2014
ANNUAL REPORTT A H I T I

•

L O S

A N G E L E S•

P A R I S•

T O K Y O•A U C K L A N D

© gregoirelebacon.com

P 04	2014 KEY FIGURES AND MILESTONESP 14

TRAFFIC AND COMMERCIAL RESULTS

P 06

LEGAL STATUS AND CAPITALP 20

FINANCIAL RESULTS

P 08

ACTIVITY SUMMARYP 24

HUMAN RESOURCESP 12

CUSTOMER SATISFACTIONP 26

OUTLOOK FOR 2015
This report is printed in Tahiti on recycled paper© covers : Jean-Baptiste Bouyer and Stéphane Mailion

22014 ANNUAL REPORTEDITO
2014, AIR TAHITI NUI CONTINUESITS CLIMB INTO PROFITABILITY

F

or the third consecutive year, Air Tahiti Nui has delivered a positive
result of 2.02 billion XPF in profits (up 20% from 2013). This significant improvement to the airlines profitability is also the best result
historically, since the inception of the company. The continuationof Air Tahiti Nui’s positive financial trajectory is thanks to the culture of
teamwork and unity between all the stakeholders of the company (bothinternal and external) personnel, members of the Board, equity holders,members and customers, partners, etc.

231

MILLION
XPF

2,02
BILLION
XPF

1,677
BILLION
XPF

2014

2013

2012

A transition year to prepare the future
Committed to a dynamic of modernization since 2013, Air Tahiti Nui started many projects during financial year
2014: routes, fleet, alliances and partnerships, commercial and marketing development, organization and management. These reforms mark the implementation of the strategic directions validated by the Board of Directors
and supported by social partners and collaborators. They reflect the need, expressed by all, to unite around thevalues and stakes that have prevailed since the creation of the company:“ To operate a long-lasting service for the Polynesian tourist industry”
This ambitious goal goes voluntarily beyond the simple purpose of an air carrier and gives us a great responsibility as the main instrument in the development of French Polynesian tourism. To play its part constructively, thecompany must obviously ensure and guarantee its profitability while upholding high quality and safety standards.
Armed with this ambition, we have taken advantage of our financial recovery to prepare Air Tahiti Nui for the futureand its challenges; and we have done so in line with the country’s tourism development strategy.
Thus we have structured the steering of the company around the CEO and deputy CEO, on the two pillars thatare now the commercial managing directorate and the operations managing directorate, with the backing of
support directorates (finance, organization and quality, HR, information systems). We have also created a management systems directorate, in charge of safety policy and compliance in order to meet the new requirements ofEuropean regulations. Some departments have been strengthened (marketing, customer service, offline market,etc.) and we also integrated additional functions (financial engineering, information systems security, corporate
responsibility…)
We have decided as well to invest in the cabin modernization of a fourth aircraft (in addition to the three inaugurated last year) so as to offer our customers consistent quality throughout our network. The renovation will begin
in the last quarter of 2015.
At the same time, a lot of our attention was devoted, since 2013 and all through 2014, to the enhancement of
our fleet in 2018-2019. At the end of the year our efforts led to the signing of a valuable partnership for the leaseof two latest-generation Boeing Dreamliner 787-9 aircraft, and to the cementing of a strategic relationship with
Air Lease Corporation and Boeing.
For Air Tahiti Nui, this is a bold undertaking to ensure a sustainable and profitable future. Therefore our priority will
be to maintain this collaborative strategy for the next four years, so that we are ready to welcome and operatethese new aircraft as the company prepares to celebrate its 20th birthday.
Until then, To Tatou Manureva will be happy to keep serving you and welcoming you on our flights!
Mauruuru
Michel MONVOISINChairman of the Board
and Chief Executive Officer
2014 ANNUAL REPORT

3

2014 KEY FIGURES AND MILESTONESA

ir Tahiti Nui continues to grow its operations andto improve its results, notably by taking advantage of diminishing fuel prices. After debuting its
new cabin upgrades in 2013, the company choseto extend cabin renovation to a fourth aircraft of the
fleet, to attain consistent quality throughout its network.
Thanks to the acquisition of an IT platform to host and develop multilingual Internet sites, Air Tahiti Nui innovates by

42014 ANNUAL REPORT

launching its new, 5-languages website, in a fully responsive version that optimizes the online experience acrossall kinds of devices. Air Tahiti Nui is among the first three
airlines that use this innovative technology.
In terms of network, a new code-share agreement was
signed with Korean Air in February 2014, encouraging
the arrival of Korean tourists in French Polynesia, via the
Tahiti-Japan route.

459 800 PASSENGERSCARRIED

66% of international traffic(+9% from 2013)

+20%
from
2013

2,02 billion XPF
net income(approx. 17 million euros)

18 870 FLIGHT

HOURS (i.e. 1623 flights)(+7% from 2013)33,3 billion XPF

9 914 TONS OFFREIGHT TRANSPORTED

revenue

+9%

from
2013

(approx. 280 million euros)(+12% from 2013)

723

STAFF MEMBERS(including 394 flight crew)(+2,9% from 2013)+3,8

pointsfrom2013

12,1% grossoperatingsurplus/income
ratio

102 393
MEMBERSof Club Tiare(including 206 Corporate entities)(+16% from 2013)

7,9 billion XPF

917 MILLIONSCHARTER FLIGHTS

equity

+31%

from
2013

(approx. 66 million euros)

XPF IN REVENUE(i.e. 1170 flight hours)(+45.7% from 2013)2014 ANNUAL REPORT

5

LEGAL STATUS AND CAPITAL
French Polynesia
84,82%

1. CAPITAL DISTRIBUTION
In September 2001, Air Tahiti Nui’s legal status
evolved from limited company to local semi-public company, to meet the statutory rules applicablewhen French Polynesia became the majority equity
holder in the company.
Since November 22, 2011, EQUITY
1 622 956 875 F CPF, distributed as follows :CAPITAL SHARING
OF 31/12/2014

SEGC
2,68%
OCI
3,9%

is
Others3%
Wan Holding
participation
0,61%

Air Tahiti
3,43%
Tahiti Tourisme
1,58%

2. MEMBERS OF THE BOARD
As a local semi-public company, Air Tahiti Nui has a Board of Directors of 15 members :* REPRESENTATIVES OF FRENCH POLYNESIA,
appointed by the Cabinet• M. Michel MONVOISIN,
Chairman of the Board and Chief Executive Officer• M. Jean-Christophe BOUISSOU,
Minister of Economic Stimulus, Tourism andInternational Air Transport, Industry, Commerce
and Business• M. Nuihau LAUREY,
Vice-President, Minister of Economy,
Finance, Budget and Labor• M. René TEMEHARO,
Minister of Young and Sports• M. Marcel TUIHANI,
President of the Assembly of French Polynesia

PRIVATE DIRECTORS•M
 . Yves BUHAGIAR,
representative of Financière Hôtelière Polynésienne Ltd•M . Vincent LAW,
representative of SEGC (Société d’Etudes et deGestion Commerciale)•M . Robert WAN,
CEO of Wan Holding Participation•M . James ESTALL,
representative of OCI (Océanienne de Capital
Investissement)•M . Joël ALLAIN,
representative of Air Tahiti Ltd•M . Richard BAILEY,
representative of Tahiti Beachcomber Ltd.

• Mrs. Teura IRITI,
representative of the Assembly of French Polynesia• Mrs. Virginie BRUANT,
representative of the Assembly of French Polynesia• M. Daniel PALACZ• M. Gilles BERNEDE,
representative of Air Tahiti Nui personnel

62014 ANNUAL REPORT

3. STATUTORY AUDITORS
The company’s statutory auditor is M. Christophe
PARION, representing BDO Auditors.

© Stephane Mailion

2014 ANNUAL REPORT

7

ACTIVITY SUMMARY

1. FLEET
Air Tahiti Nui’s fleet consists of 5 Airbus A340-300 aircraft, each with the same engine configuration. Two ofthem have two-class cabins : 30 business class seats and
264 economy class seats, i.e. 294 seats with personal
video systems. They are :• MSN 395 F-OJTN on operating lease (« BORA-BORA »).
• MSN 668 F-OLOV on financial lease (« NUKU HIVA »).
Three aircraft were remodeled in 2013 and their cabins
are now fitted in a two-class configuration: 32 businessclass seats and 264 economy class seats, i.e. 296 seatswith personal on-demand video systems.
• MSN 385 F-OJGF fully owned (« MANGAREVA »),• MSN 438 F-OSEA on financial lease (« RANGIROA »),• MSN 446 F-OSUN on financial lease (« MOOREA »),82014 ANNUAL REPORTThe new Poerava Business class offers 32 “Evolys” seatsthat recline to 160° and offer optimal comfort. Laid out
with a 152cm pitch between rows for better intimacy, particularly for traveling couples, the seat’s hard back shell allows the passenger to recline without crowding the spaceof the passenger seated behind.
Each seat is fitted with a high-definition, 12-inch touch
screen offering a wide range of on-demand contents oneach flight: 16 feature films, over 40 documentaries, alarge choice of music and games. A cable hand control isalso integrated in the armrest for easy browsing.

18 870
FLIGHT
HOURS
in 2014

The economy cabin has 264 stylish and comfortable“Steezy” seats, with an 81cm pitch. It reclines to 118° andits 45cm base makes it one of the widest available on the
Tahiti route.
Each seat is fitted with a 9-inch high definition touch
screen offering a wide range of on-demand contents oneach flight (16 feature films, over 40 documentaries, alarge choice of music and games).

Overall, the company has registered 18 870 flight
hours in 2014, i.e. 7% more than in 2013, thanks to increased passenger and charter activity. ATN aircraft flight
hours average at 10.3 hrs/day (up from 9.75 hrs/day in2013).

© gregoirelebacon.com

3. SAFETY, THE VERY HEART OF OUR BUSINESS© gregoirelebacon.com

2. AIRCRAFT UTILIZATIONAPPROVALS AND CERTIFICATES
Air Tahiti Nui is a French international airline company
holding the following operation permits :• An air service license issued in December 2006 (decree1389 CM),• An air operator certificate (AOC) FR.AOC.OO83, issued
on December 18, 2014,• A continuing airworthiness management organization
approval certificate FR.MG. 0061 issued on December
24, 2014,• A certificate of maintenance approval section 145 for FR
145 423 aircraft maintenance, issued on October 29,
2010.

SAFETY POLICY
Creation of Safety Management Directorate
The incident and/or accident risk is inherent to air transport. This is why airline activities, passenger and freighttransport and aircraft maintenance are framed by abody of rules established by European safety agency
EASA.
Compliance with these rules is a condition for obtaining
Air Tahiti Nui’s air operator certificate, which is now valid
without time limitation since the adoption of IR OPS regulations.
Control of the proper implementation of these rules isdone by the Safety Management Directorate and includes
the implementation of the safety policy designed by the
executive in charge.

+10% FLIGHTSIN 2014 COMPARED TO 2013

The management system is composed of the safety andcompliance control system that ensures respect of regulations, and the safety management system for event analysis and risk management.

2014 ANNUAL REPORT

9

1 623

FLIGHTS in 2014

The management system is built on four pillars that havebeen integrated in all of our operational directorates :- Policy and goals- Risk management- Safety conditions control- and Safety promotion
The company’s safety policy, a priority of our airline, wasreaffirmed by the Chief Operating Officer/executive incharge, who personally committed to the implementationof a fair management policy to reinforce the feedback system, a crucial element of any safety policy.
Safety management professional training modules are being deployed in all of the company’s operational departments.
The Safety Management Directorate’s program aims
for the continuing improvement of air operations safety through the detection, analysis and mitigation of any
anomaly in conditions, policies and procedures. It mustalso ensure that employees always take into account theconsequences of their own actions and the actions of
their colleagues when it comes to safety.

Air Tahiti Nui connects the South Pacific and four continents. It positions itself as the main air carrier serving
French Polynesia with four daily flights to this destination.
The Tiare airline is also one of only two airlines offering direct Papeete-Paris and Papeete-Los Angeles round-trip
flights. Air Tahiti Nui also serves Tokyo (Japan) and Auckland (New Zealand) from Papeete.
It serves 39 other cities thanks to its code-share partners:
SNCF in France, American Airlines in the United States,
Qantas and Air New Zealand in Australia and the South
Pacific. They include, among others, Sydney, Brisbane andMelbourne, 17 cities in the United States among which
New York, Boston, Washington, Chicago, Miami and Dallas, and 19 cities in France such as Marseille, Lyon andMontpellier.
As part of Air Tahiti Nui’s market development, over 50
interline agreements have been secured with othercarriers, in order to offer customers a wider selection ofdestinations.

© gregoirelebacon.com

Beyond this regulatory framework, Air Tahiti Nui, memberof IATA, is subject to IOSA certification (IATA Operational
Safety Audit), renewed every two years.

4. OUR NETWORK

102014 ANNUAL REPORT5. FLIGHT Programs
2013

2014

Papeete - Paris via LAX

3/7 to 7/7

3/7 to 7/7

Papeete - Los Angeles

5/7 to 7/7

5/7 to 7/7

code-shareC

FLIGHT FREQUENCY PER ROUTE

2/7

2/7

2/7 to 3/7

3/7

2013

2014

14/13 variation

Papeete - Paris via LAX

460

468

+2%

Papeete - Los Angeles

574

631

+10%

Papeete - Japan

206

208

+1%

Papeete - Auckland

231

316

+37%

TOTAL

1471

1 623

+10%

Papeete - Japan
Papeete - Auckland

nies
a
p
om

NUMBER OF FLIGHTS PER YEARRAPPORT D’ACTIVITÉ 2014

1111

CUSTOMER SATISFACTION
89%

GLOBALSATISFACTION

1. OUR PRIORITY: CUSTOMER SATISFACTION

3. FREQUENT FLYER PROGRAM

As part of the continuation of its improvement plan, inorder to measure customer satisfaction and better meetcustomer expectations, since 2012 Air Tahiti Nui conducts
an ongoing on-board survey on all its flights.

On December 31, 2014, the Air Tahiti Nui Club Tiare
frequent flyer program has an active membership of102 393, distributed over the entire network, including:• 206 companies in the Corporate program with 2 053
business travelers,• 1 242 students in the Fenua Student program.

In 2014, 6 910 customers were surveyed. Their encouraging feedback has strengthened the company in the continuation of its improvement program.

STRONG POINTS• Crew assessment: 95% of satisfied customers• Check-in assessment: 83% satisfaction rate,i.e. 4 more points compared to 2013.

In 2014 Club Tiare has reinforced its partnerships withseveral cultural, sports and arts organizations, allowing
members to use their miles for many events such as concerts, plays, gourmet dining, etc.

EVOLUTION OF FREQUENT FLYER MEMBERSHIP:

94% of our customers statethat they would recommend our airline
1200002. PUNCTUALITY
In 2014, Air Tahiti Nui shows good average punctuality
over its entire network, with 90.5% of flights leaving ontime or within 15 minutes of scheduled departure time
(down 2.9% compared to 2013).
Flights departing from Los Angeles and Paris remain below average with punctuality rates of 87.2% and 91% respectively.

100000GOLD> 262
SILVER> 1 085
TAHIA> 87 927

GOLD
> 246
SILVER> 929
TAHIA> 102 012

80000
60000
40000

90,5%

OF FLIGHTSDEPARTING ON TIME
122014 ANNUAL REPORT

20000
0

2013

2014

© gregoirelebacon.com

2014 ANNUAL REPORT

13

TRAFFIC AND COMMERCIAL RESULTS
1. PASSENGER TRAFFIC TO TAHITITOTAL PASSENGERS ON ALL LINES

Number ofpassengers
2014

Market share(number of passengers)
2014/2013

Air Tahiti Nui

373 92066%+9%Air New Zealand

41 010

7%+4%Air France

82 40015%-2%

Hawaiian Airlines

26 630

5%

+17%

Latam

18 340

3%+1%

Air Calin

16 260

3%-10%

Air Tahiti

2 900

1%

-

TOTAL

561 460

100%

+6,6%

Variation

66%

OF INTERNATIONALPASSENGERSCARRIED BY AIR TAHITI NUIAir Tahiti Nui
66%

Source: Aviation

In 2014, the total number of passengers to and from
French Polynesia was 561 460, i.e. a 6,6% increase over2013.
- Air Tahiti Nui carried 66% of international traffic in 2014,a slightly higher market share than in 2013.
- Air France was the second largest carrier, with a 15%
market share, down by 2% over 2013.
- Air New Zealand carried 7% of international passengers,
showing a 4% growth since 2013.

Air Tahiti
1%

MARKET SHAREBY AIRLINE

Air Calin
3%
Latam
3%
Hawaiian Airlines
5%

Air New Zealand
7%
Air France
15%

2. RESULTS AND EVOLUTION OF PASSENGERs TRAFFIC BY route

CDG via LAX
46,90%NUMBER OF PASSENGERS CARRIED PER LINES

Passengers carried
2013
2014

ROUTES

VAR
2014/13

CDG via LAX

207 603215 610+4%LAX

124 109

144 340+16%

AKL

50 42760 521+20%

NRT

38 64339 340+2%

TOTAL

420 782459 800

+9%

NRT
8,55%

AKL
13,15%

DISTRIBUTIONPASSENGERS
TRAFFICBY LINES
LAX
31,40%

Source Datawarehouse 2014

Air Tahiti Nui carried 459 800 passengers in 2014, a
9% growth over 2013.
The budding economic recovery in Europe generated 4%
growth on the Paris route. An important increase in traffic on
the Los Angeles route (+16%) was stimulated by the gradualimprovement of the American economy and a rise in cruise142014 ANNUAL REPORT

passengers. The Auckland route saw a strong increase in2014 (+20%) due to the rise of trans-Pacific traffic after the
opening of the third rotation.
The Tokyo route shows a 2% rise in traffic, the decrease of
the Japanese market being more than compensated by theincrease of the Chinese market.

© gregoirelebacon.com(+1 POINT COMPARED TO 2013)

PASSENGERS ACTIVITY PER ROUTE

Load Factor

CDG via LAX
48,20%

Revenue(MILLION XPF)

RPK* (XPF)

ROUTES2014

VAR (pts)
2014/132014

VAR
2014/132014

VAR
2014/13

CDG via LAX

78%

+2,3

13 588

+4%

8,0

+ 0%

LAX

78%

+3,9

9 493

+15%

10,1

-1%

AKL

65%

-9,1

2 079

+8%

9,3

-10%

NRT

64%

+0,5

3 050

-2%

8,5

-4%

TOTAL

75%

+ 1,5

28 210

+7%

8,7

-1%

Source: Mercator - Datawarehouse - Revenue Management
Définitions : *RPK : Revenue passenger kilometers

Compared to 2013, the global passenger load factor on the network rises 1,5 point to 75% in 2014.
The available seat offer increased by 6% and the numberof passengers carried increased by 8%. Overall revenue
increased by more than 7%, with a 1% decrease of RPK.
Results vary according to markets, as follows:
Paris route -The available seat offer increased slightly(+1%). Revenue is up (+4%) thanks to a 4% rise in passengers carried.
Los Angeles route - Passenger traffic increased by 15%,
with average revenue down by 1%, which results in an

DISTIBUTION
OF REVENUESBY ROUTE

NRT
10,80%

LAX
33,60%

AKL
7,40%

impressive increase in sales (+14%) compared to 2013.
The offer is up by 11% for the year, which translates into astrong improvement in load factor (+3.9%).
Auckland route - The available seat offer reflects a steep
rise through the third rotation (+37%)/ Passenger traffic
also rises sharply (+20%), but less than the seat offer, generating a significant dip in load factor which reaches 65%(-9.1 points). Overall revenue is up by 7%.
Tokyo route - The 2% rise in passengers combined with aslight rise in the seat offer leads to a 0.5% improvement inload factor. The 3% decrease in average revenue contributed to an overall revenue decrease of 2%.

2014 ANNUAL REPORT

15

TRAFFIC AND COMMERCIAL RESULTS

Air Tahiti Nui
72%

ian Airlines and Air Tahiti).

3. ATN AND the DEVELOPMENT Of TOURISM
in french polynesia

MARKET SHAREBY AIRLINE

In 2014, more than 180 000 tourists visited the islandsof Tahiti and two-thirds were carried by Air Tahiti Nui(72%) followed by Air France (13%), and 15% were carriedby other airlines (Latam, Air New Zealand, Air Calin, Hawai-

Air New Zealand
6%
Air Tahiti
1%Hawaiian Airlines
3%

Air Calin
3%

TOURISM TRAFFIC TO THE ISLANDS OF TAHITI

Latam
3%

VARIATION
2014/2013 Market share

TOURISTS
2014

Marketshare

Air Tahiti Nui

129 334

72%

+13 %

+2,0 pts

Air France

22 682

13%+1,1 %-1,1 pt

Air New Zealand

11 482

6%+1,3 %-0,5 pt

Latam

6 018

3%

-11,4 %

-0,8 pt

Hawaiian Airlines

5 798

3%

+41,6 %

+0,7 pt

Air Calin

4 445

3%

+2,6 %-0,2 pt

Air Tahiti

843

1%

-9,8 %-0,1 pt

TOTAL

180 602100%+9,9 %

129 334
TOURISTSCARRIEDBY AIR TAHITI NUI(+13% COMPARED TO 2013)© Stephane Mailion

Source: Tourism Office

Air France
13%

16

2014 ANNUAL REPORT72%

EVOLUTION OF TOURISTS BY COUNTRY
Amount of tourists
carried in 2014

Variation in numberof tourists carried
2014/2013 en %AIR TAHITINUITOTAL of ALL
AIRLINES

AIR TAHITINUITOTAL of ALL
AIRLINES

North America

58 02871 548+17%+18%

France21 85034 887

+9%

+12%

Italy

7 063

7 887

-1%

-3%

UnitedKingdom

3 555

4834

+53%

+48%

Spain

1 936

2 782

+36%

+15%

Germany

2 492

4 028

+44%

+16%

Switzerland

1 545

2 911

+17%

+9%

Europe(Others)

3 202

5 096

+8%

-2%

Japan

12 18012 527

-4%

-5%

Asia

4 684

5 761

+48%

+37%

Australia

6 507

9 315

+8%

+2%

New Zealand

3 382

7 136

+16%

+10%

Pacific

626

4 626

+19%

+5%

South
America

1 101

5547

-17%

-15%

CentralAmerica

768

1 060

+3%

+8%

Other countries
TOTAL

415

657

+15%

+12%

129 334

180 602

+13%

+10%

TOURISTSCARRIEDBY AIR TAHITI NUI 2014

Pacific
0,48%South America
0,85%Central America
0,59%

New Zealand
2,61%Australia
5,03%
Asia
3,62%
Japan
9,42%
Europe(Others)
2,48%
Switzerland
1,19%

Other countries
0,32%

TOURISTSCARRIEDBY ATN
BY COUNTRY

Germany
1,93%

North
America
44,87%

Spain
1,50%
United Kingdom
2,75%

Italy
5,46%

France16,89%

Source: Tourism Office

In 2014, tourist arrivals in the islands of Tahiti increasedby 10%, with growth showing across all markets except
South America (-15%) and Japan (-5%).
Salient facts are the strong growth of circuit tourism traffic(+23%) while destination tourism traffic only rises by 7%,
and the sharp increase in cruise passengers (+43%) while
the number of tourists in land-based accommodation only
rises by 4%.
North America registers a strong growth of 18%, mainly
due to cruise and circuit tourists. Europe in general is recovering, except for Italy which still declines slightly.
In the Pacific region, Australia is stable (+2%) while New
Zealand grows by 10% thanks to a 37% increase in circuit
tourists.
In this context of strong tourism growth (+10%), Air Tahiti
Nui was able to carry 13% more tourists than in 2013 andthus take its market share to 72% (up 2 points).

4. PROMOTIONAL AND ADVERTISING POLICY
Air Tahiti Nui debuts 5 new regional websites in December 2014: This new showcase of the company offersa more user-friendly browsing experience, with a complete redesign and new features, as well as richer editorial
content (photos and videos) than in the former version. In
addition to optimized administration, human and financial
resources, the platform’s main asset is the responsive design for a better user experience. Today’s Internet users
browse on desktops, laptops, tablets and smartphones.
Grid-based web design and dynamic content management have become crucial standards.

2014 ANNUAL REPORT

17

TRAFFIC AND COMMERCIAL RESULTS

Air Tahiti Nui ambassadors
In the last few years, Air Tahiti Nui has supported
leading Polynesian figures whose fame and actions
increase the visibility of Tahiti as a destination.
Whether they are high-level athletes or recognized figuresof culture and the arts, they all have a connection to Tahiti. They are ambassadors because they represent excellence, exemplariness and surpassing oneself, but also
because they possess Polynesian elegance and beauty.
Air Tahiti Nui has made it its mission to encourage andpromote internationally all the riches and talents of ourislands. Today, the company sponsors some 40 ambassadors and many have been in headline news in 2014 :Michel Bourez (surfer), Teiva LC (singer), Sabrina Laughlin(singer), Georges Cronsteadt (stand up paddler) or Dany
Gérard (jiu-jitsu).

lynésie

imaginez...La Po

sonne ttc
4‘255.00 par per
iti Nui
7 N / 9 jours CHF
aux avec Air Tah
Vols internation
Pearl
ne
chê
la
de
Hôtels
Tours
ler
Stoh
vité
Package exclusi

18

2014 ANNUAL REPORT

Low season support campaigns
These compaigns serve two purposes: first, to promote
travel during the low season (January to March) and second, to bolster mid-season traffic leading to the high season. The chosen themes are : early booking, repeaters,mono-island, honeymoon and family.
The Hidden Paradise campaign (Taha’a, Rangiroa, Tikehau, Huahine) aims at diversifying the package offer byextending it to the less-visited islands (as complements tothe flagship islands of Tahiti, Moorea and Bora Bora). It isalso meant as an answer to the saturation in the overwater
bungalow offer.
The Bed & Breakfast campaigns - This promotional planis part of the work started in 2013 with the creation of thequality label “Ia Ora, at the heart of tradition” by the Association of Family Hotels of Tahiti and her Islands (presided byMrs. Melinda Bodin) in close collaboration with the country’s authorities, Tahiti Tourisme and the professionals of thedestination’s sales network. The objectives of these campaigns, launched first in France, then in New Zealand andsoon in North America, are to assist the growth of the “Ia
Ora, at the heart of tradition” recent labeling of 105 guesthouses, to convey the values of hospitality, culture and authenticity of French Polynesia, and to promote guesthousevacations (as they have available accommodation, notably
during the high season).

9 914 TONS

5. FREIGHT outcomes

OF FREIGHT CARRIED

Overall freight revenues on the Air Tahiti Nui network
amounts to 2 794 million XPF, an improvement of 7%
over 2013, for a gross tonnage of 9 914 tons.

(+12% COMPARED TO 2013)

AKL route
5,40%

TONNAGE TRANSPORTED PER ROUTE (IN TONS)

Variation Variation
2014/2013

2013

2014

Route PPT

1 349

1 501

+152

+11%

Route CDG

1 895

1 932

+37

+2%

Route AKL

550

539

-11

-2%

Route NRT

189

897

+708

+375%

Route LAX

4 874

5 016

+142

+3

Charter contract

17

27

+10

+59%

TOTAL

8 875

9 914

+1039

+12%

NRT route9%

CDG route
19,50%

Charter contract
0,30%

TONNAGE
TRANSPORTEDPER ROUTE
LAX route
50,60%

PPT route
15,50%

Source Datawarehouse

FREIGHT REVENUES PER ROUTE (IN MILLION XPF)

Variation Variation
2014/2013

2013

2014

Route PPT

353

371

Route CDG

1 229

1 220

-9

-1%

Route AKL

153

158

+5

+3%

Route NRT

52

154

+104

+196%

Route LAX

824

880

+56

+7%

Charter contract

7

11

+4

+62%

2 618

2 795

+177

+7%

TOTAL

+18

Source Datawarehouse+5%

AKL route
5,65%
CDG route
43,65%

Charter contract
0,40%
PPT route
13,30%

NRT route
5,50%

FREIGHTREVENUESPER ROUTE

LAX route
31,50%

6. overall RESULTS of the CHARTER activity
secondary activity generated 917 million XPF in revenue
in 2014.

© gregoirelebacon.com

Air Tahiti Nui has developed an on-demand charter activity, registering 1 170 flight hours for several charterers. This

2014 ANNUAL REPORT

19

FINANCIAL RESULTS+31%

OPERATING
PROFIT UP

1. CAPITAL ASSETS(I.E. 6% OF 2014 REVENUE)TANGIBLE FIXED ASSETS
The main movements of the 2014 financial year are:• the end of the tax-exemption schemes for aircraft Rangiroa (OSEA) and Moorea (OSUN) through the exerciseof the purchase options on December 29, 2014. The aircraft have thus been integrated in tangible fixed assets
for a global amount of 4.5 billion XPF;ASSETS (in million XPF)GROSS 2014

• Several maintenance operations recorded as fixed assets (engine overhauls, 12-year check, C-check) for 2.1
billion XPF;
• A 4.2 billion XPF depreciation provision for the three fully
owned aircraft.

PROV. &AMORT.

NET2014

NET N-1
2013

VARIATION

VARIATION IN %

77
8 046
2 684
10 808
645
1 655
258
11 601730
14 889
48

36
6 058
6 298
12 393
683
2 078
187
7 712
827
11 487
117

41
1 988
-3 614-1 585
-38
-423
71
3 889
-97
3 402
-69

112%
33%
-57%
-13%
-6%
-20%
38%
50%
-12%
30%
-59%

25 74623 9971 749

7%Intangible fixed assets
Tangible fixed assets
Financial fixed assets
TOTAL CAPITALIZED ASSETSInventory
Accounts receivable
Other accounts receivable
Cash balances
CCAV
TOTAL CURRENT ASSETS
Foreign exchange gains

225
23 8882 684
26 797
647
1 753
261
11 604730
14 99648

148
15 841

GRAND TOTAL

41 841

16 09515 9892
98
3
3© Edouard Ott

106

20

2014 ANNUAL REPORT© Jérémie Godefroy

2. LIABILITIESEQUITY AND PROVISIONS
The main movements of the 2014 financial year are:• The appropriation of the 2013 result as legal reserve(162 million XPF) and balance brought forward (1 515 million XPF);• The net result of the 2014 financial year, at 2 020 million XPF;
• The provision for adjustment risk on social contributions
on 2012 and 2014, for a global amount of 555 million XPF.

DEBT
The main movements of the 2014 financial year are:• 275 million XPF in bank loan payments. The decrease inforeign exchange liability should be noted, partly due toa 657 million XPF exceptional exchange gain on somebank loans;• The reclassification of 1 860 million XPF as deferred revenue of fuel surcharges and insurance debts.

LIABILITIES (in million XPF)

2014

2 013

Variation

Variation in %CapitalPremiums from issues
Legal reserve
Carried forward
ResultInvestment subsidy
Statutory provisions

1 623
1 701
162
1 319
2 020
938
164

1 623
1 701
-196
1 677
1 138
109

0
0
162
1 515
343
-200
55

0%
0%
100%
774%
20%
-18%
51%

OWNER’S EQUITYPROVISIONS FOR CONTINGENCIES & LOSS

7 928
1 035

6 052
565

1 876
470

31%
83%

Financial debt
Other debt
PCAV
TOTAL DEBT
Curency conversion adjustments - Liabilities

2 622
5 735
7 624
15 981
801

2 897
6 976
5 450
15 3232 057-275-1 241
2 174
658-1 256

-9%
-18%
40%
4%
-61%

GRAND TOTAL

25 74623 997

1 749

7%2014 ANNUAL REPORT

21

© Stephane Mailion

FINANCIAL RESULTS

3. INCOME STATEMENT
Income statement (in million XPF)

2014

2013

Variation

Variation in %REVENUES
Reversal of amortizations & provisions
Others incomes
TOTAL REVENUES

33 337362
13
33 71230 454376
101
30 931

2 883
-14
-88
2 781

9%
-4%
-87%
9%

Acquisitions of goods & supplies
External services & outsourcing
Taxes and duties
Payroll
Reserve for depreciation & provisions
Reserve for current assets
Reserve for risks & charges
Other charges
TOTAL EXPENDITURE

11 302
10 587
41
6 420
1 442
11
696
1 081
31 58011 101
9 668
34
6 191
1 116
8
161
1 019
29 298

201
919
7
229
326
3
535
62
2 282

2%
10%
21%
4%
29%
38%
332%
6%
8%

MILLION XPF
Operating profit
Financial result
Exceptional result
Tax

2014
2 131
2 699
-2 806
-4

2013
1 632
-689
738
-4

Variation499
3 388-3 5440

Variation in %
31%
492%
-480%
0%

NET RESULT

2 020

1 677

343

20%

Operating income is 33.7 billion XPF, against 30.9 billion XPF in 2013, i.e. a 9% increase in line with the increase in activity.

• Foreign exchange gains of 534 million XPF and 657 million XPF on the purchase options of SEA and SUN andadjustment on bank loans.

Operating expenses increase by 2.3 billion XPF, partly dueto:• The impact of the New Chart of Accounts: 326 million
XPF;• The impact of social contributions adjustments: 555 million XPF.

The extraordinary result shows a 2.8 billion XPF loss,
mostly due to:• a 343 million XPF gain on breakage (issued-but-unusedtickets more than a year old);• an aircraft depreciation provision of 3.2 billion XPF.

The financial result – 2.7 billion XPF – is mainly composed of:• The reversal of the depreciation provisions on the purchase options of Rangiroa (OSEA) and Moorea (OSUN):
1.2 billion XPF;

22

2014 ANNUAL REPORT© Stephane Mailion

2014 ANNUAL REPORT23

HUMAN RESOURCES

723

STAFF MEMBERS

1. EXECUTIVE TEAM
general management
chairman CEO

Michel MONVOISIN
COO and Executive in Charge
Mathieu BECHONNETManagement System Director
GILLES BERNEDEManaging Commercialand Marketing Director

Managing Director of Operations

SUPPORT DIRECTORATESMarketing and Communications Director

Flight Operations Director

Financial Director

Karl LEMAIRE

Christophe VAN NIEL

commercial crew director

Director of Human Resources

Eric DELCUVELLERIE

Julien FINCKGround Operations Director

Administration and Organization Director

Christophe LEGALL

Céline CLAEYS

Heifara MORIENNE

sales director

maintenance Director

IT director

Yannick MERMET

Michel MONVOISIN (par intérim)Mark HUTCHINSON

Torea COLAS

Customer Service Director
Vaitea KHOLER

Director of Revenue Management, Program and Charter, Pricing and AlliancesMark HUTCHINSON (par intérim)Gérard MAURINOUR MISSION:OUR VALUES:

To operate a high quality sustainable air service that supports Economic Growth and Development ofTourism in French Polynesia, whilst
ensuring the highest standards ofsafety, and maintaining profitability.

TO TATOU MANUREVA (a company of reference,
Our Airline of French Polynesia)
THE CULTURE OF CUSTOMER SERVICESAFETY IS EVERYONE’S CONCERNA COLLECTIVE ADVENTURE
A RESULTS-ORIENTED CULTURE (company-widecommitment and continuous improvement)
EXEMPLARY

24

2014 ANNUAL REPORT© matarai.com

2. DISTRIBUTION OF EMPLOYEESOn December 31, 2014, Air Tahiti Nui staff members numbered 723 to be compared to 703 on December 31, 2013),
divided into Tahiti ground personnel (264), flight crew (394)
and agents of overseas offices and stopovers (65).
Commercial
Crew
49%

6,420

BILLION
XPF

OF PAYROLL

3. EVOLUTION BY CATEGORY
Technical
Crew
11%

Executives
9%

In 2014, a few new hirings are to be noted in the technicalcrews (none had been made since 2007). The new hiringsof ground personnel were the upshot of recommendations of an organizational audit.

Staff

2013

2014

Variation%

PER CATEGORY
Supervisors
17%

Employees
14%
LAX
46%

CDG
30%

Source: Social Report

53

58

8,62%

Supervisors

103

112

8,04%

Employees

95

94-1,06%

Commercial Crew

321

321

0,00%

Technical Crew

71

73

2,74%

Head Management

16

15-6,67%

Commercial Managing
Directorate

78

73-6,85%

Operations Managing
Directorate

511

527

3,04%

Support functions

38

43

11,63%PER DIRECTORATEOVERSEAS
STAFF

SYD
1%

Executives

NRT
15%
AKL
8%

2014 ANNUAL REPORT

25

66,1 DEVOTEDMILLIONS XPF

TO STAFF TRAINING

4. INDICATORSEMPLOYMENT CONTRACTS:
15 departures
24 hirings
148 promotions (salaries increased)
648 permanent contracts (CDI)
10 fixed-time contracts on average

ABSENTEEISM
10 115 sick leave days
22 work accidents - related
1 960 days maternity leave

5. PAYROLL

In 2014, Air Tahiti Nui continued the reinforcement ofground staff skills (administration and operations) withtargeted actions within a budget of 11.8 million XPF. The
company also trained all its management in harassment
prevention, in order to meet its regulatory requirements.
At the same time, 54.3 million XPF were earmarked forthe compulsory training of commercial and technical crew,
following the promotion of captains and the hiring of new
airline pilots.

© gregoirelebacon.com

Payroll amounts to 6.420 billion XPF (+3.7% more thanin 2013), including 1.919 billion XPF in social contributions, i.e. 5.2% more than the previous year.

6. ONGOING PROFESSIONAL TRAINING

26

2014 ANNUAL REPORT© Boeing

OUTLOOK FOR 2015

THE LAUNCH OF OUR FLEET’S RENEWAL WILL BE
THE MAJOR TURNING POINT OF AIR TAHITI NUI IN 2015.
For 2015, Air Tahiti Nui has set a goal of 5% growth inactivity, with the continuation of an aggressive commercial
policy to raise the number of tourists coming to Tahiti andher islands.
Therefore, over 30 000 discount fare seats will be offeredacross our markets.
The search for partners so as to grow the company’scommercial network will continue, targeting in particular
the high-potential markets in China and Brazil.

The financial result will largely depend on the price of jet
fuel, but should nevertheless be positive.
2015 also marks the launch of the ﬂeet renewal project,
following the Board of Directors decision in early 2015 toacquire new generation Boeing B787-9 ‘Dreamliner’ aircraft.The company has placed purchase orders with Boeing for two 787-9 Dreamliner’s. A further two will be leased
from Air Lease Corporation.
Air Tahiti Nui’s new ﬂeet will be delivered in 2018-2019.

2014 ANNUAL REPORT27

T A H I T I•

L O S A N G E L E S

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