Qantas 2007 Annual Report Download - page 118

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116 Qantas |Annual Report 2007
Qantas Group
Ownership Interest
Ref ABN/ACN
Country of
Incorporation
2007
%
2006
%
QF A332 Leasing 4 Pty Limited 84 100 510 558 Australia 100 100
QF A332 Leasing 5 Pty Limited 22 100 510 674 Australia 100 100
QF A332 Leasing 6 Pty Limited 35 100 510 727 Australia 100 100
QF A333 Leasing 1 Pty Limited 2 49 100 510 790 Australia n/a 100
QF A333 Leasing 2 Pty Limited 2 56 100 510 816 Australia n/a 100
QF A333 Leasing 3 Pty Limited 50 100 510 352 Australia 100 100
QF A333 Leasing 4 Pty Limited 44 100 510 389 Australia 100 100
QF A388 Leasing 1 Pty Limited 62 100 510 843 Australia 100 100
QF A388 Leasing 2 Pty Limited 66 100 510 861 Australia 100 100
QF Dash 8 Leasing Pty Limited 86 107 164 750 Australia 100 100
Snap Fresh Pty Limited 1 55 092 536 475 Australia 100 100
Southern Cross Insurances Pte Limited Singapore 100 100
Thai Air Cargo Holdings Pty Limited 19 112 083 584 Australia 100 100
Pursuant to ASIC Class Order 98/1418 (as amended), these entities are relieved from the Corporations Act requirements for preparation, audit and lodgement of Financial Reports
and Directors’ Reports.
On 11 May 2006, ASIC approved applications from these companies to be voluntarily deregistered pursuant to sec tion 601AA of the Corporations Act. On 23 July 2006, these entities were deregistered.
Jetstar Holidays Co. Ltd was established on 26 February 2007.
On 31 May 2006, ASIC approved applications from these entities to convert to proprietary companies. On 20 July 2006, these entities converted to proprietary companies.
On 15 December 2006, the remaining 50 per cent interest in this entity was acquired by the Qantas Group. In the prior year, the company was equity accounted as a jointly controlled entity.
On 20 March 2007, a 75 per cent interest in this entity was acquired by the Qantas Group.
On 2 August 2006, A SIC approved an application from this entity to be voluntarily deregistered pursuant to section 601A A of the Corporations Act.
Qantas Asia Investment Company Pty Limited was incorporated on 23 April 2007 and became party to the Deed of Cross Guaranteee on 29 June 2007.
Qantas Asia Investment Company (Singapore) Pte Ltd was incorporated on 23 May 2007. Although no equity is owned by Qantas at 30 June 2007, Qantas controlled the Board from 23 May 2007.
Qantas Freight Holdings Pty Limited was incorporated on 24 May 2007 and became party to the Deed of Cross Guaranteee on 29 June 2007.
Qantas Freight Asia Holdings Pte Limited was incorporated on 25 May 2007.
Qantas acquired 100 per cent of this entity on 2 July 2007, although it controlled the Board as of 31 May 2007.
Qantas acquired 67.27 per cent of this entity on 2 July 2007, although it controlled the Board as of 31 May 2007.
26. Deed of Cross Guarantee
Pursuant to ASIC Class Order 98/1418 (as amended), the wholly-owned controlled entities identified in Note 25 are relieved from the Corporations Act
requirements for preparation, audit and lodgement of Financial Reports and Directors’ Reports.
It is a condition of the Class Order that Qantas and each of the controlled entities in the Class Order enter into a Deed of Cross Guarantee. The effect of
the Deed is that Qantas guarantees to each creditor payment in full of any debt in the event of wind-up of any of the controlled entities under certain
provisions of the Corporations Act. If a winding-up occurs under other provisions of the Act, Qantas will only be liable in the event that after six months
any creditor has not been paid in full. The controlled entities have also given similar guarantees in the event that Qantas is wound up.
The Deed was first entered into by the controlled entities on 4 June 2001 and subsequently additional controlled entities became party to the Deed
by way of Assumption Deeds on 17 June 2002, 26 June 2006 and 29 June 2007.
A consolidated Income Statement and consolidated Balance Sheet, comprising Qantas and controlled entities which are a party to the Deed, after
eliminating all transactions between parties to the Deed, are set out below and on the next page respectively:
Consolidated
Income Statement 2007
$M
2006
$M
Profit before related income tax expense 935.8 671.1
Income tax expense (312.1) (183.8)
Profit for the year 623.7 487.3
Retained earnings as at 1 July 1,322.2 1,237.0
Shares vested to employees (1.8) –
Dividends declared (512.8) (402.1)
Retained earnings as at 30 June 1,431.3 1,322.2
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25. Particulars in Relation to Controlled Entities continued
Notes to the Financial Statements
for the year ended 30 June 2007