it's been profitable every year for 25 years, something that the other global carriers can't say

wholly owned by a Government of Dubai entity...commenced commercial operations on 25 October 1985 and is designated as the International Airline of the UAE

$1,160m operating profit 5.2% margin >
$886m profit attributable to owner [76%] [withdrew 25% dividend]
$44m profit attributable to non-controlling interests [3.8%] [withdrew 85% dividend]

$80m equity non-controlling interests [1%]

[revenue breakdown]
[93.3%] transport revenue
[4.4%] sale of goods, hotel operations, destination and leisure, others
[0.1%] [$27m] [?]
[2.2%] liquidated damage and other compensation received in connection with aircraft, sale and leaseback of aircraft and parts, ancilliary services and activities incidental to Emirates' operations

$8,361m [spent on] jet fuel

82.4% economy class seat factor
79.4% passenger seat factor
66.5% load factor
64.9% break even load factor

A380 load and seat factors well above the network average, both in the premium and economy cabins

world's largest B777 operator

$27,685m total assets >
$11,907m non-current liabilities
$8,828m current liabilities
$6,948m total equity

raised in aircraft financing funded through finance and operating leases and...two corporate bonds...issue two amortising bonds - a conventional '144A / Reg S' and a Sukuk format. These pioneering amortising bond structures continue to win awards across the globe and gain recognition from the financing and investor community...first ever floating rate capital market bond backed by a COFACE (the French Export Credit Agency) guarantee. This trend-setting transaction has set a standard to be followed in the industry and comes on the back of the first ever capital market bond backed by a COFACE guarantee issued in the last financial year...last of the existing bullet bonds, SGD 150 million Singapore Dollar 2006 (Tranche B) bond and US$ 1 billion Reg S bond 2011 totaling to AED 4.1 billion, are due for repayment in June 2016 [this lists 4 to 6 bonds]

$2,743m bonds fair value [not sure how many bonds this includes]

total equity increased $681m on account of the profit for the year including $225m dividends declared to the Owner...dividend declared for the year is in line with the Owner's strategy to reinvest the majority of profit to support the Emirates' growth. This year's dividend represent 25% of the profit attributable to the owner compared with 32% last year.

page 45 independent auditor's report investments in subsidiaries, associates, and joint ventures
page 53 independent auditor's report related party transactions
page 77 group companies of Emirates