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Qantas Annual Report 2004
Spirit of Australia

Table of contents

  • Page 1
    Spirit of Australia Qantas Annual Report 2004

  • Page 2
    ...operational reliability, engineering and maintenance and customer service 1 Report from the Chairman and Chief Executive Officer 5 Key Financial Indicators 6 Qantas Group Destinations 8 Flying Businesses 20 Flying Services 26 Associated Businesses 30 Our Community 32 Board of Directors 36 Corporate...

  • Page 3
    ... in a joint venture with Australia Post. The Group's new low cost domestic carrier, Jetstar, will build on existing and new leisure routes. Qantas has taken 49.99 per cent ownership of a new low cost carrier based in Singapore. The airline plans to begin operating before the end of 2004 with three...

  • Page 4
    ...in new systems to lower information technology operational costs, reduce dependency on legacy technology and simplify business processes. Fuel hedging and a fuel surcharge on fares will substantially, but not fully, offset the continued increase in crude oil prices. Qantas' risk management policies...

  • Page 5
    ... checked baggage screening at Qantas owned and operated terminals. Recent security initiatives include: purchase of state-of-the-art security equipment; process and performance improvements at passenger screening points and increased guarding of our aircraft and terminals; enhanced staff training...

  • Page 6
    ... of goods and services locally each year. Qantas continues to play an important role in times of emergency or national crisis and the Qantas Group, through the Sharing the Spirit program, remains a key supporter of community, charity, arts and sporting organisations across Australia (see pages 30...

  • Page 7
    ...Tax Net Profit Attributable to Members of the Company Earnings per Share Ordinary Dividends per Share* Passengers Carried Available Seat Kilometres Revenue Passenger Kilometres Revenue Seat Factor Aircraft in Service at Balance Date * Excludes special dividends paid 2004 $M $M $M $M cents cents 000...

  • Page 8
    6 Qantas Annual Report 2004 Qantas Group Destinations WITHIN AUSTRALIA, QANTAS OPERATES MORE THAN 5,000 FLIGHTS EACH WEEK, SERVING 60 CAPITAL CITY AND REGIONAL DESTINATIONS ACROSS THE COUNTRY. Qantas Group Domestic Network Domestic Network: Adelaide, Albury, Alice Springs, Armidale, Ayers Rock-...

  • Page 9
    ... 560 INTERNATIONAL SERVICES EVERY WEEK FROM AUSTRALIA TO 81 DESTINATIONS IN 40 COUNTRIES ACROSS THE ASIA-PACIFIC REGION, THE UK AND EUROPE, NORTH AMERICA, SOUTH AMERICA AND SOUTHERN AFRICA. Qantas Group International Network oneworld Partner Airlines Aer Lingus, American Airlines, British Airways...

  • Page 10
    8 Qantas Annual Report 2004

  • Page 11
    Spirit of Australia Qantas Annual Report 2004 9 Flying Businesses The Qantas Group's Flying Businesses comprise: Qantas International and Qantas Domestic - operating Australian domestic and international services; Regional Airlines - operating Australian regional services as QantasLink and New ...

  • Page 12
    ... seats to the USA than ever before; introducing three direct Brisbane-Los Angeles flights each week from June 2004, the first time any airline has offered non-stop scheduled services on this route; purchasing additional landing and take-off slots at London's Heathrow Airport; announcing an increase...

  • Page 13
    Spirit of Australia Qantas Annual Report 2004 11 Qantas International Highlight Qantas continued its substantial investment in new aircraft and further improved its product offering on international services, including the launch of the award-winning Skybed International Business Class sleeper ...

  • Page 14
    12 Qantas Annual Report 2004 Qantas Domestic Highlight The Qantas Group's domestic strategy was successful in providing a co-ordinated network and capacity while delivering a product and airport services to meet the needs of a range of market segments.

  • Page 15
    Spirit of Australia Qantas Annual Report 2004 13 Qantas Domestic THE QANTAS GROUP OPERATES THREE DOMESTIC FLYING BUSINESSES - THE FULL-SERVICE QANTAS DOMESTIC AIRLINE, THE REGIONAL CARRIER QANTASLINK AND THE NEW LOW COST CARRIER JETSTAR. The Group's domestic strategy is to hold a market share ...

  • Page 16
    ... to the Qantas Group's new domestic low cost airline, Jetstar. As a result, QantasLink now operates a fleet of two aircraft types - Bombardier Dash 8s and British Aerospace 146 aircraft. QantasLink employs approximately 1,000 people and has: operational bases in Sydney, Melbourne, Brisbane, Cairns...

  • Page 17
    ...Qantas Annual Report 2004 15 Regional Airlines Highlight QantasLink continued to develop regional "feeder" markets in Australia and ordered seven 50-seat Bombardier Dash 8-Q300 aircraft valued at more than $100 million - the largest single investment the Qantas Group has made in its regional fleet...

  • Page 18
    ..., with Australians returning in greater numbers than before 2002. Australian Airlines operates services to Bali from Sydney and Melbourne, while Qantas continues to operate services to Bali from Perth and Darwin. Singapore-Darwin services were added to the network in May 2004 with international...

  • Page 19
    ... services from a "second city" airport. Jetstar plans to expand its operations in the coming year, with potential new destinations including Adelaide, Alice Springs, Ayers Rock, Darwin, Perth and Townsville. The arrival of Jetstar saw the Qantas Group significantly increase capacity on a number...

  • Page 20
    ..., on-time performance and customer appeal. Three Airbus A330-300 aircraft were also delivered in June and July 2004. Fitted with the new Business Class product, including Skybed, they are now operating medium-haul international services. In addition, it was announced that Jetstar would operate...

  • Page 21
    Spirit of Australia Qantas Annual Report 2004 19 Highlight In keeping with its place as an industry leader in the selection of new aircraft, Qantas will take delivery of the first of 12 Airbus A380s at the end of 2006. 1 2 3 4 5 6 Qantas Group Fleet 1 2 3 4 5 6 7 8 Boeing 747-400 Boeing ...

  • Page 22
    20 Qantas Annual Report 2004

  • Page 23
    ... of Australia Qantas Annual Report 2004 21 Flying Services Two Flying Services groups support the Flying Businesses: Engineering Technical Operations and Maintenance Services - providing engineering and maintenance services to the Qantas Group airlines and other client airlines; and Airports and...

  • Page 24
    ...at Brisbane. This operation will service the Qantas Group's Boeing 767 aircraft and also have capacity to accept Airbus A330 aircraft. The facility is expected to be completed by the end of 2004, initially employing over 400 people. In September 2003, a joint venture engine maintenance business was...

  • Page 25
    ... Annual Report 2004 23 Engineering Technical Operations and Maintenance Services Highlight Employing nearly 6,000 people, Qantas ETOMS is one of the Asia-Pacific region's largest aviation engineering and maintenance operations. Major facilities are located in Sydney, Melbourne and Avalon. A new...

  • Page 26
    ... baggage in Australia or New Zealand to check-in for their return flight if they are returning within 12 hours of their departure flight. Retail operations at domestic airports - particularly Sydney, Melbourne and Brisbane - have become an integral part of the travel experience for airline customers...

  • Page 27
    ... leading large-scale flight catering businesses: Qantas Flight Catering (QFCL); and Caterair Airport Services Pty Limited (Caterair). QFCL operates five catering centres across Australia in Sydney, Melbourne, Brisbane, Adelaide and Perth. The Caterair business operates catering centres in Cairns and...

  • Page 28
    26 Qantas Annual Report 2004

  • Page 29
    Spirit of Australia Qantas Annual Report 2004 27 Associated Businesses A portfolio of associated businesses complements the Qantas Group's core business of providing commercial aviation services: Qantas Freight - providing international air freight services alongside associated freight businesses...

  • Page 30
    ... and operates international freight terminal facilities in Brisbane, Los Angeles, Melbourne, Perth and Sydney. The terminals provide handling services (including a customs brokerage service) for Qantas Freight and a number of client airlines. Plans are underway to expand and upgrade the Australia...

  • Page 31
    ...Airlines. Also in July 2004, Qantas Holidays introduced a new internet booking service - ReadyRooms.com.au - an instant purchase service providing access to last minute quality hotel accommodation Australia-wide up to 14 days in advance. Qantas Defence Services Qantas Defence Services (QDS) employs...

  • Page 32
    ...young people with their futures and connecting Qantas staff and customers with their families and the broader community. Sharing the Spirit extends the airline's support of charities, arts and sporting organisations by building on existing initiatives and launching new projects such as: regional and...

  • Page 33
    ...development programs at all levels to help the game achieve its full potential in Australia. Qantas is also Official Airline of the National Soccer League Organisations and events supported by the Qantas Group include: Community Organisations Bobby Goldsmith Foundation Brain Foundation CanTeen CARE...

  • Page 34
    ... Australia and General Manager of Marketing and Corporate Affairs at Australian Airlines. In both positions he was responsible for a wide range of commercial and customer service activities. Prior to his career in the airline industry, Mr Dixon worked for an arm of the Australian Government Overseas...

  • Page 35
    ... position was General Manager, Wholesale Banking and a Member of the National Australia Bank Executive Committee. Mrs Cross is married with three children. Mike Codd was appointed to the Qantas Board in January 1992. Mr Codd is Chairman of the Safety, Environment & Security Committee and a Member...

  • Page 36
    ...Executive Vice-President North America, responsible for the co-ordination of BA's entire operation in North America. He returned to London as Director of Investor Relations and Marketplace Performance in 1989. He became Director of Corporate Strategy in 1991 and was appointed to his present position...

  • Page 37
    ... and Joint Ventures Australasia for BA until his retirement from BA in August 2001. Previously, he had been General Manager Australia and New Zealand for BA since 1983. In 1964, Mr Tait joined BOAC (British Overseas Airways Corporation). He went on to hold various positions in Adelaide, Sydney and...

  • Page 38
    ... by the Qantas Sale Act to ensure the independence of the Qantas Board and to protect the airline's position as the Australian flag carrier: head office must be in Australia; two-thirds of the Directors must be Australian citizens; Chairman must be an Australian citizen; British Airways cannot vote...

  • Page 39
    Spirit of Australia Qantas Annual Report 2004 37 2004 Corporate Governance Statement continued THE BOARD IS STRUCTURED TO ADD VALUE Qantas has 12 Directors (see details on pages 32 to 35). Eight Directors are Independent Non-Executive Directors elected by shareholders other than British Airways ...

  • Page 40
    ... Annual Report 2004 2004 Corporate Governance Statement continued Margaret Jackson, the Qantas Chairman, is an Independent Non-Executive Director. Two Non-Executive Directors are appointed by British Airways (a right acquired from the Australian Government in 1993 when British Airways purchased...

  • Page 41
    ... is available on the Corporate Governance section of the Qantas website (www.qantas.com); includes members who are all financially literate; and is responsible for monitoring: business risk management (other than the operational risk management issues delegated to the Safety, Environment & Security...

  • Page 42
    ...which is available on the Corporate Governance section of the Qantas website (www.qantas.com); is responsible for monitoring: safety, occupational health, the protection of the environment and operational security; operational risk management (other than the business risk management issues delegated...

  • Page 43
    ... website (www.qantas.com)). Qantas also has formal policies relating to its obligations to non-shareholder stakeholders such as employees, customers and the community as a whole. These include areas such as safety, service standards, occupational health and safety, employment practices, fair trading...

  • Page 44
    ... and staff related Selling and marketing Aircraft operating - variable Fuel and oil Property Computer and communication Depreciation and amortisation Non-cancellable operating lease rentals Tours and travel Capacity hire Other Share of net profit of associates and joint ventures Expenditure Earnings...

  • Page 45
    ... Concise Financial Report 2. Revenue from ordinary activities 3. Retained profits 4. Dividends 5. Total equity reconciliation 6. Segment information 7. Contingent liabilities 8. Capital expenditure commitments 9. Director and executive disclosures 10. International Financial Reporting Standards 11...

  • Page 46
    ...of the Qantas Group during the course of the financial year were the operation of international and domestic air transportation services, the sale of worldwide and domestic holiday tours and associated support activities including information technology, catering, ground handling and engineering and...

  • Page 47
    ... the time that the Director held office during the financial year. Attended meetings in an ex-officio capacity. DIRECTORSHIPS OF PUBLICLY LISTED COMPANIES HELD BY THE MEMBERS OF THE BOARD - 1 JULY 2001 TO 30 JUNE 2004 Margaret Jackson1 Qantas Airways Limited Australia and New Zealand Banking Group...

  • Page 48
    ... Annual Report 2004 Directors' Report continued for the year ended 30 June 2004 DIRECTORSHIPS OF PUBLICLY LISTED COMPANIES HELD BY THE MEMBERS OF THE BOARD - 1 JULY 2001 TO 30 JUNE 2004 continued Jim Kennedy Qantas Airways Limited - current, appointed 18 October 1995 Australian Stock Exchange...

  • Page 49
    Spirit of Australia Qantas Annual Report 2004 47 Directors' Report continued for the year ended 30 June 2004 DIRECTORS' INTERESTS AND BENEFITS Particulars of Directors' interests in the share capital of Qantas at the date of this Report are as follows: Ordinary Shares Director Margaret Jackson ...

  • Page 50
    ... Executive Officers of Qantas and the Qantas Group are set out in Note 9 to the financial statements. In the year, a detailed Australian Accounting Standard AASB 1046 was issued, effective for the 30 June 2004 year, dealing with the disclosure of Director and Executive remuneration. The calculation...

  • Page 51
    ... a company level against the balanced scorecard determines the amount (if any) of the pool of shares available for payment. The Balanced Scorecard for 2004/05 contains target measures from the corporate Key Performance Indicator measures agreed with the Board (i.e. People, Customer, Operational and...

  • Page 52
    ... Senior Executives in key roles or identified as high potential developing Executives. Rights issued under this Plan are subject to a performance hurdle, being Total Shareholder Return (TSR) in comparison to a basket of global airline companies and the largest 100 Australian listed public companies...

  • Page 53
    ... of environmental performance and the Board places particular focus on the environmental aspects of its operations through the Safety, Environment & Security Committee, which is responsible for monitoring compliance with these regulations and reporting to the Board. The Directors are satisfied...

  • Page 54
    ...and staff related Selling and marketing Aircraft operating - variable Fuel and oil Property Computer and communication Depreciation and amortisation Non-cancellable operating lease rentals Tours and travel Capacity hire Other5 Share of net profit of associates and joint ventures Expenditure Earnings...

  • Page 55
    ... GROUP OPERATIONAL STATISTICS AND PERFORMANCE INDICATORS* Passengers carried Revenue passenger kilometres (RPKs) Available seat kilometres (ASKs) Revenue seat factor Passenger yield (passenger revenue per RPK) Average full-time equivalent employees Aircraft in service at balance date Return on total...

  • Page 56
    ..., higher hedging benefits of $87.7 million partly offset the impact of the fuel price rise. Barrels consumed increased by only 1.3 per cent compared to ASK growth of 4.8 per cent, reflecting fuel efficiency gains from new fleet acquisitions. Favourable foreign exchange rate movements contributed...

  • Page 57
    Spirit of Australia Qantas Annual Report 2004 55 Statement of Financial Position as at 30 June 2004 Qantas Group Notes 2004 $M 2003 $M CURRENT ASSETS Cash Receivables Net receivables under hedge/swap contracts Inventories Other Total current assets NON-CURRENT ASSETS Receivables Net receivables...

  • Page 58
    ... Pty Limited during the year. Property, plant and equipment increased by 7.2 per cent due to aircraft acquisitions under the aircraft fleet plan (15 aircraft entered service during the financial year). Significant investment was also made in airline product and aircraft reconfigurations. REVIEW OF...

  • Page 59
    Spirit of Australia Qantas Annual Report 2004 57 Statement of Cash Flows for the year ended 30 June 2004 Qantas Group 2004 $M CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts in the course of operations Cash payments in the course of operations Interest received Borrowing costs paid Dividends ...

  • Page 60
    ... taxes paid were lower in the current year due to a refund received from the Australian Taxation Office relating to prior year realised foreign exchange losses on the hedging of aircraft acquisitions and the impact of accelerated tax depreciation on new aircraft. REVIEW OF CASH FLOWS FROM INVESTING...

  • Page 61
    ...Airways Limited (Qantas) and its controlled entities and are consistent with those of the previous year. A full description of the accounting policies adopted by the Qantas Group may be found in the Qantas Group's full Financial Report for the financial year. Where necessary, comparative information...

  • Page 62
    60 Qantas Annual Report 2004 Notes to the Financial Statements continued for the year ended 30 June 2004 3. Retained profits Qantas Group 2004 $M Retained profits at the beginning of the year Net profit attributable to members of the Company Net effect on initial adoption of AASB 1028 "Employee ...

  • Page 63
    ... under development. Disclosure of segment information is therefore provided in a format consistent with prior years as follows: Aircraft Operations, which includes the Qantas Group Flying Businesses, Engineering Technical Operations and Maintenance Services, Airports, Qantas Freight, Qantas Defence...

  • Page 64
    ... so. Qantas Group 2004 $M ANALYSIS OF TOTAL REVENUE BY GEOGRAPHIC REGION Passenger, freight and other services revenue Australia United Kingdom and Europe Japan South-East Asia/North-East Asia The Americas and the Pacific New Zealand Other regions (Africa and South America) Other operating revenue...

  • Page 65
    ... in certain leveraged leases. The indemnities effectively guarantee the after tax rate of return of the investors and the Qantas Group may be subject to additional financing costs on future lease payments if certain assumptions made at the time of entering the transactions, including assumptions...

  • Page 66
    64 Qantas Annual Report 2004 Notes to the Financial Statements continued for the year ended 30 June 2004 8. Capital expenditure commitments Qantas Group 2004 $M Capital expenditure commitments contracted but not provided for in the Financial Statements: Aircraft Building works Other 5,130.1 224.3...

  • Page 67
    ... vested entitlements and the share price. Non-Cash benefits Travel Entitlements Directors and Specified Executives and their eligible beneficiaries are entitled to receive a number of international and domestic flights annually at no cost. Provides an effective form of remuneration as the value to...

  • Page 68
    66 Qantas Annual Report 2004 Notes to the Financial Statements continued for the year ended 30 June 2004 9. Director and executive disclosures Description POST EMPLOYMENT BENEFITS End of Service Payments Executive Directors and Specified Executives are entitled to service payments on termination,...

  • Page 69
    ..., Non-Executive Director (1 March 2004 - 30 June 2004) John Schubert, Non-Executive Director Nick Tait, Non-Executive Director Geoff Dixon, Chief Executive Officer Peter Gregg, Chief Financial Officer Total remuneration for Specified Directors 1 2 3 4 5 6 7 8 9 Post Employment Benefits Total $ 464...

  • Page 70
    ...Executive General Manager Aircraft Operations (1 July 2003 - 15 December 2003) Total remuneration for Specified Executives continued REMUNERATION OF SPECIFIED EXECUTIVES FOR THE YEAR ENDED 30 JUNE 2004 Post Employment Benefits End of SuperServiceannuation Travel $ $ $ Total $ Equity Other Benefits...

  • Page 71
    ... to that used by Qantas in its previous Directors' Report disclosures under the Corporations Act. The impact of the differences are set out below: Post Employment Benefits - End of Service Payments Earned in the current year Earned in prior years Paid in the current year Total value of end of...

  • Page 72
    ...in which the entitlement relates. Post employment, the Chairman is entitled to 2 international trips and 6 domestic trips per year of service and all other Non-Executive Directors are entitled to 1 international and 3 domestic trips per year of service. Executive Directors The key contract and other...

  • Page 73
    ...to make payment in lieu. Travel Entitlements Executive's and eligible beneficiaries are entitled to between 2 & 4 international and 6 & 12 domestic flights, at no cost, throughout the year. Post employment the entitlements are 2 international and 6 domestic flights. Annual target cash incentive is...

  • Page 74
    .... Termination of Employment Travel Entitlements Executive's and eligible beneficiaries are entitled to between 2 & 4 international and 6 & 12 domestic flights, at no cost, throughout the year. Post employment the entitlements are 2 international and 6 domestic flights. Annual target cash...

  • Page 75
    ... shares in Qantas provided as remuneration under the DSP to each Executive Director and Specified Executive is set out below. No securities were granted under this Plan in the year ended 30 June 2004. All securities listed below remain unvested at 30 June 2004. For more information on the operation...

  • Page 76
    ... Annual Report 2004 Notes to the Financial Statements continued for the year ended 30 June 2004 9. Director and executive disclosures EQUITY INSTRUMENTS continued continued Qantas Long-Term Executive Incentive Plan (QLTEIP) Details of entitlements over shares in Qantas provided as remuneration...

  • Page 77
    ... or operating policies of these entities. The Publishing and Broadcasting (PBL) group is a related entity to Mr Packer. During the year PBL purchased air travel of $11.8 million from Qantas. All transactions were conducted on normal commercial terms. 10. International Financial Reporting Standards...

  • Page 78
    ... to displace fare-paying passengers. Under Australian GAAP, Qantas has adopted the Incremental Cost approach, as historically it has best reflected the commercial operation of the program. AASB 1 "First Time Adoption of Australian Equivalents to International Financial Reporting Standards", requires...

  • Page 79
    ... as passenger revenue is derived from the sale of seats on flights rather than seats on particular aircraft. The aggregation of aircraft cashflows is therefore performed on the basis of route groupings. Impairment testing upon transition to IFRS is required. The financial effect of the change is...

  • Page 80
    78 Qantas Annual Report 2004 Directors' Declaration to the Members of Qantas Airways Limited In the opinion of the Directors of Qantas Airways Limited, the accompanying Concise Financial Report of the consolidated entity, comprising Qantas Airways Limited and its controlled entities for the year ...

  • Page 81
    ... Qantas Annual Report 2004 79 Independent Audit Report on the Concise Financial Report to the Members of Qantas Airways Limited SCOPE The Financial Report and directors' responsibility The Concise Financial Report comprises the Statement of Financial Performance, Statement of Financial Position...

  • Page 82
    ...shareholders of Qantas Airways Limited: Ordinary Shares Held 336,759,487 133,801,723 92,289,305 % of Issued Shares 18.25 7.34 5.00 Shareholders British Airways Investments (Australia) Pty Limited Capital Group of Companies1 Franklin Templeton Companies LLC2 1 2 As advised to Qantas on 26 April 2004...

  • Page 83
    ... INFORMATION Earnings per share Dividends per share4 Dividend payout ratio Share price - high Share price - low Share price - closing Weighted average number of ordinary shares Net tangible asset backing per share EARNINGS BEFORE INTEREST AND TAX International airline operations Domestic airline...

  • Page 84
    ...freight tonne kilometres (RFTKs) Qantas group performance statistics Traffic and capacity Passengers carried Revenue passenger kilometres (RPKs) Available seat kilometres (ASKs) Revenue seat factor Aircraft in service at balance date Financial Passenger yield (per RPK) Productivity Average full-time...

  • Page 85
    ... final result announcement Record date for final dividend Final dividend payable Notice of Meeting The Annual General Meeting of Qantas Airways Limited will be held at 2:00pm on Thursday 21 October 2004 in the Great Hall of the Brisbane Convention and Exhibition Centre. Shareholders will be...

  • Page 86
    ...Bag A14 Sydney South NSW 1235 Australia Freecall International Facsimile Email Website 1800 177 747 61 2 8280 7390 61 2 9287 0303 [email protected] www.qantas.com Stock Exchange Australian Stock Exchange 20 Bridge Street Sydney NSW 2000 Australia General Counsel & Company Secretary Brett Johnson

  • Page 87
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  • Page 88
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