Read my post again and and try to comprehend what I said.
There is the work there for skilled workers for the conversions. So they should be used rather than outsource it.
Your rant amuses me.
Printable View
Whats a disgrace is the reporting and the unions trying to score political points. I'm an engineer at air nz. We have two unions,EMPU and AMEA. Everybody(who doesn't have their head up their a***) has known for years this is coming. The 787 needs 10 year heavy checks,not five. The old aircraft are getting phased out from all fleets so there is no work out there regardless of the exchange rate.It'll cost 12 mil extra to do the upgrade work in NZ and would give the workers an extra year of work before the inevitable happens. The company put a very good offer to the employees for their collective.If it was accepted the work would be done in house. The hook was it had to be agreed so there would be no industrial action while the upgrade was on. The EMPU took it to it's members. 78% voted in favour. The rest want 20% or they'll chain themselves to the gates! Lol. The AMEA lawyer(husband of the secretary) deemed it an illegal offer and refused to take it to the workers. IDIOT. 50 workers in my hanger alone quit AMEA. As it wasn't ratified,the company did what they said and are taking the cheap option and putting the work overseas. The AMEA is now calling it the companies/national fault. I can assure you very few workers are blaming the company.
Anywho, over 140 workers in AKL are over 65 and 40 over 70 so hopefully they do the right thing and fall on their sword.
The world turns,things dont stay the same and companies evolve or die.
Modandm, I guess that is what you saying and I agree , but a bit of sensitivity mate. Thats 180 paychecks not going to feed families.
Thanks for sharing this slimwin. I do recall you told us on this forum not long ago that this was coming. I am shocked to read the detail as you have explained it here. Where is the media and why don't they rip into this a bit more and get the real truth out ?
As for modandm, I will come to his defense as his posts, especially on this thread, have been extremely valuable. His most recent post was out of character and I just put it down to him having had a hard week or a hard Friday arvo !
Thanks Slimwin - a very interesting post. It's good to hear the other side of the story. I have heard that the airline would look to redeploy some workers; what roles do you think they would fit into?
Aircraft efficiency does come with some other costs unfortunatly, doesn't it!
It'll be a unified workforce that copes with the light and heavy maintenance. Makes sense to me. New positions will be created to do this but of course there will be net loss.
My hat goes off to modandm. I quote his figures at work to gain cred at the coffee table! I certainly wasn't having a go and hope it didn't come accross as that.
No surprises that the NZ media just quoted the unions press release as gospel without bothering to find out the whole story.
Thanks for that insight slimwin. I can get quite defensive of the airline - labour relations are always difficult but NZ has done a good job of building a good culture and I hate to see misinformed commentators jumping to criticise. No doubt will be more labour/green garbage rolled out this week when the airline announces a profit (albeit a modest return on assets invested) - didn't hear much complaining about AIA and the 'yield improvements' in their parking operation supporting another record year of profits... makes me sick.
Lets hope the union pulls its head out. Not many companies would bother negotiating considering the prospect for $12m of saving by sending offshore - my feelings are a bit mixed. On one hand its the right thing to do, and on the other $12m is a lot for industry where profit is hard to come by. The long term thinking of management in doing the right thing through challenges like Chch and this is commendable and a strong culture has permeated the airline (much unlike at Qantas). Overall this is value enhancing for shareholders.
The Aussie unions sealed the fate of Qantas heavy maintenance. No surprises nearly all the union reps at work,on my base anyway, are English or Australian. The default mode for this tired union model is confrontation regardless. The last three negotiations the company has made good first up offers as opposed to start low and meet at the middle. It makes the unions a little redundant and I wonder if they are feeling like that.
I hope for the guys in AKL that they snap out of it. That extra years work would make it a whole lot easier for guys to plan their future. I'm sure many will take other jobs over that period and lesson the need to actually sack many people.
Last chance to buy before results come out tomorrow. Any takers?
Apparently not *shrugs*. Tough crowd. I've got mine already.
Bulltrap, you know it, I know it, the analysts know it... tomorrow will be a fruitful day and I shall give you a virtual ~~~**** Hi 5! ****~~~
Suckers not buying in at this level... anyway... the non believers could probably still get on the plane last minute if you are ready for a quick take off...
Can't Share Trader add a "Like" feature?
Anyone have an idea of what the results tomorrow will look like?
best you hold onto your socks if you own some...
I outlined expectations on page 61. 17c EPS, 4c Div and around 260m in normalised pre tax profits is expected. Guidance to this was recent so don't expect massive difference. Hope for a bigger dividend, good progress on cost savings and guidance that forward bookings look strong.
Consensus for FY14 is 290-315 and I think this is low and it should be 350-380 therefore guidance will be key.
Lets see
Air New Zealand profit more than doubles
9:03am, 29 Aug 2013 | FLLYR
Air New Zealand today announced earnings before taxation of $256 million for the 2013 financial year, an increase of 172 percent on the previous year and the company’s best result in five years.
The net profit after taxation was $182 million, which is $111 million or 156 percent up on the previous year.
Operating cash flow was the highest ever at $750 million, and the company reported cash holdings of $1.15 billion. Gearing improved seven percentage points to 39.1 percent, a record low for the airline.
A fully imputed final dividend of 5.0 cents per share has been declared, taking the total dividend for the year to 8.0 cents per share, a 45 percent increase on the previous year.
Chairman John Palmer says the result places Air New Zealand amongst the best performing airlines globally. “We are focused on further improving on this result in the 2014 financial year. Based on the airline’s forecast of market demand and fuel prices at current levels, early results and forward bookings are encouraging.” he says.
“This result is one that investors, Air New Zealanders, customers and our nation can be proud of. It marks the start of an exciting new phase as Chief Executive Officer Christopher Luxon and his management team drive their Go Beyond strategy to grow the airline,” Mr Palmer says.
“Strong results allow Air New Zealand to reinvest in its products, services, training and development to further enhance the customer experience and to connect more people and businesses than ever to, from and within