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99Qantas |Annual Report 2007
Notes to the Financial Statements
for the year ended 30 June 2007
Qantas Group Qantas
Current 2007
$M
2006
$M
2007
$M
2006
$M
Dividends 2.2 2.1 2.2 2.1
Employee benefits
annual leave–322.9 325.5 268.9 281.2
long service leave–37.6 40.7 28.9 30.9
staff redundancy–51.0 21.2 51.0 21.2
Frequent Flyer 33.7 28.4 33.7 28.4
Onerous contracts 9.3 27.2 8.7 26.6
Insurance, legal and other 77.7 23.9 76.6 19.6
534.4 469.0 470.0 410.0
Non-current
Employee benefits
long service leave–295.2 312.1 267.6 285.9
other––0.7 ––
superannuation––7.3 –7.3
Frequent Flyer 36.6 38.9 36.6 38.9
Onerous contracts 15.3 2.7 13.7 1.1
Make good on leased assets 33.7 17.5 26.6 12.8
Insurance and other 101.1 100.5 95.3 93.9
481.9 479.7 439.8 439.9
Qantas
Group Qantas
Reconciliations 2007
$M
2007
$M
Reconciliations of the carrying amounts of each class of provision, except for employee benefits, are set out below:
Dividends
Balance as at 1 July 2.1 2.1
Provisions made 513.8 512.8
Payments made (414.7) (413.7)
Dividends settled in shares under the DRP (99.0) (99.0)
Balance as at 30 June 2.2 2.2
Frequent Flyer
Provision for the obligation to provide travel rewards to members for points accumulated from travelling on Qantas
and partner airline services.
Balance as at 1 July 67.3 67.3
Provisions made 51.4 51.4
Payments made (31.4) (31.4)
Discounting (17.0) (17.0)
Balance as at 30 June 70.3 70.3
Included in the Financial Statements as follows:
Current 33.7 33.7
Non-current 36.6 36.6
70.3 70.3
16. Provisions