Qantas 2006 Annual Report Download - page 118
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116
Notes to the Financial Statements
for the year ended 30 June 2006
28. Investments Accounted for Using the Equity Method continued
Qantas Group
2006
$M
2005
$M
RESULTS OF ASSOCIATES
Revenues of associates 190.9 188.7
Share of associates’ profit before related income tax expense 14.8 13.8
Share of associates’ income tax expense (2.4) (5.8)
Share of associates’ net profi t 12.4 8.0
MOVEMENTS IN CARRYING AMOUNT OF INVESTMENTS IN ASSOCIATES
Carrying amount of investments in associates at 1 July 69.4 60.1
Investments in associates acquired during the year 0.3 3.9
Share of net profit of associates 12.4 8.0
Dividends received from associates (11.9) (2.6)
Reclassification of Thai Air Cargo Company Limited to assets classified as held for sale (3.2) –
Carrying amount of investments in associates at 30 June 67.0 69.4
SUMMARY FINANCIAL POSITION OF ASSOCIATES
The Qantas Group’s share of aggregate assets and liabilities of associates is as follows:
Current assets 108.5 111.4
Non-current assets 80.3 87.8
Total assets 188.8 199.2
Current liabilities 73.8 72.4
Non-current liabilities 51.2 60.6
Total liabilities 125.0 133.0
Net assets 63.8 66.2
Adjustment arising from equity accounting:
Goodwill 3.2 3.2
Net assets – equity accounting adjusted 67.0 69.4
COMMITMENTS
Share of associates’ capital expenditure commitments contracted for –0.5
Share of associates’ other expenditure commitments contracted for 29.7 41.6
Share of associates’ commitments 29.7 42.1
CONTINGENT LIABILITIES
Share of associates’ contingent liabilities 2.5 2.5