Profit share.
Join Date: Jun 2006
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joe,
you added too many zeros.
It's, USD 1,096,000,000
New 777 is USD 150,000,000
1,096 Million divided by 150 Million, equals 7.3 new 777.
But we get your point, yes it's shameful.
you added too many zeros.
It's, USD 1,096,000,000
New 777 is USD 150,000,000
1,096 Million divided by 150 Million, equals 7.3 new 777.
But we get your point, yes it's shameful.
Join Date: Aug 2007
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The profit we see now is as good as it will ever get, or indeed has ever got except for one other year. Even when fuel hedging is sorted times will have changed and the profit will remain the same or worse.
i.e Profit Sharing is dead. There will never be more than HKD5k.
i.e Profit Sharing is dead. There will never be more than HKD5k.
Join Date: May 2002
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The profit share formula is quite complex, not a simple percentage. If "we" hadn't had the paper loss of fuel hedging, we would have been in line for about 6 weeks of PS, not "10 X" the $5000 (less sick days) being grandstanded.
Either way, their manipulation of figures and interpretation of what is fair and equitable is a gross distortion of any normal accounting practice.
Either way, their manipulation of figures and interpretation of what is fair and equitable is a gross distortion of any normal accounting practice.
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Do any of us REALLY need any more reason to stay committed to CC? Or even turn the screws a bit tighter. They don't even have the intellectual integrity to announce that the profit share scheme is dead.
Join Date: Jul 2001
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So all the staff combined share a whopping 1.75% of the total profit amount. Wow! Is there any better way to say "get lost" to the employees.
In contrast: Delta Airlines shared 25.42% of their 2015 profit with their employees.
In contrast: Delta Airlines shared 25.42% of their 2015 profit with their employees.
Join Date: Nov 2007
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See I told you all that zeros added after the sums really don't make a difference
Well it won't to the directors bonuses anyway .
But thanks for the correction to my figures, I have problems when you add 9 zeros to the sums
Well it won't to the directors bonuses anyway .
But thanks for the correction to my figures, I have problems when you add 9 zeros to the sums
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This isn't a profit share. It is an extra allowance just like Christmas or New Years. I've seen bigger payouts from hotel counters on long layovers, and I've certainly flown PT tickets which cost many times this amount.
We are, in a very real way, paying for the fuel hedging debacle. Losing over 1 billion USD on hedges is unconscionable. It is little better than taking hundreds of millions and betting it at the casinos in Macau night after night. The architect(s) of this program and ALL of those above him/her/them should never work as managers or executives again. They are wholly unworthy. In what other industry do execs get away with this? Hmm, banking and government. Great company! I think it is fraud, waste, and abuse.
In terms of personal finance, the equivalent would be spending many thousands of USD each month on life insurance and income protection and hoping something bad happens. How cynical would that be? Well, there you have it. These muppets are about the most cynical and incompetent managers I have ever witnessed, and I flew in the military, so that is really saying something.
They are absolutely hopeless at leading people any more skilled than the typical office minion. They only know 1800s colonial servitude and 1980s era slash and burn cost cutting. They don't have a creative bone between the whole lot of them. They view the airline industry as little different from producing widgets in a third world sweatshop. It's all about spreadsheets for them. Nothing else matters. Well, look at your spreadsheets now CX... They are disgusting, and it has nothing to do with the employees. It's all on you, CX execs.
We are, in a very real way, paying for the fuel hedging debacle. Losing over 1 billion USD on hedges is unconscionable. It is little better than taking hundreds of millions and betting it at the casinos in Macau night after night. The architect(s) of this program and ALL of those above him/her/them should never work as managers or executives again. They are wholly unworthy. In what other industry do execs get away with this? Hmm, banking and government. Great company! I think it is fraud, waste, and abuse.
In terms of personal finance, the equivalent would be spending many thousands of USD each month on life insurance and income protection and hoping something bad happens. How cynical would that be? Well, there you have it. These muppets are about the most cynical and incompetent managers I have ever witnessed, and I flew in the military, so that is really saying something.
They are absolutely hopeless at leading people any more skilled than the typical office minion. They only know 1800s colonial servitude and 1980s era slash and burn cost cutting. They don't have a creative bone between the whole lot of them. They view the airline industry as little different from producing widgets in a third world sweatshop. It's all about spreadsheets for them. Nothing else matters. Well, look at your spreadsheets now CX... They are disgusting, and it has nothing to do with the employees. It's all on you, CX execs.
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cxorcist,
They seem to agree with you over at Bloomberg:
http://http://www.bloomberg.com/gadf...he-fuel-hedges
They seem to agree with you over at Bloomberg:
http://http://www.bloomberg.com/gadf...he-fuel-hedges
I wonder what the Management equivalent of "Pilot Error" is? If a crew had caused the kind of financial damage that these hedging clowns have caused, we'd all know their names.
Answer? There is no equivalent. "Management Error" equates to 'losing face' and we can't have that can we?
So, somewhere in the deepest, darkest recesses of Corporate Cathay sits a team sealing a lid on this whole costly adventure into Fuel Gambling. It is excused like we would excuse a slightly inaccurate ILS by a colleague. It will not be punished and the perpetrator will probably still get a healthy bonus "fuelled" by your profit share.
What on earth keeps the Shareholders so quiet and understanding.
Answer? There is no equivalent. "Management Error" equates to 'losing face' and we can't have that can we?
So, somewhere in the deepest, darkest recesses of Corporate Cathay sits a team sealing a lid on this whole costly adventure into Fuel Gambling. It is excused like we would excuse a slightly inaccurate ILS by a colleague. It will not be punished and the perpetrator will probably still get a healthy bonus "fuelled" by your profit share.
What on earth keeps the Shareholders so quiet and understanding.
Join Date: Jun 2009
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Check out the free cash flow - the amount CX put in the bank. CX do not publish this on INTRACX. Basically, add back all of the non cash items; the big one being depreciation. These numbers are used to make the net profit smaller in order to calculate their tax bill. However, it does not cost them a penny of cash.
It is demoralizing. I think I'm sick (unfit) just thinking about how much the group really profited, without paying an appropriate profit share out. I was planning on at least a month and a half this year. Guess I'll have to tone down my lifestyle - I'll start skipping lunch.
At least hand out a free business class ticket to all employees due to their hard work and dedication over the year. The only benefit to this is that my 5 weeks of being unfit does not hurt me in regards to profit share.
It is demoralizing. I think I'm sick (unfit) just thinking about how much the group really profited, without paying an appropriate profit share out. I was planning on at least a month and a half this year. Guess I'll have to tone down my lifestyle - I'll start skipping lunch.
At least hand out a free business class ticket to all employees due to their hard work and dedication over the year. The only benefit to this is that my 5 weeks of being unfit does not hurt me in regards to profit share.
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Join Date: Nov 2007
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Unbelievable!
This is the second Bloomberg interview of Ivan Chu I've seen, the first one being last year, in which he baffles the interviewer(s) by saying that a USD 1 BILLION hedging loss BENEFITED Cathay! Incredible!
Cathay Pacific Benefitted From Fuel Hedging Strategy - Bloomberg Business
Cathay Pacific Benefitted From Fuel Hedging Strategy - Bloomberg Business
Join Date: Aug 2007
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I have never heard the man speak before, that was absolutely tragic. He does not strike me as intelligent and is certainly not dynamic. What an absolute disgrace this is the CEO of our company.
I am truly at a loss for words.
I am truly at a loss for words.