The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited and Webjet Ltd. The Motley Fool Australia has recommended Webjet Ltd. ... Over the years, his market insights have been quoted in publications such as the AFR, SMH and the … This came from travel industry customers who had bought hotel beds from Webjet to onsell to consumers or businesspeople, but had then gone out of business and failed to repay the company.Mr Guscic argued the risk of a subsequent hits had been reduced, with Webjet’s owed monies vastly shrunk in the current downturn and amid tighter conditions.Of outstanding monies of $44 million, Webjet had reciprocal agreements or cash guarantees worth $30 million, he said. ... Email Sarah at sarah.thompson@afr.com.
It even detailed five-year management forecasts anticipating a “recovery to pre-COVID-19 levels in 2023”.“This is predicated on a COVID-19 vaccine available in 2021 and resumption of domestic travel in the first half 2021 and international travel in the second half 2021 as global border restrictions are lifted,” the accounts said. They knew they would need capital, and wanted enough capital to survive 12 months without recording $1 of revenue. Lockdowns and closed office towers meant everyone involved was working from home by that stage, and if Webjet were to survive, it would need to be the seasoned banker’s maiden “virtual deal” in a 40-odd year career.From his office in the side of a mountain opposite Queenstown’s Coronet Peak – popular with skiers and mountain bikers – and in mandatory self isolation, he was furiously working on Plan B.It was clear from the daily 6pm (Sydney/Melbourne time) syndicate phone calls that the equity raising would not be a clean strike. The company had gone from $4 billion in annual sales (on a total transaction value run rate basis) to almost nothing. The pair needed to assess the damage and work out what’s next.The Webjet chairman recognised a code red situation. Webjet is the latest travel outfit to unveil a stream of red ink from the pandemic, posting a $143.5 million full-year loss that included writing off $40 million from COVID-19 hit debtors. Overheads were about $25 million a month and there was $100 million cash on hand. Webjet was out of luck.Prior to the investor soundings, Sharp had snuck back into New Zealand to get home just before the borders shut. E-bike start-up in the money as clean energy fund leads $16m round. They really didn’t have much leverage when they were raising funds, the pitch was to survive to thrive kind of pitch, and it’s either they take the money or go out of business. It was a survive to thrive type pitch.Sharp headed to Sydney for the next part of the plan; finding capital. So Sharp dropped everything and got to the airport, bound for Melbourne.How different it was to his last trip, only four weeks earlier, for the travel group’s half- year results. Webjet is Australia and New Zealand’s #1 online travel agency. Investors deserve the best chance to extract value from this mess. Drop everything and get to the company’s St Kilda Rd headquarters, was the plan. For more information please see our The Motley Fool Australia, PO Box 4635, Ashmore, Qld 4214James Mickleboro has been a Motley Fool contributor since late 2015. The Company’s objective is to create value for its shareholders and from time to time we consider acquisition interest in the business. Webjet's woes also spell bad news for Flight Centre – which has also taken its falling shares off the ASX boards – and Corporate Travel Management. What is Webjet? It appears shares in Webjet Limited will emerge from its trading hibernation soon as it officially kicks off its deeply discounted capital raising. The Motley Fool Australia operates under AFSL 400691.
The results from Melbourne-based Webjet were released after the sharemarket closed on Wednesday.The company, once the subject of takeover chatter, said that the outlook for travel had extended to a “more protracted recovery” in the current financial year amid the pandemic.“Our business, unfortunately, has been severely impacted by the cancellations that have occurred and the lack of activity,” managing director John Guscic said on an earnings call.He argued that Webjet had focused on what it could control. Coronavirus was a small concern – but weeks later had the business on its knees.He arrived on Monday, March 16. Mr Guscic and executives also took pay cuts and his base pay is being sliced by 60 per cent until at least December this year.His statutory pay fell from $2.1 million to $1.5 million.Webjet’s underlying earnings before interest, tax, depreciation and amortisation – which strips out what the company classifies as one-off costs – fell 80 per cent to $26.4 million.The operating cash flow showed a heavy turnaround from positive $46 million to an outflow of $250.8 million.Mr Guscic argued that long-term, the travel sector was a “great industry”.“We're optimistic about where this industry heads.
Economic growth fell 7 per cent in the June quarter - the biggest fall since records were kept - bringing the annual rate to 6.3 per cent.AMP's new chair has taken the brave and hard decision to run a review of its entire portfolio. What is Webjet? It was established in 1998 and now claims to be the leading online …
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