Really? A long way to go now as opposed to the writing being on the wall - that has to be an improvement
€11.0 million of those restructuring costs relate to an under provision during 2008. We don't know know if that was a total under provision or if it was because of an adoption of various new/ammended IAS/IFRIC standards. Several sections of the
results contain restatements.
Its cash out of the business. You can claim it may be as a result of a change in accounting standards but then if it were they would be declaring it. They aren't which pretty much indicates that the underprovided, not unsurprising as the estimate and actuals will rarely tie up that nicely.
We have seen a strong reduction in unit cost per ASK. This will continue during 2010, especially towards Q2 and into Q3. Its quite likely, with stringent fuel hedging having been undertaken, that the unit cost per ASK will decline by at least a further 7.0% - 10.0% in the medium term towards 2012, dependant upon oil prices.
Regarding the cost base. It's great to round up figures when you want to press a certain agenda isn't it?
Post Greenfield: EI - 3.30 EZ - 3.08. Working the maths, that gives a figure of 7.14%, in excess of EZ - EBITDAR (excl. fuel).
Regarding a comparison with FR, that made me laugh! The average cost on the basis above might be as you stated. But, the point is - Aer Lingus can't go around with cap in hand collecting €600 MILLION in subsidies. FR can, for the moment at least. But I await FR results when such subsidies are removed. The figures will be far from pretty then.
Another one of those giving credence to AF claims. Well lets see you support the claims as on the biggest and oldest routes like London - Dublin etc etc they are clearly NOT getting any taxpayers money so therefore based on your supposition there must be airports paying them massive amounts..........can you provide some detail on all these airports.
As for the comparison whether its 7 or 8 is pretty much irrelevant as still way out of line for the pesudo LC operation they claim to be or has this changed again.
Moving onto the issue of Cash, which has always been used a strong indicator of the impending collapse of EI for those who push that agenda.
- There are two aircraft, each with an NBV of €15 million. While we can't assume that NRV will be the equivalent of NBV, a solid €25 million could be generated in a fairly rapid sale.
- Gross Cash remains high at €828.5 million. There has been a decline in total debt of 10.9%.
- The rate of decline in Cash decelerated markedly during M11/M12 2009, with an increase in Gross Cash during Q1, 2010.
EI burned through €300 plus million in 2009, the selling off of 2 aircraft only pays 1/3 of the cost of getting rid of employees based on their estimate of €77 million.