Qantas 2015 Annual Report Download - page 78

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77
QANTAS ANNUAL REPORT 2015
Qantas Group
2015
$M
2014
$M
FINANCING FACILITIES CONTINUED
Committed revolving facility1
Facility available 940 630
Amount of facility used – –
Amount of facility unused 940 630
Commercial paper and medium-term notes (subject to Dealer Panel participation)
Facility available 2,000 1,000
Amount of facility used (950) (950)
Amount of facility unused 1,050 50
1 The revolving facility includes $425 million with a term of three years from 24 April 2015, $425 million with a term of four years from 24 April 2015 and $90 million with a term of five years
from 31 July 2014. There is an additional $100 million with a term of five years effective from 7 July 2015.
28. ACQUISITION AND DISPOSAL OF CONTROLLED ENTITIES
On 24 March 2015, Qantas Frequent Flyer Limited (Qantas Loyalty) acquired a 51 per cent controlling interest in Taylor Fry Holdings
Pty Limited (Taylor Fry Holdings), which owns 100 per cent of Taylor Fry Pty Limited for $9 million. From this date, the results of Taylor
Fry Holdings are consolidated into the results of the Group with a 49 per cent non-controlling interest being recognised. Goodwill of
$8 million was recognised on acquisition.
During the year, the Group sold the Tour East Group subsidiaries for SGD$18.3 million (A$16.3 million). These entities are wholly
owned subsidiaries of the Holiday Tours and Travel Group of which Qantas owns 75 per cent. A gain on sale of these subsidiaries
of$13 million was recognised.
29. COMMITMENTS
(A) FINANCE LEASE AND HIRE PURCHASE COMMITMENTS
Qantas Group
2015
$M
2014
$M
AS LESSEE
Finance lease and hire purchase liabilities included in the Consolidated Financial Statements
Aircraft and engines – payable:
Not later than one year 135 262
Later than one year but not later than five years 553 402
Later than five years 1,150 946
1,838 1,610
Less: future lease and hire purchase finance charges and deferred lease benefits (340) (300)
Total finance lease and hire purchase liabilities 1,498 1,310
Qantas Group
Note
2015
$M
2014
$M
Finance lease and hire purchase liabilities included in the Consolidated Financial
Statements
Current liabilities 21 93 232
Non-current liabilities 21 1,405 1,078
Total finance lease and hire purchase liabilities 1,498 1,310
The Qantas Group leases aircraft under finance leases with expiry dates between one and 10 years. Most finance leases contain
purchase options exercisable at the end of the lease term. The Qantas Group has the right to negotiate extensions on most leases.