Qantas 2013 Annual Report Download - page 137
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135
QANTAS ANNUAL REPORT 2013
C MANAGEMENT INCENTIVE PLAN MIP
The following awards were made under the MIP during the year ended 30 June 2013:
2013 2012
Shares Granted Number
of Shares
Weighted
Average
Fair Value $
Number
of Shares
Weighted
Average
Fair Value $
2011/12 MIP shares granted – 22 August 2012 12,152,320 1.17 – –
2010/11 MIP shares granted – 31 August 2011 – – 4,923,441 1.58
Shares are valued based on the volume weighted average price of Qantas shares as traded on the ASX for the seven calendar
days up to and including the date of allocation. Expected dividends are not specically taken into account when calculating the
fair value but are implicit in the weighted average price of Qantas shares. Shares are issued or purchased on-market and are held
subject to a restriction period.
26. Derivatives and Hedging Instruments
The following section summarises derivative nancial instruments in the Consolidated Income Statement, Consolidated Statement
of Comprehensive Income, Consolidated Balance Sheet and the Consolidated Statement of Changes in Equity.
A OTHER FINANCIAL ASSETS AND LIABILITIES
Qantas Group
2013
$M
2012
$M
NET OTHER FINANCIAL ASSETS/LIABILITIES
Derivatives
Designated as cash ow hedges 48 (115)
Designated as fair value hedges (20) (355)
De-designated derivatives 3(17)
Not qualifying for hedge accounting (including time value of options) 36 (1)
Net other nancial assets/(liabilities) 67 (488)
Net other nancial assets/(liabilities) included in the Consolidated Balance Sheet
Other nancial assets – current 180 88
Other nancial assets – non-current 27 17
Other nancial liabilities – current (86) (369)
Other nancial liabilities – non-current (54) (224)
Net other nancial assets/(liabilities) 67 (488)
B HEDGE RESERVE
At 30 June 2013 the Qantas Group held various types of derivative nancial instruments that were designated as cash ow hedges
of future forecast transactions. These were hedging of:
»Future foreign currency revenue receipts and operational payments by future debt repayments in foreign currency and
exchange derivative contracts (forwards, swaps or options).
»Future aviation fuel purchases by crude, gasoil and jet kerosene derivative contracts (forwards, swaps or options).
»Future interest payments by interest rate derivative contracts (forwards, swaps or options).
»Future capital expenditure payments by foreign exchange derivative contracts (forwards or options).