Bleeding cash…QF? I wouldn’t use those words which is actually incorrect based on yesterday’s announcement. Free cash, vs underlying vs statutory. I’d be surprised if the A380s haven’t been significantly written down, along with all those buildings being replaced. In terms of free cash QF is fine. I’m not having a go at Rex, or those that work there. Irrespective, I’ve had a fair crack at QF over the years too. I mean, haven’t we seen this game so many times over the years?
Not quite sure what you don't understand about a $2 billion loss for the year vs Rs break even. Cash position is a red herring, a company usually has to maintain a minimum cash liquidity to assure certain loan requirements. And the old, 'underlying profitability', yes that old chestnut, how many times did Virgin pull that out, before suddenly "oops we're insolvent" came along. Don't get fooled by smoke and mirrors, a loss is a loss, a profit is a profit.
BTW, part of the $4 billion in cash liquidity is $1.6 billion in unused loan facilities, that's right more debt. How much of the remaining $2.4 billion in cash liquidity is actual debt?