Two different companies as far as share market goes, one is a mainstream investor staple, one is a dividend cow with low available shares. In any case apart from the two spikes where Rex first said it might go bust (big drop) and then said it was expanding (big jump), the last ten years both QF and R have tracked along along with similar ups and downs. The worrying thing for QF is the debt, the same indicators that we looked at when virgin was heading downhill a few years back and now on the radar at QF. What makes the situation different, is that the two opposition carriers have equity partners, that will have long term agendas. Both will see that if they can beat QF down the Australian domestic and International market will be the prize, and a huge one at that. QF leadership is AJ who knows the ship wont sink during his term, which will be up soon, and I reckon he does not care much what happens after.
QF have certainly received their share, but not the 15-20% of total revenue like some others. I would be cautious comparing financial results at this point.
This is business, where you get cash from, the gov or the public, is irrelevant. Your management is there to ensure the cash keeps the doors open, the argument that getting the handouts/contracts is somehow foul play or illegal is just emotional BS. Lots of companies survive entirely on gov contracts, they are usually easy money if you can win the tenders.
If you've borrowed the cash it will be reflected as a liability on the other side of the balance sheet such that the net position at the bottomline is essentially just the interest payable. Thus, cash and net debt are the numbers of interest.
$1.6 bil of the cash they are claiming to have on hand is not in hand yet, therefore not borrowed, therefore not included in the liabilities/debt. The cash statement is just a nice line to say to investors "don't worry, we have money"