2021 2022

The Emirates Group
Annual
Report
2021-22 His Highness Sheikh Mohammed
bin Rashid Al Maktoum
Overview
Vice President and Prime Minister
Emirates
of the UAE and Ruler of Dubai
dnata
Group
In the 50th year since its foundation, the UAE brought the world
together at Expo 2020 Dubai to celebrate human achievement,
Financial
information ambition and aspiration. Nations across the globe came together
to address our most critical challenges and share new ideas for
Additional
information shaping a sustainable, prosperous, and bright future.
Hosting Expo 2020 Dubai was an expression of our vision for

an inclusive, connected world. The largest event in the World
Expo’s history was also the first in which each of the participating
countries had a pavilion of its own. The event gave millions
of people from all over the world an opportunity to exchange
insights and forge new connections, raising Dubai’s profile as a
global city that bridges cultures and opens new possibilities.
2
The Emirates Group
Annual
Report
2021-22
Overview The global event was a testament to our resilience and our ability to rebuild and recover
Emirates after a testing time. By providing a platform for showcasing the best of human ingenuity,
dnata
Expo 2020 Dubai gave new hope for overcoming the globe’s greatest challenges.
Group Expo 2020 Dubai may be over, but its legacy and our drive for progress through worldwide
Financial engagement continues. Over the next 50 years, we will continue to bring nations and
information institutions together to promote sustainable development. By creating centres of
Additional excellence in various sectors and a hub for the world’s brightest entrepreneurs and talent,
information
we seek to inspire progress not only in our nation but also beyond our borders.
Advancing global connectivity is vital to ensure a flow of people, goods, knowledge and
ideas. This is why the aviation sector is key to our vision. Emirates and dnata, two of the
UAE’s biggest homegrown international brands, with a presence in over 100 countries,
are among global aviation’s top success stories. Reflecting our nation’s values, these
companies have made us proud through a relentless pursuit of excellence and innovation.
As an aviation giant, the Emirates Group plays an important role in accelerating our
growth by generating employment and facilitating trade and tourism. The Group has
demonstrated its ability to rebound from the global repercussions of the pandemic,
supported by its strong business foundations that have been built on farsighted
investments in people, technology and infrastructure, apart from strong industry
partnerships and customer trust. It has also been a champion of corporate social
responsibility, supporting sports and cultural events, and initiatives focused on
disadvantaged children, conserving nature and humanitarian and philanthropic aid.
The next 50 years hold exciting prospects for the UAE and the world, and I look forward
to seeing the Emirates Group’s continued success as it works with its stakeholders to
generate even more value for the economy and society.
3
The Emirates Group
Annual
Report
2021-22
Overview
Emirates is a global airline, serving 150 airports in 78 countries from its hub in
Emirates
Dubai, United Arab Emirates.
dnata
Group
dnata is one of the world’s largest combined air services providers, serving over
Financial
information 300 airline customers in 37 countries. Its main activities are the provision of
Additional cargo and ground handling, catering, and travel services.
information
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
69 Emirates financial commentary
Contents 78 dnata financial commentary
84 Emirates independent auditor’s report
6 Financial highlights 90 Emirates consolidated financial statements
8 Chairman’s statement 140 dnata independent auditor’s report
16 Leadership 144 dnata consolidated financial statements
18 Emirates highlights 186 Emirates ten-year overview
34 dnata highlights 188 dnata ten-year overview
46 Our people 190 Group ten-year overview
52 Our communities 191 Group companies of Emirates
56 Our planet 192 Group companies of dnata
64 Our network 194 Glossary
5
The Emirates Group
Annual
Report
2021-22
Overview
Emirates Financial
highlights
dnata
Group
Financial
information
Additional
information
Emirates Group
Higher/
Financial highlights 2021-22 2020-21 (lower) %
Revenue and results
Revenue and other operating income* AED m 66,248 35,586 86.2
Operating loss AED m (278) (16,878) (98.4)
Operating margin % (0.4) (47.4) 47.0 pts
Loss attributable to the Owner AED m (3,807) (22,100) (82.8)
Loss margin % (5.7) (62.1) 56.4 pts
Financial position
Total assets** AED m 164,355 165,872 (0.9)
Cash assets AED m 25,778 19,798 30.2
Employee
Employee strength number 85,219 75,145 13.4
* After eliminating inter-company income/expense of AED 1,492m in 2021-22

(2020-21: AED 882m).

** After eliminating inter-company receivables/payables of AED 453m as at the
reporting date (2020-21: AED 179m).
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
The Emirates Group
Annual
Report
2021-22
21-22 59,180 21-22 (3,917) 21-22 8,560 21-22 110
Overview
20-21 30,927 20-21 (20,279) 20-21 5,541 20-21 (1,821)
Emirates
19-20 91,972 19-20 1.056 19-20 14,760 19-20 618
dnata
Group 18-19 97,907 18-19 871 18-19 14,419 18-19 1,445
Financial 17-18 92,322 17-18 2,796 17-18 13,074 17-18 1,317

information
Revenue and other operating income (Loss) / profit attributable to Revenue and other operating income Profit / (loss) attributable to
Additional in AED m the Owner in AED m in AED m the Owner in AED m
information Revenue and operating income in AED m
Emirates dnata
Higher/ Higher/
Financial highlights 2021-22 2020-21 (lower) % Financial highlights 2021-22 2020-21 (lower) %
Revenue and results Revenue and results
Revenue and other operating income AED m 59,180 30,927 91.4 Revenue and other operating income AED m 8,560 5,541 54.5
Operating loss AED m (438) (15,021) (97.1) Operating profit / (loss) AED m 160 (1,857) NM
Operating margin % (0.7) (48.6) 47.9 pts Operating margin % 1.9 (33.5) 35.4 pts
EBITDA AED m 17,728 4,644 281.7 Profit / (loss) attributable to the Owner AED m 110 (1,821) NM
EBITDA margin % 30.0 15.0 15.0 pts Profit / (loss) margin % 1.3 (32.9) 34.2 pts
Loss attributable to the Owner AED m (3,917) (20,279) (80.7) Return on Owner's funds % 1.7 (24.6) 26.3 pts
Loss margin % (6.6) (65.6) 59.0 pts
Return on Owner's funds % (19.9) (95.3) 75.4 pts Financial position
Total assets AED m 14,824 14,274 3.9
Financial position Cash assets AED m 4,898 4,690 4.4
Total assets AED m 149,984 151,777 (1.2)
Cash assets AED m 20,880 15,108 38.2 Key operating statistics
Net debt to equity ratio % 371.0 459.0 (88.0) pts Aircraft turns handled number 527,501 289,526 82.2
Cargo handled tonnes '000 2,966 2,686 10.4
Key operating statistics Meals uplifted number '000 39,890 16,939 135.5
Passengers carried number '000 19,562 6,553 198.5 Travel services:
Cargo carried tonnes '000 2,139 1,873 14.2 Total Transaction Value (TTV) AED m 2,318 229 912.2
Passenger seat factor % 58.6 44.3 14.3 pts
Overall capacity ATKM million 36,394 24,782 46.9 Employee
Available seat kilometres ASKM million 159,962 64,062 149.7 Employee strength number 39,376 34,344 14.7
Aircraft number 262 259 3 nos
NM - not meaningful (for comparison)
Employee
Employee strength number 45,843 40,801 12.4
7
The Emirates Group
Annual
Report
2021-22 His Highness Sheikh Ahmed
bin Saeed Al Maktoum
Overview Chairman and Chief Executive
Emirates Emirates Airline & Group
dnata
Our business recovery picked up pace in 2021-22 as pandemic-related
Group restrictions lifted around the world, particularly in the second half of
Financial our financial year. We closed the year with significantly improved Group
information
revenues of AED 66.2 billion, up 86% compared to last year. Despite
Additional rising inflation and persistently high average oil prices, dnata returned
information
a profit of AED 110 million and Emirates substantially reduced its loss
to AED 3.9 billion.
Across Emirates and dnata, we quickly reinstated services to meet

rebounding customer demand. Working closely with our industry
partners and stakeholders, we restored passenger flight operations,
airport, catering and travel services, while staying focussed on safety,
the health and wellbeing of our people and customers, and ensuring
that our services are maintained at the high standards expected of us.
We recalled employees on furlough or unpaid leave, rehired those previously

impacted by layoffs, and launched recruitment drives to support our
increased operations as well as to add new skills to our talent pool.
By 31 March 2022, the Emirates Group workforce was 85,219-strong, an
increase of 13% over last year.
Even as we rebuilt our network and operations, we continued to launch new

products and services. As a Group we invested over AED 7.9 billion in new
aircraft, engines, equipment, facilities and technologies to strengthen our
competitive advantage and ensure we keep delivering value-added, world-
class experiences to our customers.
2021-22 was also a special year for the Emirates Group as the UAE
celebrated its 50th year of nationhood, and hosted Expo 2020 Dubai
- welcoming the world to the most inclusive, and biggest Expo yet.
The success of Expo 2020 and the numerous other jubilee initiatives
demonstrate the UAE’s resilience amidst the ongoing pandemic, and Dubai’s
undiminished attraction as a global destination.
8
The Emirates Group
Annual
Report
2021-22 We were proud to have contributed to the Expo’s success across the Emirates Group,
whether it was providing security or catering services for the pavilions, ground tours
and hotel accommodation for visitors, or cargo transport.
Overview
As Official Premier Partner, Emirates utilised its global brand and marketing muscle
Emirates to help raise awareness of Expo 2020 and encourage tourism. We transported
dnata millions of people to the UAE over the six-month event, many of whom were first
Group
time visitors. We also hosted visitors from over 190 nations, including dignitaries,
celebrities, and other VIP guests at our ‘future of aviation’ - themed Emirates Pavilion.
Financial
information
Fittingly, as part of the Expo legacy, the Emirates Pavilion will be transformed into an
Additional innovation centre where the best minds and partners will join us in developing future
information
solutions for our business and the broader aviation industry.
Emirates’ year in review
As travel restrictions around the world eased, we reinstated services, added flights
to dozens of cities, and ramped up our A380 deployment to efficiently serve
pent-up customer demand. We also added a new destination Miami, USA, to our
route network in July. By 31 March 2022, Emirates was operating over 1,100 weekly
passenger flights to 127 airports around the world. With our entire Boeing 777 fleet
and over half of our A380s in active service, the airline’s total passenger and cargo
capacity in 2021-22 was 36.4 billion ATKMs, up 47% compared to 2020-21.
Emirates’ strong revenue increase of 91% to AED 59.2 billion, reflects the increased
capacity deployed as well as our continued ability to attract and retain our customers.
This year, Emirates carried 19.6 million passengers, nearly triple from 6.6 million last
year, and uplifted 2.1 million tonnes of cargo, up 14%.
9
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Additional
information
In 2021-22, we received delivery of five new A380 aircraft, including our 123rd and final
A380 on order. To meet strong customer demand for our Premium Economy product,
Emirates will embark on a major retrofit programme from November 2022, to equip 120
of our existing 777 and A380 aircraft with our latest cabin class, as well as
refreshed interiors.
During the year, we supplemented our network rebuild with the expansion of our
interline and codeshare agreements and reactivation of strategic partnerships with
Qantas and flydubai, ensuring our customers can easily access even more connections
and cities. We also signed agreements with over a dozen tourism organisations,
committing our support to broader recovery in travel and tourism.
To assure and encourage travellers to return to the skies, we introduced numerous

initiatives to ease their journey and boost travel confidence. This included digital
technologies that enable the quick and secure verification of COVID-19 travel documents,
expanded biometrics and contactless touchpoints at our Dubai hub, and the extension of
our generous refunds, rebooking waivers, complimentary COVID-19 medical cover for all
customers and Emirates Skywards frequent flyer tier status review and miles expiry.
Our cargo business continued to perform strongly, contributing 37% to overall

Emirates revenue even with the ongoing pandemic-disruptions to global logistics and
supply chains.
Leveraging our signature strengths of agility, customer focus, innovation, fleet and
network capabilities, Emirates SkyCargo built on the headway made in the previous year
in terms of network and capacity restoration. By 30 June 2021, our cargo division had
restored services to over 90% of our pre-pandemic network.
10
The Emirates Group
Annual
Report
2021-22 We helped keep vital trade lanes open and moved essential items across
the world including food and fresh products, e-commerce and other high-
value goods. Emirates SkyCargo also continued to play an important role
Overview in ensuring communities get rapid access to vaccines and other medical
supplies, By March 2022, we had transported 1 billion doses of
Emirates
COVID-19 vaccines.
dnata
Group
Investing in our capacity and capabilities for future growth, during the
year we scaled up our pharma cool chain infrastructure in Dubai and in
Financial
information November, we announced a US$ 1 billion investment to acquire two new
Boeing 777 freighters and convert four of our existing 777-300ER aircraft
Additional
information into freighters.
dnata’s year in review
dnata’s agility and ability to respond to market opportunity across all

business divisions in the UAE and internationally, has driven our recovery
from a position of loss last year to a profit of AED 110 million in 2021-22.
Our total revenue increased by 54% to AED 8.6 billion, with international
operations accounting for 62% of total revenue.
During the year, dnata continued to scale up operations to support our

airline customers’ increased flight operations across 136 airports around
the world, and demand from corporate and leisure travel customers for
travel bookings.
In 2021-22, our airport operations handled 527,501 aircraft turns globally,

up 82%, and 3.0 million tonnes of cargo, up 10%, compared to the
previous year. Our catering division uplifted 39.9 million meals, more
than double the volumes of last year, reflecting the recovery of airline
passenger traffic. Similarly, dnata’s Travel services division saw a strong
uptake in travel services sold, with a nine-fold increase in total transaction
value (TTV) to AED 2.3 billion, a reversal from last year’s pandemic-related
booking cancellations.
dnata’s performance reflects our strong foundations and our ability

to earn customer trust and their business. During the year, our airline
customers revived their contracts with us as they reinstated their passenger
operations, and we also won new contracts, notably the concession
agreement with The Government of Zanzibar to manage the operations of
their new international airport, and our Catering & retail unit’s takeover of
easyJet’s global onboard retail services.
11
The Emirates Group
Annual
Report
2021-22 We encourage innovation and plan to triple our annual technology investment to
ensure we have the right tools in place to deliver the best products and services.
During the year, we invested significantly in our cargo handling capabilities. We

Overview
expanded our facilities in Sydney, Australia; opened a state-of-the-art cargo centre
Emirates at London Heathrow airport; and announced a fully automated cargo centre to be
dnata built at ‘dnata Cargo City’ at Amsterdam Schiphol Airport.
Group We celebrated the 30th anniversary of marbaha, our airport hospitality brand, and
Financial grew its international footprint further with the launch of our signature meet-and-
information
greet airport service at four of Australia’s major airports, and the opening of a
Additional new lounge in Zurich Airport. We also completely refreshed and re-designed our
information
flagship lounge at Dubai International.
Environment
As operations ramped up across the Group, we remained ever conscious of

our responsibility to preserve our planet’s resources and reduce our
environmental impact.
During 2021-22, we progressed various initiatives under our Emirates Group

Environmental Sustainability Framework which focusses on three areas: reducing
emissions; consuming responsibly; and preserving wildlife and habitats.
Reducing emissions is a continual effort across Emirates and dnata, where we

are driving continuous operational efficiencies through technology, people and
process improvements.
At dnata, we are also increasing our investments in electric and hybrid ramp,
ground support equipment (GSE) and forklifts, and refurbishing existing GSE with
new technologies.
At Emirates, our long-standing operational fuel efficiency programme investigate

ways to reduce fuel burn and emissions, while we continue to review opportunities
with sustainable and low carbon aviation fuels.
12
The Emirates Group
Annual
Report
2021-22 At the Dubai Airshow in November, Emirates and GE Aviation signed an MoU to
develop a programme that will see a Boeing 777-300ER, powered by GE90 engines,
conduct a test flight using 100% sustainable aviation fuel (SAF) by the end of 2022.
Overview
Across the Group, we continued to invest in renewable energy.
Emirates
In March, The Sevens Stadium in Dubai inaugurated the region’s first and largest solar
dnata
carport at a sporting facility, generating sufficient clean energy to power most of
Group the Stadium’s operations throughout the year. It will also cut CO2 emissions by 1,496
Financial tonnes annually. This latest initiative adds to our existing solar energy investments
information
including at Emirates Engineering Centre and Emirates Flight Catering.
Additional
information dnata has installed renewable energy features at our existing facilities in the UK,
Singapore and Ireland including solar panels, air-source heat pumps and electric
vehicle charging. At MMI, our beverage marketing and distribution business, we’ve
equipped our Dubai Distribution Centres with the capability to generate solar power
sufficient for 60% of our requirements, saving over 400 tonnes of carbon per year.
We’re committed to responsible consumption across our business activities. This

covers the full lifecycle of sourcing, purchasing, consuming and managing the
disposal of products and equipment.
A highlight in 2021-22 was our partnership with UAE-based Falcon Aircraft Recycling
to dismantle and upcycle Emirates’ first retired Airbus A380. Approximately 190
tonnes of metals, plastics, carbon fibre composites and other materials will be saved
from landfill and repurposed into bespoke furniture and other collectibles with net
profits from the sale of all items upcycled and recycled to benefit our charity, the
Emirates Airline Foundation.
13
The Emirates Group
Annual
Report
2021-22 Across our diverse operations, we continue to make progress in reducing
single-use plastic. At MMI, Emirates Official Stores, and Emirates’ inflight
duty free service, we’ve replaced plastic bags with sustainable alternatives
Overview such as bio-degradable, jute and organic bags. Onboard the airline,
over 150 million single-use plastic items are saved from landfill annually
Emirates
through a mix of initiatives to replace plastic items with more sustainable
dnata
alternatives, as well as waste segregation and recycling.
Group
Teams at Emirates Flight Catering and across dnata’s catering operations
Financial
information around the world continually look at innovative solutions and technologies
to reduce food waste. This year, dnata signed an MoU with Singapore’s
Additional
information Blue Aqua Food Tech, where organic waste from our catering and
ground handling operations will be upcycled into alternative insect
protein for aquafeeds.
Emirates and dnata are actively involved in habitat conservation and the
fight against illegal wildlife trafficking. We are members of the United for
Wildlife Transport Taskforce, and signatories to the Buckingham Palace
Declaration. This year, we welcomed the launch of the United for Wildlife
Middle East and North Africa Regional Chapter in Dubai, which will further
enhance the regional response to the illegal wildlife trade.
Communities
Through our CSR platforms - the Emirates Airline Foundation and

dnata4good, as well as other corporate initiatives, we aim to positively
impact the communities we serve.
We work with NGO partners on humanitarian and charitable initiatives. Our

various programmes in 2021-22 helped provide disadvantaged children
and communities with access to food, shelter, education and medical
services. We also engage in programmes that support entrepreneurs, small
and medium sized businesses, and initiatives that encourage innovation
and develop future talent for careers in travel and aviation.
14
The Emirates Group
Annual
Report
2021-22 Leveraging our air transport and logistics capabilities, we help move people and
goods for humanitarian causes, from carrying medical workers on mercy missions,
to establishing a Humanitarian Airbridge carrying much-needed medical supplies
Overview to support India in its pandemic response.
Emirates Through Emirates’ extensive sponsorships portfolio of sports, culture and arts
dnata around the globe, we aim to bring our customers and fans closer to their passions
Group
and inspire young people in their pursuit of sports or culture.
Financial Looking ahead

information
Additional 2021-22 was largely about recovery, after the toughest year in our Group’s history.
information
It’s not just about restoring our capacity, but also augmenting our future
capabilities as we rebuild. Our aim is to build back better and stronger, so that we
can deliver even better experiences to our customers and offer more support to
the communities we serve.
We expect the Group to return to profitability in 2022-23, and are working hard to
hit our targets, while keeping a close watch on headwinds such as high fuel prices,
inflation, new COVID-19 variants, and political and economic uncertainty.
Our steady investments in infrastructure, technology, people and partnerships,

will continue to give us the ability and advantage in delivering industry-leading
products and value to our customers.
As Dubai and the UAE move ahead with its strategy for the next 50 years and
beyond, the Emirates Group is well positioned to play our role in contributing to
economic growth, facilitating global engagement, and making a positive impact on
people and communities.
HH Sheikh Ahmed bin Saeed Al Maktoum

Chairman and Chief Executive
Emirates Airline & Group
15
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial HH Sheikh Ahmed Sir Tim Clark

information
bin Saeed Al Maktoum President
Additional Chairman and Chief Executive Emirates Airline
information
Emirates Airline & Group
Leadership
16
Adel Ahmad Al Redha Adnan Kazim Michael Doersam Abdulaziz Al Ali Ali Mubarak Al Soori Steve Allen
Chief Operating Officer Chief Commercial Officer Group Chief Financial Officer Executive Vice President Executive Vice President Executive Vice President
Emirates Airline Emirates Airline Human Resources Chairman’s Office, dnata
Emirates Group Facilities & Project
Management
and Non-Aircraft P&L
17
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Additional
information
Emirates
highlights
19
The Emirates Group
Annual
Report 10 Apr
Emirates conducts a milestone
“fully-vaccinated flight” EK2021,
2021-22 highlighting the UAE’s impressive
vaccination drive and the readiness of
its aviation industry for travel rebound
Overview
Emirates
dnata
Group
8 Apr
Financial
information
Emirates reaffirms care for its
Additional customers with further extensions of
information ticket validity, refunds and rebooking
waivers, multi-risk travel insurance
cover, and Emirates Skywards Tier
Status and Miles validity
Enhancing customer
experience and
travel confidence
To deliver the best customer experiences in the air and on the ground, Emirates continued to invest in
its products and services. This year, Emirates announced a major retrofit programme to equip 120 of its
777 and A380 aircraft with its new Premium Economy seats and the latest cabin interiors.
Emirates led the industry with initiatives that provide customer assurance as travel restrictions eased
and more people made travel plans. It also accelerated digital initiatives to provide customers with
smoother and safer journeys, from the quick and secure verification of COVID-19 travel documents, to
more biometrics and contactless touchpoints at its Dubai hub.
emirates.com remained a top reference site for the latest travel requirements, updated at least once
daily with information verified by Emirates’ on-site teams across its network.
To inspire customers as they research travel options, Emirates launched a sky-high stunt that captured
the internet’s imagination featuring an Emirates cabin crew on the top of the Burj Khalifa, the world’s
tallest building. It also launched the first airline virtual reality app, offering customers an immersive
experience of what they can expect onboard.
20
The Emirates Group
Annual
Report
2021-22
Emirates launches bold “top of the world”
Overview ad on the world’s tallest building, inviting
the world to fly better to Dubai
Emirates
dnata 9 Aug
Group
Financial 26 Apr
Emirates and Dubai Health Authority
information implement digital verification of 5 Aug
COVID-19 medical records for
Additional UAE-based travellers 1 Aug
information
Emirates inks strategic agreement

with global tech giant Huawei to
expand the reach of both brands in Emirates’ updated free
China, the Middle East and Africa, baggage policy enables Emirates’ innovative
through joint marketing and customers to pack more into home check-in services
customer-centric initiatives in the their Africa trip help over 2,500 customers
mobile and digital space ease through Dubai airport
during the July travel peak
5 Jul 6 Jul
Emirates is first to launch Emirates Holidays

a payment solution built simplifies Dubai arrivals
on new industry-supported and departures with the
protocols, EmiratesPay, launch of Airport Ease
in partnership with and Airport Ease +
Deutsche Bank
18 May
Emirates offers a
summer of live sports
22 Jun and cool new content
on ice for travellers
Emirates re-opens its dedicated

5 Jul
First Class Lounge at DXB to serve
increased premium demand
21
The Emirates Group
Annual
Report
2021-22
Overview
Emirates launches first airline virtual 13 Sep
Emirates
reality app in Oculus store, the
dnata world’s most popular VR platform
Group Emirates becomes first airline
23 Sep
to implement the IATA Travel
Financial Pass across six continents
information
Additional
information Over 2 million customers
supported with travel and
ticketing changes since the
pandemic began, as Emirates Emirates brings exclusive
lives up to its customer HBO Max premium
experience promise of content onboard its
flexibility and support award-winning ice system
7 Oct
Emirates partners with

the UAE’s Alhosn
National Health System
EmiratesRED pre-order for smoother COVID-19
9 Aug
duty-free service document checks and
provides customers travel experiences to
access to exclusive retail 23 Aug EU countries
items and digital
shopping convenience 19 Dec
with delivery at the seat
14 Nov
Emirates showcases its four-class

A380 with new Premium
Economy cabin and refreshed
interiors at the Dubai Airshow
Emirates Skywards
launches “Skywards+”
to offer its global 21 Dec
members access to 11 Aug
exclusive rewards Emirates re-opens its signature
Lounges at more than 20 airports
across its network, offering
premium customers and frequent
flyers added travel comfort with
plans to reinstate services at over
120 dedicated Emirates Lounges
and partner facilities by February
22
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata 27 Jan
Emirates signs new
distribution agreement with
Group Emirates inaugurates a new
11 Feb Amadeus to offer the travel
lounge facility dedicated for
Financial trade community more
unaccompanied young flyers
information flexibility, choice and future
at Dubai International
capabilities
Additional
information
Empowering travel
industry partners
During the year, Emirates continued on

its journey to empower its travel trade
partners in delivering better, tailored
products to Emirates customers, by
15 Mar offering them more choices of channels
and commercial models to access
Emirates Skywards and Emirates content, and future new
ICICI Bank announce distribution capability (NDC)
new co-branded credit
card in India
Emirates and Sabre reach new

distribution agreement, and will
5 Oct
partner on advanced retailing, data
and analytics capabilities
12 Aug
Emirates enhances NDC

offers with ATPCO’s
Routehappy Content,
Travelport and Emirates expanding its retail
1 Jul
reach agreements on reach around the world
1 Mar un-surcharged content,
NDC distribution and IT
Emirates opens a service extension
dedicated check-in
facility in Ajman
23
The Emirates Group
Annual Expanding connectivity

Report through partnerships
2021-22
Emirates and flydubai reactivate 17 May
strategic partnership, building on
Overview Dubai’s connectivity to offer more
choices for travellers
Emirates
3 Aug
dnata
Group Emirates announces interline

partnership with Mexico’s Aeromar
Financial
information 16 Aug
Additional Emirates and Airlink expand partnership, offering

information
travellers access to over 40 domestic and
regional destinations across 12 African countries
Accelerating
our global 18 Aug
network recovery Emirates signs codeshare

agreement with Brazilian
airline, Azul
Emirates quickly rebuilt its global network as travel restrictions
around the world eased during the year. It reinstated services, added
flights to dozens of cities, and ramped up the deployment of its
popular A380 aircraft to efficiently serve pent-up customer demand.
On 22 July 2021, Emirates launched a new route to Miami, USA.
By 31 March 2022, all of Emirates’ Boeing 777 aircraft and more than
half of its A380 fleet were in active service, connecting people to their
loved ones and businesses to global opportunities. During the year,
Emirates received delivery of five A380 aircraft including its 123rd in
December, completing its order commitment as the largest customer
of the world’s largest commercial passenger aircraft. These latest
A380s to join its fleet are all equipped with Emirates’ new Premium
Economy seats and refreshed interiors across all cabins.
Helping travellers access even more destinations, Emirates joined

hands with new interline and codeshare partners during the year and
reinforced existing strategic partnerships with Qantas and flydubai.
Emirates also signed agreements and launched initiatives with Emirates enters interline agreement
23 Aug
tourism partners to support travel and tourism recovery. with South Africa’s Cemair
24
The Emirates Group
Annual Emirates signs codeshare

agreement with airBaltic to offer Emirates inks MoU with
Report customers enhanced
connectivity to/from Latvia,
Maldivian to explore
connectivity and other
2021-22 Estonia, Lithuania and Finland partnership opportunities
25 Nov 10 Feb
Overview
Emirates
dnata
Group
Financial Emirates and TAP Air Portugal

information
expand codeshare partnership
Additional with 23 more destinations added Emirates and Garuda Indonesia
information 9 Mar
launch codeshare partnership
2 Nov
Emirates and Qantas

extend strategic
Emirates and Gulf Air seal
partnership for further
agreement to develop
five years until 2028 14 Nov
codeshare partnership
4 Oct
Emirates and South African

Airways reactivate codeshare
29 Sep
connections as the latter
airline resumes operations
25
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata Emirates signs agreement Emirates signs an agreement

4 Feb 25 Feb
with Turespaña to boost with the Tourism Authority of
Group
tourism to Spain Thailand to promote travel to
Financial the Southeast Asian Kingdom
information
Additional
information
7 Mar
Supporting
tourism recovery
Emirates signs an MoU with the
Seychelles Tourism Board at
Expo 2020, underscoring the
Emirates forges a airline’s continued commitment Saudi Tourism
19 May to the island-nation, and laying
partnership with Authority and
Indonesia’s Ministry out mutually beneficial activities Emirates sign a
of Tourism & to boost trade and tourism to strategic tourism
Creative Economy to the country, including trade MoU to attract
support tourism shows, trade familiarisation trips, global travellers to 17 Feb
industry recovery exhibitions, and workshops Saudi Arabia
31 Oct
Emirates signs an MoU with

Sri Lanka Tourism Bureau
to help drive trade and
tourism to the country
Emirates signs an MoU

to promote tourism to
21 Jan
The Bahamas
27 Oct
Emirates signs an MoU with the
Ministry of Tourism Maldives at
Expo 2020, reaffirming a long-standing
partnership of over 30 years and
outlining key initiatives to support the
country’s tourism recovery
26
The Emirates Group
Annual
Report
2021-22 Reinstating
A380 operations
Overview
Emirates Emirates’ A380 service

1 Aug
returns to Mauritius to serve Emirates completes
dnata 16 Dec
growing demand A380 fleet with
Group 123rd delivery of
iconic aircraft
Financial
information
Additional
information
Customer favourite
16 Mar
Emirates reinstates Emirates A380 returns to
signature A380
12 Nov serve Mumbai daily
service on flights
to Bangkok
1 Dec
Emirates’ A380 return to
Australian skies to serve
the Dubai-Sydney route
daily, as Australia eases
travel restrictions
Emirates expands
27 Sep
A380 network with
deployment to 27
cities by November
to meet growing
demand in time for
winter travel
14 Sep
Emirates announces
start of scheduled
daily A380 service
to Istanbul
27
The Emirates Group
Annual
Report 9 May
Emirates launches India
humanitarian airbridge from
2021-22 Dubai to nine Indian cities, helping
organisations like the WHO and
Dubai’s International Humanitarian
City to transport urgent COVID-19
Overview relief items free-of-charge, to
Emirates support India’s pandemic
containment efforts. Some 100
dnata tonnes of relief items were
Group shipped under this initiative
6 May
Financial Emirates SkyCargo becomes first air
1 Apr
information cargo carrier to deliver 50 million Emirates SkyCargo marks one year of
doses of COVID-19 vaccines to utilising passenger seats and overhead bins
Additional
information
more than 50 destinations for the transportation of urgent cargo, mostly
PPE supplies. More than 3,100 flights have been
operated to date using specially developed
safety protocols to load cargo in passenger
cabins, with over 11,000 tonnes carried
Moving vaccines and

essential goods to the
world through Dubai
Even as the pandemic continued to create difficulties across the entire supply chain and
all modes of transportation, Emirates SkyCargo continued to maintain its leadership
position in the global airfreight industry by focusing on its signature strengths and
values - agility, customer focus, innovation, fleet and network capabilities.
Building on the headway it made in the previous year in terms of network and capacity
restoration, Emirates SkyCargo remained highly responsive to the complex landscape
for global logistics and supply chains in 2021-22. Supporting exporters and helping
keep trade lanes open, Emirates SkyCargo intelligently deployed its freighter fleet,
belly-hold capacity, and converted 777 passenger aircraft for cargo-only missions,
to meet customer needs. By 30 June 2021, it had restored services to over 90% of its
pre-pandemic network.
Emirates SkyCargo continued to play an important role in ensuring communities

get rapid access to COVID-19 vaccines and other medical supplies. In June, Emirates
invested to scale up its pharma cool chain infrastructure in Dubai. By March 2022,
Emirates SkyCargo had transported 1 billion doses of COVID-19 vaccines. It also
continued to move essential trade goods including food and medical supplies.
At the Dubai Airshow 2021, Emirates announced a US$ 1 billion investment to acquire
2 new Boeing 777 freighters and convert 4 existing 777-300ER aircraft into freighters.
28
The Emirates Group
Annual In response to escalating volumes and demand, Emirates SkyCargo reinstates its
Report pre-pandemic, dual hub operations in Dubai. Dedicated freighter operations

return to Emirates SkyCentral at Dubai World Central (DWC), while bellyhold cargo
2021-22 operations remain at Dubai International airport (DXB). A fleet of dedicated trucks
ensure 24/7 connectivity between operations at both airports, supported by
initiatives including a Dubai Port-DWC customs road, and a partnership with
Dubai Ports to facilitate the speedy transfer of sea-air freight
Overview
26 Mar
Emirates Emirates SkyCargo expands its
8 Jun
dnata Dubai hub pharmaceutical and
vaccine handling capabilities
Group with the addition of 94 cool 1 Feb
Financial
room pallet positions to its EU
information GDP-certified pharma facility.
The expansion enables the
Additional
carrier to hold 60-90 million 19 Jan
information
more doses of COVID-19
vaccines at any one time Emirates SkyCargo is named
“Safest Global Airline Partner”
2021 for the transportation of
temperature sensitive Emirates SkyCargo enhances US
Emirates SkyCargo partners pharmaceutical shipments by midwest connectivity with the
with WiseTech Global, a leading SkyCell, one of the leading launch of freighter services to
software solutions provider to global manufacturers of Chicago Rockford International,
the logistics industry, to specialised containers for the expanding its freighter footprint in
provide its customers even transportation of sensitive the Americas to 20 destinations
better booking experiences pharma goods by air
with direct access to its flights
and inventory
15 Nov 19 Dec
Emirates announced a Emirates SkyCargo marks milestone

US$ 1 billion investment to with the transportation of 600
acquire 2 new freighter million doses of six different
aircraft from Boeing, and to COVID-19 vaccines, to over 80 cities
convert 4 Boeing 777-300ER around the world
passenger aircraft into
13 Sep freighters by Israel
Aerospace Industries (IAI)
15 Jul
Emirates SkyCargo flies equine champions

from Liege to the Tokyo Olympics in eight
charter flights, carrying over 200 horses in
specially designed stalls, 59 grooms, 100
tonnes of special equipment and 20
tonnes of food and drink
29
The Emirates Group
Annual
Report Emirates Skywards launches innovative
3 Aug
campaign for members to “Earn a
2021-22 Emirates offer complimentary Expo Pass to all Mile-A-Minute in Dubai”, encouraging
customers flying to and through Dubai Dubai stopovers and visits
during the Expo period, providing customers
Overview with the opportunity to “visit the world in one
place” at the world’s biggest ever Expo
Emirates
9 Aug 16 Aug
dnata
Group Emirates rolls out custom liveries

for its Boeing 777 and Airbus
Financial
information A380 aircraft to mark the UAE’s
50th anniversary
Additional
information
Global spotlight on 7 Sep
Emirates partners with
the UAE and Dubai

Hollywood star Chris
Hemsworth in a bold
new campaign inviting
visitors to experience
Expo 2020 Dubai
Emirates airline’s business model and the broader Emirates Group’s operations are intrinsically linked to
Dubai and the UAE.
Throughout 2021-22, the Emirates Group joined the nation in celebrating the UAE’s 50th jubilee and
welcoming the world to Expo 2020 Dubai. It launched numerous initiatives to encourage visits to the UAE and
Expo 2020, and showcase the UAE’s values and future aspirations.
As UAE flag carrier, and Premier Partner of Expo 2020, Emirates orchestrated and participated in various
high-visibility flypasts, utilising its global reach to spread awareness of the Expo and the UAE’s year of the 50th.
Over the 6-month event, Emirates brought millions of passengers to the Expo from over six continents. It
also invested over AED 200 million in advertising and promotional campaigns to promote the event across
its global markets, and hosted hundreds of thousands of Expo visitors at the Emirates Pavilion. Emirates
also supported and encouraged employees to get involved in the excitement of the world’s mega-event,
as a volunteer, through various employee engagement initiatives as well as exclusive discounts and
complimentary access for employees and dependents.
Almost 17,000 employees in Dubai and around the world completed online learning courses about Expo 2020
The Emirates Pavilion, themed around
and the Emirates Pavilion, equipping them with confidence and knowledge to engage with and excite our 1 Oct
the future of aviation in 2071, welcomes
customers about the Expo. its first visitors as Expo 2020 officially
opens its doors to the world
30
The Emirates Group
Annual Emirates launches another viral

Report ad that puts its cabin crew and
Expo 2020 on top of the
2021-22 world’s travel agenda
Emirates’ 777 and A380, joined
by other UAE carriers, usher in 17 Jan
the opening of Dubai Airshow
Overview
and mark 50 years of unity with
Emirates magnificent flypast
dnata 14 Nov
Group
Financial
information
Additional
information
Emirates offers small and 18 Oct

medium-sized enterprises more
reasons to visit Expo 2020 with Emirates’ A380 soars over the Sevens Stadium in a
3 Dec
benefits through its Emirates dazzling flypast to celebrate the UAE’s 50th Jubilee
Business Rewards programme during the Emirates Airline Dubai Rugby 7s, Dubai’s
longest running sporting event
Emirates Group employees

mark UAE Flag Day,
celebrating national pride
3 Nov
during the nation’s 50th
jubilee year
Emirates announces a
low-level flypast over Dubai
featuring its A380 in blue
12 Oct
Expo 2020 livery, as part of its
Expo marketing campaign
31
The Emirates Group
Annual
Report 6 Oct
Emirates Group Security
(EGS) and ICAO sign an MoU
2021-22 to work closely on capacity
building for the industry by
providing ICAO-recognised
Diploma programmes
Overview provided by EGS and Edith
Emirates Cowan University (ECU)
dnata
9 Nov
Group
3 Oct
Financial 27 Jul Building a pipeline of
information Emirates hosted its 5th AVSEC Global commercial pilots, Emirates
Australia's counter-terrorism Symposium 2021 with a high-profile Flight Training Academy
Additional ambassador visits Emirates
information
speaker line up to share best practices graduated its 50th cadet
Group Security with a delegation in strengthening aviation security with its successful second
to discuss border enforcement, amid pandemic challenges cohort of cadets
general crime prevention
pursuits, aviation security, and
continuous security education in
building a strong security culture
8 Nov
Emirates Flight Training Academy invites

UAE and international applicants to join its
world-class cadet training programme with
an exclusive initiative for academy graduates
to apply for a flying career at Emirates as
second officer
Other highlights
While responding to the challenges of the pandemic across its
operations, Emirates continued to contribute to building the
future of aviation through its own initiatives as well as dialogue
and engagement with industry stakeholders.
Emirates also maintained its active support in Intelak and Aviation Young female aviator
8 Mar
X-lab - incubator programmes in the UAE focussed on future from Bahrain becomes
solutions for travel and aviation. first international cadet
to graduate from
Its relentless drive to deliver the best experience for its customers, Emirates Flight Training
and drive excellence across its business was recognised through Academy; highlights
the importance of
various awards and accolades during the year. female role models in
aviation by sharing her
own inspirational story
32
The Emirates Group
Annual
Report
2021-22
Overview Emirates Group Security wins Gold

2 Nov
once again at the prestigious Sheikh
Emirates 7 Dec
Khalifa Excellence Awards, one of the
dnata highest accolades for business
excellence, for its organisation of the Emirates is crowned
Group bi-annual AVSEC Global Symposium World Class Airline at
At the Skytrax 2021 World Airline Awards, Emirates the APEX Official
Financial takes home the ‘Best Airline Inflight Entertainment’ Airline Ratings™
information
award for an unbeaten run since 2005, in addition
Additional to a COVID-19 Excellence Award, and was ranked
information overall 4th amongst the world’s top airlines
30 Sep
Awards
Emirates wins record 8th 26 May 26 Oct

consecutive ‘Best Airline
Worldwide’ award, Emirates is recognised for excellence in
racking up three honours digital customer experience by
at the Business Traveller Sitecore®, one of the world’s leading
Middle East Awards 2021 digital experience platforms, for
‘Best Use of a Customer Data Platform’
20 Oct
Emirates clinches four

gongs at the World Travel
Awards 2021, as voted by tourism
consumers for being the Middle East’s
‘Leading Airline First Class’;
‘Leading Airline – Brand’;
‘Leading Airline – Lounge – Business Class’;
and ‘Leading Airline Rewards Programme’
15 Aug
Emirates wins
triple gold at the
RoSPA awards for
the safety of its
transport services
in UAE
33
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Additional
information
dnata
highlights
35
The Emirates Group
Annual dnata signs a five-year lease with Sydney

Report
20 May
Airport to expand its existing cargo facility
dnata's airport hospitality brand, at the international airfreight terminal.
2021-22 marhaba, reveals a brand-new
design and experience at one of
The enlarged 16,300m2 site with direct
ramp access features an increased
its flagship Dubai International number of landside and airside
airport lounges. The new lounge docks as well as enhanced
Overview design and experience will be processing capacity
Emirates
rolled out across marhaba’s and throughput with
5 Apr
airport lounges globally flexibility to scale
dnata
Group
Financial
15 Apr
information
Additional dnata is awarded IATA’s Centre of Excellence for Perishable

information Logistics (‘CEIV Fresh’) certification at Singapore Changi
Airport for achieving the highest quality and standards in the
temperature-controlled handling of perishable products,
including fresh fruits, meat, fish, dairy and flowers
Airport operations
dnata experienced a large demand for its ground handling and passenger services, as countries
opened up for international travel and more airlines reinstated flight services, while cargo volumes have
remained strong throughout the pandemic. In 2021-22, dnata’s airport operations globally handled
527,501 aircraft turns, up 82%, and 3.0 million tonnes of cargo, up 10%, compared to the previous year.
Building on its strong foundations, dnata made significant investments during the year to enhance its
capabilities and services.
dnata expanded its cargo facilities in Sydney, Australia; opened a new, GDP-certified export facility in
Lahore, Pakistan; inaugurated a state-of-the-art cargo centre in its ‘dnata City East’ complex at London
Heathrow airport; expanded its warehouse at Dallas Fort Worth airport; announced a fully automated
cargo centre to be built at ‘dnata Cargo City’ at Amsterdam Schiphol Airport and committed to a
new warehouse in Erbil, Iraq. It also introduced an advanced “OneCargo” system which digitises and
automates business and operational functions at its Iraq cargo operations, with plans for the system to
be rolled out across its global cargo network.
marhaba, dnata’s airport hospitality brand, marked its 30th year of operations with the launch of its
signature meet and greet services at four of Australia’s major airports, a new lounge in Zurich Airport,
and a re-designed experience at its flagship lounge at Dubai International.
dnata’s efforts to consistently deliver safe and high quality services was recognised at key industry
awards during the year, and also enabled it to secure major contracts, notably the concession
agreement with The Government of Zanzibar to manage the operations of Zanzibar Abeid Amani
Karume International Airport’s new international terminal.
dnata’s quality of service and high safety standards helped it win 80 and renew over 240 contracts
across its network. dnata’s innovative solutions and customer-oriented approach were also recognised
with prestigious industry accolades including the global ‘Ground Handler of The Year’ award, which it
won for the 7th consecutive time.
36
The Emirates Group
Annual dnata is recognised as ‘Cold Chain

Service Provider of the Year’ at the 8th
7 Oct
dnata launches autonomous drones in its warehouses at Dallas Fort
Worth International Airport in the USA, to digitise acceptance and
Report Payload Asia Awards in Singapore. The
accolade demonstrates dnata’s ability
warehouse inventory processes by monitoring shipments with 99.8%
accuracy. The innovative software of dnata’s partner, Gather AI,
2021-22 to handle temperature-sensitive enables the drones to map the environment, collect inventory data,
products under the highest 6 Oct
count cases, measure temperature, and read barcodes using only their
international standards cameras, without the need for any additional active infrastructure
Overview dnata partners with UAE-based Global Jet
Technic (GJT) to provide best-in-class line
Emirates maintenance support to airlines in Dubai. The
dnata
partnership sees dnata promote GJT’s quality
and reliable services, offering its 150 customers
Group a one-stop-shop of ground handling, cargo and
Financial
technical services at Dubai International and
information Dubai World Central airports
Additional 25 May
information 21 Sep
For the 7th consecutive time, dnata is

dnata opens an advanced facility at named ‘Ground Handler of the Year’ at the
Dubai International airport, specialised in 2021 Air Cargo News Awards. The recognition
the maintenance of airside passenger is a testament to the dnata teams’ unwavering
buses. The 5,000m2 workshop is equipped commitment to safety, quality and innovation
with new equipment and technology that
ensure continuous improvements in the
safe and productive maintenance of the
DXB bus fleet, enhancing serviceability
and supporting smooth transport
operations across the airport for
passengers, crew and staff
17 Jun
7 Jun Gerry’s dnata, dnata’s group

30 Jun
company in Pakistan, is awarded
dnata partners with Kale Logistics the Good Distribution Practice
Solutions to develop a next-generation (GDP) certification for safe and
e-commerce platform for the cargo reliable pharmaceutical handling marhaba turns 30. Since 1991, millions of
community in the UAE. The partnership services at its state-of-the-art cargo 9 Nov
travellers landing in Dubai have been
will take dnata’s existing platform, CALOGI facility in Karachi welcomed by its team with its signature meet
to a new level to provide industry leading, & greet service. Its product offering has
one-stop services, including appointment evolved to include a multitude of options
and customs services management designed to ease and fast-track passengers’
through advanced digital solutions journey and it has expanded its global
footprint to 14 airport lounges
37
The Emirates Group
Annual marhaba launches its globally

Report 20 Dec
renowned meet & greet services in
Australia to help travellers enjoy a
2021-22 safe and seamless travel experience
throughout their journey. Both
arriving and departing passengers
Overview
can take advantage of marhaba's
Gerry’s dnata receives the ‘Best services at Sydney, Melbourne,
9 Dec
Emirates Station’ accolade at the 2021 Adelaide and Brisbane airports
dnata
Pride of Ground Handling
Awards for world-class services
Group at its Islamabad hub. The
company’s local team
Financial
information supported one of the largest
repatriation missions of the
Additional year by ensuring safe and
information
seamless flight operations
dnata is named ‘Ground

Support Services Provider of
the Year’ at the 2021 Aviation
Business Awards in Dubai for
the 11th time. The prestigious Gerry’s dnata obtains
13 Jan 21 May
award underscores dnata’s Maintenance Organisation
position as a leading ground Approval from the Pakistan Civil
services provider in the Aviation Authority to provide
Middle East aircraft line maintenance services
30 Nov
to airline customers. With the
dnata achieves a memorable dnata trials autonomous expansion of its portfolio, the
17 Nov 11 Jan
milestone in its green journey by vehicles at Dubai company offers a one-stop-shop
delivering a zero-emission turnaround International to further of ground handling, cargo and
enhance efficiency across technical services at the airports
with its new Kalmar pushback tractor
its global ground of Karachi, Lahore and Islamabad
at the Dubai Airshow
handling operations
through cutting-edge
technologies
IATA awards dnata USA

the IATA Safety Audit for
dnata expands its global airport operations Ground Operations (ISAGO) 6 Dec
footprint into Africa. It signs a concession Accreditation, following the
24 Jan
agreement with The Government of Zanzibar and successful completion of a
announces a US$ 7 million investment in the local comprehensive audit of the company dnata is certified by IATA’s
aviation industry. Under the agreement, dnata will and its ground-handling operations at Center of Excellence for
New York-JFK Airport Independent Validators (CEIV)
oversee the operations of Zanzibar Abeid Amani
for its industry-leading
Karume International Airport’s newly-built pharma and live animal
international terminal (Terminal 3) with its handling processes at its
partners, including Emirates Leisure Retail (ELR) cargo facilities and the Animal
who will partner with MMI as master Care & Inspection Centre at
concessionaire for all food and beverage, duty Brussels Airport
24 Nov
free and commercial outlets at the terminal
38
The Emirates Group
Annual
Report marhaba opens a new airport
lounge at Zurich Airport, offering
2021-22 excellent value services to
passengers of all airlines and travel
classes. The stylish facility replaces the
popular dnata Skyview Lounge after a
Overview complete renovation of the interiors
Emirates dnata announces its new U.S. 11 Mar
25 Jan
dnata
headquarters in Orlando’s Lake
Nona, a smart and connected
Group community contiguous to
Orlando International Airport.
Financial
information The state-of-the-art office will
support the company’s U.S.
Additional operation that provides a range
information
of ground, passenger, and cargo
handling services to more than
60 airlines across the country.
The new headquarters is dnata recruits more than 400 aviation
expected to open in 2022 professionals for its team in Zanzibar.
Successful candidates will provide quality
and safe ground handling, cargo and airport
hospitality, including meet & greet and lounge
services to airlines and their customers at the
airport’s new international terminal
1 Feb
31 Jan
dnata announces a major, over € 200

million investment in a fully automated dnata implements the ‘OneCargo’
cargo centre, dnata Cargo City 8 Feb
system, digitising processes and
Amsterdam, at Schiphol Airport. As one maximising efficiencies across its
of the largest and most advanced cargo operations in Iraq. The
facilities of its kind, dnata Cargo City dnata inaugurates a new,
advanced tool automates key state-of-the-art cargo centre at
31 Mar
Amsterdam will significantly enhance business and operational functions,
cargo capacity in The Netherlands. It London Heathrow airport (LHR). Part of
including safety and quality the ‘dnata City East’ complex, the
will enable dnata and its customers to monitoring, reporting and ULD
substantially expand operations and bespoke facility further increases
management, with an integrated, dnata’s capacity at LHR, ensuring
business, stimulating local economy cloud-based platform. dnata will
and trade continued smooth handling of a broad
gradually implement OneCargo at range of goods amid rapidly increasing
additional stations, including airports demand for reliable and safe air cargo
in Pakistan, Switzerland, UAE, USA services in the UK
and Tanzania across its extensive
global cargo network
39
The Emirates Group
Annual
Report dnata launches operations at
London City Airport with its newest
2021-22 customer, BA CityFlyer. The
catering & retail team provides
menus featuring new brunch and
Overview afternoon tea services
Emirates 5 Jul
dnata
Group
Financial
information 4 May
Additional dnata signs an MoU with Blue Aqua Food Tech to

information boost food security in Singapore. The partnership
sees Blue Aqua upcycle organic waste from
dnata’s catering and ground handling operations
into alternative insect protein for aquafeeds
1 Oct
dnata’s retail food business grows rapidly

across the world. Meals developed by the
Snapfresh Australia team launch in 400
Aldi stores across the country. With a
team of award-winning chefs behind its
all-encompassing menu portfolio,
Snapfresh not only offers a direct to
market retail range, but also works with
businesses to create food solutions
tailored to their specific requirements
Catering & retail

Reflecting the recovery of airline passenger traffic, dnata’s catering division uplifted nearly
39.9 million meals to airline customers in 2021-22, more than double the volumes compared
to last year.
Significant customer wins during the year include BA CityFlyer, which led to dnata Catering
launching operations at London City Airport; and the global inflight retail services contract
for easyJet where dnata’s team of inflight retail experts will develop and manage bespoke
onboard retail programmes and solutions for the airline.
As Australia re-opened its borders to international travellers, dnata worked closely with
airline customers to support their resumption of flight operations. dnata Catering teams also
continued to grow its retail food business with ready-made meals developed by Snapfresh
Australia launched in Aldi and Costco stores all across Australia.
40
The Emirates Group
Annual
Report alphaFlight Services, dnata’s group company with
2021-22 Air Arabia in Sharjah, inaugurates a new airport hotel
in partnership with Sharjah Airport. alpha led the full
hotel renovation from conceptualisation to final build
and will continue to manage the entire operation
Overview
31 Mar
Emirates
dnata
Group
Financial 1 Feb
dnata’s catering teams work closely with
information airline customers to support them in 29 Mar
reconnecting Australia with the world.
Additional
information dnata’s culinary professionals ensure an
excellent dining experience for passengers
as they take to the skies again
Officially launching the new

22 Mar
partnership between dnata and
easyJet, the first flight takes off
from London Gatwick Airport.
Members of the dnata leadership
team join their colleagues on the
ground to get the flight ready for
take-off, in strong cooperation
with the airline’s team. The easyJet
contract is a significant milestone
for dnata’s catering and retail
business, cementing its position as
a leading end-to-end inflight and
dnata expands its Sanford airport service provider, globally
operation to cover Melbourne,
Florida, and services TUI's
inaugural flight from
Manchester, UK
28 Feb
dnata’s retail unit achieves another

remarkable milestone in Australia as the
Snapfresh team’s gourmet, ready-made
meals start being sold in Costco stores all
over the country
41
The Emirates Group
Annual
Report REHLATY by dnata Travel, the unique
travel brand designed by Emiratis for the
26 Aug
2021-22 Emirati traveller, reveals its upcoming

plans to ignite women's passion for
travel across the UAE, including new
dnata successfully implements all-women group travel itineraries
Overview hybrid solutions as part of its
Emirates meetings and events offering,
allowing its customers to continue
dnata engaging with stakeholders, and dnata is selected to provide a
27 May
Group offering a sustainable alternative to comprehensive range of sales,
hosting corporate engagements 1 Apr
marketing and contact centre
Financial during lockdown services to Singapore Airlines as its
information
general sales agent (GSA) in the
Additional Northern Emirates. The partnership
information sees dnata act as the essential link
between Singapore’s flag carrier
and local trade, supporting its
commercial operations beyond
Dubai, to extend across five
additional emirates
15 Jul
City Sightseeing, part the world's leading open-top bus brand,
relaunches its operations in Dubai with its unique, award-winning
city tour featuring new, enhanced health and safety measures. First
launched in the UAE in 2014 as a joint venture with the dnata Travel
Group, City Sightseeing Dubai has grown to become one of the
city's most popular and recognisable tour options
Travel
dnata’s Travel services division saw a strong uptick in travel services sold, with
demand returning quickly wherever travel restrictions were eased.
Leveraging its strong market presence and expertise, dnata Travel Group
brands launched various new products and services in the UAE during the year,
capitalising on Dubai’s open borders for international travel, as well as the city’s
hosting of Expo 2020 Dubai and other major conferences and sporting events.
42
The Emirates Group
Annual
Report Travel Republic launches the first ever ‘triple
lock protection’ in the UK. The introduction 28 Feb
In collaboration with Dubai’s Department of Economy and Tourism (DET), the
dnata Travel Group launches My City Expert to offer residents and tourists a new
2021-22 of the new ‘Secure Trust Account’ for
package holiday customers guarantees that
way to experience Dubai. Designed to become a user’s dedicated Dubai ‘travel
companion’, My City Expert makes it possible to book in real-time a host of more
when a customer books a flight-inclusive than 1,200 tours, attractions, and experiences
package holiday, the money for their
Overview accommodation and transfers will be kept
17 Dec
secure in a separate Trust account
Emirates
dnata
30 Nov
Group
Financial
information
The dnata Travel store at Dubai’s
Additional Mall of the Emirates reopens 25 Nov
information
following a renovation project. A
new-look one-stop travel shop Dubai Harbour, the city’s new cruise hub, welcomes its first
is revealed, as traveller demand cruise passengers and the Arabian Adventures team is there
for retail support from the UAE’s to greet Germany’s AIDAbella on its maiden call, marking the
longest-standing travel Destination Asia start of a new season. Arabian Adventures, one of the region’s
company increases Singapore wins two leading Destination Management Companies and cruise
accolades at the World handling specialists, previously partnered with AIDA Cruises to
MICE Awards 2021, manage passenger turnaround activities and shore excursions,
including ‘Singapore’s Best operating throughout five ports in the Gulf region
MICE Organiser 2021’, and
‘Asia’s Best MICE
Organiser 2021’
15 Nov
1 Sep
dnata becomes the first TMC
in the Middle East to sign
regional preferred partnership
agreements with reputable
duty of care solution providers.
The enhanced solutions include
sending destination-specific
travel alerts to travellers, on the
ground medical and security
support, enhanced traveller
tracking solutions, and more
19 Oct
dnata Travel Group brands win seven accolades at the 2021 World Travel Awards
Middle East. Titles include: ‘Middle East's Leading Airline GSA’, ‘Middle East's Leading
Corporate Travel Company’, ‘Bahrain's Leading Travel Management Company’, and
‘Saudi Arabia's Leading Travel Agency’. A highlight for the Group at the prestigious
travel industry awards includes the success of Arabian Adventures across the
following three categories for a second consecutive year: ‘UAE’s Leading Desert Safari
Company’, ‘Leading Destination Management Company’, and ‘Leading Tour Operator’
43
The Emirates Group
Annual
Report dnata Travel partners with Mauritius
2021-22 2 Mar
Expanding on three decades of
success, dnata as the GSA for
Tourism as UAE traveller bookings to the
island nation soar. Representatives from the
Emirates in Fujairah – is official tourism authority of the Republic of
delighted to support the airline Mauritius identify the UAE as an important
Overview with the opening of its first growth market for tourism, and reveal plans
retail sales office in the emirate. 8 Mar
to attract even more travellers from the
Emirates
The new store offers travellers a emirates this year, working with dnata
dnata one-stop shop for Emirates
products including flight
Group
bookings, travel inspiration, or
Financial general enquiries
information
Additional
information
15 Mar
dnata renews its regional partnership

with one of the world’s largest VAT
reclaim specialists, unlocking
additional savings opportunities for
corporate customers by proactively
providing foreign VAT reclaim
opportunities for duty travel
6 Mar
Gold Medal UK is awarded ‘Best Long-Haul
Operator 2022’ at the Travel Weekly Globe
Travel Awards in London. These awards were
based on tens of thousands of votes from
frontline travel agents, highlighting their
recognition for the travel suppliers who had
done their utmost to support them during
the global pandemic
dnata Travel Management, the region’s 16 Mar
leading corporate travel company,
announces a new partnership with
ExpensePoint, to offer its innovative
system to its corporate travel customers.
The advanced solution makes expense
reporting simple and fast, providing
automated receipt reading, mileage
tracking, easy approvals, multi-language
and currency solutions, credit card
integration and real-time expenses data
44
The Emirates Group
Annual
Report
2021-22 dnata becomes the exclusive representation
partner for Sun Resorts as the Mauritius-based
hotel group caters for increased demand from
Overview GCC travellers. Adding to its extensive hotel
representation portfolio, dnata will act as sales
Emirates and marketing partner for Sun Resorts properties
dnata across the GCC countries, offering travellers local
expertise and personalised service
Group
16 Mar
Financial
information
Additional
information
30 Mar
Gold Medal is launched in the

Kingdom of Saudi Arabia as part of
the brand’s expansion plan.
Gold Medal offers an extensive
portfolio of scheduled flights, hotels,
holidays, car hire, tours and
excursions to independent travel
agents internationally
45
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Additional
information
Our
people
47
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Our people
Additional
information
Health and wellbeing remained at the top of our people agenda

in 2021-22, as we navigated new COVID-19 variants and ongoing
pandemic challenges to our operations. Under the Group’s
wellbeing programme ‘Sehaty’, our inhouse medical team
supported employees with webinars and boot camps focussed on
different health topics; provided employees with convenient access
to vaccination and COVID-19 PCR tests; and worked closely with the
business to ensure a safe return to work and normal operations.
As Emirates and dnata restored and scaled up operations, we

recalled employees previously put on furlough and unpaid leave,
and launched a global drive to recruit new talent for our immediate
and future business needs.
The Group remains focussed on attracting, retaining and engaging

the talent needed to deliver future business success. As our
financial results recovered, a number of pay and benefits that were
reduced during the pandemic were restored.
In September, dnata became the first global air and travel services
provider to sign up to the International Air Transport Association’s
(IATA) 25by2025 initiative that aims to advance gender diversity
in the aviation industry. dnata commits to increasing the number
of women in senior positions and under-represented roles with
a target to reach a minimum representation of 25% or increase
current levels by a minimum of 25% by 2025 across all divisions.
48
The Emirates Group
Annual
Report
2021-22
Health & wellness
As part of our Sehaty and culture of health strategy, Emirates

Overview
undertook a range of initiatives designed to strengthen and
Emirates
promote health and wellness for all employees. This included
dnata implementing a comprehensive COVID-19 vaccination
Group programme, so that employees and their families were protected.
Financial Online boot camps and regular bulletins on health and

information
wellness topics were provided by our in-house team of health
Additional
professionals, focusing on specific health issues such as mental
information
health; nutrition & diet, movement and musculoskeletal health.
In addition, targeted health webinars for men and women were
delivered, aimed at addressing their specific health priorities. A
comprehensive Quit Smoking toolkit was created and shared with
employees and guided mindfulness sessions were introduced,
with the recordings made available for employees to view at
their convenience.
In October, Emirates and dnata employees took up the challenge

to be active for at least 30 minutes daily as part of the Dubai
Fitness Challenge, via a range of activities hosted by employees.
Employee engagement
We refocused our people priorities during the year to deliver a

suite of people centric programmes. This year, we relaunched
our employee reward and recognition programme, Najm. This
included a simplified and more automated nomination and
approval process, a revamped rewards catalogue, the ability to
offer instant recognition, and a digital platform to expand ease
of access for colleagues around the globe. As a result, we
have seen over 10,000 people awarded Najms for their
outstanding achievements.
We also put in place building blocks to identify our key future

talent under the Mustaqbali (‘My Future’) programme.
49
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata launched an employee-wide culture survey to assess feedback on
dnata
working for dnata, which saw a tremendous response rate from across its global
Group workforce. The management team will use the culture survey to enhance its
Financial people strategy.
information
As employee utilisation of digital workplace tools accelerated during the
Additional
information pandemic, we retired our hardcopy Group employee newsletter after 25 years
of publication, and increased employee engagement on Microsoft Teams Live,
Yammer and other digital channels. By February, we recorded over 50,000 active
users on our Yammer communities.
In March, we marked International Women’s Day with content on breaking the

gender bias, and saw the roll-out of diversity training for HR and leaders across
some business units.
Learning and development
Employees across the Emirates Group continued to engage in learning through

classroom, online and virtual courses made available by the company. During
2021-22, our people attended nearly 23,000 hours of training facilitated by our
Learning & Talent (L&T) team, ranging from regulatory and operational learning
to sales skills and leadership development.
As recovery gathered pace around the world, the L&T team also partnered with
operational teams to provide comprehensive training programmes to ensure our
people were ready to support our ramp up and restart of operations.
On the professional development front, our colleagues are connecting and

learning from each other through digital tools and new ways of work. During
the year, employees from 35 countries attended workshops from the expanded
Professional Skills Portfolio delivered through Microsoft Teams, learning through
shared experiences and perspectives.
Our people have embraced digital learning, with over 1.8 million videos viewed
on LinkedIn Learning and over 780,000 learning modules completed on our
internal platform, My Learning Zone this year.
50
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
Over 160 new online courses for the Group were launched in 2021-22,
dnata
including an interactive programme to help our people drive loyalty
Group through Emirates Skywards.
Financial
information We also implemented large-scale programmes to support leadership
development at dnata Airport operations, as well as amongst Commercial
Additional
information leaders and UAE Nationals in various roles at Emirates Group.
As part of our strategy to continually upgrade our learning solutions and

expand our people engagement, work has begun to integrate cutting-
edge technology into future learning experiences.
Safety
Safety remains a core value of the Emirates Group, particularly as we

ramped up flight operations across Emirates and dnata. This year, we
introduced a new cloud-based safety reporting system, Coruson. The new
reporting app, which allows users to easily upload images and supporting
documents, can be downloaded onto personal and corporate devices,
making safety data more accessible to all, in real time.
51
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Additional
information
Our
communities
53
The Emirates Group
Annual
Report
2021-22
Our communities
Overview We aim to positively impact the communities we serve through the provision of essential air
Emirates transport services for the movement of people and goods. We engage in programmes that support
dnata entrepreneurs, innovation and careers in travel and aviation.
Group Through Emirates’ extensive sponsorships portfolio of sports, culture and arts around the globe, we
Financial aim to bring our customers and fans closer to their passions and inspire young people in their pursuit
information of sports or culture.
Additional
information The airline’s non-profit charity organisation, the Emirates Airline Foundation, aims to improve the
quality of life for children in need and works with NGO partners on projects around the world to
provide shelter, education, medical services, and other humanitarian and philanthropic services.
dnata’s corporate social responsibility programme, dnata4good, was relaunched this year to focus on
3 key areas: humanitarian, education and wildlife conservation and nature. Through this programme,
dnata supports communities through employee mobilisation and financial support.
1 Apr
On World Autism Day, Emirates Airline Foundation highlights the work of
the Safe Centre for Autism in Dubai in supporting children and families with
lockdown challenges, pandemic uncertainty and return to educational settings.
The Foundation has supported the Safe Centre since 2012
Emirates collaborates with Mawaheb artists to design bespoke boxes for its
6 Apr
onboard Ramadan service. Mawaheb (which means ‘talent’ in Arabic) is a
Dubai-based art studio for adults with special needs, and this initiative supports
people of determination by providing them a platform to showcase their
creativity and capabilities
Emirates and Sharjah Entrepreneurship Centre (Sheraa) sign MoU to cultivate

12 Apr
start-up ecosystem and support the next generation of entrepreneurs in the UAE
Emirates returns to Roland Garros 2021 for the 9th consecutive year as Official
30 May
Airline and Premium Partner. The airline’s commitment to Roland Garros is a
natural extension of its extensive global tennis sponsorship portfolio, which
includes three of the four Grand Slams as well as 60 other tournaments in 32
countries each year through a partnership with the ATP. Emirates continues to
use sports as a platform to connect fans and deliver world-class experiences to
its customers
Emirates shows its support for small and medium-sized businesses on

27 Jun
World MSME Day (micro, small, medium-sized enterprises), with a limited time
incentive from its Emirates Business Rewards programme
54
The Emirates Group
Annual
Report
2021-22 22 Aug
Emirates Aviation University signs an MoU with the UAE’s Ministry of Presidential Affairs - The
Scholarships Office, offering scholarships to support the national agenda in promoting higher
education for UAE nationals
Overview
Emirates 24 Aug
dnata works together with Hellmann Worldwide Logistics and flydubai, providing free end-to-end
logistics, freight and handling services to WeCareDXB to help those affected by the torrential rains and
dnata
floods in India. The organisation collects over 2.5 tonnes of clothes and blankets
Group
With Lebanon experiencing a severe shortage of essential goods and medicines, Emirates supported
Financial 25 Aug
information the Lebanese community with an increased extra baggage allowance for customers to pack extra items
Additional
to support family and friends when they travel home to Lebanon in August and September
information
Emirates returns as Official Airline of the US Open Tennis Championships for the 10th year, connecting
30 Aug
tennis fans around the world with its reinstated flight services to 12 US cities, and also sharing the
excitement with those unable to attend via a range of activities on social media and digital platforms
dnata relaunches dnata4good, its CSR programme, through which it supports communities both
1 Sep
financially and via employee mobilisation. dnata4good will focus resources on initiatives under three
key pillars: Humanitarian, Education and Wildlife conservation and nature
On International Literacy Day, the Emirates Airline Foundation highlights the many partner projects
8 Sep
that support literacy and education worldwide
8 Sep
dnata’s catering team continues to support communities globally. The Vancouver team in Canada
delivers more than 7,000 meals to charities across the city, bringing smiles to the faces of those in need
Emirates and the International Cricket Council (ICC) unveils a bespoke A380 livery for the long-awaited
17 Oct
Emirates ICC Men’s T20 World Cup tournament which is hosted in the UAE and Oman after a 5-year
hiatus. Emirates is a long-standing supporter of the game of cricket for 20 years, and is the Official
Airline and Global Partner of the ICC
Thousands of dnata employees participate in the October4Good challenge to make a positive

31 Oct
difference to the lives of others. Volunteers across the globe paint walls to restore rehabilitation centres;
plant trees; clean beaches, rivers and parks; donate blood to health banks and hair to cancer patients;
and support meaningful causes with money, time, and expertise
The Emirates Dubai Rugby 7s, one of Dubai’s biggest sporting and social events, returns with full
2 Dec
spectator attendance with the easing of pandemic measures
On the side-lines of the Emirates Airline Festival of Literature, Emirates hosts Japanese author Toshikazu
7 Feb
Kawaguchi for an engaging fan session at the airline’s Expo 2020 Dubai Pavilion to explore time-travel
27 Mar
The world’s best racehorses, jockeys and trainers come together in Dubai for the 26th Dubai World Cup
meeting, one of the world’s most anticipated equestrian events. The Emirates-sponsored US$ 12 million
Group 1 Dubai World Cup is a hotly contested race broadcasted worldwide to millions
Emirates Aviation University holds 5th annual Water Rocket Competition in collaboration with Boeing,
30 Mar
supporting STEM education and future engineers in aviation and aerospace
55
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Additional
information
Our
planet
57
The Emirates Group
Annual
Report
2021-22
Overview
Our planet
We recognise our responsibility in preserving our planet’s resources and are committed to
Emirates
minimising the environmental impact of our operations across all our businesses and activities,
dnata including our supply chain, as outlined in the Emirates Group Environmental Policy.
Group
During 2021-22, we continued to progress various initiatives under the Emirates Group
Financial
Environmental Sustainability Framework which helps us put the policy into practice and direct our
information
efforts into three focus areas: reducing emissions; consuming responsibly; and preserving wildlife
Additional
information and habitats.
One of the year’s highlights was the recognition that our destination management company,
Arabian Adventures, received for its market-leading standards of service and sustainability
across its Dubai operations. The Travelife Partner award is the leading international sustainability
certification in the travel industry.
Reducing emissions
Emirates supports the International Air Transport Association’s collective industry commitment to reach
net zero carbon emissions by 2050. Cognizant that fulfilling this ambition will require broader stakeholder
engagement beyond the aviation sector, Emirates is constantly reviewing the opportunities that will help to
achieve this goal.
These include operational fuel efficiency, sustainable aviation fuel, and renewable energy. Emirates’
comprehensive fuel efficiency programme focuses on reducing fuel burn and emissions, wherever it is
operationally feasible. Pilots use a range of fuel-efficient techniques, including using idle reverse thrust on
landing and shutting one engine down while taxiing when safe to do so. Ground power is used wherever
possible, instead of the onboard auxiliary power unit (APU). Well-maintained aircraft and reducing the weight
on board, for example by optimising potable water uplift, also contribute to fuel-efficient flight operations.
This year, dnata made a commitment to reduce its carbon footprint by 20% by 2024, and by 50% by 2030.
To achieve this target, at its existing facilities in the UK, Singapore and Ireland, dnata has installed renewable
energy features such as solar panels, air-source heat pumps and electric vehicle charging. It will also incorporate
reduction initiatives in the construction and operation of its new facilities. The dnata City East complex in
London Heathrow has already achieved a BREEAM ‘Excellent’ environmental rating for its design stage.
In addition to driving continuous operational efficiencies through technology, people and process
improvements, dnata will also increase its investments in electric and hybrid ramp, GSE and material handling
equipment as part of an ongoing fleet conversion strategy to new sustainable technologies, where available.
In 2021, dnata invested in two fully electric A380 capable aircraft towbarless tractors for aircraft towing
operations in DXB. One of these units was the first unit of its kind to handle the B777X at the Dubai Air Show
in November.
58
The Emirates Group
Annual
Report
2021-22 Sustainable aviation fuel: Emirates supports initiatives that contribute to the deployment of sustainable
aviation fuels (SAF), although SAF availability is still very limited on our network, and the price premium
remains a commercial challenge. Emirates is now subject to SAF supply mandates in Norway, Sweden
Overview
and France, and we are advocating for the emissions benefits of using SAF under these mandates to be
Emirates transferred to airlines purchasing the SAF. This is currently not possible due to requirements on the fuel
dnata suppliers to surrender the SAF sustainability documentation to the regulators.
Group Emirates continues to participate in the Clean Skies for Tomorrow coalition, established by the World
Financial Economic Forum to promote the development and deployment of SAF. We supported the preparation
information
of a SAF Policy Toolkit, released in November 2021. The Toolkit was developed with the collaboration
Additional of member governments of the Clean Skies for Tomorrow SAF Ambassadors group, including the UAE
information
government. Emirates is also a member of the UAE SAF Committee, which has been set up by the
Ministry of Energy and Infrastructure to prepare a roadmap for SAF in the UAE.
At the Dubai Airshow in November, Emirates and GE Aviation signed an MoU to develop a programme
that will see a Boeing 777-300ER, powered by GE90 engines, conduct a test flight using 100% SAF by
the end of 2022.
Renewable energy: In March, The Sevens Stadium in Dubai inaugurated the region’s first and largest
solar carport at a sporting facility. The carport’s 4,500 solar panels will generate 3.6 GWH of clean
energy in its first year, sufficient to power most of the Stadium’s operations throughout the year,
reducing the facility’s CO2 emissions by 1,496 tonnes annually.
6,500 solar panels were installed at dnata’s catering and cargo facilities in Singapore. The solar array is
expected to generate over 4 million kWh of electricity per year and to reduce annual carbon emissions
by approximately 2,000 tonnes.
These latest initiatives add to our existing solar energy investments including at Emirates Engineering
Centre and Emirates Flight Catering.
In 2021, our catering units in Ireland switched to wind generated electricity for 100% of their
power demand.
At the 2021 Emirates Dubai 7s, hosted at The Sevens Stadium, nearly 30,000 litres of biodiesel was used
to power activity and amenities such as the World Rugby Broadcast, registration and referee tents,
changing rooms, ATMs in the village, as well as lights and x-ray machines at the main entrance.
59
The Emirates Group
Annual
Report
2021-22 Consuming responsibly
We are committed to reducing our environmental impact through responsible consumption,

encompassing the life cycle of purchasing, sourcing, consuming and managing the disposal of
Overview
products and equipment. We prioritise suppliers that can demonstrate ethical and sustainable
Emirates practices, while delivering good value and quality.
dnata
Upcycling: This year, Emirates partnered with UAE-based Falcon Aircraft Recycling to dismantle and
Group recycle Emirates’ first retired Airbus A380. Approximately 190 tonnes of various metals, plastics, carbon
Financial fibre composites and other materials will be removed from the aircraft and transferred for recycling or
information
repurposing via Falcon Aircraft Recycling’s partner Wings Craft. Net profits from the sale of all items
Additional upcycled and recycled from Emirates’ first retired A380 will benefit the Emirates Airline Foundation.
information
The first bespoke upcycled items from this aircraft were showcased and made available for pre-order
at the Dubai Airshow 2021, with more retail items to be launched in the coming months.
Single-use plastics: We’ve made progress and continue to identify opportunities to reduce single-
use plastic on board where possible, given safety and hygiene requirements. We follow the waste
management hierarchy and carefully consider the environmental impact of a product at the design
stage. Each year, we divert over 150 million single-use plastic items from landfill by:
• Replacing plastic straws, inflight retail bags and stirrers with responsibly-sourced paper and
wooden alternatives, and
• Using blankets (in Economy Class) each made from 28 recycled plastic bottles.
In October, we launched a toy range made from recycled plastic for our young flyers, in line with the
EXPO 2020 theme of sustainability. In February, we introduced a new range of reusable kit bags in
Economy Class which substantially reduces the use of virgin plastic.
Recycling: We recycle materials where possible. For instance, we segregate large glass and plastic
bottles on board for recycling in Dubai. Each month, we divert about 150,000 plastic bottles and 120
tonnes of glass from landfill through the efforts of our crew on board and Emirates Flight Catering.
Owned and managed by the Emirates Group, The Sevens Stadium hosts an array of international sports
tournaments and events, and an active calendar of community sports. Its ongoing environmental
initiatives include modern watering systems that utilize non-potable water, and engaging with event
partners on waste reduction initiatives. For instance, 52% of the waste generated at the 2021 Emirates
Dubai 7s, was diverted from landfill through recycling.
Food waste: Teams at Emirates Flight Catering and across dnata’s catering operations around the
world continually look at innovative solutions and technologies to reduce food waste.
In May, dnata signed an MoU with Singapore’s Blue Aqua Food Tech. The partnership sees Blue Aqua
upcycle organic waste from dnata’s catering and ground handling operations into alternative insect
protein for aquafeeds.
Emirates Flight Catering works closely with many of its airline customers to analyse consumption
trends and use predictive data to optimise the loading of inflight catering, which reduces waste
as well as fuel burn associated with carrying excess weight. It also uses an AI-enabled food waste
management system to improve reporting and data collection.
60
The Emirates Group
Annual
Report
2021-22 Preserving wildlife and habitats
Habitat conservation: For almost 20 years, Emirates has helped to support a sustainable and
balanced ecosystem at the Dubai Desert Conservation Reserve (DDCR) through an ongoing
Overview
investment of over AED 28 million.
Emirates
Representing close to 5% of Dubai’s total land area, the DDCR protects the incredible wildlife and
dnata
vegetation within the vibrant UAE ecosystem. Careful protected area management, along with
Group promoting natural processes have helped to rewild the desert habitat. In 2003, DDCR’s list of species
Financial consisted of approximately 150. Today, the conservation reserve boasts over 560 species of plants
information
and trees, birds, mammals, reptiles and arthropods. This includes over 31,000 native trees, of which
Additional 29,000 are now sustainable without irrigation, like the native Ghaf tree (Prosopis cineraria), which has
information
roots that can go down to 30 metres, enabling it to reach the water table in the DDCR.
The DDCR has also become a centre for sustainable tourism, with authentic desert experiences in
store and a careful selection of activities that do not undermine the natural habitats of the local flora
and fauna. The DDCR runs a strict ‘Approved Excursion’ accreditation process for tour operators,
who undergo specialised training to get acquainted with the reserve’s flora, fauna and sustainable
practices to protect the desert’s ecosystem.
In 2021, over 125,000 visitors made their way to the DDCR, and plans are underway for a Visitor’s
Centre at the reserve to enhance the visitor experience and will also be used as a platform to
develop educational programmes for schools and higher educational institutions.
Emirates also supports the protection of Australia’s wilderness and bush through the conservation
based Emirates One&Only Wolgan Valley, located in the World Heritage-listed Greater Blue
Mountains region.
Wildlife: Wildlife conservation and nature is one of the pillars of dnata4good, dnata’s corporate
responsibility programme. The dnata4good team actively engages, encourages and supports wildlife
conservation and nature campaigns across our operating regions. For instance, through Wild Over
Wildlife, our collaborative initiative with University of Pretoria, we support extensive wildlife research
and we support global wildlife conservation efforts.
Emirates and dnata are actively involved in the fight against illegal wildlife trafficking. Emirates and
dnata are members of the United for Wildlife Transport Taskforce, and both are signatories to the
Buckingham Palace Declaration.
This year, we welcomed the launch of the United for Wildlife Middle East and North Africa Regional
Chapter in Dubai. The Chapter will further enhance the regional response to the illegal wildlife
trade, and work with United for Wildlife’s international Financial and Transport Taskforces to
share information and resources, strengthen existing partnerships and better respond to support
local priorities.
Emirates SkyCargo was one of the first airlines to adopt a zero tolerance policy on illegal wildlife
trade which includes big cats, elephants, rhinos and pangolins, among other types of wildlife, and
has implemented a complete ban on hunting trophies.
61
The Emirates Group
Annual
Report The performance indicators below cover the Group’s business operations from its hub, Dubai, including Emirates Flight
2021-22 Catering operations and other Group entities registered in the UAE and where Emirates or dnata have management control
during the financial year ended 31 March 2022. It does not include our hotel operations, retail operations under Emirates
Leisure Retail, operations of our Group entities (fully or partially owned) registered outside the UAE or ground operations at
Overview
locations outside the UAE. References to Scope 1 and 2 emissions below are based on definitions from the Greenhouse Gas
Emirates
Protocol – revised edition.
dnata
Group
Sustainability performance
Financial
information
Additional
information
Higher/
Priority Performance indicator Unit 2021-22 2020-21 (lower) %
Aircraft fuel Fleet age years 8.2 7.3 12.3

consumption, fuel
efficiency and CO2 Jet fuel (total fleet including training aircraft and engine maintenance tonnes 5,797,560 3,494,233 65.9
efficiency 1, 2 activities)
Aviation gasoline (training aircraft) tonnes 421 231 82.3
Sustainable aviation fuel tonnes 153 77 98.7
Passenger fuel efficiency (passenger fleet) L/100pkm 5.41 NA -

Freighter fuel efficiency (freighter fleet including mini-freighters) L/ftk 0.268 NA -
Combined fuel efficiency (total fleet excluding training aircraft) L/tk 0.329 0.346 (4.9)
Passenger CO2 efficiency (passenger fleet) g CO2 / pkm 134.2 NA -
Freighter CO2 efficiency (freighter fleet including mini-freighters) g CO2 / ftk 664.7 NA -
Combined CO2 efficiency (total fleet excluding training aircraft) kg CO2 / tk 0.815 0.858 (5.0)
Aircraft noise and local Fleet cumulative margin to Chapter 4 noise standards EPNdB (12.1) (11.8) (2.5)
air quality
Fleet cumulative margin to Chapter 4 noise standards % (7.1) (7.0) (0.1) pt
Nitrogen oxide (NOx) emissions (landing and take-off cycle) tonnes < 3,000 ft 8,159 5,379 51.7
Carbon monoxide (CO) emissions (landing and take-off cycle) tonnes < 3,000 ft 4,559 3,027 50.6
Unburnt hydrocarbons (UHC) emissions (landing and take-off cycle) tonnes < 3,000 ft 460 309 48.9
Fleet margins below regulatory limits for NOx % (10.15) (10.68) 0.53 pt
Fleet margins below regulatory limits for CO % (56.54) (57.26) 0.72 pt
Fleet margins below regulatory limits for UHC % (64.56) (65.61) 1.05 pts
Fuel jettison events 3
Total events 12 3 300.0
Jettisoned fuel tonnes 268 94 185.1
62
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Additional
information
Higher/
Priority Performance indicator Unit 2021-22 2020-21 (lower) %
Vehicle and ground service Diesel litres 29,472,541 19,521,565 51.0

equipment fuel consumption
Petrol litres 9,072,973 4,838,615 87.5
Electricity Electricity consumption MWh 396,123 366,525 8.1

and
water 4 Water consumption ML 2,503 1,661 50.7
Materials Waste directed to disposal tonnes 30,096 10,636 183.0

and
waste 5 Waste diverted from disposal tonnes 5,161 3,885 32.8
CO2 emissions 6 Scope 1

Aircraft operations tonnes 18,322,078 11,042,736 65.9
Ground operations tonnes 100,625 63,934 57.4
Total Scope 1 emissions tonnes 18,422,703 11,106,670 65.9
Scope 2
Electricity tonnes 166,372 153,940 8.1
Total Scope 2 emissions tonnes 166,372 153,940 8.1
Total CO2 emissions tonnes 18,589,075 11,260,610 65.1
Energy consumption Energy from fuel consumption TJ 256,036 154,357 65.9

Energy from electricity consumption TJ 1,426 1,319 8.1
Total energy consumption TJ 257,462 155,676 65.4
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 in 2020-21 due to the impact of the pandemic on operations.
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 Datacollection on waste and recycling expanded in 2021-22 to include cabin waste and Dubai International Airport-based operations, where data were not previously available. A portion of waste reported as directed to
disposal is being diverted from disposal/recycled in practice, but the available data do not currently reflect this.
6 CO2emissions 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.
63
The Emirates Group
Annual
Report Emirates network
2021-22 Emirates operates flights to 152* destinations in
79 countries, offering industry-leading passenger
and cargo air transport services.
Overview
Emirates We connect the world to, and through, our hub

in Dubai.
dnata
Group * includes temporary suspensions due to COVID-19 pandemic or

operational restrictions.
Financial
information
Additional
information
Emirates destinations
NORTH AMERICA EUROPE MADRID ALGIERS BASRA
AGUADILLA AMSTERDAM MALTA CAIRO BEIRUT
BOSTON ATHENS MANCHESTER CAPE TOWN DAMMAM
CHICAGO BARCELONA MILAN CASABLANCA DUBAI INTERNATIONAL
COLUMBUS BIRMINGHAM MOSCOW CONAKRY DUBAI WORLD CENTRAL
DALLAS/FORT WORTH BOLOGNA MUNICH DAKAR ERBIL
GUADALAJARA BRUSSELS NEWCASTLE DAR ES SALAAM JEDDAH
HOUSTON BUDAPEST NICE DURBAN KUWAIT HO CHI MINH CITY
LOS ANGELES COPENHAGEN OSLO ELDORET MEDINA HONG KONG
MEXICO CITY DUBLIN PARIS ENTEBBE MUSCAT HYDERABAD SEOUL
MIAMI DÜSSELDORF PORTO HARARE RIYADH ISLAMABAD SHANGHAI
NEWARK EDINBURGH PRAGUE JOHANNESBURG TEHRAN JAKARTA SIALKOT
NEW YORK FRANKFURT ROME KHARTOUM KABUL SINGAPORE
ORLANDO GENEVA ST. PETERSBURG LAGOS ASIA KARACHI TAIPEI
ROCKFORD GLASGOW STOCKHOLM LILONGWE AHMEDABAD KOCHI THIRUVANANTHAPURAM
SAN FRANCISCO HAMBURG VENICE LUANDA BALI KOLKATA TOKYO HANEDA
SEATTLE ISTANBUL VIENNA LUSAKA BANGKOK KUALA LUMPUR TOKYO NARITA
TORONTO ISTANBUL - WARSAW MAURITIUS BEIJING LAHORE
WASHINGTON SABIHA GOKCEN ZARAGOZA NAIROBI BENGALURU MALE AUSTRALASIA
LARNACA ZURICH SEYCHELLES CEBU MANILA ADELAIDE
SOUTH AMERICA LISBON TUNIS CHENNAI MUMBAI AUCKLAND
BUENOS AIRES LONDON GATWICK AFRICA CLARK NEW DELHI BRISBANE
QUITO LONDON HEATHROW ABIDJAN MIDDLE EAST COLOMBO OSAKA CHRISTCHURCH
RIO DE JANEIRO LONDON STANSTED ABUJA AMMAN DHAKA PESHAWAR MELBOURNE
SAO PAULO LYON ACCRA BAGHDAD GUANGZHOU PHNOM PENH PERTH
MAASTRICHT ADDIS ABABA BAHRAIN HANOI PHUKET SYDNEY
Emirates presence
NORTH AMERICA EUROPE CAPE TOWN AJMAN SOHAR KRABI AUCKLAND
BOSTON COPENHAGEN DAR ES SALAAM AL AIN UMM AL QUWAIN MALE BRISBANE
CLEVELAND FRANKFURT JOHANNESBURG DUBAI PHUKET CAIRNS
NASHVILLE LONDON 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 SHARJAH HUA HIN ADELAIDE WOLGAN VALLEY
64
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Additional
information
65
The Emirates Group
Annual
Report dnata network
2021-22 dnata’s business footprint in airport operations,
catering and travel services, span 184 cities and
airports across the globe.
Overview
Emirates We aim to be the world’s most admired air

services provider.
dnata
Group
Financial
information
Additional
information
dnata presence
NORTH AMERICA BOA VISTA BIRMINGHAM OLBIA
ATLANTA BRASILIA BOLOGNA PALERMO
AUSTIN CAMPINA GRANDE BRINDISI PISA
BALTIMORE CAMPINAS BRISTOL PRAGUE
BOSTON COMANDATUBA BRUSSELS PRESTON
CHARLOTTE CURITIBA BUCHAREST PRESTWICK
CHICAGO FERNANDO DE NORONHA CAGLIARI ROME FIUMICINO
DALLAS/FORT WORTH FLORIANOPOLIS CARDIFF SANDYCROFT MARKA
DETROIT FORTALEZA CHELTENHAM SHANNON MUSCAT
EL PASO FOZ DO IGUACU CHESTER SOFIA RIYADH
GRAND RAPIDS GUARULHOS CORK SOLIHULL SALALAH
HOUSTON ILHEUS DONCASTER ST. PETERSBURG SHARJAH
INDIANAPOLIS JERICOACOARA DUBLIN SWINDON TAIF LANGKAWI
LAREDO JOAO PESSOA EAST MIDLANDS TURIN YANBU MANILA / MAKATI
LOS ANGELES JUAZEIRO DO NORTE EDINBURGH VENICE MULTAN
LUBBOCK MACAPA FLORENCE VERONA ASIA MUMBAI
MCALLEN MACEIÓ FRANKFURT WARSAW BALI PENANG
MELBOURNE MANAUS GENEVA WINCHESTER BANGKOK PESHAWAR
NASHVILLE NATAL GENOA ZURICH BENGALURU PHUKET
NEWARK PETROLINA GLASGOW CEBU QUETTA
NEW YORK PORTO ALEGRE HALIFAX AFRICA CHIANG MAI SINGAPORE
ONTARIO PORTO SEGURO KINGSTON CAPE TOWN CLARK TOKYO
ORLANDO RECIFE KNUTSFORD ZANZIBAR DANANG YOGYAKARTA
PHILADELPHIA RIO DE JANEIRO LAMEZIA TERME DELHI
SAN DIEGO SALVADOR LEEDS MIDDLE EAST FAISALABAD AUSTRALASIA
SANFORD SANTAREM LONDON CITY ABU DHABI HANOI ADELAIDE
SAN FRANCISCO SAO LUIS LONDON GATWICK AL AIN HO CHI MINH AUCKLAND
TAMPA SAO PAULO LONDON HEATHROW AL KHOBAR HONG KONG BRISBANE
TORONTO TERESINA LONDON STANSTED AMMAN ISLAMABAD CAIRNS
VANCOUVER LUTON BAHRAIN JAKARTA CANBERRA
WASHINGTON EUROPE MADRID DUBAI INTERNATIONAL KARACHI COOLANGATTA
WICHITA AMSTERDAM MANCHESTER DUBAI WORLD CENTRAL KOH SAMUI DARWIN
BARI MILAN LINATE ERBIL KOTA KINABALU MELBOURNE
SOUTH AMERICA BELFAST MILAN MALPENSA FUJAIRAH KUALA LUMPUR PERTH
ARACAJU BELGRADE NAPLES JEDDAH KYOTO SYDNEY
BELEM BERGAMO NEWCASTLE JUBAIL LAHORE TOWNSVILLE
66
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Additional
information
67
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Emirates
financial
commentary
dnata
financial
commentary
Emirates
consolidated
financial
statements
Financial
dnata
consolidated
financial
statements
information
Additional
information
69 Emirates financial commentary

78 dnata financial commentary
84 Emirates independent auditor’s report
90 Emirates consolidated financial statements
140 dnata independent auditor’s report
144 dnata consolidated financial statements
68
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Emirates
financial
commentary
dnata
financial
commentary
Emirates
consolidated
financial
statements
Emirates financial
dnata
consolidated
financial
statements
commentary
Additional
information
Emirates
ten-year
overview
dnata
ten-year
overview
Group
ten-year
overview
Group
companies
of Emirates
Group
companies
of dnata
Glossary
69
The Emirates Group
(Loss)/profit attributable to the Owner (Loss)/profit margin in % Revenue in AED bn
Annual
Revenue split in %
in AED bn
96.0
3.0 91.2 91.0
Report
0.9 1.1
(6.6)
57%
2.8 0.9 1.1 Passenger
2021-22 (3.9)
58.3
37%
30.2 Cargo
Overview (20.3) (65.6)
6%
Emirates Non-transport
17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22
dnata
Group
Revenue in AED m 2021-22 2020-21 % change % of total
Financial Operating (loss)/profit in AED bn Return on Owner's funds in %
information Passenger 32,917 11,230 193.1 56.5
6.4
Emirates 4.1 7.9 2.4 3.5 Cargo 21,654 17,106 26.6 37.2
2.6
financial (19.9)
commentary
(0.4) Transport revenue 54,571 28,336 92.6 93.7
dnata Sale of goods 2,561 1,334 92.0 4.4
financial
commentary
Hotel operations 602 296 103.4 1.0
(15.0) Others 548 264 107.6 0.9
(95.3)
Emirates
consolidated
17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 Non-transport revenue 3,711 1,894 95.9 6.3
financial
statements
Total 58,282 30,230 92.8 100.0
dnata
consolidated
financial
statements
Additional
information The financial year 2020-21 was the worst We continued to operate a young and This year, Emirates joined the nation in These factors were reflected in Emirates’
year on record for the aviation industry efficient fleet, 5 A380 aircraft, all equipped celebrating the UAE’s 50th jubilee and operational performance as our operating
Emirates with the largest-ever decline in passenger with our new Premium Economy, were welcomed the world to Expo 2020 Dubai loss reduced to AED 0.4bn (2020-21: AED
ten-year
overview
numbers, industry losses crossing USD acquired and 2 older Boeing 777 aircraft through numerous initiatives which 15bn). We reported a net loss of AED 3.9bn
130bn, thousands of people losing their (including one freighter) were phased out encouraged visits to the UAE. Emirates (2020-21: AED 20.3bn) this year with a loss
dnata jobs and several airlines going bankrupt. this year. In December 2021, we welcomed also became the first airline to launch margin of 6.6%.
ten-year Nonetheless, the airline industry persevered our 123rd and final A380 aircraft into our a new account-based payment method
overview and is now on the path to recovery. When fleet. By the end of the year, all of our for purchasing air tickets - ‘Emirates Pay’, Revenue
Group we began the financial year 2021-22, Boeing 777 and more than half of our available in select markets for customers
During the year, we transported 19.6 million
ten-year COVID-19 vaccination programmes were A380 aircraft were in active service as we purchasing tickets via our website.
passengers and carried 2.1 million tonnes
overview being rolled out at an unprecedented scale reconnected the world to 90% of our
Our ultimate owner, the Government of of cargo. Our revenues increased to AED
around the world. As countries started pre-pandemic network.
Group Dubai, continued to support our recovery 58.3bn (2020-21: AED 30.2bn), a rise of
to ease travel restrictions, our business
companies Despite the challenges, our quest to find and injected equity of AED 3.5bn in the 92.8% over last year. Transport revenue,
of Emirates rebounded strongly. The momentum
innovative ways to enhance our product current year. which forms over 93% (2020-21: 94%) of
accelerated over the summer and
offerings and service levels for our Emirates’ revenue, increased by 92.6% to
Group continued to grow steadily into the winter
companies customers continued. We announced a Profitability AED 54.6bn (2020-21: AED 28.3bn).
season and beyond. The outlook for the
of dnata
coming year looks promising as the worst significant investment of over USD 1bn to
While we are well past the deepest point Non-transport revenue, comprising sale
is behind us. retrofit 120 of our Boeing 777 and A380
Glossary of the pandemic, international travel of consumer goods, hotel operations,
aircraft with the new Premium Economy
still faces some headwinds caused by catering operations, sales at F&B outlets
After recording a loss of AED 5.8bn in seats and latest cabin interiors. The retrofit
travel restrictions imposed by various and tour operator services contributed
the first half of the financial year, our programme will last for two years, starting
governments and geopolitical uncertainties. 6.3% (2020-21: 6.3%) of Emirates’ revenue
performance improved significantly in in H2 of FY 22-23. At the Dubai Airshow
However, we saw evidence of strong, and mounted to AED 3.7bn (2020-21:
H2 as we made a profit of AED 1.9bn, 2021, Emirates announced the investment
high yielding pent-up travel demand for AED 1.9bn) due to improved economic
closing the year at a loss of AED 3.9bn, a in two new Boeing 777F aircraft which will
Emirates’ products where travel restrictions activity this year as the world started to
remarkable turnaround reducing losses by be delivered in FY 22-23 and conversion of
were eased. At the same time, a tighter recover from the pandemic.
80.7% compared to last year. Backed by a four Boeing 777-300ER passenger aircraft
rein on costs ensured that we drove better
strong operational performance, our cash into full freighters.
margins, particularly in the second half of
assets rose by 38.2% and stood strong at
the financial year.
AED 20.9bn (2020-21: AED 15.1bn) as of
Mar’22.
70
The Emirates Group
Available seat kilometres (ASKM) in bn Revenue passenger kilometres (RPKM) in bn Ancilliary revenue in AED bn Cargo carried in tonnes‘000
Annual 377.1 390.8 367.2 292.2 300.0 288.1
and as a % of passenger revenue
2,623 2,659
Report
3.1
2.9 2,389
2.5 2,139
1,873
2021-22 3.7
4.1
3.7 3.9
160.0 3.3
1.3
93.8
Overview 64.1 0.4

28.4
Emirates
17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22
dnata Ancilliary revenue
Ancilliary to passenger revenue %
Group
Financial Passenger numbers in millions Passenger seat factor in % Aircraft departures* in thousands Cargo carried in tonnes‘000
information and as a % to total
58.5 58.6 56.2 202 203
189
Emirates
financial
commentary 715 1,261
77.5 76.8 78.5 118 38% 59%
dnata 58.6
79
financial 19.6
commentary 1,158
44.3 62% 878
6.6 41%
Emirates
consolidated
financial 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 20-21 21-22
statements
*includes both passenger and cargo flights. Scheduled operations Freighters
dnata
consolidated
financial
statements
Additional
information
Passenger revenue This financial year had a weak start due We continued to support our customers Cargo revenue
As countries eased up on their COVID- to border closures and travel restrictions by extending flexible options on our ticket SkyCargo maintained its momentum this
Emirates induced restrictions, we successfully still in play. Being an international airline validity and refund policies, and providing year as revenue increased by 26.6% to AED
ten-year
ramped up our operations in line with with no domestic network, this posed complimentary global cover for COVID-19 21.7bn (2020-21: AED 17.1bn), resulting
overview significant challenges for us. However, as related medical costs. We also provided
the travel demand. This resulted in our from: i) robust demand for essential goods
dnata passenger capacity (measured in ASKMs) the governments started to adjust to the additional baggage options in various and medical supplies, ii) accelerated
ten-year increasing by almost 150% compared to New Normal, we saw a surge in air travel in markets to enable flyers to support their vaccination programmes, and iii) global
overview the previous year. Our core passenger Q3 especially during the holiday season in families during this time. supply chain issues making air cargo
revenue increased in line with capacity and December. The positive trend continued in popular due to lower lead times and
Group Q4 and overall, ASKMs grew from 28% at Our award-winning customer loyalty
ten-year stood at AED 32.9bn (2020-21: AED 11.2bn) programme, Skywards, expanded offerings to better connectivity.
overview for the full year. Strong demand for our the start of the year to 64% of pre-COVID
level by the end of the financial year. its members through various campaigns and Cargo volumes increased by 14.2% to 2.1m
quality product offerings helped us earn a continued to support members by extending
Group
healthy yield of 35 fils per RPKM (2020-21: tonnes (2020-21: 1.9m tonnes) and reached
companies The increase in capacity resulted in the validity of reward miles and allowing a almost 90% of FY 19-20 level. As passenger
of Emirates 40 fils per RPKM). higher passenger numbers, RPKMs, and longer duration to retain elite status. travel ramped up, belly capacity also
seat factor - underscoring passengers’ increased resulting in scheduled operations
Group
confidence in our brand. Compared to last This year, Emirates joined hands with several
companies new interline and codeshare partners - contributing 59% (2020-21: 38%) of overall
of dnata ASKMs in comparison to FY 19-20 in % year, passenger numbers almost tripled cargo tonnage carried this year. A reduction
and stood at 19.6m (2020-21: 6.6m). Our including Aeromar, airBaltic, Airlink, Azul,
Cemair, Garuda, Gulf Air, South African was noted in cargo tonnage for freighter
Glossary passenger traffic, measured in RPKMs, operations due to an aircraft retirement
increased significantly and reached 93.8bn Airways, TAP Portugal, Maldivian; and
reinforced existing strategic partnerships and shift of volumes towards scheduled
(2020-21: 28.4bn) which took our overall operations. Overall, FTKMs increased by
seat factor to 58.6% (2020-21: 44.3%). Seat with Qantas and flydubai. These measures
will provide increased and seamless 30.6% and stood at 12.7bn (2020-21: 9.8bn)
factors for both our premium and economy as we maintained our strong position in
cabins increased in line with our overall destination choices to our customers.
64% the air freight industry. The yield per FTKM
49% seat factor.
34% Our ancillary offerings, primarily including remained robust at 170 fils per FTKM
28% 29%
2% 16% 24% flight upgrades and paid seats, generated (2020-21: 175 fils per FTKM).
This year we also launched a new scheduled
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 passenger route to Miami in Florida – our revenue of AED 1.3bn (2020-21: AED 0.4bn)
2020-21 2021-22 12th destination in the US. and form 3.9% (2020-21: 3.7%) of our
passenger revenue.
71
The Emirates Group
Available tonne kilometres (ATKM) in bn Revenue tonne kilometres (RTKM) in bn Yield in fils per RTKM Destinations in numbers*
Annual 255 157 158 157 157 152
Report 61.4 63.3
58.6
41.3 42.3
39.5
2021-22 36.4
229
21.6 222
24.8 219
12.5 213
Overview
Emirates
17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22
dnata *includes temporary suspensions due to
COVID-19 pandemic or operational restrictions.
Group
Financial Overall and breakeven load factor in % Number of aircraft Geographical revenue in %
information
Emirates
77.2 32% Europe
financial
commentary 67.2 66.8 67.4 102 109 115 113 118 20% East Asia and Australasia
60.8
66.4
19% Americas
dnata 65.2 63.4
financial 59.2 12% West Asia and Indian Ocean
commentary 50.5 166 161 155 146 144 9% Gulf and Middle East
Emirates 8% Africa
consolidated
financial 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22
statements
Breakeven Overall A380 B777
dnata
consolidated
financial
statements
Additional
information
Cargo revenue (continued) By the end of the year, it had transported Total capacity and load factor After a one-off peak of 77.2% last year, due
Our freighter network, served by dedicated more than 1 billion doses of COVID-19 Passenger traffic experienced a strong to high fixed costs and significant reduction
Emirates wide-body freighters, passenger-freighters vaccines mainly originating from Brussels, rebound in the current year despite in revenues, the airline’s break-even load
ten-year
and mini-freighters expanded further this Johannesburg, Amsterdam, Chicago and turbulence caused by new virus strains. As factor stabilised to 60.8% resulting from
overview Hyderabad. We also assisted the global growth in revenue this year and the
year, augmenting the top line in most travellers’ confidence revived in response
dnata of our key markets as compared to last medical industry by transporting more than to easing restrictions, Emirates responded continued effects of cost control measures.
ten-year year. We increased our presence in North 10,000 tons of equipment for hospitals and with agility and restarted services or added
overview laboratories mainly from Europe to the Gulf Overall yield
America through the introduction of additional flights wherever possible.
new scheduled freighter operations to region and Far East. With optimum pricing of the capacity flown
Group Our overall capacity, measured in ATKMs,
Rockford. supported by steady cargo performance,
ten-year SkyCargo facilitated movement of 260,000
overview increased by 46.9% and stood at 36.4bn overall yield strengthened by 11.4% to 255
We continued to deliver innovative and tonnes of perishables this year from various (2020-21: 24.8bn). The number of fils per RTKM (2020-21: 229 fils per RTKM).
Group bespoke solutions for our customers, agricultural markets including India, Kenya, departures also saw a growth of 48.7%
companies supporting the food industry, animal Norway, Ecuador and Pakistan, an increase and stood at 118 thousand, slightly above Revenue distribution
of Emirates
transport, sporting events, and other critical of 10% year-on-year. Our charter business 60% of pre-pandemic levels with Q4 of the Our revenue continues to be geographically
economic activity. Significant increases also remained strong amidst supply chain current year peaking at 79%. This positions
Group diverse and transport revenue increased
in revenue were noted in most of our disruptions as we operated 137 charters of us well on a growth trajectory as we strive
companies in all our markets this year. However, swift
of dnata product categories, especially pharma and rubber products, 135 charters of COVID- to return to 100% of pre-pandemic capacity reopening of borders and strong cargo
perishable goods. related essential vaccines and eight horse by FY 23-24. demand in Europe and Americas gave a
Glossary charters for the Tokyo Olympics. Charter
stronger boost to our revenue in these
Revenue from transport of pharmaceutical business this year was over 3 times the pre- Overall load factor strengthened to 59.2%
regions as their share increased by 6% pts.
products crossed AED 2bn mark for the first pandemic level. (2020-21: 50.5%) and together with an
each. Revenue shares of all other regions
time in SkyCargo’s history – reinforcing our increase in ATKMs, this took our revenue
Towards the end of the year, Emirates remained largely consistent with last
position as the global market leader for generating load (RTKMs) to 21.6bn (2020-
SkyCargo announced reactivation of its Dubai year and FY 19-20 barring East Asia and
the air transport of temperature-controlled 21: 12.5bn), a leap of 72.2% compared to
DWC network for dedicated freighter aircraft Australasia. This region’s contribution to
items. SkyCargo has played a crucial role last year. Our RTKMs for Q4 were almost
which marks a return to dual hub cargo our transport revenue reduced by 8% pts.
in the secure and rapid distribution of 75% of the pre-COVID level.
operations in Dubai after nearly two years. year-on-year due to travel restrictions.
COVID-19 vaccines.
72
The Emirates Group
Total operating costs in AED bn Total cost movement in AED bn Key operating costs as a % of total costs
Annual 95.3
1.5 1.3
Report 88.2 85.6

7.5
4.1
28 32 29
13
22
2021-22 45.9
59.6 11 10 21
39 29
63.1
51.3 61
58
50 48 49
Overview
Emirates
17-18 18-19 19-20 20-21 21-22 Total costs - Jet fuel Direct Sales and Others Total costs - 17-18 18-19 19-20 20-21 21-22
dnata 2020-21 operating costs marketing 2021-22
Depreciation, amortisation and impairment
Jet fuel Others
Group
Total costs in AED m 2021-22 2020-21 % change % of total
Financial Fuel volume in million barrels Depreciation, amortisation and 18,166 19,665 (7.6) 28.8 Unit cost in fils per ATKM
information and average price in USD per barrel impairment
90.3 92.8 Jet fuel 13,855 6,398 116.6 21.9 177
Emirates 87.3
93
financial 84 Direct operating costs 9,991 5,853 70.7 15.8 155
commentary 76 146
68 Employee costs 8,441 7,830 7.8 13.4 139 141
53
dnata 45.2 Sales and marketing 3,225 1,764 82.8 5.1
151
financial Other operating costs 5,940 4,438 33.8 9.4
commentary 27.3
Total operating costs 59,618 45,948 29.8 94.4 117
Emirates Net finance costs 3,584 4,226 (15.2) 5.7 98 97 96
consolidated
financial 17-18 18-19 19-20 20-21 21-22 Other financial (gains) / losses (70) 1,088 (106.5) (0.1) 17-18 18-19 19-20 20-21 21-22
statements Total costs 63,132 51,262 23.2 100.0
Fuel price Fuel volume Unit cost Unit cost excluding jet fuel
dnata
consolidated
financial
statements
Additional
information
Total costs capital spend on aircraft maintenance. These This restricted the increase in fuel cost per Advertisement and promotion costs increased by
Our total costs for the year were AED 63.1bn reductions were partially offset by an increase ATKM to 46.2% which averaged at 38 fils (2020- 40.7% which depicts a strong focus on investing in
Emirates (2020-21: AED 51.3bn), an increase of 23.2% over in depreciation expense on aircraft delivered in 21: 26 fils). our brand, despite the challenges. Volume-driven
ten-year the previous year. Excluding ownership costs, the current and previous year, and accelerated expenses including commissions & incentives paid
overview which are largely fixed in nature (Depreciation, depreciation of BFEs expected to be replaced Direct operating costs to agencies, distribution & reservation costs, and
amortisation and impairment), total costs during the upcoming cabin retrofit programme. Direct operating costs include aircraft related credit card services charges tripled compared to
dnata increased by 42.3% in line with capacity. handling, in-flight catering, overflying, prior year as the demand for air travel regained
ten-year Jet fuel landing & parking, crew layover and aircraft momentum. Further, Emirates spent over AED
overview Depreciation, amortisation and As our operations grew this year, fuel costs maintenance expenses. Together, these costs 200m this year on the Expo 2020 Dubai event
surged to AED 13.9bn (2020-21: AED 6.4bn), increased by 70.7% and reached AED 10.0bn where we welcomed passengers to the ‘world’s
Group impairment
primarily driven by increase of 74.9% in average (2020-21: AED 5.9bn) forming 15.8% of our total greatest show’.
ten-year Depreciation, amortisation and impairment
fuel prices and 65.9% in volumes. As a result, costs. In-flight catering costs almost tripled in
overview charges of AED 18.2bn (2020-21: AED 19.7bn) Other operating costs
fuel spend was up by 9.4% pts. to 21.9% of total sync with the increase in passenger numbers,
continued to remain the largest component of
Group costs compared to last year. while the other costs rose in line with capacity. Other operating costs mainly comprise cost
our total costs for the second consecutive year
companies of goods sold, facilities related spend, IT costs
at 28.8% (2020-21: 38.5%). Excluding the impact The market prices for jet fuel were volatile Employee costs
of Emirates and corporate overheads, which increased by
of one-off impairments of AED 0.7bn recognised throughout the year, however, the impact of
Employee costs went up by 7.8% to AED 8.4bn 33.8% to AED 5.9bn (2020-21: AED 4.4bn). Cost
last year, there was a drop of AED 0.8bn in these increase in prices was partially mitigated as 44%
Group (2020-21: AED 7.8bn) mainly due to spikes in of goods sold were twice as high year-on-year
charges due to aircraft retirements, reduced of our total fuel uplift was hedged, lowering
companies crew flying and productivity pay in the airline following the trend of increasing non-transport
of dnata
depreciation charge following impairments our fuel bill by AED 1.6bn (2020-21: loss of AED
as operations grew, and general employee- revenue. All other costs remained stable due to
recognised in the previous year and lower 1.1bn).
related costs in group companies mainly due a tight cost management.
Glossary to the recovery of EKFC’s catering business
Employee strength (in numbers) 2021-22 2020-21 % change % of total Unit cost per ATKM
and re-opening of shops across ELR’s global
UAE businesses. With the restoration of operations, Our unit cost per ATKM fell to 155 fils (2020-21:
Cabin crew 15,166 14,372 5.5 33.1 we ramped up the recruitment process in H2 177 fils) as ATKMs increased at a higher rate
Flight deck crew 3,283 2,964 10.8 7.2 of the financial year which led to an increase compared to operating costs - part of which are
Engineering 2,924 2,289 27.7 6.4 of 12.4% in closing employee strength as fixed in nature, mainly fleet related depreciation
compared to the last year. Employee costs are and amortisation.
Others 10,699 9,510 12.5 23.3 presented net of AED 45m worth of credits
Total - UAE 32,072 29,135 10.1 70.0 received from various government-run support Net finance costs
Overseas stations 4,101 4,169 (1.6) 8.9 schemes across our network. Net finance costs reduced by 15.2% to AED
Total - airline 36,173 33,304 8.6 78.9 3.6bn (2020-21: AED 4.2bn) primarily on
Sales and marketing expenses account of a significant reduction in total
Subsidiary companies 9,670 7,497 29.0 21.1 Sales and marketing costs increased by 82.8% to borrowings and lease liabilities, and a general
Closing employee strength 45,843 40,801 12.4 100.0 AED 3.2bn (2020-21: AED 1.8bn). decrease in benchmark interest rates.
73
The Emirates Group
Capital expenditure in AED bn Total equity in AED bn
Annual 37.0 37.7
Report
12.3
11.3
2021-22 7.4
23.6
20.1 20.3
Assets in AED bn Equity and liabilities in AED bn 7.1
151.8 150.0 151.8 150.0 4.7
Overview
20.1 20.3
1.1 1.1 0.6 0.3 0.3
Emirates
17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22
dnata
Primary Secondary
Group 103.0
111.0
Financial 95.9 85.5
information Aircraft, engines Total equity movement in AED bn
and parts*
Emirates
financial Other non-current Equity
commentary 0.6
assets
3.9 3.5
dnata 16.6
17.9 Cash assets Non-current
financial liabilities
44.2 20.1 20.3
commentary 20.9
15.1 35.8
Other current Current liabilities
Emirates 9.5 assets
7.8
consolidated
20-21 21-22 20-21 21-22 As at Loss for Capital Hedge As at
financial 31 March the year Contribution reserves 31 March
statements 2021 2022
* includes aircraft and engine related overhaul
dnata events and pre-delivery payments.
consolidated
financial
statements
Additional
information Statement of financial position Current assets, excluding cash assets, Emirates continued the journey to empower Liabilities
increased to AED 9.5bn from AED 7.8bn its travel trade partners in delivering better, Total liabilities slightly reduced to AED
Emirates’ balance sheet remained healthy
Emirates mainly due to growth in trade receivables tailored products to Emirates’ customers 129.7bn (2020-21: AED 131.7bn), a drop
with total assets of AED 150.0bn (2020-21:
ten-year of AED 2.3bn. by offering them more choices of channels of 1.5%.
overview AED 151.8 bn).
and commercial models to access our
Capital expenditure content and future new distribution Borrowings and lease liabilities reduced
dnata Assets
ten-year We continued the expansion of our fleet capability. by AED 11.4bn to AED 96.2bn (2020-21:
Non-current assets of AED 119.6bn (2020- AED 107.6bn). The movements in the
overview and other customer-focused initiatives as
21: AED 128.9bn) were down 7.2% or AED Equity balance are explained more fully under the
capital expenditure increased by 48.7% and
Group 9.3bn due to depreciation and amortisation section ‘Debt’.
stood at AED 7.4bn (2020-21: AED 5.0bn). Emirates’ total equity remained stable at
ten-year charges of AED 18.2bn partly offset
overview AED 20.3bn (2020-21: AED 20.1bn).
by additions of AED 8.8bn in property, Primary capital expenditure comprising Deferred revenue almost doubled
Group
plant and equipment, right-of-use and aircraft spend (including pre-delivery Opening equity was reduced by the loss for compared to the previous year and
companies intangibles assets. The additions include payments, aircraft, engines and parts), the year of AED 3.9bn. Given the demands ascended to AED 12.3bn (2020-21: AED
of Emirates NBV of AED 65m pertaining to IT division major aircraft & engine maintenance costs on liquidity primarily during the first half of 6.3bn), a result of significantly improved
related assets which were transferred from and spare engines represented 95.4% or the financial year, our ultimate shareholder, passenger travel demand leading to an
Group dnata effective 31 March 2022. AED 7.1bn of the annual capital spend Government of Dubai, extended support by increase in the balance of ‘passenger
companies
of dnata (2020-21: 93.3% or AED 4.7bn). This spend injecting a further AED 3.5bn in the form and cargo sales in advance’. Skywards
Cash assets, backed by robust cash inflows related deferrals grew to AED 2.1bn as
includes the addition of 5 A380s delivered of equity.
Glossary from operations, showed a remarkable members earned more miles compared to
this year (2020-21: 3 A380s).
turnaround and reached pre-COVID levels, Other significant movements in the redemptions during the year.
closing at AED 20.9bn (2020-21: AED The airline is also continuously investing in total equity included AED 0.6bn of net
15.1bn). These cash reserves provide us new technologies to enhance customers’ credits from hedge reserves owing to Other noteworthy movements include an
with a strong financial foundation as we experience and bring efficiencies across the favourable movements in hedged increase of AED 3.5bn or 33.6% in trade and
start the next financial year. business processes. Our capital projects in currencies and benchmark interest rates. other payables, as a result of the increase in
progress include various such initiatives. operating activity.
74
The Emirates Group
Annual
Sources of funding over last 10 years in %
Report 38% Commercial Financing Fleet information

37% Leased
2021-22 15% EXIM/ECA Guaranteed Financing
Aircraft Total as at
31 March
Owned* Leased Total as at Change since Future Options
31 March 31 March deliveries
5% Equity 2022 2021 2021
4% Bonds A 380-800 118 61 57 113 5 - -
Overview
1% Islamic Financing B 777-300ER 124 66 58 125 (1) - -
Emirates
B 777-200LR 10 6 4 10 - - -
dnata
B 787-9 - - - - - 30 -
Group
B 777-X - - - - - 115 61
Financial Number of aircraft Average fleet age in months A 350-900 - - - - - 50 -
information
98
268 270 270 88
Passenger 252 133 119 248 4 195 61
Emirates 81
financial 259 262 73 B777 Freighters 10 - 10 11 (1) 2 -
commentary 68
Freighters 10 - 10 11 (1) 2 -
dnata
financial Total aircraft 262 133 129 259 3 197 61
commentary *Includes aircraft acquired on secured financing.
Emirates
consolidated
financial 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22
statements
dnata
consolidated
financial
statements
Additional
information Fleet acquisition and financing 350-900s, 115 Boeing 777-8x/9x , 30 Notable support from aviation lessors and Having raised more than AED 212.4bn
Boeing 787-9 and 2 Boeing 777F, excluding financing partners has been a testament (USD 57.8bn) total financing over the last
During the first half of the financial year,
Emirates options and purchase rights. We have to the financial community’s confidence in 10 years, Emirates continues to maintain a
restrictions continued on passenger air
ten-year already received committed offers to fund the strength of the airline’s business model well-diversified and evenly spread financing
overview travel across several of our key markets
the two Boeing 777F aircraft through and mid to longer term prospects. During portfolio. Tapping into various sources of
as the world battled with new variants of
dnata
Islamic finance leases which are due to be the year, Emirates raised a total of AED funding, both in terms of structure and
COVID-19. However, as countries started
ten-year delivered in the forthcoming year. 9.7bn (2020-21: AED 14.5bn) in financing geography, Emirates remains on track with
re-opening their borders during the second
overview for aircraft and general corporate purposes, its long-term financing strategy.
half of the year, we saw a gradual return in The high seat factor on the A380 continues funded through term loans, revolving credit
Group passenger demand leading to higher sales to demonstrate the customer preference There is an on-going and unrelenting
and short-term trade facilities.
ten-year and cash collections. Supported by a strong for this aircraft as we took 5 new deliveries focus on working capital optimisation
overview cargo business throughout the year, our this year. The Boeing 777 aircraft remains Emirates achieved a significant milestone and plans have been put in place to
average daily cash collection from all sales a strong pillar of our fleet. During the year, this year as it signed a first-of-its-kind USD manage the refinancing and repayment of
Group
companies channels, net of refunds, almost doubled in we phased out 2 older aircraft (including 750 million five-year dual-tranche facility. funding taken at the start of the crisis. To
of Emirates H2 of the financial year compared to H1. one freighter). As we anticipate delays This is a competitively priced landmark further bolster our liquidity, management
in new aircraft deliveries, we extended transaction for a sales-receivable backed is in regular discussions with various
Group With robust cash reserves generated by
operating leases for 12 aircraft, most of financing structure, aimed to diversify counterparties in exploring a mix of
companies operations, equity injections of AED 3.5bn,
of dnata which were due to retire in the current Emirates’ liquidity pool. financing structures which provide funding
and various cost saving and liquidity
year. Emirates continues to maintain a from diverse sources, maintain a balanced
improvement measures, we were able to Capitalising on our strong liquidity position,
Glossary young fleet age of 8.2 years (98 months), maturity profile and optimise overall
meet all our financial obligations on time. we successfully repaid AED 4.5bn out of
considerably lower than the industry borrowing costs.
average, consisting of 144 Boeing aircraft the total of AED 17.5bn raised during the
Despite the challenging environment,
and 118 twin-deck A380 aircraft. COVID-19 crisis (starting March 2020)
Emirates remains optimistic about the
in addition to meeting all our ongoing
increase in long term travel demand. Our
debt obligations.
order book has 197 aircraft – 50 Airbus
75
Split
The Emirates Group
Cash assets in AED bn and Cash assets to Cash generated from/(used in) operating Operating cash margin in % EBITDA margin in %
Annual total revenue in % activities in AED bn
24.4
back
Report 20.4 20.2 20.9
22.8
27.0
28.1
30.0
14.1 41.3 24.5
as 2
2021-22
17.0
15.1 10.5
15.3 10.8
24.8
graphs 22 22 49
17 35
Overview 15.0
(4.5) (14.4)
Emirates
17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22
dnata
Cash assets Cash assets to total revenue %
Group
Financial Cash flow in AED bn EBITDA and debt service in AED bn

information
16 14 13
Emirates 7.2 9
financial 3
24.4 11.4
25.9
commentary
25.0
24.6
24.0
23.4
20.7
20.6
dnata
19.0
17.7
financial
commentary 20.9
15.1
Emirates
4.6
consolidated Cash assets Net cash Net cash Net cash Cash assets
financial as at generated from used in used in as at 17-18 18-19 19-20 20-21 21-22
statements 31 March 21 operating investing financing 31 March 22
activities activities* activities EBITDA Debt service No. of months
dnata *excluding movement in short-term bank deposits.
consolidated
financial
statements
Additional
information Cash position Despite the challenging environment, EBITDA and debt service pandemic including AED 1.2bn of early
Emirates’ investing activities doubled this Cash profit from operations excluding settlements, and ii) increase in repayments
Cash assets year and investment outflows stood at due to financing obtained for aircraft
Emirates working capital movements or EBITDA
ten-year After a drop of AED 5.1bn last year, AED 7.2bn (2020-21: AED 3.5bn) primarily bounced back to AED 17.7bn (2020-21: AED delivered in the current and previous year.
overview Emirates’ cash assets, which include short relating to new aircraft, engines and parts. 4.6bn) as our growth in revenues outpaced EBITDA after debt service payments was
term bank deposits, increased appreciably the increase in costs.
dnata Cash used in financing activities amounted AED 6.9bn (negative), however, equity
ten-year by 38.2% and reached AED 20.9bn (2020-
21: AED 15.1bn) as at the year-end. These to AED 11.4bn (net), reflecting; debt As with previous years, we continued to injections and better working capital
overview
represent surplus funds left after meeting service of AED 24.6bn, partially offset honour all our financial obligations on time. management provided the stimuli needed
Group all our financial obligations and investment by equity injections of AED 3.5bn and Debt service payments amounted to AED to service our debt.
ten-year proceeds of AED 9.7bn from term loans.
overview
requirements. 24.6bn (2020-21: AED 20.7), an increase of EBITDA recovered to 9 months (2020-21: 3
The loans obtained this year were mainly 18.8% compared to the previous year. This
Cash assets stood at 35.3% (2020-21: for managing working capital needs and months) of debt service payments this year
Group was due to; i) debt repayments towards as operating losses reduced. While this is
companies 48.9%) of total revenue this year. While this funding new aircraft deliveries. working capital facilities availed during the
of Emirates is outside the target range of 25% +/- 5%, still lower than the pre-COVID level, our
we expect to normalise this as soon as the EBITDA margin jumped to 30% (2020-21:
Group business returns to normal and revenues 15%), signalling our path to recovery. We
companies 2021-22 2020-21 2019-20 2018-19 2017-18 stand confident in our ability to meet all
increase further.
of dnata EBITDA in AED bn 17.7 4.6 25.9 24.0 25.0 our financial obligations over the next year
Glossary Cash flow movement Less: Debt service and beyond.
The growth in operations complemented Repayment of borrowings and (21.3) (16.6) (18.5) (7.0) (6.0)
The payments shown in the table (including
by our efforts in managing working capital lease liabilities
those of previous years) exclude refinancing
helped us generate AED 24.4bn from Repayment of operating lease - - - (11.7) (11.7) of certain borrowings and lease liabilities at
operating activities this year, the highest rentals commercially better rates. The related cash
ever in Emirates’ history. This is despite us Interest paid (3.3) (4.1) (4.9) (1.9) (1.3) inflows and outflows are reported at their
fulfilling AED 8.3bn of refund requests. gross values in the consolidated statement
Total (24.6) (20.7) (23.4) (20.6) (19.0)
As cash flows from operations turned of cash flows and in the relevant notes to
positive this year, our operating cash the consolidated financial statements.
margin jumped by 55.7% pts. compared to EBITDA after debt service in (6.9) (16.1) 2.5 3.4 6.0
last year and touched 41.3%. AED bn
76
The Emirates Group
Debt repayment profile* in AED bn Debt collateralisation in AED bn Revenue by currency in %
Annual
Report
USD
151.8
150.0
24.4
21.0 EUR
2021-22
19.0
107.6
18.6 7.9 24% INR
99.2
96.2
91.4
9.9 7.1 14.5
8.3 11.6 38% GBP
6.4
4.8 2% CNY
2%
Overview 3% AUD
11.1 10.7 11.5 8.1 6.8 16.5 6% PKR
Emirates
22-23 23-24 24-25 25-26 26-27 27-28 20-21 21-22 8%
and beyond 17% Others
dnata Lease liabilities Bonds and term loans
Total assets Total debt Secured assets
*including future interest.
Group
Financial Net debt to equity ratio in % Effective interest rate on borrowings Cash assets to net debt in % Currency impact in AED m
information and lease liabilities in %
459.0
Emirates 27.7 40
financial 4.6
381.2 4.0 25.4
commentary 3.8 22.5 (190)
3.5 (207)
371.0 3.2
dnata
financial 21.5
commentary (141)
16.3
Emirates
216.4 209.8
consolidated
financial 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 20-21 21-22
statements
Revenue Cost
dnata
consolidated
financial
statements
Additional
information Debt operating cash flows and the surplus cash we consider hedging part of our highly depending on market conditions by
is used for investment purposes. As at the probable forecast purchases of jet fuel up using various hedging solutions including
Emirates’ borrowings and lease liabilities
Emirates reporting date, almost 92% of our debt was to 24 months in advance using commodity forward contracts, currency swaps and
reduced by AED 11.4bn to AED 96.2bn
ten-year amortising in nature. futures, options and swaps, as and when natural hedges. Nearly 38% (2020-21: 36%)
overview (2020-21: AED 107.6bn) primarily due to
opportunity arises and depending on the of our transport revenues and 90% (2020-
repayments of AED 24.6bn for amortising Cash assets to net debt ratio
dnata
market conditions. 21: 92%) of our total costs are denominated
bonds, lease liabilities and term loans
ten-year Robust cash reserves and significant loan in US Dollar or currencies pegged to USD.
(including interest) which were largely Interest rate risk
overview repayments led to an improvement in our
met through cash flows generated from The movements in exchange rates had an
cash assets to net debt ratio which closed Emirates is exposed to the effects of
Group operations. COVID-19 related lease waivers, adverse impact of AED 348m on Emirates’
at 27.7% (2020-21: 16.3%). fluctuations in the prevailing interest rates
ten-year favourable movements in benchmark results (2020-21: adverse impact of AED
overview on borrowings and investments. In order
interest rates and currencies further Debt collateralisation 150m) this year. The impact includes
to manage interest rate risk, we target
reduced our lease liabilities by AED 1.0bn. one-off devaluation in FX rates in certain
Group Of the total debt of AED 96.2bn, AED a balanced portfolio approach and use
companies These decreases were offset by additions markets experiencing geopolitical
38.2bn represents lease liabilities which prudent hedging solutions such as interest
of Emirates of AED 10.5bn in term loans and lease instability.
are supported by right-of-use assets. rate swaps. After taking into account the
liabilities, and AED 3.7bn in interest and
Group From the remaining debt, 80.9% or AED impact of interest rate swaps, almost 62% The following six currencies accounted
other insignificant movements.
companies 46.9bn is secured against property, plant of our net debt was on a fixed interest for close to 39% (2020-21: 40%) of our
of dnata Net debt to equity ratio & equipment and receivables while rate basis with the balance 38% being on transport revenue this year:
the balance AED 11.1bn is adequately floating interest rates.
Glossary With a stable equity, higher cash assets and
covered against the carrying value of Currency average rate (in AED)
lower borrowings, our net debt to equity The effective interest rate for borrowings
unencumbered assets.
ratio improved to 371% (2020-21: 459%). and lease liabilities reduced to 3.5% 2021-22 2020-21 % change
(2020-21: 3.8%) due to lower benchmark EUR 4.279 4.280 (0.1)
Debt repayment profile Financial risk management interest rates. INR 0.049 0.050 (0.0)
We strive to achieve a stable repayment Jet fuel price risk
Currency risk GBP 5.024 4.789 4.9
profile by obtaining debt with periodic Being our single-largest variable cost
instalments as opposed to bullet payments. We proactively manage currency exposures
CNY 0.570 0.538 5.8
element, we are exposed to volatility in
This enables us to service our debt through generally over a period of up to 12 months AUD 2.715 2.615 3.8
the price of jet fuel. To manage this risk,
PKR 0.022 0.023 (1.9)
77
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Emirates
financial
commentary
dnata
financial
commentary
Emirates
consolidated
financial
dnata financial
statements
dnata
consolidated
financial
statements
commentary
Additional
information
79
The Emirates Group
Profit/(loss) attributable to the Owner Profit/(loss) margin in % Total revenue in AED bn Geographical revenue in %
Annual in AED m
1,317 1,445
10.1 10.0 14.4 14.8
Report 618
4.2 1.3 13.1
68 70 72 62 62
2021-22 110 8.6
5.5
Overview (32.9)
(1,821) 32 30 28 38 38
Emirates
17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22
dnata
International UAE
Group
Financial Operating profit/(loss) in AED m Return on Owner's funds in % Loss to profit movement in AED m
information
1,196 1,278 19.3
Emirates 19.2
financial 507 7.6 674
commentary 160 1.7 155
110
1,025 766
dnata 3,019
financial
commentary 1,821
(24.6)
Emirates (1,857)
consolidated
financial 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22 Loss Total revenue Employee Direct Impairments Others Profit
statements 2020-21 costs costs 2021-22
dnata
consolidated
financial
statements
Additional Following the ravaging economic effects of Our people demonstrated exceptional Looking ahead, dnata is geared up for a Other operating income of AED 208m was
information
the COVID-19 pandemic on the aviation and professionalism and resilience during the smooth take-off as soon as lingering clouds of broadly in line with last year (2020-21:
travel sectors last year, 2021-22 was a year COVID-19 crisis. We remain committed to uncertainty from COVID-19 and geopolitical AED 200m).
of recovery. With the increase in the roll out the safety and wellbeing of our people and instability clear up further in the upcoming
of vaccines globally, lifting of lockdowns are carefully building up our human resource year. We look forward to helping drive a robust Overall, the share of geographical revenue
and reduction in the severity of the virus, needs in line with market recovery, prioritising revival of our industry as we continue on our from operations outside the UAE was
international travel restrictions eased and the return of our staff put on furlough or made journey to become the world’s most admired consistent with last year at 62%.
customer demand picked up. However, the redundant, where possible. air services provider.
rebound was kept in check by the emergence Profitability
We continued our focus on strategic
of new variants and waves.
partnerships and critical spending to build Total revenue (including other dnata reported profit attributable to the
After reporting a loss last year, dnata returned a strong foundation for future growth. operating income) Owner of AED 110m, a remarkable turnaround
to profitability – an excellent performance During the year, we announced a significant of AED 1,931m from last year’s loss of
Our total revenue improved substantially by AED 1,821m. This was mainly driven by an
during challenging times which is testament investment at Amsterdam airport to operate 54.5% to AED 8.6bn (2020-21: AED 5.5bn)
to our relentless commitment to quality, one of the world’s largest and most advanced upswing in trading activity in 2021-22 and
as our key markets began to show signs of cost reduction measures introduced since the
safety, people, and customers. All three core cargo facilities. Strong emphasis on quality and recovery. The strongest rally was seen in the
lines of business – airport operations, inflight customer services also helped us enter into a start of the pandemic. In addition, our current
airport operations division with the largest year bottom line also benefitted from no
catering and travel services – saw a surge in strategic partnership with easyJet to manage contribution from the UAE business. Inflight
business activities that led to a solid increase the end-to-end inflight retail services across impairment charges against goodwill & other
catering was up following a 135.5% increase intangible assets (2020-21: AED 766m).
in total revenue for dnata. Cash reserves the airline’s network. On the technology front, in meals uplifted. The upturn in travel services
remained stable because of strong inflows we invested in the ‘OneCargo Management was relatively moderate as the emergence of Our profit margin and return on Owner’s funds
from operating activities which underscores system’ to digitalise processes and maximise the Omicron variant during the peak travel closed at 1.3% and 1.7% respectively following
the strength of our operating model. efficiencies across our cargo operations. season severely dented travel bookings. negative returns last year.
80
The Emirates Group
Revenue by Line of Business Inflight catering - Meals uplifted Travel services
Annual number in millions - Total Transaction Value (TTV) in AED bn
Report Revenue in AED m

Airport operations
2021-22
5,720
2020-21 % change % of total
3,934 45.4 68.5
21-22 39.9 21-22 2.3
2021-22 Inflight catering 1,671 1,046 59.8 20.0

20-21 16.9 20-21 0.2
Travel services 694 130 433.8 8.3 19-20 93.5 19-20 10.8
Other services 267 231 15.6 3.2
Overview
Total 8,352 5,341 56.4 100.0 18-19 70.9 18-19 11.5
Emirates
17-18 55.7 17-18 11.3
dnata
Group
Financial Airport operations - Airport operations - Aircraft turns handled Cargo handled -
information Aircraft turns handled - in numbers Cargo handled - in tonnes‘000 as a % of pre-pandemic levels (FY 19-20) as a % of pre-pandemic levels (FY 19-20)
Emirates 21-22 527,501 21-22 2,966 95

114
financial 97 98
66 92
commentary 20-21 289,526 20-21 2,686
58 86 104
90 95
dnata
financial 19-20 680,867 19-20 2,929
29 75
54 57
commentary
18-19 698,739 18-19 3,091
29
Emirates
consolidated
financial 17-18 659,591 17-18 3,083 H1 H2 H1 H2 H1 H2 H1 H2
statements 20-21 21-22 20-21 21-22
dnata International UAE International UAE
consolidated
financial
statements
Additional
information
Airport operations Revenue from cargo handling business, that Inflight catering Travel services
was more resilient during the pandemic,
Airport operations continues to be the largest Our inflight catering business has seen a The travel business continued to be affected
further improved by 16.1% to AED 2.1bn as
business segment of dnata. Revenue increased partial recovery from the pandemic as revenue by the impact of the pandemic this year
cargo volumes rose by 10.4% to 3.0 million
by 45.4% to AED 5.7bn (2020-21: AED 3.9bn) rose by 59.8% to AED 1.7bn (2020-21: AED as varying travel restrictions, vaccination
tonnes – now in line with pre-COVID level.
due to higher traffic as more countries lifted 1.0bn), reaching 50.4% of pre-pandemic level. requirements and testing procedures either
This performance is a testimony to the
travel restrictions and reduced quarantine The number of meals catered increased by prevented or discouraged travellers in differing
agility of our business and operations as we
measures. 135.5% to 39.9m (2020-21: 16.9m). Significant ways across the globe. Revenue recovered to
enhanced our global offering in response to
improvement in volumes was seen in our AED 0.7bn (2020-21: AED 0.1bn), but remained
Revenue from ground handling operations customer demand and business opportunities
Australia business as domestic travel revived. only 19.6% of the pre-pandemic level.
grew by 70.0% to AED 3.6bn. This was driven while keeping a strong focus on quality and
Other major upsides were witnessed in the UK
by an increase of 82.2% in aircraft turns safety. Revenue in the UAE surged 29.3% to In dnata Travel’s largest source market, the
and Sharjah (UAE) businesses.
handled to 528k (2020-21: 290k) and are now AED 0.6bn as volumes grew by 29.0% to 742 UK, trading began to improve but stalled
at 77.5% of pre-pandemic level (compared thousand tonnes. Other prominent upswings Major customer wins during the year included again as the Omicron variant affected
with FY 19-20). UAE, our biggest market, saw a in cargo revenue included the UK and BA CityFlyer, which led to dnata Catering customer demand. Recovery in Q4 gathered
significant jump in revenue – up 68.8% to AED the Netherlands. launching operations at London City Airport momentum but was slower than expected
1.8bn – as aircraft turns handled rose by 71.9% and the global inflight retail services contract due to geopolitical uncertainties. The trading
We continued to make strategic investments in
to 134k. Similarly, our international businesses for easyJet. The easyJet contract marks a recovery in the UAE was quicker as demand
infrastructure including opening of a workshop
registered a 71.2% growth in ground handling significant milestone for dnata’s growing for staycations and trips to the Indian Ocean
dedicated to providing advanced maintenance
revenue that reached AED 1.8bn as volumes catering and retail business, cementing its increased. Trading in our Asia business was
for airside passenger buses at Dubai airport,
were up 86.0%. Notable contributions in position as a leading end-to-end inflight and minimal as most of South-East Asia remained
a state-of-the-art cargo centre in London
international businesses were seen in the US, airport service provider globally. dnata delivers in lockdown for the majority of the year.
and additional cargo facilities in Sydney.
Italy, Australia, Switzerland and Brazil. As the a tailor-made on-board retail programme and
We also expanded our global footprint and The outlook for the next financial year is
world continued to recover from the crisis we innovative solutions for the airline, supporting
established operations in Zanzibar to provide much more positive as key destinations and
witnessed steady growth in operations and as it to further enhance its retail range onboard
ground and passenger handling services at source markets continue to relax or remove
a result, volumes in H2 of FY 21-22 reached and customer satisfaction.
the new international terminal. In addition, restrictions and measures that have made
95.1% and 85.9% of pre-pandemic levels
we announced a long-term investment in Overall, the business is now well-placed to travel difficult and more expensive.
internationally and in the UAE respectively.
our cargo operations in Amsterdam that will better capture volume growth as demand
significantly enhance cargo capacity in increases.
the Netherlands.
81
The Emirates Group
Operating costs* in AED bn Employee costs as % of total operating costs
Annual 14.3
21-22
Report
13.1 47 53
11.9
20-21 44 56
2021-22 7.4
8.4 Operating costs in AED m 2021-22 2020-21 % change % of total
19-20 41 59
Employee costs 3,964 3,290 20.5 47.2
Overview 18-19 41 59 Direct costs 2,121 1,096 93.5 25.2
- Airport operations 1,012 715 41.5 12.0
Emirates
17-18 18-19 19-20 20-21 21-22 17-18 43 57 - Inflight catering 742 326 127.6 8.8
dnata
Employee costs Other operating costs - Travel services 367 53 592.5 4.4
Group - Others - 2 (100.0) -
Financial Geographical workforce in % Depreciation, amortisation and impairment 879 1,662 (47.1) 10.5
information
Facilities related expenditure 368 325 13.2 4.4
Emirates Information technology costs 276 270 2.2 3.3
financial
commentary 66% Overseas Sales and marketing expenses 87 35 148.6 1.0
dnata
Corporate overheads* 705 720 (2.1) 8.4
financial 34% UAE Total operating costs 8,400 7,398 13.5 100.0
commentary
*Includes net loss allowance for impairment of trade receivables.
Emirates
consolidated
financial
statements
dnata
consolidated
financial
statements
Additional
information
Operating costs Employee costs Direct costs Other operating costs
dnata’s total operating costs, including the Employee costs, the single largest component Direct costs rose by 93.5% year-on-year to Depreciation, amortisation and impairment
provision for impairment of trade receivables, of operating costs at 47.2%, increased by AED 2.1bn (2020-21: AED 1.1bn) as businesses charges fell by 47.1% to AED 0.9bn (2020-21:
climbed 13.5% to AED 8.4bn (2020-21: AED 20.5% to AED 4.0bn (2020-21: AED 3.3bn). regained momentum. AED 1.7bn) because of one-off impairments of
7.4bn) in line with the growth in operations After a reduction of 29.2% last year, employee AED 0.7bn on intangible assets recognised in
Airport operations related direct costs were the prior year which were triggered by historic
across the three lines of business. The increase numbers rose again this year by 14.7% 41.5% higher at AED 1.0bn (2020-21: AED plunge in demand and uncertain future
mainly related to employee expenses and reaching 39,376 at year end, commensurate 0.7bn) due to increases in contract labour, cashflows.
direct costs. This was partially offset by a with the recovery of trading activities. The fuel and spares, and passenger transport
significant reduction in impairment charges increase in costs was also driven by higher costs - in line with the spike in the business Facilities related expenditure was up by 13.2%
on non-financial assets as market conditions overtime and staff retention pay-outs in our activity across the network and driven by to AED 368m (2020-21: AED 325m) on account
and future prospects of the underlying international businesses. The biggest impact inflationary pressures. of reduced COVID-19 related reliefs received
businesses improved. Strengthening of major on the employee costs, however, was the from governments across our international
currencies against USD also pushed up the reduction in the COVID related payroll grants Inflight catering related direct costs increased businesses.
operating costs. from various governments – down 46.3% to by 127.6% to AED 742m (2020-21: AED 326m)
AED 366m (2020-21: AED 682m). consistent with the increase in revenue. Sales and marketing expenses jumped by
The number of meals uplifted increased 148.6% to AED 87m (2020-21: AED 35m)
significantly in the UK, US, Australia, Italy as mainly the travel businesses resumed
Employee strength in numbers and UAE. marketing activities.
2021-22 2020-21 % change % of total Direct costs for travel services soared by Corporate overheads were down 2.1% to AED
Airport operations 28,205 23,500 20.0 71.6 592.5% to AED 367m (2020-21: AED 53m), in 705m (2020-21: AED 720m) primarily due
sync with higher revenue as demand for travel to lower provision for impairment of trade
Inflight catering 6,718 6,175 8.8 17.1 bookings improved, particularly in the UK. receivables in the current year.
Travel services 3,193 3,118 2.4 8.1
Others 1,260 1,551 (18.8) 3.2
Closing employee strength 39,376 34,344 14.7 100.0
82
The Emirates Group
Annual Cash flow in AED m

1,217
236
12
Report
761
2021-22 Assets in AED m 2021-22 2020-21 % change % of total 4,690 4,898

PPE, ROU assets, investment 6,331 6,632 (4.5) 42.7
property & intangible assets
Overview Investments accounted for using the 391 455 (14.1) 2.6 Cash assets Net cash Net cash Net cash Effects of Cash assets
equity method as at generated used in used in exchange as at
Emirates 31 March 21 from operating investing financing rate changes 31 March 22
Trade and other receivables 2,853 2,195 30.0 19.3 activities activities# activities*
dnata
Cash assets 4,898 4,690 4.4 33.0 #excluding movement in short term bank deposits.
*excluding movement in bank overdrafts.
Group Other assets 351 302 16.2 2.4
Financial Total 14,824 14,274 3.9 100.0 Operating cash margin in % Cash assets in AED m
information
14.2 14.2 5,316
4,945 5,122 4,898
Emirates Equity and liabilities in AED m 2021-22 2020-21 % change % of total 4,690
financial 9.8 9.4
commentary Equity 6,527 6,535 (0.1) 44.0
Borrowings and lease liabilities 3,783 4,058 (6.8) 25.5
dnata
financial Trade and other payables & deferred 3,788 2,845 33.1 25.6
commentary revenue
Emirates Other liabilities 726 836 (13.2) 4.9 0.2
consolidated Total 14,824 14,274 3.9 100.0
financial 17-18 18-19 19-20 20-21 21-22 17-18 18-19 19-20 20-21 21-22
statements
dnata
consolidated
financial
statements
Additional
information Statement of financial position Intangible assets reduced marginally by 5.6% 1.3bn (2020-21: AED 1.5bn) as repayments of result, operating cash margin also increased
to AED 2.0bn (2020-21: AED 2.1bn) as the AED 0.4bn were partly countered by new loans to 14.2% (2020-21: 0.2%). The cash generated
Assets impacts of amortisation and unfavourable of AED 0.2bn obtained to fund capital projects from operating activities was mainly utilised
Total assets increased by 3.9% to AED 14.8bn forex were compensated by computer software in the UK airport operations and additions to for net repayment of loans and lease
(2020-21: AED 14.3bn). additions in the UK and UAE. Goodwill, the the investment property portfolio. obligations of AED 0.8bn and net investments
largest component of intangible assets, was of AED 0.2bn resulting in an increase in cash
Property, plant and equipment (‘PPE’), right- consistent with last year. Lease liabilities decreased by 2.3% to AED assets of AED 0.2bn.
of-use (‘ROU’) assets, investment property and 2.3bn (2020-21: AED 2.4bn). This was driven
intangible assets combined were down 4.5% Investments accounted for using the equity by repayments of AED 0.5bn, balanced in The return to profitability and improvement
to AED 6.3bn (2020-21: AED 6.6bn). A strong method slid by 14.1% to AED 391m (2020-21: part by; i) new leases in airport operations in our liquidity position at the year end puts
US Dollar decreased the value of these assets AED 455m) principally due to sale of our joint in the US, Australia and UAE, and ii) lease us in a strong position as we begin the next
by AED 109m. venture investment in Bollore Logistics LLC in remeasurements, mainly from a warehouse financial year. With volumes moving towards
the UAE. contract extension in Amsterdam. pre-pandemic levels, we are focussed on
PPE decreased by 11.1% to AED 1.8bn (2020- deploying additional resources and capacity
21: AED 2.1bn) due to depreciation charges Trade and other receivables increased by Trade and other payables (including deferred efficiently to improve our competitive position.
of AED 371m and transfer of the Information 30.0% to AED 2.9bn (2020-21: AED 2.2bn) revenue) increased by 33.1% to AED 3.8bn We are also alert to the continued uncertainty
Technology division assets to Emirates reflecting the growth in business activity. (2020-21: AED 2.8bn) as a consequence of the and the need to protect the strength of our
effective 31 March 2022. These were partly rebound in global travel demand. balance sheet and liquidity levels. We will
offset by various investments made during the Equity remain steadfast and agile to get through this
year, including; i) expansion in cargo facilities Cash position period of uncertainty and continue to deliver
Total equity remained in line with previous
in Amsterdam, Sydney and London, and year at AED 6.5bn. Cash assets grew by AED 208m to AED 4.9bn for our customers, people and shareholder in
ii) purchase of new ground handling and (2020-21: AED 4.7bn). With a strong recovery the years to come.
catering equipment in the UK, US and UAE. Liabilities in trading activity, particularly in airport
operations, cash generated from operating
ROU assets were in line with last year at AED Total liabilities increased by AED 558m and
activities returned a healthy AED 1.2bn after
2.0bn (2020-21: AED 2.0bn). The impact of new stood at AED 8.3bn (2020-21: AED 7.7bn).
only AED 10m last year. This reflects that the
leases across North America and in Dubai was relatively modest profit before tax of AED
evened out by depreciation charges and an Borrowings and lease liabilities declined by
AED 275m to AED 3.8bn (2020-21: AED 4.1bn). 134m was largely due to non-cash expenses
adverse foreign exchange movement. such as depreciation and amortisation. As a
Term loans reduced by AED 204m to AED
83
The Emirates Group
Annual
Report
2021-22
Overview Independent Auditor’s Report

to the Owner of Emirates
Emirates
dnata
Group
Financial
information
Emirates
financial
commentary
dnata
dnata
Our opinion Independence
financial
financial
commentary
commentary
In our opinion, the consolidated financial statements present fairly, in all material We are independent of Emirates in accordance with the International Code of Ethics for
respects, the consolidated financial position of Emirates and its subsidiaries (together Professional Accountants (including International Independence Standards) issued by
Emirates
Emirates referred to as “Emirates”) as at 31 March 2022, and its consolidated financial the International Ethics Standards Board for Accountants (IESBA Code) and the ethical
consolidated
consolidated
financial
financial
performance and its consolidated cash flows for the year then ended in accordance requirements that are relevant to our audit of the consolidated financial statements
statements
statements with International Financial Reporting Standards (“IFRS”). in the United Arab Emirates. We have fulfilled our other ethical responsibilities in
accordance with these requirements and the IESBA Code.
dnata
consolidated What we have audited
financial Our audit approach
statements Emirates’ consolidated financial statements comprise:
Additional Overview
information ● the consolidated income statement for the year ended 31 March 2022;
● the consolidated statement of comprehensive income for the year ended Key audit matters ● Passenger and cargo revenue recognition
31 March 2022; ● Accounting for the “Skywards” frequent flyer programme
● the consolidated statement of financial position as at 31 March 2022; ● Impairment of the airline cash generating unit
● the consolidated statement of changes in equity for the year ended 31 March 2022; ● Provision for aircraft return conditions
● the consolidated statement of cash flows for the year ended 31 March 2022; and
As part of designing our audit, we determined materiality and assessed the risks of
● the notes to the consolidated financial statements, which include significant
material misstatement in the consolidated financial statements. In particular, we
accounting policies and other explanatory information.
considered where management made subjective judgements; for example, in respect
of significant accounting estimates that involved making assumptions and considering
Basis for opinion 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
We conducted our audit in accordance with International Standards on Auditing
consideration of whether there was evidence of bias that represented a risk of material
(“ISAs”). Our responsibilities under those standards are further described in the
misstatement due to fraud.
Auditor’s responsibilities for the audit of the consolidated financial statements section
of our report.
We tailored the scope of our audit in order to perform sufficient work to enable us to
provide an opinion on the consolidated financial statements as a whole, taking into
We believe that the audit evidence we have obtained is sufficient and appropriate to
account the structure of Emirates, the accounting processes and controls, and the
provide a basis for our opinion.
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
Jacques Fakhoury, Douglas O’Mahony, Murad Alnsour and Rami Sarhan are registered as practising auditors with the UAE Ministry of Economy
84
The Emirates Group
Annual Independent Auditor’s Report to the Owner of Emirates (continued)

Report
2021-22
Key audit matters
Overview
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
Emirates 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
dnata opinion on these matters.
Group
Key audit matter How our audit addressed the Key audit matter
Financial
information
Emirates
Passenger and cargo revenue recognition We performed end-to-end walkthroughs of the finance and operational
financial processes surrounding the revenue systems, to assess the design effectiveness
commentary When a flight booking is made, passenger and cargo revenue is measured based on of the related key internal controls and identify changes, if any, that have
the sales price to the customer and allocated to each performance obligation under occurred during the current year.
dnata
dnata the contract. Revenue is initially deferred on the consolidated statement of financial
financial
financial
commentary
commentary position and subsequently recognised in the consolidated income statement when We tested the operating effectiveness of these key controls to obtain sufficient,
the related performance obligation has been fulfilled (typically when a passenger appropriate evidence that they operated throughout the year as intended. We
Emirates
Emirates or the cargo has flown) (refer to notes 2, 3, 5 and 23 to the consolidated financial
consolidated
consolidated also tested the key IT systems, including interfaces that impact the recognition
financial
financial statements). of revenue from passenger and cargo sales along with the IT change control
statements
statements
procedures and related application controls.
The determination of the revenue to be recognised for each flight requires complex
dnata
consolidated IT systems and involves the exchange of information with industry systems and We performed computer assisted audit techniques over passenger and
financial other airlines for a high volume of transactions. cargo revenue to identify and test unexpected entries and correlate revenue
statements
movements during the year to accounts receivable and cash. We substantively
Additional The accounting for passenger and cargo revenue is susceptible to management tested a sample of revenue from passenger and cargo sales at a booking and
information override of controls through the recording of manual journals in the accounting flight level to validate occurrence and cut-off of revenue. We tested manual
records, the override of IT systems to accelerate revenue recognition, or the journal entries posted into relevant revenue accounts in the sub-ledgers and
manipulation of inputs used to calculate revenue recorded in respect of unused the general ledger.
revenue documents.
We obtained data supporting Emirates’ historical expiry trend in respect
The timing of revenue recognition for unused revenue documents requires of unused revenue documents. In addition to performing controls testing
judgement due to the timeframe over which revenue documents can be utilised as described above, the accuracy of historical expiry data was tested and
and the large number of fare types sold by Emirates. Management has determined compared to that used in the calculation of the amount of revenue to recognise
the value of unused revenue documents that will not be utilised based on their from unused revenue documents to assess reasonableness.
terms and conditions and historical expiry trends.
We assessed whether the related disclosures in notes 2, 3, 5 and 23 to the
We focused on this area as a result of the complexity of the related IT systems, the consolidated financial statements are consistent with the requirements of IFRS.
potential for management override of controls and the level of judgement required
by management in determining the timing of recognition of unused revenue
documents.
85
The Emirates Group

Report
2021-22
Overview
Emirates
Accounting for the “Skywards” frequent flyer programme We tested management’s model supporting the calculation of
dnata Skywards deferred revenue as follows:
Emirates operates frequent flyer programmes in order to encourage and incentivise loyalty from ● we updated our understanding of the process and related
Group its customers, with “Skywards” being the biggest programme of this type. Skywards members controls by which deferred revenue is calculated;
Financial either earn Skywards miles after a flight has been paid for and flown or from Skywards partners
● we tested automated controls and key interfaces between the
information who purchase miles from Emirates to issue to their customers. Skywards miles can be redeemed
IT systems used to initially accrue and subsequently redeem
for reductions in airfares as well as being used towards free flights, cabin class upgrades and
Emirates the Skywards miles for each member;
financial other non-airline rewards.
commentary
● we reconciled the Skywards miles issued and redeemed during
the year, and the closing miles balance in the model to the
The consideration in respect of the value of unused miles issued to Skywards members when
dnata
dnata underlying IT systems;
financial
financial flights are flown and for miles issued to Skywards members from sales to partners with a total
commentary
commentary value of AED 2,073 million as at 31 March 2022 is recognised in the consolidated statement of ● we tested the mathematical accuracy of management’s model;
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,
Emirates
Emirates
consolidated
consolidated statements). Revenue is recognised in the consolidated income statement when the miles are including agreeing historical expiry trends supporting the
financial
financial redeemed by a customer and the underlying performance obligation relating to the redeemed expiry percentage, historical sector average fares and historical
statements
statements fares for upgrades to underlying reports, discussing anticipated
miles is fulfilled.
dnata future changes to the Skywards programme that may impact
consolidated The consideration for each mile is based on a relative standalone selling price calculated using a expiry trends with appropriate senior management and testing
financial ticket and upgrade availability to internal supporting evidence;
statements
model incorporating a number of factors including historical sector average fares, historical fares
for upgrades, ticket and upgrade availability and redemption patterns. An estimate is also made and
Additional 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
information
changes to the Skywards programme. variables used in management’s model.
We focused on this area because of the significant level of judgement exercised by management We assessed whether the 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.
86
The Emirates Group

Report
2021-22
Overview
Emirates
Impairment of the airline cash generating unit (CGU) We obtained management’s impairment model and discussed the key
dnata assumptions with senior management.
Given that COVID-19 continues to have an impact on the airline industry, management
Group has performed an impairment assessment at the airline CGU level. No impairment We evaluated the appropriateness of the key assumptions within the model
Financial was recognised in respect of the airline CGU (refer to notes 2, 3, 12 and 13 to the as follows:
information consolidated financial statements). ● using a variety of available internal and external analyses, we assessed
Emirates whether management’s cash flow projections were reasonable, including:
financial An assessment of the recoverable amount of the airline CGU compared to its carrying
● comparing the anticipated recovery timeline of airline revenues to
commentary value was performed based on cash flow projections prepared taking into account the
published views of market commentators, and publicly available
current and forecast COVID-19 situation. Management has estimated the recoverable
dnata
dnata aviation industry reports;
financial
financial amount of the airline CGU based on its value in use, using a discounted cash flow
● comparing the cost estimates to management forecasts and future
commentary
commentary model. The cash flow projections are based on current and anticipated market
market prices where applicable;
Emirates
Emirates
conditions covering the period to 2024-25.
● comparing planned capital expenditure to management’s forecast of
consolidated
consolidated
financial
financial The key assumptions applied by management in estimating the recoverable amount of aircraft delivery timing and contractually agreed aircraft values; and
statements
statements ● performing look back testing using previous impairment models to
the CGU included:
dnata ● an anticipated gradual recovery of airline operations to 95% of pre-COVID-19 ascertain the appropriateness of management’s assumptions;
consolidated revenues by financial year 2024-25; ● we compared the long-term growth rates to external airline industry
financial
statements ● cost expectations in line with expected operational capacity, known cost savings and economic data and economic forecasts; and
future market prices, where applicable; ● we performed an independent calculation of the discount rate, with
Additional
information ● capital expenditure based on estimated aircraft replacement timing at contracted particular reference to comparable companies and compared this
values; calculation to the rate used by management.
● the long-term growth rate of 1.5% after the financial year 2024-25; and
the pre-tax discount rate of 7.5% used in the impairment model. We tested the mathematical accuracy of the impairment model.
We tested the sensitivity analyses over each of the significant assumptions

We focused on this area because of the significant level of judgement exercised
within the impairment model.
by management in determining the underlying assumptions and estimating the
recoverable amount of the airline CGU.
We assessed whether the related disclosures in notes 2, 3, 12 and 13 to the
consolidated financial statements are consistent with the requirements of
IFRS.
87
The Emirates Group

Report
2021-22
Overview
Emirates
Provision for aircraft return conditions We obtained the aircraft return provision model prepared by management, together with a
dnata summary of the underlying assumptions.
Emirates operated 129 aircraft under lease arrangements at 31 March
Group 2022 (2021: 131). We tested the completeness of the provision by ensuring that all significant return condition
Financial obligations included in aircraft lease contracts were included in the model.
information Under the terms of the lease arrangements with the lessors, Emirates
is contractually committed to either return the aircraft and/or engines We reperformed the calculations within the model to test the mathematical accuracy.
Emirates
financial in a certain condition or to compensate the lessor based on the
commentary actual condition of the aircraft and/or engines at the date of return. To understand the methodology used by management, the following key assumptions were
Accordingly, a provision of AED 5,754 million is recorded for the discussed with senior engineering and finance personnel:
dnata
dnata
financial
financial present value of the expected cost associated with these contractual ● the past and expected future utilisation and maintenance patterns of the aircraft;
commentary
commentary return conditions and is recognised in the consolidated statement of
● the expected cost of each maintenance event at the time it is expected to occur; and
Emirates
Emirates
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.
consolidated
consolidated consolidated financial statements).
financial
financial
statements
statements
The provision is calculated using a model which incorporates a We compared historical utilisation of the aircraft to flying records and assessed if the future
dnata number of assumptions, requiring significant judgement, including utilisation assumptions were considered reasonable in light of past experience. Assumed
consolidated the: maintenance costs were assessed against historical actual costs incurred and existing long
financial
● past and expected future utilisation and maintenance patterns of term maintenance agreements. Future maintenance patterns were assessed against internal
statements
the aircraft and engines; maintenance plans. We verified that the discount rate applied by management to the future
Additional liability was within an acceptable range with reference to the time value of money applicable
information
● expected cost of the maintenance at the time it is estimated to
to Emirates and the risks specific to the liability.
occur; and
● discount rate applied to calculate the present value of the future
Along with testing management’s sensitivity analysis on reasonably possible changes in
liability.
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
We focused on this area because of the significant level of judgement provisions were reasonable.
exercised by management in determining the underlying assumptions
within the model and the sensitivity of the amounts recorded in the We assessed whether the related disclosures in notes 2, 3 and 22 to the consolidated
consolidated financial statements from changes in these assumptions. financial statements are consistent with the requirements of IFRS.
Other information
Management is responsible for the other information. The other information comprises is to read the other information identified above and, in doing so, consider whether the
the information included in the Annual Report (but does not include the consolidated other information is materially inconsistent with the consolidated financial statements
financial statements and our auditor’s report thereon). or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
Our opinion on the consolidated financial statements does not cover the other If, based on the work we have performed, we conclude that there is a material
information and we do not express any form of assurance conclusion thereon. misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
In connection with our audit of the consolidated financial statements, our responsibility
88
The Emirates Group

Report
2021-22
Responsibilities of management and those charged with governance for the consolidated financial statements
Overview
Management is responsible for the preparation and fair presentation of the assessing Emirates’ ability to continue as a going concern, disclosing, as applicable,
Emirates 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
dnata as management determines is necessary to enable the preparation of consolidated unless management either intends to liquidate Emirates or to cease operations, or has
financial statements that are free from material misstatement, whether due to fraud no realistic alternative but to do so.
Group
or error.
Financial Those charged with governance are responsible for overseeing Emirates’ financial
information In preparing the consolidated financial statements, management is responsible for reporting process.
Emirates
financial
commentary
dnata
dnata Auditor’s responsibilities for the audit of the consolidated ● Evaluate the overall presentation, structure and content of the consolidated financial
financial
financial
financial statements statements, including the disclosures, and whether the consolidated financial
commentary
commentary statements represent the underlying transactions and events in a manner that
Emirates
Emirates achieves fair presentation.
consolidated
consolidated Our objectives are to obtain reasonable assurance about whether the consolidated ● Obtain sufficient appropriate audit evidence regarding the financial information
financial
financial financial statements as a whole are free from material misstatement, whether due to
statements
statements of the entities or business activities within Emirates 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
dnata assurance is a high level of assurance, but is not a guarantee that an audit conducted and performance of the Emirates audit. We remain solely responsible for our audit
consolidated in accordance with ISAs will always detect a material misstatement when it exists.
financial opinion.
statements Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic We communicate with those charged with governance regarding, among other matters,
Additional
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
information
significant deficiencies in internal control that we identify during our audit.
As part of an audit in accordance with ISAs, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also: We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
● 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
statements, whether due to fraud or error, design and perform audit procedures independence, and where applicable, actions taken to eliminate threats or safeguards
responsive to those risks, and obtain audit evidence that is sufficient and appropriate applied.
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 From the matters communicated with those charged with governance, we determine
collusion, forgery, intentional omissions, misrepresentations, or the override of those matters that were of most significance in the audit of the consolidated financial
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 Emirates’ internal control. should not be communicated in our report because the adverse consequences of
● Evaluate the appropriateness of accounting policies used and the reasonableness of doing so would reasonably be expected to outweigh the public interest benefits of
accounting estimates and related disclosures made by management. such communication.
● Conclude on the appropriateness of management’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material PricewaterhouseCoopers
uncertainty exists related to events or conditions that may cast significant doubt 9 May 2022
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 Douglas O’Mahony
may cause Emirates to cease to continue as a going concern. Registered Auditor Number 834
Dubai, United Arab Emirates
89
The Emirates Group
Annual Consolidated Income Statement

Report for the year ended 31 March 2022
Emirates
2021-22 CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
Note 2022 2021

Overview Emirates
CONSOLIDATED INCOME STATEMENT AED m AED m
Emirates
Revenue
FOR THE YEAR ENDED 31 MARCH 2022 5 58,282 30,230
dnata
Other operating income 6
Note 898
2022 697
2021
Group
Operating costs 7 (59,618)
AED m (45,948)
AED m
Financial
information Operating
Revenue loss 5 (438)
58,282 (15,021)
30,230
Emirates Finance
Other income income
operating 8
6 153
898 288
697
financial
commentary Finance costs
Operating costs 8
7 (3,737)
(59,618) (4,514)
(45,948)
dnata
dnata Other financial
Operating lossgains / (losses) 9 70
(438) (1,088)
(15,021)
financial
financial
commentary
commentary Share ofincome
Finance results of investments accounted for using the equity method 15
8 149
153 35
288
Emirates
Emirates Loss before
Finance coststax 8 (3,803)
(3,737) (20,300)
(4,514)
consolidated
consolidated
Incomefinancial
Other tax expense
gains-/net
(losses) 10
9 (31)
70 (10)
(1,088)
financial
financial
statements
statements Loss for
Share the year
of results of investments accounted for using the equity method 15 (3,834)
149 (20,310)
35
dnata Profit / (loss) tax
Loss before attributable to non-controlling interests 83
(3,803) (31)
(20,300)
consolidated
financial Loss attributable
Income to-Emirates'
tax expense net Owner 10 (3,917)
(31) (20,279)
(10)
statements
Loss for the year (3,834) (20,310)
Additional CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
information Profit / (loss) attributable to non-controlling interests 83 (31)
Consolidated Statement of Comprehensive Income
Loss attributable to Emirates' Owner (3,917) (20,279)
Note 2022 2021
for the year ended 31 March 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AED m AED m
Loss THE
FOR for the year
YEAR ENDED 31 MARCH 2022 (3,834) (20,310)
Items that will not be reclassified to the consolidated income statement Note 2022 2021
Remeasurement of retirement benefit obligations 22 (a) (93)
AED m AED(6)
m
Items that
Loss for theare or may be reclassified subsequently to the consolidated income statement
year (3,834) (20,310)
Currency
Items translation
that will differencesto the consolidated income statement
not be reclassified 20 (5) (3)
Cash flow hedgesof retirement benefit obligations
Remeasurement 20
22 (a) 652
(93) 5,645
(6)
Other that
Items comprehensive
are or may income for the subsequently
be reclassified year to the consolidated income statement 554 5,636
Total comprehensive
Currency income
translation for the year
differences 20 (3,280)
(5) (14,674)
(3)
TotalCash
comprehensive
flow hedgesincome attributable to non-controlling interests 20 84
652 (31)
5,645
Total
Othercomprehensive
comprehensiveincome
incomeattributable
for the year to Emirates' Owner (3,364)
554 (14,643)
5,636
Total
The comprehensive
accompanying income
notes are anfor the year
integral part of these consolidated financial statements. (3,280) (14,674)
Total comprehensive income attributable to non-controlling interests 84 (31)
Total comprehensive income attributable to Emirates' Owner (3,364) (14,643)
The accompanying notes are an integral part of these consolidated financial statements.
90
The Emirates Group
Annual Consolidated Statement of Financial Position

ates
Report Emirates
as at 31 March 2022
2021-22 CONSOLIDATED
SOLIDATED STATEMENT OF FINANCIAL STATEMENT
POSITION OF FINANCIAL POSITION
T 31 MARCH 2022 AS AT 31 MARCH 2022
Note 2022 2021 Note 2022 Note
2021 2022 2
Overview Note 2022 2021
AED m AED m AED m AED m AED m AE
AED m AED m
Emirates
ASSETS EQUITY AND LIABILITIES EQUITY AND LIABILITIES
ETS dnata
Non-current assets Capital and reserves Capital and reserves
-current assets
Group
Capital Capital 19 15,647 12,14719 15,647 12
erty, plant and equipmentProperty, plant and equipment
12 76,144 79,25812 76,144 79,258
Financial
Right-of-use assets Other reserves Other reserves 20 504 20
(143) 504
t-of-useinformation
assets 13 36,715 43,48613 36,715 43,486
Intangible assets Retained earnings Retained earnings 3,582 7,593 3,582 7
gible assets
Emirates 14 5,704 5,26614 5,704 5,266
financial Investments accounted
tments accounted for using the equity method for using
15 the equity
693 method 66015 693 660 Attributable to Emirates' Owner
Attributable to Emirates' Owner 19,733 19,597 19,733 19
commentary
e and other receivables Trade and other receivables17 32 16317 32 163 Non-controlling interests Non-controlling interests 580 550 580
dnata
dnata
ative financial Derivative financial instruments
financialinstruments
financial 28 223 - 28 223 - Total equity Total equity 20,313 20,147 20,313 20
commentary
commentary
rred tax assets Deferred tax assets 24 53 5324 53 53
Emirates
Emirates
119,564 128,886 Non-current liabilities Non-current liabilities
consolidated
consolidated 119,564 128,886
financial
financial
Current assets Trade and other payables Trade and other payables 25 866 18725 866
ent assets
statements
statements
ntories Inventories 16 2,344 2,32216 2,344 2,322 Borrowings and lease liabilitiesBorrowings and lease liabilities
21 78,432 89,63721 78,432 89
dnata
Derivative financial instruments
Derivative financial instruments 28 13 21628 13
e and other receivables Trade and other receivables17
consolidated 6,833 4,76317 6,833 4,763
financial
Derivative financial instruments Provisions Provisions 22 6,212 5,88322 6,212 5
ative financial
statementsinstruments 28 363 69828 363 698
Short term bank deposits 18 Deferred tax liabilities Deferred tax liabilities 24 - 224 -
t term bank deposits
Additional 16,914 11,06318 16,914 11,063
Cash and cash equivalents 18 85,523 95,925 85,523 95
4,04518 3,966 4,045
information
and cash equivalents 3,966
30,420 22,891 Current liabilities Current liabilities
30,420 22,891
Total assets 149,984 151,777 Trade and other payables Trade and other payables 25 13,013 10,19925 13,013 10
l assets 149,984 151,777
Deferred revenue Deferred revenue 23 12,257 6,34723 12,257 6
Borrowings and lease liabilitiesBorrowings and lease liabilities
21 17,813 17,93921 17,813 17
Derivative financial instrumentsDerivative financial instruments
28 35 9128 35
Provisions Provisions 22 997 1,09822 997 1
Current tax liabilities Current tax liabilities 33 31 33
44,148 35,705 44,148 35
Total liabilities Total liabilities 129,671 131,630 129,671 131
Total equity and liabilities Total equity and liabilities 149,984 151,777 149,984 151
The The consolidated financial statements were approved on 9 May 2022 and signed by
The consolidated
consolidated financial
financialstatements
statementswere
wereapproved
approvedon on99May
May2022
2022and
andsigned
signedby:
by:
Theintegral
accompanying notes are an accompanying notesconsolidated
part of these are an integral part ofstatements.
financial these consolidated financial statements.
Sheikh Ahmed bin Saeed Al-Maktoum
Sheikh Ahmed bin Saeed Al-Maktoum Timothy Clark Timothy Clark
Sheikh Ahmed bin Saeed Al-Maktoum Timothy Clark
Chairman and Chief Executive Chairman and Chief Executive President President
Chairman and Chief Executive President
91
The Emirates Group
Annual Consolidated Statement of Changes in Equity

Emirates
2021-22 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to Emirates' Owner
Overview
Non-
Emirates
Other Retained controlling Total
dnata Capital reserves earnings Total interests equity
Group AED m AED m AED m AED m AED m AED m
Financial 1 April 2020 801 (5,701) 27,878 22,978 609 23,587
information
Loss for the year - - (20,279) (20,279) (31) (20,310)
Emirates
financial Other comprehensive income for the year - 5,642 (6) 5,636 - 5,636
commentary
Total comprehensive income for the year - 5,642 (20,285) (14,643) (31) (14,674)
dnata
dnata
financial
financial Capital contribution by Emirates' Owner (Note 19) 11,346 - - 11,346 - 11,346
commentary
commentary
Other capital contributions - - - - 18 18
Emirates
Emirates
consolidated
consolidated Option to acquire non-controlling interest - (84) - (84) - (84)
financial
financial
Non-controlling interests on acquisition of subsidiaries - - - - 29 29
statements
statements
Dividends - - - - (75) (75)
dnata
consolidated Transactions with owners 11,346 (84) - 11,262 (28) 11,234
financial
statements 31 March 2021 12,147 (143) 7,593 19,597 550 20,147
Additional (Loss) / profit for the year - - (3,917) (3,917) 83 (3,834)
information
Other comprehensive income for the year - 647 (94) 553 1 554
Total comprehensive income for the year - 647 (4,011) (3,364) 84 (3,280)
Capital contribution by Emirates' Owner (Note 19) 3,500 - - 3,500 - 3,500
Other capital contributions - - - - 2 2
Dividends - - - - (56) (56)
Transactions with owners 3,500 - - 3,500 (54) 3,446
31 March 2022 15,647 504 3,582 19,733 580 20,313
92
The Emirates Group
Annual Consolidated Statement of Cash Flows

ates Report
Emirates Emirates
2021-22
SOLIDATED STATEMENT
CONSOLIDATED OF CASH
STATEMENT CONSOLIDATED STATEMENT OF CASH FLOWS
FLOWS
OF CASH FLOWS
THE
FORYEAR ENDED
THE YEAR FOR
31 MARCH
ENDED 31 THE YEAR
2022
MARCH 2022 ENDED 31 MARCH 2022
Note Note 2022 2021 Note
Note 2022
2022 2021 Note
2021 2022 2
Overview Note 2022
2022 2021
2021
AED AED m AED m AED m m
AED AEDAED
m m AED m AE
AED mm AED
AED mm
Emirates
Operating activities Operating activities Investing activities
Investing activities Investing activities
ating activities
dnata
Additions to property, plant Additions
Additions to property, plant andequipment
and to property, plant and equipment
equipment (6,181)
(6,181) (3,502)
(3,502) (6,181) (3
before tax tax
Loss before Loss before tax (3,803)
(3,803) (20,300)
(20,300) (3,803) (20,300)
Group Additions to intangible assets
Additions to intangible assets Additions to intangible assets (1,374)
(1,374) (827)
(827) (1,374)
Adjustments
stments for: for: Adjustments for:
Financial Proceeds from
Proceeds from sale
sale of
ofproperty, plant
plantand
Proceeds
property, equipment
from
and sale of property, plant and
equipment 83 equipment
83 191191 83
Leaseinformation
rental waivers
ase rental waivers Lease rental waivers 6 6 (267)
(267) (283)
(283)6 (267) (283)
Investments in associates and joint ventures 15 (8) -
Depreciation, amortisation and7 impairment
18,166 19,665
7 18,166 19,665 Investments in associates and Investments
joint venturesin associates and
15 joint ventures (8) - 15 (8)
preciation, amortisation and impairment
Emirates 7 18,166 19,665 Movement in short term bank deposits (5,851) 954
Provision for retirement benefit obligations
Provision 7 (b)
for retirement benefit 529 579 Movement in short term bankMovement
deposits in short term bank deposits(5,851) 954 (5,851)
7 (b) obligations 7 (b) 529 579
financial
ovision commentary
for retirement benefit obligations 529 579 Interest received 114 482
Net loss allowance for impairment of trade for impairment of trade Interest received Interest received 114 482 114
Net
t loss allowance for impairment of tradeloss allowance Dividends from investments accounted for using
receivables
dnata
dnata 7 29 35 Dividendsfor
Dividends from investments accounted from investments accounted for using
using
eivablesfinancial
financial receivables 7 29 35 7 29 35 the equity method 15 112 58
Finance costs - net 8 3,584 4,226 the equity method the equity method 15 112 5815 112
commentary
commentary
ance costs - net Finance costs - net 8 3,584 4,226 8 3,584 4,226 Net cash used in investing activities (13,105) (2,644)
OtherEmirates
financial (gains) / losses 9 (70) 1,088 Net
Net cash used in investing activitiescash used in investing activities(13,105) (2,644) (13,105) (2,
(gains) / lossesOther financial (gains) / losses
Emirates
her financial 9 (70) 1,088 9 (70) 1,088
Netconsolidated
loss on disposals / write-offs of property,
consolidated
Financing activities
t loss onfinancial Netofloss on disposals / write-offs of property,
&disposals / write-offs property, Financing activities
financial
plant equipment and intangible assets 100 57 Financing activities
statements
statements
plant & equipment and intangible assets 100 57 Capital contributed by Emirates' Owner 19 3,500 11,346
nt Unrealised
& equipment and intangible
exchange losses assets 100 64 5778 Capital contributed by Emirates'
19 Owner 3,500 14,469 11,34619 3,500 11
Capital
Proceedscontributed
from term by Emirates' Owner
loans 21 (b) 9,657
realised
dnata
exchange losses Unrealised exchange losses 64 78 64 78 Proceeds from term loans 21 (b) 9,657
Share of results of
consolidated investments accounted for Proceeds from term loans 21 (b) (13,056)
9,657 14,469 14
Repayment of bonds and term loans (8,640)
are using
of results of
financial investments Share of results
accounted for of investments accounted for Repayment of bonds and term loans (13,056) (8
the equity method
statements 15 (149) (35) Repayment of bonds
Principal element and payments
of lease term loans (13,056) (7,949)
(8,209) (8,640)
ng the equity method benefit using the equity method 15 (149) 15
(35) (149) (35) Principal element of lease payments (8,209) (8,209) (7
Payments of retirement obligations (389) (977) Principal element of lease payments
Interest paid (3,294) (7,949)
(4,081)
ments
Income
Additional
of retirement
tax paid benefit Payments of retirement benefit obligations
obligations (389)(31) (977)
(57) (389) (977) Interest paid (3,294) (4
information Interest paid
Settlement on account of ineffective fuel derivatives (3,294)
70 (4,081)
(2,186)
me
Change in inventories Income tax paid
tax paid (31)
(22) (57)
348 (31) (57)
Settlement on account
Capital contributed Settlement
of ineffective
by non-controlling fuel on account of ineffective fuel 2derivatives
derivatives
interests 70 (2,186)
18 70 (2
ge in inventories
Change in trade and Change
other in inventories
receivables (22)
(1,998) 348
(162) (22) 348 Capital contributed
Capital contributed
Dividends by non-controlling
paid to non-controlling interests by non-controlling (56)
interests interests
2 (75) 18 2
ge in trade
Change and other
in trade Change
receivables
and other in trade
payables, and other receivables (1,998)
deferred (162) (1,998) (162)
Dividends paid to
Net cash (used Dividends
in)non-controlling
/ generated paid to activities
interests
from financing non-controlling(11,386)
interests
(56) 2,902 (75) (56)
revenue
ge andand
in trade provisions Changedeferred
other payables, in trade and other payables, deferred
8,682 (8,716) Net cash (used in) / generated from financing activities (11,386) 2
Net cash (used in) / generated from financing activities (11,386) 2,902
Netand
nue cash generated from
provisions revenue
/ (usedand
in) provisions
operating activities 24,425
8,682 (4,454)
(8,716) 8,682 (8,716) Net change in cash and cash equivalents (66) (4,196)
cash generated from / (usedNet cash generatedactivities
in) operating from / (used in)24,425
operating activities
(4,454) 24,425 (4,454) Cashchange
Net and cash
inequivalents Net change
at beginning
cash and cash in year
of the
equivalents cash and cash equivalents
4,045(66) 8,232
(4,196) (66) (4,
The accompanying notes are an integral part of these consolidated financial statements. Effectand
of exchange rate changesCash and and
on cash cash equivalents
cash at beginning4,045
of the year 8,232 4,045 8
Cash cash equivalents at beginning of the year
Theintegral
accompanying notes are an accompanying notesconsolidated
part of these are an integral part ofstatements.
financial these consolidated financial statements. equivalents
Effect of exchange rate changesEffect of exchange
on cash and cashrate changes on cash(13)
and cash 9
Cash and cash equivalents at equivalents
equivalents end of the year 18 3,966(13) 4,045 9 (13)
Cash and cash
Cash and cash equivalents at end of the yearequivalents at
18 end of the year
3,966 4,045 18 3,966 4
93
The Emirates Group
Annual Notes to the Consolidated Financial Statements

Report for the
NOTES TO year ended 31FINANCIAL
THE CONSOLIDATED March 2022
STATEMENTS
2021-22 FOR THE YEAR ENDED 31 MARCH 2022
1. General information Passenger air traffic at the start of the financial year 2021-22 continued to be
Overview impacted by the pandemic-driven travel restrictions. The emergence and the spread
Emirates comprises Emirates and its subsidiaries. Emirates was incorporated, with of new variants of the virus forced governments of various countries to further tighten
Emirates
limited liability, by an Emiri Decree issued by H. H. Sheikh Maktoum bin Rashid Al- restrictions or reconsider their decision to open borders for travel. However, the
dnata Maktoum on 26 June 1985 and is wholly owned by the Investment Corporation of second half of the financial year saw a gradual decrease in world-wide infections as
Group
Dubai (‘the parent company’ / ‘Owner’), a Government of Dubai entity. Emirates the vaccinated population increased. As a result, air-traffic flows improved and travel
commenced commercial operations on 25 October 1985 and is designated as the requirements became less stringent, Emirates ramped up its passenger operations,
Financial International Airline of the UAE. expanded its network and at 31 March 2022 was flying to 127 passenger destinations
information
Emirates is incorporated and domiciled in Dubai, UAE. The address of its registered or 90% of its pre-pandemic network. Overall seat capacity grew to 67% of pre-COVID
Emirates
financial office is Emirates Group Headquarters, PO Box 686, Dubai, UAE. levels by the end of the financial year. Cargo operations remained robust during the
commentary current year.
dnata
dnata
The main activities of Emirates are:
financial
financial Consequently, cash flows generated from operating activities stood at AED 24.4
commentary
commentary • commercial air transportation which includes passenger and cargo services
billion and the net loss to the Owner reduced significantly by 81% compared to the
• wholesale and retail of consumer goods
Emirates
Emirates prior year.
consolidated
consolidated • catering operations
financial
financial • hotel operations
statements
statements The crisis now shows signs of waning internationally, but management continues to
• sale of food and beverages
closely monitor the operations and liquidity position. Given the demands on liquidity,
dnata
consolidated 2. Summary of significant accounting policies primarily during the first half of the financial year, Emirates’ Owner extended support
financial by injecting a further AED 3.5 billion in the form of equity.
statements A summary of the significant accounting policies, which have been applied
Additional
consistently in the preparation of these consolidated financial statements are set out Taking into consideration the improved financial results, forecast revenue and liquidity
information below. levels, and with the continued financial support of the Owner, management has
prepared these consolidated financial statements on a going concern basis.
Basis of preparation
All amounts are presented in millions of UAE Dirham (‘AED m’).
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and interpretations issued by the New standards, amendments to published standards and interpretations that
IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under are relevant to Emirates
IFRS. The consolidated financial statements have been prepared under the historical
cost convention, except for those financial assets and financial liabilities (including Effective and adopted in the current year
derivative instruments) that are measured at fair value, as stated in the accounting
policies. At the date of authorisation of these consolidated financial statements, amendments
to existing standards in respect of the Interest Rate Benchmark Reform – Phase 2, as
explained, were effective and have been adopted by Emirates.
94
SECRET DOCUMENT
The Emirates Group
Annual
Report
2021-22
2. Summary of significant accounting policies (continued) Lease liabilities
Overview Upon replacement of the underlying benchmark interest rate, lease liabilities will be
Emirates Effective and adopted in the current year (continued) remeasured using the revised future cash flows and discount rates. Consequently, a
corresponding adjustment will be recognised in the respective right-of-use assets.
dnata
Interest Rate Benchmark Reform – Phase 2
Group Hedge relationships
Financial
The Interest Rate Benchmark Reform applies to Inter-Bank Offering Rate (‘IBOR’) Hedge documentation will be amended with respect to impacted interest rate swaps
information linked interest on financial assets and liabilities. Emirates had adopted Phase 1 of the designated as hedging instruments in qualifying hedge relationships. In particular, the
Interest Rate Benchmark Reform from 1 April 2020 which provided temporary relief alternative benchmark interest rate (e.g., SOFR) will replace the previous contractual
Emirates
financial from applying specific accounting requirements with respect to discontinuation of rate driver i.e., USD LIBOR as the designated hedged risk. Under the relief available,
commentary hedge accounting during the period of uncertainty i.e., before the benchmark rates hedge relationships will not discontinue because of the changes to hedge
dnata
dnata get eventually replaced. Phase 1 had no material impact on the consolidated financial documentation. Further, the accumulated amount recognised in the hedge reserve
financial
financial statements for the year ended 31 March 2021. will be deemed to be based on the alternative benchmark interest rate.
commentary
commentary
Emirates
Emirates Amendments to IFRS 9, IAS 39, IFRS 4, IFRS 7 and IFRS 16 under the Interest Rate Emirates has exposures to some interbank offered rates on its financial instruments
consolidated
consolidated
Benchmark Reform – Phase 2 became mandatory for the current financial year and that will be replaced or reformed as part of the IBOR being undertaken globally.
financial
financial
statements
statements have been adopted from 1 April 2021. The Phase 2 amendments address issues that Emirates’ main IBOR exposure as of 31 March 2022 related to USD LIBOR. Based on
arise from the implementation of the reforms, including the replacement of one the announcement by the ICE Benchmark Administration (IBA), the FCA-regulated and
dnata
benchmark with an alternative one. authorised administrator of LIBOR, the publication of applicable USD LIBORs is
consolidated
financial expected to cease after June 2023. Management has set up a committee which
statements
These amendments provide the following reliefs: monitors and manages the risk associated to the transition to alternative benchmark
Additional rates and periodically reports on the progress.
information
a) when changing the basis for determining contractual cash flows for financial
assets and liabilities (including lease liabilities), the reliefs have the effect that the As of 31 March 2022, IBOR based borrowings and lease liabilities amounted to
changes, that are necessary as a direct consequence of IBOR reform and which AED 53.2 billion, while the notional principal amounts of interest rate swaps used to
are considered economically equivalent, will not result in an immediate gain or hedge variability in cash flows arising from such borrowings and lease liabilities
loss in the consolidated income statement; and amounted to AED 8.5 billion.
b) the hedge accounting reliefs will allow most IAS 39 or IFRS 9 hedge relationships Not yet effective and have not been early adopted
that are directly affected by IBOR reform to continue. However, additional
At the date of authorisation of these consolidated financial statements, certain
ineffectiveness might need to be recorded.
amendments to accounting standards and interpretations have been published but
are not effective for the current financial year. None of these have been early adopted
Emirates is impacted by these changes on its IBOR linked term loans, lease liabilities
and hedge relationships, as explained below. and are not expected to have a material impact on Emirates.
Term loans Basis of consolidation and equity accounting

Any change to cash flows arising from the replacement of IBOR will be incorporated
by changing the respective effective interest rates. Therefore, the carrying amounts of Subsidiaries are those entities (including structured entities) over which Emirates has
such term loans will not be adjusted and the impact of the changes in cash flows will control. Control is exercised when Emirates is exposed to, or has rights to, variable
be reflected through revised future interest expense recognised over the remaining returns from its involvement with the entity and has the ability to affect those returns
contractual terms. through its power over that entity. Subsidiaries are fully consolidated from the date
on which control is transferred to Emirates and are deconsolidated from the date that
control ceases.
95
SECRET DOCUMENT
The Emirates Group
Annual
Report
2021-22
2. Summary of significant accounting policies (continued) If the business combination is achieved in stages, the acquisition date carrying value
Overview of Emirates’ previously held equity interest in the investment is remeasured to fair
Basis of consolidation and equity accounting (continued) value at the acquisition date. Any gains or losses arising from such remeasurement
Emirates
are recognised in the consolidated income statement.
dnata The acquisition method of accounting is used to account for business combinations
by Emirates, regardless of whether equity instruments or other assets are acquired. Inter-company transactions, balances and unrealised gains arising on transactions
Group
The consideration transferred for the acquisition of a subsidiary comprises the fair between Emirates and its subsidiaries are eliminated. Unrealised losses are also
Financial value of the assets transferred, liabilities incurred to the former owners of the eliminated unless the transaction provides evidence of an impairment of the
information
acquired business, equity interest issued, the fair value of assets or liabilities resulting transferred asset.
Emirates from any contingent consideration arrangements and the fair value of any pre-
financial existing equity interest in the subsidiary. Associates are those entities in which Emirates has significant influence but not
commentary
control or joint control, generally accompanying a shareholding between 20% and
dnata
dnata Identifiable assets acquired, liabilities and contingent liabilities, if any, incurred or 50% of the voting rights. Significant influence is the power to participate in the
financial
financial
commentary
commentary
assumed in a business combination, with limited exceptions, are measured initially at financial and operating policy decisions of the entity, but is not control or joint control
their fair values at the acquisition date. Any non-controlling interest in the subsidiary over those policies. Investments in associates are accounted for by using the equity
Emirates
Emirates
is recognised on an acquisition-by-acquisition basis, either at fair value or at the non- method of accounting and include goodwill (net of accumulated impairment loss, if
consolidated
consolidated
financial
financial controlling interest’s proportionate share of recognised amounts of subsidiaries’ any) identified on acquisition, after initially being recorded at cost.
statements
statements identifiable net assets.
dnata Joint ventures are contractual arrangements which establish joint control and where
consolidated Acquisition-related costs are expensed as incurred. Emirates has rights to the net assets of the arrangement. Joint control is the
financial contractually agreed sharing of control of an arrangement, which exists only when
statements Contingent consideration is classified either as equity or financial liability. Amounts
decisions about the relevant activities require the unanimous consent of the parties
Additional classified as a financial liability are subsequently remeasured to fair value with sharing control. Investments in joint ventures are accounted for by using the equity
information changes in fair value recognised in the consolidated income statement. method of accounting and include goodwill (net of accumulated impairment loss, if
Option to acquire non-controlling interest is recognised as a financial liability and is any) identified on acquisition, after initially being recognised at cost.
subsequently measured to fair value with changes in the fair value recognised in the Under the equity method of accounting, the investments are initially recorded at cost
consolidated income statement. and adjusted thereafter to recognise Emirates’ share of the post-acquisition profits or
The excess of the consideration transferred, the amount of any non-controlling losses of the investee in the consolidated income statement, and Emirates’ share of
interest in the acquired entity, and the acquisition-date fair value of any previous movements in other comprehensive income of the investee in the consolidated
equity interest in the acquired entity; over the fair value of the net identifiable assets statement of other comprehensive income. Dividends received or receivable from
acquired is recorded as goodwill. If those amounts are less than the fair value of the associates and joint ventures are recognised as a reduction in the carrying amount of
statements, certain the investment. Emirates’ share in the associate or joint venture’s transactions with
net identifiable assets of the business acquired, the difference
difference is
if recognised directly in
been published but the consolidated income statement as a bargain purchase. their respective owners are accounted in Emirates’ consolidated statement of changes
been early adopted in equity as share of other changes in equity.
Where settlement of any part of cash consideration is deferred, the amounts payable
in the future are discounted to their present value as at the date of exchange. The When Emirates’ share of losses in an equity-accounted investment equals or exceed
discount rate used is the entity’s incremental borrowing rate, being the rate at which a its interest in the entity, including any other unsecured long-term receivable in the
similar borrowing could be obtained from an independent financier under nature of an investment, Emirates does not recognise further losses, unless it has
ol is exercised when comparable terms and conditions. incurred obligations or made payments on behalf of the other entity.
nvolvement with the
If the business combination is achieved in stages, the acquisition date carrying value All material unrealised gains arising on transactions between Emirates and its
wer over that entity.
of dnata’s previously held equity interest in the subsidiary is remeasured at fair value associates and joint ventures are eliminated to the extent of Emirates’ interest in these
rol is transferred to
at the acquisition date. Any gains or losses arising from such remeasurement are entities. All material unrealised losses are also eliminated unless the transaction
ases.
recognised in the consolidated income statement. provides evidence of an impairment of the asset transferred.
siness combinations
ts are acquired. The Inter-company transactions, balances and unrealised gains arising on transactions
between dnata and its subsidiaries are eliminated. Unrealised losses are also
rises the fair value of
eliminated unless the transaction provides evidence of an impairment of the
ers of the acquired
96
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y pre-existing equity
SECRET DOCUMENT
The Emirates Group
Annual
Report
2021-22
2. Summary of significant accounting policies (continued) For the purpose of consolidation, where functional currencies of subsidiaries are
Overview different from AED, income, comprehensive income and cash flow statements of
Basis of consolidation and equity accounting (continued) subsidiaries are translated into AED at average exchange rates for the year that
Emirates
approximate the cumulative effect of rates prevailing on the transaction dates and
dnata Emirates treats transactions with non-controlling interests that do not result in loss of
their assets and liabilities are translated at the exchange rates ruling at the end of the
control as transactions with the owners. A change in ownership interest results in an
Group reporting period. The resulting exchange differences are recognised in other
adjustment between the carrying amounts of the controlling and non-controlling
comprehensive income.
Financial interests to reflect their relative interests in the subsidiary. Any difference between the
information
amount of the adjustment to non-controlling interests and any consideration paid is Share of results and share of movement in other comprehensive income of
Emirates recorded in equity. investments accounted for using the equity method are translated into AED at
financial
commentary average exchange rates whereas Emirates’ share of net investments is translated at
When Emirates ceases to have control, any retained interest in the entity or business
the exchange rate prevailing at the end of the reporting period. Translation
dnata
dnata is remeasured to its fair value at the date when the control is lost, with the change in
financial differences relating to investments in associates, joint ventures and monetary assets
financial
the carrying amount recognised in the consolidated income statement. The fair value
commentary
commentary and liabilities that form part of a net investment in a foreign operation are recognised
becomes the initial carrying amount for the purposes of subsequent accounting for
in other comprehensive income.
Emirates
Emirates the retained interest as an associate, joint venture or financial asset. In addition, any
consolidated
consolidated
financial
financial amounts previously recognised in other comprehensive income in respect of that When investments in subsidiaries, associates or joint ventures are disposed of, the
statements
statements entity or business are accounted for as if the related assets or liabilities have been related translation differences previously recorded in equity are then recognised in
dnata directly disposed off. This may result in amounts previously recognised in other the consolidated income statement as part of the gain or loss on disposal.
consolidated comprehensive income to be reclassified to the consolidated income statement.
financial
statements
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are
If the ownership in a joint venture or an associate is reduced but joint control or treated as assets and liabilities of the foreign entity and translated at the exchange
Additional significant influence is retained, only a proportionate share of the amounts previously rates prevailing at the end of reporting period. Exchange differences arising are
information
recognised in other comprehensive income are reclassified to the consolidated recognised in other comprehensive income.
income statement where appropriate.
Revenue
Accounting policies of subsidiaries, associates and joint ventures have been changed
where necessary to ensure consistency with Emirates’ accounting policies. Passenger and cargo sales are recognised as revenue when each performance
obligation for the transportation service is fulfilled and is presented net of discounts
Foreign currency translation and taxes. The transaction price is allocated to each performance obligation based on
the relative stand-alone selling price related to each performance obligation. Revenue
Emirates’ consolidated financial statements are presented in UAE Dirham (“AED”),
documents (e.g., tickets or airway bills) sold but unused are held in the consolidated
which is also the entity’s functional currency. Subsidiaries, associates and joint
statement of financial position under current liabilities as passenger and cargo sales in
ventures determine their own functional currency related to the primary economic
advance within ‘Deferred revenue’. Revenue related breakage is estimated based on
environment in which they operate.
historical trends and recognised in the consolidated income statement proportionally
Foreign currency transactions are translated into the functional currency at the with each transfer of service to the customer.
exchange rates prevailing at the transaction dates. Monetary assets and liabilities
Where Emirates acts as an agent between the service provider and the end customer,
denominated in foreign currencies are retranslated into the functional currency at the
the net commission is recognised as revenue on the satisfaction of the performance
exchange rates prevailing at the end of the reporting period. The resulting foreign
obligation.
exchange gains and losses, other than those on qualifying cash flow hedges and net
investment in foreign operations which are deferred in other comprehensive income, Revenues from the sale of consumer goods, food and beverages and catering
are recognised in the consolidated income statement. operations is recognised when the control of goods is transferred to the customer
and are stated net of discounts, taxes and returns. All other revenues, including
revenue from hotel operations, are recognised net of discounts and taxes, when the
respective performance obligations are satisfied.
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2. Summary of significant accounting policies (continued) Income tax
Overview
Frequent flyer programme (‘Skywards’) The tax expense for the year comprises current and deferred tax.
Emirates
dnata Emirates operates a frequent flyer programme that provides a variety of awards to The current tax charge is calculated on the basis of the tax laws enacted or
programme members based on a mileage credit for flights on Emirates and other substantively enacted at the end of the reporting period in the countries where
Group
airlines that participate in the programme. Members can also accrue miles by utilising Emirates operates and generates taxable income.
Financial the services of non-airline programme participants.
information Deferred tax is recognised in full on temporary differences arising between the tax
Emirates Emirates accounts for Skywards miles (predominantly accrued through sale of flight base of assets and liabilities and their carrying amounts in the consolidated financial
financial tickets or purchase of miles by programme partners) as a separately identifiable statements. However, deferred tax is not recognised if it arises from initial recognition
commentary
component of the sales transaction in which they are granted. The consideration in of an asset or liability in a single transaction other than a business combination, at the
dnata
dnata respect of the initial sale allocated to Skywards miles is based on their relative stand- time of the transaction affects neither accounting nor taxable profit or loss and does
financial
financial
commentary
commentary
alone selling price, adjusted for expected expiry and the extent to which the demand not give rise to equal taxable and deductible temporary differences. Also, deferred tax
for an award cannot be met, and is recorded under current liabilities within ‘Deferred liabilities are not recognised if they arise from the initial recognition of goodwill in a
Emirates
Emirates
revenue’. The stand-alone selling price is determined based on an adjusted market business combination.
consolidated
consolidated
financial
financial assessment approach, using estimation techniques and taking into consideration the
statements
statements various redemption options available to Skywards members. Marketing income Deferred tax is determined using tax rates (and laws) that have been enacted or
earned from partners associated with the programme is recognised when the miles substantively enacted in the jurisdiction of the individual companies by the end of the
dnata
consolidated are issued. reporting period and are expected to apply when the related deferred tax asset is
financial realised or the deferred tax liability is settled.
statements
Revenue from redemption of miles is recognised in the consolidated income
Additional statement only when Emirates fulfils its obligations by supplying free or discounted Deferred tax is recognised on temporary differences arising on investments in
information
goods or services on redemption of the miles accrued. subsidiaries, associates and joint ventures, except where the timing of the reversal of
the temporary difference is controlled by Emirates and it is probable that the
Liquidated damages temporary difference will not reverse in the foreseeable future.
Income from claims for liquidated damages on aircraft and related assets is Deferred tax assets are recognised to the extent that it is probable that future taxable
recognised in the consolidated income statement as other income or a reduction profits will be available against which the temporary differences can be utilised.
from operating costs when a contractual entitlement exists, amounts can be reliably
measured and receipt is virtually certain. When such claims do not relate to Deferred tax assets and liabilities are offset when there is a legally enforceable right to
compensations for loss of income or are not towards incremental operating costs, the offset current tax assets against current tax liabilities and when the deferred tax assets
amounts are taken to the consolidated statement of financial position and recorded and liabilities relate to income tax levied by the same taxation authority on either the
as a reduction in the cost of the related asset. same taxable entity or different taxable entities where there is an intention to settle
the current tax asset and liability balances on a net basis.
Finance income and costs
Property, plant and equipment
Interest income and costs are recognised on a time proportion basis using the
effective interest method. Property, plant and equipment is stated at cost less accumulated depreciation and
impairment. Cost consists of the purchase cost, together with any incidental expenses
of acquisition. Where Emirates receives credits from manufacturers in connection with
the acquisition of certain aircraft and engines, these credits are recorded as a
reduction to the cost of the related assets.
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2. Summary of significant accounting policies (continued) Borrowing costs
Overview
Property, plant and equipment (continued) Borrowing costs directly attributable to the acquisition, construction or production of
Emirates
qualifying assets are added to the cost of the assets until such time that the assets are
dnata
Subsequent costs are included in the asset’s carrying amount or recognised as a ready for their intended use. Borrowing costs capitalised are calculated at the
Group separate asset, as appropriate, only when it is probable that future economic benefits weighted average rate of general borrowing costs and applied to the expenditure on
associated with the item will flow to Emirates and the cost can be measured reliably. qualifying assets, except to the extent that funds are borrowed specifically for the
Financial
information Repairs and routine maintenance are charged to the consolidated income statement purpose of obtaining a qualifying asset. Where this occurs, actual borrowings costs
during the period in which they are incurred. incurred on these specific borrowings less any investment income earned on
Emirates
temporary surplus funds are capitalised as part of the qualifying asset. Other
financial
commentary Land is not depreciated. Depreciation on other items of property, plant and borrowing costs are expensed in the period in which they are incurred.
equipment is calculated using the straight-line method to allocate their cost, less
dnata
dnata
financial
financial estimated residual values, over the estimated useful lives of the assets or the lease Leases
commentary
commentary term, if shorter.
Right-of-use assets are capitalised at the commencement of the lease and recognised
Emirates
Emirates
consolidated
consolidated The estimated useful lives and residual values are: at cost, comprising of the present value of payments to be made to the lessor, any
financial
financial prepayments made at commencement, together with the initial direct costs incurred
statements
statements Aircraft 15 – 18 years (residual value nil - 10%) by Emirates in respect of acquiring the lease and the present value of an estimate of
dnata Aircraft spare engines and parts 5 – 17 years costs to be incurred to meet the contractual restoration obligations, less any lease
consolidated Buildings 15 – 40 years incentives received.
financial
statements
Other property, plant and equipment 3 – 20 years or over the lease term,
if shorter For contracts which contain one or more lease or non-lease components, the
Additional consideration in the contract is allocated to each component on the basis of their
information
Costs for aircraft and engine related major overhaul events are capitalised and relative stand-alone price determined based on estimated observable information.
depreciated over the shorter of the period to the next major overhaul, the remaining
lease term or the useful life of the asset concerned. All other costs relating to asset Right-of-use assets are depreciated over the useful life or lease term (whichever is
maintenance (including maintenance provided under ‘pay-as-you-go’ contracts) are lower), unless the underlying lease contract provides an option to Emirates to acquire
charged to the consolidated income statement as incurred. the asset at the end of the lease term and it is highly certain for Emirates to exercise
that option. In such cases, the right-of-use asset is depreciated over the useful life in
The assets’ residual values and useful lives are reviewed at least annually, and accordance with Emirates' policies with regards to property, plant and equipment.
adjusted if appropriate.
Emirates acquires the right to purchase aircraft and related assets which are
Capital projects are stated at cost. When the asset is ready for its intended use, it is manufactured as per bespoke specifications and design, and are delivered through
transferred from capital projects to the appropriate category under property, plant various financing arrangements. Where it is certain that the title of these assets will
and equipment and depreciated in accordance with Emirates’ policies. eventually be transferred to Emirates at the end of the financing term, these fall within
the definition of ‘in-substance purchases’ and are hence accounted as property, plant
An item of property, plant and equipment is derecognised upon disposal or when no
and equipment under IAS 16. Accordingly, the related liabilities are treated as term
future economic benefits are expected from its use or disposal. Gains and losses on
loans under IFRS 9.
derecognition are determined by comparing proceeds with the carrying amount and
are recognised in the consolidated income statement. Emirates uses two exemptions as permitted under IFRS 16 for not capitalising the
leased asset i.e., short-term leases (with a lease term of 12 months or less) and lease
contracts for which the value of the underlying asset is materially low (primarily
comprising some office spaces and equipment). For these leases, none of which relate
to aircraft, the lease rental charges are recognised on a straight-line basis over the
lease term, and included within operating costs in the consolidated income statement.
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2. Summary of significant accounting policies (continued) Goodwill is not amortised but is tested for impairment annually or more frequently if
Overview events or changes in circumstances indicate a potential impairment and is carried at
Leases (continued) cost less accumulated impairment losses. For the purpose of impairment testing,
Emirates
goodwill is allocated to cash generating units or a group of cash generating units that
dnata At the lease commencement date, the lease liability is measured at the present value
are expected to benefit from the business combination in which the goodwill arose.
of the future lease payments (including payments for reasonably certain extension /
Group An impairment loss is recognised when the carrying value of the cash generating
termination options), discounted using the interest rate implicit in the lease or, if that
units or a group of cash generating units exceeds its recoverable amount. Impairment
Financial rate cannot be readily determined, Emirates’ incremental borrowing rate for
information losses on goodwill are not reversed.
borrowing funds necessary to obtain an asset of similar value to the right-of-use asset
Emirates in a similar economic environment with similar terms, security and conditions. The Gains and losses on the disposal of an entity include the carrying amount of goodwill
financial
commentary future lease payments comprise fixed payments and variable payments that are relating to the entity sold.
dependent on an index (e.g., LIBOR) less any lease incentives receivable. All other
dnata
dnata
financial
financial
variable lease payments are not included in the lease liability measurement and are Other intangible assets
commentary
commentary charged to the consolidated income statement in the period in which the conditions
that trigger those payments occur. Intangible assets are capitalised at cost only when future economic benefits are
Emirates
Emirates
consolidated
consolidated
probable. Cost includes the purchase price together with any directly attributable
financial
financial Subsequent changes resulting from reassessments, lease modifications that are not expenditure.
statements
statements accounted for as separate leases, or lease extensions/ renewals that were not part of
the original lease term (together referred as ‘remeasurements’) are accounted as Intangible assets acquired in a business combination are recognised at fair value at
dnata
consolidated adjustments to the carrying value of the lease liability with a corresponding impact to the acquisition date. They have a finite useful life and are subsequently carried at cost
financial
the related right-of-use asset. less accumulated amortisation and impairment losses.
statements
Additional Sale and leaseback transactions are tested under IFRS 15 at the date of the In case of internally developed computer software, development expenditure is
information
transaction, and if the transaction qualifies as a sale, the underlying asset is capitalised if costs can be measured reliably, the product is technically and
derecognised and a right-of-use asset with a corresponding liability is recognised commercially feasible, future economic benefits are probable, and there exists an
equal to the retained interest in the asset. Any gain or loss is recognised immediately intent and ability to complete the development and to use or sell the asset. Other
in the consolidated income statement for the interest in the asset transferred to the research and development expenditure not meeting the criteria for capitalisation are
lessor. If the transaction does not qualify as a sale under IFRS 15, a financial liability recognised in the consolidated income statement as incurred.
equal to the sale value is recognised in the consolidated financial statements under
Intangible assets are generally amortised on a straight-line basis over their estimated
‘Term loans’ within 'Borrowings and lease liabilities'.
useful lives which are:
COVID-19 related lease rental waivers which are within the scope of IFRS 16
Service rights 15 years
(Amendment) are credited to the consolidated income statement, except for rent Trade names 20 years
reliefs pertaining to aircraft and engine related leases.
Contractual rights 10 to 15 years, or based on the usage pattern of the
underlying contract
Goodwill Computer software 3 – 8 years
Goodwill is recognised and measured on business combinations acquired by Emirates, The intangible assets’ useful lives are reviewed at least annually, and adjusted if
as described within the ‘Basis of consolidation and equity accounting’ policy. Goodwill appropriate.
on acquisitions of subsidiaries is included in intangible assets in the consolidated
statement of financial position. An intangible asset is derecognised upon disposal or when no future economic
benefits are expected from its use or disposal. Gains and losses on derecognition are
determined by comparing proceeds with the carrying amount and are recognised in
the consolidated income statement.
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2. Summary of significant accounting policies (continued) Trade receivables
Overview
Inventories Trade receivables are recognised initially at the amount of consideration that is
Emirates
unconditional, unless they contain significant financing components when they are
dnata Inventories are stated at the lower of cost and estimated net realisable value. Cost is recognised at fair value. They are subsequently measured at amortised cost using the
determined on the weighted average cost basis. effective interest method, less provision for impairment. Emirates applies the
Group
simplified approach to measure expected credit losses which uses lifetime expected
Financial Impairment of non-financial assets
information loss allowances to calculate the impairment provisions on trade receivables. To
Non-financial assets other than goodwill are reviewed for impairment whenever measure the expected credit losses, trade receivables are grouped based on shared
Emirates
financial events or changes in circumstances indicate that the carrying amount may not be credit risk characteristics and the days past due. The expected loss rates are
commentary recoverable. An impairment loss is recognised for the amount by which the asset’s determined by analysing historical payment profiles and corresponding credit losses
carrying amount exceeds its recoverable amount. The recoverable amount is the incurred and are adjusted to reflect current and forward-looking information affecting
dnata
dnata
financial
financial higher of an asset’s fair value less costs to sell and value in use. For the purpose of the ability of customers to settle the receivable. Specific loss allowances are also
commentary
commentary
assessing impairment, non-aircraft related assets are grouped at the lowest levels for recognised when Emirates becomes aware of a customer experiencing financial
Emirates
Emirates which there are separately identifiable cash flows (cash generating units). In respect of difficulty. Trade receivables are written off once management has determined that
consolidated
consolidated
aircraft and related assets (including right-of-use-assets), these assets are assessed for such amount will not be recovered.
financial
financial
statements
statements impairment at Emirates’ network level. Non-financial assets other than goodwill are
reviewed at the end of each reporting period for possible reversals of historic Cash and cash equivalents
dnata
consolidated impairment losses. Cash and cash equivalents comprise cash and liquid funds with an original maturity of
financial
statements three months or less. Other bank deposits with maturities of less than one year are
Financial assets classified as short-term bank deposits. Bank overdrafts are shown within current
Additional
‘Borrowings and lease liabilities’ in the consolidated statement of financial position.
information Financial assets are classified in accordance with IFRS 9 as ‘Financial assets at
amortised cost’ which consists of financial assets that are debt instruments and are
Cash and bank balances are subject to impairment requirements. However, Emirates
intended to be held to maturity on the basis of Emirates’ business model.
considers these to have low credit risk based on external credit ratings of the
Furthermore, these instruments have fixed payment terms and meet the criteria for
counterparties as listed in Note 31.
cash flow characteristics i.e., contractual payments of principal and interest. This
category includes trade and other receivables (excluding prepayments), short term
bank deposits and cash and cash equivalents. They are classified as non-current or
current assets according to their remaining maturity at the reporting date.
Derivative financial instruments are initially recognised at fair value on the date a
derivative contract is entered into and are subsequently remeasured at their fair value
at the end of the reporting period. Derivatives are mostly designated as a hedge of
the exposure to variability in cash flows that is attributable to a particular risk
associated with a recognised asset or liability or a highly probable forecast transaction
(cash flow hedge). Fair values are obtained from quoted market prices or dealer
quotes for similar instruments, discounted cash flow models and option pricing
models as appropriate. All derivatives are carried as assets when the fair value is
positive and as liabilities when the fair value is negative.
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2. Summary of significant accounting policies (continued) Hedge relationships are sometimes rebalanced for the purposes of maintaining a
Overview hedge ratio which is consistent with Emirates’ risk management objectives. Any
Derivative financial instruments (continued) resulting ineffectiveness upon rebalancing is also recognised under ‘Other financial
Emirates
gains / (losses)’.
dnata Emirates’ criteria to account for a derivative financial instrument as a hedge include:
Changes in the fair value of derivative instruments that do not qualify for hedge
Group
• the hedging relationship consists only of eligible hedging instruments and
accounting and are entered into as economic hedges are recognised immediately in
Financial eligible hedged items; and
information the consolidated income statement within ‘Other financial gains / (losses)’.
• at the inception of the hedging relationship there is a formal designation and
Emirates
documentation of the hedging relationship, including Emirates’ risk management Borrowings
financial
commentary objective and strategy for undertaking the hedge, identification of the hedging
Borrowings are recognised initially at fair value, net of transaction costs incurred.
instrument, the hedged item, the nature of the risk being hedged, and how
dnata
dnata Borrowings are subsequently measured at amortised cost with any difference between
financial
financial Emirates will assess the hedging instrument's effectiveness; and
commentary
commentary
the proceeds (net of transaction costs) and the redemption value recognised in the
• there is an economic relationship between the hedged item and the hedging consolidated income statement over the period of the borrowings using the effective
Emirates
Emirates instrument; and interest method.
consolidated
consolidated
financial
financial
statements
statements
• the effect of credit risk does not ‘dominate the value changes’ that results from Provisions
the economic relationship. The hedge ratio of the hedging relationship is the
dnata
same as that resulting from the quantity of the hedged item that Emirates actually Provisions are recognised when Emirates has a present legal or constructive
consolidated
financial hedges and the quantity of the hedging instrument that Emirates actually uses to obligation as a result of past events, it is probable that an outflow of resources will be
statements hedge that quantity for the hedged item. required to settle the obligation and the amount can be reliably estimated.
Additional
information Changes in the fair value of derivatives that are designated and qualify as cash flow Retirement benefit obligations
hedges and that prove to be highly effective in relation to the hedged risk are
recognised in other comprehensive income. When the forecasted transaction results Emirates operates or participates in various end of service benefit plans, which are
in the recognition of a non-financial asset or a non-financial liability, the gains and classified either as defined contribution or defined benefit plans.
losses previously recognised in other comprehensive income are re-classified and
A defined contribution plan is a pension scheme under which Emirates pays fixed
included in the initial carrying amount of the asset or liability. In all other cases,
contributions and has no legal or constructive obligation to pay further contributions
amounts previously recognised in other comprehensive income are transferred to the
if the fund does not hold sufficient assets to settle the benefits relating to the
consolidated income statement in the period during which the forecasted transaction
employees’ service in the current and prior periods. Contributions to the pension fund
affects the consolidated income statement and are presented in the same line item as
are charged to the consolidated income statement in the period in which they fall
the gains and losses from hedged items.
due.
When a cash flow hedging instrument expires or is sold, terminated or exercised, or
A defined benefit plan is a plan which is not a defined contribution plan. The liability
when a hedge no longer meets the criteria for hedge accounting under IFRS 9, any
recognised in the consolidated statement of financial position for a defined benefit
cumulative deferred gain or loss existing in equity at that time is retained in equity
plan is the present value of the defined benefit obligation at the end of the reporting
and is ultimately recognised in the consolidated income statement when the forecast
period less the fair value of plan assets at that date. The defined benefit obligation is
transaction or part of a volume of a forecast transaction occurs. If a forecast
calculated by independent actuaries using the projected unit credit method.
transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately transferred to the consolidated income statement. The present value of the defined benefit obligation is determined by discounting
The gain or loss on any hedge ineffectiveness is recognised in the consolidated estimated future cash outflows using market yields at the end of the reporting period
income statement within ‘Other financial gains / (losses)’. of high quality corporate bonds that are denominated in the currency in which the
benefits will be paid and have terms approximating to the estimated term of the
retirement benefit obligations.
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2. Summary of significant accounting policies (continued) Segment reporting
Overview
Retirement benefit obligations (continued) Operating segments are reported in a manner consistent with the internal reporting
Emirates
provided to the chief operating decision maker. The chief operating decision maker is
dnata Actuarial gains and losses arising from changes in actuarial assumptions and considered to be Emirates’ leadership team who make strategic decisions and are
Group experience adjustments are recognised in equity through the consolidated statement responsible for allocating resources and assessing performance of the operating
of comprehensive income in the period in which they arise. segments.
Financial
information
Provision for aircraft return conditions Dividend distribution
Emirates
financial
commentary Provision for aircraft return conditions (restoration obligations) represents the Dividend distribution to equity holders is recognised as a liability in the consolidated
estimate of the cost to meet the contractual lease end obligations on certain aircraft financial statements in the period in which the dividends are approved.
dnata
dnata
financial
financial
and engines at the time of re-delivery. At lease commencement, the present value of
the expected cost for each restoration obligation considering the existing fleet plan
commentary
commentary 3. Critical accounting estimates and judgements
and long-term maintenance schedules is recognised as a provision and are capitalised
Emirates
Emirates
consolidated
consolidated as part of the right-of-use asset and depreciated over the lease term. Unwinding of In the preparation of these consolidated financial statements, a number of estimates
financial
financial the associated discount is recognised as a finance cost over the lease term. and accounting judgements have been made relating to the application of accounting
statements
statements
Subsequent changes to the estimated cost for each restoration obligation is policies and reported amounts of assets, liabilities, income and expense. The
dnata accounted for as a remeasurement to the provision for aircraft return conditions with significant judgements made by management in applying the accounting policies are
consolidated
financial
a corresponding impact to the related right-of-use asset, if available, and depreciated assessed on an ongoing basis and are based on historical experience and other
statements over the remaining lease term. Otherwise, the remeasurement is accounted as a credit factors, including expectations of future events that are believed to be reasonable
to the consolidated income statement within ‘Operating costs’. under the circumstances. The following narrative addresses the accounting policies
Additional
information that require subjective and complex judgements, often as a result of the need to
Trade payables make accounting estimates.
Trade payables are recognised initially at fair value and subsequently measured at
Passenger and cargo revenue recognition
amortised cost using the effective interest method.
Passenger and cargo sales are recognised as revenue when each performance
Offsetting of financial assets and liabilities
obligation for the transportation service is fulfilled. The value of unused revenue
Financial assets and liabilities are offset and the net amount is reported in the documents is held in the consolidated statement of financial position under current
liabilities as passenger and cargo sales in advance within ‘Deferred revenue’.
consolidated statement of financial position only when there is a legally enforceable
right to offset the recognised amounts and there is an intention to settle on a net Passenger ticket related breakage is estimated based on historical trends and
recognised in the consolidated income statement proportionally with each transfer of
basis or realise the asset and settle the liability simultaneously. The legally enforceable
service to the customer. A 5% change to the breakage percentage will not result in a
right must not be contingent on future events and must be enforceable in the normal
course of business and in the event of default, insolvency or bankruptcy. material change to passenger and cargo revenue.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised only when the contractual rights to the cash flows
expire or substantially all the risks and rewards of ownership are transferred along
with the contractual rights to receive cash flows. Financial liabilities are derecognised
only when they are extinguished i.e., when the obligations specified in the contract
are discharged or cancelled or expired.
103
SECRET DOCUMENT
The Emirates Group
Annual
Report
2021-22
3. Critical accounting estimates and judgements (continued) Significant judgements exercised include:
Overview
Emirates Frequent flyer programme (‘Skywards’) ● an anticipated gradual recovery of airline operations to 95% of pre-COVID-19
revenues by financial year 2024-25;
dnata Emirates accounts for Skywards miles (predominantly accrued through sale of flight
Group tickets or purchase of miles by programme partners) as a separately identifiable ● with the exception of terminal growth of 1.5%, no additional growth is included in
component of the sales transaction in which they are granted. The consideration in the forecast cash flows post 2024-25 for impairment testing purposes;
Financial
respect of the initial sale allocated to Skywards miles is based on their stand-alone
information ● jet fuel costs are calculated by using future market jet fuel prices and adjusted
value and is recorded under current liabilities within ‘Deferred revenue’.
Emirates projected volumes;
financial
The stand-alone selling price is determined using the adjusted market assessment
commentary ● other operating expenses have been adjusted to be in-line with expected
approach. This approach involves estimation techniques to determine the stand-alone operational capacity and known cost savings;
dnata
dnata
financial
financial
selling price of Skywards miles and reflects the weighted average of a number of
commentary
commentary factors i.e., fare per sector, flight upgrades and partner rewards based on historical ● capital expenditure is in-line with management's best estimate of aircraft
trends. Adjustments to the stand-alone selling price of miles are also made for miles replacement timing at contracted values; and
Emirates
Emirates
consolidated
consolidated not expected to be redeemed by members and the extent to which the demand for
financial
financial an award cannot be met. ● a pre-tax discount rate of 7.5% (Airline risk adjusted weighted average cost of
statements
statements capital).
dnata A level of judgement is exercised by management due to the diversity of inputs that
Reasonably possible changes in the significant judgements disclosed above were
consolidated go into determining the stand-alone selling price of miles. A reasonably possible
financial
change to any single assumption will not result in a material change to the deferred considered in performing the impairment test. The most material impact on the
statements
determination of the cash flows for the CGU relates to periods after 2024-25 and
revenue.
Additional whilst the earlier years impact the overall cash flows of the CGU, any reasonably
information
Impairment testing for non-financial assets possible changes to the cash flows of the earlier years do not materially impact the
surplus identified.
The continuing disruption being caused by COVID-19 to Emirates’ operations is
considered as an indicator for potential impairment of non-financial assets and Other CGUs
accordingly, management has performed an impairment review of Emirates’
Similar judgements have been exercised to other CGUs (primarily pertaining to
significant cash generating units (‘CGUs’). The related accounting estimates and
catering, consumer goods, hotel related operations and investments in associates &
judgements are disclosed below. In accordance with the requirements of IAS 36,
Emirates conducts the impairment review of its non-financial assets within each joint ventures) using cash flows adjusted for the impact of COVID-19, discount rates
ranging from 6.3% to 8.7% and terminal growth rates ranging between 1.5% to 4.5%.
identified CGU using the value-in-use method.
Reasonably possible changes to the significant judgements in the impairment tests
Airline CGU would not lead to a material impairment charge.
As a result of this exercise, no impairment loss has been recognised in respect of the
The Emirates airline network is the primary and most significant CGU. Cash flow
airline and other CGUs in the consolidated income statement for the year ended
projections in the value-in-use model have been projected over a period up to the
31 March 2022.
financial year 2024-25 and beyond, applying judgements which are reasonable and
best suited to the current environment. Given the rapidly changing environment,
management is constantly reviewing its plans for the entire airline fleet and the
impairment test will be regularly updated based on new information and projections.
104
SECRET DOCUMENT
The Emirates Group
Annual
Report
2021-22
3. Critical accounting estimates and judgements (continued) Valuation of defined benefit obligations
Overview
Useful lives and residual values of aircraft and related assets The present value of the defined benefit obligations is determined on an actuarial
Emirates
basis using various assumptions that may differ from actual developments in the
dnata Management assigns useful lives and residual values to aircraft and related assets future. These assumptions include the determination of the discount rate and
Group based on the intended use and the economic lives of those assets. Subsequent expected salary increases which are reviewed at each reporting date. Due to the
changes in circumstances such as technological advances or prospective utilisation of complexities involved in the valuation and its long-term nature, defined benefit
Financial
information
the assets concerned could result in the actual useful lives or residual values differing obligations are sensitive to changes in these assumptions. A sensitivity analysis of
from initial estimates. changes in defined benefit obligations due to a reasonably possible change in these
Emirates
assumptions is set out in Note 22(a).
financial
commentary Leases
4. Fair value estimation
dnata
dnata While determining the lease term, management considers all facts and circumstances
financial
financial
commentary
commentary that create an economic incentive to exercise an extension option, or not to exercise a The levels of fair value hierarchy are defined as follows:
termination option. Extension options (or periods after termination options) are only
Emirates
Emirates
included in the lease term if the lease is reasonably certain to be extended (or not Level 1: Measurement is made by using quoted prices (unadjusted) from an active
consolidated
consolidated
financial
financial terminated). market.
statements
statements Level 2: Measurement is made by means of valuation methods with parameters
dnata To ascertain whether it is reasonably certain for Emirates to exercise these options, derived directly or indirectly from observable market data.
consolidated management takes into consideration any lease termination penalties that would be Level 3: Measurement is made by means of valuation methods with parameters not
financial
statements
incurred, leasehold improvements that are estimated to have significant remaining based exclusively on observable market data.
value, historical lease durations and the cost associated to business disruption caused
Additional by replacing the leased asset. Derivatives and option to acquire non-controlling interest are the only financial
information
instruments which are carried at fair value.
Provision for aircraft return conditions
Derivatives comprise interest rate swaps, commodity and currency forwards and fall
The measurement of the contractual provision for aircraft return conditions includes into level 2 of the fair value hierarchy. Interest rate swaps are fair valued using forward
assumptions relating to expected costs, escalation rates, discount rates commensurate interest rates extracted from observable yield curves. Commodity and currency
with the expected obligation maturity and long-term maintenance schedules. An forwards are fair valued based on future prices quoted in an active market.
estimate is therefore made at each reporting date to ensure that the provision
corresponds to the present value of the expected costs to be borne by Emirates. A The fair values of option to acquire non-controlling interest are determined by using
significant level of judgement is exercised by management given the long-term valuation techniques based on entity specific estimates. These estimates are not
nature and diversity of assumptions that go into the determination of the provision. A based on observable market data and hence classified under level 3 of the fair value
reasonably possible change in any single assumption will not result in a material hierarchy.
change to the provision.
105
The Emirates Group
Annual
Report
2021-22
evenue 5. Revenue 7. Operating costs 7. Operating costs
Overview 2022 2021 2022 2021 2022 2021 2022 2
Emirates AED m AED m AED m AED m AED m AED m AED m AE
enger dnata
Passenger 32,917 11,230 32,917 11,230 Depreciation, amortisation and impairment amortisation
Depreciation, (see (a)) 18,166(see (a))
and impairment 19,665 18,166 19,
o Group
Cargo 21,654 17,106 21,654 17,106 Jet fuel Jet fuel 13,855 6,398 13,855 6,
sumer goods
Financial
Consumer goods 1,591 942 1,591 942 Employee (see (b)) Employee (see (b)) 8,441 7,830 8,441 7,
information
l operations Hotel operations 602 296 602 296 Handling Handling 3,285 2,004 3,285 2,
Emirates
ring operations
financial Catering operations 512 193 512 193 Sales and marketing Sales and marketing 3,225 1,764 3,225 1,
commentary
d and beverage Food and beverage 458 199 458 199 Facilities and IT Facilities and IT 1,889 1,735 1,889 1,
dnata
dnata
rs financial
financial Others 548 264 548 264 Aircraft maintenance Aircraft maintenance 1,863 1,197 1,863 1,
commentary
commentary
58,282 30,230 58,282 30,230 Cost of goods sold Cost of goods sold 1,784 855 1,784
Emirates
Emirates
consolidated
consolidated Overflying Overflying 1,678 1,017 1,678 1,
financial
financial
ther operating
statementsincome
statements 6. Other operating income Landing and parking Landing and parking 1,480 955 1,480
dnata In-flight catering In-flight catering 1,416 499 1,416
consolidated 2022 2021 2022 2021
financial
AED m AED m AED m AED m Crew layover Crew layover 269 181 269
statements
Net foreign exchange loss Net foreign exchange loss 193 45 193
e rental Additional
waivers (Note 21 Lease
(a)) rental waivers (Note 21 (a)) 267 283 267 283
information
dated damages and otherLiquidated
aircraft related compensations Net loss allowance for impairment of trade
Net loss receivables
allowance for impairment of trade29
receivables35 29
damages 109 compensations
and other aircraft related 18 109 18
Other operating costs Other operating costs 274 349 274
rs Others 522 396 522 396
Corporate overheads Corporate overheads 1,771 1,419 1,771 1,
898 697 898 697
59,618 45,948 59,618 45,9
106
The Emirates Group
Annual
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2021-22
perating costs (continued)
7. Operating costs (continued) 8. Finance income and costs
Overview 8. Finance income and costs
epreciation, amortisation and impairment includes: 2022 2021
(a) Depreciation, amortisation and impairment includes: 2022 2
Emirates
2022 2021 AED m AED m
2022 2021 AED m AE
dnata AED m AED m Finance income
Group
AED m AED m Finance income
eciation of: Interest income on bank deposits:
Financial Depreciation of: Interest income on bank deposits:
perty, plant and equipment (Note 12)
information 9,074 9,580 Related parties (Note 30) 103 189
- Property, plant and equipment (Note 12) 9,074 9,580 Related parties (Note 30) 103
ht-of-useEmirates
assets (Note 13) 8,177 8,817 Others 50 99
financial - Right-of-use assets (Note 13) 8,177 8,817 Others 50
rtisation of intangible assets (Note 14)
commentary 915 558 153 288
Amortisation of intangible assets (Note 14) 915 558 153 2
airment loss on:
dnata
dnata
Finance costs
financial Impairment loss on: Finance costs
financial
perty, commentary
plant and equipment (Note 12) - 536 Interest expense on lease liabilities:
commentary
- Property, plant and equipment (Note 12) - 536 Interest expense on lease liabilities:
ht-of-use assets (Note 13) - 105 Aircraft (2,139) (2,548)
Emirates
Emirates
- Right-of-use assets (Note 13) - 105 Aircraft (2,139) (2,
angible assets (Note 14)
consolidated
consolidated - 69 Non-aircraft (141) (173)
financial
financial
- Intangible assets (Note 14) - 69 Non-aircraft (141) (
statements
statements 18,166 19,665 (2,280) (2,721)
18,166 19,665 (2,280) (2,7
dnata
consolidated
mployeefinancial
costs include AED 529 m (2021: AED 579 m) in respect of retirement Interest expense on term loans and bonds (1,155) (1,463)
statements (b) Employee costs include AED 529 m (2021: AED 579 m) in respect of retirement Interest expense on term loans and bonds (1,155) (1,4
efit obligations (Note 22 (a)).
Additional benefit obligations (Note 22 (a)).
perating costs include expenses related to short term leases of AED 228 m (2021:
information Other finance costs (302) (330)
(c) Operating costs include expenses related to short term leases of AED 228 m (2021: Other finance costs (302) (3
237 m), non-index based variable leases of AED 107 m (2021: AED 82 m) and low (3,737) (4,514)
AED 237 m), non-index based variable leases of AED 107 m (2021: AED 82 m) and low (3,737) (4,5
e leases of AED 57 m (2021: AED 33 m).
value leases of AED 57 m (2021: AED 33 m). Finance costs - net (3,584) (4,226)
Finance costs - net (3,584) (4,2
Interest expense on term loans and bonds includes interest on borrowings related to
Interest expense on term loans and bonds includes interest on borrowings relate
assets subject to financing agreements which are 'in-substance purchases' as defined
assets subject to financing agreements which are 'in-substance purchases' as def
in Emirates' accounting policies. It also includes amortisation of transaction costs.
in Emirates' accounting policies. It also includes amortisation of transaction costs.
Finance costs include an amount of AED 217 m (2021: AED 241 m) on borrowings and
Finance costs include an amount of AED 217 m (2021: AED 241 m) on borrowings
lease liabilities from companies under common control (Note 30).
lease liabilities from companies under common control (Note 30).
107
The Emirates Group
Annual
Report
2021-22
ther financial gains / (losses)
9. Other financial gains / (losses) 10. Income taxes 10. Income taxes
Overview
r financial gains of AED 70
Other financial
m (2021: gains
losses of AED
of AED 70 m)
1,088 m (2021:
relate losses of AED 1,088 m) relate to over-hedged
to over-hedged 2022 2021 2022 2
Emirates
uel quantities. jet fuel quantities. AED m AED m AED m AE
dnata
Current tax expense Current tax expense 35 29 35
Group
Deferred tax credit (Note 24) Deferred tax credit (Note 24) (4) (19) (4)
Financial
information 31 10 31
Emirates
financial Emirates has secured tax exemptions by virtue
Emirates has of tax
secured double taxation by
exemptions agreements and
virtue of double taxation agreements
commentary
airline reciprocal arrangements in most
airline of thearrangements
reciprocal jurisdictions inin which
most it
of operates. The
the jurisdictions in which it operates.
dnata
dnata
financial
financial income tax expense relates only to certain
income overseas
tax expense stations
relates only of
to Emirates' operations
certain overseas stations of Emirates' operat
commentary
commentary and its subsidiaries where they
andare
itssubject to income
subsidiaries wheretax.
theyThe
arerespective
subject totax charges
income tax. The respective tax cha
Emirates
Emirates are consistent with the statutory tax rate in
are consistent these
with the jurisdictions.
statutory taxProviding detailed
rate in these jurisdictions. Providing deta
consolidated
consolidated
information on effective tax information
rates is therefore not meaningful.
on effective Currently
tax rates is there
therefore not ismeaningful.
no Currently there i
financial
financial
statements
statements corporate income tax in thecorporate
UAE. However,
incomeintax
January
in the2022,
UAE. the UAE's Ministry of 2022, the UAE's Ministr
However, in January
dnata Finance announced the introduction of a Federalthe
Finance announced Corporate Tax regime
introduction on business
of a Federal Corporate Tax regime on busi
consolidated profits of corporations effective for financial
profits of years starting
corporations effectiveonfororfinancial
after 1 June
years2023.
starting on or after 1 June 2
financial
statements Management is currently assessing the impact
Management of the assessing
is currently upcomingthe
regulations
impact oftothe
theupcoming regulations to
Additional business, which will be applicable to Emirates
business, which from
will be1 applicable
April 2024.to Emirates from 1 April 2024.
information
108
The Emirates Group
Annual
Report
2021-22
1. Segment information 11. Segment information The segment information The
for the year ended
segment 31 March
information for 2022 is asended
the year follows:
31 March 2022 is as follows:
Overview
mirates' leadership
Emirates team Emirates'
monitors leadership
the operating
teamresults of itsthe
monitors business units
operating for the
results of its business units for the
urpose of making
dnata decisions about resource
purpose of makingallocation
decisionsand performance
about assessment.
resource allocation andThe
performance assessment. The Catering Recon-
Catering Recon-
line business unit, whichairline
provides commercial
business air transportation
unit, which includingairpassenger
provides commercial transportation including passenger Airline operations Others
Airline ciliation
operations Total
Others ciliation Tot
Group
d cargo services, is theand main reportable
cargo services,segment. Catering
is the main operations
reportable is another
segment. Catering operations is another AED m AED m AED m m AEDAED
AED m m AEDAED
m m AED m AED
Financial
portableinformation
segment which reportable
provides in-flight
segment and institutional
which providescatering
in-flight services. 'Others' catering services. 'Others'
and institutional Total segment revenue 55,498 revenue
Total segment 1,498 2,718
55,498 (141)
1,498 59,573
2,718 (141) 59,57
mprise various businesses not allocated
comprise varioustobusinesses
a reportable
notsegment
allocatedprimarily in relation
to a reportable segment primarily in relation Inter-segment revenue (170) revenue(986)
Inter-segment (135)
(170) - (986) (1,291)(135) - (1,29
Emirates
hotel operations
financial and the sale
to of
hotel consumer
operationsgoods,
and food
the and
sale of beverages.
consumer goods, food and beverages. Revenue from external Revenue from external
commentary
customers 55,328
customers 512 2,583
55,328 (141)512 58,282
2,583 (141) 58,28
e performance
dnata of the airline
dnata and catering of
The performance operations is and
the airline evaluated based
catering on segment
operations is evaluated based on segment Segment (loss) / profit for the
Segment (loss) / profit for the
financial
financial
venue commentary
and profit or loss. revenue
commentary Segmentand
results areormeasured
profit consistently
loss. Segment withmeasured
results are that for the
consistently with that for the year year (4,285) 32 419
(4,285) - 32 (3,834)419 - (3,83
ar in the consolidated income statement.
year in the consolidated income statement.
Emirates
Emirates Finance income 153
Finance income 2 1153 (3) 2 153 1 (3) 15
consolidated
consolidated
financial
financial Finance costs Finance(3,708)
costs (8) (24)
(3,708) 3 (8) (3,737) (24) 3 (3,73
gment statements
revenue is measured
statements in a revenue
Segment manner isconsistent
measuredwith
in athat in theconsistent
manner consolidated
with that in the consolidated
Income tax
Income tax (expense)
(expense)//credit -
Income tax (expense) / credit -
come statement, with the exception
income of notional
statement, revenues
with the and of
exception costs in therevenues
notional airline and costs in the airline
dnata net - net
credit net (36) - 5(36) - - (31) 5 - (3
gment consolidated
arising from the usage of transportation
segment arising from theservices
usagee.g. leave passage services
of transportation of staff and
e.g. leave passage of staff and
Depreciation, amortisation Depreciation, amortisation
uty travel financial
of staff and consultants that
duty travel ofare eliminated
staff when preparing
and consultants the consolidated
that are eliminated when preparing the consolidated
statements and impairment (17,688)
and impairment (202) (276)
(17,688) - (202)(18,166)(276) - (18,16
ancial statements. This adjustment is presented
financial statements. asadjustment
This a reconciling item. The breakdown
is presented as a reconciling item. The breakdown
Additional
revenueinformation
from external customers
of revenuebyfrom
nature of business
external activity
customers byisnature
provided in Note activity
of business 5. is provided in Note 5. Share of results of Share of results of
investments accounted for investments accounted for
ter-segment loans and receivables, which
Inter-segment loansareand
included underwhich
receivables, segment
are assets areunder segment assets are
included using the equity method using the equity
- method - 149 - - - 149 149 - 14
minated on consolidationeliminated
and are presented as a reconciling
on consolidation and areitem.
presented as a reconciling item. Segment assets 142,089
Segment assets 3,225 5,661
142,089 (991)
3,225149,984
5,661 (991) 149,98
Investments accounted for Investments accounted for
using the equity method using the equity- method - 693 - - - 693 693 - 69
Additions to property, plantAdditions to property, plant
and equipment 5,907
and equipment 167 27
5,907 - 167 6,101 27 - 6,10
Additions to right-of-use- Additions to right-of-use-
assets assets 646 143 89646 - 143 878 89 - 87
Additions to intangible assets
1,325 2 3
1,325 - 2 1,330 3 - 1,33
109
The Emirates Group
Annual
Report
2021-22
. Segment information (continued)
11. Segment information (continued) Geographical informationGeographical information
Overview
2022 2021 2022 202
e segment information The
for the
segment
year ended
information
31 March
for 2021
the year
is asended
follows:
31 March 2021 is as follows:
Emirates AED m AED m AED m AED
dnata
Recon- Recon- Revenue from external customers:
Revenue from external customers:
Catering Catering
Group
Airline operations Airlineciliation
Others operations Total
Others ciliation Total Europe Europe 18,618 7,864 18,618 7,86
Financial AED m AED m AED
AED
m m AED AED
m m AED AED
m m AED m AED m East Asia and Australasia East Asia and Australasia 11,629 8,460 11,629 8,46
information
tal segment revenue Total segment
28,693 revenue619 1,522
28,693 (67) 619 30,7671,522 (67) 30,767 Americas Americas 11,188 4,104 11,188 4,10
Emirates
er-segment revenue
financial Inter-segment
- revenue(426) (111) - - (426) (537)(111) - (537) West Asia and Indian OceanWest Asia and Indian Ocean 6,686 3,634 6,686 3,63
commentary
venue from external Revenue from external
Gulf and Middle East Gulf and Middle East 5,480 3,100 5,480 3,10
stomers dnata
dnata 28,693
customers 193 1,411
28,693 (67) 193 30,2301,411 (67) 30,230
financial
financial Africa Africa 4,681 3,068 4,681 3,06
gmentcommentary
loss for the year
commentary Segment loss for the year
(19,939) (128) (243)
(19,939) - (128)(20,310)(243) - (20,310)
58,282 30,230 58,282 30,23
nance income
Emirates
Emirates Finance income
289 2 1289 (4) 2 288 1 (4) 288
consolidated
consolidated
nance costs
financial
financial Finance(4,496)
costs (2) (20)
(4,496) 4 (2) (4,514) (20) 4 (4,514)
statements
Revenue from inbound and
Revenue
outbound
from airline
inboundoperations
and outbound
betweenairline
the UAE
operations
and anbetween the UAE and
come tax (expense) / credit
statements Income
- tax (expense) / credit -
overseas point is attributedoverseas
to the geographical
point is attributed
area intowhich
the geographical
the respective
area
overseas
in which the respective overse
t dnata net (29) - 19(29) - - (10) 19 - (10)
consolidated points are located. Revenue
pointsfrom
are other
located.
segments
Revenueis from
reported
otherbased
segments
upon isthereported based upon t
epreciation, amortisation Depreciation, amortisation
financial geographical area in which sales
geographical
are madearea
or services
in whichare
sales
rendered.
are made or services are rendered.
d impairment
statements and impairment
(19,004) (185) (476)
(19,004) - (185)(19,665)(476) - (19,665)
are of results of
Additional Share of results of Emirates' major revenue earning
Emirates'
asset
major
is itsrevenue
aircraft fleet,
earningwhich
asset
is is
registered
its aircraft
in fleet,
the UAE.
which is registered in the UA
information
vestments accounted for investments accounted for Since the aircraft fleet is deployed
Since the flexibly
aircraft across
fleet isEmirates'
deployedroute
flexibly
network,
across providing
Emirates' route network, providin
ing the equity method using the equity
- method- 35 - - - 35 35 - 35 information on non-currentinformation
assets by geographical
on non-current
areasassets
is notby
considered
geographical
meaningful.
areas is not considered meaningful.
gment assets Segment assets
144,386 2,641 5,646
144,386 (896)
2,641151,7775,646 (896) 151,777
vestments accounted for Investments accounted for No single external customerNo
contributes
single external
10% orcustomer
more ofcontributes
Emirates' revenues.
10% or more of Emirates' revenues.
-
ing the equity method using the equity method- 660 - - - 660 660 - 660
dditions to property, plantAdditions to property, plant
d equipment and equipment
3,389 98 3,389
15 - 98 3,502 15 - 3,502
dditions to right-of-use- Additions to right-of-use-
sets assets 355 - 134355 - - 489 134 - 489
dditions to intangible assets
1,490 4 1,490
1 - 4 1,495 1 - 1,495
110
The Emirates Group
Annual
Report
2021-22
12. Property, plant and equipment
Overview
Emirates Aircraft Aircraft Other

spare and engine Land property,
dnata
engines overhaul and plant and Capital
Group
Aircraft and parts events buildings equipment projects Total
Financial AED m AED m AED m AED m AED m AED m AED m
information
Cost
Emirates
financial
1 April 2021 101,068 7,145 8,972 13,740 6,998 2,779 140,702
commentary Additions - 121 642 10 66 5,262 6,101
dnata
dnata Transfer from capital projects 5,082 - - 20 71 (5,173) -
financial
financial
commentary
commentary Disposals / write-offs (721) (145) (2,082) - (416) - (3,364)
Emirates
Emirates Currency translation differences - - - (5) 11 - 6
consolidated
consolidated
financial
financial Transfer from dnata (Note 30) - - - 1 534 - 535
statements
statements
31 March 2022 105,429 7,121 7,532 13,766 7,264 2,868 143,980
dnata
consolidated
financial Accumulated depreciation and impairment
statements
1 April 2021 40,369 3,292 6,607 5,865 5,311 - 61,444
Additional
information Charge for the year (Note 7(a)) 6,238 500 1,487 449 400 - 9,074
Disposals / write-offs (647) (45) (2,082) - (408) - (3,182)
Currency translation differences - - - (5) 11 - 6
Transfer from dnata (Note 30) - - - 1 493 - 494
31 March 2022 45,960 3,747 6,012 6,310 5,807 - 67,836
Net book amount
31 March 2022 59,469 3,374 1,520 7,456 1,457 2,868 76,144
The net book amount of aircraft includes an amount of AED 54,673 m (2021: AED 55,679 m) in respect of assets provided as security against
financing obligations.
Land of AED 571 m (2021: AED 571 m) is carried at cost and is not depreciated.
Property, plant and equipment includes borrowing cost capitalised during the year amounting to AED 25 m (2021: AED 16 m). The interest on
general borrowings for qualifying assets was capitalised using an annual weighted average capitalisation rate of 3.5% (2021: 3.8%).
Other property, plant and equipment primarily consists of leasehold improvements, aircraft simulators, airport ground support equipment,
computer hardware, motor vehicles and office furniture.
Capital projects include pre-delivery payments of AED 2,201 m (2021: AED 1,841 m) in respect of future aircraft deliveries.
111
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12. Property, plant and equipment (continued)
Overview
Emirates Aircraft Aircraft Other

dnata
spare and engine Land property,
engines overhaul and plant and Capital
Group
Aircraft and parts events buildings equipment projects Total
Financial
information
AED m AED m AED m AED m AED m AED m AED m
Emirates Cost
financial
commentary
1 April 2020 98,686 7,137 10,974 13,587 7,298 3,091 140,773
Additions - 96 389 13 92 2,912 3,502
dnata
dnata
financial
financial Acquisitions - - - - 3 - 3
commentary
commentary
Transfer from capital projects 3,107 - - 75 44 (3,226) -
Emirates
Emirates
consolidated
consolidated Disposals / write-offs (725) (88) (2,391) (1) (446) - (3,651)
financial
financial
statements
statements Currency translation differences - - - 66 7 2 75
dnata 31 March 2021 101,068 7,145 8,972 13,740 6,998 2,779 140,702
consolidated
financial
statements Accumulated depreciation and impairment
Additional 1 April 2020 34,723 2,739 6,724 5,268 5,235 - 54,689
information
Charge for the year (Note 7(a)) 5,868 594 2,184 444 490 - 9,580
Impairment loss (Note 7(a)) 320 - 90 117 9 - 536
Disposals / write-offs (542) (41) (2,391) (1) (429) - (3,404)
Currency translation differences - - - 37 6 - 43
31 March 2021 40,369 3,292 6,607 5,865 5,311 - 61,444
Net book amount
31 March 2021 60,699 3,853 2,365 7,875 1,687 2,779 79,258
112
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13. Right-of-use assets
Overview Aircraft
Emirates spare Land and
dnata
Aircraft engines buildings Others Total
AED m AED m AED m AED m AED m
Group
Net book amount at 1 April 2020 47,343 88 5,543 18 52,992
Financial
information Additions - - 489 - 489
Emirates Remeasurements (1,038) - (31) - (1,069)
financial
commentary Depreciation charge for the year (Note 7(a)) (7,653) (55) (1,104) (5) (8,817)
dnata
dnata Impairment loss (Note 7(a)) (90) - (15) - (105)
financial
financial
commentary
commentary Currency translation differences - - (4) - (4)
Emirates
Emirates Net book amount at 31 March 2021 38,562 33 4,878 13 43,486
consolidated
consolidated
financial
financial Additions - - 878 - 878
statements
statements
Remeasurements 843 43 (351) (1) 534
dnata Depreciation charge for the year (Note 7(a)) (7,161) (44) (967) (5) (8,177)
consolidated
financial Currency translation differences - - (6) - (6)
statements
Net book amount at 31 March 2022 32,244 32 4,432 7 36,715
Additional
information
Emirates leases aircraft, aircraft spare engines, land and buildings, vehicles and airport equipment among other assets. In terms of land and
buildings, Emirates mainly leases airport infrastructure assets, including lounges, as well as other buildings used for office, retail and staff
accommodation purposes.
No depreciation is charged on land amounting to AED 478 m (2021: AED 454 m) as the legal title will be transferred to Emirates upon
completion of the lease term.
113
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14. Intangible assets
Overview
Emirates Contractual Computer Service Trade

Goodwill rights software rights names Total
dnata
AED m AED m AED m AED m AED m AED m
Group
Cost
Financial
1 April 2021 729 4,349 2,054 282 6 7,420
information
Additions - 1,164 166 - - 1,330
Emirates
financial Disposals - (12) (11) - - (23)
commentary Transfer from dnata (Note 30) - - 198 - - 198
dnata
dnata 31 March 2022 729 5,501 2,407 282 6 8,925
financial
financial
commentary
commentary Accumulated amortisation and impairment
Emirates
Emirates 1 April 2021 3 569 1,380 201 1 2,154
consolidated
consolidated Charge for the year (Note 7(a)) - 699 208 7 1 915
financial
financial
statements
statements Disposals - (12) (10) - - (22)
Transfer from dnata (Note 30) - - 174 - - 174
dnata
consolidated 31 March 2022 3 1,256 1,752 208 2 3,221
financial
statements Net book amount
31 March 2022 726 4,245 655 74 4 5,704
Additional
information
Computer software includes an amount of AED 133 m (2021: AED 94 m) in respect of projects under implementation.
For the purpose of testing goodwill impairment, the recoverable amounts for cash generating units have been determined on the basis of
value-in-use calculations using cash flow forecasts approved by management covering a three year period, adjusted for Emirates' view of
the impact of COVID-19 on the results of the cash generating units. Cash flows beyond the three year period have been extrapolated using
long term terminal growth rates. The key assumptions used in the value-in-use calculations include risk adjusted pre-tax discount rates
ranging from 6.3% to 8.7% (2021: 6.5% to 9.5%), EBITDA margins consistent with historical trends and growth rates based on
management's expectations for market development. The long term terminal growth rates ranging from 1.5% to 4.5% (2021: 1% to 4%) do
not exceed the long term average growth rate for the markets in which the cash generating units operate. Any reasonably possible change
to the assumptions will not lead to a material impairment charge.
114
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14. Intangible assets (continued)
Overview
Emirates The goodwill allocated to the cash generating unit or groups of cash generating units is as follows:
dnata
Group Reportable 2022 2021

Cash generating unit Location
Financial segment AED m AED m
information Catering
Emirates Catering operations UAE operations 369 369
financial Consumer goods UAE Others 212 212
commentary
Food and beverage USA Others 120 120
dnata
dnata
financial
financial Food and beverage UAE Others 25 25
commentary
commentary 726 726
Emirates
Emirates
consolidated
consolidated
financial
financial
statements
statements Contractual Computer Service Trade
dnata Goodwill rights software rights names Total
consolidated
financial AED m AED m AED m AED m AED m AED m
statements
Cost
Additional
information 1 April 2020 818 2,876 2,025 282 19 6,020
Additions - 1,366 129 - - 1,495
Acquisitions (89) 109 - - 6 26
Disposals - (2) (100) - (19) (121)
31 March 2021 729 4,349 2,054 282 6 7,420
Accumulated amortisation and impairment
1 April 2020 - 248 1,198 190 11 1,647
Charge for the year (Note 7(a)) - 323 223 11 1 558
Impairment loss (Note 7(a)) 3 - 58 - 8 69
Disposals - (2) (99) - (19) (120)
31 March 2021 3 569 1,380 201 1 2,154
Net book amount
31 March 2021 726 3,780 674 81 5 5,266
115
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15. Investments in subsidiaries, associates and joint ventures
Overview
Emirates Country of
Percentage of
Percentage of incorporation
dnata beneficial Principal activities
equity owned and principal
Group interest
operations
Financial
information Material subsidiaries
Emirates Emirates Flight Catering Company L.L.C. 90 90 In-flight and institutional catering UAE
financial
commentary
Wholesale and retail of consumer
Maritime & Mercantile International L.L.C. 68.7 68.7 goods UAE
dnata
dnata
financial
financial Emirates Leisure Retail L.L.C. 68.7 68.7 Food and beverage operations UAE
commentary
commentary
Emirates Leisure Retail (Singapore) Pte Ltd. 100 100 Food and beverage operations Singapore
Emirates
Emirates
consolidated
consolidated Emirates Leisure Retail (Australia) Pty Ltd. 100 100 Food and beverage operations Australia
financial
financial
statements
statements Air Ventures LLC. 75 75 Food and beverage operations USA
dnata Emirates Hotel L.L.C. 100 100 Hotel operations UAE

consolidated
financial
Emirates Hotels (Australia) Pty Ltd. 100 100 Hotel operations Australia
statements
None of the subsidiaries have non-controlling interests that are individually material to Emirates. Further, no individual associate or joint venture
Additional
information
is material to Emirates.
116
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15. Investments
nvestments in subsidiaries, in joint
associates and subsidiaries,
venturesassociates and joint ventures (continued)
(continued) 16. Inventories 16. Inventories
Overview
ement of investments accounted
Movementfor
ofusing
investments
the equity
accounted
methodfor using the equity method 2022 2021 2022 2
Emirates
AED m AED m AED m AE
dnata 2022 2021 2022 2021 In-flight consumables In-flight consumables 1,228 1,304 1,228 1,
Group AED m AED m AED m AED m
Consumer goods Consumer goods 595 510 595
nce brought forward
Financial Balance brought forward 660 691 660 691 Engineering Engineering 391 395 391
information
stments during the year Investments during the year 8 - 8 - Others Others 130 113 130
Emirates
e of results
financial Share of results 149 35 149 35 2,344 2,322 2,344 2,
commentary
dends Dividends (112) (58) (112) (58)
dnata
dnata
ency translation
financial Currency translation differences
financial differences (12) (8) (12) (8) In-flight consumables includeIn-flight
AED 960consumables
m (2021: AED
include
973 m)
AED
relating
960 mto(2021:
itemsAED
which
973 m) relating to items w
commentary
commentary
are not expected to be consumed
are not
within
expected
twelveto
months
be consumed
after thewithin
reporting
twelve
period.
months after the reporting period.
nce carried forward Balance carried forward 693 660 693 660
Emirates
Emirates
consolidated
consolidated
aggregate financial
financial
financial The aggregate
information financial
of associates is setinformation
out below: of associates is set out below:
statements
statements
dnata
2022 2021 2022 2021
consolidated
financial AED m AED m AED m AED m
statements
e of results of associates Share of results of associates 50 27 50 27
Additional
e of total
information Share
comprehensive of total
income comprehensive income of
of associates 50 associates 27 50 27
regate carrying value ofAggregate
investments in associates
carrying 45 in associates
value of investments 41 45 41
The aggregate
aggregate financial information financial isinformation
of joint ventures of joint ventures is set out below:
set out below:
2022 2021 2022 2021

AED m AED m AED m AED m
Share of results of joint ventures
e of results of joint ventures 99 8 99 8
e of total comprehensive income
Share of joint
of total ventures
comprehensive 99 joint ventures
income of 8 99 8
regate carrying value ofAggregate
investmentscarrying
in jointvalue of investments in joint
ures ventures 648 619 648 619
117
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Annual
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2021-22
17. Trade and other receivables
Overview
2022 2021
Emirates AED m AED m
dnata
Trade receivables - net of provision 4,971 2,699
Group
Prepayments 586 776
Financial Related parties (Note 30) 452 184
information
Lease and other deposits 193 215
Emirates
financial Other receivables 663 1,052
commentary
6,865 4,926
dnata
dnata
financial
financial Less: Receivables over one year (32) (163)
commentary
commentary
6,833 4,763
Emirates
Emirates
consolidated
consolidated
The carrying amounts of trade, related party and other receivables approximate their fair values which fall into level 3 of the fair value
financial
financial
statements
statements hierarchy. Any change to the valuation method will not result in a significant change to the fair value of these receivables.
dnata
consolidated For the purpose of calculating expected credit losses, Emirates categorises its trade receivables by IATA agents, credit card service providers
financial
and others.
statements
Additional
information
The impairment charge on trade receivables recognised in the consolidated income statement during the year primarily relates to ticketing
agents who are in unexpected difficult economic situations and are unable to meet their obligations under the IATA agency programme. This
charge is included in operating costs. Amounts charged to the provision account are written off when there is no expectation of further
recovery.
Expected credit losses for related party and other receivables are not significant as the balances are held with companies holding high credit
ratings with no material balances overdue. These receivables are presented net of provision.
118
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Annual
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2021-22
17. Trade and other receivables (continued)
Overview
Emirates The loss allowance was determined as follows:
dnata Below 3 3-6 Above 6

Group months past months months
Description Current due past due past due Total
Financial
information AED m AED m AED m AED m AED m
Emirates 2022
financial
commentary Gross carrying amount - trade receivables 4,290 586 87 117 5,080
dnata
dnata Expected loss rate 0.4% 0.5% 9% 68%
financial
financial
commentary
commentary Loss allowance 19 3 8 79 109
Emirates
Emirates 2021
consolidated
consolidated
financial
financial Gross carrying amount - trade receivables 2,200 208 216 170 2,794
statements
statements
Expected loss rate 0.4% 0.5% 4% 45%
dnata Loss allowance 9 1 9 76 95
consolidated
financial
statements Movement in the provision for impairment of trade receivables are as follows:
Additional
information 2022 2021
AED m AED m
Balance brought forward 95 94

Charge for the year 48 77
Unused amounts reversed (19) (42)
Amounts written off as uncollectible (12) (35)
Currency translation differences (3) 1
Balance carried forward 109 95
The net provision for impairment losses for trade receivables AED 29 m (2021: AED 35 m) is included in operating costs (Note 7).
The maximum exposure to credit risk on trade and other receivables (excluding prepayments) at the reporting date is the carrying value of
each class of receivable.
For further details on credit risk management, refer Note 31.
119
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Annual
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2021-22
Short term bank deposits18.
andShort
cashterm
and bank
cash equivalents
deposits and cash and cash equivalents 19. Capital 19. Capital
Overview
Emirates 2022 2021 2022 2021 Capital of AED 15,647 m (2021:

Capital
AEDof12,147
AED 15,647
m) represents
m (2021:the
AED
permanent
12,147 m)
capital
represents
of the permanent capita
dnata AED m AED m AED m AED m Emirates. During the year ended
Emirates.31 During
March the
2022,
year
Emirates'
ended Owner
31 March
contributed
2022, Emirates' Owner contrib
depositsGroup Bank deposits 17,719 12,027 17,719 12,027 additional capital of AED 3,500additional
m (2021: capital
AED 11,346
of AED
m).3,500 m (2021: AED 11,346 m).
and bank
Financial Cash and bank 3,161 3,081 3,161 3,081
information
h and bank balances Cash and bank balances 20,880 15,108 20,880 15,108
Emirates
Short term bank depositsLess: Short
- with termmaturity
original bank deposits
of - with original maturity of
financial
e than 3commentary
months more than 3 months (16,914) (11,063) (16,914) (11,063)
equivalents asCash
h and cashdnata
dnata per and cash equivalents as per the consolidated
the consolidated
financial
financial
ementcommentary
commentary statement of financial position
of financial position 3,966 4,045 3,966 4,045
Emirates
Emirates
and consolidated
bank
consolidated Cashan
balances earned and bank balances
effective earned
interest rate of an effective
1.0% interestper
(2021: 1.8%) rate of 1.0% (2021: 1.8%) per
um. financial
financial annum.
statements
statements
and bankdnata Cash

balances include and
AED bank m
15,838 balances include
(2021: AED AED
9,391 m)15,838 m (2021:
held with AED 9,391 m) held with financial
financial
consolidated
utions under common control.
financial institutions under common control.
statements
Additional
information
120
The Emirates Group
Annual
Report
2021-22
20. Other reserves
Overview
Capital Cash flow Translation
Emirates reserve hedge reserve reserve Total
dnata AED m AED m AED m AED m
Group 1 April 2020 - (5,689) (12) (5,701)
Financial Net gain on fair value of cash flow hedges - 3,347 - 3,347
information
Hedge ineffectiveness transferred to the consolidated income statement - 1,088 - 1,088
Emirates
financial Transferred to the consolidated income statement upon settlement - 1,210 - 1,210
commentary
Option to acquire non-controlling interest (84) - - (84)
dnata
dnata
financial
financial Currency translation differences - - (3) (3)
commentary
commentary
31 March 2021 (84) (44) (15) (143)
Emirates
Emirates
consolidated
consolidated Net gain on fair value of cash flow hedges - 2,078 - 2,078
financial
financial
Hedge ineffectiveness transferred to the consolidated income statement - (70) - (70)
statements
statements
Transferred to the consolidated income statement upon settlement - (1,356) 2 (1,354)
dnata
consolidated Currency translation differences - - (7) (7)
financial
statements 31 March 2022 (84) 608 (20) 504
Additional
information
The amounts transferred to the consolidated income statement upon settlement have been credited / (debited) to the following line items:
2022 2021
AED m AED m
Revenue (70) (45)

Operating costs (Jet fuel) 1,591 (1,072)
Finance costs (165) (93)
Operating costs (Net foreign exchange loss) (2) -
1,354 (1,210)
121
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Borrowings and lease liabilities
21. Borrowings and lease liabilities 21 (a). Lease liabilities 21 (a). Lease liabilities
Overview
Non-current Current Total
Non-current Current Total 2022 2021 2022 2
Emirates AED m AED m AEDAED
m m AED m AED m AED m AED m AED m AE
dnata
2 2022 Balance brought forward Balance brought forward 46,553 54,903 46,553 54,
e liabilitiesGroup
(Note 21 (a)) Lease liabilities (Note 21 (a))
30,147 8,096 38,243
30,147 8,096 38,243 Additions Additions 798 489 798
Financial
m loans (Note 21 (b))
information Term loans (Note 21 (b)) 46,726 8,894 55,620
46,726 8,894 55,620 Interest (Note 8) Interest (Note 8) 2,280 2,721 2,280 2
ds (Note Emirates
21 (c)) Bonds (Note 21 (c)) 1,559 823 2,382
1,559 823 2,382 Remeasurements Remeasurements (321) (1,068) (321) (1
financial 78,432 17,813 96,245
78,432 17,813 96,245 Waivers (Note 6) Waivers (Note 6) (267) (283) (267)
commentary
1 2021 Repayments Repayments (10,433) (10,618) (10,433) (10
dnata
dnata
e liabilities (Note 21 (a)) Lease liabilities (Note 21 (a))
financial
financial 37,907 8,646 46,553
37,907 8,646 46,553 Currency translation differences
Currency translation differences (367) 409 (367)
commentary
commentary
m loans (Note 21 (b)) Term loans (Note 21 (b)) 49,355 8,478 57,833
49,355 8,478 57,833 Balance carried forward Balance carried forward 38,243 46,553 38,243 46,
Emirates
Emirates
ds (Note 21 (c))
consolidated
consolidated Bonds (Note 21 (c)) 2,375 815 3,190
2,375 815 3,190
financial
financial Gross lease liabilities: Gross lease liabilities:
statements
statements 89,637 17,939 107,576
89,637 17,939 107,576
Within one year Within one year 9,945 10,894 9,945 10
dnata
consolidated Between 2 and 5 years Between 2 and 5 years 26,624 31,316 26,624 31
financial
statements After 5 years After 5 years 7,868 12,750 7,868 12
2022 2021 2022 2021
Additional 44,437 54,960 44,437 54,
information AED m AED m AED m AED m
Future interest Future interest (6,194) (8,407) (6,194) (8
owings and lease liabilities are denominated
Borrowings in liabilities
and lease the are denominated in the
Present value of lease liabilities
Present value of lease liabilities 38,243 46,553 38,243 46,
wing currencies: following currencies:
The present value of lease liabilities
The presentrelate to: of lease liabilities relate to:
value
Dollar US Dollar 81,446 89,696 81,446 89,696
Aircraft Aircraft 35,203 42,534 35,203 42
Dirham UAE Dirham 7,313 9,091 7,313 9,091
Non-aircraft Non-aircraft 3,040 4,019 3,040 4
Euro 4,079 4,375 4,079 4,375
Repayable as follows: Repayable as follows:
nese Yen Japanese Yen 1,641 2,099 1,641 2,099
Within one year (Note 21) Within one year (Note 21) 8,096 8,646 8,096 8,
nd Sterling Pound Sterling 1,550 2,021 1,550 2,021
Between 2 and 5 years Between 2 and 5 years 22,735 26,106 22,735 26
rs Others 216 294 216 294
After 5 years After 5 years 7,412 11,801 7,412 11
96,245 107,576 96,245 107,576
Total over one year (Note 21)
Total over one year (Note 21) 30,147 37,907 30,147 37,
effective interest rate per
Theannum on lease
effective liabilities
interest rate perwas 5.4% on
annum (2021:
lease5.4%), termwas 5.4% (2021: 5.4%), term
liabilities
s was 2.3% (2021: 2.5%) and bonds
loans was 4.5%
was 2.3% (2021:
(2021: 2.5%)4.5%).
and bonds was 4.5% (2021: 4.5%).
122
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21 (a). Lease liabilities (continued)
a). Lease liabilities (continued) 21 (b). Term loans 21 (b). Term loans
Overview
2022 2021 2022 2021 2022 2021 2022
Emirates
AED m AED m AED m AED m AED m AED m AED m A
dnata
Lease
e liabilities are denominated liabilities
in the are denominated
following currencies: in the following currencies: Balance brought forward Balance brought forward 58,047 51,294 58,047 51
ollar Group US Dollar 30,034 36,009 30,034 36,009 Additions Additions 9,657 14,469 9,657 14
Dirham Financial UAE Dirham 2,636 3,476 2,636 3,476 Transfer from trade and otherTransfer
payablesfrom
(seetrade
(a)) and other payables (see
633(a)) - 633
information
Euro 2,166 2,654 2,166 2,654 Interest (see (b)) Interest (see (b)) 980 - 980
nese YenEmirates Japanese Yen 1,641 2,099 1,641 2,099
financial Repayments (see (b)) Repayments (see (b)) (13,121) (7,821) (13,121) (7
nd Sterling
commentary Pound Sterling 1,550 2,021 1,550 2,021
Currency translation differences
Currency translation differences (89) 105 (89)
rs dnata
dnata Others 216 294 216 294
Balance carried forward Balance carried forward 56,107 58,047 56,107 58
financial
financial 38,243 46,553 38,243 46,553
commentary
commentary
Less: Transaction costs Less: Transaction costs (487) (214) (487)
e liabilities include AED Lease
Emirates
Emirates 1,983 liabilities
m (2021:include AEDpayable
2,546 m) 1,983 m
to (2021: 2,546under
companies m) payable to companies under 55,620 57,833 55,620 57,
consolidated
consolidated
mon control common control
on normal commercial
financial
financial terms. on normal commercial terms.
statements
statements
dnata
Term loans are repayable as follows:
Term loans are repayable as follows:
consolidated
financial
Within one year (Note 21) Within one year (Note 21) 8,894 8,478 8,894 8
statements
Additional After 5 years After 5 years 15,293 17,077 15,293 17
information
Total over one year (Note 21)
Total over one year (Note 21) 46,726 49,355 46,726 49
Term
Term loans are denominated in the loans are denominated
following currencies: in the following currencies:
US Dollar US Dollar 49,030 50,497 49,030 50
UAE Dirham UAE Dirham 4,677 5,615 4,677 5
Euro Euro 1,913 1,721 1,913 1
55,620 57,833 55,620 57
(a) During
(a) During the current year, accrued the current
interest, year,included
previously accruedwithin
interest, previously
'Trade included within 'Trade and
and other
payables' was reclassified to 'Term loans' to better
payables' was reclassified to 'Term loans' to better reflect the nature of the balance.reflect the nature of the balance.
(b) Interest and repayments (b)

wereInterest and repayments
previously presented aswere
a netpreviously presented
balance whilst as a net balance whilst i
in the
currentgross
current year they have been shown year for
they have been
enhanced shown gross
disclosure for enhanced disclosure purposes.
purposes.
123
The Emirates Group
Annual
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2021-22
b). Term loans (continued)
21 (b). Term loans (continued) 21 (c). Bonds 21 (c). Bonds
Overview
2022 2021 2022
ractual repricing dates Contractual
are set at repricing
three to dates
six month intervals.
are set Term
at three to loans
six month intervals. Term loans
Emirates AED m AED m AED m A
unting to AED 46,902 mamounting
(2021: AEDto44,836 m) aremsecured
AED 46,902 on aircraft,
(2021: AED 44,836 plant & secured on aircraft, plant &
m) are
dnata
pment and certain receivable balances.
equipment and certain receivable balances. Balance brought forward Balance brought forward 3,207 4,026 3,207 4
Group Transfer from trade and otherTransfer
payablesfrom
(seetrade
(a)) and other payables (see
10(a)) - 10
fair value of the term loans
The amounts
fair valuetoofAED
the 55,995 m (2021:
term loans AED to
amounts 58,284 m). Them (2021: AED 58,284 m). The
AED 55,995
Financial Interest (see (b)) Interest (see (b)) 111 - 111
alue is determined
information by discounting projected
fair value is determinedcashby
flows using theprojected
discounting interest rate
cashyield
flows using the interest rate yield
e for theEmirates
remaining termcurve
to maturities and currencies
for the remaining term toadjusted for credit
maturities spread. adjusted for credit spread.
and currencies Repayments (see (b)) Repayments (see (b)) (933) (819) (933)
air valuefinancial
of the term loans
Thefallfair
into levelof2the
value of the fair
term value
loans fallhierarchy.
into level 2 of the fair value hierarchy. Balance carried forward Balance carried forward 2,395 3,207 2,395 3
commentary
Less: Transaction costs Less: Transaction costs (13) (17) (13)
loans include
dnata AED 5,603Term
dnata m (2021:
loansAED 4,007
include m) 5,603
AED provided by financial
m (2021: institutions
AED 4,007 m) provided by financial institutions
financial
financial 2,382 3,190 2,382 3
r common control on normal
undercommercial terms. on normal commercial terms.
common control
commentary
commentary
Bonds are repayable as follows:
Bonds are repayable as follows:
Emirates
Emirates
consolidated
consolidated Within one year (Note 21) Within one year (Note 21) 823 815 823
financial
financial
statements
statements
dnata
After 5 years After 5 years 206 415 206
consolidated Total over one year (Note 21)
Total over one year (Note 21) 1,559 2,375 1,559 2
financial
statements
(a) During the current year, accrued interest,
(a) During previously
the current year,included
accruedwithin 'Trade
interest, and other
previously included within 'Trade and
Additional
information payables' was reclassified to 'Bonds' to better
payables' reflect thetonature
was reclassified of to
'Bonds' thebetter
balance.
reflect the nature of the balance.
(b) Interest and repayments (b)

were previously
Interest presented aswere
and repayments a netpreviously
balance whilst in the
presented as a net balance whilst i
current year they have been shown gross for enhanced disclosure purposes.
current year they have been shown gross for enhanced disclosure purposes.
Bonds are denominated in USD and are denominated

Bonds subject to fixed
in interest
USD and rates.
are subject to fixed interest rates.
The fair value of the bonds isThe AEDfair
2,385 m of
value (2021: AED 3,274
the bonds is AEDm) 2,385
basedmon listedAED
(2021: prices
3,274 m) based on listed p
and falls into level 1 of the fairand
value
fallshierarchy.
into level 1 of the fair value hierarchy.
22. Provisions 22. Provisions

2022 2021 2022
AED m AED m AED m A
Non-current Non-current
Retirement benefit obligationsRetirement
(Note 22 (a))
benefit obligations (Note 221,455
(a)) 1,222 1,455 1
Aircraft return conditions (Note 22 (b))return conditions (Note 22 (b)) 4,757
Aircraft 4,661 4,757 4
6,212 5,883 6,212 5
Current Current
Aircraft return conditions (Note 22 (b))return conditions (Note 22 (b))
Aircraft 997 1,098 997 1
7,209 6,981 7,209 6
124
The Emirates Group
Annual
Report
2021-22
(i) Funded scheme
22 (a). Retirement benefit obligations (i) Funded scheme
a). Retirement
Overviewbenefit obligations
Senior employees based in the UAE participate in a defined benefit provident schem
In accordance with the provisions of IAS 19, management has carried out an exercise to Senior employees based in the UAE participate in a definedabenefit provident schemeoftobasic salary based upon
Emirates
cordance with the provisions ofthe
IAS present
19, management has carriedbenefit
out an obligations
exercise to at 31 March 2022 in respect which Emirates contributes specified percentage
assess value of its defined which Emirates contributes aemployee’s
specified grade.
percentage
dnata
s the present value of itsofdefined Amounts contributed are invested inthe
of basic salary based upon a trustee administered sch
employees' end of service benefits payableinunder
benefit obligations at 31 March 2022 respect
relevant local regulations and employee’s grade. Amounts contributed are invested in areturns
trusteeearned
administered scheme Contributions are made
Group
mployees' end of service benefits payable under The
relevant local regulations and and accumulate along with on investments.
contractual arrangements. assessment assumed expected long term salary increase and accumulate along with returns earned on investments. Contributions are made on not
a pooled, but are separ
actual arrangements. Theofassessment monthly basis irrespective of fund performance and are
3.0% (2021:assumed expected long term salary (2021:
increase
Financial
2.0%) and a discount rate of 3.50% 2.75%) per annum. The present monthly basis irrespective of identifiable
fund performance and are not
information
0% (2021: 2.0%) and a discount and attributable to pooled, but are separately
each participant. The fund comprises a diverse m
values rate of 3.50%
of the defined(2021: 2.75%)
benefit per annum.
obligations at 31The present
March 2022 were computed using the identifiable and attributable to each participant. The fund comprises a diverse mixbyofthe participating employe
s of the Emirates
defined benefitactuarial
obligations at 31 March 2022 were computed using the funds and investment decisions are controlled directly
financial assumptions set out above. funds and investment decisions are controlled directly by the participating employees.
arial assumptions
commentary set out above.
The liabilities recognised in the consolidated statement of financial position are: Benefits receivable under the provident scheme are subject to vesting rules, whic
iabilities recognised
dnata
dnata in the consolidated statement of financial position are: Benefits receivable under thedependent
provident scheme
upon aare subject to vesting
participating rules, length
employee's which are
of service. If at the tim
financial
financial
commentary
commentary 2022 2021 dependent upon a participating employee's
employee length of service.
leaves employment, If at the vested
the accumulated time anamount, including invest
2022 2021 AED m AED m employee leaves employment, the accumulated
Emirates
Emirates returns, is less than vested
the endamount, including
of service benefitsinvestment
that would have been payable to
AED m AED m returns, is less than the end employee
of service benefits that would
local have been payable topays
that the shortfall amount dir
consolidated
consolidated
financial
financial Funded scheme under relevant regulations, Emirates
ded schemestatements
statements employee under relevant local
to regulations, Emirates
the employee. pays the
However, shortfall
if the amount vested
accumulated directlyamount exceeds the en
Present value of defined benefit obligations 2,500 2,426
to the employee. However, service
if the accumulated
benefits that vested
would amount
have beenexceeds thetoend
payable an of
employee under relevant
ent value of defined benefit obligations
dnata 2,500 2,426
Less: Fair value of plan assets (2,491) (2,425) service benefits that would have been payable to an employee under relevant
consolidated
Fair value of plan assets (2,491) (2,425) regulations, the employee receives either seventy fivelocal
or one hundred percent of
financial
statements 9 1 regulations, the employee receives either seventy
fund balance five on
depending or their
one hundred
length ofpercent
service. of their assets of the scheme ar
Vested
9 1 fund balance depending on their length
Additional Unfunded scheme available toof service.orVested
Emirates assets in
its creditors of any
the circumstances.
scheme are not
nded scheme
information available to Emirates or its creditors in any circumstances.
Present value of defined benefit obligations 1,446 1,221
ent value of defined benefit obligations 1,446 1,221 The liability of AED 9 m (2021: AED 1 m) represents the amount that will not be se
The liability of AED 9 m (2021: AEDplan
from 1 m)assets
represents
and isthe amount that
calculated willexcess
as the not beof
settled
the present value of the de
Provision recognised in the consolidated statement of from plan assets and is calculated as the excess of the present value of the defined
benefit obligation for an individual employee over the fair value of the employee's
ision recognised in the financial
consolidated statement of
position 1,455 1,222 benefit obligation for an individual
assets employee
at the endover thereporting
of the fair valueperiod.
of the employee's plan
ncial position 1,455 1,222
assets at the end of the reporting period.
The above liability is presented as a non-current provision within the consolidated
above liability is presented as a non-current
statement provisionaswithin
of financial position the expects
Emirates consolidated
to settle this liability over a long
ment of financial position as Emirates
term period. expects to settle this liability over a long
period.
125
The Emirates Group
Annual
Report
2021-22
22 (a). Retirement benefit obligations (continued) (ii) Unfunded scheme (ii) Unfunded scheme
a). Retirement benefit obligations (continued)
Overview
End of service
End of service benefits for employees who dobenefits for employees
not participate in thewho do notscheme
provident participate in the provident sch
Emirates
The
movement in the fair value of movement in the
the plan assets is fair value of the plan assets is as follows:
as follows: or other defined contribution plans follow relevant local regulations, which are m
or other defined contribution plans follow relevant local regulations, which are mainly
dnata
2022 2021 based on periods of cumulativebased on periods
service of cumulative
and levels service
of employees’ finaland levels
basic of employees’
salaries. The final basic salaries
2022 2021
Group
AED m AED m liability recognised in the consolidated statement of
liability recognised in the consolidated statement of financial position is the present financial position is the pre
AED m AED m
Financial value of the
value of the defined benefit obligation defined
at the benefit
end of obligation
the reporting at the end of the reporting period.
period.
nce brought forward
information Balance brought forward 2,425 2,705 2,425 2,705
ributionsEmirates
received Contributions received 190 220 190 220 The movement in the definedThe movement
benefit in the
obligation defined
is as benefit obligation is as follows:
follows:
financial
fits paid
commentary Benefits paid (181) (1,065) (181) (1,065)
2022 2021 2022 2
ge in fair dnata
value
dnata Change in fair value 57 565 57 565
financial
financial AED m AED m AED m AE
nce carried forward
commentary
commentary Balance carried forward 2,491 2,425 2,491 2,425
Balance brought forward Balance brought forward 1,221 1,608 1,221 1,
Emirates
Emirates
Contributions Current service cost 135
the transferreceived include the transfer of unfunded
accumulated benefits from unfunded Current service cost 135 146
consolidated
consolidated
ributionsfinancial
received include
financial of accumulated benefits from
mes. Emirates
statements
statements expects toschemes. Emirates
contribute expects to
approximately contribute
AED 196 m for approximately
existing planAED 196 m for existing plan Interest cost Interest cost 28 36 28
bers during members
the year ending during
31 March the year ending 31 March 2023.
2023. Remeasurement :
dnata Remeasurement :
consolidated - changes assumptions
- changes in experience / demographic in experience / demographic assumptions
85 (17) 85
financial
arial gains and losses
andActuarial gains and
the expected losses
return on and
plan the expected
assets are notreturn on plan assets are not calculated
calculated - changes in financial assumptions 8
statements - changes in financial assumptions 8 23
n that investment given
decisions that investment
relating to plan decisions
assets are relating
under the to plancontrol
direct assets of
are under the direct control of
Additional Payments made during the yearPayments made during the year (112) (575) (112)
cipatinginformation
employees. participating employees.
Transfer from dnata (Note 30)Transfer from dnata (Note 30) 81 - 81
Balance carried forward Balance carried forward 1,446 1,221 1,446 1,
Payments
Payments made during the year includemade during
transfer the year include
of accumulated transfer
benefits of accumulated benefits to Emir
to Emirates’
funded scheme. funded scheme.
126
The Emirates Group
Annual
Report
2021-22
a). Retirement benefit obligations
22 (a). Retirement
(continued)
benefit obligations (continued) The sensitivity of the unfunded scheme
The to changes
sensitivity in the principal
of the unfunded schemeassumptions
to changesisinset
the principal assumptions is s
Overview out below: out below:
Defined contribution
Emirates plans
(iii) Defined contribution plans
Assumptions Assumptions Change Effect on Change Effe
ates pays fixed
dnata contributions to certain
Emirates defined
pays fixed contribution
contributions toplans and
certain has nocontribution
defined legal plans and has no legal
unfunded unfu
nstructiveGroup
obligation to pay further contributions
or constructive obligationto
tosettle the benefits
pay further relating to
contributions to settle the benefits relating to
scheme sch
oyees' service
Financialin the current and priorservice
employees' periods.
in the current and prior periods.
information AED m A
otal amount recognised in
Emirates Thethe consolidated
total income statement
amount recognised in respect of
in the consolidated all
income statement in respect of all + 0.5% (61) + 0.5%
Discount rate Discount rate
-employment benefit plans
financial is as follows:
post-employment benefit plans is as follows:
commentary - 0.5% 66 - 0.5%
2022 2021 2022 2021 + 0.5% 66 + 0.5%
dnata
dnata
financial
financial AED m AED m AED m AED m Expected salary increases Expected salary increases
commentary
commentary - 0.5% (61) - 0.5%
ned benefit plan Defined benefit plan
Emirates
Emirates The above sensitivity analysisThe
is based
aboveonsensitivity
a changeanalysis
in an assumption
is based onwhile
a change
holding
in an
all assumption while holdin
ded scheme
consolidated
consolidated Funded scheme
financial
financial other assumptions constant. Inother
practice,
assumptions
this is unlikely
constant.
to occur,
In practice,
and changes
this is unlikely
in sometoofoccur, and changes in som
ributions expensed
statements
statements Contributions expensed 180 218 180 218 the assumptions may be correlated.
the assumptions
In calculating
may bethecorrelated.
above sensitivity
In calculating
analysis,the
theabove sensitivity analysis
change in dnata
the present value
Netofchange
definedinbenefit obligations
the present value of defined benefit obligations present value of the defined benefit
presentobligation
value of the
hasdefined
been calculated
benefit obligation
using thehas
projected
been calculated using the proje
consolidated
plan assets
financial over plan assets 8 (5) 8 (5) unit credit method at the end unit
of the
credit
reporting
method
period.
at the end of the reporting period.
statements
188 213 188 213
Additional
The weighted average duration
The
of weighted
the unfunded
average
scheme
duration
is 10of
years
the (2021:
unfunded
11 years).
scheme is 10 years (2021: 11 years
nded scheme
information
Unfunded scheme
ent service cost Current service cost 135 146 135 146 Through its defined benefit plans Emirates
Through its defined
is exposed
benefit
to plans
a number
Emirates
of risks,
is exposed
the most
to a number of risks, the
est cost Interest cost 28 36 28 36 significant of which are detailed
significant
below: of which are detailed below:
163 182 163 182

a) Change in discount rate:a)Retirement
Change inbenefit
discount
obligations
rate: Retirement
will increase
benefit
dueobligations
to a will increase due
ned contribution plan Defined contribution plan
decrease in market yields of high
decrease
qualityincorporate
market yields
bonds.
of high quality corporate bonds.
ributions expensed Contributions expensed 178 184 178 184
b) Expected salary increases:b)The
Expected
presentsalary
value increases:
of the defined
The present
benefitvalue
obligation
of theisdefined benefit obligati
gnised in the consolidated income in the consolidated income
Recognised
calculated by reference to thecalculated
future salaries
by reference
of plan participants.
to the futureAs
salaries
such, an
of plan
increase
participants.
in As such, an increa
ment (Note 7 (b)) statement (Note 7 (b)) 529 579 529 579
the salary of the plan participants
the salary
above
of the
the plan
expected
participants
rate of above
salary the
increases
expected
will rate of salary increase
increase the retirement benefitincrease
obligations.
the retirement benefit obligations.
127
The Emirates Group
Annual
Report
2021-22
b). Aircraft return conditions
22 (b). Aircraft return conditions 23 (b). Frequent flyer programme
2022 2021
Overview 23 (b). Frequent flyer programme 2022 2021
AED m AED m 2022 2021
Emirates
AED m AED m AED m AED m 2022 2
nce brought forward 5,759 6,211
dnata Balance brought forward 5,759 6,211 Balance brought forward 1,789 1,842 AED m AE
nding of discount 288 326
Additions Balance brought forward 1,364 342 1,789 1,
Group Unwinding
ed on return of aircraft & engines of discount (579) (477) 288 326
Recognised Additions (1,080) (395) 1,364
Financial
ilised amounts reversed Utilised on return of aircraft & engines (84) (300) (579) (477)
information
Balance carried forward Recognised 2,073 1,789 (1,080)
easurements Unutilised amounts reversed 370 (1) (84) (300)
Emirates
Balance carried forward 2,073 1,
nce
financial
carried forward Remeasurements 5,754 5,759 370 (1)
commentary Deferred revenue with respect to the frequent flyer programme represents the fair value
Balance carried forward 5,754 5,759
provision dnata
is expected to be utilised as follows:
dnata of outstanding award credits. Deferred
Revenue revenue with respect
is recognised to the frequent
when Emirates fulfils itsflyer programme represents the fair
obligations
financial
financial of outstanding
by supplying free or discounted goods or award credits.
services on the Revenue is recognised
redemption when Emirates fulfils its obliga
of the award
year (Note 22) The provision is expected to be utilised as997
hin onecommentary
commentary follows: 1,098
credits. by supplying free or discounted goods or services on the redemption of the a
one year (Note 22)
Emirates
Emirates Within one year (Note 22) 4,757 4,661 997 1,098
consolidated
consolidated credits.
financial
financial Over one year (Note 22) 4,757 4,661
statements
statements
Deferred revenue
dnata
consolidated 23. Deferred revenue
financial 2022 2021
statements
AED m AED m 2022 2021
Additional AED m AED m
enger and cargo sales
informationin advance (Note 23 (a)) 10,184 4,558
Passenger
uent flyer programme (Note 23 (b)) and cargo sales in advance (Note 23
2,073 (a)) 1,789 10,184 4,558
Frequent flyer programme (Note 23 (b)) 12,257 6,347 2,073 1,789
12,257 6,347
a). Passenger and cargo sales in advance
23 (a). Passenger and cargo sales in advance
enger and cargo sales in advance represents revenue documents sold but unused
Passenger
the reporting date. In case of no and cargorevenue
refunds, sales inisadvance represents
recognised revenue documents sold but unused
when Emirates
as at the
s its performance obligations for reporting date. Intransportation
the respective case of no refunds,
services.revenue
This is is recognised when Emirates
fulfils its performance obligations for the respective
ented under 'Current liabilities' within the consolidated statement of financial transportation services. This is
ion. presented under 'Current liabilities' within the consolidated statement of financial
position.
128
The Emirates Group
Annual
Report
2021-22
Deferred taxes 24. Deferred taxes 26. Guarantees 26. Guarantees
Overview
2022 2021 2022 2
rred tax Emirates
assets and liabilities are offset
Deferred whenand
tax assets there is a legally
liabilities enforceable
are offset right is
when there toa legally enforceable right to AED m AED m AED m AE
t current tax
dnataassets against current
offset tax tax
current liabilities
assets and when
against the deferred
current taxes and
tax liabilities relate
when the deferred taxes relate Guarantees
Guarantees and letters of credit provided and
by letters of credit provided by
e same income
Group tax authority.
to theThe offset
same amounts
income are as follows:
tax authority. The offset amounts are as follows: banks in the normal course ofbanks in the normal course of business 1,008
business 899 1,008
Financial
information 2022 2021 2022 2021 Guarantees
Guarantees and letters of credit and123
include AED letters of credit
m (2021: AED include
133 m)AED 123 mby
provided (2021: AED 133 m) provided by
AED m AED m AED m AED m companies
companies under common control undercommercial
on normal common control
terms.on normal commercial terms.
Emirates
financial
rred taxcommentary
asset Deferred tax asset 53 53 53 53
rred tax liability
dnata
dnata
Deferred tax liability - (2) - (2) 27. Commitments 27. Commitments
financial
financial 53 51 53 51
commentary
commentary Capital commitments Capital commitments
movement in deferred taxes
The are as follows:
movement in deferred taxes are as follows:
Emirates
Emirates 2022 2021 2022 2
nce brought forward
consolidated
consolidated Balance brought forward 51 22 51 22
financial
financial AED m AED m AED m AE
ited to statements
the consolidated
statements income
Creditedstatement 4 (Note 10)
(Note 10) income statement
to the consolidated 19 4 19
Aircraft (contracted and non-contracted)
Aircraft (contracted and non-contracted) 141,556 139,564 141,556 139
ency translation
dnata differences
Currency translation differences (2) 10 (2) 10
consolidated Non-aircraft Non-aircraft 83 175 83
nce carried forward
financial Balance carried forward 53 51 53 51
statements Joint ventures Joint ventures 52 30 52
Additional 141,691 139,769 141,691 139,

Trade and other payables
information 25. Trade and other payables
2022 2021 2022 2021 Aircraft pertain
Aircraft related capital commitments related capital commitments
to future deliveries of pertain to future
197 aircraft as atdeliveries
31 of 197 aircraft as at
AED m AED m AED m AED m March 2022for
March 2022 and includes commitments and includes
aircraft commitments
spare engines andfor aircraft spare engines and simulators.
simulators.
e payables and accruals Trade payables and accruals 12,969 9,874 12,969 9,874 Operational commitments Operational commitments
ed parties (Note 30) Related parties (Note 30) 910 512 910 512 2022 2021 2022 2
13,879 10,386 13,879 10,386 AED m AED m AED m AE
Payables over one year Less: Payables over one year (866) (187) (866) (187) Sales and marketing Sales and marketing 2,710 2,388 2,710 2,
13,013 10,199 13,013 10,199
carrying amounts of tradeThe

andcarrying
other payables
amountsapproximate
of trade andtheir
otherfair value which
payables fall
approximate their fair value which fall
level 3 of the fair valueinto
hierarchy.
level 3 Any change
of the to thehierarchy.
fair value valuationAny
method willtonot
change the valuation method will not
t in a significant change to the in
result faira value of these
significant payables.
change to the fair value of these payables.
129
The Emirates Group
Annual
Report
2021-22
28. Derivative financial instruments
Derivative financial instruments 2022 2
Overview
2022 2021
AED m AED m AED m AE
ription Emirates Description 2022 2022
2021 2021
Interest rate swaps Interest rate swaps
dnata Term AED m Term
Term AED m
AED m Term AED m
Change
Change in fair value of outstanding in fair value
hedging of outstanding
instruments since hedging instruments since
flow hedge
Group Cash flow hedge
1 April 1 April 321 227 321
-current Financial
assets Non-current assets
information Hedge ratio Hedge ratio 1:1 1:1 1:1
est rate swaps Interest rate swaps
2023-2032 223 2023-2032 - 223 -
Emirates Weighted average hedged rate
Weighted average hedged rate 1.9% 1.9% 1.9%
financial 223 - 223 -
commentary
ent assets Current assets
dnata
dnata
Jet fuel forward contracts The
The notional principal amounts notional principal
outstanding are: amounts outstanding are:
uel forward contracts
financial
financial 349 698 349 698
commentary
commentary
Interest rate swaps 2022 2021 2022 2
est rate swaps 12 - 12 -
Emirates
Emirates AED m AED m AED m AE
ency forwards
consolidated
consolidated Currency forwards 2 - 2 -
financial
financial Jet fuel forward contracts Jet fuel forward contracts 314 4,632 314 4
statements
statements 363 698363 698
Cash flow hedge Interest rate swaps Interest rate swaps 8,528 9,894 8,528 9
flow hedge
dnata
consolidated
-current financial
liabilities Non-current liabilities Currency forwards Currency forwards 1,155 755 1,155
statements
est rate swaps Interest rate swaps
2023-2032 2023-2032
(13) 2022-2032 (216) (13) 2022-2032 (216)
The notional principal amountsTheoutstanding
notional principal
includeamounts outstanding
AED 2,814 include
m (2021: AED AED
3,402 m)2,814 m (2021: AED 3,4
Additional
(13) (216) (13) (216)
information against derivatives entered into with companies
against derivatives entered into with companies under common control. under common control.
ent liabilities Current liabilities
est rate swaps Interest rate swaps (34) (86) (34) (86) The maximum exposure to date
creditisrisk
The maximum exposure to credit risk at the reporting theatfair
thevalue
reporting
of thedate is the fair value o
ency forwards Currency forwards (1) (5) (1) (5) derivative
derivative assets in the consolidated assets inofthe
statement consolidated
financial statement of financial position.
position.
(35) (91) (35) (91)
2022 2021 2022 2021

uel forward contracts Jet fuel forward contracts

Change
ge in fair value of outstanding in fair value
hedging of outstanding
instruments since hedging instruments since
ril 1 April 1,312 3,582 1,312 3,582
ge ratio Hedge ratio 1:1 1:1 1:1 1:1

Weighted
hted average hedged rate average
(in USD per hedged rate (in USD per 53
barrel) barrel) 54 53 54
130
The Emirates Group
Annual
Report
2021-22
29. Classification of financial instruments
Overview
Emirates
The accounting policies for financial instruments have been applied to the line items below:
dnata
Group
Financial Assets and Financial
Derivative
Financial assets at liabilities at fair liabilities at
information financial Total
amortised value through amortised
instruments
Emirates cost profit or loss cost
financial Description
commentary
dnata
dnata
financial
financial 2022
commentary
commentary
Assets
Emirates
Emirates
consolidated
consolidated
Derivative financial instruments - 586 - - 586
financial
financial Trade and other receivables (excluding prepayments) 6,279 - - - 6,279
statements
statements
Short term bank deposits 16,914 - - - 16,914
dnata
consolidated Cash and cash equivalents 3,966 - - - 3,966
financial
statements Total 27,159 586 - - 27,745
Additional
information
Liabilities
Borrowings and lease liabilities - - - 96,245 96,245
Provision for aircraft return conditions - - - 5,754 5,754
Trade and other payables - - 90 13,789 13,879
Total - 48 90 115,788 115,926
131
The Emirates Group
Annual
Report
2021-22
29. Classification of financial instruments (continued)
Overview
Emirates
dnata Financial Assets and Financial

Derivative
Group assets at liabilities at fair liabilities at
financial Total
Financial amortised value through amortised
instruments
information cost profit or loss cost
Description
Emirates AED m AED m AED m AED m AED m
financial
commentary
2021
dnata
dnata
Assets
financial
financial
commentary
commentary Derivative financial instruments - 698 - - 698
Emirates
Emirates Trade and other receivables (excluding prepayments) 4,150 - - - 4,150
consolidated
consolidated
financial
financial Short term bank deposits 11,063 - - - 11,063
statements
statements
Cash and cash equivalents 4,045 - - - 4,045
dnata
consolidated Total 19,258 698 - - 19,956
financial
statements
Additional Liabilities
information
Provision for aircraft return conditions - - - 5,759 5,759
Total - 307 84 123,637 124,028
132
The Emirates Group
Annual
Report
2021-22
Related party transactions and balances
30. Related party transactions and balances
ates transacts
Overviewwith associates, joint ventures and companies controlled by its
2022 2021
Emirates business
transactsactivities.
with associates, joint ventures and companies controlled by its AED m AED m 2022 2
nt within the scope of its ordinary
Emirates
parent within the scope of its ordinary business activities. AED m AE
dnata
Other transactions:
ates and dnata (a company under common control) share central corporate Other transactions:
(i) Finance income
ions such as information Emirates andfacilities,
dnata human
(a company under common control) share central corporate
Group
technology, resources, finance, treasury, (i) Finance income
Companies under common control (Note 8) 103 189
Financial legal andfunctions
management, such as information
other functions. Where suchtechnology, facilities,
functions are shared,human
the resources, finance, treasury,
information Companies under common control (Note 8) 103
cash management, legal and other functions.
are allocated between Emirates and dnata based on activity levels. Where such functions are shared, the (ii) Finance cost
Emirates costs are allocated between Emirates and dnata based on activity levels. (ii) Finance cost
financial Companies under common control (Note 8) 217 241
commentary
r than these shared service arrangements, the following transactions have taken Companies under common control (Note 8) 217
dnatalength basis.Other than these shared service arrangements, the following transactions have taken
e on an arm's
dnata
financial
financial
(iii) Compensation to key management personnel
place on an arm's length basis. (iii) Compensation to key management personnel
commentary
commentary 2022 2021 Salaries and short term employee benefits 112 73
Emirates AED m AED m 2022 2021 Salaries and short term employee benefits 112
Emirates
Post-employment benefits 8 12
consolidated
consolidated AED m AED m Post-employment benefits 8
ing transactions:
financial
financial 120 85
statements
statements
Trading transactions: 120
ale of goods and services
dnata
(i) Sale of goods and services Emirates also uses a number of public utilities provided by Government controlled
of goods - Companies under common control
consolidated 247 94
financial
Sale of goods - Companies under common control 247 94 Emirates
entities for its operations in Dubai, alsothese
where uses entities
a number are of
thepublic utilities provided
sole providers of the by Government contro
of goods - Joint ventures
statements 68 18
Sale of goods - Joint ventures 68 18 relevant services. This includes the supply of electricity, water and airport services. are the sole providers of
entities for its operations in Dubai, where these entities
of goods - Associates
Additional 40 39
Transactions falling in theserelevant
expenseservices. This are
categories includes the supply
individually of electricity,
insignificant and water and airport serv
information Sale of goods - Associates 40 39
ces rendered - Companies under common control 116 72 Transactions
carried out on an arm's length basis. falling in these expense categories are individually insignificant
Services rendered - Companies under common control 116 72 carried out on an arm's length basis.
ces rendered - Joint ventures 11 15
Services rendered
of frequent flyer miles - Companies - Joint ventures
under common 11 15 Effective 31 March 2022, beneficial ownership of the assets and liabilities in the
Sale of frequent flyer miles - Companies344
under common
226 Effective
Information Technology division 31 March
(a shared 2022,function)
corporate beneficial
wasownership
transferredoffrom
the assets and liabilities in
rol
control 344 226 Information
dnata to Emirates at their carrying value of Technology
AED 155m. division (a shared corporate function) was transferred f
826 464
826 464 dnata to Emirates at their carrying value of AED 155m.
urchase of goods and services
(ii) Purchase of goods and services
hase of goods - Companies under common control 3,564 1,043
Purchase of goods - Companies under common control 3,564 1,043
hase of goods - Associates 123 67
Purchase of goods - Associates 123 67
ces received - Companies under common control 2,066 1,556
Services received - Companies under common control 2,066 1,556
5,753 2,666
5,753 2,666
133
The Emirates Group
Annual
Report
2021-22
30. Related party transactions and balances (continued) 2022 2
Related party transactions and balances (continued) 2022 2021
Overview AED m AE
2022 2021 AED m AED m
Emirates 2022 2021
AED m AED m (iii) Loans and advances to key management personnel
AED m AED m (iii) Loans and advances to key management personnel
dnata (Note 17)
Year end balances (Note 17)
end balances
Group Balance brought forward 5
(i) Receivables - sale of goods and services (Note 17) Balance brought forward 5 8
eceivables - sale of goods and services (Note 17)
Financial Additions during the year 1
information Companies under common control 300 80 Additions during the year 1 -
panies under common control 300 80 Repayments during the year (2)
Emirates Joint ventures 74 40 Repayments during the year (2) (3)
venturesfinancial 74 40 Balance carried forward 4
commentary Associates 8 8 Balance carried forward 4 5
ciates 8 8 Receivable within one year 1
dnata
dnata 382 128 Receivable within one year 1 2
financial
financial 382 128 Receivable over one year 3
commentary
commentary Receivable over one year 3 3
(ii) Other receivables (Note 17)
Other receivables
Emirates
Emirates
(Note 17)
Companies under common control 65 48
paniesconsolidated
under common control
consolidated 65 48 (iv) Payables - purchase of goods and services (Note 25)
financial
financial
Joint ventures 1 3 (iv) Payables - purchase of goods and services (Note 25)
ventures
statements
statements 1 3 Companies under common control 845
66 51 Companies under common control 845 486
dnata 66 51 Associates 17
consolidated
financial
Associates 17 7
statements The amounts outstanding at year end are unsecured and will be settled in cash. No 862 4
amounts outstanding at year end are unsecured and will be settled in cash. No 862 493
impairment charge has been recognised during the year in respect of amounts owed (v) Other payables (Note 25)
airment charge
Additionalhas been recognised during the year in respect of amounts owed
(v) Other payables (Note 25)
information by related parties.
elated parties. Companies under common control 48
134
The Emirates Group
Annual
Report
2021-22
31. Financial risk management In the normal
In the normal course of business, course
Emirates placesofsignificant
business, deposits
Emirates and
places significant deposits and procu
procures
Financial risk management
Overview derivative
derivative financial instruments financial
from banks andinstruments from banks
financial institutions andgood
with financial
creditinstitutions with good cre
ancial risk factors
Emirates Financial risk factors ratings.
ratings. Exposure to credit risk is alsoExposure
managedtothrough
credit risk is alsoanalysis
regular managed through
of the abilityregular
of analysis of the ability
counterparties and potential counterparties to meet
counterparties and potential counterparties to meet their obligations. As of 31 March their obligations. As of 31 Ma
rates is exposed
dnata Emirates
to a variety of is exposed
financial to which
risks a variety of financial
involve analysis,risks which involve analysis, evaluation,
evaluation, 2022,91%)
2022, approximately 91% (2021: approximately
of cash and91% (2021:
bank 91%)are
balances of cash
held and
with bank balances are held with finan
financial
eptance and acceptance and management of some degree of risk
management of some degree of risk or combination of risks. Emirates'
Group or combination of risks. Emirates'
institutions
institutions based in the UAE. based in the UAE.
has been to achieve an aim
Financial
has beenbalance
appropriate to achieve an appropriate
between balance
risk and return andbetween
minimiserisk and return and minimise
potential adverse effects
ential adverse effects on its financial performance.
information on its financial performance.
Emirates The table below presents anThe tableof
analysis below presents
short-term an deposits
bank analysis of
andshort-term bank deposits
bank balances at and bank balance
rates' riskfinancial Emirates' risk

management procedures aremanagement
designed to procedures
identify andare designed
analyse thesetorisks,
identify and analyse these risks, the end of the reporting period based on 'S&P' ratings
the end of the reporting period based on 'S&P' ratings or its equivalent for Emirates' or its equivalent for Emira
commentary
et appropriate risk limitstoand
set controls,
appropriate
andrisk limits and
to monitor thecontrols,
risks andand to monitor
adherence to the risks and adherence to main banking relationships: main banking relationships:
dnata
dnata
ts by means of reliable andlimits by means
up-to-date of reliable and
information. up-to-date
Emirates information.
regularly reviews itsEmirates
risk regularly reviews its risk
financial
financial
nagement procedures and
commentary
commentary management
systems toprocedures and systems
reflect changes to reflect
in markets, changes
products and in markets, products and 2022 20
2022 2021
Emiratespractice. emerging
erging Emirates
best best derivative
Emirates uses practice. Emirates uses derivative
and non-derivative and non-derivative financial
financial AED m AED m AED m AED
to hedge certaininstruments
consolidated
consolidated
ruments to hedge certain risk exposures.
risk exposures.
financial
financial AA- to AA+ AA- to AA+ 358 862 358 8
statements
statements
sk management programme A riskis management programme
carried out under is carried
guidelines out
that are under guidelines
approved by a that are approved by a A- to A+ A- to A+ 20,091 13,180 20,091 13,1
dnata
ering group comprising steering
senior group comprising
management. senior
Identification, management.
evaluation andIdentification,
hedging evaluation and hedging BBB+ 2
consolidated BBB+ 147 278 147
risks is done of
financial financial in financial risks is done
close cooperation with intheclose cooperation
operating units. with
Seniorthe operating units. Senior Lower than BBB+ 3
statements Lower than BBB+ 16 396 16
management
nagement is also responsible is also of
for the review responsible for the review
risk management and theof control
risk management and the control
Unrated Unrated 235 346 235 3
Additional environment.
ironment. The various financial The various
risk elements financialbelow:
are discussed risk elements are discussed below:
information
(i) Credit risk The sale

The sale of passenger and cargo of passenger
transportation and cargo
is largely transportation
achieved is largely achieved through Internatio
through International
Credit risk
Air Transport Association (IATA) approved sales
Air Transport Association (IATA) approved sales agents, Emirates’ area offices, agents,
retailEmirates’ area offices, re
Emirates is exposed stores and
stores and through online channels. Allthrough online
IATA agents channels.
have to meetAllaIATA agentsfinancial
minimum have to meet a minimum finan
rates is exposed to credit risk, which is the to
riskcredit
that arisk, which is the
counterparty willrisk thataa counterparty will cause a
cause
ncial loss to Emirates byfinancial loss
failing to to Emirates
fulfil by failing
its obligation. to fulfil
Emirates’ its risk
credit obligation.
mainly Emirates’ credit risk mainly criterion applicable to their country of operation to remain accredited. Adherence to theaccredited. Adherence to
criterion applicable to their country of operation to remain
arises and
from other
deposits with institutions,
banks and other financial institutions, derivative financial financial
financial criteria is monitored on ancriteria
ongoing is monitored on an
basis by IATA ongoing
through basis
their by IATA through their Age
Agency
es from deposits with banks financial derivative financial
assets receivables
ets held by counterparties, held by counterparties, receivables
from agents selling from agents
commercial air selling commercial air Program. The credit risk associated with such sales agents and the related balances and the related balan
Program. The credit risk associated with such sales agents
transportation within trade
within trade receivables is therefore receivables
low and further is therefore
reduced by low and further
the credit reduced by the credit risk analy
risk analytics
sportation as well as other receivables.as well as uses
Emirates otherexternal
receivables. Emirates
ratings such asuses
S&Pexternal ratings such as S&P
performed by Emirates. There are no significant concentrations
performed by Emirates. There are no significant concentrations of credit risk, whether of credit risk, whet
bal Ratings ('S&P') or its Global Ratings
equivalent ('S&P')
in order toor its equivalent
measure in order
and monitor its to measure
credit risk and monitor its credit risk
through
through exposure to individual exposure
customers to individual
and/or customers
regions. Sales and/or
through area regions.
offices, Sales through area offi
osures towards financial exposures towards
institutions. In the financial
absence institutions. In the
of independent absence
ratings, of independent ratings, credit
credit
retail channels
retail stores and through online stores and
arethrough
requiredonline
to bechannels arecash
settled in required to be settled in cash or us
or using
lity is assessed based onquality is assessed based
the counterparty's on the
financial counterparty's
position, financial
past experience andposition, past experience and
other factors. major credit
major credit cards, thus mitigating creditcards,
risk. thus mitigating
For some trade credit risk. For
receivables, some trade receivables, Emira
Emirates
er factors.
obtains security in the form obtains securitycash
of guarantees, in the form ofetc.,
deposits guarantees,
which cancash deposits
be called etc., which can be called up
upon
if the
if the counterparty is in default counterparty
under the terms is
ofinthe
default under the terms of the agreement.
agreement.
Significant balances in otherSignificant

receivablesbalances
are heldin with
othercompanies
receivablesgiven
are held with
a high companies given a high cre
credit
rating by leading
rating by leading international rating agencies.international rating agencies.
135
The Emirates Group
Annual
Report
2021-22
31. Financial
Financial risk management risk management (continued)
(continued) Currency risk Currency risk
Overview
Emirates is exposed to theEmirates is fluctuation
effects of exposed to inthetheeffects of fluctuation
prevailing in the prevailing foreign curre
foreign currency
Credit risk (continued) (i) Credit risk (continued)
Emirates
exchange
exchange rates. Exposure arises rates.
due to Exposure
exchange ratearises due to between
fluctuations exchangetherateUAE
fluctuations between the U
impairment The impairment
dnataloss recognised on financial loss recognised
assets financial assets
is based on assumptions is based
about the on assumptions about the Dirham and other currencies Dirham
in whichand other currencies
Emirates’ revenue isin whichand
earned Emirates’ revenue
costs are is earned and costs are incur
incurred.
of default and
Group risk
expected of
loss default
rates. and
Emiratesexpected
uses loss rates.
judgement Emirates
in making uses
thesejudgement in making these Long term debt obligations Long term debt
are mainly obligations
denominated are mainly
in UAE Dirhamdenominated in UAE
or in US Dollar to Dirham or in US Dolla
umptions and selecting assumptions
inputs to theand selecting calculation
impairment inputs to the impairment
based calculation based on history,
on history, which Additionally,
which the UAE Dirham is pegged. the UAE Dirham
someis lease
pegged. Additionally,
liabilities some
and term lease
loans are liabilities and term loans
Financial
ting market existing
conditions as
information market
well as conditions as
forward-looking well as at
estimates forward-looking estimates at the end of each
the end of each denominated in Euro, Pounddenominated
Sterling andinJapanese
Euro, Pound Sterling
Yen and and aJapanese
provide Yen and provide a natural he
natural hedge
orting period. reporting period. These judgements are continually reassessed due to the changed
Emirates These judgements are continually reassessed due to the changed against revenue inflows in against revenue inflows
these currencies. Senior in these currencies.
management Senior
monitors management monitors curre
currency
nomic environment
financial economic
resulting from environment resulting
the global spread from the global
of COVID-19. spread
As of 31 of COVID-19. As of 31 March
March positions on a regular basis. positions on a regular basis.
commentary
2022, the
2, the provision for impairment provision
of trade and for impairment
other of amounted
receivables trade and other
to AEDreceivables
109 amounted to AED 109
Emirates
Emirates is in a net deficit position is in
with a net to
respect deficit position
the US Dollarwith
and respect to theand
UAE Dirham US in
Dollar and UAE Dirham an
2021: AED 95 m) and hasm
dnata
dnata
financial
financial
(2021:
been AED 95under
disclosed m) and has17.
Note been disclosed
This note also under Notethe
discloses 17. This note also discloses the
loss rates applied a net currencies.
a net surplus position for other surplus position for surpluses
Currency other currencies. Currency
are converted to surpluses
US are converted to
rates commentary
applied
commentaryon trade receivables falling inon trade receivables
different falling in different age brackets.
age brackets.
Dollar
Dollar and UAE Dirham funds andonUAE
based Dirham funds
operational based onCurrency
requirements. operational
risksrequirements.
arise Currency risks a
Emirates
Emirates
ile cash assets are also While
consolidated
consolidated subjectcash
to assets are also subject
the impairment to theofimpairment
requirements IFRS 9, therequirements of IFRS 9, the mainlyChinese
mainly in Euro, Pound Sterling, in Euro,Yuan
Pound
andSterling, Chineseand
Indian Rupee Yuan
areand Indian Rupee and are hed
hedged
ntified impairment
financial
financial loss onidentified impairment
these balances loss on these balances was immaterial.
was immaterial. dynamically using forwards dynamically
and options,using forwards and
as appropriate, as options, as appropriate,
well as through natural as well as through nat
statements
statements
hedges of foreign currency inflows.
hedges of foreign currency inflows.
Market risk
dnata (ii) Market risk
consolidated
Emirates
Emirates is also subject to the risk thatis countries
also subject to theitrisk
in which thatrevenues
earns countriesmay
in which
imposeit earns revenues may imp
financial
rates is statements
exposed Emirates
to market is exposed
risk, which is the to
riskmarket risk,fair
that the which
valueis or
thefuture
risk that
cashthe fair value or future cash
restrictions or prohibition onrestrictions or prohibition
the repatriation on theEmirates
of those funds. repatriation of to
seeks those funds. Emirates seeks to minim
minimise
ws of a financial instrument flows
will of a financial
fluctuate instrument
because will fluctuate
of changes because
in market of changes in market prices. Market
prices. Market
Additional this funds
this risk by repatriating surplus risk bytorepatriating
the UAE onsurplus fundsbasis.
a monthly to theCash
UAEand
on cash
a monthly basis. Cash and c
comprises jet fuel price risk
risk, comprises
currency jet
risk fuel
and price risk,
interest ratecurrency
risk. risk and interest rate risk.
information equivalents
equivalents for the current year for the
include AED 330current year
m (2021: include
AED 327 m)AED 330inmcountries
held (2021: AED 327 m) held in count
where exchange controls andwhere
other exchange controls
restrictions apply. and other restrictions apply.
fuel price risk Jet fuel price risk
Emiratesinis the
rates is exposed to the volatility exposed to jet
price of thefuel,
volatility
whichinisthe price ofdriven
primarily jet fuel,
by which is primarily driven by
the movement
movement in ICE Brent crude oil and theinjet
ICE Brent
fuel crudemargin
refining oil and(crack
the jetspread)
fuel refining
as its margin (crack spread) as its
significant components, two
and significant components,
closely monitors andcost
the actual closely monitors
against the actual
the forecast. To cost against the forecast. To
manage
nage this risk, Emirates has this risk,
formulated its Emirates has formulated
risk management its and
objective risk management
strategy objective and strategy
ording to which the airlineaccording
considersto which
hedging thepart
airline considers
of its hedging forecast
highly probable part of its highly probable forecast
chases of jet fuel up to 24purchases
months inofadvance
jet fuel up to 24
using months infutures,
commodity advance using and
options commodity futures, options and
swaps,arises
ps, as and when opportunity as and
andwhen opportunity
depending on thearises andconditions.
market dependingFuel
on the market conditions. Fuel
accounted
ounted for 23% of Emirates' forcosts
operating 23% during
of Emirates' operating
the year costs during the year (2021: 14%).
(2021: 14%).
136
The Emirates Group
Annual
Report
2021-22
Financial risk management (continued)
31. Financial risk management (continued) Sensitivity analysis of market risk
Sensitivity analysis of market risk
Overview
Market risk (continued) (ii) Market risk (continued) The following sensitivity analysis, relating to
The following existing analysis,
sensitivity financial relating
instruments, shows financial
to existing how instruments, shows h
Emirates
profit and equity would change if the market risk variables had been different at
profit and equity would change if the market risk variables the endhad been different at the
erest rate dnata
risk Interest rate risk of the reporting period with all
of other variablesperiod
the reporting held constant and has
with all other been computed
variables on and has been computed
held constant
the basis of assumptions andthe
indices
basisused and considered
of assumptions by otherused
and indices market
andparticipants.
considered by other market participan
rest rate Group
risk arises primarily from
Interest therisk
rate possibility that changes
arises primarily in interest
from the rates
possibility willchanges in interest rates will
that
ct futureFinancial
profitability or the fair values of financial instruments. Emirates is exposed
affect future profitability or the fair values of financial instruments. Emirates is exposed
information
he effects of fluctuations to
in the
the effects
prevailing levels of interest
of fluctuations in therates in the levels
prevailing international
of interest rates in the international 2022 20212022 2021
ncial markets on borrowings
Emirates
financial markets on borrowings and investments. term
and investments. This is applicable to its long debt
This is applicable to its long term debt Effect on Effect on Effect on Effect
Effect on on on
Effect Effect on Effect
financial
lease liabilities
commentaryportfolioand
along with
lease interestportfolio
liabilities income on its bank
along deposits.income
with interest The key
on its bank deposits. The key profit equity profitprofit equity
equity profit equ
rence rates based on which interest costs are determined are USD LIBOR for US
reference rates based on which interest costs are determined are USD LIBOR for US AED m AED m AED AED
m m AED AED
m m AED m AED
dnata
dnata
ar, EIBOR for UAE Dirham
financial
financial Dollar,and EURIBOR
EIBOR for Dirham
for UAE Euro denominated borrowings.
and EURIBOR for Euro denominated borrowings. Jet fuel price risk
commentary
commentary Jet fuel price risk
rowings taken at variableBorrowings
rates expose Emirates
taken to cash
at variable flowexpose
rates interest rate risktowhile
Emirates cash flow interest rate risk while + USD 5 on price + USD 5 on price - - - - 441 - - 4
rowings Emirates
issued
Emirates at fixed rates expose Emirates to fair value interest rate risk. In order
borrowings issued at fixed rates expose Emirates to fair value interest rate risk. In order
consolidated
consolidated - USD 5 on price - USD 5 on price - - - - (422) - - (4
manage financial
interest
financial rate risk,toEmirates
managetargets
interesta rate
balanced portfolio targets
risk, Emirates approach, and alsoportfolio approach, and also
a balanced
s appropriate
statementshedging solutions including interest rate swaps. Variable rate debt and
statements
uses appropriate hedging solutions including interest rate swaps. Variable rate debt and
k depositsdnata
are mainly denominated in UAE
bank deposits are Dirham and US Dollar.in UAE Dirham and US Dollar.
mainly denominated 2022 20212022
consolidated 2021
financial Effect on Effect on Effect on Effect
Effect on on on
Effect Effect on Effect
cts of Interest rate benchmark
Effects reform
of Interest rate benchmark reform
statements profit equity profitprofit equity
equity profit equ
Additional
adoption of interest rate AED m AED m AED AED
m m AED AED
m m AED m AED
information Thebenchmark reforms
adoption of and
interest thebenchmark
rate consequent transition
reforms and to
the consequent transition to
Currency risk Currency risk
rnative reference rates will impact Emirates’
alternative referencecurrent riskimpact
rates will management strategy
Emirates’ currentand
risk management strategy and
Euro Euro
sibly accounting for certain financial
possibly instruments.
accounting for certain financial instruments.
+ 1% + 1% 6 (35) 8 6 (36) (35) 8 (
rates has exposures to some IBORs
Emirates onexposures
has its financial
to instruments
some IBORsthat willfinancial
on its be replaced
instruments that will be replaced - 1% (6) 35 (8) (6) 36
- 1% 35 (8)
eformed as part of the interest rate benchmark reforms being undertaken
or reformed as part of the interest rate benchmark globally.
reforms being undertaken globally.
Pound Sterling Pound Sterling
of 31 March 2022, borrowing As ofand
31 lease
Marchliabilities with a carrying
2022, borrowing value
and lease of AED with
liabilities 53.2 bn
a carrying value of AED 53.2 bn + 1% 1 (14) 2 (18) (14)
+ 1% 1 2 (
derivative financial instruments with a notional
and derivative financialvalue of AED with
instruments 8.5 bn were indexed
a notional value to
of AED 8.5 bn were indexed to - 1% - 1% (1) 14 (2) (1) 18 14 (2)
D LIBOR, which is Emirates’
USDmain IBORwhich
LIBOR, exposure. These balances
is Emirates’ main IBOR areexposure.
expectedThese
to be balances are expected to be
acted by the transition for which the
impacted alternative
by the reference
transition rate
for which theis alternative
SOFR. As of 31
reference rate is SOFR. As of 31 Indian Rupee Indian Rupee
ch 2022, based on the announcement by the
March 2022, based onICE
theBenchmark
announcementAdministration
by the ICE(IBA),
Benchmark Administration (IBA), + 1% 1 1 1 1
+ 1% 1 1 1
FCA-regulated and authorised administratorand
the FCA-regulated of LIBOR, the publication
authorised of of
administrator certain USthe publication of certain US
LIBOR, - 1% - 1% (1) (1) (1) (1) (1) (1) (1)
ar LIBOR is expected to cease
dollarafter
LIBOR30 is
June 2023. to cease after 30 June 2023.
expected
Chinese Yuan Chinese Yuan
rates has set up a committee
Emirates which monitors
has set and manages
up a committee themonitors
which transitionand
to manages the transition to
+ 1% + 1% 1 1 1 1 1 1 1
rnative benchmark rates alternative
and periodically reportsrates
benchmark to the
andsenior management
periodically reportsonto the
the senior management on the
- 1% - 1% (1) (1) (1) (1) (1) (1) (1)
gress and any risks arising. As of and
progress 31 March 2022,
any risks noneAs
arising. of of
the31impacted financial
March 2022, none of the impacted financial
ruments have been transitioned to alternative
instruments have beenbenchmark rates.
transitioned to alternative benchmark rates.
137
The Emirates Group
Annual
Report
2021-22
Financial risk management
31. Financial
(continued)
risk management (continued) 28.
(iii)Financial risk
Liquidity management
risk (continued)
(iii) Liquidity risk
Overview
(iii) Liquidity
Liquidity riskrisk
is (continued)
the risk that
Liquidity
Emirates
risk isis unable
the riskto that
meetEmirates
its payment
is unable
obligations
to meet its payment obligati
Market risk (continued) (ii) Market risk (continued)
Emirates
associated
Liquidity risk with
is theitsrisk
financial liabilities
associated
that dnata when
is unablewith
to they
its financial
meet fall
its due and
liabilities
payment to replace
when funds
obligations they fall
whendue
associated they
and to replace funds when t
with
2022 20212022 2021
itsare withdrawn.
liabilities when theyare fallwithdrawn.
dnata
financial due and to replace funds when they are withdrawn.
Group Effect on Effect on Effect on on
Effect Effect on on
Effect Effect on Effect on
profit equity profit
profit equity
equity profit equity Emirates'
dnata's liquidity
liquidity management
management Emirates'
process
process asliquidity
as monitored
management
monitored by senior
by senior process
management,
as monitored
management, includes
includes by
the senior management, inclu
Financial
information AED m AED m AED AED
m m AED AED
m m AED m AED m the following:
following: the following:
erest rateEmirates
risk Interest rate risk  Day
Day to
to day
to day funding  Dayby
managed
funding isismanaged
managed by monitoring
tomonitoring
monitoring
day funding future
futurecash
cashflows
is managed
future cash by to
flows
flows monitoring
totoensure
ensurethatthat
future cash flows to ensure th
financial requirementscan
requirements
requirements can
canbebe met.
met. requirements can be met.
bemet.
rest cost Interest cost Maintaining rolling  ofMaintaining
rollingforecasts
forecasts of Emirates' rolling
liquidity
forecasts
positionofonEmirates'
onexpected
the ofbasis
liquidity
commentary  Maintaining
Maintaining rolling forecasts ofdnata's
Emirates’ liquidity position
liquidity based
position on the basis cashof position on the basis
basis points - 25 basis points expected cash
flows.
expected cash flows.
flows. expected cash flows.
dnata
dnata
E Dirham
financial
financial
UAE Dirham 9 9 12 9 12 9 12 12
 Monitoring and
Monitoring
Monitoring and
andoptimising  working
optimizing
optimizing working
Monitoring
working capital
capital and
capital needs.
optimizing working capital needs.
needs.
needs.
commentary
commentary  Monitoring liquidity
Monitoring
Monitoring liquidity  and
liquidity ratios
ratios
ratios and
Monitoring
and netcurent
net
net curent
current liquidity
assetsagainst
assets
assets ratios
against
againstandinternal
net and
internal
internal curent
and
and industry
assets against internal and indust
industry
industry
standards. standards.
Dollar US Dollar 90 13 84 90 (18) 13 84 (18) standards.
standards.
Emirates
Emirates 

Maintaining debt financing
Maintaining
 plans.
plans.
Maintaining debt financing plans.
consolidated
consolidated
99 22 96 99 (6) 22 96 (6) Maintainingdebt
Maintaining debt financing
financing
diversified plans.
 credit
Maintaining
lines, including
diversified stand-by
credit lines, credit including
facility stand-by credit facili
financial
financial  arrangements.
Maintaining
Maintaining diversified
diversified credit
creditarrangements.
lines,
lines,including
including stand-by
stand-bycredit facility
credit agreements.
facility arrangements.
5 basis statements
points
statements + 25 basis points
COVID-19 related restrictionsCOVID-19
on air travel
related
continued
restrictions
duringonthe
air year,
travelascontinued
new variants
during
of the year, as new variant
E Dirham dnata UAE Dirham (9) (9) (12) (9) (12) (9) (12) (12) Sources of liquidity are regularly reviewed as required by senior management to maintain a
consolidated the virus spread across the world.
the virus
However,
spread during
across
diversification by geography, provider, product and term. the
the second
world. However,
half of the during
financial
the year,
second half of the financial y
Dollar financial US Dollar (90) (13) (84) (90) 18 (13) (84) 18
statements with increased vaccinations and
withreduced
increased
severity
vaccinations
of the virus,
and reduced
restrictions
severity
wereof
gradually
the virus, restrictions were gradu
(99) (22) (96) (99) 6 (22) (96) 6 lifted in some of the key markets,
lifted in
and
some
customer
of the confidence
key markets,
returned
and customer
with a noticeable
confidence returned with a noticea
Additional
rest income
information Interest income increase in bookings. This resulted
increaseininEmirates
bookings.
remaining
This resulted
cash positive
in Emirates
during
remaining
the yearcash positive during the y
basis points - 25 basis points (12) (12) (5) (12) (5) (12) (5) (5) after meeting all its financial obligations.
after meeting all its financial obligations.
5 basis points + 25 basis points 12 12 5 12 5 12 5 5 Additionally, the management

Additionally,
pursued prudent
the management
measures pursued
to mitigate
prudent
the impact
measures
on to mitigate the impact
liquidity through saving costs,liquidity
reducing
through
discretionary
saving costs,
capitalreducing
expenditure,
discretionary
and improving
capital expenditure, and improv
working capital management.working capital management.
During the year, the Owner also

During
injected
the year,
cashthe
in Owner
the form
also
of injected
equity amounting
cash in thetoform
AED of equity amounting to A
3.5 billion (2021: AED 11.3 billion).
3.5 billion (2021: AED 11.3 billion).
Management continues to closely

Management
monitorcontinues
the cash to
and
closely
liquidity
monitor
position.
the cash
Thereand
is aliquidity position. There
constant focus on working capital
constant
optimisation
focus on working
and strategies
capitalhave
optimisation
been putand
in place
strategies
to have been put in plac
manage the refinancing and/or
manage
repayment
the refinancing
of funding
and/or
takenrepayment
at the startofoffunding
the crisis.
taken at the start of the cr
Additionally, new credit lines
Additionally,
and facilities
newhave
credit
been
lines
setand
up facilities
to ensure have
appropriate
been set up to ensure appropr
liquidity is maintained to mitigate
liquidity
anyisshort-term
maintainedshocks.
to mitigate any short-term shocks.
40
138
The Emirates Group
Annual
Report
2021-22
Financial risk management (continued)
31. Financial risk management (continued) 32. Capital management 32. Capital management
Overview
Liquidity risk (continued)
(iii) Liquidity risk (continued)
Emirates Emirates' objective when managing
Emirates'capital is towhen
objective safeguard its ability
managing capitalto iscontinue as a its ability to continue a
to safeguard
mmarised dnata
in the table is Summarised
the maturity inprofile of financial
the table liabilities profile
is the maturity and net-settled
of financial liabilities and net-settled going concern in order to provide returns in
going concern fororder
its Owner and toreturns
to provide maintainfor an
its optimal
Owner and to maintain an opti
vative financial
Group liabilities based on
derivative the remaining
financial period
liabilities basedat the
on end
the of reporting
remaining period at the end of reporting capital structure to reduce the cost of
capital capital. to reduce the cost of capital.
structure
od to the contractual maturity date.
period to the The amountsmaturity
contractual disclosed are The
date. the amounts
contractual
disclosed are the contractual
Financial
iscounted cash flows.
information undiscounted cash flows. Emirates monitors the return on Owner's
Emirates monitorsequity, which on
the return is defined
Owner's asequity,
the profit
which is defined as the pr
attributable to the Owner attributable
expressed asto athe percentage of average
Owner expressed as Owner's equity.of average Owner's equ
a percentage
Emirates Less than 2-5 Over
Less than 2-5 Over
financial Emirates seeks to provide a Emirates
better return
seekstotothe Ownera by
provide borrowing
better return funds
to the and taking
Owner by borrowing funds and tak
commentary 1 year years 5 years
1 year Totalyears 5 years Total
aircraft on leases to meet itsaircraft
growthonplans. Due
leases to to losses
meet in 2022,plans.
its growth Emirates
Duerecorded
to losses ain 2022, Emirates recorde
AED m AED m AED AED
m m AED AED
m m AED m AED m
dnata
dnata negative return on Owner's equity.
negative return on Owner's equity.
financial
financial
2 commentary
commentary
2022
rowings and lease liabilities 20,957liabilities
Borrowings and lease 63,697 24,429
20,957109,083
63,697 24,429 109,083 Emirates also monitors capital on the also
Emirates basismonitors
of a gearing ratio
capital on which is calculated
the basis as the
of a gearing ratio which is calculated as
Emirates
Emirates
ivativeconsolidated
financial instruments
consolidated 34
Derivative financial instruments 11 3 34 48 11 3 48 ratio of borrowings and leaseratio
liabilities, net of cash
of borrowings andassets
leaseto total equity.
liabilities, net ofAscash
at 31 March
assets to total equity. As at 31 Ma
financial
financial
vision for aircraft return conditions
statements
statements 1,029
Provision for aircraft 4,290
return conditions 1,4851,029 6,8044,290 1,485 6,804 2022, this ratio is 371.0% (2021: 459.0%).
2022, this ratio is 371.0% (2021: 459.0%).
de and other payables

dnata Trade and other 13,013
payables 868 -13,013 13,881 868 - 13,881
consolidated
financial 35,033 68,866 25,917 129,816
35,033 68,866 25,917 129,816
statements
1 2021
Additional
rowingsinformation
and lease liabilities 21,812liabilities
Borrowings and lease 68,748 32,146
21,812122,706
68,748 32,146 122,706
ivative financial instruments
Derivative financial 126
instruments402 125 126 653 402 125 653
vision for aircraft return conditions 1,130
Provision for aircraft 3,828
return conditions 2,0411,130 6,9993,828 2,041 6,999
de and other payables Trade and other 10,199
payables 187 -10,199 10,386 187 - 10,386
33,267 73,165 34,312 140,744
33,267 73,165 34,312 140,744
139
The Emirates Group
Annual
Report
2021-22
Overview Independent Auditor’s Report

to the Owner of dnata
Emirates
dnata
Group
Financial
information
Emirates
financial
commentary
dnata
Our opinion
financial
In our opinion, the consolidated financial statements present fairly, in all material Independence
commentary
respects, the consolidated financial position of dnata and its subsidiaries (together We are independent of dnata in accordance with the International Code of Ethics for
Emirates referred to as “dnata”) as at 31 March 2022, and its consolidated financial performance Professional Accountants (including International Independence Standards) issued by
consolidated
financial
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
statements Financial Reporting Standards (“IFRS”). requirements that are relevant to our audit of the consolidated financial statements
dnata in the United Arab Emirates. We have fulfilled our other ethical responsibilities in
consolidated What we have audited accordance with these requirements and the IESBA Code.
financial
statements dnata’s consolidated financial statements comprise:
Our audit approach
Additional
information ● the consolidated income statement for the year ended 31 March 2022;
Overview
● the consolidated statement of comprehensive income for the year ended
31 March 2022; Key audit matter ● Impairment of goodwill
● the consolidated statement of financial position as at 31 March 2022;
● the consolidated statement of changes in equity for the year ended 31 March 2022; 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 2022; 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
We tailored the scope of our audit in order to perform sufficient work to enable us to
Auditor’s responsibilities for the audit of the consolidated financial statements section
provide an opinion on the consolidated financial statements as a whole, taking into
of our report.
account the structure of dnata, the accounting processes and controls, and the industry
in which dnata operates.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
PricewaterhouseCoopers (Dubai Branch), License no. 102451, Emaar Square, Building 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
Jacques Fakhoury, Douglas O’Mahony, Murad Alnsour and Rami Sarhan are registered as practising auditors with the UAE Ministry of Economy
140
The Emirates Group
Annual Independent Auditor’s Report to the Owner of dnata (continued)

Report
2021-22
Key audit matters
Overview
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
Emirates 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
dnata opinion on these matters.
Group
Financial
information
Impairment of goodwill We obtained an understanding of management’s impairment models and
Emirates key assumptions. We then tested these impairment models, in particular, with
financial As at 31 March 2022, the carrying value of goodwill was AED 1,447 million. Refer to regard to the appropriateness of the key assumptions used within the models,
commentary notes 2, 3 and 11 to the consolidated financial statements. as follows:
dnata
financial Goodwill is not subject to amortisation and, as a result, in accordance with IAS 36 ● we utilised our internal valuation specialists to perform independent
commentary “Impairment of assets” is required to be tested annually for impairment. calculations of the discount rates, with particular reference to comparable
Emirates companies and compared these to the discount rates used by management;
consolidated The recoverable amount attributable to a cash generating unit to which goodwill
financial ● 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
statements models to approved budgets;
disposal and the value in use. The recoverable amount is compared to the carrying
● we compared future expected revenue growth rates and EBITDA margins
dnata value of the cash generating unit to which goodwill is allocated in order to assess
consolidated used in the approved budgets, to historical trends as well as future economic
financial
whether an impairment exists. The value in use is determined by calculating the
outlooks and reviewed whether management’s estimates made in prior
statements discounted cash flows of the cash generating unit.
periods were reasonable compared to actual performance;
Additional
The calculation of value in use incorporates key assumptions including risk ● we compared long term terminal growth rates to external sources of
information
adjusted pre-tax discount rates, EBITDA margins consistent with historic trends and information including economic forecasts;
management expectations for market development and long term terminal growth ● we tested management’s sensitivity analysis over assumptions used within
rates. the value in use calculations; and
● we tested the mathematical accuracy of the models.
The impairment model prepared by management in respect of its cash generating
units containing goodwill determined that adequate headroom existed and no We assessed whether the related disclosures in notes 2, 3 and 11 to the
impairment charge was required. consolidated financial statements are consistent with the requirements of IFRS.
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.
141
The Emirates Group

Report
2021-22
Other information Responsibilities of management and those charged with
Overview
Management is responsible for the other information. The other information comprises governance for the consolidated financial statements
Emirates the information included in the Annual Report (but does not include the consolidated
dnata financial statements and our auditor’s report thereon). Management is responsible for the preparation and fair presentation of the
consolidated financial statements in accordance with IFRS, and for such internal control
Group
Our opinion on the consolidated financial statements does not cover the other as management determines is necessary to enable the preparation of consolidated
Financial information and we do not express any form of assurance conclusion thereon. financial statements that are free from material misstatement, whether due to fraud
information
or error.
Emirates In connection with our audit of the consolidated financial statements, our responsibility
financial 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
commentary other information is materially inconsistent with the consolidated financial statements assessing dnata’s ability to continue as a going concern, disclosing, as applicable,
dnata 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
financial unless management either intends to liquidate dnata or to cease operations, or has no
commentary If, based on the work we have performed, we conclude that there is a material realistic alternative but to do so.
Emirates misstatement of this other information, we are required to report that fact. We have
consolidated nothing to report in this regard. Those charged with governance are responsible for overseeing dnata’s financial
financial
statements reporting process.
dnata
consolidated
financial
statements
Additional
information
142
The Emirates Group

Report
2021-22
Auditor’s responsibilities for the audit of the consolidated financial statements
Overview
Our objectives are to obtain reasonable assurance about whether the consolidated ● Obtain sufficient appropriate audit evidence regarding the financial information
Emirates 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
dnata 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
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
Group
in accordance with ISAs will always detect a material misstatement when it exists. opinion.
Financial Misstatements can arise from fraud or error and are considered material if, individually
information or in the aggregate, they could reasonably be expected to influence the economic We communicate with those charged with governance regarding, among other matters,
Emirates decisions of users taken on the basis of these consolidated financial statements. the planned scope and timing of the audit and significant audit findings, including any
financial significant deficiencies in internal control that we identify during our audit.
commentary
As part of an audit in accordance with ISAs, we exercise professional judgement and
dnata maintain professional scepticism throughout the audit. We also: We also provide those charged with governance with a statement that we have complied
financial with relevant ethical requirements regarding independence, and to communicate with
commentary
● 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
Emirates statements, whether due to fraud or error, design and perform audit procedures independence, and where applicable, actions taken to eliminate threats or safeguards
consolidated
responsive to those risks, and obtain audit evidence that is sufficient and applied.
financial
statements appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as From the matters communicated with those charged with governance, we determine
dnata
consolidated
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or those matters that were of most significance in the audit of the consolidated financial
financial the override of internal control. statements of the current year and are therefore the Key audit matters. We describe
statements ● 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
Additional 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
information 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
9 May 2022
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.
143
The Emirates Group
Annual Consolidated Income Statement

Report dnata
CONSOLIDATED INCOME STATEMENT
2021-22
dnata
Note 2022 2021
Overview CONSOLIDATED INCOME STATEMENT
AED m AED m
Emirates FOR THE YEAR ENDED 31 MARCH 2022
Revenue 5 8,352 5,341
dnata Note 2022 2021
Other operating income 208 200
Group AED m AED m
Net loss allowance for impairment of trade receivables 14 (44) (122)
Financial Revenue
Operating costs 5
6 8,352
(8,356) 5,341
(7,276)
information
Other operating
Operating profitincome
/ (loss) 208
160 200
(1,857)
Emirates
financial Net loss allowance
Finance income for impairment of trade receivables 14 (44)
62 (122)
101
commentary
Operating costs
Finance costs 6 (8,356)
(123) (7,276)
(123)
dnata
Operating
Share profit
of results of /investments
(loss) accounted for using the equity method 12 160
35 (1,857)
(15)
financial
commentary Finance income
Profit / (loss) before tax 62
134 101
(1,894)
Emirates Finance costs
Income tax (charge) / credit - net 7 (123)
(18) (123)
16
consolidated
financial Share
Profit of resultsfor
/ (loss) of the
investments
year accounted for using the equity method 12 35
116 (15)
(1,878)
statements
Profit//(loss)
Profit (loss)attributable
before taxto non-controlling interests 1346 (1,894)
(57)
dnata Income tax (charge) / credit to
Profit / (loss) attributable - net
dnata's Owner 7 (18)
110 16
(1,821)
consolidated
financial Profit / (loss) for the year 116 (1,878)
statements CONSOLIDATED
Profit STATEMENT
/ (loss) attributable OF COMPREHENSIVE
to non-controlling interests INCOME 6 (57)
Additional
information
Consolidated
FOR THE
Profit / (loss) ENDED Statement
YEARattributable
31 MARCH 2022
to dnata's of Comprehensive Income
Owner 110 (1,821)
for
Profitthe year
/ (loss) for theended
year 31 March 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
116 (1,878)
Items that will not be reclassified to the consolidated income statement
Remeasurement of retirement benefit obligations - net of deferred tax (25) (39)
Profit Share
/ (loss)
offor thecomprehensive
other year income of investments accounted for using the equity 116 (1,878)
Items method
that will- not
net be reclassified
of deferred tax to the consolidated income statement - (18)
Items Remeasurement
that are or may ofberetirement
reclassified subsequently
benefit to -the
obligations netconsolidated income statement
of deferred tax (25) (39)
Share of other
Currency comprehensive
translation differencesincome of investments accounted for using the equity (49) 189
method
Cash - net
flow of deferred tax
hedges -
13 (18)
(10)
Items Net
thatinvestment
are or mayhedge
be reclassified subsequently to the consolidated income statement (2) (2)
Currency
Share translation
of other differencesincome of investments accounted for using the equity
comprehensive (49) 189
Cash flow
method hedges
- net of deferred tax 13
4 (10)
(1)
Other Net
comprehensive income for the year
investment hedge (59)
(2) 119
(2)
Share of other comprehensive
Total comprehensive income for theincome
year of investments accounted for using the equity 57 (1,759)
method - net of deferred tax
Total comprehensive income attributable to non-controlling interests 4
6 (1)
(54)
Other comprehensiveincome
Total comprehensive incomeattributable
for the year to dnata's Owner (59)
51 119
(1,705)
Total comprehensive income for the year 57 (1,759)
Total comprehensive income attributable to non-controlling interests 1 6 (54)
Total comprehensive income attributable to dnata's Owner 51 (1,705)
The accompanying notes are an integral part of these consolidated financial statements.1
144
The Emirates Group
Annual Consolidated
dnata dnata Statement of Financial Position
Repo rt as at OF31FINANCIAL
CONSOLIDATED STATEMENT
CONSOLIDATED March 2022
STATEMENT
POSITION
OF FINANCIAL POSITION
2021-22
AS AT 31 MARCH 2022
AS AT 31 MARCH 2022
Note 2022 Note2021 2022 2021 Note 2022 Note2021 2022 2021
Overview
AED m AED m AED m AED m AED m AED m AED m AED m
ASSETS
Emirates ASSETS EQUITY AND LIABILITIES
EQUITY AND LIABILITIES
Non-current
dnata assets Non-current assets Capital and reserves Capital and reserves
Property, plant and equipment
Group Property, plant and equipment 8 1,838 8 2,067 1,838 2,067 Capital Capital 15 63 15 63 63 63
Right-of-use assets Right-of-use assets 9 2,033 9 2,024 2,033 2,024 Other reserves Other reserves 16 (346) 16 (312) (346) (312)
Financial
Investment property
information Investment property 10 458 10 420 458 420 Retained earnings Retained earnings 6,825 6,803 6,825 6,803
Intangible assets
Emirates Intangible assets 11 2,002 112,121 2,002 2,121 Attributable
Attributable to dnata's Owner to dnata's Owner 6,542 6,554 6,542 6,554
financial
Investments accountedInvestments
for using theaccounted
equity method
for using the12 391
equity method 12 455 391 455 Non-controlling interests
Non-controlling interests (15) (19) (15) (19)
commentary
Trade and other receivables
Trade and other receivables 14 15 14 31 15 31 Total equity Total equity 6,527 6,535 6,527 6,535
dnata
Deferred tax assets
financial Deferred tax assets 21 156 21 196 156 196
commentary 6,893 7,314 6,893 7,314 Non-current liabilitiesNon-current liabilities
Current assets
Emirates Current assets Trade and other payables
Trade and other payables 17 34 17 74 34 74
consolidated
Inventories
financial Inventories 13 147 13 77 147 77 Deferred revenue Deferred revenue 18 107 18 109 107 109
Tradestatements
and other receivables
Trade and other receivables 14 2,838 142,164 2,838 2,164 Borrowings and lease liabilities
Borrowings and lease liabilities 20 2,834 202,993 2,834 2,993
Current tax assets
dnata Current tax assets 27 29 27 29 Provisions Provisions 19 521 19 568 521 568
consolidated
financial Derivative financial instruments 25 21 25 - 21 - Deferred tax liabilities Deferred tax liabilities 21 82 21 95 82 95
Short term bank deposits
statements Short term bank deposits 24 3,740 243,730 3,740 3,730 3,578 3,839 3,578 3,839
CashAdditional
and cash equivalents
Cash and cash equivalents 24 1,158 24 960 1,158 960 Current liabilities Current liabilities
information
7,931 6,960 7,931 6,960 Trade and other payables
Trade and other payables 17 2,961 172,542 2,961 2,542
Total assets Total assets 14,824 14,274 14,824 14,274 Deferred revenue Deferred revenue 18 686 18 120 686 120
Borrowings and lease liabilities
Borrowings and lease liabilities 20 949 201,065 949 1,065
Derivative financial instruments 25 - 25 7 - 7
Provisions Provisions 19 102 19 149 102 149
Current tax liabilities Current tax liabilities 21 17 21 17
4,719 3,900 4,719 3,900
Total liabilities Total liabilities 8,297 7,739 8,297 7,739
Total equity and liabilities
Total equity and liabilities 14,824 14,274 14,824 14,274
Thestatements
The consolidated financial consolidated financial
were statements
approved were
on 9 May approved
2022 on 9by:
and signed May 2022 and signed by:
The consolidated financial statements were approved on 9 May 2022 and signed by:

The accompanying notes
Theare an integral part
accompanying of these
notes are anconsolidated
integral partfinancial
of thesestatements.
consolidated financial statements.
Sheikh
Sheikh Ahmed bin Saeed Ahmed bin Saeed Al-MaktoumMichael Doersam
Al-Maktoum Michael Doersam
Chairman and Chief Executive
Chairman and Chief Executive Group Chief Financial Officer
Group Chief Financial Officer
Sheikh Ahmed bin Saeed Al-Maktoum Michael Doersam
Chairman and Chief Executive Group Chief Financial Officer
2 2
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The Emirates Group
Annual Consolidated Statement of Changes in Equity

Reportdnata dnata
2021-22CONSOLIDATED STATEMENT OFCONSOLIDATED
CHANGES IN EQUITY
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH
FOR
2022
THE YEAR ENDED 31 MARCH 2022
Attributable to dnata's Owner Attributable to dnata's Owner
Overview
Non- Non-
Emirates
Other Retained Othercontrolling
Retained Total controlling
dnata Note Capital reserves
Note earnings
Capital Total
reserves interests
earnings equity
Total interests
Group AED m AED m AEDAED
m m AEDAED
m m AEDAED
m m AEDAED
m m AED m
Financial 1 April 2020 1 April 2020 63 (482) 8,678 63 8,259
(482) 43
8,678 8,302
8,259 43
information
Loss for the year Loss for the year - - (1,821) - (1,821) - (57)
(1,821) (1,878)
(1,821) (57)
Emirates
financial Other comprehensive income for the yearcomprehensive income for the year
Other - 173 (57) - 116 173 3 (57) 119 116 3
commentary Total comprehensive income forTotal comprehensive income for the year
the year - 173 (1,878) - (1,705)173 (1,878)
(54) (1,705)
(1,759) (54)
dnata Dividends Dividends - - - - - - (8) - (8) - (8)
financial
commentary Transfer to retained earnings Transfer to retained earnings - (3) 3 - - (3) - 3 - - -
Emirates Transactions with owners Transactions with owners - (3) 3 - - (3) (8) 3 (8) - (8)
consolidated
financial
31 March 2021 31 March 2021 63 (312) 6,803 63 6,554
(312) (19)
6,803 6,535
6,554 (19)
statements Profit for the year Profit for the year - - 110 - 110 - 6 110 116 110 6
dnata Other
Other comprehensive income for the yearcomprehensive income for the year - (34) (25) - (59)(34) - (25) (59)(59) -
consolidated
financial Total comprehensive income forTotal comprehensive income for the year
the year - (34) 85 - 51(34) 6 85 57 51 6
statements
Dividends Dividends - - - - - - (4) - (4) - (4)
Additional Dilution of interest in a subsidiary Dilution of interest in a subsidiary - - (2) - (2) - 2 (2) - (2) 2
information
Transactions with owners Transactions with owners - - (2) - (2) - (2) (2) (4) (2) (2)
Share of other changes in equity ofShare
investments
of other changes in equity of investments
accounted for using the equity method
accounted for using the equity method 12 - - 12 (61) - (61) - - (61) (61)(61) -
31 March 2022 31 March 2022 63 (346) 6,825 63 6,542
(346) (15)
6,825 6,527
6,542 (15)
The accompanying notes are an integral part of these notes

The accompanying consolidated financialpart
are an integral statements.
of these consolidated financial statements.
3 3
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The Emirates Group
Annual Consolidated
dnata Statement of Cash Flows
Repo rt dnata
for the
CONSOLIDATED STATEMENT year
OF CASH ended 31 March 2022
FLOWS
CONSOLIDATED STATEMENT OF CASH FLOWS
2021-22
FOR THE YEAR ENDEDFOR
31 MARCH 2022
THE YEAR ENDED 31 MARCH 2022
Note 2022 Note2021 2022 2021 Note 2022 Note2021 2022 2021
Overview
Operating
Emiratesactivities Operating activities Investing activities Investing activities
Profit /dnata
(loss) before taxProfit / (loss) before tax 134 (1,894) 134 (1,894) Additions to property, plant and equipment
Additions 8
to property, plant and equipment (230) 8 (192) (230) (192)
Adjustments
Group
for: Adjustments for: Additions to investmentAdditions
propertyto investment property 10 (55) 10 (53) (55) (53)
Depreciation, 6
amortisation and impairment 928 6 1,726 928 1,726 Additions to intangible Additions
assets to intangible assets 11 (85) 11 (83) (85) (83)
Financial
Finance costs - net
information Finance costs - net 61 22 61 22 Dividends from investments accounted
Dividends for using theaccounted for using the
from investments
Lease rental waivers
Emirates Lease rental waivers 20 (b) (23) 20 (b) (30) (23) (30) equity method equity method 10 20 10 20
Share of results of investments
financial Share ofaccounted for using accounted for using
results of investments Acquisition of subsidiaries, net of cash
Acquisition acquired net of cash acquired
of subsidiaries, - 4 - 4
commentary
the equity method the equity method 12 (35) 12 15 (35) 15 Proceeds from sale of property,
Proceedsplant
from and
sale equipment
of property, plant and equipment
Gaindnata
on sale of investments
Gain accounted for using accounted for using
on sale of investments and intangible assets and intangible assets
the equity method the equity method 12 (9) 12 - (9) -
commentary Proceeds from sale of investments accounted
Proceeds from for
sale of investments accounted for
NetEmirates
(gain) / loss on disposals / write-offs
Net (gain) / loss onofdisposals / write-offs of using the equity method
using the equity method 12 40 -
12 40 -
property, plant and equipment
consolidated property,and intangible
plant and equipment and intangible
financial Related party loans - net
Related party loans - net 27 4 27 1 4 1
assets assets (3) 5 (3) 5
statements Movement in short term bank deposits
Movement in short term bank deposits (10) (30) (10) (30)
Net loss allowance for impairment of tradefor impairment of trade
Net loss allowance
dnata Interest received Interest received 59 128 59 128
receivables
consolidated receivables 14 44 14 122 44 122
Net cash used in investing activities
Net cash used in investing activities (246) (179) (246) (179)
Provision
financialfor retirementProvision
benefit obligations 6
for retirement benefit obligations 257 6 261 257 261
statements
Net movement in derivative financial instruments
Net movement in derivative financial instruments 3 10 3 10 Financing activities Financing activities
Additional
Payments of retirementPayments
benefit obligations
of retirement benefit obligations (239) (390) (239) (390) Proceeds from term loans
Proceeds from term loans 20 (a) 181 20 (a) 82 181 82
information
Income tax paid Income tax paid (1) (40) (1) (40) Repayment of term loans
Repayment of term loans 20 (a) (366) 20 (a)(229) (366) (229)
Change in inventories Change in inventories (76) 89 (76) 89 Principal element of lease payments
Principal element of lease payments (437) (293) (437) (293)
Change in trade and other receivables
Change in trade and other receivables (791) 928 (791) 928 Interest paid Interest paid (119) (100) (119) (100)
Change in trade and other payables,
Change deferred
in trade and other payables, deferred Dividends paid to non-controlling interests
Dividends paid to non-controlling interests (4) (8) (4) (8)
revenue and other provisions
revenue and other provisions 967 (814) 967 (814) Net cash used in financing activities
Net cash used in financing activities (745) (548) (745) (548)
Net cash generated from
Net operating activities
cash generated from operating activities1,217 10 1,217 10 Net change in cash and cash
Net equivalents
change in cash and cash equivalents 226 (717) 226 (717)
Cash and cash equivalents
Cashatand
beginning of the yearat beginning of the year
cash equivalents 816 1,480 816 1,480
The accompanying notes
Theare an integral part
accompanying of these
notes are anconsolidated
integral partfinancial
of thesestatements.
consolidated financial statements.
Effect of exchange rate Effect
changes on cash and
of exchange ratecash
changes on cash and cash
equivalents equivalents (12) 53 (12) 53
Cash and cash equivalents
Cash at
andend of equivalents
cash the year 24 the year1,030
at end of 24 816 1,030 816
4 4
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The Emirates Group
Annual Notes to the Consolidated Financial Statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2021-22 FOR THE YEAR ENDED 31 MARCH 2022
1. General information New standards, amendments to published standards and interpretations that are
Overview relevant to dnata
dnata comprises dnata and its subsidiaries. dnata was incorporated in the Emirate of
Emirates
Dubai, UAE with limited liability, under an Emiri Decree issued by H.H. Sheikh Effective and adopted in the current year
dnata Maktoum bin Rashid Al-Maktoum on 4 April 1987. On that date, the total assets and
liabilities of Dubai National Air Travel Agency were transferred to dnata, with effect At the date of authorisation of these consolidated financial statements, amendments
Group
from 1 April 1987, for nil consideration. dnata is wholly owned by the Investment to existing standards in respect of the Interest Rate Benchmark Reform – Phase 2, as
Financial Corporation of Dubai (‘the parent company’ / ‘Owner’), a Government of Dubai entity. explained below, were effective and have been adopted by dnata.
information
Emirates
dnata is incorporated and domiciled in Dubai, UAE. The address of its registered office Interest Rate Benchmark Reform – Phase 2
financial is Dnata Travel Centre, PO Box 1515, Dubai, UAE.
commentary The Interest Rate Benchmark Reform applies to Inter-Bank Offering Rate (‘IBOR’)
The main activities of dnata are:
dnata linked interest on financial assets and liabilities. dnata had adopted Phase 1 of the
financial • Ground and cargo handling services Interest Rate Benchmark Reform from 1 April 2020 which provided temporary relief
commentary
• Inflight catering from applying specific accounting requirements with respect to discontinuation of
Emirates • Travel services hedge accounting during the period of uncertainty i.e., before the benchmark rates
consolidated get replaced. Phase 1 had no material impact on the consolidated financial statements
financial
statements 2. Summary of significant accounting policies for the year ended 31 March 2021.
dnata
consolidated A summary of the significant accounting policies, which have been applied Amendments to IFRS 9, IAS 39, IFRS 4, IFRS 7 and IFRS 16 under the Interest Rate
financial consistently in the preparation of these consolidated financial statements are set out Benchmark Reform – Phase 2 became mandatory for the current financial year and
statements
below. have been adopted from 1 April 2021. The Phase 2 amendments address issues that
Additional arise from the implementation of the reforms, including the replacement of one
information Basis of preparation benchmark with an alternative one.
The consolidated financial statements have been prepared in accordance with
These amendments provide the following reliefs:
International Financial Reporting Standards (IFRS) and interpretations issued by the
IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under
a) when changing the basis for determining contractual cash flows for financial
IFRS. The consolidated financial statements have been prepared under the historical
assets and liabilities (including lease liabilities), the reliefs have the effect that the
cost convention, except for those financial assets and liabilities (including derivative
changes, that are necessary as a direct consequence of IBOR reform and which
instruments) that are measured at fair value as stated in the accounting policies.
are considered economically equivalent, will not result in an immediate gain or
loss in the consolidated income statement.
Taking into consideration the improved financial results, forecast revenue and liquidity
levels, management has prepared these consolidated financial statements on a going b) the hedge accounting reliefs will allow most IAS 39 or IFRS 9 hedge relationships
concern basis. that are directly affected by IBOR reform to continue. However, additional
All amounts are presented in millions of UAE Dirham (‘AED m’). ineffectiveness might need to be recorded.
dnata is impacted by these changes on its IBOR linked term loans. Refer Note 28 for
dnata’s IBOR based financial instruments as of 31 March 2022 and the related
transition plan.
This document is strictly secret and personal to intended EG recipients only. It must not be copied, distributed or reproduced in whole or in part, nor passed to any third party without appropriate authorization.
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2. Summary of significant accounting policies (continued) The excess of the consideration transferred, the amount of any non-controlling
Overview interest in the acquired entity, and the acquisition-date fair value of any previous
Emirates Not yet effective and have not been early adopted equity interest in the acquired entity; over the fair value of the net identifiable assets
acquired is recorded as goodwill. If those amounts are less than the fair value of the
dnata At the date of authorisation of these consolidated financial statements, certain difference is
if recognised directly in
net identifiable assets of the business acquired, the difference
Group amendments to accounting standards and interpretations have been published but the consolidated income statement as a bargain purchase.
are not effective for the current financial year. None of these have been early adopted
Financial
information
and are not expected to have a material impact on dnata. Where settlement of any part of cash consideration is deferred, the amounts payable
in the future are discounted to their present value as at the date of exchange. The
Emirates Basis of consolidation and equity accounting discount rate used is the entity’s incremental borrowing rate, being the rate at which a
financial
commentary similar borrowing could be obtained from an independent financier under
Subsidiaries are those entities over which dnata has control. Control is exercised when comparable terms and conditions.
dnata
financial dnata is exposed to, or has rights to, variable returns from its involvement with the
commentary entity and has the ability to affect those returns through its power over that entity. If the business combination is achieved in stages, the acquisition date carrying value
Subsidiaries are fully consolidated from the date on which control is transferred to of dnata’s previously held equity interest in the subsidiary is remeasured at fair value
Emirates
consolidated dnata and are de-consolidated from the date on which control ceases. at the acquisition date. Any gains or losses arising from such remeasurement are
financial recognised in the consolidated income statement.
statements
The acquisition method of accounting is used to account for business combinations
dnata by dnata, regardless of whether equity instruments or other assets are acquired. The Inter-company transactions, balances and unrealised gains arising on transactions
consolidated between dnata and its subsidiaries are eliminated. Unrealised losses are also
financial consideration transferred for the acquisition of a subsidiary comprises the fair value of
eliminated unless the transaction provides evidence of an impairment of the
statements the assets transferred, liabilities incurred to the former owners of the acquired
business, equity interest issued, the fair value of assets or liabilities resulting from any transferred asset.
Additional
information contingent consideration arrangements and the fair value of any pre-existing equity Associates are those entities in which dnata has significant influence but not control
interest in the subsidiary. or joint control, generally accompanying a shareholding between 20% and 50% of the
voting rights. Significant influence is the power to participate in the financial and
Identifiable assets acquired, liabilities and contingent liabilities, if any, incurred or operating policy decisions of the entity, but is not control or joint control over those
assumed in a business combination, with limited exceptions, are measured initially at policies. Investments in associates are accounted for by using the equity method of
their fair values at the acquisition date. Any non-controlling interest in the subsidiary
accounting and include goodwill (net of accumulated impairment loss, if any)
is recognised on an acquisition-by-acquisition basis, either at fair value or at the non- identified on acquisition, after initially being recorded at cost.
controlling interest’s proportionate share of recognised amounts of subsidiaries’
identifiable net assets. Joint ventures are contractual arrangements which establish joint control and where
dnata has rights to the net assets of the arrangement. Joint control is the contractually
Acquisition-related costs are expensed as incurred. agreed sharing of control of an arrangement, which exists only when decisions about
Contingent consideration is classified either as equity or financial liability. Amounts the relevant activities require the unanimous consent of the parties sharing control.
classified as a financial liability are subsequently remeasured to fair value with Investments in joint ventures are accounted for by using the equity method of
accounting and include goodwill (net of accumulated impairment loss, if any)
changes in fair value recognised in the consolidated income statement.
identified on acquisition after initially being recognised at cost.
Option to acquire non-controlling interest is recognised as a financial liability and is
subsequently measured to fair value with changes in the fair value recognised in the
consolidated income statement.
6
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2. Summary of significant accounting policies (continued) Accounting policies of subsidiaries, associates and joint ventures have been changed
Overview where necessary to ensure consistency with dnata’s accounting policies.
Emirates Basis of consolidation and equity accounting (continued)
Foreign currency translation
dnata
Under the equity method of accounting, investments are initially recorded at cost and
Group adjusted thereafter to recognise dnata’s share of the post-acquisition profits or losses dnata’s consolidated financial statements are presented in UAE Dirham (“AED”), which
of the investee in the consolidated income statement, and dnata’s share of is also the entity’s functional currency. Subsidiaries, associates and joint ventures
Financial
information movements in other comprehensive income of the investee in the consolidated determine their own functional currency related to the primary economic environment
statement of other comprehensive income. Dividends received or receivable from in which they operate.
Emirates
financial associates and joint ventures are recognised as a reduction in the carrying amount of
Foreign currency transactions are translated into the functional currency at the
commentary the investment. dnata’s share in the associate or joint venture’s transactions with their
exchange rates prevailing at the transaction dates. Monetary assets and liabilities
respective owners are accounted in dnata’s consolidated statement of changes in
dnata
denominated in foreign currencies are retranslated into the functional currency at the
financial equity as share of other changes in equity.
commentary exchange rates prevailing at the end of the reporting period. The resulting foreign
When dnata’s share of losses in an equity-accounted investment equals or exceed its exchange gains and losses, other than those on qualifying net investment hedges and
Emirates
consolidated interest in the entity, including any other unsecured long-term receivable in the net investment in foreign operations which are deferred in other comprehensive
financial
nature of an investment, dnata does not recognise further losses, unless it has income, are recognised in the consolidated income statement.
statements
incurred obligations or made payments on behalf of the other entity.
dnata For the purposes of consolidation, where functional currencies of subsidiaries are
consolidated
All material unrealised gains arising on transactions between dnata and its associates different from AED, income, other comprehensive income and cash flow statements of
financial
statements and joint ventures are eliminated to the extent of dnata’s interest in these entities. All subsidiaries are translated into AED at average exchange rates for the year that
material unrealised losses are also eliminated unless the transaction provides approximate the cumulative effect of rates prevailing on the transaction dates and
Additional
evidence of an impairment of the asset transferred. their assets and liabilities are translated at the exchange rates ruling at the end of the
information
reporting period. The resulting exchange differences are recognised in other
dnata treats transactions with non-controlling interests that do not result in loss of comprehensive income.
control as transactions with the owners. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and non-controlling Share of results and share of movement in other comprehensive income of
interests to reflect their relative interests in the subsidiary. Any difference between the investments accounted for using the equity method are translated into AED at
amount of the adjustment to non-controlling interests and any consideration paid is average exchange rates whereas dnata’s share of net investments is translated at the
recorded in equity. exchange rate prevailing at the end of the reporting period. Translation differences
relating to investments in associates, joint ventures and monetary assets and liabilities
When dnata ceases to have control, any retained interest in the entity or business is that form part of a net investment in a foreign operation are recognised in other
remeasured to its fair value at the date when the control is lost, with the change in the comprehensive income.
carrying amount recognised in the consolidated income statement. The fair value
becomes the initial carrying amount for the purposes of subsequent accounting for When investments in subsidiaries, associates or joint ventures are disposed of, the
the retained interest as an associate, joint venture or financial asset. In addition, any related translation differences previously recorded in equity are then recognised in
amounts previously recognised in other comprehensive income in respect of that the consolidated income statement as part of the gain or loss on disposal.
entity or business are accounted for as if the related assets or liabilities have been
directly disposed off. This may result in amounts previously recognised in other Goodwill and fair value adjustments arising on the acquisition of a foreign entity are
comprehensive income to be reclassified to the consolidated income statement. treated as assets and liabilities of the foreign entity and translated at the exchange
rates prevailing at the end of the reporting period. Exchange differences arising are
If the ownership in a joint venture or an associate is reduced but joint control or recognised in other comprehensive income.
significant influence is retained, only a proportionate share of the amounts previously
recognised in other comprehensive income are reclassified to the consolidated
income statement where appropriate.
7
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2. Summary of significant accounting policies (continued) Deferred tax is recognised in full on temporary differences arising between the tax
Overview bases of assets and liabilities and their carrying amounts in the consolidated financial
Emirates Revenue statements. However, deferred tax is not recognised if it arises from initial recognition
of an asset or liability in a single transaction other than a business combination; at the
dnata
Revenue is measured at the fair value of the consideration received or receivable, and time of the transaction affects neither accounting nor taxable profit or loss and does
Group represents amounts receivable for goods supplied or services rendered, stated net of not give rise to equal taxable and deductible temporary differences. Also, deferred tax
discounts, returns and value added tax. liabilities are not recognised if they arise from the initial recognition of goodwill in a
Financial
information business combination.
Revenue from airport operations which includes ground and cargo handling services
Emirates is recognised on the performance of the related service obligation. Deferred tax is determined using tax rates (and laws) that have been enacted or
financial
commentary substantively enacted in the jurisdiction of the individual companies by the end of the
Revenue from travel services includes sale of travel holiday packages and individual reporting period and are expected to apply when the related deferred tax asset is
dnata travel component bookings. Revenue from travel services is recognised on the realised or the deferred tax liability is settled.
financial
commentary performance of the related service obligation. Until then, this is held in the
consolidated statement of financial position under current liabilities as ‘Deferred Deferred tax is recognised on temporary differences arising on investments in
Emirates
consolidated revenue’. subsidiaries, associates and joint ventures, except where the timing of the reversal of
financial the temporary difference is controlled by dnata and it is probable that the temporary
statements Revenue from the sale of goods (including inflight catering) is recognised when the difference will not reverse in the foreseeable future.
dnata control of goods is transferred to the customer.
consolidated Deferred tax assets are recognised to the extent that it is probable that future taxable
financial Lease income from assets under operating lease is recognised as income on a profits will be available against which the temporary differences can be utilised.
statements
straight-line basis over the term of the lease. Rentals received in advance are held in
Additional the consolidated statement of financial position under liabilities as ‘Deferred revenue’. Deferred tax assets and liabilities are offset when there is a legally enforceable right to
information offset current tax assets against current tax liabilities and when the deferred tax assets
Where dnata acts as principal in the arrangement, the total consideration received is and liabilities relate to income tax levied by the same taxation authority on either the
treated as revenue and allocated to separate performance obligations based on same taxable entity or different taxable entities where there is an intention to settle
relative stand-alone selling prices. The allocated revenue from such contracts is the current tax asset and liability balances on a net basis.
recognised in the consolidated income statement on the satisfaction of each
performance obligation. Where dnata acts as an agent between the service provider Government grants
and the end customer, net commission is recognised as revenue in the consolidated
income statement on the satisfaction of the performance obligation. Government grants are recognised at fair value where there is a reasonable assurance
that the grant will be received and dnata will comply with the attached conditions.
Finance income and costs Grants against specific expenses are recognised in the consolidated income statement
in the same period in which the corresponding expenses are recognised and are
Interest income and costs are recognised on a time proportion basis using the presented net of these expenses. Grants related to depreciable assets are recognised
effective interest method. in the consolidated income statement over the period in which the depreciation
expense on those assets is recognised.
Income tax
The tax expense for the year comprises current and deferred tax.
The current tax charge is calculated on the basis of the tax laws enacted or
substantively enacted at the end of the reporting period in the countries where dnata
operates and generate taxable income.
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2. Summary of significant accounting policies (continued) Borrowing costs
Overview
Property, plant and equipment Borrowing costs directly attributable to the acquisition, construction or production of
Emirates
qualifying assets are added to the cost of the assets until such time that the assets are
dnata Property, plant and equipment is stated at cost less accumulated depreciation and ready for their intended use. Borrowing costs capitalised are calculated at the
Group impairment. Cost consists of the purchase cost, together with any incidental expenses weighted average rate of general borrowing costs and applied to the expenditure on
of acquisition. qualifying assets, except to the extent that funds are borrowed specifically for the
Financial
information purpose of obtaining a qualifying asset. Where this occurs, actual borrowings costs
Subsequent costs are included in the asset’s carrying amount or recognised as a incurred on these specific borrowings less any investment income earned on
Emirates separate asset, as appropriate, only when it is probable that future economic benefits temporary surplus funds are capitalised as part of the qualifying asset. Other
financial
commentary associated with the items will flow to dnata and the cost can be measured reliably. borrowing costs are expensed in the period in which they are incurred.
Repairs and maintenance are charged to the consolidated income statement during
dnata
financial
the period in which they are incurred. Leases
commentary
Land is not depreciated. Depreciation on other items of property, plant and Right-of-use assets are capitalised at the commencement of the lease and recognised
Emirates
consolidated
equipment is calculated using the straight line method to allocate their cost, less at cost, comprising of the present value of payments to be made to the lessor, any
financial estimated residual values, over the estimated useful lives of the assets or the lease prepayments made at commencement, together with the initial direct costs incurred
statements term, if shorter. by dnata in respect of acquiring the lease and the present value of an estimate of
dnata costs to be incurred to meet the contractual lease-end restoration obligations less any
consolidated The estimated useful lives are:
financial
lease incentives received.
statements Plant and machinery 4 - 15 years
For contracts which contain one or more lease or non-lease components, the
Additional Buildings 15 - 33 years
consideration in the contract is allocated to each component on the basis of their
information Leasehold property shorter of useful life or lease term
relative stand-alone price determined based on estimated observable information.
Office equipment and furniture 3 - 6 years
Motor vehicles 5 -10 years Right-of-use assets are depreciated over the useful life or lease term (whichever is
lower), unless the underlying lease contract provides an option to dnata to acquire
The assets’ useful lives are reviewed at least annually, and adjusted if appropriate.
the asset at the end of the lease term and it is highly certain for dnata to exercise that
Capital projects are stated at cost. When the asset is ready for its intended use, it is option. In such cases, the right-of-use asset is depreciated over the useful life in
transferred from capital projects to the appropriate category under property, plant accordance with dnata's policies applicable to property, plant and equipment. Right-
and equipment and depreciated in accordance with dnata’s policies. of-use assets held for generating rental income are classified under Investment
property in the consolidated statement of financial position.
An item of property, plant and equipment is derecognised upon disposal or when no
future economic benefits are expected from its use or disposal. Gains and losses on dnata uses two exemptions as permitted under IFRS 16 for not capitalising the leased
derecognition are determined by comparing proceeds with the carrying amount and asset i.e. short-term leases (with a lease term of 12 months or less) and lease contracts
are recognised in the consolidated income statement. for which the value of the underlying asset is materially low (primarily comprising
some office spaces and equipment). For these leases, the lease rental charges are
recognised on a straight-line basis over the lease term and included within operating
costs in the consolidated income statement.
9
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2. Summary of significant accounting policies (continued) Investment property also include right-of-use assets that meet the definition of
Overview investment property and is measured and accounted as per dnata’s accounting
Emirates Leases (continued) policies applicable to ‘Leases’.
dnata At the lease commencement date, the lease liability is measured at the present value The assets’ useful lives are reviewed at least annually, and adjusted if appropriate.
Group of the future lease payments (including payments for reasonably certain extension /
termination options), discounted using the interest rate implicit in the lease or, if that Goodwill
Financial
rate cannot be readily determined, dnata’s incremental borrowing rate for borrowing
information
funds necessary to obtain an asset of similar value to the right-of-use asset in a Goodwill is recognised and measured on business combinations acquired by dnata, as
Emirates similar economic environment with similar terms, security and conditions. The future described within the ‘Basis of consolidation and equity accounting’ policy. Goodwill
financial
lease payments comprise fixed payments, variable payments that are dependent on on acquisitions of subsidiaries is included in intangible assets in the consolidated
commentary
an index (e.g. LIBOR) less any lease incentives receivable. All other variable lease statement of financial position.
dnata
payments are not included in the lease liability measurement and are charged to the
financial Goodwill is not amortised but is tested for impairment annually or more frequently if
commentary consolidated income statement in the period in which the conditions that trigger
events or changes in circumstances indicate a potential impairment and is carried at
those payments occur.
Emirates cost less accumulated impairment losses. For the purpose of impairment testing,
consolidated
goodwill is allocated to cash generating unit or group of cash generating units that
financial
Subsequent changes resulting from reassessments, lease modifications that are not
statements are expected to benefit from the business combination in which the goodwill arose.
accounted for as separate leases, or lease extensions / renewals that were not part of
An impairment loss is recognised when the carrying value of the cash generating unit
dnata the original lease term (together referred as ‘remeasurements’) are accounted as
consolidated or group of cash generating units exceeds its recoverable amount. Impairment losses
adjustments to the carrying value of the lease liability with a corresponding impact to
financial on goodwill are not reversed.
statements the related right-of-use asset.
Additional
Sale and leaseback transactions are tested under IFRS 15 at the date of the Gains and losses on disposal of an entity include the carrying amount of goodwill
information
transaction, and if qualified as sale, the underlying asset is derecognised and a right- relating to the entity sold.
of-use asset with a corresponding liability is recognised equal to the retained interest
in the asset. Any gain or loss is recognised immediately in the consolidated income Other intangible assets
statement for the interest in the asset transferred to the lessor. If the transaction does
Intangible assets are capitalised at cost only when future economic benefits are
not qualify as a sale under IFRS 15, a financial liability equal to the sale value is
probable. Cost includes purchase price together with any directly attributable
recognised in the consolidated financial statements under “Term loans” within
expenditure.
'Borrowings and lease liabilities'.
COVID-19 related lease rental waivers which are within the scope of IFRS 16 Intangible assets acquired in a business combination are recognised at fair value at
(Amendment) are credited to the consolidated income statement. the acquisition date. They have a finite useful life and are subsequently carried at cost
less accumulated amortisation and impairment losses.
Investment property
In the case of internally developed computer software, development expenditure is
Property held for long term rental yields or capital appreciation or both, and not capitalised if costs can be measured reliably, the product is technically and
occupied by dnata, is classified as investment property. commercially feasible, future economic benefits are probable, and there exists an
intent and ability to complete the development and to use or sell the asset. Other
Land and buildings owned by dnata and classified as investment property are research and development expenditure not meeting the criteria for capitalisation are
measured and accounted as per dnata’s accounting policies applicable to ‘property, recognised in the consolidated income statement as incurred.
plant and equipment’.
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2. Summary of significant accounting policies (continued) Financial assets
Overview
Other intangible assets (continued) Financial assets are classified in accordance with IFRS 9 as ‘Financial assets at
Emirates
amortised cost’ which consists of financial assets that are debt instruments and are
dnata
Intangible assets are amortised on a straight-line basis over their estimated useful intended to be held to maturity on the basis of dnata’s business model. Furthermore,
Group lives which are: these instruments have fixed payment terms and meet the criteria for cash flow
characteristics i.e., contractual payments of principal and interest. This category
Financial Computer software 3 - 7 years includes trade and other receivables (excluding prepayments), short term bank
information
Customer relationships 3 - 15 years deposits and cash and cash equivalents. They are classified as non-current or current
Emirates Contractual rights over the expected term of the rights assets according to their remaining maturity at the reporting date.
financial
commentary Trade names 10 years
Trade receivables
dnata
financial The intangible assets’ useful lives are reviewed at least annually, and adjusted if
commentary appropriate. Trade receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components when they are
Emirates An intangible asset is derecognised upon disposal or when no future economic recognised at fair value. They are subsequently measured at amortised cost using the
consolidated
financial benefits are expected from its use or disposal. Gains and losses on derecognition are effective interest method, less provision for impairment. dnata applies the simplified
statements determined by comparing proceeds with the carrying amount and are recognised in
approach to measure expected credit losses which uses lifetime expected loss
dnata
the consolidated income statement. allowances to calculate the impairment provision on trade receivables. To measure the
consolidated
expected credit losses, trade receivables are grouped based on shared credit risk
financial Inventories
statements characteristics and the days past due. The expected loss rates are determined by
Inventories are stated at the lower of cost and estimated net realisable value. Cost is analysing historical payment profiles and corresponding credit losses incurred and are
Additional
information determined on the weighted average cost basis except for food and beverage adjusted to reflect current and forward-looking information affecting the ability of
inventory which is determined on a first-in-first-out basis. customers to settle the receivable. Specific loss allowances are also recognised when
dnata becomes aware of a customer experiencing financial difficulty. Trade
Impairment of non-financial assets receivables are written off once management has determined that such amount will
not be recovered.
Non-financial assets other than goodwill are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be Cash and cash equivalents
recoverable. An impairment loss is recognised for the amount by which the asset’s
carrying amount exceeds its recoverable amount. The recoverable amount is the Cash and cash equivalents comprise all cash and liquid funds with an original maturity
higher of an asset’s fair value less costs to sell and value in use. For the purpose of of three months or less. Other bank deposits with maturities of less than a year are
assessing impairment, these assets are grouped at the lowest levels for which there classified as short-term bank deposits. Bank overdrafts are shown within current
are separately identifiable cash flows (cash generating units). Non-financial assets ‘Borrowings and lease liabilities’ in the consolidated statement of financial position.
other than goodwill are reviewed at the end of each reporting period for possible
Cash and bank balances are also subject to impairment requirements. However, dnata
reversals of historic impairment losses.
considers these to have low credit risk based on external credit ratings of the
counterparties as listed in Note 28.
Trade payables
Trade payables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method.
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2. Summary of significant accounting policies (continued) Provisions
Overview
Borrowings Provisions other than retirement benefit obligations are recognised when dnata has a
Emirates
present legal or constructive obligation as a result of past events, it is probable that
dnata Borrowings are recognised initially at fair value, net of transaction costs incurred. an outflow of resources will be required to settle the obligation and the amount can
Group Borrowings are subsequently measured at amortised cost with any difference be reliably estimated. Such provisions are measured at the present value of the
between the proceeds (net of transaction costs) and the redemption value recognised expenditures expected to settle the obligation using a pre-tax rate that reflects
Financial
information
in the consolidated income statement over the period of the borrowings using the current market assessments of the time value of money and risks specific to the
effective interest method. obligation.
Emirates
financial
commentary Retirement benefit obligations Derivative financial instruments
dnata dnata operates or participates in various end of service benefit plans, which are Derivative financial instruments are initially recognised at fair value on the date a
financial
commentary classified either as defined contribution or defined benefit plans. derivative contract is entered into and are subsequently remeasured at their fair value
at the end of the reporting period. Derivatives are mostly designated as a hedge of
Emirates A defined contribution plan is a pension scheme under which dnata pays fixed the exposure to variability in cash flows that is attributable to a particular risk
consolidated
financial contributions and has no legal or constructive obligation to pay further contributions associated with a recognised asset or liability or a highly probable forecast transaction
statements if the fund does not hold sufficient assets to settle the benefits relating to the (cash flow hedge). Fair values are obtained from quoted market prices or dealer
dnata employees’ service in the current and prior periods. Contributions to the pension fund quotes for similar instruments, discounted cash flow models and option pricing
consolidated are charged to the consolidated income statement in the period in which they fall models as appropriate. All derivatives are carried as assets when the fair value is
financial
statements
due. positive and as liabilities when the fair value is negative.
Additional A defined benefit plan is a plan which is not a defined contribution plan. The liability dnata’s criteria to account for a derivative financial instrument as a hedge include:
information
recognised in the consolidated statement of financial position for a defined benefit
plan is the present value of the defined benefit obligation at the end of the reporting • the hedging relationship consists only of eligible hedging instruments and
period less the fair value of plan assets at that date. The defined benefit obligation is eligible hedged items; and
calculated by independent actuaries using the projected unit credit method.
• at the inception of the hedging relationship there is a formal designation and
The present value of the defined benefit obligation is determined by discounting documentation of the hedging relationship, including dnata risk management
estimated future cash outflows using market yields of high quality corporate bonds at objective and strategy for undertaking the hedge, identification of the hedging
the end of the reporting period that are denominated in currency in which the instrument, the hedged item, the nature of the risk being hedged and how dnata
benefits will be paid and have terms approximating to the estimated term of the post- will assess the hedging instrument's effectiveness; and
employment benefit obligations.
• there is an economic relationship between the hedged item and the hedging
Actuarial gains and losses arising from changes in actuarial assumptions and instrument; and
experience adjustments are recognised in equity through other comprehensive
income in the period in which they arise. • the effect of credit risk does not ‘dominate the value changes’ that results from
the economic relationship. The hedge ratio of the hedging relationship is the
same as that resulting from the quantity of the hedged item that dnata actually
hedges and the quantity of the hedging instrument that dnata actually uses to
hedge that quantity for the hedged item.
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2. Summary of significant accounting policies (continued) Derecognition of financial assets and financial liabilities
Overview
Derivative financial instruments (continued) Financial assets are derecognised only when the contractual rights to the cash flows
Emirates
expire or substantially all the risks and rewards of ownership are transferred along
dnata
Changes in the fair value of derivatives that are designated and qualify as cash flow with the contractual rights to receive cash flows. Financial liabilities are derecognised
Group hedges and that prove to be highly effective in relation to the hedged risk are only when they are extinguished i.e., when the obligations specified in the contract
recognised in other comprehensive income. When the forecasted transaction results are discharged or cancelled or expired.
Financial
information in the recognition of a non-financial asset or a non-financial liability, the gains and
losses previously recognised in other comprehensive income are re-classified and 3. Critical accounting estimates and judgements
Emirates
financial included in the initial carrying amount of the asset or liability. These gains and losses
commentary are ultimately recognised in the consolidated income statement in the same period In the preparation of these consolidated financial statements, a number of estimates
during which the asset or liability affects profit or loss. In all other cases, amounts and accounting judgements have been made relating to the application of accounting
dnata
financial previously recognised in other comprehensive income are transferred to the policies and reported amounts of assets, liabilities, income and expense. The
commentary
consolidated income statement in the period during which the forecasted transaction significant judgements made by management in applying the accounting policies are
Emirates affects the consolidated income statement and are presented in the same line item as assessed on an ongoing basis and are based on historical experience and other
consolidated the gains and losses from hedged items. factors, including expectations of future events that are believed to be reasonable
financial
statements
under the circumstances. The following narrative addresses the accounting policies
When a cash flow hedging instrument expires or is sold, terminated or exercised, or that require subjective and complex judgements, often as a result of the need to
dnata
when a hedge no longer meets the criteria for hedge accounting under IFRS 9, any make accounting estimates.
consolidated
financial cumulative gain or loss existing in equity at that time is retained in equity and is
statements
ultimately recognised in the consolidated income statement when the forecasted Valuation of intangible assets on acquisition
Additional transaction occurs. If a forecasted transaction is no longer expected to occur, the
For each business acquisition, management assesses the fair value of intangible assets
information
cumulative gain or loss that was reported in equity is immediately transferred to
acquired. Where an active market does not exist to value an intangible asset, fair
the consolidated income statement. The gain or loss on the ineffective portion is
values are arrived at using established valuation techniques that use estimated future
immediately recognised in the consolidated income statement.
cash flows and the useful life related to the asset based on management’s experience
Changes in the fair value of derivative instruments that do not qualify for hedge and expectations at the time of acquisition. Discount rates applied to future cash
accounting are recognised immediately in the consolidated income statement. flows are also subject to judgement.
Dividend distribution Impairment of non-financial assets (including goodwill)
Dividend distribution to equity holders is recognised as a liability in the consolidated The continuing disruption being caused by COVID-19 to dnata’s operations is
financial statements in the period in which the dividends are approved. considered as an indicator for potential impairment of dnata’s non-financial assets. In
accordance with the requirements of IAS 36, management has performed an
Offsetting of financial assets and liabilities impairment review of its significant cash generating units (‘CGUs’) using the value-in-
use method. The estimates made in arriving at the value-in-use calculation and
Financial assets and liabilities are offset and the net amount reported in the associated sensitivities with respect to the goodwill impairment test are set out in
consolidated statement of financial position only when there is a legally enforceable Note 11.
right to offset the recognised amounts and there is an intention to settle on a net
basis or realise the asset and settle the liability simultaneously. The legally enforceable As a result of this exercise, no impairment loss (2021: AED 766 m) has been
right must not be contingent on future events and must be enforceable in the normal recognised in the consolidated income statement as at the reporting date. Reasonably
course of business and in the event of default, insolvency or bankruptcy. possible changes to the significant judgements in the impairment tests would not
lead to any material impairment charge.
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3. Critical accounting estimates and judgements (continued) 4. Fair value estimation
Overview
Emirates Valuation of defined benefit obligations The levels of fair value hierarchy are defined as follows:
dnata The present value of the defined benefit obligations is determined on an actuarial Level 1: Measurement is made by using quoted prices (unadjusted) from the active
Group basis using various assumptions that may differ from actual developments in the market.
future. These assumptions include the determination of the discount rate and
Financial
expected salary increases which are reviewed at each reporting date. Due to the Level 2: Measurement is made by means of valuation methods with parameters
information
complexities involved in the valuation and its long-term nature, defined benefit derived directly or indirectly from observable market data.
Emirates obligations are highly sensitive to changes in these assumptions. A sensitivity analysis Level 3: Measurement is made by means of valuation methods with parameters not
financial
commentary of changes in defined benefit obligations due to a reasonably possible change in based exclusively on observable market data.
these assumptions are set out in Note 19(a).
dnata
financial Derivatives, contingent consideration and option to acquire non-controlling interest
commentary Leases are carried at fair value. Derivatives fall into level 2 of the fair value hierarchy whereas
Emirates contingent consideration and option to acquire non-controlling interest fall into level
While determining the lease term, management considers all facts and circumstances
consolidated 3 of the fair value hierarchy.
financial that create an economic incentive to exercise an extension option, or not to exercise a
statements
termination option. Extension options (or periods after termination options) are only Derivatives comprise forward exchange contracts which are fair valued using forward
dnata included in the lease term if the lease is reasonably certain to be extended (or not exchange rates that are quoted in an active market.
consolidated terminated). To ascertain whether it is reasonably certain for dnata to exercise these
financial
statements options, the management takes into consideration any lease termination penalties The fair values of contingent consideration and option to acquire non-controlling
that would be incurred, leasehold improvements that are estimated to have significant interest are determined by using valuation techniques based on entity specific
Additional
information remaining value, historical lease durations and the cost associated to business estimates. These estimates are not based on observable market data and hence
disruption caused by replacing the leased asset. classified under level 3 of the fair value hierarchy.
The changes in the fair value of level 3 instruments are set out in Note 17.
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5. Revenue 5. Revenue (c) Depreciation, amortisation and impairment include:
(c) Depreciation, amortisation and impairment include:
Overview 2022 2021 2022 2021 2022 2021 2022 2021
Services Services Depreciation of:
dnata Depreciation of:
Airport operations Airport operations 5,720 3,934 5,720 3,934 - Right-of-use assets (Note 9) 396 380
- Right-of-use assets (Note 9) 396 380
Travel Group
services Travel services 694 130 694 130 - Property, plant and equipment 339 344
- Property, plant and equipment 339 344
Others
Financial
Others 267 231 267 231 - Investment property (Note 10) 17 20
information - Investment property (Note 10) 17 20
6,681 4,295 6,681 4,295 Amortisation of intangible assets 127 152
Amortisation of intangible assets 127 152
Sale of goods
Emirates
Sale of goods Impairment on:
financial Impairment on:
Inflight catering
commentary Inflight catering 1,536 888 1,536 888 - Intangible assets (Note 11) - 766
- Intangible assets (Note 11) - 766
Othersdnata Others 135 158 135 158 879 1,662 879 1,662
financial 1,671 1,046 1,671 1,046
commentary Depreciation and amortisation of AED
8,352 5,341 Depreciation and 49 m (2021: of
amortisation AED 64 49
AED m) mis (2021:
included
AEDunder
64 m) is included under
8,352 5,341
Emirates Information technologyInformation
costs. technology costs.
consolidated
6. Operating
financial costs 6. Operating costs 7. Income taxes 7. Income taxes
statements 2022 2021 2022 2021 2022 2021 2022 2021
dnata AED m AED m
consolidated
Current tax charge Current tax charge 1 23 1 23
Employee costs (see (a))Employee costs (see (a))
financial 3,964 3,290 3,964 3,290
statements Deferred tax charge / (credit)
Deferred tax charge / (credit) 17 (39) 17 (39)
Direct costs Direct costs
Additional 18 (16) 18 (16)
- Airport operations - Airport operations 1,012 715 1,012 715
information The income tax for the The
yearincome
can be reconciled
tax for the to thecan be reconciled to the
year
- Inflight catering - Inflight catering 742 326 742 326 accounting profit before tax as follows:
accounting profit before tax as follows:
- Travel services - Travel services 367 53 367 53 Profit / (loss) before taxProfit / (loss) before tax 134 (1,894) 134 (1,894)
- Others - Others - 2 - 2
Depreciation, amortisation and impairment (see (c)) 879 1,662 Tax calculated at domestic tax rates applicable
Tax calculated at domesticintax rates applicable in
Depreciation, amortisation and impairment (see (c)) 879 1,662
respective tax jurisdictions
respective tax jurisdictions (203) (295)
Facilities related expenditure
Facilities related expenditure 368 325 368 325 (203) (295)
Information technologyInformation
costs 276 270 Effect of tax losses for which
Effect no deferred
of tax lossestax
forasset
whichhas
nobeen
deferred tax asset has been
technology costs 276 270
recognised recognised 244 201
Sales and marketing expenses
Sales and marketing expenses 87 35 87 35 244 201
Effect of non-deductible expenses
Effect of non-deductible expenses 7 122 7 122
Corporate overheads Corporate overheads 661 598 661 598
8,356 7,276
De-recognition of previously recognised
De-recognition ofdeferred taxrecognised
previously assets deferred33
tax assets 60 33 60
8,356 7,276
Effect of income exempt fromoftax
Effect income exempt from tax (58) (97) (58) (97)
(a) Employee costs include AED 257 m
(a) Employee (2021:
costs AED AED
include 261 m)
257inmrespect
(2021: of
AEDretirement
261 m) inbenefit
respect of retirement benefit Effect of other items (5) (7)
Effect of other items (5) (7)
obligations (Note 19 (a)). Employee cost19support of AED 366
cost msupport
(2021: ofAED
AED682
366m)m (2021: AED 682 m) Income tax charge / (credit)
obligations (Note (a)). Employee Income- tax
net charge / (credit) - net 18 (16) 18 (16)
related to the COVID-19 pandemic
related to thereceived
COVID-19from various governments
pandemic received fromhas beengovernments
various offset has been offset
against the cost. In January 2022, UAE's
In Ministry
January of Finance
2022, UAE's announced
Ministry of the introduction
Finance of Federal
announced the introduction of Federal
against the cost.
Corporate Tax regime Corporate
on businessTaxprofits
regimeof on
corporations effective
business profits for financial years
of corporations effective for financial years
(b) Operating costs include expensescosts
(b) Operating related to short
include term leases
expenses relatedoftoAED 115term
short m (2021:
leases of AED 115 m (2021: starting on or after 1 June 2023.
starting on Management is currently
or after 1 June assessing the
2023. Management impact ofassessing
is currently the the impact of the
AED 99 m), low value leases of m),
AED 99 AEDlow
15 value
m (2021: AEDof17
leases m) 15
AED andmnon-index
(2021: AEDbased
17 m)variable
and non-index based variable upcoming regulations upcoming
to the business, which will be applicable to dnata from 1 April
regulations to the business, which will be applicable to dnata from 1 April
lease payments of AED lease
7 m (2021: 1 m).of AED 7 m (2021: 1 m).
payments 2024. 2024.
15 15
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8. Property, plant and equipment
Overview
Emirates Land,
dnata buildings Office
Group Plant and equipment
and leasehold and Motor Capital
Financial
information machinery property furniture vehicles projects Total
Emirates AED m AED m AED m AED m AED m AED m
financial
commentary Cost
dnata
1 April 2021 2,435 1,584 1,578 196 55 5,848
financial Additions 50 41 31 4 104 230
commentary
Transfer from capital projects 39 8 5 1 (53) -
Emirates
consolidated Disposals / write-offs (206) (4) (444) (22) (1) (677)
financial
statements
Transfer to Emirates (Note 27) - - (535) - - (535)
Currency translation differences (19) (21) (13) (2) (5) (60)
dnata
consolidated 31 March 2022 2,299 1,608 622 177 100 4,806
financial
statements Accumulated depreciation
Additional 1 April 2021 1,563 728 1,366 124 - 3,781
information Charge for the year 186 82 88 15 - 371
Disposals / write-offs (200) (3) (444) (12) - (659)
Transfer to Emirates (Note 27) - - (494) - - (494)
Currency translation differences (11) (9) (12) 1 - (31)
31 March 2022 1,538 798 504 128 - 2,968
Net book amount at
31 March 2022 761 810 118 49 100 1,838
Land of AED 21 m (2021: AED 22 m) is carried at cost and is not depreciated.
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8. Property, plant and equipment (continued)
Overview
Emirates
Land,
dnata
buildings Office
Group Plant and equipment
Financial and leasehold and Motor Capital
information
machinery property furniture vehicles projects Total
Emirates AED m AED m AED m AED m AED m AED m
financial
commentary Cost
dnata 1 April 2020 2,309 1,412 1,541 191 71 5,524
financial
Acquisitions - 1 - - - 1
commentary
Additions 43 13 19 5 112 192
Emirates
consolidated Transfer from capital projects 45 53 34 - (132) -
financial
statements Disposals / write-offs (76) (28) (47) (9) (2) (162)
dnata
Currency translation differences 114 133 31 9 6 293
consolidated 31 March 2021 2,435 1,584 1,578 196 55 5,848
financial
statements Accumulated depreciation
Additional 1 April 2020 1,387 587 1,278 110 - 3,362
information
Charge for the year 176 85 109 19 - 389
Disposals / write-offs (69) (16) (42) (9) - (136)
Currency translation differences 69 72 21 4 - 166
31 March 2021 1,563 728 1,366 124 - 3,781
Net book amount at
31 March 2021 872 856 212 72 55 2,067
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9. Right-of-use assets
Overview
Emirates Land and Plant and

dnata buildings machinery Others Total
Group
Financial
Net book amount at 1 April 2020 1,761 188 14 1,963
information Acquisitions 4 - - 4
Emirates Additions 271 25 1 297
financial
commentary Remeasurements (27) (3) (10) (40)
dnata Depreciation charge for the year (Note 6(c)) (329) (47) (4) (380)
financial Currency translation differences 157 23 - 180
commentary
Net book amount at 31 March 2021 1,837 186 1 2,024
Emirates
consolidated Additions 328 24 8 360
financial
statements
Remeasurements 85 4 - 89
Depreciation charge for the year (Note 6(c)) (346) (48) (2) (396)
dnata
consolidated Currency translation differences (42) (2) - (44)
financial
statements Net book amount at 31 March 2022 1,862 164 7 2,033
Additional
information Right-of-use assets primarily consist of airport infrastructure assets, ground support equipment, retail outlets and office space for
administrative purposes.
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10. Investment property
Overview
Emirates
Land Buildings Total
AED m AED m AED m
dnata
Cost
Group
1 April 2020 99 359 458
Financial
information Additions 24 29 53
Emirates 31 March 2021 123 388 511
financial Accumulated depreciation
commentary
1 April 2020 - 71 71
dnata
financial Charge for the year (Note 6(c)) - 20 20
commentary
31 March 2021 - 91 91
Emirates
consolidated
Net book amount at
financial 31 March 2021 123 297 420
statements
Cost
dnata
consolidated 1 April 2021 123 388 511
financial
statements
Additions 23 32 55
31 March 2022 146 420 566
Additional
information Accumulated depreciation
1 April 2021 - 91 91
Charge for the year (Note 6(c)) - 17 17
31 March 2022 - 108 108
Net book amount at
31 March 2022 146 312 458
Buildings include right-of-use assets with a net book amount of AED 35 m (2021: AED 37 m) and projects under construction of AED
33 m (2021: AED 1 m).
Investment property
Investment property comprises
comprises of
of rental
rental property
property in
in Dubai,
Dubai, leased
leased out
out to
to one
one of
of dnata's
dnata’s joint
joint venture.
venture. The
The fair
fair value
value of
of investment
investment
property as
property as at
at 31
31 March
March 2022
2022 is
is AED
AED 608
608 m
m (2021:
(2021: AED
AED 615
615 m),
m), which
which was
was determined
determined based
based on
on internal
internal valuations
valuations as
as there
there isis no
no active
active
market for
market for such
such properties.
properties. The
The fair
fair value
value has
has been
been computed by discounting
computed by discounting the
the contractual
contractual future
future lease
lease rentals
rentals at
at aa discount
discount rate
rate of
of
6% (2021:
6% (2021: 6%)
6%) commensurate
commensurate with
with the
the borrowing
borrowing rate. These estimates
rate. These are not
estimates are not based
based on
on observable
observable market
market data
data and
and hence
hence are
are
classified under
classified under level
level 33 of
of the
the fair
fair value
value hierarchy.
hierarchy.
Revenue from
Revenue from rental
rental income
income earned
earned during
during the
the year
year amounting
amounting to
to AED
AED 53
53 m
m (2021:
(2021: AED
AED 45
45 m)
m) is
is recognised
recognised in
in the
the consolidated
consolidated
income statement
income statement as
as revenue
revenue from
from ‘Services
'Services -- Others’.
Others'.
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11. Intangible assets
Overview
Emirates Computer Customer Contractual Trade
dnata
Goodwill software relationships rights names Total
Group
Cost
Financial 1 April 2020 2,159 904 666 640 112 4,481
information
Acquisitions - 2 - - 12 14
Emirates
financial Additions - 83 - - - 83
commentary Disposals / write-offs - (170) - - - (170)
dnata Currency translation differences 166 33 31 40 13 283
financial
commentary 31 March 2021 2,325 852 697 680 137 4,691
Emirates
consolidated 1 April 2020 225 545 248 609 69 1,696
financial
statements Charge for the year - 87 57 16 11 171
dnata Impairment loss (Note 6(c)) 601 86 76 - 3 766
consolidated Disposals / write off - (165) - - - (165)
financial
statements Currency translation differences 25 19 13 36 9 102
Additional 31 March 2021 851 572 394 661 92 2,570
information Net book amount at 31 March 2021 1,474 280 303 19 45 2,121
Cost
1 April 2021 2,325 852 697 680 137 4,691
Additions - 85 - - - 85
Disposals / write-offs - (15) - - - (15)
Transfer to Emirates (Note 27) - (198) - - - (198)
31 March 2022 2,279 710 689 673 131 4,482
1 April 2021 851 572 394 661 92 2,570
Charge for the year - 80 49 4 11 144
Disposals / write-offs - (15) - - - (15)
Transfer to Emirates (Note 27) - (174) - - - (174)
31 March 2022 832 454 437 659 98 2,480
Net book amount at 31 March 2022 1,447 256 252 14 33 2,002
Computer software includes an amount of AED 113 m (2021: AED 81 m) in respect of projects under implementation.
20
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11. Intangible assets (continued)
Overview
For the purpose of carrying out the impairment test of goodwill, the recoverable amounts for cash generating units or groups of cash
Emirates
generating units have been determined on the basis of value-in-use calculations using cash flow forecasts approved by management
dnata
covering a three year period. Cash flows beyond the three year period have been extrapolated using terminal growth rates stated below.
Group The key assumptions used in the value-in-use calculations include a risk adjusted pre-tax discount rate, EBITDA margins consistent with
Financial historical trends and growth rates based on management's expectations for market development. The long term terminal growth rate
information
does not exceed the long term average growth rate for the markets in which the cash generating units or groups of cash generating units
Emirates operate.
financial
commentary
The goodwill allocated to cash generating units or groups of cash generating units and the key assumptions used in the value-in-use
dnata calculations are as follows:
financial
commentary
Cash generating unit / Group of cash Location Goodwill Discount Terminal
Emirates
consolidated generating units 2022 2021 rate growth rate
financial
statements AED m AED m % %
dnata
Airport operations USA 308 308 9.0 2.0
consolidated Airport operations Switzerland 143 140 9.0 2.5
financial
statements Airport operations Singapore 92 93 8.0 3.0
Additional Airport operations Netherlands 59 62 9.0 1.5
information
Inflight catering Australia 334 340 9.0 1.5
Inflight catering Italy 70 73 9.0 1.5
Inflight catering Romania 48 51 10.0 1.5
Travel services - B2C UK 168 176 10.5 1.5
Travel services - B2B UK 128 134 10.5 1.5
Others Various 97 97 9.0 - 12.0 1.5 - 3.0
1,447 1,474
Goodwill pertaining to Airport Operations, USA includes AED 300 m (2021: AED 300 m) for Ground Services International Inc. / Metro Air
Service Inc. and AED 8 m (2021: AED 8 m) for ALX Cargo Center IAH LLC. The key assumptions used in the value-in-use calculations for
both these cash generating units are similar.
The recoverable value of cash generating units or group of cash generating units would not fall materially below their carrying amount
with a 1% reduction in the terminal growth rate or a 1% increase in the discount rate.
21
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12. Investments in subsidiaries, associates and joint ventures
Overview
Material subsidiaries
Emirates
dnata
Percentage Country of
of equity incorporation
Group
owned Principal activities and principal operations
Financial
information Airport Handling SpA 70 Ground handling services Italy
Emirates dnata Airport Services Pty Ltd 100 Ground and cargo handling services Australia
financial
commentary
dnata BV 100 Ground and cargo handling services Netherlands
dnata Limited 100 Ground and cargo handling services United Kingdom
dnata
financial dnata Singapore Pte Ltd 100 Ground, cargo handling and catering services Singapore
commentary
Dnata Switzerland AG 100 Ground and cargo handling services Switzerland
Emirates
consolidated Ground Services International Inc. 100 Ground handling services United States of America
financial Metro Air Service Inc. 100 Mail handling services United States of America
statements
RM Servicos Auxilliares de Transporte Aereo Ltda 70 Ground handling services Brazil
dnata
consolidated dnata US Inflight Catering LLC 100 Inflight catering services United States of America
financial
statements Alpha Flight Services Pty Ltd 100 Inflight catering services Australia
dnata s.r.l. 100 Inflight catering services Italy
Additional
information dnata Catering SRL 64.2 Inflight catering services Romania
dnata Catering Australia Subsidiary 2 Pty Ltd 100 Inflight catering services Australia
dnata Catering UK Limited 100 Inflight catering services United Kingdom
En Route International Limited 100 Bakery and food solutions United Kingdom
Snap Fresh Pty Ltd 100 Inflight catering services Australia
Gold Medal Travel Group Ltd 100 Travel agency United Kingdom
Travel Republic Ltd 100 Online travel services United Kingdom
Travel 2 Limited 100 Travel agency United Kingdom
Travelbag Limited 100 Travel agency United Kingdom
Transecure LLC 100 Leasing services United Arab Emirates
None of the subsidiaries have non-controlling interests that are individually material to dnata. Further, no individual associate or joint venture
is material to dnata.
22
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12. Investments in subsidiaries,
12. Investments
associates
in subsidiaries,
and joint ventures
associates
(continued)
and joint ventures (continued) The aggregate financialThe
information
aggregate
offinancial
associates
information
is set out of
below:
associates is set out below:
Overview
Movement of investments
Movement
accounted
of investments
for using the
accounted
equity method
for using the equity method 2022 2021 2022 2021
Emirates
2022 2021 2022 2021
dnata Share of results of associates
Share of results of associates 8 1 8 1
Group Share of total comprehensive
Share ofincome
total comprehensive
of associates income of associates
8 1 8 1
Balance brought forward
Balance brought forward 455 551 455 551
Financial
Shareinformation
of results Share of results 35 (15) 35 (15) Aggregate carrying value
Aggregate
of investments
carrying in
value
associates
of investments in associates
37 33 37 33
Share Emirates
of other comprehensive
Share ofincome - net of deferred
other comprehensive tax - net of deferred
income 4 tax (19) 4 (19)
Share financial
of other changes Share
in equity
of other changes in equity (61) - (61) -
commentary
Dividends Dividends (10) (70) (10) (70) The aggregate financialThe
information
aggregate
offinancial
joint ventures
information
is set out
of joint
below:
ventures is set out below:
dnata
Disposal
financial Disposal (31) (3) (31) (3) 2022 2021 2022 2021
Other movements
commentary Other movements - 2 - 2 AED m AED m AED m AED m
Emirates Currency translation differences (1) 9 (1) 9 Share of results of joint Share
ventures
of results of joint ventures 27 (16) 27 (16)
consolidated
Balance carried forward
financial Balance carried forward 391 455 391 455 Share of other comprehensive
Share ofincome
other comprehensive income 4 (19) 4 (19)
statements Share of total comprehensive
Share ofincome
total comprehensive
of joint ventures
income of joint 31
ventures (35) 31 (35)
During the year, dnataDuring
sold its
theinterest in a joint
year, dnata sold venture, Bolloré
its interest in a Logistics LLC for
joint venture, a
Bolloré Logistics LLC for a
dnata
consideration
consolidatedof AED 40 m. A net gain
consideration of AED
of AED 9 A
40 m. m net
is included
gain of in
AED'Other
9 m operating
is included in 'Other operating
income'.
financial income'.
statements Aggregate carrying value
Aggregate
of investments
carrying in
value
jointofventures
investments in joint
354 ventures422 354 422
Share of other changesShare
in equity relates
of other to dnata's
changes joint relates
in equity venture,toTransguard Group
dnata's joint LLC, Transguard Group LLC,
venture,
Additional
for the acquisition of an
information foradditional shareholding
the acquisition from the shareholding
of an additional non-controlling interest
from in its
the non-controlling interest in its
subsidiary. subsidiary. 13. Inventories 13. Inventories
2022 2021 2022 2021

Food and beverages Food and beverages 117 49 117 49

Spares and consumables
Spares and consumables 24 21 24 21
Others Others 6 7 6 7
147 77 147 77
23 23
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14. Trade and other receivables 14. Trade and
14. Trade and other receivables other receivables (continued)
(continued)
14. Trade and other receivables
Overview
2022 2021 2022 2021 The loss allowance is determined as follows:
Emirates The loss allowance is determined as follows:
dnata Below 3 3 - 6 Below 3
Above 6 3-6 Above 6
Trade receivables - netTrade receivables - net of provision
of provision 1,692 1,221 1,692 1,221 months months monthsmonths months months
Group
Related parties (Note 27)
Related parties (Note 27) 293 232 293 232 Description Description
Current past due Current
past duepast due
past duepast due
Totalpast due Total
Prepayments 516 207
AED m AED AED
m m AED AED m m AED AED m m AED m AED m
Financial
Prepayments
information 516 207 AED m
Deposits and other receivables
Deposits and other receivables 352 535 352 535 2022
Emirates 2022
2,853 2,195 2,853 2,195
Gross carrying amountGross carrying amount -
financial
-
commentary Less:year
Less: receivables over one receivables over one year (15) (31) (15) (31)
trade receivables trade receivables 681 168 556 472 168 472 1,877
2,838 2,164 681 556 1,877
dnata 2,838 2,164
financial Expected loss rate Expected loss1%
rate 1% 1% 2% 1%
35.8% 2% 35.8%
dnata uses the lifetimednata
commentary usesloss
expected the allowance
lifetime expected loss allowance
to measure to measure
the expected the expected
credit losses on its credit losses on its
Loss allowance Loss allowance7 6 7 3 6 169 3 185 169 185
tradeEmirates
receivables. Thetrade receivables.
impairment The on
charge impairment charge onrecognised
trade receivables trade receivables
in the recognised in the 2021
2021
consolidated
consolidated consolidated
income statement income
during statement
the year relatesduring the year
to airlines relatescustomers
and other to airlineswho
and other customers who
financial
are in difficult and
economic situations and their
are unable to meet their obligations. Amounts Gross carrying amountGross
- carrying amount -
are statements
in difficult economic situations are unable to meet obligations. Amounts trade receivables
trade receivables 436 459 436 125 459 508 125
1,528 508 1,528
charged charged
to the provision to the
account are provision account
written off are written
when there off when there
is no expectation is no expectation of further
of further
dnata
recovery. Expected loss rate Expected loss1%
rate 1% 1% 2% 1% 58% 2% 58%
recovery.
consolidated
financial Loss allowance Loss allowance4 5 4 3 5 295 3 307 295 307
statements For the purpose
For the purpose of calculating of calculating
expected credit lossesexpected credit receivables,
on its trade losses on its trade receivables, dnata
dnata
calculates the loss allowance at an amount equal to the lifetime expected
calculates the loss allowance at an amount equal to the lifetime expected credit loss which is
Additional credit loss which is
Movement
Movement in the provision in the provision
for impairment of tradefor impairment
receivables of follows:
is as trade receivables is as follows:
information
based on recoverablebased on recoverable
and supportable and looking
forward supportable forward inlooking
information information
addition to past in addition to past
events and current conditions. With 2022 2021
events and current conditions. With this information, a lossthis
rateinformation,
is estimateda based
loss rate
on isthe
estimated based on the 2022 2021
age ofisthe
age of the receivable which receivable
applied to thewhich
grossistrade
applied to the gross
receivable at thetrade receivable
reporting at the reporting date to
date to AED m AED m AED m AED m
arrive
arrive at the loss allowance. at the loss allowance. 307 229
Balance brought forward 307 229
Charge for the year Charge for the year 82 146 82 146
Expected credit lossesExpected credit
for related losses
party and for related
other party and
receivables are other receivables
not significant as are
the not significant as the Unused amounts reversed (38) (24)
Unused amounts reversed (38) (24)
balances are held withbalances are held
companies withhigh
holding companies holdingwith
credit ratings highnocredit ratings
material with no material balances
balances
overdue. These receivables are presented net of provision. Amounts written off asAmounts written off as uncollectible
uncollectible (164) (50) (164) (50)
overdue. These receivables are presented net of provision. Currency translation differences (2) 6
Currency translation differences (2) 6
Balance carried forward 185 307 185 307
The maximum exposure The maximum

to credit exposure to credit
risk of trade risk ofreceivables
and other trade and(excluding
other receivables (excluding
prepayments) at the reporting date is the carrying value of
prepayments) at the reporting date is the carrying value of each class of receivable. each class of receivable.
For further
For further details on credit details on credit
risk management, referrisk management,
to Note 28. refer to Note 28.
24 24
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15. Capital 15. Capital 17. Trade and other payables
17. Trade and other payables
Overview
Capital represents the permanent
Capital represents
capital of
the
dnata.
permanent capital of dnata. 2022 2021 2022 2021
Emirates
dnata
16. Other reserves 16. Other reserves Trade payables and accruals
Trade payables and accruals 2,518 2,124 2,518 2,124
Group
Capital Translation Capital Translation Related parties (Note 27)
Related parties (Note 27) 250 106 250 106
Financial reserve reserve reserve
Others reserveTotal Others Total Employee leave pay Employee leave pay 193 202 193 202
information
AED m AED m AED m AED m AED AED
m m AED m AED m Other payables Other payables 34 184 34 184
1 AprilEmirates
2020 1 April 2020 (70) (425) (70) 13 (425)
(482) 13 (482) 2,995 2,616 2,995 2,616
financial
Net investment
commentary hedge (Note
Net investment
20 (a)) hedge (Note
- 20 (a)) (2) - - (2) (2) - (2) Less: payables over oneLess:
year payables over one year (34) (74) (34) (74)
Cash flow hedges
dnata Cash flow hedges - - - (21) - (21) (21) (21) 2,961 2,542 2,961 2,542
financial
Transferred to the consolidated
Transferred to the consolidated Payables over one yearPayables
include the
overnon-current
one year include
portionthe
of non-current
acquisition related
portiondeferred
of acquisition
or related deferred or
commentary
income statement uponincome
settlement
statement upon- settlement 1 - 11 1 12 11 12 contingent consideration
contingent
and the consideration
fair value of options
and theissued
fair value
to acquire
of options
non-controlling
issued to acquire non-controlling
Emirates
Shareconsolidated
of other comprehensive
Share of other comprehensive interests in subsidiaries.interests in subsidiaries.
incomefinancial
of investments accounted
income of investments accounted The movement in the fair
Thevalues
movement
of contingent
in the fairconsideration
values of contingent
and options
consideration
to acquireand
non-options to acquire non-
statements
for using the equity method,
for using
net the
of equity method, net of controlling interest are as
controlling
follows: interest are as follows:
dnata
deferred tax deferred tax
consolidated - - - (1) - (1) (1) (1) 2022 2021 2022 2021
financial Currency translation differences
- 185 - - 185 185 - 185 AED m AED m AED m AED m
statements
Recognised in other Recognised in other Balance brought forward
comprehensive
Additional income
comprehensive income
- 184 - (11) 184 173 (11) 173 Interest charge Interest charge 2 2 2 2
information
Transferred to retained Transferred
earnings to retained -earnings - - (3) - (3) (3) (3) Payments Payments (2) - (2) -
31 March 2021 31 March 2021 (70) (241) (70) (1) (241)
(312) (1) (312) Remeasurement gain Remeasurement gain (22) - (22) -
Net investment hedge (Note
Net investment
20 (a)) hedge (Note
- 20 (a)) (2) - - (2) (2) - (2) Currency translation differences
Cash flow hedges Cash flow hedges - - - 25 - 25 25 25 Balance carried forward
18. Deferred revenue 18. Deferred revenue
income statement uponincome
settlement
statement upon- settlement - - (12) - (12) (12) (12)
2022 2021 2022 2021
income of investments accounted
income of investments accounted
Sales in advance from travel
Sales services
in advance from travel services 678 112 678 112
for using the equity method,
for using
net the
of equity method, net of
deferred tax deferred tax - - - 4 - 4 4 4 Lease rentals received inLease
advance
rentals received in advance 115 117 115 117
- (49) - - (49) (49) - (49) 793 229 793 229
Recognised in other Recognised in other The deferred revenue isThe
expected
deferred
to be
revenue
recognised
is expected
as follows:
to be recognised as follows:
- (51) - 17 (51) (34) 17 (34) Within one year Within one year 686 120 686 120
31 March 2022 31 March 2022 (70) (292) (70) 16 (292)
(346) 16 (346) Over one year Over one year 107 109 107 109
Revenue recognised during

Revenue
the year
recognised
includes
during
AED 120
the year
m which
includes
was AED
included
120 m
in 'Deferred
which was included in 'Deferred
The capital reserve includes
The capital
the fairreserve
value of
includes
the options
the fair
issued
valuebyofdnata
the options
to acquire
issued
theby
non-
dnata to acquire the non-
revenue' as at 31 Marchrevenue'
2021. as at 31 March 2021.
controlling interest in subsidiaries.
controlling interest in subsidiaries.
Lease rentals received inLease
advance
rentals
pertain
received
to a in
joint
advance
venture
pertain
of dnata.
to a joint venture of dnata.
25 25
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19. Provisions Funded schemes Funded schemes
19. Provisions
Overview
a) Parent company a) Parent company
2022 2021 2022 2021
Emirates
AED m AED m Senior employees based in
AED m AED m Senior employees based in the UAE participate in the UAE participate
a defined in a defined
benefit provident benefit
scheme to provident scheme to
dnata
Non-current which dnata contributes a specified percentage of basic salary based upon the employee’s upon the employee’s
which dnata contributes a specified percentage of basic salary based
Non-current grade and duration of service.are
Amounts contributed
Group
grade and duration of service. Amounts contributed invested in a trusteeare invested in a trustee administered
administered
Retirement
Retirement benefit obligations benefit
(Note 19 (a))obligations (Note 19 (a)) 447 491 447 491
Financial scheme and accumulatescheme and accumulate
along with along
returns earned on with returns earned
investments. on investments.
Contributions are madeContributions are made
provisions (Note Other
Otherinformation 19 (b))provisions (Note 19 (b)) 74 77 74 77
on a monthly basis irrespective of are
fundnot
performance
on a monthly basis irrespective of fund performance and pooled, butand
areare not pooled, but are separately
separately
521 568 521 568 identifiable
Emirates identifiable and attributable to eachand attributable
participant. Thetofund
eachcomprises
participant. The fund
a diverse mixcomprises
of funds a diverse mix of funds
Current
financial Current and investment
commentary and investment decisions are controlleddecisions arethe
directly by controlled directly
participating by the participating employees.
employees.
Other provisions (Note Other
19 (b))provisions (Note 19 (b)) 102 149 102 149
dnata Benefits
Benefits receivable under receivablescheme
the provident under the
are provident
subject toscheme
vesting are subject
rules, whichtoare vesting rules, which are
102 149 102 149
financial dependentemployee's
dependent upon a participating upon a participating employee's
length of service. If at length
the timeof an
service. If at the time an employee
employee
commentary 623 717 623 717
leaves employment, theleaves employment,
accumulated vestedthe accumulated
amount, vested
including amount,returns
investment including investment returns is less
is less
19 (a).Emirates 19 (a).
Retirement benefit Retirement benefit obligations
obligations than the end of service benefits that would have been payable to that employee under
consolidated than the end of service benefits that would have been payable to that employee under
financial relevant
relevant local regulations, local
dnata paysregulations, dnata
the shortfall pays directly
amount the shortfall amount
to the directly to the employee.
employee.
In accordance In accordance with the provisions of IAS 19, management has carried out an exercise to
statements with the provisions of IAS 19, management has carried out an exercise to
However,
However, if the accumulated if the
vested accumulated
amount exceedsvested amount
the end exceeds
of service the that
benefits end of service benefits that would
would
assess
assess the present value of itsthe present
defined valueobligations
benefit of its defined benefit
at 31 Marchobligations at 31 March
2022 in respect of 2022 in respect of
dnata have been payable to anhave been payable
employee to an employee
under relevant under relevant
local regulations, local regulations,
the employee receives the employee receives
retirement benefit
consolidated retirement
obligations benefit
under obligations
relevant local under relevant
regulations andlocal regulations
contractual and contractual
financial arrangements. either seventy five or either seventy percent
one hundred five or one hundred
of their fund percent
balance of their fund
depending onbalance
their depending on their
arrangements.
statements length
length of service. Vested assetsofofservice. Vestedare
the scheme assets of the scheme
not available are or
to dnata notitsavailable
creditorstoindnata or its creditors in
The liabilities The liabilities recognised in the consolidated statement of financial position are:
Additionalrecognised in the consolidated statement of financial position are: any circumstances. any circumstances.
information
2022 2021 2022 2021 The present
The present value of obligations andvalue of obligations
the fair and
value of plan the fair
assets arevalue of plan assets are as follows:
as follows:
Funded schemes Funded schemes 2022 2021 2022 2021

Present value of definedPresent
benefitvalue of defined benefit obligations
obligations 712 770 712 770
Less: Fair value of plan assets
Less: Fair value of plan assets (639) (665) (639) (665) Present value of fundedPresent
definedvalue of funded
benefit defined benefit obligations
73 105 73 105 Less:

Less: Fair value of plan assetsFair value of plan assets (131) (144) (131) (144)
Unfunded schemes Unfunded schemes 1 1 1 1
Present value of definedPresent

benefitvalue of defined benefit obligations
The assessment
The assessment of the present value of of the present
defined benefitvalue of defined
obligations benefit
assumed obligations
expected longassumed expected long
Provision recognised in consolidated term salary increase ofterm
3.0%salary
(2021:increase of 3.0%
2.0%) and (2021: rate
a discount 2.0%)
ofand
3.5%a (2021:
discount rate of
2.75%) per3.5% (2021: 2.75%) per
Provision recognised in consolidated statement of financialstatement of financial
annum.
annum. The present values of The
the present
defined values
benefitofobligations
the definedat benefit
31 Marchobligations
2022 were at 31 March 2022 were
position position 447 491 447 491
computed
computed using the actuarial using the actuarial
assumptions assumptions
set out above. These set out above.
assumptions areThese
also assumptions are also
applicable
applicable for the unfunded for the unfunded scheme.
scheme.
26 26
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19 (a). Retirement benefit obligations
19 (a). (continued)
Retirement benefit obligations (continued) The movement in the present value of defined benefitvalue
obligations of the Swissobligations
plan is:
The movement in the present of defined benefit of the Swiss plan is:
Overview
The liability of AED 1 m (2021:
The AEDof1 AED
liability m) represents
1 m (2021:theAEDamount that will not
1 m) represents thebeamount
settledthat will not be settled
from plan assets and is from
calculated as the and
excess of the present 2022 2021
Emirates
plan assets is calculated as thevalue of of
excess thethe
defined benefit
present value of the defined benefit 2022 2021
obligation for an individual employee over the fair employee
value of that employee's planofassets at AED m AED m AED m AED m
dnata obligation for an individual over the fair value that employee's plan assets at
the end of the reportingthe
period.
end of the reporting period.
Group Balance brought forward
Contributions receivedContributions
include the transfer
received of accumulated
include benefits
the transfer from unfunded
of accumulated benefits from unfunded Current service cost 17 19
Financial Current service cost 17 19
schemes.
information schemes. Interest cost 1 1
Interest cost 1 1
Actuarial gains and losses and expected
Actuarial returns
gains and onand
losses plan assets are
expected not calculated
returns givenare
on plan assets thatnot calculated given that Remeasurement (gain) /Remeasurement
loss (15) 3
Emirates (gain) / loss (15) 3
investment decisions relating
financial to plan
investment assets relating
decisions are underto the
plandirect
assetscontrol of participating
are under the direct control of participating Employee contributionsEmployee contributions 8 9
commentary 8 9
employees. employees. Benefits paid (15) (10)
dnata Benefits paid (15) (10)
The movement
financial in the fair
Thevalue of the plan
movement assets
in the is:
fair value of the plan assets is: Currency translation differences
Currency translation differences 5 3 5 3
commentary
2022 2021 Balance carried forward
2022 2021
Emirates AED m AED m AED m AED m
consolidated
financial The movement in the fair
Thevalue of the plan
movement assets
in the of theofSwiss
fair value plan assets
the plan is: of the Swiss plan is:
statements Balance brought forward 144 137 144 137
Contributions received Contributions received 16 16 16 16 2022 2021
dnata 2022 2021
Change in fair value
consolidated
Change in fair value - 37 - 37 AED m AED m AED m AED m
financial
Benefits paid
statements Benefits paid (29) (46) (29) (46) Balance brought forward
Additional Interest income Interest income - 1 - 1
information
b) Subsidiaries Remeasurement - Return on plan assets, -excluding
Remeasurement Return onamounts
plan assets, excluding amounts
b) Subsidiaries
included in interest income
included in interest income 20 (2) 20 (2)
(i) Swiss plan (i) Swiss plan Employer contributions Employer contributions 11 11 11 11
Employees of a subsidiary in Switzerland
Employees participate
of a subsidiary in a definedparticipate
in Switzerland benefit plan ("the
in a Swissbenefit plan ("the Swiss
defined Employee contributionsEmployee contributions 8 9 8 9
plan"). The Swiss plan isplan").
fundedThe
by Swiss
way ofplan
contributions to an insurance policy.
is funded by way of contributions to an insurance policy. Benefits paid (15) (10)
Benefits paid (15) (10)
The present value of obligations andvalue
The present fair value of plan assets
of obligations are value
and fair as follows:
of plan assets are as follows: Currency translation differences 5 2
Currency translation differences 5 2
2022 2021 2022 2021 Balance carried forward
Present value of fundedPresent
definedvalue
benefit
of obligations 267
funded defined benefit obligations 266 267 266
Less: Fair value of plan assets (226) (197) (226) (197)
41 69 41 69
The actuarial valuation The

for the Swiss valuation
actuarial plan included assumptions
for the Swiss plan relating
includedtoassumptions
the discountrelating to the discount
rate of 0.4% (2021: 0.2%)rate
andofexpected
0.4% (2021: 0.2%) and expected salary increases ofannum.
salary increases of 1.0% (2021: 1.0%) per 1.0% (2021: 1.0%) per annum.
27 27
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Report
2021-22
19 (a). Retirement benefit obligations (continued) The movement in the fair value of the plan assets of the Netherlands plan is:
19 (a). Retirement benefit obligations (continued) The movement in the fair value of the plan assets of the Netherlands plan is:
(ii) Netherlands
Overview plan 2022 2021
(ii) Netherlands plan 2022 2021
Employees of a subsidiary in Netherlands participate in a defined benefit plan ("the
Employees of a subsidiary in Netherlands participate in a defined benefit plan ("the AED m AED m
Netherlands
dnata plan"). TheNetherlands
Netherlands plan is funded by way of contribution to an insurance Balance brought forward 324 331
plan"). The Netherlands plan is funded by way of contribution to an insurance Balance brought forward 324 331
policy. Interest income 3 3
Group policy. Interest income 3 3
Remeasurement - Return on plan assets, excluding amounts
Remeasurement - Return on plan assets, excluding amounts
The present
Financialvalue of obligations and fair value of plan assets are as follows: included in interest income
The present value of obligations and fair value of plan assets are as follows: included in interest income (23) (27)
information (23) (27)
2022 2021 Employer contributions 1 1
Emirates 2022 2021 Employer contributions 1 1
AED m AED m Benefits paid (8) (6)
financial AED m AED m Benefits paid (8) (6)
commentary Currency translation differences (15) 22
Present value of funded defined benefit obligations 313 359 Currency translation differences (15) 22
Present value of funded defined benefit obligations 313 359 Balance carried forward 282 324
dnata (282) (324) Balance carried forward 282 324
financial Less: Fair value of plan assets (282) (324)
31 35 dnata expects to contribute, in respect of existing plan members of all its funded schemes,
commentary 31 35 dnata expects to contribute, in respect of existing plan members of all its funded schemes,
approximately AED 17 m during the year ending 31 March 2023.
The actuarial
Emirates valuation for the Netherlands plan included assumption relating to the approximately AED 17 m during the year ending 31 March 2023.
consolidated The actuarial valuation for the Netherlands plan included assumption relating to the
discount rate of 1.2% (2021: 0.8%). Unfunded scheme
financial discount rate of 1.2% (2021: 0.8%). Unfunded scheme
statements End of service benefits for employees who do not participate in the provident scheme,
The movement in the present value of defined benefit obligations of the Netherlands plan End of service benefits for employees who do not participate in the provident scheme,
The movement in the present value of defined benefit obligations of the Netherlands plan defined benefit plans or other defined contribution plans follow relevant local regulations,
is: dnata defined benefit plans or other defined contribution plans follow relevant local regulations,
consolidated is: which are mainly based on periods of cumulative service and levels of employees’ final
financial 2022 2021 which are mainly based on periods of cumulative service and levels of employees’ final
statements 2022 2021 basic salary. The liability recognised in the consolidated statement of financial position is
AED m AED m basic salary. The liability recognised in the consolidated statement of financial position is
AED m AED m the present value of the defined benefit obligation at the end of the reporting period.
Additional the present value of the defined benefit obligation at the end of the reporting period.
information 359 356 The movement in the present value of defined benefit obligation is:
Balance brought forward 359 356 The movement in the present value of defined benefit obligation is:
Interest cost 4 -
Interest cost 4 - 2022 2021
Past service cost - (25) 2022 2021
Past service cost - (25) AED m AED m
AED m AED m
Remeasurement (gain) / loss (25) 13
Remeasurement (gain) / loss (25) 13 Balance brought forward 386 514
Benefits paid (8) (6) Balance brought forward 386 514
Benefits paid (8) (6) Current service cost 39 56
Current service cost 39 56
Currency translation differences (17) 21 Interest cost 9 11
Currency translation differences (17) 21 Interest cost 9 11
Balance carried forward 313 359 Remeasurement:
Balance carried forward 313 359 Remeasurement:
- changes in experience / demographic assumptions 48 (2)
- changes in experience / demographic assumptions 48 (2)
- changes in financial assumptions 8 7
- changes in financial assumptions 8 7
Transfer to Emirates (Note 27) (81) -
Transfer to Emirates (Note 27) (81) -
Payments made during the year include transfer of accumulated benefits to dnata’s funded
Payments made during the year include transfer of accumulated benefits to dnata’s funded
scheme.
scheme.
28 28
171
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2021-22
19 (a). Retirement benefit obligations
19 (a). Retirement(continued)
benefit obligations (continued) The sensitivity of the defined benefit obligation to changes
The sensitivity of the defined benefit in the principal
obligation assumptions
to changes in the are
principal assumptions are
Overview
Defined contribution Defined
plans contribution plans set out below: set out below:
Emirates
dnata pays fixed contributions to fixed
certaincontributions
defined contribution Assumptions Assumptions Change Effect onChange
defined Effect on defined
dnata pays to certainplans andcontribution
defined has no legalplans
or and has no legal or
constructive
dnata obligationconstructive
to pay further contributions to settle the benefits relating to the benefit obligation benefit obligation
obligation to pay further contributions to settle the benefits relating to the
employee's
Groupservice in the current and
employee's priorinperiods.
service
the current and prior periods. Subsidiaries Parent
Subsidiaries Parent
The total amount recognised in the consolidated income AED m AED m AED m AED m
Financial The total amount recognised in thestatement in respect
consolidated incomeofstatement
all the in respect of all the
plansinformation
is as follows: + 0.5% (21) + 0.5% (20) (21) (20)
plans is as follows: Discount rate Discount rate
- 0.5% 25 - 0.5% 21 25 21
Emirates 2022 2021 2022 2021
financial + 0.5% 4 + 0.5% 21 4 21
AED m AED m AED m AED m Expected salary increases
commentary Expected salary increases
- 0.5% (4) - 0.5% (20) (4) (20)
Defineddnata
benefit plansDefined benefit plans
Funded schemes
financial
Funded schemes The weighted average durations of the
The weighted defined
average benefit obligations
durations are benefit
of the defined set out obligations
below: are set out below:
commentary
Contributions expensedContributions expensed 35 34 35 34
Emirates 2022 2021 2022 2021
35 34 35 34
consolidated Years Years Years Years
Unfunded scheme
financial
Unfunded scheme
statements Funded scheme - SwissFunded
plan scheme - Swiss plan 17.5 18.7 17.5 18.7
Service cost Service cost 39 56 39 56
Funded scheme - Netherlands
Funded plan
scheme - Netherlands plan 18.0 19.7 18.0 19.7
Interestdnata
cost Interest cost 9 11 9 11
consolidated
Unfunded scheme Unfunded scheme 9.9 9.9 9.9 9.9
statements
Defined contribution Defined
plans contribution plans The above sensitivity analysis is based on a change
The above sensitivity analysisinisan assumption
based whilein
on a change holding all other while holding all other
an assumption
Additional
Contributions expensedContributions expensed 174 160 assumptions constant. assumptions
In practice, this is unlikely to occur,
information 174 160 constant. In practice, thisand changestoinoccur,
is unlikely some and
of the
changes in some of the
Recognised in the consolidated
Recognisedincome
in the statement
consolidated income statement assumptions may be correlated. In calculating the above sensitivity analysis, the present
assumptions may be correlated. In calculating the above sensitivity analysis, the present
(Note 6(a)) (Note 6(a)) 257 261 257 261 value of the defined benefit
value obligation has been
of the defined calculated
benefit using
obligation has the
beenprojected unit
calculated credit
using the projected unit credit
method at the end of the reporting
method period.
at the end of the reporting period.
Through its defined benefit

Throughplans dnata isbenefit
its defined exposed to dnata
plans a number of risks,tothe
is exposed most
a number of risks, the most
significant of which aresignificant
detailed below:
of which are detailed below:
a) Change in discount a)rate: Retirement
Change benefitrate:
in discount obligations willbenefit
Retirement increase due to a will
obligations decrease
increase due to a decrease
in market yields of highinquality
marketcorporate
yields of bonds.
high quality corporate bonds.
b) Expected salary increases: The salary
b) Expected presentincreases:
value of The
the present
defined value
benefit
of obligation
the defined is benefit obligation is
calculated by referencecalculated
to the future salaries of
by reference toplan participants.
the future salariesAsofsuch,
plan an increase ofAs such, an increase of
participants.
the salary of the plan participants
the salary ofabove the participants
the plan expected rate of salary
above increase rate
the expected will increase
of salary increase will increase
29 29
172
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2021-22
19 (b). Other provisions
19 (b). Other provisions 20. liabilities
20. Borrowings and lease Borrowings and lease liabilities
Overview
Current Total Current Total
Emirates 2022 2021 2022 2021
AED m AED m AED m AED m 2022 2022 AED m AED m AEDAED
m m AED m AED m
dnata
Balance brought forward 226 144 226 144 Term loans (Note 20 (a))Term loans (Note 20 (a)) 938 374 938
1,312 374 1,312
ChargeGroup
for the year Charge for the year 35 33 35 33 Lease liabilities (Note 20Lease
(b)) liabilities (Note 20 (b)) 1,896 447 1,896
2,343 447 2,343
Utilised during the year Utilised during the year
Financial (13) - (13) - Bank overdrafts (Note 24)
Bank overdrafts (Note 24) - 128 - 128 128 128
information
Unutilised amounts reversed
Unutilised amounts reversed (13) (6) (13) (6) 2,834 949 2,834
3,783 949 3,783
Emirates
Reclassification Reclassification (60) 33 (60) 33
financial
Currency Currency translation differences
translation differences
commentary 1 22 1 22
Current Total Current Total
Balance Balance carried forward
carried forward 176 226 176 226
dnata 2021 2021 AED m AED m AEDAED
m m AED m AED m
financial
commentary Term loans (Note 20 (a))Term loans (Note 20 (a)) 1,059 457 1,059
1,516 457 1,516
Provisions are expectedProvisions
to be usedare
as expected
follows: to be used as follows: Lease liabilities (Note 20Lease
(b)) liabilities (Note 20 (b)) 1,934 464 1,934
2,398 464 2,398
Emirates
consolidated
2022 2021 2022 2021 Bank overdrafts (Note 24)
Bank overdrafts (Note 24) - 144 - 144 144 144
financial
statements AED m AED m AED m AED m 2,993 1,065 2,993
4,058 1,065 4,058
Within dnata Within one year (Note 19)
one year (Note 19) 102 149 102 149
one year (Note 19)Over one year (Note 19)
consolidated
Over 74 77 74 77
financial Borrowings
Borrowings and lease liabilities and lease liabilities
are denominated in the are denominated
following in the following currencies:
currencies:
statements 176 226 176 226
2022 2021 2022 2021
OtherAdditional Other
provisions primarily provisions
include primarily
provisions include for
recognised provisions recognised
dilapidations, for dilapidations, legal disputes
legal disputes AED m AED m AED m AED m
information
and employee related payments.
and employee related payments. Pound Sterling Pound Sterling 1,030 1,083 1,030 1,083
Australian Dollar Australian Dollar 877 935 877 935
US Dollar US Dollar 765 892 765 892
UAE Dirham UAE Dirham 497 506 497 506
Euro Euro 231 234 231 234
Singapore Dollar Singapore Dollar 159 159 159 159
Swiss Franc Swiss Franc 155 142 155 142
Others Others 69 107 69 107
3,783 4,058 3,783 4,058
30 30
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20 (a). Term loans 20 (a). Term loans 20 (b). Lease liabilities20 (b). Lease liabilities
Overview
2022 2021 2022 2021 2022 2021 2022 2021
Emirates
Balance brought forward 2,398 2,237 2,398 2,237
Balance
dnata Balance brought forward
brought forward 1,517 1,547 1,517 1,547
Acquisitions Acquisitions - 4 - 4
Acquisitions
Group Acquisitions - 3 - 3
Additions Additions 360 297 360 297
Additions Additions 181 82 181 82
Financial
Repayments Repayments (366) (229) (366) (229) Interest Interest 86 86 86 86
information
Currency translation differences (19) 114 (19) 114 Repayments Repayments (518) (373) (518) (373)
Emirates
financial 1,313 1,517 1,313 1,517 Remeasurements Remeasurements 89 (36) 89 (36)
commentary
Less: Transaction costs Less: Transaction costs (1) (1) (1) (1) Waivers (see note below)
Waivers (see note below) (23) (30) (23) (30)
dnata Balance carried forward 1,312 1,516 1,312 1,516 Currency translation differences
financial
Termcommentary
loans are repayable as follows:
Term loans are repayable as follows: Balance carried forward
Balance carried forward 2,343 2,398 2,343 2,398
Within one year Within one year 374 457 374 457 Gross lease liabilities: Gross lease liabilities:
Emirates
Between 2 and 5 years Between 2 and 5 years
consolidated 935 981 935 981 Within one year Within one year 520 540 520 540
After 5financial
years After 5 years 3 78 3 78 Between 2 and 5 years Between 2 and 5 years 1,242 1,170 1,242 1,170
statements
Total over one year Total over one year 938 1,059 938 1,059 After 5 years After 5 years 904 1,128 904 1,128
dnata
Term loans are denominated in theare
Term loans following currencies:
denominated in the following currencies: 2,666 2,838 2,666 2,838
consolidated
US Dollar
financial US Dollar 446 596 446 596 Future interest Future interest (323) (440) (323) (440)
statements
Australian Dollar Australian Dollar 348 388 348 388 Present value of leasePresent
liabilities
value of lease liabilities 2,343 2,398 2,343 2,398
Pound Sterling
Additional Pound Sterling 249 243 249 243 The present value of lease
Theliabilities
present value
is repayable
of leaseasliabilities
follows: is repayable as follows:
information
Swiss Franc Swiss Franc 113 84 113 84 Within one year Within one year 447 464 447 464
Euro Euro 53 68 53 68 Between 2 and 5 years Between 2 and 5 years 1,060 970 1,060 970
Singapore Dollar Singapore Dollar 50 50 50 50
After 5 years After 5 years 836 964 836 964
UAE Dirham UAE Dirham 34 69 34 69 Total over one year Total over one year 1,896 1,934 1,896 1,934
Others Others 19 18 19 18 The present value of lease
Theliabilities
present value
is denominated
of lease liabilities
in the is denominated in the
1,312 1,516 1,312 1,516
following currencies: following currencies:
Contractual repricing dates are set repricing
Contractual at three to six are
dates month
set intervals.
at three toThe
sixeffective interest The effective interest
month intervals. Pound Sterling Pound Sterling 731 840 731 840
rate on the term loansrate
wason
1.5%
the(2021: 1.9%) was
term loans per 1.5%
annum. The 1.9%)
(2021: carrying
peramounts of the
annum. The carrying amounts of the Australian Dollar Australian Dollar 477 500 477 500
term loans approximate theirloans
term fair values. The fair
approximate values
their are determined
fair values. by discounting
The fair values are determined by discounting UAE Dirham UAE Dirham 463 409 463 409
projected cash flows using the interest
projected rate using
cash flows yield curve applicable
the interest rate to different
yield maturities to different maturities
curve applicable US Dollar US Dollar 319 296 319 296
and currencies adjustedand
for currencies
credit spread and falls
adjusted for within
credit level
spread2 of
andthefalls
fairwithin
value level
hierarchy.
2 of the fair value hierarchy. Euro Euro 170 160 170 160
The term loan in SwissThe
Franc is loan
term designated asFranc
in Swiss a hedge of the net as
is designated investment in the
a hedge of dnata
net investment in dnata Singapore Dollar Singapore Dollar 109 109 109 109
Switzerland AG. The foreign exchange
Switzerland AG.movement
The foreignon translation
exchange of the loan
movement on at the end of
translation of the loan at the end of Swiss Franc Swiss Franc 24 25 24 25
the reporting period isthe
a loss of AED
reporting 2 m is
period (2021: loss
a loss of of
AEDAED 2 m),
2 m recognised
(2021: in the
loss of AED 2 m), recognised in the Others Others 50 59 50 59
translation reserve through other comprehensive
translation reserve throughincome.
other comprehensive income. 2,343 2,398 2,343 2,398
Lease rental waivers areLease rental waivers
recognised in otherare recognised
operating in other
income in theoperating income
consolidated in the consolidated income
income
AED 34 m (2021: AED AED
51 m)
34 of
m term
(2021:loans
AEDare
51 availed from loans
m) of term financial
are institutions
availed fromunder
financial institutions under
statement. statement.
common control. common control.
Theon
The effective interest rate effective interest was
lease liabilities rate 3.6%
on lease liabilities
(2021: 3.6%) was 3.6% (2021: 3.6%)
31 31
174
The Emirates Group
Annual
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2021-22
21. Deferred taxes
Overview
Emirates 2022 2021

dnata AED m AED m
Group Deferred tax assets 156 196

Financial Deferred tax liabilities (82) (95)
information
74 101
Emirates
financial
Movements in the deferred tax account are as follows:
commentary Balance brought forward 101 25
dnata Acquisitions - 3
financial
commentary (Charged) / credited to the consolidated income statement (17) 39
Emirates (Charged) / credited to the consolidated statement of comprehensive income (6) 11
consolidated Currency translation differences (4) 19
financial
statements Others - 4
dnata Balance carried forward 74 101
consolidated
financial
statements
Additional
information
32
175
The Emirates Group
Annual
Report
2021-22
21. Deferred taxes (continued)
Overview
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities
Emirates
and when the deferred taxes relate to the same income tax authority. The movements in deferred tax assets and liabilities during the year,
dnata
before and after taking into consideration the offsetting of balances within the same tax jurisdiction, are as follows:
Group
Deferred tax assets
Financial
information Lease
Emirates Tax losses Provisions liabilities Others Total Offset Net
financial
commentary
AED m AED m AED m AED m AED m AED m AED m
dnata
1 April 2020 43 72 23 54 192
financial Acquisition 3 - - - 3
commentary
(Charged) / credited to the consolidated
Emirates
consolidated income statement (3) 10 1 4 12
financial
statements Credited to the consolidated statement
of comprehensive income - 11 - - 11
dnata
consolidated Currency translation differences 5 9 3 8 25
financial
statements Others (8) 9 - 7 8
Additional 31 March 2021 40 111 27 73 251 (55) 196
information
(Charged) / credited to the consolidated
income statement 9 (39) (7) 9 (28)
Charged to the consolidated statement of
comprehensive income - (6) - - (6)
Currency translation differences - (3) - (3) (6)
Others - 6 - (6) -
31 March 2022 49 69 20 73 211 (55) 156
Deferred tax assets amounting to AED 501 m (2021: 257 m) have not been recognised in respect of carried forward tax losses.
33
176
The Emirates Group
Annual
Report
2021-22
21. Deferred taxes (continued)
Overview
Deferred tax liabilities
Emirates
Property,
dnata
plant and Intangible
Group equipment assets Others Total Offset Net
Financial AED m AED m AED m AED m AED m AED m
information 1 April 2020 (62) (103) (2) (167)
Emirates (Charged) / credited to the consolidated
financial
commentary income statement (4) 29 2 27
dnata Currency translation differences (2) (6) 2 (6)
financial
Others (2) - (2) (4)
commentary
31 March 2021 (70) (80) - (150) 55 (95)
Emirates
consolidated (Charged) / credited to the consolidated
financial
statements income statement (2) 15 (2) 11
Currency translation differences 1 2 (1) 2
dnata
consolidated Others (2) - 2 -
financial
statements 31 March 2022 (73) (63) (1) (137) 55 (82)
Additional
Prior year amounts of deferred tax assets on lease liabilities and deferred tax liabilities on right-of-use assets are presented net to align with
information
current year presentation.
34
177
The Emirates Group
Annual
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2021-22
22. Capital commitments
22. Capital commitments 24. Short term bank deposits,
24. Shortcash
termand
bank
cash
deposits,
equivalents
cash and cash equivalents
Overview 2022 2021 2022 2021
2022 2021 2022 2021
Emirates AED m AED m AED m AED m
dnata dnata dnata 218 110 218 110
Bank deposits Bank deposits 3,809 3,821 3,809 3,821
Joint ventures
Group Joint ventures 6 19 6 19
Cash and bank Cash and bank 1,089 869 1,089 869
Financial 224 129 224 129
information Cash and bank balances
Cash and bank balances 4,898 4,690 4,898 4,690
Less: Short term bank deposits - with
Less: Short original
term maturity-ofwith original maturity of
bank deposits
23. Guarantees
Emirates 23. Guarantees
financial more than 3 months more than 3 months (3,740) (3,730) (3,740) (3,730)
commentary
2022 2021 2022 2021 Cash and cash equivalents
Cash as per
and theequivalents
cash consolidated
as per the consolidated
dnata
AED m AED m AED m AED m statement of financialstatement
position of financial position 1,158 960 1,158 960
financial
commentary Bank overdrafts (Note 20)
Bank overdrafts (Note 20) (128) (144) (128) (144)
Guarantees and letters Guarantees and letters
of credit provided of credit
by banks provided by banks in the
in the
Emirates Cash and cash equivalents
Cash as per
and theequivalents as per the
cash
normal normal course of business
course of business 239 299 239 299
consolidated consolidated statement of cash flows
consolidated statement of cash flows 1,030 816 1,030 816
financial
Guarantees Guarantees
statementsand letters of credit and letters
include AEDof45credit include
m (2021: AED
AED 46 45
m) mprovided
(2021: AED
by 46 m) provided by Short
Short term bank deposits, term
cash andbank
cashdeposits, cashyield
equivalents andan
cash equivalents
effective yield
interest anofeffective
rate 1.6% interest rate of 1.6%
companies companies
dnataunder common controlunder common
on normal control on
commercial normal commercial terms.
terms. (2021: 2.4%) per annum.
(2021: 2.4%) per annum.
consolidated
financial Cash and bank balances include
Cash AED balances
and bank 2,574 m include
(2021: AED
AED2,581
2,574m)
m held with
(2021: financial
AED 2,581 m) held with financial
statements
institutions under common control.under common control.
institutions
Additional Cash and cash equivalents
Cashatand
thecash
reporting date includes
equivalents AED 92 m
at the reporting (2021:
date Nil) pertaining
includes AED 92 m (2021: Nil) pertaining
information
to certain travel services
torelated
certain cash
traveldeposits
serviceswhich have
related cashrestrictions governing
deposits which have their use governing their use
restrictions
and are held in trust account
and are till
heldtheinprovision of travel
trust account services
till the or settlement
provision of certain
of travel services or settlement of certain
supplier obligations. supplier obligations.
25. Derivative financial
25.instruments
2022 2021 2022 2021

Current assets Current assets
Currency swaps and forwards
Currency swaps and forwards 21 - 21 -
21 - 21 -
Current liabilities Current liabilities
Currency swaps and forwards - 7 - 7
- 7 - 7
The notional principal amounts outstanding

The notional principalare:
amounts outstanding are:
2022 2021 2022 2021

Currency swaps and forwards 561 104 561 104
35 35
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The Emirates Group
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2021-22
26. Classification of financial instruments
Overview
The accounting policies for financial instruments have been applied to the following
Emirates
Assets and Financial
dnata
Financial assets Derivative liabilities at fair liabilities at
Group
at amortised financial value through amortised
Financial cost instruments profit or loss cost Total
information
Emirates
financial
2022
commentary Assets
dnata Trade and other receivables (excluding
financial
commentary prepayments) 2,337 - - - 2,337
Emirates Derivative financial instruments - 21 - - 21
consolidated Short term bank deposits 3,740 - - - 3,740
financial
statements Cash and cash equivalents 1,158 - - - 1,158
dnata Total 7,235 21 - - 7,256
consolidated
financial
statements
Liabilities
Additional
information Trade and other payables - - 49 2,946 2,995
Other provisions - - - 176 176
Total - - 49 6,905 6,954
2021
Assets
Trade and other receivables (excluding
prepayments) 1,988 - - - 1,988
Short term bank deposits 3,730 - - - 3,730
Cash and cash equivalents 960 - - - 960
Total 6,678 - - - 6,678
Liabilities
Other provisions - - - 226 226
Total - 7 73 6,827 6,907
36
179
The Emirates Group
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2021-22
27. Related party transactions
27. Related
andparty
balances
transactions and balances Effective 31 March 2022, Effective 31 March
beneficial 2022, of
ownership beneficial ownership
the assets of the in
and liabilities the and liabilities in the
assets
the
Overview InformationTechnology
Information Technology division
division (a shared
(a shared
Information corporate
corporate
Technology (a function)
function)
division was transferred
was corporate
shared transferred from
from dnata
function) was to
transferred from dnata to
dnata transacts with associates,
dnata transacts
joint ventures
with associates,
and companies
joint ventures
controlled
and by
companies
its parentcontrolled by its parent Emirates at their carrying value of AED 155 m.
Emirates at their carrying value of AED 155 m.
Emirates dnata to Emirates at their carrying value of AED 155 m.
within the scope of its ordinary
within the
business
scope of
activities.
its ordinary business activities.
dnata dnata also uses public utilities
dnata alsoprovided
uses public
by a number
utilities provided
of Government
by a number
controlled
of Government
entities controlled entities
dnata
dnata and
and Emirates
Emirates (adnata
(a company
and Emirates
company under
under common
(a company
common control)
under
control) share
common
share central
central control)
corporate
share central corporate
corporate for its operations in Dubai,
for itswhere
operations
these in
entities
Dubai,arewhere
the sole
theseproviders
entities are
of the
therelevant
sole providers of the relevant
Group
functions
functions such
such as
as information
functions
information technology,
such as information
technology, facilities,
facilities, human
technology,
human resources,
facilities,
resources, finance,
human
finance, treasury,
resources, finance, treasury,
treasury, services. This includes the
services.
supply
This
of includes
electricity,
thewater
supply
andofairport
electricity,
services.
waterTransactions
and airport services. Transactions
cash
cash management,
Financial
management, legal
cash
legal and
andmanagement,
other
other functions.
legal
functions. Where
and other
Where such
such functions
functions.are
functions Where
are shared
such
shared the
thefunctions
costs
costs are shared the costs falling in these expensefalling
categories
in these
areexpense
individually
categories
insignificant
are individually
and carried insignificant
out on an and carried out on an
information
are allocated between dnata
are allocated
and Emirates
between
based
dnata
on activity
and Emirates
levels.
are allocated between dnata and Emirates based on activity levels. based on activity levels. arm's length basis. arm's length basis.
Emirates
Other than 2022 2021 2022 2021
than these
Otherfinancialthese shared
Other
shared services
than arrangements
services these shared services
arrangements the
the following
arrangements
following transactions
the following
transactions have
have takentransactions have taken
taken 2022 2021
commentary
place AED
AED m AED
AED m AED m AED m
place on
on an
an arm's
arm's length
place
length basis.
on an arm's length basis.
basis. m m
2022 2021 2022 2021 Year end balances Year end balances
dnata
2022 2021 Year end balances
financial
AED m AED m AED m AED m (i) Receivables-sale of (i)
goods
Receivables-sale
and services of (Note
goods
14)and services (Note 14)
commentary AED m AED m (i) Receivables-sale of goods and services (Note 14)
Trading transactions Trading transactions Companies under common Companies
control under common control 236 124 236 124
Trading transactions
Emirates Companies under common control 236 124
(i) Sale of goods and services
(i) Sale of goods and services Joint ventures Joint ventures 10 58 10 58
(i) Sale of goods and services
consolidated
Joint ventures 10 58
Sale offinancial
goods - CompaniesSale under
of goods
common
- Companies
control under common control
193 49 193 49 Associates Associates 27 25 27 25
Sale statements
of goods - Companies under common control 193 49 Associates 27 25
Services rendered - Companies
Services under
rendered
common
- Companies
control under common
1,428
control 875 1,428 875 273 207 273 207
Services rendered
dnata - Companies under common control 1,428 875 273 207
Services rendered - Joint
consolidated
Services
ventures
rendered - Joint ventures 62 56 62 56 (ii) Loans - receivables(ii)
(Note
Loans
14)- receivables (Note 14)
Services rendered - Joint ventures 62 56 (ii) Loans - receivables (Note 14)
Services rendered - Associates
financial Services rendered - Associates 13 9 13 9 Associates Associates - 4 - 4
Services rendered - Associates
statements 13 9 Associates - 4
1,696 989 1,696 989 Joint ventures Joint ventures 2 2 2 2
1,696 989 Joint ventures 2 2
(ii) Purchase
Additional of goods (ii)
andPurchase
services of goods and services 2 6 2 6
(ii) Purchase
informationof goods and services
2 6
Purchase of goods - Companies
Purchase under
of goods
common
- Companies
control under common control
61 64 61 64 Movements in the loansMovements
were as follows:
in the loans were as follows:
Purchasereceived
Services of goods- Companies
- Companies undercommon
Servicesunder
receivedcommon control
- Companies
control 61
under common control
74 64
71 74 71 Movements in the loans were as follows:
Balance brought forward Balance brought forward 6 7 6 7
Services received
received -- Joint
Companies under common
- Jointcontrol 74 71 Balance brought forward
Services Services
ventures
received ventures 60 27 60 27 Additions Additions -6 7
2 - 2
Services received - Joint ventures
Purchase of goods - Associates
Purchase of goods - Associates 60
1 27
- 1 - Additions - 2
Repayments Repayments (4) (3) (4) (3)
Purchase of goods - Associates 1961 -
162 196 162 Repayments (4) (3)
Other transactions Other transactions 196 162 Balance carried forward
Receivable within one Receivable
year within one year -2 6
4 - 4
Other
(i) transactions
Finance income (i) Finance income Receivable within one year -2 4
Receivable over one year
Receivable over one year 2 2 2
(i) Finance under
Companies incomecommon
Companies
control under common control 38 89 38 89 Receivable over one year 2 2
Companies under common control 38
38 89
89 38 89 (iii) Other receivables (Note
(iii) Other
14) receivables (Note 14)
(ii) Finance cost (ii) Finance cost 38 89 (iii) Other receivables
Companies (Note
under common 14) under common control
Companies
control 18 19 18 19
(ii) Financeunder
Companies cost common
Companies
control under common control - 1 - 1 Companies under common control 18 19
(iv) Payables-purchase(iv)
of goods
Payables-purchase
and services of
(Note
goods
17)and services (Note 17)
Companies under common control - 1
(iii) Compensation to key
(iii) management
Compensationpersonnel
to key management personnel Companies under common
Companies
(iv) Payables-purchase controland
of goods under common
services control
(Note 17) 202 47 202 47
Salaries and short-term
(iii) Compensation Salaries
employee
to key andbenefits
short-term
management employee benefits
personnel 23 19 23 19 Joint ventures
Companies Jointcontrol
under common ventures 4
202 11
47 4 11
Retirement
Salaries andbenefits
short-termRetirement benefits
employee benefits 232 193 2 3 Joint ventures 2064 58
11 206 58
Retirement benefits 252 223 25 22 (v) Other payables (Note
(v) Other
17) payables (Note 17) 206 58
25 22 Companies under common
(v) Other payables Companies
(Note control under common control
17) 44 48 44 48
37 37
180
The Emirates Group
Annual
Report
2021-22
28. Financial risk management
28. Financial risk management Theantable
The table below presents below
analysis of presents an bank
short-term analysis of short-term
deposits and bankbank deposits
balances and bank balances at the
at the
Overview
end of the reporting end of based
period the reporting
on 'S&P'period based
ratings or itsonequivalent
'S&P' ratings or its equivalent
for dnata's main for dnata's main
dnata is exposed to a dnata
varietyisofexposed
financialtorisks through
a variety its operations.
of financial In the areas
risks through where
its operations. In the areas where
Emirates banking relationships: banking relationships:
financial risks exist, thefinancial
aim has risks
beenexist,
to achieve
the aimanhas
appropriate balanceanbetween
been to achieve risk and
appropriate balance between risk and
dnata
return and minimise potential adverse
return and effects
minimise on dnata’s
potential financial
adverse performance.
effects on dnata’s financial performance. 2022 2021 2022 2021
Group
dnata’s risk management procedures
dnata’s are designed
risk management to identifyare
procedures and analyse to
designed these risks,and
identify to set
analyse these risks, to set AA- to AA+ AA- to AA+ 89 71 89 71
appropriate
Financialrisk limits appropriate
and controls,
riskand to monitor
limits the risks
and controls, and and adherence
to monitor the to limits
risks and adherence to limits
information A- to A+ A- to A+ 4,670 4,406 4,670 4,406
through reliable and up-to-date information.
through reliable dnata regularly
and up-to-date reviewsdnata
information. its risk management
regularly reviews its risk management
BBB+ BBB+ 3 73 3 73
procedures
Emiratesand systems to reflectand
procedures changes
systemsin to
markets,
reflect products andmarkets,
changes in emerging best and emerging best
products
financial Lower than BBB+ Lower than BBB+ 121 49 121 49
practices. dnata uses derivative
commentary practices. and non-derivative
dnata financial
uses derivative instruments tofinancial
and non-derivative hedge certain
instruments to hedge certain
Unrated Unrated 7 62 7 62
risk exposures.
dnata
risk exposures.
financial Policies are in place to Policies
ensure that
are in
sales
place
aretomade
ensure
to that
customers
sales are
with
made
an appropriate
to customers
credit
with an appropriate credit
A risk management programme
commentary is carried programme
A risk management out under guidelines
is carried that are approved
out under by that
guidelines a are approved by a
history, failing which, anhistory,
appropriate
failinglevel
which,
of an
security
appropriate
is obtained,
level of
andsecurity
where is
necessary
obtained,sales
and where necessary sales
steering group comprising senior
steering management.
group comprisingIdentification, evaluation
senior management. and hedging
Identification, of
evaluation and hedging of
Emirates are made on cash terms.
are Credit
made limits
on cash
areterms.
imposed
Credit
to cap
limits
exposure
are imposed
to certain
to cap
customers.
exposure to certain customers.
financial risks are donefinancial
consolidated in close risks
cooperation
are donewith the operating
in close units.
cooperation withSenior management
the operating units. Senior management
dnata also manages the
dnata
limits
also
and
manages
controlsthe
thelimits
concentration
and controls
of risk
the wherever
concentration
they are
of risk wherever they are
is alsofinancial
responsible for isthe review
also of risk management
responsible for the reviewand the management
of risk control environment.
and the The
control environment. The
statements identified. identified.
various financial risk elements
various are discussed
financial below: are discussed below:
risk elements
dnata Significant balances in Significant balances
other receivables areinheld
other receivables
with companiesaregiven
held awith
highcompanies given a high credit rating
credit rating
consolidated
(i) Credit risk
financial (i) Credit risk by leading internationalbyrating
leading international rating agencies.
agencies.
statements
dnata is exposed to credit
dnatarisk, which is the
is exposed risk that
to credit risk,the counterparty
which is the riskwill
thatcause a financial will cause a financial
the counterparty The impairment
The impairment loss recognised loss recognised
on financial on financial
assets is based assets is based
on assumptions about on
theassumptions
risk about the risk
Additional
loss to dnata by failing loss
information to fulfil its obligation.
to dnata by failingdnata’s
to fulfilcredit risk mainly
its obligation. arisescredit
dnata’s from risk
deposits
mainly arises from deposits of default and expectedofloss
default
rates.and expected
dnata loss rates. in
uses judgement dnata usesthese
making judgement in making
assumptions andthese assumptions and
with banks and other
with financial institutions,
banks and derivativeinstitutions,
other financial financial assets held financial
derivative by assets held by selecting inputs to the selecting
impairmentinputs to the impairment
calculation calculation
based on history, based
existing on history,
market existing market conditions
conditions
counterparties, and trade & other receivables.
counterparties, dnata
and trade usesreceivables.
& other external rating agencies
dnata such asrating agencies such as
uses external as well
as well as forward-looking as forward-looking
estimates at the end ofestimates at theperiod.
each reporting end of These
each reporting period. These judgements
judgements
S&P Global Ratings ('S&P') or its Ratings
S&P Global equivalent to measure
('S&P') and monitor
or its equivalent its creditand
to measure riskmonitor its credit risk are continually
are continually reassessed due to the reassessed due to the
adverse economic adverse economic
environment resulting environment
from the resulting from the
exposures towards financial institutions.
exposures towards In the absence
financial of independent
institutions. ratings,
In the absence of credit
independent ratings, credit global As
global spread of COVID-19. spread
of 31ofMarch
COVID-19.
2022, As
theofprovision
31 Marchfor2022, the provision
impairment for impairment of trade
of trade
quality is assessed based on the
quality counterparty's
is assessed basedfinancial position, past experience
on the counterparty's and other
financial position, past experience and other receivables
receivables amounted to AED 185 m amounted to AED
(2021: AED 185and
307 m) m (2021: AEDdisclosed
has been 307 m) and hasNote
under been disclosed under Note
factors. factors. 14. The
14. The note also discloses thenote
loss also
ratesdiscloses the trade
applied on loss rates appliedfalling
receivables on trade receivables falling in different
in different
age buckets. age buckets.
In the normal course ofInbusiness, dnata
the normal places
course significantdnata
of business, deposits andsignificant
places procures deposits
derivativeand procures derivative
While cash
While cash and bank balances areand
alsobank balances
subject to the are also subject
impairment to the impairment
requirements of IFRS 9,requirements of IFRS 9,
financial instruments financial
from banks and financial
instruments from institutions
banks and with goodinstitutions
financial credit ratings.
with good credit ratings.
theloss
the identified impairment identified impairment
on these loss immaterial.
balances was on these balances was immaterial.
Exposure to credit risk is also tomanaged
Exposure through
credit risk is alsoregular analysis
managed of the
through abilityanalysis
regular of of the ability of
counterparties and potential counterparties
counterparties to meetcounterparties
and potential their obligations. As of their
to meet 31 March 2022, As of 31 March 2022,
obligations. (ii) Market risk (ii) Market risk
approximately 83.7% (2021: 83.5%) of
approximately cash(2021:
83.7% and bank balances
83.5%) were
of cash andheld
bankwith financial
balances were held with financial
dnata is exposed to market
dnatarisk,
is exposed
which is to
themarket
risk that
risk,
thewhich
fair value
is theor
risk
future
that the
cashfair
flows
value
of or
a future cash flows of a
institutions based in theinstitutions
UAE. based in the UAE.
financial instrument will
financial
fluctuate
instrument
becausewill
of fluctuate
changes in
because
marketofprices.
changesMarket
in market
risk prices. Market risk
comprises currency riskcomprises
and interest
currency
rate risk.
risk and interest rate risk.
38 38
181
The Emirates Group
Annual
Report
2021-22
28. Financial
28. Financial risk management risk management (continued)
(continued) Effects of Interest rateEffects of Interest
benchmark reformrate benchmark
– Phase 2 reform – Phase 2
Overview
(ii) Market risk (continued) The rate
The adoption of interest adoption of interest
benchmark rate and
reforms benchmark reforms transition
the consequent and the consequent
to transition to
(ii) Market risk (continued)
Emirates alternative reference ratescurrent
will impact dnata’s current risk management strategy and
alternative reference rates will impact dnata’s risk management strategy and
Currency risk
dnata Currency risk possibly accounting forpossibly accounting
certain financial for certain financial instruments.
instruments.
subsidiaries of Certain
CertainGroup subsidiaries
dnata are exposed toof currency
dnata arerisk
exposed to currency
on purchase risk onoutside
of services purchase of services outside
dnata has exposures todnata
somehas exposures
IBORs to some instruments
on its financial IBORs on itsthat
financial instruments
will be that will be replaced or
replaced or
the source thesubsidiaries
market. These source market. These
manage subsidiaries
such manage
risks through such risks
currency through
forwards, currency forwards, where
where reformed as part of the interest rate benchmark reforms being undertaken globally. dnata
Financial reformed as part of the interest rate benchmark reforms being undertaken globally. dnata
information
appropriate. appropriate. haswhich
set up a committee which monitors and smooth
managestransition
the group’s
has set up a committee monitors and manages the group’s to smooth transition to
is exposed to thednata
dnata Emirates is of
effects exposed to theineffects
fluctuations of fluctuations
prevailing in prevailing
foreign currency foreign
exchange ratescurrency exchange rates alternative benchmark alternative benchmark rates
rates and periodically and
reports to periodically reports to theonsenior
the senior management the management on the
financial
on its on its long-term
long-term debt obligations
commentary debt obligations
denominated in Pounddenominated in Pound
Sterling, Australian Sterling,
Dollar, Euro,Australian Dollar, Euro, progress and any risks arising.
progress and any risks arising.
Singapore Singapore Dollar and Swiss Franc. Cash flows from United Kingdom, Australia, Italy,
dnataDollar and Swiss Franc. Cash flows from United Kingdom, Australia, Italy, dnata’s
dnata’s main IBOR exposure as main
of 31IBOR exposure
March 2022 was asindexed
of 31 March 2022 was
to Sterling indexed
LIBOR, to Sterling LIBOR, CHF LIBOR
CHF LIBOR
Singapore Singapore
and Switzerland and Switzerland
operations operations
are adequate to meet are
the adequate
repaymenttoschedules.
meet the Arepayment schedules. A and USD reference
LIBOR. The alternative reference rate for Sterling
for CHFLIBOR
LIBORis is
SONIA, for CHF LIBOR is
financial
commentary
and USD LIBOR. The alternative rate for Sterling LIBOR is SONIA,
1% change
1% change in the exchange in the
rates for exchange
these rates
currencies for these
would currencies
not have would impact
a significant not have a significant impact SARON and for USD LIBOR is SOFR respectively.
SARON and for USD LIBOR is SOFR respectively.
on profit or equity. At on
Emirates profit
dnata or equity.
parent level, At dnata
these parentprovide
liabilities level, these liabilities
a natural hedgeprovide
to its a natural hedge to its
consolidated The following
The following table shows table shows
the total contracts thatthe total
have contracts
been thattohave
migrated been migrated to an alternative
an alternative
foreignfinancial foreignincurrency
currency investments investments in these countries.
these countries.
benchmark
benchmark and the contracts andto
pending thebecontracts
migratedpending
as at thetoreporting
be migrated
date.as at the reporting date.
statements
Interest rate risk Total Total

Interest rate risk
dnata
consolidated amount of amount of
Total Total
Interest rate risk arises Interest
financial from therate risk arises
possibility from
that the possibility
changes in interestthat changes
rates in interest
will affect future rates will affect future financial amount of financial amount of
statements
profitability or the fair profitability or the fair
values of financial values of dnata
instruments. financial instruments.
is exposed dnata
to the is exposed
effects of to the effects of
instruments instruments
migrated migrated
fluctuations in the prevailing levels of interest rates in the international
fluctuations in the prevailing levels of interest rates in the international financial markets on
Additional financial markets on
information awaiting financial awaiting financial
borrowings
borrowings and investments. This and investments.
is applicable Thislong-term
to its is applicable to its long-term
borrowings and lease borrowings and lease migration instrumentsmigration instruments
liabilities and bank deposits.
liabilities and bank deposits. Borrowings and lease Borrowings
liabilities: and lease liabilities: AED m AED m AED m AED m
The key reference ratesThe key on
based reference rates based
which interest costson
arewhich interest are
determined costs
GBPareLIBOR
determined
for are GBP LIBOR for - Sterling LIBOR - Sterling LIBOR - 232 - 232
Pound
Pound Sterling, BBSY for Sterling,
Australian BBSY USD
Dollar, for Australian
LIBOR for Dollar, USDEURIBOR
US Dollar, LIBOR forforUSEuro,
Dollar, EURIBOR for Euro, - CHF LIBOR - 79
- CHF LIBOR - 79
SIBOR and
SIBOR for Singapore Dollar for Singapore
CHF LIBORDollar and CHF
for Swiss FrancLIBOR for Swissborrowings.
denominated Franc denominated borrowings.
- USD LIBOR - USD LIBOR 435 - 435 -
Borrowings
Borrowings taken at variable ratestaken at variable
expose dnata torates
cashexpose dnata to
flow interest ratecash
risk flow
whileinterest rate risk while
435 311 435 311
borrowings
borrowings issued at fixed issueddnata
rates expose at fixed
to rates expose
fair value dnatarate
interest to fair
risk.value interest rate risk. No hedging
No hedging
cover is obtained due to the stable interest rate environment
cover is obtained due to the stable interest rate environment that exists in the countries that exists in the countries
where theAloans
where the loans are contracted. are contracted.
25 basis A 25
point change basis interest
in these point change in these
rates would notinterest rates would not
have
have a significant impact on aprofit
significant impact on profit or equity.
or equity.
39 39
182
The Emirates Group
Annual
Report
2021-22
28. Financial risk management (continued) Summarised
Summarised below in the below
table is the in theprofile
maturity table is
of the maturity
financial profilebased
liabilities of financial
on theliabilities based on the
28. Financial risk management (continued)
Overview remaining period at the end of reporting period to the
remaining period at the end of reporting period to the contractual maturity date. The contractual maturity date. The
(iii) Liquidity (iii) Liquidity risk (continued) amounts disclosed are the contractual undiscounted cash flows.
Emirates risk (continued) amounts disclosed are the contractual undiscounted cash flows.
Liquidity risk is the risk Liquidity
dnata that dnata risk is the risk
is unable to that
meetdnata is unable
its payment to meet its
obligations payment with
associated obligations associated with
its financial
its financial liabilities when they fallliabilities
due and when they funds
to replace fall due and they
when to replace funds when they are withdrawn.
are withdrawn.
2 -Less
5 thanOver
1 5 2-5 Over 5
Group
Less than 1
dnata'sFinancial dnata's process
liquidity management liquidity as
management process
monitored by seniorasmanagement,
monitored byincludes
senior management,
the includes the yearyears yearsTotal years Total
year years
following:
information following: AED AED
m m AED AED
m m AED m AED m
AED m AED m
 Emirates 
Day to day funding is Day to daybyfunding
managed is managed
monitoring by monitoring
future cash futurethat
flows to ensure cash flows to ensure that 2022
financial requirements can be met. 2022
requirements can be met.
commentary Borrowings and lease1,039
liabilities 1,039 909 2,1914,139 909 4,139
Borrowings and lease liabilities 2,191
 Maintaining rollingforecasts
Maintaining rolling
of dnata's forecasts
liquidity of dnata's
position basedliquidity position
on expected cashbased on expected cash
flows. Trade and other payables
Trade and other payables 2,961 35 2,961 - 352,996 - 2,996
flows.
dnata
 Monitoring Other provisions 102 - 74 176 - 176
workingand optimising
needs. working capital needs. Other provisions 102 74
financial
 Monitoring and optimising capital

commentary
 ratios
Monitoring liquidity Monitoring
and netliquidity
current ratios
assetsand net current
against internal assets against internal and industry
and industry 4,102 2,300 4,102 909 2,300
7,311 909 7,311
standards.
Emirates standards.
 consolidated  Maintaining
Maintaining debt financing plans. debt financing plans. 2021
financial
 Maintaining diversifiedstand-by
credit lines, including stand-by credit facility agreements. 2021
 statements
Maintaining diversified credit lines, including credit facility agreements. Borrowings and lease1,157
liabilities 1,1571,209 2,1764,542 1,209 4,542
Borrowings and lease liabilities 2,176
dnata Derivative financial instruments
Derivative financial instruments 7 - 7 - - 7 - 7
Sources of liquidity are Sources
consolidated regularlyofreviewed
liquidity as
arerequired
regularlybyreviewed as required by
senior management to senior management
maintain a to maintain a
Trade and other payables 2,542 - 742,616 - 2,616
financial diversification byproduct
geography, provider, product and term. Trade and other payables 2,542 74
diversification by geography, provider, and term. Other provisions 149 - 77 226 - 226
statements Other provisions 149 77
3,855 2,327 3,855
1,209 2,327
7,391 1,209 7,391
Additional
information
29. Capital management
29. Capital management
dnata
dnata monitors the return onmonitors the return
equity which on equity
is defined which
as profit for is
thedefined as profit for
year expressed as athe year expressed as a
percentage of averagepercentage of average
equity. dnata seeks to equity.
providednata seeksreturn
a higher to provide
to theaOwner
higher byreturn to the Owner by
resorting to borrowingsresorting to its
to finance borrowings to finance
acquisitions. In 2022,itsdnata
acquisitions.
achievedIna 2022, dnata
positive achieved a positive return
return
on (2021:
on Owners equity of 1.7% OwnersNegative
equity ofreturn).
1.7% (2021: Negative return).
40 40
183
The Emirates Group
Annual
Report
2021-22
Overview
Emirates
dnata
Group
Financial
information
Emirates
financial
commentary
dnata
financial
commentary
Emirates
consolidated
financial
Additional
statements
186 Emirates ten-year overview
dnata
consolidated 188 dnata ten-year overview
financial
statements 190 Group ten-year overview
information
Additional 191 Group companies of Emirates
information
192 Group companies of dnata
194 Glossary
185
The Emirates Group
Annual Emirates ten-year overview

Report
2021-22
Consolidated income statement 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
Revenue and other operating income AED m 59,180 30,927 91,972 97,907 92,322 85,083 85,044 88,819 82,636 73,113
Overview
Emirates
Operating costs AED m 59,618 45,948 85,564 95,260 88,236 82,648 76,714 82,926 78,376 70,274
dnata - of which depreciation, amortisation and
Group
impairment AED m 18,166 19,665 19,444 9,680 9,193 8,304 8,000 7,446 6,421 5,136
- of which jet fuel AED m 13,855 6,398 26,260 30,768 24,715 20,968 19,731 28,690 30,685 27,855
Financial
information - of which employee costs AED m 8,441 7,830 12,058 12,623 13,080 12,864 12,452 11,851 10,230 9,029
Emirates
financial Operating (loss) / profit AED m (438) (15,021) 6,408 2,647 4,086 2,435 8,330 5,893 4,260 2,839
commentary
(Loss) / profit attributable to the Owner AED m (3,917) (20,279) 1,056 871 2,796 1,250 7,125 4,555 3,254 2,283
dnata
financial
commentary Consolidated statement of financial position
Emirates Non-current assets AED m 119,564 128,886 144,357 96,483 93,417 93,722 87,752 83,627 74,250 59,856
consolidated
financial Current assets AED m 30,420 22,891 27,705 30,915 34,170 27,836 31,427 27,735 27,354 34,947
statements - of which cash assets AED m 20,880 15,108 20,249 17,037 20,420 15,668 19,988 16,885 16,561 24,572
dnata Total assets AED m 149,984 151,777 172,062 127,398 127,587 121,558 119,179 111,362 101,604 94,803
consolidated
financial
statements Total equity AED m 20,313 20,147 23,587 37,743 37,046 35,094 32,405 28,286 25,471 23,032
Additional - of which equity attributable to the Owner AED m 19,733 19,597 22,978 37,149 36,454 34,508 31,909 27,886 25,176 22,762
information
Non-current liabilities AED m 85,523 95,925 99,583 52,190 49,975 48,082 48,250 48,595 43,705 40,452
Emirates Current liabilities AED m 44,148 35,705 48,892 37,465 40,566 38,382 38,524 34,481 32,428 31,319
ten-year
overview
dnata Consolidated statement of cash flows

ten-year
overview Cash flow from operating activities AED m 24,425 (4,454) 22,798 10,528 14,134 10,425 14,105 13,265 12,649 12,814
Cash flow from investing activities AED m (13,105) (2,644) (10,231) (1,360) (10,977) (3,129) (2,361) (6,411) (4,257) (15,061)
Group
ten-year Cash flow from financing activities AED m (11,386) 2,902 (9,366) (9,807) (6,442) (10,502) (7,975) (6,264) (7,107) 1,240
overview
Net change in cash and cash equivalents AED m (66) (4,196) 3,201 (639) (3,285) (3,206) 3,769 590 1,285 (1,007)
Group
companies
of Emirates
Other financial data
Group Net change in cash assets AED m 5,772 (5,141) 3,212 (3,383) 4,752 (4,320) 3,103 324 (8,011) 8,985
companies
of dnata EBITDA AED m 17,728 4,644 25,852 23,977 24,970 21,248 24,415 20,259 17,229 13,891
Glossary
Borrowings and lease liabilities AED m 96,245 107,576 110,157 53,039 51,101 51,002 50,105 47,808 42,431 40,525
Less: Cash assets AED m 20,880 15,108 20,249 17,037 20,420 15,668 19,988 16,885 16,561 24,572
Net debt AED m 75,365 92,468 89,908 36,002 30,681 35,334 30,117 30,923 25,870 15,953
Capital expenditure AED m 7,431 4,997 11,870 13,437 8,496 12,632 16,723 19,873 21,142 13,378
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 i.e. only the immediately preceding year’s figures are restated.
186
The Emirates Group
Annual
Report
2021-22
Key ratios 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
Operating margin % (0.7) (48.6) 7.0 2.7 4.4 2.9 9.8 6.6 5.2 3.9
Overview (6.6) (65.6) 1.1 0.9 3.0 1.5 8.4 5.1 3.9 3.1
(Loss) / profit margin %
Emirates Return on Owner's funds % (19.9) (95.3) 3.5 2.4 7.9 3.8 23.8 17.2 13.6 10.4
EBITDA margin % 30.0 15.0 28.1 24.5 27.0 25.0 28.7 22.8 20.8 19.0
dnata
Group Cash assets to revenue and other operating income % 35.3 48.9 22.0 17.4 22.1 18.4 23.5 19.0 20.0 33.6
Financial Net debt to equity ratio % 371.0 459.0 381.2 95.4 82.8 100.7 92.9 109.3 101.6 69.3
information
Net debt (incl. aircraft operating leases*) to equity ratio % 371.0 459.0 381.2 209.8 216.4 237.9 215.9 212.1 209.9 186.4
Emirates Net debt (incl. aircraft operating leases*) to EBITDA % 425.1 1,991.1 347.8 330.3 321.0 392.9 286.5 296.2 310.3 309.1
financial
commentary Effective interest rate on borrowings and lease liabilities % 3.5 3.8 4.6 4.0 3.2 3.0 3.1 3.3 3.2 3.1
Fixed to floating debt mix 62:38 62:38 69:31 65:35 72:28 75:25 92:8 85:15 94:6 90:10
dnata
financial
commentary Key operating statistics
Performance indicators
Emirates
Yield Fils per RTKM 255 229 222 219 213 204 218 245 250 249
consolidated
financial Unit cost Fils per ATKM 155 177 141 146 139 132 132 158 162 167
statements Unit cost excluding jet fuel Fils per ATKM 117 151 96 97 98 97 97 102 97 99
dnata Breakeven load factor % 60.8 77.2 63.4 66.4 65.2 64.5 60.4 64.7 64.9 66.9
consolidated
financial Fleet
statements
Aircraft number 262 259 270 270 268 259 251 231 217 197
Additional Average fleet age months 98 88 81 73 68 63 74 75 74 72
information
Emirates Production
ten-year Destinations number 152** 157** 157** 158 157 156 153 144 142 133
overview
Overall capacity ATKM million 36,394 24,782 58,584 63,340 61,425 60,461 56,383 50,844 46,820 40,934
dnata Available seat kilometres ASKM million 159,962 64,062 367,153 390,775 377,060 368,102 333,726 295,740 271,133 236,645
ten-year Aircraft departures number 117,744 79,156 189,081 203,281 201,858 204,543 199,754 181,843 176,039 159,892
overview
Group Traffic
ten-year Passengers carried number '000 19,562 6,553 56,162 58,601 58,485 56,076 51,853 48,139 44,537 39,391
overview
Passenger seat kilometres RPKM million 93,799 28,353 288,148 299,967 292,221 276,608 255,176 235,498 215,353 188,618
Group Passenger seat factor % 58.6 44.3 78.5 76.8 77.5 75.1 76.5 79.6 79.4 79.7
companies
of Emirates Cargo carried tonnes '000 2,139 1,873 2,389 2,659 2,623 2,577 2,509 2,377 2,250 2,086
Overall load carried RTKM million 21,550 12,510 39,505 42,304 41,250 39,296 36,931 34,207 31,137 27,621
Group
companies Overall load factor % 59.2 50.5 67.4 66.8 67.2 65.0 65.5 67.3 66.5 67.5
of dnata
Employee
Glossary
Employee strength-Emirates number 45,843 40,801 60,033 60,282 62,356 64,768 61,205 56,725 52,516 47,678
Employee strength-airline number 36,173 33,304 47,518 47,808 49,740 51,628 48,023 44,571 41,471 38,067
Revenue per airline employee AED '000 1,636 929 1,935 1,975 1,784 1,580 1,717 1,939 1,938 1,868
*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 or operational restrictions.
Notes :
3. Employee strength is presented as at the reporting date from 2019-20 and onwards. Prior years’ data represent average employee strength.
187
The Emirates Group
Annual dnata ten-year overview

Report
2021-22
Consolidated income statement 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
Revenue and other operating income AED m 8,560 5,541 14,760 14,419 13,074 12,182 10,630 9,160 7,565 6,622
Overview
Emirates Operating costs* AED m 8,400 7,398 14,253 13,141 11,878 10,958 9,569 8,155 6,702 5,807
dnata - of which employee costs AED m 3,964 3,290 5,875 5,386 5,055 4,654 3,847 3,351 3,251 2,771
Group
- of which airport operations direct costs AED m 1,012 715 1,364 1,350 1,293 1,138 949 824 883 798
- of which inflight catering direct costs AED m 742 326 1,352 1,070 843 794 715 735 663 601
Financial
information - of which travel services direct costs AED m 367 53 2,534 2,476 2,135 1,913 1,951 1,458 84 n/a
Emirates
financial Operating profit / (loss) AED m 160 (1,857) 507 1,278 1,196 1,224 1,061 1,005 863 815
commentary
Profit / (loss) attributable to the Owner AED m 110 (1,821) 618 1,445 1,317 1,210 1,054 906 829 819
dnata
financial
commentary
Consolidated statement of financial position
Emirates Non-current assets AED m 6,893 7,314 8,143 6,196 5,718 5,372 4,590 4,219 4,364 3,594
consolidated
financial Current assets AED m 7,931 6,960 8,560 8,895 8,574 6,675 6,388 5,427 4,303 3,977
statements
- of which cash assets AED m 4,898 4,690 5,316 5,122 4,945 3,398 3,465 3,148 2,434 2,396
dnata Total assets AED m 14,824 14,274 16,703 15,091 14,292 12,047 10,978 9,646 8,667 7,571
consolidated
financial
statements
Total equity AED m 6,527 6,535 8,302 8,027 7,282 6,706 5,554 4,853 4,756 4,097
Additional - of which equity attributable to the Owner AED m 6,542 6,554 8,259 7,911 7,103 6,539 5,387 4,788 4,674 4,028
information
Non-current liabilities AED m 3,578 3,839 4,109 2,126 1,734 1,542 1,362 1,213 1,386 1,351
Emirates
ten-year Current liabilities AED m 4,719 3,900 4,292 4,938 5,276 3,799 4,062 3,580 2,525 2,123
overview
dnata Consolidated statement of cash flows

ten-year
overview Cash flow from operating activities AED m 1,217 10 1,393 1,417 1,858 1,281 1,390 1,058 1,125 1,162
Group Cash flow from investing activities AED m (246) (179) (878) 78 (2,157) (961) (1,076) (697) 316 (1,910)
ten-year
overview
Cash flow from financing activities AED m (745) (548) (899) (643) 78 (146) (496) (344) (443) (343)
Net change in cash and cash equivalents AED m 226 (717) (384) 852 (221) 174 (182) 17 998 (1,091)
Group
companies
of Emirates
Other financial data
Group
companies Cash assets AED m 4,898 4,690 5,316 5,122 4,945 3,398 3,465 3,148 2,434 2,396
of dnata
* includes net loss allowance for impairment of trade receivables.
Glossary
Notes :
188
The Emirates Group
Annual
Report
2021-22
Key ratios 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
Operating margin % 1.9 (33.5) 3.4 8.9 9.1 10.0 10.0 11.0 11.4 12.3
Overview
Profit / (loss) margin % 1.3 (32.9) 4.2 10.0 10.1 9.9 9.9 9.9 11.0 12.4
Emirates Return on Owner's funds % 1.7 (24.6) 7.6 19.2 19.3 20.3 20.7 19.2 19.1 21.4
dnata
Group
Employee
Employee strength number 39,376 34,344 48,503 45,004 41,007 40,978 34,117 27,428 22,980 20,229
Financial
information Revenue per employee AED '000 217 161 304 320 319 297 333 399 356 327
Emirates
financial Key operating statistics
commentary
Airport operations
dnata
financial Aircraft turns handled number 527,501 289,526 680,867 698,739 659,591 623,611 389,412 298,298 288,335 264,950
commentary
Cargo handled tonnes '000 2,966 2,686 2,929 3,091 3,083 2,844 2,056 1,671 1,604 1,570
Emirates
consolidated Catering
financial
statements Meals uplifted number '000 39,890 16,939 93,492 70,889 55,718 60,747 57,062 57,687 41,275 28,584
dnata Travel services

consolidated
financial Total transaction value (TTV) AED m 2,318 229 10,751 11,459 11,281 10,687 11,747 9,782 5,892 5,357
statements
Additional
information
Emirates
ten-year
overview
dnata
ten-year
overview
Group
ten-year
overview
Group
companies
of Emirates
Group
companies
of dnata
Glossary
Notes :
189
The Emirates Group
Annual Group ten-year overview

Report
2021-22
Financial highlights 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
Revenue and other operating income* AED m 66,248 35,586 104,002 109,255 102,409 94,706 92,896 96,053 87,766 77,536
Overview
Operating costs* AED m 66,526 52,464 97,087 105,330 97,127 91,047 83,505 89,155 82,643 73,882
Emirates Operating (loss) / profit AED m (278) (16,878) 6,915 3,925 5,282 3,659 9,391 6,898 5,123 3,654
dnata Operating margin % (0.4) (47.4) 6.6 3.6 5.2 3.9 10.1 7.2 5.8 4.7
Group (Loss) / profit attributable to the Owner AED m (3,807) (22,100) 1,674 2,316 4,113 2,460 8,179 5,461 4,083 3,102
Financial (Loss) / profit margin % (5.7) (62.1) 1.6 2.1 4.0 2.6 8.8 5.7 4.7 4.0
information Dividend to the Owner AED m - - - 500 2,000 - 2,500 2,569 1,026 1,000
Emirates
financial Financial position
commentary
Total assets** AED m 164,355 165,872 188,461 142,267 141,625 133,281 129,989 120,886 110,100 102,188
dnata
financial Cash assets AED m 25,778 19,798 25,565 22,159 25,365 19,066 23,453 20,033 18,995 26,968
commentary
Emirates Employee
consolidated
financial Employee strength number 85,219 75,145 108,536 105,286 103,363 105,746 95,322 84,153 75,496 67,907
statements
* After eliminating inter-company income/expense of the year.
dnata ** After eliminating inter-company receivables/payables as at year end.
consolidated
financial
statements
Additional
information
Emirates
ten-year
overview
dnata
ten-year
overview
Group
ten-year
overview
Group
companies
of Emirates
Group
companies
of dnata
Glossary
Notes :
190
The Emirates Group
Annual Group companies of Emirates

Report Hotel operations, food and
2021-22 Air transportation related services Consumer goods beverage operations and others
Emirates Emirates Emirates
100% Maritime and Mercantile International
Overview 100% Dnata Travel (UK) Limited 100% Emirates Hotels (Australia) Pty Ltd
(Holding) LLC (UAE)
Emirates
100% DN Travel ApS (Denmark) 100% MMI Tanzania PVT Ltd 50% Queen OS Trading FZE (UAE) 100% Emirates Hotel LLC (UAE)
dnata
49% Independent Wine & Spirit (Thailand) 100% Emirates Land Development Services LLC
Group 100% DS Travel GmbH (Germany) 90.8% Prembev International FZE (UAE)
Co. Ltd (UAE)
Financial 100% Brand 2 Consumer (Pty) Ltd 100% Emirates Leisure Retail (Holding) LLC
information 100% Transguard Aviation Security LLC (UAE) 40% Cooperhouse Asia Pte. Ltd (Singapore)
(South Africa) (UAE)
Emirates 40% Diamond Wines & Spirits PTE. Ltd
financial 50% Emirates - CAE Flight Training LLC (UAE) 90% Seyvine Ltd (Seychelles) 100% Air Ventures Holding, Inc. (USA)
(Singapore)
commentary
68.7% Maritime and Mercantile International 40% Platinum Wines & Spirits Pte. Ltd
dnata 50% CAE Middle East Pilot Services LLC (UAE) 75% Air Ventures, LLC (USA)
LLC (UAE) (Singapore)
financial
commentary 40% Royalton Wine & Spirits Private Ltd
100% Duty Free Dubai Ports FZE (UAE) 100% Emirates Leisure Retail (Australia) Pty Ltd
(Singapore)
Emirates
consolidated 40% Titanium International Wines & Spirits 100% ELRA Properties Pty Ltd (Australia)
financial 100% Harts International LLC (UAE)
PTE. Ltd (Singapore)
statements 100% Hudcom Pty Ltd (Australia)
40% Velocity Wines & Spirits PTE. Ltd. 100% Hudsons Adelaide Airport Pty Ltd (Australia)
dnata 100% Golden Globe (BVI) Ltd
(Singapore) 100% Hudsons Bendigo Pty Ltd (Australia)
consolidated Catering services 100% Hudsons Gawler Pty Ltd (Australia)
financial 50% Arabian Harts International Ltd
statements Emirates (BVI)* 25% Savero Distributors Ltd (Cyprus) 100% Hudsons Hospital Australia Pty Ltd (Australia)
Additional 100% Harts International Retailers (Middle 100% Emirates Leisure Retail (New Zealand)
90% Emirates Flight Catering Co. (LLC) (UAE) East) FZE (UAE) Ltd
information
Emirates 100% Maritime and Mercantile International 100% Emirates Leisure Retail (Singapore)
80% Emirates Crop One LLC (UAE) FZE (UAE) Pte Ltd
ten-year
overview
65% Emirates Cuisine Solutions LLC (UAE) 70% Oman United Agencies LLC 68.7% Emirates Leisure Retail LLC (UAE)
dnata
ten-year
overview 92.5% Sohar Catering & Supplies Co. LLC
65% Kosher Arabia LLC (UAE) 51% Premier Inn Hotels LLC (UAE)
(Oman)
Group
ten-year 67.1% Onas Trading LLC (Oman)
overview
Group 50% Sirocco FZCO (UAE)

companies
of Emirates
49% Fujairah Maritime and Mercantile
Group International LLC (UAE)
companies
of dnata 50% Focus Brands Ltd (BVI)
Glossary
50% Lanka Premium Beverage PVT Limited
(Sri Lanka)
Subsidiaries Joint ventures Associates

Note: Percentages indicate beneficial interest in the company, legal shareholdings may be different.
The country of incorporation is same as the country of principal operations.
*Country of principal operations is UAE.
Dormant companies are not included in the above structure.
191
The Emirates Group
Annual Group companies of dnata

Report
2021-22 Airport Operations Catering
dnata dnata
100% Dnata International Airport Services Pte
Overview 100% Dnata Aviation Services Limited (UK) 100% Dnata Catering Services Limited (UK)
Ltd (Singapore)
Emirates 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)
dnata
100% Alpha Flight Services Pty Ltd
Group 100% Altstadtsee 505.VV GmbH (Germany) 100% dnata Singapore Pte Ltd (Singapore)* 100% En Route Belgium NV
(Australia)
Financial 20% Guangzhou Baiyun International
information 100% dnata Aviation Services Canada Limited 100% Alpha ATS Pty Ltd (Australia) 100% En Route International Australia Pty, Ltd
Airport Ground Handling Services Co. Ltd
(P. R. China)
Emirates 50% G.T.A. Dnata Ground Handling Limited 100% dnata Catering Australia 100% En Route International General Trading
financial (Canada) Subsidiary 2 Pty Ltd LLC (UAE)
commentary 100% Dubai Express LLC (UAE)
50% G.T.A. Dnata Ground Handling YVR 100% dnata Catering Australia 100% En Route International Limited
dnata Limited (Canada) Subsidiary 1 Pty Ltd (Hong Kong)
financial 100% Freightworks Logistics LLC (UAE)
commentary 50% G.T.A. Dnata World Cargo Limited 100% Snap Fresh Pty Ltd (Australia) 100% En Route International USA, Inc.
(Canada) 75% Dnata Airport Services Kurdistan
Emirates (Cayman Islands)
consolidated
financial 100% dnata Aviation Services US Inc. (USA) 100% Alpha Flight US, Inc.
statements 100% Dnata for Airport Services Ltd (Iraq)
dnata 100% ALX Cargo Center IAH LLC (USA) 100% Alpha Inflight US, LLC 100% dnata Catering UK Limited
consolidated 70% Dubz Holding Limited (BVI)
financial
100% dnata Aviation USA Inc. 84.5% dnata Catering US, LLC (USA) 100% Alpha Flight UK Ltd
statements 100% Delivering Your Bags Passenger
Luggage Delivery LLC (UAE)
Additional 100% Ground Services International Inc. 100% 121 Group Holdings LLC (USA) 100% dnata s.r.l (Italy)
information (USA)
51% Wallenborn Logistics Middle East LLC (UAE)
Emirates
100% Metro Air Service Inc. (USA) 100% 121 at BNA LLC (USA) 80% Alpha Flight a.s. (Czech Republic)
ten-year
overview 100% Wallenborn Transport LLC (UAE)
100% dnata BV (The Netherlands) 100% 121 at Oxford LLC (USA) 64.2% dnata Catering SRL (Romania)
dnata
ten-year 50% Gerry’s Dnata (Private) Ltd (Pakistan)
overview 100% dnata NV (Belgium) 100% dnata US Inflight Catering LLC 49% Alpha Flight Services UAE LLC
Group
ten-year 100% Dnata Switzerland AG
100% dnata Limited (UK) 100% Dnata Catering Canada Limited 35.9% Jordan Flight Catering Company Ltd
overview
Group 30% GVAssistance SA (Switzerland)

70% Airports Bureau Systems Ltd (UK) 100% dnata Catering Ireland Ltd 28.7% Silver Wings OOD (Bulgaria)
companies
of Emirates
99% dnata Pty Ltd (Australia) 99.2% Consortium Alpha DZZD
100% dnata, Inc. (Philippines)
Group (Bulgaria)
companies 100% dnata Airport Services Pty Ltd.
of dnata 100% dnata Clark Inc. (Philippines) (Australia)
Glossary 100% Airport Handling Services Australia

75% dnata Zanzibar Aviation Services Co. Ltd Pty Ltd
(Tanzania)
70% Airport Handling SpA (Italy)
70% RM Servicos Auxilliares de Transporte

Aereo Ltda (Brazil)
95% Air Dispatch (CLC) s.r.o. (Czech Republic) Subsidiaries Joint ventures Associates
100% Air Dispatch (CLC) Spolka z.o.o.
(Poland) *Also provides catering services.
192
The Emirates Group
Annual Group companies of dnata

Report
2021-22 Travel services Others
dnata / dnata World Travel dnata / dnata World Travel dnata
100% Cleopatra International Travel Co. W.L.L. 100% Destination Asia LLC (UAE) 70% dnata Travel Company Limited (Saudi
Overview 100% Transecure LLC (UAE)
(Bahrain) Arabia)
Emirates 100% dnata Aviation Services Company
100% Destination Asia Limited (UAE) 100% dnata Travel Inc. (Philippines) 50% Transguard Group LLC (UAE)
Limited (Saudi Arabia)
dnata
100% CASS International General Trading LLC
Group 100% Destination Asia (Singapore) Pte Limited 100% dnata d.o.o. Beograd (Serbia) 51% Imagine Enterprises Limited (UK) (UAE)
Financial 100% Destination Asia Destination 100% Maritime and Mercantile International
information 100% Imagine Cruising GmbH (Germany) 100% Transguard Cash LLC (UAE)
Management Sdn Bhd (Malaysia) Travel LLC (UAE)
Emirates
financial 100% Destination Asia Japan Limited 76.9% Oman United Agencies Travel LLC 100% Imagine Cruising Limited (UK) 100% Transguard Cash Services LLC (UAE)
commentary
100% Sama Travel & Services International 100% Transguard Group International LLC
dnata 100% Destination Asia Limited (Hong Kong) LLC (Oman) 100% Imagine Transport Limited (UK) (UAE)
financial
commentary
100% Destination Asia (Thailand) Limited 100% Dunya Travel LLC (UAE) 100% Imagine Cruising Pty Ltd (Australia) 100% Transguard Group Cash KSA LLC (UAE)
Emirates
consolidated 100% Destination Asia (Vietnam) Limited 51% Transguard Group International LLC
financial 100% Dunya Air Services LLC (UAE) 100% Imagine Cruising (Pty) Ltd (South Africa)
(Hong Kong) (Oman)
statements
100% Travel Management Services Limited 100% Najm Travel LLC (UAE)* 100% Imagine Cruising (WA) PTY Ltd
dnata (Hong Kong) (Australia)
consolidated
financial 100% Destination Group Asia (Hong Kong) 100% Travel Partners LLC (UAE) 50% Travel Counsellors LLC (UAE)
statements Limited
Additional 100% DMC Management Asia Services 100% Travel Partners Iberian, Sociedad
information Limited (Hong Kong) Limitada (Spain)
Emirates
100% PT Destination Asia (Indonesia) 100% Travel Partners (London) Limited (UK)
ten-year
overview
100% dnata International Private Ltd (India) 75% Super Bus Tourism LLC (UAE)
dnata
ten-year
overview 100% dnata Marketing Services Pvt Ltd (India)
Group
ten-year 100% dnata Travel and Tourism WLL
overview (Bahrain)
Group 100% dnata Travel Holdings UK Limited 100% Travel 2 Limited (UK)
companies
of Emirates
100% Airline Network Limited (UK) 100% Travelbag Limited (UK)
Group
companies
of dnata 100% Gold Medal Travel Group Ltd (UK) 100% Travel Republic Ltd (UK)
Glossary
100% Gold Medal Transport Ltd (UK) 82.28% BD4 Travel Limited (UK)
100% Personalised Travel Services Limited (UK) 100% BD4 Travel GmbH (Germany)
14.29% Travel Technology Initiative Limited

100% Sunmaster Limited (UK) (UK)
Subsidiaries Joint ventures Associates
*Country of principal operations is Iraq.
193
The Emirates Group
Annual
Report
Glossary
2021-22
A D N R
Overview
Emirates
Acquisitions – The sum of purchase Dividend payout ratio – Dividend Net debt – Borrowings and lease Return on Owner’s funds – Profit/(loss)
consideration for acquisition of accruing to the Owner divided by profit liabilities (current and non-current) net attributable to the Owner expressed as a
dnata subsidiaries and investments made in attributable to the Owner. of cash assets. percentage of Owner’s funds.
Group associates and joint ventures.
E Net debt to equity ratio – Net debt in RPKM (Revenue Passenger Kilometre)
Financial ASKM (Available Seat Kilometre) – relation to total equity. – Number of passengers carried
information
Passenger seat capacity measured in EBITDA – Operating profit/(loss) multiplied by the distance flown.
Emirates seats available multiplied by the before depreciation, amortisation and O
financial RTKM (Revenue Tonne Kilometre) –
distance flown. impairment (and aircraft operating lease
commentary Operating cash margin – Cash Actual traffic load (passenger and cargo)
rentals for financial years 2018-19 and
dnata
ATKM (Available Tonne Kilometre) generated from operating activities carried measured in terms of tonnes
before).
financial – Overall capacity measured in tonnes expressed as a percentage of the sum of multiplied by the distance flown.
commentary available for carriage of passengers EBITDA margin – EBITDA expressed as revenue and other operating income.
Emirates and cargo load multiplied by the a percentage of the sum of revenue and T
consolidated distance flown. Operating margin – Operating profit/
other operating income.
financial (loss) expressed as a percentage of the Total revenue – Sum of revenue and
statements Equity ratio – Total equity divided by sum of revenue and other operating other operating income.
B
dnata total assets. income.
consolidated Total transaction value – The sum of
Breakeven load factor – The load
financial
F Overall load factor – RTKM divided gross revenue from agency and package
statements factor at which revenue will equal
by ATKM. sales, net of government taxes.
operating costs.
Additional Fixed to floating debt mix – Ratio of
information Owner’s funds – Average of opening Traffic – see RTKM
C fixed rate debt to floating rate debt. The
and closing equity attributable to the
Emirates ratio is based on net debt (including Transport revenue – The sum of airline
ten-year
Owner.
Capacity – see ATKM aircraft operating leases for financial passenger and cargo revenue.
overview
years 2018-19 and before). P
dnata
Capital expenditure – The sum U
ten-year of additions to property, plant and Free cash flow – Cash generated from
overview Passenger seat factor – RPKM divided
equipment and intangible assets. operating activities less cash used in Unit cost (Fils per ATKM) – Operating costs
by ASKM.
Group investing activities adjusted for the (airline only) incurred per ATKM.
Capitalised value of aircraft operating
ten-year movement in short term bank deposits. Passenger yield (Fils per RPKM) –
overview lease costs – 60% of future minimum
Airline passenger revenue divided by Y
lease payments for aircraft on operating Freight yield (Fils per FTKM) – Airline
Group RPKM.
companies lease (applicable to financial years 2018- cargo revenue divided by FTKM. Yield (Fils per RTKM) – Revenue (airline
of Emirates 19 and before). From 1 April 2019, with Profit/(loss) margin – Profit/(loss) only) earned per RTKM.
FTKM - Cargo tonnage uplifted
Group the adoption of IFRS 16, the related lease attributable to the Owner expressed as a
multiplied by the distance carried.
companies liabilities are included in net debt. percentage of sum of revenue and other
of dnata
operating income.
Cash assets – The sum of short
Glossary
term bank deposits and cash and
cash equivalents.
194
Emirates P.O. Box 686, Dubai, United Arab Emirates, emirates.com
dnata P.O. Box 1515, Dubai, United Arab Emirates, dnata.com
ekgroup.com

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2021 2022

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The Emirates Group

Hosting Expo 2020 Dubai was an expression of our vision for

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.

* After eliminating inter-company income/expense of AED 1,492m in 2021-22

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

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

Across Emirates and dnata, we quickly reinstated services to meet

We recalled employees on furlough or unpaid leave, rehired those previously

Even as we rebuilt our network and operations, we continued to launch new

Emirates’ year in review

To assure and encourage travellers to return to the skies, we introduced numerous

Our cargo business continued to perform strongly, contributing 37% to overall

dnata’s year in review

dnata’s agility and ability to respond to market opportunity across all

During the year, dnata continued to scale up operations to support our

In 2021-22, our airport operations handled 527,501 aircraft turns globally,

dnata’s performance reflects our strong foundations and our ability

During the year, we invested significantly in our cargo handling capabilities. We

As operations ramped up across the Group, we remained ever conscious of

During 2021-22, we progressed various initiatives under our Emirates Group

Reducing emissions is a continual effort across Emirates and dnata, where we

At Emirates, our long-standing operational fuel efficiency programme investigate

We’re committed to responsible consumption across our business activities. This

Through our CSR platforms - the Emirates Airline Foundation and

We work with NGO partners on humanitarian and charitable initiatives. Our

Financial Looking ahead

Our steady investments in infrastructure, technology, people and partnerships,

HH Sheikh Ahmed bin Saeed Al Maktoum

Financial HH Sheikh Ahmed Sir Tim Clark

Emirates inks strategic agreement

Emirates is first to launch Emirates Holidays

Emirates re-opens its dedicated

Emirates partners with

Emirates showcases its four-class

During the year, Emirates continued on

Emirates and Sabre reach new

Emirates enhances NDC

Annual Expanding connectivity

Group Emirates announces interline

Additional Emirates and Airlink expand partnership, offering

network recovery Emirates signs codeshare

Helping travellers access even more destinations, Emirates joined

Annual Emirates signs codeshare

Financial Emirates and TAP Air Portugal

Emirates and Qantas

Emirates and South African

dnata Emirates signs agreement Emirates signs an agreement

Emirates signs an MoU with

Emirates signs an MoU

Emirates Emirates’ A380 service

Moving vaccines and

Emirates SkyCargo continued to play an important role in ensuring communities

Report pre-pandemic, dual hub operations in Dubai. Dedicated freighter operations

Emirates announced a Emirates SkyCargo marks milestone

Emirates SkyCargo flies equine champions

Group Emirates rolls out custom liveries