Qantas 2009 Annual Report Download - page 150

148 Qantas Annual Report 2009
Notes to the Financial Statements
for the year ended 30 June 2009
34. Financial Risk Management continued
Carrying Amount Net Fair Value
2009 2008 2009 2008
QANTAS Notes $M $M $M $M
Financial assets
Cash and cash equivalents 10 3,404 2,461 3,413 2,467
Tradedebtors 11 548 841 548 841
Aircraft security deposits 11 22 27 22 28
Sundrydebtors 11 520 628 520 628
Other loans 11 3,464 1,994 3,464 1,994
Other financial assets 905 1,425 905 1,425
Other investments 15 766 553 766 553
9,629 7,929 9,638 7,936
Financial liabilities
Trade creditors 19 466 738 466 738
Other creditors and accruals 19 2,156 2,599 2,156 2,599
Bankoverdraft 21 – 20 – 20
Bankloans–secured 21 1,832 761 1,928 813
Bankloans–unsecured 21 629 629 641 658
Otherloans–unsecured 21 1,307 1,233 1,353 1,290
Othernancialliabilities  909 1,435 909 1,435
Leaseandhirepurchaseliabilities 21 3,584 1,985 3,681 1,941
10,883 9,400 11,134 9,494
Net financial liabilities 1,254 1,471 1,496 1,558
(E) CAPITAL MANAGEMENT
TheBoard’spolicyistomaintainastrongcapitalbasedesignedtomaximiseshareholdervalue,maintaincreditorcondenceandsustainfuture
developmentofthebusiness.Inresponsetothedeterioratingenvironment,Qantasundertookanumberofcapitalinitiativesoverandabove
secured financing of new aircraft deliveries. During the year ended 30 June 2009, Qantas raised $750 million in new equity, comprised of share
issues totalling $514 million and $236 million through the DRP. In addition, Qantas reduced its capital requirements through deferral and
cancellationofaircraftonorder,inadditiontolimitingnon-aircraftcapitalexpendituretoessentialprojects.
Withtheinterimdividendof6centspershare,theQantasGrouphaspaidout100percentofprotaftertax.Underthepresentcircumstances,theBoard
consideresitprudentnottopayanaldividend,andfuturedividendswillbeassesedagainstongoingearningsperformanceandcapitalrequirements.
TheBoardmonitorsthereturnontotalgrossassets(RoTGA),asareturnmeasurerelativetotheassetsemployedbythebusiness,denedasearnings
beforeinterest,tax,depreciationandnon-cancellableleaserentals(EBITDAR)dividedbytotalgrossassets,includingcapitalisedoperatingleases.The
QantasGroup’stargetistoachieveaRoTGAofbetween13and14percent.Duringtheyearended30June2009,thereturnwas8.8percent
(2008: 15.5 per cent) reflecting the difficult operating environment.
35. Events Subsequent to Balance Date
Therehasnotarisenintheintervalbetween30June2009andthedateofthisreport,anyeventthatwouldhavehadamaterialeffectonthe
FinancialStatementsat30June2009.