Qantas 2006 Annual Report Download - page 115

113
Qantas Annual Report 2006
Notes to the Financial Statements
for the year ended 30 June 2006
Qantas Group
Ownership Interest
Ref ABN/ACN
Country of
Incorporation
2006
%
2005
%
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 2 49 100 510 790 Australia 100 100
QF A333 Leasing 2 Pty Limited 2 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 19 112 083 584 Australia 100 100
1 Pursuant to ASIC Class Order 98/1418 (as amended), these controlled entities are relieved from the Corporations Act requirements for preparation, audit and lodgement of
Financial Reports.
2 On 11 May 2006, ASIC approved applications from these companies to be voluntarily deregistered pursuant to section 601AA of the Corporations Act. On 23 July 2006, these
companies were deregistered.
3 On 31 July 2005, ARANS Superannuation Pty Limited was voluntarily deregistered pursuant to section 601AA of the Corporations Act.
4 On 31 May 2006, ASIC approved applications from these companies to convert to proprietary companies. On 20 July 2006, these companies converted to proprietary companies.
5 Express Freighters Australia (Operations) Pty Limited was incorporated on 11 April 2006.
6 Qantas Limited changed its name to Express Freighters Australia Limited on 18 May 2006.
7 On 4 June 2006, these companies were voluntarily deregistered pursuant to section 601AA of the Corporations Act.
8 On 2 August 2006, ASIC approved an application from this company to be voluntarily deregistered pursuant to section 601AA of the Corporations Act.
27. Deed of Cross Guarantee
Pursuant to ASIC Class Order 98/1418 (as amended), the wholly-owned controlled entities identified in Note 26 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 Assumption Deeds on 17 June 2002 and 26 June 2006.
A consolidated Income Statement and consolidated Balance Sheet, comprising Qantas and controlled entities which are a party to the Deed, after eliminating
all transactions between parties to the Deed, are set out below and on the next page respectively:
Consolidated
2006
$M
2005
$M
INCOME STATEMENT
Profi t before related income tax expense 671.1 889.4
Income tax expense 183.8 220.8
Profi t for the year 487.3 668.6
Retained earnings at 1 July 1,273.2 957.5
Impact of initial adoption of AASB 132 and AASB 139 (36.2) –
Dividends to members (402.1) (352.9)
Retained earnings at 30 June 1,322.2 1,273.2