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EasyJet confirms a firm order of 15 A320 Airbus aircraft, with options secured for a further 33 A320 Airbus aircraft to bring the total number of options for the no-frills carrier to 42 aircraft. The EasyJet Group have been tasked to improve margins and this new agreement will enable the company to execute this strategy with carefully targeted growth.
EasyJet founder Sir Stelios Haji-Ioannou said the group's announcement 'sounds like good news, at least in the short term'.
Under the Airbus Contract the aircraft basic price of each A320 aircraft, as at December 2010, was approximately $73m and therefore whilst the total list price for the 15 new A320 aircraft should be approximately $1.1bn, under the Airbus Contract easyJet has been granted substantial confidential price concessions by Airbus and the selected engine manufacturer - all prices above are subject to price escalation which reflects inflation. The conversion of the 20 A319 aircraft into A320 aircraft will increase the amount payable by easyJet for those aircraft, however the aggregate amount payable for an A320 aircraft is still substantially below the basic price for the A319 aircraft as described in the Circulars. There is no change in the other terms applicable to these aircraft.
The additional aircraft will be financed through a combination of cash, operating leases and debt.
A new report just published titled "Air Travel", profiles 268 companies including many key and niche players worldwide such as Air Canada, Air France-KLM Group, Air France, Alitalia - Linee Aeree Italiane S.p.A., American Airlines, Inc., British Airways Plc, British Midland Airways Limited, Continental Airlines, Inc., Cathay Pacific Airways Limited, Hong Kong Dragon Airlines Limited, China Southern Airlines Company Limited, Delta Air Lines Inc., Northwest Airlines Corporation, Deutsche Lufthansa AG, EasyJet Airline Company Limited, Emirates Airline, First Choice Airways Ltd., Iberia, Japan Airlines Corporation, Malaysian Airline System Berhad, Qantas Airways Limited, Ryanair Ltd., Saudi Arabian Airlines, Singapore Airlines, Southwest Airlines Co., Thai Airways International Public Company Limited, Thomsonfly Ltd., United Airlines, Inc., and US Airways Group, Inc.
Author: Mike King, Analyst
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