Performance Evaluation of the Company Qantas Airways Limited

Contents Introduction 4 Company overview4 Financial statement analysis 5 Income statement analysis5 Cash flow statement analysis6 Financial position statement analysis 6 Ratio analysis 7 Return on assets 7 Inventory turnover 8 Quick ratio9 Price earnings ratio 9 Recommendation 10 Conclusion12 References13 Appendix 15 Introduction: Analyzing over the financial statement of an organization is one of the methods to evaluate the investment position and the returns from the company. Financial statement analysis process includes the balance sheet, income statement and the cash flow statement of an organization to measure

Running Head: Accounting for business
1
Project Report: Accounting for business

Accounting for business
2
Executive summary
In this report, financial and non financial performance of an organization has been
evaluated to measure the performance and the position of Qantas airways limited. This report
measures the financial performance and the position of Qantas limited to make a decision of
investment into the company. For evaluating the performance of the company, financial
statement of the business of last 2 years. Annual report of the company and various news
articles about the company has been studied and it has been found that the investment into the
company would offer higher returns to the company.

Accounting for business
3
Contents
Introduction.......................................................................................................................4
Company overview...........................................................................................................4
Financial statement analysis.............................................................................................5
Income statement analysis............................................................................................5
Cash flow statement analysis........................................................................................6
Financial position statement analysis...........................................................................6
Ratio analysis....................................................................................................................7
Return on assets............................................................................................................7
Inventory turnover........................................................................................................8
Quick ratio....................................................................................................................9
Price earnings ratio.......................................................................................................9
Recommendation............................................................................................................10
Conclusion......................................................................................................................12
References.......................................................................................................................13
Appendix.........................................................................................................................15

Accounting for business
4
Introduction:
Analyzing over the financial statement of an organization is one of the methods to
evaluate the investment position and the returns from the company. Financial analyst is a
process which examines the financial items and information of an organization to reach over
a decision about the business. Financial analysis process includes the balance sheet, income
statement and the cash flow statement of an organization to measure the changes and
compare the financial statement of the company with other company to identify the market
position. This process makes it simple for the financial analyst to measure that what changes
have occurred into the financial presentation of the corporation in last few years. It offers the
information to the financial managers, employees, customers, stockholders, suppliers,
financial institutes etc of the company about the financial performance of the company.
In the report, financial investigation learning has been done on Qantas limited. The
financial statement of the company of last 3 years has been evaluated along with the financial
statement of Virgin Australia limited, competitor of Qantas limited. The financial statements
of the company has been evaluated through identifying the changes into the financial
statement of the company in last few years as well as through conducting the study of ratio
analysis on the company. The report offers recommendation to the investors of the market to
invest into the company.
Company overview:
Qantas airways limited are based in the Australian market. The company offers the
airline services to its customers as domestic level as well as international level. Mainly, the
company is involved in the operations of domestic air transportation services and
international domestic air transportation services, frequent flyer loyalty program and the
provision of freight services (Reuters, 2018). The company is operating its business through
various segments. Some of the segments of the company are Qantas domestic, Jetstar group,
Qantas international, Qantas loyalty, Qantas freight and corporate. The segment of Qantas
international, Qantas domestic and Jetstar group are involving into the passenger flying
business (Our Company, 2018).
The Qantas freight segment is engaging into the freight express business and air
cargo. Further, the other segments are also offering the different services to the customers of
the company. The company has diversified its market at international level as well as to

Accounting for business
5
enhance the market share and manage the operations of the company. The company is the
oldest airline company in Australian market and it is among the largest airline companies in
Australia.
Financial statement analysis:
Financial statement analysis is a process which takes the concern of income
statement, changes in equity statement, cash flow statement and the balance sheet of the
company to measure the financial performance of the company. Financial statement analysis
and the outcome of financial statement analysis make it simple for the company to measure
the performance of the company. The financial statement analysis of Qantas has been
conducted and evaluated the changes which have occurred into the financial performance of
the company in last few years. The financial statement analysis of the company is as follows:
Income statement analysis:
Income statement is the final financial statement which includes the revenue, cost of
revenue, various operating expenses and net income which has been generated by the
company in a particular time period. The income statement of an organization is one of the
most scrutinized financial statements which are required to issue by every organization. The
various information from income statement of the company could be calculated and measure
to identify the current performance of the company and the changes into the organizations of
the company.
Income statement of Qantas limited has been estimated to measure the financial
performance of the company. On the basis of annual report (2017) of the company, it has
been measured that the total revenue of the company has been lowered by 0.66%% from
2016 in 2017. However, it has been found that the gross profit of the company has been
enhanced by 0.36%. Further evaluation on the income statement of the company briefs that
the operating income of the company has been lowered by -19.07% and the operating
expenses of the company has been enhanced by 3.36%. It leads to the net income of the
company which has been faced decrement of -17.20%.
The income statement of the company has been compared to the virgin Australia
holdings limited and on the basis of the annual report (2017), it has been found that the
revenue of the company has been enhanced but due to high operating expense, the net income
of Virgin Australia limited has been lowered by -15.71% (Appendix).

Accounting for business
6
It explains that the net profit level of both the companies have been reduced due to
changes into the industry position and increment in the prices. However, it has been found
that the internal changes and the policies of the company have been better and the operations
of the company have been affected due to industry changes only.
Cash flow statement analysis:
Cash flow statement is the final financial statement which includes the cash flow from
operating activities, investing activities and the financial activities which have been generated
by the company in a particular time period. The cash flow statement of an organization is
evaluated by the financial analyst and the financial officer of an organization to evaluate the
cash and liquidity position of the company. The various information from cash flow
statement of the company could be calculated and measure to identify the current cash
position of the company and the alternations into the cash position of the company.
Cash flow statement of Qantas limited has been estimated to measure the cash flow
position of the company. Annual report (2017) of the company explains that the total cash
flow from operating activities of the company has been lowered by -4.08% from 2016 in
2017. The changes have taken place due to huge cost of revenue of the company. Further, it
has been found that the cash flow from investing activities and financing activities of the
company has been enhanced by 6.4% and -53.21%. Further evaluation on the cash flow
statement of the company briefs that the free cash flow of the company has been enhanced by
11.24%. It explains that the overall cash position of the company has been better.
The cash flow statement of the Qantas limited has been compared to the virgin
Australia holdings limited and it has been found that the free cash flow of Virgin Australia
has been lower by 64.41%. It explains that the cash flow position of Qantas limited is far
better than the Virgin Australia limited.
Financial position statement analysis:
Financial position statement (Balance sheet) is the final financial statement which
includes the non-current assets, current assets, liabilities, stockholder’s equity etc. of an
organization on a particular day. The financial position statement of an organization is one of
the most scrutinized financial statements which are required to issue by every organization.
The various information from balance sheet of the company could be calculated and measure

Accounting for business
7
to identify the current position of the company and the changes into the organizations of the
company.
Final financial position statement of Qantas limited has been estimated to measure the
financial position of the company. On the basis of annual report (2017) of the company, it has
been measured that the total current assets and non-current assets of the company have been
enhanced by -9.8% and 6.45% from 2016 in 2017. It further explains that the total assets of
the company have been enhanced by 3.09%. Further evaluation on the liabilities of the
company briefs that the total liabilities of the company have been lowered by 3.09% and the
stockholder’s equity of the company has been enhanced by 8.66% (Appendix). It leads to the
conclusion that the net worth of the company has been enhanced by 3.09%. It explains that
the financial position of the company has been stronger from last year.
However, the balance sheet of the Qantas limited has been compared to the virgin
Australia holdings limited and it has been found that the total worth of the company has been
enhanced by 5.21%. It explains that the industry is achieving the growth. It explains that the
financial position of both the companies have been enhanced due to changes into the industry
position. It explains that the financial position of the company has been better.
Ratio analysis:
After evaluating the financial statement of the company, ratio analysis study has been
conducted on the Qantas limited to measure the liquidity position, profitability position,
market position, investment position, and efficiency position etc of the company. Ratio
analysis is a tool of financial statement analysis which measures the important factors of final
financial statements of the company and measure the financial performance of the company
(Saunders and Cornett, 2014). The ratio analysis study of Qantas limited has been analyzed
below:
Return on assets:
Return on assets is a financial and profitability ratio which measures the net profit of
the company in relation to the total assets of the company. Return on assets explains about
the total income which could be generated by the company on the basis of the total available
resources. The return on assets ratio of Qantas limited has been measured to identify the
performance of the company. The return on assets of the company of last 3 years is as
follows:

Accounting for business
8
Return on
assets 2015 2016 2017
Net profit / 557 1029 852
Total assets 17530 16705 17221
Answer: 3.18% 6.16% 4.95%
Return on assets of the company is 4.95% in 2017 whereas it was 3.18% and 6.16% in
2015 and 2016. The ROA explains that the performance of the company was quite better in
2016 (Morningstar, 2018). However performance and the profitability position of the
company in 2017 is also better. It explains that the company is generating 4.95% net income
on the basis of total resources of the company.
The return on assets position explains that the profitability level of the company has
been enhanced from 2015 and the company is a good choice for the purpose of investment.
Inventory turnover:
Inventory turnover is a financial and efficiency ratio which measures the total time
period in which the inventory is sold and replaced by the company. Inventory turnover
explains about the efficiency position and the working capital position of an organization.
The inventory turnover day ratio of Qantas limited has been measured to identify the
efficiency position of the company. The Inventory turnover of the company of last 3 years is
as follows:
Inventory Turnover
(days)
Average Inventory / 322 336 351
Cost of Sales # days
7,14
3 6,612 6,475
Answer: (note the above
needs to be x 365)
16.4
5 18.55 19.79
Inventory turnover of the company is 416.45 days, 18.55 days and 19.79 days in
2015, 2016 and 2017. The inventory turnover days explain that the inventory turnover days of
the company have been enhanced in 2017. It explains that the company has blocked more
amounts in the inventory and due to which more working capital would be required for the
activities and daily operations of the company. The efficiency and working capital position of
the company has been lower. And it explains that the company is required to reduce the level
of inventory days.

Accounting for business
9
The inventory turnover day position explains that the efficiency level of the
company has been worst from 2015 and the company. The company is required to reduce the
level of inventory to manage the position.
Quick ratio:
Quick ratio is a balance sheet and liquidity ratio which measures the total short term
debt payment obligation the company. Quick ratio explains about the liquidity position and
the short term debt payment position of an organization (Glajnaric, 2016). The quick ratio of
Qantas limited has been measured to identify the liquidity position of the company. The
quick ratio of the company of last 3 years is as follows:
Quick ratio
Current Assets - Inventory
/ 4,727 3,122 2,768
Current Liabilities 7,470 7,028 7,095
Answer: 0.63 0.44 0.39
Quick ratio of the company is 0.63, 0.44 and 0.39 in 2015, 2016 and 2017. The quick
ratio explains that the liquidity position of the company is continuously decreasing. It
explains that the company has reduced the level of the current assets in context with the
current liabilities of the company to measure the liquidity position of the company. The quick
position of the company has been lower. And it explains that the company is required to
enhance the level of the current assets to manage the performance and the liquidity position
again.
The quick ratio position explains that the liquidity level of the company has been
worst from 2015 and the company is required to reduce the level of current liabilities to
manage the short term debt obligation position of the company.
Price earnings ratio:
Price earnings ratio is a market ratio which measures the total earnings per share of
the company in relation to the current share price of the company. Price earnings ratio
explains about the investment and market position of an organization (Deegan, 2013). The
price earnings ratio of Qantas limited has been measured to identify the market position of
the company. The price earnings ratio of the company of current years is as follows:
Price earnings ratio

Accounting for business
10
Share price / 6.32
Earnings per share 0.46
Answer:
13.7
4
Price earnings ratio calculations of the company explain that the current PE ratio of
the company is 13.74. It explains that the company EPS of the company is 0.46 and the
market stock price of the company is 0.46. The market position of the company has been
enhanced. And it explains that the investment into the company would be a better option for
the investors.
The PE ratio position explains that the investment level of the company which has
better and it explains that the investment into the company would offer high returns to the
company.
Recommendation:
The corporate governance structure, various management approaches of the company,
investment activities, business operations, industry size, major competitors, market share etc
of the company has been evaluated to measure the performance of the company and the
investment option in the company.
Initially, the annual report (2017) of Qantas limited has been studied and it has been
found that the corporate governance structure of the company is quite strong. HSBC Custody
Nominees (Australia) Limited is the largest shareholder of the company. This company has
40.21% of total stock of the company. Further, it has been found that no directors have
invested more than 2% in the total stock of the company. In addition, no directors have
substantial interest in the stock of the company.

Accounting for business
11
Figure 1: Top 20 shareholders
(Annual report, 2017)
The integrity policy of the company explains that the company has followed the
Accounting standards and the IFRS rules to prepare the annual report of the company. All the
relevant information has been added by the company into the annual report and a brief
description of all the activities have also been given in the annual report of the company (Lee,
2006). The company has focused on the integrity concept so that no fake information could
be provided to the stakeholders of the company.
The management approaches of the company have also been studied and it has been
found that the company is always ready to take the risk for the betterment of the company
and to achieve the goals of the company. The company has followed the IFRS and AASB
rules to prepare the annual reports of the company. Further, the company has presented all the
required financial information in the annual report to disclose all the accounting and financial
process of the company (Laux and Leuz, 2009).
As discussed, the main operations of the company are to offer the air services to its
customers. The main services of the company include variation services, catering business,
low price planes, high cost services etc. The investment activities explain that the company
has launched various new segments to approach the new market and enhance the market base
of the company.

Accounting for business
12
The industry size of the company is also bigger and the Qantas limited is oldest and
one of the largest firms on the Australian aviation industry. The main competitors of the
company are Virgin Australian Holdings limited in Australian market and South west airlines
at international level. The market share of Qantas limited at international market is around
28% (Anna Aero, 2018) whereas the market share of virgin Australia and South west airlines
are 8% and 34% at international market (Euro Monitor, 2018).
On the basis of the above study, it has been found that the financial and non financial
performance of the company is quite strong in the market. The company has followed the
accounting rules to manage the performance of the company as well as the ratio analysis
study and financial analyst study of the comapny also explains about the better position of the
company.
It explains that the investment into the company would offer high return to the
investors of the company and thus the investors should invest into the company. Long term as
well as short term investment is profitable for the company (Centre for aviation, 2018). The
case explains that the management of the company is also strong. It has managed all the
activities of the company at better level.
Conclusion:
To conclude, Qantas limited is an Australian aviation company which is operating its
business at international and domestic level both. The annual report and the analysis over the
company briefs that the financial and management performance of the company is quite
better and if the investors would invest into the company than they would be able to earn
short term as well as long term returns from the company.

Accounting for business
13
References:
Anna Aero. 2018. Qantas is averaging 28% passenger share in international markets; steadily
losing domestic market share despite growth; next stop Beijing. . (Online). Available at:
http://www.anna.aero/2016/10/20/qantas-is-averaging-30-percent-passenger-share-in-its-top-
international-markets/ (Accessed 18/05/2018).
Annual report. 2017. Qantas airways limited. (Online). Available at:
http://investor.qantas.com/FormBuilder/_Resource/_module/doLLG5ufYkCyEPjF1tpgyw/
file/annual-reports/2017AnnualReport.pdf (Accessed 18/05/2018).
Annual report. 2017. Virgin Australia Holdings limited. (Online). Available at:
https://www.virginaustralia.com/cs/groups/internetcontent/@wc/documents/webcontent/
~edisp/2017-annual-report.pdf (Accessed 18/05/2018).
Centre for aviation. 2018. Australia domestic airline market outlook: Qantas Group reins in
capacity as Virgin continues growth. (Online). Available at:
https://centreforaviation.com/analysis/reports/australia-domestic-airline-market-outlook-
qantas-group-reins-in-capacity-as-virgin-continues-growth-218946 (Accessed 18/05/2018).
Deegan, C. 2013. Financial accounting theory. McGraw-Hill Education Australia.
Elliott, B., and Elliott, J. 2007. Financial accounting and reporting. Pearson Education.
Euro Monitor. 2018. Ranked: Top 20 Global Airline Brands by Market Share. (Online).
Available at: https://blog.euromonitor.com/2017/11/top-20-global-airline-brands-market-
share.html (Accessed 18/05/2018).
Glajnaric, M., 2016. The importance of dividend paying stocks. Equity, 30(2), p.6.
Laux, C. and Leuz, C., 2009. The crisis of fair-value accounting: Making sense of the recent
debate. Accounting, organizations and society, 34(6), pp.826-834.
Lee, T.A., 2006. The FASB and accounting for economic reality. Accounting and the Public
Interest, 6(1), pp.1-21.
Morningstar. 2018. Competitors. (Online). Available at:
http://financials.morningstar.com/competitors/industry-peer.action?
t=QUBSF&region=usa&culture=en-US (Accessed 18/05/2018).

Accounting for business
14
Our company. 2018. Qantas airways limited. (Online). Available at:
https://www.qantas.com/travel/airlines/company/global/en (Accessed 18/05/2018).
Reuters. 2018. Qantas airways limited. (Online). Available at:
https://www.reuters.com/finance/stocks/companyProfile/QAN.AX (Accessed 18/05/2018).
Saunders, A., and Cornett, M. M. 2014. Financial institutions management. McGraw-Hill
Education,.

Accounting for business
15
Appendix:
QANTAS AIRWAYS LTD (QAN) CashFlowFlag INCOME STATEMENT
Fiscal year ends in June. AUD in millions except per share
data.
2015-
06
2016-
06
2017-
06
Revenue 15532 15784 15680
Cost of revenue 7143 6612 6475
Gross profit 8389 9172 9205
Operating expenses
Sales, General and administrative 4779 5255 5281
Other operating expenses 2846 2690 2931
Total operating expenses 7625 7945 8212
Operating income 764 1227 993
Interest Expense 349 284 235
Other income (expense) 374 481 423
Income before income taxes 789 1424 1181
Provision for income taxes 229 395 328
Net income from continuing ops 560 1029 853
Other -3 -1
Net income 557 1029 852
Net income available to common shareholders 557 1029 852
Earnings per share
Basic 0.27 0.49 0.46
Diluted 0.27 0.49 0.46
Weighted average shares outstanding
Basic 2062 2083 1853
Diluted 2062 2083 1853
EBITDA 2234 2932 2798
QANTAS AIRWAYS LTD (QAN) CashFlowFlag BALANCE SHEET
Fiscal year ends in June. AUD in millions except per share
data.
2015-
06
2016-
06
2017-
06
Assets
Current assets
Cash
Cash and cash equivalents 2908 1980 1775
Short-term investments 613 229 100
Total cash 3521 2209 1875
Receivables 959 795 784
Inventories 322 336 351
Prepaid expenses 109
Other current assets 138 118 109

Accounting for business
16
Total current assets 5049 3458 3119
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 22464 24457 25940
Accumulated Depreciation
-
11749
-
12787
-
13687
Net property, plant and equipment 10715 11670 12253
Equity and other investments 183 243 257
Goodwill 206 208 207
Intangible assets 597 701 818
Deferred income taxes 333 39
Other long-term assets 447 386 567
Total non-current assets 12481 13247 14102
Total assets 17530 16705 17221
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 678 338 330
Capital leases 93 103 103
Accounts payable 550 1986 2067
Deferred revenues 3584 3525 3685
Other current liabilities 2565 1076 910
Total current liabilities 7470 7028 7095
Non-current liabilities
Long-term debt 3386 3055 3144
Capital leases 1405 1366 1261
Deferred taxes liabilities 353
Other long-term liabilities 1827 2001 1831
Total non-current liabilities 6618 6422 6589
Total liabilities 14088 13450 13684
Stockholders' equity
Common stock 4623 3575 3053
Retained earnings -1115 -100 472
Accumulated other comprehensive income -66 -220 12
Total stockholders' equity 3442 3255 3537
Total liabilities and stockholders' equity 17530 16705 17221
QANTAS AIRWAYS LTD (QAN) Statement of CASH FLOW
Fiscal year ends in June. AUD in millions except per share
data.
2015-
06
2016-
06
2017-
06
Cash Flows From Operating Activities
Other non-cash items 2048 2819 2704

Accounting for business
17
Net cash provided by operating activities 2048 2819 2704
Cash Flows From Investing Activities
Investments in property, plant, and equipment -1359 -1618 -1368
Property, plant, and equipment reductions 194 509 34
Acquisitions, net 21
Purchases of investments -49 -39 -16
Sales/Maturities of investments 266 27
Sales of intangibles
Other investing activities -17 -802 -696
Net cash used for investing activities -944 -1923 -2046
Cash Flows From Financing Activities
Debt issued 796 -807 419
Debt repayment -2276 -453
Repurchases of treasury stock -1 -1080 -564
Cash dividends paid -4 -264
Other financing activities 267 62 8
Net cash provided by (used for) financing activities -1218 -1825 -854
Effect of exchange rate changes 21 1 -9
Net change in cash -93 -928 -205
Cash at beginning of period 3001 2908 1980
Cash at end of period 2908 1980 1775
Free Cash Flow
Operating cash flow 2048 2819 2704
Capital expenditure -1359 -1618 -1368
Free cash flow 689 1201 1336
Supplemental schedule of cash flow data
Cash paid for income taxes -2 -2 -4
Cash paid for interest -281 -227 -164
Ratio Calculations 2015 2016 2017
Qantas Limited
Profitability Ratios: 2015 2016 2017
Return on assets
Net profit / 557 1029 852
Total assets 17530 16705 17221
Answer: 3.18% 6.16% 4.95%
Qantas Limited
Asset Efficiency Ratios 2015 2016 2017
Inventory Turnover (days)
Average Inventory / 322 336 351
Cost of Sales # days 7,143 6,612 6,475

Accounting for business
18
Answer: (note the above needs to be x 365) 16.45 18.55 19.79
Qantas Limited
Liquidity Ratios 2015 2016 2017
Quick ratio
Current Assets - Inventory / 4,727 3,122 2,768
Current Liabilities 7,470 7,028 7,095
Answer: 0.63 0.44 0.39
Investor's Ratios 2015 2016 2017
Price earnings ratio
Share price / 6.32
Earnings per share 0.46
Answer:
13.7
4
QANTAS AIRWAYS LTD (QAN) CashFlowFlag INCOME
STATEMENT
Fiscal year ends in June. AUD in millions except per share
data.
2017-
06
Revenue -0.66%
Cost of revenue -2.07%
Gross profit 0.36%
Operating expenses
Sales, General and administrative 0.49%
Other operating expenses 8.96%
Total operating expenses 3.36%
Operating income
-
19.07%
Interest Expense
-
17.25%
Other income (expense)
-
12.06%
Income before income taxes
-
17.06%
Provision for income taxes
-
16.96%
Net income from continuing ops
-
17.10%
Other
Net income
-
17.20%
Net income available to common shareholders
-
17.20%
Earnings per share

Accounting for business
19
Basic -6.12%
Diluted -6.12%
Weighted average shares outstanding
Basic
-
11.04%
Diluted
-
11.04%
EBITDA -4.57%
VIRGIN AUSTRALIA HOLDINGS LTD (VBL) CashFlowFlag
INCOME STATEMENT
Fiscal year ends in June. AUD in millions except per share
data. 2017-06
Revenue 1.10%
Cost of revenue -14.92%
Gross profit 5.22%
Operating expenses
Sales, General and administrative 8.34%
Depreciation and amortization 9.93%
Other operating expenses 4.77%
Total operating expenses 6.78%
Operating income -10.03%
Interest Expense 2.21%
Other income (expense) -28.94%
Income before income taxes -32.08%
Provision for income taxes -48.51%
Net income from continuing ops -17.33%
Other -5.56%
Net income -15.71%
Net income available to common shareholders -15.71%
Earnings per share
Basic -57.14%
Diluted -57.14%
Weighted average shares outstanding
Basic 126.22%
Diluted 126.22%
EBITDA 454.05%
QANTAS AIRWAYS LTD (QAN) CashFlowFlag BALANCE SHEET
Fiscal year ends in June. AUD in millions except per share
data. 2017-06
Assets

Accounting for business
20
Current assets
Cash
Cash and cash equivalents -10.35%
Short-term investments -56.33%
Total cash -15.12%
Receivables -1.38%
Inventories 4.46%
Prepaid expenses
Other current assets -7.63%
Total current assets -9.80%
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 6.06%
Accumulated Depreciation 7.04%
Net property, plant and equipment 5.00%
Equity and other investments 5.76%
Goodwill -0.48%
Intangible assets 16.69%
Deferred income taxes
-
100.00%
Other long-term assets 46.89%
Total non-current assets 6.45%
Total assets 3.09%
VIRGIN AUSTRALIA HOLDINGS LTD (VBL) CashFlowFlag
BALANCE SHEET
Fiscal year ends in June. AUD in millions except per share
data. 2017-06
Assets
Current assets
Cash
Cash and cash equivalents 24.20%
Short-term investments -21.88%
Total cash 22.92%
Receivables -4.74%
Inventories 9.52%
Deferred income taxes
Prepaid expenses 7.32%
Other current assets -94.55%
Total current assets 4.32%
Non-current assets
Property, plant and equipment

Accounting for business
21
Gross property, plant and equipment 1.48%
Accumulated Depreciation 1.30%
Net property, plant and equipment 1.53%
Equity and other investments 10.41%
Goodwill 0.00%
Intangible assets 8.67%
Deferred income taxes 30.66%
Other long-term assets 7.02%
Total non-current assets 5.57%
Total assets 5.21%
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt -68.54%
Capital leases 200.00%
Accounts payable -4.59%
Deferred revenues 8.48%
Other current liabilities 51.15%
Total current liabilities -15.54%
Non-current liabilities
Long-term debt 0.91%
Capital leases 40.00%
Deferred revenues
Pensions and other benefits 18.75%
Minority interest
-
146.15%
Other long-term liabilities 18.47%
Total non-current liabilities 3.87%
Total liabilities -6.65%
Stockholders' equity
Common stock 71.43%
Other Equity -27.14%
Retained earnings 43.00%
Accumulated other comprehensive income -9.21%
Total stockholders' equity 71.93%
Total liabilities and stockholders' equity 5.21%
QANTAS AIRWAYS LTD (QAN) Statement of CASH FLOW
Fiscal year ends in June. AUD in millions except per share
data. 2017-06
Cash Flows From Operating Activities
Other non-cash items -4.08%

Accounting for business
22
Net cash provided by operating activities -4.08%
Cash Flows From Investing Activities
Investments in property, plant, and equipment -15.45%
Property, plant, and equipment reductions -93.32%
Acquisitions, net
Purchases of investments -58.97%
Sales/Maturities of investments
-
100.00%
Sales of intangibles
Other investing activities -13.22%
Net cash used for investing activities 6.40%
Cash Flows From Financing Activities
Debt issued
-
151.92%
Debt repayment
Repurchases of treasury stock -47.78%
Cash dividends paid
Other financing activities -87.10%
Net cash provided by (used for) financing activities -53.21%
Effect of exchange rate changes
Net change in cash -77.91%
Cash at beginning of period -31.91%
Cash at end of period
Free Cash Flow
Operating cash flow -4.08%
Capital expenditure -15.45%
Free cash flow 11.24%
Supplemental schedule of cash flow data
Cash paid for income taxes 100.00%
Cash paid for interest -27.75%
VIRGIN AUSTRALIA HOLDINGS LTD (VBL) Statement of CASH
FLOW
Fiscal year ends in June. AUD in millions except per share
data. 2017-06
Cash Flows From Operating Activities
Cash Flows From Investing Activities
Investments in property, plant, and equipment -38.71%
Property, plant, and equipment reductions -55.02%
Acquisitions, net
-
200.00%
Purchases of investments -2.04%
Sales/Maturities of investments -

Accounting for business
23
100.00%
Purchases of intangibles -21.28%
Sales of intangibles
Other investing activities
Net cash used for investing activities -14.65%
Cash Flows From Financing Activities
Debt issued -36.42%
Debt repayment 55.74%
Common stock issued 512.50%
Cash dividends paid -9.52%
Other financing activities
-
100.00%
Net cash provided by (used for) financing activities 28.52%
Effect of exchange rate changes
-
134.78%
Net change in cash -98.06%
Cash at beginning of period 9.34%
Cash at end of period 21.30%
Free Cash Flow
Capital expenditure -37.63%
Free cash flow -64.41%
Supplemental schedule of cash flow data
Cash paid for interest -3.29%