Three-Year Recovery Plan
Net Debt and liquidity position.
-
Net Debt increased by ($1.2) b for the 12 months to June 2021
primarily driven by:
Underlying operating cash flow of $2.4b
One-off outflows including redundancies of ($2.8]b
Capex of ($0.7)b
Significant borrowing activity for the period included:
FY21 new borrowings of $0.9b made up of $0.7b unsecured
and $0.2b secured borrowings
Repayment of ($0.4) b secured amortising debt
Repayment of ($0.4)b bond which matured in June 2021
Increased committed undrawn facilities of $1.6b
The Group also maintains an unencumbered asset base of >$2.5b
including aircraft5, land, spare engines and other assets
As at 30
SM
June 21
As at 30
June 20
VLY $M4
Current interest-bearing liabilities on
969
868
(101)
-
balance sheet
Non-current interest-bearing liabilities on
balance sheet
5,861
5,825
(36)
-
Cash at end of period
(2,221)
(3,520)
(1,299)
Net on Balance Sheet debt¹
4,609
3,173
(1,436)
Capitalised aircraft lease liabilities²
1,281
1,561
280
Net Debt³
5,890
4,734
(1,156)
As at 30
SM
June 21
As at 30
June 20
VLY $M4
•
Cash and cash equivalents at end of
period
2,221
3,520
(1,299)
Undrawn facilities
1,575
1,000
575
Total liquidity
3,796
4,520
(724)
100
1. Net on Balance Sheet debt includes interest-bearing liabilities and the fair value of hedges related to debt reduced by cash and cash equivalents. 2. Capitalised aircraft lease liabilities are measured at fair value at the lease commencement date and remeasured over lease term on a
principal and interest basis akin to a finance lease. Residual value of capitalised aircraft lease liability denominated in foreign currency is translated at the long-term exchange rate. 3. Net Debt under the Group's Financial Framework includes net on Balance Sheet debt and capitalised
aircraft lease liabilities. 4. Unfavourable variance shown as negative amounts. 5. Aircraft valuations based on the average of Aircraft Value Analysis Company Limited (AVAC) and AVITAS market values as at 30 June 2021.
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