News: QAN Qantas Says Group Domestic Capacity Expected To Be 68 Per Cent Of Pre-Covid Levels In 3Q22

Feb 24 (Reuters) - Qantas Airways Ltd (QAN) :

• RECOVERY PROGRAM ON TRACK TO DELIVER OVER A$900 MILLION IN ANNUALISED COST BENEFITS BY END FY22
• RECOVERY AND RETENTION PLAN FOR EMPLOYEES, INCLUDING 1,000 SHARE RIGHTS FOR APPROXIMATELY 20,000 EMPLOYEES
• FY22 GROUP DOMESTIC CAPACITY EXPECTED TO BE 68 PER CENT OF PRE-COVID LEVELS IN 3Q22
• GROUP INTERNATIONAL CAPACITY EXPECTED TO BE 22 PER CENT OF PRE-COVID LEVELS IN 3Q22
• "WE SAW A SHARP REBOUND IN TRAVEL DEMAND WHEN BORDERS STARTED OPENING IN NOVEMBER AND DECEMBER, ONLY TO BE HIT BY OMICRON WAVE"
• NET CAPITAL EXPENDITURE IN FY22 IS EXPECTED TO BE A$850 MILLION.
• NET DEBT EXPECTED TO BE WITHIN TARGET RANGE BY END OF FY22
• PERMANENT SHIFT IN E-COMMERCE PATTERNS AND FREIGHT OPERATIONS ARE EXPECTED TO REMAIN HIGHER THAN PRE-COVID LEVELS
• UNCERTAINTY CARRIED OVER INTO JANUARY BUT DEMAND HAS STARTED TO RECOVER AS AUSTRALIA ADJUSTS TO TRULY LIVING WITH COVID
• UNDERLYING DEPRECIATION AND AMORTISATION IN FY22 IS EXPECTED TO BE A$1.8 BILLION
• SEEN A SHARP UPTICK IN INTERNATIONAL TICKET SALES IN PAST FEW WEEKS
• CORPORATE TRAVEL DEMAND OUTLOOK REMAINS UNCHANGED FOR FY22
• EXPECTED TO COMMENCE WITH RETURN TO OFFICE ACTIVITIES IN KEY STATES FROM MARCH
• EXPECTED TO COMMENCE WITH RETURN TO OFFICE ACTIVITIES IN KEY STATES FROM MARCH 2022.
• SINCE JANUARY, WE'VE BEEN ADDING SUSTAINABLE AVIATION FUEL INTO OUR FLIGHTS FROM LONDON
• WE'LL HAVE A SIGNIFICANT UPDATE ON OUR PLANS FOR EMISSIONS REDUCTION NEXT MONTH.
• NO ANNUAL EXECUTIVE BONUSES WILL BE PAID IN FY22 FOR THIRD YEAR IN A ROW
• NO ANNUAL EXECUTIVE BONUSES WILL BE PAID IN FY22 FOR THIRD YEAR IN A ROW AND IN ADDITION TO A TWO YEAR WAGE FREEZE
• MANAGERS AND SENIOR EXECUTIVES WILL BE ELIGIBLE FOR A SHARE RIGHTS-BASED RECOVERY AND RETENTION BONUS IN AUGUST 2023