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  Good123 cash burn quarterly, mana boleh tahan :) AIRASIA GROUP BERHAD (Company No. 1244493-V) SECOND QUARTER REPORT ENDED 30 JUNE 2020 7 UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENTS The condensed consolidated cash flow statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2019 and the accompanying explanatory notes attached to the interim financial statements. 30/06/2020 30/06/2019 RM'000 RM'000 CASH FLOWS FROM INVESTING ACTIVITIES Property, plant and equipment - Additions (92,987) (56,700) - Proceeds from disposal 9,382 1,013,210 Addition in intangible assets (4,675) (12,459) Proceeds from other investments 4,261 - Additional investments in investment securities - (7,725) Additional subscription of shares in associates - (147,001) Investment in joint venture (2,025) Net cash (used in)/generated from investing activities (86,044) 789,325 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 148,317 311,224 Dividends paid - (401,037) Interest on lease liabilities (141,369) (231,141) Repayment of borrowings and lease liabilities (631,997) (1,656,645) Net cash used in financing activities (625,049) (1,977,599) NET (DECREASE)/ INCREASE FOR THE FINANCIAL PERIOD (1,667,019) 64,591 CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL YEAR 2,588,097 3,326,921 CURRENCY TRANSLATION DIFFERENCES 75,043 (164,548) CASH AND CASH EQUIVALENTS AT END OF FINANCIAL PERIOD 996,121 3,226,964 22/10/2020 7:59 PM Good123 HONG KONG: Cathay Pacific is to slash up to 5,900 jobs and shutter its Cathay Dragon subsidiary, the Hong Kong carrier said Wednesday, joining a growing list of airlines making swingeing cuts as they reel from the coronavirus pandemic. Across the globe, airlines have been hammered by the pandemic slashing international travel and they face a long, hard winter after a much-hoped-for rebound failed to materialise. On Wednesday, Cathay Pacific published a corporate restructuring plan that will lead to thousands of job losses and one of its airlines to disappear completely. "The global pandemic continues to have a devastating impact on aviation and the hard truth is we must fundamentally restructure the Group to survive," CEO Augustus Tang said in a statement. "We have to do this to protect as many jobs as possible and meet our responsibilities to the Hong Kong aviation hub and our customers." Bosses said 5,300 redundancies would be made among the airline's Hong Kong-based employees with a further 600 losses overseas -- the equivalent of 17 percent of its total workforce. Including a recruitment freeze and natural attrition, 8,500 positions will disappear in total. Cathay Dragon, a subsidiary that primarily flies shorter-haul flights within Asia, will cease operations. The company is seeking regulatory approval to absorb Dragon's routes into Cathay Pacific and its budget airline HK Express. Airline revenues plunged 80 percent in the first six months of the year, according to industry body IATA, but they still had fixed costs to cover -- crew, maintenance, fuel, airport levies and now aircraft storage. Repeated efforts to reassure passengers that air travel is safe have failed to make much of a difference while government restrictions, including quarantines of up to 14 days for returning passengers, have only added pressure. Dozens of major airlines have slashed jobs in response. Even before the pandemic, Cathay Pacific was in a tight spot. Months of huge and disruptive democracy protests in Hong Kong last year led to a plunge in customers, especially from the lucrative mainland Chinese market. The airline also found itself punished by authorities in Beijing because some of its employees joined or voiced support for the protests. By the time the pandemic hit at the start of the year, Hong Kong was already in recession and Cathay Pacific in the red. Tang said the airline was currently burning through up to HK$2 billion ($260 million) in cash each month during the pandemic. "This is simply unsustainable. The changes announced today will reduce our cash burn by about HK$500 million per month," he added. There is scant hope on the horizon. In a note to investors on Monday that detailed its most optimistic scenario, Cathay Pacific said it expected to run at half its pre-pandemic capacity next year. One of the biggest disappointments for airlines has been the absence of highly lucrative business class travellers who prefer now to rely on tele-conferencing rather than run the risk of catching the virus. Airlines are hopeful that better testing procedures at airports and "travel bubbles" between countries might encourage more people to fly. Work on the latter has been slow, especially as the virus surges for a second time in Europe and North America. Last week, Hong Kong and Singapore announced plans for a "travel bubble" to allow people who test negative for the virus. Once the scheme comes in, passengers who test negative for the virus will be able to travel on dedicated flights and not need to quarantine on arrival. - AFP 22/10/2020 8:11 PM Good123 KUALA LUMPUR (Oct 22): The Malaysia Aviation Group (MAG) has offered a voluntary separation scheme (VSS) for employees while negotiations are ongoing with creditors and lessors over Malaysia Airlines Bhd’s (MAB) restructuring plans. The MAG Early Retirement Application form, which was sighted by Bernama, is aimed at employees across the board including its subsidiaries MAB, MASwings, MAB Kargo, AeroDarat Services, Firefly, Hijrah Biru, and the MAB Academy. The exercise is targeted at Malaysia-based employees aged 45 and above who have served the company continuously for a minimum of 10 years, including years of service in the Malaysia Airlines group. Commenting on the move, National Union of Flight Attendants Malaysia president Ismail Nasaruddin said the decision was considered “fair” in view of other airlines’ extreme decision to pare down entire operations before offering any separation scheme or compensation. He said the VSS offer had been made and it now depended on the employee whether or not to take up the offer. “They (MAG) are not paying much; the VSS offer is only for three months’ salary. “If the outcome from this offer doesn’t match with the numbers they are looking at, then more drastic measures may be implemented such as termination or retrenchment,” he told Bernama based on information gathered from internal sources in MAG. Ismail believes a retrenchment compensation would likely offer less than what had been offered in the VSS, and about 50% of MAG’s employees are eligible for the offer, including those transferred to the group during the corporate restructuring previously. As for MAB, it still has a 12,000-strong workforce despite facing challenges from the pandemic that caused the airline and the industry as a whole to suffer from weak demand. 22/10/2020 8:12 PM wongchin Today seem shark sell on news. Maybe shark waiting for this kind of news to off load their big no of share to some sohai aa chaser. 22/10/2020 9:16 PM ivanlau --------- quote ----- Stock: [AIRASIA]: AIRASIA GROUP BHD Sep 6, 2020 8:40 PM | Report Abuse ------------ quote ----------- Stock: [AIRASIA]: AIRASIA GROUP BHD Jul 6, 2020 7:43 PM | Report Abuse sorry to say...... new tp 65 - 70 cents........... ----------- unquote ------- As per my new calculation, new tp now change to 55 cents. ---------- unquote ------- today closing 0.555 just match my prediction at 6/sept - 55 cents 22/10/2020 9:37 PM mdesa5057 https://www.msn.com/en-my/money/topstories/rm300mil-loan-for-airasia/ar-BB1ah6qv?li=BBr8Hnu&ocid=iehp 23/10/2020 9:08 AM mdesa5057 KUALA LUMPUR: AirAsia Group Bhd dipercayai memperoleh pinjaman RM300 juta dari Sabah Development Bank Bhd (SDB) untuk mengekalkannya di tengah-tengah wabak Covid-19. Pemerhati pasaran yang bercakap dengan syarat tidak mahu disebutkan namanya mengatakan syarikat penerbangan tambang rendah (LCC) kemungkinan akan menggunakan pinjaman itu untuk membiayai operasi tempatannya termasuk membayar gaji pekerja dan penyewaan pesawat. 23/10/2020 9:10 AM Donator Is "LOAN" not income , is "LOAN" not income, is "LOAN" not income..be careful... 23/10/2020 9:19 AM Godofgambler Tony was right. We cant live in the cave forever. People need to fly. 23/10/2020 9:29 AM yong1985cm if bank of sabah willing to lend to AA, what on earth at this point of time got bank willing to borrow to him? isn't the bank is not stupid and have did its assessment that the AA biz can be sustained during covid19. May be AA have solid evidence/prove provided to bank of sabah that there are other funding coming in, then only bank of sabah will relief and granted the loan of RM300mil? the rest of the funding is in pipeline and coming? 23/10/2020 9:31 AM sampooler 【新冠肺炎】研究指客机上感染风险低 世卫：但非不可能 https://www.orientaldaily.com.my/news/international/2020/10/23/370816 23/10/2020 9:47 AM Godofgambler Yong1985.. Airasia are doing something different.. They are diversifying. They have upcoming Santan restaurant outlets. IT platform like alibaba.. Doing some online sles not mistaken... 23/10/2020 9:49 AM DChosen2 People will start flying despite the pandemic but with new SOP as norm. A BIG FAT BUT is AA's business model is based on cheap affordable ticket with quantity to support its profit margin. Unless they changed into premium luxury like SIA, I dont think they can survive. 23/10/2020 10:14 AM Bearrabbit Better sell buy American. Got government support guarantee die no go. 23/10/2020 10:15 AM yong1985cm Yes they do have new ventures to other biz , but the profit generated is very little and basically AA still 99% depend on its core biz which is fligt. the new ventures is very potential for somebody due to its follow the mega trend right now which is the Air Asia 3.0 (fintech, AI, big data, cloud and so on). so even the bank or whoever funder also understand this scenario well, and if these new funder willing to fund AA right now, mean they are confident that the biz will survive? 23/10/2020 11:47 AM humbleisland Regardless of potential of its business, no banker in his/her right mind will lend to a company in AA's situation unless it is secured by substantial collateral, guaranteed by creditworthy parties and/or the company has agreed to do certain things (e.g. raise funds within a certain period). 1. Collateral seems highly unlikely as the company either may not have assets of that value to give as security or its assets are already charged/assigned to other creditors. An intercreditor arrangement may be possible but unlikely due to the nature of the matter. 2. Guarantee may be possible, either from TF/KM or soft guarantee from the state of Sabah or government of Malaysia. If TF/KM guarantees, they need to ensure that the company survives otherwise they will also need to out of pocket potentially the entire RM300m, so no. 3 below is likely. 3. Company doing certain things, e.g. taking on another loan of X value and/or fund raising (private placement or rights issue)? If another loan, see no. 1 and 2 above. If private placement, then up to 20% of the enlarged ordinary share capital can be issued to an investor/financier. If rights issue, TF/KM must mop up all the remaining shares to show confidence. Everything suggests that further funding will be obtained in the near term. 23/10/2020 12:22 PM  NoNonsenseHere "gLoVe Is A BubbLE" "wiLL BuRsT" Burst what? You can lie but the numbers never lie. Gloves going to burst? Glove supply will not meet demand in next three years https://www.theedgemarkets.com/article/glove-supply-will-not-meet-demand-next-three-years-says-hartalega-executive-chairman The Big 4 Glove companies can't even meet the demand for the next 3 YEARS. Meanwhile, hotels will remain closed for years, airlines have nowhere to go to and banks CANNOT lend. Genting LOST RM786 million in one quarter and will continue to incur losses. Supermax GAINS RM1 billion (28 Oct QR expected) in one quarter and will continue to grow. Maybank market cap (80b) is THREE TIMES larger than Supermax (26b) but Supermax defeats Maybank's profits. Fantastic. Supermax's Own Brand Marketing in North America: Supermax's Canada OBM Aurelia Gloves™: https://aureliagloves.com/about/ Supermax OBM Mask BeyondMask™: https://mybeyondmask.com/ 23/10/2020 1:09 PM NoNonsenseHere - The naysayers say, "HOW CAN SUPERMAX EARN RM1 BILLION AND ACHIEVE AN EPS OF 37 IN ONE QUARTER?" The answer: Supermax's Canada OBM Aurelia Gloves™: https://aureliagloves.com/about/ Supermax OBM Mask BeyondMask™: https://mybeyondmask.com/ Supermax's is earning USD and Canadian Dollars with their own brand marketing and huge production capacity of gloves and masks. Maybank market cap (80b) (RM940 million profit previous quarter) is THREE TIMES larger than Supermax (26b) (RM1 billion profit Oct 28 QR) but Supermax defeats Maybank's profit. 23/10/2020 1:11 PM aliyusof Stop RM300 million Sabah loan to AirAsia, says SAPP chief https://www.freemalaysiatoday.com/category/highlight/2020/10/23/stop-rm300-million-sabah-loan-to-airasia-says-sapp-chief/ 23/10/2020 8:00 PM yong1985cm Aliyusof: https://www.theedgemarkets.com/article/airasia-confirms-securing-rm300m-loan-sabah-development-bank AA has announed further that this RM300mil is for usage for Sabah..see how the RM300 loan to be utilised in above link. basically is for sabah airport and agriculture e-commerce platform use in sabah. so it (the loan) has nothing to do with AA core biz. 23/10/2020 10:15 PM NoNonsenseHere - In June 2020, Top Glove reported their RM350 mil PAT In September 2020, Top Glove reported their RM1.3 billion PAT which is 3.7 times higher than their own previous quarter. In August 2020, Supermax reported their RM400 mil PAT. RM50 mil higher than Top Glove. Next week late-October 2020, Supermax WILL ANNOUNCE their RM1 billion PAT which is 2.5 times higher than their own previous quarter. Top Glove's market cap is THREE TIMES larger than Supermax. But Supermax can match Top Glove's profits. Meanwhile, hotels will remain closed for years, airlines have nowhere to go to and banks CANNOT lend. Glove supply will not meet demand in next three years https://www.theedgemarkets.com/article/glove-supply-will-not-meet-demand-next-three-years-says-hartalega-executive-chairman 24/10/2020 1:58 PM NoNonsenseHere - Hotels bankrupt, airlines bankrupt, construction companies bankrupt, travel agencies selling fish now, universities begging for students. Meanwhile the only stocks thriving on Bursa are Gloves with BILLIONS of ringgit of profits because of great companies like Supermax and Top Glove. Phenomenal. 24/10/2020 5:56 PM ongth60 If I borrow RM10 it's my problem to pay, if I borrow rm1 billion, it's becomes your problem. 24/10/2020 10:07 PM ongth60 AA has announed further that this RM300mil is for usage for Sabah..see how the RM300 loan to be utilised in above link. basically is for sabah airport and agriculture e-commerce platform use in sabah. so it (the loan) has nothing to do with AA core biz. Left pocket to right pocket, who knows. 24/10/2020 10:08 PM PGOne (Pure Goreng One) okay so glove promoter hired by operator now started to promote glove stocks for distribution ? Wakakakakaka 25/10/2020 9:49 PM tkl88 Superb Good News ! Like that tommorrow KLSE & Airasia will spike up like mad already liao lah ! The Straits Times https://www.straitstimes.com/asia/se-asia/live-coverage-malaysia-to-decide-on-emergency-measures Live: Muhyiddin's emergency plan rejected by Malaysia's King Malaysia's King has rejected a proposal by Prime Minister Muhyiddin Yassin for a state of emergency to be imposed because of the coronavirus crisis. Follow the latest updates here. 6.40pm Malaysia King says no need at this time to declare emergency Malaysia’s king, Sultan Abdullah Ahmad Shah, on Sunday rejected a proposal by Prime Minister Muhyiddin Yassin for a state of emergency to be imposed because of the coronavirus crisis. The palace said the Malaysian government has managed the pandemic well and is capable of continuing to manage the crisis under PM Muhyiddin Yassin, reported Reuters. The king also reminded politicians to stop all politicking that could affect the stability of the country. 25/10/2020 10:07 PM yong1985cm Airasia spike, bcz of rm300mil loan? not glove counter meh, 1200 case woh. 25/10/2020 10:25 PM night_shadow 300million barely enough to sustain the ops, they’re still burning cash every hour. Only 20% of aircraft utilized, but they still hv to pay the lease fees 25/10/2020 11:11 PM  | |
