More spin than a washing machine!
Fuel price hedging misjudgment = GBP400m
Price fixing amount set aside for Fines = GBP350m
Class action law suit settlement over fuel surcharge = 203m
Cargo price fixing fines Canada = GBP150m
Cargo price fixing fines Australia = GBP2.5m
Golden handshake for those held accountable for price fixing = GBP1.6m
T5 opening debacle = GBP100m
CEO Basic Salary = GBP750k + bonuses
Revenue already lost due to Christmas dispute = GBP20m
Pension deficit = GBP3.7 billion
Imposed removal of a cabin crew member = GBP31m
Fuel price:- Offset by successful hedging before and after the event. Not a money making/losing exercise, simply providing the ability to forward plan fuel costs.
Price fixing:- The cost of the fines will be offset by excess profit made during the period the 'fixed' prices were in place. One cannot take the fines as a negative revenue when you don't know the positive revenue stream.
Golden handshake:- Contractual obligation for senior/board level managers.
T5:- BAA acceded to the companies demand that they take accountability. T5 Rent has been reduced to take into account the initial losses. All comes under the banner of 'streamlining'.
CEO Basic salary! :- He is the CEO of a FTSE 100 blue chip company. At that salary pretty cheap in comparison to his peers around the industry.
Revenue lost due to Christmas dispute:- Due to Unite/BASSA's inability to negotiate those cost must and will be laid at the door of the Union and thus accounted for by an increase in the required savings of the CC department.
Pension deficit:- BASSA are claiming the company is responsible for the stock market crash now are they? The Pension fund is invested in the stock market which, certainly in specific areas, has suffered the most over the past two years! If the stocks rally to the original figures and Gordo Brown hadn't robbed the funds of £110 billion over the past 11 years the fund would be healthy. Non argument.
Imposed removal of Crew:- Only a loss if BASSA seek to destroy the company and demand 'working 1 down' payments. Something that will NOT sit well with the rest of the company!
If BASSA can spin so much rubbish into a small paragraph the what chance does the rest of the document have?
Answer, none.