Qantas 2005 Annual Report Download - page 99

97
Qantas Annual Report 2005
~Notes to the Financial Statements~
for the year ended 30 June 2005
Qantas Group
Ownership Interest
Notes ABN/ACN
Country
of
Incorporation
2005
%
2004
%
QF A332 Leasing 3 Pty Limited 86 100 510 503 Australia 100 100
QF A332 Leasing 4 Pty Limited 84 100 510 558 Australia 100 100
QF A332 Leasing 5 Pty Limited 22 100 510 674 Australia 100 100
QF A332 Leasing 6 Pty Limited 35 100 510 727 Australia 100 100
QF A333 Leasing 1 Pty Limited 49 100 510 790 Australia 100 100
QF A333 Leasing 2 Pty Limited 56 100 510 816 Australia 100 100
QF A333 Leasing 3 Pty Limited 50 100 510 352 Australia 100 100
QF A333 Leasing 4 Pty Limited 44 100 510 389 Australia 100 100
QF A388 Leasing 1 Pty Limited 62 100 510 843 Australia 100 100
QF A388 Leasing 2 Pty Limited 66 100 510 861 Australia 100 100
QF Dash 8 Leasing Pty Limited 86 107 164 750 Australia 100 100
Snap Fresh Pty Limited 1 55 092 536 475 Australia 100 100
Southern Cross Insurances Pte Limited Singapore 100 100
Thai Air Cargo Holdings Pty Limited 5 19 112 083 584 Australia 100 –
1 Pursuant to ASIC Class Order 98/1418, these controlled entities are relieved from the Corporations Act requirements for preparation, audit and
lodgement of Financial Reports.
2 On 24 May 2005, ASIC approved an application from this company pursuant to section 601AA of the Corporations Act to voluntarily deregister. On 31
July 2005, this company was deregistered.
3 AVBA Holdings Pty Limited changed its name to Jetstar Asia Holdings Pty Limited on 25 November 2004.
4 The remaining 49% interest in this company was acquired by the Qantas Group on 22 October 2004.
5 Thai Air Cargo Holdings Pty Limited was incorporated on 6 December 2004.
29. Deed of Cross Guarantee
Pursuant to ASIC Class Order 98/1418 (as amended), the wholly-owned subsidiaries identified in Note 28 are relieved from the
Corporations Act requirements for preparation, audit and lodgement of Financial Reports and Directors’ Reports.
It is a condition of the Class Order that Qantas and each of the controlled entities in the Class Order enter into a Deed of Cross
Guarantee. The effect of the Deed is that Qantas guarantees to each creditor payment in full of any debt in the event of winding-up of
any of the controlled entities under certain provisions of the Corporations Act. If a winding-up occurs under other provisions of the Act,
Qantas will only be liable in the event that after six months any creditor has not been paid in full. The controlled entities have also given
similar guarantees in the event that Qantas is wound-up.
The Deed was first entered into by the controlled entities on 4 June 2001 and subsequently additional controlled entities became party
to the Deed by way of an Assumption Deed on 17 June 2002.
A consolidated Statement of Financial Performance and consolidated Statement of Financial Position, comprising Qantas and controlled
entities which are a party to the Deed, after eliminating all transactions between parties to the Deed for the year ended 30 June 2005
are set out below:
Consolidated
2005
$M
2004
$M
STATEMENT OF FINANCIAL PERFORMANCE
Profit from ordinary activities before related income tax expense 1,002.2 948.9
Income tax expense relating to ordinary activities (258.6) (311.0)
Net profit 743.6 637.9
Retained profits at the beginning of the financial year 1,728.2 1,395.8
Dividends recognised during the year (352.8) (305.5)
Retained profits at the end of the financial year 2,119.0 1,728.2
28. Particulars in relation to controlled entities continued