Ryanair Holdings PLC (RYAAY) 2024 Q3 法說會逐字稿

Hello, and welcome, everyone, to the Ryanair Holdings plc Q3 FY '24 Earnings Release. My name is Maxine, and I'll be coordinating call today. (Operator Instructions). I will now hand you over to Michael O'Leary, Ryanair Group CEO, to begin. Michael, please go ahead when you are ready.

大家好，歡迎來到 Ryanair Holdings plc '24 財年第三季收益發布。我叫瑪克辛，今天我要負責協調電話。 （操作員說明）。現在我將請瑞安航空集團執行長 Michael O'Leary 開始發言。邁克爾，準備好後請繼續。

Okay. Good morning, ladies and gentlemen. You're all very welcome to the Q3 results call. As you see earlier this morning on our the ryanair.com website, we published our Q3 results together with an MD&A and a Q&A session with myself and CFO, Neil Sorahan. A couple of quick themes. As you see, we reported a Q3 profit after tax of EUR 15 million. Traffic and fares were ahead of the prior year, but closing Christmas and New Year loads and yields were softer than previously expected, as we had to lower prices somewhat in response to the very sudden but surprising but very welcome removal of flights from most of the major OTA pirate websites in early December.

好的。早安，女士們，先生們。非常歡迎大家參加第三季業績電話會議。正如您今天早上在 ryanair.com 網站上看到的那樣，我們發布了第三季業績以及 MD&A 以及我和財務長 Neil Sorahan 的問答環節。幾個快速主題。如您所見，我們報告的第三季稅後利潤為 1500 萬歐元。客流量和票價都領先去年，但聖誕節和新年結束時的載客量和收益率低於先前的預期，因為我們不得不稍微降低價格，以應對大多數地區突然取消航班的情況，但令人驚訝但非常受歡迎12月初各大OTA盜版網站。

Profit after tax, however, for the 9 months ended 31 December was up 39% at EUR 2.19 billion. Prior year, it was EUR 1.58 billion. Just to touch on some brief Q3 highlights. The traffic grew 7% to 41 million. Revenue per passenger was up 9%. Average fares were up 13%, mainly due to a very strong Christmas and the October bank holiday weekend and ancillary revenues up 2%. MSCI raised their ESG rating on Ryanair from a BBB to A in December. Our fuel bill rose EUR 320 million in the quarter, up 35% to EUR 1.2 billion. At the quarter end, we had 136 B737 Gamechangers in the total fleet that was significantly behind the original deliveries due to Boeing delays.

然而，截至 12 月 31 日的 9 個月的稅後利潤增長了 39%，達到 21.9 億歐元。上一年為 15.8 億歐元。只是簡單談談第三季的一些簡短亮點。流量成長了 7%，達到 4,100 萬。每位乘客的收入增加了 9%。平均票價上漲 13%，主要是因為聖誕節和 10 月銀行假日週末的強勁表現以及輔助收入成長 2%。 12 月，MSCI 將瑞安航空的 ESG 評級從 BBB 提升至 A。本季我們的燃油費用增加了 3.2 億歐元，增幅為 35%，達到 12 億歐元。截至本季末，我們的機隊總數為 136 架 B737 Gamechanger，由於波音的延誤，其交付量大大落後於最初的交付量。

Most -- more importantly, going forward, our fuel hedging, we've extended fuel hedging. We have 65% of our FY '25 fuel now hedged at $79 per barrel. This year, we're hedged at $89 per barrel. So we've already banked a saving of EUR 450 million into FY '25. And as you will all be aware, we have the first interim dividend of EUR 0.175 per share is payable on the 28th of February. I think just to touch on growth in fleet. At the end of Q3, we've taken delivery of 136 737 Gamechangers. We now expect to have up to 174 of these aircraft in our fleet by the end of June in time for peak summer 2024. That's up 50 aircraft from summer 2023. That would still be 7 aircraft short of our contracted deliveries due to Boeing delivery delays. However, those new aircraft means we have a bumper summer 2024 schedule now on sale. It includes 169 new routes, our first 11 domestic routes in Morocco and our first summer with 23 routes in Albania are in 2 and from Tirana, the Capital City of Albania.

最重要的是，展望未來，我們的燃料對沖，我們已經擴大了燃料對沖。我們 25 財年 65% 的燃料現在以每桶 79 美元進行避險。今年，我們的對沖價格為每桶 89 美元。因此，我們已經為 25 財年節省了 4.5 億歐元。如大家所知，我們將於 2 月 28 日支付每股 0.175 歐元的第一筆中期股息。我想只是談談機隊的成長。截至第三季末，我們已交付 136,737 台 Gamechangers。目前，我們預計到6 月底，我們的機隊將擁有多達174 架此類飛機，以應對2024 年夏季高峰期。這比2023 年夏季增加了50 架飛機。由於波音交付延遲，我們的合約交付量仍比合約交付量少7 架。然而，這些新飛機意味著我們現在正在銷售 2024 年夏季的豐富航班時刻表。其中包括 169 條新航線，其中 2 條來自阿爾巴尼亞首都地拉那，是我們在摩洛哥的首批 11 條國內航線，以及我們首個夏季在阿爾巴尼亞的 23 條航線。

While travel demand remains high, we expect summer '24 EU short-haul capacity to be behind where it was in summer '23. As a considerable number of our competitors ground the A320 aircraft in Europe due to the Pratt & Whitney engine issues and Boeing delivery delays constrain our growth from 57 to 50 aircraft. We are continuing to work closely with Boeing to minimize delivery delays, and we're investing in additional engineering over -- Ryanair engineering oversight to improve the quality control in both Wichita and Seattle. The recent MAX-9 grounding was a disappointing setback, but we welcome the on-grounding of the MAX-9 last week. Ryanair do not operate any MAX-9 variants. There are no MAX-9 aircraft in Europe, and therefore, it is largely a U.S. issue. However, Neil visited in Seattle in January, met with Boeing's senior management and we urged them and they have agreed to increase their quality assurance resources on the ground in Wichita and Seattle.

雖然旅行需求仍然很高，但我們預計 24 年夏季歐盟短途運力將落後於 23 年夏季。由於普惠發動機問題和波音交付延誤，我們相當多的競爭對手將 A320 飛機停飛在歐洲，這限制了我們從 57 架飛機增加到 50 架飛機。我們將繼續與波音公司密切合作，以最大程度地減少交付延誤，並且我們正在對瑞安航空工程監督進行額外的工程投資，以改善威奇托和西雅圖的品質控制。最近 MAX-9 的停飛是令人失望的挫折，但我們對上週 MAX-9 的停飛表示歡迎。瑞安航空不營運任何 MAX-9 變種飛機。歐洲沒有 MAX-9 飛機，因此這主要是美國的問題。然而，尼爾在一月份訪問了西雅圖，會見了波音公司的高階管理層，我們敦促他們，他們已同意增加威奇托和西雅圖的品質保證資源。

We are putting more engineers into Wichita and Seattle to run extra checks on our deliveries, but also on our recent 737 deliveries, we've noted improvements in the quality with fewer delivery defects on the 12 aircraft we got in the fourth quarter before Christmas. However, we do believe Boeing have more work to do to improve quality and reduce delivery delays. But I want to stress this, we are fully supportive of the initiatives that David Calhoun and Brian West are taking to improve Boeing's performance and production. It is critical, we believe, to Boeing's continued performance that we support Calhoun and West. I think they're a good team. I have concerns about the management in Seattle, but I have a lot of confidence in Calhoun and Brian West. I think they're on the right track.

我們正在向威奇托和西雅圖派出更多工程師，對我們的交付進行額外檢查，而且對最近交付的737 架飛機也進行額外檢查，我們注意到聖誕節前第四季度收到的12 架飛機的品質有所提高，交付缺陷也減少了。然而，我們確實相信波音公司在提高品質和減少交付延誤方面還有更多工作要做。但我想強調這一點，我們完全支持大衛·卡爾霍恩和布萊恩·韋斯特為提高波音公司的業績和產量所採取的舉措。我們相信，我們對卡爾霍恩和韋斯特的支持對於波音的持續表現至關重要。我認為他們是一支很好的團隊。我對西雅圖的管理階層感到擔憂，但我對卡爾霍恩和布萊恩·韋斯特很有信心。我認為他們走在正確的軌道上。

The MAX-9 grounding was an unfortunate event, and it does indicate that quality does need to be improved in Boeing, but we are very supportive and a lot of confidence in what Calhoun is doing under his leadership. We welcome -- on the OTAs. This is a significant event in December. The timing of the OTA taking, as I said, was a bit unfortunate because it was the first week in December. With Christmas coming, you can't just go in and open up and jump seats to counteract that. We think historically, these OTA pirates generally account for between 10% and 15% of our volume. So a sudden removal of that meant, we saw a sudden -- or a very short-term dip in our bookings.

MAX-9 停飛是一個不幸的事件，它確實表明波音公司的品質確實需要提高，但我們非常支持卡爾霍恩在他的領導下所做的事情，並且充滿信心。我們歡迎——透過 OTA。這是十二月的一件大事。正如我所說，OTA 採取的時機有點不幸，因為那是 12 月的第一週。隨著聖誕節的到來，你不能只是進去打開座位來抵消這種影響。我們認為，從歷史上看，這些 OTA 盜版者通常占我們交易量的 10% 到 15% 之間。因此，突然取消這一點意味著我們的預訂量會突然或非常短期地下降。

We would normally respond to that by opening up price promotions, but we didn't want to do that in the run into Christmas. We, therefore, think we'll take a hit of 1% or 2% on load factor in December and January. We will take it in hit on yields during December and January, but we think it will be short-lived, and we are happy with the forward bookings, particularly out into February and March, although March is slightly -- is artificially enhanced by having the first half of Easter in that.

我們通常會透過進行降價促銷來應對這個問題，但我們不想在聖誕節前夕這樣做。因此，我們認為 12 月和 1 月的載客率將下降 1% 或 2%。我們將在12 月和1 月期間接受它對收益率的打擊，但我們認為這將是短暫的，我們對遠期預訂感到滿意，特別是在2 月和3 月，儘管3 月略有增加，但由於復活節前半段就在其中。

Much more important for Ryanair and our passengers is to convert these OTA pirates into what we now would call kind of approved OTA partners. The partnership agreement we signed last week with loveholidays who are our fourth largest OTA and Kiwi.com this morning, who are our largest OTA -- where our largest OTA pirates are critical, we think, to protecting customers from OTA overcharges and scams. As part of this agreement, we now give these 2 approved OTAs a direct feed of inventory from the ryanair.com website and they agree as part of the deal, no overcharging of passengers for either airfares or for any of our ancillaries.

對於瑞安航空和我們的乘客來說，更重要的是將這些 OTA 盜版者轉變為我們現在所說的經過批准的 OTA 合作夥伴。我們上週與loveholidays（我們第四大OTA）和Kiwi.com（我們最大的OTA）簽署了合作協議，我們認為，我們最大的OTA盜版對於保護客戶免受OTA過高收費和詐騙至關重要。作為該協議的一部分，我們現在向這兩家經批准的OTA 提供來自ryanair.com 網站的直接庫存信息，他們同意作為交易的一部分，不會向乘客收取過多的機票費用或我們的任何輔助費用。

The bookings are made directly in the ryanair.com website with the customer's actual and real e-mail address and real payment details so that if we need to send a customer an e-mail or some flight information, it goes directly to the customer, it doesn't get lost in some OTA pirate fake e-mail address and whenever we have to refund to passengers, we can now make the bookings directly to the passengers. We think this is the way forward, and we will continue to campaign to outlaw the illegal screen scraping and the customer overcharging and scamming being undertaken by so many others of these OTA pirates and converted them to the same system or the same mechanism that we now agree with loveholidays and Kiwi.

預訂是直接在 ryanair.com 網站上進行的，使用客戶的實際電子郵件地址和真實的付款詳細信息，因此如果我們需要向客戶發送電子郵件或一些航班信息，它會直接發送給客戶，它不會在某些OTA 盜版虛假電子郵件地址中遺失，每當我們需要向乘客退款時，我們現在都可以直接向乘客預訂。我們認為這是前進的方向，我們將繼續進行活動，取締許多其他 OTA 盜版者所進行的非法螢幕抓取、客戶過度收費和詐騙行為，並將其轉換為與我們現在相同的系統或機制。同意loveholidays和Kiwi的觀點。

Looking forward to summer 2024, we expect airlines will continue to consolidate. We expect capacity will be constrained by both the consolidation by the lack of aircraft deliveries post COVID across Europe. And I think the A320 fleet grounding this summer, we expect about 10% of Europe's A320 fleet to be grounded for the -- while they address the Pratt & Whitney engine issues and that this will mean tight supply for summer 2024. And while we still have 50 additional aircraft into that marketplace, we don't have the original 57 we had hoped for. So we think there's going to be a reasonably strong summer pricing.

展望 2024 年夏季，我們預期航空公司將持續整合。我們預計運力將受到疫情後歐洲飛機交付量缺乏的整合的限制。我認為 A320 機隊將在今年夏天停飛，我們預計大約 10% 的歐洲 A320 機隊將在解決普惠發動機問題的同時停飛，這將意味著 2024 年夏季供應緊張。市場上又增加了50架飛機，但我們原本希望的57 架飛機卻沒有得到。因此，我們認為夏季定價將會相當強勁。

Already today, our bookings are running about 5% ahead of where they were. Forward booking in the summer about 5% ahead of where they were at this time last year. Pricing is up by a low single-digit percentage. Again, some of that, I think, is a factor of the fact that the first half of Easter has moved into March. So Q4 is strong. But therefore, there's less of an impact of Easter pricing in April. But much work remains to be done, but we're very pleased with where we are for summer 2024.

今天，我們的預訂量比原來高出約 5%。夏季提前預訂量比去年同期提前約 5%。定價上漲了較低的個位數百分比。同樣，我認為其中一些因素是復活節上半月已移至三月。所以第四季很強勁。但因此，四月復活節定價的影響較小。雖然還有很多工作要做，但我們對 2024 年夏季的進展感到非常滿意。

In terms of outlook, we're targeting 183.5 million passengers in the current year. That will still be a monumental achievement. The original budget was 185 million. But if you take the ATC -- it's been over 60 days of ATC strike that's cost us over 1 million seats. The Tel Aviv cancellations, which have been running since the end of -- since the end of November, that's cost us about another 600,000 seats and the Boeing delivery delays have meant we've had to truncate both the summer '23 schedule and our winter '24 schedule. So it will still be a very strong performance.

就前景而言，我們今年的目標是接待 1.835 億名乘客。這仍然將是一項巨大的成就。最初的預算是1.85億。但如果以 ATC 為例，ATC 罷工已持續 60 多天，導致我們損失了超過 100 萬個座位。特拉維夫航班的取消從 11 月底開始就一直在進行，這導致我們又損失了大約 600,000 個座位，而波音飛機的交付延誤意味著我們不得不縮短 23 年夏季的航班計劃和冬季的航班計劃'24 時間表。所以這仍然會是一個非常強勁的表現。

However, as a result of these lower load factors, particularly in Q3 and the kicking in of some higher productivity pay agreements with pilot unions across Belgium, Italy and then the U.K. These are in -- by productivity enhancements that we intend to roll out to most of the other by agreement with the other pilot unions and groups between now and summer 2024, which will significantly improve our operational resilience and reduce pilot attrition. We now expect full year '24 ex-fuel unit cost to rise by about EUR 2.50. That would still leave a dramatically wider cost gap between Ryanair and our main European competitor airlines, 2 of whom reported last week.

然而，由於載客率較低，特別是在第三季度，以及與比利時、義大利和英國的試點工會簽訂了一些更高生產力的工資協議，這些都是透過我們打算推出的生產力提高來實現的。其他大部分是從現在到2024 年夏季與其他飛行員工會和團體達成協議，這將顯著提高我們的營運彈性並減少飛行員流失。我們現在預計 24 年全年（不含燃料）單位成本將上漲約 2.50 歐元。這仍然會導致瑞安航空和我們主要歐洲競爭對手航空公司之間的成本差距顯著擴大，其中兩家航空公司上週報告了這一情況。

Q4, which is traditionally the weakest quarter will also be impacted by the partial unwind of free ETS carbon credits in the 1st of January, but we will benefit from a strong first half of Easter traffic falling into late March, although this is unlikely to offset the weaker than previously expected load factors in yields in late Q3 and early Q4. We're therefore this morning narrowing our full year FY '24 profit after tax guidance to a range of between EUR 1.85 billion to EUR 1.95 billion. It was previously EUR 1.85 billion to EUR 2.05 billion. So we think the number will come in just under EUR 2 billion for the full year. However, this guidance and the full year results still remains heavily dependent upon avoiding unforeseen adverse events in Q4, such as the Ukraine war, the Israel-Hamas conflict and any further Boeing delivery delays, which might damage us in the run into Easter.

第四季度傳統上是最疲軟的季度，也將受到 1 月 1 日免費 ETS 碳信用部分解除的影響，但我們將受益於 3 月下旬復活節前半段的強勁流量，儘管這不太可能抵消第三季末和第四季初殖利率的負載係數弱於先前的預期。因此，今天早上我們將 24 財年全年稅後利潤指引縮小至 18.5 億歐元至 19.5 億歐元之間。此前為18.5億歐元至20.5億歐元。因此，我們認為全年的數字將略低於 20 億歐元。然而，這項指引和全年業績仍然在很大程度上取決於避免第四季度不可預見的不利事件，例如烏克蘭戰爭、以色列與哈馬斯衝突以及波音公司任何進一步的交付延誤，這些事件可能會在復活節到來之際損害我們的利益。

We've also given you a full update that we've attached to the release, a full update on the OTA pirate situation. I think this has been one of the most dramatic victories for Ryanair in recent years. And I would always be happy to take a short-term pain if it's getting rid of OTA pirate scamming and overcharging our customers and moving those into a more cooperative working with us. It also, I think the new agreement this morning with loveholidays and with Kiwi exposes the falsehood of some of these OTA claims that Ryanair is just trying to eliminate OTA. We're not -- we have, for many years, worked with OTAs like Google Flights who just -- who are an honest price transparency website but who send passengers directly to Ryanair to make the booking.

我們還為您提供了附加到該版本的完整更新，即 OTA 盜版情況的完整更新。我認為這是瑞安航空近年來最引人注目的勝利之一。如果能夠消除 OTA 盜版詐騙並向客戶收取過高費用，並讓他們與我們更加合作，我總是很樂意承受短期的痛苦。而且，我認為今天早上與 loveholidays 和 Kiwi 達成的新協議揭露了一些 OTA 聲稱瑞安航空只是試圖消除 OTA 的謊言。我們多年來一直與 Google Flights 等 OTA 合作，他們只是一個誠實的價格透明網站，但將乘客直接發送到 Ryanair 預訂。

The reason we have a problem with the OTA pirate is the illegal screen scraping of our digital -- of our data and then using that to scam customers for excess of airfares, inflated ancillary services and in some cases, charging them for nonexisting services such as refund insurance and/or change fees, while it's a non-changeable ticket. But I think it's been a very good month or 2 months work and is long term very much in Ryanair's interest and in the interest of our consumers that they can get access to our low fares, our low-cost ancillary services without being scammed by some intermediaries.

我們遇到OTA 盜版問題的原因是，他們非法從螢幕上抓取我們的數​​位數據，然後利用這些數據來欺騙客戶，索要超額機票、誇大的輔助服務，在某些情況下，還向他們收取不存在的服務費用，例如退還保險費和/或改簽費用，但這是不可改簽的機票。但我認為這是一個非常好的一個月或兩個月的工作，從長遠來看，非常符合瑞安航空的利益，也符合我們消費者的利益，他們可以享受我們的低票價和低成本的輔助服務，而不會被某些人欺騙。中介機構。

Neil, I'm finished, David, do you want to -- anything you want to highlight in terms of the finances, the balance sheet and/or the dividend.

尼爾，我說完了，大衛，你想強調一下財務、資產負債表和/或股息方面的任何內容嗎？

Yes. I suppose just on the balance sheet, ended the quarter very strongly with just over EUR 2.9 billion in gross cash and importantly, a net net cash balance EUR 150 million. We continue to be the most highly rated airline in the world with a BBB+ rating from Fitch and S&P. And a big advantage that we have in these markets are well (inaudible) Boeing 737 fleet, 546 unencumbered aircraft. And so we're generating net interest income in the business at a time when our competitors are refinancing or taking on expensive leases. So that's a big competitive advantage that we have.

是的。我想就資產負債表而言，本季末的現金總額略高於 29 億歐元，重要的是，淨現金餘額為 1.5 億歐元。我們繼續成為全球評價最高的航空公司，並獲得惠譽 (Fitch) 和標準普爾 (S&P) 的 BBB+ 評級。我們在這些市場中擁有的一大優勢是擁有良好（聽不清楚）的波音 737 機隊，擁有 546 架暢通無阻的飛機。因此，當我們的競爭對手進行再融資或承擔昂貴的租賃時，我們卻在業務中產生淨利息收入。所以這是我們擁有的一個巨大的競爭優勢。

You touched on the hedging, but I think we shouldn't underestimate the benefit of the certainty that we have now in our hedging out at the end of March 2025, EUR 450 million worth of savings being locked in while there are very volatile markets at this point in time. And then, of course, we've got our first interim dividend at the end of next month, EUR 0.175 per share, and we'll have something similar again after AGM approval in September. And that's pretty much all I wanted to add, Michael.

您談到了對沖，但我認為我們不應該低估我們在 2025 年 3 月底的對沖中所擁有的確定性帶來的好處，在市場非常波動的情況下，價值 4.5 億歐元的儲蓄被鎖定。這個時間點。當然，我們將在下個月底派發第一筆中期股息，每股 0.175 歐元，在 9 月年度股東大會批准後，我們將再次派發類似股息。這幾乎就是我想補充的全部內容，麥可。

Okay. All right. And (inaudible), then we'll open the Q&A, please.

好的。好的。 （聽不清楚），然後我們將開始問答環節。

(Operator Instructions)

（操作員說明）

Our first question today comes from Harry Gowers From JPMorgan.

我們今天的第一個問題來自摩根大通的 Harry Gowers。

Two questions, if I can. On just some ex-fuel unit costs. Maybe you could talk through the increase in the crew productivity part and what impact you might see into 2025? And so any latest force direction on ex-fuel cost after tax for March '25. And then the second one, we saw some comments from United, I think last week or so, they were making plans that doesn't include the MAX-10 going forward potentially. I guess if other airlines start to cancel order -- fair orders, would you happily take on some of those slots over the next few years? Or are you quite content with your current plans?

有兩個問題，如果可以的話。只是一些前燃料單位成本。也許您可以談談船員生產力的提高以及您在 2025 年可能看到的影響？因此，關於 25 月 25 日稅後燃油成本的最新強制方向。然後第二個，我們看到了曼聯的一些評論，我認為上週左右，他們正在製定不包括未來 MAX-10 的計劃。我想如果其他航空公司開始取消訂單——公平訂單，您會在未來幾年內高興地接受其中一些航班時刻嗎？或者你對目前的計劃很滿意嗎？

Okay. Neil, I'll ask you to give the ex-fuel unit costs. It's a bit early yet for FY '25. We haven't yet finalized the budget, but I'll ask Neil in more detail. United, I thought this comment out of United last week was stupid. If they want to hand over or they want to cancel some of their MAX-10 deliveries, frankly, Ryanair will take them. We'd be very happy to take aircraft early. The MAX-10 is a very good aircraft. We can't wait to get it. It offers us 20% more seats. It burns 20% less fuel. The MAX aircraft has now in Ryanair alone, we completed over 1 million flights last year, more than 20% of those on MAX aircraft, great operational reliability. This is a great aircraft.

好的。尼爾，我會請你提供前燃料單位成本。對於 25 財年來說還為時過早。我們還沒有最終確定預算，但我會更詳細地詢問尼爾。曼聯，我認為曼聯上週的評論很愚蠢。如果他們想移交或取消部分 MAX-10 的交付，坦白說，瑞安航空會接受他們。我們很樂意早點搭乘飛機。 MAX-10 是一架非常好的飛機。我們迫不及待地想得到它。它為我們提供了 20% 以上的座位。它燃燒的燃料減少了 20%。目前光是瑞安航空就擁有 MAX 飛機，去年我們完成了超過 100 萬次航班，其中超過 20% 使用 MAX 飛機，營運可靠性極高。這是一架很棒的飛機。

The MAX-9, the plug was an unfortunate incident. It does highlight the need for improved quality control in Boeing, but they're still making great aircraft. As by the way, our Airbus, who are making great aircraft despite the fact that they have a -- the Pratt & Whitney engine is a major issue for Airbus operators going forward. So -- but I think we have 2 large manufacturers that are both making great aircraft. This stupidity of the United comments last week is that their order books are full out to 2030. So if United isn't going to take the MAX aircraft, now are they going to replace them or substitute them with Airbus aircraft. But if they want to delay or cancel any of those MAX-10 aircraft, Ryanair will be the first people into Seattle to talk to Boeing about taking those aircraft. Although, I suspect there would be a queue of customers waiting to take those aircraft, given how tight the OEM supply is between now and 2030. So I thought the United comments were unhelpful, stupid. But if they want to do something stupid like cancel some of the MAX-10 orders, Ryanair will be very happy to take them.

對MAX-9來說，插頭是一個不幸的事件。它確實強調了波音公司改進品質控制的必要性，但他們仍在製造出色的飛機。順便說一句，我們的空中巴士公司正在製造出色的飛機，儘管他們擁有普拉特惠特尼發動機，這是空中巴士營運商未來面臨的一個主要問題。所以——但我認為我們有兩家大型製造商都在製造出色的飛機。美聯航上週評論的愚蠢之處在於，他們的訂單到 2030 年都已經滿了。因此，如果美聯航不打算購買 MAX 飛機，那麼現在他們會用空中巴士飛機來替換或替代它們。但如果他們想推遲或取消任何 MAX-10 飛機，瑞安航空將是第一批進入西雅圖與波音公司討論接收這些飛機的人。儘管如此，考慮到從現在到 2030 年 OEM 供應的緊張程度，我懷疑會有顧客排隊等待乘坐這些飛機。因此，我認為美聯航的評論毫無幫助、愚蠢。但如果他們想做一些愚蠢的事情，例如取消一些 MAX-10 訂單，瑞安航空將非常樂意接受他們。

Neil, do you want to talk?

尼爾，你想談談嗎？

Yes. Sure. Harry, thanks for the question. In the quarter, it's sales and for this year, as you've seen from the commentary this morning, we're looking at about another EUR 0.50 on unit cost ex-fuel, EUR 2.50 ahead of prior year. Some of that's down to the lower load factor in Q3 in early January. The balance is kind of down to the productivity pay improvements that we're putting through for our people. Those pay improvements will obviously have to then annualize into next year. So you will see a little bit of cost increase as a result of that next year. But our fuel savings are going to more than offset any unit cost ex-fuel increases that we have coming through on a year-on-year basis.

是的。當然。哈利，謝謝你的提問。正如您從今天早上的評論中看到的那樣，本季度的銷售額和今年的單位成本（不含燃料）將增加約 0.50 歐元，比去年提前 2.50 歐元。其中部分原因是一月初第三季的載客率較低。這種平衡在某種程度上取決於我們為員工實現的生產力工資的提高。這些薪資改善顯然必須年化到明年。因此，明年您會看到成本增加。但我們節省的燃料將遠遠抵消我們逐年增加的任何單位成本（不包括燃料）。

And I think people will over-obsess you on a quarterly basis, Harry, on unit costs. Actually, the key issue here is still Slide 4 in the presentation. While we're not in any way kind of relaxed about unit cost or cost control, the gap between us and other competitors with easyJet in Europe, and in particular, the other airlines in the U.S. is widening dramatically as we -- but we do have to keep our pay competitive. We have fixed -- we have pay agreements in place that cover basic pay and productivity pay with pilots and cabin crew that run for the next 3, 4 years. But if we're -- our earnings are rising dramatically and there is some pressure on competitive pay, particularly for pilots, it's close to do -- to work with our unions and our pilots and keep their pay competitive, which is what we will do.

哈利，我認為人們會以季度為單位過度關注單位成本。實際上，這裡的關鍵問題仍然是簡報中的幻燈片 4。雖然我們對單位成本或成本控制沒有任何放鬆，但我們與歐洲易捷航空的其他競爭對手，特別是美國的其他航空公司之間的差距正在急劇擴大，但我們確實如此必須保持我們的薪酬具有競爭力。我們已經與飛行員和機組人員簽訂了薪資協議，涵蓋未來 3、4 年的基本薪資和生產力薪資。但如果我們——我們的收入大幅增長，並且有競爭力的薪酬面臨一些壓力，特別是對於飛行員來說，那麼我們就很接近——與我們的工會和飛行員合作，保持他們的薪酬具有競爭力，這就是我們將要做的。

Okay.

好的。

Thanks, Harry. Next question, please.

謝謝，哈利。請下一個問題。

Next question that comes from Stephen Furlong from Davy.

下一個問題來自戴維的史蒂芬·弗隆。

Michael, 2 questions. I noticed maybe one for Neil, just maybe talk about the headwinds or tailwinds and cost into the next year or 2. I saw there the EU, we're talking about ETS reform and the rebasing of current airline allowances, for example, maybe that's a minor thing, but you might just talk about that and anything else on just big positives or headwinds for cost. And then on pricing, Michael, I know on the pre-record, you said pricing has strong demand, very, very strong. Anything in terms of markets where it's -- I mean, I guess it's a function of capacity where it's better than other places, that would be great.

邁克爾，兩個問題。我注意到尼爾可能有一個，只是可能談論明年或兩年的逆風或順風以及成本。我在那裡看到了歐盟，我們正在談論 ETS 改革和當前航空公司配額的重新調整，例如，也許這就是這就是這是一件小事，但你可能只是談論這一點以及其他任何關於成本的巨大積極因素或不利因素的事情。然後關於定價，邁克爾，我知道在預記錄中，你說定價有強勁的需求，非常非常強勁。就市場而言，任何事情——我的意思是，我想這是一個比其他地方更好的能力函數，那就太好了。

Thanks, Steve. Neil, do you want to take the first one half?

謝謝，史蒂夫。尼爾，你想參加上半場嗎？

Yes. Okay. Steve, the rebasing of ETS against 2023, we're starting that at the moment, but we think it will be modestly positive for us. I haven't got the final numbers on ETS. As you know, we're very well hedged on carbon in any event. Like we've got all of our credits hedged next year at about EUR 76 in [EUA] which is down from EUR 81 in EUA in the current financial year. But I do think that ETS reform will be modestly positive for Ryanair.

是的。好的。史蒂夫，針對 2023 年的 ETS 重新基準調整，我們目前正在開始，但我們認為這對我們來說會有一定的積極作用。我還沒有得到 ETS 的最終數字。如您所知，無論如何，我們都對碳進行了很好的對沖。就像我們明年所有的信貸都以大約 76 歐元的 [EUA] 進行對沖，這比本財年的 EUA 81 歐元有所下降。但我確實認為 ETS 改革將對瑞安航空產生一定的正面影響。

And I think the pricing situation has Eddie Wilson here, CEO of DAC. Eddie, what are you seeing generally by market or in general terms for summer 24?

我認為 DAC 執行長 Eddie Wilson 就在定價情況上。 Eddie，您對 24 月夏季的市場或一般情況有何看法？

I think it's very early to say. But I mean if you look at our 3 largest markets, Italy, Spain and the U.K., where we have the largest proportion of our growth. So nothing unusual there or anything different across those markets at all. And then we've got a lot of growth coming out of a place like Albania, Morocco and Croatia where it's like you're still in very small numbers for the summer season. And so it's -- there are no -- I mean, like a place where we put in a larger amount of growth in places like Albania, obviously, but it's only a small proportion of what we do. So...

我認為現在說還為時過早。但我的意思是，如果你看看我們的三個最大市場，義大利、西班牙和英國，我們在這三個市場的成長比例最大。因此，這些市場沒有任何異常或任何不同之處。然後，我們從阿爾巴尼亞、摩洛哥和克羅埃西亞等國家獲得了巨大的成長，在這些國家，夏季的人數仍然很少。所以，沒有——我的意思是，就像我們在阿爾巴尼亞這樣的地方投入了大量的增長，顯然，但這只是我們所做的一小部分。所以...

But I think it's fair to say we've been very surprised at the strength of the -- both the load factors and the fares in our new entry into Tirana, which is a market that was dominated by one of the other so-called low-fare airlines. We're running 90% load factors having launched in November, the middle of the winter.

但我認為可以公平地說，我們對我們新進入地拉那的載客率和票價感到非常驚訝，地拉那是一個由其他所謂的低票價之一主導的市場。 - 票價航空公司。我們於 11 月仲冬推出，目前負載率為 90%。

Yes. I mean the only -- from my point of view, in terms of growth is a disappointment that we're going to be somewhere 7 aircraft short, maybe 10 aircraft short for summer 2024. It really is constraining our growth. We have many more airports out there who were looking for these aircraft. And that doesn't even factor in things like returning to Ukraine, if or when they defeat the Russians. We see very strong growth across almost all our airport customers for additional Ryanair aircraft, particularly in markets where they're struggling to recover their pre-COVID volumes.

是的。我的意思是，從我的角度來看，就成長而言，唯一令人失望的是我們將在 2024 年夏季缺少 7 架飛機，甚至可能缺少 10 架飛機。這確實限制了我們的成長。我們還有更多的機場正在尋找這些飛機。這甚至不包括返回烏克蘭（如果或當他們擊敗俄羅斯人時）之類的事情。我們看到幾乎所有機場客戶對瑞安航空飛機的購買量都出現了非常強勁的成長，特別是在他們正在努力恢復疫情前數量的市場中。

The next question comes from Dudley Shanley from Goodbody.

下一個問題來自 Goodbody 的 Dudley Shanley。

Two questions from me as well. First of all, on the higher productivity pay for pilots. You mentioned in the statement that, that brings increased operational resilience. Can you just talk us through what it actually brings for you? And then the second question is to do with the capacity dynamics in Europe at the moment. Obviously, the GTF engine is the kind of biggest new thing this year. How long do you see that market staying as tight as it is and below kind of pre-COVID levels?

我也有兩個問題。首先，關於飛行員更高的生產力薪資。您在聲明中提到，這會提高營運彈性。您能告訴我們它實際上為您帶來了什麼嗎？第二個問題與目前歐洲的產能動態有關。顯然，GTF 引擎是今年最大的新事物。您認為市場將保持緊張狀態並低於新冠疫情前的水平多久？

Sorry, just give you the second half of that again, then the GTF engines.

抱歉，請再說一次後半部分，然後是 GTF 引擎。

Just in terms of the capacity dynamics being tight in Europe, obviously, it's going to be tight there, but do you see that rolling into next year and beyond?

就歐洲的產能動態而言，顯然，那裡的產能將會緊張，但您認為這種情況會持續到明年及以後嗎？

Yes. I'll do the engine and maybe I'll give -- Eddie, you can talk about the productivity pay. Yes, if you take capacity generally, like Eurocontrol have confirmed last year, European short haul was about 93% of pre-COVID. The question for summer '24 is it going to grow or is it going to decline? We think it's not going to grow. We're not sure yet whether it declines. It depends on which markets the A320 operators ground aircraft or don't grow. For example, if you take the likes of wages, are they going to kind of constrain their growth in the Middle East? Or are they going to constrain their growth in Europe. I suspect we're going to see more constraints on growth in Europe where they're struggling to compete with us. And we're still waiting to see where those -- those final kind of scheduled decisions haven't yet been made or schedules haven't yet been altered.

是的。我會做引擎，也許我會給予──艾迪，你可以談談生產力工資。是的，如果從整體運力來看，就像歐洲空中安全組織 (Eurocontrol) 去年所證實的那樣，歐洲短程航線約為新冠疫情前的 93%。 24 年夏季的問題是它會成長還是下降？我們認為它不會成長。我們還不確定它是否會下降。這取決於 A320 業者將飛機停放在哪些市場或不成長。例如，如果考慮工資等因素，它們是否會限制中東地區的成長？或者他們會限制他們在歐洲的成長嗎？我懷疑我們將看到歐洲的成長受到更多限制，他們正在努力與我們競爭。我們仍在等待，看看那些最終的預定決定尚未做出，或者時間表尚未改變。

With the backlog going engine shops around the world, I mean it seems clear to me that the Pratt & Whitney engine issue is going to run on through summer '24 and again, in summer '25 may even stretch into summer '26. The OEMs are not going to deliver meaningful aircraft numbers between now and then. Ryanair is very fortunate. Okay, we may get left short to aircraft this with summer by Boeing. We'll pick them up for the summer of 2025. We're scheduled Turkey aircraft in advance of summer '25, close whenever they leave it short this year.

由於積壓的訂單遍布世界各地的引擎商店，我的意思是，在我看來很明顯，普惠公司的引擎問題將持續到 24 年夏天，並且在 25 年夏天甚至可能會延續到 26 年夏天。從現在到那時，原始設備製造商不會提供有意義的飛機數量。瑞安航空非常幸運。好吧，波音公司今年夏天的飛機可能會短缺。我們將在 2025 年夏天接機。我們計劃在 25 年夏天之前運送土耳其飛機，今年只要他們有空就關閉。

But really, other than that, there's very few new aircraft deliveries going into short-haul Europe. We do expect the Asian market will recover more or reopen more for summer 2024, and that will enhance demand across short-haul Europe, particularly if it builds up transfer traffic on the legacy short-haul for us. So all the indications are at this point in time is that demand -- our capacity is going to be constrained in European short haul for summer '24. I see no reason why demand won't be strong.

但實際上，除此之外，很少有新飛機交付到歐洲短程航線。我們確實預計亞洲市場將在 2024 年夏季進一步復甦或重新開放，這將增加歐洲短程航班的需求，特別是如果它為我們增加了傳統短程航班的轉乘流量。因此，目前所有跡象表明，24 年夏季歐洲短途航線的需求——我們的運力將受到限制。我認為需求沒有理由不強勁。

We're just not sure where that's going to fall in terms of pricing. I do believe pricing in summer '24 would be ahead of summer '23. It won't be up though. I mean, I think it won't be up 15%, 17% we saw last summer. I think kind of mid- to high single digits, maybe low double digits is a reasonable expectation at this point in time. But that stable have been derailed, if there are geopolitical issues, some adverse developments in Ukraine, et cetera, and things like that. But certainly, all the indications are at the moment is that summer '24, particularly through the school holidays, the Easter break, et cetera, is strong and pricing is slightly upwards at this point in time.

我們只是不確定價格會下降到哪裡。我確實相信 24 年夏季的定價將高於 23 年夏季。不過也不會起來。我的意思是，我認為它不會像去年夏天那樣上漲 15%、17%。我認為目前中高個位數，也許低兩位數是合理的預期。但如果存在地緣政治問題、烏克蘭的一些不利事態發展等等，那麼這種穩定就已經脫軌了。但可以肯定的是，目前所有的跡像都表明，24 年夏季，特別是在學校假期、復活節假期等期間，市場表現強勁，此時價格略有上漲。

Eddie, can you just give a flavor on the productivity pay, why that feels resilient.

艾迪，可以簡單介紹一下生產力工資嗎？為什麼覺得有彈性。

Yes. I mean, like if you go back to where we came out of COVID, like Ryanair was the best prepared of all airlines and in Europe, it's not in the world for having sufficient crews more than sufficient crews to run the schedule when many of our competitors were floundering. And it's not a lesson that we have forgotten. And as we continue to grow, we will lean into having not just the sufficient crews, but we should build in extra resilience because the reason we need extra resilience is primarily driven by poor ATC performance, and we don't want to be caught out by that.

是的。我的意思是，如果你回到我們走出新冠疫情的地方，就像瑞安航空是所有航空公司中準備最充分的，在歐洲，世界上沒有足夠的機組人員來運行航班時刻表，而我們的許多航空公司競爭對手陷入困境。我們並沒有忘記這一教訓。隨著我們的不斷發展，我們不僅要擁有足夠的機組人員，而且還應該建立額外的彈性，因為我們需要額外彈性的原因主要是由於空中交通管製表現不佳，我們不想被抓住就這樣。

And that means that if we've got to -- if we've got a -- we have to remain competitive with our crews to attract and retain people, and we'll continue to do that. If that means that we have to adjust pay like we have, then that's what we will do. And it gives us the comfort in the medium term is that when ATC is ever ultimately resolved to get back to the sort of operational efficiencies that we -- that means that we compare that crews in time. But at the moment, we're not going to take any risk on that whatsoever. So it's about having the right crewing ratios in place to loan the schedule against the backdrop of a really shoddy ATC environment.

這意味著，如果我們必須——如果我們有——我們必須與我們的員工保持競爭力，以吸引和留住人才，我們將繼續這樣做。如果這意味著我們必須像現在這樣調整薪酬，那麼我們就會這麼做。從中期來看，這讓我們感到安慰的是，當空中交通管制最終決定恢復到我們的營運效率時，這意味著我們會及時對機組人員進行比較。但目前，我們不會為此冒任何風險。因此，關鍵在於在空管環境非常惡劣的情況下，制定正確的機組人員比例來借出航班時刻表。

Yes. And I should just say as well in terms of capacity, the Boeing -- we are being short of those aircraft from Boeing, we're finalizing our budget at the moment, but we're walking back our full year traffic figure for FY '25. It's going to come back from EUR 205 million, probably EUR 200 million will be the working assumption. So we're going to have 2.5% less capacity out there through certainly the summer 2024 than we would wish to have at this point in time. So as I said previously, United want to walk away from any MAX aircraft deliveries. We'll be very happy to step into the breach in advance.

是的。我還應該說，在運力方面，波音公司——我們缺少波音公司的飛機，我們目前正在敲定預算，但我們正在回撤財年全年的交通量數據。25.它將從 2.05 億歐元回升，可能 2 億歐元將是工作假設。因此，到 2024 年夏季，我們的產能肯定會比我們目前希望的少 2.5%。正如我之前所說，美聯航希望放棄任何 MAX 飛機的交付。我們很樂意提前彌補這一缺口。

The next question comes from Jaime Rowbotham from Deutsche Bank.

下一個問題來自德意志銀行的 Jaime Rowbotham。

First one for Neil, maybe. I don't want to obsess too much on these ex-fuel unit costs. But back in November, I asked whether there were any risks on the unit cost guide and Neil you helpfully mentioned the route charges, which I thought looked a bit higher this morning. Presumably, you've now got visibility on the higher Eurocontrol rates for the next 12 months. I just wondered whether these were also a little bit responsible for the extra EUR 0.50 on the cost per pax guide in '24? And how much of a headwind there is on route charges into '25. At least, I guess this will be the same for everyone.

也許是尼爾的第一個。我不想過度關注這些前燃料單位成本。但早在 11 月份，我就詢問單位成本指南是否存在任何風險，尼爾您提到了路線費用，我認為今天早上看起來有點高。想必，您現在已經了解了未來 12 個月歐洲空中安全組織 (Eurocontrol) 更高的費率。我只是想知道這些是否也對 24 年每人導遊費用額外 0.50 歐元負責？進入 25 年，航線收費有多少阻力。至少，我想這對每個人來說都是一樣的。

And secondly, Michael, given the focus on Boeing, you mentioned fewer delivery defects on receipt of recent MAXs. Could you expand a bit on that, describe the sorts of issues you were encountering before the recent improvement?

其次，邁克爾，考慮到對波音的關注，您提到最近收到的 MAX 飛機的交付缺陷較少。您能否對此進行一些擴展，描述一下您在最近的改進之前遇到的各種問題？

Neil, go ahead. You want to...

尼爾，繼續。你想要...

Yes. On route charges, Jamie, yes, they are going to track off a bit year-on-year. We're just getting the final numbers in at this stage, running the budget, and I'll give you a bit more color when we come out in May. But yes, the working assumption in the budget is that we're seeing route charges tracking up slightly year-on-year.

是的。在航線費用方面，傑米，是的，他們會比去年同期有所下降。我們現階段剛剛得到最終數字，正在運行預算，當我們在五月發佈時，我會給你更多的資訊。但是，是的，預算中的工作假設是我們看到航線費用比去年同期略有上升。

Yes. And again, I wouldn't obsess that your unit charges in the third quarter, like the bigger driver of it on a quarterly basis was the slight slippage in load factor. We would have expected originally to grow that load factor by maybe 1%. It's down 1%. That will continue into January as well. So on a quarterly basis, it moves to die a little bit more on an annualized basis, it doesn't have that much effect. Boeing delivery defects, I mean, we've been jumping up and down with Boeing for about the last 18 months on the number -- rate and number of defects that we're picking up. We now do about a 48-hour inspection of each aircraft on delivery here in Dublin, which again is kind of -- is a sort of a painful process. We pick up loss of little things. And I don't want to go into the detail, but like spanners under a floorboard stuff in the cockpit, it shouldn't be there. Those are the kind of small quality assurance things we pick up.

是的。再說一次，我不會沉迷於你的單位在第三季度收費，就像按季度計算的更大驅動因素是負載率的輕微下滑。我們最初預計負載率可能會增加 1%。下降了1%。這也將持續到一月。因此，按季度計算，按年計算，它會減少一點，但沒有那麼大的影響。波音交付缺陷，我的意思是，在過去 18 個月裡，我們一直在與波音公司討論我們發現的缺陷數量——比率和數量。我們現在對在都柏林交付的每架飛機進行大約 48 小時的檢查，這又是一個痛苦的過程。我們撿起一些小東西的損失。我不想透露細節，但就像駕駛艙地板下的扳手一樣，它不應該在那裡。這些是我們挑選的那種小小的品質保證東西。

The bigger issues were kind of over the last 12 months of the known issues, you can kind of -- issues coming out of Wichita, where both into the tail frame were put in the wrong way, holds in the forward pressure, the seal or whatever -- I don't even know what it is drilled the wrong way. Still it shouldn't be happening on a $100 million piece of kit. You wouldn't expect them if you were taking aircraft or buying cars from Mercedes or Audi, and we don't expect them when you're taking aircraft from Boeing or from Airbus. And some people would say this was probably -- is a consequence of the 2-year grounding of production during COVID.

更大的問題是過去 12 個月的已知問題，你可以說是來自威奇託的問題，尾架中的兩個部件都以錯誤的方式放置，阻礙了前向壓力，密封或不管怎樣— —我甚至不知道它的鑽法是錯的。儘管如此，這種情況不應該發生在價值 1 億美元的套件上。如果您乘坐梅賽德斯或奧迪的飛機或購買汽車，您不會期望它們，而當您乘坐波音或空中巴士的飛機時，我們不會期望它們。有些人會說這可能是新冠疫情期間停產兩年的結果。

I think there may be a little bit in that. But it means that Boeing and Airbus both need to significantly improve quality control, both the oversight of the engines and on the airframe during production. Boeing are aware of this. I think they have significantly increased the numbers of engineers that have doing quality assurance on the aircraft goes through the shop. And the 12 aircraft we got in the fourth quarter or in the December quarter, we found less sort of little silly things on those aircraft on delivery than we had on any of the previous Gamechangers over the previous 2 years. So we think quality is going the right way.

我想這裡面可能有一點點。但這意味著波音和空中巴士都需要顯著提高品質控制，包括生產過程中對引擎和機身的監督。波音公司意識到了這一點。我認為他們顯著增加了在工廠對飛機進行品質保證的工程師數量。我們在第四季或 12 月季度購買的 12 架飛機中，我們發現這些飛機上的愚蠢小問題比過去兩年中的任何一款遊戲規則改變者都少。所以我們認為品質正在朝著正確的方向發展。

It is very unfortunate, but you know that they had the MAX-9 door panel stuff. Boeing are getting an awful lot of unfair kind of coverage as -- I mean, it was an Air Canada aircraft took off last week and one of the [nodes] fell off. Like that's nothing to do with Boeing. I mean that's a maintenance issue within Air Canada, but it's all a pilot on 737. There are 2 large volume aircraft, the A320 family and the 737 family, they carry 90% of the world's passengers on a daily basis. They are terrific aircraft. They are very safe. We are big supporters of the 737 and particularly the new variant, the Gamechanger, which is carrying 4% more passengers and burning 16% less fuel and especially the MAX-10, which will carry 20% more passengers for 20% less fuel.

這是非常不幸的，但你知道他們有 MAX-9 門板的東西。波音公司得到了很多不公平的報道，因為——我的意思是，這是一架加拿大航空公司的飛機上週起飛，其中一個[節點]脫落了。好像跟波音沒啥關係我的意思是，這是加拿大航空內部的維護問題，但都是 737 上的飛行員。有 2 種大型飛機，A320 系列和 737 系列，它們每天運載世界上 90% 的乘客。它們是很棒的飛機。他們非常安全。我們是737 的大力支持者，尤其是新型號Gamechanger，它的載客量增加了4%，燃油消耗量減少了16%；尤其是MAX-10，它的載客量增加了20%，燃油消耗量量減少了20%。

As Neil said, we expect the Game -- the MAX-10s to be certified, Boeing believe in the Q4 2024 first delivery to the American Airlines in early 2025. We're not pleased to get the first MAX-10 until 2027. So we are well down the list of deliveries, but we can't wait to take them and pass on the value or the incredible value that those are -- the cost reductions of those aircraft, cost efficiencies of those aircraft will deliver for us. We then pass it on in the form of lower fare to customers.

正如尼爾所說，我們預計 MAX-10 能夠獲得認證，波音相信 2024 年第四季將在 2025 年初首次交付給美國航空。我們不高興要等到 2027 年才能獲得第一架 MAX-10。我們在交付清單上排名靠後，但我們迫不及待地想要接受它們並傳遞這些價值或令人難以置信的價值——這些飛機的成本降低、這些飛機將為我們帶來的成本效率。然後我們以較低票價的形式將其傳遞給客戶。

Thanks, Jamie. Next question, please.

謝謝，傑米。請下一個問題。

The next question comes from Sathish Sivakumar from Citi.

下一個問題來自花旗銀行的 Sathish Sivakumar。

I've got 2 questions here. So firstly, on the capital allocation. Obviously, you have started the interim dividend today. And what does it mean in terms of share buyback and balance -- given the balance sheet strength as we go into full year results or into 2025? So that's my first one.

我這裡有 2 個問題。首先，關於資本配置。顯然，你今天已經開始發放中期股息了。考慮到我們進入全年業績或 2025 年的資產負債表實力，這對股票回購和平衡意味著什麼？這是我的第一個。

And then the second one, obviously, you flagged about the pilots being in terms of labor as such, is being under pressure in the U.K. But are you seeing anywhere else in Continental Europe where the pilots are actually under pressure like in terms of availability is being under pressure?

然後第二個，顯然，你指出飛行員在英國面臨勞動力方面的壓力，但是你是否看到歐洲大陸其他任何地方的飛行員實際上都面臨著壓力，例如在可用性方面有壓力嗎？

Thanks, Sathish. So quick ones, on capital allocation, we will continue to pay down debt. We'll continue to fund all of our CapEx from internally generated cash flow. However, CapEx falls steeply in the next 2 years from almost EUR 3 billion down to just under EUR 1 billion a year. That should -- if profitability maintains where it is spring out throw off about EUR 2 billion a year in free cash for the next 2 years. 1/4 of that will be allocated to dividend payments and then I think the Board, subject to all being well with the balance sheet and the rest of the world will be looking to return the additional any spare cash to shareholders.

謝謝，薩蒂什。因此，在資本配置方面，我們將繼續償還債務。我們將繼續透過內部產生的現金流為我們的所有資本支出提供資金。然而，未來兩年資本支出將急劇下降，從每年近 30 億歐元降至略低於 10 億歐元。如果獲利能力保持在當前水平，那麼未來兩年每年應該會產生約 20 億歐元的自由現金。其中 1/4 將分配給股息支付，然後我認為，在資產負債表狀況良好的情況下，董事會和世界其他地區將尋求將額外的閒置現金返還給股東。

It will be -- and it will be a case-by-case basis, there will be special dividends or buybacks. And I think that the driver of that will be generally p multiples whenever we come to do it, but we won't promise. We're not going to borrow to do it once we generate the cash, if we have more than EUR 3.5 billion -- EUR 3 billion, EUR 4 billion in cash on the balance sheet, then anything surplus to that will be returned. We have 2 big -- 2 more big debt payments, but one is in -- one is in FY '26 and the other is in FY '27. So I think shareholders should support should expect more returns, but what format they would be, we don't know. That will be the matter of the Board.

將會視具體情況而定，會有特別股利或回購。我認為每當我們這樣做時，其驅動力通常是 p 倍，但我們不會承諾。一旦我們產生了現金，我們就不會借錢來做這件事，如果我們的資產負債表上有超過 35 億歐元、30 億歐元、40 億歐元的現金，那麼任何盈餘都將退還。我們有兩筆大筆債務，還有兩筆大筆債務，但其中一筆是在 26 財年，另一筆是在 27 財年。所以我認為股東應該支持，應該期待更多的回報，但他們會是什麼形式，我們不知道。這將是董事會的事。

Pilots, we're not seeing huge pressure on pilots across Europe. There is some pressure in the U.K. There was -- some of the other U.K. airlines were kind of paying out panic pay increases last year because they came out of COVID short of pilots. That does seem to settle down. We are not seeing significant pilot attrition, but I think we did have a gap between our pilot pay and that of competitor for the last year, again, as a result of these kind of panic pay increases that some other particularly 737 airlines in Europe and in the U.K., were paying. We intend and plan to keep our pilot pay competitive. We will never be the best payer, but we certainly will keep it competitive and the rapidity of Ryanair's growth and the rate of promotion like you'll go from being a cadet (inaudible) captain on the 737 typically within a period of 4 or 5 years if you're up to the job. And that is what drives very rapid increase in pilot pay.

飛行員們，我們沒有看到整個歐洲飛行員面臨巨大的壓力。英國面臨一些壓力，去年其他一些英國航空公司也因為新冠肺炎疫情導致飛行員短缺而恐慌加薪。這似乎確實安定下來了。我們沒有看到飛行員嚴重流失，但我認為去年我們的飛行員薪資與競爭對手之間確實存在差距，再次是由於歐洲和其他一些航空公司（特別是737 航空公司）出現這種恐慌性加薪的結果。在英國，正在付費。我們打算併計劃保持飛行員薪資的競爭力。我們永遠不會成為最好的付款人，但我們肯定會保持其競爭力以及瑞安航空的快速增長和晉升速度，就像您通常在4 或5 年內從737 飛機上的學員（聽不清）機長轉變一樣。如果你能勝任這份工作的話，幾年。這就是推動飛行員薪資快速成長的原因。

U.K., we think we're okay at this point in time. The market is tight because of the inflexibility of U.K. labor post Brexit and we don't have -- we have some growth in the U.K., but not a lot. But we believe that the pay deals we've now agreed with the unions, pilot unions, and we're extending out to cabin crew unions as well, leaves us well positioned with ample pilot and cabin crew resources for summer 2024 but that's heavily dependent upon there not being another meltdown in European ATC. And the things like a repeat of the 60 days of ATC strikes, which we suffered in summer 2023, they really do eat up an awful lot of crew hours at peak period. And it's something that we're building in slightly higher crewing ratios to improve our resilience and that, in turn, reduces some of the productivity elements of pilot pay. Eddie wants to comment on that point.

英國，我們認為目前還不錯。由於英國脫歐後英國勞動力缺乏彈性，市場緊張，而我們在英國有一些成長，但不是很多。但我們相信，我們現在與工會、飛行員工會達成的薪資協議，以及我們也將擴展到機組人員工會的薪資協議，使我們能夠在2024 年夏季擁有充足的飛行員和機組人員資源，但這在很大程度上取決於歐洲空中交通管制不會再次發生崩潰。像我們在 2023 年夏天遭受的 60 天 ATC 罷工之類的事情再次發生，它們確實在高峰期佔用了機組人員大量的時間。我們正在稍微提高機組人員比例，以提高我們的彈性，而這反過來又會降低飛行員薪資的一些生產力要素。艾迪想對此發表評論。

Yes. I mean it's -- if you look at the U.K., it's primarily really a licensing issue. As Michael says, a particular tightness in that market that you don't have the fluidity of moving pilots around from different parts of Europe that you had pre-Brexit. But what we've done over the last number of years because we don't take people from other airlines, we've been growing sort of our input of Cadet into the U.K. system. So that, coupled with the pay issues that we have dealt with there, that should sort that out. This isn't just -- it's not -- it's the same for engineers as well because it is primarily driven by Brexit until the supply issues are sorted.

是的。我的意思是，如果你看看英國，這主要是許可問題。正如麥可所說，該市場特別緊張，無法像英國脫歐前那樣從歐洲不同地區調動飛行員。但我們在過去幾年中所做的事情是，因為我們不從其他航空公司招募人員，所以我們一直在增加 Cadet 對英國系統的投入。因此，再加上我們在那裡處理過的薪酬問題，應該可以解決這個問題。這不僅是——它不是——對工程師來說也是一樣的，因為這主要是由英國脫歐驅動的，直到供應問題得到解決。

The next question will come from Alex Irving from Bernstein.

下一個問題將來自伯恩斯坦的亞歷克斯歐文。

Two for me, please. First, on the OTAs. Can you please tell me what's your typical level of ancillary spend per passenger is on an OTA booking versus direct booking. Is there a revenue opportunity here from the new deals or a greater share of direct bookings? Also, is there any cost saving opportunities from the OTA change with the reduction in the level of manual post-sales servicing.

請給我兩個。首先，關於 OTA。您能否告訴我，與直接預訂相比，每位乘客在 OTA 預訂上的典型輔助支出水平是多少？新交易或直接預訂的更大份額是否有收入機會？此外，隨著人工售後服務水準的降低，OTA 變革是否會帶來節省成本的機會？

Second question is on unit cost. It will be maintenance. You saw maintenance costs up 40% whilst capacity up 89% year-on-year. What's driving that please? And are there any one-offs we should be aware of?

第二個問題是關於單位成本。將會進行維護。您發現維修成本比去年同期增加了 40%，而容量則增加了 89%。請問是什麼驅動的？我們應該注意哪些一次性事件？

Okay. I'm going to have Tracey (inaudible) here. We're going to get her too on that maintenance cost question, Neil. And then just so on the OTAs, look, I don't think there's any particular upside on ancillaries. There's a lot of kind of misguided coverage here. We want to take these bookings direct so we can maximize our ancillaries. The big issue with the OTAs is one, we don't want anybody illegally scraping our website. That is digital piracy. It's our data, and we are a bit like music piracy or film piracy, it should be outlawed. We wouldn't have such a big issue with it if they weren't scamming customers. And so we have, for a number of years, been chasing down some of these pirates, (inaudible). And what they don't do is they don't -- we get less of an issue with them if they suddenly said to each customer, we are the OTA and here's an OTA fee of EUR 5 per the OTA.

好的。特蕾西（聽不清楚）請來。尼爾，我們也會向她詢問維修成本問題。然後就 OTA 而言，我認為輔助設備沒有任何特別的優勢。這裡有很多誤導性的報導。我們希望直接接受這些預訂，這樣我們就可以最大限度地利用我們的輔助設施。 OTA 的一個大問題是，我們不希望任何人非法抓取我們的網站。這就是數位盜版。這是我們的數據，我們有點像音樂盜版或電影盜版，應該要取締。如果他們沒有欺騙客戶，我們就不會有這麼大的問題。因此，我們多年來一直在追捕其中一些海盜（聽不清楚）。他們不做的就是他們不做的事——如果他們突然對每個客戶說，我們是 OTA，並且每個 OTA 的 OTA 費用為 5 歐元，那麼我們與他們之間的問題就會減少。

Based on this, the customer could decide whether they want to make the bookings to that OTA and pay the EUR 5 or come directly to Ryanair instead. They've been scamming and inflating our airfares. They're scamming and inflating the ancillaries. I think there might be a slightly better conversion of ancillaries if we are able to communicate directly with the passengers, the bookings made directly in the website. And in some cases, we released this on a monthly basis, our OTA pirate service. Some of these OTAs are inflating our ancillaries, the bag charges, the fee charged by 300% and 400%, so I think there might be a slightly better conversion of ancillaries if every customer has access to our ancillaries at the published prices on our website. But there's no big jump in ancillaries as a result of getting rid of the OTAs.

基於此，客戶可以決定是透過 OTA 進行預訂並支付 5 歐元，還是直接前往 Ryanair。他們一直在欺騙並抬高我們的機票價格。他們在欺騙並誇大輔助設備。我認為，如果我們能夠直接與乘客溝通，直接在網站上預訂，那麼輔助設備的轉換可能會稍微好一點。在某些情況下，我們每月發布一次 OTA 盜版服務。其中一些OTA 誇大了我們的輔助費用，行李費，收取的費用達300% 和400%，所以我認為，如果每個客戶都能以我們網站上公佈的價格訪問我們的輔助費用，那麼輔助費用的轉換可能會稍微好一點。但取消 OTA 後，輔助設備並沒有大幅增加。

I think there may be -- what we're trying to do is to protect consumers from being overcharged by these intermediaries and over the longer term, we don't want a booking.com or some other third party to be able to insert themselves between us and our customer, capture a huge amount of customers as they have done, for example, in hotel distribution, I then turn around to us and reimpose on us what we had 30 years ago when we had to pay 20% for distribution through travel agents and global GDSs. We do not want -- we cannot afford to pay kind of extravagant commissions for distribution, particularly where there's no cost of distribution through the Internet because that would simply inflate the airfares, which would be not in the consumer interest.

我認為可能 - 我們正在努力做的是保護消費者免受這些中介機構的過度收費，從長遠來看，我們不希望 Booking.com 或其他第三方能夠插入自己在我們和我們的客戶之間，像他們所做的那樣，捕獲大量客戶，例如，在酒店分銷中，然後我轉向我們，重新向我們強加30 年前的做法，當時我們必須透過以下方式支付20% 的分銷費用旅行社和全球 GDS。我們不想－我們無力支付過高的分銷佣金，特別是在沒有透過網路分銷成本的情況下，因為這只會提高機票價格，這不符合消費者的利益。

So we will continue to battle intermediaries, particularly those who are engaged in digital piracy who want to insert themselves between us and our consumer, overcharge the consumer are at some point in time, in the future turnaround and try and overcharge us in a manner that would inflate the cost of air charge for consumers. But I don't foresee, Alex, if there's any immediate upside in ancillaries, although probably a little bit of a jump in conversion by not overcharging consumers for ancillaries. Tracey, maintenance costs.

因此，我們將繼續與中間商作鬥爭，特別是那些從事數位盜版的人，他們想介入我們和我們的消費者之間，在未來的某個時間點向消費者收取過高的費用，並嘗試以下方式向我們收取過高的費用：會增加消費者的航空費用。但亞歷克斯，我並沒有預見到輔助產品是否會立即帶來任何好處，儘管透過不向消費者收取過多的輔助費用可能會帶來一點點的轉換。特蕾西，維護費用。

For maintenance costs, it's really the timing of the check. So we brought forward more checks following Q4 into Q3. So we don't see -- we see a drop in Q4. We also have late growing of leases in our aircraft heavy maintenance facilities, driving the club coming out from A320 and (inaudible). And again, we brought forward some of the maintenance of the A320, just in anticipation that the (inaudible) may fold with the GTF issues that face in the next few months.

對於維護成本來說，其實就是檢查的時機。因此，我們將第四季之後的更多檢查移至第三季。所以我們沒有看到——我們看到第四季出現下降。我們的飛機重型維修設施的租賃也出現了較晚的成長，推動了 A320 俱樂部的發展（聽不清楚）。我們再次提前了 A320 的一些維護工作，只是預計（聽不清楚）可能會與未來幾個月面臨的 GTF 問題一起解決。

The next question comes from James Hollins from BNP Paribas.

下一個問題來自法國巴黎銀行的詹姆斯‧霍林斯。

Two for me on the OTAs. The first one is, would you expect to do deals with all the OTAs or be some off limits like Booking.com given your history of (inaudible) assume them and are they coming to you for deals? And secondly, you -- thank you for quantifying 10% to 15% tickets historically sold through OTA pirates, your words don't mind. I was wondering how that normalizes so quickly, and that's higher than I thought it would be, and you seem to be implying that this is kind of a December, January issue rather than anything longer than that, can you enlighten as to what that would be.

我在 OTA 上有兩個。第一個是，考慮到您（聽不清楚）假設的歷史以及他們是否會來找您進行交易，您是否希望與所有 OTA 進行交易，或者像 Booking.com 一樣受到限制？其次，感謝您對歷史上透過 OTA 盜版出售的 10% 到 15% 的門票進行了量化，您的話不重要。我想知道這是如何如此快地正常化的，這比我想像的要高，你似乎在暗示這是12 月、1 月的問題，而不是比這更長的問題，你能透露一下這會發生什麼嗎？是。

Okay. I'm not sure. I mean, look -- if you take -- there's about 7 or 8 OTAs account for, we think, more than 50% of OTA pirate bookings. We're never quite sure what the number is. So I give you 10% to 15% because the only way we can track these is where we think there's a fake credit card or there's a fake e-mail address that's how we chase them down. So we're not entirely sure ourselves. A number of them have come to us since December. In fact, with loveholidays were the first ones to come to us. And we were -- I mean, we have offered them in essence. And these are the same offers on the table. We've given them the same terms that were on offer through the GDSs. Where we signed up deals with the GDSs last year, so the travel agents had visibility on our payers.

好的。我不知道。我的意思是，如果你仔細觀察的話，我們認為大約有 7 或 8 家 OTA 佔據了 OTA 盜版預訂的 50% 以上。我們永遠不確定這個數字是多少。所以我給你 10% 到 15%，因為我們追蹤這些的唯一方法是我們認為存在假信用卡或假電子郵件地址，這就是我們追蹤他們的方式。所以我們自己也不完全確定。其中一些人自 12 月以來就來到我們這裡。事實上，loveholidays 是第一個來找我們的。我的意思是，我們本質上已經提供了它們。這些都是同樣的報價。我們向他們提供的條款與透過 GDS 提供的條款相同。去年我們與 GDS 簽署了協議，因此旅行社可以了解我們的付款人。

And the critical thing again was that we would have the booking made directly in Ryanair.com and no overcharging, no scamming of consumers either for airfares or ancillary. I think that gives the business more -- OTA business model a lot of flexibility. But what we're not willing to [count] is that people taking our digitally -- or sorry, they also agreed not to screen scrape our website because we give them a direct feed. There's no need to screen-scrape our website.

最重要的是，我們將直接在 Ryanair.com 上預訂，並且不會收取過多費用，也不會在機票或輔助費用方面欺騙消費者。我認為這給了企業更多——OTA 商業模式很大的彈性。但我們不願意[計數]的是人們以數位方式獲取我們的資訊——或者抱歉，他們也同意不螢幕抓取我們的網站，因為我們為他們提供了直接的回饋。無需對我們的網站進行螢幕擷取。

Do I think all of them will come on board? Frankly, I don't know and I don't particularly care. I do think the majority will. We have a number of others who are -- we're in active discussions with almost all I would say of the top 8, top 10. Booking are not in our top 8 or top 10, they're reasonably small. But I do expect -- I don't know what Juliusz is going ask if you want that. We do expect the case of Booking.com to roll on. We're not particularly minded to settle with them. And I think -- but we have so many examples of egregious overcharges by booking on airfares and on ancillaries.

我認為他們都會加入嗎？坦白說，我不知道，也不是特別在意。我確實認為大多數人會。我們還有很多其他人——我們正在與幾乎所有我想說的前 8 名、前 10 名的人進行積極的討論。Booking 不在我們的前 8 名或前 10 名中，它們相當小。但我確實希望——如果你想要的話，我不知道朱利葉斯會問什麼。我們確實希望 Booking.com 的案例能繼續下去。我們並不特別願意與他們和解。我認為，但是我們有很多透過預訂機票和輔助服務而嚴重超額收費的例子。

We are -- believe it will be very difficult for Booking.com to go into court and the state eventually. We're going to drive it that way. We thought it was remarkable that they wanted all of the Ryanair management deposed and we've all been deposed and yet none of the booking management want to be deposed, they're kind of contorting and kind of wiggling every which way they can to avoid being deposed because the first question, you want to ask them, of course, is why you overcharge, why are you illegally screen scraping and overcharging customers. But they're reasonably small in terms of volumes, but we're not about to allow any of these people to try and engage in digital piracy or to overcharge consumers.

我們相信 Booking.com 最終將很難訴諸法庭和政府。我們將這樣驅動它。我們認為這是值得注意的，他們希望瑞安航空的所有管理層都被罷免，而我們都被罷免了，但沒有一個預訂管理層想要被罷免，他們有點扭曲，有點搖擺不定，想方設法避免被免職是因為第一個問題，你當然要問他們，為什麼你要多收費，為什麼你要非法篩選抓取客戶並多收費。但就數量而言，它們相當小，但我們不會允許這些人中的任何一個嘗試參與數位盜版或向消費者收取過高費用。

If they all want to have approved partnership deals where we give them direct access to our inventory and they agree not to screen scrape, not to overcharge. Then we'd be very happy to work with. Why do we think it's a December-January issue? Well, one, because once they come off sale, there is an immediate drop off in our bookings and it took us a number of -- a week or two in December to spot this, but passenger certainly find a way. They find other ways on the Internet back to the Ryanair low fares and also the passenger still mistakenly believe that they're booking in Ryanair, when they're actually booking through eDreams or Sky eDreams or booking or Opodo or (inaudible). They don't really realize that they're not making the booking in the Ryanair website. They don't be realized they're getting scammed and overcharged. And if Ryanair comes off, fare on some of these OTA pirate websites, people simply find a way around -- or go back to Google Flight or somebody else or some of the other price comparison websites to find the Ryanair prices.

如果他們都希望獲得批准的合作夥伴協議，我們可以讓他們直接存取我們的庫存，並且他們同意不篩選抓取，不過度收費。那我們會非常樂意合作。為什麼我們認為這是 12 月至 1 月的問題？嗯，一個，因為一旦它們停止銷售，我們的預訂量就會立即下降，我們在 12 月花了一兩週的時間才發現這一點，但乘客肯定找到了辦法。他們在網路上找到其他方式返回瑞安航空低票價，而且乘客仍然錯誤地認為他們在瑞安航空預訂，而實際上他們是透過 eDreams 或 Sky eDreams 或預訂或 Opodo 或（聽不清楚）進行預訂。他們並沒有真正意識到他們沒有在瑞安航空網站上預訂。他們沒有意識到自己被騙了並且被多收費了。如果瑞安航空在某些 OTA 盜版網站上的票價下降，人們只需找​​到一種解決方法，或者返回 Google Flight 或其他人或其他一些價格比較網站來查找瑞安航空的價格。

It does look -- and then of course, we always have the ability to open up a bit more cheap seats or a bit more price stimulus, which we're happy to do during January and February. We weren't happy to do it in December because we thought we would trash the close-in bookings over the Christmas, New Year period. And I have always been of the view that if we can eliminate these guys or at least remove the overcharging and the scamming and at least protect ourselves for the long-term risk that these guys would try to become or would have so much of our volume that they try to become a new GDS or a new intermediary charging either us or customers a percentage of revenues, then that's a fact that's well worth taking on.

看起來確實如此——當然，我們總是有能力開放更多便宜的座位或更多的價格刺激措施，我們很樂意在 1 月和 2 月期間這樣做。我們不樂意在 12 月這樣做，因為我們認為我們會在聖誕節和新年期間丟棄近距離預訂。我一直認為，如果我們能夠消除這些人，或者至少消除過度收費和欺詐行為，並至少保護自己免受這些人試圖成為或將擁有我們如此多的交易量的長期風險他們試圖成為新的GDS 或新的中介機構，向我們或客戶收取一定比例的收入，那麼這是一個非常值得接受的事實。

We're much more vocal about this because we have the cheapest airfares in every market. Therefore, we're much more of a target for these guys than the other higher fare airline. I think the other higher fare airlines are grateful for whatever bookings they get from these OTAs, whereas in our case, because we have such a price advantage, it gives them more latitude for scamming or overcharging passengers. Julie, anything you want to add on the Booking.com side or on the OTA side?

我們對此更加直言不諱，因為我們在每個市場都有最便宜的機票。因此，與其他票價較高的航空公司相比，我們更容易成為這些人的目標。我認為其他票價較高的航空公司對於從這些OTA 獲得的任何預訂都會心懷感激，而就我們而言，由於我們擁有如此大的價格優勢，這讓他們有更多的餘地來欺騙或向乘客收取過高費用。 Julie，您想在 Booking.com 端或 OTA 端增加哪些內容？

On Booking.com, maybe only the bookings themselves are in trouble with competition authorities throughout the world. They are likely to be added as a gatekeeper under the EU, the supermarket as this year and I think they should consider seriously where they stand in respect to consumers on transparency and the extent of charges that they impose. I think ultimately, they will -- how to come to terms with the fact that [the age] of overcharging consumers with (inaudible) over and they have to work with us.

在Booking.com上，也許只有預訂本身才受到世界各地競爭管理機構的困擾。他們可能會被添加為歐盟的看門人，就像今年的超市一樣，我認為他們應該認真考慮他們在透明度和收費程度方面對消費者的立場。我認為最終，他們會——如何接受這樣一個事實：向消費者過度收費（聽不清楚）的[時代]已經結束，他們必須與我們合作。

The next question comes from Savanthi Prelis-Syth from Raymond James.

下一個問題來自 Raymond James 的 Savanthi Prelis-Syth。

Just first question for me on the GDS side of things, you've been adding more kind of corporate relationships there. I was wondering if you can kind of give an update on where you -- there's a lot more opportunity there. And if you're seeing any -- an improvement in the kind of the mix of business travel or just any kind of color on how business is recovering.

我的第一個問題是關於 GDS 方面的事情，你們一直在其中添加更多類型的企業關係。我想知道你是否可以介紹一下你在哪裡的最新情況——那裡有更多的機會。如果你看到任何——商務旅行組合的改善或業務復甦的任何色彩。

And just secondly, just with the aircraft delivery delays, is there -- are you needing to change? And just given how constrained the environment is? Are you changing anything in the way you kind of load schedules, in the way you book up schedules given kind of your historical kind of your passive load factor active strategy?

其次，由於飛機交付延誤，您是否需要做出改變？考慮到環境有多有限？您是否正在改變負載計劃的方式，以及根據您的被動負載因子主動策略的歷史類型預訂計劃的方式？

Okay, Eddie, maybe you take the GDS point, and then I'll do the aircraft deliveries and loading schedules.

好的，艾迪，也許你接受 GDS 點，然後我會負責飛機交付和裝載時間表。

Yes. I think the GDSs came back, but primarily driven by business travelers. Like as we've grown our base network in particular -- and particularly post-COVID where corporates became much more price sensitive that we weren't available on a lot of the platforms, but we've done a recent deal with Concur, which was a SaaS-based product for people to -- for corporates to manage their expense management. And we fit naturally into that. And that will go live, I think, probably from when we signed the deal, it will go live and the APIs now will be working from early April. So it's just another channel. GDS is growing, not spectacularly. People still go for the naturally gravitate towards our lowest fares.

是的。我認為 GDS 又回來了，但主要是由商務旅客推動的。就像我們已經發展了我們的基礎網絡一樣——特別是在新冠疫情之後，企業對價格更加敏感，以至於我們在許多平台上都無法使用，但我們最近與 Concur 達成了一項協議，是一款基於SaaS 的產品，供人們和企業管理其費用管理。我們自然地融入其中。我想，這將會上線，可能從我們簽署協議的時候起，它就會上線，API 將從 4 月初開始運行。所以這只是另一個管道。 GDS 正在成長，但並不驚人。人們仍然自然而然地傾向於我們的最低票價。

You look at the recent OTAs that have come through, you can argue they're a channel, one of them is a channel, for those who want to have a package (inaudible) not material in what we do, but we will continue to develop those channels. It's not necessarily going to move the dial. But the one that I really I suppose I'm excited about is Concur because that will get those small and medium-sized businesses and Ryanair will be presented. And obviously, we'll have the lowest fares.

你看看最近出現的OTA，你可以說它們是一個管道，其中一個是管道，對於那些想要擁有一個套餐（聽不清楚）的人來說，這對我們所做的事情來說並不重要，但我們將繼續開發這些管道。它不一定會移動錶盤。但我真正感到興奮的是 Concur，因為這將吸引那些中小型企業，瑞安航空也將亮相。顯然，我們將提供最低的票價。

And I think it's fair to say we're also -- I mean, I wouldn't underplay never what underplay. I would underplay the significance of the OTA deals last week with loveholidays and with Kiwi this morning. I mean these deals now give them direct access into Ryanair's inventory. They are capable of moving a significant volume of seats and the fact that they're now doing that without screen scraping, but giving their customers the Ryanair airfares and the Ryanair -- the real (inaudible) Ryanair ancillary prices, I think, could result in a significant boost in their volumes or that volume of bookings.

我認為可以公平地說，我們也——我的意思是，我不會低估，永遠不會低估。我可能會低估上週與 Loveholidays 以及今天早上與 Kiwi 達成的 OTA 交易的重要性。我的意思是，這些交易現在讓他們可以直接存取瑞安航空的庫存。他們能夠移動大量座位，事實上，他們現在這樣做時無需屏幕抓取，而是為客戶提供瑞安航空機票和瑞安航空——我認為，真正的（聽不清）瑞安航空輔助價格可能會導致他們的數量或預訂量顯著增加。

Turning to aircraft delivery delays, it is very frustrating. We have been very slow to launch the summer 2024 schedule. I think it's fair to say, typically at Christmas, we would have about 85% of the summer schedule launch. This (inaudible), we have only about 75% of it launch. We have some -- and most of that is uncertainty over aircraft. There's still some -- we're still negotiating with some airports as well. Eddie and Jason, their team made a major breakthrough last weekend with a new base in Northern Italy where they (inaudible) region or the test region scrap the municipal tax, which is the first time one of the big Italian region that strapped the municipal tax 650 per departing passenger.

說到飛機交付延誤，這是非常令人沮喪的。我們啟動 2024 年夏季時間表的速度非常緩慢。我認為可以公平地說，通常在聖誕節，我們將推出大約 85% 的夏季計劃。這個（聽不清楚），我們只發布了大約 75%。我們有一些——其中大部分是飛機的不確定性。還有一些──我們還在與一些機場進行談判。艾迪和傑森，他們的團隊上週末取得了重大突破，在義大利北部建立了一個新基地，他們（聽不清楚）地區或測試地區取消了市政稅，這是義大利大區中第一次實行市政稅每位出發乘客 650 元。

These are major advances on behalf of consumers and in terms of our comp. So it's fair to say that summer '24 or schedule -- our summer schedule launch has been delayed. We are still at this point in time -- we have only launched with the core summer share, we're also late with the some of the summer schedules that we would have ideally have launched in April and May, don't get launched until June and July because of the Boeing delivery delays.

這些都是代表消費者和我們的競爭方面的重大進步。因此，可以公平地說，24 年夏季計劃或計劃 - 我們的夏季計劃發布已被推遲。我們仍然處於這個時間點 - 我們只推出了核心夏季份額，我們也延遲了一些夏季時間表，我們最好在四月和五月推出，直到六月和七月因為波音交付延遲。

We were supposed to have 57 aircraft from Boeing at the end of April. We will be lucky to get 50 aircraft by the end of June. And that in itself means a lot of the summer business that we would want to do in May and June has been delayed. And even today, we are still holding back about 15 aircraft. We have only -- what's on sale at the moment is about 35 of the 50 aircraft that we have from Boeing. We need more certainty and more confidence that Boeing will deliver those aircraft to us. And there are still a number of announcements to be made on some new routes and maybe 1 or 2 bases.

到 4 月底，我們本應擁有 57 架波音飛機。到六月底我們將很幸運地獲得 50 架飛機。這本身就意味著我們想要在五月和六月做的許多夏季業務都被推遲了。即使在今天，我們仍然保留了大約 15 架飛機。我們目前出售的飛機只有 50 架波音飛機中的大約 35 架。我們需要更多的確定性和信心，相信波音公司將向我們交付這些飛機。一些新航線和可能還有 1 或 2 個基地仍有大量公告需要發布。

We're in the final part of negotiation. So -- and overall, Savi, to answer your question, the aircraft delivery delays in delaying the summer schedule, it is constraining our growth. I mean it would add another 1 million or 2 million passengers, and we were able to launch these summer routes in May and June as opposed to launching them only at the end of June or in July. That's still enough to hit the summer peak, but it is very frustrating, which is why I think the next year instead of 205 million passengers, we'll probably be running around 200 million will be the number for the full year.

我們正處於談判的最後階段。所以，總的來說，薩維，回答你的問題，飛機交付延誤推遲了夏季計劃，這限制了我們的成長。我的意思是，這將增加 100 萬或 200 萬名乘客，而且我們能夠在 5 月和 6 月推出這些夏季航線，而不是只在 6 月底或 7 月推出。這仍然足以達到夏季高峰，但這非常令人沮喪，這就是為什麼我認為明年全年的客運量可能會達到 2 億左右，而不是 2.05 億人次。

The next question comes from Duane Pfennigwerth from Evercore ISI.

下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

Just a couple of quick ones. On the ETS credits that are expiring, can you just help us think about the magnitude of that relative to the EUR 450 million in fuel savings F '25 over F '24. In other words, that EUR 450 million, how -- what should we subtract from that for the sort of change in the ETS credit recognition?

只是幾個快速的。關於即將到期的 ETS 積分，您能否幫助我們考慮相對於 F '25 比 F '24 節省的 4.5 億歐元燃油的規模。換句話說，對於 4.5 億歐元，我們應該從中減去什麼來應對 ETS 信用認可的變化？

Yes, Duane, it's Thomas here. So. we'll lose about 20% of the free allowances during next year. So like we had about just under EUR 4 million free allowances. So about 20% below line in FY '24.

是的，杜安，我是湯瑪斯。所以。明年我們將失去約 20% 的免費配額。就像我們有大約 400 萬歐元的免費津貼一樣。因此，24 財年的水準比線低約 20%。

What's that in financial terms or deals...

從財務角度或交易角度來說，這是什麼？

It's about [EUR 65] today, so it's probably about EUR 50 million, EUR 60 million.

今天大約是[65歐元]，所以可能大約是5000萬歐元、6000萬歐元。

So the fuel hedging savings are about EUR 450 million and the ETS (inaudible) unwind cost us about EUR 60 million, EUR 70 million. Is it?

因此，燃料對沖節省了大約 4.5 億歐元，而 ETS（聽不清楚）的解除讓我們損失了約 6,000 萬歐元、7,000 萬歐元。是嗎？

Yes.

是的。

Okay. And the second question, Duane?

好的。第二個問題，杜安？

Yes. Just with respect to a tighter OEM market and these lingering constraints, where would you estimate the value of your unencumbered fleet today?

是的。就更緊張的 OEM 市場和這些揮之不去的限製而言，您現在如何估計您的無阻礙車隊的價值？

That's a big question above my pay grade. I mean the value of our existing unencumbered fleet is dramatically higher than anything --- it's the big gift in us and some of our competitors in Europe. Remember, we add all of our aircraft at the net purchase price to the balance sheet. And so you get the benefit in lower depreciation -- significantly lower depreciation charges over the next 20 years. I heard one of our competitors last week can talk in themselves trying to explain how they're doing sale and leasebacks, recognizing a profit upfront, but it doesn't make a lot of difference over time between us and Ryanair. When the (inaudible) the aircraft ownership costs for that airline are more than double that of Ryanair on a per passenger basis, like just complete (inaudible)

這是一個超出我薪資等級的大問題。我的意思是，我們現有的無阻礙機隊的價值遠高於任何東西——這是我們和我們在歐洲的一些競爭對手的大禮物。請記住，我們將所有飛機以淨購買價格添加到資產負債表中。因此，您可以從較低的折舊中獲益——在未來 20 年內大幅降低折舊費用。我聽說上週我們的一位競爭對手可以自言自語，試圖解釋他們如何進行銷售和回租，並預先確認利潤，但隨著時間的推移，這對我們和瑞安航空之間並沒有太大影響。當（聽不清楚）該航空公司的飛機擁有成本以每位乘客計算是瑞安航空的兩倍以上時，就像剛完成（聽不清楚）

The fact is -- and I would say also, by the way, the -- our delivery book of aircraft, which we priced. I mean the last of the, we still have more than 60 or just over 60 Gamechanger to take delivery of over the next 2 years, we could -- they are worth, I would say, probably not far off double what we will be paying for them over the next 2 years and even the MAX-10 Gamechanger, I would say the market is still constrained. I read a story this morning that Airbus are out trying to buy back some of the delivery slots from some of their A320s from the lessors and some of their customers offensively to provide aircraft to United in the States.

事實是——順便說一句，我還要說——我們的飛機交付書，我們定價了。我的意思是最後的，我們仍然有超過 60 個或剛剛超過 60 個 Gamechanger 在未來 2 年內交付，我們可以 - 我想說，它們的價值可能不是我們將支付的兩倍對於他們在未來兩年甚至是MAX-10 Gamechanger 來說，我認為市場仍然受到限制。今天早上我讀到一則報道，空中巴士公司正試圖從租賃商和他們的一些客戶手中回購其部分 A320 飛機的部分交付時段，以便向美國聯合航空提供飛機。

So I hope they're very successful, and I hope therefore as a result, (inaudible) walk away from a load of MAX-10 because we'll be the first ones out there looking for additional MAX-10 for delivery in '26 or '27, if we could get them. But I think it's the reality for all airlines is that we're all short of aircraft. The OEMs cannot -- I mean the more significant thing why we welcome the MAX-9s going back into the air last week, just so that you just take that as the issue of that, I thought that the most significant intervention by the FAA was Boeing not to increase monthly production. That does represent a challenge for Boeing.

所以我希望他們非常成功，因此我希望（聽不清楚）放棄 MAX-10 的負載，因為我們將是第一批尋找更多 MAX-10 以便在 26 年交付的人或'27，如果我們能得到它們的話。但我認為所有航空公司都面臨飛機短缺的現實。 OEM 不能——我的意思是更重要的事情，為什麼我們上週歡迎 MAX-9 重返空中，這樣你就可以把這當作問題所在，我認為 FAA 最重要的干預是波音公司不會增加月產量。這確實對波音公司來說是一個挑戰。

It will leave some dissatisfied customers going forward for deliveries in 2020, remainder '24, '25 and '26. We will still get our 40 aircraft next winter. But I think it is inevitable given the quality challenges facing both Boeing and Airbus, that some of this capacity ramp-up needs to be slowed down. And we still haven't even taken account of some of the orders that are still out there from the Chinese airlines, the Middle Eastern airlines, some Indian airlines for additional aircraft. Therefore, I think the world is going to be challenged for certainly short-haul aircraft for the next 5, 7 years out to 2030. Ryanair is one of the few airlines that has a secured a pipeline of reasonably low-cost new aircraft deliveries over that period of time. And these are new aircraft deliveries that will transform our operating costs because they offer significantly more seats, but at a significantly reduced fuel consumption.

這將使一些不滿意的客戶繼續在 2020 年交付，其餘的則在 24 年、25 年和 26 年交付。明年冬天我們仍然會得到 40 架飛機。但我認為，考慮到波音和空中巴士面臨的品質挑戰，部分產能成長需要放緩，這是不可避免的。我們甚至還沒有考慮到來自中國航空公司、中東航空公司、一些印度航空公司的額外飛機訂單。因此，我認為到 2030 年的未來 5 到 7 年，世界肯定會面臨短途飛機的挑戰。瑞安航空是少數幾家在 2030 年確保了相當低成本的新飛機交付管道的航空公司之一。那段時間。這些新飛機的交付將改變我們的營運成本，因為它們提供了更多的座位，但燃料消耗卻顯著降低。

So I don't think I've ever been more excited about our growth and the possible profitability of our growth in Europe in the next 3 to 5 years where capacity is going to be meaningfully constrained. And I think if you look at the pricing of aircraft across North America compared to where it is in Europe at the moment, it's clear that pricing in Europe has some considerable way to go to catch up in North America. Will it get all the way to North America? I don't know. Nobody really knows, but certainly, if you were at the lower end of the pricing model, as Ryanair is, I think there's -- we have more headroom for price increases over the coming years to cover higher costs, although we'll be using our low-cost aircraft and improve fuel consumption to keep airfares down.

因此，我認為我對未來 3 到 5 年內我們在歐洲的成長和可能的獲利能力從未感到如此興奮，因為歐洲的產能將受到嚴重限制。我認為，如果你將北美地區的飛機定價與目前歐洲的定價進行比較，你會發現歐洲的定價顯然還有相當大的路要走，才能趕上北美。它會一路到達北美嗎？我不知道。沒有人真正知道，但當然，如果你處於定價模式的低端，就像瑞安航空一樣，我認為，未來幾年我們有更多的漲價空間來彌補更高的成本，儘管我們將使用我們的低成本飛機並提高燃油消耗以降低機票價格。

And I think one of the big difference between us and some of the -- our competitor reported last week is we saw average airfares rise double digit in our Q3, whereas their average fare performance was significantly behind that of ours. And that's, I think, in large measure because we're expanding into a lot of their markets. And we're expanding profitably where they're unable to compete with us and reporting losses.

我認為我們與上週報告的一些競爭對手之間的最大區別之一是我們看到第三季度的平均機票價格上漲了兩位數，而他們的平均票價表現明顯落後於我們。我認為，這在很大程度上是因為我們正在擴展到他們的許多市場。我們在他們無法與我們競爭並報告虧損的地方進行獲利擴張。

The next question comes from Ruairi Cullinane from RBC.

下一個問題來自 RBC 的 Ruairi Cullinane。

First question, Boeing delivery delays. I saw the previous expectation would be that you are a bit down around 10 aircraft this summer and it now sounds more likely to be down 7. So I was wondering what potentially drove the slight improvement?

第一個問題，波音交貨延遲。我看到之前的預期是，今年夏天您的飛機數量會減少約 10 架，現在聽起來更有可能減少 7 架。所以我想知道是什麼可能推動了這一輕微改善？

And then secondly, on the modest growth in ancillary revenues per passenger. You previously explained that ancillary revenue should be more stable than fares. But is this driven by you sort of holding back on pricing? Or are you seeing some take-up of ancillary products declining in the current environment?

其次，每位乘客的輔助收入略有成長。您之前解釋過輔助收入應該比票價更穩定。但這是因為你們對定價有保留嗎？或者您發現在目前環境下輔助產品的使用量有所下降？

Kenny, I'll ask you to do the ancillaries, you are (inaudible) here. Just in relation to Boeing, it's a movable fleet here, Originally, we thought we'd be down 5. Then it looks like we were going to be down 10. Now we think our best guess is that by the end of June, we'll be down about 7 aircraft. Now that could be 9, it could be 5. We are working. We have 8 aircraft deliveries due in May, there's 7 due in June, and then there's about 9 in July, and we're hoping that we will get some of those July into June. I mean I think it's fair to say we would also take some deliveries to the first 7 or 10 days of July, but we have said to Boeing that under no circumstance that we've take an aircraft after there's a weekend there a 13, 14 in July.

肯尼，我會請你做輔助工作，你在這裡（聽不清楚）。就波音而言，這裡是一個可移動的機隊，最初，我們認為我們會下降 5。然後看起來我們會下降 10。現在我們認為我們最好的猜測是，到 6 月底，我們將會降落大約7 架飛機。現在可能是 9，也可能是 5。我們正在努力。我們有 8 架飛機將在 5 月交付，有 7 架飛機將在 6 月交付，然後大約有 9 架在 7 月交付，我們希望能夠在 7 月到 6 月交付其中的一些飛機。我的意思是，我認為可以公平地說，我們也會在7 月的前7 或10 天進行一些交付，但我們已向波音公司表示，在任何情況下，我們都不會在13、14 日週末之後再接收飛機。在七月。

We're not taking aircraft because, frankly, if we're not certain to get them before that, we can't put them on sale. And so I think we are working well with the team in Seattle. There's a big focus on those aircraft deliveries in June and -- or in May, June and the first couple of weeks of July. And we think there's a reasonable prospect that we will get 50 aircraft might be 52, it could be 48.

我們不會購買飛機，因為坦白說，如果我們不確定在那之前得到它們，我們就無法將它們出售。所以我認為我們與西雅圖的團隊合作得很好。人們非常關註六月和五月、六月和七月前幾週的飛機交付情況。我們認為，我們有可能獲得 50 架飛機，可能是 52 架，也可能是 48 架。

The big driver, though, it's certainly not going to be 57, and we accept that. And what we have said to Boeing if we don't get them by that second, we get that second we get in July. We're not taking them until October, which is why, again, our number for next year has moved back from kind of originally EUR 205 million towards EUR 200 million. But it's movable. We would be hopeful that Boeing will do slightly better. But if they have other unforeseen events like the MAX-9 issue, it might move slightly back the other way. Ancillaries and modest growth, Neil.

不過，最大的驅動力絕對不會是 57，我們接受這一點。我們對波音公司說過的話，如果我們在那一秒之前沒有得到他們的答复，我們會在 7 月得到他們的答复。我們要到 10 月才會接受它們，這就是為什麼我們明年的數字再次從最初的 2.05 億歐元回升至 2 億歐元。但它是可移動的。我們希望波音能做得更好。但如果他們有其他不可預見的事件，例如 MAX-9 問題，它可能會稍微向後移動。輔助和適度增長，尼爾。

Yes. Ruairi, we're very much on track to what we said we would do this year. We said we'd be up EUR 50 to EUR 60 on a per passenger basis. That's exactly where we're going with EUR 23 per passenger in the quarter just end this. And remember, there's a big step-up in ancillaries after COVID, where we've jumped from about EUR 18 a passenger to EUR 23 a passenger today. Longer term, we think we will track ahead of the growth in passenger numbers. So a couple of percent, 2% to 3% per passenger increase in spend for the next 2 or 3 years. So we're bang on where we thought we would be.

是的。 Ruairi，我們今年的承諾非常順利。我們說我們將按每位乘客的價格上漲 50 至 60 歐元。這正是我們在本季結束時為每位乘客 23 歐元的價格。請記住，新冠疫情之後，輔助費用大幅上漲，我們從每位乘客約 18 歐元躍升至今天的 23 歐元。從長遠來看，我們認為我們將領先於乘客數量的成長。因此，未來 2 到 3 年每位乘客的支出會增加幾個百分點，即 2% 到 3%。所以我們正在努力實現我們的預期。

And certainly, I mean, again, and I come back to the OTA point, if we can convert a number of the OTAs into partners who are no longer charging for ancillaries, you might see actually an increase in ancillary conversion and some pricing improvement because the people were originally paying EUR 20 or EUR 30 for a EUR 10 bag. They may well -- we may convert more and with yields, we might get EUR 11 or EUR 12 on average for those bags.

當然，我的意思是，我再次回到OTA 的問題，如果我們能夠將一些OTA 轉變為不再收取輔助服務費用的合作夥伴，您實際上可能會看到輔助轉換的增加和一些定價的改善，因為人們最初為 10 歐元的行李支付 20 歐元或 30 歐元。他們很可能 - 我們可能會轉換更多，根據收益率，我們可能會從這些行李中獲得平均 11 或 12 歐元。

The next question comes from Gerald Khoo from Liberum.

下一個問題來自 Liberum 的 Gerald Khoo。

More than two, if I can. Firstly, on the balance sheet, looking at current assets and the other assets line which sits just below EUR 1.2 billion, [EUR 1,153 million]. I was just wondering what that line relates to? And how and when that might convert into cash?

如果可以的話，超過兩個。首先，在資產負債表上，查看流動資產和其他略低於 12 億歐元的資產項目，[11.53 億歐元]。我只是想知道那條線與什麼有關？以及如何以及何時可以轉化為現金？

And secondly, on the MAX-10, I know your first deliveries also 2 years after the first ones. At what point do you get concerned about certification delays impacting that sort of early 2027 delivery date for yourselves?

其次，對於 MAX-10，我知道你們的第一次交付也是在第一次交付兩年後。您在什麼時候開始擔心認證延遲會影響您自己 2027 年初的交貨日期？

Okay, I will take the MAX-10. I'm going to ask maybe Tracey McCann, you would do that current assets or other assets issue. MAX-10 deliveries, the first delivery -- the North American airlines are scheduled to take place at the end of calendar '24, early calendar '25. I don't think we would be concerned about our first delivery that we only take 17 aircraft in the first half of 2027, so I think we will begin to get concerned if they miss the summer '25, if the first deliveries of the MAX-10 run into the winter '25, spring of '26, I think at that stage, we'll start to get a little bit concerned.

好的，我選 MAX-10。我可能會問特雷西麥肯，你會做流動資產或其他資產問題。 MAX-10 交付，首次交付——北美航空公司計劃於 24 月底、25 月初進行。我認為我們不會擔心我們的首次交付，因為我們在 2027 年上半年只接收了 17 架飛機，所以我認為如果他們錯過了 25 年夏季，如果 MAX 的首次交付我們會開始擔心-10 進入25 年冬天，26 年春天，我認為在那個階段，我們會開始有點擔心。

We don't honestly foresee there being that kind of a significant delay. These aircraft are -- there are kind of production slots there in Seattle, in which (inaudible) in Seattle for them. I think the issue is more certification. They're still hopeful that the MAX-7 will be certified in the current quarter and delivered -- the first one delivered. They're already built and the first delivered to Southwest for summer of 2024, so I wouldn't want to be complacent, but I mean I am reasonably happy that we are not the lead customer for the MAX-10. But given that we're taking our first aircraft 2 years after the first scheduled deliveries to the American Airlines, I'd be reasonably relaxed. And Tracey, do you want to take that point on the other assets.

老實說，我們並沒有預見到會出現這種嚴重的延遲。這些飛機在西雅圖有一些生產位置，（聽不清楚）在西雅圖。我認為問題在於更多的認證。他們仍然希望 MAX-7 能夠在本季度獲得認證並交付——這是第一架交付的飛機。它們已經建成，第一架將於 2024 年夏季交付給西南航空，所以我不想自滿，但我的意思是，我很高興我們不是 MAX-10 的主要客戶。但考慮到我們在向美國航空公司交付第一架飛機兩年後才接收第一架飛機，我會相當放鬆。特雷西（Tracey），你想在其他資產上也考慮這一點嗎？

(inaudible) for the rest of prepayments of (inaudible)

（聽不清楚）剩餘的預付款（聽不清楚）

And I'll just add to that, Gerald, over many years, we've got significant discounts from large suppliers by giving them prepayments and some of that will be reflected in the noncurrent asset line as well as I think you might have been referring to.

我想補充一點，傑拉德，多年來，我們通過向大型供應商提供預付款而獲得了大幅折扣，其中一些將反映在非流動資產項目中，我認為您可能已經提到過。

The next question comes from Conor Dwyer from Morgan Stanley.

下一個問題來自摩根士丹利的康納·德懷爾。

First question is on pricing commentary. So if you're currently running low single digits ahead initially for the summer, and you think you can get to mid- to high, is that just as the impact from a late Easter [hurting] April and May dissipating? Or you think you can get more in the late yields?

第一個問題是關於定價評論。因此，如果您目前在夏季最初的預測為低個位數，並且您認為可以達到中高水平，那麼這是否就像復活節晚些時候[傷害]四月和五月的影響正在消散一樣？或者您認為您可以在後期收益中獲得更多？

And then secondly, assuming certification does happen on the MAX-10 later this year and United doesn't actually take them. How confident are you that you would be able to actually take them and run that capacity? What kind of lead in time would you need for that?

其次，假設 MAX-10 確實在今年稍後獲得了認證，而美聯航實際上並沒有接受這些認證。您對能夠真正接受它們並運行該容量有多大信心？為此您需要什麼樣的時間準備？

Okay. On pricing, look, I think the biggest driver at this point in time on pricing is that the first half of Easter is in March and not in April. Easter is still a big driver of forward bookings at this time of the year. Q4 is materially stronger than Q4 was this time last year. We are still expecting a loss in Q4. But bookings through the summer are running ahead of where they were this time last year, both in terms of volumes and pricing. But I would believe -- I mean, this time last year, we were in a -- very straight. We had a very, very strong January, but an awful of that was still post-COVID recovery, people getting out there and booking early. So we had a very, very strong first quarter. And then pricing softened into the second and third quarter of last year. I'm not sure this year, we won't see -- pricing at the moment is sort of modestly up. But I would expect it to strengthen further as we go through into calendar Q2 and calendar Q3. I might be wrong, it might -- I might be calling that wrong, but that's the way it feels to me.

好的。在定價方面，我認為目前定價的最大驅動因素是復活節的上半月是在三月而不是四月。每年這個時候，復活節仍然是提前預訂的一大推動力。第四季明顯強於去年同期。我們仍然預期第四季會出現虧損。但無論是數量或價格，整個夏季的預訂量都超過了去年同期。但我相信——我的意思是，去年的這個時候，我們處於——非常順直的狀態。我們度過了一個非常非常強勁的一月份，但最糟糕的是新冠疫情後的復甦，人們提前出去預訂。所以我們的第一季非常非常強勁。然後到去年第二季和第三季定價開始走軟。我不確定今年，我們不會看到——目前的價格略有上漲。但我預計隨著我們進入第二季度和第三季度，它將進一步加強。我可能錯了，可能——我可能會說這是錯的，但這就是我的感覺。

And I think what we need to see, that we monitor closely some of our A320 competitors, and they haven't yet in the case of we have taken out as far as we can tell, the 40 are grounded 40, 45 aircraft same with the Volaris and VOLOTEAs. I don't think they've finalized where the capacity is coming out yet. So there may be more to go on that. We don't know. But I think pricing will continue to drift upwards into the summer of 2024. But we haven't -- there's more to run on that. And I think we won't have a better feel for that until we get to May and where -- on the full year results road show.

我認為我們需要看到的是，我們密切監視我們的一些 A320 競爭對手，據我們所知，他們還沒有採取行動，40 架飛機已停飛，其中 40 架、45 架飛機與Volaris 和 VOLOTEAs。我認為他們還沒有最終確定產能的來源。因此，這方面可能還有更多工作要做。我們不知道。但我認為，到 2024 年夏季，價格將繼續上漲。但我們還沒有——還有更多的事情要做。我認為，直到五月的全年業績路演，我們才會對此有更好的感覺。

Second point, MAX-10, I mean, if we were to -- I mean I would be very happy to start looking at Boeing and the -- clearly, we'd want to negotiate the price of them. I would be very happy to take MAX-10 deliveries in -- for summer -- in advance of summer '26. I'm not sure we'd be in a position to take in advance of summer '25, but I'm not sure they can manufacture or deliver may even pass summer '25. But someone like United want to walk away from those deliveries over the winter of '25 into '26 or we could take more aircraft in for summer '26 and start the increase with 17 aircraft MAX-10 deliveries in the spring of '27. I'd be very happy to take that up from 7 to 30, 40 aircraft over the winter of '26, spring of '27.

第二點，MAX-10，我的意思是，如果我們——我的意思是我會很高興開始關注波音公司——顯然，我們希望就它們的價格進行談判。我很樂意在 26 年夏季之前接收 MAX-10 的夏季交付。我不確定我們是否能夠在 25 年夏季之前進行生產，但我不確定他們是否能在 25 年夏季之前生產或交付。但像美聯航這樣的公司希望放棄 25 年冬季到 26 年的交付，或者我們可以在 26 年夏季接收更多飛機，並在 27 年春季開始增加 17 架 MAX-10 飛機交付。我很樂意在 26 年冬天和 27 年春天將飛機數量從 7 架增加到 30、40 架。

We have more than sufficient demand across Europe for these aircraft and the operating performance of these aircraft is dramatic. But I don't foresee despite all of that, what I thought was kind of nonsense commentary out from United last week, I don't see any chances of not taking the MAX-10s. And I'm sure there will be a queue not least of rapacious aviation lessors out there and others looking to get those aircraft if United, somebody else walked away from them. I mean we're still expecting a number of very large orders coming out of the Middle East and China might also step up to the place as well. So if somebody wants to walk away from MAX-10s I think there will be a queue of people who will take them. But to answer your question, we have been very keen on taking MAX-10s for summer '26, not summer '25, that would be too early for us.

整個歐洲對這些飛機的需求非常充足，而且這些飛機的運作性能非常出色。但我並沒有預見到儘管如此，我認為上週曼聯的評論有些無稽之談，我認為沒有任何機會不選擇 MAX-10。我確信，如果聯合航空或其他人放棄這些飛機，貪婪的航空租賃商和其他人將會排隊等候購買這些飛機。我的意思是，我們仍然預計來自中東的大量訂單，中國也可能會介入。因此，如果有人想離開 MAX-10，我想會有人排隊接受。但回答你的問題，我們一直非常熱衷於在 26 年夏天而不是 25 年夏天使用 MAX-10，這對我們來說還為時過早。

Next question comes from Muneeba Kayani from Bank of America.

下一個問題來自美國銀行的 Muneeba Kayani。

I just wanted to clarify on pricing for Q4, so fares were up 13% year-over-year in Q3 and kind of what's in your guidance for Q4? And then secondly, just on capital return and the share buyback. Given the share ownership issues post-Brexit like how does that impact your ability to do a share buyback this year?

我只是想澄清一下第四季的定價，第三季的票價比去年同期上漲了 13%，您對第四季的指導是什麼？其次，就資本回報和股票回購而言。鑑於英國脫歐後的股權問題，這對您今年進行股票回購的能力有何影響？

Sorry, give me -- say the second piece again, Muneeba, and also do share buybacks.

抱歉，讓我再說一遍，Muneeba，還有股票回購。

Just in terms of your EU ownership post-Brexit. And how do we factor that into a potential share buyback?

就英國脫歐後您的歐盟所有權而言。我們如何將其納入潛在的股票回購中？

Okay. I wouldn't get into pricing on Q4. We would never break it down on a quarterly basis. But you can work it back from our full year guidance. Yes, we've narrowed the range slightly, but more to reflect the behavior in Q3. We're still somewhere between EUR 1.85 billion and EUR 1.95 billion but detail on Q4 pricing and our cost, we wouldn't get into at this point in time, Muneeba.

好的。我不會談論第四季度的定價。我們永遠不會按季度對其進行細分。但您可以從我們的全年指導中進行推算。是的，我們稍微縮小了範圍，但更多的是為了反映第三季的行為。我們仍然在 18.5 億歐元到 19.5 億歐元之間，但關於第四季度定價和成本的詳細信息，我們目前不會詳細討論，Muneeba。

On EU share ownership, we continue -- we're the only airline that is very close to 50-50 EU ownership. Other competitors like easyJet and Wizz are way below 50%, but that's a matter for the EU commission not for us. I do believe, though, that if we did a share buyback, I think we would probably be looking at trying to buy ADRs and ordinaries. I think it would be in our interest to do both. Although it is -- we have -- in the past, we have found it easier to buy ordinaries in Europe. It has been very difficult for us to buy ADRs. One of the challenges we face with the ADRs is they tend to be quite tightly held by a number of very large institutions in the U.S. And when we come looking to do share backs, they all go buy somebody else's ADRs, but if we are unsuccessful in executing share buybacks of ADRs, we would simply buy more ordinaries and then over a period of time, as we've done in the last 2 years since Brexit continue to use the fairly draconian powers we have to disapply non-EU buyers of the ordinary shares.

關於歐盟股權，我們繼續說——我們是唯一一家非常接近 50-50 個歐盟股權的航空公司。易捷航空 (easyJet) 和威茲 (Wizz) 等其他競爭對手的比例遠低於 50%，但這是歐盟委員會的事，而不是我們的事。不過，我確實相信，如果我們進行股票回購，我認為我們可能會考慮嘗試購買美國存託憑證和普通股。我認為兩者都做符合我們的利益。儘管過去我們發現在歐洲購買普通商品更容易。我們購買美國存託憑證非常困難。我們在美國存託憑證方面面臨的挑戰之一是，它們往往被美國許多大型機構緊緊持有。當我們尋求股票回購時，他們都會去購買別人的美國存託憑證，但如果我們不成功在執行美國存託憑證的股票回購時，我們會簡單地購買更多普通股，然後在一段時間內，就像我們在英國脫歐以來的過去兩年中所做的那樣，繼續使用相當嚴厲的權力，我們必須阻止非歐盟買家購買美國存託憑證。普通股。

But I would think the working theory -- my working assumption would be, if we are returning cash to shareholders by way of further share buybacks, we would probably split that 50-50 between the ADRs and the ordinary set, so that we balance the EU ownership rules.

但我認為工作理論——我的工作假設是，如果我們透過進一步股票回購的方式向股東返還現金，我們可能會在 ADR 和普通股之間分配 50-50，這樣我們就可以平衡歐盟所有權規則。

The next question comes from Alexander Paterson from Peel Hunt.

下一個問題來自 Peel Hunt 的 Alexander Paterson。

I just wondered if you could give any more color on the commercial agreement you've got with the GDSs and now with 2 OTAs. Are they paying exactly what a customer would pay if they book directly on your website? Or are there any fees in between like an API fee or anything else?

我只是想知道您是否可以對您與 GDS 以及現在與 2 個 OTA 達成的商業協議提供更多資訊。他們支付的費用是否與客戶直接在您的網站上預訂時支付的費用相同？或者中間是否有任何費用，例如 API 費用或其他費用？

And is there a second one?

還有第二個嗎？

No, that was it. (inaudible) everybody else.

不，就是這樣。 （聽不清楚）其他人。

So I mean, what we're trying to do, there is no -- we don't charge them anything. We are very willing to give people direct access into -- with the GDSs and the OTAs, they -- I mean, the critical thing for us is to eliminate the kind of illegal screen scraping. And if we can kind of eliminate the illegal screen scraping, that makes it much more difficult for these kind of OTA pirates to exist. They get direct access to our fares and ancillary prices in our website. They undertake. So what we do -- I think what we do is we feed them from the cost of the interdigital piracy by giving them the direct feed. And they in return agreed that the booking will be made and the [payment] In our website -- directly on our website. So we have the contact with the customer, both the e-mail contact and the payment details, and they agree that they will not levy any fees or charges on our underlying airfares or ancillary.

所以我的意思是，我們正在嘗試做的事情是，我們不會向他們收取任何費用。我們非常願意讓人們透過 GDS 和 OTA 直接訪問，我的意思是，對我們來說最重要的是消除這種非法螢幕擷取。如果我們能夠消除非法螢幕擷取，那麼這類 OTA 盜版者的存在就會變得更加困難。他們可以在我們的網站上直接訪問我們的票價和輔助價格。他們承擔。所以我們所做的——我認為我們所做的就是透過向他們提供直接的飼料來消除數位間盜版的成本。作為回報，他們同意將在我們的網站上預訂和[付款]——直接在我們的網站上進行。因此，我們與客戶取得了聯繫，包括電子郵件聯繫方式和付款詳細信息，並且他們同意不會對我們的基礎機票或輔助費用徵收任何費用或收費。

That does not necessarily preclude them from charging some kind of fee for their services as many travel agents now do, but it has to be an identifiable fee for -- say it's the loveholidays for example, they made that they generally do package holidays, they may take something or they may make their money out and what the other elements of the package they sell. What the customer booking with them on Ryanair is paying the underlying Ryanair airfare and the underlying Ryanair ancillary prices without any inflation, price inflation or price distortion.

這並不一定會阻止他們像許多旅行社現在那樣對其服務收取某種費用，但這必須是一項可識別的費用——例如，比如說愛情假期，他們通常會做套餐度假，他們他們可能會拿走一些東西，或者他們可能會賺錢，以及他們銷售的包裝中的其他元素。客戶在瑞安航空預訂時支付的是瑞安航空基礎機票和瑞安航空基礎輔助價格，沒有任何通貨膨脹、價格膨脹或價格扭曲。

And we don't, at the end of the day, have a difficulty if -- as with the GDS distribution, travel agencies want to levy a fee for what they serve. As long as the customer knows that that's the travel agent fee, we don't have a problem with it. We think ultimately, over time, it would be difficult, consumers will certainly move away from travel agency fees if the fees are unreasonable, and we'll just increasingly book directly in the ryanair.com website. But critical to all this is protecting the consumer from overcharges and then not having some OTA in a position like Booking.com is with the hotels where they control hotel distribution, and they charge them 15%, 20% of revenues for the distribution. It may work for the hotels, but that certainly wouldn't work in a low-margin industry like airline industry for us. Eddie, do you want to add anything to that?

歸根結底，如果旅行社想要對他們提供的服務收取費用（就像 GDS 分銷一樣），那麼我們不會遇到困難。只要客戶知道那是旅行社費用，我們就沒有問題。我們認為最終，隨著時間的推移，這將是困難的，如果費用不合理，消費者肯定會放棄旅行社費用，我們只會越來越多地直接在 ryanair.com 網站上預訂。但對這一切來說，最重要的是保護消費者免於過度收費，然後不要讓一些OTA像Booking.com一樣，控製酒店分銷，並向他們收取分銷收入的15%、20%。它可能適用於酒店，但對我們來說，這肯定不適用於像航空業這樣的低利潤行業。艾迪，你想補充什麼嗎？

Yes. I mean, it's just like when the APIs are fully functioning out there, you'll see that people -- it will be absolutely clear in the case of somebody, Ryanair package of the elements that they're buying, and they see that they're getting the Ryanair price, the Ryanair ancillaries, and there's no ability within that flow to add on extra charges. So in that sense, it will be very transparent for consumers because some of the most egregious complaints we get here are from consumers who buy through pirate screen scrapers.

是的。我的意思是，就像當 API 完全發揮作用時，你會看到人們——對於某人來說，這是絕對清楚的，他們購買的瑞安航空套餐，他們看到他們獲得瑞安航空的價格、瑞安航空的輔助服務，並且在該流程中無法添加額外費用。因此，從這個意義上說，這對消費者來說將是非常透明的，因為我們在這裡收到的一些最令人震驚的投訴來自透過盜版螢幕擷取工具購買的消費者。

They don't get (inaudible) don't get any e-mails to service e-mails and they're the ones that turn up at the desk and didn't realize, they can get any of the 3 or 4 e-mails, telling him how to check in online beforehand. So when these things are up and fully functioning, we've done the deals and while we're working on them in the background and the APIs are up there, you'll see how transparent it is.

他們沒有收到（聽不清楚）沒有收到任何服務電子郵件，他們是那些出現在辦公桌前並沒有意識到的人，他們可以收到 3 或 4 封電子郵件中的任何一封 -郵件，告訴他如何提前在線上辦理登機手續。因此，當這些東西啟動並完全發揮作用時，我們就完成了交易，當我們在後台處理它們並且 API 就在那裡時，您會看到它是多麼透明。

Final question we have time for today is from Neil Glynn from AIR Control Tower.

今天我們要回答的最後一個問題是空中控制塔台的尼爾‧格林 (Neil Glynn) 提出的。

Just 2 quick ones then. The first one, crew rostering, you mentioned a number of times. And I just wanted to check, I think you're running at 5.8 at the moment versus 5.4 historically. Should that 5.8 continue into this summer? Or is it likely to be higher?

那就只有 2 個快速的。第一個是人員排班，您多次提過。我只是想檢查一下，我認為您目前的運行速度是 5.8，而歷史上是 5.4。 5.8 應該持續到今年夏天嗎？或者說有可能更高嗎？

And then the second question, more big picture. Pre-COVID the fourth quarter was generally profitable. And I appreciate this clearly a range of factors driving a heavy loss this year. But to what extent do you think the seasonality of your earnings has structurally changed? And if that's the case, might this have any ramifications for how you deal with unregulated airport contracts, for example?

然後是第二個問題，更宏觀的情況。在新冠疫情爆發之前，第四季總體上是盈利的。我很清楚，一系列因素導致了今年的重大損失。但您認為收入的季節性在多大程度上發生了結構性變化？如果是這樣的話，這是否會對您處理不受監管的機場合約的方式產生任何影響？

Okay. Eddie, maybe you want to take that.

好的。艾迪，也許你想接受這個。

I mean the crew rostering isn't -- the crews per aircraft is just one of the inputs there. I mean, where we've made very large inroads is on the support systems that we have here in terms of computerized systems that we have in the operations control center that helps us particularly on meltdown days, which manages hours properly and then spread them more evenly. So the crewing ratio, like I mean, there's no significant increase. We're keeping it at the same levels that we have, which would be -- it would be in the range of 5.4 to 5.8. But it's -- I wouldn't see it going beyond that. There's no need to hit anywhere near 6 or anything like that. But some of this is a function of the number of smaller bases that you have. We're getting much better at managing ours, particularly in the peak.

我的意思是機組人員排班不是——每架飛機的機組人員只是其中的輸入之一。我的意思是，我們在支援系統方面取得了很大的進展，我們在營運控制中心擁有電腦化系統，該系統可以幫助我們，特別是在崩潰的日子裡，它可以正確管理時間，然後將它們分散到更多均勻。所以，正如我的意思，人員比例並沒有顯著增加。我們將其保持在現有水平，即 5.4 至 5.8 的範圍內。但我不認為事情會超出這個範圍。沒有必要打到接近 6 或類似的數字。但其中一些是你擁有的較小鹼基數量的函數。我們在管理方面做得越來越好，尤其是在高峰期。

So don't see any sort of more upside data on crewing. But that will be traditionally higher than where we would have been. And if we didn't have this ATC environment, French ATC strikes and that we would probably -- we should be able to pull that back. But that's some distance away.

因此，看不到任何關於船員方面更多的上行數據。但這將比我們本來應該達到的水平更高。如果我們沒有這種空中交通管制環境，法國空中交通管制會罷工，我們可能會——我們應該能夠把它拉回來。但那是有一段距離。

Yes, I think it's something we are working towards. We are pushing hard with the European Commission. I guess the European Commission may (inaudible) to protect overflights particularly overflights over France. It would dramatically transform both on-time performance and the ATC disruptions across Europe. And with European elections coming up this year, it's very depressing and that Europe hasn't moved on this. They're great for talking about the single market (inaudible) underline depending what you're doing to protect the single market, and yet the French shutdown the single market for air travel 57 days last year, complaining about Macron's pension reforms that didn't even apply to them.

是的，我認為這是我們正在努力的方向。我們正在與歐盟委員會大力推動。我猜歐盟委員會可能（聽不清楚）保護飛越，特別是飛越法國。它將大大改變整個歐洲的準點率和空中交通管制中斷。隨著今年歐洲選舉的臨近，歐洲在這方面沒有採取行動，這非常令人沮喪。他們很擅長談論單一市場（聽不清楚），強調取決於你為保護單一市場所做的事情，但法國去年關閉了航空旅行單一市場 57 天，抱怨馬克宏的退休金改革沒有「甚至不適用於他們。

So we're continuing to campaign for that. Seasonality, look, it's a seasonal business, and I don't think you can ever get away from that. We make the vast majority of our profit in the first 2 quarters, the first half of our year, which is the June and September quarter. I don't see any reason why the third or fourth quarter shouldn't be kind of breakeven or why they should be -- where they should be loss-making. But there are a number of issues there at the moment. And we are -- one of the challenges is that we gear up for a lot of summer growth. And with most of that gear up takes place at the end of Q3 and Q4, we have to start the recruitment of pilots and cabin crew, training of pilots and cabin crew, we tend to take a lot of the aircraft deliveries from Boeing in the first 3 or 4 months of the year without having been able to deploy those aircraft or use those aircraft in service.

因此，我們將繼續為此進行活動。季節性，你看，這是一個季節性的業務，我認為你永遠無法擺脫這一點。我們的大部分利潤來自前兩個季度，即上半年，即六月和九月季度。我看不出有任何理由為什麼第三季或第四季不應該實現損益平衡，或者為什麼他們應該實現盈虧平衡——他們應該虧損。但目前存在許多問題。我們面臨的挑戰之一是我們為夏季的大量成長做好準備。由於大部分裝備是在第三季末和第四季末進行的，我們必須開始招募飛行員和機組人員，培訓飛行員和機組人員，我們傾向於從波音公司接收大量飛機交付今年的前3 或4 個月無法部署這些飛機或使用這些正在服役的飛機。

So there is a disproportionate weighting of cost into that fourth quarter without if you like, the commensurate revenues. And that's why but Q1 and Q2 then tend to be very significantly profitable. I mean again, I try not to get lost in the short term or in the quarterly stuff. I think the key message here is, even with the -- on this morning's numbers, and we are back at where we are at the end of January, we're on track for it to make over EUR 10 net per profit per passenger for the first time since a number of years. I think that EUR 10 net profit per passenger will be the kind of baseline going forward.

因此，第四季的成本權重不成比例，但如果你願意的話，也沒有相應的收入。這就是為什麼第一季和第二季往往會獲得非常可觀的利潤。我再說一遍，我盡量不要迷失在短期或季度的事情中。我認為這裡的關鍵訊息是，即使根據今天早上的數據，我們又回到了 1 月底的水平，我們預計將為每位乘客帶來超過 10 歐元的淨利潤多年來還是第一次。我認為每位乘客 10 歐元的淨利潤將是未來的基準。

I think there's a reasonable prospect plus or minus uncertainty in geopolitical events that, that number might move upwards from EUR 10 towards EUR 11, EUR 12, or EUR 13 over the next couple of years, particularly as we get more and more Gamechangers or MAX-10 aircraft into the system where we are carrying materially more passengers per flight but burning significantly less oil.

我認為，加上或減去地緣政治事件的不確定性，這個數字可能會在未來幾年從10 歐元上升到11 歐元、12 歐元或13 歐元，這是一個合理的前景，特別是當我們獲得越來越多的遊戲規則改變者或MAX 時-10 架飛機進入該系統，每次航班運載的乘客數量大幅增加，但燃油消耗卻顯著減少。

And I think what's really -- my key takeaway from this year's numbers is we're about to make EUR 10 profit -- net profit per passenger in a year when our oil bill went up 30%, 40%, we went from being hedged at $65 a barrel in FY '23 to $89 a barrel in FY '24 and yet our customers were willing to pay modestly higher airfares, better performance than ancillaries at a time when most of our competitors are still losing money or reporting reasonably modest profitability for the full year.

我認為，我從今年的數據中得到的主要收穫是，當我們的石油費用上漲30%、40% 的一年中，我們將獲得10 歐元的利潤——每位乘客的淨利潤，我們不再被對沖23 財年每桶65 美元到24 財年每桶89 美元，但我們的客戶願意支付略高的機票價格，比輔助設備有更好的性能，而此時我們的大多數競爭對手仍在虧損或報告盈利能力相當有限。全年。

So this is a very impressive model. The costs are heavily controlled. We are widening -- hugely widening the gap between us and our principal competitors in Europe on airport and handling costs, aircraft and ownership costs. And I think that will continue for the next couple of years. So I have -- I think we have a reasonable expectation that the -- despite the kind of the surprise -- or the sudden impact of the OTAs on the Q3 numbers, we'll have a strong year of profitability. And I think a realistic prospect of strong pricing through summer '24, which will deliver another year of strong profitability in the year ended March '25.

所以這是一個非常令人印象深刻的模型。成本受到嚴格控制。我們正在擴大——大大擴大我們與歐洲主要競爭對手在機場和裝卸成本、飛機和擁有成本方面的差距。我認為這種情況將在未來幾年持續下去。所以我——我認為我們有一個合理的預期——儘管有這種意外——或者說 OTA 對第三季數據的突然影響，我們將迎來強勁的盈利一年。我認為，到 24 年夏季為止，定價的強勁前景是現實的，這將在截至 25 年 3 月的年度中帶來又一個強勁的盈利能力。

Neil, I think that's as much I can add on the seasonality. Any other questions?

尼爾，我想我能補充的季節性因素就這麼多了。還有其他問題嗎？

We have no further questions. That does conclude our Q&A session for today.

我們沒有其他問題了。我們今天的問答環節到此結束。

Great. Okay. Thanks very much, everybody, for participating in the call. Neil is going to do a roadshow day through London today, France and our Paris and Frankfurt, trying to persuade more and more. Do I mean?

偉大的。好的。非常感謝大家參與這次電話會議。尼爾今天將在倫敦、法國、巴黎和法蘭克福進行路演，試圖說服越來越多的人。我是說嗎？

That's correct, yes.

這是正確的，是的。

Yes. I try to encourage more European share ownership here. It's not that we don't love the Americans, we do, but we're going to need more Europeans on the share register. In the meantime, we'll continue to try to execute and deliver. And thank you, we are not doing a road show on the Q3. If you are in Paris or Frankfurt, you want to meet with Neil or me, that's for them. Other than that if anybody wants to come to see us here in Dublin over the next coming months, please feel free to do so. And other than that, we'll see you at the full year results road show in May. Thanks very much, everybody. Good to talk to you. Bye-bye.

是的。我試圖在這裡鼓勵更多的歐洲人持有股份。這並不是說我們不愛美國人，而是我們愛美國人，但我們需要更多的歐洲人在股東名冊上。同時，我們將繼續努力執行和交付。謝謝，我們不會對第三季進行路演。如果你在巴黎或法蘭克福，你想與尼爾或我會面，那是為他們準備的。除此之外，如果有人想在接下來的幾個月來都柏林看我們，請隨意這樣做。除此之外，我們將在五月的全年業績路演中見到您。非常感謝大家。很高興和你說話。再見。

Thank you. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。