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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2015
66
QANTAS ANNUAL REPORT 2015
15. PROPERTY, PLANT AND EQUIPMENT
2015 2014
Qantas Group
$M 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 335 214 121 305 203 102
Leasehold improvements 1,647 1,108 539 1,651 1,067 584
Plant and equipment 1,535 1,063 472 1,481 1,003 478
Aircraft and engines 17,937 8,955 8,982 17,131 8,658 8,473
Aircraft spare parts 791 409 382 757 365 392
Aircraft deposits 169 –169 551 130 421
Total property, plant and equipment
at net book value 22,464 11,749 10,715 21,926 11,426 10,500
Qantas Group
2015
$M
Opening
Net Book
Value Additions1Disposals Transfers2
Transferred
to Assets
Classified as
Held for Sale Depreciation Impairment Other3
Closing Net
Book Value
Reconciliations
Freehold land 50 – – – – – – – 50
Buildings 102 – – 29 –(10) – – 121
Leasehold improvements 584 56 –(65) –(43) – 7 539
Plant and equipment 478 44 (6) 36 –(81) (1) 2472
Aircraft and engines48,473 483 (23) 829 (42) (841) (29) 132 8,982
Aircraft spare parts 392 44 (4) – 6 (39) –(17) 382
Aircraft deposits 421 610 (42) (819) – – (1) –169
Total property, plant and
equipment 10,500 1,237 (75) 10 (36) (1,014) (31) 124 10,715
2014
$M
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
1 Additions include capitalised interest of $14 million (2014: $34 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 including those relating to finance leases.
4 Aircraft and engines include finance-leased assets with a net book value of $1,796 million (2014: $1,933 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 $4,822 million (2014: $5,934 million).