Qantas 2004 Annual Report Download - page 44

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Qantas Group
Increase/
2004 2003 (Decrease)
$M $M %
FINANCIAL RESULTS
SALES AND OPERATING REVENUE
Net passenger revenue 8,978.3 8,992.8 (0.2)
Net freight revenue 469.7 511.3 (8.1)
Tours and travel revenue 711.1 696.3 2.1
Contract work revenue 502.6 530.9 (5.3)
Other sources 692.0 643.6 7.5
Sales and operating revenue 11,353.7 11,374.9 (0.2)
EXPENDITURE
Manpower and staff related 2,938.5 3,017.7 (2.6)
Selling and marketing 466.1 546.6 (14.7)
Aircraft operating – variable 2,226.8 2,405.0 (7.4)
Fuel and oil 1,355.6 1,540.4 (12.0)
Property 309.8 286.5 8.1
Computer and communication 439.1 412.3 6.5
Depreciation and amortisation 1,005.6 891.4 12.8
Non-cancellable operating lease rentals 263.5 283.9 (7.2)
Tours and travel 570.9 564.0 1.2
Capacity hire 287.4 381.6 (24.7)
Other 411.9 488.1 (15.6)
Share of net profit of associates and joint ventures (19.7) (9.6) 105.2
Expenditure 10,255.5 10,807.9 (5.1)
Earnings before interest and tax 1,098.2 567.0 93.7
Net borrowing costs (133.6) (64.7) 106.5
Profit from ordinary activities before related income tax expense 964.6 502.3 92.0
Income tax expense relating to ordinary activities (315.8) (155.7) 102.8
Net profit 648.8 346.6 87.2
Outside equity interests in net profit (0.4) (3.1) (87.1)
Net profit attributable to members of the Company 648.4 343.5 88.8
FINANCIAL POSITION
Total assets 17,574.2 16,973.8 3.5
Total liabilities 11,733.9 11,711.7 0.2
Total equity 5,840.3 5,262.1 11.0
CASH FLOWS
Net cash provided by operating activities 1,999.4 1,290.8 54.9
Net cash used in investing activities (2,169.5) (2,995.7) (27.6)
Net cash provided by/(used in) financing activities (480.5) 2,935.6 (116.4)
Net increase/(decrease) in cash held (650.6) 1,230.7 (152.9)
PERFORMANCE RATIOS
Net debt to net debt plus equity (ratio) 38:62 37:63 n/a
Net debt to net debt plus equity including off balance sheet debt (ratio) 49:51 50:50 n/a
Net debt to net debt plus equity including off balance sheet debt and
revenue hedge receivables (ratio) 49:51 51:49 n/a
Earnings per share (cents per share) 35.7 20.0 78.6
Return on equity (percentage) 11.1 6.5 4.6
Return on equity including the notional capitalisation of non-cancellable
operating leases on a hedged basis (percentage) 11.0 8.9 2.1
Earnings before interest and tax as a percentage of sales and
operating revenue (percentage) 9.7 5.0 4.7
Profit from ordinary activities before related income tax expense
as a percentage of sales and operating revenue (percentage) 8.5 4.4 4.1
Performance Summary
for the year ended 30 June 2004
42 Qantas Annual Report 2004