Annual
report2022

© Danee Hazama

Summary2

Editorial

04

CSR approach06

Legal status and capital07

Human resources

08

Governance, compliance and risk management

14

Flight activity

18

Traffic and business revenue

24

ATN’s active role in the developmentof French Polynesia

28

Digitization: continuing Air Tahiti Nui’s
digital transformation

34

Environmental focus

36

Financial statements

38

Outlook 2023

58

CSR indicators

59

3

Editorial

Dear reader,
Ia Orana e Maeva,
After a year of major internal reorganization in 2021, thepast year has seen brighter skies ahead. Despite increased
competition on our main routes and our service to Japan
still awaiting reopening, our business has regained momentum.
The relaunch of our Auckland route at the beginning of May
marked the start of various commercial successes to follow.
The subsequent vigorous upturn in flights in the second
quarter proved that we made the right decision in opting
for an ambitious flight program. This enabled us to maintain our leading position, particularly on the Paris route.
The launch of our new service to Seattle, orchestrated ina record time of less than eight months, was finally THE
great success of the second half of the year; it had been
18 years since Air Tahiti Nui last expanded its horizons withnew routes.
We are emerging from a difficult period, and our commitment to accelerating the recovery and development of ourcountry’s tourism sector, with this new service and its international media coverage, has put us back in the spotlight at
a time when we need visibility more than ever.

4

Seattle provides us with new ground to explore in our
primary source market. Furthermore, all the economic
stakeholders, partners, and suppliers that we have met in
the process have expressed full confidence in the new link
and its promise of success.
Seattle is one of the most dynamic hubs in North America, combining the best of the city, with an exceptional
natural environment. Thanks to our partnership with Alaska
Airlines, Seattle-Tacoma airport now enables us to reach
the whole of central United States, giving us better accessto the East coast, while offering our passengers outstanding comfort.
This new destination aims to position us alongside ourpartners as the main reference airline in the pacific region
on the North American market.

And yet, despite this fierce competition with a +30% rise inseat availability to the USA, a later than planned return offlights to Auckland, the closure of Japan, and a first quarterof 2022 still suffering from travel restrictions and the
pandemic in the USA, Air Tahiti Nui managed to record
an increase in sales, putting it in fifth place among thecountry’s businesses in terms of revenue, almost returning
to its pre-crisis level (96% in 2019). The Tahiti-Paris route,freight activity, and the growth in sales of ancillary products contributed significantly to this performance.
Costs continued to be kept under control throughout theyear, despite record inflation driven by rising fuel prices
in an international context alongside geopolitical tension.
Without these impacts, we would have been within reachof operating break-even.

The competitive environment has provided no respite,
but this new momentum has reasserted our resilience andbolstered our position as market leader in Polynesia.
The historic overcapacity in Polynesian skies, further exacerbated by the increase in Air France and United Airlines
frequencies from three to five times a week and Delta’s
plan to open three weekly services from Los Angeles asof December 2022, has an impact on our business andprofitability.

We would like to congratulate all the staff of our finecompany for all these achievements. Two years after thevoluntary redundancy plan, with almost 20% fewer employees, our personnel have once again rallied round anddemonstrated their expertise, addressing new ambitions
while maintaining a high quality of service which has been
confirmed by our various accolades. Their commitment is
the true driving force behind our Tahitian Dreamliners.

We hope to have the pleasure of welcoming you on ourroutes soon and to continue helping you discover the world
aboard our airline.

In the meantime, happy reading!
Te Aroha Ia Rahi.

Michel MONVOISIN
Chairman of the Board of Directors
and Chief Executive Officer

5

CSR approach

Legal status and capital

Our approach to corporate social responsibility

Distribution of capital

Air Tahiti Nui was one of the first Polynesian companies to commit to a CSR approach in 2015.
The very heart of the company’s mission is to “ensure the provision of a highly consistentlong-term service alongside the development of the tourist industry in French Polynesia,
while also maintaining the high standards of operational safety.”

In September 2001, Air Tahiti Nui’s legal status evolved from Public Limited Company to Local Mixed Economy Company(SAEML) in order to meet statutory rules when French Polynesia became the majority equity holder in the company.
Since November 22nd 2011, capital amounts to 1 622 956 875 XPF and was distributed as follows on December 31st 2022:

Following the publication of two sustainable development reports for 2016 and 2018, thecompany has continued to communicate its CSR efforts in a consolidated annual reportalongside the business activity results, financial data and non-financial performance (with nochange in compliance with the GRI G4 reference framework -cf.p.59).
Despite fierce competition and a difficult international context in 2022, Air Tahiti Nui strengthened its mission as standard bearer for Polynesia abroad and contributed positively tothe economic and social development of the country, in particular thanks to the opening of
our new route to Seattle. At the same time the airline continued efforts to reduce its carbon
footprint, through a series of initiatives such as supporting voluntary carbon compensation
and a working group to reduce and replace onboard plastic.
The corporate social responsibility policy initiated and undertaken by Air Tahiti Nui is involvedin various aspects of its business and at all levels of the organization, and can be consulted
as an integral part of this document, through the indicators and key figures related to the
4 focus areas and 10 progress commitments (ISO 26 000 standard) which define it according
to the themes covered in these chapters.
By being voluntarily and publicly committed through this process, Air Tahiti Nui is primarily
contributing to three of the 17 Sustainable Development Goals (SDGs) laid down by Member
States of the United Nations collated in the 2030 Agenda: good health and well-being(SDG 3), decent work and economic growth (SDG 8), measures concerning climate change(SDG 13).

Our flagship initiatives in 2022

FOCUS AREA 1 :maintain the responsible
operations of our flights#1: guarantee flightsafety and comply
with regulations.
#2: maintain sustainable
relations with our
stakeholders.

#3: reduce our emissions
and participate in the fightagainst climate change.
#4: mitigate the impactof our activity on the
ground.
#5: contribute to thepreservation andbiodiversity of Tahiti asa tourist destination.

Thanks to its eco-responsible carbon offset service implemented inpartnership with the New Zealand start-up carbonclick, and for which
it won a prize in the Pacifc Asia Travel Association Awards (PATA) 2021,
the Tiare airline encouraged passengers to compensate their emissions. During the Blue
Climate Summit held in May in Tahiti, for which it was an official sponsor, the airline launcheda support scheme aimed at covering 50% of the cost of offsetting customers’ C02 emissions.
By offsetting their emissions, passengers are thus ensuring the funding of certified ecoprojects to capture or avoid carbon emissions.
The offer was extended until the end of 2022 across all the company’s markets to incentivize
this contribution to carbon neutrality.

FOCUS AREA 3:
be a committed employer#6: share a common visionand maintain trust-based
relations.
#7: ensure health, safety,
and well-being at work.
#8: develop skills andsupport employee personal
development.

For employees
In keeping with its commitment to the “Company actively engaged in
employee health” charter, since 2015, Air Tahiti Nui continues to organize regular events and activities for its employees to promote sport,
nutrition, and well-being.
In 2022, three conferences and two cookery workshops were hosted bya dietician and expert in nutrition.

Health programof 5 conferences
and workshops

For the company and its partners
In 2022, efforts were focused on training pursers and chief pursers to
support the company’s CSR approach and give meaning and visibility
to the policy to reduce greenhouse gas emissions. As primary ambassadors of the airline to our passengers, they learnt about sustainable
development issues and challenges, and were informed of the initiatives
undertaken or co-developed by Air Tahiti Nui and their outcomes.

6

94% of pursers/
chief pursers madeaware of thecompany’s CSR
approachFrenchPolynesia

3.87%

3.43%

3.03%

2.70%

1.58%

0.57%

OCI

Air Tahiti

SEGC

OthersTahiti
Tourism

Wan Holding
Participation

Members of the board
As a local mixed economy company, Air Tahiti Nui has a board of directors composed of 15 members, distributed sinceAugust 29th, 2022, as follows:

For customers
111 eco-responsible
passengers (having
compensatedsince June 2021)

84.82%

FOCUS AREA 2:
reduce our environmental
footprint

Air Tahiti Nui continues to strengthen its attachment to its CSR by initiating three major
projects in 2022 in favor of its stakeholders:

In line with its environmental policy, Air Tahiti Nui continued eﬀorts to
reduce greenhouse gases throughout the year.

Shares in capital on 31/12/2022

Public administrators representing French Polynesia,
appointed by the Council of Ministers• Mr. Edouard FRITCH, President of the Government of French Polynesia, in charge of tourism territorial equality andinternational relations;• Mr. Jean-Christophe BOUISSOU, Vice President and Minister for Housing, Development and Urbanization, in charge ofinter-island transport;• Mr. Yvonnick RAFFIN, Minister of Economy and Finance, in charge of energy, generalized social welfare and coordinationof government action;• Mr Jean-Marc MOCELLIN, Chief Executive Officer of Tahiti Tourisme;• Mr. Michel BUILLARD, Representative of the Assembly of French Polynesia;• Mr. Antonio PEREZ, Representative of the Assembly of French Polynesia;• Mr. Claude PERIOU, Advisor to the President of French Polynesia;• Mr. Michel MONVOISIN, Air Tahiti Nui CEO and Chairman of the Board of Directors;• Mr. Eric REICHART, Air Tahiti Nui Staff Representative.

Private Administrators representing the private sector
FOCUS AREA 4:
support the developmentof French Polynesia#9: integrate sustainable
development into ouractivity and businessculture.
#10: support and promotesocial and economic
development projects
in the country.

• Mr. Vincent LAW, 1st Vice President of ATN Board of Directors, Representative of la Société d’Etudes et de Gestion
Commerciale;• Mr. Jean-Pierre FOURCADE, Representative of la Financière Hôtelière Polynésienne;• Mr. Bruno WAN, Representative of Civil Society Wan Holding Participation;• Mr. Matahiarii BROTHERS, President of the simplified joint-stock company Océanienne de Capital Investissement;• Mr. James ESTALL, Representative of Air Tahiti;• Mr. Richard BAILEY, Representative of Tahiti Beachcomber Plc.

Statutory auditors
The statutory auditors for Air Tahiti Nui are SCP CHANGUES-MENARD-ALBERT-BOYER, represented by Mrs. Elisabeth
ALBERT, and the limited liability company KPMG, represented by Mr. Jean-Louis PELLOUX.

7

Distribution of human resources© Danee Hazama

On December 31st, 2022, the company workforce consistedof 654 employees (compared with 608 on December 31st,2021) divided into Tahiti ground personnel (273), flightcrew (334; including 269 cabin crew and 65 technical crew)
and agents of overseas offices and stations (47).

654

49

employees
on December 31st, 2022

French Polynesia workforce
by occupational category

million XPF devoted
to training

Human resources
Company structure

44%
20%

13% 12%

11%

Technicians Employees Executives
managers
workers

FlightCrew

GENERAL MANAGEMENT
Michel MONVOISIN
Chairman Chief Executive
OfficerCabin
Crew

Mathieu BECHONNET
Chief Operating Officer

EXECUTIVE MANAGEMENT OF SALES
Mathieu BECHONNET (acting director since 01/10/2020)

SUPPORT MANAGEMENT

Source: Social audit 2022 ATN

EXECUTIVE MANAGEMENT OF OPERATIONS
Raymond TOPIN - Responsible Manager

Workforce distribution
in overseas stations© Moana Blackstone et ATN—L. Chongue, M. Hericher, B. Lai Ah Che

REGIONS
Regional Director America
Caroline BORAWSKI

Director RM, Pricing,
Schedule and Partnerships
Raimana CHAMPS

Director of Finance
Pierre CHAMPION

Director of
Air Operations
Stanley DESCAMPSRegional Director France Europe
Jean-Marc HASTINGS

Director
Customer experience
Vaitea KOHLER

Director of Human
Resources
Manuarii MERVIN

Director of Ground
Operations, Stations
and Freight
Céline CLAEYS

Regional Director Asia
Atsushi CHINO

Director
Communication marketing
Torea COLAS

Director of Administration
and Organisation
Heifara MORIENNETechnical Director
Yannick MERMET

Director of Information
Systems
Laurent HUSSON

Director of Management
Systems
Gilles BERNEDE

Regional Director Pacific(NZ & AUS)
Daniel EGGENBERGER

Commercial Crew Manager
Éric DELCUVELLERIE

49%
21.6%

Regional Director Polynesia& global freight
Yann MASINGUE

LAX
Source: DRH ATN

8

9

CDG

17.6%

NRT

11.8%
AKL

© Danee Hazama

Distribution of Air Tahiti Nui workforce by gender
Workforce

2020

Distribution
2020

2021

Distribution
2021

2022

Men
Women

292
329

47%
53%

294
314

48%
52%

321
333

49%
51%

TOTAL

621

100%

608

100%

654

100%

Source: Social audits ATN

ParityWith 51% of female employees, the number of women
working for Air Tahiti Nui has slightly decreased over theyear (52% in 2021) due to major professional constraints
in certain departments such as maintenance and flight
operations.
There was, however, an increase in the proportion of female
executives to 47%, (compared with 44% in 2021) while thepercentage of female pilots remains at 8%.

Evolution of workforce
in Polynesia© Danee Hazama

In light of the recovery in activity, the number of employees
increased in 2022, with 31 staff recruited on permanentcontracts and 25 on fixed-term contracts. Staff were hired
externally after a two-year freeze due to the period of
COVID-19. Priority was given to recruitment essential to thereturn of activity.

10

Indicators for Polynesia

Distribution
2022

Employment contracts:

30

departures(of which, 5 resignations,
22 fixed-terms contract
terminations and 3 otherdepartures)

25

employees
on fixed-term
contracts

Absenteeism:582

employees on
permanent
contracts

395

employees
promoted

7

work related
accidents(with sick leave)

1 402

days of maternity
leave

Professional training

Global payroll

The HR department saw its training budget gradually
increase in the wake of the health crisis and was able todeploy 88% of its training plan over the year.

Global payroll came to 6,4 billion XPF in 2022, up from 2021
which was historically low, but still nearly 1 billion XPF lessthan in 2019.
With 77 less staff compared to the same period, the company has nevertheless managed to increase its productivity
compared with 2019.

367 participants were trained in administrative affairs (professional effectiveness and well-being, office automation/
IT, sales/customer service, languages, management, health,and safety) for a budget of 11.8 million XPF (compared with
21 M XPF in 2019, 5 M XPF in 2020 and 10.2 M XPF in 2021).

At the same time freely available e-learning content wasalso deployed for employees as from 2021, on topics
related to management, project management, well-being,
professional effectiveness, etc. A total of 129 training
sessions with this type of content were completed online
in 2022.
37.2 million XPF was also allocated to regulatory training
for crews.

11Company actively engaged in employee healthAs part of Air Tahiti Nui’s signature of the “Company
actively engaged in employee health” charter, promoted by
the Health Department of French Polynesia, the company
health committee, made up of volunteers and representatives of the company works council, continued to promotehealth and wellbeing through physical activity and nutrition
for a total sum of 3.7 million XPF.
Over the year, five nutrition conferences/workshops contributed to raising awareness among a group of over thirty
employees.

Amount allocated toawareness raising activities
related to sport and nutrition2020

850 000 XPF

2021

1 750 000 XPF

2022

3 700 000 XPF

During the same period, the works council also continued
to promote sporting activities, in particular during theannual “ATN Fun Games” day and through subsidies
awarded to employees for gym membership and thedozen or so sports clubs within the company.

© Danee Hazama

Commitment #8
Developing skills and supporting
employees’ personal growth
As a service business, Air Tahiti Nui devoted over the year
almost 1% of its Polynesian payroll to training its staff[G4-10].

CSR FOCUS AREA 3

The e-learning platform “Tāmau” remained a popular training tool throughout the year. Excluding the regulatory training component, 186 employees attended at least
one face-to-face training course, and 47 followed courses
online as part of the 2022 training plan.

Commitment #6

Commitment #7

Sharing a common vision and maintaining the foundations of a trust-based
relationship

Ensuring health, safety, and well-being
in the workplace

As social dialogue in the workplace and the developmentof human capital are important issues to the airline, theEmployee Experience department was given the task ofinitiating projects throughout the year in support of employees with disabilities, young people, and the fightagainst exclusion. These included:• recruitment of a disabled employee;• several departments took part in “DuoDays”, welcoming
6 trainees with disabilities to spend a day learning about
professions within the company;• implementation of an e-learning program to raise awareness about disability in the workplace;• participation in forums and visits to schools to introduce

In accordance with the objectives set out in the company
CSR policy, the ethics committee, led by the Chairman andCEO, with eleven permanent members, also met three times
during the year, to ensure the application and promotionof the ethical guidelines and principles set out in Air Tahiti
Nui’s CSR policy and to promote its corporate culture.
Following these meetings, both a code of conduct and an
e-learning module were established concerning the receipt
of gifts and invitations, aimed at raising employee awareness about the risk of corruption.

12

After work to update the single document in 2021, there
was a rise in the number of workplace accidents in 2022.
These accidents mainly concerned slip and fall incidents
and were directly related to the company’s return to activity.

Evolution of work related
accidents resulting in sickleave [G4-LA6]
2020

16

2021

5

2022

7

© Danee Hazama

students to the various professions in the airline industry
and to simulate job interviews;• job dating events with job seekers and welcoming school
dropouts, in partnership with FACE Polynesia (project
5/5).

Air Tahiti Nui became the 4th largest employer in Polynesia
in 2022, in terms of workforce, and it employs 607 staff
based in Papeete, with an average seniority of 14.8 years.

13

Evolution of ATN management system performance
between 2021 and 2022 (DGAC/SEAC)
2021
rating2022
ratingSafety Culture

A

A

Risk analysis

AA

SMS steering

A

A

Implementation of correctivemeasures

A

A

Continuous improvement and change management

C

A

Interface management

A

A

Documentation

A

A

Training and communication

A

A

Compliance rate

B

B

Capacity to obtain compliance

B

B© Danee Hazama

Criteria

Governance,compliance andrisk management
The organization’s continuous improvement process covers all the company’s operational andlegislative compliance risks. Since September 2017, a compliance and risks committee has internallygrouped together the 3 pillars of Air Tahiti Nui’s risk management, which are the Management
Systems Directorate, Internal Control, and Information Systems Security. They share common interests, in particular: risk control in different domains (MSD: security of flights; ICS: financial security;
ISS: security of information systems) and the potential consequences if these risks go uncontrolled(air crash, operational accidents, financial losses, impact on company image and reputation, legal
impact, etc.).

CSR FOCUS AREA 1
Commitment #1

Management systems
directorate (MSD)
The management system is a structured organization
for managing security, uniting sectors including inflight,
ground and maintenance operations.

• compliance monitoring: guaranteeing compliance withthe applicable regulatory specifications in addition to any
further requirements.

Reporting to the responsible manager of the company, theManagement Systems Directorate supervises all management system actions. It has four divisions:• security: intended to establish the company’s security
programs in all countries that the airline has routes to,in accordance with the applicable regulations and directives, and to carry out security training for all personnel;• Emergency Response Plan (ERP): whose goal is to establish an emergency plan in case of a company air disaster, allowing for a centralized, controlled and coordinatedresponse to emergencies;• safety: aimed at identifying and analyzing the risks related to all areas of operations and to implement appropriate corrective and preventive measures;

The supervisory authorities (Directorate General of Civil
Aviation [DGAC], State Civil Aviation Service [SEAC] andthe Civil Aviation Safety Authority [OSAC]) ensure throughaudits that Air Tahiti Nui complies with EASA (European
Aviation Safety Agency) regulations.
As guarantor of the organization’s safety and security, themanagement systems directorate collaborates with various
departments and directorates, and coordinates security
audits to which Air Tahiti Nui must conform, especiallythose relative to the maintenance of the company’s various
certifications and the renewal of the company IOSA authorization (cf. Flight activity, p.18), in effect for two years fromthe end October 2021.

14

The CORSIA scheme (Carbon Offsetting and Reduction
Scheme for International Aviation) is a global regime in international aviation of compensation and reduction of CO2
emissions, adopted in 2018 by the International Civil Aviation Organization (ICAO). It is the final element in the listof ICAO recommended measures to reduce the effects ofaviation on the climate (which also include technologicalinnovation, operational improvement, and the adoption ofsustainable aviation fuels).

sions as a calculation basis starting in 2024.
Furthermore, between 2021 and 2026, the offsetting requirements will only apply to international flights between
states who are willing to participate in the pilot phase of
the plan (2021-2023) or the first phase (2024-2026).

Since January 1st, 2019, all ICAO aircraft operator members
emitting over 10 000 tons of CO2 on their international
flights must collect their CO2 emissions data and reportthem to the relevant authority.

For the 2021 financial period, Air Tahiti Nui was not accountable for any carbon offsetting because its CO2 emissions
remained inferior to those of 2019. From November 30th,
2023, the DGAC will inform Air Tahiti Nui of their carbon
offsetting obligation for the 2022 financial period, if applicable. This obligation must be paid by 2024 and will bereassessed every three years.

In order to take the impact of the Covid crisis into consideration, the ICAO has decided to count 85% of 2019 emis-This new requirement(1) to offset carbon emissions will be
generalized to all airlines as from 2027.

(1) The CORSIA regime is strictly regulated by supervisory bodies and competent authorities. It differs from “voluntary carbon offsetting” proposed to passengers andcustomers wishing to contribute individually and voluntarily to the fight against global warming by supporting certified environmental projects of sequestration and/or
reduction of greenhouse gases.

15

Internal control system (ICS)The internal control department aims to continuously
improve company management as well as optimize operational processes which are guarantors of an efficiently
organized company. Reporting to General Management, it
is composed of two staff and is entrusted with three main
goals:• to ensure the efficiency of risk management systems byperforming audits while developing the internal control
system, as well as promoting it and guaranteeing its implementation;• to ensure the company conforms to the General Data
Protection Regulation (GDPR);• to ensure the Business Continuity Plan (BCP).

The internal control department also ensures compliancewith legislative and regulatory provisions and professional
standards and practices. It formulates recommendations tomake improvements, to reinforce, safeguard and organize
departments in accordance with the risks to which they are
exposed.

In terms of internal control, investigations are mainly
conducted by documental analysis via the retrieval of files
completed through meetings with the concerned parties.
This work complies with professional standards and practices designed to verify compliance with procedures.
These internal audits measure the level of risks incurredand verify compliance with procedures as well as the effectiveness and appropriate nature of the systems in force.

In terms of the Business Continuity Plan, internal control
aims to identify, evaluate and manage potential risks andincidents that could compromise company continuity,
guaranteeing the undertaking of appropriate measures toreduce any disruption.

© Danee Hazama

In terms of the General Data Protection Regulation, theinternal control department ensures, as a priority, the respect of individuals’ rights and the responsibilities linked tothe handling of personal data and also guarantees that thelatter is handled in a transparent, ethical and responsible
manner.

FOCUS AREA 1 – Internal control plan
2022 objectives

2022 Key achievements• Completion of chosen audits validated during throughthe internal control committee based on a pre-defined
audit.

• Completion of four audits mainly covering customer
service and human resources management.
• Monitoring of on-going recommendations.

FOCUS AREA 2 – Data privacy compliance2022 objectives

2022 Key achievements• Completion of impact assessment.
• Contractual framework for business partners.

• Recording of impact studies with participating
relevant co-workers.
• Raising employee awareness of GDPR.

Information systems security(ISS)
During the coming year, Air Tahiti Nui aspires tofurther intensify its cyber security strategy throughvarious initiatives such as:• the increased control of company information systemmanagement;• implementation of a cloud proxy (SWG), a significant
step towards intensifying the security of communications
and data transfer;• continued harmonization and tightening of infrastructures in line with the most demanding international safety
standards;• cloud protection essential for anticipating and mitigating
risks inherent in this environment;• deployment of additional technologies to reinforce dataprotection;• strengthening of cyber resiliency, improving the capacity
to stand firm against, recover from and adapt to cyberthreats;• active continuation of compliance with applicable regulations.

Data protection and cyber security have become key
challenges in the aeronautical industry. Air Tahiti Nui iscommitted to maintaining a consistently high level of cybersecurity to protect customer information, ensure its operational continuity, and to navigate the digital landscape incomplete safety.
By conforming to the highest standards in the industry andworking with a team of specialized professionals, the company strives to build and maintain this high security digital
environment.
The company’s approach is to anticipate, detect, respondto, and recover from all IT threats that could compromise
its activity.
To do this, the following are amongst the mostsignificant achievements of 2022:

FOCUS AREA 3 – Business Continuity Plan
2022 objectives

2022 Key achievements• Documentary update.
• Drafting of a test schedule.

• Supporting departments in identifying key events.
• Supporting departments in the design ofa contingency plan.
• Implementation of a quarterly BCP committee.

16• the update of the company cyber security strategy toincorporate both recent threats as well as all the latest
regulatory developments;• the launch of a vast program dedicated to improving
critical infrastructure security;• the deployment of a monitored EDR system (Endpoint
Detection and Response) so the company can detectthreats in real time and respond quickly by ensuringcontinuous 24/7 surveillance of its infrastructures;• the optimization of risk management thanks to the integration of a tool enabling evaluation and continuous risk
monitoring in cooperation with other existing risk management systems within the company;• work to ensure compliance with the latest cyber security
regulations applicable in 2026.

In conjunction with these projects, the company intends
to reinforce its cooperation with key industry stakeholders
and regulatory authorities in order to adopt best practicein cyber security and to stay in line with professional standards.

17© Danee Hazama© Danee Hazama• American Airlines in North America offers a service departing daily from Los Angeles to: Albuquerque,Atlanta, Austin, Boston, Charlotte, Chicago, Dallas,
Denver, El Paso, Houston, Las Vegas, Miami, New York,New Orleans, Oklahoma City, Orlando, Philadelphia,
Phoenix, Portland, Sacramento, St Louis, Salt Lake City,San Antonio, San Francisco, San Jose, Seattle, Tucson,
Toronto, Vancouver and Washington;• Alaska Airlines in North America offers a daily service
departing from Los Angeles to: Anchorage, Austin,
Boise, Dallas, Eugene, Fort Lauderdale, Fresno, Honolulu,
Kahului, Kona, Las Vegas, Lihue, New York, Portland,Reno, Salt Lake City, San Francisco, San Jose, Santa
Rosa, Seattle, Spokane et Washington ; and from Seattle :Albuquerque, Anchorage, Atlanta, Austin, Boise, Boston,
Bozeman, Chicago, Columbus, Dallas, Denver, Detroit,
Eugene, Fresno, Fort Lauderdale, Hayden, Houston,Kansas City, Las Vegas, Los Angeles, Miami, Milwaukee,
Minneapolis, Nashville, New York, New Orleans, Oklahoma City, Orlando, Portland, Philadelphia, Phoenix, Raleigh Durham, Reno, Sacramento, St Louis, Salt Lake City,San Antonio, San Diego, San Francisco, San Jose,
Spokane, Tampa, Tucson, Vancouver and Washington;• Qantas and Air Calin complete the Air Tahiti Nui offer
in the South Pacific to Sydney, Melbourne, Brisbane, and
Nouméa;• Japan Airlines and Korean Air operate services departing
to Osaka, Fukuoka, Nagoya and Sapporo in Japan andHong Kong and Seoul in Asia;• LATAM Airlines in South America departs to Easter Islandand Santiago, Chile.

42

interline agreements

Flight activity
Certificates and licences

IOSA

To operate as a French international air carrier, Air Tahiti
Nui holds:• an air carrier license, December 2006 (Decree 1389 CM);• an air carrier certificate (CTA) n°FR.AOC.OO83, Ed5
August 17th, 2020;• a certificate of approval from the Continuing Airworthiness Management Organization FR.CAMO.0026 rev.
2 September 13th 2021;• a certificate of approval of maintenance part 145 for the
maintenance of aircraft FR 145.0423, rev. 6 December
22nd, 2022.

The IOSA Certificate (IATA Operational Safety Audit)
which is mandatory for all air carriers who are members of
IATA (International Air Transport Association), is the audit
program developed by the IATA, based on standards covering regulations such as those established by the ICAO
(International Civil Aviation Organization), FAA (Federal
Aviation Association) and EASA (European Aviation Safety
Agency), etc.
The audit for the next IOSA authorization renewal (validity
date: October 28th, 2023) is scheduled for June 2023 with
ARGUS Prose.

The different authorizations list all specific operational
approvals in relation to the Boeing 787-9.

18

1 184

commercial flights in 2022
for 14 401 flight hours

The network

At the same time, Air Tahiti Nui affixes its company code
to Air New Zealand to increase the frequency of service
between Tahiti and Auckland, bringing the number to five
return flights a week on this route.

After more than two years closure of the New Zealandborders, the first PPT-AKL-PPT flight operated on May 4th,
2022, for Auckland.
A few months later, at the beginning of October, encouraged by the dynamic post pandemic recovery, thecompany inaugurated the opening of its Seattle route.
Air Tahiti Nui teams obtained the roll out of this new destination in a record time of less than eight months, thanks tocollaboration with Alaska Airlines.
As of December 2022, Air Tahiti Nui is positioned as themain airline serving French Polynesia. The airline operates
over three continents (the Japan route remains closed)
offering flights from Papeete to Los Angeles, Seattle,
Auckland and Paris (via Los Angeles).

The following partners affix their company codes to flights
operated by Air Tahiti Nui:
• American Airlines: PPT-LAX / LAX-CDG / PPT-SEA• Alaska Airlines: PPT-LAX / LAX-CDG / PPT-SEA / PPT-AKL• Qantas: PPT-AKL / PPT-LAX• Air New Zealand: PPT-AKL / PPT-LAX• Air Calin: PPT-AKL / PPT-LAX• Japan Airlines: PPT-NRT• Korean Air: PPT-NRT• Air France: PPT-LAX• LATAM Airlines: PPT-AKL

Air Tahiti Nui offers routes to a total of 87 airports via 128
routes thanks to its codeshare partners:• SNCF trains with the Train+Air program in France andEurope offer a service departing daily from CDG to: Aixen-Provence, Angers, Avignon, Bordeaux, Le Mans, Lille,
Lyon, Marseille, Metz, Montpellier, Nantes, Nîmes, Poitiers,
Reims, Rennes, Strasbourg, Tours, Valence and Brussels;

As of December 31st, 42 interline agreements are contractually settled with other transporters to offer a wider choiceof destinations to customers.
N.B: In 2022, code sharing with LATAM Airlines, Air France,
Japan Airlines and Korean Air were not reinstated.

19

Connecting
the world
to Tahiti

AIR TAHITI NUI / SNCF - TGV
Amsterdam
LondonAnchorage

Brussels
Lille
Frankfurt
Champagne Ardenne

SeattleSpokaneEugeneSeoul
Osaka
Fukuoka

Boise
Salt Lake
City
Reno

Minneapolis
Milwaukee

Montreal

NagoyaLos Angeles

Taipei

Lihue
Honolulu
Maui
Kona

Hong Kong

San
Diego

Tucson

Tampa

Lyon
Milan

Bordeaux
AvignonOrlandoNimes

Fort Lauderdale
Miami

MexicoCabo San Lucas

St Pierredes corps

ValenceAtlanta
DallasNew Orleans

San Antonio Houston

Strasbourg

ZurichNantesPoitiers

Detroit
ChicagoSteamboat Springs/Hayden Columbus

AustinParis

Le Mans
AngersTorontoBoston
New York
NewarkSanta Rosa
Sacramento
Philadelphia
Baltimore
San Francisco
Denver
St. Louis
Kansas City
Washington
San Jose
Oklahoma City
Las Vegas
FresnoRaleigh/Durham
Nashville
AlbuquerquePhoenix

Tokyo

BeijingRennesBozemanPortland
SapporoShanghai

Paris

Lorraine

Brest

VancouverPau

Toulouse

Montpellier

Nice
Aix-en provence

Marseille
Rome

CancúnManilaBangkok
Ho Chi Minh City

MadridTahitiSingapore

CairnsNouméa

Sao Paolo

Brisbane

PerthSantiago

SydneyAuckland

Melbourne

Flights Duration Average
Papeete - Los Angeles: 07H30
Los Angeles - Paris: 10H05
Papeete - Tokyo: 10H55
Papeete - Auckland: 05H45
Papeete - Seattle: 09H25

Los Angeles - Papeete: 07H35
Paris - Los Angeles: 10H30
Tokyo - Papeete: 10H25
Auckland - Papeete: 04H00
Seattle - Papeete: 09H35

Main routes + Codeshare + Interline partners
Queenstown

Christchurch

Air Tahiti Nui connects Tahiti to the world thanks to its directflights and its various partnership agreements.
Flights operated by Air Tahiti Nui
TN codeshare flights with American Airlines, Alaska Airlines, Qantas,
Air France, Air New Zealand, Japan Airlines, Aircalin, Korean Airlines and SNCF.
Destinations served by our interline partners

Flight times may vary due to seasonal winds.

20

21

Flight schedule
As far as the increase in demand is concerned, competingairlines have increased their seat capacity (from February
for United Airlines with 5 weekly frequencies, followed by
Air France who did the same from April onwards).
Air Tahiti Nui continued the development in Paris via theLos Angeles route adding extensions of LAX-CDG to their
existing LAX flights, and thus taking advantage of thestrong transatlantic demand.

- between January and April 2022, despite borders remaining closed, Air Tahiti Nui continued weekly cargo flights
to New Zealand, operating within the framework of the
MIAC contract (Maintaining International Air Connectivity) subsidized by the New Zealand Government;- at the beginning of May when the New Zealand borders
reopened, Air Tahiti Nui operated one flight a week to
Auckland until the end of June. In July, the offer increased
to 2, and even 3 flights a week;- with Japanese borders remaining closed all year, no flights
to Narita operated in 2022;- the first Papeete-Seattle flight took place on October 4th,
2022, and since then, passengers have the choice of 2
weekly flights.

Air Tahiti Nui was optimistic for the year ahead, proposing
an ambitious program:• in Paris, the company increased its offer by proposing 6
flights a week from the end of June to the end of October
2022, and 7 weekly frequencies during the summer vacation in July and August;• in Los Angeles, Air Tahiti Nui offered 4 flights a week tocustomers;

There was an increase during the second half of the yearwith a slight improvement on overall punctuality at theend of December, thanks to the opening of the new transit
lounge in the Midfield Satellite Concourse, an extension of
the Tom Bradley International Terminal in Los Angeles.

Flight activity in 2022 was running at 90% of the 2019 program, which is a good result considering it is post pandemic activity and the first service schedule with 4 aircraft
over a whole year.

Punctuality

All Air Tahiti Nui flights have been operating from there
since August 1st, 2022, avoiding the delays caused bycongestion in immigration throughout the first half of theyear, which, in turn, also had a knock-on effect of delays
caused by subsequent late arrivals.

Company punctuality was impacted in 2022 by difficulties encountered during transit in Los Angeles (70.22% of
ﬂights left on time in July).

Frequency of Service per route

Papeete – Paris via Los Angeles
Papeete – Los Angeles
Papeete – Narita
Papeete – Auckland
Papeete – Seattle

Completed2022

1 to 7 flights/wk.
4 flights/wk.
(Nov. to Dec.)
2 to 5 flights/wk.
0 flights/wk.
0 flights/wk.
NANA
3 to 7 flights/wk.
3 to 5 flights/wk.
0 flights/wk.
1 to 2 flights/wk.
2 flights/wk.

Annual number of flights per route
2020

2021

2022

228
75
253
42
77
-

327
54
303
0
0
-

553
441
0
139
51

TOTAL

692

683

1 184

Completed 2022

LATAM Airlines (LA)

2 flights/wk. from July
0 flights/wk.
Daily from May
0 flights/wk.
2 flights/wk. from July then3 flights/wk. from November
1 flight/wk.		
0 flights/wk.

Japan Airlines (JL)SLC – IPC – PPT – IPC – SCL**
NRT – HKG
NRT – ITM
HND – ITM
NRT – NGO
HND – FUK
HND – CTS

0 flights/wk.

* Except American Airlines, Alaska Airlines and SNCF who operate daily links.
** LATAM suspended its commercial flights to Easter Island from March 2020.

22

From December 31st, 2022, TNH capitalis apportioned as follows:

On December 31st, 2022,
Tahiti Nui Helicopters had completed
1 660 flight hours, which areapportioned as follows:
Flight
hours

23.6%

Air Tahiti Nui

Frequency of weekly services by codeshare partner*

AKL – NOU – AKL
Air Calin (SB)		
PPT – NOU – PPTFrom July 2021 until October 31st, 2022, TNH operated aninter-island flight service, under a public service agreement, for the Marquesas Islands.
In total, the company completed 711 flight hours for thisservice from July 2021.

The simplified joint-stock company Tahiti Nui Helicoptersis the first Air Tahiti Nui affiliate of which it is majority
stakeholders.

49.8%

Papeete – Paris via Vancouver
Papeete – Paris via Los Angeles
Papeete – Los Angeles
Papeete – Narita
Papeete – Auckland
Papeete – Seattle

Air New Zealand (NZ)
PPT – AKL – PPT
Air France (AF)LAX – CDG – LAX
Qantas (QF)
AKL – SYD/MEL/BNE – AKL
Korean Air (KE)NRT – ICN – NRTTahiti Nui Helicopters

FrenchPolynesia

14.5%

HBG

12.1%
Sofidep

Public service passenger transport (Marquesas Islands)
Bora Bora sightseeing
Medevac (Society Islands and Marquesas)
Transfers
Tahiti, Moorea and Marquesas Islands sightseeing
Aerial work
Technical flights

448
428
354
125
116
46
143

TOTAL

1 660

The company achieved revenue close to 750 M XPF, up by
24%, compared with the previous financial year 2021.
At the end of the financial year 2022, TNH had 28
employees.

The company operates five aircraft: 4 twin-engine helicopters Airbus H135 (two EC135T1 and two EC135T2), and one
single engine helicopter Airbus H125 (AS350 B2).
TNH activity is structured around four main missions:• on-demand passenger transport, for no-wait direct transportation of clients from international flights or connecting international flights on private jets;• sightseeing tours around Tahiti, Moorea and the Leeward
Islands;• medical and emergency evacuations;• helicopter operations (pylon equipment, etc.).

© Grégoire Le Bacon - Tahiti Nui Helicopters

Papeete – Paris via Vancouver

Completed2021

The affiliate began its commercial activity in July 2018 with
two helicopters based in Tahiti, also serving Moorea and an
aircraft stationed in Bora Bora.
On July 1st, 2020, a base was opened in Taiohae in the
Marquesas islands to manage the medical evacuations(MEDEVAC) in the archipelago.

23© Danee Hazama

CSR FOCUS
AREA 286 390387 51577%

tourists were transported
during the year
by Air Tahiti Nuipassengers
transported
in 2022

average loadfactorTraffic and businessrevenue
ATN, Tahiti-bound traffic leader

Energy efficiency. Average fuel consumption perpassenger/100km

2020
5.61 L

2021
4.81 L2022
3.42 L

Between 2020 and 2022, the company energy efficiency significantly improved thanks to:• an increase in RPK and the seat load on all of ourroutes;• the optimization of fuel loads (necessary fuel loadin accordance with the detailed analysis of fuelused per flight, while respecting safety margins,
and regulatory reserves).

Tourist traffic
In 2022, 218 750 tourists visited the Islands of Tahiti, an
increase of +136% compared with 2021. Tourist activity wasclose to that of 2019 (-7.6%) thanks to a steep rise in theAmerican and French markets.
86 390 tourists were transported by Air Tahiti Nui over theyear (+103.6%).

Results & evolution of ATN
fare-paying passengers by route

In 2022, the total number of outgoing and incoming
passengers to French Polynesia was 635 595 which wasa strong recovery of activity (+160%). Seat availability followed the same trend (+115%) and was close to pre-Covid
levels in 2019 (94%).

Commitment #3

Tourist traffic market share by airline

In 2022, Air Tahiti Nui transported 387 515 passengers, anincreased figure (+109%) in comparison with 2021, and acapacity increase (+62% compared with 2021).

Over the year, Air Tahiti Nui remained the leader for Tahiti,
handling 42.6% of international traffic.

The recovery in tourism activity allowed for an increase in
the average load factor of +18.1 points placing it at 77%.

United Airlines and Air France increased their flight programs to French Polynesia, and Delta Airlines opened the
LAX-PPT service in December 2022.

39.5%
19.2% 17.4%

In 2022, the company generated passenger traffic revenueof 26.752 billion XPF

14.4%
3.1% 3.1% 2.6%

Fare-paying passenger activity per route
2021
Average passenger load factor
Revenue (in Million XPF)

58.9%
12 361

Source: Revenue Management - Air Tahiti Nui Financial Department

2022
77%
267 51.9

Variation+18.1 pts
+116%

ATN

UnitedAirlines

Air
FranceFrenchBee

ANZ

Source: ISPF

24

0.6% 0.1%

25

Air
Calin

Hawaiian
Airlines

Delta
Airlines

Air
Tahiti© Tim Mckenna© Tim Mckenna• The Paris base shows an increase in revenue of +13%
compared with 2019. Export volumes in Nouméa and
Los Angeles contributed significantly to this performance.
• Los Angeles performed well with an increase in revenueof +36% in comparison with 2019. Strong demand to CDG
and on a smaller scale to PPT contributed to these results.
• The Japanese market remained closed in 2022 but sales
teams still managed to operate some exports via interline
partners through LAX or CDG.

Charter activity
Comparative table of charter activity 2021 & 2022

132

8 131

2021

million XPF revenue
generated in charter
flights in 2022

tonnes of freighttransported for3.3 billion XPF in revenue

Freight revenue

2022

Variation

Full charter*
Full cargo

54
9

61
0

13%
NA

TOTAL NUMBER FLIGHT HOURS

63

61

-3%

Full charter
Full cargo

145
13

132
0

-9%
NA

TOTAL REVENUE (IN MILLION XPF)

158

132

-16%

* Full charter flights transport passengers only; full cargo flights transport freight only.

Comparative table of freight revenue and tonnage in 2019, 2021 and 2022
2019
Revenue (in million XPF)
Weight (in tonnes)

2021

2 882
8 922

2 550
5 731

2022
3 307
8 131

Variation
19/22*

Variation %*

+425
-791

+14.7%-8.8%

Source: ATN Freight and Management Control Department*2020 was not representative of the usual volume and revenue, and 2021 was not a full year, so variation is calculated using 2019 data as it was the most recent full year.

Charter activity remained limited in 2022 with only 61 hoursof flights performed, a decrease of -3% in comparison with
2021.
In April, the US Order of Malta, completed its 7th consecutive pilgrimage to Lourdes with Air Tahiti Nui.

In June, the company transported Polynesian athletes to
Saipan, in the Northern Mariana Islands for the Pacific Mini
Games.
This activity generated 132 million XPF in revenue (compared with 158 million XPF in 2021, a decrease of -16%).

Number of flight hours

Revenue (M XPF)
Full charter

Distribution of tonnagetransported by origin**

47%

The International Air Transport Association (IATA) indicated that throughout 2022 the demand for airfreight
dropped compared with 2021 (-8%), approaching that of–1.6% in 2019.
Air Tahiti Nui’s tonnage also took a downward trend at-8.8% in comparison with 2019*. Despite this, revenues
increased to 3.3 billion XPF, +14.7% more than in 2019*.
• Export from Papeete in 2022 shows a decrease of –12%
compared with 2019, the reason for this being the decrease in exports to the USA.
• The New Zealand base saw its revenue increase to +83%
in comparison with 2019; this result is principally due tohigh demand, the lack of airlines operating to the USA
in 2022, as well as increased yield mainly thanks to the
support of weekly cargo shipments during the first fourmonths of the year as part of the MIAC (cf. Flight activity,p.22).

32%
10% 11% 0%

CDG

LAX

PPT

AKL

NRT

** Origin of freight departure.

26

Full charter

Full cargo

70 -Full cargo

160 140 -

60 -

120 -

50 -

100 -

40 -

80 30 -

60 -

20 -

40 -

10 0-

20 -

2021

0-

2022

27

2021

2022

ATN’s active rolein the developmentof French Polynesia
Given the geographical isolation of French Polynesia and the importance of the tourism industry inthe country’s economy, Air Tahiti Nui continued to play a vital economic and social role throughout
the year by contributing significantly to the development of Tahiti and its islands.

A locally committed
business

CSR FOCUS AREA 4

CSR FOCUS AREA 4

Commitment #9

Supporting and encouraging regional
economic and social development
projects

By supporting cultural, societal, and environmental initiatives, the company contributes in a significant way to thesustainable development of French Polynesia, while strengthening its links with the local population.

Positioned in 2022 as Polynesia’s 4th largest company interms of workforce and 5th in sales, the company employeda total of 607 employees in Tahiti on December 31st, 2022(+31 new permanent staff hired), and welcomed 90 trainees
over the course of the year.
It also works with several local suppliers and partners (35%
in 2022, up 16 points compared to 2021), such as catering
companies, hotels, travel agencies and other service providers, thus indirectly supporting the local economic ecosystem and economic resilience of Polynesia.
Air Tahiti Nui also plays a vital role in ensuring medical evacuations, thus demonstrating a constructive collaboration
with the country’s health authorities and medical services
in support of local health and well-being. The airline is a
trailblazer in the transport of oxygen kits and incubators
aboard its Boeing Dreamliners. Such essential equipment
means specific evacuation needs can be met. This vital
contribution means that Air Tahiti Nui facilitates rapid access to necessary treatment for Polynesian patients, which
in turn reinforces both solidarity and the management of
medical care in Polynesia.

90%of the territory’s
medical evacuations
to France and
New Zealand are
conducted by ATN

28

Taxes and duties

Operations

4 499 M XPF

3 275 M XPF

Employee costs(employee salaries)

Operational expenses+90.1% compared to 2021

+18.6% compared to 2021

10 286 M XPF
Suppliers(Fuel invoice)+173% compared to 2021

47 M XPF
1 923 M XPF

Social security contributions+26.4% compared to 2021

(State and regional)
including corporate tax (IS)and supplementary corporate
income tax (CSIS)

274 M XPF

Air traffic control-3.8% compared to 2021

+18.7% compared to 2021

Investments

Taxes

35%

Ratio of local suppliers+16 pts compared to 2021

Repayment of debt

NA

548 M XPF

Promotion of Tahiti(media tours andcampaigns)
NA

2 482 M XPF

New borrowings and loans

Suppliers (excluding
fuel, provisions anddepreciation)

Contribution+119.6% compared to 2021

+11.1% compared to 2021

11 722 M XPF+ 38.1% compared to 2021

Amount attributed
to investments

Including sustainable developmentin our business and corporate
cultureThis support given to local associations and their cultural
and/or charitable initiatives came to 9.09 million XPF in
2022 (compared with 5.9 million XPF in 2021).

Employment

1 152 M XPF

Commitment #10

As an integral part of the country’s tourism development
strategy over the next five years, named “Fari’ira’a Manihini2027” (or FM27), which aims to position French Polynesia
as a major inclusive and sustainable tourism destination,
Air Tahiti Nui actively committed to preserving and promoting Polynesian cultural heritage. In 2022, the airline sponsored institutions such as the Museum of Tahiti and theislands-Te Fare Iamanaha, the James Norman Hall Museum,as well as the associations Mémoire polynésienne andÉditeurs de Tahiti et des Îles (AETI).
With a history of strong involvement with local organizations, Air Tahiti Nui and its staff continue to give theirsupport to initiatives helping the vulnerable in Polynesia.
For example, the partnership with Papeete’s UtilBus was
extended, helping priority neighborhoods with mobility
provision for their residents and associations. In addition,
when new coins were introduced, the old ones were collected within the company in support of the “Tōta Tour” which
is a fund-raising event organized every year since 2009,
aiming to raise money for children, teenagers, and young
adults with Down’s syndrome.
Air Tahiti Nui also works alongside various local businessnetworks such as the Act Against Exclusion Foundation(FACE) or the Eco-responsible Polynesian Businesses Club(CEPER) to encourage sustainable development, the development of human capital and the promotion of Polynesia
abroad.

Accounting data 2022 in M XPF

16.2 M XPF

1 983 M XPF

Support of associations(sponsorship, ticket
donations)

Passenger tax+215.6% compared to 2021

90

Number of students
on internships+221% compared to 2021

+78% compared to 2021

(1) Some values may have changed since the publication of the 2021 annual report due to updated indicators.

Loyalty program
The year 2022 marked a return to normal operations after two years of pandemic. The company’s loyalty program
was able to expand its list of partners to offer new opportunities for members of the network to earn and spend theirmiles.
The Club Tiare also continues to enhance the local entertainment scene through its support of cultural and musicalproductions. It hosted new gastronomic events during theyear such as Le dîner d’Epicure Escoffier, the evening Metset Accords hosted by Olivier Poussier, World’s Best Sommelier 2000, who created the airline’s onboard cellar, as
well as master classes hosted by leading names in French
gastronomy.
The company also actively supports Polynesian talent innational competitive events such as the Best Apprentices
in France, for culinary arts and table service, and is proud
to have contributed to the success of young students fromthe Hotel School in Tahiti who returned to the Fenua withno fewer than three gold medals. By supporting local youth,
Air Tahiti Nui plays an essential role in the educational andeconomic fabric of Polynesia.

© Danee Hazama

A key partner forthe community

Air Tahiti Nui’s economic contribution in 2022 (1)On December 31st, 2022, the Club Tiare had a total of
181 000 members (+12% compared with 2021).

29

Active role in the developmentof tourism

ATN, partner of the exhibition “Teahupo’o,la déferlante 2024”

Following the lifting of border restrictions, international air traffic progressively increased throughout 2022 at
Tahiti-Faa’a airport: as of July, passenger activity caught up
with that of 2019, rising further up to the end of the year,
and then increasing +2.8% in the second half of the year. In
line with the recovery, competing airlines increased theirfrequency (cf. Trafic and business revenue, p.24).

At the beginning of October, festivities between Seattle
and Tahiti for the PPT-SEA and SEA-PPT inaugural flights
unfurled; and it was in the United States that the program
was at its busiest. After a welcoming ceremony with city
officials at SEATAC airport on arrival, the Polynesian delegation present for the occasion alongside the representatives and managers of the host facilities and Air Tahiti Nuipartners, attended an inaugural event to showcase thetreasures of Polynesia (see box below) in the sumptuous
surroundings of the Chihuly Garden and Glass Center at
the foot of the Space Needle, on October 5th, 2022.

for 2023), as well as @onmetlesvoiles and @hellotravelers.
In the European market, Italian, German and Spanish influencers helped promote the brand within the LGBTQI+
community, for winter sports and the honeymooner
market.

United States

This increase in competition created difficult circumstances for Air Tahiti Nui who slowly re-opened its Aucklandline from May but was also confronted with the closure of
Asia and the Tokyo route. Unexpectedly, administrative
restrictions implemented by the Japanese government, as
well as a weak demand from Japanese passengers, in anenvironment undergoing reconstruction, prevented the local company from relaunching its activity on the PapeeteTokyo route in 2022. With the aim of sustaining its market
shares on the major Tahiti-United States route and in response to the increasing competition, the new Seattle route
was unveiled at the beginning of October.

The audiovisual archive dedicated to surf culture, The
International Surf Archive (TISA), invited the public
to discover the Teahupo’o rip curl wave during a free
exhibition, supported by Air Tahiti Nui, at the heartof the Paris capital during the Summer of 2022.
“Teahupo’o, la déferlante 2024” brought together
surfing, the new Olympic discipline, and photography.
Through several exhibitions in parks and Paris metro
stations of works by photographers Tim McKennaand the ambassador of Air Tahiti Nui, Ben Thouard,
the event celebrated the wave that will be surfed
during the Olympic Games in 2024.

Local promotional policies were adapted to the pace ofrecovery in each market. Revenues from third parties(consolidators, cruise operators, large retailers, tour operators/travel agents, interline partners, GSA, etc.) continued
to represent the main overall revenue in 2022 (62%), despite a reduction of -13.69% compared with 2019. Company
revenue for online channels increased by +16.30% compared to 2019 (and represent 16% in total revenue); revenue
offline also increased slightly and represents 22% of overall
revenue.

The company also supported and participated in thedevelopment of the Globe40 – a double-handed roundthe world race for Class40 yachts in eight stages, with one
stopover in Tahiti – by facilitating the travel for organizational purposes and the families of sailors.
The Heiva i Paris and Vendée Va’a were two successful
events where the company’s Tiare logo had pride of place;they are now inextricably linked with the company andwere unmissable events once again this year.
Air Tahiti Nui re-established its link with tourism professionals by taking part in the tourism fair and over the year
through a new professional partnership with Trophée
Assurever. A challenge was set to find the top 40 travel
insurance salespeople, who each won a return ticket to
California aboard Air Tahiti Nui and which also publicized
the company name across a large network of travel agents.

France and Europe
During 2022 the destination attracted strong interest fromthe French and European markets.
Overall direct sales (on and offline) on the European market both increased despite revenue from third parties
remaining the major source of market revenue over thefinancial year.
In France, revenue growth was observed across all sales
channels with an increase of +17.5% compared with 2019.
Online revenue recorded a particularly significant increaseof +66% (reaching a total of 28% of French revenue in
2022, compared with 20% in 2019). Offline turnover also
saw an increase of nearly +30% (representing 11% of total
French turnover in 2022, compared with 10% in 2019).

In partnership with Tahiti Tourisme, Air Tahiti Nui finallylaunched a new marketing campaign during the off-peakseason. This campaign aims to inspire new interest in thedestination throughout the year by highlighting otherlesser-known attractions of French Polynesia’s various
archipelagoes.

The company continued to ensure the brand’s visibility at
the heart of all activities close to its heart, and especially in
preparation for the Paris 2024 Olympic Games.

Nos

Curieux Voyageurs
ITINÉRAIRE & BUDGET . VOYAGER AVEC UN BÉBÉ . LES PARCS NATIONAUXL'OUEST AMÉRICAIN

Surfing was therefore given pride of place with the company
committing to being the official transporter of the Frenchsurfing federation: Air Tahiti Nui will transport the athletes
for regular French Team training periods on the Olympic
wave in Teahupo’o until 2024, and the company also accompanied the French Para-surf team to the World Games in Los
Angeles in 2022, returning victorious as world runners-up!
Justine Dupont, who is multiple World Champion and thebest big-wave surfer in the world, also became part of thecompany’s ambassadors for France program.

30

The brand name also featured insocial media by way of regularteaming up with travel specialist influencers. Families and thestopover in Los Angeles were
promoted particularly on the
French market with publications
such as @mytraveldream, @noscurieuxvoyageurs (which included
a guide on Western America andin which Air Tahiti Nui had published a promotional code to incite
travelers to make future bookings

Seattle is one of the most influential hubs of North America,
combining the best of a town and an exceptional naturalenvironment. This new destination aims to place Tahiti
alongside its partners, as the reference company for the
Pacific region within the North American market.
Thanks to the code sharing with Alaska Airlines and a fully
integrated loyalty program, company customers can use
and earn Club Tiare air miles and Alaska Airlines passengers can also use their Mileage Plan air miles when traveling with Air Tahiti Nui.

Third-party revenue still represents most of the total market income in 2022 (81%) but shows a decrease of -4% incomparison with 2019. Online revenue increased over theyear (12% of total revenue in 2022) while the offline revenue decreased slightly by –3.5%.
The re-opening of New Zealand borders helped Air Tahiti
Nui to capitalize on a double destination campaign over
the third quarter 2022, and the launch of the new SeattleTahiti route in October, which was rapidly orchestrated in arecord time of eight months, that mobilized the American
branch during the year.

In addition to the launch of the new Seattle service, over
the year, US activity was focused on partnership development accompanying tourism recovery.
Thus, the emphasis was on charted cruises, participation intrade shows and other conferences with Tahiti islands specialists to promote the Air Tahiti Nui brand. Such roadshows(or “promotional tours”) were organized in July with tour
operators and the North American branch of Tahiti Tourisme (TTNA) in Vancouver, Seattle and Portland.
Alongside the TTNA, Air Tahiti Nui also sponsored themarketing campaign for the 50th anniversary of the UnitedStates Tour Operators Association, which was created topromote integrity within the travel industry.
Lastly, and for the first time, the company launched promotion campaigns for flight+activity packages in the islands,
in partnership with local travel agents.

© Danee Hazama© Elisa Chauveau

Despite the American market caught up in the grip ofsoaring inflation rates, up to almost 7% globally in 2022,
the demand for international travel from the United States
increased (+16% in comparison with pre-pandemic figures),mostly thanks to the strengthening of the dollar which
made the destination more affordable.

Promoting local exporters in Seattle
Business forum Tahiti x Seattle, in Hyatt House, Seattle.
The event took place in the form of speed-dating stylebusiness meetings with prospective clients from a new
territory to conquer -Washington State- who were eager
to discover the Polynesian treasures on display at themini exhibition. It was an opportunity for participants toaccess new markets while boosting the visibility of
Polynesian products and their international expansion.

In addition to Air Tahiti Nui’s mission to transport passengers, it also plays a predominant role in the transportation of merchandise in Polynesia. Thanks to its extensive
expertise in this domain, the company offers freightsolutions to meet logistical requirements for both theimportation and exportation of local businesses.
When the new Seattle line opened, the company collaborated with the Tahitian Chamber of Commerce to accompany the economic partners of the Fenua. They wereinvited by the Polynesian Government and Air Tahiti Nui
to promote their outstanding products such as Tahitian
pearls, Monoi oil, rum and bluefin tuna, to economic
stakeholders in the Seattle area.

This trade mission, organized under the guidance of the
ATN Cargo Team, was followed the next day by a day ofvisits from American businesses operating locally.
A special edition magazine, “When Tahiti meets Seattle”,
presented the event philosophy and in a wider sense,
the new opportunities which go hand in hand with the
opening of this new line.

The day after the opening night, Business France andthe Franco-American Chamber of commerce helped
ATN (through its trade name ATN cargo) to organize the31The Pacific
New Zealand and Australia

Asia
Contrary to expectations at the end of 2022, the reopening of Japan was postponed for year.
When management from the company visited in Tokyoin February 2023, a press conference with trade media gave
Air Tahiti Nui the opportunity to confirm the resumption of
the link to Narita from Winter 2023.
As part of the preparation for re-opening, onsite marketing
teams began to negotiate with Nippon tour operators ofcharter flights between Papeete and Easter Island, for the
first quarter of Winter 2024.

French Polynesia is the only market where online sales
were lower in 2022 than in 2019 (showing a decrease from
20% to 13%). Offline revenues, however, increased +15% incomparison with 2019 and represent three quarters (73%)
of revenue for 2022. Revenue from third parties decreasedby nearly 12%, going from 17% of regional revenue in 2019
to 15% in 2022.

The high point on the NZ market was the announcementby the New Zealand government of the re-opening ofborders for countries who benefit from visa exemptions
from May 2nd, 2022. Despite the very short period of sevenweeks between the government announcement and the reopening of borders, company teams managed to operate
the flight just three days after the country re-opened.
Thus, on Thursday May 5th, one year to the day that thecompany succeeded in gaining a freight subsidy from the
New Zealand Minister for Transport, the first passengers
landed at Auckland Airport.

The company focused its commercial efforts during theyear on supporting the relaunch of the Auckland route in
May and the launch of the Seattle connection in October.
For these events, check-in desks were opened with various
entertainments (Polynesian song and dance performances,a photobooth, and an inaugural ceremony in the customs
area for the first PPT-SEA flight).

Customer satisfaction policy

Such success is the result of an efficient cooperation
between program teams, operators, and sales agents.
Thanks to Air Tahiti Nui’s collaboration and responsiveness,the company was the only transporter able to offer a service between Tahiti and New Zealand for over eight weeks.

On September 8th, 2022, the Air Tahiti Nui online service went one step further. The virtual company assistant can now be contacted via the WhatsApp app on
the following number: +689 89 476 787.
Travelers can now also ask a chat bot for information regarding products and services, conditions forentry into their destination country, flight timetables
and other useful information to prepare their journey,irrespective of the time of day or night.

This year APEX collected ratings from nearly one million
flights operated by almost 600 airlines across the world
to determine a list of the top international companies inoperation.
The Polynesian company also had the pleasure of being
awarded the title of “Best airline in the South Pacific” 2022,
by Global Traveler magazine. An award won for the fifth
year running and for the 9th time since the well-known magazine created these trophies to establish a rating of best
airline transporters, based on the opinion of travelers worldwide.
This prize is coupled with an outstanding 3rd place in the“Best Airlines in Australia and New Zealand” category.

Awards 2022

French Polynesia
The New Zealand market relies principally on third party
channels, and these proportions decreased slightly
between 2019 and 2022.
Online revenue for this region was up by +36% over theyear.

of their service and their facilities. This prestigious rating isformulated using certified opinions of passengers.

ATN now contactable via WhatsApp

Awards contribute to the reputation and notoriety of air
carriers with travelers across the world and showcase
airlines in various fields.
Air Tahiti Nui has made a name for itself over the years
in a number of prestigious competitions and ratings on aninternational basis.
This year is no exception, and titles awarded thanks topassenger voting or professional judging are recognitionof the company’s teams and partners who work tirelessly
every day to create an atmosphere of comfort, security
and well-being for passengers, to ensure that every single
journey onboard a Tahitian Dreamliner is a unique andimmersive experience like no other.

On board services
After having won the award for “The most comfortableseats in the South Pacific” in 2020, this year Air Tahiti Nui
were also awarded the “Best entertainment program” and“Best cabin service” for the South Pacific region, during the
APEX Passengers’ Choice Awards.
Lastly, the company wine list was recognized for its excellent selection during a prestigious ceremony in the “Cellars in the Sky” Awards, held by the Business Traveler magazine.
Consequently, in November, ATN won two Gold Medals in
the “Sparkling wine” and “Rosé wine” in business class, for
the Charles Heidsieck Brut Réserve NV Champagne, andthe Château des Demoiselles–Côtes de Provence: all wines
chosen in collaboration with Olivier Poussier, Head Sommelier.

For the fifth year running, Air Tahiti Nui had the honor ofbeing designated in October “Five Star Major Airline” in the
APEX Official Airline RatingsTM.
Each year, the Airline Passenger Experience (APEX)
awards its prizes to international companies for the quality

CSR FOCUS AREA 1

There were various stages of the relaunch: the hiring ofan airport service official, negotiation of market incentives with all the largest travel groups in New Zealand, thepublication of communications and the organization ofconferences with the local press, poster campaigns in the
Auckland catchment area and at the airport, and communication via newsletters and social media networks.

Commitment #2 [G4-PR5]
Maintaining lasting relations with
our stakeholders
Number of registered complaints madeThis first post-pandemic trip took place after two years ofclosed borders. To mark the occasion, our crews prepareda range of entertainment. On the big day, celebrations wereorganized both at check-in for departing passengers, withukulele players and the distribution of French macaroons incompany colors, and passengers alighting on New Zealandsoil were greeted by a Maori Haka Powhiri at the arrival
gate.

2020
3 419

2021
1 539

2022
2 742

Air Tahiti Nui attaches great importance to the satisfactionof its customers, particularly through the management of
their complaints, which has been centralized in Tahiti since2017 (except for the Japanese stopover).

On the Australian market, the implementation of sales
incentives with two of the country’s largest travel agencies
was the milestone of the year. This was the first time that
Air Tahiti Nui had been part of such a privileged partnershipof this kind. In this way, the company was able to take partin the annual event “Helloworld” in November, alongsideanother 250 high-performance Magellan leisure agencies,
which also helped develop its network.

With a closure rate of 65.86% at the end of June 2022
and an average timeframe of 5 days or less, the company
remains committed to providing a transparent and appropriate reply, whatever the issue, and it considers such
feedback as an opportunity for continuous improvement
towards forming sustainable customer relations.

3233© Danee Hazama

Digitization:
continuing Air Tahiti Nui’s
digital transformation
After drafting a dynamic and collaborative roadmap for its digital transformation, the company
launched several projects in 2022, aimed at digitizing these processes for customers and employees
alike.

Ground handling digitization

Virtual queuing in branches

Each time a Tahitian Dreamliner arrives at a stopover, theprocess involves a multitude of complex and coordinatedoperations both inside and outside the aircraft. Unloading,cleaning, re-fueling, inspection and preparation for departure, are all part of aircraft handling whilst on the ground.
A mobile application is now available to all Air Tahiti Nuipersonnel and service providers. Every operation on the
ground can be followed in real time, with alerts and notifications for any problems or delays, while also providing
direct communication between all parties concerned.
Dashboard overviews can be accessed, facilitating the close
analysis of completed flights and in turn providing information to help further improve on future performance and efficiency, thus positively contributing to flight punctuality.

Air Tahiti Nui’s sales teams are keen to welcome customers
in the best possible conditions. Thus, reception desks havebeen modernized in the Papeete branch.
From this point forward, customers arriving in the agency are invited to select their choice of virtual queue corresponding to the reason for their visit. The tablet informs
them of their number in the line and gives them an estimated waiting time.
This solution also helps sales agents to optimize task allocation and reduces customer waiting time on the whole.
Better still, customers can save time by using the JeFile©
app remotely, as they receive a notification when their appointment slot is coming up, meaning they can then get tothe agency a few minutes before it is their turn.

34

Digital media

dentiality. In addition, employees also have additional
space at their disposal to store their own documents in thedigital safe (bank statements, proof of address...).

The health crisis led to the suspension of all paper media
services onboard Air Tahiti Nui aircraft (available in Poerava
Business class). Company marketing and IT teams worked
together to create and provide a digitized media service
for all our passengers.
The mobile application available to our Customers on
Google Play and App Store, has been expanded to include a
digital newspaper function. Air Tahiti Nui’s e-kiosk cataloguepresents 83 national, international, and Polynesian publications (22 dailies, 61 magazines, including 3 for children). All
passengers with a ticket in any travel class are at liberty to
download the titles of their choice up to 72 hours before
their flight. An e-reader within the app allows access to all
downloaded publications without internet connection. Even
after the flight, all downloaded newspapers and magazines
can still be viewed for an unlimited period.
The e-kiosk is a step towards “zero paper” for Air Tahiti Nuiand the reduction of its carbon footprint: the conversion of
paper to digital media reduced the weight of paper inside
the cabin, thus saving several tonnes of fuel throughout theyear.

New website
As always, Air Tahiti Nui consistently strives to provide customers with services that best meet all expectations, andas such, 2022 saw the construction and development of a
new website. Firstly, collaborative workshops gathered theservices involved and studied the existing site to identifyfunctions needing improvement, understand customer expectations, and design changes to be implemented.
For example, flight searches will be entirely redesigned tofacilitate finding the best fares more quickly and easily. The
creation of interactive spaces will group together information and services regarding specific themes such as Club
Tiare, cargo or the ambassadors.
Finally, for the site to be more intuitive and user friendly,
the interface was redesigned and there was in depth review
of its ergonomics. One of the major project initiatives is theoverall improvement in user experience, irrespective of themobile device used to access the site.
Implementation of the new website is expected mid-2023.

Digital safe

Digital workplace

During the year, all Air Tahiti Nui employees were provided
with a remotely accessible digital safe mobile app, functioning on all terminals.
In practice, it is a highly secure digital storage space, whose
access is limited to one user and the individuals that thisperson has authorized access to. Documents are stored in
PDF format and certified for 50 years from the date they
are first stored (this means they have the same validity as
the original documents).

2023 will also see the completion of a project initiated in
2022 destined to provide a Digital Workplace for all coworkers, on the ground, in the air, or in the other regions.
This digital platform will group together an efficient intranet, contemporary publication tools, an electronic document management system (EDMS), collaborative spaces,a digitization process tool and a powerful indexing andresearch engine.
The main aim is to improve employee experience by facilitating and improving efficiency in internal communication,
collaborative work, as well as the editing and provision ofcontent.

There are multiple advantages stemming from this new
solution: easier document accessibility, streamlined production and distribution, cost reduction in paper and ink
consumption, and improvement in data security and confi-

35

Environmental focus

Commitment #5

One step closer towards “paperless”
operations
In accordance with its commitments to minimize its
environmental footprint and the willingness to respect and support the new practices of its stakeholders(both clients and employees), Air Tahiti Nui continues
to favor innovative paperless solutions and services
wherever possible (cf. Digitization, p.34), such as:• The e-kiosk digital press service, which allows accessto over 83 publications on individual seat screens,downloadable free of charge before the flight andaccessible offline.
• Tablets for pursers, and Electronic Flight Bags
(EFBs) installed in cockpits, which significantly reduce the amount of printed documentation requiredby flight crews.

Contribute towards the preservationof Tahiti and its biodiversity
3. Raising passenger awareness about
the company’s environmental approach
Since June 2021, Air Tahiti Nui has relied on its partner
Carbon Click and its voluntary carbon offset platform toenable climate-conscious customers to offset their carbon
footprint, by proposing to finance certified environmental projects located in New Zealand, Great Britain, and theUnited States.

50%

Commitment #4of the carbon offset costsof its volunteer passengers paidby the company

Mitigate the impact of our activity
on the ground© Danee Hazama

2. Reducing the impact of activity on
the ground by involving employees

CSR FOCUS AREA 2
Reduce the impact of our flight activity
Since its first carbon assessment in 2015, Air Tahiti Nui continues to monitor its greenhouse gas emissions and optimize its
fuel consumption by implementing initiatives towards minimizing its carbon footprint (95% of the airline’s emissions are
directly linked to flights). These initiatives are structured around four key areas.

Commitment #3
Plastic reduction on board

Reduce our emissions and participate in
the fight against climate change

Implementing solutions to reduce the use of plastic in thecabin helps reduce the environmental footprint of air travel.
Since Air Tahiti Nui is already committed to this process, aworking group was launched at the end of September to
identify and replace as many plastic items and materials
with more environmentally friendly alternatives, whilst taking into consideration the numerous restrictions related toits activity (airline safety, security, and hygiene standards
as well as local regulations, etc.)
Key initiatives adopted in 2022 include the replacement ofplastic containers with paper cups (for cold drinks) and theuse of kraft packaging for Poerava Business comfort kit accessories.

1. Optimizing the carbon efficiency of our flights
Since the end of 2019, Air Tahiti Nui has operated an exclusive fleet of four Boeing B787-9 Dreamliners. These newgeneration twin-engine aircraft enable significant reductions in both greenhouse gas emissions and noise pollution(below 85 decibels during take-off and landing).
Meanwhile, Air Tahiti Nui has continued to apply operational procedures which aim to optimize daily fuel consumption (such as adjusting routes and fuel loads, ﬂight tracking,good piloting practice and maintenance operations, etc.)36

4. Contribute to climate action throughcarbon offsetting

Hand in hand with efforts to reduce CO2 related to flights,
Air Tahiti Nui continues to raise awareness of everyday
eco-friendly practices for employees on the ground andpromotes energy efficiency on its premises.
Given that air-conditioning is the number one source ofelectricity consumption, particularly in tropical climates,
particular attention was paid to setting parameters at thehead office and several insulation improvements were carried out in the technical building. As a result, a slight reduction of -3.19% was achieved compared to 2021.

From a regulatory point of view, Air Tahiti Nui continues tocomply with ICAO obligations, monitoring and reportingof its greenhouse gas emissions on an annual basis (seeGovernance, Compliance and Risk Management, p.15).
Apart from regulatory compensation, Air Tahiti Nui aims to
do more to promote the good practice of voluntary carbon offsetting, by taking this approach a step further andcommitting to pay 50% of the carbon offset costs of thosepassengers who volunteer to take part in the program.

Energy consumption in the 4 buildings in Tahiti (in KW)
63% of consumption stems from the Tua Rata head office,representing +4000 m2 and housing over 250 ground staff.

2020
850 5812021
866 794

While the portfolio of certified projects selected by ATN
with Carbon Click does not yet include any tree-planting
initiatives in French Polynesia as the destination is not certified or registered on the voluntary carbon offset market,
Air Tahiti Nui has reaffirmed its support for the many local
actors committed to preserving the biodiversity of the islands.
These include organizations such as the Coral Gardeners(coral reef conservation), Te Mana O Te Moana (the protection of Polynesian marine life, and turtles in particular),Mata Tohora (the protection of marine mammals, especially whales), Oceania (for the study and protection of cetaceans in Moorea), La Brigade Verte (raising environmental
awareness mostly in schools), Human Underwater Society(the study of humans in the underwater environment),
Vik’Ura Tahiti (for the protection of the endemic Lori birdin Polynesia).
This support came to 7.180 million XPF over the year (compared with 3.1 million XPF in 2021).

2022
839 875

In 2015, Air Tahiti Nui also committed to gradually replacing its service and company vehicles with a more sustainable fleet, investing as much as possible in electric utility
vehicles and small cars.
This was achieved in 2022. Air Tahiti Nui’s fleet is now 100%
eco-responsible: it has 7 electric vehicles and 2 hybrid
models (compared with 2 combustion-powered cars,
2 hybrids and 5 electric cars in 2021).
Promoting an internal environmental approach
During the year, the CSR unit focused on the issue ofmobility by taking part in the “assises de la mobilité”(mobility conventions) organized by local authorities topromote alternative modes of transport internally.
It also carried out a survey on the possibility of establishinga fleet of electrically assisted bicycles and organized information stands offering preferential rates with its partners
E-bike Polynesia and Hello Scoot.

7.180

Meanwhile, since they have direct contact with passengers and are important company ambassadors, flight attendants took part in workshops providing information
to raise awareness about sustainable development andcompany CSR policies, as well as rallying them around thecompany’s CSR challenges and commitments.

million XPF allocatedto local environmental
initiatives in 2022
37

Financial
statements© Danee Hazama

Summary
Financial results

40

Income statement

42

Cash flow statement

44

Annual accounts note

45

Report from the statutory auditorson the annual financial statements

56

DISCLAIMER:
The English version of this report is a translation of the original in French for information purposes only.
In case of a discrepancy, the French original will prevail.

38

39

Financial results

Liabilities balance sheet

Gross assets balance sheet
In XPF

Gross

Amort.
& prov.

Net
31/12/2022

Net
31/12/2021

In XPFNet
31/12/2022

Net
31/12/2021

UNCALLED SUBSCRIBED CAPITALNET FINANCIAL POSITIONINTANGIBLE FIXED ASSETS
Startup costs
Development costs
Licenses, patents and similar rights
Goodwill
Other intangible fixed assets
Advance payments on intangible fixed assets

Social or individual capital

1 622 956 875

1 622 956 875

Issue, merger and contribution premiums

1 700 973 600

1 700 973 600

1 6 2 295 688

1 62 295 688

TOTAL intangible fixed assets:

20 222 195
589 836 070

20 222 1 9 5 		410 607 748
179 228 322

28 580 203		
638 638 468

430 829 943

28 580 203

7 312 238

207 808 525

232 460 329

TANGIBLE FIXED ASSETS
Sites/lands
Buildings
1 658 2 1 8 053
248 918 932
1 409 299 1 2 1Technical installations, Industrial equipment and tools
3 687 432 349
792 599 6 1 7
2 894 832 732
Other tangible fixed assets
8 1 5 296 473
560 467 339
254 829 134
Fixed assets in progress				
Advances and prepayments				
TOTAL tangible fixed assets:

6 160 946 875

1 601 985 888

4 701 8 9 1
220 446 200

4 558 960 987

Revaluation variance
Legal reserve
Statutory or contractual reserves
Regulated reserves
Other reserves

1 467 160 8 2 1
2 887 308 3 3 1
263 005 240
10 921 6 6 1

Retained earnings

5 87 1 027 348

1 206 495 7 6 1

Annual result(2 893 166 231)

4 664 5 3 1 587

TOTAL Net position:

6 464 087 280

9 357 253 5 1 1

4 628 396 053

INVESTMENT SUBSIDIESEQUITY

6 464 087 280

9 357 253 5 1 1

REGULATED PROVISIONSFINANCIAL FIXED ASSETS
Investment valued using the equity method
Other investments
Receivables related to investments
Other fixed equity
Loans
Other Financial fixed assets

556 598 684
556 598 684
447 275 000
422 874 000
24 401 000
996 532
996 532		
2 075 840 928		
2 075 840 928

24 402 000
2 000 0002 0 1 2 129 339

Provisions for contingencies

2 644 422 491

2 349 455 960

Provisions for charges

4 882 225 932

3 351 288 464

TOTAL Financial fixed assets:

3 080 7 1 1 144

980 469 216

2 100 241 928

2 036 531 339

PROVISIONS FOR CONTIGENCIES & CHARGES

7 526 648 423

5 700 744 424

FIXED ASSETS

9 880 296 487

3 013 285 047

6 867 011 440

6 897 387 7 2 1

922 931 424

21 633 355

901 298 069

761 575 359

32 01 7 241 193

34 47 1 529 038

60 566 687

60 599 286

32 077 807 880

34 532 128 324

48 1 1 4 886

49 031 7 1 1

INVENTORIES & WORK IN PROGRESS
Raw materials and supply
Inventories and production of goods in progress
Inventories and production of services in progress
Inventory of finished and semi-finished products
Inventories of goods
TOTAL inventories & work in progress:

FINANCIAL LIABILITIESConvertible debenture loans
Other debenture loans
Loans and liabilities from credit institutions
Miscellaneous financial loans and debts

922 931 424

21 633 355

901 298 069

761 575 359

RECEIVABLES
Advances and prepayments on orders
Trade receivables and related accounts
Other receivables
Uncalled subscribed capital

22 768 829		
1 1 7 1 340 579
5 954 265
26 802 142 1 7 1
1 67 127

22 768 829
1 165 386 314
26 801 975 044

37 369 647
1 169 477 927
36 294 237 7 1 6

ADVANCES AND DEPOSITS RECEIVED ON CURRENT ORDERS
Trade creditors and related accounts

1 556 207 549

1 469 641 259

TOTAL receivables:

27 996 251 579

27 990 130 187

37 501 085 290

Tax and social security liabilities

1 897 922 641

2 1 7 1 590 747

5 961 791

8 623 642

Other liabilities

1 853 531 353

1 975 468 799

TOTAL Other liaibilities:

5 313 623 334

5 625 324 447

DEFERRED REVENUE

9 486 644 778

8 207 832 199

LIABILITIES

46 926 190 878

48 414 316 681

808 998 175

400 940 3 1 1

61 725 924 756

63 873 254 927

6 1 2 1 392

LIQUID ASSETS AND OTHER
Marketable investment securities
Liquid assets
Prepaid expenses

2 1 864 197 959		
3 660 059 298		

21 864 197 959
3 660 059 298

15 367 773 1 6 2
3 308 953 406

TOTAL liquid assets and other:

25 524 257 257		

25 524 257 257

18 676 726 568

CURRENT ASSETS

54 443 440 260

27 754 747

54 415 685 513

56 939 387 2 1 7443 227 803		

443 227 803

36 479 989

61 725 924 756

63 873 254 927

Loan issue costs to amortize
Bond redemption premiums
Unrealized foreign exchange losses
GRAND TOTALTOTAL financial liabilities:
MISCELLANEOUS LIABILITIES

Liabilities on fixed assets and related accounts

64 766 964 550

40

3 041 039 794

Currency translation adjustment- liabilities
GRAND TOTAL

41

Income statement
			Net
In XPF
31/12/2022

Net
31/12/2021

Sale of merchandise
Sale of products- goods

			Net
In XPF			
31/12/2022

Net
31/12/2021

OPERATING RESULT(2 731 950 702)

(3 102 888 455)

109 096 479

1 9 749 927

Allocated gain or transferred loss

Sale of products- services			

30 662 345 550

15 299 785 552

Sustained loss or transferred gain

Net revenue			

30 662 345 550

15 299 785 552

FINANCIAL INCOME
Financial income from investments
Income from (transferable) securities and fixed asset receivables

Stored production

Other interest receivable and similar income

Self-constructed assets

Write-backs of provisions and transfer of expenditure

Operations subsidies

165 6 6 6 031

3 836 926 491

Exchange rate gains

Write-backs of provisions and transfers of expenditure551 8 1 2 227

300 077 272

Net income from sale of investment securities

575 8 1 1

30 936 539

31 380 399 619

19 467 725 854

Other products
OPERATING INCOME

706 330

Financial allowance for depreciation and provisions

1 478 680 291

773 539 661

642 3 41 659

201 702 862

479 916 307

487 707 87 1

1 502 839 467

603 931 901

2 625 097 433

1 293 342 634

FINANCIAL RESULT(1 146 41 7 142)

(519 802 973)

(3 878 367 844)

(3 622 691 428)

1 150 453 386

8 402 962 405

Exchange rate losses

Purchase of merchandise [and customs duties]

753 789 734

FINANCIAL EXPENSES
Interest and related expenses

EXTERNAL EXPENSES

1 368 877 482

Net expenses from sale of investment securities

Inventory change
Purchase of raw materials and other supplies

1 1 132 401 594

4 090 694 486(77 157 452)

(42 346 403)

Other purchases and external expenses

13 677 010 803

9 51 6 770 226

INCOME BEFORE TAXTOTAL external expenses:

24 732 254 945

13 565 1 1 8 309

EXTRAORDINARY INCOME

43 340 269

35 885 0 1 5

Inventory change [raw material and supply of provisions]

TAXES, DUTIES AND SIMILAR LEVIESExtraordinary income from management operations
Extraordinary income from capital transactions

STAFF COSTS
Salaries and wages

4 498 890 932

3 793 753 547

Social costs

1 923 052 708

1 521 837 073

TOTAL staff costs:

6 421 943 640

5 315 590 620

141 815

Write-back of provisions and transfer of expenditure
1 150 595 201

8 432 043 153

160 349 730

1 29 905 434
1 0 914 704

EXTRAORDINARY EXPENSES
Extraordinary management operations expenses

OPERATIONAL PROVISIONSExtraordinary capital transaction expenses

343 858

Depreciation allowance for amortization on fixed assets

Extraordinary amortization and provision allowance

700 000

339 483 722

355 907 252

Provisions for fixed assets
Provisions for current assets

1 1 777 652
1 7 303 096

EXTRAORDINARY RESULT

1 6 1 393 588

140 820 138

989 201 613

8 291 223 015

1 6 154 5 1 238 330 5 1 2Provisions for risks and expenses

1 734 432 2 1 4

2 564 12 5 8 1 7Profit-sharing		

TOTAL operating provisions:

2 090 070 448

2 958 363 5 8 1

Income tax payable

OTHER OPERATING COSTS

824 74 1 0 1 9

695 656 784

OPERATING COSTS

34 1 1 2 350 3 2 1

OPERATING RESULT(2 731 950 702)

42

4 000 000

4 000 000

TOTAL REVENUE

34 009 675 1 1 1

28 673 308 668

22 570 614 309

TOTAL EXPENSES

36 902 841 342

24 008 777 081(3 102 888 455)

PROFIT OR LOSS

(2 893 166 231)

4 664 531 587

43Cash flow
statement

Annualaccounts notes
I – Description of activity

In XPF			NET INCOME

2022

2021

(2 893 166 231)

4 664 531 587

Elimination of costs and gains with no incidence on cash flow,

S.A.E.M.L. AIR TAHITI NUI, is a local semi-public limited company, formed 31st October 1996. The company is headquarteredin the Tua Rata building in Faa’a, French Polynesia.
The company’s main activity is airline transport of passengers on regular flights and charter flights, airline transport of
freight as well as the provision of all services directly or indirectly linked to its airline transport activity.
The fiscal year begins January 1st and ends December 31st. The submitted accounts are shown in XPF.

or non-operational:
Amortization, depreciation and provisions
Capital gains on disposals, net of tax

2 339 373 163

2 880 448 803

136 679(862 448)

Climate change is a major concern for the airline transport industry and particularly for Air Tahiti Nui.

Share of investment grants transferred to the profit and loss account(553 656 389)

7 544 1 1 7 942

Increase/decrease in inventories(153 838 1 1 3 )(139 470 203)

Increase/decrease in trade receivables

7 1 1 6 470 266(8 706 847 369)

Increase/decrease in operating liabilities

1 376 914 356

2 167 659 5 1 0

NET CASH FLOW FROM OPERATING ACTIVITIES

7 785 890 120

865 459 880

Acquisitions of fixed assets(1 1 5 1 285 154)

(520 727 520)

642 779 964

100 269 038

Change in other payables & receivables related to fixed assets

1 673 392 910

1 726 509 6 5 1

NET CASH FLOW DERIVED FROM INVESTMENTS

1 164 887 720

1 306 051 169

CASH FLOW FROM OPERATION
Adjustments in working capital requirements attributable to operations:

Proceeds from disposals of fixed assets

II – Sustainable development and climate

Capital increase/decrease in cash

In the light of this emergency, and of the regulatory changes related to the environment affecting a wider number of businesses, Air Tahiti Nui has been voluntarily committed, since 2015, to matters concerning corporate social responsibility(CSR).
In particular, the company has identified its main commitments and actions through a strategy based on:- reducing its carbon footprint by entirely replacing its fleet of aircraft end of 2018 and changing to more modern andhigh-performance aircraft for a lower environmental impact;- fully committing to the IATA (International Air Transport Association) as part of the CORSIA (Carbon Offsetting andReduction Scheme for International Aviation) to reduce effects of airline activity on the climate;- as long-standing local partner of French Polynesia, to supporting Polynesian initiatives and associations that are fullycommitted to environmental preservation and biodiversity.
On December 31st, 2022, Air Tahiti Nui considers that the risks linked to the impact of climate change, both in the short andlong term, are not thought to have any significant effect on the operational continuity of the company or on the value of
its assets.

III – Key events
III – 1. Business continuity

Payment of dividends
Issuance of loans

0

457 000 000

Loan repayment(2 457 523 051)

(1 429 706 2 1 7 )(32 599)(2 103 192 865)

NET CASH FLOW FROM FINANCING ACTIVITIES(2 457 555 650)

(3 075 899 082)

CHANGE IN CASH AND CASH EQUIVALENTS

6 493 222 190(904 388 033)

Cash and cash equivalents at the beginning of the period

15 366 932 442

16 27 1 320 475

Cash and cash equivalents at the end of the period

21 860 154 632

15 366 932 442

Change in cash and cash equivalents

6 493 222 190(904 388 033)

Deposits and guarantees
Investment grants received

44

The global spread of Covid-19 since the start of 2020 has had a major impact on airline traffic throughout the world. The
strict travel constrictions put in place by certain countries from March 2020 led to a significant reduction in airline traffic.
Resumption of services started at the beginning of the second half of 2021 and continued well into 2022.
Air Tahiti Nui retained a certain number of measures to limit the ongoing impact of the pandemic on the company’s activity
and viability. These measures included adjusting capacity offer in line with demand, the securing of liquid assets and theextending of payroll measures implemented in November 2020.
The going concern assumption was assessed by evaluating the financial forecast over a minimum of a one-year period
and by analyzing ATNs sales activity as the COVID-19 pandemic receded. During 2022, Air Tahiti Nui bounced back with apositive operations cashflow, reporting available liquid assets of 21.8 billion XPF by December 2022.
Thus, having considered the uncertainties associated with the current context and notably the fluctuation in oil prices, theBoard of Directors approved the financial statements for the fiscal year on Dec 31st, 2022, on an ongoing concern basis,considering the improvement in the health situation since the end of 2021, the resumption of business with capacity forecasts for 2023 up on 2019, and the cash position at the end of December 2022.

45

III – 2. Financial aid
In 2020, the company was granted Loans Guaranteed by the French State (“PGE”) for a total amount of 7,885 billion
XPF. These loans granted by the three local banks (Banque de Polynésie, Banque de Tahiti and Socredo) and the BanquePublique d’Investissement benefit from a 90% guarantee from the French government, an initial maturity of 12 months withbullet payments. During the 2022 financial year the company chose a complementary deferral for 12 months and repayments over 4 years from 2022. In respect of the financial year 2022, the company made capital and interest payments ofa total of 854 M XPF.
On November 25th, 2021, the majority shareholder, the government of French Polynesia, approved the allocation of abalancing subsidy to the value of 8.1 billion XPF. This subsidy was paid off in three installments: 2.1 billion XPF in 2021
(this payment was conditioned by the advance on current account of 2.1 billion XPF granted in October 2020, andrepayment of which was made October 20th, 2021), 3 billion XPF January 2022, and the balance of 3 billion XPF September
29th, 2022.
The company also received funds granted by the French State (solidarity funds and fixed cost assistance) for a total ofalmost 3.4 billion XPF, of which 2 billion recorded in accrued income to be received December 31st, 2021 and redeemed
during the financial year 2022.

IV – Accounting rules and methods

In thousands XPF

Accounts presented for S.A.E.M.L. AIR TAHITI NUI were prepared in accordance with the provision of the chart of accounts
1999, made applicable in French Polynesia by the ruling n° 2011-13 APF of May 5th, 2011.
The balance sheet as presented covers the period of January 1st to December 31st, 2022, a period of 12 months. The previous
year also covered a period of 12 months.
The accounts for the financial year 2022 were adopted pursuant to the following general principles:- business continuity;- cut-off procedures;- prudence concept;- consistent methods.

IV – 2. Conversion of foreign currency transactions
Income and expenses denominated in foreign currency are recorded as their equivalent value in XPF on the operation
date. Debts, receivables, and existing cash balances in foreign currency are converted at the exchange rate effective on
December 31st. Any differences are carried over to the profit and loss account for cash balance and recorded on the balance
sheet under “conversion differences” for debts and receivables. There is provision for unrealized losses.
In accordance with applicable accounting and tax regulations, the principal methods used are described below.

IV – 3.1. Intangible fixed assets
Gross values:
the main variations of intangible fixed assets are:Gross
opening value

Acquisitions

Research and development costs
SoftwareImage bank
Web platform
Other
Fixed assets under construction

20 222344 903
1 36 272
97 773
512
7 312

0
2 113
1 078
0
0
28 453TOTAL GROSS INTANGIBLE
FIXED ASSETS

606 994

31 644

Account toaccount
reclassification

Grossvalue at close

0
0
0
0
0
0

0
0
3 485
3 700
0
-7 18520 222347 0 1 6
140 835
101 473512
28 58000638 638

Disposals

Increases

Closing
allocations

Decreases

15 5201 98 862
76 89283 2594 702
26 276
1 8 495
6 824

0
0
0
0

20 222225 139
95 38790 083TOTAL INTANGIBLE FIXEDASSETS AMORTIZATION

374 534

56 2960430 830

IV – 3.2. Tangible fixed assets
The main variations concerning tangible fixed assets are as follows:
Gross opening
value

Aquisitions

Building
Fittings
Material and tools
General installations
Transport material
Office & IT equipment & Furniture
fixed assets under construction

1 134 209524 009
3 509 135
466 2 21
10 368322 0 1 1
10 92200178 2988 335
027 4680

TOTAL GROSS TANGIBLE
FIXED ASSETS

5 976 875

214 100

Account toaccount
reclassification

Grossvalue at close000-8 612-1 890-19 457-70

00
0
10 8520
0-10 852

1 134 209524 009
3 687 432
476 7968 478
330 0220-30 0290

6 160 947

Disposals

Gross values:
Tangible fixed assets are based on historical cost.
Acquisitions for the year amount to 214.1 M XPF and mainly concern purchase of rotables and tooling.
Outflow for the fiscal year amount to 30 M XPF and mainly concern the disposal of office and IT equipment and furniture(outgoings for fixtures relate to the Tokyo Office).
Amortizations:Tangible fixed assets are amortized at 1 601.9 M XPF.

In thousands XPF

IV – 3. Fixed assets

Opening
allocations

Research and development costs
SoftwareImage bank
Web platform

In thousands XPF

IV – 1. Accounting policies

In thousands XPF

Amortization:
Amortization of intangible fixed assets up to 430.8 M XPF, software up to 225.1 M XPF.

Opening
allocations

Increases

Decreases

Allocations
at close

Building
Fittings
Material and tools
General installations
Transport material
Office & IT equipment & Furniture

74 223
1 1 6 834
6 2 1 826
2 9 1 620
10 368233 608

22 69335 169170 773
29 5910
24 96100
0-8 547-1 890-19 243

96 9 1 6
152 003792 600
312 6648 478
239 326

TOTAL AMORTIZATION TANGIBLE
FIXED ASSETS

1 348 479

283 187-29 6811 601 986

The amortization rates applied by the company are as follows:- industrial material: 20 - 50 % (2 - 5 years);- building and fittings: 2 % - 5 % (20 - 50 years);- fixtures and fittings: 10 - 33,33 % (3 - 10 years);- transport material: 20 - 100 % (1 – 5 years);- office equipment: 10 - 50 % (2 - 10 years);- IT equipment: 20 - 50 % (2 - 5 years).
Amortizations are applied according to the straight-line method.

The valuation method of intangible assets was based on historical cost.
The acquisitions for the year of 31.6 M XPF are fees related to the Web platform for 24.6 M XPF (assets under construction).

Replacement components which ensure use of the fleet are amortized on a straight-line basis for their residual service life.
Service life is capped at a maximum of 24 years.

46

47

IV – 3.3. Financial fixed assets
Financial fixed assets at the end of the fiscal year:

Gross value2022

In thousands XPF

Net value2022

Depreciations

Receivables linked to investments
Equity investments
Staff loans
Deposits and guarantees

556 599447 275997
2 075 841

556 599422 874997
0

024 4010
2 075 841

TOTAL FINANCIAL FIXED ASSETS

3 080 7 1 1

980 469

2 100 242

Principally this concerns deposits and guarantees made in currency (USD, EUR, JPY, XPF, NZD, CAD). These fixed assets
were evaluated during the closure of accounts on December 31st , 2022. They figure on the balance sheet assets for a total
gross sum of 2 075.8 M XPF.
Subsidiary and investments:
Equity investments (holding percentage over 10%), comprise of:In thousands
XPF

Capital

Tahiti Nui
Helicopters

Accounting
value ofowned shares

Equity(other thancapital)Share ofcapital held(%)

-1 18449.84%

848

Gross

Net

423

-

In June and August 2019, the company received two Boeing 787-9s as part of its fleet renewal. These two acquisitions
were financed by company equity, bank loans and investment tax incentives. The accounting treatment consisted inrecording the aircraft as fixed assets at purchase price and divesting them cent for cent immediately to portage vehicles.
The company granted a vendor credit to the portage vehicles for the acquisition of the aircraft which were then leased
to the company. As a result, rental invoices issued by the portage vehicles are recorded against the vendor credit without
cash outflow.
On December 31st, 2022, the vendor credit balance amounted to 26 438 M XPF.
The two other Boeing 787-9 have been leased to Air Lease Corporation since 2018 and January 2019.

IV – 7. Liquid assets
On December 31st, 2022, the amount of liquid assets was 21 864.1 M XPF. Foreign currency bank balances were valued
according to foreign currency exchange rates on December 31st, 2022.

IV – 8. Prepaid expenses
These amount to 3 660 M XPF at the end of the financial year, compared to 3 308.9 M XPF on December 31st, 2021, being
principally divided as follows:

Amountin M XPF

Grantedloans andoutstandingloans andadvances

Sales
excludingtax

Revenue at
end of fiscal
year

407

744

-176

Taking into consideration the airline’s support of its subsidiary TNH and the level of equity, provision for a net negative
situation was recorded in the Air Tahiti Nui accounts for an amount of 255.7 M XPF on December 31st, 2022.
Equity interests, receivables and current accounts were fully depreciated at the date of close.
During its meeting on November 9th, 2021, the Board of Directors authorized a restructuring project of TNH’s capital withthe granting of a cash advance to the current account of a maximum of 300 M XPF, 200 M XPF of which was released
November 2021 and 100 M XPF in May 2022. In a meeting on August 26th, 2022, the board of directors further authorized
an associated current account advance of a maximum sum of 200 M XPF of which 100 M XPF was released in December
2022.

IV – 4. Stocks
At the year end, stock valued as balance sheet assets for a gross total of 922.9 M XPF and breaks down principally as
follows:- aircraft catering stock supplies for 315.2 M XPF distributed across storage sites in Papeete and other stations and valued
at last cost price;- Boeing consumables stock for 407.8 M XPF, valued at weighted-average cost.

Aircraft rental
Maintenance charges
Insurance premiums on aircraft loans
Other

2 657.6
45 7.1545.4

TOTAL PREPAID EXPENSES

3 660.1

IV – 9. Equity
Capital stock composition
At the end of the financial year, capital stock is composed of 12 983.655 shares with a nominal value of 125 XPF.
Variation of equity
At the end of the financial year equity was 6 464.1 M XPF. The table below details these variations during the financial yearof 2022:In thousands XPF

Equity31/12/2021

Appropriation
N-1by AGO

Financial
year result
2022

Equity31/12/2022

Provision at the end of year closure of accounts was 21.6 M XPF and corresponds to the depreciation of commissary stock.

Capital stock
Issue premiums
Legal reserve
Retained earnings
Result

1 622 957			
1 700 974
162 296
1 206 496
4 664 532
4 664 532
-4 664 532-2 893 166

1 622 957
1 700 974
1 62 296
5 871 027
-2 893 166

IV – 5. Trade receivables

TOTAL EQUITY

9 357 254

6 464 0870

-2 893 166

Receivables are recorded at their nominal value and amount to 1 171.3 M XPF on December 31st 2022.
Receivables presenting a non-recovery risk at the end of the financial year are funded for 100% of their gross value in theassessment, amounting to 5.9 M XPF on December 31st, 2022. These doubtful receivables amounted to 42.9 M XPF on
December 31st, 2021.
A reversal of the provision for doubtful receivables was recorded during the year to the amount of 39.4 M XPF.

The legal reserve is 162.3 M XPF which represents 10% of the capital stock.
The general meeting, having approved the end of year accounts for 2021, retained the appropriation for the sum of
4 664 532 M XPF.

IV – 10. Provisions for liabilities and expenses

IV – 6. Other receivables
Other net receivables of funding increased from 36 294.2 M XPF on December 31st 2021 to 26 801.9 M XPF on December
31st 2022 and break down principally as follows:

Amountin M XPF
Vendor credit granted to SNC Diderot Financement 30 and SNC OTOATax receivables (Home territory and other countries)
Accounts linked to BENU
Accrued income
Other

26 438.4
34.6
150.5
1 5 1 .7
26.8

TOTAL OTHER RECEIVABLES

26 80248

IV – 9.1. Appropriation of profits

The total figure for provisions for liabilities and expenses appears in the liabilities side of the balance sheet, amounting to7 630.3 M XPF and breaks down as follows:

In thousands XPF

Opening

Allowances

Write-backs

ClosureProvision for litigation
Provision for foreign-exchange losses
Provisions for pension commitments
Provisions for retirement Japan
Provisions for large scale maintenance

2 313
36
340
38
2 973

91
442
0
4
1 640

-202
-36
-2 1
0
-92

2 202
442
319
42
4 521

TOTAL PROVISIONS FOR
LIABILITIES AND EXPENSES

5 701

2 177

-352

7 527

49

IV – 10.1. Liability provision

IV – 12. Miscellaneous loans and financial debts

Provisions for liability amount to 2 202.1 M XPF and reflect the exact sum of contested liabilities for dispute linked to transport, suppliers and other litigations and provisions for refinancing the negative net situation of the TNH affiliate (see supranote IV-3.3).

Miscellaneous loans and financial debts amount to 60.6 M XPF and principally concern directors’ fees and tour operator
deposits.

As a reminder, December 1st, 2021, the social section of the Supreme Court delivered its judgment overruling the judgment
passed November 21 2019 by the Papeete Court of Appeal which had initially dismissed the plaintiffs’ applications in relation to the company. This judgment refers the case and all parties to the Papeete Court of Appeal for which the Hearing
date is planned for 2023. As such, provision has been made for additional risks, of 78.9 M XPF, December 31st, 2022.

Liabilities are carried over onto the balance sheet at their nominal value after taking into consideration all accruals that may
result from company contractual obligations and applicable fiscal and social legislation.

IV – 13. Operating liabilities

Suppliers’ liabilities amount to 1 556.2 M XPF on December 31st, 2022, compared to 1 469.6 M XPF December 31st, 2021,
and are broken down as follows:

Amountin M XPF

IV – 10.2. Provisions for foreign exchange risk
The evaluation of these liabilities and receivables in foreign currency was conducted according to the closing price. The
exchange rate differential was funded to the sum of 442 M XPF.

Supplier liabilities
Accounts payable for fixed asset suppliers
Supplier liabilities - invoices not received

1 072.4
6.0
483.8

Since 2013 the company has applied the method recommended by The Association of Chartered Accountants (France),
defined in accordance with the standard IAS 19 (International Accounting Standard 19).

TOTAL SUPPLIER LIABILITIES AND RELATED ACCOUNTS

1 562.2

An average year’s salary over the 12 final months was selected as the base reference salary for calculations.

Fiscal and social liabilities amount to 1 897.9 M XPF December 31st, 2022, and are broken down as follows:

IV – 10.3. Provisions for retirement benefits

The selected discounting rate is 3.75% at the end of December 2022
Provision for Papeete employee retirement indemnities amounts to 319 M XPF at the end of the financial year 2022.

IV – 10.4. Provisions for large-scale maintenance
Maintenance provision (Engine, APU, landing gear and airframe) stands at 4 520.9 M XPF. Provisions are evaluated basedon information available on the reporting date, to determine the amount equal to the best possible estimate of outflow ofresources. The elements based on foreign currency due to inherent commercial practices in our operations are converted
using the closing exchange rate to give the best estimate of outflow of resources in XPF, the reference currency to establish company accounts. The differences in the exchange rate resulting from the closing conversion rate are recorded in
profit and loss.
Estimates concerning provision for engines and APUs rely on the maintenance contracts signed by the company. These
costs take into consideration contract escalation and a number of hours and cycles estimated up until the first visit.

Amountin M XPF
Provision for paid leave
Social contributions
Provision for social costs on paid leave
Other

455.8
295.3
188.6
252.4

TOTAL SOCIAL LIABILITIES

1 192.1

Collected passenger tax
Other tax liabilities

655.2
50.6

TOTAL FISCAL LIABILITIES705.8

TOTAL FISCAL AND SOCIAL LIABILITIES

1 897.9

Provisions for landing gear and airframe are evaluated by estimating the cost of a future replacement.
Maintenance reserves paid in connection with lease contracts are recorded as prepaid expenses. During large scale maintenance, calls for reserve will be deducted from prepaid expenses. Liability provision was recorded at the end of the financial
year corresponding to the amount of reserves paid which cannot be recovered at the end of the contract.

IV – 14. Other liabilities
The entry “other liabilities” went from 1 975.5 M XPF on December 31st 2021 to 1 853,5 M XPF December 31st 2022 and isdivided as follows:

Amountin M XPF

IV – 11. Loans and debts with Credit institutions
On December 31st, 2022, loans and debts from credit institutions amounted to 32.3 M XPF, and -361 M XPF exchange
differential.
Loans and debts from credit institutions in foreign currency are valued at their historical cost. An exchange differential isrecorded at the end of the financial year.

Statement of debt maturities
from credit institutions(in XPF)

Gross amount
31/12/22

At 1 year
maximum

BPI - 2020
BPI - 2020
Banque de Polynésie - 2019
Banque de Polynésie - 2020
Banque de Polynésie - 2021
Société Générale - 2019
Pré-financement 2019
Banque de Tahiti - 2018
Banque de Tahiti - 2020
Banque Socredo - 2020
Société Générale - 2019
Pré-financement 2019835 322 195
52 207 637
238 663 484 		
27 694 441
27 694 441
2 105 208 335
587 499 996
177 722 229
152 333 340
5 795 964 723
641 260 380
5 750 880 657 		
1 339 283 916
74 194 409
2 108 483 658
582 726 908
2 1 1 3 187 889
567 581 646
6 039 547 654
592 329 88 1
5 786 025 936 		

GRAND TOTAL

32 317 985 1 1 7

3 277 828 639

50

At over 1 year
and less than
5 years783 1 1 4 558
79 554 501
1 517 708 339
25 388 889
2 671 006 947
5 750 880 657
309 319 503
1 525 756 7 5 1
1 545 606 243
2 609 142 744
5 786 025 936
22 603 505 068

At over
5 years
1 59 108 983“Club Tiare” loyalty program
Accruals
Other

1 213.1
587.1
53.3

TOTAL OTHER LIABILITIES

1 853.5

The company offers a “Club Tiare” loyalty program which enables those who subscribe to collect air miles when they fly
with Air Tahiti Nui or when they purchase their services via credit card companies. Members can exchange these air miles
for travel or other company services.
Loyalty point value is calculated based on the stock of miles in circulation at the end of year closure of accounts.

IV – 15. Deferred revenue
Deferred revenue of 8 207.8 M XPF on December 31st, 2021, amounts to 9 486.6 M XPF on December 31st, 2022.
At the end of the financial year, deferred revenue is itemized as follows:

2 483 697 396

Amountin M XPF

955 770 004
2 838 075 029

Unused flight tickets
Fuel and insurance surcharge
Other items

8 430.8
1 009.1
46.7

6 436 651 4 1 1

TOTAL DEFERRED REVENUE

9 486.651

In accordance with the principle usually applied by airlines, sales are recorded when passengers actually travel, and is based on
the coupons received when they travel. When the ticket is issued, the company records a deferred income which is discounted
upon travel, exchange, or refund of tickets.

IV – 19. Company workforce
The company’s workforce (FTE) over the last 3 fiscal years was as follows:

31/12/2019

Coupons received upon travel and issued by a third-party airline are invoiced to the latter according to IATA rules or specific agreements between airlines.
The value of unused flight tickets (BENUs) at the end of the financial year 2022 appear in the liability section of the balance
sheet.

IV – 16. Financial income
On December 31st, 2022, the company financial income came to -1 146 M XPF is mainly composed of the following, (amounts
in K XPF):

In thousands XPF

2022

31/12/2021

31/12/2022

Executive managers
Supervisors
Manual workers & employees
Commercial flight crewTechnical flight crew

67.8
147
93
307
73

64
114		
67		
248.6
58		

72
123
76
267
65

TOTAL FRENCH POLYNESIA

687.8

551.6

603

Employees based abroad

58.7

44

51

746.5

595.6

654

TOTAL WORKFORCE

2021

IV – 20. Consolidated accounts

FINANCIAL INCOME
Interest and related income
Reversals of provisions and expense transfers
Exchange rate gains

109 096706
1 368 877

19 7500753 790

TOTAL FINANCIAL INCOME

1 478 680

773 540FINANCIAL CHARGESInterest and related income
Financial allocations to provisions
Exchange rate losses

479 916642 342
1 502 839

487 708
201 703603 932

TOTAL FINANCIAL CHARGES

2 625 097

1 293 343

FINANCIAL INCOME-1 146 417-519 803

Consolidated annual accounts are drawn up for the Air Tahiti Nui group from the financial year 2019.

IV – 21. Information concerning receivables and liabilities with related parties
Related Party: Tahiti Nui Helicopters

Amountin M XPF
Account advance
Receivables
Suppliers

406 598 684
15 450 659
2 746 97 1

IV – 22. Information related to financial risk management

Financial charges comprise interest on loans paid during the year to the sum of 479.9 M XPF.

Air Tahiti Nui’s market risk management policy is to reduce its exposure to these risks. It is steered and coordinated by the

IV – 17. Exceptional income

Finance Department in conjunction with General Management. As a rule, no trading or speculation is authorized.

On December 31st, 2022, the exceptional company income came to 989 M XPF and is mainly composed as follows (amounts
in K XPF):

Fuel-price risk
The fuel invoice is one of the main cost items for airlines. Volatile oil prices therefore represent a risk for the air transport

In thousands XPF

2022

2021

industry. Indeed, a significant change in oil prices can have a major impact on airline profitability and cash flow.
Air Tahiti Nui has implemented a policy of mitigating the risk of fuel price volatility over an 18-month timeframe. To reduce

EXCEPTIONAL INCOME
Passenger penalties and non-refundable tickets
Income from previous fiscal years
MiscellaneousWrite-backGains from disposals of fixed assets
Reversal of provisions and charge transfer

142 697
84 81092 406
830 540142
0

163 730
80 7 5 1
8 1 57 774
709
11 77717 303TOTAL EXCEPTIONAL INCOME

1 150 595

8 432 043

this risk, the company mainly uses financial instruments (such as swaps) to hedge the price of jet fuel. These non-optimizing derivatives are entered into with leading players.
The impact of fuel hedges is recorded in operating results No income, expense or provision for unrealized losses wasrecorded in the company’s financial statements on December 31st, 2022 (no provision was recorded on December 31st,2021).
The table below presents the company’s commitments for the coming years:

EXCEPTIONAL EXPENSES
Fines and tax penalties
Costs from previous fiscal years
Miscellaneous
Net book value of fixed assets soldExceptional provision allowance

3 808
105 61 2
50 995278700

16115 019
14 871
10 9150

TOTAL EXCEPTIONAL EXPENSES

161 394

140 820EXCEPTIONAL RESULT

989 202

8 291 223

Write-backs are related to tickets with expired validity dates.

IV – 18. Auditor fees

Future operating cash flow hedges 31st December 2022
Deadline

in thousands
NominalXPF		-1 yearSwap

829 622 						829 6221-2 years

2-3 years

3-4 years

4-5 years+5 yearsMtm(1)
837 561(1) Mtm = Market-to-market: real value or market value.
Source cmegroup

Interest rate risk
Most company loans are at fixed rates. They represent almost 90% of the company’s total outstanding debt on December

Year ending December 2022, auditor fees figuring in the end of year income statement, amount to 16.3 M XPF.

52

31st, 2022. Exposure to interest rate risk remains limited for Air Tahiti Nui.

53

Exchange rate risk

Union BankAir Tahiti Nui has traditionally sold U.S dollars and yen, with revenues denominated in foreign currencies exceeding
expenses incurred in these currencies, such as fuel, aircraft rentals, repayment of loan instalments to finance the acquisition of aircraft, or the purchase of spare parts.

Bank guarantee (US airports)

The table below presents the company’s commitments for the coming years:

Future operating cash flow hedges on December 31st 2022
Deadlines

In thousands
NominalXPF		-1 yearForwardpurchases

359 116359 116

Currency
hedging
receivables
payables-1-2 years 2-3 years 3-4 years--

4-5 years+5 years---Mtm(1)+/- value

337 817

21 300

Amountin currency

Currency

Air Tahiti Nui generates most of its revenue in XPF and euros. However, the company’s international business means inevitable exposure to currency risk.

USD

AmountXPF

3 908 249

Bank of New ZealandCurrency

Bank guarantee (AIA)USD

437 256 892

Amountin currency

AmountXPF

40 0004 475 220

Other commitments
In correspondence dated August 29th, 2022, Air Tahiti Nui, who are the main shareholder in the company Tahiti Nui Helicopters,committed to providing them with financial support. Such support would be in the form of a contribution, a loan, or any
other form of assistance, including material and logistical support to ensure business continuity for the next 12 months. On
April 6th, 2023, Air Tahiti Nui’s Board of Directors extended this support until April 30th 2024.

IV – 24. Post balance sheet events
Premature wear of the first-stage high-pressure turbine blades was observed on the worldwide fleet of GE powered B787s.
To rectify this defect, the engine manufacturer has proposed an improved version of these blades to be installed in theworkshop. Discussions have been underway since February 2023 between Air Tahiti Nui and its repairer KLM E&M, regarding how to cover the costs incurred, and should be completed by the first quarter of 2024 at the latest.

(1) Mtm = Marked-to-market: market value based on future curves.
Source: https://www.cmegroup.com/markets/fx/cross-rates/euro-fx-japanese-yen.html

IV – 23. Commitments received and granted
Commitments received
French Polynesia
Borrowings and prefinancing loans granted
for acquisition of two Boeings

Currency

Amountin currency

AmountXPF

XPF

7 279 236 277

7 279 236 277

Currency

French StatePGE loans granted related to COVID-19 pandemic

EUR

Amountin currency
54 017 347

AmountXPF
6 445 981 869

V – Results and other key company figures for the past
five fiscal years
12/2022

12/2021

12/2020

12/2019

12/2018

1 622 956 875

1 622 956 875

1 622 956 875

1 622 956 875

1 622 956 875

12 983 655

12 983 655

12 983 655

12 983 655

12 983 655

30 662 345 550

15 299 785 552

12 605 489 373

31 939 830 301

34 084 167 028-549 793 068

7 548 980 390-7 573 679 842

3 080 127 520

5 069 292 679

4 000 000

4 000 000

4 000 000

566 467 903

1 217 463 134-2 893 166 231

4 664 531 587-8 179 047 679

1 75 790 862

288 481 736

0

0

0

0

0

EARNINGS PER SHARE
After-tax profit,
but before amortizationand provisions

-43

581

-584

194

297

-223

359

-630

14

22

0

0

0

0

0

FINANCIAL POSITIONAT YEAR-END
Capital stock
Number of shares created
TOTAL INCOME FROMOPERATIONSNet sales revenue
Profit pre-tax, amortizations,and provisions

Commitments granted
Banque SocredoBank guarantee (Travel Agency Licence)Tax and customs guarantee

Currency

Amountin currency

XPF
XPF

5 000 000
20 000 000

Currency

Banque de PolynésieBank guarantee (PPS)
with a pledged deposit of 250 000 USD
Bank guarantee (IATA)
with a pledged deposit of 2 890 000 USD

Amountin currency

AmountXPF
5 000 000
20 000 000

Amount
XPF

Income tax
Income after deductionof tax, amortizations,and provisions
Distributed earnings
for the fiscal year

USD

600 000

67 128 301

Profit after tax,
amortization,and provisions

USD

2 890 000

323 334 648

Dividends paid
per share
PERSONNEL
Number of employees

Banque de Tahiti
Bank guarantee (insurance/Mortgage)
Bank guarantee for commercial revenue

54

Currency

Amountin currency

Amount
XPF

XPF
XPF

1 629 861 680
1 343 557 899

1 629 861 680
1 343 557 899

654

596

622

747

767

Payroll

4 498 890 932

3 793 753 547

5 523 155 812

5 504 150 218

5 4 21 67 1 158

Amounts paid for social
benefits (social security,social welfare schemes
etc.)

1 923 052 708

1 521 837 073

1 730 5 1 0 128

2 342 340 761

2 341 099 654

55

statutory
auditors’ reporton the annual financial
statements
OpinionDeferred revenue
As set out in section “IV - 15” of the annex, the sales revenue realized by your company is recorded during the effective transport of passengers. Thus, when tickets are issued,
your company records deferred income which is cleared
after transport, or on ticket exchange or reimbursement.
Our work consisted in ensuring that these transactions
were correctly valued on the balance sheet date and thatthe accounting methods used and their application in yourfinancial statements were appropriate.

In our capacity as statutory auditors entrusted to us by
your annual general meeting, we conducted an audit on
the annual accounts of S.A.E.M.L. AIR TAHITI NUI relating
to the past financial year ending December 31st, 2022, asattached to this report.
We certify that the annual accounts are, in accordance with
French accounting rules and principles applicable in French
Polynesia, a true and fair view of the financial position of
the past fiscal year and the company’s financial situation
and assets at the end of the financial year.

Maintenance provisionYour company makes provisions for the airworthiness
requirements of aircraft as described in sections “IV – 10.4”of the annex. Our review consisted in verifying the accountprocessing adopted for the translation of maintenanceobligations, to assess the statistics and hypotheses on
which estimates are based, to ensure they are reasonable,
to review calculations performed by the company andverify that section “ IV – 10.4 “ of the annual account annex
presents appropriate information.

Basis of audit opinion
Audit terms
We undertook our audit according to the professional standards applicable in France. We believe that the elements
we have collated are sufficient and appropriate to form an
opinion.
Our responsibilities in accordance with these standards areindicated in the section “Auditor responsibilities relating toannual accounts audit” of this document.

Litigation provisionYour company records provision to cover risks related tolitigation, such as described in section “IV - 10.2” of the annex. Our work consisted in assessing the data and assumptions on which these estimates are based, and review thecalculations made by the company on a test basis.

Independence
We carried out our audit respecting the independence rulings which apply from January 1st, 2022, until the date ofissue of our report.

Air miles provisionYour company values and records loyalty points in circulation through the “Club Tiare” program under Other liabilities, such as described in section “IV - 14” of the annex. Our
procedures included assessing data and assumptions uponwhich these estimates are based, to ensure that they arereasonable and review the calculations made by the company on a test basis.

Observation
Without qualifying the opinion expressed above, we draw
your attention to section II-1 of the annual accounts’ notes
outlining business continuity prospects for 2023.

Assessment justification

These assessments were made within the context ofannual account audits, taken as a whole, established under
the conditions referred to earlier, and the formation of ourpreviously expressed opinion. We do not express an opinion about individual items in these annual accounts.

By applying professional standards relative to assessment
justification, we bring the following assessments to yourattention which, we in our professional capacity, believe tobe the most significant for the company annual accounts
audit.

56

Specific checks

In the context of an audit conducted in accordance withthe professional standards applicable in France, the auditor
shall exercise professional judgement throughout.
Furthermore:• they identify and assess the risks of material misstatements of the financial statements, whether the latter
come from fraud or are a result of errors, they define andimplement audit procedures in the light of these risks andgather elements they feel are sufficient and appropriate
on which to base their opinion. The risk of not detecting
a material misstatement due to fraud is higher than therisk of not detecting a material misstatement due to error
because fraud may involve collusion, falsification, willfulomission, misrepresentation, or circumvention of internal
control;• they take heed of relevant internal control for the audit todefine the audit procedures that are appropriate under
the circumstances, and not with the aim of expressing an
opinion regarding the efficiency of internal control;• they assess the suitability of the accounting methods selected and the appropriateness of accounting estimates
made by management, as well as information provided
about this in the annual accounts;• they assess the appropriate nature of management’s
application of the going concern accounting policy andaccording to the information gathered, the existence orotherwise of any significant uncertainty linked to eventsor circumstances that may call into question the capacity of the company to continue business. This assessment is based on elements collected up to the date of thereport, bearing in mind that subsequent circumstances or
events could jeopardize ongoing operations. If they reachthe conclusion that there is a significant uncertainty, thereader’s attention will be drawn to their report about the
information provided in the annual accounts linked to thisuncertainty or, if the information is not provided or not
relevant, they issue a certification with reservations or arefusal to certify;• they assess all the annual accounts as a whole and evaluate if the annual accounts reflect underlying operations
and events to present a true picture.

In accordance with French professional standards, we havealso conducted specific legally and regulatory required
verifications.
We have no comments to make concerning the correctpresentation and consistency of the annual accounts, theinformation provided in the Board of Directors’ management report dated April 6th, 2023, and in other documents
concerning the financial situation addressed to stakeholders about the financial state of annual accounts.

Responsibilities of management
and those charged withcorporate governance inrelation to the annual accounts
It is the responsibility of Management to establish annual
accounts that present a truthful view in accordance withthe rules and principles of French Accounting applicable in French Polynesia, as well as to implement internal control that it deems necessary to establish that theannual accounts contain no significant material misstatement, whether due to fraud or error.
When establishing the annual accounts, it is incumbent
upon Management to evaluate the company’s capacity tocontinue operations, and, if need be, present necessary
information in the accounts relative to the continuation ofoperations and to apply the accounting policy for business
continuity, unless the company is expected to go into liquidation or cease trading.
The annual accounts were approved by your Board of
Directors.

Responsibility of statutory
auditors relating to the auditof annual accounts
Our task is to establish a report on annual accounts. Our
aim is to obtain reasonable assurance that the annual
accounts taken as a whole do not contain any material
misstatement. Reasonable assurance means an elevatedlevel of assurance, without, however, the guarantee that anaudit conducted in accordance with professional standards
can consistently detect all material misstatement.

Papeete, April 20th, 2023,

For SARL KPMG,
Member of KPMG International
Jean-Louis PELLOUXPartner

Misstatements can come from fraud or be a result of errors,
and are considered significant when it can be reasonably
expected that they could, individually or cumulatively,
influence economic decisions made by reliance on suchinformation.

For SCP CHANGUES-MENARD-ALBERT-BOYER
Member of BDO International Ltd

By applying professional standards applicable in France,
our mission to certify accounts does not consist in guaranteeing the viability or the quality of management of
your company.

Elisabeth ALBERT
Partner57

CSR indicators
Key indicators and link to GRI
The guiding principles and recommendations of the Global Reporting Initiative were taken into account in the drafting of thisreport.
2019© Danee Hazama

SOCIAL (other destinations excluded)
Number of employees
unit
Recruitment
unit
Departures
unit
Amount of total payroll billion XPF
Amount allocated toprofessional training
billion XPF
Percentage of payroll
devoted to training
percentage
personnel
Number of workplace
accidents (resulting
unit
in medical leave)
Parity (percentage
of female employees
all positions included)
percentage
Number of disabled
employees
unit

Outlook 2023
Global air traffic continued to recover in 2022, in a challenging competitive and economic environment. Bolstered by the
Revenge Travel, the year’s overall results were encouraging, with sustained activity in response to stronger than expecteddemand, despite the arrival in Polynesian skies of one of the major US airlines at the end of the year.
In 2023, the international instability linked to the crisis in Ukraine and the marked inflationary environment will continue tohave an uncertain impact on the company’s profitability. Nevertheless, capacity forecasts for the coming year are up from2019, and the airline expects to achieve full coverage of its pre-covid network, as part of its seat-offer policy. In line with lastyear’s achievements, efforts will concentrate on ensuring the success of operations interrupted by force of circumstance,in particular the relaunch of the Japan route in October with two flights a week.
As a new point of entry to the US, Seattle offers Air Tahiti Nui reinforced access to the North American market thanks to
its partner Alaska Airlines. The twice-weekly flight schedule will increase the total number of flights operated to North
America to 12 a week during peak season. Extending the service from Tahiti-Seattle to/from Paris during the second
semester 2023 will be a means for the airline to offer clients more options for travelling to France or the United States,
while providing more choice to passengers on the fast-growing transatlantic route.
The number of passengers transported should continue to rise, thus enabling an improvement on the average load factor.
Cargo will continue to generate substantial revenue for the company and ancillary sales will be given new impetus,
together with other tools to meet growing customer expectations. For example, with the delivery of a new, more ergonomic, and comprehensive website during the year, Air Tahiti Nui passengers will have almost a hundred destinations at theirfingertips.
On the eve of its 25th anniversary, to be celebrated at the end of the year, the Polynesian airline vows to reassert its uniqueness and leadership in an ever-evolving environment. We are confident that our resilience and the dedication of our staff,
who consistently demonstrate an unparalleled level of productivity, will further fortify its raison d’être as a key contributor
to the development of tourism in French Polynesia.

2020

2022

Variation
2019/2022

Variation
2021/2022

Ref GRI

755
26
46
7,26

621
5
134
5.222

563
2
11
5.3

607
46
30
6.4

-20.1%
76.9%-34.8%-17.4%

7.1%
2200.0%172.7%
25.3%

110

40.5

40.9

49

-55.5%

19.8%

0.91

0.75

0.87

0.82

-9.9%

-5.7%

G4-10

20

16

5

7

-65.0%

40.0%

G4-LA6

52.7

53

52

51

-3.2%

-1.9%

1

2

2

3

200.0%

50.0%

1 048

1 147

1 793

-10.1%

56.3%

9 241

10 10114 673-15.3%

45.3%

151 212154 395

245 852-22.8%

59.2%

139 622157 017247 281-18.9%

57.4%

850 581866 794

839 875-11.2%

-3.1%

32

12,6

15,2

30,6

-4.1%

101.3%

unit

434 280

167 074

185 727387 515-10.8%

108.6%

unit

114 061

77 01742 42986 390-24.3%

103.6%

percentage

48.30%

49.20%

51.40%

39.50%-18.2%-23.2%

8 922

4 073

5 731

8 131

-8.9%

41.8%

22

8,9

9

16.2

-25.0%

80.0%

154 086

156 148

161 614181 000

17.5%

12.0%

92.5%

93%

93%

93%

0.50%

0.0%

G4-PR5

4 129

2 710

1 316

4 206

1.86%

219.6%

G4-PR5ENVIRONMENT
Number of flights
operated (all flights:
regular commercial
flights—passengers andfreight, charters,
technical flights,
Unit in number
full cargo flights)
of legs
1 994
Number of flight
Block unit hours
hours (all flights)(block to block)17 314
Direct CO2 emissions
equivalent tonnes
all flights
CO2
318 437CORSIA emissions
declared (compliant
with audit—domestics
and humanitarian
flights excluded)		
305 020
Energy consumption(premises in PPT)
Kilowatt kW
946 242
SOCIETAL
Sales revenue
Number of passengers
transported
Number of tourists
transported
Market share of
tourist traffic
Tonnage of goods
transported
Amount devoted
to support of local
associations (charities
and environmental
assoc.)

2021

billion XPF

tonnesmillion XPF

STAKEHOLDER FEEDBACK
Number of active
Club Tiare members
unit
Number of customers(1)
percentage
surveyed
Rate of customer
unit
satisfaction

G4-LA1

G4-EN15

G4-EC1(1) Onboard customer satisfaction paper surveys were suspended in 2020 due to the Covid-19 world health crisis. As from 2020, data is reported from digital surveys performed via the entertainment system aboard Air Tahiti Nui flights.

I fano na, e fano ā,
By your side, the journey continues.

N.B.: Certain data may have changed following value adjustments and indicator updates.

58

59

Tahiti-Faa’a Airport - Tua Rata Building - Faa’a
PO 1673 - 98713 Papeete - Tahiti - French Polynesia
Phone: (00 689) 40 47 67 87 - Fax: (00 689) 40 47 67 90
www.airtahitinui.com

www.tahitinuihelicopters.com/en. Design: Nicolas Ostrowsky; Translation: Clare Pasdelou.
This report was printed in Tahiti on paper from responsible sources

Scan this QR code and findthe report on www.airtahitinui.com