A clear commercial mandate In the history of global aviation, no other national airline has set such rigorous commercial goals as Etihad Airways. Our mandate is to operate commercially, delivering sustainable long term profitability. Our shareholder set a target of profitability within our first decade – and we beat that target. We have delivered net profits in 2011, 2012 and 2013 (2014 figures not yet released). Profitable operation and commercial business decision-making lies at the heart of our business. Other national airlines are also focused on profitability today – but many of these had decades of state-funded, unprofitable growth during which they could build dominant market positions. Despite our position as a new entrant in a highly capital-intensive business, we keep a clear focus on profitability.