LuxairGroup Annual report 2014 - Amazon S3 · Low growth rates, volatile exchange rates continued to affect the Airline’s performance. In spite of this difficult context, Luxair

LuxairGroup Annual report 2014

Publisher Luxair S.A. Design Vidale-Gloesener Photography Christian Aschman / LuxairGroup Printed by Imprimerie Faber

May 2015www.luxairgroup.lu

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4 Board of Directors

5 Luxair S.A. shareholders

6 Chairman’s letter

8 Executive Committee

10 CEO’s letter

12 Management report

30 Luxair Luxembourg Airlines’ fleet

32 Operational data

34 Consolidated balance sheet LuxairGroup

36 Consolidated income statement

38 Auditor’s report

40 Corporate Social Responsibility (CSR)

4 5Annual report 2014

Board of Directors Luxair S.A. shareholders

Paul Helminger Chairman of the Board of Directors

Jean-Claude Finck Vice Chairman of the Board of Directors, Chief Executive Officer, Banque et Caisse d’Epargne de l’Etat

Michel Birel Member, Deputy Chief Executive Officer, Banque et Caisse d’Epargne de l’Etat

Gaston Stronck Member, Directeur des Relations Economiques Internationales, Ministère des Affaires Etrangères

Karsten Benz Member, Chief Infrastructure Officer, Deutsche Lufthansa AG

Tom Weisgerber Member, Premier Conseiller du Gouvernement, Ministère du Développement Durable et des Infrastructures

François Pauly Member, Chairman of the Board of Directors, Banque Internationale à Luxembourg S.A.

Patrick Streff Member, LuxairGroup personnel representative

Helder De Oliveira Borges Member, LuxairGroup personnel representative

Marc Zafra Member, LuxairGroup personnel representative

Max Nilles Commissaire du Gouvernement auprès de Luxair S.A.Conseiller de direction au Ministère du Développement Durable et des Infrastructures

Michel Folmer Secretary of the Board of Directors of Luxair S.A. General Secretary LuxairGroup

The share capital of Luxair S.A. amounts to EUR 13,750,000 and is represented by 110,000 shares held by the shareholders (as of 31.12.2014)

Etat du Grand-Duché de Luxembourg 39.05%

Banque et Caisse d’Epargne de l’Etat 21.81%

Banque Internationale à Luxembourg 13.14%

Deutsche Lufthansa 13.00%

Luxair 10.00%

Luxair Finance 2.86%

Other 0.14%

6 Annual report 2014

Chairman’s letter

LuxairGroup ended the 2014 financial year with honorable results. This is an unhoped achieve-ment, taking into account the adverse conditions that the company had to work with throughout the year, which foreshadows positive outcomes for the future of the company and merits explanation.

LuxairGroup activities were badly hit by the eco-nomic downturn, which started in 2008-2009. The slight recovery in the aviation sector we are cur-rently seeing, notably in Europe, coincides with an increase in fierce competition from low-cost companies on commercial routes, competition from large airlines and tour-operators attracted by Luxembourg, as well as competitor airports in the freight sector. LuxairGroup operates in the Greater Region, with higher wage costs than the European average.

At the beginning of 2015, the Board of Directors approved an ambitious growth strategy within this challenging context, including a LuxairGroup fleet renewal plan. The first part of this plan consists in homogenising the fleet around Bombardier Q400 and Boeing 737 aircraft. This will allow the firm to develop its main markets thanks to operating expenses control and new cost-effective capacity without the negative im-pact of excessive debt.

LuxairGroup will then commission new genera-tion jet aircraft, which should come on to the mar-ket within the next few years. The aircraft speci-fications will comply with company requirements in terms of passenger comfort, capacity, range and operating costs per seat and per passenger.

Despite the fact that the implementation of this fleet strategy was only voted in 2015, it is the crowning achievement of two consecutive years of work. LuxairGroup fought remarkably hard dur-ing this period and managed to fare significantly better than its competitors, in particular due to its new pricing policy, which promoted Primo fare tickets and improved flight occupancy rates, but

also due to efforts undertaken to reduce costs in the Group’s other operating units.

The Board of Directors was able to come to this decision as results were up to expectations, but also because this course of action combines growth strategy and sustainable improvement of operational performance.

LuxairGroup challenges do not end there. Whilst fighting to ensure profitability, the company has to change and become more agile to meet its cus-tomers’ expectations. Airline and Tour operator activity is changing rapidly due to the far- reaching effects of the digital revolution. Customers ex-pect, and rightly so, that new technologies should make each step of the holiday or travel experience even easier. LuxairGroup is not to be outdone and has articulated an ambitious development plan for what is commonly known as “e-services” provid-ed to passengers, from the moment they book their holiday up until they afterwards leave a re-view about their experience with the airline or tour operator.

LuxairGroup is based in the Greater Region with its diverse, dynamic and innovative economic struc-ture, so it is the company’s duty to rise to these chal-lenges, because it defines itself as being a compa-ny, which serves the local economy. LuxairGroup’s daily direct flights to European capitals and main economic centres has a significant impact on the region’s economic attractivity. LuxairGroup is also a major employer in this employment area.

I would like to salute and commend the commit-ment of LuxairGroup staff members, which con-tributed to the improvements registered in 2014. We all know that we should not lower our guard and we have to maintain this innovative spirit which has enabled us to improve our productivity over the past years, whilst continuing to differen-tiate ourselves from our competitors.

Paul Helminger


Executive Committee

Adrien Ney President, Chief Executive Officer

Alberto Kunkel Executive Vice President Tour Operating and Sales & Marketing

Claude Olinger Vice President Human Resources

Laurent Jossart Executive Vice President LuxairCARGO

Thomas Czypulowski Senior Vice President Information Systems & Organisation

Marc Schroeder Executive Vice President Finance

Martin Isler Executive Vice President Airline

Michel Folmer General Secretary


CEO’s letter

LuxairGroup’s improved performance, which was ini ti at ed in 2013, has been confirmed in 2014. In spite of a few signs of recovery, the European economy has remained weak and our business sectors continued to be badly affected this year. We could not assume that we would be able to pursue our own com pany’s recovery, this is why we are so pleased to end the 2014 financial year with a significant increase in turnover and an im-proved operating results.

We had to fight hard on several fronts to improve operating profitability, whilst continuing to move our company forward. This differentiates us from some of our biggest competitors, which sustained considerable losses. In doing so, we have continued to implement the strategies we adopted for activi-ties within Luxair Luxembourg Airlines, LuxairTours and LuxairCARGO. Our business model, which relies on different sectors of aviation, tourism and logis-tics, has been reaffirmed. We focused on ensuring that the company as a whole became profitable once again, including the airline.

2014 has therefore been a source of satisfaction, as Luxair Luxembourg Airlines ended the year with considerably lower operating losses of 8 million Euros compared to 12 million in 2013. Passenger numbers surged by 19.2%, exceeding the symbol-ic benchmark of one million passengers, thanks to an affordable pricing strategy and targeted mar-keting campaigns, which were in line with our de-termined growth policy. The seat occupancy rate also rose from 65.1% to 67.6%.

Other LuxairGroup sectors also fared well. LuxairTours tour operator benefitted from more sta-ble conditions in Egypt and Tunisia, which had been affected by political instability in previous years. Despite stable passenger numbers, LuxairTours unit revenue, as well as turnover and profitability, increased due to better cost-effectiveness.

LuxairCARGO air-freight handling benefitted from a significant increase in freight volumes handled at

Luxembourg airport and in particular by our main customer Cargolux. There was a 5% volume in-crease, which is good for this sector. Nevertheless, performance remained below pre-recession levels and earnings before interest and tax remained sta-ble at 1.7 million Euros, following the significant in-crease in 2013.

These good results are first and foremost due to the exemplary dedication and commitment of LuxairGroup staff members. I would like to ex-press my gratitude and appreciation for their ex-cellent work, as well as their support throughout the company’s transformation, which has involved considerable compromise on their part. I can safely say that our staff’s support is due to the emphasis we place on social dialogue within our corporate culture.

The elements mentioned above enable us to face 2015 with a certain amount of optimism. At the end of 2014, we concluded a new Collective Work Agreement, following difficult negotiations with the social partners. Nevertheless, the agreed terms are below what management had aimed for to ensure the future of the company. In February 2015, our Board of Directors also adopted a pro-posal from the Executive Committee for a two-stage fleet renewal strategy. The first stage has al-ready been started and will come into effect by the end of 2015 to mid-2016, the second stage should be implemented by the end of the decade.

Our 2015 budget forecasts growth in terms of vol-umes and performance, despite fragile economic conditions affecting all our sectors and timid eco-nomic recovery which has been forecast. There are not many companies in our sector that can display such positive perspectives. If we manage to stay on track, LuxairGroup should be well prepared to sustain its development and confidently move ahead towards 2020.

Adrien Ney

Encouraging growth

1,087,246 passengers chose to fly to Luxair Luxembourg

Airlines’ network of regular destinations in 2014 for

business or personal reasons.

1,087,246


Luxair Luxembourg AirlinesIn 2014, many traditional airlines, in particular those operating short and medium haul flights, had to operate within a context affected by re-structuration and cost cutting measures. Low growth rates, volatile exchange rates continued to affect the Airline’s performance.

In spite of this difficult context, Luxair Luxem-bourg Airlines has managed to increase seat capacity (+15%) and continued to extend its range of flights with the launch of new routes to Lisbon, Stockholm and Dublin. The airline has registered a 19% increase in passenger traffic, with a total of 1,087,246 passengers on its reg-ular routes and has a seat occupancy rate of 67.6%, which is an increase of 4% compared to 2013.

Nevertheless, Luxair Luxembourg Airlines still has difficulty developing its unit revenue and profitability. There is still a significant drop in the number of “high-yield” passengers (business class passengers or passengers holding tickets allowing maximum flexibility). Nevertheless, for the first time Luxair Luxembourg Airlines has managed to stabilise this drop in the business class sector (a continual drop had been noted since 2008).

“Leisure” tickets or trips for personal reasons continue to be the most popular option for Airline passengers. 59% of all “point to point” tickets sold in 2014 were Primo tickets, which are economy fare tickets sold at a starting price or available during special promotions.

With a turnover of EUR 155 million, a 15% rise compared to 2013, Airline activity closes with operational losses of EUR 8 million, which is less than the EUR 12 million loss in 2013.

The relative success of Luxair Luxembourg Airlines is due to sales of extra seat capacity and to the wide range of products offered. The ca-pacity increase, due to the integration of a sev-enth Q400 aircraft to the fleet from the end of March 2014, has allowed Luxair to provide ad-ditional flights to destinations such as London, Copenhagen, Bari and Porto and has led to the launch of new routes to Lisbon, Dublin and Stockholm. In addition to this, a promotion strategy to boost leisure travel demand with recurrent marketing campaigns and a more aggressive price structure have managed to counter low-cost competition and even increase the number of passengers on several routes, such as London City (+33% passengers), Porto (+27% passengers), Copenhagen (+146% pas-sengers) and Vienna (+18% passengers).


Perspectives for 2015

Although the situation tends to be improving for long-haul flight operators, performance of regional European transporters will still be af-fect ed by the current difficult economic condi-tions, according to IATA.

Nevertheless, Luxair continues to develop its airline activity and pursues its efforts to boost its flight plan and its capacities.

The introduction of a new Boeing 737-800 to the fleet means that a Boeing 737-700 will be avail-able to operate certain flights to regular des-tinations from the beginning of 2015. So that passengers will be able to travel more com-fortably on a selection of flights to Rome, Nice, Madrid, Munich and Barcelona, whilst benefit-ing from increased seat capacity. An additional flight to London City as well as increased flights to Stockholm, Dublin, Hamburg, Bari and Venice will optimise the range of products available.

Airline activity reported a passenger increase of 19% in 2014

Confirmed consolidation

LuxairTours operator sold a total of 4,679 charter, flight

only or all-inclusive package holiday flights in 2014.

4,679


2014 proved to be a year of consolidation at LuxairTours with a slight increase in capac-ity (+2%) and relative stability in passenger numbers (-0.4%). The tour operator has nev-ertheless managed to improve its profitabili-ty, thanks to an increase in unit revenues and an intensification of its ad hoc charter activi-ty. 2014 also proved to be a calmer year than the two previous ones in terms of geopolitical issues.

Whilst Charter activity has progressed yet again (+22% in 2014) following an impressive progression in 2013 (+49%), the number of all-inclusive package holidays decreased by 1.4% compared to 2013. This decrease is mainly due to the termination of flights to Cape Verde and Bodrum in the summer, the termination of flights from Vatry, France and a drop in sales to Egyptian destinations. In the same way, special offers were less suc cess-ful in 2014 and “grouped seat reser vations” by third-party travel agencies dropped by 17% in 2014 (following the 8% decrease registered in 2013).

On the other hand, demand for “flights only” increased by 5% in 2014 after a 10% increase in 2013. This mainly reflects significant de-mand for Spanish and Italian destinations.

The share of direct sales also increased by 5%.

LuxairTours sold 4,679 flights, a figure slightly down compared to 2013 (-0.3%). A total of 591,362 passengers chose LuxairTours for their holidays (package holidays or flights- only) in 2014, representing a drop in the number of passengers of 3.6% compared to 2013. As for the load factor, it also declined slightly (78.6% against 80.4% in 2013).

LuxairTours had a turnover of EUR 242 million (+1.5%) and managed to optimise its profitabil-ity by +7% compared to 2013.

Perspectives for 2015

The decrease of reservations compared to budget estimates can mainly be attributed to recent political incidents in Northern Africa and will no doubt be accentuated by customers’ greater reticence towards holidays in Morocco, Tunisia, Egypt and Turkey.

In 2015, LuxairTours will add Rovaniemi, Finland, during the winter season and Olbia, Sardinia, dur-ing the summer to its network of destinations.

LuxairTours

The share of direct sales increased by 5% in 2014

Sustained growthThe LuxairCARGO logistics platform is even more attractive

since it opened its Pharma & Healthcare Hub and obtained

GDP certification for the operating chain as a whole.

It handled a total of 725,000 tonnes of air freight in 2014.

725,000


Air freight companies, which were hit hard by the economic downturn from 2008-2009 and have since had limited results, have noted in-creased growth in 2014 with a 4.5% increase in volumes handled.

The 8% increase in volumes transported by Cargolux, LuxairCARGO’s main client at Luxembourg airport, is above average growth worldwide, as was the case in 2013, when growth hit 17%. This increase has also enabled LuxairCARGO to improve its performance.

In total, 725,000 tonnes of air freight were han-dled by the LuxairCARGO teams in 2014 com-pared to 693,000 in 2013, which represents a significant increase of 5%.

However, the 2014 increase did not enable LuxairCARGO to reach levels handled before the recession. Since 2011, Luxembourg air-port has lost its position as the fifth European air-freight platform. It oscillates between the seventh and eighth position. Airports which host the European platforms for specialised inter national express delivery and transporta-tion operators (UPS in Cologne, TNT in Liège and DHL in Leipzig) have overtaken Luxembourg in this sector.

Turnover increased by 3% to reach EUR 78 mil-lion. The number of aircraft movements in-creased by 4% to reach 5,038.

The air-freight handling activity, historically a driver for LuxairGroup profitability, registered an end of year profit of EUR 1.7 million, as in 2013.

LuxairCARGO

The volume The volume of freight handled of freight handled by LuxairCARGO by LuxairCARGO teams in 2014 has teams in 2014 has increased by 5% increased by 5% compared to 2013compared to 2013

Constant progression

LuxairServices Catering develops, prepares and

produces meals adapted to airlines’ requirements

and restrictions. In total, 1,860,000 meals were

supplied to airlines represented at or passing

through Luxembourg airport in 2014.

1,860,000


Assistance to passengers and planes during stop-overs

Passenger numbers at Findel airport have pro-gressed again to reach the 2.5 million mark, which exceeds the traffic increase across Europe. This was boosted by a sharp increase in Luxair Luxembourg Airlines passengers.

The number of plane movements increased by 2.5% to exceed 40,000 in 2014.

In 2014, turnover linked to services provided to third-parties was EUR 11.6 million, which repre-sents a decrease of 2% compared to 2013.

Catering services and meals on-board

The LuxairServices Catering entity prepared a total of 1,860,000 meals in 2014 representing a 9% increase compared to 2013.

LuxairServices Catering had a turnover of EUR 4.2 million for on-board meal services to third- parties, which represents an increase of 2% compared to 2013.

BUY bye Luxembourg, LuxairGroup retail outlets in Luxembourg airport

Since May 2008, LuxairGroup has run 4 retail outlets called BUY bye Luxembourg, within Luxembourg airport, in the framework of a 6 year lease signed with lux-Airport, which runs the airport.

BUY bye Luxembourg outlets sell clothes, ac-cessories, perfumes and local produce among other things and presented a turnover of EUR 12 million, representing a 5% increase com-pared to 2013.

LuxairGroup holds a concession for running the retail outlets within the airport, which is due for renewal on 31 October 2015. lux-Airport, which runs the airport has issued an interna-tional call for tender, in order to optimise the running of its retail outlets.

LuxairServices

Over 40,000 aircraft movements were recorded at Luxembourg airport in 2014


Luxair Luxembourg Airlines’ Fleet

On 31 December 2014, the LuxairGroup fleet consisted of 6 Embraer ERJ 145, 4 Boeing (2 Boeing 737-700 and 2 Boeing 737-800) and 7 Bombardier Q400 aircraft. A Boeing 737-800, rented from the French airline XL Airways France, was chartered during the 2014 summer season, which enabled the company to provide a wider range of products.

Embraer ERJ 145

6 2014

6 2013

Bombardier Q400

7 2014

6 2013

Boeing 737-700

2 2014

3 2013

Boeing 737-800

3* 2014

2* 2013

* including a Boeing 737-800 rented (wet lease) from XL Airways to operate certain Luxair flights during the summer season


The total number of passengers transported by Luxair in 2014 was 1,678,808*, which represents an 11.5% increase compared to 2013.

Luxair operated 28,575 flights* compared to 26,418 the previous year. The load factor decreased slightly with an annual average of 74.5% compared to 75.3% in 2013.

In 2013, LuxairTours sold 4,679 flights (-3.6% compared to 2013) and 591,362 passengers were transported (-0.3% compared to 2013). LuxairTours flight occupancy rates decreased slightly from 80.4% in 2013 to 78.6%. The ge-ographic distribution of sales remained rela-tively stable: France 34%, Luxembourg 30%, Belgium 10% and Germany 12.5%**. Direct sales increased by 5%, representing 13.5% of passengers.

Cargolux Airlines International S.A.

Cargolux is an airfreight carrier based in Luxembourg, in which Luxair S.A. holds a par-ticipating interest of 35.1%. Luxair participa-tion in Cargolux is consolidated according to the equity method as of 31 December 2013 and 31 December 2014.

Contrary to the trends observed within the in-dustry, Cargolux chose to increase its capacity in 2014 in order to face the difficult eco nom ic situation (+11.2% FTK compared to 2013) by op-erating two extra Boeing 747-8F. These planes joined the Cargolux fleet in 2014, which brought the total number of aircraft to 22.

This strategy paid off, as transported freight volumes increased considerably (+9.9% com-pared to 2013) and the IFRS consolidated results remains positive (profit of USD 2.9 million com-pared to profit of USD 7.6 million in 2013). Unitary pro ductivity increased by 0.4% com-pared to 2013.

Volumes handled by LuxairCARGO reached 725,000 compared to 693,000 in 2013 (900,000 in 2007). Turnover increased by 3% to reach EUR 78 million. The number of aircraft movements in-creased by 4% to reach 5,038.

In spite of an increase in traffic noted in Findel airport with a total of approximately 2.5 million passengers, assistance services to passengers and aircraft had a slight decrease in turnover. On the other hand, on-board catering services as well as airport shops benefited fully from this growth.

Luxfuel S.A.

Luxfuel is based at Luxembourg airport. It ac-tively manages the fuel depot and aircraft fuel-ling operations. In 2014, 490,452 cubic metres of kerosene were put on board aircraft, repre-senting an increase of 8.6% compared to 2013, throughout 34,059 refuelling operations. There were no changes to the extent of its activities in 2014.

Euro Moselle Loisirs

Luxair S.A. acquired a shareholding of 35% in the Euro Moselle Loisirs Group (“EML”) on 15 November 2012.

EML manages approximately 20 travel agencies in North East France and is the leading inde-pendent distribution network in North Lorraine. EML also operates school trips and is ranked as 4th French operator in this field. 2014 turnover is EUR 33 million.

Companies linked to Luxair by virtue of a participating interest

Number of Luxair passengers * Airfreight volume handled (in tons)

2014 1,678,608

2013 1,505,331

2014 725,000

2013 693,153

2014 28,575

2013 26,418

Number of flights

* including regular, leisure and ad hoc charter flights** based on sales points and excluding grouped seat reservations and ad hoc charter

Operational data

2014 495.2 mio

2013 471.6 mio

LuxairGroup turnover


Consolidated assets LuxairGroup (expressed in euros) 2014 2013

A. Subscribed capital unpaid 0 0 I. Subscriped capital not called 0 0 II. Subscriped capital called but not paid 0 0Goodwill of first consolidation 781,258 1,041,677

B. Formation expenses 0 0

C. Fixed assets 365,740,358 373,316,763I. Intangible assets 2,399 4,2981. Costs of research and development 0 0

2. Concessions, patents, licences, trade marks and similar rights and assets, if they were 2,399 4,298

a. acquired for valuable consideration and need not be shown under C.I.3 2,399 4,298

b. created by the undertaking itself 0 0

3. Goodwill, to the extent that it was acquired for valuable consideration 0 0

4. Payments on account and intangible fixed assets under development 0 0

II. Tangible assets 219,756,748 245,281,6081. Land and buildings 34,543,647 37,622,913

2. Plant and machinery 158,002,329 142,844,573

3. Other fixtures and fittings, tools and equipment 6,159,120 6,608,967

4. Payments on account and tangible assets in course of construction 21,051,652 58,205,155

III. Financial assets 145,981,211 128,030,8571. Shares in affiliated undertakings 0 0

2. Loans to affiliated undertakings 0 0

3. Shares in undertakings with which the company is linked by virtue of participating interests 140,922,069 122,985,410

4. Loans to undertakings with which the company is linked by virtue of participating interests 0 0

5. Investments held as fixed assets 137,826 137,821

6. Loans and claims held as fixed assets 207,720 194,030

7. Own shares or own corporate units 4,713,596 4,713,596

D. Current assets 216,001,332 240,572,594I. Stocks 2,772,528 2,721,9101. Raw materials and consumables 641,254 717,012

2. Work and contracts in progress 0 0

3. Finished goods and goods for resale 2,131,274 2,004,898

4. Payments on account 0 0

II. Debtors 30,855,376 30,032,8381. Trade debtors 17,625,963 17,469,156

a. becoming due and payable after less than one year 17,625,963 17,469,156

b. becoming due and payable after more than one year 0 0

2. Amounts owed by affiliated undertakings 0 0

a. becoming due and payable after less than one year 0 0


3. Amounts owed by undertakings with which the company is linked by virtue of participating interests 5,653,024 5,320,188



4. Other debtors 7,576,389 7,243,494



III. Securities and other financial instruments 85,211,433 131,130,0361. Shares in affiliated undertakings and in undertakings with which the company

is linked by virtue of participating interests 0 0

2. Own shares or own corporate units 0 0

3. Other investments 85,211,433 131,130,036

IV. Cash at bank and in hand 97,161,995 76,687,809

E. Prepayments 5,768,276 2,713,790

Total (Assets) 588,291,224 617,644,824

Consolidated liabilities LuxairGroup (expressed in euros) 2014 2013

A. Capital and reserves 314,560,198 349,533,797I. Subscribed capital 13,750,000 13,750,000II. Share premium and similar premiums 0 0 III. Revaluation reserves 0 0 IV. Reserves 280,049,929 290,274,9411. Legal reserve 1,375,000 1,375,000

2. Reserve for own shares 4,713,596 4,713,596

3. Reserves provided for by the articles of association 0 0

4. Other reserves 242,562,995 242,562,995

5. Consolidated reserve 22,447,155 32,672,167

6. Negative goodwill 8,951,183 8,951,183

V. Profit or loss brought forward (947,124) (2,841,797)VI. Result for the financial year (408,189) 8,179,492VII. Interim dividends 0 0 VIII. Investment subsidies 0 0 IX. Immunised appreciation 53,932,175 53,932,175X. Currency translation reserve (31,816,593) (13,761,014)

B. Subordinated creditors 54,072,439 28,327,680a. becoming due and payable after less than one year 7,169,151 3,312,225

a. becoming due and payable after more than one year 46,903,288 25,015,455

C. Provisions 106,528,548 100,195,6201. Provisions for pensions and similar obligations 2,478,069 2,623,905

2. Provisions for taxation 0 0

3. Other provisions 104,050,479 97,571,715

D. Non subordinated debts 92,851,613 117,071,2331. Debenture loans 0 0

a. Convertible loans 0 0

i. becoming due and payable after less than one year 0 0

ii. becoming due and payable after more than one year 0 0

b. Non convertible loans 0 0

i. becoming due and payable after less than one year 0 0

ii. becoming due and payable after more than one year 0 0

2. Amounts owed to credit institutions 20,900,175 29,950,175


b. becoming due and payable after more than one year 15,600,175 20,900,000

3. Payments received on account of orders in so far they are not shown separately as deductions from stocks 0 0



4. Trade creditors 48,560,580 65,630,272



5. Bills of exchange payable 0 0



6. Amounts owed to affiliated undertakings 0 0



7. Amounts owed to undertakings with which the company is linked by virtue of participating interests 121,324 57,371

a. becoming due and payable after less than one year 121,324 57,371


8. Tax and social security 15,793,875 15,304,687

a. Tax 10,510,252 10,328,585

b. Social security 5,283,623 4,976,102

9. Other creditors 7,475,659 6,128,728



E. Prepayments Deferred income 20,278,427 22,516,493

Total (Liabilities) 588,291,224 617,644,824


Charges (expressed in euros) 2014 2013

1. Raw materials and consumables 10,864,434 9,813,326

2. Other external charges 316,626,720 304,176,182

3. Staff costs 153,668,466 145,056,917

a. Wages and salaries 131,487,236 124,024,764

b. Social security costs 18,895,437 17,926,519

c. Social security costs relating to pensions 3,271,123 3,090,653

d. Other social security costs 14,670 14,981

4. Value adjustments 40,361,198 36,870,164

a. on formation expenses and on tangible and intangible fixed assets 38,865,178 36,076,036

b. on elements of current assets 1,496,020 794,128

5. Other operating charges 1,234,349 1,276,864

6. Value adjustments and fair value adjustments on financial fixed assets

32,014

32,183

7. Value adjustments and fair value adjustments on financial current assets. Loss on disposal of transferable securities 0 0

8. Interest payable and similar charges 2,239,804 2,027,637

a. concerning affiliated undertakings 0 0

b. other interest payable and similar charges 2,239,804 2,027,637

9. Share of corporate losses in equity 3,540,345 0

10. Extraordinary charges 4,025,049 1,703,351

11. Tax on profit or loss 730,611 806,867

12. Other taxes not included in the previous caption 0 0

13. Profit for the financial year 0 8,179,492

Total Charges 533,322,989 509,942,983

Operational data 2014 2013 2012

Passengers Luxair (total Luxembourg Airlines) * 1,678,608 1,505,331 1,374,815

Revenue Passengers-km (RPK) (mio) * (total) 1,521 1,718 1,660

Sead Load Factor * 74.5% 75.3% 72.4%

Number of meals served (catering) 1,860,000 1,709,963 1,573,856

Number of passengers assisted at Luxembourg airport 2,470,000 2,197,497 1,919,880

Number of flight hours (for entire Luxair’s fleet) 45,283 44,600 44,157

Freight handled (tons) 725,000 693,153 638,046

Personnel (on average) 2,394 2,288 2,309

Operational fleet (on 31 December)

Boeing 737-800 3 ** 2 ** 2 **

Boeing 737-700 2 3 3

Embraer ERJ 145 6 6 6

Bombardier Q400 7 6 6

* The figure includes charter and “LuxairTours” flights operated by Luxair Luxembourg Airlines** including a Boeing 737-800 rented (wet lease) from XL Airways to operate certain Luxair flights during the summer seasonFor the year ended 31 December 2014

Consolidated income statement

Income (expressed in euros) 2014 2013

1. Net turnover 495,236,946 471,622,148

2. Change in inventories of finished goods and of work and contracts in progress 0 0

3. Fixed assets under development 0 0

4. Reversal of value adjustments 0 0

a. on formation expenses and on tangible and intangible fixed assets 0 0

b. on elements of current assets 0 0

5. Other operating income 24,331,147 22,179,474

6. Income from financial fixed assets 0 0

a. derived from affiliated undertakings 0 0

b. other income from participating interests 0 0

7. Income from financial current assets 0 0

a. derived from affiliated undertakings 0 0

b. other income 0 0

8. Other interests and other financial income 3,259,856 3,024,321

a. derived from affiliated undertakings 1,798,575 1,981,478

b. other interest receivable and similar income 1,461,281 1,042,843

9. Share of corporate losses in equity 0 130,609

10. Extraordinary income 10,086,851 12,986,431

11. Loss for the financial year 408,189 0

Total Income 533,322,989 509,942,983


To the Shareholders of Luxair Société Lux em-bourgeoise de Navigation Aérienne S.A.

Report on the consolidated annual accounts

We have audited the accompanying consoli-dated annual accounts of Luxair, Société Luxembourgeoise de Navigation Aérienne S.A., which comprise the consolidated balance sheet as at 31 December 2014, the consolidated profit and loss account for the year then ended and a summary of significant accounting policies and other explanatory information.

Board of Directors’ responsibility for the consolidated annual accounts

The Board of Directors is responsible for the preparation and fair presentation of these con-solidated annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the consolidated annual accounts, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated annu-al accounts that are free from material misstate-ment, whether due to fraud or error.

Responsibility of the “Réviseur d’ entreprises agréé”

Our responsibility is to express an opinion on these consolidated annual accounts based on our audit. We conducted our audit in accord-ance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated annual accounts are free from ma-terial misstatement.

An audit involves performing procedures to ob-tain audit evidence about the amounts and dis-closures in the consolidated annual accounts. The procedures selected depend on the judg-ment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of ma-terial misstatement of the consolidated annu-al accounts, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal con-trol relevant to the entity’s preparation and fair presentation of the consolidated annual ac-counts in order to design audit procedures that

are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriate-ness of accounting policies used and the rea-sonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the consolidated annual accounts.

We believe that the audit evidence we have ob-tained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the consolidated annual ac-counts give a true and fair view of the con-solidated financial position of Luxair, Société Luxembourgeoise de Navigation Aérienne S.A. as of 31 December 2014 and of the consolidated results of its operations for the year then ended in accordance with Luxembourg legal and regu-latory requirements relating to the preparation of the consolidated annual accounts.

Report on other legal and regulator requirements

The management report, which is the respon-sibility of the Board of Directors, is consistent with the consolidated annual accounts.

Luxembourg, 24 April 2015

PricewaterhouseCoopers, Société coopérativeRepresented by Didier Mouget

Auditor’s report

Corporate Social Responsibility

LuxairGroup focuses on constructive social dialogue

and puts its staff at the forefront, so that it can provide

excellent service. Every member of staff is encouraged

to develop and widen their skill sets throughout their

career within LuxairGroup. In 2014, 2,532 active

members of staff completed 99,156 hours of training,

which represents an average of 40 hours of training

per staff member.

99,156

42 43Annual report 2015 Corporate Social Responsibility

Satisfying consumers…by developing services that put consumers first and meet all their needs by offering them an outstanding level of service and ensuring their comfort and safety at all times.

Building on the human assets…by maintaining jobs through an open and trans-parent dialogue with employees, by working continuously to safeguard the health and en-sure the safety of employees in the workplace, by building on the skills and development of em-ployees through training programmes and en-couraging internal mobility.

Continuing to serve the local and regional economy…by providing services that fully live up to the expectations of all the communities in Luxem-bourg and the Greater Region, working in pref-erence with local and regional suppliers, while ensuring that our external service providers’ en-vironmental good citizenship policies are com-patible with ours.

Working to safeguard the environment…by considering this issue while taking decision and while making investments, by improving operational procedures to minimise the environ-mental impact as far as possible and to conserve natural resources.

LuxairGroup’s priorities

By publishing this report, LuxairGroup, would like to officially renew its support for the follow-ing ten principles in the Global Compact, relat-ing to human rights, labour rights, the environ-ment and anti-corruption:

Human Rights1. Businesses should support and respect the protection of internationally proclaimed human rights in their sphere of influence; and2. Make sure they are not complicit in human rights abuses. Labour rights3. Businesses should uphold the freedom of as-sociation and the effective recognition of the right to collective bargaining;4. The elimination of all forms of forced and com-pulsory labour;5. The effective abolition of child labour; and 6. The elimination of all forms of forced and com-pulsory labour;

Environment7. Businesses should support a precautionary approach to environmental challenges;8. Undertake initiatives to promote greater envi-ronmental responsibility; and9. Encourage the development and dissemina-tion of environmentally friendly technologies.

Anti-corruption10. Businesses should work against corruption in all its forms, including extortion and bribery.


Reinforce social commitment

Since then, company governance of the com-pany has been reinforced. Firstly by a firmer position ing of corporate ethics, which guaran-tees the corporate image of a trusted company. In 2014, the Com pli ance department analysed ethics in sales operations (sales terms and con-ditions, compliance of outstations, sales of ancil-lary products) but there is a much wider scope for these principles. They also apply to internal pro-cesses and procedures, management of human resources, data protection and safety, intellec-tual property rights, sales activities, passenger rights issues, contractual requirements, conflicts of interest, competition, corruption, fraud, finan-cial information and environmental issues.

On the other hand, LuxairGroup continues to focus on constructive social dialogue, in order to maintain levels of employment and put staff well-being at the forefront of company con-cerns, ensuring staff’s health and safety in the performance of their duties. The Health and Safety department is in charge of implementing clear procedures. It deploys all means possible to raise employee awareness and ensure their compliance with regulations, in order to pre-vent accidents and manage risks. Col labo rative projects led by employees, clients, partners, sub-contractors and suppliers accompanied by clear, concise information, in addition to regular training programs, have managed to reduce the number of work-place accidents in 2014.

LuxairGroup also continues to encourage diver-sity. No less than 250 different jobs are carried out by men and women from a wide range of backgrounds and cultures. Each staff member is a unique ambassador, but they all evolve in a common context with strong human values, which is conducive to personal and professional development.

This societal responsibility report is based on a sustainable approach which is part of LuxairGroup’s global strategy. The group’s en-tities have integrated tangible actions into their daily operations as a result of this report.

LuxairGroup chose to assess the efficiency of its approach with key performance indicators, which are grouped under the following four categories:

- Company governance- Management of environmental issues- Societal commitments- Management of human resources

LuxairGroup is aware that sustainable devel-opment is a long-term process, which is de-veloped with new projects and strengthened in LuxairGroup corporate culture. LuxairGroup commits itself to providing clear information on developments and progress that has been achieved over the years.

LuxairGroup’s business generates almost 2,500 direct jobs and contributes to regional eco-nomic development. LuxairGroup intends to when it comes to current societal and environ-mental issues.

A collective dynamic for excellent services

In 2014, more sustainable development initia-tives were developed as part of the strategy implemented by the LuxairGroup CSR Com-mit tee. The CSR committee was set up in 2012 by the Executive Committee and man-dated to develop a coordinated concept in line with LuxairGroup’s business activities and practical realities.

Individual staff development and train-ing schemes throughout their career at LuxairGroup, in all sectors or level of capabil-ities, are encouraged. Due to the wide range of activities and jobs, the disparity in working hours makes access to training schemes diffi-cult. This is why LuxairGroup uses alternative training solutions. E-learning is a flexible solu-tion, providing access to training at any time for all staff members. In 2014, this concept was developed further for mandatory and optional training schemes.

LuxairGroup also trains professionals in the specific jobs of the sector, in order to provide necessary practical experience to the theo-retical courses taught within school premises. Dozens of travel agents, plane mechanics or logistics agents have integrated the company in this way. Young people can join the compa-ny in other sectors, initially working in a sea-sonal position within the company. They can apply for positions as LUXiClub Leaders, official job placements or summer jobs to gain work experience.

LuxairGroup has also instated a staff advan-tage scheme, which is an important part of LuxairGroup’s wage package policy. Staff mem-bers can also enjoy the many benefits linked to LuxairGroup’s activities (trips, flights, hotel res-ervations, car rental etc.) and an annual pro-gram of cultural and sporting events within the company.

LuxairGroup keeps its staff informed, via its in-ternal communication channels, about newly launched initiatives, current projects and relays its partners’ awareness-raising campaigns. This information platform, which is completed by a documentation database, allows staff to access

explanations and information about objectives and the means used for their implementation, so that they are kept up to date on a regular basis.

A societal commitment based on continuity

LuxairGroup, as a major player in the Grand-Duchy of Luxembourg and the Greater Region, feels compelled to support societal causes. LuxairGroup has therefore decided to support four charities. In addition to financial support, LuxairGroup provides practical solutions, such as logistics or equipment support and an infor-mation relay.

LuxairGroup supplies food to Caritas Foyer Ulysse on a daily basis and has renewed its reg-ular support to the “Social supermarkets,” run by Caritas and the Red Cross, two big NGOs in Luxembourg.

LuxairGroup provided logistics support to natur&ëmwelt and Ecpat once again during the 2014 Vakanz Trade Fair, where they were giv-en a highly visible position on the LuxairTours stand, in order to communicate with thousands of visitors.

LuxairGroup’s responsibility extends beyond Luxembourgish borders to destinations exploit-ed by the tour operator and served by the air-line. LuxairGroup, as a tourism business, be-lieves it is their responsibility to convey Ecpat’s messages about protecting children’s rights in destinations, which are exposed to the dan-gers of mass tourism. Within the framework of Ecpat’s new campaign based on the launch of a European on-line reporting platform (www.reportchildsextourism.eu), for raising public



mitted to reducing CO2 emissions by the end

of 2016. In the same way, LuxairGroup has ap-plied for “Lean & Green” certification in 2014. This program is aimed at active logistics sector companies, which want to commit to a green approach, with a declared goal of reducing CO

2

emissions over 5 years. The identification of sources of emissions and the drawing up of a detailed action plan with a costs analysis, based on realities in the field and justified by perfor-mance indicators, should enable LuxairGroup to achieve this goal.

A strict policy is in place for managing and opti-mising waste for LuxairCARGO activities in par-ticular, but also for all LuxairGroup activities. This is reinforced and optimised every year to comply with SuperDrecksKëscht® fir Betriber Label requirements.

Sales and technical vehicles are currently being replaced by environmentally friendly vehicles. In 2014, Luxair was awarded a prize by the Nova Naturstroum Fund Association (comprising rep-resentatives of natur&ëmwelt, Energieagence and Enovos), for its innovative and sustainable development projects.

The disparity in working hours, the numerous LuxairGroup sites, as well as rather complicated connectivity between sites limits staff mobility considerably. In 2014, LuxairGroup made pro-gress in this area, by promoting more eco-friend-ly solutions for commuting to work and easier movement between LuxairGroup sites. This col-laborative project, launched in 2013 following an opinion poll, resulted in a significant amount of staff feedback and an analysis carried out in conjunction with the Verkéiersverbond (Public Transport Community for the Ministry of sus-tainable development and infrastructures). The first corporate Mobility Days were then organ-ised within the company. LuxairGroup employ-ees benefited from individual advice about their journeys but also detailed information about

awareness to the sexual exploitation of children during holidays and for training tourism profes-sionals. LuxairGroup supports this campaign and has put all its media at Ecpat’s disposal to ensure the widest media coverage possible.

The Red Cross and LuxairGroup’s partnership is founded on trust and shared values. This part-nership is constantly growing. LuxairGroup promotes and supports Red Cross initiatives. Luxair Luxembourg Airlines crew become Red Cross ambassadors and participate actively in raising passenger awareness by organising fundraising collections on board during the an-nual “Donations month” awareness-raising cam-paign, which represents the Red Cross’ high-est source of revenue. In the framework of this partnership, LuxairTours also runs Red Cross First Aid training schemes for LUXiClub anima-tion team members on a regular basis. Lastly, LuxairGroup committed itself as patron to the Luxembourgish Red Cross’ for its one hundredth birthday in 2014.

LuxairGroup intends to increase its involvement even further and turn it into a long term com-mitment with new projects.

Innovation for the environment

LuxairGroup has made considerable efforts to-wards sustainable development, ensuring that its activities, as well as their partners’ and sup-pliers’, have as little impact on the environment as possible. LuxairGroup involves its staff in the implementation process of practices and fosters initiative and innovation. This commitment ap-plies to all LuxairGroup sectors, including daily operations, strategic decisions, technological investments and cross-sector services, such as management of infrastructures, the technical and sales vehicle fleet and waste management.

LuxairGroup has joined the MyEnergy program for its airfreight handling activities and has com-

more eco-friendly, alternative mobility solu-tions. Unlimited public transport passes, par-tially co-financed by LuxairGroup, were given to staff as part of this scheme. In 2015, LuxairGroup intends to develop mobility solutions further, for instance by introducing a “car sharing” scheme within the company.

Flight operations is another component of our environmental management plan. The air oper-ations department has a dedicated cell which deals with these matters. It analyses strategic issues such as the choice of fleets and operation-al procedure optimisation.

The Luxair fleet is well suited to its network of destinations and the services the company pro-vides. Luxair is a regional company, which op-erates regular and frequent flights over a rel-atively small area. With this in mind, Luxair Luxembourg Airlines has opted for a fleet which mainly consists of turbo-propelled Bombardier Q400s for short and medium haul flights. They provide an excellent compromise between fuel efficiency, operational flexibility and passenger comfort. For the future, Luxair tends towards a single fleet for these sorts of flights.

To serve holiday destinations (2 to 6 hours flights), Luxair has decided to operate Boeing 737-700 and 737-800 aircraft, which also pro-vide the best technological benefits.

Strategic efforts also focus on investments in technology, such as the “split scimitar wing-lets,” which Luxair had started installing on its B737-800 fleet at the end of 2014. Luxair has de-cided to install an additional device called “split scimitar winglets,” as well as the “Winglets” al-ready installed on the ends of the Boeing fleet’s wings, which improve aerodynamics and re-duce CO2

emissions. In 2015, the prospect of op-erating three Boeing 737-800s should represent a fuel economy of 290,700 kg, or a reduction of CO

2 emissions by 915,705 kg.

This change is part of a general CO2 reduction

and fuel economy scheme, which also includes, amongst other points, flight procedure optimi-sation and reduction of on-board weight.



KPIs

Company governance 2013 2014

Number of CSR committee meetings 4 4

In 2014, the societal responsibility approach was developed as a continuation of strategy implemented by the LuxairGroups CSR Committee. This committee, designated by the Executive Committee in 2012, has continued to meet on a regular basis in order to develop and record current projects, but also to improve the company’s general ethical approach and the Group’s corporate image.

Environment management 2013 2014

Fuel consumption of the ground fleet (in litres) 777,215 * 721,519 -7%

Waste produced by the company (in tonnes) 2,420 2,393 -1%

Energy consumption (in Kw/h) 14,365,704 13,996,532 -3%

Water consumption (in m3) 41,505 52,000 +25%

CO2 emissions (in kg) 193,495,752 204,764,247 +6%

Controlling the impact of business activities on the environment requires regular and active assessment of environmental aspects. Luxair takes corrective measures based on this and tries to improve its performance year after year. Fuel consumption has been reduced by 7%, if we take into account the 400 vehicles of its technical and sales fleet. This reduction may be explained by the vehicle replacement strategy, which aims at systematically integrating vehicles that are more environmentally friendly (elec-tric vehicles, LPG vehicles). In slight decrease as compared to the previous year, the volume of waste produced by LuxairGroup’s business units is not significant at first sight. However, the improvement is notable if one takes into account the fact that the cargo handling activity experienced a recovery in 2014, especially following the opening of its new Pharma & Healthcare Hub (the handling of pharmaceutical products being a new skill of LuxairCARGO since). Water consumption has increased significantly, impacted by a higher number of meals prepared for airlines (with consequently more sluicing water operations) but also by more aircraft assis-tance operations at Luxembourg airport, namely many more de-icing operations (due to harsher winter conditions at the end of 2014). Energy consumption decreased in spite of a higher level of activity, which can mainly be explained by the fact that the sto-rage of computer servers has been outsourced in 2014. Finally, the rise in C0

2 emissions is in line with the increase of flight opera-

tions and with the increase in passenger numbers.

* the figure indicated in the 2013 activity report was incorrect.

Societal commitments 2013 2014

Number of partnerships established with non-governmental organisations 4 4

LuxairGroup’s societal commitment is also reflected in its charity efforts and support of non-governmental organisations. A long-term partnership with the Red Cross and Caritas in the fight against poverty and in particular its effect on children, is currently being deve-loped. In this context, LuxairGroup continues to support ECPAT, an organisation, which combats child sex tourism. In 2014, Luxair also renewed its support to natur&ëmwelt, which promotes nature conservation and the preservation of biodiversity in Luxembourg and in the Greater Region.

Management of Human Resources 2013 2014

Number of accidents related to work and resulting in days off work, medical treat-ment, professional illnesses, total or partial disability or death

252

249

-1%

Average number of hours of training per staff member 36 40 +11%

Percentage of female staff members holding a top management position 4 3 -27%

Percentage of female staff members holding a managerial position 20 22 +9%

Number of staff members with disabilities 8 7 -13%

Number of people, whose jobs have been adapted due to a particular situation (e.g. health…)

80 88 +10%

Percentage of disabled members of staff or having been re-assigned or reclassified compared to the total number of active staff members

4 3 -13%

Percentage of staff members living in Luxembourg 65 64 -2%

The decrease of the number of accidents related to work may be explained by the implementation of a system of procedures, which places as much importance on workplace health and safety as productivity. Prevention, communication and training on health and safety at work is at the heart of the company’s business and corporate strategy. Operations linked to Airline activity have increased in 2014, with a significant increase in the number of flights, passengers, and increased airport assistance operations. The intensifica-tion of these activities, as well as the implementation of a new computer system, has required the recruitment and training of new staff members, but also the development of new skills amongst existing staff members. LuxairCARGO Business Unit’s development of pharmaceutical product handling required the introduction of new training programs in the same way. The general increase in activity for all operational units, as well as the difficult task of organising on-site training, due to the diversity of jobs and disparity of working hours, has led Luxair to extend its range of on-line training courses, which explains the increase in the number of hours of training per employee. The percentage of female representatives holding top management positions could not be improved in 2014. However the proportion of female staff members has increased slightly in managerial positions, which shows that efforts towards greater diversity are being made. In a wider perspective, LuxairGroup HR policy aims for flexibility, mobility and promotes the inte-gration of disabled people.


People making up LuxairGroup: snapshot of the company at 31 December 2014

Parental leave, maternity leave, unpaid leave Seniority

Average age

539

Total 145

Parental leave

49

Maternity leave

50Part-time

maternity leave

24

Unpaid leave

22

Active staff members LuxairGroup

Permanent contracts 2,268

Fixed term contracts 249

Apprenticeships 6

Internships 7

Adem* contracts 2

Total 2,532

Flexible or fixed working times

FLEX19%

FIXE81%

0-4 years 543

5-9 years 510

21.4%

20.1%

20.9%

21.9%

8.3%

25-29 years 4.0% / 102

30-34 years 2.3% / 57

35-39 years 0.9% / 24

2 / 0.1% 40-44 years

210 20-24 years

555 15-19 years

529

10-1

4 yea

rs Change to

permanent contract

Adem* contracts 3

Total 39

Apprenticeships 2

Determined contracts 34

0.4%

65-6

9

60

-64

15-1

9

35-3

9

25-2

9

45-4

9

55-5

9

20-2

4

40

-44

30-3

4

50-5

4

0.0%10.8%20.5%14.8%3.8% 3.6%17.2%20.4%8.3%0.2%

210

516 519

436

273

92

10 14

95

376

Ground staff and crew

Nationalities

Residence

31%

Luxembourgish

786

Ground staff87%

Crew 13%

France20.7%

F

Belgium2.9%

B

Germany12.2%

D

Other European countries0.5%

EU

23%

Portuguese

57923%

French

58810%

German

2644%

Belgian

1018%

Others

214

Male % Female %

Management 88 12

Employees 74 26

Apprentices 100 0

Adem* Employees 0 100

Trainees 29 71

Total 75 25

Departures Hirings

Permanent contracts 115 42

Fixed term / seasonal contracts 121 297

Apprenticeship 2 4

Adem* contracts 1 2

Internships / students 185 190

Total 424 535

Departures and hiringsDistribution

Luxembourg63.7%

L

* measures aimed at job creation

Note 1 – Généralités

La Société Luxembourgeoise de Navigation Aérienne S.A. (« LUXAIR ») est une Société Anonyme de droit luxem-bourgeois, constituée le 9 janvier 1948 pour une durée illimitée.

Le siège social est établi à Sandweiler, Grand Duché de Luxembourg.

L’exercice social commence le 1er janvier pour se clôturer le 31 décembre.

La Société a pour objet l’exploitation d’une entreprise de transport aérien, de passagers et de fret ainsi que la prestation de tous services directement ou indirectement en rapport avec son objet social.

Note 2 – Principes, règles et méthodes d’évaluation

2.1. Principes généraux

Les comptes annuels consolidés sont établis selon la méthode du coût historique, conformément aux disposi-tions légales et réglementaires luxembourgeoises.

Les politiques comptables et les principes d’évaluation sont, en dehors des règles imposées par la Loi modifiée du 19 décembre 2002, déterminés et mis en place par le Conseil d’Administration.

La préparation des comptes annuels consolidés implique le recours à un certain nombre d’estimations comp-tables déterminantes. Elle impose aussi au Conseil d’Administration d’exercer son jugement dans l’application des principes comptables. Tout changement dans les hypothèses peut avoir des répercussions significatives sur les comptes annuels consolidés de la période durant laquelle ces hypothèses ont changé. Le Conseil d’Adminis-tration estime que les hypothèses sous-jacentes sont adéquates et que les comptes annuels consolidés donnent ainsi une image fidèle de la situation financière et des résultats de la Société.

La Société fait des estimations et hypothèses qui ont une incidence sur les montants repris à l’actif et au passif au cours de la période suivante. Les estimations et les jugements sont évalués de façon continue et se basent sur l’expérience passée et d’autres facteurs, dont des anticipations d’évènements futurs jugés raisonnables dans ces circonstances.

2.1.1. ConsolidationLa Société a établi pour la première fois ses comptes consolidés au 31 décembre 2007.

Les comptes consolidés incluent les comptes annuels des filiales significatives qui sont contrôlées directement ou indirectement par LUXAIR selon la méthode d’intégration globale. Les sociétés pour lesquelles LUXAIR exerce une influence notable sont renseignées selon la méthode de mise en équivalence. Les comptes consolidés n’incluent pas les sociétés détenues par des filiales de LUXAIR pour lesquelles les renseignements à indiquer selon l’article 337 de la Loi sur les sociétés commerciales sont omises en vertu de l’article 338 de cette même loi.

Les actifs et passifs des comptes annuels des sociétés exprimées dans une devise autre que l’euro (EUR) sont convertis en EUR au taux de change de clôture à la date du bilan. Les postes des comptes de profits et pertes sont convertis en EUR au taux de change moyen de l’exercice. Les postes des fonds propres sont convertis en EUR au taux de change historique applicable.

Comme les comptes consolidés ont été établis pour la première fois au 31 décembre 2007, le taux de change historique utilisé pour la conversion des postes des fonds propres acquis avant le 1er janvier 2007 est le taux de change du 1er janvier 2007. L’écart de change qui résulte de ces conversions apparaît dans les réserves au passif du bilan sous la rubrique « Ecarts de conversion de devises ».

Tous les soldes et opérations intra-groupes des sociétés incluses dans le périmètre de consolidation ont été éliminés.

D’après la législation en vigueur, les sociétés mères possédant des entreprises filiales doivent établir des comptes consolidés. L’article 317 paragraphe 3 b) prévoit qu’une société peut être laissée en dehors de la consolidation si les informations nécessaires pour établir les comptes consolidés ne peuvent être obtenues sans frais dispropor-tionnés ou dans un délai injustifié, ce qui est le cas pour Luxair.

2.2. Principales règles d’évaluation

Les principales règles d’évaluation qui ont été appliquées sont les suivantes :

2.2.1. Conversion des postes en deviseLes comptes annuels consolidés (bilan et compte de profits et pertes) sont exprimés en euros (EUR).

Les produits et les charges en devises autres que la devise du bilan sont convertis dans la devise du compte de profits et pertes au cours de change en vigueur à la date des opérations.

Les actifs et passifs à court terme et à long terme libellés en devises sont convertis au cours de change en vigueur à la date de clôture du bilan.

Les gains de change réalisés sont enregistrés au compte de profits et pertes sous « Autres produits d’exploita-tion » et les gains de change non réalisés sont inscrits au passif du bilan sous la rubrique « Comptes de régulari-sation » tandis que les pertes de change réalisées et non réalisées sont reprises sous « Autres charges d’exploi-tation ».

2.2.2. Frais d’établissementLes frais d’établissement sont amortis de manière linéaire sur une période de cinq ans.

2.2.3. Goodwill de première consolidationEn date du 15 novembre 2012, Luxair a acquis une participation dans Euro Moselle Loisirs. Cette nouvelle acqui-sition a donné lieu à un goodwill de première consolidation qui figure à l’Actif du Bilan et qui sera amorti sur cinq ans à partir de l’exercice 2013.

2.2.4. Immobilisations incorporellesLes immobilisations incorporelles sont évaluées au coût d’acquisition historique qui comprend les frais acces-soires ou au coût de revient, déduction faite des amortissements et corrections de valeur cumulés. Ces correc-tions de valeur ne sont pas maintenues lorsque les raisons qui les ont motivées ont cessé d’exister. Un taux de 33,33% est appliqué linéairement sur les logiciels.

Annexe aux comptes annuels consolidés 1LuxairGroup

2.2.5. Immobilisations corporellesLes immobilisations corporelles sont évaluées au coût d’acquisition qui comprend les frais accessoires ou au coût de revient. Les immobilisations corporelles sont amorties systématiquement sur base de leurs durées d’utilisa-tion estimées.

Les biens dont la valeur d’acquisition est inférieure à 870 EUR sont directement amortis et repris au compte de profits et pertes.

Les taux de corrections de valeur appliqués sont les suivants :

Constructions 4,00% à 20,00%

Installations techniques et machines 6,66% à 20,00%

Autres installations, outillage et mobilier 10,00% à 33,33%

La méthode d’amortissement appliquée est la méthode linéaire ou dégressive selon le type d’avion.

Lorsqu’une immobilisation corporelle a subi une diminution de valeur de nature durable, une réduction de valeur complémentaire est effectuée de manière à refléter cette perte. Ces corrections de valeur ne sont pas mainte-nues lorsque les raisons qui les ont motivées ont cessé d’exister.

2.2.6. Immobilisations financièresLes parts dans des entreprises avec lesquelles la société a un lien de participation sont évaluées selon la méthode de la mise en équivalence. Les titres ayant le caractère d’immobilisations sont évalués au coût d’acquisition his-torique qui comprend les frais accessoires.

Les prêts et créances immobilisés sont évalués à leur valeur nominale.

En cas de dépréciation qui, de l’avis du Conseil d’Administration, revêt un caractère durable, ces immobilisations financières font l’objet de corrections de valeur afin de leur donner la valeur inférieure qui est à leur attribuer à la date de clôture du bilan. Ces corrections de valeur ne sont pas maintenues lorsque les raisons qui ont motivé leur constitution ont cessé d’exister.

2.2.6.1. Actions propresLuxair S.A. détient 10% de ses propres actions, qui sont portées à l’actif à leur prix d’acquisition. Luxair Finance S.à r.l. détient 2,86% des actions de Luxair S.A. qui sont considérées comme actions propres au niveau du groupe.

Conformément à la loi, une réserve pour actions propres a été créée pour un montant identique.

2.2.7. Stocks de matières premières, consommables et de marchandisesLes stocks de matières premières, consommables et de marchandises sont évalués au plus bas du prix d’acqui-sition déterminé sur la base des prix moyens pondérés ou de leur valeur de réalisation. Les stocks de consom-mables sont constitués de carburant, lubrifiant, nourriture et de fournitures diverses. Une correction de valeur est pratiquée lorsque la valeur estimée réalisable est inférieure à la valeur comptable. Ces corrections de valeur ne sont pas maintenues si les raisons qui ont motivé leur constitution ont cessé d’exister.

2.2.8. Créances Les créances de l’actif circulant sont enregistrées à leur valeur nominale. Elles font l’objet d’une correction de valeur spécifique lorsque leur recouvrement est compromis.

Ces corrections de valeur ne sont pas maintenues si les raisons qui ont motivé leur constitution ont cessé d’exister.

2.2.9. Valeurs mobilièresLes valeurs mobilières sont évaluées au plus bas de leur prix d’acquisition incluant les frais accessoires et déter-minées selon la méthode du « dernier entré, premier sorti » (LIFO), exprimé dans la devise de préparation des comptes annuels consolidés. Une correction de valeur est enregistrée lorsque le prix d’acquisition est supérieur au prix du marché. Ces corrections de valeur ne sont pas maintenues lorsque les raisons qui ont motivé leur constitution ont cessé d’exister.

La valeur de marché est basée sur les informations issues de « Reuters ».

2.2.10. Avoirs en banques, avoirs en compte de chèques postaux, chèques et en caisseLe poste Avoirs en banques, avoirs en compte de chèques postaux, chèques et en caisse reprend aussi tous les postes de liquidité en transit non encore repris sur les comptes bancaires.

2.2.11. Provisions Les provisions ont pour objet de couvrir des charges qui trouvent leur origine dans l’exercice ou dans un exercice antérieur et qui sont nettement circonscrites quant à leur nature mais qui, à la date de clôture du bilan, sont ou probables ou certaines mais indéterminées quant à leur montant ou quant à leur date de survenance.

Provisions pour grandes visites des avions

Le coût des grands entretiens est réparti sur les exercices concernés en fonction des heures de vol et des coûts externes estimés, par voie de constitution de provisions pour grandes visites. Les charges y relatives sont comp-tabilisées au compte consolidé de profits et pertes sous la rubrique « Autres charges externes ».

Lors de la réalisation des grands entretiens, les frais sont imputés au compte de pertes et profits sur des comptes de charges spécifiques.

Une reprise de provision est aussitôt constatée dans les comptes « Reprises de provisions » sous la rubrique « Autres produits d’exploitation ».

2.2.12. Comptes de régularisation - actifCe poste comprend les charges enregistrées avant la date de clôture et imputables à un exercice ultérieur.

2.2.13. Comptes de régularisation - passifCe poste comprend les produits perçus avant la date de clôture et imputables à un exercice ultérieur. La majorité provient de titres de transport émis non encore utilisés.

2.2.14. Dettes Les dettes sont enregistrées à leur valeur de remboursement.


2.2.15. Corrections de valeurLes corrections de valeur sont déduites directement de l’actif concerné.

2.2.16. Montant net du chiffre d’affairesPour les opérations aériennes, le chiffre d’affaires est comptabilisé lors de la réalisation du transport. Le trans-port est également le fait générateur de la comptabilisation en charges externes des commissions versées aux intermédiaires. La partie des titres de transport qui n’a pas été utilisée est comptabilisée en chiffre d’affaires sur la base d’un programme de reprise systématique.

Les revenus liés aux autres prestations sont comptabilisés au moment de la prestation du service déduction faite des réductions sur ventes, ainsi que de la taxe sur la valeur ajoutée et d’autres impôts directement liés au chiffre d’affaires.

2.2.17. Instruments financiers dérivésLa Société peut conclure des contrats d’instruments financiers tels que des options, des swaps, des futures ou des contrats de change à terme. La Société enregistre initialement les instruments financiers au coût d’acquisi-tion.

Les engagements liés aux opérations de swaps, futures, options et contrats de change à terme sont enregistrés dans les comptes de hors bilan.

Note 3 – Périmètre de consolidation

Les comptes consolidés incluent les comptes annuels de la société et de ses filiales telles que détaillées ci-dessous :

Nom de la société Pays de domiciliation

% d’intérêt

et de contrôle

2014

Devise des

comptes annuels

Activité principale

Intégration globale

Luxair Commuter S.A. Luxembourg 100% EUR Location d’avions avec ou sans équipage

Luxair Commuter et Cie S.e.N.C. Luxembourg 100% EUR Location d’avions avec ou sans équipage

Luxair Commuter S.A. et Cie II S.e.N.C. Luxembourg 100% EUR Location d’avions avec ou sans équipage

ElleGé S.A. Luxembourg 100% EUR Location d’avions avec ou sans équipage

ElleGé LGIT S.A. Luxembourg 100% EUR Location d’avions avec ou sans équipage

Vakanz S.A. Luxembourg 100% EUR Location d’avions avec ou sans équipage

Roi Soleil S.A. Luxembourg 100% EUR Location d’avions avec ou sans équipage

Sunny Winter S.A. Luxembourg 100% EUR Location d’avions avec ou sans équipage

Snowy Summer S.A. Luxembourg 100% EUR Location d’avions avec ou sans équipage

Luxair Executive S.A. Luxembourg 100% EUR Affrètement d’avions

Luxair Finance S.à r.l. Luxembourg 100% EUR Prise de participations financières

Eurocargo S.A. Luxembourg 100% EUR Manutention de fret

Airrest S.A. Luxembourg 100% EUR Gestion des cantines

Luxair RE S.A. Luxembourg 100% EUR Opérations de réassurances

Luxair Cargo Deutschland G.m.b.H. Allemagne 100% EUR Manutention de marchandises

Air Pub S.à r.l. Luxembourg 100% EUR Achat / vente d’espaces publicitaires

Luxair Immobilière S.à r.l. Luxembourg 100% EUR Achat / vente / gestion / location d’immeubles

Mise en équivalence

Cargolux Airlines International S.A. (*) Luxembourg 35,10% USD Transport aérien de fret

Luxfuel S.A. Luxembourg 40% EUR Gestion d’un dépôt de carburant et mise à bord d’aéronefs

SAS Euro Moselle Loisirs Florange (France) 35% EUR Agence de voyage

Société non comprise dans la consolidation

Société affiliée

Viajes Euromar S.A. Palma (Espagne) 20% EUR Commercialisation de voyages


(*) En relation avec la participation détenue dans Cargolux Airlines International S.A., il est à noter que l’entre-prise a repris dans ses comptes annuels une note sur ses engagements. Cette note fait référence aux différentes enquêtes et actions juridiques initiées par des autorités de la concurrence (anti-trust) à l’encontre de plusieurs compagnies aériennes de fret, dont Cargolux, et relatives à une infraction supposée aux règles sur les ententes.

En 2010, la Commission Européenne a imposé des amendes d’un montant d’EUR 79,9 Mio contre Cargolux, qui a fait appel de cette décision. La procédure d’appel est toujours en cours.

Depuis 2010, le groupe a conclu des accords de règlement et/ou a accepté de payer des amendes avec les auto-rités de concurrence des Etats-Unis, du Canada, d’Australie, de la Nouvelle Zélande, de Suisse, d’Afrique du Sud et de la Corée du Sud.

Quant aux plaintes collectives civiles lancées aux Etats-Unis, au Canada et en Australie (« class action »), Cargolux a signé un règlement transactionnel avec les plaignants. Cependant, aux Etats-Unis, certains plaignants se sont démarqués de ce règlement transactionnel et pourraient ainsi se lancer dans des poursuites individuelles.

D’autres actions de plaintes civiles sont en cours contre Cargolux et plusieurs autres compagnies aériennes de fret au Royaume Uni, aux Pays-Bas, en Nouvelle Zélande, en Norvège, en Corée du Sud et en Allemagne.

Des provisions s’élevant à USD 16,5 Mio ont été constituées dans les comptes de Cargolux Airlines Internatio-nal S.A. au 31 décembre 2014 afin de faire face au reliquat des enquêtes et actions juridiques initiées par diverses autorités de concurrence et à des actions lancées au civil.

Le Conseil d’Administration est d’avis que la valeur des participations ne nécessite pas de correction de valeur.

Note 4 – Goodwill de première consolidation

Les mouvements de l’exercice se présentent comme suit :2014

EUR2013

EUR

Valeur brute au début de l’exercice 1 302 096 1 302 096

Entrées au cours de l’exercice - -

Sorties au cours de l’exercice - -

Valeur brute à la fin de l’exercice 1 302 096 1 302 096

Corrections de valeur cumulées au début de l’exercice (260 419) -

Dotations de l’exercice (260 419) (260 419)

Reprises de l’exercice - -

Corrections de valeur cumulées à la fin de l’exercice (520 838) (260 419)

Valeur nette à la fin de l’exercice 781 258 1 041 677

Le goodwill de première consolidation est lié à l’acquisition de 35% des parts de l’entité SAS Euro Moselle Loisirs en date du 15 novembre 2012.

Note 5 – Immobilisations incorporelles

Les mouvements de l’exercice se présentent comme suit :

Concessions, brevets, licences, marques ainsi que droits et valeurs similaires

2014 EUR

2013 EUR

Valeur brute au début de l’exercice 2 546 700 2 636 211

Entrées au cours de l’exercice - -

Sorties au cours de l’exercice - (89 511)

Valeur brute à la fin de l’exercice 2 546 700 2 546 700

Corrections de valeur au début de l’exercice (2 542 403) (2 630 014)

Dotations de l’exercice (1 898) (1 899)

Reprises de l’exercice - 89 511

Corrections de valeur cumulées à la fin de l’exercice (2 544 301) (2 542 403)

Valeur nette à la fin de l’exercice 2 399 4 298


Note 6 – Immobilisations corporelles


Terrains et constructions

EUR

Installations techniques et machines

EUR

Autres installations, outillage et mobilier

EUR

Acomptes versés et immobilisations corporelles en cours

EUR

Total

EUR

Valeur brute au début de l’exercice 95 870 048 435 858 027 57 678 383 58 205 155 647 611 613

Entrées au cours de l’exercice - 20 066 047 2 166 522 542 622 22 775 191

Sorties au cours de l’exercice - (32 796 668) (70 163) - (32 866 831)

Transferts au cours de l’exercice - 37 603 237 92 888 (37 696 125) 0

Valeur brute à la fin de l’exercice 95 870 048 460 730 643 59 867 630 21 051 652 637 519 972

Corrections de valeur cumulées au début de l’exercice (58 247 135) (293 013 454) (51 069 417) - (402 330 006)

Dotations de l’exercice (3 079 265) (32 867 690) (2 709 257) - (38 656 212)

Reprises de l’exercice - 23 152 831 70 164 - 23 222 995

Corrections de valeur cumulées à la fin de l’exercice (61 326 400) (302 728 313) (53 708 510) - (417 763 224)

Valeur nette à la fin de l’exercice 34 543 647 158 002 329 6 159 120 21 051 652 219 756 748

Valeur nette à la fin de l’exercice précédent 37 622 913 142 844 573 6 608 967 58 205 155 245 281 608

Selon l’avis du Conseil d’Administration, aucune correction de valeur complémentaire n’est constatée sur les avions de type Boeing, Embraer et Q400. Les valeurs brutes des avions représentent au 31.12.2014 un montant de EUR 364 003 162 pour une valeur nette comptable de EUR 148 051 965.


Note 7 – Immobilisations financières


Parts dans des entreprises mises en équivalence

EUR

Titres ayant le caractère d’immobilisations

EUR

Prêts et créances immobilisées

EUR

Actions propres

EUR

Total

EUR

Valeur brute au début de l’exercice 122 985 410 137 821 194 030 4 713 596 128 030 857

Entrées au cours de l’exercice 44 369 120 5 36 961 - 44 406 086

Sorties au cours de l’exercice - - (23 271) - (23 271)

Variations au cours de l’exercice (26 432 461) - - - (26 432 461)

Valeur brute à la fin de l’exercice 140 922 069 137 826 207 720 4 713 596 145 981 211

Corrections de valeur cumulées au début de l’exercice - - - - -

Dotations de l’exercice - - - - -

Reprises de l’exercice - - - - -

Corrections de valeur cumulées à la fin de l’exercice - - - - -

Valeur nette à la fin de l’exercice 140 922 069 137 826 207 720 4 713 596 145 981 211

Valeur nette au début de l’exercice 122 985 410 137 821 194 030 4 713 596 128 030 857


Note 8 – Autres créances

Le poste « Autres créances » se compose principalement de :

2014 EUR

2013 EUR

Réserve de réassurance relative au plan de prévoyance non contributif en faveur du personnel (note 12)

2 126 986

2 284 028

Avances sur impôts payées à l’Administration des Contributions 2 978 725 2 463 446

Autres 2 470 678 2 496 020

Total 7 576 389 7 243 494

Note 9 – Instruments financiers dérivés

La Société utilise des instruments financiers dérivés afin de réduire son exposition aux risques liés à la volatilité du prix du kérosène et des devises. Une politique de couverture a été mise en place.

Au 31 décembre 2014, la Société a conclu les contrats de change à terme détaillés ci-dessous :

Devise Montants achetés Devise Montants vendus Juste valeur

USD 118 127 305 EUR 90 696 017 6 812 381

EUR 4 031 223 USD 4 915 000 (31 221)

GBP 311 000 EUR 390 149 9 060

TND 5 510 000 EUR 2 339 038 54 131

MAD 1 855 000 EUR 163 950 4 896

La Société a conclu les contrats d’option de change détaillés ci-dessous :

Produit Devise Montants notionnels Plus ou moins- value non réalisée

EUR

Vente Call EUR & Achat Put EUR USD 0 0

0 0

La Société a conclu les contrats de couverture sur le Jet-fuel détaillés ci-dessous :

Produits Montants notionnels

Unités Devise Plus ou moins- value non réalisée

EUR

Achat swap 60 400 Metric ton USD (15 974 237,72)

Les charges et produits inhérents aux contrats de couvertures sont comptabilisés durant les mêmes périodes comptables que les expositions couvertes.

Au 31.12.2014, les contrats de couverture des besoins de kérosène présentaient des pertes latentes pour EUR 15 974 238 et des gains latents pour EUR 3 730 028.

Au 31.12.2014, les contrats de couverture EUR/USD des achats d’avions présentaient des gains latents pour EUR 2 261 152.

Au 31.12.2014, les contrats de couverture EUR/USD des dépenses de maintenance d’avions présentaient des pertes latentes pour EUR 12 756 et des gains latents pour EUR 813 303.


Note 10 – État de l’évolution des capitaux propres


Capital souscrit

EUR

Réserve légale

EUR

Réserve pour actions

propres EUR

Autres réserves

EUR

Réserve consolidée

EUR

Ecart d’acquisition

EUR

Résultats reportés

EUR

Plus-values immunisées

EUR

Ecart de conversion

EUR

Résultat de l’exercice

EUR

Total

EUR

Situation au 01.01.2014 13 750 000 1 375 000 4 713 596 242 562 995 32 672 167 8 951 183 (2 841 797) 53 932 175 (13 761 014) 8 179 492 349 533 797

Affectation du résultat 2013 - - - - - - 1 894 673 - - (8 179 492) (6 284 819

Variations de l’exercice - - - - (10 225 012) - - - (18 055 579) - (28 280 591)

Résultat de l’exercice - - - - - - - - - (408 189) (408 189)

Situation au 31.12.2014 13 750 000 1 375 000 4 713 596 242 562 995 22 447 155 8 951 183 (947 124) 53 932 175 (31 816 593) (408 189) 314 560 198

Capital souscritLe capital souscrit et entièrement libéré de EUR 13 750 000 est représenté par 110 000 actions d’une valeur nominale unitaire de EUR 125 entièrement libérées.

Réserve légaleSur les bénéfices nets, il doit être prélevé annuellement 5% pour constituer le fonds de réserve prescrit par la loi luxembourgeoise. Le prélèvement cesse d’être obligatoire lorsque la réserve atteint le dixième du capital. La réserve légale ne peut pas être distribuée.

Réserve pour actions propresLa Société mère du groupe a acquis dans le passé des actions propres portées à l’actif du bilan. Conformément à la loi luxembourgeoise sur les sociétés anonymes, le Groupe a constitué une réserve indisponible qui figure au passif du bilan sous le poste « Réserve pour actions propres » pour le même montant.

Autres réserves – réserve spécialeLa réserve spéciale a été établie sur base de l’article 174 bis LIR. Ce poste de réserve correspond au quintuple de l’impôt sur la fortune de l’exercice imputé sur l’impôt sur le revenu des collectivités et est maintenu au bilan pendant les cinq années d’imposition consécutives à l’année d’imputation.

Plus-values immuniséesUne plus-value immunisée a été réalisée en 2008 sur l’apport du terrain par Luxair à la société Luxair Immobilière pour un montant de EUR 3 341 646. La plus-value a été directement réinvestie dans la participation « Luxair Immobilière » en application de l’article 54 LIR.

En 2011, Luxair a procédé à un échange de ses créneaux d’atterrissage et de décollage à l’aéroport de Londres Heathrow avec une autre compagnie aérienne. Cet échange était assorti d’une compensation financière de EUR 50 590 529 en faveur de Luxair qui a été comptabilisée comme plus-value immunisée. Comme prévu par les dispositions légales, cette plus-value a été réinvestie dans la participation « Luxair Finance » en application de l’article 54 LIR.

Ecart d’acquisitionEn décembre 2009, Luxair a procédé au rachat d’actions Cargolux détenues par SAirlines et a participé à l’aug-mentation du capital de Cargolux. Ces opérations ont généré dans les fonds propres un écart d’acquisition négatif (goodwill négatif) de EUR 17 741 546. En 2011, suite à la revente d’actions Cargolux à Qatar Airways, une quote-part de cet écart d’acquisition a été reprise pour un montant de EUR 8 790 363. L’écart d’acquisition négatif s’élève à EUR 8 951 183.


Note 13 – Montant net du chiffre d’affaires

Ventilation du chiffre d’affaires par catégories d’activité :

2014 EUR

2013 EUR

Luxair Luxembourg Airlines 155 128 450 135 307 035

LuxairTours 242 327 241 238 755 015

CargoHandling 78 289 751 76 139 330

Autres activités 19 491 504 21 420 768

Total chiffre d’affaires 495 236 946 471 622 148

Note 14 – Personnel

Ventilation du personnelLe Groupe a employé 2 394 personnes à temps plein et en moyenne au cours de l’exercice (2013 : 2 288 per-sonnes).

Note 15 – Rémunération du conseil d’administration

Un montant net de EUR 80 224 a été alloué aux administrateurs et au commissaire du Gouvernement (2013 : EUR 88 657).

Note 16 – Autres charges d’exploitation

Le poste « Autres charges d’exploitation » peut être détaillé comme suit :

2014 EUR

2013 EUR

Impôt sur la fortune 890 847 983 715

Autres 343 502 293 149

Total 1 234 349 1 276 864

Note 11 – Provisions

Provisions pour pensions et obligations similairesLa Société a mis en place en faveur du personnel un régime de prévoyance non contributif extralégal. A partir du 1er janvier 2013, le plan est financé au travers d’un compartiment du fonds de pension de la BCEE (CLP, Assep), à l’exception des pensionnés avant le 1er janvier 2000 que constitue la provision de EUR 2 478 069.

La réserve de réassurance y relative figure à l’actif du bilan sous la rubrique « Autres créances » pour EUR 2 126 986 (2013 : EUR 2 284 028).

Autres provisionsDans le poste « Autres provisions » figurent les provisions pour grandes visites des avions pour un montant de EUR 50 003 915 (2013 : EUR 46 777 295), un montant de EUR 2 564 156 pour litiges en cours (2013 : EUR 2 341 736), un montant de EUR 8 966 846 de provisions pour charges d’exploitation (2013 : EUR 9 000 000), un montant de EUR 40 296 419 de provision pour égalisation (2013 : EUR 37 340 079) et enfin le solde de EUR 2 219 143 de provisions diverses (2013 : EUR 2 112 605).

Note 12 – Dettes

A part les dettes envers des établissements de crédit, les dettes du Groupe viennent à échéance endéans un an.

Les durées résiduelles des postes de la rubrique « Dettes subordonnées » se présentent comme suit :

2014 EUR

2013 EUR

< 1 an 1 à 5 ans > 5 ans Total

Emprunts liés à l’achat d’avions 7 169 151 25 256 925 21 646 363 54 072 439 28 327 680

7 169 151 25 256 925 21 646 363 54 072 439 28 327 680

Les durées résiduelles des postes de la rubrique « Dettes non subordonnées » se présentent comme suit :

2014 EUR

2013 EUR

< 1 an 1 à 5 ans > 5 ans Total

Emprunts liés à l’achat d’avions 5 300 00 10 200 175 5 400 000 20 900 175 29 950 175

5 300 000 10 200 175 5 400 000 20 900 175 29 950 175


Note 19 – Honoraires du réviseur

Les honoraires (hors TVA) concernant les prestations délivrées durant l’exercice à la maison-mère et ses filiales par PricewaterhouseCoopers, Société coopérative sont présentés dans le tableau ci-dessous :

2014 EUR

2013 EUR

Honoraires d’audit 175 800 158 500

Autres honoraires 7 598 50 650

Total 183 398 209 150

Note 20 – Engagements hors bilan

Les engagements financiers de la Société se présentent comme suit :

2014 EUR

2013 EUR

Garanties bancaires en faveur de tiers 99 092 99 092

Garanties bancaires en faveur d’entreprises avec un lien de participation

173 525 173 525

Commandes fermes d’avions 19 586 186 50 725 060

Achat à terme de devises 97 620 376 80 078 608

Achat de kérosène à terme 49 546 073 33 800 745

Garanties bancaires reçues 1 387 478 1 519 264

Note 17 – Produits exceptionnels

Le poste « Produits exceptionnels » peut être détaillé comme suit :

2014 EUR

2013 EUR

Reprise impôts années antérieures 513 690 52 294

Vente avions 933 715 12 091 856

Plus-value sur vente actions Cargolux 5 501 287 -

Change achats avions 2 021 522 533 237

Crédits relatifs à des achats d’avions 1 115 461 -

Participation bénéficiaire volet risque PP - 80 256

Divers 1 176 228 788

Total 10 086 851 12 986 431

Note 18 – Charges exceptionnelles

Le poste « Charges exceptionnelles » peut être détaillé comme suit :

2014 EUR

2013 EUR

Honoraires exceptionnels et divers 264 792 1 899

Aircraft remarketing sharing Yakutia sale - 1 701 452

Moins-value sur ventes d’avions 347 136 -

Prime de réassurance exceptionnelle 3 411 200 -

Divers 1 921 -

Total 4 025 049 1 703 351

Une charge de 3 411 211 EUR a été comptabilisée au titre d’une prime d’assurance destinée à couvrir différents risques informatiques de la société, dont une partie liée à la mise en production d’un nouveau système de réser-vation au cours de l’exercice.


Documents

LuxairGroup Annual report 2014 - Amazon S3 · Low growth rates, volatile exchange rates continued to affect the Airline’s performance. In spite of this difficult context, Luxair