EK Financial Results Announcement
 

Rumoured to be planned for 07 May.

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...?

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.

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

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..

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.

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.

fliion; a solid well balanced and rounded analysis for subscription :ok:

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

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.

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 :mad:

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…

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.

EK Financial Results Announcement
 

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.

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!

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 :ok:

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

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...

EK Financial Results Announcement
 

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...

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.

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.

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.

I think you missed my irony-indicator!

I meant that 90 hours would be a luxury compared to the monthly totals in the future which can only be 100 every month.

Stand by for a pay rise of 3% with a removal of the 92 hour overtime threshold in return, resulting in 100 hour months as the norm. Good luck with that one.

:eek:

95 hours confirmed as new normal at washmeeting this week
 

I went through a recurrent "wash up" this week and we were told that 95 hours will be the new normal for the next year until recruitment can catch up.

I interept this as 95hours being the new norm not or the next year but for ever, very few of us remember the 80 monthly limit prior to 2009.

We also need to remember that we are still paid for 80 hours of flying and not for the additional ten hours we are now flying.

I agree with the previous post 100 hours will be the new reality.

I think you are flying an Extra 12 hors Desdi, 92 would be the norm at the moment.

I just found out that the UK elections are May 7 and that doesn't bode well for us pilots. Emirates will try to bury our shafting with all the coverage of the election, plus the 7th is a Thursday so they will announce a dismal bonus around 3pm and quickly leave for the weekend.
The bonus has to be 15 weeks.

In the past when they have had good results to announce they have adjusted the date to avoid clashing with other newsworthy events, so it seems unlikely they would go for the same date as the UK election.

They will announce a record profit. They just might not share it, but the media won't care about that.

When have they ever not shared it?

Even if you assume they under-state their profit (which I don't think they do) they have always distributed the profit share as per the stated formula.

The Joker in the pack is how big a dividend they give to the Dubai government, but aside from that they have never given less than the stated share of profit above target.

Gentlemen - it's not the profit share that you should be concerned about but rather the pay review.

All I wish for is to see one of the "veterans" come up with a solution to combat the pilot shortage

Apparently EK is struggling so bad that only short term solutions are on the table .

Increasing hours / lowering requirements (hopefully for the sake of our children not standard) is no answer

The media is uncovering the truth about EK .. And any pilot with a tablet/smart phone with some wits about him/her will quickly discover this is a dying job and has burned its trick box .

I wish all potential candidates success but I urge them to do a bit of a research before they get too involved

Short term solution! Anyone see today's company notams? WOW!!

Silky,

You mean WRT CI?

IF this is down to minimising flying hours for the crew, it's an INCREDIBLE admission that thing have gotten critical!

Not often speechless but that is a mind-blower....

If someone had posted that notam here I would have assumed it was a very late April Fools exercise.

Whatever can it mean?

Surely it can only mean that schedules are so unrealistically tight, CI400 is the only practical way to crew them while keeping duty times to a minimum. Or fuel is about to become incredibly cheap. Yes, they must be desperate.

Well, save 5 mins a sector per pilot, 3700 pilots doing, what? 200 sectors a year, equals 60 000 hours odd, or around 65 pilots a year doing 900 hours they don't have to recruit.

And it's only going to cost them and the environment a few tens of thousands of tonnes of fuel........

Wow...this can only mean one thing - a serious increase in our package! Paying the two guys up front an extra 20% per month would roughly cost less than one average sector at CI400. They may be stubborn, but there's no way they will be happy throwing that much money away. As we all know, money rules over everything with these guys therefore paying us a bunch more and attracting new recruits is the cheapest option.

The word desperate comes to mind

Was my 1st thought when I read the notam, bloody noisy to at .854 at FL280:E

This looks as though it's a bandaid on an arterial bleed, and I wonder if it's coming out of a departments budget that's been running at a surplus etc, such that it will merely be hidden later on :E i.e. Idle reverse? Brake wear v fuel burn.

I completely ignored the directive...it could be for political reasons...?

:eek::ugh:
A picture paints a thousand words!

Lets Review:

*Protect the hub
*RTA
*Go fast
*Go slow
*Go really slow
*Protect the gates
*CI 400

Call Homer, there is a meltdown at the reactor!!

Possibly due to the GCAA looking to save face after the WSJ article- stand by for sign-on to be 1:30, which will make some turn-arounds impossible unless we go fast.