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114 Qantas Annual Report 2008
Notes to the Financial Statements
for the year ended 30 June 2008
(A) Issued capital
Qantas Group Qantas
2008
$M
2007
$M
2008
$M
2007
$M
Issued and paid up capital: 1,894,444,009 (2007: 1,984,990,348)
ordinary shares, fully paid as at 30 June 3,975.5 4,481.2 3,975.5 4,481.2
Movements in the share capital of Qantas during the current and prior year were as follows:
Date Details
Number
of Shares
M$M
1 July 2006 Balance 1,955.0 4,382.2
4 October 2006 DRP 29.0 99.0
16 February 2007 Issue of shares under the QLTEIP 1.0 –
30 June 2007 Balance 1,985.0 4,481.2
20 August 2007 Issue of shares under the QLTEIP 0.5 –
6 September 2007 to 23 April 2008 On-market share buy-back (91.1) (505.7)
30 June 2008 Balance 1,894.4 3,975.5
Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share
at shareholders’ meetings.
In the event of wind-up, Qantas ordinary shareholders rank after all creditors and are fully entitled to any residual proceeds on liquidation.
Treasury shares consist of shares held in trust for Qantas employees in relation to equity compensation plans. At 30 June 2008, 14,108,555
(2007: 9,335,407) shares were held in trust and classifi ed as treasury shares.
(B) Reserves $M $M $M $M
Employee compensation reserve 52.7 27.0 52.7 27.0
Hedge reserve 420.9 120.0 421.7 121.6
Asset revaluation reserve 4.0 4.0 ––
Foreign currency translation reserve (23.3) (2.8) ––
454.3 148.2 474.4 148.6
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 fl ow hedging instruments related to hedged
forecast transactions that are still expected to occur.
Asset revaluation reserve
The asset revaluation reserve relates to property, plant and equipment measured at fair value in accordance with the 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 and foreign jointly controlled entities and associates 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.
23. Capital and Reserves
For personal use only