramatically reduced
operations or stopped flying completely. dnata
lost over AED 600m in revenues in the month
of March 2020 alone.
Revenues from international airport operations
were consistent with last year at AED 3.9bn
(2018-19: AED 4.0bn). Travel business revenues
dropped by 3.8% or AED 141m as the growth
in our Emirates Holidays business was wiped
out by challenging trading conditions in
key markets, exacerbated by the collapse of
Thomas Cook in the UK. Despite the southern
runway closure at DXB, UAE airport operations
revenue remained stable at AED 3.2bn (2018-
19: AED 3.2bn), spurred by the newly acquired
Dubai Express. Inflight catering division
achieved revenue growth of 26% or AED 683m
as it benefitted from the first full year of
revenues from Qantas Catering and 121 Group
acquired during second half of last year.
Other operating income was consistent at AED
0.5bn as the gain from our HRG divestment
in 2018-19 was largely replaced by gain on
divestment of Accelya and recovery of a legal
claim in the US.
Overall, the share of geographic revenue
from operations outside the UAE grew to 72%
(2018-19: 70%) in line with dnata’s strategy
to grow its international businesses in a
sustainable manner.
Profitability
Profit attributable to the Owner and profit
margin declined to AED 618m (2018-19: AED
1,445m) and 4.2% (2018-19: AED 10.0%)
respectively. This was primarily driven by;
i) impairments of goodwill, contractual rights
and receivables in the UK travel business,
ii) start-up costs incurred with regards to
expansion of catering business in the US,
Canada and Ireland, and iii) 45 days southern
runway closure at DXB. Furthermore, the
COVID-19 pandemic severely dented the
performance towards the year end, eroding
more than AED 250m of profit in a single
month. The cost reduction measures taken
in response to sudden fall in revenue are
gradually filtering through to the bottom line.
 Revenue by Line of Business Catering Travel services
- Meals uplifted number in millions - Total Transaction Value (TTV) in AED bn
Revenue in AED m 2019-20 2018-19 % change % of total 19-20 93.5 19-20 10.8
International airport operations 3,940 3,997 (1.4) 27.7
18-19 70.9 18-19 11.5
Travel services 3,537 3,678 (3.8) 24.9
UAE airport operations 3,171 3,223 (1.6) 22.3 17-18 55.7 17-18 11.3
OVERVIEW
Inflight catering 3,313 2,630 26.0 23.3
16-17 60.7 16-17 10.7
EMIRATES Other services 262 360 (27.2) 1.8
Total 14,223 13,888 2.4 100.0 57.1 11.7
DNATA 15-16 15-16

GROUP

FINANCIAL
International airport operations International airport operations UAE airport operations UAE airport operations
INFORMATION - Aircraft handled - Cargo handled - in tonnes ‘000 - Aircraft handled - Cargo handled - in tonnes ‘000
EMIRATES 19-20 492,657 19-20 2,231 19-20 188,210 19-20 698
FINANCIAL
COMMENTARY
18-19 488,225 18-19 2,364 18-19 210,514 18-19 727
DNATA
FINANCIAL 17-18 448,553 17-18 2,352 17-18 211,038 17-18 731
COMMENTARY
16-17 407,915 16-17 2,130 16-17 215,696 16-17 714
EMIRATES
CONSOLIDATED
15-16 178,228 15-16 1,367 15-16 211,184 15-16 689
FINANCIAL
STATEMENTS

DNATA
CONSOLIDATED
FINANCIAL
STATEMENTS

ADDITIONAL International airport operations
INFORMATION
International airport operations continue to
be the largest business segment of dnata by
revenue. Our revenue was in line with last year
at AED 3.9bn (2018-19: AED 4.0bn). Significant
organic growth earlier in the year was checked
by the COVID-19 pandemic in Q4. Our quality
of service and high safety standards helped us
win or retain 145 contracts with key accounts
across the global network. Depreciation of
major currencies against the US Dollar had an
adverse impact of AED 128m on the top line.
We opened our eighth cargo warehouse
at London Heathrow airport and broke
ground on the dnata City North warehouse
in Manchester. Our new cargo warehouse
in Brussels also completed its first full year
of operations. The new marhaba lounge
in Changi Airport’s Terminal 3 opened in
July 2019. We continue to look for further
expansion opportunities for marhaba
internationally.
This year we also reorganised the management
structure of international airport operations
into four regions: Europe, Asia Pacific, USA
and New & Emerging Markets, which will help
drive additional value.
The number of aircraft handled increased by
0.9%, as growth in business in the US and
Brazil was impeded by a decline in volumes in
other markets, chiefly Australia. Cargo volumes
dropped by 5.6% due to difficult trading
conditions overall, particularly in the UK.
We saw the impact of COVID-19 pandemic
on our business worsened by the day towards
the end of the year. Our team reacted quickly
to ensure safety and wellbeing of our staff
whilst taking measures to manage costs and
preserve cash.
Travel services
Travel services revenue declined by 3.8% to
AED 3.5bn (2018-19: AED 3.7bn). The UK
business experienced significant headwinds
not only with the collapse of Thomas Cook
and its impact on our B2B business but also
the continued trading challenges across B2C
brands. Towards the year-end, the COVID-19
pandemic resulted in a material revenue
impact as large number of bookings were
cancelled. In addition to trading losses, we
recognised impairment losses on intangible
assets and receivables this year amounting to
AED 230m. Despite tough business conditions
across our key source markets in the GCC and
the UK, total transaction value (TTV) decreased
only marginally to AED 10.8bn (2018-19: AED
11.5bn). Weakening of Pound Sterling against
USD eroded the top line by AED 106m.
This year also saw the introduction of Priohub,
a technology platform for distributing and
selling activities and attraction tickets in Dubai,
through a 60% joint venture with Netherlands
based “PrioTicket B.V.”. In partnership with
Department of Tourism and Commerce
Marketing (“DTCM”), the platform connects
operators with a wide network of resellers in
real time and provide ticketing solutions to
reach customers via multiple channels.
UAE airport operations
UAE airport operations revenue stood at AED
3.2bn (2018-19: AED 3.2bn) as the decline
from ground handling operations at Dubai
International Airport (DXB) was offset by the
full year impact of Dubai Express following its
acquisition in February 2019. The decrease in
volumes for both aircraft handled to 188,210
(2018-19: 210,514) and cargo handled to 698
thousand tonnes (2018-19: 727 thousand
tonnes) was primarily driven by southern
runway closure at DXB and a reduction
in traffic in March 2020. The marhaba
business continued its good performance
and registered a 2% increase in guests at its
lounges in Dubai.
Inflight catering
Revenue from catering activities, which formed
23% (2018-19: 19%) of dnata’s revenue,
improved by 26% to AED 3.3bn (2018-19: AED
2.6bn). This was due to the consolidation of
the first full year results of Qantas Catering in
Australia and 121 Inflight Catering in the US.
Organic growth, through new customers and
expansion in new locations, was achieved in
the US, UAE, and Ireland.
Our North American operations saw the
inauguration of several new catering facilities.
In the US, we added Boston, Houston, Los
Angeles and San Francisco to our global
catering network - a combined investment
of USD 50m that has increased our capacity
to more than 40,000 meals per day. We also
commenced catering operations in Canada
by opening a state-of-the-art facility at
Vancouver airport.
A significant reduction in flights towards the
end of the year severely impacted catering
revenues. Our inflight catering business was
also impacted by the devaluation of Australian
Dollar and Euro against USD.
Meals uplifted during the financial year rose
by 32% to 93.5m (2018-19: 70.9m), as a direct
result of the expansion activities and new
businesses brought on-board.
75
 Operating costs* in AED bn Operating costs in %
14.3
13.1
11.9
11.0 41.2% Employee costs
9.6
37.0% Direct costs
6.4% Corporate overheads
OVERVIEW 6.0% Depreciation and amortisation
EMIRATES 3.5% Facilities related expenditure
5.9% Others
DNATA 15-16 16-17 17-18 18-19 19-20

GROUP

FINANCIAL
Employee cost as % of total operating costs Operating costs in AED m 2019-20 2018-19 Change % change
INFORMATION
19-20 41 59 Employee costs 5,875 5,386 489 9.1
EMIRATES
FINANCIAL
Direct costs
COMMENTARY 18-19 41 59 - Travel services 2,534 2,476 58 2.3
DNATA - Airport operations 1,364 1,350 14 1.0
17-18 43 57
FINANCIAL - Inflight catering 1,352 1,070 282 26.4
COMMENTARY
16-17 42 58 - Other 32 67 (35) (52.2)
EMIRATES
Depreciation and amortisation 853 459 394 85.8
CONSOLIDATED
15-16 40 60
FINANCIAL Facilities related expenditure 501 788 (287) (36.4)
STATEMENTS
Employee costs Other operating costs Sales and marketing expenses 321 370 (49) (13.2)
DNATA Information technology infrastructure costs 320 246 74 30.1
CONSOLIDATED
FINANCIAL Impairment of intangible assets 193 78 115 147.4 * Includes net
STATEMENTS impairment loss
Corporate overheads* 908 851 57 6.7
on trade and
ADDITIONAL Expenditure Total operating costs 14,253 13,141 1,112 8.5 other receivables
INFORMATION
dnata’s operating costs, including
the provision for impairment of trade Employee costs impact of Tropo’s acquisition last year ROU assets in line with IFRS 16.
and other receivables, increased by Employee costs increased by 9.1% or were largely offset by the decline in The remaining increase is attributable
8.5% to AED 14.3bn (2018-19: AED AED 489m to AED 5.9bn (2018-19: AED trade in the UK business. to various tangible and intangible
13.1bn) primarily due to the full year 5.4bn). Previous year acquisitions in the assets acquired in the current and
Airport operations’ costs were consistent
impact of acquisitions in the catering catering business were the major factors previous years.
with last year at AED 1.4bn (2018-19:
business, one-time impairment charges contributing to the increase of employee AED 1.4bn) as the increase from the Facilities related expenditure went down
recognised across various financial costs as 2019-20 saw the full year costs full year costs of Dubai Express were by 36.4% to AED 501m (2018-19: AED
statement line items in the UK travel of more than 2,200 employees who compensated by reduced activity due to 788m) due to IFRS 16 implementation as
business and on financial assets held in joined our workforce. Further, growth 45 days runway closure at DXB. lease rental expenditure is now replaced
Plafond in the UAE. Weakening of global in our international airport operations by depreciation and interest expense.
currencies against USD had a favourable business, primarily in the US, also Inflight catering related direct costs
impact of AED 292m on total costs. contributed to the increase. increased by 26% or AED 282m to AED Impairment of intangible assets more
1.4bn (2018-19: AED 1.1bn) as a result of than doubled to AED 193m (2018-19:
IFRS 16 implementation this year did not Direct costs the new acquisitions in Australia and the 78m) due to impairment of goodwill
impact our bottom line but resulted in a
Direct costs were 6.4% or AED 319m US last year. and contractual rights in the UK travel
change of geography within the income
higher than the prior year and stand at business and goodwill impairment in the
statement as operating lease expense Other operating costs
AED 5.3bn (2018-19: AED 5.0bn). US catering business.
was replaced by depreciation of the
Depreciation and amortisation expense
right-of-use (“ROU”) assets and interest Direct costs for travel services were Corporate overheads were up 6.7%
escalated by 85.8% to AED 853m (2018-
expense on lease liabilities. broadly in line with last year at AED to AED 908m (2018-19: AED 851m)
19: AED 459m). Almost 90% of this
2.5bn (2018-19: AED 2.5bn) as increases increase was on account of first-time as a result of impairments of trade
in costs from volume growth in Emirates depreciation expense recognised on receivables in the UK travel business and
Holidays business and the full year Plafond in the UAE.

76
 Assets in AED bn Equity and liabilities in AED bn
Assets in AED m 2019-20 2018-19 change % change
16.7 16.7 PPE, ROU assets, investment
OVERVIEW 15.1 15.1 property & intangible assets 7,297 5,424 1,873 34.5
EMIRATES
Other non-current assets 846 772 74 9.6
7.3 Cash assets 5,316 5,122 194 3.8
DNATA 5.4 8.3
Other current assets 3,244 3,773 (529) (14.0)
8.0
GROUP Total 16,703 15,091 1,612 10.7
0.8
PPE, ROU assets,
0.9 investment
FINANCIAL
INFORMATION property and
5.1 intangible assets
4.1 Equity and liabilities in AED m 2019-20 2018-19 change % change
EMIRATES 5.3 Other non- 2.1 Equity
FINANCIAL current assets Equity 8,302 8,027 275 3.4
COMMENTARY
Cash assets Non-current Non-current liabilities 4,109 2,126 1,983 93.3
DNATA 4.3 5.0 liabilities
3.2 3.8 Current liabilities 4,292 4,938 (646) (13.1)
FINANCIAL Other current Current
COMMENTARY assets liabilities Total 16,703 15,091 1,612 10.7

EMIRATES 19-20 18-19 19-20 18-19

CONSOLIDATED
FINANCIAL
STATEMENTS

DNATA
CONSOLIDATED
FINANCIAL
STATEMENTS

ADDITIONAL
INFORMATION
Statement of financial position
Assets
Total assets increased by 10.7% to AED
16.7bn (2018-19: AED 15.1bn).
Property, plant and equipment (‘PPE’), ROU
assets, investment property and intangible
assets combined stood at AED 7.3bn (2018-
19: AED 5.4bn), showing an increase of
34.5% due to the first-time recognition of
ROU assets upon adoption of IFRS 16.
PPE increased marginally to AED 2.1bn
(2018-19: AED 2.0bn) as the reduction
in assets due to depreciation charge
was offset by additions across all lines
of business. In international airport
operations, we made several investments
including; Ground Support Equipment
(‘GSE’) at New York–JFK and Washington
Dulles international airports, new cargo
facilities at London Heathrow, Manchester
and Brussels airports, and a new marhaba
lounge at Singapore Changi Airport. In
our catering business, we made significant
investments in new state-of-the-art kitchen
facilities in the US (Boston, Los Angeles,
Houston, Newark and San Francisco) and
Canada (Vancouver). The acquisition of
Alpha LSG increased our PPE by AED 137m.
IFRS 16 implementation resulted in
recognition of ROU assets amounting to
AED 2bn. Additions in the year due to new
leases taken in airport operations and
catering businesses were largely offset by
the depreciation charge.
Intangible assets of AED 2.8bn (2018-19:
AED 3.0bn) form 34% of dnata’s non-
current assets. Goodwill continues to form
the largest portion of the intangible asset
portfolio at 69% (2018-19: 72%) which
is validated on an annual basis through
impairment testing. This year, goodwill
pertaining to the US catering and UK travel
businesses were partially impaired by AED
164m as future cash flows struggled to
support the carrying value. Thomas Cook’s
demise led to an impairment of contractual
rights in the UK travel business. Alpha LSG
acquisition, however, increased intangible
assets by AED 131m.
dnata continues to invest in the
latest technology to stay ahead of its
competition, making sizable additions in
cyber security, financial systems, our travel
related websites and other technological
developments.
A strong US Dollar reduced the value
of PPE, ROU and intangible assets by
AED 278m.
Investments accounted for using the
equity method grew by 9.5% to AED 551m
(2018-19: AED 503m) due to additional
investment in Alpha LSG, offset partly by
dividends and impact of IFRS 16 adoption
by associates and joint ventures.
Trade and other receivables reduced by
18.6% to AED 3.0bn (2018-19: AED 3.7bn)
as a result of impairments, transfer of
prepayments related to Emirates Holidays
business from dnata to Emirates and a
general reduction in business activity
in March.
Equity
Total equity at AED 8.3bn (2018-19: AED
8.0bn) reflects an increase of 7.6% in
retained earnings due to profits for the
year, partly offset by the equity impact of
IFRS 16 adoption (Note 2 includes details of
transition methodology used). In order to
support dnata during this challenging time,
the Owner decided to retain this year’s
profit and hence no dividend was declared.
Our net assets remain under pressure
and we have taken various measures to
navigate our business through this crisis,
including compensating cost saving
measures, reductions in discretionary
capital expenditure and availing support
from governments where such support
is available.
Liabilities
Borrowings and lease liabilities increased
by 143.5% to AED 3.9bn (2018-19: AED
1.6bn). This is driven by recognition of AED
2.1bn worth of lease liabilities following
IFRS 16 adoption. Term loans that make
up the majority of the remaining balance,
increased marginally to AED 1.5bn (2018-
19: AED 1.4bn) as repayments of AED 298m
in the year were countered by additional
loans of AED 412m taken to fund new
investments in our catering and airport
operations businesses in the US.
Trade and other payables declined by
23.9% to AED 3.5bn (2018-19: AED 4.6bn)
primarily due to the settlement of previous
year’s dividend amounting to AED 500m,
the transfer of Emirates Holidays business
payables to Emirates and the decline in
business activity in March following the
COVID-19 pandemic.
77
 Free cash flow in AED m Operating cash margin in % Cash flow in AED m
299

1,858
1,393 899
42

1,445
1,390

1,417

1,393
1,281

1,094
14.2 5,027 5,180

893
13.1

856
OVERVIEW 9.8 9.4

206
EMIRATES 10.5 Cash assets Net cash Net cash Net cash Effects of Cash assets
net of bank generated used in used in exchange net of bank
overdrafts as from operating investing financing rate changes overdrafts as
DNATA 15-16 16-17 17-18 18-19 19-20 15-16 16-17 17-18 18-19 19-20 at 31 March 19 activities activities activities at 31 March 20

GROUP Cash from operating activities Free cash flow

FINANCIAL Geographical work force in % Total revenue per employee in AED ‘000
INFORMATION
19-20 319
EMIRATES
FINANCIAL
COMMENTARY 18-19 320
63% Overseas
Employee strength (in numbers)
DNATA 17-18 319
FINANCIAL 2019-20 2018-19 % change
COMMENTARY 37% UAE
International airport operations 18,949 17,959 5.5 16-17 297
EMIRATES
UAE airport operations 12,519 12,785 (2.1)
CONSOLIDATED 15-16 333
FINANCIAL Inflight catering 7,181 7,041 2.0
STATEMENTS
Travel services 5,197 4,548 14.3
DNATA Others 2,365 2,671 (11.5)
CONSOLIDATED
FINANCIAL Average employee strength 46,211 45,004 2.7
STATEMENTS

ADDITIONAL
INFORMATION
Cash position Our inflight catering business continued
to consolidate this year as it focused on
Cash from operating activities activities included investments in PPE With the sizable growth in labour
integrating the acquisitions in US and
Cash generated from operating activities of AED 0.5bn and intangibles of AED intensive international airport
Australia that had significantly expanded
and operating cash margins remained 0.1bn, partly offset by proceeds from operations, the workforce employed
our workforce last year. Our catering
consistent at AED 1.4bn (2018-19: the sale of Accelya of AED 0.2bn and overseas now forms 63% (2018-19: 61%)
workforce showed a marginal increase of
AED 1.4bn) and 9.4% (2018-19: 9.8%) interest income of AED 0.1bn. Significant of the total workforce of dnata.
2% to 7,181 (2018-19: 7,041).
respectively. However, this is not directly cash outflows from financing activities
International airport operations employs
comparable to the prior years due to the comprised the dividend payment of Staff numbers in ‘Others’ decreased
41% of our group workforce (2018-19:
change in presentation of cash flows in AED 0.5bn to the Owner and payments by 11.5% to 2,365 (2018-19: 2,671)
40%) and continues to be the largest
the consolidated financial statements for term loans and lease liabilities as a result of a reduction in Plafond
business division of dnata in terms of
upon implementation of IFRS 16. As per amounting to AED 0.4bn. workforce.
workforce with an employee count of
the new standard, the cash flows related 18,949 (2018-19: 17,959). The increase is
Employee strength and Productivity
to previously off-balance sheet leases attributable to expansion of operations
(operating leases) are disclosed productivity in Americas and Europe.
Revenue per employee was consistent
in investing activities rather than with last year at AED 319k (2018-19:
Employee strength
operating activities. UAE airport operations’ workforce AED 320k) as dnata integrates the newly
The average workforce increased by acquired businesses and continues its
reduced by 2% to 12,519 (2018-19:
Cash assets 2.7% to 46,211 (2018-19: 45,004) driven organic growth journey at the manpower
12,785) as a result of a reduction of staff
by expansions in our international intensive airport operations.
Cash assets increased to AED 5.3bn at DXB.
airport business.
(2018-19: AED 5.1bn) as cash generated
from operating activities, owing to Average employee count for the travel
We continue to invest in our employees’
better working capital management, business jumped by 14% to 5,197
well-being and are committed to
was utilised to fund investing activities (2018-19: 4,548) primarily due to the
supporting them through the ongoing
of AED 0.3bn and financing activities of strengthening of our workforce at the
COVID-19 pandemic.
AED 0.9bn. Cash flows from investing contact centres to manage third
party businesses.
78
 INDEPENDENT AUDITOR’S REPORT
OVERVIEW

EMIRATES

DNATA TO THE OWNER OF EMIRATES

GROUP

FINANCIAL
INFORMATION

EMIRATES
FINANCIAL
COMMENTARY

DNATA
DNATA
Our opinion Independence
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY In our opinion, the consolidated financial statements present fairly, in all material We are independent of Emirates in accordance with the International Ethics Standards
respects, the consolidated financial position of Emirates and its subsidiaries (together Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”)
EMIRATES
EMIRATES referred to as “Emirates”) as at 31 March 2020, and its consolidated financial and the ethical requirements that are relevant to our audit of the consolidated
CONSOLIDATED
CONSOLIDATED
FINANCIAL
FINANCIAL
performance and its consolidated cash flows for the year then ended in accordance financial statements in the United Arab Emirates. We have fulfilled our other ethical
STATEMENTS
STATEMENTS with International Financial Reporting Standards (“IFRS”). responsibilities in accordance with these requirements and the IESBA Code.

DNATA
CONSOLIDATED What we have audited Our audit approach
FINANCIAL
STATEMENTS Emirates’ consolidated financial statements comprise: Overview
● the consolidated income statement for the year ended 31 March 2020;
ADDITIONAL
INFORMATION ● the consolidated statement of comprehensive income for the year ended 31 Key audit matters ● Passenger and cargo revenue recognition
March 2020; ● Accounting for the “Skywards” frequent flyer programme
● the consolidated statement of financial position as at 31 March 2020; ● Lease accounting and the impact of transition to IFRS 16
● the consolidated statement of changes in equity for the year ended 31 March 2020; ● Accounting for hedge ineffectiveness on jet fuel hedging
● the consolidated statement of cash flows for the year ended 31 March 2020; and instruments
● the notes to the consolidated financial statements, which include a summary of ● Provision for aircraft return conditions
significant accounting policies.
As part of designing our audit, we determined materiality and assessed the risks of
material misstatement in the consolidated financial statements. In particular, we
Basis for opinion considered where management made subjective judgements; for example, in respect
We conducted our audit in accordance with International Standards on Auditing of significant accounting estimates that involved making assumptions and considering
(“ISAs”). Our responsibilities under those standards are further described in the future events that are inherently uncertain. As in all of our audits, we also addressed
Auditor’s responsibilities for the audit of the consolidated financial statements section the risk of management override of internal controls, including among other matters
of our report. consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion. We tailored the scope of our audit in order to perform sufficient work to enable us to
provide an opinion on the consolidated financial statements as a whole, taking into
account the structure of Emirates, the accounting processes and controls, and the
industry in which Emirates operates.

PricewaterhouseCoopers (Dubai Branch), License no. 102451, Emaar Square, Building 4, Level 8, P O Box 11987, Dubai - United Arab Emirates T: +971 (0)4 304 3100, F: +971 (0)4 346 9150, www.pwc.com/me
Douglas O’Mahony, Rami Sarhan, Jacques Fakhoury and Mohamed ElBorno are registered as practising auditors with the UAE Ministry of Economy 79
 INDEPENDENT AUDITOR’S REPORT TO THE OWNER OF EMIRATES (CONTINUED)

OVERVIEW
Key audit matters
EMIRATES Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current year. These
DNATA
matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
GROUP

FINANCIAL Key audit matter How our audit addressed the Key audit matter
INFORMATION

EMIRATES Passenger and cargo revenue recognition We performed detailed end-to-end walkthroughs of the finance and
FINANCIAL operational processes surrounding the revenue systems, utilising our
COMMENTARY When a flight booking is made, passenger and cargo revenue is measured based on understanding of the industry and Emirates, to assess the design effectiveness
the sales price to the customer and allocated to each performance obligation under of the related key internal controls and identify changes, if any, that have
DNATA
DNATA
FINANCIAL
FINANCIAL
the contract. Revenue is initially deferred on the consolidated statement of financial occurred during the current year.
COMMENTARY
COMMENTARY position and subsequently recognised in the consolidated income statement when
the related performance obligation has been fulfilled (typically when a passenger We tested the operating effectiveness of these key controls to obtain sufficient,
EMIRATES
EMIRATES or the cargo has flown) (refer to notes 2, 3, 5 and 24 to the consolidated financial
CONSOLIDATED
CONSOLIDATED appropriate evidence that they operated throughout the year as intended. We
FINANCIAL
FINANCIAL statements). also tested the key IT systems, including interfaces that impact the recognition
STATEMENTS
STATEMENTS
of revenue from passenger and cargo sales along with the IT change control
The determination of the amount of revenue to be recognised for each flight procedures and related application controls.
DNATA
CONSOLIDATED requires complex IT systems and involves the exchange of information with industry
FINANCIAL systems and other airlines for a high volume of transactions. We performed computer assisted audit techniques over passenger and
STATEMENTS
cargo revenue to identify and test unexpected entries and correlate revenue
ADDITIONAL
The accounting for passenger and cargo revenue is susceptible to management movements during the year to accounts receivables and cash. We substantively
INFORMATION override of controls through the recording of manual journals in the accounting tested a sample of revenue from passenger and cargo sales at a booking and
records, the override of IT systems to accelerate revenue recognition, or the flight level to validate occurrence and cut-off of revenue. We tested manual
manipulation of inputs used to calculate revenue recorded in respect of unused journal entries posted into relevant revenue accounts in the sub-ledgers and
revenue documents. the general ledger.

The timing of revenue recognition for unused revenue documents requires
judgement due to the timeframe over which revenue documents can be utilised
and the large number of fare types sold by Emirates. Management has determined
the value of unused revenue documents that will not be utilised based on their
terms and conditions and historical expiry trends.
We obtained data supporting Emirates’ historical expiry trend in respect of
unused revenue documents. In addition to performing controls based testing as
described above, we tested the accuracy of historical expiry data and compared
this data to that used by Emirates in their calculation of the amount of revenue
to recognise from unused revenue documents.

We focused on this area as a result of the complexity of the related IT systems, the We assessed whether the related disclosures in notes 2, 3, 5 and 24 to the
potential for management override of controls and the level of judgement required consolidated financial statements are consistent with the requirements of IFRS.
by management in determining the timing of recognition of unused revenue
documents.

80
 INDEPENDENT AUDITOR’S REPORT TO THE OWNER OF EMIRATES (CONTINUED)

OVERVIEW
Key audit matter How our audit addressed the Key audit matter
EMIRATES

DNATA Accounting for the “Skywards” frequent flyer programme We tested management’s model supporting the calculation of
Skywards deferred revenue as follows:
GROUP Emirates operates frequent flyer programmes in order to encourage and incentivise loyalty from ● we updated our understanding of the process and related
its customers, with “Skywards” being the biggest programme of this type. Skywards members controls by which deferred revenue is calculated;
FINANCIAL either earn Skywards miles after a flight has been paid for and flown or from Skywards partners
INFORMATION ● we tested automated controls and key interfaces between the
who purchase miles from Emirates to issue to their customers. Skywards miles can be redeemed
IT systems used to initially accrue and subsequently redeem
for reductions in airfares as well as being used towards free flights, cabin class upgrades and
EMIRATES the Skywards miles for each member;
FINANCIAL other non-airline rewards.
COMMENTARY ● we reconciled the Skywards miles issued and redeemed during
the year, and the closing miles balance in the model to the
DNATA
DNATA
The fair value of unused miles issued to Skywards members when flights are flown, and the
underlying IT systems;
FINANCIAL
FINANCIAL consideration received for miles issued to Skywards members from sales to partners with a total
COMMENTARY
COMMENTARY value of AED 1,842 million as at 31 March 2020 is recognised in the consolidated statement ● we tested the mathematical accuracy of management’s model;
of financial position as deferred revenue (refer notes 2, 3 and 24 to the consolidated financial ● we tested the key assumptions within management’s model,
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED statements). Revenue is recognised in the consolidated income statement when the miles are including agreeing historical expiry trends supporting the
FINANCIAL
FINANCIAL redeemed by a customer and the underlying performance obligation relating to the redeemed expiry percentage, historical sector average fares and historical
STATEMENTS
STATEMENTS fares for upgrades to underlying reports, discussing anticipated
miles is fulfilled.
DNATA
future changes to the Skywards programme that may impact
CONSOLIDATED The fair value per mile is based on a relative standalone selling price calculated using a model expiry trends with appropriate senior management and testing
FINANCIAL
incorporating a number of factors including historical sector average fares, historical fares for ticket and upgrade availability to internal supporting evidence;
STATEMENTS
upgrades, ticket and upgrade availability and redemption patterns. An estimate is also made of and
ADDITIONAL the number of miles that will expire based on historical expiry patterns and any known future ● we performed a sensitivity analysis on the key assumptions and
INFORMATION changes to the Skywards programme. variables used in management’s model.

We focused on this area because of the significant level of judgement exercised by management We assessed whether the disclosures in notes 2, 3 and 24 to
in determining the underlying assumptions within the model. the consolidated financial statements are consistent with the
requirements of IFRS.

81
 INDEPENDENT AUDITOR’S REPORT TO THE OWNER OF EMIRATES (CONTINUED)

OVERVIEW
Key audit matter How our audit addressed the Key audit matter
EMIRATES

DNATA Lease accounting and the impact of transition to IFRS 16 We updated our understanding of leases held by Emirates,
including Emirates’ process of identifying lease contracts
GROUP Emirates adopted the new accounting standard IFRS 16 ‘Leases’ from 1 April 2019. The new standard and other contracts that contain lease elements. We
replaces IAS 17 and requires almost all leases to be recognised on the balance sheet by a lessee, as obtained an understanding of the processes around the new
FINANCIAL the distinction between operating and finance leases has been removed. Under IFRS 16, an asset IT system implemented and determined that a substantive
INFORMATION
(right-of-use) and a financial liability to pay rentals is recognised. Leases are capitalised as right-of-use approach to testing of leases was to be adopted.
EMIRATES assets based on the present value of the lease payments and are typically depreciated over the lease
FINANCIAL term. Interest on the outstanding financial liability to pay rentals is recognised at a constant rate over We tested the calculation of the initial recognition of the
COMMENTARY
the lease term. right-of-use assets and lease liabilities by reference to
DNATA
DNATA a sample of leases, agreeing the lease terms (including
FINANCIAL
FINANCIAL Emirates applied the modified retrospective approach for the conversion to IFRS 16 and accordingly, advance lease rentals, deferred credits, pre-delivery
COMMENTARY
COMMENTARY the comparative figures were not restated. The cumulative effect of the adoption of the new standard payments, initial direct costs, fixed payments, variable
was recognised as an adjustment to opening retained earnings as at 1 April 2019. payments, residual value guarantees and termination
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED costs) back to the lease contract and re-performing the
FINANCIAL
FINANCIAL The first-time application of IFRS 16 resulted in material effects on the opening consolidated statement calculation of the opening adjustment. We also assessed the
STATEMENTS
STATEMENTS
of financial position including recognising right-of-use assets of AED 60,936 million and lease liabilities appropriateness of the discount rate applied at the date of
DNATA of AED 60,765 million (refer to note 2 of the consolidated financial statements for full details). initial application (the incremental borrowing rate).
CONSOLIDATED
FINANCIAL
Accounting for leases under IFRS 16 involves the use of judgements, estimates and assumptions We tested a sample of leases entered into during the year
STATEMENTS
that impact the amounts recognised as right-of-use assets, lease liabilities and provisions for return and assessed the accounting impact of new leases by
ADDITIONAL conditions. Key amongst these assumptions and estimates are the: agreeing the lease terms used in the computations back to
INFORMATION ● assessment of lease term and extension options; the lease contract. We also assessed the appropriateness of
● discount rate used to determine the lease liability; the discount rates applied (either the incremental borrowing
● application of clauses for cancellations or modifications; and rate or the interest rate implicit in the lease, where
● estimate of the provision for aircraft return conditions. determinable).

Emirates has established processes and controls for the complete and accurate recording of leases. We tested the interest expense generated by the lease
Furthermore, the first-time application required an IT system to be implemented to report information liabilities and the depreciation of the right-of-use assets.
on these leases.
We assessed whether the related disclosures in notes 2,
We focused on this area because of the significant judgement involved in determining the assumptions 3, 13 and 22 to the consolidated financial statements are
being applied under IFRS 16 and the sensitivity of the amounts recorded in the consolidated financial consistent with the requirements of IFRS.
statements from changes in these assumptions and estimates.

82
 INDEPENDENT AUDITOR’S REPORT TO THE OWNER OF EMIRATES (CONTINUED)

OVERVIEW
Key audit matter How our audit addressed the Key audit matter
EMIRATES

DNATA Accounting for hedge ineffectiveness on jet fuel We tested management’s expected forecast of jet fuel usage and the resulting calculation
hedging instruments of fuel hedge ineffectiveness through discussions with senior operational and finance
GROUP management to understand the basis of their projections including evaluating whether:
Emirates’ risk management objectives are designed to identify,
FINANCIAL evaluate and hedge financial risks. Emirates has used crude oil ● expected fuel usage related to projected passenger and cargo flight schedules (“the
INFORMATION
forward contracts to hedge the element of crude oil commodity price schedules”) was reasonable compared to various internal, industry and economic forecasts;
risk arising from its highly probable forecast purchases of jet fuel in
EMIRATES ● sufficient flights were available in the Emirates reservation system to support the
FINANCIAL accordance with IFRS 9.
COMMENTARY schedules; and
● the expected usage of jet fuel in April 2020 was consistent with the actual jet fuel
DNATA
DNATA
As a result of the COVID-19 pandemic, Emirates no longer expects
consumption level.
FINANCIAL
FINANCIAL to consume the same volume of jet fuel as initially envisaged given
COMMENTARY
COMMENTARY the reduction in planned operations. Consequently, management has
re-forecast its expected jet fuel usage in order to adjust the existing We recalculated the hedge ineffectiveness and sensitivities presented within note 3 to the
EMIRATES
EMIRATES consolidated financial statements that arose from the revisions to forecast volumes.
CONSOLIDATED
CONSOLIDATED fuel hedges and to calculate the resulting hedge ineffectiveness in
FINANCIAL
FINANCIAL accordance with IFRS 9.
STATEMENTS
STATEMENTS We assessed whether the disclosures in notes 2, 3, 9, 30 and 33 to the consolidated financial
We focused on this area because of the significant level of judgement statements including appropriate sensitivities are consistent with the requirements of IFRS.
DNATA
CONSOLIDATED exercised by management in determining the revised estimates of jet
FINANCIAL
fuel usage and the resulting calculations of hedge ineffectiveness.
STATEMENTS

ADDITIONAL
INFORMATION

83
 INDEPENDENT AUDITOR’S REPORT TO THE OWNER OF EMIRATES (CONTINUED)

OVERVIEW
Key audit matter How our audit addressed the Key audit matter
EMIRATES

DNATA Provision for aircraft return conditions We obtained the aircraft return provision model prepared by management, together with a
summary of the underlying assumptions.
GROUP Emirates operated 142 aircraft under lease arrangements at 31 March
2020 (2019: 148). We tested the completeness of the provision by ensuring that all significant return condition
FINANCIAL
INFORMATION obligations included in aircraft lease contracts were included in the model.
Under the terms of the lease arrangements with the lessors, Emirates
EMIRATES is contractually committed to either return the aircraft and/or engines We reperformed the calculations within the model to test the mathematical accuracy.
FINANCIAL in a certain condition or to compensate the lessor based on the
COMMENTARY
actual condition of the aircraft and/or engines at the date of return. To understand the methodology used by management, the following key assumptions were
DNATA
DNATA
Accordingly, a provision of AED 6,211 million is recorded at lease discussed with senior engineering and finance personnel:
FINANCIAL
FINANCIAL commencement for the present value of the expected cost associated ● the past and expected future utilisation and maintenance patterns of the aircraft;
COMMENTARY
COMMENTARY with these contractual return conditions and is recognised in the
● the expected cost of each maintenance event at the time it is expected to occur; and
consolidated statement of financial position within provisions (refer to
EMIRATES
EMIRATES ● the discount rate applied to calculate the present value of the future liability.
CONSOLIDATED
CONSOLIDATED notes 2, 3 and 23 of the consolidated financial statements).
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS
The provision is calculated using a model which incorporates a We compared historical utilisation of the aircraft to flying records and assessed if the future
number of assumptions, requiring significant judgement, including utilisation assumptions were considered reasonable in light of past experience. Assumed
DNATA
CONSOLIDATED the: maintenance costs were assessed against historical actual costs incurred and existing long
FINANCIAL
● past and expected future utilisation and maintenance patterns of term maintenance agreements. Future maintenance patterns were assessed against internal
STATEMENTS
the aircraft and engines; maintenance plans. We verified that the discount rate applied by management to the future
liability was within an acceptable range with reference to the time value of money applicable
ADDITIONAL ● expected cost of the maintenance at the time it is estimated to
INFORMATION to Emirates and the risks specific to the liability.
occur; and
● discount rate applied to calculate the present value of the future
Along with performing a sensitivity analysis on reasonably possible changes in assumptions,
liability.
we also compared provisions held for aircraft and engines returned during the year to the
compensation paid out to the lessors or actual costs incurred to establish if past provisions
We focused on this area because of the significant level of judgement were reasonable.
exercised by management in determining the underlying assumptions
within the model and the sensitivity of the amounts recorded in the We assessed whether the related disclosures in notes 2, 3 and 23 to the consolidated
consolidated financial statements from changes in these assumptions. financial statements are consistent with the requirements of IFRS.

Other information
Management is responsible for the other information. The other information comprises is to read the other information identified above and, in doing so, consider whether the
the information included in the Annual Report (but does not include the consolidated other information is materially inconsistent with the consolidated financial statements
financial statements and our auditor’s report thereon). or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

Our opinion on the consolidated financial statements does not cover the other If, based on the work we have performed, we conclude that there is a material
information and we do not express any form of assurance conclusion thereon. misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
In connection with our audit of the consolidated financial statements, our responsibility

84
 INDEPENDENT AUDITOR’S REPORT TO THE OWNER OF EMIRATES (CONTINUED)

OVERVIEW
Responsibilities of management and those charged with governance for the consolidated financial statements
EMIRATES Management is responsible for the preparation and fair presentation of the assessing Emirates’ ability to continue as a going concern, disclosing, as applicable,
DNATA
consolidated financial statements in accordance with IFRS, and for such internal control matters related to going concern and using the going concern basis of accounting
as management determines is necessary to enable the preparation of consolidated unless management either intends to liquidate Emirates or to cease operations, or has
GROUP financial statements that are free from material misstatement, whether due to fraud no realistic alternative but to do so.
or error.
FINANCIAL
Those charged with governance are responsible for overseeing Emirates’ financial
INFORMATION
In preparing the consolidated financial statements, management is responsible for reporting process.
EMIRATES
FINANCIAL
COMMENTARY

DNATA
DNATA Auditor’s responsibilities for the audit of the consolidated
FINANCIAL
FINANCIAL
financial statements
COMMENTARY
COMMENTARY
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED Our objectives are to obtain reasonable assurance about whether the consolidated
FINANCIAL
FINANCIAL financial statements as a whole are free from material misstatement, whether due to
STATEMENTS
STATEMENTS
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
DNATA assurance is a high level of assurance, but is not a guarantee that an audit conducted
CONSOLIDATED in accordance with ISAs will always detect a material misstatement when it exists.
FINANCIAL
STATEMENTS Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic
ADDITIONAL decisions of users taken on the basis of these consolidated financial statements.
INFORMATION
As part of an audit in accordance with ISAs, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
● Obtain an understanding of internal control relevant to the audit 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 Emirates’ internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
● Conclude on the appropriateness of management’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt
on Emirates’ ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions
may cause Emirates to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial
statements represent the underlying transactions and events in a manner that
achieves fair presentation.
● Obtain sufficient appropriate audit evidence regarding the financial information
of the entities or business activities within Emirates to express an opinion on the
consolidated financial statements. We are responsible for the direction, supervision
and performance of the Emirates audit. We remain solely responsible for our audit
opinion.
We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the consolidated financial
statements of the current year and are therefore the Key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
PricewaterhouseCoopers
7 May 2020
Douglas O’Mahony
Registered Auditor Number 834
Dubai, United Arab Emirates
85
 CONSOLIDATED INCOME STATEMENT
Emirates
FOR THE YEAR ENDED 31 MARCH 2020
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2020
OVERVIEW
Emirates Note 2020 2019
EMIRATES CONSOLIDATED INCOME STATEMENT AED m AED m
DNATA FOR THE YEAR ENDED 31 MARCH 2020
Revenue 5 90,995 96,040
GROUP Other operating income Note6 2020
977 2019
1,867
Operating costs 7 AED m
(85,564) AED m
(95,260)
FINANCIAL
INFORMATION Revenue profit
Operating 5 90,995
6,408 96,040
2,647
EMIRATES Other operating
Finance income income 6
8 977
592 1,867
497
FINANCIAL
COMMENTARY Operating
Finance costs
costs 7
8 (85,564)
(5,361) (95,260)
(2,173)

DNATA
DNATA Operating profit
Other financial gains / (losses) 9 6,408
(497) 2,647
-
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY Finance
Share ofincome
results of investments accounted for using the equity method 8
15 592
112 497
116
Finance costs income tax
Profit before 8 (5,361)
1,254 (2,173)
1,087
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED Other
Incomefinancial gains / (losses)
tax expense 9
10 (497)
(66) -
(57)
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS Share
Profit of
forresults of investments accounted for using the equity method
the year 15 112
1,188 116
1,030
DNATA Profit before income
Profit attributable tax
to non-controlling interests 1,254
132 1,087
159
CONSOLIDATED
FINANCIAL Income tax expense to Emirates' Owner
Profit attributable 10 (66)
1,056 (57)
871
STATEMENTS
Profit for the year 1,188 1,030
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
ADDITIONAL Profit attributable to non-controlling interests 132 159
INFORMATION
FOR THE YEAR ENDED 31 MARCH 2020
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME1,056
Profit attributable to Emirates' Owner 871
Profit for the year 1,188 1,030
FOR
Items
THE STATEMENT
CONSOLIDATED YEAR
that will not
ENDED 31 MARCH
OF COMPREHENSIVE
be reclassified INCOME
to the consolidated
2020
income statement
FORRemeasurement
THE YEAR ENDED 31 MARCHbenefit
of retirement 2020 obligations 23 (a) 55 (60)
Profit that
Items for the
areyear
or may be reclassified subsequently to the consolidated income statement 1,188 1,030
Items that will
Currency not be reclassified
translation differencesto the consolidated income statement 21 (11) (4)
Remeasurement
Cash flow hedgesof retirement benefit obligations 23 (a)
21 55
(5,630) (60)
(71)
Items that
Other are or may income
comprehensive be reclassified
for the subsequently
year to the consolidated income statement (5,586) (135)
Currency
Total translation
comprehensive differences
income for the year 21 (11)
(4,398) (4)
895
TotalCash flow hedgesincome attributable to non-controlling interests
comprehensive 21 (5,630)
132 (71)
159
Othercomprehensive
Total comprehensiveincome
incomeattributable
for the year to Emirates' Owner (5,586)
(4,530) (135)
736
Total comprehensive income for the year (4,398) 895
The accompanying notes are an integral part of these consolidated financial statements.
Total comprehensive income attributable to non-controlling interests 132 159
Total comprehensive income attributable to Emirates' Owner (4,530) 736

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.
86
 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
Emirates
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note 2020 2
rates AS AT 31 MARCH 2020 AED m AE
OVERVIEW
NSOLIDATED STATEMENT OF FINANCIAL POSITION Note 2020 2019 Note 2020 2019
EQUITY AND LIABILITIES
AT 31 MARCH 2020
EMIRATES
AED m AED m AED m AED m
Capital and reserves
Note 2020 2019 Capital 20 801
DNATA
ASSETS EQUITY AND LIABILITIES
AED m AED m Other reserves 21 (5,701)
GROUP Non-current assets Capital and reserves
ETSFINANCIAL Property, plant and equipment 12 86,084 89,431 Capital Retained earnings 20 801 801 27,878 36

-current assets
INFORMATION Right-of-use assets 13 52,992 - Other reserves Attributable to Emirates'21
Owner (5,701) (60) 22,978 37,
Retained earnings Non-controlling interests 27,878 36,408 609
perty, plant and equipmentIntangible assets
EMIRATES 12 86,084 89,43114 4,373 1,574
Investments accounted for13
using the52,992
equity Total equity
Attributable to Emirates' Owner 22,978 37,149 23,587 37,
t-of-use assets
FINANCIAL
COMMENTARY
-
method Non-controlling interests 609 594
ngible assets 14 4,373 1,57415 691 683
Total equity Non-current liabilities 23,587 37,743
stments
DNATA
DNATA Advance
accounted for using lease rentals
the equity 16 - 4,619
FINANCIAL
FINANCIAL
Trade and other payables 27 116
hodCOMMENTARY
COMMENTARY Trade and other receivables
15 691 68318 192 139
Non-current liabilities Borrowings and lease liabilities 22 90,728 45
anceEMIRATES
lease rentals Derivative financial instruments
16 - 4,61930 - 24
EMIRATES
Trade and other payables Deferred credits 27 116 15525 - 2
e and other receivables Deferred income tax assets18
CONSOLIDATED
CONSOLIDATED
192 13926 25 13
FINANCIAL
FINANCIAL Derivative
Borrowings and lease liabilities financial instruments
22 90,728 45,43330 1,697
vative financial
STATEMENTS
STATEMENTS instruments 30 - 24 144,357 96,483 Provisions
Deferred credits 25 - 2,43723 7,039 4
erred income tax assets 26 25 13 Deferred income tax liabilities
DNATA Current assets Derivative financial instruments 30 1,697 8126 3
CONSOLIDATED
FINANCIAL Inventories 144,357 96,48317 2,670 2,525 Provisions 23 7,039 4,081 99,583 52,
STATEMENTS
ent assets Advance lease rentals 16 - 602 Deferred income tax liabilitiesCurrent liabilities 26 3 3
Trade and other payables 99,583 52,19027 12,880 14
ntories
ADDITIONAL Trade and other receivables
17 2,670 2,52518 4,783 10,740
INFORMATION
Current liabilities Deferred revenue 24 10,672 13
ance lease rentals Derivative financial instruments
16 - 60230 3 11
Trade and other payables Borrowings and lease liabilities
27 12,880 14,82222 19,429 7
e and other receivables Short term bank deposits 18 4,783 10,74019 12,017 11,974
Deferred revenue Deferred credits 24 10,672 13,98225 -
Cash and cash equivalents30
vative financial instruments 3 1119 8,232 5,063
Borrowings and lease liabilitiesDerivative financial instruments
22 19,429 7,60630 5,067
t term bank deposits 19 12,017 11,974 27,705 30,915 Provisions
Deferred credits 25 - 32223 786
h and cash equivalents Total assets 19 8,232 5,063 172,062 127,398 Income tax liabilities 58
Derivative financial instruments 30 5,067 20
27,705 30,915 Provisions 23 786 678 48,89237,
al assets 172,062 127,398 Income tax liabilities Total liabilities 58 35 148,47589,
Total equity and liabilities 48,892 37,465 172,062
127,
Total liabilities 148,475
The consolidated financial statements 89,655
were approved on 7 May 2020 and signed b
Total equity and liabilities 172,062 127,398

The accompanying notes are an integral part of these consolidated financial statements The consolidated financial statements were approved on 7 May 2020 and signed by:
The consolidated financial statements were approved
Sheikh Ahmed bin Saeedon 7 May 2020 and signed by:
Al-Maktoum Timothy Clark
Chairman and Chief Executive President
accompanying notes are an integral part of these consolidated financial statements
Sheikh Ahmed bin Saeed Al-Maktoum Timothy Clark
Chairman and Chief Executive President
Sheikh Ahmed bin Saeed Al-Maktoum Timothy Clark
Chairman and Chief Executive President

The accompanying notes are an integral part of these consolidated financial statements.
87
 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR
Emirates
THE YEAR ENDED 31 MARCH 2020
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
OVERVIEW
Attributable to Emirates' Owner
EMIRATES
Non-
DNATA Other Retained controlling Total
Capital reserves earnings Total interests equity
GROUP
AED m AED m AED m AED m AED m AED m
FINANCIAL
INFORMATION 31 March 2018 801 15 35,638 36,454 592 37,046

EMIRATES Impact on adoption of IFRS 15 - - (41) (41) - (41)

FINANCIAL
COMMENTARY 1 April 2018 801 15 35,597 36,413 592 37,005
Profit for the year - - 871 871 159 1,030
DNATA
DNATA
FINANCIAL
FINANCIAL Other comprehensive income - (75) (60) (135) - (135)
COMMENTARY
COMMENTARY
Total comprehensive income for the year - (75) 811 736 159 895
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED Dividends - - - - (157) (157)
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS Transactions with Owners - - - - (157) (157)
31 March 2019 801 (60) 36,408 37,149 594 37,743
DNATA
CONSOLIDATED Impact on adoption of IFRS 16 (Note 2) - - (9,641) (9,641) (3) (9,644)
FINANCIAL
STATEMENTS Adjusted 1 April 2019 801 (60) 26,767 27,508 591 28,099
ADDITIONAL Profit for the year - - 1,056 1,056 132 1,188
INFORMATION
Other comprehensive income - (5,641) 55 (5,586) - (5,586)
Total comprehensive income for the year - (5,641) 1,111 (4,530) 132 (4,398)
Non-controlling interests on acquisition of subsidiaries
(Note 34) - - - - 4 4
Dividends - - - - (124) (124)
Capital contributions - - - - 6 6
Transactions with Owners - - - - (114) (114)
31 March 2020 801 (5,701) 27,878 22,978 609 23,587

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.
88
 CONSOLIDATED STATEMENT OF CASH FLOWS
Emirates
FOR THE YEAR ENDED 31 MARCH 2020 Note 2020 2
CONSOLIDATED STATEMENT OF CASH FLOWS
AED m AE
FOR THE YEAR ENDED 31 MARCH 2020
rates
ratesOVERVIEW Investing activities
Note 2020 2019 Note 2020 2019
NSOLIDATED STATEMENT OF CASH FLOWS
NSOLIDATED STATEMENT OF CASH FLOWS Additions to property, Note 2020
plant & equipment and 2019
EMIRATES
AED m AED m AED m AED m
THE YEAR ENDED 31 MARCH 2020 right-of-use assets AED m AED m (8,921) (4,
THE YEAR ENDED 31 MARCH 2020
DNATA
Operating activities Investing activities Additions to intangible assets (1,749) (
Note 2020 2019 Investing activities
Note 2020 2019 Additions to property, plant &Proceeds
equipment fromandsale of property, plant &
GROUP Profit before income tax 1,254 1,087 Additions to property, plant & equipment and
AED m AED m
AED m AED m right-of-use assets equipment (8,921) (4,545) 36
FINANCIAL Adjustments for: right-of-use assets (8,921) (4,545)
rating activities Additions to intangible assetsAcquisition of a subsidiary (1,749) (259)
34 (167)
rating activities
INFORMATION
Depreciation and amortisation 7 19,444 9,680 Additions to intangible assets (1,749) (259)
t before income tax 1,254 1,087 Proceeds from sale of property, plant & in associates and joint ventures
Investments 15 (21)
t before income tax
EMIRATES Finance costs - net 1,254 1,0878 4,769 1,676 Proceeds from sale of property, plant &
equipment Proceeds from sale of investments accounted 36 42
stments for:
FINANCIAL
Net loss on disposals / write-offs of property, equipment 36 42
stments for:
COMMENTARY Acquisition of a subsidiary for using the equity method 34 (167) - -
epreciation and amortisationplant & equipment and intangible 7 19,444
assets 9,680 Acquisition of a subsidiary 34 (167) -
epreciation and amortisation 7 19,444 9,680 115 95 Investments in associates andMovement
joint ventures 15 deposits (21)
in short term bank (74) (43) 2,
nance costs - net
DNATA
DNATA
8 4,769 1,676 Investments in associates and joint ventures 15 (21) (74)
nance costs - net
FINANCIAL
FINANCIAL Share of results of investments8 4,769 for
accounted 1,676 Proceeds from sale of investments accounted
Interest received 521
et loss on disposals / write-offs
COMMENTARY
COMMENTARY ofthe
property, Proceeds from sale of investments accounted
using
et loss on disposals / write-offs equity method
of property, 15 (112) (116) for using the equity method Dividends from investments accounted for - 84
ant EMIRATES
& equipment and intangible assets for using the equity method - 84
ant EMIRATES
& equipment and intangible assets 115 95 Movement in short term bankusing deposits (43) 2,771
15 113
Gain on sale of investments accounted 115 for 95 Movement in short term bank deposits the equity method (43) 2,771
CONSOLIDATED
CONSOLIDATED
areFINANCIAL
of results of investments accounted
using the equityfor method Interest received Net cash used in investing activities 521 495 (10,231) (1,3
areFINANCIAL
of results of investments accounted for - (33) Interest received 521 495
ing STATEMENTS
the equity method
STATEMENTS
15 (112) (116) Dividends from investments accounted for
ing the equity method Net provision for impairment 15 of trade(112)
and (116) Dividends from investments accounted for
ain on sale of investments accounted for using the equity method Financing activities 15 113 126
DNATA
ain on other receivables
sale of investments accounted for 7 41 26 using the equity method 15 113 126
CONSOLIDATED
ing FINANCIAL
the equity method - (33) Proceeds from term loans
Net cash used in investing activities (10,231) 22 (b)
(1,360) 14,116 8,
ing the equity method Provision for retirement benefit obligations - 7
(33) 762 742 Net cash used in investing activities (10,231) (1,360)
STATEMENTS Repayment of bonds and term loans 22 (b),(c) (10,381) (5,
et provision for impairment Unrealised
of trade and exchange gains (250) -
et provision for impairment of trade and Financing activities Principal elements of lease payments
her ADDITIONAL
receivables Other financial (gains) / 7
losses 41 269 497 - Financing activities
her INFORMATION
receivables 7 41 26 Proceeds from term loans (2019: Principal elements22 (b) 14,116 8,268
ovision for retirement benefit
Net obligationson other derivative
movement 7 762
financial 742 Proceeds from term loans 22of(b)
finance lease
14,116 8,268
ovision for retirement benefit obligations 7 762 742 Repayment of bonds and term loans
payments) 22 (b),(c) (10,381) (5,512) (8,706) (9,
nrealised exchange gains instruments (250) - Repayment of bonds and term loans 22 (b),(c) (10,381) (5,512)
nrealised exchange gains (250) - (3) (3)
Principal elements of lease payments
Interest paid (4,878) (1,
her financial (gains) / losses
Payments of retirement 9
benefit 497
obligations - (665) (648) Principal elements of lease payments
her financial (gains) / losses 9 497 - (2019: Principal elements of finance
Proceedslease
from settlement of derivatives 9 601
movement on other derivative
Income financial
tax paid (59) (70) (2019: Principal elements of finance lease
movement on other derivative financial payments) Dividend paid to Emirates' Owner (8,706) (9,490) - (1,
uments Change in inventories (3) (3) (145) (138) payments) (8,706) (9,490)
uments (3) (3) Interest paid Dividend paid to non-controlling interests (4,878) (1,916) (124) (
ments of retirement benefit obligations
Change in advance lease rentals, trade (665) and (648) Interest paid (4,878) (1,916)
ments of retirement benefit obligations (665) (648) Proceeds from settlement of derivatives
Capital contributed by 9
non-controlling 601
interests - 6
me tax paid other receivables (59) (70) 4,219 530 Proceeds from settlement of derivatives 9 601 -
me tax paid (59) (70) Dividend paid to Emirates' Owner
Net cash used in financing activities - (1,000) (9,366) (9,8
nge in inventories Change in provisions, trade and other (145)
payables, (138) Dividend paid to Emirates' Owner - (1,000)
nge in inventories (145) (138) Dividend paid to non-controlling interests (124) (157)
nge in advance lease rentals, trade credits
deferred and Dividend paid to non-controlling interests (124) (157)
nge in advance lease rentals, trade and and deferred revenue (7,069) (2,300) Net change
Capital contributed by non-controlling in cash and cash equivalents
interests 6 - 3,201 (6
r receivables 4,219 530 Capital contributed by non-controlling interests 6 -
r receivables Net cash generated from operating4,219 activities 530 22,798 10,528 Cash and cash equivalents at beginning
Net cash used in financing activities of the year(9,807)
(9,366) 5,034 5,
nge in provisions, trade and other payables, Net cash used in financing activities (9,366) (9,807)
nge in provisions, trade andTheother payables, notes are an integral part of these consolidated financial statements
accompanying Effect of exchange rate changes on cash and
rred credits and deferred revenue (7,069) (2,300) Net change in cash and cashcash equivalents
equivalents 3,201 (639) (3)
rred credits and deferred revenue (7,069) (2,300) Net change in cash and cash equivalents 3,201 (639)
cash generated from operating activities 22,798 10,528 Cash and cash equivalents at Cash
beginning of the
and cash year
equivalents at end of5,034
the year 5,675
19 8,232 5,0
cash generated from operating activities 22,798 10,528 Cash and cash equivalents at beginning of the year 5,034 5,675
accompanying notes are an integral part of these consolidated financial statements Effect of exchange rate changes on cash and
accompanying notes are an integral part of these consolidated financial statements Effect of exchange rate changes on cash and
cash equivalents (3) (2)
cash equivalents (3) (2)
Cash and cash equivalents at end of the year 19 8,232 5,034
Cash and cash equivalents at end of the year 19 8,232 5,034

The accompanying notes are an integral part of these consolidated financial statements.
89
 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
OVERVIEW 1. General information Emirates entered this crisis in a strong position, having previously reported profits
EMIRATES
for the past 32 years and available cash assets of AED 20.2 bn as at 31 March 2020.
Emirates comprises Emirates and its subsidiaries. Emirates was incorporated, with limited Emirates has taken various measures to manage the business through this crisis,
DNATA
liability, by an Emiri Decree issued by H. H. Sheikh Maktoum bin Rashid Al-Maktoum on including compensating cost saving measures, reductions to discretionary capital
26 June 1985 and is wholly owned by the Investment Corporation of Dubai (“the parent expenditure and agreeing additional working capital facilities. These measures also
GROUP
company”), a Government of Dubai entity. Emirates commenced commercial operations include obtaining committed support from the Government of Dubai which has publicly
FINANCIAL on 25 October 1985 and is designated as the International Airline of the UAE. confirmed that they will financially support Emirates during this period through a variety
INFORMATION of measures including an additional equity injection, if required.
EMIRATES Emirates is incorporated and domiciled in Dubai, UAE. The address of its registered
FINANCIAL Based on this statement of support and other measures Emirates has taken, management
office is Emirates Group Headquarters, PO Box 686, Dubai, UAE.
COMMENTARY has prepared these consolidated financial statements on a going concern basis.
DNATA
DNATA
FINANCIAL
FINANCIAL
The main activities of Emirates are: Further, due to the impact of COVID-19 on Emirates, an impairment test was performed
COMMENTARY
COMMENTARY with no resulting impairment charge. Refer to Notes 12 and 13 for further details.
EMIRATES
EMIRATES
• commercial air transportation which includes passenger and cargo services Management continues to closely monitor the COVID-19 situation as part of its on-
CONSOLIDATED
CONSOLIDATED • wholesale and retail of consumer goods going impact assessment.
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS • catering operations
All amounts are presented in millions of UAE Dirham (“AED m”).
• hotel operations
DNATA
CONSOLIDATED • sale of food and beverages New standards, amendments to published standards and interpretations that are
FINANCIAL
STATEMENTS relevant to Emirates
2. Summary of significant accounting policies
ADDITIONAL At the date of authorisation of these consolidated financial statements, certain new
INFORMATION
A summary of the significant accounting policies, which have been applied consistently standards, amendments to the existing standards and interpretations have become
in the preparation of these consolidated financial statements are set out below. mandatory for the year ended 31 March 2020. Except for IFRS 16, as explained below,
no other new standards, amendments or interpretations, whether effective or not, are
expected to have a material impact on Emirates.
Basis of preparation

The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and interpretations issued by the
IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS.
The consolidated financial statements have been prepared under the historical cost
convention, except for those financial assets and financial liabilities (including derivative
instruments) that are measured at fair value, as stated in the accounting policies.
The COVID-19 outbreak has developed rapidly in 2020, with a significant number of
infections being recorded globally. Measures taken to contain and slow the spread
of the virus have significantly impacted global economic activity including limiting
movements of people and restricting flights. The worldwide aviation market has been
significantly disrupted in the short term. This disruption is expected to be followed by
a gradual recovery as travel restrictions are lifted. As a global network airline, Emirates
has been unable to viably operate its normal full passenger services and Emirates’
revenue will therefore be negatively impacted as a result of the outbreak, although the
full impact and the time period of the disruption is not possible to predict with certainty.
IFRS 16 Leases
The new standard replaces IAS 17 and requires almost all leases to be recognised on
the balance sheet by a lessee, as the distinction between operating and finance lease is
removed. Under the new standard, an asset (right-of-use) and a financial liability to pay
rentals is recognised. Leases are capitalised as right-of-use assets by recognising the
present value of the lease payments, adjusted for prepayments, initial direct costs and
restoration costs (return conditions), and are depreciated over the lease term except in
cases where the underlying asset will be acquired by the lessee at the end of the lease
term, in which case the right-of-use asset is depreciated over the useful life of the asset.
In respect of the consolidated income statement, the operating lease expense has been
replaced with depreciation of the right-of-use asset and interest on the lease liability,
resulting in total expense being higher in the earlier years of a lease and lower in later years.
In accordance with the transitional provisions of IFRS 16, Emirates applied the new
standard from 1 April 2019 (‘transition date’) by adopting the modified retrospective
approach, under which the cumulative effect of initial application is recognised in
retained earnings at the transition date, and comparatives are not restated.

90
OVERVIEW 2. 2.
Summary ofof
Summary significant
significantaccounting
accountingpolicies
policies (continued)
(continued) Thecarrying
The carrying amount
amount of of
thethe right-of-use
right-of-use asset
asset andand
leaselease liability
liability as atas
theattransition
the transition
date date
pertainingto toleases
pertaining leases previously
previously classified
classified as finance
as finance leasesleases applying
applying IAS 17IASremains
17 remains
EMIRATES
IFRS 1616
IFRS Leases (continued)
Leases (continued) unchanged.
unchanged. Such
Such assets,
assets, except
except for for assets
assets subject
subject to financing
to financing arrangements
arrangements whichwhich
are are
DNATA ‘in-substance
‘in-substance purchases’
purchases’ (refer
(refer accounting
accounting policy
policy on leases)
on leases) havehave
beenbeen re-classified
re-classified from from
Lease liabilities
Lease liabilitiesare
aremeasured
measuredatatthe
thepresent
present value
value of the remaining
remaining lease
leasepayments.
payments.TheThe property,
property, plant
plant andand equipment
equipment to right-of-use
to right-of-use assets
assets in thein consolidated
the consolidated statement
statement of of
GROUP
discount
discount rateused
rate usedtotovalue
valuethe
thelease
lease liability
liability corresponds,
corresponds, for
for each
each lease
leaseportfolio,
portfolio,toto financial position.
financial position.
FINANCIAL
Emirates’
Emirates’ incrementalborrowing
incremental borrowingrateratefor
forsimilar
similar assets
assets as
as at
at the
the transition
transitiondate.
date.Emirates
Emirates
chose, Emirates
Emirateshas opted
has notnot
opted to apply IFRSIFRS
to apply 16 to
16intangible assets.
to intangible assets.
INFORMATION chose, onon a lease-by-leasebasis,
a lease-by-lease basis,to
tomeasure
measure thethe right-of-use
right-of-use asset
asset at
ateither:
either:
Upon
Uponadoption
adoptionof of
thethe
new standard
new on 1onApril
standard 2019,
1 April Emirates’
2019, consolidated
Emirates’ statement
consolidated of
statement of
a) a) it’sit’scarrying
carryingamountamountasasififthe thenew new rules
rules had
had always
always beenbeen applied
applied since
sincethethelease
EMIRATES
FINANCIAL lease financial position
financial was
position impacted
was impactedas follows:
as follows:
COMMENTARY commencementdate
commencement datebut
butdiscounted
discounted using using Emirates'
Emirates' incremental
incremental borrowing
borrowingrate rate
at atthe the transition
transition datedate i.e.i.e. the
the cumulative
cumulative depreciation
depreciation impact impact fromfrom the the As reported IFRS IFRS
As reported 16 16As adjusted
As adjusted
DNATA
DNATA commencementdate
commencement datetotothe
thedatedateof of transition
transition is is reflected
reflected in in the
theinitial
initialrecognition
recognition 31 March 2019 adjustment 1 April 2019
FINANCIAL
FINANCIAL
of the right-of-use asset. This has been applied for a significant proportion of the 31 March 2019 adjustment 1 April 2019
COMMENTARY
COMMENTARY of the right-of-use asset. This has been applied for a significant proportion of the Note AED mAED m AEDAED
m m AEDAED
m m
portfolio of leased assets; primarily aircraft, aircraft engines and land and buildings. Note AED m AED m AED m
portfolio of leased assets; primarily aircraft, aircraft engines and land and buildings. ASSETS
EMIRATES
EMIRATES The present value of the provision for aircraft return conditions (restoration costs) ASSETS
The present value of the provision for aircraft return conditions (restoration costs) Property, plant and equipment 12 89,431 (2,448) 86,983
CONSOLIDATED
CONSOLIDATED is recognised as part of the right-of-use asset at the inception of lease, and is
FINANCIAL
FINANCIAL is recognised as part of the right-of-use asset at the inception of lease, and is Property, plant and equipment 12 89,431 (2,448) 86,983
STATEMENTS
STATEMENTS depreciated over the lease term. The associated un-winding of the discount in Right-of-use assets 13 - 60,936 60,936
depreciated over the lease term. The associated un-winding of the discount in Right-of-use assets 13 - 60,936 60,936
respect of the restoration costs is charged to the consolidated income statement
DNATA respect
within of the restoration
‘Other finance costs’ costs
overisthe charged to the
lease term; or consolidated income statement Investments accounted for
CONSOLIDATED within ‘Other finance costs’ over the lease term; or Investments
using the equityaccounted
method for 15 683 (10) 673
FINANCIAL
b) an amount equal to the lease liability, adjusted by the amount of any prepaid or using the equity method 15 683 (10) 673
STATEMENTS
b) anaccrued
amountlease equalpayments
to the lease liability,
relating adjusted
to that leaseby the amount
recognised of any
in the prepaid or
consolidated Advance lease rentals 16 5,221 (5,221) -
accrued lease Advance lease rentals 16 5,221 (5,221) -
ADDITIONAL statement of payments relatingimmediately
financial position to that lease priorrecognised
to the dateinofthe consolidated
transition. This Trade and other receivables 10,879 (1,891) 8,988
INFORMATION statement
measurement of financial
has beenposition
applied immediately prior toofthe
to a smaller portfolio date of transition. This
leases. Trade and other receivables 10,879 (1,891) 8,988
measurement has been applied to a smaller portfolio of leases. Impact on assets 51,366
The right-of-use assets are presented as a separate line item in the consolidated Impact on assets 51,366
The right-of-use
statement assets are
of financial presented
position and the as related
a separatelease line item are
liabilities in the consolidated
included within EQUITY AND LIABILITIES
statement
‘Borrowings of and
financial position (Note
lease liabilities’ and the 22). related lease liabilities are included within EQUITY AND LIABILITIES
EQUITY
‘Borrowings and lease liabilities’ (Note 22). EQUITYearnings
On transition to IFRS 16, Emirates applied the practical expedient and elected not to re- Retained 36,408 (9,641) 26,767
Onassess whichtocontractual
transition arrangements
IFRS 16, Emirates appliedqualify as leases
the practical under IFRS
expedient and16. It applied
elected not tothere- Retained earnings
Non-controlling interests 36,408
594 (9,641)
(3) 59126,767
transition
assess whichrules of IFRS 16
contractual only to contracts
arrangements qualifythataswere
leases previously
under IFRSidentified
16. Itasapplied
leases asthe Non-controlling interests 594 (3) 591
per IAS rules
17 or of IFRIC Impact on equity (9,644)
transition IFRS4. 16
Theonly
definition of a lease
to contracts thatunder
were IFRS 16 wasidentified
previously applied toascontracts
leases as
perentered
IAS 17into or changed
or IFRIC 4. Theon or after the
definition of atransition
lease underdate. IFRS
Further, Emirates
16 was has applied
applied the
to contracts Impact on equity (9,644)
following LIABILITIES
entered intopermitted
or changed practical
on or expedients on a lease-by-lease
after the transition date. Further, basis:Emirates has applied the
following permitted practical expedients on a lease-by-lease basis: LIABILITIES
Trade and other payables 14,977 (567) 14,410
 a single discount rate has been applied to a portfolio of leases with reasonably
similar characteristics; Borrowings
Trade andand lease
other liabilities
payables 22 53,039
14,977 60,765(567) 113,80414,410
 a single discount rate has been applied to a portfolio of leases with reasonably
 the new lease measurement rules have not been applied to leases (excluding aircraft Deferred credits
Borrowings and lease liabilities 25 22 2,759
53,039 (2,759)
60,765 -
113,804
similar characteristics;
and aircraft engine related leases) which expire within 12 months of the transition
 the new lease measurement rules have not been applied to leases (excluding aircraft Provisions
Deferred credits 23 25 4,759
2,759 3,571
(2,759) 8,330 -
date and are accounted for as short term leases;
and aircraft engine related leases) which expire within 12 months of the transition
 initial direct costs associated with the lease have been excluded from the Provisions
Impact on liabilities 23 4,759 61,0103,571 8,330
date and are accounted
measurement for as short
of the right-of-use termand
asset; leases;
  initial directhas costs associated Impact on equity and
and liabilities
used in with the lease the havelease been
term excluded fromwith the Impact 51,366
Impact onon liabilities
equity liabilities 61,010
hindsight been determining for contracts
measurement of the right-of-use
extension/termination options. asset; and Impact on equity and liabilities 51,366
 hindsight has been used in determining the lease term for contracts with
extension / terminationoptions.
extension/termination options.

91
OVERVIEW 2. Summary of significant accounting policies (continued) retained interest as an associate, joint venture or financial asset. In addition, any amounts
previously recognised in other comprehensive income in respect of that entity or
EMIRATES
Basis of consolidation business are accounted for as if the related assets or liabilities have been directly
DNATA disposed off. This may mean that amounts previously recognised in other
The acquisition method of accounting is used to account for business combinations by comprehensive income are reclassified to the consolidated income statement.
GROUP Emirates. The consideration transferred for the acquisition of a subsidiary comprises the
fair value of the assets transferred, liabilities incurred, fair value of any contingent Associates are those entities in which Emirates has significant influence but not control
FINANCIAL
INFORMATION consideration arrangements and the fair value of any pre-existing equity interest in the or joint control, generally accompanying a shareholding between 20% and 50% of the
subsidiary. voting rights. Significant influence is the power to participate in the financial and
EMIRATES
FINANCIAL operating policy decisions of the entity, but is not control or joint control over those
COMMENTARY Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities policies. Investments in associates are accounted for by applying the equity method and
and contingent liabilities, if any, incurred or assumed in a business combination, are include goodwill (net of accumulated impairment loss, if any) identified on acquisition,
DNATA
DNATA measured initially at their fair values at the acquisition date. Any non-controlling interest after initially being recorded at cost.
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY in the subsidiary is recognised on an acquisition-by-acquisition basis, either at fair value
or at the non-controlling interest’s proportionate share of recognised amounts of Joint ventures are contractual arrangements which establish joint control and where
EMIRATES
EMIRATES subsidiaries’ identifiable net assets. Emirates has rights to the net assets of the arrangement. Joint control is the contractually
CONSOLIDATED
CONSOLIDATED
FINANCIAL
FINANCIAL agreed sharing of control of an arrangement, which exists only when decisions about the
STATEMENTS
STATEMENTS Contingent consideration is classified either as equity or a financial liability. Amounts relevant activities require the unanimous consent of the parties sharing control.
classified as a financial liability are subsequently remeasured to fair value with changes in Investments in joint ventures are accounted for by applying the equity method and
DNATA
CONSOLIDATED fair value recognised in the consolidated income statement. include goodwill (net of accumulated impairment loss, if any) identified on acquisition,
FINANCIAL
STATEMENTS
after initially being recognised at cost.
If the business combination is achieved in stages, the acquisition date carrying value of
ADDITIONAL Emirates’ previously held equity interest in the investment is remeasured to fair value at When Emirates’ share of losses in an equity-accounted investment equals or exceed its
INFORMATION the acquisition date. Any gains or losses arising from such remeasurement are interest in the entity, including any other unsecured long term receivables, Emirates does
recognised in the consolidated income statement. not recognise further losses, unless it has incurred obligations or made payments on
behalf of the other entity.
Subsidiaries are those entities (including structured entities) over which Emirates has
If the ownership in a joint venture or an associate is reduced but joint control or
control. Control is exercised when Emirates is exposed to, or has rights to, variable
significant influence is retained, only a proportionate share of the amounts previously
returns from its involvement with the entity and has the ability to affect those returns
recognised in other comprehensive income are reclassified to the consolidated income
through its power over that entity. Subsidiaries are fully consolidated from the date on
statement where appropriate.
which control is transferred to Emirates and are de-consolidated from the date that
control ceases. Inter-company transactions, balances and unrealised gains and losses All material unrealised gains and losses arising on transactions between Emirates and its
arising on transactions between Emirates and its subsidiaries are eliminated. associates and joint ventures are eliminated to the extent of Emirates’ interest.

Emirates treats transactions with non-controlling interests that do not result in loss of Accounting policies of subsidiaries, associates and joint ventures have been changed
control as transactions with the owners. A change in ownership interest results in an where necessary to ensure consistency with Emirates’ accounting policies.
adjustment between the carrying amounts of the controlling and non-controlling
interests to reflect their relative interests in the subsidiary. Any difference between the
amount of the adjustment to non-controlling interests and any consideration paid is
recorded in equity.

When Emirates ceases to have control, any retained interest in the entity or business is
remeasured to its fair value at the date when control is lost, with the change in the
carrying amount recognised in the consolidated income statement. The fair value
becomes the initial carrying amount for the purposes of subsequent accounting for the

92
OVERVIEW 2. Summary of significant accounting policies (continued) Liquidated damages
EMIRATES
Revenue Income from claims for liquidated damages on aircraft and related assets is recognised
DNATA in the consolidated income statement as other income or a reduction to operating costs
Passenger (including excess baggage) and cargo sales are recognised as revenue when when a contractual entitlement exists, amounts can be reliably measured and receipt is
each performance obligation for the transportation service is fulfilled and is presented
GROUP
virtually certain. When such claims do not relate to compensations for loss of income or
net of discounts and taxes. The transaction price is allocated to each performance are not towards incremental operating costs, the amounts are taken to the consolidated
FINANCIAL
INFORMATION
obligation based on the relative stand-alone selling price related to each performance statement of financial position and recorded as a reduction in the cost of the related
obligation. Revenue documents (e.g. tickets or airway bills) sold but unused are held in
asset.
EMIRATES the consolidated statement of financial position under current liabilities as passenger
FINANCIAL
and cargo sales in advance within ‘Deferred revenue’. Passenger ticket related breakage
COMMENTARY Finance income and costs
is estimated based on historical trends and recognised in the consolidated income
DNATA
DNATA statement proportionally with each transfer of service to the customer. Interest income and costs are recognised on a time proportion basis using the effective
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY
Where Emirates acts as an agent between the service provider and the end customer, interest method.

EMIRATES
EMIRATES the net commission is recognised as revenue on satisfaction of the performance
CONSOLIDATED
CONSOLIDATED obligation (which typically is the date of sale).
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS Revenues from the sale of consumer goods, food and beverages and catering operations
DNATA
is recognised when the control of goods is transferred to the customer and are stated
CONSOLIDATED net of discounts, taxes and returns.
FINANCIAL
STATEMENTS
All other revenues, including revenue from hotel operations, are recognised net of
ADDITIONAL discounts and taxes, when the respective performance obligations are satisfied.
INFORMATION
Frequent flyer programme (‘Skywards’)
Emirates operates a frequent flyer programme that provides a variety of awards to
programme members based on a mileage credit for flights on Emirates and other
airlines that participate in the programme. Members can also accrue miles by utilising
the services of non-airline programme participants.
Emirates accounts for Skywards miles (predominantly accrued through sale of flight
tickets or purchase of miles by programme partners) as a separately identifiable
component of the sales transaction in which they are granted. The consideration in
respect of the initial sale allocated to Skywards miles is based on their relative stand-
alone selling price, adjusted for expected expiry and the extent to which the demand for
an award cannot be met, and is recorded under current liabilities as deferred revenue.
The stand-alone selling price is determined based on an adjusted market assessment
approach, using estimation techniques and taking into consideration the various
redemption options available to Skywards members. Marketing income earned from
partners associated with the programme is recognised when the miles are issued.
Revenue from redemption of miles is recognised in the consolidated income statement
only when Emirates fulfils its obligations by supplying free or discounted goods or
services on redemption of the miles accrued.
Foreign currency translation
Emirates’ consolidated financial statements are presented in UAE Dirham (“AED”), which
is also the entity’s functional currency. Subsidiaries, associates and joint ventures
determine their own functional currency related to the primary economic environment in
which they operate.
Foreign currency transactions are translated into the functional currency at the exchange
rates prevailing at the transaction dates. Monetary assets and liabilities denominated in
foreign currencies are translated into the functional currency at the exchange rates
prevailing at the end of the reporting period. The resulting foreign exchange gains and
losses, other than those on qualifying cash flow hedges deferred in other comprehensive
income, are recognised in the consolidated income statement.
For the purpose of consolidation, where functional currencies of subsidiaries are
different from AED, income, comprehensive income and cash flow statements of
subsidiaries are translated into AED at average exchange rates for the year that
approximate the cumulative effect of rates prevailing on the transaction dates and their
assets and liabilities are translated at the exchange rates ruling at the end of reporting
period. The resulting exchange differences are recognised in other comprehensive
income.
Share of results of investments accounted for using the equity method are translated
into AED at average exchange rates whereas Emirates’ share of net investments is
translated at the exchange rate prevailing at the end of the reporting period. Translation
differences relating to investments in associates, joint ventures and monetary assets and
liabilities that form part of a net investment in a foreign operation are recognised in
other comprehensive income.

93
OVERVIEW 2. Summary of significant accounting policies (continued) Property, plant and equipment
EMIRATES
Foreign currency translation (continued) Property, plant and equipment is stated at cost less accumulated depreciation and
DNATA impairment. Cost consists of the purchase cost, together with any incidental expenses of
When investments in subsidiaries, associates or joint ventures are disposed of, the acquisition. Where Emirates receives credits from manufacturers in connection with the
GROUP
related translation differences previously recorded in equity are then recognised in the acquisition of certain aircraft and engines, these credits are recorded as a reduction to
FINANCIAL consolidated income statement as part of the gain or loss on disposal. the cost of the related assets.
INFORMATION
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are Subsequent costs are included in the asset’s carrying amount or recognised as a
EMIRATES
FINANCIAL treated as assets of the foreign entity and translated at the exchange rates prevailing at separate asset, as appropriate, only when it is probable that future economic benefits
COMMENTARY the end of reporting period. Exchange differences arising are recognised in other associated with the item will flow to Emirates and the cost can be measured reliably.
comprehensive income. Repairs and routine maintenance are charged to the consolidated income statement
DNATA
DNATA
FINANCIAL
FINANCIAL during the period in which they are incurred.
COMMENTARY
COMMENTARY Income tax
Land is not depreciated. Depreciation on other items of property, plant and equipment is
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED The tax expense for the year comprises current and deferred tax. calculated using the straight-line method to allocate their cost, less estimated residual
FINANCIAL
FINANCIAL values, over the estimated useful lives of the assets or the lease term, if shorter.
STATEMENTS
STATEMENTS
The current income tax charge is calculated on the basis of the tax laws enacted or
DNATA substantively enacted at the end of the reporting period in the countries where Emirates The estimated useful lives and residual values are:
CONSOLIDATED operates and generates taxable income.
FINANCIAL
STATEMENTS Aircraft 15 –– 18
15 18 years
years (residual
(residual value
value nil
nil -- 10%)
10%)
Deferred income tax is provided in full on temporary differences arising between the tax Aircraft spare engines and parts 55 –– 15
15 years
years (residual
(residual value
value nil
nil -- 10%)
10%)
ADDITIONAL base of assets and liabilities and their carrying amounts in the consolidated financial Buildings 15 –– 40
15 40 years
years
INFORMATION
statements. However, deferred income tax is not recognised if it arises from initial Other property, plant and equipment 33––20 20years
yearsororover
overthe
thelease
leaseterm,
term,ififshorter
shorter
recognition of an asset or liability in a transaction other than a business combination
that at the time of the transaction affects neither accounting nor taxable profit or loss. Costs for aircraft and engine related major overhaul events are capitalised and
Also, deferred tax liabilities are not recognised if they arise from the initial recognition of depreciated over the shorter of the period to the next major overhaul, the remaining
goodwill in a business combination. lease term or the useful life of the asset concerned. All other costs relating to asset
maintenance (including maintenance provided under ‘pay-as-you-go’ contracts) are
Deferred income tax is determined using tax rates (and laws) that have been enacted or charged to the consolidated income statement as incurred.
substantively enacted at the end of reporting period and are expected to apply when the
related deferred income tax asset is realised or the deferred income tax liability is settled. The assets’ residual values and useful lives are reviewed at least annually, and adjusted if
appropriate.
Deferred income tax assets are recognised only to the extent that it is probable that
future taxable profit will be available against which the temporary differences can be Capital projects are stated at cost. When the asset is ready for its intended use, it is
utilised. transferred from capital projects to the appropriate category under property, plant and
equipment and depreciated in accordance with Emirates’ policies.
Deferred income tax assets and liabilities are offset when there is a legally enforceable
right to offset current income tax assets against current income tax liabilities and when
the deferred taxes relate to the same income tax authority.

94
OVERVIEW 2. Summary of significant accounting policies (continued) Emirates acquires the right to purchase aircraft and related assets which are
manufactured as per bespoke specifications and design, and are delivered through
EMIRATES
Property, plant and equipment (continued) various financing arrangements. Where it is certain that the title of these assets will
DNATA eventually be transferred to Emirates at the end of the financing term, these fall within
An item of property, plant and equipment is derecognised upon disposal or when no the definition of “in-substance purchases” and are hence accounted as property, plant
GROUP
future economic benefits are expected from its use or disposal. Gains and losses on and equipment under IAS 16. Accordingly, the related liabilities are treated as term loans
FINANCIAL derecognition are determined by comparing proceeds with the carrying amount and are under IFRS 9.
INFORMATION recognised in the consolidated income statement.
Emirates uses two exemptions as permitted under IFRS 16 for not capitalising the leased
EMIRATES Borrowing costs asset i.e. short-term leases (with a lease term of 12 months or less) and lease contracts
FINANCIAL
COMMENTARY for which the value of the underlying asset is materially low (primarily comprising of
Borrowing costs directly attributable to the acquisition, construction or production of office space and equipment). For these leases, none of which relate to aircraft, the lease
DNATA
DNATA qualifying assets are added to the cost of the assets until such time that the assets are rental charges are recognised as an operating expense on a straight-line basis over the
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY
substantially ready for their intended use. Borrowing costs capitalised are calculated at period of the lease.
the weighted average rate of general borrowing costs and applied to the expenditure on
EMIRATES
EMIRATES qualifying assets, except to the extent that funds are borrowed specifically for the At the lease commencement date, the lease liability is measured at the present value of
CONSOLIDATED
CONSOLIDATED
purpose of obtaining a qualifying asset. Where this occurs, actual borrowings costs the future lease payments (including payments for reasonably certain extension options),
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS incurred on these specific borrowings less any investment income earned on temporary discounted using the interest rate implicit in the lease or, if that rate cannot be readily
surplus funds are capitalised as part of the qualifying asset. determined, Emirates’ incremental borrowing rate for borrowing funds necessary to
DNATA obtain an asset of similar value to the right-of-use asset in a similar economic
CONSOLIDATED
FINANCIAL Leases (applicable from 1 April 2019) environment with similar terms, security and conditions. The future lease payments
STATEMENTS comprise fixed payments, variable payments that are dependent on an index (e.g. LIBOR)
Right-of-use assets are capitalised at the commencement of the lease and recognised at
less any lease incentives receivable. All other variable lease payments are not included in
ADDITIONAL cost, comprising of the present value of payments to be made to the lessor, any the lease liability measurement and are charged to the consolidated income statement
INFORMATION
prepayments or advance lease rentals made at inception, together with the initial direct as and when due.
costs incurred by Emirates in respect of acquiring the lease and the present value of an
estimate of costs to be incurred to meet the contractual restoration obligations, less any Subsequent changes resulting from reassessments or lease modifications that are not
lease incentives received. accounted for as separate leases (together referred as ‘remeasurements’) are accounted
as adjustments to the carrying value of the lease liability with a corresponding impact to
For contracts which contain one or more lease or non-lease components, the
the related right-of-use asset.
consideration in the contract has been allocated to each component on the basis of the
relative stand-alone price of the component determined on the basis of estimated Sale and leaseback transactions are tested under IFRS 15 at the date of the transaction,
observable information. and if the transaction qualifies as a sale, the underlying asset is derecognised and a
right-of-use asset with a corresponding liability is recognised equal to the retained
Right-of-use assets are depreciated over the useful life or lease term (whichever is interest in the asset. Any gain or loss is recognised immediately in the consolidated
lower), unless the underlying lease contract provides an option to Emirates to acquire income statement for the interest in the asset transferred to the lessor. If the transaction
the asset at the end of the lease term and it is highly certain for Emirates to exercise that does not qualify as sale under IFRS 15, a financial liability equal to the sale value is
option. In such cases, the right-of-use asset is depreciated over the useful life in recognised in the consolidated financial statements as ‘Term loans’ within 'Borrowings
accordance with Emirates' policies with regards to property, plant and equipment. and lease liabilities'.

95
OVERVIEW 2. Summary of significant accounting policies (continued) Goodwill is tested for impairment annually or more frequently if events or changes in
circumstances indicate a potential impairment and is carried at cost less accumulated
EMIRATES
Leases (applicable till 31 March 2019) impairment losses. For the purpose of impairment testing, goodwill is allocated to cash
DNATA generating units or a group of cash generating units that are expected to benefit from
Where property, plant and equipment has been financed by lease agreements under the business combination in which the goodwill arose. An impairment loss is recognised
GROUP which substantially all of the risks and rewards incidental to ownership are transferred to when the carrying value of the cash generating units or a group of cash generating units
Emirates, they are classified as finance leases. Finance leases are capitalised at the exceeds its recoverable amount. Impairment losses on goodwill are not reversed.
FINANCIAL
INFORMATION commencement of the lease at the lower of the present value of the minimum lease
payments or the fair value of the leased asset. The corresponding lease obligations are Gains and losses on the disposal of an entity include the carrying amount of goodwill
EMIRATES included under liabilities. Lease payments are treated as consisting of capital and interest relating to the entity sold.
FINANCIAL
COMMENTARY elements. The interest element is charged to the consolidated income statement as
finance costs over the lease term so as to produce a constant periodic rate of interest on Other intangible assets
DNATA
DNATA the remaining balance of the liability. Property, plant and equipment acquired under
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY finance leases are depreciated in accordance with Emirates’ policies. Intangible assets are capitalised at cost only when future economic benefits are
probable. Cost includes the purchase price together with any directly attributable
EMIRATES
EMIRATES Leases, where a significant portion of risks and rewards of ownership are retained by the expenditure.
CONSOLIDATED
CONSOLIDATED
FINANCIAL
FINANCIAL
lessor, are classified as operating leases. Lease rental charges, including advance rentals
STATEMENTS
STATEMENTS in respect of operating leases, are charged to the consolidated income statement on a Trade names and contractual rights acquired in a business combination are recognised
straight-line basis over the period of the lease. at fair value at the acquisition date. They have a finite useful life and are subsequently
DNATA carried at cost less accumulated amortisation and impairment losses.
CONSOLIDATED
FINANCIAL Gains and losses arising on sale and leaseback transactions resulting in an operating
In the case of internally developed computer software, development expenditure is
STATEMENTS lease and where the sale price and subsequent future lease payments are at fair value,
capitalised if costs can be measured reliably, the product is technically and commercially
are recognised immediately in the consolidated income statement. Where the sale price
ADDITIONAL feasible, future economic benefits are probable, and there exists an intent and ability to
INFORMATION is below fair value, any losses are immediately recognised in the consolidated income
complete the development and to use or sell the asset. Other research and development
statement, except where the loss is compensated for by future lease payments at below
expenditure not meeting the criteria for capitalisation are recognised in the consolidated
market price, it is deferred and amortised in proportion to the lease payments over the
income statement as incurred.
period for which the asset is expected to be used. Where the sale price is above fair
value, the excess over fair value is accounted for as a deferred credit and amortised over Intangible assets are generally amortised on a straight-line basis over their estimated
the period for which the asset is expected to be used. useful lives which are:

Lease classification is made at the inception of the lease. Lease classification is changed Service rights 15 years
only if, at any time during the lease, the parties to the lease agreement agree to change Trade names 20 years
the provisions of the lease (without renewing it) in a way that it would have been Contractual rights Up to 15 years, or based on the usage pattern of the
classified differently at inception had the changed terms been in effect at that time. The underlying contract
revised agreement is considered as a new agreement and accounted for prospectively Computer software 3-7 years
over the remaining term of the lease. The intangible assets’ useful lives are reviewed at least annually, and adjusted if
appropriate.
Goodwill
An intangible asset is derecognised upon disposal or when no future economic benefits
Goodwill represents the excess of the aggregate of the consideration transferred, the are expected from its use or disposal. Gains and losses on derecognition are determined
amount of any non-controlling interest in the acquired entity and the acquisition-date by comparing proceeds with the carrying amount and are recognised in the consolidated
fair value of any previous equity interest in the acquired entity over the fair value of the income statement.
net identifiable assets at the date of acquisition.

96
OVERVIEW 2. Summary of significant accounting policies (continued) Cash and cash equivalents
EMIRATES
Impairment of non-financial assets Cash and cash equivalents comprise cash and liquid funds with an original maturity of
DNATA three months or less. Other bank deposits with maturities of less than one year are
Non-financial assets other than goodwill are reviewed for impairment whenever events classified as short term bank deposits. Bank overdrafts are shown within current
GROUP or changes in circumstances indicate that the carrying amount may not be recoverable. ‘Borrowings and lease liabilities’ in the consolidated statement of financial position.
An impairment loss is recognised for the amount by which the asset’s carrying amount
FINANCIAL
INFORMATION exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair Inventories
value less costs to sell and value in use. For the purpose of assessing impairment, non-
EMIRATES aircraft related assets are grouped at the lowest levels for which there are separately Inventories are stated at the lower of cost and estimated net realisable value. Cost is
FINANCIAL
identifiable cash flows (cash generating units). In respect of aircraft and related assets, determined on the weighted average cost basis.
COMMENTARY
(including right-of-use-assets), these assets are assessed for impairment at Emirates’ Derivative financial instruments
DNATA
DNATA network level. Non-financial assets other than goodwill are reviewed at the end of each
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY reporting period for possible reversals of historic impairment losses. Following the Derivative financial instruments are initially recognised at fair value on the date a
outbreak of COVID-19, Emirates has performed an analysis to consider whether any derivative contract is entered into and are subsequently remeasured at their fair value at
EMIRATES
EMIRATES
material impairment of non-financial assets (including right-of-use assets) existed at the the end of the reporting period. Derivatives are mostly designated as a hedge of the
CONSOLIDATED
CONSOLIDATED
FINANCIAL
FINANCIAL balance sheet date. Based on this analysis, no impairments were noted as at 31 March exposure to variability in cash flows that is attributable to a particular risk associated
STATEMENTS
STATEMENTS 2020. with a recognised asset or liability or a highly probable forecast transaction (cash flow
hedge). Fair values are obtained from quoted market prices or dealer quotes for similar
DNATA Financial assets instruments, discounted cash flow models and option pricing models as appropriate. All
CONSOLIDATED
FINANCIAL derivatives are carried as assets when the fair value is positive and as liabilities when the
Financial assets are classified in accordance with IFRS 9 as ‘Financial assets at amortised
STATEMENTS fair value is negative.
cost’ which consists of financial assets that are debt instruments and are intended to be
ADDITIONAL held to maturity on the basis of Emirates’ business model. Furthermore, these
INFORMATION Emirates’ criteria to account for a derivative financial instrument as a hedge include:
instruments have fixed payment terms and meet the criteria for cash flow characteristics
 the hedging relationship consists only of eligible hedging instruments and eligible
i.e. contractual payments of principal and interest. This category includes trade and other
hedged items; and
receivables (excluding prepayments), short term bank deposits and cash and cash
equivalents. They are classified as non-current or current assets according to their  at the inception of the hedging relationship there is a formal designation and
remaining maturity at the reporting date. documentation of the hedging relationship, including Emirates’ risk management
objective and strategy for undertaking the hedge, identification of the hedging
Trade receivables instrument, the hedged item, the nature of the risk being hedged, and how Emirates
Trade receivables are recognised initially at the amount of consideration that is will assess the hedging instrument's effectiveness; and
unconditional, unless they contain significant financing components when they are  there is an economic relationship between the hedged item and the hedging
recognised at fair value. They are subsequently measured at amortised cost using the instrument; and
effective interest method, less provision for impairment. Emirates applies simplified
approach which uses lifetime expected loss allowances to calculate the impairment  the effect of credit risk does not “dominate the value changes” that results from the
provisions on trade receivables. Specific loss allowances are also recognised when economic relationship. The hedge ratio of the hedging relationship is the same as
Emirates become aware of a customer experiencing financial difficulty. Trade receivables that resulting from the quantity of hedged item that Emirates actually hedges and
are written off once management has determined that such amount will not be the quantity of the hedging instrument that Emirates actually uses to hedge that
recovered. quantity for hedged item.

97
 2. Summary of significant accounting policies (continued)
OVERVIEW 2. Summary of significant accounting policies (continued) Provisions
Derivative financial instruments (continued) Provisions
EMIRATES Provisions are recognised when Emirates has a present legal or constructive obligation as
Derivative financial instruments (continued)
Changes in the fair value of derivatives that are designated and qualify as cash flow a result of are
Provisions past events, it when
recognised is probable
Emirates that
hasan outflowlegal
a present of resources will beobligation
or constructive required as
to
DNATA
settle theofobligation
a result and itthe
past events, is amount
probablecan be an
that reliably estimated.
outflow of resources will be required to
hedges
Changes and in the thatfairprove
value to of be highly effective
derivatives in relation and
that are designated to the hedged
qualify as cashrisk flow
are
GROUP
recognised settle the obligation and the amount can be reliably estimated.
hedges andin that otherprovecomprehensive
to be highly income. Whenintherelation
effective forecasted transaction
to the hedged results
risk are in
Provision for aircraft return conditions
the recognition
recognised of a comprehensive
in other non-financial asset or a When
income. non-financial liability, transaction
the forecasted the gains and losses
results in
FINANCIAL Provision for aircraft return conditions
INFORMATION previously
the recognitionrecognised in other comprehensive
of a non-financial income are liability,
asset or a non-financial re-classified and included
the gains and losses in Provision for aircraft return conditions (restoration obligations) represents the estimate
the initial carrying
previously recognised amount of the
in other asset or liability.
comprehensive Theseare
income gains and losses
re-classified andareincluded
ultimatelyin of the costfor
Provision toaircraft
meet the contractual
return conditionslease end obligations
(restoration on certain
obligations) aircraft the
represents andestimate
engines
EMIRATES
FINANCIAL recognised in the consolidated
the initial carrying amount of the income
asset or statement in the gains
liability. These same and period during
losses are which the
ultimately at time to
of the cost ofmeet
re-delivery. At lease lease
the contractual commencement, the on
end obligations present value
certain of the
aircraft andexpected
engines
COMMENTARY asset or liability
recognised in the affects profit or income
consolidated loss. In all other cases,
statement in theamounts previously
same period recognised
during which the in cost
at theconsidering the existing
time of re-delivery. fleetcommencement,
At lease plan and long-term maintenance
the present schedules
value of the is
expected
other
asset orcomprehensive
liability affectsincome profit orare transferred
loss. In all other tocases,
the consolidated
amounts previously income recognised
statement in recognised as a provision
cost considering the existing and fleet
are capitalised
plan and as part of the
long-term right-of-use
maintenance asset and
schedules is
DNATA
DNATA
FINANCIAL
FINANCIAL the
otherperiod during which
comprehensive income the are
forecasted
transferred transaction affects the consolidated
to the consolidated income statement income in depreciated
recognised as over
a the lease term.
provision and are capitalised as part of the right-of-use asset and
COMMENTARY
COMMENTARY statement
the periodand are presented
during which theinforecasted
the same line item as the
transaction gainsthe
affects andconsolidated
losses from hedged
income depreciated over the lease term.
items. Retirement benefit obligations
statement and are presented in the same line item as the gains and losses from hedged
EMIRATES
EMIRATES
items. Retirement benefit obligations
CONSOLIDATED
CONSOLIDATED
When a cash flow hedging instrument expires or is sold, terminated or exercised, or Emirates operates or participates in various end of service benefit plans, which are
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS when
When aa hedge
cash flow no longer
hedgingmeets the criteria
instrument expires fororhedge
is sold, accounting
terminated under IFRS 9, any
or exercised, or classified
Emirates either
operatesas defined contribution
or participates or defined
in various endbenefit plans.benefit plans, which are
of service
cumulative
when a hedge deferred gain ormeets
no longer loss existing in equity
the criteria for at that time
hedge is retained
accounting in equity
under IFRS 9, and is
any classified
A definedeither as definedplan
contribution contribution
is a pensionor defined
schemebenefit plans.
under which Emirates pays fixed
DNATA
CONSOLIDATED ultimately recognised
cumulative deferred gaininor the consolidated
loss existing in equity income
at thatstatement
time is retained whenin the
equity forecast
and is contributions and has noplan
A defined contribution legalisoraconstructive
pension schemeobligation
underto which
pay further contributions
Emirates pays fixed if
FINANCIAL transaction or part of a volume
ultimately recognised in the of a forecast transaction
consolidated occurs. If a when
income statement forecastthetransaction
forecast the fund doesand
contributions not has
holdnosufficient
legal orassets to settle
constructive the benefits
obligation relating
to pay to contributions
further the employees’ if
STATEMENTS
is no longeror
transaction expected
part of atovolume
occur, the of acumulative gain or loss
forecast transaction that was
occurs. If a reported in equity is
forecast transaction service
the fundindoes
the current
not hold and prior periods.
sufficient assets to Contributions to the relating
settle the benefits pension to fund
theare charged
employees’
ADDITIONAL immediately transferred
is no longer expected to to the consolidated
occur, the cumulative income
gain orstatement.
loss that was The reported
gain or loss on any
in equity is to the consolidated
service in the current income statement
and prior in the
periods. period in which
Contributions to thethey fall due.
pension fund are charged
INFORMATION hedge ineffectiveness
immediately transferred is to
recognised in the consolidated
the consolidated income statement.income The statement
gain orwithin
loss on ‘Other
any to the consolidated income statement in the period in which they fall due.
financial gains / (losses)’.
hedge ineffectiveness is recognised in the consolidated income statement within ‘Other A defined benefit plan is a plan which is not a defined contribution plan. The liability
financial gains / (losses)’. recognised in the consolidated
A defined benefit plan is a plan statement
which is of financial
not position
a defined for a defined
contribution plan. benefit plan
The liability
Hedge relationships are sometimes rebalanced for the purposes of maintaining a hedge is the present
recognised value
in the of the defined
consolidated benefitof
statement obligation at the end
financial position forofa the reporting
defined benefitperiod
plan
ratio
Hedgewhich is consistent
relationships with Emirates’
are sometimes rebalanced risk for
management
the purposes objectives. Any resulting
of maintaining a hedge less
is thethe fair value
present of of
value plan
theassets
definedat that date.
benefit The defined
obligation benefit
at the end ofobligation is calculated
the reporting period
ineffectiveness upon rebalancing
ratio which is consistent is also risk
with Emirates’ recognised
management under objectives.
‘Other financial gains /
Any resulting by
lessindependent
the fair valueactuaries using the
of plan assets projected
at that unitdefined
date. The credit method.
benefit obligation is calculated
(losses)’.
ineffectiveness upon rebalancing is also recognised under ‘Other financial gains / by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting
(losses)’.
estimated
The presentfuture cashofoutflows
value using benefit
the defined market yields at theisend
obligation of the reporting
determined period of
by discounting
Changes in the fair value of derivative instruments that do not qualify for hedge
high quality
estimated corporate
future bonds that
cash outflows are market
using denominated in the
yields at the end
currency
of theinreporting
which theperiod
benefits
of
accounting
Changes inand theare fairentered
value into as economic
of derivative hedges are
instruments recognised
that do not immediately
qualify for hedgein the
will
highbe paid corporate
quality and havebondstermsthat
approximating
are denominatedto theinestimated
the currencyterm of thethe
in which retirement
benefits
consolidated
accounting and income statement
are entered intowithin ‘Other financial
as economic hedges are gains / (losses)’.immediately in the
recognised
benefit
will be obligations.
paid and have terms approximating to the estimated term of the retirement
consolidated income statement within ‘Other financial gains / (losses)’.
Borrowings benefit obligations.
Actuarial gains and losses arising from changes in actuarial assumptions and experience
Borrowings adjustments
Actuarial gainsare
and recognised
losses arisinginfrom
equity through
changes the consolidated
in actuarial statement
assumptions and of
experience
Borrowings are recognised initially at fair value, net of transaction costs incurred.
comprehensive
adjustments are income in the period
recognised in whichthrough
in equity they arise.
the consolidated statement of
Borrowings are are subsequently
recognised initiallymeasured at atfairamortised
value, net costofwith any difference
transaction between
costs incurred.
the proceeds comprehensive income in the period in which they arise.
Borrowings are(net of transaction
subsequently costs) atand
measured the redemption
amortised cost with value recognised
any difference in the
between
Trade payables
consolidated
the proceeds income (net of statement
transactionover costs)the and
period the ofredemption
the borrowings value using the effective
recognised in the
Trade payables
interest method.
consolidated income statement over the period of the borrowings using the effective Trade payables are recognised initially at fair value and subsequently measured at
interest method. amortised cost using
Trade payables the effectiveinitially
are recognised interest at
method.
fair value and subsequently measured at
amortised cost using the effective interest method.

98
OVERVIEW 2. Summary of significant accounting policies (continued) Passenger and cargo revenue recognition
EMIRATES Passenger and cargo sales are recognised as revenue when each performance obligation
Derecognition of financial assets and financial liabilities
DNATA
for the transportation service is fulfilled. The value of unused revenue documents is held
Financial assets are derecognised only when the contractual rights to the cash flows in the consolidated statement of financial position under current liabilities as passenger
GROUP expire or substantially all the risks and rewards of ownership are transferred along with and cargo sales in advance within deferred revenue. Passenger ticket related breakage is
the contractual rights to receive cash flows. Financial liabilities are derecognised only estimated based on historical trends and recognised in the consolidated income
FINANCIAL when they are extinguished i.e. when the obligations specified in the contract are statement proportionally with each transfer of service to the customer. A 5% change to
INFORMATION
discharged or cancelled or expire. the breakage percentage will not result in a material change to passenger and cargo
EMIRATES revenue.
FINANCIAL Offsetting of financial assets and liabilities
COMMENTARY
Frequent flyer programme (‘Skywards’)
DNATA
DNATA Financial assets and liabilities are offset and the net amount is reported in the
FINANCIAL
FINANCIAL consolidated statement of financial position only when there is a legally enforceable Emirates accounts for Skywards miles (predominantly accrued through sale of flight
COMMENTARY
COMMENTARY
right to offset the recognised amounts and there is an intention to settle on a net basis tickets or purchase of miles by programme partners) as a separately identifiable
or realise the asset and settle the liability simultaneously. The legally enforceable right component of the sales transaction in which they are granted. The consideration in
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED must not be contingent on future events and must be enforceable in the normal course respect of the initial sale allocated to Skywards miles is based on their stand-alone value
FINANCIAL
FINANCIAL
of business and in the event of default, insolvency or bankruptcy. and is recorded under current liabilities as ‘Deferred revenue’ (Note 24).
STATEMENTS
STATEMENTS

The stand-alone selling price is determined using the adjusted market assessment
DNATA Segment reporting
CONSOLIDATED approach. This approach involves estimation techniques to determine the stand-alone
FINANCIAL
Operating segments are reported in a manner consistent with the internal reporting selling price of Skywards miles and reflect the weighted average of a number of factors
STATEMENTS
provided to the chief operating decision maker. The chief operating decision maker is i.e. fare per sector, flight upgrades and partner rewards based on historical trends.
ADDITIONAL considered to be Emirates’ leadership team who make strategic decisions and are Adjustments to the stand-alone selling price of miles are also made for miles not
INFORMATION
responsible for allocating resources and assessing performance of the operating expected to be redeemed by members and the extent to which the demand for an
segments. award cannot be met.

Dividend distribution A level of judgement is exercised by management due to the diversity of inputs that go
into determining the stand-alone selling price of miles. A reasonably possible change to
Dividend distribution to equity holders is recognised as a liability in the consolidated any single assumption will not result in a material change to the deferred revenue.
financial statements in the period in which the dividends are approved.
Useful lives and residual values of aircraft and related assets
3. Critical accounting estimates and judgements
Management assigns useful lives and residual values to aircraft and related assets based
on the intended use and the economic lives of those assets. Subsequent changes in
In the preparation of these consolidated financial statements, a number of estimates and
circumstances such as technological advances or prospective utilisation of the assets
associated assumptions have been made relating to the application of accounting
concerned could result in the actual useful lives or residual values differing from initial
policies and reported amounts of assets, liabilities, income and expense. The estimates
estimates.
and associated assumptions are assessed on an ongoing basis and are based on
historical experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. The following narrative addresses
the accounting policies that require subjective and complex judgements, often as a result
of the need to make estimates.

99
OVERVIEW 3. Critical accounting estimates and judgements (continued) no longer expects to consume the same volume of jet fuel as initially envisaged given
the reduction in planned operations. The resulting hedge ineffectiveness charge of AED
EMIRATES
Leases 1,098 m has been recognised in the consolidated income statement within ‘Other
DNATA financial gains / (losses)’. If the fuel uplifts were to be up to 10% points lower than the
On adoption of IFRS 16 from 1 April 2019, while determining the lease term, highly probable forecast as at 31 March 2020, this would have resulted in an
GROUP management considers all facts and circumstances that create an economic incentive to
additional hedge ineffectiveness charge of AED 445 m.
exercise an extension option, or not to exercise a termination option. Extension options
FINANCIAL
INFORMATION (or periods after termination options) are only included in the lease term if the lease is 4. Fair value estimation
reasonably certain to be extended (or not terminated).
EMIRATES
FINANCIAL The levels of fair value hierarchy are defined as follows:
COMMENTARY To ascertain whether it is reasonably certain for Emirates to exercise these options,
management takes into consideration any lease termination penalties that would be Level 1: Measurement is made by using quoted prices (unadjusted) from an active
DNATA
DNATA incurred, leasehold improvements that are estimated to have significant remaining value, market.
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY historical lease durations and the cost associated to business disruption caused by Level 2: Measurement is made by means of valuation methods with parameters
replacing the leased asset. derived directly or indirectly from observable market data.
EMIRATES
EMIRATES Level 3: Measurement is made by means of valuation methods with parameters not
CONSOLIDATED
CONSOLIDATED
FINANCIAL
FINANCIAL Provision for aircraft return conditions based exclusively on observable market data.
STATEMENTS
STATEMENTS
The measurement of the contractual provision for aircraft return conditions includes Derivatives are the only financial instruments which are carried at fair value and fall into
DNATA
assumptions relating to expected costs, escalation rates, discount rates commensurate level 2 of the fair value hierarchy (Note 30).
CONSOLIDATED
FINANCIAL with the expected obligation maturity and long-term maintenance schedules. An Derivatives comprise forward exchange contracts and interest rate swaps. The forward
STATEMENTS estimate is therefore made at each reporting date to ensure that the provision exchange contracts have been fair valued using forward exchange rates that are quoted
ADDITIONAL
corresponds to the present value of the expected costs to be borne by Emirates. A in an active market. Interest rate swaps are fair valued using forward interest rates
INFORMATION significant level of judgement is exercised by management given the long-term nature extracted from observable yield curves. Commodity forward exchange contracts are fair
and diversity of assumptions that go into the determination of the provision. A valued using a future contract price quoted in an active market.
reasonably possible change in any single assumption will not result in a material change
to the provision.

Valuation of defined benefit obligations

The present value of the defined benefit obligations is determined on an actuarial basis
using various assumptions that may differ from actual developments in the future. These
assumptions include the determination of the discount rate and expected salary
increases which are reviewed at each reporting date. Due to the complexities involved in
the valuation and its long-term nature, defined benefit obligations are sensitive to
changes in these assumptions. A sensitivity analysis of changes in defined benefit
obligations due to a reasonably possible change in these assumptions is set out in Note
23.

Ineffectiveness on fuel hedge derivatives

As part of its risk management strategy (as explained in more detail within Note 33),
Emirates plans a monthly schedule of its highly probable forecast purchases of jet fuel
and hedges a portion of these purchases. Emirates generally hedges the crude oil
element of jet fuel by entering into net cash settled crude oil forward contracts of the
same maturity. Following the outbreak and rapid global spread of COVID-19, Emirates

100
evenue
OVERVIEW 5. Revenue 7. Operating costs 7. Operating costs
EMIRATES 2020 2019 2020 2019 2020 2019 2020 2
AED m AED m AED m AED m AED m AED m AED m AE
DNATA
enger 75,587 78,562 Jet fuel Jet fuel 26,260 30,768 26,260 30,7
Passenger 75,587 78,562
GROUP Depreciation and amortisationDepreciation
(see (a) below)
and amortisation (see 19,444
(a) below) 9,680 19,444 9,6
o Cargo 11,207 13,056 11,207 13,056
FINANCIAL Employee (see (b) below) Employee (see (b) below) 12,058 12,623 12,058 12,6
umer goods
INFORMATION Consumer goods 1,472 1,591 1,472 1,591 Sales and marketing Sales and marketing 5,516 6,137 5,516 6,1
ringEMIRATES
operations Catering operations 637 654 637 654 Handling Handling 5,274 5,544 5,274 5,5
FINANCIAL
d and beverage Food and beverage 636 673 636 673 In-flight catering 3,182 3,519
COMMENTARY
In-flight catering 3,182 3,5
l operations Hotel operations 584 669 584 669 Overflying 2,537 2,761
DNATA
DNATA Overflying 2,537 2,7
ss baggage
FINANCIAL
FINANCIAL
Excess baggage 478 444 478 444 Aircraft maintenance Aircraft maintenance 2,162 2,413 2,162 2,4
COMMENTARY
COMMENTARY
rs 394 391 Facilities and IT related costs Facilities and IT related costs 2,156 2,626 2,156 2,6
EMIRATES
EMIRATES
Others 394 391
CONSOLIDATED
CONSOLIDATED 90,995 96,040 Landing and parking Landing and parking 2,155 2,231 2,155 2,2
FINANCIAL
FINANCIAL
90,995 96,040
STATEMENTS
STATEMENTS Cost of goods sold Cost of goods sold 1,431 1,588 1,431 1,5
Crew layover Crew layover 1,026 1,094 1,026 1,0
therDNATA
operating income 6. Other operating income
CONSOLIDATED Foreign exchange loss - net Foreign exchange loss - net - 333 - 3
r operating
FINANCIAL
income
comprises AED 239 m
Other operating (2019:comprises
income AED 906 AED
m) from
239 liquidated
m (2019: AED 906 m) from liquidated Aircraft operating leases - 11,650
STATEMENTS Aircraft operating leases - 11,6
ages and other compensations
damages received in connection
and other with received
compensations aircraft and related
in connection with aircraft and related Other operating costs 394 314
Other operating costs 394 3
ational
ADDITIONAL
matters, AED 153 m (2019:
operational Nil) being
matters, a
AED net foreign
153 m exchange
(2019: Nil) gain,
being a Nil
net foreign exchange gain, Nil
INFORMATION Corporate overheads (see (c) below)
Corporate overheads (see (c) below) 1,969 1,979 1,969 1,9
rtisation of gains on sale and leaseback
amortisation of aircraft,
of gains on saleaircraft engines and
and leaseback parts aircraft engines and parts
of aircraft, 85,564 95,260 85,564 95,2
9: AED 324 m) and income of AED 585 m (2019: AED 637 m) from ancillary
(2019: AED 324 m) and income of AED 585 m (2019: AED 637 m) from ancillary
ces and activities incidental to Emirates'
services operations.
and activities incidental to Emirates' operations. (a) Depreciation and amortisation includes depreciation expense of AED 9,602 m expense of AED 9,602
(a) Depreciation and amortisation includes depreciation
(2019: AED 9,500 m) on property, plant and equipment and AED 9,392 m on right-of-
(2019: AED 9,500 m) on property, plant and equipment and AED 9,392 m on right
use assets and the amortisation
usecharge
assets of
andAED
the450 m (2019: AED
amortisation 180of
charge m)AED
on intangible
450 m (2019: AED 180 m) on intang
assets. assets.

(b) Employee costs include AED 762 m (2019:

(b) Employee costsAED 742 AED
include m) in762
respect of retirement
m (2019: AED 742 m) in respect of retirem
benefit obligations (Note 23 (a)).
benefit obligations (Note 23 (a)).

(c) Corporate overheads include a net charge

(c) Corporate of AEDinclude
overheads 41 m a(2019: AED 26ofm)AED
net charge in 41 m (2019: AED 26 m
respect of impairment losses for trade receivables (Note 18).
respect of impairment losses for trade receivables (Note 18).

(d) Operating costs include expenses related

(d) Operating to short
costs term
include leases of
expenses AED 337
related m, non
to short term leases of AED 337 m,
index based variable lease payments of AED 83 m and low value
index based variable lease payments of AED 83 m 63
leases of AED m.low value leases of AED 63
and

101
nance income and costs 9. Other financial gains / (losses)
OVERVIEW 8. Finance income and costs 9. Other financial gains / (losses)
2020 2019
EMIRATES 2020 2019 Other financial gains / (losses) comprise of AED 601 m (2019: Nil) of realised gains on
AED m AED m Other financial gains / (losses) comprise of AED 601 m (2019: Nil) of realised gains
AED m AED m currency derivatives not qualifying for hedge accounting and AED 1,098 m (2019: Nil)
DNATA
currency derivatives not qualifying for hedge accounting and AED 1,098 m (2019:
nce income of losses relating to hedge ineffectiveness on jet fuel forward contracts designated as
GROUP
Finance income of losses relating to hedge ineffectiveness on jet fuel forward contracts designated
est income on bank deposits: cash flow hedges.
Interest income on bank deposits: cash flow hedges.
FINANCIAL
ed parties (Note 32) 341 305
INFORMATION Related parties (Note 32) 341 305
rs EMIRATES 251 191 10. Income tax expense
Others 251 191 10. Income tax expense
FINANCIAL 2020 2019
COMMENTARY 2020 20
r interest income: AED m AED m
Other interest income: AED m AED
est income
DNATA
DNATA
from Joint ventures (Note 32) - 1 Current income tax expense 78 59
FINANCIAL
FINANCIAL Interest income from Joint ventures (Note 32) - 1 Current income tax expense 78
COMMENTARY
COMMENTARY
592 497 Deferred income tax (Note 26) (12) (2)
592 497 Deferred income tax (Note 26) (12)
nce EMIRATES
costs
EMIRATES
66 57
CONSOLIDATED
CONSOLIDATED Finance costs 66
est FINANCIAL
expense on lease liabilities:
FINANCIAL
STATEMENTS
STATEMENTS Interest expense on lease liabilities:
aft (2,977) (1,450) Emirates has secured tax exemptions by virtue of double taxation agreements and
DNATA
Aircraft (2,977) (1,450) Emirates has secured tax exemptions by virtue of double taxation agreements
aircraft (166) (70) airline reciprocal arrangements in most of the jurisdictions in which it operates.
CONSOLIDATED
Non-aircraft (166) (70) airline reciprocal arrangements in most of the jurisdictions in which it opera
FINANCIAL Therefore, the income tax expense relates only to certain overseas stations of
STATEMENTS Therefore, the income tax expense relates only to certain overseas stations
Emirates' operations and its subsidiaries where Emirates is subject to income tax. The
est expense on bonds and term loans (1,838) (455) Emirates' operations and its subsidiaries where Emirates is subject to income tax.
ADDITIONAL Interest expense on bonds and term loans (1,838) (455) respective tax charges are consistent with the statutory tax rate in these jurisdictions.
INFORMATION respective tax charges are consistent with the statutory tax rate in these jurisdictio
Providing detailed information on effective tax rates is therefore not meaningful.
r finance costs (380) (198) Providing detailed information on effective tax rates is therefore not meaningful.
Other finance costs (380) (198)
(5,361) (2,173)
(5,361) (2,173)
nce costs - net (4,769) (1,676)
Finance costs - net (4,769) (1,676)

est expense on bonds and term loans includes interest on borrowings related to
Interest expense on bonds and term loans includes interest on borrowings related to
s subject to financing agreements which are 'in-substance purchases' as defined
assets subject to financing agreements which are 'in-substance purchases' as defined
mirates' accounting policies. The prior year expense of AED 1,450 m was
in Emirates' accounting policies. The prior year expense of AED 1,450 m was
nted within interest expense on lease liabilities in the year ended 31 March 2019
presented within interest expense on lease liabilities in the year ended 31 March 2019
he related balances are presented within lease liabilities in the consolidated
as the related balances are presented within lease liabilities in the consolidated
ment of financial position as at 31 March 2019. See (Note 22 (b)) for further
statement of financial position as at 31 March 2019. See (Note 22 (b)) for further
ls.
details.

ce costs include an amount of AED 239 m (2019: AED 10 m) on borrowings and

Finance costs include an amount of AED 239 m (2019: AED 10 m) on borrowings and
liabilities from companies under common control (Note 32).
lease liabilities from companies under common control (Note 32).

102
Segment information
OVERVIEW 11. Segment information The segment information for
Thethe
segment
year ended
information
31 Marchfor
2020
the is
year
as follows:
ended 31 March 2020 is as follows:
EMIRATES
ates' leadership team monitors
Emirates'the operatingteam
leadership results of its business
monitors units for
the operating the of its business units for the
results Catering Recon-
Catering Recon-
DNATA
ose of making decisionspurpose
about resource allocation
of making decisionsand performance
about assessment.
resource allocation and performance assessment. Airline operations Other
Airline
ciliation
operations Total
Other ciliation To
airline
GROUPbusiness unit, which provides
The airline commercial
business air transportation
unit, which including air transportation including
provides commercial AED m AED m AED m
AED m AED mAED m AEDAED
m m AED m AED
enger, cargo services andpassenger,
FINANCIAL excess baggage, is the main
cargo services and reportable segment.
excess baggage, Catering
is the main reportable segment. Catering Total segment revenue Total
88,138
segment revenue
2,667 2,76288,138 (293)2,667 93,274
2,762 (293) 93,2
ations is another reportable
INFORMATION segment
operations which provides
is another reportablein-flight
segment andwhich
institutional
provides in-flight and institutional
Inter-segment revenue Inter-segment
- revenue
(2,030) (249) - - (2,030) (2,279)(249) - (2,2
ringEMIRATES
services. 'Other' comprises
cateringofservices.
various 'Other'
businesses not allocated
comprises to abusinesses
of various reportablenot allocated to a reportable
Revenue from external Revenue from external
mentFINANCIAL
primarily in relation segment
to hotel operations
primarily inand the sale
relation of consumer
to hotel goods,
operations foodsale of consumer goods, food
and the
COMMENTARY customers 88,138
customers 637 2,51388,138 (293) 637 90,995
2,513 (293) 90,9
beverages. and beverages.
DNATA
DNATA Segment profit for the year Segment
801profit for the
184 year 203 801 - 184 1,188 203 - 1,1
FINANCIAL
FINANCIAL
performance of the airline
COMMENTARY
COMMENTARY and
The catering operations
performance is evaluated
of the airline basedoperations
and catering on segmentis evaluated based on segment Finance income Finance
588
income 8 - 588 (4) 8 592 - (4) 5
nue and profit or loss. Segment
revenueprofit or lossorisloss.
and profit measured consistently
Segment withisprofit
profit or loss for consistently with profit for
measured
EMIRATES
EMIRATES
Finance costs Finance
(5,344)
costs (2) (19)
(5,344) 4 (2) (5,361) (19) 4 (5,3
yearCONSOLIDATED
in the consolidated financial
CONSOLIDATED the yearstatements.
in the consolidated financial statements. Income tax (expense) / Income tax (expense) /
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS credit credit (81) - 15 (81) - - (66) 15 -
ment revenue is measured in a manner
Segment revenueconsistent withinthat
is measured in the consolidated
a manner consistent with that in the consolidated Depreciation and Depreciation and
me DNATA
statement, with the income
exception of notional
statement, with revenues and costs
the exception in the airline
of notional revenues and costs in the airline amortisation (18,942)
amortisation (195) (307)
(18,942) - (195)(19,444)(307) - (19,4
CONSOLIDATED
mentFINANCIAL
arising from the usage of transportation
segment arising fromservices e.g.ofleave
the usage passage ofservices
transportation staff ande.g. leave passage of staff and
STATEMENTS Share of results of Share of results of
travel of staff and consultants that are
duty travel eliminated
of staff when preparing
and consultants that arethe consolidated
eliminated when preparing the consolidated
investments accounted for investments accounted for
ncialADDITIONAL
statements. This adjustment
financial is presented This
statements. as a adjustment
reconciling is
item. The breakdown
presented as a reconciling item. The breakdown
INFORMATION using the equity method using the- equity method
- 112 - - - 112 112 - 1
venue from external customers by nature
of revenue of business
from external activity by
customers is provided
nature ofinbusiness
Note 5. activity is provided in Note 5.
Segment assets Segment
163,460assets 3,098 6,202
163,460 (698)3,098172,062
6,202 (698) 172,0
ment assets include inter-segment loans include
Segment assets and receivables, whichloans
inter-segment are eliminated on
and receivables, which are eliminated on Investments accounted for Investments accounted for
olidation. This consolidation adjustmentThis
consolidation. is presented as a reconciling
consolidation adjustment item.
is presented as a reconciling item. using the equity method using the- equity method
- 691 - - - 691 691 - 6
Additions to property, plant Additions to property, plant
and equipment 8,687
and equipment 69 71 8,687 - 69 8,827 71 - 8,8
Additions to right-of-use- Additions to right-of-use-
assets 1,748
assets - 48 1,748 - - 1,796 48 - 1,7
Additions to intangible Additions to intangible
assets 3,023
assets 5 15 3,023 - 5 3,043 15 - 3,0

See Note 13 for details aboutSee

theNote
impact
13 of
foradoption
details about
of IFRS
the16
impact
on theofsegment
adoptionassets
of IFRS 16 on the segment as
as at 31 March 2020. as at 31 March 2020.

103
Segment information (continued)
OVERVIEW 11. Segment information (continued) Geographical information Geographical information
EMIRATES 2020 2019 2020 20
segment information for
Thethe year ended
segment 31 March
information for2019 is as ended
the year follows:
31 March 2019 is as follows:
AED m AED m AED m AED
DNATA

Catering Recon- Revenue from external customers:

Revenue from external customers:
GROUP Catering Recon-
Airline operations Airlineciliation
Other operations TotalOther ciliation Total Europe Europe 26,121 28,258 26,121 28,2
FINANCIAL
INFORMATION AED m AED m AED AED
m m AED m AED m AEDAED
m m AED m AED m East Asia and Australasia East Asia and Australasia 24,134 26,599 24,134 26,5
al segment
EMIRATESrevenue Total92,953 2,820
segment revenue 2,979
92,953 (302)
2,820 98,450
2,979 (302) 98,450 Americas Americas 14,632 14,453 14,632 14,4
FINANCIAL
r-segment revenue
COMMENTARY -
Inter-segment (2,166)
revenue (244) - -(2,166) (2,410)
(244) - (2,410) West Asia and Indian Ocean West Asia and Indian Ocean 9,764 9,364 9,764 9,3
enue from external Revenue from external Africa Africa 8,691 9,074 8,691 9,0
omers
DNATA
DNATA
FINANCIAL
92,953
customers 654 2,735
92,953 (302) 654 96,040
2,735 (302) 96,040
FINANCIAL
Gulf and Middle East Gulf and Middle East 7,653 8,292 7,653 8,2
ment profit for the year Segment
COMMENTARY
COMMENTARY
486 208year
profit for the 336 486 - 208 1,030336 - 1,030
90,995 96,040 90,995 96,0
nceEMIRATES
income
EMIRATES Finance492
income 8 2 492 (5) 8 497 2 (5) 497
CONSOLIDATED
CONSOLIDATED
nceFINANCIAL
costs
FINANCIAL (2,172)
Finance costs - (6)
(2,172) 5 - (2,173) (6) 5 (2,173)
STATEMENTS
STATEMENTS Revenue from inbound andRevenueoutboundfromairline operations
inbound between airline
and outbound the UAE and the between the UAE and
operations
me tax (expense) / Income tax (expense) /
overseas point is attributed overseas
to the geographical area in to
point is attributed which the respectivearea
the geographical overseas
in which the respective overs
it DNATA credit (68) - 11 (68) - - (57) 11 - (57)
CONSOLIDATED points are located. Revenue fromareother
points segments
located. Revenue is reported
from otherbased upon the
segments is reported based upon
reciation and
FINANCIAL Depreciation and
STATEMENTS
geographical area in which sales are madearea
geographical or services
in whichare rendered.
sales are made or services are rendered.
ortisation amortisation
(9,355) (146) (179)
(9,355) - (146) (9,680)
(179) - (9,680)
ADDITIONAL
re ofINFORMATION
results of Share of results of The major revenue earning asset is the revenue
The major aircraft fleet, which
earning is registered
asset in the
is the aircraft UAE.
fleet, Since
which is registered in the UAE. Si
stments accounted for investments accounted for the aircraft fleet is deployed flexibly fleet
the aircraft acrossis Emirates'
deployed route
flexiblynetwork,
across providing
Emirates' route network, provid
g the equity method using the-equity method
- 116 - - - 116116 - 116 information on non-current assets by geographical
information areasassets
on non-current is not by
considered meaningful.
geographical areas is not considered meaningfu
ment assets 119,489
Segment assets 3,072 5,522
119,489 (685)
3,072127,398
5,522 (685) 127,398
stments accounted for Investments accounted for No single external customer No
contributes 10% orcustomer
single external more of Emirates' revenues.
contributes 10% or more of Emirates' revenues.
g the equity method using the-equity method
- 683 - - - 683683 - 683 Prior year numbers have been reclassifed
Prior to conform
year numbers with the
have been current to
reclassifed year presentation
conform with the current year presentat
itions to property, plant Additions to property, plant Prior year numbers have been reclassified to conform with the current year presentation
and in line with internal organisation
and in structure.
line with internal organisation structure.
and in line with internal organisation structure.
equipment and 12,915
equipment 191 72
12,915 - 191 13,178 72 - 13,178
itions to intangible Additions to intangible
ts assets 253 3 3 253 - 3 259 3 - 259
itions to advance lease Additions to advance lease
als rentals 169 - - 169 - - 169 - - 169

104
OVERVIEW 12. Property, plant and equipment
EMIRATES
Aircraft Aircraft and Other
DNATA spare engine Land property,
engines overhaul and plant and Capital
GROUP
Aircraft and parts events buildings equipment projects Total
FINANCIAL AED m AED m AED m AED m AED m AED m AED m
INFORMATION
Cost
EMIRATES 31 March 2019 91,837 7,002 11,412 16,352 7,239 3,339 137,181
FINANCIAL
COMMENTARY Assets held under leases transferred to
right-of-use assets (Note 13) - - - (2,768) - - (2,768)
DNATA
DNATA
FINANCIAL
FINANCIAL Adjusted 1 April 2019 (Note 2) 91,837 7,002 11,412 13,584 7,239 3,339 134,413
COMMENTARY
COMMENTARY
Additions - 197 1,450 22 195 6,963 8,827
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED
Acquisitions (Note 34) - - - - 64 23 87
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS
Transfer from capital projects 6,849 160 - 28 197 (7,234) -
Disposals / write-offs - (222) (1,888) - (395) - (2,505)
DNATA
CONSOLIDATED Currency translation differences - - - (47) (2) - (49)
FINANCIAL
STATEMENTS 31 March 2020 98,686 7,137 10,974 13,587 7,298 3,091 140,773
Accumulated depreciation
ADDITIONAL
INFORMATION 31 March 2019 29,054 2,285 6,201 5,163 5,047 - 47,750
Assets held under leases transferred to
right-of-use assets (Note 13) - - - (320) - - (320)
Adjusted 1 April 2019 (Note 2) 29,054 2,285 6,201 4,843 5,047 - 47,430
Charge for the year 5,669 542 2,409 443 539 - 9,602
Acquisitions (Note 34) - - - - 29 - 29
Disposals / write-offs - (88) (1,886) - (379) - (2,353)
Currency translation differences - - - (18) (1) - (19)
31 March 2020 34,723 2,739 6,724 5,268 5,235 - 54,689
Net book amount
31 March 2020 63,963 4,398 4,250 8,319 2,063 3,091 86,084

The net book amount of aircraft includes an amount of AED 57,233 m (2019: AED 57,218 m) in respect of assets provided as security against
financing obligations.

Land of AED 568 m (2019: AED 983 m) is carried at cost and is not depreciated. On adoption of IFRS 16, land of AED 413 m was transferred to
right-of-use assets.

105
OVERVIEW 12. Property, plant and equipment (continued)
EMIRATES
Property, plant and equipment includes interest capitalised during the year amounting to AED 35 m (2019: AED 121 m). The interest on general
DNATA borrowings for qualifying assets was capitalised using an annual weighted average capitalisation rate of 4.1% (2019: 4.0%).

GROUP
Capital projects include pre-delivery payments of AED 2,165 m (2019: AED 2,579 m) in respect of aircraft due for delivery between 2021 and
FINANCIAL 2030.
INFORMATION
Additional categories within property, plant and equipment have been presented in the year ended 31 March 2020, comparative balances for
EMIRATES
FINANCIAL the year ended 31 March 2019 have also been presented in a consistent format, there is no change to the overall net book amount of property,
COMMENTARY
plant and equipment as at 31 March 2019.
DNATA
DNATA
FINANCIAL
FINANCIAL Aircraft Aircraft and Other
COMMENTARY
COMMENTARY
spare engine Land property,
EMIRATES
EMIRATES engines overhaul and plant and Capital
CONSOLIDATED
CONSOLIDATED
FINANCIAL
FINANCIAL Aircraft and parts events buildings equipment projects Total
STATEMENTS
STATEMENTS
AED m AED m AED m AED m AED m AED m AED m
DNATA
Cost
CONSOLIDATED
FINANCIAL 1
1 April
April 2018
2018 80,988 7,091 9,884 14,961 7,010 7,019 126,953
STATEMENTS
Additions - 205 3,304 54 223 9,392 13,178
ADDITIONAL
INFORMATION Transfer from capital projects 11,069 75 - 1,370 558 (13,072) -
Disposals / write-offs (220) (369) (1,783) (6) (542) - (2,920)
Currency translation differences - - 7 (27) (10) - (30)
31 March 2019 91,837 7,002 11,412 16,352 7,239 3,339 137,181
Accumulated depreciation
1
1 April
April 2018
2018 24,067 2,100 5,305 4,530 5,000 - 41,002
Charge for the year 5,207 444 2,633 645 571 - 9,500
Disposals / write-offs (220) (259) (1,737) (2) (519) - (2,737)
Currency translation differences - - - (10) (5) - (15)
31 March 2019 29,054 2,285 6,201 5,163 5,047 - 47,750
Net book amount
31 March 2019 62,783 4,717 5,211 11,189 2,192 3,339 89,431

106
OVERVIEW 13. Right-of-use assets
EMIRATES
Aircraft
spare Land and
DNATA
Aircraft engines buildings Others Total
13. Right-of-use assets
GROUP AED m AED m AED m AED m AED m
Aircraft
Net book amount of right-of-use assets recognised on adoption of
FINANCIAL spare Land and
INFORMATION IFRS 16 55,955 146 2,364 23 58,488
Aircraft engines buildings Others Total
Net book amount of assets held under leases transferred from
EMIRATES AED m AED m AED m AED m AED m
FINANCIAL property, plant and equipment (Note 12) - - 2,448 - 2,448
COMMENTARY Net book amount of right-of-use assets recognised on adoption of
Net book
IFRS 16 amount at 1 April 2019 (Note 2) 55,955
55,955 146
146 4,812
2,364 23
23 60,936
58,488
DNATA
DNATA
FINANCIAL
FINANCIAL Additions
Net book amount of assets held under leases transferred from - - 1,796 - 1,796
COMMENTARY
COMMENTARY
property, plant and equipment (Note 12)
Remeasurements -
(430) -
33 2,448
49 - 2,448
(348)
EMIRATES
EMIRATES Net book amount
Depreciation chargeatfor
1 April 2019 (Note 2)
the year 55,955
(8,182) 146
(91) 4,812
(1,114) 23
(5) 60,936
(9,392)
CONSOLIDATED
CONSOLIDATED
FINANCIAL
FINANCIAL Additions
Net book amount at 31 March 2020 -
47,343 -
88 1,796
5,543 -
18 1,796
52,992
STATEMENTS
STATEMENTS
Remeasurements (430) 33 49 - (348)
DNATA Emirates leases
Depreciation aircraft,
charge for aircraft
the yearspare engines, land and buildings, vehicles and airport equipment
(8,182) (91) among other assets. In(5)
(1,114) terms of land and
(9,392)
CONSOLIDATED
FINANCIAL buildings, Emirates mainly leases airport infrastructure assets, including lounges and office space, as well as other buildings used for office,
STATEMENTS Net book amount at 31 March 2020 47,343 88 5,543 18 52,992
retail and staff accommodation purposes.
ADDITIONAL
INFORMATION Emirates leases aircraft,
No depreciation aircraft
is charged spareamounting
on land engines, land and454
to AED buildings,
m (2019: vehicles
AED 413andmairport equipment
presented in Noteamong other
12) as the assets.
legal In terms
title will of land and
be transferred to
buildings, Emirates
Emirates upon mainly leases
completion of the airport infrastructure assets, including lounges and office space, as well as other buildings used for office,
lease term.
retail and staff accommodation purposes.
Following the outbreak of COVID-19, Emirates conducted an impairment review in respect of property, plant and equipment and right-of-
The net book amount of right-of-use assets pertains to the following segments:
No
use depreciation is charged testing
assets. For impairment on landpurposes
amounting to AED 454
discounted m flows
cash (2019:have
AEDtaken
413 minto
presented
accountinthe
Note 12) as
period theEmirates
that legal title will betotransferred
expects to
be impacted
by COVID-19 followed by long term growth
Emirates upon completion of the lease term. rate not exceeding 2%. A discount rate of 7% has been applied to the cash flows. A reasonably
possible change in any of the key assumptions would not lead to an impairment 2020
charge.
AED m
The net book amount of right-of-use assets pertains to the following segments:
Airline 52,691
Catering operations 28
2020
Other AED mm
273
AED
Airline 52,992
52,691
Catering operations 28
Other 273
52,992

107
OVERVIEW 14. Intangible assets
EMIRATES

Service Trade Contractual Computer

DNATA
Goodwill rights names rights software Total
GROUP AED m AED m AED m AED m AED m AED m
FINANCIAL Cost
INFORMATION
1 April
1 April 2019
2019 609 282 19 56 1,816 2,782
EMIRATES Additions - - - 2,821 222 3,043
FINANCIAL
COMMENTARY
Acquisition (Note
Aquisitions (Note 34)
34) 209 - - - - 209
Disposals - - - (1) (11) (12)
DNATA
DNATA
FINANCIAL
FINANCIAL Currency translation differences - - - - (2) (2)
COMMENTARY
COMMENTARY 31 March 2020 818 282 19 2,876 2,025 6,020
EMIRATES
EMIRATES Accumulated amortisation
CONSOLIDATED
CONSOLIDATED
11 April
April 2019
2019 - 175 10 26 997 1,208
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS Amortisation for the year - 15 1 223 211 450

DNATA
Disposals - - - (1) (9) (10)
CONSOLIDATED Currency translation differences - - - - (1) (1)
FINANCIAL
STATEMENTS 31 March 2020 - 190 11 248 1,198 1,647
Net book value
ADDITIONAL
INFORMATION 31 March 2020 818 92 8 2,628 827 4,373

Computer software includes an amount of AED 221 m (2019: AED 291 m) in respect of projects under implementation.

For the purpose of testing goodwill impairment, the recoverable amounts for cash generating units have been determined on the basis of
value-in-use calculations using cash flow forecasts approved by management covering a three year period, adjusted for Emirates' view of the
impact of COVID-19 on the results of the cash generating units. Cash flows beyond the three year period have been extrapolated using long
term terminal growth rates. The key assumptions used in the value-in-use calculations include a risk adjusted pre-tax discount rate of 12%
(2019: 12%), gross margins consistent with historical trends and growth rates based on management's expectations for market development.
The long term terminal growth rate of 2% (2019: 2%) does not exceed the long term average growth rate for the markets in which the cash
generating units operate. Any reasonably possible change to the assumptions will not lead to an impairment charge.

108
OVERVIEW 14. Intangible assets (continued)
EMIRATES
The goodwill allocated to the cash generating unit or groups of cash generating units is as follows:
DNATA

GROUP Cash generating unit Location Reportable segment Goodwill

2020 2019
FINANCIAL
INFORMATION AED m AED m
Catering operations UAE Catering operations 369 369
EMIRATES
FINANCIAL Consumer goods UAE Other 212 212
COMMENTARY
Food and beverage USA Other 209 -
DNATA
DNATA Food and beverage UAE Other 25 25
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY
Food and beverage Australia Other 3 3
818 609
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS Service Trade Contractual Computer
Goodwill rights names rights software Total
DNATA
CONSOLIDATED AED m AED m AED m AED m AED m AED m
FINANCIAL
STATEMENTS Cost

ADDITIONAL 11 April
April2018
2018 609 282 19 57 1,557 2,524
INFORMATION
Additions - - - - 259 259
Currency translation differences - - - (1) - (1)
31 March 2019 609 282 19 56 1,816 2,782
Accumulated amortisation
11 April
April2018
2018 - 156 9 21 842 1,028
Amortisation for the year - 19 1 5 155 180
31 March 2019 - 175 10 26 997 1,208
Net book value
31 March 2019 609 107 9 30 819 1,574

109
OVERVIEW 15. Investments in subsidiaries, associates and joint ventures
EMIRATES Country of
Percentage of incorporation
DNATA
beneficial Percentage of and principal
GROUP interest equity owned Principal activities operations

FINANCIAL Principal subsidiaries

INFORMATION
Emirates Flight Catering Company L.L.C. 90 90 In-flight and institutional catering UAE
EMIRATES Wholesale and retail of consumer
FINANCIAL
COMMENTARY Maritime & Mercantile International L.L.C. 68.7 68.7 goods UAE

DNATA
DNATA Emirates Leisure Retail L.L.C. 68.7 68.7 Food and beverage operations UAE
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY Emirates Leisure Retail (Singapore) Pte Ltd. 100 100 Food and beverage operations Singapore
Emirates Leisure Retail (Australia) Pty Ltd. 100 100 Food and beverage operations Australia
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED Emirates Hotel L.L.C. 100 100 Hotel operations UAE
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS Emirates Hotels (Australia) Pty Ltd. 100 100 Hotel operations Australia

DNATA Acquired during the year:

CONSOLIDATED
FINANCIAL Air Ventures LLC. 75 75 Food and beverage operations USA
STATEMENTS
None of the subsidiaries have non-controlling interests that are material to Emirates.
ADDITIONAL
INFORMATION
Principal joint ventures
Emirates-CAE Flight Training L.L.C. 50 51 Flight simulator training UAE
Premier Inn Hotels L.L.C. 51 51 Hotel operations UAE
Wholesale and retail of consumer
Arabian Harts International Limited 50 50 goods UAE

Premier Inn Hotels L.L.C. is subject to joint control and is therefore accounted for as a joint venture.

110
 nvestments in subsidiaries, associates and
15. Investments joint ventures
in subsidiaries, (continued)
associates and joint ventures (continued)
OVERVIEW 15. Investments in subsidiaries, associates and joint ventures (continued) 16. Advance lease rentals 16. Advance lease rentals
16. Advance lease rentals
vement of investments accounted
EMIRATES 2020 2019 2020 2
Movementfor of using the equity
investments methodfor using the equity method
accounted
Movement of investments accounted for using the equity method AED m AED m 2020 2
AED m AE
DNATA 2020 2019 2020 2019 AED m AE
AED m AED m 2020 2019 Balance brought forward Balance brought forward 5,221 5,651 5,221 5,6
GROUP AED m AED m
AED m AED m Balance brought forward 5,221 5,6
nceFINANCIAL
brought forward Balance brought forward 683 662 Impact on adoption of IFRS 16Impact
(Note on
2) adoption of IFRS 16 (Note(5,221)
2) - (5,221)
683 662
Balance brought forward 683 662 Impact on adoption of IFRS 16 (Note 2) (5,221)
INFORMATION
act on adoption of IFRS 16Impact
(Note on
2) adoption of IFRS 16 (Note 2) (10) - Adjusted 1 April 2019 Adjusted 1 April 2019 - 5,651 - 5,6
(10) -
Impact on adoption of IFRS 16 (Note 2) (10) - Adjusted 1 April 2019 - 5,6
usted 1 April
EMIRATES
2019 673 662 Additions during the year Additions during the year - 169 -
Adjusted 1 April 2019 673 662
FINANCIAL
Adjusted 1 April 2019 673 662 Additions during the year -
stments during the year Investments during the year
COMMENTARY
21 74 Charge for the year Charge for the year - (599) - (
21 74
Investments during the year 21 74 Charge for the year - (
e ofDNATA
results 112 116 Balance carried forward Balance carried forward - 5,221 - 5,2
DNATA
Share of results 112 116
FINANCIAL
FINANCIAL
Share of results 112 116 Balance carried forward - 5,2
dendsCOMMENTARY
COMMENTARY
Dividends (113) (126) (113) (126)
Dividends (113) (126)
osals during the year
EMIRATES
EMIRATES Disposals during the year - (38) - (38)
CONSOLIDATED
CONSOLIDATED Disposals during the year - (38)
ency translation differences
FINANCIAL
FINANCIAL Currency translation differences (2) (5) (2) (5)
STATEMENTS
STATEMENTS Currency translation differences (2) (5)
nce carried forward Balance carried forward 691 683 691 683
DNATA Balance carried forward 691 683
CONSOLIDATED
ndividual associate is material
FINANCIAL to Emirates.
No individual The aggregate
associate is materialfinancial information
to Emirates. of
The aggregate financial information of
STATEMENTS No individual associate is material to Emirates. The aggregate financial information of
ciates is set out below: associates is set out below:
ADDITIONAL associates is set out below:
INFORMATION
2020 2019 2020 2019
AED m AED m 2020 2019
AED m AED m
AED m AED m
e of results of associates Share of results of associates 64 70 64 70
re of total comprehensive Share of
income results
of of associates
associates 64
Share of total comprehensive income of associates 70 64
64 70
70
Share of total comprehensive income of associates 64 70
regate carrying value ofAggregate
investments in associates
carrying value of investments 48 in associates
48 48 48
Aggregate carrying value of investments in associates 48 48
ndividual joint venture is No
material to Emirates.
individual The aggregate
joint venture is materialfinancial information
to Emirates. The aggregate financial information
No individual joint venture is material to Emirates. The aggregate financial information
int ventures is set out below:
of joint ventures is set out below:
of joint ventures is set out below:
2020 2019 2020 2019
AED m AED m 2020 2019
AED m AED m
AED m AED m
e of results of joint ventures
Share of results of joint ventures 48 46 48 46
Share of results of joint ventures 48 46
re of total comprehensive income
Share of joint
of total ventures income 48
comprehensive 46
of joint ventures 48 46
Share
regate carrying value ofAggregate of total
investments comprehensive
in income of joint
jointvalue of investments
carrying ventures
in joint 48 46
tures Aggregate carrying value of investments 643 in joint 635
ventures 643 635
ventures 643 635

111
 18. Trade and other receivables
OVERVIEW 17. Inventories 18. Trade and other receivables
nventories 2020 2
EMIRATES 2020 2019 2020 2019
2020 2019 AED m AED
DNATA
AED m AED m AED m AED m
AED m AED m Trade receivables - net of provision 2,296 5,7
In-flight consumables 1,401 1,378 Trade receivables - net of provision 2,296 5,770
GROUP
ght consumables 1,401 1,378 Prepayments 944 2,8
Consumer goods 639 540 Prepayments 944 2,886
sumer goods
FINANCIAL 639 540 Related parties (Note 32) 146 1
INFORMATION Engineering 484 453 Related parties (Note 32) 146 187
neering 484 453 Lease and other deposits 302 5
EMIRATES Others 146 154 Lease and other deposits 302 508
ers FINANCIAL 146 154 Other receivables 1,287 1,5
COMMENTARY 2,670 2,525 Other receivables 1,287 1,528
2,670 2,525 4,975 10,8
DNATA
DNATA 4,975 10,879
FINANCIAL
FINANCIAL In-flight consumables include AED 974 m (2019: AED 964 m) relating to items which Less: Receivables over one year (192) (1
ghtCOMMENTARY
consumables
COMMENTARY include AED 974 m (2019: AED 964 m) relating to items which Less: Receivables over one year (192) (139)
are not expected to be consumed within twelve months after the reporting period. 4,783 10,7
not expected
EMIRATES
EMIRATES
to be consumed within twelve months after the reporting period. 4,783 10,740
CONSOLIDATED
CONSOLIDATED Prepayments include Nil amount (2019: AED 55 m) paid to companies under comm
FINANCIAL
FINANCIAL Prepayments include Nil amount (2019: AED 55 m) paid to companies under common
STATEMENTS
STATEMENTS control.
control.
DNATA The carrying amounts of trade, related party and other receivables approximate t
CONSOLIDATED The carrying amounts of trade, related party and other receivables approximate their
FINANCIAL fair values which falls into level 3 of the fair value hierarchy. Any change to
fair values which falls into level 3 of the fair value hierarchy. Any change to the
STATEMENTS
valuation method will not result in a significant change to the fair value of th
valuation method will not result in a significant change to the fair value of these
ADDITIONAL receivables.
INFORMATION receivables.
Receivables over one year include prepayments and other receivables.
Receivables over one year include prepayments and other receivables.
Movements in the provision for impairment of trade receivables are as follows:
Movements in the provision for impairment of trade receivables are as follows:
2020 2
2020 2019
AED m AED
AED m AED m
Balance brought forward 69
Balance brought forward 69 81
Charge for the year 82
Charge for the year 82 68
Unused amounts reversed (41)
Unused amounts reversed (41) (42)
Amounts written off as uncollectible (13)
Amounts written off as uncollectible (13) (32)
Currency translation differences (3)
Currency translation differences (3) (6)
Balance carried forward 94
Balance carried forward 94 69

112
Trade and other receivables
OVERVIEW (continued)
18. Trade and other receivables (continued) 19. Short term bank deposits and cashterm
and bank
cash equivalents
19. Short deposits and cash and cash equivalents
EMIRATES
net provision for impairment losses
The net for trade
provision forreceivables
impairmentAED 41 m
losses for(2019:
trade AED 26
receivables AED 41 m (2019: AED 26 2020 2019 2020 2
included
DNATA in operating costs (Note 7).
m) is included in operating costs (Note 7). AED m AED m AED m AE
GROUP
Bank deposits Bank deposits 16,661 14,413 16,661 14,
the purpose of calculating
Forexpected creditoflosses,
the purpose Emirates
calculating categorises
expected credit its tradeEmirates categorises its trade
losses,
vables by IATA agents, credit
FINANCIAL card service providers and others. Expected credit Cash and bank Cash and bank 3,588 2,624 3,588 2,
INFORMATION receivables by IATA agents, credit card service providers and others. Expected credit
allowances are less than 1.5% across these
loss allowances categories.
are less than 1.5% across these categories. Cash and bank balances Cash and bank balances 20,249 17,037 20,249 17,0
EMIRATES
FINANCIAL Less: Short term bank depositsLess:
- with original
Short term maturity of
bank deposits - with original maturity of
impairment charge on trade receivables charge
The impairment recognised in thereceivables
on trade consolidated income in the consolidated income
recognised
COMMENTARY
more than 3 months more than 3 months (12,017) (11,974) (12,017) (11,
ment during the year primarily relates to ticketing agents who are in unexpected
statement during the year primarily relates to ticketing agents who are in unexpected
DNATA
DNATA Cash and cash equivalents asCash
per and
the consolidated
cash equivalents as per the consolidated
cult FINANCIAL
economic situations and
FINANCIAL are unable
difficult to meet
economic theirand
situations obligations under
are unable the IATA
to meet their obligations under the IATA
statement of financial position
statement of financial position 8,232 5,063 8,232 5,0
ncy COMMENTARY
programme. This charge
COMMENTARY
is included
agency in operating
programme. costs.
This charge is Amounts
included incharged to costs. Amounts charged to
operating
provision account are written off when there is no expectation of further recovery. Bank overdraft (Note 22) Bank overdraft (Note 22) - (29) -
EMIRATES
EMIRATES the provision account are written off when there is no expectation of further recovery.
CONSOLIDATED
CONSOLIDATED Cash and cash equivalents asCash
per and
the consolidated
cash equivalents as per the consolidated
FINANCIAL
FINANCIAL
statement of cash flows statement of cash flows 8,232 5,034 8,232 5,0
cted credit losses
STATEMENTS
STATEMENTS for related partycredit
Expected and other
lossesreceivables
for relatedare lessand
party than 1% as
other the
receivables are less than 1% as the
ncesDNATA
are held with companies withare
balances high credit
held withratings and are
companies short
with highterm in nature
credit ratings and are short term in nature Cash and bank balances earned
Cashan effective
and interest earned
bank balances rate of an
3.4% (2019: interest
effective 3.4%) perrate of 3.4% (2019: 3.4%)
no CONSOLIDATED
significant balances and
are no
overdue. Thesebalances
significant receivables are presented
are overdue. Thesenet of
receivables are presented net of annum. annum.
FINANCIAL
ision.
STATEMENTS provision.
Cash and bank balances include AED bank
Cash and 8,352balances
m (2019:include
AED 11,338 m) held
AED 8,352 with AED 11,338 m) held
m (2019:
ADDITIONAL
maximum exposure to credit risk of trade, relatedtoparty and companies under common control.
companies under common control.
INFORMATION The maximum exposure credit riskother receivables
of trade, relatedatparty and other receivables at
eporting date is the carrying value of each
the reporting dateclass
is theofcarrying
receivable.
value of each class of receivable.

ageing of trade receivables

Thethat are past
ageing due but
of trade not impaired
receivables is as
that are follows:
past due but not impaired is as follows:
2020 2019 2020 2019
AED m AED m AED m AED m
w 3 months Below 3 months 564 352 564 352
months 3-6 months 56 57 56 57
ve 6 months Above 6 months 39 27 39 27
659 436 659 436

urther details on credit risk

Formanagement,
further detailsrefer Note 33.
on credit risk management, refer Note 33.

113
OVERVIEW 20. Capital
EMIRATES
Capital represents the permanent capital of Emirates.
DNATA

GROUP 21. Other reserves

FINANCIAL Cash flow Translation

INFORMATION
hedge reserve reserve Total
EMIRATES AED m AED m AED m
FINANCIAL
COMMENTARY 1 April 2018 12 3 15
DNATA
DNATA Currency translation differences - (17) (17)
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY Net loss on fair value of cash flow hedges (102) - (102)

EMIRATES
EMIRATES Transferred to the consolidated income statement upon settlement 31 13 44
CONSOLIDATED
CONSOLIDATED
FINANCIAL
FINANCIAL 31 March 2019 (59) (1) (60)
STATEMENTS
STATEMENTS
Currency translation differences - (11) (11)
DNATA
CONSOLIDATED
Net loss on fair value of cash flow hedges (6,499) - (6,499)
FINANCIAL
STATEMENTS
Hedge ineffectiveness transferred to the consolidated income statement 1,098 - 1,098
Transferred to the consolidated income statement upon settlement (229) - (229)
ADDITIONAL
INFORMATION 31 March 2020 (5,689) (12) (5,701)

The amounts transferred to the consolidated income statement upon settlement have been (debited) / credited to the following line
items:

2020 2019
AED m AED m

Revenue 1 -
Operating costs 236 -
Finance costs (8) (31)
Other operating income - (13)
229 (44)

114
Borrowings
OVERVIEW and lease liabilities
22. Borrowings and lease liabilities 22 (a). Lease liabilities 22 (a). Lease liabilities
EMIRATES 2020 2019 2020 2019 2020 2019 2020 2
DNATA
AED m AED m AED m AED m AED m AED m AED m AE
-current
GROUP
Non-current Balance brought forward Balance brought forward 39,510 40,374 39,510 40,3
e liabilities (Note 22 (a)) Lease liabilities (Note 22 (a)) 46,333 34,050 46,333 34,050 Impact on adoption of IFRS 16Impact
(Note on
2) adoption of IFRS 16 (Note60,765
2) - 60,765
FINANCIAL
m loans (Note 22 (b))
INFORMATION Term loans (Note 22 (b)) 41,204 7,377 41,204 7,377 Transferred to term loans (Note 22 (b)) to term loans (Note 22 (b))
Transferred (37,995) - (37,995)
ds (Note 22 (c))
EMIRATES Bonds (Note 22 (c)) 3,191 4,006 3,191 4,006 Adjusted 1 April Adjusted 1 April 62,280 40,374 62,280 40,3
FINANCIAL
COMMENTARY 90,728 45,433 90,728 45,433 Additions Additions 1,702 8,633 1,702 8,
ent Current Interest Interest
DNATA
DNATA 3,143 - 3,143
e liabilities
FINANCIAL
FINANCIAL(Note 22 (a)) Lease liabilities (Note 22 (a)) 8,570 5,460 8,570 5,460 Remeasurements Remeasurements
COMMENTARY
COMMENTARY (251) - (251)
m loans (Note 22 (b)) Term loans (Note 22 (b)) 10,044 1,302 10,044 1,302 Repayments Repayments
EMIRATES
EMIRATES (11,777) (9,490) (11,777) (9,
ds (Note 22 (c))
CONSOLIDATED
CONSOLIDATED Bonds (Note 22 (c)) 815 815 815 815 Currency translation differences
Currency translation differences
FINANCIAL
FINANCIAL (194) (7) (194)
k overdraft (Note 19)
STATEMENTS
STATEMENTS Bank overdraft (Note 19) - 29 - 29 Balance carried forward Balance carried forward 54,903 39,510 54,903 39,5
DNATA 19,429 7,606 19,429 7,606
CONSOLIDATED Gross lease liabilities: Gross lease liabilities:
FINANCIAL 110,157 53,039 110,157 53,039
STATEMENTS Within one year Within one year 11,291 6,913 11,291 6,
Borrowings
owings and lease liabilities and lease
are denominated in liabilities
the are denominated in the
wing currencies:
ADDITIONAL following currencies: Between 2 and 5 years Between 2 and 5 years 35,617 22,822 35,617 22,
INFORMATION
Dollar US Dollar 95,112 49,427 95,112 49,427 After 5 years After 5 years 19,227 17,244 19,227 17,
66,135 46,979 66,135 46,9
Dirham UAE Dirham 5,601 3,139 5,601 3,139
Future interest Future interest (11,232) (7,469) (11,232) (7,
Euro 4,547 444 4,547 444
Present value of lease liabilities
Present value of lease liabilities 54,903 39,510 54,903 39,5
nese Yen Japanese Yen 2,424 - 2,424 -
The present value of lease liabilities relate
The present to: of lease liabilities relate to:
value
nd Sterling Pound Sterling 2,157 29 2,157 29
Aircraft Aircraft 50,367 37,995 50,367 37,
ers Others 316 - 316 -
Non-aircraft Non-aircraft 4,536 1,515 4,536 1,

effective interest rate perThe effective

annum interest
on lease rate per
liabilities wasannum on lease
5.4%, term loansliabilities
was 3.7% was 5.4%, term loans was 3.7% Repayable as follows: Repayable as follows:
(2019:finance
9: 4.6% and 3.8% for erstwhile 4.6% and 3.8%and
leases) for bonds
erstwhile
wasfinance leases)
4.4% (2019: and bonds was 4.4% (2019: 4.5%).
4.5%). Within one year (Note 22) Within one year (Note 22) 8,570 5,460 8,570 5,4
Between 2 and 5 years Between 2 and 5 years 28,847 19,092 28,847 19,
After 5 years After 5 years 17,486 14,958 17,486 14,
Total over one year (Note 22)
Total over one year (Note 22) 46,333 34,050 46,333 34,0

115
a). Lease liabilities (continued)
OVERVIEW 22 (a). Lease liabilities (continued) 22 (b). Term loans 22 (b). Term loans
EMIRATES 2020 2019 2020 2019 2020 2019 2020 2
AED m AED m AED m AED m AED m AED m AED m AED
DNATA
ominated in the following currencies: in the following currencies:
Denominated Balance brought forward Balance brought forward 8,732 5,041 8,732 5,0
GROUP
Dollar US Dollar 43,175 35,940 43,175 35,940
Transferred from lease liabilities (Note 22 from
Transferred (a)) lease liabilities (Note
37,995
22 (a)) - 37,995
Dirham
FINANCIAL
UAE Dirham 3,994 3,126 3,994 3,126
INFORMATION Adjusted 1 April Adjusted 1 April 46,727 5,041 46,727 5,0
Euro 2,837 444 2,837 444
Additions during the year Additions during the year 14,116 8,268 14,116 8,2
nese Yen
EMIRATES
FINANCIAL Japanese Yen 2,424 - 2,424 -
Acquisitions (Note 34) Acquisitions (Note 34) 37 - 37
nd Sterling
COMMENTARY Pound Sterling 2,157 - 2,157 -
ers Others 316 - 316 - Repayments during the year Repayments during the year (9,562) (4,577) (9,562) (4,5
DNATA
DNATA
FINANCIAL
FINANCIAL Currency translation differences
Currency translation differences (24) - (24)
COMMENTARY
COMMENTARY
e liabilities include AED Lease
3,156 liabilities
m (2019: include
Nil) payable for leases
AED 3,156 from Nil)
m (2019: companies
payable for leases from companies Balance carried forward Balance carried forward 51,294 8,732 51,294 8,7
er common
EMIRATES control on normal
EMIRATES undercommercial terms.on normal commercial terms.
common control
CONSOLIDATED
CONSOLIDATED Less: Transaction costs Less: Transaction costs (46) (53) (46)
FINANCIAL
FINANCIAL
onciliation of operating Reconciliation
STATEMENTS
STATEMENTS lease commitments applying
of operating IAS commitments
lease 17 to applying IAS 17 to 51,248 8,679 51,248 8,6
e liabilities
DNATA
measured under
leaseIFRS 16 at
liabilities 1 April
measured2019:
under IFRS 16 at 1 April 2019:
CONSOLIDATED
FINANCIAL Term loans are repayable as follows:
Term loans are repayable as follows:
STATEMENTS AED m AED
AEDm
m
Within one year (Note 22) Within one year (Note 22) 10,044 1,302 10,044 1,3
rating lease commitmentsOperating
disclosedlease
as at commitments
31 March disclosed as at 31 March
ADDITIONAL
Between 2 and 5 years Between 2 and 5 years 22,437 3,813 22,437 3,8
9 applying IAS 17:
INFORMATION 2019 applying IAS 17: 75,005 75,005
After 5 years After 5 years 18,767 3,564 18,767 3,5
: Short-term leases Less: Short-term leases (103) (103)
Total over one year (Note 22)
Total over one year (Note 22) 41,204 7,377 41,204 7,3
: Leases for which the underlying assetfor
Less: Leases is which
of lowthe
value (16) is of low value
underlying asset (16)
Term loans are denominated Term
in theloans
following currencies: in the following currencies:
are denominated
: Leases which expire within 12Lmonths
Less: of transition
eases which expire within 12 months of transition
and the short-term leasedate
practical expedient
and the has been
short-term lease practical expedient has been US Dollar US Dollar 47,931 8,666 47,931 8,6
ied applied (35) (35) Euro Euro 1,710 - 1,710
UAE Dirham UAE Dirham 1,607 13 1,607
74,851 74,851
ounted using the Emirates' incremental
Discounted borrowing
using rate incremental borrowing rate
the Emirates'
April 2019 at 1 April 2019 60,765 60,765
weighted average Emirates'The incremental borrowing
weighted average rate applied
Emirates' to borrowing rate applied to
incremental
e liabilities recognised inlease
the liabilities
consolidated statement
recognised of financial
in the consolidated statement of financial
tion at 1 April 2019 is 5.4%.
position at 1 April 2019 is 5.4%.

116
b). Term loans (continued)
OVERVIEW 22 (b). Term loans (continued) 22 (c). Bonds 22 (c). Bonds
EMIRATES
ractual repricing dates Contractual
are set at repricing dates
three to six are set
month at three
intervals. to loans
Term six month intervals. Term loans 2020 2019 2020 2
unting
DNATA amounting
to AED 44,427 m (2019: to AED
AED 6,213 m)44,427 m (2019:
are secured AED 6,213 m) are secured on aircraft.
on aircraft. AED m AED m AED m AE

Balance brought forward Balance brought forward 4,845 5,780 4,845 5,7
owings Borrowings
GROUPrelated to assets related
subject to to assets
financing subject to
arrangements financing
which arrangements which are 'in-
are 'in-
tance substance
purchases' as defined purchases'
in Emirates' as defined
accounting in Emirates'
policies applicableaccounting
to leases policies applicable to leases Repayments during the year Repayments during the year (819) (935) (819) (
FINANCIAL
disclosed as term
INFORMATION are disclosed
loans and as term
the balances held loans
as at and the balances
31 March heldbeen
2019 have as at 31 March 2019 have been Balance carried forward Balance carried forward 4,026 4,845 4,026 4,8
sferred to term loans as attransferred
EMIRATES to from
1 April 2019 term lease
loans liabilities
as at 1 April 2019is from
. There lease liabilities
no impact on . There is no impact on Less: Transaction costs Less: Transaction costs (20) (24) (20)
FINANCIAL of balancesthe
presentation presentation
in the of balances
consolidated in of
statement thefinancial
consolidated statement
position as of financial position as
COMMENTARY 4,006 4,821 4,006 4,8
term loans and lease both termare
liabilities loans and lease
presented liabilities
within are presented
'Borrowings within 'Borrowings and lease
and lease
Bonds are repayable as follows:
Bonds are repayable as follows:
ities'.
DNATA
DNATA liabilities'.
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY Within one year (Note 22) Within one year (Note 22) 815 815 815 8
The amounts
fair value of the term loans fair valuetoofAED
the 51,564
term loans amounts
m (2019: AED to AEDm).
8,729 51,564
The m (2019: AED 8,729 m). The Between 2 and 5 years Between 2 and 5 years 2,569 2,915 2,569 2,
EMIRATES
EMIRATES
value
CONSOLIDATED fair value is projected
is determined by discounting determined by flows
cash discounting projected
using the interestcash
rate flows using the interest rate
CONSOLIDATED
After 5 years After 5 years 622 1,091 622 1,
curve for the remainingyield
FINANCIAL
FINANCIAL
termcurve for the remaining
to maturities term to
and currencies maturities
adjusted for and
creditcurrencies adjusted for credit
STATEMENTS
STATEMENTS
Total over one year (Note 22)
Total over one year (Note 22) 3,191 4,006 3,191 4,0
spread.
ad. The fair value of the term The
loans fallfair value
into levelof2the term
of the loans
fair fallhierarchy.
value into level 2 of the fair value hierarchy.
DNATA
CONSOLIDATED Bonds are fixed interest rate bonds
Bondsand
are are
fixed
denominated
interest rate in
bonds
USD. and are denominated in USD.
FINANCIAL Term loans include AED 2,536 m (2019: AED 803 m) provided by financial institutions
m loans include AED Term
2,536under loans
m (2019: include
803 m) AEDon2,536
provided by m (2019:
financial 803 m) terms.
provided
institutions underby financial institutions under
STATEMENTS common control normal commercial The fair value of the bonds is The
AEDfair
3,763
value
m (2019:
of the AED
bonds
4,812
is AED
m) 3,763
basedmon
(2019:
listedAED
prices
4,812 m) based on listed pr
common control
mon control on normal commercial terms. on normal commercial terms.
ADDITIONAL and falls into level 1 of the fairand
value
fallshierarchy.
into level 1 of the fair value hierarchy.
INFORMATION

23. Provisions 23. Provisions

2020 2019 2020 2
AED m AED m AED m AE
Non-current Non-current

Retirement benefit obligationsRetirement

(Note 23 (a))
benefit obligations (Note1,614
23 (a)) 1,572 1,614 1,
Aircraft return conditions (Note
Aircraft
23 (b))return conditions (Note 23 (b))5,425 2,509 5,425 2,
7,039 4,081 7,039 4,0
Current Current
Aircraft return conditions (Note
Aircraft
23 (b))
return conditions (Note 23 (b))786 678 786
786 678 786 6
7,825 4,759 7,825 4,7

117
a). Retirement benefit obligations
OVERVIEW 23 (a). Retirement benefit obligations (i) Funded scheme
(i) Funded scheme
ccordance
EMIRATESwith the provisions of IAS 19, management has carried out an exercise

ssess the present value In of accordance

its defined with the obligations
benefit provisions ofatIAS
31 19, management
March 2020 in has carried out an exercise Senior employees based in the UAE participate in a defined benefit provident scheme
DNATA Senior employees based in
ofthe UAE participate
based in a defined
the benefit provident sche
ect of employees' end oftoservice
assessbenefits
the present value
payable underof relevant
its defined
localbenefit obligations at 31 March 2020 in
regulations to which Emirates contributes a specified percentage basic salary upon
respect of employees' end of service benefits payable under relevant local regulations to which
employee’s grade and duration Emirates
of service. contributes
Amounts a specified
contributed are percentage
invested inofa basic salary based upon
contractual arrangements. The assessment assumed expected salary increases
GROUP

and acontractual arrangements. employee’s grade and along

duration of returns
service. Amounts contributed are invested i
aging 2.0% (2019: 3.0%) and
FINANCIAL discount rate of 3.0% (2019:The assessment
3.75%) assumed
per annum. The expected salary increases trustee administered scheme and accumulate with earned on
ent values of the defined benefit obligations at 31 March 2020 were computed(2019: 3.75%) per annum. The
INFORMATION averaging 2.0% (2019: 3.0%) and a discount rate of 3.0% investments. Contributions trustee
are madeadministered
on a monthlyscheme
basisandirrespective
accumulateof along
fund with returns earned
present values of the defined benefit obligations at 31 March 2020 were computed investments.
performance and are not pooled, but are Contributions are made
separately identifiable andon a monthly
attributable to basis irrespective of f
g the actuarial assumptions
EMIRATES set out above.
FINANCIAL using the actuarial assumptions set out above. performance
each participant. The fund comprises and are
a diverse mix not pooled,
of funds andbut are separately
investment identifiable and attributable
decisions
are controlled directly by the each participant. The fund comprises a diverse mix of funds and investment decisi
COMMENTARY
participating employees.
iabilities
DNATA
DNATA
recognised in the consolidated statement of financial position are: are controlled directly by the participating employees.
The liabilities recognised in the consolidated statement of financial position are:
FINANCIAL
FINANCIAL
Benefits receivable under the provident scheme are subject to vesting rules, which are
COMMENTARY
COMMENTARY 2020 2019 Benefits receivable length
under the
2020 2019 dependent upon a participating employee's of provident
service. If scheme
at the are subject
time an to vesting rules, which
AED m AED m dependent upon avested
participating
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED AED m AED m employee leaves employment, the accumulated amount,employee's length of service. If at the time
including investment
dedFINANCIAL
scheme
FINANCIAL returns, is less than the end of service benefits that would have been payablevested
employee leaves employment, the accumulated to thatamount, including investm
STATEMENTS
STATEMENTS Funded scheme returns,
employee under relevant local is less Emirates
regulations, than the pays
end the
of service benefits
shortfall amountthat would have been payable to
directly
ent value of defined benefit obligations 2,711 2,703
DNATA Present value of defined benefit obligations 2,711 2,703 to the employee. However, if the accumulated vested amount exceeds the end of the shortfall amount dire
employee under relevant local regulations, Emirates pays
FairCONSOLIDATED
value of plan assets (2,705) (2,699)
to the
service benefits that would have employee.
been payableHowever, if the accumulated
to an employee vested
under relevant localamount exceeds the end
FINANCIAL Less: Fair value of plan assets (2,705) (2,699)
6 4 service benefits that would have been payable to an employee under relevant l
STATEMENTS
regulations, the employee receives either seventy five or one hundred percent of their
6 4
unded scheme
ADDITIONAL fund balance depending on regulations,
their length the employee
of service. receives
Vested either
assets seventy
of the five are
scheme or one hundred percent of t
INFORMATION Unfunded scheme fund balance depending on their length of service. Vested assets of the scheme
ent value of defined benefit obligations 1,608 1,568 not available to Emirates or its creditors in any circumstances.
Present value of defined benefit obligations 1,608 1,568 not available to Emirates or its creditors in any circumstances.
The liability of AED 6 m (2019: AED 4 m) represents the amount that will not be settled
vision recognised in the consolidated
The liability
from plan assets and is calculated as theofexcess
AED 6 of
m (2019: AED 4value
the present m) represents the amount that will not be set
of the defined
Provision recognised in the consolidated
ement of financial position 1,614 1,572
from plan
benefit obligation for an individual assets and
employee overis the
calculated as the
fair value excess
of the of the present value of the defi
employee's
statement of financial position 1,614 1,572
benefit obligation
plan assets at the end of the reporting period. for an individual employee over the fair value of the employ
above liability is presented as a non-current provision within the consolidated
plan assets at the end of the reporting period.
Theasabove
ment of financial position liability
Emirates is presented
expects as aliability
to settle this non-current
over aprovision
long within the consolidated
period. statement of financial position as Emirates expects to settle this liability over a long
term period.

118
a). Retirement benefit obligations (continued)
OVERVIEW 23 (a). Retirement benefit obligations (continued) (ii) Unfunded schemes
(ii) Unfunded schemes
EMIRATES
movement in the fair value of the plan assets is as follows: End of service benefits for employees who do not participate in the provident scheme
DNATA The movement in the fair value of the plan assets is as follows: End of service benefits for employees who do not participate in the provident sche
or other defined contribution plans follow relevant local regulations, which are mainly
2020 2019 or other defined contribution plans follow relevant local regulations, which are ma
GROUP 2020 2019 based on periods of cumulative service and levels of employees’ final basic salaries.
AED m AED m based on periods of cumulative service and levels of employees’ final basic sala
AED m AED m The liability recognised in the consolidated statement of financial position is the
FINANCIAL
nceINFORMATION
brought forward 2,699 2,577 The liability recognised in the consolidated statement of financial position is
present value of the defined benefit obligation at the end of the reporting period.
Balance brought forward 2,699 2,577 present value of the defined benefit obligation at the end of the reporting period.
ributions received 317 308
EMIRATES
Contributions received 317 308 The movement in the defined benefit obligation is as follows:
efitsFINANCIAL
paid (193) (201) The movement in the defined benefit obligation is as follows:
COMMENTARY
Benefits paid (193) (201)
nge in fair value (118) 15
DNATA
DNATA Change in fair value (118) 15 2020 2019
nceFINANCIAL
carried forward 2,705 2,699 2020 2
FINANCIAL
AED m AED m
COMMENTARY
COMMENTARY Balance carried forward 2,705 2,699 AED m AE
Balance brought forward 1,568 1,414
ributions
EMIRATESreceived include the transfer of accumulated benefits from unfunded
EMIRATES
Balance brought forward 1,568 1,4
CONSOLIDATED
CONSOLIDATED Contributions received include the transfer of accumulated benefits from unfunded Current service cost 204 169
mes. Emirates expects to contribute approximately AED 324 m for existing plan
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS schemes. Emirates expects to contribute approximately AED 324 m for existing plan Current service cost 204 1
mbers during the year ending 31 March 2021. Interest cost 57 57
members during the year ending 31 March 2021. Interest cost 57
DNATA Remeasurement
CONSOLIDATED
arialFINANCIAL
gains and losses and the expected return on plan assets are not calculated Remeasurement
- changes in experience / demographic assumptions - 10
Actuarial gains and losses and the expected return on plan assets are not calculated - changes in experience / demographic assumptions50 -
n that investment decisions relating to plan assets are under the direct control of
STATEMENTS - changes in financial assumptions (55)
given that investment decisions relating to plan assets are under the direct control of - changes in financial assumptions (55)
cipating employees.
ADDITIONAL Payments made during the year (166) (132)
INFORMATION participating employees. Payments made during the year (166) (1
Balance carried forward 1,608 1,568
Balance carried forward 1,608 1,5
Payments made during the year include transfer of accumulated benefits to Emirates’
Payments made during the year include transfer of accumulated benefits to Emira
funded scheme.
funded scheme.

119
a). Retirement benefit obligations (continued)
OVERVIEW 23 (a). Retirement benefit obligations (continued)
Defined contribution plans The sensitivity of the unfunded scheme to changes in the principal assumptions is set
out below: The sensitivity of the unfunded scheme to changes in the principal assumptions is se
EMIRATES (iii) Defined contribution plans
ates pays fixed contributions to certain defined contribution plans and has no Assumption out below: Change Effect on
l orDNATA
constructive obligation to pay
Emirates further
pays fixed contributions
contributions to settle the
to certain benefits
defined contribution plans and has no unfunded
Assumption Change Effect
ing GROUP
to employees' servicelegal
in theorcurrent and prior
constructive periods. to pay further contributions to settle the benefits
obligation scheme unfund
FINANCIAL
relating to employees' service in the current and prior periods. AED m sche
totalINFORMATION
amount recognised in the consolidated income statement in respect of all
-employment benefit plans AED
Theistotal
as follows:
amount recognised in the consolidated income statement in respect of all Discount rate
+ 0.5% (64)
EMIRATES
FINANCIAL post-employment benefit plans is as follows:
2020 2019 - 0.5% 70 + 0.5% (
COMMENTARY Discount rate
AED m AED m 2020 2019 + 0.5% 71 - 0.5%
Expected salary increases
DNATA
DNATA
nedFINANCIAL
benefit plan
FINANCIAL
AED m AED m - 0.5% (60) + 0.5%
COMMENTARY
COMMENTARY
Expected salary increases
ded scheme Defined benefit plan The above sensitivity analysis is based on a change in an assumption while holding all - 0.5% (
EMIRATES
EMIRATES
tributions expensed
CONSOLIDATED
CONSOLIDATED Funded scheme 301 297 other assumptions constant. The
In practice, this is unlikely
above sensitivity to occur,
analysis andonchanges
is based a change in in
some
an assumption while holding
FINANCIAL
FINANCIAL
change in the present value of defined benefit
Contributions expensed 301 297 of the assumptions may be correlated. In calculating
other assumptions the above
constant. sensitivity
In practice, this isanalysis,
unlikelythe
to occur, and changes in so
STATEMENTS
STATEMENTS
gations over plan assets Net change in the present value of defined2 benefit - present value of the defined benefit
of the obligation
assumptions may has been calculated
be correlated. using the
In calculating theabove sensitivity analysis,
DNATA
303 297 projected unit credit method present
at the end of the
value ofreporting period.
the defined benefit obligation has been calculated using
CONSOLIDATED obligations over plan assets 2 -
FINANCIAL
unded scheme 303 297 projected
The weighted average duration unit creditscheme
of the unfunded methodis at
10the end(2019:
years of the15reporting
years). period.
STATEMENTS

ent ADDITIONAL
service cost Unfunded scheme 204 169 The weighted average duration of the unfunded scheme is 10 years (2019: 15 years).
Through its defined benefit plans Emirates is exposed to a number of risks, the most
est INFORMATION
cost Current service cost 57 57 204 169
significant of which are detailed below:its defined benefit plans Emirates is exposed to a number of risks, the m
Through
Interest cost 261 226 57 57
significant of which are detailed below:
ned contribution plan 261 226 a) Change in discount rate: Retirement benefit obligations will increase due to a

Defined contribution plan decrease in market yields of high quality corporate

a) Change bonds.
in discount rate: Retirement benefit obligations will increase due to
tributions expensed 198 219
decrease in market yields of high quality corporate bonds.
Contributions
ognised in the consolidated expensed
income statement 762 742 198 219 b) Expected salary increases: The present value of the defined benefit obligation is
Recognised in the consolidated income statement 762 742 calculated by reference to theb)future salaries
Expected of plan
salary participants.
increases: As such,
The present an increase
value of the defined benefit obligation
in the salary of the plan participants above the expected rate of salary increases will
calculated by reference to the future salaries of plan participants. As such, an incre
increase the retirement benefit
in obligations.
the salary of the plan participants above the expected rate of salary increases
increase the retirement benefit obligations.

120
b). Aircraft return conditions
OVERVIEW 23 (b). Aircraft return conditions 24 (b). Frequent flyer programme
2020 2019
24 (b). Frequent flyer programme 2020 2019
EMIRATES AED m AED m 2020 2019
AED m AED m AED m AED m 2020 2
nceDNATA
brought forward 3,187 3,336
Balance brought forward 2,009 2,243 AED m AE
act on adoption of IFRS 16Balance
GROUP (Note 2)brought forward 3,571 - 3,187 3,336
Additions during the year Balance brought forward 1,203 1,577 2,009 2,2
usted 1 April Impact on adoption of IFRS 16 (Note 6,758
2) 3,336 3,571 -
Recognised during the year Additions during the year 1,203 1,
FINANCIAL
Adjusted 1 April 6,758 3,336 (1,370) (1,811)
ge for the year
INFORMATION
- 549
Balance carried forward Recognised during the year 1,842 2,009 (1,370) (1,
inding of discount for theCharge
EMIRATES year for the year 347 165 - 549
FINANCIAL Balance carried forward 1,842 2,0
sed COMMENTARY Unwinding of discount for the year
on return of aircraft & aircraft engines (477) (662) 347 165 Deferred revenue with respect to the frequent flyer programme represents the fair
tilised amounts reversed
DNATA
DNATA
Utilised on return of aircraft & aircraft engines
(320) (201) (477) (662) value of outstanding award Deferred revenue iswith
credits. Revenue respect to
recognised the Emirates
when frequent fulfils
flyer programme
its represents the
FINANCIAL
FINANCIAL
Unutilised amounts reversed (320) (201) obligations by supplying freevalue of outstanding
or discounted goodsaward credits.
or services on Revenue is recognised
the redemption of when Emirates fulfil
easurements
COMMENTARY
COMMENTARY (97) -
the award credits. obligations by supplying free or discounted goods or services on the redemptio
nceEMIRATES
carried forward Remeasurements 6,211 3,187 (97) -
EMIRATES the award credits.
CONSOLIDATED
CONSOLIDATED
provision Balance
is expected to be used ascarried
follows:forward 6,211 3,187
FINANCIAL
FINANCIAL 25. Deferred credits
STATEMENTS
STATEMENTS
hin one year (Note 23) The provision is expected to be used as786
follows: 678 25. Deferred credits 2020 2019
r one year (Note
DNATA
23) Within one year (Note 23) 5,425 2,509 786 678 AED m AED m 2020 2
CONSOLIDATED
FINANCIAL Over one year (Note 23) 5,425 2,509 AED m AE
STATEMENTS Balance brought forward 2,759 2,934
Balance brought
Impact on adoption of IFRS 16 (Note 2) forward (2,759) - 2,759 2,9
Deferred revenue
ADDITIONAL
INFORMATION 24. Deferred revenue Adjusted 1 April Impact on adoption of IFRS 16 (Note 2) - 2,934 (2,759)
2020 2019
Additions during the year Adjusted 1 April - 149 - 2,9
AED m AED m 2020 2019

enger and cargo sales in advance (Note 24 (a)) 8,830 11,973

AED m AED m Recognised during the year Additions during the year - (324) -

Passenger and cargo sales in advance (Note 24 (a)) 8,830 11,973 Balance carried forward Recognised during the year - 2,759 - (
uent flyer programme (Note 24 (b)) 1,842 2,009
Frequent flyer programme (Note 2410,672
(b)) 1,842 2,009 Balance carried forward - 2,7
13,982
10,672 13,982
a). Passenger and cargo sales in advance
24 (a). Passenger and cargo sales in advance
enger and cargo sales in advance represents revenue documents sold but unused
the reporting date. Revenue Passenger and cargo
cargo
is recognised
Passenger and whensales in
in advance
Emirates
sales represents
performs
advance revenue
revenue documents
its obligations
represents documents sold
soldbut
butunused
unused
he respective transportation as at
as atservices.
the reporting
the reporting date.
These date. Revenue is
is recognised
Revenueobligations
performance recognisedare when
when Emirates
Emirates performs
expected performsits
itsobligations
obligations
e fullfilled within the nextfor
for the
the respective
year. respective transportation services. These
transportation services. These performance
performance obligations
obligationsare
areexpected
expected
to be fulfilled within the next year.
to be fullfilled within the next year.

121
Deferred income tax
OVERVIEW 26. Deferred income tax 28. Guarantees 28. Guarantees
EMIRATES 2020 2019 2020 2
Deferred
rred tax assets and liabilities tax assets
are offset whenand liabilities
there are offset
is a legally when there
enforceable is a legally enforceable right to
right to AED m AED m AED m AED
DNATA
offsetcurrent
et current tax assets against currenttax
taxliabilities
assets against current
and when the tax liabilities
deferred and when the deferred taxes
taxes Guarantees
Guarantees and letters of credit providedand lettersinofthe
by banks credit provided by banks in the
the same income taxrelate
e toGROUP to theThe
authority. same income
offset tax authority.
amounts The offset amounts are as follows:
are as follows: normal course of business normal course of business 881 815 881 8
FINANCIAL
INFORMATION 2020 2019 2020 2019 Guarantees
Guarantees and letters of credit include and
AEDletters
166 mof(2019:
creditAED
include
197 AED 166 m (2019:
m) provided by AED 197 m) provided
EMIRATES
AED m AED m AED m AED m companies
companies under common control undercommercial
on normal common control
terms.on normal commercial terms.
FINANCIAL
rredCOMMENTARY
income tax asset Deferred income tax asset 25 13 25 13
income tax liability Deferred income tax liability
rredDNATA
DNATA (3) (3) (3) (3) 29. Commitments 29. Commitments
FINANCIAL
FINANCIAL
22 10 22 10
COMMENTARY
COMMENTARY Capital commitments Capital commitments
The movements
movements in deferred taxes in deferred taxes are as follows:
are as follows:
EMIRATES
EMIRATES 2020 2019 2020 2
nceCONSOLIDATED
brought forward
CONSOLIDATED Balance brought forward 10 7 10 7
FINANCIAL
FINANCIAL AED m AED m AED m AED
to the consolidated Credited
ditedSTATEMENTS
STATEMENTS to the consolidated
income statement (Note 10) income statement
12 (Note 10)
2 12 2
Aircraft (contracted and non-contracted)
Aircraft (contracted and non-contracted) 142,260 187,035 142,260 187,0
ency Currency translation differences
translation differences - 1 - 1
DNATA
CONSOLIDATED
Non-aircraft Non-aircraft 373 592 373 5
nceFINANCIAL
carried forward Balance carried forward 22 10 22 10
STATEMENTS
Joint ventures Joint ventures 60 4 60
142,693 187,631 142,693 187,6
ADDITIONAL
Trade 27. Trade and other payables
and other payables
INFORMATION
2020 2019 2020 2019 Commitments
Commitments have been entered into forhave been entered
the purchase into for
of aircraft for the purchase
delivery as of aircraft for delivery
AED m AED m AED m AED m follows: follows:
Financial year Financial year Aircraft Aircraft
e payables and accruals Trade payables and accruals 12,162 14,031 12,162 14,031
2020-21 2020-21 3 3
ted parties (Note 32) Related parties (Note 32) 834 946 834 946
Beyond 2020-21 Beyond 2020-21 200 200
12,996 14,977 12,996 14,977
In the event that delivery ofIncertain
the event thatare
aircraft delivery of certain
not taken, aircraft
penalties are are not taken,
payable by penalties are payable
Payables over one year Less: Payables over one year (116) (155) (116) (155)
Emirates to the extent of AEDEmirates to theAED
257 m (2019: extent
257ofm).
AED 257 m (2019: AED 257 m).
12,880 14,822 12,880 14,822
Operational commitments Operational commitments
Theand
carrying amounts of trade carrying
other amounts
payables of trade and other
approximate payables
their fair approximate their fair value which
value which
2020 2019 2020 2
fallhierarchy.
nto level 3 of the fair value into level Any
3 of change
the fair to
value
the hierarchy. Any change
valuation method to the valuation method will not
will not
AED m AED m AED m AED
lt in a significant change result
to the in a significant
fair change
value of these to the fair value of these payables.
payables.
Sales and marketing Sales and marketing 3,296 3,055 3,296 3,0

122
 OVERVIEW 30. Derivative financial instruments
Derivative financial instruments 2020 2
2020 2019
EMIRATES
AED m AED m AED m AE
cription Description 2020 2020
2019 2019
DNATA
Interest rate swaps Interest rate swaps
Term AED m Term
Term AED
AED m m Term AED m
GROUP Change
Change in fair value of outstanding in fair value
hedging of outstanding hedging instruments
instruments
h flow hedge Cash flow hedge since 1 April since 1 April (561) (102) (561) (1
FINANCIAL
-current assets
INFORMATION Non-current assets Hedge ratio Hedge ratio 1:1 1:1 1:1

est EMIRATES
rate swaps Interest rate swaps - 2021-2028 24 - 2021-2028 24 Weighted average hedged rate
Weighted average hedged rate 2.1% 2.8% 2.1% 2
FINANCIAL
COMMENTARY - 24 - 24 No ineffectiveness
No ineffectiveness on the interest rate swaps wason the interest
recognised in rate swaps was
the current andrecognised
prior in the current and pr
entDNATA
assets
DNATA Current assets year. year.
FINANCIAL
FINANCIAL
est COMMENTARY
rate swaps
COMMENTARY Interest rate swaps - 6 - 6
The
The notional principal amounts notional principal
outstanding are: amounts outstanding are:
encyEMIRATES
forwards
EMIRATES Currency forwards 3 5 3 5
CONSOLIDATED
CONSOLIDATED 2020 2019 2020 2
FINANCIAL
FINANCIAL 3 11 3 11
STATEMENTS
STATEMENTS AED m AED m AED m AE
h flow hedge Cash flow hedge
Jet fuel forward contracts Jet fuel forward contracts 17,811 - 17,811
DNATA
-current liabilities Non-current liabilities
CONSOLIDATED
Interest rate contracts Interest rate contracts 12,137 7,238 12,137 7,2
FINANCIAL
uel forward contracts Jet fuel forward
2022 contracts
(1,118) 2022 -(1,118) --
STATEMENTS
Currency contracts Currency contracts 48 1,203 48 1,2
est rate swaps Interest rate swaps
2022-2032 2022-2032
(579) 2021-2028 (579) 2021-2028
(81) (81)
ADDITIONAL
INFORMATION
(1,697) (1,697)
(81) (81)
The notional principal amountsThe notional principal
outstanding includeamounts
AED 3,939outstanding include
m (2019: AED 2,413AED
m) 3,939 m (2019: AED 2,41
ent liabilities Current liabilities against derivatives
against derivatives entered with companies underentered
commonwith companies under common control.
control.
uel forward contracts Jet fuel forward contracts
(5,024) (5,024)
- -
Interest rate swaps The maximum exposure to creditThe maximum
risk at theexposure to date
reporting creditis risk
the at
fairthe reporting
value of the date is the fair value of
est rate swaps (43) (20)(43) (20)
derivative assets in the consolidated
derivative assets in the consolidated statement of financial position. statement of financial position.
(5,067) (5,067)
(20) (20)

2020 2019 2020 2019

AED m AED m AED m AED m

uel forward contracts Jet fuel forward contracts

Change
nge in fair value of outstanding in fair value
hedging of outstanding hedging instruments
instruments
e 1 April since 1 April (5,906) - (5,906) -

ge ratio Hedge ratio 1:1 - 1:1 -

Weighted
ghted average hedged rate (in USD average hedged rate (in USD 55
per barrel) per barrel) - 55 -

Ineffectiveness
Ineffectiveness of AED
of AED 1,098
1,098 m
m (2019:
(2019: Nil)
Nil) related
was to our jet fuel hedging level of 45%
ectiveness of AED 1,098 m (2019: Nil) was recognised in the current yearrecognised
(Note 9). in the current year (Note 9).
for the period to 31 March 2022 was recognised in the current year (Note 9).

123
OVERVIEW 31. Classification of financial instruments
EMIRATES

DNATA
The accounting policies for financial instruments have been applied to the line items below:

GROUP
Financial Financial
FINANCIAL assets at Derivative liabilities at
INFORMATION
amortised financial amortised
EMIRATES Description cost instruments cost Total
FINANCIAL
COMMENTARY AED m AED m AED m AED m

DNATA
DNATA 2020
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY Assets

EMIRATES
EMIRATES
Derivative financial instruments - 3 - 3
CONSOLIDATED
CONSOLIDATED
FINANCIAL
FINANCIAL
Trade and other receivables (excluding prepayments) 4,031 - - 4,031
STATEMENTS
STATEMENTS
Short term bank deposits 12,017 - - 12,017
DNATA Cash and cash equivalents 8,232 - - 8,232
CONSOLIDATED
FINANCIAL Total 24,280 3 - 24,283
STATEMENTS

ADDITIONAL
INFORMATION Liabilities
Borrowings and lease liabilities - - 110,157 110,157
Provision for aircraft return conditions - - 6,211 6,211
Trade and other payables - - 12,996 12,996
Derivative financial instruments - 6,764 - 6,764
Total - 6,764 129,364 136,128

124
OVERVIEW 31. Classification of financial instruments (continued)
EMIRATES

DNATA
Financial Financial
GROUP
assets at Derivative liabilities at
FINANCIAL amortised financial amortised
INFORMATION
Description cost instruments cost Total
EMIRATES AED m AED m AED m AED m
FINANCIAL
COMMENTARY 2019

DNATA
DNATA Assets
FINANCIAL
FINANCIAL
COMMENTARY
COMMENTARY Derivative financial instruments - 35 - 35
Trade and other receivables (excluding prepayments) 7,993 - - 7,993
EMIRATES
EMIRATES
CONSOLIDATED
CONSOLIDATED Short term bank deposits 11,974 - - 11,974
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS Cash and cash equivalents 5,063 - - 5,063
DNATA Total 25,030 35 - 25,065
CONSOLIDATED
FINANCIAL
STATEMENTS
Liabilities
ADDITIONAL
Borrowings and lease liabilities - - 53,039 53,039
INFORMATION
Provision for aircraft return conditions - - 3,187 3,187
Trade and other payables - - 14,977 14,977
Derivative financial instruments - 101 - 101
Total - 101 71,203 71,304

125
Related party transactions and balances
OVERVIEW 32. Related party transactions and balances
ates transacts with associates, joint ventures and companies controlled by 2020 2019
AED m AED m 2020 2
ates and its parent withinEmirates
the scopetransacts with business
associates, joint ventures and companies controlled by
EMIRATES
of its ordinary activities.
Emirates and its parent within the scope of its ordinary business activities. AED m AED
DNATA
Other transactions:
atesGROUP
and dnata (a company under common control) share central corporate Other transactions:
(i) Finance income
tions such as informationEmirates andfacilities,
technology, dnata (ahuman
company underfinance,
resources, common control) share central corporate
treasury, (i) Finance income
Companies under common control (Note 8) 341 305
FINANCIAL
management, functions such as information technology, facilities, human resources, finance, treasury,
INFORMATION legal and other functions. Where such functions are shared, the Companies under common control (Note 8) 341 3
cash management, legal on
andactivity
other levels.
functions. Where such functions are shared, the Joint ventures (Note 8) - 1
s are allocated between Emirates and dnata based
EMIRATES Joint ventures (Note 8) -
FINANCIAL
costs are allocated between Emirates and dnata based on activity levels. 341 306
COMMENTARY 341 3
er than these shared service arrangements, the following transactions have taken (ii) Finance cost
DNATA
DNATA Other than these shared service arrangements, the following transactions have taken
e on an arm's length basis. (ii) Finance cost
FINANCIAL
FINANCIAL Companies under common control (Note 8) 239 10
COMMENTARY
COMMENTARY place on an arm's length basis. Companies under common control (Note 8) 239
2020 2019
EMIRATES
EMIRATES AED m AED m 2020 2019 (iii) Compensation to key management personnel
CONSOLIDATED
CONSOLIDATED
AED m AED m (iii) Compensation to key management personnel
FINANCIAL
FINANCIAL
dingSTATEMENTS
transactions: Salaries and short term employee benefits 102 107
STATEMENTS
Trading transactions: Salaries and short term employee benefits 102 1
ale of goods and services Post-employment benefits 14 16
DNATA
(i) Sale of goods and services Post-employment benefits 14
of goods - Companies under common control
CONSOLIDATED
330 339 Termination benefits 2 -
FINANCIAL
Sale of goods - Companies under common control 330 339 Termination benefits 2
of goods - Joint ventures
STATEMENTS
39 42 118 123
Sale of goods - Joint ventures 39 42 118 1
of goods - Associates
ADDITIONAL 50 59
INFORMATION
Sale of goods - Associates 50 59 Effective 31 March 2020, beneficial ownership of the Emirates Holidays and its
ices rendered - Companies under common control 547 547
Services rendered - Companies under common control 547 547 subsidiaries were transferredEffective 31 March
to Emirates 2020, for
from dnata beneficial ownership
consideration of the
of AED 9m Emirates Holidays and
ices rendered - Joint ventures 18 15 subsidiaries were transferred to Emirates from dnata for consideration of AED
Services rendered - Joint ventures 18 15 which was equal to carrying value of assets and liabilities transferred.
of frequent flyer miles - Companies under common which was equal to carrying value of assets and liabilities transferred.
rol Sale of frequent flyer miles - Companies394
under common
350 Emirates also uses number of public utilities provided by Government controlled
control 394 350 entities for its operations in Emirates also these
Dubai, where uses entities
numberareof the
public
soleutilities
providersprovided
of the by Government contro
1,378 1,352
1,378 1,352 entities
relevant services. This includes the for its operations
supply in Dubai,
of electricity, water where these entities
and airport services.are the sole providers of
Purchase of goods and services
(ii) Purchase of goods and services Transactions falling in these expense categories are individually insignificant and water and airport servi
relevant services. This includes the supply of electricity,
hase of goods - Companies under common control 6,671 6,973 carried out on an arm's lengthTransactions
basis. falling in these expense categories are individually insignificant
Purchase of goods - Companies under common control 6,671 6,973 carried out on an arm's length basis.
hase of goods - Associates 78 229
Purchase of goods - Associates 78 229
ices received - Companies under common control 2,879 3,307
Services received - Companies under common control 2,879 3,307
ices received - Joint ventures - 11
Services received - Joint ventures - 11
9,628 10,520
9,628 10,520

126
 OVERVIEW 32.and
Related party(continued)
transactions and balances (continued) Receivables from and loans Receivables from under
to companies and loans to companies
common undertocommon control relate
control relate
Related party transactions balances
government
government owned entities, which owned
are unrated. entities, which
Management arethe
is of unrated.
opinionManagement
that the is of the opinion that
EMIRATES
2020 2019 2020 2019
amounts are fully recoverable.amounts are fully recoverable.
DNATA AED m AED m AED m AED m
2020 2019 2020 2
end balances
GROUP Year end balances
AED m AED m AED m AE
eceivables (i) and
FINANCIAL- sale of goods Receivables
services - sale of goods and services
INFORMATION (iv) management
(iv) Loans and advances to key Loans and advances to key management personnel
personnel
Companies under common control
panies under common control 69 101 69 101
Balance brought forward Balance brought forward 7 6 7
EMIRATES
ventures Joint ventures 37 32 37 32
FINANCIAL
Additions during the year Additions during the year 9 8 9
COMMENTARY
ciates Associates 7 13 7 13
Repayments during the year Repayments during the year (8) (7) (8)
eivable within one year Receivable within one year
DNATA
DNATA
113 146 113 146
FINANCIAL
FINANCIAL
Balance carried forward Balance carried forward 8 7 8
COMMENTARY
COMMENTARY

(ii) Receivables - other transactions Receivable within one year Receivable within one year 4 3 4
Receivables
EMIRATES - other transactions
EMIRATES
CONSOLIDATED
CONSOLIDATED
Receivable over one year Receivable over one year 4 4 4
panies under common
FINANCIAL
FINANCIAL Companies under common control
control 22 31 22 31
STATEMENTS
STATEMENTS
eivable within one year Receivable within one year 22 31 22 31
DNATA
CONSOLIDATED
2020 2019 2020 2
amounts outstanding
FINANCIAL at The
yearamounts
end are outstanding at year
unsecured and endsettled
will be are unsecured and will be settled in cash. No
in cash. No
STATEMENTS
AED m AED m AED m AE
airment charge has been impairment charge the
recognised during has year
beeninrecognised
respect of during
amountstheowed
year in respect of amounts owed
elated parties. by related parties. (v) Payables - purchase
(Noteof goods and services (Note 27)
ADDITIONAL
INFORMATION (v) Payables - purchase of goods and services 27)
Companies under common control
Companies under common control 798 918 798
2020 2019 2020 2019
Associates Associates 24 13 24
AED m AED m AED m AED m
822 931 822 9
Other receivables (iii) Other receivables
(vi) Other payables (Note 27)
(vi) Other payables (Note 27)
ventures Joint ventures 3 3 3 3
Companies under common control
Companies under common control 12 15 12
3 3 3 3
12 15 12
Movement
ement in other receivables in other receivables were as follows:
were as follows:
nce brought forward Balance brought forward 3 9 3 9

tions during the year Additions during the year - 1 - 1

ayments during the year Repayments during the year - (7) - (7)

nce carried forward Balance carried forward 3 3 3 3

eivable within one year Receivable within one year - - - -

eivable over one year Receivable over one year 3 3 3 3

127
 OVERVIEW
33. Financial risk management
Financial risk management Emirates manages limits and Emirates
controlsmanages limits and
concentrations of controls concentrations
risk wherever they are of risk wherever they
EMIRATES identified.
identified. In the normal course In the Emirates
of business, normal course
places of business,deposits
significant Emirateswith
places significant deposits w
ncial risk factors Financial risk factors high credit quality banks high credit quality
and financial banks Transactions
institutions. and financialwith institutions.
derivativeTransactions with deriva
DNATA
counterparties
counterparties are similarly limited are similarly
to high credit quality limited
financialtoinstitutions.
high credit Exposure
quality financial institutions. Expos
Emirates
ates is exposed to a variety is exposed
of financial to a variety
risks which ofthe
involve financial risks
analysis, which involve the analysis, evaluation,
evaluation,
GROUP to credit risk is also managedtothrough
credit risk is also
regular managed
analysis through
of the abilityregular analysis of the ability of counterpar
of counterparties
ptance and managementacceptance and management
of some degree of some degree
of risk or combination of Emirates'
of risks. risk or combination of risks. Emirates'
and potential counterpartiesand potential
to meet theircounterparties
obligations andto by
meet their obligations
changing their limitsand by changing their lim
therefore, to achieveaim
is, FINANCIAL an is, therefore, balance
appropriate to achieve an appropriate
between balanceand
risk and return between risk and return and
INFORMATION where appropriate. Approximatelywhere appropriate.
90% (2019: 93%)Approximately 90%
of cash and (2019:
bank 93%) are
balances of cash and bank balances
minimise
mise potential adverse effects potentialfinancial
on Emirates' adverse performance.
effects on Emirates' financial performance.
EMIRATES
held with financial institutionsheld with
based in financial
the UAE.institutions based in the UAE.
FINANCIAL
Emirates' risk The sale of passenger and The cargo
sale of passenger and
transportation cargo achieved
is largely transportation
through is largely achieved thro
ates' risk management
COMMENTARY procedures are management procedures
designed to identify are designed
and analyse these to identify and analyse these risks,
risks,
to set appropriate risk limits and controls, and to monitor International
International Air Transport Association Air Transport
(IATA) approved Association
sales agents(IATA) approved
and online sales.sales agents and online sa
et appropriate
DNATA
DNATA risk limits and controls, and to monitor the risks and adherence to the risks and adherence to
s byFINANCIAL
means of reliable and
FINANCIAL limits by meansinformation.
up-to-date of reliable and up-to-date
Emirates information.
regularly reviews itsEmirates regularly reviews its All IATA agents have to meetAll IATA agents
a minimum have to
financial meetapplicable
criteria a minimum tofinancial criteria
their country ofapplicable to their countr
COMMENTARY
COMMENTARY
operation
operation to remain accredited. to remain
Adherence to theaccredited. Adherence
financial criteria to the financial
is monitored on an criteria is monitored on
management proceduresriskandmanagement procedures
systems to reflect andinsystems
changes markets,toproducts
reflect changes
and in markets, products and
emerginguses
best derivative
practice. and
Emirates uses derivative and non-derivative financial ongoing
ongoing basis by IATA through their basis by Programme.
Agency IATA throughThetheir Agency
credit Programme. The credit risk associa
risk associated
rging best practice. Emirates
EMIRATES
EMIRATES non-derivative financial
CONSOLIDATED
CONSOLIDATED
withrelated
with such sales agents and the such sales agents
balances and trade
within the related balances
receivables within trade receivables is there
is therefore
uments to hedge
FINANCIAL
FINANCIAL certain instruments to hedge certain risk exposures.
risk exposures.
STATEMENTS
STATEMENTS low and further reduced by low
theirand further
diverse reduced
base by their
and credit risk diverse
analyticsbase and credit
performed by risk analytics performed
k management
DNATA A risk
programme management
is carried programme
out under guidelines is carried
that areout under guidelines
approved by a that are approved by a Emirates. Emirates.
ringCONSOLIDATED
group
FINANCIAL
comprising steering
senior group
management. comprising senior
Identification, management.
evaluation andIdentification,
hedging evaluation and hedging Significant balances in other Significant
receivablesbalances
are heldinwith
other receivables
companies are aheld
given highwith companies given a high cr
credit
risks is done in financial
ncialSTATEMENTS risks is done
close cooperation with intheclose cooperation
operating units. with
Seniorthe operating units. Senior rating by leading internationalrating
ratingbyagencies.
leading international rating agencies.
agement management
is also responsible
ADDITIONAL
is alsoofresponsible
for the review for the and
risk management review
theofcontrol
risk management and the control
ronment. environment.
The various financial
INFORMATION The various
risk elements financialbelow:
are discussed risk elements are discussed below: The table
The table below presents an analysis ofbelow presents
short term bankandeposits
analysisand
of short
bankterm bankby
balances deposits and bank balance
rating agency designation atrating agency
the end designation
of the reporting at the end
period basedof the reporting&period based on Standard
on Standard
Poor's
Poor's ratings or its equivalent ratings or
for Emirates' its equivalent
main for Emirates' main banking relationships:
banking relationships:
redit risk (i) Credit risk

ates is exposed to credit Emirates is exposed

risk, which to credit
is the risk that arisk, which is the
counterparty will risk that
cause a a counterparty will cause a 2020 2019 2020 20
ncial loss to Emirates byfinancial loss
failing to to Emirates
discharge by failing Financial
an obligation. to discharge
assetsan that
obligation. Financial assets that AED m AED m AED m AED
potentially
ntially subject Emirates to credit risksubject
consistEmirates to of
principally credit risk consist
deposits principally
with banks and of deposits with banks and
AA- to AA+ AA- to AA+ 440 485 440 4
other financial
r financial institutions, derivative institutions,
counterparties derivative
as well counterparties
as receivables as well as receivables from agents
from agents
selling commercial
ng commercial air transportation. air transportation.
Emirates uses external ratingsEmirates uses external
such as Standard & ratings such as Standard & A- to A+ A- to A+ 18,388 14,664 18,388 14,6
r's and Moody's or their Poor's and in
equivalent Moody's
order toormeasure
their equivalent in order
and monitor to measure
its credit risk and monitor its credit risk BBB+ BBB+ 1,061 1,623 1,061 1,6
exposures
osures to financial institutions. In thetoabsence
financialofinstitutions.
independent In ratings,
the absence
creditofquality
independent ratings, credit quality Lower than BBB+ Lower than BBB+ 28 18 28
is assessed based
sessed based on the counterparty's on position,
financial the counterparty's financial
past experience andposition,
other past experience and other
Unrated Unrated 321 229 321 2
ors. factors.

128
Financial 33. (continued)
risk management
OVERVIEW Financial risk management (continued) Currency risk Currency risk

EMIRATES Emiratesofisfluctuation
Emirates is exposed to the effects exposed to in the
the effects of fluctuation
prevailing in the prevailing foreign curre
foreign currency
The loss
loss allowances for financial allowances
assets are basedforonfinancial assetsabout
assumptions are based on of
the risk assumptions about the risk of
DNATA exchange rates on its financial position and cash flows. Exposure arises due flows.
exchange rates on its financial position and cash to Exposure arises due
default
ult and expected loss rates. and expected
Emirates loss rates.
uses judgement Emirates
in making usesassumptions
these judgement in making these assumptions
exchange
exchange rate fluctuations between therate
UAEfluctuations
Dirham andbetween the UAE Dirham
other currencies and other currencies genera
generated
GROUP inputs to the and
selecting selectingcalculation
impairment inputs to based
the impairment calculation
on past history, based on past history, existing
existing
from Emirates' revenue earning activities. Long term debt obligations are mainlydebt obligations are ma
from Emirates' revenue earning activities. Long term
ket conditions as well as market conditionsestimates
forward-looking as well asatforward-looking
the end of eachestimates
reportingat the end of each reporting
FINANCIAL denominated in UAE Dirhamdenominated in UAE
or in US Dollar Dirhamtheor UAE
to which in US Dollaristopegged.
Dirham which the UAE Dirham is peg
od. INFORMATION period.been
These judgements have These judgements
reassessed havewake
in the beenof reassessed in the wake of the COVID-19
the COVID-19 Additionally, some lease liabilities are denominated
Additionally, some lease liabilities are denominated in Euro, Pound Sterling and in Euro, Pound Sterling
outbreak.
break. As of 31 March 2020, As of 31 for
the provision March 2020, theof provision
impairment trade andforother
impairment of trade and other
EMIRATES Japanese
Japanese Yen to provide a natural Yenagainst
hedge to provide a natural
revenue hedge
inflows against
in these revenue inflows in these curren
currencies.
ivables amounts to AED receivables
FINANCIAL 94 m (2019:amounts
AED 69tom)AED
and94 m been
has (2019:disclosed
AED 69 under
m) and has been disclosed under
Senior management monitors currency positions on a regular basis.
COMMENTARY Senior management monitors currency positions on a regular basis.
e 18. Note 18.
DNATA
DNATA
FINANCIAL
e cash While cash
assets are also subject
FINANCIAL assets
to the are also requirements
impairment subject to theof impairment
IFRS 9, therequirements of IFRS 9, the Emirates
Emirates is in a net payer position withisrespect
in a nettopayer position
the US Dollar with respect
and UAE to the
Dirham USinDollar and UAE Dirham an
and
COMMENTARY
COMMENTARY
identified loss allowance on
tified loss allowance on these balances was immaterial.these balances was immaterial. a net surplus position for other currencies. Currency
a net surplus position for other currencies. Currency surpluses are converted to US surpluses are converted to
EMIRATES
EMIRATES
Dollar and UAE Dirham funds. Dollar and UAE
Currency risksDirham funds. Currency
arise mainly risks arise
from Emirates' mainly from Emirates' reve
revenue
CONSOLIDATED
CONSOLIDATED
Market risk (ii) Market risk
FINANCIAL
FINANCIAL earning activities in Euro, Pound Sterling, Australian Dollar, Indian Rupee, Chinese Yuan Indian Rupee, Chinese Y
earning activities in Euro, Pound Sterling, Australian Dollar,
STATEMENTS
STATEMENTS
ates is exposed to marketEmirates is exposed
risk, which to market
is the risk that therisk,
fairwhich
value isorthe risk cash
future that the fair value or future cash and South
and South African Rand. Currency risks African Rand.dynamically
are hedged Currency risks areforwards
using hedged and
dynamically using forwards
DNATA
s ofCONSOLIDATED flows
a financial instrument willoffluctuate
a financial instrument
because will fluctuate
of changes in marketbecause
prices.of changes in market prices. options, as appropriate, as well as through natural hedges of foreign currency inflows of foreign currency infl
options, as appropriate, as well as through natural hedges

ket FINANCIAL Market

risk comprises three types of risk
risk comprises threerisk,
- jet fuel price types of risk risk
currency - jetand
fuelinterest
price risk, currency risk and interest and outflows. and outflows.
STATEMENTS
risk. rate risk.
Emirates
Emirates is also subject to the is countries
risk that also subject to the itrisk
in which maythat countries
earn revenuesin may
which it may earn revenues
ADDITIONAL
INFORMATION
uel price risk Jet fuel price risk impose restrictions or prohibition on the export of those revenues. Emirates seeks to revenues. Emirates seek
impose restrictions or prohibition on the export of those
minimise
minimise this risk by repatriating thisfunds
surplus risk by
to repatriating
the UAE onsurplus funds
a monthly to the
basis. UAE on a monthly basis. C
Cash
Emirates
ates is exposed to the volatility in isthe
exposed
price oftojetthe volatility
fuel (which inis the price driven
primarily of jet fuel
by (which is primarily driven by and cash equivalents for the current year include AED 379 m (2019: AED 396 m) held in m (2019: AED 396 m) he
and cash equivalents for the current year include AED 379
the movement
movement in ICE Brent crude oil and theinjetICEfuel
Brent crudemargin
refining oil and(crack
the jet fuel refining
spread) as margin (crack spread) as countries
countries where exchange controls and where exchange controls
other restrictions apply. and other restrictions apply.
its two
wo significant components) andsignificant components)
closely monitors and closely
the actual monitors
cost against the the actual cost against the
Interest rate risk Interest rate risk
cast cost. To manage theforecast cost.
price risk, To manage
Emirates' the price risk,
has formulated Emirates'
its risk has formulated its risk management
management
objective
ctive and strategy according and Emirates
to which strategy according
hedges partto of
which Emirates
its highly hedges part of its highly probable
probable Emirates
Emirates is exposed to the effects of isfluctuations
exposed tointhe
theeffects of fluctuations
prevailing in the prevailing levels of inte
levels of interest
cast purchases of jet fuelforecast purchases
up to 24 months of jet fuel up
in advance to 24
using months infutures,
commodity advance using commodity futures,
rates on borrowings and investments. Exposure arises from interest rate fluctuationsfrom
rates on borrowings and investments. Exposure arises in interest rate fluctuation
ons and swaps, as and whenoptions and swaps,arises
opportunity as and
andwhen opportunity
depending on thearises and depending on the market
market the international
the international financial markets with respectfinancial markets
to interest cost with
on itsrespect to interest
long term debt cost on its long term d
conditions.
ditions. Emirates maintains monthly Emirates
schedules maintains monthly
of its highly schedules
probable of its highly probable forecast
forecast obligations, lease liabilities and interest income on its bank deposits. The key refere
obligations, lease liabilities and interest income on its bank deposits. The key reference
purchases
hases of jet fuel and usually hedgesofthe
jet crude
fuel and
oil usually
elementhedges the crude
of jet fuel oil element of jet fuel by entering
by entering rates based on which interestrates
costsbased on which interest
are determined costs
are LIBOR forare
USdetermined arefor
Dollar, EIBOR LIBOR for US Dollar, EIBOR
net cash settled crude oilinto net cash
forward settledofcrude
contracts oil forward
the same contracts
maturity. of the same maturity. Both purchases
Both purchases UAE Dirham and EURIBOR for Euro. Summarised quantitative
UAE Dirham and EURIBOR for Euro. Summarised quantitative data is available in Note data is available in N
derivatives are generally and derivativesinare
denominated USDgenerally
which isdenominated in USD
pegged to AED, which is pegged to AED, therefore
therefore 22 for interest cost exposures.22 for interest cost exposures.
there is no foreign currency exposure.
e is no foreign currency exposure.

129
 OVERVIEW 33. Financial risk management (continued) 2020 2019
Financial risk management (continued) 2020 2019
Effect on Effect on Effect on Effect
EMIRATES Effect on Effect on Effect on Effect on
Borrowings taken at variable rates expose Emirates to cash flow interest rate risk while profit equity profit equ
rowings profit equity profit equity
DNATAtaken at variable rates expose Emirates to cash flow interest rate risk while AED m AED m AED m AED
borrowings issued at fixed rates expose Emirates to fair value interest rate risk. Emirates AED m AED m AED m AED m
rowings issued at fixed rates expose Emirates to fair value interest rate risk. Emirates Currency risk
GROUP targets a balanced portfolio approach, whilst nevertheless taking advantage of Currency risk
ets a balanced portfolio approach, whilst nevertheless taking advantage of - Euro
opportune market movements using appropriate hedging solutions including interest - Euro
ortune market movements using appropriate hedging solutions including interest
FINANCIAL
INFORMATION rate swaps. Variable rate debt and cash surpluses are mainly denominated in UAE + 1% 1 (44) 8
swaps. Variable rate debt and cash surpluses are mainly denominated in UAE + 1% 1 (44) 8 (1)
Dirham and US Dollar. - 1% (1) 44 (8)
hamEMIRATES
and US Dollar. - 1% (1) 44 (8) 1
FINANCIAL
COMMENTARY Sensitivity analysis of market risk - Pound Sterling
sitivity analysis of market risk - Pound Sterling
The following sensitivity analysis, relating to existing financial instruments, shows how + 1% 3 (18) 5
following
DNATA
DNATA
sensitivity analysis, relating to existing financial instruments, shows how + 1% 3 (18) 5 3
FINANCIAL
FINANCIAL profit and equity would change if the market risk variables had been different at the - 1% (3) 18 (5)
fit and equity would change if the market risk variables had been different at the
COMMENTARY
COMMENTARY - 1% (3) 18 (5) (3)
end of the reporting period with all other variables held constant and has been
ofEMIRATES
the reporting period with all other variables held constant and has been - Australian Dollar
EMIRATES computed on the basis of assumptions and indices used and considered by other - Australian Dollar
mputed on the basis of assumptions and indices used and considered by other
CONSOLIDATED
CONSOLIDATED
market participants. + 1% - (1) 2
FINANCIAL
FINANCIAL
ket STATEMENTS
participants.
STATEMENTS
+ 1% - (1) 2 1
- 1% - 1 (2)
2020 2019 - 1% - 1 (2) (1)
DNATA
2020 2019 - Indian Rupee
CONSOLIDATED Effect on Effect on Effect on Effect on - Indian Rupee
FINANCIAL Effect on Effect on Effect on Effect on
STATEMENTS profit equity profit equity + 1% 1 1 4
profit equity profit equity + 1% 1 1 4 4
AED m AED m AED m AED m - 1% (1) (1) (4)
ADDITIONAL AED m AED m AED m AED m - 1% (1) (1) (4) (4)
Interest rate risk
INFORMATION
erest rate risk - Chinese Yuan
Interest cost - Chinese Yuan
rest cost + 1% 1 1 1
- 25 basis points + 1% 1 1 1 1
basis points
UAE Dirham 3 3 4 4 - 1% (1) (1) (1)
E Dirham 3 3 4 4 - 1% (1) (1) (1) (1)
US Dollar 81 (26) 81 32 - South African Rand
Dollar 81 (26) 81 32 - South African Rand
Euro - - 1 1 + 1% - - 1
o - - 1 1 + 1% - - 1 1
84 (23) 86 37
84 (23) 86 37 - 1% - - (1)
+ 25 basis points - 1% - - (1) (1)
5 basis points - Japanese Yen
UAE Dirham (3) (3) (4) (4) - Japanese Yen
E Dirham (3) (3) (4) (4)
US Dollar (81) 26 (81) (32) + 1% - (24) -
Dollar (81) 26 (81) (32) + 1% - (24) - -
Euro - - (1) (1) - 1% - 24 -
o - - (1) (1) - 1% - 24 - -
(84) 23 (86) (37)
(84) 23 (86) (37)
Interest income
rest income
- 25 basis points (17) (17) (9) (9)
basis points (17) (17) (9) (9)
+ 25 basis points 17 17 9 9
5 basis points 17 17 9 9

130
 OVERVIEW 33. (continued)
Financial risk management (continued) Emirates
Emirates expects a significantly expects
adverse a significantly
impact adverse
on its liquidity due impact on its liquidity due to COVID
to COVID-19
Financial risk management
EMIRATES outbreak. Management has outbreak. Management
taken several steps in has taken several
protecting stepsthrough
cash flows in protecting cash flows thro
compensating cost saving measures, capital
reductions to discretionary capital expendi
2020 2019 2020 2019 compensating cost saving measures, reductions to discretionary expenditure
DNATA andcapital
and agreeing additional working agreeing additional working capital facilities.
facilities.
Effect on Effect on Effect on on
Effect EffectEffect
on on Effect on Effect on
GROUP
profit equity profit
profit equityequity profit equity Summarised below in the table Summarised below profile
is the maturity in the of
table is the liabilities
financial maturity and
profile
net-of financial liabilities and
FINANCIAL AED m AED m AED mAED m
AED m AED m AED m AED m settled derivative financial liabilities based
settled derivative financial liabilities based on the remaining period at the end ofon the remaining period at the end
Jet fuel price risk reportingmaturity
period to theThe
contractual
uelINFORMATION
price risk reporting period to the contractual date. amounts maturity
discloseddate.
are The
the amounts disclosed are
SD 5EMIRATES
on price + USD 5 on price156 1,461 - 156 - 1,461 - - contractual
contractual undiscounted cash flows. undiscounted cash flows.
FINANCIAL
SD 5COMMENTARY
on price - USD 5 on price(158) (1,532) - (158) -(1,532) - -

DNATA
DNATA Less than 2-5 Less than
Over 2-5 Over
Liquidity risk
FINANCIAL
FINANCIAL (iii) Liquidity risk 1 year years 1
5 years year years
Total 5 years T
COMMENTARY
COMMENTARY
AED m AED m AED mAED mAED mAED m AED m AE
risk is the risk thatLiquidity
dityEMIRATES
EMIRATES Emiratesriskis isunable
the risk that Emirates
to meet is unable
its payment to meet its payment obligations
obligations
associated with its financial liabilities when they
ciated with its financial liabilities when they fall due and to replace funds when
CONSOLIDATED
CONSOLIDATED fall due and to replace funds when 2020 2020
FINANCIAL
FINANCIAL
they are withdrawn.
areSTATEMENTS
withdrawn.
STATEMENTS Borrowings and lease liabilitiesBorrowings and lease liabilities
23,641 64,014 23,641128,977
41,322 64,014 41,322 128,
Derivative financial
Derivative financial instruments 5,081instruments
1,528 1435,081 6,7521,528 143 6,
DNATA
ates' Emirates'
liquidity management processliquidity management
as monitored process
by senior as monitored
management, by senior management, includes
includes
CONSOLIDATED
the following: Provision for aircraft
Provision for aircraft return conditions 813 return 4,260
conditions 2,745 813 7,8184,260 2,745 7,
ollowing:
FINANCIAL
STATEMENTS
• Day to
Day to day funding is managed Daybyto
day day funding
monitoring
funding is managed
isfuture
managed cashby by to
flows monitoring future
ensurefuture
monitoring that cashcash flows
flows to ensure
to ensure thatthat Trade and other payables Trade and other payables
12,880 116 -12,880 12,996 116 - 12,
requirements can be met. requirements
This includes
requirements can be canmet.
be This
met.includes
replenishment This includes
of funds replenishment
as they
replenishment of funds of fundsmature.
as they as they
ADDITIONAL
mature. 42,415 69,918 42,415
44,210 69,918
156,543 44,210 156,5
mature.
INFORMATION
• Maintaining
Maintaining rolling forecasts Maintainingrolling
of Emirates' rolling forecasts
forecasts
liquidity ofonEmirates'
of Emirates’
position liquidity
liquidity
the basis position
position
of on the on theofbasis
basis of
expected
2019 2019
expected cash flows. cashexpected
flows. cash flows.
 andMonitoring
Monitoring liquidity ratios net current liquidity ratios and
assets against net current
internal assets against internal standards.
standards.
• Monitoring
Maintaining debt financing
liquidity
Maintaining
plans. debtratios and net
financing current
plans. assets against internal standards. Borrowings and lease liabilitiesBorrowings and9,725
lease liabilities
31,423 22,7779,725 63,925
31,423 22,777 63,
Maintaining diversified • Maintaining
Maintaining
credit lines, diversifiedstand-by
debtincluding
financing credit credit
plans. lines, including
facility stand-by credit facility Derivative financial19
Derivative financial instruments instruments27 25 19 71 27 25
arrangements. arrangements.
• Maintaining diversified credit lines, including stand-by credit facility arrangements.
Provision for aircraft
Provision for aircraft return conditions 693 return 1,811
conditions 1,298 693 3,8021,811 1,298 3,

Trade and other payables Trade and other payables

14,822 155 -14,822 14,977 155 - 14,

25,259 33,416 25,25982,775

24,100 33,416 24,100 82,7

131
Acquisitions
OVERVIEW 34. Acquisitions The financial effects of the acquired business are set out below.
AED mare set out below.
The financial effects of the acquired business
31 March 2020, Emirates through its wholly owned subsidiary Air Ventures Holding
EMIRATES
Acquisition related costs 4
On 31ofMarch
acquired 75% of the business 2020, Emirates
Air Ventures LLC andthrough its wholly
Air Ventures LGA,owned subsidiary Air Ventures Holding
LLC ("Air Acquisition related costs 4
DNATA If the acquisition had taken place at
Inc activities
ures Group"). The principal acquired of75%
Air of the business
Ventures GroupofareAirretail
Ventures LLCfood
sales of and Air Ventures LGA, LLC ("Air
the beginning of the year If the acquisition had taken place at
GROUP Ventures Group"). The
beverage products in the United States of America.principal activities of Air Ventures Group are retail sales of food
the beginning of the year
and beverage products in the United States of America. Revenue 145
FINANCIAL
tsand liabilitiesarising from and recognised on acquisition have been measured Revenue 145
INFORMATION Profit / (loss) (3)
rovisional basis, pendingAssets
the fairand liabilities
valuation arising from
of acquired and recognised on acquisition have been measured
net assets. Profit / (loss) (3)
EMIRATES
FINANCIAL on provisional basis, pending the fair valuation of acquired net assets. 35. Capital management
COMMENTARY
Air 35. Capital management
DNATA
DNATA Ventures Air
Emirates' objective when managing capital is to safeguard its ability to continue as a
FINANCIAL
FINANCIAL
Ventures Emirates' objective when managing
COMMENTARY
COMMENTARY Group going concern in order to provide returns for its Owner and to capital
maintainis to
an safeguard
optimal its ability to continue a
Group
EMIRATES
EMIRATES
AED m capital structure to reduce thegoing concern
cost of capital.in order to provide returns for its Owner and to maintain an opti
CONSOLIDATED
CONSOLIDATED AED m capital structure to reduce the cost of capital.
perty, plant and equipment (Note 12)
FINANCIAL
FINANCIAL 58
STATEMENTS
STATEMENTS Property, plant and equipment (Note 12) 58 Emirates monitors the return on Owner's equity, which is defined as the profit
er current assets 5
Emirates monitors
attributable to the Owner expressed the return
as a percentage of on Owner's
average equity,
Owner's which is defined as the pr
equity.
Other current assets 5
h and cash equivalents
DNATA 2
CONSOLIDATED Emirates seeks to provide a better return to the Owner by borrowing funds and taking of average Owner's equ
attributable to the Owner expressed as a percentage
Cash and cash equivalents 2
ent FINANCIAL
liabilities (14) Emirates
aircraft on leases to meet its growthseeks
plans.toInprovide
2020, aEmirates
better return to the
achieved Owner on
a return by borrowing funds and tak
STATEMENTS
Current liabilities (14) aircraft on leases to meet its growth plans. In 2020, Emirates achieved a return
owings and lease liabilities (Note 22 (b)) (37) Owner's equity funds of 3.5% (2019: 2.4%).
ADDITIONAL Borrowings and lease liabilities (Note 22 (b)) (37) Owner's equity funds of 3.5% (2019: 2.4%).
value of assets acquired
INFORMATION 14
Fair value of assets acquired 14 Emirates also monitors capital on the basis of a gearing ratio which is calculated as the
Non-controlling interest (4)
Less: Non-controlling interest (4) ratio of borrowings and leaseEmirates also
liabilities, netmonitors capital to
of cash assets ontotal
the basis of In
equity. a gearing ratio which is calculated as
2020, this
rates' share of net assets acquired 10 ratio
Emirates' share of net assets acquired 10 ratio is 381.2% (2019: 209.8%). Theofprior
borrowings andincludes
year value lease liabilities,
the impactnet of
of off-balance
cash assets to total equity. In 2020,
dwill (Note 14) 209 sheet leases. Effective 1 April ratio
2019iswith
381.2% (2019: 209.8%).
the adoption of IFRSThe prior leases
16, such year value
have includes
been the impact of off-bala
Goodwill (Note 14) 209 sheetliability
leases. is
Effective
al purchase consideration 219 captalised and the related lease a part 1ofApril 2019 withand
'Borrowings thelease
adoption of IFRS 16, such leases have b
liabilities'
Total purchase consideration 219 (Note 22). captalised and the related lease liability is a part of 'Borrowings and lease liabili
Cash and cash equivalents acquired (2)
Less: Cash and cash equivalents acquired (2) (Note 22).
Deferred consideration (25)
Less: Deferred consideration (25)
Contingent consideration (25)
Less: Contingent consideration (25)
h outflow on acquisition 167
Cash outflow on acquisition 167
dwill is attributed to the expected synergies, revenue growth and future market
elopment of the acquired Goodwill
business.is attributed to the expected synergies, revenue growth and future market
development of the acquired business.

132
 INDEPENDENT AUDITOR’S REPORT
OVERVIEW

EMIRATES

DNATA TO THE OWNER OF DNATA

GROUP

FINANCIAL
INFORMATION

EMIRATES
FINANCIAL
COMMENTARY

DNATA
Our opinion
FINANCIAL
COMMENTARY In our opinion, the consolidated financial statements present fairly, in all material Independence
respects, the consolidated financial position of dnata and its subsidiaries (together We are independent of dnata in accordance with the International Ethics Standards
EMIRATES referred to as “dnata”) as at 31 March 2020, and its consolidated financial performance
CONSOLIDATED Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”)
and its consolidated cash flows for the year then ended in accordance with International
FINANCIAL and the ethical requirements that are relevant to our audit of the consolidated
STATEMENTS Financial Reporting Standards (“IFRS”). financial statements in the United Arab Emirates. We have fulfilled our other ethical
DNATA
responsibilities in accordance with these requirements and the IESBA Code.
CONSOLIDATED What we have audited
FINANCIAL
STATEMENTS dnata’s consolidated financial statements comprise: Our audit approach
ADDITIONAL
● the consolidated income statement for the year ended 31 March 2020;
Overview
INFORMATION
● the consolidated statement of comprehensive income for the year ended
Key audit matter ● Impairment of goodwill
31 March 2020;
● the consolidated statement of financial position as at 31 March 2020; As part of designing our audit, we determined materiality and assessed the risks of
● the consolidated statement of changes in equity for the year ended 31 March 2020; material misstatement in the consolidated financial statements. In particular, we
considered where management made subjective judgements; for example, in respect
● the consolidated statement of cash flows for the year ended 31 March 2020; and
of significant accounting estimates that involved making assumptions and considering
● the notes to the consolidated financial statements, which include a summary of
future events that are inherently uncertain. As in all of our audits, we also addressed
significant accounting policies.
the risk of management override of internal controls, including among other matters
consideration of whether there was evidence of bias that represented a risk of material
Basis for opinion misstatement due to fraud.
We conducted our audit in accordance with International Standards on Auditing
We tailored the scope of our audit in order to perform sufficient work to enable us to
(“ISAs”). Our responsibilities under those standards are further described in the
provide an opinion on the consolidated financial statements as a whole, taking into
Auditor’s responsibilities for the audit of the consolidated financial statements section
account the structure of dnata, the accounting processes and controls, and the industry
of our report.
in which dnata operates.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.

PricewaterhouseCoopers (Dubai Branch), License no. 102451, Emaar Square, Building 4, Level 8, P O Box 11987, Dubai - United Arab Emirates T: +971 (0)4 304 3100, F: +971 (0)4 346 9150, www.pwc.com/me
Douglas O’Mahony, Rami Sarhan, Jacques Fakhoury and Mohamed ElBorno are registered as practising auditors with the UAE Ministry of Economy 133
 INDEPENDENT AUDITOR’S REPORT TO THE OWNER OF DNATA (CONTINUED)

OVERVIEW
Key audit matters
EMIRATES Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current year. These
DNATA
matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
GROUP
Key audit matter How our audit addressed the Key audit matter
FINANCIAL
INFORMATION
Impairment of goodwill We obtained an understanding of management’s impairment models and
EMIRATES key assumptions. We then tested these impairment models, in particular, with
FINANCIAL As at 31 March 2020, the carrying value of goodwill was AED 1,934 million. Refer to
COMMENTARY regard to the appropriateness of the key assumptions used within the models,
notes 2, 3 and 11 to the consolidated financial statements. as follows:
DNATA
FINANCIAL Goodwill is not subject to amortisation and, as a result, in accordance with IAS 36 ● we utilised our internal valuation specialists to perform independent
COMMENTARY
“Impairment of assets” is required to be tested annually for impairment. calculations of the discount rates, with particular reference to comparable
EMIRATES companies and compared these to the discount rates used by management;
CONSOLIDATED The recoverable amount attributable to dnata’s cash generating units to which
FINANCIAL ● we agreed the base case cash flows used in management’s impairment
goodwill is allocated, is determined as being the higher of the fair values of those
STATEMENTS models to approved budgets, including management’s assessment of the
cash generating units less costs of disposal and their values in use. The recoverable
impact of the COVID-19 pandemic;
DNATA amount is compared to the carrying value of the cash generating units to which
CONSOLIDATED ● we compared future expected revenue growth rates and profit margins, used
goodwill is allocated in order to assess whether an impairment exists. The value in
FINANCIAL in the formally approved budgets and beyond the period of the formally
STATEMENTS use is determined by calculating the discounted cash flows of the cash generating
approved budgets, to historical trends as well as future economic outlook
units.
ADDITIONAL and reviewed whether management’s estimates made in prior periods were
INFORMATION reasonable compared to actual performance;
The calculation of value in use incorporates key assumptions including expected
revenue growth rates, profit margins, long term growth rates and discount rates. ● using our professional judgement and a variety of available economic
analyses we assessed whether management’s forecast of the impact of
The impairment model prepared by management in respect of two cash generating COVID-19 on the cash generating units, including estimates of revenue, cost
units containing goodwill determined that an impairment was required which was and the COVID-19 forecast time horizon were reasonable;
recorded by management in the consolidated financial statements. ● we compared the long term growth rates to external sources of information
including economic forecasts;
The impairment models prepared by management for the remaining cash ● we performed a sensitivity analysis over each of the significant assumptions
generating units determined that adequate headroom existed not to result in the within the value in use calculations and considered the appropriateness of
need for an impairment charge under management’s base case scenarios, being the impairment charge recognised; and
their most likely expected outturns. ● we tested the mathematical accuracy of the models.

We focused on this area because the determination of whether an impairment loss We assessed whether the related disclosures in notes 2, 3 and 11 to the
should be recognised is inherently complex and required management to exercise consolidated financial statements are consistent with the requirements of IFRS.
significant judgement over the calculation of value in use.

Other information
Management is responsible for the other information. The other information comprises
the information included in the Annual Report (but does not include the consolidated
financial statements and our auditor’s report thereon).
Our opinion on the consolidated financial statements does not cover the other
134
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility
is to read the other information identified above and, in doing so, consider whether the
other information is materially inconsistent with the consolidated financial statements
or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
 INDEPENDENT AUDITOR’S REPORT TO THE OWNER OF DNATA (CONTINUED)

OVERVIEW
Responsibilities of management and those charged with In preparing the consolidated financial statements, management is responsible for
governance for the consolidated financial statements assessing dnata’s ability to continue as a going concern, disclosing, as applicable,
EMIRATES
matters related to going concern and using the going concern basis of accounting
DNATA unless management either intends to liquidate dnata or to cease operations, or has no
Management is responsible for the preparation and fair presentation of the realistic alternative but to do so.
GROUP consolidated financial statements in accordance with IFRS, and for such internal control
as management determines is necessary to enable the preparation of consolidated Those charged with governance are responsible for overseeing dnata’s financial
FINANCIAL
INFORMATION financial statements that are free from material misstatement, whether due to fraud reporting process.
or error.
EMIRATES
FINANCIAL
COMMENTARY
Auditor’s responsibilities for the audit of the consolidated financial statements
DNATA
FINANCIAL Our objectives are to obtain reasonable assurance about whether the consolidated ● Obtain sufficient appropriate audit evidence regarding the financial information
COMMENTARY financial statements as a whole are free from material misstatement, whether due to of the entities or business activities within dnata to express an opinion on the
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable consolidated financial statements. We are responsible for the direction, supervision
EMIRATES
CONSOLIDATED assurance is a high level of assurance, but is not a guarantee that an audit conducted and performance of the dnata audit. We remain solely responsible for our audit
FINANCIAL in accordance with ISAs will always detect a material misstatement when it exists. opinion.
STATEMENTS
Misstatements can arise from fraud or error and are considered material if, individually
DNATA or in the aggregate, they could reasonably be expected to influence the economic We communicate with those charged with governance regarding, among other matters,
CONSOLIDATED decisions of users taken on the basis of these consolidated financial statements. the planned scope and timing of the audit and significant audit findings, including any
FINANCIAL
STATEMENTS significant deficiencies in internal control that we identify during our audit.
As part of an audit in accordance with ISAs, we exercise professional judgement and
ADDITIONAL maintain professional scepticism throughout the audit. We also: We also provide those charged with governance with a statement that we have complied
INFORMATION
● Identify and assess the risks of material misstatement of the consolidated financial with relevant ethical requirements regarding independence, and to communicate with
statements, whether due to fraud or error, design and perform audit procedures them all relationships and other matters that may reasonably be thought to bear on our
responsive to those risks, and obtain audit evidence that is sufficient and independence, and where applicable, related safeguards.
appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as From the matters communicated with those charged with governance, we determine
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or those matters that were of most significance in the audit of the consolidated financial
the override of internal control. statements of the current year and are therefore the Key audit matters. We describe
● Obtain an understanding of internal control relevant to the audit in order to design these matters in our auditor’s report unless law or regulation precludes public disclosure
audit procedures that are appropriate in the circumstances, but not for the purpose about the matter or when, in extremely rare circumstances, we determine that a matter
of expressing an opinion on the effectiveness of dnata’s internal control. should not be communicated in our report because the adverse consequences of
● Evaluate the appropriateness of accounting policies used and the reasonableness of doing so would reasonably be expected to outweigh the public interest benefits of
accounting estimates and related disclosures made by management. such communication.
● Conclude on the appropriateness of management’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
PricewaterhouseCoopers
uncertainty exists related to events or conditions that may cast significant doubt
7 May 2020
on dnata’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the consolidated financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause dnata to cease to continue as a going concern.
Douglas O’Mahony
● Evaluate the overall presentation, structure and content of the consolidated
Registered Auditor Number 834
financial statements, including the disclosures, and whether the consolidated
Dubai, United Arab Emirates
financial statements represent the underlying transactions and events in a manner
that achieves fair presentation.
135
 CONSOLIDATED INCOME STATEMENT
dnata
FOR THE YEAR ENDED 31 MARCH 2020
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2020
OVERVIEW dnata Note 2020 2019
EMIRATES CONSOLIDATED INCOME STATEMENT AED m AED m

DNATA FOR THE YEAR ENDED 31 MARCH 2020

Revenue 5 14,223 13,888

GROUP Other operating income Note 537

2020 531
2019
Net impairment loss on trade and other receivables 15 (139)
AED m (67)
AED m
FINANCIAL
INFORMATION Operating costs 6 (14,114) (13,074)
Revenue 5 14,223 13,888
Operating profit 507 1,278
EMIRATES Other operating income 537 531
FINANCIAL Finance income 162 143
COMMENTARY Net impairment loss on trade and other receivables 15 (139) (67)
Finance costs (144) (45)
Operating costs 6 (14,114) (13,074)
DNATA Share of results of investments accounted for using the equity method 12 12 131
FINANCIAL Operating profit 507 1,278
COMMENTARY Profit before income tax 537 1,507
Finance income 162 143
Income tax credit / (expense) 7 68 (26)
EMIRATES Finance costs (144) (45)
CONSOLIDATED Profit for the year 605 1,481
FINANCIAL Share of results of investments accounted for using the equity method 12 12 131
STATEMENTS Profit / (loss) attributable to non-controlling interests (13) 36
Profit before income tax 537 1,507
Profit attributable to dnata's Owner 618 1,445
DNATA Income tax credit / (expense) 7 68 (26)
CONSOLIDATED
FINANCIAL Profit for the year
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 605 1,481
STATEMENTS
ProfitTHE
FOR / (loss)
YEARattributable
ENDED 31 toMARCH
non-controlling
2020 interests (13) 36
ADDITIONAL
INFORMATION
CONSOLIDATED
Profit for the year
STATEMENT OF COMPREHENSIVE INCOME
Profit attributable to dnata's Owner 618
605
1,445
1,481
FOR
Items THE
that
CONSOLIDATED YEAR
will not ENDED
be reclassified
STATEMENT 31 MARCH
to the consolidated
OF COMPREHENSIVE 2020
income statement
INCOME
FOR THERemeasurement
YEAR ENDEDof31retirement
MARCH 2020benefit obligations - net of deferred tax 19 4
Share of other comprehensive income of investments accounted for using the equity method -
Profit for the year 605 1,481
net of deferred tax 2 -
Items that will not be reclassified to the consolidated income statement
Items that are or may be reclassified subsequently to the consolidated income statement
Remeasurement of retirement benefit obligations - net of deferred tax 19 4
Currency translation differences (94) (171)
Share of other comprehensive income of investments accounted for using the equity method -
Cash flow hedges 7 5
net of deferred tax 2 -
Net investment hedge (3) 4
Items that are or may be reclassified subsequently to the consolidated income statement
Share of other comprehensive income of investments accounted for using the equity method -
Currency translation differences (94) (171)
net of deferred tax (16) -
Other Cash flow hedgesincome for the year
comprehensive 7
(85) (158)5
Net investment hedge
Total comprehensive income for the year (3)
520 4
1,323
Share of other comprehensive income of investments accounted for using the equity method -
Total comprehensive income attributable to non-controlling interests (18) 22
net of deferred tax (16) -
Total comprehensive income attributable to dnata's Owner 538 1,301
Other comprehensive income for the year (85) (158)
The accompanying notes are an integral part of these consolidated financial statements.
Total comprehensive income for the year 520 1,323
1
Total comprehensive income attributable to non-controlling interests (18) 22
Total comprehensive income attributable to dnata's Owner 538 1,301
The accompanying notes are an integral part of these consolidated financial statements.
1
The accompanying notes are an integral part of these consolidated financial statements.
136
 a CONSOLIDATED STATEMENT OF FINANCIAL POSITION
dnata

AS
SOLIDATED STATEMENT
AT 31 MARCH
CONSOLIDATED
OF FINANCIAL STATEMENT
2020
POSITION OF FINANCIAL POSITION
T 31 MARCH 2020 AS AT 31 MARCH 2020

OVERVIEW
Note 2020 2019
Note 2020 2019 Note 2020 2019
Note 2020
EMIRATES
AED m AED m AED m AED m AED m AED m AED m AE
ETS DNATA ASSETS EQUITY AND LIABILITIES EQUITY AND LIABILITIES
-current
GROUP assets Non-current assets Capital and reserves Capital and reserves
erty, plant and equipmentProperty, plant and equipment
8 2,162 2,0408 2,162 2,040 Capital Capital 16 63 16
63 63
FINANCIAL
t-of-use assets
INFORMATION Right-of-use assets 9 1,963 -9 1,963 - Capital reserve Capital reserve (70) (70) (70)
tment property
EMIRATES Investment property 10 387 345
10 387 345 Other reserves Other reserves 17 (412) (311)
17 (412)
gible assets
FINANCIAL
Intangible assets 11 2,785 3,039
11 2,785 3,039 Retained earnings Retained earnings 8,678 8,229 8,678 8
COMMENTARY
tments accounted for using the equityaccounted for using the equity
Investments Attributable to dnata's Owner
Attributable to dnata's Owner 8,259 7,911 8,259 7
DNATA
hod FINANCIAL method 12 551 503
12 551 503 Non-controlling interests Non-controlling interests 43 116 43
nceCOMMENTARY
lease rentals Advance lease rentals 13 - 13
45 - 45 Total equity Total equity 8,302 8,027 8,302 8
e and other receivables Trade and other receivables15
EMIRATES 15 114
15 15 114
CONSOLIDATED
rredFINANCIAL
income tax assets Deferred income tax assets21 280 110
21 280 110 Non-current liabilities Non-current liabilities
STATEMENTS
8,143 6,196 8,143 6,196 Trade and other payables Trade and other payables 18 211 18
198 211
entDNATA
assets Current assets Borrowings and lease liabilitiesBorrowings and lease liabilities
20 2,961 20
1,177 2,961 1
CONSOLIDATED
ntories
FINANCIAL Inventories 14 156 143
14 156 143 Provisions Provisions 19 682 19
598 682
STATEMENTS
e and other receivables Trade and other receivables15 3,018 3,611
15 3,018 3,611 Deferred income tax liabilitiesDeferred income tax liabilities
21 255 21
153 255
vative financial instruments
ADDITIONAL 25
Derivative financial instruments 15 -25 15 - 4,109 2,126 4,109 2
INFORMATION
me tax assets Income tax assets 55 19 55 19 Current liabilities Current liabilities
t term bank deposits Short term bank deposits 24 3,700 3,121
24 3,700 3,121 Trade and other payables Trade and other payables 18 3,257 18
4,359 3,257 4
and cash equivalents Cash and cash equivalents 24 1,616 2,001
24 1,616 2,001 Borrowings and lease liabilitiesBorrowings and lease liabilities
20 957 20
432 957
8,560 8,895 8,560 8,895 Derivative financial instruments
Derivative financial instruments 25 - 25
11 -
l assets Total assets 16,703 15,091 16,703 15,091 Provisions Provisions 19 57 19
90 57
Income tax liabilities Income tax liabilities 21 46 21
4,292 4,938 4,292 4
Total liabilities Total liabilities 8,401 7,064 8,401 7
Total equity and liabilities Total equity and liabilities 16,703 15,091 16,703 15

accompanying notes are an

Theintegral part of these
accompanying notesconsolidated financial
are an integral part ofstatements.
these consolidated financial statements. The
The consolidated
consolidated financial The consolidated
financial statements
statements were financial
wereapproved
approved onstatements
on 77May
May2020were
2020 andapproved
and signed on 7 May 2020 and signed by
signedby:
by:

Sheikh Ahmed bin Saeed Al-Maktoum Gary Chapman

Chairman and Chief Executive President
Sheikh Ahmed bin Saeed Al-Maktoum
Sheikh Ahmed bin Saeed Al-Maktoum Gary Chapman Gary Chapman
2 2
Chairman and Chief ExecutiveChairman and Chief Executive President President

The accompanying notes are an integral part of these consolidated financial statements.
137
 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
dnata
FOR THE YEAR ENDED 31 MARCH 2020
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
OVERVIEW
Attributable to dnata's Owner
EMIRATES Non-
Capital Other Retained controlling Total
DNATA
Note Capital reserve reserves earnings Total interests equity
GROUP
AED m AED m AED m AED m AED m AED m AED m
FINANCIAL
1 April 2018 63 (60) (157) 7,257 7,103 179 7,282
INFORMATION
Impact on adoption of IFRS 9 (Notes 12 and 15) - - - (14) (14) - (14)
EMIRATES
FINANCIAL Adjusted 1 April 2018 63 (60) (157) 7,243 7,089 179 7,268
COMMENTARY Profit for the year - - - 1,445 1,445 36 1,481
DNATA Other comprehensive income for the year - - (148) 4 (144) (14) (158)
FINANCIAL
COMMENTARY
Total comprehensive income for the year - - (148) 1,449 1,301 22 1,323
Non-controlling interest on acquisition of subsidiaries 29 - - - - - 8 8
EMIRATES
CONSOLIDATED Acquired from non-controlling interest - 42 - 31 73 (55) 18
FINANCIAL
STATEMENTS
Dividends - - - (500) (500) (38) (538)
Option to acquire non-controlling interest - (52) - - (52) - (52)
DNATA
CONSOLIDATED Transfer to retained earnings - - (6) 6 - - -
FINANCIAL
Transactions with Owners - (10) (6) (463) (479) (85) (564)
STATEMENTS
31 March 2019 63 (70) (311) 8,229 7,911 116 8,027
ADDITIONAL
INFORMATION Impact on adoption of IFRS 16 (Note 2) - - - (192) (192) (6) (198)
Adjusted 1 April 2019 63 (70) (311) 8,037 7,719 110 7,829
Profit / (loss) for the year - - - 618 618 (13) 605
Other comprehensive income for the year - - (101) 21 (80) (5) (85)
Total comprehensive income for the year - - (101) 639 538 (18) 520
Acquired from non-controlling interest - - - 2 2 (2) -
Dividends - - - - - (47) (47)
Transactions with Owners - - - 2 2 (49) (47)
31 March 2020 63 (70) (412) 8,678 8,259 43 8,302

The capital reserve includes the fair value of the options issued by dnata to acquire the non-controlling interest in subsidiaries.

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.
138
ta
CONSOLIDATED
dnata STATEMENT OF CASH FLOWS
FOR
NSOLIDATED STATEMENT THE
CONSOLIDATED
OF CASH YEAR ENDED
STATEMENT
FLOWS 31 MARCH 2020
OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2020
THE YEAR ENDED 31 MARCH 2020
OVERVIEW Note 2020 2
Note 2020 2019 Note 2020 2019
Note 2020 2019
EMIRATES AED m AE
AED m AED m AED m AED m
AED m AED m
Investing activities
DNATA Operating activities Investing activities
rating activities
Additions to property, plant and equipment 8 (545) (
Profit before income tax 537 1,507 Additions to property, plant and equipment 8 (545) (427)
it before
GROUPincome tax 537 1,507
Additions to investment property 10 (17)
Adjustments for: Additions to investment property 10 (17) (20)
ustments for:
FINANCIAL Additions to intangible assets 11 (122) (
Depreciation, amortisation and impairment 6 1,128 624 Additions to intangible assets 11 (122) (226)
epreciation, amortisation and impairment
INFORMATION 6 1,128 624
Investments in associates and joint ventures 12 (117)
Finance income - net (18) (98) Investments in associates and joint ventures 12 (117) (26)
nance income - net (18) (98)
EMIRATES Dividends from investments accounted for using
Amortisation of advance lease rentals 13 - 4 Dividends from investments accounted for using
mortisation
FINANCIAL
of
COMMENTARY
advance lease rentals 13 - 4 the equity method 12 64
Share of results of investments accounted for the equity method 12 64 67
hare of results of investments accounted for Acquisition of subsidiaries, net of cash acquired 29 (18) (
DNATA using the equity method 12 (12) (131) Acquisition of subsidiaries, net of cash acquired 29 (18) (480)
ingFINANCIAL
the equity method 12 (12) (131)
Proceeds from sale of property, plant and
Gain on sale of investments accounted for Proceeds from sale of property, plant and
ain on sale of investments accounted for
COMMENTARY
equipment 27
using the equity method 12 (216) (3) equipment 27 10
ingEMIRATES
the equity method 12 (216) (3) Proceeds from sale of investments accounted for
Gain on sale of investment held for sale - net - (321) Proceeds from sale of investments accounted for
ain on sale of investment held for sale - net
CONSOLIDATED - (321) using the equity method 186
FINANCIAL
Gain on fair value remeasurement of using the equity method 186 18
ain on fair value remeasurement of
STATEMENTS
Proceeds from sale of held for sale investment -
investments accounted for using the equity Proceeds from sale of held for sale investment - 412
vestments
DNATA accounted for using the equity Loans to related parties - net 27 94
method 12 (38) - Loans to related parties - net 27 94 -
ethod
CONSOLIDATED 12 (38) - Movement in short term bank deposits - over 3
FINANCIAL
Bargain on acquisition of subsidiary 29 (11) - Movement in short term bank deposits - over 3
argain on acquisition of subsidiary
STATEMENTS 29 (11) - months original maturity (579)
Net loss on disposals / write-offs of property, months original maturity (579) 639
et loss on disposals / write-offs of property, Interest received 149
ADDITIONAL
plant and equipment 3 1 Interest received 149 136
ant INFORMATION
and equipment 3 1 Acquired from non-controlling interest -
Net provision for impairment of trade and Acquired from non-controlling interest - (25)
et provision for impairment of trade and Net cash (used in) / generated from investing activities (878)
other receivables 15 139 67 Net cash (used in) / generated from investing activities (878) 78
her receivables 15 139 67
Provision for retirement benefit obligations 6 323 259 Financing activities
ovision for retirement benefit obligations 6 323 259 Financing activities
Net movement in derivative financial Proceeds from term loans 20 (a) 412
et movement in derivative financial Proceeds from term loans 20 (a) 412 613
instruments (26) (7) Repayment of term loans 20 (a) (298) (
struments (26) (7) Repayment of term loans 20 (a) (298) (156)
Payments of retirement benefit obligations (287) (220) Principal element of lease payments (2019:
ments of retirement benefit obligations (287) (220) Principal element of lease payments (2019:
Income tax paid - (63) Principal element of finance lease payments) (337)
me tax paid - (63) Principal element of finance lease payments) (337) (16)
Change in inventories 7 (7) Interest paid (129)
nge in inventories 7 (7) Interest paid (129) (46)
Change in advance lease rentals, trade and other Dividend paid to dnata's Owner (500) (1
nge in advance lease rentals, trade and other 256 (161) Dividend paid to dnata's Owner (500) (1,000)
receivables 256 (161) Dividends paid to non-controlling interests (47)
ivables Dividends paid to non-controlling interests (47) (38)
Change in trade and other payables and other Net cash used in financing activities (899) (
nge in trade and other payables and other (392) (34) Net cash used in financing activities (899) (643)
provisions (392) (34) Net change in cash and cash equivalents (384)
visions Net change in cash and cash equivalents (384) 852
Net cash generated from operating activities 1,393 1,417 Cash and cash equivalents at beginning of the year 1,906 1
cash generated from operating activities 1,393 1,417 Cash and cash equivalents at beginning of the year 1,906 1,112
Effects of exchange rate changes (42)
Effects of exchange rate changes (42) (58)
The accompanying notes are an integral part of these consolidated financial statements. Cash and cash equivalents at end of the year 24 1,480 1,
accompanying notes are an integral part of these consolidated financial statements. Cash and cash equivalents at end of the year 24 1,480 1,906

4
4

The accompanying notes are an integral part of these consolidated financial statements.
139
  
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR TO
NOTES THE
THE YEAR ENDED
CONSOLIDATED 31 MARCH
FINANCIAL 2020
STATEMENTS dnata entered this crisis in a strong position, having previously reported profits for the
FOR THE YEAR ENDED 31 MARCH 2020 past many years and an available cash balance of AED 5.3 bn as at 31 March 2020. dnata
has taken various measures to manage the business through this crisis, including
OVERVIEW NOTES
1. TOinformation
General THE CONSOLIDATED FINANCIAL STATEMENTS compensating cost crisis
dnata entered this saving in ameasures, reductions
strong position, to previously
having discretionary capitalprofits
reported expenditure,
for the
FOR THE YEAR ENDED 31 MARCH 2020 availing
past manysupport from
years and governments
an available where such
cash balance of AEDsupport is atavailable
5.3 bn as 31 Marchand securing
2020. dnata
EMIRATES
dnata comprises dnata and its subsidiaries. dnata was incorporated in the Emirate of additional
has taken external
various debt facilities.
measures to manage the business through this crisis, including
DNATA Dubai, UAE information
1. General with limited liability, under an Emiri Decree issued by H.H. Sheikh Maktoum compensating cost saving measures, reductions to discretionary capital expenditure,
bin Rashid Al-Maktoum on 4 April 1987. On that date, the total assets and liabilities of availing support from governments where such support is available and securing
Based on dnata’s cash flow forecasts for the 12 month period following the approval of
GROUP
Dubai National Air
dnata comprises Travel
dnata andAgency were transferred
its subsidiaries. to dnata,
dnata was with effect
incorporated from
in the 1 April
Emirate of additional external debt facilities.
these financial statements dnata expects to have sufficient liquidity to meet its
FINANCIAL 1987,
Dubai,for
UAEnilwith
consideration. dnata
limited liability, is wholly
under owned
an Emiri by issued
Decree the Investment Corporation
by H.H. Sheikh Maktoum of obligations and accordingly management has prepared the financial statements on a
INFORMATION Dubai (“the Al-Maktoum
bin Rashid parent company”), a Government
on 4 April 1987. On of Dubai
that date,entity.
the total assets and liabilities of going
Based concern basis.
on dnata’s cash flow forecasts for the 12 month period following the approval of
Dubai National Air Travel Agency were transferred to dnata, with effect from 1 April these financial statements dnata expects to have sufficient liquidity to meet its
EMIRATES
dnata
1987, is
forincorporated and domiciled
nil consideration. dnata isinwholly
Dubai,owned
UAE. The
by address of its registered
the Investment office of
Corporation is
FINANCIAL All amounts and
obligations are presented in management
accordingly millions of UAEhas
Dirham (“AEDthe
prepared m”).financial statements on a
COMMENTARY Dnata
Dubai Travel Centre,company”),
(“the parent PO Box 1515, Dubai, UAE.of Dubai entity.
a Government going concern basis.
DNATA New standards, amendments to published standards and interpretations that are
The main
dnata activities of dnata
is incorporated comprise:in Dubai, UAE. The address of its registered office is
and domiciled
FINANCIAL relevant to dnata
All amounts are presented in millions of UAE Dirham (“AED m”).
COMMENTARY Dnata Travel Centre, PO Box 1515, Dubai, UAE.
 Ground and cargo handling services
EMIRATES At
Newthestandards,
date of authorisation
amendmentsoftothese consolidated
published financial
standards statements, certain
and interpretations thatnew
are
The Inflight cateringof dnata comprise:
main activities
CONSOLIDATED
standards,
relevant toamendments
dnata to the existing standards and interpretations have become
FINANCIAL  Travel services
STATEMENTS mandatory for the year ended 31 March 2020. Except for IFRS 16, as explained below, no
 Ground and cargo handling services other
At thenew
datestandards, amendments
of authorisation or consolidated
of these interpretations, whether
financial effective certain
statements, or not, new
are
2.
 Summary of significant accounting policies
Inflight catering
DNATA
expected
standards,toamendments
have a material
to impact on dnata.
the existing standards and interpretations have become
CONSOLIDATED  Travel services
FINANCIAL mandatory for the year ended 31 March 2020. Except for IFRS 16, as explained below, no
A summary of the significant accounting policies, which have been applied consistently
STATEMENTS
other16,
IFRS Leases
new standards, amendments or interpretations, whether effective or not, are
in
2. the preparation
Summary of these consolidated
of significant accounting financial
policies statements are set out below.
ADDITIONAL expected to have a material impact on dnata.
INFORMATION The new standard replaces IAS 17 and requires almost all leases to be recognised on the
Basis of preparation
A summary of the significant accounting policies, which have been applied consistently balance
IFRS 16, sheet
Leasesby a lessee, as the distinction between operating and finance lease is
in the preparation of these consolidated financial statements are set out below. removed. Under the new standard, an asset (right-of-use) and a financial liability to pay
The consolidated financial statements have been prepared in accordance with
rentals
The newisstandard
recognised. Leases
replaces IASare
17 capitalised
and requiresasalmost
right-of-use
all leases assets
to bebyrecognised
recognising on the
International Financial Reporting Standards (IFRS) and interpretaions issued by the IFRS
Basis of preparation present
balance value
sheet of
bythe lease payments,
a lessee, adjusted between
as the distinction for prepayments,
operatinginitial
and direct
finance costs
leaseandis
Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The
restoration costs,the
removed. Under andnew arestandard,
depreciated over (right-of-use)
an asset the lease term and except in cases
a financial where
liability the
to pay
consolidated
The consolidatedfinancial statements
financial statementshave have
been been
prepared under intheaccordance
prepared historical with
cost
underlying asset will beLeases
rentals is recognised. acquired
arebycapitalised
the lesseeasat the end of theassets
right-of-use lease byterm, in which case
recognising the
convention,
International except
Financialfor those financial
Reporting Standardsassets and interpretaions
(IFRS) and liabilities (including
issued byderivative
the IFRS the right-of-use
present value of asset is depreciated
the lease payments, over the useful
adjusted life of the asset.
for prepayments, initialIndirect
respect
costsof and
the
instruments) that
Interpretations are measured
Committee (IFRSatIC)
fairapplicable
value as stated in the accounting
to companies reportingpolicies.
under IFRS. The consolidated income
restoration costs, and statement, the operating
are depreciated over the lease
lease charge has been
term except replaced
in cases wherewith the
consolidated financial statements have been prepared under the historical cost depreciation of right-of-use assetby
and interest
underlying asset will be acquired the lessee on lease
at the endliability,
of theresulting
lease term, in total expense
in which case
convention,
The COVID-19 except for has
outbreak those financialrapidly
developed assetsinand2020,liabilities (including number
with a significant derivative
of being higher in the earlier years of a lease
the right-of-use asset is depreciated overand
thelower
usefulinlife
later
ofyears.
the asset. In respect of the
instruments) that are measured at fair value as stated in the accounting policies.
infections being recorded globally. Measures taken to contain and slow the spread of consolidated income statement, the operating lease charge has been replaced with
the virus have significantly impacted global economic activity including limiting In accordanceofwith
depreciation the transitional
right-of-use provisions
asset and interestof
onIFRS 16,liability,
lease dnata applied
resultingthe
in new
totalstandard
expense
movements
The COVID-19of people andhas
outbreak restricting
developedflights.
rapidly in 2020, with a significant number of from
being1higher
April in
2019
the ('transition
earlier yearsdate') by adopting
of a lease and lower the
in modified
later years.retrospective approach,
infections being recorded globally. Measures taken to contain and slow the spread of under which the cumulative effect of initial application is recognised in retained
the virus have significantly impacted global economic activity including limiting earnings, and comparatives
In accordance are not provisions
with the transitional re-stated. of IFRS 16, dnata applied the new standard
The worldwide aviation and travel markets have been significantly disrupted in the short
movements of people and restricting flights. from 1 April 2019 ('transition date') by adopting the modified retrospective approach,
term, this disruption is expected to be followed by a gradual recovery as travel
under which the cumulative effect of initial application is recognised in retained
restrictions are lifted. dnata’s revenue will therefore be negatively impacted as a result of
earnings, and comparatives are not re-stated.
the
The outbreak.
worldwide aviation and travel markets have been significantly disrupted in the short
term, this disruption is expected to be followed by a gradual recovery as travel
restrictions are lifted. dnata’s revenue will therefore be negatively impacted as a result of 5
the outbreak.

140
OVERVIEW 2.
2. Summary
Summary of
of significant
significant accounting
accounting policies
policies (continued)
(continued) The
The carrying
carrying amount
amount of of the
the right-of-use
right-of-use asset
asset and
and lease
lease liability
liability as
as at
at transition
transition date
date
pertaining
pertaining toto leases
leases previously
previously classified
classified as
as finance
finance leases
leases applying
applying IASIAS 17
17 remains
remains
EMIRATES
IFRS
IFRS 16,
16, Leases
Leases (continued)
(continued) unchanged
unchanged and and these
these assets
assets are
are now
now re-classified
re-classified from
from 'property,
'property, plant
plant and
and equipment'
equipment'
DNATA to
to right-of-use
right-of-use assets
assets in
in the
the consolidated
consolidated statement
statement of of financial
financial position.
position.
Lease
Lease liabilities
liabilities are
are measured
measured atat the
the present
present value
value of
of the
the remaining
remaining lease
lease payments.
payments. The
The
GROUP
discount
discount rate
rate used
used to
to value
value the
the lease
lease liability
liability corresponds,
corresponds, forfor each
each lease
lease portfolio,
portfolio, to
to dnata
dnata has
has opted
opted not
not to
to apply
apply IFRS
IFRS 16
16 to
to intangible
intangible assets.
assets.
FINANCIAL dnata’s
dnata’s incremental
incremental borrowing
borrowing raterate for
for similar
similar assets
assets as
as at
at the
the transition
transition date.
date. dnata
dnata
INFORMATION chose
chose on
on aa lease-by-lease
lease-by-lease basis,
basis, to
to measure
measure thethe right-of-use
right-of-use asset
asset at
at either:
either: Upon
Upon adoption
adoption of of the
the new
new standard
standard on
on 11 April
April 2019,
2019, dnata’s
dnata’s consolidated
consolidated statement
statement of
of
financial
financial position
position has
has been
been impacted
impacted as
as follows:
follows:
EMIRATES
FINANCIAL a.)
a.) its
its carrying
carrying amount
amount as as ifif the
the new
new rules
rules had
had always
always been applied since
been applied since the
the lease
lease
COMMENTARY commencement
commencement date date butbut discounted
discounted using
using dnata’s
dnata’s incremental
incremental borrowing
borrowing rate
rate atat As
As reported
reported Adjusted
Adjusted
the
the transition
transition date
date i.e.
i.e. the
the cumulative
cumulative depreciation
depreciation impact
impact from
from thethe commencement
commencement 31
31 March
March IFRS
IFRS 16
16 11 April
April
DNATA
FINANCIAL date
date toto the
the date
date of
of transition
transition is is reflected
reflected in
in the
the initial
initial recognition
recognition of of the
the right-of-use
right-of-use 2019
2019 adjustment
adjustment 2019
2019
COMMENTARY asset.
asset. This
This has
has been
been applied
applied to to aa significant
significant portfolio
portfolio ofof dnata’s
dnata’s leases
leases primarily
primarily land
land Note
Note AED
AED mm AED
AED mm AED
AED mm
and
and building;
building; or
or ASSETS
ASSETS
EMIRATES
CONSOLIDATED Property,
Property, plant
plant and
and equipment
equipment 88 2,040
2,040 (78)
(78) 1,962
1,962
FINANCIAL b.)
b.) an
an amount
amount equal
equal to
to the
the lease
lease liability,
liability, adjusted
adjusted by
by the
the amount
amount ofof any
any prepaid
prepaid or
or
STATEMENTS Right-of-use
Right-of-use asset
asset 99 -- 1,972
1,972 1,972
1,972
accrued
accrued lease
lease payments
payments relating
relating to to that
that lease
lease recognised
recognised in in the
the consolidated
consolidated
Investment
Investment property
property 10
10 345
345 41
41 386
386
DNATA statement
statement of
of financial
financial position
position immediately
immediately prior
prior to
to the
the date
date of
of transition.
transition. This
This
measurement Investments
Investments accounted
accounted for
for
CONSOLIDATED measurement has
has been
been applied
applied toto aa smaller
smaller portfolio
portfolio of
of leases.
leases.
FINANCIAL using
using the
the equity
equity method
method 12
12 503
503 (47)
(47) 456
456
STATEMENTS
The Advance
Advance lease
lease rentals
rentals 13
13 48
48 (48)
(48) --
The right-of-use
right-of-use assets
assets are
are presented
presented as as aa separate
separate line
line item
item inin the
the consolidated
consolidated
ADDITIONAL statement
statement ofof financial
financial position
position andand the
the related
related lease
lease liabilities
liabilities are
are included
included within
within Deferred
Deferred tax
tax assets
assets 21
21 128
128 152
152 280
280
INFORMATION
‘Borrowings
‘Borrowings and
and lease
lease liabilities’
liabilities’ (Note
(Note 20
20 (b)).
(b)). Trade
Trade and
and other
other receivables
receivables 3,725 16
16 3,741
Impact
Impact on
on assets
assets 2,008
2,008
On
On transition
transition to
to IFRS
IFRS 16,16, dnata
dnata applied
applied thethe practical
practical expedient
expedient andand elected
elected notnot to
to re-
re-
assess
assess which
which contractual
contractual arrangements
arrangements qualify
qualify asas leases
leases under
under IFRS
IFRS 16.
16. ItIt applied
applied the
the EQUITY
EQUITY AND
AND LIABILITIES
LIABILITIES
transition
transition rules
rules ofof IFRS
IFRS 16
16 only
only to
to contracts
contracts that
that were
were previously
previously identified
identified asas leases
leases as
as
EQUITY
EQUITY
per
per IAS
IAS 17
17 oror IFRIC
IFRIC 4.4. The
The definition
definition of
of aa lease
lease under
under IFRS
IFRS 16
16 was
was applied
applied to to contracts
contracts
Retained
Retained earnings
earnings 7,911
7,911 (192)
(192) 7,719
7,719
entered
entered into
into or
or changed
changed on on or
or after
after the
the transition
transition date.
date. Further,
Further, dnata
dnata has
has applied
applied the
the
following
following permitted
permitted practical
practical expedients
expedients on on aa lease-by-lease
lease-by-lease basis:
basis: Non-controlling
Non-controlling interests
interests 116
116 (6)
(6) 110
110
Impact
Impact on
on equity
equity (198)
(198)
 single
single discount
discount rate
rate has
has been
been applied
applied to
to aa portfolio
portfolio of
of leases
leases with
with reasonably
reasonably similar
similar LIABILITIES
LIABILITIES
characteristics;
characteristics; Trade
Trade and
and other
other payables
payables 4,557 (14)
(14) 4,543
 the
the new
new lease
lease measurement
measurement rules
rules have
have not
not been
been applied
applied toto leases
leases expiring
expiring within
within 12
12 Borrowings
Borrowings and
and lease
lease liabilities
liabilities 20
20 69
69 2,091
2,091 2,160
2,160
months
months of of the
the transition
transition date
date and
and are
are accounted
accounted for for as
as short
short term
term leases;
leases; Deferred
Deferred tax
tax liabilities
liabilities 21
21 171
171 129
129 300
300
 initial
initial direct
direct costs
costs associated
associated with
with the
the lease
lease have
have been
been excluded
excluded from
from thethe
Impact
Impact on
on liabilities
liabilities 2,206
2,206
measurement
measurement of of the
the right-of-use
right-of-use asset;
asset; and
and
 hindsight
hindsight has has been
been used
used in
in determining
determining the the lease
lease term
term forfor contracts
contracts having
having Impact
Impact on on equity
equity and
and
extension/termination
extension/termination options.
options. liabilities
liabilities 2,008
2,008

66
141
OVERVIEW 2. Summary of significant accounting policies (continued) When dnata ceases to have control, any retained interest in the entity or business is
remeasured to its fair value at the date when control is lost, with the change in the
EMIRATES
Basis of consolidation carrying amount recognised in the consolidated income statement. The fair value
DNATA becomes the initial carrying amount for the purposes of subsequent accounting for the
The acquisition method of accounting is used to account for business combinations by retained interest as an associate, joint venture or financial asset. In addition, any
GROUP
dnata. The consideration transferred for the acquisition of a subsidiary comprises the fair amounts previously recognised in other comprehensive income in respect of that entity
FINANCIAL value of the assets transferred, liabilities acquired, fair value of any contingent or business are accounted for as if the related assets or liabilities have been directly
INFORMATION consideration arrangements and the fair value of any pre-existing equity interest in the disposed off. This may mean that amounts previously recognised in other
subsidiary. comprehensive income are reclassified to the consolidated income statement.
EMIRATES
FINANCIAL
COMMENTARY Acquisition-related costs are expensed as incurred. Identifiable assets, including Associates are those entities in which dnata has significant influence but not control or
intangible assets acquired, liabilities and contingent liabilities, if any, incurred or joint control generally accompanying a shareholding between 20% and 50% of the
DNATA
FINANCIAL assumed in a business combination, are measured initially at their fair values at the voting rights. Significant influence is the power to participate in the financial and
COMMENTARY acquisition date. Any non-controlling interest in the subsidiary is recognised on an operating policy decisions of the entity, but is not control or joint control over those
acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s policies. Investments in associates are accounted for by applying the equity method and
EMIRATES
CONSOLIDATED proportionate share of recognised amounts of subsidiaries’ identifiable net assets. include goodwill (net of accumulated impairment loss, if any) identified on acquisition
FINANCIAL after initially being recorded at cost.
STATEMENTS
Contingent consideration is classified either as equity or a financial liability. Amounts
DNATA classified as a financial liability are subsequently remeasured to fair value with changes in Joint ventures are contractual arrangements which establish joint control and where
CONSOLIDATED fair value recognised in the consolidated income statement. dnata has rights to the net assets of the arrangement. Joint control is the contractually
FINANCIAL
STATEMENTS agreed sharing of control of an arrangement, which exists only when decisions about the
If the business combination is achieved in stages, the acquisition date carrying value of relevant activities require the unanimous consent of the parties sharing control.
ADDITIONAL dnata’s previously held equity interest in the subsidiary is remeasured at fair value at the Investments in joint ventures are accounted for by applying the equity method and
INFORMATION
acquisition date. Any gains or losses arising from such remeasurement are recognised in include goodwill (net of accumulated impairment loss, if any) identified on acquisition
the consolidated income statement. after initially being recognised at cost.

Subsidiaries are those entities over which dnata has control. Control is exercised when
dnata is exposed to, or has rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over that entity. Subsidiaries
are fully consolidated from the date on which control is transferred to dnata and are de-
consolidated from the date on which control ceases. Inter-company transactions,
balances and unrealised gains and losses arising on transactions between dnata and its
subsidiaries are eliminated.
dnata treats transactions with non-controlling interests that do not result in loss of
control as transactions with the owners. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and non-controlling
interests to reflect their relative interests in the subsidiary. Any difference between
amount of the adjustment to non-controlling interests and any consideration paid is
recorded in equity.
When dnata’s share of losses in an equity-accounted investment equals or exceed its
interest in the entity, including any other unsecured long term receivables in the nature
of an investment, dnata does not recognise further losses, unless it has incurred
obligations or made payments on behalf of the other entity.
If the ownership in a joint venture or an associate is reduced but joint control or
significant influence is retained, only a proportionate share of the amounts previously
recognised in other comprehensive income are reclassified to the consolidated income
statement where appropriate.
All material unrealised gains and losses arising on transactions between dnata and its
associates and joint ventures are eliminated to the extent of dnata’s interest.
Accounting policies of subsidiaries, associates and joint ventures have been changed
where necessary to ensure consistency with dnata’s accounting policies.

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OVERVIEW 2. Summary of significant accounting policies (continued) For the purposes of consolidation, where functional currencies of subsidiaries are
EMIRATES
different from AED, income, other comprehensive income and cash flow statements of
Revenue subsidiaries are translated into AED at average exchange rates for the year that
DNATA approximate the cumulative effect of rates prevailing on the transaction dates and their
Revenue is measured at the fair value of the consideration received or receivable, and assets and liabilities are translated at the exchange rates ruling at the end of reporting
GROUP
represents amounts receivable for goods supplied or services provided, stated net of period. The resulting exchange differences are recognised in other comprehensive
FINANCIAL discounts, returns and value added tax. income.
INFORMATION

Revenue from airport operations which includes ground and cargo handling services is Share of results and share of movement in other comprehensive income of investments
EMIRATES
FINANCIAL recognised on the performance of the related service obligation. accounted for using the equity method are translated into AED at average exchange
COMMENTARY rates whereas dnata’s share of net investments is translated at the exchange rate
Revenue from travel services includes the sale of travel holiday packages and individual prevailing at the end of the reporting period. Translation differences relating to
DNATA
FINANCIAL travel component bookings. Where dnata acts as principal in the arrangement, the total investments in associates, joint ventures and monetary assets and liabilities that form
COMMENTARY consideration received is treated as revenue and allocated to separate performance part of a net investment in a foreign operation are recognised in other comprehensive
obligations based on relative stand-alone selling prices. The allocated revenue from such income.
EMIRATES
CONSOLIDATED contracts is recognised on satisfaction of each performance obligation within a single
FINANCIAL contract with the customer. Where dnata acts as an agent between the service provider When investments in subsidiaries, associates, joint ventures or net investment in a
STATEMENTS
and the end customer, net commission is recognised as revenue on satisfaction of the foreign operation are disposed of, the related translation differences previously recorded
DNATA performance obligation, i.e., on confirmation of the travel booking taking place. in equity are then recognised in the consolidated income statement as part of the gain
CONSOLIDATED or loss on disposal.
FINANCIAL
STATEMENTS Revenue from the sale of goods (including in-flight catering) is recognised when the
control of goods is transferred to the customer. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are
ADDITIONAL treated as assets and liabilities of the foreign entity and translated at the exchange rates
INFORMATION
Finance income and costs prevailing at the end of the reporting period. Exchange differences arising are
recognised in other comprehensive income.
Interest income and costs are recognised on a time proportion basis using the effective
interest method. Property, plant and equipment

Foreign currency translation
dnata’s consolidated financial statements are presented in UAE Dirham (“AED”), which is
also the entity’s functional currency. Subsidiaries, associates and joint ventures
determine their own functional currency related to the primary economic environment in
which they operate.
Foreign currency transactions are translated into the functional currency, at the exchange
rates prevailing at the transaction dates. Monetary assets and liabilities denominated in
foreign currencies are translated into the functional currency at the exchange rates
prevailing at the end of the reporting period. The resulting foreign exchange gains and
losses, other than those on qualifying net investment hedges and net investment in
foreign operations which are deferred in other comprehensive income, are recognised in
the consolidated income statement.
Property, plant and equipment is stated at cost less accumulated depreciation and
impairment. Cost consists of the purchase cost, together with any incidental expenses of
acquisition.
Subsequent costs are included in the asset’s carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic benefits
associated with the items will flow to dnata and the cost can be measured reliably.
Repairs and maintenance are charged to the consolidated income statement during the
period in which they are incurred.
Land is not depreciated. Depreciation on other items of property, plant and equipment is
calculated using the straight line method to allocate their cost, less estimated residual
values, over the estimated useful lives of the assets or the lease term, if shorter.

8
143
OVERVIEW 2. Summary of significant accounting policies (continued) dnata uses two exemptions as permitted under IFRS 16 for not capitalising the leased
asset i.e. short-term leases (with a lease term of 12 months or less) and lease contracts
EMIRATES
Property, plant and equipment (continued) for which the value of the underlying asset is materially low (primarily comprising of
DNATA office space and equipment). For these leases, the lease rental charges are recognised as
The estimated useful lives are: an operating expense on a straight-line basis over the period of the lease.
GROUP

FINANCIAL Buildings 15 - 33 years At lease commencement date, lease liability is measured at the present value of the
INFORMATION Leasehold property shorter of useful life or lease term future lease payments, discounted using the interest rate implicit in the lease or, if that
Plant and machinery 4 - 15 years rate cannot be readily determined, dnata’s incremental borrowing rate for borrowing
EMIRATES
FINANCIAL Office equipment and furniture 3 - 6 years funds necessary to obtain an asset of similar value to the right-of-use asset in a similar
COMMENTARY Motor vehicles 5 -10 years economic environment with similar terms, security and conditions. The future lease
payments comprise of fixed payments, variable payments that are dependent on an
DNATA
FINANCIAL The assets’ residual values and useful lives are reviewed at least annually, and adjusted if index (e.g. LIBOR) less any lease incentives receivable. All other variable lease payments
COMMENTARY appropriate. are charged to the consolidated income statement as and when due.
EMIRATES
CONSOLIDATED Capital projects are stated at cost. When the asset is ready for its intended use, it is Subsequent changes resulting from reassessments or lease modifications that are not
FINANCIAL transferred from capital projects to the appropriate category under property, plant and accounted for as separate leases (together referred as ‘remeasurements’) are accounted
STATEMENTS
equipment and depreciated in accordance with dnata’s policies. as adjustments to the carrying value of the lease liability and corresponding impact to
DNATA the related right-of-use asset.
CONSOLIDATED An item of property, plant and equipment is derecognised upon disposal or when no
FINANCIAL
STATEMENTS future economic benefits are expected from its use or disposal. Gains and losses on Sale and leaseback transactions are tested as sale under IFRS 15 at the date of the
derecognition are determined by comparing proceeds with the carrying amount and are transaction, and if qualified as sale, the underlying asset is derecognised and a right-of-
ADDITIONAL recognised in the consolidated income statement. use asset with a corresponding liability is recognised equal to the retained interest in the
INFORMATION
asset. Any gain or loss is recognised immediately in the consolidated income statement
Leases (applicable from 1 April 2019) for the interest in the asset transferred to the lessor. If the transaction does not qualify as
sale under IFRS 15, a financial liability equal to the sale value is recognised in the
Right-of-use assets are capitalised at the commencement of the lease and recognised at consolidated financial statements as “Term Loans” under 'Borrowings and lease
cost, comprising of the present value of payments to be made to the lessor, any advance liabilities'.
lease rentals made at inception, together with the initial direct costs incurred by dnata in
respect of acquiring the lease and the present value of an estimate of costs to be Leases (applicable till 31 March 2019)
incurred to meet the contractual lease-end restoration obligations less any lease
incentives received. Where property, plant and equipment has been financed by lease agreements under
which substantially all of the risks and rewards incidental to ownership are transferred to
For contracts which contain one or more lease components, the consideration in the dnata, they are classified as finance leases.
contract has been allocated to each component on the basis of the relative stand-alone
price of the component determined on the basis of estimated observable information. Finance leases are capitalised at the commencement of the lease at the lower of the
present value of the minimum lease payments or the fair value of the leased asset. The
Right-of-use assets are depreciated over the useful life or lease term (whichever is corresponding lease obligations are included under liabilities. Lease payments are
lower), unless the underlying lease contract provides an option to dnata to acquire the treated as consisting of capital and interest elements. The interest element is charged to
asset at the end of the lease term and it is highly certain for dnata to exercise that the consolidated income statement as finance costs over the lease term so as to produce
option. In such cases, the right-of-use asset is depreciated over the useful life in a constant periodic rate of interest on the remaining balance of the liability. Property,
accordance with dnata's policies applicable to property, plant and equipment. Right-of- plant and equipment acquired under finance leases are depreciated in accordance with
use assets held for generating rental income are classified under Investment property in dnata’s policies.
the consolidated statement of financial position.

9
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OVERVIEW 2. Summary of significant accounting policies (continued) Goodwill is tested for impairment annually or more frequently if events or changes in
2. Summary of significant accounting policies (continued) Goodwill is tested
circumstances for impairment
indicate a potential annually
impairment or more
and isfrequently
carried atifcost
eventslessoraccumulated
changes in
EMIRATES
Leases (applicable till 31 March 2019) (continued) circumstances
impairment indicate
losses. a potential
For the purpose impairment
of impairment andtesting,
is carried at cost
goodwill is less accumulated
allocated to cash
DNATA Leases (applicable till 31 March 2019) (continued) impairment unit
generating losses. For theofpurpose
or group of impairment
cash generating testing,
units that goodwill is
are expected toallocated
benefit fromto cash
the
Leases, where a significant portion of risks and rewards of ownership are retained by the generating
business unit or group
combination in of cashthe
which generating
goodwillunitsarose.thatAnareimpairment
expected to benefit
loss from the
is recognised
GROUP
Leases,are
lessor where a significant
classified portionleases.
as operating of risks and rewards
Lease of ownership
rental charges, are advance
including retained rentals
by the business
when the combination
carrying value in of
which the goodwill
the cash generating arose.
unit An impairment
or group of cashloss is recognised
generating units
FINANCIAL lessor
in are classified
respect of operating as operating
leases, areleases.
chargedLease rental
to the charges, including
consolidated income advance
statement rentals
on a when theitscarrying
exceeds recoverable valueamount.
of the cash generating
Impairment losses unit
on or group are
goodwill of cash generating units
not reversed.
INFORMATION in respect ofbasis
straight-line operating
over the leases, areofcharged
period the lease. to the consolidated income statement on a exceeds its recoverable amount. Impairment losses on goodwill are not reversed.
straight-line basis over the period of the lease. Gains and losses on disposal of an entity include the carrying amount of goodwill
EMIRATES
FINANCIAL Investment property Gains
relatingand losses
to the onsold.
entity disposal of an entity include the carrying amount of goodwill
COMMENTARY Investment property relating to the entity sold.
Property held for long term rental yields or for capital appreciation or both, and not Other intangible assets
DNATA
FINANCIAL Property held
occupied for long
by dnata, term rental
is classified yields or property.
as investment for capital appreciation or both, and not Other intangible assets
COMMENTARY occupied by dnata, is classified as investment property. Intangible assets are capitalised at cost only when future economic benefits are
Investment property comprises land and buildings. Investment property is measured Intangible
probable. Costassets includes
are capitalised
purchase at price
cost only when with
together futureanyeconomic
directly benefits are
attributable
EMIRATES
CONSOLIDATED Investment
initially property
at its comprisesrelated
cost, including land and buildings.costs.
transaction Investment property
The carrying is measured
amount of an probable. Cost includes purchase price together with any directly attributable
expenditure.
FINANCIAL initially at its
investment cost, including
property includes related
the costtransaction
of replacing costs.
partTheof carrying
an existingamount of an
investment expenditure.
STATEMENTS
investment
property whenproperty
incurred includes the cost ofcriteria
if the recognition replacing partand
are met of excludes
an existing
cost investment
of day-to- In the case of internally developed computer software, development expenditure is
DNATA property
day when incurred if the recognition criteria are met and excludes cost of day-to-
servicing. In the caseif of
capitalised internally
costs developedreliably,
can be measured computer software,is development
the product technically andexpenditure
commercially is
CONSOLIDATED day servicing. capitalised if costs
feasible, future can be benefits
economic measured arereliably,
probable,the and
product
thereis exists
technically and and
an intent commercially
ability to
FINANCIAL
STATEMENTS Capital projects relate to buildings under construction and are stated at cost. When the feasible, future
complete economic benefits
the development and to areuse probable,
or sell theand there
asset. Other exists an intent
research and and ability to
development
Capital
asset is projects
ready forrelate to buildings
its intended use, itunder construction
is transferred fromand are projects
capital stated attocost. When and
buildings the complete thenot
expenditure development
meeting theand to use
criteria fororcapitalisation
sell the asset.are Other researchinand
recognised the development
consolidated
ADDITIONAL asset is readyinfor
depreciated its intended
accordance withuse, it is transferred
dnata’s policies. from capital projects to buildings and expenditure
income not meeting
statement the criteria for capitalisation are recognised in the consolidated
as incurred.
INFORMATION
depreciated in accordance with dnata’s policies. income statement as incurred.
Investment property is measured at cost less accumulated depreciation. Land is not Intangible assets acquired in a business combination are recognised at fair values on the
Investment
depreciated.property is measured
Depreciation at costis less
on buildings accumulated
charged depreciation.
on a straight line basisLand is not
over the Intangible assets
acquisition acquired in rights
date. Contractual a business combination
also include licensesaretorecognised
operate inat fair values
certain on the
airports.
depreciated.
estimated useful Depreciation on buildings is charged on a straight line basis over the
life of 20 years. acquisition date. Contractual
Intangible assets are amortised rights
on also include licenses
a straight-line basis to
overoperate in certain airports.
their estimated useful lives
estimated useful life of 20 years. Intangible
which are: assets are amortised on a straight-line basis over their estimated useful lives
The assets’ useful life is reviewed, and adjusted if appropriate, at the end of each
which are:
The assets’
reporting useful life is reviewed, and adjusted if appropriate, at the end of each
period.
reporting period. Computer software 3 - 7 years
Computer
Trade namessoftware 3
10- years
7 years
An item of investment property is derecognised upon disposal or when no future
Trade names
Customer relationships 10- years
3 15 years
An item ofbenefits
economic investment are property
expected isfromderecognised
its use or upon disposal
disposal. or when
Gains no future
and losses on
Customer relationships
Contractual rights 3 - 15the
over years
expected term of the rights
economic
derecogntion benefits are expected
are determined from itsproceeds
by comparing use or with
disposal. Gains amount
the carrying and losses on
and are
Contractual rights over the expected term of the rights
derecogntion
recognised are consolidated
in the determined by comparing
income proceeds with the carrying amount and are
statement.
recognised in the consolidated income statement. The intangible assets’ useful lives are reviewed at least annually, and adjusted if
The intangible
intangibleassets’
appropriate.
The assets’useful
usefullives
livesarearereviewed
reviewed atat least
least annually,
annually, andand adjusted
adjusted if
if appropriate.
Investment property also include right-of-use assets that meet the definition of
appropriate.
Investment propertyand
investment property also include right-of-use
is measured as per dnata’sassets that
policies meet the
applicable definition of
to “Leases”.
investment property and is measured as per dnata’s policies applicable to “Leases”. An intangible asset is derecognised upon disposal or when no future economic benefits
An intangible
are expected from assetitsis use
derecognised
or disposal.upon Gains disposal
and losses or when no future economic
on derecognition benefits
are determined
Goodwill
are expected
by comparing from its use orwith
proceeds disposal.
the Gains and losses
carrying amount on and
derecognition are determined
are recognised in the
Goodwill
by comparing
consolidated proceeds
income with the carrying amount and are recognised in the
statement.
Goodwill represents the excess of the aggregate of the consideration transferred,
consolidated income statement.
Goodwill
amount ofrepresents the excessinterest
any non-controlling of theinaggregate
the acquired of entity
the consideration transferred,
and the acquisition-date
amount
fair valueofofanyanynon-controlling
previous equityinterest
interest in in the
the acquired entity overand the
the acquisition-date
fair value of the
fair identifiable
net value of anyassetspreviousat theequity
dateinterest in the acquired entity over the fair value of the
of acquisition.
net identifiable assets at the date of acquisition.

10
10
145
OVERVIEW 2. Summary of significant accounting policies (continued) Cash and cash equivalents
EMIRATES
Borrowing costs Cash and cash equivalents comprise all cash and liquid funds with an original maturity of
DNATA three months or less. Other bank deposits with maturities of less than a year are
Borrowing costs (finance costs) directly attributable to the acquisition, construction or classified as short term bank deposits. Bank overdrafts are shown within current
GROUP
production of qualifying assets are added to the cost of the assets until such time that borrowings and lease liabilities in the consolidated statement of financial position.
FINANCIAL the assets are substantially ready for their intended use. Where funds are borrowed
INFORMATION specifically for the purpose of obtaining a qualifying asset, any investment income Inventories
earned on temporary surplus funds is deducted from borrowing costs eligible for
EMIRATES
FINANCIAL capitalisation. Inventories are stated at the lower of cost and estimated net realisable value. Cost is
COMMENTARY determined on the weighted average cost basis except for food and beverage inventory
Impairment of non-financial assets which is determined on a first-in-first-out basis.
DNATA
FINANCIAL
COMMENTARY Non-financial assets other than goodwill are reviewed for impairment whenever events Borrowings
or changes in circumstances indicate that the carrying amount may not be recoverable.
EMIRATES
CONSOLIDATED An impairment loss is recognised for the amount by which the asset’s carrying amount Borrowings are recognised initially at fair value, net of transaction costs incurred.
FINANCIAL exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair Borrowings are subsequently measured at amortised cost with any difference between
STATEMENTS
value less costs to sell and value in use. For the purpose of assessing impairment, these the proceeds (net of transaction costs) and the redemption value recognised in the
DNATA assets are grouped at the lowest levels for which there are separately identifiable cash consolidated income statement over the period of the borrowings using the effective
CONSOLIDATED flows (cash generating units). Non-financial assets other than goodwill are reviewed at interest method.
FINANCIAL
STATEMENTS the end of each reporting period for possible reversals of historic impairment losses.
Retirement benefit obligations
ADDITIONAL Financial assets
INFORMATION
dnata operates or participates in various end of service benefit plans, which are classified
Financial assets are classified in accordance with IFRS 9 as ‘Financial assets at amortised either as defined contribution or defined benefit plans.
cost’ which consists of financial assets that are debt instruments and are intended to be
held to maturity on the basis of dnata’s business model. Furthermore, these instruments A defined contribution plan is a pension scheme under which dnata pays fixed
have fixed payment terms and meet the criteria for cash flow characteristics i.e. contributions and has no legal or constructive obligation to pay further contributions if
contractual payments of principal and interest. This category includes trade and other the fund does not hold sufficient assets to settle the benefits relating to the employees’
receivables (excluding prepayments), short term bank deposits and cash and cash service in the current and prior periods. Contributions to the pension fund are charged
equivalents. They are classified as non-current or current assets according to their to the consolidated income statement in the period in which they fall due.
remaining maturity at the reporting date.
A defined benefit plan is a plan which is not a defined contribution plan. The liability
Trade receivables recognised in the consolidated statement of financial position for a defined benefit plan
is the present value of the defined benefit obligation at the end of the reporting period
Trade receivables
Trade receivables areare recognised
recognised initially
initially at the ofamount
at the amount of consideration
consideration that is
that is unconditional, less the fair value of plan assets at that date. The defined benefit obligation is calculated
unconditional,
unless they containunless they contain
significant financingsignificant
components financing
when theycomponents when
are recognised theyvalue.
at fair are by independent actuaries using the projected unit credit method.
recognised at fair value.measured
They are subsequently They andatsubsequently
amortised cost measured
using the at effective
amortisedinterest
cost using
method,the
effective interest
less provision for method,
impairment.lessdnata
provision
appliesforthe
impairment. dnata applies
simplified approach whichthe simplified
uses lifetime The present value of the defined benefit obligation is determined by discounting
approach
expected losswhich uses lifetime
allowances expected
to calculate loss allowances
the impairment provisiontooncalculate the impairment
trade receivables. Specific estimated future cash outflows using market yields of high quality corporate bonds at
provision on trade
loss allowances receivables.
are also recognisedSpecific
whenlossdnataallowances are also
become aware of arecognised when dnata
customer experiencing the end of the reporting period that are denominated in currency in which the benefits
become aware ofTrade
financial difficulty. a customer
receivablesexperiencing
are written financial difficulty. Trade
off once management receivables that
has determined are will be paid and have terms approximating to the estimated term of the post-
written off once
such amount will management has determined that such amount will not be recovered.
not be recovered. employment benefit obligations.

11
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OVERVIEW 2. Summary of significant accounting policies (continued) Deferred income tax assets and liabilities are offset when there is a legally enforceable
right to offset current income tax assets against current income tax liabilities and when
EMIRATES
Retirement benefit obligations (continued) the deferred income tax assets and liabilities relate to income taxes levied by the same
DNATA taxation authority on either the same taxable entity or different taxable entities where
Actuarial gains and losses arising from changes in actuarial assumptions and experience there is an intention to settle the balances on a net basis.
GROUP
adjustments are recognised in equity through other comprehensive income in the period
FINANCIAL in which they arise. Trade payables
INFORMATION
Other provisions Trade payables are recognised initially at fair value and subsequently measured at
EMIRATES
FINANCIAL amortised cost using the effective interest method.
COMMENTARY Provisions other than retirement benefit obligations are recognised when dnata has a
present legal or constructive obligation as a result of past events, it is probable that an Dividend distribution
DNATA
FINANCIAL outflow of resources will be required to settle the obligation and the amount can be
COMMENTARY reliably estimated. Such provisions are measured at the present value of the Dividend distribution to equity holders is recognised as a liability in the consolidated
expenditures expected to settle the obligation using a pre-tax rate that reflects current financial statements in the period in which the dividends are approved.
EMIRATES
CONSOLIDATED market assessments of the time value of money and risks specific to the obligation.
FINANCIAL Offsetting of financial assets and liabilities
STATEMENTS
Income tax
DNATA Financial assets and liabilities are offset and the net amount reported in the consolidated
CONSOLIDATED The tax expense for the year comprises current and deferred tax. statement of financial position only when there is a legally enforceable right to offset the
FINANCIAL
STATEMENTS recognised amounts and there is an intention to settle on a net basis or realise the asset
The current income tax charge is calculated on the basis of the tax laws enacted or and settle the liability simultaneously. The legally enforceable right must not be
ADDITIONAL substantively enacted at the end of the reporting period in the countries where dnata’s contingent on future events and must be enforceable in the normal course of business
INFORMATION
subsidiaries operate and generate taxable income. and in the event of default, insolvency or bankruptcy.

Deferred income tax is recognised in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated financial statements. However, deferred income tax is not
accounted for if it arises from initial recognition of an asset or liability in a transaction
other than a business combination that at the time of the transaction affects neither
accounting nor taxable income. Also deferred tax liabilities are not recognised if they
arise from the initial recognition of goodwill in a business combination.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised only when the contractual rights to the cash flows
expire or substantially all the risks and rewards of ownership are transferred along with
the contractual rights to receive cash flows. Financial liabilities are derecognised only
when they are extinguished i.e. when the obligations specified in the contract are
discharged or cancelled or expire.

Deferred income tax is determined using tax rates (and laws) that have been enacted or Derivative financial instruments
substantively enacted in the jurisdiction of the individual companies by the end of
the reporting period and are expected to apply when the related deferred income tax Derivative financial
financial instruments
instruments are are initially
initially recognised
recognised at at fair
fair value on the date date aa
liability is settled or the deferred income tax asset is realised. derivative contract
derivative contract isis entered
enteredintointoandandarearesubsequently
subsequentlyremeasured
remeasuredatattheir fair
their value
fair valueat
thethe
at endendof ofthe
thereporting
reportingperiod..
period.Derivatives
Derivativesare aremostly
mostly designated
designated as as aa hedge
hedge of of the
the
Deferred income tax is recognised on temporary differences arising on investments in exposure to
exposure variability in
to variability in cash
cash flows
flows that
that isis attributable
attributable to to aa particular
particular risk
risk associated
associated
subsidiaries and associates, except where the timing of the reversal of the temporary with aa recognised
with recognised assetasset or
or liability
liability or
or aa highly
highly probable
probable forecast
forecast transaction
transaction (cash
(cash flow
flow
difference is controlled by dnata and it is probable that the temporary difference will not hedge). Fair
hedge). values are
Fair values are obtained
obtained from from quoted
quoted market
market prices
prices oror dealer
dealer quotes
quotes for
for similar
similar
reverse in the foreseeable future. instruments, discounted
instruments, discountedcash cashflow
flowmodels
modelsand andoption
optionpricing
pricingmodels
models as as
appropriate.
appropriate. All
derivatives
All derivativesare are
carried as assets
carried as assetswhen the the
when fair fair
value is positive
value andand
is positive as liabilities when
as liabilities whenthe
Deferred income tax assets are recognised to the extent that it is probable that future fair value
the is negative.
fair value is negative.
taxable profits will be available against which the temporary differences can be utilised.

12
147
OVERVIEW 2. Summary of significant accounting policies (continued) 3. Critical accounting estimates and judgements
EMIRATES
Derivative financial instruments (continued) In the preparation of the consolidated financial statements, a number of estimates and
DNATA associated assumptions have been made relating to the application of accounting
dnata’s criteria to account for a derivative financial instrument as a hedge include: policies and reported amounts of assets, liabilities, income and expenses. The estimates
GROUP
and associated assumptions are assessed on an ongoing basis and are based on
FINANCIAL  the hedging relationship consists only of eligible hedging instruments and eligible historical experience and other factors, including expectations of future events that are
INFORMATION hedged items; and believed to be reasonable under the circumstances. The following narrative addresses
 at the inception of the hedging relationship there is a formal designation and the accounting policies that require subjective and complex judgements, often as a result
EMIRATES
FINANCIAL documentation of the hedging relationship, including dnata risk management of the need to make estimates.
COMMENTARY objective and strategy for undertaking the hedge, identification of the hedging
instrument, the hedged item, the nature of the risk being hedged and how dnata will Valuation of intangible assets on acquisition
DNATA
FINANCIAL assess the hedging instrument's effectiveness; and
COMMENTARY
 there is an economic relationship between the hedged item and the hedging For each acquisition, management assesses the fair value of intangible assets acquired.
instrument; and Where an active market does not exist to value an intangible asset, fair values are
EMIRATES
established using established valuation techniques that use estimates of future cash
CONSOLIDATED  the effect of credit risk does not “dominate the value changes” that results from the
FINANCIAL flows and the useful life related to the asset based on management’s experience and
STATEMENTS economic relationship. The hedge ratio of the hedging relationship is the same as
expectation at the time of acquisition. Discount rates applied to future cash flows are
that resulting from the quantity of hedged item that dnata actually hedges and the
also subject to judgement. Disclosure of the significant acquisitions undertaken by dnata
DNATA quantity of the hedging instrument that dnata actually uses to hedge that quantity
CONSOLIDATED is given in Note 29 to these consolidated financial statements.
FINANCIAL for hedged item.
STATEMENTS
Impairment of goodwill
Changes in the fair value of derivatives that are designated and qualify as cash flow
ADDITIONAL
INFORMATION hedges and that prove to be highly effective in relation to the hedged risk are
Determining whether goodwill is impaired requires an estimation of the value-in-use of
recognised in other comprehensive income. When the forecasted transaction results in
the cash generating units or group of cash generating units to which goodwill has been
the recognition of a non-financial asset or a non-financial liability, the gains and losses
allocated. The value-in-use calculation requires management to estimate the future cash
previously recognised in other comprehensive income are re-classified and included in
flows expected to arise from the cash generating unit and use a suitable discount rate in
the initial carrying amount of the asset or liability. These gains and losses are ultimately
order to calculate present value. The estimates made in arriving at the value-in-use
recognised in the consolidated income statement in the same period during which the
calculation and associated sensitivities are set out in Note 11.
asset or liability affects profit or loss. In all other cases, amounts previously recognised
in other comprehensive income are transferred to the consolidated income statement in
Valuation of defined benefit obligations
the period during which the forecasted transaction affects the consolidated income
statement and are presented in the same line item as the gains and losses from hedged
The present value of the defined benefit obligations is determined on an actuarial basis
items.
using various assumptions that may differ from actual developments in the future. These
assumptions include the determination of the discount rate and expected salary
When a cash flow hedging instrument expires or is sold, terminated or exercised, or
increases which are reviewed at each reporting date. Due to the complexities involved in
when a hedge no longer meets the criteria for hedge accounting under IFRS 9, any
the valuation and its long-term nature, defined benefit obligations are highly sensitive to
cumulative gain or loss existing in equity at that time is retained in equity and is
changes in these assumptions. A sensitivity analysis of changes in defined benefit
ultimately recognised in the consolidated income statement when the forecasted
obligations due to a reasonably possible change in these assumptions are set out in
transaction occurs. If a forecasted transaction is no longer expected to occur, the
Note 19.
cumulative gain or loss that was reported in equity is immediately transferred to
the consolidated income statement. The gain or loss on the ineffective portion is
immediately recognised in the consolidated income statement.

Changes in the fair value of derivative instruments that do not qualify for hedge
accounting are recognised immediately in the consolidated income statement.

13
148
OVERVIEW 3. Critical accounting estimates and judgements (continued) 4. Fair value estimation
EMIRATES
Leases The levels of fair value hierarchy are defined as follows:
DNATA
On adoption of IFRS 16 from 1 April 2019, while determining the lease term, Level 1: Measurement is made by using quoted prices (unadjusted) from the active
GROUP
management considers all facts and circumstances that create an economic incentive to market.
FINANCIAL exercise an extension option, or not to exercise a termination option. Extension options Level 2: Measurement is made by means of valuation methods with parameters
INFORMATION (or periods after termination options) are only included in the lease term if the lease is derived directly or indirectly from observable market data.
reasonably certain to be extended (or not terminated). Level 3: Measurement is made by means of valuation methods with parameters not
EMIRATES
FINANCIAL based exclusively on observable market data.
COMMENTARY To
To ascertain
ascertainwhether
whetherititisisreasonably
reasonablycertain forfor
certain dnata
dnatato to
exercise thethese
exercise theseoptions,
options, the
the
management
management takestakes into
into consideration
consideration any
any lease termination penalties
lease termination penalties that
that would
would be be Derivatives, contingent consideration and option liabilities are carried at fair value.
DNATA
FINANCIAL incurred,
incurred,leasehold
leaseholdimprovements
improvements that areare
that estimated to have
estimated significant
to have remaining
significant value,
remaining Derivatives fall into level 2 of the fair value hierarchy whereas contingent consideration
COMMENTARY value, historical
historical lease durations
lease durations andcost
and the the cost associated
associated to business
to business disruption
disruption caused
caused by and option liabilities fall into level 3 of the fair value hierarchy.
by replacing
replacing the the leased
leased asset.
asset.
EMIRATES
CONSOLIDATED Derivatives comprise forward exchange contracts. The forward exchange contracts are
FINANCIAL fair valued using forward exchange rates that are quoted in an active market.
STATEMENTS

DNATA The fair values of contingent consideration and option liabilities are determined by using
CONSOLIDATED valuation techniques based on entity specific estimates. These estimates are not based
FINANCIAL
STATEMENTS on observable market data and hence classified under level 3 of the fair value hierarchy.

ADDITIONAL The changes in the fair value of level 3 instruments are set out in Note 18.
INFORMATION

14
149
 venue
5.OVERVIEW
Revenue 5. Revenue
5. Revenue 7. Income
7. Income tax expense 7. Income
tax expense 7. Income
tax expense
tax expense

EMIRATES 2020 2020 2019 2019 2020 2020 2019 2019 2020 2020 2019 2019 2020 2020 2019
AED m AED m AED m AED m AED m AED mAED m AED m AED m AED m AED m AED m AED m AED mAED m A
DNATA
ces
Services ServicesServices CurrentCurrent
incomeincome
tax (credit) Current
tax (credit)
/ expense Current
income tax
/ expense income
(credit)
tax /(credit)
expense / expense
(3) (3) 38 38 (3) (3) 38
GROUP
national
International
AirportAirport
OperationsInternational
Operations International
Airport Operations
Airport Operations
3,940 3,940 3,997 3,997 3,940 3,940 3,997 3,997 Deferred
Deferred
incomeincome
tax credit DeferredDeferred
tax credit income tax
income
credit
tax credit (65) (65) (12) (12) (65) (65) (12)
el Services
Travel Services
FINANCIAL Travel Services
Travel Services 3,537 3,537 3,678 3,678 3,537 3,537 3,678 3,678 (68) (68) 26 26 (68) (68) 26
Operations UAE Airport
UAE Operations
Airport Operations 3,171 3,171 3,223 3,223 3,171 3,171 3,223 3,223
INFORMATION
Airport
UAE Airport
Operations
The income
The income
tax expense for theThe
tax expense for income
yearthe The
can betax
year income
canexpense
be tax
reconciled expense
for theto
reconciled
to year
for the
canyear
be reconciled
can be reconciled
to to
rs Others Others Others 262 262 360 360 262 262 360 360
EMIRATES the accounting
the accounting
profit before the accounting
profit before
income taxthe
income accounting
tax profit
as follows: before
profitincome
as follows: before tax
income
as follows:
tax as follows:
FINANCIAL
10,91010,91011,25811,258 10,910 10,910
11,258 11,258
COMMENTARY
Profit before
Profit before
incomeincome
tax tax Profit before
Profitincome
before tax
income tax 537 537 1,507 1,507 537 537 1,507 1
ofSale
goods
of goods Sale of goods
Sale of goods
DNATA
htInflight
CateringCatering Inflight Catering
Inflight Catering 3,106 3,106 2,444 2,444 3,106 3,106 2,444 2,444
FINANCIAL
rs Others Others Others 207 207 186 186 207 207 186 186
COMMENTARY
Tax calculated
Tax calculated
at domestic taxTax
at domestic calculated
rates Tax calculated
at domestic
taxapplicable
rates to atto
applicable domestic
tax ratestax
applicable
rates applicable
to to
3,313 3,313 2,630 2,630 3,313 3,3132,630 2,630 profitsprofits
in respective
in respective taxprofits
tax jurisdictions in
profits
respective
jurisdictions in respective
tax jurisdictions
tax jurisdictions
(66) (66) 22 22 (66) (66) 22
EMIRATES
CONSOLIDATED 14,22314,22313,88813,888 14,223 14,223
13,888 13,888 Effect ofEffect
non-deductible
of non-deductible
expensesexpenses 23 23 6
Effect of
Effect
non-deductible
of non-deductible
expensesexpenses 23 23 6 6
FINANCIAL
STATEMENTS Effect of
Effect
income
of income
exemptexempt Effect
from tax ofEffect
from tax incomeof exempt
income from
exempt
taxfrom(32)
tax (32) (7) (7) (32) (32) (7)
perating
6. Operating
costs costs 6. Operating
6. Operating
costs costs
DNATA Re-measurement
Re-measurement Re-measurement
of deferred
of deferred tax taxRe-measurement
- effect-of
effect ofofchanges
changes deferred
in taxof in
deferred
tax
tax- effect
tax of
- effect
changes
of changes
in tax in tax
2020 2020 2019 2019 2020 2020 2019 2019
CONSOLIDATED rates rates rates rates (2) (2) - - (2) (2) -
FINANCIAL AED m AED m AED m AED m AED m AED mAED m AED m
STATEMENTS Effect of
Effect
otherofitems
other items Effect ofEffect
other of
items
other items 9 9 5 5 9 9 5
IncomeIncome
tax (credit)
tax (credit)
/ expense Income Income
/ expense tax (credit)
tax (credit)
/ expense
/ expense
(68) (68) 26 26 (68) (68) 26
oyee
Employee
costs (see
ADDITIONAL (a))(see (a)) Employee
costs Employee
costs (see
costs
(a)) (see (a)) 5,875 5,875 5,386 5,386 5,875 5,875 5,386 5,386
INFORMATION
t costs
Direct costs Direct costs
Direct costs The tax
The rates
taxThe taxused
rates ratesfor
used for the
used Thereconciliation
tax The
reconciliation
thefor the
reconciliationratestax
used
above
above rates
arefor
are used
the
above the
the reconciliation
for
rates
are the reconciliation
theapplicable
rates rates above
theare
applicable
applicable to
tothe above
theprofits
profits
to the
profits rates
are the
in theapplicable
rates applicable
to the profits
to the p
vel- Services
Travel Services - Travel Services
- Travel Services 2,534 2,534 2,476 2,476 2,534 2,534 2,476 2,476 in the respective
in the
respective in the respective
tax jurisdictions.
taxrespective tax jurisdictions.
jurisdictions. in the respective
tax jurisdictions.
tax jurisdictions.
port
- Airport
Operations
Operations - Airport- Operations
Airport Operations 1,364 1,364 1,350 1,350 1,364 1,364 1,350 1,350
ight
- Inflight
CateringCatering - Inflight- Catering
Inflight Catering 1,352 1,352 1,070 1,070 1,352 1,352 1,070 1,070
hers
- Others - Others- Others 32 32 67 67 32 32 67 67
eciation
Depreciation
and amortisation Depreciation
and amortisation
(see Depreciation
(b))(see and amortisation
(b)) and amortisation
(see (b))
853(see 853
(b)) 459 459 853 853 459 459
ties
Facilities
related related
expenditure FacilitiesFacilities
expenditure related expenditure
related expenditure501 501 788 788 501 501 788 788
and
Sales
marketing
and marketing
expenses Sales and
expenses Sales
marketing
and marketing
expensesexpenses 321 321 370 370 321 321 370 370
mation
Information
technology
technology Information
infrastructure Information
infrastructure
costs technology
costs technology
infrastructure
infrastructure
costs320costs
320 246 246 320 320 246 246
irment
Impairment
of intangible assetsImpairment
of intangible assets Impairment
of intangible
of intangible
assets assets
193 193 78 78 193 193 78 78
orate
Corporate
overheads
overheads Corporate
Corporate
overheads
overheads 769 769 784 784 769 769 784 784
14,11414,11413,07413,074 14,114 14,114
13,074 13,074

mployee
(a) Employee
costs include (a)323
costs include
AED AEDm(a)
Employee Employee
323 costs
(2019:
m AED
(2019:costs
include
259
AEDm)include
AED
259 323AED
in respect
m) m of 323 mAED
(2019: of(2019:
259AED
m) 259 m) in respect
in respect of retirement
of retirement
(a) Employee costs include AED 323inmrespect
retirement
(2019: AED retirement
259 m) in respect of retirement benefit
fitbenefit
obligations
obligations
(Note 19 (a)).benefit
(Note 19 (a)).benefit obligations
obligations (Note
obligations (Note 19 (a)). 19(Note
(a)). 19 (a)).
epreciation
(b) Depreciation
and amortisation
and amortisation (b) of
of AED Depreciation
(b) Depreciation
82AEDand
mand
(2019: and amortisation
amortisation
82amortisation
m AED
(2019: 87AED
m) ofis
87AED of AED
82
included
m) 82 munder
m under
(2019: (2019:
AED 87 AED
m) is87 m) is included
included under under
(b) Depreciation of AED 82ismincluded
(2019: AED 87 m) is included under information
mation
information
technology
technology
infrastructure information
information
infrastructure
costs.
technology costs. technology
technology
infrastructure costs. infrastructure
infrastructure costs. costs.
perating
(c) Operating
costs include (c)
costs include
expenses (c) Operating
Operating
expenses
related
(c) Operating costs
related costs
include
to short-term
costs to
include include
leases expenses
expenses
short-term
expenses of related
leases
AEDof65
related related
toto
AED
m 65 to
and m short-term
short-term
short-term and
leases leases
leasesofofAED
AED of
6565m AED
m 65 m and
andand
low-value
value
low-value
leases of
leases
AED of
15AED 15 m. oflow-value
m. low-value
leases leases
AED leases
15of
m. of m.
AED 15 AED 15 m.

15 15 15 15
150
 OVERVIEW 8. Property, plant and equipment 8. Property, plant and equipment
EMIRATES
Land, Land, Lan
DNATA
buildings Office buildings buildin
Office
GROUP and Plant equipment and Plant equipment a
FINANCIAL leasehold and and leaseholdCapital
Motor and leaseho
and Motor Capital
INFORMATION property machinery furniture property
vehicles projects furniture proper
machinery Total vehicles projects Total
EMIRATES AED m AED m AED m AED mAED m AED mAED m AED mAED m AED m AED m AED
AED m
FINANCIAL
COMMENTARY Cost Cost
31 March 2019 31 March 20191,223 2,241 1,507 185 1,223 117 2,241 5,273 1,507 185 1171,22
5,273
DNATA
-of-use
FINANCIAL Assets held under leases transferred to right-of-use
Assets held under leases transferred to right-of-use
COMMENTARY
assets (Note 9) assets (Note 9) (6) (95) - (15) (6) - (95) (116) - (15) - (116)
EMIRATES Adjusted 1 April 2019 1,217
Adjusted 1 April 2019 2,146 1,507 170 1,217 117 2,146 5,157 1,507 170 1171,21
5,157
CONSOLIDATED
FINANCIAL
Acquisitions (Note 29) 53
Acquisitions (Note 29) 75 5 2 53 2 75 137 5 2 2 137 5
STATEMENTS Additions Additions 61 114 79 29 61 262 114 545 79 29 262 545 6
DNATA Transfer from capital projects 150projects
Transfer from capital 117 34 5 150 (306) 117 - 34 5 (306) - 15
CONSOLIDATED
FINANCIAL
Disposals / write-offs (4)
Disposals / write-offs (56) (82) (14) (4) - (56) (156) (82) (14) - (156)
STATEMENTS Currency translation differences (65)
Currency translation differences (87) (2) (1) (65) (4) (87) (159) (2) (1) (4) (159) (6
ADDITIONAL 31 March 2020 31 March 20201,412 2,309 1,541 191 1,412 71 2,309 5,524 1,541 191 711,41
5,524
INFORMATION
Accumulated depreciation Accumulated depreciation
31 March 2019 31 March 2019 541 1,349 1,239 104 541 - 1,349 3,233 1,239 104 - 3,233 54
-of-use
Assets held under leases transferred to right-of-use
Assets held under leases transferred to right-of-use
assets (Note 9) assets (Note 9) (2) (29) - (7) (2) - (29) (38) - (7) - (38)
Adjusted 1 April 2019 Adjusted 1 April 539
2019 1,320 1,239 97 539 - 1,320 3,195 1,239 97 - 3,195 53
Charge for the year Charge for the year70 170 119 19 70 - 170 378 119 19 - 378 7
Disposals / write offs Disposals / write offs(3) (53) (77) (6) (3) - (53) (139) (77) (6) - (139)
Currency translation differences (19)
Currency translation differences (50) (3) - (19) - (50) (72) (3) - - (72) (1
31 March 2020 31 March 2020 587 1,387 1,278 110 587 - 1,387 3,362 1,278 110 - 3,362 58
Net book amount at Net book amount at
31 March 2020 31 March 2020 825 922 263 81 825 71 922 2,162 263 81 71 2,162 82

d equipment
The net book
The net book amount
amount of
of property,
property, plant
plantand
andequipment
equipment
The net includes
book
includes
amount
anamount
an amount
of property,
ofofAED
AED
plant
7 7mm(2019:
and
(2019:
equipment
AED2222m)
AED includes
m)
includes
inin respect
anof
respect amount
of assets
assets of provided
AED 7 m
provided as as
(2019:
securityAED 22 m)
against in respect
term loans. of assets provided as an
security against term loans. security against term loans.
Land of AED 37 m (2019: AED 20 m) is carried at cost and is not depreciated.
d at
Land of AED 37 m (2019:
cost AED 20 m) is carried atLand
cost of
andAED
is not
37 m
depreciated.
(2019:
and AED 20 m) is carried at cost and is not depreciated.
is not dep

16 16

151
OVERVIEW 8. Property, plant and equipment (continued)
EMIRATES

DNATA Land,
buildings Office
GROUP
and Plant equipment
FINANCIAL leasehold and and Motor Capital
INFORMATION
property machinery furniture vehicles projects Total
EMIRATES AED m AED m AED m AED m AED m AED m
FINANCIAL
Cost
COMMENTARY
1 April 2018 1,115 2,168 1,421 175 36 4,915
DNATA Acquisitions 113 51 6 1 10 181
FINANCIAL
COMMENTARY Additions 11 99 110 17 224 461
Transfer from capital projects 31 94 19 6 (150) -
EMIRATES
CONSOLIDATED Disposals / write-offs (7) (90) (24) (9) (1) (131)
FINANCIAL Currency translation differences (40) (81) (25) (5) (2) (153)
STATEMENTS
31 March 2019 1,223 2,241 1,507 185 117 5,273
DNATA Accumulated depreciation
CONSOLIDATED
FINANCIAL
1 April 2018 511 1,287 1,164 92 - 3,054
STATEMENTS Charge for the year 61 184 120 20 - 385
Disposals / write-offs (6) (84) (23) (8) - (121)
ADDITIONAL
INFORMATION Currency translation differences (25) (38) (22) - - (85)
31 March 2019 541 1,349 1,239 104 - 3,233
Net book amount at
31 March 2019 682 892 268 81 117 2,040

17

152
OVERVIEW 9. Right-of-use
9. 9.
Right-of-use
assets
Right-of-use
assets
assets
EMIRATES

DNATA Land and Plant

Land and
Land and Plant and
Plant and
buildings machinery
buildings
buildings machinery
Others
machinery Others
Others
Total Total
Total
GROUP
AED m AED mm
AED AED mm
AED AED mm
AED AED mm
AED
FINANCIAL Net
Net book amountbook
Net amount
ofbook of of
right-of-use
amount right-of-use
assets assets
recognised
right-of-use recognised
on
assets adoption onon
recognised adoption
adoption
INFORMATION
of IFRS 16 of of
IFRS 1616
IFRS 1,744 1,744
148
1,744 148
148
2 1,8942 2 1,894
1,894
EMIRATES Net book amount
Net
Net
book
ofbook
assets
amount
amount
held of
under
of
assets
assets
leases
held
held
transferred
under
under
leases
leases
from
transferred
transferred
from
from
FINANCIAL
COMMENTARY property, plantproperty,
and
property,
equipment
plant
plant
and
(Note
and
equipment
equipment
8) (Note
(Note
8) 8) 4 664 4 66
866 788 8 7878
Net book amount
Net
Net
book
atbook
1 April
amount
amount
2019
at at
(Note
1 April
1 April
2)2019
2019
(Note
(Note
2) 2) 1,748 1,748
214
1,748 214
10
214 1,972
1010 1,972
1,972
DNATA
FINANCIAL Acquisitions (Note
Acquisitions
Acquisitions
29) (Note
(Note
29)29) 122 122
-122 - - 122
- - 122
122
COMMENTARY
Additions Additions
Additions 334 334
39
334 11
3939 384
1111 384
384
EMIRATES Remeasurements
Remeasurements
Remeasurements (51) (51)
1(51) -1 1 (50)
- - (50)
(50)
CONSOLIDATED
FINANCIAL Depreciation charge
Depreciation
Depreciation
for thecharge
year
charge
forfor
thethe
year
year (300) (300)
(44)
(300) (5)
(44)
(44) (349)
(5)(5) (349)
(349)
STATEMENTS
Lease terminations
Lease
Lease
terminations
terminations (6) (6)(6) (2)
(6)(6) (14)
(2)(2) (14)
(14)
DNATA Currency translation
Currency
Currency
differences
translation
translation
differences
differences (86) (16)
(86)
(86) - (16)
(16) (102)
- - (102)
(102)
CONSOLIDATED
FINANCIAL Net book amount
Net
Net
book
atbook
31amount
March
amount
2020
at at
3131
March
March
2020
2020 1,761 1,761
188
1,761 188
14
188 1,963
1414 1,963
1,963
STATEMENTS

ADDITIONAL Right-of-use Right-of-use

assets
Right-of-use
Right-of-use assets primarily
assets
primarily assets
consist
primarily
consistprimarily
of airport
of airport
consist
consist
infrastructure
of ofairport
airport
infrastructure infrastructure
assets,
infrastructure
assets, ground
ground assets,
assets,
support
supportground
ground
equipment
support
support
equipment andand
equipment
equipment
office
office space
spaceandandfor
for office
officespace
space
commercial forfor
and
INFORMATION
commercial and
administrativecommercial
commercial
administrative
purposes. andand
administrative
purposes.
administrativepurposes.
purposes.

18 1818

153
OVERVIEW 10. Investment property
EMIRATES

DNATA Land Buildings Total

AED m AED m AED m
GROUP
Cost
FINANCIAL
INFORMATION 1 April 2018 99 270 369
Additions - 20 20
EMIRATES
FINANCIAL 31 March 2019 99 290 389
COMMENTARY
Accumulated depreciation
DNATA 1 April 2018 - 31 31
FINANCIAL
COMMENTARY Charge for the year - 13 13

EMIRATES
31 March 2019 - 44 44
CONSOLIDATED Net book amount at
FINANCIAL
STATEMENTS 31 March 2019 99 246 345

DNATA
Cost
CONSOLIDATED 1 April 2019 99 290 389
FINANCIAL
STATEMENTS Impact on adoption of IFRS 16 (Note 2) - 52 52
ADDITIONAL
Adjusted 1 April 2019 99 342 441
INFORMATION Additions - 17 17
31 March 2020 99 359 458
Accumulated depreciation
1 April 2019 - 44 44
Impact on adoption of IFRS 16 (Note 2) - 11 11
Adjusted 1 April 2019 - 55 55
Charge for the year - 16 16
31 March 2020 - 71 71
Net book amount at
31 March 2020 99 288 387

Buildings include right-of-use assets with a net book amount of AED 39 m as at 31 March 2020. The remaining investment property is
pledged as security against term loans (Note 20 (a)).
Investment property comprises rental property in Dubai. The fair value of investment property as at 31 March 2020 is AED 486 m (2019:
AED 455 m), which was determined based on internal valuations as there is no active market for such properties. The fair value has been
computed by discounting the contractual future lease rental income at a discount rate of 6% (2019: 6%) commensurate to the
borrowing rate. These estimates are not based on observable market data and hence are classified under level 3 of the fair value
hierarchy.
Revenue from rental income earned during the year amounting to AED 43 m (2019: AED 31 m) is recognised in the consolidated
income statement as revenue from 'Services-Others'.

154 19
OVERVIEW 11. Intangible assets
11. Intangible assets
EMIRATES
Computer Trade Customer Contractual
Computer Trade Customer Contractual
DNATA Goodwill software names relationship rights Total
Goodwill software names relationship rights Total
AED m AED m AED m AED m AED m AED m
GROUP AED m AED m AED m AED m AED m AED m
Cost
Cost
FINANCIAL 1 April 2018 2,065 588 124 521 660 3,958
INFORMATION 1 April 2018 2,065 588 124 521 660 3,958
Acquisitions 320 26 4 54 - 404
Acquisitions 320 26 4 54 - 404
EMIRATES Additions - 226 - - - 226
FINANCIAL Additions - 226 - - - 226
COMMENTARY Disposals / write-offs - (1) - - - (1)
Disposals / write-offs - (1) - - - (1)
Currency translation differences (119) (10) (10) (18) (33) (190)
DNATA Currency translation differences (119) (10) (10) (18) (33) (190)
FINANCIAL 31 March 2019 2,266 829 118 557 627 4,397
31 March 2019 2,266 829 118 557 627 4,397
COMMENTARY
Accumulated amortisation and impairment
Accumulated amortisation and impairment
EMIRATES 1 April 2018 - 390 51 158 571 1,170
1 April 2018 - 390 51 158 571 1,170
CONSOLIDATED
Charge for the year - 69 11 45 23 148
FINANCIAL Charge for the year - 69 11 45 23 148
STATEMENTS Impairment loss 66 - - 12 - 78
Impairment loss 66 - - 12 - 78
Currency translation differences - (2) (3) (6) (27) (38)
DNATA Currency translation differences - (2) (3) (6) (27) (38)
CONSOLIDATED 31 March 2019 66 457 59 209 567 1,358
FINANCIAL 31 March 2019 66 457 59 209 567 1,358
STATEMENTS Net book amount at 31 March 2019 2,200 372 59 348 60 3,039
Net book amount at 31 March 2019 2,200 372 59 348 60 3,039
Cost
ADDITIONAL Cost
INFORMATION 1 April 2019 2,266 829 118 557 627 4,397
1 April 2019 2,266 829 118 557 627 4,397
Acquisitions (Note 29) - 4 - 108 18 130
Acquisitions (Note 29) - 4 - 108 18 130
Additions - 122 - - - 122
Additions - 122 - - - 122
Disposals / write-offs - (40) - - - (40)
Disposals / write-offs - (40) - - - (40)
Currency translation differences (89) (11) (6) (17) (5) (128)
Currency translation differences (89) (11) (6) (17) (5) (128)
Reclassification (18) - - 18 - -
Reclassification (18) - - 18 - -
31 March 2020 2,159 904 112 666 640 4,481
31 March 2020 2,159 904 112 666 640 4,481
Accumulated amortisation and impairment
Accumulated amortisation and impairment
1 April 2019 66 457 59 209 567 1,358
1 April 2019 66 457 59 209 567 1,358
Charge for the year - 115 11 47 19 192
Charge for the year - 115 11 47 19 192
Disposals / write-offs - (20) - - - (20)
Disposals / write-offs - (20) - - - (20)
Impairment loss 164 - 3 - 26 193
Impairment loss 164 - 3 - 26 193
Currency translation differences (5) (7) (4) (8) (3) (27)
Currency translation differences (5) (7) (4) (8) (3) (27)
31 March 2020 225 545 69 248 609 1,696
31 March 2020 225 545 69 248 609 1,696
Net book amount at 31 March 2020 1,934 359 43 418 31 2,785
Net book amount at 31 March 2020 1,934 359 43 418 31 2,785
Computer software includes an amount of AED 101 m (2019: AED 209 m) in respect of projects under implementation.
Computer software includes an amount of AED 101 m (2019: AED 209 m) in respect of projects under implementation.
The carrying amounts of Travel Services - B2C CGU in the UK and Inflight Catering CGU in the US have been reduced to their recoverable
The carrying amounts of Travel Services - B2C CGU in the UK and Inflight Catering CGU in the US have been reduced to their recoverable
amounts through recognition of impairment loss against goodwill. The loss is included in operating costs in the consolidated income
amounts through recognition of impairment loss against goodwill. The loss is included in operating costs in the consolidated income
statement.
statement.
20
20

155
OVERVIEW 11. Intangible assets (continued)
EMIRATES For the purpose of carrying out the impairment test of goodwill, the recoverable amounts for cash generating units or groups of cash
DNATA generating units have been determined on the basis of value-in-use calculations using cash flow forecasts approved by management
covering a three year period, adjusted for dnata's view of the impact of the COVID-19 outbreak on the results of the cash generating units.
GROUP
Cash flows beyond the three year period have been extrapolated using terminal growth rates stated below. The key assumptions used in the
FINANCIAL value-in-use calculations include a risk adjusted pre-tax discount rate, gross margins consistent with historical trends and growth rates
INFORMATION
based on management's expectations for market development. The terminal growth rate does not exceed the long term average growth rate
EMIRATES for the markets in which the cash generating units or groups of cash generating units operate. The goodwill allocated to cash generating
FINANCIAL
COMMENTARY units or groups of cash generating units and the key assumptions used in the value-in-use calculations are as follows:

DNATA
Cash generating unit / Group of cash Location Goodwill Discount Terminal
FINANCIAL
COMMENTARY generating units 2020 2019 rate growth rate

EMIRATES
AED m AED m % %
CONSOLIDATED Airport operations USA 308 308 9.0 2.0
FINANCIAL
STATEMENTS Airport operations Switzerland 259 250 8.5 2.5
Airport operations Singapore 87 92 7.0 2.5
DNATA
CONSOLIDATED Airport operations Netherlands 58 59 8.8 1.5
FINANCIAL
STATEMENTS Airport operations Brazil 35 43 16.0 2.5
Airport operations Australia 23 26 10.0 2.5
ADDITIONAL
INFORMATION Airport operations Czech Republic 20 20 8.5 1.5
Inflight catering Australia 276 316 9.0 1.5
Inflight catering Romania 108 111 10.0 1.5
Inflight catering Italy 118 120 8.0 1.5
Inflight catering USA 16 40 8.0 1.5
Travel services - B2C UK 308 461 9.0 1.5
Travel services - B2B UK 145 153 9.0 1.5
Travel services Germany 42 42 8.0 2.0
Others Various 131 159 9.0 - 12.0 1.5 - 3.0
1,934 2,200

Goodwill pertaining to Airport Operations, USA includes AED 300 m (2019: AED 300 m) for Ground Services International Inc. / Metro Air
Service Inc. and AED 8 m (2019: AED 8 m) for ALX Cargo Centre IAH LLC. The key assumptions used in the value-in-use calculations for both
these cash generating units are similar.

The recoverable value of cash generating units or group of cash generating units would not fall materially below their carrying amount with a
1% reduction in the terminal growth rate or a 1% increase in the discount rate.

21

156
OVERVIEW 12. Investments in subsidiaries, associates and joint ventures
EMIRATES
Principal subsidiaries
DNATA Percentage Country of
GROUP of equity incorporation
owned Principal activities and principal operations
FINANCIAL
INFORMATION dnata Inc. 100 Ground handling services Philippines

EMIRATES
Ground, cargo handling and catering
FINANCIAL dnata Singapore Pte Ltd 100 services Singapore
COMMENTARY
Dnata Switzerland AG 100 Ground and cargo handling services Switzerland
DNATA
dnata Limited 100 Ground and cargo handling services United Kingdom
FINANCIAL
COMMENTARY Alpha Flight Services Pty Ltd 100 Inflight catering services Australia

EMIRATES Alpha In-Flight US LLC 100 Inflight catering services United States of America
CONSOLIDATED dnata srl 100 Inflight catering services Italy
FINANCIAL
STATEMENTS dnata Catering s.r.l. 64.2 Inflight catering services Romania

DNATA
dnata International Pvt Ltd 100 Travel agency India
CONSOLIDATED Travel Republic Limited 100 Online travel services United Kingdom
FINANCIAL
STATEMENTS En Route International Limited 100 Bakery and food solutions United Kingdom

ADDITIONAL
Gold Medal Travel Group Limited 100 Travel agency United Kingdom
INFORMATION dnata Travel Inc 100 Travel services Philippines
Travel 2 Limited 100 Travel agency United Kingdom
Travelbag Limited 100 Travel agency United Kingdom
The Global Travel Group Limited 100 Travel agency United Kingdom
dnata Airport Services Pty Ltd 100 Ground and cargo handling services Australia
dnata BV 100 Ground and cargo handling services The Netherlands
RM Servicos Auxiliares de Transporte Aereo Ltda 70 Ground handling services Brazil
Airport Handling SpA 70 Ground handling services Italy
Airport Handling Services Australia Pty Ltd 100 Ground handling services Australia
Transecure LLC 100 Investment property United Arab Emirates
Ground Services International Inc. 100 Ground handling services United States of America
Metro Air Service Inc. 100 Mail handling services United States of America
ALX Cargo Centre IAH LLC 100 Cargo handling services United States of America
Air Dispatch (CLC) s.r.o 95 Load control services Czech Republic
Air Dispatch (CLC) Spolka z.o.o 95 Load control services Poland
Oman United Agencies Travel LLC 76.9 Travel agency Oman

22

157
OVERVIEW 12. Investments in subsidiaries, associates and joint ventures (continued)
EMIRATES
Percentage Country of
DNATA of equity incorporation
owned Principal activities and principal operations
GROUP

FINANCIAL
Principal subsidiaries (continued)
INFORMATION Acquired during the previous year:
EMIRATES Tropo GmbH 100 Travel services Germany
FINANCIAL
COMMENTARY
BD4travel Limited 82.3 Travel technology services Germany
121 Group International LLC 85 Inflight catering services United States of America
DNATA
FINANCIAL Qantas Catering Group Ltd 100 Inflight catering services Australia
COMMENTARY
Snap Fresh Pty Ltd 100 Inflight catering services Australia
EMIRATES Acquired during the year:
CONSOLIDATED
FINANCIAL Dunya Travel LLC 100 Travel agency United Arab Emirates
STATEMENTS
Alpha LSG Ltd 100 Inflight catering services United Kingdom
DNATA Disposed during the year:
CONSOLIDATED
FINANCIAL dnata Travel (UK) Limited 100 Travel agency United Kingdom
STATEMENTS

ADDITIONAL None of the subsidiaries have non-controlling interests that are material to dnata.
INFORMATION
Principal associates
Gerry's Dnata (Private) Ltd 50 Aircraft and cargo handling services Pakistan
Guangzhou Baiyun International Airport Ground
Handling Services Co. Ltd 20 Aircraft handling services P. R. China
Disposed during the year:
Canary Topco Ltd 9.1 Information technology services United Kingdom
Principal joint ventures
Super Bus Tourism LLC (see (a) below) 75 Travel services United Arab Emirates
dnata Travel Company Limited (see (a) below) 70 Travel agency Saudi Arabia
Transguard Group LLC 50 Security services United Arab Emirates
Imagine Enterprises Limited (see (a) below) 51 Travel agency United Kingdom

(a) Although the percentage of equity owned in Super Bus Tourism LLC, dnata Travel Company Limited and Imagine Enterprises Limited is
75%, 70% and 51% respectively, they are subject to joint control.

23

158
nvestments
OVERVIEW in subsidiaries, associates and
12. Investments joint ventures
in subsidiaries, (continued)
associates and joint ventures (continued) No individual associate is material to dnata. The aggregate financial information of
No individual associate is material to dnata. The aggregate financial information
associates is set out below: associates is set out below:
ement of investments accounted
EMIRATES
Movementfor
of using the equity
investments methodfor using the equity method
accounted
DNATA 2020 2019 2020 2019 2020 2
2020 2019
AED m AED m AED m AED m AED m AED
GROUP AED m AED m
Share of results of associates Share of results of associates 4 (5) 4
nceFINANCIAL
brought forward Balance brought forward 503 473 503 473
INFORMATION Share of total comprehensive income
Share of associates
of total comprehensive income of4 associates (5) 4
ct on adoption of IFRS 9 Impact on adoption of IFRS 9 - (5) - (5)
EMIRATES
ct on adoption of IFRS 16Impact on adoption of IFRS 16 (47) - (47) -
FINANCIAL Aggregate carrying value ofAggregate
investments in associates
carrying 29 in associates
value of investments 13 29
sted 1 April 2019
COMMENTARY
Adjusted 1 April 2019 456 468 456 468
tions 117 26 No individual joint venture is Nomaterial to dnata.
DNATA
FINANCIAL
Additions 117 26 individual joint The aggregate
venture financial
is material information
to dnata. of
The aggregate financial informatio
e ofCOMMENTARY
results Share of results 12 131 12 131 joint ventures is set out below:joint ventures is set out below:
e of other comprehensiveShare
income
of other comprehensive income 2 - 2 -
EMIRATES 2020 2019 2020 2
ends
CONSOLIDATED
Dividends (64) (67) (64) (67)
FINANCIAL AED m AED m AED m AED
osals
STATEMENTS
Disposals 19 (20) 19 (20)
Share of results of joint ventures
Share of results of joint ventures 8 136 8 1
assification due to changeReclassification
in ownership interest
due to change in ownership interest (23)
16 (23)
DNATA 16 Share of other comprehensiveShare
income 2 -
encyCONSOLIDATED
translation differences (7) (12) of other comprehensive income 2
Currency translation differences (7) (12)
FINANCIAL Share of total comprehensive income
Share of joint
of total ventures income of
comprehensive 10 joint ventures
136 10 1
nceSTATEMENTS
carried forward Balance carried forward 551 503 551 503
ADDITIONAL Aggregate carrying value ofAggregate
investments in
carrying value of investments in
nge INFORMATION
in the ownership interest
Change ofin
joint
the ventures
ownership interest of joint ventures
joint ventures joint ventures 522 490 522 4
ng the year, dnata acquired the the
During remaining 50% acquired
year, dnata interest inthe
a joint venture,
remaining 50%Dunya
interest in a joint venture, Dunya
el LLC, to increase its shareholding to 100%. The step acquisition did not result
Travel LLC, to increase its shareholding to 100%. The step in acquisition did not result in
ignificant fair value gain any
or loss. 13. Advance lease rentals 13. Advance lease rentals
significant fair value gain or loss.
a also acquired the remaining 50%acquired
interest inthe
a joint venture, Alpha LSGinLtd, to venture, Alpha LSG Ltd, to 2020 2019 2020 2
dnata also remaining 50% interest a joint
ase its shareholding toincrease
100%. The step acquisition resulted in a fair value AED m AED m AED m AED
its shareholding to 100%. The step acquisition resulted in a fair value
asurement gain of AED 38 m, which is included
remeasurement gain ofinAED
other
38 operating
m, which isincome.
included in other operating income. Balance brought forward Balance brought forward 48 46 48
Impact on adoption of IFRS 16Impact
(Note on
2) adoption of IFRS 16 (Note 2) (48) - (48)
osal of an associate during the year
Disposal of an associate during the year Adjusted 1 April 2019 Adjusted 1 April 2019 - 46 -
ng the year, dnata sold itsDuring
commonthe and
year,preference
dnata soldequity interestand
its common in an associate,equity interest in an associate,
preference Additions during the year Additions during the year - 6 -
lya Topco Ltd (previouslyAccelya
known Topco
as Canary Topco Ltd) for a consideration
Ltd (previously known as Canary Topco of AED
Ltd) for a consideration of AED Charge for the year Charge for the year - (4) -
m. A net gain of AED 216260
m ism.
included in other
A net gain operating
of AED 216 m isincome.
included in other operating income. Balance carried forward Balance carried forward - 48 -
Advance lease rentals will be charged
Advanceto the rentals
lease consolidated
will be charged to the consolidated
income statement as follows: income statement as follows:
Within one year (Note 15) Within one year (Note 15) - 3 -
Over one year Over one year - 45 -

24 24 159
 OVERVIEW 14. Inventories Movements
Movements in the provision for in the
impairment provision
of trade for impairment
receivables of trade receivables are as follows:
are as follows:
nventories
EMIRATES
2020 2019 2020 2019 2020 2019 2020 2
DNATA
AED m AED m AED m AED m AED m AED m AED m AE
GROUP
d and beverages Food and beverages 119 101 119 101 Balance brought forward Balance brought forward 162 129 162 1
Spares and consumables 29 32 Impact on adoption of IFRS 9Impact on adoption of IFRS 9 -
FINANCIAL
es and consumables
INFORMATION 29 32 - 9
er Other 8 10 8 10 Adjusted 1 April 2019 Adjusted 1 April 2019 162 138 162 1
EMIRATES
FINANCIAL 156 143 156 143 Charge for the year Charge for the year 146 76 146
COMMENTARY
Unused amounts reversed Unused amounts reversed (7) (9) (7)
Trade 15. Trade and other receivables
and other receivables
DNATA Amounts written off as uncollectible
Amounts written off as uncollectible (68) (39) (68)
FINANCIAL
2020 2019 Currency
Currency translation differences translation differences (4) (4) (4)
COMMENTARY
2020 2019
AED m AED m AED m AED m Balance carried forward Balance carried forward 229 162 229 1
EMIRATES
CONSOLIDATED

e
FINANCIAL
receivables Trade receivables - net of provision 1,532 1,980 The maximum exposure to The maximum
credit risk of exposure
trade andtoother
creditreceivables
risk of trade and other receivables (exclud
(excluding
STATEMENTS- net of provision 1,532 1,980
Prepayments 365 524 prepayments) at the reporting date is the carrying value of each class of receivable. of each class of receivable.
prepayments) at the reporting date is the carrying value
ayments 365 524
DNATA
ted CONSOLIDATED
parties (Note 27) Related parties (Note 27) 362 424 362 424
FINANCIAL
Advance lease rentals (Note 13) - 3 Thethat
The ageing of trade receivables ageing of trade
are past due receivables that are
but not impaired past
is as due but not impaired is as follows:
follows:
anceSTATEMENTS
lease rentals (Note13) - 3
Deposits and other receivables
osits and other receivables 774 794 774 794 2020 2019 2020 2
ADDITIONAL
INFORMATION 3,033 3,725 3,033 3,725 AED m AED m AED m AE
Less: Receivables over one year
Receivables over one year (15) (114) (15) (114) Below 3 months 1,163 9
Below 3 months 1,163 943
3,018 3,611 3,018 3,611 3-6 months 128 1
3-6 months 128 167
dnata uses the lifetime expectedthe
loss allowance to measure Above 6 months 266 1
a uses the lifetime expected loss allowance to measure expected credit losses the expected credit losses Above 6 months 266 179
s trade receivables. The impairment charge on trade receivables recognised in thereceivables recognised in the
on its trade receivables. The impairment charge on trade 1,557 1,289 1,557 1,2
consolidated
olidated income statement income
during the statementrelates
year primarily duringtothe yearagencies,
travel primarily relates to travel agencies,
Formanagement,
For further details on credit risk further detailsrefer
on credit risk28.
to Note management, refer to Note 28.
es and other customers who are in difficult economic situations and are unable to situations and are unable to
airlines and other customers who are in difficult economic
meet
t their obligations. Amounts their obligations.
charged Amounts
to the provision charged
account to the provision
are written off when account are written off when
there is no expectation
e is no expectation of further recovery. of further recovery.

cted credit losses for all Expected credit within

financial assets losses trade
for alland
financial
otherassets withinare
receivables trade
lessand other receivables are less
1% as the balances are heldthanwith
1% as the balances
companies withare
highheld withratings
credit companies with
and are high credit ratings and are short
short
term in nature
in nature and no significant balancesandarenooverdue.
significant balances
These are overdue.
receivables are These receivables are
ented net of provision. presented net of provision.

25 25
160
 OVERVIEW 16. Capital 18. Trade and other payables 18. Trade and other payables
EMIRATES
Capital
esents the permanent capital represents the permanent capital of dnata.
of dnata. 2020 2019 2020
DNATA AED m AED m AED m
eserves
GROUP 17. Other reserves
Trade payables and accruals Trade payables and accruals 2,702 2,763 2,702
Translation Translation Deferred revenue 393
FINANCIAL
Deferred revenue 393 847
Total reserve Other Total
INFORMATION
reserve Other
Employee leave pay Employee leave pay 200 229 200
EMIRATES AED m AED m AED m AED m AED m AED m
FINANCIAL Related parties (Note 27) Related parties (Note 27) 45 70 45
8 COMMENTARY 1 April 2018 (164) 7 (157) (164) 7 (157)
Customer advances Customer advances 32 43 32
nslation differences Currency translation differences
(197) - (197) (197) - (197)
DNATA Dividend payable Dividend payable - 500 -
ent FINANCIAL
hedge (Note 20 (a)) Net investment hedge4 (Note 20 (a))- 4 4 - 4
COMMENTARY Other payables Other payables 96 105 96
edges Cash flow hedges - (1) (1) - (1) (1)
3,468 4,557 3,468
EMIRATES
to consolidated
CONSOLIDATED income Transferred to consolidated income Less: Payables over one year Less: Payables over one year (211) (198) (211)
FINANCIAL statement 40 6 46 40 6 46
STATEMENTS 3,257 4,359 3,257
in other comprehensiveRecognised in other comprehensive
DNATA
income (153) 5 (148) (153) 5 (148)
CONSOLIDATED Revenue recognised during the year Revenue recognised
includes AED 797during the was
m which year included
includes inAED 797 m which was i
FINANCIAL
etained earnings
STATEMENTS
Transfer to retained earnings
- (6) (6) - (6) (6) 'Deferred revenue' and 'Customer
'Deferred revenue' and 'Customer advances' as at 31 March 2019. advances' as at 31 March 2019.
019 31 March 2019 (317) 6 (311) (317) 6 (311)
ADDITIONAL
nslation differences Currency translation(89)
differences - (89) (89) - (89)
INFORMATION The payables over one year includeThethe payables overportion
non current one year include the
of deferred non current
revenue, the portion of deferred re
ent hedge (Note 20 (a)) Net investment hedge
(3)(Note 20 (a))- (3) (3) - (3) acquisition
acquisition related deferred / contingent related deferred
consideration and the /fair
contingent
value of consideration
options and the fair value
edges Cash flow hedges - 2 2 - 2 2 issued to acquire additional interestsissued to acquire additional interests in subsidiaries.
in subsidiaries.
to consolidated income Transferred to consolidated income
- 5 5 - 5 5 The movements
The movements in contingent consideration in contingent
and options consideration
to acquire and options to acquire non-
non-controlling
statement
interests is as follows: interests is as follows:
er comprehensive incomeShare
of of other comprehensive income of
investments
accounted for using the equity accounted for using the equity 2020 2019 2020
of deferred tax method, net of deferred
(16) tax - (16) (16) - (16) AED m AED m AED m

in other comprehensiveRecognised in other comprehensive

Balance brought forward Balance brought forward 69 17 69
income (108) 7 (101) (108) 7 (101)
Interest charge Interest charge 2 - 2
020 31 March 2020 (425) 13 (412) (425) 13 (412)
Remeasurement gain Remeasurement gain (4) - (4)
Currency translation differences Currency translation differences (2) - (2)
Additions Additions - 52 -
Balance carried forward Balance carried forward 65 69 65

161

26 26
ns OVERVIEW 19. Provisions Funded schemes Funded schemes
EMIRATES a) Parent company a) Parent company
2020 2019 2020 2019
DNATA AED m AED m AED m AED m Senior employees based in the UAE Senior employees
participate based benefit
in a defined in the UAE participate
provident in a defined benefit provid
scheme
GROUP to which
to which dnata contributes a specified dnata contributes
percentage a specified
of basic salary percentage
based upon the of basic salary based
t Non-current
employee’s grade and duration of employee’s grade contributed
service. Amounts and durationare
of invested
service. Amounts
in a contributed are inv
benefit Retirement
obligations (Note 19
FINANCIAL (a)) benefit obligations (Note
595 19 (a)) 582 595 582
INFORMATION trustee administered scheme andtrustee administered
accumulate scheme
along with and earned
returns accumulate
on along with returns
ions (Note 19 (b)) Other provisions (Note 19 (b)) 87 16 87 16 investments.
investments. Contributions are made Contributions
on a monthly are made on
basis irrespective of a monthly basis irrespectiv
fund
EMIRATES
FINANCIAL 682 598 682 598 performance
performance and are not pooled, but and are
are separately not pooled,
identifiable and but are separately
attributable to identifiable and attr
COMMENTARY
Current each participant. The fund compriseseach participant.
a diverse mix ofThe fund
funds andcomprises a diverse
investment mix of funds and investmen
decisions
ionsDNATA
(Note 19 (b)) Other provisions (Note 19 (b)) 57 90 57 90 are controlled
are controlled directly by the participating directly by the participating employees.
employees.
FINANCIAL
COMMENTARY 57 90 57 90
739 688 Benefits
Benefits receivable under the provident receivable
scheme under
are subject tothe provident
vesting rules, scheme are subject to vesting rules
which are
739 688
EMIRATES
dependent length
dependent upon a participating employee's upon aof participating
service. If atemployee's
the time length
an of service. If at th
ement 19
benefit obligations
CONSOLIDATED (a). Retirement benefit obligations
FINANCIAL employee leaves
employee leaves employment, the accumulated employment,
vested the accumulated
amount, including investmentvested amount, including
STATEMENTS
In accordance
e with the provisions of IAS with the
19, management hasprovisions
carried outof an
IASexercise
19, management
to has carried out an exercise to returns is less than the end of service
returns is less than the end of service benefits that would have been payablebenefits that would have been paya
to that
DNATA
resent value of its assess
defined the
benefit present value
obligations at of
31 its defined
March 2020 benefit
in obligations
respect at 31 March 2020 in respect employee
employee under relevant local regulations, under
dnata paysrelevant local regulations,
the shortfall dnatatopays the shortfall amount
amount directly
CONSOLIDATED
nt benefit of retirement
obligations under
FINANCIAL relevant benefit obligationsand
local regulations under relevant local regulations and contractual
contractual the employee. However, if the accumulated
the employee. However, if the accumulated vested amount exceeds the end of service vested amount exceeds the en

s.
STATEMENTS
arrangements. benefits
benefits that would have been payable that wouldunder
to an employee have relevant
been payable to an employee under relevant local
local regulations,
ADDITIONAL the employee receives either seventy five or one hundred percent of their fundorbalance
the employee receives either seventy five one hundred percent of their fu
s recognised
INFORMATION The liabilities
in the consolidated recognised
statement in the
of financial consolidated
position are: statement of financial position are: depending on their length of service.depending on their
Vested assets length
of the of service.
scheme are notVested assets
available to of the scheme are not
dnata or its creditors in any circumstances.
dnata or its creditors in any circumstances.
2020 2019 2020 2019
AED m AED m AED m AED m
Funded schemes The present value of obligations and The present
fair value of value of obligations
plan assets and fair value of plan assets are as follows:
are as follows:
emes
Present value of defined benefit 735
e of defined benefit obligations obligations 704 735 704 2020
2020 2019
ue of plan assets Less: Fair value of plan assets (654) (652) (654) (652) AED m
AED m AED m
81 52 81 52
Present
Present value of funded defined benefit value of funded defined benefit
obligations 138 obligations
143 138
chemes Unfunded schemes
Less: Fair value of plan assets Less: Fair value of plan assets (137) (142) (137)
Present value of defined benefit514
e of defined benefit obligations obligations 530 514 530
1 1 1

Provision
cognised in consolidated statementrecognised
of in consolidated statement of The assessment of the present valueThe assessment
of defined of the
benefit present value
obligations of defined
assumed benefit obligations assume
expected
sition financial position 595 582 595 582 salary increases averaging 2.0% (2019: 3.0%) and a discount rate of 3.0% (2019: 3.8%)a discount rate of 3.0% (
salary increases averaging 2.0% (2019: 3.0%) and
per annum. The present values of theper defined
annum. benefit
The present values atof31
obligations theMarch
defined
2020benefit obligations at 31 M
were computed using the
were computed using the actuarial assumptions set out above. actuarial assumptions set out above.

162

27 27
 rement benefit obligations (continued)
19 (a). Retirement benefit obligations (continued) The movement in the present value of defined benefit
in obligations
the presentof the Swiss plan is:
OVERVIEW
The movement value of defined benefit obligations of the Swi
of EMIRATES
AED 1 m (2019: AED 1The m) liability
represents the 1amount
of AED that
m (2019: will1not
AED m) be settled the amount that will not be settled
represents
assets and is calculated as the excess of the present value of the defined 2020 2019 2020
DNATA from plan assets and is calculated as the excess of the present value of the defined
gation for an individual employee over the fair value of that employee's planthe fair value of that employee's plan AED m AED m AED m
benefit obligation for an individual employee over
e end of the reporting period.
GROUP
assets at the end of the reporting period. Balance brought forward Balance brought forward 254 264 254
FINANCIAL
ns received include the Contributions
transfer of accumulated benefits
received include thefrom unfunded
transfer of accumulated benefits from unfunded Current service cost 15 14
INFORMATION Current service cost 15
schemes. Interest cost Interest cost 1 2 1
EMIRATES
ains FINANCIAL
and losses and
expected returns
Actuarial on plan
gains assets and
and losses are not calculated
expected given
returns on plan assets are not calculated given Remeasurement loss / (gain) 18 (7)
COMMENTARY
Remeasurement loss / (gain) 18
ment decisions relating that
to plan assets are under the direct control
investment decisions relating to plan assetsof are under the direct control of Employee contributions 9 8
Employee contributions 9
g employees.
DNATA
participating employees. Benefits paid (65) (19)
FINANCIAL Benefits paid (65)
entCOMMENTARY
in the fair value of theThe
plan assets is: in the fair value of the plan assets is:
movement Currency translation differences Currency translation differences 9 (8) 9
2020 2019 Balance carried forward Balance carried forward 241 254 241
EMIRATES
2020 2019
CONSOLIDATED
FINANCIAL AED m AED m AED m AED m
STATEMENTS
The movement in the fair value of theThe
plan assets of the
movement Swiss
in the fair plan
valueis:of the plan assets of the Swiss plan is:
ought forward Balance brought forward 142 139 142 139
DNATA
ns received
CONSOLIDATED
Contributions received 21 20 21 20 2020 2019 2020
FINANCIAL
air value (14) (1) AED m AED m AED m
STATEMENTS Change in fair value (14) (1)
d Benefits paid (12) (16) (12) (16)
ADDITIONAL Balance brought forward Balance brought forward 216 208 216
rried forward
INFORMATION
Balance carried forward 137 142 137 142 Expected return on plan assets Expected return on plan assets 1 1 1
aries b) Subsidiaries Remeasurement Remeasurement
- Return on plan assets - Return on plan assets 6 15 6
an (i) Swiss plan
Employer contributions Employer contributions 11 11 11
of a subsidiary in Switzerland participate
Employees in a defined
of a subsidiary benefit plan
in Switzerland ("the
participate in a defined benefit plan ("the Employee contributions Employee contributions 9 8 9
). The Swiss plan is fundedSwiss
by way of contributions to an insurance policy.
plan"). The Swiss plan is funded by way of contributions to an insurance policy.
Benefits paid Benefits paid (65) (19) (65)
Currency translation differences Currency translation differences 8 (8) 8
value of obligations andThe
fair present
value of value
plan assets are as follows:
of obligations and fair value of plan assets are as follows: Balance carried forward 186 216
Balance carried forward 186
2020 2019 2020 2019
AED m AED m AED m AED m
ue of funded defined benefit obligations
Present 241
value of funded defined benefit 254
obligations 241 254
lue of plan assets Less: Fair value of plan assets (186) (216) (186) (216)
55 38 55 38

al valuation for the Swiss plan included assumptions relating to the discount
The actuarial valuation for the Swiss plan included assumptions relating to the discount
% (2019: 0.8%) and expected salary increases of 1.0% (2019: 1.0%) per annum.
rate of 0.3% (2019: 0.8%) and expected salary increases of 1.0% (2019: 1.0%) per annum.

163

28 28
rement benefit obligations (continued)
OVERVIEW 19 (a). Retirement benefit obligations (continued) The movement in the fair value of the plan assets of the Netherlands plan is:
The movement in the fair value of the plan assets of the Netherlands plan is:
ands plan 2020 2019
EMIRATES
(ii) Netherlands plan 2020
of aDNATA
subsidiary in Netherlands participate in a defined benefit plan ("the AED m AED m
Employees of a subsidiary in Netherlands participate in a defined benefit plan ("the AED m
plan"). The Netherlands plan is funded by way of contribution to an Balance brought forward 294 314
GROUP
Netherlands plan"). The Netherlands plan is funded by way of contribution to an Balance brought forward 294
olicy. Expected return on plan assets 6 5
insurance policy. Expected return on plan assets 6
FINANCIAL Remeasurement
value of obligations and fair value of plan assets are as follows:
INFORMATION Remeasurement
The present value of obligations and fair value of plan assets are as follows: - Return on plan assets 43 2
- Return on plan assets 43
EMIRATES 2020 2019 Employer contributions (2) 4
FINANCIAL 2020 2019 Employer contributions (2)
COMMENTARY AED m AED m Employee contributions 2 2
AED m AED m Employee contributions 2
e ofDNATA
funded defined benefit obligations 356 307 Benefits paid (5) (5)
Present value of funded defined benefit obligations 356 307 Benefits paid (5)
FINANCIAL
lue COMMENTARY
of plan assets (331) (294) Currency translation differences (7) (28)
Less: Fair value of plan assets (331) (294) Currency translation differences (7)
Balance carried forward 331 294
25 13 Balance carried forward 331
25 13
EMIRATES dnata expects to contribute, in respect of existing plan members of all its funded
CONSOLIDATED dnata expects to contribute, in respect of existing plan members of all
al valuation
FINANCIAL for the
Netherlands plan included assumptions relating to the schemes, approximately AED 35 m during the year ending 31 March 2021.
The actuarial valuation for the Netherlands plan included assumptions relating to the schemes, approximately AED 35 m during the year ending 31 March 2021.
e of 1.1% (2019: 1.9%) and expected salary increases of 1.0% (2019: 1.0%)
STATEMENTS
discount rate of 1.1% (2019: 1.9%) and expected salary increases of 1.0% (2019: 1.0%) Unfunded schemes
Unfunded schemes
DNATA
per annum.
CONSOLIDATED End of service benefits for employees who do not participate in the provident scheme,
entFINANCIAL
in the present value of defined benefit obligations of the Netherlands End of service benefits for employees who do not participate in the provide
The movement in the present value of defined benefit obligations of the Netherlands defined benefit plans or other defined contribution plans follow relevant local
STATEMENTS defined benefit plans or other defined contribution plans follow rele
plan is: regulations, which are mainly based on periods of cumulative service and levels of
regulations, which are mainly based on periods of cumulative service an
ADDITIONAL 2020 2019 employees’ final basic salary. The liability recognised in the consolidated statement of
INFORMATION 2020 2019 employees’ final basic salary. The liability recognised in the consolidated st
AED m AED m financial position is the present value of the defined benefit obligation at the end of the
AED m AED m financial position is the present value of the defined benefit obligation at the
reporting period.
ought forward 307 328 reporting period.
Balance brought forward 307 328 The movement in the present value of defined benefit obligation is:
ice cost 5 8 The movement in the present value of defined benefit obligation is:
Current service cost 5 8 2020 2019
t 6 6 2020
Interest cost 6 6 AED m AED m
ment gain 48 - AED m
Remeasurement gain 48 - Balance brought forward 530 479
ontributions 2 2 Balance brought forward 530
Employee contributions 2 2 Acquisitions - 7
d (5) (5) Acquisitions -
Benefits paid (5) (5) Current service cost 63 55
anslation differences (7) (32) Current service cost 63
Currency translation differences (7) (32) Interest cost 19 20
ried forward 356 307 Interest cost 19
Balance carried forward 356 307 Remeasurement
Remeasurement
- changes in experience / demographic assumptions (8) (3)
- changes in experience / demographic assumptions (8)
- changes in financial assumptions (21) 17
- changes in financial assumptions (21)
Payments made during the year (67) (43)
Payments made during the year (67)
Currency translation differences (2) (2)
Currency translation differences (2)
Balance carried forward 514 530
Balance carried forward 514
Payments made during the year include transfer of accumulated benefits to dnata’s
Payments made during the year include transfer of accumulated benefits
funded scheme.
funded scheme.

164

29
29
irement benefit obligations (continued) The sensitivity of the defined benefit obligation to changes in the principal assumptions
OVERVIEW 19 (a). Retirement benefit obligations (continued) The sensitivity of the defined benefit obligation to changes in the principal a
are set out below:
ontribution
EMIRATES plans are set out below:
Defined contribution plans
fixed contributions to certain defined contribution plans and has no legal or
DNATA
Assumption Change Effect on defined
dnata pays fixed contributions to certain defined contribution plans and has no legal or Assumption Change Effect on
e obligation to pay further contributions to settle the benefits relating to the benefit obligation
GROUP
constructive obligation to pay further contributions to settle the benefits relating to the benefit ob
service in the current and prior periods.   Subsidiaries Parent
FINANCIAL employee's service in the current and prior periods.   Subsidiaries
INFORMATION AED m AED m
AED m
mount recognised in the consolidated income statement in respect of all the + 0.5% (52) (23)
EMIRATES
The total amount recognised in the consolidated income statement in respect of all the Discount rate + 0.5% (52)
follows:
FINANCIAL Discount rate - 0.5% 55 25
COMMENTARY plans is as follows: - 0.5% 55
2020 2019 + 0.5% 6 25
DNATA 2020 2019 Expected salary increases + 0.5% 6
Expected salary increases
- 0.5% (6) (21)
FINANCIAL AED m AED m - 0.5% (6)
COMMENTARY AED m AED m
enefit plans The weighted average durations of the defined benefit obligations are set out below:
EMIRATES Defined benefit plans The weighted average durations of the defined benefit obligations are set ou
hemes
CONSOLIDATED
FINANCIAL Funded schemes 2020 2019
ns expensed 40 42 2020
STATEMENTS
Contributions expensed 40 42 Years Years
40 42 Years
DNATA 40 42 Funded scheme - Swiss plan 16.5 16.5
schemes
CONSOLIDATED Funded scheme - Swiss plan 16.5
FINANCIAL Unfunded schemes Funded scheme - Netherlands plan 20.4 20.5
t STATEMENTS 63 55 Funded scheme - Netherlands plan 20.4
Service cost 63 55
st 19 20 Unfunded scheme 9.7 13.7
ADDITIONAL Interest cost 19 20 Unfunded scheme 9.7
INFORMATION 82 75
82 75 Through its defined benefit plans dnata is exposed to a number of risks, the most
ontribution plans Through its defined benefit plans dnata is exposed to a number of risk
Defined contribution plans significant of which are detailed below:
ns expensed 201 142 significant of which are detailed below:
Contributions expensed 201 142
d in the consolidated income statement 323 259 a) Change in discount rate: Retirement benefit obligations will increase due to a
Recognised in the consolidated income statement 323 259 a) Change in discount rate: Retirement benefit obligations will increase
decrease in market yields of high quality corporate bonds.
decrease in market yields of high quality corporate bonds.

b) Expected salary increases: The present value of the defined benefit obligation is
b) Expected salary increases: The present value of the defined benefit o
calculated by reference to the future salaries of plan participants. As such, an increase of
calculated by reference to the future salaries of plan participants. As such, an
the salary of the plan participants above the expected rate of salary increase will
the salary of the plan participants above the expected rate of salary i
increase the retirement benefit obligations.
increase the retirement benefit obligations.

165

30
30
er provisions
OVERVIEW
19 (b). Other provisions 20. Borrowings and lease liabilities 20. Borrowings and lease liabilities
EMIRATES
2020 2019 2020
2020 2019 2020 2019
DNATA
AED m AED m AED m
AED m AED m AED m AED m
GROUP
ought forward Balance brought forward 106 60 106 60 Non-current Non-current

he year
FINANCIAL Charge for the year 52 53 52 53 Term loans (Note 20 (a)) Term loans (Note 20 (a)) 1,129 1,125 1,129
INFORMATION
(Note 29) Acquisitions (Note 29) 42 49 42 49 Lease liabilities (Note 20 (b)) Lease liabilities (Note 20 (b)) 1,832 52 1,832

ng EMIRATES
the year Utilised during the year (39) (45) (39) (45) 2,961 1,177 2,961
FINANCIAL
mounts reversed
COMMENTARY Unutilised amounts reversed (6) (5) (6) (5) Current Current

anslation Currency translation differences (11) (11) (6) Term loans (Note 20 (a)) Term loans (Note 20 (a)) 416 320 416
DNATA differences (6)
FINANCIAL
riedCOMMENTARY
forward Balance carried forward 144 106 144 106 Lease liabilities (Note 20 (b)) Lease liabilities (Note 20 (b)) 405 17 405
Bank overdrafts (Note 24) Bank overdrafts (Note 24) 136 95 136
EMIRATES to be used asProvisions
re expected follows: are expected to be used as follows:
CONSOLIDATED
957 432 957
2020 2019 2020 2019
FINANCIAL 3,918 1,609 3,918
STATEMENTS
AED m AED m AED m AED m

yearDNATA
(Note 19) Within one year (Note 19) 57 90 57 90 Borrowings and lease liabilities are denominated in the following currencies:
CONSOLIDATED Borrowings and lease liabilities are denominated in the following currencies:
ar FINANCIAL
(Note 19) Over one year (Note 19) 87 16 87 16
STATEMENTS
2020 2019 2020
ADDITIONAL AED m AED m AED m
INFORMATION
Pound Sterling Pound Sterling 1,009 263 1,009
US Dollar US Dollar 936 444 936
Australian Dollar Australian Dollar 798 480 798
UAE Dirham UAE Dirham 487 185 487
Euro Euro 262 33 262
Singapore Dollar Singapore Dollar 156 50 156
Swiss Franc Swiss Franc 149 107 149
Philippine Peso Philippine Peso 32 - 32
Others Others 89 47 89

166

31 31
m loans
OVERVIEW 20 (a). Term loans 20 (b). Lease liabilities 20 (b). Lease liabilities
EMIRATES
2020 2019 2020 2019 2020
2020 2019
AED m AED m AED m AED m AED m
DNATA AED m AED m
ought forward 1,447 1,036 Balance brought forward Balance brought forward 69 51 69
GROUP Balance brought forward 1,447 1,036
to Lease liabilities (Note 20 (b)) (17)20 (b)) - Impact on adoption of IFRS 16 (Note Impact
2) 2,091
on adoption of IFRS 16 (Note 2) - 2,091
FINANCIAL
Transferred to Lease liabilities (Note (17) -
April 2019 1,430 1,036 Transferred from Term loans (Note 20Transferred
(a)) from Term loans (Note17
20 (a)) - 17
INFORMATION Adjusted 1 April 2019 1,430 1,036
(Note 29) 68 9 Adjusted 1 April 2019 Adjusted 1 April 2019 2,177 51 2,177
EMIRATES Acquisitions (Note 29) 68 9
412 613 Acquisitions (Note 29) Acquisitions (Note 29) 188 3 188
FINANCIAL Additions 412 613
COMMENTARY
(298) (156) Additions Additions 384 34 384
Repayments (298) (156)
nslation
DNATAdifferences Interest 82 -
FINANCIAL
Currency translation differences (65) (55) (65) (55) Interest 82
1,547 1,447 Repayments Repayments (414) (16) (414)
COMMENTARY 1,547 1,447
ction costs (2) (2) Remeasurement Remeasurement (50) - (50)
EMIRATES Less: Transaction costs (2) (2)
riedCONSOLIDATED
forward 1,545 1,445 Termination of contracts Termination of contracts (14) - (14)
FINANCIAL
Balance carried forward 1,545 1,445
are repayable
STATEMENTS as follows: Term loans are repayable as follows: Currency translation differences Currency translation differences (116) (3) (116)
year 416 320 Balance carried forward Balance carried forward 2,237 69 2,237
DNATA Within one year 416 320
nd 5 years
CONSOLIDATED Between 2 and 5 years 1,075 1,019 1,075 1,019 Gross lease liabilities:
FINANCIAL Gross lease liabilities:
s STATEMENTS After 5 years 54 106 54 106 Within one year Within one year 470 19 470
one year Total over one year 1,129 1,125 1,129 1,125 Between 2 and 5 years Between 2 and 5 years 1,170 39 1,170
ADDITIONAL
INFORMATION After 5 years After 5 years 974 19 974
are denominated in the following currencies:
Term loans are denominated in the following currencies: 2,614 77 2,614
US Dollar 614 444 614 444 Future interest (377) (8)
Future interest (377)
ollar Australian Dollar 336 444 336 444 Present value of lease liabilities 2,237 69
Present value of lease liabilities 2,237
ng Pound Sterling 278 232 278 232
UAE Dirham 93 157 93 157 The present value of lease liabilities isThe
repayable
presentas follows:
value of lease liabilities is repayable as follows:
Swiss Franc 87 90 87 90 Within one year 405 17
Within one year 405
ollar Singapore Dollar 48 50 48 50 Between 2 and 5 years 997 34
Between 2 and 5 years 997
Euro 72 25 72 25 After 5 years 835 18
After 5 years 835
Others 17 3 17 3 Total over one year 1,832
Total over one year 52 1,832
repricing dates are set at Contractual
three to six repricing
month intervals. The
dates are setaverage
at threeeffective
to six month intervals. The average effective The present value of lease liabilities isThe
denominated in the
present value of lease liabilities is denominated in the
on the term loans was 3.0% (2019: 3.1%) per annum. The carrying amounts
interest rate on the term loans was 3.0% (2019: 3.1%) per annum. The carrying amounts following currencies: following currencies:
loans approximate theiroffair
thevalues. The fair
term loans values aretheir
approximate determined
fair values.by The fair values are determined by Pound Sterling Pound Sterling 710 1 710
projected cash flows using the interest
discounting rate cash
projected yield flows
curve using
applicable to
the interest rate yield curve applicable to Australian Dollar Australian Dollar 443 36 443
aturities and currencies adjusted
differentformaturities
credit spread and falls within
and currencies levelfor2 credit
adjusted of spread and falls within level 2 of UAE Dirham UAE Dirham 366 - 366
e hierarchy. the fair value hierarchy. US Dollar US Dollar 322 3 322
Euro Euro 180 - 180
an in Swiss Franc is designated as loan
The term a hedge of the
in Swiss net is
Franc investment
designatedin as
dnata
a hedge of the net investment in dnata
Singapore Dollar Singapore Dollar 108 - 108
AG. The foreign exchangeSwitzerland
movementAG. onThe
translation
foreign of the loanmovement
exchange at the end on translation of the loan at the end
Philippine Peso Philippine Peso 32 - 32
ting period is a loss of AED 3 mreporting
of the (2019: gain of AED
period is a4loss
m), of
recognised
AED 3 m in the gain of AED 4 m), recognised in the
(2019:
eserve through other comprehensive income.through other comprehensive income. Swiss Franc Swiss Franc 31 17 31
translation reserve
Others Others 45 12 45
167

32 32
ase liabilities
OVERVIEW
(continued)20 (b). Lease liabilities (continued) 21. Deferred income tax 21. Deferred income tax

tion of operating lease Reconciliation of operating lease

to commitments
lease liabilitiesapplying IAS 17 to lease liabilities
EMIRATES
commitments applying IAS 17
Deferred tax assets and liabilities areDeferred tax assets
offset when and
there is liabilities
a legally are offsetright
enforceable whentothere is a legally enforcea
under IFRS 16 at 1 Aprilmeasured
DNATA 2019: under IFRS 16 at 1 April 2019:
offset
offset current tax assets against current taxcurrent taxand
liabilities assets
whenagainst current taxes
the deferred tax liabilities
relate and when the deferred
GROUP AED m AED m to offset
to the same income tax authority. The the same income
amounts aretax
as authority.
follows: The offset amounts are as follows:

lease
FINANCIAL Operating
commitments disclosed as atlease commitments
31 March 2019 disclosed as at 31 March 2019 2020 2019 2020
INFORMATION
AS 17: applying IAS 17: 2,428 2,428 AED m AED m AED m
-term leases
EMIRATES Less: Short-term leases (131) (131)
FINANCIAL
s for which the underlyingLess:
COMMENTARY Leases
asset for which
is of low value the underlying asset is of low
(6) value (6) Deferred income tax assets Deferred income tax assets 280 110 280

Less: Leases which expire within 12 months of transition date and short- Deferred income tax liabilities Deferred income tax liabilities (255) (153) (255)
s which
DNATAexpire within 12 months of transition date and short-
practical termapplied
expedient has been
FINANCIAL lease practical expedient has been applied (39) (39) 25 (43) 25
COMMENTARY
Add: Adjustments
tments as a result of a different treatment ofasextension
a result ofand
a different treatment of extension and Movements
Movements in the deferred tax account in the deferred tax account are as follows:
are as follows:
EMIRATES
n options under IFRS 16 termination options under IFRS 16 253 253 Balance brought forward Balance brought forward (43) (61) (43)
CONSOLIDATED
FINANCIAL 2,505 2,505 Impact on adoption of IFRS 16 Impact on adoption of IFRS 16 23 - 23
STATEMENTS
d using dnata's incremental borrowingusing
Discounted rate at 1 Aprilincremental
dnata's 2019 2,091
borrowing rate at 1 April 2019 2,091 Adjusted 1 April 2019 Adjusted 1 April 2019 (20) (61) (20)
DNATA Acquisitions Acquisitions (21) 9 (21)
CONSOLIDATED
tedFINANCIAL
average dnata's incremental borrowing
The weighted ratednata's
average appliedincremental
to lease liabilities
borrowing rate applied to lease liabilities Credited to the consolidated incomeCredited
statement 65 statement 12
to the consolidated income 65
STATEMENTS
d in the consolidated statement of financial position at 1 April 2019 isof4.2%.
recognised in the consolidated statement financial position at 1 April 2019 is 4.2%. Currency translation differences Currency translation differences (3) (3) (3)
ADDITIONAL
Others Others 4 - 4
INFORMATION
Balance carried forward Balance carried forward 25 (43) 25

168

33 33
OVERVIEW
21. Deferred income tax (continued)
EMIRATES
The movements in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances
DNATA within the same tax jurisdiction, are as follows:
GROUP
Deferred income tax assets
FINANCIAL Lease
INFORMATION
Tax losses Provisions liabilities Other Total
EMIRATES
FINANCIAL
AED m AED m AED m AED m AED m
COMMENTARY
1 April 2018 14 38 - 51 103
DNATA Acquisition - - - 32 32
FINANCIAL
COMMENTARY (Charged) / credited to the consolidated income statement (8) 12 - 2 6

EMIRATES
Currency translation differences (1) (5) - (7) (13)
CONSOLIDATED Others 8 (5) - (3) -
FINANCIAL
STATEMENTS 31 March 2019 13 40 - 75 128
DNATA Impact on adoption of IFRS 16 - - 152 - 152
CONSOLIDATED
FINANCIAL
Adjusted 1 April 2019 13 40 152 75 280
STATEMENTS Additions - - 6 - 6
ADDITIONAL (Charged) / credited to the consolidated income statement 30 2 (8) 11 35
INFORMATION
Currency translation differences (2) (5) (14) (6) (27)
Others 2 35 (1) (26) 10
31 March 2020 43 72 135 54 304

34 169
OVERVIEW
21. Deferred income tax (continued)
EMIRATES
Deferred income tax liabilities
DNATA
Property,
GROUP
plant and Intangible Right-of-
FINANCIAL equipment assets use assets Other Total
INFORMATION
AED m AED m AED m AED m AED m
EMIRATES 1 April 2018 (53) (109) - (2) (164)
FINANCIAL
COMMENTARY Acquisitions - (23) - - (23)
DNATA Credited to the consolidated income statement (9) 15 - - 6
FINANCIAL
COMMENTARY Currency translation differences 1 9 - - 10
Others 2 (2) - - -
EMIRATES
CONSOLIDATED 31 March 2019 (59) (110) - (2) (171)
FINANCIAL
STATEMENTS Impact on adoption of IFRS 16 - - (129) - (129)
Adjusted 1 April 2019 (59) (110) (129) (2) (300)
DNATA
CONSOLIDATED Acquisitions (Note 29) - (21) - - (21)
FINANCIAL
STATEMENTS Additions - - (6) - (6)

ADDITIONAL
(Charged) / credited to the consolidated income statement (3) 22 10 1 30
INFORMATION Currency translation differences - 10 13 1 24
Others - (4) - (2) (6)
31 March 2020 (62) (103) (112) (2) (279)

170 35
Capital commitments
OVERVIEW 22. Capital commitments 24. Short term bank deposits,
24.cash
Short
and
term
cashbank
equivalents
deposits, cash and cash equivalents
EMIRATES 2020 2019 2020 2019
2020 2019 2020 2
AED m AED m AED m AED m
DNATA
AED m AED m AED m AE
a GROUP dnata 126 657 126 657
Bank deposits Bank deposits 4,166 4,318 4,166 4
ventures
FINANCIAL Joint ventures 8 9 8 9
Cash and bank Cash and bank 1,150 804 1,150
INFORMATION
134 666 134 666
Cash and bank balances Cash and bank balances 5,316 5,122 5,316 5,
EMIRATES
FINANCIAL
Less: Short term bank depositsLess:
- over
Short
3 months
term bank
original
deposits - over 3 months original
Guarantees
COMMENTARY 23. Guarantees
maturity maturity (3,700) (3,121) (3,700) (3
DNATA
Cash and cash equivalents asCash
per and
the consolidated
cash equivalents as per the consolidated
FINANCIAL 2020 2019 2020 2019
COMMENTARY
statement of financial position
statement of financial position 1,616 2,001 1,616 2,
AED m AED m AED m AED m
EMIRATES Bank overdrafts (Note 20) Bank overdrafts (Note 20) (136) (95) (136)
CONSOLIDATED
antees and letters of credit
FINANCIAL provided by
Guarantees andbanks
lettersinof
the
credit provided by banks in the Cash and cash equivalents asCash
per and
the cash equivalents as per the
STATEMENTS
mal course of business normal course of business 414 442 414 442 consolidated statement of cash
consolidated
flows 1,480
statement of cash flows 1,906 1,480 1,
DNATA
CONSOLIDATED Short term bank deposits, cash
Short
andterm
cashbank
equivalents
deposits,
yield
cash
anand
effective
cash equivalents
interest rateyield
of an effective interest ra
antees and letters
FINANCIAL of credit include and
Guarantees AEDletters
41 m of
(2019:
creditAED 53 m)AED
include provided by
41 m (2019: AED 53 m) provided by
STATEMENTS 3.4% (2019:
3.4% (Mar 2019:
3.3%)3.3%) per annum.
per annum.3.4% (Mar 2019: 3.3%) per annum.
panies under common control on normal
companies undercommercial terms. on normal commercial terms.
common control
ADDITIONAL
INFORMATION 25. Derivative financial instruments
25. Derivative financial instruments

2020 2019 2020 2

AED m AED m AED m AE
Current assets Current assets
Currency swaps and forwards Currency swaps and forwards 15 - 15
15 - 15
Current liabilities Current liabilities
Currency swaps and forwards Currency swaps and forwards - 11 -
- 11 -

The notional principal amounts

The
outstanding
notional principal
are: amounts outstanding are:
2020 2019 2020 2
AED m AED m AED m AE

Currency contracts Currency contracts 1,595 902 1,595

36 36
171
OVERVIEW 26. Classification of financial instruments
EMIRATES The accounting policies for financial instruments have been applied to the following:

DNATA Financial Assets and Financial

GROUP
assets at Derivative liabilities at fair liabilities at
amortised financial value through amortised
FINANCIAL
INFORMATION
cost instruments profit or loss cost Total
AED m AED m AED m AED m AED m
EMIRATES
FINANCIAL 2020
COMMENTARY Assets
DNATA Trade and other receivables (excluding prepayments) 2,668 - - - 2,668
FINANCIAL
COMMENTARY Derivative financial instruments - 15 - - 15
Short term bank deposits 3,700 - - - 3,700
EMIRATES
CONSOLIDATED Cash and cash equivalents 1,616 - - - 1,616
FINANCIAL
STATEMENTS Total 7,984 15 - - 7,999

DNATA Liabilities
CONSOLIDATED
FINANCIAL Borrowings and lease liabilities - - - 3,918 3,918
STATEMENTS
Trade and other payables (excluding deferred revenue and
ADDITIONAL customer advances) - - 65 2,978 3,043
INFORMATION
Total - - 65 6,896 6,961
2019
Assets
Trade and other receivables (excluding prepayments and
advance lease rentals) 3,198 - - - 3,198
Short term bank deposits 3,121 - - - 3,121
Cash and cash equivalents 2,001 - - - 2,001
Total 8,320 - - - 8,320

Liabilities
Borrowings and lease liabilities - - - 1,609 1,609
Trade and other payables (excluding deferred revenue and
customer advances) - - 69 3,598 3,667
Derivative financial instruments - 11 - - 11
Total - 11 69 5,207 5,287
Except as otherwise stated, the carrying amounts of financial assets and financial liabilities approximate their fair values and fall into level
3 of the fair value hierarchy.

37
172
Related party transactions
OVERVIEW 27.and
Related
balances
party transactions and balances Effective 31 March 2020, the
Effective
beneficial
31 March
ownership
2020,ofthe
Emirates
beneficial
Holidays
ownership
and its
of Emirates Holidays and
EMIRATES subsidiaries were transferredsubsidiaries
to Emirateswere
for consideration
transferred toofEmirates
AED 9 m for which
consideration
was of AED 9 m which w
ta transacts with associates,
dnata
jointtransacts
ventureswith
andassociates,
companiesjoint
controlled
ventures
by and
dnata
companies
and controlled by dnata and
equal to carrying value of assets
equal
andtoliabilities
carrying transferred.
value of assets and liabilities transferred.
arent company within theitsscope
DNATA parent
of company
its ordinary
within
business
the scope
activities.
of its ordinary business activities.
dnata uses public utilities provided
dnata uses
by number
public utilities
of Government
providedcontrolled
by number entities
of Government
for controlled entities
ta and Emirates (a company
GROUP
dnata under
and Emirates
common(acontrol)
company share
under
central
common
corporate
control) share central corporate its operations in Dubai, where
its these
operations
entities
in are
Dubai,
the where
sole providers
these entities
of theare
relevant
the sole providers of the relev
tions such as information
FINANCIAL functions
technology,
such asfacilities,
information
human
technology,
resources, facilities,
finance, human resources, finance, services. This includes the supply of electricity,
services. This includes
waterthe
andsupply
airport
ofservices.
electricity,
Transactions
water and airport services. Transacti
sury,INFORMATION
cash management, treasury,
legal andcash
other
management,
functions. Where
legal and
suchother
functions
functions.
are Where such functions are falling in these expense categories
falling are
in these
individually
expenseinsignificant
categories and
are individually
carried out on
insignificant
an and carried out on
ed the costs are allocatedshared
EMIRATES between
thednata
costs and
are allocated
Emirates based
between
on dnata
activityand
levels.
Emirates based on activity levels. arm's length basis. arm's length basis.
FINANCIAL
er than these shared services
COMMENTARY
Otherarrangements
than these shared
the following
services transactions
arrangementshave
thetaken
following transactions have taken 2020 2019 2020 20
e onDNATA
an arm's length basis.
place on an arm's length basis. AED m AED m AED m AED
FINANCIAL
2020 2019 2020 2019 Year end balances Year end balances
COMMENTARY
AED m AED m AED m AED m (i) Receivables-sale of goods
(i)and
Receivables-sale
services (Noteof15)
goods and services (Note 15)
EMIRATES
dingCONSOLIDATED
transactions Trading transactions Companies under common control
Companies under common control 314 237 314 2
ale FINANCIAL
of goods and services
(i) Sale of goods and services Joint ventures Joint ventures 17 47 17
STATEMENTS
of goods - Companies under
Sale of
common
goods -control
Companies under common
363 control 424 363 424 Associates Associates 24 36 24
DNATA
icesCONSOLIDATED
rendered - Companies
Services
under rendered
common -control
Companies under1,988
common control
2,285 1,988 2,285 355 320 355 3
icesFINANCIAL
rendered - Joint ventures
Services rendered - Joint ventures 72 55 72 55 (ii) Payables-purchase of goods
(ii) Payables-purchase
and services (Noteof18)
goods and services (Note 18)
STATEMENTS
ices rendered - AssociatesServices rendered - Associates 12 15 12 15 Companies under common control
Companies under common control 38 51 38
ADDITIONAL
INFORMATION 2,435 2,779 2,435 2,779 Joint ventures Joint ventures 7 16 7
Purchase of goods and services
(ii) Purchase of goods and services Associates Associates - 3 -
hase of goods - Companies
Purchase
under of
common
goods -control
Companies under 111
common control
136 111 136 45 70 45
ices received - CompaniesServices
under common
received -control
Companies under common
541 control
586 541 586 (iii) Borrowings (iii) Borrowings
ices received - Joint ventures
Services received - Joint ventures 179 218 179 218 Companies under common control
Companies under common control 67 157 67 1
831 940 831 940
(iv) Loans - receivable (Note(iv)
15)Loans - receivable (Note 15)
er transactions Other transactions
Joint ventures Joint ventures - 97 -
inance income (i) Finance income
Associates Associates 7 7 7
mpanies under common control
Companies under common control 132 120 132 120
7 104 7 1
t ventures Joint ventures 2 3 2 3
Movements in the loans wereMovements
as follows: in the loans were as follows:
134 123 134 123
Balance brought forward Balance brought forward 104 113 104 1
Finance cost (ii) Finance cost
Additions Additions 12 7 12
mpanies under common control
Companies under common control - 1 - 1
Repayments Repayments (106) (7) (106)
Currency translation differences
Currency translation differences (3) (9) (3)
Compensation to key management
(iii) Compensation
personnel
to key management personnel
Balance carried forward Balance carried forward 7 104 7 1
ries and short-term employee
Salaries
benefits
and short-term employee benefits
30 28 30 28
Receivable within one year Receivable within one year 7 8 7
rement benefits Retirement benefits 5 6 5 6
Receivable over one year Receivable over one year - 96 -
35 34 35 34
The loans earned average effective
The loans
interest
earned
rateaverage
of 2.9% effective
(2019: 3.0%)
interest
per rate
annum.
of 2.9% (2019: 3.0%) per annum.

38 38 173
Financial 28. Financial risk management
risk management
OVERVIEW Currency risk Currency risk
EMIRATES
a is exposed to a variety dnata is exposed
of financial to a variety
risks through of financial In
its operations. risks
thethrough its operations. In the areas where
areas where Certain
Certain subsidiaries of dnata subsidiaries
are exposed of dnatarisk
to currency areonexposed
purchaseto of
currency
servicesrisk on purchase of se
risks exist, the aim isfinancial
ncialDNATA risks
to achieve anexist, the aim balance
appropriate is to achieve an appropriate
between balance between risk and return
risk and return outside the source market. outside the source manage
These subsidiaries market. These subsidiaries
such risks through manage
currencysuch risks through cur
andeffects
minimise potential adverse minimise potential
on dnata’s adverse
financial effects on dnata’s financial performance.
performance. forwards. forwards.
GROUP
dnata’s risk
a’s risk management procedures aremanagement procedures
designed to identify and are designed
analyse these to identify
risks, to and analyse these risks, to dnata
dnata is exposed to the effects of is exposed to
fluctuations in the effects foreign
prevailing of fluctuations
currencyinexchange
prevailing foreign currency exch
FINANCIAL
appropriate risk limits andset
INFORMATION appropriate
controls and torisk limits and
monitor controls
the risks and and to monitor
adherence the risks and adherence to limits
to limits rates on its long term debt rates on its long
obligations term debtinobligations
denominated denominated
Swiss Franc, Euro, Poundin Swiss Franc, Euro, P
by means information.
means of reliable and up-to-date of reliable and
dnataup-to-date information.
reviews its dnata reviews its risk management
risk management Sterling,
Sterling, Singapore Dollar and Singapore
Australian Dollar. Dollar and Australian
Cash flows Dollar. Cash Italy,
from the Switzerland, flows from the Switzerland,
EMIRATES
edures and systems on aprocedures
FINANCIAL andtosystems
regular basis on a regular
reflect changes basis toproducts
in markets, reflect changes
and in markets, products and United Kingdom and AustralianUnitedoperations
Kingdom are
and adequate
Australiantooperations
meet the are adequate to meet the repay
repayment
COMMENTARY
emerging
rging best practice. dnata best practice.
uses derivative dnata uses derivative
and non-derivative financial and non-derivative financial instruments
instruments schedules. A 1% change inschedules.
exchange Arate
1% for
change
these incurrencies
exchangewould
rate fornotthese
have currencies
a would not ha
edge to hedge certain risk exposures.
certain risk exposures.
DNATA significant impact on profit orsignificant
equity. Atimpact on profit
the dnata parentorlevel
equity. At liabilities
these the dnataprovide
parent alevel these liabilities prov
FINANCIAL
natural
natural hedge to its foreign hedge investments
currency to its foreign currency
in these investments
countries. Seniorin these countries. S
management
COMMENTARYprocedures Risk
aremanagement
approved byprocedures
a steering are approved
group by aof
comprising steering
senior group comprising of senior
management
management monitors currency monitors
positions on currency
a regular basis. positions on a regular basis.
agement. The
EMIRATES management.
identification, evaluation The
andidentification,
hedging of evaluation
financial risksand
are hedging
performedof financial risks are performed
oseCONSOLIDATED in operating
cooperation with the close cooperation with management
units. Senior the operatingisunits. Senior management is also responsible
also responsible (ii) Credit risk (ii) Credit risk
FINANCIAL
he STATEMENTS for the and
review of risk management review
theofcontrol
risk management
environment.and
Thethe control
various environment. The various financial
financial
risk elements are discussed below.
elements are discussed below. dnata is exposed to credit dnata is exposed
risk, which is the to
riskcredit risk, counterparty
that the which is the will
riskcause
that the
a counterparty will cau
DNATA
CONSOLIDATED financial loss to dnata by financial
failing toloss to dnata
discharge an by failing toFinancial
obligation. discharge an obligation.
assets that Financial assets
Market risk
FINANCIAL (i) Market risk potentially subject dnata to potentially
credit risk subject dnata to credit
consist principally risk consist
of deposits with principally
banks and of deposits with banks
STATEMENTS
trade receivables. dnata usestrade receivables.
external dnataasuses
ratings such external
Standard & ratings
Poor's, such as Standard
Moody's or & Poor's, Moody
ket risk is the risk that theMarket riskor
fair value is future
the riskcash
thatflows
the fair
of a value or future
financial cash flows
instrument will of a financial instrument will
ADDITIONAL their equivalent
their equivalent in order to measure in order
and monitor its to measure
credit and monitor
risk exposures its credit risk exposures to fina
to financial
uateINFORMATION
because of changes fluctuate because
in market of changes
prices. in market
Market risks prices.
relevant Market risks relevant to dnata's
to dnata's
institutions.
institutions. In the absence of independent In the absence
ratings, of quality
credit independent ratings,
is assessed credit
based onquality is assessed base
operations
rations are interest rate risk are interest
and currency risk. rate risk and currency risk.
the counterparty's
the counterparty's financial position, financial
past experience andposition, past experience and other factors.
other factors.
rest rate risk Interest rate risk
dnata manages
dnata manages limits and controls limits of
concentration andrisk
controls concentration
wherever of risk wherever they are iden
they are identified.
dnata
a is exposed to the effects of isfluctuations
exposed tointhe effects of
prevailing fluctuations
levels in rates
of interest prevailing
on levels of interest rates on dnata
dnata places significant deposits places
with highsignificant deposits
credit quality with
banks. high credit
Exposure quality
to credit riskbanks.
is Exposure to credit
owings and investments. borrowings
Exposure and arisesinvestments. Exposure
from interest arises fromin interest
rate fluctuations the rate fluctuations in the also managed through regular alsoanalysis
managed of through regular
the ability analysis of the
of counterparties andability of counterparties and pot
potential
national financial marketsinternational financial
with respect markets
to interest with
cost on respect
its longtoterm
interest
debtcost on its long term debt counterparties
counterparties to meet their obligations andtobymeet their obligations
changing and byappropriate.
their limits where changing their limits where approp
obligations
gations and lease liabilities andincome
and interest lease liabilities anddeposits.
on its bank interest income on its bank deposits. Approximately AED 4,299 m Approximately AED
(Mar 2019: 3,591 m)4,299 m (Mar
of short term2019:
bank 3,591 m) of
deposits andshort
cashterm bank deposits and
andfinancial
and bank balances are held with bank balances are held
institutions with
in the financial
UAE under institutions in the UAE under common co
common control.
Borrowings
owings obtained at variable obtained
rates expose at variable
dnata ratesinterest
to cash flow expose rate
dnata to No
risk. cash flow interest rate risk. No
ging cover is obtained duehedging
to the cover
stableisinterest
obtained due
rate to the stable
environment interest
that exists rate environment that exists in the
in the
Policies are in place to ensurePolicies are inare
that sales place to ensure
made that sales
to customers withare
an made to customers with an approp
appropriate
ntries where the loans arecountries where the loans are contracted.
contracted.
credit history failing which ancredit history failing
appropriate level ofwhich an appropriate
security level ofnecessary
is obtained, where security is obtained, where nece
key reference rates basedThe
on key reference
which interestrates
costsbased on which interest
are determined are USDcosts arefor
LIBOR determined are USD LIBOR for sales
sales are made on cash terms. are limits
Credit madeare
on also
cashimposed
terms. Credit limits
to cap are also
exposure to imposed
certain to cap exposure to ce
United
ed States Dollar, CHF LIBOR StatesFranc,
for Swiss Dollar,GBP
CHFLIBOR
LIBORfor
forPound
Swiss Sterling,
Franc, GBP LIBOR
BBSY for for Pound Sterling, BBSY for customers. customers.
Australian
ralian Dollar, EURIBOR for Euro and Dollar,
SIBOR EURIBOR for Euro
for Singapore and SIBOR
Dollar. for Singapore
A 25 basis point Dollar. A 25 basis point
nge in these interest rateschange in these
would not haveinterest rates impact
a significant would not have aorsignificant
on profit equity. impact on profit or equity.

174
39 39
Financial risk management
OVERVIEW (continued)
28. Financial risk management (continued) dnata expects a significantlydnata
adverse impact on its liquidity due impact
to the on
COVID-19
expects a significantly adverse its liquidity due to the COV
table below presents an analysis outbreak. Management hasoutbreak.
taken several
Management has taken several steps through
steps in protecting cash flows in protecting cash flows thr
EMIRATES
The tableofbelow
short presents
term bankandeposits
analysis and bankterm
of short balances
bank by
deposits and bank balances by
g agency designation atrating
the end compensating cost saving measures, reductions
compensating cost to discretionary
saving measures,capital expenditure
reductions and
to discretionary capital expenditure
DNATA agency designation at the end of the reporting &
of the reporting period based on Standard period based on Standard &
's ratings or its equivalent for dnata's agreeing additional working capital
agreeingfacilities.
additional working capital facilities.
Poor's ratingsmain
or itsbanking relationships:
equivalent for dnata's main banking relationships:
GROUP
2020 2019 Summarised below in the table is the maturity
Summarised below profile
in theoftable
financial
is theliabilities
maturitybased
profileon
ofthe
financial liabilities based o
2020 2019
FINANCIAL
AED m AED m remaining period at the endremaining
of the reporting period
period at to the
the end of contractual
the reporting maturity
period date.
to the contractual maturity
INFORMATION AED m AED m
The amounts disclosed are the contractual
The undiscounted
amounts disclosed cash
are the flows.
contractual undiscounted cash flows.
to AA+ AA- to AA+ 292 288 292 288
EMIRATES
o A+FINANCIAL A- to A+ 4,532 3,780 4,532 3,780
COMMENTARY
Less than 1 2-5 Over
Less 5 1
than 2-5 Over 5
+ BBB+ 190 639 190 639 year years years Total
year years years
er than BBB+
DNATA
Lower than BBB+ 293 404 293 404 AED m AED m AED mm AED mm
FINANCIAL AED AED AED m A
COMMENTARY
loss allowances for financial assets are based 2020
EMIRATES The loss allowances foron assumptions
financial assets about the risk
are based of
on assumptions about the risk of 2020
ult and expected loss rates. dnata uses judgement in making these assumptions and Borrowings and lease liabilities 1,058
Borrowings and 2,298
lease liabilities 1,030
1,058 4,386
2,298 1,030 4
CONSOLIDATED default and expected loss rates. dnata uses judgement in making these assumptions and
ctingFINANCIAL
inputs to the impairment
STATEMENTS selectingcalculation
inputs to based on past history,
the impairment existing
calculation market
based on past history, existing market Trade and other payables Trade and other payables
ditions as well as forward-looking estimates at the end of each reporting period.
conditions as well as forward-looking estimates at the end of each reporting period. (excluding deferred revenue and
(excluding deferred revenue and
DNATA
e judgements
CONSOLIDATED
have beenThese
reassessed in the have
judgements wakebeen
of the COVID-19inoutbreak.
reassessed the wakeAsof of
the COVID-19 outbreak. As of customer advances) 2,947
customer advances) 96 -
2,947 3,04396 - 3
March 2020, the provision31
FINANCIAL forMarch
impairment of trade
2020, the and other
provision receivables
for impairment ofamounts
trade andtoother receivables amounts to 4,005 2,394 1,030
4,005 7,429
2,394 1,030 7
STATEMENTS
229 m (2019: AED 162 m)AED and229
hasmbeen disclosed under Note 15.
(2019: AED 162 m) and has been disclosed under Note 15. 2019 2019
e
ADDITIONAL
cash assets
INFORMATIONare also While
subjectcash
to the impairment
assets requirements
are also subject to theofimpairment
IFRS 9, therequirements of IFRS 9, the Borrowings and lease liabilities 480
Borrowings and 1,144
lease liabilities 129
480 1,753
1,144 129 1
tified loss allowance on these balances
identified loss was immaterial.
allowance on these balances was immaterial. Derivative financial instruments 11 instruments
Derivative financial - - 11 11 - -
Liquidity risk Trade and other payables Trade and other payables
(iii) Liquidity risk
(excluding deferred revenue and
(excluding deferred revenue and
dity risk is the risk that dnata is unable
Liquidity to meet
risk is the its payment
risk that dnata is obligations associated
unable to meet its payment obligations associated customer advances) 3,562 105 - 3,667
customer advances) 3,562 105 - 3
its financial liabilities when they
with its fall dueliabilities
financial and to when
replace funds
they fall when theytoare
due and replace funds when they are 4,053 1,249 129 5,431
4,053 1,249 129 5
drawn. withdrawn.
a’s liquidity managementdnata’s
processliquidity
is monitored by senior
management management
process and includes
is monitored by senior management and includes
ollowing: the following:
Day to day funding is •managed
Day to by
 Day tomonitoring
day day funding
funding future
is is cash flows
managed
managed by to ensure that
bymonitoring
monitoring future
future cash
cashflows
flowstoto
ensure thatthat
ensure
requirements can be met. This includes
requirements
requirements can becanreplenishment
met.beThismet. of funds
This
includes as replenishment
includes
replenishmentthey of funds asofthey
funds as they
mature.
mature. mature.
• Maintaining
Maintaining rolling forecasts rolling forecasts
of dnata’s ofposition
dnata’s liquidity
liquidityforecasts theposition on the basis of expected cash flows.
 Maintaining rolling ofondnata’sbasis of
liquidity position on the basis of
expected cash flows. • Monitoring
expected cash flows.
liquidity ratios against internal and external regulatory requirements.
Monitoring liquidity ratios against internal
 Monitoring liquidity and ratiosexternal
againstregulatory
internal and external regulatory
requirements.
• Maintaining debt financing plans.
requirements.
• Maintaining
Maintaining debt financing
 plans. diversified
Maintaining credit lines,
debt financing including stand-by credit facility agreements.
plans.
Maintaining diversified credit lines, including stand-by
Maintaining diversified credit lines, credit including
facility stand-by credit facility
agreements. agreements.

40 40
175
Acquisitions
OVERVIEW
29. Acquisitions The assets and the liabilities arising from and recognised on the acquisition of the
0 EMIRATES subsidiaries were as follows: The assets and the liabilities arising from and recognised on the acquisition of
2020 subsidiaries were as follows:
a LSG Limited
DNATA
Alpha LSG Dunya
arch 2020 dnata throughAlpha
its wholly owned subsidiary Alpha Flight Group Limited
LSG Limited
GROUP Limited Travel LLC Total LSG
Alpha Dunya
ired the remaining 50% equity stake
In March in Alpha
2020 dnata LSG Limited,
through subsequently
its wholly owned renamed
subsidiary Alpha Flight Group Limited
nataFINANCIAL
Catering UK Limited. acquired the remaining 50% equity stake in Alpha LSG Limited, subsequently renamed AED m AED m AED Limited
m Travel LLC Total
INFORMATION
Property, plant and equipment AED m AED m AED m
as dnata Catering UK Limited.
ya Travel LLC (Note 8) 137 equipment- 137
EMIRATES Property, plant and
ay 2019, dnata acquired Dunya
FINANCIAL the remaining 50% equity stake in Dunya Travel LLC, a
Travel LLC Right-of-use assets (Note 9) (Note 8)
COMMENTARY 122 - 122 137 - 137
l agency business based in
In Abu
MayDhabi,
2019, UAE.
dnata acquired the remaining 50% equity stake in Dunya Travel LLC, a
DNATA
Intangible assets (Note 11) 130 (Note 9) -
Right-of-use assets 130 122 - 122
travel agency business based in Abu Dhabi, UAE.
FINANCIAL
COMMENTARY
Other current assets Intangible assets146
(Note 11) 46 192 130 - 130
Cash and cash equivalents 3
Other current assets (11) (8) 146 46 192
EMIRATES
CONSOLIDATED Deferred income tax liabilitiesCash and cash equivalents 3 (11) (8)
FINANCIAL (Note 21) tax liabilities -
Deferred income(21) (21)
STATEMENTS
Borrowings and lease liabilities(Note 21) (256) - (256) (21) - (21)
DNATA
CONSOLIDATED Provisions (Note 19 (b)) lease liabilities(2)
Borrowings and (40) (42)(256) - (256)
FINANCIAL
Current liabilities (195)
Provisions (Note 19 (b)) (17) (212) (40) (2) (42)
STATEMENTS
Fair value of net assets acquired
Current liabilities26 16 42 (195) (17) (212)
ADDITIONAL
INFORMATION Bargain purchase (10)
Fair value of net (1)
assets acquired (11) 26 16 42
Total purchase consideration
Bargain purchase 16 15 31 (10) (1) (11)
Less: Cash and cash equivalents
Total purchase consideration 16 15 31
acquired 3 equivalents
Less: Cash and cash (11) (8)
Less: Fair value of retained interest
acquired 13 8 21 3 (11) (8)
Cash outflow on acquisitionLess: Fair value of-retained interest
18 18 13 8 21
Cash outflow on acquisition - 18 18

41
176 41
Acquisitions
OVERVIEW (continued)29. Acquisitions (continued) The assets and the liabilitiesThe
arising
assets
from
andand
therecognised
liabilities arising
on thefrom
acquisition
and recognised
of the on the acquisition of
EMIRATES subsidiaries were as follows: subsidiaries were as follows:
financial effects of the acquired
The financial
businesses
effects
areofset
theout
acquired
below: businesses are set out below:
DNATA Qantas 121 Qantas 121
Alpha LSG Dunya Alpha LSG Dunya Catering Group Others
Catering Total
Group Others T
GROUP
Limited Travel LLC Limited Travel LLC
Total Total AED m AED m AED AED
m m AED AED
m m AED m AED
FINANCIAL
INFORMATION
AED m AED m AED AED
m m AED m AED m Fair value of net assets acquired
Fair value of net
185assets acquired
13 80 185 278 13 80 2
uisition-related costs Acquisition-related2costs - 2 2 - 2 Less: Non-controlling interestLess: Non-controlling
- interest (5) (3) - (8) (5) (3)
EMIRATES
tribution from acquiredContribution from acquired
FINANCIAL dnata's share of net assets dnata's share of net assets
COMMENTARY
nesses businesses acquired acquired 185 8 77 185 270 8 77 2
nueDNATA
from acquisition dateRevenue
to 31 from acquisition date to 31 Goodwill (Note 11) Goodwill (Note 11)
193 41 86 193 320 41 86
FINANCIAL
ch 2020
COMMENTARY March 2020 - 14 14 - 14 14 Total purchase consideration
Total purchase378
consideration
49 163 378 590 49 163 5
t from acquisition date toProfit
EMIRATES 31 from acquisition date to 31 Less: Cash and cash equivalents
Less: Cash and cash equivalents
ch 2020
CONSOLIDATED March 2020 - 3 3 - 3 3 acquired acquired - - (67) - (67) - (67)
FINANCIAL
e acquisition
STATEMENTS had taken If
place
the acquisition had taken place Less: Fair value of retained interest
Less: Fair value of -retained interest
- (40) - (40) - (40)
he beginning
DNATA of the yearat the beginning of the year Less: Deferred consideration Less: Deferred consideration
- - (3) - (3) - (3)
nueCONSOLIDATED Revenue 1,302 15 1,3171,302 15 1,317 Cash outflow on acquisitionCash outflow on acquisition49
378 53 378 480 49 53
FINANCIAL
t / (loss)
STATEMENTS Profit / (loss) (94) 3 (91) (94) 3 (91)
ADDITIONAL
INFORMATION
30. Capital management 30. Capital management
9 2019
e previous year, dnata acquired
In the previous
100% ownership
year, dnataofacquired
Qantas Catering
100% ownership
Group Ltd
of Qantas Catering Group Ltd dnata monitors the return on dnata
equitymonitors
which is defined
the return
as on
profit
equity
for the
which
year
is expressed
defined as as
profit for the year expresse
sequently renamed as dnata
(subsequently
Catering renamed
Australia Subsidiary
as dnata Catering
1 Pty Ltd)
Australia
and Snap
Subsidiary 1 Pty Ltd) and Snap a percentage of average equity.
a percentage
dnata seeks
of to
average
provide
equity.
a higher
dnata
return
seekstotothe
provide
Ownera higher return to the Ow
h Pty Ltd, 85% ownershipFresh
of 121
PtyGroup
Ltd, 85%
International
ownershipLLC
of 121
(subsequently
Group International
renamed LLC (subsequently renamed by resorting to borrowings toby
finance
resorting
its acquisitions.
to borrowingsIn 2020,
to finance
dnataitsachieved
acquisitions.
a return
In 2020, dnata achieved a re
nata Catering US LLC) andasother
dnatasmaller
Catering
entities
US LLC)
presented
and other
in Others.
smaller entities presented in Others. on equity of 7.6% (2019: 19.2%).
on equity of 7.6% (2019: 19.2%).

42 42 177
OVERVIEW

EMIRATES

DNATA

GROUP

FINANCIAL
INFORMATION

EMIRATES
FINANCIAL
COMMENTARY

DNATA
FINANCIAL
COMMENTARY
1 8 0 E M I R AT E S T E N - Y E A R O V E R V I E W
EMIRATES
CONSOLIDATED
FINANCIAL
STATEMENTS 1 8 2 D N ATA T E N - Y E A R O V E R V I E W
DNATA
CONSOLIDATED
FINANCIAL 184 GROUP TEN-YEAR OVERVIEW
STATEMENTS

ADDITIONAL 1 8 5 G R O U P C O M PA N I E S O F E M I R AT E S
INFORMATION

1 8 6 G R O U P C O M PA N I E S O F D N ATA

188 GLOSSARY

179
 EMIRATES TEN-YEAR OVERVIEW

Consolidated income statement 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12 2010-11
OVERVIEW
Revenue and other operating income AED m 91,972 97,907 92,322 85,083 85,044 88,819 82,636 73,113 62,287 54,231
EMIRATES
Operating costs AED m 85,564 95,260 88,236 82,648 76,714 82,926 78,376 70,274 60,474 48,788
DNATA
- of which jet fuel AED m 26,260 30,768 24,715 20,968 19,731 28,690 30,685 27,855 24,292 16,820
GROUP - of which depreciation and amortisation AED m 19,444 9,680 9,193 8,304 8,000 7,446 6,421 5,136 4,134 3,677
FINANCIAL - of which employee costs AED m 12,058 12,623 13,080 12,864 12,452 11,851 10,230 9,029 7,936 7,615
INFORMATION

EMIRATES
Operating profit AED m 6,408 2,647 4,086 2,435 8,330 5,893 4,260 2,839 1,813 5,443
FINANCIAL Profit attributable to the Owner AED m 1,056 871 2,796 1,250 7,125 4,555 3,254 2,283 1,502 5,375
COMMENTARY

DNATA
FINANCIAL Consolidated statement of financial position
COMMENTARY
Non-current assets AED m 144,357 96,483 93,417 93,722 87,752 83,627 74,250 59,856 51,896 43,223
EMIRATES Current assets AED m 27,705 30,915 34,170 27,836 31,427 27,735 27,354 34,947 25,190 21,867
CONSOLIDATED
FINANCIAL - of which cash assets AED m 20,249 17,037 20,420 15,668 19,988 16,885 16,561 24,572 15,587 13,973
STATEMENTS Total assets AED m 172,062 127,398 127,587 121,558 119,179 111,362 101,604 94,803 77,086 65,090
DNATA
CONSOLIDATED Total equity AED m 23,587 37,743 37,046 35,094 32,405 28,286 25,471 23,032 21,466 20,813
FINANCIAL
180
STATEMENTS - of which equity attributable to the Owner AED m 22,978 37,149 36,454 34,508 31,909 27,886 25,176 22,762 21,224 20,606
Non-current liabilities AED m 99,583 52,190 49,975 48,082 48,250 48,595 43,705 40,452 30,574 22,987
ADDITIONAL
INFORMATION Current liabilities AED m 48,892 37,465 40,566 38,382 38,524 34,481 32,428 31,319 25,046 21,290
EMIRATES TEN-
YEAR OVERVIEW
Consolidated statement of cash flows
DNATA TEN-YEAR Cash flow from operating activities AED m 22,798 10,528 14,134 10,425 14,105 13,265 12,649 12,814 8,107 11,004
OVERVIEW
Cash flow from investing activities AED m (10,231) (1,360) (10,977) (3,129) (2,361) (6,411) (4,257) (15,061) (10,566) (5,092)
GROUP TEN-YEAR Cash flow from financing activities AED m (9,366) (9,807) (6,442) (10,502) (7,975) (6,264) (7,107) 1,240 (201) (5,046)
OVERVIEW
Net change in cash and cash equivalents AED m 3,201 (639) (3,285) (3,206) 3,769 590 1,285 (1,007) (2,660) 866
GROUP COMPANIES
OF EMIRATES
Other financial data
GROUP COMPANIES
OF DNATA Net change in cash assets AED m 3,212 (3,383) 4,752 (4,320) 3,103 324 (8,011) 8,985 1,614 3,462

GLOSSARY
EBITDAR AED m 25,852 23,977 24,970 21,248 24,415 20,259 17,229 13,891 10,735 13,437

Borrowings and lease liabilities AED m 110,157 53,039 51,101 51,002 50,105 47,808 42,431 40,525 30,880 23,230
Less: Cash assets AED m 20,249 17,037 20,420 15,668 19,988 16,885 16,561 24,572 15,587 13,973
Net debt AED m 89,908 36,002 30,681 35,334 30,117 30,923 25,870 15,953 15,293 9,257

Capital expenditure AED m 11,870 13,437 8,496 12,632 16,723 19,873 21,142 13,378 13,644 12,238

Notes :
1. The ten-year overview has been extracted from the audited financial statements which have been drawn up in compliance with IFRS. New Standards and amendments to existing IFRS have been adopted on
the effective dates applicable to Emirates.
180 2. Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year’s figures are restated and figures beyond that year have not been amended.
 EMIRATES TEN-YEAR OVERVIEW

Key Ratios 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12 2010-11
OVERVIEW Operating margin % 7.0 2.7 4.4 2.9 9.8 6.6 5.2 3.9 2.9 10.0
EMIRATES
Profit margin % 1.1 0.9 3.0 1.5 8.4 5.1 3.9 3.1 2.4 9.9
Return on shareholder's funds % 3.5 2.4 7.9 3.8 23.8 17.2 13.6 10.4 7.2 28.4
DNATA EBITDAR margin % 28.1 24.5 27.0 25.0 28.7 22.8 20.8 19.0 17.2 24.8
GROUP
Cash assets to revenue and other operating income % 22.0 17.4 22.1 18.4 23.5 19.0 20.0 33.6 25.0 25.8
FINANCIAL
INFORMATION Net debt to equity ratio % 381.2 95.4 82.8 100.7 92.9 109.3 101.6 69.3 71.2 44.5
Net debt (incl. aircraft operating leases*) to equity ratio % 381.2 209.8 216.4 237.9 215.9 212.1 209.9 186.4 162.1 127.6
EMIRATES
FINANCIAL Net debt (incl. aircraft operating leases*) to EBITDAR % 347.8 330.3 321.0 392.9 286.5 296.2 310.3 309.1 324.1 197.6
COMMENTARY Effective interest rate on borrowings and lease liabilities % 4.6 4.0 3.2 3.0 3.1 3.3 3.2 3.1 3.0 2.7
DNATA Fixed to floating debt mix 69:31 65:35 72:28 75:25 92:8 85:15 94:6 90:10 89:11 89:11
FINANCIAL
COMMENTARY
Airline Operating Statistics
EMIRATES Performance Indicators
CONSOLIDATED Yield Fils per RTKM 222 219 213 204 218 245 250 249 251 232
FINANCIAL
STATEMENTS Unit cost Fils per ATKM 141 146 139 132 132 158 162 167 166 147
Unit cost excluding jet fuel Fils per ATKM 96 97 98 97 97 102 97 99 97 95
DNATA Breakeven load factor % 63.4 66.4 65.2 64.5 60.4 64.7 64.9 66.9 65.9 63.6
CONSOLIDATED
FINANCIAL
STATEMENTS Fleet
Aircraft numbers 270 270 268 259 251 231 217 197 169 148
ADDITIONAL
INFORMATION Average fleet age months 81 73 68 63 74 75 74 72 77 77

EMIRATES TEN- Production

YEAR OVERVIEW
Destination cities number 157 158 157 156 153 144 142 133 123 112
DNATA TEN-YEAR Overall capacity ATKM million 58,584 63,340 61,425 60,461 56,383 50,844 46,820 40,934 35,467 32,057
OVERVIEW Available seat kilometres ASKM million 367,153 390,775 377,060 368,102 333,726 295,740 271,133 236,645 200,687 182,757
Aircraft departures number 189,081 203,281 201,858 204,543 199,754 181,843 176,039 159,892 142,129 133,772
GROUP TEN-YEAR
OVERVIEW
Traffic
GROUP COMPANIES Passengers carried number '000 56,162 58,601 58,485 56,076 51,853 48,139 44,537 39,391 33,981 31,422
OF EMIRATES
Passenger seat kilometres RPKM million 288,148 299,967 292,221 276,608 255,176 235,498 215,353 188,618 160,446 146,134
GROUP COMPANIES Passenger seat factor % 78.5 76.8 77.5 75.1 76.5 79.6 79.4 79.7 80.0 80.0
OF DNATA
Cargo carried tonnes '000 2,389 2,659 2,623 2,577 2,509 2,377 2,250 2,086 1,796 1,767
GLOSSARY Overall load carried RTKM million 39,505 42,304 41,250 39,296 36,931 34,207 31,137 27,621 23,672 22,078
Overall load factor % 67.4 66.8 67.2 65.0 65.5 67.3 66.5 67.5 66.7 68.9

Employee
Average employee strength-EK number 59,519 60,282 62,356 64,768 61,205 56,725 52,516 47,678 42,422 38,797
Average employee strength-airline number 47,421 47,808 49,740 51,628 48,023 44,571 41,471 38,067 33,634 30,258
Revenue per airline employee AED '000 1,873 1,975 1,784 1,580 1,717 1,939 1,938 1,868 1,796 1,738
*pertains to year 2018-19 and earlier. From 1 April 2019, with the adoption of IFRS 16, applicable off-balance sheet leases have been capitalised on the consolidated statement of financial position and related
lease liability is included in net debt.

Notes :
1. The ten-year overview has been extracted from the audited financial statements which have been drawn up in compliance with IFRS. New Standards and amendments to existing IFRS have been adopted on the
effective dates applicable to Emirates.
2. Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year’s figures are restated and figures beyond that year have not been amended. 181
 DNATA TEN-YEAR OVERVIEW

Consolidated income statement 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12 2010-11
OVERVIEW
Revenue and other operating income AED m 14,760 14,419 13,074 12,182 10,630 9,160 7,565 6,622 5,755 4,406
EMIRATES
Operating costs* AED m 14,253 13,141 11,878 10,958 9,569 8,155 6,702 5,807 4,971 3,906
DNATA
- of which employee costs AED m 5,875 5,386 5,055 4,654 3,847 3,351 3,251 2,771 2,488 2,032
GROUP - of which travel services direct costs AED m 2,534 2,476 2,135 1,913 1,951 1,458 84 n/a n/a n/a
FINANCIAL - of which airport operations direct costs AED m 1,364 1,350 1,293 1,138 949 824 883 798 699 582
INFORMATION
- of which inflight catering direct cost AED m 1,352 1,070 843 794 715 735 663 601 451 241
EMIRATES
FINANCIAL Operating profit AED m 507 1,278 1,196 1,224 1,061 1,005 863 815 784 500
COMMENTARY
Profit attributable to the Owner AED m 618 1,445 1,317 1,210 1,054 906 829 819 808 576
DNATA
FINANCIAL
COMMENTARY
Consolidated statement of financial position
EMIRATES Non-current assets AED m 8,143 6,196 5,718 5,372 4,590 4,219 4,364 3,594 3,759 3,072
CONSOLIDATED
FINANCIAL Current assets AED m 8,560 8,895 8,574 6,675 6,388 5,427 4,303 3,977 3,360 3,328
STATEMENTS
- of which cash assets AED m 5,316 5,122 4,945 3,398 3,465 3,148 2,434 2,396 1,999 2,083
DNATA Total assets AED m 16,703 15,091 14,292 12,047 10,978 9,646 8,667 7,571 7,119 6,400
CONSOLIDATED
FINANCIAL
182
STATEMENTS Total equity AED m 8,302 8,027 7,282 6,706 5,554 4,853 4,756 4,097 3,683 3,282
ADDITIONAL - of which equity attributable to the Owner AED m 8,259 7,911 7,103 6,539 5,387 4,788 4,674 4,028 3,614 3,209
INFORMATION
Non-current liabilities AED m 4,109 2,126 1,734 1,542 1,362 1,213 1,386 1,351 1,275 1,115
EMIRATES TEN-YEAR Current liabilities AED m 4,292 4,938 5,276 3,799 4,062 3,580 2,525 2,123 2,161 2,003
OVERVIEW

DNATA TEN-YEAR
OVERVIEW Consolidated statement of cash flows
Cash flow from operating activities AED m 1,393 1,417 1,858 1,281 1,390 1,058 1,125 1,162 1,167 901
GROUP TEN-YEAR
OVERVIEW Cash flow from investing activities AED m (878) 78 (2,157) (961) (1,076) (697) 316 (1,910) (431) (1,333)
Cash flow from financing activities AED m (899) (643) 78 (146) (496) (344) (443) (343) (718) (96)
GROUP COMPANIES
OF EMIRATES Net change in cash and cash equivalents AED m (384) 852 (221) 174 (182) 17 998 (1,091) 18 (528)

GROUP COMPANIES
OF DNATA
Other financial data
GLOSSARY Cash assets AED m 5,316 5,122 4,945 3,398 3,465 3,148 2,434 2,396 1,999 2,083
* includes net impairment loss on trade and other receivables.

Notes :
1. The ten-year overview has been extracted from the audited financial statements which have been drawn up in compliance with IFRS. New Standards and amendments to existing IFRS have been adopted on the
effective dates applicable to dnata.
2. Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year’s figures are restated and figures beyond that year have not been amended.

182
 DNATA TEN-YEAR OVERVIEW

Key ratios 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12 2010-11
OVERVIEW
Operating margin % 3.4 8.9 9.1 10.0 10.0 11.0 11.4 12.3 13.6 11.3
EMIRATES Profit margin % 4.2 10.0 10.1 9.9 9.9 9.9 11.0 12.4 14.0 13.1

DNATA
Return on shareholder's funds % 7.6 19.2 19.3 20.3 20.7 19.2 19.1 21.4 23.7 18.0

GROUP Employee
FINANCIAL Average employee strength number 46,211 45,004 41,007 40,978 34,117 27,428 22,980 20,229 18,356 17,971
INFORMATION
Revenue per employee AED '000 319 320 319 297 333 399 356 327 322 323
EMIRATES
FINANCIAL Performance Indicators
COMMENTARY

DNATA
Airport
FINANCIAL Aircraft handled number 680,867 698,739 659,591 623,611 389,412 298,298 288,335 264,950 253,434 232,585
COMMENTARY
Cargo handled tonnes '000 2,929 3,091 3,083 2,844 2,056 1,671 1,604 1,570 1,543 1,494
EMIRATES
CONSOLIDATED Catering
FINANCIAL
STATEMENTS Meals uplifted number '000 93,492 70,889 55,718 60,747 57,062 57,687 41,275 28,584 26,708 11,743

DNATA Travel services

CONSOLIDATED
FINANCIAL Total transaction value (TTV) AED m 10,751 11,459 11,281 10,687 11,747 9,782 5,892 5,357 2,630 1,610
STATEMENTS

ADDITIONAL
INFORMATION

EMIRATES TEN-YEAR
OVERVIEW

DNATA TEN-YEAR
OVERVIEW

GROUP TEN-YEAR
OVERVIEW

GROUP COMPANIES
OF EMIRATES

GROUP COMPANIES
OF DNATA

GLOSSARY

Notes :
1.The ten-year overview has been extracted from the audited financial statements which have been drawn up in compliance with IFRS. New Standards and amendments to existing IFRS have been adopted on the
effective dates applicable to dnata.
2.Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year’s figures are restated and figures beyond that year have not been amended

183
 GROUP TEN-YEAR OVERVIEW

Financial highlights 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12 2010-11
OVERVIEW
Revenue and other operating income* AED m 104,002 109,255 102,409 94,706 92,896 96,053 87,766 77,536 66,149 57,224
EMIRATES Operating costs* AED m 97,087 105,330 97,127 91,047 83,505 89,155 82,643 73,882 63,552 51,281

DNATA
Operating profit AED m 6,915 3,925 5,282 3,659 9,391 6,898 5,123 3,654 2,597 5,943
Operating margin % 6.6 3.6 5.2 3.9 10.1 7.2 5.8 4.7 3.9 10.4
GROUP
Profit attributable to the Owner AED m 1,674 2,316 4,113 2,460 8,179 5,461 4,083 3,102 2,310 5,951
FINANCIAL Profit margin % 1.6 2.1 4.0 2.6 8.8 5.7 4.7 4.0 3.5 10.4
INFORMATION
Dividend to the Owner AED m - 500 2,000 - 2,500 2,569 1,026 1,000 850 2,208
EMIRATES
FINANCIAL
COMMENTARY Financial position
Total assets** AED m 188,461 142,267 141,625 133,281 129,989 120,886 110,100 102,188 84,127 71,402
DNATA
FINANCIAL Cash assets AED m 25,565 22,159 25,365 19,066 23,453 20,033 18,995 26,968 17,586 16,056
COMMENTARY

EMIRATES Employee data

CONSOLIDATED
FINANCIAL
Average employee strength number 105,730 105,286 103,363 105,746 95,322 84,153 75,496 67,907 60,778 56,768
STATEMENTS
* after eliminating inter company income/expense of the year.
** after eliminating inter company receivables/payables as at year end.
DNATA
CONSOLIDATED
FINANCIAL
184
STATEMENTS

ADDITIONAL
INFORMATION

EMIRATES TEN-YEAR
OVERVIEW

DNATA TEN-YEAR
OVERVIEW

GROUP TEN-YEAR
OVERVIEW

GROUP COMPANIES
OF EMIRATES

GROUP COMPANIES
OF DNATA

GLOSSARY

Notes :
1. The ten-year overview has been extracted from the audited financial statements which have been drawn up in compliance with IFRS. New Standards and amendments to existing IFRS have been adopted on the
effective dates applicable to the Emirates Group.
2. Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year’s figures are restated and figures beyond that year have not been amended.

184
 GROUP COMPANIES OF EMIRATES
Hotel operations, food and
Air transportation related services Consumer goods beverage operations and others
Emirates Emirates Emirates
OVERVIEW
100% Maritime and Mercantile International
100% Dnata Travel (UK) Limited 100% Emirates Hotels (Australia) Pty Ltd
EMIRATES
(Holding LLC) (UAE)

100% DN Travel ApS (Denmark) 100% MMI Tanzania PVT Ltd 50% Lanka Premium Beverage PVT Limited 100% Emirates Hotel LLC (UAE)
DNATA (Sri Lanka)
GROUP 49% Independent Wine & Spirit (Thailand) 100% Emirates Land Development Services LLC
100% DS Travel GmbH (Germany) 100% Queen OS Trading FZE (UAE)
Co. Ltd (UAE)
FINANCIAL
INFORMATION 100% Emirates Leisure Retail (Holding) LLC
100% Emirates Vacations LLC (United States) 90.8% Prembev International FZE (UAE) 40% Cooperhouse Asia Pte. Ltd (Singapore) (UAE)
EMIRATES
100% Brand 2 Consumer (Pty) Ltd 40% Diamond Wines & Spirits PTE. Ltd
FINANCIAL 100% The High Street LLC (UAE) 100% Air Ventures Holding, Inc. (USA)
COMMENTARY
(South Africa) (Singapore)

100% Transguard Aviation Security LLC (UAE) 90% Seyvine Ltd (Seychelles) 40% Platinum Wines & Spirits Pte. Ltd 75% Air Ventures, LLC (USA)
DNATA (Singapore)
FINANCIAL
COMMENTARY 68.7% Maritime and Mercantile International
50% Emirates - CAE Flight Training LLC (UAE) 40% Royalton Wine & Spirits Private Ltd 100% Air Ventures LGA, LLC (USA)
LLC (UAE) (Singapore)
EMIRATES
CONSOLIDATED 40% Titanium International Wines & Spirits
FINANCIAL
50% CAE Middle East Pilot Services LLC (UAE) 100% Duty Free Dubai Ports FZE (UAE) 100% Emirates Leisure Retail (Australia) Pty Ltd
PTE. Ltd (Singapore)
STATEMENTS
100% Harts International LLC (UAE) 100% ELRA Properties Pty Ltd (Australia)
15% Savero Distributors Ltd (Cyprus)
DNATA 100% Hudcom Pty Ltd (Australia)
CONSOLIDATED Catering services
100% Hudsons Adelaide Airport Pty Ltd (Australia)
FINANCIAL 100% Golden Globe (BVI) Ltd
STATEMENTS Emirates 100% Hudsons Airport Launceston Pty Ltd (Australia)
100% Hudsons Albury Pty Ltd (Australia)
50% Arabian Harts International Ltd
ADDITIONAL 90% Emirates Flight Catering Co. (LLC) (UAE) (BVI)* 100% Hudsons Bendigo Pty Ltd (Australia)
INFORMATION
100% Hudsons Bourke Spring Pty Ltd (Australia)
100% Harts International Retailers (Middle 100% Hudsons Elizabeth (Melb) Pty Ltd (Australia)
EMIRATES TEN-YEAR 65% Emirates Cuisine Solutions LLC (UAE) East) FZE (UAE)
OVERVIEW 100% Hudsons Epworth Richmond Pty Ltd (Australia)
100% Maritime and Mercantile International 100% Hudsons Gawler Pty Ltd (Australia)
DNATA TEN-YEAR 60% Emirates Crop One (LLC) (UAE) FZE (UAE) 100% Hudsons George (Bris) Pty Ltd (Australia)
OVERVIEW 100% Hudsons Grenfell Currie Pty Ltd (Australia)
70% Oman United Agencies LLC 100% Hudsons Hospital Australia Pty Ltd (Australia)
GROUP TEN-YEAR
OVERVIEW 100% Hudsons Hospitals Nth Adelaide Pty Ltd (Australia)
92.5% Sohar Catering & Supplies Co. LLC 100% Hudsons Hospitals S.A. Pty Ltd (Australia)
GROUP COMPANIES (Oman) 100% Hudsons Hospitals Victoria Pty Ltd (Australia)
OF EMIRATES 100% Hudsons King William Pty Ltd (Australia)
67.1% Onas Trading LLC (Oman)
100% Hudsons Launceston Pty Ltd (Australia)
GROUP COMPANIES
OF DNATA 100% Hudsons Little Collins Flinders Pty Ltd (Australia)
50% Sirocco FZCO (UAE) 100% Hudsons Liverpool Pty Ltd (Australia)
GLOSSARY 100% Hudsons Murray Pty Ltd (Australia)
49% Fujairah Maritime and Mercantile 100% Hudsons Shepparton Pty Ltd (Australia)
International LLC (UAE) 100% Hudsons WA Airports Pty Ltd (Australia)
100% Hudsons William Pty Ltd (Australia)
50% Focus Brands Ltd (BVI)
100% Emirates Leisure Retail (Singapore)
Pte Ltd

100% Emirates Leisure Retail (New Zealand)

Pte Ltd

68.7% Emirates Leisure Retail LLC (UAE)

Note: Percentages indicate beneficial interest in the company, legal shareholdings may be different.
The country of incorporation is same as country of principal operations. 51% Premier Inn Hotels LLC (UAE)
*Country of principal operations is UAE. 185
 GROUP COMPANIES OF DNATA
Airport Operations Catering
dnata dnata
OVERVIEW
100% Dnata Aviation Services Limited (UK) 100% dnata, Inc. (Philippines) 100% Dnata Catering Services Limited (UK)
EMIRATES
100% Airline Cleaning Services Pty Ltd
DNATA 100% dnata Clark Inc. (Philippines) 100% Alpha Flight Group Limited (UK) 100% En Route International Limited (UK)
(Australia)

GROUP 100% Dnata International Airport Services Pte 100% Alpha Flight Services Pty Ltd
100% dnata Aviation Services Canada Limited 100% En Route Belgium NV
Ltd (Singapore) (Australia)
FINANCIAL
INFORMATION 50% G.T.A. Dnata Ground Handling Limited 100% CIAS International Pte Ltd (Singapore) 100% Alpha ATS Pty Ltd (Australia) 100% En Route International Australia Pty, Ltd
(Canada)
EMIRATES
50% G.T.A. Dnata Ground Handling YVR 100% dnata Catering Australia 100% En Route International General Trading
FINANCIAL 100% dnata Singapore Pte Ltd (Singapore)*
COMMENTARY
Limited (Canada) Subsidiary 2 Pty Ltd 1 LLC (UAE)

50% G.T.A. Dnata World Cargo Limited 20% Guangzhou Baiyun International 100% dnata Catering Australia 100% En Route International Limited
DNATA (Canada) Airport Ground Handling Services Co. Ltd Subsidiary 1 Pty Ltd 2 (Hong Kong)
FINANCIAL (P. R. China)
COMMENTARY 100% En Route International South Africa
100% dnata Aviation Services US Inc. (USA) 100% Snap Fresh Pty Ltd (Australia)
(Pty) Ltd
EMIRATES 100% Dubai Express LLC (UAE)
CONSOLIDATED
FINANCIAL
100% ALX Cargo Centre IAH LLC (USA) 100% Alpha Flight US, Inc. 100% En Route International USA, Inc.
STATEMENTS 100% Freightworks Logistics LLC (UAE)
100% dnata Aviation USA Inc. 100% Alpha In flight US, LLC
DNATA
CONSOLIDATED
95% Air Dispatch (CLC) s.r.o. (Czech Republic)
FINANCIAL 100% Ground Services International Inc. 100% dnata Catering UK Limited
85% dnata Catering US, LLC (USA)
186
STATEMENTS (USA) (England) 3
100% Air Dispatch (CLC) Spolka z.o.o. (Poland)
ADDITIONAL 100% Metro Air Service Inc. (USA) 100% 121 Group Holdings LLC (USA) 100% Alpha Flight UK Ltd
INFORMATION 80% Dnata Airport Services Kurdistan
(Cayman Islands)
EMIRATES TEN-YEAR 100% dnata BV (The Netherlands) 100% 121 at BNA LLC (USA) 100% dnata s.r.l (Italy)
OVERVIEW 100% Dnata for Airport Services Ltd
(Kurdistan, Iraq)
DNATA TEN-YEAR 100% dnata NV (Belgium) 100% 121 at Oxford LLC (USA) 80% Alpha Flight a.s. (Czech Republic)
OVERVIEW 70% Dubz Holding Limited (BVI)
100% dnata US Inflight Catering
100% dnata Limited (UK) 64.2% dnata Catering SRL (Romania)
GROUP TEN-YEAR 100% Delivering Your Bags Passenger LLC (USA)
OVERVIEW Luggage Delivery LLC (UAE)
100% dnata Cargo Limited (UK) 100% North Salem Deli LLC (USA) 49% Alpha Flight Services UAE LLC
GROUP COMPANIES 51% Bolloré Logistics LLC (UAE)
OF EMIRATES
100% dnata Ground Limited (UK) 100% Dnata Catering Canada Limited 35.9% Jordan Flight Catering Company Ltd
GROUP 51% Dnata PW Airport Logistics LLC (UAE)
COMPANIES
OF DNATA 35.7% Airports Bureau Systems Ltd (UK) 100% dnata Catering Ireland Ltd 28.7% Silver Wings OOD (Bulgaria)
50% Gerry’s Dnata (Private) Ltd (Pakistan)
GLOSSARY 99.2% Consortium Alpha DZZD
100% dnata Pty Ltd (Australia)
(Bulgaria)

100% dnata Airport Services Pty Ltd. 100% Dnata Switzerland AG

(Australia)

100% Airport Handling Services Australia 30% GVAssistance SA (Switzerland)

Pty Ltd

70% Airport Handling SpA (Italy)

70% RM Servicos Auxilliares de Transporte

1 Previously Qantas Catering Group Limited
2 Previously Q Catering Limited
3 Previously Alpha LSG Ltd
186
Aereo Ltda (Brazil) Note: Percentages indicate beneficial interest in the company, legal shareholdings may be different.
The country of incorporation is same as country of principal operations.
* Also provides catering services.
 GROUP COMPANIES OF DNATA
Travel services Others
dnata / dnata World Travel dnata / dnata World Travel dnata
OVERVIEW
100% Cleopatra International Travel WLL 100% Destination Asia LLC 100% Travel Partners LLC (UAE) 100% Plafond Fit Out LLC (UAE)
EMIRATES
(Bahrain)

100% Travel Partners Iberian, Sociedad

DNATA 100% Destination Asia Limited (UAE) 100% dnata Travel Inc. (Philippines) 100% Transecure LLC (UAE)
Limitada (Spain)

GROUP
100% Destination Asia (Singapore) Pte Limited 100% dnata World Travel Limited (UK) 100% Travel Partners (London) Limited (UK) 50% Transguard Group LLC (UAE)
FINANCIAL
INFORMATION 29% Destination Asia Destination 100% Travel Technology Investments Limited 100% CASS International General Trading LLC
100% Tropo GmbH (Germany)
Management Sdn Bhd (Malaysia) (UK) (UAE)
EMIRATES
FINANCIAL 25% Destination Asia Japan Limited 100% Travel Republic Holdings Limited (UK) 75% Super Bus Tourism LLC (UAE) 50% Transguard Cash LLC (UAE)
COMMENTARY
70% dnata Travel Company Limited (Saudi
DNATA 25% Destination Asia Ltd (Hong Kong) 100% dnata d.o.o. Beograd (Serbia) 100% Transguard Cash Services LLC (UAE)
Arabia)
FINANCIAL
COMMENTARY 100% Maritime and Mercantile International 100% dnata Aviation Services Company 100% Transguard Group International LLC
25% Destination Asia (Thailand) Limited Travel LLC (UAE) Limited (Saudi Arabia) (UAE)
EMIRATES
CONSOLIDATED
FINANCIAL
25% Destination Asia (Vietnam) Limited 76.9% Oman United Agencies Travel LLC 60% Priohub LLC (UAE) 100% Transguard Group Cash KSA LLC (UAE)
STATEMENTS
25% Destination Group Asia (Hong Kong) 100% Sama Travel & Services International 51% Transguard Group International LLC
51% Imagine Enterprises Limited (UK)
DNATA Limited LLC (Oman) (Oman)
CONSOLIDATED
FINANCIAL 25% DMC Management Asia Services Limited 50% Moon Travel LLC (Oman) 100% Imagine Cruising GmbH (Germany)
STATEMENTS (Hong Kong)

ADDITIONAL 25% PT Destination Asia (Indonesia) 100% Dunya Travel LLC (UAE) 100% Imagine Cruising Limited (UK)
INFORMATION

EMIRATES TEN-YEAR 100% dnata International Private Ltd (India) 100% Dunya Air Services LLC (UAE) 100% Imagine Transport Limited (UK)
OVERVIEW

DNATA TEN-YEAR 100% dnata Marketing Services Pvt Ltd (India) 100% Najm Travel LLC (UAE)* 100% Imagine Cruising Pty Ltd (Australia)
OVERVIEW
100% dnata Travel and Tourism WLL 100% Imagine Cruising (Pty) Ltd (South Africa)
GROUP TEN-YEAR (Bahrain)
OVERVIEW
100% Imagine Cruising (WA) Pty Ltd
100% dnata Travel Holdings UK Limited
GROUP COMPANIES (Australia)
OF EMIRATES
100% Airline Network Limited (UK) 100% The Global Travel Group Limited (UK) 50% G Travel International LLC (UAE)
GROUP
COMPANIES
OF DNATA 100% Gold Medal International Limited (UK) 100% Travel 2 Limited (UK) 50% Najm Travels LLC (Afghanistan)

GLOSSARY
100% Gold Medal Travel Group Ltd (UK) 100% Travelbag Limited (UK) 50% Travel Counsellors LLC (UAE)

100% Gold Medal Transport Ltd (UK) 100% Travel Republic Ltd (UK)

100% Personalised Travel Services Limited (UK) 82.28% BD4 Travel Limited (UK)

100% Stella Global UK Limited 100% BD4 GmbH (Germany)

14.29% Travel Technology Initiative Limited

100% Stella Travel Services (UK) Limited (UK) Note: Percentages indicate beneficial interest in the company, legal shareholdings may be different.
The country of incorporation is same as country of principal operations.
100% Sunmaster Limited (UK) *Country of principal operations is Iraq. 187
 GLOSSARY

OVERVIEW
A E O T
EMIRATES
Acquisitions – The sum of purchase EBITDAR – Operating profit before Operating cash margin – Cash Total revenue – Sum of revenue and
DNATA consideration for acquisition of depreciation, amortisation and aircraft generated from operating activities other operating income.
subsidiaries and investments made in operating lease rentals. expressed as a percentage of the sum of
GROUP Total transaction value – The sum of
associates and joint ventures. revenue and other operating income.
EBITDAR margin – EBITDAR expressed gross revenue from agency and package
FINANCIAL
INFORMATION
ASKM (Available Seat Kilometre) – as a percentage of the sum of revenue Operating margin – Operating profit sales, net of government taxes.
Passenger seat capacity measured in and other operating income. expressed as a percentage of the sum of
Traffic – see RTKM
EMIRATES seats available multiplied by the revenue and other operating income.
FINANCIAL Equity ratio – Total equity divided by
COMMENTARY distance flown. Transport revenue – The sum of
total assets. Overall load factor – RTKM divided
passenger, cargo and excess
DNATA
ATKM (Available Tonne Kilometre) by ATKM.
F baggage revenue.
FINANCIAL – Overall capacity measured in tonnes
COMMENTARY
available for carriage of passengers P
Fixed to floating debt mix – Ratio of U
EMIRATES and cargo load multiplied by the
CONSOLIDATED distance flown. fixed rate debt to floating rate debt. The Passenger seat factor – RPKM divided
Unit cost (Fils per ATKM) – Operating costs
FINANCIAL ratio is based on net debt (including by ASKM.
STATEMENTS (airline only) incurred per ATKM.
B aircraft operating leases for financial
Passenger yield (Fils per RPKM) –
years 2018-19 and before).
DNATA
Passenger revenue divided by RPKM. Y
CONSOLIDATED Breakeven load factor – The load
FINANCIAL Free cash flow – Cash generated from
188
STATEMENTS
factor at which revenue will equal Profit margin – Profit attributable to the Yield (Fils per RTKM) – Revenue (airline
operating activities less cash used in
operating costs. Owner expressed as a percentage of sum only) earned per RTKM.
investing activities adjusted for the
ADDITIONAL of revenue and other operating income.
INFORMATION
C movement in short term bank deposits.

EMIRATES TEN-YEAR Freight yield (Fils per FTKM) – Cargo R

OVERVIEW Capacity – see ATKM
revenue divided by FTKM.
Return on shareholder’s funds – Profit
Capital expenditure – The sum
DNATA TEN-YEAR FTKM - Cargo tonnage uplifted attributable to the Owner expressed as a
OVERVIEW of additions to property, plant and
multiplied by the distance carried. percentage of shareholder’s funds.
equipment and intangible assets.
GROUP TEN-YEAR
OVERVIEW N RPKM (Revenue Passenger Kilometre)
Capitalised value of aircraft operating
– Number of passengers carried
GROUP COMPANIES lease costs – 60% of future minimum
Net debt – Borrowings and lease multiplied by the distance flown.
OF EMIRATES lease payments for aircraft on operating
liabilities (current and non-current) net
lease (applicable to financial years 2018- RTKM (Revenue Tonne Kilometre) –
GROUP COMPANIES of cash assets.
OF DNATA 19 and before). From 1 April 2019, with Actual traffic load (passenger and cargo)
the adoption of IFRS 16, the related lease Net debt to equity ratio – Net debt in carried measured in terms of tonnes
GLOSSARY liabilities are included in net debt. relation to total equity. multiplied by the distance flown.
Cash assets – The sum of short Net debt including aircraft operating S
term bank deposits and cash and leases – The sum of net debt and the
cash equivalents. capitalised value of aircraft operating Shareholder’s funds – Average of
lease costs. opening and closing equity attributable
D to the Owner.
Dividend payout ratio – Dividend
accruing to the Owner divided by profit
attributable to the Owner.

188
Emirates P.O. Box 686, Dubai, United Arab Emirates, emirates.com
dnata P.O. Box 1515, Dubai, United Arab Emirates, dnata.com

theemiratesgroup.com