Ann: HY24 Results Release, page-4

I'm not denying that their future cash flow to pay for the planes has to be sorted out. Just some comments on what I see:

1. They have bought several planes to scrap, and use as spare parts. These costs have been added to the balance sheet as Inventory, which has increased by $36m, to $126m. Unless they buy more aircraft to scrap I would expect the Inventory on hand $ to decrease, and this would be positive to cashflow, as parts are sourced from Inventory, instead of buying them;
2. Introducing new aircraft has enormous training costs, but the company suggests this should decrease from the middle of the year.

The company also forecasts cash flow should return to the previous level of inflow, of around $48m p.a. in 2025.