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2001 Qantas Financial Report

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2001 Qantas Financial Report QANTAS FINANCIAL REPORT 2001 The Spirit of Australia Qantas Airways Limited ABN 16 009 661 901 2001 FINANCIAL REPORT CONTENTS PAGE Statements of Financial Performance 2 Statements of Financial Position 3 Statements of Cash Flows 4 Notes to the Financial Statements 5 1. Statement of Significant Accounting Policies 5 2. Revenue from Ordinary Activities 13 3. Profit from Ordinary Activities Before Income Tax Expense 13 4. Income Tax 15 5. Directors’ Remuneration 16 6. Executives’ Remuneration 17 7. Auditors’ Remuneration 19 8. Cash 20 9. Receivables 20 10. Inventories 21 11. Investments 21 12. Other Assets 21 13. Property, Plant and Equipment 22 14. Intangibles 27 15. Accounts Payable 27 16. Interest Bearing Liabilities 27 17. Provisions 28 18. Current Tax Liabilities 28 19. Other Liabilities 28 20. Contributed Equity 29 21. Reserves 30 22. Retained Profits 30 23. Total Equity Reconciliation 30 24. Outside Equity Interests 31 25. Finance Lease Commitments 31 26. Operating Lease and Hire Commitments 32 27. Capital Expenditure Commitments 33 28. Contingent Liabilities 33 29. Superannuation Commitments 34 30. Particulars in Relation to Controlled Entities 36 31. Deed of Cross Guarantee 38 32. Particulars in Relation to Associated Companies 40 33. Unhedged Foreign Currency Balances 40 34. Financial Instruments 41 35. Employee Entitlements 45 36. Dividends 46 37. Segment Information 47 38. Earnings per Share 48 39. Events Subsequent to Balance Date 48 40. Notes to the Statements of Cash Flows 49 41. Related Party Transactions 51 Directors’ Declaration 55 Independent Audit Report 56 THE SPIRIT OF AUSTRALIA p1 Statements of FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 JUNE 2001 QANTAS GROUP QANTAS 2001 2000 2001 2000 Notes $M $M $M $M SALES AND OPERATING REVENUE Net passenger revenue 7,941.8 6,975.6 7,385.5 6,452.8 Net freight revenue 596.3 543.0 588.9 535.7 Tours and travel revenue 604.3 551.8 – – Other sources* 1,045.8 1,036.4 1,550.3 979.6 Sales and operating revenue 2 10,188.2 9,106.8 9,524.7 7,968.1 EXPENDITURE Manpower and staff related 2,549.9 2,295.8 2,142.6 1,983.4 Selling and marketing 1,141.6 1,051.0 1,146.8 1,058.5 Aircraft operating – variable 2,023.0 1,732.7 2,019.1 1,700.3 Fuel and oil 1,329.8 863.2 1,247.8 799.1 Property 246.9 215.2 228.9 206.3 Computer and communication 365.0 352.4 409.1 403.2 Depreciation and amortisation 706.7 634.0 563.7 479.1 Non-cancellable operating lease rentals 181.8 127.9 132.5 120.8 Tours and travel cost of sales 525.7 482.8 – – Capacity hire, insurance and other 422.0 477.8 489.5 587.7 Expenditure 3 9,492.4 8,232.8 8,380.0 7,338.4 EARNINGS BEFORE INTEREST AND TAX (EBIT) 695.8 874.0 1,144.7 629.7 Borrowing costs 3 (167.7) (199.7) (181.9) (200.6) Interest revenue 2 69.0 88.5 56.5 79.9 Net interest expense (98.7) (111.2) (125.4) (120.7) PROFIT FROM ORDINARY ACTIVITIES BEFORE INCOME TAX EXPENSE 597.1 762.8 1,019.3 509.0 Income tax expense relating to ordinary activities 4 (177.4) (244.9) (190.3) (170.1) NET PROFIT 419.7 517.9 829.0 338.9 Outside equity interests in net profit (4.3) (0.6) – – NET PROFIT ATTRIBUTABLE TO MEMBERS OF THE COMPANY 415.4 517.3 829.0 338.9 NON-OWNER TRANSACTION CHANGES IN EQUITY Net exchange differences on translation of financial statements of self-sustaining foreign operations 21 0.3 1.2 – – TOTAL CHANGES IN EQUITY FROM NON-OWNER RELATED TRANSACTIONS ATTRIBUTABLE TO MEMBERS OF THE COMPANY 23 415.7 518.5 829.0 338.9 BASIC EARNINGS PER SHARE 38 33.0 cents 42.8 cents DILUTED EARNINGS PER SHARE 38 32.6 cents 42.7 cents * Excludes proceeds on sale (and on sale and leaseback) of non-current assets Group $163.9 million, Qantas $159.0 million (2000: Group $889.7 million, Qantas $879.6 million), and interest revenue Group $69.0 million, Qantas $56.5 million (2000: Group $88.5 million, Qantas $79.9 million) which is included in net interest expense. The Statements of Financial Performance are to be read in conjunction with the Notes to the Financial Statements set out on pages 5 to 54. p2 QANTAS ANNUAL REPORT 2001 Statements of FINANCIAL POSITION AS AT 30 JUNE 2001 QANTAS GROUP QANTAS 2001 2000 2001 2000 Notes $M $M $M $M CURRENT ASSETS Cash 8 145.5 118.2 116.5 106.4 Receivables 9 1,496.2 1,742.5 1,787.9 2,068.4 Net receivables under hedge/swap contracts 241.5 200.9 241.5 200.5 Inventories 10 332.9 267.9 306.9 258.3 Other 12 142.7 108.3 80.0 46.2 Total current assets 2,358.8 2,437.8 2,532.8 2,679.8 NON-CURRENT ASSETS Receivables 9 569.9 603.0 650.4 793.8 Net receivables under hedge/swap contracts 2,135.3 1,758.4 2,081.9 1,710.0 Investments 11 56.4 43.0 372.8 368.2 Property, plant and equipment 13 7,324.4 7,108.7 6,183.5 5,658.7 Intangibles 14 21.5 25.0 – – Deferred tax assets 30.9 13.3 – – Other 12 16.4 17.9 13.2 8.3 Total non-current assets 10,154.8 9,569.3 9,301.8 8,539.0 Total assets 12,513.6 12,007.1 11,834.6 11,218.8 CURRENT LIABILITIES Accounts payable 15 2,049.1 1,869.2 1,941.5 1,791.0 Interest bearing liabilities 16 974.7 582.4 1,134.9 1,020.1 Net payables under hedge/swap contracts 257.9 233.5 254.3 234.4 Provisions 17 512.8 926.7 453.4 888.3 Current tax liabilities 18 (8.8) 119.9 (45.7) 36.2 Revenue received in advance 1,187.8 1,181.0 1,102.2 1,105.1 Deferred lease benefits/income 39.8 41.6 34.2 36.0 Total current liabilities 5,013.3 4,954.3 4,874.8 5,111.1 NON-CURRENT LIABILITIES Interest bearing liabilities 16 2,355.6 2,530.8 2,335.4 2,573.7 Net payables under hedge/swap contracts 576.7 419.5 576.7 419.5 Provisions 17 360.4 341.4 324.7 309.3 Deferred tax liabilities 496.1 405.6 393.6 247.5 Deferred lease benefits/income 381.6 439.0 329.9 377.9 Other 19 14.0 52.1 13.7 52.1 Total non-current liabilities 4,184.4 4,188.4 3,974.0 3,980.0 Total liabilities 9,197.7 9,142.7 8,848.8 9,091.1 Net assets 3,315.9 2,864.4 2,985.8 2,127.7 EQUITY Contributed equity 20 2,173.0 1,882.0 2,173.0 1,882.0 Reserves 21 54.3 54.0 82.9 82.9 Retained profits 22 1,078.0 926.8 729.9 162.8 Equity attributable to members of the Company 3,305.3 2,862.8 2,985.8 2,127.7 Outside equity interests 24 10.6 1.6 – – Total equity 3,315.9 2,864.4 2,985.8 2,127.7 The Statements of Financial Position are to be read in conjunction with the Notes to the Financial Statements set out on pages 5 to 54. THE SPIRIT OF AUSTRALIA p3 Statements of CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2001 QANTAS GROUP QANTAS 2001 2000 2001 2000 Notes $M $M $M $M CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 10,527.8 9,066.6 9,207.8 7,892.7 Payments to suppliers and employees (9,145.5) (7,135.8) (8,397.2) (6,315.2) Interest received 69.9 90.5 57.5 79.6 Interest paid (151.8) (175.5) (160.8) (172.8) Dividends received 43.8 26.9 690.6 41.9 Income taxes paid (243.5) (272.9) (137.7) (185.6) Net cash provided by operating activities 40 1,100.7 1,599.8 1,260.2 1,340.6 CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment (995.5) (1,141.8) (989.1) (1,037.6) Receipts/(payments) for aircraft security deposits 44.4 (10.6) 45.1 (10.2) Total payments for purchases of property, plant, equipment and aircraft security deposits (951.1) (1,152.4) (944.0) (1,047.8) Proceeds from sale of property, plant and equipment 16.4 10.3 11.5 5.8 Proceeds from sale and leaseback of property, plant and equipment 147.5 819.0 147.5 819.0 Proceeds from sale of investments – 60.4 – 54.8 Payments for investments, net of cash acquired (17.1) – (7.1) – Loans to associates (67.0) – – – Net funding to related parties – – (10.5) (6.4) Net cash used in investing activities (871.3) (262.7) (802.6) (174.6) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of borrowings/swaps (1,028.0) (798.9) (1,005.7) (611.5) Debt prepayments on sale and leaseback of property, plant and equipment – (819.0) – (819.0) Total debt repayments (1,028.0) (1,617.9) (1,005.7) (1,430.5) Proceeds from borrowings 804.8 505.9 802.0 503.2 Proceeds from the issue of shares 19.0 – 19.0 – Dividends paid (454.8) (430.0) (453.3) (430.0) Net cash used in financing activities (659.0) (1,542.0) (638.0) (1,357.3) RECONCILIATION OF CASH PROVIDED BY/(USED IN): Operating activities 1,100.7 1,599.8 1,260.2 1,340.6 Investing activities (871.3) (262.7) (802.6) (174.6) Financing activities (659.0) (1,542.0) (638.0) (1,357.3) Net decrease in cash held (429.6) (204.9) (180.4) (191.3) Cash at the beginning of the financial year 688.8 893.7 217.5 408.8 Cash at the end of the financial year 40 259.2 688.8 37.1 217.5 The Statements of Cash Flows are to be read in conjunction with the Notes to the Financial Statements set out on pages 5 to 54.
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