Ann: Qantas Group HY22 Investor Presentations, page-2

So domestic flying in 1H 22 was at 42 per cent of pre-COVID-19 levels, a far cry from what the CEO said will occur.

QAN couldn't even ensure its domestic flights were profitable, with an EBITDA net loss of $399 million.

While the presentation states debt at A$5.5 billion remains within the target range and has dropped by $400 million, this seems only to have been achieved by a $754 million gain on property sales, such as the large amount of Mascot, Sydney land adjacent to SYD. Once businesses sell off the farm they can't repeat such an exercise. QAN says that its 'cash balance' has risen from $2.221 billion to $2.705 billion.

Seat occupancy on domestic QAN 'red tail' flights was only 49.6 per cent, so half of all seats flew unoccupied. Very costly!

Jetstar (domestic) wasn't much better with 45 per cent of seats vacant.

17 per cent of the workforce is receiving fortnightly salaries or wages but remains surplus. While perhaps businesses needed extra hands on deck due to previous COVID-19 isolation rules, now that the virus seems to be moderating, what justification is there for keeping on these excess staff?

The prediction for domestic flying seems very optimistic. Several of the CEO's previous forecasts were wrong and wildly optimistic.

For domestic and international financial results, one summary quotes 'EBITDA' for domestic but 'EBIT' for international. This smells of picking and choosing whichever makes a particular divisional result look better.

And stating that above 90 per cent of flights were 'cash positive' doesn't seem to be a measure that takes into account corporate costs such as head office executives' large salaries, as the proof of the pudding is how the previous gem, domestic flying, turned out to lose money in 1H 22.