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Ryanair Holdings Plc's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: RYAAY

Traffic in Dublin has plummeted by some 30% to just over 18 million passengers in 2011 from its 2007 peak of 24.5 million. We believe the Irish government can only reverse its downward spiral in air traffic and return to tourism in Charles de Gaulle when the DAA airport monopoly is broken up and replaced with competing term of the Dublin and competing airports at Cork and Shannon, which will lead to a much more competitive airport charges and more efficient terminal facilities at the expense of white elephants, to which the DAA have delivered over recent years.

We've recently submitted a proposal to the Irish government to deliver 5 million extra passengers annually over the next 5 years to kick start the Irish tourism and job creation. This will create about 5,000 jobs in the Irish airport directly. This growth proposal is based on airport charges falling to return to competitive levels here in Ireland and the government's scrapping the remaining EUR 3 tourist tax. And we still await the government's response to our proposal.

The latest U.K. Competition Commission's confirmation of its original 2008 recommendation that the BAA airport monopoly should be forced to sell Stansted and at least one Scottish airport will we hope finally end the BAA policy of using legal appeals to delay the sale. These delaying tactics have not stopped the BAA at Stansted overcharging airlines, generating excessive monopoly profit by losing even more routes and traffic. We call on the U.K. government to force the early sale of Stansted and one of the Scottish airports, and allow a competition between the U.K. airports in order to deliver better facilities and lower cost for airport users. We intend to shortly launch legal proceedings against the BAA Stansted seeking a recovery of the substantial overcharges, which Ryanair believes it and other airlines have suffered at the BAA Stansted monopoly's hands in recent years, and which have been used to fund Ferrovial's acquisition and operation of Heathrow.

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