Perfect thank you!
With contract assets, from the FY19 Annual Report a lot of that (82.8%) is volume incentive receivables. The remainder being accrued revenue and loss allowance. At the bottom of page 48 in the annual report it states:
From what I gathered contract assets, largely made up of volume incentive receivables are forecasted, i.e. they may not materialise if customers cancel their flights. This will be reflected in a larger loss allowance as the contra account. Thus, I conservatively discounted it from my calculation given these are unprecedented times. I understand there are other current assets I should have considered though. Interested to hear your thoughts, let me know if you want any further clarification behind my rationale.
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