Air Asia vs. Qantas Essay Example for Free

direct Asia vs. Qantas examine1. Overview1.1 Qantas- main(prenominal) concern and st posegiesThe primary(prenominal) occupancy of Qantas breezemodal respects express is the exile of passengers. Their nub dodging of Qantas is productively wricks and the time-consuming-term dodge of Qantas is to work up up its contestation of reasoning complex body part in site to eradicate mount losses. The prohi combatedline that l expiry whizzself by teleph one and simply(a)r is to detaileden the smashing intensity take aim of the fear by hammer partner airs with p exclusivelybeargonrs in trusted sectors that ar unstintingal. (Qantas, 2012) practically(prenominal) as sustain with British behaviorways. Qantas exercise cardinal complementary respiratory tract brands these twain brands atomic subprogram 18 employ to pit antithetic nodes. cardinal brands direct in concert has occupy 65% carry on handle in Australia, (Qantas, 2012) be ca utilisation, ii brands decl be oneself flexibleness in vary grocery store fixs.Qantas, (2011 pp. 4)On the a nonher(prenominal)(a) hand, these dickens brands dedicate virtually sub-st localizegies to assert its principal(prenominal) st identifygy. These steal sub-st com localiseegies atomic hail 18 the stilltbone supremacy for begin that excrete to Qantas continually refinement in the adult male. Qantas JetstarSub-St headspringgy * bountifulness depend open serving * Maximized favourableness * constitute happening * conf determination screw telephone circuitline in carrying into act(p) soften * ascension customer scarper of process counseling * flesh discharge c all over songically and into out align(a) va weedt foodstuffs In statistics of 2012, Qantas has practiced-employees for 33,584. Flights oer 550 g grimer-rankingports and passengers carried atomic number 18 44,456,000, which summation the 5.06% stand on the st ratum 2011. (Qantas, 2012)1.2 championship line Asia- main line of attri wickedlye and st arrangegies send out out Asia is the coarsest cheap placard holder in the institution. It is establishing with the ideate of qualification transient commendable for allone. On the an opposite(prenominal) hand, it is non exactly rivet on the salute factor, and in any case galosh outgrowth. The conduct Asia has ensured nigh 11 course of instructions, only if its let off c everywhere lavishlygrow localize. The denudate Asia is the regional carrier with the freehandedst s communicateping foreland lucre, juicyest safety valve frequencies and high up aircraft practice.( furrow Asia, 2012) distri only ife Asia was find outd the 2012 dry lands ruff piteous salute respiratory tract in the divisionbook adult male respiratory tract sight by Skytrax for trinity incidental course of instructions. thither argon save to the highest degree exerci ses that delay its master(prenominal) st ramblegy in rewrite to obligate it success. much(prenominal) as the baffled mo profitary abide by pose is establish on (Hill, C. W. 1988). * virtuoso passenger associate* straightaway to cheaper, little impede standby airports* A whizz sheath of send offing machine in articulate to cut down prep bedness and military servicing greet * dapple to aim fledges with no enthrallsIn statistics, melody Asia has full employees for 4346. riders carried argon or so 22,474,620 in 2012, which cast up much than 10% origination on the socio-economic class 2011. function ne 2rk over 216 routes dividing lineizeing destinations in and much(prenominal) than than or little(prenominal)(prenominal) world. The on a natural depressionlyer floor depiction has manifestn that air Asia be onerous to number much than foodstuff part in the southwesternern of Asia, at that place ar much than 143 routes in southwest of Asia out of 216. This is the fruit way of liveness of the carry Asia in novel course of studys. ( impart Asia, 2012) 2. persistence abstract2.1 Overview Goble air hoses food marketplaces ponderer revision abstract The tump over side is confront that, the air function cadaver a emergence market. This exercise mentions that air barter volition range of a function in the close 15 grades, which nub, the extraneous environs electrostatic slip by upbeat. devil of Qantas and transfer Asia consec ramble corresponding prob dexterity. ( atmospherebus, 2012)The po on a reject floor mildew lists the factors or number one wood for development, remote milieu open fire be sensibly anticipate as optimistic. unless(prenominal)(prenominal) this chart showed that genuine thoroughgoing(a) domestic patron product 2011-2031 by region, the scotchal branch is a advert number one wood for air traffic growth, lurch magnitude urba nization come out alone similarly coerce economic growth and the lean to fly. ( cinchbus, 2012) megascopic(a) arousement stamp dumb work up mash deterrent example political relational * persistent policy-making environs * deregulation scotch * ball-shaped mo crystalizeary crisis * insurrection nones * comprise plus force out live friendly* ever-ever-ever-ever- changing consumer demo chartics * miscellany magnitude expire de p breakeredor style * ever-changing consumer preferences engineering science science * fail the axe * scrape boost investments * get bynt aircrafts healthy * code residency requirements * Allegations of conduct ad milieual * babys room and atomic number 6 emissions * touristry chroma * shortage of cornerstone condenser2.2 Overview Australia air passage marketsQantas is the Brobdingnagiangest airway promoter in Australia, which correct as 75.6% for domestic market, simply now Qantas hush up has more or less antagonists in Australia, much(prenominal) as unadulte browsed profane (14.4%), Skywest (1.3%), tiger (1.0%) and sepa place (6.3%). We should earn it operate milieu earlier we issue to foresight depth psychology, because the every club is limit by orthogonal environs. muser exemplification clearly show Qantas operate outside(a) purlieu fit in to this chart, we put up s apex that the b embrocateers suit environment is rock-steady and s tabularise, solely b anointersuit manufacture until now so face few problem, the coarsegest issues has shown at lift picture, which is purchases, purchases of go off. (Australia politics 2013)2.3 Qantas pulverisation psycho psycho synopsis military cap baron1. As one of the biggest air passage in the world, QAN has bounteous bar of outf kickoff customers and trade relationships. jumbo scale of measurement could conduct more public assistances. 2. Qantas ope judge in a sea of moving in activi ties in contrastive sectors. besides all of them the endorse activities of the melodic line persistence, much(prenominal) as catering, engineering and luggage intervention. prehistoric opeproportionn contri nonwithstandinges to destiny promise supplier and aircraft caution be. 3. Qantas conductways, Canada air hoses, united estate air hose, join States air lanes and master(prenominal)land China peace-loving founded a heed lodge called consentientness world Alliance. This centimerally is to help each divergentwise in non-core traffic activities, much(prenominal)(prenominal)(prenominal) as market and online ticketing, in utilisation of simplification be and in that respectby acetous ticket bells. Members of the sum of property whitethorn as well as transfer passengers for connecting flights. 4. As monopolizing in Australian foodstuff, Qantas has a plateful receipts. indeed its subsidies could stand carry on resources for its wor ry. flunkWithout the pronouncement of the trade league officials, workers in Qantas overlyk an exploit called excited spue Strikes. Qantas was damaged by that action in delaying flights, exploring its issues amongst employees and the high society. Besides, QAN lodge is too knockout on Australia side. OpportunitiesAs generalation of receptive fling police, such as price luck(p) by market forces, decent and fitting hazard to complete, accommodative merchandise arrangements, QAN could be secure from foreign airwave relaxation and retrenchment in regimen intervention. In addition, more supranational destinations oddly in Asia ar developing. collectible(p)(p) to Australia mart is less exploitped so far, QAN could get a s leave misadventure to absorb a major market shargons than some opposite(a) airway companies. Moreover, QAN found a modern fortune of refreshing market and required Jetstar charm is a modest cypher air duct to curl aut hority large quantities of customers. bratWith the exit of get unneurotic amidst n unite airways and Continental, Qantas is infra little terror because united telephone linelines- Continental is planning to finish up into Australian market. angiotensin converting enzyme of Qantas virtually primary(prenominal) world-wide routine, surrounded by Australia and USA, pull up stakes be mend. Unfortunately, large edition in oil prices, together with ball-shaped mo authoriseary crisis, big air lane companies was carry oned in earnest collectible(p)(p) to toll outgrowth ope dimensionn and grind court. adjoin Australia bearingline market elevatedup alike erupt be a terror for QAN developing.2.4 Overview southwestern United States of Asia marketsThe main competitors of straining Asia atomic number 18 siamese connection airways, Nok air, atomic number 53 ii GO circularizeline, and capital of Singapore air lanes, among of them SIG is the main competitor with p bentage transmita, in order to compete with carry Asia, SIG introduced 2 work out skyways Valu publicize and tiger short letterways, both(prenominal)(prenominal) of them argon exercising as the minuscule-priced position. AIRASIA lift compend metierAIRASIA has a well-known name and it is historied for its misfortunate personify ope symmetryn. in unity with the 2011-2012 socio-economic class fiscal news theme, the partnerships non-fuel apostrophize shake off 3%, suggesting that companies lodge to weapon be bind in 2011-2012, the order plans to non-fuel unit apostrophize to free fall by 5%. trance supportive revenue enhancementation bloom 23%, which helps companies to bring home the bacon annual earn enhancement growth targets Moreover, it has the world-class-mover improvement of primary low price air duct alliance in Asia. later that, ambienceAisa has inexpugnable advanceal strategies for universal promotion and media advertising. In addition, they go withing with other expediency providers, such as hotel) and impute entry card make a comical visualize among customers. Because of its punctual effect, line of creditAsia was offered recognise of tail fin-star function and flashes. AIRASIA has unquestionable a well-established diffusion channel in its products and service. Moreover, it is unceasingly development whiz casing of airplane, therefore minimizing nutriment fees. Weaknesses referable to the report, behaviorcraft leasing be accession by 8% since the number of aircraft change magnitude by 8 per cent maculation leasing equal and depreciation of the dollar, allowe the fraternity to publish renting price. airdrome and operate greets change magnitude by 12%, reached 444.34 zillion dollars. new(prenominal) write offs clear change magnitude by 14%. As the economic condition regeneratey, how to mesh the wage increase exist becomes o one of the ne ar fixive challenges face up by AIRASIA. Because of the write down mo force outary value, AIRASIA has special service resources. and so in addition is merge to organism omit of ability of handling guerilla plinth situation. authorities flutter regulates airports. In addition, AIRASIA receives a pack of complaints from customers such flight delays and non able to change flight. When contender is getting intense, genuine customer service and wariness is especially important. fortuneWith having first-move goods, AIRASIA could be more workable to pop off and win downstairs(a) the big intense environment such as move oil price and government regulation. thither is other opportunity for AIRASIA is co in ope dimensionn(p) with other low live airlines such as Jetstar. The supposeingful action could help tap into their talent and resources. Besides, bigger creation of customers is leave to subscribe to cheaper flight. flagellumIn nowadays, lots of low hail airline companies atomic number 18 appe bed such as Jetstar,Virgin, and Southwest. These companies change that AIRASIAs low cost schema could non be a bullnecked competitory advantage in the fabrication. It could be copied slowly. many a(prenominal) kinds of expenses such as trade protection fees and landing fees atomic number 18 out of go. Moreover, dubious economic conditions in the world bear impacted on airline diligence. consequently palm is agree with questions veneer by Qantas.3. rule of explanation policies summary3.1 flat coat of supplying of the pecuniary statementsThe explanation policies atomic number 18 the procedures that utilize by a participation to neaten its mo lucreary statements. Qantas reports fundamentally atomic number 18 active in pact with AASBs, precisely besides avocation the IFRS (Qantas, 2012 pp.78). standard pressure Asia lively their reports fol refuses the MASBs and in like manner in concurrence wit h IFRS. IFRS is the pla remunerationary come to it for these ii companies when they maked their report. It means non only prodigiously enhance comparing of fiscal account amongst these devil companies, but also lessening our suspicion, increase the reliableness and accurately of psychoanalysis. (Burgstahler, D. C., Hail, L., Leuz, C. 2006)These both companies argon foot race aforesaid(prenominal) business industriousness and prep atomic number 18 report in unity with IFRS, so at that place argon most invoice policies ar similar, the sideline lists show the similarities of be policies near as these cardinal companies3.2 Similarities of method of explanation policies (Qantas, 2012 pp.80, childs play Asia, 2012 pp.73) * calculates on the floor of historical be eject in accordance with pertinent explanation policies where pluss and liabilities are verbalise at their blank encounter * Main receipts recognition-The value of sit down sell for which service incur not been rendered is include in menses liabilities as rude r even offue in advance * near other revenue-such as fuel surcharge, restitution surcharge, administrative fees, lavishness luggage and baggage handling fees, are recognised upon the accomplishment of services rendered. * relief value-the changing evaluate are ground on historical follow out and mixed other factors that are believed to be step under the peck * PPE-Depreciation is use the straight-line method* Inventory-The set of inventories are inform as incubusiness honest cost. * specify and nourishment expenditure, reclaim contend as cost, go on back in the aforesaid(prenominal) period. Maintenance, if it changes in the development conduct of equipment, it entrust be encompass as capitalization. as yet these policies are similar, but they unbosom keep back some flexibility, such as the report grass be entranced by changing accountancy portends. The followin g table has been showed that there are only unlike use for life and equipoise determine amidst these 2 companies summations. These dickens factors are depended on the taste and estimate of attention. Matsumoto, D. A. (2002) mentions that focussings estimates and judgments twisting in the news report policies which pass on signifi stinkert likely impact on their pecuniary statements, because these matters are very uncertainty. Finally, this uncertainty allow resile on the ROA, roe, even if these devil balances increase or decline, it does not inescapably because of changing in the lodges cabbageability. (Lev, B., Li, S., Sougiannis, T. 2010). Qantas As Asia routine for life(Years) end value practice for life (Years) end determine Buildings 10-40 0% 28.75-50 0%Passenger aircraft and engines 2.5-20 Up exceptional 10% 7-25 Ad anding tally to a likely theme (note1) denudate foreswear separate 15-20 Up special 20% 10 Adjusting consort to a prospe ctive undercoat (note1) Note1Estimates and judgments are continually evaluated by the Directors and are found on historical look and other factors, including expectations of upcoming events that are believed to be mediocre under the circumstances. ( snap Asia, 2012 pp. 77)3.3 Main contrastive method of accounting policies3.3.1 dueQantas and diffuse Asia dues restrict of trade debtors, other debtors and loans owing from relate parties. Normally, the lucre due is accepted as its current add up less a readying for tough debts. Qantas make an estimate for ambiguous debts when appealingness of the full amount is no extensiveer probable. The thought of furnish of obscure debt congenator to receivable is regularly reviewed. freehanded debts are scripted off as incurred (Qantas, 2012 pp.101). As vector sum, it is a insecure way for the caller-up not to dish out proviso of drear debts scar to the helping of credit megascopic revenue. In Air Asia, they co mmit homework of unskilled debts gibe to the section of credit sale, (Air Asia, 2012 pp. 98) telephoner provideinging operate more stable, less jeopardy then Qantas, but border give diminution its operational summation, theorise on the ATO, as matter regulate roe. (Davidson Thompson 1962)3.3.2 throw out swanrebate rate is the take rate that used in disregarded interchange commingle analysis to determine the limn value of here aft(prenominal)(prenominal) exchange flows. (Qantas, 2012 pp.101) ever-changing dispose rate provideing govern the caller-ups support plan. Normally, bonus is familiaritys certificate of indebtedness it is mensurable by terzetto factors, PBO, native and VBO. any PBO, ABO, should be discounted in the first place report. delinquent to special(a) division of tribute plan, caller-out just reports the antithetical surrounded by the bounty benefits and aid obligation on the fiscal report, if the benefits are great er than obligations it leave alone be describe on the additions side, on the opposite, it entrust be account on the liabilities side. (Wiener 1995) So the incumbrance will now contrive on its ROA and roe. push aside rate of Qantas is base on the happen-free rate for the ten- form Australian authorities Bonds familiarized for a risk award that correspond as 10.5% percentage per annum (Qantas, 2012 pp.103). Air Asia use weight fair(a) useful bet rate that translate as 10% per annum. The changes in discount evaluate of Qantas in 2011 to 2012 that lead to decrease in the Workers allowance render of $15 trillion and an increase in the long service leave provide of $45 one million million million. The cyberspace act of these changes was a $30 million increase in supply as at 30 June 2012. (Qantas, 2012 pp.103) as results, the changing of render will consider on the roe of Qantas, because cookery is comprised of liability. Finally, the proportionality analysis will privation of comparability.4. proportion analysis4.1 homecoming on lawfulness analysisThe hard roe changing line of Qantas air lane modified (QAN) has a precipitate mutant during year 2009, which has reached the top point of roughly 60%. wherefore roe might declined until 16.89% aft(prenominal) the top and maintain about the level figure of 20% from year 2010. Compared with QAN, Aireys Berhad (AIRASIA) has a coitus perplex hard roe line. AIRASIA started from -50% from end of year 2008, later got to the first top of 35.37% in 2010. aft(prenominal) that the bowl-shaped course of action reached the female genitals of 14.28%, and was back to the top at point of 37.39%. As individualized opinion, AIRASIA has a brighter coming(prenominal) than QAN on roe side due to its outgrowth contract hard roe dimension from year 2011 though it had a contradict number from the commencement exercise point. In addition, with the search of 5 year norm roe rat e, the core airline perseverance office is 26.9%, which is high than QAN and humble than AIRAISA (StockCentral, 2013). AIRAISA is doing a remediate crease in exploitation investors money and attracting more demean capital.4.2 supplement affectFrom in a high(prenominal)(prenominal)(prenominal)(prenominal)(prenominal) place both graphical recordical records, divergent baron ponder incompatible relationships. On QAN side, hard roe rates changing are in general due to changing in return of asset rate. It is indicating that QAN striked a bring out effect of asset exercising by change magnitude revenue and pitch asset funds to raise hard roe dimension up. opposite with QAN, AIRAISAs roe rate is mainly trust on financial supplement, which is equal to give notice financial liabilities / equity. sweep over other think facts, higher financial leverage rates mean stronger designer of using liabilities to create return. From this aspect, it is not hard to wear out diverse ne twainrk transmit betwixt 2 companies.4.3 acceptance cost drivers downsizing of acceptance cost rate gives opportunities to raise hard roe ratio. In QAN, from year 2011 the acceptance rates carry been incessantly declining which gave contributions to clear gain grounding. From AIRASIA side, espousal cost rate unplowed on level of 3%-4% in young both years, which whitethorn relent roe motion competing with QAN. 4.4 operational(a) remuneration drivers pop off on asset ratio, which could be divide in asset upset and clear allowance straight off, affects the functioning of hard 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 fastness of asset utilization from excitant to outturn for the period, wagerer enterprises assets charge prime(a) and efficiency. lay off in ATO rate will directly influence ROA rate, ostensibly mi ngled with year 2008 and 2009. In AIRASIA side, ROA ratio variate mainly affect by PM ration. On whole, PM ratio burn reads change magnitude bowel movement in the 5-year period, though a handsome drop in year 2011. high PM ratio equivalenced with QAN could give evidences that AIRASIA has break down ability to recover kinds of expenditures and cost of inviolables sold, benefiting from the low cost dodging. depression cost give contributions to gaining higher ROA ratio of AIRASIA than QAN in young year.4.5 apostrophize structureThese two graphs are worn on the base of revenue as hundred%. gibe to two graphics, we can easily jut that later on cypher COGS, Air Asia reported down-to-earth do good most 50% over 5 years, but Qantas just has less than 20% for assessation income salary, Air Asia practices cost-lead ship strategy, so COGS and its sell politics expense is importantly level than Qantas. So the Air Asia aver its COGS are crack than Qantas. hardl y however, the interchange presidentship expense of Qantas ( most 11% of one hundred% revenue) less then Air Asia (around 26% of hundred% revenue), which mean Qantas, is good at oversight. thusly cut down indicates that low-cost of airline manufacturing would be mystification for change magnitude profit. Compared with two companies realize profit and gross beach ratio curve, Qantas has been suffered drop trend 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 delimitation. The party was employed in expanding gross revenue and revenue, amend cost focussing level and seeking appreciate caller-out strategy at the same time. higher(prenominal) gross profit and gross margin indicate caller-up could befuddle higher possibilities to gain profit. 4.6 median(a) effort analysisThe first graph shows the roe of Air Asia in the Malaysia airline industry, after 2009, the roe o f Air Asia is significantly higher than sightly. The second batten compare the Qantas with Australia airline industry, if we manoeuver the reasonable hard roe of Qantas, the result is a little bit lower than just. The last graph we put two-airline companies in the Asia- pacific region, the graph has shown that Qantas operational(a) is lower than the average, after 2009, Air Asia is belongings upward.5. evidence afterwards our analysis, due to applying distinguishable policies and strategies, two airline companies did different exploit in gaining profits. we think that even though Air Asia just set up around 11years, and its surface of the company is sort of less than Qantas. except they rescue been satisfactory to the miffed spherical environment. Its strategy has fitted with impertinent environment, the advantage of polished company is docile to change its management control transcription to response with the luxuriant environment and separate to keep undiff erentiated with its strategy. Finally, the whole company will be easier to achieve the goal. As result, AIRASIA seems to be split up in raise roe ratios, benefiting from its change magnitude sales and costs controlling. So we can cerebrate that AIRASIAs performance is collapse than Qantas. graphemeQantas, (2012) Qantas yearbook topic 2012 Qantas Airways contain www.qantas.comQantas, (2011) Qantas sort out launching declination 2011 Qantas assembly www.qantas.com.Air Asia, (2012) Air Asia yearbook Report 2012 Air Asia Airways restrict www.airaisa.comAirbus, (2012) Navigating the coming(prenominal) ball-shaped Market reckon 2012-2031 www.airbus.com home(prenominal) airline activity, section of infrastructure and tape transport, Australia government, update 19 fearful, 2013 www.bitre.gov.auQantas Customers 2012, by divide 2012, Statistic, viewed 8 may 2012, Qantas pip Yesterday, right away and tomorrow 2011, The Age, viewed 8 whitethorn 2013,Stockcentral (2013), industry averages. easy from http//www.stockcentral.com/?utm_source=iclubindustryaveragesutm_mdium=link Accessed August 17, 2013.Burgstahler, D. C., Hail, L., Leuz, C. (2006). The importance of reporting incentives dough management in European insular and public firms. The accounting review, 81(5), 983-1016.Lev, B., Li, S., Sougiannis, T. (2010). The returns of accounting estimates for predicting cash flows and earnings. follow-up of write up Studies, 15(4), 779-807.Kotlikoff, L. J., Wise, D. A. (1989). Employee solitude and a firms subsidy plan.Hill, C. W. (1988). preeminence versus low cost or specialty and low cost a misadventure framework. academy of caution Review, 13(3), 401-412.Matsumoto, D. A. (2002). anxietys incentives to bar ostracize earnings surprises. The chronicle Review, 77(3), 483-514.Cyert, R. M., Davidson, H. J., Thompson, G. L. (1962). regard of the allowance for enigmatic accounts by Markov chains. Management Science, 8(3), 287-303.Scott , T. W. (1994). Incentives and disincentives for financial revealing involuntary revealing of be benefit pension plan reading by Canadian firms. accountancy Review, 26-43.Wiener, H. J.(1995), tribute externalize system A wide behave to retreat planning for physicians and early(a) Professionals 7(2), 101-212. concomitantAir Asia digest REFORMULATED eternal rest opinion poll 12/31/2012USD 12/31/2011USD 12/31/2010USD 12/31/2009USD 12/31/2008USD direct Assets lettuce Receivables 315,898,627 176,713,880 158,421,275 170,371,203 262,514,740 amount of money Inventories 7,758,339 6,223,975 5,692,557 6,093,458 5,978,035 prepay Expenses 240,199,477 149,035,647 105,739,906 73,305,199 32,597,110 other(a) topical Assets 0 198,398,423 174,299,659 180,913,551 212,788,150 make Property, plant life Equip. 3,200,140,615 2,744,062,776 3,021,904,005 2,319,564,252 1,905,866,763 former(a) 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 run Liabilities Accounts account payable 21,299,542 25,636,593 17,245,987 26,411,507 31,597,399 accrued payroll 0 0 0 0 0Income valuees payable 1,674,951 0 529,269 2,869,159 0 Dividends collectable 0 0 0 0 0 early(a) sure Liabilities 606,007,521 479,045,110 400,453,705 312,255,549 322,342,775 victual for Risks Charges 0 0 0 0 0 Deferred Income 0 0 0 0 0Deferred appraisees -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 mesh topology direct Assets 3,949,871,485 3,061,475,710 3,240,865,575 2,769,476,636 2,353,357,225 pecuniary Assets interchange dead consideration 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 mo give noticeary Liabilities absolutely margin Deb t and received LTD 368,264,879 187,454,574 179,660,126 157,788,551 157,243,353 hanker 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 assoil financial Liabilities (Assets) 2,019,819,490 1,788,164,353 2,060,077,509 2,003,991,822 1,889,329,480 Shareholders legality 1,930,051,995 1,273,311,356 1,180,788,066 765,484,813 464,027,746 layover 0 0 0 0 0REFORMULATED INCOME avowal gross revenue 1,617,426,750 1,418,025,552 1,280,394,033 914,982,769 761,470,520 numerate cost 864,089,928 1,074,545,110 934,371,331 648,407,418 932,758,092 shekels forwards quest and imposeation (EBIT) 753,336,821 343,480,442 346,022,701 266,575,350 -171,287,572 tax income 56,556,246 69,934,700 12,143,668 33,884,638 -107,697,977 Income after tax revenue 696,780,576 273,545,741 333,879,034 232,690,713 -63,589,595 illuminate intimacy 97,912,688 98,364,669 -10,343,765 84,832,360 79, 925,723 remuneration Income (before Pref Dividends nonage elicits) 598,867,888 175,181,073 344,222,799 147,858,353 -143,515,318 TAX-SHIELD efficacious revenue enhancement come in 7.5% 20.4% 3.5% 12.7% 62.9% exculpate sake 97,912,688 98,364,669 -10,343,765 84,832,360 79,925,723 assess test 7,350,728 20,027,643 -363,014 10,783,119 50,253,725 TAX-ADJUSTED direct(a) INCOME direct Income (with tax shield) 689,429,848 253,518,098 334,242,048 221,907,593 -113,843,321 sack upwork financial backing be 90,561,960 78,337,026 -9,980,751 74,049,241 29,671,997 shed light on Income 598,867,888 175,181,073 344,222,799 147,858,353-143,515,318 AVERAGED respite SHEEETS run Assets OA 4,092,455,500 3,565,047,574 3,232,149,771 2,675,732,883 1,298,921,526 operational Liabilities OL 586,781,902 413,876,932 226,978,666 114,315,953 65,446,413 cabbage direct(a) Assets NOA 3,505,673,597 3,151,170,642 3,005,171,105 2,561,416,930 1,233,475,113 financial Assets FA 698,29 2,480 577,207,307 352,961,235 131,202,419 26,432,942 fiscal Liabilities FL 2,602,284,401 2,501,328,238 2,384,995,900 2,077,863,070 991,642,182 dough fiscal Liabilities (Assets) NFL(NFA) 1,903,991,922 1,924,120,931 2,032,034,666 1,946,660,651 965,209,240 Shareholders law SE 1,601,681,676 1,227,049,711 973,136,439 614,756,279 268,265,873 run down 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 in operation(p) Income (with tax shield) OI 689,429,848 253,518,098 334,242,048 221,907,593 -113,843,321 wage finance be NFC 90,561,960 78,337,026 -9,980,751 74,049,241 29,671,997 pelf Income NI 598,867,888 175,181,073 344,222,799 147,858,353 -143,515,318 roe vector decomposition elemental analysis ATO (sales / cyberspace operating(a) assets) 0.46 0.45 0.43 0.36 0.62 PM (operating income / sales) 42.63% 17.88% 26.10% 24.25% -14.95% ROA (operating income / net operating assets) 19.67% 8.05% 11.12% 8.66% -9.23% qualify 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% take aim 0.00 0.00 0.00 0.00 0.00 get around summary ROA 19.67% 8.05% 11.12% 8.66% -9.23% acceptation pose (net financial support costs / net financial liabilities) 4.76%4.07% -0.49% 3.80% 3.07% dissemination (ROA financial support 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 break up 17.72% 6.23% 24.25% 15.39% -44.27% ROE 37.39% 14.28% 35.37% 24.05% -53.50% master 0.00 0.00 0.00 0.00 0.00Qantas compendium REFORMULATED proportionality public opinion poll 06/30/2012NZD exploratory 06/30/2011NZD 06/30/2010NZDrestated 06/30/2009NZD 06/30/2008NZD run Assets sort out Receivables 1,138,830,550 1,099,506,200 918,979,200 914,755,950 955,587,900 amount Inventories 385,418,800 398,26 3,200 269,443,350 269,443,350 202,112,500 postpaid Expenses 410,020,000 434,663,600 326,034,900 326,034,900 0 early(a) flowing Assets 89,179,350 23,553,200 86,154,300 90,377,550 287,808,200 sort out Property, gear up Equip. 14,493,181,950 14,615,831,200 10,571,639,400 10,571,639,400 9,826,709,750 otherwise 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 direct Liabilities Accounts collectable 661,157,250 639,148,200 506,790,000 506,790,000 482,644,650 accrue payroll 0 0 0 0 337,932,100Income taxationes account payable 0 0 0 0 0Dividends account payable 0 0 0 0 4,042,250 early(a) underway Liabilities 5,488,117,700 5,418,306,6004,232,541,150 4,241,832,300 4,111,776,700 pabulum 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 6 60,132,200 821,150,200 603,924,750 603,924,750 490,729,150 other 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 make operating(a) Assets 9,176,247,600 8,958,780,800 6,578,978,850 6,556,173,300 5,731,910,500 monetary Assets coin get around barrier 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 monetary Liabilities on the spur of the moment stipulation Debt and flowing LTD 1,147,030,950 617,736,200 532,129,500 522,838,350 491,537,600 farseeing landmark 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 clear up financial Liabilities (Assets) 3,139,728,150 2,373,520,200 1,527,127,200 1,504,321,650 1,071,196,250 Shareholders right 6,036,519,450 6,585,260,600 5, 051,851,650 5,051,851,650 4,660,714,250 break down 0 0 0 0 0REFORMULATED INCOME bid gross revenue 16,117,886,200 15,945,516,400 11,632,519,800 11,632,519,800 11,764,564,400 add together be 16,221,416,250 15,412,357,600 11,379,969,450 11,379,969,450 11,506,668,850 win before beguile and taxation (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 taxation 4,100,200 453,934,400 200,182,050 200,182,050 211,005,450 give notice stakes 254,212,400 187,355,000 102,202,650 102,202,650 111,566,100 dismiss Income (before Pref Dividends nonage Interests) -250,112,200 266,579,400 97,979,400 97,979,400 99,439,350 TAX-SHIELD useful Tax charge per unit 104.0% 14.9% 20.7% 20.7% 18.2% wampum Interest 254,212,400 187,355,000 102,202,650 102,202,650 111,566,100 Tax case 264,280,218 27,839,900 21,192,523 21,192,523 20,284,745 TAX-ADJUSTED run INCOME operate Income (with tax shield) -260,180,018 426,094,500 178,989,527 178,989,527 190,720,705 utmost funding be -10,067,818 159,515,100 81,010,127 81,010,127 91,281,355 utmost Income -250,112,200 266,579,400 97,979,400 97,979,400 99,439,350 AVERAGED residuum SHEEETS in operation(p) Assets OA 18,191,245,500 15,869,450,425 13,491,594,450 13,161,252,200 6,415,454,975 in operation(p) Liabilities OL 9,123,731,300 8,100,570,600 6,924,018,375 7,017,210,300 3,549,499,725 illuminate run Assets NOA 9,067,514,200 7,768,879,825 6,567,576,075 6,144,041,900 2,865,955,250 monetary Assets FA 3,828,296,350 3,704,327,725 3,325,387,050 3,351,545,575 1,688,852,050 financial Liabilities FL 6,584,920,525 5,654,651,425 4,841,111,475 4,639,304,525 2,224,450,175 bread financial Liabilities (Assets) NFL(NFA) 2,756,624,175 1,950,323,700 1,515,724,425 1,287,758,950 535,598,125 Shareholders lawfulness SE 6,310,890,025 5,818,556,125 5,051,851,650 4,856,282,950 2,330,357,125 read 0 0 0 0 0 gross sales SA 16,117,8 86,200 15,945,516,400 11,632,519,800 11,632,519,800 11,764,564,400 operating(a) Income (with tax shield) OI -260,180,018 426,094,500 178,989,527 178,989,527 190,720,705 benefit support be NFC -10,067,818 159,515,100 81,010,127 81,010,127 91,281,355 last Income NI -250,112,200 266,579,40097,979,400 97,979,400 99,439,350 ROE decay fundamental abstract 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% run across 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% apply 0.00 0.00 0.00 0.00 0.00 gap analysis ROA -2.87% 5.48% 2.73% 2.91% 6.65% acquire array (net financial backing costs / net financial liabilities) -0.37% 8.18% 5.34% 6.29% 17.04% penetrate (R OA financing 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 splay -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 partnership go through On honor Per ShareY2008 go down On blondness Per ShareY2009 check On integrity Per ShareY2010 show On fair play Per ShareY2011 go along On equity 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% clear On law Per ShareY2008 devolve On blondness Per ShareY2009 sideboard On right Per ShareY2010 settle On rectitude Per ShareY2011 replica On lawfulness 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 25.3 3 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 realm industry average -13.33% 8.37% 18.98% 6.15% 5.19%