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88
Spirit of Australia
~Notes to the Financial Statements~
for the year ended 30 June 2005
16. Provisions
Qantas Group Qantas
2005
$M
2004
$M
2005
$M
2004
$M
CURRENT
Dividends 1.7 1.4 1.7 –
Employee benefits (refer Note 32)
– annual leave 334.9 317.7 291.1 281.0
– long service leave 31.8 28.8 25.0 23.2
– staff redundancy 0.2 0.4 ––
Under-recovery of rentals on sub-let premises 5.9 7.5 5.3 6.8
Insurance and other 25.7 25.8 21.3 17.8
400.2 381.6 344.4 328.8
NON-CURRENT
Employee benefits (refer Note 32)
– long service leave 267.9 257.7 244.3 235.4
Under-recovery of rentals on sub-let premises 3.3 15.8 1.7 13.9
Insurance and other 65.1 58.2 57.1 53.0
336.3 331.7 303.1 302.3
The provision for employee long service leave benefits represents the present value of the estimated future cash outflows to be made
resulting from employees’ service provided to balance date. In determining the estimated future value of long service leave entitlements,
a number of assumptions have been made including the likely increase in wage and salary rates in the future.
Qantas Group Qantas
2005
$M
2005
$M
RECONCILIATIONS
Reconciliations of the carrying amounts of each class of provision,
except for employee benefits, are set out below:
Dividends
Carrying amount at the beginning of the financial year 1.4 –
Provisions made during the year 353.8 352.9
Payments made during the year (175.0) (172.7)
Dividends settled in shares under the Dividend Reinvestment Plan (178.5) (178.5)
Carrying amount at the end of the financial year 1.7 1.7
Under-recovery of rentals on sub-let premises
Carrying amount at the beginning of the financial year 23.3 20.7
Provisions released during the year (8.0) (7.6)
Payments made during the year (6.1) (6.1)
Carrying amount at the end of the financial year 9.2 7.0
Included in the Financial Statements as follows:
Current 5.9 5.3
Non-current 3.3 1.7
9.2 7.0
Insurance and other
Carrying amount at the beginning of the financial year 84.0 70.8
Provisions made during the year 29.0 26.3
Payments made during the year (22.2) (18.7)
Carrying amount at the end of the financial year 90.8 78.4
Included in the Financial Statements as follows:
Current 25.7 21.3
Non-current 65.1 57.1
90.8 78.4