Air France 2009 Annual Report Download - page 63

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
€4.4 billion at March 31, 2009, an increase of
€1.7 billion. The gearing ratio stood at 78% of shareholders’ equity,
which was impacted by the €3.3 billion negative change in the fair value
of hedging instruments.
Cash position
At March 31, 2009, the Group had cash of €4.3 billion and available
credit lines of €1.2 billion.
Return on capital employed
This ratio measures the return on invested capital by expressing operating
income as a percentage of average capital employed. Comparing this
ratio with the cost of capital shows whether the Group is creating value
for its shareholders. The average weighted cost of capital amounted to
7% at March 31, 2009, unchanged on March 31, 2008.
4.3 billion
2007-08 7.5%
2008-09 0.4%
In € billion
61
Air-France KLM - Annual report 2008-09