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121 Qantas Annual Report 2009
Notes to the Financial Statements
for the year ended 30 June 2009
23. Capital and Reserves
Qantas Group Qantas
2009 2008 2009 2008
ISSUED CAPITAL $M $M $M $M
Issued and paid up capital: 2,265,123,620 (2008: 1,894,444,009) ordinary shares,
fully paid as at 30 June 4,729 3,976 4,729 3,976
Movements in the share capital of Qantas during the current and prior year were as follows:
Number
of Shares
Date Details M $M
1 July 2007 Balance 1,985 4,481
6 September 2007 to 23 April 2008 On-market share buy-back (91) (505)
30 June 2008 Balance 1,894 3,976
1 October 2008 Dividend reinvestment plan 55 192
11 February 2009 Institutional share placement 270 491
17 March 2009 Share purchase plan 18 26
8 April 2009 Dividend reinvestment plan 28 44
30 June 2009 Balance 2,265 4,729
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 2009, 14,677,697
(2008: 14,108,555) shares were held in trust and classified as treasury shares.
Qantas Group Qantas
2009 2008 2009 2008
RESERVES $M $M $M $M
Employee compensation reserve 52 53 52 53
Hedge reserve (29) 421 (8) 421
Foreign currency translation reserve (16) (24) – –
7 450 44 474
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
forecast transactions that are still expected to occur.
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 associates and foreign jointly 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.