A question?I just looked at the accounting policies of the financial statements (Note 1 of the FS)" There is nothing about the ''adjustments'' to be made to the 2024 expenses for the accrued salaries of pilots for a ''new'' agreement to be signed.
The last agreemnt has expired sept 23, 2023. The first year of the future contract will see at least a 15% -20% salary increase for Sept 23, 2023 to sept 23 2024.
AC has adjusted its forecasts for a reasonable expectation but the Financial statemens are audited and had to be written according to the signed agreements, I don't think that they can ''adjust'' them for undefined future expenses.
I didn't see nothing about a ''provision'' in the financial statements.
The EBITDA of the last 4 quarters could have been ''inflated'' by this ''under the market expense''.
I think that a special item (expense) will have to be written for the last 12 months ''adjustments'' for the pilots salaries.