FlyBe - 6
Join Date: Aug 2010
Location: Dublin
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Would anyone know why the drop down menu for LDY - MAN extends to March 2012 now, without any additional flights. Previously it only extended to September. Would this be an error, or could the route be extended?
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Results
Underlying profit before tax for the year was £22.3m compared to an underlying profit before tax of £7.4m in 2009/10. Group revenue was up 4.4% to £595.5m and underlying EBITDAR improved 30.9% to £119.0m.
After IPO costs and losses on fuel and foreign exchange hedges (unwinding gains recognised in the previous year), we reported a loss of £4.3m compared to a profit of £24.6m last year. This result is in line with the Board's expectations for the year and represents a strong performance in view of the challenging conditions faced by all airlines in the period.
Flybe ended the year in its strongest ever financial position. During 2010/11, operating cash inflow improved by 21.5% to £18.1m and, thanks to the IPO cash injection, we moved from a net debt (defined as total cash less borrowings) position at 31 March 2010 of £(21.4)m to a net cash position at 31 March 2011 of £21.9m. Net assets amounted to £107.9m.
None of these achievements would have been possible without nearly 3,000 loyal and motivated employees whose talent, commitment and can-do attitude make Flybe what it is today. On behalf of the whole Board, I would like to thank them for their hard work and continuing support.
Conditions in Flybe's current core UK domestic market remain challenging, but Flybe's leadership in this market leaves us well placed to benefit as the market recovers.
After IPO costs and losses on fuel and foreign exchange hedges (unwinding gains recognised in the previous year), we reported a loss of £4.3m compared to a profit of £24.6m last year. This result is in line with the Board's expectations for the year and represents a strong performance in view of the challenging conditions faced by all airlines in the period.
Flybe ended the year in its strongest ever financial position. During 2010/11, operating cash inflow improved by 21.5% to £18.1m and, thanks to the IPO cash injection, we moved from a net debt (defined as total cash less borrowings) position at 31 March 2010 of £(21.4)m to a net cash position at 31 March 2011 of £21.9m. Net assets amounted to £107.9m.
None of these achievements would have been possible without nearly 3,000 loyal and motivated employees whose talent, commitment and can-do attitude make Flybe what it is today. On behalf of the whole Board, I would like to thank them for their hard work and continuing support.
Conditions in Flybe's current core UK domestic market remain challenging, but Flybe's leadership in this market leaves us well placed to benefit as the market recovers.
Join Date: May 2009
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Not sure if this was reported earlier but in my email from BA Exec club they state that Flybe's Newcastle - LGW service is now a BA codeshare.
Quite handy to have a different option when coming back home to the UK. Nothing like a bumpy hour on a Q400 to relieve the boredom
Quite handy to have a different option when coming back home to the UK. Nothing like a bumpy hour on a Q400 to relieve the boredom
Join Date: Apr 2008
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Not sure if this was reported earlier but in my email from BA Exec club they state that Flybe's Newcastle - LGW service is now a BA codeshare.
Join Date: Apr 2008
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Quite handy to have a different option when coming back home to the UK. Nothing like a bumpy hour on a Q400 to relieve the boredom
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Sorry JKKne, thought you were being sarcastic haha. Dont meet many people that enjoy the Q400 as much as I do. Little rockets when they get going.
I wonder if these new code-shares are a sign of things to come in the world of BA and LGW. Could we eventually see BE operating the shorter, regional routes and short European hops as has been rumoured numerous times before?
I wonder if these new code-shares are a sign of things to come in the world of BA and LGW. Could we eventually see BE operating the shorter, regional routes and short European hops as has been rumoured numerous times before?
Join Date: Mar 2001
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Flybe Aquires FinnComm Airlines
Just announced on the LSE and in Copanhagen.
Flybe in Finnair JV1st July 2011 07:42 | FlyBe
Airline operator Flybe Group has acquired Finncomm Commuter Airlines in a Joint Venture with Finnair for a total consideration of €25m plus net cash.
Flybe, Europe's largest regional airline announced today the acquisition of Finnish Commuter Airlines, Finland's largest domestic air carrier in terms of number of flights, in a newly formed joint venture with Finnair, Finland's flag carrier, for a total consideration of €25 million plus net cash in the acquired business at completion.
Completion is expected to take place within the next four to six weeks, and is subject to competition clearance.
Under the terms of the joint venture, Flybe will pay €12m cash and Finnair €13m on completion. Flybe will take a 60% stake in the joint venture, to be known as Flybe Nordic AB, while Finnair will hold the remaining 40%. Flybe Nordic's holding company board will comprise three representatives from Flybe, and two from Finnair.
In addition to acquiring 100% of FCA including 57% of Finncomm Training Centre as well as small IT and charter businesses, Flybe will also make a direct purchase acquisition of 46% of Finnish Aircraft Maintenance.
Flybe's total investment will be up to €23.6m (up to £21.3m), including net cash and loan repayment. Return on investment is expected to exceed 15% by the second full year post acquisition.
Jim French, Chairman and CEO of Flybe, said: 'Partnerships and acquisitions are at the core of our European growth strategy, which is to export our strong and proven UK business model to become Europe's leading and most profitable regional airline. Selective acquisitions offer the fastest and most visible route to profitability in the regional airline sector, whilst partnership with Finnair allows us to provide feeder traffic services under an agreed contract, reducing new route risk. This deal not only meets our stated strategic objectives but is a perfect example of the successful execution of our strategy.
'FCA is a great base to build on, with excellent routes and a talented team of employees. It also has compelling growth opportunities. Everyone at Flybe is looking forward to working with Finnair and FCA, to drive forward our strategy of creating the largest and most profitable regional airline in the Nordic and Baltic States.'
Flybe in Finnair JV1st July 2011 07:42 | FlyBe
Airline operator Flybe Group has acquired Finncomm Commuter Airlines in a Joint Venture with Finnair for a total consideration of €25m plus net cash.
Flybe, Europe's largest regional airline announced today the acquisition of Finnish Commuter Airlines, Finland's largest domestic air carrier in terms of number of flights, in a newly formed joint venture with Finnair, Finland's flag carrier, for a total consideration of €25 million plus net cash in the acquired business at completion.
Completion is expected to take place within the next four to six weeks, and is subject to competition clearance.
Under the terms of the joint venture, Flybe will pay €12m cash and Finnair €13m on completion. Flybe will take a 60% stake in the joint venture, to be known as Flybe Nordic AB, while Finnair will hold the remaining 40%. Flybe Nordic's holding company board will comprise three representatives from Flybe, and two from Finnair.
In addition to acquiring 100% of FCA including 57% of Finncomm Training Centre as well as small IT and charter businesses, Flybe will also make a direct purchase acquisition of 46% of Finnish Aircraft Maintenance.
Flybe's total investment will be up to €23.6m (up to £21.3m), including net cash and loan repayment. Return on investment is expected to exceed 15% by the second full year post acquisition.
Jim French, Chairman and CEO of Flybe, said: 'Partnerships and acquisitions are at the core of our European growth strategy, which is to export our strong and proven UK business model to become Europe's leading and most profitable regional airline. Selective acquisitions offer the fastest and most visible route to profitability in the regional airline sector, whilst partnership with Finnair allows us to provide feeder traffic services under an agreed contract, reducing new route risk. This deal not only meets our stated strategic objectives but is a perfect example of the successful execution of our strategy.
'FCA is a great base to build on, with excellent routes and a talented team of employees. It also has compelling growth opportunities. Everyone at Flybe is looking forward to working with Finnair and FCA, to drive forward our strategy of creating the largest and most profitable regional airline in the Nordic and Baltic States.'
Join Date: Nov 1999
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The fact that flyBE is ultimately paying up to €23.6m, according to the report? The €12m seems to be just the initial cash element - there are also subsequent loan repayment commitments, it would appear.
Join Date: Apr 2008
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I believe it is only a handful of the G-JED*'s that are owned by Flybe and therefore are for sale. The new registrations I am sure will not be moving anywhere as the airline wants to keep a young fleet.
G-JEDI which is the oldest will be gone
G-JEDI which is the oldest will be gone
Join Date: Aug 2002
Location: London (Babylon-on-Thames)
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G-FLBH the latest one to arrive in the UK has not moved from BHX since
delivery despite a post saying it was in service.
delivery despite a post saying it was in service.
Join Date: Oct 2007
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Cloud1
Not true, the ones Flybe actually own and not leased are JECS JECT JECU. All the JEDx are leased. The ones going to South Africa are:
JECS - JECT - JECU - FLBF - FLBG - FLBH - FLBx
FLBF is in active service, FLBG is being used as an AOG spare, FLBH & FLBx won't enter service. As you can see the new ones are going. FLBF onwards are the 4 Next Gen Q400s.
CC
Not true, the ones Flybe actually own and not leased are JECS JECT JECU. All the JEDx are leased. The ones going to South Africa are:
JECS - JECT - JECU - FLBF - FLBG - FLBH - FLBx
FLBF is in active service, FLBG is being used as an AOG spare, FLBH & FLBx won't enter service. As you can see the new ones are going. FLBF onwards are the 4 Next Gen Q400s.
CC
Join Date: Apr 2008
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Well this doesn't make sense, why have new deliveries of aircraft and then just ship them off again or use them as spares, normally it is the other way around - would it not be better to get rid of some of the older airframes and keep the newer ones? Also thought it was just 4 going to SA, in your list you have 7? What is happening with the Delta series, some of which are due to come out of service soon?
Obviously what we are being told in Exeter is somewhat different to what posters on here know.
Are any of the newer airframes in fact not going to SA but being held back until August and being used in Finland alongside the ATR's?
Obviously what we are being told in Exeter is somewhat different to what posters on here know.
Are any of the newer airframes in fact not going to SA but being held back until August and being used in Finland alongside the ATR's?
Join Date: Oct 2007
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It makes sense because SAE do not want sheds. They purchased the 3 x JECx series off us, and the FLBx ones are brand new (to a point). Basically they have bought the options off us and we will probably make a killing, much the same as we did with Olympic. Olympic bought 2 off us that we owned, JECW & JECV. They then bought the options for a couple (could have been more) more that were were due to get delivered and apparently we made surplus of £6m from that. The reason these aircraft are arriving in the UK is because of a finance issue with the South African government which has stalled the process. It has all been resolved now apparently.