An air of simplicity

Profile: Qantas

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Qantas may have the most advanced 747s in its fleet, but when it comes to its hedging policy, Australia's flagship airline prefers the conservative to the complex. The company's hedging activities are mainly driven by balance-sheet protection, as well as minimising earnings volatility and the impact of fuel price spikes on its balance sheet.

Group treasurer Steve Fouracre says the hedge book is "very large", warranting a treasury department that is big by Australian corporate standards. The 20

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