69

ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

What has been truly remarkable is the way all

stakeholders in our society and economy have
come together to mobilise the efforts and resources
needed to combat the pandemic. The joint efforts of
the public and private sectors in mounting a strong
healthcare response is one of the examples of this
spirit of solidarity.

His Highness Sheikh Mohammed

bin Rashid Al Maktoum
Vice President and Prime Minister
of the UAE and Ruler of Dubai

The COVID-19 pandemic has been one of the biggest challenges humanity has faced in its
known history. Nevertheless, while it has caused unprecedented disruptions to our lives, it has
also summoned extraordinary resilience across the world.
The UAE’s fight against the pandemic has particularly been a story of strength, fortitude and
endurance. We have been tested in our ability to deal with this unforeseen situation, but we
have emerged out of it tougher.
In many ways, the UAE has proved to be one of best prepared countries to deal with this
pandemic. Not only have we effectively safeguarded the health and wellbeing of citizens and
residents, we have also weathered the economic impact of the crisis. The investments we made
over the last few decades to create a world-leading infrastructure, thanks to the vision of our
founding fathers, combined with our robust institutions and public services, have enabled us to
counter the COVID-19 challenge.
Consistent with this spirit, the Dubai government has
placed a high priority on extending support measures
to businesses to ensure the short-term impact of the
pandemic does not translate into long-term challenges.
Going ahead, we continue to remain committed to
helping all sectors in recovering on a solid footing.
Amidst the pandemic, our model for finding solutions
to challenges has been marked by cooperation,
humanitarian values and rapid action. The response of
Dubai’s aviation and logistics industry leaders to the
disruption caused by COVID-19 is a key example of our

2
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

nation’s ability to rise to the challenge in these testing
times. Working unitedly, they have been quick to use
their global capabilities not only to facilitate the rapid
distribution of vaccines in the country but also send
relief and humanitarian aid to developing nations.
Aviation is indeed vital to Dubai’s vision to be a pivotal
economic hub for the world. The Emirates Group
actively contributes to Dubai’s economic success and
is central to our future growth and prosperity. I am
confident the Group will continue its role as a world-
leading organisation shaping the future of global
aviation, while also furthering the UAE’s vision
and aspirations.
The UAE will mark 50 years of nationhood in December
2021. Growing from a modest regional trading post
to a nation that sent the Arab world’s first space
mission to Mars, the UAE’s development has been truly
extraordinary. I look forward to our country achieving
greater successes and accelerating our progress on the
ambitious path set by our founding leaders. Their vision
to drive human advancement and create a better world
for future generations continues to inspire us.

3
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group
Emirates is a global airline, serving 155 airports in 81 countries from its hub in Dubai,
Financial
information United Arab Emirates.
Additional
information 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
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

6 Financial highlights 18 Emirates highlights 71 Emirates financial commentary

8 Chairman’s statement
16 Leadership
36 dnata highlights 80 dnata financial commentary
48 Our people 86 Emirates independent auditor’s report
54 Our communities 92 Emirates consolidated financial statements
58 Our planet 142 dnata independent auditor’s report
66 Our network 146 dnata consolidated financial statements
188 Emirates ten-year overview
190 dnata ten-year overview
192 Group ten-year overview
193 Group companies of Emirates
194 Group companies of dnata
196 Glossary

5
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

Emirates Group
Financial highlights 2020-21 2019-20 % change
Revenue and other operating income* AED m 35,586 104,002 (65.8)
Operating (loss) / profit AED m (16,878) 6,915 (344.1)
Operating margin % (47.4) 6.6 (54.0) pts
Loss / profit attributable to the Owner AED m (22,100) 1,674 (1,420.2)

Financial highlights
Loss / profit margin % (62.1) 1.6 (63.7) pts

Financial position
Total assets** AED m 165,872 188,461 (12.0)
Cash assets AED m 19,798 25,565 (22.6)

Employee data
Employee strength number 75,145 108,536 (30.8)

* After eliminating inter company income/expense of AED 882m in 2020-21 (2019-20:

AED 2,730m).

** After eliminating inter company receivables/payables of AED 179m in 2020-21 (2019-
20: AED 304m).

Percentages and ratios are derived based on figures rounded off in millions.

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
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group 20-21 30,927 20-21 (20,279) 20-21 5,541 20-21 (1,821)

Financial 19-20 91,972 19-20 1.056 19-20 14,760 19-20 618

information

Additional 18-19 97,907 18-19 871 18-19 14,419 18-19 1,445

information
17-18 92,322 17-18 2,796 17-18 13,074 17-18 1,317

16-17 85,083 16-17 1,250 16-17 12,182 16-17 1,210

Revenue and operating income in AED m (Loss) / profit attributable to the Owner Revenue and operating income in AED m (Loss) / profit attributable to the Owner
in AED m in AED m

Emirates dnata
Financial highlights 2020-21 2019-20 % change Financial highlights 2020-21 2019-20 % change
Revenue and results Revenue and results
Revenue and other operating income AED m 30,927 91,972 (66.4) Revenue and other operating income AED m 5,541 14,760 (62.5)
Operating (loss) / profit AED m (15,021) 6,408 (334.4) Operating (loss) / profit AED m (1,857) 507 (466.3)
Operating margin % (48.6) 7.0 (55.6) pts Operating margin % (33.5) 3.4 (36.9) pts
EBITDA AED m 4,644 25,852 (82.0) (Loss) / profit attributable to the Owner AED m (1,821) 618 (394.7)
EBITDA margin % 15.0 28.1 (13.1) pts (Loss) / profit margin % (32.9) 4.2 (37.1) pts
(Loss) / profit attributable to the Owner AED m (20,279) 1,056 (2,020.4) Return on Owner’s funds % (24.6) 7.6 (32.2) pts
(Loss) / profit margin % (65.6) 1.1 (66.7) pts
Return on Owner's funds % (95.3) 3.5 (98.8) pts Financial position
Total assets AED m 14,274 16,703 (14.5)
Financial position Cash assets AED m 4,690 5,316 (11.8)
Total assets AED m 151,777 172,062 (11.8)
Cash assets AED m 15,108 20,249 (25.4) Key operating statistics
Net debt to equity ratio % 459.0 381.2 77.8 pts Aircraft turns handled number 289,526 680,867 (57.5)
Cargo handled tonnes'000 2,686 2,929 (8.3)
Key operating statistics Meals uplifted number'000 16,939 93,492 (81.9)
Passengers carried number'000 6,553 56,162 (88.3) Total Transaction Value (TTV) AED m 229 10,751 (97.9)
Cargo carried tonnes'000 1,873 2,389 (21.6)
Passenger seat factor % 44.3 78.5 (34.2) pts Employee data
Overall capacity ATKM million 24,782 58,584 (57.7) Employee strength number 34,344 48,503 (29.2)
Available seat kilometres ASKM million 64,062 367,153 (82.6)
Aircraft number 259 270 (11) nos

Employee data
Employee strength number 40,801 60,033 (32.0)

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ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group
A year on, Dubai has safely re-opened for
Financial
information business and for international visitors. The UAE
is amongst the top nations in the world when
Additional
information it comes to protecting its citizens and residents
against COVID-19 with 10 million vaccine doses
administered by end April 2021.

Sadly, our industry is not recovering as quickly as

hoped. At this time of writing, many countries are
battling new variants and a third or fourth wave of
COVID-19 infections, and international travel is still
severely restricted in almost all markets.

HH Sheikh Ahmed bin

Saeed Al Maktoum
Chairman and Chief Executive
Emirates Airline & Group

2020-21: A lingering black swan event
We began our 2020-21 financial year in
lockdown. All passenger flights to and
from the UAE had been suspended from 25
March 2020 for nearly eight weeks as part
of the national pandemic response, and
most of the world’s countries had begun
implementing various levels of restrictions
on travel and personal movement.
It is hard to overstate the tremendous toll that
COVID-19 has had on human lives, and its ongoing
impact on economies, communities, and the global
travel and aviation industry.
In this business environment, the Emirates Group
is reporting its first ever loss in over three decades,
of AED 22.1 billion. Significant flight and travel
restrictions across the globe throughout our entire
2020-21 financial year led to a 66% drop in revenue to
AED 35.6 billion. Our Group’s cash balance of AED 19.8
billion is also down 23%.

Preserving cash and strict cost controls were key focus

areas for 2020-21. Across the Group, we restructured
financial commitments, renegotiated contracts,
examined processes and consolidated operations.

8
ANNUAL REPORT
2020-21
Overview
Emirates
dnata
Group
Financial
information
Additional
information
On the people side, we froze recruitment and
promotions. UAE-based employees took a six-month
salary cut, while other employees supported the
company through a combination of pay cuts, furlough
or job support programmes where available.
Our various cost reduction initiatives across the Group
returned an estimated saving of AED 7.7 billion during
the year.
As it became clear that recovery would take longer
than initially projected, we made the difficult decision
to resize our workforce by 31% in line with reduced
operational requirements. This was the first time in our
Group’s history that we had to implement redundancies
across all parts of the business.
Emirates received capital injections totalling Emirates’ business response
AED 11.3 billion from our ultimate owner the
As many markets remain fully or partially closed to
Government of Dubai, enabling the airline to
international travellers, Emirates had to ground a
preserve most of its workforce, and sustain
significant portion of our fleet this year, and re-design
operations as we chart a path to recovery. dnata
our operations.
also tapped on various industry support and job
saver programmes which provided an estimated Emirates’ total passenger and cargo capacity in
2020-21 was 24.8 billion ATKMs, 42% of what it was
total relief of nearly AED 800 million in 2020-21.
in 2019-20. Our total revenue declined by 66% to
Across the Group, health and wellbeing remained AED 30.9 billion, as travel and flight restrictions
a top priority throughout the year. As we began capped demand and saw Emirates carrying just
a phased return to the workplace and ramped up 6.6 million passengers during the year.
operations, new guidelines and protocols were
introduced to protect our people and customers.
Our inhouse medical team continues to monitor the
latest information on COVID-19 to provide the right
support to our people. When COVID-19 vaccines
became available in the UAE, we partnered with
the health authorities to encourage and facilitate
vaccinations. By March, just three months after
starting our vaccination drive, 35,000 UAE-based
employees had already been vaccinated at one of
our vaccination centres.
9
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group
We began a gradual restoration of our network and hub
Financial
information connectivity from mid-June as the UAE re-opened - first
for transit travellers and later for international arrivals.
Additional
information During the year, Emirates reactivated our codeshare
partnership with flydubai, and entered into agreements
with new partners TAP Air Portugal, FlySafair, and
Airlink in South Africa, to expand connectivity for
our customers.

From zero scheduled passenger flights at the start of

the financial year, to operations in over 120 destinations
by 31 March 2021, Emirates has shown its ability to

adapt and respond to challenges, and the resilience of
its people and business model.
In a showcase of public and private sector partnership,
Emirates worked closely with aviation and tourism
stakeholders to safely re-open Dubai for international
travellers by 7 July.
Placing the health and wellbeing of its workforce and
customers first, Emirates led the industry in proactively
developing new service and operating protocols. We
launched initiatives that earned customer confidence,
such as the industry’s first complimentary COVID-19
medical cover for all passengers, and we fast-tracked
biometric processing and other technology projects
that enhanced customer experience while reducing
contact at airport touchpoints.
Emirates also offered fee waivers so customers can
rebook without penalty, extended Tier status and Miles
validity for Emirates Skywards members, and expedited
the processing of 3 million refund requests which
returned AED 8.5 billion to customers.
Our cargo operations contributed 60% of the
airline’s total transport revenue this year with a
strong performance.

10
ANNUAL REPORT
2020-21
Overview
Emirates
dnata
Group Emirates SkyCargo rapidly scaled up operations and
Financial rebuilt our cargo network to meet strong demand
information
from shippers who faced a capacity crunch when the
Additional pandemic forced airlines to drastically reduce flights.
information
In April, we consolidated our cargo operations at
Dubai International to improve efficiency with reduced
trucking between Dubai’s two airports.
We modified 19 Boeing 777-300ER passenger aircraft
by removing seats in the economy cabin to make room
for more cargo and deployed these “mini freighters”
to supplement our existing 777 freighter fleet. We also
introduced new loading protocols to safely utilise the
overhead bins and passenger seats to carry cargo.
Emirates SkyCargo’s logistics capabilities and Dubai’s
world-class infrastructure put us in a strong position to
support the urgent distribution of COVID-19 vaccines
and other essential medical items.
In October, Emirates SkyCargo set up a dedicated GDP-
certified airside hub in Dubai for COVID-19 vaccines.
Later in February, we signed up to partner with UNICEF
to facilitate the rapid transport of COVID-19 vaccines to
developing nations through Dubai.
Despite the difficult business environment, Emirates has
continued to invest in our future. In 2020-21, we retired
14 aircraft and received delivery of 3 new A380s. We
elevated our signature Emirates A380 experience with
the introduction of our new Premium Economy seats
and product enhancements across all other cabins.
dnata’s business response
The impact of COVID-19 was felt across all
dnata businesses.
With reduced flight and travel activity across all markets,
dnata’s total revenue for 2020-21 dropped 62% to AED
5.5 billion. We recorded our first ever loss of AED 1.8
billion, which includes impairment charges of AED 766
million across all divisions.
During 2020-21, teams across our Airport Operations,
Catering, and Travel divisions quickly adapted to
For our travel trade partners, we launched our Emirates
the dynamic environment. From implementing new
Partners Portal and Emirates Gateway. Powered by the
protocols to introducing innovative products and
latest technology, these platforms mark a step-change
services, we responded to new customer expectations
in how we engage our partners and offer them better
and business opportunities and made the health and
access to our products and services.
wellbeing of our workforce a priority.
11
ANNUAL REPORT
2020-21
Overview
Emirates
dnata
Group
Financial
information
Additional
information
While keeping a tight grip on costs, dnata worked
closely with customers to help adapt their operations
and provide them with the latest travel information.
dnata also pressed ahead with key strategic investments
to strengthen the business for future growth. This
included the opening of a new 150,000 sq ft, state-of-
the-art cargo facility in Manchester; the introduction
of high-tech cool dollies to enhance our pharma and
perishables handling capabilities in Singapore and
Australia; the setting up of a dedicated inflight retail
centre of excellence; the opening of our second catering
facility in Dublin; upgrades to leasure and corporate
travel technology; and the achievement of various
industry certifications which validate our capabilities
and puts dnata in a competitive position to retain and
win new contracts.
12
market demand, such as thermal screening and baggage
disinfection at various locations around the world.
dnata continued to win new contracts in 2020-21. Notably,
in Australia dnata began ground handling for Qantas
at most of its major airports and GTA dnata, our joint-
venture company in Canada, was awarded a five-year
ground handling license for ramp, passenger, and cargo
warehousing services at Vancouver International Airport.
We also inked strategic partnerships to expand dnata’s
reach and capabilities. In Italy, our subsidiary, Airport
Handling SpA, partnered with Beta Trans to provide full
Our long-serving President Gary Chapman retired at
the end the financial year, handing over the reins to
Steve Allen who was appointed Executive Vice President
responsible for all dnata’s businesses globally.
dnata’s Airport Operations remained the top
contributor to dnata’s revenue in 2020-21, even as we
saw a 59% decline in aircraft turns handled in the UAE,
and a 57% decline in our international business. With
strong air freight demand across many markets, dnata
saw only a minor 8% decline in cargo handled to 2.7 cargo services to customers at Milan Malpensa Airport.
million tonnes. dnata also entered the Indonesian aviation market
through a partnership with PT UNEX Rajawali Indonesia
Through the year, our Airport Operations teams around
(UNEX) where both entities will make joint investments in
the world stepped up to support airline customers
ground handling facilities, equipment, and training.
with new pandemic protocols. We also introduced
innovative new products and services in response to
ANNUAL REPORT
2020-21
Overview
Emirates
dnata
Group Our airport hospitality division marhaba opened a new
Financial airport lounge in Manila and formed a partnership with
information
Plaza Premium Group to expand our airport lounges
Additional and meet and greet services around the world.
information
dnata’s Catering business uplifted 16.9 million meals
to airline customers during the year, a decline of 82%
due to drastically decreased global passenger flight
activity and significantly lower seat loads.
During the year, we adapted our products and services
to meet new customer requirements. dnata was one of
the first in the industry to adopt the new guidelines of
the International Flight Services Association (IFSA) and
the Airline Catering Association (ACA), which provides
standards for the industry’s pandemic response.
We recalibrated our operations to provide meals for
quarantine facilities and worked with local organisations
in Australia, Ireland, Italy and the UK to support
communities in need.
In addition to setting up new inflight retail service
capabilities, we also invested in initiatives to reduce our
environmental footprint, including new bio-digesters
to reduce food waste across our operations, and the
installation of solar panels at our Singapore facility.
Similar to other parts of our business, dnata’s Travel
division was hit hard by a drastic drop in travel demand
due to pandemic-related travel restrictions.
Revenue from our Travel division declined by 96% to
AED 130 million, with the total underlying transaction
value (TTV) dropping by 98% to AED 229 million.
In an environment of travel uncertainty, dnata focussed
on initiatives to support customers and provide value.
Across our travel brands, we helped customers rebuild
traveller trust, by processing refunds and rebookings,
and providing the latest travel information.
With Dubai’s re-opening for tourism activity,
dnata leveraged its strong presence in the UAE to
promote staycations. In July, our tour operating
division Arabian Adventures achieved the World
Travel and Tourism Council ‘Safe Travels’ award for
its high health and safety standards, and through
the year it launched new UAE-based experiences
for visitors and residents including an innovative
self-guided walking tour in partnership with technology
and gaming experts at Questo.
dnata Travel Group continued to secure growth
opportunities. During the year, we provided online
booking capability for London City Airport in the
UK, and we expanded our reach in Oman through a
partnership with OUA Travel that enables Oman-based
trade agents to promote and sell Gold Medal’s wide
range of travel products to their customers. dnata also
concluded it’s full acquisition of Destination Asia, which
provides ground activity packages for visitors to 11
Asian countries.
13
ANNUAL REPORT
2020-21

Overview

Emirates
Skies for Tomorrow coalition, which supports a transition to
dnata
SAF as part of a pathway towards carbon-neutral flying.
Group
Our ambition to reduce the use of plastics across our
Financial
information operations was temporarily put on hold, as Emirates and
dnata adapted to new COVID-19 protocols. However,
Additional
information we made solid progress to reduce our consumption of
resources in other areas, notably with investments to
reduce food waste in both Emirates and dnata’s
catering businesses.

We continued to support wildlife and habitat conservation

efforts through employee education and training,
participation in industry efforts to combat wildlife
trafficking, as well as our ongoing investments in the Dubai

Sustainability This year, Emirates operated flights powered by

sustainable aviation fuel (SAF) from Sweden and
Our environmental strategy focusses on three key areas:
Norway where local programmes made it accessible,
emissions reduction, responsible consumption, and
and we received our first A380 delivery powered by SAF.
wildlife and habitat conservation. At a corporate level,
Emirates also joined the World Economic Forum’s Clean
dnata this year began embedding our environmental
framework across our broad-spanning Travel Desert Conservation Reserve (DDCR) and Wolgan Valley. In
businesses, aiming to improve our own operational July, the DDCR released its first annual report which outlines
footprint, and empower customers to make better its future plans for desert and wildlife conservation.
travel choices.
The challenges of 2020-21 highlight the critical role that
In an unusual year with reduced flight and ground aviation plays in supporting economies and communities.
operations, we saw a 68% drop in emissions for 2020- Emirates and dnata stepped up to the plate to help ensure
21. Emissions reduction remains a high priority for our global supply chain continuity for medicines and medical
environmental programme. While we continue efforts items, food, humanitarian relief, and other essential trade
to improve fuel efficiency and reduce fuel burn, we are commodities. Across our global operations, we also
also exploring viable alternatives for cleaner fuel. contributed to pandemic response initiatives at a community
level where opportunities arose.

14
ANNUAL REPORT
2020-21
Overview
Emirates
Following the devastating explosions in the Port
dnata
of Beirut, Emirates Skycargo activated its expertise
Group in humanitarian logistics to transport relief goods,
Financial
and during the year, dnata donated cargo handling
information
equipment to the International Humanitarian City (IHC),
Additional
information the largest humanitarian hub in the world, to support
the organisation in facilitating rapid relief and first
responses to crises at a global level.
Outlook for 2021-22
No one knows when this pandemic will be over, but one
thing is certain - recovery will be patchy. Economies
and companies that are better prepared, and those who
entered pandemic times in a strong position, will be
better placed to bounce back.
Until 2020-21, Emirates and dnata have had a track
record of growth and profitability, based on solid
business models, steady investments in capability
and infrastructure, a strong drive for innovation, and
a deep talent pool led by a stable leadership team. aviation lessors and financing partners during these
These fundamental ingredients of our success remain challenging times is a testament to the financial
unchanged. Together with Dubai’s undiminished community’s confidence in Emirates’ business model,
and mid to longer term prospects.
ambitions to grow economic activity and build a city for
the future, I am confident that Emirates and dnata will dnata ends the year with a cash balance of AED 4.7
recover and be stronger than before. billion, ensuring sufficient liquidity for our operations as
we restore capacity.
In the year ahead, we will continue to adopt an agile
approach in responding to the dynamic marketplace.
We aim to recover to our full operating capacity
as quickly possible to serve our customers, and to
continue contributing to the rebuilding of economies
and communities impacted by the pandemic.
In addition to the AED 14.5 billion financing that was
raised for aircraft and general corporate purposes in
2020-21, Emirates has already received committed
offers to finance two aircraft deliveries due in 2021-22
and continues to tap the financial market for further
liquidity to provide a cushion for the potential impact
of COVID-19 on the business cash flows in the near
HH Sheikh Ahmed bin Saeed Al Maktoum
term. The Government of Dubai is also committed to
Chairman and Chief Executive
supporting the Group through its recovery.
Emirates Airline & Group
During the year, Emirates successfully restructured
various aircraft leases and loans. The support from
15
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

HH Sheikh Ahmed Sir Tim Clark Gary Chapman

Leadership
Bin Saeed al Maktoum President President
Chairman and Chief Executive Emirates Airline Group Services & dnata
Emirates Airline & Group Retired from 01.04.2021

16
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

Adel Ahmad Al Redha Adnan Kazim Abdulaziz Al Ali Ali Mubarak Al Soori Nigel Hopkins Steve Allen
Chief Operating Officer Chief Commercial Officer Executive Vice President Executive Vice President Executive Vice President Executive Vice President
Emirates Airline Emirates Airline Human Resources Chairmain’s Office, Service Departments dnata
Emirates Group Facilities & Project Emirates Group Effective from 01.03.2021
Management and
Non-Aircraft P&L

17
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

Emirates highlights

18
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

19
ANNUAL REPORT
2020-21

Overview

Emirates

dnata 14 Apr
Group Emirates puts customers first with a simplified
Financial worldwide approach to its COVID-19 waivers and
information
refunds policy, easing concerns about pre-booked travel
Additional and offering customers options to hold their tickets,
information
exchange them for vouchers, or get full refunds.

Customer care and

travel assurance
Emirates led the industry in responding to its customers’
needs throughout the pandemic. It was one of the first
airlines to proactively implement bio-safety measures
onboard and on the ground to protect its customers and
employees. These protocols were regularly reviewed and
updated in line with the latest medical knowledge.
In addition, Emirates launched policies and initiatives that
earn customer trust, and help restore travel confidence.
These include the industry’s first complimentary COVID-19
health cover, extended waivers for rebookings and refund
administration fees, and the extension of benefits for loyal
frequent flyers.
15 Apr
Emirates becomes the first airline to offer onsite rapid
COVID-19 tests for departing passengers at Dubai
International (DXB).
21 Apr
Emirates steps up precautionary measures to protect
customers and employees, with new PPE issued to all
frontline employees, and service modifications to reduce
contact and risk of transmission.
26 Apr
Emirates proactively commits to honour refunds to
customers and trade partners, and ramps up processing
capability by four-fold to expedite the clearing of an
unprecedented volume of refund requests.

20
ANNUAL REPORT
2020-21

Overview

Emirates

dnata 15 May
Group Emirates launches a COVID-19 travel information hub
Financial as a one-stop shop on emirates.com, to help customers
information navigate the varied and dynamic travel requirements
Additional around the world.
information

21 May
In tandem with the return of scheduled passenger
flights, Emirates unveils a comprehensive set of bio- 15 Sep
safety measures at all customer touchpoints on ground Emirates launches a bespoke offer for international
and in the air, updated in line with the latest medical students and their families to enjoy year-long
knowledge and best practice. travel benefits.

23 Jul
Emirates introduces the industry’s first complimentary
COVID-19 cover for all its passengers, providing travel
assurance and additional peace of mind.

09 Jun
Emirates Skywards expands options for its members to
spend and earn Miles, with the addition of the Emirates
Official Store online.
20 Jul
Emirates Holidays introduces video appointments
to provide personalised travel support, and offers
customers added flexibility to book packages with a
nominal deposit.
06 Aug
Emirates Skywards launches skywardsmilesmall.com,
introducing a thousand new ways for members to earn
Miles while shopping online with popular UK and US
retail brands.
09 Sep 15 Sep
Emirates collaborates with Huawei to bring the Emirates Emirates Skywards partners with Barclays to launch its first co-
app and other benefits to Huawei phone users. The branded card in the US market.
partnership will also help Emirates expand its reach in
the Chinese market.

21
ANNUAL REPORT
2020-21

Overview

Emirates
23 Oct
dnata
Emirates launches an integrated biometric path at
Group Dubai airport. It improves the customer experience
Financial with smooth processing at airport touchpoints via
information
iris or facial recognition technologies; and provides a
Additional contactless airport experience that prioritises health and
information
safety with reduced human interaction.

17 Nov
Emirates is rated the safest airline in the world in its
response to the COVID-19 pandemic according to the
Safe Travel Barometer.

23 Nov
Emirates provides an expanded global multi-risk travel
insurance for all its passengers, including COVID-19
health cover, offering customers unmatched travel
assurance and peace of mind.

22
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

24 Nov
Emirates re-launches its Dubai Connect offer
which gives customers with long transit times a 25 Feb
complimentary hotel stay in Dubai, ensuring that Emirates and the Dubai Health Authority sign an MoU
travelling through Emirates’ hub is seamless despite to enable the seamless digital verification of COVID-19
altered flight schedules during the COVID-19 pandemic. medical records for travellers at Dubai airport.

19 Jan
Emirates announces plans to trial the IATA Travel Pass,
which will enable travellers to digitally manage and
share their health documents for travel requirements.
28 Jan
Emirates Skywards leads the industry with a generous
extension of Tier Status and Miles validity until 2022,
offering loyalty programme members more flexibility
and assurance.
29 Mar
Emirates announces the operation of a special flight
EK2021 to highlight the UAE’s impressive vaccination
drive and readiness of its aviation industry for travel
03 Feb
rebound. Proceeds from the flight will benefit the
Emirates launches touchless self-service check-in and airline’s charity, the Emirates Airline Foundation.
baggage drop kiosks at Dubai airport, enhancing the
smart contactless journey offered to customers.
31 Mar
Emirates delivers on its commitment to customers, with
21 Feb
AED 8.5 billion returned in COVID-19 related refunds
Emirates operates its first flight with fully vaccinated from over 3 million requests.
employees onboard and across supporting ground
operations, illustrating the progress of the UAE’s
vaccination drive including amongst essential
aviation workers.

23
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group 06 Apr
Financial Emirates operates its first flights carrying passengers to
information
London, Frankfurt, Brussels, Paris and Zurich, helping
Additional people get home after flights to and from the UAE
information
were temporarily suspended on 25 March as part of the
country’s pandemic response.

03 May
Emirates operates repatriation flights during May,
including to Frankfurt, London, Manila, Sao Paolo,
and Shanghai.

Restoring Emirates’
global network
With global connectivity at the heart of its business model, Emirates
prioritised the rebuild and restoration of its network throughout the year.
The airline closely monitored market conditions and adjusted its operations
dynamically while governments tightened and relaxed travel restrictions to
keep the pandemic in check. 21 May

It also re-started its strategic codeshare partnership with flydubai and Emirates begins scheduled passenger flight services
entered into agreements with new partners TAP Air Portugal, FlySafair, and to nine destinations, and offers passengers travelling
between the UK and Australia the ability to connect
Airlink in South Africa, to expand connectivity for customers.
in Dubai.
Emirates worked closely with all aviation stakeholders to safely restart its
hub and network operations, supporting communities and economies by 15 Jun
serving travel demand and ensuring the movement of essential goods.
Following the UAE’s lifting of restrictions on transit
passengers, Emirates resumes passenger services to
By 31 March 2021, Emirates had brought its global network back to 120+
16 more cities.
passenger and cargo destinations, and restored 42% of its total capacity
compared to 2019-20.

24
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information 29 Jun
Additional Emirates announces the restart of services to more
29 Sep
information
cities which will restore its passenger network to over Emirates restores passenger services to Entebbe and
50 destinations in July. Muscat, taking its network to 94 destinations.

09 Aug 05 Oct
Emirates ramps up services to Pakistan offering Emirates expands its European network with the
60 flights per week from Karachi, Islamabad, Lahore, announcement of operations restarting to Budapest,
and Sialkot to Dubai. Bologna, Lyon, Dusseldorf and Hamburg.

31 Aug
Emirates and flydubai reactivate their strategic
partnership to offer customers seamless access to over
100 destinations via Dubai, following the progressive
restoration of services across both airlines’ networks.
20 Oct
Emirates signs an interline agreement with Airlink to
provide customers with enhanced connectivity from
its gateways in Johannesburg and Cape Town to over
25 new domestic destinations in South Africa and
20 regional destinations in Southern Africa.
15 Nov
Emirates inks an interline agreement with FlySafair,
extending its reach in South Africa to domestic points
operated by FlySafair.
12 Jan
Emirates expands its operations in the Americas with
passenger services resuming to Seattle, Dallas and
San Francisco, and the addition of flights to New York,
Los Angeles and Sao Paolo. By January, the airline had
restored its passenger network to more than
100 destinations.
15 Mar
Emirates and TAP Air Portugal sign an MoU to expand
their strategic partnership, and offer customers of both
airlines access to more destinations and benefits.

25
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information Throughout 2020-21, Emirates SkyCargo continued
Additional to deliver innovative and bespoke solutions for its
information
customers, supporting the food industry, animal
transport, sporting events, and other critical economic
activity. Emirates SkyCargo’s flights have helped
maintain food security in a number of import reliant
markets while also providing an income stream to
communities dependent on agricultural exports. It also
played a key role in distributing relief supplies following
the devastating Port of Beirut explosions in August.

Moving essential supplies

to the world through Dubai
During 2020-21, Emirates rapidly scaled up its cargo operations and network to
meet strong demand across markets.

Emirates SkyCargo added 19 “mini freighters” to its operations using modified

777-300ER passenger aircraft, and introduced new loading protocols to safely
carry cargo using overhead bins and passenger seats.

Tapping on its pharma transport expertise and capabilities, Emirates SkyCargo

set up a dedicated GDP-certified airside hub in Dubai for COVID-19 vaccines,
and partnered with UNICEF and leading entities to facilitate the rapid transport
of COVID-19 vaccines to developing nations through Dubai. In October, Emirates
SkyCargo began transporting COVID-19 vaccines on its flights.

26
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information 09 Apr
Additional Emirates scales up its cargo network and operations
information to transport food, medicines, and other essential
commodities, with increased charter and flight
operations to over 50 destinations using SkyCargo’s
dedicated freighters as well as the bellyhold of wide-
bodied passenger aircraft. 25 Jun
Emirates introduces the first of its 19 cargo missions with modified Economy class
Boeing 777-300ER “mini freighters”. These cabins that provide an additional 132m3 of
are passenger aircraft used to operate cargo volume per flight.

50 million doses of COVID-19

vaccines transported to 50+
destinations
We moved:
6 different types of vaccines
220+tonnes of vaccines
100+tonnes of syringes
Emirates SkyCargo and Dubai are
at the centre of the global effort
for vaccine distribution through
Dubai Vaccine Logistics Alliance and
UNICEF partnerships

06 May 21 Jul
Emirates SkyCargo optimises capacity on flights to Emirates SkyCargo marks the operation of 10,000
meet demand from main global production markets, cargo flights in just three months, keeping the
by carrying cargo in the overhead bins and seats of world connected and the flow of essential goods
flights operated using passenger aircraft, following a uninterrupted with the rapid restoration and
full safety and operational review and approvals. expansion of its network to 100 destinations on six
continents by July.

14 May
Emirates SkyCargo reconnects six continents with
scheduled cargo flights to 75 global destinations
across the Middle East, Africa, Asia, Australasia, Europe
and the Americas; in addition to charter operations to
other cities.

27
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group
23 Sep
Financial
information
Emirates SkyCargo signs an MoU with International
Additional Humanitarian City to co-develop solutions for
information
humanitarian logistics and crisis relief operations, share
expertise, and appoint Emirates SkyCargo as the carrier
of first-choice for crisis relief efforts.

29 Sep
Emirates Skycargo launches scheduled freighter
operations to Guadalajara, Mexico’s technology hub.

15 Oct
Emirates SkyCargo expands network to over 130
destinations, works with partners to maintain supply
chains for food and other perishables during COVID-19.

22 Oct
Emirates SkyCargo sets up world’s largest Good
Distribution Practices (GDP)-compliant cargo hub in
Dubai to handle COVID-19 vaccines.

28
ANNUAL REPORT
2020-21

Overview

Emirates

dnata
15 Nov
Group
Emirates introduces A380 operations for select cargo
Financial
information charters, with the aircraft carefully and safely optimised
Additional
to transport around 50 tonnes of cargo per flight. Its
information first mission transported medical supplies between
Seoul and Amsterdam via Dubai.
23 Feb 16 Mar
Emirates SkyCargo showcases its bespoke transport Emirates SkyCargo marks one year of passenger
solutions for fresh produce at Gulfood 2021, an freighter operations, with over 27,800 cargo missions
important tradeshow for the food industry, and one of completed on passenger aircraft over the past 12
the first significant in-person tradeshows held in the months, carrying 100,000 tonnes of essential supplies to
region since the COVID-19 pandemic. customers around the world.

31 Jan
Emirates SkyCargo is a launch partner of the Dubai
Vaccine Logistics Alliance, which was formed to 04 Mar
expedite the distribution of COVID-19 vaccines through
Emirates SkyCargo gallops to a strong finish for horse
Dubai to developing countries.
transport in 2020, transporting over 1,100 of these
magnificent animals in safety and comfort for various
16 Feb sports and equine events over the year with its bespoke
facilities and services.
Emirates SkyCargo partners with UNICEF on COVID-19
vaccine distribution. Under the Humanitarian Airfreight
Initiative, Emirates will prioritise the transport of 14 Mar
vaccines, essential medicines, medical devices and other
Emirates SkyCargo and Dubai Civil Aviation Authority
critical supplies to help fight the COVID-19 pandemic.
sign an MoU to streamline processes, reduce wait
times and create better efficiency in the transport of
Dangerous Goods.

29
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

Fleet and product

By April, Emirates had swiftly implemented an aircraft parking and reactivation

programme to protect and maintain its fleet and ensure that aircraft can be readied
for service at short notice. This contributed to Emirates’ agility and ability to quickly
scale up capacity for cargo missions and deploy operations to markets dynamically.

With strong customer demand observed wherever travel restrictions are eased,
Emirates was also able to quickly return its A380 to the skies.

During 2020-21, Emirates retired 9 Boeing 777s and 5 A380s. It also received
delivery of 3 new A380 aircraft including one with its latest enhanced cabin interiors
and the airline’s much anticipated Premium Economy cabin. Emirates also gradually
restored its signature inflight services over the year, following constant updates and
reviews of the latest pandemic control protocols.

30
ANNUAL REPORT
2020-21

01 Jul
Overview
Emirates re-starts its complimentary Chauffeur drive
Emirates
service in Dubai for its premium customers. Through
dnata
the year, as Emirates resumed regular scheduled flight
Group operations across its network, it worked closely with
08 Dec
Financial service partners to reinstate this signature service and
information Emirates receives its 116th A380, the first of three
put in place enhanced COVID-19 measures as required
Additional by the various local health authorities. A380 aircraft to join its fleet in 2020. It was also the
information
first A380 delivery powered by sustainable aviation
fuel (SAF). Emirates’ 117th A380 was subsequently
15 Jul delivered on 11 December.
Emirates’ A380s return to the skies with scheduled 01 Mar
operations to London Heathrow and Paris. By August, Emirates introduces a new option for customers flying
scheduled A380 operations had resumed to Guangzhou in Economy Class to purchase empty adjoining seats,
and Toronto, and a special one-off A380 service was offering them the ability to purchase more space
operated to Clark. and privacy.

16 Dec
Emirates re-opens its dedicated airport lounge in New
York JFK airport for its premium customers and frequent
flyers, with revised service protocols and bio-safety
measures in place. By December Emirates had re-
opened its airport lounges in Dubai, Cairo, Manchester
and New York, in line with the recovery of its network
operations.

18 Oct
Emirates re-starts its A380 Onboard Lounge and
Shower Spa services, redesigning its signature
onboard experiences in line with the latest
bio-safety measures.
22 Dec
Emirates receives its 118th A380. This latest aircraft 30 Mar
takes Emirates’ signature A380 experience to new
Emirates becomes the first airline to operate an A380
heights with the unveil of Emirates’ new Premium
to the new Terminal 1 at King Abdulaziz International
Economy seats as well as enhancements across
Airport in Jeddah.
all cabins.

31
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information 10 Apr
Additional Emirates Flight Catering launches a new innovative food
information
delivery product, Foodcraft.

01 Jun
Emirates Aviation University introduces Virtual Open Days,
and live consultations for prospective students and their
parents to connect with the faculty and obtain information
on admissions.

Other business highlights

Across the Group, Emirates continued to progress on initiatives to position

the business for the future. This includes the roll-out of the Emirates Partners
Portal and Emirates Gateway, which are significant steps for the airline’s future
engagement with travel trade partners, and the graduation of the first batch of
cadet pilots from the Emirates Flight Training Academy.

Emirates also received awards and recognition for its industry-leading efforts to
deliver the best customer experiences.
23 Jun

Emirates launches its “Dubai is Open” advertising

campaign and demonstrates its readiness to support the
latest protocols announced by the Dubai authorities to
enable the city’s safe re-opening to business and leisure
visitors from 7 July.

32
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information
28 Sep
Emirates introduces its Dubai Experience product in
04 Jul 14 markets which lets customers build personalised
Emirates’ newest sponsorship partner, French itineraries on emirates.com around their flight booking,
football club Olympique Lyonnais, play their debut tapping into a selection of over 120 hotels and more
match in special one-off jerseys with the message than 200 tourism activities around their flight bookings
“Dubai is Open”. to Dubai.

28 Jul

Emirates’ First Class tops the Tripadvisor Travelers Choice

27 Jul
Emirates launches its Emirates Partners Portal, a one-
stop shop tailored for each market, allowing travel
industry partners to access the full range of information
on Emirates’ latest products, services and policies, and
obtain technical support.
06 Oct
Awards for the 4th consecutive year, winning the World’s
Best First Class and Middle East Best First Class. Emirates Emirates advances its distribution capabilities with the
was also recognised as one of the Top 10 airlines in launch of its new, NDC-powered Emirates Gateway for
the world, in addition to winning Best Economy Class trade partners.
- Middle East and the overall Travelers’ Choice Major
Airline honour for the Middle East.

17 Sep
Emirates Flight Catering announces its partnership
with CCL Holdings to form Kosher Arabia, a dedicated
production facility for kosher food expected to begin
11 Oct
operations in early 2021.
Emirates Skywards, the loyalty programme of Emirates
and flydubai, marks 20 years of excellence, innovation
and rewards, with 27 million enrolled members.

33
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

21 Oct
Emirates wins Best Airline at the Business Traveller
Middle East Awards 2020 for the 7th consecutive year,
in addition to awards for Airline with the Best First Class,
Airline with Best Cabin Crew and Best Airport Lounge in
the Middle East.

05 Nov
Emirates Group Security’s X-ray training, conducted
by the Centre of Aviation and Security Studies (CASS),
was certified by the Pakistan Civil Aviation Authorities,
enabling the Group to conduct its own training for
security staff based in Pakistan.

34
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group
29 Nov
Financial
information
Emirates is named the World’s Leading Airline in three
Additional categories at the World Travel Awards 2020: World’s
information
Leading Economy Class, Airline Rewards Programme,
and Airline Lounge - Business Class.

17 Dec
Emirates Flight Training Academy celebrates the
graduation of its first batch of cadets from its
training programme.
22 Dec
Emirates earns the APEX 2021 Five Star Global
Official Airline RatingTM based on passenger feedback
independently collected by APEX via its partnership with
TripIt and validated and certified by an external auditor.

16 Nov

Emirates Group Security receives the prestigious

18 Feb
Dubai Quality Gold Award (DQA), the city’s top accolade
for excellence, cementing its position as a role model Emirates announces plans to offer exclusive content for
organisation that meets and exceeds world-class travel agents on Emirates Gateway from July, marking a
standards across its business areas, systems significant milestone in its distribution approach.
and practices.

20 Dec
Emirates wins Airline of the Year 2020 at the Aviation
Business Awards for its resilience, agility and industry-
leading initiatives to boost traveller confidence and
customer experience during the pandemic. Airline
President Sir Tim Clark was also honoured with the
18 Nov Lifetime Achievement Award for his contributions to the
aviation industry over the course of his career.
Emirates wins Best Airline and Best Long Haul Airline at
the UK Travel Awards 2020.

35
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

dnata highlights

36
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

37
ANNUAL REPORT
2020-21

Overview
01 Apr
Emirates
dnata continues to support airlines in maintaining global
dnata
trade and the flow of essential goods by delivering best-in-
Group class cargo services amid the pandemic. dnata teams handle
Financial tens of thousands of PPE, life-saving medical supplies
information
and pharmaceuticals.
Additional
information
15 Apr
dnata enhances services, improves processes, and trains
employees to safely and efficiently handle passenger planes
carrying cargo only. The company’s professionally trained
staff achieve remarkable milestones by loading record
amounts of up to 71 tonnes of cargo per flight onto airline
customers’ passenger aircraft.

Airport operations

In line with the global industry, dnata’s Airport Operations were dramatically affected by the impact of
the pandemic.

dnata suffered a 59% decline in the number of aircraft turns handled in the UAE and a similar 57%
decline in its international operations. In contrast, cargo tonnage handled only saw a minor decline of 01 May
8%, reflecting the strength of the markets for health products and e-commerce. dnata’s skilled workforce take on new roles to support
communities. In Singapore and Australia, dnata partners
Our teams around the world had to rapidly adjust their processes to cope with the new operating
with authorities and companies to temporarily redeploy
environment. This included passenger aircraft being used for cargo-only loads both in the belly and the employees to organisations in industries facing a labour
passenger cabin. At the same time, we adapted quickly to safeguard our workforce with the provision of shortage. Over 400 dnata employees are trained and start
PPE, training, and revised operating procedures to reflect social distancing. working in other organisations.

dnata continued to invest in its product and in new facilities. This included the opening of a new state-
of-the-art cargo facility in Manchester, and additional cargo capacity and infrastructure in Sydney,
Brussels and Toronto. We also continued with building new cargo facilities in London Heathrow and
Lahore, which are due to open in 2021.
dnata continued to invest in innovative products and new technology and digitalisation, as well as
achieving industry certifications which validate its capabilities and places the business in a competitive
position to retain and win new contracts.
15 May
dnata completes a mass disinfection programme of all
ground support equipment (GSE) in the UAE to protect its
employees and travellers. More than 11,500 pieces of GSE
including busses, passenger steps, baggage dollies, and
pushback tractors are disinfected at the two Dubai airports.

38
ANNUAL REPORT
2020-21

Overview

Emirates
01 Jun
dnata
dnata launches innovative new products and services
Group across its global operations to help airlines and
Financial passengers navigate the new normal. The company
information
adds thermal screening and baggage disinfection to its
Additional offering at various locations around the world.
information 08 Oct
06 Jul dnata becomes the first ground handler to launch cool
DUBZ, dnata’s leading baggage technology and dollies in its operations at Singapore Changi Airport.
logistics company, adds home COVID-19 testing to Its new, high-tech containers are specially designed
its offering, enabling customers to safely and quickly to serve the pharmaceutical industry with a closed
complete the flight check-in process, and obtain a temperature-controlled system for the seamless
medical certificate within 24 to 48 hours of testing, from delivery of temperature-sensitive goods between cargo
any location in Dubai. warehouses and aircraft.

22 Jun

The International Air Transport Association (IATA)

awards dnata the IATA Safety Audit for Ground
Operations (ISAGO) Registration in Iraq and the US.
01 Jul
dnata’s ground and passenger handling teams help
airline partners deliver on special missions across the
globe. From London to Manila and Dubai, dnata’s
dedicated employees help thousands of families
reunite by handling more than 2,600 repatriation
flights between March-July.
25 Aug
GTA dnata, dnata’s joint-venture company in Canada, is
awarded a 5-year ground handling license at Vancouver
International Airport. The company will provide quality
and safe ramp, passenger and cargo warehousing
services to airlines with a team of highly trained,
customer-oriented aviation professionals.
07 Oct
marhaba expands its global network with the opening
of a new airport lounge at Ninoy Aquino International
Airport in Manila. Located at Terminal 1, the newest
marhaba lounge features comfortable seating for over
85 guests, a prayer room, a private meeting room and
shower facilities.
20 Oct
dnata enters the Indonesian aviation market
through a partnership with PT UNEX Rajawali
Indonesia (UNEX). The partners will enhance
ground handling capacity in Indonesia
by making joint investments in facilities,
equipment and training. The collaboration
launches in Jakarta with future expansion plans
to other Indonesian airports.

39
ANNUAL REPORT
2020-21

Overview
16 Dec
Emirates
marhaba and Plaza Premium Group form a strategic
dnata
partnership to enhance their offering of airport lounges
Group and meet and greet services around the world. The
Financial partnership will see the two companies jointly engage
information
new and existing customers, enhance their product and
Additional service offering and increase their global footprint.
information

17 Dec
For the 10th time, dnata is named Ground Support
Services Provider of the Year at the 2020 Aviation
Business Awards. dnata also receives a commendation
for a ‘green turnaround’ which it completed in
partnership with flydubai in 2019.

02 Nov
For the 6th consecutive year, dnata is named Ground
Handler of the Year at the 2020 Air Cargo News Awards.
The recognition is a testament to the dnata teams’
relentless commitment to safety, innovation and
service excellence in the industry’s most challenging
year on record.
26 Nov
dnata becomes the first ground handler to complete
a green aircraft turnaround in the United States. The
milestone was accomplished with VivaAerobus, using
only zero-emission ramp ground support equipment at
New York-JFK Airport’s Terminal 1.
30 Nov
dnata launches a smart, just-in-time freight handling
platform across its Dubai operations. A cloud-based
platform, Appointment and Dock Management (ADM)
provides improved planning, efficient processing and
21 Jan
end-to-end transparency of the entire cargo journey,
delivering significant benefits for all freight forwarders. dnata opens a new, state-of-the art cargo complex,
dnata City North, at Manchester Airport. Representing an
14 Dec investment of over GBP 30 million, the 150,000 sq ft facility
allows the company to significantly expand and consolidate
In partnership with Uveya and Helvetic Airways in
its Manchester operations.
Switzerland, dnata successfully trials ultraviolet (UV)
technology to sanitise aircraft cabins. During the
26 Jan
cleaning process, an autonomous sterilisation robot
emits concentrated UV-C light across the cabin, killing dnata is awarded Qantas’ ground handling contracts in
over 99% of bacteria and pathogens in the air and on all Sydney, Melbourne, Brisbane and Townsville.
surfaces in a few minutes, without using any chemicals.

40
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information
02 Feb
Additional
01 Mar
information Airport Handling SpA, dnata’s subsidiary in Italy, and
The Emirates Group announces the appointment of
Beta Trans ink a strategic partnership to provide a full
Steve Allen as the Executive Vice President of dnata,
range of cargo services to customers at Milan Malpensa
responsible for all dnata’s businesses covering airport
Airport (MXP). The two companies’ joint offering
operations, catering and retail and travel across six
includes high quality and safe ramp and cargo handling,
continents. He will report to Emirates Group Chairman
warehousing and road feeder services.
and Chief Executive HH Sheikh Ahmed bin Saaed Al
Maktoum after the retirement of dnata President
Gary Chapman.

04 Feb 18 Mar
dnata becomes the first global air services provider dnata launches safe, efficient and environment-friendly
to adopt the International Air Transport Association’s baggage disinfection service at Singapore Changi
(IATA) Dangerous Goods AutoCheck (DG AutoCheck) Airport. The company’s advanced equipment creates
platform for the acceptance of dangerous goods an almost invisible mist that is 100% natural, non-toxic,
shipments. IATA’s innovative solution helps dnata further bio-degradable and can effectively kill over 99.99% of
enhance safety and improve efficiency in the handling bacteria and pathogens on all types of baggage.
of dangerous goods at over 20 airports globally.

16 Feb
dnata adds four high-tech ‘cool dollies’ to its Australian
cargo fleet, becoming the first air services provider to
offer a fully integrated, temperature-controlled cool
chain for pharma and perishable shipments in the 08 Mar
country. The specialised containers ensure the safe
dnata’s teams handle the 5,000th cargo-in-cabin flight
delivery of temperature-sensitive goods at Sydney
in the UAE in 12 months. dnata trained more than 500
Airport and Melbourne Airport.
Dubai-based employees to safely and efficiently handle
passenger planes carrying cargo only.

41
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information
01 Apr
dnata adapts its catering products and services in line with
demand, and increases its capability to serve health and
aged-care industries to support relief efforts alongside
local authorities. In several countries, dnata delivers meals
for COVID-19 quarantine facilities, looking after those in
compulsory isolation.

Catering & retail

dnata’s Catering division saw a drastic drop of 82% in meals uplifted in 2020-21 15 Jun
due to the pandemic. Despite the dramatic decrease in flight activity, dnata’s
dnata’s Australian catering team rolls out bio-digesters
teams continued to deliver quality services to customers across various industries.
across its facilities to further reduce food waste across
the operations. The company’s equipment is capable of
Through the year, the Catering division adapted its products and services to meet
diverting 730 tonnes of food waste from landfills annually.
new customer requirements, including the provision of meals for quarantine
facilities. It also worked with local organisations in Australia, Ireland, Italy and the
UK to support communities in need. 28 Jul
dnata signs a ten-year airport concession agreement with
It continued to build the business with strategic investments including the launch Sharjah International Airport (UAE), expanding its remit to
of a dedicated inflight retail centre of excellence, and the opening of a second include relaunching and operating the airport’s transit hotel
state-of-the-art catering facility in Dublin. dnata introduced new bio-digesters to and adding more F&B outlets in the airport’s new terminal.
reduce food waste across its operations, and solar panels at its Singapore facility
as part of its commitment to reduce its environmental footprint.

42
ANNUAL REPORT
2020-21

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Emirates

dnata

Group

Financial
information

Additional
information
15 Sep
dnata commences operations at its new, second
catering unit in Dublin. The state-of-the art facility
quadruples dnata’s catering capacity in the Irish capital,
enabling the company to deliver 40,000 quality inflight
meals a day for customers.
25 Nov
dnata launches a dedicated inflight retail centre of
excellence. The new specialist unit delivers tailor-
made onboard retail programmes and innovative
solutions for airline customers, supporting them to
maximise onboard ancillary revenue and enhance
passenger satisfaction.

10 Feb
dnata underscores its commitment to the consistent
delivery of the highest health and safety standards
across its global catering operations, by adopting the
new industry guidelines of the International Flight
Services Association (IFSA) and the Airline Catering
Association (ACA). The guidelines support the airline
12 Oct and airline catering industries worldwide as they take
actions in response to the COVID-19 pandemic.
dnata joins forces with iFLEAT and Thuisbezorgd.nl to
trial a revolutionary pre-order inflight retail initiative
in the Netherlands. The three companies’ innovative 31 Mar
solution brings high-end, creative meals and snacks to
01 Feb dnata launches a state-of-the-art inflight retail
airline passengers around the world.
technology solution in Sharjah, UAE, delivering a more
dnata Singapore signs an agreement to install more
efficient, customer-centric retail journey for Air Arabia’s
than 7,600 solar panels across its facilities, capable
passengers.
of delivering enough renewable energy to power
1,100 four bedroom flats for a year and reducing
our carbon dioxide emissions by over two million
kilograms annually.

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Overview

Emirates

dnata

Group

Financial
information

Additional
information

07 Jul
dnata Travel Attractions launches, enabling customers to
book on dnataTravel.com a wide range of UAE attractions to
enhance their staycations or create itineraries from some of
the best local experiences as demand for domestic
travel increases.

Travel

dnata’s Travel division saw a revenue decline by 96% to AED 130 million, with the
total underlying transaction value (TTV) dropping by 98% to AED 229 million. This
was due to low travel demand and bookings caused by severe travel restrictions
around the globe, in addition to unprecedented volumes of customer refunds.

Throughout an incredibly tough year with a fast-changing global travel

environment, dnata’s Travel division focussed on investing in technology,
streamlining operations and initiatives to support its customers. Across its travel
brands, dnata helped its customers rebuild traveller trust by processing refunds
and rebookings, and providing the latest travel information.
Leveraging its established UAE presence and the re-opening of Dubai for
international travel, dnata launched initiatives to promote staycations, and its
UAE-based tour operating division Arabian Adventures started new experiences.
14 Jul
The World Travel and Tourism Council (WTTC)
awards Arabian Adventures the ‘Safe Travels’ stamp,
recognising the company for achieving high health and
safety standards across its operations. The ‘Safe Travels’
stamp was created to help travellers identify companies
and destinations around the world that follow WTTC’s
standardised health and hygiene protocols.

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dnata

Group

Financial
information

Additional
information
04 Nov
dnata Travel wins four accolades at the 2020 World
Travel Awards Middle East, including the Middle
East’s Leading Airline GSA 2020, Middle East’s Leading
Corporate Travel Company 2020, Bahrain’s Leading
Travel Management Company 2020, and Saudi Arabia’s
Leading Travel Agency 2020 awards.
04 Nov
Arabian Adventures picks up three awards at the
2020 World Travel Awards Middle East becoming the
UAE’s Leading Destination Management Company
2020, UAE’s Leading Desert Safari Company 2020 and
UAE’s Leading Tour Operator 2020.

01 Oct
dnata Travel commences a partnership with Visit
Maldives to promote smooth and safe travel to its 22 Nov
private island destinations with holiday packages
including PCR testing, resort transfers, all-inclusive meal Gold Medal expands its operations into Oman through
plans, added extras and exclusives. dnata also made it a partnership with OUA Travel. Oman-based trade
possible for customers to directly book their transfers in agents are now able to promote and sell Gold Medal’s
the Maldives via dnataTravel.com. wide range of travel products, offering a new world of
options to their customers.

26 Oct
In partnership with sports brand ASICS, Arabian
Adventures joins the Dubai Fitness Challenge (DFC)
and offers free, guided sightseeing runs across the city. 04 Nov
The runs offer a unique experience for all fitness levels
yalago is named the Middle East’s Leading Hotel Booking
and abilities.
Solutions Provider 2020 at the 2020 World Travel Awards
Middle East.

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ANNUAL REPORT
2020-21

Overview

Emirates 27 Nov
dnata
Destination Asia, a leading DMC with presence across 11
Group South Asian countries, comes fully under the dnata Travel
Financial Group umbrella with the acquisition of the remaining stake.
information

Additional
information 30 Nov
Arabian Adventures partners with the technology and
gaming experts at Questo to launch Historical Dubai, an
innovative self-guided walking tour. Combining gaming with
city sightseeing, the tour teleports users inside a fictional
story where they are the main character, giving hints in
order to solve riddles and move around a city whilst finding
out its hidden stories.

14 Dec
Travelbag wins seven awards at the British Travel Awards
2020: Best Luxury Holiday Company, Best Family Holiday
Company, Best Holiday Company to the Middle East, Best
Holiday Company to Australasia, Best Holiday Company to
the Indian Ocean, Best Holiday Company to Southeast Asia,
and Best Holiday Company to Canada.

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Group

Financial
information
01 Jan
Additional
information
dnata Travel launches a new blog with content from
its travel experts to support customers with extensive
COVID-19 travel information and destination 07 Mar
inspiration. This includes a new online resource Arabian Adventures receives the Travelife Partner award,
“Where can I travel to from the UAE” that provides the leading international sustainability certification in
UAE travellers with daily-updated information on the travel industry. The global recognition demonstrates
travel requirements to plan their journeys to Arabian Adventures’ commitment to service excellence
popular destinations. and sustainable tourism.

31 Mar
dnata Representation Services announces its
30 Mar appointment as the exclusive representation partner
for the mobility solutions platform, Karhoo across
Arabian Adventures launches ‘The Perfect Evening by
the United Arab Emirates, Saudi Arabia, Kuwait,
Arabian Adventures’, a new, high-end dining experience
Bahrain, Oman and Qatar. The partnership sees dnata
in the Dubai Desert Conservation Reserve (DDCR).
Representation Services offer travel agents access
The experience includes sundowners with canapes
to Karhoo’s innovative services, enabling them to
at a perfect sunset stop, and premium dining at the
21 Jan seamlessly book reliable airport transfers and offer
newly-designed camp with a private chef and waiter,
travellers a truly door-to-door experience.
with some traditional Arabian surprises for guests along
Travelbag and Sunmaster are recognised by customer
the way.
review platform Feefo. Sunmaster retained its Trusted
Service Award, while Travelbag improved its status from
Gold to Platinum, the highest level.

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ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information
The COVID-19 pandemic led to a drastic and unprecedented reduction of flights, travel demand and
airport operations, which had a profound effect on our business and our people. During 2020-21,
the Emirates Group had to implement redundancies across all parts of the business for the first time
in its history.

Prior to the redundancies, the Group initially took other cost-saving measures aimed at preserving
our financial position and mitigating the risk to our workforce.

Our people
However, as it became clear that recovery would take much longer than initially projected, the Group
had to resize its workforce in line with reduced operational requirements. This was a very difficult
decision, but a necessary one to address the critical immediate challenge and maintain the future
viability of our Group.

Even with the significant headcount reductions, the Group was able to retain the vast majority of
its employees and talent across the entire organisation. Impacted employees were provided with
assistance and support, particularly those who were unable to repatriate to their home countries due
to travel restrictions.

During this time, our colleagues showed remarkable resilience, humility and flexibility; supporting
each other and the organisation in overcoming the unprecedented and dynamic challenges presented
by the pandemic and its impact on our industry.

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Group

Financial
information

Additional
information

49
ANNUAL REPORT
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Group

Financial Health and wellbeing

information
Through the year, health and wellbeing remained a top
Additional
information priority for Emirates and dnata as the COVID-19 pandemic
ravaged communities and lives around the world.

A special taskforce was set up to regularly review

workplace and operational protocols as new medical
information on COVID-19 became available. This taskforce
included in-house physical and mental health specialists,
as well as representatives from HR, Communications,
Training and Operations.

This group met daily for the first four months of the
pandemic, and continues to meet regularly to ensure
the health and wellbeing needs of the work population
are being met.

50
ANNUAL REPORT
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Overview
Emirates
During the height of lockdown in the UAE, the taskforce
dnata
organised volunteer teams to support employees
Group impacted by COVID-19 – from simple calls to check on
Financial colleagues’ wellbeing and assistance with groceries, to
information
providing dedicated hotel capacity for those unable to
Additional self-isolate in their homes.
information
For most of the first quarter, non-operational
employees were required to work from home to protect
themselves, their families, their colleagues and the
wider community. Employees in frontline operations
also had to quickly adapt to new protocols including
regular PCR testing and periods of home quarantine.
Recognising the strain these rapid changes may have
on our people, additional support systems were quickly
deployed to supplement our established Employee
Assistance Programme, and more coaching and
information on topics such as mental and financial
wellbeing were made available to our people.
STOP THE SPREAD
5 ways to avoid the spread of COVID-19
Our Group Medical team quickly reoriented
operations to move 60% of medical consultations
for our workforce and their dependants onto
2m
Keep your distance
‫حافظ على التباعد الجسدي‬
telemedicine consultations, supporting the stay at Panatilihin ang ligtas na distansya mula sa ibang tao
‫فاصلہ رکھیں‬
home and COVID-19 risk reduction agenda. It also दूसरे से दूरी बनाए रखें
set up response units to operate two call centres for
Wear a mask
our workforce: one to provide direct phone support ‫وضع الكمامة‬
Magsuot ng face mask
to those medically at risk from COVID-19 which also ‫ماسک پھنیں‬
मासक पहने
included our Med Assist inflight support service; and
a second one as an online information service to Clean your hands
‫تنظیف الیدين‬
address questions related to COVID-19, supported Linisin ang iyong mga kamay
‫اپنے ھاتھوں کو صاف کریں‬
by volunteers. अपने हाथ साफ रखें
Don’t touch your face
‫تجنب لمس الوجه‬
Huwag hawakan ang iyong mukha
‫اپنے چھرے کو نا چھویں‬
अपना चेहरा न छु एं
Avoid gathering in groups
‫تجنب التجمّعات‬
Iwasang magtipon sa mga tao
‫گروپس میں جمع ہونے سے گریز کریں‬
समूहों में इकट्ा न हों
Visit groupworld for all the official COVID-19 updates for Emirates Group employees.
In April, the Group started a daily email outreach to its
operational employees, many of whom were not only
grounded but also in strict isolation or lockdown. These
emails gave employees pointers on self-development,
tips for physical and mental health and regular
industry updates to ensure they stayed connected.
Similar assistance was also offered to those employees
stranded in overseas destinations. Over the year, we
At the start of 2020-21, Group employees were delivered a program of initiatives under our “Sehaty”
being cared for under a system of welfare cells, who wellbeing programme covering mental and physical
would track and trace positive COVID-19 cases and health, for pandemic as well as non-COVID-19 related
close contacts and ensure they were being well looked health risks and conditions.
after in quarantine and isolation facilities.
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Group

Financial
information

Additional
information
In October, the Emirates Group got behind the
annual Dubai Fitness Challenge, which encourages
participants to engage in at least 30 minutes of
physical activity each day over the 30-day campaign.
Recognising that the ongoing pandemic may have a
negative physical and mental health impact, the Group
conducted mindfulness workshops to support the
resilience of its workforce.

In June, as the first employees who had recovered
from COVID-19 began to return to work, the Group
initiated a ‘welcome back’ campaign aimed at
reducing stigma around COVID-19 and ensuring that
returning colleagues were assimilated back into the
workforce quickly.
In July, the company introduced new protocols
and policies for safe and phased return of UAE-
based employees to the workplace, and produced a
comprehensive ‘Return to Work’ framework including
a series of risk assessments and health guidelines.
Employees were also offered flexibility to work from
home to enable social distancing in the workspace.
In January, the Emirates Group set up COVID-19
vaccination centres, providing its UAE-based workforce
with convenient access to vaccines that the UAE
government has made available for free to UAE
citizens and residents. By end of March, over 35,000
employees had opted to vaccinate at one of the Group’s
vaccination centres.

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ANNUAL REPORT
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Overview

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dnata

Group

Financial
information In February, Emirates operates its first flight with
fully vaccinated employees onboard and across
Additional
information supporting ground operations, illustrating the
progress of the UAE’s vaccination drive including
amongst essential aviation workers.
In April, 36 digital training modules were
developed and rolled-out to help our cabin crew
comply and maintain their knowledge in Safety &
Emergency Procedures.
In June, we launched a Role Resumption Learning
Site for Emirates Airport Service teams in Dubai and
around our network, as well as Ground Handling
Agents, to ensure our frontline teams are ready
to restart operations with over 8,000 knowledge
checks completed.

Learning and development In September, we launched our Group Learning In October, Emirates Group wins the ‘Best
& Talent (L&T) Portal which is a one-stop shop for Nationalization Initiative in the Private Sector’ award
Reflecting our culture of continuous learning, many
employees to easily access the suite of L&T solutions at the GCC GOV HR Awards 2020, for its efforts in
employees who were temporarily stood down, or
designed to support their development expanding the range of internal and external learning
unable to return to regular duties during COVID-19
and development programmes for UAE Nationals.
lockdowns, took up self-development opportunities
made available by the Group. In February, the Group launched a Learning and
Talent Professional Skills Portfolio, a collection of
During 2020-21, employees undertook over 10,700
programmes and virtual workshops to help employees
hours of facilitated learning, utilised resources such as
achieve success at work.
LinkedIn Learning with nearly 5.5 million videos viewed,
and completed 785,000 modules on our inhouse
training portal, My Learning Zone.

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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.

Our communities
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 Group to help build schools, protect
wildlife and provide humanitarian aid.

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Group

Financial
information

Additional
information

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ANNUAL REPORT
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dnata
13 Aug

Group Emirates launched an airbridge between Dubai and

Lebanon and dedicated over 50 flights to deliver
Financial
information emergency relief supplies in the aftermath of
Additional
devastating explosions at the Port of Beirut.
information

27 Sep
Emirates continues its Beirut relief efforts through the
generosity of its customers, with the transport of over
160 tonnes of vital aid supplies. Over 12,000 donations
from 140 countries enabled the airline to uplift even
more humanitarian cargo into Lebanon.

01 Apr
dnata adapts its catering products and services in
line with demand and increases its capability to serve
health and aged-care industries to support relief efforts
alongside local authorities. In several countries, dnata
delivers meals for COVID-19 quarantine facilities,
looking after those in compulsory isolation.
01 May
dnata teams up with authorities, organisations and
partners to provide ingredients, meals and packaged
goods to local communities in need. More than 200,000
wholesome meals are donated to various organisations
in Australia, Ireland, Italy and the UK to enable them to
support those who need it the most. 27 Sep
Emirates partners with “It’s a Penalty” campaign, to
07 Jul shine a spotlight on the issue of human trafficking.

dnata donates three pieces of cargo handling

equipment to Dubai-based International Humanitarian
City (IHC), the largest humanitarian hub in the world, to
support the organisation in facilitating rapid relief and
first responses to crises at a global level. The equipment
is deployed at IHC’s Dubai warehouses.
22 Nov
The Emirates Airline Foundation marks UN World
Children’s Day by highlighting the work and
achievements of NGO partners who are dedicated to
helping disadvantaged children live better through
access to education and safe shelter.

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Group
12 May
Financial
information
Emirates releases its brand video “When this is over”
Additional featuring its cabin crew delivering positive and inspiring
information
messages of their travel aspirations and personal goals
after the pandemic lockdown.

31 Aug
Emirates gets “Back in the Game” with brand presence
at the US Open and the French Open, two of the four
Grand Slams in world tennis.
07 Mar
Emirates Team New Zealand wins the 36th America’s
Cup. The team, sponsored by Emirates since 2004,
successfully defended sailing’s oldest and most
prestigious trophy in Auckland.

Sponsorships
Emirates’ long-standing investment in sponsorships
around the world stems from its belief that sports
and the arts are vital to vibrant societies, and
have the power to inspire, and bring people and
communities together.
During year, Emirates worked with its sponsorship
partners to support the safe restart of sporting
events, and on initiatives to motivate and encourage
communities impacted by lockdowns.
15 Dec
Emirates supports the safe restart of global sporting
events in the UAE with the provision of brand
sponsorship and air transportation services for high
profile competitions including the DP World Tour
Championship and ‘Race to Dubai’, the European Tour’s
season ending finales. 27 Mar
The Dubai World Cup meeting is successfully held at
30 Dec Meydan Racecourse with 117 horses from 11 countries
competing for titles and a total prize pool of US$ 26.5
Emirates teamed up with its key football sponsorship
million. Through its long-standing sponsorship of
partners, Arsenal, Real Madrid and AC Milan, on a
the event, Emirates has helped the Dubai World Cup
campaign to surprise deserving fans and reconnect
evolve into one of the world’s top racing challenges
them with their favourite clubs.
that draw the attention of millions of enthusiasts
around the globe.

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dnata

Group

Financial
information

Additional The Group’s Environmental Framework and Strategy focusses resources on three
information
key areas: emissions reduction, responsible consumption, and wildlife and
habitat conservation.

This year, dnata began embedding the environmental framework across its broad-
spanning Travel businesses. It aims to continue improving its own operational
footprint, and also to provide dnata Travel customers with environmental information,
products and services, to make better travel choices.

Our planet
Two of its tour operating businesses, Arabian Adventures and Destination Asia
achieved recognition for their sustainable tourism efforts. Destination Asia Indonesia
achieved the Travelife certified award. The Travelife standard covers the ISO 26000
Corporate Social Responsibility themes, including environment, biodiversity, human
rights and labour relations; and is in full compliance with the UN supported Global
Sustainable Tourism Criteria. Arabian Adventures, located in the UAE, achieved
Travelife Partner level, bringing the number of businesses across the dnata Travel
Group to five who have achieved Travelife Partner level or above.

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Group

Financial
information

Additional
information

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ANNUAL REPORT
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dnata

Group Reducing emissions

Financial
information Emirates and dnata saw significant drops in flight and
ground operations due to the COVID-19 pandemic,
Additional
information particularly in the first half of the year. This is reflected
in the 2020-21 environmental data which shows a
67.9% drop in fuel burn and emissions from aircraft
operations, but a 6.5% drop in overall fuel efficiency
due to reduced loads compared to 2019-20.
Reduced handling activity on the ground led to a
54.1% reduction in emissions from UAE based
ground operations.
from Stockholm, with the support of Swedavia’s Biofuel
Incentive Programme. Flights from Oslo also began
operating on SAF under the Norwegian government
SAF mandate policy.
In 2020-21, Emirates joined the World Economic
Forum’s Clean Skies for Tomorrow coalition, which is
supporting a transition to sustainable aviation fuels as
part of a pathway towards carbon-neutral flying.

Through the year, Emirates continued to explore

and implement initiatives to improve fuel efficiency
and reduce emissions across its operations where
operationally feasible. Some of its most significant
initiatives in this regard include: its long-standing
operation of flexible routings in partnership with air
navigation service providers to create the most efficient
flight plan for each flight; and the use of advanced data
SAF is one of the main opportunities to reduce
analytics, machine learning and AI in its fuel monitoring
aviation’s carbon footprint in the longer term, along
and aircraft weight management programmes.
with aircraft and engine technology, and Emirates
This year, Emirates received its first A380 powered by supports the development of a commercially viable
sustainable aviation fuel (SAF) in December, and earlier supply chain for SAF. The airline continues to explore
in August it uplifted 32 tonnes of SAF for its flights partnership opportunities in the few destinations on
its network where SAF is being made available, and is
reviewing longer-term prospects for technologies such
as power-to-liquid fuels.

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ANNUAL REPORT
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Overview
Emirates
dnata
Well-maintained aircraft also contribute to efficient
Group
flight operations. Emirates uses a dry wash technique
Financial
information to clean its aircraft – a method which saves 11 million
litres of water annually, and keeps its aircraft cleaner
Additional
information for longer, reducing fuel consumption because of less
accumulation of dirt, and reduces the number of times
the aircraft has to be washed annually.
Emirates is also one of the first airlines to utilise GE’s
360 Foam Wash system for its engines, with the first
trials and subsequent roll-out of the programme in
2017. To date, over 200 engines have been washed with
this innovative system, delivering fuel savings and an
estimated reduction of CO2 emissions by 61,400 tonnes.
Emirates completed its first audited annual emissions
report for the Carbon Offsetting and Reduction
Scheme for International Aviation (CORSIA), covering
all of its international emissions for the year 2019,
and at the end of this financial year was finalising the
audited report for 2020. CORSIA is an integral part of
the aviation industry’s global approach to reducing
emissions, alongside technology, sustainable
aviation fuel, infrastructure enhancements, and
operational efficiency.
Emirates complies with all regulatory obligations,
which for carbon emissions now include CORSIA, the
European Union Emissions Trading System (EU ETS),
Swiss ETS, and UK ETS. However, Emirates strongly
advocates that there should be no overlap between
these and other schemes or charges addressing
emissions from international aviation.
dnata’s commitment to utilising electric ground support
equipment (GSE) in its operations where possible, has
driven its GSE investments in recent years particularly at
its busiest hubs such as Dubai International, New York
JFK, and Malpensa in Milan. This year, dnata marked
In response to the reduced flight operations over the
past year dnata used the opportunity to retire its older,
less efficient GSEs, representing approximately 10%
of its fleet. dnata also rolled out a telematics system
across its Dubai-based operations. The system will track
equipment deployment and driver behaviour, which will
aid improvements in fleet management, and reduce fuel
a new milestone, by successfully completing the first consumption and associated emissions.
green aircraft turnaround in the US, utilising its zero-
emission ramp GSEs at New York JFK airport.
In Dubai, dnata’s airport operations began planning for
the electrification of ramp operations at Al Maktoum
International airport (DWC) by installing charging
infrastructure. This is part of a broader initiative to make
DWC an environmentally-friendly ground handling
operation airport.
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Group

Financial
information

Additional
information 01 Sep
dnata became the first Middle East ground handler to
operate a ‘fully electric’ A380 capable pushback tractor.
The tractor was dispatched to two Emirates aircraft
as part of a successful trial to assess its suitability for
deployment in Dubai. Once deployed on a permanent
basis the tractor will deliver significant reductions in
carbon emissions and noise.
26 Nov
dnata becomes the first ground handler to complete
a green aircraft turnaround in the United States. The
company’s dedicated team ensures a smooth and safe
turnaround of a VivaAerobus Airbus A320 aircraft using
only zero-emission ramp GSE at New York-JFK Airport’s
(JFK) Terminal 1.

11 Aug 08 Dec
dnata airport operations in Dubai launches a new Emirates receives its 116th A380, the first of three
ride-hailing app “Moove” for its airside employees A380 aircraft to join its fleet in 2020. It was also the
to easily shuttle between facilities using shared first A380 delivery powered by sustainable aviation
vehicles, improving asset utilisation and its fuel (SAF), uplifted in Hamburg.
environmental footprint.

01 Feb
dnata Singapore signs an agreement to install more
than 7,600 solar panels across its facilities, capable
of delivering enough renewable energy to power
1,100 four bedroom flats for a year and reducing
our carbon dioxide emissions by over two million
kilograms per year.
01 Oct
Emirates starts on greener road journeys in Dubai with
biofuel-powered crew transport buses.

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Emirates

dnata Consuming responsibly 03 Mar

15 Oct
Group
Pandemic containment measures unfortunately On World Wildlife Day, the Emirates Group held an
Emirates Flight Catering rolls out advanced food waste
Financial regressed efforts to reduce single-use plastic across online employee event to promote awareness and
information management system, leveraging artificial intelligence
Emirates and dnata’s operations, however this remains share updates on its efforts in the area of wildlife
and machine learning to monitor and control food
Additional an area of focus for the medium to longer term and and habitat conservation. Experts from the Dubai
information waste, and meet its target of reducing food waste by
many waste and plastic reduction measures put in place Desert Conservation Reserve (DDCR), and Wolgan
35% in its central operations.
before the pandemic continue. Valley provided updates on their respective flora and
fauna rehabilitation programmes. The Wolgan Valley
wildlife and habitat restoration story is a particular
Wildlife and habitat conservation
achievement, following the bushfires which devastated
Emirates and dnata continued efforts to support the many areas of Australia in the early part of 2020.
conservation of wildlife and habitats, and protect the Emirates SkyCargo also provided an update on its
biodiversity of our planet for future generations. anti-wildlife trafficking initiatives.

COVID-19 accelerated the digitisation of processes at

15 Mar
customer touchpoints and also within the business,
reducing paper consumption and waste. In addition, Emirates marks 5 years of engagement with
significant investments in new technology systems The Royal Foundation on the United for Wildlife
were made by both Emirates Flight Catering and initiative, being one of the first signatories of the
dnata Catering this year, to reduce food waste across Buckingham Palace Declaration in 2016. dnata
their operations. became the first air services provider to sign the
declaration in 2019.

15 Jun
dnata’s Australian catering team rolls out bio-digesters
across its facilities to further reduce food waste across 28 Jul
the operations. The company’s equipment is capable of
Dubai Desert Conservation Reserve, supported by the
diverting 730 tonnes of food waste from landfills.
Emirates Group since its establishment more than 20
years ago, releases its first annual report for 2019-20.

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The performance indicators below cover the Group’s business operations from its hub, Dubai including Emirates Flight Catering operations and
Overview other Group entities registered in the UAE and where Emirates or dnata have management control during the financial year ended 31 March
Emirates 2021. It does not include our hotel operations, retail operations under Emirates Leisure Retail, operations of our Group entities (fully or partially
dnata 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 from the Greenhouse Gas Protocol – revised edition
Group

Financial
information

Additional Priority Performance indicator Unit 2020-21 2019-20 % change

information

Aircraft fuel Fleet age years 7.3 6.8 7.4

consumption,
fuel efficiency, and Jet fuel (total fleet including training aircraft and wet-leased freighters) tonnes 3,494,233 10,879,616 -67.9
CO2 efficiency 1, 2 Aviation gasoline (training aircraft) tonnes 231 165 40.0
Sustainable aviation fuel tonnes 77 - -
Combined fuel efficiency (total fleet excluding training aircraft and wet-leased freighters) L/tk 0.346 0.325 6.5
Combined CO2 efficiency (total fleet excluding training aircraft and wet-leased freighters) kg CO2 / tk 0.858 0.805 6.6

Sustainability performance

Aircraft noise and Fleet cumulative margin to Chapter 4 noise standards EPNdB -11.80 -11.71 -0.8
local air quality
Fleet cumulative margin to Chapter 4 noise standards % -7.00 -6.98 -0.02 % points
Nitrogen oxide (NOx) emissions (landing and take-off cycle) tonnes < 3,000 ft 5,379 13,126 -59.0
Carbon monoxide (CO) emissions (landing and take-off cycle) tonnes < 3,000 ft 3,027 8,913 -66.0
Unburnt hydrocarbons (UHC) emissions (landing and take-off cycle) tonnes < 3,000 ft 309 955 -67.6
Fleet margins below regulatory limits for NOx % -10.68 -10.52 -0.16 % points
Fleet margins below regulatory limits for CO % -57.26 -57.03 -0.23 % points
Fleet margins below regulatory limits for UHC % -65.61 -65.27 -0.34 % points
Fuel Jettison Events 3
Total events 3 10 -70.0
Jettisoned fuel tonnes 94 328 -71.3

64
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial Priority Performance indicator Unit 2020-21 2019-20 % change

information

Additional Vehicle and Diesel litres 19,521,565 39,622,561 -50.7

information ground service
equipment fuel Petrol litres 4,838,615 13,943,692 -65.3
consumption

Electricity Electricity consumption MWh 366,525 460,321 -20.4

and
water 4 Water consumption ML 1,661 2,352 -29.4

Materials Waste (landfill) tonnes 10,636 69,304 -84.7

and
waste Material recycled tonnes 3,885 7,555 -48.6

CO2 emissions 5 Scope 1

Aircraft operations tonnes 11,042,736 34,380,099 -67.9
Ground operations tonnes 63,934 139,330 -54.1
Total Scope 1 emissions tonnes 11,106,670 34,519,429 -67.8
Scope 2
Electricity tonnes 153,940 193,335 -20.4
Total Scope 2 emissions tonnes 153,940 193,335 -20.4
Total CO2 emissions tonnes 11,260,610 34,712,764 -67.6

Energy Energy from fuel consumption TJ 154,357 479,756 -67.8

consumption
Energy from electricity consumption TJ 1,319 1,657 -20.4
Total energy consumption TJ 155,676 481,413 -67.7

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 Passenger and Freighter fuel and CO2 efficiency not reported this year as a result of the impacts of the pandemic on operations, e.g. use of passenger aircraft as freighters, repatriation flights, etc.
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.
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. 65
ANNUAL REPORT
2020-21

Overview
Emirates network
Emirates Emirates operates flights to 157* destinations in
82 countries, offering industry-leading passenger
dnata
and cargo air transport services.
Group

Financial We connect the world to, and through, our hub

information in Dubai.
Additional
information *includes temporary suspensions due to COVID-19 pandemic.

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

Emirates presence
NORTH AMERICA EUROPE CAPE TOWN AJMAN SHARJAH KRABI AUCKLAND
BOSTON COPENHAGEN DAR ES SALAAM AL AIN UMM AL QUWAIN MALE BRISBANE
CLEVELAND FRANKFURT JOHANNESBURG DUBAI PHUKET CAIRNS
NASHVILLE KINGSTON MWANZA CITY FUJAIRAH ASIA SAMUI LAUNCESTON
NEW YORK NICOSIA SEYCHELLES MUSCAT BANGKOK SINGAPORE MELBOURNE
PITSBURGH RAS AL KHAIMAH COLOMBO PERTH
WASHINGTON AFRICA MIDDLE EAST SALALAH GALLE AUSTRALASIA SYDNEY
ARUSHA ABU DHABI SOHAR HUA HIN ADELAIDE WOLGAN VALLEY
66
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

67
ANNUAL REPORT
2020-21

Overview
dnata network
Emirates dnata’s business footprint in airport operations,
catering and travel services, span 184 cities and
dnata
airports across the globe.
Group

Financial We aim to be the world’s most admired air

information services provider.
Additional
information

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

68
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

69
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial
information

Additional
information

71 Emirates financial commentary

80 dnata financial commentary
86 Emirates independent auditor’s report
92 Emirates consolidated financial statements
142 dnata independent auditor’s report
146 dnata consolidated financial statements

70
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial information

Emirates financial
commentary

dnata financial
commentary

Emirates consolidated
financial statements

dnata consolidated
financial statements

Additional information

Emirates financial commentary

71
ANNUAL REPORT /RVVSURÀWDWWULEXWDEOHWRWKH2ZQHU /RVVSURÀWPDUJLQ in % Revenue in AED bn Revenue split in %
2020-21 in AED bn
96.0
1.5 3.0 0.9 1.1 91.2 91.0 57%
83.8
Overview 1.3 2.8 0.9 1.1 Cargo

Emirates 37%
Passenger (including
dnata
30.2 excess baggage)
Group
(20.3) (65.6)
6%
Financial Non-transport
information 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
Emirates
financial
commentary
2SHUDWLQJORVVSURÀWin AED bn Return on Owner's funds in % Revenue in AED m 2020-21 2019-20 % change 2020-21
dnata as % of
financial 6.4 revenue
commentary 4.1 3.8 7.9 2.4 3.5
2.4 2.6 Passenger 11,012 75,587 (85.4) 36.4
Emirates Cargo 17,106 11,207 52.6 56.6
consolidated
financial Excess baggage 218 478 (54.4) 0.7
statements
Transport revenue 28,336 87,272 (67.5) 93.7
dnata (15.0)
consolidated (95.3) Sale of goods 1,334 2,745 (51.4) 4.4
financial
statements Hotel operations 296 584 (49.3) 1.0
16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
Others 264 394 (33.0) 0.9
Additional
information
Non-transport revenue 1,894 3,723 (49.1) 6.3

Total 30,230 90,995 (66.8) 100.0

The impact of the COVID-19 pandemic on
the global economy and travel industry
has been unprecedented. Governments
worldwide enforced travel restrictions,
lockdowns and quarantine measures to
curb the spread of the virus, causing a
steep drop in demand for air travel. 2020-
21 was by far the worst year in the history
of the aviation and travel industries. The
future also remains uncertain, with most
analysts suggesting that it will take years to
recover to pre-crisis levels.
Without a shadow of doubt, and similar
to industry trend, this was the most
challenging year in Emirates’ operating
history. Although we are not new to crises,
and our endurance has been sound to
challenges and shocks, it is the sheer
duration and uncertainty surrounding the
containment of the virus that had a severe
impact on our operations this year. As a
result, Emirates recorded a loss of AED
20.3bn, its first in the last 33 years.
The top priorities for the management
during this fragile environment have
been to preserve cash, reduce costs and
maximise revenue through innovative
products and services.
We took various measures to navigate
through this difficult period, which
included; availing various relief and
support schemes throughout our network,
implementing numerous cost saving
measures, delivering efficiencies across
operational areas, reducing discretionary
capital expenditure, securing additional
working capital facilities and negotiating
waivers & deferral of payments for
liabilities. Regrettably, and despite our best
efforts to cut costs and preserve cash, we
had to take the decision to right-size our
workforce and let people go, for the first
time in our history.
During this time of crisis, our ultimate
Owner, the Government of Dubai, injected
an equity of AED 11.3bn which helped us
meet all our financial obligations.
Despite being financially onerous, we
delivered on our commitment to customers
and AED 8.5bn worth of pandemic-driven
refund requests were honoured.
Being an international airline with no
domestic network, passenger capacity
measured in ASKMs dropped by 82.6%
compared to the prior year – the airline’s
steepest decline ever. In contrast, SkyCargo
- our cargo division - performed better and
responded to global demand by ensuring
international connectivity for essential
goods and supplies such as PPE, medical
equipment, pharmaceuticals and food
items.
Our emphasis on operating a young fleet
continued with 3 new A380s delivered
this year. We also unveiled our Premium
Economy product to our customers
through our latest A380 aircraft.
By the end of the year, we had reconnected
the world with over 120 destinations. We
welcomed 6.6 million passengers on-
board our flights, one-ninth of our normal
passenger numbers, and carried 1.9 million
tonnes of cargo.
Profitability
Emirates’ financial results nose-dived this
year and we reported a loss of AED 20.3bn
(2019-20: profit of AED 1.1bn). This was due
to operating losses of AED 15bn (2019-20:
operating profit of AED 6.4bn) caused by
the diminished revenue line and high fixed
costs.
Revenue
Due to the limited operating capacity,
our revenues plummeted by 66.8% to
AED 30.2bn (2019-20: AED 91.0bn).
Transport revenue, which forms nearly
94% (2019-20: 96%) of Emirates’ revenue,
dropped by 67.5% to AED 28.3bn (2019-20:
AED 87.3bn).
Non-transport revenue, comprising sale
of consumer goods, catering operations,
sale at F&B outlets and hotel operations,
contributed 6.3% (2019-20: 4.1%) of our
revenue and dropped to AED 1.9bn (2019-
20: AED 3.7bn) due to lower, pandemic-
ravaged trading activity this year.

72
ANNUAL REPORT Available seat kilometres (ASKM) in bn Revenue passenger kilometres (RPKM) in bn Ancilliary revenue in AED bn Cargo carried in tonnes‘000
2020-21
390.8 300.0 288.1 and as a % of passenger revenue
368.1 377.1 367.2 276.6 292.2 3.1 2,577 2,623 2,659
2.9 2,389
Overview 2.5
2.3 1,873
Emirates 4.1
3.7 3.7
dnata 3.3 3.3

Group 64.1 0.4

28.4
Financial
information 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
Emirates Ancilliary revenue
financial Ancilliary to passenger revenue %
commentary
Passenger numbers in millions Passenger seat factor in % Aircraft departures* in thousands Cargo carried in tonnes‘000
dnata and as a % to total
financial 58.5 58.6 205 202 203
56.1 56.2 189
commentary 548
23%
Emirates
consolidated 75.1 77.5 76.8 78.5
financial
1,158
statements 79 1,841 62%
77%
dnata 44.3 715
consolidated 6.6
38%
financial
statements 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 19-20 20-21
Additional *includes both passenger and cargo flights. Passenger operations Freighters
information

Passenger revenue Air service connections completely The positive news of vaccine development Cargo revenue
The COVID-19 outbreak forced the airline collapsed in April and May of 2020 when and testing spurred bookings for the SkyCargo exhibited strong performance
to temporarily suspend several routes Dubai International Airport (“DXB”) was holiday season in December and we saw as revenue increased by 52.6% to AED
across the network. The result was a under an 8-week lockdown subject only to capacity go up to 26% by the end of Q3, 17.1bn (2019-20: AED 11.2bn), resulting
drop of 82.6% in our passenger capacity repatriation flights being operated to assist compared to the same period last year, from the pandemic induced global demand
(measured in ASKMs) and 76.3% in UAE’s expat community move back safely and an accelerated recovery was being for essential goods and medical supplies
passenger flights compared to 2019-20. to their home countries. forecasted. However, the discovery of new that was met by our high quality product
Further, low travel confidence and the virus strains dampened travel demand offerings. Cargo volumes in tonnes
Q2 saw a gradual opening of borders again in Q4. ASKMs for Mar’21 were
prevailing hassle-bound travel environment and destinations started being operated, decreased by 21.6% and stood at 1,873
impacted RPKMs which plunged 90.2% and almost 40% of Mar’20 (start of pandemic) thousand (2019-20: 2,389 thousand) while
albeit with limited capacity, and under a but remained in line with Jan and Feb’21
stood at 28.4bn (2019-20: 288.1bn). New Normal travel experience – in which yield per FTKM nearly doubled compared
in absolute terms. The annual seat factor to last year to 175 fils per FTKM (2019-20:
As a result, our core passenger revenue creating a safe travel environment for our of 44.3% (2019-20: 78.5%) constantly
customers was the utmost priority. 94 fils per FTKM).
(including excess baggage) reduced by remained under pressure. Our premium
85.2% to AED 11.2bn (2019-20: AED 76.1bn). class seat factor was healthy at 42.8%. Strategically, cargo operations were
consolidated at DXB from the start of the
Movement in ASKM in comparison to previous year in % and monthly seat factor in %
Prioritising customer convenience during year as we temporarily ceased operations
this year of crisis, decisions were taken at our previous hub at the Al Maktoum
to provide; flexible options on our ticket International Airport (“DWC”) to optimise
58%
55% validity and refund policies, low-cost PCR
49% logistics.
45%
tests and global cover for COVID-19 related
43% 42% 44%
38% 39% medical costs, amongst others. To cater to the increased cargo demand,
36% 37%
32% 40% we transformed 19 of our B777 passenger
Our customer loyalty programme, aircraft to mini-freighters and introduced
24% 26% 26% 23% Skywards, pioneered new ways to offer new loading protocols to safely carry cargo
19% 22%
17% incremental benefits to its members, such using the overhead bins and passenger
11%
as allowing a longer duration to retain elite seats. One-third of our passenger aircraft
1% 1% 3%
tier status. were used for cargo operations this year.
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Our ancillary offerings, including in-flight
upgrades and paid seats, generated
ASKM as % of PY Seat factor 73
revenue of AED 0.4bn (2019-20: AED 3.1bn).
ANNUAL REPORT Available tonne kilometres (ATKM) in bn Revenue tonne kilometres (RTKM) in bn YieldLQÀOVSHU57.0 Destinations in numbers*
2020-21
156 157 158 157 157
63.3 41.3 42.3
Overview 60.5 61.4 58.6 39.3 39.5 229

Emirates 222
219
213
dnata 24.8
12.5 204
Group

Financial
information 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
Emirates *includes temporary suspensions due to COVID-19
financial pandemic.
commentary
Overall and breakeven load factor in % Number of aircraft Geographical revenue in %
dnata
financial 77.2
commentary
28% East Asia and Australasia
65.0 67.2 66.8 67.4
Emirates 94 102 109 115 113 26% Europe
consolidated
financial 64.5 65.2 66.4 14% Americas
63.4
statements 12% West Asia and Indian Ocean
dnata 163 166 161 155 146 10% Africa
consolidated 50.5
financial 10% Gulf and Middle East
statements 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
Additional Breakeven Overall A380 B777
information

Cargo revenue (continued)
Our freighter network, served by dedicated
wide-body freighters, passenger-freighters
and mini-freighters reached over 120
touchpoints globally. We increased
our presence in South America and
Russia through the introduction of new
destinations; Guadalajara, Bogota and
Sheremetyevo.
Cargo carried by freighters was 62%
(2019-20: 23%) of the total weight carried,
an increase of 39% pts. from last year.
ATKMs and FTKMs for freighter operations
almost doubled compared to previous
year. However, belly capacity was down on
account of a reduced passenger network,
resulting in a decrease of 18.6% in total
cargo FTKMs.
Cargo capacity FTKM million
Cargo yield fils per FTKM
Cargo carried tonnes‘000
Passenger operations
Freighters
Being a key player in the secure and rapid Total capacity and load factor
global distribution of COVID-19 vaccines, With global connectivity at the heart of our
our readiness to handle the logistical business model, we prioritised the rebuild
complexities of distributing the vaccine and restoration of our network throughout
globally was demonstrated by creating the year. The airline closely monitored
a dedicated airside cargo hub in Dubai. market conditions and adjusted its
More than 50 million vaccine doses were
operations dynamically while governments
transported by us during the year. tightened and relaxed travel restrictions to
keep the pandemic in check.
SkyCargo continued to deliver innovative
and bespoke solutions for its customers, The pandemic significantly impacted our
supporting the food industry, animal overall capacity and flown numbers this
transport, sporting events, and other critical year. Overall capacity, measured in ATKMs,
economic activity. It also played a key role rested at 24.8bn (2019-20: 58.6bn) for
in distributing relief supplies following the this year, a significant decline of 57.7% -
devastating Beirut Port explosions impacted by lower passenger activity partly
in August. made good by enhanced cargo operations
run through transformed passenger and
mini freighters. Revenue generating load
measured in RTKMs stood at 12.5bn (2019-
2020-21 2019-20 % change 20: 39.5bn), a slump of 68.3%. Overall
load factor was at 50.5% (2019-20: 67.4%)
9,758 11,986 (18.6) and our break-even load factor jumped to
175 94 87.5 77.2% (2019-20: 63.4%), due to high fixed
costs and significant reduction in revenues.
1,873 2,389 (21.6)
715 1,841 (61.1) The highly unpredictable and volatile
environment meant we connected with a
1,158 548 111.1
reduced number of destinations this year,
and that too with a limited capacity, as
other destinations remained temporarily
suspended following the restrictions put in
place by the respective countries.
Overall yield
With optimum pricing of the limited
capacity flown supported by excellent
cargo performance, overall yield improved
to 229 fils per RTKM (2019-20: 222 fils per
RTKM).
Revenue distribution
Transport revenue declined in all our
markets in line with the overall drop in
revenue. However, country-wide lockdowns
and travel restrictions impacted Europe
and Americas more severely and their
contributions to our geographically diverse
revenue base fell by 2.7% pts. and 2.5%
pts. respectively. Drops in revenue share
of these regions were compensated by
increases elsewhere, mainly East Asia
and Australasia, due to increased cargo
operations in response to market demand.

74
ANNUAL REPORT Total operating costs in AED bn Total cost movement in AED bn Key operating costs as % of total costs
2020-21
95.3 4.3
88.2 85.6 13
82.6 19.9 25 28 29
Overview 32
10.5 10 11 39
Emirates 3.7 1.3 10 21
45.9 90.9
dnata 65 61
51.2 58
Group 50 48

Financial
information 16-17 17-18 18-19 19-20 20-21 Total costs - Employee Jet fuel Direct Sales and Others Total costs - 16-17 17-18 18-19 19-20 20-21
2019-20 costs operating costs marketing 2020-21
Emirates Depreciation, amortisation and impairment
financial Jet fuel Others
commentary Total costs in AED bn 2020-21 2019-20 % change 2020-21
Fuel volume in million barrels as % of Unit cost LQÀOVSHU$7.0
in fils per ATKM
dnata and average price in USD per barrel total cost
financial
commentary 88.1 90.3 92.8
87.3 Depreciation, amortisation and 177
impairment 19.7 19.4 1.5 38.5
Emirates 84
76 Employee costs 7.8 12.1 (35.5) 15.2 146
consolidated 68 139 141
57 55* Jet fuel 6.4 26.3 (75.7) 12.5 132
financial
statements Direct operating costs 5.9 16.4 (64.0) 11.5 151
27.3 Sales and marketing 1.8 5.5 (67.3) 3.5
dnata
consolidated Other operating costs 4.3 5.9 (27.1) 8.4
97 98 97 96
financial Total operating costs 45.9 85.6 (46.4) 89.6
statements 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
Net finance costs 4.2 4.8 (12.5) 8.2
Additional Fuel price Fuel volume Other financial losses 1.1 0.5 120.0 2.2 Unit Cost Unit cost excluding jet fuel
information *hedged price Total costs 51.2 90.9 (43.7) 100.0

Total costs These measures included; rightsizing the Further, fuel hedged at USD 55 per barrel Sales and marketing
Our total costs for the year were AED 51.2bn workforce in line with demand projections limited the impact of drop in prices to 6.9%. Sales and marketing costs reduced by
(2019-20: AED 90.9bn), showing a sizeable (our employee count was down 32.0% as The longer than expected duration of the 67.3% to AED 1.8bn (2019-20: AED 5.5bn)
reduction of 43.7% from the previous year. at the year end as compared to previous pandemic environment resulted in lower due to decrease in volume-driven costs,
year), imposing salary cuts, enforcing a fuel uplifts compared to our forecasts and cuts on discretionary advertisement spend
Depreciation, amortisation and recruitment freeze and offering unpaid hence, hedge ineffectiveness of AED 1.1bn and the cancellation/postponement
impairment leave to staff. Employee costs are presented was recognised in the consolidated income of various events as part of COVID-19
Depreciation, amortisation and impairment net of AED 105m worth of credits received statement and disclosed under ‘Other containment measures.
charges now form 38.5% - the largest from various government-run support financial (losses)/ gains - net’.
component – of our total costs (2019-20: schemes across our network. Other operating costs
21.4%). The marginal increase in expense Direct operating costs Other operating costs comprise facilities
this year reflects the net impact of; a)
Jet fuel and hedge ineffectiveness Direct operating costs include aircraft related spend, IT costs and corporate
depreciation on 3 A380 aircraft delivered Jet fuel costs decreased to AED 6.4bn related handling, in-flight catering, overheads, which dropped by 27.1% to AED
this year and the full year impact of 6 (2019-20: AED 26.3bn), a drop of 75.7%. overflying, landing & parking, crew layover 4.3bn (2019-20: AED 5.9bn). These costs
aircraft delivered last year, b) reduced Fuel uplifts were down 68.8% due to and aircraft maintenance expenses which were managed through various cost-saving
charge due to 14 aircraft retired this year, reduced operations. reduced by 64.0%, in line with the decrease measures.
and c) impairments of AED 710m. Included in overall capacity.
Unit cost per ATKM
in this charge is AED 500m of specific
Employee strength (in numbers) 2020-21 2019-20 % 2020-21 as Our unit cost per ATKM increased to
impairment pertaining to certain aircraft change % of total
and related assets. These aircraft are not 177 fils (2019-20: 141 fils) due to a more
UAE pronounced drop in ATKMs compared to
expected to return to service before the
end of their useful life or lease term within Cabin crew 14,372 21,821 (34.1) 35.2 operating costs, part of which are fixed in
the next financial year. The remaining Flight deck crew 2,964 4,461 (33.6) 7.3 nature, mainly fleet related depreciation
and amortisation.
charge of AED 210m is on the property, Engineering 2,289 3,284 (30.3) 5.6
plant and equipment, right-of-use and Others 9,510 12,711 (25.2) 23.3 Net finance costs
intangible assets, primarily belonging to Total - UAE 29,135 42,277 (31.1) 71.4 Net finance costs reduced by 12.5% to AED
our Australian group entities. 4.2bn (2019-20: AED 4.8bn) primarily on
Overseas stations 4,169 5,241 (20.5) 10.2
Employee costs account of a drop in benchmark interest
Total - airline 33,304 47,518 (29.9) 81.6
Employee costs at AED 7.8bn (2019-20: rates and a reduction in total borrowings
AED 12.1bn) were down 35.5%. Various cost and lease liabilities.
Subsidiary companies 7,497 12,515 (40.1) 18.4 75
control measures were initiated this year to
curb the impact of the pandemic. Closing employee strength 40,801 60,033 (32.0) 100.0
ANNUAL REPORT Capital expenditure in AED bn Total equity in AED bn
2020-21 37.7
37.0
12.3 35.1
10.6
Overview 11.3
23.6
Emirates 7.4 20.1
Assets in AED bn Equity and liabilities in AED bn
dnata
172.1 172.1 4.7
Group
151.8 23.6 151.8
Financial 2.0 1.1 1.1 0.6 0.3
information 20.1 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
Emirates Primary Secondary
financial
commentary
124.8
dnata 111.0 99.6
financial Aircraft, engines 95.9 Total equity movement in AED bn
commentary and parts*
Emirates Other non-current Equity
consolidated assets 5.7 0.2
financial 20.3
statements 19.6 Cash assets Non-current 23.6
17.9 liabilities 20.1
48.9 11.3
dnata 20.2 35.8
consolidated
15.1 Other current Current liabilities
financial 7.5 7.8 assets
statements 19-20 20-21 19-20 20-21 As at Loss for the year Capital Fuel hedge Others As at
31 March Contribution reserve 31 March
Additional * includes aircraft and engine related overhaul 2020 2021
information events and pre-delivery payments.

Statement of financial position Capital expenditure Equity Liabilities

Emirates’ balance sheet stood strong with
total assets of AED 151.8bn (2019-20: AED
172.1 bn), although reduced by 11.8%
compared to last year.
Assets
Non-current assets of AED 128.9bn (2019-
20: AED 144.4bn) were down 10.7% or AED
15.5bn due to depreciation, amortisation
and impairment charges of AED 19.7bn
partly offset by additions of AED 5.5bn in
property, plant and equipment, right-of-use
and intangible assets.
Current assets, excluding cash assets,
improved to AED 7.8bn from AED 7.5bn
due to a positive movement in MTM of fuel
derivatives by the year end. Cash assets
remained healthy at AED 15.1bn (2019-20:
AED 20.2bn) but dropped from last year
due to significant ticket refund payments
made to customers this year and minimal
cash inflows from operating activities due
to highly depressed trading activity.
Robust cost control measures on capital
expenditure resulted in a curtailed
investment in our fleet and customer
focused initiatives for the year. Capital
intensive spend amounted to AED 5.0bn
(2019-20: AED 11.9bn).
Primary capital expenditure comprising
aircraft spend (including pre-delivery
payments, aircraft, engines and parts),
major aircraft & engine maintenance costs
and spare engines represented 93.3% or
AED 4.7bn of the annual capital spend
(2019-20: 95.0% or AED 11.3bn). This spend
includes addition of 3 A380s delivered this
year. Our Premium Economy product was
unveiled through the A380 delivered in
December.
Investments were also made on incremental
safety requirements to rebuild travel
confidence. We continued to enhance our
digital capabilities to refine customers’
experience and improve connectivity with
our travel trade partners. This year we
launched the Emirates Partner Portal - a
one-stopshop for industry partners to gain
access to Emirates products.
Due to the reduction in demand, a highly
diminished revenue line and significant
operating losses, our bottom line
plummeted to a loss of AED 20.3bn. 86.0%
of our opening equity was eroded as a
consequence.
Given the severity of the pandemic which
far exceeded any other economic downturn
faced by the airline, our ultimate Owner
- the Government of Dubai - injected
equity of AED 11.3bn to assist the airline
sustain operations and meet its financial
obligations. With this support, Emirates’
equity stood at AED 20.1bn (2019-20:
AED 23.6bn) by the end of the year. Other
significant movements in equity included
a fuel hedge reserve credit of AED 5.7bn
owing to the increase in fuel prices and
the recognition of hedge losses in the
consolidated income statement.
Total liabilities reduced by 11.3% to AED
131.7bn (2019-20: AED 148.5bn).
Derivative mark-to-market exposures
swung by AED 7.2bn, of which fuel
derivatives comprised AED 6.8bn. This
reduction was due to gains of AED 3.5bn
recorded as fuel prices continued to inch
closer to our hedged prices throughout
the year (and exceeded by year end) and
settlements of AED 3.3bn made on maturity
dates. Deferred revenue dropped by AED
4.3bn, a result of COVID-19 related refunds
made to customers and lower sales.
Borrowings and lease liabilities were down
by AED 2.6bn on account of repayments,
and lease re-measurements due to reduced
interest rates offset by draw downs of credit
lines and additional financing obtained for
new aircraft deliveries.
Other liabilities decreased by AED 3.4bn as
a result of the decline in operating activity.

76
ANNUAL REPORT Sources of funding over last 10 years in %
2020-21

Overview
39% Leased Fleet information
36% Commercial Financing Aircraft Total as at Owned* Leased Total as at Change since Future Options
Emirates
13% EXIM/ECA Guaranteed Financing 31 March 31 March 31 March deliveries
dnata
6% Bonds 2021 2020 2020
Group 5% Equity A 380-800 113 56 57 115 (2) 5 -

Financial 1% Islamic Financing B 777-300ER 125 66 59 134 (9) - -

information B 777-200LR 10 6 4 10 - - -
Emirates B 787-9 - - - - - 30 -
financial
commentary B 777-X - - - - - 115 61
Number of aircraft $YHUDJHÁHHWDJH in months
dnata A 350-900 - - - - - 50 -
financial 88
commentary 268 270 270 81 Passenger 248 128 120 259 (11) 200 61
73
259 259 63
68 B777-200LRF 11 - 11 11 - - -
Emirates
consolidated Freighters 11 - 11 11 - - -
financial
statements Total aircraft 259 128 131 270 (11) 200 61
dnata Note: One A319 aircraft is used for Executive jet charters.
consolidated *Includes aircraft acquired on secured financing.
financial
statements 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
Additional
information

Fleet acquisition and financing
We started the financial year under
COVID-19 restrictions on air travel at their
peak with passenger services suspended,
and only cargo operations generating
positive cash flows. In order to manage
the significant cash burn and mitigate
the impact on liquidity, management
implemented several strategies to
save costs, reduce discretionary capital
expenditure, improve the working capital
cycle and raise additional funding from
diverse geographical sources.
With robust cash reserves at the beginning
of the financial year, an equity injection
of AED 11.3bn by the Government of
Dubai, and various cost saving & liquidity
improvement measures, we were able to
meet all our financial obligations on time.
Although the future outlook is uncertain,
Emirates remains optimistic about long
term travel demand. Our order book has
200 aircraft – 5 A380s, 50 A350-900s, 115
B777-8x/9x and 30 B787-9, excluding
options and purchase rights.
The airline took delivery of 3 A380s and
simultaneously retired 10 of its older
aircraft during the financial year
(9 B777-300ER and 1 A380). Further,
4 A380s were taken out of operations
as they are currently grounded and
not expected to be used before their
scheduled retirement dates within the
next financial year. Emirates continues to
maintain a young fleet age of 7.3 years (88
months) (2019-20: 6.8 years (81 months)),
substantially lower than the industry
average, consisting of 146 Boeing aircraft
and 113 twin-deck A380 aircraft.
During the year, Emirates raised a total
of AED 14.5bn in financing for aircraft
and general corporate purposes funded
through term loans, revolving credit and
short term trade facilities.
Emirates has already received committed
offers to finance through Export Credit
Agency backed term loans, two aircraft
deliveries due in the forthcoming year
and will continue to tap the bank market
for further liquidity in 2021-22 to provide
a cushion against the potential impact of
COVID-19 on cash flows in the near term.
Notable support from aviation lessors and
financing partners has been a testament
to the financial community’s confidence in
the strength of the airline’s business model,
and mid to longer term prospects.
Having raised more than AED 200bn over
the last 10 years, Emirates continues to
maintain a well-diversified and evenly
spread financing portfolio. Tapping into
various sources of funding, both in terms of
structure and geography, Emirates remains
on track with its long term financing
strategy.
There is an on-going and unrelenting
focus on working capital optimisation and
plans have been put in place to manage
the refinancing and repayment of funding
taken at the start of the crisis. Additionally,
new credit lines and facilities have been
set up to ensure appropriate liquidity is
maintained to mitigate any short term
shocks in case the crisis continues for
longer.
To further bolster the liquidity,
management is in regular discussions with
various counterparties in exploring a mix of
financing structures which provide funding
from diverse sources, maintain a balanced
maturity profile and optimise overall
borrowing costs.

77
 Split
ANNUAL REPORT
2020-21
Cash assets in AED bn and Cash assets to
total revenue in %
Cash (used in)/generated from operating
activities in AED bn
Operating cash margin in % EBITDA margin in %

back
Overview 20.4 20.2
22.8
27.0
28.1
14.1 25.0 24.5
as 2
Emirates
15.7
17.0
15.1 10.4 10.5
12.3 15.3 10.8
24.8

graphs
dnata 49

Group 22 22
18 17 15.0
(4.5) (14.4)
Financial
information 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
Emirates Cash assets Cash assets to revenue %
financial
commentary
&DVKÁRZ in AED bn EBITDA and debt service in AED bn
dnata
financial
commentary 4.5 16 14
12 13
Emirates 3.5 2.9
consolidated 3

25.9
20.2

25.0

24.0
financial

23.4
21.8
21.2
15.1

20.6

20.7
statements

19.0
dnata

4.6
consolidated
financial Cash assets Net cash Net cash Net cash Cash assets
statements as at used in used in generated from as at 16-17 17-18 18-19 19-20 20-21
31 March 20 operating investing ÀQDQFLQJ 31 March 21
Additional activities activities* activities EBITDA Debt service No. of months
information
*net of movement in short-term bank deposits.

Cash position
Cash assets
Our cash assets which include short term
bank deposits closed at AED 15.1bn
(2019-20: AED 20.2bn), down by 25.4%.
Our cash reserves will continue to remain
under pressure given the current business
environment and unpredictable global
economic comeback.
The cash assets to total revenue percentage
increased to 48.9% (2019-20: 22.0%).
However, this was due to lower revenues
and hence is not comparable to prior years.
While this is outside of our target range of
25% +/- 5%, we expect to stabilise this as
soon as the demand returns to normal.
Cash flow movement
Our efforts in managing working capital
helped us restrict the cash used in
operating activities to AED 4.5bn (2019-
20: inflows of AED 22.8bn), a much better
position from what we anticipated at the
beginning of the year.
Negative cash flows from operating
activities also led to worsening of our
operating cash margin to negative 14.4%, a
drop of 39.2% pts. from last year.
78
Excluding the impact of AED 8.5bn
of pandemic-driven refunds made to
customers (which were largely funded
through strong opening cash reserves),
cash from operating activities was AED
4.0bn positive.
Cash used in investing activities of AED
3.5bn primarily relate to additions of
aircraft, engines and parts.
Supported by the equity injection of AED
11.3bn, we generated a net cash surplus of
AED 2.9bn from financing activities after
meeting all our debt obligations on time.
2020-21 2019-20 2018-19 2017-18 2016-17
EBITDA in AED bn 4.6
Less: Debt service
Repayment of borrowings and
lease liabilities
Repayment of operating lease
rentals
Interest paid
Total
EBITDA after debt service in
AED bn
EBITDA and debt service in lease liabilities with 9 tails returned and
Cash profit from operations, excluding the associated liabilities fully paid off, and
ii) lower interest rates this year. EBITDA after
working capital movements (EBITDA) at
AED 4.6bn (2019-20: AED 25.9bn) was debt service payments was AED 16.1bn
82.2% lower compared to last year as the (negative), however, the equity injection
drop in revenues outpaced the decrease and term loans enabled us to service our
in costs. debt.
Despite a significant strain on cash assets, EBITDA equated to 3 months (2019-20: 13
we continued to honour all our financial months) of payments for this pandemic-
obligations. Debt service payments stricken year. We remain confident to meet
our financial commitments as they fall due
amounted to AED 20.7bn (2019-20: AED
23.4bn), a drop of 11.6% compared to in the coming year and beyond through
proactive working capital management
previous year. This was due to; i) decrease
and utilisation of available credit lines and
facilities.
Lower EBITDA and a reduced top line
25.9 24.0 25.0 21.2 resulted in the drop of EBITDA margin
to 15.0% (2019-20: 28.1%), a 13.1% pts.
decline from last year.
(16.6) (18.5) (7.0) (6.0) (10.0)
The payments shown in the table (including
those of previous years) exclude refinancing
- - (11.7) (11.7) (10.5) of certain borrowings and lease liabilities at
(4.1) (4.9) (1.9) (1.3) (1.3) commercially better rates. The related cash
inflows and outflows are reported at their
(20.7) (23.4) (20.6) (19.0) (21.8)
gross values in the consolidated statement
of cash flows and in the relevant notes to
the consolidated financial statements.
(16.1) 2.5 3.4 6.0 (0.6)
ANNUAL REPORT 'HEWUHSD\PHQWSURÀOH* in AED bn Debt collateralisation in AED bn Revenue by currency in %
2020-21

172.1
USD

151.8
139.1
Overview 32.1 EUR

122.7
110.2

107.6
24% INR
Emirates 21.8 12.8
20.5
18.4 16.9 36% CNY
dnata 10.9 9.5 12.9
8.5 7.0 2% GBP
Group 6.3 3%
5% PKR
Financial 10.9 11.0 9.9 9.9 6.6 19.3 JPY
information 21-22 22-23 23-24 24-25 25-26 27 and 7%
19-20 20-21 9% 14% Others
beyond
Lease liabilities Bonds and term loans
Emirates Total assets Secured assets Total debt
*including future interest.
financial
commentary
Net debt to equity ratio in % Effective interest rate on borrowings Cash asset to net debt in % Currency impact in AED m
dnata and lease liabilities in %
financial
459.0
commentary
381.2 4.6
Emirates 4.0 25.4 1,495
3.8 40
consolidated 22.5
financial 3.2
3.0 (2,458)
statements 21.5 (190)
18.8
dnata 237.9 16.3
consolidated 216.4 209.8
financial
statements 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 19-20 20-21
Additional Revenue Cost
information

Debt Debt repayment profile Financial risk management Currency risk

Emirates’ borrowings and lease liabilities
reduced by AED 2.6bn to AED 107.6bn
(2019-20: AED 110.2bn). This was primarily
due to repayments of AED 19.3bn for
amortising bonds, lease liabilities and term
loans, partially offset by; a) drawdowns
of committed credit lines for working
capital and loans taken on delivery of 3
new aircraft, amounting in total to AED
14.5bn, and b) interest expense and lease
additions of AED 3.2bn. Further, favourable
movements in benchmark interest rates
and COVID-19 related lease waivers
reduced our lease liabilities by AED 1.4bn,
whereas unfavourable currency and other
movements pushed the liabilities up by
AED 0.4bn.
Net debt to equity ratio
Our net debt to equity ratio increased to
459.0% (2019-20: 381.2%) due to lower
equity and cash assets compared to
last year.
As part of our strategy, we strive to achieve
a stable repayment profile by obtaining
debt with periodic instalments as opposed
to bullet payments. This enables us to
service our debt through operating cash
flows and the surplus cash is used for
investment purposes. This year, however,
was an anomaly as we relied on an equity
injection and drawdowns of credit lines
to meet our debt obligations. As at the
reporting date, almost 91% of our debt was
amortising in nature.
Cash assets to net debt ratio
A reduction in cash reserves led to
worsening of our cash assets to net debt
ratio to 16.3% (2019-20: 22.5%).
Debt collateralisation
Of the total debt of AED 107.6bn, AED
46.6bn represents lease liabilities which
are supported by right-of-use assets. From
the remaining debt, 73.5% or AED 44.8bn
is secured against property, plant and
equipment while the balance AED 16.2bn
is adequately covered against the carrying
value of unencumbered assets, mainly
property, plant and equipment.
Jet fuel price risk We proactively manage currency exposures
generally over a period of up to 12 months
We are exposed to volatility in the price of depending on market conditions by
jet fuel. To manage this risk, we hedge part using various hedging solutions including
of our highly probable forecast purchases forward contracts, currency swaps and
of jet fuel up to 24 months in advance natural hedges. Nearly 36% of our transport
using commodity futures, options and revenues and over 92% of our total costs
swaps, as and when opportunity arises and this year were denominated in US Dollar or
depending on the market conditions. currencies pegged to USD.
Interest rate risk
Due to reduced operations, the movements
Emirates is exposed to the effects of in exchange rates had an insignificant
fluctuations in the prevailing interest rates adverse impact of AED 150m on Emirates’
on borrowings and investments. In order operating results (2019-20: adverse impact
to manage interest rate risk, we target of AED 1bn).
a balanced portfolio approach and use
The following six currencies accounted
prudent hedging solutions such as interest
for close to 40% (2019-20: 38%) of our
rate swaps. After taking into account
the impact of interest rate swaps, almost transport revenue this financial year:
62% of our net debt was on fixed interest Currency average rate (in AED)
rate basis with the balance 38% being on
2020-21 2019-20 % change
floating interest rates.
EUR 4.301 4.077 5.5
The effective interest rate for borrowings INR 0.050 0.052 (4.1)
and lease liabilities reduced to 3.8%
CNY 0.544 0.526 3.3
(2019-20: 4.6%) due to lower benchmark
interest rates. GBP 4.830 4.658 3.7
PKR 0.024 0.023 3.8
JPY 0.035 0.034 2.7
79
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial information

Emirates financial
commentary

dnata financial
commentary

Emirates consolidated
financial statements

dnata consolidated
financial statements

Additional information

dnata financial commentary

80
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group

Financial information

Emirates financial
commentary

dnata financial
commentary

Emirates consolidated
financial statements

dnata consolidated
financial statements

Additional information

81
ANNUAL REPORT /RVVSURÀWDWWULEXWDEOHWRWKH2ZQHU /RVVSURÀWPDUJLQ in % Total revenue in AED bn Geographical revenue in %
2020-21 in AED m
1,445 9.9 10.1 10.0 14.8
1,210 1,317 4.2 14.4
13.1 66 68 70 72 62
Overview 618 12.2
Emirates

dnata 5.5

Group
(32.9)
Financial (1,821) 34 32 30 28 38
information 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
Emirates International UAE
financial
commentary
2SHUDWLQJORVVSURÀWin AED m
dnata
financial
commentary 1,224 1,196 1,278
507
Emirates
consolidated
financial
statements
dnata
consolidated
(1,857)
financial
statements 16-17 17-18 18-19 19-20 20-21
(PSOR\HH 2WKHU COVID-19 ,PSDLUPHQWV
RSHUDWLQJ UHOLHIV 2020-21
Additional
information
Following the declaration of COVID-19
as a global pandemic in March 2020, the
travel industry came to a standstill and was
pushed into a crisis never witnessed before.
Governments worldwide enforced travel
restrictions, lockdowns and quarantine
measures to curb the spread of the virus,
causing demand for air travel and associated
services to plunge to new lows. 2020-21 ended
up being the worst year in the history of the
aviation and travel industries.
As a global air and travel services provider,
dnata too was seriously impacted and could
not escape the financial devastation caused by
the pandemic. All four core lines of business
– international airport operations, UAE airport
operations, inflight catering and travel services
– saw significant decline in revenues leading
to an unprecedented fall of 62.5% in total
revenue for dnata.
With such a material drop in the top line,
we took extraordinary steps to protect our
balance sheet, preserve cash and reduce
costs. Non-critical expenditure (both capital
and operating) was suspended. Active
steps were taken to recover outstanding
debt while suppliers were engaged with to
reschedule payments. Strategic reviews of
82
Return on Owner's funds in %
19.3
20.3 19.2
7.6
(24.6)
16-17 17-18 18-19 19-20 20-21
Loss
various businesses were conducted and,
where necessary, steps were taken to either
restructure certain businesses or exit them
completely.
We also took measures to reduce employee
costs - the most significant component of
our operating costs. Regrettably, numerous
positions had to be made redundant. Where
possible, staff were put on furlough in line
with relevant local regulations. A general
recruitment freeze was implemented, and
employment rewards were cut. We also utilised
financial support schemes, introduced by
various governments, to mitigate the impact
of the COVID-19 outbreak on our bottom line
and cash assets.
Our nimble response to the pandemic has
helped us maintain adequate cash reserves at
the year-end which will, to an extent, see us
through the ongoing challenges. We firmly
believe that we have laid a good foundation
for a profitable growth path as soon as the
demand recovers.
While the crisis undoubtedly pushed our
operations and finances to the limit, it also
brought to the fore our resilience and true
spirit. We remained undeterred in our focus
3URÀWORVVPRYHPHQWLQ$('P
6 8
618
9,249
1,903
3URÀW 7RWDOUHYHQXH
2019-20 FRVWV
*adjusted for the impact of COVID-19 reliefs and impairments, as applicable.
on quality, safety, people and customers. We
went above and beyond to offer refunds (or
re-bookings) to our travel customers. Across
other lines of business, we adapted to the
dynamic environment by implementing new
protocols and introduced innovative products
and services in response to new customer
expectations and business opportunities.
We continued to drive efficiencies across all
businesses in processes and resources.
Despite the progress on vaccination programs,
the market outlook remains challenging
and unpredictable. Significant risks remain
around new variants of the virus, future plans
of governments to open for travel, and the
restoration of travellers’ confidence. However,
we will remain steadfast and agile to get
through this period of uncertainty and deliver
for our customers, people and shareholder for
years to come.
Profitability
dnata registered a loss attributable to the
Owner of AED 1,821m, a swing of AED 2,439m
from last year’s profit of AED 618m. This was
driven by weaker operating performance (loss
of AED 1,857m against a profit of AED 507m
in the prior year) as COVID-19 ravaged trading
1,821
783 556
4,680
FRVWV
activity. These losses were aggravated by
impairments of; a) AED 766m recognised on
goodwill & other intangible assets (2019-20:
AED 193m), and b) AED 122m on trade and
other receivables (2019-20: AED 139m). The
cost reduction measures taken in response
to the fall in revenue are gradually filtering
through to the bottom line.
Total revenue (including other
operating income)
Our total revenue declined by AED 9.3bn
to AED 5.5bn (2019-20: AED 14.8bn) as
COVID-19 choked demand across all our lines
of business.
Other operating income decreased by AED
337m to AED 200m (2019-20: AED 537m) as
the prior year numbers included the one-time
gains from the divestment of Accelya and the
recovery of a legal claim in the US.
Overall, the share of geographical revenue
from operations outside the UAE decreased
by 10% pts. to 62.0% as COVID-19 impacted
international businesses more severely than
the UAE.
ANNUAL REPORT Revenue by Line of Business ,QÁLJKWFDWHULQJ0HDOVXSOLIWHG Travel services
2020-21 number in millions - Total Transaction Value (TTV) in AED bn
Revenue in AED m 2021-21 2019-20 % change % of total 20-21 16.9 20-21 0.2
Overview International airport operations 2,263 3,940 (42.6) 42.4
19-20 93.5 19-20 10.8
Emirates UAE airport operations 1,671 3,171 (47.3) 31.3
dnata Inflight catering 1,046 3,313 (68.4) 19.6 18-19 70.9 18-19 11.5
Travel services 130 3,537 (96.3) 2.4
Group
Other services 231 262 (11.8) 4.3 17-18 55.7 17-18 11.3
Financial
information Total 5,341 14,223 (62.4) 100.0 16-17 60.7 16-17 10.7

Emirates
financial
commentary
International airport operations International airport operations UAE airport operations UAE airport operations
dnata - Aircraft turns handled - Cargo handled - in tonnes‘000 - Aircraft turns handled - Cargo handled - in tonnes‘000
financial
commentary 20-21 211,425 20-21 2,111 20-21 78,101 20-21 575

Emirates
consolidated
19-20 492,657 19-20 2,231 19-20 188,210 19-20 698
financial
statements 18-19 488,225 18-19 2,364 18-19 210,514 18-19 727

dnata
17-18 448,553 17-18 2,352 17-18 211,038 17-18 731
consolidated
financial
statements 16-17 407,915 16-17 2,130 16-17 215,696 16-17 714

Additional
information

International airport operations
International airport operations continues
to be the largest business segment of dnata
by revenue. The segment’s revenue dropped
by 42.6% to AED 2.3bn (2019-20: AED
3.9bn) as COVID-19 triggered the closure of
international borders and restricted aircraft
movements. Cargo volumes, although down
by 5.4%, were more resilient than aircraft turns
handled – reduced by 57.1%. This was due to
significant growth in freighter activity this year
(including cargo-in-cabin operations) in our
businesses in the Netherlands, Singapore, US
and Australia. Our quality of service and high
safety standards helped us win or retain over
100 contracts with key accounts across our
network.
Continuing our investment in critical cargo
infrastructure, we opened dnata City North in
Manchester and broke ground on the second
phase of the dnata City East project at London
Heathrow. We also invested in new technology
and innovative products in response to the
market demand, including; cool dollies in
Australia and Singapore, UV cabin cleaning
in Switzerland, a baggage disinfection station
in Singapore, and IATA Dangerous Goods
AutoCheck platform installations across the
network.
UAE airport operations
UAE airport operations revenue decreased
by 47.3% to AED 1.7bn (2019-20: AED 3.2bn)
due to the decline in volumes driven by the
COVID-19 outbreak. A significant reduction
was experienced in ground handling
operations at both Dubai International Airport
(DXB) and Al Maktoum International Airport
(DWC) which suspended its passenger terminal
operations for most part of the financial
year. Flight cancellations throughout the year
affected our operations severely. As a result,
there was a sharp decrease of 110,109 or
58.5% in the number of aircraft turns handled
while cargo volumes dropped by 17.6% to
575 thousand tonnes (2019-20: 698 thousand
tonnes). Due to increased freighter operations,
and similar to the trend in our international
businesses, the reduction in cargo volumes
was not as steep as aircraft turns handled.
Our marhaba business suffered as well and
registered a 66.7% decrease in guests at its
lounges in Dubai.
Watchful of market demand, we introduced
new products and services this year, including
disinfection services and specialised handling
of medical supplies.
Inflight catering
The inflight catering business was also severely
impacted by the pandemic, as our customers
across the globe were forced to either reduce
operations or stop flying completely. Revenue
fell by 68.4% to AED 1.0bn (2019-20: AED
3.3bn), while meals uplifted dropped by 81.9%
to 16.9m (2019-20: 93.5m).
The focus for 2020-21 was on preserving cash
and resizing the business in light of current
and forecasted demand. Cash collection
improved by diligent work and supplier
payment terms were optimised through
intensive negotiations. Capital expenditure was
kept to a minimum as several projects were
suspended, workforce was reduced by 37.4%
compared to the prior year and furlough
schemes were availed where possible. We also
commenced operations at the second catering
unit in Dublin and added new F&B outlets at
Sharjah International Airport. As a result of
these measures, the business is now operating
in an agile and efficient manner and is well-
placed to capture volume growth as travel
restrictions ease.
Travel services
Travel services revenue plunged 96.3% to AED
130m (2019-20: AED 3.5bn) as the pandemic
affected all key markets and business lines.
The UK business, which is the biggest market
for dnata travel services, was hit the hardest.
Demand completely collapsed due to
prolonged and stop/start lockdowns, while the
cancellations and refunds relating to prior year
bookings also negatively impacted revenue for
2020-21.
During the year, we conducted a strategic
review of our brand portfolio and competitive
positioning. This led to our exit from our
corporate travel business in India, liquidation
of Tropo (B2B tour operator in Germany),
disposal of The Global Travel Group in the UK,
and merger of Gold Medal and Travel 2
brands to create the UK’s largest B2B operator.
Further, to manage the cash outflow, several
cost saving initiatives were undertaken,
resulting in sustainable savings of more than
AED 400m, primarily due to staff reductions.
We also completed the purchase of the
remaining equity stake in Destination Asia,
a destination management company, with
businesses spread across seven countries in
South East Asia.

83
ANNUAL REPORT Operating costs* in AED bn Employee costs as % of total operating costs
2020-21 14.3
13.1 20-21 44 56
11.9
Overview 11.0
19-20 41 59
Emirates 7.4 Operating costs in AED m 2020-21 2019-20 % change % of total
dnata 18-19 41 59
Employee costs 3,290 5,875 (44.0) 44.5
Group 17-18 43 57 Depreciation, amortisation and impairment 1,662 1,046 58.9 22.5
Financial Direct costs 1,096 5,282 (79.3) 14.8
information 16-17 17-18 18-19 19-20 20-21 16-17 42 58 - Airport operations 715 1,364 (47.6) 9.7
Emirates Employee costs Other operating costs - Inflight catering 326 1,352 (75.9) 4.4
financial
commentary - Travel services 53 2,534 (97.9) 0.7
Geographical workforce in % - Others 2 32 (93.8) 0.0
dnata
financial Facilities related expenditure 325 501 (35.1) 4.4
commentary
Information technology costs 270 320 (15.6) 3.6
Emirates Sales and marketing expenses 35 321 (89.1) 0.5
consolidated 67% Overseas
financial Corporate overheads* 720 908 (20.7) 9.7
statements
Total operating costs 7,398 14,253 (48.1) 100.0
33% UAE
dnata
consolidated * Includes net impairment loss on trade and other receivables.
financial
statements

Additional
information

Operating costs Employee costs Direct costs Other operating costs

dnata’s total operating costs, including the
provision for impairment of trade and other
receivables, decreased by 48.1% or AED 6.9bn
to AED 7.4bn (2019-20: AED 14.3bn). This
was primarily due to the drop in employee
expenses and direct costs – owing to reduced
operations. Moreover, numerous cost-cutting
measures initiated by the business and the
COVID-19 related reliefs of AED 783m received
from various governments and suppliers
against specific expenditure (particularly
employee costs) also helped trim down total
operating costs. These savings were partly
offset by impairment charges recognised on
financial and non-financial assets.
Employee strength (in numbers)
2020-21
International airport operations
UAE airport operations
Inflight catering
Travel services
Others
Closing employee strength
84
Employee costs fell 44.0% or AED 2.6bn Direct costs fell by 79.3% or AED 4.2bn year-
against last year and stood at AED 3.3bn on-year to AED 1.1bn (2019-20: AED 5.3bn).
(2019-20: AED 5.9bn). This was on account
Direct costs for travel services reduced by
of savings from reduced workforce, AED 97.9% to AED 53m (2019-20: AED 2.5bn),
682m worth of COVID-related payroll grants mirroring the plunge in revenue, as demand
received from various governments, reduction for travel completely dried up across all
in working hours and overtime payments, and markets, particularly in our biggest market in
cuts imposed on salaries. These decreases the UK which suffered from successive and
were partly offset by one-off redundancy extended lockdowns.
payments.
Airport operations pertaining costs were 47.6%
After exhausting all options to reduce costs lower at AED 715m (2019-20: AED 1.4bn) in
and preserve cash, we made the difficult
line with the reduction in ground handling
decision to resize our workforce in line with
activity across our network, and consequently,
reduced operational requirements. Overall,
lower costs were incurred for contract labour,
employee strength as at March 2021 was
fuel and spares, passenger transport, amongst
down 29.2% compared to last year. others.
Inflight catering related direct costs decreased
by 75.9% or AED 1.0bn to AED 326m (2019-
2019-20 % change % of total 20: AED 1.4bn) consistent with the decline in
revenue as a limited number of meals were
14,857 19,550 (24.0) 43.2 uplifted this year. Volumes in our key markets
8,643 12,233 (29.3) 25.2 in Australia, Italy and Romania witnessed a
precipitous drop of 87% as lockdowns wreaked
6,175 9,861 (37.4) 18.0 havoc on trading.
3,118 4,966 (37.2) 9.1
1,551 1,893 (18.1) 4.5
34,344 48,503 (29.2) 100.0
Depreciation, amortisation and impairment
charges increased by AED 616m or 58.9%. This
was mainly due to impairments recognised
on intangible assets of AED 766m (2019-20:
193m) as cessation of certain operations, a
decline in general demand, increased risks
and continued uncertainty due to COVID-19
pandemic adversely impacted expected future
cash flows. Impairments on goodwill and other
intangible assets were recognised across all
lines of business.
Facilities related expenditure dropped by
35.1% to AED 325m primarily due to COVID-19
related reliefs received from various suppliers
and also because of a reduction in utility
charges.
Sales and marketing expenses showed a
decrease of 89.1% to AED 35m as the travel
businesses suspended marketing activities.
In addition, the lack of trade wiped out sales
commission and associated incentive costs for
travel services.
Corporate overheads were down 20.7% to
AED 720m in line with reduced operations
and various cost-saving initiatives taken across
dnata businesses.
ANNUAL REPORT
&DVKÁRZ in AED m
2020-21
10
149 540
Overview
5,316 53
Emirates Assets in AED m 2020-21 2019-20 % change % of total
4,690
dnata PPE, ROU assets, investment 6,632 7,297 (9.1) 46.4
property & intangible assets
Group
Investment accounted for using the 455 551 (17.4) 3.2 Cash assets Net cash Net cash Net cash Effects of Cash assets
Financial equity method as at generated used in used in exchange as at
information 31 March 20 from operating investing ÀQDQFLQJ rate changes 31 March 21
Trade and other receivables 2,195 3,033 (27.6) 15.4 activities activities# activities*
Emirates Cash assets 4,690 5,316 (11.8) 32.9 #net of movement in short term bank deposits.
financial *net of movement in bank overdrafts.
commentary Other assets 302 506 (40.3) 2.1
Total 14,274 16,703 (14.5) 100.0 Operating cash margin in % Cash assets in AED m
dnata
financial 14.2
5,122 5,316
commentary Equity and liabilities in AED m 2020-21 2019-20 % change % of total 4,945
10.5 4,690
9.8 9.4
Emirates Equity 6,535 8,302 (21.3) 45.8
consolidated 3,398
financial Borrowings and lease liabilities 4,058 3,918 3.6 28.4
statements Trade and other payables 2,845 3,468 (18.0) 19.9
dnata Other liabilities 836 1,015 (17.6) 5.9
consolidated 0.2
financial Total 14,274 16,703 (14.5) 100.0
statements 16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
Additional
information

Statement of financial position
Assets
Total assets decreased by 14.5% to AED 14.3bn
(2019-20: AED 16.7bn).
Property, plant and equipment (‘PPE’), Right-
of-use (‘ROU’) assets, investment property and
intangible assets combined were down 9.1%
to AED 6.6bn (2019-20: AED 7.3bn). A weak US
Dollar increased the value of these assets by
AED 488m.
PPE remained consistent at AED 2.1bn (2019-
20: AED 2.2bn) as the reduction in assets due
to depreciation charge of AED 389m was
largely offset by additions of AED 192m and
a forex impact of AED 127m. Key investments
made this year included the City North cargo
complex at Manchester Airport, catering
high-loaders in Australia and a state-of-the-art
kitchen facility in Dublin.
ROU assets were also in line with last year at
AED 2.0bn (2019-20: AED 2.0bn). The impact of
depreciation was compensated by new leases
taken in Manchester, Sharjah and Dublin and a
favourable foreign exchange movement.
Intangible assets of AED 2.1bn (2019-20: AED
2.8bn) form 29.0% (2019-20: 34.2%) of dnata’s
non-current assets. Goodwill continues to
be the largest portion of the intangible asset
portfolio at 69.5% (2019-20: 69.4%) which
is validated on an annual basis through
impairment testing. As future cash flows of
various businesses struggled to support the
underlying carrying values, impairments of
AED 766m were recognised across all lines of
business; AED 255m in travel services, AED
208m in airport operations, AED 232m in
inflight catering and AED 71m on corporate
assets.
Investments accounted for using the equity
method slid by 17.4% to AED 455m (2019-20:
AED 551m) owing to; a) reduced profits and
losses recognised in our security and travel
business respectively, and b) dividends of
AED 70m.
Trade and other receivables reduced by 27.6%
to AED 2.2bn (2019-20: AED 3.0bn) as a result
of impairments of AED 122m, better cash
collection and a general reduction in business
activity.
Equity
Total equity at AED 6.5bn (2019-20: AED 8.3bn)
reflects a fall of 21.3% or AED 1.8bn, mainly
attributable to losses for the year.
Liabilities
Total liabilities showed a reduction of AED 662m
and stood at AED 7.7bn (2019-20: AED 8.4bn).
Borrowings and lease liabilities increased
marginally to AED 4.1bn (2019-20: AED 3.9bn).
Term loans were unchanged at AED 1.5bn as
repayments of AED 229m in the year were
offset by; a) additional loans of AED 82m to
fund working capital requirements in our
catering and airport operations in the US,
and b) negative foreign exchange impact of
AED 116m due to deterioration in the value of
US Dollar.
Lease liabilities increased by 7.2% to AED
2.4bn (2019-20: AED 2.2bn) due to; i) new
leases of AED 297m entered into for kitchens
in Sharjah and Dublin and cargo buildings in
Dubai and Manchester, ii) currency translation
differences of AED 213m, and iii) interest
expense of AED 86m. These increases were
partly offset by repayments of AED 373m.
Trade and other payables declined by 18.0%
to AED 2.8bn (2019-20: AED 3.5bn) driven
by diminished business activity in 2020-21
because of the COVID-19 pandemic.
Cash position
Cash assets reduced to AED 4.7bn (2019-20:
AED 5.3bn), a drop of 11.8% from last year.
With a significant decline in trading activity,
cash generated from operating activities and
operating cash margin plummeted to AED
10m (2019-20: AED 1.4bn) and 0.2% (2019-20:
9.4%) respectively. This reflects that the loss
before tax for the year of AED 1.9bn was
largely due to depreciation, amortisation and
impairment charges of AED 1.8bn on
financial and non-financial assets, which are
non-cash in nature. With operating cash
inflows close to nil, opening reserves were
utilised to fund investing activities of
AED 149m, which related to additions to
non-current assets, and financing activities
of AED 0.5bn comprising net payments for
term loans and lease liabilities totalling to AED
0.4bn, and interest costs of AED 0.1bn.
Our net assets continue to remain under
pressure due to a severely depressed trading
environment and ongoing uncertainy. 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 and
other bodies, where available. As soon as
demand recovers, we aim to restore to our full
operating capacity to serve our customers and
to further strengthen our brand.
85
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group Independent Auditor’s Report

to the Owner of Emirates
Financial
information

Emirates
financial
commentary

dnata
dnata
financial
financial
commentary
commentary

Emirates
Emirates
consolidated
consolidated
financial
financial Our opinion
statements
statements
In our opinion, the consolidated financial statements present fairly, in all material
Independence
dnata respects, the consolidated financial position of Emirates and its subsidiaries (together We are independent of Emirates in accordance with the International Code of Ethics for
consolidated
financial referred to as “Emirates”) as at 31 March 2021, and its consolidated financial Professional Accountants (including International Independence Standards) issued by
statements performance and its consolidated cash flows for the year then ended in accordance the International Ethics Standards Board for Accountants (IESBA Code) and the ethical
with International Financial Reporting Standards (“IFRS”). requirements that are relevant to our audit of the consolidated financial statements
Additional
information in the United Arab Emirates. We have fulfilled our other ethical responsibilities in
What we have audited accordance with these requirements and the IESBA Code.

Emirates’ consolidated financial statements comprise:

● the consolidated income statement for the year ended 31 March 2021;
● the consolidated statement of comprehensive income for the year ended
31 March 2021;
● the consolidated statement of financial position as at 31 March 2021;
● the consolidated statement of changes in equity for the year ended 31 March 2021;
● the consolidated statement of cash flows for the year ended 31 March 2021; and
● the notes to the consolidated financial statements, which include significant
accounting policies and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing
(“ISAs”). Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the consolidated financial statements section
of our report.
Our audit approach
Overview
Key audit matters ● Passenger and cargo revenue recognition
● Accounting for the “Skywards” frequent flyer programme
● Impairment of the airline cash generating unit (CGU)
● Provision for aircraft return conditions
As part of designing our audit, we determined materiality and assessed the risks of
material misstatement in the consolidated financial statements. In particular, we
considered where management made subjective judgements; for example, in respect
of significant accounting estimates that involved making assumptions and considering
future events that are inherently uncertain. As in all of our audits, we also addressed
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
misstatement due to fraud.

We believe that the audit evidence we have obtained is sufficient and appropriate to We tailored the scope of our audit in order to perform sufficient work to enable us to
provide a basis for our opinion. 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 5, P O Box 11987, Dubai - United Arab Emirates, T: +971 (0)4 304 3100, F: +971 (0)4 346 9150, www.pwc.com/me
86 Mohamed ElBorno, Jacques Fakhoury, Douglas O’Mahony and Rami Sarhan are registered as practising auditors with the UAE Ministry of Economy
ANNUAL REPORT
2020-21
Independent Auditor’s Report to the Owner of Emirates (continued)
Overview

Emirates

dnata

Group
Key audit matters
Financial
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
information 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.
Emirates
financial
commentary
Key audit matter How our audit addressed the Key audit matter
dnata
dnata
financial
financial
commentary
commentary Passenger and cargo revenue recognition We performed detailed end-to-end walkthroughs of the finance and
operational processes surrounding the revenue systems, utilising our
Emirates
Emirates 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
consolidated
consolidated the sales price to the customer and allocated to each performance obligation under
financial
financial of the related key internal controls and identify changes, if any, that have
statements
statements the contract. Revenue is initially deferred on the consolidated statement of financial occurred during the current year.
position and subsequently recognised in the consolidated income statement when
dnata
the related performance obligation has been fulfilled (typically when a passenger We tested the operating effectiveness of these key controls to obtain sufficient,
consolidated
financial or the cargo has flown) (refer to notes 2, 3, 5 and 23 to the consolidated financial appropriate evidence that they operated throughout the year as intended. We
statements statements). also tested the key IT systems, including interfaces that impact the recognition
Additional of revenue from passenger and cargo sales along with the IT change control
information The determination of the revenue to be recognised for each flight requires complex procedures and related application controls.
IT systems and involves the exchange of information with industry systems and
other airlines for a high volume of transactions. We performed computer assisted audit techniques over passenger and
cargo revenue to identify and test unexpected entries and correlate revenue
The accounting for passenger and cargo revenue is susceptible to management movements during the year to accounts receivable and cash. We substantively
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 23 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.

87
ANNUAL REPORT
2020-21
Independent Auditor’s Report to the Owner of Emirates (continued)
Overview

Emirates

dnata

Group Key audit matter How our audit addressed the Key audit matter
Financial
information Accounting for the “Skywards” frequent flyer programme We tested management’s model supporting the calculation of
Skywards deferred revenue as follows:
Emirates Emirates operates frequent flyer programmes in order to encourage and incentivise loyalty from
financial ● we updated our understanding of the process and related
commentary its customers, with “Skywards” being the biggest programme of this type. Skywards members controls by which deferred revenue is calculated;
either earn Skywards miles after a flight has been paid for and flown or from Skywards partners
dnata
dnata ● we tested automated controls and key interfaces between the
who purchase miles from Emirates to issue to their customers. Skywards miles can be redeemed
financial
financial IT systems used to initially accrue and subsequently redeem
commentary
commentary for reductions in airfares as well as being used towards free flights, cabin class upgrades and
the Skywards miles for each member;
other non-airline rewards.
Emirates
Emirates ● we reconciled the Skywards miles issued and redeemed during
consolidated
consolidated the year, and the closing miles balance in the model to the
financial
financial The consideration in respect of the value of unused miles issued to Skywards members when
underlying IT systems;
statements
statements flights are flown and for miles issued to Skywards members from sales to partners with a total
value of AED 1,789 million as at 31 March 2021 is recognised in the consolidated statement of ● we tested the mathematical accuracy of management’s model;
dnata
consolidated financial position as deferred revenue (refer to notes 2, 3 and 23 to the consolidated financial ● we tested the key assumptions within management’s model,
financial statements). Revenue is recognised in the consolidated income statement when the miles are including agreeing historical expiry trends supporting the
statements expiry percentage, historical sector average fares and historical
redeemed by a customer and the underlying performance obligation relating to the redeemed
Additional miles is fulfilled. fares for upgrades to underlying reports, discussing anticipated
information future changes to the Skywards programme that may impact
The consideration for each mile is based on a relative standalone selling price calculated using a expiry trends with appropriate senior management and testing
model incorporating a number of factors including historical sector average fares, historical fares ticket and upgrade availability to internal supporting evidence;
for upgrades, ticket and upgrade availability and redemption patterns. An estimate is also made and
of the number of miles that will expire based on historical expiry patterns and any known future ● we tested the sensitivity analysis on the key assumptions and
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 related disclosures in notes 2, 3 and 23
in determining the underlying assumptions within the model. to the consolidated financial statements are consistent with the
requirements of IFRS.

88
ANNUAL REPORT
2020-21
Independent Auditor’s Report to the Owner of Emirates (continued)
Overview

Emirates

dnata

Group Key audit matter How our audit addressed the Key audit matter
Financial
information Impairment of the airline cash generating unit (CGU) We obtained management’s impairment model and discussed the key
assumptions with senior management.
Emirates Given the existence of COVID-19 and the significant impact the pandemic has on the
financial
commentary airline industry, management has performed an impairment assessment at the airline We evaluated the appropriateness of the key assumptions within the model
CGU level. With the exception of specific asset impairments of AED 500 million, no as follows:
dnata
dnata
impairment was recognised in respect of the airline CGU (refer to notes 2, 3, 12 and 13 ● using a variety of available internal and external analyses, we assessed
financial
financial
commentary
commentary to the consolidated financial statements). whether management’s cash flow projections were reasonable, including:
Emirates
Emirates ● comparing the anticipated recovery timeline of airline revenues to
An assessment of the recoverable amount of the airline CGU compared to its carrying
consolidated
consolidated published views of market commentators, and publicly available
financial
financial value was performed based on cash flow projections prepared taking into account the
aviation industry reports;
statements
statements current COVID-19 pandemic. Management has estimated the recoverable amount of
● comparing the cost estimates to management forecasts and future
dnata
the airline CGU based on its value in use, using a discounted cash flow model. The cash
market prices where applicable; and
consolidated flow projections are based on current and anticipated market conditions covering the
financial period to 2024-25. The projections are inherently uncertain due to the fluidity of the ● comparing planned capital expenditure to management’s forecast of
statements
impact of COVID-19 pandemic. aircraft delivery timing and contractually agreed aircraft values;
Additional ● we compared the long-term growth rates to external airline industry
information The key assumptions applied by management in estimating the recoverable amount of economic data and economic forecasts; and
the CGU included: ● we utilised our internal valuation specialists to perform an independent
● an anticipated gradual recovery of airline operations to 90% of pre-COVID-19 calculation of the discount rate, with particular reference to comparable
revenues by financial year 2023-24; companies and compared this calculation to the rate used by
● cost expectations in line with expected operational capacity, known cost savings and management.
future market prices, where applicable;
● capital expenditure based on estimated aircraft replacement timing at contracted We tested the mathematical accuracy of the impairment model.
values;
● the long-term growth rate of 1.5% after the four-year period; and We tested the sensitivity analyses over each of the significant assumptions
within the impairment model.
● the pre-tax discount rate of 7.5% used in the impairment model.
We assessed whether the related disclosures in notes 2, 3, 12 and 13 to the
We focused on this area because of the significant level of judgement exercised
consolidated financial statements are consistent with the requirements of
by management in determining the underlying assumptions and estimating the
IFRS.
recoverable amount of the airline CGU.

89
ANNUAL REPORT
2020-21
Independent Auditor’s Report to the Owner of Emirates (continued)
Overview

Emirates

dnata

Group Key audit matter How our audit addressed the Key audit matter
Financial
information Provision for aircraft return conditions We obtained the aircraft return provision model prepared by management, together with a
summary of the underlying assumptions.
Emirates Emirates operated 131 aircraft under lease arrangements at 31 March
financial
commentary 2021 (2020: 142). We tested the completeness of the provision by ensuring that all significant return condition
dnata
dnata
obligations included in aircraft lease contracts were included in the model.
Under the terms of the lease arrangements with the lessors, Emirates
financial
financial
commentary
commentary is contractually committed to either return the aircraft and/or engines We reperformed the calculations within the model to test the mathematical accuracy.
in a certain condition or to compensate the lessor based on the
Emirates
Emirates
consolidated
consolidated
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
financial
financial Accordingly, a provision of AED 5,759 million is recorded for the discussed with senior engineering and finance personnel:
statements
statements present value of the expected cost associated with these contractual ● the past and expected future utilisation and maintenance patterns of the aircraft;
return conditions and is recognised in the consolidated statement of
dnata ● the expected cost of each maintenance event at the time it is expected to occur; and
consolidated financial position within provisions (refer to notes 2, 3 and 22 to the
● the discount rate applied to calculate the present value of the future liability.
financial consolidated financial statements).
statements

Additional The provision is calculated using a model which incorporates a
information number of assumptions, requiring significant judgement, including
the:
● past and expected future utilisation and maintenance patterns of
the aircraft and engines;
● expected cost of the maintenance at the time it is estimated to
occur; and
● discount rate applied to calculate the present value of the future
liability.
We focused on this area because of the significant level of judgement
exercised by management in determining the underlying assumptions
within the model and the sensitivity of the amounts recorded in the
consolidated financial statements from changes in these assumptions.
We compared historical utilisation of the aircraft to flying records and assessed if the future
utilisation assumptions were considered reasonable in light of past experience. Assumed
maintenance costs were assessed against historical actual costs incurred and existing long
term maintenance agreements. Future maintenance patterns were assessed against internal
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
to Emirates and the risks specific to the liability.
Along with testing management’s sensitivity analysis on reasonably possible changes in
assumptions, 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 were reasonable.
We assessed whether the related disclosures in notes 2, 3 and 22 to the consolidated
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

90
ANNUAL REPORT
2020-21
Independent Auditor’s Report to the Owner of Emirates (continued)
Overview

Emirates

dnata

Group
Responsibilities of management and those charged with governance for the consolidated financial statements
Financial
Management is responsible for the preparation and fair presentation of the assessing Emirates’ ability to continue as a going concern, disclosing, as applicable,
information 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
Emirates
financial financial statements that are free from material misstatement, whether due to fraud no realistic alternative but to do so.
commentary or error.
Those charged with governance are responsible for overseeing Emirates’ financial
dnata
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financial
financial In preparing the consolidated financial statements, management is responsible for reporting process.
commentary
commentary

Emirates
Emirates
consolidated
consolidated
financial
financial Auditor’s responsibilities for the audit of the consolidated
statements
statements
financial statements
dnata
consolidated
financial Our objectives are to obtain reasonable assurance about whether the consolidated
statements
financial statements as a whole are free from material misstatement, whether due to
Additional fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
information assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs will always detect a material misstatement when it exists.
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
decisions of users taken on the basis of these consolidated financial statements.
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, actions taken to eliminate threats or safeguards
applied.
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
6 May 2021
Douglas O’Mahony
Registered Auditor Number 834
Dubai, United Arab Emirates 91
ANNUAL REPORT

Consolidated Income Statement

2020-21

Overview
for the year ended 31 March 2021
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Consolidated Statement of Comprehensive Income

for the year ended 31 March 2021

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The accompanying notes are an integral part of these consolidated financial statements.
92
ANNUAL REPORT

Consolidated Statement of Financial Position

2020-21

Overview
as at 31 March 2021
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The consolidated financial statements were approved on 6 May 2021 and signed by:

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.
93
ANNUAL REPORT

Consolidated Statement of Changes in Equity

2020-21

Overview
for the year ended 31 March 2021
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94
ANNUAL REPORT

Consolidated Statement of Cash Flows

2020-21

Overview
for the year ended 31 March 2021
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95
ANNUAL REPORT

Notes to the Consolidated Financial Statements

2020-21

Overview
for the year ended 31 March 2021
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141
ANNUAL REPORT
2020-21

Overview

Emirates

dnata

Group Independent Auditor’s Report

to the Owner of dnata
Financial
Information

Emirates
Financial
Commentary

dnata
Financial
Commentary

Emirates
Consolidated
Financial Our opinion
Statements
In our opinion, the consolidated financial statements present fairly, in all material Independence
dnata respects, the consolidated financial position of dnata and its subsidiaries (together
consolidated We are independent of dnata in accordance with the International Code of Ethics for
referred to as “dnata”) as at 31 March 2021, and its consolidated financial performance
financial Professional Accountants (including International Independence Standards) issued by
statements and its consolidated cash flows for the year then ended in accordance with International the International Ethics Standards Board for Accountants (IESBA Code) and the ethical
Financial Reporting Standards (“IFRS”).
Additional requirements that are relevant to our audit of the consolidated financial statements
Information in the United Arab Emirates. We have fulfilled our other ethical responsibilities in
What we have audited accordance with these requirements and the IESBA Code.
dnata’s consolidated financial statements comprise:
Our audit approach
● the consolidated income statement for the year ended 31 March 2021;
Overview
● the consolidated statement of comprehensive income for the year ended 31 March
2021;
Key audit matter ● Impairment of goodwill
● the consolidated statement of financial position as at 31 March 2021;
● the consolidated statement of changes in equity for the year ended 31 March 2021; As part of designing our audit, we determined materiality and assessed the risks of
material misstatement in the consolidated financial statements. In particular, we
● the consolidated statement of cash flows for the year ended 31 March 2021; and
considered where management made subjective judgements; for example, in respect
● the notes to the consolidated financial statements, which include significant
of significant accounting estimates that involved making assumptions and considering
accounting policies and other explanatory information.
future events that are inherently uncertain. As in all of our audits, we also addressed
the risk of management override of internal controls, including among other matters
Basis for opinion consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
We conducted our audit in accordance with International Standards on Auditing
(“ISAs”). Our responsibilities under those standards are further described in the Auditor’s
We tailored the scope of our audit in order to perform sufficient work to enable us to
responsibilities for the audit of the consolidated financial statements section of our report.
provide an opinion on the consolidated financial statements as a whole, taking into
account the structure of dnata, the accounting processes and controls, and the industry
We believe that the audit evidence we have obtained is sufficient and appropriate to
in which dnata operates.
provide a basis for our opinion.

PricewaterhouseCoopers (Dubai Branch), License no. 102451, Emaar Square, Building 5, P O Box 11987, Dubai - United Arab Emirates, T: +971 (0)4 304 3100, F: +971 (0)4 346 9150, www.pwc.com/me
142 Mohamed ElBorno, Jacques Fakhoury, Douglas O’Mahony and Rami Sarhan are registered as practising auditors with the UAE Ministry of Economy
ANNUAL REPORT
2020-21
Independent Auditor’s Report to the Owner of dnata (continued)
Overview

Emirates

dnata

Group
Key audit matters
Financial
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
information 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.
Emirates
financial
commentary Key audit matter How our audit addressed the Key audit matter
dnata
financial Impairment of goodwill We obtained an understanding of management’s impairment models and
commentary
key assumptions. We then tested these impairment models, in particular, with
As at 31 March 2021, the carrying value of goodwill was AED 1,474 million. Refer to regard to the appropriateness of the key assumptions used within the models,
Emirates
consolidated notes 2, 3 and 11 to the consolidated financial statements. as follows:
financial
statements
Goodwill is not subject to amortisation and, as a result, in accordance with IAS 36 ● we utilised our internal valuation specialists to perform independent
dnata “Impairment of assets” is required to be tested annually for impairment. calculations of the discount rates, with particular reference to comparable
consolidated
financial
companies and compared these to the discount rates used by management;
The recoverable amount attributable to a cash generating unit to which goodwill
statements ● we agreed the base case cash flows used in management’s impairment
is allocated is determined as being the higher of the fair value less the costs of
models to approved budgets, including management’s assessment of the
Additional disposal and the value in use. The recoverable amount is compared to the carrying
information impact of the COVID-19 pandemic;
value of the cash generating unit to which goodwill is allocated in order to assess
● we compared future expected revenue growth rates and gross margins used
whether an impairment exists. The value in use is determined by calculating the
in the approved budgets, to historical trends as well as future economic
discounted cash flows of the cash generating unit.
outlooks and reviewed whether management’s estimates made in prior
periods were reasonable compared to actual performance;
The calculation of value in use incorporates key assumptions including risk
adjusted pre-tax discount rates, gross margins consistent with historic trends and ● we compared long term terminal growth rates to external sources of
management expectations for market development and long term terminal growth information including economic forecasts;
rates. ● we tested management’s sensitivity analysis over assumptions used within
the value in use calculations and considered the appropriateness of the
The impairment model prepared by management in respect of certain cash impairment charge recognised; and
generating units containing goodwill determined that an impairment of AED 601 ● we tested the mathematical accuracy of the models.
million was required which was recorded by management in the consolidated
financial statements. We assessed whether the related disclosures in notes 2, 3 and 11 to the
consolidated financial statements are consistent with the requirements of IFRS.
The impairment models prepared by management for the remaining cash
generating units determined that adequate headroom existed and no impairment
charge was required.

We focused on this area because the determination of whether an impairment loss

should be recognised is inherently complex and required management to exercise
significant judgement over the calculation of value in use.

143
ANNUAL REPORT
2020-21
Independent Auditor’s Report to the Owner of dnata (continued)
Overview

Emirates

dnata

Group
Other information Responsibilities of management and those charged with
Management is responsible for the other information. The other information comprises governance for the consolidated financial statements
Financial
Information the information included in the Annual Report (but does not include the consolidated
financial statements and our auditor’s report thereon). Management is responsible for the preparation and fair presentation of the
Emirates
Financial consolidated financial statements in accordance with IFRS, and for such internal control
Commentary Our opinion on the consolidated financial statements does not cover the other as management determines is necessary to enable the preparation of consolidated
information and we do not express any form of assurance conclusion thereon. financial statements that are free from material misstatement, whether due to fraud
dnata
Financial or error.
Commentary 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 In preparing the consolidated financial statements, management is responsible for
Emirates
Consolidated other information is materially inconsistent with the consolidated financial statements assessing dnata’s ability to continue as a going concern, disclosing, as applicable,
Financial or our knowledge obtained in the audit, or otherwise appears to be materially misstated. matters related to going concern and using the going concern basis of accounting
Statements
unless management either intends to liquidate dnata or to cease operations, or has no
dnata If, based on the work we have performed, we conclude that there is a material realistic alternative but to do so.
consolidated misstatement of this other information, we are required to report that fact. We have
financial
nothing to report in this regard. Those charged with governance are responsible for overseeing dnata’s financial
statements
reporting process.
Additional
Information

144
ANNUAL REPORT
2020-21
Independent Auditor’s Report to the Owner of dnata (continued)
Overview

Emirates

dnata

Group
Auditor’s responsibilities for the audit of the consolidated financial statements
Financial
Our objectives are to obtain reasonable assurance about whether the consolidated ● Obtain sufficient appropriate audit evidence regarding the financial information
information 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
financial 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
commentary in accordance with ISAs will always detect a material misstatement when it exists. opinion.
Misstatements can arise from fraud or error and are considered material if, individually
dnata
financial or in the aggregate, they could reasonably be expected to influence the economic We communicate with those charged with governance regarding, among other matters,
commentary 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
Emirates significant deficiencies in internal control that we identify during our audit.
consolidated As part of an audit in accordance with ISAs, we exercise professional judgement and
financial
maintain professional scepticism throughout the audit. We also: We also provide those charged with governance with a statement that we have complied
statements
with relevant ethical requirements regarding independence, and to communicate with
dnata ● Identify and assess the risks of material misstatement of the consolidated financial them all relationships and other matters that may reasonably be thought to bear on our
consolidated
financial
statements, whether due to fraud or error, design and perform audit procedures independence, and where applicable, actions taken to eliminate threats or safeguards
statements responsive to those risks, and obtain audit evidence that is sufficient and applied.
appropriate to provide a basis for our opinion. The risk of not detecting a material
Additional
information
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
uncertainty exists related to events or conditions that may cast significant doubt
PricewaterhouseCoopers
on dnata’s ability to continue as a going concern. If we conclude that a material
6 May 2021
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.
● Evaluate the overall presentation, structure and content of the consolidated
Douglas O’Mahony
financial statements, including the disclosures, and whether the consolidated
Registered Auditor Number 834
financial statements represent the underlying transactions and events in a manner
Dubai, United Arab Emirates
that achieves fair presentation.

145
ANNUAL REPORT

Consolidated Income Statement

2020-21

Overview
for the year ended 31 March 2021
Emirates

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for the year ended 31 March 2021

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The accompanying notes are an integral part of these consolidated financial statements.
146
ANNUAL REPORT

Consolidated Statement of Financial Position

2020-21

Overview
as at 31 March 2021
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The consolidated financial statements were approved on 6 May 2021 and signed by:

Sheikh Ahmed bin Saeed Al-Maktoum Nigel Hopkins

Chairman and Chief Executive Executive Vice President
Service Departments

The accompanying notes are an integral part of these consolidated financial statements.
147
ANNUAL REPORT

Consolidated Statement of Changes in Equity

2020-21

Overview
for the year ended 31 March 2021
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Buildings include right-of-use assets with a net book amount of AED 37 m (2020: AED 39 m). The net book amount of investment property of AED 82 m
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188 Emirates ten-year overview

Additional information
190 dnata ten-year overview
192 Group ten-year overview
193 Group companies of Emirates
194 Group companies of dnata
196 Glossary

187
ANNUAL REPORT
2020-21
Emirates ten-year overview
Overview

Emirates

dnata Consolidated income statement 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12
Revenue and other operating income AED m 30,927 91,972 97,907 92,322 85,083 85,044 88,819 82,636 73,113 62,287
Group

Financial
information
Operating costs AED m 45,948 85,564 95,260 88,236 82,648 76,714 82,926 78,376 70,274 60,474
- of which depreciation, amortisation and
Emirates
financial
impairment AED m 19,665 19,444 9,680 9,193 8,304 8,000 7,446 6,421 5,136 4,134
commentary - of which employee costs AED m 7,830 12,058 12,623 13,080 12,864 12,452 11,851 10,230 9,029 7,936
dnata - of which jet fuel AED m 6,398 26,260 30,768 24,715 20,968 19,731 28,690 30,685 27,855 24,292
financial
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Operating (loss) / profit AED m (15,021) 6,408 2,647 4,086 2,435 8,330 5,893 4,260 2,839 1,813
Emirates
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(Loss) / profit attributable to the Owner AED m (20,279) 1,056 871 2,796 1,250 7,125 4,555 3,254 2,283 1,502
financial
statements
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consolidated Non-current assets AED m 128,886 144,357 96,483 93,417 93,722 87,752 83,627 74,250 59,856 51,896
financial
statements Current assets AED m 22,891 27,705 30,915 34,170 27,836 31,427 27,735 27,354 34,947 25,190
- of which cash assets AED m 15,108 20,249 17,037 20,420 15,668 19,988 16,885 16,561 24,572 15,587
Additional
information Total assets AED m 151,777 172,062 127,398 127,587 121,558 119,179 111,362 101,604 94,803 77,086
Emirates
ten-year Total equity AED m 20,147 23,587 37,743 37,046 35,094 32,405 28,286 25,471 23,032 21,466
overview
- of which equity attributable to the Owner AED m 19,597 22,978 37,149 36,454 34,508 31,909 27,886 25,176 22,762 21,224
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Non-current liabilities AED m 95,925 99,583 52,190 49,975 48,082 48,250 48,595 43,705 40,452 30,574
ten-year
overview Current liabilities AED m 35,705 48,892 37,465 40,566 38,382 38,524 34,481 32,428 31,319 25,046
Group
ten-year
overview Consolidated statement of cash flows
Group Cash flow from operating activities AED m (4,454) 22,798 10,528 14,134 10,425 14,105 13,265 12,649 12,814 8,107
companies Cash flow from investing activities AED m (2,644) (10,231) (1,360) (10,977) (3,129) (2,361) (6,411) (4,257) (15,061) (10,566)
of Emirates
Cash flow from financing activities AED m 2,902 (9,366) (9,807) (6,442) (10,502) (7,975) (6,264) (7,107) 1,240 (201)
Group
companies Net change in cash and cash equivalents AED m (4,196) 3,201 (639) (3,285) (3,206) 3,769 590 1,285 (1,007) (2,660)
of dnata

Glossary
Other financial data
Net change in cash assets AED m (5,141) 3,212 (3,383) 4,752 (4,320) 3,103 324 (8,011) 8,985 1,614
EBITDA AED m 4,644 25,852 23,977 24,970 21,248 24,415 20,259 17,229 13,891 10,735

Borrowings and lease liabilities AED m 107,576 110,157 53,039 51,101 51,002 50,105 47,808 42,431 40,525 30,880
Less: Cash assets AED m 15,108 20,249 17,037 20,420 15,668 19,988 16,885 16,561 24,572 15,587
Net debt AED m 92,468 89,908 36,002 30,681 35,334 30,117 30,923 25,870 15,953 15,293

Capital expenditure AED m 4,997 11,870 13,437 8,496 12,632 16,723 19,873 21,142 13,378 13,644

Notes :
1. The ten-year overview has been extracted from the audited financial statements which have been drawn up in compliance with IFRS.
188 2. Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year’s figures are restated.
ANNUAL REPORT
2020-21
Emirates ten-year overview
Overview

Emirates

dnata
Key ratios 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12
Operating margin % (48.6) 7.0 2.7 4.4 2.9 9.8 6.6 5.2 3.9 2.9
Group
(Loss) / profit margin % (65.6) 1.1 0.9 3.0 1.5 8.4 5.1 3.9 3.1 2.4
Financial (95.3)
information
Return on Owner's funds % 3.5 2.4 7.9 3.8 23.8 17.2 13.6 10.4 7.2
EBITDA margin % 15.0 28.1 24.5 27.0 25.0 28.7 22.8 20.8 19.0 17.2
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financial Cash assets to revenue and other operating income % 48.9 22.0 17.4 22.1 18.4 23.5 19.0 20.0 33.6 25.0
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dnata Net debt to equity ratio % 459.0 381.2 95.4 82.8 100.7 92.9 109.3 101.6 69.3 71.2
financial Net debt (incl. aircraft operating leases*) to equity ratio % 459.0 381.2 209.8 216.4 237.9 215.9 212.1 209.9 186.4 162.1
commentary
Net debt (incl. aircraft operating leases*) to EBITDA % 1,991.1 347.8 330.3 321.0 392.9 286.5 296.2 310.3 309.1 324.1
Emirates Effective interest rate on borrowings and lease liabilities % 3.8 4.6 4.0 3.2 3.0 3.1 3.3 3.2 3.1 3.0
consolidated
financial Fixed to floating debt mix 62:38 69:31 65:35 72:28 75:25 92:8 85:15 94:6 90:10 89:11
statements
Key operating statistics
dnata
consolidated Performance indicators
financial Yield Fils per RTKM 229 222 219 213 204 218 245 250 249 251
statements
Unit cost Fils per ATKM 177 141 146 139 132 132 158 162 167 166
Additional Unit cost excluding jet fuel Fils per ATKM 151 96 97 98 97 97 102 97 99 97
information
Breakeven load factor % 77.2 63.4 66.4 65.2 64.5 60.4 64.7 64.9 66.9 65.9
Emirates
ten-year Fleet
overview Aircraft number 259 270 270 268 259 251 231 217 197 169
dnata Average fleet age months 88 81 73 68 63 74 75 74 72 77
ten-year
overview Production
Group Destinations number 157** 157** 158 157 156 153 144 142 133 123
ten-year Overall capacity ATKM million 24,782 58,584 63,340 61,425 60,461 56,383 50,844 46,820 40,934 35,467
overview
Available seat kilometres ASKM million 64,062 367,153 390,775 377,060 368,102 333,726 295,740 271,133 236,645 200,687
Group Aircraft departures number 79,156 189,081 203,281 201,858 204,543 199,754 181,843 176,039 159,892 142,129
companies
of Emirates
Traffic
Group Passengers carried number'000 6,553 56,162 58,601 58,485 56,076 51,853 48,139 44,537 39,391 33,981
companies
of dnata
Passenger seat kilometres RPKM million 28,353 288,148 299,967 292,221 276,608 255,176 235,498 215,353 188,618 160,446
Passenger seat factor % 44.3 78.5 76.8 77.5 75.1 76.5 79.6 79.4 79.7 80.0
Glossary Cargo carried tonnes'000 1,873 2,389 2,659 2,623 2,577 2,509 2,377 2,250 2,086 1,796
Overall load carried RTKM million 12,510 39,505 42,304 41,250 39,296 36,931 34,207 31,137 27,621 23,672
Overall load factor % 50.5 67.4 66.8 67.2 65.0 65.5 67.3 66.5 67.5 66.7

Employee
Employee strength-Emirates number 40,801 60,033 60,282 62,356 64,768 61,205 56,725 52,516 47,678 42,422
Employee strength-airline number 33,304 47,518 47,808 49,740 51,628 48,023 44,571 41,471 38,067 33,634
Revenue per airline employee AED'000 929 1,935 1,975 1,784 1,580 1,717 1,939 1,938 1,868 1,796
*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.
**includes temporary suspensions due to COVID-19 pandemic.

Notes :
1. The ten-year overview has been extracted from the audited financial statements which have been drawn up in compliance with IFRS.
2. Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year’s figures are restated.
3. Employee strength is presented as at the reporting date from 2019-20 and onwards. Prior years’ data represent average employee strength. 189
ANNUAL REPORT
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dnata ten-year overview
Overview

Emirates

dnata Consolidated income statement 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12

Group
Revenue and other operating income AED m 5,541 14,760 14,419 13,074 12,182 10,630 9,160 7,565 6,622 5,755

Financial
information
Operating costs* AED m 7,398 14,253 13,141 11,878 10,958 9,569 8,155 6,702 5,807 4,971
- of which employee costs AED m 3,290 5,875 5,386 5,055 4,654 3,847 3,351 3,251 2,771 2,488
Emirates
financial - of which airport operations direct costs AED m 715 1,364 1,350 1,293 1,138 949 824 883 798 699
commentary
- of which inflight catering direct cost AED m 326 1,352 1,070 843 794 715 735 663 601 451
dnata - of which travel services direct costs AED m 53 2,534 2,476 2,135 1,913 1,951 1,458 84 n/a n/a
financial
commentary

Emirates
Operating (loss) / profit AED m (1,857) 507 1,278 1,196 1,224 1,061 1,005 863 815 784
consolidated (Loss) / profit attributable to the Owner AED m (1,821) 618 1,445 1,317 1,210 1,054 906 829 819 808
financial
statements

dnata Consolidated statement of financial position

consolidated
financial Non-current assets AED m 7,314 8,143 6,196 5,718 5,372 4,590 4,219 4,364 3,594 3,759
statements Current assets AED m 6,960 8,560 8,895 8,574 6,675 6,388 5,427 4,303 3,977 3,360
Additional - of which cash assets AED m 4,690 5,316 5,122 4,945 3,398 3,465 3,148 2,434 2,396 1,999
information
Total assets AED m 14,274 16,703 15,091 14,292 12,047 10,978 9,646 8,667 7,571 7,119
Emirates
ten-year
overview Total equity AED m 6,535 8,302 8,027 7,282 6,706 5,554 4,853 4,756 4,097 3,683
dnata - of which equity attributable to the Owner AED m 6,554 8,259 7,911 7,103 6,539 5,387 4,788 4,674 4,028 3,614
ten-year Non-current liabilities AED m 3,839 4,109 2,126 1,734 1,542 1,362 1,213 1,386 1,351 1,275
overview
Current liabilities AED m 3,900 4,292 4,938 5,276 3,799 4,062 3,580 2,525 2,123 2,161
Group
ten-year
overview
Consolidated statement of cash flows
Group
companies
Cash flow from operating activities AED m 10 1,393 1,417 1,858 1,281 1,390 1,058 1,125 1,162 1,167
of Emirates Cash flow from investing activities AED m (179) (878) 78 (2,157) (961) (1,076) (697) 316 (1,910) (431)
Group Cash flow from financing activities AED m (548) (899) (643) 78 (146) (496) (344) (443) (343) (718)
companies
of dnata Net change in cash and cash equivalents AED m (717) (384) 852 (221) 174 (182) 17 998 (1,091) 18

Glossary
Other financial data
Cash assets AED m 4,690 5,316 5,122 4,945 3,398 3,465 3,148 2,434 2,396 1,999
* 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.
2. Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year’s figures are restated.

190
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dnata ten-year overview
Overview

Emirates

dnata Key ratios 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12

Group
Operating margin % (33.5) 3.4 8.9 9.1 10.0 10.0 11.0 11.4 12.3 13.6
(Loss) / profit margin % (32.9) 4.2 10.0 10.1 9.9 9.9 9.9 11.0 12.4 14.0
Financial
information Return on Owner's funds % (24.6) 7.6 19.2 19.3 20.3 20.7 19.2 19.1 21.4 23.7
Emirates
financial Employee
commentary
Employee strength number 34,344 48,503 45,004 41,007 40,978 34,117 27,428 22,980 20,229 18,356
dnata Revenue per employee AED'000 161 304 320 319 297 333 399 356 327 322
financial
commentary

Emirates
Key operating statistics
consolidated
financial Airport operations
statements Aircraft turns handled number 289,526 680,867 698,739 659,591 623,611 389,412 298,298 288,335 264,950 253,434
dnata Cargo handled tonnes'000 2,686 2,929 3,091 3,083 2,844 2,056 1,671 1,604 1,570 1,543
consolidated
financial Catering
statements
Meals uplifted number'000 16,939 93,492 70,889 55,718 60,747 57,062 57,687 41,275 28,584 26,708
Additional
information
Travel services
Emirates Total transaction value (TTV) AED m 229 10,751 11,459 11,281 10,687 11,747 9,782 5,892 5,357 2,630
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.
2. Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year’s figures are restated.
3. Employee strength is presented as at the reporting date from 2019-20 and onwards. Prior years’ data represent average employee strength.

191
ANNUAL REPORT
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Group ten-year overview
Overview

Emirates

dnata Financial highlights 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12

Group
Revenue and other operating income* AED m 35,586 104,002 109,255 102,409 94,706 92,896 96,053 87,766 77,536 66,149
Operating costs* AED m 52,464 97,087 105,330 97,127 91,047 83,505 89,155 82,643 73,882 63,552
Financial
information Operating (loss) / profit AED m (16,878) 6,915 3,925 5,282 3,659 9,391 6,898 5,123 3,654 2,597
Emirates Operating margin % (47.4) 6.6 3.6 5.2 3.9 10.1 7.2 5.8 4.7 3.9
financial (Loss) / profit attributable to the Owner AED m (22,100) 1,674 2,316 4,113 2,460 8,179 5,461 4,083 3,102 2,310
commentary
(Loss) / profit margin % (62.1) 1.6 2.1 4.0 2.6 8.8 5.7 4.7 4.0 3.5
dnata
financial Dividend to the Owner AED m - - 500 2,000 - 2,500 2,569 1,026 1,000 850
commentary

Emirates Financial position

consolidated
financial
Total assets** AED m 165,872 188,461 142,267 141,625 133,281 129,989 120,886 110,100 102,188 84,127
statements Cash assets AED m 19,798 25,565 22,159 25,365 19,066 23,453 20,033 18,995 26,968 17,586
dnata
consolidated Employee
financial
statements Employee strength number 75,145 108,536 105,286 103,363 105,746 95,322 84,153 75,496 67,907 60,778
Additional * After eliminating inter company income/expense of the year.
information ** After eliminating inter company receivables/payables as at year end.

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.
2. Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year’s figures are restated.
3. Employee strength is presented as at the reporting date from 2019-20 and onwards. Prior years’ data represent average employee strength.

192
ANNUAL REPORT
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Group companies of Emirates
Overview
Hotel operations, food and
Emirates Air transportation related services Consumer goods beverage operations and others
dnata Emirates Emirates Emirates
Group 100% Maritime and Mercantile International
100% Dnata Travel (UK) Limited 100% Emirates Hotels (Australia) Pty Ltd
(Holding) LLC (UAE)
Financial
information 100% DN Travel ApS (Denmark) 100% MMI Tanzania PVT Ltd 50% Queen OS Trading FZE (UAE) 100% Emirates Hotel LLC (UAE)
Emirates
financial 49% Independent Wine & Spirit (Thailand) 100% Emirates Land Development Services LLC
100% DS Travel GmbH (Germany) 90.8% Prembev International FZE (UAE)
commentary Co. Ltd (UAE)

dnata 100% Brand 2 Consumer (Pty) Ltd 100% Emirates Leisure Retail (Holding) LLC
100% Emirates Vacations LLC (United States) 40% Cooperhouse Asia Pte. Ltd (Singapore)
financial (South Africa) (UAE)
commentary
100% The High Street LLC (UAE) 90% Seyvine Ltd (Seychelles) 40% Diamond Wines & Spirits PTE. Ltd 100% Air Ventures Holding, Inc. (USA)
Emirates (Singapore)
consolidated
68.7% Maritime and Mercantile International 40% Platinum Wines & Spirits Pte. Ltd
financial 100% Transguard Aviation Security LLC (UAE) 75% Air Ventures, LLC (USA)
statements
LLC (UAE) (Singapore)

dnata 50% Emirates - CAE Flight Training LLC (UAE) 100% Duty Free Dubai Ports FZE (UAE) 40% Royalton Wine & Spirits Private Ltd 100% Air Ventures LGA, LLC (USA)
consolidated (Singapore)
financial
statements 50% CAE Middle East Pilot Services LLC (UAE) 100% Harts International LLC (UAE) 40% Titanium International Wines & Spirits 100% Emirates Leisure Retail (Australia) Pty Ltd
PTE. Ltd (Singapore)
Additional
100% Golden Globe (BVI) Ltd 100% ELRA Properties Pty Ltd (Australia)
information 15% Savero Distributors Ltd (Cyprus)
100% Hudcom Pty Ltd (Australia)
Emirates
Catering services
50% Arabian Harts International Ltd 100% Hudsons Adelaide Airport Pty Ltd (Australia)
ten-year
overview
Emirates (BVI)* 100% Hudsons Airport Launceston Pty Ltd (Australia)
100% Hudsons Albury Pty Ltd (Australia)
100% Harts International Retailers (Middle
dnata 90% Emirates Flight Catering Co. (LLC) (UAE) East) FZE (UAE) 100% Hudsons Bendigo Pty Ltd (Australia)
ten-year 100% Hudsons Bourke Spring Pty Ltd (Australia)
overview 100% Maritime and Mercantile International
80% Emirates Crop One LLC (UAE) 100% Hudsons Elizabeth (Melb) Pty Ltd (Australia)
FZE (UAE) 100% Hudsons Epworth Richmond Pty Ltd (Australia)
Group
ten-year 100% Hudsons Gawler Pty Ltd (Australia)
overview 65% Emirates Cuisine Solutions LLC (UAE) 70% Oman United Agencies LLC
100% Hudsons George (Bris) Pty Ltd (Australia)
100% Hudsons Grenfell Currie Pty Ltd (Australia)
Group 92.5% Sohar Catering & Supplies Co. LLC
companies 65% Kosher Arabia LLC (UAE) (Oman) 100% Hudsons Hospital Australia Pty Ltd (Australia)
of Emirates 100% Hudsons Hospitals Nth Adelaide Pty Ltd (Australia)

67.1% Onas Trading LLC (Oman) 100% Hudsons Hospitals S.A. Pty Ltd (Australia)
Group
companies 100% Hudsons Hospitals Victoria Pty Ltd (Australia)
of dnata 100% Hudsons King William Pty Ltd (Australia)
50% Sirocco FZCO (UAE)
100% Hudsons Launceston Pty Ltd (Australia)
Glossary
100% Hudsons Little Collins Flinders Pty Ltd (Australia)
49% Fujairah Maritime and Mercantile
100% Hudsons Liverpool Pty Ltd (Australia)
International LLC (UAE)
100% Hudsons Murray Pty Ltd (Australia)

50% Focus Brands Ltd (BVI) 100% Hudsons Shepparton Pty Ltd (Australia)
100% Hudsons WA Airports Pty Ltd (Australia)
50% Lanka Premium Beverage PVT Limited 100% Hudsons William Pty Ltd (Australia)
(Sri Lanka)
100% Emirates Leisure Retail (Singapore)
Pte Ltd

100% Emirates Leisure Retail (New Zealand)

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. 193
ANNUAL REPORT
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Group companies of dnata
Overview

Emirates Airport Operations Catering

dnata dnata dnata
Group 100% Dnata International Airport Services Pte
100% Dnata Aviation Services Limited (UK) 100% Dnata Catering Services Limited (UK)
Ltd (Singapore)
Financial
information 100% Airline Cleaning Services Pty Ltd 100% CIAS International Pte Ltd (Singapore) 100% Alpha Flight Group Limited (UK) 100% En Route International Limited (UK)
(Australia)
Emirates
financial 100% Alpha Flight Services Pty Ltd
100% dnata Aviation Services Canada Limited 100% dnata Singapore Pte Ltd (Singapore)* 100% En Route Belgium NV
commentary (Australia)

dnata 50% G.T.A. Dnata Ground Handling Limited 20% Guangzhou Baiyun International 100% Alpha ATS Pty Ltd (Australia) 100% En Route International Australia Pty, Ltd
financial (Canada) Airport Ground Handling Services Co. Ltd
commentary (P. R. China)
50% G.T.A. Dnata Ground Handling YVR 100% dnata Catering Australia 100% En Route International General Trading
Emirates Limited (Canada) Subsidiary 2 Pty Ltd LLC (UAE)
100% Dubai Express LLC (UAE)
consolidated
financial 50% G.T.A. Dnata World Cargo Limited 100% dnata Catering Australia 100% En Route International Limited
statements
(Canada) Subsidiary 1 Pty Ltd (Hong Kong)
100% Freightworks Logistics LLC (UAE)
dnata 100% dnata Aviation Services US Inc. (USA) 100% Snap Fresh Pty Ltd (Australia) 100% En Route International South Africa
80% Dnata Airport Services Kurdistan (Pty) Ltd
consolidated
financial (Cayman Islands)
statements 100% ALX Cargo Center IAH LLC (USA) 100% Alpha Flight US, Inc. 100% En Route International USA, Inc.
100% Dnata for Airport Services Ltd
Additional (Kurdistan, Iraq)
information 100% dnata Aviation USA Inc. 100% Alpha Inflight US, LLC
70% Dubz Holding Limited (BVI)
Emirates
100% Ground Services International Inc. 100% dnata Catering UK Limited
ten-year 84.5% dnata Catering US, LLC (USA)
(USA) 100% Delivering Your Bags Passenger (England)
overview
Luggage Delivery LLC (UAE)
dnata 100% Metro Air Service Inc. (USA) 100% 121 Group Holdings LLC (USA) 100% Alpha Flight UK Ltd
ten-year 51% Bolloré Logistics LLC (UAE)
overview
100% dnata BV (The Netherlands) 100% 121 at BNA LLC (USA) 100% dnata s.r.l (Italy)
Group 51% Dnata PW Airport Logistics LLC (UAE)
ten-year
overview 100% dnata NV (Belgium) 100% 121 at Oxford LLC (USA) 80% Alpha Flight a.s. (Czech Republic)
50% Gerry’s Dnata (Private) Ltd (Pakistan)
Group 100% dnata US Inflight Catering
companies 100% dnata Limited (UK) 64.2% dnata Catering SRL (Romania)
LLC (USA)
of Emirates
100% Dnata Switzerland AG
Group 100% dnata Cargo Limited (UK) 100% North Salem Deli LLC (USA) 49% Alpha Flight Services UAE LLC
companies
of dnata 30% GVAssistance SA (Switzerland)
100% dnata Ground Limited (UK) 100% Dnata Catering Canada Limited 35.9% Jordan Flight Catering Company Ltd
Glossary
99% dnata Pty Ltd (Australia)
35.7% Airports Bureau Systems Ltd (UK) 100% dnata Catering Ireland Ltd 28.7% Silver Wings OOD (Bulgaria)
100% dnata Airport Services Pty Ltd.
100% dnata, Inc. (Philippines) (Australia) 99.2% Consortium Alpha DZZD
(Bulgaria)
100% Airport Handling Services Australia
100% dnata Clark Inc. (Philippines) Pty Ltd

70% Airport Handling SpA (Italy)

70% RM Servicos Auxilliares de Transporte

Aereo Ltda (Brazil)

95% Air Dispatch (CLC) s.r.o. (Czech Republic)

Note: Percentages indicate beneficial interest in the company, legal shareholdings may be different.
100% Air Dispatch (CLC) Spolka z.o.o. The country of incorporation is same as country of principal operations.
(Poland) * Also provides catering services.
194
ANNUAL REPORT
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Group companies of dnata
Overview

Emirates Travel services Others

dnata dnata / dnata World Travel dnata / dnata World Travel dnata
Group 100% Cleopatra International Travel Co. W.L.L. 100% Destination Asia LLC (UAE) 100% Travel Partners LLC (UAE) 100% Plafond Fit Out LLC (UAE)
(Bahrain)
Financial
information 100% Travel Partners Iberian, Sociedad
100% Destination Asia Limited (UAE) 100% dnata Travel Inc. (Philippines) 100% Transecure LLC (UAE)
Limitada (Spain)
Emirates
financial 100% Destination Asia (Singapore) Pte Limited 100% dnata d.o.o. Beograd (Serbia) 100% Travel Partners (London) Limited (UK) 50% Transguard Group LLC (UAE)
commentary

dnata 100% Destination Asia Destination 100% Maritime and Mercantile International 100% CASS International General Trading LLC
75% Super Bus Tourism LLC (UAE)
financial Management Sdn Bhd (Malaysia) Travel LLC (UAE) (UAE)
commentary
70% dnata Travel Company Limited (Saudi
100% Destination Asia Japan Limited 76.9% Oman United Agencies Travel LLC 50% Transguard Cash LLC (UAE)
Emirates Arabia)
consolidated
100% Sama Travel & Services International 100% dnata Aviation Services Company
financial 100% Destination Asia Limited (Hong Kong) LLC (Oman) 100% Transguard Cash Services LLC (UAE)
statements
Limited (Saudi Arabia)

100% Cruise Asia By Destination Asia 50% Moon Travel LLC (Oman) 100% Transguard Group International LLC
dnata 60% Priohub LLC (UAE)
Limited (Hong Kong) (UAE)
consolidated
financial
statements 100% eDA Services Limited (Hong Kong) 100% Dunya Travel LLC (UAE) 51% Imagine Enterprises Limited (UK) 100% Transguard Group Cash KSA LLC (UAE)

Additional
51% Transguard Group International LLC
information 100% Destination Asia (Thailand) Limited 100% Dunya Air Services LLC (UAE) 100% Imagine Cruising GmbH (Germany) (Oman)
Emirates
100% Destination Asia (Vietnam) Limited 100% Najm Travel LLC (UAE)*
ten-year 100% Imagine Cruising Limited (UK)
(Hong Kong)
overview
100% Travel Management Services Limited
dnata 100% Imagine Transport Limited (UK)
(Hong Kong)
ten-year
overview 100% Destination Group Asia (Hong Kong) 100% Imagine Cruising Pty Ltd (Australia)
Limited
Group
ten-year 100% DMC Management Asia Services
overview 100% Imagine Cruising (Pty) Ltd (South Africa)
Limited (Hong Kong)
Group 100% Imagine Cruising (WA) PTY Ltd
companies 100% PT Destination Asia (Indonesia) (Australia)
of Emirates

Group 100% dnata International Private Ltd (India) 50% Travel Counsellors LLC (UAE)
companies
of dnata
100% dnata Marketing Services Pvt Ltd (India)
Glossary
100% dnata Travel and Tourism WLL
(Bahrain)

100% dnata Travel Holdings UK Limited 100% Travel 2 Limited (UK)

100% Airline Network Limited (UK) 100% Travelbag Limited (UK)

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

100% Gold Medal Transport Ltd (UK) 82.28% BD4 Travel Limited (UK)

100% Personalised Travel Services Limited (UK)
100% Sunmaster Limited (UK)
100% BD4 Travel GmbH (Germany)
Note: Percentages indicate beneficial interest in the company, legal shareholdings may be different.
The country of incorporation is same as country of principal operations.
14.29% Travel Technology Initiative Limited
(UK) *Country of principal operations is Iraq. 195
ANNUAL REPORT
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Glossary
Overview

Emirates

dnata

Group
A D N R

Financial Acquisitions – The sum of purchase Dividend payout ratio – Dividend Net debt – Borrowings and lease Return on Owner’s funds – Profit
information consideration for acquisition of accruing to the Owner divided by profit liabilities (current and non-current) net attributable to the Owner expressed as a
Emirates subsidiaries and investments made in attributable to the Owner. of cash assets. percentage of Owner’s funds.
financial associates and joint ventures.
commentary
E Net debt to equity ratio – Net debt in RPKM (Revenue Passenger Kilometre)
ASKM (Available Seat Kilometre) – relation to total equity. – Number of passengers carried
dnata
financial Passenger seat capacity measured in EBITDA – Operating profit before multiplied by the distance flown.
commentary seats available multiplied by the depreciation, amortisation and O
RTKM (Revenue Tonne Kilometre) –
Emirates distance flown. impairment (and aircraft operating lease
Operating cash margin – Cash Actual traffic load (passenger and cargo)
consolidated rentals for financial years 2018-19 and
financial ATKM (Available Tonne Kilometre) generated from operating activities carried measured in terms of tonnes
statements before).
– Overall capacity measured in tonnes expressed as a percentage of the sum of multiplied by the distance flown.
dnata available for carriage of passengers EBITDA margin – EBITDA expressed as revenue and other operating income.
consolidated and cargo load multiplied by the a percentage of the sum of revenue and T
financial
distance flown. Operating margin – Operating profit
statements other operating income.
expressed as a percentage of the sum of Total revenue – Sum of revenue and
Additional B Equity ratio – Total equity divided by revenue and other operating income. other operating income.
information total assets.
Overall load factor – RTKM divided Total transaction value – The sum of
Emirates Breakeven load factor – The load
F by ATKM. gross revenue from agency and package
ten-year factor at which revenue will equal
overview sales, net of government taxes.
operating costs. Owner’s funds – Average of opening
Fixed to floating debt mix – Ratio of
dnata and closing equity attributable to the Traffic – see RTKM
ten-year C fixed rate debt to floating rate debt. The
Owner.
overview ratio is based on net debt (including Transport revenue – The sum of
Group Capacity – see ATKM aircraft operating leases for financial P passenger, cargo and excess
ten-year years 2018-19 and before). baggage revenue.
overview Capital expenditure – The sum
Passenger seat factor – RPKM divided
of additions to property, plant and Free cash flow – Cash generated from U
Group by ASKM.
companies equipment and intangible assets. operating activities less cash used in
of Emirates investing activities adjusted for the Passenger yield (Fils per RPKM) – Unit cost (Fils per ATKM) – Operating costs
Capitalised value of aircraft operating
Group
movement in short term bank deposits. Passenger revenue divided by RPKM. (airline only) incurred per ATKM.
lease costs – 60% of future minimum
companies
of dnata lease payments for aircraft on operating Freight yield (Fils per FTKM) – Cargo Profit margin – Profit attributable to the Y
lease (applicable to financial years 2018- revenue divided by FTKM. Owner expressed as a percentage of sum
Glossary
19 and before). From 1 April 2019, with of revenue and other operating income. Yield (Fils per RTKM) – Revenue (airline
FTKM - Cargo tonnage uplifted
the adoption of IFRS 16, the related lease only) earned per RTKM.
multiplied by the distance carried.
liabilities are included in net debt.

Cash assets – The sum of short

term bank deposits and cash and
cash equivalents.

196
Emirates P.O. Box 686, Dubai, United Arab Emirates, emirates.com dnata P.O. Box 1515, Dubai, United Arab Emirates, dnata.com