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Investor Presentaiton

GROUP OVERVIEW Continued delivery of business transformation Rapid progress towards our targets Transformation Progress in 18 Months Strategic outcomes by FY17: Qantas Domestic¹ cost gap to close to <5%, revenue premium held >15% Development $600m Development >$500m Development $1,200m Development $900m . Qantas International positioned for sustainable growth • Jetstar cost and yield advantage maintained • Consistent product and service offering • A more agile business that can quickly adapt • Embedded culture of transformation for ongoing benefits Implementation $600m Implementation $850m Implementation $900m Implementation $800m Realised $578m Realised >$875m Realised $204m May-14 Jun-14 Dec-14 Jun-15 1. Mainline and Regional operations. Based on company estimates. 15 15
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