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123
QANTAS ANNUAL REPORT 2013
15. Investments Accounted for Using the Equity Method
Qantas Group
2013
$M
2012
$M
Share of net (loss)/prot of associates and jointly controlled entities
Associates (41) (10)
Jointly controlled entities 213
Total share of net (loss)/prot of associates and jointly controlled entities (39) 3
Investments accounted for using the equity method
Associates
– Jetset Travelworld Limited 118 114
– Other 72 49
Total investments in associates 190 163
Jointly controlled entities
– AUX Investments Pty Limited –294
Total investments in jointly controlled entities –294
Total investments accounted for using the equity method 190 457
A INVESTMENTS IN ASSOCIATES
Details of interests in associates are as follows:
Qantas Group
Ownership Interest
Principal Activity
Country of
Incorporation
Balance
Date 2013
%
2012
%
Air Pacic Limited1Air transport Fiji 31 Mar ––
Fiji Resorts Limited Resort accommodation Fiji 31 Dec 21 21
Hallmark Aviation Services L.P.
Passenger handling services
United States of
America
31 Dec 49 49
HT & T Travel Philippines, Inc. Tours and travel Philippines 30 Jun 28 28
Holiday Tours and Travel (Thailand) Ltd Tours and travel Thailand 31 Dec 37 37
Holiday Tours & Travel Vietnam Co. Ltd Tours and travel Vietnam 30 Jun 37 37
Holiday Tours & Travel (GSA) Ltd2Tours and travel Thailand 31 Dec 37 –
Jetset Travelworld Limited3
Travel products and services
Australia 30 Jun 29 29
Jetstar Japan Co., Ltd. Air transport Japan 30 Jun 33 33
Jetstar Hong Kong Airways Limited4Air transport Hong Kong 30 Jun 33 –
Jetstar Pacic Airlines Aviation Joint
Stock Company
Air transport Vietnam 31 Dec 30 30
PT Holidays Tours & Travel Tours and travel Indonesia 31 Dec 37 37
Tour East (T.E.T) Ltd Tours and travel Thailand 31 Dec 37 37
1 Legislative changes in Fiji culminated on 29 May 2012 with the Qantas Group removing its director representatives from the Board of Air Pacic Limited (Air Pacic). As a result,
Air Pacic ceased to be an associate of the Qantas Group. The Qantas Group continues to hold a 46 per cent ownership interest in Air Pacic.
2 Holiday Tours and Travel (GSA) Ltd was incorporated on 24 October 2012.
3 Jetset Travelworld Limited is a company whose shares are traded on the ASX. As at 30 June 2013 the fair value based on a quoted price of Qantas’ investment is $42 million.
Qantas’ share of the net assets of Jetset Travelworld Limited is $126 million as at 30 June 2013.
4 Jetstar Hong Kong Airways Limited was incorporated on 4 September 2012 as a joint venture between Qantas and China Eastern Airlines. On 5 June 2013, Shun Tak Holdings Limited took
an equal one-third share in Jetstar Hong Kong resulting in the dilution of Qantas’ shareholding from 50% to 33.3%. The investment is now reported as an associate.