takover?, page-23

Assuming what was posted here earlier about the collar is correct (that VBA's fuel prices are hedged using options, capping the oil price at a maximum $112 with a $6 million benefit for each dollar drop to about $90) VBA will see much less of a benefit from oil prices below $90 (given they're not fully hedged there will be some benefit).

Also depending on the hedge accounting treatment (which depends on how effective the hedge is) there may be a hit to the P&L for the half year to 31 December (though this would be mostly recouped by 30 June 2009).