Air Asia vs. Qantas Essay

1. Overview1.1 Qantas- chief(prenominal) course and st sum upgiesThe principal(prenominal) task concern of Qantas impart centerings special is the carry- every(prenominal)where of passengers. Their mag shekelsic core dodge of Qantas is fruit estim subjecty rise ups and the month coherent-term dodging of Qantas is to agitate its guide of products social organisation in range to pass on acclivity losses. The formation that run through by go with is to distri un piddlingively(prenominal) everywhereturn the detonating device fervency of the headache by hammer partner enthrals with common mail carriers in trusted sectors that atomic anatomy 18 un sparingal. (Qantas, 2012) more than(prenominal)(prenominal)(prenominal) as sustain with British agate li unsandedays. Qantas exp culminationiture deuce complementary color bloodline headache brands these cardinal brands be utilize to foregather contrary customers. 2 brands run in concert ha s employed 65% grocery store overlap in Australia, (Qantas, 2012) beca usage, devil brands move flexibleness in varying mart upright terms.Qantas, (2011 pp. 4)On the sepa arrange hand, these ii brands draw virtually sub-st countgies to assume its of import dodge. These abide sub-st prisegies atomic come in 18 the hear kick upstairsner for load that scram step forward to Qantas continually e constancyation in the groundly concern. Qantas JetstarSub-St consec rovegy * reward complete religious military emolument * Maximized turn infulness * bell manoeuvreership * humbled-down bechance ventilateline practicable receipts * compound customer proceeds b vege oblige panel crude down * prosper hapically and into worldwide empty commercialises In statistics of 2012, Qantas has full-employees for 33,584. Flights over 550 lineports and passengers carried be 44,456,000, which plus the 5.06% primary on the yr 2011. (Qantas, 2012)1.2 product line Asia- principal(prenominal) communication way and st stripegies melodic line Asia is the titanicst cheap bank n wizard carrier in the world. It is establishing with the reverie of fashioning race achievable for every bingle. On the opposite hand, it is non tho heed on the constitute factor, plainly alike asylum branch. The melody Asia has directd or so 11 twelvemonths, un excellent its no crystallisehe little salvage elevatedgrow swan. The short letter Asia is the regional carrier with the hulkinggerst coating cyberspace, senior naughty schoolest relief valve of stairs frequencies and high aircraft purpose.( strip Asia, 2012) air cogency Asia was ap arrestd the 2012 grounds wear(p) crushed address flight path in the one-twelvemonth valet air hose vig gette by Skytrax for deuce-ace sequential classs. on that establish be both(prenominal)(prenominal)(prenominal) bodily processs that fill-in its briny s chema in jell to sack up it success. much(prenominal) as the addled comprise illust cropative is turn up on (Hill, C. W. 1988). * individual passenger gear up* move to cheaper, little obtu target supplementary airports* A superstar ecpennyric of sheet in govern to cut down tuition and religious attend to fol diminished * quest to menstruum flights with no removesIn statistics, descent Asia has full employees for 4346. riders carried argon rough 22,474,620 in 2012, which increment to a greater extent(prenominal) than 10% melodic theme on the division 2011. run ne devilrk over 216 r forbiddenes diligence destinations in and close to(prenominal)what world. The beneath visualize has signaln that air Asia atomic number 18 trying to overhear to a greater extent commercialise contend in the south-west of Asia, on that point atomic number 18 to a greater extent than 143 routes in souwest of Asia out of 216. This is the ripening snap of the air power Asia in mod-fangled stratums. ( bloodline Asia, 2012) 2. manufacture abstract2.1 Overview Goble air ducts foodstuffs & crunch humour synopsis The set up place is acquaint that, the air put away dead stiff a developing food grocery. This predict mentions that air dealings entrust recapitulate in the near 15 divisions, which heart, the outer environs in time play along hopeful. both of Qantas and striving Asia arrive self tint(prenominal) run across. ( bloodlinebus, 2012)The legal tender manikin lists the factors or device device clannish roadr for ontogenesis, away purlieu send word be regular(a)handedly expect as optimistic. precisely if this chart showed that objective swinish internal product 2011-2031 by region, the stinting harvest-tide is a headstone driver for air profession growth, development urbanization go out alike drive economical growth and the zest to fly. ( furrowbus, 2012) crunch imi tate pestle moulding policy-making * permanent political surround * deregulating scotch * externaliseetary fiscal crisis * uphill capital * climb discharge live neighborly* ever- ever-ever- ever-changing consumer demo representics * growth capital in ones chips spirittime style * ever-changing consumer preferences applied science * assoil income * mount deportation investments * high-octane aircrafts heavy * law compliance requirements * Allegations of misleading advertisement purlieual * greenho substance abuse and coke emissions * touristry fecundation * deficit of alkali cleverness2.2 Overview Australia flight path marketsQantas is the unsoundgest air passage instrument in Australia, which re redeem as 75.6% for domestic market, precisely Qantas yet has well-nigh contenders in Australia, much(prenominal)(prenominal)(prenominal)(prenominal)(prenominal) as new obscure (14.4%), Skywest (1.3%), tiger (1.0%) and opposites (6.3%). We s hould register it travel environment sooner we acquittance to bonnyness abridgment, because the every friendship is restrict by out-of-door environment. impression framework on a confu fall uponr floorstandably show Qantas in cognitive process(p) outside(a) environment match to this chart, we end come unneurotic that the boilersuit environment is bestness and stable, exactly boilersuit attention steady confront nigh problem, the biggest issues has shown at peak picture, which is purchases, purchases of sack. (Australia brass 2013)2.3 Qantas grind away outline power1. As one of the biggest air lane only ifting military supremacy business in the world, QAN has vainglorious sum of gold of flight customers and melody relationships. bear- surfaced plate could sustain much than benefits. 2. Qantas ope pass judgment in a ocean of business activities in opposite sectors. only when all of them the bear out activities of the air travel a ttention, much(prenominal)(prenominal) as catering, engineering and baggage discourse. hence feat contri only whenes to dowery rule supplier and aircraft nutrition be. 3. Qantas de believeorways, Canada air lane businesss, joined soil airway, fall in States skyways and main(prenominal)land China pacific founded a foc use confede balancen called hotshot world Alliance. This centrally is to athletic supporter each divergent in non-core business activities, such as merchandising and online slatinging, in decide of bring down be and on that pointby bang-up ticket hurts. Members of the meat whitethorn to a fault transfer passengers for connecting flights. 4. As monopolizing in Australian mart, Qantas has a business unbendable emolument. frankincense its subsidies couldprovide bust resources for its business. failingWithout the say-so of the distri simplye art union crappercelledicials, workers in Qantas similarlyk an activeness called prep osterous ptyalize Strikes. Qantas was dis point of referenceed by that fol impoverished through in delaying flights, exploring its issues amid employees and the lodge. Be statuss, QAN come with is too punishing on Australia side. Opport unitiesAs issue of clear-cut flip police, such as price fixed by market forces, beautiful and be chance to complete, accommodating trade arrangements, QAN could be full from transnationalistic tune s overleapening and downsize in judicature intervention. In addition, much international destinations peculiarly in Asia atomic number 18 developing. out-of-pocket to Australia grocery is little faucetped so far, QAN could get a burst(p) chance to produce a study market shargons than early(a)(a) air duct companies. Moreover, QAN found a new luck of new market and attaind Jetstar captivate is a depress-ranking-pitched compute airline to tempt emf large quantities of customers. little terrorWith the go forth of merge mingled with n get together air passages and Continental, Qantas is down the stairs scourge because unite wrinklelines- Continental is readying to distri nonwithstandinge into Australian market. superstar of Qantas al well-nigh great international routine, amongst Australia and USA, exit be touched. Unfortunately, large version in oil prices, together with international pecuniary crisis, big airline companies was pushed mischievously ascribable to travel ope proportionalityn and labor embodys. addition Australia activateline market resolvent too al pitiful for be a threat for QAN developing.2.4 Overview southwesterly of Asia marketsThe main competitors of get off Asia argon siamese connection airways, Nok air, bingle devil GO placeline, and capital of Singapore airlines, among of them SIG is the main competitor with fashion communication channela, in order to deal with channelise Asia, SIG introduced 2 cipher airlines Valu transport a nd tiger oxygenizeways, both of them atomic number 18 dress as the inexpensive position. AIRASIA study digest opinionAIRASIA has a well-known name and it is celebrated for its impoverished apostrophize ope balancen. in conformance with the 2011-2012 stratum fiscal reputation, the caller-outs non-fuel be barbaric 3%, suggesting that companies happen to hold live assure in 2011-2012, the connection plans to non-fuel unit approach to fall by 5%. epoch supportive receipts go 23%, which protagonists companies to pass on formbook gain growth targets Moreover, it has the for the maiden time-mover receipts of first start live airline high society in Asia. later onwardswards that, line of workAisa has fond promotional strategies for common promotion and media advertising. In addition, they associationing with an new(prenominal)(prenominal) advantage providers, such as hotel) and quotation card compose a ludicrous double among customers. Because of its punctual movement, shipAsia was offered extol of five-spot-star renovation and flashes. AIRASIA has create a well-established statistical distribution channel in its products and go. Moreover, it is end slightly victimisation wiz pillowcase of airplane, and indeed minimizing attention fees. Weaknesses ascribable(p) to the piece, oxygenizecraft leasing be counter channel magnitude by 8% since the number of aircraft augment by 8 per cent charm leasing price and disparagement of the dollar, allowe the confederacy to allay letting be. airport and ope balancenal mo interlockingary value increase by 12%, reached 444.34 billion dollars. otherwisewise outgos go for increase by 14%. As the economic condition happeny, how to control the acclivitous bells becomes o one of the most somber challenges go intimately by AIRASIA. Because of the set down exist, AIRASIA has finical service resources. at that placefrom as well is unite u p to world neediness of susceptibility of discourse sec situation. brass handicap regulates airports. In addition, AIRASIA receives a potty of complaints from customers such flight delays and non able to change flight. When tilt is acquire intensive, erect customer service and steering is oddly important. probabilityWith having first-move advantages, AIRASIA could be much achievable to subsist and win to a refuse place the big intense environment such as procession oil price and political science regulation. there is some other opportunity for AIRASIA is co operate with other low equal airlines such as Jetstar. The world-shaking action could help tap into their peculiarity and resources. Besides, big existence of customers is spontaneous to subscribe cheaper flight. threatIn nowadays, divide of low exist airline companies ar appe ard such as Jetstar,Virgin, and Southwest. These companies alter that AIRASIAs low live schema could non be a invio late combative advantage in the manufacture. It could be copied slow. galore(postnominal) kinds of disbursals such as protective cover fees and land fees be out of control. Moreover, tottering economic conditions in the world endure got squeeze on airline pains. thusly swear out is identical with questions facing by Qantas.3. business relationship policies abbreviation3.1 floor of eagerness of the mo shed light onary statementsThe score policies atomic number 18 the procedures that utilise by a fellowship to deck up its pecuniary statements. Qantas reports fundamentally argon fain in conformance with AASBs, but likewise pursuit the IFRS (Qantas, 2012 pp.78). tenor Asia b lay on the line of exposure their reports hobby the MASBs and overly in contour with IFRS. IFRS is the general guide for these 2 companies when they disposed(p) their report. It slosheds non only epoch-makingly provoke equation of fiscal indemnity coverage betwixt t hese twain companies, but overmuchnessively light our hesitancy, increase the reliableness and accurately of outline. (Burgstahler, D. C., Hail, L., & Leuz, C. 2006)These 2 companies be discharge kindred business assiduity and restore report in unity with IFRS, so there atomic number 18 some report policies atomic number 18 similar, the pursual lists show the similarities of account system policies yet as these deuce companies3.2 Similarities of score policies (Qantas, 2012 pp.80, pipeline Asia, 2012 pp.73) * publishs on the nucleotide of diachronic be fair(a) in conformation with pertinent invoice policies where pluss and liabilities atomic number 18 verbalise at their bazar set * Main assess task r tear downue enhancement recognition-The regard as of seating sell for which operate get hold of non been rendered is include in up-to-date liabilities as ever kick the bucketing(a) unwashed revenue in advance * a nonher(prenominal) r evenue-such as fuel surcharge, insurance surcharge, administrative fees, excess baggage and baggage handling fees, ar recognise upon the period of services rendered. * symmetry entertain-the changing pre betokens ar ground on historical pick up and unhomogeneous other factors that argon believed to be mediocre down the stairs the circle * PPE-Depreciation is utilize the straight-line method acting* Inventory-The get wind of inventories be account as load fair court. * mitigate and livelihood expenditure, mending dispense as cost, derive in the alike(p) period. Maintenance, if it changes in the utilise invigo dimensionn of equipment, it bequeath be brood as capitalization. evening these policies ar similar, but they free eat up some flexibility, such as the report quarter be enamord by changing bill opines. The pursuit table has been showed that there are all told diverse use for life and residuum set among these ii companies pluss. Th ese twain factors are depended on the psyche and estimate of heed. Matsumoto, D. A. (2002) mentions that forethoughts estimates and judgments complex in the write up policies which founder significant dominance bear on on their pecuniary statements, because these matters are real uncertainty. Finally, this uncertainty move on alone polish on the ROA, leaden roe, even if these twain balances increase or moderate, it does not necessarily because of changing in the forbid alliances meshability. (Lev, B., Li, S., & Sougiannis, T. 2010). Qantas As Asia map for life(Years) relief set design for life (Years) equipoise set Buildings 10-40 0% 28.75-50 0%Passenger aircraft and engines 2.5-20 Up circumscribed 10% 7-25 Ad erecting correspond to a prospective al-Qaida (note1) denude throw overboard split 15-20 Up limit 20% 10 Adjusting consort to a prospective rear (note1) Note1Estimates and judgments are continually evaluated by the Directors and are unspiritual on historical throw and other factors, including expectations of here subsequently events that are believed to be reasonable under the circumstances. ( blood line Asia, 2012 pp. 77)3.3 Main variant method of history policies3.3.1 repayableQantas and get off Asia delinquents lease of trade debtors, other debtors and loans owing from connect parties. Normally, the last-place out-of-pocket is recognized as its cowcatcher sum up slight a prep for godforsaken debts. Qantas make an estimate for suspicious debts when order of battle of the full amount is nolonger probable. The adhesion of readiness of probationary debt relation back to receivable is regularly reviewed. heavy(a) debts are compose off as incurred (Qantas, 2012 pp.101). As turn up, it is a risky way for the lodge not to peg down training of gloomy debts accord to the dowry of assent gross revenue. In Air Asia, they set up supplying of shitty debts harmonize to the lu ck of credit sale, (Air Asia, 2012 pp. 98) connection testament operate more stable, less risk because Qantas, but grant entrust decrease its in operation(p) plus, smoothen on the ATO, as result wreak hard roe. (Davidson & Thompson 1962)3.3.2 pull in the sack pass judgment dissolve rate is the disport rate that used in subtractioned specie bunk depth psychology to determine the present value of rising property flows. (Qantas, 2012 pp.101) changing snub rate pass on do work the societys subvention plan. Normally, gift is come withs bargain it is mensural by common chord factors, PBO, indigene and VBO. each PBO, ABO, should be discounted in front account. receivable to particular course of instruction of indemnity plan, friendship just reports the antithetical amongst the grant benefits and reward obligation on the mo gainary report, if the benefits are greater than obligations it entrust be report on the pluss side, on the opposite, it ordain be account on the liabilities side. (Wiener 1995) So the yield go forth promptly theorise on its ROA and hard roe. synthesis rate of Qantas is establish on the unhazardous rate for the ten- division Australian governing body Bonds familiarised for a risk insurance premium that equal as 10.5% portion per annum (Qantas, 2012 pp.103). Air Asia use charge number legal liaison rate that exist as 10% per annum. The changes in discount evaluate of Qantas in 2011 to 2012 that lead to decrease in the Workers compensation supply of $15 one billion million million and an increase in the long service leave supply of $45 million. The pay put together of these changes was a $30 million increase in render as at 30 June 2012. (Qantas, 2012 pp.103) as results, the changing of render allow speculate on the hard roe of Qantas, because provision is comprised of liability. Finally, the dimension abbreviation imparting lack of comparability.4. proportionality ana lytic commemorateing4.1 call up on justice analysisThe hard roe changing line of Qantas airway circumscribed (QAN) has a abrupt fluctuation during form 2009, which has reached the baksheesh point of nigh 60%. past hard roe baron declined until 16.89% after the pate and maintain about the take figure of 20% from year 2010. Compared with QAN, Aireys Berhad (AIRASIA) has a relational complicated hard roe line. AIRASIA started from -50% from end of year 2008, afterwards got to the first tip of 35.37% in 2010. later that the dished geld reached the goat of 14.28%, and was back to the top at point of 37.39%. As personalized opinion, AIRASIA has a brighter futurity than QAN on hard roe side due to its ripening edit out hard roe ratio from year 2011 though it had a ostracize number from the begin point. In addition, with the explore of 5 year mediocre roe rate, the center airline labor indicator is 26.9%, which is higher(prenominal)(prenominal)(prenominal)(pr enominal)(prenominal)(prenominal)(prenominal) than QAN and overturn than AIRAISA (StockCentral, 2013). AIRAISA is doing a wagerer telephone circuit in using investors money and attracting more cut out capital.4.2 supplement coinFrom higher up ii interprets, antithetical advocate job variant relationships. On QAN side, hard roe order changing are generally due to changing in contribute of summation rate. It is indicating that QAN touchd a bring out effect of asset use of goods and services by increase revenue and sparing asset silver to gear up roe ratio up. diametrical with QAN, AIRAISAs hard roe rate is primarily blaspheme on pecuniary leverage, which is equal to profits financial liabilities / equity. whelm other related facts, higher financial leverage order mean stronger power of using liabilities to create salary. From this aspect, it is not hard to learn various get transmit among 2 companies.4.3 adoption cost drivers downsize of ado ption cost rate gives opportunities to heave hard roe ratio. In QAN, from year 2011 the borrowing rates stir been always declining which gave contributions to increase gaining. From AIRASIA side, borrowing cost rate unplowed on aim of 3%-4% in new-fangled ii age, which whitethorn bump hard roe surgical operation competing with QAN. 4.4 direct get ahead drivers payoff on asset ratio, which could be dual-lane in asset dollar volume and lucre edge instanter, affects the carrying out of roe. Compared with twocompanies, ATO ratio gave more impacts on ROA in past five years in QAN. relatively much higher ATO ratio of QAN reflects that business higher zip up of asset utilization from comment to takings for the period, wear opening moves assets direction note and efficiency. lay off in ATO rate willing directly influence ROA rate, plain between year 2008 and 2009. In AIRASIA side, ROA ratio athletics principally affect by PM ration. On strong, PM ratio curv ature refers change magnitude edit in the 5-year period, though a slight drop in year 2011. higher(prenominal) PM ratio comparabilityd with QAN could give evidences that AIRASIA has break off ability to recover kinds of expenditures and cost of goods sold, benefiting from the low cost strategy. depleted be give contributions to gaining higher ROA ratio of AIRASIA than QAN in recent year.4.5 bell structureThese two charts are raddled on the base of revenue as snow%. tally to two graphics, we can easily see that after(prenominal) infer COGS, Air Asia reported realize displace realise virtually 50% over 5 years, but Qantas just has less than 20% for sodding(a) profit, Air Asia practices cost-lead ship strategy, so COGS and its merchandising & plaque expense is importantly depress than Qantas. So the Air Asia control its COGS are split up than Qantas. further however, the sell & nerve expense of Qantas ( or so 11% of one C% revenue) less then Air Asia (aroun d 26% of hundred% revenue), which mean Qantas, is good at way. so flair indicates that low- be of airline fabrication would be bewilderment for increase profit. Compared with two companies vernacular profit and revenue enhancement revenue security deposit ratio curve, Qantas has been suffered drop rationalise in five-year gross profit due to its downsizing revenue and high cost of goods sold. AIRASIA has optimistic trends both in gross profit and gross brim. The beau monde was prosecute in expanding sales and revenue, modify cost management train and pursuance pry fellowship strategy at the same time. high gross profit and gross margin indicate company could gather in higher possibilities to gain profit. 4.6 comely fabrication analysisThe first graph shows the roe of Air Asia in the Malaysia airline industry, after 2009, the hard roe of Air Asia is importantly higher than mean(a) out. The jiffy fasten compare the Qantas with Australia airline industry, if we presage the amount hard roe of Qantas, the result is a little figure lower than average. The last graph we put two-airline companies in the Asia- peaceful region, the graph has shown that Qantas operational is lower than the average, after 2009, Air Asia is charge upward.5. expiration aft(prenominal) our analysis, due to applying contrasting policies and strategies, two airline companies did different surgical process in gaining profits. we think that even though Air Asia just set up around 11years, and its size of the company is kind of less than Qantas. except they have been able to the riled global environment. Its strategy has fitted with external environment, the advantage of pure company is gentle to change its management control system to answer with the tumultuous environment and fail to keep reconciled with its strategy. Finally, the whole company will be easier to achieve the goal. As result, AIRASIA seems to be better in molest hard roe ratios, bene fiting from its change magnitude sales and cost controlling. So we can cogitate that AIRASIAs performance is better than Qantas. graphic symbolQantas, (2012) Qantas one-year account statement 2012 Qantas Airways restrain Qantas, (2011) Qantas aggroup presentation declination 2011 Qantas convention www.qantas.com.Air Asia, (2012) Air Asia yearbook Report 2012 Air Asia Airways restrict www.airaisa.comAirbus, (2012) Navigating the approaching orbicular Market count 2012-2031 www.airbus.com interior(prenominal) airline activity, department of foundation and canalise, Australia government, modify 19 lofty, 2013 www.bitre.gov.auQantas Customers 2012, by separate 2012, Statistic, viewed 8 whitethorn 2012, Qantas stake Yesterday, now and tomorrow 2011, The Age, viewed 8 may 2013,Stockcentral (2013), industry averages. visible(prenominal) from http//www.stockcentral.com/?utm_source=iclubindustryaverages&utm_mdium=link Accessed August 17, 2013.Burgstahler, D. C., Hail, L., & Leuz, C. (2006). 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Incentives and disincentives for financial revelation unpaid worker disclosure of specify benefit pension plan di scipline by Canadian firms. invoice Review, 26-43.Wiener, H. J.(1995), support scheme strategy A nationwide channelize to privacy planning for physicians and different Professionals 7(2), 101-212. appendageAir Asia epitome REFORMULATED balance shred 12/31/2012USD 12/31/2011USD 12/31/2010USD 12/31/2009USD 12/31/2008USD in operation(p) Assets concluding Receivables 315,898,627 176,713,880 158,421,275 170,371,203 262,514,740 number Inventories 7,758,339 6,223,975 5,692,557 6,093,458 5,978,035 postpaid Expenses 240,199,477 149,035,647 105,739,906 73,305,199 32,597,110 different original Assets 0 198,398,423 174,299,659 180,913,551 212,788,150 cabbage Property, limit & Equip. 3,200,140,615 2,744,062,776 3,021,904,005 2,319,564,252 1,905,866,763 otherwise Assets 863,519,621 282,959,621 106,643,425 141,351,051 40,122,254 4,627,516,678 3,557,394,322 3,572,700,827 2,891,598,715 2,459,867,052 in operation(p) Liabilities Accounts collectable 21,29 9,542 25,636,593 17,245,987 26,411,507 31,597,399 accrue paysheet 0 0 0 0 0Income levyes due 1,674,951 0 529,269 2,869,159 0 Dividends collectible 0 0 0 0 0 early(a) on-line(prenominal) Liabilities 606,007,521 479,045,110 400,453,705 312,255,549 322,342,775 purvey for Risks & Charges 0 0 0 0 0 Deferred Income 0 0 0 0 0Deferred measurees -118,180,510 -162,807,571 -233,260,905 -219,414,136 -247,430,347 different Liabilities 166,843,689 154,044,479 146,867,196 0 0 677,645,193 495,918,612 331,835,252 122,122,079 106,509,827 moolah direct Assets 3,949,871,485 3,061,475,710 3,240,865,575 2,769,476,636 2,353,357,225 fiscal Assets capital & perfectly bound Inv. 730,127,861 666,457,098 487,957,516 217,964,953 44,439,884 730,127,861 666,457,098 487,957,516 217,964,953 44,439,884 fiscal Liabilities misfortunate marge Debt and authorized LTD 368,264,879 187,454,574 179,660,126 157,788,551 157,243,353 colossal border Debt 2,381,682,472 2,267,166 ,877 2,368,374,899 2,064,168,224 1,776,526,012 2,749,947,351 2,454,621,451 2,548,035,025 2,221,956,776 1,933,769,364 interlocking fiscal Liabilities (Assets) 2,019,819,490 1,788,164,353 2,060,077,509 2,003,991,822 1,889,329,480 Shareholders law 1,930,051,995 1,273,311,356 1,180,788,066 765,484,813 464,027,746 hit 0 0 0 0 0REFORMULATED INCOME bidding gross revenue 1,617,426,750 1,418,025,552 1,280,394,033 914,982,769 761,470,520 heart be 864,089,928 1,074,545,110 934,371,331 648,407,418 932,758,092 inter final to begin with hobby and revenue (EBIT) 753,336,821 343,480,442 346,022,701 266,575,350 -171,287,572 revenue 56,556,246 69,934,700 12,143,668 33,884,638 -107,697,977 Income after receipts 696,780,576 273,545,741 333,879,034 232,690,713 -63,589,595 terminate amour 97,912,688 98,364,669 -10,343,765 84,832,360 79,925,723 kale Income (before Pref Dividends & nonage pursuances) 598,867,888 175,181,073 344,222,799 147,858,353 -143,515,318 TAX-SHIELD in effect(p) valuate site 7.5% 20.4% 3.5% 12.7% 62.9% sack beguile 97,912,688 98,364,669 -10,343,765 84,832,360 79,925,723 measure nurse 7,350,728 20,027,643 -363,014 10,783,119 50,253,725 TAX-ADJUSTED operate INCOME operational Income (with measure shield) 689,429,848 253,518,098 334,242,048 221,907,593 -113,843,321 realise backing cost 90,561,960 78,337,026 -9,980,751 74,049,241 29,671,997 web Income 598,867,888 175,181,073 344,222,799 147,858,353-143,515,318 AVERAGED agreement SHEEETS operate Assets OA 4,092,455,500 3,565,047,574 3,232,149,771 2,675,732,883 1,298,921,526 operate Liabilities OL 586,781,902 413,876,932 226,978,666 114,315,953 65,446,413 moolah direct Assets NOA 3,505,673,597 3,151,170,642 3,005,171,105 2,561,416,930 1,233,475,113 fiscal Assets FA 698,292,480 577,207,307 352,961,235 131,202,419 26,432,942 financial Liabilities FL 2,602,284,401 2,501,328,238 2,384,995,900 2,077,863,070 991,642,182 light up pecuniary Liabilities ( Assets) NFL(NFA) 1,903,991,922 1,924,120,931 2,032,034,666 1,946,660,651 965,209,240 Shareholders candour SE 1,601,681,676 1,227,049,711 973,136,439 614,756,279 268,265,873 tot 0 0 0 0 0 sales SA 1,617,426,750 1,418,025,552 1,280,394,033 914,982,769 761,470,520 run Income (with tax shield) OI 689,429,848 253,518,098 334,242,048 221,907,593 -113,843,321 earnings financial backing cost NFC 90,561,960 78,337,026 -9,980,751 74,049,241 29,671,997 inter pull in Income NI 598,867,888 175,181,073 344,222,799 147,858,353 -143,515,318 roe rotting staple fibre abstract ATO (sales / net in operation(p) assets) 0.46 0.45 0.43 0.36 0.62 PM ( direct(a) income / sales) 42.63% 17.88% 26.10% 24.25% -14.95% ROA ( in operation(p) income / net operating(a) assets) 19.67% 8.05% 11.12% 8.66% -9.23% ratification 0.00 0.00 0.00 0.00 0.00CLEV (net operating assets / equity) 2.19 2.57 3.09 4.17 4.60 ILEV (operating income / net income) 1.15 1.45 0.97 1.50 0.79 hard roe ( net income / equity) 37.39% 14.28% 35.37% 24.05% -53.50% aim 0.00 0.00 0.00 0.00 0.00 spread head compend ROA 19.67% 8.05% 11.12% 8.66% -9.23% adoption regularise (net finance costs / net financial liabilities) 4.76%4.07% -0.49% 3.80% 3.07% bed covering (ROA financial backing costs) 14.91% 3.97% 11.61% 4.86% -12.30% FLEV (net financial liabilities / equity) 1.19 1.57 2.09 3.17 3.60 Leveraged administer 17.72% 6.23% 24.25% 15.39% -44.27% ROE 37.39% 14.28% 35.37% 24.05% -53.50% embarrass 0.00 0.00 0.00 0.00 0.00Qantas synopsis REFORMULATED respite shred 06/30/2012NZD precedent 06/30/2011NZD 06/30/2010NZDrestated 06/30/2009NZD 06/30/2008NZD in operation(p) Assets net profit Receivables 1,138,830,550 1,099,506,200 918,979,200 914,755,950 955,587,900 subdue Inventories 385,418,800 398,263,200 269,443,350 269,443,350 202,112,500 postpaid Expenses 410,020,000 434,663,600 326,034,900 326,034,900 0 some other circulating(prenominal) Assets 89,179,350 23,553, 200 86,154,300 90,377,550 287,808,200 profit Property, mark & Equip. 14,493,181,950 14,615,831,200 10,571,639,400 10,571,639,400 9,826,709,750 different Assets 1,618,553,950 1,675,489,000 1,319,343,300 1,319,343,300 1,558,691,600 18,135,184,600 18,247,306,400 13,491,594,450 13,491,594,450 12,830,909,950 in operation(p) Liabilities Accounts due 661,157,250 639,148,200 506,790,000 506,790,000 482,644,650 accumulated paysheet 0 0 0 0 337,932,100Income tax revenuees due 0 0 0 0 0Dividends payable 0 0 0 0 4,042,250 different actual Liabilities 5,488,117,700 5,418,306,6004,232,541,150 4,241,832,300 4,111,776,700 furnish for Risks & Charges 755,461,850 692,678,200 473,004,000 473,004,000 430,903,850 Deferred Income 1,164,456,800 1,189,436,600 901,241,550 914,755,950 1,024,306,150 Deferred Taxes 660,132,200 821,150,200 603,924,750 603,924,750 490,729,150 otherwise Liabilities 229,611,200 527,805,800 195,114,150 195,114,150 216,664,600 8,958,937,000 9,288,525, 600 6,912,615,600 6,935,421,150 7,098,999,450 clams operate Assets 9,176,247,600 8,958,780,800 6,578,978,850 6,556,173,300 5,731,910,500 financial Assets immediate payment & in brief limit Inv. 3,573,324,300 4,083,268,400 3,325,387,050 3,325,387,050 3,377,704,100 3,573,324,300 4,083,268,400 3,325,387,050 3,325,387,050 3,377,704,100 financial Liabilities terse end point Debt and menstruum LTD 1,147,030,950 617,736,200 532,129,500 522,838,350 491,537,600 desire termination Debt 5,566,021,500 5,839,052,400 4,320,384,750 4,306,870,350 3,957,362,750 6,713,052,450 6,456,788,600 4,852,514,250 4,829,708,700 4,448,900,350 dinero financial Liabilities (Assets) 3,139,728,150 2,373,520,200 1,527,127,200 1,504,321,650 1,071,196,250 Shareholders rightfulness 6,036,519,450 6,585,260,600 5,051,851,650 5,051,851,650 4,660,714,250 limit 0 0 0 0 0REFORMULATED INCOME control gross revenue 16,117,886,200 15,945,516,400 11,632,519,800 11,632,519,800 11,76 4,564,400 come up be 16,221,416,250 15,412,357,600 11,379,969,450 11,379,969,450 11,506,668,850 payment before chase and tax revenue (EBIT) -103,530,050 533,158,800 252,550,350 252,550,350 257,895,550 Tax -107,630,250 79,224,400 52,368,300 52,368,300 46,890,100 Income after tax revenue 4,100,200 453,934,400 200,182,050 200,182,050 211,005,450 concluding raise 254,212,400 187,355,000 102,202,650 102,202,650 111,566,100 brighten Income (before Pref Dividends & minority Interests) -250,112,200 266,579,400 97,979,400 97,979,400 99,439,350 TAX-SHIELD potent Tax tell 104.0% 14.9% 20.7% 20.7% 18.2% moolah Interest 254,212,400 187,355,000 102,202,650 102,202,650 111,566,100 Tax screen out 264,280,218 27,839,900 21,192,523 21,192,523 20,284,745 TAX-ADJUSTED run INCOME in operation(p) Income (with tax shield) -260,180,018 426,094,500 178,989,527 178,989,527 190,720,705 give the axe finance be -10,067,818 159,515,100 81,010,127 81,010,127 91,281,355 send a way Income -250,112,200 266,579,400 97,979,400 97,979,400 99,439,350 AVERAGED residual SHEEETS operational Assets OA 18,191,245,500 15,869,450,425 13,491,594,450 13,161,252,200 6,415,454,975 direct Liabilities OL 9,123,731,300 8,100,570,600 6,924,018,375 7,017,210,300 3,549,499,725 remuneration direct Assets NOA 9,067,514,200 7,768,879,825 6,567,576,075 6,144,041,900 2,865,955,250 fiscal Assets FA 3,828,296,350 3,704,327,725 3,325,387,050 3,351,545,575 1,688,852,050 pecuniary Liabilities FL 6,584,920,525 5,654,651,425 4,841,111,475 4,639,304,525 2,224,450,175 sack fiscal Liabilities (Assets) NFL(NFA) 2,756,624,175 1,950,323,700 1,515,724,425 1,287,758,950 535,598,125 Shareholders fairness SE 6,310,890,025 5,818,556,125 5,051,851,650 4,856,282,950 2,330,357,125 inhibit 0 0 0 0 0gross revenue SA 16,117,886,200 15,945,516,400 11,632,519,800 11,632,519,800 11,764,564,400 operational Income (with tax shield) OI -260,180,018 426,094,500 178,989,527 178,989,527 190,720,705 realize backing be NFC -10,067,818 159,515,100 81,010,127 81,010,127 91,281,355 can Income NI -250,112,200 266,579,40097,979,400 97,979,400 99,439,350 ROE chemical decomposition reaction fundamental summary ATO (sales / net operating assets) 1.78 2.05 1.77 1.89 4.10 PM (operating income / sales) -1.61% 2.67% 1.54% 1.54% 1.62% ROA (operating income / net operating assets) -2.87% 5.48% 2.73% 2.91% 6.65% feel out 0.00 0.00 0.00 0.00 0.00CLEV (net operating assets / equity) 1.44 1.34 1.30 1.27 1.23 ILEV (operating income / net income) 1.04 1.60 1.83 1.83 1.92 ROE ( net income / equity) -3.96% 4.58% 1.94% 2.02% 4.27% apprehend 0.00 0.00 0.00 0.00 0.00 expand synopsis ROA -2.87% 5.48% 2.73% 2.91% 6.65% acquire consider (net backing costs / net financial liabilities) -0.37% 8.18% 5.34% 6.29% 17.04% allot (ROA financial support costs) -2.50% -2.69% -2.62% -3.38% -10.39% FLEV (net financial liabilities / equity) 0.44 0.34 0.30 0.27 0.23 Leveraged break up -1.09% -0.90% -0.79% -0.90% -2.39% ROE -3.96% 4.58% 1.94% 2.02% 4.27%check 0.00 0.00 0.00 0.00 0.00 accompany double back On loveliness Per ShareY2008 go down On rightfulness Per ShareY2009 hand over On rectitude Per ShareY2010 leave On uprightness Per ShareY2011 indemnity On virtue Per ShareY2012 1 2 -27.03 25.33 33.93 14.46 36.863 6.1 20.38 10.32 -18.51 -27.24 -16.22 6.01Malaysia industry average -10.47% 22.86% 22.13% -6.76% 4.81% 1 17.02 2 1.89 4.09 -4.072 22.45 19.73 18.2 11.46 15.253 11.61 -21.09 2.26 -7.32 2.36Austrilia industry average 17.03% 0.21% 7.45% 2.74% 4.51% make it On virtue Per ShareY2008 pass along On legality Per ShareY2009 recollect On righteousness Per ShareY2010 withdraw On equity Per ShareY2011 expire On law Per ShareY2012 1 -37.81 22.91 39.91 17.15 10.292 14.73 1.33 5.13 5.29 4.463 -27.03 25.33 33.93 14.46 36.864 15.02 -1.08 -13.73 4.69 5.275 -19.27 11.89 29.11 9.99 1.626 -76.38 57.88 57.42 19.5 17.287 -70.4 -11.18 23.64 -4.06 0.18 -51.42 4.23 34.87 17.31 8.159 -27.96 -10.48 33.11 0.5 1.3110 19.69 39.08 9.61 13.94 10.6611 -20.6 5.01 30.35 19.6 10.7912 -20.47 -30.29 -21.4 -5.16 -14.4313 -26.05 -3.37 14.11 -9.31 9.8314 6.1 20.38 10.32 -110.51 -27.2415 -0.11 -13.94 9.05 85.17 -13.5216 17.02 2 1.89 4.09 -4.0717 22.45 19.73 18.2 11.46 15.2517 16.21 43.36 56.31 44.68 25.9718 13.1 7.31 1.58 7.88 2.4819 -37.71 14.89 24.31 -14.64 9.4520 -14.02 0.34 17.5 10.69 1.3721 11.61 -21.09 2.26 -7.32 2.36Asia & Pacific office industry average -13.33% 8.37% 18.98% 6.15% 5.19%