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134 Qantas Annual Report 2008
Notes to the Financial Statements
for the year ended 30 June 2008
Qantas Group
Ownership Interest
Controlled Entities Footnote ABN/ACN
Country of
Incorporation
2008
%
2007
%
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 BOC 2008-1 Pty Limited 25 22 100 510 674 Australia 100 100
QF BOC 2008-2 Pty Limited 26 35 100 510 727 Australia 100 100
QF Cabin Crew Australia Pty Limited 1, 27 46 128 382 105 Australia 100 n/a
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
Pursuant to ASIC Class Order 98/1418 (as amended), these controlled entities are relieved from the Corporations Act 2001 requirements for preparation, audit and lodgement
1
of Financial Reports. On 8 August 2008, a revocation deed was lodged to remove Qantas Holidays Limited from the Deed.
Impulse Communications Pty Limited changed its name to Team Jetstar Pty Limited on 8 November 2007.
2
The Qantas Group disposed of 50 per cent of its interest in this entity on 1 July 2008.3
Jetabout Holidays Pte Ltd changed its name to Holiday Tours & Travel (Singapore) Pte. Ltd. on 15 May 2008.4
On 25 July 2008, Jetset Travelworld Ltd acquired a 100 per cent interest in Qantas Holidays Limited and Qantas Business Travel Pty Limited in exchange for QH Tours Ltd acquiring a 58 per cent 5
interest in Jetset Travelworld Ltd.
A.C.N. 128 382 187 Pty Ltd was incorporated on 8 November 2007. A.C.N. 128 382 187 Pty Ltd changed its name to Qantas Business Travel Pty Limited on 21 February 2008.
6
The Qantas Group obtained a 100 per cent interest in this company on 27 July 2007, although it controlled the Board as of 23 May 2007.7
The Qantas Group obtained a 100 per cent interest in Coffs Jet Centre Pty Ltd on 31 January 2008. Coffs Jet Centre Pty Ltd changed its name to Aerial Operations Services Pty Limited 8
on 18 March 2008.
Qantas Flight Catering Holdings Limited changed its name to Qantas Catering Group Limited on 15 May 2008.
9
Qantas Flight Catering Limited changed its name to Q Catering Limited on 15 May 2008.10
Caterair Airport Services Pty. Limited changed its name to Q Catering Cairns Pty Limited on 15 May 2008.11
Caterair Airport Services (Sydney) Pty Limited changed its name to Q Catering Riverside Pty Limited on 15 May 2008 and became a party to the Deed of Cross Guarantee on 30 June 2008.12
Qantas Freight Enterprises Limited was incorporated on 11 December 2007 and became a party to the Deed of Cross Guarantee on 30 June 2008.13
Qantas Road Express Pty Limited was incorporated on 31 March 2008 and became a party to the Deed of Cross Guarantee on 30 June 2008.14
The Qantas Group acquired the remaining 52.4 per cent interest in this company on 18 June 2008.15
The Qantas Group obtained a 100 per cent interest in this company on 2 July 2007, although it controlled the Board as of 31 May 2007.16
The Qantas Group obtained a 67.27 per cent interest in these companies on 2 July 2007, although it controlled the Boards as of 31 May 2007. The Qantas Group obtained the remaining 17
32.73 per cent interest in these companies on 31 August 2007.
The Qantas Group obtained a 44.85 per cent interest in this company on 2 July 2007. The Qantas Group obtained a further 6.9 per cent interest in this company on 25 July 2007,
18
25.17 per cent on 31 August 2007 and 6.41 per cent on 28 February 2008.
This company was deregistered on 18 January 20 08.
19
The Qantas Group obtained a further 19.26 per cent interest in this company on 2 November 2007.20
The Qantas Group obtained a further 14.445 per cent interest in this company on 2 November 2007.21
Qantas Foundation Trustee Limited was incorporated on 12 March 2008.22
Qantas Frequent Flyer Limited was incorporated on 30 January 2008.23
These companies were incorporated on 31 October 2007 and became parties to the Deed of Cross Guarantee on 30 June 2008.24
QF A332 Leasing 5 Pty Limited changed its name to QF BOC 2008-1 Pty Limited on 24 April 2008.25
QF A332 Leasing 6 Pty Limited changed its name to QF BOC 2008-2 Pty Limited on 24 April 2008.26
QF Cabin Crew Australia Pty Limited was incorporated on 8 November 2007 and became a party to the Deed of Cross Guarantee on 30 June 2008.27
32. Deed of Cross Guarantee
Pursuant to ASIC Class Order 98/1418 (as amended), the wholly-owned controlled entities identified in Note 31 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 wind-up of any of the controlled entities under
certain provisions of the Corporations Act. If a wind-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, 26 June 2006, 29 June 2007 and 30 June 2008.
On 8 August 2008, a revocation deed was lodged to remove Qantas Holidays Limited from the Deed.
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
Income Statement 2008
$M
2007
$M
Profit before related income tax expense 1,391.2 868.6
Income tax expense (438.2) (291.9)
Profit for the year 953.0 576.7
Retained earnings as at 1 July 875.9 813.8
Shares vested to employees (4.9) (1.8)
Impact of entities joining the Deed for the first time 7.1 –
Dividends declared (639.8) (512.8)
Retained earnings as at 30 June 1,191.3 875.9
31. Particulars in Relation to Controlled Entities as at June 2008 continued
For personal use only