Qantas - 2007 2008 2009 2010 2011 ROE Err:520 Err:520...

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2007 2008 2009 2010 2011 ROE Err:520 Err:520 Err:520 Err:520 Err:520 FCFE Err:520 Err:520 Err:520 Err:520 Err:520 Average Earnings Growth over last 3 years Cost of equity capital 143,000,000.00 171,000,000.00 262,000,000.00 re=rf+beta(market risk premium) 17.00% 0.1958041958 0.5321637427 DISCOUNTED ABNORMAL EARNINGS MODEL Abnormal E1 Abnormal E2 Abnormal E3 Abnormal E4 Abnormal E5 Abnormal E6 Abnormal E7 Abnormal E8 Abnormal E9 Abnormal E10 Abnormal E11 Book value of equity 262,000,000 255,460,000 312,031,800 308,986,394 306,458,707 254,360,727 211,119,403 175,229,105 145,440,157 120,715,330 335,201,170 Present Value 223,931,624 186,616,992 194,823,469 164,890,604 139,779,234 99,159,628 70,344,009 49,902,160 35,400,678 25,113,301 397,346,862 Total ### Per Share Err:520 Current Market Price 1.6 Margin of Safety 20.79%
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Standard Accounts Item FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 Sales Operating Revenue 15,165,700,000 14,811,000,000 13,017,000,000 12,667,000,000 13,969,000,000 Other Income Other Revenue 0 1,380,900,000 1,535,000,000 1,105,000,000 925,000,000 Total Revenue Excluding Interest 15,165,700,000 16,191,900,000 14,552,000,000 13,772,000,000 14,894,000,000 Cost of Sales (by function) Operating Expenses -12,689,700,000 -13,587,600,000 -12,933,000,000 -12,261,000,000 -13,197,000,000 EBITDA 2,476,000,000 2,604,300,000 1,619,000,000 1,511,000,000 1,697,000,000 Depreciation -1,362,700,000 -1,469,300,000 -1,390,000,000 -1,199,000,000 -1,249,000,000 Amortisation 0 0 0 0 0 Depreciation and Amortization (by n Depreciation And Amortisation -1,362,700,000 -1,469,300,000 -1,390,000,000 -1,199,000,000 -1,249,000,000 EBIT 1,113,300,000 1,135,000,000 229,000,000 312,000,000 448,000,000 Interest Revenue 244,000,000 284,700,000 207,000,000 181,000,000 192,000,000 Interest Expense -258,900,000 -239,100,000 -229,000,000 -256,000,000 -305,000,000 Net Interest Expense or Income Net Interest Expense -14,900,000 45,600,000 -22,000,000 -75,000,000 -113,000,000 PreTax Profit 1,098,400,000 1,180,600,000 207,000,000 237,000,000 335,000,000 Tax Expense Tax Expense -312,500,000 -437,900,000 -58,000,000 -62,000,000 -74,000,000 Minority Interest Outside Equity Interests -200,000 -700,000 -6,000,000 -4,000,000 1,000,000 Net Profit after Tax Before Abnormals 785,900,000 742,700,000 149,000,000 175,000,000 261,000,000 Abnormals -66,300,000 227,000,000 -26,000,000 -59,000,000 -12,000,000 Abnormal Tax 0 0 0 0 0 Net Abnormals -66,300,000 227,000,000 -26,000,000 -59,000,000 -12,000,000 Net Profit/Loss Reported NPAT After Abnormals 719,400,000 969,000,000 117,000,000 112,000,000 250,000,000 Shares Outstanding at Period End 1,897,648,748 1,955,035,444 1,984,990,348 1,894,444,009 2,265,123,620 Weighted Average Number Of Shares 1,869,200,000 1,927,710,843 1,976,800,000 1,929,100,000 2,080,000,000 EPS Adjusted (cents/share) 39.8 38.5 6.9 7.6 11.6 EPS After Abnormals (cents/share) 36.4 50.2 5.6 4.9 11
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Standard Accounts Item FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 Current Assets Cash and Marketable Securities Cash 3,362,900,000.00 2,599,000,000.00 3,617,000,000.00 3,704,000,000.00 3,496,000,000.00 Trade Receivables Receivables 1,376,800,000 1,434,900,000 1,054,000,000 1,088,000,000 1,027,000,000 Other Current Assets Prepaid Expenses 0 0 0 138,000,000.00 0 Inventories Inventories 180,300,000.00 215,700,000.00 250,000,000.00 319,000,000.00 372,000,000.00 Cash and Marketable Securities Investments 604,800,000.00 1,076,000,000.00 561,000,000.00 233,000,000.00 318,000,000.00 Non-Current Tangible Assets NCA Held Sale 0 0 26,000,000.00 91,000,000.00 0 Other Current Assets Other 109,200,000.00 290,600,000.00 458,000,000.00 259,000,000.00 428,000,000.00 Total Current Assets 5,634,000,000 5,616,200,000 5,966,000,000 5,832,000,000 5,641,000,000 Non-Current Assets Other Non-Current Assets Receivables 372,700,000.00 531,800,000.00 522,000,000.00 407,000,000.00 423,000,000.00 Inventories 0 0 0 0 0 Other Non-Current Assets Investments 913,400,000.00 753,700,000.00 734,000,000.00 483,000,000.00 546,000,000.00 Non-Current Tangible Assets PP&E 12,308,300,000 12,341,000,000 12,155,000,000 12,516,000,000 13,652,000,000 Non-Current Intangible Assets Intangibles(ExGW) 233,100,000.00 301,900,000.00 427,000,000.00 449,000,000.00 593,000,000.00 Non-Current Intangible Assets Goodwill 132,800,000.00 146,500,000.00 237,000,000.00 219,000,000.00 0 Deferred Taxes - Non-Current Asse Future Tax Benefit 300,000.00 600,000.00 0 0 0 Other Non-Current Assets Other 11,100,000.00 8,400,000.00 8,000,000.00 4,000,000.00 3,000,000.00 Total NCA 13,971,700,000 14,083,900,000 14,083,000,000 14,078,000,000 15,217,000,000 Total Assets Total Assets 19,605,700,000 19,700,100,000 20,049,000,000 19,910,000,000 20,858,000,000 Current Liabilities Trade Payables Account Payable 2,005,700,000.00 2,173,900,000.00 1,833,000,000.00 1,750,000,000.00 1,738,000,000.00 Current Debt Short-Term Debt 863,700,000.00 587,200,000.00 608,000,000.00 619,000,000.00 577,000,000.00 Other Current Liabilities Provisions 1,071,700,000.00 1,547,800,000.00 507,000,000.00 448,000,000.00 456,000,000.00 Other Non-Current Liabilities (non in NCL Held Sale 0 0 0 4,000,000.00 0
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