Chapter 1802： Guild Wars Board 1

On the morning of Christmas Eve, Yuanshan Capital’s office was crowded with people. Except for the employees on duty, most of the people who came to the company today were at the leadership level. Several directors came, causing the employees to whisper in private, thinking that something happened. What major event, or the company is preparing for a major move.

Thinking of this, some people are eager to send messages to close colleagues. Everyone knows that once the company-led big project starts to operate, no matter whether it succeeds or fails, a big red envelope will not run away afterwards.

In the large conference room, 11 directors gathered together. I don’t know what they can do. The momentum is one-to-one. Among them, some whispering don’t know what to say. The rest are either playing with their phones or closing their eyes. .

When the time came to 9 o'clock, the door of the conference room was pushed open again, and Yang Cheng walked in first, followed by Liu Junyu in professional clothes. The protagonist's temperament is very full.

Sitting in the chairperson's position as a benevolent person, this was the position where Yang Sen could sit in the past, but Yang Cheng did not violate the peace when sitting up.

I cleared my throat and caught everyone's attention, and said loudly, "Everyone, I will chair today's board of directors, and I will answer your questions one by one.

So let's answer a question that everyone is more concerned about. Regarding Delta's dividend ratio, I need to emphasize one point. This is approved by Delta's board of directors. This number has been unanimously agreed by the company. "

Someone couldn't help but asked, "Jason, we think Delta's profits are not stable. Shouldn't we continue to maintain stable cash flow at this time to resist unknown risks?"

Another stood up and said, “Yes, we think that the profit of all American airlines is currently at the highest period in history, but this does not mean that the glory will continue. In some respects, all airlines are facing problems. It has become worse because of the recent boom."

Yang Orange asked, "For example?"

The director stubbornly said, "I heard that Delta Air Lines is going through a wave of acquisitions and the acquisition of Alitalia failed."

Yang Cheng laughed, "When will a failed acquisition become a low tide? Didn't you think that before you said this, did you not want to have just acquired Korean Air?

It is the shipping hub of Northeast Asia and the flag carrier of South Korea. It is no less positive for Delta Air Lines than Alitalia, no, far better than Alitalia.

In addition, I would like to share with you one more news. Air Berlin is about to declare bankruptcy. Delta Air Lines will participate in the bidding for the assets of Air Berlin. This is an airline with a quarter of Germany’s share, which is more conducive to us in the European low-cost aviation sector Layout. "

Director Longtao retorted, "Well, even if, as you said, the acquisition is not a big problem, but what about the employees? The acquisition of Air Berlin is bound to be required to accept all its employees. How many? More than 8,000 or 10,000, right?

We must know that Delta Air Lines now has a total of more than 80,000 and nearly 90,000 employees worldwide, and the cost of expenditure is still increasing by about 3% per year.

Now that it has rashly added nearly 10,000 employees, can this cost be affordable? "

Before Yang Cheng could speak, the director who spoke at the beginning answered, "I have to remind you that according to the information we received, Southwest Airlines employees refused to sign labor contracts. Some people claimed that their remuneration was related to the performance of the aviation industry. Mismatch.

Federal regulators have launched two separate investigations to determine whether the largest airlines violated competition regulations.

Once this news comes out, those shareholders and investors who are worried about whether the airlines can continue their outstanding performance will inevitably sell their stocks. Are we going to set aside some cash to withstand this wave of crisis? "

Yang Cheng has to admit that the level of these directors' troubles is still very high, at least they can tell the truth. Yes, the performance of airlines in operating business may have reached the best level in aviation history. At the same time, airlines are also under pressure from many sources.

The aviation industry has undergone years of restructuring and integration, coupled with the management's greater focus on profitability, falling oil prices and other factors, the airlines have benefited.

Fuel costs have also dropped from the number one cost of airlines to the second largest cost after labor costs.

This has also caused major companies with good financial conditions to announce large-scale stock repurchase plans, and are currently repairing their assets and liabilities and investing in their products.

The aircraft load factor is also higher than ever, and it is expected that in the summer of next year, air travel will hit a record high.

However, while airline costs have fallen sharply, pushing up profits, the decline in airfare prices has weakened the airline’s unit revenue. Unit revenue measures the revenue generated by each passenger flying one mile.

This is also an indicator that Wall Street and investors are most concerned about. Profits are indeed growing, but the unit revenue of airlines has fallen sharply. This is a hidden danger, causing investors to suspect that the market is about to usher in an inflection point.

Once these investors have passed more evidence to confirm their conjecture, a crazy sell-off is about to come.

From this perspective, the doubts of these directors are justified.

Delta Air Lines executives, including Yang Cheng, can apply, and even insiders in the entire industry, this is a normal phenomenon. The gradual reduction in expenditure costs has pushed up profits Then take the opportunity to organize the company. Assets and liabilities are imperative, and at the same time, considerable effort is required to maintain the motivation of employees.

Using $2 billion to buy the loyalty of employees is totally worthwhile in the senior management's eyes. It is better than companies that are facing a wave of employee turnover, right?

As for the dissatisfaction of small companies, large companies will not take it seriously. This is the ecological cycle. If your small company is not strong enough to support it, don't blame your employees for quitting.

Of course, the directors are worried. In fact, Delta Air Lines also has a plan. The financial department has already flowed out enough operating cash flow. This 2 billion dividend was decided after fully considering all dangerous possibilities. The directors Think too much.

However, Yang Cheng also knows that these reasons just now are just excuses deliberately found out by the directors. The real reason is just like the analysis with my father last night, that he wants to use Delta Air Lines as his back garden.

Finally, someone could not bear to show an ugly face, "Jason, you must be clear about your position. You are the representative of the board of directors dispatched by Yuanshan Capital to Delta Air Lines. Before making any decision, you should first consider Yuanshan Capital. Interests."

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