2009 Profit Results
 

Cathay Pacific 2009 Results

HKD 4,694 million profit (US $602 million)

10 cents dividend

Confirm there was no valid Profit Share policy for 2009????????????.........I must have missed that announcement!!!

Good to see SLS takers get their cash back though.

Only 90% for Level D, though

WTF Over???

Captains are Level D

Is this ID90 leave?

MuthaF@#kas
 

Typical F%#kin' CX Wankers

Entrust the jet to the professionals- Capts, FOs, and SOs, let the buck stop with only one person, the Capt, but shaft him/her on the "Ex-Gratia"

F%$kers.

Capt- we need your help please......"FU$K OFF":mad:

So I got 4 weeks extra leave, and they have paid me back for 90% of that. SLS basically cost me about 3 days pay. In the meanwhile during 2009 I made EFP equivalent to about 20 days pay.

Sweet! :D

BTW

Level A are Cabin crew, ground staff etc
Level B S/O's
Level C F/O's
Level D Captain's and Managers
Level E General Managers

No commander discretion :*

Bugger that, everyone new they would screw the SLS takers.

What I want to know is where is the rest of our 13th month after such a good profit?!? (and no, I don't believe "serious" Tony that "things aren't really that good").

That 2 weeks was paid in anticipation of a poor P&L statement. Now the truth is out, I want my contractual 13th month!! :mad:

(..and my BPP, and my seniority-based airline, etc...)

Sounds like equal sharing of the pain, not.
Can't wait to see the Level E bonus seeing as they don't consider this a good profit.

Yeah but what you don't understand is that if you make a 4.7 billion dollar profit and then, as Tony says on his message, you take away all of the major contributing items that made the profit (which, by the way, is still part of the business plan) you really haven't made that much. Have you?

Smoke and mirrors!

Oh, also, we forgot to renew the Profit Share policy but this will be put in place for next year. Yeah right!

"The Company's Share of Profit Policy for 2010-2012 will be announced in due course. There was NO SHARE OF PROFIT POLICY FOR 2009 as the previous policy for 2006-2008 had already expired."

How on earth can the Company get away with this ???

So the Profit Policy has lapsed for 2009 & they've let an oversight like this happen ?? This needs explaining on the behalf of the Company just HOW this could have been allowed to occur.

Let's turn the tables for just one minute here. Would the Swire boys allow their Bonus Policy to lapse for 12 months ?? Hell would freeze over before that would happen, but they simply brush this off as though it was a minor missive.

I think the AOA should be asking questions why this was allowed to happen.

How this company can discriminate against the one group who willingly gave more (both in cash AND percentage terms) than all other groups in the SLS scheme, defies belief! It is discriminatory in the extreme. Especially after generating their $4.694B profit ... I'm just blown away.

As for Level E and above: be assured ... TT and his bunch of crony crooks will recompense themselves handsomely. Trouble is, they are so SLIMY and adept at hiding the detail, you will never quite work out how they did it.

But fear NOT ... I and many of my Level D colleagues will be every bit as SLIMY and adept at ensuring they never see how WE get our missing 10% back ... but most certainly, we WILL! :ok:

"Relevant Amount"
 

Can somebody please explain the "Relevant Amount" for certain Cockpit Crew who elected to change to COS 08. I just dont understand it in plain english. Thanks!

They just change their policies at a whim to suit themselves. What rubbish to say that the previous one expired. Were any of us told that the scheme was only valid for a certain amount of time? It is almost as if they are saying their hands are tied, because there is no policy to give us any money. Makes your blood boil doesn't it?

When I was in the air force I was also a financial adviser & internationally acclaimed hamster breeder. These extra curricular activities gave me the necessary managerial skills to be of great assistance to Cathay Pacific.

I personally devised the COS 08 scheme as a way of giving back to the aviation community. Sure I could just retire but it would be such a waste of experience and a loss to the younger generation that need my tuition. Especially the G.A. guys who can't land planes.

It's good to see that the iSuggest system works. I'm proud that they implemented my recommendations to help turn this profit & retain the experience within the company.

Did you know that I was one of the best guitar players in the whole of the RAAF?

gear down and flaps 20 at 3500' and flaps 30 at 3000' will help with getting it back...everybody should be adopting this method , remember 1500' is the limit right ?:ok:

Intracx->"CX & You" tab-> Home> Cocpit Crew > Salary & Benifits > Profit Sharing Scheme.

"The Policy of the Cathay / Dragonair Profit Sharing Scheme will apply for the Benefit Years of 2006 to 2008"

Have we let ourselves be duped?

If you look closely, staff expenses increased from 2008 to 2009 (HKD $12,428 Mil to HKD $12,628 Mil).

This is despite a hiring freeze, SLS, and attrition/retirements.

To explain this increase, they state:

"Increased due to provision for bonus partly offset by savings from no pay leave."

So now who exactly is getting this bonus?

Does the lack of a 2009 profit share policy mean executive profit share (ie. bonus) are not going to happen?

Toss, I think your coup de grâce was having the funds payable as an ex gratia payment, that way eliminating the provident fundable element. Pure genius !
I am certain you will formulate another scheme to inspire the troops to come to the companies rescue in it's next hour of need. Perhaps you could also devote some time to that pesky mark to market stuff, we need to blur the lines when we next make a bookable gain.
Inspiring indeed.
As an aside, were you not the Sao biscuit champion of the RAF?

My understanding of "relevant amount" for those who signed CoS08 in lieu of taking SLS is the amount of SLS they WOULD have taken had they NOT signed CoS08. So, in plain English: 3 weeks pay for FOs and 4 weeks pay for CNs

In other words, those who signed CoS08 in lieu of taking SLS will get a bonus of 3 weeks pay or 90% of 4 weeks pay in April. However, those people did NOT get 3 or 4 weeks of extra vacation.

The bonus is the "special ex-gratia payment" I am guessing.

firewall, the SLS deduction did not affect the provident fund payment. If you look at your pay slips you'll see that your provident fund payment was the same as it would have been without SLS. Therefore, when paying back the SLS, of course the company does not pay an additional provident fund percentage.

valid and thanks, I now feel only partially violated.

Sao biscuit champion from down under Fire Wall (RAAF) you know? the ones who taught the RAF how to really fly :eek: We'll that's what I tell everyone anyway, have to be sharp to cut the mustard on the Caribou.

Is it delusions of grandeur or grand delusions? Anyways I'm pretty good at most things just ask me.

Like I previously mentioned. Just who is responsible for this oversight that the Profit Share Scheme was allowed to lapse ??

This is simply criminal. Oh & BTW, as the SLS payback is 'ex-grata', there will be no 15.5% Provident Fund payment. So if you're Level B & C, although you get 100% back, you still loose out on your 15.5% Provident Fund. For Level D this equates to 25% down.

Again, serious questions need to be asked of senior Management as to just how they can so 'conveniently' forget that the Profit Share Scheme was allowed to expire for 2009.

I'm fuming !!!

Well as I mentioned up the top of this page, it's in plain sight on intracx, so I'm not sure who you could blame other than yourself?

Love how they include mark-to-market losses in last years results, but are quick to remove it from this year to make operating profit smaller. Cant have it both ways.

I would hardly call this profit marginal therefore we are owed 2 more weeks of 13th month.

IFP

No Blogsey, I don't accept that as a valid reason.

Cx & Swires proclaim themselves to be honorable business dealers. Are you now suggesting that we need to continually review out contracts to ensure that Cx aren't deceiving us ? Is that what working for one of the Worlds leading airlines means ??

Quote:

---

But fear NOT ... I and many of my Level D colleagues will be every bit as SLIMY and adept at ensuring they never see how WE get out missing 10% back ... but most certainly, we WILL!

---

Yep. I suspect that captains in overtime will make sure that the 10% is taken into account in block time. I also expect that a captain’s sickness rate will increase by at least 10% for the months when they are not earning EFP, and fuel burns in those months also increase with reduced work hours.

The good news for F/Os and S/Os shafted by age 65? Time to command will reduce with the lack of available commanders (small recompense I know, but a token from your colleagues, and any EFP will also be increased for you too).

I've always been pissed off with the level D+ category for SLS. I am a pilot not a strategist/manager for the company. The major losses over the last couple of years were corrupt business strategies (cargo fines) and fuel hedging (almost redeemed themselves, but still an unsatisfactory system from year to year. I know it just accounting practise). As a captain I didn't make those decisions, so why isn't there a category E in any of these things? Why just D+? The captains make decisions on the spot for fuel savings, efficiency with short cuts, on time performance. We might not be so keen to do so now.

Overall efficiency of the major operation of the airline is reduced, with extra training costs, extra fuel burn and EFP payments, lack of productivity from sick pilots.Who loses? CX as a company for being complete pricks to the people that are in charge of their revenue source. The 10% is going to cost alot.

Lying Swine's
 

These guys are Lying Swine's ! They should get in jail the lot of them!

How much profit will be available for distribution under the Profit Share Scheme?

Under the current Scheme, we should get $215mill

What is 'Margin'?

Operating Profit after Tax
Margin = ---------------------------------
Turnover net of Recoveries

Margin = Profit/Turnover = 4300/64,400 = 6.6% * 3/4 = 5%
5% of Profit ($4300) = Avail for Profit Share $215 Million

Amount we are getting = ZERO! And we they only tell us now there was no formula valid!
And they expect us to go the extra mile.

Why 90% of SLS for LvL D that 10% just pisses on our heads!
Done as a litmus test, to test if there will be a reaction or not.
(Abit like a frog being boiled alive very slowly, at first he does not react)

If we don’t react to this they come back for more!

We are certainly Modern Slaves if we cannot stand up for ourselves.
Two choices
Never mind keep visiting those cheap girlie pubs down route buy the latest Iphone to download World Cup Games to watch in the flight deck while the other guy is taking his controlled rest. :ouch:

Or
Take a stand, be professional. Join together somehow. Contribute to forums, write to AoA, pay more subs, get more professionals on board. Take CX to court win some cases. :ok:

Lets get some life back in our Souls!:)

Blimey, Is the glass always half empty with you lot?..... at a time when the whole world is enduring unemployment, redundancies and a general tightening of the purse strings, we get an extra 3 or 4 weeks leave....most of us exactly when we want it, then we get paid for all or most of it too.......jeeeez......how angry would you all be if something actually bad happened.......come of it chaps....you all said we should be paid back our SLS and for the most part we have..enough said

What a job, huh? 9-10 weeks paid leave! Better than those French people who spend the whole summer on vacation in their Hymermobiles.

No SORVAD, those who paid the most have been returned the least.

It is inequitable. Surely not that hard to get the concept?

Crewsunite: Did you mean "Are-souls"?!

[QUOTE]What a job, huh? 9-10 weeks paid leave!/QUOTE]

Easy on, what about the 3.5 year SO's with their massive 3 weeks leave per year, with the extra 2 making it 5 it's still not what they are entitled to in a normal year as an FO getting 6 (9 if you count the SLS payback).
Oh well the good thing is that SO's can't afford to take any leave anyway.

They will do what they want. Expiry or no expiry they dictate whether such a scheme exists or whether it is even referred to. It is not something which is contractual so even if 'we' had noticed it and said something, I do not believe for one minute that it would have made them pay profit share to the staff. They would simply have come up with some reason not to pay it anyway.