Key assets for disposal include Airnorth and Eastern Airways, based in Australia and the UK respectively, which are both forecast to be negative on earnings before (EBTIDA) |
Bristow is about to close it’s Broome base next week as it has finished flying for Inpex after the contract was terminated. In terms of 2014 levels of aircraft (30 now 3) pilots and engineers (140 now 16 each) it’s now 10% of its 2014 size. |
How do you know this? Air North makes a small profit, do you have a source? Or is it "the vibe"?[/QUOTE] Will Bristows own statement suffice? The vibe about this operation has been around for a while. |
3 S92 are about to turn up for a contract in Port Hedland WA, they were marking the taxi ways out 2 weeks ago
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I think the thing to remember here is that Airnorth has been very profitable in the past. They have only started loosing money since Bristow came on board. I have no doubt money has been shifted overseas. At the end of the day, they are a helicopter company attempting to run a fixed wing business - it was never going to work. The sooner they get MB back onboard, the better. Together we try.
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Pretty sure any contract with an oil and gas producer will have clauses in it to ensure the client doesn’t loose out. |
Word on the street is that MB, is about to go on the board of CASA.
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Watch Qantas Link make a move ! |
Originally Posted by ersa
(Post 10462474)
3 S92 are about to turn up for a contract in Port Hedland WA, they were marking the taxi ways out 2 weeks ago
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QantasLink move in with what? Their own fleet or take the existing TL fleet over? |
ersa
3 S92 are about to turn up for a contract in Port Hedland WA, they were marking the taxi ways out 2 weeks ago Pavement The recent Bristow 10Q flings have shown Air North to be making a small loss, profit or loss is highly dependent on the fuel price. The whole idea was to buy airlines (Eastern in the UK and Air North in Australia) and to control the whole travel supply chain for the offshore oil and gas workforce. But in Australia, Bristow customers didn't buy it, in fact, they are very adverse to having one logistics transport supplier. Bristow canvassed their customers and the reaction was negative. But one or two management types in Bristow had delusions of grandeur and with the cash rolling in at that time from helicopter operations, they went ahead and did it anyway. After the purchase, Bristow didn't actually try to make the tie up with the helicopter contracts so Air North was always going to be a stepchild. They installed a "tea bag and toilet paper sheet counting" finance type as Air North CEO who had briefly held a position in Bristow as Service Delivery Manager. He was moved to Air North because the Bristow Helicopter customers neither liked the service nor the Manager. |
Originally Posted by industry insider
(Post 10463476)
They installed a "tea bag and toilet paper sheet counting" finance type as Air North CEO who had briefly held a position in Bristow as Service Delivery Manager. He was moved to Air North because the Bristow Helicopter customers neither liked the service nor the Manager.
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Originally Posted by Stationair8
(Post 10462513)
Word on the street is that MB, is about to go on the board of CASA.
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Originally Posted by Stationair8
(Post 10462513)
Word on the street is that MB, is about to go on the board of CASA.
Mr Michael BridgeFirst appointed: 1 October 2018 |
WaanBeBiggles
If it's the person that is still CEO at AN now, then that individual is also CEO of Bristow Australia. The Bristow Financial Year ends in April. Between April 2017 and April 2018 (latest figures not yet available) Bristow (mostly) and Air North lost $31,776,293 between them in Australia alone. |
Originally Posted by industry insider
(Post 10465241)
The Bristow Financial Year ends in April. Between April 2017 and April 2018 (latest figures not yet available) Bristow (mostly) and Air North lost $31,776,293 between them in Australia alone.
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Originally Posted by WannaBeBiggles
(Post 10465740)
From memory AirNorth accounted for less than $2mil of that loss, roughly the cost of only one second hand CF34-8E from the sandpit. How many new engines did AN need in the last FY? So if it weren't for that, it wouldn't be a stretch to argue the company is a profitable entity..
FY15: EBITDA $0.7m (1Q Only) FY16: EBITDA $12.4m (No Loss Making Qs) FY17: EBITDA $8.9m (No Loss Making Qs) FY18: EBITDA $7.2m (Q4 Loss of $1.4m) FY19: EBITDA -$1.6m (Q1 Profit of $0.2m) |
As I said previously, Airnorth has been a very profitable company. It's just being run by monkeys at the moment.
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Great, their EBITDA figures are not too bad. What about after they have paid their bills? My earnings before tax are pretty good too but those dollars are useless in the real world as I cannot spend them. EBITDA. Earnings BEFORE interest, tax, depreciation and amortisation. |
Originally Posted by Icarus2001
(Post 10466788)
Great, their EBITDA figures are not too bad. What about after they have paid their bills? My earnings before tax are pretty good too but those dollars are useless in the real world as I cannot spend them. EBITDA. Earnings BEFORE interest, tax, depreciation and amortisation. Therefore, after D and A and even accounting for some I, they probably paid next to no tax and got to keep most all of the cash actually! |
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