Qantas 2013 Annual Report Download - page 154
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152
34. Deed of Cross Guarantee
Pursuant to ASIC Class Order 98/1418 (as amended) (Class Order), the wholly-owned entities identied in Note 33 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 rst 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, 13 October 2011 and 20 November 2012.
On 31 October 2012, a Notice Of Disposal was lodged to remove Q Catering Cairns Pty Limited and Q Catering Riverside Pty Limited
from the Deed.
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
areeliminated
»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
Qantas Group
2013
$M
2012
$M
CONDENSED INCOME STATEMENT
Statutory prot/(loss) before income tax expense 201 (344)
Income tax (expense)/benet (11) 105
Statutory prot/(loss) for the year 190 (239)
Retained earnings as at 1 July 1,059 1,296
Shares unvested and lapsed 42
Retained earnings as at 30 June 1,253 1,059
Notes to the Financial Statements continued
FOR THE YEAR ENDED 30 JUNE 2013