Qantas 2014 Annual Report Download - page 99

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97
QANTAS ANNUAL REPORT 2014
Qantas Group
2014
$M
2013
$M
Finance lease and hire purchase liabilities included in the Consolidated Financial Statements
Current liabilities (refer to Note 20) 232 243
Non-current liabilities (refer to Note 20) 1,078 633
Total finance lease and hire purchase liabilities 1,310 876
The Qantas Group leases aircraft under finance leases with expiry dates between one and 10 years. Most finance leases contain
purchase options exercisable at the end of the lease term. The Qantas Group has the right to negotiate extensions on most leases.
(B) OPERATING LEASE COMMITMENTS
Qantas Group
2014
$M
2013
$M
AS LESSEE
Non-cancellable operating lease commitments not provided for in the
Consolidated Financial Statements
Aircraft and engines – payable:
No later than one year 456 505
Later than one year but not later than five years 930 1,250
Later than five years 140 227
1,526 1,982
Non-aircraft – payable:
No later than one year 200 195
Later than one year but not later than five years 598 577
Later than five years but not later than 10 years 246 285
Later than 10 years 259 249
1,303 1,306
Less: provision for potential under-recovery of rentals on unused premises available for sub-lease
(included in onerous contract provision) (4) (4)
1,299 1,302
2,825 3,284
(C) CAPITAL EXPENDITURE COMMITMENTS
Qantas Group
2014
$M
2013
$M
Capital expenditure commitments contracted but not provided for in the
Consolidated Financial Statements, payable, in relation to:
No later than one year 700 1,097
Later than one year but not later than five years 3,305 4,618
Later than five years 4,627 3,444
8,632 9,159
The Qantas Group has certain rights within its aircraft purchase contracts which can reduce or defer the above capital expenditure.
The Qantas Group also has the opportunity to assign ordered aircraft to its investments accounted for under the equity method.