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92
Spirit of Australia
~Notes to the Financial Statements~
for the year ended 30 June 2005
24. Operating lease and hire commitments
Qantas Group Qantas
2005
$M
2004
$M
2005
$M
2004
$M
Future net operating lease and hire commitments
not provided for in the Financial Statements 2,428.7 2,189.9 1,865.1 1,973.7
Payable
Not later than one year 508.0 457.2 405.7 386.6
Later than one year but not later than five years 1,258.8 1,255.2 982.8 1,110.0
Later than five years 671.1 500.8 483.6 497.8
2,437.9 2,213.2 1,872.1 1,994.4
Less: provision for potential under-recovery of rentals
on unused premises available for sub-lease (refer Note 16) 9.2 23.3 7.0 20.7
2,428.7 2,189.9 1,865.1 1,973.7
Operating lease commitments represent:
Cancellable operating leases 1,025.8 988.6 1,017.5 982.7
Non-cancellable operating leases:
Aircraft leases 1,402.9 1,201.3 847.6 991.0
2,428.7 2,189.9 1,865.1 1,973.7
Non-cancellable operating lease commitments,
excluding unguaranteed residual payments,
not provided for in the Financial Statements:
Payable
Not later than one year 352.3 308.1 252.3 239.3
Later than one year but not later than five years 857.8 864.4 587.6 722.9
Later than five years 192.8 28.8 7.7 28.8
1,402.9 1,201.3 847.6 991.0
The Qantas Group leases aircraft, buildings and plant and equipment under finance and operating leases with expiry dates between one
and 15 years. All finance leases contain purchase options exercisable at the end of the lease term. The Qantas Group has the right to
negotiate extensions on most leases.
If all aircraft operating leases were capitalised on original lease inception, then total lease liabilities would increase by $2,194.5 million and
assets under operating leases would have an implied carrying value of $2,127.4 million at 30 June 2005.
The value of non-cancellable operating leases above has been calculated assuming the assets are owned and debt funded and is not
consistent with the disclosure requirements of AASB 1008 – Leases.
25. Capital expenditure commitments
$M $M $M $M
Capital expenditure commitments contracted but not provided for
in the Financial Statements:
Aircraft 4,246.4 5,130.1 4,232.2 5,120.0
Building works 155.7 224.3 147.7 222.0
Other 136.4 190.1 120.5 169.1
4,538.5 5,544.5 4,500.4 5,511.1
Payable
Not later than one year 1,566.8 1,710.8 1,557.1 1,692.4
Later than one year but not later than five years 2,971.7 3,833.7 2,943.3 3,818.7
4,538.5 5,544.5 4,500.4 5,511.1
The above amounts exclude uncommitted aircraft purchase payments that may be made if cancellable aircraft options are exercised.