Qantas 2002 Annual Report Download - page 31

2002 QANTAS ANNUAL REPORT p29
The Directors of Qantas Airways Limited (Qantas) 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 2002
and the Audit Report thereon.
Directors
The Directors of Qantas at any time during or since the end of the financial year are:
Margaret Jackson Geoff Dixon
Peter Gregg Paul Anderson (appointed 2 September 2002)
Mike Codd, AC Trevor Eastwood, AM
Rod Eddington#(resigned 23 November 2001) Jim Kennedy, AO, CBE
Trevor Kennedy, AM Roger Maynard
John Rishton~(ceased to be an alternate Director John Schubert
23 November 2001) Nick Tait.
Details of Directors, their experience and any special responsibilities are set out on pages 24 and 25.
#Rod Eddington is the Chief Executive Officer of British Airways Plc. When it was not possible for him to attend Qantas
Board Meetings, he was represented by an alternate, Roger Maynard.
~John Rishton was an alternate for Rod Eddington.
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 $140.7 million (final ordinary dividend of 9.0 cents per share) for the year ended
30 June 2002 (2001: 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 $124.1 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 is contained on pages 6 to 23. 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 not
otherwise disclosed in this Annual Report.
Events subsequent to balance date
On 21 August 2002, Qantas announced its intention to raise up to $800 million of ordinary equity through an entitlement
offer to existing shareholders to support its capital expenditure program and help fund other potential investment
opportunities that may arise.
The funds will be raised by way of a non-renounceable entitlement offer made in two parts, an institutional entitlement
offer of $600 million and a retail entitlement offer of $200 million. Qualifying shareholders will be entitled to subscribe
for a pro-rata entitlement of 1 ordinary share for every 8.2 ordinary shares held, at an issue price of $4.20 per share.
The institutional component and $100 million of the retail component of the offer have been underwritten.
The institutional entitlement offer was successfully completed on 23 August 2002. Qantas will allocate shares to participating
institutions on 5 September 2002.
A prospectus for the retail entitlement offer is scheduled to be dispatched to qualifying shareholders by 6 September 2002
to allow those
shareholders to subscribe for ordinary shares. The retail entitlement offer is scheduled to open on 9 September
2002 and close on 27 September 2002.
Other than the abovementioned, there has not arisen in the interval between the end of the financial year and the date of this
Report, any item, transaction or event of a material and unusual nature that, in the opinion of the Directors, has significantly
affected, or may 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 6 to 23 of this report include information on developments likely to affect the operations of the Qantas Group.
directors’ report
for the year ended 30 June 2002