Hi andy25 :)WOW, I searched everywhere, I thought for awhile I...

Hi andy25 :)

WOW, I searched everywhere, I thought for awhile I was wrong. Anyway if you want to find it, it is on page 107.

Liquid assets they have $672 million in variable & fixed rate instruments (ie term deposits and variable deposits like you get in your savings accounts)

Liabilities they have $1,664.4 million in variable & fixed rate instruments.

$1664.4 - $672 = 992.4

Yes on their balance sheet page they say 731 million cash/bank, I don't know where they are keeping this $59m, perhaps it is locked up in payroll or something, it does say cash and cash equivalents, so anything not earning interest would be excluded in this section.

So they really are $933 million in debt which I calculate.

I did look abit about their debt level in their statement of financial position (I assume that is a balance sheet?) but it was all mixed in with trade and payables making up most of it, including $700 in liabilities titled "unearned revenue" whatever that means.

Anyway they say the total equity including all their debts and assets come out to +$926 million.

So at the end of the day, this $926 is mostly 1/3rd the value of all their aircraft & equipment which they say is worth around 3 billion.

current market cap is $650 million so according to what they say their equity is, they are undervalued by 1/3rd.

BTW, I read somewhere they accounted for a 2.2% deprecation on their aircraft (I think, I can't be bothered going back to the report to double check) but when you take a new car out of the car yard, it falls by alot more than 2.2%

PEWH!!!, you have to thank me for doing that andy25 :)