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86
Spirit of Australia
~Notes to the Financial Statements~
for the year ended 30 June 2005
12. Property, plant and equipment continued
Independent valuations of land and buildings were obtained as at 30 June 2005. The valuations for each asset class were in excess of their
carrying amounts, however, no additional revaluations have been recognised. Details of the valuations obtained for the Qantas Group
were:
Qantas Group
2005 2004
Valuation
Amount
$M
Carrying
Amount
$M
Excess
$M
Valuation
Amount
$M
Carrying
Amount
$M
Excess
$M
ASSET CLASS
Freehold land and buildings1278.8 242.4 36.4 252.7 151.5 101.2
Leasehold buildings and improvements 959.6 612.1 347.5 907.8 642.4 265.4
1,238.4 854.5 383.9 1,160.5 793.9 366.6
1 Freehold land and buildings for Qantas have been independently valued at $240.8 million (2004: $219.3 million).
The 2005 independent valuation of land, buildings and leasehold improvements was carried out by Mr Russell Cowell, FVLE, AREI, of
Knight Frank Valuations (NSW) Pty Limited. Valuations were performed after physically inspecting a sample of properties and all significant
additions. The property valuations were performed using the open market or special use value to the Qantas Group.
SECURED ASSETS
Certain aircraft and engines act as security against related financings. Under the terms of certain financing facilities entered into by the
Qantas Group, the underwriters to these agreements have a fixed charge over certain aircraft and engines to the extent that debt has
been issued directly to those underwriters. The total carrying amount of assets under pledge was $5,075.3 million as at 30 June 2005
(2004: $3,598.7 million).
13. Intangible assets
Qantas Group Qantas
2005
$M
2004
$M
2005
$M
2004
$M
NON-CURRENT
Goodwill at cost 157.9 151.3 ––
Less: accumulated amortisation 61.2 46.1 ––
96.7 105.2 ––
Airport landing slots 47.3 47.3 47.3 47.3
Less: accumulated amortisation 2.0 0.1 2.0 0.1
45.3 47.2 45.3 47.2
142.0 152.4 45.3 47.2