Three-Year Recovery Plan
Maintaining an optimal capital structure
Debt maturity profile as at 30 June 2021 ($M)¹
300
250
440
500
350
450
425
685
669
684
300
500
375
183
187
167
155
144
144
FY22
FY23
FY24
FY25
FY26
FY27
FY28
FY29
FY30
FY31
Secured amortising debt
Bonds
Capital structure and liquidity
.
.
Net Debt² at $5.9b, prioritising debt reduction
Total liquidity of $3.8b including $2.2b cash³ and committed
undrawn facilities of $1.6b maturing in FY23 and FY24
Unencumbered asset base >$2.5b4, including 41% of the Group
fleet 5, land, spare engines and other assets
Debt structure
Balance Sheet repair commenced in 2H21
Net Debt at $6.4b in February 2021, reduced to $5.9b at
June 2021
Maturing secured debt facilities in FY22 to FY24 will
unencumber mid-life aircraft
Corporate Secured Debt Program
-
AUD $300m bond maturing in May 2022
■Syndicated Loan Facility - Drawn
•
No financial covenants
Maintained Investment Grade credit rating from Moody's (Baa2)
Maintained strong liquidity and minimal refinancing risk; Recovery Plan prioritising debt reduction
100
1. Cash debt maturity profile excluding leases. 2. Net Debt includes on Balance Sheet debt and capitalised aircraft lease liabilities under the Group's Financial Framework. 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 operating lease liability denominated in foreign currency is translated at the long-term exchange rate. 3. Includes cash and cash equivalents as at 30 June 2021. 4. Aircraft valuations
based on the average of Aircraft Value Analysis Company Limited (AVAC) and AVITAS market values as at 30 June 2021. 5. Based on number of aircraft as at 30 June 2021. The Group Fleet totalled 311.
| 22View entire presentation