Future of Qantas in jeopardy: Joyce (Merged)
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One of the starkest examples of the efficiencies of low-cost airlines is the comparison between the defunct Ansett Australia and low-cost operator Virgin Blue's passenger uplift/staff ratio. According to Virgin Blue figures the airline will carry more passengers than Ansett on major Australian domestic truck routes for the year ending 31 March 2004, with only a third of the staff. The two airlines' RPM/RPK figures are almost identical, however Virgin Blue only has 3,300 staff compared with the 10,000 staff that Ansett employed for its domestic trunk route division.
Barbara Ward - Board Member of Allens Arthur Robinson.
Examples of leveraged acquisition finance work in which Allens Arthur Robinson have recently been involved include:
Qantas
Acted for the independent directors of Qantas in reviewing and analysing the acquisition funding of the A$11.1 billion takeover bid of Qantas by Airline Partners Australia.
Colorado Group
Acted for Credit Suisse and Mizuho, the arrangers and underwriters of Affinity Equity Partners' A$430 million leveraged buyout of Australian clothing retailer, Colorado Group.
Qantas
Acted for the independent directors of Qantas in reviewing and analysing the acquisition funding of the A$11.1 billion takeover bid of Qantas by Airline Partners Australia.
Colorado Group
Acted for Credit Suisse and Mizuho, the arrangers and underwriters of Affinity Equity Partners' A$430 million leveraged buyout of Australian clothing retailer, Colorado Group.
sake!!!!! 
But wait, there is more, and it gets better:...............
And the CEO of Investec in Australia is.... (drum roll)....David Clarke, former CEO of ALLCO.
The Mayne Report - Members Update
My, we are a tight little group, aren't we?
Garry Hounsell was appointed to the Qantas Board in January 2005.
He is Chairman of the Audit Committee and a Member of the Nominations Committee.
Mr Hounsell is Chairman of Investec Global Aircraft Fund.
"Investec Bank Australia Ltd has launched a global fund to lease aircraft to airlines around the world.
The Australian arm of Investec Group, a specialist banking group operating mainly in South Africa and the United Kingdom, says the Investec Global Aircraft Fund would tap into long-term growth in commercial travel to generate returns for investors.....the fund's initial assets, three Airbus A321s, will be leased by Qantas Airways Ltd for use by its offshoot, Jetstar.
He is Chairman of the Audit Committee and a Member of the Nominations Committee.
Mr Hounsell is Chairman of Investec Global Aircraft Fund.
"Investec Bank Australia Ltd has launched a global fund to lease aircraft to airlines around the world.
The Australian arm of Investec Group, a specialist banking group operating mainly in South Africa and the United Kingdom, says the Investec Global Aircraft Fund would tap into long-term growth in commercial travel to generate returns for investors.....the fund's initial assets, three Airbus A321s, will be leased by Qantas Airways Ltd for use by its offshoot, Jetstar.
And the CEO of Investec in Australia is.... (drum roll)....David Clarke, former CEO of ALLCO.
The Mayne Report - Members Update
My, we are a tight little group, aren't we?
Then we have Global Aviation Asset Management - GAAM
........and it has Geoff Dixon, Peter Gregg and David Coe (formerly Allco) on its advisory Board.
...and Qantas is a customer.
........and it has Geoff Dixon, Peter Gregg and David Coe (formerly Allco) on its advisory Board.
...and Qantas is a customer.
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in·de·pend·ent
–adjective
1. not influenced or controlled by others in matters of opinion, conduct, etc.; thinking or acting for oneself: an independent thinker.
2.not subject to another's authority or jurisdiction; autonomous; free: an independent businessman.
3.not influenced by the thought or action of others: independent research.
Independent | Define Independent at Dictionary.com
–adjective
1. not influenced or controlled by others in matters of opinion, conduct, etc.; thinking or acting for oneself: an independent thinker.
2.not subject to another's authority or jurisdiction; autonomous; free: an independent businessman.
3.not influenced by the thought or action of others: independent research.
Independent | Define Independent at Dictionary.com
Barbara Ward is/was on the advisory Board of LEK consulting.
..And what do we find?
Airlines - L.E.K. Consulting, a Global Business Strategy Consulting Firm | L.E.K. Consulting
..And what do we find?
Airline Consolidation: L.E.K. was the only strategic advisor on the world’s largest airline merger. In fact, our pedigree in airline mergers and acquisitions (M&A) goes back nearly 20 years with the highly successful merger between Qantas and Australian Airlines. Since then we have been called upon to assess most airline M&A opportunities.
Airlines - L.E.K. Consulting, a Global Business Strategy Consulting Firm | L.E.K. Consulting
What do you reckon? When Singo and Dixon have finished stitching up Sydney Ferries, the time will be right for QF to sell the international and domestic operations (sorry, the business speak is "divestiture of non performing assets") and leave the punters owning just Jetstar and not much else.
The banker boyz are in the drivers seat and everyone had better get out of the way.
APA - the zombie rises again. They are either going to franchise the Qantas name using the model they are working up for the Sydney Ferries takeover or split the business and sell the brand to private equity.
Whatever they do, I'm sure it will all be perfectly legal and above board, I'm just speculating.
The banker boyz are in the drivers seat and everyone had better get out of the way.
APA - the zombie rises again. They are either going to franchise the Qantas name using the model they are working up for the Sydney Ferries takeover or split the business and sell the brand to private equity.
Whatever they do, I'm sure it will all be perfectly legal and above board, I'm just speculating.
Last edited by Sunfish; 15th Jun 2011 at 01:42.
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As interesting as it may be. Isn't this what happens with most companies or is it just limited to Qantas.
Gooddamm they are all in the bed with each other.
Gooddamm they are all in the bed with each other.
Directors are supposed to act in the best interests of all shareholders.
While I am sure what Qantas is doing is perfectly legal, one wonders at the links to potential service providers.
I may be wrong, but I thought that Corporate Governance standards required that conflicts of interest were to be avoided, however, I'm sure that QF has gold plated legal advice to justify everything it has done.
To put it another way, I get the impression, perhaps wrongly, that we are looking at a very exclusive little private club.
While I am sure what Qantas is doing is perfectly legal, one wonders at the links to potential service providers.
I may be wrong, but I thought that Corporate Governance standards required that conflicts of interest were to be avoided, however, I'm sure that QF has gold plated legal advice to justify everything it has done.
To put it another way, I get the impression, perhaps wrongly, that we are looking at a very exclusive little private club.
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AAP 13th Sept 2010:
Former Qantas Airways Ltd chief financial officer Colin Storrie has joined the investment committee of Investec's Australian-based global aircraft fund (IGAF).
Mr Storrie spent 13 years at Qantas but left in March after 18 months as chief financial officer, citing personal and health reasons.
His appointment to IGAF, announced on Monday, coincided with Investec's launch of a third capital raising for its aircraft fund.
IGAF executive David Phillips said Mr Storrie's experience in aircraft financing would bring significant expertise to the group when it considered investment opportunities with airlines around the world.
Funds raised by Investec, a specialist bank and asset manager, would be used to invest in "high-demand, new-generation commercial aircraft on lease to tier-one and tier-two airlines", Investec said.
"IGAF is currently executing a number of new aircraft acquisitions, aiming to have a portfolio of aircraft of up to $US1 billion ($A1.08 billion) within the next 12 months," it said.
Former Qantas Airways Ltd chief financial officer Colin Storrie has joined the investment committee of Investec's Australian-based global aircraft fund (IGAF).
Mr Storrie spent 13 years at Qantas but left in March after 18 months as chief financial officer, citing personal and health reasons.
His appointment to IGAF, announced on Monday, coincided with Investec's launch of a third capital raising for its aircraft fund.
IGAF executive David Phillips said Mr Storrie's experience in aircraft financing would bring significant expertise to the group when it considered investment opportunities with airlines around the world.
Funds raised by Investec, a specialist bank and asset manager, would be used to invest in "high-demand, new-generation commercial aircraft on lease to tier-one and tier-two airlines", Investec said.
"IGAF is currently executing a number of new aircraft acquisitions, aiming to have a portfolio of aircraft of up to $US1 billion ($A1.08 billion) within the next 12 months," it said.
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The fact remains however, that of the $2000 most people pay to go to London and back, $40 of that ends up in the pockets of the flight crew.
It could not be an insignificant amount. If it were insignificant, there would be no issues with the offshoring and concerns about future profitability.
Some here are insisting that Qantas pilots are only paid for the flight hours they do, but it has come to light that they are also paid when:
... on Blank lines and reserve and training courses ...
... if they are not utilised on a reserve line.
The proof of the pudding would come from the following calculation:
Multiply actual flying hours for the past year by hourly rate. Call the result "flight pay".
Subtract flight pay from gross income for the year. Call the result "extra income".
How much "extra income" did you get? I would particularly like to see this figure for a captain.
No need to give actual figures on this public forum - just express the extra as a percentage of the gross - or PM me with the actual figures.
Thanks in advance.
Nunc est bibendum
Working a 'normal' year, $1.30 per pax, per hour for a 767 captain. If you include the fact I get paid to do my checks, $1.33.
Given that we've had a couple of quiet years, it works out to $1.41 per pax, per hour.
I don't think the pilots should be held accountable that they're not flying 'normal' hours at the moment. The stuff ups in establishments are a function of crap management. Yes, that would be costing Qantas a bit extra at the moment- hard to say how much- but none of us particularly like being unproductive.
FGD, you're trying to build a straw man. Our hourly rate isn't a stick hour rate. It's a 'credit hour' which is a completely different thing. The 'premium' that you're trying to grasp not really relevant in a credit hour system. Colleagues of mine have done less stick hours than me but they've done more standby duties protecting the operation and thus have been paid more.
Given that we've had a couple of quiet years, it works out to $1.41 per pax, per hour.
I don't think the pilots should be held accountable that they're not flying 'normal' hours at the moment. The stuff ups in establishments are a function of crap management. Yes, that would be costing Qantas a bit extra at the moment- hard to say how much- but none of us particularly like being unproductive.
FGD, you're trying to build a straw man. Our hourly rate isn't a stick hour rate. It's a 'credit hour' which is a completely different thing. The 'premium' that you're trying to grasp not really relevant in a credit hour system. Colleagues of mine have done less stick hours than me but they've done more standby duties protecting the operation and thus have been paid more.
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Extract from The Qantas business practices document.
http://www.qantas.com.au/infodetail/...esDocument.pdf
What's their out? "Prior consent of the CEO"
http://www.qantas.com.au/infodetail/...esDocument.pdf
Managing conflicts of interest
Employees must not directly or indirectly have an
equity interest in, or a significant beneficial
connection with, any business or individual which
competes with or is a supplier to the Qantas Group
without the prior consent of the CEO or his nominee.
Employees must not engage directly or indirectly in
any outside business activity involving commercial
contact with, or work for the benefit of, Qantas Group
commercial customers, suppliers or competitors
without the prior consent of the CEO or his nominee.
Employees must not directly or indirectly have an
equity interest in, or a significant beneficial
connection with, any business or individual which
competes with or is a supplier to the Qantas Group
without the prior consent of the CEO or his nominee.
Employees must not engage directly or indirectly in
any outside business activity involving commercial
contact with, or work for the benefit of, Qantas Group
commercial customers, suppliers or competitors
without the prior consent of the CEO or his nominee.
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FGD,
Give it a rest. You just do not understand what you are talking about. There is no hidden pot of gold. Pretty well all you have brought up there I have covered before in my answers.
N
Give it a rest. You just do not understand what you are talking about. There is no hidden pot of gold. Pretty well all you have brought up there I have covered before in my answers.
N
