I have seen mention that Monarch will make 40m pounds Ebitda over the current 12 months. For those not familiar with the term, Ebitda = Earnings before interest, tax, depreciation and amortisation. It's also known colloquially as 'Earnings before the bad stuff'.
If intetest is not paid, bank lenders usually get aggressive quickly. Same goes for HMRC and tax. Failing to account for depreciation leads to accountants getting into hot water as well.
So what profit (or loss) is Monarch likely to make after all the 'bad stuff' has been paid and a dividend can be paid to the shareholders ? I realise profits that would be signed off by accountants will be less than £40m but how much less ?