Far, far worse off if you include legal costs from 3 failed take overs and God knows how many court cases, competition hearings, appeals etc.
Hardly, all write offable to make sure it pays less tax.
Had EI been really free to compete with Unions being flexible and with Irish Govt support they could have really given FR a run for their money and hurt them into and out of Ireland and elsewhere.
However they weren't so even spending a net €50 million (or 1% of last years turnover) over the years has been more than already paid.
Just picking a Uk airport (Gatters) and had EI developed and pushed FR off route then that would be 5-6 flights a day x2 in and out, ave fare to there is reckon €60, prob 80% full x 364 days and you get 1 year just to Dub, add in other services from and you see impact.
Spending €50 M over life of EI ownership is a drop in the ocean and not something shareholders seem really that concerned about, getting fuel hedging wrong costs more than that.