ANNUAL REPORT
2021

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 development of French Polynesia

28

Digitization: preparing the next stages of the company’s
digital transformation

34

Environmental focus

36

Financial statements

38

Outlook 2022

56

CSR indicators

58© Danee Hazama

Summary

Editorial

02 - 03

Editorial

Dear reader
Ia Orana e Maeva,© ATN—M. Hericher

With nearly 120 staff parting company with us following our 2020
voluntary redundancy scheme, a limited recruitment policy andincreased health measures and conditions, 2021 was once again quitea challenging year for us.
Our hopes that were resting on an earlier re-opening of borders were
sadly soon dashed by fresh outbreaks of Coronavirus and its variants,
leading to subsequent new periods of lockdown. Consequently, routes
between Auckland and Tokyo remained shut for the duration of 2021.
The new law concerning mandatory vaccination, as well as rigorous
restrictions and travel arrangements, forced us to adapt to an evengreater extent.
In December 2020 we had seen a glimmer of hope for 2021, yetinstead we had to face a worsening economic and tourist situation. We had planned an ambitious
flight schedule for 2021 corresponding to 70% of 2019 traffic before borders were closed once again
for three months in February, followed by the announcement of another lockdown in August 2021.
Just like all other airlines facing restrictions stemming from Covid-19, Air Tahiti Nui had to adapt more
promptly than initial roadmaps had anticipated. The year was littered with changes linked to theglobal pandemic: a constant assimilation of evolving travel conditions varying from one country toanother, integration of digital processes, adaptation of management and communication tools forremote work, and the optimization of organization of work and services etc.
Thanks to the involvement of our employees, we were able to successfully adjust and fill the missing
gaps created by those who had parted company with us. We were also able to conciliate our businessaccording to the latest health measures, modulate working hours, reduce salaries, and revise ourmethods to continue to deliver a consistent service whilst maintaining skills and know-how. Despite
everything being against them, they have always given their best to respond to the company’s needs.
We made significant progress with direct sales channels, particularly for those online; emphasis was
put on the promotion of by-product sales and reduction of distribution costs. Further improvements
were made to the digitization of the customer experience aimed to raise standards to better serve
our passengers whilst improving our income; a new online bidding option for travel upgrade named
Maeva Plus Grade, launched in early November, quickly achieved great success and showed promise
for improved profitability going forward.
2021 was above all the year we were rescued, thanks to the support of the territory, our main shareholder, through a balancing subsidy and the implementation by local government of an exceptional
employment protection scheme for reduced working hours (DiESE), in order to overcome the absenceof partial unemployment benefit in Polynesia. This generous gesture from the authorities, unprecedented in the history of our company, also commits us to our actions and decisions made on a daily
basis. Each and every day we will continue to demonstrate the importance of our role in the future of
our country’s tourism industry.

Having already acknowledged our company value by awarding us national tax exemption, the Frenchgovernment also reiterated its unconditional support by granting us the benefit of all national aid
schemes: State guaranteed loan (PGE), aid for fixed costs and a solidarity plan, etc. In return, ATN,
unlike other companies who also received state aid, decided to favor its human capital in preparation
for the resumption of services. Thus, after the voluntary redundancies, we chose not to adjust the
productive workforce proportionally to the reduction of activity (especially flight crew and maintenance production) unlike other companies who had to cancel flights as a precaution when high season
resumed due to the lack of experienced and trained workforce. As such, beyond maintaining the skills
and expertise of our crews, we have above all sustained our vital forces with a view to a swift returnto pre-crisis activity levels. All this was possible thanks to the strong commitment of staff who aredetermined to support their company, and who agreed, via their representatives, to a three-year wage
reduction protocol. Such a major effort once again underlines employees’ loyalty towards ATN anddeserves recognition.
At the end of July, during his visit to Polynesia, the President of France spoke highly of Air Tahiti Nui,praising the relevance of our company model, its resilience, and its undeniable value for the local
community (number 1 Polynesian business in terms of turnover, 2nd highest employer in the country andmain lever for the development of tourism with almost 52% of tourists transported). Even though ourcompany has still not totally emerged from the downward spiral of this crisis, we must acknowledge
the value of joint efforts made by the country and the French government, which allow us to continue
ensuring our mission to serve our fenua and our citizens with the same faith and professionalism whichhave led to the success and relevance of To Tatou Manureva.
2022 will be another year full of surprises with an announced increase in competition on our mainroutes, yet the company will continue to pursue its transformation and accompany the developmentof tourism in French Polynesia in a sustainable manner.
We hope to have the pleasure of welcoming you on board our lines soon, where from the very start ofyour journey you will dive deep into the magic of our islands.
Happy reading,Michel MONVOISIN,
Chairman of the board of directors, and Chief Executive Officer of Air Tahiti Nui

04 - 05

Legal status
and capital

CSR approach
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 theprovision of a highly consistent long-term service alongside the developmentof the tourist industry in French Polynesia, while also maintaining the highstandards of operational safety.”
Following the publication of two sustainable development reports for 2016
and 2018, the company has continued to communicate its CSR efforts in aconsolidated annual report alongside the business activity results, financial
data and non-financial performance (with no change in compliance with the
GRI G4 reference framework-cf.p.58).
In 2021, Air Tahiti Nui further ramped up its efforts to maintain the sustainability of its business—which proved essential for the opening-up of Polynesia
and its economic and social resilience—while also continuing to take into
consideration global issues of the future such as climate and biodiversity
challenges, new regulations, sustainable development objectives, new societal
expectations, etc.
The Corporate Social Responsibility policy initiated and undertaken by
Air Tahiti Nui is involved in various aspects of its business and at all levels of
the organization, and is therefore an implicit part of this document, throughthe indicators and key figures related to the 4 focus areas and 10 progresscommitments opposite (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 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 action (SDG #13).

Three flagship initiatives in 2021
Air Tahiti Nui continues to strengthen its attachment to its CSR policy byinitiating three major projects in favor of its stakeholders:
For its customers
Air Tahiti Nui has provided a fun and reliable online
customer platform for voluntary offsetting in line with
its environmental policy on the reduction of greenhousegas emissions, thus allowing passengers and customers
to contribute individually towards the fight against
climate change by supporting sustainable certified carbon
sequestration projects.

Supportfor 3 certified
carbonoffsetting
projects

For its partners and the society
Thanks to a successful collaboration with FACE Club andthe ANAVAI Foundation, Air Tahiti Nui ran an ecological, solidarity-based initiative by recycling old uniforms
otherwise destined for disposal. The proceeds fromthe sale of the products thus transformed were entirely
donated to local charities, mobilized in favor of Polynesian youth.

593,000 XPF
donated to
local charities

For its employees
For the past six years, Air Tahiti Nui has been raising staff
awareness about the practice of regular exercise anda well-balanced diet. With guidance from the Public
Health Authority the company reasserted its commitment in 2021 to this support dedicated to the health of
its workforce.

Founding
member of
the “Company
activelycommitted to
employeehealth.”

FOCUS AREA 1: maintainthe responsible operationsof our flights#1: guarantee flight safety andcomply with regulations.
#2: maintain sustainable relations
with our stakeholders.

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 2021:

Shares in capital on 31/12/2021

3.87%

3.43%

Air Tahiti

OCI

FOCUS AREA 2: reduce ourenvironmental footprint#3: reduce our emissions andparticipate in the fight against
climate change.
#4: mitigate the impact of
our activity on the ground.
#5: contribute to thepreservation of Tahiti as a tourist
destination and its biodiversity.

84.82%

French Polynesia

3.03%
SEGC

2.70%
OthersMembers of the board

0.57%

Wan Holding
Participation

1.58%

Tahiti Tourism

As a local mixed economy company, Air Tahiti Nui has a Board of Directors composed of 15 members, distributed since
December 23rd, 2021, as follows:

Public administrators representing French Polynesia,
appointed by the Council of Ministers
FOCUS AREA 3: be a committed
employer#6: share a common vision andmaintain trust-based relations.
#7: ensure health, safety, andwell-being at work.
#8: develop skills and support
employee personal development.

• Mr. Edouard FRITCH, President of the Government of French Polynesia, in charge of territorial equality and international
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, Manager 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. Franco LANZA, Air Tahiti Nui Staff Representative.

Private Administrators representing the private sector
FOCUS AREA 4: support
the development ofFrench Polynesia#9: integrate sustainable
development into our activity
and business culture.
#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’études et de gestion commerciale;• Mr. Jean-Pierre FOURCADE, Representative of la Financière hôtelière polynésienne;• Mr. Bruno WAN, Manager of Civil Society Wan Holding Participation;• Mr. Matahiarii BROTHERS, President of SAS Océanienne de capital investissement;• Mr. James ESTALL, Representative of Air Tahiti;• Mr. Richard BAILEY, Representative of Tahiti Beachcomber Plc.

Statutory auditor
The statutory auditors for Air Tahiti Nui are SCP GOSSE-PARION-CHANGUES-MENARD-ALBERT, represented byMrs. Elisabeth ALBERT and the SARL (Limited Liability Company) KPMG, represented by Mr. Jean-Louis PELLOUX.

06 - 07

French Polynesia
workforce by occupational
category

Human resources

10.7%

FLIGHT CREW

11.4%

608

Company organization

EXECUTIVES

employees
on 31st December, 2021

GENERAL MANAGEMENT

45.8%

CABIN CREW

Michel MONVOISIN
Chairman Chief Executive
Officer

20.2%

Mathieu BECHONNET
Chief Operating Officer

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

SUPPORT MANAGEMENTTECHNICIANS/
SUPERVISORS

11.9%

EXECUTIVE MANAGEMENT OF OPERATIONS
Raymond TOPIN - Responsible Manager

EMPLOYEES/WORKERS
Source: Social audit 2021 ATN© Moana Blackstone et ATN—L. Chongue, M. Hericher, B. Lai Ah Che

REGIONS
Regional Director America
Nicholas PANZA

Director of Revenue
Management, Pricing,
Schedule & Charter
Raimana CHAMPS

Director of Finance
Pierre CHAMPION

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

Director of Direct Customer
Services
Vaitea KOHLER

Director of Human
Resources
Manuarii MERVIN

Director of Ground
Operations, Stations
and Freight
Céline CLAEYS

Regional Director Asia
Atsushi CHINO

Director of Loyalty, Digital,
Product & Communication
Torea COLAS

Director of Administration& 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

Workforce distribution
in external stations

11%

20%

AKL

NRT

Regional Director French
Polynesia & global freight
Yann MASINGUE

24.5%

44.5%

CDG

LAX

Distribution of human resources

Source: HRD ATN

On December 31st, 2021, the company workforce consisted of 608 employees (compared to 621 on December 31st, 2020)
divided into Tahiti ground personnel (245), flight crew (318; including 258 cabin crew and 60 technical crew), and agentsof overseas offices and stations (45).

Distribution of Air Tahiti Nui workforce by gender

ParityWorkforceWith 52% of female employees, the number of women working for Air Tahiti Nui has slightly decreased over the year (53%
in 2020) but remains satisfactory.
In particular there has been an increase in their representation to 44% among executives and to 8% of female pilots(namely 5 pilots including the chief pilot) placing the company high in the ranking for the feminization of pilot positions(according to the OACI March 2021, only 3% of pilots in the world are female).

2019

Distribution
2019

2020

Distribution
2020

2021

Distribution
2021

Men
Women

357
398

47.3%
52.7%

292
329

47%
53%

294
314

48%
52%

TOTAL

755

100%

621

100%

608

100%

Source: Social audits ATN

08 - 09© Danee Hazama© Danee Hazama

Covid – 19 social measures

Indicators for Polynesia

Within the context of the travel restrictions set out by the French authorities and the government of Polynesia during
the first quarter, the company undertook, with its social partners, a third protocol to reduce the number of working hours
named “RTT3” and continued the protocol for a general salary reduction of -5%.

Protocol RTT3
In view of the border closures announced by the authorities in February 2021, this third protocol proposed a reductionof 50% in working hours for ground staff from February 1st to May 31st, 2021; a decision that was necessary to contain thecompany’s expenses at a time when the airline was only operating one weekly flight to Paris.
Flight crews were invited to reinforce the measures in place from December 2020 through new protocols signed with theirunions for reductions on working hours ranging from 50% to 100%.
Regional staff have also made a significant effort since March 2020 with reductions in working hours adapted to the aid
mechanisms of their respective countries.
Locally, these reductions in working hours were made possible thanks to a major financial effort by the territory via the
DiESE (Dispositif exceptionnel de sécurisation de l’emploi) for all staff, which allowed for a significant reduction in payroll
to survive the periods of very low activity, thus enabling Air Tahiti Nui to avoid the threat of redundancies, while many otheroperators have not managed to avoid it.

Employment contracts:

12

563

Absenteeism:

7

workplace accidents

departures

employees on
permanent
contracts(5 of which resulted in medical leave)

2

245

1 035

(of which 8 resignations,
3 short term contracts ended
and 1 voluntary departure)

employees on
temporary contracts

employees
promoteddays of maternity leave

General salary reduction
The general 5% reduction in salaries ratified by the signing of amulti-annual agreement following on from a voluntary redundancy
plan in 2020 was continued throughout the year. The protocol
covers the period between November 2020 until December 2023.

Workforce evolution
Despite the voluntary redundancy plan in 2020, 2021 saw a significant decrease in the workforce. At the beginning of the year, there
were 12 departures for 3 external recruitments (one of these on apermanent contract), in trade and support functions.
External hiring was limited to functions essential to the resumptionof activity.

Global payroll© Danee Hazama

In 2021 the global payroll came to 4.790 billion XPF (of which
1.1 billion XPF in employer contributions), an all-time low global
payroll due to the implementation of reduced working hours andthe general reduction in salary of -5% until December 2023.

Professional training
Following on from 2020, 2021 was strongly affected by the health crisis and social
distancing, which disrupted the smooth running of the training plan. Despite this,HRD still achieved 85% of it. Considering the impact linked to various reductions
in work hours, a budget equivalent to that of 50% of the 2019 training plan wasrolled out over the year.
Free access to e-learning content was offered to employees in areas linked to
management, project management and professional effectiveness etc. In total,
241 training programs were followed remotely.
362 participants were trained in the administrative sector (professional effectiveness and well-being, office automation and IT, sales/customer services, languages,
management, health and safety), for a budget of 10.2 billion XPF (compared with
21 billion XPF in 2019 and 5 billion XPF in 2020). Furthermore, 30.7 billion XPF
were assigned to the regulatory training of crew.
2021 also saw the completion of an overhaul in the system of professional standards. This document is a key tool when dealing with human resources, communication, and support for decision-making. It facilitates the process of identifying
and understanding all 159 positions in the company, providing information about
expected levels of competence and expertise, and also proving to be an essential
tool for audits.

40.9

million XPF
devoted to training

10 - 11

Throughout the year numerous efforts were made in the fight against the spread of the Delta variant and contribute to theherd immunity strategy of the Fenua. This included the organizing of information conferences and the implementation of
vaccination stations for employees at the Air Tahiti Nui headquarters.
Other advances in the field of workplace safety include onsite visits and meetings by an external consultancy specializing
in occupational risk assessment. This allowed the Single Occupational Risk Assessment Document to be updated, andidentified corrective actions on all 4 company sites (headquarters, sales office, maintenance and training centers).
The document was validated by the Health, Safety and Working conditions Committee before the end of their term ofoffice. The next team will oversee the continuation of the aircraft section update (following the Airbus-Boeing transition)and the implementation of remedial measures.
During the year Air Tahiti Nui once again reaffirmed its ongoing commitment to the “Company actively engaged in
employee health charter” which it was instrumental in founding in 2015, under the aegis of the Health Directorate.
As well as promoting a balanced diet and the regular practice of sport, the program now provides a new section concerning staff well-being that began in June.

© Danee Hazama

Furthermore, during 2021 the company Health Committee (comprising of voluntary members and representatives of
the works council) maintained the organization of awareness-raising activities (dance classes, walking challenges andnutritionist-led cookery workshops) whenever possible, whilst also respecting the constraints of social distancing and alimited budget.

Amount allocated to sports and nutrition awareness activities

2019: 4.6 million XPF
2020: 850,000 XPF
2021: 1,750,000 XPF

CSR FOCUS AREA 3(an increase of 51% compared with 2020, mainly concerning grants
awarded to sports sections and room rental and/or nutritional advice,by the works council).

Commitment #6
Sharing a common vision and maintaining the foundations of a trust-based relationshipCommitment #8

Following the announcement in February 2021, of the new government restrictions to limit the spread of the Delta variant,the Human Resources department continued negotiations with employee representatives about how to apply the newsocial measures aimed at adapting resources to the limited needs of operations and thus jointly contributing to a reduction
in costs and more generally, to safeguard the company.
Such efforts made by colleagues through agreement protocols, which mainly concern reducing working hours according
to professional category, made it possible to generate savings of 856 million XPF over the year (2.5 billion XPF since thestart of the Covid crisis in 2019).

Developing skills andsupporting employees’
personal growth

After formalizing and distributing its ethics charter in 2020, the ethics committee, in place since 2016 for the deployment
of ATN CSR's approach and to oversee its governance principles, continued its work to promote an internal ethical culture.
Three meetings during the year thus saw the launch of a working group aiming to define a code of conduct concerning thereceiving of gifts and invitations, with a view to reducing the risk of corruption.

Commitment #7
Ensuring health, safety and well-being
in the workplace
The Human Resources Department is fully aware of the link between
quality of life in the workplace and company performance. It has
thus maintained its program of actions aimed at keeping in checkthe risk of employee accidents.
In 2021, there was a noticeable reduction in accidents at work, linked
directly to the reduced number of flights.

EVOLUTION OF
WORKPLACE ACCIDENTSRESULTING IN MEDICALLEAVE [G4-LA6]

2019: 20
2020: 162021: 5

As a service provider, Air Tahiti Nui devotes
a considerable annual budget to training its
personnel: 0.87% of the workforce of Polynesia
in 2021 [G4-10].
As a result of constraints linked to social
distancing and the health crisis, the online
learning platform Tāmau was an effective
learning tool throughout the year.
Not including the regulatory section, 272
employees attended at least one face to facetraining program in 2021 and 71 followed
e-learning.

Tāmau(1) platform figures
On 12/31/2021, 92 remote training modules were available (63 were made available during the year, of which
23 were purchased and the remaining 40 were created by
TN teams).
Among them various awareness-raising modules weredeveloped internally, including:- introduction to CSR,
- introduction to company ethics,- company disability awareness (recommended training)
to encourage diversity and inclusion in the company
and give advice on recruitment procedures for disabledtrainees,- obligatory training for General Data Protection Rules(RGPD) which all French and European companies mustcomply with since May 2018 (cf. Internal control, p.16),- Air Tahiti Nui Response Plan created by the security
Department (cf. Management systems Department,p.14) for all employees who have a specific role in crisis
management,- etc.

(1) “Tāmau”, meaning “learn” in Tahitian, is the name given to the e-learning platform implemented within the company in 2019. The software is published by Cornerstone
and the courses are designed by Articulate360.

12 - 13Governance,compliance andrisk management

The organization’s continuous improvement process
covers all the company’s operational and legislativecompliance risks. Since September 2017, a complianceand risks committee has internally grouped together
the 3 pillars of Air Tahiti Nui’s risk management,
which are the Management Systems Directorate,
Internal Control System and Information Systems
Security. They share common interests, in particular:risk control in different domains (MSD: security offlights; 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.).

Evolution of ATN management system performance from 2017 to 2021
(DGAC/SEAC)
2017
rating2018
rating2019
rating2020
rating2021
ratingB

B

A

A

Safety culture
A				

E

D

A

A

Risk analysis
A 				CA

B

A

SGS steering
A				

E

B

A

A

Implementation of correctiveA				
measures

D

A

A

A

Continuous improvement andC				change management

B

A

A

A

A				
Interface management

B

A

A

A

A				
Documentation

C

A

A

A

A				
Training and communication

C

C

D

C

B				
Compliance rate

D

C

A

A

B				
Capacity to obtain compliance

Trend

Criteria

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
operations, and maintenance.
Reporting to the responsible manager of the company, the Management Systems Directorate supervises all management
system actions. It has four divisions:• security: intended to establish the company’s security programs in all countries the airline has routes to, in accordancewith 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 coordinated response to emergencies;• safety: aimed at identifying and analyzing the risks related to all areas of operations and implement appropriate corrective and preventive measures;• compliance monitoring: which guarantees compliance with the applicable regulatory specifications in addition to any
other further requirements.

The CORSIA scheme (Carbon Offsetting and Reduction Scheme for International
Aviation) is a global regime of compensation and reduction in international aviation CO2 emissions adopted in 2018, by the International Civil Aviation Organization(ICAO). It is the final element in the list of ICAO recommended measures to reduce
the effects of aviation on the climate (which also include technological innovation,
operational improvement, and the adoption of sustainable aviation fuels).
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 report them to the relevant authority.
In accordance with its Emissions Monitoring Plan (EMP) approved by the DGAC during 2019, Air Tahiti Nui committed to monitoring and reporting its annual emissions for the financial years 2019 and 2020 which will provide
reference for evaluation of compensation (cf. Environmental focus, p.36-37). Due to the turbulent nature of theCovid-19 global health crisis, the ICAO ultimately decided not to enter the year’s emissions into the accounts.
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).
By November 30th, 2022, the DGAC will inform Air Tahiti Nui of its carbon offsetting obligation for the financial
year 2021 if applicable. This obligation will include compensation for 2022 and 2023, which must be paid by 2024,
and will be reassessed every three years.
This new requirement to offset carbon emissions will not be generalized to all airlines until 2027.

The supervisory authorities (Directorate General of Civil Aviation [DGAC], State Civil Aviation Service in French Polynesia [SEAC] and the Civil Aviation Safety Organization [OSAC]) ensure through audits that Air Tahiti Nui complies with
EASA (European Aviation Safety Agency) regulations.
As guarantor of the organization’s safety and security, the Management Systems Directorate collaborates with various
departments and directorates, and even coordinates safety audits to which Air Tahiti Nui must conform, including thoserelative to the maintenance of the various approvals and to the renewal of the company IOSA authorization (cf. Flightactivity, p.18), in effect for two years from the end October 2021.

(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 carbon sequestration
and/or reduction of greenhouse gases.

14 - 15

Internal Control System
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 oftwo staff and is entrusted with three main goals:- to ensure the efficiency of risk management systems by performing 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).
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 toverify compliance with procedures.
An internal control committee is composed of the CEO, COO, Financial Director, and the Manager of internal control aspermanent members. As of 2016, it has ensured coherence and efficiency of internal control, the proper organization andcompletion of continual business controls, and the effectiveness of monitoring systems and risk management. This committee meets regularly to examine the audit results, approve recommendations, and ensure their implementation.
These internal audits measure the level of risks incurred and verify compliance with procedures as well as the effectivenessand appropriate nature of the systems in force.
The internal auditor also checks that operations fulfilled by the airline as well as the internal procedures are in accordancewith legislative provisions in force and professional standards and practices. It measures the adequacy and effectivenessof evaluation procedures and risk management and formulates recommendations to make improvements, to reinforce,
safeguard and organize services in accordance with the risks to which they are exposed.
The recommendations issued in the reports, together with completion dates and a risk level, are approved by the internal
inspection committee, and become enforceable thereafter. The audited directorates are responsible for their application.
These elements are recorded by the internal audit and are subject to monitoring and a periodic review by the departments
concerned.
In 2021, collaborative efforts between the auditees and the Internal Control Department allowed the closure of 29 recommendations. Audits carried out during the period generated 8 extra recommendations, bringing the current inventory to a
total of 15 recommendations at the end of the year compared with 36 in 2020.
Within the General Data Protection Regulation (GDPR) framework, the department accompanies the Data Protection
Officer (DPO) and ensures they conform to the correct regulations by adhering to the following lines of approach:- raise awareness about the regulations amongst company employees,- control collected data,- carry out a regular analysis of the data protection regulations,- ensure the implementation of data protection procedures.

In 2021, a widespread awareness campaign was carried out through:- the implementation of compulsory online training as an integral part of the welcome process for new arrivals,- the installation of signage placed in strategic areas,- drafting and distribution of procedures enabling the control of collated data.
Finally, the Internal Control Department ensures the operational continuity of support functions by accompanying
departments in:- identifying main events that could impact business and render it unavailable for a significant amount of time,- designing a contingency plan and business continuity in response to any possible event.

Information Systems Security (ISS)IT and communication systems are vital for the smooth running of Air Tahiti Nui’s daily operations. The company uses
hundreds of applications on a day-to-day basis, and the information they contain is increasingly under threat.

Cybercrime risk
As a responsible business, Air Tahiti Nui must protect its clients’ personal data, whether it includes credit card numbers
or individual-related data. Strategical value data must also be protected. This informational heritage, which is, to a certain
extent, the company’s memory, and anticipatory capacity, also needs to be safeguarded against any alteration or misappropriation by cybercriminals.

The risk of an IT system defect is crucial to the continuity of operations
Information technology has become essential to the success of the company's missions, and ATN is dependent on its
proper functioning. A malfunction could lead to a flight delay and dissatisfied clients. The continuity of information
systems operations must therefore be ensured.

The risk of non-compliance and security breach  
The regulations concerning the field of cyber security are being strengthened and requires that airlines protect critical information systems.
The DGAC has defined a cyber compliance framework (3CF) leading to a time frame and a progression in maturity on 4 levels.
Furthermore, the implementation of the general rule for data protection (GDPR) requires measures to which Air Tahiti Nuimust adhere.
In order to tackle and manage risks, the company continued to further secure its information system over the year. This began
six years ago through a plan of action split into four complementary sections: Information security governance, Information
security audits, project security and raising employee awareness.

Objectives and key ISS achievements over the year
FOCUS 1 - GOVERNANCE OF INFORMATION SYSTEM SECURITY

FOCUS 3 - IT SECURITY IN PROJECTS

2021 Objectives

Key achievements of 2021

2021 Objectives

Key achievements of 2021

• Initiate compliance with regulation Part IS (2023)• Organize security and ensure monitoring of actions• Define a compliance road map (DGAC)• Follow up of corrective actions• Monthly checks of safety indicators with the DSI• Integrate recommendations into all security-sensitive
projects• Improve ways of detecting security issues• Implementation of a system for the collection of logs

FOCUS 2 - INFORMATION SYSTEM SECURITY AUDIT

FOCUS 4 - EMPLOYEE AWARENESS

2021 Objectives

Key achievements of 2021

2021 Objectives

Key achievements of 2021

• Check that operational safety procedures areproperly enforced• Audit of vulnerability management• Implementation of continuous audit platforms of assets
exposed on the internet• Testing of the Business Continuity Plan (BCP)• Continue to raise awareness about emails• Raise awareness by email about themes concerning
phishing and ’fake president fraud’• Training of administrators about systems of’good practice’16 - 17© Danee Hazama© Danee Hazama

Flight activity

Certificates and licences© Danee Hazama

To operate as a French international air carrier, Air Tahiti Nui holds:- an air carrier license, December 2006 (Decree 1389 MC);- 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. 0 November
3rd 2020;- a certificate of approval of maintenance part 145 for the maintenance of aircraft FR 145.0423, rev. 5 June 11th, 2020.
The different authorizations list all specific operational approvals in relation to the Boeing 787-9.

CAMO part management organization

IOSA

After several months of work, checks and audits carried out internally by the MSD and externally by the International Civil
Aviation Organization (ICAO) which verified that our airworthiness management organization met with requirements of
the CAMO part (Annex V of regulation [UE] 1321/2014), Air Tahiti Nui obtained confirmation of its management organization accreditation certificate part CAMO (Continuing Airworthiness Management Organization) N° FR.CAMO.0026 andvalidation of its CAME (Continuing Airworthiness Management Exposition [specifications manual of an authorized body inaccordance with the CAMO part]) on 08/11/2021.

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.

In addition, the Privilège I (airworthiness review) was granted on 09/13/2021 and complemented by the acceptance of aninternal resource of Airworthiness Review Staff (ARS), qualified to authorize Airworthiness Review Certificates (ARC) for
the Air Tahiti Nui fleet.
Air Tahiti Nui is the first airline in Polynesia to receive this accreditation.
The first ARC under Privilège I was issued for the F-OMUA on 10/01/2021.

Initially planned in June for the 8th renewal of the authorization, the audit was atfirst moved with WAKE in September due to the health crisis, then from 18th to
22nd October 2021.
The renewed certificate is valid for 2 years from the validity date on the certificate(until October 28th, 2023).

18 - 19

AIR TAHITI NUI / SNCF - TGV

AIR TAHITI NUI / AMERICAN AIRLINES

RennesSeattleSacramento
Salt Lake CitySan Francisco

42interline agreements

Shanghaï

Hong Kong
BangkokAt the same time, Air Tahiti Nui applies its company code
to Air New Zealand flights to increase the frequency ofservice between Tahiti and Auckland, bringing the number to five return flights a week on this route, and with
Air France between Los Angeles and Paris to extend theParis-Tahiti service to one return flight per week (undernormal operating conditions, outside the pandemic).

Los Angeles

NagoyaOsaka

Las Vegas
AlbuquerquePhoenix

San Diego Tucson

El Paso

St louisOklahoma City

AustinSan Antonio

Taipei

ZurichSt Pierredes corps

Atlanta

Valence

BostonBordeaux
Nimes
Montpellier

New York
Philadelphia
Washington

Milan

Lyon

AvignonAix-en provence

Marseille

Rome

MadridCharlotte

Dallas Nouvelle-Orléans

HoustonOrlando
Miami

MexicoTahiti et ses îlesSingapour

Air Tahiti Nui is positioned as the main airline serving
French Polynesia. The company operates over four continents, offering flights from Papeete to Los Angeles, Tokyo,
Auckland, and Paris (via Los Angeles).
Air Tahiti Nui offers routes to a total of 60 cities thanks to
its code-share partners:- SNCF trains with the Train + Air program in Franceand Europe departing daily from CDG to: Aix-en-Provence, Angers, Avignon, Bordeaux, Le Mans, Lille, Lyon,
Marseille, Metz, Montpellier, Nantes, Nîmes, Poitiers,
Reims, Rennes, Strasbourg, Tours, Valence, and Brussels.
- American Airlines in North America departing daily
from Los Angeles to: Albuquerque, Atlanta, Austin,
Boston, Charlotte, Chicago, Dallas, Denver, El Paso,
Houston, Las Vegas, Miami, New York, La NouvelleOrléans, Oklahoma City, Orlando, Philadelphia, Phoenix,
Portland, Sacramento, St Louis, Salt Lake City, San
Antonio, San Francisco, San Jose, Seattle, Tucson,
Toronto, Vancouver and Washington.
- Qantas and Air Calin complete the Air Tahiti Nui offer in
the South Pacific to Sydney, Melbourne, Brisbane, andNoumea.
- Japan Airlines and Korean Air depart to Osaka,
Fukuoka, Nagoya, Sapporo in Japan and Hong Kongand Seoul in Asia.
- LATAM Airlines in South America departs to Easter
Island and Santiago, Chile.

FresnoDenverTorontoStrasbourg

ManilleSaigon

The network

Fukuoka

San JoseTokyo

Lorraine

Le Mans

NantesFrancfort

Champagne Ardenne

Poitiers

Chicago

Seoul

Paris

AngersSt laudMontréal

PortlandBeijing

Bruxelles

Lille

Vancouver

SapporoAmsterdam

LondresCairns
Sao Paolo

NouméaBrisbane

Rapa Nui

SydneyPerthMelbourne

Santiago

AucklandQueenstown

Christchurch

Destinations ATN (en propre ou partage de code) / TN Cities (operated by TN or in codeshare)
Destinations desservies par nos partenaires interline (échantillons) / Destinations serve by our interline partners (samples)
Vols opérés par ATN
Vols ATN en partage de code avec nos partenaires ou opérés par nos partenaires interline /TN flights in codeshare with our partners or operated by our interline partners

The following partners apply their company codes toflights operated by Air Tahiti Nui:
- American Airlines: PPT-LAX / LAX-CDG- 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

The global Covid-19 health crisis continued to disrupt the 2021 flight schedule, leading to massive cancellations.
Despite this, Air Tahiti Nui has remained in contact with its partners and has continued links with them.
Thus, 42 interline agreements have been made with other transporters to date, in order to offer clients a wider choice ofdestinations.

20 - 21

Frequency of weekly services by code-share partners*
Provisional 2021

683

81.56%

commercial flights in 2021
for 9,175 flight hoursof flights departed
on timeCompleted 2021

Air New Zealand (NZ)

PPT – AKL – PPT

2 flights/wk.

0 flight/wk.

Air France (AF)LAX – CDG – LAX

1 flight/wk.

0 flight/wk.

Qantas (QF)

AKL – SYD/MEL/BNE – AKL

Daily

0 flight/wk.

Korean Air (KE)NRT – ICN – NRT

2 flights/wk.

0 flight/wk.

Air Calin (SB)AKL – NOU – AKL
PPT – NOU – PPT

2 flights/wk.
1 flight/wk.

0 flight/wk. for AKL and 1 flight/wk.
for PPT from December

LATAM Airlines (LA)SLC – IPC – PPT – IPC – SCL

1 flight/wk.

0 fight/wk.

Japan Airlines (JL)NRT – HKG
NRT – ITM
HND – ITM
NRT – NGO
HND – FUK
HND – CTS

Daily

0 flight/wk.

Flight schedules* Except American Airlines and SNCF who operate daily links.

With many borders still closed in 2021, Air Tahiti Nui had to re-adjust its flight schedules accordingly:- with the United States still being closed to the Schengen area, Air Tahiti Nui maintained Vancouver as a transit point for
flights scheduled for Paris, from January till November 2021;- New Zealand borders remained closed for passengers, but Air Tahiti Nui still provided one cargo flight per week between
June and December 2021 (cf. Traffic and business revenue, p.24);- Japanese borders also remained closed; No flights to Narita operated in 2021.

In 2021, New Zealand, Australian, Japanese and New Caledonian borders remained closed to tourists, meaning flight schedules to and from these code-share partners were modified.
LATAM suspended its commercial flights to Easter Island from March 2020.
Transatlantic flights only resumed in November 2021, but codeshare with Air France was not reinstated because of risks
due to the Covid-19 pandemic and the measures taken in each respective country.

During this pandemic, the frequency of routes fluctuated each month due to the conditions linked to entry into eachcountry of destination. It is reported below annually rather than by season.

Frequency of service per route
Completed 2020
Low
seasonHighseasonProvisional 2021
Low
seasonHighseasonPapeete – Paris via LAX
3 to 4 flights/wk.
0 flight/wk.
3 to 4 flights/wk. 4 to 6 flights/wk.
					Completed
2021
Annual4 flights/wk.
(Nov.to Dec.)

Papeete – Paris via PTP*

1 flight/wk.
(Mar.to May)

NA

NA

NA

NA

Papeete – Paris via YVR**

2 to 4 flights/wk.
(Oct. to Dec.)

5 to 7 flights/wk.

NANA

1 to 7 fights/wk

Papeete – Los Angeles

3 to 5 flights/wk.

3 flights/wk.

2 to 3 flights/wk.

2 to 3 flights/wk.

2 to 5 flights/wk.

Papeete – Narita

2 flights/wk.

0 flight/wk.

1 to 2 flights/wk.

1 to 2 flights/wk.

0 flight/wk.

Papeete – Auckland

3 flights/wk.

0 flight/wk.

2 flights/wk.

2 flights/wk.

0 flight/wk.

Annual number of flights per route
Variation 20/21

2019

2020

2021

Papeete – Paris via LAX
Papeete – Paris via PTP
Papeete – Paris via YVR
Papeete – Los Angeles
Papeete – Narita
Papeete – Auckland

486
NA
NA
492
207
295

75
17
228
253
42
77

54
NA
327
303
0
0

-21
-17
99
50
-42
-77

-29%
NA
43%
20%
NA
NA

TOTAL

1 480

692

683

-9

-1%

Punctuality
In 2021, ATN’s punctuality reduced across the network with 81.56% of flights leaving on time or within 15 minutes ofscheduled time (compared with 89.75% in 2020).
Annual punctuality was strongly impacted mainly by various checks linked to Covid crisis (test results, vaccines, travelauthorizations such as ETIS or essential reasons needing verification at check-in, an abundance of forms to fill in forpassengers, etc.).
Furthermore, a considerable number of departures were disrupted in Paris-Charles de Gaulle airport during the Summer
due to ATN having to operate from terminal 2E, after ADP (Aéroports de Paris) having closed terminal 2A due to inactivity.
Finally, the resumption of the transit to LAX was also problematic due to the lack of staff amongst sub-contractors

Operations in times of crisis
Due to Air Tahiti Nui having to comply with an increasingly constrained health context, the alternative transit option via
Vancouver, established in 2020 to overcome the border closures and in particular the inability to transit via Los Angeles asplanned in the regular flight schedules, was retained through 2021.
In view of the considerable reduction in flights, the company decided to put one of its airplanes into long-term storage:at the end of February, the F-OMUA went to the Arizona desert for 3 months of ’cocooning’ to limit exposure to corrosion
and therefore better preserve its equipment.
With the health and safety at the heart of company concerns, it was necessary to exercise operational adaptability all year
round.
Thanks to a significant decrease in case numbers in and around French Polynesia, the re-opening of American trade
borders (upon adherence to strict health protocol) allowed a gradual recovery of activity on the PPT-LAX line fromMay 1st, whilst the connection PPT-CDG via Vancouver remained impacted by the continuing restrictions of compelling
reasons required for travelers coming from mainland France.
The rise of the Delta variant over the Summer stopped the momentum of recovery in its tracks, and it was not until
November 8th that the US borders finally re-opened to international travelers, with vaccination being the hard and fast rule
– with only rare exceptions – for both dry flights and transit. Air Tahiti Nui could then resume its service from Los Angeleson November 17th, as a final destination or from and to Paris, and the last flight turnaround from Vancouver operated on
November 16th, 2021.

* PTP = Pointe-à-Pitre (Guadeloupe)** YVR = Vancouver (Canada)

22 - 23

Traffic andbusiness revenue

passengers
transported in 2021

52.7%

of international traffictransported by
Air Tahiti Nui

42 429tourists weretransported during theyear by Air Tahiti Nui

5 731© Danee Hazama

185 727

tonnes of freighttransported for2.5 billion XPF in revenue

Tahiti-bound traffic
In 2021, the total number of incoming and outgoing passengers
to Polynesia was 243 481, that is to say, activity comparable withthe health crisis year 2020 (+0.6%). Seat availability was slightly
reduced in 2021 (-1.9%) and remains at a lower level compared withnumbers in 2019, before the Covid-19 crisis.
By continuing to operate despite the closure of borders andlockdown in French Polynesia, Air Tahiti Nui successfully transported 52.7% of international traffic during the year. Maintaining
activity for the two consecutive years during the crisis enabled thecompany to increase its market share in offers and passengers to
2.9 points more than 2020.

Fare-paying passengers activity per route
2020
Average passenger load factor
Revenue (in million XPF)

56.5%
10 145+2.4 pts+21.8%

0.4%

Air Calin

19.0%

United Airlines

13.8%

French Bee

13.8%

51.4%

Air Tahiti Nui© Danee Hazama

58.9%
12 361

Tourist traffic market shares by airline

In 2021, Air Tahiti Nui transported 185 727 passengers, an increased
figure (+11.2%) in comparison with 2020, and a capacity increase(+6.2%). The recovery in tourism activity allowed for an increase in
the average ratio of seat occupancy of 2.4 points placing it at 58.9%,
a result that is still lower than seat occupancy in 2019 (75.3%).
In 2021 the company generated passenger traffic revenue of 12.4
billion XPF.

In 2021, 82 546 tourists visited the Islands of Tahiti, an increaseof +7.2% compared with 2020. However, Covid-19 crisis was still amajor obstacle for tourist development and visits were still significantly lower than in 2019 (-65%).
42 429 tourists were transported during the year by Air Tahiti Nui(51.4%).

Variation

Source: Revenue Management - Air Tahiti Nui Financial Department

Results & evolution of atn fare-paying
passengers by route

Tourist traffic

2021

Source: ISPF

Air France

1.6%

Hawaiian Airlines

0%

Air New Zealand
Latam Airlines
Air Tahiti(1)(1) Only international flights are counted here; Air Tahiti did not resume flights to Rarotonga in 2021.

24 - 25

© Tim Mckenna- Export from Papeete shows a decrease of -11% compared with 2019, the reduction in network flights and the stoppage offlights to NRT and AKL until May for New Zealand provide an explanation for this variation;- The New Zealand base shows an increase in revenue thanks to the implementation of weekly cargo flights from June andan adjustment of yield;- The CDG base has managed to maintain its revenue at +0.7% compared with 2019, in particular thanks to close management of yield in accordance with the number of flights operated;- LAX base shows a decrease in revenue of -20%. The stoppage of LAX-CDG until mid-November and AKL flights until
June provides an explanation for this reduction in sales (subcontracted cargo flights to and from New Zealand do not
only include trading between Polynesia and New Zealand but also extend to regions such as the US or Europe, going
through the Air Tahiti Nui network, departing from Tahiti);- The Japanese market operated several exports to Tahiti thanks to ATN's interline partners via Los Angeles but space on
NRT-LAX was reduced and therefore tariffs were higher.

Charter activity
Comparative table of charter activity in 2020 & 2021
2020

Freight revenue
Comparative table of freight revenue and tonnage in 2019 and 2021, with the year
2020 not representative of typically observed volumes and revenues.
2019
Revenue (in million XPF)
Weight (in tonnes)

2021
2 882
8 922

Variation
2 550		5 73 1 		

-332		
-3 1 9 1		

Variation %-1 1 %-35%

Source: ATN Freight and Management Control Department.

The International Air Transport Association (IATA) indicated that“airfreight had an outstanding year in 2021. For many airlines it wasa vital source of revenue during the slump in passenger traffic, due
to the restrictions linked to Covid-19.”

Distribution of tonnagetransported by origin*

13%
AKL

34%
CDG

25%
LAX

28%
PPT

* Origin of freight departure.

Air Tahiti Nui is no exception to the rule, and freight was a significant
source of revenue for the year.
After over a year of no aviation links with New Zealand, in May 2021
Air Tahiti Nui won an invitation to tender launched two months
earlier by New Zealand’s minister for transport. Thanks to a new
financial program, MIAC (Maintaining International Air Connectivity), a resumption of cargo flights with New Zealand was scheduled and set up by New Zealand to maintain flight activity until
the re-opening of the country’s borders, in a context where airlines
cannot financially sustain such operations without financial aid tocompensate for an almost complete absence of passenger revenue
due to travel restrictions.
This scheme has provided Air Tahiti Nui with financial support forevery flight and total loss coverage (up to a maximum amount) if
the flight was in deficit. From June 9th, Air Tahiti Nui operated aweekly cargo flight to Auckland. These continuity flights have been
operating from June 1st 2021 to March 2022 and despite a year of
disruption to flights, they have enabled Air Tahiti Nui to see its
freight revenue progress as of May 2021.

2021

Variation

Full charter*
Full cargo

31
76

54
9

74%
-88%

TOTAL NUMBER FLIGHT HOURS

107

63

-41%

Full charter
Full cargo

74
121

145
13

97%
-89%

TOTAL REVENUE (IN MILLION XPF)

194

158

-19%

The Covid-19 health crisis disrupted charter activity from March 2020. As a result of border closures for certain countries(particularly, Japan, Chili and China), several charters were not renewed (such as those to Easter Island or flights operating
for the Chinese New Year) and as such, activity remained heavily reduced during 2021.
63 flight hours were performed over the year for other charterers (a decrease of 41% compared with 2020). One cargoflight to New Zealand was chartered in April by an individual customer, and in September the pilgrimage charter flight toLourdes, operated now for six years, that was prevented from running in 2020, has been secured for the Order of Malta US.
This activity generated 158 million XPF an income over the year (compared to 194 million XPF in 2020, a decrease of -19%)

Number of flight hours

Revenue (M XPF)
Full charter

120 -Full cargo

100 -Full cargo

200 -

80 -

150 -

60 -

100 -

40 -

50 -

20 0-

Full charter

250 -

2020

2021

0-

2020

2021

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

The freight revenue for 2021 over the entire Air Tahiti Nui network
amounts to 2.5 billion XPF for an overall tonnage of 5 731.

26 - 27

Although still compromised by the Covid crisis and its tangible impact on
the aviation industry with the closing of borders and testing and vaccination regulations, Air Tahiti Nui continued to play an essential economic andsocietal role in the opening-up of French Polynesia throughout the year
by maintaining air links with the rest of the world whenever possible (forexample, a freight contract with New Zealand [cf. Freight revenue, p.26],
medical evacuations, etc.).
Facing unprecedented difficulties and constraints caused by the healthcrisis, customer satisfaction has remained the company’s main concern.
To do so, Air Tahiti Nui endeavored to adjust services and protocols to be
as responsive as possible to its clients’ and partners’ needs as the crisis
evolved.
Our committed and dedicated teams were rewarded several times
throughout the year for the level of travel comfort, customer satisfaction,
as well as innovation.

A key partner for the community

CSR FOCUS AREA 4
Commitment #9
Including sustainable development inour business and corporate cultureWith a history of strong involvement in local organizations, Air Tahiti Nuiand its staff have always actively supported various social and charitable
initiatives (e.g., Saga Tahiti, French Polynesia cancer League committee,
the association Amazones Pacific, etc.). During 2021, this support amounted
to 5.9 million XPF (compared with 6.2 million XPF in 2020).
This year, staff also chose to support the operation “Boîtes cadeaux solidaires” (donation boxes for gifts) organized by Punaauia city hall and local
community volunteers, where gifts were collected to distribute at Christmas to families in need.
Air Tahiti Nui also maintained its partnership with Ville de Papeete’s UtilBus
helping priority neighborhoods with mobility provision for their residents
and associations.
In October, an awareness campaign was another way the company staff
and teams chose to demonstrate their support in the fight against breast
cancer.
Air Tahiti Nui joined the global initiative by distributing some 300 ribbons
to its staff, in particular sales personnel, ground staff and flight attendants,
with the aim of raising women’s awareness of the importance of systematicand regular screening.
Our five female pilots also sported special pink stripes throughout themonth.

FOCUS on CSR operation“up-cycling of uniforms”
which teams together
collaboration, solidarity
and circular economy• 217 accessories upcycled from 194 ATN
uniforms• 593,000 XPF donated to 3 associations of general interest in favor of
Polynesian youth
In 2021, Air Tahiti Nui was keen to initiate
a unique and collaborative operation
drawing on the help of highly committed
local partners.
Using the up-cycling know-how of FACE
Polynesia (mostly experienced in thereconditioning of advertizing banners,)
the company entrusted the “Fondation
agir contre l’exclusion” (fight against
exclusion), with its stock of new, unworn
uniforms (in old print) to produce an
exclusive collection of bags made byyoung people in the civic service as partof their professional training.
Articles, put on sale, among others,
during the European Week for Waste
Reduction (EWWR) were on sale at low
prices (1,500 XPF to 3,000 XPF). All saleprofits were donated to local associations in favor of the young people of
Polynesia.
Elodie RALLO, in charge of the FACE
project for Polynesia said: “The successof this operation was instant, and allarticles sold very quickly. In addition to
the design of the accessories createdby our teams, the buyers were also
aware of Air Tahiti Nui’s eco-responsible
approach. It is a very special and meaningful operation, that reduces waste,encourages re-use and contributes tothe social integration of those who have
low employment prospects.”
Air Tahiti Nui also partnered with theAnavai Foundation, an organization thatis very involved in the local associative
fabric, to support the project of a third
charity through its donation platform.

© Cestmoitia

ATN’s active role inthe development ofFrench Polynesia

A locally committed businessCommitment #10
Supporting and encouraging regional economic and social development projects
Since 1998, Air Tahiti Nui has continued to have a major and historical societal role as leader in both tourist and freight airtransport. To maintain this positive impact through direct and indirect contributions to Polynesia’s economic and social
development, the company must preserve the sustainability of its activity, relying on employees’ commitment, the trust it
has earned from customers and partners, and the undeniable attachment of Polynesians to their airline, the flagship that
represents their islands throughout the world.

Air Tahiti Nui’s Economic contribution in 2021(1)Accounting data 2021 in M XPF

Employment

Taxes and duties

3 794 M XPF

Operations

1 723 M XPF

Employee costs(employee salaries)

Operational expenses+7% compared to 2020-31% compared to 2020

40 M XPF

285 M XPF

-12% compared to 2020-17% compared to 2020+30% compared to 2020

Investments

Suppliers(fuel invoice)+5% compared to 2020

1 522 M XPF

Social expenses/CPS contributions

3 737 M XPF(State and regional)

Taxes

Air traffic control

Ratio of local suppliers

Amount attributed
to investments

Suppliers(excluding fuel)-3% compared to 2020

Contribution

19%

525 M XPF

8 485 M XPF+1 pt compared to 2020

Promotion of Tahiti(media tours andcampaigns)
NA+40% compared to 2020

2 233 M XPF

Repayment of debt

+8% compared to 2020

457 M XPF

New borrowings and loans

628 M XPF

Tax on airline tickets(excluding CA)+7% compared to 2020

9.1 M XPF

Support of associations(sponsorship,ticket donations)28

Number of students
on internships-46% compared to 2020

+2% compared to 2020

(1) Some values may have changed since the publication of the 2020 annual report due to updated indicators.

28 - 29

Loyalty program

France and Europe
In spite of the health crisis situation in 2021, the company
supported the visibility of its brand and destination within
the French and European markets (particularly in Italy which
is ATN’s second largest market in Europe), through multiple
partnerships, travel for influencers selected in collaboration
with Tahiti Tourisme, and a constant media presence relaying
the company’s various operations.

This year, so as not to unduly penalize customers who
were already deprived of travel, Air Tahiti Nui madethe decision to maintain the silver and gold status fortheir most loyal customers until December 31st 2022
and to extend the validity of air miles for Club Tiare
members until June 2022, thus allowing customers
to use them when borders re-opened.
Thanks to the formation of new partnerships, theloyalty program continues to offer opportunities
to earn and use air miles; various operations andevents were organized for the festive season (afterwork events, local chocolate tasting, “gift voucher” and “shop miles x2”
operations, etc.).
Equally, it plays an essential role in the economic development of Polynesia by enhancing the local scene thanks to the
support given to cultural and musical productions which were gradually re-scheduled throughout the year (Gary Dourdan
concert, the “Jamel Comedy Club Hors les murs”, Odah and Dako comedy shows, themed dinners with the Lycée Hôtelier
hospitality school, and the Compagnie du Caméléon’s Te Vevo Festival, etc.)

For the second year running, the company was the official
carrier of the program Koh Lanta, La Légende, broadcasted on
TF1 between August 24th and December 14th, 2021. Millions ofviewers were able to see the destination and Air Tahiti Nui forthemselves. Each broadcast generated a noticeable increase invisits to the company website.
Through her role as a company ambassador, Vaimalama Chaves,
Miss Tahiti 2018 and Miss France 2019, published various videos
of French Polynesia linked to the Air Tahiti Nui brand image.
Each themed video posted on her and the airline’s social media
rapidly generated engagement and hundreds of thousands ofviews. Since the ambassador’s community has a close affinity
for the destination, each video was a true success in terms ofcompany visibility.

On December 31st, 2021, Club Tiare had a total of 161,614 members, namely an increase of 3.5% compared with 2020.

Active role in the development of tourism
At the heart of an industry in disarray caused by the advent of the health crisis that left the smallest stakeholders the mostvulnerable, executives at the Tiare airline decided to increase its media activity over the year to ensure that Air Tahiti Nui’s
voice was heard in the highest circles.
Such efforts proved to be worthwhile and combined with the local operations deployed in each of its markets, they
enabled the company to come out on top in a context where they were jostling to obtain government aid.

Promotional policy: drastic reduction of budgets
In order to take the sizeable reduction in company income into consideration, a general reduction of -50% of budgets inmedia tours, famtrips and sponsoring was imposed on all departments and regional directorates during 2021.
However, thanks to the support from Air Tahiti Nui, numerous national and international specialized press articles provided
inspiration for tourists to plan their future travel while also playing a part in company notoriety and development.
With the help its of its public relations agency and partners, each directorate focused its annual allocation on activities
where the company brand dominated. Their goal was to make Air Tahiti Nui the first and foremost way of getting to
Polynesia.
In a bid to also maintain distribution partners’ loyalty, they offered an incentive plan adapted to each market with
instructions to consider the intensification of the competitive environment.

© William Adam

Polynesia
and ATN in
the spotlight onRadio France Bleu
Paris
Every morning during the second week of February, Radio France Bleu Paris listeners weretreated to learning more about French Polynesia.
Advice from specialists, tourist recommendations, gastronomic discoveries, and many othersurprises from Tahiti and its islands were aired on
the Laurent Petitguillaume show during an operation organized by Tahiti Box, an Air Tahiti Nuipartner offering 100% Polynesian gift boxes inmainland France and abroad.

Moreover, her presence while competing in the show Dancing
with the Stars, alongside Teheiura Teahui who was taking part in
the season of Koh Lanta La Légende at the time and the singer
Keen’V promoting his new songs, created a buzz at the IFTM
Top Résa tradeshow in Paris, the meeting place of the leading
tourism professionals in France and internationally.
For the first time, Air Tahiti Nui had a stand there adorned exclusively with the company colors; From October 5th to 8th,
photo opportunities and autograph sessions with its three ambassadors brought it to life in a 100% Polynesian atmosphere.
Around ten influencers from the travel, lifestyle, luxury and even scuba-diving sectors also shared their Air Tahiti Nuiexperiences all year round with a committed community.
A 62-page guide about Polynesia relating a trip to Tahiti, Moorea, Huahine, Bora Bora and Raiatea through practicalthemes such as budget tours, routes, must-sees , trips off the beaten track, useful addresses, etc. was created on the blog
Nos curieux voyageurs.
Marie Courroy, of the Paris brand Modetrotter, also created and sold 400 t-shirts emblazoned with the company effigy.

A sales competitionin partnership with
Air Tahiti Nui
On November 23rd, Tahiti
Tourisme, in partnership with
Air Tahiti Nui and otherpartner carriers, launched asales challenge called “Maeva”, to draw the attention of
tourism professionals in France and Belgium.
The Challenge, aimed at supporting the 2021-2022 low
season with special offers on very attractive trips, allowed
them to win of one of four stays in French Polynesia up
for grabs until May 23rd, 2022.
To take part, travel agents had to sign up to the Tahiti
specialist program and register online after validating thee-learning section.

The top ten vendors would then receive monthly Polynesian gift boxes, and in addition, each vendor could also
receive gift vouchers. At the end of the six-month longchallenge, the top four vendors would have the opportunity of discovering The Islands of Tahiti for themselves.

I.V.B Overseas prize (French International
Volunteers in Business Program)
In May, Air Tahiti Nui had the honor of being a partner in theaward ceremony for the I.V.B Overseas Grand Prize which
rewards the best experiences of International Volunteers in
Business Program for young overseas citizens.
During the event organized by Business France and theInter-ministerial Delegation for equal opportunities ofOverseas French citizens and visibility of Overseas territories, the company awarded the Pacific Region prize to ayoung Tahitian for her mission in Morocco.

30 - 31

United-States
The second consecutive year of global pandemic meant that the borders of New Zealand, Australia and Japan remained
closed for the entirety of 2021, and the travel ban on European citizens by the American Government was enforced until
November 2021. The repercussions of this situation on the company were of course a significant loss of revenue for these
destinations coming from America, which is the main company market share source.
Three carriers suspended flights between the United States and Tahiti for the duration of 2021, while Air Tahiti Nuicontinued to provide this important link during most of the year (except for the months of February, March, and April,
during which the borders of Polynesia remained closed; only travel for essential reasons was authorized during thisperiod), with three weekly flights which gradually increased to four.
However, the continued presence of Covid in the two countries severely limited both capacity and demand.
Air Tahiti Nui thus continued to operate to Paris via Vancouver (cf. Flight activity, p.18).

Asia
The re-opening of Japanese borders remained on hold for the entire year, and on December 31st Japan was still closed toforeign tourists with no prospect of re-opening before the third quarter of 2022.
Tokyo employees were able to provide support for Los-Angeles sales teams thanks to the customer relations management
system Salesforce, established within the company in 2019, with a view to processing the overwhelming number of claims
received by American personnel.

Customer satisfaction policy

The relaxing of constraints and travel procedures in May and June allowed for a gradual resumption of connections
between Los Angeles and Tahiti, brightening recovery prospects, with the demand for travel to Polynesia remaining high,particularly coming from the American and the Franco-European markets.
The company was well prepared for this, immediately launching promotional tariffs in the US with the slogan “It’s Tahiti
Time”, and an advertizing campaign in conjunction with partner tour operators called “Return to Paradise”.
These initial marketing measures aimed at the US yielded a spike in bookings during May and June, which filled flights andhotels until November.
Unfortunately, the impact of the arrival of the Delta Variant affected this prosperous period in August and September andradically hampered the prevailing momentum.
On November 8th, the United States finally lifted their ban on European tourists, which allowed the Paris via Los-Angeles
flights to resume.
2021 ended with slightly fewer than 50,000 passengers generated by the American market.
Most face-to-face events were cancelled due to health restrictions. However, Air Tahiti Nui still renewed its sponsorship of
the French Film Festival COLCOA (“City of Lights - City of Angels”) in Hollywood, in partnership with BNP Paribas, L’Oréal,
TV5MONDE and Variety Magazine. Despite the circumstances, more than 14,000 French movie lovers participated in theevent that took place between November 1st and 7th, 2021.
Pacific: New Zealand and Australia© D. Eggenberger - ATN

New Zealand borders may have remained closed topassengers for the year, but the financial contribution to the market remained substantial in 2021.
Of the 33 carriers ensuring flights to New Zealand
before the pandemic, only 8 were selected to bid
for the New Zealand government subsidy for freighttransportation or MIAC (Maintaining International
Air Connectivity).
After a highly selective process where teams wererequired to respond in less than 2 weeks, Air Tahiti
Nui landed the prize on May 5th (cf. Freight revenue,p.26) and the first cargo flight arrived in Auckland
on June 10th, 2021.
It was the first time in 15 months that an Air Tahiti
Nui flight could be seen in the Auckland skies. It was
to be the first of 45 further flights (a later contract
extension), and which allowed the company togenerate over 3.1 million NZD, not to mention thesignificant contribution to the Paris and Los Angeles
routes.

CSR FOCUS AREA 1

Innovation: Air Tahiti Nuilaunches online bidding
for upgrades
Following on from the digital transformation of the company (cf. Digitization,

Commitment #2 [G4-PR5]

p.34-35) and the adapting of industry
standards to continue to provide offers
and services to meet passengers needs

Maintaining a strong relationship with our stakeholders
Since 2017, Air Tahiti Nui has ensured the management of complaints for
all its ports of call (with the exception of Japanese stopovers), using“Mahana” software.
2020
2021
Number of registered complaints made
3,419
1,539
In 2021, the amount of customer feedback fell by nearly 55%.
Air Tahiti Nui’s sales teams remained in place ready to respond as best
they were able to passenger expectations with a claims closure rate over
42.23% and an approximate 5-day processing period, despite a reduction
in customer services resources (following the voluntary redundancy scheme in 2020).
Taking into consideration the cancellations and gradual readjustments
to flights according to closures and the re-opening of borders when the
Delta Variant gained momentum, the dedicated teams once again showed
their considerable adaptability.
Although Air Tahiti Nui was not responsible for traveler lounge closuresat the airports it was flying to (due to restricted airport services), theairline sales policy mitigated this inconvenience through compensationin air miles, thus illustrating the efforts made to maintain a high level ofcustomer satisfaction.

as closely as possible, Air Tahiti Nuilaunched in November online bidding
for seating upgrades “Maeva Plusgrade”.

Following the purchase of a plane ticket,
this service allows passengers to submit
an online bid for an upgrade which canbe modified or cancelled up to 6 hours
before departure.
These efforts in the realm of digitization and the improvement of customer
service continue to be appreciated by
the airline’s passengers and earned it
various awards throughout the year.

Awards 2021
Contributing to the reputation and notoriety of air carriers with travelers across the world, awards showcase airlines in various fields. In spite of further disruption to the airline industry in 2021, Air Tahiti Nui still managed to gain attention for its
product quality, the excellent nature of its onboard service, cabin atmosphere, and its efforts in sustainable development.
Customer Satisfaction
For the 4th year running and for the 8th time since the creation of the renowned Globe Traveler magazine
Trophies which rank the best airlines based on worldwide travelers’ opinions, Air Tahiti Nui won the title of“Best airline in the South Pacific” in 2021.

Remote working was chosen for the teams who remained on reduced hours and salaries, while still being contactable
during Air Tahiti Nui office hours for B2C, B2B and B2T customers for the duration of the pandemic. Work meetings wereable to continue virtually on a weekly basis.

Comfort, onboard service, cabin layout and entertainment packages: the quality of service and the immersive atmosphere of its cabins have also earned the company a gold medal for best French Business cabins
awarded by The Travelers Club magazine.

Commercial activities with company partners in New Zealand continued, including Tahiti Tourisme, The Accor group,
L’Alliance Française in Auckland, Auckland Chamber of Commerce, the French Film Festival, the start-up CarbonClickand even the documentary film festival DocEdge, to mention but a few. The commission also explored the possibility ofpotential new partners.
Finally, still on a virtual basis, the regional office continued to be involved in various events such as the ASPA South PacificAviation Conference, Pacifica, CAPA Australia Pacific Aviation Summit, Bastille Week and the French Australia NZ BusinessDay.

DesignAfter being awarded the “Best New Livery” in 2018, the Tahitian Dreamliner was once more proclaimed for its
esthetic and visual qualities paying homage to both the culture and beauty of the Pacific Islands. Air Tahiti Nui
won the title of “Best airline design” from the Oceanic region in the DesignAir Awards 2021.

On the Australian offline market (not directly served by ATN), since the signing of the contract at the end of 2020 with
Aviation Online (AOL), one of the largest GSAs (General Sales Agents) in the country, Air Tahiti Nui has benefited fromsignificant national coverage thanks to a database ten times larger than that previously available. Over 2021, this neworganization has enabled the company to reduce its representation costs in the region by more than 60%.

Innovation
Air Tahiti Nui also received the 1st prize in the category of “Creation of an innovative and/or eco-responsible
product/service” in the Pacific Asia Travel Association Awards (PATA) 2021, for its new eco-responsible service set up with the New Zealand start-up company CarbonClick, allowing passengers to compensate for theenvironmental impact their air travel (cf. Environmental focus, p.37).

32 - 33

Digitization:

preparing the next stages of the company’s
digital transformation

2021 was marked by the need to permanently adapt information systems and their users to the successive changes in regulatory and economic constraints linked to the health crisis. Despite this exceptional
context, several projects were nevertheless achieved. Furthermore, the company and its dedicatedcommittee developed and introduced an innovative approach aimed at building a road map to digitaltransformation and a way forward out of the crisis for the years ahead.

© Danee Hazama

Following the deployment of the CRM Salesforce inTahiti, Los Angeles and Paris, this was further
extended to Auckland and Tokyo. Since borders inboth these ports of call were closed for the whole
year, teams were able to concentrate all theirefforts on the implementation of processes andnew core tools. All Air Tahiti Nui sales staff who arein contact with customers are now equipped witha single shared database as well as effective tools
enabling them to process customer questions andrequests more efficiently. Thanks to this pooling ofresources, it is now possible to spread the workload between the different company sales teams ina dynamic way, according to their individual requirements as they evolve.
The processing of suppliers’ invoices has also been
digitized. With the aid of OCR (Optical Character
Recognition) all invoices in digital format from now
on will be sorted and forwarded into an electricalsignature circuit based on content, nature, andamount. The accounts entries are then automatically generated and incorporated into the company
accounting software.
This solution has been a significant time saver for all
employees involved in the purchase of products andservices. Ultimately this has successfully eliminateddata re-entry errors, drastically reducing the riskof late payment to suppliers, much to their satisfaction.

© ATN—M. Mellone

One of the projects launched in 2021 was the digitization of the ticket reimbursement process. This
enabled a reduction in manual tasks required, the automization of data control and smoother data
entry, validation, and payment processes. Thanks to this evolution, both customers and agents havebenefited from a significant reduction in processing time for reimbursement requests.

Creation of the digital and innovation committee
Faced with having to temporarily reduce company digital investments, and in order to get through the crisis and prepare
for recovery, Air Tahiti Nui’s teams developed and implemented an innovative and participatory process.
The Digital and Innovation Committee (CDI) was thus created, on a voluntary basis. It groups together around ten
employees from different company directorates who are all experts in their particular field and involved in the digitaltechnology.
General management assigned the committee the following tasks:• create an organization structure to monitor new developing technologies in the air transport sector,• assess Air Tahiti Nui’s information system maturity level, particularly though feedback from a number of customer andstaff surveys,• put forward to the company management committee a roadmap for Air Tahiti Nui’s digital transformation for the period2022-2024.
To successfully achieve this, the CDI organized various workshops using flexible working methods which allowed members
to collectively construct the expected roadmap. It has materialized in a portfolio of IT and digital projects aimed at improving the digital experience of our customers and employees.
Updating the website for customers is first on the list for projects planned in 2022, in order to offer a smoother and more
efficient browsing experience.
Further development of the mobile app is also scheduled to improve the interface and give passengers the possibility ofpurchasing or using complementary services if needed.
The chatbot will also increasingly be introduced across different channels for customers who want to interact with
Air Tahiti Nui and be able to meet their needs, whatever the time of day.
Employees themselves will benefit from the implementation of a new Intranet. This will improve company research andthe sharing of communications and work documentation, as well as making the diffusion of information more intuitive,
interactive and effective.
Furthermore, a project to update the flight crew’s cabin app for onboard sales management will be launched. Its main
aim is to enhance the experience of our teams by providing solutions that are better adapted to in-flight operational
constraints. It’s underlying purpose is to improve passenger experience, who will appreciate a more personalized service
thanks to the pertinence and detail of data made available to cabin crew.

34 - 35

-23.17%

Environmental focus

less CO2 emitted emissions
on average since 2019
thanks to the changeof fleet from
Airbus A340-313
to Boeing 787-9.

CSR FOCUS - AREA 2: reduce the impact of our flight activity
6 years of ongoing efforts to reduce our greenhouse gas emissions (GHG)

2015

2018

2019

Relocation of Head Office toa sustainable building(solar panels, rainwater recycling
system, etc.) and mobility plan

Full fleet upgrade(4 Boeing 787-9)

2019-2020

Compliance with ICAO’s
commitment to carbon
neutrality, named CORSIA(monitoring and annual
declaration of GHG emissions)2021

New voluntary carbon
offsetting scheme forpassengers/customers© Ben Thouard

Development of first carbon
assessment and policy
to reduce GHG

2017Silver Cube in overseas category at
the national competition CUBE 2020(energy savings thanks toeco-friendly action from workforce)

Since its 2015 carbon assessment, Air Tahiti Nui is fully committed to a policy comprising of four focus areas, to reducegreenhouse gas emissions (95% being directly linked to flights).

Commitment#5
Contribute towards the preservation of Tahiti and its biodiversity

Commitment #3
Reduce our emissions and participate in the fight against climate change

COMPONENT 3 - Raising passenger awareness

COMPONENT 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 Tahitian Dreamliners. These newgeneration twin-engine aircraft enable significant reductions in both noise pollution (below 85 decibels during take-off andlanding) and greenhouse gas emissions.

2019
Direct greenhouse gas emissions*(tonnes - CO2) [G4-EN15]

318 4372020
151 2122021

In order to also include passengers in its comprehensive environmental approach, Air Tahiti Nui
has used since 2021 CarbonClick, an online partner platform, to voluntarily offset emissions fortheir trips by supporting certified sustainable environmental projects situated in New Zealand,
Great Britain and the United States.
As the good practice of voluntary carbon offsetting is still at a preliminary stage in French Polynesia, Air Tahiti Nui benefited from American Express Tahiti’s digital campaign—also aimed at alerting Polynesian companies about eco-responsible
initiatives—to promote its new scheme.
Efforts will also be made in 2022 to continue this process and identify possible local projects that could integrate this
responsible financing portfolio over the medium term.

157 071* Direct CO2 emissions including all flights. For CORSIA emissions declared, cf. CSR Indicators p.58.

Meanwhile, Air Tahiti Nui has continued to apply operational procedures which aim to optimize daily fuel consumption (suchas adjusting routes and fuel loads, flight tracking and good piloting practice, maximized maintenance operations such asengine cleaning, etc.…).

Commitment #4
Mitigate the impact of our activity on the ground
COMPONENT 2 - Involving ATN employees in an internal environmental approach
To complete the CO2 reduction policy related to activity on the ground, Air Tahiti Nui promotes energy efficiency in its
buildings. In 2021 there was a slight increase in the energy consumption of buildings (an increase of +1.8% compared with2020). The use of air-conditioning fluctuates significantly according to exterior temperature and is the biggest item ofenergy consumption in a tropical environment.

2020
Energy consumption in the 4 buildings in Tahiti (in KW) 		

850 5812021
866 794

The CSR unit has continued its periodic eco-friendly awareness raising initiatives particularly during the European mobility
and waste reduction weeks (see page 28 to read more about its uniform recycling initiative).

Mata Tohora
Mata Tohora is a Polynesian non-for-profit association
based in Tahiti since 2013 for the protection of marine
mammals, with scientific and educational goals. Comprising of a team of marine biology researchers andveterinarians, it creates research programs to better
understand cetaceans, identify and assess dangers, andthus propose appropriate protection measures to thegovernment.
Dr Agnès BENET, director and founder of the association, explains: “Mata Tohora protects marine mammals
against voluntary disturbance but also acts in case of
emergency to care for and save dolphins, whales, sharks,
and sea lions that are injured or in difficulty”.
The association has created the largest emergency
network over 5 million square Kms (1,930,511 square
miles) in order to act quickly and efficiently across all
5 of the Polynesian archipelagos.
Since 2014 Air Tahiti Nui has been supporting Mata
Tohora and its missions, particularly in mainland France
during seminars and has also allowed specialists tocome on selected programs.

COMPONENT 4 - Offsetting our emissions
Despite not yet being subject to a carbon tax, thecompany is continuing to comply with ICAO obligations concerning CORSIA regulations, by monitoringand declaring its annual emissions (cf. p.58).
Alongside this, as a local long-standing partner,
Air Tahiti Nui continues to sponsor various Polynesian
initiatives and associations who are fully committed
to preserving the environment and biodiversity in
French Polynesia, such as Te Mana o te Moana, Mata
Tohora (see box opposite), La Brigade Verte, l’Institut Polynésien de Biomimétisme and Coral Gardeners
association.
For the year, this support comes to a total of 3.1
million XPF (up by +6% compared with 2020).

36 - 37

Financial
statements
Summary
40

Income statement

42

Cash flow statement

44

Annual accounts’ notes

45

Statutory auditors’ report on
the annual financial statements

54© Danee Hazama

Financial results

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
In XPF

Gross assets balance sheet
		 Amort.
In XPF
Gross& prov.

Net
31/12/2021

Net
31/12/2020

UNCALLED SUBSCRIBED CAPITALINTANGIBLE FIXED ASSETS
Start up costs
Development costs
Licenses, patents and similar rights
Goodwill
Other intangible fixed assets
Advance payments on intangible fixed assets
TOTAL intangible fixed assets:

15 520 304
359 013 359

4 701 891
220 446 200

1 1 442 623
269 1 9 1 663

7 312 238		

7 3 1 2 238

2 981 753

232 460 329

283 616 039

606 993 992

374 533 663

5 976 875 079

1 348 479 026

4 628 396 053

1 526 552 468
2 987 564 568
319 094 964
764 000
4 833 976 000

356 598 684
356 598 684
447 276 000
422 874 000
24 402 000
1 702 862
1 702 862		
2 012 129 339		
2 0 1 2 129 339

24 402 000
2 000 000
1 889 682 866

TOTAL Financial fixed assets:

2 817 706 885

781 175 546

2 036 531 339

1 916 084 866

FIXED ASSETS

9 401 575 956

2 504 188 235

6 897 387 721

7 033 676 905

769 093 3 1 1

7 517 952

761 575 359

6 1 1 757 660

TOTAL inventories & work in progress:

NET FINANCIAL POSITION
Social or individual capital

1 622 956 875

1 622 956 875

Issue, merger, contribution, etc. premiums

1 700 973 600

1 700 973 600

162 295 688

162 295 688

Retained earnings

1 206 495 7 6 1

9 385 543 440

Annual result

4 664 5 3 1 587(8 179 047 679)

TOTAL Net position:

9 357 253 5 1 1

4 692 721 924

9 357 253 5 1 1

4 692 721 924

Legal reserve
20 222 195
579 459 559

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

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

Net
31/12/2020

Revaluation variance

TANGIBLE FIXED ASSETS
Sites/lands
Buildings
1 658 218 052
1 9 1 057 231
1 467 160 821
Technical installations, industrial equipment and tools
3 509 1 34 633
6 2 1 826 302
2 887 308 331
Other tangible fixed assets
798 600 733
535 595 493
263 005 240
Fixed assets in progress
10 921 661		
10 9 2 1 661
Advances and prepayments				
TOTAL tangible fixed assets

Net
31/12/2021

Statutory or contractual reserves
Regulated reserves
Other reserves

INVESTMENT SUBSIDIESREGULATED PROVISIONSEQUITY
Provisions for contingencies

2 349 455 960

1 146 139 055

Provisions for charges

3 35 1 288 464

2 197 959 232

PROVISIONS FOR CONTINGENCIES AND CHARGES

5 700 744 424

3 344 098 287

34 471 529 038

35 444 818 492

60 599 286

2 163 792 1 5 1

34 532 128 324

37 608 610 643

49 031 7 1 1

1 1 9 756 966

Trade creditors and related accounts

1 469 641 259

1 265 686 1 1 5

2 1 7 1 590 747

1 687 075 461

8 623 642

4 406 102

FINANCIAL LIABILITIESConvertible debenture loans
Other debenture loans
Loans and liabilities from credit institutions
Miscellaneous financial loans and debts
TOTAL financial liabilities:
ADVANCES AND DEPOSITS RECEIVED ON CURRENT ORDERS

769 093 3 1 1

MISCELLANEOUS LIABILITIES

7 517 952

761 575 359

61 1 757 660

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

37 369 647		
1 212 414 823
42 936 896
36 296 845 842
2 608 126

37 369 647
1 169 477 927
36 294 237 716

22 022 838
513 496 061
30 288 700 422

Tax and social security liabilities
Other liabilities

1 975 468 799

1 688 998 476

TOTAL receivables:

37 546 630 312

37 501 085 290

30 824 219 321

TOTAL Other liaibilities:

5 625 324 447

4 646 166 154

DEFERRED REVENUE

8 207 832 199

6 588 494 189

48 414 316 681

48 963 027 952

400 940 3 1 1

756 834 309

63 873 254 927

57 756 682 472

45 545 022

Liabilities on fixed assets and related accounts

LIQUID ASSETS AND OTHER
Marketable investment securities
Liquid assets
Prepaid expenses

1 5 367 773 162		
3 308 953 406		

15 367 773 162
3 308 953 406

1 6 272 744 432
2 841 531 043

LIABILITIESTOTAL liquid assets and other:18 676 726 568		

18 676 726 568

19 114 275 475

Currency translation adjustment- liabilities

CURRENT ASSETS

56 992 450 191

53 062 974

56 939 387 217

50 550 252 456

36 479 989		

36 479 989

172 753 1 1 1

63 873 254 927

57 756 682 472

Loan issue costs to amortize
Bond redemption premiums
Unrealized foreign exchange losses
GRAND TOTAL

66 430 506 136

2 557 251 209

GRAND TOTAL

40 - 41

Income statement
			 NetIn XPF			
31/12/2021

Net
31/12/2020

OPERATING RESULT(3 102 888 455)

(8 824 142 621)

19 749 927

74 393 416

Write-backs of provisions and transfer of expenditure		

267 623 000

Allocated gain or transferred loss
Sustained loss or transferred gain

			 NetIn XPF
31/12/2021

Net
31/12/2020

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

Sale of merchandise

Other interest receivable and similar income

Sale of products- goods
Sale of products- services			

15 299 785 552

1 2 605 489 373

Exchange rate gains

Net revenue

15 299 785 552

12 605 489 373

Net income from sale of investment securities

		Stored production
3 836 926 491

379 749 1 79

Write-backs of provisions and transfers of expenditure

300 077 272

998 1 1 6 299

Other products

30 936 539

8 102

19 467 725 854

1 3 983 362 953

OPERATING INCOME
EXTERNAL EXPENSES
Purchase of merchandise [and customs duties]
Inventory change
Purchase of raw materials and other supplies

4 090 694 486

3 1 6 1 909 493(42 346 403)

198 507 919

Other purchases and external charges

9 516 770 226

10 070 966 5 5 1

TOTAL external charges:

13 565 118 309

13 431 383 963

35 885 015

43 987 504

Salaries and wages

3 793 753 547

5 523 1 5 5 812

Social costs

1 521 837 073

1 730 510 128

TOTAL staff costs:

5 315 590 620

7 253 665 940

355 907 252

365 327 731

38 330 512

66 396 849

Provisions for risks and expenses

2 564 125 817

965 880 149

TOTAL operating provisions:

2 958 363 581

1 397 604 729

OTHER OPERATING COSTS

695 656 784

680 863 438

OPERATING COSTS

22 570 614 309

OPERATING RESULT(3 102 888 455)

Inventory change [raw material and supply of provisions]

TAXES, DUTIES AND SIMILAR LEVIESSTAFF COSTSOPERATIONAL PROVISIONS
Depreciation allowance for amortization on fixed assets

773 539 661

2 123 577 223

Financial allowance for depreciation and provisions

201 702 862

306 595 684Interest and related expenses

487 707 87 1

492 822 039

Exchange rate losses

603 931 901

1 998 379 702

1 293 342 634

2 797 797 425

FINANCIAL RESULT(519 802 973)

(674 220 202)

INCOME BEFORE TAX(3 622 691 428)

(9 498 362 823)

8 402 962 405

1 6 1 1 523 531

Extraordinary income from capital transactions

1 1 777 652

129 617 555

Write-back of provisions and transfer of expenditure

17 303 096

68 883 960

8 432 043 153

1 810 025 046

Extraordinary management operations expenses

129 905 434

264 865 036

Extraordinary capital transaction expenses

1 0 914 704

193 076 783

Extraordinary amortization and provision allowance		

28 768 083

140 820 138

486 709 902

8 2 9 1 223 015

1 323 315 144

Net expenses from sale of investment securities

EXTRAORDINARY INCOME
Extraordinary income from management operations

EXTRAORDINARY EXPENSESEXTRAORDINARY RESULT

Provisions for fixed assets
Provisions for current assets

1 781 560 807

FINANCIAL EXPENSES

Self-constructed assets
Operations subsidies

753 789 734

Profit-sharing		
Corporate income tax

4 000 000

4 000 000

TOTAL REVENUE

28 673 308 668

1 7 916 965 222

22 807 505 574

TOTAL EXPENSES

24 008 777 081

26 096 012 901(8 824 142 621)

PROFIT OR LOSS

4 664 531 587(8 179 047 679)

42 - 43

Cash flow
statement

Annual accounts’notes
In XPFI – Description of activity
S.A.E.M.L. AIR TAHITI NUI, is a local semi-public limited company, formed 31st October 1996. The company is headquarteredin French Polynesia, the fiscal year begins January 1st and ends December 1st.

NET INCOME

4 664 531 587
The purpose of the Company is the operation of a passenger and freight airline business and the provision of all services
directly or indirectly linked to its corporate purpose.

Elimination of non-cash and non-operating income and expenses:
Amortization and provisions
After-tax Capital gains on divestments

2 880 448 803(862 448)

Share of investment grants transferred to income
OPERATING CASH FLOW

7 544 117 942(139 470 203)

Change in operating receivables(8 706 847 369)

Change in operating liabilities

2 167 659 510

NET CASH FLOW FROM OPERATIONS

865 459 880

Fixed assets acquisitions(520 727 520)

Fixed Asset disposals

100 269 038

Changes in other items (liabilities & receivables) corresponding to fixed assets

1 726 509 651

NET CASH FLOW DERIVED FROM INVESTMENTS

1 306 051 169

Cash Capital Increase/decrease
Dividends paid
Issue of loans

II – Key events
II - 1. Covid-19

Change in working capital requirements attributable to operations:
Inventory change

The financial statements are presented in XPF.

457 000 000

Loan repayments(1 429 706 217)

Deposits and guarantees(2 103 192 865)

Since the beginning of 2020 the worldwide spread of Covid-19 has continued to have a major impact on global air traffic
throughout the fiscal year 2021. Following another three month long drastic reduction in traffic linked to border closuresin French Polynesia from 1st February 2021, the expected recovery in the second half of the year was delayed by the resurgence of Covid-19 during the summer, the Delta variant, and the measures implemented to slow the spread of the virus.
Air Tahiti Nui extended a certain number of measures to limit the impact of the pandemic on its business activity andprofitability. These measures included a sharp reduction in capacity available and the securing of cash flow by reducing
the business activity of all company employees.

II - 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
with bullet payments. During the 2021 financial year the company chose a complementary deferral for 12 months andrepayments over 4 years from 2020.
0n November 25, as majority company shareholder, the French Polynesian government approved the allocation of abalancing subsidy to the value of 8.1 billion XPF. This subsidy will be paid in 3 installments: 2.1 billion XPF in 2021, and theremaining sum of 6 billion XPF in two installments in 2022. Payment of the first installment, conditioned by the advanceon current account of 2.1 billion XPF granted in October 2020 was made in December 2021. The current account advance
was reimbursed to French Polynesia in October 2021.

Investment subsidies received
NET CASH FLOW LINKED TO FINANCING OPERATIONSCASH FLOW VARIATION(3 075 899 082)
(904 388 033)

Opening Cash flow

16 271 320 475

Closing Cash flow

15 366 932 442

Cash flow variation(904 388 033)

The company also received funds granted by the French State (solidarity funds and aid for fixed costs) for a total of almost
3.4 billion XPF of which nearly 2 billion XPF was recorded in products to be received at the end of the financial year. These
forms of assistance were recorded as operating subsidies.

II - 3. Social litigation
On December 1st, 2021, the Social Chamber of the French Supreme Court issued a ruling cancelling the judgment pronounced on 21 November 2019 by the Court of Appeal of Papeete who had initially dismissed plaintiffs’ claims towards
the company. In the judgement, the case of the parties was referred to the Court of Appeal of Papeete. In the light of this,provision of 971.7 million XPF was made to cover risk on December 31st, 2021.

44 - 45

II – 4. Outlook and continuity of operations

III – 3.2. Tangible fixed assets

On December 31st, 2021, cash flow amounted to 15.4 billion XPF. The 2022 budget as prepared by Management andendorsed by the Board of Directors in January 2022, was based on the hypothesis of a progressive increase in passenger
demand thanks to the generalization of vaccination and the reopening of borders, thus allowing the complete reopeningof all the airline’s network of routes.
However, with growing competition and the number of seats available to the destination, Air Tahiti Nui’s financial performance for the period ahead will remain below the level it was before the crisis and is still impacted by a drop in ticket sales,
passenger sales revenue and transported goods as well as negative operating cash flow.
In view of these factors and the business and cashflow forecast for the financial year 2022, the Board of Directors considers
that the continuity of operations of the company to be assured for the next 12 months and deems it appropriate to prepare
the financial statements on a going concern basis.

III – Accounting rules and methods
III – 1. Accounting policies
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, 2021, a period of 12 months. The previous
year also covered a period of 12 months.
The accounts for the financial year 2021 were adopted pursuant to the following general principles:- business continuity- cut-off procedures- prudence Concept- consistent methods

Gross values:
Tangible fixed assets are based on historical cost. With a gross value of 5,976.2 M XPF, the tangible fixed assets are as
follows:

Gross amountin MXPF
Technical installations, materials, Ind tools and constructions
Planning and organization
Transport equipment
Office equipment
IT equipment
Furniture
Fixed assets under construction

5 1 67.3
466.2
1 0.4
25.2
1 7 7.5
1 1 9.3
1 0.9

TOTAL

5 976.8

Amortizations:Tangible fixed assets are amortized at 1,348M XPF.
The principal amortization rates applied by the company are as follows:

Rate
Industrial material
Buildings and fittings
Fixtures and fittings
Transport material
Office equipment
IT equipment

20 to 50%
2% to 5%10 to 33.33%
20 to 100%
10 to 50%
20 to 50%

Duration(2 to 5 years)(20 to 50 years)(3 to 10 years)(1 to 5 years)(2 to 10 years)(2 to 5 years)

III – 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. Unrealized losses are provided for.

Amortizations are applied according to the straight-line.

In accordance with applicable accounting and tax regulations, the principal methods used are described below.

Acquisitions:
The year’s acquisitions amount to 105.1 M XPF and principally concern the purchase of rotables and tooling.

III – 3. Fixed assets
III – 3.1. Intangible fixed assets
The valuation method for intangible fixed assets was based on historical cost. Gross intangible assets amount to 607M XPF
and cover the following fixed assets:

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

20.2
344.9
1 36.3
97.8
7.3
0.5

TOTAL

607

Acquisitions for the year amount to 10.3 M XPF corresponding to costs linked to the web platform at 5.4 M XPF.
Intangible assets were amortized at 374.5 M XPF, and software at 198.9 M XPF.

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.

Outflow:
Outflows for the year are 55.4M XPF and principally concern the disposal of rotables and tooling as well as outflow of
fixtures for the Tokyo offices.
III – 3.3. Financial fixed assets
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, 2021. They figure on the balance sheet assets for a total
gross sum of 2,817.7 M XPF.

Subsidiary and interests

Tahiti Nui Helicopters (TNH)
Air Tahiti (VT)Capital(MXPF)

621
2 760

Share
of capitalheld
68. 1 %
0.9%

Amount ofequity on
31/12/2020
outside profit orloss (MXPF)

Final year
result on
31/12/2021(MXPF)-207
Pending finalization-301
Pending finalization

46 - 47

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 263.7 M XPF on December 31st, 2021. 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 which will allow it to be processed into the framework of the next capital increase which will occur
December 31st at the latest.

III – 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 10 384.9 M XPF. The table below details these variations during the financial
year of 2021:

III – 4. Stocks
At the year end, stock valued as balance sheet assets for a gross total of 769.1 M XPF and breaks down principally as follows:- aircraft catering stock supplies for 300.7 M XPF, distributed across storage sites in Papeete and other stations and valued
at last cost price.
- Boeing consumables stock for 338.1 M XPF, valued at weighted-average cost.
Provision at the end of year closure of accounts was 7.5 M XPF and corresponds to the depreciation of commission anduniform stock.

III – 5. Trade receivables
Receivables are recorded at their nominal value and amount to 1,212.4 M XPF on December 31st 2021.
Receivables presenting a non-recovery risk at the end of the financial year are funded for 100% of their gross value in theassessment. These doubtful receivables amount to 1.3 M XPF on December 31st 2020.
An allowance for and recovery of the funding for doubtful receivables were recorded respectively for the financial year at
38.3 M XPF and 60.5 M XPF.

III – 6. Other receivables
Other net receivables of funding increased from 30,288.7 M XPF on December 31st 2020 to 36,294.2 M XPF on December
31st 2021 and break down principally as follow:

Gross amountin MXPFIn Thousands XPF

Equity31/12/2019

Appropriation
N-1by AGO

Financial year
result 2021

Equity31/12/2021

Capital stock
Issue premiums
Legal reserve
Retained earnings
Result

1 622 957			
1 700 974
1 62 296
9 385 543
-8 179 048-8 179 048
8 179 048
4 664 532

1 622 957
1 700 974
1 62 296
1 206 496
4 664 532

TOTAL EQUITY

4 692 722

9 357 254

04 664 532

III – 9.1 Appropriation of profits
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 2020, retained the appropriation for the sum of-8 179 047.7 M XPF

III – 10. Provisions for liabilities and expenses
The total figure for provisions for liabilities and expenses appears in the liabilities side of the balance sheet, amounting to
5 700.7 M XPF and breaks down as follows:

Gross amountin MXPF

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

28 1 14.4
8 025.3
55.3
62. 1
37. 1

Provision for liabilities
Provision for foreign-exchange risk
Provisions for pension commitments
Provisions for large scale maintenance

2 313
36.5
378.4
2 972.9

TOTAL

36 294.2

TOTAL PROVISIONS FOR LIABILITIES AND EXPENSES

5 700.7

III – 7. Liquid assets

III – 10.1. Provision for litigation and foreign exchange risk

On December 31st, 2021, the amount of liquid assets was 15,367.8 M XPF. Foreign currency bank balances were valued
according to foreign currency exchange rates on December 31st, 2021.

III – 8. Prepaid expenses
These amount to 3,309 M XPF at the end of the financial year, compared to 2 841.5 M XPF on December 31st, 2020, being
principally divided as follows:

Gross amountin MXPF
Aircraft rental
Maintenance charges
Insurance premiums on aircraft loans
Other

876
1 821.8
510.7
100.5

TOTAL

3 309

Provisions for litigation amount to 2 313 M XPF and reflect the exact sum of contested liabilities for dispute linked to transport, suppliers, and other litigation (see supra note II-3) and provision for refinancing the negative net situation of the TNH
affiliate (see supra note III-3.3).
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 172.8 M XPF.
III – 10. 2. Provisions for retirement benefits
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).
An average year’s salary over the 12 final months was selected as the base reference salary for calculations.
The selected discounting rate is 1% at the end of December 2021.
Provision for Papeete employee retirement indemnities amounts to 340.4 M XPF at the end of the financial year 2021.

48 - 49

III – 10. 3. Provisions for large-scale maintenanceFiscal and social liabilities amount to 2 171.6 M XPF December 31st, 2021, and are broken down as follows:

Maintenance provision (Engine, APU, landing gear and airframe) stands at 2 972.9 M XPF.
Provisions are evaluated on the basis of information available on the reporting date, to determine the amount equal tothe best possible estimate of outflow of resources. The elements based on foreign currency due to inherent commercial
practices in our operations are converted using the closing exchange rate in order to give the best estimate of outflow ofresources 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.
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.

On December 31 , 2021, loans and debts from credit institutions amounted to 34 800 M XPF, 43 M XPF accrued interestand -372.3 M XPF exchange differential.
stLoans 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.

Gross amount
31/12/21

At 1 year
maximum

At over 1 year
and less than
5 years

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 1 95
52 207 637
238 663 484 		
360 027 78 1
332 333 340
2 350 000 000
244 791 665
330 055 560
1 52 333 328
6 427 1 7 9 426
63 1 214 703
5 750 880 657 		
1 412 264 977
72 981 073
2 350 000 000
241 516 34 1
2 350 000 000
241 516 34 1
6 609 595 5 1 0
570 047 856
5 786 025 936 		

783 1 14 558
106 072 668
27 694 441
2 105 208 335
177 722 232
3 312 267 327
5 750 880 657
383 5 1 3 912
2 108 483 659
2 108 483 659
3 201 472 625
5 786 025 936

GRAND TOTAL

34 800 015 526

25 850 940 009

2 538 942 284

Provision for paid leave
Social contributions
Provision for social costs on paid leave
Other

392.3
272.4
1 68
690.9

TOTAL SOCIAL LIABILITIES

1 523.6

Collected passenger tax
Other tax liabilities534.2
1 13.8TOTAL FISCAL LIABILITIES648

TOTAL FISCAL AND SOCIAL LIABILITIES

2 171.6

III – 14. Other liabilities

III – 11. Loans and debts with credit institutions

Statement of debt maturities
from credit institutions(in XPF)

Gross amountin MXPFAt over
5 years
1 32 590 8 1 6The entry “other liabilities” went from 1 689 M XPF on December 31st 2020 to 1 975.5 M XPF December 31st 20201 and isdivided as follows:

Gross amountin MXPF“Club Tiare” Loyalty program
Accruals
Other

1 272.8
663.1
39.6

TOTAL

1 975.5

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 basis of the stock of miles in circulation
at the end of year closure of accounts.

III – 15. Deferred revenue
2 483 697 396
955 769 992

Deferred revenue of 6 588.5 M XPF on December 31st, 2020, amounts to 8 207.8 on December 31st 2021.
At the end of the financial year, deferred revenue is itemized as follows:

Gross amountin MXPF

2 838 075 029
6 410 13 3 233

III – 12. Miscellaneous loans and financial debts
Miscellaneous loans and financial debts amount to 60.6 M XPF and principally concern directors’ fees and tour operator
deposits, advances on current account granted by the government of French Polynesia for the sum of 2.1 billion XPF having
been reimbursed in October 2021 (See supra note II-2).

III – 13. Operating liabilities
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.
Suppliers’ liabilities amount to 1 469.6 M XPF on December 31st, 2021, compared to 1 265.7 M XPF December 31st, 2020.

Unused flight tickets
Fuel and insurance surcharge
Other

7 287.8
867.5
52.5

TOTAL

8 207.8

In accordance with the principle usually applied by airlines, sales are recorded when passengers actually travel, and isbased 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.
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 2021 appear in the liability section of the balance
sheet. In light of the health crisis during the year 2020, it was decided that the validity period would be extended to 2 years(compared to 1 year previously).

50 - 51

III – 16. Exceptional income
On December 31, 2021, the exceptional company income which came to 8 291.3 M XPF is mainly composed of the balancing
subsidy amounting to 8 100 M XPF in the form of a grant from the government of French Polynesia (see supra note II-2).

III – 17. Auditor’s fees

Banque de Tahiti

Amountin XPFBank guarantee on fire and comprehensive home insurance /Mortgage
Bank guarantee for commercial revenue

1 629 861 680
1 416 587 5 1 6Union Bank

Amountin XPF

Various Bank guarantees (3,616,937 USD)

381 083 694

Amountin XPF

Year ending December 2021, auditor’s fees figuring in the end of year income statement, amount to 13.7 M XPF.

III – 18. Company workforce
31/12/2019

31/12/2020

31/12/2021

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

67.8
147
93
307
73

60
1 19
73
258.8
60

64
1 14
67
248.6
58

Bank of New-Zealand

TOTAL FRENCH POLNESIA

687.8

570.8

551.6

Employees based abroad

58.7

51

44

Bank guarantee (137,326,23 NZD)
with pledged deposit of 97,326,23 NZD

746.5

621.8

595.6

TOTAL WORKFORCELa Polynésie française

III – 19. Consolidated accounts
Consolidated annual accounts are drawn up for the Air Tahiti Nui group from the financial year 2019.

III – 20. Information concerning receivables and liabilities with related parties
Related Party: Tahiti Nui Helicopters

End December 2021
Receivables
Suppliers

Bank guarantee received
in the form of approved financing lending and borrowing for the purchase of two Boeings

L’État français
Amountin XPFBank guarantee received
for “PGE” loans received as part of the Covid-19 Pandemic

9 884 419

Amountin XPF7 279 236 277

Amountin XPF
7 096 789 976

3 75 1 41 6
1 535 754

III– 21. Commitments received and given
Banque Socredo

Amountin XPFBank guarantee(Travel Agency Licence)Tax and customs guarantee

5 000 000
29 750 000

Banque de Polynésie – Société Générale

Amountin XPFBank guarantee for a value of 600 000 USD
with a pledged deposit of 250 000 USD

63 216 533

Bank guaranteewith the pledged deposit or 6 250 000 XPF

25 000 000

Pledge of cash collateral of 5 677 000 USD
related to the funding of fleet renewal

552 070 980

52 - 53

Statutory auditors’
report on the annual
financial statements  

Responsibilities of management and those charged with corporate governancein relation to the annual accounts
It is the responsibility of management to establish annual accounts that present a truthful view in accordance with therules and principles of French Accounting applicable in French Polynesia, as well as to implement internal control that it
deems necessary to establish that the annual accounts contain no significant material misstatement, whether due to fraud
or error.
When establishing annual accounts, it is incumbent upon Management to evaluate the company’s capacity to continue
operations, and, if need be, present necessary information in the accounts relative to the continuation of operations 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 audit of annual accounts

OpinionIn 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, 2021, as attached to thisreport.
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 andassets at the end of the financial year.

Basis of audit opinion
Audit terms
We undertook our audit according to the professional standards applicable in France. We believe that the elements wehave collated are sufficient and appropriate to form an opinion.
Our responsibilities in accordance with these standards are indicated in the section “Responsibility of statutory auditors relating to the audit of annual accounts” of this document.
Independence
We carried out our audit respecting the independence rulings which apply from January 1st, 2021, until the date of issue of
our report.

Observation
Without qualifying the opinion expressed above, we draw your attention to section II-4 of the annual accounts’ notes outlining business continuity prospects for 2022.

Assessment justification
The world crisis linked to the Covid-19 pandemic presents particular conditions for the preparation of the accounts audit
for the end of this financial year. Indeed, this crisis and the unprecedented measures taken as part of the health emergency
have led to multiple consequences for businesses, especially concerning their activity and financing, as well as a high levelof uncertainty concerning their future prospects. Some of these measures, such as travel restrictions and remote working,have also had an impact on the internal organisation of businesses and on the methods used to execute audits.
It is in this complex and evolving context that, by applying professional standards relative to assessment justification,
we bring to your attention the following assessments which, in our professional judgement were the most significant forthe company annual accounts audit.  
sections “III – 10.3” of the annex. Our review consisted in verifying the account processing adopted for the translationof maintenance obligations, to assess the statistics and hypotheses on which estimates are based, to ensure they arereasonable, to review calculations performed by the company and verify that section “III – 10.3” of the annual accountannex presents appropriate information.

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 elevated level of assurance,
without, however, the guarantee that an audit conducted in accordance with professional standards can consistently
detect all material misstatement.
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 such information.
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.
In the context of an audit conducted in accordance with the 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 fromfraud or are a result of errors, they define and put into practice audit procedures in the face of these risks and gather
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 the risk of not detecting a material misstatement due to error because fraud
may involve collusion, falsification, willful omission, misrepresentation, or circumvention of internal control;• they take heed of relevant internal control for the audit to define the audit procedures that are appropriate under thecircumstances, and not with the aim of expressing an opinion regarding the efficiency of internal control;• they assess the appropriate character of the accounting methods selected and the reasonable accounting estimates
made by management, as well as information provided about this in the annual accounts;• they assess the appropriate nature of the management’s application of the standard accounting policy and according
to the information gathered, the existence or absence of existence of any significant uncertainty linked to events orcircumstances that are susceptible of questioning the capacity of the company to continue its business. This assessment
is backed up with elements collected up to the date of the report, always being aware that subsequent circumstances or
events could jeopardize ongoing operations. If they reach the conclusion that there is a significant uncertainty, they draw
the reader’s attention to their report about the information provided in the annual accounts linked to this uncertainty
or, if the information is not provided or relevant, they issue a certification with reservations or a refusal of certification;• they assess all the annual accounts as a whole and evaluate if the annual accounts reflect underlying operations andevents in order to present a true picture.

Papeete, May 25th, 2022

For SARL KPMG,
Member of KPMG International

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

Jean-Louis PELLOUXPartner

Elisabeth ALBERT
Partner

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

Specific checks
In accordance with French professional standards, we have also conducted specific legally required verifications.  
We have no comments to make concerning the correct presentation and consistency of the annual accounts, the information provided in the Board of Directors’ management report dated April 28th, 2021, and in other documents concerning thefinancial situation addressed to stakeholders about the financial state of annual accounts.

54 - 55

© D. Eggenberger - ATN

Outlook 2022

The 2022 budget, as prepared by management and approved by the Board of Directors in January 2022, assumed a
gradual increase in passenger demand thanks to widespread vaccination and the reopening of borders, thus enabling arelaunch of all company network routes. However, with the prospect of new competition and the number of seats available
for the destination, Air Tahiti Nui’s financial performance for the coming year could well be inferior to the level before
the crisis and still be impacted by the decline in ticket sales, passenger turnover and transported merchandise, as well as
negative cash flow.
The return of our Paris via Los Angeles route in November 2021 was a satisfying first step. Nevertheless, we must remain
vigilant and demonstrate excellence more than ever, not only concerning our product proposal but also company visibility,
because our competitors are themselves also on the road to recovery, with their own new ambitions that we must also
allow for.
In addition to a highly competitive price war between all operators for our destination there is now an increase in capacityfor 2022. French Polynesia is going to reach an all-time high level of seat availability, and according to IATA statistics, thiswould constitute a world record. An unprecedented commercial battle is on the cards for 2022, exacerbated by a shortageof tourist accommodation which we must overcome by taking a proactive stance to provide us with the means to retain
our market share.
On 31st December 2021, thanks to various aids received via our major shareholder, our cash flow rose to 15.4 billion XPF.
2022 is a time for recovery, with the prospective re-opening of the Auckland line during the second quarter as well as thepotential re-opening of the Japanese market on the horizon in November.
Even if charter activity does not reach previous levels–notably those of 2019 taking into consideration the mobilisation of
aircraft to ensure a regular flight program, charter activity will also continue in 2022, based on the dynamic recovery of
our markets formalized during the annual marketing conference at the end of October. A LAX-Lourdes charter flight will
operate in April and May; a contract that has been renewed for the 7th consecutive year by the Order of Malta, US.
American and France-Europe directorates will set the ball rolling with a winning flight program (87% of the 2019 flightprogram will be proposed in 2022), with up to seven flights a week scheduled for the peak season.

Despite the prediction of an economic crisis at the beginning of the year, particularly following the outbreak of war
between Russia and Ukraine, the relaxing of constraints and travel arrangements in May and June have allowed for a confident peak season, with demand for travel to Polynesia remaining high from the American and Franco-European markets.
Polynesia is an especially unique experience. The new travel paradigms emphasize the importance of the experiential
and the quest for authenticity; our homeland offers all the necessary features of this, and Air Tahiti Nui is one of the main
vectors abroad.
With competition intensifying, management and the Board of Directors will have to envisage new routes, which is why, in
March 2022, Air Tahiti Nui announced the opening of a new direct flight from Papeete to Seattle from October 2022.
This new port of entry to the US gives the Tiare company even greater access to the North American market. With theaddition of two weekly flights to the flight program, the total number of flights to North America operated by Air Tahiti Nui
will increase to 15 per week during the high season.
This new route will position Air Tahiti Nui higher than ever as the essential partner in Polynesian tourism, in line with its
mission towards the economic development entrusted to it by the French Polynesian Government.
As the 5th largest American carrier and the newest member of the Oneworld alliance, Alaska Airlines is also one of themost popular companies in the US, having received the title of best traditional company for 12 consecutive years. Basedin Seattle, it offers nearly 1,200 daily flights to 120 North American towns and also includes Canada, Mexico, and further
south, Costa Rica or Belize.
The impact that the Covid 19 crisis has had on the industry is so acute that no industry player can envisage a return topre-crisis global demand for many years to come. Let’s hope that this new link with North America will enable Air Tahiti Nui
to swiftly reinforce its cash flow and to gain shares in a market coveted by numerous competitors.

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

56 - 57CSR indicators
Key indicators and link to GRI (correspondance)
The guiding principles and recommendations of the Global Reporting Initiative were taken into account in the drafting of
this report.

SOCIAL
Number of employees
Recruitment
Departures
Amount of total payroll
Amount allocated to professional
training
Percentage of payroll devoted
to training personnel
Number of workplace accidents(resulting in medical leave)
Parity (percentage of female employees—all positions included)*Number of disabled employees
ENVIRONMENT
Number of flights operated (all flights:
regular commercial flights—passengers
and freight, charters, technical flights,
full cargo flights)*
Number of flight hours(all flights)*
Directs CO2 emissions(all flights)*
CORSIA emissions declared(compliant with audit—domestic
and humanitarian flights excluded)
Energy consumption(premises in PPT)SOCIETAL
Sales revenue
Number of passengers transported
Number of tourists transported
Market share of tourist traffic
Tourist revenue generated(indirect impact from Air Tahiti Nui)
Tonnage of goods transported
Amount devoted to supportof local associations (charities
and environmental associations)STAKEHOLDER FEEDBACK
Number of active Club Tiare members
Rate of customer satisfaction
Number of cistomers surveyed

2019

Unit
Unit
Unit
Billion XPF

780
48
50
7.25

755
26
46
7.26

621
5
134(1)
5.222

563
2
11
4.79

-9.3%
-60.0%-91.8%-8.3%

Billion XPF

65

110

40.5

40.9

1.0%

Percentage

0.97

0.91

0.75

0.87

16.0%

G4-10

16

20

16

5

-68.8%

G4-LA6

52.3
2

52.7
1

53
2

52
2

-1.9%
0.0%

1 994

1 048

1 147

9.4%

Unit
Percentage
Unit

2020

2021

Variation
2020/2021

2018

Unit in numberof legs
2 129
Block unit hours(block to block) 18 607
Equivalent
tonnes CO2
375 285

17 3149 241

10 101

9.3%

318 437

151 212157 071

3.9%

368 392

305 020

139 622157 071

12.5%

Kilowatt kW

773 739946 242850 581866 794

1.9%

Billion XPF
Unit
Unit
Percentage

34,1
471 542132 456
61.20%

31,9434 280
114 06148.30%

12,6
167 074
77 01749.20%

15,2
185 72742 42951.40%

20.6%
11.2%-44.9%
4.5%

Billion XPF
Tonnes

39,6
9 697

NC
8 922

NC
4 073

NC
5 731

NA
40.7%

Million XPF

31.3

21.6

8.9

9

1.1%

Unit
Percentage
Unit

143 29196%
4 326

154 086
NA
4 124

161 614
NA
NA

3.5%
NA
NA

156 148
NA(2)NA(1) Of which 117 under the voluntary redundancy plan.
(2) Onboard customer satisfaction surveys were not resumed this year after being suspended in 2020 due to the Covid-19 world health crisis.
(*) Certain data may have changed since the publication of the sustainable development report 2018 following the value adjustment and indicator update.

Ref GRI

G4-LA1

G4-EN15

G4-EC1

G4-PR5
G4-PR5

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. © Cover: iStock, Freepik.com; Design: Nicolas Ostrowsky; Translation: Clare Pasdelou.
This report was printed in Tahiti on paper from responsible sources

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