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PREMIUM COMPANY PROFILE
Qantas Airways Limited
30 June 2021
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Contents
COMPANY DETAILS........................................ 3
Contact Details................................................................. 3
Introduction & History...................................................... 3
Brands, Businesses, Products..........................................6
KEY PERSONNEL............................................. 8
Company Personnel......................................................... 8
Other Directorships.......................................................... 9
Gender Diversity............................................................... 9
FINANCIALS.................................................. 10
Profit & Loss Statement................................................. 10
Balance Sheet.................................................................11
Other...............................................................................12
GROWTH & RATIOS...................................... 13
Financial Growth.............................................................13
Financial Ratios.............................................................. 13
Revenue & NPAT............................................................ 14
SEGMENTS & INDUSTRIES........................... 15
Operating Divisions........................................................ 15
Key Ratios.......................................................................16
Industries by Operating Segment...................................17
Geographic Locations.................................................... 18
Geographic Locations - Ratios....................................... 18
INDUSTRY AVERAGES...................................19
Financial Ratios.............................................................. 19
Growth Ratios................................................................. 19
COMPETITIVE ENVIRONMENT.....................20
I4901 International Airlines............................................ 20
I4902 Domestic Airlines................................................. 21
C2394 Aircraft Manufacturing and Repair Services.......22
H4513 Catering Services................................................22
I4903 Non-Scheduled Air Transport...............................22
M6900 Professional Services........................................ 22
SHAREHOLDERS........................................... 23
Substantial Shareholders............................................... 23
Largest Shareholders..................................................... 23
SUBSIDIARIES............................................... 24
Associated companies................................................... 24
Holding company........................................................... 24
Subsidiaries....................................................................24
Trust............................................................................... 25
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Company Details
Contact Details Contact
Qantas Airways Limited
(Qantas)
10 Bourke Road
MASCOT New South Wales Australia 2020
Phone # 02 9691 3636
Fax # 02 9490 1888
www.qantas.com.au
Company Details
Business Line: I49 - Air and Space Transport
in Australia
ACN #: 009 661 901
ABN #: 16 009 661 901
ASX Code: QAN
Incorporated in: New South Wales
Incorporation Date: 18-Jan-1934
Company Type: Public Company
Ownership Type: Local
Sector: Non Government
Publicly Listed: Yes
FY Balance Date: 30-Jun-2021
IBISWorld Rank: 76
Introduction & History Introduction
Qantas Airways Limited is an Australian public company that operates international and domestic air
transportation services, freight services and loyalty programs. The company employs around 29,000
people globally, operates predominantly in Australia, New Zealand and Asia, and has a presence in the
United Kingdom and the United States of America. Qantas is headquartered in Mascot, New South Wales
and is listed on the ASX under the code QAN.
History
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.
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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.
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
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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.
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.
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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.
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.
Brands, Businesses,
Products
The Qantas Group is primarily involved in the air transportation of passengers and freight. The company
owns a fleet of 314 aircraft, including 6 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
Qantas Airways Limited June 2021
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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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Key Personnel
Company Personnel Position Type Salutation Initials Full Name Title
Chairman Mr R Richard Goyder Independent Non-Executive Chairman *
Chief Executive Mr A J Alan Joyce
Chief Executive Officer & Managing Director
*
Financial Controller Ms V Vanessa Hudson Chief Financial Officer
Chief Operating Officer Mr A Andrew David
Chief Executive Officer Qantas Domestic &
International
Chief Operating Officer Ms O Olivia Wirth Chief Executive Officer Qantas Loyalty
Chief Operating Officer Mr G Gareth Evans Chief Executive Officer Jetstar Group
Non-Executive Director Ms B K Barbara Ward Independent Non-Executive Director *
Non-Executive Director Mr P A Paul Rayner Independent Non-Executive Director *
Non-Executive Director Ms M N Maxine Brenner Independent Non-Executive Director *
Non-Executive Director Ms B J Belinda Hutchinson Independent Non-Executive Director *
Non-Executive Director Ms J C Jacqueline Hey Independent Non-Executive Director *
Non-Executive Director Mr J T Todd Sampson Independent Non-Executive Director *
Non-Executive Director Mr M G Michael L'Estrange Independent Non-Executive Director *
Non-Executive Director Mr A N Antony Tyler Independent Non-Executive Director *
Company Secretary Mr A J Andrew Finch Joint Company Secretary
Company Secretary Mr B W Benjamin Elliott Joint Company Secretary
Company Secretary Ms N M Nicole Malone Joint Company Secretary
Legal Officer Mr A J Andrew Finch
General Counsel & Group Executive, Office
of the CEO
Sales Manager Ms S Stephanie Tully Chief Customer Officer
Marketing Manager Ms J Jo Boundy Chief Marketing Officer
Procurement Manager Ms L Lisa Brock Chief Procurement Officer
Personnel Manager Mr R Robert Marcolina
Group Executive Strategy, People &
Technology
Personnel Manager Mr M Michael Eizenberg
Head of Qantas Group Talent & People
Analytics
Computing/IT Manager Mr M Michael Ross Group Chief Technology Officer
Computing/IT Manager Mr J Jeffrey Choi Group Chief Information Security Officer
Computing/IT Manager Mr S Sam Charmand Chief Information Officer - Qantas Airlines
Other Mr A Andrew Parker
Group Exec Govt, Industry, International &
Sustainability
Other Mr J John Gissing
Group Executive Associated Airlines &
Services
Other Mr L Luke Bramah Chief Security Officer
* Appointed to the Board of Directors
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Other Directorships Position Type Salutation Initials Full Name Company
Chairman Mr R Richard Goyder Woodside Petroleum Ltd
Chairman Ms B J Belinda Hutchinson University of Sydney
Chairman Ms B J Belinda Hutchinson Thales Australia Holdings Pty Limited
Non-Executive Director Ms M N Maxine Brenner Woolworths Group Limited
Non-Executive Director Ms B K Barbara Ward Ampol Limited
Non-Executive Director Ms M N Maxine Brenner Orica Limited
Non-Executive Director Mr M G Michael L'Estrange Rio Tinto Plc - Rio Tinto Limited
Non-Executive Director Mr P A Paul Rayner Boral Limited
Non-Executive Director Ms J C Jacqueline Hey AGL Energy Limited
Gender Diversity
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Financials
Profit & Loss
Statement
Balance Date 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 30-Jun-2017
Reported Currency AUD AUD AUD AUD AUD
Currency Units AUD000 AUD000 AUD000 AUD000 AUD000
Revenue Items
Sales Revenue 5,082,000 13,228,000 16,667,000 15,839,000 14,665,000
Other Revenue 898,000 1,069,000 1,571,000 1,354,000 1,488,000
Total Revenue 5,980,000 14,297,000 18,238,000 17,193,000 16,153,000
Cost of Goods Sold n/a n/a n/a n/a n/a
Depreciation 1,929,000 2,045,000 1,996,000 1,528,000 1,382,000
R&D Expenditure n/a n/a n/a n/a n/a
Interest
Interest Received 15,000 29,000 42,000 42,000 39,000
Interest Expenses 315,000 319,000 334,000 236,000 243,000
Profit & Loss
Share of Profits of
Associates
-129,000 -53,000 23,000 15,000 -7,000
EBITDA -122,000 -373,000 3,480,000 3,074,000 2,767,000
Income Tax Expense -623,000 -744,000 352,000 399,000 328,000
Continuing Operations
After Tax
-1,728,000 -1,964,000 840,000 953,000 853,000
Discontinued Operations
After Tax
n/a n/a n/a n/a n/a
Outside Equity Interest 0 0 0 0 1,000
Significant Items n/a 0 0 0 0
Dividends n/a 204,000 363,000 249,000 261,000
Profit Before Tax -2,351,000 -2,708,000 1,192,000 1,352,000 1,181,000
NPAT -1,728,000 -1,964,000 840,000 953,000 852,000
Audit
Audit Fees 3,545 3,625 3,256 3,306 3,089
Audit Other 451 725 1,907 2,919 1,402
Total Audit Fees 3,996 4,350 5,163 6,225 4,491
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Balance Sheet Current Assets 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 30-Jun-2017
Cash at Bank 2,221,000 3,520,000 2,157,000 1,694,000 1,775,000
Trade Debtors 483,000 318,000 885,000 715,000 664,000
Inventory 279,000 306,000 364,000 351,000 351,000
Other Current Assets 447,000 808,000 782,000 878,000 329,000
Total Current Assets 3,430,000 4,952,000 4,188,000 3,638,000 3,119,000
Non-Current Assets
Receivables 101,000 124,000 77,000 110,000 123,000
Investments 242,000 198,000 401,000 334,000 257,000
Property & Plant
Equipment
11,896,000 13,166,000 14,195,000 12,851,000 12,253,000
Intangible Assets 849,000 1,050,000 1,225,000 1,113,000 1,025,000
Other Non-Current Assets 1,362,000 536,000 449,000 601,000 444,000
Total Non-Current Assets 14,450,000 15,074,000 16,347,000 15,009,000 14,102,000
Total Assets 17,880,000 20,026,000 20,535,000 18,647,000 17,221,000
Current Liabilities
Trade Creditors 0 0 0 0 n/a
Interest Bearing Debt 1,352,000 1,392,000 1,069,000 404,000 433,000
Provisions 1,136,000 1,539,000 967,000 853,000 841,000
Other Current Liabilities 5,107,000 5,373,000 6,982,000 6,343,000 5,821,000
Total Current Liabilities 7,595,000 8,304,000 9,018,000 7,600,000 7,095,000
Non-Current Liabilities
Interest Bearing Debt 6,877,000 7,143,000 5,820,000 4,344,000 4,405,000
Provisions 689,000 651,000 475,000 367,000 348,000
Other Non-Current
Liabilities
2,203,000 2,402,000 2,208,000 2,381,000 1,833,000
Total Non-Current
Liabilities
9,769,000 10,196,000 8,503,000 7,092,000 6,586,000
Total Liabilities 17,364,000 18,500,000 17,521,000 14,692,000 13,681,000
Shareholder's Equity
Share Capital 3,186,000 3,104,000 1,871,000 2,508,000 3,259,000
Share Other Capital n/a n/a n/a n/a n/a
Reserves 432,000 -173,000 111,000 479,000 12,000
Retained Earnings -3,087,000 -1,357,000 1,181,000 1,080,000 472,000
Other 3,000 3,000 3,000 3,000 3,000
Total Equity 516,000 1,526,000 3,014,000 3,955,000 3,540,000
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Other Balance Date 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 30-Jun-2017
Number of Employees 28,957 28,957 29,055 30,248 29,596
Number of Shares on
Issue (end of period)
1,886,044,698 1,863,491,352 1,570,505,939 1,683,567,880 1,808,226,377
Market Capitalisation (end
of period) ('000)
8,788,968 7,043,997 8,480,732 10,370,778 10,343,055
Earnings per Share
(basic)(cents)
-91.8 -129.6 51.5 54.4 46.0
Earnings per Share
(diluted)(cents)
-91.8 -129.6 51.3 54.0 46.0
Qualified Audit Report No No No No No
Modern Slavery Status Lodged Not Required n/a n/a n/a
Internal Auditor Not available
External Auditor KPMG
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Growth & Ratios
Financial Growth Balance Date 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 Avg 2016-21
Total Revenue Growth -58.2% -21.6% 6.1% 6.4% -18.4%
Sales Revenue Growth -61.6% -20.6% 5.2% 8.0% -19.3%
EBITDA n/a n/a 13.2% 11.1% n/a
NPAT n/a n/a -11.9% 11.9% n/a
Shareholders' Funds -66.2% -49.4% -23.8% 11.7% -30.8%
Total Assets -10.7% -2.5% 10.1% 8.3% 1.4%
Employees 0.0% -0.3% -3.9% 2.2% -0.2%
Financial Ratios Balance Date 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 30-Jun-2017
Return on Revenue (ROR)
(%)
-28.9 -13.7 4.6 5.5 5.3
Return on Shareholders'
Funds (ROSF) (%)
-334.9 -128.7 27.9 24.1 24.1
Return on Assets (ROA)
(%)
-9.7 -9.8 4.1 5.1 5.0
Profit Margin (%) -46.3 -20.5 7.2 8.5 8.1
Revenue per Employee
($'000 per person)
206.5 493.7 627.7 568.4 545.8
NPAT per Employee ($'000
per person)
-59.7 -67.8 28.9 31.5 28.8
Effective Tax Rate (%) 26.5 27.5 29.5 29.5 27.8
Gearing (%) 97.1 92.4 85.3 78.8 79.4
Interest Cover (X) -6.5 -7.5 4.6 6.7 5.9
Current Ratio (X) 0.5 0.6 0.5 0.5 0.4
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Revenue & NPAT
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Segments & Industries
Operating Divisions Segment
Name
Revenue
AUD000
Profit
AUD000
Assets
AUD000
Qantas Domestic 2,496,000 -590,000 n/a
Qantas International 1,584,000 -575,000 n/a
Jetstar Group 1,105,000 -550,000 n/a
Qantas Loyalty 962,000 272,000 n/a
Unallocated -167,000 -285,000 17,880,000
Total 5,980,000 -1,728,000 17,880,000
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Key Ratios Segment
Name
Profit
as % of Revenue
Profit
as % of Assets
Qantas Domestic -23.6% n/a
Qantas International -36.3% n/a
Jetstar Group -49.8% n/a
Qantas Loyalty 28.3% n/a
Unallocated 170.7% -1.6%
Company -28.9% -9.7%
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Industries by
Operating Segment
Jetstar Group
Report
Historical Growth Rates
2017/18 - 2021/22
Forecast Growth Rates
2022/23 - 2026/27
I4901 - International Airlines -11.8% 16.9%
I4902 - Domestic Airlines -6.9% 9.4%
C2394 - Aircraft Manufacturing and
Repair Services
-7.0% 4.6%
H4513 - Catering Services -3.5% 1.4%
Qantas Domestic
Report
Historical Growth Rates
2017/18 - 2021/22
Forecast Growth Rates
2022/23 - 2026/27
I4902 - Domestic Airlines -6.9% 9.4%
C2394 - Aircraft Manufacturing and
Repair Services
-7.0% 4.6%
H4513 - Catering Services -3.5% 1.4%
I4903 - Non-Scheduled Air Transport 4.8% 1.9%
Qantas International
Report
Historical Growth Rates
2017/18 - 2021/22
Forecast Growth Rates
2022/23 - 2026/27
I4901 - International Airlines -11.8% 16.9%
C2394 - Aircraft Manufacturing and
Repair Services
-7.0% 4.6%
H4513 - Catering Services -3.5% 1.4%
Qantas Loyalty
Report
Historical Growth Rates
2017/18 - 2021/22
Forecast Growth Rates
2022/23 - 2026/27
M6900 - Professional Services 3.8% 2.4%
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Geographic Locations Segment
Name
Revenue
AUD000
Profit
AUD000
Assets
AUD000
Australia 4,214,000 n/a n/a
Unallocated 898,000 -1,728,000 17,880,000
Overseas 868,000 n/a n/a
Total 5,980,000 -1,728,000 17,880,000
Geographic Locations
- Ratios
Segment
Name
Profit
as Revenue %
Profit
as Assets %
Australia n/a n/a
Unallocated -192.4% -9.7%
Overseas n/a n/a
Total -28.9% -9.7%
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Industry Averages
Financial Ratios Ratios Industry Average Qantas 30-Jun-2021 Unit
Asset Turnover Ratio 0.41 0.28 Times
Creditors T/O N/C N/C Days
Current Ratio 0.29 0.45 Times
Days Stock Held N/C N/C Days
Debtors T/O 17.33 29.48 Days
Dividend Payout Ratio 0.00 N/C Percent
Dividend Per Share 0.00 N/C A$
Earnings Per Share -0.44 -0.92 A$
EBITDA -270,264.55 -122,000.00 A$ 000
Effective Tax Rate 11.58 26.50 Percent
Gearing 107.65 97.11 Percent
Interest Cover -6.03 -6.46 Times
Net Assets Per Share -0.20 0.27 A$
NPAT/Employee -105.17 -59.67 A$ 000
Pre-Tax Margin -41.70 -39.31 Percent
Return on Shareholders Funds 213.86 -334.88 Percent
Return on Total Assets -17.14 -9.66 Percent
Revenue/Employee 284.76 206.51 A$ 000
Growth Ratios Ratios Industry Average Qantas 30-Jun-2021 Unit
Asset Growth -14.01 -10.71 Percent
Dividend Growth Rate -100.00 N/C Percent
Employees Growth -7.61 0.00 Percent
NPAT Growth 86.88 N/C Percent
Revenue Growth -46.33 -58.17 Percent
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Competitive Environment
I4901 International
Airlines Industry Size
2020-2021
$8,219m
Industry
Turnover
Growth Rate
2020-2021
-67.3
Industry
Concentration
Level
Medium
Estimated
Market
Share
17.1%
Number of
Enterprises
in Industry
52
Qantas Airways Limited is an Australian public company that generates most of its revenue from air
transport services. Qantas is the national carrier of Australia and has an extensive domestic and
international route network. It also offers services across a network covered by codeshare partners in
Australia, Asia, North America, South America, Europe and Africa. Qantas was founded in 1920 in
Queensland under the name Queensland and Northern Territory Aerial Services Limited (QANTAS). The
company operates in the industry through its flagship Qantas airline and its low-fare carrier Jetstar.
Qantas operates an extensive international flight network. The airline's most popular international
destinations (by number of flights per year) include New Zealand, Bali and the United States. To expand
and enhance the efficiency of its international operations, Qantas has partnerships with foreign-based
airlines, including the US-based American Airlines and the Dubai-based Emirates Group. Qantas's alliance
with American Airlines also helps coordinate pricing, scheduling, procurement and lounge access
between the two airlines, and increases seat utilisation on the company's trans-Pacific flights. Qantas
also began a similar arrangement with Air New Zealand in October 2018 for trans-Tasman flights. Over
the past decade, Qantas has promoted its budget subsidiary carrier Jetstar in response to strong
competition from foreign international airlines.
Qantas has focused on renewing its international aircraft fleet over the past five years. The company
currently operates Airbus A380s, Airbus A330s, Boeing 787-9 Dreamliners and other aircraft. These
aircraft, particularly the 787-9, have greater fuel efficiency and longer ranges than the company's older
aircraft. While the 787-9 aircraft has lower seat capacity than the 747s, their greater fuel efficiency is
anticipated to reduce the company's fuel costs and enhance passenger comfort. In August 2016, Qantas
ordered a $23.0 million flight simulator for the 787-9 at its Sydney base to train pilots for the new aircraft
fleet's launch.
The company received its first Boeing 787-9s in October 2017. The Dreamliners allow Qantas to offer
non-stop flights on routes such as Melbourne-Los Angeles and Perth-London, the latter of which will
replace the Melbourne-London route that was serviced by its Airbus A380 fleet. This change will allow
Qantas to redirect its A380 fleet towards in-demand Asian routes, which will likely boost the firm's
passenger load factor on international routes. As of March 2020, Qantas had 11 active 787-9s, and this
number was expected to grow to 14. However, the airline has delayed some forward orders of aircraft in
response to the COVID-19 pandemic. The company's most common aircraft remains the Boeing 737-800,
with 62 on active service and 13 parked due to the lack of air travel during the COVID-19 pandemic.
Financial performance
Qantas Airways Limited's industry-specific revenue is expected to decrease at an annualised 28.5% over
the five years through 2020-21, to $1.4 billion. This represents an underperformance of the industry over
the same period. Qantas's market share is anticipated to fall sharply during the current year. The airline
was among the first to implement capacity cuts in response to the COVID-19 pandemic. Qantas's
capacity has remained lower than competing airlines during the pandemic, despite offering some
repatriation flights. Limited passenger flights have also constrained the company's freight revenue.
However, Qantas's market share marginally increased over the three years through 2018-19. Optimisation
of routes and a settled strategic direction aided this growth. In particular, Qantas's revenue grew
significantly in 2017-18, due to increased passenger volumes on routes to and from China and airfare
price growth.
Prior to the COVID-19 pandemic, capacity realignment, partnerships with other airlines and cost-cutting
initiatives, such as large-scale job redundancies and a freeze on wages, restored Qantas's international
operations back to profitability since 2013-14. Savings realised from the Dreamliners, which have lower
operational costs, and ongoing cost-cutting initiatives strongly improved Qantas's profitability over the
Qantas Airways Limited June 2021
IBISWORLD.COM 21
three years through 2018-19. However, company profit is anticipated to strongly decline over the two
years through 2020-21. Qantas reported an industry-specific profit margin loss of 40.6% over the first half
of 2020-21.
I4902 Domestic
Airlines Industry Size
2021-2022
$9,496m
Industry
Turnover
Growth Rate
2021-2022
54.3
Industry
Concentration
Level
High
Estimated
Market
Share
63.8%
Number of
Enterprises
in Industry
96
Qantas Airways Limited is an Australian-owned, publicly listed airline. Established in 1920 as the
Queensland and Northern Territory Aerial Services (Qantas), the company was Australia's first airline.
Qantas is the dominant player in both the Domestic Airlines industry and the International Airlines
industry, due to its established presence as Australia's national carrier. The company operates in the
industry through its extensive domestic flight network, transporting passengers and freight with its
Qantas, Jetstar and QantasLink carriers.
Qantas entered the Domestic Airlines industry in 1992, after the company was given regulatory approval
and acquired Australian Airlines. In 2004, the firm launched low-cost carrier Jetstar, which allowed it to
differentiate its premium Qantas brand with a low-cost alternative. The firm also owns QantasLink, which
is a collection of several smaller regional carriers including Sunstate Airlines and Eastern Australia
Airlines. Qantas is a founding member of Oneworld, an airline alliance aimed at catering to the needs of
the world's frequent flyers. Oneworld provides Qantas customers with access to hundreds of destinations
and airport lounges around the world. This alliance supports Qantas's domestic activities as it enhances
the company's exposure to international travellers, who often transfer to domestic flights at major
Australian airports.
Qantas's position in the domestic market derives largely from its extensive history in Australia, and its
reputation as a safe and full-service carrier. After the company's capacity growth ended in 2013-14,
Qantas' domestic operations focused on retaining its advantage in corporate markets and targeted
growth among small business and leisure travellers. In the domestic market, Qantas is primarily focusing
on improving margins through managing capacity and improving cost efficiencies. Over the long term,
Qantas is also anticipated to benefit from a codeshare arrangement with Air New Zealand, which
commenced in October 2018, with each airline offering codeshare flights within their respective domestic
markets.
Financial performance
Qantas Airways Limited's industry-specific revenue is expected to decline at an annualised 3.4% over the
five years through 2021-22, to $6.1 billion. The company has outperformed the wider industry over the
past five years. Qantas's industry-specific revenue rose sharply over the two years through 2018-19.
Jetstar's growth outpaced the Qantas brand as weak income growth encouraged leisure travellers to seek
out lower-priced airfares. Nevertheless, strong domestic tourism growth supported the company's
industry-specific revenue. Both major players maintained capacity and focused on improving load factors
over the two years through 2018-19. While primarily a measure to improve profitability, airfare price
growth supported Qantas' revenue gains. Qantas' revenue declined significantly over the two years
through 2020-21, as the COVID-19 pandemic restricted travel volumes. However, Qantas' revenue
decreased at a much slower rate than Virgin's. As a result, Qantas's market share is anticipated to sharply
rise over the two years through 2021-22.
Qantas's restructuring has greatly benefited the profitability of its domestic operations. The firm posted a
record underlying profit from domestic activities in 2017-18, due to the restructure, capacity optimisation
and low fuel prices. Qantas's subsidiary, Jetstar, has gained market share over the past five years. The
carrier's position as a low-cost airline has benefited from Virgin Australia's shift towards a full-service
airline. Nevertheless, Qantas's industry-specific profitability has fallen over the past five years, due to
weak demand during the COVID-19 pandemic. This includes a significant loss of 21.5% of revenue in
2020-21.
Qantas Airways Limited June 2021
IBISWORLD.COM 22
C2394 Aircraft
Manufacturing and
Repair Services
Industry Size
2020-2021
$2,887m
Industry
Turnover
Growth Rate
2020-2021
-13.4
Industry
Concentration
Level
High
Estimated
Market
Share
0.0%
Number of
Enterprises
in Industry
908
Qantas is not a major player in this industry
H4513 Catering
Services Industry Size
2021-2022
$8,869m
Industry
Turnover
Growth Rate
2021-2022
16.6
Industry
Concentration
Level
Low
Estimated
Market
Share
0.0%
Number of
Enterprises
in Industry
3912
Qantas is not a major player in this industry
I4903 Non-Scheduled
Air Transport Industry Size
2020-2021
$1,697m
Industry
Turnover
Growth Rate
2020-2021
11.9
Industry
Concentration
Level
Low
Estimated
Market
Share
0.0%
Number of
Enterprises
in Industry
1129
Qantas is not a major player in this industry
M6900 Professional
Services Industry Size
2021-2022
$258,760m
Industry
Turnover
Growth Rate
2021-2022
1.1
Industry
Concentration
Level
Low
Estimated
Market
Share
0.0%
Number of
Enterprises
in Industry
248078
Qantas is not a major player in this industry
Qantas Airways Limited June 2021
IBISWORLD.COM 23
Shareholders
Substantial
Shareholders
Balance Date % Held Country of Incorporation
Pendal Group Limited 5.2% Australia
Largest Shareholders Balance Date % Held Country of Incorporation
HSBC Custody Nominees
(Australia) Limited
35.0% Australia
JP Morgan Nominees Australia
Limited
17.7% Australia
Citicorp Nominees Pty Limited 10.5% Australia
National Nominees Limited 7.3% Australia
BNP Paribas Nominees Pty
Limited
4.6% Australia
Pacific Custodians Pty Limited 0.9% Australia
Morgan Stanley Australia
Securities (Nominee) Pty Limited
0.2% Australia
AMP Life Limited 0.2% Australia
USB Nominees Pty Ltd 0.2% Australia
Alan Joyce Pty Ltd 0.1% Australia
Ecapital Nominees Pty Ltd 0.1% Australia
P H Ditchfield 0.1% Not Available
Qantas Airways Limited June 2021
IBISWORLD.COM 24
Subsidiaries
Associated
companies
Name % Held Country of Incorporation
Fiji Resorts Limited 21.0% Fiji
Hallmark Aviation Services LP 49.0% USA
Helloworld Travel Limited 15.0% Australia
Holiday Tours & Travel (GSA) Ltd 37.0% Thailand
Holiday Tours & Travel (Thailand)
Limited
37.0% Thailand
Holiday Tours & Travel Vietnam
Co Ltd
37.0% Vietnam
HT & T Travel Philippines Inc 28.0% Philippines
Jetstar Japan Co. Ltd 33.0% Japan
Jetstar Pacific Airlines Aviation
Joint Stock Company
30.0% Vietnam
PT Holidays Tours & Travel 37.0% Indonesia
Holding company Name % Held Country of Incorporation
Qantas Airways Limited 100.0% Australia
Subsidiaries Name % Held Country of Incorporation
AAL Aviation Limited 100.0% Australia
Airlink Pty Limited 100.0% Australia
Australian Air Express Pty Ltd 100.0% Australia
Australian Airlines Limited 100.0% Australia
Australian Regional Airlines Pty
Limited
100.0% Australia
Eastern Australia Airlines Pty
Limited
100.0% Australia
Express Freighters Australia
(Operations) Pty Limited
100.0% Australia
Express Freighters Australia Pty
Limited
100.0% Australia
Impulse Airlines Holdings Pty Ltd 100.0% Australia
Jetstar Airways Pty Limited 100.0% Australia
Jetstar Asia Holdings Pty Limited 100.0% Australia
Jetstar Group Pty Limited 100.0% Australia
Jetstar Services Pty Limited 100.0% Australia
Network Aviation Holdings Pty Ltd 100.0% Australia
Network Aviation Pty Ltd 100.0% Australia
Network Holding Investments Pty
Ltd
100.0% Australia
Network Turbine Solutions Pty Ltd 100.0% Australia
Osnet Jets Pty Ltd 100.0% Australia
Qantas Asia Investment Company
Pty Ltd
100.0% Australia
Qantas Courier Limited 100.0% Australia
Qantas Domestic Pty Limited 100.0% Australia
Qantas Freight Enterprises Limited 100.0% Australia
Qantas Frequent Flyer Limited 100.0% Australia
Qantas Frequent Flyer Operations 100.0% Australia
Qantas Airways Limited June 2021
IBISWORLD.COM 25
Pty Limited
Qantas Ground Services Pty
Liimited
100.0% Australia
Qantas Group Accommodation Pty
Ltd
100.0% Australia
Qantas Group Flight Training
(Australia) Pty Limited
100.0% Australia
Qantas Group Flight Training Pty
Limited
100.0% Australia
Qantas Information Technology
Limited
100.0% Australia
Qantas Road Express Pty Limited 100.0% Australia
Qantas Ventures Limited 100.0% Australia
QF Cabin Crew Australia Pty
Limited
100.0% Australia
QH Tours Limited 100.0% Australia
Regional Airlines Charter Pty
Limited
100.0% Australia
Sunstate Airlines (Qld) Pty Limited 100.0% Australia
Vii Pty Limited 100.0% Australia
Trust Name % Held Country of Incorporation
Network Holding Trust 100.0% Australia
Network Trust 100.0% Australia
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PREMIUM COMPANY PROFILE
Qantas Airways Limited
30 June 2021
About IBISWorld
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Contents
COMPANY DETAILS........................................ 3
Contact Details................................................................. 3
Introduction & History...................................................... 3
Brands, Businesses, Products..........................................6
KEY PERSONNEL............................................. 8
Company Personnel......................................................... 8
Other Directorships.......................................................... 9
Gender Diversity............................................................... 9
FINANCIALS.................................................. 10
Profit & Loss Statement................................................. 10
Balance Sheet.................................................................11
Other...............................................................................12
GROWTH & RATIOS...................................... 13
Financial Growth.............................................................13
Financial Ratios.............................................................. 13
Revenue & NPAT............................................................ 14
SEGMENTS & INDUSTRIES........................... 15
Operating Divisions........................................................ 15
Key Ratios.......................................................................16
Industries by Operating Segment...................................17
Geographic Locations.................................................... 18
Geographic Locations - Ratios....................................... 18
INDUSTRY AVERAGES...................................19
Financial Ratios.............................................................. 19
Growth Ratios................................................................. 19
COMPETITIVE ENVIRONMENT.....................20
I4901 International Airlines............................................ 20
I4902 Domestic Airlines................................................. 21
C2394 Aircraft Manufacturing and Repair Services.......22
H4513 Catering Services................................................22
I4903 Non-Scheduled Air Transport...............................22
M6900 Professional Services........................................ 22
SHAREHOLDERS........................................... 23
Substantial Shareholders............................................... 23
Largest Shareholders..................................................... 23
SUBSIDIARIES............................................... 24
Associated companies................................................... 24
Holding company........................................................... 24
Subsidiaries....................................................................24
Trust............................................................................... 25
Qantas Airways Limited June 2021
IBISWORLD.COM 3
Company Details
Contact Details Contact
Qantas Airways Limited
(Qantas)
10 Bourke Road
MASCOT New South Wales Australia 2020
Phone # 02 9691 3636
Fax # 02 9490 1888
www.qantas.com.au
Company Details
Business Line: I49 - Air and Space Transport
in Australia
ACN #: 009 661 901
ABN #: 16 009 661 901
ASX Code: QAN
Incorporated in: New South Wales
Incorporation Date: 18-Jan-1934
Company Type: Public Company
Ownership Type: Local
Sector: Non Government
Publicly Listed: Yes
FY Balance Date: 30-Jun-2021
IBISWorld Rank: 76
Introduction & History Introduction
Qantas Airways Limited is an Australian public company that operates international and domestic air
transportation services, freight services and loyalty programs. The company employs around 29,000
people globally, operates predominantly in Australia, New Zealand and Asia, and has a presence in the
United Kingdom and the United States of America. Qantas is headquartered in Mascot, New South Wales
and is listed on the ASX under the code QAN.
History
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.
Qantas Airways Limited June 2021
IBISWORLD.COM 4
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.
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
Qantas Airways Limited June 2021
IBISWORLD.COM 5
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.
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.
Qantas Airways Limited June 2021
IBISWORLD.COM 6
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.
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.
Brands, Businesses,
Products
The Qantas Group is primarily involved in the air transportation of passengers and freight. The company
owns a fleet of 314 aircraft, including 6 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
Qantas Airways Limited June 2021
IBISWORLD.COM 7
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.
Qantas Airways Limited June 2021
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Key Personnel
Company Personnel Position Type Salutation Initials Full Name Title
Chairman Mr R Richard Goyder Independent Non-Executive Chairman *
Chief Executive Mr A J Alan Joyce
Chief Executive Officer & Managing Director
*
Financial Controller Ms V Vanessa Hudson Chief Financial Officer
Chief Operating Officer Mr A Andrew David
Chief Executive Officer Qantas Domestic &
International
Chief Operating Officer Ms O Olivia Wirth Chief Executive Officer Qantas Loyalty
Chief Operating Officer Mr G Gareth Evans Chief Executive Officer Jetstar Group
Non-Executive Director Ms B K Barbara Ward Independent Non-Executive Director *
Non-Executive Director Mr P A Paul Rayner Independent Non-Executive Director *
Non-Executive Director Ms M N Maxine Brenner Independent Non-Executive Director *
Non-Executive Director Ms B J Belinda Hutchinson Independent Non-Executive Director *
Non-Executive Director Ms J C Jacqueline Hey Independent Non-Executive Director *
Non-Executive Director Mr J T Todd Sampson Independent Non-Executive Director *
Non-Executive Director Mr M G Michael L'Estrange Independent Non-Executive Director *
Non-Executive Director Mr A N Antony Tyler Independent Non-Executive Director *
Company Secretary Mr A J Andrew Finch Joint Company Secretary
Company Secretary Mr B W Benjamin Elliott Joint Company Secretary
Company Secretary Ms N M Nicole Malone Joint Company Secretary
Legal Officer Mr A J Andrew Finch
General Counsel & Group Executive, Office
of the CEO
Sales Manager Ms S Stephanie Tully Chief Customer Officer
Marketing Manager Ms J Jo Boundy Chief Marketing Officer
Procurement Manager Ms L Lisa Brock Chief Procurement Officer
Personnel Manager Mr R Robert Marcolina
Group Executive Strategy, People &
Technology
Personnel Manager Mr M Michael Eizenberg
Head of Qantas Group Talent & People
Analytics
Computing/IT Manager Mr M Michael Ross Group Chief Technology Officer
Computing/IT Manager Mr J Jeffrey Choi Group Chief Information Security Officer
Computing/IT Manager Mr S Sam Charmand Chief Information Officer - Qantas Airlines
Other Mr A Andrew Parker
Group Exec Govt, Industry, International &
Sustainability
Other Mr J John Gissing
Group Executive Associated Airlines &
Services
Other Mr L Luke Bramah Chief Security Officer
* Appointed to the Board of Directors
Qantas Airways Limited June 2021
IBISWORLD.COM 9
Other Directorships Position Type Salutation Initials Full Name Company
Chairman Mr R Richard Goyder Woodside Petroleum Ltd
Chairman Ms B J Belinda Hutchinson University of Sydney
Chairman Ms B J Belinda Hutchinson Thales Australia Holdings Pty Limited
Non-Executive Director Ms M N Maxine Brenner Woolworths Group Limited
Non-Executive Director Ms B K Barbara Ward Ampol Limited
Non-Executive Director Ms M N Maxine Brenner Orica Limited
Non-Executive Director Mr M G Michael L'Estrange Rio Tinto Plc - Rio Tinto Limited
Non-Executive Director Mr P A Paul Rayner Boral Limited
Non-Executive Director Ms J C Jacqueline Hey AGL Energy Limited
Gender Diversity
Qantas Airways Limited June 2021
IBISWORLD.COM 10
Financials
Profit & Loss
Statement
Balance Date 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 30-Jun-2017
Reported Currency AUD AUD AUD AUD AUD
Currency Units AUD000 AUD000 AUD000 AUD000 AUD000
Revenue Items
Sales Revenue 5,082,000 13,228,000 16,667,000 15,839,000 14,665,000
Other Revenue 898,000 1,069,000 1,571,000 1,354,000 1,488,000
Total Revenue 5,980,000 14,297,000 18,238,000 17,193,000 16,153,000
Cost of Goods Sold n/a n/a n/a n/a n/a
Depreciation 1,929,000 2,045,000 1,996,000 1,528,000 1,382,000
R&D Expenditure n/a n/a n/a n/a n/a
Interest
Interest Received 15,000 29,000 42,000 42,000 39,000
Interest Expenses 315,000 319,000 334,000 236,000 243,000
Profit & Loss
Share of Profits of
Associates
-129,000 -53,000 23,000 15,000 -7,000
EBITDA -122,000 -373,000 3,480,000 3,074,000 2,767,000
Income Tax Expense -623,000 -744,000 352,000 399,000 328,000
Continuing Operations
After Tax
-1,728,000 -1,964,000 840,000 953,000 853,000
Discontinued Operations
After Tax
n/a n/a n/a n/a n/a
Outside Equity Interest 0 0 0 0 1,000
Significant Items n/a 0 0 0 0
Dividends n/a 204,000 363,000 249,000 261,000
Profit Before Tax -2,351,000 -2,708,000 1,192,000 1,352,000 1,181,000
NPAT -1,728,000 -1,964,000 840,000 953,000 852,000
Audit
Audit Fees 3,545 3,625 3,256 3,306 3,089
Audit Other 451 725 1,907 2,919 1,402
Total Audit Fees 3,996 4,350 5,163 6,225 4,491
Qantas Airways Limited June 2021
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Balance Sheet Current Assets 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 30-Jun-2017
Cash at Bank 2,221,000 3,520,000 2,157,000 1,694,000 1,775,000
Trade Debtors 483,000 318,000 885,000 715,000 664,000
Inventory 279,000 306,000 364,000 351,000 351,000
Other Current Assets 447,000 808,000 782,000 878,000 329,000
Total Current Assets 3,430,000 4,952,000 4,188,000 3,638,000 3,119,000
Non-Current Assets
Receivables 101,000 124,000 77,000 110,000 123,000
Investments 242,000 198,000 401,000 334,000 257,000
Property & Plant
Equipment
11,896,000 13,166,000 14,195,000 12,851,000 12,253,000
Intangible Assets 849,000 1,050,000 1,225,000 1,113,000 1,025,000
Other Non-Current Assets 1,362,000 536,000 449,000 601,000 444,000
Total Non-Current Assets 14,450,000 15,074,000 16,347,000 15,009,000 14,102,000
Total Assets 17,880,000 20,026,000 20,535,000 18,647,000 17,221,000
Current Liabilities
Trade Creditors 0 0 0 0 n/a
Interest Bearing Debt 1,352,000 1,392,000 1,069,000 404,000 433,000
Provisions 1,136,000 1,539,000 967,000 853,000 841,000
Other Current Liabilities 5,107,000 5,373,000 6,982,000 6,343,000 5,821,000
Total Current Liabilities 7,595,000 8,304,000 9,018,000 7,600,000 7,095,000
Non-Current Liabilities
Interest Bearing Debt 6,877,000 7,143,000 5,820,000 4,344,000 4,405,000
Provisions 689,000 651,000 475,000 367,000 348,000
Other Non-Current
Liabilities
2,203,000 2,402,000 2,208,000 2,381,000 1,833,000
Total Non-Current
Liabilities
9,769,000 10,196,000 8,503,000 7,092,000 6,586,000
Total Liabilities 17,364,000 18,500,000 17,521,000 14,692,000 13,681,000
Shareholder's Equity
Share Capital 3,186,000 3,104,000 1,871,000 2,508,000 3,259,000
Share Other Capital n/a n/a n/a n/a n/a
Reserves 432,000 -173,000 111,000 479,000 12,000
Retained Earnings -3,087,000 -1,357,000 1,181,000 1,080,000 472,000
Other 3,000 3,000 3,000 3,000 3,000
Total Equity 516,000 1,526,000 3,014,000 3,955,000 3,540,000
Qantas Airways Limited June 2021
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Other Balance Date 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 30-Jun-2017
Number of Employees 28,957 28,957 29,055 30,248 29,596
Number of Shares on
Issue (end of period)
1,886,044,698 1,863,491,352 1,570,505,939 1,683,567,880 1,808,226,377
Market Capitalisation (end
of period) ('000)
8,788,968 7,043,997 8,480,732 10,370,778 10,343,055
Earnings per Share
(basic)(cents)
-91.8 -129.6 51.5 54.4 46.0
Earnings per Share
(diluted)(cents)
-91.8 -129.6 51.3 54.0 46.0
Qualified Audit Report No No No No No
Modern Slavery Status Lodged Not Required n/a n/a n/a
Internal Auditor Not available
External Auditor KPMG
Qantas Airways Limited June 2021
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Growth & Ratios
Financial Growth Balance Date 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 Avg 2016-21
Total Revenue Growth -58.2% -21.6% 6.1% 6.4% -18.4%
Sales Revenue Growth -61.6% -20.6% 5.2% 8.0% -19.3%
EBITDA n/a n/a 13.2% 11.1% n/a
NPAT n/a n/a -11.9% 11.9% n/a
Shareholders' Funds -66.2% -49.4% -23.8% 11.7% -30.8%
Total Assets -10.7% -2.5% 10.1% 8.3% 1.4%
Employees 0.0% -0.3% -3.9% 2.2% -0.2%
Financial Ratios Balance Date 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 30-Jun-2017
Return on Revenue (ROR)
(%)
-28.9 -13.7 4.6 5.5 5.3
Return on Shareholders'
Funds (ROSF) (%)
-334.9 -128.7 27.9 24.1 24.1
Return on Assets (ROA)
(%)
-9.7 -9.8 4.1 5.1 5.0
Profit Margin (%) -46.3 -20.5 7.2 8.5 8.1
Revenue per Employee
($'000 per person)
206.5 493.7 627.7 568.4 545.8
NPAT per Employee ($'000
per person)
-59.7 -67.8 28.9 31.5 28.8
Effective Tax Rate (%) 26.5 27.5 29.5 29.5 27.8
Gearing (%) 97.1 92.4 85.3 78.8 79.4
Interest Cover (X) -6.5 -7.5 4.6 6.7 5.9
Current Ratio (X) 0.5 0.6 0.5 0.5 0.4
Qantas Airways Limited June 2021
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Revenue & NPAT
Qantas Airways Limited June 2021
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Segments & Industries
Operating Divisions Segment
Name
Revenue
AUD000
Profit
AUD000
Assets
AUD000
Qantas Domestic 2,496,000 -590,000 n/a
Qantas International 1,584,000 -575,000 n/a
Jetstar Group 1,105,000 -550,000 n/a
Qantas Loyalty 962,000 272,000 n/a
Unallocated -167,000 -285,000 17,880,000
Total 5,980,000 -1,728,000 17,880,000
Qantas Airways Limited June 2021
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Key Ratios Segment
Name
Profit
as % of Revenue
Profit
as % of Assets
Qantas Domestic -23.6% n/a
Qantas International -36.3% n/a
Jetstar Group -49.8% n/a
Qantas Loyalty 28.3% n/a
Unallocated 170.7% -1.6%
Company -28.9% -9.7%
Qantas Airways Limited June 2021
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Industries by
Operating Segment
Jetstar Group
Report
Historical Growth Rates
2017/18 - 2021/22
Forecast Growth Rates
2022/23 - 2026/27
I4901 - International Airlines -11.8% 16.9%
I4902 - Domestic Airlines -6.9% 9.4%
C2394 - Aircraft Manufacturing and
Repair Services
-7.0% 4.6%
H4513 - Catering Services -3.5% 1.4%
Qantas Domestic
Report
Historical Growth Rates
2017/18 - 2021/22
Forecast Growth Rates
2022/23 - 2026/27
I4902 - Domestic Airlines -6.9% 9.4%
C2394 - Aircraft Manufacturing and
Repair Services
-7.0% 4.6%
H4513 - Catering Services -3.5% 1.4%
I4903 - Non-Scheduled Air Transport 4.8% 1.9%
Qantas International
Report
Historical Growth Rates
2017/18 - 2021/22
Forecast Growth Rates
2022/23 - 2026/27
I4901 - International Airlines -11.8% 16.9%
C2394 - Aircraft Manufacturing and
Repair Services
-7.0% 4.6%
H4513 - Catering Services -3.5% 1.4%
Qantas Loyalty
Report
Historical Growth Rates
2017/18 - 2021/22
Forecast Growth Rates
2022/23 - 2026/27
M6900 - Professional Services 3.8% 2.4%
Qantas Airways Limited June 2021
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Geographic Locations Segment
Name
Revenue
AUD000
Profit
AUD000
Assets
AUD000
Australia 4,214,000 n/a n/a
Unallocated 898,000 -1,728,000 17,880,000
Overseas 868,000 n/a n/a
Total 5,980,000 -1,728,000 17,880,000
Geographic Locations
- Ratios
Segment
Name
Profit
as Revenue %
Profit
as Assets %
Australia n/a n/a
Unallocated -192.4% -9.7%
Overseas n/a n/a
Total -28.9% -9.7%
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Industry Averages
Financial Ratios Ratios Industry Average Qantas 30-Jun-2021 Unit
Asset Turnover Ratio 0.41 0.28 Times
Creditors T/O N/C N/C Days
Current Ratio 0.29 0.45 Times
Days Stock Held N/C N/C Days
Debtors T/O 17.33 29.48 Days
Dividend Payout Ratio 0.00 N/C Percent
Dividend Per Share 0.00 N/C A$
Earnings Per Share -0.44 -0.92 A$
EBITDA -270,264.55 -122,000.00 A$ 000
Effective Tax Rate 11.58 26.50 Percent
Gearing 107.65 97.11 Percent
Interest Cover -6.03 -6.46 Times
Net Assets Per Share -0.20 0.27 A$
NPAT/Employee -105.17 -59.67 A$ 000
Pre-Tax Margin -41.70 -39.31 Percent
Return on Shareholders Funds 213.86 -334.88 Percent
Return on Total Assets -17.14 -9.66 Percent
Revenue/Employee 284.76 206.51 A$ 000
Growth Ratios Ratios Industry Average Qantas 30-Jun-2021 Unit
Asset Growth -14.01 -10.71 Percent
Dividend Growth Rate -100.00 N/C Percent
Employees Growth -7.61 0.00 Percent
NPAT Growth 86.88 N/C Percent
Revenue Growth -46.33 -58.17 Percent
Qantas Airways Limited June 2021
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Competitive Environment
I4901 International
Airlines Industry Size
2020-2021
$8,219m
Industry
Turnover
Growth Rate
2020-2021
-67.3
Industry
Concentration
Level
Medium
Estimated
Market
Share
17.1%
Number of
Enterprises
in Industry
52
Qantas Airways Limited is an Australian public company that generates most of its revenue from air
transport services. Qantas is the national carrier of Australia and has an extensive domestic and
international route network. It also offers services across a network covered by codeshare partners in
Australia, Asia, North America, South America, Europe and Africa. Qantas was founded in 1920 in
Queensland under the name Queensland and Northern Territory Aerial Services Limited (QANTAS). The
company operates in the industry through its flagship Qantas airline and its low-fare carrier Jetstar.
Qantas operates an extensive international flight network. The airline's most popular international
destinations (by number of flights per year) include New Zealand, Bali and the United States. To expand
and enhance the efficiency of its international operations, Qantas has partnerships with foreign-based
airlines, including the US-based American Airlines and the Dubai-based Emirates Group. Qantas's alliance
with American Airlines also helps coordinate pricing, scheduling, procurement and lounge access
between the two airlines, and increases seat utilisation on the company's trans-Pacific flights. Qantas
also began a similar arrangement with Air New Zealand in October 2018 for trans-Tasman flights. Over
the past decade, Qantas has promoted its budget subsidiary carrier Jetstar in response to strong
competition from foreign international airlines.
Qantas has focused on renewing its international aircraft fleet over the past five years. The company
currently operates Airbus A380s, Airbus A330s, Boeing 787-9 Dreamliners and other aircraft. These
aircraft, particularly the 787-9, have greater fuel efficiency and longer ranges than the company's older
aircraft. While the 787-9 aircraft has lower seat capacity than the 747s, their greater fuel efficiency is
anticipated to reduce the company's fuel costs and enhance passenger comfort. In August 2016, Qantas
ordered a $23.0 million flight simulator for the 787-9 at its Sydney base to train pilots for the new aircraft
fleet's launch.
The company received its first Boeing 787-9s in October 2017. The Dreamliners allow Qantas to offer
non-stop flights on routes such as Melbourne-Los Angeles and Perth-London, the latter of which will
replace the Melbourne-London route that was serviced by its Airbus A380 fleet. This change will allow
Qantas to redirect its A380 fleet towards in-demand Asian routes, which will likely boost the firm's
passenger load factor on international routes. As of March 2020, Qantas had 11 active 787-9s, and this
number was expected to grow to 14. However, the airline has delayed some forward orders of aircraft in
response to the COVID-19 pandemic. The company's most common aircraft remains the Boeing 737-800,
with 62 on active service and 13 parked due to the lack of air travel during the COVID-19 pandemic.
Financial performance
Qantas Airways Limited's industry-specific revenue is expected to decrease at an annualised 28.5% over
the five years through 2020-21, to $1.4 billion. This represents an underperformance of the industry over
the same period. Qantas's market share is anticipated to fall sharply during the current year. The airline
was among the first to implement capacity cuts in response to the COVID-19 pandemic. Qantas's
capacity has remained lower than competing airlines during the pandemic, despite offering some
repatriation flights. Limited passenger flights have also constrained the company's freight revenue.
However, Qantas's market share marginally increased over the three years through 2018-19. Optimisation
of routes and a settled strategic direction aided this growth. In particular, Qantas's revenue grew
significantly in 2017-18, due to increased passenger volumes on routes to and from China and airfare
price growth.
Prior to the COVID-19 pandemic, capacity realignment, partnerships with other airlines and cost-cutting
initiatives, such as large-scale job redundancies and a freeze on wages, restored Qantas's international
operations back to profitability since 2013-14. Savings realised from the Dreamliners, which have lower
operational costs, and ongoing cost-cutting initiatives strongly improved Qantas's profitability over the
Qantas Airways Limited June 2021
IBISWORLD.COM 21
three years through 2018-19. However, company profit is anticipated to strongly decline over the two
years through 2020-21. Qantas reported an industry-specific profit margin loss of 40.6% over the first half
of 2020-21.
I4902 Domestic
Airlines Industry Size
2021-2022
$9,496m
Industry
Turnover
Growth Rate
2021-2022
54.3
Industry
Concentration
Level
High
Estimated
Market
Share
63.8%
Number of
Enterprises
in Industry
96
Qantas Airways Limited is an Australian-owned, publicly listed airline. Established in 1920 as the
Queensland and Northern Territory Aerial Services (Qantas), the company was Australia's first airline.
Qantas is the dominant player in both the Domestic Airlines industry and the International Airlines
industry, due to its established presence as Australia's national carrier. The company operates in the
industry through its extensive domestic flight network, transporting passengers and freight with its
Qantas, Jetstar and QantasLink carriers.
Qantas entered the Domestic Airlines industry in 1992, after the company was given regulatory approval
and acquired Australian Airlines. In 2004, the firm launched low-cost carrier Jetstar, which allowed it to
differentiate its premium Qantas brand with a low-cost alternative. The firm also owns QantasLink, which
is a collection of several smaller regional carriers including Sunstate Airlines and Eastern Australia
Airlines. Qantas is a founding member of Oneworld, an airline alliance aimed at catering to the needs of
the world's frequent flyers. Oneworld provides Qantas customers with access to hundreds of destinations
and airport lounges around the world. This alliance supports Qantas's domestic activities as it enhances
the company's exposure to international travellers, who often transfer to domestic flights at major
Australian airports.
Qantas's position in the domestic market derives largely from its extensive history in Australia, and its
reputation as a safe and full-service carrier. After the company's capacity growth ended in 2013-14,
Qantas' domestic operations focused on retaining its advantage in corporate markets and targeted
growth among small business and leisure travellers. In the domestic market, Qantas is primarily focusing
on improving margins through managing capacity and improving cost efficiencies. Over the long term,
Qantas is also anticipated to benefit from a codeshare arrangement with Air New Zealand, which
commenced in October 2018, with each airline offering codeshare flights within their respective domestic
markets.
Financial performance
Qantas Airways Limited's industry-specific revenue is expected to decline at an annualised 3.4% over the
five years through 2021-22, to $6.1 billion. The company has outperformed the wider industry over the
past five years. Qantas's industry-specific revenue rose sharply over the two years through 2018-19.
Jetstar's growth outpaced the Qantas brand as weak income growth encouraged leisure travellers to seek
out lower-priced airfares. Nevertheless, strong domestic tourism growth supported the company's
industry-specific revenue. Both major players maintained capacity and focused on improving load factors
over the two years through 2018-19. While primarily a measure to improve profitability, airfare price
growth supported Qantas' revenue gains. Qantas' revenue declined significantly over the two years
through 2020-21, as the COVID-19 pandemic restricted travel volumes. However, Qantas' revenue
decreased at a much slower rate than Virgin's. As a result, Qantas's market share is anticipated to sharply
rise over the two years through 2021-22.
Qantas's restructuring has greatly benefited the profitability of its domestic operations. The firm posted a
record underlying profit from domestic activities in 2017-18, due to the restructure, capacity optimisation
and low fuel prices. Qantas's subsidiary, Jetstar, has gained market share over the past five years. The
carrier's position as a low-cost airline has benefited from Virgin Australia's shift towards a full-service
airline. Nevertheless, Qantas's industry-specific profitability has fallen over the past five years, due to
weak demand during the COVID-19 pandemic. This includes a significant loss of 21.5% of revenue in
2020-21.
Qantas Airways Limited June 2021
IBISWORLD.COM 22
C2394 Aircraft
Manufacturing and
Repair Services
Industry Size
2020-2021
$2,887m
Industry
Turnover
Growth Rate
2020-2021
-13.4
Industry
Concentration
Level
High
Estimated
Market
Share
0.0%
Number of
Enterprises
in Industry
908
Qantas is not a major player in this industry
H4513 Catering
Services Industry Size
2021-2022
$8,869m
Industry
Turnover
Growth Rate
2021-2022
16.6
Industry
Concentration
Level
Low
Estimated
Market
Share
0.0%
Number of
Enterprises
in Industry
3912
Qantas is not a major player in this industry
I4903 Non-Scheduled
Air Transport Industry Size
2020-2021
$1,697m
Industry
Turnover
Growth Rate
2020-2021
11.9
Industry
Concentration
Level
Low
Estimated
Market
Share
0.0%
Number of
Enterprises
in Industry
1129
Qantas is not a major player in this industry
M6900 Professional
Services Industry Size
2021-2022
$258,760m
Industry
Turnover
Growth Rate
2021-2022
1.1
Industry
Concentration
Level
Low
Estimated
Market
Share
0.0%
Number of
Enterprises
in Industry
248078
Qantas is not a major player in this industry
Qantas Airways Limited June 2021
IBISWORLD.COM 23
Shareholders
Substantial
Shareholders
Balance Date % Held Country of Incorporation
Pendal Group Limited 5.2% Australia
Largest Shareholders Balance Date % Held Country of Incorporation
HSBC Custody Nominees
(Australia) Limited
35.0% Australia
JP Morgan Nominees Australia
Limited
17.7% Australia
Citicorp Nominees Pty Limited 10.5% Australia
National Nominees Limited 7.3% Australia
BNP Paribas Nominees Pty
Limited
4.6% Australia
Pacific Custodians Pty Limited 0.9% Australia
Morgan Stanley Australia
Securities (Nominee) Pty Limited
0.2% Australia
AMP Life Limited 0.2% Australia
USB Nominees Pty Ltd 0.2% Australia
Alan Joyce Pty Ltd 0.1% Australia
Ecapital Nominees Pty Ltd 0.1% Australia
P H Ditchfield 0.1% Not Available
Qantas Airways Limited June 2021
IBISWORLD.COM 24
Subsidiaries
Associated
companies
Name % Held Country of Incorporation
Fiji Resorts Limited 21.0% Fiji
Hallmark Aviation Services LP 49.0% USA
Helloworld Travel Limited 15.0% Australia
Holiday Tours & Travel (GSA) Ltd 37.0% Thailand
Holiday Tours & Travel (Thailand)
Limited
37.0% Thailand
Holiday Tours & Travel Vietnam
Co Ltd
37.0% Vietnam
HT & T Travel Philippines Inc 28.0% Philippines
Jetstar Japan Co. Ltd 33.0% Japan
Jetstar Pacific Airlines Aviation
Joint Stock Company
30.0% Vietnam
PT Holidays Tours & Travel 37.0% Indonesia
Holding company Name % Held Country of Incorporation
Qantas Airways Limited 100.0% Australia
Subsidiaries Name % Held Country of Incorporation
AAL Aviation Limited 100.0% Australia
Airlink Pty Limited 100.0% Australia
Australian Air Express Pty Ltd 100.0% Australia
Australian Airlines Limited 100.0% Australia
Australian Regional Airlines Pty
Limited
100.0% Australia
Eastern Australia Airlines Pty
Limited
100.0% Australia
Express Freighters Australia
(Operations) Pty Limited
100.0% Australia
Express Freighters Australia Pty
Limited
100.0% Australia
Impulse Airlines Holdings Pty Ltd 100.0% Australia
Jetstar Airways Pty Limited 100.0% Australia
Jetstar Asia Holdings Pty Limited 100.0% Australia
Jetstar Group Pty Limited 100.0% Australia
Jetstar Services Pty Limited 100.0% Australia
Network Aviation Holdings Pty Ltd 100.0% Australia
Network Aviation Pty Ltd 100.0% Australia
Network Holding Investments Pty
Ltd
100.0% Australia
Network Turbine Solutions Pty Ltd 100.0% Australia
Osnet Jets Pty Ltd 100.0% Australia
Qantas Asia Investment Company
Pty Ltd
100.0% Australia
Qantas Courier Limited 100.0% Australia
Qantas Domestic Pty Limited 100.0% Australia
Qantas Freight Enterprises Limited 100.0% Australia
Qantas Frequent Flyer Limited 100.0% Australia
Qantas Frequent Flyer Operations 100.0% Australia
Qantas Airways Limited June 2021
IBISWORLD.COM 25
Pty Limited
Qantas Ground Services Pty
Liimited
100.0% Australia
Qantas Group Accommodation Pty
Ltd
100.0% Australia
Qantas Group Flight Training
(Australia) Pty Limited
100.0% Australia
Qantas Group Flight Training Pty
Limited
100.0% Australia
Qantas Information Technology
Limited
100.0% Australia
Qantas Road Express Pty Limited 100.0% Australia
Qantas Ventures Limited 100.0% Australia
QF Cabin Crew Australia Pty
Limited
100.0% Australia
QH Tours Limited 100.0% Australia
Regional Airlines Charter Pty
Limited
100.0% Australia
Sunstate Airlines (Qld) Pty Limited 100.0% Australia
Vii Pty Limited 100.0% Australia
Trust Name % Held Country of Incorporation
Network Holding Trust 100.0% Australia
Network Trust 100.0% Australia
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