Qantas 2011 Annual Report Download - page 82
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THE QANTAS GROUP 80
for the year ended 30 June 2011
Notes to the Financial Statements continued
Qantas Group
$M
$M
CURRENT
Employee benets
— Annual leave
— Long service leave
— Redundancies, restructuring and other employee benets
Onerous contracts
Make good on leased assets
Insurance, legal and other
Total current provisions
NONCURRENT
Employee benets
— Long service leave
Onerous contracts
Make good on leased assets
Insurance, legal and other
Total non-current provisions
Reconciliations of the carrying amounts of each class of provision, except for employee benets, are set out below:
Qantas Group
$M
Opening
Balance
Provisions
Made
Provisions
Utilised
Unwind of
Discount Other
Closing
Balance Current
Non-
Current Total
Reconciliations
Onerous contracts () – –
Make good on leased assets ()
Insurance, legal and other ()
Total ()
$M
Reconciliations
Onerous contracts –() –
Make good on leased assets () ()
Insurance, legal and other ()
Total ()
. Other includes foreign exchange movements and movements in provisions impacting other balance sheet accounts.
NATURE AND PURPOSE OF PROVISIONS
Onerous Contracts
An onerous contract is a contract in which the unavoidable cost of meeting the obligations under the contract exceeds the economic benet
expected to be received. The Qantas Group has raised this provision in respect of operating leases on premises.
Make Good on Leased Assets
The Qantas Group has leases that require the asset to be returned to the lessor in a certain condition. A provision has been raised for the
present value of the future expected cost at lease expiry.
Insurance, Legal and Other
The Qantas Group self-insures for risks associated with workers’ compensation. An outstanding claim is recognised when an incident occurs
that may give rise to a claim and is measured at the present value of the cost that the entity expects to incur in settling the claim. Legal
provisions include estimates of the likely penalties to be incurred in relation to investigations into alleged price xing in the air cargo market.
22. Provisions