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Qantas Group Five-Year Summary
for the year ended 30 June
Qantas Annual Report 2004 81Spirit of Australia
Unit 20041,2 20031,2 20021,2 2001 2000
STATEMENT OF FINANCIAL PERFORMANCE
Sales and operating revenue3$M 11,353.7 11,374.9 10,968.8 10,188.2 9,106.8
Expenditure $M (10,255.5) (10,807.9) (10,289.5) (9,492.4) (8,232.8)
Earnings before interest and tax $M 1,098.2 567.0 679.3 695.8 874.0
Net borrowing costs $M (133.6) (64.7) (48.3) (98.7) (111.2)
Profit from ordinary activities before tax $M 964.6 502.3 631.0 597.1 762.8
Income tax expense $M (315.8) (155.7) (201.7) (177.4) (244.9)
Net profit $M 648.8 346.6 429.3 419.7 517.9
Outside equity interests in net (profit)/loss $M (0.4) (3.1) (1.3) (4.3) (0.6)
Net profit attributable to members of
the Company for the year $M 648.4 343.5 428.0 415.4 517.3
Net profit attributable to members of
the Company for the six months to 31 December $M 357.8 352.5 153.5 262.9 337.8
Net profit/(loss) attributable to members of the
Company for the six months to 30 June $M 290.6 (9.0) 274.5 152.5 179.5
SHARE INFORMATION
Earnings per share cents 35.7 20.0 29.1 33.0 42.8
Dividends per share4cents 17.0 17.0 17.0 20.0 59.0
Dividend payout ratio % 47.6 85.0 58.4 60.6 137.9
Share price – high $ 3.81 4.88 4.92 4.25 5.28
Share price – low $ 3.08 2.85 2.60 2.36 3.12
Share price – closing $ 3.52 3.27 4.60 3.50 3.38
Weighted average number of ordinary shares M 1,815.4 1,721.2 1,469.4 1,258.5 1,209.3
Net tangible asset backing per share $ 3.07 2.89 2.61 2.51 2.34
EARNINGS BEFORE INTEREST AND TAX
International airline operations $M 397.8 221.6 202.8 458.7 374.8
Domestic airline operations $M 465.7 165.7 298.2 127.4 272.0
Subsidiary businesses $M 234.7 179.7 178.3 109.7 169.4
Items previously shown as abnormal $M ––––57.8
Earnings before interest and tax $M 1,098.2 567.0 679.3 695.8 874.0
PERFORMANCE INDICATORS
Interest cover times 8.2 8.8 14.1 7.0 7.9
Return on equity (excl. operating leases) % 11.1 6.5 10.1 12.6 18.1
Return on equity (incl. operating leases) % 11.0 8.9 12.0 10.6 18.3
STATEMENT OF CASH FLOWS
Net cash provided by operating activities $M 1,999.4 1,290.8 1,143.3 1,100.7 1,599.8
Net cash used in investing activities $M (2,169.5) (2,995.7) (2,306.1) (871.3) (262.7)
Net cash provided by/(used in) financing activities $M (480.5) 2,935.6 1,688.8 (659.0) (1,542.0)
Net increase/(decrease) in cash held $M (650.6) 1,230.7 526.0 (429.6) (204.9)
Capital expenditure $M 2,007.0 3,137.2 2,463.4 995.5 1,141.8
STATEMENT OF FINANCIAL POSITION
Total assets $M 17,574.2 16,973.8 14,801.5 12,513.6 12,007.1
Total liabilities $M 11,733.9 11,711.7 10,548.0 9,197.7 9,142.7
Net assets $M 5,840.3 5,262.1 4,253.5 3,315.9 2,864.4
Contributed equity $M 3,994.9 3,757.9 2,946.6 2,173.0 1,882.0
Reserves $M 54.4 54.0 56.3 54.3 54.0
Retained profits $M 1,776.3 1,435.9 1,239.1 1,078.0 926.8
Outside equity interests in controlled entities $M 14.7 14.3 11.5 10.6 1.6
Total equity $M 5,840.3 5,262.1 4,253.5 3,315.9 2,864.4
1 Passenger and freight revenue is disclosed net of both sales discount and interline/IATA commission.
2 Passenger recoveries are disclosed as part of net passenger revenue.
3 Excludes proceeds on sale of non-current assets, and interest revenue which is included in net borrowing costs.
4 Includes special dividend of 37.0 cents per share in 2000.