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QANTAS the Facts You Need to Know

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QANTAS the Facts You Need to Know QANTAS The facts you need to know. Authorised by S. McManus, ACTU, 365 Queen St, Melbourne 3000. ACTU D No. 112/2018 QANTAS QANTAS FACTS W A G E F R E E Z E S E N I O R S A L A R I E S Between 2014 and 2016, more than 15,000 CEO pay Qantas employees, through various bargaining • The 2017 Qantas annual report, which processes, agreed to 18-month pay freezes. descibes the company’s ‘restrained • Dec 2014 - Qantas Airways engineering, approach’ to base pay, indicates that in catering and freight employees. 2017 Alan Joyce’s total package of benefits including share price growth, amounted to • Feb 2015 - Airport, catering and freight $24.58 million dollars, up from $12.96 million workers. in 2016. This was made up of: • Oct 2016 - 8000 staff in all divisions of - $2.1 million base pay (cash) Qantas airways including airports, freight, catering, engineering, IOC and shared - $1.785 million Short Term Incentive services and many subsidiaries like Jetstar Payment (STIP) (cash bonus) and Qantaslink - $1.964 million STIP (Shares) A 2014 AFR article highlighted that the freeze was - $4.092 million LTIP (Vesting) part of Qantas’ attempts to cut $2 billion in costs - $152,000 other from the business over three years. This came - $14.486 million LTIP Share Price Growth about after the 2014 $235 million half-year loss recorded in 2014. Other senior executive pay • The annual report also included details of the $53m in benefits for senior executives “Qantas workers have urged (including the CEO’s $24 million) up from $29.2 million in 2016. This included: their boss Alan Joyce to back off plans to freeze their pay after the - Tino La Spina (CFO): $3.665 million airline posted a record half-year - Andrew David (Qantas Domestic): $3.890 million profit of almost $1 billion.” - Gareth Evans (CEO Qantas ‘Qantas may not win ASU approval for pay freeze after International): $8.182 million posting record profit’, The Sydney Morning Herald, - Lesley Grant (Qantas Loyalty): 24 February 2016. $5.055 million - Jayne Hrdlicka (CEO Jetstar): $8.130 million. QANTAS 2 P R O F I T S T A X Between 2000 and the 2013-14 financial year, • According to the 2013-14, 2014-15 and 2015- in which $235 million was lost in a half-year, 16 ATO tax transparency reports, Qantas Qantas was consistently profitable. After the Airways Ltd’s record on company tax for poor result, a decision was made to cut staff and those years is: salaries, despite the fact that labour efficiency - 2013-14 - $14.9 billion in total income. had improved by 22% since 2008. Additionally, No taxable income. No tax payable. staff costs had fallen as a proportion of Qantas’ - 2014-15 - $15.47 billion in income. expenses, down to 27.95% in 2013 from a high of $211 million in taxable income. No tax 34.83% in 2004. payable. 2017 financial results - 2015-16 - $15.75 billion in income. $52 million in taxable income. No tax • Underlying profit before tax: $1.4 billion (2nd payable. highest in Qantas history after last year’s best ever result) • In the first half of 2017-18 Qantas disclosed an income tax expense of $250 million, - Qantas Domestic: $645 million but didn’t pay any tax due to “utilisation - Qantas International: $327 million of carry-forward tax losses and other - Jetstar: $417 million temporary differences”. - Qantas Freight: $47 million • After the airlines first-half net profit of - Qantas Loyalty: $369 million $515 million in 2017-18, Alan Joyce said “I can’t give an outlook but if we make the same amount of money, then we will erode all of the tax losses of previous years and we will be starting to pay tax in the next financial year.” QANTAS 3 WHO IS QANTAS? Qantas Airways Ltd and the • Network Holding Investments Pty Ltd Qantas Group • Network Turbine Solutions Pty Ltd • Osnet Jets Pty Ltd • Qantas Domestic Pty Ltd • Qantas Asia Investment Company Pty Ltd • Jetstar Group Pty Limited • Qantas Catering Group Limited - Jetstar Airways - Jetstar Asia Airways • Qantas Courier Limited - Jetstar Regional Services • Qantas Holidays – travel whole-saleing - Jetstar Japan Co Ltd (Sold but still listed as a subsidiary on their website) • Qantas International • Qantas Group Flight Training (Australia) • Qantas Freight Enterprises Ltd Pty Ltd - Australian Air Express • Qantas Group Flight Training Pty Ltd - Express Freighters Australia (operations) Pty Limited • Qantas Information Technology Limited - Express Freighters Australia Pty Limited • Qantas Road Express (Sold) • Qantas Frequent Flyer Limited • QantasLink - Qantas Frequent Flyer Operations - Eastern Australia Airlines Pty Ltd Pty Ltd - Sunstate Airlines - Accumulate Loyalty Services Limited • Qantas Ground Services Pty Limited Subsidiaries • QF Cabin Crew Australia Pty Ltd – Employs cabin crew • AAL Aviation Limited • QH Tours Limited • Airlink Pty Limited • Q Catering – sold recently • Australian Regional Airlines Pty Limited • Snap Fresh – sold recently - Regional Airlines Charter Pty Limited • Vii Pty Limited • Hooroo Pty Limited • Impulse Airlines Holdings Pty Ltd Contractors • Jetstar Services – does handling for Jetstar • Aerocare and regionals • ADECCO • Jet Connect – NZ-based • Programmed – Labour Hire • Network Aviation Holdings Pty Ltd • Devereaux – Labour Hire • Network Aviation Pty Ltd • Blue Collar – Labour Hire QANTAS 4 WHO OWNS THE AIRPORTS? M E L B O U R N E P E R T H Avalon – Linfox. Perth Airport Development Group owned by: Utilities Trust of Australia (38.26%), Australian – Australia Pacific Airports Tullamarine Future Fund (30.01%), Utilities of Australia Pty Ltd (Melbourne) Pty Ltd. APAM is owned by ATF Perth Airport Property Fund (17.34%), The Australia Pacific Airports Corporation Limited Infrastructure Fund (7.19%), Australian Super which is privately held by: NSW Government (5.25%), Sunsuper (1.95%). (18.47%), Hastings Fund Management (8.7%), AMP (27.32%), IFM (25.17%) and the Australian Government Future Fund (20.34%). A D E L A I D E Adelaide Airport Limited. At least partially owned S Y D N E Y by Unisuper, Statewide Super and Colonial First State as trustee for the CFS Global Diversified Sydney Airport Holdings. Owned by Sydney Infrastructure Fund. Airport Corporation which is publicly listed. D A R W I N B R I S B A N E A L I C E S P R I N G S Brisbane Airport Corporation owned by Queensland Investment Corporation (25%), T E N N A N T C R E E K Amsterdam Airport Schipol (18.7%), Colonial First State Global Asset Management and related Airport Development Group. Owned by Palisade (17%), National Asset Management Limited as Investment Partners (22.6%) and IFM Investors trustee for Brisbane Airport Trust (15.1%), IFM (77.4%). investors (13.8%), Motor Trades Association of Australia (4.9%), Commonwealth Bank Group L A U N C E S T O N Super (4%), Sunsuper Pty Ltd (1.5%) . Australia Pacific Airports (Launceston). APAL is owned by Australia Pacific Airports C A N B E R R A Corporation Limited which is privately held Capital Airport Group Pty Ltd. by: NSW Government (18.47%), Hastings Fund Management (8.7%), AMP (27.32%), IFM (25.17%) and the Australian Government H O B A R T Future Fund (20.34%). Tasmanian Gateway Consortium. Owned by 50.1% Macquarie Global Infrastructure Fund and 49.9% Tasplan Superannuation Fund. QANTAS 5.
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