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85
QANTAS ANNUAL REPORT 2014
15. PROPERTY, PLANT AND EQUIPMENT
Qantas Group
$M
2014 2013
At Cost
Accumulated
Depreciation and
Impairment Net Book Value At Cost
Accumulated
Depreciation and
Impairment Net Book Value
Freehold land 50 –50 50 –50
Buildings 305 203 102 317 203 114
Leasehold improvements 1,651 1,067 584 1,695 1,075 620
Plant and equipment 1,481 1,003 478 1,496 960 536
Aircraft and engines 17,131 8,658 8,473 18,486 7,411 11,075
Aircraft spare parts 757 365 392 885 468 417
Aircraft deposits 551 130 421 1,029 14 1,015
Total property, plant and equipment
at net book value 21,926 11,426 10,500 23,958 10,131 13,827
Qantas Group
2014
$M
Opening
Net Book
Value Additions1
Acquisition
of
Controlled
Entity Disposals Transfers2
Transferred
to Assets
Classified
as Held for
Sale
Depreciation
Impairment Other3
Closing Net
Book Value
Reconciliations
Freehold land 50 ––––––––50
Buildings 114 – – (3) 5 – (14) – – 102
Leasehold
improvements 620 74 –(40) (18) –(47) (11) 6584
Plant and equipment 536 82 –(38) – – (81) (24) 3478
Aircraft and engines411,075 355 –(21) 1,065 (141) (1,161) (2,696) (3) 8,473
Aircraft spare parts 417 56 –(9) 4(9) (48) (11) (8) 392
Aircraft deposits 1,015 505 – – (1,113) – – (116) 130 421
Total property, plant
and equipment 13,827 1,072 –(111) (57) (150) (1,351) (2,858) 128 10,500
2013
$M
Reconciliations
Freehold land 50 ––––––––50
Buildings 126 –––––(12) – – 114
Leasehold
improvements 589 107 5 – (5) –(52) (2) (22) 620
Plant and equipment 523 85 15 (10) 1 – (83) – 5 536
Aircraft and engines411,278 493 –(11) 572 (26) (1,175) (56) –11,075
Aircraft spare parts 442 49 –(2) (9) –(61) –(2) 417
Aircraft deposits 1,131 499 –(8) (673) – – (14) 80 1,015
Total property, plant
and equipment 14,139 1,233 20 (31) (114) (26) (1,383) (72) 61 13,827
1 Additions include capitalised interest of $34million (2013: $61million).
2 Transfers include transfers between categories of property, plant and equipment and transfers to other balance sheet accounts.
3 Other includes foreign exchange movements and non-cash additions of $130million (2013: $115million) relating to finance leases (refer to Note 20).
4 Aircraft and engines include finance leased assets with a net book value of $1,933million (2013: $2,875million).
SECURED ASSETS
Certain aircraft and engines act as security against related financings. Under the terms of certain financing facilities entered into
by the Qantas Group, the underwriters to these agreements have a fixed charge over certain aircraft and engines to the extent
that debt has been issued directly to those underwriters. The total carrying amount of assets under pledge is $5,934million
(2013:$8,582million).