Qantas 2009 Annual Report Download - page 110
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108 Qantas Annual Report 2009
Notes to the Financial Statements
for the year ended 30 June 2009
14. Investments Accounted for Using the Equity Method continued
Qantas Group
2009 2008
RESULTS OF ASSOCIATES $M $M
Revenues 289 194
Expenses 316 185
(Loss)/profit before related income tax expense (27) 9
Income tax benefit/(expense) 2 (5)
Share of net (loss)/profit of associates (25) 4
MOVEMENTS IN CARRYING AMOUNT OF INVESTMENTS IN ASSOCIATES
Carrying amount of investments in associates as at 1 July 109 78
Investments in associates acquired 23 35
Share of net (loss)/profit of associates (25) 4
Dividends received from associates (5) –
Share of foreign currency translation reserve movements – (8)
Share of hedge reserve movements (8) –
Impairment of investment (15) –
Reclassification to controlled entity (3) –
Carrying amount of investments in associates as at 30 June 76 109
SUMMARY FINANCIAL POSITION OF ASSOCIATES
The Qantas Group’s share of aggregate assets and liabilities of associates is as follows:
Current assets 74 111
Non-current assets 78 95
Total assets 152 206
Current liabilities 97 99
Non-current liabilities 24 31
Total liabilities 121 130
Net assets 31 76
Adjustment arising from equity accounting
– goodwill 45 33
Net assets – equity accounting adjusted 76 109
COMMITMENTS
Share of associates’ capital expenditure commitments contracted for 995 934
Share of associates’ non-capital expenditure commitments contracted for 46 36
Share of associates’ commitments 1,041 970
CONTINGENT LIABILITIES
Share of associates’ contingent liabilities 5 5
(B) INTERESTS IN JOINTLY CONTROLLED ENTITIES
Details of interests in jointly controlled entities are as follows:
Qantas Group
Ownership Interest
Principal Country of Balance 2009 2008
Activity Incorporation Date % %
Australian air Express Pty Limited Air cargo Australia 30 Jun 50 50
Harvey Holidays Pty Ltd Tours and travel Australia 30 Jun 50 50
LTQ Engineering Pty Limited1 Maintenance services Australia 30 Jun 50 –
Orangestar Investment Holdings Pte. Ltd.2 Air transport Singapore 31 Mar – 45
Star Track Express Holdings Pty Limited Express road freight Australia 30 Jun 50 50
1. The Qantas Group disposed of 50 per cent of its interest in this entit y on 1 July 2008. Jet Turbine Ser vices Pty Limited changed its name to LTQ Engineering Pty Limited on 19 December 20 08.
2. The Qantas Group acquired an additional four per cent of this company on 8 April 2009. As a result of the transaction, the Qantas Group gained accounting control (as defined by AASB 127
Consolidated and Separate Financial Statements) of this entity and ceased to equit y account for this entity from this date.