One mechanism of suppression? Use the excessive depreciation on the International fleet due to its artificially high book value kept the international business in terminal decline (
see my previous post #60).
Joyce and Evans lay out in it out in the March 14 2014 Senate hearing (
Hansard Transcript). Routes were cash flow positive, yet these routes lost money once depreciation was taken into account. However, we now find out this
depreciation figure was artificially inflated because the aircraft had an artificially high book value compared to actual value.
This book value could have been adjusted at any time, yet they chose not to. Why? because then the international operation would have been profitable once they did. Now, when the timing suits them for whatever reason, they adjust the book value with the stroke of a pen and QFI can now return to profitability.
The
14 March 2014 Transcript is worth going over with a fine tooth comb now more information has come to hand. More pieces of the puzzle are revealed.