Qantas 2009 Annual Report Download - page 128

Download and view the complete annual report

Please find page 128 of the 2009 Qantas annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 164

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164

126 Qantas Annual Report 2009
Notes to the Financial Statements
for the year ended 30 June 2009
Qantas Group Qantas
2009 2008 2009 2008
FINANCING FACILITIES $M $M $M $M
Committed bank overdraft
Facility available 7 7 7 7
Amount of facility used – – – –
Amount of facility unused 7 7 7 7
Committed syndicated standby facility1
Facility available 500 500 500 500
Amount of facility used – – – –
Amount of facility unused 500 500 500 500
Committed secured funding and sale and operating lease
Facility available 1,100 – 1,100 –
Amount of facility used – – – –
Amount of facility unused 1,100 – 1,100 –
Commercial paper and medium-term notes
Facility available2 1,000 1,000 1,000 1,000
Amount of facility used – – – –
Amount of facility unused 1,000 1,000 1,000 1,000
1. The syndicated standby facility has $300 million maturing on 8 August 2010 and $200 million maturing on 8 August 2011.
2. Subjec t to Dealer Panel participation.
The bank overdraft facility held with Commonwealth Bank of Australia covers the combined balances of Qantas and its wholly-owned controlled entities.
Subject to the continuance of satisfactory credit ratings, the bank overdraft facility may be utilised at any time. Commonwealth Bank of Australia may
terminate this facility without notice.
FINANCING FACILITIES
The total amount of financing facilities available to the Qantas Group and Qantas as at balance date is detailed below:
26. Notes to the Cash Flow Statements continued
27. Acquisitions and Disposals of Controlled Entities
(A) ACQUISITION – JETSET TR AVELWORLD GROUP
On 25 July 2008, the Qantas Group completed the acquisition of a 58 per cent controlling interest in Jetset Travelworld Limited in exchange for the
disposal of Qantas Holidays Limited and Qantas Business Travel Pty Limited to Jetset Travelworld Limited. On completion of the transaction, the Qantas
Group recognised a net gain on disposal of 42 per cent of Qantas Holidays Limited and Qantas Business Travel Pty Limited of $86 million before tax.
The newly acquired Jetset Travelworld Group businesses contributed approximately $31 million in sales and other income and approximately $9 million in
profit after tax. If the transaction had occurred on 1 July 2008, the contribution of these businesses to the consolidated financial performance would not
have been materially different.
(B) ACQUISITION – JETSTAR ASIA (ORANGESTAR INVESTMENT HOLDINGS PTE LIMITED AND ITS CONTROLLED ENTITIES)
On 8 April 2009, the Qantas Group increased its ownership in Orangestar Investment Holdings Pte Limited and its controlled entities (the Jetstar Asia
Group) to 49 per cent from 45 per cent. The transaction was completed via a newly incorporated entity, Newstar Investment Holding Pte. Ltd. (Newstar),
in which the Qantas Group owns 49 per cent. Through funding provided by the Qantas Group, Newstar acquired 100 per cent of the Jetstar Asia Group.
The substance of this transaction is such that the Qantas Group can control (as defined by AASB 127 Consolidated and Separate Financial Statements)
100 per cent of the economic interest in the Jetstar Asia Group. Consequently, Jetstar Asia Group is consolidated in the Qantas Group Financial
Statements. Prior to the completion of the transaction, the Qantas Group reviewed the carrying value of its equity investment in the Jetstar Asia Group,
resulting in the reversal of approximately $19 million (before tax) of prior period impairment losses.
Newstar and the Jetstar Asia Group contributed approximately $48 million in sales and other income and approximately $18 million of profit after tax,
including an after-tax gain of $13 million on reversal of previous impairment losses. If the transaction had occurred on 1 July 2008, the Jetstar Asia Group
would have contributed $223 million in revenues and a loss of $8 million before tax.
(C) ACQUISITION – DPEX TRANSPORT GROUP
During the year ended 30 June 2008, Qantas acquired the remaining 33 per cent of DPEX Transport Group Pte Ltd and its controlled entities for $13 million.
Other than goodwill of approximately $13 million, there were no other material effects of this transaction on the Qantas Group’s financial position.