Ancillary Revenue should be included in yield.

Yield for airlines is total passenger revenue/revenue passenger km + total cargo revenue/freight ton km.

Ancillary revenue should have been captured in passenger and freight revenue.

As far as the debt levels, I noticed that it looks like they're rolling maturing debt plus increasing their debt load. They went from NOK 18.2B in debt one year ago to NOK 30.1B in debt at the end of the quarter. And their cash on hand shrunk by NOK 500M.


They also mentioned doing JVs (joint venture) on the sale of their aircraft which may be the mechanism that they're using to fudge their numbers. They had to restate their numbers last year due to liberal accounting techniques.