Spin, Spin, and yet MORE Spin....
....so you buy real cheaply plus they have a lot of leases.
The 'leases' you consistently refer to are another Ryanair spoof and a tax avoidance scam. They have set up at least one Cypriot company (a tax haven) to which ownership of a number of aircraft was transferred. These aircraft are the 'leased' back by Ryanair. Its like playing pass the parcel with yourself. They own the aircraft and cannot simply offload them as you infer.
But biggest benefit is that if you optioned a plane in 2002 for $25M it would have cost you 27M Euros if paid for then, now it would cost FR less than 19M Euros and some still getting delivered from the old contracts. Even paying full price means you way better off........not so with anybody in Eurozone buying from Airbus.
Your argument is akin to a man buying a house at 50K less than last year and crowing about the big saving. Meanwhile, he can't rent it, can't sel it, its value is falling, and he still has a mortgage to pay.
Only an idiot would consider this a good outcome.
They have also sold on quite a number of the delivery slots options to other airlines since 2007 ...23 at last declaration so guess thats a nice benefit and profit.
PROFIT??
What nonsense is this?
In order to declare a profit they'd have to declare what they paid for the orders, and what they sold them for. Ryanair jealously guards such information....yet you up and declare a 'profit'...just like that! SPIN!!
Incidentlly, in 2007 they were indeed still in the aircraft trading business. That all ended in 2008 when they off loaded (as I recall) 4 aircraft for less than a hundred grand. Them days are gone. Nobody needs Ryanairs half kitted bangers with fixed back seats, no window blinds, no galleys, bizarre colour schemes and 'one of everything' cockpit fit out.
As for selling on aircraft they sold 8 in last quarter for 169M Euros and took deposits for others which they are offloading in 2009. They used proceeeds of this to buy back shares and pay off some debt. Its all public available info which is my source.
I've asked you before to show us these 'public sources' but you've failed to do so. Try again.
Cash flow is helped by not paying excessively for fuel and avoid the mistakes of hedging too late as last year but that has already been declared and absorbed.....pretty much every airline in same boat but FR screwed up bigtime and have stated the cost impact. Some have hedged very expensively going forward assumming the $200 a barrel was going to happen, but FR are hedged around $700 a tonne.
Waffle.
Effort to take over EI was I believe more to do with not taking a downvaluation against profit in Q3 results as EI share price was 1 Euro before bid and FR has it stated at 1.40. Cost of bidding for EI in 2008 was couple of million if that for advisers. Write down of this investment has no impact on cash flow but a big hole in profits but they have used this to screw the pilots for pay cuts.
Whats he gonna bid next year to avoid "taking a downvaluation against profit". Just putting off the evil day.
On Cash reserves they have 2 Bn in the bank and current liabilities of 1.2 Bn, so free cash of 800m. They have other debt of 1.9 Bn but thats payable of anything up to 10 years with assets of 3.6 Bn so unless they ceased trading and couldn't sell the aircraft cash flows from existing business will account for that.
800M - is that before or after paying for the 100+ aircraft due to be delivered this year and next?
My presumption is you wish to debate rather than cheap point score.
When it comes to you baby, I love cheap point scoring.