18 billion for 300 planes makes each around 60 million euros.
that is something like the new list price.
many are owned by 3rd parties to which FR pay leasefees (74 m a qtr) and the value of the own aircraft drops by 200m a qrt (for a fleet of 255 planes as 31/12/2010). When they come to sell the aircraft they can make an additional profit or loss depending on the gap between book price and real selling price. As the market for 2nd hand planes is bad at the mo they are returning planes to leaseholders instread of selling off owned planes.
One line from the q3 accounts may help you value the fleet:-
In the nine months ended December 31, 2009 four Boeing 737-800 aircraft and two spare engines were disposed of, generating sales proceeds of €93.3m.
The 18 billion worth of new planes are worth about 7 billion after 5 years. (its almost as bad a new cars). In reality MOL paid a lot less that 18 billion for them.