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125 Qantas Annual Report 2008
Notes to the Financial Statements
for the year ended 30 June 2008
Qantas Group Qantas
Historical amounts 2008
$M
2007
$M
2006
$M
2005
$M
2008
$M
2007
$M
2006
$M
2005
$M
Fair value of plan assets 2,141.8 2,353.3 2,411.0 2,077.9 2,141.8 2,353.3 2,411.0 2,077.9
Present value of defi ned benefi t obligation 1,845.6 1,691.0 2,041.8 2,042.9 1,845.6 1,691.0 2,041.8 2,042.9
Surplus 296.2 662.3 369.2 35.0 296.2 662.3 369.2 35.0
Experience adjustments on plan assets (271.2) 27.0 179.7 180.1 (271.2) 27.0 179.7 180.1
Experience adjustments on plan liabilities (138.0) 112.1 3.9 (63.6) (138.0) 112.1 3.9 (63.6)
Principal actuarial assumptions at balance date
(expressed as weighted averages per annum)
Qantas Group Qantas
2008
%
2007
%
2008
%
2007
%
Discount rate 6.4 6.3 6.4 6.3
Expected return on plan assets 8.2 7.7 8.2 7.7
Future salary increases 3.3 3.0 3.3 3.0
The expected long-term rate of return is based on the portfolio as a whole and not on the sum of the returns on individual asset categories.
The return is based exclusively on historical returns, without adjustments.
It is estimated that $118 million will be paid by Qantas to the defi ned benefi t superannuation plans in the year ending 30 June 2009
(2008: $118 million).
Defined contribution fund
The Qantas Group results include a $168.0 million (2007: $144.1 million) expense in relation to the defi ned contribution fund.
30. Related Parties
(A) Key Management Personnel
Details of Key Management Personnel
The Key Management Personnel (KMP) of the Qantas Group during the year were:
Leigh Clifford, AO, Chairman (appointed Non-Executive Director from 9 August 2007 and Chairman from 14 November 2007)
Margaret Jackson, AC, Chairman (retired 14 November 2007)
Geoff Dixon, Chief Executive Offi cer
Peter Gregg, Chief Financial Offi cer and EGM Strategy
Paul Anderson, Non-Executive Director (resigned 16 April 2008)
Mike Codd, AC, Non-Executive Director
Peter Cosgrove, AC, MC, Non-Executive Director
Patricia Cross, Non-Executive Director
Richard Goodmanson, Non-Executive Director (appointed 19 June 2008)
Garry Hounsell, Non-Executive Director
James Packer, Non-Executive Director (resigned 31 August 2007)
John Schubert, Non-Executive Director
James Strong, AO, Non-Executive Director
Barbara Ward, Non-Executive Director (appointed 19 June 2008)
John Borghetti, EGM Qantas
Kevin Brown, EGM People
David Cox, EGM Engineering
Grant Fenn, EGM Freight Enterprises
Alan Joyce, CEO Jetstar.
Paul Rayner was appointed as a Non-Executive Director effective 16 July 2008.
Alan Joyce was appointed as an Executive Director effective 28 July 2008.
29. Superannuation continued
For personal use only