DOCSLIB.ORG

PRICE | $1.10 Regional Express Holdings Ltd | REX

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
PRICE | $1.10 Regional Express Holdings Ltd | REX 24 November 2005 PRICE | $1.10 Regional Express Holdings Ltd | REX Analyst | Ken Fleming Initiating coverage (613) 6224 8511 [email protected] Max Wheeler Key points (613) 6224 8511 REX listed on the ASX on 9 November 2005, with a market capitalisation of $115M. Fully diluted shares The Prospectus valuation multiples suggested a PER of 7.6X this year on issue | 115M (A-IFRS) and enterprise multiple of 3.1x. REX provides regional airline passenger services and the 50% stake in Pel-Air allows it to also provide airfreight services. Pel-Air offers a number of opportunities for REX including a more stable earnings profile, substantial cost synergies and access to facilities that it can use to launch additional passenger services. Its fundamentals outpace any comparable airline in Australia by a big stretch and match some of the best arithmetic on offer overseas. Performance & Valuation Comment Last Price | $1.10 REX has monopoly control over 60% of its routes (due in part to State Government edicts). The economics and history of regional airlines in 52 wk hi/low | $1.11 / $0.95 Australia shows a clear case of market failure which can only be 12 mth price target3 | $1.53 redressed by Government intervention. Valuation | $1.33 Of the 33 routes in the REX network, 21 are serviced by REX alone. Valuation methodology | DCF The company has enjoyed substantial increases in traffic since its inception and it has a highly coveted 540+ weekly slots available to it at Sydney Airport (where restrictions make access times highly valued). It achieves load factors above 65% (and well above 70% on some routes) and has leverage to population shifts away from the cities. Share price performance Investment View Our arithmetic on an actual tax-paid, puts REX on a PER of 6.4x this year. This compares with QAN on 11.8x. There are risks associated with airlines and there has been a confluence of negative factors undermining airline prosperity in recent years – drought, SARS, collapse of Ansett and 9/11. We believe risks still remain but would argue that REX has a balance sheet and business strategy that will allow it to meet these excesses head on and they are well and truly factored into the modest forecast multiples. Earnings Summary Y/E Jun 2005A 2006F 2007F REX versus SP/ASX200 Revenue - A$M 137.1 146.6 155.9 EBITDA - A$M 16.2 23.8 28.2 NPAT (reported) A$M 13.5 19.7 18.5 NPAT (normalised) A$M1 13.5 19.7 18.5 EPS (diluted) - cents2 16.9 17.1 16.1 EPS (diluted) - % chg n/a 1.6 (6.4) PER (diluted) - x2 6.5 6.4 6.9 DPS - cents 0.0 0.0 4.0 Dividend Yield - % 0.0 0.0 3.6 Franking - % 0 0 35 Notes: 1. Normalised earnings is pre goodwill, amortization and after adding back non-recurring items. 2. Based on normalized earnings. 3. Price target is calculated by moving current valuation one year forward. Page 1│41 Final results analysis & outlook Regional Express Holdings Ltd│24 November 2005 Valuation Year end Jun 2005A 2006F 2007F 1 Methodology: DCF Profit & Loss Summary | A$M Key assumptions Operating revenue 137.1 146.6 155.9 Beta 1.3 Invest & other income 0.0 0.0 0.0 WACC|% 11.2 EBITDA 16.2 23.8 28.2 Forecast period|years 10.0 Risk premium|% 5.5 Depreciation/Amort (3.8) (4.2) (7.7) PV cash flows|$M 143.4 EBIT 12.4 19.6 20.5 less net debt/(add cash)|$M (9.4) Net Interest (0.7) 0.7 1.7 add equity adjustments2 0.0 Total 152.8 Pre-tax profit 11.7 19.5 22.2 Fully diluted shares on issue|M2 115.0 Tax expense 0.0 (1.6) (6.7) Value per share|$ 1.33 Minorities/Assoc./Prefs 1.8 1.8 2.9 NPAT 13.5 19.7 18.5 Return on invested capital Non recurring items 0.0 0.0 0.0 Reported profit 13.5 19.7 18.5 add goodwill/non recurring 0.0 0.0 0.0 Adjusted profit 13.5 19.7 18.5 Cashflow Summary | A$M EBITDA 16.2 23.8 28.2 Working capital changes 0.0 (0.5) (0.1) Interest and tax (0.6) (0.9) (2.3) Other operating items (21.5) 0.0 0.0 Operating cashflow (5.9) 22.4 25.8 Required capex (15.1) (5.1) (5.5) Ratio analysis Maintainable cashflow (21.0) 17.3 20.3 Year end Jun 05A 06F 07F Revenue growth|% 0.0 6.9 6.4 Dividends/Other 0.0 0.0 (2.3) EBITDA growth|% n/a 47.0 18.3 Acq/Disp 6.4 (30.1) 0.0 EBITDA margin|% 11.8 16.2 18.1 Other investing items 4.2 0.0 0.0 EBIT margin|% 9.0 13.4 13.1 Free cashflow (10.4) (12.8) 18.0 Tax rate|% 0.0 8.0 30.0 Equity 0.0 35.0 0.0 ROA|% 31.0 24.3 19.8 Debt inc/(red'n) 4.6 (22.2) (18.0) ROE|% 96.8 36.0 22.5 Net debt/equity|% 0.5 (30.1) (44.8) Balance Sheet | A$M Net interest cover|x 17.7 NaN n/a Cash & deposits 4.5 22.6 40.6 Capex to deprec'n|% 397.4 122.2 70.9 Inventories 3.0 3.4 3.6 NTA per share|$ 0.23 0.64 0.78 Trade debtors 7.3 7.4 7.3 Other curr assets 4.5 4.5 4.5 Multiple analysis Total current assets 19.3 37.9 56.0 Year end Jun 05A 06F 07F Prop., plant & equip. 24.5 55.5 53.3 Market cap|M 125 Net debt (cash)|$M (9.4) Non-curr intangibles 0.0 0.0 0.0 Options|$M 0.0 Non-curr investments 1.9 3.7 6.6 Enterprise value|$M 116.0 Other non-curr assets 4.6 4.6 4.6 EV/EBITDA|x 7.2 4.9 4.1 Total assets 50.3 101.7 120.5 EPS|c 16.9 17.1 16.1 Trade creditors 12.4 12.4 12.5 P/E|x 6.5 6.4 6.9 Curr borrowings 0.5 0.5 0.5 Cashflow / Share|c (7.4) 19.5 22.4 Other curr liabilities 13.5 14.3 16.9 Price / NTA|x 4.7 1.7 1.4 Total current liab. 26.4 27.2 29.8 Shares outstanding Borrowings 4.1 0.0 0.0 Year end Jun 05A 06F 07F Other non-curr liabilities 1.2 1.2 1.2 Basic|M 80.0 115.0 115.0 Total liabilities 31.7 28.4 31.0 Other|M 0.0 0.0 0.0 Minorities/Convertibles 0.0 0.0 0.0 Fully diluted|M 80.0 115.0 115.0 Shareholders equity 18.6 73.3 89.5 Notes: 1. Discounted cash flow. 2. Equity adjustments and shares on issue include all notes and options on issue (if in the money or deemed appropriate). Page 2│41 Final results analysis & outlook Regional Express Holdings Ltd│24 November 2005 Year end Jun 2005A 2006F 2007F Divisional Summary|A$M Revenue Division 1 137.1 146.6 155.9 EBITDA Division 1 16.2 23.8 28.2 Margin|% Division 1 11.8 16.2 18.1 Page 3│41 Regional Express Holdings Ltd│24 November 2005 1 | SWOT Strengths Weaknesses Regional monopolies protected Maintaining skilled labour by Government legislation. In an industry that has serial Excellent track record at a time issues, most of which have when fundamentals were significant and negative negative. implications for REX. Exposed to regional centres Exposed to CASA edicts for which are gaining from safety upgrades. population drift. Limited pricing power. No debt and capacity to buy aircraft on much more attractive Exposed to pricing policies of terms than lease. airport owners. De-risked though acquisition of more stable earnings steam (Pel-Air). Substantial holder of “slots” at Sydney Airport. Partnership with the bush. Strong brand recognition. Experienced workforce. Opportunities Threats Opportunities through charter Higher oil prices. and expansion using Pel-Air airport facilities. Usual suspects – drought, bird flu pandemic, terrorism. Defence contracts (Pel-Air). Predatory competitors. Opening up of NSW Government ticketing for government New competitors; airport pricing employees. models. Continuing (and arguably) non- New routes (potentially Queensland). commercial edicts imposed by CASA and DOTARS. Cost savings through merging Pel-Air. NSW Government policy change on mandated one carrier, Industry consolidation (balance routes. sheet muscle), as well as other offshore opportunities. Page 4│41 Regional Express Holdings Ltd│24 November 2005 2 | Overview Preamble Yes, it is an airline… Yes, it is an airline. This is usually the point where most investors roll their eyes and remind you of 9/11, SARS, drought, terrorism and possible bird flu pandemic. And that makes for a very interesting debate, some of which may be relevant but most of which is academic and no more than a distraction. But you only pay 6.4x current Yes it is an airline, but that is why you pay 6.4x current year earnings and year earnings not 16x (market average). Yes it is an airline, but it is not exposed to the highly competitive trunk route corridors in Australia (namely, the east coast and where Impulse airlines got caught in a territorial price war back in 2000) and the aircraft do not venture outside of Australian airspace.
Load more

Recommended publications
  • Cook Islands
    COOK ISLANDS Exciting updates Click here Thursday 28th August 2014 Find your ATAS agent Louise Wallace joins AF hasTA launched its “Find an Qantas to split operations Travel Bulletin accredited travel agent” function THE Qantas board has approved Qantas International lost THE launch issue of the new on its ATAS consumer website. a new holding structure and $497m, with revenue negatively look Travel Bulletin is set for a The rollout coincides with this corporate entity for Qantas impacted by competitor capacity mid-September release, with week’s launch of the Australian International which will create growth of 9.5%. the monthly magazine recently Government’s new “Pack some “long-term options for Qantas CEO Alan Joyce said the figures acquired by Travel Daily naming peace of mind” campaign. International to participate in reflected a difficult year, with Louise Wallace as its new partnership and consolidation capacity in the market again Coordinating Editor. opportunities”. running well ahead of demand. Wallace has extensive travel The move was announced as “We have now come through industry experience, having part of the carrier’s annual results the worst...there is a clear Shop your previously worked with Cirrus today (TD breaking news), where and significant easing of both Media and its predecessor Reed a $2.6 billion write-down of the international and domestic way through Business Publishing on titles such carrier’s international fleet led capacity growth, which as Travel Weekly, Travel Today Indonesia to an overall statutory loss of a will stabilise the revenue and The Nibbler. whopping $2.8 billion. environment,” he said.
    [Show full text]
  • My Personal Callsign List This List Was Not Designed for Publication However Due to Several Requests I Have Decided to Make It Downloadable
    - www.egxwinfogroup.co.uk - The EGXWinfo Group of Twitter Accounts - @EGXWinfoGroup on Twitter - My Personal Callsign List This list was not designed for publication however due to several requests I have decided to make it downloadable. It is a mixture of listed callsigns and logged callsigns so some have numbers after the callsign as they were heard. Use CTL+F in Adobe Reader to search for your callsign Callsign ICAO/PRI IATA Unit Type Based Country Type ABG AAB W9 Abelag Aviation Belgium Civil ARMYAIR AAC Army Air Corps United Kingdom Civil AgustaWestland Lynx AH.9A/AW159 Wildcat ARMYAIR 200# AAC 2Regt | AAC AH.1 AAC Middle Wallop United Kingdom Military ARMYAIR 300# AAC 3Regt | AAC AgustaWestland AH-64 Apache AH.1 RAF Wattisham United Kingdom Military ARMYAIR 400# AAC 4Regt | AAC AgustaWestland AH-64 Apache AH.1 RAF Wattisham United Kingdom Military ARMYAIR 500# AAC 5Regt AAC/RAF Britten-Norman Islander/Defender JHCFS Aldergrove United Kingdom Military ARMYAIR 600# AAC 657Sqn | JSFAW | AAC Various RAF Odiham United Kingdom Military Ambassador AAD Mann Air Ltd United Kingdom Civil AIGLE AZUR AAF ZI Aigle Azur France Civil ATLANTIC AAG KI Air Atlantique United Kingdom Civil ATLANTIC AAG Atlantic Flight Training United Kingdom Civil ALOHA AAH KH Aloha Air Cargo United States Civil BOREALIS AAI Air Aurora United States Civil ALFA SUDAN AAJ Alfa Airlines Sudan Civil ALASKA ISLAND AAK Alaska Island Air United States Civil AMERICAN AAL AA American Airlines United States Civil AM CORP AAM Aviation Management Corporation United States Civil
    [Show full text]
  • Aviation in the Pacific International Aviation Services Are Crucial to Trade, Growth, and Development in the Pacific Region
    Pacific Studies Series About Oceanic Voyages: Aviation in the Pacific International aviation services are crucial to trade, growth, and development in the Pacific region. Improved access provided by international aviation from every other region in the world to an increasing number of islands is opening new opportunities. Tourism contributes substantially to income and employment in many Pacific countries, usually in areas outside of the main urban centers, and enables air freight services for valuable but perishable commodities that would otherwise not be marketable. Although some features of the Pacific region make provision of international aviation services a challenge, there have also been some notable successes that offer key lessons for future development. Case studies of national aviation sector experience show the value of operating on commercial principles, attracting international and OCEANIC V private-sector capital investment, assigning risk where it can best be managed, and liberalizing market access. Integration of the regional market for transport services, combined with harmonized but less restrictive regulations, would facilitate a greater range of services at more competitive prices. Pacific island country governments have the ability to create effective operating environments. When they do so, experience O shows that operators will respond with efficient service provision. YAGES: About the Asian Development Bank Av ADB aims to improve the welfare of the people in the Asia and Pacific region, IATI particularly the nearly 1.9 billion who live on less than $2 a day. Despite many success stories, the region remains home to two thirds of the world’s poor. ADB is O N IN THE PACIFIC a multilateral development finance institution owned by 67 members, 48 from the region and 19 from other parts of the globe.
    [Show full text]
  • COMPANY BASED AIRCRAFT FLEET PAX EACH BAR S WEBSITE E-MAIL Pel-Air Aviation Adelaide Brisbane Melbourne Sydney Saab 340 16 34 Y
    PAX BAR COMPANY BASED AIRCRAFT FLEET WEBSITE E-MAIL EACH S Adelaide Saab 340 16 34 Pel-Air Brisbane Additional access Yes www.pelair.com.au [email protected] Aviation Melbourne to REX Airline’s 50 n/a Sydney Saab aircraft Adelaide Citation CJ2 n/a 8 Brisbane Beechcraft n/a 10 Cairns Kingair B200 The Light Darwin Jet Aviation Melbourne n/a www.lightjets.com.au [email protected] Group Sydney Beechcraft Baron n/a 5 *Regional centres on request Broome Metro II n/a 12 Complete Darwin Merlin IIIC n/a 6 n/a www.casair.com.au [email protected] Aviation Jandakot Piper Navajo n/a 7 Network Fokker 100 17 100 Perth n/a www.networkaviation.com.au [email protected] Aviation A320-200 4 180 Challenger 604 1 9 Embraer Legacy n/a 13 Australian Essendon Bombardier n/a 13 Corporate Melbourne Global Express Yes www.acjcentres.com.au [email protected] Jet Centres Perth Hawker 800s n/a 8 Cessna Citation n/a 8 Ultra SA Piper Chieftain n/a 9 NSW King Air B200 n/a 10 Altitude NT n/a www.altitudeaviation.com.au [email protected] Aviation QLD Cessna Citation n/a 5-7 TAS VIC Piper Chieftain 1 7 Cessna 310 1 5 Geraldton Geraldton GA8 Airvan 4 7 n/a www.geraldtonaircharter.com.au [email protected] Air Charter Beechcraft 1 4 Bonanza Airnorth Darwin ERJ170 4 76 n/a www.airnorth.com.au [email protected] *Other cities/towns EMB120 5 30 on request Beechcraft n/a 10 Kirkhope Melbourne Kingair n/a www.kirkhopeaviation.com.au [email protected] Aviation Essendon Piper Chieftain n/a 9 Piper Navajo n/a 7 Challenger
    [Show full text]
  • Qantas Domestic Australia Route Network
    Qantas Domestic Route Network Effective 1 October 2018. Routes shown are indicative only 08:00 ARAFURA SEA 09:30 Thursday Island HORN ISLAND 10:00 Melville Island Maningrida GOVE (Nhulunbuy) DARWIN Oenpelli Jabiru ARNHEM WEIPA LAND Batchelor KAKADU CAPE GREAT Daly River Pine Creek Coen TIMOR SEA Groote Eylandt YORK Kalumburu Wadeye Katherine Ngukurr Gulf of PENINSULA CORAL Oombulgurri Carpentaria Wyndham Laura Cooktown SEA KIMBERLEY KUNUNURRA Borroloola Daly Waters MCARTHUR Mossman RIVER Port Douglas Mareeba Mungana CAIRNS Derby Newcastle Waters I NDIAN Kalkarindji Karumba Atherton BARRIER Normanton Burketown Tully BROOME Croydon OCEAN Halls Creek NORTHERN Doomadgee Georgetown Forsayth Ingham GULF TERRITORY TOWNSVILLE COUNTRY Tennant Creek Ayr Tanami Camooweal Kajabbi Bowen Charters Towers HAMILTON ISLAND PORT HEDLAND Julia Creek PROSERPINE Dampier GREAT SANDY DESERT MT ISA KARRATHA CLONCURRY Richmond Hughenden Marble Bar MACKAY REEF GREAT Onslow Barrow Creek Exmouth Pannawonica Telfer Dajarra QUEENSLAND LEARMONTH Solomon MORANBAH PILBARA Winton Saraji Tom Price Blair Athol Boulia Yeppoon PARABURDOO NEWMAN GIBSON DESERT EMERALD Jigalong ALICE SPRINGS LONGREACH Blackwater ROCKHAMPTON BARCALDINE GLADSTONE Areyonga CHANNEL Springsure Bedourie Biloela BLACKALL DIVIDING Moura Carnarvon Kaltukatjara Yaraka Monto BUNDABERG COUNTRY Theodore ULURU HERVEY BAY WESTERN Uluru Windorah Maryborough Finke SIMPSON DESERT Gayndah Birdsville Augathella Injune Warburton AUSTRALIA Amata Ernabella Gympie CHARLEVILLE Noosa Meekatharra ROMA Kingaroy Wiluna Quilpie
    [Show full text]
  • 7 Regional Airports and Opportunities for Low-Cost Carriers in Australia
    7 Regional airports and opportunities for low-cost carriers in Australia A. Collins, D. A. Hensher & Z. Li The University of Sydney, Australia Abstract Australia is vitally dependent on aviation services for delivering passenger accessibility to many rural and remote locations. The majority of airports in Australia are regional airports. There are real opportunities for a number of regional airports to improve their services for the region through the introduction of low-cost carriers (LCCs). The aim of this paper is to investigate this potential, through a formal model system of the entire aviation network in Australia, focusing on identifying influences on passenger demand and flights offered, and the role of air fares and number of competitors on each route. Keywords: regional airports; low-cost carriers; regular passenger transport; structural equation system; three stage least squares (3SLS) 1 Introduction Australia is vitally dependent on aviation services for delivering passenger accessibility to many rural and remote locations. In 2005–06, over 40.93 billion passenger kilometres or 11.47% of the total domestic passenger transport task (including metropolitan travel) was serviced by aviation [1]. Conservatively this represents over 46% of all intra- and inter-state aircraft movements and 13% of revenue passenger activity. As the Australian population progressively, albeit slowly, migrates away from the capital cities along the coast and inland, a number of towns that were once small centres servicing a hinterland have grown to become sizeable hubs for substantial regional activity. The role of aviation has grown in response to the need for improved accessibility to these regional hubs.
    [Show full text]
  • A Chronological History
    A Chronological History December 2016 Pedro Heilbron, CEO of Copa Airlines, elected as new Chairman of the Star Alliance Chief Executive Board November 2016 Star Alliance Gold Track launched in Frankfurt, Star Alliance’s busiest hub October 2016 Juneyao Airlines announced as future Connecting Partner of Star Allianceseal partnership August 2016 Star Alliance adds themed itineraries to its Round the World product portfolio July 2016 Star Alliance Los Angeles lounge wins Skytrax Award for second year running Star Alliance takes ‘Best Alliance’ title at Skytrax World Airline Awards June 2016 New self-service check-in processes launched in Tokyo-Narita Star Alliance announces Jeffrey Goh will take over as Star Alliance CEO from 2017, on the retirement of Mark Schwab Swiss hosts Star Alliance Chief Executive Board meeting in Zurich. The CEOs arrive on the first passenger flight of the Bombardier C Series. Page 1 of 1 Page 2 of 2 April 2016 Star Alliance: Global travel solutions for conventions and meetings at IMEX March 2016 Star Alliance invites lounge guests to share tips via #irecommend February 2016 Star Alliance airlines launch new check-in processes at Los Angeles’ Tom Bradley International Terminal (TBIT) Star Alliance Gold Card holders enjoy free upgrades on Heathrow Express trains Star Alliance supports Ramsar’s Youth Photo Contest – Alliance’s Biosphere Connections initiative now in its ninth year January 2016 Gold Track priority at security added as a Star Alliance Gold Status benefit December 2015 Star Alliance launches Connecting
    [Show full text]
  • Alliance Receives Regulatory Approval to Commence Revenue Operations with Embraer E190 Jets
    Alliance Aviation Services Limited ACN 153 361 525 | ABN 96 153 361 525 1st April 2021 PO Box 1126, Eagle Farm QLD 4009 T +61 7 3212 1212 | F +61 7 3212 1522 www.allianceairlines.com.au ASX RELEASE Alliance Aviation Services Limited (“Alliance”) (ASX: AQZ) Alliance Receives Regulatory Approval to Commence Revenue Operations with Embraer E190 jets Fleet Update Regulatory Update Alliance is pleased to announce that yesterday it received regulatory approval from the Civil Aviation Safety Authority (CASA) to commence commercial operations with its Embraer E190 aircraft and a revised Air Operators Certificate has been issued. This follows an intense six-month programme of aircraft and spare parts acquisition, maintenance, training and regulatory and compliance checks. Alliance CEO, Lee Schofield commented, “We would like to thank CASA, our staff involved in the programme and our project contractors for delivering these approvals within the timeframe allocated.” First commercial services are scheduled for 10th April and the previously announced wet lease services to be provided to Qantas will commence as scheduled on 25th May 2021 with three aircraft. Operating bases for these aircraft will be Adelaide and Darwin. Fokker Fleet Update The total fleet of 43 Fokker aircraft are in revenue service and being operated across FIFO, charter and wet lease operations. Embraer Fleet Update Alliance has firm purchase commitments for the delivery of 30 Embraer E190 aircraft. Page 2 As of today,18 aircraft have been paid for and delivered to Alliance with the status as follows: Delivered to Australia – 5 In Base Maintenance overseas – 3 In storage pending base maintenance – 10 The balance of the 12 aircraft will be delivered progressively through until November 2021.
    [Show full text]
  • U.S. Department of Transportation Federal
    U.S. DEPARTMENT OF ORDER TRANSPORTATION JO 7340.2E FEDERAL AVIATION Effective Date: ADMINISTRATION July 24, 2014 Air Traffic Organization Policy Subject: Contractions Includes Change 1 dated 11/13/14 https://www.faa.gov/air_traffic/publications/atpubs/CNT/3-3.HTM A 3- Company Country Telephony Ltr AAA AVICON AVIATION CONSULTANTS & AGENTS PAKISTAN AAB ABELAG AVIATION BELGIUM ABG AAC ARMY AIR CORPS UNITED KINGDOM ARMYAIR AAD MANN AIR LTD (T/A AMBASSADOR) UNITED KINGDOM AMBASSADOR AAE EXPRESS AIR, INC. (PHOENIX, AZ) UNITED STATES ARIZONA AAF AIGLE AZUR FRANCE AIGLE AZUR AAG ATLANTIC FLIGHT TRAINING LTD. UNITED KINGDOM ATLANTIC AAH AEKO KULA, INC D/B/A ALOHA AIR CARGO (HONOLULU, UNITED STATES ALOHA HI) AAI AIR AURORA, INC. (SUGAR GROVE, IL) UNITED STATES BOREALIS AAJ ALFA AIRLINES CO., LTD SUDAN ALFA SUDAN AAK ALASKA ISLAND AIR, INC. (ANCHORAGE, AK) UNITED STATES ALASKA ISLAND AAL AMERICAN AIRLINES INC. UNITED STATES AMERICAN AAM AIM AIR REPUBLIC OF MOLDOVA AIM AIR AAN AMSTERDAM AIRLINES B.V. NETHERLANDS AMSTEL AAO ADMINISTRACION AERONAUTICA INTERNACIONAL, S.A. MEXICO AEROINTER DE C.V. AAP ARABASCO AIR SERVICES SAUDI ARABIA ARABASCO AAQ ASIA ATLANTIC AIRLINES CO., LTD THAILAND ASIA ATLANTIC AAR ASIANA AIRLINES REPUBLIC OF KOREA ASIANA AAS ASKARI AVIATION (PVT) LTD PAKISTAN AL-AAS AAT AIR CENTRAL ASIA KYRGYZSTAN AAU AEROPA S.R.L. ITALY AAV ASTRO AIR INTERNATIONAL, INC. PHILIPPINES ASTRO-PHIL AAW AFRICAN AIRLINES CORPORATION LIBYA AFRIQIYAH AAX ADVANCE AVIATION CO., LTD THAILAND ADVANCE AVIATION AAY ALLEGIANT AIR, INC. (FRESNO, CA) UNITED STATES ALLEGIANT AAZ AEOLUS AIR LIMITED GAMBIA AEOLUS ABA AERO-BETA GMBH & CO., STUTTGART GERMANY AEROBETA ABB AFRICAN BUSINESS AND TRANSPORTATIONS DEMOCRATIC REPUBLIC OF AFRICAN BUSINESS THE CONGO ABC ABC WORLD AIRWAYS GUIDE ABD AIR ATLANTA ICELANDIC ICELAND ATLANTA ABE ABAN AIR IRAN (ISLAMIC REPUBLIC ABAN OF) ABF SCANWINGS OY, FINLAND FINLAND SKYWINGS ABG ABAKAN-AVIA RUSSIAN FEDERATION ABAKAN-AVIA ABH HOKURIKU-KOUKUU CO., LTD JAPAN ABI ALBA-AIR AVIACION, S.L.
    [Show full text]
  • Media Release
    MEDIA RELEASE 18 June 2014 - For immediate distribution Airnorth to operate Darwin-Gove-Cairns route Airnorth, the premier airline of Northern Australia, is pleased to announce that from 18 August it will commence operating return services from Darwin to Gove and onto Cairns, a route currently being serviced by codeshare partner Qantas Airways under their QantasLink brand. Airnorth will operate full service daily flights in their state-of-the-art 76-seat Embraer E170 jet fleet. “Airnorth have a continued commitment, as we have done so for many years, to providing quality scheduled air services to the communities of the Gulf region,” said Michael Bridge, Airnorth’s Chief Executive Officer. “In introducing these services Airnorth will be able to continue to provide sustainable air services to Nhulunbuy for the long-term. Additionally we will also be seeking to expand the current codeshare arrangements which are in place across our domestic and international network with Qantas Airways to include the Nhulunbuy services”. “Airnorth now operates an extensive airline and contract charter network covering most of Northern Australia as well as providing services to our nearest neighbour, Timor Leste and Manila in the Philippines.” The airline also recently signed an interline agreement with Malaysian Airlines, enabling passengers to combine their domestic Airnorth itinerary with international flights from Darwin to Kuala Lumpur and beyond with their Malaysian Airlines itinerary. Airnorth’s Darwin-Gove-Cairns Schedule (all in local times) Departure Arrival Flight Number Mon Tues Wed Thu Fri Sat Sun Time Time Darwin to Gove TL160 0745 0900 Gove to Cairns TL160 0945 1200 Cairns to Gove TL161 1330 1450 Gove to Darwin TL161 1520 1630 Prices start from $179.00 Gove to Cairns and from $169.00 Gove to Darwin and bookings can be made, commencing this afternoon, online at www.airnorth.com.au, through Airnorth Reservations freecall 1800 627 474 or through your local travel agent.
    [Show full text]
  • Regional Airline Line Operations Safety Audit
    FA ATSB TRANSPORT SAFETY REPORT Aviation Safety Research Grant – B2004/0237 Regional Airline Line Operations Safety Audit Captain Clinton Eames-Brown Safety Manager, Regional Express January 2007 ATSB TRANSPORT SAFETY REPORT Aviation Safety Research Grant - B2004/0237 Regional Airline Line Operations Safety Audit Captain Clinton Eames-Brown Safety Manager, Regional Express January 2007 - i - Published by: Australian Transport Safety Bureau Postal address: PO Box 967, Civic Square ACT 2608 Office location: 15 Mort Street, Canberra City, Australian Capital Territory Telephone: 1800 621 372; from overseas + 61 2 6274 6590 Facsimile: 02 6274 6474; from overseas + 61 2 6274 6474 E-mail: [email protected] Internet: www.atsb.gov.au Aviation Safety Research Grants Program This report arose from work funded through a grant under the Australian Transport Safety Bureau’s Aviation Safety Research Grants Program. The ATSB is an operationally independent bureau within the Australian Government Department of Transport and Regional Services. The program funds a number of one-off research projects selected on a competitive basis. The program aims to encourage researchers from a broad range of related disciplines to consider or to progress their own ideas in aviation safety research. The work reported and the views expressed herein are those of the author(s) and do not necessarily represent those of the Australian Government or the ATSB. However, the ATSB publishes and disseminates the grant reports in the interests of information exchange and as part of the overall safety aim of the grants program. © Australiawide Airlines 2007 - ii - CONTENTS ACKNOWLEDGEMENTS ................................................................................... vi EXECUTIVE SUMMARY.................................................................................... vii ABBREVIATIONS .............................................................................................. viii GLOSSARY..........................................................................................................
    [Show full text]
  • The Evolution of Low Cost Carriers in Australia
    AVIATION ISSN 1648-7788 / eISSN 1822-4180 2014 Volume 18(4): 203–216 10.3846/16487788.2014.987485 THE EVOLUTION OF LOW COST CARRIERS IN AUSTRALIA Panarat SRISAENG1, Glenn S. BAXTER2, Graham WILD3 School of Aerospace, Mechanical and Manufacturing Engineering, RMIT University, Melbourne, Australia 3001 E-mails: [email protected] (corresponding author); [email protected]; [email protected] Received 30 June 2014; accepted 10 October 2014 Panarat SRISAENG Education: bachelor of economics, Chulalongkorn University, Bangkok, Thailand, 1993. Master of business economics, Kasetsart University, Bangkok, Thailand, 1998. Affiliations and functions: PhD (candidate) in aviation, RMIT University, School of Aerospace, Mechanical and Manufacturing Engineering. Research interests: low cost airline management; demand model for air transportation; demand forecasting for air transportation. Glenn S. BAXTER, PhD Education: bachelor of aviation studies, the University of Western Sydney, Australia, 2000. Master of aviation studies, the University of Western Sydney, Australia, 2002. PhD, School of Aviation, Griffith University, Brisbane, Australia, 2011. Affiliations and functions: Lecturer in Aviation Management and Deputy Manager of Undergraduate Aviation Programs, at RMIT University, School of Aerospace, Mechanical and Manufacturing Engineering. Research interests: air cargo handling and operations; airport operations and sustainability; supply chain management. Graham WILD, PhD Education: 2001–2004 – bachelor of science (Physics and Mathematics), Edith Cowan University. 2004–2005 – bachelor of science honours (Physics), Edith Cowan University. 2008 – Graduate Certificate (Research Commercialisation), Queensland University of Technology. 2006–2008 – master of science and technology (Photonics and Optoelectronics), the University of New South Wales. 2006–2010, PhD (Engineering), Edith Cowan University. Affiliations and functions: 2010, Postdoctoral research associate, Photonics Research Laboratory, Edith Cowan University.
    [Show full text]