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Ryanair - Vision 2010  
User currently offlineTeahan From Germany, joined Nov 1999, 5310 posts, RR: 61
Posted (11 years 10 months 3 weeks 3 days 3 hours ago) and read 7234 times:

Hello,

Thought that now might be a nice time to sum up Ryanair considering all what has occurred in the past two weeks: Acquisition of Buzz, 100 B737-800 order, new Stockholm base announced and Milan-Bergamo base launched.

Bases:

London Stansted / 49 routes
Dublin / 17 routes
Frankfurt-Hahn / 15 routes / inaugurated 2002
Brussels-Charleroi / 10 routes / inn. 2001
Glasgow-Prestwick / 8 routes
Stockholm-Skavsta / 8 routes / to be inn. 2003
Milan-Bergamo / 7 routes / inn. 2003
Shannon / 4 routes

Some facts from various files on Ryanair.com:

- Currently has more than €1 billion cash.
- 94% of tickets currently sold on Ryanair.com
- Growth running at approximately 30% per annum.
- Average Ryanair fare (per segment, excluding taxes) is €49, compared to €89 / easyJet, €102 Air Berlin, €114 Dba and €131 Germanwings.
- Ryanair operating margins are over 25%, easyJet’s are 9% while most traditional airlines only have operating of a less than 5%.

Estimated passengers next year, 24 million with 30%-35% growth, perhaps beating the current European number 3, Air France! 6 new bases and 40+ airports are in the pipeline for the near future (source Ryanair slideshow) so is it even unrealistic to imagine a 250 aircraft “largest European carrier” Ryanair by 2010? Perhaps not….

Just looking at the map of current Ryanair destinations, one can easily imagine the following bases:

- Paris: sooner rather than later with the end of AirLib.
- Southern French base, perhaps Carcasonne?
- Rome
- Barcelona
- An Austrian hub (Salzburg?)
- Hamburg
- Oslo
- Gothenburg

Their current bases/future will never grow to the scale of Stansted but a figure of 10-15 aircraft at each is entirely possible. Many non-base airports will probably get multiple daily Ryanair services (even if it is only 1x to each hub), a service level they could never have dreamed about in the past. Look at Pisa nowadays, while it is not a base, there 3 destinations served (7 daily flights).

Ryanair expansion is considerably easier than other LCC’s. When easyJet starts a new route, it almost always competes directly with a traditional carrier while Ryanair routes have little direct competition.

Eastern Europe: With so many new countries joining the EU, it can be expected that most European airlines will want a piece of the pie. With the measurable lower incomes and increased price-sensitivity, Ryanair will probably be the best-positioned carrier. Basing a few aircraft in one/a few of the new members states would probably also be a wise move. Tara Aerospace (either a Ryanair subsidiary or a company owned by the Ryanair founder, Tony Ryan) has purchased an airport not far from Prague.

One probably issues is that a locally based LCC could probably achieve costs as low, if not lower than Ryanair, at least in the short term.

Transit Passengers: Allowing connections between flights at their major hubs. No baggage transfer or anything else, simply to ability to book a flight from A to C via B in a single booking with a minimum connection time of (say) 2 hours. If connection is missed, Ryanair puts passengers on the next available flight without fee but obviously does provide compensation, accommodation or anything else.

Buzz: There is no doubt in my mind that the key reason Ryanair bought Buzz is for Stansted slots. Anything extra that they get out of the deal can be considered a bonus. Buzz apparently had around 15% of total slots and with the airport not too far from capacity at peak times, these could be vital in the long term. Stansted will probably get an extra runway but that will come in 2010-12 at the earliest. (Delayed white paper, years it takes between planning and construction, plenty of local pressure groups… )

Employees: The one issue I have with Ryanair is that they tend to employ the most obnoxious bunch of employees possible, be it flight attendants or ground staff (although ground handling is outsourced at many airports). They really need to be thought some basic skills such as using tact while dealing with passengers. Training is expensive but the long-term benefits are immeasurable, just look a Southwest and its “friendly” image.

Technology: I don’t really see Ryanair installing PTVs due to the relative short duration of most flights, maintenance (even just keeping the screens clean daily), earphone handling, and the added weight. However, perhaps a Connexion by Boeing system? I am not sure of the exact technology involved (weight? installation?) but I presume it is lighter and easier to install. Growing numbers of people are purchasing laptops (dropping in price) and internet hotspots are mushrooming throughout Europe. Being the first carrier to have Internet on every aircraft (by say 2005) would certainly be a lure for business passengers.

I also see Ryanair using other technology such as Internet check-in, airport check-in kiosks etc. in the longer-term. While this would go against current policies such as keeping everything “as simple as possible”, it would provide savings, not to mention the benefits to passengers.

Free seats promotions: There is often much concern expressed about the Ryanair free seat promotions, well the following quote from a January 2003 Raymond James shareholders company brief is worth a read:

However, RYAAY’s free ticket program should boost earning, in our estimation, in fiscal 3Q03 because (1) passengers had to book their tickets through the internet using a credit card, which entails a fee of €6 on each booking, and does not cost much for RYAAY and (2) it is expected to generate substantial other high-profit-margin ancillary revenue from hotel purchases, car rentals and on-board sales of drinks and merchandise. Since these free seats are during off peak times and during a seasonally slow period, we think the majority would have gone unsold anyway

Operational Reliability: One area Ryanair has to work on at least ensuring that its aircraft and main bases are CATIII compatible. The number of passengers inconvenienced by mere fog at a base is nothing short of ridiculous.

Well that’s just my vision for a 2010 Ryanair. I really look forward to hearing what you think and what your vision for the company is?

Jeremiah


[Edited 2003-02-08 20:54:45]


Goodbye SR-LX MD-11 / 6th of March 1991 to the 31st of October 2004
27 replies: All unread, showing first 25:
 
User currently offlineDonder10 From Canada, joined Oct 2001, 6660 posts, RR: 21
Reply 1, posted (11 years 10 months 3 weeks 3 days 3 hours ago) and read 7171 times:

By 2010 it will be the largest intra-EU company by far IMO.
New bases at Girona,Real Ciudad,CCS,Dusseldorf,Prague,Tallinn,Malmo,Salzburg,Budapest,Hamburg,Oslo,Paris BVA(if there is more room).

Average fare will continue to come down too and there will be more promotion deals.Free flights will make up 5-10% of every flight.


User currently offlineAFa340-300E From France, joined May 1999, 2084 posts, RR: 26
Reply 2, posted (11 years 10 months 3 weeks 3 days 1 hour ago) and read 7065 times:

Hello,


Whil I do agree with some of the points exposed above, I would not base my estimations solely on Ryanair's claims, especially as those people are not particularly well-known for their modesty!

In the average fare case: which is best? The lowest or hightest? The highest fare tends to result in higher margins (if the YM system is working well).


Best regards,
Alain Mengus
Air Transport Business [ATB]


User currently offlineTeahan From Germany, joined Nov 1999, 5310 posts, RR: 61
Reply 3, posted (11 years 10 months 3 weeks 3 days 1 hour ago) and read 7049 times:

I would not base my estimations solely on Ryanair's claims, especially as those people are not particularly well-known for their modesty!

I think they have gone far beyond their claims from 1-2 years back.

Jeremiah



Goodbye SR-LX MD-11 / 6th of March 1991 to the 31st of October 2004
User currently offlineAFa340-300E From France, joined May 1999, 2084 posts, RR: 26
Reply 4, posted (11 years 10 months 3 weeks 3 days 1 hour ago) and read 7030 times:

Hello,


I think they have gone far beyond their claims from 1-2 years back.


Ryanair has claimed that they would put everyone out of business in Europe.  Smile

There's no reason to judge their strategy and results on their own arguments. And that's not because Ryanair exceeded its target that it should be different for this carrier. This is common sense, is it not?

As in the stocks, the past performance is not necessary reflecting the future's performance. Low-cost carrier or not.


Best regards,
Alain Mengus
Air Transport Business [ATB]


User currently offlineEGGD From United Kingdom, joined Feb 2001, 12443 posts, RR: 34
Reply 5, posted (11 years 10 months 3 weeks 3 days 1 hour ago) and read 7022 times:

Something will go drastically wrong..

A ryanair aircraft will land at an airport that doesn't exist, or to save time they will start using taxiways as runways or something... cut fuel costs...

Remove seats?? that may be a good one in a couple of years time, just pack everyone in, use the cargo area for more passengers??? Worlds first double decker 737...

I wouldn't be surprised if Michael O'Leary is assainated, I'm on hire as a hitman if the price is right...


User currently offlineTeahan From Germany, joined Nov 1999, 5310 posts, RR: 61
Reply 6, posted (11 years 10 months 3 weeks 3 days 1 hour ago) and read 7009 times:

Alain,

Ryanair has claimed that they would put everyone out of business in Europe

I'd actually like to see that. Mr O'Leary has said that he only sees himself, easyJet, 3-4 European majors, and small regional/regional LCC carriers in the market in a few years time. 12 months ago, I'd have said what a load of BS, now I reckon he isn't far off.

There's no reason to judge their strategy and results on their own arguments.

I don't think I used only their own arguments. Go reading a few analysts reportsand I don't think they'd be that far off my points.

Nor do I think you can deny that their agressive growth and concurrent strong financial performance speaks for itself!

Jeremiah



Goodbye SR-LX MD-11 / 6th of March 1991 to the 31st of October 2004
User currently offlineTeahan From Germany, joined Nov 1999, 5310 posts, RR: 61
Reply 7, posted (11 years 10 months 3 weeks 3 days ago) and read 7002 times:

EGGD,

Something will go drastically wrong..

That is exactly the excuse people use when they run out of everything else.

I wouldn't be surprised if Michael O'Leary is assainated, I'm on hire as a hitman if the price is right...

Ryanair would carry on without him, some people would even say the company would be better off.

Jeremiah



Goodbye SR-LX MD-11 / 6th of March 1991 to the 31st of October 2004
User currently offlineBmi330 From United Kingdom, joined Nov 2001, 1450 posts, RR: 1
Reply 8, posted (11 years 10 months 3 weeks 2 days 23 hours ago) and read 6938 times:

Ryanair will be Europes biggest airline well that's gonna happen anyway. The will also expand into country's where there is no strong opposition maybe Canada and taking over Virgin Blue in Australia. Also look into developing markets like India and china.

And after they can grow no more in inter euro flights

Will start transatlantic service through there PIk base fed by there might European network with Boeing new supper efficient jet. Making it possible for eastern Europeans to access North America as well as making it cheaper and more possible for normal Europeans. Well the last ones me being home full.

Then on to world domination by Sir MOL knighted for pioneering cheap airtravel throughout Europe!


User currently offlineDiezel From Netherlands, joined Oct 2002, 646 posts, RR: 11
Reply 9, posted (11 years 10 months 3 weeks 2 days 23 hours ago) and read 6933 times:

The "Ryanair Story" is an amazing one.

If everything is true what they are saying, there will be flying only Ryanair planes over Europe in the near future.

I don't know, but how can this happen? So many carriers are making enormous losses. Ryanair does not. The Ryanair business case seems to be the best. But somehow I just cannot believe their story. It is just too amazing to be true (just look at that average ticket price!).

Just my 2 cents but here is a small calculation:

a 738 can hold aprox. 25000 liters of fuel and travel aprox 5500 km with it.
Let's say that an average Ryanair segment is 1000 km. So the aircraft will use about 5000 liter on that segment. On an average flight there will be 150 pax in the plane. So that is 5000 / 150 = 33 liter/pax. At my local airport Jet fuel cost EUR 1.67 / liter (http://www.tmdg.co.uk/misc/fuel.html). Fuel costs would add up to EUR 55 per pax. Which is already more then the EUR 49 average Ryanair fare.

I know that this simple calculation is far from accurate and Ryanair will get fuel for less, but still, where and how do they earn the profit (and will they teach me  Wink/being sarcastic )

Is nobody afraid that something ugly is going to happen to them (the Enron story springs to mind here). What will happen if the shareholders suddenly get scared?



Never be afraid of what you like. (Miles Davis)
User currently offlineTeahan From Germany, joined Nov 1999, 5310 posts, RR: 61
Reply 10, posted (11 years 10 months 3 weeks 2 days 22 hours ago) and read 6920 times:

Diezel,

If everything is true what they are saying, there will be flying only Ryanair planes over Europe in the near future.

I really doubt that because Ryanair does not directly compete with other carriers. In 2010, I can see:

- Ryanair
- easyJet and maybe 1/2 other relatively big LCC's but that is only a maybe.
- BIG European majors such as BA, LH
- Very regionally focussed airlines/LCC's.

Your fuel calculation is most interesting but €1.50 (or something around that) seems very very high to me. Car petrol here in Ireland is about €.88 and I would have thought jet fuel would be much lower than that.

Jeremiah


[Edited 2003-02-09 01:34:13]


Goodbye SR-LX MD-11 / 6th of March 1991 to the 31st of October 2004
User currently offlineBmi330 From United Kingdom, joined Nov 2001, 1450 posts, RR: 1
Reply 11, posted (11 years 10 months 3 weeks 2 days 22 hours ago) and read 6906 times:

If the share holders get scared MOL will grab them give them a slap and tell them to get a grip of them selfs

User currently offlineDiezel From Netherlands, joined Oct 2002, 646 posts, RR: 11
Reply 12, posted (11 years 10 months 3 weeks 2 days 22 hours ago) and read 6873 times:

Your fuel calculation is most interesting but €1.50 (or something around that) seems very very high to me. Car petrol here in Ireland is about €.88 and I would have thought jet fuel would be much lower than that

Teahan,

I got the fuel prices from http://www.tmdg.co.uk/misc/fuel.html which shows that the prices in Ireland are indeed lower than here in The Netherlands. I guess that there is also the issue of tax free buying.

My point is that anyone could do that simple simon calculation. And even with a large margin of error there is not much left to make a profit from. Which is kind of scary. I also wonder, with $1 billion in cash Ryanair will make a lot of money from interest earnings only. Do they specify in their financial presentations which part of their profits comes from their flight operations ?



Never be afraid of what you like. (Miles Davis)
User currently offlineCapt.Picard From , joined Dec 1969, posts, RR:
Reply 13, posted (11 years 10 months 3 weeks 2 days 20 hours ago) and read 6847 times:

Very interesting analysis Teahan. I know lots of people like to point fingers at Ryanair staff, but after having flown them more than 12 times, I'm being honest when I say I haven't met 1 Ryanair employee who could be labelled "obnoxious". Sure, some of the cabin service inflight is certainly rushed, and doesn't always come with a smile, but I haven't actually come across any rudeness....yet.

Just my personal experiences, I don't expect them to reflect everyone else's!

I must be the only person who doesn't really care what MOL says - in fact, most of the time, I agree 100% with what he has to say, esp. regarding the buzz staff. I admire his honesty in telling the buzz staff "either you start working hard, or you're fired". That may sound harsh, but I believe it's better to get the message across quickly than be pretentious and morally fraudulant!

Great post, though since it's 2am, I feel I should digest it thoroughly tomorrow morning!

rgds


User currently offlineAerokiwi From New Zealand, joined Jul 2000, 2749 posts, RR: 4
Reply 14, posted (11 years 10 months 3 weeks 2 days 11 hours ago) and read 6719 times:

Very interesting consideration.

What peeves me off is Raymond James's comment that the 6 euro credit card fee doesn't actually cost Ryanair. I knew that fee was a load of bollocks. Essentially, aren't they just slapping on additional euros and lying about its purpose?

Can anyone clarify?


User currently offlineLJ From Netherlands, joined Nov 1999, 4478 posts, RR: 0
Reply 15, posted (11 years 10 months 3 weeks 2 days 10 hours ago) and read 6704 times:

I don't think the future of Ryanair is as good as Ryanair wants us to believe.

First, the cost base at FR will rise. Not only will the personell cost rise (due to the fact that the employees become older and thus the cost per employee increases) but also because at one point the employees will demand better wages for their job (moreover if the situation at other airlines improve and there is again a shortage of airline employees). Moreover, FR currently depreciates its aircraft over a period of 20 years (one of the reasons why they will make more money compared to easyJet) and won't have the benefit of a fully depreciated air fleet for many years to come.

Second (and probably most important) is the fact that the growth rate may be high at present, but will drop in the future as the market will reach maturity at one point. The result will be that revenue will drop or stabalise and if they can't lower their cost they get problems with this adjusment in growth rate. Moreover their share price will adjust to the lower growth rate.

Third, future legislation by the EU will not be in favour of Ryanair and will increase cost. If this results in higher ticket prices they may end up loosing the very price sensative traffic (those who only fly because it's cheap). However, ryanair probably needs these passengers (revenue onboard).

Fourth, the big question mark will be if passengers prefer paying less for a flight to an airport far from the city centers if they have the money to do otherwise. Thus if passengers suddenly want to pay the premium to fly to an airport close to the city centers then Ryanair will get into trouble

. Do they specify in their financial presentations which part of their profits comes from their flight operations ?

Yes they do.



User currently offlineDonder10 From Canada, joined Oct 2001, 6660 posts, RR: 21
Reply 16, posted (11 years 10 months 3 weeks 2 days 10 hours ago) and read 6686 times:

Third, future legislation by the EU will not be in favour of Ryanair and will increase cost.

Are you referring to the ''subsidies'' or the costs involved in compensating pax for cancelled flights?The former will not evolve because the offers are there for all airlines but who else wants to fly to CRL?
The latter,from what I have read,will go into law most likely,but will so watered down from some current proposals that it won't have much affect on costs.

Fourth, the big question mark will be if passengers prefer paying less for a flight to an airport far from the city centers if they have the money to do otherwise. Thus if passengers suddenly want to pay the premium to fly to an airport close to the city centers then Ryanair will get into trouble

I don't think this will happen.I feel that with expansion into Eastern countries(ie OK-, HA-) will help to lower overall costs(cf news about airport outside Prague).I also feel that EZY will have an increasingly harder time as the majors consolidate and costs are lowered.



User currently offlineStarFlyer From Germany, joined Sep 2002, 987 posts, RR: 1
Reply 17, posted (11 years 10 months 3 weeks 2 days 9 hours ago) and read 6675 times:

This Ryanair euphoria somehow reminds me of the New Economy boom with people having visions of endless possibilities and growth! Just like Bmi330 mentioned what if the shareholders get scared for example?

Or what if the EU finally gets its act together and imposes proper taxes on Jet A1 (like on car fuel) ending low fares?

While I do agree that Ryanair will stimulate more passengers I would like to point out that flying (short and medium haul particularly) is becoming a major cause of pollution and the hole in the ozone layer It is great flying to Milan for shopping for a day but what is the whole point?! Can people really not live without it? (I am NOT saying that all pax do useless trips!!!)
I just want to draw your attention to environmental issues caused by more and more trips by more and more flyers and therefore I hope that low fare flying will stay but within a limit Fares should not be too low If FR cant sell the seats why dont they just cut back capacity instead of giving seats away for free?
Btw its particularly ridiculous that they openly admit that their credit card fee does not cover the actual costs and while that is OK in a open market economy it is NOT ok to say the seats are "FREE"
I know this statement is controversial and I am looking forward to your opinions on that one

Regards

StarFlyer

[Edited 2003-02-09 14:47:14]


Yours truly - StarFlyer
User currently offlineAirblue From San Marino, joined May 2001, 1825 posts, RR: 11
Reply 18, posted (11 years 10 months 3 weeks 2 days 9 hours ago) and read 6682 times:

Are you referring to the ''subsidies'' or the costs involved in compensating pax for cancelled flights?The former will not evolve because the offers are there for all airlines but who else wants to fly to CRL?

You are right. For example the new Italian low-cost carrier Volareweb will fly to Hahn (Frankfurt on their web site) twice daily from Venice and to Beauvais (Paris) twice daily from Milan MXP, Venice and daily from Bari. I think they got the same FR deal, because otherwise there aren't any reason to choose to fly to these airports.
After years of hard marketing these "small" airports, thanks to the Ryanair effect will start to become "big airport".



User currently offlineDonder10 From Canada, joined Oct 2001, 6660 posts, RR: 21
Reply 19, posted (11 years 10 months 3 weeks 2 days 9 hours ago) and read 6663 times:

Starflyer
take a place like Biarritz Pescara or Nequay FR contribute significantly to the local economy by pumping tourists who would not have gone if FR did not fly there Places like Milan do not make up the majority of FR s destinations A good example of this is CRL where FR gets an excellent deal to fly to but help the overall local economy I flew to CRL for about 20 pounds last summer but end up paying about 40pounds for train fares+purchasing water etc at BRU


User currently offlineCapt.Picard From , joined Dec 1969, posts, RR:
Reply 20, posted (11 years 10 months 3 weeks 2 days 9 hours ago) and read 6639 times:

StarFlyer,

I share your concern with the environment, but there is still a lot of conflicting evidence being brought forward by different groups of scientists - whilst most agree that there is an ozone 'hole' the jury is still out with regards to what has caused its mainfestation...it may not be man-made at all.

Another problem I see is whether higher fuel taxes will be tolerated in all EU countries...especially in the UK, where fuel is already very expensive...high fuel prices have made no difference to the number of people driving cars in the country...partly due to the UK's terrible (unreliable, expensive) public transport, but also partly due to people's obsessive attachment to their cars - similar to the situation in America.

Similarly, with people wanting cheap flights.

I don't think any moves by the EU to start imposing price controls (however good the intention may be) will work. You can be sure the British gov't will try to stop that kind of interference, because it will be extremely unpopular with the public....that's just how things work in Britain....

Still, I guess the money for research into cleaner fuels has to come from somewhere....

Regarding the 'free flight' thing...well, if you pay by debit card, you don't have to pay any booking fees...at least that is the situation here in Britain. Taxes are not of course included, but that is made very clear. However, I don't agree with Ryanair's policy of comparing fares on "similar" routes. As we know, FR don't use main airports, so I think it is totally wrong to make such comparisions - especially when the advertised competitor may not even fly directly to the destination being advertised i.e. Carcasonne.



User currently offlineTeahan From Germany, joined Nov 1999, 5310 posts, RR: 61
Reply 21, posted (11 years 10 months 3 weeks 2 days 7 hours ago) and read 6590 times:

StarFlyer,


This Ryanair euphoria somehow reminds me of the New Economy boom with people having visions of endless possibilities and growth!


The low cost carrier boom in the US has been going for a good while by now! Just look at Southwest.

Jeremiah






Goodbye SR-LX MD-11 / 6th of March 1991 to the 31st of October 2004
User currently offlineDonder10 From Canada, joined Oct 2001, 6660 posts, RR: 21
Reply 22, posted (11 years 10 months 3 weeks 2 days 7 hours ago) and read 6555 times:

And if there was a tax imposed on Jet A then most major carriers(AF,BA,KL,LH etc)in Europe would be in the shitter and probabarly end up liquadated.
Do US airlines pay a compartive fuel tax?


User currently offlineBill From Switzerland, joined Jun 1999, 69 posts, RR: 0
Reply 23, posted (11 years 10 months 3 weeks 2 days 5 hours ago) and read 6509 times:

Teahan,

One of the big dilemma for FR will be to keep subsidies from local authorities in the future.

For example FR received EUR 1.4 millions per year from Strasbourg Chamber of Commerce (according to Brit Air).

FR has 2 returns flights per day (except saturday) :
13 x 2 (return flights) x 189 (pax) x 52 (weeks/year) = 255'528 pax/year
1'400'000 / 255'528 = EUR 5.47 per SEAT, per one-way flight (free or not) !!!

Moreover do not forget that if an accident happens a day in low-cost (I hope not), consequences will more devastating than in a "traditional" airline.

But I believe in FR and thanks for your very good analysis Teahan even if I'm just a little bit less optimistic.... or more prudent !

Bill

[Edited 2003-02-09 19:11:38]

User currently offlineRyanair From United Kingdom, joined Jul 1999, 654 posts, RR: 0
Reply 24, posted (11 years 10 months 3 weeks 1 day 5 hours ago) and read 6295 times:

I can certainly see FR becoming Europes largest airline in terms of passengers. This is a very interesting time for FR, because they are no longer 'the little kid' playing against the big boys, by most financial measures they're bigger than the 'big boys'. Provided the big boys don't do anything stupied in aviation they tend to win and Ryanair is the big boy now.

The comments on fuel, well they're owned by a Texan Billionaire, so oil issues are not a big deal. What will be interesting is if he chooses to sell.

Their problem will come when the subsidies start drying up. Also their little airports are a pain, no way around it. Not a major one, but I recently booked easyjet because they fly into Barcelona (13 minutes and about £2 ride) and not some airport an 1h 30 and £10 ride outside.

Ryanair have recently made big improvements in terms of customer service and I've found them now to be as good as the majors in terms of that. They went through a very poor patch in terms of customer care, or lack of. On the issue of increasing labour costs, not an issue because they pay a flat rate. It's not America.

If they can finance it, there is no reason why they can't expand elsewhere as they have in London. Catch the Paris Metro and everywhere there's Ryanair and Easyjet Adverts.


25 LJ : The comments on fuel, well they're owned by a Texan Billionaire, so oil issues are not a big deal. What will be interesting is if he chooses to sell.
26 Donder10 : Lj, 51 mil is at the low end of the 738 list price(reachable by ordering 250 aircraft in 1 bulk buy alone) without taking into account the 'we raped t
27 Capt.Picard : Regarding fuel prices, FR is hedged for the next 12 months. rgds p.s. where are you flying donder?
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