EK Financial Results Announcement

[trimotor]

Rumoured to be planned for 07 May.

[lospilotos]

Makes sense, been on a Thursday first full week of May for the last few years...

Big question is, what kind of announcement...? Big thing in HQ or just a quiet email...?

[montencee]

Nobody on the line whether they are flight deck, cabin crew or techs seem to care much this year.

Even 12 months ago there was a slight buzz leading up to the profit share announcement.

This year the mood is mainly indifference.

[alwayzinit]

Montencee, I think the reasons for the lack of interest are something along the lines of:
a) Whatever the results we will get screwed over.
b) One hell of a lot of people have mentally move on from EK, so aren't bothered.
c) the money thrown about is not the issue that is driving people away, it's the lack of a life/leave, no recovery and being treated like dung.
Just my twopenn'uth

[lospilotos]

Well what I hear is more like "If it´s not 18 weeks and 20% pay raise, I´m out of here...", perhaps that´s why the buzz is missing..

[fliion]

I have been keeping records since 2008. Here is what I have.

Pay raise/profit share since May 2008
05/08
12% 14 wks
05/09
0% 0 wks - GF Crisis (In actuality a 15% pay cut due to pm hours 78-92)
05/10
6% 3wks
05/11 (edu fund 32-40/54-60)
8% 12wks
05/12
3%
05/13 (edu fund 40-42/60-63)
3.5%
05/14 (staff travel erosion)
3% 3wks (edu 42-46/63-70)
housing up to16075pm for CAPTs

2012-13 prof target 3.5bn dhs (achvd 3.1bn) 10/5/13 - Target not achieved - no profit share

13/14 target 4.22bn (1st half 2.2bn) 8/5/14 - 4.1bn achieved - Target not achieved- 3 weeks profit share

So now to this year.
2014/15 target 3.7bn (rwy closure)
1st half achieved 2.2bn - this means that in the second half the required profit to make target is $1.5bn. In light of the fact that we achieved $2.2bn with a runway closure and oil @ $100+ - I believe that the profit number will blow the target off the charts.

Whether or not this translates into a significant profit share shall be interesting.

My own belief is that it will be decent.

Enough? Since they scrapped the 78hrs per month, nothing tastes sweet.

f.

[Dropp the Pilot]

Slight correction for the last two annual increments. If you are one of the truly valued, extra-special, company watch-receiving, higly experienced pilots your increases over the last two years were 0.5% and 0.0% respectively.

Oddly enough, those margins exactly reflect my interest in contributing to the bottom line that produced this humbling largesse.

[kirungi1]

fliion; a solid well balanced and rounded analysis for subscription

Dropp; I think fliion makes a fair point of a likely shift of "those margins" to our advantage!

[fliion]

Dropp - correct I have amalgamtad the 'Steps' and raises for simplicity.

One question I have should anyone have the answer:

Under the new staff travel pricing - the fares were set when oil was $106pb.

Have the staff travel prices adjusted downwards in line with oil? Or are they the same? Thus garnering twice the profit from employees to co. due oils collapse.

Not flame , genuine question.

f.

[Saltaire]

I'm not sure if it's such a good idea to expose the world to these figures, but ok. And to clarify again, do not include the "step" as an increase in pay. Every company has a yearly increment cost of living increase. So we received .5% and 0% in the last couple years. Fantastic

Fliion: No change to the staff travel pricing. New normal

FYI: The change in '09 decimated our working conditions ( 78-92 hours/month threshold ) and sadly even when things later improved they have yet to retract or reduce these changes. It's by far the most devastating change to us and have benefited them the most. Time for a another nap to try and recover….

May 7th sounds about right. Expect the unexpected. I'm guessing a reasonably good profit share. The pay review will be the most telling…

[ridingthetops]

Fliion

As far as I remember your figures are very accurate.well done job.

My expectations are 16 weeks and 8%(included the normal step) for this year.

[Shaky Hands]

I expect in the current climate that a reasonable pay rise is in order, 12% including the step is the very least I'd be happy with, along with increases in edu/flight pay. We know they are going to announced that they've smashed the profit records so therefore the share should be a record one. It will be interesting to see how they would explain it otherwise.

[flareflyer]

I think that rather than the pay increase would be more important to reduce the hours flown per month.
I don't care to make loads of money if i keep flying 90 and more hours per month!
let's not be as greedy as they are!

[Longdukdong]

Does anyone else remember two years ago? All the talk onboard was about the bonus. Not if there would be one, but rather just how BIG it would be. I don't know that there was a consensus, but I can't recall too many predictions less than eight weeks. Of course, the final result was 'Hello Zero'. I really hope we aren't setting ourselves up for a big disappointment.

So, this year? Eight weeks? Ten? Twelve? I'm guessing five weeks and five percent, but I seriously hope to be surprised. Anything less than eight weeks and immediately after the announcement this site will be flooded with complaints and predictions of the final nail in the coffin. We'll see

[Kapitanleutnant]

I'm with Flareflyer….

Would rather be flying 75-80 hours a month than any pay rise or bonus to be honest.

What good is a pay rise if you're unable to get around and enjoy because you're health is affected.

K

[VLS with ice]

Been here a while: Never hold your breath for a bonus!

All for reduction in hours too, however you need pilots for that, either staying or joining. Only way is make package more attractive than others.

90+ hours to stay till numbers increase significantly...don't hold your breath for that either...

[Mr Good Cat]

Well you are flat-out wrong about 90 hours per month here to stay, as the new FTLs effective Feb 2016 allow 1000 hrs per year so make your own conclusions... New roster system with less choices and rumored 3 days off in a row.

If this was 2009 I could see it working in their favor but now the choices are there the rats are jumping as she sinks.

What to do...

[Neptune Spear]

This year will be the largest profit ever.
The target is lower than last year.
Oil is the lowest it's been in years and projected to stay low for another 2-3 yrs.
Hence, the largest profit share ever!
All this talk of just 5 or 6 weeks profit share is just crap.
Wake up, we deserve what is due us and that is 15 weeks.
What else are they going to do to attract pilots? No one wants to join and plenty of pilots want to leave.

[VLS with ice]

Mr good cat,

With one month easily covered for leave, groundschool, ppc's etc you have 11 months for 1000 hrs. That equals 90+ a month, it will actually be closer to 100.

[Fromagio]

While a healthy profit share and pay rise are well over due, it's not about the money. This is a short term morale booster however we are working to an unsustainable limit which is impacting negatively on our health and family/social lives, this where the real change needs to be - a reduction in monthly flying hours and for that we need crew. I've heard a rumour that a 'big change' is coming with regards to our T&Cs in an attempt to attract more pilots but let's see.