Clifford gone/ Goyder Next Chairman
The scuttlebutt around Fort Fumble is the 787 is giving them 8% better economics than budgeted for, just imagine if these idiots had 50 of them now and had started deliveries 10 years ago.
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The timing of the option vesting date(all granted when Qantas was 'terminal') is a key insight: The 'transformation' date was easy enough to work out, just look at the vesting dates. FY15!
When one deconstructs the 'turnaround' profit it breaks down to $326 million of depreciation (from the biggest loss year FY14- write down of International fleet) and $597 million in fuel savings courtesy of Saudi Arabia. The rest was chump change. The transformation was as manufactured as the terminal..
Lacking any Corporate Regulatory oversight saw these robber barons pull off a heist and the authorities looked the other way; Sadly just like the Banks have proven, Australia's regulators are pathetic.
A Regulator with any insight into nefarious activity would be asking lots of questions..
Qantas need a new fleet
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AUD $1.75 billion on share buy backs when a new fleet was desperately needed
Shareholders are only accepting to a lack of returns i.e. dividends or share repurchases if they earn capital growth, which, is determined by the share price, and that has been a fluctuating journey.
It then depends on what Qantas does with those shares once they have repurchased them i.e. retire them, or use them for internal bonuses (as non-award staff are on share / cash incentive plans).
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Qantas probably took this path to bump up EPS (which benefits investors and themselves), as well as drive an increase in the share price (less shares in the market + it sends a signal that the stock is undervalued, and / or management have confidence in the company). It's also a preferred method over dividends for various reasons.
Shareholders are only accepting to a lack of returns i.e. dividends or share repurchases if they earn capital growth, which, is determined by the share price, and that has been a fluctuating journey.
It then depends on what Qantas does with those shares once they have repurchased them i.e. retire them, or use them for internal bonuses (as non-award staff are on share / cash incentive plans).
Shareholders are only accepting to a lack of returns i.e. dividends or share repurchases if they earn capital growth, which, is determined by the share price, and that has been a fluctuating journey.
It then depends on what Qantas does with those shares once they have repurchased them i.e. retire them, or use them for internal bonuses (as non-award staff are on share / cash incentive plans).
However Forbes magazine suggests a different motivation.
https://www.forbes.com/sites/stevede.../#5e5573e13346
They hit upon a magic shortcut: why bother to create new value for shareholders? Why not simply extract value that the organization had already accumulated and transfer it directly to shareholders (including themselves) by way of buying back their own shares? By reducing the number of shares, firms could, as a result of simple mathematics, boost their earnings per share. The result was usually a bump in the stock price—and short-term shareholder value.Of course, by diverting important resources to boost the stock price, the tactic ran the risk of further hindering the firm’s capacity to innovate and generate fresh value for customers in future. But why worry about that? With luck, by the time it became apparent that the firm had undermined its long-term capacity to add real value to customers, the executives responsible for the decisions would be safely retired, with bonuses already paid. The loss of capacity to create value would be someone else’s problem.
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Maybe some of Qantas's creative accounting is about to be undone.
Accounting changes for leases
Accounting changes for leases
Then from July 1, 2019, Australia will join an international movement captured by AASB 16 that requires lease exposures to be recognised for the first time, eliminating a quirk of accounting that famously caused Sir David Tweedie, former chairman of the body governing international standards, to remark that his lifelong ambition was to fly in a plane that existed on an airline's balance sheet.
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QAN already discloses its net debt figure that is inclusive of off balance sheet operating leases of about $2.1b. They're reflected on the P&L on a straight line basis. If you think the market or analysts are going to suddenly get excited by AASB 16, I think you're going to be disappointed.
Today’s AFR, Clifford pissing in his own pocket.
Leigh Clifford: "I'll be judged by how the community and the market views the capability and success of the CEO that I appointed - and I reckon I get a tick on that regard." Louie Douvis
He might think so as do the people in the circles that he mix’s in, however from where I sit at the pointy end and the people I see in Qantas at the coal face we all think you and CEO were and are a disaster. POQ please.
Leigh Clifford: "I'll be judged by how the community and the market views the capability and success of the CEO that I appointed - and I reckon I get a tick on that regard." Louie Douvis
He might think so as do the people in the circles that he mix’s in, however from where I sit at the pointy end and the people I see in Qantas at the coal face we all think you and CEO were and are a disaster. POQ please.
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Today’s AFR, Clifford pissing in his own pocket.
Leigh Clifford: "I'll be judged by how the community and the market views the capability and success of the CEO that I appointed - and I reckon I get a tick on that regard." Louie Douvis
He might think so as do the people in the circles that he mix’s in, however from where I sit at the pointy end and the people I see in Qantas at the coal face we all think you and CEO were and are a disaster. POQ please.
Leigh Clifford: "I'll be judged by how the community and the market views the capability and success of the CEO that I appointed - and I reckon I get a tick on that regard." Louie Douvis
He might think so as do the people in the circles that he mix’s in, however from where I sit at the pointy end and the people I see in Qantas at the coal face we all think you and CEO were and are a disaster. POQ please.
Thread Starter
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Trust? From the coalface workers ? What little was left after the lockout evaporated with the Bonus that wasn't.
You only have to read the results from the recently released (dis)engagement survey to confirm that.
You only have to read the results from the recently released (dis)engagement survey to confirm that.
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Goyder won’t do much. Responsible for the Bunnings UK disaster, and the fact he had zero idea that the Target Accounting scandal was playing out under his watch shows how little control he had over at WES.
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He might just do enough to keep you bunch of disrespectful clowns in a job.
It never ceases to amaze me why, if you hate the organisation so much, you don’t resign and go and work for an organisation where your obviously hidden talents would be appreciated. Maybe Cathay and Emirates would be a good start.
Wombat...I think you’ll find no one hates Qantas at all. Most people I know have had to endure a decade or more of pointless corporate rape of what used to be one for worlds great airlines. Absolutely none of what has been done at QF was necessary to keep the company doors open, it was all done to line the pockets of an elite few.
if you’re happy to stand by while the company is allowed to decay, perhaps it is you who should head overseas.
if you’re happy to stand by while the company is allowed to decay, perhaps it is you who should head overseas.
Wombat...I think you’ll find no one hates Qantas at all. Most people I know have had to endure a decade or more of pointless corporate rape of what used to be one for worlds great airlines. Absolutely none of what has been done at QF was necessary to keep the company doors open, it was all done to line the pockets of an elite few.
if you’re happy to stand by while the company is allowed to decay, perhaps it is you who should head overseas.
if you’re happy to stand by while the company is allowed to decay, perhaps it is you who should head overseas.
Folks,
I am surprised, in all this, that there has been no talk/discussion of the 747 that have been parked in the desert for a while being brought back into service, and its significance, if any, for the figure for the fleet fuel efficiency ---- with fuel prices on the way up, again.
As I hear it, a team has work well under way, presumably at Victorville.
Is this another triumph for QF fleet/crew planning??
Tootle pip!!
I am surprised, in all this, that there has been no talk/discussion of the 747 that have been parked in the desert for a while being brought back into service, and its significance, if any, for the figure for the fleet fuel efficiency ---- with fuel prices on the way up, again.
As I hear it, a team has work well under way, presumably at Victorville.
Is this another triumph for QF fleet/crew planning??
Tootle pip!!
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Folks,
I am surprised, in all this, that there has been no talk/discussion of the 747 that have been parked in the desert for a while being brought back into service, and its significance, if any, for the figure for the fleet fuel efficiency ---- with fuel prices on the way up, again.
As I hear it, a team has work well under way, presumably at Victorville.
Is this another triumph for QF fleet/crew planning??
Tootle pip!!
I am surprised, in all this, that there has been no talk/discussion of the 747 that have been parked in the desert for a while being brought back into service, and its significance, if any, for the figure for the fleet fuel efficiency ---- with fuel prices on the way up, again.
As I hear it, a team has work well under way, presumably at Victorville.
Is this another triumph for QF fleet/crew planning??
Tootle pip!!
With this dynamic duo (Messrs Clifford and Joyce ) at the wheel, Qantas has sped headlong into peak hour traffic with their steely gaze fixed firmly in the rear view mirror (Apologies to the Hon PJ Keating)
Qantas need a new fleet.
Off to the Wood shed Leigh.
A decision will be made at a board meeting next Friday if it would be a good idea to keep an extra 747 than planned as a spare so to speak.
Do you mean an existing aircraft "planned for disposal" will remain longer, or all the money and effort that has been spent on returning one or more "parked" aircraft to service might be wasted??
I am assuming, of course, that the board knows what is/has been going on. Is that an unwarranted assumption??
Tootle pip!!
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for some electric heaters. "sorry we have none, technically it's Spring so we don't sell them". I told the guy "you must have some clever managers".
Other places were sold out. Have to say Bunnings in New Zealand was excellent.
