Annual Report 2013-2014


Global Aviation Industry

The Airline Industry performance continued to improve during 2013/14 in spite of high oil prices averaging USD 108 per barrel. In 2013, the overall industry revenue increased by 4.6% and net global profit after tax increased from USD 6.1 billion to USD 10.6 billion.

Air Mauritius Group and Company results for the year

Despite high oil prices and the significant depreciation of some major revenue earning currencies vis a vis the Euro, the Group and the Company managed to post profits for the year ended 31 March 2014 of Euro 8.5 million and Euro 7.3 million respectively compared to losses of Euro 2.5 million and Euro 3.6 million for the previous year. The Company’s gross profit of Euro 30.5 Million represents a gross margin improvement of 58% as compared to last year. The Company declared a dividend of Rs 0.50 per share in March 2014.

During the year, the Company continued the implementation of its Recovery Plan which saw further realignment of its network. Additional frequencies were added on routes showing potential growth namely, in the Asian, Australian and African arena. A direct service to Beijing was also introduced as from July 2013. These changes to the network were instrumental to the number of passengers carried reaching an all time record of 1,330,003 for the year ended 31 March 2014. The operating revenue of the Company increased from Euro 450.0 million to Euro 459.2 million whereas the operating cost witnessed a marginal decrease from Euro 430.7 million to Eur 428.7 million.

Abridged Statements

Shareholders' Funds

Total Shareholder’s Funds for the Company increased from Euro 77.1 million as at 31 March 2013 to Euro 83.7 million as at 31 March 2014. The resulting net assets per share as at 31 March 2014 was Euro 0.82 (Rs 33.77) as compared to Euro 0.75 (Rs 29.94) as at 31 March 2013.


The implementation of the Recovery Plan is impacting positively on the performance of the Company. As per the Plan, it is expected that the Company will further improve its performance during the financial year 2014/15 based on current operating conditions. The Company is fully committed in achieving the objectives for the next financial year. Air Mauritius is progressing on its fleet renewal program with a targeted phased delivery starting from 2017/18.