Qantas 2011 Annual Report Download - page 108
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THE QANTAS GROUP 106
for the year ended 30 June 2011
Notes to the Financial Statements continued
The bank overdraft facility held with Commonwealth Bank of Australia covers the combined balances of Qantas and its wholly-owned
controlled entities. Subject to the continuance of satisfactory credit ratings, the bank overdraft facility may be utilised at any time.
Commonwealth Bank of Australia may terminate this facility without notice.
D CONTINGENT LIABILITIES
Details of contingent liabilities are set out below. The Directors are of the opinion that provisions are not required with respect to these matters,
as it is not probable that a future sacrice of economic benets will be required or the amount is not capable of reliable measurement.
Qantas
$M
$M
Performance guarantees and letters of comfort to support operating lease commitments
and other arrangements entered into with other parties
General guarantees in the normal course of business
Contingent liabilities relating to current and threatened litigation
Aircraft Financing
As part of the nancing arrangements for the acquisition of aircraft, Qantas has provided certain guarantees and indemnities to various
lenders and equity participants in leveraged lease transactions. In certain circumstances, including the insolvency of major international banks
and other AAA rated counterparties, Qantas may be required to make payments under these guarantees.
Freight and Passenger Third Party Class Actions
Qantas is a party to a number of third party class actions relating to its freight and passenger divisions. Qantas continues to have a number
of defences to these class actions. Qantas expects the outcome of these class actions will be known over the course of the next few years.
E PARENT ENTITY GUARANTEES IN RESPECT OF DEBTS OF ITS SUBSIDIARIES
The parent entity has entered into a Deed of Cross Guarantee with the effect that the Company guarantees debts in respect of its subsidiaries.
Further details of the Deed of Cross Guarantee and the subsidiaries subject to the Deed are disclosed in Note .
F INTERESTBEARING LIABILITIES
The parent entity has total interest-bearing liabilities of $, million (: $, million) of which $, million (: $, million)
represents lease and hire purchase liabilities payable to controlled entities. Of the $, million (: $, million) payable to other parties,
$, million (: $, million) represents secured bank loans and lease liabilities with the remaining balance representing unsecured
loans and deferred lease benets.
36. Parent Entity Disclosures for Qantas Airways Limited (Qantas) continued