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Qantas Airways Limited Sustainability/Corporate Social Responsibility Report TABLE OF CONTENTS Contents 1. Page Introduction .....................................................................................................................................1 1.1 Mission Statement............................................................................................................1 1.2 Financial and Other Performance Trends............................................................................1 1.3 Concerns of Social and Environment Issues.......................................................................2 2. Financial/ Economic Performance..................................................................................................3-5 2.1 Qantas Airways Limited.......................................................................................................2 2.2 Virgin Australia Airlines ......................................................................................................3 2.3 Financial Performance Comparison Analysis.......................................................................4 3. Social Performance.........................................................................................................................5-7 3.1 Employee's Health, Safety and Wellbeing...........................................................................5 3.2 Product Responsibility and Customer Involvement.............................................................5 3.3 Contributions to the Community........................................................................................6 4. Environmental Performance...........................................................................................................7-8 4.1 Energy and Carbon Emissions.............................................................................................7 4.2 Waste Product and Recycling..............................................................................................8 5. Conclusion..........................................................................................................................................9 6. Reference List .............................................................................................................................10-11 7. Appendix..........................................................................................................................................12 1.0 Introduction Qantas Airsway Limited is the flag carrier and one of the oldest airline in Australia, as well as the leading airline in the Asia-pacific region. It was founded in Winston, Queensland on 16 November 1920 which goes by the name of \"Queensland and Northern Territory Aerial Services Limited\ACCT 2060 Individual Assignment Sustainability/Corporate Social Responsibility Report Qantas Airway Limited Semester 1, 2016 Table of Contents Contents Page No 1. Introduction ...................................................................................................1 1.1 Mission and Vision................................................................................1 1.2 Financial and other performance trend..........................................................1 1.3 Concerns for social and environmental/sustainability issues...............................2 2. Financial/Economic performance................................................................... ......2 2.1 Qantas Airway Limited ................................................................... .....2 2.2 Virgin Australia Airline.................................................................... ......3 2.3 Financial Performance Comparison Analysis.......................................... ......3 3. Social performance..........................................................................................4 3.1 Contributions to the community.................................................................4 3.2 Operational safety and product responsibility....................................................4 3.3 Employee health, safety and wellbeing..............................................................4 4. Environmental performance................................................................................5 4.1 Energy and carbon emission concerns.........................................................5 4.2 Environmental protection and waste production concerns.....................................5 5. Conclusion...........................................................................................................6 6. Reference List............................................................................................................7 1.0 Introduction Qantas is Australia's biggest domestic and international airline and has established a name for its merit in safety, operational reliability, customer service, engineering and maintenance. It is founded on 16 November 1920 by Wilmot Hudson Fysh, Paul McGinness, Fergus McMaster and Arthur Baird in Winton, Queensland (Reference for business 2016). Its main business is the transportation of consumers using two interdependent airline brands which are Qantas and Jetstar and there are over 30 000 people working for Qantas currently (Qantas Airways Limited 2016). 1.1 Mission and Vision Qantas's mission statement is to be the world's best premium airline, offering a genuinely global network, providing outstanding travel experiences, working with strong partners and putting safety first at all times. Its ambition is to build a stronger Qantas for the future while staying true to the rich heritage of its 95-year history. Qantas will continue to invest in new aircraft, technology and services, and represent the best of modern Australia wherever they fly. The Qantas Group's long term vision is to operate the world's best premium airline (Qantas Airway Limited 2015). 1.2 Financial and other performance trend The general financial information of Qantas is analyzed and the following observations are made. Total assets are decreasing over the years and this may be due to the fact that the older aircrafts had retired and Qantas is planning to buy Boeing 787 Dreamliner. A younger, simplified fleet has the benefits of decreased fuel price, maintenance and operating expenditure, gain in asset utilisation and consistent product and consumer proposition. Total liabilities are quite constant throughout the three years and this shows that Qantas is effective in maintaining the business. There is a sharp drop in owner's equity from $5840M in 2013 to $2866M in 2014 and this might be due to the Qantas transformation plan. In 2015, it rises to $3447M so there should be nothing worrying. The profit per share increases from negative $128.5 cents in 2014 to $25.4 cents in 2015 and this shows that the company is slowly doing well and getting better. Profit received by shareholders- per share gains from $1M in 2014 to $4M in 2015. Cash flows for Qantas is not looking very good as the net cash flows from investing activities are negative $944M in 2015 even though there's a slight improvement as compared to negative $1069M in 2014. 1 1.3 Concerns for social and environmental/sustainability issues Qantas treats both social and environmental/sustainability issues very seriously and has taken concrete actions to improve the situation. Qantas has a huge commitment to strengthen the communities through partnerships, charitable fundraising, employee volunteering and emergency humanitarian aid and safety and health is of upmost priority. Qantas had successfully decreased electricity consumption by 9%, water consumption by 11% and waste to landfill by 20% between 2009 and 2014. 2.0 Financial/Economic performance The financial and economic performances were carefully analyzed and were as shown below. 2.1 Company name: Qantas Airway Limited The following figures in the table are derived from the annual reports of Qantas Airway Limited from 2013 to 2015. General financial information (A) Total Assets ($ in millions) Total Liabilities ($ in millions) Total Owners Equity ($ in millions) (B) (Basic) Profit earned- per share (EPS) ($ in cents) (C) Total Ordinary Shares issued (D) Profit received by shareholders- per share (DPS) ($ in millions) (E) Net Cash flows from Operating Activities ($ in millions) (F) Net Cash flows from Investing Activities ($ in millions) Financial Year 2015 Financial Year 2014 Financial Year 2013 17530 14083 3447 17318 14452 2866 20032 14192 5840 25.4 (128.5) 0.04 2,196,330,25 0 2,196,330,25 0 2,241,745,78 8 4 1 No dividends were declared and paid by the Company. 2048 1069 1417 (944) (1069) 1045 2 2.2 Company name: Virgin Australia Airline The following figures in the table are derived from the annual reports of Virgin Australia Airline from 2013 to 2015. General financial information (A) Total Assets ($ in millions) Total Liabilities ($ in millions) Total Owners Equity ($ in millions) (B) (Basic) Profit earned- per share (EPS) ($ in cents) (C) Total Ordinary Shares issued (D) Profit received by shareholders- per share (DPS) ($ in millions) (E) Net Cash flows from Operating Activities ($ in millions) (F) Net Cash flows from Investing Activities ($ in millions) Financial Year 2015 Financial Year 2014 Financial Year 2013 5779.6 4758.8 1020.8 4679.3 3631.2 1048.1 4547.1 3445.8 1101.3 (3.2) (11.4) (4.1) 3,517,700,00 0 3,503,300,00 0 2,567,500,00 0 No dividends were declared and paid by the Company. No dividends were declared and paid by the Company. No dividends were declared and paid by the Company. 218.1 (7.7) 123.3 (572.9) (174.7) 558.7 2.3 Financial Performance Comparison Analysis General financial information of Qantas will be used to compare against the general financial information of Virgin Australia Airline for the financial year 2015. It is discovered that Qantas's total assets and total liabilities are about 3 times more as compared to Virgin Australia Airline. Its owner's equity is also close to 3 times more. The profit earned per share is much higher for Qantas as it is $25.4 cents compared to Virgin Australia Airline's negative $3.2 cents. The total shares issued by Virgin Australia Airline are more than Qantas. Profit received by shareholders cannot be compared as no dividends were declared and paid by Virgin Australia Airline. Net cash flows from operating activities are more for Qantas at $2048M compared to Virgin Australia Airline's $218.1M. However, its net cash flows of negative $944M from investing activities are also more in deficit compared to Virgin Australia Airline's negative $572.9M. 3 3.0 Social performance There are various different aspects of social performance for Qantas and some of them include contributions to the community, operational safety and product responsibility and employee health, safety and wellbeing. 3.1 Contributions to the community Qantas helps the community in many ways. For example, employments and economic activity are created through acquisition spend with Australian suppliers and they collaborate with charities and community institutions across Australia to help good causes of all kinds, from primitive education to budding entrepreneurs and Jetstar's Starkids anti-proverty initiative. Qantas sponsors sports and arts groupings that contribute to the cultivation of Australia's cultural life and links regional areas to the capital cities and overseas travel chances in a way that no other airline can compare with a network of 57 terminals around Australia. Furthermore, Qantas is an important associate for Australia's armed forces and gives the Government with logistical help in times of need, using their 300 aircraft fleet and broad aviation skill base (Qantas Airways Limited 2014). 3.2 Operational safety and product responsibility Safety and responsibility are of upmost priority in Qantas. Safety establishes everything that is executed at Qantas and this includes the occupational health and safety of their employees and contractors, operational safety of aircraft and the wellbeing of their customers. Ever since the two fatal incidents of MH370 and MH17 in 2014, Qantas had mobilized their crisis response structure in preparation to help both Malaysia Airlines and the Australian Government. A review of the crisis management infrastructure and identified capability improvements was started. In August 2014, air routes over the Middle East were redesigned to avoid the Iraqi airspace (Qantas Airways Limited 2014). 3.3 Employee health, safety and wellbeing Qantas tries their best to safeguard the health and safety of their people, suppliers, customers, assets and the broader community through continuous engagement and cooperation. Employees' health and wellbeing are of top priorities and there are active plans such as onsite heart health checks, targeted to educating employees on the risk aspects for chronic disease and to get them to be involved in healthier lifestyles. Health seminars were organized to create understanding of 4 mental health condition and encourage healthier minds and were independently created for managers and employees, providing them with the means to establish personal resilience and better handle with stress and anxiety (Qantas Airways Limited 2014). 4.0 Environmental performance Qantas aims to be an industry leader in environmental sustainability and has made great process in reducing its overall environmental impact. Qantas is committed to insert sustainability principles and environmental achievement within all of its administration, practices and management systems. Qantas has received several global recognitions for its environmental performance such as Eco-pioneer Award in 2013, Bankasia awards in 2012 and FTSE4Good Index series since 2009 (Qantas Airway Limited 2015). 4.1 Energy and carbon emission concerns Jet fuel combustion emissions are responsible for around 98% of the world carbon emissions. Thus, Qantas comes up with an emission management plan which is to measure, reduce and offset. Qantas was the first Australian airline to operate a commercial flight using sustainable aviation fuel and findings have shown that a sustainable aviation fuel industry can create around 12,000 clean energy jobs, a 17% reduction in emissions and a $2 billion cut in the reliance of fuel imports. Qantas had partnered with Shell Australia and the Federal Government to explore the production of sustainable aviation fuel in Australia. Qantas also had several fuel efficiency programs such as weight reduction measures and GPS-based navigation technology to improve operational efficiency. Qantas's voluntary carbon offset plan is the biggest of any airline in the world and Qantas has partnered with leading Australian business to reduce their environmental footprint and support verified offset projects (Qantas Airway Limited 2015). 4.2 Environmental protection and waste production concerns Being the first Australian airline to bring in inflight recycling, Qantas encourages suppliers to provide more sustainable product and less packaging. Furthermore, they had brought in recycling and packaging ideas by collaborating with their suppliers. Efforts have been made to reduce aircraft noise by acquiring aircraft with lesser noise footprint and rearranging air route. The tri-generation projects and campus redevelopment will cut down carbon emissions by 23,000 tonnes a year and resulted in numerous multi-story buildings in Qantas's corporate headquarters to rise from an ordinary NABERS energy efficiency rating of 1.5 star to 5 star. There is a group of 700 staff volunteers who seriously search and give environmental advancement across all parts of the Qantas business. Excel environment awards are given to 5 employees to recognize their positive environmental action and advancement in the business's environmental impact. More than 65% of Qantas's general waste from domestic aircraft and joint movement in Sydney is redirected from landfill to a different waste treatment facility. Recycling bins are built by Qantas in all leading airport terminals they take up. A waste food composting plan is started in Qantas's corporate offices and uniforms were donated to charity to be added in the production of pillows and mattresses (Qantas Airway Limited 2015). 5.0 Conclusion After a careful and long consideration, I will advise my friend to invest in Qantas. Even though the financial analysis shows that it is not doing too well, Qantas had solid long term plans such as the $2b Qantas transformation program which I am certain will improve its financial performance. Qantas put in a lot of efforts to improve its social performance and has made a lot of contributions to the community to make it a better place for everyone to live in. Safety is of upmost priority at Qantas so that everyone can have a peace of mind. Furthermore, employees' health, safety and wellbeing are very important at Qantas. Qantas has shown deep passion and genuine concern to improve its environmental performance. This can be reflected through the well rounded environmental efforts put in from air to ground to their own offices. Its simple emissions management plan of measure, reduce and offset helps to cut down the carbon emissions significantly. Qantas has set targets to cut down electricity consumption by 20%, water consumption by 20% and waste to landfill by 20% by 2020. Qantas has also aim to improve fuel efficiency by 1.5% each year , to have carbon neutral growth from 2020 and reduces net emissions by 50% by 2050. All of these targets will not only help the world environmentally, they will also significantly reduce the costs incurred by Qantas in the long run. This shows that they have good foresight and have a well thought out plan for the future. All of the factors stated above will eventually lead to higher profits on returns and attract more investors. In conclusion, investing in Qantas will definitely be a great choice in the long run. 6 6.0 Reference List Qantas Airways Limited 2016, Our Company, Qantas Airways Limited, Australia, viewed 27th March 2016, . Qantas Airways Limited 2014, 2014 Longreach review, Australia, viewed 27th March 2016, Qantas Airway Limited. (2015) Qantas Annual Report 2015. Australia: Qantas Airway Limited Qantas Airway Limited. (2014) Qantas Annual Report 2014. Australia: Qantas Airway Limited Qantas Airway Limited. (2013) Qantas Annual Report 2013. Australia: Qantas Airway Limited Qantas Airway Limited. (2015) Qantas Sustainability 2015. Australia: Qantas Airway Limited Reference for business 2016, Qantas Airways Ltd. - Company Profile, Information, Business Description, History, Background Information on Qantas Airways Ltd, Advameg, Inc, Illinois, viewed 27th March 2016, . Virgin Australia Airline. (2015) Virgin Australia Group Annual Financial Report 2015. Australia: Virgin Australia Airline Virgin Australia Airline. (2014) Virgin Australia Holdings Limited Annual Financial Report 2014. Australia: Virgin Australia Airline Virgin Australia Airline. (2013) Virgin Australia Annual Report 2013. Australia: Virgin Australia Airline 7