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Appendix 4E Preliminary Final Report 2006

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Appendix 4E Preliminary Final Report 2006 QANTAS AIRWAYS LIMITED AND CONTROLLED ENTITIES PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2006 ABN 16 009 661 901 ASX CODE: QAN QANTAS AIRWAYS LIMITED PRELIMINARY FINAL REPORT ABN 16 009 661 901 YEAR ENDED 30 JUNE 2006 TABLE OF CONTENTS Results for Announcement to the Market 1 Other Information 2 Consolidated Income Statement 3 Consolidated Balance Sheet 4 Consolidated Statement of Changes in Equity 5 Consolidated Statement of Cash Flows 6 Notes to the Financial Statements Basis of Preparation of Preliminary Final Report 7 Tax Reconciliation 8 Dividends 8 Contingent Liabilities 8 Post Balance Date Events 9 QANTAS AIRWAYS LIMITED PRELIMINARY FINAL REPORT ABN 16 009 661 901 YEAR ENDED 30 JUNE 2006 RESULTS FOR ANNOUNCEMENT TO THE MARKET IN ACCORDANCE WITH AUSTRALIAN EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (A-IFRS) 30 June 2006 30 June 20051 Change Change $m $m $m % Sales and other income 13,646.7 12,563.9 1,082.8 up 8.6% Profit for the period 479.5 688.5 (209.0) down 30.4% 1 2005 comparative numbers have been restated and presented under A-IFRS. DIVIDENDS 30 June 2006 interim dividend - paid 5 April 2006 Amount per security (cents) 11.0 Franked amount per security at 30% tax 11.0 30 June 2006 final dividend - to be paid 4 October 2006 Amount per security (cents) 11.0 Franked amount per security at 30% tax 11.0 Record date for determining entitlements to the dividend 6 September 2006 Date the dividend is payable 4 October 2006 Total dividend declared ($m) 215.1 Qantas operates a Dividend Reinvestment Plan (DRP) under which shareholders can reinvest the dividends payable on participating shares in newly issued Qantas shares. Last date for receipt of election notice for participation in DRP 6 September 2006 EXPLANATION OF RESULTS Please refer to the attached Press Release for an explanation of the Result. The information provided in this report contains all the information required by ASX Listing Rule 4.3A. Page 1 QANTAS AIRWAYS LIMITED PRELIMINARY FINAL REPORT ABN 16 009 661 901 YEAR ENDED 30 JUNE 2006 OTHER INFORMATION June 2006 June 2005 $$ Net Tangible Assets per ordinary share 2.95 2.74 Entities over which control gained or lost during the year: Express Freighters Australia (Operations) Pty Limited (a wholly-owned subsidiary) was incorporated on 11 April 2006 to provide technical crew associated with a freighter leasing operation. Details of associates and joint venture entities Percentage of ownership interest Equity accounted associates and joint ventures Contribution to net profit held at end of period or date of disposal June June June June 2006 2005 2006 2005 % % $m $m Air Pacific Limited 46.32 46.32 8.4 8.6 Australian air Express Pty Limited 50.00 50.00 14.3 15.6 Hallmark Aviation Services LP 49.00 49.00 0.8 0.4 Harvey Holidays Pty Limited 50.00 50.00 1.0 0.9 HT & T Travel (Philippines) Inc. 28.13 - - - Holidays Tours and Travel (Thailand) Ltd. 36.75 36.75 - - Holidays Tours and Travel Vietnam Joint Venture Company 36.75 - - - Jet Turbine Services Pty Limited 50.00 50.00 (4.6) (4.8) Jupiter Air Oceania Limited 47.62 47.62 - 0.3 Orangestar Holdings Pte Limited 1 45.04 49.00 (0.7) (18.5) Star Track Express Holdings Pty Limited 50.00 50.00 16.5 14.5 Tour East (TET) Ltd. 36.75 36.75 0.2 - Thai Air Cargo Co., Ltd. 49.00 49.00 0.9 (1.3) Travel Software Solutions Pty Limited 50.00 50.00 2.1 - Total 38.9 15.7 1 Formerly Jetstar Asia Pte Limited which merged with Valuair Airways Limited on 22 July 2005, now trading as Jetstar Asia. Page 2 QANTAS AIRWAYS LIMITED PRELIMINARY FINAL REPORT ABN 16 009 661 901 YEAR ENDED 30 JUNE 2006 CONSOLIDATED INCOME STATEMENT for the year ended 30 June 2006 June June 2006 2005 $m $m Sales and other income Net passenger revenue 10,504.0 9,571.6 Net freight revenue 887.8 759.9 Tours and travel revenue 719.4 707.8 Contract work revenue 469.0 484.9 Other 1,2 1,066.5 1,039.7 13,646.7 12,563.9 Expenditure Manpower and staff related 3 3,321.7 3,163.5 Selling and marketing 469.6 501.6 Aircraft operating - variable 2,525.3 2,370.6 Fuel 2,802.3 1,931.7 Property 320.1 302.0 Computer and communication 487.5 502.8 Tours and travel 591.2 563.7 Capacity hire 369.6 341.0 Other 467.0 380.6 Depreciation and amortisation 1,249.8 1,241.3 Non-cancellable operating lease rentals 355.7 266.8 Share of net profit of associates and joint ventures (38.9) (15.7) 12,920.9 11,549.9 Profit before related income tax expense and net finance costs 725.8 1,014.0 Finance income 163.3 117.0 Finance expense (217.9) (216.7) Net finance costs (54.6) (99.7) Profit before related income tax expense 671.2 914.3 Income tax expense (191.2) (225.0) Profit for the year 480.0 689.3 Attributable to: Members of Qantas 479.5 688.5 Minority interest 0.5 0.8 480.0 689.3 Earnings per share (EPS) Basic earnings per share (cents) 24.9 36.8 Diluted earnings per share (cents) 24.8 36.7 1 Delays in the delivery of 12 A380 aircraft has resulted in the recognition of $104.4 million of liquidated damages from Airbus. 2 Revenue from other sources in the prior year includes the release of surplus revenue accounting provisions relating to previous periods of $52.1 million. 3 Redundancy costs incurred during the year were $108.6 million (2005: $19.1 million). The Income Statement is to be read in conjunction with the Notes to the Financial Statements set out on pages 7 to 9. Page 3 QANTAS AIRWAYS LIMITED PRELIMINARY FINAL REPORT ABN 16 009 661 901 YEAR ENDED 30 JUNE 2006 CONSOLIDATED BALANCE SHEET as at 30 June 2006 June 2006 June 2005 $m $m Current assets Cash and cash equivalents 2,902.0 1,903.8 Receivables 1,228.7 1,130.3 Other financial assets 476.7 - Net receivables under hedge/swap contracts - 185.1 Inventories 334.8 333.0 Assets classified as held for sale 24.2 - Other 86.4 152.5 Total current assets 5,052.8 3,704.7 Non-current assets Receivables 237.6 287.7 Other financial assets 766.8 - Net receivables under hedge/swap contracts - 853.7 Investments accounted for using the equity method 372.9 356.0 Other investments 53.7 99.9 Property, plant and equipment 12,375.0 12,684.5 Intangible assets 311.7 318.9 Deferred tax assets 2.9 0.2 Other 9.9 84.8 Total non-current assets 14,130.5 14,685.7 Total assets 19,183.3 18,390.4 Current liabilities Payables 1,988.0 1,902.0 Interest bearing liabilities 440.8 315.0 Other financial liabilities 139.2 - Net payables under hedge/swap contracts - 142.8 Provisions 469.0 428.8 Current tax liabilities 72.4 93.2 Revenue received in advance 2,282.8 2,106.0 Deferred lease benefits/income 37.5 43.9 Total current liabilities 5,429.7 5,031.7 Non-current liabilities Interest bearing liabilities 5,334.8 5,599.7 Other financial liabilities 352.2 - Net payables under hedge/swap contracts - 450.0 Provisions 477.0 443.3 Deferred tax liabilities 701.2 518.2 Revenue received in advance 708.5 676.6 Deferred lease benefits/income 98.8 141.0 Total non-current liabilities 7,672.5 7,828.8 Total liabilities 13,102.2 12,860.5 Net assets 6,081.1 5,529.9 Equity Issued capital 4,382.2 4,181.5 Treasury shares (23.8) (17.8) Reserves 329.3 14.6 Retained profits 1,388.5 1,347.4 Equity attributable to members of Qantas 6,076.2 5,525.7 Minority interests in controlled entities 4.9 4.2 Total equity 6,081.1 5,529.9 The Balance Sheet is to be read in conjunction with the Notes to the Financial Statements set out on pages 7 to 9. Page 4 QANTAS AIRWAYS LIMITED PRELIMINARY FINAL REPORT ABN 16 009 661 901 YEAR ENDED 30 JUNE 2006 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 30 June 2006 Foreign Employee Asset Currency Issued Treasury Compensation Hedge Fair Value Revaluation Translation Retained Minority Total Capital Shares Reserve Reserve Reserve Reserve Reserve Earnings Interest Equity $m $m $m $m $m $m $m $m $m $m Balance at 1 July 2004 (previous GAAP) 3,994.9 - - - - 55.5 (1.1) 1,776.3 14.7 5,840.3 Transition to A-IFRS 8.2 (8.7) 3.7 - - (55.5) 1.1 (770.7) - (821.9) Restated balance 4,003.1 (8.7) 3.7 - - - - 1,005.6 14.7 5,018.4 Profit for the year - - - - - - - 688.5 0.8 689.3 Own shares acquired - (9.6) - - - - - - - (9.6) Shares vested to employees - 0.5 (0.5) - - - - - - - Share based payments - - 10.5 - - - - - - 10.5 Revaluation of assets on acquisition of minority interest in subsidiary - - - - - 4.4 - - - 4.4 Acquisition of minority interest in subsidiary - - - - - - - 7.1 (11.3) (4.2) Translation of foreign currency subsidiaries - - - - - - (3.5) - - (3.5) Dividends to shareholders 178.4 - - - - - - (353.8) - (175.4) Balance at 30 June 2005 4,181.5 (17.8) 13.7 - - 4.4 (3.5) 1,347.4 4.2 5,529.9 Balance at 1 July 2005 4,181.5 (17.8) 13.7 - - 4.4 (3.5) 1,347.4 4.2 5,529.9 Impact of initial adoption of AASB 132 & AASB 139 10.8 - - 379.0 (28.8) - - (36.0) - 325.0 Restated balance 4,192.3 (17.8) 13.7 379.0 (28.8) 4.4 (3.5) 1,311.4 4.2 5,854.9 Profit for the year - - - - - - - 479.5 0.5 480.0 Transfer of hedge reserve to profit - - - (351.6) - - - - - (351.6) Share of movement in joint venture's hedge reserve - - - (1.1) - - - - - (1.1) Own shares acquired - (9.8) - - - - - - - (9.8) Shares vested to employees - 3.8 (3.8) - - - - - - - Share based payments - - 13.8 - - - - - - 13.8 Recognition of effective cash flow hedges on capitalised assets - - - 48.9 - - - - - 48.9 Effective portion of changes in fair value of cashflow hedges - - - 257.0 - - - - - 257.0 Change in fair value of assets available for sale - - - - (6.6) - - - - (6.6) Recognition of deferred tax liability on revalued assets - - - - - (0.4) - - - (0.4) Translation of foreign currency subsidiaries - - - - - - 8.3 - 0.2 8.5 Dividends to shareholders
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