Qantas 2003 Annual Report Download - page 5

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page 3
Spirit of Australia
7 days a week 365 days a year
Sydney, Australia_33º 53‘S 151º10‘E_2.05 PM Frankfurt, Germany_50º 7‘N 8º 41‘E_9.25 PM
ANNUAL RESULTS
In this extremely challenging environment, Qantas achieved a
profit before tax of $502.3 million for the year ended 30 June
2003 and a net profit after tax of $343.5 million.
Revenue for the year totalled $11.4 billion, while total
expenditure was $10.8 billion.
After a record first half profit before tax of $513.1 million, the
war in Iraq and SARS combined to decimate the company’s
profitability in the second half of the year. All areas of the
company were affected. International operations were hit
particularly badly, with the number of inbound visitors to Australia
falling by more than 20 per cent in some months and up to
45 per cent on some Asian routes. International operations
incurred an earnings before interest and tax loss of $54.5 million
in the second half of the year. The fall in demand for international
travel also affected domestic operations because 15 per cent of all
domestic passengers come from inbound international services.
The Directors declared a fully franked final dividend of 9 cents
per share, bringing total fully franked dividends for the year to
17 cents per share.
OUR PEOPLE
Qantas has met the substantial challenges confronting the
aviation industry with discipline, flexibility and the wholehearted
support of our people.
It is a tribute to all our staff and to our management that the
company performed so well given the negative circumstances
existing in the airline industry.
We would like to take this opportunity to thank them for their
efforts through another very difficult year.
Qantas employs approximately 34,000 full time equivalent
employees, including 2,800 pilots and other flight crew,
6,800 cabin crew and 25,000 ground and administration staff
(which includes sales and support, airports, engineering and
maintenance, freight and catering). This makes Qantas one
of Australia’s largest employers.
Our people responded magnificently to the bombings in Bali, the
bushfires in Canberra and Sydney and numerous other instances
where our customers and the community needed assistance
during the year (see page 24). This continued a proud tradition
of community spirit at Qantas.
Qantas also launched its Family and Life Friendly Strategy during
the year, an initiative that includes the provision of on-site