Virgin (Et qq autres ) veulent la peau de Qantas , bien embourbé dans des options plutôt contestables !Notre ami Ben Sandilands
en remet une couche !
Virgin Australia se divise (Pour mieux règnier ?) entre une compagnie locale et une internationale !
Objectif visible, affuter Virgin Australia, malheureusement sur le terrain de Jetstar, la partie la plus rentable de Qantas !
----------- De Crikey, Ben Sandilands
, le lien, et un extrait ---------http://blogs.crikey.com.au/planetalking/2012/02/23/virgin-australia-qantas-and-its-leadership-crisis/
Virgin Australia, Qantas, and its leadership crisis
February 23, 2012 – 4:55 pm, by Ben Sandilands
Virgin Australia did its bit today to make news by adding to leadership tensions at Qantas.
Virgin Australia’s CEO and ex Qantas senior executive John Borghetti delivered astonishing first half year results, in which the smaller airline made more by way of statutory net profits after tax of $51.8 million than the entire Qantas group, which made only $42 million by the same measure in its results to 31 December as announced a week ago today.
Its tiny international operation made $35 million EBIT, compared to claims by Qantas CEO Alan Joyce that his group’s far larger Qantas long haul operation continues to lose more than $200 million a year, and unlike Qantas, Virgin Australia’s loyalty scheme earnings contributed comparatively little to the overall result, which was based overwhelmingly on profitably flying people rather than selling halo points to third parties like grocery chains or hotels.If that wasn’t bad enough for Qantas, Borghetti also announced a plan to split the company into a domestic Virgin Australia Holdings company and a new unlisted Virgin Australian International Holdings unit with a view to greatly increasing investment in the domestic operations where both Qantas/Jetstar and its major competitor make most of their money.
The complex split plan, in which existing shareholders are given shares in the new unlisted international company by way of an in specie dividend, has a rather simple but unstated objective, which is to facilitate any desire by Etihad Airways or other interested foreign airline or institutional investor to buy their way into the share register as significant and rich equity partners who will help fund a major assault on the Qantas Cityflyer domestic trunk routes as well as grow the connecting traffic Virgin Australia is bringing to Etihad’s hub at Abu Dhabi.
This will require FIRB approval, and it might well be fought tooth and nail by Qantas, but it potentially allows an already profitable challenger airline group to fund ambitious expansion plans.
For Qantas, the pressure points are obvious. Joyce is being outflanked where it hurts, and has a poorly articulated Asia savior plan for a part owned premium carrier that is somehow going to fund the recapitalization of a shrinking and loss making long haul Qantas operation with profits from a venture that will be substantially owned by Jetstar’s most potent Asian competitor, Air Asia and based in Kuala Lumpur, a centre from which it will compete with the existing Qantas investment in Singapore as a combined Qantas/Jetstar hub.
Investor doubts about the rationality and practicability of the Joyce plan, in its various iterations, and their inherent absurdities and conflicts are growing by the day, including the Qantas CEO’s guidance a week ago today that he now wanted it to be ‘capital light ’ with a fleet that Qantas paid for in the smallest possible measure.
The ‘hello Asia, we want a free ride to take your business away’ message is not going down well, either in Asia, or in Australia.