Qantas 2004 Annual Report Download - page 46

Directors’ Report
for the year ended 30 June 2004
The Directors of Qantas Airways Limited (Qantas or the Company) present their report together with the Concise Financial Report of the
consolidated entity, being Qantas and its controlled entities (Qantas Group), for the financial year ended 30 June 2004 and the
Independent Audit Report thereon.
DIRECTORS
The Directors of Qantas at any time during or since the end of the financial year are:
Margaret Jackson, AC Geoff Dixon
Peter Gregg Paul Anderson
Mike Codd, AC Patricia Cross (appointed 1 January 2004)
Trevor Eastwood, AM Jim Kennedy, AO, CBE
Trevor Kennedy, AM (resigned 17 November 2003) Roger Maynard
James Packer (appointed 1 March 2004) John Schubert
Nick Tait, OBE.
Details of Directors, their qualifications, experience and any special responsibilities, including Qantas Committee Memberships, are set out
on pages 32 to 35.
PRINCIPAL ACTIVITIES
The principal activities 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 maintenance. There were no significant changes in the nature of the activities
of the Qantas Group during the financial year.
DIVIDENDS
The Directors declared a final dividend of $166.1 million (final ordinary dividend of 9.0 cents per share) for the year ended 30 June 2004
(2003: final ordinary dividend of 9.0 cents per share). The final dividend will be fully franked and follows a fully franked interim ordinary
dividend of $145.8 million (8.0 cents per share), which was paid during the financial year.
REVIEW OF OPERATIONS AND STATE OF AFFAIRS
A review of the Qantas Group’s operations, including the results of those operations and changes in the state of affairs of the Qantas
Group during the financial year, appears on pages 8 to 31. In the opinion of the Directors, there were no other significant changes in the
state of affairs of the Qantas Group that occurred during the financial year under review, other than that disclosed below.
All wholly-owned Australian resident Qantas Group entities are expected to enter the tax consolidation regime from 1 July 2003. It is
anticipated that this may lead to a change in deferred tax assets or deferred tax liabilities due to the reset of the tax cost of assets on
entering tax consolidation. However, as the amount of any change cannot, as yet, be ascertained, no amount of any change has been
reflected in the results for the financial year ended 30 June 2004. Qantas is currently obtaining market valuations in support of its
transition into the tax consolidation regime. Qantas also intends to request a binding Private Ruling from the Australian Taxation Office
in relation to key aspects of tax consolidation to the Qantas Group.
EVENTS SUBSEQUENT TO BALANCE DATE
With the exception of the final dividend, identified above, there has not arisen in the interval between the end of the financial year and
the date of this Directors’ Report, any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors, to
significantly affect the operations of the Qantas Group, the results of those operations, or the state of affairs of the Qantas Group, in this
financial year or in future financial years.
LIKELY DEVELOPMENTS
Pages 1 to 4 of this Annual Report include information on developments likely to affect the operations of the Qantas Group.
Further information about likely developments in the operations of the Qantas Group and the expected results of those operations in
future financial years has not been included in this Directors’ Report because disclosure of the information could be unreasonably
prejudicial to the Qantas Group.
44 Qantas Annual Report 2004