Qantas 2006 Annual Report Download - page 119

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117
Qantas Annual Report 2006
Notes to the Financial Statements
for the year ended 30 June 2006
(B) INTERESTS IN JOINTLY CONTROLLED ENTITIES
Details of interests in jointly controlled entities are as follows:
Qantas Group Qantas Group
Ownership Interest Amount of Investment
Name
Principal
Activity
Country of
Incorporation
Balance
Date
2006
%
2005
%
2006
$M
2005
$M
Australian air Express Pty Limited Air cargo Australia 30 Jun 50.0 50.0 20.7 17.5
Harvey Holidays Pty Ltd Tours and travel Australia 30 Jun 50.0 50.0 2.1 1.6
Jet Turbine Services Pty Limited Maintenance services Australia 30 Jun 50.0 50.0 19.5 9.0
Orangestar Investment Holdings Pte Limited1Air transport Singapore 31 Mar 45.0 49.0 3.5 4.9
Star Track Express Holdings Pty Limited Express road freight Australia 30 Jun 50.0 50.0 260.1 253.6
Total jointly controlled entities 305.9 286.6
1 This investment was formerly classified as an associate and was held through the legal entity Jetstar Asia Pte Limited.
Qantas Group
2006
$M
2005
$M
RESULTS OF JOINTLY CONTROLLED ENTITIES
Revenues 559.8 487.1
Expenses (519.2) (466.8)
Profit before related income tax expense 40.6 20.3
Income tax expense (14.1) (12.6)
Share of net profi ts of jointly controlled entities 26.5 7.7
MOVEMENTS IN CARRYING AMOUNT OF INVESTMENTS IN JOINTLY CONTROLLED ENTITIES
Carrying amount of investments in jointly controlled entities at 1 July 286.6 278.0
Investments in jointly controlled entities acquired during the year 37.0 25.1
Share of net profit of jointly controlled entities 26.5 7.7
Investment in jointly controlled entities impaired during the year in Other expenses (22.4) –
Drawings from jointly controlled entities (21.8) (24.2)
Carrying amount of investments in jointly controlled entities at 30 June 305.9 286.6
SUMMARY FINANCIAL POSITION OF JOINTLY CONTROLLED ENTITIES
The Qantas Group’s share of aggregate assets and liabilities of jointly controlled entities is as follows:
Current assets 104.7 87.7
Non-current assets 418.8 410.1
Total assets 523.5 497.8
Current liabilities 79.6 73.4
Non-current liabilities 138.5 138.3
Total liabilities 218.1 211.7
Net assets 305.4 286.1
Adjustment arising from equity accounting:
Goodwill 0.5 0.5
Net assets – equity accounting adjusted 305.9 286.6
COMMITMENTS
Share of jointly controlled entities’ capital expenditure commitments contracted for 1.9 2.9
Share of jointly controlled entities’ non-capital expenditure commitments contracted for 172.2 188.2
Share of jointly controlled entities’ commitments 174.1 191.1
CONTINGENT LIABILITIES
Share of jointly controlled entities’ contingent liabilities 35.1 35.8