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143 Qantas Annual Report 2009
Notes to the Financial Statements
for the year ended 30 June 2009
34. Financial Risk Management
Anancialinstrumentisanycontractthatgivesrisetobothanancialassetofoneentityandanancialliabilityorequityinstrumentofanotherentity.
TheQantasGroupissubjecttoliquidity,interestrate,foreignexchange,fuelpriceandcreditrisks.Theserisksareaninherentpartoftheoperationsofan
internationalairline.TheQantasGroupmanagestheseriskexposuresusingvariousnancialinstruments,usingasetofpoliciesapprovedbytheBoard.
Qantas Group policy is not to enter, issue or hold derivative financial instruments for speculative trading purposes.
TheQantasGroupusesdifferentmethodstoassessandmanagedifferenttypesofrisktowhichitisexposed.Thesemethodsincludesensitivityanalysisin
thecaseofinterestrate,foreignexchangeandotherpricerisks,andageinganalysisandsensitivityanalysisforliquidityriskandcreditrisk.
(A) LIQUIDITY RISK
Liquidityriskistheriskthatanentitywillencounterdifcultyinmeetingobligationsassociatedwithnancialliabilities.TheQantasGroupmanages
liquidityriskbytargetingaminimumliquiditylevel,ensuringlong-termcommitmentsaremanagedwithrespecttoforecastavailablecashinow,
maintainingaccesstoavarietyofadditionalfundingsourcesincludingcommercialpaperandstandbyfacilitiesandmanagingmaturityproles.
Thefollowingtablessummarisethecontractualtimingofcashows,includinginterestpayments,ofnancialliabilitiesandderivativeinstruments,
as at 30 June 2009 and 30 June 2008:
FINANCIAL LIABILITIES
QANTAS GROUP
2009
$M
Trade creditors 597 – – 597
Bankloans–secured1 424 1,769 1,115 3,308
Bankloans–unsecured1 23 641 – 664
Otherloans–unsecured1 78 818 685 1,581
Leaseandhirepurchaseliabilities1 164 344 175 683
Derivatives–inows (270) (1,782) (815) (2,867)
Derivatives–outows 819 2,065 886 3,770
Total financial liabilities 1,835 3,855 2,046 7,736
1.Recognisednancialliabilitycarryingvaluesareshownpre-hedging.
2008
Tradecreditors 670 – – 670
Bankloans–secured1 308 1,472 233 2,013
Bankloans–unsecured1 51 706 – 757
Otherloans–unsecured1 303 703 567 1,573
Leaseandhirepurchaseliabilities1 77 449 161 687
Derivatives–inows (553) (1,893) (665) (3,111)
Derivatives–outows 1,452 2,651 891 4,994
Total financial liabilities 2,308 4,088 1,187 7,583
1.Recognisednancialliabilitycarryingvaluesareshownpre-hedging.
1 to 5 Years
More than 5 Years
Total
Less than 1 Year