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117 Qantas Annual Report 2008
Notes to the Financial Statements
for the year ended 30 June 2008
The following section summarises derivative fi nancial instruments in the Balance Sheet, Income Statement and Statement of Changes in Equity.
(A) Other financial assets and liabilities
Qantas Group Qantas
2008
$M
2007
$M
2008
$M
2007
$M
Current derivative asset 1,057.7 256.9 1,059.2 256.9
Other fi nancial assets 18.3 301.3 18.8 301.3
Total current other financial assets 1,076.0 558.2 1,078.0 558.2
Non-current derivative asset 208.3 262.5 208.3 262.5
Other fi nancial assets 138.5 209.8 138.5 209.8
Total non-current other financial assets 346.8 472.3 346.8 472.3
Total other financial assets 1,422.8 1,030.5 1,424.8 1,030.5
Current derivative liability (951.0) (319.7) (951.0) (316.8)
Other fi nancial liabilities (8.9) (17.5) (8.9) (17.5)
Total current other financial liabilities (959.9) (337.2) (959.9) (334.3)
Non-current derivative liability (475.6) (692.3) (475.6) (692.3)
Other fi nancial liabilities –(10.0) –(10.0)
Total non-current other financial liabilities (475.6) (702.3) (475.6) (702.3)
Total other financial liabilities (1,435.5) (1,039.5) (1,435.5) (1,036.6)
Net financial (liabilities)/assets (12.7) (9.0) (10.7) (6.1)
Derivatives
Designated as cash fl ow hedges–341.0 (125.6) 342.5 (123.4)
Designated as fair value hedges–(499.9) (462.0) (499.9) (462.0)
Not qualifying for hedge accounting–(2.1) 95.0 (1.6) 95.7
Total derivative assets/(liabilities) (161.0) (492.6) (159.0) (489.7)
Other financial assets 148.3 483.6 148.3 483.6
Net financial assets/(liabilities) (12.7) (9.0) (10.7) (6.1)
Other financial assets are measured at amortised cost. These amounts are shown net of impairment losses of $121.7m (2007:$113.0m).
(B) Hedge reserve
At 30 June 2008, Qantas and the Qantas Group held various types of derivative fi nancial instruments that were designated as cash fl ow hedges of
future forecast transactions.
These were hedging of:
certain foreign currency revenue receipts and operational payments by future debt repayments in foreign currency and exchange derivative
contracts (forwards, swaps or options);
future jet fuel purchases by forward crude, gasoil and jet kerosene derivative contracts and options;
future interest payments by interest rate derivative contracts (forwards, swaps or options); and
future capital expenditure payments by foreign exchange derivative contracts (forwards or options).
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25. Derivatives and Hedging Instruments
For personal use only