Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 2016 KREOS AVIATION There is definitely something to be said for endurance, resilience and tenacity. The relationships built in our early years and a search for true understanding of customer needs were significant factors in our success this year. This is not to minimize the strength in our people, product and facilities but rather to acknowledge what is possible when these foundations exist. We had some serious fun this year. Our Flight Operations went through a major reorganization. An all-inclusive, open, honest and respectful environment enabled the entire team to produce extraordinary results. An audit of process, records and compliance showed gaps, which led to innovative and safer ways of operating. We have totally restructured our operating certificates and manuals to reflect recent and upcoming changes by Transport Canada and have taken it to the next level, fully committing resources to meet IS-BAO (International Standard for Business Aircraft Operations) certification. This intensive work mitigates safety risks at every level of our company on behalf of everyone who flies with Kreos. Kreos has never described itself as a transactional company. Earning trust and building connections involves commitment. Relationships and service are much more satisfying and will always trump the sale. The result this year was an increase in dedicated customers and long-term contracts, which supported a significant increase in aircraft use and hours flown in the last two quarters of 2016. We lost very few customers but noticed a decrease in hours by most of our users. This was no surprise given the economic environment, which also kept many interested customers interested. Total private aircraft traffic into Saskatoon slowed over last year but we were awarded and recognized by our customers as FBO of The Year for Central Canada for the fourth consecutive year. Central Aircraft Maintenance (CAM) maintained consistent sales for the year. Keeping our managed aircraft in pristine condition allowed our customers availability and, above all, peace of mind. We are a credible and efficient maintenance provider with professional and conscientious people. CAM continues to work closely and build strong relationships with other maintenance organizations on the field. There is room for growth and the team is exploring many opportunities. It’s been said that the most messed-up organizations are those who believe they are not. Anything Kreos has achieved has come from embracing difficulty, not hiding from it. We will continue to look within and align every area of our business with our exclusive, exceptional and luxury image. With a new five-year growth plan and two new independent board advisors, Kreos will continue to add value to its people and customers. I’m proud to say every year that we are better every day. I’m proud and very grateful to everyone who has taken responsibility for creating this meaningful and remarkable company. – Wes Ramsey SALES $6,572,761 CURRENT ASSETS: $913,504 TOTAL ASSETS: $10,100,858 PIC_AnnualReport_Final-Alternate_2.indd 16 2016-12-01 8:42 AM