Fuel prices remain stubbornly high as spot is trading at around $116 a barrel. We're 90% hedged for FY '12 at about $86 per barrel, an 18% price increase on the previous year but significantly below current prices. We've taken advantage of recent price dips to hedge about 20% of Q1 of FY '13 at an average price of just over $100 per barrel. Higher oil prices though are forcing competitors to further increase fuel surcharges and fares, which makes Ryanair low fares even more attractive. It will also drive further consolidation and more airlines will exit the industry this winter. This would generate further growth opportunities for Ryanair because we operate the most fuel-efficient aircraft and at the lowest operating costs.

The recent reason Brighter Planet survey ranked Ryanair as the greenest, cleanest airline in the world. And that survey is available to you, if you care, on the ryanair.com website. In June, we signed an MOU with COMAC, a Chinese aircraft manufacturer, to enter discussions on the development of a new 200-seater, short-haul aircraft for Ryanair that should be available from 2018 onwards. We believe this aircraft, which will be a larger version of the C919, would be a real alternative to the existing short-haul duopoly of Boeing and Airbus. Real competition in the aircraft manufacturing industry will deliver more choice and lower cost for airlines and passengers. We also believe it will make economic sense for Ryanair to become, in time, a 2-aircraft operator if the present Boeing fees economies can be matched or improved by another aircraft manufacturer.

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