Qantas 2008 Annual Report Download - page 103
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101 Qantas Annual Report 2008
Notes to the Financial Statements
for the year ended 30 June 2008
(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
2008
%
2007
%
2008
$M
2007
$M
Australian air Express Pty Limited Air cargo Australia 30 Jun 50.0 50.0 21.5 22.1
Harvey Holidays Pty Ltd Tours and travel Australia 30 Jun 50.0 50.0 2.5 2.7
Kilda Express Pte Limited1Freight services Singapore 31 Dec –50.0 –2.2
Orangestar Investment Holdings Pte Limited Air transport Singapore 31 Mar 45.0 45.0 ––
Star Track Express Holdings Pty Limited Express road freight Australia 30 Jun 50.0 50.0 270.6 267.5
Total jointly controlled entities 294.6 294.5
The Qantas Group acquired a further 19.3 per cent interest in Kilda Express Pte Limited on 2 November 2007 and ceased to equity account the results of the company from this date.
Qantas Group
Results of jointly controlled entities 2008
$M
2007
$M
Revenues 656.4 676.6
Expenses (624.4) (631.0)
Profi t before related income tax expense 32.0 45.6
Income tax expense (8.8) (13.8)
Share of net profit of jointly controlled entities 23.2 31.8
The investment in Orangestar Investment Holdings Pte Limited is no longer equity accounted as losses have reduced the value of the investment to
zero. Unrecognised losses to 30 June 2008 were $0.1 million (2007: $1.0 million).
Movements in carrying amount of investments in jointly controlled entities
Carrying amount of investments in jointly controlled entities as at 1 July 294.5 305.9
Investments in jointly controlled entities acquired –2.2
Share of net profi t of jointly controlled entities 23.2 31.8
Dividends from jointly controlled entities (21.1) (22.4)
Share of movements in hedge reserve 0.2 –
Disposal of investments (2.2) –
Investment in jointly controlled entities impaired in other expenses –(4.4)
Entity acquired –(17.6)
Reclassifi cation to investments in associates –(1.0)
Carrying amount of investments in jointly controlled entities as at 30 June 294.6 294.5
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 93.3 88.4
Non-current assets 435.5 413.1
Total assets 528.8 501.5
Current liabilities 78.6 71.9
Non-current liabilities 149.4 137.4
Total liabilities 228.0 209.3
Net assets 300.8 292.2
Adjustment arising from equity accounting
goodwill–0.5 2.3
superannuation –(6.7) –
Net assets – equity accounting adjusted 294.6 294.5
1
14. Investments Accounted for Using the Equity Method continued
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