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125 Qantas Annual Report 2009
Notes to the Financial Statements
for the year ended 30 June 2009
25. Derivatives and Hedging Instruments continued
(C) DERIVATIVE INEFFEC TIVENESS AND NON-DESIGNATED DERIVATIVES IN THE INCOME STATEMENT
Amountsshownbelowreectineffectivenessonchangesinthefairvalueofanyderivativeinstrumentinacashowhedge,orpartofaderivative
instrumentthatdoesnotqualifyforhedgeaccounting.AASB139FinancialInstruments:RecognitionandMeasurement(AASB139)permitsreporting
entitiestoseparatetheintrinsicvalueandtimevalueofanoption.AASB139allowsfortheintrinsicvalueofanoptiontobedesignatedaspartofany
hedging relationship. As a result, the time value component is not hedge accounted and changes in fair values are recognised immediately in the Income
Statement for the financial period as it does not form part of a hedging relationship.
Qantas Group Qantas
2009 2008 2009 2008
INEFFECTIVE AND NON-DESIGNATED DERIVATIVES $M $M $M $M
Ineffective portion from cash flow hedges 72 (61) 72 (61)
Component of derivatives not hedge accounted (including time value of options) 33 6 33 6
Ineffective and non-designated derivatives 105 (55) 105 (55)
26. Notes to the Cash Flow Statements
RECONCILIATION OF PROFIT FOR THE YEAR TO NET CASH FROM OPERATING ACTIVITIES
ProtfortheyearattributabletomembersofQantas 117 969 484 1,308
Add: depreciation and amortisation 1,390 1,469 1,248 1,310
Less: net (gain)/loss on disposal of property, plant and equipment (17) (15) (6) (4)
Less: capitalised interest (83) (101) (83) (101)
(Less)/add: writedown of investments (4) – 15 17
Add: writedown of other assets – 19 – –
Less: reversal of writedowns in controlled entities – – (181) –
Add/(less):shareofnetloss/(prot)ofassociatesandjointlycontrolledentities  15 (28) ––
Add:dividendsreceivedfromassociatesandjointlycontrolledentities 20 22 ––
Add:writedownofgoodwillandotherintangibles 22 – – –
Less: net gain on sale of Qantas Holidays (86) – – –
Add:share-basedpayments 59 62 59 62
Less:interestpaymentsonliabilitiesheldatfairvalue (120) – (120)–
Add: realised hedging gains on operating cashflows 110 – 110–
Less: transfer from hedge reserve to Income Statements – (209) – (209)
Less: changes in fair value of financial instruments (86) 71 (77) 83
Add/(less): other items 11 (36) 4 (2)
Movementsinoperatingassetsandliabilities:    
–Decrease/(increase)inreceivables 338 (410) 378 (232)
–Decrease/(increase)inreceivablesfromcontrolledentities – – 129 (338)
–Increaseininventories (44) (39) (36) (43)
–Increaseinotherassets (55) (144) (66) (133)
–(Decrease)/increaseinpayables (401) 169 (531) 25
–Increase/(decrease)inrevenuereceivedinadvance 44 251 (57) 152
–Increase/(decrease)inprovisions 133 (41) 99 (48)
–Decreaseincurrenttaxliabilities (113) (41) (110) (41)
–Decreaseindeferredleasebenets/income (18) (29) (14) (26)
–(Decrease)/increaseindeferredtaxliabilities (103) 189 (104) 194
Net cash from operating activities 1,129 2,128 1,141 1,974