Air Mauritius

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ANNUAL REPORT

2011/12

Table of Contents
2
4
6
9

Key Results
Chairman’s Statement
Acting Chief Executive Officer’s Review
Glossary

11
58
60
64
65
68
72

Directors’ Report & Business Review
The Board of Directors
Corporate Governance
- Directorship of the Group
- Board Committees
- Leadership Team
- Remuneration Report

74
74
75
76

Certificate from Company Secretary
Directors’ Disclosure Statement
Directors’ Responsibility Statement
Independent Auditors’ Report

79
80
81
82
84
86
151
153
155
159
163
165

Air Mauritius Annual Report 2011/12

Financial Statements
Statements of Financial Position
Statements of Comprehensive Income
Statements of Changes in Equity
Statements of Cash flows
Notes to the Financial Statements
Translation of the Statements of Financial Position
Cascade Holding Structure
Directors in Subsidiary Companies
Shareholders’ Information
Notice of Meeting
Proxy Form

1

Key Results

Group financial results

2011/12

2010/11

Revenue

Eur m

453.2

436.0

Operating (loss) / profit

Eur m

(22.6)

17.0

Net (loss) / profit

Eur m

(29.4)

11.0

Attributable (loss) / profit to equity holders of the parent

Eur m

(29.6)

10.7

Net assets

Eur m

80.2

112.4

Eur

(0.29)

0.11

Operating margin

%

(5.0)

3.9

Net (loss) / profit margin

%

(6.5)

2.5

Return on equity

%

(37.9)

9.9

Return on assets

%

(15.8)

4.7

Interest cover

Times

(8.9)

3.7

Interest and lease cover

Times

(0.2)

1.4

1.1:1

1:1

(Loss) / earnings per share

Key financial statistics

Gearing Ratio

Group operating statistics
Passengers carried

'000

1,325

1,295

Seats offered

‘000

1,841

1,764

Revenue passenger kilometres

Million

6,572

6,529

Available seat kilometres

Million

8,519

8,185

Revenue tonne kilometres

Million

785

783

Available tonne kilometres

Million

1,271

1,224

%

77.1

79.8

Passenger load factor

2

Air Mauritius Annual Report 2011/12

Chairman’s Statement
&
Acting Chief Executive
Officer’s Review

Air Mauritius Annual Report 2011/12

3

Chairman’s Statement
from EUR 397 million to EUR 450.9 million driven
mainly by the price of fuel. After having hit an
extreme low in 2008, the price of crude oil has
hovered around the USD 114 mark through the
financial year peaking USD 128 a barrel in March
2012. This resulted in an additional fuel bill of EUR
47.8 million for the year taking the company’s
total fuel bill to a record high of EUR 191 million.
Fuel expenses completely erased the additional
revenue earned by the partially achieved growth
objectives that were set for the year. With
1,324,613 passengers carried, Air Mauritius
reached a new record. Concurrently, the company
noted a 3.9% growth in revenue. Our operating
strategies that involved the rebalancing of growth
towards emerging markets, including the start of
operations to Shanghai, have been successful
and generated these top line results in spite of
unfavourable market conditions. The crisis in
Europe resulted in huge pressures on demand in
Air Mauritius main market. This was reflected in
the sustained negative growth in tourist arrivals
particularly towards the end of the financial year.

I am presenting to you the Annual report and
Audited Financial statements of Air Mauritius for
the financial year ending 31 March 2012 after
what has been particularly a challenging year for
the whole airline industry and for Air Mauritius.
The Financial Year under review is in the tone of
the past decade where the whole industry has
been stirred by a series of events ranging from
terror attacks, natural calamities, vacillating global
economic conditions, skyrocketing fuel prices
and political unrest. The industry made aggregate
losses in 7 out of the 10 past years...
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