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Financial statements

Statement of Comprehensive Income-as at 30 June 2020

Statement of Comprehensive Income-as at 30 June 2020

2020

2019

Notes

$'000

$'000

CONTINUING OPERATIONS

INCOME

Airways revenues

1.1

745,743

1,093,958

Government assistance

1.1

250,000

-

Finance income

1.1

2,480

5,979

Reversal of previous asset write-down

485

955

Other business revenue

22,061

24,940

Net gain on disposal of non-current assets

1.1

-

710

Miscellaneous income

761

534

TOTAL INCOME

1,021,530

1,127,076

EXPENSES

Employee benefits

1.2

642,098

644,538

Suppliers

218,532

219,516

Depreciation and amortisation

2.3

152,443

141,650

Finance costs

1.2

21,199

21,906

Impairment loss on financial instruments

1.2

20,290

618

Write-down and impairment of other assets

1.2

2,971

11,027

Net loss on disposal of non-current assets

1.2

497

-

TOTAL EXPENSES

1,058,030

1,039,255

(LOSS)/ PROFIT BEFORE INCOME TAX

(36,500)

87,821

Income tax (benefit)/ expense

1.3

(11,531)

25,414

(LOSS)/ PROFIT AFTER INCOME TAX

(24,969)

62,407

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified to profit or loss

Changes in asset revaluation reserve

5,824

14,056

Actuarial loss on defined benefit fund

4.2

(47,783)

(39,090)

Income tax on items that will not be reclassified to profit or loss

12,588

7,510

Items that may be reclassified subsequently to profit or loss

Loss on foreign exchange hedges

(1,161)

(150)

Income tax on items that may be reclassified to profit or loss

348

45

TOTAL OTHER COMPREHENSIVE INCOME NET OF TAX

(30,184)

(17,629)

TOTAL COMPREHENSIVE (LOSS)/ INCOME

(55,153)

44,778

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

Statement of Financial Position-as at 20 June 2020

Statement of Financial Position-as at 30 June 2020

2020

2019

Notes

$'000

$'000

CURRENT ASSETS

Cash and cash equivalents

3.1

517,808

381,706

Trade and other receivables

2.1

32,743

126,662

Prepayments

36,253

32,436

Inventories

2,091

1,926

Assets classified as held for sale

2.2

445

3,272

Other current financial assets

2.6

4,024

338

TOTAL CURRENT ASSETS

593,364

546,340

NON-CURRENT ASSETS (1)

Property, plant and equipment

2.3

957,855

911,987

Intangible assets

2.3

87,373

94,630

Assets under construction

2.3

501,036

259,903

Deferred tax assets

1.3

15,743

-

Defined benefit fund asset

4.2

143,538

210,402

Other non-current financial assets

2.6

13,345

16,156

TOTAL NON-CURRENT ASSETS

1,718,890

1,493,078

TOTAL ASSETS

2,312,254

2,039,418

CURRENT LIABILITIES

Trade and other payables

2.5

121,495

106,766

Employee provisions

4.1

215,712

221,311

Income tax payable

816

39,751

Other provisions

2.5

15,908

19,612

Borrowings

3.3

479,593

4,989

Other current financial liabilities

2.6

1,739

841

Other current liabilities

2.7

13,596

375

TOTAL CURRENT LIABILITIES

848,859

393,645

NON-CURRENT LIABILITIES

Deferred tax liability

1.3

-

14,252

Employee provisions

4.1

39,129

42,617

Other provisions

2.5

74,976

62,813

Borrowings

3.3

671,599

672,354

Other non-current financial liabilities

2.6

19,105

14,890

Other non-current liabilities

2.7

161,880

89,125

TOTAL NON-CURRENT LIABILITIES

966,689

896,051

TOTAL LIABILITIES

1,815,548

1,289,696

NET ASSETS

496,706

749,722

EQUITY

Retained earnings

355,798

408,317

Reserves

118,718

119,215

Contributed equity

22,190

222,190

TOTAL EQUITY

496,706

749,722

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

(1) The Entity has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 117.

Statement of Changes in Equity-as at 30 June 2020

Statement of Changes in Equity-for year ended 30 June 2020

Retained earnings

Asset revaluation reserve

Foreign exchange hedge reserve

Total reserves

Contributed equity

Total equity

2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

Opening balance

Balance carried forward from previous period

408,317

367,313

120,118

122,482

(903)

(798)

119,215

121,684

222,190

222,190

749,722

711,187

Adjustment for changes in accounting policies

-

(1,410)

-

-

-

-

-

-

-

(1,410)

Adjustment on initial application of AASB 16

6,212

-

-

-

-

-

-

-

-

6,212

-

Adjusted opening balance

414,529

365,903

120,118

122,482

(903)

(798)

119,215

121,684

222,190

222,190

755,934

709,777

Comprehensive income

Defined benefits actuarial gains - gross

(47,783)

(39,090)

-

-

-

-

-

-

-

-

(47,783)

(39,090)

Defined benefits actuarial gains - income tax effect

14,335

11,727

-

-

-

-

-

-

-

-

14,335

11,727

Net revaluation - gross

-

-

5,824

14,056

(1,161)

(150)

4,663

13,906

-

-

4,663

13,906

Net revaluation - income tax effect

-

-

(1,747)

(4,217)

348

45

(1,399)

(4,172)

-

-

(1,399)

(4,172)

Profit/(loss) for the period

(24,969)

62,407

-

-

-

-

-

-

-

-

(24,969)

62,407

Total comprehensive income

(58,417)

35,044

4,077

9,839

(813)

(105)

3,264

9,734

-

-

(55,153)

44,778

Transactions with owners

Returns on capital

Dividends

(5,400)

(9,800)

-

-

-

-

-

-

-

-

(5,400)

(9,800)

Capital returns

-

-

-

-

-

-

-

-

(200,000)

-

(200,000)

-

Transactions with owners

(5,400)

(9,800)

-

-

-

-

-

-

(200,000)

-

(205,400)

(9,800)

Transfers between equity components

Revaluation reserve - disposals

5,372

17,363

(5,373)

(17,363)

-

-

(5,373)

(17,363)

-

-

(1)

-

Revaluation reserve - disposals (income tax effect)

(286)

(193)

1,612

5,209

-

-

1,612

5,209

-

-

1,326

5,016

Revaluation reserve - impairments (net of tax)

-

-

-

(49)

-

-

-

(49)

-

-

-

(49)

Closing balance

355,798

408,317

120,434

120,118

(1,716)

(903)

118,718

119,215

22,190

222,190

496,706

749,722

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

Cash Flow Statement-as at 30 June 2020

Cash Flow Statement-for the year ended 30 June 2020

2020

2019

Notes

$'000

$'000

CASH FLOWS FROM OPERATING ACTIVITIES

Cash received

Receipts from customers (inclusive of GST)

936,202

1,241,082

Government assistance

250,000

-

Interest received

3,492

4,975

Total cash received

1,189,694

1,246,057

Cash used

Payments to employees

(618,957)

(612,029)

Payments to suppliers (inclusive of GST)

(333,629)

(292,043)

Borrowing costs

(14,782)

(19,033)

Interest payments on lease liabilities

(2,361)

-

Income tax paid

(45,800)

(1,048)

Total cash used

(1,015,529)

(924,153)

Net cash flows from / (used by) operating activities

3.2

174,165

321,904

CASH FLOWS FROM INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant, equipment and intangibles

1,600

20,371

Proceeds from sales of assets held for sale

3,272

-

Total cash received

4,872

20,371

Cash used

Purchase of property, plant, equipment and intangibles

(300,005)

(144,561)

Total cash used

(300,005)

(144,561)

Net cash flows from / (used by) investing activities

(295,133)

(124,190)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash received

Proceeds from borrowings

495,000

-

Total cash received

495,000

-

Cash used

Dividends paid

(5,400)

(9,800)

Capital returns

(200,000)

-

Repayments of borrowings

(20,000)

(5,000)

Principal payments of lease liabilities

(12,530)

-

Total cash used

(237,930)

(14,800)

Net cash flows from / (used by) financing activities

257,070

(14,800)

Net increase in cash and cash equivalents

136,102

182,914

Cash and cash equivalents at the beginning of the reporting period

381,706

198,792

CASH AND CASH EQUIVALENTS AT THE END OF PERIOD

3.1

517,808

381,706

The above Cash Flow Statement should be read in conjunction with the accompanying notes.