Qantas aims to achieve further USD340m in transformation benefits in FY2016/17

Qantas provided (02-Sep-2016) an update to its ongoing 'Transformation Programme'.

• Achieved AUD1.66 billion (USD1.26 billion) of targeted AUD2.1 billion (USD1.59 billion) in transformation benefits. Excluding fuel, expenditures have been reduced by 9%, against a greater than 10% target;
• Achieved AUD557 million (USD423 million) in cost and revenue benefits in FY2015/16;
• Workforce reduction of 4605 full time equivalent employees, against target of 5000;
• AUD1 billion debt reduction delivered on schedule;
• Achieved less than 3.5x debt/EBITDA ratio and funds from operations/net debt of greater than 45% ahead of schedule;
• Sustainable positive free cash flow position delivered on schedule;
• Reduced fleet from 11 to eight types, against target of seven. Retaining two non-reconfigured Boeing 747s;
• Improved net promoter score, with record levels achieved at Qantas International, Qantas Domestic and Qantas Loyalty;
• Premium on-time performance maintained with increase to 89.7%.

A further AUD450 million (USD341 million) in benefits will be realised in FY2016/17, to reach the AUD2.1 billion target by 30-Jun-2017. [more - original PR]