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57
QANTAS ANNUAL REPORT 2015
(B) OPERATING SEGMENTS
The Qantas Group comprises the following operating segments:
Operating segments Operations
Qantas Domestic The Australian domestic passenger flying business of Qantas
Qantas International The international passenger flying business of Qantas
Qantas Freight The air cargo and express freight business of Qantas
Jetstar Group The Jetstar passenger flying businesses
Qantas Loyalty The Qantas customer loyalty program (Qantas Frequent Flyer) as well as other marketing services,
loyalty and recognition programs
Corporate The centralised management and governance of the Qantas Group
(C) ANALYSIS BY OPERATING SEGMENT1
2015
$M
Qantas
Domestic
Qantas
International
Qantas
Freight
Jetstar
Group
Qantas
Loyalty Corporate
Unallocated/
Eliminations5Consolidated
REVENUE AND OTHER INCOME
External segment revenue and other
income 5,291 4,878 1,059 3,283 1,244 49 12 15,816
Inter-segment revenue and other income 537 589 8181 118 (40) (1,393) –
Total segment revenue and other
income 5,828 5,467 1,067 3,464 1,362 9(1,381) 15,816
Share of net profit/(loss) of investments
accounted for under the equity method24 4 – (37) –––(29)
Underlying EBITDAR31,171 706 156 625 323 (149) (8) 2,824
Non-cancellable aircraft operating
lease rentals (219) (42) (5) (229) – – – (495)
Depreciation and amortisation (472) (397) (37) (166) (8) (14) (2) (1,096)
Underlying EBIT 480 267 114 230 315 (163) (10) 1,233
Underlying net finance costs (258) (258)
Underlying PBT (421) 975
ROIC %416.2%
2014
$M
Qantas
Domestic
Qantas
International
Qantas
Freight
Jetstar
Group
Qantas
Loyalty Corporate
Unallocated/
Eliminations5Consolidated
REVENUE AND OTHER INCOME
External segment revenue and other
income 5,284 4,658 1,074 3,073 1,192 70 115,352
Inter-segment revenue and other income 564 639 10 149 115 (58) (1,419) –
Total segment revenue and other
income 5,848 5,297 1,084 3,222 1,307 12 (1,418) 15,352
Share of net profit/(loss) of investments
accounted for under the equity method 2 2 – (70) – – – (66)
Underlying EBITDAR3804 188 60 310 293 (150) (3) 1,502
Non-cancellable aircraft operating
lease rentals (203) (33) (5) (279) – – – (520)
Depreciation and amortisation (571) (652) (31) (147) (7) (13) (1) (1,422)
Underlying EBIT 30 (497) 24 (116) 286 (163) (4) (440)
Underlying net finance costs (206) (206)
Underlying PBT (369) (646)
ROIC %4(1.5%)
1 Qantas Domestic, Qantas International, Qantas Freight, Jetstar Group, Qantas Loyalty and Corporate are the operating segments of the Qantas Group.
2 Share of net profit/(loss) of investments accounted for under the equity method excluding share of losses in Jetstar Hong Kong which have been recognised as items outside of
Underlying PBT.
3 Underlying EBITDAR represents Underlying earnings before income tax expense, depreciation, amortisation, non-cancellable aircraft operating lease rentals and net finance costs.
4 ROIC % represents Return on Invested Capital (ROIC) EBIT divided by Average Invested Capital (Refer to Note 3(G)).
5 Unallocated/Eliminations represent other businesses of the Qantas Group which are not considered to be significant reportable segments and consolidation elimination entries.