News: QAN Qantas Announces On-Market Share Buy-Back Of Up To A$400 Million Announced

Aug 25 (Reuters) - Qantas Airways Ltd (QAN) :

• ON-MARKET SHARE BUY-BACK OF UP TO A$400 MILLION ANNOUNCED
• FUEL COST FOR FY23 EXPECTED TO BE A$5.0 BILLION
• RECOVERY PLAN TO BE COMPLETED IN FY23, DELIVERING A$1 BILLION IN ANNUAL COST REDUCTION
• UNDERLYING DEPRECIATION AND AMORTISATION FOR FY23 EXPECTED TO BE A$1.8B
• QANTAS LOYALTY UNDERLYING EBIT TO INCREASE TO A$425-450 MILLION FOR FY23
• FY23 RASK PERFORMANCE EXPECTED TO FULLY RECOVER INCREASED FUEL PRICES ACROSS GROUP
• EXPECTS TO SPEND APPROXIMATELY A$50 MILLION ON PAY INCREASES FOR EBA-COVERED EMPLOYEES AS AGREEMENTS ARE FINALISED IN FY23
• GROUP INTERNATIONAL CAPACITY TO INCREASE AS MORE A380S AND 787-900S ENTER SERVICE AND OVERSEAS BORDERS CONTINUE TO REOPEN
• SEES FY23 GROUP DOMESTIC CAPACITY REDUCED BY FURTHER ABOUT 10 PERCENTAGE POINTS IN RESPONSE TO HIGHER FUEL COSTS AND OPERATIONAL CHALLENGES
• STRONG YIELDS IN QANTAS FREIGHT EXPECTED TO MODERATE BUT REMAIN ABOVE PRE-COVID LEVELS IN FY23
• SEES GROUP DOMESTIC CAPACITY FOR 1H23 AT 95 PER CENT OF PRE-COVID LEVELS
• SEES GROUP DOMESTIC CAPACITY FOR 2H23 AT 106 PER CENT OF PRE-COVID LEVELS
• SEES GROUP INTERNATIONAL CAPACITY FOR 1H23 AT 65 PER CENT OF PRE-COVID LEVELS
• SEES GROUP INTERNATIONAL CAPACITY FOR 2H23 AT 84 PER CENT OF PRE-COVID LEVELS