Cash does not include undrawn loans - that would be undrawn debt (which is a liability not an asset)....
But the Qantas cash does include a lot of airfare prepayments (ie. customer pays for fare, Qantas still owes them a flight, which will become revenue when the fly) and unredeemed points (eg. Amex pays Qantas $xxx so customer can get yyy points) -- so there is a future liability attached to a bunch of that cash
--==--
One thing that stood out as a positive in the result.
Operating cash flow was above $1bn -- i.e. net cash in the door was positive
And basically this was spent on aircraft $1bn,
so no change in the net cash position, and no dividend.
Given all the doom and gloom - that was a massive plus.
Secondly they have really set International up to be in much better shape going forward. The right down of $2.5bn asset value will have two effects.
Very likely to paint Hickey as the saviour of QFi and put him in prime position
- Even if next year is identical to this year the reported result will be $200m better-off (as less depreciation)
- If the Aussie dollar drops again - these planes become more valuable in $A and I assume (though not certain) that as they retire/sell these aircraft (and obviously QFi will be retiring a bunch of 747s and 767s over the next few years) they will be able to recognise a profit on sale.