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Qantas Investor Day Qantas Investor Day 12 May 2015 For personal use only Morning Session A Strong Platform for Sustainable Growth Alan Joyce - Group Chief Executive Officer The Financial Framework for a Stronger Qantas Group Tino La Spina - Group Chief Financial Officer Brand as a Competitive Advantage Olivia Wirth - Group Executive Brand, Marketing & Corporate Affairs Q&A Session 1 Morning Tea For personal use only Session 2 Leveraging Customer Insights, the Next Wave of Transformation Rob Marcolina - Group Executive Strategy, Transformation & IT Continuing to Win in a Shifting Domestic Market Andrew David - Chief Executive Officer Qantas Domestic John Gissing - Group Executive Associated Airlines & Services Maximising Jetstar’s Position in Australia & New Zealand, the Roadmap to Success in Asia Jayne Hrdlicka - Chief Executive Officer Jetstar Group Q&A Session 2 Lunch with Neil Perry For personal use only Afternoon Session NPS in Action - Live Panel Olivia Wirth - Group Executive Brand, Marketing & Corporate Affairs A Platform for Innovation-Led Growth Lesley Grant - Chief Executive Officer Qantas Loyalty Transforming Freight to Optimise Group Outcomes Alison Webster - Executive Manager Freight Building a Resilient and Sustainable Qantas International Gareth Evans - Chief Executive Officer Qantas International & Freight Q&A Session 3 CEO Summary Alan Joyce - Group Chief Executive Officer For personal use only A Strong Platform for Sustainable Growth Alan Joyce For personal use only GROUP OVERVIEW The Qantas Group in global context Global industrial output, trade & business confidence improving • Regional divergence persists • 2015 forecast for strongest global passenger growth since 20101 • Highest passenger growth remains on routes to or within Asia1 Australia domestic demand growth flat as economy rebalances • Resources sector cooling, positive growth in other sectors AUD trading in long-term historical range Fuel prices at five-year lows For personal use only Airline consolidation continuing through equity and joint ventures 6 1. Source: International Air Transport Association (IATA) global economic outlook December 2014 GROUP OVERVIEW The Qantas Group in global context 1 North America Global Airline Profit in 2015 & Middle East 2 2015 profit $13.2b 20-Year Passenger Forecasts 2015 Profit $1.6b Passenger Growth Passenger Growth +3.3% +4.9% Total Passengers in Europe Total Passengers in 2034: 1.4b 2015 Profit $4.0b 2034: 383m Passenger Growth Asia Pacific +2.7% 2015 Profit $5b Total Passengers in Passenger Growth Latin America 2034: 1.4b Africa +4.9% 2015 Profit $1.0b 2015 Profit $0.2b Total Passengers in 2034: 2.9b Passenger Growth Passenger Growth +4.7% +4.7% Total Passengers in Total Passengers in For personal use only 2034: 605m 2034: 294m 1. Source IATA, ‘Airline Profitability Improves with Falling Oil Prices’, 10 December 2014. Net post tax profits in USD. 2. Source IATA ‘New IATA Passenger Forecast Reveals Fast-Growing Markets of the Future’, 7 16 October 2014. Annual forecast growth refers to average annual growth. GROUP OVERVIEW The Qantas Group in global context Qantas Group positioned to outperform in international market • Adding dual brand services between Australia and Asia • Increasing intra-Asia presence with Jetstar Group airlines • More Qantas International capacity deployed to strong North America routes • Premier alliance partners in each region • Favourable competitive environment with lower AUD Long-term advantages in stable domestic Australia market • Leading full-service, loyalty and LCC1 brands • Loyalty business with unparalleled reach driving customer insights For personal use only • Dual brand strategy delivering profit share above capacity share 8 1. Low-cost carrier GROUP OVERVIEW Qantas Group strategy Integrated portfolio enables Group resilience through external volatility SAFETY IS ALWAYS OUR FIRST PRIORITY Deliver sustainable returns to shareholders Always First Choice For Customers Build on leading domestic position Establish strong international dual Strengthen and grow loyalty through dual brands brand position business Deliver on Secure QAD1’s Leverage low Maintain QFF1 Innovate and existing Jetstar Reinforce position as best Strengthen cost base for as a driver of diversify opportunities JQD1’s low for customers QAI1 to provide JQI1 to defend loyalty across leveraging and price and scale who value the best network and grow P2P2 group and as a advantaged partnerships in advantage full service with partners international leading loyalty assets and Asia position experience leisure markets program capabilities Build customer loyalty by delivering a great experience in every interaction For personal use only Transform all businesses to continually drive operational efficiencies Inspire, empower and motivate our people, teaming effectively across the Group 9 1. QAD refers to Qantas Domestic, QAI refers to Qantas International, JQD refers to Jetstar Domestic, JQI refers to Jetstar International and QFF refers to Qantas Frequent Flyer. 2. Point to point. GROUP OVERVIEW Creating long-term shareholder value Delivering ROIC > WACC1 through the cycle Target: Deliver Return on Invested Capital (ROIC) > 10%2 by: Building on the Group’s long-term competitive advantages − Integrated portfolio with leading market positions − Dual brand strategy − Customer focus driving brand strength Continued delivery of business transformation − $2b in gross benefits by FY17, $1b debt reduction by FY153 Disciplined approach to capital and growth − Maintaining an optimal capital structure For personal use only Engaging our people − Driving workplace change and improved culture 1. Return on invested capital > Weighted average cost of capital (pre tax). References to Group and segment ROIC > WACC targets are through the cycle averages. 2. ROIC above 10% ensures Group objective 10 of delivering ROIC>WACC through the cycle. 3.Net debt including operating lease liabilities measured on a constant currency basis GROUP OVERVIEW Building on the Group’s long-term competitive advantages An integrated portfolio with leading market positions ROIC > WACC Qantas Domestic IN FY151 • Leading position, highest margin carrier in attractive domestic market Qantas International • Reshaped cost base and network, sustainably profitable business Freight GROUP ROIC > 10% • Leveraging domestic market share and unique traffic rights IN FY151 Jetstar Group • Leading LCC position in domestic and outbound Australia • Minimal level of capital invested in high-potential Asian ventures WIP For personal use only Qantas Loyalty • Steady earnings growth from non-cyclical, highly cash generative business providing growing diversification in Group earnings profile 11 1. Based on FY15 forecast performance GROUP OVERVIEW Building on the Group’s long-term competitive advantages Dual brand strategy at the core of Group success Dual Brand Guiding Principles (Domestic) 1H15 Domestic Results1 • Hold a superior competitive position • Maximise Group profitability • Leverage distinct role of brands to target customer segments Consistent with last 5 years, Qantas Group has • Targeting customer segments who value the full service experience ~80% or more • Frequency advantage, especially during peak periods 79% of domestic profit pool4 • Product service differentiation to maintain yield premium 63% • Owning price-sensitive segment, targeting point-to-point leisure Capacity share EBIT share2 For personal use only • Scale and network advantage Qantas Group Rest of market3 • Product service differentiation in the LCC segment 1. 1H15 figures from published company reports, BITRE. 2. Virgin Australia EBIT (Earnings before interest and tax), includes Velocity; Qantas Group Domestic EBIT excludes Loyalty EBIT. 3.Rest of 12 market capacity calculated using BITRE ; Rest of market EBIT includes Virgin Australia, Tigerair Australia. 4. Historical data based on Qantas analysis and assumptions. GROUP OVERVIEW Building on the Group’s long-term competitive advantages ‘Customer First’ commitment drives brand strength & yield premiums 70% of Australians prefer to fly with Qantas Group brands • Investment in growth, product & innovation for domestic travel1 • Strong and reinforcing portfolio of brands • Spans breadth of customer needs in core markets • Cross-brand loyalty • Deep customer insights drive continual improvement 46% of Australians prefer to fly with Qantas Group brands For personal use only 1 for international travel 13 1. House of Brands Brand Tracker: Domestic Business and Leisure Average, International Business and Leisure Average GROUP OVERVIEW Continued delivery of business transformation Rapid progress towards our targets $2B BENEFITS REALISED BY FY171 >$1B DEBT REDUCTION BY FY153 • All targets to date met or exceeded • $1b debt reduction on track >$875m realised by FY15 • Credit profile to reach target two years ahead of initial timeframe • Most challenging initiatives front-loaded E.g. Debt/EBITDA4 <4.0 by FY15 4,000 of 5,000 FTE2 reduction by FY15 • Preserved investment grade terms & conditions • High visibility of remaining >$1.1b benefits from FY16 ~$600m already in implementation phase For personal use only ALL FINANCIAL TARGETS MET OR EXCEEDED WHILE DELIVERING RECORD CUSTOMER ADVOCACY5 1.Gross benefits. 2.Full- time equivalent employees. 3. Net debt including operating lease liabilities measured on a constant currency basis. 4. Metric calculated based on Moody’s methodology 14 including cash greater than $2b. 5. Based on quarterly average net promotor score (NPS) at
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