Originally Posted by
Justin. Beaver
What are you talking about self enrichment? The buy back of about 317m shares starting in 2016 was done at average prices well below today’s price. Most shareholders would I think regard that as good capital management. Fleet decisions would be in accordance with the annual capital expenditure guidance they’ve given the market. Off the top of my head this is about $1-2b per annum. Enough to buy more 787s if the numbers for more than 8 stack up I would have thought.
Done a bit of study have we? Asked someone further up the chain? Unfortunately the get out clause you quoted of ‘most shareholders’ is the one flaw in your argument.
For the longevity of the company (which you yourself seemingly espouse). What utter crap! Give your brain a chance!!
You use the pittance of return a (relatively mild) change of contract a single group of employees ‘might’ allow - but in the same breath you also seemingly ignore that fact that self enrichment share purchases with BORROWED FUNDS!!!! are entirely legitimate. What complete nonsense! Qf has a fleet burning upwards of 10-13 tonnes an hour of fossil fuels when every one of our competitors carries around 20-30% pax less per flight (assuming FULL), but burns c4.5 tonnes. And it's been like this since 1995!! This is insane!!!! I could explain this to a child of 3, but Qf management - clearly beyond them.
Since when have BORROWED funds at the expense of a company’s long term viability ever worked out in favour of anyone but the recipients of said largesse? One example please?
Without you fully understanding the implications of what you write - you have proved you have absolutely no idea about what makes a company either successful, viable or even profitable. In other words you represent the ‘perfect’ and ‘balance sampled employee’ at your advertised workplace. Well done your employers - they chose a perfect drone. If you work hard (and say ‘yes’ more often - Peter Warren?? - don't know why I remember that, but it should the Qf exec Mantra!!) you may too have a chance at the executive bathroom key. And that’s assuming (I suspect VERY erroneously) that the ‘yes men’ you said ‘yes’ to, will actually leave enough in the trough (once they’ve emptied it) for you to enjoy. Real individual success in life? Cant see that happening for you my friend, because that takes individual thought and genuine understanding. So far, you’ve demonstrated none of that. Play the Group Think concept hard - it’s your only chance.
Here’s a simple thing about business. Business is about charging prices that people feel are justified for the service they receive. Qantas has had a second to none brand name - and again as you say - Still!! (despite the monumental screwups of the last 20 years) so why the fxcx aren’t you giving it the tools to do the job it can? The only dollars ‘you’ have spent are on share buybacks and buying trinkets for low cost carriers which have either failed to take off at all, net dollar one, or even better, been nationalised by communist governments and left your employees in danger of life imprisonment. You just could NOT make this stuff up (stuffup - pun
!!
So we get back to the original question. Qantas spent $1.75B (they are the really big numbers JB - if you don’t understand, just ask Siri) on share buybacks when Qantas desperately needs aircraft. Why?
If you can’t answer answer that very simple question (clearly it's very tricky for a Pikey management team) then can you possibly try to provide in ONE simple sentence what is the Qf Mission Statement?? It might be helpful for employees to know what it is that they are working for - you know, instead of providing bonuses....
PS: What purchases for the benefit of Qantas in the future has Weeman actually made? You work for an airline (forgive me for explaining this to you - from your comments I have to assume you don’t understand) but airlines use aeroplanes to take people from where they are to where they want to go. Just like Uber (see I can speak millennial too!) or a traditional taxi service, you actually need aeroplanes to do this. Are you with me so far? I don’t want to leave you behind - maybe ask someone if you are lost? Getting back to the original point - you need equipment to do this. Where are the examples of Weemans purchases - as in, investment for the future of the airline?
PPS: We haven't even got to a myriad of other, real issues yet - I'm looking forward to discussing those...