SYD Overvalued?, page-37

I have been looking at Syd for long time, and after reading the current annual report i started to doubt on myself, am i wrong?

I have no idea why the management would operate such a good business in this way. Lets talk about real numbers: they made $348m in profit this year and planed to distribute almost $800m to shareholders: they have been doing this for quiet a long time, thats why we can see they now have, -$1,481m in retained earnings, -$3360m in reserves. Many may say D&A, about $400m is not real spending, we dont have to pay anything. Think about this, they spent $428m in FY17, and plan to spend $380-420m in 2018, $1.3B-1.5B over next 4 years. Where are the money from? Borrowings. they now have total liabilities of $11B, with $600 net asset, down from $1B. In the balance sheet, intangible assets contributes $7.4B, so technically its net tangible asset would be about -$7B.

With this financial situation, Whats SYD`s plan to deal with: 1. interest rate hikes; 2. Visits decreases; 3. New airport built?