|
Independent auditors’ report to the Government of Dubai
We
have audited the accompanying consolidated balance sheet
of Emirates (“the company”) and its subsidiaries
(together referred to as “Emirates”) as at
31 March 2002 and the related consolidated statements
of income and cash flows for the year then ended. These
financial statements are the responsibility of the company’s
management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We
conducted our audit in accordance with International
Standards on Auditing. Those Standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating
the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In
our opinion, the consolidated financial statements present
fairly, in all material respects, the financial position
of Emirates as at 31 March 2002 and the results of its
operations and its cash flows for the year then ended
in accordance with International Accounting Standards.
PRICEWATERHOUSECOOPERS
Chartered Accountants
Dubai
17 April 2002
Consolidated
income statement for the year ended 31 March 2002
|
|
Notes
|
2002
|
2001
|
|
|
|
AED’000
|
AED’000
|
|
|
|
|
|
Operating revenue |
|
|
6,143,044
|
|
|
|
|
|
|
Other operating income |
|
|
215,481
|
|
|
|
|
|
|
Operating costs |
|
|
(5,692,872)
|
|
|
|
|
|
|
Operating profit |
|
625,794
|
665,653
|
|
|
|
|
|
|
Net financing costs |
|
|
(199,938)
|
|
|
|
|
|
|
Associated companies - share of results |
|
53,523
|
(8,796)
|
|
|
|
|
|
|
Profit before taxation |
|
504,165
|
456,919
|
|
|
|
|
|
|
Taxation |
|
|
(10,272)
|
|
|
|
|
|
|
Profit after taxation and before minority interest |
|
490,863
|
446,647
|
|
|
|
|
|
|
Minority interest |
|
|
(24,822)
|
|
|
|
|
|
|
Profit for the year |
|
468,231
|
421,825
|
Consolidated
balance sheet at 31 March 2002
|
|
Notes
|
2002
|
2001
|
|
|
|
AED’000
|
AED’000
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
|
|
5,301,306
|
|
Goodwill |
|
|
209,601
|
|
Investments in associates |
|
|
15,116
|
|
Available-for-sale investments |
|
|
2,872
|
|
Held-for-trading investments |
|
-
|
485
|
|
Derivative financial instruments |
|
|
-
|
|
|
|
6,551,352
|
5,529,380
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
|
|
363,302
|
|
Trade and other receivables |
|
|
1,402,964
|
|
Held-for-trading investments |
|
|
-
|
|
Cash and cash equivalents |
|
|
1,448,367
|
|
Derivative financial instruments |
|
|
-
|
|
|
|
5,232,973
|
3,214,633
|
|
Total assets |
|
11,784,325
|
8,744,013
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
Capital |
|
|
652,214
|
|
Reserves |
|
2,238,777
|
1,640,179
|
|
|
|
2,930,991
|
2,292,393
|
|
|
|
|
|
|
Minority interest |
|
|
49,027
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Borrowings and lease commitments |
|
|
3,279,741
|
|
Derivative financial instruments |
|
|
-
|
|
End of service benefit provision |
|
|
113,895
|
|
Deferred credits |
|
|
550,577
|
|
|
|
6,019,461
|
3,944,213
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables |
|
|
1,998,422
|
|
Taxation |
|
3,664
|
2,233
|
|
Borrowings and lease commitments |
|
|
457,725
|
|
|
|
2,779,039
|
2,458,380
|
|
|
|
|
|
|
Total liabilities |
|
8,798,500
|
6,402,593
|
| |
|
|
|
|
Total equity and liabilities |
|
11,784,325
|
8,744,013
|
The
consolidated financial statements were approved on the
17th day of April 2002 and signed by:
 |
 |
Sheikh
Ahmed bin Saeed Al-Maktoum
Chairman
|
Maurice
Flanagan
Group Managing Director
|
Consolidated
statement of changes in equity for the year ended 31
March 2002
|
|
Capital
|
Translation
reserve
|
Fair value
reserves
|
Retained
earnings
|
Total
|
|
|
AED’000
|
AED’000
|
AED’000
|
AED’000
|
AED’000
|
|
1 April 2000 |
|
|
|
|
|
as previously reported
|
612,214
|
(13,110)
|
-
|
1,284,976
|
1,884,080
|
|
|
|
|
|
|
|
effect of adopting IAS 37
|
-
|
-
|
-
|
46,488
|
46,488
|
|
|
|
|
|
|
as restated
|
612,214
|
(13,110)
|
-
|
1,331,464
|
1,930,568
|
|
|
|
|
|
|
|
Additions during the year |
40,000
|
-
|
-
|
-
|
40,000
|
|
|
|
|
|
|
|
Profit for the year |
-
|
-
|
-
|
421,825
|
421,825
|
|
|
|
|
|
|
|
Dividend |
-
|
-
|
-
|
(100,000)
|
(100,000)
|
|
|
|
|
|
|
|
1 April 2001 |
652,214
|
(13,110)
|
-
|
1,653,289
|
2,292,393
|
|
|
|
|
|
|
effect of adopting IAS 39
(Note 27)
|
-
|
-
|
263,449
|
-
|
263,449
|
|
|
|
|
|
|
|
Additions during the year |
40,000
|
-
|
-
|
-
|
40,000
|
|
|
|
|
|
|
|
Gains due to changes in fair value |
-
|
-
|
61,888
|
-
|
61,888
|
|
|
|
|
|
|
|
Transferred to income statement |
-
|
-
|
(94,970)
|
-
|
(94,970)
|
|
|
|
|
|
|
|
Profit for the year |
-
|
-
|
-
|
468,231
|
468,231
|
|
|
|
|
|
|
|
Dividend |
-
|
-
|
-
|
(100,000)
|
(100,000)
|
|
|
|
|
|
|
|
31 March 2002 |
692,214
|
(13,110)
|
230,367
|
2,021,520
|
2,930,991
|
Consolidated
statement of cash flows for the year ended 31 March
2002
|
|
2002
|
2001
|
|
|
AED’000
|
AED’000
|
|
Operating activities |
|
|
|
Profit for the year before taxation and after minority
interest |
481,533
|
432,097
|
|
Adjustments for: |
|
|
|
Depreciation (Note 4) |
509,729
|
466,308
|
|
Amortisation (Note 4) |
51,934
|
58,758
|
|
Net financing costs |
175,152
|
199,938
|
|
Profit on sale of property, plant and equipment |
(377)
|
(48,501)
|
|
Associated companies - share of results |
(53,523)
|
8,796 | |
