Qantas 2013 Annual Report Download - page 143
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141
QANTAS ANNUAL REPORT 2013
30. Contingent Liabilities
Details of contingent liabilities are set out below. The Directors are of the opinion that provisions are not required with respect
to these matters, as it is not probable that a future sacrice of economic benets will be required or the amount is not capable
of reliable measurement.
GUARANTEES
Qantas has entered into guarantees in the normal course of business to secure a self-insurance licence under the New South
Wales Workers’ Compensation Act, the Victorian Accident Compensation Act and the Queensland Workers’ Compensation and
Rehabilitation Act, to support non-aircraft operating lease commitments and other arrangements entered into with third parties.
Due to specic self-insurance provisions raised, the Directors are of the opinion the probability to make payment under these
guarantees is remote.
AIRCRAFT FINANCING
As part of the nancing arrangements for the acquisition of aircraft, Qantas has provided certain guarantees and indemnities to
various lenders and equity participants in leveraged lease transactions. In certain circumstances, including the insolvency of major
international banks and other AAA rated counterparties, Qantas may be required to make payment under these guarantees.
LITIGATION
Freight and Passenger Third Party Class Actions
Qantas is a party to a number of third party class actions relating to its freight and passenger divisions. Qantas continues to have
a number of defences to these class actions. Qantas expects the outcome of these class actions will be known over the course of
the next few years.
Other Claims and Litigation
From time to time, Qantas is subject to claims and litigation during the normal course of business. The Directors have given
consideration to such matters which are or may be subject to litigation at year end and are of the opinion that no material
contingent liability exists.
31. Superannuation
The Qantas Superannuation Plan (QSP) is a hybrid dened benet/dened contribution fund with multiple divisions which
commenced operation in June 1939. In addition to the QSP, there are a number of small offshore dened benet plans.
The Qantas Group makes contributions to dened benet superannuation plans that provide dened benet amounts for
employees upon retirement. Under the plans, employees are entitled to retirement benets determined, at least in part, by
reference to a formula based on years of membership and salary levels. As at 30 June 2013 the total plan assets include shares
in Qantas Airways Limited with a fair value of $11 million (2012: $9 million).