Qantas 2008 Annual Report Download - page 121

119 Qantas Annual Report 2008
Notes to the Financial Statements
for the year ended 30 June 2008
Reconciliation of profit for the year to net cash
from operating activities
Qantas Group Qantas
2008
$M
2007
$M
2008
$M
2007
$M
Profi t for the year attributable to members of Qantas 969.0 672.6 1,308.2 413.3
Add: depreciation and amortisation 1,469.3 1,362.7 1,309.5 1,266.8
Less: net gain on disposal of investment –(30.6) ––
Less: net gain on disposal of property, plant and equipment (17.3) (12.9) (4.4) (13.3)
Less: gain on disposal of intangible assets –(3.2) –(3.2)
Less: capitalised interest (100.7) (83.3) (100.7) (83.3)
Add: writedown of property, plant and equipment 18.6 –––
Add: writedown of investments –14.5 17.3 13.5
Less: share of net profi t of associates and jointly controlled entities (27.6) (46.5) ––
Add: dividends received from associates and jointly controlled entities 22.3 28.4 ––
Less: discount on acquisition of controlled entity –(8.8) ––
Add: share-based payments 61.6 17.2 61.6 17.2
(Less)/add: transfer from hedge reserve to Income Statement (208.8) 9.7 (208.8) 9.7
Add(less): changes in fair value of fi nancial instruments 71.0 (9.2) 82.9 (77.8)
(Less)/add: other items (33.4) 52.3 (1.4) 117.9
Movements in operating assets and liabilities:
(Increase)/decrease in receivables (410.3) (165.2) (232.2) 497.3
Increase in receivables from controlled entities ––(337.7) (178.8)
(Increase)/decrease in inventories (39.3) 167.4 (42.8) 173.2
Increase in other assets (144.0) (16.1) (133.2) (22.8)
(Increase)/decrease in deferred tax assets (0.3) 2.8 ––
Increase/(decrease) in payables 168.7 16.1 24.6 (105.4)
Increase in revenue received in advance 250.7 304.9 152.3 223.2
(Decrease)/increase in provisions (41.0) 65.7 (47.5) 56.6
(Decrease)/increase in current tax liabilities (40.5) 80.6 (40.9) 80.7
Decrease in deferred lease benefi ts (28.6) (37.5) (26.3) (33.7)
Increase in deferred tax liabilities 189.0 42.5 193.6 45.2
Net cash from operating activities 2,128.4 2,424.1 1,974.1 2,396.3
Qantas Group
Entities acquired during the year 2008 $M
2007
$M
Consideration 13.2 34.5
Less: cash acquired –2.4
Payments for controlled entities, net of cash acquired 13.2 32.1
Net assets
Receivables 1.1 14.5
Inventories –12.8
Investments accounted for using the equity method (2.3) (17.6)
Property, plant and equipment –39.0
Goodwill 13.5 20.8
Payables –(15.9)
Current tax liabilities –(0.5)
Revenue received in advance –(9.2)
Deferred tax liabilities –(1.8)
Minority interest 0.9 (1.2)
Discount on acquisition –(8.8)
Net asset impact of acquisition 13.2 32.1
Qantas acquired 67.27 per cent of DPEX Transport Group Pte Ltd and its controlled entities on 2 July 2007 for $22.4 million through conversion of
a convertible note issued on 30 May 2007. As this entity was considered a controlled entity upon the issuance of the convertible note on 30 May
2007 the acquisition of the 67.27 per cent was recorded in the year ended 30 June 2007. The remaining 32.73 per cent of shares were acquired
on 31 August 2007 for $12.7 million.
On 2 November 2007 Qantas acquired an additional 19.26 per cent of Kilda Express Pte Limited for $0.5 million bringing the total shareholding
held by Qantas to 69.26 per cent.
Qantas acquired the remaining 50 per cent of Jet Turbine Services Pty Limited on 15 December 2006 for a purchase price of $12.1 million.
26. Notes to the Cash Flow Statements
For personal use only