Qantas 2014 Annual Report Download - page 103

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101
QANTAS ANNUAL REPORT 2014
32. DEED OF CROSS GUARANTEE
Pursuant to ASIC Class Order 98/1418 (as amended) (Class Order), the wholly owned entities identified below are relieved from the
Corporations Act requirements for preparation, audit, distribution and lodgement of Financial Statements and Directors’ Reports.
AAL Aviation Limited Network Aviation Holdings Pty Ltd Qantas Group Flight Training Pty Limited
Airlink Pty Limited Network Aviation Pty Ltd Qantas Group Flight Training (Australia)
Pty Limited
Australian Air Express Pty Ltd
Network Holding Investments Pty Ltd Qantas Information Technology Ltd
Australian Airlines Limited Network Turbine Solutions Pty Ltd Qantas Road Express Pty Limited
Australian Regional Airlines Pty. Ltd. Osnet Jets Pty Ltd QF Cabin Crew Australia Pty Limited
Eastern Australia Airlines Pty. Limited Q Catering Limited Regional Airlines Charter Pty Limited
Express Freighters Australia Pty Limited Q H Tours Ltd Second Brisbane Airport Proprietary Limited
Express Freighters Australia (Operations)
Pty Limited
Qantas Asia Investment Company
Pty Ltd
Snap Fresh Pty Limited
First Brisbane Airport Proprietary Limited Qantas Catering Group Limited Southern Australia Airlines Pty Ltd
Impulse Airlines Australia Pty Ltd Qantas Courier Limited Sunstate Airlines (Qld) Pty. Limited
Impulse Airlines Holdings Proprietary Limited Qantas Defence Services Pty Limited
*
TAA Aviation Pty. Ltd.
Jetstar Airways Pty Limited Qantas Domestic Pty Limited The Network Holding Trust
Jetstar Asia Holdings Pty Limited Qantas Freight Enterprises Limited The Network Trust
Jetstar Group Pty Limited Qantas Frequent Flyer Limited Wishlist Holdings Limited
Jetstar Services Pty Limited Qantas Frequent Flyer Operations Pty Limited
Loyalty Magic Pty. Ltd Qantas Ground Services Pty Limited
* Qantas Defence Services Pty Limited ceased to be wholly owned on 28 February 2014.
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, 13 October 2011 and 20 November 2012.
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 that are not party to the Deed are carried at cost less any accumulated impairment
–Dividends received from investments are recognised as income
2014
$M
2013
Restated1
$M
CONDENSED INCOME STATEMENT
Statutory (loss)/profit before income tax expense (3,851) 195
Income tax (expense)/benefit 1,049 (9)
Statutory (loss)/profit for the year (2,802) 186
Retained earnings as at 1 July 1,139 638
Defined benefit actuarial gains, net of tax 113 311
Shares unvested and lapsed 2 4
Retained earnings as at 30 June (1,548) 1,139
1 Restatement for the impact of revised AASB 119 relating to defined benefit superannuation plans. Refer to Note 38.