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PREMIUM COMPANY PROFILE
Qantas Airways Limited
30 June 2024
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Qantas Airways Limited June 2024
Company Details
Overview
$20.1bn
REVENUE
Annual Growth
2020–24
2.0%
Annual Growth 2020–24
$20.6bn
ASSETS
Annual Growth
2020–24
0.0%
Annual Growth 2020–24
$1.3bn
NPAT
Annual Growth
2020–24
8.3%


0
EMPLOYEES
Annual Growth
2020–24
n/a
Annual Growth 2020–24
Description Qantas is a Public Company that generates the majority of its income from the Domestic Airlines industry.
In 2024 the company generated total revenue of $20,114,000,000 including sales and other revenue. The
exact number of employees for this organisation is not available.
The Chief Executive of Qantas is Mr Alan Joyce whose official title is Chief Executive Officer & Managing
Director. The Chairman of Qantas is Mr Richard Goyder whose official title is Independent Non-Executive
Chairman.
Company Snapshot REGISTERED
NAME
Qantas Airways Limited
TRADING NAME Qantas
ASX CODE QAN
RANK 30
ACN # 009 661 901
ABN # 16 009 661 901
TOP INDUSTRY I4902 - Domestic Airlines
TYPE Public Company
CEO
TITLE
Mr Alan Joyce
Chief Executive Officer & Managing Director
INCORPORATION
DATE
18-Jan-1934
ADDRESS 10 Bourke Road
MASCOT New South Wales
Australia 2020
WEBSITE www.qantas.com.au
PHONE NUMBER +61 2 9691 3636
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Qantas Airways Limited June 2024
Industries of Operation
Major Player In:
Aircraft Manufacturing and Repair Services in Australia(C2394)
Domestic Airlines in Australia(I4902)
International Airlines in Australia(I4901)
Professional Services in Australia(M6900)
Other Industries:
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Qantas Airways Limited June 2024
SWOT Strengths and weaknesses take into account internal factors, and are based on Qantas’s performance in
comparison to its competitors. Opportunities and Threats focus on external influences, and are based on
trends and demand in the Domestic Airlines industry and the Retail Trade sector.
Strengths

Return on Assets
6.1%
Qantas Airways Limited's return on assets is
higher than the peer average.
Return on Equity
425.5%
Qantas Airways Limited's return on equity is
higher than the peer average.
Weaknesses

Revenue Growth
0.8%
Qantas Airways Limited's revenue growth is
below the peer average, so the business is not
keeping pace with competitors.
Current Ratio
0.3
Qantas Airways Limited's current ratio is lower
than the peer average, signalling that the
balance of current assets and liabilities needs
further scrutiny.
Opportunities

High & Steady Barriers to Entry
Low Imports
High Revenue per Employee
Medium & Increasing Level of
Assistance
High Profit vs. Sector Average
Threats

High Competition
High Customer Class Concentration
High Capital Requirements
Very high Volatility
High Product/Service Concentration
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Qantas Airways Limited June 2024
Operating Divisions
Segment Name

Revenue
AUD000
Profit
AUD000
Assets
AUD000
Qantas Domestic 6,497,000 1,270,000 n/a
Qantas International 7,493,000 906,000 n/a
Jetstar Group 4,097,000 404,000 n/a
Qantas Loyalty 2,043,000 451,000 n/a
Unallocated -176,000 -1,285,000 20,354,000
Total 20,114,000 1,251,000 20,564,000
Operating Divisions
The Qantas Group is primarily involved in the air transportation of passengers and freight. The company owns a fleet of aircraft,
including dedicated freighter aircraft, and offers services to international and domestic destinations. The company divides its
operations into the following brands and businesses:
 Qantas - The Qantas brand operates Australian domestic and international flights across a broad network with four travel
classes. Qantas Airlines comprises commercial, customer & marketing and operations arms. The Qantas brands are Qantas
and QantasLink, a full-service regional airline supporting Qantas' domestic network.
 Jetstar - Operating domestic routes within Australia, New Zealand, and Japan as well as international routes. This division
encompasses Jetstar, Jetstar Asia and the company's investment in Jetstar Pacific and Jetstar Japan. Jetstar is the group's
low-fare airline.
 Qantas Freight - Freight comprises Qantas' air cargo and express freight businesses which provide domestic and
international air freight services, specialised air freight charter services and road freight services within Australia. Businesses
are managed by Qantas Freight Enterprises.
 Qantas Frequent Flyer - The group's customer loyalty program, which has more than 12 million members subscribed.
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Qantas Airways Limited June 2024
Key Personnel
Company Personnel * Appointed to the Board of Directors
Chairman
Richard Goyder
Independent Non-Executive
Chairman *
Chief Executive
Alan Joyce
Chief Executive Officer &
Managing Director *
Financial Controller
Vanessa Hudson
Chief Financial Officer
Position Type Full Name Title Salutation Initials
Chairman Richard Goyder Independent Non-Executive Chairman * Mr R
Chief Executive Alan Joyce Chief Executive Officer & Managing Director * Mr A J
Financial Controller Vanessa Hudson Chief Financial Officer Ms V
Chief Operating Officer Andrew David Chief Executive Officer Qantas Domestic & International Mr A
Chief Operating Officer Olivia Wirth Chief Executive Officer, Qantas Loyalty Ms O
Chief Operating Officer Stephanie Tully Chief Executive Officer Jetstar Group Ms S
Non-Executive Director Maxine Brenner Independent Non-Executive Director * Ms M N
Non-Executive Director Belinda Hutchinson Independent Non-Executive Director * Ms B J
Non-Executive Director Jacqueline Hey Independent Non-Executive Director * Ms J C
Non-Executive Director Todd Sampson Independent Non-Executive Director * Mr J T
Non-Executive Director Michael L'Estrange Independent Non-Executive Director * Mr M G
Non-Executive Director Antony Tyler Independent Non-Executive Director * Mr A N
Company Secretary Andrew Finch Joint Company Secretary Mr A J
Company Secretary Benjamin Elliott Joint Company Secretary Mr B W
Company Secretary Benjamin Jones Joint Company Secretary Mr B D
Legal Officer Andrew Finch General Counsel & Group Executive, Office of the CEO Mr A J
Sales Manager Anne-Marie Foundas Head of Commercial - Customer Experience Ms A
Sales Manager Markus Svensson Chief Customer Officer Mr M
Marketing Manager Andrew McGinnes Group Executive Corporate Affairs Mr A
Marketing Manager Petra Perry Chief Marketing Officer Ms P
Procurement Manager Robert Harrison Head of Procurement (Commercial & Operations) Mr R M
Personnel Manager Robert Marcolina Group Executive Strategy, People & Technology Mr R
Computing/IT Manager Robert Marcolina Group Executive Strategy, People & Technology Mr R
Computing/IT Manager Sam Charmand Group Chief Information Officer Mr S
Other Andrew Parker Chief Sustainability Officer Mr A
Other John Gissing Group Executive Associated Airlines & Services Mr J
Other Directorships * Appointed to the Board of Directors
Chairman
Belinda Hutchinson

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Qantas Airways Limited June 2024
University of Sydney
Position Type Full Name Company Salutation Initials
Non-Executive Director Maxine Brenner Woolworths Group Limited Ms M N
Chairman Belinda Hutchinson University of Sydney Ms B J
Non-Executive Director Belinda Hutchinson Thales Australia Holdings Pty Ltd Ms B J
Non-Executive Director Olivia Wirth Myer Holdings Limited Ms O
Chairman Richard Goyder Woodside Energy Group Ltd Mr R
Gender Diversity
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Qantas Airways Limited June 2024
Financials
At a glance
$20.1bn
REVENUE
Annual Growth
2020–24
2.0%
Annual Growth 2020–24
$20.6bn
ASSETS
Annual Growth
2020–24
0.0%
Annual Growth 2020–24
$1.3bn
NPAT
Annual Growth
2020–24
8.3%


0
EMPLOYEES
Annual Growth
2020–24
n/a
Annual Growth 2020–24
Profit & Loss Statement
Balance Date 30-Jun-2024 30-Jun-2023 30-Jun-2022 30-Jun-2021 30-Jun-2020
Reported Currency AUD AUD AUD AUD AUD
Currency Units AUD000 AUD000 AUD000 AUD000 AUD000
Revenue Items
Sales Revenue 0.0 18,303,000 7,914,000 5,082,000 13,228,000
Other Revenue 20,114,000 1,651,000 1,899,000 898,000 1,069,000
Total Revenue 20,114,000 19,954,000 9,813,000 5,980,000 14,297,000
Cost of Goods Sold 0.0 - - - -
Depreciation 1,773,000 1,762,000 1,801,000 1,877,000 2,045,000
Interest
Interest Received 0.0 135,000 13,000 15,000 29,000
Interest Expenses 0.0 298,000 290,000 294,000 271,000
Profit & Loss
Share of Profits of Associates - -129,000 -126,000 -129,000 -53,000
EBITDA 3,657,000 4,397,000 887,000 -143,000 -421,000
Income Tax Expense 633,000 728,000 -331,000 -607,000 -744,000
Continuing Operations After Tax 1,251,000 1,744,000 -860,000 -1,692,000 -1,964,000
Outside Equity Interest 0.0 -2,000 0.0 0.0 0.0
Profit Before Tax 1,884,000 2,472,000 -1,191,000 -2,299,000 -2,708,000
NPAT 1,251,000 1,746,000 -860,000 -1,692,000 -1,964,000
Audit
Audit Fees - 3,960 3,517 3,545 3,625
Audit Other - 606 563 451 725
Total Audit Fees - 4,566 4,080 3,996 4,350
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Qantas Airways Limited June 2024
Balance Sheet
Current Assets 30-Jun-2024 30-Jun-2023 30-Jun-2022 30-Jun-2021 30-Jun-2020
Cash at Bank 1,718,000 3,171,000 3,343,000 2,221,000 3,520,000
Trade Debtors 1,051,000 875,000 988,000 483,000 318,000
Inventory 343,000 290,000 269,000 279,000 306,000
Other Current Assets 867,000 769,000 1,033,000 447,000 808,000
Total Current Assets 3,979,000 5,105,000 5,633,000 3,430,000 4,952,000
Non-Current Assets
Receivables - - - 101,000 124,000
Investments - - - 242,000 198,000
Property & Plant Equipment 13,558,000 13,152,000 11,181,000 11,896,000 13,166,000
Intangible Assets 638,000 687,000 778,000 745,000 1,050,000
Other Non-Current Assets 2,389,000 1,410,000 2,061,000 1,393,000 536,000
Total Non-Current Assets 16,585,000 15,249,000 14,020,000 14,377,000 15,074,000
Total Assets 20,564,000 20,354,000 19,653,000 17,807,000 20,026,000
Current Liabilities
Trade Creditors 0.0 - 0.0 0.0 0.0
Interest Bearing Debt 571,000 1,380,000 1,053,000 1,352,000 1,392,000
Other Current Liabilities 11,173,000 10,717,000 9,505,000 6,243,000 6,912,000
Total Current Liabilities 11,744,000 12,097,000 10,558,000 7,595,000 8,304,000
Non-Current Liabilities
Interest Bearing Debt 2,358,000 5,346,000 6,179,000 6,877,000 7,143,000
Other Non-Current Liabilities 6,168,000 2,901,000 3,106,000 2,892,000 3,053,000
Total Non-Current Liabilities 8,526,000 8,247,000 9,285,000 9,769,000 10,196,000
Total Liabilities 20,270,000 20,344,000 19,843,000 17,364,000 18,500,000
Shareholder's Equity
Total Equity 294,000 10,000 -190,000 443,000 1,526,000
Other
Balance Date 30-Jun-2024 30-Jun-2023 30-Jun-2022 30-Jun-2021 30-Jun-2020
Number of Employees 0.0 11,415 11,415 28,957 28,957
Number of Shares on Issue (end of
period)
- 1,724,454,680 1,886,044,698 1,886,044,698 1,863,491,352
Market Capitalisation (end of period)
('000)
- 10,691,619 8,430,620 8,788,968 7,043,997
Earnings per Share (basic)(cents) - 96.0 -45.6 -89.9 -129.6
Earnings per Share (diluted)(cents) - 93.0 -45.6 -89.9 -129.6
Qualified Audit Report No No No No No
Modern Slavery Statement n/a n/a n/a Lodged Not Required
Internal Auditor In-House Auditor
External Auditor KPMG
Enterprise Value 1,211,000 14,246,619 12,319,620 14,796,968 12,058,997
Book Value 294,000 10,000 -190,000 443,000 1,526,000
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Qantas Airways Limited June 2024
Growth & Ratios
Revenue & NPAT
Financial Growth
Balance Date 30-Jun-2024 30-Jun-2023 30-Jun-2022 30-Jun-2021 30-Jun-2020 Average
Total Revenue Growth (%
change)
0.8 103.3 64.1 -58.2 -21.6 2.0
Sales Revenue Growth (%
change)
n/a 131.3 55.7 -61.6 -20.6 n/a
EBITDA (% change) -16.8 395.7 n/a n/a n/a 1.0
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Qantas Airways Limited June 2024
NPAT (% change) -28.4 n/a n/a n/a n/a 8.3
Shareholders' Funds (%
change)
2,840.0 n/a n/a -71.0 -49.4 -37.2
Total Assets (% change) 1.0 3.6 10.4 -11.1 -2.5 0.0
Employees (% change) n/a 0.0 -60.6 0.0 -0.3 n/a
Financial Ratios
Balance Date 30-Jun-2024 30-Jun-2023 30-Jun-2022 30-Jun-2021 30-Jun-2020
Return on Revenue (ROR) (%) 6.2 8.8 -8.8 -28.3 -13.7
Return on Shareholders' Funds
(ROSF) (%)
425.5 17,460.0 n/a -381.9 -128.7
Return on Assets (ROA) (%) 6.1 8.6 -4.4 -9.5 -9.8
Pre-Tax Margin (%) n/a 13.5 -15.1 -45.2 -20.5
Net Profit Margin (%) n/a 9.5 -10.9 -33.3 -14.8
Revenue per Employee ($'000 per
person)
n/a 1,748.1 859.7 206.5 493.7
NPAT per Employee ($'000 per
person)
n/a 153.0 -75.3 -58.4 -67.8
Effective Tax Rate (%) 33.6 29.5 27.8 26.4 27.5
Gearing (%) 98.6 100.0 101.0 97.5 92.4
Interest Cover (X) n/a 9.3 -3.1 -6.8 -9.0
Current Ratio (X) 0.3 0.4 0.5 0.5 0.6
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Qantas Airways Limited June 2024
Operating Segments
Operating Divisions
Segment Name

Revenue
AUD000
Profit
AUD000
Assets
AUD000
Qantas Domestic 6,497,000 1,270,000 n/a
Qantas International 7,493,000 906,000 n/a
Jetstar Group 4,097,000 404,000 n/a
Qantas Loyalty 2,043,000 451,000 n/a
Unallocated -176,000 -1,285,000 20,354,000
Total 20,114,000 1,251,000 20,564,000
Operating Divisions
The Qantas Group is primarily involved in the air transportation of passengers and freight. The company owns a fleet of aircraft,
including dedicated freighter aircraft, and offers services to international and domestic destinations. The company divides its
operations into the following brands and businesses:
 Qantas - The Qantas brand operates Australian domestic and international flights across a broad network with four travel
classes. Qantas Airlines comprises commercial, customer & marketing and operations arms. The Qantas brands are Qantas
and QantasLink, a full-service regional airline supporting Qantas' domestic network.
 Jetstar - Operating domestic routes within Australia, New Zealand, and Japan as well as international routes. This division
encompasses Jetstar, Jetstar Asia and the company's investment in Jetstar Pacific and Jetstar Japan. Jetstar is the group's
low-fare airline.
 Qantas Freight - Freight comprises Qantas' air cargo and express freight businesses which provide domestic and
international air freight services, specialised air freight charter services and road freight services within Australia. Businesses
are managed by Qantas Freight Enterprises.
 Qantas Frequent Flyer - The group's customer loyalty program, which has more than 12 million members subscribed.
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Qantas Airways Limited June 2024
Industries by Operating Segment
Jetstar Group
Report

Historical Growth Rates
2020/21 - 2024/25
Forecast Growth Rates
2025/26 - 2029/30
I4901 - International Airlines in Australia 3.1% n/a
Qantas Domestic
Report

Historical Growth Rates
2020/21 - 2024/25
Forecast Growth Rates
2025/26 - 2029/30
I4902 - Domestic Airlines in Australia 8.0% 2.7%
Qantas International
Report

Historical Growth Rates
2020/21 - 2024/25
Forecast Growth Rates
2025/26 - 2029/30
I4901 - International Airlines in Australia 3.1% n/a
Qantas Loyalty
Report

Historical Growth Rates
2020/21 - 2024/25
Forecast Growth Rates
2025/26 - 2029/30
M6900 - Professional Services in Australia 2.3% n/a
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Qantas Airways Limited June 2024
Geographic Locations
Segment Name

Revenue
AUD000
Profit
AUD000
Assets
AUD000
Australia 13,785,000 n/a n/a
Overseas 4,518,000 n/a n/a
Unallocated 1,651,000 1,746,000 20,354,000
Total 20,114,000 1,251,000 20,564,000
Geographic Locations - Ratios
Location Profit as Revenue % Profit as Assets %
Australia n/a n/a
Overseas n/a n/a
Unallocated 105.8% 8.6%
Company 6.2% 6.1%
Key Ratios
Segment Name Profit as Revenue % Profit as Assets %
Qantas Domestic 19.6% n/a
Qantas International 12.1% n/a
Jetstar Group 9.9% n/a
Qantas Loyalty 22.1% n/a
Unallocated 730.1% -6.3%
Company 6.2% 6.1%
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Qantas Airways Limited June 2024
Competitor Benchmarking
Financial Ratios
Ratios Industry Average * Qantas 30-Jun-2024 Compared to Industry Unit
Asset Turnover Ratio 0.35 0.00 Lower Times
Cash Ratio 0.22 0.15 Lower Times
Creditors T/O 18,241,240,000.00 0.00 Lower Days
Current Ratio 0.42 0.34 Lower Times
Days Stock Held 189,704,775,150.00 125,195,000,000.00 Lower Days
Debtors T/O 14.22 19.07 Higher Days
Dividend Payout Ratio N/C N/C Lower Percent
Dividend Per Share N/C N/C Lower A$
Earnings Per Share 0.36 N/C Lower A$
EBITDA 1,289,553.63 3,657,000.00 Higher A$ 000
Effective Tax Rate 31.36 33.60 Higher Percent
Gearing 96.70 98.57 Higher Percent
Interest Cover 8.25 N/C Lower Times
Inventory Turnover Ratio 0.00 0.00 Lower Times
Net Assets Per Share 0.22 N/C Lower A$
Net Profit Margin 13.57 N/C Lower Percent
NPAT/Employee 74.82 N/C Lower A$ 000
PPE Turnover Ratio 1.55 1.48 Lower Times
Pre-Tax Margin 19.77 N/C Lower Percent
Quick Ratio 0.40 0.31 Lower Times
Return on Shareholders Funds 164.60 425.51 Higher Percent
Return on Total Assets 4.68 6.08 Higher Percent
Revenue/Employee 1,566.85 N/C Lower A$ 000
*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Domestic Airlines industry.
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Qantas Airways Limited June 2024
Growth Ratios
Ratios Industry Average * Qantas 30-Jun-2024 Compared to Industry Unit
Asset Growth -0.23 1.03 Higher Percent
Dividend Growth Rate N/C N/C Lower Percent
Employees Growth -34.42 N/C Higher Percent
NPAT Growth 1.54 -28.35 Lower Percent
Revenue Growth 13.05 0.80 Lower Percent
*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Domestic Airlines industry.
Valuation Ratios
Ratios Industry Average * Qantas 30-Jun-2024 Compared to Industry Unit
Price-to-Earnings (PE) 9.05 N/C Lower Times
Price-to-Book (PB) 6.39 N/C Lower Times
Enterprise Value/EBITDA 1.94 N/C Lower Times
Enterprise Value/Sales 0.89 N/C Lower Times
*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Domestic Airlines industry.
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Qantas Airways Limited June 2024
Industries of Operation
Overview
Major Player In:
Aircraft Manufacturing and Repair Services in Australia(C2394)
Domestic Airlines in Australia(I4902)
International Airlines in Australia(I4901)
Professional Services in Australia(M6900)
Other Industries:
C2394 Aircraft Manufacturing and Repair Services in Australia
Industry Overview
Industry Size
2023-2024
$3,325m
Number of
Enterpr ises in
Industry
1129
Industry
Concentrat ion
Level
HIGH
Industry Turnover
Growth Rate
2023-2024
9.6
Qantas Airways Limited is an Australian public company that generates most of its revenue from air transport services. The comp
any is headquartered in Mascot, Sydney. Founded in 1920, Qantas is Australia's oldest airline and its national carrier. Qantas has
an extensive domestic and international route network and offers services across a network covered by codeshare partners in Austr
alia, Asia, North America, South America, Europe and Africa. The company operates through its Qantas, Jetstar and QantasLink
carriers.
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Qantas Airways Limited June 2024
Related Companies (2024)
Competitors Revenue ($m) Market Share (%)
Boeing Australia 1,513,700,000 45.5207
BAE Systems Australia 893,800,000 26.87878
Airbus Australia 496,600,000 14.93399
Lockheed Martin Australia 196,700,000 5.91526
Raytheon 190,000,000 5.71377
Honeywell 68,700,000 2.06598
I4902 Domestic Airlines in Australia
Industry Overview
Industry Size
2023-2024
$17,401m
Number of
Enterpr ises in
Industry
106
Industry
Concentrat ion
Level
HIGH
Industry Turnover
Growth Rate
2023-2024
8.1
Qantas Airways Limited is an Australian public company that generates most of its revenue from air transport services. The comp
any is headquartered in Mascot, Sydney. Founded in 1920, Qantas is Australia's oldest airline and its national carrier. Qantas has
an extensive domestic and international route network and offers services across a network covered by codeshare partners in Austr
alia, Asia, North America, South America, Europe and Africa. The company operates through its Qantas, Jetstar and QantasLink
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Qantas Airways Limited June 2024
carriers.
Freight revenue soared during supply chain disruptions caused by the COVID-19 pandemic
 Global lockdowns and restrictions created significant supply chain issues around the world. Shipping delays and capacity c
onstraints were common, with freight prices soaring.
 Interstate border restrictions were common at the height of the COVID-19 pandemic. With road transport restricted, deman
d for domestic air freight increased.
 Rising prices and demand led to a spike in domestic freight revenue in the three years through 2021-22. Over the past two
years, easing freight prices and restrictions have led to revenue from domestic freight normalising.
Freight revenue soared during the supply chain issues caused by the COVID-19 pandemic
 Global lockdowns and restrictions created significant supply chain issues around the world. Shipping delays and capacity c
onstraints were common, with freight prices soaring.
 Interstate border restrictions were common at the height of the COVID-19 pandemic. With road transport restricted, deman
d for domestic air freight increased.
 Rising prices and demand led to a spike in domestic freight revenue in the three years through 2021-22. In the current year
, easing freight prices and restrictions have led to revenue from domestic freight normalising.
Qantas' Jetstar subsidiary has continued to outperform the parent company
 Jetstar is the low-cost subsidiary of Qantas.
 Jetstar's position as a low-cost airline has benefited from Virgin Australia's shift towards a full-service airline and it has tradi
tionally grown faster than the Qantas brand. This trend has continued over the past five years.
 High inflation and rising interest rates are expected to lead to a much faster recovery from Jetstar than its parent, Qantas,
as consumers and businesses look to restrain costs in 2022-23, leading to Jetstar gaining market share.
 Jetstar is the low-cost subsidiary of Qantas. Jetstar's position as a low-cost airline has benefitted from Virgin Australia's shi
ft towards a full-service airline, and it has traditionally grown faster than the Qantas brand.
 High inflation and rising interest rates are causing a much faster recovery from Jetstar than its parent, Qantas, as consume
rs and businesses look to restrain costs, leading to Jetstar gaining market share.
 Jetstar added new Airbus A320 flights to Margaret River and Hervey Bay. The new routes will add over 100,000 seats per
year to the company's domestic schedule. These new routes will boost tourism and allow Jetstar to adjust capacity to meet
demand.
Qantas' revenue has rebounded from the adverse effects of travel restrictions
 Qantas's revenue declined significantly over the two years through 2020-21 as the COVID-19 pandemic restricted travel vo
lumes. As restrictions have eased, revenue has rebounded over the past three years.
 The company recorded significantly high profit margins and earnings in 2022-23 because of pent-up travel demand, high ti
cket prices and a supply shortage of planes.
 However, this pent-up travel demand will be subdued by the cost of living pressures in 2023-24, weighing on earnings gro
wth in the year. Qantas is also struggling with low reliability among customers due to its high flight cancellations and delays
.
Qantas' revenue is set to rebound from travel restrictions
 Qantas's revenue declined significantly over the two years through 2020-21 as the COVID-19 pandemic restricted travel vo
lumes.
 Qantas's revenue decreased at a much slower rate than that of their direct competitor, Virgin Australia, over the period. As
a result, Qantas's market share is anticipated to expand over the three years through 2022-23.
 As restrictions have eased revenue has rebounded, and company revenue are expected to return to almost pre-pandemic i
n the current year.
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Qantas Airways Limited June 2024
Related Companies (2024)
Competitors Revenue ($m) Market Share (%)
Boeing Australia 1,513,700,000 45.5207
BAE Systems Australia 893,800,000 26.87878
Airbus Australia 496,600,000 14.93399
Lockheed Martin Australia 196,700,000 5.91526
Raytheon 190,000,000 5.71377
Honeywell 68,700,000 2.06598
I4901 International Airlines in Australia
Industry Overview
Industry Size
2022-2023
$27,855m
Number of
Enterpr ises in
Industry
58
Industry
Concentrat ion
Level
MODERATE
Industry Turnover
Growth Rate
2022-2023
71.8
Qantas Airways Limited is an Australian public company that generates most of its revenue from air transport services. The comp
any is headquartered in Mascot, Sydney. Founded in 1920, Qantas is Australia's oldest airline and its national carrier. Qantas has
an extensive domestic and international route network and offers services across a network covered by codeshare partners in Austr
alia, Asia, North America, South America, Europe and Africa. The company operates through its Qantas, Jetstar and QantasLink
IBISWORLD.COM 21
Qantas Airways Limited June 2024
carriers.
Aggressive capacity cuts have hurt Qantas' market share
 Qantas aggressively cut capacity at the onset of the pandemic, causing revenue generated from passenger transport to be
come negligible for an extended period.
 As international borders have reopened, Qantas has expanded its international flight capacity slower than many competitor
s due to staffing issues and profitability concerns. The company's market share is set to remain slightly below pre-pandemi
c levels in 2022-23.
Aggressive capacity cuts have hurt Qantas's market share
 Qantas aggressively cut capacity following the COVID-19 outbreak, causing revenue generated from passenger transport t
o become negligible for an extended period.
 As international borders have reopened, Qantas has expanded its international flight capacity slower than many competitor
s due to staffing issues and profitability concerns. The company's market share is set to remain slightly below pre-pandemi
c levels.
Qantas has focused on restoring profitability as travel demand rebounds
 Like the wider industry, Qantas made substantial losses over the three years to 2021-22.
 Qantas is on track to return to make a profit in the current year, marking the company's road to recovery from its pandemic
-induced financial issues. However, a lot of this profitability turnaround is attributable to its domestic services, which are not
included in the industry,
 Since border restrictions have eased, Qantas has focused on restoring profitability rather than maximising turnover. The co
mpany has expanded its capacity carefully, despite the rapid recovery in demand for international air travel, to ensure it ha
s operated efficiently.
 Like the wider industry, Qantas made substantial losses over the three years through 2021-22.
 Qantas is on track to return to making a profit, marking the company's road to recovery from its pandemic-induced financial
issues. However, a lot of this profitability turnaround is attributable to its domestic services, which are not included in the in
dustry.
 Since border restrictions have eased, Qantas has focused on restoring profitability rather than maximising turnover. The co
mpany has expanded its capacity carefully, despite the rapid recovery in demand for international air travel, to ensure it ha
s operated efficiently.
Qantas' freight operations have supported the company's performance in recent years
 While international borders were closed, Qantas' international freight operations were the company's primary source of ind
ustry-specific revenue. Qantas has a partnership with Australia Post to transport mail and parcels overseas.
 Soaring online shopping activity and a significant reduction in available international freight capacity boosted the volume of
freight transported by the company while its international passenger flights were grounded.
 Qantas Freight was contracted under the International Freight Assistance Mechanism (IFAM) to provide freight services, fu
rther boosting its international freight operations during the pandemic. However, this mechanism came to an end in June 2
022.
Qantas's freight operations have supported the company's performance in recent years
 While international borders were closed, Qantas's international freight operations were the company's primary source of in
dustry-specific revenue. Qantas has a partnership with Australia Post to transport mail and parcels overseas.
 Soaring online shopping activity and a significant reduction in available international freight capacity boosted the volume of
freight transported by the company while its international passenger flights were grounded.
 Qantas Freight was contracted under the International Freight Assistance Mechanism to provide freight services, further bo
osting its international freight operations during the pandemic. However, this mechanism came to an end in June 2022.
IBISWORLD.COM 22
Qantas Airways Limited June 2024
Related Companies (2023)
Competitors Revenue ($m) Market Share (%)
Boeing Australia 1,513,700,000 45.5207
BAE Systems Australia 893,800,000 26.87878
Airbus Australia 496,600,000 14.93399
Lockheed Martin Australia 196,700,000 5.91526
Raytheon 190,000,000 5.71377
Honeywell 68,700,000 2.06598
M6900 Professional Services in Australia
Industry Overview
Industry Size
2022-2023
$263,215m
Number of
Enterpr ises in
Industry
250340
Industry
Concentrat ion
Level
LOW
Industry Turnover
Growth Rate
2022-2023
-3.4
Qantas Airways Limited is an Australian public company that generates most of its revenue from air transport services. The comp
any is headquartered in Mascot, Sydney. Founded in 1920, Qantas is Australia's oldest airline and its national carrier. Qantas has
an extensive domestic and international route network and offers services across a network covered by codeshare partners in Austr
alia, Asia, North America, South America, Europe and Africa. The company operates through its Qantas, Jetstar and QantasLink
IBISWORLD.COM 23
Qantas Airways Limited June 2024
carriers.
Related Companies (2023)
Competitors Revenue ($m) Market Share (%)
Boeing Australia 1,513,700,000 45.5207
BAE Systems Australia 893,800,000 26.87878
Airbus Australia 496,600,000 14.93399
Lockheed Martin Australia 196,700,000 5.91526
Raytheon 190,000,000 5.71377
Honeywell 68,700,000 2.06598
IBISWORLD.COM 24
Qantas Airways Limited June 2024
Shareholders
Substantial Shareholders
Shareholder Name % Held Country of Incorporation
Pendal Group Limited 5.2% Australia
Largest Shareholders
TOP 20
Percentage Held by Top 20
Shareholders
74.4% Held
Shareholder Name % Held Country of Incorporation
Percentage Held by Top 20 Shareholders 74.4% Not Available
IBISWORLD.COM 25
Qantas Airways Limited June 2024
Subsidiaries
Associated companies
ASSOCIATED COMPANIES
Fiji Resorts Limited
21.0% Held
ASSOCIATED COMPANIES
Hallmark Aviation Services LP
49.0% Held
ASSOCIATED COMPANIES
Helloworld Travel Limited
12.0% Held
Name Country of Incorporation
Fiji Resorts Limited Fiji
Hallmark Aviation Services LP USA
Helloworld Travel Limited Australia
Holiday Tours & Travel (GSA) Ltd Thailand
Holiday Tours & Travel (Thailand) Limited Thailand
Holiday Tours & Travel Vietnam Co Ltd Vietnam
HT & T Travel Philippines Inc Philippines
Jetstar Japan Co. Ltd Japan
PT Holidays Tours & Travel Indonesia
Holding company
HOLDING COMPANY
Qantas Airways Limited
100.0% Held
Name Country of Incorporation
Qantas Airways Limited Australia
IBISWORLD.COM 26
Qantas Airways Limited June 2024
Subsidiaries
# OF SUBSIDIARIES
46
Name Country of Incorporation
Aal Aviation Limited Australia
Australia Aviation Company Beijing Office China
Australian Airlines Limited Australia
Jetconnect Limited New Zealand
Jetstar Asia Holdings Pty Limited Australia
Jetstar International Group Australia Pty. Limited Australia
Jetstar Services Pty Limited Australia
Q H Tours Ltd Australia
Qantas Airways Chile
Qantas Airways USA
Qantas Airways Domestic Pty Limited Australia
Qantas Airways Limited (Surabaya) Indonesia
Qantas Airways Limited Oficina En Espa±a Spain
Qantas Airways Limited, Mascot, Zweigniederlassung Z³rich Switzerland
Qantas Airways Ltd Fiji
Qantas Airways Ltd United Arab Emirates
Qantas Airways Ltd USA
Qantas Airways Ltd. Airport Office China
Qantas Airways Ltd. Shanghai Representative Office China
Qantas Asia Investment Company Pty Ltd Australia
Qantas Cabin Crew (Uk) Limited United Kingdom
Qantas Domestic Pty Limited Australia
IBISWORLD.COM 27
Qantas Airways Limited June 2024
Name Country of Incorporation
Qantas Freight Enterprises Limited Australia
Qantas Frequent Flyer Limited Australia
Qantas Ground Services Pty Limited Australia
Qantas Group Accommodation Pty Ltd Australia
Qantas Group Flight Training Pty Limited Australia
Qantas Information Technology Ltd Australia
Qantas Superannuation Limited Australia
Qantas Ventures Pty Limited Australia
Qf A332 Leasing 1 Pty Limited Australia
Qf Boc 2008-1 Pty Limited Australia
Qf Cabin Crew Australia Pty Limited Australia
Qf Dash 8 Leasing No. 4 Pty Limited Australia
Qf Dash 8 Leasing No. 5 Pty Limited Australia
Qf Dash 8 Leasing No. 6 Pty Limited Australia
Qf Eca 2008-1 Pty Limited Australia
Qf Eca A380 2010 No.1 Pty Limited Australia
Qf Eca A380 2010 No.3 Pty Limited Australia
Qf Eca A380 2011 No.1 Pty Limited Australia
Qf Exim B787 No. 1 Pty Limited Australia
Qf Exim B787 No. 2 Pty Limited Australia
Quantas USA
Quantas Airways India
Quantas Airways USA
Southern Cross Insurances Pte Ltd Singapore
Trust
TRUST
Network Holding Trust
100.0% Held
TRUST
Network Trust
100.0% Held
Name Country of Incorporation
Network Holding Trust Australia
Network Trust Australia
IBISWORLD.COM 28
Qantas Airways Limited June 2024
History
Overview
Incorporation Date 1934
2022 - August: The ACCC announced concerns regarding Qantas Airways’ proposed acquisition of Alliance Aviation Services Limited
due to a lessening of competition regarding air transport services for FIFO workers flying to and from Queensland and Western
Australia.
May: Qantas announced it has ordered 12 Airbus A350s for Project Sunrise, and 40 A321XLRs and A220s for the company's
domestic fleet. Also in this month, Qantas announced it had entered into a scheme implementation deed to acquire all shares in
Alliance Aviation Services Limited.
2021 - October: Qantas announced the sale of surplus land in Mascot to LOGOS Property Group for a consideration of $802 million.
February: Qantas signed an agreement with Alliance Aviation Services to lease three E190 aircraft with options for Qantas to call on
an additional eleven aircraft depending on market conditions.
2020 - June: Qantas announced a three-year post-COVID recovery plan that includes reducing the workforce by at least 6,000 roles
and continuing the stand-down of 15,000 staff, grounding up to 100 aircraft for up to 12 months and the early retirement of its six
remaining 747 aircraft. The aim is to reduce costs by $15 billion during the three year period of reduced activity.
March: As a response to the Federal Government's Coronavirus recommendations, Qantas Group announced that all Qantas and
Jetstar international flights would be suspended from late March and there would be a 60% reduction in domestic flights. Over 150
aircraft would be temporarily grounded and two-thirds of its employees temporarily stood down.
2019 - November: Qantas completed its second ultra-long range test flight. The non-stop flight from London to Sydney took 19 hours
and 19 minutes. In October the airline completed its first 19 hour non-stop test flight from New York to Sydney.
February: Qantas Airways Limited acquired a 19.9% interest in Alliance Airlines, an air charter services operator based in
Queensland.
January: Under the Modern Slavery Act 2018 (Cth), Qantas Airways Limited will be required to submit a report by the 31st of
December 2020, detailing their actions taken to address to the risk of modern slavery in their operations and supply chains.
2018 - August: Qantas announced plans to offer non-stop flights between the East Coast of Australia to London and New York by
2022.
April: Qantas announced the sale of its catering businesses, Q Catering Limited and Snap Fresh Pty Limited, to dnata which is part of
the Emirates Group. The sale is subject to approval from the Australian Competition and Consumer Commission and is expected to
be completed by the end of the year.
March: Qantas launched its non-stop 17 hour flights between Perth and London.
2017 - August: Qantas and Emirates announced plans to continue their alliance for a further five year period.
2016 - December: Qantas announced a new flight route, non-stop from Perth to London.
2015 - November: Qantas entered into a 5 year partnership with China Eastern where both airlines will coordinate flights from Sydney
to Shanghai and Melbourne to Shanghai. This partnership will also add further connections to new destinations such as Changchun,
Jinan and Wuhan.
IBISWORLD.COM 29
Qantas Airways Limited June 2024
March: Qantas Frequent Flyer Limited, a subsidiary of Qantas Airways Limited, acquired a 51% controlling interest in Taylor Fry
Holdings Pty Limited, who owns Taylor Fry Pty Limited. Total consideration for the acquisition was $9 million.
During the year, Qantas Airways Limited sold the Tour East Group, consisting of multiple subsidiaries within the South East Asia
region. Total consideration for the sale of the group was $16.3 million.
2014 - February: Qantas sold its wholly owned subsidiary, Qantas Defence Services Pty Limited to Northrop Grumman Australia.
2013 - March: The Qantas/Emirates partnership was launched with Qantas moving its hub for European flights from Singapore to
Dubai.
2012 - November: Qantas Group disposed of its 50% interest in AUX Investments Pty Ltd - parent entity of Australian Air Express Pty
Ltd and Star Track Express Holdings Pty Limited. Qantas then purchased 100% of Australian Air Express Pty Ltd from AUX
Investments Pty Ltd.
September: Qantas announced its new partnership with Emirates.
July: The company launched Jetstar Japan, a low-cost domestic carrier operating in Japan.
May: Qantas announced that it would split its international and domestic operations into two separate businesses. The transition is
expected to be completed by July.
2011 - November: Qantas announced the extension of its A380 network to include the new destination, Hong Kong. Flights from
Sydney to Hong Kong will commence from 15 January 2012.
July: Qantas announced the Jetstar Group was entering into a joint venture with Japan Airlines Corp (JAL) to launch domestic flights
in Japan in 2012.
June: Qantas suffered a $224 million loss over the year due to external and operational events; including the natural disasters in
Japan, Queensland, New Zealand and Chile.
Qantas announced it had sold its 50% shareholding in Harvey Holidays Pty Ltd to Jetset Travelworld for an undisclosed amount.
Qantas received approval from the ACCC for a joint venture with American Airlines to coordinate trans-Pacific flights to Australia or
New Zealand and the US.
2010 - December: Qantas announced the acquisition of WA-based charter airline Network Aviation for $30 million.
August: Qantas sold its DPEX group, part of the freight operating segment in Asia, to Toll.
June: Qantas acquired the remaining 33% in Travel Software Solutions Pty Ltd, raising its ownership to 100%.
May: Jetset Travelworld Limited entered into a conditional merger agreement with Stella Travel Services Holdings Pty Ltd that
remains subject to shareholder approval. The merger received ACCC approval and was finalised September 30, 2010.
2009 - February: The company announced its low-cost Jetstar carrier would commence services on domestic routes in New Zealand.
2008 - December: The Federal Court ordered Qantas to pay $20 million, resulting from an ACCC investigation into Qantas's
coordination of fuel surcharges with other airlines.
April: The company purchased international air and road freight business, Jets Transport Express.
February: Qantas entered into a merger agreement with listed travel agency Jetset. The terms of the agreement resulted in Jetset
acquiring Qantas Holidays and Qantas Business Travel units and Qantas acquiring a 58% interest in Jetset.
IBISWORLD.COM 30
Qantas Airways Limited June 2024
2007 - February: The Qantas board recommended shareholders accept Airline Partners Australia's offer, but despite extensions, it
failed to gain shareholder support and was abandoned in May.
2006 - November: Jetstar commenced long-haul international operations to South East Asia. Also in November, Airline Partners
Australia, a consortium led by Macquarie Bank, made a takeover offer for the company.
October: Qantas launched Express Freighters Australia, a domestic air freight business.
July: Australian Airlines ceased operating under its own brand and continued to operate under the Qantas brand.
2005 - Qantas announced its agreement to merge Jetstar Asia with Singapore-based Valuair. The new company was incorporated in
Singapore, with Qantas owning a 44.5% share.
2004 - September: British Airways sold its 18.25% stake in Qantas. Also in September, the New Zealand High Court ruled against a
merger between the national carrier Air New Zealand and Qantas.
May: Qantas launched low-fare domestic carrier Jetstar.
2003 - December: Qantas and Australia Post jointly acquired the express road freight operator Star Track Express for $750 million.
2002 - October: Qantas launched Australian Airlines, a single class international carrier, operating flights between Cairns and Osaka,
Fukuoka, Nagoya, Singapore, Taipei and Hong Kong.
2001 - Qantas began providing domestic flights in New Zealand.
1998 - Qantas purchased an additional stake in Air Pacific from the Fiji government, lifting its overall holding in the company to over
46%.
1997 - Qantas and Air Pacific signed a 10-year commercial agreement to cooperate on aspects of schedule and fleet coordination,
engineering, marketing, ground handling, customer service, fuel purchase and freight.
1995 - The company was listed on the ASX in July.
1993 - UK-based airline British Airways acquired 25% of Qantas and the two airlines entered a 10-year commercial agreement.
1992 - Qantas was given regulatory approval to enter the domestic market. Qantas subsequently acquired domestic carrier Australian
Airlines for $400 million.
1967 - The company changed its name to Qantas Airways.
1959 - Qantas received its first delivery of a jet engine aircraft, the Boeing 707.
IBISWORLD.COM 31
Qantas Airways Limited June 2024
1949 - Trans-Australia Airlines took over Qantas' Queensland and Northern Territory routes and the Royal Flying Doctor Service.
1947 - The Australian Government purchased all Qantas shares. Qantas made its first Sydney to London passenger flight.
1935 - The company's first international passenger flight was from Brisbane to Singapore.
1934 - Qantas Empire Airways Ltd was formed when the company merged with the British company Imperial Airways. The airline
began regular mail flights between Australia and the UK in December.
1920 - August: Fergus McMaster, W. Hudson Fysh, W. Arthur Baird and Paul McGinness purchased an Avro aircraft with their newly
formed company The Western Queensland Auto Aero Service Ltd, which was soon after renamed Queensland and Northern Territory
Aerial Services Ltd and abbreviated to 'QANTAS'. The company was officially registered in Brisbane in November and soon began
operating, with joy rides and air taxi services.
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