Qantas 2010 Annual Report Download - page 85

Download and view the complete annual report

Please find page 85 of the 2010 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 120

  • 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

83 ANNUAL REPORT 2010
for the year ended 30 June 2010
Notes to the Financial Statements continued
(A) FINANCE LEASE AND HIRE PURCHASE COMMITMENTS
Qantas Group
2010
$M
2009
$M
AS LESSEE
Finance lease and hire purchase liabilities included in the Financial Statements at the present value
of future rentals
Aircraft and engines – payable:
Not later than one year 44 171
Later than one year but not later than  ve years 482 346
Later than  ve years – 180
526 697
Less: future lease and hire purchase  nance charges 44 64
Total  nance lease and hire purchase liabilities 482 633
Finance lease and hire purchase liabilities included in the Financial Statements
Current liability (refer Note 21) 43 164
Non-current liability (refer Note 21) 439 469
Total  nance lease and hire purchase liabilities 482 633
The Qantas Group leases aircraft under  nance leases with expiry dates between one and 12 years. Most  nance leases contain purchase options
exercisable at the end of the lease term. The Qantas Group has the right to negotiate extensions on most leases.
(B) OPERATING LEASE COMMITMENTS
AS LESSEE
Non-cancellable operating lease commitments not provided for in the Financial Statements
Aircraft – payable:
Not later than one year 698 622
Later than one year but not later than  ve years 2,212 2,260
Later than  ve years 705 782
3,615 3,664
Non-aircraft – payable:
Not later than one year 152 176
Later than one year but not later than  ve years 433 440
Later than  ve years 344 404
929 1,020
Less: provision for potential under-recovery of rentals on unused premises available for sub-lease
(included in onerous contract provision)
99
920 1,011
Total operating lease commitments not provided for in the Financial Statements 4,535 4,675
The Qantas Group leases aircraft, buildings and plant and equipment under operating leases with expiry dates between one and 32 years.
The Qantas Group has the right to negotiate extensions on most leases.
AS LESSOR
Operating lease receivables not recognised in the Financial Statements
Receivable:
Not later than one year 12 11
Later than one year but not later than  ve years 47 47
Later than  ve years 44 56
Total operating lease receivables not recognised in the Financial Statements 103 114
Qantas leases out freighter aircraft under long-term operating leases with rentals received monthly.
28. Commitments