Tim Wilson

What we are seeing is the recovery is going to be an interesting – it'll take an interesting shape.

The markets have a highly backwardated sort of forward curve, i.e.

that fuel will gradually but – well, not so gradually actually reduce in price down to normal.

But what we're really seeing every time a ceasefire gets announced or otherwise is it's a jagged cliff.

So it drops very quickly, but it'll drop to a level which then represents the true damage to the infrastructure.

And from that point on, I fear that the recovery to normal might be a slow sort of drag, a sting in the tail.

Can we underline the fact you won't need equity?

Yes.

So you've got cash reserves that will cover this.

There is no equity required.

That's right.

We've been working on building a very big and healthy war chest post-COVID.

And so at this stage, that is not an issue.

The cuts you're making in terms of services, I'm looking at places like Europe.

There was something like, it was Lufthansa, it was New York to London.

So they're doing like 10 flights a day.

They're now doing nine.

So you're squeezing the same sort of thing.

You're not materially affecting people's lives or maybe even your bottom line.

Is that going to change or not?