Qantas 2012 Annual Report Download - page 126

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FOR THE YEAR ENDED 30 JUNE 2012
Notes to the Financial Statements continued
Qantas Group
Ownership Interest
Consolidated Entities Footnote ACN/ABN
Country of
Incorporation
30 June 2012
%
30 June 2011
%
QF ECA A  No. Pty Limited     Australia  
QF ECA A  No. Pty Limited     Australia  
QF ECA A  No. Pty Limited     Australia  
Snap Fresh Pty Limited     Australia  
Southern Cross Insurances Pte Limited Singapore  
Travel Software Solutions Pty Limited     Australia  
1 Pursuant to ASIC Class Order 98/1418 (as amended), these controlled entities are relieved from the Corporations Act requirements for the preparation,
audit and lodgement of Financial Reports.
2 Express Ground Handling Pty Limited changed its name to Jetstar Services Pty Limited on 21 February 2012.
3 These companies were incorporated on 19 August 2011.
4 This company changed its name to HOOROO Pty Limited on 11 July 2012.
5 In accordance with the Air Navigation Act (Singapore 2009), Newstar Investment Holdings Pte. Ltd. and its Singapore based airline subsidiaries are substantially owned
and effectively controlled by Singapore nationals. Notwithstanding this, Australian Accounting Standards (AASB 127 Consolidated and Separate Financial Statements)
require the Qantas Group to consolidate Newstar Investment Holdings Pte Ltd and its controlled entities in the Qantas Group Financial Statements.
6 This company was incorporated on 2 April 2012.
7 This company was incorporated on 6 September 2011.
8 Hangda Consulting (Shanghai) Co. Ltd changed its name to Hangda Ticket Agent (Shanghai) Co. Ltd on 3 November 2011.
9 These companies were voluntarily deregistered on 28 August 2011.
10 Qantas acquired 100 per cent of these companies on 5 August 2011 and both companies became party to the Qantas Deed of Cross Guarantee on 13 October 2011.
33. Deed of Cross Guarantee
Pursuant to ASIC Class Order 98/1418 (as amended) (Class Order), the wholly-owned entities identified in Note 32 are relieved from
the Corporations Act requirements for preparation, audit, distribution and lodgement of Financial Statements and Directors’ Reports.
It is a condition of the Class Order that Qantas and each of the controlled entities eligible to obtain relief under the Class Order enter
into a Deed of Cross Guarantee (Deed).
Under the Deed, Qantas guarantees to each creditor payment in full of any debt upon the winding up under certain provisions
of the Corporations Act of any of the controlled entities that is party to the Deed. If the winding up occurs under other provisions
of the Corporations Act, Qantas will only be liable if six months after a resolution or order for the winding up of the controlled entity,
any debt of a creditor of that controlled entity has not been paid in full. Each controlled entity that is party to the Deed has given
similar guarantees in the event Qantas is wound up.
Qantas and its eligible controlled entities first entered into a Deed on 4 June 2001. Subsequently, additional controlled entities
became party to the Deed by way of Assumption Deeds dated 17 June 2002, 26 June 2006, 29 June 2007, 30 June 2008, 29 June 2009,
16 June 2010, 25 November 2010, 4 April 2011 and 13 October 2011.
The consolidated Condensed Income Statement and Balance Sheet for Qantas and each of its controlled entities that are party
to the Deed is set out below. The principles of consolidation are:
— Transactions, balances and unrealised gains and losses on transactions between entities that are party to the Deed are eliminated
— Investments in controlled entities that are not party to the Deed are carried at cost less any accumulated impairment
— Investments in associates and jointly controlled entities are carried at cost less any accumulated impairment
— Dividends received from investments in associates and jointly controlled entities are recognised as income
Consolidated
2012
$M
2011
$M
CONDENSED INCOME STATEMENT
Statutory (loss)/profit before income tax expense () 
Income tax benefit/(expense)  ()
Statutory (loss)/profit for the year () 
Retained earnings as at  July , ,
Shares unvested and lapsed –
Impact of entities joining/leaving the Deed – –
Retained earnings as at  June , ,
32. Consolidated Entities continued
QANTAS ANNUAL REPORT 2012124