Qantas 2007 Annual Report Download - page 104
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102 Qantas |Annual Report 2007
Nature and purpose of reserves
Employee compensation reserve
The fair value of equity plans granted is recognised in the employee compensation reserve over the vesting period. This reserve will be reversed against
treasury shares when the underlying shares vest in the employee. No gain or loss is recognised in the Qantas Group Income Statement on the purchase,
sale, issue or cancellation of Qantas’ own equity instruments.
Hedge reserve
The hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged
transactions that have not yet occurred.
Fair value reserve
The fair value reserve includes the cumulative net change in the fair value of available for sale investments until the investment is derecognised.
Asset revaluation reserve
The asset revaluation reserve relates to property, plant and equipment measured at fair value in accordance with applicable AASB.
Foreign currency translation reserve
The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of the Financial Statements of foreign
controlled entities where their functional currency is different to the presentation currency of the reporting entity, as well as from the translation of
liabilities that form part of the Qantas Group’s net investment in a foreign controlled entity.
19. Finance Lease and Hire Purchase Commitments
Qantas Group Qantas
2007
$M
2006
$M
2007
$M
2006
$M
Included in the Financial Statements as finance lease and hire purchase liabilities
are the present values of future rentals of the following:
Aircraft and engines 1,058.1 1,243.0 2,651.9 3,015.0
Computer and communications equipment 0.4 0.2 ––
1,058.5 1,243.2 2,651.9 3,015.0
Payable
Not later than one year 458.2 192.6 710.6 407.2
Later than one year but not later than five years 375.4 786.2 1,474.1 1,891.8
Later than five years 400.8 507.0 983.6 1,337.4
1,234.4 1,485.8 3,168.3 3,636.4
Less: future lease and hire purchase finance charges 175.9 242.6 516.4 621.4
1,058.5 1,243.2 2,651.9 3,015.0
Finance lease and hire purchase liabilities provided for in the Financial Statements
Current liability (refer Note 15)
controlled entities–––174.0 171.2
other parties–483.2 134.7 483.2 103.6
Non-current liability (refer Note 15)
controlled entities–––1,419.4 1,638.5
other parties–575.3 1,108.5 575.3 1,101.7
1,058.5 1,243.2 2,651.9 3,015.0
The Qantas Group leases aircraft and plant and equipment under finance leases with expiry dates between one and 17 years. Most 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.
18. Reserves continued
Notes to the Financial Statements
for the year ended 30 June 2007